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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 W ed n esd a y M ay 6 "3 2 *62 81 9 7 34 93*8 *93*2 6 6 34 145 156 132* 713 4 *176 45*4 31*8 *70 8 1 3* 98*4 93% 94*2 67*4 145 156 133*4 7 134 177 45*2 31*2 71 120 23 140 23*2 88 36 66 88 *75 78 37*2 383b 16238 163*4 183 *2 1 8 3 *2 182 182 135 185 "1 6 *29 140 195 17 *4 30H. 90*2 90*2 90*2 90*2 115 1 1 7 *115 117 2538 25 25*4 243b *6 5 65 *4 65 *2 66 *37 38 37*2 3 8 179 181*4 1 7 9 179 78 253 257 *250 255 3638 3 7 36*2 36*2 87 87 87 87*4 4 1 34 4 l 3 4 42 *4 0 16 16 15*2 15 34 31 31*2 3 2 34 31*2 82*2 8 2 34 82*2 82*2 *14*4 15 14*4 14*4 2 0 34 2 0 34 * 2 1 34 23 3 5 % 36*4 35% 36 68*4 68 78 6 8 * 2 69 58 57 5 6 7s 5 7 % 67 * 6 6 * 2 67 *2 67*2 9L 91 91 91 *58 63 '5 7 63 185 200 *1 8 5 200 80 80 80 81 19 19 9 8 34 99*8 * 9 8 101*4 *95 99 9 3 34 94*4 *92*2 95 §94*2 94*2 *91*2 95 1.38 1 3 9 * 1 3 6 137*4 137 *4 1 3 7 *2 1 3 7 * 2 1 3 8 36 3 6 34 * 3 5 34 36*2 35 36*4 *34*2 35*2 61 61 59 61 *60*2 62 •69 61 *36 40 36 40 *37 40 *37*2 4 0 80 81 79*2 8 0 7 8 34 8 0 78*4 78*2 30% 30% 3 0 7e 3 0 7s 3 0 34 3 0 34 *29 31 *51*2 53*2 *51*2 53*2 52*2 53 61*2 51*2 *35 37 37 *3 5 *3 5 37 *35 37 *55 60 60 *5 5 *55 60 *65 60 41*2 * 4 0 41*2 *40 41*2 § 3 9 34 3 9 34 * 4 0 *105 110 110 *105 *105 110 *105 1 1 0 *70 75 11 7 *2 1 1 7 *2 1 4 1 34 1 4 2 ^ 103*2 1 04 1 3 3 134*2 *24 28 *72 75 27*2 2 7 34 *125 150 90 90 * .................. 112 "7 0 74 1 1 8 11838 1 4 2 1423b 1 0 3 *2 1 0 3 *2 133*2 134*4 *24 28 *72 76 27=8 28*4 1 3 0 150 90*4 91*2 68*2 69 * 6 8 * 2 69 1 2 5 78 1 2 6 *125 126 26*4 27 26 26*4 56*4 59 5 5 78 5 6 ^ I 0 9 7e 110*2 110*4 1 1 1 *8 *108 1 1 1 *108 1 1 1 22*2 24 2130 2 2 34 4 0 34 423s 40 4 0 34 1 3 0 * 2 1 3 0 34 1 3 1 1 3 1 78 *33*2 35 *33*2 35 *106 1 0 8 *106 118 *73 80 *75 80 200*4 200*4 199*2 2 0 0 2 9 % 303b 2 9 % 2 9 34 71 72 71 71 § 8 9 % 8 9 % * 8 8 * 2 89*2 *59 64 *59 63 *9 5 1 0 5 * 9 5 105 *0 7 70 *67 70 1 3 6 34 1373b 137*8 138 *30 33 *30 33 87 7e 87 7a 87 87*2 *7 5 80 80 *75 *78 82 82 *78 100 105 *100 1 05 55*4 56*4 5 4 78 553b 83*2 84*4 *83 83*8 6 7 34 6 7 34 * 6 6 67*2 44*8 443,4 4 3 34 44*8 76*2 76*2 763s 7 6 % 11 12 49 51 19*2 2 1 *11 12 *49 *19*2 51 2 1 71 118*2 142 103*2 134 "2 4 *7 2 27% 130 92 71 *7 1 75 1193s 11834 11938 142*2 1 4 2 142*2 104 1 0 3 103*8 135 134*4 135 28 *24*2 2 8 76 *72 76 2338 273s 2734 150 *130 150 92 "9 1 94 § 1 0 7 107 69 69*2 69 69*2 126 126 "1 2 5 127 263 q 2 6 7s 2 6 % 27*4 5 7 3 58 4 57*2 58*. Ill 1 1 1 % 1 1 1 ^ 1 1 1 78 1 1 0 111 *109 112 233s 2 4 2 3 *« 2 3 7e 4 1 r*s 42*4 41*2 42*8 1 3 1 34 132*2 131*2 132 35 3 6 *2 *106 113 80 *75 197 198 1 9 8 197 30 30 30*4 30*2 7 1 78 72*4 72*4 72*2 §89 90 89 58 8 9 % 62 62 64 *6 0 105 *95 *95 105 72 *67 72 '6 7 £135 1 3 5 % 135 135*2 33 35 *3 0 33 *86 91 88 87 *75 *75 80 80 80 80 *78 82 *100 1 0 5 *100 105 55 78 5 6 7b 56*4 5 0 % *8 4 84*2 84*2 8 5 70 6 8 *4 70 70*2 443s 45*8 4434 4 5 78 76*4 7 6 *2 7 6 *2 7 8 * 10*2 11*2 *48*2 50 I *19*2 20*2 * 10*2 *48*2 *1 9 11*2 50 21 T hu rsd ay M ay 7 PAGES STOCKS N E W Y O R K STOCK EXCHANGE 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 ; th e W eek S h a res L o w est L ow est H ig h est H ig h ei R a ilr o a d s . !0 F e b 4 8 34 M n n A r b o r ....................... 35 M a r l 6 41 J a n 10 33 *66 68 6 5 M a r l 7 69 J a n 21 63 J a n D o p r e f ....................... 77 *8 M 7 9 34 8030 A tc h . T o p e k a & S a n ta F e. 1 0 9 ,2 4 5 7 7 * 4 A p r 13 89 78 J a n 10 7 4 * 4 J a n 96% Sj 9730 9 7 34 6 ,2 3 0 9 5 * 4 A p r 14 103 * 2 J a n 10 9 5 * 2 J a n 106 *8 S' D o p r e f ......................... 9 1 78 92*2 O a l t i m o r e & O h i o .......... 4 1 ,4 7 2 85*2 A p r 13 104 J a n 9 9 2 % D e c 118*2^1 9334 9 3 34 I I D o p r e f ......................... 27 5 91 A p r l 4 9 6 34 F e b 11 92 D ec 99 S 6 5 34 66 *4 B r o o k ly n R a p id T r a n s it . 0 6 78 66 5 4 34 N ov 7230 J 3 0 ,7 8 0 63*4 M a r l l 71*8 F e b l 7 3 0 0 1 24 J a n *144 147*2 * 1 4 4 147*2 B u ffa lo R o c h . & P it t s b ’ g 150 F e b 9 110 A p r 128 A 156 *152 *152 156 100 145 J a n 10 160 F e b 9 139 A p r 145 S D o p r e f ......................... 1 3 2 3 1 3 1 3 132*2 ( Canadian P a c i f i c ............ 4 132 4 M ar 1 9 ,8 5 0 126 13S 3 F e b 10 1 1 2 * 4 Jan 1 4 5*48 4 9 3 0 7 0 M a r2 7 78 *2 J a n 5 71 * 7 0 * 2 72 *7 1 72*2 V 'a n a ila S o u t h e r n ............ D ec 9 7 y 175 175 *170 175 1 ,6 0 0 170 A p r 14 190 J a n 19 165 N o v 198 J C e n tr a l o f N e w J e r s e y .. 4 4 34 4 5*4 4 4 3 45 4 4 ,8 0 5 41 A p r 14 5 3 * 2 J a n 19 4 2 % D e c 57*2 S; C h e sa p e a k e & O h io .......... 3 0 5g 31*6 3 ,1 3 5 2 8 A p r 14 3 7 * 4 J a n 30*2 3 0 % C h ic a g o & A l t o n ................ 29 *2 D e c 4530 Jj 8 0 0 6 7 34 A p r 13 73*8 J a n 69 69*2 7 0 * 2 70*2 68 N ov 79 J D o p r e f ......................... 2 02 J a n 15 2 LO F e b 5 1 3 4 34 J a n 2 2 0 34 J C h ic a g o & E a s t ’ n I l lin o is *1 2 0 140 *120 140 100 130 J a n 13 138%. J a n 29 136*2 S ep 151 J D o p r e f ......................... 1 1 ,9 6 0 1934 A p r 13 2 9 % J a n 9 2 2 D e c 35 A 22*2 23*8 22*2 23 C h ic a g o G r e a t W e s t e r n . *8 8 89 *87 8 8 111 8 8 M a r 9 0 7e J a n 13 89*2 N ov 95*4 J ) J* 0 4 p. c. d e b e n tu r e s *75 78 100 7 5 M ay *75*2 78 D o 5 p. c. p r e f. “ A ” . . 8 5 *2 J a n 9 81*2 D e c 90*4 J> 3 7 % 383a *37*2 38*4 1 ,4 1 0 35*o A p r 14 4 6 78 F e b 5 33 D e c 5 1 34 J* D o 4 p .c . p r e f. t4B ,r 16138 1 6 2 34 161 1 6 2 160*2 J a n 19834 S j, C h ic a g o M ilw . <fc S t. P a u l. 9 1 ,2 1 5 1 5 8 A p r 13 183*4 J a n §179*2 179 *2 '1 8 3 183*2 34 2 181 A p r 2 7 194*4 J a n 9 186 Jan 2 0 0 34 SI D o p r e f ....................... 1 ,7 2 5 174 A p r 13 224*2 J a n 14 20 4 *8 J a n 271 A 180*4 181 *2 * 1 7 8 1 8 2 C h ic a g o & N o r t h W e s te r n §220 A p r 13 2 5 0 J a n 8 2 3 0 J a n 274*2 A* D o p r e f ..................... . 200 J a n C h ic. R o c k I s l ’ d & P a c ific 2 0 0 *8 J a n 9 152 J a n 2 0 6 S '1 3 5 140 '1 3 5 140 140 A p r F eb 170*2 Ar 162 J a n 21 14 0 C h ic. S t. P . M in n . & Om *1 8 5 195 * 1 8 5 195 194 J a n Ir 194 J a n 5 194 78 N o v 2 1 0 D o p r e f ......................... "1 6 17 *16 17 15 D e c 2 4 78 - r 4 0 0 14 A p r 13 19 7s J a n C h ic a g o T e r m ’ l T r a n s fe r . 2,020 27 *2 A p r 13 3 6 J a n 29*4 29*4 § 2 8 7s 2 8 70 29 D ec 44 S D o p r e f ....................... 5 5*2 1 0 34 Jan *5 6 70 0 5 A p r 2 3 17*2 J a n 12 23 A C h ic a g o U n io n T r a c t io n . 4 4 34 M a r 3 5 A p r 2 7 5 0 34 J a n 14 60 i f D o p r e f ....................... 91 92 1,000 8 8 * 4 A p r i l 9 9 38 J a n 0 9 3 N o v 108% ifc 91*2 *91 C le v e . C in . C h ic. & St. L . "1 1 5 § 1 1 5 115 117 8 0 115 M a r2 6 119 J a n 2 7 118 J a n 124*8*1 D o p r e f ....................... 3534 J24*2 2 4 34 2 4 7s 24% C o lo ra d o & S o ., v o t . tru st 2 ,9 \7 22*2 A p r i l 31 * 2 J a n l o 14*8 J a n * 6 4 3 65*2 4 § 4 2 0 62 A p r 14 7 2 J a n 79^5 59 *4 Jan D o l s t p f . v o t . tr . cfs. *3 7 38 50 0 3 5 A p r i l 4 8 J a n 53 7s , 28 J a n *3 7 37*2 D o 2 d p f. v o t . tr. ctfs. 177 179*4 1 7 7 179 153*2 N o v 184*2 Ju e la w a r e & H u d s o n ___ 3 0 ,9 8 4 161 A p r i l 183 *2 F e b *250 255 231 N o v 2 97 J > 1 ,6 1 0 2 4 0 A p r 13 276*2 J a n e la w . L a c k . <fc W e s t ’ n . 35 *8 D e c o l ’ u z 5 ,7 0 0 3 3 * 2 A p r 14 43 F e b < ^ 36*4 3 6 * '3 5 * 2 36*2 D e n v e r & R io G r a n d e .. 8 6 34 87 8 6 3 8 6 34 4 8 6 * 2 D ec 1,100 8 3 *2 A p r 13 9 0 * 2 F e b D o p r e f ....................... *4 0 *40 42 35 D ec 42 100 3 7 A p r i l 4 7 * 4 J a n D e s M o in e s & F t. D o d g e . 1 5 34 16 1534 1 5 34 D e t r o it S o u th , v o t. tr . c tfs 13 F e b 9 0 0 1 4 A p r 13 2 0 3 g J a n A p r 13 3 9 34 J a n 26 D e c 4 ,9 0 0 27 31*2 3 2 7g 31*2 31*2 D o p r e f. v o t . tr . c tfs . * 8 0 % 82*4 §81*4 81*4 D e t r o it U n i t e d ................. 75 J ’ n e 5 6 0 76*4 M a r 2 8 9 0 J a n 14 1 2 78 14 D u lu th S o. S h o r e <fc A t l . . 10 J a n 14 5 1 0 1 2 7s M ay 19 *2 F e b 16 *20 20*8 203* 22 4 8 0 19 *2 A p r i l 293s F e b 16 1 8 % J a n D o p r e f ....................... 35 8 2 ,9 0 0 31 *2 A p r 13 4 2 % J a n 9 2 8 % D e c 4438,1 3 4 78 3 5 \ 35 *2 j^ n e................................ . 6830 69 60*2 D e c 7 5 3 4 .! 2 6 ,1 0 0 62 *8 A p r 13 7 4 F e b 68*8 69*4 h D o 1 s t p r e f ............... 5 7 34 5830 5730 58*8 2 6 ,5 9 0 47 *2 A p r 13 6 4 78 F e b 41*2 D e c 6 3 34 «i D o 2 d p r e f ............... 67 5 0 M a r 7430-. 1,000 62 A p r 14 72*2 J a n 6 6 *2 66*2 6 6 * 2 E v a n s v . & T e r r e H a u t e .. 92 *90 *90 82 M ay 1U434 ; 3 0 0 8 5 A p r 15 9 1 J a n 92 D o p r e f ....................... 62 "5 7 30 Jan *57 62 55 A p r 15 7 4 34 F e b 24 67*2! F t. W o r t h & D e n . C .,s tm p . 200 * 1 8 5 200 G r e a t N Q rth e rn , p r e f . . . 190 A p r 13 2 0 9 J a n 22 181 * 2 M a i 2 03 . *185 90 ;j 4 77 M a r l 2 8 5 J a n 9 7 0 J a n G r e e n B a y & W ..d e b . c t f.A 9 Jan 22 17*2 A p r 14 2 7 * 2 J a n 5 Do d e b . c t f. B 19 19*8 2 9 * 2 '1 6 6 J a n 106 3 0 0 9 4 * 2 A p r 13 106*2 F e b 20 * .......... 100*4 T T o c k i n g V a lle y . 9830 , 36 0 9 2 *2 A p r 13 9 9 * 4 M a r 2 81*8 J a n §95 95 U D o p ref D o nr< 9 ,2 4 9 1 3 0 34 A p r 14 15 1 J a n 10 137 J a n 173*a 1 3 8 139*2 137*2 138*4 I llin o is C e n tr a l 1,100 3 3 A p r 13 4 8 J a n 12 35*8 D e c 5 1 34 36*4 36*4 * 3 5 *2 36*2 I o w a C e n t r a l ... 65 N o v 9 0 V ’ 4 0 0 5 6 A p r 14 773b J a n 12 *60 62 D o p r e f ........ * 6 0 * 2 62 35 A p r 20 4 7 * 2 J a n 6 33 78 J a n *37*2 40 50*2 ■ a n a w h a & M ic h i g a n .. *37*2 4 0 7 5 D e c 88 . . 80*a 8 1 C .F t.S .< feM .,tr. c t s . p fd 1 2 ,2 7 0 7 6 A p r 15 8 2 34 F e b 2 6 80*4 80*2 39 j 19 J a n 30 30 8 0 0 27 A p r 13 36*4 J a n 12 *30 31 K a n sa s C ity So. v o t . t r . . 6234 1 53 *51 600 51 A p r i l 61*4 J a n 2 2 44 J a n D o p i e f . v o t . tr . c t f s . *51*2 53 13 J a n 41 1 3 3 3 4 J a n 21 37 *3 5 4 0 M a r lO *35 37 K e o k u k & D e s M o i n e s . .. 84 .4 § 5 5 A p r 23 § 5 5 A p r 23 45 J a n 60 *5 5 60 *55 D o p ref 4 0 D e c 71*21 *4 0 5 0 3 8 A p r 13 5 3 J a n 8 42 41*2 *4 0 a k e E r ie &, W e s t e r n .. . 1 105 A p r *1 0 5 1 1 0 11 8 F e b 6 120 O ct 1 3 8 110 *105 D o pref 1 3 3 4 * Jan 2 5 33 4 *2 J a n 5 325 A p r 3 4 0 L . S h o r e & M ic h . S o u t h ’ n k *71 75 200 7 0 M a r3 1 83 J a n 7 7 2 *2 N o v 9 1 7e I "7 1 75 118 119 117*4118*4 L o u is v ille <fe N a s h v i l l e . .. 1 8 ,2 7 0 113 A p r 13 13 0 *2 J a n 8 102 *8 J a n 159*2 1 141*2142 1 4130142*8 ]\ /fa n h a tta n E l e v a t e d .. . 2 6 ,2 7 8 135*4 A p r 14 155*2 J a n 14 12 8 M a r 15 8 9 1 01 1013 4 1 0 0 i x l e t r o p . S e c u r ., s u b . r e c . 1 ,8 0 0 100 M ay 8 128 7b J a n 6 109 * 2 M ay 134*2 1 1 00 .1 4 3 2 ,0 2 0 127 A p r l 7 142 78 J a n 6 135 O c t 17 4 133*4 1 3 3 7e 1 3 2 3 133*4 M e tr o p o lita n S t r e e t ___ 1 35 D e c 43 3 4 * 2 F e b 24 38 J a n 8 M et. W e s t S id e E l. (C h ic .) *25*2 28 *24*2 2 8 4 89 M ar 9 1 3 a 8 8 J a n 20 88 J a n 2 0 D o p r e f ........................... *72*2 76 *72*2 76*2 2 0 % D e c 31*8 a 2 6 78 28 M e x ic a n C e n t r a l.................. 2 5 ,0 0 0 24*2 A p r i l 29 M a r2 3 2 6 7e 27*2 y . § 1 2 5 M a r l 6 135 J a n 15 § 1 5 o M ar 19 2 >130 1 5 0 *130 150 M ic h ig a n C e n t r a l................ a •90 93 50 0 9 0 A p r 28 110 J a n 9 105 J a n 11 5 *90 93 M in n e a p o lis & S t. L o u is . 5l) 1 08 A p r 16 1 1 S F e b 27 118*2 J a n 1 2 7 34 * >108 1 1 8 D o p r e f ........................... *108 118 84 y 1 ,8 0 0 63*8 A p r 13 7 9 * 2 F e b 16 36*2 J a n 6 8 3 6 8 34 M in n . S. P . & S. S. M a rie. 4 68*2 69 I 65 0 119*2 A p r 13 132*4 F e b 17 9 0 J a n 139 D o p r e f ....................... 126*2126*2 * 1 2 5 1 2 6 1 5 ,8 5 0 2 2 78 A p r 13 3 0 * 8 J a n 5 22 *3 D e c 3 5 3 4 1 2630 26*2 26 26*4 M o. K a n s a s & T e x a s . . . 5 6 3* 5730 11,800 51 A p r 13 63 *2 F e b 10 51 J a n 6934 ,j 57 58 D o p r e f ....................... 11130112*4 11130112*8 M is s o u r i P a c if i c ................. 1 2 8 ,3 5 0 1 0 2 34 A p r i l 1 1 5 78 F e b 10 9 6 34 M a r 125*2-1 1 8 0 J a n 122 3 200 105 A p r i l 11 4 F e b l 6 '1 0 9 112 *1 0 9 112 ash . C h a tt. & S t. L o u is D e c 2 1 34 J 22 2330 2 2 78 23*2 at. o f M e x ., v o t . t r . c t fs 12 3 ,8 1 5 17 *8 M a r 9 2 4 M a y 4 c l 4 3 1 34 D e c 45 % a 4 1 34 4 2 *2 D o p r e f., v o t . tr. c t fs 4 0 .9 7 0 3 4 *2 M a r 2 45 * 8 M a y 8 42 45*8 8 ,7 2 0 128*2 A p r l 3 1 5 6 J a n 10 14 7 N o v 168% J 1 3 1 131*2 130*213130 N . Y . C e n tr a l & H u d s o n .. 200 3 0 A p r 13 45 J a n 7 4 0 N o v 57% -11 N. Y . C h ic. & St. L o u i s . . . *34*2 36 "3 4 *2 37 10 6 M a r l 6 11 8 J a n 16 1 1 0 * 2 N o v 124*2 m i *1 0 5 1 0 8 M0 a 120 D o 1 s t p r e f .................... 75 A p r 18 87 J a n 19 8 0 N o v 100 aj *75 80 D o 2 d p r e f .................... "7 5 80 1 ,1 9 0 197 M a y 6 225*4 J a n 9 209*2 J a n 255 pi 1 9 7 197 N . Y . N . H a v e n & H a r t f. *195 200 2 9 % 2 9 7e 29*4 2 9 7 N . Y . O n ta r io & W e s te r n . 1 7 ,0 0 0 27*2 A p r 13 3 5 * 4 F e b 5 25*4 D e c 3 7% !P b 8 0 34 *t 9 ,5 2 0 6 6 34 A p r 13 7 6 * 4 F e b 10 5 5 J a n 713 4 72 N o r f o lk W e s t e r n ............ 71*8 72 " 8 S 3 8 9 34 4 2 75 8 6 * 4 A p r 17 9 3 * 2 F e b 2 9 0 F e b 9 3 iy 8930 89*8 D o a d ju s tm e n t, p r e f. 4 2 0 60 A p r 17 72 J a n 10 65 D e c 8 1 V P 60 60 a c ific C o a st C o ................ 59 63 20 9 8 J a n 5 1 0 0 F e b 13 1 0 0 * 2 Jan 106 a: D o 1 s t p r e f .................... § 1 0 5 105 *94 104 100 6 8 A p r 21 76 J a n 28 72*4 D e c 8 4 34 5P D o 2 d p r e f .................... 68 68 67 74 334*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. 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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 .. 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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 A -O A -O X ov X ov M-N iVl- 8 J -D M -S 9 5 * 4 S ale 9 4 34 95*4 1003Q s a le 100*4 100*2 .......... 99 7s 1 0 2 56 F e b ’ 03 9 1 5g 91 9 1 K 013s 04*2 A p r ’ 02 8 9 * 2 S ale 89 90*2 94*2 Sale B J -J 9 4 S a le Q-J A -O l o i 78 S ale Q-J M -S *1 0 3 1 0 6 M-N 00 91 F N 9 5 * 2 S a le J -J 89*8 89*4 Q -J M o n o n R iv 1 s t g u g 5 s . .1 0 1 0 F -A C e n O h io R 1 s t c g 4 * S .. 1030 M -S 2 B e e c h C r e e k b e e XT Y C 6c H B e ile v cfe C a r b e e I llin o is C en t B k ly n 6c M o n t a u k b e e L o n g 1 B r u n s 6c W e s t b e e S a y F I 6c W B u ffa lo N Y & E r ie b e e E r ie B u ffa lo R 6c P g e n g 5 s . . .1 0 3 7 M -S .......... 116*2 A l l 6c W e s t 1 s t g 4 s g u . . 1008 A -O C l 6c M a li 1 st g u g 5 s ___ 1043 J -J 119 .......... R o c h 6c P it t s 1 s t g 6 s . ..1 0 2 1 F -A C o n s o l 1 s t g 6 s ...............1 0 2 2 J -D 125 .......... B u ffa lo 6c S o u t h w e s t b e e E r ie B u tt 6c S u sq 1 s t r e f g 4s.<(1951 J - J .......... 9 9 34 R e g is t e r e d ......................... <(1051 J - J B u r C e d a r R 6c X o 1 s t 5 s . 1 0 0 6 J -D 103 c 8 .......... C on 1 s t 6c c o l tr u s t g 5 s . . 1034 A -O .......... 1 2 0 * 2 R e g i s t e r e d ........................ 1034 A -O 1 1 8 119 C R I F ife X W 1 s t g u 5 s . 1021 A -O f 1 0 * 2 . . M <fc S t L 1 s t g u g 7 8 ---------- 1027 J -D * 1 0 0 34 .......... la n a d a S o u th 1 s t 5 s ........ 1 0 0 8 J -J 104*4 1 0 5 '2 d 5 s . . . . . . . . . . . . . . . . . . . . 1 0 1 3 M -S 105*2 1 0 7 3 4 R e g is t e r e d ........................ 1013 M -S 104*4 105 C a r b < S h a w n b e e 111 C e n t fe C a r o lin a C e n t S ee S e a b cfe R oa n C a r th a g e < A d b e e X Y C cfe 11 fe C e d R l a F cfe X b e e B C R 6c X C e n B r a n c h U P I s t g 4 s . . . l 0 4 8 J -D * .......... 93 C en B ra n ch R y b ee M o P a c C e n tra l O h io b e e B a lti <fc O h io C en R R <fe B o f G a c o l g 5s 1037 M-N * .......... 1 0 7 C e n t o f G a R R 1 s t g 5 s . . p i 045 F -A * .......... 1 2 0 R e g i s t e r e d ....................... p i 045 F -A C o n s o l g o ld 5 s .....................1045 M-N 1 0 6 Sale R e g i s t e r e d ........................ 1045 M-N 1 s t p r e f in c o m e g 5 s ___ p l 0 4 5 O C t 78 78*2 37 S a le 2 d p r e f in c o m e g 5 s ___ p l 0 4 5 O ct O ct 3 d p r e f in c o m e g 5 s ___ p i 045 24*a 25*2 C lia tt D iv p u r m o n g 4 s . 1051 J -D 105 M a c <fe X o r D iv 1 s t g 5 s . 1 0 4 6 J -J ____ M id G a cfe A t l D iv 5 s ___ 1047 J -J M o b ile D iv 1 s t g 5 s ........ 1046 J -J 1 0 6 * 2 .......... 132 ......... C e n t o t X J g e n ’ l g o ld 5 s .lO S 7 J - J R e g i s t e r e d .................... /i l 9 8 7 Q -J 1 3 0 .......... A m D o c k cfe Im p g u 5 s . . 1021 J - J * ..........113*4 a C 0 -< s £ © 54 99 101 102 100*8 A p r ’ o 3 103 A p r ’ 03 •••• 4 00*2 903 4 05*4 96 89*8 80*4 90*4 J ’l y ’ 02 114*4 J ’ n e ’ 02 1 0 8 S e p ’ 02 116*2 116*2 41 55 .2 1 0 3 A p r ’ 97 1 2 5 M a r ’ 03 1253a J a n ’ 03 103 J ’ n e ’ 02 1 104*2 1 0 4 3 4 6 106*g 106*8 4 1 0 4 * 2 M a r ’ 03 . . . . 1 0 8 34 122*2 F e b ’ 03 . . . . A p r ’ 03 J a n ’ 03 — 105*2 106*4 41 105*2 S e p ’ 01 77 78 50 36*2 37*4 93 25 25 45 9 2 A u g ’ 02 108*4 S e p ’ 02 1 0 2 J ’ n e ’99 1 1 2 * 2 A p r ’ 02 •••• 132 132*2 1 2 129 A p r ’ 03 113*4 A p r ’ 03 95 92*2 95*4 94 94*2 99*2103*2 100*8 102*2 1 00 106 89 91 95*4 87*2 97*2 89*4 115*4 118*2 2 105 J a n ’ 99 A p r ’ 03 102 ” *i 1 0 0 34 101 45 1 00 *2 1 0 1 87 1 ,*S6*2 87*2 87 85*2 J a n ’ 03 104 106 105 110 i i o * 4 i i i 78 110 102 9 9 *2102 103 109 ill .......... 114*4 120*4 S ale 120*4 'N o p r ic e F r id a y ; la t e s t p r ic e th is w eek* a D ue Jan N o v ’ Of . . . . 107*2 109*4 1 1 0 102 102*2 1 0 0 104*4 87 89*2 85*2 85*2 ...................... M a r ’ 98 U o*8 120*4 E nding M a y 8 30 113 i 2 0 10 11 6 34 120*4 d Due A pr R id A sk Low 100 Hz___ 101 102 107 ........ 112*2 113 116*2 S a le 104*2 S id e 1 03 07 W eek 's R an ge or L a st b a le 104 100 103 101*2 7 7 ” S ale 102 3 4 I 0 0 34 06 l l o * * ........ 1 0 1 3s ........ 10 6 78 S a le 95 ......... 105 ........ 1 1 4 58 1 1 5 110*4....... 1 3 0 * 2 ........ 116*2117 118 128*4 1 3 0 1 1 1 * 2 S a le 111*8....... 178 S a le 111 112 1 0 0 ........ 116*4 118*4 113*8 117*4 111*4 130*4 D a k cfe G t S o g 5 s .............. 1 0 1 6 F a r cfe S o u a ssu g 6 s ........ 1924 H a s t cfe D D iv 1 s t 7 s ........ 1 010 1 s t 5 s ....................................1 910 I 6c D E x t e n 1 s t 7 s .......... 1 0 0 8 L a C r o s s e cfe D 1 s t 5 s ___ 1 910 M in e r a l P o in t D i v 5 s ___ 1 9 1 0 S o M in n D i v 1 st 6 s ..........1 0 1 0 S o u th w e s t D i v 1 s t 6 s ___ 1 900 W i s cfe M in n D iv g 5 s ___ 1021 M il cfe X o 1 s t M L 6 s . . ..1 0 1 0 1 s t c o n s o l 6 s .................... 1013 C lu e cfe X o r t l i w c o n s 7 s ___ 1 015 E x t e n s io n 4 s .......... 1 8 8 6 -1 0 2 6 R e g i s t e r e d ............ 1 8 8 6 -1 0 2 6 G e n e r a l g o ld 3 * S...............1087 2 R e g i s t e r e d .................... p l 9 8 7 S in l o n g fu n d 6 s . ..1 8 7 0 -1 9 2 0 R e g is t e r e d ............ 1 8 7 0 -1 0 2 0 S in k m g fu n d 5 s . ..1 8 7 9 -1 9 2 0 R e g is t e r e d ............ 1 8 7 0 -1 0 2 0 D e b e n t u r e 5 s ...................... 1900 R e g is t e r e d ........................ 1000 D e b e n t u r e 5 s ...................... 1021 110 10 6 5e 1 1 4 3 ........ . 4 1 0 6 j4 ........ . 1 1 3 * 8 ......... . 1 1 2 L Sale n e ^ ............. . Ill 116 118Hz 119 1 3 1 *8 ........ . 1 0 2 34 ........ . 100 111*8 ......... 1 1 0 * 2 .......... 106*2 . . . . . . 10 5 .......... 102 5e 10 5 *2 110 ........ 1 1 2 7 8 ........ 1 1 5 34 ......... 11534 118 1 0 9 * 2 ......... 1 0 2 3 * ........ 1 0 5 * 8 ____ 112*8....... 1 2 9 58 ____ 1 1 9 78 ____ 1 3 3 * 8 ____ 133 135 * 101*2 ________ 127*8....... 1265g ....... 1U5c8 S ale 84 34 S ale 95sf i ........ 9 0 ........ 10 6 108 1 3 3 34 ........ 1 3 1 * 4 ......... 12 4 ........ 84*2 Sale A p r ’ 03 1 0 1 34 M a r ’ 03 A p r ’ 03 116*4 1 1 6 * 2 121 J ’ n e ’ 01 104 1 04*2 103 A p r ’ 01 112 X o v .’0 2 103 1 0 3*2 08 98 1 0 6 * 2 O c t ’ 02 112 82 82 R ange 1 S in ce J a n u a ry 1 H ig h A o L ow 111 112 111*2114 23 1 1 5 * 2 1 1 9 34 92 1 0 2 34 1 0 6 34 “ 9 101 5 93 M a r ’ 03 82 <6 58 77 S 334 A p r ’ 02 1 0 2 5s 1 0 2 34 1 0 4 34 A p r ’ 00 100 A p r ’ 03 95*2 96 H ig h , 103 104 16 100*4 102*2 111 1 0 1 34 ........ 5 -a ©© 103*2 98 1 0 1 34 10134 80 83*2 95 74 79*2 1 0 i ” 102*1 11 114 *8 A u g ’ 02 l l ) l s6 A p r ’ 03 1 0 6 7s 1 0 6 7s 109*2 A u g ’ 01 100 M a r ’ 02 10 0 1 0 1 ^ 9 4 5s 97 101 3g 104*8 106*8 108*4 3 104*8 1 0 4 58 l U 3*, A p r ’ 03 1 110 11 0 13 1 M a y ’03 i ‘35 116 117 120 D e c ’ 02 i 2 0 58 F e b ’ 03 10438 108 113 1 1 7 78 110 11039 131 116 136*2 1 2 1 38 120 120^8 128*8 A p r ’ 03 111*2 111*2 110*^8 1 1 0 3s 178 178 111 111 109 A p r ’ 03 111 D e c ’ 02 1U434 J a n ’ 02 12 8 1 3 0 3 4 110*2113*8 110*811138 178 1 7 8 111 1 1 L 10 9 112 I f 6 * 2 A p r ’ 03 1 1 8 * 2 M a y ’03 113*4 M a r ’ 63 117*4 117*4 111 \ M a y ’ 03 137 * 2 J ’ l y ’ 99 1 L9 34 M a r ’ 03 107**s A u.g’ 0 ‘2 183 F e b ’ 03 115 115 109 O c t ’ 02 113 A p r ’ 03 112*2 1 12 3 4 117 117 11 7 M a r ’02 118*2 A p r ’ 03 132*4 A p r ’ 03 1 01 M a r ’ U3 10638 O c t ’ 02 9 9 A p r ’ 03 103 N o v ’ 98 1 1 5 * 2 J J y ’ 02 l 110*8 110*8 1 06 A p r ’ 03 1 0 6 34 M a r ’ 03 105 M a i ’ 03 105 *2 D e c ’ 02 109*2 A p r ’ 03 114 O c t ’ 01 115*2 116*4 12 3 M a y ’ 01 116*2 116*2 117*4118*2 1 1 2 34 1 1 3 3 4 10 116 117*2 1113811112 1 1 9 *8 1 1 9 3 4 18 3 114 185 115 112*2 113*2 112*8 l l i i 3* 1 1 6 *8 1 1 7 1 1 8 118*2 1 3 1 7e 1 34 101 101 99 99 110*8110*8 106 109*2 1 0 6 3 107*2 4 105 109 10 8 112 115*2118*2 106 N o v ’ 0 2 108 O c t ’ 02 l 0 5 5s 1 0 5 ng 105^8 1 0 5 5s 1 153g 11 5 ;*8 1 1 5 38 A p r ’ 03 13 0 34 132*8 1 3 1 34 A p r ’ 03 119 *4 1 2 5 110*2 119*2 142 *2 F e b ’ 02 133*8 133*8 133*8 133*8 107*8 F e b ’ 01 114*4 S ep ’ 02 127 127 127 M a r ’ 03 1 2 5 *2 1 2 7 125*2 M a r ’ 03 105 10 8 105*2 1 0 6 107 107 107 J a n ’ 03 1OO3? J ’l y ’02 0 9 7e J n e ’ 02 9 9 * 2 J ’ l y ’ 02 903s J ’ n e ’ 02 84 8 4 34 343 83*2 89 88*4 88*4 8 8 * 4 J a n ’ 03 983s 0838 o 8 3s F e b ’ 0 3 9 3 J a n ’ 03 92*2 93 9 4 34 0 4 34 9 4 34 J a n ’ 03 106 107*2 107*2 107*2 1333s M a r ’ 03 137 A p r ’ 03 137 * 2 S ep ’ 0 2 123 *4 A p r ’ 03 84*4 84*2 13 3 136*8 1 3 4 34 137 12 123*4 126*8 82*2 8 6 B O N D S — C o n t in u e d o n N e x t P a g e . .I I I I I i ‘o o “ ' 99 7b ( i c t "’ 02 95 J ’ n e ’ OO ...................... 103 P r ic e F r id a y M ay 8 128 1253g Street R a ilw a y A -O J -J J -J M-N F-A F-A J -J J -I) J -J A -O J -J J -J J -J J -D J -J J -J F -A J -D eek S in k in g fu n d d e b 5 s ........ 1 033 R e g is t e r e d ........................ 1933 D e s M o cfe M in n 1 s t 7 s . .1 0 0 7 M ilw cfe M a d is o n 1 s t 6 s . . 1005 N o r t h I l lin o is 1 s t 5 s ___ 1010 1003 4 104 O tt C F cfe S t P a u l 1 st 5 s 1009 W in o n a cfe S t P e t 2 d 7 s . . 1007 120 122 M il L S cfe W e s t 1 st g 6 s 1021 1 2 0 * 12 0 *2 2 E x t cfe Im p s f u n d g 5 s 1020 A s h la n d D iv 1 s t g 6 s . . 1025 M ic h D iv l s t g 6 s .......... 1024 103*4 IO 4 3 4 C o n v e r t ib le d e b 5 s ___ 1007 105 *4 1 0 8 78 I n c o m e s ............................1011 104*2104*2 C in e R o c k I s l cfe P a c 6 s . . . 1017 R e g is t e r e d ........................ 1017 G e n e r a l g o ld 4 s .................. 1 088 R e g is t e r e d ........................ 1 088 C o ll t r u s t S e r ie s C 4 s .. . 1 0 0 5 93 94*4 H 4 s ..................................... 1010 M 4 s ..................................... 1015 N 4 s .................................... 1 01. i M 106*2 107*2 C h ic R I cfe P a c R R 4 s . . 2 0 0 2 *M 1 2 2 * 1 2 2 *2 2 R e g i s t e r e d ....................... 2 0 0 2 M D e s M cfe F t D 1 s t 4 s . . ..1 0 0 5 105 1 0 9 1 s t 2 * S....... 2 1005 E x t e n s io n 4 s .................. 1005 7334 so K e o k cfe D e s M 1 s t 5 s ___ 1 023 34 3 9 76 C h ic cfe S t L b e e A t c h T cfe Sa F e 24 27 C liic S t L cfe X O b e e 111 C en t C liic S t L cfe P itt s See P e n n Co C h ic S t P M cfe O c o n 6 s . . . 1030 J C li S t P cfe M in n l s t g 6 s 1 9 1 S,M •••••• X o r W is c o n s in 1 st 6 s . ..1 0 3 0 J 128*2 134 S t P cfe S C ity 1 s t g 6 s . ..1 9 1 9 A l ‘^8*4 133*2 113 113*2 C h ic a g o T e r T r a n s g 4 s ...l 9 4 7 | J .M I S C E L L A N E O U S B r o o k ly n R a p T r g 5 s ........ 1945 A t l A v B k ly n im p g 5 s . . 1 9 3 4 B k C ity 1st c o n 5 s . 1916, 1041 B k Q C o cfe 8 c o u g u g 5 s . 1041 B k ly n U 11 E l 1 st g 4 -5 S .1 0 5 0 K i n g s C o E l 1 s t g 4 s ___ 1040 N a s s a u E le c g u g 4 s ___ 1051 C it y cfe 8 R y B a lt 1 s t g 5 s . 1022 C o n n K y cfe L 1 st cfe r e i g 4 * $ '5 1 2 D e n C on T r C o 1 s t g 5 s . ..1 0 3 3 D e n T ra m C o c o n g 6 s . . 1016 M e t R y C o 1 s t g u g 6 s . . 1011 .D et C it S t R y 1 s t c o n g 5 s . 1 0 0 5 G r R a p id s R y 1 s t g 5 s . . . a l 0 1 b L o u i s R y C o 1 st c o n g 5 s . . 1036 M a r k e t S t C R y 1 s t g 6 s . . 1013 M e t S t R y g e n c o l tr g 5 s . 1007 B w aycfe 7 th A v l e t c g 5 s 1043 W 0 © 5 H ig h 93*4 125 125 IO 3 3 4 1 0 3 34 121 A p r ’ 03 120 *2 M a r ’ 03 — 1 1 8 J a n ’ 02 93 L ow BONDS X . Y. STOCK E X C H A N G E C e n tr a l o t X J — (C o n tin u e d ) L e cfe H u d R g e n g u g 5 s 1 0 2 0 30 106 1 0 6 L e li cfe W ilk s B C oa l 5 s . . 1 0 1 2 * > !106*4 107*2 C o n e x t g u a r 4*gs___ ^ 1910 X Y" cfe L o n g B r g e n g 4 s 1041 C e n t P a c ific b e e S o P a c ific C o 1 107 10S*< C h a rle s cfe S a v 1 s t g 7 s ___ 1 0 3 6 5 197*8 109 C h es cfe O h io g 6 s s e r A . . / t l 9 0 8 G o ld 6 s ..................................a l O l l 1 107*8108*2 1 st c o n s o l g 5 s .................... 1030 R e g is t e r e d ........................ 1030 109 111*4 . . . . 109*4 112 G e n e r a l g o ld 4*29...............1002 1 135 136*2 R e g is te r e d ........................ 1002 — 136 137*2 C r a ig V a lle y l s t g 5 s ___ 1 0 4 0 R cfe A D iv 1 s t c o n g 4 s . . 1080 — 103 103 3s 2 d c o n s o l g 4 s .................. 1 080 W a rm S p r V a i 1 s t g 5 s . . 1041 G r e e n b r ie r R y l s t g u g l s ’ 40 C in e cfe A l t R R s fu n d 6 s . . 1003 to 0 n e d o l i a r . R e fu n d in g g 3 s .................. 1040 R e g is t e r e d ........................ 1 0 4 0 96*2 9 8 58 asis o f SJ to £ . R a i l w a y 1 s t lien 3 ^ 8 .. .1 0 5 0 R e g is te r e d . 1050 C h ic B u r & Q c o n s o l 7 s . . .1 0 0 3 C h ic cfe I o w a D iv 5 s ...........1 905 D e n v e r D iv 4 s .................... 1 922 I llin o is D i v 3 * $................ 1 040 2 121 1 21 R e g is t e r e d ........................ 1 040 106 106 I o w a D iv s in k fu n d 5 s . . 1 010 S in k in g fu n d 4 s ...............1 010 N e b r a s k a E x t e n s io n 4 8 .1 9 2 7 R e g is t e r e d ........................ 1027 S o u th w e s te r n D i v 4 s ___ 1021 J o in t b o n d s S ee G r e a t N o r t h 95 97 D e b e n t u r e 5 s ...................... 1 013 1 H a n cfe S t J o s c o n s o l 6 s . .1 0 1 1 94*4 94*4 C h ic cfe E III 1 s t s f c u r 6 s . 1007 1 s t c o n s o l g 6 s .................... 1034 G e n e r a l c o n s o l 1 s t 5 s ___ 1037 R e g i s t e r e d ........................ 1037 C h ic cfe I n d C R y 1 st 5 s . 1 9 3 6 C h ic a g o & E r ie b e e E r ie C h ic I n cfe L o u i s v r e f 6 s . . . 1947 R e fu n d in g g o ld 5 s ............ 1047 L o u is v X A cfe C li 1 s t 6 s . 1 010 C lu e M il cfe S t P a u l c o n 7 s 1005 T e r m in a l g o ld 5 s ...............1014 13 93*2 96*4 G e n e r a l g 4 s s e r ie s A ..0 1 9 8 9 317 99*2 102 78 R e g is t e r e d ......................cT 989 . . . . 1 0 2 *s 1 0 2 58 G e n e r a l g 3 * S s e r ie s B .e l 9 8 9 2 9 8 9 *i 9 2 34 R e g i s t e r e d ......................e l9 8 9 C liic cfe L S u D iv g 5 s ___ 1021 35 8 9 9 2 34 C h ic cfe M o R i v D i v 5 s . . . 1 026 C h ic cfe P a c D i v 6 s ............1 010 114 *2 O c t ’ 02 175 94*4 95 94 95*4 04 hi J a n ’ 03 R ange S in ce J a n u a ry 1 PAGES to U S U S U S U S U S XJ S XJ S XJ S XJ S XJ S XJ 8 XJ 8 XJ 8 U 8 U. S . G o v e r n m e n t 2 s c o n s o l r e g is t e r e d .c Z l9 3 0 2 s c o n s o l c o u p o n ___ <(11)30 2 s c o n s o l r e g s m a l l . .<(1030 2s c o n s o l c o u p s m a ll. <(1030 3 s r e g i s t e r e d .............../M 918 3 s c o u p o n ...................... fclO lfc 3 s r e g s m a ll b o n d s ../c l 9 1 s 3 s c o u s m a ll b o n d s . . / c l 9 18 4 s r e g i s t e r e d .............../<1007 4 s c o u p o n ..................... /il9 0 7 4 s r e g is t e r e d .................. 1025 4 s c o u p o n ...... ..................1025 5 s r e g is t e r e d ..................1004 5 s c o u p o n ........................ 1 0 0 4 So 00 BONDS N . Y. STOCK E X C H A N G E W e e k E nding M a y S FOUR e D u e M ay S tre e t R a ilw a y M e t S t R y — (C < m ;R e f g 4 s2 0 0 2 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 A-O .NL-S M-S J -J J -J F-A F-A J -J M-N J -J A-U A-O J -J \T-IV G a s a n d E l e c t r i c L ig h t A tla n ta G L C o l s t g 5 s . . .1 9 4 . J -D B k ly n U G a s 1 st c o n g 5 s . 1045 Vt-X g D u e J ne h D u e J ly k Due Aug 9 2 *2 Sale 92*2 93 116*2118*2 118*2 A p r ’ 03 116*2118*2 118 M a r ’ 03 9 7 3 a Sale 9 7 3g 98 1 1 9 3 S a le 1 1 9 34 1 1 9 3 4 4 ...................... 99 *2 M a r !i)3 106 o c t ’ 99 J ’ n e ’U2 1 0 6 * 2 .......... 1 1 0 103 105 4 ...................... i 0 9 * A p r ’ 03 115*4 — 79 80 231 85*4 85*2 10 99 D e c ’ 97 8 0 Stde 8 4 76 ......... 115 92 96*2 ]1 8 * 2 l2 1 118 121*4 i' 8 3 i 35 95 1 119*4 122 — 99*2 102*2 7 __ 114 7S p Due X ov i l 4 7 f. gD ue D ec ........... i *09 *4113 77 85*4 80*4 So 78 3 i i 4 7 e i i '7 s O p t io n sale 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 -T lin t So P er© M S ee P e r e M a r *0 In t'si P eriod BONUS O-.M J -D J J A -O J -J M-A P r ic e F r id a y M ay 8 W eek 's R a n g e or L a st S a le I I s 1 R ange S in ce J an u ary 1 B ia A sk L ow N ig h N o I L ow 113*2114*2 113 *2 A p r ’ 03 . . . . 113*2 104 ......... 109 A p r ’ 02 109 M a r ’ 03 106 1 1 0 107 111 *2 D e c ’ 01 . . . . 113 O c t ’ 00 . . . . * .......... 113*2 115 J a u ’ 03 ••• i l i v N ig h 116V 109 115 100*4 17 9 9 * 2 1 0 3 J -D 100 * 8 S ale 1 0 0 101 *o O c t ’ 02 99 J -J 4 98*4 190 98*4 99*4 J - J * .......... 1 0 0 101V 1 1 1 0 1 103*2 M-N 1 0 0 V .......... 1 0 1 103 O c t ’ 02 M-N mm m m102 D e c ’ 02 . . . . M -S • ;r . i .......... 9 9 *2 83 N o v ’ 99 M-N M a r ’ 03 — 1 0 2 V 103 1 0 0 * 4 .......... 103 ( i.W j.J 115 N o v ’ 02 il4 134 *8 J a n ’ 02 J -D J -D 4 13LV132 .1 ..T 132 132 132 .1 - .7 ru n i 0 4 * 2 N o v ’ 01 A-.T vc J 1 98 98 95 100 A -0 .......... 9 8 14 72*8 82 74 73 74*2 73 A pr 114 D e c ’ 02 V-O .1 ..7 () . J 119 J -J F-A 77*2 99 .......... 128 S a le S ale J ’ n e ’ 02 77*4 89V 77V 90 39 68 76*4 8 8 80V 94*2 A-0 D M -S *1 1 2 5 8 ......... M-N 1 2 9 * 8 .......... 134 .......... J-D i .n J -D i o 3 1 3 1 * 8 .......... J-J F -A 11 3 58 1 1 5 *2 101*2 M-N 1 0 0 A -O 1 0 9 V .......... F -A M -S 137 V .......... M-S A- 0 l i m s i o y ^ A-0 A - 0 1 0 5 L i. . A- 0 M-N i 4 1 V - M-N J -J J-J J -D 113 133 * 2 132 140 M a r ’ 03 113 1 1 7 M a r ’ 03 . . . . 1 3 2 V 133*2 A p r ’ 03 . . . . 132 134*2 O c t ’ 98 131*b A .p r ’ 03 115 A p r ’ 03 103 A p r ’ 03 1 1 3 V F e b ’ 03 102 F e b ’ 03 1 3 7 M a r ’ 03 149 A u g ’ 01 1 1 1 * 4 F e b ’ 03 122 J ’ lie ’ 99 106 O c t ’ 02 1 1 I V F e b ’ 02 143 V N ot* 0 2 147 V J ’ iub*02 .... .... .... .... .... .... 1 30*8131*2 115 1 1 5 102*2103 113*4 H 3 V 102 102 137 137 . . . . 111*4 H l l4 ...................... 9 9 V S ale 99*4 9 9 V 126 9 8 99V 5 104*4 107 107 107 Sale 107 1 0 7 * 4 .......... 107 * 4 A p r ’ 03 . . . . 105 1 0 7 V J -D * .......... 75 78 M a r ’ 03 — 78 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 J J J -J J -J J -J J-D J-J A -0 r . .i J -J J -J Q -J Week's Range or Last Sale A sk L o w lo o R ange Since January 1 y N i g h N o 1L o w S e p oo| .... 1 0 3 V .......... 10 6 *o F e b ’ 02 105 M a i ' 9 s __ ,| i 1 1 Sale 110*4 111 --< .......... 8 4 83 V 83 V -1 103 A p r ’(*3 109 A p r '0 3 i*09 V 1 0 9 M .. 1 0 8 V M a r ’ 03 : : : : .... 94*2 S a le 9 2 V .......... X-.T 93 V 92*2 9 4 V 412 i 92 V N igh, 107 il2 V 8 3 V S5 100*2105 109 109 i Os V 110*2 94V 94 *2 L04 106*4 M a r ’ 03 91 90 106*4 H I J -J r . .i A -O 107*8 Sale J-J 113 .......... 113 1 13*o 101 v 94 8 105*2 109*2 107V 1 0 5 V M a r ’ 03 J-r J-J J -J M- S M- S A -0 A -0 M-N M-N J-D J- J X . .1 F -A J -J J -J X . .1 J -J J --7 F -A F -A J -D M- S J-D J -D J -D J -D J-D J-D M-S 107V — 105*4 105 V A p r ’ 03 M a r ’ OO A p r ’03 M a r ’ 03 112V H 3 * i 1 0 1 V 101V 94 94 .......... 102*4 A p r ’ 03 . . . . 102 V 1 0 3 V 102 O c t ’ 01 4 102 V 103*2 1 0 2 V 104 102 V 102*4 104 106*2 M a r ’ 03 95 A p r ’ 03 112 106 V 106*2 95 95 .......... 123 M a y ’ 99 S T V M a y ’ O” 98*4 101 V 100 1 0 7 V .......... 108 V ..........i*26 V 124 90 125 V 126*4 104 V O c t ’ 02 O c t ’ 99 X o v ’ OO M a r ’ 03 . . . . 1 0 8 V 1 1 1 M a y ’ 01 N o v ’O vS J a n ’ 03 N o v ’ 02 A p r ’ 02 1 2 5 *8 1 2 5 *2 10 6 *81 0 6 V i d e v J a n ’ 03 101 J-J J-J J -J M-N M -S M-S J-D M-S 107 ........ 107*2 107 V T o o 102 98*2 119 1 2 1 V 119 9 8 .......... 97 V 74*4 i l 3 V Sale 113 .......... 92 *> 9 1 V A -O 105 M a r ’ 02 .......... M a r ’ 03 1 0 7 *2107*2 D e c ’ 02 M a r ’ 03 .... 98V100*2 M a y ’ 03 . . . . 119 123V 5 96 100 98*2 .. 7 0 F e b ’ 03 75 115*2 1 1 3 V 12 112 1 91 91V 93*2 K 111 M-N J -D 97*2 1 00 J-I) J -D M -S .......... 9 0 A -O * 1 1 2 115 A -O F e b ’ 03 93*4 93*4 A p r ’ 03 . . . . 93*2 93*2 8 4 J a n ’ 03 . . . . 84 85 1 89 92 90*2 90*2 109*2 A p r ’ 03 . . . . 109*2 114 93*4 93 *2 J -J J-J 113 V 115 M-N 1 1 0 * 4 .......... 112 M-N M-S M-S AO J -D M -S M-S 112 A -0 A -O 130 M-N J -J M-N i ds .......... 117*o 106 131 130 113 V 118*2 109 ............ 112*2 M a v ’ 03 A u 02 A p r ’ 03 D e c ’ 02 A p r ’ 02 O c t *98 M a r ’ 03 A p r ’ 03 .......... 1 1 2 * 4 .......... 1 0 0 * 2 100*2 106*4 S a le 106*4 196*4 1 1 2 .......... 108 M a y ’ 03 112 1 0 0 J -D A -O 112 iio lie 115 36 8 8 .... 129 7 8 V S a le 107 JJ 99 77V 130 79V 1 1 2 * 1 1 2 *2 2 109 114 i 9 7 V 193 5 106 106*2 ... 1 0 8 117 1 10 1 1 2 0 5 103 S a le M- S 117 M -N 1 12 122*2 106 17 76 22' 79V 96 99 D e c ’ 02 61 * 2 O c t ’ 01 1 0 7 V D e c ’ 00 ii8 v i2 o 125 94 .......... 95 106 1 0 6 V 107 . 95 M a r ’ 03 A p r ’ 03 107 J ’ly ’ 02 N o p r ic e F r id a y ; la te s t bid a n d a s k e d th is w e e k , a D u e J a n 120 95 37 1 0 5 p L A -0 A -0 69 *2 Sale 13 69 V 69 V 63*4 O c t ’00 J -J J -J A -O ..........119*2 1 2 0 113 113*4115 111 .......... 111 M-N M-N J-J J J AO VO J -J J -J MS M-S A -0 A -0 104 A p r ’ 03 113 A p r ’ 03 110*2 F e b ’ 02 108*2 108*2 109 *2 J ’ n e ’ Oz 1 1 3 * 2 .......... 117*" D e c ’ 02 109 *2 O c t *99 1 0 6 V .......... 1 0 8 *2 S e p *02 — 95 \ 96 100 _ _ |107V 1 0 8 *2 . ... 96 M a r ’ 03 71V 1 1 8 V 120 3 113 113 V ill 114*2 108*2 Sale 93*2 67V 1 _ _ Q -J - 1 1 3 * 2 .......... 118 J a n ’ 03 Q-J J - D 101*2 102 7 101*2 1 0 2 M-S 1 0 L 192 101 101 7 J -D 1 0 0 O c t ’ 00 M-S - 9 8 V .......... 9 8 V 98 V " 7 J-D 111 J a u ’ 02 M-S I l l 114 L .. M-S * 1 0 5 .......... 105 M M a r ’ 0 3 AO 112 M a r ’ 02 . . . . M-S 112 V J a n ’02 Q -J 112*2 A p r ’ 02 J - l ) 1 1 6 V Sale 1 1 6 V 117 j 25 M-N 110 .......... 113 A p r ’ 03 J-J 1 0 0 *2 101 *4 100*2 101 3o J-J 100 J a n ’ 02 M-N 1 1 2 Sale 110*2 112 73 M-S 106 D e c ’ 00 J-D 1 1 3 ......... 111 *2 M a r ’ 03 M-N 105 .......... 108*4 J a n ’ 03 J -J 1 2 6 A p r ’ 03 J-J 1 2 4 V A p r ’0 2 ‘ 93 V 97 100 100 118 118 101*4 102*4 101 102 97 V 100*2 |i’o*5*4 105*4 .... l... 1 1 5 * 117 2 111 *2 112 98V101 V 110V 113% lllV U lV 108*4 108*4 125 1 2 9 B O N U S — C o n tin u e d o n N e x t l*:u*e. .......... 9SV 99 104 M a y ’ 02 F -A 134*2 M a y ’ 02 F -A AO A -O J -J Q*F 9 4 *4 130*8 117*2 121*2 A p r ’ 03 — 122*2 .......... 1 2 2 * 2 1 2 2 * 2 103 .......... 106 106 112 J ’ n e ’02 J -J J -D V 114V _* ? 92 Sale 91*2 92*4 1 2 8 V .......... 129 M a i ’ 03 118 J -J A -0 A -0 A -O J -J M a r ’ 03 . . . . 1 1 6 * 8 l> e c ’ 02 i 113^4 113*4 113*4 113*4 112 M a y ’ 03 . . . . , 1 1 2 *1 1 0 112 112 117 D e c ’ 02 109*4 J a n ’ 02 134*2 A p r ’ 03 IT33 139 135*2 1 3 6 133 .......... 132*4 A p r ’ 03 . . . . 132*4 135 31 97 99 9 8 V 99 9 8 J a n ’ 03 . . . . 98 98 83 8 3 V 8 8 8 6 * 8 S ale 86 86*2 M-N A -0 J -J F-A FA M-N *2 111V H 4V .......... 115 00 J -J F -A J -D J -J J -J M a r ’ 03 — 113 c* J-J J-J J-J F e b ’ Ol 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 1017 125 96 *2 108E> 1 b D ue F eb ( i a s a n d E k * c t r ic L ig h t X e w a r k C o n s G a s c o n g 5 s 1948 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 d Due A pr j - JFMJFMMJ A MJJ J M- J M- 1 0 9 * 2 S a le '1 0 9 V 1 1 0 12 107 1 1 2 93*4 S ale 93 9 3 V 31 9 0 V 97*4 103*2 1 04 V 1 0 4 V A p r ' 0 3 ____ 10 4 107 1 1 8 * 2 ...........,119 - A p r ’ 0 3 !___ 119 1 1 9 ........................ 104 M a r ’ 031-------,1 0 4 1 0 / V 100 ...... ' 10 2 V M a r’ 0 3 ;. 102-V 103 V 1 0 2 * 2 ....... j l 0 2 * 8 M a r ’0 3 ....11102 102*8 125*2 J a n ’ 03 . . . . 124 1 0 5 * 4 ........ *105*4 A p r ’0 3 . . . . 105 1**8 *2 1 08 V 10 106 V 107 ........ 107 A p r * 0 3 _ 107 ___ 103 . . . . 103*4 M a r ’ 0 3 . . . . 102 107 105 F e b ’ 0 3 ' 104 1 0 3 10 5 109 F e b ’ 01 . . . J L * 125*2 107*2 108 4 108*2 103*4 ........ 121 iuSs: Sale 105 J e D u e M ay A D u e J ’ l y /c D u e A u g o Due O c t ) D a 6 1)H $ Option s a l f 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 .......... 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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 .... 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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 .......... 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ISO F e b lO ..........1175 M a in e C e n t r a l..............1 0 0 7 5 1 263* A p r 8 1 3 7 b F e b 18 M a ss E le c t r i c C o s ___ 1 0 0 61 5 8 4 b A p r 7 9 6 J a n D o p r e f ................. 1 0 0 ------ 2 4 3 A p r 1 4 1 2 8 58 A p r 2 5 4 M e x ic a n C e n t r a l........ 10 0 890 196 b M ay > 2 2 5 J a n X Y N H & H a r t ....1 0 0 ------167 b A p r 23 173 b M a r 3 N o r t h e r n X H ............100 61230 J a n 6 23 2 M a r l l N o r w ic h <fc W o r p r e f 100 191205 M a y 5 21 2 b F e b 13 O ld C o lo n y ....................10 0 1 ,3 2 9 78 A p r 14 9 0 b M ay P e r e M a r q u e t t e .......... 100 117 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 R u t la n d p r e f ................100 25 J a n 12 25 J a n 12 S a v a n n a h E le c c o m .,1 0 0 J a n 5 S 4 b J a n 10 75 S e a ttle E l e c t r i c ____ . 1 0 0 1 9 9 b A p r 17 104 H J a n 6 D o p r e f ................. 100 i U n io n P a c i f i c ..............10 0 1 ,2 5 0 8 6 30 A p r 13 104 b J a n 9 111 8 7 34 A p r 14 9 5 J a n 27 D o p r e f ........ ......... 1 0 0 1 72 A p r 1 178 F e b 2 5 172 A p r ’ 03 V e r m o n t 6c M a s s __ l o o 5 1 0 9 1 M a y 6 97 F e b lO 91 91 W e s t E n d S t ................ 50 5 0 11 0 A p r 6 11 6 F e b 14 * .......... 113 D o p r e f .................. 50 24 *4 M a r2 8 2038 J a n 15 24 b M a r ’ 03 W is c o n s in C e n t r a l. . 1 0 0 52 J a n 15 5 2 J a n 15 52 J a n ’ 03 D o p r e f ................. 1 00 15 0 J a n 14 15 0 J a n 14 150 A p r ’ 03 W o r e N a s ii <fe R o c h . . l 0 0 M is c e lla n e o u s 2 6 0 2 0 A p r l 4 2 6 F e b 11 *2 0 21 2 0 b 2 0 b A m e r A ir r ic u l C h e m .1 0 0 1 9 » 77 b A p r 13 8 6 b F e b 14 D o p r e f ................. 100 77b 78b 77b 77b 0 Jan & 174 7 M ar 2 5 5 5 5 A m e r P n e u S e r v _ _ 50 _ 93 15 J a n 2 24 M a r 4 2 0 2 0 D o p r e i ................. 5 0 2 0 b 2 0 b 125b 1 2 5 b A m e r S u ir a r R e h n ___ 100 2 ,3 2 7 119 b A p r 6 1 3 4 b J a n 8 1253Q 1 2 6 b 4 4 9 ,1 1 9 A p r 3 1 2 2 b F e b 18 D o p r e f ................. 10 0 1 2 0 b 121 1 20 b 1 2 0 b ^ 1 5 8 b 159 158b 1 5 8 b A m e r T e le p & T e le s :. 100 2,17 5 4 5 1 1 A p r 14 169 b F e b IS 5 8 0 12 *4 A p r 7 14 7g F e b 24 12 b 12 b 1 2 b 1 2 b A m e r W o o l e n ..............100 8 5 1 1 7 6 b A p r 6 7 9 * 4 J a n 22 D o p r e f ................. 100 77b 77b 77b 77b 5 34 J a n 22 L a s t S a l e 4 34 M a r ’ 03 B o s to n L a n d ............... 10 -------- 4 7ie J a n 26 2 2 0 ll 2 0 J a n 30 127 J a n 6 1 2 2 C u m b e r l T e le p Sc T e l 1 0 0 1 2 1 b 1 2 1 b *1 2 0 D o m in io n I r o n Sc S t ........ 3 ,9 7 5 : 2 4 A p r 1 62 *4 J a n 2 2 8 34 29 2 8 b 29 b 136 6 b M ay 5 8 ‘b J a n 23 7 7 6 84 64j E a s t B o s t o n I ,a n d .............. 4 7 (2 6 0 A p r 13 31 0 F e b 17 270 271 271 271 E d is o n E le c I H u m . .. 100 3 id ISO A p r 14 2 0 4 F e b l 6 193 194 193 194 G e n e r a l E l e c t r i c ........ 100 F e b 3 4 8 34 F e b 20 4 3 3g 443s 44b 4 4 b M a s s ’ c h u s e ttsG a sC o slO O 6,031 4 0 85 b 85 b 85 b 85 b D o p r e f ..................100 1 ,1 5 8 8 1 b A p r 8 8 8 ? 8 F e b 17 L a s t S a l e 182 A p r ’ 03 M e rir e n th a le r L i n o .. 10 0 .......... 177^0 M a r l6 1 90 F e b 2 17 o 1 34 M a r 1 b 2 Hi J a n 29 *2 l 16 2 b M e x ic a n T e le p h o n e .. 10 2 1i 6 2 be 19 7 7 A pr 4 8 6 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 F e b 4 139 J a n 2 *138 N E T e le p h o n e ............ 100 .......... 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 2 l 8 b P u llm a n C o ....................10 0 70 9 M a r 2 7 10 F e b 13 R e e c e B u t t o n - H o l e .. 10 " 9 b .......... 4 2 6 109 M a r 30 132 J a n 5 113 b 114 114 114 S w i ft Sc C o ....................10 0 L a s t S a l e 26 b 2 a b ^ a n 1 a 2 6 34 J a n 15 M a r ’ o 3 T o r r in g t o n C la ss A . . 25 2 9 J a n 21 2 9 3 J a n 5 4 L a s t s a l e 29*4 D o p r e f ................. 25 M a r ’ 03 33 1 J a n 12 5 A p r 21 * .......... 4b *4 4 b U n io n C o p L ’ d & M g . 25 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 *47 b 48 271 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 *29b 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 ’M in in g 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 3 H an o 7 7b 7 i16 7 b A l l o u e z ........................... 25 4 ,1 2 1 65b 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 65 b 60b ■50 F e b 9 l b F e b lO L a s t s a l e 2b 5 F e 0 ’ 03 A m e r G o b i D r e d g i n g 300 6 J a n 2 1 2 b M a r 21 * .......... l i b 1 0 34 11 A m Z m c L e a d <fc S m . 25 2 3 b J a n 12 3 1 b F e b 25 L ast S ale 25b A p r ’ 03 A n a c o n d a ....................... 25 6 b F eb 9 27 5 3 b A p r 15 A r c a d i a n ....................... 25 *3 b 4 *3b 4 •25 A p r 9 •95 M a rlO L a s t S a l e 75 A p r ’ 03 A r n o ld ........................... 25 SHi J a n 2 14 b F e b 10 A t l a n t i c ......................... 25 '*4 2 7 *11 12 *11 12 i 2 303 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 30 b 3 0 b 100 •65 J a n 14 *90 M a r lS *•00 *70 B o n a n z a ( D e v C o ) . . . 10 *•60 *70 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 F eb 3 250 5 *4b 5b *4b 5 b B r itis h C o lu m ( L t d ) . 39 4 9 8 “ J a u 6 55 1 M a r l2 523 525 C a lu m e t 6c H e c l a ___ 25 523 523 100 •OS F e b lO •10 F e b 11 *•08 *10 C a ta lp a ( S i l v e r ) .......... 10 •08 -08 ,185 19 b J a n 2 3 1 7e F e b 1 0 26 26 C e n t e n n i a l .................... 25 25 b 26 7 H J a n 20 i 55 6 l4 J a n 31 C e n tr a l O il................... 25 * 6 34 7 *6 b 7 •30 M a rlO •35 F e b 19 L a s t S a l t •30 M a r ’ 03 C o c h iti T r C o r e c t s . . 10 l b A p r 2 7 12732 J a n 2 5 1,808 1 L132 l* b 1 5ig l^ s C o n s M e r e n r G o l d . . . 13 F e b l O 16 M a r2 4 L a s t S a l t 15 A p r ’ 03 C o n t in e n t a l Z m c ........ 25 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 48 48 b 48 b 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 108 1 0 9 * 10 8 b 1 0 9 b D o m in io n C o a l............ 10 0 1 ,6 3 5 10 2 A p r 1 1 3 1 7s J a n 10 2 115 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 5 M a r l7 2 >2 J a n 5 E lm l l i v e r ..................... 12 1 .2 9 0 *4 4b " 3 78 4 120 10 ” J a n 15 1 4 F e b 9 11 11 * lo b 1 0 b f r a n k l i n ......................... 25 3 J a n 12 l b A p r 14 455 5 -2 2b 2 2 b G u a n a ju a to C o n s o l .. i 4 0 0 IOH2 J a n 17 1 7 H F e b 9 I s ie R o y a le (C o p p e r ). 25 *10 12 *11 13 9 ^ M ay 7 1 8 F e b 6 260 938 93s M a ss C o n s o l................. 25 9b 9b 2 H J a n 23 i 15QF e b 2 7 25 ..... M a y lio w e r ...................... 25 *13 4 2 8 A p r 15 11 Hi F e b 9 490 *3b 9 8b 8 b M i c h i g a n ........................ 25 F e b 13 M o h a w k t ...................... 25 1 ,0 7 2 b 4 3 H iJ a n 8 f 5 8 52 52 52 52 8 M arl 3 825 4 b J an 2 *6 6 b M o n ta n a C oa l Sc C o k e 25 6b 6b 2 cq J a n 10 l^g F e b 2 7 470 * 1 34 l 7e M o n tr e a l 6c B o s t o n .. 5 * lb 2 1 Jan 2 l b J a n 23 100 *1* lb *1 l b N a t io n a l......................... 25 lH 2 J a n 8 2 H F eb 9 > 15 * lb 2 O ld C o lo n y .................... 25 lb lb 695 17 A p r 14 23 Hi F e b 9 1 8 b I83fe *1S lS -b O ld D o m in io n ( C o p ) .. 25 i 739 59 H M a i b 79 F e b 9 67 67 6 7 34 6 8 b O s c e o l a ........................... 25 19 0 2 6 J a n 16 34 F e b lO P a r r o tt ( S il v Sc Copf>) 10 *27b 28b 2S 28 7 b F e b ll 4 H A xjr3 0 i P h o e n ix C o n s o l............ 25 1 ,1 8 9 6 6 6 6 i 58 1 0 1 H J an 25 126 Hi F e b 6 113 114 Q u in cy............................. 20 *1 1 3 115 4 F e b ll 2 ^ Jan 6 210 R h o d e I s la n d ................ 25 "2 b 3 *2 b 3 l b Jan 2 3 J a u 23 710 2b 2b 2b 2 b S a n ta F e (G o ld «fe C o p ) 10 s 14 14 14 1 4 m S h a n n o n ......................... 10 2 .2 9 0 1 0 ^ J a n 22 1 4 7 A p r 23 A p r 9 190 F e b 6 55 140 T a m a r a c k ..................... 25 "1 4 1 144 141 141 •50 M ay 1 l ai 6 F e b 9 L a s t s a l e 50 M a y ’03 T e c u m s e h ..................... 25 1 7 3 J an 28 3 3 34 M a r 12 4 L a s t s a l e 33 M a r ’ 03 T e n n e s s e e ...................... 2o 210 87 A p r i l 106 Hi F e b 20 T r i m o u n t a i n ................ 25 *90 9 1 b *90 92 8 ^ A p r 14 1 4 F e b 9 9 9 * 8 34 9 b T r i n i t y ............................. 25 1 ,1 5 0 5 2 0 A p r 2 8 3 1 34 J a n 2 .. . . . . U n ite d C o p p e r ............1 00 20 20 i U n ite d S t a te s M in in g 25 2 ,5 1 0 2 l 7a J a n 13 2 7 H F e b 9 2 4 34 25 24 b 25 49 3 J 3 58 F e b 3 17 M a r lO U n it S ta te s C o a l& O il 2a 14b 14b 14b 14b 3 3 F e b lO i 2 9 b 2 9 34 29^ 2 9 b U ta h C on (G o ld )t r r e 4-85 2 ,1 3 0 2 3 H J an 13 9 F eb 9 5 b A p r 13 148 * 5 34 0 V i c t o r i a ......................... 25 6 6b 12b 12 b W in o n a ........................... 25 9 ,4 4 1 1 o -,g J a n 3 t 1 4 34 M a r i o 12 b 123s M arl 2 4 3 4 6 6 J a n 8 77 72 72 7 1 34 7 1 b W o lv e r in e .................... 25 2 7e M a r ] 7 1 Jan 8 100 W y a n d o t ....................... 2 0 2 2 "lb 2b *81 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 *240 243 "2 4 0 2 4 5 177 177 *1 7 5 17v "1 7 3 175 L ast S ale *298 300 *298 300 151 151 * 1 5 0 151 118 120 113 118 192 192 *1 9 2 196 *168 .......... L a s t S a l e L ast Sale *280 286 1 4 0 b l 4 0 b 140 b 140 b *42 45 L a st Sale ...... ...... L a st S a le 32 32 b 3 2 b 32 b 8 8 b 8 8 b 8 8 b 8 8 b *27b 28b L a s t S a le 197 197 197 193 *165 170 L ast Sale 230 230 *228 232 205 205 205 205 90 9 0 34 87 90 b 79 79 79 79 L a st Sale Last S a le *22 25 *.......... 7 8 L ast Sale *1 0 0 101 L ast S ale 91 9 1 -s 9 0 b 91 * 9 0 b 6 1 b *9 1 b 9 1 b "1 7 0 .......... L a s t S a l e 91 91 91 91 * .......... 113 * .......... 1 1 3 L a st Sale L a st Sale L ast S ale 79 79 138 138 "9 10 *218 2 2 0 218 9b * 9 b .......... 1 1 3 b 113 lL 3 b 27 *2 6 27 30 *29 30 4b 107 107 107 48 47 b 47 b 29 b 2 9 b 29 b 14 b 1 4 b 14M 95 b 95 b 9 5 b 97 2 'h u r s a a y M ay ? STOCKS 80 9738 255 146 240 175 175 300 *150 118 *1 9 2 ' 26‘ s b 'S6 "1 4 0 42 175 32 38 28 \ 196b 1*7b "2 2 S 206 90 *73b 51 25 SO Z00b 90b 80 973e 256 146 240 175 A p r ’ 03 300 151 118 196 A p r ’ 03 A p r ’ 03 141 M a r ’ 03 A p r ’ o3 32 b 8 8 b A p r ’ 03 i9 6 b A p r ’ 03 232 206 90 79 A p r ’ 03 J a n ’ 03 F e b ’ 03 A p r ’ 03 903 4 2 4 78 14b 29b 5b 12 b 71 2b 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 . i 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 list 67 90 §109V k E xc S tk E 290 110b h lis t x list 320 §108 E xch 109b list §111 §108 §105 130 150 §114 113 111 108 140 160 116b 79 98 B a lt 5i0 § 94 B o s to 7 E xch E x c li 96b 96 102 b 17 87 81 100 list 99b fUjia S e c u r i t i e s NEW YORK C e n t U n io n G a s 1 s t 5 s . . . C o n G a s (N Y ) s t k . S ee St E q u it G a s c o n 5 s 1 9 3 2 See U M u tu a l G a s ................100 N e w A m s te r d a m G a s— BROOKLYN 1 s t c o n s o l 5 s 1 9 4 8 ..J -J A t la n A v e 5 s 1 9 0 9 ..A -O § 1 0 4 b 105 N Y G E L H<fcP S ee S to c k C o n 5 s g 1 9 3 1 .......... A -O 111 113 N Y 6c E a s t R iv e r G a s — I m p t 5 s S ee S t o c k E x c h lis t 1 s t 5 s 1 9 4 4 ..................J -J B B & W E 5 3 1 9 3 3 ..A -O 101 103 C o n s o l 5s 1 9 4 5 .......... J -J B r o o k ly n C ity s t o c k . . . 10 2 4 4 2 4 5 b N o r U n 1 s t 5 s 1 9 2 7 .M -N C o n 5 s See S t o c k E x c li lis t U S tan dard G a s c o m ..1 0 0 B k ln C r o s s t n 5 s 1 9 0 8 .J-J 1 0 4 106 U P r e f e r r e d ................1 0 0 B k n H g t s 1 s t 5 s 1941 A -O 105 107 1 s t 5 s 1 9 3 0 .............. M -N B k ln Q C o & S u b S ee S tk E x c li list B k ly n R a p T r a n S ee S tk E x c h lis t OTHER CITIES R e f g 4S 2 0 0 2 . . . . . . . J - J § 82 U C on ey I s . & B k ly n .. 1 0 0 3 8 5 410 A m e r L ig h t & T r a c t . 1 0 0 U ls t 5 s 1 903 ..............J-J 99 100 P r e f e r r e d ....................1 0 0 o s e r t f s i n d b t 1 9 0 3 ..J -J 99 100 B a ltim o r e C o n s o lid a t See B r k C t f c N 5s 1 9 3 9 .J-J 1 1 4 116 B a y S ta te G a s ................50 G r S U feN ew 1 s t 5 s ’ 0 6 F -A 1 0 3 B in g h a m to n G a s 5 s 1 9 3 8 G r’ p t tfcL orim er S t 1 s t 6s 105 B o s to n U n ite d G a s b o n d s K i n g s Co. E le v a t e d — B u ffa lo C ity G a s sto ck lO O 1 st 4 s 1 9 4 9 See S to c k E x c h list 1 s t 5 s 1 9 4 7 S ee S t o c k N a s s a u E le c p r e f ........ 100 83 b 84 C h ic a g o G a s S e e N Y s t k 5 s 1 9 4 4 ....................... A -O 113 114 C in c in n a ti G a s & E le clO O 1 st 4 s 1 9 5 1 ............ See St k E x c li lis t C oi G a s L 6c H e a t com lO O N W b ’ g & F la t 1 st e x 4 b s 103 104 P r e f e r r e d ....................1 0 0 S te in w a y 1 s t 6 s 1 9 2 2 . J-J § 1 1 7 118 C o n s o l G a s ( N J) s t k .1 0 0 1 s t 5s 1 9 3 6 ..................J-J OTHER CITIES C o n s u m G a s (J C it y )— t B u ffa lo S tr e e t R y — 1 s t 6s 1 9 0 4 ..............M -N 1 st c o n s o l 5s 1 9 3 1 ..F -A § 1 1 2 b 114 ^ D e t r o it C ity G a s ........ 50 D e b 6 s 1 9 1 7 ..............A .O § 1 0 4 107 E s s e x 6c H u d so n G a s 1 0 0 C h ic a g o C it y R y s t k .1 0 0 2 0 5 207 F o r t W a y n e 6s 1 9 2 5 ..J-J C h ic U n io n T r a c S ee S t ’ ck E x c h list U G as & E l B e r g e n C o 100 C le v e la n d C ity R y ___ 100 100 G r a n d R a p id s G a s— C le v e la n d E le c t r R y .1 0 0 U ls t 5 s 1 9 1 5 ............F -A 81 C o lu m b u s (O ) S t R y . . l 0 0 H a r tfo r d (C t) G a s L . . . 2 5 8 4 b 88 P r e f e r r e d ....................100 1 0 5 b 1 0 5 b H u d s o n C o G a s ............100 C olu m R y c o n o s S ee Ph ila list 5 s g 1 9 4 9 ................. M -N C r o s s t’ w n 1 st 5 s ’ 3 3 .J -I) § 1 0 8 In d ia n a N a t & 111 G a s — n o D e t r o it U n ite d R y See S tk E x c h lis t 1 s t 6 s 1 9 0 8 ..............M -N 4 B u y e r p a y s a c c r u e d in te r e s t . B id 56 95 P h ila 18V 77 5 § 99 §114 §116 b E xch 14V 38 § 81 117 § .......... 22 82 §122 b §100 70b 97 lis t §103 104 102 S tk E 25 78 E xch E xch 65 § 88b ) P r ic e p e r sh a re . §101 t ........ 95 63 V 97 n list 9 lis t lis t 96V 99 103b 90 98 67 §1 0 1 103 t 50 53 60 63 § 1 0 4 b 105 47 t S a le p r ic e . 52 G a s S e c u r itie s I n d ia n a p o lis G a s s t o c k 50 1 s t 6 s 1 9 2 0 .............. M -N J a c k s o n G a s C o .......... 50 5s g 1 9 3 7 .................... A -O K a n s a s C ity G a s ..........10 0 1I5s 1 9 2 2 ...................... A -O U L a cle d e G a s .................1 0 0 H P r e f e r r e d ................ 10 0 L a fa y ’ e G a s l s t 6 s ’ 2 4 .M -N L o g & W a b V 1 st6 8 *2 5 . J -D M a d is o n G a s 6 s 1 9 2 6 .A -G N e w a r k G a s 6s 1 9 4 4 .Q-J N e w a r k C o n s o l G a s .. 10 0 5 s 1 9 4 8 See S t o c k E x c li IfO & I n d C N a t & 111 .1 0 0 1 st 6s 1 9 2 6 ................ J -D P r o v id e n c e G a s .............. 50 S t J o s e p h G a s 5 s 1 9 3 7 . J-J S t P a u l G a s G e n 5s*4 4 M -S S y r a c u s e G a s 5 s 1 9 4 6 . J-J U n it e d G a s & E le c ,N J 100 P r e f e r r e d .................... 10 0 T c l e g r & T e le p h o n e A m D e F o r ’ t W ir e le s s lO O UA m e r T e le g & C a b le 1 0 0 B e ll T e le p h o f B u ffa lo 1 00 ^ C e n tr a l & S o A m e r .1 0 0 C h e s & P o t o T e l e p h .. 1 00 5 s 1 9 0 9 -2 9 .................... J-J ^ C o m m e r c ia l C a b le ..1 0 0 C o m m e r U n T e l ( N Y ) . 25 E m p & B a y S ta te T e l 100 F r a n k l in .......................... 10 0 TJGold <fc S t o c k ............ 100 U 4 b s , 1 9 0 5 ................ H u d so n R iv e r T e le p h 100 M a r c o n iW ir e le s s T e le g .5 ^ N o r t h w e s t e r n T e le g . 50 UN Y & N J T e le p h o .1 0 0 1 J 5 sl9 2 0 .................... M -N P a c ific & A t l a n t i c ........ 25 P r o v id e n c e T e le p h o n e .50 IjS o u th e rn & A t la n t i c 25 T e l T e l & C a b le o f A m . 15 [Y o l . B id 70 104b 81 §101 15 §101 97 100 63 53 §106 §139 73 List 8 53 1112 95 89 § 98 40 89 A sk 81 105 t .......... 80 98 95 45 10 6 V 1 55 115 78 47 12 0 H b 82 1« 3 100 48 107 165 95 6V 121 16 4 b i 107 75 tllo 97 t .......... 100 7b 125 165b 111 80 103 20 101b 105 110 67 57 109 140 74 13 57 97 92 99b 42 90 82 53 123 100 7 E le c tr ic C o m p a n ie s 162 C h ic a g o E d is o n C o . . . 1 0 0 1 5 6 E d is o n E l 111 B r k 4 s N Y S t o c k E x c li H a r tfo r d (C t) E le c L t 100 2 1 0 200 IfK in g s C o E l L & P C o 1 0 0 19 5 N a r r a g a n ( P r o v ) E l C o 50 f 1 0 7 b 42 46 N Y & Q E l L & P o w C o l0 0 70 P r e f e r r e d .................... 100 75 R h o l s l E le c P r o t e c ColOO 1 2 9 16 U n it e d E le c t r i c o f N J 1 0 0 17b 4 s 1 9 2 9 ..........................J -D 7 1 b 73 F e r r y C o m p a n ie s 7 B r o o k ly n F e r r y s to ck lO O B & N Y 1 s t 6 s 1 9 1 1 . J-J 109 C o n 5 s 1 9 4 8 S ee S to c k E x c h 80 N Y & E R F e r r y s t k .1 0 0 1 s t 5 s 1 9 2 2 .............. M -N § 93 98 N Y & H o b o k e n s t k .1 0 0 H o b F y 1 s t 5 s 1 9 4 6 M -N §1 0 9 10 7 C o n 5 s 1 9 4 6 ..............J -D N Y & N J 1 st 5 s 1 9 4 6 . J-J 10 4 50 1 0 th & 2 3 d S ts F e r r y 10 0 1 s t m o r t 5 s 1 9 1 9 . . . J -D § 1 0 4 H U n io n F e r r y s t o c k .1 0 0 37b 91 H is t 5 s 1 9 2 0 ............ M -N 10 111 list 85 110 107 b 108 60 39 91b R a ilr o a d C h ic P e o & S t L p r e f.1 0 0 P r io r lie n g 4 b s ’ 3 0 M & S C o n m t g g 5 s 1 9 3 0 .J & J I n c o m e 5 s 1 9 3 0 ........ E n e c o n v 4 s A p r 1 ’ 5 3 (w i) N o r t h e r n S e c u r it ie s .. 10 0 P it t s B e ss & L E .......... 50 P r e f e r r e d ...................., 5 0 Va<fe S o u t h w e s t e r n .. 1 00 1 s t g u a r g 5 s 2 0 0 3 . . S ee I n d u s tr ia l a n d J lis c e l A lli a n c e R e a l t y .......... 100 IJ A llis -C h a lm e r s .......... 1 00 U P r e fe r r e d ...................100 U A m e r B a n k N o t e C o . 50 A m B a r r e l & P a c k a g e 100 A m e r ic a n C a n c o m . . . 10 0 P r e f e r r e d .................... 10 0 A m e r ic a n C h ic le C o .. 100 P r e f e r r e d .................... 100 A m e r ic a n E le v a t e d .. A m e r G r a p l i o p l i o n e ...l 0 P r e f e r r e d ....................... 10 A m e r P r e s s A s s o c ’ n .1 0 0 A m e r S h ip b u i l d i n g . .. 100 P r e f e r r e d .................... 1 00 A m S od a F o u n c o m .. 100 1 s t p r e fe r r e d ...............100 2 d p r e fe r r e d ...............100 A m e r ic a n S u r e t y .......... 50 A m S tr a w b o a r d r e c t s 100 B o n d s 6 s ...................... F -A A m e r T o b a c c o c o m . . . 50 HP r e fe r r e d ...................100 A m T y p e f o ’ r s c o m . . . 100 P r e f e r r e d .................... 1 00 A m e r W r it in g P a p e r . 10 0 P r e f e r r e d .................... 100 5 s 1 9 1 9 ..........................J-J UBarney<& S m C a r . . . 1 0 0 1] P r e fe r r e d .................. 1 00 B lis s C o m p a n y c o m ___ 50 P r e f e r r e d .......................50 B on d < feM tgG u a r n e w lO O B o r d e n ’ s C o n d M i l k .. 100 P r e f e r r e d .................... 10 0 C a m d e n L a n d .................. 2 0 C e llu lo id C o .................... 100 C e n t F ir e w o r k s c o m . 100 P r e fe r r e d ......................100 C e n t r a l F o u n d r y ........ 10 0 P r e f e r r e d .................... 10 0 D e b 6s 1 9 1 9 o p ’ 0 1 M -N C e n t u r y R e a l t y ..........100 C n e s e b r o u g h M f g C o 100 1JClatiin(H B ) l s t p r e f 10 0 II2d p r e fe r r e d ............ 100 it C o m m o n .................... 100 C ol ife H o c k C o a l & l p f 10 0 1 s t g 5 s 1 9 1 7 .............. J-J C o m p r e s s e d A i r C o . . . 100 C on so lid C ar H e a t in g 1 0 0 U C ons F ir e w ’ k s c o m .1 0 0 H P r e fe r r e d .................. 100 C o n s R y L tg < fcR e frig . 100 C o n s o l R u b b e r T i r e . . 100 D e b e n t u r e 4 s ............ C o n s S to r a g e B a t t e r y lO o a E x r ig h ts . 9 10 §106 10 8 93 98 22 26 § 8 7 b 88 98 98b t 33 37 t 74 78 20 30 S tk E x list 100 17 105 18 84 f 5 6 b 58 7b 7b 4 5 V 46 114 120 90 93 b V t 3b 4b t 7 5g 8b 85 95 46 50 101 103 3 6 78 82 20 22 b 168 175 46 48 § 96 98 300 140 145 34 37 93 96 5 5b 21 22b 74 b 75 20 23 1 25 130 135 15 0 135 150 3 70 380 116 119 108 110 t b 119 123 21 23 60 65 4 3 78 IS 18b 66 69 10 0 115 450 470 95 100 95 100 95 100 60 65 § 86 87 b 3b 3V 60 67 b 20 25 54 60 5 4V b lb 10 15 20 v 6 LX.XVI, I n d u s t r ia l a n d J l i s c e l B id A 8k C o n s o l T o b a c c o ............ 100 280 300 35 R i g h t s ................................. C o n t in e n t a l T o b a c d e b 7s §100 103 30 C r a m p s ’ S h & E n B ld glO O 36 H C ru cib le S t e e l............ 100 18V 1 8b H P r e fe r r e d ...................100 83V D is t ille r s ’ S e c u r it ie s ..S e e S tk E x list D o m in io n S e c u r it i e s . 100 8 25 E le c t r i c B o a t .................100 23 28 P r e f e r r e d .................... 1 00 39 43 E l e c t r i c L e a d R e d u c ’ n .5 0 2 lb P r e f e r r e d ...................... 50 3 3b E le c t r i c V e h i c l e ..........10 0 11V 1*2V P r e f e r r e d .................... 100 16 16b E le c t r o -P n e u m ’ i c T r a n lO t b V E m p ir e S t e e l.................100 14 16 P r e f e r r e d .................... 100 52 53 F u e l O il P o w e r ............10 0 t .......... 2 2b H G en era l C h e m ic a l ..1 0 0 70 67 ITP r e f e r r e d .................. 10 0 100 102 G o ld H i l l C o p p e r .......... 1 \ V b G orh a m M fg C o c o m . 100 128b •••••• P r e f e r r e d .................... 100 128b G r e e n e C o n s o l C o p p e r. 10 f 22V 23 125 G u g g e n h e im E x p l o r a t i’ n 115 H a c k e n s a c k M e a d o w s lO O 16b 17b H a ll S ig n a l C o ............ 1 0 0 95 105 20 24 H a v a n a C o m m e r c ia l. 100 P r e f e r r e d .................... 10 0 70 62 49 45 H a v a n a T o b a c c o C o .. 10 0 P r e f e r r e d ..................... 100 54 60 H e c k e r -J o n e s - J e w ’ l M ill 1 s t 6 s 1 9 2 2 .................M -S 96 100 3 H e r r in g - H a ll-M a r v in 1 0 0 1 40 30 1 s t p r e fe r r e d ...............10 0 10 2 d p r e fe r r e d ...............10 0 4 H o b o k e n L a n d & IrnplO O 200 - ■•••» U5s 1 9 1 0 .................... M -N §103 105 8 H o u s t o n O i l ...................10 0 6 55 P r e f e r r e d .................... 1 0 0 H u d s o n R e a lt y ............ 100 120 105 I n t e r b o r o R T~ (fu ll p a id ) 104 9 0 % p a i d ........................... 104 105 195 I n t e r n a t ’ lB a n k in g C o lO O 190 I n t ’n T M e r c M a r in e . 100 l i b 12b P r e f e r r e d .................... 10 0 33 33V 100 C o l t r d e b 4 b l 9 2 2 o p ’ 07 I n t e r n a t io n a l s a l t ___ 100 l i b 13 47 1 s t g 5 s 1 9 5 1 .............. 44 9 I n t e r n a t io n a l S il v e r . 100 51 P r e f e r r e d .................... 10 0 103 1 s t Gs 1 9 4 8 .................. J -D §100 180 J o h n B S t e t s o n c o m . .l O 0 150 170 P r e f e r r e d .................... 1 0 0 150 1 K it c h e n e r G o ld M in ’ g lo O V L a c k S t e e l 5 s . ’ 2 3 o p .t o ’ 06 97V 99 L a n s t o n M o n o t y p e ___ 20 t 10b 11 190 L a w y e r s M o r t I n s u r .1 0 0 180 330 L a w y e r s ’ T it le I n s . . . 100 325 L ig h t F u e l & P o f W Y a lO O 31 31b 135 U L o rilla rd (P ) p r e f . . . 1 0 0 125 30 10 M a d is o n S q G a r d e n .. 100 2 d 6s 1 9 1 9 .................M -N 60 4 7s M a n h a tta n T r a n s it ___ 20 4V 7 M e x N a t C o n s tr u e , p f 10 0 6 M o n o n g a h e la R C o a l ..50 f 1 0 b 10V P r e f e r r e d ....................... 50 t 3 9 b 40 M o s le r S a fe C o ............100 102b N a t io n a l C a r b o n ..........100 24 24 V P r e f e r r e d .................... 10 0 9 6 b 99 IfN a t E n a m & S ta m p 100 33 33 V 89 U P r e fe r r e d .................. 10 0 88 135 N a t io n a l S u r e t y .......... 10 0 12 5 4 N e w B r u n s C a n n e lC o a l 10 t . — 50 U N ew C e n tra l C o a l ___ 20 47 17 N e w E n g C o n s o l I c e . 100 15 N e w E n g T r a n s p o r .,1 0 0 V V 116 N Y B is c u it 6s 1 9 1 1 .M -S 113 130 N Y M t g e < f e S e c u r it y . 100 125 28 U N e w Y o r k D o c k ___ 100 23 54 IfP r e f e r r e d ................. 100 52 8b N Y T r a n s p o r t a t io n .. .2 0 f 7b 160 N ic h o ls o n F il e C o ___ 100 N o r A m L u m ’ r & P u lp lO O 11 7 63* 5 U O n ta n o S i l v e r ..........10 0 43 O tis E le v a t o r c o m ___ 100 42 P r e f e r r e d .................... 10 0 9 5 1 96b * P it t s b u r g B r e w i n g ___ 5 0 t 32b! 33 P r e f e r r e d ....................... 5 0 t 4 7 b 1 1734 P it t s b u r g C o a l...............10 0 29V 297 8 P r e f e r r e d .....................10 0 88V 8 8b P it t s P la te G la s s ........ 10 0 1UO 105 P r a t t & W h it n p r e f . . 10 0 10 0 360 P r o c t e r & G a m b le ___ 10 0 3 5 5 201 P r e f e r r e d .................... 100 2 0 0 120 R e a lt y A s s o c (B k ly n )lO O 115 R o y a l B a k P o w d p r e f. 10 0 1 0 2 b 104 63 R u s s e ll & E r w i n ..........25 t 61 175 S a fe ty C a r H e a t & L t 10 0 171 S e m in o le M i n i n g ............ 5 t lb V 150 S im m o n s H a r d w c o m 10 0 135 P r e f e r r e d .................... 10 0 1 3 0 135 2 d p r e fe r r e d ...............10 0 13 0 360 S in g e r M fg C o ...............10 0 3 5 0 8 S ta n d a rd M il li n g C o . 10 0 7 29 P r e f e r r e d .....................10 0 26 76 5s 74 690 S ta n d a rd O il o f N J . . 1 0 0 68 5 32 S ta n d a rd C o u p le r com lO O 28 135 P r e f e r r e d .................... 10 0 125 1 S to r a g e P o w e r .................50 V S w ift & C o S ee B o s t o n St k E x c 11’ g e 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. C 3 m c ► > 3 B 8- a 3 QBVQSBI- QScgQSCjQSBaQWOQSflOQfc" 5J0gGK£QSS°Qp3^ aPQojByi® B® ■ b ? 2 bo *73 * k NjXK * EC Eb ®hb « B® i C • f K oggogSogSogT • Q »?»: 5 7*; 17>:• n . 4 *??»: i* • < ■S *:! i ' i to • f i • _j JO1 •P■! «: • s : ! 5 ! : • : iB* : S ! 1: ■i ! i• i• i! i! ! i• ■: : i : : i ■ ! ! ! M— '• i: ! : 1 • 1 oo '. XX «P■i XX XX ©X XX C '. CC a» 11 11 P C CC C ©© ©co ©© ©x to C© P PP tP CC toto C ©X X ooP O * d i d i>d Pd i d iPM a D« Pd < i2 s d 1 © 10 d M>- top ©© C © X P XX cJ ©o ll 11 1 ©C CP© or 1 XX XX ©*3 X© to 1 CP© ? C CX CC © i ©© ©X ©© ©to X ©© PC PP CP a© CC P M M C II II i 1 XX XCP dti* -O© XX ©C CX C X© © P ©X XX XX CC C P ©X XX cpci C XC tCP fcvto CO XX C ® XX o© O P® P PM ia -E a 1« 1« d tc© i aC i C i a 1 a ■ a 9 i d HM e© X© ©© d cb | ©© ©© ©© 11 ll 1 XX XX XX XX ©e> XX X® « i ©© • II II C ClU OC co ©X ©X *3 ®® h- >XX XX c ® ex ©e XX XX XX XX ©cb ©© ©cb ©cb ©M 11 II ll |1 C C© ©d toto ©X ^ C CC MC *3X II CP ©© ©fcO ^CP <1<J 9P • 9 § Id d Pl^ PO 9 l a i d ■ dP MM ►-aD ^ i3* ©P II II | l1 X© ' °? ©© XX ©X ©*3 oo ©X d© ©X © XX ©© X© ►-IP ex oo P ©© © C cox CC CM MM >*»— XX P P * cox M - *-» XX XX d© ©d cb© *3© c© ©o *3© XX XX XX XX e© OO O© II II | |1 C N O© M© ©X XC O-J *JH *3*3 ©S ©® i i— id Id I d C i e l a * i aP i a 3 **9 > aO <5g d — o© o- 1 ©o II II I 1 XX XX XX XX XX Xx o© © * *J*3• ©9. II | ©© ©© ©© II C*> CW ©to © - *J<I XX C *3*3 C■ O O D ► *- C M C O X® XX O X XX C X OO OO OO DC C ©cb O M toto dob II II 1 ©M ©© ©m *3© CP© XX C rfd** ©© © ^•d ©© d© 9 i Id id d d i a i d d a <4 **P© Ma •» ^.a •• D © | ©© d© XC XX ©X XX MM 9 o o II II | 1 XX XX ©© *!i-j c d> XX ©M to i' XX Ji X© vj occp CC ©© ©o a© C *3® PP —P M X ©® dd *3<J cb XX ►-M toto c© | |1 X<© XX XX XX XX XX ©o oo f—D II II O © P PPO « •O C i a MIf* tO ©d P d ►- * Id Id d ©d Ca i « Xto ©a to© CM MM C*3 IS IC l X ©© to II II | |1 XX XX © * *3*3 ©X XX MtO o© cb© °? ©© ©^J © i XX »Jq CX M tocb ©M d O C »*M P *►— ® +© > ^ -J ©© | 1 i °? i °F *C *00 i °P ' C i 00 'l 9 *9 | C o> i °? i © co *? ^ © . © 1 II P P P D id Id i « C M i C to o X C © © a a a d aP d aP » a d M M M ft: o l ® • *r I| II II 1 1 1-i *00 *® ' *J 'i *? ' X . to 1w 1© i© i© ® © C © X © to C P P © 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. 2 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 © 6 1 1 1 1 © 6 1 1 1 1 1 1 *^8 1 to e n o © X © C P © X 1 1 1 1 © 6 1 1 1 1 1 1 1 1 1 © 1 1 1 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. WfcO ; r : : X « * -* M ' - a uj © go ; ® * -M © tO * 0 © * 0 © ^ to to ^ ^ OB CP OD © OD tO CP © © W I— m XXeOtoD^WWX^fcO —X © M X M © # **-X *‘ *J©©X©©X©0&K> CO *3 p3 05; M © MHHp tO jfh Mtoto ©03I % co©O©XCWP: to©© M m I <3 V®H cococp; toMco<1 ac^ ©co©©; *j ®*3©wto©to**<J•; I O C; 05 *-x*icca; ao tocpcpc ©c ■ ccx — to ©x 00 p p eo ©©wXfco©x©« x^co ©©*»x©©xx» C O X < X **©**<! O ! 1 ~W D If* IOO-3XOCPCOCM; ©®©ec©^X**©GOi&©**XXX©^tO*Jpx * o *i —cp*-cp©®>-co*.coto^.t3©co-p C P M 00 CP to ; j * t o © CP 0 °j^ © ' J - V ' cOCp V K I ) X j to to CO ; ! CP; CO CP©^ V ►- ® CO <1 t o ©CO © to CP CO M X M m G C *3 X M © X rf*W © . eotox to © Ifk ^ -to o o CP to* r fh C P < J © C O C O tO C 0 C P K > C O © < 3 * .C O C O © ; M C P tO © W *■ © X to ** © © X • ©• ocfc3©©ccw**xx©® p « * i ©* jcc* k - © © x x © * * ^ ^ x - ill ® © to *3 ►— to toH to hCC—O ©©M©toCj^MC C TCJP*5 HCP*zOpv> O<1*J P P Cto O OP© DO C D X<3©CP^— P > ’ MtO*0©©<J^k -s C © ©®©X***^G0*=©©©*C tO — JC V X Vj © X to Vj © ^ © V to” ^- oc C © © w o M C < 1 C O O P h V e 00 Tu co©^-oa^©.©co^?CM©cpx©TDx©iU7PCp«©x©<ic>©»-© C P © tO X © X © ^ 10«© tO C O tO X C O aC O C O ^ © X X C P C P X »^ O C © C P M C O to to • ©►—• • — M M to l x t o x w to© W M © *-M © *3 O H ko«® H co; o ' to; . t O t O © t C © - i « q * j 3 t O a D i ( i a © C C ^ C O X ^ < J C t O © X » f t . © t O ^ I tO ® , • <J © tOCC^JXrf* to ** © »- C © © C ^ to — CPC to co® O P P © « • ©tO 1 1 to M X X *-*C 0 ^ K 3 © ^ -| 0 © © ® © -J X C O -4 r m a © Oi*to co co cp *j cpj-* a co ^ oocp^ h © _o o ^ i^ * i* a V 00 © c l o 00 cp a o o ' o V © © a o W x o ’x © c o to © © l o V © coV qd t o © .f k o c # * ,-Q c t o if» ‘ © * c c c * o c k :c o © a :C O i- - a D C C i^ a © © iP * * * & c * 3 < J © 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. HF" ►-00 1^10 1 O M <3 C _M < 1 n> pc CO 1 1 H Q C to; x ao co ® lo ; O O C H O h {C<WW«OWc k < O ^ O , o X®#*WXi*iekX*l»-©©fc3X®*-tO®* h to I C O to C C X M CE © to f— C C CO - - ; _*». w © o o * j © C ■ ** CO *400 M * P V C o tow; © © tonM CO CD © to -a to x ©V C ©V) • < X © © C C *1©*3**~*J C O —J OD O © S! e © to © nr» © c* t o ; M ^ M H O i ^ - a © ^ ® o a c H M - » c k ® © M — *0X®©©*3' ® *400M *-W © *-x©*0©©M *3X©® X© 03 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 I* p © H co © • a a 5 c (V w a O 3 a a R * 4 a 0 a * H H «H q tt MtO©©H C — 3C M O < O M $ a M s © W M M tO © © r M© f* to C O HHHCO© & 5if*-© <3 m © b+ < 3 © © t-s b-s © to *■ * to V j 0 0 © if* to C D < 1 © © M rr a 9 5,031,019 15,224,849 4,111,334 : 20 1,271,449 964,816 2,009,378 2,086 01 01 W g 5,989,778 i*Hl^©© OCO ©C © D C O o -■ © n —1 < 1 to©^*-» © O wto© C ©w<itf*©eB J T gs to'co'w A m © *q to m ODipam ©^ 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 0 M to if* com • i* f > Mjq ©oo 48,463,2091 2,898,058 1,555,040 M C L if** O comw<J 0 C 0 O <IK ) Pi® © 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 & O 136,369 © © I * F C O 268,584 © < I1 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 | © © C q M m to 1,053,938 s © a ■ a s e M © M © C pt r © o» O f* 4,530 C O r* f * C O © ! © to b C M O O I to ©men I ©©coc»to 7,239 © 1 1 39,614 © i 5 ? • ■ • * • 60,805 k0 < 1 n m H a a n 8,880,521 ©co toao© © © ao © m ©©©«►© © St i i j T 48,463,209 8 M tO O <**300 C OO-MW C* © © c* © s s : | i it 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 0 C O 274,725 I omoomc * C M 1*00© O -4 © O C tO oontaww m©co*>© ©C s ii 395,526 M O <K*CO©m M 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* ©I <j 3 sl sOI fi c 230,916 Q D © 48,463,209 M C O 274,725 C * < | M «©mrOi*. 0 0 s| |g J I | . . ® H R * O t* | 5 r iis 1 tiir ii : §i i ! ? s * m i 11,016 0 0 3 s 121,730 to i 175 4 -4 tO M 350 0 0 i 0 M 139 M i M 299 © ! 3,198 O O <1 j i ** & ,* r e*O * © m g : j »• s g NN . ! , » ® • • fcf © » ■ M 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 s THE & § «* 0 a a 6 9 * a a a ► a 0 a H a 5 a c % a a K M ©©M 8 tO ► ©© m© to • e a tOM pomaoee « 1 §1 a * ► m if**co<3© a ©m©o© > 4 M C if*M * £ M © w»«q * * K lfh O w© 0 g VHV»’ q * t* CO to© woom 0 0 ©©©© M M C C if* C jf* O * O * ► a M 0 bl a •O M © B 1 M § f*O * O ©©©to S a © to s ■ C tf*MM O © to © 00© tO © ao©<i<J©_ 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.