Full text of Commercial and Financial Chronicle : November 2, 1907, Vol. 85, No. 2210

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T

f i n a n r i a l

V

f l n t t m r c i a

IN C L U D IN G

Bank and Quotation Section (Monthly)
Railway and Industnal Section (Quarterly)
VOL. 85.

SATURDAY, NOVEMBER ‘2 1907.
1907.

PUBLISHED W EEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
T o r O n & Y e a r ....................................... ................ . .................................. $1 > 00
.F o r S ix M o n th s....................................................................... ....................
<> 00
E u ropean S ub scrip tion (in clu d in g p o s ta g e )......................................... . 13 0 )
E u ropean Subscription six months (in clu d in g postage ...................... ' 7 50
A n n u a l Subscription in London (in clu d in g p s t a g e )........................... £2 14s.
S ix M onths Subscription in London (in clu d in g p o s ta ge ).....................S. 1 11 s.
Canadian Subscription (in clu d in g p o s t a g e ).......................................... $ i l 50
S u b s c rip tio n includes fo llo w in g S u v p le m ',nts—
B •x k a n d Q u o t a t io n (m o n th ly)
I S " a t e a n d C i t y (sem i ann u ally)
R a i l w a y a n d I n d u s t r ia l (q u a r te rly ) | S t r e e t K a i l w a y (3 tim es y e a rly )
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
T ra n s ie n t m a tter per inch space (14 a gate lin e s ).....................................
( T w o M onths
( « tim e s )...........................
’ T h ree M onths (13 t im e s )...........................
■S ta n d m 0 Business Cards
s ix M onths
(26 t im e s )...........................
\ T w e lv e M onth s (52 tim e s )...........................

$4
22
29
50
87

20
00
00
00
00

C H I C A G O O F F I C E —P . B a rtle tt, 513 M onadnock Block; T e l. H a rrison 4012.
L O N D O N O F F IC E —E dw ard s <fc Sm ith, 1 D rap ers’ Gardens, E. C.

W U L .L . A M
P . O . B o x 958 .

R . D A N A C O M P A N Y , P i b lis h e rs ,
Pin e St., C o rn e r o f P e a r l St.,
N ew York .

P u b lish ed e v e r y Saturday mornin-r by W I L L I A M B. D A N A C O M P A N Y .
■William B. Dana, P ie s id e n ; Jacob S eib ert J r., V ice-P res. and S e a ; A rn o ld
G . Dana, T reas. A d dresses ol a ll, Office ot the Company._______________________

C L E A R IN G H O U S E R E T U R N S .
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all the clearing houses of
the United States for the week ending to-day have been
$2,830,902,412, against S3,384,701,579 last week and
13,138,839,907 the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending November 1.

Per
Cent.

1907.

1906.

New Y o r k ___________________ _____ ___
_Boston________________________________
P h ila delph ia __________________________
Baltimore______________________________
C h ica go ..........- .........- .................. .......
St. L o u is ______________________________
New Orleans ..................... - ..................

31,330,489,146
141,664.747
120,501,101
25,437,206
199,068,732
51,435,853
16,566,696

$1,601,701,545
146,279,509
132,410,896
25,362,734
188,267,922
50,614,411
16,954,292

— 16.9
— 3.2
— 9.0
+ 0 .3
+ 5.7
+ 1.6
— 2.3

Seven cities, 5 days............................
•Other cities, 5 days. . . _____ ___________

$1,885,163,481
462,097,694

$2,161,591,309
407,974,287

— 12.8
+ 13.3

Total all cities, 5 days_______________
A ll cities, 1 day...... .............. ...............

$2,347,261,175
483,641,237

$2,569,565,596
569,274,311

— 8.6
— 15.0

Total all cities lor w eek ....................

$2,830,902,412

$3,138,839,907

— 9.8

The full details for the week covered by the above will be
given next Saturday. W e cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
W e present below our usual detailed figures for the previous
week, covering the returns for the period ending with Satur­
day noon, Oct. 26, and the results for the corresponding
week in 1906, 1905 and 1904 are also given. Contrasted with
the week of 1906 the total for the whole country shows a
2jain of 5.9% . Outside of New York the increase over
1906 is 13.5%.
Week ending October 26.

Clearings at—
1907.

York . . . . . ______

1906.

Inc. or
Dcc.

1905.

19f4.

$
$
$
$
%
2,103,641,524 2,066,619,593
+ 1.8 1,872,184,105 1,931,550,043
120,961,768
156,844,067 151,888,609
+3.3
144,617.655
42,438,453
58,768,255
53,268,171 + 10.3
52,669,338
22,881,482
32,502,749
27,771,779 + 18.1
26,138,682
6,436,587
9,363,317
7,970,485 + 17.5
7,607,180
3,377,477
7,812,854
6,560,079 + 19.1
4,684,994
4,187,190
6,034,681
5,097,517 + 18.4
4,840,363
3,847,954
2, •.■81,342
3,535,401
+ 8.8
3,291,547
2,020,210
2,094,583 + 15.8
2,426,218
1,869,045
1,127,602
1,616,256 + 63.7
2,646,277
1,250,342
985,292
1,259,193 + 20.2
1,513,894
1.063,513
1,026,131
1,325,354
1,440,161
+ 8.7
1,188,299
912,919
1,137,061 + 19.5
1,359,180
1,135,681
684,687
949,165 +23.6
1,173,577
887,762
492,961
647,151 + 22.7
794,489
582,798
371,300
+ 3.3
563,205
475,384
545,158
403,700
500,400
447,900, + 11.7
455,700
320,637
623,954
411,769 + 51.5
356,254
216,346
292,790
315,290
— 7.1
319,959
769.717 4-44.9
1,115,095
849,134 Not included j in total

Total M idd le.. 2,393,564,641 2,334,230,231!




+ 2,5 2,125,618,421 2,143,075,117

NO. 2210.
Week ending October 26.

Clearings at-

® lx r 0 u ic X je .

New Ttork______
Philadelphia____
Pittsburgh____
Baltimore ____
Buffalo__
A lbany__
Washington _
R o ch ester_____
Scranton___
Syracuse-------Reading----------W ilmington-----Wilkes-Barre . . .
Wheeling, W . Va.
E r i e ____________
-Chester __s........
Bingham ton____
■Greensburg ____
Franklin _

State and City Section (semi-Annual
Street Railway Section

1906

In c .o r |
Dec.

$
$
178,266,579
171,039,100
10,915,500
9,656,400
3,515,844
2,982,279
2,211,304
2,465,625
2,450,000
1,710,909
2,436,875
1,713,973
1,771,930
1,459,357
1,014,084
1,362,698
926,913
673,349
631,476
496,459
468,027
442,161
205,211,467
193,398,375
262,597,922 215,568,644
26,765,200
24,291,550
15,562,264
18,210,205
14,424,752
11,718,921
13,026,999
10,229,358
7,643,776
6,594,146
5,981,100
4,988,200
4,064,653
4,013,007
3,284,029
3,161,532
2,441,711
2,317,453
1,790,044
1,714,985
2,131,643
2,073,926
991,444
1,092,620
861,595
847,308
850,214
720,144
706,262
790,000
606,840
659,871
680,755
599,356
463,419
970,843
435,094
442,152
442,192
492,958
397,352
363,006
360,502
472,818
352,479
533,080
380,204
318,281
308,440
404,461
237,115
249,589
239,580
199,650
154,555
138,661
371,958,698 310 400 162
42,878,572
43,900,973
10,512,869
10,579,398
10,314,934
12,820,714
8,591,304
5,932,247
6,754,091
5,588,481
5,210,805
7,028,261
5,038,236
4,548,563
1,243,674
816,488
534,514
732,334
700,000
451,018
2,355,403
3,621,812
341.431
532,422
90,751,734
100,276,810
29.036,902
39,221,949
34,771,028
23,236,569
9,768,300
12,638,356
13,021,618
10,210,968
10,317,193
6,975,076
4,526,010
4,993,743
2,376,944
3,151,596
2,264,739
1,735,630
1,006,472
1,540,325
942,317
1.630,459
889,828
1,027,789
510,614
821,756
554,840
682,724
444,019
782,999
403,996
299,3 i6
1,087,211
1.312,208
93,601,06
128,582,478
58,560,445
69,254,056
24,757,023
20,498,585
12,279,820
13,153,284
16,4S1,145
16,297,371
10,074,000
7,703,000
7,801,903
7,716,221
6,234,725
7,010,917
5,3i'0,710
6,500,000
5.279.994
5.832.287
3,390,211
4,250.319
3,753,133
4,803,444
2.717,122
3,120,738
2,327,083
3,578,738
2,344,060
2,664,257
1,821,136
2,050,000
l,t;64,5*l
1,784.920
1,733,120
1,486.498
1,422,063
1,959,302
1,119.320
1,316,425
1,354,129
1,090,268
859,920
871,199
1,346.-*48
1,109,906
427,244
566,626
185,107,485
171,890,211
3,384,701,579 3,195,271,779
1,281,060,055 1,128,652,086

%
+ 4.2
+ 13.0
+ 17.9
+ 11.5
+ 43.2
+42.2
+ 21.4
+ 34.3
+37.7
+ 27.2
+ 5.9
+ 6.1
+ 21.8
+ 10.2
+ 17.0
+ 23.1
+ 27.3
+ 15.9
+ 19.9
+ 12.9
+ 3 .9
+ 5.4
+ 4.4
+ 2.8
+ 11.0
+ 1.7
+ 18.1
+ 11.9
— 8.0
+ 13.6
+109.5
— 1.6
+ 11.5
+ 9.5
+31.2
+ 51.2
+ 19.5
+ 31.1
+ 5.3
+ 20.0
— 10.3
+ 19.8
+ 2.4
+ 0.6
+ 24.3
+ 44.8
+ 20.9
+34.9

36,704,634
26,872,519
15,308,961
3,383,644
3,144.276
2,128,055
1,586,757
1,521,690
1,253,773
1,069,729
881,860
1 491 445
‘804,971
op iso " j

— 2.1
— 3.0
— 1.1
+32.5
+3.1
+ 12.5
+ 21.2
+ 16.4
4*2.2
+ 18.9
+ 53.8
— 3.3
+0.7
1»

Boston ________
Provid en ce_____
H a rtfo rd _______
New H aven_____
Springfield____
Portland ...........
W orcester______
Fall R iver______
New Bedford____
L o w e ll__________
H o ly o k e . . ___Total New Eng
Chicago________
Cincinnati . . . . .
C levela n d______
Detroit__________
Milwaukee______
Indianapolis____
Columbus . . .
T o led o _________
Peoria . .
_____
Grand Rapids__
D a y to n ________
E v a n s v ille _____
Kalam azoo_____
Soringfleld, 111 . .
Fort W a y n e ____
A k r o n __________
Lexington ______
Rockford
__ __
Youngstown____
Canton_________
South Bend____’.
Springfield, Ohio
Bloomington____
Quincy__________
Mansfield ______
Decatur________
Jacksonville, 111.
Jackson . _____
Ann A rbor______
Tot. Mid. West
San Francisco___
Los Angeles_____
S eattle________
Portland . _ ___
Salt Lake C ity___
Spokane________
Tacom a________
Helena ..........
Fargo _____
Sioux F a lls _____
Oakland_________
San Jose________
Total Pacific..
Kansas C i t y ____
Minneapolis_____
Omaha__________
St. Paul . . . . .
Denver__________
St. Joseph______
Des Moines_____
Sioux City _____
W 'iehlfa________
Davenport. ____
Topeka ________
Colorado SDrings.
Cedar R a p id s__
Pueblo ______ .
Fremont . .
...
L in c o ln ________
Tor. otherWest
St. Louis_______
New Orleans____
Louisville ..........
H o u s to n _______
G alveston ........ .
Savannah ..........
Mem phis_______
Klohmond____
A tla n ta _______ _
Nashville .........
Fort W orth _____
Norfolk . . .
Augusta________
Birmingham____
Charleston______
K n o x v ille ______
M ob ile.............
Little Roek........
Jacksonville . . .
Chattanooga ____
M a con ........... .
Oklahom a______
Beaumont..........
Total Southern
Total a ll______
Outside N . Y . .
Canada—
35,934,723
M ontreal............
26,057,182
Toronto
____
15,137,672
Winnipeg............
4,482,941
Vancouver______
3,241,092
O t t a w a ________
Quebec__________
2,394,228
1,923,302
H a lifa x ..............
Hamilton_______
1,770,142
1,280,761
St. John________
London ________
1,271,698
V ictoria ________
1,356,353
1,442 341
Calgary
Edmonton______ ___ 810,513
97,102 0<«
’r ” *"

1905.

1904.

$
150,939,894
9,223,600
2,753,795
1,990,384
2,388,548
1,761,733
1,356,860
964,144
599,051
498,559
412,816
172,889,384
211,289,997
24,954,350
15,823,586
11,821,885
8,456',355
7,574,144
4,284,500
4,239,898
2,969,248
1,926,968
1.720.536
1,452.5431
8 6,628
695,988
685,572
460,200
515,503
601,159
757,569
402,773
380,198
332,883
372,851
436,819
276,697
255,000
220,181
181,500
113,934
304 069,765
33,916,091
8,022,582
6,650,256
5,278,940
4,817,500
3,784,476
3,726,659
1,002,117
727,430
287,592

359,573
355,140
272,495
173,281
232,847
219,128
165,000
90,989
251,706.086
31,946,015
6.077.44S
5,541,884
4,519.133
3,076,739
2,667,635
2,897,588
674,872
633,284
225,637

21,451,298
18,006,744
8,091,501
1,734,912
1,959,500
1,231,552
1,654,640
1,125,267
826,701
833,095
612,466

22,683,248
17,585.323
7,1*2,Si I
1,691,296
1.905.9(9
1,534.612
1,847,617
1.167,517
1,01S,270
832,329
661,552

______
57.5:>7 >’~r.

58*110.544

$
135,682,342
6,730,900
2,425,610
1,759,267
1,473,764
1.394,638
1,149,666
523,394
539,241
495,163
498,434
152,672,419
173,073,545
19,556,350
14,334,590
10,054,303
7 506,941
6,060,414
4,488,000
3,196,787
3,148,201
1,936,389
1.455.944
1.180.352
728,146
638,265
564,600
437,448
531,576
546,474
398,938

+52.3
+37.1
+ 55.2
— 35.0
+ 55.9
+ 10.5
68,213,643
58,260^235
+35.1
24,094,417
25,942,918
+ 49.2
23,890,609
23,544.811
+29.4
9,482,887
7,854,652
+ 27.5
9,711,241
8,127,596
+ 47.9
7,821,625
4,857.49s
+ 10.3
4,514,66-*
4,941,363
+32.2
2,388,051
1,890,687
+30.5
1,696,783
1,457.911
+ 53.0
1,076,214
1.025,956
+ 73.0
733,764
672,559
+ 15.5
595,107
911,517
+60.9
543,375
444,158
+ 23.1
614,085
441,663
+ 76.3
481,294
+ 35.0
243,515
168,451
+ 20.7
+ 37.4
89,736,132
80,432,879
+ 18.3
54,502,403
59,133,672
— 17.2
17,356,439
19,894,031
+ 7.1
10,683,431
10,649,527
+ i .1
11,522,913
8,877,142
— 23.5
7,426,000
6.399,500
— 1.1
6,649,846
5.405,02s
+ 12.4
7,254,071
7,265.Si 4
: 15.4
4 982.398
4.S05.485
10.5
4 488.569
3.280 767
+ 25.4
2,9.‘8,134
2,527,541
-*-28.0
2.005.197
2,238,17i>
+ 14.9
2,270.663
1,950,621
+ 53.8
2,249,256
2,012.981
+ 13.7
2.166,406
1,620.021
4-12.6
1,631,554
1,492,467
+ 7.2
1,268,789
1,167,069
— 14.2
1,110,011
+37.8
1,464,722
1,279,675
+ 17.6
1,037,080
716,195
+ 24.2
1,262,126
760,S59
— 12.9
672,180
735,775
+21.3
+ 32.6
268,886
324,580
+ 7.7
149,955.068 142,852,926
+ 5.9 2,906,482,423 2,828,999,662
+ 13.5 1,034,298,318 897.449.619

I 108

THE CHRONICLE
THE FIN A N C IA L SITUATION.

The course of events, led by a kind of spontaniety
events possess, has been working in the direction of re­
lief during the week. B y relief, we do not mean the
attainment of a staying power ensuring immediate and
lasting strength. That would be impossible after a
growth of discredit that has been germinating so many
years— the embryo dating near President M cKinley’s
death— and which has so recently developed into a
serious and widespread calamity. The return to a
less involved state can not be expected to be otherwise
than very slow. But towards that measure of relief
conditions appear now to be tending. We should add,
however, that so long as the Government policy pur­
sued during recent years with respect to railroads, rail­
road securities, corporations and accumulations of
wealth is continued, there can be no complete recovery.
A decided mistake would be made were we to judge
present borrowing conditions by the quotations on our
Stock Exchange for call and time loans. In any pro­
posed contract for money, the factors have become
very exacting. A box full of bonds and stocks— good,
but not readily negotiable— would be no temptation
to the lender just now; a plea of desperate straits for a
loan would bring no response other than the cold re­
buff that banks and trust companies, in the nature of
the case, cannot be charitable institutions. Schemes
for producing low rates for money are claimed to be
successful. Thus, it is said, the Secretary has found a
way of increasing the working balance in the Treas­
ury by a little matter of bookkeeping which turns a
considerable portion of “ disbursing officers’ balances”
into free cash; he having discovered that the item
“ officers’ balances” is considerably in excess of what
is needed for those purposes, and, by revising the fig­
ures, he has been able to restore several millions to
the working balance of the Treasury. This amount, it
is suggested, is to be dealt out to the public. It like­
wise appears that Mr. Cortelyou and Comptroller
Ridgely are engaged in pushing a plan to increase the
amount of national bank notes, working along the
lines which ex-Secretary Shaw worked to the same
end, and, as we supposed, very nearly exhausted.
Further success is attending the effort now. The issue
in October was $5,993,352. A telegram from Wash­
ington yesterday states that Chicago banks have noti­
fied the Comptroller that they will issue new bank=
notes to the amount of 6 million to 10 million dollars.
The really encouraging development has .been the
demonstration of the efficiency of the measures that
have been adopted by our bankers for the relief of the
monetary situation. Reference is had especially to
the floods of gold which have been engaged and are now
on their way hither, and which in a few days will be­
gin to arrive. The sentimental effect of the influx
has this week been experienced, and the coming week
the arrival of the metal will directly influence the situa­
tion. As to the facts transpiring in Europe bearing
upon these currents, the foremost was the advance on
Tuesday by the Imperial Bank of Germany in its of­
ficial rate of discount to 63^%, or within
of 1% of
the maximum of 7% recorded Dec. 15 1906. This ad­
vance was not surprising, considering the fact that the
bank’s reserve position had been under much stress
since the beginning of October, necessitating a resort




[V o l . l x x x v .

to every possible device for its rectification. So long
as discount conditions elsewhere in Europe than at
Berlin were comparatively normal, there were reasona­
ble expectations that the Imperial Bank’s reserve
would be restored through the attraction, by the Bank,
of cash and the contraction of circulation. The in­
jection, however, into the situation of the disturbing
element of an urgent demand for gold for the relief o f
American tension, ,and the uncertainty which existed
as to the extent of the relief that would be required,
seemed to compel the adoption by the Bank of the most
effective measures possible for the protection of its toomeagre reserve. There was probably little hope that
even the high rate of discount would serve to divert to
the Bank any of the accumulations of gold that were
held by the other great banks of Europe; the most that
was expected was that the Imperial Bank’s holdings
would be undisturbed.
As was the case a year ago, when the Reischsbank
was compelled to raise its rate for self-protection, dis­
count derangement became general throughout Europe
on Tuesday, and the Bank of England on Thursday
advanced its official rate to o j^ % . This course be­
came imperatively necessary because upon London r
and also upon the Bank, there would naturally con­
verge the principal American demand for the metal,
and such were the needs of that centre for the protec­
tion of its accumulations and for the attraction of float­
ing supplies that the most extreme measures had to be
adopted to minimize the volume of withdrawals o f
the metal for export hither, such measures including
not only the advance in the Bank’s discount rate, but
the imposition of the almost prohibitive price of 78
shillings % pence per ounce upon bar gold. The ur­
gency of the New York situation was so great, how­
ever, that even the obstructive devices of higher dis­
counts and the above-noted premium on gold did not
avail to arrest the movement of the metal hither, and
it is reported that 19% millions were secured during
the week in London, of which 5 millions were Cape
gold bought in the open market and 10 millions from
the Bank of England. It is noteworthy that the Bank
of France interposed no obstructive measures, so far as
is known, to the withdrawal of gold, either from the
Bank or from the Paris market. The managers of
the Bank seemed to recognize the fact that the needs
of New York for the metal were extreme, and as they
were such, it were better to respond thereto than to
contribute to more acute stress by resisting the move­
ment. It was reported on Wednesday that the Bank
had offered to release 15 millions gold for shipment
hither for the direct relief of our situation, and also to
supply the Bank of England with 10 millions on con­
dition that that Bank would not raise its official rate
of discount above 5% . This report was semi-officially
confirmed.
Rates for exchange at New York on London were
so low that gold imports were unusually profitable,
notwithstanding the offset of the time-cost on imports
resulting from the high rates for money and the pre­
mium on the metal. The fact that cables were largely
employed for cover for the gold that was engaged for
import seemed to make it probable that those of the
banks who were importers and who had facilities,
through their exchange departments, adopted the
plan of counting the metal while it was in transit
as part of their bank’s reserve, thus making the credits

Nov.

2

1907. j

THE CHRONICLE

which were based upon the gold available for loans.
This course, it will be remembered, was taken in April
.last year, when banks were importing gold prior to the
extension of aid from the Treasury through advances
of cash for the purpose.
The relief to the money market through gold engage­
ments and the distributions of public funds among
national banks in the interior and in this city were con­
tinuous during the week; the bankers’ pool which was
organized last week by Mr. Morgan was, however,
•dissolved on Wednesday, its purposes having been ac­
complished. It is estimated that the relief extended
here and in the interior through these other sources ag­
gregated upwards of 100 million dollars— imports of
* gold 25 millions (assuming that this sum was made
available as reserve, as above indicated), 35 millions
syndicate bankers’ contributions, 20 millions from the
Treasury and the remainder through Clearing-House
loan certificates. It may be noted that, in addition
to the engagements of gold by New York bankers,
those in Chicago, Philadelphia and Boston engaged
nearly 5 % millions. Timely relief was also directly
afforded the local market by J. P. Morgan & Co., who
on Wednesday anticipated the payment of about 7
millions representing interest on securities which was
payable N ov. 1. Heretofore, when Clearing-House
loan certificates have been issued, such emissions have
been made by banks in a comparatively few cities; this
week almost every important clearing house in the
interior resorted to these certificates to relieve the sit na­
tion; as the result of such action, facilities were offered
for the marketing of wheat, cotton, copper and other
commodities, thus contributing to an active movement
of those staples for export. The daily Treasury state­
ment shows that, since Aug. 29. when distributions of
public funds began, 62 millions of Government deposits
have been placed in the banks, including 20 millions
in local institutions. Still further, though indirect,
relief to the situation was announced on Thursday,
when a syndicate of bankers, headed by Mr. Morgan,
arranged with the City of New York to purchase 30
millions of 6% revenue bonds at par, taking an option
on 20. millions more at the same price; presumably
many of these bonds will be placed abroad. National
banks have been urged by the Comptroller of the Cur­
rency to increase circulation, and it is expected that
from 15 to 20 millions will be taken out almost imme­
diately.

S109

J

octopus, producing nothing and devouring the bodies
of the common people, has been expanded into the
notion that wealth is naturally predatory. Put into
the plain language wiiich instantly repels all but the
most blatant socialists, the anti-accumulation doctrine
is that property is robbery because disturbing the
natural equality of men.
Common sense instinctively perceives that without
the right to hold property there would be no property;
therefore, nobody wrho has listeners dares denounce
accumulation. But how much accumulation may
exist before wealth becomes predatory, and at what
line fortunes are to be discouraged or forbidden as
dangerously swollen is not yet defined for us by the
rhetorical dialecticians of the day. The truth of the
matter is that the denounced fortunes are not preda­
tory at all. The one avowed monopoly created by
our laws has some incidental abuses, yet the fortunes
obtained through patents are the merest tithe of the
benefits obtained by the people. Similarly, the indi­
vidual fortunes through so-called monopolies have
come by a very small share of widely distributed bene­
fit; the public get the bulk of it, but this escapes notice
by being spread, while the individual share attracts
attention. It is demonstrable that the great fortunes
and trusts so commonly denounced have merely taken
small tolls or commissions upon much larger benefits
than accrue to the general public. Not, of course, that
this is so because of generosity and self-denial; it is so
because that is the business law in the case.
The millionaires who come over the road of the
common toiler did not bring the road with them , says
Chancellor Day. For the best of reasons, they left
the road there; they could not bring it away or close
it, if they would. It remains open to an}^ toiler still,
and this ought to shut the mouth of every ranter
against wealth. This is the country of opportunity.
Inability and unthrift and sloth, and watching to
jump on the shoulders of others— for those no more
promise exists here than in Europe; but here is the
field where (if we do not foolishly hamper ourselves
by artificial statutes) every man can get all that his
qualities are worth. Therefore, this is the last country
which should give heed to socialistic notions. Accu­
mulation is good, and should be encouraged to the
full. Wealth and production are good, and the law
should do for them the best it can, namely let them
alone. Rich men are valuable in any community,
and they are more and more disposed to treat their
A volume just issued by Chancellor Day of the wealth as a public trust; it is short-sighted to dis­
University of Syracuse, on “ The Raid on Prosperity,” courage that. Property is a good thing; let everybody
■contains so many epigrammatic statements of social respect it and do his best to get it for himself.
and economic truths that it is not easy to select one
or two for comment; yet the most striking and most
A number of the Western governors have been de­
epigrammatic of them is, perhaps, this:- “ Nearly claring bank holidays for longer or shorter periods of
every millionaire came up over the road of the common time, which doubtless is a wise thing in the present
toiler, and they did not bring the road away with tense state of affairs. There is at the same time a
them.” All property is the result of toil by somebody; disposition to convey the impression that this action
and this applies as well to fortunes created by the rise is necessary because of the failure of the Eastern
of land in cities as to any other. Millionaires who financial centres to respond to the calls of the interior
have become such by the rise of land have not them­ banks for a return of their balances held here. When
selves toiled; but of every other fortune it may be the financial situation is so deeply disturbed as it is
. said that either the present holder or his family founder at present, and when, naturally, severe pressure is felt
who bequeathed it did come over the road of toil.
everywhere throughout the country, even in the re­
It is timely and ought to be wholesome to recall moter parts, there is really no need or occasion for
this, now that we are still in a feverish attack upon explanation. We are all suffering from a common cause,
property. The suggestion that a corporation is an and no one of the numerous communities of which this




1110

THE CHRONICLE.

country is made up is exempt. Our Western friends,
however, like to cultivate the notion that they are
independent of Eastern financial interests, and ac­
cordingly when an occasion like the present arises,
and it becomes so palpably evident that the connection
with the East is really very close, they feel called upon
to suggest that the East has fallen down in its obliga­
tions and duties, and that consequently the West, so
bereft, cannot be expected to perform its part. The
whole idea is based more or less upon a delusion. It
crops out very plainly in the proclamation of Acting
Governor Charles Filson of Oklahoma in declaring a
six-day holiday in that Territory. He says that his
action has been taken because “ all of the leading cities
of the United States through their Clearing-House
Associations have entered into' an agreement to pro­
tect themselves . . . and by such concerted
action are refusing to ship currency to country banks
which have deposits with them or to honor the bills
of lading drawn upon the banks of such.”
I t is certainly not true that the banks of this city
have stopped shipments of currency to country banks
in payment of balances due them or are refusing to
honor checks drawn upon such balances. Of course,
if an interior institution has no money on deposit
here, this is hardly the time when the New York banks
can accommodate it. Where, however, there is a
tangible balance, we may be sure drafts upon it will
be met. The best proof of this is that in the last two
weeks the New York banks have been losing enormous
amounts to the interior in responding to the demands
for currency. According to the returns collected by
us from the separate banks, a total of no less than
$21,510,000 of money was sent out by the city insti­
tutions last week. This week the shipments have
been even heavier, aggregating $22,016,000. For
the two weeks combined, therefore, the banks of this
city have been depleted of no less than $43,526,000
in responding to the demands for funds on the part
of their correspondents outside of this city. Secre­
tary Cortelyou, as is known, has been adding very
decidedly to Government deposits in the banks, but
as far as this city is concerned the benefit has been
neutralized by the extraordinary amounts the banks
have been obliged to pay out in order to alleviate
the stress at other points. The truth is that about
the only thing that is giving our bankers anxiety is
the drain of money away from this centre.
A favorable feature the last week has been
the upward reaction in the price of copper. Our
readers are familiar with the fact that during the last
four months the price of copper has dropped from 26
cents a pound to 12 cents a pound, without appar­
ently stimulating in the slightest degree the demand
for the metal or inducing any but very moderate
buying on the part of home consumers. Latterly,
however, there have been quite extensive purchases
on foreign account, and the effect of these purchases
has been to bring about an improvement in the marc
ket value of the metal. About two weeks ago sales
of electrolytic copper were reported at a fraction
below 12 cents, and sales of Lake grades were effected
slightly above that figure. Since then there has been
a gradual rise, and now quotations appear to be in
the neighborhood of 143^ cents. No one appears to be
able to discern any revival in the home demand for




[V O L . L X X X V .

copper, and in the present situation of affairs it would
doubtless be imprudent to expect any extensive in­
quiry to spring up. But it is an important point
gained that at last a stage has been reached where
there is a change for the better. The fact that the
change has come from abroad rather than from at home
does not alter its favorable character. Of coursecopper production is now on a very small basis, the
output in the case of some of the leading companies
being scarcely more than 30@40% of the normal.
In one sense, this is depressing, but in another sense
it marks a strong feature in the situation, since it pre­
vents accumulations of stocks. It should also be
noted that the present week the Amalgamated Copper
Co. availed of the provision in the agreement with the *
miners and gave notice of a reduction in wages from
$4 a day to $3 50, effective November 1. The miners,,
to their credit be it said, decided not to oppose the
reduction. This will diminish cost of production— a
matter of great importance at the present juncture.
The statement of the United States Steel Corpora­
tion for the September quarter gives one a new idea of
the strength of this, the world’s greatest industrial
corporation. During the three months covered by
the statement business was on the decline. Y et the
Steel Corporation shows net earnings which have been
but once exceeded in its entire history, namely in the
quarter immediately preceding, while the total runs
very much heavier than for the September quarter
of any preceding year. In brief, net for the Septem­
ber quarter in 1907 was $43,804,285, as against $45,503,705 in the June quarter of 1907; but as against
$38,114,624 in the September quarter of 1906 and $31,240,582 in the corresponding quarter of 1905. The
company made appropriations out of earnings for sink­
ing funds, depreciation, reserve, improvement and re­
placement funds aggregating for the quarter $9,413,020, and then had available, over and above such ap­
propriation, and also the quarter’s interest charges, a
sum of no less than $28,758,143, whereas the call for
the quarter’s dividends (namely l % % on the pre­
ferred stock and one-half of 1% on the common stock)
was only $8,846,432, leaving, therefore, a balance of
$19,911,711. Out of this latter no less than $15,000,000 was set aside for expenditures made and to be made
on authorized appropriations for additional property,
new plants and construction and discharge of capital
obligations. Altogether, therefore, for the quarter
$24,413,020 has been applied out of income for pay­
ment towards the various funds and for new con­
struction and capital extinguishment, while only $8,846,432 was distributed in dividends to the shares.
This shows the conservative policy pursued in the ad­
ministration of the property. Moreover, after these
extraordinary appropriations, a surplus balance of
$4,911,711 still remained on the operations of the three
months.
For the nine months to Sept. 30 no less than $72,816,697 has been set aside out of earnings for sinking
fund reserve, replacement and improvement funds, and
for additions to property and new construction; and
even after these extraordinary appropriations there re­
mained undivided earnings for the nine months (above
fixed charges and dividends) of $12,093,367. Chair­
man E. H. Gary, at the quarterly meeting of the di­
rectors, pointed out that since the corporation was or­

THE CHRONICLE.

N o v . 2 1907.1

ganized, in addition to the payment of dividends and
interest, there has been provided from earnings a re­
serve for extinguishment of capital of $79,570,000,
and there has been added to the assets from the same
source $266,180,000, making altogether the extraordi­
nary sum of 345M million dollars. To be sure, there
is now a decline in business, and a material falling off
is reported in the total of unfilled orders on the com­
pany’s books; but with such a record as that just cited,
what company is better prepared for a longer or shorter
period of trade depression, should such unfortunately
occur?
The Pennsylvania Railroad yesterday declared the
regular semi-annual dividend of 3 } 4 % on its share capi­
tal. A t the same time the company’s return of earn­
ings for September was given out and this shows that
the system's business still keeps increasing. The
one unfavorable feature is that, owing to the continued
and large augmentation in expenses, the additions to
net are very small. In fact, in September the increase
in expenses, treating the system as a whole, exceeded
the improvement in the gross, leaving an actual loss
in the net. On the lines directly operated West of
Pittsburgh and Erie an addition of $859,700 to the
gross was attended by an augmentation of $797,100 in
the expenses, leaving a gain of $62,600 in the net. But
on the Eastern lines directly operated there was an ad­
dition to expenses of $1,858,000 with a gain of only
$1,391,000 in gross, thus involving a loss in net of
$467,000. For the combined lines, therefore, the re­
sult is that, in face of an improvement in gross earn­
ings for the month in the large sum of $2,250,700,
there is a loss of $404,600 in the net. In September
1906 there was $1,387,100 increase in gross and $175,700 increase in net for the combined lines. For the
nine months to Sept. 30 the results for the combined
lines in 1907 is an improvement of $23,561,200 in the
gross, with an addition of only $2,280,000 in the net.
The following furnishes a six-year comparison for Sep­
tember and the nine months for the lines directly oper­
ated East of Pittsburgh and Erie, being the only por­
tion of the system for which we have the data for such
a comparison.
Lines East o]
Pittsburgh.

1907.

1906.

1905.

1904.

1903.

1902.

September.
$
S
$
$
S
$
Gross earnings 14,450,859 13,059,859 12,334,159 10,388.650 10,680,750 9,822,750
Oper. expenses 10,132,282 8,274.282 7,555,782 6,492,240 7,042,240 6,254.440
Net earnings

4,318,577

4,785,577

4,778,377

3,896.410 3.638,510

..

3,568,310

Jan. 1 to Sept. 30.
Gross earnings 123714 772 108406 072 97,007,772 86,865.319 92.872,719 83,121,119
Oper expenses 89,806,471 75,106,671 68,747,171 60,597,353 64,023.753 54,432,753
Net earnings 33,908,301 33,299,401 28,260,601 26,267,966 28,848,966j28,688,366

1111

France did last year, it can be stated that should
such application be received “ the Bank of France,
inspired by the common interests of the two coun­
tries, would not hesitate to come to the aid of the
London market.” This seems to indicate that should
the drain upon the Bank of England continue, as the
result of the urgent American requirements for gold,
the Bank of France would intervene to relieve the
situation.
The statement of the New York Associated Banks
last week disclosed a deficiency, though it was com­
paratively small, in the surplus reserve. The condi­
tion of some of the institutions was shown to be so
weak as respects reserve that it was deemed advis­
able by the Clearing House Association, in order to pre­
vent the development of a still further unsettling situa­
tion, to resort to the issue of loan certificates, which
would provide for the adjustment of balances be­
tween banks and at the same time release for
necessary requirements the cash that would other­
wise be applied for this purpose. As the result
of this action each individual member of the Asso­
ciation, as well as the non-member institutions
which cleared through members, were brought under
the direct supervision and control of the Clearing House
Committee, and whatever loans were effected were
made subject to the approval of such committee.
The exercise of the authority delegated to the com­
mittee enabled it to prevent undue speculation and
indeed to confine operations, especially on the Stock
Exchange, to those for cash. This tended to limit the
volume of business transacted and that which was
conducted was generally of an investment character.
The contributions which were made by banking syndi­
cates for the relief of the situation, through loans and
the promotion of investments— with the object of
enabling institutions that were embarrassed to realize
upon their assets— though large in volume, were so
distributed as to make them most effective of their
purpose; to this end the rates demanded for such loans
were abnormally high and the collateral required was
of an exceptional character. No business was reported
in time loans and rates therefor were entirely nominal
until Wednesday, when 12@16% was quoted as
having been paid for accommodation for sixty to
ninety days.
Money on call, chiefly representing syndicate offer­
ings, loaned at the Stock Exchange during the week
at 75% and at 3% , averaging about 50%. The lowest
rate was recorded on Wednesday, when the banking
syndicate which had been supplying the greater part
of the money was dissolved; banks and trust com­
panies were not in the market as lenders. On Monday
loans were at 75% and at 6% with the bulk of the
business at 50%. On Tuesday transactions were at
75% and at 4% with the majority at 50%. On
Wednesday loans were at 75% and at 3% with the
bulk of the business at 50%. On Thursday transac­
tions were at 20% and at 6% with the majority at
20%. On Friday loans were at 25% and at 4% with
the bulk of the business at 20%. As above noted,
time-loan quotations were nominal, as also were those
for commercial paper, in which no business was done.

• We have referred above to the change in the official
rate' of discount of the Imperial Bank of Germany
from bl/2% , at which it had stood since April 23, to
63^%; also to the change in the official rate of the
Bank of England, which on Thursday was advanced
from 43^%, at whieh it had been maintained since Aug­
ust 15, to 53^%. No alteration was made in the offic­
ial rate of discount either by the Bank of France or
by the other European banks, except the Bank of
Belgium, which was raised to 5J^%. According to a
Paris cable, it appears that while no formal request has
been received, as is reported, by the Bank of France
from London for the remittance to that centre of
The Bank of England rate of discount was advanced
£3,000,000 against sterling bilLs, as the Bank of on Thursday from 43^%, at which it had stood since




1112

THE CHRONICLE.

August 15, to 53^%. The cable reports discounts of
six ty to ninety day bank bills in London at 6@ 634%The open market rate at Paris is 3 % % and at Berlin
and Frankfort it is 6% . According to our special cable
from London, the Bank of England lost £3,044,062
bullion during the week and held £31,729,252 at the
close of the week. Our correspondent further advises
us that the loss was due mainly to sales in the open
market. The details of the movement into and out of
the Bank were as follows: Imports, £10,000 (w holly
from Switzerland); exports, £2,771,000 (of which
£465,000 to Egypt, £64,000 to Holland, £60,000
French coin sold, £601,000 bar gold sold and £1,581,000
United States coin sold in the open market), and ship­
ments of £283,000 net to the interior of Great Britain.
The foreign exchange market was lower at the be­
ginning of the week and strong at the close. It was, as
a matter of course, almost entirely dominated by the
monetary situation, though engagements of gold
abroad for shipment hither had more or less influence,
especially on cables, which were in request for the
reimbursement of imports. Scarcely any business was
done in long sterling, and commercial bills ruled at
exceedingly low rates. Short sterling fluctuated
widely in response to the varying demands, and there
was active speculation therein, based upon the an­
nouncements of gold engagements and of European
operations in American securities. On Tuesday cables
rose sharply on the news that the “ Kaiser Wilhelm der
Grosse” had been delayed in her outward passage so that
her mails, which carried demand bills for remittance,
could not be delivered at Plymouth in time to meet
contracts, thus necessitating the employment of cable
transfers for settlements. The advance in the official
rate of the Imperial Bank of Germany on that day
had a stimulating influence upon sight sterling, for it
foreshadowed a prompt rise in the Bank of England’s
rate. On the following day a sharp advance in these
bills seemed to indicate a temporary check to gold
imports, but the rumor that the Bank of France would
contribute to American requirements for the metal
caused speculative selling, and there was a feverish
decline in this class of exchange, followed by a re­
covery. Easier money on Thursday had the effect
of counteracting the influence of the advance in the
Bank of England rate and new engagements of gold
caused a rise, especially in short sterling. The large
export movement in commodities which has been in
progress this week is expected soon to result in the
creation of a considerable volume of exchange and in
lower rates.
Gold engagements thus far reported amount to
$29,000,000, of which $19,350,000 is for New York,
$4,500,000 for Chicago, $500,000 for Philadelphia, and
$700,000 for Boston bankers. The metal will begin to
arrive early next week; possibly some of it has already
been made available in our loan market through its
being counted as part of the bank’s reserve while in
transit, in cases where the importer had banking
as well as exchange facilities.
On Saturday of last week the market was feverish
and lower, and, compared with the previous day, long
fell 125 points to 4 77% @ 4 7834, short 100 points to
4 S2 i4 @ 4 82J/£ and cables 125 points to 4 8334 @
4 833/2- On Monday long declined 75 points to
4 77@4 78, short rose 15 points to 4 8240 @ 4 8250




[V o l . l x x x v .

and cables 100 points to 4 8430@4 8440. On Tuesday
short advanced 185 points to 4 8434 @ 4 8 4 ^ and
cables 245 points to 4 8624@4 87; long was un­
changed. On Wednesday long rose 25 points to
4 7734@4 773^, short fell 25 points to 4 84 @ 4 8 4 ^
and cables 75 points to 4 86@4 863^. On Thursday
long advanced 175 points to 4 79@4 7934, short 50
points to 4 843^> @ 4 84% and cables 50 points to
4 8650@4 8665. The market was strong on Friday,
at an advance of 200 points for long and for short,
and of 150 points for cables.
The following shows daily posted rates for sterling
exchange bv some of the leading drawers:
M on.,
Tues.,
Wed..
F r l.,
Thurs., F r i.,
Oct. 25. Oct. 28. Oct. 29. Oct. 3*, Oct. 31. Nov. 1.
Brown
Bros. & Co__
Baring
& Co____________
Bank Brltslh
North America
Bankof
Montreal.
____
Canadian Bank
of Commerce
Heidelbach, Iekelheimer & Co. . .
Lazard
Freres__
____
Merchants' Bank
of Canada_______

J60 days 4 S1J4
\Sight . 4 86
J60 days 4 82
1Sight-. 4 86
160 days! 4 82
..1 S igh t.. 4 86
]60days 4 82
..1 S igh t.. 4 86
j 60 days 4 82
1S igh t.. 4 -86
J60 days 4 81H
t S igh t.. 4 86
/60 days 4 s m
. .1 Sight-. 4 86
j 60 days 4 82
. rS lgh t.. 4 86

82
86
82
86
82
86
82
86
82
86
82
86 %
82
86
82
86

86
81!^
85
81
85
82
86
82
86
81H
86
S IM
86
82
86

82
86M
82
86
82
86
82
86
82
86
82
86 ^
82
S6 M
82
86

80^
85}^
80 ^
85
81
85
80
85J<
81
85^
80 H
85H
80 y2
85 H
81
85 y2

80
85^
80^
85
81
85 M
80
85 >4
81
85J-6
80
85^
80
85>S
80
85>$

The market closed on Friday at 4 81@4 813^2 f ° r
long, 4 86Yz@ 4 87 for short and 4 88@4 883^ for
cables. Commercial on banks 4 78@4 783^ and
documents for payment 4 78@4 80; cotton for pay­
ment 4 78@4 7834; cotton for acceptance 4 78@
4 80, and grain for payment 4 79% @4 80.
The following gives the week’s movement of money
to and from the interior by the New York banks.
Week ending N ov.

1 1907.

N et Interior
Movement.

Shipped by
Received by
N . Y . Banks. N . Y . Batiks.

Currency............. ..............................
Gold ______________ ________ ________

$3,908,000
1,085,000

*18,938,000 Loss $15,030,000
3,078,000 Loss
1,993,000

Total gold and legal tenders______

$4,993,000

$22,016,000 Loss $17,023,000

With the Sub-Treasury operations the result is as
follows.
Week ending Nov. 1 1907.

Out oj
Banks.

Into
Banks.

Banks’ Interior movement, as above.
Sub-Treasury operations____________

$4,993,000
60,700,000

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

$65,693,000

Net Change In
Bank Holdings

$22,016,000 Loss $17,023,000
9,500,000
51,200,000 Gain
$73,216,000 Loss

$7,523,000

The following table indicates the amount of bullion
in the principal European banks.
Nov. 1 1906.

Oct. 31 1907.
Banks of
Gold.

Total.

Gold.

1 Silver.

£
£
£
t
............. 31 ,729,252 28 ,549,851
England..! 31 .729,252
France__ 111 .428.770 37,504.100 148 ,932,870112 ,515,381;
Germany a 31 ,649,000 8,770,000 40 ,419,000 28 .736,000;
Russia d . 12.i ,469,000 5,235,000130 ,704,000 112 ,846,000
Aus.-Hunb 45 ,441 000 11.729.000 57 ,170,000 46 ,880,000.
Spain____ 15 583,000 25.637.000 41 .220,000 15 ,315,000;
It a ly _____ 36 ,107,000 4,903,200 41 ,010,200 30 ,983,000’
Neth’lands 6 ,793,300 5,106.500 11 ,899,800 5 ,531,300.
Nat.Belg.a 3 ,143,333
1,571,607 4 ,715,000 3 ,252,000
Sweden . _• 4 .245.000
________ i 4 ,245,000; 3 ,875,000!

Total.

£
---- ! 28 .549,851
40,771 ,963 153 ,287,344
8,110 ,000 36 846.000
4,460 .000117 ,306 000
11,770 ,000 58, 650.000
24,257 ,000 39 572.000
3,744 ,400 34 727.400
5,572 ,900 11 104,200
1,626 ,000 4 878.000
....
3. 875.000

Total week 411.588,655 100,456,467 512,045,122 388.483,532 100,312,263 488.795.795
Prev .week 412,752,401 100,683.700513,448,101388,176,278 101,708,130 489.884,40s
a The division (between gold and silver) given In our table of coin and bullion.
n the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; In neither case is it claimed to be accurate, as those banks
make no distinction In their weekly returns, merely reporting the total gold and
sliver; but we believe the division we make is a close approximation.
b The Austro-Hungarian bank statement is now issued in Kronen and Heller in­
stead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent In London, in
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead of 20.
d The total of gold In the* Bank o f Russia Includes the balance held abroad
that Is, the amount held for Russian account In other Continental banks. The pro­
portion so held and consequently duplicated In the above statement is about one
quarter of the total.

N o v . 2 1907.]

THE CHRONICLE

R U S S I A ’S T H I R D E X P E R I M E N T I N A P O P U L A R
E L E C TI O N .
Hardly noticed in the cable dispatches of the day,
Russia is once more passing through the throes of a
popular election. When the second Douma was dis­
solved on June 16 this year, the Czar’s ukase ordered
“ that new elections of members to another Douma
be held beginning September 14, and that the new
Imperial Douma be convoked November 14 of the
present year.” In other words, the reassembling of
that body, and with it the third experiment in bringing
the people into co-operation with the Imperial Govern­
ment in the management of national affairs, is in the
course of a fortnight to be undertaken.
The circumstances under which this third Douma
comes together differ essentially from those under
which either of its two predecessors was convoked.
Both of the two preceding legislatures were elected
by something not very different from universal suf­
frage; that is to say, while various minor restrictions
were imposed on the voting privilege, and while the
women were absolutely excluded, nevertheless it could
fairly be said that the suffrage as extended to the
American people was rather closely copied by the
Russians. Whether such broad extension of the
suffrage in a first expeiiment was or was not a wise
step, and whether it was not bound to result in friction
and trouble between the Executive and the Legislature,
may be a matter of debate. It has been held by many
acute observers that any popular assemblage elected,
as these were, at a time of public passion and excite­
ment, and without even such restriction as the British
electoral law provides, was bound to result in legis­
lative deadlock if not in a sort of chronic revolution.
Such, at all events, was in a very large degree the
history of the two first Doumas and the reason for
their failure. It followed necessarily, therefore, that
in stretching the law to dissolve that Legislature last
June and decree an election of its successor, the Im ­
perial Government should undertake to do what it
might have better done in the beginning, and impose
judicious restrictions against extreme measures on the
part of the electorate in the way of sending a Douma
committed to open hostility to all Governmental
plans.
This was undoubtedly the purpose of the machinery
imposed for this m onth’s election. It does not follow
that the restrictions then set down were wise or judi­
cious; that is precisely the question which the events
of this month, and of the months which follow, must
test. It has been difficult, in fact, to obtain a clear
idea as to just what restrictions the Imperial Govern­
ment has placed on this year’s suffrage. From some
of the more enlightened correspondence, written from
Russia to London newspapers, this much may be
gathered: An effort at the classification of the voters
so as to give preponderance to the conservative ele­
ments has been distinctly made. Voting for members
of the Douma is not, apparently, to be made directly;
on the contrary, the groups into which the population
is divided are to select “ electors,” who in turn will
choose the representatives at St. Petersburg. How
far this method of election, apparently something of a
copy of our own clumsy and virtually obsolete system
of Presidential electors, will serve in a situation such
as Russia’s, must be classed as at least doubtful.




1113

Furthermore, it has been estimated that, the group
described as large “ land holders,” with their classi­
fication arbitrarily fixed for each of the various prov­
inces, will be entitled to name one-fourth of the mem­
bership in the body which elects the Douma. This
is in spite of the fact that the estimated number of
these land holders, one hundred and thirty thousand,
comes to barely two-tenths of one per cent of the male
population of the Empire. Along with this, the
clergy and what are called the “ small land holders,”
are similarly divided off, but with a very much smaller
relative power in the final vote. Dwellers in cities are
similarly classified, property classification playing a
very considerable part. By means of these distinc­
tions, and of a process of dividing up election districts
which appearS to resemble closely our own familiar
“ gerrymandering,” one Moscow correspondent figures
up that of the 5,250 electors for all Russia, 3,383 will
be chosen by land holders of the countryside, leaving
only 1,867 to represent what is estimated as at least
99% of the total Russian population. Y et even this
close restriction of the suffrage classification for the
vote is rigidly held down to continuous residence in
the voting district. In other words, a system, more
or less ingenious, as the event may prove, has plainly
been adopted for the purpose of ensuring choice of a
large majority in the new Assembly by such elements
in the Russian population as the Government deems
conservative in the broader sense, and likely on ,the
whole to sustain the Imperial authority.
How a Douma thus selected will adapt itself to the
singular Russian situation it is not at all easy to con­
jecture. The one most striking experience in the ease
of the second Douma was that the districts on which
the Government had counted for return of ultraconservative legislators turned out actually to have
voted for the Opposition, for candidates not committed
to the Socialist program, but to a positive decision to
refuse all deference to the Imperial power in itself.
Therefore the question in the present case is to what
extent .even the carefully selected voters of this
autumn’s election can be depended on to act in ac­
cordance with the Imperial desire. On the face of
things, and waiving the question whether this present
distribution of the suffrage is equitable or honest,
it should be n^anifest that the chances favor at least
a reasonably conservative Douma membership, as
they have not done before. The.working out of the
experiment will be watched with absorbing interest.
It will, as usual, be complicated to a greater or less
extent, with the financial and economic situation of
the Empire, and with the perennial problem of raising
foreign loans on the Imperial credit . Fortunately for
Russia, there is reason to believe that the nation, will
in a rather unusual degree escape the pressure of
financial and industrial reaction just now at work on
almost all other States. The fact that Russian finance
and industry passed through its own severe and violent
reaction during and after the recent Eastern war,
fairly guarantees against repetition on a formidable
scale of what was witnessed at that time. In a sense,
Russia enters this period of world-wide financial
stringency, much as France, after its own overwhelm­
ing political and financial collapse of 1871, entered the
period of general panic, 1873. It will be recalled that
in the case referred to financial depression on the
European markets did its most serious work, not at

J114

THE CHRONICLE.

rail at Paris but at Vienna and Berlin. More than this,
it should be noticed that in the present agricultural
situation of the world, Russia shares with the United
♦States and
Argentina such benefits
as come
from being the only markets where a fairly abun­
dant supply of export wheat is available in the
face of urgent demand from elsewhere and of high
prevailin ’- prices.
As for the question of a public loan, that is, as usual,
enveloped in much mystery. That the Russian Min­
istry has for some months been making overtures to
its usual banking friends in Paris hardly admits of
doubt. That its applications have been rejected
seems to be equally assured. Indeed, one might
without difficulty have predicted in advance that no
such accommodation could be granted by the Paris
bankers under this year’s conditions. A railway loan
of no great magnitude appears to have been negotiated
in France under the auspices of the Russian Govern­
ment, and this is all. In the meantime, the remark­
able fact exists that in the face of the woi’ld-wide
inquiry for gold, and the pulling by one set of markets
at the gold reserves of others, the Imperial Bank of
Russia still maintains its stock of the precious metal
almost at the maximum of its history. The last
report of the Russian Bank showed gold holdings of
no less than $478,000,000, .whereas they stood a year
ago at only $419,000,000, and this $59,000,000 in­
crease has occurred while outstanding note circulation
of the institution have been expanded by only $21,500,000. We doubt if any other financial institution
in the world is able at the present time to make so
remarkable a showing. That part of the situation
has its bearing, not only on Russia’s own financial
situation, but on the possible requirements of the other
markets with which Russia deals.

BENEFITS

OF M U N I C I P A L
AND
S E R V IC E H A R M O N Y .

PUBLIC

Philadelphia is experiencing the first fruits of the
contract between the city and the Philadelphia Rapid
Transit Company whereby the city has been given a
financial interest in the trolley system. While the
interest of the city is as yet very indefinite and in­
tangible, being merely a promise that the municipality
shall at some future time and upon the fulfilment of
certain conditions, share in the profits of the company,
it is nevertheless proving of enough importance to
provide a motive for co-operation on the part of the
city officials with the officers of the transit company
in an attempt to improve the service of the company,
and also to protect the public service corporation
from assaults which will be herein explained.
The first evidence of an interest in the welfare of
the transit company on the part of the city officials
came in an order from the Director of Public Safety to
teamsters ordering them to keep their teams off the
tracks of the street railways in order that the trolley
. cars might not be impeded. This is a point which the
officers of the trolley company had long sought to gain
and they were unable to obtain the co-operation of the
police department of the city until after the new
agreement with the city had been executed. Of course
it is largely to the advantage of the great body of
citizens who are interested in quick service to have
the car tracks kept clear for the use of the cars; but




[V o l . l x x x v .

the resentment which citizens generally cherished
towards the Rapid Transit Company was sufficient
to cause them to frown upon any effort to aid the com­
pany although such aid might benefit the citizens
themselves. The order of the Director of Public
Safety is important therefore, as indicating a change
in public sentiment, the citizens being less inclined to
stand in their own light. As a consequence of the
new order there is a freer movement of cars during
the rush hours, making it possible for the transit
company to handle the crowds more quickly, thus
adding to the convenience of the passengers and to the
profits of the company.
• •
The second development is of far more importance
to the transit company. It will prove of direct benefit
to the sha.e holders and eventually will shorten the
time which must elapse before the city derives some
income from the agreement with the company. When
public sentiment was opposed to the company, the
ordinary citizen entertained a feeling of resentment
against the corporation, and when such a citizen took
his seat in a jury box to help in the trial of a case for
damages brought against the company, he was more
or less prejudiced against the defendant company. On
this account, it is claimed by officers of the transit
company, verdicts have been returned against the
company awarding excessive damages for trivial in­
juries or possibly on claims which were fictitious. It
is now believed that a kinder feeling will be enter­
tained toward the transit company by the citizens,
since the awarding of verdicts which are manifestly
unjust will not only be to the disadvantage of the
company but also adverse to the interest of the com­
munity.
In the annual report of the Philadelphia Rapid
Transit Company for the year ended June 30th last,
President Parsons called especial attention to the evils
of the claims department. .During the past year the
settlement of claims called for the disbursement of
$1,217,586, an increase of $326/266 over the previous
year. There was thus paid out for claims last year
an amount sufficient to have paid a dividend of four
per cent upon the authorized capital stock of $30,000.000. Ten years ago 2l/2 to 3 per cent of the gross
receipts took care of the claims for accidents, but now
the amount required is approaching 7 per cent. In
further explanation of this drain upon the company’s
income Piesident Parsons says:
“ This increase is due largely to a new enterprise
which has_ grown up and which has been termed
‘Ambulance Chasing.’ The slighest accident is hunt­
ed up and reported by runners in the employ of lawyers
of doubtful standing, many of whom are briefless
except for this class of business, but who are most
expe:t in prepaiing cases of this character in such a
manner that they will meet the requirements of the
law and catch the sympathy of the jury. There are
many physicians in league with these lawyers, whose
testimony is of such a nature as to exaggerate the
injury and to show that any trouble the claimant
may be suffering from might have been caused by
the accident. It is but a short step from the exagger­
ation of an injury to the manufacture of a claim, and
there is no doubt that in many cases we have been
forced to pay money in settlement of claims which
have been absolutely unjust. The new relations
between the company and the city should go far
towards correcting this evil.”
The statement of President Parsons was so startling
and it was so manifestly to the interest of the city to

N o y . 2 1907.!

THE CHRONICLE.

aid in breaking up this business of “ Ambulance Chas­
ing” that the Director of Public Safety, aided by the
detectives of the Rapid Transit Company, at once set
about correcting the evil. Facts have been un­
earthed which indicate that there has been a well
organized effort to collect all data relating to accidents
caused by trolley cars and that the police force has
been utilized as an agent in behalf of the class of
lawyers who have been making a specialty of this
kind of claims. Following the investigation a surgeon
of police has been dismissed. A sergeant has also
been discharged and an order has been issued for­
bidding all persons who are connected with the police
bureau in any capacity from telephoning to lawyers,
or the agents of lawyers, facts relating to accidents.
The investigation revealed that some persons con­
nected with the bureau of police made a business of
keeping the runners for the lawyers promptly informed
by telephone of all accidents so that they could im­
mediately collect data and solicit business for their
principals from the injured parties.
The crusade against “ ambulance chasing” in Phila­
delphia has just begun and before it is ended the Bar
Association and the College of Physicians will be apt
to lend their influence towards disciplining any
members of the legal or medical professions who have
been guilty of improprieties. A few years ago an
example was made of one Philadelphia lawyer who
was convicted of procuring false testimony in a suit
for damages against the trolley company, and he was
disbarred. A similar case occurred in New Jersey in
a suit against the Public Service Corporation, where
it was disclosed that the claimant, a woman, had
sued and obtained damages from trolley companies
in many cities from the Pacific to the Atlantic ocean,
the claim being based upon a broken ankle.
It
was shown that the lawyer was in collusion with
the plaintiff. These and similar cases are isolated
examples that come to the knowledge of the public
occasionally, but it is doubtful if anywhere else there
has grown up such a systematic effort to defraud a
public service corporation as has been developed in
Philadelphia, where it has come to be regarded as a
species of graft, which menaces in many forms that
too-contented city.
There is always the possibility of corrupt practices
within the corps of organized agents employed by
the trolley company to effect settlements with passen­
gers and others who have claims. Officers of trolley
companies can cite examples which have come to
their knowledge where claimants have divided the
spoils obtained from a company with the agent who
was employed to serve only the interests of the com­
pany against which the claim was made. From the
above it will appear that there are various reasons
why the disbursements of the Philadelphia Rapid
Company in settlement of claims for damages have
grown so prodigiously.
As all the trolley lines in
Philadelphia are operated by one company, there is
no competition and therefore there is not the usual
incentive to move cars rapidly. The tracks are in
excellent condition, there are no high grades, the equip­
ment is in fair condition, and, all things, considered
the Philadelphia Rapid Transit Company ought, rel­
atively, to have fewer claims for damages based upon
accidents than arise from the operation of lines in
the average city.




1115

T H E M I S S O U R I P A C I F I C REPORT.
The annual report of the Missouri Pacific Railway
Company attracts unusual attention this time by
reason of the low prices to which the shares have
fallen on the Stock Exchange. The stock is paying
5% dividends per annum and yet sales have been
made (in the general liquidation of course which is
taking place) at below 50, the price October 24 having
touched 48 and the close yester day having been at 53J^ •
There is nothing in the annual report which will ac­
count for this weakness. The report shows that on
the operations for the twelve months ending June 30
there was available for dividends (over and above ex­
penses and charges) the sum of $7,698,103, whereas
the call for the 5% dividends on the $77,817,875 stock
outstanding was only $3,890,875— that is, available
net income was almost twice the requirement for divi­
dends. In other words, while only 5% was paid on
the stock, nearly 10% was earned.
Following the great expansion in earnings in previous
years, there was a further gain in the year under
review of $4,136,521 in the gross and of $1,903,856 in
the net. The result as to net is much better than in
the case of most other large systems— that is, a smaller
portion of the gain in gross has been eaten up by aug­
mented expenses; the reason is found in the fact that
in the previous fiscal year, with which comparison is
made, the system had an unusual number of adverse
circumstances to contend against and these were not
repeated in the period under review. Among such
special adverse circumstances at that time were the
yellow fever, the coal strikes and some serious wash­
outs of track and impairment of bridges in Missouri,
Kansas and Arkansas, which latter added materially
to the expense of operation, while greatly retarding
the movement of traffic. Some damage was also
done by floods in 1906-07, but the report points out
that the outlays on that account were $71,431 less
than in the previous year, the saving being ascribed in
part to improvements made to prevent encroachments
from high water.
The aggregate increase in expenses for the twelve
months was $2,232,665 on an increase of $4,136,521 in
the gross revenues. Of the total augmentation in ex­
penses only $453,117 occurred in the cost of conducting
transportation. The small addition under this head
is explained in part by the absence of the special draw­
backs existing in the previous year, as already men­
tioned, but in great measure also is due to the in­
creasing efficiency with which operations are con­
ducted. The road carried 347,451,432 more tons
of freight one mile and 35,068,854 more passengers
one mile— the ratio of gain in the one case being 7.5%
and in the other 8.8% — while cost of conducting trans­
portation rose only 2.6%. Turning to the traffic sta­
tistics, we find that the average train load (including
company freight) was further enlarged by nearly 18
tons, bringing the average up to 343 tons, which com­
pares with 325 tons in 1905-06 and 302 tons in 1904-05.
I t is chiefly owing to this fact that freight trains
earned an average of $2 49 per mile run, against $2 33
in 1905-06 and only $2 27 in 1904-05.
Like other large systems, the Missouri Pacific is
contending with a steady rise in the price of labor, and
this is an unfavorable feature, more particularly as the
advances made did not in all cases count for the full

1116

THE CHRONICLE.

twelve months, making it evident that these will con­
tinue to be an influence in the operations of the new
or current fiscal year. There are numerous references
in the report to these increases in wages and the part
which they have played in enlarging the expense ac­
counts. Thus, in speaking with reference to the ex­
penses of conducting transportation, it is stated that
a concerted movement of the various organizations in
train service for a decrease in hours and an increase in
wages was made in December, and after a protracted
joint conference of railways of the West and South
with these various labor organizations at Chicago, and
the intervention of the Chairman of the Inter-State Com­
merce Commission and the Commissioner of Labor, a
general advance of substantially 10% was made, tak­
ing effect in February and April 1907. It is also stated
that this increase, together with the advance in wages of
yard men granted in November, and other increases
necessary in the rate of pay of transportation depart­
ment employees, augmented the expenses of operation
of that department approximately $625,000 annually.
There is allusion to the same subject under the head
of maintenance of equipment and likewise under the
head of maintenance of way and structures. In the
former place, the statement is to the effect that an
average increase of 9% in the wages of employees of
the machinery department, which was effective from
six to seven months o f the year, and the very consid­
erable advance in the cost of materials entering into
the repairs of all classes of equipment, added largely
to the year’s expenditures. Under the head of mainte­
nance of way and structures, it is pointed out that the
general advance in wages of all classes of labor com­
pelled an increase of practically 20% in the wages of
section laborers during the latter half of the year, and
that, even with this increase, it was difficult to secure
the labor required. Furthermore, it is noted that the
cost of material has gradually advanced throughout
the year, notably in ties, the increase in the cost of
which is given as approximately 22%.
Vice-President Clarke adverts to one very favorable
feature in the business of the road which should not be
overlooked. He says that the system should no longer
be considered as depending solely f or results on the pro­
ducts of the farm. Notwithstanding the fact that as
much as 60% of the company’s lines runs through fertile
prairie and that the crops of 1906 were close to the
largest ever produced, and from which a full measure
of traffic was derived, the products of agriculture
and of animals and their products contributed only
23% of the total freight revenues. On the other hand,
the products of mines, forests and manufactures con­
tributed 77% of the total. He notes that great strides
are being made in manufactures by conversion into
finished products of the abundance of raw materials
adjacent to the lines. The markets for these, he well
says, are co-extensive with the country. The pro­
ducts of the mines and forests, of which there is an
abundant supply for years to come, provide a large
volume of tonnage, the demand for which in the past
has been continuous and in excess of production. A t­
tention is also directed to the fact that there were estab­
lished on the company’s lines during the year 422 indus­
tries of various kinds, employing capital to the amount
of $19,997,700.
President George J. Gould in his remarks, which are
comparatively brief, notes that business conditions




[V o l . l x x x y .

during the year were very good, and that the road and
equipment were severely taxed in providing for the
transportation of many commodities. I t is evident
that the management has been active in providing the
facilities with which to handle the constantly growing
volume of traffic. A t all events, it appears that one
contract was made whereby 50 locomotives were pur­
chased at a cost of $770,750 and another whereby 85
locomotives were purchased at a cost of $1,075,000.
Moreover, on April 15 1907 the Missouri Pacific exe­
cuted an equipment trust for $3,730,350 for the pur­
chase of 3,000 coal, 750 ballast and 750 stock cars,
while on June 1 1907 the St. Louis Iron Mountain &
Southern executed an equipment trust of $4,065,300
for the purchase of 4,500 box cars. Here we have an
outlay altogether of nearly $10,000,000 for new equip­
ment.
President Gould refers to the adverse legislation
enacted against the railroads in Illinois, Missouri, A r­
kansas, Kansas and Nebraska, and makes pertinent
comments on the same. He says that railroads cannot
meet the requirements of the public so long as the ad­
verse wave of sentiment now prevalent throughout the
land is directed against them, and given concrete ex­
pression in the form of drastic laws which increase
their expenses, reduce their revenues and render them
incapable of improving their service and enlarging
their facilities. Proceeding,he says: “ It is essential
to the industrial progress of the country that the trans­
portation facilities should not only be maintained but
improved and enlarged. To accomplish this the rail­
ways must receive remunerative returns for the ser­
vices rendered. In this way only can they maintain
their credit and that degree of confidence in the finan­
cial world that will enable them to command capital
for additional facilities to meet the increasing require­
ments of the great business development now taking
place throughout the country. Time will surely show
that it is only through fair and reasonable treatment
by the State that the railways will be enabled to best
subserve the public interests.” Mr. Gould here states
some truths which cannot be controverted, and had
they been kept in mind by our executive and legisla­
tive officials certain recent unfortunate experiences
through which the country is now obliged to pass could
have been averted.
T H E N A T I O N A L R A I L R O A D OF M E X I C O A N D
THE M E X IC A N INTERNATIO NAL.
The merger of the National Railroad of Mexico and
allied properties with the Mexican Central Railroad,
under the control of the Mexican Government, is de­
layed for the time being by the condition of the world’s
money markets. Meanwhile, the appearance this
week of the annual report of the National Railroad Co.
and of the Mexican International serves to direct at­
tention anew to the growth of these properties and to
the industrial development of Mexico itself.
The reader may recall that the National Railroad
controls the Mexican International and also the Interoceanic Railway, and that the National, in turn, is
controlled by the Mexican Government. The capital
stock of the National Railroad aggregates $62,182,925
(consisting of $304,100 of common stock, $11,015,300
of deferred stock, $22,030,600 of second preferred
stock and $28,832,925 of first preferred stock), and of
this the Mexican Government held, at latest date,

N o v . 2 1907.]

$10,975,300 deferred stock, $9,343,900 second preferred
stock and $10,000,000 first preferred stock, or alto­
gether $30,319,200.
The prospects of the National Railroad have been
very greatly improved in recent years through two
main circumstances. In the first place, in common
with other Mexican railroads and Mexican enterprises,
the company is enjoying the advantages which come
from the doing away with the fluctuation in the value
of the Mexican silver dollar. This Mexican dollar now
has a fixed value of 50 cents in gold. Under the reform
inaugurated in the Mexican currency about two and
a half years ago, the stability of the value of the Mexi­
can dollar has been definitely established at that figure.
The benefits consist not alone in the circumstance that
a given amount in Mexican silver will produce more in
gold than before, but also in that the Mexican dollar
possesses increased purchasing power in the buying
of the materials and supplies needed in the operation
of the road. As these supplies have to be bought in
large part outside of Mexico, and paid for in gold, it will
readily be seen that this last is a matter of no little
consequence.
The other circumstance which has done much to
promote the prosperity of the National Railroad is the
change of a considerable portion of the mileage of the
system from narrow-gauge to standard width. For­
merly the National was exclusively a narrow-gauge
line. The work of changing the main line was com­
pleted in October 1903, and on N ov. 8 1903 standardgauge through train service was inaugurated between
Corpus Christi and the City of Mexico. Including the
cost of the El Salto cut-off, which formed part of the
general scheme for securing a standard-gauge line from
the Gulf of Mexico, at Corpus Christi, Texas, through
Laredo to the City of Mexico, and also the cost of the
new equipment that had to be procured, this im­
provement involved altogether an outlay of over $10,000,000. In the year under review, also, the piece
of road between Acambaro and San Juan Junction, a
distance of 50 miles, was changed to standard gauge.
Altogether, out of 1,732 miles operated, 1,358 are now
standard gauge. This latter includes the Matamoros
branch, or extension, of 205 miles, the building of which
marked another important event in the affairs of the
National Railroad; it involved the construction of a line
from a point near Monterey to San Miguel de las
Cuebas and the change of gauge of the old line from
the last mentioned point to Matamoros. The entire
line was opened for standard-gauge service on May 5
1905.
As showing the expansion in the revenues of the
National Railroad in recent periods, it may be noted
that, for the twelve months under review, gross earn­
ings (exclusive of the revenues derived from the car­
riage of construction material) aggregated $15,724,393,
whereas four years before the corresponding aggregate
was only $9,327,071. Net earnings in the same four
years have risen from $3,896,652 to $5,722,831. The
company is paying 2% per annum on its first preferred
stock, calling for $576,658 in gold, and the available
net income in gold (above fixed charges) for the year
was no less than $1,008,085. I t is interesting to ob­
serve that higher wages are as much a feature in Mexico
as they are in the United States. The cost of operat­
ing the property increased during the year from 61.44%
of the gross earnings to 63.95%, and in explanation




1117

THE CHEONICLE.

it is stated that the rise is attributable to the higher
wages paid employees and to advances in cost of ma­
terials. To this the statement is added that, in keep­
ing with the experience of all other enterprises, both
industrial and railroad, the company was compelled
during the year to materially advance the scale of
wages paid the employees, it being computed that the
same had been augmented approximately 12%. This
fact is the more significant seeing that out of 10,150
employees in the service of the company at the close of
the fiscal year on June 30 all but 670 were Mexicans.
W e have stated that the National Railroad controls
the Mexican International. This control is held
through the ownership of $15,785,400 of the $20,708,200 stock of the International , besides the whole $4,499.000 income bonds of the same company and $3,000,000 of the 4% consolidated mortgage bonds of
that company. The National Railroad also controls
the Interoceanic Railway, owning 125,533 out of the
170.000 £10 ordinary shares, 10,200 out of the 100,000
£10 preferred shares and £1,038,400 out of the £1,150.000 4J^% second debenture stock of the Inter­
oceanic Railway. Altogether, the total extent of
mileage embraced is very large. The National Rail­
road has 1,732 miles, the Mexican International 918
miles, the Interoceanic Railway 736 miles, besides
which the Hidalgo & Northeastern, which has also
been acquired, comprises 152 miles more, giving a
total of 3,538 miles. In the National Railroad report
the result of the operations of the other roads appears
in the income received by it on its holdings of the se­
curities of these roads. These latter likewise are dis­
tributing much less than their earnings would seem to
warrant— at least that is conspicuously true of the
Mexican International. From the report of that com­
pany it appears that a gain in gross earnings for the
twelve, months of $1,258,558 in silver was attended by
an augmentation in expenses of $1,528,915, thus caus­
ing a loss in net of $270,357. Nevertheless, net income
in gold was sufficient to pay the interest not alone on
the bonded debt, but also on the incomes, and yet
leave a surplus on the year’s operations of $690,295 in
gold to apply towards meeting $1,990,958 expendi­
tures for additions, betterments and new equipment.
ITEMS ABOUT BANK S, BANK ER S A N D TRUST CO’S.
— The public sales of bank stocks this week aggregate
298 shares, of which 262 shares were sold at the Stock E x­
change and 36 shares at auction. There were no transactions
in trust company shares. Two lots of stock of the Fourth
National Bank were sold— one of 30 shares at auction on
Wednesday at 169 and one of 50 shares at the Exchange on
Thursday at 185. The table below, given in our usual form,
shows the actual sales of New York City bank stocks made
during the week at auction and at the Stock Exchange.
Extensive tables showing the bid and asked quotations, de­
posits, surplus, &c., of banks and trust companies in all im­
portant cities of the United States are published monthly in
the “ Bank and Quotation” section, the November issue of
which accompanies to-day’s “ Chronicle.” Bid and asked
quotations for all New York City bank and trust company
stocks are also published weekly in another department of
the paper, and will be found to-day on pages 1126 and 1127.
Shares. B A N K S — New Y o rk .
£212 C ity B a n k. N a t i o n a l _______
0 F id e lit y B a n k ........................
a80 F ou rth N a tio n a l B a n k ____
x Sold at the S tock E x ch a n ge ,
th e S to ck E xch an ge.

Low .
240
160
169

H ig h .
240
160
185

Close.
L ast vrevlou s
240
O c t. 1907—
160
D e c . 1901—
185
O ct. 1907—

sale.
250
233|i
185

a O f this am ou nt 50 shares w ere sold at

— The improvement noted at the close of last week in
banking and financial affairs has continued through the
present week. While there have been several suspensions,

1118

THE CHRONICLE.

only one or two of these have been of any consequence, and
the tendency, on the whole, has been toward growing confi­
dence in the situation. One.of the factors operating towards
this end was the decision last Saturday of the New York
Clearing House Association to issue Clearing House certifi­
cates, this action having since been followed by numerous
other clearing houses throughout the country. W ith the
relief afforded by the issuance of these certificates, banking
interests were not called upon to form any more money pools.
Then, too, the savings banks of the city, in agreeing on Fri­
day last to enforce the sixty-day or ninety-day requirement
with regard to the withdrawal of deposits, forestalled a run
in that direction. There were similar announcements of
the enforcement of this requirement outside the city. The
New Y ork trust companies also adopted measures on Sun­
day tending to co-operate with the Clearing House in the
decision to pay depositors in certified checks on Clearing
House banks, instead of in cash. Apropos of the trust com­
panies, action was taken on Saturday last looking toward
the adoption of an amendment to the constitution of the
Clearing House intended to provide for the admission of
the trust companies to direct membership in the association.
The announcement on Saturday and Monday of very ex­
tensive gold engagements from abroad also played an im­
portant part in improving the outlook. In an effort to
minimize demands for money in the stock market, the
principal banking interests restricted business on the Stock
Exchange to a cash basis as far as possible, discouraging
operations on margin.
The runs which were in progress on the several local insti­
tutions a week ago were for the most part spent with the
close of business on Saturday last, and in cases where they
were resumed on Monday, like the Trust Company of Amer­
ica and the Lincoln Trust Company, they kept diminishing in
importance from day to day. In addition to the Brooklyn
institutions whose suspension was announced in the “ Chron­
icle” of last week, the Terminal Bank of that borough closed
its doors on Saturday, the 26th ult. The resignations of
President Frank Jenkins and Secretary W . Addison Field
of the Williamsburgh Trust Company of Brooklyn, which
closed on Friday last, were announced during the week.
The Bath Trust Company, of Bath, Maine, which is controlled
by Charles W . Morse, suspended on Monday of the present
week. On the same day the Bankers’ Trust Company of
Kansas City shut its doors, and that day also witnessed the
closing of the Dollar Savings Bank of Akron, Ohio, following
the suicide of its Gashier. Acting Governor Filson of Okla­
homa on Monday, in compliance with the request of the
bankers, issued a proclamation, printed herewith, declaring
a six days’ holiday:
Whereas, I t appears to the undersigned a c tin g G o vern o r o f the T e r rito ry
o f O klah om a th a t a ll o f the lea d in g cities o f the U n ited S tates, through
th e ir clearin g house associations, h ave en tered In to an agreem ent to pro­
t e c t them selves against co n d ition s w hich th e y are a p p a re n tly unable to
co n tro l, and b y such con certed a ction are refu sing to ship cu rren cy to
co u n try banks w hich h ave deposits w ith th em o r to h onor the bills o f la din g
d raw n upon the banks o f such, or to p a y checks o f custom ers o v e r the
counters; and.
Whereas, Such a ction m akes it im possible fo r th e banks o f O klahom a
t o m eet the im m ediate dem ands upon th em fo r cu rren cy to p a y fo r the
c o tto n and o th er produ cts o f the T e r rito ry : and ,
Whereas, Our banks appear to be in a so lven t co n d itio n ; th e re fo re , be it
Ordained, T h a t a leg a l h olid a y e x te n d in g from O c t. 28 six d a ys io N o v . 2
be procla im ed.
(S ign ed) C H A R L E S F I L S O N ,
A c tin g Governor.

Governor Chamberlain, at the request of the Portland
Clearing House, on Tuesday declared a five days’ holiday.
Despite the proclamation, it is stated, one Portland bank,
the German-American, opened for business as usual on
Tuesday. The Pittsburgh Stock Exchange, which was
closed on Thursday, Friday and Saturday of last week, re­
mained closed this week. Grain trading on the Duluth
Board of Trade was suspended on Monday, and it was stated
that business would not be resumed until a return to better
conditions. On Tuesday the New Orleans Stock Exchange,
at the request of the Clearing House, discontinued business
for the remainder of the week, except for trading in State,
city and levee bonds. Several of the Nevada banks which
had closed with the declaration of the holidays in that State
last week, reopened the present week. Press dispatches
state that a four days’ holiday declared by Gov­
ernor Mead of Washington on Tuesday night has been
characterized as absolutely needless and the associated banks
of Seattle, Tacoma and Spokane have therefore unani­
mously decided to ignore the proclamation. The action of
the Governor, it is said, is criticised as uncalled for and
hasty. Governor Gillett of California on Wednesday night




[V o l . l x x x v .

declared the following day a legal holiday, and announced
his intention of issuing like proclamations daily, it is stated,
until confidence shall be restored. Notwithstanding this,
it was reported that leading Los Angeles financial institu­
tions had decided to open as usual. In San Francisco, also
the banks generally, it is said, have not taken advantage
of the holidays.
The Governor’s decision was an­
nounced almost simultaneously with the report of
the closing of the California Safe Deposit & Trust Company
of San Francisco. A suspension occurred in New York on
Wednesday, when the Stock Exchange house of Kessler &
Co. assigned. The assignment was not made until after the
close of the Stock Exchange, and it therefore had no effect on
the market of the day. On Wednesday Comptroller Ridgely,
after consultation with Secretary Cortelyou, issued a state­
ment urging national banks to increase their circulation.
Secretary Cortelyou also issued a statement on the subject,
in which he stated that “ it would be possible to increase
national bank circulation by over $300,000,000 before the
limit of capital stock is reached.” Many of the banks pre­
pared to act on this suggestion, and from Chicago particu­
larly there came reports of large proposed additions to the
volume of outstanding notes.
— The plan to issue Clearing House certificates, with the
intention of relieving the money strain, was unanimously
approved at a special meeting of the New York Clearing
House Association on Saturday last. Prior to the meeting
a conference to consider the advisability of resorting to such
action was held between the Clearing House Committee and
several bankers, among whom was George W . Perkins, of
J. P. Morgan & Co. The decision to submit the question to
the Association itself was reached at this conference, and a
meeting for the purpose was almost immediately called, a
full attendance being present. Under the plan of the Clear­
ing House, any bank which has a debit balance against it,
instead of being obliged to settle the balance in cash, may
deposit with the Clearing House Committee any securities it
has in its vaults, and obtain certificates representing 75%
of their value. W ith these certificates its debit balance at
the Clearing House can be settled. The certificates bear
interest at 6% . The Advisory Committee which is to
manage the issuance of the certificates is composed of James
G. Cannon, Vice-President of the Fourth National Bank;
W alter E. Frew, Vice-President of the Corn Exchange
Bank; Henry P. Davison, Vice-President of the First
National Bank; Gates W . McGarrah, President of the
Mechanics’ National Bank; and A . H . W iggin, President of
the Chase National Bank.
A t Saturday’s meeting of the Clearing House Association a
resolution thanking J. Pierpont Morgan for the aid extended
b y him during the week was unanimously adopted. Another
resolution, given herewith, commending Secretary of the
Treasury Cortelyou for the assistance which he rendered,
was also adopted by the Clearing House.
W hereas, S ecre ta ry C o rtely ou has paid us th e c o m p lim en t o f personally
co m in g to this c it y and personally and a c tiv e ly co-op era tin g w ith the
C learing-H ou se au th orities in m eetin g th e serious co n d itio n in business
affairs n ow ex istin g ; a n d ,
Whereas, H e has rendered m a teria l aid n ot o n ly w ith the resources o f
his grea t o ffic e , but also w ith his personal counsel; th erefo re, be it
Resolved, T h a t w e te s tify our apprecia tion o f th e services rendered b y
S ecreta ry C ortelyou and Indorse and com m end in the highest term s his
splendid abilities and th e dignified and business-like a d m in istration o f his
grea t o ffic e .

President Roosevelt, in a letter to Secretary Cortelyou on
the 25th ult., likewise took occasion to congratulate the
Secretary and “ also those conservative and substantial busi­
ness men who in this crisis have acted with such wisdom and
public spirit. By their action,” he added, “ they did in­
valuable service in checking the panic which, beginning as a
m atter of speculation, was threatening to destroy the confi­
dence and credit necessary to the conduct of legitimate
business.” The part played by Messrs. Morgan and Cortel­
you in helping to secure a return of confidence, has also been
recognized by the Executive Committee of the Merchants’
Association, which this week adopted resolutions acknowl­
edging their services. The Philadelphia Clearing House
Committee has also extended its thanks to Secretary Cor­
telyou.
Among the cities which have since followed the lead of
New York City in the matter of issuing Clearing House cer­
tificates are Boston, Philadelphia, Baltimore, Louisville, Pitts­
burgh, Cleveland, Columbus, Cincinnati, Des Moines, Detroit,
Fort Wayne, Lafayette, Indianapolis, Chicago, Milwaukee,

ifo v . 2 1907. J

TH E CHRONICLE.

Kansas City, Topeka, St. Louis, Louisville, Omaha, Denver,
Salt Lake City, Spokane, Muskogee, Sioux City, San Fran­
cisco, New Orleans, Mobile and Houston, Texas. The St.
Louis certificates bear 8% interest.
In St. Louis the Mercantile Trust Co., the St. Louis Union,
the Mississippi Valley and the Commonwealth trust compan­
ies were requested by the Clearing House to require depositors
to give the necessary legal notice for the withdrawal of sav­
ings deposits and the banks also decided to restrict withdraw­
als. The trust companies in Indianapolis likewise decided to
take advantage of the time requirement allowed by law before
paying depositors. In Minneapolis, St. Paul and Duluth
the bankers agreed to suspend temporarily the payment of
money on checks, certificates of deposits or drafts, except
for small sums, and further, for the present, to furnish no
money to bank correspondents; the banks will certify checks
on balances payable through the clearing houses only. The
savings banks and trust companies, and the savings depart­
ments of the national banks of these three cities have availed
of the notice which they are entitled to receive under the law
with regard to the withdrawal of deposits. The savings
banks and trust companies of Cleveland, at the instance of
the Clearing House, have also taken advantage of the time
notice which may be required from depositors on sums
in excess of $50. The national banks in Omaha have lim ­
ited the amounts of withdrawals to $100, and on small
accounts to 20% of the deposit, and so, too, have the
Pueblo and Colorado Springs banks. The Denver banks have
also restricted withdrawals to $100. The Cincinnati banks
with savings deposits have taken
advantage of the
sixty-day clause, and in Providence, Baltimore, Akron,
New Orleans and San Francisco the savings banks have en­
forced the usual notice of withdrawal of deposits. The usual
requirement has also been enforced by the banks and trust
companies of Kansas City, Mo., the Detroit savings banks,
the Louisville State and national banks, the savings banks of
Mobile, the Des Moines savings banks and savings banks in
Bridgeport, Conn., and Fair R iver, Mass. The Montgomery,
A la., banks have limited the amount to be withdrawn by a
depositor to $25 per day, except in cases of railroad and in­
dustrial concerns, which are obliged to meet pay-rolls. The
sixty-day clause governing savings deposits is in force in
New Orleans, where the associated banks have limited cur­
rency payments to any one depositor to $50, except in cases
where a deviation from the rule seems necessary. The P ro v i­
dence Clearing House on Saturday last took action toward
giving assistance to banks if called upon, with the recom­
mendation that in the payment and certification of checks,
such checks shall be made payable through the Clearing
House.

F a ilu re to keep such reserve shall be su ffic ien t ground fo r a ction under
S ectio n 20 o f th e con stitu tion , w hich provid es fo r th e ex pu lsion o f m em bers
o f th e a s so cia tio n ."

I f the resolution is adopted, trust companies for the first
time will be admitted to full membership in the Clearing
House, the method having in the past been to accord these
institutions Clearing House privileges through the banks.
Up to 1904 a number of the large trust companies availed
of these privileges. In 1903, however, amendments to the
constitution of the Clearing House Association were adopted,
one of which related to the reserves of non-members. This
called for the maintaining of a cash reserve of 5% after June 1
1903, a reserve of 7J^% after Feb. 1 1904, and after June 1
1904 an amount to be fixed by the Clearing House Asso­
ciation; but to be not less than 10 nor more than 15%.
When these requirements became operative only a few of
the trust companies continued their affiliations with the
Clearing House. A t the present time the Manhattan and
Van Norden Trust companies are the only companies with
Clearing House privileges. The Knickerbocker Trust Com­
pany, up to the day it closed, cleared through a member
bank.
— The decision of the local savings institutions to avail of
the law giving the right to require from thirty to ninety
days’ notice of withdrawal of deposits was reached on Friday
last, following a run on several uptown banks. The action
was the outgrowth of a conference of a committee which
had been appointed at a meeting of savings bank Presidents
the evening before with the Clearing House Committee of
the Associated Banks. Announcement of the action was
made in the following statement:
A t a m e etin g o f savings bank o fficers h eld to consider th e present e x istin g
fin a n cia l co n d itio n s it was deem ed w ise to requ ire th e usual leg a l n otice
fo r th e w ith d ra w a l o f dep osits. Th is a ctio n w as ta k en in th e co n v ic tio n
th a t it w ill best conserve th e In terests o f a ll depositors.

I t is understood that the banks will exercise their own
discretion in the matter of enforcing the requirement. They
will not entirely suspend payment, but will meet calls for
moderate demands, the lim it of money to be drawn on one
account having been fixed at $50 in some instances and in
others at $100. The Brookljm banks have also enforced the
required notice and banks in other cities have announced
the adoption of a similar course, as noted elsewhere.

— On Monday of this week the Chicago banks, by unani­
mous agreement, began the use of Clearing House certifi­
cates to settle daily bank balances; these certificates bear
interest at 7% . On the same day all local savings banks
gave notice to depositors that sixty days’ notice of with­
drawal of funds must be given in view of the financial
stringency throughout the country.
This naturally created
more or less consternation among the more ignorant of the
savings depositors and brought about something like a “ run”
— The Boston Sub-Treasury on Wednesday temporarily on a few banks on Monday and Tuesday; but a frank ex ­
withdrew from the Boston Clearing-House, in order to assist planation by the bank officers of the necessity for this pre­
the banks by direct dealing on a cash basis. The banks now caution satisfied most of the anxious depositors, and since
clear their own accounts at the Sub-Treasury, making settle­ then conditions have been normal. Chicago banks stopped
ments in cash. The “ Boston News Bureau” states that shipping currency for two or three days to their corre­
the amount of certificates issued by the Clearing House up spondents South and West; but for the past day or two
to Friday has been as follows: Monday, Oct. 28, $2,425,000; have resumed such remittances on a moderate scale in cases
Tuesday, Oct. 29, $1,850,000; Wednesday, Oct. 30, $1,200,- where the demand seemed imperative. Nearly all the banks
have sent to their customers rubber stamps to be used on
000; Thursday, Oct. 31, $520,000; total, $5,995,000.
checks stating that they are “ Payable through the Chicago
— The question of admitting trust companies as Clearing
Clearing House.” This is simply to enlarge the amount of
House members was considered at the meeting on Saturday
business done by check and reduce the actual cash require­
last of the New York Clearing House Association, the matter
ment. The holder of such a check can get credit for it at
having been brought before the Association by J. Edward
his bank, but cannot demand cash on it. It was stated early
Simmons, President of the Fourth National Bank. It was
in the week that the First National Bank of Chicago had en­
suggested that an amendment to the constitution of the
gaged $2,000,000 gold in London, which should arrive the
Association be adopted under which trust companies main­
coming week. It has since drawn on London for another
taining a cash reserve of 15% would be admitted to member­
$1,000,000 gold, making $3,000,000 during the week, and the
ship on the same footing with the banks, which are required
Illinois Trust & Savings Bank for $500,000.
to keej) a reserve of 25%. The amendment proposed is as
— The banking firm of Kessler & Co. of 54 W all Street
follows:
assigned
on Wednesday after the close of business on the
N o tic e is h ereby giv en th a t at the n ex t m eet n g o f this association there
w ill be presented fo r a d o p tion b y the vo te o f a t least a m a jo rity o f the asso­
Stock Exchange. The assignment, the immediate cause of
cia tion a proposed am en dm ent to the constitu tion o f th e association to
perm it trust com panies to becom e m em bers In the term s set fo rth in the
which was said to have been the inability to sell foreign
follow ing: xesolutlon:
drafts, was made to William Williams, of 35 W all Street,
Resolved, T h a t the co n stitu tion o f th e N e w Y o rk C learing-H ou se A sso­
cia tion be, and the same Is, hereby am ended b y a d d in g th e reto a new
formerly United States Commissioner of Immigration.
sec tio n to read as follow s:
"S e c tio n 28. T ru s t com panies organ ized u nder th e S ta te o f N e w Y o rk
The liabilities are estimated at $2,000,000, and the assets
m a y be a d m itted as m em bers o f this association in the same m a n n er and
to th e same e x te n t as banks m a y be a d m itte d , and w h en so a d m itted shall
are said to consist mainly of unsold bills of exchange and
be e n title d to a ll th e righ ts and ben efits and su bject to all th e condition s
and obligation s to w hich bank m em bers are or shall be en title d o r subject
various securities, including about 12,000 shares of Cripple
u nd er th e provisions o f th e constitu tion .
Creek Central R y. stock. The firm is composed/of Alfred
" T r u s t com pan ies, h ow ever, b ec om in g m em bers o f the association shall
be requ ired , a cco rd in g to presen t proposals, to keep from tim e to tim e a
Kessler, the Exchange member; Rudolph E. F. Flinsch and
cash reserve In th eir ow n vau lts o f not less than 1 5 % o f th e ir deposits.




1120

THE CHRONICLE.

[V o l . l x x x v .

William K . Gillett. Mr. Kessler on Wednesday made the
following statement with regard to the failure:

open ing.
B u t th e b a n k, h o w eve r, w ill be open d a lly du rin g ba n k in g hours
to receive p a y m e n t o f claim s due th e bank; and a ll debtors are u rg e n tly
requ ested to p a y p r o m p tly t h e ir n otes, accordin g to th e ten or o f th e sam e.

T h e Im m ed ia te cause o f our suspension Is n ot th e stock m a rk et, w ith
w h ich w e h ave had v e r y little to d o . I t Is due t o our in a b ility to sell our
fo reig n d ra fts as w e h ave been accu stom ed to d o fo r m a n y years, and th e
failu re o f one o f our partners, w h o Is v e r y 111, to furnish us th e Im m ediate
cash w h ich w e e x p ected and w h ich w as necessary to m eet our m a tu rin g bills.

— The First National Bank of Murfreesboro, Tenn., closed
its doors yesterday, because of a run which arose, according
to reports, from the protesting of a note of its President,
W . B. Earthman. The bank has a capital of $200,000.

The house was founded by William Kessler in 1854,
and originally engaged in the importation of dry goods.
In 1882 the firm entered the banking and exchange business,
Alfred Kessler, son of the founder, becoming a member of
the Stock Exchange in 1900.
— The Terminal Bank, a small Brooklyn institution, with
a capital of $100,000 and deposits Sept. 28 of $127,280,
followed the action of the various Jenkins institutions
(noted last week) and closed its doors on Saturday last.
Its suspension, it was said, was directly due to that of the
Williamsburg Trust Company, through which it cleared.
The Terminal Bank began business in December 1905. Its
President, Willard P. Reid, is Vice-President of the Williams­
burg Trust Company.
— The Bath Trust Company of Bath, Maine, which came
under the control of Charles W . Morse early in 1906, closed
its doors on Monday, owing to a lack of funds to meet
heavy demands made upon it. State Bank Examiner
W . B. Skelton has assumed charge of its affairs. The insti­
tution was organized in 1902 and had a capital of $100,000.
Its deposits were in the neighborhood of half a million dollars.
W ith the suspension of the company the Lincoln National Bank
of Bath, which is also controlled by Mr. Morse, announced
its intention to avail of the thirty-day clause on withdrawals
amounting to over $100.
— A run, which the institution was able to meet, was ex­
perienced by the All Nations’ Deposit Bank of Pittsburgh on
Wednesday. The bank began business in 1906; it has
$75,000 capital and its deposits are said to aggregate
$500,000.
— The Farmers’ & Merchants’ National Bank of Mt.
Pleasant, Pa., failed to open for business on Tuesday, the
announcement of the suspension being made in the following
notice:
Because o f recent h e a v y dem ands fo r cash this ban k Is closed, pen d in g
th e decision o f th e C o m p tro lle r o f the C u rren cy.

The bank’s deposits are said to have been over $600,000
at the date of the last statement.
— The Dollar Savings Bank of Akron, Ohio, capital
$50,000, closed its doors on Monday, following the suicide
of Cashier Fred. A . Boron. Joseph Dangel, President, has
been appointed receiver of the institution. It is stated that
an examination by the directors and the Clearing House
Association has revealed a shortage of $38,000, against
which stands the cashier’s bond of $20,000.
— The brokerage house of Sessions & Co. of Columbus, O.,
closed its doors on Thursday. The liabilities are given at
$ 2 0 0 ,0 0 0 .

I

— The Bankers’ Trust Company of Kansas City, Mo.,
which was organized in 1905 to take over the assets of the
failed City National Bank o f that city, closed its doors on
Monday. The “ Kansas City Star” states that the affairs
of the company were in such shape that the Secretary of
State had been watching it for a month. The company on
August 22 reported a capital of $500,000, surplus and profits
of $4,671 and deposits of $922,896.
— The closing of the California Safe Deposit & Trust Com­
pany of San Francisco occurred on Wednesday, having been
due, it is said, to heavy withdrawals. The official notice of
the suspension stated that “ owing to the fact that the bank
was not a member of the Clearing House Association, and
was unable to take advantage of Clearing House certificates,
it would close for a few days.” The institution was organized
in 1882. I t has a capital of $2,500,000, and its last report
showed surplus and profits of $623,760 and deposits of nearly
$9,000,000. D. F. Walker is President and J. Dalzell
Brown is Vice-President and Manager.
— The suspension of the People’s Bank of Portsmouth,
Va., was reported yesterday. The institution was started
in 1893; it has a capital of $50,000. The following an­
nouncement is made concerning the closing:
A t a m e etin g o f the board o f d irectors h eld T h u rsd a y , O c t. 31, a t 7:3 0p.m .
th e fo llo w in g resolu tion was a d o p ted :
“ T h a t, o w in g to th e w a n t o f cash, and a c tin g w ith due rega rd to th e In ­
terest o f its dep ositors and o th er cred itors, It Is ordered t h a t the doors o f
th is ban k be n o t opened to -m o rro w , p en d in g an e ffo r t t o arrange a re­




— The W est Texas Bank & Trust Company of San Antonio,
Texas, suspended yesterday. The action, it is said, was
not taken because of any run upon the institution but to
protect the depositors. The bank was chartered in 1905 with
$200,000 capital. Its last statement showed deposits of
over $1,000,000.
— The Commercial State Bank of Grand Island, Neb.,
capital $50,000, is another institution which closed its doors
yesterday. Its deposits are said to be about $400,000.
— The suicide of Frank R . Crocker, Cashier of the First
National Bank of Chariton, la ., resulted in the closing of
that institution on Thursday. The capital of the bank is
$50,000. The Bank of Russell, Russell, la ., of which Mr.
Crocker was President, is also closed.
— Definite announcement concerning the preparations for
the reorganization of the affairs of the Hamilton Bank of this
city (215 West 125th Street) was made on Thursday, follow­
ing a meeting the night before of a committee representing
the stockholders and depositors. The bank closed Thurs­
day, the 24th ult., after paying out at its main and branch
offices in three days sums equal to about 40% of the total
deposits. A plan under which the bank will be able to re­
sume has been outlined, and will be carried into effect if the
necessary approval of the depositors and stockholders is
obtained. The plan is as follows:
D epositors in th e ban k shall on p resen tatio n o f th e ir passbooks re ceive
on a cco u n t o f th e ir deposits 1 0 % In cash, 1 5 % in c e rtific a te s o f dep osit,
pa ya ble n in e ty d ays from the da te on w hich the bank shall resume and 15 %
in a certifica te o f dep osit paya b le in six m on th s from the date o f resu m p­
tio n , and the balance, 60 % , sh all be In a certlticate o f dep osit, p a y a b le one
y e a r from the d a te o f such resu m ption.
W h ile the certificates o f d ep osit are to becom e p a y a b le , as a b o ve s t a t e d ,
w h en ever in the ju d gm en t o f the officers o f the bank its business w ill p erm it,
the bank w ill eith er a ccep t said certificates as secu rity fo r loans m a d e o r
an ticip ate th eir p a y m en t.
I t is understood th a t in case a ny dep ositor Is in debted to said bank, th e
acceptan ce o f said plan sh all n ot con stitu te a w a iv e r o f a ny righ t w hich he
m a y h ave to o ffset his d ep osit again st said indebtedness, or w hich the bank
m a y h ave to o ffset said indebtedness again st his deposits.
A s soon as such num ber o f depositors and such a m ou nt o f deposits shall
have assented to the plan as w ill, in the ju d gm en t o f th e com m ittee, w a r­
rant the resum ption o f business on the p a rt o f said bank, the co m m ittee Is
to h ave the righ t to declare the plan o p e ra tiv e ,a n d it w ill therefore becom e
bin d in g upon a ll dep ositors assenting to said plan ; bu t th e sam e sh all n ot
be b in din g lncrase th e bank goes in to liq u id a tio n .
Unl'-^s the bank is en abled to resume business in the n ear fu tu re, liq u id a ­
tion , w ill be necessary, w h ich , ju d g in g from past experien ce, w ou ld be a p t
to co v e r several years and e n ta il grea t loss upon both depositors and stock
h olders.

— On Tuesday the announcement was made of the resig­
nation of Frank Jenkins as President and director of the
Williamsburgh Trust Company of Brooklyn Borough; the
resignation of W . Addison Field as Secretary and director
of the company, and of John G. Jenkins as director. The
institution has been closed since Friday of last week. The
statement concerning the resignations, as given in the
“ Brooklyn Eagle,” is as follows:
A t a special m eetin g o f the d irecto rs o f th e W illia m sb u rg Tru st C om p an y,
held a t the m a in o ffic e on this d a y , th e resign ation o f F ra n k Jenkins1as
P resid en t and d irecto r w as presented and a ccep ted ; th e resign ation o f W .
A dd iso n Field as S e cre ta ry and d irecto r w as also a c c e p te d . T h e resign ation
o f John G. Jenkins as d ire c to r o f th e co m p a n y w as d em a n d e d ,th e same to
ta k e e ffe c t a t on ce.
T h e fo llo w in g resolu tion w as carried: " T h a t this board, a fte r a thorou gh
ex a m in a tio n o f th e assets and lia b ilities o f the W illia m sb u rg T ru st Com ­
p a n y , are firm ly convinced that, on the m ost co n s erva tive estim ate, th e
In stitu tio n Is e n tire ly so lven t, and th a t It Is In a position to resume fu ll
b a n k in g fu n ction s; and
“ T h a t on th e com p letio n o f th e ex a m in a tio n b y the Bank F x a m in e r
th e perm ission o f the d ep a rtm en t to resume business be secu red.”
A special c o m m ittee , consisting o f d irectors Charles J. E dw ard s, M arshall
S. D rlggs, F r e d . G . L em m erm a n n , John J. C o o n ey and John W . W e b e r
w as ap p o in ted w ith p ow er to act fo r and rep resen t the board o f d irectors
In all m a tters p ertain in g to the affairs o f th e co m p a n y and for the p rotectio n
o f b o th depositors and stockh olders.

— Lindsay Russell, of the firm of McLaughlin, Russell,
Coe & Sprague, 32 Liberty Street, was on Monday appointed
receiver in bankruptcy for Otto Heinze & Co., of 42 Broad­
way, by Judge H olt in the United States District Court.
The action was the result of the filing of an involuntary peti­
tion in bankruptcy against the firm on the 21st ult. by the
firm of Myers & G o l d s m i t h , representing three creditors.
— Charles R . Henderson, of the Stock Exchange house of
Henderson & Co., 24 Nassau Street, died on Sunday as a
result of injuries received in a fall from a window in his
home. Mr. Henderson was Vice-President of the Atlantic
Safe Deposit Company, and was identified as director with a
number of banking institutions, including the United States
Mortgage & Trust Company, the International Banking
Corporation, the Metropolitan Trust Company, the New
York Title Guarantee & Trust Company, the Fidelity Bank,

N o v . 2 1907. J

1121

THE CHRONICLE

the Bowery Savings Bank, the Mutual Trust Company of
Westchester County, &c.
— The Union Trust Company of Providence, R . I., which
suspended payment on Friday, the 25th ult., has not as
yet resilmed, but is making efforts to that end through
Receiver Cornelius S. Sweetland, who on Wednesday gave
out the following statement:
T h e re ceiver Is m a k in g up his sta tem en t o f assets and lia bilities as ra p id ly
as possible. I t is ge n era lly b elieved to be fo r th e In terest o f depositors
and the co m m u n ity a t large th a t th e co m p a n y resume business a t the earliest
d a y possible. T o this end the officers and directors are consulting w ith
th e depositors and others to see If su fficien t support w ill be g iv en the co m ­
p a n y to ju s tify the resu m ption o f business. M a n y large depositors have
a lre a d y show n th eir confiden ce In the co m p a n y’s a b ility to discharge Its
o b liga tion s b y a greein g th a t If It shall resum e, to d ep osit th e ir fu n ds and
co n tin u e th e ir deposits, and d o business w ith the co m p a n y In th e future
In the sam e m an ner as before it suspended paym en ts.

I t is reported that the State of Rhode Island has funds
deposited with the institution to the extent of about $40,000.
The company is one of the city’s depositaries, its holdings
of city funds amounting, it is said, to $592,000.

peculiarly fortunate, at a critical time in its history, in se­
lecting an executive who has had such a long and honorable
business experience and who is so highly respected and well
known in the community. Mr. Milliken is the founder of the
old dry goods firm of Deering, Milliken & Co. of this city,
which from $262,000 a year in 1866 has increased its business
to over $20,000,000 yearly. He is also a trustee of the Bow­
ery Savings Bank of New Y ork and was chosen a trustee of
the New York Life Insurance Co. on the new board elected
to succeed the old regime.
— The European-American Bank, located corner of Dey
and Greenwich streets, has recently adopted the plan of keep­
ing its safe deposit vaults open night and day, being the only
vaults in the financial district which keep open twenty-four
hours daily.
— The new Bronx National Bank of this city, located at
149th Street and Bergen Avenue (North Side News Building),
opened for business on the 23d ult., its deposits exceeding
expectations. The bank has a capital and surplus of $400,000. George N. Reinhardt is President; O. N . Nelson and
F. A . Wurzbach, Vice-Presidents; W illiam H . Price, Cashier,
and W alter W . Skinner, Assistant Cashier.

— George L . Rives, former Corporation Counsel, has been
appointed a receiver of the Knickerbocker Trust Company
of this city in place of Otto T . Bannard, President of the
New Y ork Trust Company, who had notified AttorneyGeneral Jackson that the demands upon his time by his own
company prevented him from serving. The other receivers,
— A t the meeting of the Chicago Clearing House Associa­
announced in this department a week ago, are Ernst Thaltion last Saturday two new banks were admitted to mem­
mann, of Ladenburg, Thalmann & Co., and H enry C. Ide.
bership— the First Trust & Savings Bank (which has hereto­
Several committees have been formed the past week in behalf
fore cleared through the First National) and the Central
of the interests of the depositors of the company. One of
Trust Company, of which Charles G. Dawes, ex-Comptroller
these was appointed by the directors of the company at a
of the Currency, is President.
The Central Trust form ally
meeting on the 25th to take immediate measures to bring
cleared through the Continental National Bank. The First
about a resumption of the business of the institution. The
Trust & Savings was organized in 1903, and in less than four
committee is composed of Frederick G. Bourne, Chairman;
years has acquired deposits of $38,000,000. The Central
A . Foster Higgins, G. Louis Boissevain, Moses Taylor,
Trust Company, organized in 1902, has $11,500,000 deposits.
William A . Tucker, Charles P. Perrin and Leopold Wallach,
The total membership of the Chicago Clearing House num­
with Julien T . Davies (of Davies, Stone & Auerbach) as
bers tw enty— nine being national and nine State banks and
Counsel. This committee has issued notices urging depos­
one foreign bank (Bank of Montreal), besides the United
itors and stockholders to deposit with the New Y ork Trust
States Sub-Treasurer at Chicago.
Company the certificates for their shares of stock or assign­
— I t is worth noting that during the financial crisis of last
ments of their deposit accounts or certificates of deposit,
a reorganization plan to be submitted later for the approval week the Farmers’ Loan & Trust Company of this city
of stockholders and depositors. An opposition committee had over $14,000,000 cash in its vaults besides more than
has also been formed intended to represent the depositors $28,000,000 in call loans, which together made a cash fund
directly and solely. The members of this committee are immediately available of over 50% of the deposits. Few
Peter Doelger Jr., Joseph J. O’Donohue Jr., Hermann of the financial institutions were in such an impregnable
Sielcken, Andrew Freedman, Alfred Nathan, Charles A. position as this old, representative and conservative com­
Brodek and Moses H . Grossman, with Samuel Untermyer, pany, which was chartered in 1822. The Farmers’ Loan &
Counsel. This committee announces that it is about to enter Trust Company is managed by the following board of direc­
upon a preliminary and independent investigation of the tors: Edwin S. Marston, President; William W aldorf Astor,
affairs of the company, and has employed Touche, Niven D. O. Mills, Franklin D. Locke, James F. Horan, George F.
& Company, English chartered accountants, to conduct the Baker, A . G. Agnew, Charles A . Peabody, Hugh D. Auchincloss, James Stillman, H enry A . C. Taylor, D. H . K in g Jr.,
investigation.
E. R . Holden, William Rowland, Edward Rowland, Edwin
— The order granted by Judge H olt restraining secured
R . Bacon, Henry H . Rogers, Archibald D. Russell, Moses
creditors and all holders of securities of the suspended firm
Taylor Pyne, Stephen S. Palmer, Cleveland H . Dodge,
of Mayer & Co. from disposing of them was overruled on
Frederick Geller, John L . Riker, Robert C. Boyd, Henry
Wednesday by the United States Circuit Court of Appeals,
Hentz, H . Y . R . Kennedy and P. A . Valentine.
the full court, Judges Coxe, Noyes and Ward, unanimously
— The Merchants’ NationalBank of New York was founded
concurring in the decision. A modification of the order was
asked for last week by the Chase National Bank, through its in 1803 and has been doing business for over one hundred
Counsel, in order that the bank might dispose of the hypothe­ years at No. 42 W all Street. The bank has a capital, sur­
cated securities which it held as agent for several of the se­ plus and stockholders’ liability of $5,600,000, and aggregate
cured creditors. Judge H olt refused to m odify his order, resources of nearly 30 million dollars. Its board of direc­
and the bank thereupon took an appeal, which has resulted tors consists of such well-known men as John A . Stewart,
as above. Judge Coxe said that it was the unanimous opinion Chairman of the Board of Trustees of the United States
of the Court that the District Court had exceeded its author­ Trust Company; Gustav H . Schwab, of Oelrichs & Co.;
ity in granting the restraining order. The agreement entered Donald Mackay, of Mackay <fc Co., Bankers; Charles D.
into between Mayer & Co. and the Chase National Bank, Dickey, of Brown Bros. & Co., bankers; Edward Holbrook,
whereby the latter was authorized to sell its collateral hold­ President Gorham Manufacturing Company; Joseph W .
ings at any time, upon due notice being given, was bona Harriman, of Harriman & Co., bankers; William A . Taylor,
of Taylor, Wendell & Co.; also Robert M. Gallaway, its
fide, he declared, and should stand in law.
President, and E. A . Brinckerhoff and Zoheth S. Freeman,
— There was some talk down-town this week of certain
banking interests acquiring control of the Lincoln Trust Com­ Vice-Presidents. The institution has paid 208 consecutive
pany of this city. The Carnegie Trust Co. was mentioned as semi-annual dividends.
one of the parties interested. Nothing definite could be
learned from any of the interests concerned, although it was
explained to us that the matter had been tentatively consid
ered.
— The affairs of the Mercantile National Bank of this city
are fast assuming normal shape under the leadership of its
new' President, Seth M. Milliken, who took over the direction
of the bank on Monday, the 14th ult. The institution was




p t o n ctim fi & crm truer*!* I 2 | mgl Is
(F r o m our ow n C orrespon den t.)

London, Saturday, October 19 1907.
The renewed slump in New York this week has very
seriously depressed all the European money markets, and
has once more given rise to all sorts of alarmist rumors. So
far as London is concerned, there appears to be not the

1122

THE CHRONICLE.

slightest foundation for these rumors. Speculation in
American securities of all kinds was brought to a stop several
months ago in London, and has never become of any im ­
portance since. Indeed, for months past speculation of every
• kind has been almost suspended in London. That this is so
is proved by many circumstances, but it is enough to refer
to the fact that consols and other high-class securities were
found to be actually scarce at the last liquidation. It is
highly probable that American securities also are scarce in
London, and as there is a very large investment going on,
the scarcity of securities will become more and more manifest
by and by. However, it is not likely that there will be any
advance in prices in London until the opinion gains ground
that the liquidation has come to an end on the Continent
and in the United States.
Meantime, there are symptoms that the liqiudation in
France, Holland, Belgium and Switzerland is very nearly
completed. During the past day or two heavy selling for
those countries has ceased and there has been some buying.
I t has all along been held by many careful observers in
London that much of the selling from the Continent was
really not on Continental account, but was, for the most
part, for American account. Whether that be so or not, it
is certain, at all events, that during the past day or two
the selling from the Continent has diminished and some buy­
ing has sprung up. Holland is notoriously very heavily
interested in American enterprise of every kind. Probably
in comparison with its population, it is more largely interested
in American securities than any other European country.
I t has, therefore, been hit very hard by the fall in American
securities, and several failures, though not of very great im­
portance, have occurred in Amsterdam, Rotterdam and other
large towns throughout Holland. There have been some
failures, likewise, in Switzerland and Belgium.
Holland has suffered likewise from the fall in copper, for
the Dutch joined in the wild speculation which sprang up at
the end of last year in copper and copper shares. Paris has
suffered more particularly from the fall in copper and copper
shares and in diamond shares. I t has not speculated at
any time to any very large extent in American securities.
Their losses, therefore, have been very heavy and a large
number of weak speculators have been practically ruined.
A considerable proportion, however, of the operators were
wealthy people; some, indeed, of the very richest people in
Paris were engaged in the speculation. They can pay for
and take up their securities and probably they will do so,
for it seems hardly credible that the present low quotations
can be maintained for any length of time.
In Germany, the liquidation has apparently come to an
end; at all events, a week ago it looked as if it had come to
an end. This week the further slump in New York would
seem to have hit operators who previously had been able
to meet their differences. The failure of an old-established
merchant -banking firm in Hamburg is reported and it is
feared that several other houses m ay be in difficulties,
though the best opinion continues to be that no house or
institution of real magnitude is affected. The belief of the
best informed, both in London and in the chief Continental
cities, continues to be that the difficulties all over Europe are
largely due to the breakdown in the United States and that
if the liquidation in the United States soon comes to an end,
the crisis will be brought to a stop and a recovery will set in.
The Bank of England this week has taken measures to
make the 4Yi°/0 rate effective. It borrowed in the open
market and almost immediately the open market responded,
for the rate of discount is now very nearly up to the official
rate. The Bank would not have taken measures so soon
but for the low figure to which the Paris exchange upon Lon­
don had fallen. A t that figure, it would pay to take gold
freely from the Bank of England. It is not thought prob­
able that gold will actually be taken by Paris out of the Bank
of England, since it would not be to the interest of Paris to
disturb the London money market or compel the Bank of
England to raise its rate to
or possibly even to 6% ,
especially as in that case the Imperial Bank of Germany
would almost certainly put up its rate to 7% and the other
Continental banks would follow suit. Paris, however, has
been successfully competing with the Bank of England for
the gold offering in the open market and probably will con­
tinue the competition. There are fears, moreover, that the
Imperial Bank of Germany may have to put up its rate,
fn any event, as notes are not returning from circulation in
a quite satisfactory way. On the other hand, the drought
in India has checked trade in every direction, has greatly
reduced the demand for new circulation, and therefore
makes it reasonably certain that India will not require gold
from this country. But E gypt is taking gold freely, albeit
it is not taking as much this week as had been expected.
Argentina will soon begin to call for gold and the metal is
being sent every now and then to Ita ly, Constantinople,
Roumania and other quarters. I t is true the amount for­
ward is not very large, but in the aggregate, when added
to the requirements by France, E gypt and South America,
the sum is enough to make the London money market
anxious.
The India Council offered for tender on Wednesday 30
lacs of its drafts and the applications reached nearly 210
lacs at prices ranging from Is. 3 15-16d. to Is. 3 31-32d.
per rupee. Applicants for bills at Is. 3 31-32d. per rupee
were allotted about 17% of the amounts applied for.




[V o l . l x x x v .

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
as reported by cable have been as follows the past week:
London,
Week ending N ov. 1.
Sat.
M on.
Tues.
Wed.
Thurs. F r l.
27 7-16 27 9-16
Silver, per oz. ________ d.
28
28%
27J4
82 7-16 81 15-16 82 1-16 82 3-16
Consols, new, 2% per cents. .82%
;
For account___________ . 82 13-16 82%
82
82%
82)4
French rentes (In P a ris ),-fr 94.30
94.30
94.27 % 94.30
94.65
!
75
Russian Imperial 4s - -------75%
75
75
75%
do
do
New 5s. .
88%
88%
87 %
88%
'
52%
53
53%
Amalgamated Copper Co___ 50 34"
53
1
6 Anaconda Mining Co_____
7
6%
6%
6%
6%
Atchison Topeka & Santa Fe 79%
78%
75%
79%
78%
'
Preferred ______________
88
90%
90
90
89
84%
84%
84
Baltimore & Ohio. ________ 85%
8234
8434
Preferred ________ ______ 85%
84%
84%
<
84)4
155J-g
161 %
155%
Canadian Pacific. _________ 162%
151%
29 %
29
Chesapeake & Ohio ______ 29
29
2934
V)
Chicago Great Western_____
8
7%
8
8
H
7%
107
103
Chicago Milw. & St. Paul__ 109
110
Z
107%
19
Denver & Rio Grande, com. 19
19^
1934
19)4
61
61
60
Preferred _______________ 583^
61
CG
18%
Erie, common_____ ________ 19%
18%
193*
19 >4
£
41%
41
First p referred ____. .
40%
41%
4134
<
29
30
29
Second preferred _______ 29
29%
126
130
128
Illinois C e n tra l_______ . . . 130
128
100 %
101
101
98
Louisville & Nashville______ 99!,4
K
16
15%
Mexican Central. _ __ _____ 15%
15%
1534
CO
24
25%
26
26
Mo. Kansas & Tex., com____ 26 %
3
58
60
Preferred _______ ______ 59%
60%
58
46
46%
National R R . ofM exico_____ 46 %
4634
0
46 34
105
104
99 %
N . Y . Cent. & Hud. R iv e r ... 105
101%
30
29
29
29
O
N , Y . Ont. & W e s te rn _____ 29 %
55
64
64
6434
Norfolk & Western, com____ 62
62%
<
76
Preferred . .
............
80
80
80
76
111
110
112%
109%
Northern Pacific............. ..... 111
O
a Pen n sylva n ia ____________ 59%
59 %
593*
56%
58
X
41
a Reading C o m p an y_______ 4 W
40
39%
38
40
40
a First preferred__________ 38%
38%
38%
—
37
36
a Second preferred. _ ..
37%
37>4
3734
O
15
14
Rock Island Co_____________ 1534
15%
14%
n
w
09%
66%
70%
Southern Pacific____________ 70%
71%
H
13
13
Southern Railway, common. 12%
13
12%
CO
41
43
43 34
40%
Preferred ___________ ____ 43
109
Union Pacific, com m on.. _ _ 114%
115%
113 3*
116%
81
81
81
Preferred ______ _______ 82 %
82J4
24
24%
23
U . S. Steel C orp oration ____ 24 %
25
86%
84%
87
Preferred
_____________ 87 H
87%
10
9.
9
Wabash . . _____ ________ . 9%
10
15
16
16
15%
15)4
42
41
Extended 4 s _____________ 45
4234
4234
a'Price per share,

b £ sterling.

Womvxzvtml awcl ItttsceU an ccm s Mtxon
F O R E IG N T R A D E O F N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs re­
ceipts for the nine months of the last two seasons:
Merchandise Movement to New Y ork.
Month.
Imports.
1907.

|

1906.

$
January.. 75,330,156
February. 73,357.400
March — 82,462,921
A p r i l ____ 76,197,876
M a y _____ 71,928,155
J u n e ____ 66,852,548
J u ly ........ 75,554,451
A u gu st.. . 70,293,096
September 58,833,023

I

$
65,414,702!
63,034,102
67,654,570;
65,427,317;
61,183,930
59,275,738
67,679,926;
62,182,896'
58,644,148'.

Customs Receipts
at New York.

Exports.
1907.

1906.

1907.

1906.

$
57,601,992
48,721,595
53,287,747
51,746,580
52,512,865
49,134,772
44,601,649
56,153,299
49,638,991

$
19,970,981
18,096,641
18,595,668
18,453,762
16,920,907
17,214,679
19,368,068
19,205,736
17,002,293

$
18,703,721
16,322,548
18,038,705
15,191,258
15,243,987
15,519,921
17,955,839
19,081,928
17,161,861

|

S
54,687,930
51,324,211
55,793,585j
58,435,883
43,263,112
55,609,847:
58,503,816
56,833,707
54,712,748

T o ta ls .. 650,809,626 570,497,329489,164,839 463,399,490 164,828.735153,219,768

The imports and exports of gold and silver for the nine
months have been as follows:
Gold Movement at New York.
Month.

Imports.
1907.

1906.

Silver— New York.

Exports.
1907

1906.

Imports.
1907.
431,575
251,933
318,195
201,234
245,482
415,115
556,922
603,304
661,408

Exports.
1906.

June .......... .
J u ly ...............
August--------September____

388,410
290,015 1,367,113
1,230,143
266,134
335,588
1,514,662 1,699,643
7,156
2,321,848 11,806,868
72,395
269,610 29,455,503 2,902,213
438,390
669,438 21,792,992
970,776 4,147,352 5,085,668
522,870 1,330,277 2,905,033
720,327 25,822,574
207,075

1,043,875
2,589,500
134.046
1,158,601
732,500
48,400
38,982
24,929
70,248

T o t a ls _____

8,377,036 75,487,804 34,675,233

5,841,081| 3,6S5,168 35,749,072
1

January -----February ____
M a rc h ---------April ---------

2,575,282
3,556,548
4,592,814
3,779,379
405,836
3,893,673
4.694,149
6,474,013
5,777.378

National Banks.— The following information regarding
national banks is from the Treasury Department:
A P P L IC A T IO N T O C O N V E R T IN T O N A T IO N A L B A N K S
APPRO VED .
T h e U n io n C om m ercial & S avings Bank o f Superior, W iscon sin , Into
•'Th e C ity N a tio n a l Bank o f S u p erio r.”
C a p ita l, $100,000
T h e P e o p le ’s Bank o f R o c k y M ou nt, V irg in ia , In to “ T h e P e o p le ’s N a ­
tio n a l B a n k o f R o c k y M o u n t.”
C a p ita l, $25,000.
T h e Com m ercial S avings Bank o f Shenandoah, Io w a , Into " T h e Com
m ercla l N a tio n a l B ank o f S h en a n d oa h .”
C a p ita l, $50,000.
N A T IO N A L B A N K S O R G A N IZ E D .
C ertificates issued fro m Oct. 14 1907 to Oct. 26 1907, inclusive.
8.915— T h e G risw old N a tio n a l B a n k, G risw o ld , Io w a . C a p ita l, 550,000.
H a m ilto n W lllc o x , P resid en t; Jam es B o iler, V ice-P resid en t: A . G.
A rra s m lth , Cashier.
8.916— T h e F irst N a tio n a l Bank o f F a lr v le w , M issouri
C a p ita l, $25,000.
R o b e r t S. C arpen ter, P resid en t; D aniel S. R u ssell, V ice-P resid en t;
L u th er M. D o zie r, Cashier.
8.917— T h e M erch an ts’ N a tio n a l Bank o f W im b le d o n , N o rth D a k o ta
C a p ita l, 130,000. John R u ssell, P resid en t: R o b e rt Clendenin g.
V ice-P resid en t; John J. F eck ler. Cashier; W illia m M. O sborn, A s ­
sistan t Cashier
C on version o f T h e M erchants' S ta te B ank o f
W im b led on

8.918— T h e F irs t N a tio n a l B an k o f F ra n k fo rd . D elaw are. C a p ita l, $25,000.
E v e re tt H ick m a n , P resid en t; ----------, Cashier.
8.919— T h e F irst N a tio n a l B an k o f B ru in, P en n sylva n ia .
C a p ita l, $25,000.
J. F . S h iever, P resid en t; C. M . M y ers, V ice-P resid en t; J. H . H ein er,
Cashier.
8.920— T h e C itizen s’ N a tio n a l B an k o f O n eon ta, N e w Y o r k . C a p ita l,
$100,000. F ra n k H . B resee, P resid en t; John G ra n ey, V ice-P resid en t; A lle n D . R o w e , Cashier.
8.921— T h e Lu zern e N a tio n a l B an k, L u zern e, P en n sylva n ia .
C a p ita l,
$50,000. C a lvin P errin , P resid en t; W illia m J. P a r r y , V ic e -P re s i­
den t: G. M. H arris, Cashier.
8.922— T h e S herm an N a tio n a l B an k o f N e w Y o r k , N e w Y o r k .
C a p ita l,
$200,000.
E . C. S m ith , P resid en t; W m . H . M a cla y, V ice-P resid en t;
Charles G. C o lye r. Cashier; G. C. M arshall, A ssistan t Cashier.
8.923— T h e L y n b ro o k N a tio n a l B a n k, L y n b ro o k , N e w Y o r k . C apital,
$25,000. H a m ilto n W . Pea rsa ll, P resid en t; Joseph F . F e lto n ,
V ice -P re s id e n t; W . C. A . B row er, Cashier.
8.924— T h e Grange N a tio n a l B a n k o f L y c o m in g C ou n ty at H u gh esvllle;
P en n sylva n ia . C apita l, $50,000. Jam es K n o x B o a k , P resid en t;
A le x . D eck er and John W . K in g , V ice-P resid en ts; H . G . V a n
D even ter, Cashier.
8.925— T h e W estern N a tio n a l B ank o f Odessa, T ex a s. C a p ita l. $40,000.
T . G. H e n d ric k , P resid en t; E . A . K elly .J V lc e -P re s id e n t; G eo. B.
B la ck , Cashier.
8.926— T h e B ron x N a tio n a l B an k o f the C ity o f N e w Y o r k , N e w Y o r k .
C ep ital, $200,000. G eorge N . R e in h a rd t, Presiden t; O . M . N ilson ,
F irst V ic e -P re s id e n t; F red A . W u rzb a ch , S econd V ice-P resid en t;
W illia m A . P r ic e , Cashier.
8.927— T h e F arm ers’ N a tio n a l Bank o f W a d e s v ille , In d ia n a . C apita l,
$25,000.
Dan W illia m s, P residen t; Chas. W . R a d c llff, V lce-P resid en t; B . O . W arren , Cashier.
8.928— T h e F arm ers’ N a tio n a l B ank o f G a tesville, T e x a s . C a p ita l, $30,000. W . A . S ch ley, P resid en t; C. E . Clark, V ice -P re s id e n t; B . L .
Y o r k , Cashier; John M . W a s h a m , A ssistan t Cashier.
8.929— T h e F irst N a tio n a l B ank o f H u n tin gb u rg, In d ia n a . C apita l, $25.000. Charles M oenkhaus, Presiden t; E rnst W . B lem ker, V iceP resid en t; W . E . G asaw ay, Cashier.
8.930— T h e F irst N a tio n a l Bank o f P a lm erton , P en n sylva n ia . C apital,
$25,000.
D. O. Straup. Presiden t; T h om as B . C raig, V ic e -P re s i­
d en t; A lle a D . C raig, Cashier.
8.931— T h e F irst N a tio n a l B an k o f S tate C entre, Io w a . C a p ita l, $25,000.
J. W . D obbin , Presiden t: J. L . M cM ahon, V ice-P resid en t; F . L .
D o b b in , Cashier; W . J. W h lte h lll, A ssistan t Cashier.
8.932— T h e C ity N a tio n a l Bank o f East S t. L ouis, Illin o is. C a p ita l, $200,000. M . M . S tephens, Presid en t; A . B . D aab and L . O. W h itn e l,
V ice-P resid en ts; R . E . G illespie, Cashier.
8.933— T h e F irst N a tio n a l B an k o f L o c k p o rt, Illin o is. C a p ita l, $25,000.
L e o n M cD o n ald , P resid en t; P h ilip Y o s t, V ice -P re s id e n t; Carl H
M u eh len p fo rd t, Cashier.
L IQ U ID A T IO N .
■6,869— T h e N a tio n a l Bank o f Com m erce o f San D ieg o , C a lifo rn ia , was
placed In v o lu n ta ry liq u id a tio n O cto b er 12 1907.
IN S O L V E N T .
5,144— T h e F irst N a tio n a l Bank o f D resden , O h io, was placed in charge o f
a R e c e iv e r O cto b er 15 1907.

D IV ID E N D S.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name o} Company.
Railroads (Steam).
Atch. Top. & Santa Fe, com. (N o. 4 )___
Atlantic Coast Line R R ., preferred_____
Cleveland & Pittsburgh orlg. guar (quar.).
Special guaranteed (quarterly) ........ .
Erie, first preferred-........................ 1__
Second preferred........ .................... .
Georgia Southern & Florida, first pref___
Second preferred...... .................. .......
Missouri Kansas & Texas, preferred____
Norfolk & Western, com m on .......... .....
Pennsylvania__________________________
Reading, second preferred----------------Rome Watertown & Ogd., guar. (qu ar.).
Street Railways.
Grand Rapids Ry., preferred ( quarterly) . .
Twin City Rap. Tran., Minn., com. (qu.)
Union St., New Bedford, Mass. ( quar.) . .
Trust Companies.
B roadw ay................... ............................
Miscellaneous .
Amalgamated Copper (q u ar.)...... .........
American Chicle, common (monthly)_____
Common (e x tr a )..................................
American District Telegraph of N . Y . _ .
Am er. Gas & Elec., pref. (quar.) (N o . 3 ).
Amerlcan Glue, common_________________
Common (extra).......................... .........
Amer. Graphophone, pref. (qu .) (N o. 50)
American Locom otive, common (qu ar.).
Butte Elec. & Power, preferred (q u a r .)___
Casein Co., preferred (quar.) (N o. 3 0 )..
Consolidated Gas (quarterly).....................
du Pont (E . I . ) de Nem. Pow.,com .(qu.)
In t. Smokeless Pow. & Chem., pref.(qu.)
L a Belle Iron Works (quarterly) __________
Massachusetts Gas Companies, common.
Preferred ____________________________
Montreal L t. H t. & Pow . (qu.) (N o. 26).
M unldpalG as, Albany, N . Y . (q u a r.).._
New England Telephone & Teleg. (quar)
People's Gas Light & Coke (quarterly)____
Pressed Steel Car, pref. (quar.) (N o. 35).
•Procter & Gamble, common (qu ar.)----Pullman Company (quar.) (N o. 164)___
Silversmiths Company (quarterly)---------United Bank Note Corp.. com. (q u a r.)..
U.S.Cast I.Plpe& F dy.,com .(qu .) (No.9)
Preferred (quar.) (N o. 28)........ .........
United States Express (N o. 148)--------U . S. Steel Corp., com. (quar.) (N o . 1 6 )..
I■' PTeferTed'.(quaTlerly) (N o . 2 6 )----------Warwick .Iron & Steel_____ _____________

Cent.

Payable

3
Dec.
2 K N ov.
I K Dec.
1
Dec.
2d
2d
2 K N ov.
2J* N ov.
Nov.
2
2 K Dec.
3H Nov.
2
Nov.
Nov.
IK

2
10
2
2
11
11
9
IS
30
9
15

Days Inclusive.
Nov. 8
N ov. 2
Holders
Holders
Sept. 18
Oct. 11
N ov. 1
N ov. 1
Oct. 20
Holders
Holders
Holders
N ov. 1

to
Dec.
to
N ov.
of rec. Nov.
of rec. Nov.
to
Oct.
to
Nov.
to
N ov.
to
N ov.
to
N ov.
of rec. N ov.
of rec. Nov.
of rec. Oct.
to
Dec.

IK
IK
2

N ov.
N ov.
N ov.

3

N ov.

6 Oct. 25

to

1
1
1
1
m
2
1
IK
IK
IK
2
1
1H
4
2
$1
$2

Nov.
N ov.
N ov.
N ov.
Nov.
Nov.
N ov.
N ov.
N ov.
N ov.
Nov.
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
N ov.
N ov.
N ov.
Nov.
Nov.
N ov.
Nov.
Nov.
Nov.
Dec.
Dec.
Nov.
Dec.
N ov.
Nov.

25 Oct. 25
20 N o v . 14
20 Nov. 14
15 N ov. 5
1 Oct. 27
1 Oct. 27
1 Oct. 27
15 Holders
26 N ov. 9
1
11 N ov. 1
16 N ov. 27
14 Holders
lo Holders
1 Oct. 20
2 Holders
2 Holders
15 Holders
1
15 N o v. 1
25 N ov. 10
27 Nov. 7
15 Holders
15 Holders
15 N ov. 10
15 N ov. 2
2 N ov. 10
2 N ov. 10
15 N ov. 1
30 Dec. 10
30 N ov. 7
15

to
to
to
to
to
to
to
of rec.
to

2K
IK
IK
IK
3
2
IK
1
1
IK
3
K
IK
3

2
10
9
9
8
5
10
10
8
30
4
22
2

1 Holders of rec. Oct. 15
15 Holders of rec. N ov. 1
1 Holders of rec. Oct. 10
Nov.

Nov.lOe
N ov. 20
N ov. 20
N ov. 15
N ov. 1
Nov. 1
N ov. 1
Nov. 1
Nov. 26

to
N ov.
to
Dec.
of rec. Dec.
of rec. Oct.
to
Oct.
of rec. N ov.
of rec. N ov.
of rec. Oct.
to
to
to
of rec.
of rec.
to
to
to
to
to
ilto
to

6

10
16
4
31
31
12
12
31

N ov. 14
N ov. 25
N ov. 26
Oct.31a
Oct. 31
N ov. 15
Nov. 15
Dec. 1
Dec. 1
N ov. 15
Dec. 30
Dec. 1

aTTransfer books not closed, d Payable In dividend warrants; also 2% declared
on'second preferred, payable to holders of record April 10 1908. e A t the request of
stockholders, the books were opened on Oct. 28 instead of awaiting the date of N ov.
11 as at first stated.

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H . Muller & Son:
Stocks.
Bonds.
4,500 C apu zaya M in in g C o., $5
$5,000 E . W . Bliss Co. 30-Y e a r
e a c h ---------------------$475 l o t .
6s 1 93 2.________ ______________ 100
»30 F ou rth N a tio n a l B a n k . . 169
$5,000 S a fety In su lated W ire &
150 N . Y . & H o n ’ sR osarioM in C a ble Co. 1st 6s 1942. N o v .
ln g C o ., $ 10 ea c h . $6 50 per sh
1907 coupons o n _____________ 97
• 6 F id e lit y B a n k :............... .160
$13,000 S tan dard C ordage Co.
Bonds.
1st 5s 1 9 3 1 .............. ............... 18 yi
$14,000 B erw ick Oonsol. Gas
$12,000 S tan dard C ordage Co.
•Co. 1st 5s 1929. J. & J ......... 10
A d ju stm en t 5s 1931_________
IK




1123

THE CHRONICLE

N o v . 2 1907.]

Breadstuffs Figures Brought from Page 1160.— The state­
ments below are prepared by us frbm figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—

Flour.

Corn.

Wheal.

Barley.

Oats.

Rye.

bbls.mslbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs.
78,071
756.160
2,956.578
152,024
2,687,005
524.000
C hicago____
571,200
31,200
345,600
243.000
91.000
77,700
Milwaukee..
46,677
554.687
67,219
126,918
1,907,475
156,000
Duluth_____
85.000
144,990
1,011,160 1,016,000
2,184.510
Minneapolis.
11.000
141.000
2,000
71.000
77.000
69,600
67,300
38,203
'¥,200
D etroit____;.
197,432
137,249
108,580
Cleveland___
1,628
14,333
817.000
131,377
59,035
514,450
561,838
St. Louis___
15,000
401,500
433,500
69,000
18.000
19,800
P e o r ia _____
130,800
873.000
159,000
Kansas C ity.
470,387
595,042
638,588

Tot.w k.’ 07
Same w k .’06
Same wk. ’05

4,340,713
3,420,906
2,013,704

6,535,606
6,677,339
7,892,841

6,229,588
6,216,487
6,519,370

3,100.424
2,566,346
2,912,414

281,281
247,508
293,872

Since Aug. 1
1907_____ 4,754,240 76,868,552 55,009,766 68,718,702 24,953,932 2,622,007
1906........ 6,416,795 81,312,372 46,223,379 66,778.782 19,320,645 1,979,677
1905_____ 6,029,708 86,079,269 43,185,780 81.720,171 27,549,126 2,780.578

Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 26 1907 follow:
Flour,
Wheat,
Receipts at—
bMs.
bush.
New Y o rk _________ 117,619
849,700
B oston........ .........
41,174
161.770
Portland, M e-------------------Ph iladelph ia_____
99,147
213,237
Baltimore________
71,743
370,491
R ich m on d_______
3,550
39,878
New Orleans * ____
16,624
259,000
Norfolk___________ 11,036
__________
Galveston_________
______
288,000
-------------M o b ile ___________ 2,265
M o n trea l_________
32,442
955,320
Total week_____
Week 1906_______

395,600
392,831

3,137,396
2,692,313

Corn,
bush.
249,400
110,954

Oats,
bush.
513,000
83,595

Barley,
bush.
69,500
835

Rye,
bush.
11,700
3,012

108~5dd
259,336
65,248
65,000

118^648
70,30531,638
63,000

1,000

1,600
42,697

108,000
2,590
172,689

31,302

23,188

1,141,717
1,917,609

911.488
1,249,769

94,523
72,375

59,009
117,975

* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

Total receipts at ports from Jan. 1 to Oct. 26 compare as
follows for four years:
Receipts of—
1907.
F lo u r .. ......................... bbls. 15,833,468
W heat_________________ bush. 03,226,989
Corn____________ _____________ 77,123,061
Oats_________________________ 45.471,592
Barley ................................. 3,835,259
R y e . . . _______ ______________ 1,695,742
Total grain....................... .221,352,643

1906.
14,288,968

1905.
10,479,016

84.347,133
83,490,547
67,262,635
3,974,161
1.313,491
240,387.967

1094.
14,210,354

31,813,123
81,417,906
56,075,183
7,747,355
988,913
178,042.480

34,544,572
44,769,942
39,687,634
3,695,297
807,024
123,504,469

The exports from the several seaboard ports for the week
ending Oct. 26 1907 are shown in the annexed statement:
Wheat,
bush.
Exports from—
New York
— 1,115,465
92.614
Boston ........
Ph iladelph ia----- 304,ooe
211,438
48,000
New Orleans____
G a lv e s to n ______ 279,300
Mobile___________
Montreal________ 628,087

Corn,
bush.
142,066
113,051
105,714
39,530
11,031
126,614
2,590
65,166

F lou r,
bbls.
55,280
12,038
52,980
99,205
2,946
8,566
2,265
18,460

Total week____2,578,904
605,762 262,776
Week 1906______ 2,790,023 1,385,687 260,812

Oats,
bush.
9,350

Rye, Barley,
bush.
bush.
26,185

Peas,
bush.
2.187

_____

48
40
4,176

48
16.000

13,614
330,315

_____
42,185
22,242 144.264

2,235
15,684

The destination of these exports for the week and since
July 1 1907 is as below:
-------- Flour■

----------WheatSince
Week
Week
July 1
Exports for week and Oct.26.
1907.
Oct. 26.
bush.
since July 1 to—
bbls.
bbls.
United Kingdom ___168,745 1,943,431 1.009,483 23,915,332
Continent__________ 59,224
856,054 1,555,721 17,654,294
S o.& C en t. A m e r ... 14,088
256,212
12,000
154,438
West In d ies........ . 14,684
460,999
1,700
18,000
Brit. No. Am . Cols.
580
18,912
Other countries____ 5,455
156,047
IIIIII
'*21,735
T o ta l.................. 262,776 3,691,655 2,578,904 41,763.799
605,762 16,376,059
Total 1906 .............. 260,812 3,593,461 2,790,023 34,333.231 1,385,687 13.637.777

The visible supply of grain, comprising the stocks in gran­
ary at the principal points of accumulation at lake and sea­
board ports Oct. 26 1907, was as follows:
Wheat,
bush.
New Y o rk ___________ . . 1.688,000
afloat_____
Boston_____________
47,000
603,000
Philadelphia_______ . .
Baltim ore.. _______ . .
796,000
New O rlean s_______ . . 588,000
G alveston.......... . . .
612,000
Montreal........ ........... - .
627,000
B u ffalo _____________ . . 2,637,000
. . 1,275,000
T o le d o __________
D etroit------ -------- . .
480,000
C h ica go ____________ -.10,055.000
..
406,000
Milwaukee-- __
Fort W illiam _______ . . 1,634,000
Port Arthur________ . . 2,110,000
D u lu th ...... .............. . . 4,637,000
Minneapolis.... ......... . . 3,519,000
St Louis____________ . . 3,083,000
Kansas C ity_________ . . 3,557,000
Peoria______ ________
Indianapolis ________ . .
189,000
On Mississippi River
On L a k es ___________ . . 3,190,000
On Canal and R iver. . .
508,000
Total
Total
Total
Total
Total
Total

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

26
19
27
28
29
31

1907.-42,241,000
1907..42,912,000
1906.-37,076,000
1905.-28,339,000
1904..26,495.000
1903..22,216,000

Corn,
bush.
134,000

Oats,
bush.
405.000

37,000
38,000
225.000
136,000
202,000
73.000

T .6 6 6
133.000
223.000
170,009

772,000
200,000
171,000
162,000
170,000

382',000
519.000
41.000
383.000
138.000

141.000
11,000
67.000
351.000
22.000

873,000

1,000
165,000
31,000
47,000
313,000
154,000

480.000
2,162,000
216.000
110,000
1,303,000
121,000

100,000
61.000
6.00*

1,561,000
2,354,000
.1,000

1.009,000
30,000

119.000
155.000

112,00*

817.000
203.000

4.070.000
4.379.000
3.787.000
3.456.000
3.049.000
7.332.000

7.126.000
6.530.000
9.933.000
26,577,000
2.399.000
8.979.000

1,086,000
1,000,000
1.587.000
1.727.000
1,773,00#
1,026,0(00

5.887.000
5.623.000
3.316.000
5.857.000
6.397.000
4.938.000

Rye,
bush.
63.000

Barley,
bush.
7,000

131,000

64.000

42,000

2,000
27',000

21,000

THE CHRONICLE.

1124

Statement of New York City Clearing-House Banks.—
The following statement shows the condition of the New
Y o rk C ity Clearing-House banks for the week ending Oct. 26.

New York City, Boston and Philadelphia Banks.— Below
is a summary of the weekly returns of the Clearing-House
banks of New York City, Boston and Philadelphia. The New
York figures do not include results for non-member banks:
We omit two ciphers (00) In all these figures.

I t should be distinctly understood that as to all items
except capital and surplus the figures are the averages of the
daily results, not the totals at the end of the week.

In

other words, in reporting loans and deposits and holdings o
specie and legal tenders, the practice is to take the aggre_
gate of the amounts for the several days of the week and
divide this aggregate by the number of days.
We om.lt two ciphers (00) In all cases.
Banks.
00s omitted.
Bank of N . Y - .
Manhattan____
Merchants’ ____
Mechanics’ ____
A m e r ic a ______
P h e n lx _______
City __________
Chemical______
Merchants’ E xGallatin............
Butch. & DrovMech.&Traders'
G reen w ich ____
Amer. Exch___
Commerce_____
M erca n tile____
Pacific ______
C h a t h a m .-___
Peoples’ -- - North America.
H a n o ver______
Citizens’ C ent..
N a ssau ............
Market & Fulton
Metropolitan . .
Corn Exchange
O rie n ta l______
Im p. & Traders’
P a r k __________
East R iv e r____
F o u r t h _______
S ec o n d _____ __
F ir s t ...............
Ir v in g NatExch
Bowery ______
N . Y . C ou nty..
German-Amer .
Chase__________
F ifth A ven u e..
German Exch_.
G erm ania........
L in co ln _______
Garfield_______
F if t h __________
M etrop olis____
W est Side
Seaboard______
L ib e r t y _____ , N. Y . Prod. Ex.
New Amsterd’m
State -- -----14th Street____

Loans.

Capital.

Surplus.

$
2.000,0
2,050,0
2,000,0
3,000,0
1.500,0
1,000,0
25,000,0
3,000.0
600,0
1,000,0
300.0
2,000,0
500.0
5.000,0
25,000,0
3,000,0
500,0
450,0
200,0
2,000,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
750,0
1,500,0
3,000,0
250,0
3,000,0
500,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
500,0
1,000,0
250,0
1,000.0
200,0
1,000,0
1,000,0
1,000.0
1,000.0
1.000,0
1,000,0

$
$
16,888,0
2,991,2
23,800,0
3,040,9
15,781,4
1,621,8
20,639,0
3,723,5
20,385.0
4,544,6
7,250,0
483,0
23,582.0 159,470,1
29.496,6
5,640,8
5.893.2
526,6
8,022,3
2,466,5
2,219,7
153,2
15,731,0
943.3
5.146,4
716,5
27.967,0
5,020.2
14.928,1 128.993,5
14,655,9
5,043,6
2,747.8
798,9
5,212.0
1,051,1
470,2
2,247.9
2,207,6
12,089,7
56,752,3
8,671,6
20,963,8
1,127,2
365,4
3,813.7
7.108,0
1,586,2
979.9
11,100,9
35,573,0
4,993,3
9,422,9
1,215,9
7,206.4
25,234.7
67,989,0
8.934,8
123,6
1,187,7
20,410,0
3,228,1
2,005,4
8,327,0
19,682,9 102,689,0
14,521,6
1,151.0
3,330,0
784.9
5.988,4
578,9
3.755,9
607.4
52,459.9
4,641.0
9,482,9
1,859.9
866,4
3,511.9
4.498,2
960,5
12,006,8
1,584,7
7.340,1
1,368.5
462,4
2,951,7
9,182,3
1,765,1
3,858,0
807,3
16,438,0
1,434,3
2,360,0
13,452,7
5,773,3
656,2
266,6
3,477,7
751,3
14,115,0
416,2
6,358,1

Specie.

Legals. Deposits, a Res’rve

$
3,349,0
4,756,0
2,596,2
2,599.0
3,687,7
1,525,0
35,088,4
6,600,4
910,9
947,8
392,7
1,185,0
1,133,9
4,077,3
17,546,8
485.4
346,5
411,7
446,5
170,4
10,483,7
4,428,1
693,2
1,889,5
2.082,4
6,569,0
896,0
5,061,0
15,653,0
218,4
4,128,0
2,039,0
18,299,4
2,283,0
723,0
852,0
773,
11,149,7
2,269,1
145,0
988,7
1,979,1
1.156,7
441,8
1,207,5
603,0
3,629,0
2.563,0
1,658,7
273,1
2,509,0
523,4

$
$
%
796,0
15,136,0 27.3
2,416.0
26,750,0 28.8
1,083,0
15,663,4 23.4
1,865,0
19,385,4 23.0
20,923,3 27.7
2,128,8
6,204,0 26.6
129,0
2,100,0 138,079,6 26.9
1,839,9
30,135,5 28-0
5,846,0 20.9
311,9
5,719,3 26.4
562,8
1,904,8 25.0
83,1
784,0
15,598,0 12.6
5,462,4 27.1
350,0
20,303,3 25.5
1,103,4
9,450,9 102.970,9 26.2
______
6,339,1 07.6
626,4
2,707,7 35.9
5,021,0 27.0
948,5
1,979,9 25.7
63,6
8,067.3 06.8
385,8
64,712.0 26.6
6,763,7
19,769,6 24.0
346,1
4,014,7 29.8
506,7
7,203,9 33.3
515,2
10,726,0 21.1
185,4
4,171,0
40.851,0 26.2
8,648,9 13 8
302,1
23,080,0 28.6
1,539,0
2,500.0
73,488,0 24.6
124,6
1,258,7 27 2
1,483,0
20,564,0 27.2
8,706,0 27.4
344,0
1,535,5
88,649,7 22.4
13,659,9 22 5
797,0
3,500,0 23.3
92,0
425,0
5,450,2 23.4
210,5
3,669,2 26.8
1,570,9
54,671,2 23.3
795,0
10,475,7 29.2
725,0
3,975.3 21.8
442,8
5,781,5 24.7
1,134,8
12.428,0 25.0
274,3
6,572,7 21.7
295,6
2,906,4 25.4
8,724,2 25.4
1,013,2
4,004,0 21.9
276,0
18,930,0 26.2
1,351,0
11,669,6 25.5
421,4
6,809,1 27.7
230,7
3,418,0 12.2
143,7
15,011,0 17.7
162,0
6,246,6 17.6
578,4

Banks.
New York
Sept.28..
Oct. 5 ..
Oct. 12..
Oct. 19..
Oct. 2 6 ..
Boston.
Oct. 5 . .
Oct. 1 2..
Oct. 19..
Oct. 26. .
Phila.
Oct. 5 ..
Oct. 12..
Oct. 19..
Oct. 2 6 ..

Capital.
and
Surplus.

Loans.

Specie.

$
293,498,3
293.498,3
293,498,3
293,498,3
292,496,9

$
1100,351,5
1089,068,4
1083,401,9
1076,846,3
1087,711,0

*
198,807,9
192,216,7
198,558,8
205,353,3
196,426,0

Reports of Non-Member Banks.— The following is the
week ending Oct. 26, based on average daily results.

54,440,0 224,270,0
54,440,0 222,986,0
54,440,0 222,037,0
54,440,0 219,789,0

Banks.

Capi­
tal.

Sur­
plus.

Loans
and
Invest­
ments.

N. Y . C ity.
Boroughs of
M a n .& B r’x.
$
$
$
183,6
993,3
100,0
Wash. H ’g’ ts
149,5 1,119,2
200,0
Century ___
100,0
115,6 1,272,6
Chelsea Exch
454,3 3.854,7
100,0
C olon ia l____
476,0 5,706,0
300,0
Colum bia___
Consol. N a t. 1,000,0 1,114,7 4,624,4
149,5
871,8
200,0
F id e lit y ____
680,4 3,925,1
500,0
Jefferson____
250,0
235,3 2,166,2
Mt. M orris..
297,1 3,078,5
200,0
M u tu al_____
480,3 3,496,8
300,0
19th W a rd ..
372,6 3,497,0
100,0
Plaza ______
182,7 1,580,9
100,0
23d W a r d ...
912,4 8,496,3
750,0
Union Exch.
400,3 3,417,0
100,0
Yorkvllle - 500,0
625,5 4,403,0
Coal & I . Nat
200,0
211,8 1,287,3
New Neth’l’d
825,2
128,0
B att.Pk.Nat.
200,0
Borough of
Brooklyn.
416.6 2,572,5
Broadway . .
150,0
739,5 4,606,6
252,0
MTrs.’ Nat’L
897,3 11,110,4
Mechanics’ . . 1,000,0
928,5 5,605,0
Nassau N at.
750,0
621,6 3,192,0
Nat. C it y ...
300,0
218,2 1,623,0
North S id e..
100,0
Jersey City.
400,0 1,179,2 4,378,1
First N a t - - .
721,1 2,690,3
250,0
Hud. Co. Nat
200,0
348,3 1,880,7
Third N a t . . .
Hoboken.
220,0
596,7 2,300,0
125,0
202,4 1,771,9
Second N a t.

Specie.

Legal
Tender
and
Bank
Notes.

Deposit with
Clear­
ing
Agent.

N et
Other
Banks, Deposits.
&c.

$
824,9
1,015,8
1,434,1
4,545,8
5,943,0
2,204,8
791,5
3,628,9
2,612,6
2,967,1
4,838,9
3,703,0
1,852,0
7,014,4
3,967,1
4,724,0
1,039,3
656,8

$
14,4
7.1
90,0
92,5
293,0
292,7
9,2
10,8
156,8
27,0
47,4
233,0
44,7
459,4
44,3
628,0
59,3
113,7

$
66,3
89,1
58,0
411,3
235,0
46,2
72,8
184,7
177,3
231,9
472,6
122,0
176.3
250,0
365,6
210,0
5,3
38,5

$
$
65,2 ■
76,2
89,0
125,9
84,8
484,2
210,1
378,0
67,0
219,6
64,4 _____
161,3
111,2
29,4
197,4
1,3
200,9
429,4
928,1
292,0 _____
36,4
179,8
291,9.
38,0
193,6
60,0
846,0
3,3
97,8
55,6

12,4
265,0
206,3
254,0
126,0
26,4

186,4
108,2
465,3
497,0
283,0
122,6

213,6
493,3
542,8
984,0
372,0
90,6

210,2
94,2
43,4

302,4
75,6
91,2

2,166,6
119,8
361,3

211,0
157,1
13,3

2,651,4
2,158,1
1,946,5

114,9
67,6

13,8
52,1

163,6
58,3

68,4
90,3

1,926,5
1,743,6

48,1 2,651,4
116,3 4,373,9
158,6 11,416,5
5,389,0
72,0 3,477,0
226,8 1,824,0

8.947.0 14039,0 96,375,8 4,043,7 5,410,5 9,887,8 2,857,8 96,321,5
Total Oct. 19 9.547.0 14737,6 110776,7 4,813,0 6,450,1 11,032,8 4,262,2 115632,9
Total Oct. 12 9,847,0 14849,8:114766,8 5,317,3 6,776,0 12,521,3 4,191,1 121221,1
■




$
$
70,637,1 1055,193,7
69,607,2 1036,703,3
62,608,6) 1026,047,8
62,257,2 1025,711,4
58,283,7 1023,772,0

Clearings.

9
*
50,638,5 1,402,951.9
50,657,8 1,784.941,4
51,001,8[ 1,611,351,9
51,612,4 1,815,268,1
51,398,3 2,103,641,5
• M*
163,712,4
8,260,0
8,222,0 149,236,3
173,547,0
8,170,0
8,182,0 178,266,6
- A
13,678,0 151,121,4
135,444,3
13,634,0
13,741,0
151,860,1
156,844,1
13,784,0

252,902,0
251,288,0
254,796,0
246,322,0

54,652,0
53,609,0
55,612,0
52,663,0

a Including for Boston and Philadelphia the item “ due to other banks” and also
Government deposits. For Boston these Government deposits amounted on O ct. 26
to $4,945,000; on Oct. 19 to $4,885,000.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Oct. 26, also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S A T N E W Y O R K .
F o r the week.

1907.

T o t a l _____________________
Since Jan. 1.

1904.

1905.

1906.

$3,142,362
14,674,160

$3,106,747
14,544,714

$2,768,577
13,014,039

$2,405,500
12,348,162

$17,816,522

$17,651,461

$15,782,616

$14,753,662

$156,356,984 $133,545,853 $116,871,226
557,891,541 496,484,921 463,774,224

$98,964,128
399,289,739

$714,243,525 $630,030,774 $580,645,450 $498,253,867

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 26 and from Jan. 1 to date.
E X P O R T S FR O M N E W Y O R K F O R T H E W E E K .
1904.

1907.

1906.

1905.

$13,136,786
511,013,472

$11,134,733
502,013,757

$S,296,490
433,798,490

$13,139,593
396.076,893

$524,150,258 $513,148,490^$441,674,980 $409,216,486
a

The following table shows the exports and imports of
specie at the port of New Y ork for the week ending Oct. 26
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S A N D IM P O R T S O F S PEC IE A T N E W Y O R K .
Exports.

Imports.

Qold.
Week.

Since Jan. 1

Week.

$1,503,514 $14,380,849
193,000 15,554,499
1,615,083
1,000
883,155
15,000
2,198,386
1,500,000

Great Britain_____
France ___________
Germany _________
West Indies_______
Mexico ___________
South America____
All other countries.
Total 1907.
Total 1906.
Total 1995-

We omit two ciphers (00) In all cases.

L tools. Deposits, a Circu­
lation.

190,318,0 17,946,0 3,690,0 214,777,0
190,828,0 17,812,0 3,841.0 213,339,0
191,670,0 18,362,0 4,019,0 224,242,0
191,247,0 20,025,0 2,822,0 222,059,0

44,036,0
44,036,0
44,036,0
44,036,0

Total .......... 129,100,0 163,396,9 1087,711,0 196,426,0 58,283,7 1023,772,0 24.8
a
a Total United States Deposits included. $48,063,600.

statement of condition of the non-member banks for the

[V o l . l x x x y .

Silver.
Great Britain_______
France _____________
Germany ___________
W set Indies__________
Mexico _____________
South America______
A ll other countries___

$1,697,514 $36,146,972
50,000
5,945,984
55,500 38,179,322

$394,269
1,775,901
152,623

$8,620,157
93,270,384
15,843,890

$997,854 $37,640,874
3,654,000
10,278
286,086

$12,026

$100,194
f 2,270
• 427
149,662
1,859,505
765,596
22,154

300

Total 1907____
Total 1906____
Total 1905____

\SlnceJarul

$22,040! $2,618,156
717,238
1,155,297
1,014,276
223,986
545,209
54,934
2,284,554
92,122
285,427
1,187

2,814
212,912
1,685

7,965
14,786

$229,437 $2,899,808
54,633
2,001,616
72,251
3,721.581

$998,154 $41,613,989
645,995 41,066.478
660,877 29.384,301

Of the above imports for the week in 1907, $23,789 were
American gold coin and $747 American silver coin. Of
the exports during the same time $1,000 were American
gold coin and $300 were American silver coin.

auxl ffitiaucial.
W e shail be pleased to m all investors copies of tbe ninth
edition of oar 10-paue circular describing 65 Short-Term Notes
and Collateral T rust Bonds with approxim ate market prices.

Spencer Trask & Co*
W IL L IA M

M

o

A N D P I N E STS..

f

f

a

t

NEW

&

W

h

i

YORK

t

e

Mem bers N ew Y ork Stock Exchange.
6 NASSAU STRBBT.
DEALERS

IN

Commissiofl

HAH OVER BANK B U I L D I N G
IN V E S T M E N T

S E C U R IT IE S .

Orders Executed for Cash O n ly .

• ••

•

THE CHRONICLE.

N o v . 2 1907.]

% iin \ iz x s 7

© a ^ je tie -

Wall Street, Friday Night, Nov. 1 1907.
The Money Market and Financial Situation.— The volume
o f business at the Stock Exchange has been much smaller
than we last reported, but the security markets remain prac­
tically unchanged in other respects. Prices have fluctuated
widely in some cases and are generally lower— many the
lowest in recent years— but there has been no such wholesale
liquidation as was the case last week.
The local banking situation has become more settled,
partly as a result of the plan of issuing Clearing House certifi­
cates which has been adopted. Further relief will be af­
forded by the arrival of the $29,000,000 of gold which is in
transit or has been engaged for shipment from Europe. A t
interior points, however, the demand for funds has be­
come more urgent, and at some of them, it is reported, a
substantial premium is being offered for currency. As
a result of this shortage manufacturing concerns are ham­
pered and in some cases pay-rolls are being reduced by dis­
charging operatives and laborers.
In the local money market operations have been greatly
restricted. Call-loan rates have been quoted as high as
75% and considerable business has been done at from 40%
to 50%. The Bank of England’s weekly statement reflects
the withdrawals of gold for shipment to this country and
shows a decline of nearly 8 points in its percentage of reserve.
The latter is still well above that reported at this date last
year and also in 1905. As was expected, the Bank rate was
advanced from 4 % % to 5 % % . Last year at this date it
stood at 6% .
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3 to 75%. To-day’s rates on call were 5@ 25% .
Prime commercial paper quoted at 7 @ 7 % % for endorse­
ments and 7 @ 7 % % for best single names.
The Bank of England’s weekly statement on Thursday
showed a decrease in bullion of £3,044,062 and the percentage
of reserve to liabilities was 39.91, against 47.21 last week.
The discount rate was advanced from 4J^%, as fixed
Aug. 15, to 5 % % . Bank of France shows an increase of 700,000 francs gold and a decrease of 1,675,000 francs silver.
N E W Y O R K C IT Y C L E A R IN G -H O U S E B A N K S .
1907.
Oct. 26.
$
129.100.000
C a p ita l______ ________
163,396,900
Surplus- _______
-Loans and discounts.. 1,087,711,000
51,398,300
Circulation___________
Net deposits__________ a l , 023,772,000
196.426.000
S p e c ie ...... ................
58,283,700
Legal te n d e rs _______

Differences
from
previous week.
$
Inc. 10,864,700
Dec.
214,100
Dec. 1,939,400
Dec. 8,927,300
Dec. 3,973,500

1906.
Oct. 27.

1905.
Oct. 28. "

$
$
119,150,000 115,972,700
140,160,800
155,176,800
1,062,333,200 1,041,819,400
54,890,100
46.724.600
1,034,698,100 1,042,092,300
194,349,600 196,059,200
76,894,800
69.998.600

254,709,700 Dec. 12,900,800
484,850
255.943.000 Dec.

264,348,200
258,674,525

272,954,000
260,523,075

Surplus reserve . . . . del. 1,233,300 Dee. 12,415,950

5,673,675

12,430,925

Reserve h e ld ________
25% of deposits______

a $48,063,600 United States deposits Included, against $34,450,100 last week and
$23,642,600 the corresponding week of 1906. W ith these United States deposits
eliminated, the surplus reserve would be $10,782,600 on October 26 and $19,795,175
on October 19.
Note.— Returns of separate banks appear on preceding page.

Foreign Exchange.— The market was unsettled and gen­
erally lower for the greater part of the week, influenced by
dear money and speculative manipulation, but it was strong
at the close, when rates were at the highest of the week.
Gold shipments for import, 29 millions.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 80@4 81 for sixty-day and 4 85@4 85J^ for sight.
To-day’s (Friday’s) actual rates for sterling exchange were
4 81@4 813/2 for long> 4 86% @ 4 87 for short and 4 88@
4 88% for cables. Commercial on banks 4 78@4 78% and
documents for payment 4 78@4 80. Cotton for' payment
4 78@4 78J4, cotton for acceptance 4 78@4 80 and grain for
payment 4 7834@4 78%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 20% @ 5 20a for long and 5 17% @ 5 16% for short.
Germany bankers’ marks were 93 % @ 94 for long and 94 11-16
@ 94% for short. Amsterdam bankers’ guilders were
40 26@40 28 for short.
Exchange at Paris on London to-day 25f. 15c.; week’s
range 25f. 15c. high and 25f. 13c. low.
The week’s range for exchange rates follows:

1125

State and Railroad Bonds.— No sales of State bonds have
been reported at the Board this week.
The market for railway bonds has continued more active
on further liquidation and decline of prices.
Unusual activity is noted in Union Pacific, Atchison,
Inter.-M et., Pennsylvania, Burlington & Quincy, United
States Steel and New York City issues.
United States Bonds.—-Sales of Government bonds at the
Board include $3,000 2s coup., 1930, at 10434, $9,500 3s,
coup., 1908-18, at 102% to 103, and $1,0003s,reg., 1908-18,
at 102. The following are the daily closing quotations; for
yearly range see third page following.
Interest
Periods
Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
4s, 1925_____________ coupon Q—Feb
2s, 1936-Panama Can. regls Q— N o v

2s,
2s,
3s,
3s,
3s,

1930.... ...........registered
1930. __________ coupon
1908-18_______ registered
1908-18 ______ -coupon
1908-18____small coupon

Oct.
26.

Oct.
28.

Oct.
29.

Oct.
30.

Oct.
31.

N ov.
1.

*104%
*10434
*101%
*102%
*101%
*117
*118
*105

*104%
*104Ji
*101%
*102 %
*101%
*117
*118
*105

*104%
*104)4
*101?4
*102%
*101%
*117
*118
*105

*1043*
*10434
*101%
103
*101%
*117
*118
*10434

*10434
104%
*101%
102%
*10134
*117
*118
*10434

*10534
*10534
102
Xl02%
*x0134
*117
*£117
*10434

♦This Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— The recovery in
stocks which was in progress at the close last week has not
been maintained. The highest prices of this week were
generally recorded on Monday and the lowest on Wednesday,
when 10 out of a list of 18 active representative stocks made
a new low record for the year. There have been few ex­
ceptions to the general trend of the market, although in a
considerable number of cases a range of from 3 to 8 points
has been covered.
Illinois Central has been a notably strong feature, closing
with a net gain of 1 point. Missouri Pacific, Northern Pa­
cific and Louisville & Nashville are the only other active
railway issues that close higher than last week.
Pennsylvania was exceptionally weak on rumors that its
dividend rate would be reduced, but recovered somewhat
to-day on the announcement of the regular dividend. Dela­
ware & Hudson also declined sharply, showing when at the
lowest a loss of 9 points. Other railway issues are an average
of 2 to 3 points lower.
The copper stocks have again been strong on a substantial
advance in the metal. Anaconda, although below the high­
est, shows a net gain of 4 points. Amalgamated Copper
has made a similar record. General Electric, Consolidated
Gas and Colorado Fuel & Iron are also higher. The U. S.
Steel issues are fractionally lower.
F or daily volume of business see page 1133.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending N ov. 1.

Sales
for
Week.

Range for week.
Lowest.

Balaklala Copper______ 1,700 $3% Oct
Bethlehem Steel Corp___
600 9J4 Oct
Preferred ____________
200 28J40ct
Buff Rochester & P ltts.
100 78 Oct
210 100 Oct
Preferred ___________
Chic Un T r trust rects_ l% N o v
700
Comstock T u n n el______
600 23c. Oct
1st income 4s________ $4,000 15 Oct
Des Moines & F t Dodge.
100 5M Oct
Diamond M a tc h _______
30 113 Oct
Federal Sugar Refining.
100 54%Oct
General Chemical..........
200 50 Oct
Preferred_______ ___
200 87%Oct
Gt Northern subscrlpt’n
receipts, 70% paid___ 5,460 98 Oct
Homestake Mining_____ 1,100 54 N o v
New Y o rk D ock_______
100 25 Oct
N Y & N J Telephone__ 1,053 87 Oct
United Cigar Mfrs, pref.
600 65 Oct
Western Maryland_____ 1,150 8 Oct

Range since Jan. 1.

Highest.

Lowest.

26 $4340ct
29 9% Oct
28 2834 Oct
26 78 Oct
28 105 Oct
I
l% N o v
HO 25c. Oct
28 15 Oct
30 5% Oct
31 114 Nov
29 5434 Oct
29 53 Oct
26 89 Oct

31
28
28
26
26
1
30
28
30
1
29
29
26

$3
9
28%
78
100
1%
20c.
15
5%
113
42
50
85

29 1023-8Oct
1 60 Oct
26 25 Oct
30 95 Oct
26 75 Oct
28 8 Oct

28
29
26
28
31
31

98
54
25
85
65
6

Highest.

O ct!$ll
Aug 2034
Oct 65
Oct 115
Oct 139%
Oct 3%
Oct 50c.
Oct 23
Oct 18
Oct 127%
Feb 6234
Oct 75%
Oct 10234
Oct
Oct
Oct
Oct
Oct
Oct

130%
85
42
115
94 V,
30%

July
Jan
Jan
Jan
Feb
May
Jan
Feb
Jan
June
June
Jan
Feb
Apr
Feb
Jan
Jan
Jan
Jan

Outside Market.— Business in the market for unlisted se­
curities this week quieted down somewhat, the trading being
marked by alternate periods of strength and weakness.
The favorable turn in the copper trade was an element
of strength, the copper shares responding generally with
higher prices. Consolidated Steamship 4% bonds failed to
retain their recent advance and after a further improvement
in the beginning of the week from 12% to 13% slumped to
9% , a new low record. The close to-day was at 10. The
stock sold up from 1 to 1 1-16 and down finally to % . A
loss of 15 points to 175 in American Tobacco attracted atten­
-L on g-Cablestion, this being followed by an advance to 183, but the close
Slerllng Actualto-day was at 177. Manhattan Transit sold between 2%
14 8634
>4 87
|4 88
@ 4 88%
H lgh ..........4 81
@ 4 b l^
14 82%
>4 82%
@ 4 83%
L o w ______ 4 77
@ 4 78
14 83%
and 2% , Standard Oil advanced from 400 to 406, fell to
Paris Bankers’ Francs—
394% and ends the week at 396. Chicago Subway, after a
|5 17%
@ 5 16%
H igh ..........5 20%
@ 5 20o
|5 20
L o w ..........5 22(4
@ 5 21 % a
@ 5 19%
fractional advance to 14, dropped to 11%, and closed to-day
Germany Bankers’ Marks—
at 1234. New York New Haven & Hartford “ rights” were
94 11-16 i9 4 K
H igh .......... 93%
@94
594
93%
L o w .......... 92%
@9334
traded in at from 2% to 3. Copper shares as a rule showed
Amsterdam, Bankers' Guilders—
improvement. Butte Coalition moved up from 11% to 16%
@40 28
H igh .........................
@ ........
40 26
@40 13
40 09
L o w --------------@ _____
and closed to-day at 15%. Boston Consolidated Copper ad­
vanced from 10% to 14, dropped to 11% and recovered
Less: a 1-16 of 1% . d 1-32 of 1% . h 3-32 of 1%.
........................
k
1-16
of
1%.
........
y3-32
of
1%.
Plus:
x 1-32 of 1% .
finally to 11%. Cumberland Ely rose from 4% to 6 and
The following are the rates for domestic exchange on New fell back to 4. Greene Cananea from 5% ran up to 7 34, and
York at the undermentioned cities to-day: Savannah, buy­ closes at 6% . Nevada Consolidated Copper from 6%
ing, 50c. per $1,000 discount; selling. 75c. per $1,000 pre­ reached 834 but fell off and ends the week at 6% . United
mium. Charleston, selling, $1 per $1,000 premium. New Copper common, after an advance of a point to 8% , sank to
Orleans, bank, 75c. per $1,000 discount; commercial, $1 7, then sold up to 9, with the close to-day at 7% . Nipissing
per $1,000 discount. Chicago, no market. St. Louis, 10c. was steady, fluctuating between 6% and 6% .
per $1,000 discount. San Francisco, no market.
Outside quotations will be found on page 1133.




New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
«C C 0 1 *Y tN «
Sale* 07
the

STOCKS— H IG H E S T A N D LOW EST S A L E PR ICES.
Monday
October 28

Saturday
October 26

Tuesday
October 29

Thursday
October 31

Wednesday
October 30

74*2
85*2
64
81
§80
33
* ____
1551*
*58
*155
28*2
1H*

7334 76
72% 751*
76
75*2 77
88
87
86% 88
86
88
88
6134 64%
6334 64
59
62
65
7734 81
791* 82
8H*
81% 83*2
80
*75
80
*75
80
*75
82
3434 33*4 34%
311*
29*8 33*2 29
75 * . .
75
75 * ____
75 * ____
15612 i s ; 15634 14634 153% 144 151
56
581*
56
5638 55
57
62
160
158 158 *150 160 *150 160
2834 28*4 28%
27% 28%
27*4 28
12
11
11
11*2 1034 11% 11

7*2
*50
32
10*8
1027»
*140
*90

7*2
60
32
10*8
104%
145
105
117*2
133
195
114
170
5
25

110

130
§195
§114
*140
* ____
*15

7*2
7%
*50
60
33% 33%
958 10*4
102 104*4
141 141
*90
96
116 117
131% 134
195 195
*110 115
*140 170
*
5
*1.5
25

8
71*
7%
50
*50
60
*25
30
*25
10
10
9*2
99 10234 9S%
138 141
135
*90
§85
95
112 118
111
128% 131% 126
*195 210 *195
106 108 §106
*140 170 *140
* ____
5 * ___
*15
*15
25

74%
84%
63
79%
*75
30*4
* _ _
149
*57*2
*150
27*2

76%
87
63
81
84
32%
75
152
62
160
28*2
15

7%
7*2
50
55
*25
31
934
9*2
103% 100%
136
135
85
*85
116
1147*
130
129%
210 *195
1061* 110%
170 *145
5 * ___*
25
*15

7%
50
28
934
104%
136

49% 51%
50
51
51% 51%
52
*90
*9 0
95
*90
95
95
95
18
18
19
1834
18
18%
18%
4434
*44
*43
45
45
443
4
4412
33
33
33
33
34%
33
32
124% 13134 123% 128
129*2 129 132
369% 370
420 *390 425 *390 450
18% 19*4
18% 18%
1834 20*4
1834
5S34 5834 §58% 58%
59
59
60
*29
32*4 3214 *30
36
35
35
12
*7
*7
12
*7
10
7
12%
121*
12%
12%
*10
20
* 11*2
17% 17%
17% 18
18
18%
18*4 1834
38% 38*4
37
37%
39
381* 38*2
391*
28% 28*2 *27** 28%
27% 28*4
28i4 29
*65
75
*65
*65
75
*65
75
75
*80
90
*70
*80
80
*80
90
90
111 113*4 109 112 % 107% 112
1101* 113
3878 41
371* 3938 37*2 39*2
38
41
75
75
_
534
5?i
6
6
•7
7
____
____
*2 0
*21
*68
*68
95
95
*68
95
”95 ” *68’
70
70
70
70
70
70
80
♦ ____
80 ‘ *60
SO * ____
80 *_
119% 121% 1181* 119
118 120% 120 122
5**
5%
6
634
5%
6
7
6*2
15% 16
15% 153s
17% 19
18
19
§12
12
12
*1134 121*
*11
13
12
*33
36
*33
*33
37
*33
37
37
70
60
*55
60
*68
*67
75
74
22
21% 21%
23
22
23
23
23
49% 50
50
50
*35
45
*491 2 52
*11
15
15
15
*12
*11
15
15
*30
*30
41
41
*35
*30
45
45
*25
50
*30
*25
50
*30
50
50
90% 94%
9534 97
94
97
95
97
105% 1061* 10134 105
103 103% 106 107
35
*20
35 *
*20
35 *
35
1438 151s
14% 15%
147s 1534
15% 15*4
3134 3134 31% 31%
30% 301*
*31
32
§73% 73% *69
75
*69
*69
75
75
70
70
73
75
70*4 7014
*67
71
110 110
110 110
*1 1 4
120
120 *111
23
25
25
25
26 % 2334 25%
25*4
5634 *53
56
54
56% 571*
56*2 56%
49
491* 50**
52
50
517S 51% 53
*108 115 *108 115 *108 115 *100 110
*_ .
* ____
45
* ____
45
45 * ____
45
13% 13%
*13*2 15** *13% 151* *13*"* 15*2
9334 97
94% 98%
98% 100*4
98% 100
1934 201*
217S
20
22
22*8 231s
22*4
90
*60
*.
95
* ____
90 * . . .
95
41
431*
43
46
46
47
49% 49*4
135% 135%
136 136
134*x 134*s *133% 140
28
29
28
29*2
2834
28
28% 29%
6034 62
60*s 62
62** 63
6012 621*
70
70
75
*70
*70
80
80 “ *70
104 106% 106% 10734 1043s 108*2 103% 108%
93
95%
95
96
93% 95 3 4
94*4 95%
80
*72
*70
80
75
75
*73
80
*80 100
*80 100
*80 100
*80 100
*80 100
*8 0
100
107% 112
114% 115% 109% 115
1143S 115
56
57
§60
60
60
60
§55*4 55*4
80
72** 721* *70
§80
80
*70
80
72% 77%
73% 77=I
76% 7934
77*8 79
75
75
76% 76*2
*74
75*2
*73*2 75
67*4 67*1
70
70
* ____
§73
73
70
14
14
12*2
14%
15
14*2
15
14*8
*33% 35
34% 36
35
3434 35*2
35*2
65
64
*55
*5 8
*5 8
64
*55
65
28
2934 30
28
29*4
28*2
29
29*2
12% 12%
15
15** *10
*12
15** *11
26
27
25% 29
27*2 33*4
27
31 "
67**
64
65*4 67*2
673j 683*1 67*2 69%
102 102%
102 103
10234 1041* 103
105
1238
113
4
123S
13
11%
123
4
12**
13*4
3934
42%
37
40
42
42%
41*4 411*
1734 19
19
18
18*4 19
191*
19
26
2614
25*2 25*2
30
26*4 26*4 *25
12% 12%
*123 4 15
*11% 15
13
13
19% 19%
1934 19%
20
20*2
19** 1934
33
323 a 33%
33
331* 34
30
33 Ij
72
74
76
7734
72
75*8
77
77*2
1053S
10934
104*4
H
I
109*4
111%
108*^ 110
77% 78
77% 77%
82
77*2 77*2
*77

51
*90
18
421*
3134
127
*370
181*
*57
*32
7

BANKS
Banks

Bid

New Y ork .
A e t n a ______ 200

America 1j_.
Amer Kxch.
BatteryPark
Bowery 15...
Bronx Borol!
Butch’s&Dr
Century’,I—
Chase_______
C h a th a m ___

Cheis’aFxc V

500

210
122
310
300
150
170
225
310
200

Bid
BanksC h em ical___ 390
Citizens' Ctrl 130
220 C i t y ________ T240
515 Coal & Ir o n .
700
230 C oioniailf—
132 Colum bia 11- 500
325 C o m m erc e..
C on solid at’ d 160
160 Copper ------ 175
185 ! C o m E x ch D 275
D iscount IT- 150
320
East R iv e r . 135
----- 1 F id e lity 1!.. T16G
Ask

*10

100

117
132
200
112
170
5
25

W eek
Friday
November 1 : Shares

73%
84
61
80%
*75
30%
*
149
*57
*150
2734

*11
7%
*41
*25
9%

100

7%
51%
30
97g

102

138
91
115
132
200
112 112
*140 170
5
* . .
25
*15
50
95
1834
44%
34%
12634
435
18%
65
38
10
17
18*4
39
28

75
90
112 %
40%

*6% ----____
____ * ____
22*2
95
95 *1___
____
70*8 70*8
70
70*4
70
65

____

*66
122

122

121

*534
16%
12
*33
*65
*22
23
50*s 50% §51
*11
15
*11
*30
40
*30
40
321*
*25
94% 9534 94
105
104 106
* ___ 35 * ____
14
14*4 14%
*28
30
30
*69
75
*69
72
72%
71
116
110 115
2334 25
24*4
56
56
56
54
52*2
52
*100 115 *100
*
44% * ____
*13
15% *13
9412
94% 97
213s
247g
23
§91
90
*70
43
45
44
12934
129% 135
2838 28%
29*8
63
63
63
*65
80
*70
106*2
106% 110
9412
93*8 96
56
80
*70
*7 0
*80 100
*70
*S0 110
106*2 111% 107
§57
60
*57
7434
72
75
74
74% 77%
75
75
*70
68 * ____
68
13%
13% 14
§33%
34
34
*55
60
60
29
29
28
*11
15
*10
*27
31
*28
66*4 6834 66%
103% 105
10434
1E%
121*
12 14
39*4 39% §37
19
18*2 19
20% 25% §20
*12
15
13%
19*4
19*2 19*2
33
3234 34*4
X7U-34
73
75
10S34 113% 108%
SIJ
81
80
534
15*2
*11
*33
65
*2 2

AND

6
17
14
38
65

TRUST

122

6
16%
12
38
75
23

51
15
40
40
95%
105*2
35
14%
31
75
7312
116
24^2
56
53^2
115
4412
15*2
96
22
91
44

Range lor Fret unus
Year 0906).

Highest.

130
'zws
63
75
107'8
VJ4'8
6012
100
100
1087s 387,927
57
430 P itts b Cln Chic & St L . . .
74 3 4
907
76% 222,100
630
70
2d p r e f______________
68
320
13*2 15,860 R o ck Islan d C o m p a n y ___
34
2,060
65
100 St L & San F r , 1st p r e f . .
D o 2d p r e f---------------29%
2,050
15
300 St Lou is S ou thw estern ___
D o p r e f________________
30
1.300
67*4 55,330 Southern P a c ific C o ______
105
3,490
121*
7,715 Southern v tr cfs stam ped
D o p re f
do
37
3,731
19
4,600 ''J 'exa s & P a c ific __________
20
1,630 L bird A v e n u e (N Y ) ____
13**
600 T o le d o R a ilw a y s & L ig h t
2,200 Toledo St L & W estern___
19%
D o p r e f...................
3.300
331*
n
6,834 T w in C ity R a p id T r a n s it.
1107s 450,021 J Tn ion P a c i f i c __________
D o p r e f __________
800 U
SU

C O M P A N IE S — B R O K E R S '
Banks.
Im p & T rad
In terb oro H.
■Iivina: N E x
’Jefferson
L i b e r t y ----jL in c o ln ____
(M a n h a ttan "
iM a rk et& F u l
M echanics’ .
M ech & Tra 1;
.Mercantile. .
Merch . xch
Merchants’ .

Bid
475
155

185

200

__

1100
275
255
225

__

140
175
150

i Lees than 100 shares
* Bid and asited prices: no sales w ere m ade on this d a y . i E x -rig h ts,
t Sale at S tock E xch an ge or at auction this w eek, c E x ben eficial in terest in ore properties.




Range lor Year 1907
On basis oi 100-share tots.

STO CKS
N E W Y O R K STOCK
EXCHANGE

72 O ct 24
83 O ct 23
59 O ct 30
773s O ct 30
80 O ct 24
29 O ct 30
83 F eb 16
144 O ct 30
55 O ct 29
158 O ct 28
265S O ct 25
A u g 14
48 Sen 16
7 O ct 10
5,050 C hicago G reat W e s t e r n ..
50 O ct 30
D o 4 % d eb en tu res___
900
26*8 O ct 2c
200
85s O ct 14
2,000
9S*2 O ct 30
57,435 Ch icago M llw & St P a u l . .
135 O ct 31
1,535
D o com ctfs 25 % paid
90
233
D o p re f ctfs 25 % paid 111 O ct 30
6,224
9,725 Ch icago & N o rth W estern 126 O ct 30
185 O ct 25
D o p r e f________________
130
1,057 Chic St P M inn & Om aha 106 Oct 29
160 Jan 18
Chicago T e r m ln ’l T ran sfer
3l2 O ct 7
D o p r e f______ ________
9 Mch27
25g A u g 17
Chicago U nion T r a c t io n ..
l l l 2M clil4
D o p r e f____ ___________
497S O ct 29
1.800 C leve Cln Chic & St L ____
92 Sep 20
18 O ct 23
6,200 C olorado & S ou thern ____
D o 1st p referred ______
4212 O ct 26
1,655
3134 O ct 25
D o 2d p referred ______
2,100
26,599 T \ e la w a re & H u d so n ____ 123»g O ct 30
300 - L 'e la w a r e L a c k &. W e s t’n 3691o O ct 30
17?8 O ct 24
3,935 D en ver & R io G ran de____
56 O ct 25
350
32*4 O ct 28
100 D etro it U n i t e d ___________
6*4 O ct 17
200 D u lu th So Shore & A tla n
12U O ct 24
200
161, O ct 23
______'______________
8,710 T ? r le
37 O ct 23
2,500
D o 2d p r e f________
27*2 O ct 24
1,425
E v a n sville & T erre H au te
D o p r e f________________ ' _90 A p r 4
38,560 G reat N o rth ern p r e f______ 107lo O ct 30
37 " O ct 25
T e m p ctfs fo r ore p r o p .
10,654
75 O ct 29
3 Green B a y & W ,d e b c t f A
534 O ct 30
Do
deb c t f B
13
24i->Oct 14
a va n a E le c tr ic ________
-CL
D o p r e f________ __
72 A p r 1
70 O ct 26
500 H o c k in g V a lle y t r r e c t s ..
65 O ct 31
Do
p r e f-----900
3,504 T llin ols C e n tra l___________ 118 O ct 25
478 O ct 22
5,200 J -n te rb o ro -M etro p o litan _
15 O ct 22
3,100
12 O ct 18
230 Io w a C e n tra l______________
D o p r e f . . ___ _________
30*8 Mch25
60 O ct 29
200 T Z C F t S & M . t r cts p ref
18 Men 14
1.510 A ra n s a s C ity S o u th e rn ..
45 M ch 25
D o p r e f____________
695
11*4 O ct 25
150 T ake E rie & W e s t e r n ...
•1-i
D o p r e f ________ _ .
40 O ct 11
32*2 N o v 1
600 L o n g Is la n d _______________
90*2 O ct 30
8,170 L o u is ville & N a s h v ille ___
4,997 V I an h attan E le v a te d ___ 10078 O ct 25
30 O ct 22
l> J -etrop olltan S tr e e t____
14 N o v 1
"¥,300 M exican C e n tra l__________
30 O ct 31
900 M in neapolis & St L o u is ..
76*2 A u g 9
D o p r e f________________
10
60 O ct 23
2,975 Minn St P & S S M a r i e . . .
D o p r e f____________ . . 110 O ct 24
700
22*2 O ct 24
10,920 M o Kansas & T e x a s .........
D o p r e f. ______________
54 O ct 29
1,530
48 O ct 24
6,810 Missouri P a c i f i c . ________
IV] ash C h att & St L o u is .. 108 O ct 11
/4*4 O ct 14
-Li a t o f M ex , non-cum p f .
13*2 O ct 30
D o 2d p r e f__________
100
93:i4 O ct 30
86,106 N Y C en tra l & H u d s o n ..
IStti O ct 30
4,300 N Y Chic <Sc St L o u is____
92 O ct 15
50
41 O ct 30
D o 2d p r e f____________
2,575
1,660 N Y N H a ven & H a rtfo rd 129*4 O ct 31
28 O ct 23
3,795 N Y O n ta rio & W e s t e r n ..
56 O ct 24
2,640
70 O ct 29
D o ad ju stm en t p r e f . .
200
______ 100*2 O ct 24
72,543 N o rth ern P a c ific .
D o subscrip rects____
91 <8 O ct 24
10,695
56 N o v 1
700

Bid
Ask
B an ks.
F ifth AveTT. 3700
F i f t h ........... 340
625
First ......... 600
300
240*" 14th S treet 1i 225
____ F o u r t h ____ T169 1185
355
525 G a lla tin .. - 340
525
153 G arfield____
1421*
165 GermanArnJ! 135
Germ an E x t 500
185
Germ ania 11. 500
2‘JO
160 |Greenwich M 275
H a m ilton 'H- ____
145
----- 490
----- 1 H tn o v e r —

Ask
400
135

PAG ES

R a ilroa d s
75*2 28,500 A tch T o p e k a & Santa Fe
D o p r e f____________
3,340
84
4,850 A tla n tic Coast L in e R R . .
62
16,875
81
10
84
31% 50,850 B roo k ly n R a p id T r a n s it ..
B u ffalo & Susque, p r e f___
75
150*4 16,660
700
60
100 Central o f N e w Jersey____
160
7,180
28*4
900
15

*130
90
114
129%
*180

50
51*2
*90
95
1834
19*2
46
43
34
34*2
12434
130
400 *375
19%
177S
64
*59
*33
38
10
*7*4
*11
18
18
18*8
39
38*2
28
28*2
*65
75
*80
90
111
114
39
42

51
*90
1834
44
34%
126
400
19%
*5834
*32*2
*7%
*11
18
38%
28*2
*65
*80
110%
39*4

TW O

90 Sep 28
106*2 O ct 31
51 O ct 23
691* O ct 25
70*2
73
67*4 O ct 30
1212 O ct 30
34 O ct 25
58 O ct 7
27*- O ct 24
12*2 O ct 30
25*2 O ct 30
63*4 O ct 24
KM! O ct 24
11 O ct 24
37 O ct 30
173, O ct 30
20*4 O ct 31
l l l 2 0 c t 16
19l: O ct 26
30 O ct 26
27034 N o v 1
100 O ct 24
75 AufJ 14

10S*4 Jan 7
853s May
1015s Jan 12 *98 Dec
133*8 Jan 5 131*8 J ’ly
122 Jan £ 1053i Mav
94*9 Jan 10
91 O ct
S35g Jan 7
71 J ’ly
83 Jan
85*4 F eb >195U Jan 4 155=8 May
65*s J ’ne
651? Jan 14
21912 Jan 2 204 M ay
51*o Nov56 Jan
27i-> Jan f
25*k Sep
69 Jan 5
70 D ee
18 Jan 2
16 J ’ne
79 F e b ?5
79*2 Sep
713, F eb 14
70 D ec
26*s Jan 5
247s N o v
157*2 Jan 14 J146*o Dec
16510 Jan 5 f 160 Dec
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
934 F e b
25 Jan
6I4 A p r
193s Jan
9278 Jan
1081•>Jan
387g Jan
69U Jan
58*2 Jan
227ioJan
£10 "J a n
4278 Jan
837s Jan
80*s Jan
19*o Jan
3 9 "J a n
44*4 Jan
75*8 Jan
67 Jan

151
10
10
8
19
21
11
3
9
7
7
9
7
8
2
24
7
10
ic
£
4
5
7
7

192 A p r
225 A u g
168 J ’ne
175 Nov934 A p r
25 D ee
37g M ay
n ?8 J ’ly
89 D ec
110 J ’ly
29l2 Jan
6610 A p r
43 M ay
189 May
43734 M ay
36*>s M a y
83 O ct
797g D ec
10 J ’ly
32 A p r
3Si* May
7434 D ec
62*2 A p r
68 D ec
SO J 'ly
C178 D ec
7034 Dec
81i2N o v
HS4 O ct
S3ig Jan
7714 Jan

92 A p r '5
I 8934 Jan 2
85 Jan 5
75 O ct 29
14i2 Jan 17
47 Jan 3
861" Jan 4
114 Mch 6
9210 N o v
94 Jan 5
172 Jan 3 164 M ay
39 Jan 23
33% *1 ne
703s J ’ly
7alt Jan 7
24 J ’lv2S78 J an 4
51 Jan 7
48 J ’ly
77 O ct
80 Jan 10
227S J ;iy
30=4 J an £
6l34Jan 8
49 J iy
28*-Jan 12
27*- J ’ly
75 * Sep
671- A p r 26
611'
O ct
67*-> Jan 9
145*2 Jan £ 136*4 M ay
146 F e b 13 140 Sep
107 Jan 23 103 J ’ly
183s M ay
275s Jan 5
5SioD ec
59 Jan 15
90 A p r
yo Jan 24
140*4 Jan 3 134 D ec
168 J an 3 1031-'A p r
29 M ay
44^*1 Mch 1
7234 Jan 4
64U A p r
8510 M ay
923- Jan 5
147 Jan 8 133 M ay
593,; Jan 9
36 A p r
I 8I4 J ’ ne
•27 F eb 14
13434 Jan 10 126 N o v
63*o Jan 7
59 Mch
110 Jan 16 i l l A p r
9134 Jan 7
80 M ay
189 Jan 9 18912 Dec
483$ Jan
4334 M ay
92*4 Jan 5
84 Feb
90i2Jan 10
89*2 A p r
189*2 Jan 7 179*4 M ay
134 F e b 13
124*s Jan 7 ’ 103 ja n
105 Jan
105*2 Jan
125 M et
14138 Jan 8 12212 J 'ly
75 M ay
78 Jan 22
105io Jan 5 100 M ay
M ay
112
7
139*8 Jan
89 Sep
7
90 A p r
94 Jan 8
221o J 'ly
3018 Jan 5
60 J ’ ly
5
60 Feb
70 “ Jan 11
40*2 J ’ly
483s Jan 5
20*o M ay
25*2 Jan 7
48=4 M ay
62i» F eb 15
61 M ay
96*4 Jan 14
UKIk Jan 14 116 J ’ly
31^8 AOV
34 Jan 5
94U Jan 5
93*2 D ec
37*8 Jan 7
28 May
123 Jan 8 121 r,o v
29 Jan 7
25*4 D ec
3334 Jan 5
25*4 J ’ly
547g A p r 12
43 J ’ly
108** Jan 7 102 Dec
183 Jan 5 138*2 May
96 M ay 2
911. M ay

110*2 Sep
106 Jan
1677s Jan
1251* Sep
99U Jan
94 ig Jan
87 F eb
201*2 D ec
707s Jan
239~8 May
655g A u g
35% O ct
7714 O ct
235g J an
861" Jan
80 “ Jan
39->s Jan
19953 D ec
218 A u g
240 Jail*
270 Mch
198 Jan
202 Jan
18U Jan
4234 Jan
133. F e b
47io M et
1097g Jan
118 Jan
41 O ct
73*s Feb
59 D ec
23434 N o v
560 May
5l 7g Jan
911. Jan
102 F e b
2278 Jan
45 Jan
507s Jan
83 Jan
7638 Jan
70 Jan
y4 A u g
348 F eb
85 D ec
921" Jan
23*o Jan
53 “ A u g
973. May
“99^,
j ’n
’nee
"9 9 % J
184i*J’’ ne
184!2J
55% May
55=8
873s
87=8 M ay
aj
3434 Jan
J an
(5334
ja n
<5334 Jan
b4i*
M
io F eeb
b
37^
37% ' Jan
71 Jan
47^ Jan
/4?s
5
92 io Jau
Jan
J921*
8134 Jan
I 06U Jan
1561"
162 “‘ Jan
127 Jan
29i2
291* D ec
8414 Jan
IOUI4 Jan
164 Mch
183
18v 34 Jan
435, N o v
435s
76 N o v
1063'
1063.; Jan
1491,
149U Jan
503.; D ec
;iU Dec
;iu
15514 Jan
15014
731 =A p r
73*1‘^org
l^O's Jan
<]■> Dec
9*
2
0 4 'i J
J *n
*n
204's
5714 Jan
97% O ct
975s
96 Jan
232*2 F eb
142 J ’’ne
ne
106 Jan
135 May
M aj
147** Jan
147*2
87 Jan
101) Aug
Aug
1164 Jan
96 Jan
102 Jan
32*.;
Xo\
32% N
ov
69*4
Aug
09% A
ug
7234 A p r
7284
51*4 F eb
277*
2?7g Jan
63% Sep
633®
971* Sep
97l2Sep
120*. J ’ne
120ioJ'ne
427g
J an
427s Jan
103 Jan
40is O ct
xl39i2Jan
xl39>2Jan
36 Jan
40** Jan
40*»
597s Jaa
59'JJaa
122*4 Jan
12214
195% Sep
195=8
991 <Jan

Q U O T A T IO N S .

Bid
Ask
Bid
j
Banks.
Can'.ts.
.
Oriental H._ 240
M etropolis 1! 390
M e tio p o ll’ nTI 150
160
P a citlc H___ 230
165
P a r k _______ 375
___ Mt M orrisll- 240
280
290
\lutual II—
P eo p le’s H -. 300
215
200
210 P h e n l x ____ 150
500 INassau 1,—
175 P la za If____ 570
1200 N e w A m ster 160
220
Prod Kxch 1 140
3C0 INew .NethTdj 200
R iverside 1i_ 250
265 jN e w Y o rk Co. 1200
340
N ew Y o r k . . j 280
295 Seaboard—
235
N 'h t & D a y jl
405 S e c o n d ____ 700
lM
Ml 9th W ard 1tj 500
S tate 11------- 375
12th W ard1T - - - 225
185 N o rth A m er' 200
155 IjN o rth em ___| 105
175 23d W a r d " . ----1[ S ta te banks, a E x -d ivid en d and rights, b N e w
h 1st ln stal’ m t paid
n Sold at p riv a te sale a t th is
A sl:
510

__

_

A sic

*50
400
----158
150
260
06O
400
--------sto ck
prie<

New York Stock Record—Concluded— Page 2

NO T. 2 1907.a

STO CK S — H Id H E S T A N D IS ) W EST S A L E P R IC E S .
Saturday
October 26

Monday
October 28

Tuesday
October 29

Wednesday
October 30

Thursday
October 31

1234 *11
22%
23
8
8*4
1434
14%
*6
61,
14% *14
*7
10
15
15
*27
35

S TO C K S
N E W Y O R K STOCK
EXCHANGE

Range ]or Year 1907
On basis o1 100-share lots.
Lowest.

12
600 U nit R y s I n v ’t o f SanFran
221,
950
________
83i
9,689 XK]a b a s h ____
D o p r e f____ ______
15% 4,724 * 1
8
350 W h ee lin g & L a k e E r ie ___
16
D o 1st p r e f____________
100
______
12
D o 2d p r e f____________
900 W isconsin C e n tra l________
15%
D o p r e f________________
33
100
I n du stria l& M isceiian eou s
______ A dam s E x p ress__________
*150 175 *165 175 *165 175 *165 175 *165 175 *165 175
5%
534
6
5*g
1,360 ■ A llis-C h a lm ers___________
6
6
5%
§5%
5%
5%
5%
5'8
D o p r e f____________
*1334 15% *13% 15% *13% 16%
14% 14%
15
15
*14% 16%
425
48% 5134 48% 52
48
49% 51%
50% 52%
49% 51% 202,165 A m a lg a m a ted C o p p er____
4914
500 A m e r A g ric u ltu ra l C h em .
12
12
13
14
* 11% 14
* 12% 14%
11% Ills * 121, 13
D o p r e f________________
* ____
95
100
75
95 * ____
*75
*75
95
95
75 *_
95
834 834
8
10
1.200 A m erica n B eet S ugar____
8
*8
9
9
8%
9
*7%
8%
____
D o p r e f___________
* ____
76 *
76 *
76 * ___
76
76 * ____
76 *_
3%
4
4
1,500 A m erica n Can ____________
4
4
4
3%
3%
3%
3*4
3%
3%
D o p r e f________________
361, 37
36% 36%
36% 37
361.,
36
36%
3,950
36
36
37
25% 26%
26% 27
26l4 24% 25%
24% 25%
25
25% 26% 18,440 A m erica n Car & F ou n d ry
D o p r e f________________
800
78
<=81% 85
83
83
83
83
*81% 87
8178 8134 82
26
5.850 A m erica n C otton O il______
26
24N 25%
25
25*8 26
25
23% 25%
23% 241,
D o p r e f________________
110
80
*50
80
70
70
*70
85
*45
80
§80
*45
85
A m erica n E x p ress________
*170 195 *155 195 *165 195 *165 195 *165 195 *165 175
334
500 A m erica n Grass T w in e ___
3*4 *3%
3%
*314
4I4
3*4
3%
3%
312 3*4
3*4
*234 3%
100 A m erican H id e & Lea th er
*3
31*3
3%
*3
*3
3%
3% 3%
3%
D o p r e f________________
520
14
14
*11
14
13
*11
*11
11*4 12
*11
11% 13
103g 13
6,210 A m erica n Ic e S e c u ritie s ..
12%
12
12
13
12
12% §11% 13
11% 13%
7 00 A m erica n L in seed ________
9
*7% 10
8
8
8
7%
7%
8
7%
*7*4
7%
D o p r e f________ ______
100
*16
*16
20
*15
16% 16% *16% 17% *16
18
18
19
9,364 A m erica n L o c o m o t i v e ___
3734 40
3534 37
37
37
37
35
37
37
37% 38%
D o p r e f. ______________
2,300
86
84
84
85% 85% *S3
85188
85%
83
88
89
__ A m erica n M a lt C o rp ____
4
4
4
4
*3
4
4
*3
*3
v3
*3
*3
D o p r e f____________
250
20
18
18
*17
20
18
18
18
18
*17
*17
*17
300tA m e r Sm elters Sec p ref B
*62
*70
80
*60
80
75
*60
90
77
75
77
65% 68% 65% 69% 67% 69% Cr;% 68% 89,250 A m e r S m eltin g & R efin in g
6SI4 6!>% 68% 71 *
D o p r e l________________
6,418
86
86
85% 86%
84
83% 86% 86
87%
85
8514 85<8
400 A m erica n S n u il___________
150 150 *150 240
150 150
*150 175 *150 175 *150 175
____
D o p r e f________________
*70 102 * ____ 102
*70 102
*75 102
*70 102
*70 102
434 2,075 A m erica n S teel Fou ndries
4%
434
434 434
5
§5%
5%
5
5
4%
5%
D o p r e f_______ _______
780
2334 24
25
*23
20
22
*22
*22
25
*23
25
25
101 104
993. 102%
100% 101% 14,905 A m erica n Sugar R e tin in g .
102 104% 102 104%
99% 104
D o p r e f____ __ _________
200
109 lG'j%
*109 111 *108 114 *108 112 *108 112 *109 112
2,050 A m erica n T ele p h & T e le g
92% 94
92
96
93
*95
97
99
99
97
88
93%
5,020 A m erica n T o b a c (n e w ), pf
62
601,
60
65
6214 64%
61% 62% 60
62% 64%
65%
1,300 A m erica n W o o l e n . . ___
1334 14%
14% 15
14% 14%
14% 15
15
15
15
1518
D o p r e f________________
2,100
72
72
72
72
72
721,
72
72%
71% 72
72% 73
33% 35
30
31
31*4 33%
33% 34% 32,895 d A n acon da C opper ParS25
31% 34%
31% 34%
dB
ato p ila s A linin g P a r i 20
2,260
334
4
4
4
4
4%
3
3%
3%
3%
3%
4^8
140 IJ r o o k ly n U nion G as____
§80
*70 100
*70 100
*70 100
85
*75 100
*75 100
200 J~>runswick D o ck & C Im p
10
10
*5
10
10
6
6 * ____
*5
*5
*6
10
*20
51 B u tterlc k C o ____ _________
30
30
33
*20
*20
§30
33
§25
*25
33
28
3,340 / Central L e a th e r__________
1234 13%
1334 13% §14% 14l«
13% 13%
13% 14
13% 14
D o p r e f. ___________
2,935 ^
75
75
74
75
76
76
§76
76
73% 75
73% 74%
8,100 C olorado F u el & Ir o n ____
16
16% 16%
14% 17%
15% 16
1734
1514 15%
15% 17
1,200 C ol & H o c k Coal & I r o n . .
*16
17
17
*16
15% 15%
18*4 *16
15% 16*4 16
18
6,790 C on solid ated Gas (N Y ) _ .
80
81
80% 801»
80
80%
81
78
77
8114 83
81
2,700 Corn P ro d u cts R e fin in g ..
10
10
8*4
9ls
9
8%
9
9% 10%
9%
9'4
9%
D o p r e f________________
4,374
5134 53
501, 51%
47*4 50
46
47
491,
47
49% 50
3934 3934 11,370 D istillers’ Securities C o rp .
37*4 40
3C*4 41%
40's 4134 41% 42
39% 40%
200 F e d era l M in in g & S m elt’ g
95
95 *
*50
95
* ____
85
50
59
50
59
*59
D o p r e f..
________
2,115
56
56
58
53
56
57
60
558
54% 55
47
53
7,700 G eneral E l e c t r i c _________
1053* 109U 104% 109% 108 110
107 109
107 109
105 107
1.750 G ran by Cons M S * P ___
S6
90
§86
*80
85
80
70
70
70
67
67
79
_ _ ____ | n t M er M arin e stk tr ctfs
*4
*4
5
*4%
*4
*4
7
*4
5
D o p r e f . . ________ _
850 J143s *10
11
11
11% 12'% * 11% *14 "
15
*15 ’ *13
*11
4,245 In tern a tio n a l P a p e r ______
9%
934
9% 10%
9
9%
9% 10
9% 10
9%
9%
D
o
p r e f____ _____ ______
6034
2,818
62
60%
61%
60
64
62
62
62
60%
*62
64
In tern a tio n a l P o w e r _____
10
11%
9% 10% 12,070 In tern a t Steam P u m p ___
*10
10% 10%
10% 12
15
10% 12
D o p r e f_______ _______
100
*50
57
*55
57
58
*50
*55
59
*53
60
59
59
2,200 M a cka y C om p an ies_______
48
48
491’
49
49
5334 513S 52
46
52
48
48
D o p r e f________________
2,010
5234 53
5334 53*4 54% 55
53
53
53% 54%
53% 53%
1.980 1\J a tion a l B is cu it________
62
60
61%
*60% 62
59
64
61% 63
61
61
62
D o p r e f____________
______
112 *
112
* ____ 112 *
112 *103 112 * 1021-> 112 *
435 N a t E n a m el’ g & S ta m p ’g
8%
8%
* 8% 10
* 8%
8*4
8%
8%
8% * 8% 10
8%
D o p r e f________________
______
80
*70
80
80
*70
80
*70
*65
82
82
*70
*70
6,100 N a tio n a l L e a d ____________
37% 38%
37% 371361, 38*4
35
37
38
37%
38% 39%
D o p r e f________________
1,645
85
82
82
82
80% 801,
81% 83% *81
82
§82
81
7,5°.5 N e w b ou se M & S .P a rS lO
7%
71,
8“
7%
8
.7
8
817%
7%
7%
7%
6,009 N e w Y o rk A ir B ra k e ____
62
603g 63%
63% 66% 61
65
67
67
69
64 “ 6 5 “
3,030 N o rth A m erica n Co. new
45
44% 46%
47% 48
43
451"
45
43
45
41% 45
400 O a c ific M a i l ______________
1934 1934 *20
221,
*20
22% *20
24
*19% 21
19% 22
eople s G as-L & C (C hlc)
10,935
72
72%
70%
73%
74%
73
73% 74l4 73
74
73% 74%
800 P ltts o u r g h Coal C o _______
9%
8
8
8
8
8
8
9
*8
9%
9
*8
D o p r e f___ _____________
500
*40
42
42
42
39
*40
44
43
39
*39
38% 39
6,700 Pressed S teel C a r__________
18%
17% 19
17% 18
17
17
18%
17
18%
17% 17%
D o p r e f________________
1,030
70
69
72
70
72
*71
73
72% 72%
70
70
71
140
765 Pu llm a n C o m p a n y_______
142
140
*136
141
110
*135
145
145
*135
139 139
2,575 JJ a ilw a y S teel S p rin g ___
23% 24
25
261"
23% 24
25
26%
23% 25
23l» 23%
1,700 -»-v D o p r e f____________
75
76
76
*71
77
*71
77
*70
75
*71
*70
75
4,475 R ep u b lic Iro n & S te el____
13*4
13% 14%
13
13
13
13% 14%
13%
13% 15%
13*4
D o p r e f________________
2,560
54%
54
53% 5578
55% 56%
54% 551"
*54
541, 56
55
3,150 C lo s s -S h e ffie ld S te e l& lr n
30%
30
32
32
30-% 31*4
32
32
31
31!8 31% 32
^3
D o p r e f______________
100
90
*80
90
80
80
90
*80
*80
*80
90
*80
90
500 T en n Coal, iron & R R ___
*134 135 *134 135 *134
134 134 *134
ciTennessee
C o p p e rParSZS^
1,200
21
"■
>
2
“
"
20
21
24
22
"2614 ¥014
20
20
"
21
24
800 T e x a s P a cific L and T r u s t.
55
*45
*45
*45
50
55
48
55
50
48
50
50
900 I Jnion B a g & P a p e r____
4!g
*4
4
6
*4
6
*414
5
4%
4%
4%
414
D o p r e f____________
400
42
42
*42
*42
45
45
45
45
45
45
*40
51
19
5,926 U S Cast 1 P ip e & Fou nd r
19
19
18
18% 19%
18%
19%
18
§19% 1914
19%
2,500 j -wo p r e i___
________
57
56
56
52% 55
56
51% 54
65
56
*53
55
225, U n ited S tates lix p res s ___
78
80
78
*68
78
*75
85
90
*68
*70
79 $80
2,400; U S R e a lt y & Im p r o v e m ’t
39% 39%
39
*35
45
38
37
37
401#
39
39
37
200|U S R ed u c tio n & R elin in g
7
10
10
*7
*8
7
7
*7% 10
10
*6
7
u o p r e l_____ . ______
300
22% *19
30
25
*20
22
25
30
25
19*4 *25
*19
2,450' u n ite d States R u b b e r___
17
19%
17
16% 17
17
16% 17
17
17
17
17
110
1st p r e f____________
4,774
70
6334
6t34
65%
65%
*S»4
66%
63
62
67
70
71
D o 2d p r e f . . ________
900
4334
40
40
43
*35
45
40% 40%
43
40
40
40
206,693
u
n
ited
S tates S te el_______
22U
24%
23%
22%
24%
24%
23%
24%
23%
23% 24%
2378
do
p r e l________________
8234 84%
81% 8334 S134 84%
8334 83% 84%
823S 83% 91,537
83
8,000;« u t a n (Jopper___ P a r 510
16% 17%
20
16% 16*4
20
18% 19
1434 15%
16% 18%
5,050;V irg in la -C arolin a C h e m ..
14
14
13% 13%
13
15ls *13
13%
*14% 22
15
15
do
p r e f________________
1,600
*75
93
76
77
77
76
77%
77%
81
81
80
81
lj525; V irgin ia iro n Coal & Coke
31
33%
*32% 39
33% 33%
35
31% 33
*32
50
35
____
*
*
*
v
i
/
ells
i-a rgo & C o . ___
____
*
300
300
*
300
300
300
*- . . 300
**3* 520 ’ » estern U nion T e l e g . .
62
66% 64% 65
62* 64%
62
65
66% 671*
69
68
3,620; w e s tin g h s e E l& M fg assen
49
50
54
49
50
50% 50%
50
48
49
51
57%
Do l s t D i e f ____________
*50 160
14
*12
15
13
13
23%
2314 24
22% 25
9%
9% 10
8%
9%
14%
15
I 5I4 14% 15%
*6
*7
7
8
7%
*12
*14
*13
15
16
*7
*7
10
*7
10
*12
12
12
12
12
*29
*30
30
35
35

12
13
2334 23
9
8
14%
15ls
*6%
7
16
14%
10
*7
* 12%
15
30
*28

BANKS
Banks.
U nion E x c 1]
U S E xch H .
W a s h H ’ htsli
W est S ldejl.
Y o rk v lile U-

T

liid
200

Banks.

Bid

AND
Ask

B rook ly n .
230
600
400

Brooklyn.

B roa d w a yll-

Ask
220

450

First ______
425
H om e B ’ n k' 200
M anufactrs’ 400
Mechanics’ % 290
160
N a s s a u ____ 240
N a t C it y . . 300
____ N orth Side V 330
____ Prosp ectP k l! 160
iTerm ln& i. . 1;

250
310
270
310
370

12
22%
834
15
8
16
12
15
35

Sales 01
the
Friday
Week
November 1 Shares
*11
*2134
8%
*1434
*6
*14
*7
*14
*28

TRUST
iTrust Cos.’
A” Y C ity .
jAstor ______
!Bankers' T r
'B ow l’ g G r’ n
!Broad w a y T r
a m c tr ie ___
C entral T r ’ st
C olu m bia . .
Com m ercial
jCom m onw ’ h
E m p ir e ____
liiq u ita b leT r
Farm L o & T

C O M PA N IE S — B A N K E R S ’
Bid
300
400
400
145
1650
200
200
100
345
375
1180

Ask

425
155
190
1750
207
210
125
355
400
1200

j

Tru st Co’ s.
Fidelity_____
F ifth A v T r .
F u lto n .........
G uaranty T r
G uardian T r
Hudson ___
jK n icU ’ b’ ker
L a w T 1cVi'r.
!L in coln T r . .
Manhattan .
M e r c a n tiie ..
IM etro p o lit’ n
(M orton T r ’ st

i 127

Bid
200
400
275
475
210
85

Ask
215
475
315
500
220
95

175
290

200
310
430
875
575
700

825
550
650

Highest.

Range lor Precious
Year (1906).
Lowest.

Highest

50 A p r
55 A p r
18 Dec
36I2 D ec
16 A p r
36 M ay
2II4 Oct
23 M ay
44 J 'ly

98 Jan.
9312 Jan
26U Jan
53% F eb
2134 F eb
48i2 F eb
29% F e b
33 Jan
64 Jan

1150 A u g 14 §330 J ’n t 20 5240 J ’ ne
4 A u g 16
167s Jan 5
16 J ’ ly
1418O ct 30 433} Jan 3 40 Sep
x4134 O ct 24 1217)5 Jan 5
923g J ’ly
25% J ail 8
10 O ct 22
20 J ’ly
90 D ec
75 O ct 28
95 F e b 20
8 O ct 24
20% M ay
2312 Jan 7
75 Mch £
80 Jan 21
8278 O ct
7)0 A p r 11
3 O ct 24
36 O ct 26
60% A p r 10
4514 Jan 14
24% O ct 29
3234 J ’ly
78 O ct 29 103 Jan 12
98i2 J ’ly
23 O ct 25
28 May
36% J’ly 27
90 Jan 21
70 N o v 1
90 D ec
175 O ct 24 247 Jan 5 215 A p r
8% Jan 11
3 O ct 22
7% M ay
6l4 Jan 16
5l2 N o v
2*4 O ct 22
30i2 Jan 7
10 O ct 24
24 N o v
3514-Jan
88 Jan 2
8% O ct 23
19U Jan 10
1634 Dec
6% O ct 24
16*2 O ct 29
36 Jan 7
35 D ec
35 O ct 30
7534 F e b 15
5334 M ay
83 O ct 30 1111, Jan 21
IO8I2 Dec
212J ’n eiu { 71; A p r 2
17% O ct 16
40 " F e b 21
60 O ct 24
93% Jan 7 ~92% Dec
01% O ct 18 xl55 Jan 7 138l2 M ay
81% O ct 18 11738 Jan 7 112 Dec
150 O ct 23 205 Jan 18 200 J ’ly
75. O ct 23 102 J'n e 7 100 Dec
10S4 Jan 5
4:>S N o v 1
934 N o v
471, Jan 7
20 N o v 1
40 M ay
97 O ct 24 1371; F e b 13 12712 M ay
108 O ct 22 131 Jan 2 128U Dec
88 O ct 30 133 Jan 4 130 J ’ly
9884 Jan 5
60 O ct 23
96 J ’ly
11 O ct 22
28 N o v
3612 Jan 7
6yi8O ct 24 1027* Jan 5 101 J ’ly
$2518 O ct 18 302% F eb 16 22312 M ay
S3 O ct 23
'91 s M a y 13
5SO O ct 31 125 M a y 1 10519 N o v
141, Jan 4
6 O ct 24
13% J ’ly
49% Jan 3
27 O ct 21
40 A p r
40 F eb 15
3334 Dec
1234 O ct 30
73 O ct 14 102 F e b «
9834 D ec
57% Jan «
14*4 O ct 24
40% May
l£l4 O ct 30 28*8 A p r 5 17 M ay
74 O ct 25 140i4 Mch 1 130% A p r
2434 J an 22
8 O ct 24
18U J ’ly
741, M ay
46 O ct 23
88 Jan 28
5 1 “ Jan
78 F e b 13
3734 O ct 30
O
ct
28
50
163 Jan 16 138 Jan
97 Jan 14
47 O ct 24
91 J ’ly
89l O ct 23 163 Jan 22 H 56 D ec
60 O ct 24 152 F eb 13
778 M a y 2
4' O ct 9
24 A p r 25
11 O ct 31.
16l2Sep
9 O ct 30
1812 Jan 7
60 N o v 1 81 1’ eb 11
80 D ec
5034 Jan 15
38 O ct 11
48 Sep
41 J an 7
O ct 23
28 Jan
81 Jan 14
7 * Jan
50 O ct 23
75i4 Jan 24
40 O ct 24
71 Jan 24
50 Oco 23
86% Jan 15
O ct 24
62 M ay
103 O ct 24 H 73g M cil 5 113i2 Jail
153g Jan „
O ct 18
12 M ay
87 F e b 15
578 O ct 10
82 Sep
76i4 Jan 7
35 O ct 18
66 M ay
80 O ct 23 103 Jan 5 IOOI4 J ’ne
S534 O ct 17 * 20*4 A i)r 18
6014 O ct 24 1411, Jan 7 133 J ’ly
8934 Jan 4
871•>N o v
411* O ct 29
4112 Jan 5
19% O ct 29
28% J ’ne
98% Jan 4
70% O ct 30
88 J ’ly
16?s Jan 15
7% A u g 19
1314 M ay
50 J ’ly
3Si8 O ct 26
60^s ”
4
57 Jau 10
43 M ay
16% O ct 22
9978 Jan 24
67 O ct 23
95 M ay
137 O ct 24 1811s Jan 8 180 D ec
5712 Jan 10
2112 O ct 24
44 May991, F eb 15
9734 J ’ly
75 O ct 18
41 Jan 7
12 O ct 23
22i4 M ay
50% O ct 24 100 Jan 7
91 M ay
7734 Jan 7
26 O ct 24
68I2 J ’ly
80 O ct 31 107 Jan 11 10414 O ct
130 Alch26 162 Jan 4 129 Jan
S17 O ct 25 $5312 Mch 1
85 Jan 17 ’ 60 M ay
45 O ct 24
8% Jan 15
4 O ct 24
6I2 Sep
42 O ct 30
52 O ct
61 Jan 7
49i2 Jan 5
17 O ct 23
43b M ay
89 Jan 15
S3I4 D ec
4912O ct 23 §117
Jan 9 109 M ay
78 O ct 30
901, Jan 4
75 A u g
37 O ct 26
30% Jan 28
24 Mch
7 O ct 29
68 Jan 7
20 O ct 25
60 Mch
5212 F e b 16
16 O ct 25
38 J ’ ly
62 O ct 30 109% Jan 7 110434 J ’ly
75 M ay
40 O ct 26
7818 Jan 7
217* O ct 23
32% J ’iy
50% Jau 7
81l« O ct 18 10734 Jan 7 98*4 J 'ly
$13 O ct 22 5391, Mch 4
31 J ’ly
13 N o v 1, 39% Jan 7
104 J’ ly
76 N o v 1 108 Jan 9
38 M ay
31 O ct 24: 97 Jan 22
250 M a y 7[ 300 J ’ne 3 | 233 Mch
62 O ct 31
85 Jan 10 z8334 Dec
3412O ct 23 154 Jan 2 148 A u g
5145 A p r 26 S160 May23' 162 N o v

§300 A u g
27% Jan
67 Jan
I I 8I4 Feb
341* Jan
102 Jan
35 Jan
89i» Jan

12 O ct
20% O ct
8 O ct
1434 O ct
0 O ct
13 O ct
8 O ct
11% O ct
28 O ct

30
25
30
31
24
24
23
24
25

62 Jan
71is Jan
181-J a n
381•>Jan
163,-Jan
37^4 Jan
213-Jan
25% Jan
51%Jan

5812---

7j
7
5
7:
7
5
101
12
71

--

471, Jan
105 “ Jan
4414 Jan
95 Jan
272 A u g
H34 Jan
10 Jan
43 Jan
9478 Sep
2914 Jan
537s Jan
78I2 Jan
12014 Jan
16134 Jan
174 Jan
130 Jan
220 Jara
107 Jan
15i4 Jan
5314 Jan
157 Jan
140 Jan
144% Jan
109 Jan
48 Jan
110% Jan
300 F eb
178 Jan
2134 A p r
70 M ay
4978 Jan
1071* J^n
83% Jan
3014 N o v
18134 Jan
28 A p r
85*4 A p r
74-% Sep
199 Jan
112% Jan
184 Oct

26% Jan
90 Jan
*95 Jan
60 May
92 May
791, Dec
HSU O ct
18% Jan
8S% Mch
9538 Jan
IO6I4 Jan
16334 Jail
107 Jan
511, Jan
103 “ Jan
18is N o v
6212 Jan
64% J an
106 Feb
270 N o v
6234 Jan
107 Jan
41S4 D ec
1101, Jan
97I0 Jan
113 “ A p r
1166 N o v
88 O ct
j 51.1 Jan
84 Jan
53 Jan
967s Jan
138% Jan
94i2 Jan
40% J ’ne
84 J ’ne
591, O ct
H 15 “ Jan
*871 f Jan
5014 O ct
113l4 Jan
58 Jan
1171, Jan
93 “ Dec
305 O ct
94I4 Jan
176 Jan
188 Jan

Q U O TATIO N S.
I

Tru st Co’ s
M u t u a l____
M ut A lll’ nce
N Y L i fe & T r
N e w Y o rk T r
Standard T r
1T itle G u & T r
T r Co o f A m
]Union Trust
lUS M tg & T r
|(Jnit S tates.
V a n N ’ d en T r
1W ashington
]W in d s o r ___

Ask
125
195
1000
t>00
____ 400
400
375

Trust Co’ s.
B rooklyn.
Brooklyn T r
C it iz e n s '___
Flatbush
Franklin . . .
H am ilton
____
H o m e _____
1250 13*00* J en k in s___
410
425
K in gs C o ___
1125 1175
L i si L & T r . .
---- N a s s a u ____
,T75
---- P eo p le’ s ___
400
200
1S5
W iillam sb ’ g
Bid
115
180
975
575

Bid

Ask

390
130
250

410
140
275
290
320
150

____

300

____
____

450
290
230

____
----

___

475
300
260
325

—

• Bid and asked prices; no sales on this d a y. {L e s s than 100 shares, tE x -rlg h ts . b N e w stock. c E x -d ivld en d and righ ts. ciN ow q u oted dollars per shan
♦ Sale at S tock Exch an ge or at au ction this w eek, s T ru s t Co. certifica tes. li Banks m ar iced w ith a p a ra gra p h (1!) are S ta te banks.




Hew York Stock Exchange— Bond Record, Friday, Weekly and Yearly
O O C U F V I-M J
B O N UN
H . Y. STO CK E X C H A N G E
W eek E nd wo N ov 1
L . » . t ,« v e n iiiie i H
U S 2 s consol re gistered . d l9 3 (
U S 28 eonsoi coupon___ d l9 3 o
U S 3 e r e g is t e r e d ........... ftl91b
W S 3s coupon................../cl91s
V 8 3s re s sm all Lionels../cl91o
V S 3s cou sm all bonds..&1918
U 3 4s re g is te re d ............1 9 2 5
U b 4 s c o u p o n ................... 1925
U S P a n Can 10-30 y r 2s./clv*S
P h il in pine islands 48.1914-34
P u b w k * and Im p re / 4s 193.'
P u b w k s and im p r e g ,..1 9 3 i

P ric e
F rid a y
Nov 1
Q.J

n
&y - F
Q-F
Q-P
QN

B id
A sic
105*2107*^
105*9107 w,
102 Sale
102 Saic

Low
M 11U
105 Oct ‘0
104*4 104 *4
102
102
102 4 103
107 J’ n e’ 02
io fi;
104 *9 O ct ’ 0
117 120
119*9 O ct ’ 07
117 120
12434 O ct ’ O'
!05 *s Oct ’ 06
104*9 105
108*9........ 111 M ay’ 06

( i -S
Q-F

Koreiarn G o v e rn m e n t
Im p e r ia l Japanese G o vern in 't
X loan 4 *2« ctfs fu ll pd. 1926
2d series 4 *-2S ctfs fu ll paid.
& loan 4s ctfs fu ll p a id .. 1931
B e p u b o t Cuba us e x ten deb t..
U M of M ex ico s 1 j.: ba ol 18W
G o ld 4a o f 1904...............1954
S t a t e a n d C it y S e c u r it ie s
Alabam a cu rr lund 4 s ___ 1920
D is t o f C olum bia 3'65s___ 1924
^Louisiana new consol 4s ..1914
N Y C ity—T em p o ra ry receipts
fo r 4*2 Corp S to c k ........1957
fo r 4 >u% assessmt b o n d s.. ’ 17
N orth Carolina eonsoi 48.1910
6s...................................... 1919
Bo Carolina 4 *$8 20-40.......1933
T en n n ew settlem en t 3 s ..1913
V ir g in ia fund debt 2 -3 s ...1991
6s deferred B ro w n Bros ctfs.

WeelCs
R ange or
Last Sale

%
1
t
t

8 5 \ Sale
86*< 483
84
85 Sale
84*4
85** 17
77
51
76 Sale
75
98 Sain
9H*s 3
98
95 Sale
973,
3
!)5
------ 92
89
89
luse a re p r ices 0 n the I a»u

J-J
F-A
J-J

111 M a r’ 02
117 4 J’ n e’Ot?
105 *9 D e c ’ 04

M-N 103=8 Sale
ftrt-N 100*4 sale
J-J
A -0
J-J
03 *i
J-J
J-J

103
100*4
1U0*4
126
120
92*4
93*4
23

104*9
103
A p r ’O
M a r’o7
M ar’ 0(
O ct ’ 07
M ay’ O
Oct ’ 07

R a ilr o a d
a C ent See So B y
A labam
laba M id i See A t Coast L in e

A lb a n y & Susa See D el & Hud
A lle g h e n y V a lle y bee Penn K ti
A lle g * W e s t See Buff B & J?
A n n A r b o r 1st g 4s........ A1995 Q-J
A tc h T * S Fe— Gen g 4s. 1995 A-O
R e g is te re d ............. ......1 9 9 5 A-O
A d ju stm en t g 4s..........A1995 N o t
R e g is t e r e d ................ ?tl995i N o v
Stam ped..................... A1995 M-N
C o n v g 4s........................ 1955 J-D
10-year con y g 5 s ........ IS 17 J-D
D eben tu res 4s S eries IT. 1908; F-A
S eries G . . . ...................1909 F-A
S eries H .......................1910 F A
S e n e e I . . . . .................. 1911 F A
S eries K . . . . ................. 1913 F A
E a st O kla D iv 1st g 4a..1928 M S
A t l K n o x * N See L & N
A tla n tic C oast 1st g 4s./ilP52 M-S
C harles & S a v 1st g 7 a ..1936 J-J
S av F & VV la t gold 6a..1934 A -0
1st gold 5a................... 1934 A-O
A la M id la t g u gold 5a ..1928 M-N
Bruns & W 1st gu g 4e .. 1938 J-J
L A N coll g 4a.............01952 M-N
S il Sp Oca * G g u g 4 s ..1918! J -J
A tla n tic & D a n v See South Ry
Au stin * N W See Sou P a cific
a lt & O bio p rio r 1g 3 *28. 1925 J-J
B e g istered ........ ....* 1 9 2 5
G old 4 s ..........................A1948 A -0
B e g ia te re d ................ A1948 y -J
P itts J unc la t gold 6 s ...1922 J-J
P J u n & M D iv 1st g 3 >331925 M-N
P L E & W V a Sys r e f 4al941 M-N
S on tliw D iv la t g 3 *2S__ 1925 J-J
B egia tered ................ /il925
M onou R iv 1st gu g 5 s ..1919
Cen Ohio B la t c g4*3S..193< M-S
C l L o r * W con 1st g 5s 1933 A-O
Ohio R iv e r B B la t g 5a. 1936 J-D
G en era l gold 5a........... 1937 A-O
P it t s C le v * T o l la t g 6s 1922 A-O
P itts & W est la t g 4 s ...1917 J-J
S ta t Is l B y 1st gu g 4 ^ s 1943 J-D
B a t C reek * a See M ich Cent
Beeoh C reek See M Y C 4 H
B e lle v <fc Car See lllin o ia Cent
B k lyn * M ontau k See L o n g X
B r u n s * W est See A t l Coast L
B u ffalo N Y & E r ie See E rie
B u ffalo B & P gen g 5 s ...1937 M-S
A l l & W e s t 1st g 4a g u ..l9 9 8 A-O
C l & Mah 1st g u g 58___ 1943 J-J
B och & P it t s 1st g 6 a ...1921 F-A
Consol 1st g 6 a ..„ ....1 9 2 2 J -0
B u ffalo & Sou thw est See E rie
Butt * Susq 1st r e f g 4a.dl951 J -J
B u r C R & N See C B I * P
u nada South 1st 5s....... 1908 J-J
5 s .............................. 1913 M-S
R egia t e r e d . . . „ ............1913 M-S
C arb * Shawn See 111 Cent
Carolina C ent See Seab A i r L
C a rtilage & A d See N I C 4 H
Ced R I a F & N
See B C R & N
Cen Branch R y See M o P a c
C ent of Ga R R la t g 6a..j?1945 F -A
Consol gold 5s__________ 1945 M-N
R eg is te re d ............. ......1945 M-N
1st pret incom e g 5s___ p l9 4 5 Oct
S ta m p e d ..........................
2u prei incom e g 6 s ....p l9 4 5 Oct
S ta m p e d ............. ............
3d pret incom e g 5s___ p i 945

B

n

C

84 O ct ’ 07
90
92
94 Oct ’ 07
80 >9
82
86 A p r ’ 07
........ 79*9
80
Sals
8a
86
93*a 100*9
100
101 J ’l y ’ o7
9 8 ^ M ay’07
96 F e b ’ 07
98*a N o v ’ 04
94 N o v ’06
93 M ay’ 07

........ 84
90>-i Sale
......
91
73 ........
* 79
84
89

85
101

85*2

132 7g Jan ’ 06
11258 Jan ’04
114*8 N o r ’05
89*9 M a r’ 06
79 >a 79 O ot ’07
94 J ’ l y ’ 07

88
SO1,
88 7s O ot ’ 07
88
93
'sS A i Sale
95 7s O c t ‘ 07
120 OC4 '01
I O ct ’ 07
........ 81*9
i
85
* ........ 85 *9
!
84*4
83 *s Sale
1 O ot ’ 06
1057s F e b ’ o
109 A p r ’ 05
10i»34 J ’ ne*07
116 May'OG
113 *9 N o t ’ 06
119*9 M a r’04
8 8 *< O ct ’ 07
100 N o v ’ 04
88 >9 Sale

113*5M ay’ 07 .. .
103 >9 F e b ’07
103 A p r ’ 97
...1 1 6 *2 124 A p r ’ 06
. . . 1-JO 118 J ’ ne’ 07
90*4

91

90*4

99
99*4
9919 Sale
........ 99r\ 100J4 O ct ’ 07
100*4 M ay’ 07

*102 h i ........ 116 M a r’ 07
99
_____ 97*« 97*s
113 A p r '06
58
58
75
88 May’ 07
70 J’ n e’ 07
• ........ 65
66*9 A u g ’ i!?
42*9 50 J ’l y ’ 07

Range
Since
Ja n u a ry

K O I ■(

PACK"

BONDS
N. Y. STO CK E X C H A N G E
W e e k K x r jn g N o v 1

tr ic e
tY id a v
N ob I

8 iU
ask
Isrm H ion C ent ;;f G a R R—(C o n )
........ 42-,
104 *9 105 *h
3d p re f incom e g os stamped
U)4>« 1OH *4
C liait m y put inon g 48.i^i^.
■........ 104
I 2 102*4
Mac <fe xN'or D iv 1st g 5 a .l94 0
’ ........106
102 104
M id Oa <fc A t l D iv 5s___ 1947
105 .......
M obile D iv 1st g 5s.......1946.
‘eu K K & B of Ga col sr f>8 1937
1 lt*4 SilJ«:e n to f N J gen ’ 1 gold 5 s .1987
119*9 130*4
r24j4 13 j n.
B e g is te r e d ..... ..........*1987
100 4. .
A m Dock <fc Im p #u 5 s.. 1921
*97*8 .
L e & Hud R gen g u g o s 1920
Leh & W ilk s B Coal 5s.. 1912
97*8
Con ex t guar 4*38___ fifl910
N Y & L o n g B r gen g 4 s 1941
Cent Pacitic See So Pa cific Co
C en tV erm o n t la t gu 94s.eH ‘20 Q-F
83*4 9 4 ^ Clias & s a v See A t l Coast L in e
........ 100
t«4
927f d i e s & Ohio g 68 ser A ../ ii9 0 8
102 103*9
75
85 ^
Gold 6a........................... al911
101 *9 Sale
98 10334
1st consol g 5a................ 1939
95
99
R e g is te re d ................... 1939
89
95
G eneral sold 4*98........... 1992
0/ $5 to £ .
R e g is te re d ................... 1992
Craig' V a lle y 1st g 5s___ 1940
R <fc A D iv ls t c o n g 4 s ..l9 8 9
2d consol g 48...............1989
W arm Spr V a i la t g 5 s ..1941
G re en b rier R y 1st gu g I s ’ 40
6t> .......
102 7g 107*, Chic <fc A lt R R re f g 3a...1949
60 Sale
101 103
R a ilw a y 1st lien 3*38.. . 1950
100*4 10(1*4
R eg istere d ................... 1950
98
126 126
Clue Buriife Q— D e n v D 4s 1922
83 Sale
Illin o is D iv 3 ^ 8 ............. 1949
R e g is te re d ............ ....1 9 4 9
91S« 96
95 s. Sale
y3*4 95*,
Gold 4s......................... 1949
Io w a D iv sink fund 5 s ..1919
20
30*4
98
S in k in g fund 4s........... 1919
“ 9*4
N eb ra sk a E xten sion 48.1927
R eg istere d ................... 1927
Southw estern D iv 4 s ....1921
J o in t bonds See G reat N orth
D ebentu re 5a..... ............ 1913
103
Han & S t Jos consol 6 s..1911
. 92
8 1 4 91
C h i c * E 111r e f * im p g 4a 1955
90 102*9
1st a t cur 6s..................1907
........ 122
1st consol e 6s ................ 1934
93*4 101*4
106 .......
80*9 927s
G en eral consol 1st 5 s ....1937
86
86
R eg istere d ................... 1937
77
92 7t
Chic & In d C B y 1st 5s. 1936
81 108*4 Chicago & E rie See E rie
93*a 102
Chic In <fc L o u is v re f 6 s ...1947
105
99 101
R efu n d in g g o ld 5 s ..........1947
L o u is v N A <fc Ch la t 6 s .1910
98s* 9 8 ^
101 ...
96
96
Chic M i l * St P term g 5s 1914
99 101*4
G en eral g 4 s series A . .*1989
R eg istere d ..................«1989
91
93
G en eral g 3 *98 series B .el0 8 9
Chic & L Su D iv g 5s___ 1921
Chio * M o R iv D iv 5 s ...1926
84*9 9S”e
Chic <fc P a c D iv 6s.......... 1910
105 106
C h k s * P W 1st g 5s.......1921
Dak <& G t So g 5s........... 1916
F a r & Son assu g 6s.......1924
103 106»s
H a st & D D iv 1st 7a.......1910
78*9 89 *v
ls t 5 s .............................1910
94
94
I & D E x ten 1st 7s........ 1908
L a c r o s s e * D 1st 5s___ 1919
M in era l P o in t D iv 5s___ 1910
So M in n D iv 1st 6s........ 1910
88
93*9
S ou thw est D iv 1st 6s ___ 1909
8 8 7e 92*9
88 102*8
W is <fc M ia n D iv g 5s___ 1921
94 101*9
M U <fc N o 1st M L 6 s ....1910
1st consol 6s................ 1913
90
O h ic<feN orth w cons 7 s___ 1915
96
E xten sion 4s........ 1886-1926
90*4
R eg is te re d ..........1886-1926
92*9
G en eral go ld 3*as........... 1987
R e g is te r e d ................ j>1087
105 7s 105 78
106
S in k in g fund 6s .. . 1879-1929
R eg istere d .......... 1879-1929
109*4 i l 3 ’5e
*1 04*9........
S in k in g fund 5 s ...1879-1929
R eg is te re d .......... 1879-1929
*100 »9
D eben tu re 5s..................1909
R eg is te re d ................... 1909
88*4 94
100*3.
D eben tu re 5s..................1921
R e g is te re d ................... 1921
S in k in g fund deb 5s.......1933
R eg istere d ........... ....... 1933
N o r tli Illin o is 1st 6s ___ 1910
O tt C F & St P a u l 1st 5s 1909
W i n o n a * S t P e t 2d 7 s ..1907
112 118*3
M il L S * W est 1st g 6s 1921
102 103*5
E x t & Im p s fund g 5s 1929
A sh lan d D iv 1st g 6a..1925
. 110
M ich D rv 1st g 6s ........ 1924
118 123*9
In c o m e a ...................... 1911
Cblo S ock l s i & P a c 6 s ...1917
* ........ 115
R eg is te re d ................... 1917
89*4 90*s
G en era l gold 4s...............1988
90*3 Sale
R eg is te re d ................... 1988
99 102^2
R e fu n d in g g 4 s ............. 1934
99 105
81*3 Sale
C oll tru st S e rie s H 4s .. 1910
100*4 100*4
J 4s.............................. 1912
M * s .............................. 1915
N 4 s.............................. 1916
O 4s...............................1917]
P 4 s .............................. 1918
83 ........
Chic R I * P a c R R 4 s ..2002
116 116
58*4 Sale
R e s is te re d ...................2002
97*a 111
Coll tru st gold 5 s........ 1913
71 *9 Sale
Bur Ced R & N o rth ern —
" 58" ' 9 o "
Con la t * c o l t r g 5 s...1934
85
90
R eg istere d ................ 1934
70
76
C R I F & N W 1st gu 5 s . 1921
66*9 71*,
M * St L la t gu g 7 s ..1927
50
65

Weelc's
Range or
Last NaU

h'ang*
Since
Ja n u a ry 1

Low
H n)fi
4.> Aup’ i
93 J ’n e’06
115*9 D ec ‘ 1>5
115 N o v ’ 05
115 Sj A uk’Oo
95 Oct ’ <
118
119
1177g Oct ’ 07
1U7 A u g ’ 07!

95 10$
118
i26*<
11708 126
l0 6 \ 1 1 1

98■>, A u g ’ O?
i/8
98

98*4 100*j
97*, 101

88

85

M ay’ 07

93*4 Oct ’ 0n
10.4 O ct ’ 07
101*9 105
116 J ’ n e’06
Stf *9
94
104 M ay’06
112 F e b ’Ob
95
95 ,
90 J ’ne’ ti7
113*4 l" eu ’ 05
9;i*« F e b ’ <Mi
5H
58
58
60
M O ^M hv’Oo
96sg O ct ’ 07
83
84*4
90 Sep ’ Oo
95*4
98
.106 M ay’ 07
98*4 O ct ’ i*7
98 *9 O ct ’ 07
101*4 D e o ’OO
90 O ct ’ 07
100 Oct ’ 07
100 *9 J ’ly ’ 07
92 A p r ’ u7
102 O ct ’ 07
126 S e p ’ 07
108 Ocl ’ 07
l l a *3 F e b ’ 06
106 O c t ’ 07
119 O c t ’ 07
105 O ct ’ 07
102 *» Oct ’ O',
101 O ct ’ 07
101
l o l *4
104*i O ct ’ 06
» 9 J ’l y ’ 07
116*4 O ct ’ 05
109 A n g ’Oi
104 A u g ’ 07
106*4 106*4
106 J ’ ne’07
137 >9 J ’ ly ’ 90
102 O ct ’07
100*3 J ’l y ’ o7
lS2*a A p i ’06
106*9 J ’ly ’ 07
101*4 Sep ’ 07
101
101
102*8 A u g 07
106 A u g ’ o7
10678 F e b ’Or
U>7 J ’ ut.’ u7
116 Oct ’ 07
9**4 s>ep ’ 07
97 Sep ’ 07
92 *9 O ct ’ o7
95 F e b ’ 07
107 J'ue’ 07
106*4 J ’ ne’ 07
10 i *9 Oct ’ o7
l o 719 J ne’ 06
100*4 O ct ’o7
99*4 j ne’ o?
101*4 O ct ’ 07
103 J ’ ne’ 07
110*9 Sep ’ 07
117 F e b ’OB
105 *4 D e c ’ 05
100*8 M a y’07
100 >6 A u g ’ 07
118 O c t ’ 07
113*2 M ay’ 07
142*3 F e b ’ 02
128 >3 F e b ’06
109 Sep ’03
114 O c t ’ 07
116*3 M a r’07
90
96
92 Sep ’ 07
80*a
84
97 J ’ l y ’04
92 *9 N o v ’ 06
90*4 Jan ’ 07
93 M a y’ Oi
90*4 F e b ’ 07
84 A u g ’07
6 8 *s
bl
82*8
82«8
71*3
77*3
10? >9 Sep ’ 07;
120*3 Mar'03|
111 N o v ’ 05|

Low
45

tiig K
66

89 \

99*9 105
102 107
101*3116
89*9 105*4
9 l 7„ 100*9
90
92*s
80
76s,
96 \ 100*9
83
92*9
95*4 103*"
106 106
98'*4 104
98*3 102
90 " 90”
99 104
lo 5 *a 109
92
92
100*3 103
125 *9 128*9
108 117*3

ioe” i '134
119
105
102
100
100

126*3
1117.
105
106><
107

88°g V i »4
10a "
104
106
106

i i 3 *i
105*,
112
106*«

102 109
100 >9 100*3
106*3 108*i
101^103
101 105*4
I0 2 *s l0 4
106 110*«
106> li>7
107 111*9
116 121
9*3, 102
97 104
92*3 98
*0
95
106 107
106*, 106*4
104*2 107
100 102 s*
98 101
10134 107
103 103
110*9 li* * 4
100*4 102^
1007s 1017*
118 123*4
113 113*9

114
116*3
90
92
80*9

117 *9
116*9
100*3
9'J*4
91*4

90*4 90*3
90*4
84
6**8
82s*
71*3

90*4
90
77
S2'’s
91*4

108*3 119

M IS C E L L A N E O U S 1* B O ' ^ —C o n tin u ed on N e x t F a e e .
S tr e e t R a ilw a y
B rooklyn Rap T r g 5s.......1945
1st refund co n v <r 4 s___ 2002
B k C it y ls t o o n 5s.1916.1941
B k ( j C o * S con gu g 5 s .1941
B k ly n Un E l 1st g 4-58.1950
Stam ped gu ar 4 -5 s ....l9 5 0
K in g s Co E l 1st g 4s___ 1949
Stam ped gu ar 4 s ........ 1949
N assau E le c gu g 4 s ___ 1951
Conn R y * L l s t * r e f g 4 * a s '5 1
Stam ped <ruar 4 *38........19pl
Den Uon T r Co 1st g 5 s ...1933
D o t U n ited 1st con g 4 *38.1932
H a va n a E lec consol g 5s. 1952
iln te r-M et coll 4 *28........... 19.'i6
In t e r n a l T r a c coll tr 48..194'ii
JLouit* Ry Co 1si con tr5 s ..li»:!
M a n ila E lec 1 s t * coll 5 s .1953

A-O
J -J
J -J
M-N
F-A
F-A
F-A
F-A
J-J
J-J
J -J
A-O
J-J
FA
A -0
J -J
J-J
M-S

. 93
Sale
, 101
98*3
7 9*3........
........ 80
iiiiii

" 49*4 SalV

"N o price Friday; latest price this week.




97 *2

: : : : : : " 82"

2
92
92
62
67 333
997s O ct ’ 07
9578 O ct ’07
98 O ct ’ 07
98 Sen ’07
87 F e b ’ 07
79»4 O ct ’ 07
80 Sep ’ 07
98*9 M av’ 07
97*4
97*,
95 J ’ ne’OO
85 A u g ’ 07
*-.0*2 J ’ n e’ i 7
4V*g
53
69 *4 J ’ly ’ 07
109 -Mai’ 9 8
98 May’ 06

aD ueJan

Due A pr

92 107
62
9 '*8
99 7e 103 V
9578 101*s
98 108
98 104
87
89
79*4 88*2
79
86
102*2
97*4 98*,
85
»0*9
49*»
68

86 *2
93
82
73

S tr e e t K a ilv r a y
M et S t R y gen col t r g 5 s .1997
R e f g 4 s ...........................2002
B w a y * 7th A v ls t c g o is 1943
C o l * 9th A v 1st gu g 58.1993
L e x A v * P F 1st gu g 5s 1993
T h ird A v e R R con gu 4s 2000
T h ird A v e R y 1st g 5 s ..1937
M et W S E l (C b ic) l e t g 4 s .1938
M il E l R y & L 30*yr g 5s. 1926
Minn S t R y 1st con e 5 s..1919
N O rl R y & L t gen 4 ^ 8 ..1930
St Jos R y L t H & P l e t g 5s ’ 37
.-'t P a u i C ity Cab eon g 5s. 1987
U n dergrou nd o i L on 58...1908
Cuion El (C h ic) 1st g 5 s ..1945
U nited R R s San F r s f 4s. 1927
U nited R ys S t L 1st g 48.1934
W Chic St 40-yr eon a 58.14*36

« Due May j D u e J ’ne

F-A
A-O
J-D
M-S
M-S
J-J
J -J
F-A
F-A
J-J
J-J
M-N
J-J
J-D
A-O
A-0
J-J
M-N

ADue J ’ly . it Due A u g

95
........ 102
........105
........ 105
45 *9 Kale
9 7 *9 ...... .

Cl
70
80
oD ae Oct

101 J ’l y ’ 07
73 A u g ’ 07
100 O ct ’ 07
103 Oct ’o7
107 >2 A u g ’ 07
45*3
4S*4
105
105
93 >9J ’ l y ’ OC
109 J ’ly ’ Ot107 *2 F e b ’ 06
90 *3 Sep ’ 01!
103*4 Oct ’ O'1
110 *3 N o y ’ (>6
64*4 S e p ’ 07
lo o Jan ’07
72 Sep ’ 07
79 Oct ’ 07
90 Dec 97
p D ue N o t

...IllOO 108*4
...I 73
85
...||100 113
...1 0 3
113**
107*3 HO
45*2 8‘J
105 114*9

64*4 94
DX> 1 » 0
67
83*4
79
85
* Option Sale

Nov. 2 1907.j

F e w Y o rk Bond Record— Continued— Page 2

BOlNUs
JSL Y . S T O C K E X C H A N G E 1£ £
W k k k E n din g N o v l
■1 -s

tnee

Wteiet

F r id a *
JS'ov 1

Range or
L a r i Sale

H ig h
Lent
C hic B o ck i & P ac— (C o n )
109 N o r ’ 06
Oboe Ok & G gen g 5b .01919 J .J
111 M » y ’ 06
Consol gold 5s............. 1952 M-N
. IOO 101 O ct ’ 0n
K e o k <fc O ta M 1st 5s___ 1923 A-O
Chic Ht i cfe N O See 111 Cent
Clu c St
<fc P itts See Penn C(120
120
C h ic S t P M & O eon 6 s ...1930 J-D 118
93 D e c ’ 03
Cons 6s reduced to 3 % s.1930 J-D
131*4 F eb ’0
Ch S t P & M in n 1 s t g 6 s 1918 M-N
12934 M a r’04
N o r W isconsin 1st 6 s...1930 J.J
110
110
' S t P cfe S C ity 1st g 6 s ...1919 A -0 109
97*4 A p r ’ 07
C hicago T e r T ra n s g 4 s ...1947 J-J
1091* M »jr’ 07
Coupon o i l ..............................
...1 1 3
114% O ct ’O'
Chic cfe W e 8 t ln r ig e n g 6 s 0 l9 3 2 <}*ii
97 % A p r ’07
C onsol 50 y e a r 4s........... 1952 J . J
Chic cfe W M ich see P e r e Mart)
Choc O & G u lf See C R I cfe P
113 O ct ’Ofl
Cln H cfe D 2d gold 4 ‘us...1937 J .J
102 J ’n e’07
C in D <& 1 1st gu g o s ...1941 VI-N
C F in d & F t W J s tg u 4 s g .’ 23 M-N
83 Jan ’ 07
Can I & W 1st ru g 48.1953 J.J
98*4 Oct ’ 07
In d D ec <fe W 1st g 5 s...1935
107 *2 D ec 02
1st gu ar go ld 5s........... 1935
C I S t L & C See U C C & S t L
C ln S <fe C See C C C S t L
O ieariii
<fe Mah See B R * P
93
*
C le v Cln C cfe S t L gen g 4s 1993 J-D
9 9 ^ Jan ’ <>7
C airo D ir 1st gold 4s___ 1939 J-J
95 Sep ’07
Cln W eft M D iv 1st g 48.1991 J-J
80
80
S t L D lv 1st col tr g 4 s ..1990 M-N *78
91 O c t ’ 07
R e g is te re d ..... ..............1990 M-N
9934 F e b ’ 05
Spr cfe Col D lv 1st g 4 s..1940 M-S
98 Sep ’06
W W V al D lv 1st g 4 s ...1940 J -J
105 J a n ’ 04
C 1 St L & C consol 6s.. 1920 M-N
98% Sep ’ 07
1st gold 4a................../cl 936 Q.p
98% O ct ’07
R e g is te r e d ________ k l93 6
109 J ’ ne’ 07
Cln S cfe Cl con 1st g 5s. .1928 J:J
115*8 Oct ’07
C C C cfe I consol 7s_____ 1914 J-D
Consol sink fund 7s___ 1914 J-D
.129% 127 J ’l y ’ 07
G en eral consol gold 6s. 19o4 J-J
R eg istere d _____ ____ 1934 J-J
95 104 % N oV ’ 0 l
In d B l & W 1st p rel 4 s.1940 A-0
O In d eft W 1st pt 5 s ...1*1938 q - j
88% G et ’ 07
Peocfe E ast 1st o o n 4 s ...l9 4 0 A -0
45 O ct ’ 07
In co m e 4s.....................1990 A p r
C le v cfe M a rie tta See P e n n R±s
C le v cfe P itts See Penn Co
59
Col M idland 1st g 4s........ 1947 J -J
59 O ct ’ 07
84
Colorado & Sou 1st g 4 s ...1929
82 >2
83
A
R efu n d & e x t 4 ^ 8 ........ 1935 M-N
95 F e b ’ 07
Colum & G re en v See So R y
Col cfe H o ck V al See H o ck Vai
Col cfe T o i See H o c k V a l
Col Conn eft T erm See N efc W
Conn <ft Pas R iv s 1st g 48.1943
ak & G t So See C M & St P
alias cfe W aco See M K efc X
102% M ay’ 0
D el L a ck eft W estern 7 s...1907 M-S
M o rris cfe E ssex 1st 7 s ...1914 M-N
115
115
1st consol gu ar 7s____ 1915 J-D
117*3 S e p ’ 07
R e g is te re d ......... ......1915 J-D
127 J ’ ne’ 05
1st r e f gu g 3% s........ .2000 J-D
N Y L a ck & W 1st 6 s ...1921 J-J 114
115 O c t ’ 07
Construction 5s..........1923 F -A
108 O ct ’ 07
89
T erm & im p ro ve4 s_...1 9 2 3 M-N
90
86
W a rren 1st r e f gu g 3%8.2000 F-A
102 F e b ’ 03
D el efc H n d 1st P a D ir 7 s.l917 M-S
133 F e b ’ 06
149 A u g’ 01
R eg is te re d .................. 1917 M-S
89% Sale
10-yr oonv deb 4s..........1916
89
91
D
85 Sale
84
86
A lb & Sus co n v 3*28.......1946 A-O
Renseft Saratoga 1st 7 s .1921 M-N
133% D e c ’ 06
D el R iv R R B rid ge See P a R R
90 Sale
90
91
D en y & R G r 1st con g 4s. 1936 J-J
102 % Jan ’ 07
Consol gold 4% s............. 1936 J-J ........ 100
105% F e b ’ 07
D
Im p ro vem en t gold 5s. ..1928
109 M.ar’ 05
R io G r Ju ne 1st gu g 5 s .1939 J-D
76 D e c ’05
R io g r So 1st gold 4s___ 1940
J
89 Jan ’ 05
Guaran teed ..................1940 J -J
893, 90 O ct ’07
R io G r W e s t 1st g 4s___ 1939 J -J
87*4 F e b ’ 07
M g e and col tru st 4sA.1949 A -0
91
O
97 J a n ’ 02
T 7 ta h C e n tls tg u g 4 8 al9 1 7
D es M o i <fc F t D See M efc S t L
110 Sep ’ 04
D es M o i U n R y 1st g 5 s ..1917 M-N
D
D et & M a ck 1st lien g 4 s .1995
92 M a r’ 07
G old 4s............................. 1995 J-D
89 A p r ’ 07
D etro it Southern—
86 O ct ’ 06
Ohio Sou D lv 1st g 4 s ...1941 M-S
102 107 A u g ’ 07
Dul«ft Iron R a n ge 1 s t5 s.. 1937 A -O
R eg istere d ........ . . .......... 1937 A-O
112% F e b ’ 06
2d 6s................................1916 J.J
Dul S hort L in e See N o r P a c
110 J ’l y ’ 07
D ili So Shore cfe A t l g 5 s ..1937 J -J
l/ 'a s t o f M inn »Se«S tP M efeM
iJ a s t T e n V a efc G a See So R y
E lg in J ol <fe E ast 1st g 58.1941 M-N
110*4 J ’n e’ 07
Elm Oort efc N o See L e h & N Y
107% J a n ’ 06
E rie 1st e x t go ld 4 s . . . . . . . .1947 M-N
107 >9J ’ ne’O2d e x t g o lu S s..................1919 M-S
103% M ay’ 07
8d e x t gold 4 *us...............1923 M-S
4tli e x t gold 5s................ 1920 A-O
108 J ’l y ’ 07
6th e x t gold 4a................ 1928 J-D
00 J ’ ne’ 07
, 126
1st consol gold 7s............1920 M-S
25 O ct ’ 07
1st coiisol g fund 7s.......1920 M-S
33 F e b ’06
89*
E rie 1st con g 4s p r io r ..l9 9 6 J.J
88
89
R eg istere d ................... 1996 J.J
9 » % O ct ’ 00
68
S a i«
1st cousol gen lien g 4 s ..1996 J.J
68
71
R e g istere d ................... 199*5 J-J
85% F e b ’ 0
Peu n coll tr g 4s........... 1951 F-A
70
76
75 Sale
60-year co n v 4s A ........ 1953 A -0
56
66
56 Saltdo
S eries B ...1 9 5 3 A-O
60 58 62 O ct ’07
Butt N Yeft E rie 1st 7 s ..1916 J-D
117>4 j ’ly ’ 07
Bull eft S W gold 6s........ 1908 J.J
104 ®8 F eb ’ 06
Chic cfe E r ie 1st gold 5 s ..1982 M-N 109
112% O ct ’ 07
C lev efc Mahon V a l g 5s. 193k J.J
116% Jan ’O..
Jett R R 1st gu g 5s___ o l9 0 9 A-O
101 A u g ’ 07
L o n g D ock consol g 6 s..1935 A-O
123 O ct ’07
Coal & R R 1st cur gu 6s. 1922 M-N
118 Sep ’ 06 .
Dock cfe Im p 1st our 6 s ..1913 J -J
109% O ct ’ 05 .
N Y eft G reeu L gTi g 5s. 1946 M-N
121% D e c ’ 061.

D

Range
Since
J a n u a ry

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

91 ........ | 90
90
........ 60 S.! 60 O c t ’07
96 % Sale | 94%
99
.................. 97 O c t ’ 07
.................. 100 A p r ’ 07

M-S
J-D
F A ........ 81
J-D 101 Si Sale
F-A
M-N
A-O
A-O]
A-O
. 118
J.J
87%

Jiang*
Since
I ant iary 1

H

L

L

B IW W S —C o n tin u ed on .Next Pasre.

90
60
94 *4
97

100

116

<ins a n d E le c tr ic L ig h t
L ac Gas L o f S t L 1st g 5s.el919
R
e f and e x t 1st g 5 b.......1934
107%
73 % M ilw a u kee Gas L 1st 4 s ..1927
139*4 N Y G E L H & P g 5 s ...1948
Pu rchase m oney g 4s. ..1949
100
Ed E l 111 1st co n v g 5 s ..1910
100
1st oonsol gold 5s........ 1995
N Y & Q E 1 L & P 1st con g osl9 3 0
N Y cfe R ich Gas 1st g 5s. 1921
105
P a t & P a s G & E con g 5s. 1949
87
Peo Gas <fe C 1st oon g 68.1943
R efu n d in g gold 5s.......... 1947
110*4
C h G -L < fe C k e ls tg u g 5 8 1937
Con G C o o f Ch ls t g u g 5 s .’36
104
M u F u e l Gas l e t gu g 5s. 1947
S yracuse L ig h tin g 1st g 5 s.’ 51
'Trenton G cfe E l 1st g 58. .1949
117
W estch ester L ig h t ’ g g 5s. 1950

99
99%
Q-F ' .............102
101% J’ ne’07
A -0
91% Jan ’07
M-N
86
85
J-D
85 Sale
70
70
F-A ........ 70
M-S ’ ........ 98 100% A u g ’ 07
J -J
113*4 J ’ ne’o e
F -A
90% 95 A p r "07
M-N
103 N o v ’ 05
M-S
10434 N ov ’ 05
A-O
116 ** J ’ ne’ 07
M-S
100 A n g ’ 07
90 . . .
J-J
100 J ’l y '07
J-D ........ 99% 100 O ct ’ 07
M-N
100 J ’ ne’07
J-D
M-S
.................110 May’ 05
J-D
.................101% F e b ’ 07

[ No price Friday; latest Uidand asked this week, v D»a Jma b l >*e Feb d Due Apr i D u e l W A Due J’ly k Due




WeeK’ f
R ange or
Last Sale

B id
a sk Low
H igh
E rie — (C o n )
Low H ig h
IO8 S3J ’ly ’ 07
A V Sus & W 1st r e f 6 s.l937 J-J ........ 107
108 110%
100% D e c ’ Oo
2d gold 4%a..................1937 F-A
101 103
95% 95 Si Oct ’ 07
G eneral pold 5s............1940 F-A
94*2 103
llOSg M ay’ 07
T erm in a l 1st srolrt 5 s ...1943 M-N
110% 110%
R eg is 55,000 e a ch ...1943 M-N
120 131
100 Si O c t ’ 07
M id B R o f N J lstg O s .1 9 1 0 A -0
100 *2 104%
105 *9 A p r ’ 07
W ilk <fe Ka 1st sru g 5 s.1942 J-D
105% 105%
116 A p r ’ Oti
131% i s i ^ i
■Cvcfe Ind ls tc o n iru g68..1 926 J-J
E r ie cfe P itts See Pen n Co
i’10" 120^ E va n s & T H 1st cons 68.1921 J -J
116 J ’ ne’ 07
116 116
9734 973<
100 O ct ’ 0
Is tg e n e r a l gold o s........ 1942 A -0
100 106%
97 109%
114 A pr ’05
M t V ern o n 1st gold 6 s ..1923 A -0
109 >4 114’ .
106*4 F e b ’ 06
S ull Co Branch 1st g 5s. 1930 A -0
977g 98
L 'a rg o & So See Ch M <fc St P
* lin t & P e r e M See P ere Mar
Fla C <fc P e n in See Sea A ir L in e
105 M a r’ 98
F o rt S t U D Co 1st g 4% s.l941 J-J
104
100
104
102 105 <4 F t W & D en C 1st g 6 s ....1921 J-D
i i . 'o " i i Y
*70
78% O ct ’ 07
F t W<fe R io G r 1st g 4 s ...1928 J-J
78
87
83
83
1 J'al H a r & S A See So P a c Co
98% 105
92% O c t ’ 07
92% 103
' T alH<fc H o f 18821st 58.1913 A-O
G eorgia & A la See Sea A L in e
Ga Car & N o r See Sea A L in e
G eo rgia P a c ific See So R y
G ila V G & N o r See So Pan Co
93 102
G ou v * Oswegat, See N Y Cent
993(i 99*8 Grand Rap & In d See P en n R R
96
98 Si G ra y’ s P t T erm See S t L S W
83% Sale
86 626 83% 98%
83%
80
9834 G t N o r —C B & Q coll tr 4s 1921 J J
84
84
91
97
R e g is t e r e d .A ..................1921 Q-J ........ 84
84
96%
G reen b rier R y See Ches «fc O
98 Sale
98
98
7 98 102%
G u l l < f e S I l s t r e f & t g 5 s 61952
a n * S t Jo See C B & Q
97s> 99
ousatonic See N Y N H <fe H
9 7 3* 14 97% 105%
97S j
95
99% H ock V a l 1st consol g4% s,1999 J -J ........ 97
*9 7 % ........ 99 O ct ’ 0 i
109 109
R e g is te re d ...................... 1999 J-J
99
09
9S34 N o v ’ Ol
115% 118^
Col <fc H V 1st e x t g 4s.. 1948 A-O
99 A p r ’ 07
Col & T o l 1st ex 4 s .......1955 F -A
99
99
127 132
H ou st E & W T e x See So Pac
H oust & T e x Cen See So P a c Co
104 J ’l y ’ 07
104 104
llin ois C entral 1st g 4 s ..1951 J-J 104
107^6 A p r ’ 07
R e g is te re d ................... 1951 J-J
107*8 107%
90
92
91% Sep ’ 07
95
1st gold 3% s................... 1951 J -J
91% 100%
7234
9 5 Sj J ’l y ’ 06
R eg is te re d ................... 1951 J-J
E x ten d ed 1st g 3 Szs.......1951 A -0
99*2 J ’ ne’ 06
70 O ct ’ 04
1st gold 3s s te r lin g ........ 1951 M-S
59
74*4
97 Oct ’ 07
C o ll T ru s t gold 4s..........1952 A -0
97 102*4
98 M ay’ o
82% 94%
98
R e g is te re d ................... 1952 A -0
98
95
95
98 O ct ’ 07
L N O dfc T e x gold 4s ...1953 M-N
98 103%
97 M a y’ 07
97
R e g is te re d ................... 1953 M-N
97
102*4 Jan ’ 07
Cairo B rid ge gold 4s___ 1950 J -D
102*4 102*4
*84
89 M a y’07
91
Iio m s v D iv & T e r m g 3 % s .l9 5 3 J -J
89
123 M ay’ 99
M id d le D i v r e g 5 e .........1921 F-A
78% A p r ’06
O xnaliaD iv 1st g 3s.......1951 F -A
7834 B'eb ’07
75
St L o u is Div<fcterm g 3s. 1951 J - J
78*4 78»,
R e g istere d ................... 1951 J -J
82 S2O ct ’ 07
101% 104%
G old 3% s..................... 1951 J -J
82 S» 89
115 118
101 % Oct ’ 99
R e g is te re d ................ 1951 J -J
1213a1213^ S p rin g D iv 1st g 3 % s ...1951 J-J
100 N o v ’ OO
97*4 A u g ’ 07
W estern L in es 1st g 4 s ..1951 F -A
97*4 102
122 D e c ’ 05
B ellevcfe Oar 1st 6s.......1923 J-D
116 122*4
97 M a r’ 07
Carb & Shaw 1st g 4 s ... 1932 M-S
"9 7 ” 97
107 111**
C hic S t L <fe N O g 5 s ...1951 J-D
118*4 A p r ’O
118*4 118%
86
97
R e g is te re d .................. 1951 J-D
119*4 M a r’ 04
93*8 M ay’ 04
G old 3 %s.....................1 9 5 1 J-D
R e g is te re d ................ 1951 J-D
98% .
98% O ct ’ 07
M em ph D iv 1st g 4 s..,1 9 5 1 J-D
98% 100%
S t L Sou 1st gu g 4s___ 1931 M-S
97 M a r’ 07
97
97
109*4
In d B1 cfe W est See C C C & S t L
110
93% M ay’ 07
93% 100
In d I U & l a l e t g 4s........ 1950 J*J
I n t <fe G reat N o r 1st g 6s . . l 919 M-N
111 115%
.113*2 114 S e p ’ 07
93%
9 8 7,
93
2d gold 5s........................ 1909 M-S
90
9734
93% 99%
3d gold 4s........................1921 M-S
. 65
60 O ct ’ 07
102% 102%
60
79
,102 102
102
101 111
|404\ 10*Si Io w a C entral 1st gold 6 s.. 1938 J-D
G old 4s.............................1951 M-S
, 73
74
74
73
85
J etterson R R See E rie
I / a l A c f e G R See L S cfe M S
*V a n cfe M ich See T o l cfe O C
88% 95
87^4 87s4 K C F t 8 & M See S t L cfe S F
K Ccfc M Rcfe B See S t L & S F
K a n C cfe P a cific See M K cfe T
65% Sale
Kan C ity Sou 1st go ld 3s. .1950 A -0
65%
673s 32 65% 73
R e g is te re d ......................1950 A -0
63 Oot ’ 00
92
92% K en tu ck y C ent See L cfe N
K eok cfe D es M o See C R IcfeP
K n o x v ille cfe Ohio See So R y
.110 112 A u g ’ 07
ake E r ie c & W ls tg 5 8 ..1 9 3 7 J.J
111 114
107 111%
2d gold 58.....................1941 J.J
107 J ’ ne’ 07
106% 107%
N o rth Ohio 1st gu g 5 s.. 1945 A-O
110 A p r ’ O,
110 110%
L Sho cfe M ich S See N Y Cent
.105% 106 O ct ’ 07
L eh V a l N Y 1st gu g 4 % s.l9 4 0 J.J
104*4 107**
K egistered ...................... 1940 J -J
106 M ay’ O',
106 106
L eh igh V a l (P a ) cons g 4 s.2003 M-N
96 Oct ’06
.105 112% A u g ’O <
112 ** 113 *4
1103* 110*4 L eh V T e r R y 1st gu g 5s.l941 A-O
R eg is te re d .......................1941 A-O
109% O ct ’ 99
Leh V Coal Co 1st gu g 5 s.1933 J.J
100 112%
' ib e * 100 O c t ’ 07
Leh & N Y 1st gu ar g 4 s .. 1945 M-S
95% 96%
107% 109
9538 J’ne’ 07
R e g istere d .......................1945 M-S
103% 103%
E lC c fe N 1st p f 6 s .......1914 A -0
113% J a n ’ 06
108 108
G old guar 5s................ 1914 A O
105% Jan '06
100 100%
125 129% Leh cfe H ud R See Cent o f N J
L eh cfe W ilk e s b See C ent o f N J
88
99% L ero y cfe Caney V a l See M o P
L o n g D ock See E rie
68" 88* L o n g Ia l’ d—1st con g 5s. A-1931 Q-J ♦ ........ 109 10934 O ct ’ 07
109*4 H 4 %
1st consol gold 4s........ M 93 1
85% 85%
G en era l gold 4s...............1938 n
76
91%
86
89 O ct ’07
89
99
66 103*4
F e r r y gold 4% s...............1922 1M-S
l02 N o v ’ 05
G old 4s.............................1932 J-D
99% Oct ’ OC
62
87
U n ified gold 4 s .............. 1949 M-S
84 Sep ’ 07
116% 120 *a
8 4 " *96%
D eben tu re gold 5s..........1934 J-D
110 J ’ ue’ 04
i’l‘6%i'1’9" G uar r e f gold 4s............. 1949 M-S
92
99%
92 O ct ’ 07
B k ly n & M o n t l s t g 6 s.. 1911 M-S
1st 5s.............................1911 M-S
99b4 Sep ’07
»7
ioo% ioi"
99*4 102%
123 130
N V B & M B 1st con g 5s 1936 A-O
110% N o v ’06
N Y cfe R B 1st g 5s.......1927 M-S
102
1 0 5 " 109%
105 A p r ’ O
N o r S h B 1st con ggu5sol932| Q-J
109 N o v ’ 06
L o u isian a cfe A r k 1st g 58.1927 M-S
i'02' 102 Sev ’ 07
i o o " 103%

105 F e b ’07
105
61 % O ct ’ 01
86% A p r ’ o7
80
98
101*2 246 95
107*4 D ec ’00
102 J ’ ly ’ 07
102
98 D e c ’ 06
116*2 M ay’07
93% M a r’ 06

JPrtce
F r id a y
Jfov 1

Low H ig h

.H l . S U t l , l i A N E ( ) l l >
lin n anti E le c t r ic L ig h t
A tlau ta G L Co 1st g 5 s ...1947
B k lyn U Gas 1st cou g 5 s.1945
Butiaio Gas 1st g 5s..........1947
Cousol Gas co n v deb 6s * 1909
D etro it C ity Oas g 63........ 1923
D et Gas Co oon 1st g os . 1918
E d E l l l l B k n See K C o E Left P
Bid K i l l See N Y G & E L H c f e P
K q G L N Y l e t con g 6 s ..1932
Gascfe Eleo B erg Co c g 6s. 1949
Ueu E lectric deb e 3 % s..l9 4 2
10-yr g deb 58 (su bscrip) 1917
B r R ap G L Co 1st g 6 s ...1915
Hudson Co Gas 1st g 5b.. 1949
K a n C ity (M o ) Gas 1st g 5s 1922
K in g s Co E l L A P g 5 a ... 1937
i P u ro h a s e m o n e y 6 s ......*9 9 7
Ed E l 11 Bkn 1st con g 4s 1939

BONDS
N . Y . STO CK E X C H A N G E
W e * K E n d in g N o v 1

1129

.. 100

99 105%
100 S> 102 %
91% 91%
K5 103%
70
84%
99 101
95

99

116*$ 119*»
100 103%
1U0 106%
IOC 108

100 100
101 % 102

9 l>oe Oet q Due Uao j Option Sate

New York Bond Kecord—C o n t in u e d —

1130
1JON1>s »
N . T . STO CK E X C H A N G E
W e e k E nijing N o v 1

P ric e
F rid a y
Nov I

L o u is v & N a s h v gen g 6 s . 1930 J-D
Gold 5s............................ 1937 M-N
U n ified gold 4 s.............. 1940 J - J
R eg istere d ................... 1940 J -J
S ink fund go ld 6 s ........... 1910 A-O
C oll tru st gold 5s........... 1931 M-N
5-20-yr col t r deed g 48.1923 A-O
E H <fc '"a s h 1st g 6 s ....1919 J -D
L Oin cfc L e x g o ld 4*23... 1931 M-N
N O & M 1st gold 6 s .... 1930 J-J
N O cfc M 2d gold 6s.......1930 J-J
P e n s a c o la D iv g o ld 6 s ...1920 M-S
St L D iv 1st gold 6s.......192] M-S
2d gold 3s.....................1980 M-S
A t l K n ox & N o r 1st g 5 s l9 4 t’> J-D
H en d er E d ge 1 s ts t g 6 s . 1931 M-S
K en tu ck y Cent gold 4 s ..1987 J-J
L & N <fe Al<fc Al 1st g 4*281945 M-S
L<fc N-South M joint 48.1952 J-J
N F la & S 1st gu g 5 s ...1937 F-A
N & C B d g e g e n g u g4*2»1945 J-J
Pen s <fc A t l 1st gu g 6 s..1921 F-A
S A N A la con gu g 5s.. 1936 F-A
L<fc Jett B d g e C o g u g 4 s ..l9 4 5 M-S
L N A & C h See C I & L
ahon Coal Set L 8 & M S
anhattan B y consol 4 s .1990 A -0
R eg is te re d ................ 1990 A -0
M etropol E l 1st g 6s___ 1908 J-J
M c K ’ pt & B V See N Y Cent
M etropolitan E l See M an R y
M e x C en t consol gold 4 s ..1911 J -J
1st consoi incom e g 3 s.al9 3 9 J’ ly
2d consol incom e g 3 s ..a l9 3 9 J ’ ly
E q u ip & coll gold 5s.......1919 A -0
M ex In te rn a t 1st con g 4 s.1977 M-S
H e x N o rth 1st gold 6s___ 1910 J-D
M ich C ent See N Y Cent
M id o f N J See E rie
M ilL S & W
See Chic & N W
MU <fe N o rth See Ch Al & St P
M inn & S t L 1st gold 7 s ..192 J-I)
Io w a E x 1st gold 7s.......1909 J -D
P a c ific E x 1st gold 6 s...1921 A -0
South W e s t E x 1st g 7 s.l9 1 0 J-D
1st consol gold 5s........... 1934 M-N
1st and refu nd gold 4s. .1949 M-S
D es M & F t D 1st g u 4 s... ’35 J-J
M in n <fc S t L g u See B C R & N
M S t P & S S M con g 4 in t gu ’ 38 J -J
M S 8 M & A 1st g 4 in t gu 1926 J -J
M in n U n See S t P M <fcM
Mo K a n & T e x 1st g 4 s ...1990 J-D
2d gold 4s...................... gL990 F A
1st e x t gold 5s................ 1944 M-N
1st & refu n d 4s.............. 2004 M-S
Gen s f 4*28..................1936 J -J
S t 11D iv 1st r e f g 4 s___ 2001 A -0
D a l <fc W a 1st g u g 5 s ... 1940 M-N
K a n C <fc P a c 1st g 4s. ..1990 F-A
M o K & E 1st g u g 5 s ...1942 A-O
M K & Ok 1st g u 5s.......1942 M-N
M K < f c T o f T l s t g u g 5 s . l 9 4 2 M-S
Sher Sh & So 1st gu g 5 s.1943 J-D
Tex<& Okla 1 s tg u g S s . . . 1943 M-S
Mo P a cific 1st con g 6 s ...1 9 2 0 M-N
T ru s t gold Ss stam ped.al917 M-S
R e g is t e r e d ................ al917 M-S
1st coil gold o s................ 1920 F-A
40-year sold loan 4s.......1945 M-S
3d 7s extd a t 4% ............. 1938 M-N
Cent B r R y 1st gu g 4 s .1919 F-A
Cen Branch U P 1st g 4s. 1948 J-D
L e r o y <fc C V A L 1st g 5s 1926 J-J
P a c R o f M o 1st e x g 4 s.1938 F-A
2d extend ed gold 5 s ...1938 J-J
S t L I r Al & Sgen con g 5sl931 A -0
G en con stamp g td g 5s 1931 A -0
U n ifie d & re f gold 4 s ..1929 J-J
R iv & G D iv 1st g 4 s..1933 M-N
V e r d i V I & W 1st g 5.3.1926 M-S
M obJ & K C i s t cons g 5 s .l9 5 3 J-J
Mob & Ohio n ew gold 6s.. 1927 J-D
1st extension gold 6S..A1927
G en era l gold 4s.............. 1938
M ontgom D iv 1st g 5 s ..1947 F-A
S t L & Cairo coU g 4 s . .e l930 Q-F
Guaranteed g 4s..........1931' J-J
M & O coU 4s See Southern
M ohaw k * M a i SeeN Y C & H
M onongahela R iv See B <fe O
M o n t C ent See St P M & M
M organ ’ s L a & T See S P Co
M o rris <fc Essex See D e l L & W
ash Chat & S t L 1st 7S.1913 J -J
1st consol go ld 58........ 1928 A -0
Jasper Branch 1st g 6 s..1923 J-J
M c M M W & A l 1st 6 s..1917 J-J
T & P Branoh 1st 6 s ....1917 J -J
Nash F io r & She£ See L & N
N a t o f M e x p rior Uen 4 *23. 1926 J-J
1st consol 4s..... ............. 1951 A-O
N e w H & D See N Y N H <fc H
N J Ju n e R R See N Y Cent
N e w & C in B d ge See. L o u & N
N O & N E p rior lie n g 6s j>1915 A - 0
N Y B k ln & M an B ell See L I
N Y C e n t * H R i v g 3*28.1997 J -J
R e g is te re d ................... 1997 J-J
D eben g 4s.....................1934 M-N
La k e Shore c o U g 3*28...1998 F-A
R eg is te re d ................... 1998 F-A
M ich C ent coU g 3*28___ 1998 F-A
R e g is te re d ................... 199S F-A
Beech C reek 1st g u g 48.1936 J -J
R e g is te re d ................... 1936 J -J
2d gu g o ld 5 s .............. 1936 J -J
B e ech C r E x t 1st er 3 *28 &1951 A - 0

Ask Low
H ig h
117
115 Sep ’ 07
110 O c t ’ 07
92*4 Saie
92
93
101*8 J ’l y ’ 06
107 D e c ’ 05
........ 104
105 Oct ’ 07
»()SH Oct. ’ 07
........ 91
113 “a M ay’ 07
.....102 >2 109 M a r’ 05
1257s M ay’ 07
122 l4 M a r’ 06
1 0 7 Aun’ Oti
117 Alay’07
62*a Aug.’ 07
116 J ’l y ’ 06
108*2 Jan ’ 06
93 Sep ’ u7
108 J’ ly ’06
88 Oct ’ 07
SS
113*2 M a r’ 0
112

N

97

Jan ’ 07
M a y’ 07
M ay’ 06

92
104
99

O ct ’ 07
A p r ’05
99

111

M

u

Week's
Range or
Last Sale

96

72
12
8

74*2

75
Sale
saie

13

8

90*8 J ’l y ’ 03
105 M ay’ 00

103 *2 105
. 105
. 80
99

130 M a r’ 07
105 A p r ’07
118 Jan ’ 0~
113 '4 A lar’ 05
103 A u g ’ 07
86 A u g ’ 07
97 A p r ’ 06
98
102

J ’n e’ 07
J ’n e’07

90 *2 Sale
89*2
92
76*, 77*2 75
76*2
101 O ct ’ 07
........ 99
........ 79*a 79 O ct ’ 07
75*2
81*4
75*2 Sale
82 Oct ’ 07
104 *2 J a n ’ 07
9 o*v A p r ’07
84
98
98
98
*91
98
98*2
96 Sale
96
98j4
105 A u g ’ 07
iO l
100 *« O ct ’ 07
116*4 Sep ’ 07
........ 115
*89 .......
93>a
83*2
107*2 F e b ’ 0b
90
90
86 A u g ’ 07
84
97*2 97 *2 M ay’ 07
90 J ’ ne’ o7
92
90 Sep ’ 07
80
110 M a r’05
98 A u g ’ 07
116*8 M a r’07
104
103 Sale 103
109 *2 J’ ne’ 07
80
80
79
87 *2 Oct ’ 07
87
107*2 A p r ’06
98 D e c '06
117 *2 O c t ’ 07
122 D e o ’ 05
83 A u g ’07
102 *2 Oot ’ 07
92 *2 A u g ’06
76
101 N o y ’ 041

Page

3

l i o n U .'
Y. STO CK E X C H A N G E
w e e k E n d in g N o v 1

Kanje

Since
J a n u a ry 1

[V o l.

j-rice
F rid a y

Nov i

1VeeK’s
R ange or
Last Sale

Range
Since
Ja n u a ry 1

IB id
Low
H ig h No
N Y Cent & H ii—(C o n tin u e d )
Cart <fc A d 1st gu g 4s. ..1981 J-D
G ouv & O sw e 1st gu S' 5s 1942 J-D
97 M a r’07
9734 99
Moh <fc M ai 1st gu g 4 s ..1991 M-S
105 Oct ‘02
N’ J Juno R gu 1st 4 s ...1986 F-A
IOl '-i.T’ l y ’OH
N X & H arlem g 3 *28...2 0 0 0 M-N
110*2 Alay'07
N Y <fc N o rth 1st g 5 s...1927 AO
105 109
101*4 D e c ’ 06
X Y <fc P u 1st con gu g 4s 1993 A-O
!i0»4 98
N o r & A lon t I s t g u g 5 s .1916 A -0
112 113*2
137 N ot
Pine C reek re g jruar 6s. 1932 J D
tt Wife O con Is t e x t S s . A1922 A-O 100 106*2 106*8 106®f>
103 A u g ’ 07
O sw e & K 2d gu g 5s...«1915 F-A
H W 4 0 T K 1st gu g 5s. 1918 M-N
10 6 “* Oot ’ 06
Rutland 1st con g 4 *28.-1941 J-J
117 120
94 M a y’07
O g& L C lia m Is t gu 4s gl9 4 8 J-J
62*2 72*2
94 Alay’07
Rut-Canad I s t g u g 4 s . 1949 J-J
1-22 Jail '06
St L a w & A d ir 1st k 5s. 1996 J-J
2d gold 6s..... ...............1996 A-O
93
97*8
........ 103
103 Oct ’ 07
U tica <fe B lk R i v g u g 4s. 1922 J -J
87 . . . . .
85
88
La k e Shore gold 3*2S....1997 J-D
80
92
91 O c t ’ 07
R eg istere d ................ 1997 J-D ........ 87
113*2 113*2
sti Sale
86
87
D ebentu re g 4s........... 1928 M-S
83^ sale tt3 *2 86 *s
25-year g 4 s ................ 1931 M-N
112 112
1 0 9 * * !!!
K a A t f e G R l s t g u c 5 s . l 9 3 8 J -J
109 Oct ’ 07
Alahon C’ l R R 1st 5 s..1934 J-J
107 *2 N o v ’06
P itts <fc L E rie 2d g 5 s.al9 2 8 A-O
139 J a n ’ 03
P itts AIcKcfe Y I s t g u 68.1932 J-J
2d guar 6a.....................1934 J-J
92 100=6
M c K e e s <feB V 1st g 6s 1918 J-J
104 D e c ’ 06
M ich Cent 1st consol 6 s.1909 M-S
9 9 " i'03‘-2
118*4 J ’l y ’06
5s...................................1931 M-S
119 J’ ne’ 06
R e g is te re d ................ 1931 Q-M
100*4 Jan ’ 07
48...................................1940 J-J
73
86
106*2 N o v ’ 00
R eg istere d ................ 1940 J-J
11 2734
88
.
94 *2 Dec ’ 06
J L<fc S 1st g 3*28..........1951 M-S
8
21
76*4 ,
92 *2 M ay’ 07
1st g 3*28 ........................1952 M-N
B a t C & Stur 1st g u g 38.1989 J-D
97 *4 Oct ’ 07
N Y Chic & St L ls t .g 4 s 1937 A-O
102*4 M a r’ 07
R eg istere d ................... 1937 A-O
9 o 7(, Sale
98*2 100
W e s t Shore 1st 4s gu ...2361 J-J
96 Sale
96 '
98 7(
R eg is te re d ................... 2361 J-J
N Y <fe G reen w L a k e See E rie
130 130
N Y & H a r See N Y C & Hud
105 105
N Y L a ck & W See D L & W
118 118*2 N Y L E & W See E r ie
N Y <fe L o n g B r See C ent o f N J
i 'o s " i i o i i N e w Y o rk N e w H a v & H a r t —
113 Oct ’ 07
87
H ousatonic R con g 5 s..1937 M-N
94
N H & D erb y con c y 5 s.l918 M-N
N Y & N o rth See N Y C & H
92
94
N Y O & W r e f 1st g 4 s..ffl9 9 2 M-S
96
99
101 >2J’ ne’06
102 102 *«
R e g is §5,000 o n ly ........ ol992 M-S
N Y & P u t See N Y C & H
See L o n g Islan d
89*2 98*4 N Y & K B
76
N Y S & W
Se-JErie
88
N Y T e x & Al See So P a c Co
100*2 105
100 Oct ’ 07
79
N o r <fc South 1st g 5 s ........ 1941 M-N
86
126*2 J ’ ne’ 07
75 *2 88 ** N o r f <fc W e s t gen g 6s .......1931 M-N
129 J ’ ne’07
Im p ro vem ’ t & e x t g 6s .. 1934 F-A
82
87
127*4 O ct ’ 06
N e w R iv e r 1st g 6s .......1932 A-O ........ 129
104*2 104*2
89 tjale
88*2
90
N & W R y 1st con g 4 s .1996 A-O
95 *2 95*2
91 Sep ’ 07.
R e g is te re d ...................1996 A-O
98 112
87 O ct ’ 07
D iv ’l l s t l & gen g 4 s ... 1944 J-J *83*2 .
98 107*4
78 Oct ’ 07
96 106*2
Pocah C & C jo in t 4 s ..1941 J-D
109*2 F e b ’ 05
104 105
C C & T 1st gu g 5s........ 1922 J-J
92 O ct ’ 07
S cio V < f e N E l s t g u g 4 s 1989 M-N " 92" '
100*8 107
N o rth IU in ois See Chi & N W
1153s 120
N o rth Ohio See L E r ie & W
93*2 105
94*2 Sale
N o r Pac— P r io r Uen g 4 s.,1 9 9 7 _ J
93 "8
95 287
9S34 Oct ’ 07
90 105
R e g is te re d ................... 1997
67
67 *2
67
Sale
G
en
eral
Uen
gold
3s___
a2047
(i-F
86
90
70 M ay’07
R e g is t e r e d ................ a.2047
97*2 98
95 34 J a n ’07
S t Pau l-D u l D iv g 4s___ 1996
» 6 34
D u l S hort L I s t g u 5s.. 1916 M-S
92*2
C B <& Q coU tr 4s See G t N o r
116 V Sep ’ 0
S t P & N P gen g 6 s ....1923 F-A
98 10134
132 J ’l y ’ 99
R eg is te re d c ertific’ s ..l9 2 3
-F
116 117*4
117*4 -T’ly ’ 07
St P a u l & D u l 1st 5s___ 1931 i ’ -A
103 114
100 Oct ’ 07
2d
o
s
.............................1917
A-O
109*2 110 >4
98*2 O ct ’06
1st consol gold 4 s........ 1968 J-D
80
88**
93 M av’ Oti
W ash Cent 1st g 4 s ........ 1948
85
92*a
11358 Ma>’07
N o r Pao T e r Co 1st g 6 s ..1933
N o r R y Cai See So P a c
N o r W is See C St P M & O
117 124
N o r <fe M o n t i S e « N Y C e n t
ln d & W
See C C C & S t L
83
94
liio R i v R R See S alt & O
102 *a 108*2
O re tfc Oal See So Pac Co
O re R R <fc N a v See Un Pao
O re Short L in e See U n Pao
O sw ego & R om e See N Y O
O C ff & S t P See C & N W
. 103
102 Oct ’ 07
ac Coast Co 1st g 5s___ 1946 J -D
ac o f M issou ri See M o Pac
Panam a 1st s fund g4 *2 8 ..1917 A-O 101
102 *4 J ’l y ’0‘
104 O ct ’ 07
112*2118*^ Penn R R 1st real est g 4 s .l9 2 3 M-N
111*2 S o p ’ 04
Consol go ld 5s................ 1919 M-S
108*2116
98 ........ 106 A u e ’ 03
Consoi go ld 4s................ 1943 M-Js
116*2 116*2
8S34 Sale
C o n vertib le g 3 *2S..........1912 M-N
88*4
91 265
C on vertib le g 3*28..........1915 J-D
85*2 Sale
84
86 1099
9a J ’ ne’ 07
A lle g V a l gen gu g 4 s ...1942 M-S
D K R R & B g e l s t gu 4 s g .’ 36 F-A
98*4 102*4
107*2 Oct
P liU a B a l& W 1st g 4 s . .1943 M-N
78*2 87*2
10*2 J a n ’03
Sod B a y <fc So 1st g o s ...1924 J - J
Son cfe L e w is 1st g 4 s ...1936 J -J
110*2 Sep ’ 04
U N J R R & Can gen 4S.1944 M- S
Pen n Co—G uar 1 s t g 4 *28.1921 J-J
.102 104 O ct ’ 07
11)3 \ J ’ ly '07
R eg is te re d ................... 1921 J -J
. 104
90*2 J ’ ne’06
G uar 3*28 coU tru st re g . 1937 M-S
85
94“g
G u a r3 *2SCoUtr ser B ...194 1 F -A
88
93
87*2 84 M ay’ 07
93 O ct ’ 07
T r Co c e r tif’ s gu g 3 *28.1916 M-N
91*4 95
88
99
89 Oct ’ 06
G u 3*28 t r c t f s C .............1942 J-D
87
77*2 88*2
90*2 M a r’ 06
G .. 3*28 tr c t fs D .............1944 J-D
74*2 87
88 Oct ’ 07
G uar 15-25 y ar g 4 s ....1931 A-O
75
87*4
110 J a n ’05
C l & M a r 1st gu g 4*28.. 1935 M-N
843< 84*4
108*4 A u g ’03
C l * P gen g u g 4 *28 ser A . ’42 J-J
102 102*4
S eries B ........................ 1942 A-O
98*2 D e c ’05
S eries C 3*28................ 1948 M-N
96 J a n ’04
S eries D 3*-»8................ 1950 F-A
Lew H ig h
1 1 4 *f.ll7
108 11734
92 101

n

W

112 >2 O ct ’ 07
108 >2 108*2
116*2 M ay’ 07
117*4 M a r’05
113 J ’ ly ’ 04
8934 J ’ l y ’ 07
80 O ct ’ 07

81

85>< Sale
......... 86
88 Sale
78 Sale
75 Saio
........ 79

100

85
873,
88
93*s
88
93*2
77*2
78
74*2
77
75 O ct ’ 07
84*4 J a n ’ o7
102 F e b ’ 07
102 Mar*04

Low

H ig h

97*2 97*2
110 U i i ' i "

106 H, 1 14
103 103
95
95
103
85
91
86
83*2

103
96
94 •
99*2
93*4

lo y

109

100*4 100»4
92*2 94*a
97 *s 103 *2
102*4 102*4
98*2 106
96 103*4

113
92

113
101*4

100 100
126 130
129 129
88*2
91
85
78

99*4
91
96*,
91*2

92

99 >2

93 102*4
96 102
65 “2 74*4
70
71

9534 95^
116*2122*4
117*4 117*4
100 108*4
1133„ 113*4

O

P

. . . ...1 1 4
108*2 Saie

lx x x v .

102

109

102*4 103
101 104

88*4100*4
83*2 95
99
99

101
101

107
105*4
84
96

88

97*i

M IS O E L il IN E O U S B O N U S—Continued on Next Page

40

Sale

107*8 Dec’04

107 M ay’ 97
105*2 D e o ’ 06
105 O ct ’ 00
. 75
F e b ’ 07
Oct ’ 07
. 86*2
. 101
O ct ’07
.100
Oct ’ 07
D ec ’ 03
F e b ’ 07
98
85
88
93 *2 F eb ’07

•N o price Friday; latest bid and asked. «D u e J a n




100*® A m T e le p & T e l coll t r 4s 1929
Comm Cable Co 1st g 4 s ..2397
87
M et T & T 1st s f g 5s.......1918
M ich . S tate T elep. 1st o s . 1924
K Y 4 N J T e l gen g o s ..1920
39
76*4 W est U nion col tr cur 5s. 1938
Fd and real est g 4 *28. ..1950
A lu t U n T e l s fund 6 s ...1911
N o rth w T e l g u f 4*28 g.,1934
Uanulacturing Jk Industrial
78
78*2
A m C o tO U e x t 4*28..........1915
86 95
100 106*2 A m H id e <fe L 1st a f g 6 s ..1919
A m er Ic e Secur deb g 6s .. 1925
100 106*2
A m S pirits M fg 1st g 6 s ..1915
100 100 A m Th read 1st col tr 4s. ..1919
A m Tobacco 40-yr g 6s---- 1944
85
98
4s................... ..................1951
93*a 93*2
85
87

6 Due Feb e D ue Alar d D ue A p r A D ae J’ly fc Due A u g

J-J

78*8 J ’l y ’ 07
96*2 J 'n e’ 06
104 F e b ’07
99*2 97 F e b ’07
105*, J ’ ly >03
94*2 97 Oct ’ 07
86*4 89 Oct ’07
104 A p r ’ 07
103 J ’l y ’ 04

Q-J
M-N

F-A
M-N

J-J
M-N
M-N

J-J

Q-F

M-S
A-O

M-S
J-J
A-O
F -A

... .

104
. . . . 98

90
104
98

.. . .

■'97“ 103
89 100*
.... 104 104

1 82*4
82*4
82*4
12 71
71
79
79
79 J ’l y ’ 07
96
96 Oct ’ 07
0 85
86
85
85*4
89 284 S5
54
57*4 854 54
p D ue N o r q Due D * «1 eOfVum

82*4 Sal71 Sale
........ 72
........ 95
82*2 85
83 *2 Sale
54*4 Saie

0 Due Oot

00

85 O ct ’ 07
87 A p r ’ 07
107*2 O ct ’04
102*8 A p r ’06
95 A p r ’ 02
39
41*2 232

•3

Col F <fc I Co gen a f g 5 s ..1943* F -A
C o n vertib le deb g 5s___ 1911IF-A
Col F u el Co gen gold 68.1919'm n
G r R iv Coal & C 1st g 681919 A -O
C learf B it C o a lls t s £ 4 s . . . 1940 J-J
O o lI n d u ls t A c o llo s gu .,1 9 3 4 F-A
C o n tin ’ t a l C l s t s f g u 5 a g .l9 5 2 F -A
Jett <8; C lear C<fc l i s t g 5 s.1926 J-D
K a n * H C & C 1st s fg 5 s . 1951 J -J
P le a s V a l Coal 1 s t g s f os. 1928 J -J
S un day CreeK Co g 5a___ 1944 J-J
T e n n Coal gen 5s.............1951 J -J
T en n D iv 1st g 6s .......a l9 1 7 A-O
B irm D iv ls tc o n s o l 63..1917 J-J
C a h C M Co I s t g u g 68.1922 J-D
D e B ar C<fe I Co g u g 63.1910 F-A
V a lr o n Coal <fcColst g 5s.1949 M-S
V ic to r F u e l 1st s f o s ........ 1953 J -J

«r

Telegraph and Telephone

Coal and Iron

98
y is
89
103*,
93
11C*
1V\
W l

New York Bond Record—Concluded—Page 4

N o v . 2 1907.]
BONDs
N . Y . STOCK E X C H A N G E
W k k k E n d in g N o v 1

P r ic e
F r id a y
N ov 1

P en n Co—(C o n tin u e d )
.Erie & P it t s g u g 3 4 s B.1940 J-J
Series C........................1940 j . j
G r R & I ex 1st gu g 4 4 s 1941 J-J
P itts F t W & C 1st 7 s ...1912 J .J
2d7 s.............................. 1912 J-J
3d 7s........................... ftl912 A-O
P itts Y & A sh 1st con 5s. 1927 M-N
P C C & S t L g U 4 4 s A ... 1 9 4 0 A-O
S eries B gu a r.............. 1942 A-O
Series C gu a r.............. 1942 M-N
S eries D 4s gu a r..........1945 M-N
Series E 3*3 gu ar g ___ 1949 F-A
Series F 4s g u a r ........ 1963 J-D
C S t L <fc P 1st eon g 5 s.1932 A-O
Pensacola & A t l See L & Nash
Peo & E ast See C O C & S t L
P eo «*>-. P e k Un 1st g 6s___ 1921
2u gold 4*28................... {>1921 3:5
P ere M a rq —O i l * \V M 6s 1921 J-D
F l i n t * P M g 6s.............1920 A-O
1st consol gold a s........ 1939 M-X
P t H uron D iv 1st g 5s. 1939 A-O
S ag Tu s <fc H 1st gu k 4s. 1931 F-A
Pfa U B & W See P e n n K B
P liiia <fe R ea d in g cons 7s. 1911 J-D
P itts Cm & S t L See P en n Co
P itts C ie ve <fc T o l See B & O
P itts F t W <fc C li See P en n Co
P itts M c K e e s & X SeeH X Cen
P itts Sh & L E 1st g 6 s ...1940 A-O
1st oonsoi gold 5s........... 1943 J-J
P itts & W e s t See B & O
|> e a d w g Co gen g 4s.......1997 J-J
Jl v R e g is te re d ...................1997 J-J
J ersey C ent coll g 4 s .. .1951 A O
Rensselaer <fc Sar Bee 1) & H
Rioh & Dan See South R y
B ioil & M ee k See Southern
B io G r W e s t See D en <fc R io G r
Koch <& P itts See B R & P
Rom e W a t & O g See N Y Cent
R u tland See N X Cent
C a g T u s <fc H See P e r e M a rq
0 t J o <fc G r Is i 1st g 4 s ... 1947 J-J
S t L <fc Cairo See M ob & Ohio
HI L * Ir o n M ou nt See M P
S tL K C & N
See W abash
S t L M B r See T R l i A of St L
S t L o u is & San Francisco—
G en eral gold 6s...............1931 J -J
G en eral gold 5s.............. 1931 J -J
S t L «S* S F R R cons g 4 s .. ’ 96 J -J
S ou thw D iv 1st g 5s. .1947 A-O
R efu n d in g g 4s........... 1951 j . j
5-year gold notes 4 Hi—1908 J-D
S t L M & So E a st gu 4 4 g l9 0 9 J-D
K C F t S & At c o n g 0 s „ 1928 M-N
K C F t S & M R y re t g 4s 1930 A-O
K C M R <fe B 1st gu 58.1929 A-O
O z’ rktfc Ch C ls t g u 5 s g.1913 A-O
S t L ou la So See Illin o is C ent
S t L S W 1st g 4s bd ctfs.1989 M-N
2d g 4s Inc bond otfs...j>1989 J -J
Consol gold 4s................ 1932 J-D
G ra y’ s P t T e r l 8 t g u g 5 s 1947 J-D
8t P a u l <fc D u l S e e N or P a cific
S t P a u l M & M an 2d 68...1909 A-O
1st oonsoi go ld 6a ...........1933 J -J
R e g is t e r e d ..................1933 J -J
• Reduced to sold 4Hts—1933 J -J
R e g is te re d ............... 1933 J . J
D akota e x t gold 6s........ 1910 M-N
M o n t e x t 1st gold 4s___ 1937 J-D
R e g is te re d ................... 1937 J-D
K M in n 1st d iv 1st g 5s.. 1908 A-O
• N o r D iv 1st gold 4s___ 1948 A-O
M:inn U n io n 1st g 6s___ 1922 J -J
M o n t C 1st gu g 6s........ 1937 J -J
R e g is te re d ...................1937 J -J
1st gu a r go ld 5s..........1937 J . J
W ill <6 8 F 1st gold o s -1 9 3 8 J-D
B t P & N o r P a o See N or Pac
8t P & S’ x C ity See C S t P M & 0
I A<fc A P a s s l s t g u g 4 s —.1943 J .J
S F e P r e s <fc P h 1st g 5 s.„1 9 4 2 M-S
S F & N P 1st sin k f g 5a. 1919 J-J
Sav F & W e s t See A t l Coast L
Soioto V a l & N E See N o r <fe W
Seaboard A i r L in e g 4a ...1 9 5 0 A-O
C o ll tr refu n d g 6s ........ 1911 M-N
A tl-B irm 3 0 -y rls t g 4s.el9 3 3 M-S
Oar C ent l e t con g 4 s . ..1949 j . j
F la Cen & P en 1st g 5s. 1918 J .J
- 1st land g r e x t s 6 s . -1 9 3 0 J.J
Consol go ld 6e............. 1943 J-J
G a & A la R y 1st con 5s 01945 J -J
G a Car <fc N o 1st gu g 5s 1929 J -J
Seab & R oa 1st 6s..........1926 J . J
Sher S hr & So See M K & T
SU Bp Oca & G See A t l Ooaat L
So C ar & G a See Southern
io u th e rn P a c ific Co—
G old 4s (C e n t P a c c o ll).fc l949 J -D
R e g is te r e d ................ &1949 J -D
Cent P a c 1st r e f g u g 4s 1949 F -A
R e g is te re d ................... 1949 p . A
M o rt gu ar gold 3 4 s ..k l9 2 9 J -D
T h ro u gh S I L 1st g u 4s ’ 54 A -0
G al H a r & S A 1st g 6 s ..1910 F-A
M e x & P a c 1st g 5s___ 1931 M-N
G ila V G <fc N 1st gu g 5 s . 1924 M-N
H ou s E & W T 1st g 58.1933 M-N
1st gu ar 5s r e d ..........1933 M-N
H<fc T C 1 s t g 6 s i n t g u —1937 j . j
Consol g 6s in t g u a r...1912 A-O
G en gold 4s in t gu ar.,1921 A-O
W a c o «& N W d iv 1st g 68’ 30 M-N
A * N W 1st gu g 5s___ 1941 J -J

Weetfs
R ange o r
La st Sale

Low
H ig h
92 A p r ’ 07
98% A p r ’ 04
108 Sep ’ 06
127% O ct ’ 02
119 J ’n e’ 06
119 A p r ’ 04
116 M ay’ 05
. 108 Hi 107 *4 J ’ly ’ 07
107 *4 J’ l y ’ 07
112 4 J ’ ne’ 05
100% M a r’ 07
89
91 F e b ’ 07
110

Sep *07

123% J a n ’ 05
92% 100*4 D e c ’ 05
109 A p r ’ 02
112 Hi A n g ’ 07
100*4 A p r ’ 07
106*2 Sep ’06

Lots H ig h
92
92

iir?ip io 9 *9
106*4 10914
' !H
91

100*4
91

110

116H!

H0*4 l i f t
100*4 100*4

115 Hi M a r’ 06

120
98

85

Sale

S5

110
.105
70 Hi Sale

66

Sale
.

82

70
Sale

J ’ ne’ 07

116
65

A u g ’07
VO

..

-------

65
93
80

IIIZI io f
-------106

74

7 0 *i

8‘i *a
119
82*4

90 Hi Sep ’ 07

96H» 97 Hi

87 Hi O c t ’07
70 O ct ’ 0?
69*,
65
1 0 1 % A p r’ 07

87 Hi 95
70
83
59*4 79
101H»101H>

124 M ay’07
126 A u g ’ 07
136% M ay’ 06
115 Hi M ay’ 07
115 Hi D e c ’06

-------

92 Hi

116
65

123

78

90

117*4 123Hi
105 110H,
91
93

103*8 J ’ne’ 07
125 O ct ’ O’'
134 D e c ’ 06
104 O ct ’ 07
1 1 6 % A p r’ 01
104 A u g ’07
86 Hi 9<54 90 Hi Oct ’ 07
100*4 Oct ’ 06
! “ " ! '*08* 100‘s S e p ’07

118

8 6 ^ 98*4
95*4 95*4
85
96*2

118 O c t ’ 07
106
106
91 F e b ’ 07
102*4 A u g ’ 05
70Hj
71
98 N o t ’ 06

941,

86

M a r’ 06
J ’l y ’ 97

88
90
95*4 M a y’07
85
86

68*4 Sale

110

70

70
Sep ’07
O ct ’05

62
95
88
964
107%

63
O ct ’ 07
Jan ’ 07
M a r’ 06
A u g ’ 06

102

109 Hi M a r’ 06
106 M a r’ 07
110 J a n ’ 06
106 M a r’07

Sale

70
76
84 J’n e’ 07
90 Hi 90
91V,
93% J’ ne’ 07
84
82 O ct '07
90*4 J’n e’ 07
103 Hi A p r ’ 07
. 98 104 O ct ’ 07
106 106*4 J ’ly ’ 06
107*4 F e b ’Oft
104 A u g ’ OO
110 S e p ’ 07
------ I l l
l l l * g J a n ’ 07
87 O ct ’ 07
116 D e c ’ 06
lO g i j F e b ’ OO

BONDS
N . Y . STO CK E X C H A N G E
W e e k E n d ik g N o v 1

Mange
Since
Ja n u a ry 1

103
125

105 «8
131

l i u " i08*a
104 107*4
96*a 100 Hi
100*8101 *«
130

131*2

i'12’* il5*i
70
102

87
108*4

62
82s,
94*g 100*2
88
89

106

107*4

ioe" io«“

70
84
90
93*8
81
90*4
103
104

90*2
88
100*8
99
86
981#
105 Hi
106:,4

109*4 111*2
111 112
87
94T,

Southern P ac Co— (C o n tin u e d )
M o rg a n ’ s L a <fc T 1st 7 s.1918 A-O
1st gold 6s ................... 1920 J -J
N o o f Cal gu ar g 5 s ........ 1938 A -O
Ore & Cal 1st gu ar g 5 s.1927 J -J
So P o f A r gu 1st g 6s —.cl9 0 9 J -J
1st gu ar g 6s............. cl91 0 J -J
So P a c ific o f C al—
I 8t g 6ss e rie 8 E & F ...1 9 1 2 A-O
1st gold 6s ................... 1912 A-O
1st con gu ar g 5s........ 1937 M-N
S P a c o t N M e x 1st g O s ..1911 J-J
So P a c Coast la t g u 4 s jr. 1937 J -J
Tex<fc N O S a b D iv ls t g 6s. 1912 M-S
Con gold 5s..................1943 J-J
So P a c R R 1st r e f 4s........ 1955 J-J
Southern—1st con g 5s___ 1994 J-J
R eg is te re d ................... 1994 J -J
M o b & Ohio c o l l t r g 4 s ..1938 M-S
M em D iv 1st g 4 *2-58...1996 J-J
S t Lo u is d iv 1st g 4s___ 1951 J .J
A la Cen R 1st g 6s........ 1918 J -J
A t l & D a n v 1st g 4s.......1948! J -J
2d 4 s ............................ 1948 J -J
A t l & Yad 1st g gu ar 4S.1949 A-O
C oi & G re e n v 1st 6s.......1916 J-J
E T V a & G a D iv g 5 s „ 1930 J-J
Con 1st gold 5s........... 1956 M-N
E T en re o r lien g o s.......1938 M-S
Ga M idlan d 1st 3s..........1946 A O
G a P a c R y 1st g 6s........ 1922 J .J
Knox<fc Ohio 1st g 6s .—1925 J-J
M o b & B ir p rior lien g 5s 1945 J-J
M o rtg a g e gold 4s........1945 J-J
R ich & Dan con g 6s ___ 1915 J-J
D eb 6s stam ped........... 1927 A-O
R ich <fc M ee k 1st g 4 s ...1948 M-N
So Car & Ga 1st g 5 s ....1919 M-N
V ir g in ia M id ser C 6 s ...1916 M-S
S eries D 4-5s...............1921 M-S
S eries E 5s................... 1926 M-S
G en era l 5s................... 1936 M-N
G uar stam ped..........1936 M-N
W O <fc W 1st e y gu 4 s ..1924 F-A
W e s t N C 1st con g 6 s..1914 j . j
S & N A la See L
N
Spok F a lls <fc N o r 1st g 6s. 1939 J -J
'■ ('er A o f S t L 1st g 4H is„1939 A-O
1 1 s t con gold 5s___ 1894-1944 F -A
G en refu n d 8 t g 4 s........ 1953 J-J
S t L M B g e T e r gu g 58.1930 A-O
T e x & N O See So P a c Co
T ex < feP ac 1st go ld 5s.......2000 J-D
2d gold in c 5s................ ?2000 Mar
L a D iv B L 1st g 5s.......1931 J .J
W M in W <fc N W 1st gu 5s ’ 30 F -A
T o l & O C 1st g 5s___ _____ 1935 J-J
W e s te rn D iv 1st g o s . . . 1935 A-O
G en era l gold 5s...............1935 J-D
K a n <fe M 1st gu g 4s___ 1990 A-O
T o l P * W 1st gold 4s. ...1917 J-J
T o l S t L <fc W p r lien g 3 *28.1925 J-J
50-year gold 4 s .._______ 1950 A-O
T o r H a m & B u ft'ls t g 4s.ft.1946 J-D
lster & D e l 1st con g os 1928 J-D
1st refu n d g 4 s______ 1952 A-O
U n P a c R R & 1 g r g 4s ...1947 J-J
R e g is te re d ...................1947 J-J
2 0 - y rc o n v 4 s (su b scrip )..’ 27 J.J
O re R y <fc N a v con g 4s. 1946 J-D
O re Short L in e l s t g 6 s „ 1922 F-A
1st consol g 5s............. 1946 J-J
G uar refu n d 4 s........... 1929 J-D
R e g is te re d ................ 1929 J-D
U tah <fc N o r 1st 7s........ 1908 J-J
G old 5s..........................1926 j . j
U n i N J R R <& C Co See P a R R
U tah C entral See R io G r W es
U tah & N o rth See U n Pacific
U tica & B lack R See N Y Cent
andalia consol g 4 s ___ 1955 F-A
era Cruz < fcP lstgu 4H isl93 4 J -J
V e r V a l In d & W See M o P
V ir g in ia M id See South R y
V a <fc S ou thw ’ t 1st gu 58.2003 J .J
abash 1st go ld 5s.......1939 M-N
2d gold 5s................ 1939 F-A
D eb en tu re series A .......1939 J .J
S eries B ........................ 1939 J -J
Certificates of dep osit___
1st lien equ ip s f d g 5 s ..1921 M-’ s
1st lien 50 y r g term 4 s .1954 J .J
1st r e f and e x t g 4s ___ 1956 J -J
D e t <fc Ch E x t 1st g 6 s ..1941 J -J
D es M o in D iv 1st g 4 s..1939 J.J
Om D iv 1st g 3*as..........1941 A-O
T o l & Ch D iv 1st g 4s—.1941 M-S
S t Chas B rid ge 1st g 6s. 1908 A-O
W a b P itts T e r m 1st g 4s. 1954 J-D
2<1 gold 4 s ........................1954 J-D
W a rre n see D el L a c & W est
W ash C ent & 'e «N o rP a o
W ash O <& W See Southern
Waah T e r m l 1st gu oHis.. 1945 F -A
W est M arylan d 1st g 4 s ...1 952 A-O
G en & conv g 4 s ........... 1952 A-O
W V a C ent & P 1st g 6s 1911 J-J
W e s t N Y <8s P a 1st g 6 s ..1937 J-J
G en gold 3-4s..................1943 A-O
In com e 5s................... .d l9 4 3 Nov
W e s t N o Car See South R y
W h e e l’ g & L E 1st g 5 s .—1926 A-O
W h e e l D iv 1st go ld 6s .. 1928 J . J
Exten<fc Im p go ld 6 s . ..1930 F-A
R R 1st consol 4s............ 1949 M-S
20-year equ ip s f 5s ...1 9 2 2 j . j
W ilk e s & E ast See E r ie
W il «fc S iou x F See S t P M & M
W is C en t 50-yr 1st gen 4s 1940

U

1131

P r ic e
F rid a y
Nov 1

R ange
Sinee
J a n u a ry 1

Low
U ta h
127 Sep ’ 06
116 N o v ’ 06
112 F e b ’ <>7
100*8 J ’ ly ’07
103*2 104 A p r ’ 07
104*4 F e b ’ 07

Low

.108
84*4 Sale
92 Sale

75

107

107 Hi F e b ’07
104 Sep ’ 06
83*2
85
91
94
114 N o v ’ 06
79 Sep ’o7
113 Hi M a y’ 07
78
I113 Jan ’ 06
96 J ’ ue’ OO
92 J ’ ue’06

107Hil07Hi
S3
91

111 111
110% 113*8
112 117*4
H O H jll 4
65
69*4
113*4 U9*4
116 118*4
109*4 113
99*2 103
104

117 J ’ l y ’00
111 J ’l y ’07
I i l Hi J ’ne’ 07
90 A u g ’07
111 D e c ’ 06

108 111
111*4 117
90
94

108
103
92 N o v ’ 06
110 M a r’06
106 *2 N o v ’ 04
108 O ct ’ 07
111 M.ay’04
102 M a y’07
87*4 O ct ’07
........ 86
80
80
80
87
SO
80
82
57*2
6t»*s
67 *2 Sale
95 D e c ’ Ob
102 O ct ’ 07
........104
93 Sop ’ 06
’ i'3 S Sale
92Hi
96 St 586
96*4 Sep ’ 07
78 7s
82 14W
8OH1 Sale92 O ct ’ 07
........ 95
113
x 13
........ 114
6
........ 107*2 107*4 O ct ’ 07
78
80 235
79 Sale
87*4 M a r’ 07
100 O ct ’ 07
105HiJ’l y ’ 07

O ct ’ 07
104
94
J ’ ne’ 07
O ct *07
J ’ ne’OV
102 Mai;’07
---- 102
93 M a r’ 06
40
” 38** Sale*
37»a
104 O ct ’ 07
97 N o v ’ 04
80 F e b ’ 07
96% J ’ne’07,
------- 95
100 M ay’ 07,
60
65
67
15 Sale
147,
17*a]
93

104
101
94
90
44
62

102

110

9 2 ’4 i'0 2 *i
96i4 101 Hi
78
93
9 2 Hi 99**
113 126
107*4 114
75
94%
87*4 87*4
100 103Hi
105 *2 105 *»

80
80%
96% 96%
100 102
60
80
14% 32%

105 A u g ’07
110 D e c ’ 06
111*3 A u g ’ 05
76 O c t ’ 07
104 O ct ’ 07
76

107*4 H I
i ’0’6 * i i 0 2 *i
87*4 97
80
89
80
87Hi
57 >2 82

3 7 *2 ‘ 6 7 4
104 109

87 *a J ’l y ’ 07
64
68*,'
55 O ct ’ 07
106*s A u g ’ 06
112
112 ......... 112
89*4 J ’ ne’ 07
------ 87
34 F e b ’07

737g

118*4

104 111>«
101 114
94 105*a
90 90
44 73*a
57 Hi 75
101 102

64 Sale
........ 60
........ 106

76*2 77

108

94*2 94Hi

9 4 V O ct ’ 07
98 Sep ’ 06
95

106 *g

103 111
107 110
94% 96 **
106 *2 109 *s

Sale

101*4 Sale

95
113*4

79
94
113 Hi 116
78
94*4

F e b ’ 07
U0®8 J ’l y ’07
112 Oct ’ 07
110 ••JJ’ ne’ 07
65 Sep ’07
. 6ti
110 114 A u g ’ 07
117*; M ay’ 07
116*8 A p r ’ 06
96 O ct ’05
........ 89
109'-4 A u g ’07
........ 110
98*2......
99*2 O ct ’ 07
98 F e b ’03
"93" i'0'6' 105 A u g ’ 07
112 O ct ’ 06
IO6H1 D e c ’ 06
113 D ec ’05
103 Oct ’ 07
107 M ay’07
90*a 96**, Jan ’ 07
106 *-j Sep ’ 07
. 110

108

107

i'16** ii* 6**
103 5s 104

111

86

H igh,

112 112
98 101
103Hj 104
104*4 104%

107 A p r ’07
114*2 D e c ’ 04
116 M ay’ 07
104 M a r’ 07

V

W

Week’ s
R ange or
Last Sale

52

87
64
49

87%
82%
68

ill* *
89*4
34

i l6%

105

108

7ii
104

87%
104

73%

t»S%
34

89

M IS C E L L A N E O U S B O N D S —Concluded.
ftlo m il a c t 11 lin t; & In d u stria l
Beth S teel 1st e x t s f 5s.. 1926
C en t L ea th e r 20-year g 58.1925
Consol Tobacco 50-yr g 4s. 1951
D istil S ec Cor co n v 1st g 5 s.’ 27
In t P a p er Co 1st oon g 68.1918
Comsol con v s f g 5s.......1936
I n t S t Pum p 10-yr conv. 6s ’ IS
K n ic k e r Ic e (C h ic ) 1st g 5 s.’ 28
L a c k a w S te el 1st g 6s ___ 1923
N a t Starch M f g C o l s t g 6s 1920
N a t Staroh Co s f deb 5 a ..l9 2 5
R ep u b I <fc S 1st A co ltr 6s. 1934
V S Leath Co s fd e b g 6 s —1913
U S R e a lty * I con v deb g 5s ’ 24
U S S teel Corp— ( coup ,d l9 6 3
S f 10-60 y r os. ( ro g .. d 1963
V arC *r Cliem col tr 6g *..1 9 1 2
W eiU n sh o u s e K A M s 1 6s ’ 31

ja
------- 85
06 A «g>06
A-O * 7 9 4 80
80
81S
80
99
F -A
54*4 Sale
63%
66
63% 79
A-O
6 3 4 65
62*,
66
60
90
F-A 103% Sale 103% 104%
101% 108%
J-J ........ 85
87 Sep ’ 07
87
92
J-J ........ 93 4 97 A * g ’0T
97 106
A-O
97% O ct ’05
A-O ........ 8 8 4 89*4 Oct ’07
*89% i'02"
M-N
SO
83 % A u g ’07
S3
84
J -J
70 A p r ’07
70
70
A -O
90 O ct ’ 07
90
97
M-N
103% Sep ’ 07
102*4 106*4
J -J
76 O ct ’ 07
........ 70
76
96
M-N
85% Sale
85%
90 1034 85 4 99%
UN
84Si
86*4 62 8 4 4 9 9 4
A -O ........ 95
97 >a A u g ’ 07
97
99
J-J
60 ........ 60
67
75 50
87%

N o p rice FriA ar, la test bid




....

asked tfrls

a D «e J «n

M is c e lla n e o u s
A dam s E x ool tr g 4 s ........ 1948
A m S S C o o f W V a g 5 s___ 1920
B ’ k l'n F erry C o 1st cons g 5s ’48
C h ic J c & S t Y a rd col g 5s. 1915
D e tM & M Id g r in com es..1911
I n t M eroan M a rin e 448 ..192 2
In t N a v ig a tio n 1st s f 58.1922
M an B ch H & L gen g 4 s.. 1940
N e w p N e Ship <fc D D os d l9 9 0
N Y D ock 50-yr 1st g 4 s ..1951
P ro v id e n c e Sec deb 48___ 1957
P r o v id e n t Loan Soc 448.1921
S t J oseph S t k Y d s l s t 4 4 s .l 9 3 0
S t L T e r Cupples S tat’ n & P rop
Oo 1st g 4 4 s 5-20 y e a r ..1917
S Y u b a W a t Co con g 6s „ 1923
Sp V a l W a t W ork s 1st 68.1906
U S R ed & R e f 1st s f g 68.1931

b O v .» F eb

d Due A p r

85
87
100% J ’n e’ 02
41 O ct ’ 06
101 M a y’07
.103
70 Sep ’ 06
55*»
64 ........ 55
........ 84
8 5 4 J ’ly ’07
50 F e b ’ 02
97 ; ........
........ 87 4 *87 4 Oct "’07
........ 85
85 O ct ’ 07
99 M a y’ 06
100 4 S e p ’ 05
85

112 J ’ ly *04
113 4 J’ i y ’OO
........ 8 3 4 90 A u g ’ 07
«£ > * « M.<*r g D u e J 'n e A D u e J ’ ly p D a e Haw

85

108

101

101
70%
85%

874
844

»S
s O o tlo u ta te

CHICAGO STOOK EXCHANGE—Stock Record—Daily, Weekly and Yearly
Saturday
*140
*3
*
*12
* ____
____
* 75
* ____
*
* ____
* ____
74
*27

__

150
4
10
13
3
16

*140 150 *140
4
*234
*3
*9
* 8*2 11
12
12
1214
*2
3
* ____
16 *
*
____
79
*75
79 *
20 * ____
20 *
55 *
60 *
* ____
40
221? *
221? *
5Vl2 *
57*2 * ____
74
7212 721? *70
28
*27
28
26
94 * ____
94 *
____
*
2712
27 * ____

__
__ _
__
__
__
_
__
__
__
__

__

__

* ____

4
312 3*2
37
37
*37
140 * . . .
*
125 *
*50
51
50
*
100 *

4
38
140
125
50
99

*

35
104

__
__

__

35
104

*99

*1
*5
*138
*25*2
*
100
114
38

__

____
*59*2
102
53
101

#

*35
80
85i2
125
*91
*1
712

__

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

Monday

6
145
28*2
100
100
116
38

*

*30

__

*1
*5
*138*2
*25
95
*100
113
*36

1*8
6
145
28*2
95
101
115
38*2

150 *140
*2
3
11 *
12^4
12
*134
3
16 *
45 *
79
*75
20 *
65
*48
40 *
2210 *
571? *
721» *70
261?
26
90 *
27 * ____

__

_
_

_

3*?
3*2
3*2
36
36*2 37
140 *
*
125
49
50
48*s
*
97*2 *

_

*
*

__

*
*

*30

__

*1
*5
*138
25*4
100
96
112
*36*2

34
104
50

*
*

*30

_

1*8 *1
6
*5
145 *138*2
25
25*4
100
*97
96
95
113
114
3534
39

__ __ __ __ __

60
104
60
103

*62
63
61
106*2 106*2 105*4
____ ____
55
10U2 101l2 *100

6234 59»i
105*4 105
55
5212
____

__

___
36
*35
*35
35
80
80
81
81
81
81
89
83
87
80
83
80
*
120 *100
129*2
92
90
90
yo
85
86
1
1*2 *1
1**
78
634
7
7*2
7*2
734
7*2
22 *
22 *
22 *

__ __

__

__

__

C h ic a g o
BONDS
C H IC A G O S T O C K
EXCHANGE
1

WeekendingNov

Last Sale 150
150
Last Sail 31?
3
Last Sale 10
11
12
12
12l2
12
3
Last Sale 21,
16
Last Sale 18
4a
Last Sale 40
79
Last Sale 78's
Last Sale 22
20
50
Last Sale 55
40
Last Sale 46
2219
Last Sale 21
57*o
Last Sale 60
70
70
73
*26
27
26
26
94
Last Sale 97
Last Sale 33
27

_

31?
36
134*?
125
51
97
34
104
50

26
July’07
July’ 07

384
36i2
Last
Last
49
Last

334
312
3*2
37*2
3510 37
Sale 140
Oct’ 07
Sale 123
0 c t’07
49
48
481g
Sale 100
Oct’ 07
3S
*30
34
30
30
Last Sale 104*9 Sep’07

R ailroads
Chicago C ity R y . . . 100 150 Mch 11
Chicago & O ak P a rk 100
3 O ct 12
D o p r e f___________ 100
10 O ct 17
1,470 Chicago S u b w a y .. . lO f
11 O ct 23
21 O ct 4
Chic U njon Traction 1 or
D o p r e f____
___ 10C
14 A p r 23
Kans C ity R y & L t
10c
40 O ct 18
____
D o p r e f_____ _____ -1 00
787« O ct 1C
M etropol w S E l e v . . 10c
21 Sep 12
___
D o p r e f___________ 1 or
55 O ct 21
N o rth Chicago S treet 100
34l2 A p r 1C
20 Sep 11
N o rth w estern E le v _ _ 100
D o p r e f_______
.100
58 A p r 24
55 South Side E lev a ted . 10c
70 O ct 31
580 Streets W S table C L .100
26 O ct 29
D o p r e f_______
10(1
95 A p r 3
20 M ch 19
W e s t Chicago S treet- -10C
M iscellaneous
405 A m erican C a n .
___ 100
3 O ct 24
875
D o p r e f_________
100
35*2 N o v 1
A m erican R a d la to r . 100 129 Jan 7
100 120 A u g20
D o p r e f . . ___ __
654 A m e r S h ip b u ild in g .. 100
48 N o v 1
D o p r e f___ _______ 100
99 Oct 5
30
25 B ooth (A ) & C o ____ 100
30 N o v 1
D o p r e f___________ 100 10412 Sep 7

205 A p r S
5 Jan 24
16 A p r 6
46*o Jan 2
6*4 A p r 3
19*4 Jan 9
65 Jan 16
87 Jan 17
28 Jan 24
72 Jan 15
47 J ’ly 16
25*2 Jan 25
66 J ’ly 17
90 Jan 4
34 Jan 15
99 M a ylS
35 A p r 3

140
5 Dec
15 Dec
393. J ’ly
4 J ’ lv
121* M av
54io Jan
85 Oct
25 O ct
65*2 O ct
25 Mch
23*2 J ’lv
60 M ay
89*o A p r
27 M ay
97 Dec
23 A p r

283g Jan
59 May
13*4 F eb
46*4 Mch
68*2 Feb
93U F eb
30 J ’ne
72U N o v
85 Mch
28*2 F eb
68i2 Mch
99 J ’ne
3534 N o v
102 J ’ne
60 F eb

__

7*4 A p r
60 A p r
140*8 Sep
130 A p r
SOI" Jan
109 Jan

6 J ’ne
51 J ’lv
115 Feb
128*0 Dec
54 Jan
101 Jan

1178 Jan
72 Jan
130 N o v
136 Jan
81 N o v
112 N o v

__

40
111

J ’ne 8
Feb 8

36
106

113*0 J ’ne

F e b 27

__
__
__
__
__
__

__

Mch’06
16
Last Sale 1
0 c t’07
Chic B rew ’g & M a lt’g
1*8
Last Sale 5
6
0 e t’07
D o p r e f____________
Chicago E d is o n ____
100
Last Sale 137*0 0 c t’ 07
145
26
168 Chic P n eu m a tic T o o l. 100
28
27*4 27*4 *26
100
99
99
99
100
138 Chicago T ele p h o n e ___ 100
96
96
96
*97
100
99
117 Chic T itle & Tru st .
611 D iam ond M a tch _____ 100
114
116
115 115*2 115
615 Illin ois B rick ____ _____ 100
37*?
35*8 36*2
35*4
36
31*4
100
80
Feb’06
100
41
2*2
Last Sale 26*4 July’07
60
60
*60
61
61
688 N a tio n a l B iscu it______ 100
106
106
105 105
106
D o p r e f____________ 100
153
55
55
55
*.50
60
720 N a tio n a l C arbon ______ 100
*100 105 *100
30
D o p r e f . ___ __ . . 100
100*4
534
100
99*2 July'06
35
35
*35
37
35
37 S ears-R oebu ck c o m .. 100
D o p r e f ___________ 100
81
81
82
*81,
83
71
831?
77
84
77*2
80 16,732 S w ift & C o_______ _____ 100
110
110 *100 110
110
169 T h e Q uaker Oats C o . 100
90
90
90
*90
92
D o p r e f ____ __ _ . 100
180
581 U nit B o x Bd & P Co. 100
'8
?8
*34
1*8
'8
7
73g
D o p r e f____________ 100
7*8
7*4
7*4 2,505
22
Last Sale 22
W estern Stone ______ 100
0 c t’07
M in in g
3212
50
10
N o v’06
May’07
16
20
N o v’ 06
Last Sale 4

__

B o n d

Week’s
Range or
' Last Sale

11
10
9
24
14
7

165

F e b 27

165

1
5
129
22
95
95
112
35

Jan 9
A u g 22
Mch 21
O ct 25
O ct 28
O ct 30
O ct 24
O ct 24

1 Jan 9
6*o J ’ne 5
149 A p r 3
51 F e b 8
134io A p r 4
11210 M a yl3
129i2 M a yl5
57 M a y 2

Jan
O ct

16 Feb
1 Mch
6 Nov
136 J ’ly
48*2 D ec
101 A p r
103 M ay
118 J ’ne
4112 Sep
\f p

210
25 F e b
58*s O ct
102 O ct
52*o O ct
100 O ct

5
27 Mch 4
86 Jan 14
24
26 11734 Jan 7
30
84*4 Jan 11
24 120 Jan 17

57 Jan 10
3478 A u g 28
95 Jan 26
79 O ct 25
77 O ct 31 113i2 Jan 16
110 N o v 1 173*2 M a y 3
85 O ct 29 10234 Jan 16
2*4 A p r 8
7* O ct 29
1234 A p r 8
6 Jan 2
30 F e b 14
22 O ct 15

200

Jan

1 Mch
7 Jan
165 F e b
63 F e b
139 Jan
118 Jan
147 F eb
7134 Jan
80

F eb

J ’ne
M ay
Jan
Jan
Dec

23 Mch
79*o D ec
119 O ct
95 Mch
122*2 Mch

50 A u g
92*4 N o v
101*4 Jan
115 M ay
99*4 D ec
3a Dec
5*4 D ec
28 D ec

63*2 Dec
99 Sep
119io Sep
152io Jan
106^4 F e b
234 Jan
17*4 Jan
42 Mch

21
62
113*2
78
112

3212 Jan 24
20

Jan 22

734 J ’ ly

14*4 Mch

a u J ’lv

43gOct

Chicago Banks and Trust Comuanies

R e c o r d

Price
Friday
Nov 1

Inter­
est
Period

0 c t’ 07
Oct’07
0 c t’07
12
Oct’07
July’ 07
0 c t’07
0 c t’07
Sep’07
Sep’ 07
July’07
0 c t ’07
Sep’07

Range
1oryear

B'ds
Sold

Outs
tand­ Surplus
ing
and
Slock Profits

NAM E.

1907

r

t

In

1905

DividendRecord
In Per­ Last Paid
1906

iod.

%

Bankers N a t io n a l_______ $2,000,000
8
Q-J Oct ’07, 2
8
High Calum et National
Low
5
An. Dec ’06. 6
Low
High
100,000
5
American Biscuit 6 s ..1910 F - A
Chicago C ity --------------10
J-J July’07, 5
10
500.000
12
100 100
A m er S tra w b’d 1st 6s.l911 J - J ____ ____ 100 Mch’07
12
Commercial N a t io n a l___ o3.000,000
Q-J Oct ’07. 3
Cass A v e & F G (St L ) —
8
8
Q-J Oct ’07. 2
Continental N a t io n a l___ 4.000.000
100 102
5s ...................... ...1 9 1 2 J - J
6
6 Q-J Oct '07. ll2
’ IOII2 100 Sep’07 ____
Cook Co State S a v in g s..
50.000
____ 100 May’07
100 100
12
Chic Board of Trade 4sl927 J - D
12
Corn Exchange National 3.000.000
Q-J Oct ’07. 3
___
____
____
____
6
Chic Consol B r& M lt 6s____ J - J . . . .
103 Apr’04
6
Drexel State___________
200.000
Q-J Oct ’07. U2
61
55
55
Chic Consol T rac 4>£s.l939 J - D t . —
8
55 Aug’07 ____
Drover^ Dep N a tio n a l___
600,000
8
Q-J Oct '07, 2
Chic Edison—
Englewood State_____
3
200,000
Q-J Oct '07. 11?
Began bnslne 98
100 100
Debenture 6s_______ 1913 J - J
98
Federal N a tio n a l_____
100 0ct’07 ____
500.000
Oct 16 1905
16
89 101
12
1st gold 5s............ 711926 A - O
91
89
90
12
First N a t io n a l___________ 8.000.000
Q-J Oct '07. 3
____
.
.
.
.
10
Chic Auditorium 1st 5sl929 F - A
98
96*4 Jan’06
First N a t Englew ood___
150.000
10+10 Q-J Oct '07. 212
_
. . . . ____ Forem an Bros B ’k’g C o .
Prlv ate Ba nk
Chic Dock Co 1st 4 s ..1929 A - O
98
....
500.000
------ ------ Fort Dearborn N a tio n a l. 1 ,000.000
6
Chic N o Shore Elec 6S.1912 A - O —
-----87 Feb’06 . . . .
Q-J Oct '07, 2
6
____
500.000
Chic & MU Elec R y 5S.1919 J - J
J-J July '07. 212
Ham ilton N a tio n a l____
Chic Pneum Tool—
Q-J Oct '07, 2
1.500.000
H ibernian B ’k ’g A s s n ..
8
’T
200.000
7412 81% K aspar State B a n k - - __
1st 5s_____________ al921 J - J t . . „
73
74i2 0ct’07
. . . . ____ Monroe N a tio n a l____ _
300.000
79 Nov*04 . . . .
Q-F Aug ’07, 1
Chic R I & P R R 4 s ..2002 M - N
---.
” 3'
Jan. Jan '07. 41*
250.000
Collat Trust g 5s___ 1913 M - S . . . . ____
80 A p r’04 . . . .
. . . . ____ M utual B a n k ___________
Q-J Oct ’07. 2
Commonwealth Elect—
"e "
N a t Bank of R epu blic___ 2,000.000
"e "
97
1.500.000
Feb 5 1907
5s_____________ ...61943 M - S . . . .
97 102’ ; National C ity ________ _
Began bustne ss
97
97
____ National Live Stock------ 1.000,000
Illinois Tunnel 5s____ 1928 J - D . . . . ____
90 Dec’06 . . . .
12+3 12+3 Q-J Oct '07. 3
Dec 8 1906
95
200.000
98i4 North Avenue State..
K an City R y & L tC o 5s 1913 M - N
9618 Sep’07
56.367 Began busine S3
Q-J Oct '07. 11*
96
North Side State Savings
50.000
K n lck’b ’ker Ice 1st 5 s .1928 A - O . . . .
95
93
6.011
6
95 June’07 . . . .
6
Q -J Oct '07. U 2
Lake Street E l—
100,000
35,250
6
Oakland N a tio n a l-----6
9338 Prairie N a tio n a l___ ___
250.000
1st 5s. ____________ 1928 J - J ------ 90
90 0ct*07 . . . .
88
69.148
____
Prairie State____ ______
d38" Q-J Oet "67 .* 2
Income 5s___________ 1925 Feb
C500.000
16 M ay’05 . . . .
.- - 56.071
R ailw ay Exchange
July 3 1906
Metr W Side E l—
250.000
15.019 Began busine 89
Q -J Oct '07. ll«
5
1st 4s . . _________ 1938 F - A
200.000
ZIU Sale
8U2
82
7
8112 907g South Chicago S a v in g s..
4
75.523
77
85
80
Extension g 4s______1938 J - J t - —
80 O c t’07 . . . .
300.000
S e c u r it y --------------------100,375 Orga nlzed Oct 12 1906
____
8
Q-J Oct ’07. 2
90
State Bank of Chicago—
North Chic St 1st 5s. .1909 J - J -—
1 000.000 1.123,423
8
90 D ee’06 . . . .
____ . . . . Stock Y a rd s Savin gs—
J-J J ’l y ’07. 3
1st 5 s _____________ 1916 J - J
....
.... ....
250.000
152,340 None . . . .
. __ M-N May -07. 3
____ Union Bank of C h ic ag o ..
Refunding g 4 H S..1931 A - O ____ . . . .
79 Aug-06 . . . .
42,316 . . . .
200.000
6
Q-J Oct ’07. l l j
75
76
Union Stock Y a rd s State
N o Chic CltyR y4}£sl927 M - N ____ . . . .
200.000
59,488 None
75 Feb’07 . . . .
8
Q-J Oct '07. 2
8
Am erican Trust & Savgs. 3.000.000 2,569.558
N o rth W estern E l—
r
8612 Sale
8534
8712 50
1st 4s_______________ 1911 M - S
Central Trust Co o f 111—
990.953
Q-J Oct '07. 1*«
2 .000.000
5*2
85*4 92
Ogden Gas 5s_________ 1845 M - N
79 Sale
79
95
«96,536
19
Chicago S av Bk & T r ____
nSOO.OOO
79
81
____ Chicago Title & T r u s t .. . 5.000.000 X l .220.313
6 Q-J Oct '07. 11<
6
. . . . . lO O l^ch’Oe . . . .
Pearsons-Taft 5s______1916 J - D
97
94
6.981
4.40s ____________________ M - S *94
....
Citizens Trust
Savings
94 Sep’07
50.000
10
98
543,505 5 + 5
98
4.60s Series E ___________ M - N $96
Q-J O c t 'bn. 2 lf
....
Colonial Trust & Savings
98 July’07 . . . .
600.000
6
6
89.643
4.80s Series F ___________ M - N :98
98 Sep ’07 . . . .
. . . . . . . . Drovers Trust & Savings
200,000
Q-J Oct '07. l l j
Orga nlzed Aprl 13 1907
115l2 115i2 Farw ell Trust Co________
41.071
114
P eo Gas L & C 1st 6 s ..1943 A - O
115l2J’ne’07 . . . .
1.500.000
98 102l2 First Trust
Refunding g 5s____ 1947 M - S
97
98 O c t’07 . . . .
Savings___ 2.000.000 1.214.643
347,256 Began boeine S3
957« 10434 Harris Trust
Sale
Chic Gas L & C 1st 5s 1937 J - J 06
95?8
96
3
S a v in g s.. 1.250.000
Feb 4 1907
Consum Gas 1st 5 s .1936 J - D
101 102
99
101 Apr’07 . . . .
Illinois Trust & Savings. 5.000.000 7,982.228 12+4 1 2 + 4
7 Oct ’07. 4
36.288 . . . .
....
M ut’l Fuel Gas Ist5sl947 M - N
. . . . . . . Kenwood Trust & Savgs.
200.000
10312 Feb’06 . . . .
Q-J Oct ’07. l»t
30.492 ---•
....
'96
South Side Elev 4J4S.1924 J - J
*96 '
96
96
10012 Lake V ie w Trust & Saves
200,000
Q-J Oct '07. 1
12
12
Swift
Co 1st g 5s___1914 J - J ____
95
96
10
95 1021g Merchants' Loan
3.000.000 4.490.283
95U
Q-J Oct '07. 3
355.601
Q - J Oct *07. n »
6
90
6
Union El (Loop) 5s___1945 A - O ____
95 100
750.000
98i2 Oct’07 . . . .
Metropolitan Trust <fc Sav
1,912.892
8
8
U nion Pacific conv 4 s .1911 M - N
114 Nov’04
. . . . . . . Northern Trust C o_______ 1.500.000
Q-J Oct 07. 2
____
40,937 Orga nlzed July 28 1906
75
'65
200.000
United B ox Board 6s______
Northwest Trust & Savgs
7112 7114 Sep’07 . . . .
63.090 . . . .
200,000
90
W est Chic St 1st 5s___ 1928 M - N ____
80
85
90 May’07 ____
Peoples Trust
Savings.
....
J-J J ’ly -07. *
____ Pullm an Trust & Savings *700.000
185.701
Tunnel 1st 5s_______ 1909 P - A
8
8
---681’ Sep’05 ____
Q-J O c t *07. a
566,508
500.000
Debenture 6s_______ 19141J - D ____
73
73
6
Q-F Aug '07. 2
73 June’07
Royal Trust C o__________
8
4.244 Incor porate d U arch 1905
200.000
70
Consol g 5s_________ 1936IM - N ____ ____
78
73 June’07 ____
Stockmen’s Trust & S a v .
____
W e s D IvC ltyR y4 H sl93 2 |J - J
87 Dec'06 ____
Union Trust C o__________ 1.000.000 1,031.808
200,000
23,127 Form e rly Jen ning s R E L A T r
W estern Stone Co 5 s ..1809 A - O ------ ----------- ------ United States____________
96l2 Jan’06 -----315.084
W estern Trust
Savings 1.000,000
6
# + 1 Q-J Oct 07. P *
SeptS 1906
200 000
34.462 Began busine ss
Note.— A ccru ed Interest 1must be added to all Chicago bon d prices
W est Side T r & Sav Bank
200,000
26.150J . . . .
W o odlaw n T r& Sav B k __
6 Q-J Oct '07. 1«*
*
Bid and asked prices; no sales were m ade on this day. <7 D ividends are paid Q-J. with extra paym ents Q -F .
Includes special dividend of S O X
bald Dec. 18 1906. J N o price Friday; latest price this week,
Due Dec. 31.
Due June,
c Capital Increased Jan. 1 1907 from $250.000, a caatt
Dividend of 3 0% being declared and to be taken as part paym ent for new stock,
D ue July,
Capital Increased from $300,000, a stock dlvld en a
Df 33 1-3 % being declared In part paym ent therefor,
Capital and surplus to be Increased.
Capital increased from $2,000,000 and $2 ,000,000 aaoea
to surplus, t Aug. 22 for national banks and A u g. 20 1907 for State Institutions, x As o f July 1 1907.

Bid

Ask

No.

X

~c

,

X

&

&
&

&




&Tr Co

&

&

a

n

t>
b

d

o

k

N o v . 2 1907.J

1133

THE CHRONICLE.

Industrial and Misce
Bid
Ask
Consol R u b b er T ir e __100
5
3
10
18
Preferred __________100
D
ebenture
4s
1951
A
&
O
25
35
T R A N S A C T IO N S A T T H E NEW Y O R K STO CK E X C H A N G E
U
78
Cons Steam ship Lin es 100
34
D A IL Y . W E E K L Y A N D -it E A R L Y .
50
Coll tr 4s 1 9 5 7 ...J&J
10 ‘ IOI4
110
Cons Storage B a tt’ y__1 00
...
60
E
x
c
list
Corn P rod R e f See Stock
Railroad,
618
6I4
94U eCrucible S te e l_______ 100
State
U . S.
efcc.,
Week endlno
112
£8
5812
e P r e fe r r e d _________ 100
Bonds
Bonds
Bonds
Nov 1 1907
Shares | P a r value
eD iam ond M atch C o . 100 114 116
75
100
D om inion C opper(n ew ) 10
1?8 2
$700,000
233,690 $21,529,000
$2,001,500
Saturday
Douglas C o p p e r . . _____ 5
512 612
2.778.500
1,065,500
Monday . . .
359.8831 32,232,S00
E con’y L t & P (J o liet, 111)
918.000
2,546.000
622,509| 53,682,250
Tuesday___
1st M s f g 5s 195 6.J-D 5 . . . . 100
380.000
$ 1,000
F e rry Com panies
509,1871 44,448,300
2.561.500
Wecne3day
15
20
E lectric B o a t _______ 100
8,500
2.711.500
297.000
588.851; 50,625,475
Thursday...
U
76
2
60
Preferred
________ 100
1,80') ,000
674,500
4,000 B roo k ly n F e rry stock 100
338.840' 29,473,600
F rid a y _____
....
Klectrlc V eh icle______100
B & N Y 1st 6s 1911J J $95 " 102
60
70
Preferred
- 100
2,652,960 $231,991,425 S14.399.000 $4,035,0001 $13,500 N Y & E R F e rry stk_100
Total.
12
65
75
9
fim plre S te el__________100
1st os 1922_______ M -N
$95 100
50
55
Preferred __________100
N
Y
&
H
ob
5s
W
ay
46
.J-D
Jan. 1 to Nov 1
Week ending Nov 1.
Sales at
cFederal .Sugar o f N Y 100
H o b F y 1st 5s 1946M-N $ 95 102
New York Stock
___ 100
ePreferred
N Y & N J 2d 5S 1 9 4 6 ._J-J $100 105
1906
1907
Exchange
1907
|
1906
20
30
50
60
eGeneral C h em ical___ 100
10th & 23d Sts F e r r y . 100
89
85
95
1st m tg e 5s 1 9 1 9 ..J -D $70
246,416,443
174,463,680
2,652,960
3,546,536
Stocks— No. shares___
25
G old H ill C opper........... 1
1
eU
nion
F
e
rry
s
t
o
c
k
..100
30
7
8
Par va lu e__________ $231,991,425 $275,316,100 $15,114,419,275 $21,641,043,525
*6
75
83
Greene Cananea_______ 20
61g
e ls t 5s 1920........... M -N
$429,400
$359,800
Bank shares, par_____
$26,200
$18,300
Greene Con C opper____ 10
Bonds.
*5g
Greene Consol G o ld ___ 10
S hort-Term Notes
7S
$1,670,700
$681,800
$13,500
$51,200
Government bonds___
Greene G o ld -S ilv er____ 10
58
60,438,750
58,604,800
4,035,000
766,000
State bonds__________
83
G uggenheim E x p lo r’n 100 115 130
$79
A
m
C
l?
ser
A
4s
*11__/Vl-S
530,359,700
335,190,600
14,399,000
12,929,300
R R . and mlsc. bonds..
e 1-r■ -kensack W a te r Co
82
Ser B 4s Mch 15 ’ 12M S $78
92
84
88
rte f g 4s ’52 op ’ 1 2 ..J -J
A m T e l & T e l g 5s '10 J-J
$5i34,477,200l
$592,469,150 A tlan Coast L 5s ’ 10.M -S $91
Total bonds_______ $18,447,500! $13,746,500
H all Signal C o ________ 100
30
45
$9012 92
H a va n a T o b a cco C o . . 100
3
98
8
Ches & O hio 6s J ’e 28 ’08 $96
D A IL Y T R A N S A C T IO N S A T T H E BO'*-vMs A N D P H IL A D E L P H IA
9612
10
14
6s. J u ly 1 1910____ J-J $95
EXCHAN
1st g 5s June 1 '2 2 .J-D
55
65
Ch R I & P a c 4 s ’08 A-O $9734 9812
95
H ecker-Jones-Jew ell M ill
Chic & W In d 5s ’ 1 0 .F & A $93
70
75
1st 6s 1922............. M-S 100 103
Cln H a m & D 4 ^ s ’ 08 M-S
Boston
Philadelphia
40
95
H er’ g-H a ll-M a r, n e w .100
46
C C C & S t L 5s, June ’ 11 $94
Week ending
96
H oboken L a n d & Im plOO 200
....
Erie 6s, A p r 8 1908_______ $94
Unlisted 1 Bond
Listed 1 Unlisted
Bond
Listed
Nov 1 1907
$99
96
e5s 1 91 0.............. .M - N
In terb R T ? 4 s 1908 M -N $93
shares
sales
shares | sales
shares | shares
212 3'2
91
5s Mch 1910_______ M-S $87
15
95
25
K a n C So g 5s A p r '12'.J-J $90
4,344
$74,700 L a ck S teel g 5s 1900.M -S $90
$75,000
15,329
11,395
Saturday____________ 20,165!
Hudson R e a lt y _______ 100 120 136
94
37.100
16,450
19,732
4,827
76.000
Monday_____________ 42,434;
41
e ln gerso ll-R a n d c o m . 100
....
91
g 1910__________M-S $88
84,900 L a5s
5,761
17,832
57.000
T u esd ay____________ 48,400;
22,468
eP referred ________ 100
8212
k e Sh & M So 5s’ 10 F -A $9512 96
5,844
65.400
55.000
27,855
13,717
Wednesday__________ 45,128
& Nash g 5s ’ 1 0 .M-S $9234 93U In t e m a t ’ l B a n k ’ g C o . 100 120 135
101,400 Lou
3,816
11.849
9,000
19,530
Thursday___________ 38,052
E x c list
M ich Cent 5s 1910___ F -A
931« In t ’nl M er M ar See Stk
48.100 M inn & S t L g 5 b ’ 1 1 .F -A $9234
18,372
5,429
21,460
13,694
45.000
Friday______________
85
95
$89
In te m a t’ l N ic k e l____ 100
94
85
P referred __________100
75
Mo P a c 5s F eb 10 '08 F -A $9718 9812
30,02l| $411,600 N a to fM e x 5se tto 09 A-O $96
84.937 $317,000 123,286
Total ................... 215,6391
12
In tern a tion a l S a lt___ 100
8
97
1st g 5s, 1951______A -O
48
N Y Cent 5s 1910____ F -A $955g 96lg
10
5
P a R R 5s Mch 15 ’ 10 M-S $937g 94U In t e m a t ’ l S ilv e r ______100
60
55
P referred __________100
93
S tL M S ’east 4 ^ s ’ 0 9 .J-D $61
1st 6s 1948............. J -D 102 107
95
S t L & S F g 4 J * s ’ 0 8 .J -D $90
32
L ackaw an n a S te el___ 100
27
95
Sou th ’ n coll tr 5s ’ 0 9 . A-O $90
A weekly review o1 Outside Market will be found on a preceding page.
82
Lanston M o n o ty p e ___ 20 * 8I4 10
South R y g 5 s 1 9 1 0 .. F - A $78
L a w yers' M tge C o ____ 100 170 180
97
U S R u b b er g 5s ’ 0 8 .M -S $95
Street R a ilw a y s
Street R a ilw a y s
Bid Ask W ab ash 5s, M a y 10 1909 $90
Bid
Ask
70
eLeh & W llk es-B Coal 50
52
94
P u b S erv Corp N J (Con)
L o rd & T a y lo r _______ 100 125 135
90
New Y ork C Uv
W estln g h E l& M 6s 1910 $70
. . . . W h ee l’ 1 & L E 5s ’0 8 .F - A $88
20
30
90 100
28
J C H o b & Pa tersn .1 00
Bleeck S t & Ful F s tk . 100
92
58
65
85
75
4s g 1949_______ M -N
eL o rllla rd ( P ) . p r e f . .100 120 135
e 1st m tge 4s 1950.J-J
Mack a y C om panies— See S tk E x lls t
So J Gas E1& T r a c . 100 100 105
e B ’ y & 7th A v e s t k . .100 180 200
R a ilro a d
96
90 100
12
20
Gu g 5s 1 95 3...M - S $94
Madison Sq G arden -.1 0 0
e 2d m tge 5s 1 91 4..J-J
. . . . Chic P e o & S t L p r e f. 100
90
2d 6s 1919............. M -N
75
Con 5s 1943 See Stock E x c list
N o H ud C o R y 6 s ’ 14 J-J $100
2
95 104
6
5s 1928................. J-J $100
. . . . . . . . eM anhat Beach C o ___ 100
B ’w a y Surf 1st 5s gu 1924
D eposited s to ck ____
*214 2X*'
e C ent’ l Crosst’n s t k . .100 175 250
. . . . . . . . M a n h a ttan T r a n s it____ 20
E x t 5s 1924____ r t-N $100 104
U nd eposited sto ok____
85
M ex N a t Construe p f-1 0 0
13
P a t C ity con 6s ’ 31 .J -D $105 112
17
e 1st m tge 6s 192 2.M -N 100 110
P r io r lien g4J4s’ 30M & S
* lz
....
50
6 2 " M itch ell M in in g_______ 10
e C e n P k N & E R s t k 100 125 150
2d 6 s ..1914 o p t A -O $100
Con m tg g 5s 193 0.J& J
58
So Side El (Chic)
See Ch lcago list
M onon gahela R C o a l . . 50 *
« C hr’ t ’ r & 10th S t stk 100 125 140
In com e 5s, J u ly 1 9 3 0 ..
95
P referred _______ . . . 5 0 *
Syracuse R T 5s ’ 4 6 .M & S $90
Chic S u b w a y__________100
“l l * i Y 2T2
C ol A fttn A v e 5s See Stock E x c list
98
90
85
M ortga ge Bond C o___ 100
T ren t P & H 5s 1943. J-D $95
85
D i> D E B 4 B —
95
F t W & Den C y s t d . . l 0 0
____ 103
90 100
N a t Bank o f C u ba___ 100
U n ited R y s o f S t L —
G t N o rth ’ n O re-S ee S tk E x c list
e 1st gold 5s 1 93 2..J -D
90
N a tio n a l S u rety ______100 145
80
Com v o t tr c tfs ____ 100
e Scrip 5s 1914____ P -A
I 8I2 20
N Y N H & H a rtfo rd
63
....
65*
N e v a d a Cons’ d C o p p e r.5
*«3s
E ighth A ven u e s to ck . 100 290 340
e P r e fe r r e d ________ 100
Con deb 3 H s 1956 J& J $ . . . . 88
*25j
N e v -U ta h Min & S m ._10
95 105
Gen 4s l » 3 4 . . S e e Stock E x c list
N o rth ’n Securities S tu bs.
e Scrip 6s 1914____ F -A
Z'S
60
eN ew Central C o a l____ 20
25
U n itR y s SanFran See Stk E x c list
« 42d & Gr S t F ’y s t k . 100 300 380
30
P itts Bess & L E _______ 50 *25
34
30
50
Vrash R y & E l C o ____ 100
N J T e r D ock & I m p . 100
75
73
P referred __________ 50 *68
42d S t M & S t N A v e . 100
72
68
N Y B iscu it 6s 1911-M -S 100
....
P referred _________ 100
e 1st m tge 6s 1910.M -S $96 101*2
eR a llroa d Securities Co—
80
78
N Y M tge & S e c u r it y .100 175 190
68
73
4s 1 9 5 1 .................. J-D
85
2d Incom e 6s 1915. J-J
111 C s tk tr cfs ser A ’ 52
____ 28
25
20
eN ew Y o r k D o ck ____ 100
e W e s t Chicago S t___ 100
In ter-M et— See S tk Exch ange list
Seaboard C om p an y—
(5814 . . . .
40
L e x A v & P a v F 5s See Stk E xc list
e Con g 5s 1936___ M -N
65
1st p referred _______ 100
* u 2 234
N Y T r a n sp o rta tio n ___ 20
M etrop o l St R y — See Stk E x c list
Com & 2d p re f-S e e B a lt E x c list
Qas Securities
Niles-B ern-P on d c o m . 100
85 100
N in th A ven u e s t o c k ..100 125 150
Seaboard A ir L in e—
New Y ork
*6
6l«
N lp lssln g Mine®-----------5
Second A ven u e s to c k . 100 126 150
C oll 5s e x t M a y ’ 11 M -S $90
95
94
Cent U nG as 5s g ’ 2 7 .J&J $87
214 23«
e 1st m tg e 5s 1909.M -N $98 100
Con Gas (N Y ) — See Stk E xc list
30
O tis E le v a to r co m ___ 100
20
Consol 5s 1948____ F -A $92 102
In du stria l and Miscel
e Mutual Gas__________100 n l20 140
Preferred __________100
e S ixth A ven u e s t o c k .100 110 130
. . . 82
N e w A m sterdam Gas—
90 100
Pittsb u rgh B re w in g ___ 50 *23
Sou Bou lev 5s 1 9 4 5 ..J -J
55
A h m eek M in in g_______ 25 *50
81
1st consol 5s 1 9 4 8 ..J-J $75
451j
So Fer 1st 5s 1 9 1 9 ...A - O $95 100
P referred ___________ 50 *
A llia n ce R e a lt y _______ 100 110 120
N Y & E R G a s 1st 5s’44 J-J $90
96
P ittsb u rg h C o a l.S ee Stk E x c list
T h ird A ven u e — See Stock E xc list
A llls-C h alm ers Co 1st mt|
Consol 5s 1945______J-J $86
96
P o p e M a n u fa c tu rin g -100
T a r r y W P & M 5s 1928 $90 100
$45
50
s f 5s ’36 o p t ’ 16___ J-,
*8
36
98
N Y & R ich m on d Gas 100
1st p referred _______ 100
25
Y k e rs S tR R 5 s 1946 A-O $85
A m erica n B o o k _______ 100 120 150
£0
95
N o r Un 1st 5s 1 9 2 7 ..M - N $85
2
10
2d p referred _______ 100
28th & 29th Sts 1st 5s ’ 96 $ 90 100
A m erica n Brass______100 105 115
75
P r a t t & W h ltn p r e f. .100
e Standard Gas co m __100
90
e T w e n ty -T h ird S t stk 100 300 325
eA m erican C an -Sec S tock E x c list97
100
e P r e f e r r e d ________ 100
R e a lty Assoc (B k ly n ) 100 110 130
U nion R y 1st 5s 1942 F -A $95 105
nerlcan Chicle C o . . 100 135 145
1st 5s 1930............. M -N $ 98 104
92
R o y a l Bak P o w d p re f 100
92
W estch est 1st 5s ’43 J-J $90 100
85
87
P referred __________100
Other C itie s
S a fety Car H e a t & L t.1 0 0 100 125
A m G raphophone comlOO
45
Brooklyn
55
A m e r L ig h t & T r a c t . 100
78
83
85
A tla n A v e 5s 1909— A-O $95 100
P referred
________ 100 *75
73
95
P referred _________ 100
68
360 390
Con 5s g 1931______A-O $90
A m e r H a rd w a re ______100 110 115
95 100
B a y S tate G as_________ 50
93
>4 A m M a ltln g 6s 1914— J -D
B B & W E 5s 193 3..A -O
7g
!8
H*
9712 Stan dard C o rd age___ 100
90
1st M g 5s ’ 31 r e d . A-O
B ln gh ’n Gas 5s ’ 3 8 .A & O
80
A m e r Press A ssoc’n --1 0 0
90
20
25
B rooklyn C ity sto ck ___ 10 176 185
9712
B rooklyn U nion Gas deb
A d ju s t M 5s A p r 1 1931
Con 5s— See S tk Exch E x c list
1
A m Soda F o u n t c o m .100
is
H2 31*
98
95 100
6s 1909 co n v 1907.M -S
S tan dard Coupler comlOO
35
90
7
12
Bkln Crosst’n 5s 1908.J-J
45
1st p referred _______ 100
90 100
6
B u ffalo C ity Gas stocklOO
4
P referred __________100 100 120
Bkn H gts 1st 5s 1941 A-O
6
2d p referred _______ 100
1st 5s 1947—-See Stock E x c list
S tandard M illin g C o . . 100
B kln Q Co & Sub See Stk E x c list
a
86
3
A m S t F ou nd 6s ’ 35 A & O $83"
Con Gas o f N J 5s ’ 3 6 .J-J $— . 90
22
B klyn R a p T ra n — See Stk E x c list
18
A m erican S u rety ______50
165
e Coney Isl & B k ly n ..100 100 150
Consumers’ L H & P o w —
1st 5s 1980_______ M -N
78
75
Am erican T h rea d p r e f . . 5
*312 414
5s 1938____________ J-D $100 . . . . A m T o b a c (n ew ) c o m . 100 175 185
1st cons g 4s 1 94 8..J J
85
75
S tan dard OH o f N J ..1 0 0 395 398
E lizabeth Gas L t C o . . 100 250
Brk C & N 5s 1939.J-J
...
S w ift & C o-S ee B o st Stk E x c list
95 105
33
A m e r T y p e fd e rs c o m . 1 00
37
Essex & Hudson G a s .100 100 105
G r’ p t& L o rS t 1st C a .M & N 100
1st 5s 1910-1914...J - J $ 99 101
94
98
Preferred ________
F o rt W a y n e 6s 1 92 5..J -J
40
K in gs C E l 4s— See Stock E x c list
30
85
76
m er W r itin g P a p er
1
1>2 eT e x a s& P a cific C o a l . 100
50
Nassau E lec p r e f____ 100
Gas & E l Bergen C o __100
65
40
1st 6s 1908............. A -O $ . . . . . . . »
50
14
18
P referred ________
e G r R a p G 1st 5s ’ 1 5 .F-A $91
95
5s 1 9 4 4 ................. A-O
T it le In s Co o f N Y . . . 1 0 0 145 155
98 105
1st s f g 5s 19 o p ’ 09_J-J
75
79
Hudson Co G as_______ 100
1st 4s 1951— See Stock E xc list
95
T o n opa h Min ( N e v a d a ). 1
90
8
a m e y & S m ith Ca
*734
65
N W ’ b g & F la t 1st ex 4 H s
In dian a N a t & 111 Gas—
Tren to n P o tte ries comlOO . . . . 16
95
110 130
P r e fe r r e d ________
1st 6s 1908............. M -N
20
60
S tein w a y 1st 6s 192 2.J-J $96 105 "
10
P referred , n e w ____ 100
912
Bethl’ m S teel Corp
8
(In dian apolis Gas______50
Other C ities
55
36
45
45
60
e P r e fe r r e d _______
28
1st g 5s 1952--------- A -O $85
95
U nion T y p e w rite r comlOO
70
B u ffalo S treet R y —
llss C om p an y com
110 130
Jackson Gas 5s g '3 7 . A-O $— . 98
1st consol 5s 1 93 1.- F - A $102 105
1st p referred _______ 100
96 105
110 130
P referred _______
Kansas C ity G as......... 100
95 105
D eb 6s 1917........... A-O $103
60
2d p referred ________ 100
315 325
04
50
e L a clede Gas............. 100
U n ited B k N o te C o rp __50 *43
Chicago C ity R y — See Ch lca go lfst
120 132
93 100
48
e P r e fe r r e d ________ 100 n ____ 8812
P referred ___________ 50 *40
Columbus (O ) S t R y .1 0 0
95 102
40
75 100
L a fa y ’eGas 1st 6s’ 2 4 .M -N
30
Preferred _________ 100 105 107
438 eU n lted Cigar M fg ,p f-1 0 0
*4>s
7%
L o g & W a b V 1st 6s ’ 25 J-D
30
U n ited C o p p er_______ 100
Colum R y con 5s— SecPhl la list
20
S>4
*1512 10
20
Crosst'w n 1st 5s ’ 33 J-D $100 105
Madison Gas 6s 1926. A-O $10612 110
2
25
3
59
61
220 240
Grand R a p id s R y ____ 100
N ew a rk Gas 6s 1944__Q-J 120
75
P referred
81
U
S
E
n
velo
p
e
c
o
m
---100
N e w a rk Consol G a s . . 100
30
85
P referred _________ 100 , 79
80
125 * 140
e P r e fe r r e d ----------- 100
La k e S t (Chic) E l— See Ch lcago list
e Con g 5s 1948____ J-D
90
96“
98 102
100 115
U S S te el C o rp oratio n —
e L o u ls v St 5s 1 9 3 0 ..J&J $100 104
N o Hudson L H & P o w —
10
Cent Firew ork s co m .
15
102
Col tr s f 5s ’ 51 o p t ’ 11 $104 108
5s 1938................... A -O $100
Lyn n & Bos 1st 5s ’ 24 J-D $100
60
70
P referred ________
Col tr s f 5s ’ 51 n o t o p t $104 108
c N e w O rl R y s & L g t.1 0 0
1012 11*4 e O & In d C N a t& Ill.lO O
1
U2
e P r e f e r r e d ____
100
U S T i t Gu & In d em .1 0 0
80
1st 6s 1926________ J-D
36
95
9
7
70
eU tah C opper Co-S e e Stk E x c list
Gen M g 4 ^ s ’ 35 See S tk Ex list P a t & Pas Gas& E le c . 100
65
55
65
W a terb u ry Co, c o m . . 100
N o rth Chic S treet See Ch lcago list
e C o n g 5s 1 94 9.. . M - S $95 100
C entu ry R e a lt y _____
185 195
____ ____
P u b S erv Corp o f N J.100
P referred __________100
90
S t Joseph Gas 5s 1937. J-J $80
85
Chesebrough M fg Cc
380 425
T r ctfs 2 % to 6 %perp<;t
W estch ester & B ro n x T it
86
95
63 ’ 56
C ity In v e s tin g C o ___
Electric Companies
Coll 5s g notes ’ 0 9 .M-N $90
& M tge G u a r_______ 100 160 170
93
95
____ 30
N o rth Jersey St R y 100
Chicago Edison Co S eeC h
list
W estern Ic e ___________ 100
30
90
1st 4s 1948------- M -N $61
W estln g h A ir B ra k e___ 50 *
95
*65" e K in gs Co El L & P C o 100
90
—
Cons T r a c t o f N J ..1 0 0
*
N
arragran
(Prov)
El
C
o
.50
98
W
e
s
t
E
l
&
M
fg
5s-See
St
E
xc 1list
53
66
1st 5s 1933......... J-D $97
N Y & Q El L & P o w C o .l0 0
45
____ 84
W h ite K n o b Min
10 1 1-16
99
1st g 5s 1917____
1»4
N e w ’ k P a s R y 5s ’ 30 J-J $102 104
P referred ------------ 100
55
1
IOU2
P referred ___________ 10
11*
R a p id Tran St R y .1 0 0 230
U n ited E lec o f N J . . . 1 0 0
...
36
W o r th in g P u m p p r e f. 100 105 112
30
50’
1
1st 5s 1921......... A-O 102
1st g 4s 1949......... J-D $58 '60
_____
3
* P e r share, i B u yer pays accrued lnt
o E x-righ ts. « Sells on Stk. E x .. but n ot v e r y a ctive. I N e w stock, n N o m in a l. * Sale price, x E x -d lv .

Volume of Business at Stock Sxo raises




Te'esrr & Telephon e
fA m e r T e le g & C able.100
eCentral & So- A m er_ .100
C om m ’ l Un T e l ( N Y ) .25
Rmp & B a y State T e l 100
Franklin . . ................. 100
eG old & Stock T e l eg .100
Hudson R iv e r Teleph 100
eN Y & N J T e le p h ...1 0 0
^N orth w estern Teles?. .50
P a cific & A tla n tic ______25
Southern & A t la n t ic .-25

Ask
80
110

Bid
75
90
108
68
40
100
55
90
105
62
90

__

__

....

.

Outside Securities

__

__

__

__

.

__

__ __
__

"T
__

__
__

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S
Saturday
October 26

Monday
October 28

Tuesday
October 29

Wednesday
October 30

Thursday
October 31

Sales
ojihe
Week
Friday
November 1 Shares

S TO C K S
BO STO N STO CK
EXCHANGE
R ailroads
A tc h T o p & Santa F e .100
_______ 100
D o p refBoston & A lb a n y ___ .100
Boston E l e v a t e d ___ 100
B oston <5bL o w e ll____ 100
Boston & M a in e ____ .100
D o p r e f________ _ 100
Boston & P r o v id e n c e - 100
Boston Suburban E l C os.

Range lor Year
1907

Range for Previous Y*ai
(1906)

Highest

73 O ct 25 10712 Jan 7
86I4 J ’l y
7358 735S
76
7634
227
8414 O ct 23 1013s Jan 8 z97?8 D ec
8412
8712 8712 *8312
D ec
192 O ct 31 240 F e b 7 239
192 192
192
193
123
147
Aug
119 O ct 25 152 Jan 2
120
120
120 120
. 447
200 J ’ ne 19 ] 231 Jan 7 230 D ec
205
205
33
205 205
136 N o v 1 1 170 M a y 8 160 D ec
165
136
13712 138
13712
150 O ct 22 [ 165 Jan 3 164 O ct
Last Sale 150
0 c t’07
285 O ct 31 i 301 F eb 25 2991; Dec
*
285
285 285 *285
290
298 *285 290
297 *280 297 *
13 N o v
8 J ’l y 1i 15 F e b 1C
Last Sale 1334 Sep’07
*8
10
10
*8
10
*8
10
*8
50 A u g 8
65 Jan 15
63 Jan
*
50
52
Aug’07
52 *
52 *
52 *
*
25 Jan
* ____
I 7I4 O ct 22 , 2834 Jan 2
Last Sale 1714 Oct’07
Boston & W o r E lec C05- 1734
18
17 *
80 Jan 23
5934 O ct 7
” 10
*
721o Jan
60
D o n re f___
___
60 * ____
60
60
60 *
60 " *
58 *
15 Chic June R y & U S Y 100 130 O ct 17 160 Jan 17 156 O ct
130 130 *129 130 *129 132
130
130
*129 130 *130 135
100
993,4 100 *100 104 *100
9934 O ct 30 120 Jan 2 11712 J ’ lv
30
101
100 170 O ct 11 18S F e b 13 18734 N o v
170
152 J ’i y 17 156 Mch 11 158 O ct
152 Julv’07
Connecticut R iv e r ___ 100 245 Sep 14 280 Jan 8 2S5 O ct
Last Sale 245
Sep’07
12OI4 ’ "78 F itch b u rg p r e f _______ 100 120 J ’n e 15 135 Jan 9 132 O ct
12012 120*2 120' 120i2 1201*0 120io 120i2 12012 120U 120io 120
70 O ct 28 114 Mch 22
95 Jan
55 Ga R y & E le c tr ic ____ 100
70 * ____
70
70
70
70
70 * ____
*70
70 * ____
75
89 Dec
73 O ct 25
8S M ch 7
ion
Oct’07
73
*73
75
M aine C en tra l________ 100 190 A u g 17 198 Jan 11 197 Mch
190
Sep'07
20io
Jan
9
17 Jan
9
O
ct
22
*912
978
97s
280
100
*934
10
10
10
Mass
E
lec
tric
Cos____
9's
10
10
1012
97g
7i u j a n 9
59U Jan
37 O ct 2S
324
D o p re f _
_______ 100
3712 39
39
39
37
3712 38
38
38
38
3812 3914
215s A u g
2534 Jan 2
I 5I4 O ct 31
50 M cxlcan C en tra l_____ 100
1514 1514 *1414
1514
*1412 1512 *1478 1578 *1412 1512 *1478 157g
3.243 N Y N H 4 H a rtfo rd . 100 12S N o v 1 190i2 J811 2 190 J ’ly
130
134l2 13512 12812 134
137 137
135 137
128
135 136
100 152 May23 160 Jan 8 155 Sep
N o rth ern N H
Vlay’07
152
N o rw ich & W o r n re f 100 222 A p r 23 226 F e b 2 228 J ’ly
222
A pr’07
240 O ld C olony _ - ____ 100 175 O ct 9 20014 Jan 7 198 Dec
180 180 *178
178 178
178 1781o *180
*177
52 Jan 16
53 Sep
5 J ’ly 31
*12
Last Sale IOI4 Oct107
Pere M a rq u ette______ 100
*12
*12
*12
50 Jan
57 Jan 18j
27 Sep 13
*30
D o p r e f____________ 100
::::
Last Sale 29
*30
*30
0ct'07
: : : : *30
26 J ’ne 5
45 Jan 24
4712 N o v
“ 35 R u tla n d p r e f_________ 100
*30
____ *30
30
30
30""
30"
82 A u g 7
<14 Jan 2ll
65 Jan
100
82
Aug’07
95 Jan
85 N o v 1 103 Jan 71
D o p r e f_____ ______ 100
*
31
8912 8912 89i2 8912 85
85
90
89lo 90
90 * ____
2.581 U nion P a c i f i c ________ 100 100l2 O ct 24 lS 2io Jan 7: 13912 M ay
110 11238 1095s 110
109 IO9I4 10918 1113S 105 1057S 105 111
93 _ Jan 15
7914 O ct 23
91 M ay
5
D o p r e f____________ 100
8012
*79>2 80l2 80l8 80lg *771o 7812 *7712 781o 8II4 8114 *791o
21 V erm o n t & M ass_____ 100 150 N o v 1 170 Jan 30* 170 Sep
150
150
95 Jan 25
92 D ec
79 O ct 28
80
243 W est E n d S t__________ 50
80
80
80
80
80
80
*79
80
79
79
79
96 O ct 24 110 Mch 4 107 Sep
171
9734
D o p re f____________ 50
9814 98i4 9734 9734 9734
99
99
99
98
98
99
F eb
'140
150
A
u
g28
147
Jan
15;
100
W
o
re
Nash
&
R
o
c
h
.
140
Sep’07
M iscellaneous
10 O ct 23
26 Jan Si
100
21 J ’lv
A m er A grlcu i Chem
10
Oct’07
*11
90 D ec
95 F e b 7
434
74 O ct 18
D o p r e f ____ ______ 100
76
76
76
76
75
76l2 75
75
1434 Jan si
101, D ec
4 Sep 11
4
4
4I4
41o
414
41*
' 4_i2
4
414 2,790 A m e r Pn eu S e rv ic e . _ 50
4
412
33
Jan
s;
26
“ Aug
200
9i2
O
ct
25
_________50
D
o
p
r
e
f___
*910
11
10%
11
11
11
*10
10
10
10
1012
10
9934 IOOI4 102 103
4,919 A m e r Sugar R e firi____ 100
98 O ct 24 137U F eb 11; 128 M a y
102
101
i03 10412 103 10412 100 102
742
D o p r e f____________ 100 109 O ct 25 13134 Jan 161 130 D ec
110
110 1121o 110 110
110 11012 110
110 110
11012 112
8,941 A m e r T ele p & T e l e g . -100
90 O ct 30 1341, Jan 2 128 J ’ly
9612 9214 95
90
9134
93
98 100
97 100
9612 98
36io Jan 7!
28 Nov14 O ct 30
347 A m erica n W o o le n ____ 100
16
15
15
*14
1412
15l2 14
16
16
15
16
15
2,542
69 O ct 24 102io Jan 8 10034 D ec
72
D
o
p
r
e
f____________
100
711o
72
73
72
7312
7412
72
74
73
74
7412
4 “ Jan 15!
334 Jan
3 Mch28
*3
4
Lest Sale 4
Boston L a n d _________ 10
0 ct0 7
4
4
4
*3
*3
*3
____ 98
96i2 N o v 1 115 Jan i 0j 115 J ’ly
9734 98
9610 9634 " 4 6 Cum berl T ele p & T e l - 100
99
*9812 9912 * ____
*9812
2134
Nov
12io
O
ct
25
25
F
e
b
19'
165
D
om
in
ion
Iro
n
&
S
t
.
1334
14i2
14io
1334
15
15
13
‘ 13"
9I4 Jan 31
3io O ct 23
55g Jan
350
410
4li
414
*412
5
5
5
412
412 41o
*4IS 412
173 Edison E lec Iliu m ____ 100 194 N o v 1 230 Jan 7 225 D ec
195 196 *195 196
194
194
197 198 *197 198
19712 199
91 O ct 23 162 Jan 24 157 D ec
105 10934 108 110
106 110
106 107
107i2 10812 2,117 G eneral E le c tric ______100
10712 110
065s Jan 161 44 M ay
2,350 Massachusetts Gas CoslOO
43 O ct 24
43
431o 44
4414
4334
44
44
43
4312 44U 43
43
8610 A p r 20!
S41, D ec
1,535
78 O ct 24
7834 79
D o p r e f _____ _ .100
78
79
79
79
78
79
79
78
f9
79
23 M ergen thaler L in o ___ 100 190 O ct 25 215 Mch 1 190 " Mch
*197
----- *197
193 193
19712 19712 1971o 198 *197
43, Jan 19
3 Jan
134 Sep 9
134 *1
” 134
Last Sale 134
M exican T eleph on e . . 10
0 c t’07
134 *1
*1
134 *1
46 J ’ne 3
27 Mch
75 ’ J 'ly 29
N E C otton Y a m ____ 100
Last Sale 67
* ____
Sep’07
60 * ____ 60 * - . - .
60 ♦ __ 60
90 Jan 12
” 62
80 Mch
80 O ct 8
80
80
D o p r e f____________ 100
*80
____
80
80
80
80
80
*80
80
325 N E T ele p h o n e_______ 100 x98 O ct 31 126 Jan 7 126 D ec
99 10012 z98
9812 9812
98i2
100 IOOI4 100 100
10012 103
141 142 *140 142
142
751 P u llm an C o___________ 100 140 O ct 24 182 Jan 7 180 D ec
142 145
141
141 145
14134 142
11 Jan 10
912 Jan
80 R ee ce B u tto n - H o le .. 10
1914 A p r 5
934
934
934
912 934 *912 934 * 010
978
934
934
*912
78 O ct 31 113 Jan 16 IO134 J ’ne
7934 4,402 S w ift A C o . . . - ____ 100
84
8U2 8312 78
78 “
86
82
8912 85
89
87
20 J ’ne 13
2214 D ec
22io Jan 12
2112
Last Sale 2112 0ct’07
?»orrlngton Class A ___ 25
2112 *21
*21
2U 2 *21
2112 *21
24~8 M a y 8 2710 J ’ly 26
*251o 26
25 J ’ly
Do p r e f.. .
____ 25
25
"8 1
2512 25io
25
26
*26
*26
26
2 J nc
6?8 Jan 24
1 O ct 5
U nion Cop L ’d & M ’g . 25
0 c t’07
212
Last Sale 1*2
212 * 112 " ¥ i2 * 112 " ¥ i 2 *112
*112
103i2 1,673 U nited F r u it_________ 100 lO lio O ct 30 117 Sep 6 103i4 M ay
10 U2 10312 IO0I0 104
103
104 105
10214 105
10412 105
69 Jan 2 z60i2 D ec
36 O ct 17
3778 2.867 U n Shoe M ach C o r p .. 25
3878 401o 375S 3912 38
3912 37
3812 3834 40
38
29 Jan 4
28's D ec
245g O ct 14
892
2512 25k 2514
251o 25
25
2512 • 25
25
25
3234 J ly
5038 Jan 7
22 O ct 23
22o8 237S 2234 24l8 2312 2412 ' 23S4 241-8 8,345 U S Steel C o rp _______ 100
2378 2414 237g 245*
99 J ’ne
8II4 O ct 18 10734 Jan 7
D o p r e f----------------100
833g
8412 81s4 S418 83I4 84
8412 82
84
83
8258 S3U 6,725
9
Jan
12
8 Nov
412
O
ct
15
*4
412
W
est
T
ele
p
&
T
e
l
e
g
.
.
100
Last
Sale
434
0 ct’07
*4
412
79 N o v
82 Jan 17
55 O ct 25
"2 6
55
55 * ____
55
55
55
55
" 5 5 ' "55” * _ ___ 55* *
7334 O ct
78>o Jan 18
5712 O ct 18
5712 Oct’07
80 F eb 28
75 N o v
76 M a y 6
D o p r e f. .
50
klay’07
76
M in ing
41, D ec
61,
F
e
b
20
.95
O
ct
25
260
A
d
ven
tu
re
C
on
_______
25
1
1
1
1
*1
*1
1
1
1*2
1
1! 2
14
741“ Jan 14
20 O ct 21
2,280 A U ou ez---------------------25
3112 J ’ly
23
23
23l2 2312
24
23
2312 2334 22
20
21
21
92i2 J ly
5212 4914
513s 36,549 A m a lga m a ted Copper 100 X42U O ct 24 121 Jan 5
497g 51i4 4812 5134 4S38 5214 51
4778 49
53 Jan 22
8»8 A u g
855 A m Zin c L ea d & S m ._ 25 x20 O ct 23
22
2U 2 22
21
21
21
21
20U
20i 2 21
20
20
75 F e b 16
26 O ct 18
57i2 M ay
3334
495
3334
3214 34
3514
33
3H2 3212 32
297g 2978 32
234
O
ct
25
153s
J
an
16
2ig
J ’l y
1,665
A
r
c
a
d
ia
n
----------------25
312
31o
3
3I4
312
3
31
3
3I4
312
314
234
28io M a y 6
1134
1,142
984
2 Jan 7
.60
Last Sale .40
A r n o l d --------------------- 25
■35 Sep 28
7g J ’ne
0 c t’07
.60 *.40
.60 *.40
.60 *.40
*.4 0
U ,J a n 9
lo May29
.90 Sep
Last Sale 12
?,5
Aug’07
22 F e b 28
1034 M ay
6i2 O ct 14
l d 2 10l 2 11
10
10
1034 2,388 A t l a n t i c ....... ................ 25
10
10
10l 2
9
912
9
12io A p r 4
3
O
ct
24
B
a
la
kla
la
tem
p
c
e
r
tfs
.
312
37 Jan 14
45s O ct 16
25 J ’ly
612
612
6I4
6
7
6I4 1,811 B in gh am Con M in & S "50
6l 2 6i 2
6
6I4
6I4
6'4
.45 M ay
2,350 B on an za (D e v C o )___ 10 .35 Sep 13 .80 Jan 17
.42
.40
.40
.42 *.40
.40
.35 *.40
.35
*.3 5
3314 Jan 5
934 O ct 24
205g Mch
12
1234 ‘ I 2"
137g 1418
12
"12U 3,446 B ostonC on C & G (rets) £1
1312 1112 1214
1H4 12
39is Jan 7
10 O ct 15
25 J ;iy
15
1634 1512
16 19,695 B u tte C o a lition _______ 15
14
I 4I4 15
I 0I4
1112 1212 1212 1514
89 O ct 24 198 F e b 8 107 J i y
2,079 Calum et & A r iz o n a .. 10
100 102
104
102 104
100 102
103
95
95 100
95
302 Calum et & H e c la ____ 25 535 O c t 24 1000 F eb 15 675 M a y
600 600
600 610
610
610
600 620
670 590
595 600
47
F
eb
18
16 O ct 18
1934 21
21
21
2112 21
1712 J
20
2114 1,610 C enten nial____________ 25
18
18
19l2 21
.35 D ec
1 .25 O ct 21 .52 Jan 19
* 14
.28
.28
* 14 - —
h 1,000 Cons M ercu r G o ld ____
U
14
h
I4
14
44I4 O ct 18 105 Jan 14
6634 J ’ly
5018 54
5214 54
53 14,429 Copper R a n ge Con C o . 100
5214
5018 5212
4712 48i4 4934 51
14 Mch
2012 Jan 23
918 O ct 23
20
845
10
lOlo lOlo
10
1012
978
10
10
lO ir
978
978 10
6 i l , O ct
40 O ct 28
70io Mch 2
100
50
40
40
A
u
g
23
98
100
114
Jan
12
113 iNov
Last Sale 98
0 c t’07
4ig Jan 10
1 O ct 19
12
70
1>2 J ’ly
1
1
1
1
* ____
*1
II4
*1
*1
1*4
H4
us
2914
Mch
1
6
O
ct
16
25
1,929
1412 M ay
7!2
8
----------------7
F
ra
n
k
lin
7l2
634 7
7
714
7
712
712
714
65 O ct 24 151 F e b 8 131 D ec
101 G ran by C on solid ated . 100
80
80
78
80
8212 8212 80
75
75
70
75
70
5I4 O ct 24
62
634 73g
578
6I4
41o Jan
5
214 O ct 29
110 G u anaju ato Consol—
5I4 Jan 11
214
212 2lo
214
15‘ 2 •» ^
l l l o O ct 2A 361, Jan 14
3,792 Isle R o y a le (C o p p e r). 25
1434 15i2 1512 I 6I4 151*
16
15i8
1414 147S 14
1312 1378
30
F
e
b
8
25
8
O
ct
2J
3,118
10
IOI4
1012
L
a
Salle
C
opper--------10
IOI4
10
912
IOI4
9
9
834
912
9I4 Jan 10 " ” ci~2 J ’ly
3 O ct 15
*234
3
3
3
318
314 1,480 Mass Consol-------------- 25
3
3
3
3i8
3i8
212
.40 J ’ne
13, Jan 24
25 .50 A p r 5
.60
Last Sale H
Oct’07
.60 *.40
.60 *.40
.60 *.40
*.40
13 N o v
15U
Jan 24
634
O
ct
24
10
‘
978
M
ex
ico
Cons
M
&
S
—
7l2
712
734
7
734
7
2 7l2 712 734 712 712
1034 J'ne
241, Jan 15
25
634 O ct 19
955
812
812
912
812
8i2
9
914 *9
8I4
712
961, Jan 14
5412 Mch
37 O ct 18
4612 3,182 M o h a w k _______________ 25
46
45
4514 461o
41
3978 4212 43i2 45
45U
39
3u
M
a
y
7
15s D ec
315
13s
O
ct
22
M
ontan
a
Consol
C
&
C
10
158 * 112
15s
1&8
15S
1%
13g
138 *114
134 *13g
134
11 Jan
2012 Jan 16
65j 3,925 N e v a d a C on solid ated - 5
6I4 O ct 25
8
6l 2 712
634 7
634
612
7
7U
77S
7l2
7434 Mch
120
Jan
5
27,067
30
O
ct
24
N
o
rth
B
u
tte-----------15
41I4
4118
4212
4134
3978
39
4012
385s
3612
4114
37
35l2
<>1, Jan 4
70 J ’ly
* 1?
450 O ld C o lo n y----------------25
i2 Sep 20
1,
12 *.50
.60
lo
12
12
Is
h
h
63 " F e b 14
33 J ’ly
18 O ct 24
221^ 221o 3,149 Old D o m in io n -----------25
2312 22
23l2 21I2 22l 2 2238 23lJ
20 “ 20
23
181
^
e
b
21
93
Mch
1,565
71
O
ct
25
80
8214
80
79
83
83
79
81
78
75
79
73
35 Jan 14
2234 J ’ly
S34 O ct 24
lOlo
10l 2 2,251 P a rrot (S liv e r & Copp) 10
10
934 10
11
11
113s
912 934
9
912
«3 Jan 26
60 M a y
300 P h oe n ix Consolidated 25
s4 O ct 31
1
s4
34
1 *.3 0
34
1 *.30
*.3 0
1 *.3 0
34
80 J ’ly
740
70 O c t 24 14S F e b 6
82
80
80
80
81
80
80
80
70
78
7712 81
234
2 O ct 24 « 1234 Jan 15
234 234 * 212
890 R h od e Is la n d ------------ 25
314 J ’ly
234 3
212 2l 2
2i 2 234
234 234
7i2
Jan
8
134
Sep
28
lig J ’ly
645
2
2
2
2
Santa
F
e
(G
old
&
Cop)
10
2
2
214
*134 2
2
218
218
243s Jan 17
534 Jan
inio
105s 5,075
7>8 O ct 17
lOlo
10
1012 105j
97S 105s
9U 1012
£0 J ’ne
51 O ct 25 170 Jan 14
302
70
25
65
65
70
*65
65
65
70
70
60
60
55
42i4 Jan 24
734 J ’ne
107g O ct 23
2.784 T r in it y ............... ........ 25
12
1H 2 1U 2 1U 2 12
l i t * 1134 I I I 4 1U2
1114 1134 11%
7I4 O ct 29
7714 Mch 7
5714 M ay
360 U n ited C o p p e r ........... 100
8
712
712
*7 l2
8l2
734
9
8
*712
714 *714
714
91 M a y 1
22 O ct 22
88 Jan
315
D o p r e f____________ 100
2334 2334
26
23l2 25
*22
24is 24's
734 O ct 25
1314 Jan 22
' 8T3 *8
9I4 Sep
*734
8
8I3 1.560 U nited StatesC oal & Oil 25
8
8I4
8
""8”
8
2434 O ct 24
70 Jan 2
51 Mch
8,607 ■U S S m elt R e f & M ln . 50
2878
29
27
2S38 27io 2812 2712 28l2 2812 29
2612 27
49
Jan
7
277
g
O
ct
25
43
Mch
3434
353s
3234
3412
341*
3478
8,572
D
o
p
r
e
f.
_________
50
3212
34
33i2
3312
293.1 3H2
52i4 J ’ ne
2512 O ct 18
79 Jan 14
33
5
3212 33
33
33l2 9,158 U ta h C on solid ated___
31
3U 2 3234 31
3314
29ig 30
578 N o v
312
O
ct
25
115s
F
e
b
27
25
4
4
4U
434
4I4
414
V
ic
to
ria
.......................
4
905
4
4
35S
414
3*8
60 Jan
1 M ay 11
3io Mch 6
l.0 6 W u ly ’07
?,5
25g O ct 15
14 Jan 23
4 J 'ly
3
3
31o
*314
312 *3
615 W in o n a . ____________ 25
314
314
312 312
*3
314
Jan
93
O
ct
18
25
198
F
e
b
11
110
|
131
110
110
*105
*105
110
|
105
72
112
105
108
97
97
1? O ct 22
35g Jan 22 > .70 J ’ ly
26
*u
0 c f0 7
*lo
34
Last Sale,lo
34
*4
*»2
34
*2
e Before pay’t ol asscsa’ ts called in 1907. * Bid and asked prices’ d New stock, .e Ass't paid, h Ex-rights
*747g
*8514
198
120
*205
139

75iS *7578
S6I4 *8712
199
198
120
120
210 *200
138
139

73’ 4 7412
* 86l2 8712
195 195
120 120
205 205U
138 138

76l8 7412 77
8812 *S6i2 8712
195 199
199
120 120
120
210 *205 210
138 139
139

__

__

__

__

*

__

2

n

""s’




’ ’ s’

1101, Sep
10518 Jan
2571- F e b
160 Jan
246lo A p r
180io A p r
175io M ay
314io A p r
2758 F eb
75 F e b
39lo A p r
90 A p r
182 Jan
127 Jan
190 Mch
163 A p r
298 A p r
145 Jan
107 A p r
95 Jan
200 D ec
23 J'n e
75 J ’ne
28i4 D ec
20714 Jan
163 Feb
233io Mch
210 Jan
53i2 O ct
65 “ O ct
64 Jan
99 O ct
103 F e b
195 Sep
9934 Jan
178 A p r
101 Jan
116!2 A p r
1501, F eb
34 Jan
102 Jan
29 Mch
46 A p r
156's Jan
141 Jan
1447s Jan
4734 Jan
H034 Feb
412 J ’ne
11834 Mch
34 A p r
10 A u g
250 Jan
184 O ct
6434 J ’ne
90 Sep
210 D ec
534 Sep
60 Nov9014 N o v
141io A p r
268l« N o v
11 D ec
120 Sep
23 F e b
271, N o v
5'g Dec
11334 May8678 F eb
325s J ’ly
501g O ct
113*g F e b
171, Jan
98U Jan
86 " F e b
98 Jan
8I2 O ct
5514 D ec
118 F e b
d45 D ec
74 F e b
1514 N o v
of, D ec
134 J ’ly
28U Jan
49'g Feb"
.90 O ct ,
353s O ct
42 O ct
184 D ec
900 D ec
40ig D ec
.70 Jan
8610 Jan
2U, N ov
84 F eb
122 Mch
3i2 Dec
26*4 Sep
140 D ec
71g Jan
2933 Jan
121* ja n
11, Jan
1434 D ec
22io D ec
85 D ec
71, F eb
233g O ct
1171, O ct
2ig D ec
6634 O ct
151 D ec
48 Jan
25g D ec
114 Jan
9*8 D ec
53g N o v
1S78 N o v
122 Jan
2010 D ec
78 " F eb
111 Feb
1458 Mch
66 Jan
47~8 Sep
6934 Jan
914 Mch
2io D ec
li,i2 O ct
190 D ec
2*4 Dec

^ o 'v .

2 '»•

1135

Boston Bond Uecord,

;

BONDS

Price
Friday
Nov I

B O STO N STO CK K X C H ’S E
WBHK ENDINft NO V 1
A m B e ll Telep h o n e 4s___ 1908
Am Telex* & T e l coll tar 48.1929
A m W r it Pa per 1st s i 5s g 1919
A tc h A N e b ra sk a 1st 7s.. 1908
A te n T o d A S F e gen g 4 s .. 1995
A d ju stm en t g 4s___ J ’ ly 1995
Stam ped . . ........... J ’ ly 1995
Boston E le c t L ig h t 1st 6s. 1908
Consol 6s........................ 1924
Boston A .Low ell 4s___ ...1916
Boston <fc M ain e 4%s-------1944
B oston T erm in a l 1st 3% s.l947
Bor A M o R ly e x 6s....... ..1918
N o n -exem p t 6s_________ 1918
S in k in g f i n d « « ________ 1910
B u tte A Boston 1st 6s___ 1917
Cedar Bap A M o R 1st 7 s .l9 1 6
2d 7 s ................................1909
O ent V erm t 1st g 4 s ..M a y l9 2 0
0 B A Q Io w a D ir 1st 6s. 1919
Io w a D iv 1st 4 s ________ 1919
D ebentu re 6s____ ______ 1913
D e n v e r B x ten 4 s . ... —..1922
N eb ra sk a E x te n 4 s .......1927
B & S W s f 4 s ................ 1921
Illin o is D iv 3% s............. 1949
J o in t bonds See G t N o rth ern
Ohio j o R y <fc Stk Y d s 6s .1916
Coll tru st refu n d in g g 481940
Oh M il A S t P D ub D 6s.. 1920
Ch M * S t P W is V d iv 6sl920
Ohic & N o M ien 1st gu 5s.193jl
Chic & W M ich gen 6 s ....1921
Ooncord A M o n t cons 4s.. 1920
Conn <fe Pass R 1st g 4 s ...1943
C u rren t R iv e r 1st 5s........ 1927
D e t G r R a p & W 1st 4 s ... 1946
D om inion Coal 1st s f 6 s ..1940
F itch b u rg 6 s ..................... 1908
4 s .................................... 1915
4 s ............. ...................... 1927
F rem t E lk <fc M o V 1st 6 s.. 1933
U nstam ped 1st 6s..........1933
S t N o r O B & Q coll t r 4s 1921
R e g is te re d 4s___________ 1921

J-J
J -J
J -J
M-S
A-O
N ov
M-N
M-S
M-S
J -J
J-J
F -A
J -J
J -J
J -J
A -0
M-N
J-D
Q-F
A-O
A-O
M-N
F-A
M-N
M-S
J -J

Range
Since
Ja n u a ry 1

Week?*
R ange or
La st Sale

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

100

Sale

88

.......

99%

82% Sale
82 .......

Week’s
Range or
Last Sale

P ric e
F r id a y
Nov i

Ranye
Since
J a n u a ry

Low H igh.
H ig h
B id
A sk Low
Illin o is Steel deben 5s___ 1910 J-J98% J ’l y ’ 07
98*2 981*
N o n -con vertd eb en 5 s ...1913 A-O
95 100%
95
9"
96 Sale
l a Fails<fcSioux C is t 7s.. 1917 A-O
2 2 14 N o v ’ 06
K a n C C lin & Spr 1st 5 s ...1925 A-O
95 Oct ’ 07
9 5 " ” 98%
100% 1 00 %
100 % A u g ’ 07
1190% 1101% K a n C F t S & G u lf 1st 7s.. 1908 J-D
K a n C F t S cott & M 6 s ....1928 M-N 112
112% 112% 21 112 120
1187% 92
94% D e c ’ 06
85% 91% Kan C M & B gen 4s..........1934 M-S
89
92
A ssen ted incom e 5s.......1934 M-S
89 bep ’ 0 /
99 101
K an C & M K y & B r 1st 5sl929 A-O
99 M ay’ 07
110 F e b ’04
M ain e Cent cons 1st 7s. ..1912 A-O
113% N o v ’ 06
101 Sep ’ 06
101% Sep ’ 06
Cons 1st 4 s .....................1912 A-O
114 M a r’ 06
Mara Hough<& O nt 1st 6 s.1925 A-O
118 M ay ’ 04
112% J a n ’ 03
76% S e p ’ 07
H76% 85%
104 Oct ’ 07
104 107% M exican C entral cons 4s. .1913 J-J
ls t c o n s in c 3 s ..........Jan 1939 J’ ly
26% Oct ’ 06
102 S e p ’ 05
2d cons m e 3s..........Jan 1939 J’ ly
17% A u g ’ 05
97% O c t ‘ 07
97% 97%
M ich T e le p ls t 5s.............. 1917 J- J100 J ’n e’ 01
M in n e Gen E le c con g 5s 1929 J -J
102 ><2A u k ’ 04
123% N o v ’ 06
N e w E n g Cot Yarn 5s___ 1929 F-A
94 *4
94
1*4% 100%
94% Sale
111% J ’l y ’ 05
N e w E n g T eie p h 6s..........1908 A-O
99 100
99 Oct ’ 07
82% 90
83 Oct ’ 07
100%100%
5 s .................................... 1915 A-O
100% Jan ’ 07
11103 O ct ’ 07
H103 U103
5s......................................1916 A-O
98 O ct ’ 07
98 100 in
*100411100% N e w E n gla n d cons g 5 s ...1945 J - J
1100% M ay’ 07
Boston T e r m 1st 4 s.......1939 A-O
97% J’ne’ 07
97% 99%
88 106%
K T K H & H con deb 3*281956 J
88 Oct ’ 07
102% J’ ne’ 06
101% S e p ’ 06
97% M ay’ 07
97*9 97% Old Colony go ld 4 s ........... 1924 F -A
1102% Jan ’ 05
U88
91% O reg B y <fc N a v con g 4s.. 1946 J -D
HS8 Oct ’ 07
O re g Sh L in e 1st g 6s.......1922 F-A
1121% M a r’ 06
102 A u g ’ o7
100 102 Hi Bepub V a lle y 1st s f 6 s ... 1919 J -J
100
100
Rutland 1st con gen 4% s.l9 4 1 J -J
107% N o v ’ 05
88
96
88
88
Rutland-Canadian 1st 4s 1949 J - J
102 M a i’ 02
122
A p r ’06
Savannah Elec 1st cons 5s.l 952 J-J
98% M ay’06
126
F e b ’05
S eattle E le c 1st g 5s........ 1930 F-A
98 105
97% 100
97% 98% O ct ’ 07
97% J ’ l y ’ 07
T e r r e H a u te E le c g 5s___ 1929 J -J
97
97
97 A p r ’ 07
99 102
99
99 %
T o rrin g to n 1st g 5s..........1918 M-S
99% N o v ’ 06
99
99
99
M a r’ 07
U n io n P a c R R & 1 g r g 4 s .l9 4 7 J -J
1193 % r ’l0 2
1T93% 1]93 %
112% J a n ’ 03
20-year con v 4a........**...1927 J - J
H87%1t87%H87% Sep ’ 07
104 N o v ’ 06
U n ited F r u it co n v gen 5s. 1911 M-S 102 Ha 105 *2 103-9 103
103*2 115
89
90
89 M a r’ 07
83 1199 %■
U S Steel Corp 10-60 y r 5 s .l9 6 3 M-N
93 100
88
88
93 A u g’ 07
W est En d S treet R y 4s___ 1915 F -A
100 <9Jan ’ 07
100*9 100%,
98 A p r ’07
98
98
101% 102
Gold 4% s......................... 1914 M-S
101% A p r ’ 07
103 % A p i ’05
G old deDenture 4s..........1916 M-N
102% Jan '06
100 100
100 M ay’07
99 V 100%
G old 4s.............................1917 F-A
128 128
99 >2 M ay’ 07
128 Sep ’07
W estern T eiep h & T e l 5s. 1932 J - J
80
99
80
80
140 A p r ’ 05
W isco n sin C ent 1st gen 4sl949 J - J
1194 % Sep ’ 05
39 8234 97
82%
85
W isco n sin V a lle y l s i 7 s ..1909 J -J
109% A u g ’ 05
90% 96
91% Sep ’ 07

B id
Ask L ow
H ig h
96% Sale
86%
96%
78 *4 Sale
78
79
$81 Sep ’ 07
104 M a r’ 06
89 % 91 1J90% H90%
88 O ct >07
85% J’ n e’07

83

BONDS
BO STO N STO CK E X C H ’GE
W b k k E n d in g N o v 1

Low H ig h
96% 98%
78
90%
1181 1T83

N o t e —B u yer pays aoorued in te rest in ad d ition to the purchase prioe fo r a il Boston Bonds.

' N o price F r id a y ; latest bid and asked.

11 F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock B*ecord, Daily, Weekly, Yearly
Share Prices—Not P e r Centum Prices

Sales

or the
Sa turd ay
Oct 26

M ond ay
Oct 8 8

Tuesday
Oct 29

Wednesday
Oct 30

T h u rs d a y
Oct 31

R ange l o r Year
1907

A C T IV E ST O C K S

Week ( F o r B onds and In a ctiv e
Stocks see below )
Shares

F rid a y
Nov 1

R ange to r P r e v io u t
Year (1 9 0 0 )

H igh est

Lowest

H ighest

Baltimore
80% 8 0 ‘s

•45
46
24% 25

•8

*4
78
50%
is 16
57%
85
6%
16%
39

8%

6
74
52
15
57^
35
6%
16*4
39%

32% 32%
47% 47%
70
71

80*9 81

...

11

*20
9

40
9

•44%
24%

46
25%

8

8%

•4
6
73
74
50% 51%
%
7!
57% 57’ ,
35
35
6% 6l5ie
16% 16*4
38% 3916ib

80

80%

In a c t iv e S to c k s
A lle g h e n y V a l p r e f___ 50
A m erica n C em en t.......60
A m e r P ip e M fg ........100
B e ll T e le p h o n e ........... 60
Cam bria Ir o n .............. 50
C en tra l Coal & C oke. 100
O o n s o lT r a c o f N J ...1 0 0
Diam ond S ta te S te e l.. 10
P r e fe r r e d ..................10
E aston Con E le c tric 6.50
E lec S torage B a tt___ 100
P r e fe r r e d ................ 100
F t W a y n e <fcW V .......100
G erm antow n Pa ss.......60
In d ia n ap olis S t __ ....1 0 0
In dian a U nion T r . . . . l 0 0
In su ra n ce Co o f N A . .10
In t e r Sm P o w & Cbem.50
K ey ston e T eleph on e ..50
P r e fe r r e d ..................50
K ey sto n e W atchCase.100
L it B ro th ers ................ 10
L it t le S ch u y lk ill..........50
M in eh ill <fc Bchuyl H ..5 0
N H a v e n Ir o n <fc S te e l.5
N o rth e rn C e n tra l........ 60
N o rth P e n n s y lv a n ia ..50
P en n sylva n ia S alt.......60
P e n n sylva n ia S te e l..100
P r e fe r r e d ................ 100
P h lla Co (P it t s ) p ref.. 60
P h il G e r m a n * N o rr is 50
P h ila T r a c tio n ........ . 50
R a ilw a ys G en era l..
10
Susqueh Ir o n & S te e l..5
T id e w a te r S te e l..........10
P r e fe r r e d ..................10
Tonopah M in in g of N e v l
Union T r of In d ........ 100
U n ite d N J R R <& C .. 100
U n it T ra o P itts p r e f..60
W a rw ic k Ir o n <fc S te el. 10
W e s t J ersey & S eaSh .60
W estm orelan d C oal....50
W ilk e * <«as <fc E le c ..100

........ 45%
24% 24%

8

8%

15
•4
71
50

18
6
73
51%

56% «
•34%
6%
16%
37%

57%
35%
6a«
16%
38%

B id

A sk

80

79
*9%
*20
9

79%
il
30
a

•45
24%
7%
*2
*14
•4%
4%
4%
70
70
71
50
51
50
%
%
•%
53% 56%B 54
*34
35
34
6%
6%
6%
16% 16%
16
37%38i%0 37B!8

46
25
8%6
5
16
5
70%
50%
1
55
84%
6%
16%
38%

12

45
46
24% 25
7%
8

45
45
24% 25
8
8

14% 15
*4
5
69
71
48% 50%
13.
54»le 6G“8
34*2 34%

6%

6%

16
369is

16%
38%

33
46
67

33
46
69%

32% 33
46
46
68% 70%

P H IL A D E L P H IA
Bonds

33
46
68%
*20
H id

33%
46
69%
25

K x-r% .its.

0$7.50

Con. Gas E L L . & P o w . 100
D o p r e f..................100
1.138 N o rth ern C e n t r a l........ 50
Seaboard (n e w )............. 100
Do 2d p r e f........... 100
L305 U n ited R y & E le c tr ic .. 50

33% Jan 15
80 May29
79 N o v 1
12 O ct 17
28 J ’ne27
8% O ct 24

35 Jan 9
85 Jan 10
97 Jan 26
23 % Jan 7
48 Jan 7
15 J ’ne27

35 % Dec 41 J’ns
80 Oct 90 J’ ne
97 J ’ly 111% D ec
22 D ec 32 Jan
48 Dec 62 % J an
13 D ec 19 Jan

P h ila d e lp h ia
17 A m erican R a ilw a y s ___ 50

45 O ct 30 51 Jan 2 5034 Sep
O ct 24 47% Jan 24 30% Jan
145 E le c tr ic Co o f A m e r ic a 10
7% OC* 24 11% Jan 14 11 May
Gen A sp h a lt tr c tis ....1 0 0
3 O ct 3
6 Nov
8 J an 25
203
Do p ref t r c t f s ___ 100 14% Oct 30 36 Jan '25 31 Dec
28 Lake S uperior C orp ___ 100
4 ** O ct 22 16 Jan 8 14% N o v
,981 Lerngh C & N a v tr ctfs. 50 6 * O ct 30 103 Jan 7 100 D ec
,402 L eh igh V a lle y ............... 50 48% O ct 30 7s% J a n 5 65 May
900 M arsden Co................... 100
% Sep 12
t%8 Get
2 % J an 7
,485 P en n sylva n ia R R ........ 50 53% O ct 31 70ii16JaB 8 61% J ’ly
180 P liila d elp ’ aCo ( P it t s b ). 50 34 N o v 1 48*»J an 4 47 A p r
,224 Ph iladelph ia E le c tr ic *. 25 6518 O ct 24
6%JL)ec
9 Apt 4
4Sep 6?26% M ay 6 c l 9% D ec
,715 P h ila Rapid T r a n s it * . . 50 2143
,536 R e a d in g ........................ 50 35% O ct 24 69% Jan 7 56*4 May
D o 1st p r e f........... 50 S tifle O ct 22 45% Jun 14 43% A p r
D o 2d p i e f . . . . . . . . . 50 32*9 Oct 25 47 Jan 14 44% Ma>
U nion T r a c t io n ........... 50 44 Sep 12 60% Jan 22 58% Dec
U nited Gas Im p t .......... 50 66% O ct 24 96 % J an 5 1181% May
W elsbach C o ................ 100 25 M ay 2 4 30 F e b 18 25 Dec

,22 «J Cam bna S t e e l .............. 50 22

Ask

A l V a l E e x t 7s 1910 A-O 101
A l t & L V E le c 4 %S’ 33.F-A
97
A m R y s c o n v 5 8 1911.J-D
48
48% A t l C ity 1st 5s g ’ 19.M -N
44
B alls T e r 1st 5s 1926. J-D
B e r g & E B r w l s t 6 s ’ 21 J-J
'6 6 '
B eth le S te el 6s 1998.Q-F
Choc A M o ls t 5 s 1949 J-J
Ch O k & G gen 5 s ’ 19 J-J
99*2
Col S t R y 1st con 5s 1932
34
Con T r a c of N J 1st 5 s.’ 33
98%
E A A 1st M 5s 1920 M -N
E lec & P e o T r stk t r ctfs
89
Eq I I G as-L 1st g 5s 1928 103
H A B T o p con 5s ’25 A-O
In dian apolis R y 4 s .1933
20
2 0 % In te rs ta te 4s 1943 ..F - A
L e h ig h N a v 4%s ’ 14 .Q-J
.....
R R s 4s g .......1914.Q -F
G en M 4%s g .l9 2 4 .Q - F
106
L e h V C 1st 5s g ’ 3 3 ..J-J
14%
L eh V e x t 4s 1st 1948. J-D
2d 7s 1910.............. M-S 104%
Consol 6s 1923.......J-D
A n n u ity 6s.............J-D 140
60
G en cons 4s 2003.M -N
L e h V 'Tran con 4s ’35J-D
60
N e w Con Gas 5s 1948 J-D 104
N e w a r k Pass con os 1930 104
N Y P h & N o 1st 4s ’ 39 J-J
97%
87
In co m e 4s 1 9 3 9 ...M -N
N o O h io T ra c con5s’ 19.J-J
"eT 84% P en n gen 6s r 1910.. V a r 102 %
Consol 5s r 1919...V a r
P en n & M d S te el con 6s
P a & N Y Can 5s ’ 39.A O
Con 4s 1939........... A-O
P en n S teel 1st 5s ’ 17 M - N
7 7t
P eo p le's T r t r certs 4s ’ 43
96%
P Co lsufc col tr 5s’ 49 M-S 100
238
Con<fc col t r 5 s 1951M -N
92%
46
90
P h il E lec gold tru st ctfs.
7
98% 94
T ru s t certifs 4s.............
61% 62%
P <fc E sren M 5 g ’ 20. A-O
G en M 4s g 1920.. A & O l o o ”

• B id and asked; no sales on this day.




80

•8% .

33
33
3218t8 S3
47% 47%
46% 46%
70% 71%
68 70*4

P H IL A D E L P H IA

80

B id

P H IL A D E L P H IA
P h <& R ead 2d 5s ’ 33.A-O
Con M 7s 1911.......J-D
Con M 6s g 1911___ J-D
E x Im p M 4s g ’ 47 .A -O
T erm in a l 5s g 1941.Q-F
P W & B col t r 4s ’ 21. J-J
P o rtla n d R y 1st 5s 1930.
Roch R y < fc L c o n 5 s ’ 54J-J
U T r a c In d gen 5s’ 19.J-J
U n R y s T r ctfs 4s’ 49J&J
U n ite d R y s I n v 1st coll tr
s f be 1926.............. M -N
U T r a c P it gen 5s ’ 97 J-J
W elsbach s f 5s 1930. J-D
W lk s-B G<fcEconas’ 55J-J

107
*99"

60

B A L T IM O R E
I n a c tiv e S to c k s
A la Cons Coal<fc Iro n . 100
P r e f ......................... 100
A tlanta A C h a rlo tte.. 100
A tia n Coast L in e R R . 100
A tla n Coast L (Conn)100
Canton C o..................100
Cons C ot D uck C o rp ...5 0
P r e fe r r e d ................. 50
G eorgia Sou & F la .. . 100
1st p r e f.. . . . . . . . . . . . 1 0 0
2d p r e f.....................100
G-B-S B r e w in g ....... _ 1 0 0

Bonds

A n a costia <fo P o t 6s..........
Atl<fc Ch 1st 7...1 9 0 7 J-J
A tla n C L R R 4 sl9 5 2 M -S
A t l Coast L (C t )c t fs 5b J-D
C tfs o f in d eb t 4 s ....J - J
6-20 vt 4s 1925........ J-J
B a lt C P ass 1st 5s ’ 11 M -N
B a lt F u n d g 5 s.1916 M -N
E xch a n ge 3 %s 1930 J-J
B a lt & P 1st 6s m 1 ’ 11 A -O
B a lt T r a c 1st 5 s.. ’ 29 M -N
N o B a lt D iv 6s 1942 J-D
C e n t’ l R y con5sl932 M -N
Ext<& Im p 5 s.1932 M-S
Chas C ity R y 1st 5s ’ 23 J-J

paid, t f 16 paid. *

$vo paid,

i $35 paid,

61
80"

97
’ 84»4

102
'H i '
106%
107%

A sk

B id

B A L T IM O R E

Chas R y G A E l 5s ’ 99 M-S
Chari C & A e x t 5 s.’ 09 J-J
2d 7s.............. 1910 A -O
C ity & Sub 1st 5 s .. ’ 22 J-D
C ity <fc S u b (W a s )ls t5 8 ’ 48
Coal & I R y 1st 5s ’ 20F-A
Col<fcGrnv lst6 s .l9 1 6 J -J
Consol Gas 6 s ...1910 J-D
5s.....................1939 J-D
Ga<& A la ls t c o n 5s ’ 45J-J
Ga Cor & N 1 st 5s g ’ 29 J-J
G e o r g ia P 1st 6 s ... ’22 J-J
GaSo & F la 1st 5s 1945J-J
G-B-S B rew 3-4s 1951M-S
2d incom e 5s 1951 M -N
K n o x v T r a c 1st 6s ’ 28 A-O
L a k e R E l 1st gu5s’ 42M-S
M em phis S t 1st 5s’ 45 J-J
M e tS t(W a s h )ls t5 s ’ 2 5 F A
M t V e r C ot Duck 1st 08.
N p t N & O P 1st 5s’ 38 M -N
O en eral 5 s....1941 M-S
235
N o rfo lk St 1st 6s ’ 44.. J-J
90
N o rth O ent4% s 1926 A-O
Series A 5s 1 9 2 6 ....J-J
Series B 5s 1926....J-J
P itt U n T r a c 5s 1997. J-J
96
Pot© V al 1st 6s 1941..J-J
75
Sav F la & W e s t 5s ’34 A-O
4
Seaboard A L 4s 1950 A-O
Seab <& Roan 5s 1926. J J
97% South Bound 1st 6 s..A -O
UE1 L & P ls t4 % s ’ 29 M -N
8 6 % Un R y A E l ls t 4 s ’49 M-8
104
In com e 4s 1949.......J-D
F u n d in g 6s 1986...J -D
V irg in ia M id la n d —
2d series 6s 1911...M -S
3d series 6s 1916..M -S
92
4th ser 3-4-6s 1921.M-S
6th series 6s 1926.M-S
V a (S ta te) 3s n ew ’ 82 J -J
Fund deb t 2-3s 1 9 0 1 J J
110 *
W e s t N C con 6s 1914 J-J
W e s V a C A P 1st f i g 'l l J-J
W il <fc W e ld 6 s..19 36.J-J

a R eceipts. 6 $S6 paid.

« * 3 0 p a id .

54 Jan
39% N o v
12% N o v
14 Jan
48 Jan
23% Jan
118 Jan
86 J ’na
31%,) Jan
73x li6 J anct54 ‘ j Alax
9% q Oct
634*4 Jan
83 J an.
4715ia Jaiv
51 Jan
65 Aug:
101 Feb
32 M a*
A sk

102%

106%
1*6®,

97%

io d "
102
103
106
107
98% 99
98
99
106
108
102 103
39% 40%
14 % 16
100%
io e ’
106*2
70

74

102%
102

101

iod"
106
63%
"9 8 “
"79*4
43
68

64
102
100
79%
43%
69

101%
104
87%

101

i ’0 1%

d$4 2 % paid.

1136

THE CHRONICLE

Im iestraen t

and

R A I L R O A D

H a ilro a d
G R O S S

o l

.

l x x x v

In tellig en ce.

r a ilr o a d fro m

w h ic h r e g u la r w e e k ly o r m o n t h ly r e t u r n

T h e fir s t t w o c o lu m n s o f f ig u r e s g i v e t h e g r o s s e a r n i n g s f o r t h e la t e s t w e e k o r m o n t h , a n d t h e la s t

o o lu m n s th e e a rn in g s fo r th e p e r io d fr o m

.

E A R N IN G S .

T h e fo llo w in g t a b le s h o w s th e g ro s s e a r n in g s o f e v e r y S T E A M
c a n b e o b t a in e d .

[V

J u ly 1 to a n d in c lu d in g s u c h la t e s t w e e k o r m o n t h .

s t a t e m e n t to s h o w t h e fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e fivscal y e a r d o e s n o t b e g i n

W e add

tw o

a s u p p le m e n t a r y

w ith J u ly , b u t c o v e rs s o m e o t h e r

The returns of the street railways are brought together separately on a subsequent page.

p e r io d .

Latest Gross Earnings.
July 1 to Latest D
ate
Weekor Curren. Previous Current Previous
Year.
Year.
Month.
Year.
Y 'a r.

roads.

A la Great Southern — Sec Sout hem Rail way
A la N O * Tex Pac.
N O & N E a s t . . . 1st w k Oct
52,600
835,802
55.000
814,080
A la & Vicksbu rg. 1st w k Oct
29.000
411,486
22.000
366,818
V icksburg Sa & P 1st w k Oct
27.000
23,000
435,347
392,396
A la T e n n & N o r t h .. A u g u s t ___
3,753
7,506
3,628
6,306
Atch Top & S F e . September 8,077,118 7,425,809 24.005,56; 21,358 064
A tla n ta & Chari___ J u l y _____
387,900
363.539
363,539
387,900
A tlan Blrm & A t l . . July _____
117 143
159.232
117,143
159,232
A tlan tlc Coast Line A u g u s t ___ 1,950,997 1,829,254 4,005,186 3,747,957
Baltim ore & O h io .. September 7,465,051 7,077,897 22,441,261 20,803,783
B an gor & Aroostook A u g u s t ___
266,498
212,468
426,493
507,336
Be lief on te Central. . September
4.576
4,616
13,352
14,975
6,537
5,110
Bridgeton & Saco R August . . .
10,058
11,881
Butt RoCb
P it t s .. 3d w k Oct
184,121 3,187,228 2,602,801
205,258
200,217
152,733
Buffalo & Susq R y . August . .
282,587
391,899
Canadlan.Northern. 3d w k Oct
221,500 3,239,600 2,395,300
230.700
Canadian Pacific— 3d w k Oct 1,544,000 1 .528,000 24,982,904 22,755,187
Central of Georgia- 3d w k Oct
252,300 3,873,769 3,599,538
289.000
Central of N Jersey September 2,399,719 2,149,657 7,500,505 6,807,226
2.576
Chattan S outh ern .. 3d w k Oct
2,957
49,323
50,155
Chesapeake & O h io . September 2,541,328 2,144,476 7,598,839 6,273,479
Chestertleld & Lane S< ptember
5,567
9,872
4,051
15,349
811,557 12,809,426 11,586,094
Chicago & Alton R y J u n e ______ 1,067,100
177.661
Chic. Great Western 3d w k Oct
193,587 2,797,213 2,851,508
Chic Ind & Lo uisv. 3d wk Oct
115.662
120,238 1,925,136 1,961,882
Chic In d
Southern — See N ew Y ork Cen tral
Chic Mliw & St Paul A u g u s t ___ 5,221,252 5,178,555 10,342,266 9,992,643
Chic.
North W e st. September 6,525,120 6,097,226 18,929,222 17,550,886
Chic St Paul M & O . August . . . 1,190.037 1,105,999 2,320,499 2,134,540
37,641
Chlc Term Tran R R 3d wk Oct
33,341
523,226
553,805
Cln N O & Texas P — See Sout hem Rail w ay
Cincinnati Northern — See N ew York Cen trai
Clev Cln Chic
St L — See New Y ork Cen tral.
217.701
Colorado M id la n d .. A u g u s t ___
216.539
411,696
443,600
375,310
Col & South S y s .. 3d w k Oct
320,080 4,537,629 4,079,620
24,047
Col N ew h
L a u r .. A u g u s t __
24,092
46,672
41,078
73,514
87.785
142,010
Copy i ,.a n s c -------- A u g u s t ___
175,959
19,337
September
57,542
20,050
C orn w all .............
64,197
Corn v. .t i £c Le banon A u g u s t ___
42,287
53,049
92,760
83,555
298,300
145,268
Cuba R ailroad-------- August ___
282,143
136,038
472.000
D env & Rio Grande 3d w k Oct
423,400 7,586,099 6,487,287
Detroit & Mackinac 3d w k Oct
23,013
24,916
387,337
415,409
89,849 1,468,941 1,310,259
90,836
D'et T c i
Iront Sys 3d w k Oct
60,389 1,159,621 1,062,327
64,011
Etui So Shore
A tt. 3d w k Oct
_
_ ____________ _
.A u g u s t ___ 5,083,317 4,514,677 10.021,156 8,875,702
Erje
Eyansville & Ter B — See Rock Island S ystem.
1,294
1,207
Fairchild & N E — September
3,960
4,063
93,040
169,067
F o n d a jo h n s & G lov A u g u s t ___
186,186
84,042
744,666
248,322
265,778
702,763
Georgia R R ------------September
Georgia South & FI a — See Sou them Rai lw ay.
899,1411 4,994,3141 3 ,886,581
944 379
Granjd.TrunkSyst-.3d wk Oct
127,696 2,013,531 1,813,948
147,022
G r Trunk W e s t .. 2d wk Oct
35,452
589,461
31,160
D et G r H & MUw 2d w k Oct
576,698
49,166
656 929
41,730
Canada Atlan tic. 2d w k Oct
713,736
5,771,528 5,108,147 16,364,114 14,653,462
Great N o r t h e r n . __September
M ontana Central. September
226,528] 214,457
692,188
708,509
Total system____ September
5,998,056 5,322,604 17,072,623 15,345,650
714,751
44.140
47,027
G ulf & Snip Islan d . 3d w k Oct
760,468
675.800
H ocking V alley------ September
607,032 1,996,475 1,831,164
4,901,554 4,647,543 14,336,409 13,475,939
Illinois Central____ September
Inter & Great North 3d w k Oct
152,000
209,000 2,307,000 2,525,000
153,924
Interoctanlc(M ex) 3d w k Oct
123,428 2,261,760 2,036,695
965,527
68,150
63,821 1,007,494
Iq w a Central_______ 3d w k Oct
398,186
208,386
K an aw h a
M ic h .. A u g u s t ___
416,699
214,068
900,946
Kansas City South . September
681,291 2,654,690 2,049,884
Lak e Erie & W est’n — See New Y ork Cen tral
Lak e Shore & M Sou — See New Y ork Cen tral.
Lehigh V a ll e y -------- A u g u s t ____ 3,496,604
6,765,646
Lexington & East— A u g u s t ___
103,659
109,300
57,539
53’ 383
97. 061
L o n g Islan d________ A u g u s t ____
186, 064
120,446
Louisiana <Ss A rk a n . A u g u s t ___
208,709
104,961
238,456
Lqulsvllle & N a s h v . 3d w k Oct 1,009,875
943,270 15,689,035 14,183,843
12,343
Macon & B in n in g .. September
39,409
13,894
38,395
32,304
4,554
7,485
M anlstlque_________ September
19,134
60,776
37,438
32,741
M aryland
P e n n .. A u g u s t ___
66,734
AlexicanCcntral _ . September 2,989,831 2,256,447 9,078,490 6,622,070
a M e x lc a n ln te m a t. 3d w k Oct
148,590
160 .451 2,698,888 2,345,368
143.800
Mexican R a ilw a y . 2d wk Oct
116,100 2,261,400 2,055,300
347,933
25,794
24,616
Mexican Southern 2d wk Oct
401,470
Michigan Central___ — See N ew
Y ork Cen tral.
152,156
118,182
M idland V alley------ September
48,021
363,213
235,518
13,977
13,897
Mineral R a n g e _____ 3d w k Oct
261,240
89,4-28
M lnneap & St Louis 3d w k Oct
74,399 1,352,611 1,218,918
280,726 4,121,105 4,186,135
318,961
Minn St P & S S M . 3d w k Oct
Mo Kansas & Texas A u g u s t ___ 2,288,414' 1,940,862 4,512,949 3,789,217
973,000, 909,000 15.744.561 14.346.349
Mo Pac &Iron M t ._ 3d wk Oct
Central Branch. . 3d wk Oct
539,000
36,000
36,000
576,000
945,000 16.320.561 14.885.349
T o t a l.____________ 3d wk Oct 1,009,000
235,045
Mobile Jack 4 K C . A u g u s t ___
133,9341 120,751
268,117
Mobile & Ohio______— See Sout Hern R ail w ay.
995,211
969,531 1,953,050 1,879,778
N a sh v Chatt
St L A u g u s t ___
285,033
a N a t R R of Mexico 3d w k Oct
280,273 5,034,669 4,429,399
313,316
17,708
19,271
H idalgo & N E ._ 3d w k Oct
316,370
99,034
7,645
8,191
N evada-Cal-Oregon ;3d wk Oct
126,171
12,926
8,057
N e v a d a Central____ 'A u g u s t ___
14,729
6,422
N Y Chic
St Lou’s;— See N ew York Cen tral.
N Y Ont & W e s t e m lA u g u s t ____ 899,256
845,505 1,726,403 1,652,875

k

&

&

&

&

h

&

&

&

a

&

Inc.

&

&

Week or
M on th .

C urren'
Y :a r .

N Y C & H u d R iver A u g u s t ___
Lake Shore
M S A u g u s t ___
Lake Erie & West A u g u s t ___
Chic Ind & South A u g u s t ___
Michigan Central. August .
Cleve C C & St L . August _
Peoria & Eastern A u g u s t ___
Cincinnati N o rth . A u g u s t ___
Pitts & Lake Erie A u g u s t ___
R u tla n d __________ A u g u s t ___
N Y Chic & St L . A u g u s t ___
N Y Susq
W e s t .. August ___
Norfolk & W estern. A u g u s t ___
Northern C e n tra l.. September
Northern Pacific___ A u g u s t ___
Pacific Coast C o ___ A u g u s t ___
Penn— Eas P & E September
W est of P & E . September
Peoria & Eastern . . — See New
Phlla Balt
W a sh . September
Pitts Cln Chic & S tL September
Pitts
Lake Erie
See N ew
H aielr’i & Chariest. J u n e ______
R a le ig h * Soutaport September
R eading R a ilw ay __ S ptember
Coal
Iron C o .. September
Total both co’s . . September
Rich Fred & Potom A u g u s t ___
Rio Grande June___ A u g u s t ___
Rio Grande S o u th .. 3d wk Oct
Rock Island System August ___
St L & San Fran A u g u s t ___
Evan sv & Ter H A u g u s t ___
T otal of all llnes. A u g u s t ___
R u tia n d ____________ — See N ew
St Joseph
G r I«l_ _ A u g u s t ___
St Louis & San F^an — See Rock
St Louis Southwest. 3 d wk Oct
S caboardA lr L in e __ August ___
Sierra R a il w a y ____ A u g u s t ___
Southern In diana__ September
c.Southem Pac C o .. A u g u s t ___
Southern R a ilw a y .. 3d w k Oct
Mobile
O h io ... 3d w k Oct
Cln N O & T ex P . 3d w k Oct
A la Great South. 3d w k Oct
Georgia So & F la 3d w k Oct
Texas Central_____ 3d w k Oct
Texas & Pacific____ 3d wk Oct
Tidew ater & W e st. September
Toledo & Ohio Cent A u g u s t ___
Toledo Peo & W est 3d w k Oct
Toledo St L & W est 3d w k Oct
Tom blgbee V a lle y .. September
T o r H am & Buffalo September
Union Pacific S yst. A u g u s t ___
Virginia & So W e s t. September
W a b a s h ----------------- 3d wk Oct
W estern Maryland . 3d w k Oct
W Jersey & S ea sh .. September
W heel & Lake Erie. 3d w k Oct
Wisconsin Central__ A u g u s t ___
W rightsv & Tennllle .A u g u st___
Yazoo
Miss Valley .September

&

&

d

d

&

&

&

e
f

&

&

&

9,264,420
4,135,926
488 660
248,516
2,474.261
2,471,386
259,136
95,341
1,519,496
293,568
884,757
272,190
3,057,236
1,176,519
6,780,878
755,960
14450 859

Inc.

York Cen
1,526,490
2,906,098
Y ork Cen
4,846
10,099
3,882,220
2,928,892
6,811,112
188,973
78,587
14,511
5,647,125
4,670,790
224,045
10541961
Y ork Cen
173,612
Island S
246,439
1,326 305
42,965
163,557
11690965
1,273,825
200,335
184,281
73,944
42,517
26,935
328,040
7,437
457,138
27,050
89,272
5,540
71,521
7,008,513
95,971
580,089
128,625
605,408
139,897
728.663
21,306
729,646

Ju!y 1

Previous
Year.

&

Inc.

1

Current
Year.

A tlan ta
Charlotte A ir Line___
Bellefonte Central_______________
M an lstlq ue -------- -----------------------Mexican R a ilw a y ________________
Mexican S outh ern --------------------N e w Y o rk Central_______________
Lak e Shore & Michigan South
Lake Erie
W estern_________
Chicago Indiana
Southern.
Michigan Central_____________
Cleve Cln Chic
St Louis____
Peoria & Eastern_____________
Cincinnati Northern_________
Pittsburgh
Lak e E rie______
R u tlan d________________________
N e w Y ork Chicago
St Louis
N orthern Central________________
Penn— East of P itts <5c Erie___
W est of Pittsburgh
E r ie ..
Phlla Baltimore & W ashington.
P itts Cln Chicago & St Louis___
Rio Grande Junction____________
Texas
Pacific_________________
W est Jersey & Seashore________

&

&
&

&

&

d

d

&

&

to latest Date

C urren Year.

8,623,508
,033,738
3,823,405
,940,802
509,236
887.151
170.679
483,741
2,175,481
,861,104
2,365,287
,783,849
286,183
493,812
115,046
179,477
1,257,504
,953,191
287,518
579,844
809,568
,694,013
243,956
548.082
,925,826
,528,814
,612,070
1.052.519
5,911,919113 .912.343
622,106 1 ,493,427
13059 859 44 ,573,323
859.700
tral.
,651,795
1,414,090
,510,721
2,532,102
tral
69,808
4,316
31,163
8,118
3,376,224
,734,376
,768,541
2,150,451
5,526,675
,502.917
129,297
367,231
63,900
157.152
12,670
205,989
5,036,627
,726,285
3,940,867
,046,962
222.701
422,798
9,200,195
,196,048
tral.
153,691
320.192
ystem
208,591
,410,677
1,171,596
,617,167
41,361
83,187
139,458
460,832
9,655.187
,142.236
1.139,162
,571,929
186,70
,278.633
168,145
,835,749
70,186
,289,703
43,107
718,041
28,025
375,545
,690,396
336,113
26.176
6,357
917,146
473,83;
392,878
27,205
,387,665
77,230
17,923
3,773
224,6 5
69,158
6.220.520
,242,507
87,623
315,486
571,967
,185,751
102,033
,972,648
549,108
,237,239
122,564
.210,035
677,168
477 589
19.204
39,383
693,054
,147,000

Various Fiscal Years.

inc.

&

a
a
a

Latest Grosz Earnno .
ROADS

Mch 1
1
Jem 1
Jan 1
1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Dec 1
Jan 1
Jan 1

to
to
to
tn
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
t.0
to

July
Sep
Sep
Oct
Oct
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Sept
Sept
Sept
Sept
Sep
Aug
Oct
Sept

31
30
30
14
14
31
31
31
31
31
31
31
31
31
31
31
30
30
30
30
30
31
21
30

16.352,730
7.407,836
942.475
336.757
4,294,452
4.508.651
530,820
203,399
1,573,277
537,441
1,618,290
476,981
.930.182
3,089,270
11,600.845
1,185 620
38,579,223
3,332,200

■i

4,227,495
7,528,218
58,233
19,832
10.055,677
6,538,668
16,594,345
287,673
125,495
191.476
9,430,335
7,482.675
412.476
17,325,488
296,410
3,040,588
2,351.282
79,802
393.037
18.868.923
17,053,534
2.976,564
2,620,464
1,188,414
644,925
311,025
4,229,125
22,446
875,887
391,817
1,300,237
15,314
193,960
12,428,349
252,917
8,951,849
1,690 083
2,050,139
1,871,614
1,291,337
39 112
1,956.296

Previous
Year

1,840,208 1,693,312
41.337
46,365
83.434
50,353
6,232 600 5,551,900
985,561
1,078,022
64,964,633 59,231,954
29.530,338 28,014,933
3,319,688 3,467,854
1,983,239 1,483,020
18,695.084 16,913,595
17.223,618 15,871,169
1,935.73.! 1,992,376
659,281
679,160
9,995,235 9,620,433
1,966,340 1,805,309
6,915.035 6.504.290
9,958,364 8.565,064
123714772 108406 072
In c .8,25! 2,500
12,830,006! 11,740.906
24,446,498 21 680,777
621 540 [
496.220
13,084,141 0,832.614
4,697,891 4.220.691

AGGREGATES OF GROSS EAR NING S— Weekly and Monthly.

Monthly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d

fid

week
week
week
week
week
week
week
week
week
week

a

Aug
Aug
Aug
Sept
Sept
Sept
Sept
Oct
Oct
Oct

(46
(46
(45
(42
(44
(44
(41
(44
(44
(45

Cur'nt Year Prev's Year Inc. or Dec.

roads)___
roads)___
roa d s)___
roa d s)___
roads)___
roa d s)___
roa d s)___
ro a d s)___
ro a d s)___
roads)___

b

10.859.109
10,979,680
15,826,422
10.203,348
10.675,363
10,831,739
13.165.110
10 550,529
10,889,698
11,248,141

10.067,077
10,057,599
14.483.145
9,494,861
9,882,969
10,129,558
12,153,033
9,860,692
10,354 093
10,614,370

+ 792.032
+ 922.081
+ 1.343 277
+ 708.487
+ 792,394
+ 702,181
+ 1,012,077
+ 689,837
+ 535,605
+ 633,771

&

%
7.87
9.16
9.27
7.45
8.02
6.93
8.33
6.99
5.17
5.97

Monthly Summaries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month

Dec
Jan
Feb
Mch
A pril
May
June
July
Aug
Sep

1906
1907
1907
1907
1907
1907
1907
1907
1907
1907

(127
(123
(122
(118
(118
(121
(121
(116
(121
(5.5

roads)
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
ro a d s).

Cur’nt Year Prev's Year, Inc. or Dec.
S
184,235
173,212
162,283
180,539
188,130
195.943
183 125
187,069
197,288
56,317

595
305
992
532
451
305
657
790
033
229

S
170 ,746.769
162 ,623.883
152 555.191
164 ,645,009
154 .894,748
165 890.345
161 ,2:>.5,109
163 685,258
175 .726,323
52 ,172,480

S
+ 13 .488 826 7.30
+ 10 ,588,422 6.»1
4-9 .728 801 6.05
+ 15 .894,523! 9.65
+ 33 .235,703 21.45
+ 30 052 960 18.12
+ 21 ,890,548^13.59
+ 23 .384,532114.28
+ 21 .561,710 12.27
+ 4 .144,2491 7.95

Alexlcan currency,
Includes earnings of G ulf
Chicago DIvlsloi.
c Includes the Houston * Texas Central and it* su j*ld iary lines In ootli
fears,
Covers lines directly operated,
Includes the (Jh -j.:o & Eastern Illinois In both years.
Includes Evansville & Indiana rtR.
« Include*
Warnings of Ool. & South., Ft. W orth <5o Denver City and ail affiliated lines, excepting Trinity & Brazos Valley R R .
Include* In both years earning*
&f Denver Enid & G ulf R R ., Pecos Valley System and Santa Fe Prescott & Phoenix R y.

d




e

(

k

N O V . 2 1 9 0 7 .]

Latest Gross Earnings by W eeks.— In the table which
ollows we sum up separately the earnings for the third
week of October. The table covers 45 roads and shows
5.97% increase in the aggregate over the same week last year.
T h ird week of October.
A la b a m a G reat S ou th ern _______
B u ffa lo R o ch ester & P ittsb u rg h
Canadian N o rth e rn ----------------Canadian P a c ific ________________
C en tra l o f G eo rg ia _______________
C h a tta n oo ga S ou th ern _________
C hicago G reat W e s te rn __________
Chicago In d ia n ap & L o u is v ille . .
C h icago T erm in a l T r a n s fe r______
Cine N e w O rl & T ex a s P a c ific . .
C o lo ra d o & S ou thern____________
D en v e r & R io G ra n d e___________
D e tro it & M a ck in a c _____________
D e tro it T o le d o & Ir o n to n _______
D u lu th South Shore & A t la n t ic .
G eorgla Southern & F lo rid a ____
G rand T ru n k o f C an ada_______ *
Grand T ru n k W e s te rn _______
D e tro it G r H a ven & M l l w . .
Canada A t la n t ic _____________ .
G u lf & Ship Is la n d _______________
In tern a tion a l & G reat N orth ern
In terocea n lc o f M e x ic o _________
Io w a C e n t r a l____________________
L o u is v ille & N a s h v ille __________
M exican In te rn a tio n a l__________
M in era l R a n g e ___________________
M in neapolis & St L o u is _________
M inneapolis St P a u l & S S M . . .
M issouri P a cific & Ir o n M tn ____
C entral B r a n c h _________________
M o b ile & O h io ........... ..................
N a tio n a l R R o f M e x ic o __________
H id a lg o & N o rth ea stern _____
N e v a d a C aliforn ia & O re go n ___
R io G rande S ou th ern ___________
S t Lou is S ou th w estern _________
Southern R a ilw a y _______________
T ex a s C e n tra l____________________
T ex a s & P a c ific _________________
T o le d o P eo ria & W e s te rn _______
T o le d o St Louis & W e s te rn ____
W a b a s h ._________________________
W estern M a ry la n d _______________
W h e e lin g & L a k e E r ie __________
T o t a l (45 r o a d s ) _____
N e t Increase (5 .9 7 % ).

Net Earnings Monthly to Latest Dates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Oct. 26 1907. The
next will appear in the issue of N ov. 23.
------ Gross E a r n ’gs------ ------ N e t E a rn in g s -----C u rre n t
P re v io u s
C u rren t
P rev iou s
Y ea r.
Y ea r.
Y e a r.
Y ea r.
Roads.
$
$
$
$
A tc h T o p & S a n t a F e .b - .S e p 8,077,118 c7,425,809 d2,504,808cd2,9l4,18l
J u ly 1 to Sep 30_______ 24,005,563e21,358,064d7,480,129cd8,312,221
B u ff R o c h & P it t s b - b . - - S e p
873,683
746,724
346,172
321,027
J u ly 1 to Sep 30........... 2,586,901
2,050,438
1,082,470
804,612
C anadian N o rth e rn ......... Sep
758,300
624,400
209,100
206,600
J u ly 1 to Sep 30........... 2,618,200
1,823,100
787,500
604,600
2,151,353 2,437,932
Canadian P a c ific .a ........... Sep 6,423,452
6,152,767 2,151,353
7,272,322
J u ly 1 to Sep 30_______ 20,441,904 18,291,187
7,228,481
f2 4 2 ,031
Central o f G e o r g ia .a ____ Sep 1,072,689
/973.490
258,232
J u ly 1 to Sep 30_______ 3,046,869 /2,876,938
“
^612,421
695,421
1,009,856
C entral o f N e w J e r s e y .b -S e p 2,399,719
2,149,657
1,043,859
J u ly 1 to Sep 30........... 7,500,505
3,384,035
6,807,226 3,390,023
812,610
2,144,476
948,515
Chesapeake & O h io .b ___ Sep 2,541,328
2,379,671
J u ly 1 t o Sep 30_______ 7,598,839
6,273,479 2,862,621
1,934
4,051
C h esterfield & L a n c a s .b .S e p
5,567
1,323
- u-ly -1 t■o ~
—
15,349
4,248
9,872
4,619
J
Sep 30______
11,143
10,692
20.050
C o rn w a ll R R . b __________S ept
19,337
31,495
57,542
37,146
J u ly 1 t o Sept 30_______
64,197
36,620
73,514
32,489
C opper R a n g e .a ____ . . . A u g
87,785
68,386
142,010
J u ly 1 to A u g 31_______
175,959
78,175
18,202
105,146
26,812
D e tro it & M ackin ac . a ___ Sep
109,346
57,984
J u ly 1 to Sep 3 0 .r ____
338,528
316,821
76,743
d e f.1,579
F a irch ild & N o rth e a s t. b . . Sep
1,294
1,207
194
J u ly 1 to Sep 30_______
4,063
3,960
d ef. 1,770
d e f.1,100
53,340
G eo rgia R R . a ____________ Sep
265,778
248,322
48,929
148,166
J u ly 1 to Sep 30_______
744,666
702,763
106,607
234,495
H o c k in g V a l l e y . a --------- S ept
675,800
607,032
265.707
691.346
J u ly 1 to S ep t 30........... 1,996,475
1,831,164
734,231
In tero cea n lc o f M e x ic o .S e p t
618,934
112,312
538,782
157,404
J u ly 1 to Sept 3 0 .......... 1,842,106
376,026
1,655,971
451,097
279,208
ft85,153
Io w a C e n tra l.a ___________ Sep
300,586
ftll3 ,8 5 7
770,240
J u ly 1 to Sep 30...........
806,090
ft211,519
fc255,388
547,775
2,256,447
M exica n C e n tra l_________ Sep 2,989,831
798.708
6,622,070
2,490,530
1,464,821
J u ly 1 to Sep 30_______ 9,078,490
593,801
194,263
188,421
M exican In te r n a t io n a l..S e p t
683,426
1,860,993
667,656
599,622
J u ly 1 to S ept 30_______ 2,241,029
fcl3 4 ,806
331,672
fcl4 3 ,673
M ln neap & S t L o u is .a ___Sep
373,922
998,187
£382,901
fc407,663
J u ly 1 to Sep 30_______ 1,082,746
429,984
N a tio n a l R R o f M e x ic o .S e p t 1,332,849
1,188,575
481,169
1,286,316
3,607,024
J u ly 1 to S ept 30_______ 4,145,550
1,393,618
19,594
28,378
H id a lg o & N o r E ’n .- S e p t
88,994
87,623
76,400
256,336
57,460
J u ly 1 t o S ept 30_______
261,583
289,113
N o rth ern C e n t r a l.b ____ S ept 1,176,519
1,052,519
297.913
Jan 1 to S ept 30_______ 9,958,364
2,029,905
8,565,064 2,021,905
P en n sy lva n ia — Lin es d ir e c tly o p era ted —
E a st o f P itts & E r ie .- S e p t l4 ,450,859 13,059,859 4,318,577
4,785,577
Jan 1 to S ept 30____ 123,714,772 108,406,072 33,908,301 33,299,401
W e s t o f P itts & E r ie ..S e p t
In c
859,700
In c
62,600
Jan 1 to S ep t 3
0 . .........
30____
I.
In c 8,252,500
In c 1,671,100
P h ila B a lto & W a s h .b ..S e p t 1,526,490
1,414,090
386,866
472,766
Jan 1 to S ep t 30_______ 12,830,006 11,740,906
2,634,086
3,068,786
R e a d in g C om p an y—
P h ila fc R e a d i n g . b . . . S e p t 3,882,220
3,376,224
1,475,426
1,365,420
4,597.751
3,943,045
J u ly 1 to S ept 30----- ,..11,73 4,376 10,055,677
Coal & Iro n C o .b ------S ep t 2,928,892
2,150.451
244,926
def69,325
J u ly 1 to Sept 30........... 8.768,541
6,538,668
582,749
60,595
T o t a l both c o s .b ......... S ept 6,811.112
5,526,675
1,720,352
1,296,095
J u ly 1 to S ept 30........... 20,502,917 16,594,345
5,180,500
4,003,640
R e a d in g C o ............ . . S e p t
........................... ........
129,349
129,430
J u ly 1 to S ept 30 .................. ............................
386,140
389,154
T o t a l a ll cos................. S ept
...................................
1,849,701
1,425,525
J u ly 1 to S ept 30 ........................ ..
.............
5,566,640
4,392,794




1137

THE CHRONICLE.

-------Gross E a r n ’gs------ ------ N e t E a rn in g s -----C u rre n t
P re v io u s
C u rre n t
P re v io u s
Y e a r.
Y e a r.
Y e a r.
Y e a r»
$
$
$
$

Roads.
Sou th B u ff R y C o .b —
J u ly 1 to S ept 30_______
158,665
Jan 1 to S ep t 3T)_______
468,247
T ex a s C e n tra l.a __________Sep
102,684
J u ly 1 to Sep 30_______
297,702
T id e w a te r & W estern .b .S tep
7,437
J u ly 1 t o Sep 30_______
26,176
T o l S t Louis & W estern a Sep
388,099
J u ly 1 to S ep t 30_______ 1,130,179
T o m b lg b e e V a lle y C o___ S ep t
5,540
J u ly 1 to S ept 30_______
17,923
221,296
V ic t o r F u e l C o . b ............. Sep
J u ly 1 to Sep 30_______
677,474
W e s t Jer & Sea S h - b . - - S e p t
605,408
Jan 1 t o S ept 30_______ 4,697,891

131,737
368,224
84,164
228,474
6,357
22,446
340,122
1,080,261
3,773
15,314
192,092
590,580
549,108
4,220,691

12,367
30,862
28,561
76,765
d e f.606
2,337
p l3 4 ,0 6 5
f>347,726
1,354
4,670
48,734
143,783
199,202
1,218,957

31,148
55,605
36,036
97,033
534
3,110
3384,532
p283,203
1,009
4,655
43,500
130,812
168,102
1,411,557

a N e t earnings here g iv e n are a fte r d ed u c tin g ta xes ,
b N e t earnings here g iv e n are b efore d ed u c tin g ta x es ,
c Figu res revised fo r previou s y e a r so as t o accord w ith th e n ew classifica­
tio n o f earnings and expenses n ow re qu ired b y th e In te r-S ta te Com m erce
Com m ission.
d T h e co m p a n y n ow Includes earnings o f th e D en v e r E n id & G u lf R R . ,
Pecos V a lle y system and S anta F e P resco tt & P h o e n ix R y . In both years.
F o r S ept. ta xes and ren tals am ou n ted to $239,519, again st $90,052 in 1906;
a fter d ed u c tin g w h ic h , n et fo r S ept. 1907 w as $2,265,289, again st $2,824 ,129
last ye a r.
F o r period fro m J u ly 1 to S ept. 30 taxes and ren ta ls w ere
$720,499 In 1907. a ga in st $468,528 In 1906.
f Figu res here are on th e o ld basis o f a ccou n tin g— n o t th e n e w , o r In te rS ta te C om m erce Com m ission, m e th o d , as th e la tte r adm its o f no co m pa rison
w ith previou s y e a r.
h F o r S ept. 1907 a d d itio n a l In com e w as $5,299, again st $4,470 in 1906,
and fo r p eriod fro m J u ly 1 to S ep t. 30 w as $22,975 in 1907, again st $15,902
la st year.
<v
k F o r S ept. 1907 a d d itio n a l in com e w as $17,288, again st $25,114 in 1906,
and fo r period fro m J u ly 1 to S ept. 30 w as $44,229 in 1907, aga in st $60,466
la s t ye a r.
p F o r S ept. 1907 a d d itio n a l in com e was $1,294, again st $630 in '1906 and
fo r period fro m J u ly 1 to S ept. 30 was $2,909 in 1907, again st $1,639 in 1906.

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below those charges.
— I n t . , R entals, & c .— — B a l. o f N e t E ngs.—
C u rre n t
P re v io u s
C u rre n t
P re v io u s
Y ea r.
Y ea r.
Y e a r.
Y ea r.
Roads.
$
$
$
§
b666,376
674,715
343,480
Central o f N e w J ersey___ Sep {>3691,44
J u ly 1 t o Sep 30_______ {>1,586,126 {>1,937,556 1,803,807
1,446,479
Copper R a n g e ___________ A u g
8,437
8,437
24,052
28,183
J u ly 1 to A u g 31--------16,875
16,875
61,300
51,511
G e o r g ia R R _______________ Sep
a57,082
a51,983
£def.7,820
£3,917
J u ly 1 to Sep 30_______ al70,2 41 al5 5 ,9 4 9 zdef.62,03 3
£def.4,025
H o ck in g V a lle y __________S ept
67,650
62,475
£244,844
£183,410
J u ly 1 to S ept 30--------221,586
187,842
£688,934
£535,505
887,500
885,478
962,201
540,047
R e a d in g C o ____________ -S e p t
J u ly 1 to S ept 30--------- 2,662.500
2,656,434 2,904,140
1,736,360
South B u ff R y Co—
Ju ly 1 to Sept 30_______ cr 20,229
9,898
32,626
21,272
Jan 1 to Sept 30_______ cr 6,126
27,820
37,092
27,928
T e x a s C e n t r a l..------------ Sep
2,583
2,583 25,978
33,453
J u ly 1 to Sep 3 0 ..........
7,749
7,749
69,016
89,284
V ic t o r F u el C o ___________ Sep
19,255
18,389 £38,790
£34,063
J u ly 1 to Sep 30_______
58,083
55,444
£108,461
£104,295
a Charges here in clu de road re n ta l (p a id b y lessee) and o th er d ed u ctio n s.
b In clu d ed in fix ed charges are ex p en d itu res fo r renew als, a dditions and
Im p ro vem en ts a m o u n tin g t o n il fo r S ept. 1907, again st $110,577 in 1906,
and fro m J u ly 1 to S ept. 30 w ere $332,757 in 1906.
£ A ft e r a llow in g fo r o th er In com e received .

STREET R A IL W A Y S A N D T R A C T IO N C O M PAN IES.
Nam e of
Road.

Latest Gross Earnings.
Week or
M onth.

A lb a n y & H u d so n — A u g u s t ___
a A m erlca n R y s C o — S eptem b er
cA u r E lg in & Chic R y S eptem b er
B in gh a m ton R y ------- Septem b er
B lrm R y L t & P o w er A u g u s t ___
B ro c k to n & P ly S t R y Au gu st ___
Cape B reton K lee C o . A u g u s t ___
C entral P en n T r a c ___ S eptem b er
C hari Con R y G a s& E l Septem b er
Ch icago & M llw E le c . S eptem b er
^Chicago & O ak P a rk S eptem b er
C le ve P a ln e s v llle & E S eptem b er
C leve S ou th w & C o l . . S eptem b er
D e tro lt Jackson & Chi 3d w k O ct
/D etroit U n ited R y . . 3d w k O ct
D u lu th S treet R y — 3d w k O ct
E a st S t Lo u is & S u b . S eptem b er
E l P a so E le c tr ic ____ _ A u g u s t ___
F t W a y n e & W ab ash
V a lle y T r a c tio n ___ S eptem b er
G a l-H ou s E lec tric Co A u g u s t ___
H a v a n a E lec tric R y . W k O ct 27
H onolu lu R a p id T r &
L a n d C o __________ A u gu st —
H o u g h to n Co S t R y . A u g u s t ___
Illln o ls T ra c tio n C o .. S eptem b er
Jackson Consol T r a c . S eptem b er
J a ckson vllle E lec C o . Au gu st ___
K a n C ity R y & L ig h t S eptem b er
L a k e Shore E le c tr ic . . S eptem b er
L e x & In te r R y s C o . S eptem b er
M et W e s t Side E le v . S eptem b er
M llw E lec R y & L t Co A u gu st —
M llw L t H t & T r a c Co A u g u s t ___
M on trea l S treet R y _ . W k O ct 26
N a sh ville R y & L ig h t A u g u s t ___
N J & H R R y & F y Co S eptem b er
N O R y & L ig h t C o . . Sf p tem b er
N o r th O hio T r a c & L t S eptem b er
N o r f & P o rtsm T r Co Septem b er
N o W estch ester L t Co Au gu st . . .
N o rth w estern E l e v . . S eptem b er
O klah om a C ity R y . . A u gu st . . .
P ee k sk lll L ig h t & R R A u gu st . . .
P en sacola E lect C o . . A u g u s t ___
P o rtla n d R y L t & P Co A u gu st . . .
P u g e t Sound E lec R y A u gu st . . .
R io d e J an eiro T ra m
L ig h t & P o w e r ____ S eptem ber
R o c k fo r d & In t e r ’n
A ti g u s t ___

Current
Year.
$
43 523
270,058
139,193

Jan. 1 to latest date

Previous
Year.
$
41,522
258.097
125,850
30,566
160.362
17,383
23,468
58,135
51,732
97,156
64,369
29.411
64,371

Current
Year.

Previous
Year,

112" 601
14,714
177,762
32,048

2,234,098 2,059.869
1,073,750
936,707
209,830
231,77-0
1,401,530 1,222,831
83,234
76,671
155.327
162,8.40
561,889
507,1.49
531,920
484,542
785,400
633.5*2
628,909
621,914
222,082
207,63i6
568,891
482,634
{>305,594
5,442,55 2 4,899,258
676,559
615 ,.(18®
1,575,973 1,414,945
317,439
243,872

125,732
99,467
33,229

106,275
83,586
29,463

937,621

804,925

1,449",608

1 ,255~,997

29,679
25,337
344,966
13,926
34,695
534,923
96,187
59,195
211,468
337,439
100,796
68,292
130,492
46 545
466,160
185,341
295,611
8,700
146,170
26.732
16 760
21.044
359.347
165,079

28,681
25,694
266,844
13,490
27,679
476,756
89,023
61,634
190,462
319,034
79,970
61,446
111,080
45.125
441,807
163,289
155,558
7,221
116,262
17,473
14,831
15,542
319,617
142,603

239,566
165,829
2,722,482
123,716
261,631
4,439,982
721,388
420,783
2,014,320
2,495,289
542,033

227,489
148.683
2,163,308
113,0.00
207,3D4
3,993,897
664,805
394,768
1,797,269
2,272,995
454,40'S

995.328
369,412
4,456,560
1,459,784
1,977,297
68,355
1,261,943
169,119
108,973

872,988
331,695
4,218,184
1,293,351
1,275,7.53

2,629,219

2,253,979

4,592,890
399,180

338,789

185.5 69
17,327
23,970
63,196
56.731
111,117
64,588
29,870
75,992
7,027
118,427
17,189
199,211
42,130

564,160
64,4941

________
53,19 ✓

56,!?82

1,091,490

112,038
95,265

1138

THE CHRONICLE.
Latest Gross E a rn in g s.

N a m e of
Road.

S t Joseph (M o ) R y L t
H eat & Pow er C o ..
S ao P a u lo T-r L t & P .
S avan n ah E lectric Co
S ch u y lk ill R y O o____
S ou th Side E le v a t e d .
Sou W isconsin R y Ce
S yracuse R a p T r R y .
T o le d o R y s & L ig h t .
T o ro n to R a ilw a y ____
T w in C ity R a p T ra n .;
U n ite d R R o f San F r .
U n ited R y s o f St L - _
W e s t Chester (P a ) R y
W h a tco m Co R y & L t

Week or
M o n th .

C urrent
Y ea r.

S eptem b er
80,640
S eptem b er
177,581
54,417
A u g u st. . . .
A u g u s t ___
22,510
S eptem b er
177,383
Septem b er
12,881
S eptem b er
119,079
M a y ______ 173,990
W k O ct 26
63,990
3d w k Oct 115,994
A u g u s t ___ ft317,769
Septem ber
930,606
12,634
S eptem b er
A u g u s t ___
31,696

P rev iou s
Y ear.

78,834
159,152
59,333
134,623
12,230
102,772
167,847
58,125
102,395
429,311
884,121
9,474
24,423

Ja n . 1 to latest date.
C urrent
Y ear.

P rev iou s
Y e a r.

650,563
1,534,758
393,505
139,334
1,459,031
116,134
933,122
834,881
2,776,280
4,889,853

622,233
1,479,081
423,869
121,876
1,277,572
95,402
802,891
784,391
2;489,903
4,529,672

8,116,336
102,738
226.518

7,632,958
66,678
173,459

a Figu res fo r the m on th in both years In clu de o p era tion s o f the Scranton
R y . , acqu ired Jan. 1 1906. b F ig u res axe fro m F e b . 1. c Th ese figures are
fo r consolidated co m p a n y, d Th ese are results fo r m ain lin e, f N o w in­
cludes R an k! R y . S y s t ., S an dw ich W in d s o r & A m h ers tb u rg R y . and D tro lt
M onroe & T o le d o S h ort L in e R y .
ft D ecrease due to strik e a n d b o y c o t t .

Street Railway Net Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
S T R E E T railways from which we have been able to prcoure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month w6 bring together all
the roads reporting, as is done to-day:
------ Gross E a m ’gs-----C u rre n t
P re v io u s
Y ea r.
Y ear.
A lb a n y & H u d s o n , b—
J u ly 1 to S ep t 30_______
Jan 1 t o S ept 30_______
A u ro ra E lg in & C h ic____ Sept
J u ly 1 to S ep t 30_______
B in gh a m to n R a ilw a y .b —
J u ly 1 to Sep 30--------Jan 1 to Sep 30_______
B ro c k to n & P ly m S t R y . A u g
Jan 1 to A u g 31--------■Cape B reton E lect C o — A u g
Jan 1 to A u g 31 --------•Central P en n a T r a c t C o . S ept
Jan 1 to S ept 3 0 . , ____
C h a rles to n Consol R y .b - S e p
M ch 1 to Sep 30___
C h ic & M ilw E le c —
- .S e p t
Jan 1 to S ept 30_______
C le v P a in esv & E a s t-a -S e p t
Jan 1 to S ept 30_______
C le ve S ou thw & C o l____ Sept
Jan 1 to S ept 30--------D e t Jackson & C h ic .a .- S e p t
F e b 1 to S ep t 30--------■Detroit U n ited R y . a ----- Sep
Jan 1 to Sep 30_______
D u lu th S t R y C o . b ----- Sept
Jan 1 to S ep t 30_______
E a st S t L o u is & Sub’ n ..S e p t
Jan 1 to S ept 3 » --------E l P a so E le c t C o s .a ----- A u g
Jan 1 t o A u g 31. .
F t W & W a b V a l T r a c t C o -S ep t
Jan 1 to S ept 30--------G a lv-H o u s to n E l C o . a . - A u g
H o n o lu lu R T & L C o .b - A u g
Jan 1 to A u g 3 1 .- - H o u g h to n Co S t R y . a - . A u g
Jan 1 to A u g 31 --------Hudson V a lle y R y C o .b —
J u ly 1 to S ept 30------Jan 1 to S ept 30--------Illin o is T r a c t on C o - a — Sep
Jan 1 t o Sep 3 0 . . .
Jackson Consol T r a c C o .S e p t
M a y 1 to S ept 3 0 - ------Jackson ville E l C o . a . - A u g
Jan 1 to A u g 31--------K ansas C ity R y & L t - b - S e p t
June 1 to S ept 30--------K in g s to n C on solid ated . b—
J u ly 1 to S ept 30--------Jan 1 t o Sept 3 0 - . —
L a k e Shore E le c tr ic ______Sep
Jan 1 to Sep 30--------L e x in g to n & In t e r u r b .- S e p t
Jan 1 to S ept 30--------M ilw E le c R y & L t C o .b . A u g
Jan 1 to A u g 3 1 ------M ilw L t H t & T r C o .b - - A u g
Jan 1 to A u g 31--------M o n trea l S treet R y . - - - A u g
O ct 1 t o A u g 31--------N e w Orleans R y & L t .b .S e p
Jan 1 to Sep 30_______
N o r fo lk & P o rtsm T r C o -S e p t
Jan 1 to S ept 30--------N o r O h io T r a c & L t C o .S e p t
Jan 1 to S ept 30--------N o W estch ester L t C o -a - A u g
Jan 1 to A u g 31--------O k la h om a C ity R y C o — A u g
Jan 1 to A u g 3 1 . . -----P ee k sk lll L t & R R C o .a - A u g
Jan 1 to A u g 31--------P en sa co la E le c t C o ------- A u g
P o rtla n d R y L t & P C o . . A u g
Jan 1 to A u g 31_______
P u g e t Sound E lec R y — A u g
R io d e J T r a m L & P C o .S e p
Jan 1 to Sep 30......... R o c k fo rd & In t e r u r b -a - A u g
Jan 1 to A u g 3 1 ------SW oseph R y L t H t & P o w Sept
Jan 1 to S ep t 30--------Sao P a u lo T r a m L & P .S e p t
Jan 1 t o Sept 30---------




------N e t E a rn in g s-----C u rre n t
P re v io u s

89,555
186,388
139,193
442,043

92,534
184,143
125,850
393,083

34,831
57,936
66,859
221,337

32,918
40,151
62,561
202,166

87,751
209.830
17,327
83,234
23,970
155,327
63,196
561,889
56.731
424,109
111,117
785,400
29,370
222,082
75,992
568,891
39,548
283.543
626,713
5,072,216
74,398
625,672
199,211
1,575,973
42,130
317,439
125,732
937,621
99,467
29,679
239,566
23,337
165,829

94,322
231,770
17,383
76,671
23,468
162,840
58,135
507,149
51,732
380,237
97,150
633,542
29,411
207,636
64,371
482,634

50,616
112,909
10,433
28,000
10,921
62,208
9,230
71,833
17,457
147,107
57,291
380,784
14,682
97,281
30,881
209,846

________
593,113
4,562,847
67,763
570,470
177,762
1,414,945
32 048
243,872
106,275
804,925
83 586
28,681
227,489
25,694
148,683

38,484
80,041
7,623
26,324
11,247
51,134
15,982
117,935
18,215
159,526
68,327
459,965
12,075
103,833
35,499
242,111
7,037
58,863
236,561
1,955,414
38,959
316,048
105,507
744,737
8,946
68,941
55,748
380,610
43,323
13,138
107,595
12,006
61,816

----------243,569
1,848,039
32,565
272,544
93,360
710,335
7,547
76,740
45,017
312,172
34,391
11,932
93,467
13,182
50,587

234,797
487.874
344,966
2,722,482
13,926
82,447
34,695
261,631
534,923
2,087,825

232,439
464,176
266,844
2,163,308
13,490
73,795
27,679
207,304
476,756
1,875,097

89,438
135,481
157,028
1,188,409
5,246
37,385
12,331
92.980
271,943
1,014,828

122,212
190,832
126,774
970,032
5,352
33,071
10,762
78,976
251,788
940,889

48,225
109,316
96,187
721,388
59,195
420,783
337,439
2,495,289
100,796
542,033
329,755
3,164,399
466,160
4,456,560
295,611
1,977,297
185,341
1,459,784
8,700
68,355
26,732
169,119
16,760
108,973
21,044
359,347
2,629,219
165 079
564,160
4,592,890
64,494
399,180
80,640
650,563
177,581
1,534,758

49,130
108,245
89,023
664,805
61,634
394,768
319,034
2,272,995
79,970
454,403
300,278
2,794,947
441,807
4,218,184
155,558
1,275,753
163,289
1,293,351
7,221
56,382
17,473
112,038
14,831
95,265
15,542
319,617
2,253,979
142,603

19,312
37,091
49,908
335,368
28,076
154,476
161,920
1,217,343
64,268
311,308
144,911
1,218,010
198,018
2,042,470
133,690
776,629
89,168
627,199
3,808
27,116
10,232
62,387
8,960
49,745
7,949
171,313
1,086,975
62,345
218,240
1,536,314
34,564
179,413
42,972
319,847
114,093
996,383

26,574
50,615
46,424
303,076
27,264
135,032
169,026
1,135,958
.51,999
276,602
141,863
1,108,178
201,984
1,921,377
60,650
441,922
75,323
528,181
2,694
15,802
8,351
50,990
8,219
45,941
5,336
136,748
1,007,152
56,400
_______
--------25,746
140,289
41,637
302,007
103,806
969,065

_______
53,191
338,789
78,834
622 233
159,152
1,479,081

[V o l . l x x x v .

------ Gross E a rn 'g s ------ ---------N e t E a rn in g s------C u rre n t
P re v io u s
C u rre n t
P rev iou s
Year.
Y e a r.
Y ea r.
Y e a r.
Hoads.
$
S
$
5
.Savannah E le c t C o . a . - A u g
54,417
59,333
16,619
25.909
Jan 1 to A u g 31_______
393,505
423,869
130,378
173,976
S ch u ylk ill R a ilw a y C o . . A u g
22,510
_______
11,543
Jan 1 to A u g 31...........
139,334
121,876
..................... ..
Syracuse R a p T ra n C o ___ Sep
119,079
102,772
57,259
45,039
Jan 1 to Sep 3 0 _______
933,122
802,891
408,736
344,840
T w in C ity R a p T r C o .b - - S e p
561,446
534,151
310,170
297,225
Jan 1 to Sep 30_______ 4,540,272
4,217,437 2,359,836
2,266,387
U n ited R y s o f S t L . a — S ep t
930,606
884,121
341,723
353,206
Jan 1 to S ept 30_______ 8,116,336
7,632.958 2,817,320
2,847,285
W est Ches (P a )S t R y . b . S e p t
12,634
9,474
7.048
5,269
Jan 1 to S ept 30_______
102,738
66,678
55,321
31,987
W h a tco m Co R y & L t - . A u g
31,696
24,423
14,009
9,103
Jan 1 to A u g 30_______
226,518
173,459
92,058
54,289
a N e t earnings here g iv e n are a fte r d ed u c tin g taxes.
b N e t earnings here g iv e n are b efore d ed u c tin g taxes.

Interest Charges and Surplus.
— In t . . Rentals, & c .— — B a l. o f N e t E ’ngs.—
C u rre n t
P re v io u s
C u rren t
Prev iou s
Y ea r.
Y ea r.
Y ea r.
Y ear.
$
$
S
S

Reads.
A lb a n y & H u dson —
J u ly 1 to S ept 30_______
27,625
26,375
£18,323
Jan 1 to S ept 30_______
83,139
74,304
£10,115
A u ro ra E lg in & C h ic .. -S e p t
24,654
24,772
42,205
J u ly 1 to Sept 30...........
79,149
74,651
142,188
B in gh a m to n R a ilw a y —
J u ly 1 to Sep 30...........
24,772
23,138
£14,576
73,462
67,539
£9,384
Jan 1 to Sep 30_______
B rock ton & P ly m S t R y . A u g
1,787
1,844
5,836
Jan 1 to A u g 31_______
14,288
14,629
12,036
Cape B reton F,1 G o _______ A u g
4,314
4,250
6,933
Jan 1 to A u g 3 1 . . _ . _ 34,214
34,660
16,920
Charleston Consol R y . - j S e p
13,516
13,016
4,699
M ch 1 to Sep 30......... 94,616
90,966
64,910
C leve P a in esv & E a st’ n .S e p t
6,796
7,108
5,279
Jan 1 to S ept 30...........
63,664
62,530
40,169
D e tro it Jackson & C h ic .S e p t
16,575
________
£def9,392
123,225
________ £def63,162
Feb 1 to Sept 30_______
D e tro it U n ited R y C o ..- S e p
116,389
107,519 £123,870
Jan 1 to Sep 30_______ 21,028,939
924,576 £966,134
D u lu th S t R y C o _______ S ept
17,922
17,860
21,037
Jan 1 to S ept 30_______
159,808
158,645
156,240
5,260
4,084
3,686
E l Paso E lec C o s -........... A u g
Jan 1 to A u g 31_______
39,025
30,673
29,916
13,426
11,959
29,897
G a lv-H o u sto n E l C o ____ A u g
H o n o lu lu R a p T ra n C o . . A u g
6,249
5,258
£7,525
Jan 1 to A u g 31_______
49,137
42,060
£64,109
H o u gh to n Co S t R y ____ A u g
3,977
3,912
8,029
Jan 1 to A u g 3 1 -.........
31.619
31,301
30,197
H udson V a lle y R y Co—
53,969
52,091
£38,673
J u ly 1 to S ept 3 0 ..........
154,787
186,085 £ d e fl2 ,0 5 6
Jan 1 to S ept 30_______
Jackson Consol T r a c C o -S ep t
2,967
2,879
2,279
M a y 1 to S ep t 30_______
14,833
14,395
22,552
J ackson ville E l C o ______A u g
4,680
3,428
7,651
Jan 1 to A u g 31_______
30,245
27,016
62,735
K ansas C ity R y & L t . . . S e p t
156,157
144,600
115,786
June 1 to S ept 30...........
619,891
573,950
394,937
K in gsto n C on solid ated—
Ju ly 1 to S ept 30_______
18,025
17,950
£1,427
Jan 1 to Sept 30_______
38,075
37,833 £ d e f 577
L a k e Shore E le c tr ic ______Sep
25,189
21,172
24,719
Jan 1 to Sep 30_______
218,241
185,777
117,127
M ilw E lec R y & L t C o - .A u g
105,021
93,272
£64,994
804,977
697,865 £462,186
Jan 1 to A u g 3 1 ..........
M ilw L t H t & T r a c G o . . . A u g
60,732
31,163
£3,604
Jan 1 to A u g 3 1 ..........
330,672 207,833 £def.l8 ,8 2 0
M o n trea l S treet R y ______A u g
67,208
59,429
77,703
O ct 1 to A u g 3 1 . .........
524,555
434,239
693,455
N e w O rleans R y & L t . . - S e p
165,664
157,463
32,354
Jan 1 to Sep 30_______ 1,483,462
1,376,999
559,008
N o r O hio T r a c & L t G o .S e p t
43,279
40,597
45,889
Jan 1 to S ept 30...........
383,160 361,599
244,039
Pen sacola E lec C o --------- A u g
3,594
3,161
4,355
P u g e t Sound E l R y ------A u g
33,664
26,240
28,681
R o c k fo rd & In t e r u r b a n .A u g
10,899
10,704
23,665
Savannah E lec C o _______ A u g
12,250
11,537
4,369
Jan 1 to A u g 31_______
96,487
90,696
33,891
S yracuse R a p T ra n C o . . . S e p
26,474
24,133
£30,874
Jan 1 to Sep 30_______
230,609
207,177 £178,915
T w in C ity R a p T ra n C o ..S e p
115,142
114,758
195.028
Jan 1 to Sep 30_______ 1,036.742
1,004,152 1,323,094
U n ited R y s o f S t L o u is - - S e p t
232,404
233,006
109,319
Jan 1 to S ept 3 0 - ......... 2,083,730
2,086,147
733.590
W e s t Ches (P a ) S t R y - - S e p t
2,651
2,583
4,397
Jan 1 to S ept 30--------24,048
23,523
31,273
W h a tco m Co R y & L t - . A u g
6,710
3,758
7,299
Jan 1 to A u g 31 --------- '
51,651
30,358
40,407

£15,275
£def331
37,790
127,515
£28,031
£46,880
8,589
13,371
6,671
27,548
4,441
56,141
7,574
34,751

£139,173
£956,301
14,705
113,899
3,463
46,067
22,432
£7,195
£55,386
9,270
19,286
£75,894
£17,733
2,473
18,676
7,334
51,960
107,188
366,939
£8,774
£13,232
25,252
117,299
£82,062
£467,778
£20,904
£69,323
82,434
673,939
44,521
544,378
34,726
166,582
2,175
30,160
15,042
14,372
83,280
£20,960
£140,547
182,467
1.262,235
120,200
761.138
2,686
8,464
5,345
23,931

£ A ft e r a llo w in g fo r o th er Incom e received .

A N N U A L REPORTS.
Annual Reports.—’The following is an index to all annual
reports of steam railroads, s t r e e t railways and miscellaneous
companies which have been published since the last editions
of the “ Railway and Industrial” and “ Street R ailw ay”
sections.
This index does not inlcude reports in to-day’s “ Chronicle.”
R ailroad s—
P age
A la b a m a G reat S o u t h e r n _______ 1082
B a lt im o r e * O h io ............... 999 ,1008
C anadian P a c ific (a n n .m eetin g ) 1002
C entral V e r m o n t ________________ 1005
Chic. Burl. & Q u in c y ____ 1079. 1086
Chic. & E astern Illin o is ________ 1001
C h icago G reat W e s te rn .-1 0 0 2 , 1028
C hicago P e o ria & S t. L o u is ------1086
Chic. R . I. & P a c . R a ilro a d ------1000
Chic. R . I . & P . R a ilw a y -1000, 1013
Cln. H a m ilto n & D a y t o n .......... 1003
C levela n d L o ra in & W h e e lin g .. 1005
D e tro it & M a ck in a c----------------- 1005
E v a n sville & T erre H a u te ------- 1000
In terb orou gh R a p id T r a n s it— 1080
M ex ica n C e n tra l_________________ 1080
Missouri P a c i f i c -----------------------1003
M o b ile & O h i o ......... - .................. 1083

R ailroads— (C on .)
Pa g e
N o rth ern P a c ific ............... 1079, 1087
P ere M a r q u e t t e .........
.1002
R o c k Islan d C o ................. 1000, 1018
S t. L ou is & San F ra n cis co. 1000,1016
Southern R y .........
.
999,1020
W isconsin C e n tra l............. 1079, 1092
In d u stria l C om panies—
A llis-C h alm ers . _ ......................1081
C a lifo rn ia Gas & E le c t r ic .......... 1004
F e d e ra l M in in g * S m e ltin g ------- 195J
In tern a tio n a l P a p e r______________J081
Massachusetts Gas C os__________1004
P a cific C o a s t_______________ 1081,1093
S tan dard M illin g - ........................1082
U . S. R ed u c tio n & R e fin in g ..
1085
W estm ghou se E l.& M fg .(6 m o s .) 1085
Street Railways—
Ch icago U n io n T r a c tio n ............. 1003

N o v . 2 1907.]

THE CHRONICLE.

'
Missouri Pacific Railway.
(Report for Fiscal Year ending June 30 1907.)
The remarks of President George J. Gould and Vice-Presi­
dent C. S. Clarke will be found on subsequent pages of the
“ Chronicle.”
Statistics.— The statement of operations and earnings of
the combined Missouri Pacific and St. L. I. M. & So. sys­
tems (including the Central Branch R y ., &c.) for four years
is as below given:
O P E R A T IO N S A N D F IS C A L R E S U L T S O F M IS S O U R I P A C IF IC A N D
S T . L O U IS IR O N M O U N T A I N & S O U T H E R N .
------------- Y ears end. J u n e 30--------------Y r.en d .D ec.
1907.
1906.
1905.
31 1904.
M iles o p erated , a v e ra g e 6,375
6,276
6,205
6,140
Operations__
Passengers can -led.........
9,496,531
7,876,244
6,641,776
6,571,066
Pass, carried 1 m ile ____ 432,547,733 397,478,879 453,946,487 462,936,368
R a te per pass, per m ile .
2.242 cts.
2.202 cts.
1.935 cts.
1.943 cts
F r ’ t (ton s) car. ( r e v . ) 18,302,155 17,685,750 15,743,340 15,358,000
d o car. 1 m ile ( r e v . ) -4475852756 4197333656 3591020738 3524810460
R a t e p . ton p e r m . ( r e v .)N o t re p ’ ted N o t re p ’ ted N o t re p ’ ted
0.849 cts.
" o .r e v . ton
. .s in
. tra
. in ___
295.9
N
309.6
275.3
270.6
E arns, p er f r ’ t tra in m ile
$2.48618
$2.32514
$2.27300
$2.48590
Earns, per pass. tr. m ile
$ 1.02101
*1.11133
$1.32240
$1.06453
Gross ea rn s. p . m . o f r ’d .
$7,640
$7,116
57,101
$6,618
E a rn in g s —
$
$
$
$
F ro m fr e ig h t ____________ 35,509,589 32,563,507 29,261,894
F rom passengers________
9,696,064
8,753,141
8,783,054)
F rom m a lls ______________ 1,519,794
1,377,245
1,375,074 43,693,617
F rom e x p r e s s ___________
974,211
945,405
916,286 |
1,043,685
F rom m iscellaneou s____
927,523
730.974J
T o ta l ea rn in gs________ 48,703,343
Expenses—
T r a n s p o r t a t io n ________ 17,595,101
M ain tenan ce o f w a y ____
5,906,121
M a in ten a n ce o f eq u lp m ’ t 6,998,863
G e n e r a l_________________
2,014,985

44,566,821

41,067,282

17,141,984
5,378,125
5,781,532
1,980,764

16,977,7651
4,852,580} 30,406,041
4,479,340 I
1,722,207 J

T o t a l ex p en ses_______ 32,515,070
R a tio o f o p era tin g e x ­
(66.76)
penses to ea rn in gs____
N e t ea rn in gs____________ 16,188,273

30,282,405

28,031,892

30,406,041

(67.95)
14,284,416

(68.26)
13,035,390

(69.58)
13,287,576

43,693,617

The consolidated income accounts of the Missouri Pacific
and St. Louis Iron Mountain & Southern, including all leased
and operated lines, are given below:
C O N S O L ID A T E D IN C O M E A C C O U N T O F M IS S O U R I P A C IF IC A N D
S T . L O U IS IR O N M O U N T A I N & SO U T H E R N .
------------- Years ending J u n e 30---------- Y r.e n d .D e c.
1907.
1906.
1905.
31 1904.
$
$
$
$
N e t earn in gs................... 16,188,272 14,284,416 13,035,391
13,287,576
Misc. In c., d iv s .,In t.,& c . 3,283,283
3,558,911
3,037,882
2,937,274
T o t a l ............................ 19,471,555 17,843,327 16,073,273 16,224,850
Deduct—
In t . on bonds & re n ta ls .
9,060,875
8,936,792
8,191,983
7,718,109
T a x es ___________________
1,483,949
1,457,924
1,388,344
1,298,771
S un dry accou nts________
1,228,628
1,119,596
1,060,768
1,282,337
D ivs. on M o. P .s t k .(5 % )3,890,8 75 (7 ^ )5 ,8 3 6 ,3 0 5 (5)3,890,867 (5)3,890,867
T o t a l ................. .......... 15,664,327
S u r p lu s _________________
3,807,228

17,350,617
492,710

14,531,962
1,541,310

14,190,084
2,034,766

The statements of the Missouri Pacific R y. system and of
the St. Louis Iron Mountain & Southern R y. system, sepa­
rately, are given below for four years:
M IS S O U R I P A C IF IC R Y .— E A R N IN G S A N D E X P E N S E S .
-Y ea rs ending J u n e 301906-07.
1905-06.
1904-05.
M iles opera ted end o f p e r io d ________
3,491
3,491
3,491
E a rn in g s —
Passengers ________________ ____ . . . $4,637,809
F re ig h t
_____ .
_________________ . 16,695,777
M a ll, express and m iscellaneou s____ .
1,756,285
T o t a l________________________________ .$23,089,871
Expenses—
T r a n s p o r ta tio n _______________________ - $9,178,260
M aintenance o f w a y ............................ 2,920,361
M aintenance o f e q u ip m e n t_________ .
3,363,883
907,141
G en era l_____________________ ______ ____

N o t reported

T o t a l ________________________________ .$16,369,645
N e t earnings___________ ___________ _ - $6,720,226

$5,611,716

$5,602,611

IN C O M E ACCO U N T .
1907.
Receipts—
$
N e t earn in gs_________________________ .
6,720,226
D ivid e n d s , In terest, rents, & c........... .
1,508,489
D iv . on St. L . I . M t. & Sou. s to c k ___ . 4,433,539

1906.
$
5,611,716
2,902,703
4,106,955

1905.
$
5,602,611
1,435,728
2,573,379

T o t a l n et in co m e___________________
12,662,254
12,621,374
9,611,718
Disbursem ents—
In tere st on b o n d s ,& c - _ ___________ .
4,078,078
3,121,304
4,154,637
T a x e s _________________________________
807,951
813,392
771,470
R e n ta ls ------------ -------------------------188,730
179,008
174,761
E q u ip m e n t a ssociation ------------------301,122
339,401
314,907
S un dry ite m s -------------------------------246,534
202,149
400,480
D lvld e n d s ....................................... (5 % )3,890,875 (7 X ) «,836,305 (5) 3,890,867
T o t a l disbursem ents--------- ----------Surplus fo r y e a r -------------------------------

9,513,290
3,148,964

11,524,893
1,096,481

8,673,789
937,929

S T . L O U IS IR O N M O U N T A I N & S O U T H E R N R Y .— E A R N IN G S A N D
EXPENSES.
— Years end. J u n e 30— — Y ears, end. D ec. 31—
1907.
1906.
1904.
1903.
2,594
M iles, oper. end o f period
2,459
2,356
2,214
E a rn in g s fro m —
$
$
$
$*
P a s s e n g e r s ........... ..........
4,704,942
4,022,5981
F r e ig h t............................. 17,649,220
15,777,881}- 19,788,829 19,575,350
1,409,297J
M all, express & m is cell.
1,632,858
T o t a l ea rn in gs............. 23,987,020
E xpenses—
T r a n s p o r t a t io n ...........
7,919,540
M aintenance o f w a y ___
2,710.325
M a in t. o f e q u ip m e n t___
3,390,548
G e n e r a l................. ..........
1,041,961

21,209,777

19,788,829

19,575,350

7,478,5791
2,430,037 \ 12,800,729
2,467,0401
955,160)

12,855,065

T o ta l ex p en ses........... 15,062,374
P . C -o f e x p . to e a rn in g s .
(62.79)
N e t e a rn in g s - .................
8,924,646

13,330,817
(62.85)
7,878,960

12,800,729
(64.68)
6,988,100

IN C O M E A C C O U N T .
— Y ears end. J u n e 30--------Y ears end.
1907.
1906.
1904.
Receipts—
$
$
$
N e t ea rn in gs...................
8,924,646
7,878,960
6,988,100
D iv s ., in t., p rem . on
bonds & m iscellaneou s 1,918,765
1,710,439
1,493,823
T o ta l net in com e ......... 10,843,411




9,589,399

8,482,023

1139
— Y ears end. J u n e 30—
1907.
1906.
$
$

Disbursements—
In tere st on b o n d s--------T a x e s ......................... ..
R e n t a l s _________________
S u n d ry item s, & c_______
D iv id e n d s ____________ _
R a te per c e n t............. ..

4,452,571
569,274
103,137
644,067
4,438,992
(1 0 % )

4,314,517
536,020
50,270
558,820
4,114,588
(1 4 % )

-Y e a rs end. D ec. 31—
1004.
1903.
$
$
3,963,688
429,527
219,995
547,843
2,578,831
( 1 0 %)

3,624,601
339,657
215,017
501,838
2,578,831

( 10 %)

T o ta l d isb u rsem en ts-. 10,208,041
9,574,215
7,730,884
7,259,944
B alan ce, surplus________
635,370
15,184
742,139
888,913
M IS S O U R I P A C IF IC R Y . G E N E R A L B A L A N C E S H E E T .
— Y ears end. J u n e 30----------Y ears end. D e c . 31----1907.
1906.
1904.
1903.
Assets—
$
$
$
*
R o a d and e q u ip m e n t___ 68,035,953
72,508,400 69,392,240 67,612,350
E q u ip , u n d er c o n tr’ t ,& c 9,808,350
S tocks and bo n d s_______ 92,696,107
92^890,793 72‘ 738,743 72 ”005,620
M aterials & supplies____
4,462,844
3,375,612
1,796,500
2,429,153
Cash ____________________
2,936,206
4,365,984
5,282,398
1,872,402
2,559,167
D iscou nt on bonds s o ld .
2,624,198
S un dry accounts c o l’ b le .
4,267,229
4,191,726
3,523,397
3,967,954
Due from S t. L . I . M tn .
& Sou thern R y _______
2,704,886
936,300 14,732,634
8,092,073
__________
E q u lp ’ t n ot d e liv e re d ___
459,208
Construction o f p rojec te d
l i n e s . _______ __________
2,016,634
711,380
1,788,963
971,246
A d v a n c e s an d m is cell___
2,934,476
947,840
2,047,210
703,627
T o t a l assets___________ 192 ,476,883 184,664,156 169,125,133 158,113,633
L ia b ilitie s —
S t o c k ____________________ 77 817,875 77,817,875 77,817,875 77,802,875
Bonds (see R . & I . S e c . ) - - 85 ,0 1 2 ,0 0 0
85,012,000 60,012,000 54,012,000
A d v a n c e sale o f b o n d s .7.200.000
E q u ip , assoc’ n o b llg ’ n s.
9 808~350
5.913.000
6~,i36~666
5,776,800
In t . due and a ccru ed—
1 ,398,874
1.091.434
1,423,830
956,085
N o tes p a y a b le ___________
420,000
6,000
6,000
1,121,733
A cco u n ts p a y a b le___ 5
456,733
4,241,082
4,760,653
4,716,901
L oan s p a y a b le -------------3,436,957
5,111,209
1,945,057
D iv id e n d _______________
1 ,945’ ,438
1,945,435
1.945.435
730,570
Special f u n d ---------------833,938
1,086,391
1,557,621
Im p ro v e m e n t fu n d ______
21,389
282,656
Due C ent. Br. R y . , & c -" 685 ,069
340,003
~ 263 ,661
In com e a cco u n t________
9 ,604,387
6,455,424
5,689,889
4,751,960
T o t a l lia b ilitie s ......... .192,476,883 184,664,156 169,125,133 158,113,633
S T . L O U IS IR O N M T N . & S O U T H E R N R Y . G E N . B A L A N C E S H E E T .
— Years end. J u n e 30—
-Y e a rs end. D e c. 311907.
1906.
1904.
1903.
Assets—
$
$
$
$
R o a d and e q u ip m e n t ...105,537,069 103,343,057
93,706,311
87,704,245
E q u ip m e n t u nder co n ­
tra ct, & c ..................... 10,673,300
767,358
933,876
U . S. land gra n ts_______
1,650,571
1,790,533
40,222,314 35,813,612
Stocks a n d b o n d s_______ 46,410,514 43,850,892
1,293,115
Cash on h an d ____________
462,457
7-J3.327
307,124
263,203
276,260
L a n d grant accou nts___
349,948
533,259
3,744,635
3,598,264
P ro je c te d lines expenses 1,272,905
3,471,486
3,601,665
L it t le R ’ k & F t . S c’ t R y .
__________
2,092,939
3,306,91.9
1,065,297
-----------E q u lp 't n ot d e liv e re d —
D iscou nt on bonds s o ld .
3,500,847
3,200,985
2,759,419
2,052,156
101,763
M isc ella n eo u s......... ........
431,407
457,575
30,045
T o t a l assets....... ..........170,289,018 159,484,055 146,459,782 135,087.798
Stock (see R y . & I . S e c .)- 44,397,374
B on ds (see R y . & I . S e c . ) -102,217,661
Car tru sts________________ 10,673,300
In t . due and a c c r u e d - ..
1,409,834
Due M o. P a c . R R _______
2,704,886
L o a n s p a y a b le ___________
__________
R en ta ls gu a r., a cc ru e d -6,644
455,928
A cco u n ts p a y a b le _______
In co m e a c c o u n t......... ..
8,423,392

44,397,373
97,873,304
6,770,000
1,358,771
936,300
__________
7,383
352,900
7,788,022

25,795,710
90,253,035
5,397,000
1,259,800
14,732,634
2,000,000
94,690
368,581
6,658,332

25,795,710
84,601,675
5,983,000
1,216,760
8,092,074
2,904,500
94,627
483,258
5,916,194

T o t a l lia b ilitie s ......... .170,289,018 159,484,055 146,559,782 135,087,798
— V . 85, p . 1003, 221.

Mexican International Railroad.
(Report for Fiscal Year ending June 30 1907.)
The full text of the remarks of President E. N. Brown
will be found on subsequent pages. Below are the statistics
of operations, earnings, charges, &c.
O P E R A T IO N S .
In c .
A v e r a g e kilo m eters o p e ra te d _______________________________
1,473
3.09
Passengers c a r r i e d _________________________________________
470,349 43.24
Passengers carried one k ilo m e te r_________________________ 36,846,860
33.46
R ec eip ts p er train k ilo m e te r_______________________________
$1.24 28.53
To n s reven u e fre ig h t c a n i e d _______________________________
1,509,535 17.06
To n s reven u e fre ig h t c a n ie d one k ilo m e te r_______________ 528,952,176 13.26
R ec eip ts p er train k ilo m e te r_______________________________
$2.72
9.68
A v e r a g e tons p er tra in , a ll fre ig h t (p e r train k ilo m e t e r )..
225.96 24.06
One k ilo m e te r equ als .62138 m ile : one m e tric ton equ als 1.1023 tons o f
2,000 lbs.
E A R N I N G S A N D E X P E N S E S l< . M E X I C A N C U R R E N C Y . )
1906.
E a rn in g s—
1907.
Passengers and ex p ress________________________________ $1,014,720
$754,964
6,376,831
F r e i g h t - . ........... ................ .............. ............................ .. 7,341,816
A l l o th er sources_______________________________________
216,234
182,417
T o t a l re ceip ts...........................................................$8,572,770
Expenses—
M aintenance o f w a y and structures___________________ $1,208,820
M aintenance o f eq u ip m e n t____________________________ 1,275,315
C on du cting tra n sp orta t o n ____________________________ 2,920,068
G eneral exp en ses_______________________________________
302,165

$7,314,212

T o ta l w ork in g exp en ses_________________________ $5,706,368
N e t earn in gs___________________ _______ ___________.$2,866,402
In co m e fro m in vestm en ts_____________________________
1,329

$4,177,453
$3,136,759
1,849

T o t a l............................................................. ............$2,867,731
Deduct—
Stam ps and o th er ta x e s _______________________________
$30,024
R e n ta l Coahulla Coal R y _____________________________
26,000

$3,138,608

$734,595
833,819
2,331,628
277,411

$30,369
3,334

B alance (M ex ica n c u n e n c y )_______________________ $2,817,707
$3,104,905
do
(U n ite d States c u rre n c y )_________________ $1,408,854 $1,552,452
IN C O M E ACCO U N T U N IT E D S T A T E S C U R R E N C Y ).
1907.
1906.
N e t earnings as a b o v e _________________________________ $1,408,854
$1,552,452
In te re s t on open accou nts_____________________________
12,911
31,719
T o t a l n et In co m e_________________________________ $1,421,765
D educt—
In tere st on bond ed d e b t _______________________________ $551,510
One y e a r’ s In terest at 4 % on Income bonds to
June 30 1906................. ........................ ....................
179,960

$1,584,171

T o t a l ded u ction s_________________________________
$731,470
B a la n c e , s u rp lu s _______________________________________ $690,295
Surplus previo u s y e a r s .................................... .............. 4,134,261

$731,470
$852,701
3,880,332

1.428,572

T o t a l.........................................................................$4,824,556
E xp en d ed fo r additions and b etterm en ts ........... ........ 1,990,958

$4,733,033
598,772

8,148,857

Suxplus as p er balance sh eet_______________________$2,833,598

$4,134,26-1

12,855,065
(65.67)
6,720,285
D e c . 31—
1903.
$
6,720,285

$551,510
179,960

1140

THE CHBONICLE.

B A L A N C E S H E E T ( U N I T E D S T A T E S C U R R E N C Y .)
J u n e 30 ’07. J u n e 30 ’ 06. D e c . 31 '05.
A.SSBtS~~~~
$
$
Cast o f ra ilr o a d __________________________40,591,400
40,462,910 40,392,661
M ex ica n G o vern m e n t b o n d s___________ k
15,027
15,027
15,022
M a teria ls and su pplies__________________' 1,032,863
344,342
464,763
D u e b y agen ts, & c______________________
237,601
199,383
107,433
T r a ffic b a la n ces__________________________
326,789
252,437
263,654
126,146
In d iv id u a ls and com pa n ies____________
188,240
135,179
M iscellaneou s acco u n ts__________________
_______
7,180
1,611,904
C a s h _____________________ _______________
424,960
1,979,335
T o t a l___________________ ___________ .42,816,880
L ia b ilitie s —
C a p ita l sto ck _______________ _______ _____ 20,708,200
F u n d ed d e b t ____________ _______________ 17,555,500
A ccru ed in te rest, & c ___________________
213,049
V ou ch ers and p a y -ro lls_____________ 1,030,424
In d iv id u a ls and com p a n ies____________
393,553
M iscellaneou s__________________________J .
82,556
P r o fit a n d lo ss, surplus__________________ 2,833,598
T o t a l ________________________________ 42,816,880
— V . 83, p . 1092, 1121.

43,509,036

42,868,333

20,708,200
17,555,500
212,113
462,034
353,313
83,613
4,134,261

20,708,200
17,555,500
214,760
211,810
140,450
77,605
3,960,008

43,509,036

42,868,333

National Railroad Company of Mexico.
(Report for Fiscal Year ending June 30 1907.)
The full text of the remarks of President Brown will be
found on subsequent pages.
Below are the earnings,
charges, &c., in detail:
E A R N I N G S A N D E X P E N S E S ( M e x ic a n C urrency ) .
1906.
1904.
1907.
1905.
E a rn in g s —
$
$
$
*
F r e ig h t ___________________ 11,535,946
8,734,791
10,336,718
8,578,353
3,173,499
2,590,495
2,218,381
1,850,655
P a s s e n g e r ------------------28,602
____
29,579
25,685
23,121
628,436
543,316
____
834,295
716,237
E x p r e s s ______
13,792
14,490
____
12,896
14,357
M a i l __________
12,296
15,635
____
9,069
T e le g r a p h ____
10,450
____
279,385
M iscellaneous
343,009
302,616
314,100
T o t a l___________________ 15,874,669
Expenses—
M a ln t. o f w a y & stru ct’s 1,686,574
1,934,191
M a in t. o f eq u ip m e n t___
5,899,622
C on du ctin g tra n sp o rt’n .
631,451
G e n e r a l__________________

14,039,303

11,780.124

11,496,108

1,425,892
1,642,223
4,945,630
612,305

1,085,072
1,281,170
4,899,138
540,214

1,022,738
1,224,582
5,179,216
510,010

7,936,546
8,626,050
7,805,594
T o t a l _________________ 10,151,838
3,559,562
5,722,831
5,413,253
3,974,530
N.et earnings (M e x . cu r.)
2,861,416
2,706,627
1,987,265
1,779,781
N e t earnings (U .S . cu r.)
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30 1907.
( U . S . C u rre n cy .)
N e t earn in gs, as a b o v e — $2,861,416
D educt—
D educt—
I n t . on p rio r lien bo n d s___ $1,0 35,000
Tax.es________________ ______
$28,653 In t . on consol. 4 % b o n d s.
975,600
R e n t.M lc h .& P a c le a s ’d lin e
24,055 In t . on 5 % g o ld n o tes____
425,000
In tere st on lo a n s__________
30,000
B a la n c e _________________ $2,808,708 D lv . on p ref. sto ck , 2 % . _
576,658
In te re s t on bonds o w n ed - 299,960 Y e a r s ’ prop, cost ex ten d in g
68,769
408,041
D lv s . on stocks o w n ed ____
5 % go ld n otes________
In te re s t and d iscou n t____
28,927 |Y e a r s ’ p ro p o rtlo n discou n t
13,892
E x c h a n g e __________________
10,7101
on bonds s o ld __________
T o t a l in c o m e -------------- $3,556,3461 T o t a l ded u ction s______ .$3,124,919
B a la n ce carried to p rofit and lo ss_________________________________ . $431,427
B A L A N C E S H E E T ( U nited States C u rre n c y ).
J u n e 30 1907. J u n e 30 1906. D ec.31 1905
A sscts—
$
$
R a ilro a d p rop e rties____________________
87,844,121 87,997,475 88,124,612
A d d itio n s and b etterm en ts ___________
2,937,632
312,689
Bonds and atocks o w n e d ----------------28,542,658 28,538 ,037 25,367,378
22,660
22,660
M ex ica n G o vern m en t bond s__________
22,660
562,202
510,033
M a te ria l and su pplies__________________
1,326,436
450,232
398,448
A g e n ts , conductors and e m p lo y e e s ..
462,809
132,164
59,808
82,841
T r a ffic b a la n ces------------------------------731,601
712,767
D iscou nt on bonds s o ld _______________
630,106
157,622
154,797
236,688
In d iv id u a ls and com p a n ies-------------900,000
F e d e ra l s u b sid y________________________
__________
173,760
' 158',495
B ills c o U ectlb le ............. .......................
276,139
N o te s re c e iv a b le _______________________
46,847
38",000
S ta te o f M lch oacan ____________________
25,000
" 3 i‘ 666
1,500
3,000
__________
S ta te o f Q u e re ta r o ____________________
T ex a s-M ex ica n R y . Co. advan ces on
56,696
37,112
accou nt o f change o f gau ge, & c —
13,141
42,304
25,507
M iscellan eou s___________________________
23,644
679,149
1,037,136
2,069,643
C a s h .........................................................
T o t a l _________________________________ 123 ,507,858 121,206,281 117,265,175
L ia b ilitie s —
424,100
C o m m o n s to c k _________________________
304,100
424,100
10,975.300
D efe rre d s to c k _________________________
11,015,300 10,975,300
21,950,600
Second p referred s to c k ________________ 22,030,600 21,950,600
P re fe rre d s to c k ------------------------------- 28,832,925 28,832,925 28,832.925
52,743,500
Fu n d ed d e b t and n otes_______________ 55,890,000 55,890,000
L o a n s ___________________________________
1,627,656
” 887 ,316
“ 815'580
In te re s t on bonds and lo a n s__________
907,440
369,438
465,559
V ou ch ers and p a y -r o lls _______________
758,188
3,848
__________
U n c la im ed w a ges_____________________
‘ 288',329
D lv . on p ref. sto ck , p a y a b le A u g u s t288,329
220,174
’ 183", 148
T r a ffic balances________________________
260,211
12,635
12,635
M . & P . R y . (s p e c ia l)................... ........
12,635
306,734
318,211
In d iv id u a ls and com pa n ies___________
246,205
21,712
192,649
R eserves and m iscellaneou s__________
178,088
625,552
748,481
P r o fit and loss, ba la n ce_______________
1,156,181
(G u a ra n ty o f M exican In tern a tio n a l
R R . C o. first consols, $6,501,000.)
T o t a l...................................................1 2 3 ,5 0 7 ,8 5 8 121,206,281 117,265,175
— V . 85, p 921, 793.

Western Maryland RR.
(Re-port for Fiscal Year ending June 30 1907.)
The report, which will be cited at greater length another
week, shows results as follows:
R a ilw a y gross ea rn in gs_________

N e t p rofits coa l and o th er d e p a r tm ’ t s .
In tere st on d ep osits, & c_______________

B a la n ce, su rplus.
-V . 85\ p. 1006.

1906-07.
$5,600,455
3,729,978

1905-06.
$4,802,094
3,105,682

1904-05.
$3,900,249
2,512,421

$1,870,477
$674,677
110,397

$1,696,412
$720,044
82,071

$1,387,828
$428,311
60,997

$2,655,551
2,644,587

$2,493,527
2,247,018

$1,877,136
1,671,039

$10,964

$251,509

$206,097

Chicago Peoria & St. Louis Ry. Co. of Illinois.
(Report for Fiscal Year ending June 30 1907.)
^V ice-P resid en t John P. Ramsey,under date of Springfield,
I1L, Oct. 14 1907, says in substance:
General Results.— T h e gross earn in gs Increased $15,785; the o p era tin g e x ­
penses decreased $102,589; the n e t earn in gs Increased $118,374. T h e re­




[V o l . l x x x v .

d u ctions In the cost o f o p era tio n h ave been effected w ith o u t im p airin g the
e ffic ie n c y o f the service.
P r o f it and Loss.— A ft e r a d d in g to the n et earnings o th er In com e, $3,325,
and the cost o f a d d itio n s and betterm en ts fro m M arch 1 1900 to June 30
1906, p revio u s ly charged to p ro fit and loss, $237,429, and d ed u c tin g taxes
and in terest, a m ou ntin g to $230,357, and old accounts w ritte n o ff, $3,485,
the general balance sheet shows a cre d it to p rofit and loss o f $25,328.
R o llin g S tock .— R ed u ction s In the cost o f o p era tin g w ere effected in a ll
d ep artm en ts e x c e p t in m ain tenan ce o f e q u ip m en t. T h e increase in the e x ­
pense o f th a t d ep a rtm en t w as in cid en t to th e e ffo r t p u t fo rth to reduce the
num ber o f b a d -o rd e r cars, and restore to service b a d ly needed eq u ip m en t
w hich had been stored on the lin e.
On J u ly 1 1906 there w as out o f service
2 0 % o f th e eq u ip m e n t, accou nt o f bein g In bad order; w h ile on June 30
1907 the am ou nt h ad been redu ced to 11 % ; as a re su lt, there h ave been r e ­
stored to service 250 cars, a t an a vera g e expense o f $159 12. T h e m a in te­
nance o f the rem a in d er o f the fr e ig h t eq u ip m en t cost an a vera g e o f $59 16
p e r car.
D u rin g the y e a r three n ew con solida tion lo co m o tive s, h a v in g cylin ders
20 ln .x26 1n., w ere a d d ed to the eq u ipm en t; six old lo co m o tive s, h avin g
cylin ders, 17in .x24 in ., w ere dism a n tled o r sold. C on tracts h ave been p laced
fo r three lo com otive s o f th e same class as those last pu rch ased, d e liv e ry to
be m ade in O ctober.
F o u r passenger coaches w ere sold accou nt o f old a g e , 6 fr e ig h t cars w ere
d estroy ed b y fire, 48 cars w ere d estroy ed b y w recks and 296 cars w ere d e­
stro yed account o f o ld age.
In the fr e ig h t service there are 2,733 cars, o f
w hich 2309 are equ ipped w ith a ir and 424 are now — a t m uch expen se— b e­
in g equ ipped as ra p id ly as possible fo r the purpose o f con form in g w ith the
regu lation s o f the In te r-S ta te Com m erce Com m ission.
Adverse D e c is io n .— On N o v . 19 1906 the U . S. Suprem e C ou rt d en ied our
a pp lica tio n fo r a w rit o f certiora ri in the case o f W h e e le r, R e c e iv e r o f the
J a ckson ville L o u is v ille & S t. Lo u is R y . C o.; as a resu lt the decree in fa v o r
o f th a t co m p a n y in the sum o f $44,868, w ith In terest th ereon a t th e ra te o f
5 % p e r annum since June 8 1905, h ad to be p a id .
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1904-05.
1903-04.
1906-07.
1905-06.
2,030,470
2,248,338
2,042,286
2,109,678
T o n s o f freig h t c a r r ie d ..
T o n s fr ’ t carried 1 m lle..2 1 8 ,1 7 6 ,5 8 9 217,099,672 201,365,460 197,627,569
A v e ra g e distance each
99.17
87.90
103.42
106.30
ton hauled (m ile s )___
0.620 cts.
0.631 cts.
0.574 cts.
0.571 cts.
A v . earns, p . ton p. m ile
$1,844
$1,879
$1,919
$1,758
F r ’t earns, per f r ’ t tr. m _
$5,048
$5,040
$5,038
$5,033
F r t . earns, p. m . o f ro a d
297
297
336
307
A v e r , train -load (t o n s ).
668,029
717,778
782,886
746,134
N o . passengers c a r r ie d ..
16,695.739
21,988,328
N o . pass, carried 1 m ile . 15,807,095 18,159,023
A v . distance each pass.
24.99
30.63
24.34
24.02
carried (m ile s )________
1.918 Cts.
1.919 cts.
1.776 cts.
A v . earns, p. pass. p. m .
1.895 cts.
69.35 cts.
66.31 cts.
75.53 cts.
75.09 cts.
Earns, p. pass. tr. m ile .
$6,431
$6,750
G rossearn . p. m . o f road
$6,553
$6,599
$
E a rn in g s —
$
$
$
1,363,183
1,245.386
1,249,103
1,245,643
F r e i g h t ----------------------320,207
356,307
348,478
Passenger .
. . ._
390,508
46,006
46,947
46,409
45,513
M a il and express________
11,063
11,347
8,299
13,118
R e n t a l s ---------------------22,473
21,984
25,612
21,499
S w itch in g, & c -------------T o ta l
. . .............
O per. exp. & taxes—
M a ln t. o f w a y & s t r u c ..
M a in t. o f eq u ip m e n t___
C on du ctin g tra n sp o rta ’ n
G en eral expen ses____ __
T a x e s . . . ...................

1,685,856

1,670,072

1,720,227

1,762,926

221,253
336,141
806,420
64,637
45,655

269,915
306,952
887,844
66,329
54,420

231,120
308,622
892,499
70,207
50,258

260,037
375,348
915,916
65,939
52,491

T o t a l _________________
N e t ea rn in gs________ ._
In c . fr o m in v e s t., & c ___

1,474,106
211,750
3,325

1,585,460
84,612
15,500

1,552,706
167,521
6,677

1,669,731
93,195
3,500

T o t a l n et In co m e______
D educt—
In t . on p rio r lien b o n d s.
In t. on consol, b o n d s___
R en ta l L ltc h . & M . R y .
M iscellaneous ---------

215,075

100,112

174,198

96,697

77,625
96,750

75,478
96,750
_______
6,156

71,091
96,750

69.084
96,750
18,398
38,376

10,327

___

6,930

178,384
174,771
222,608
184,702
T o t a l d e d u c tio n s ____
d e f. 573 d ef. 125,911
Balance ------------ ---------- sur. 30,373 d ef. 78,272
C O M P A R A T I V E G E N E R A L B A L A N C E S H E E T J U N E 30.
1907.
1906.
1906.
1907.
LlaH lilles—
$
$
$
Assets$
Road & equipm’ t . 12,878,779 12,496,5101Common s to c k ,.. 3,600,000 3.600.000
643,085: Preferred sto ck ..
3,750,000 3.750.000
Securities owned. . *715,585
97,449 Funded debt_____ 5,800,000 5.725.000
75,249
Cash on hand_____
211,040
54,263 JAudited vouchers.
223,403
Cash in transit____
54,613
70,295
3,260 Pay r o lls .. . ........
61,713
Cash for interest..
13,638
49,870
71,336 I Traffic balances..
46,376
54,014
A g’ ts & conduct's.
51,635
28,712
18,120 Unpaid interest___
02,013
Traffic balances..
114.082
143.844; Bills payable_____
139,000
115,220
A cc’ ts receivable..
2,818
199,519
177,837
Sundry
accounts..
7,409
Mat’ Is & supplies.
58,415 Int. on prior lien
44,656
Sundry accounts..
25,875
bonds due Sept. 1
25,875
Unearned insur­
5,457
6,633 Interest on loans..
3,802
ance premiums .
*27'300
10,363 T a x e s _____ _____
24,000
Other balances___
315,503
238,989 Car trust notes___
290,874
Profit and loss____
66,560
! Replace, o f eq. fd .
115,138
10,119
10,510
! Other balances___
|Profit and loss____
j/25,328
T o t a l ...............14,185,441 14,020,1041

T o t a l ................ 14.185,441 14.020,104

x

In clu des P eo ria & P ek in U n o n R y . stock and bon d s, $306,500; A lto n
T e rm . R y . stock and bonds, $100,000; M o. & 111. B r. & B e lt R R . stock,
$17,000; co m p a n y securities in trea su ry, $292,085.
y F o r changes In p ro fit and loss, see t e x t a b o v e .— V . 85, p . 1082.

United States Steel Corporation.
(.Report for the Quarter and N ine Months ending
Sept. 30 1907.)
A t the quarterly meeting of the directors, which was held
on Tuesday, the usual dvidends were declared, and the
statements below given of orders unfilled and of earnings
and expenditures for the quarter ending Sept. 30 were pre­
sented. Chairman E. H . Gary in an address to the board
said:
Orders.—-In v ie w o f th e fa c t th a t there has been som e recession In business
du ring- the last three m on th s, w hich has resu lted In numerous Inquiries
from stockh olders, I fe e l ju stified in m a k in g to you a fran k statem en t.
On June 30 1907 our com panies had on hand u nfilled orders a gg reg atin g
7,603,878 tons. On S ept. 30 this ton n age had been decreased to 6,425.008
ton s. Th is has since been decreased b y abou t 400,000 tons. T h e bookings
In A u gu st w ere a bout 18,000 tons p er d a y . In S eptem b er th e y w ere a bout
20,000 tons per d a y . T h ere w ere fu rth er increases du rin g the first h a lf
o f O cto b er, but since th a t tim e th e book ings h ave decreased, and are now
at the rate o f 18,000 tons per d a y fo r the m on th . W e are e x p o rtin g at
the rate o f abou t 1,000,000 tons p er ye a r, and at prices su b sta n tia lly on a
p a rity w ith d om estic prices.
B y w a y o f com parison , It w ill be rem em bered the u nfilled orders on hand
S ept. 30 o f previou s years w ere as fo llo w s , in tons:
1903.
1904.
1905.
1906.
3,728,742
3,027,436
5,865,377
7,936,884
F rom In fo rm atio n received It Is b elie ved the dem and fo r our produ cts
has d u rin g th e last fe w years been co n sta n tly increasin g, and th a t the
presen t necessities are v e r y grea t. Th is is esp ecia lly tru e o f the ra ilroa d
corporation s. A s a ru le the stocks on hand o f ou r c u s t o m e r s , Jobbers
and others are u nu su ally lo w .
I t has been d iffic u lt du rin g the la st few
m onths fo r those desirin g to purchase our co m m od ities to secure a dequ ate
funds, and this has resu lted in some cu rta ilm en t; but It Is b elieved tnese
condition s w ill ra p id ly Im p ro ve, esp ecia lly If the u n w a rra n ted _excltem en t
w h ich has been w ltn essed ish a ll so o n ie n tlre ly disappear.

N o v . 2 190

j

THE CHRONICLE.

F in a n c ia l Status.— O ur collections du rin g th e last few w eeks h a v e n o t
been q u ite as go o d as usual, bu t are n ot oad . VVe havt fe w accounts i ce lv a b le th a t are past d u e, and v e r y lit t le , If a n y, th a t w ill n ot soon be p a id .
W e h ave fo r some m onths anticip ated the p o ssib ility o f some d im in u tion
in orders, and h ave th erefo re m ade preparations a cco rd in gly .
O ur in ­
ven tories are n ot la rg e, th e to ta l stock o f p ig iron , fo r Instance, b ein g o n ly
88,469 tons (a bou t the m inim u m in the h istory o f th e c o rp o ra tio n ).
We
w ere n ever before so stron g In cash and cash resources. O ur o rga n izatio n ,
our fa cilities and our opportu nities are b etter th an e v e r before.
P ric e s .— Prices h ave been w e ll m ain tain ed. T h e lea d in g steel m an u ­
factu rers are In freq u en t consultation , thou gh under no agreem ent, con ­
cern in g th eir business Interests. I t seems to be a recogn ized fa c t th a t sta ­
b ilit y o f prices is to be desired b y both th e produ cer and the consum er;
th a t e x tre m e ly high prices and e x trem ely lo w prices are both o b jectio n a b le.
A d d ition s to P rop e rty and L iq u id Assets M a d e fro m E a rn in g s .— Since the
corporation was o rga n ized , In a d d itio n to the p a ym en t o f divid en d s and
In terest, there has been p rovid ed fro m earnings a reserve fo r extinguishm ent
o f c a p ita l o f $79,570,000.
A lso , there has been added t o th e assets fro m the same source $266,180,000, represented b y —
In vestm en ts In a d d itio n a l fixed p ro p e rty and fo r m a lly w ritten
o ff to p rofit and loss surplus____________________________________$112,850,000
A d d itio n a l fix ed p ro p e rty and n ot w ritte n o ff because securities
to co v e r the sam e h ave been created and are h eld in the
48,400,000
treasu ry as sala b le assets___________ ___________________________
Rep resented b y liq u id assets on h an d_________________________ 104,930,000
C urrent Assets and L ia b ilitie s .— T h e to ta l liq u id assets o f the orga n izatio n
O ct. 1 1907 am ou nted to $331,596,000, d iv id e d as fo llo w s;
In ves tm en ts in securities fo r th e b en efit o f variou s fu n d ac­
counts (a t c o s t )__________________________________________________ $21,397,000
Sundry m a rk etab le stocks and bonds (a t c o s t)_________________
6,606,000
In v e n t o r ie s __________________________________________________________ 134,983,000
A ccou nts and b ills receiva b le (cu stom ers)_______________________ 68,879,000
S hort tim e and c a ll loans on c o lla te ra l____________________________ 23,758,000
Cash in b an k s_______________________________________________________ 75,973,000
T h e current lia b ilities, Inclu ding accrued taxes, accrued interest and
the d ivid en d fo r the last qu arter aggregate $52,187,000.
W hen th e corporation was organized subsidiary com panies had out­
stand ing unsecured notes and bills $42,000,000. A l l o f th e a b o v e , e x ­
cep t $1,047,000, h ave been p a id . T h e la tte r am ount represents d e ­
posits o f em ployees under a savings account arrangem ent .s
Prod u ctive C a pa city.— U pon the c o m p l'tlo n o f the new w ork now under
w a y the p rod u ctive c a p a city o f the m anu facturing plants w ill be m a te ria lly
increased.
U p to Jan. 1 1907 the average Increase a lrea d y am ounted to
44 .3 3 % .
A p p ro p ria tio n s fo r New P la n t at G ary.— T h ere has been reserved and set
aside to d a te funds fo r the G ary p la n t in In d ian a am ou ntin g to th e sum
o f $49,000,000. O f this am ount, $18,539,000 has alread y been ex p e n d e d ,
le a v in g on hand fo r th a t purpose a balance o f $30,461,000. This fund Is
represented b y cash am ou ntin g to $11,754,768, and first-class Interestbearin g securities am ou ntin g to $19,065,243.
O utlook.— A s to the future: I f the results are measured b y the necessities
and the pecuniary a b ility of- the people o f this cou n try ge n era lly, there
should be no d ou bt o f continued p rosp erity. T h ere has existed during
the last w eek a deliriu m o f excitem e n t. T h e fee lin g in a la rg e measuri
has been w ith o u t cause, and there Is a lrea d y a change fo r the b etter. I f a ll
o f us do e v e ry th in g In our p ow er to m aintain a high standard fo r the con­
du ct o f affairs in our charge, w e can be o f great benefit in restoring th e
confidence necessary to success. W h a t can be accom plished b y one man
and associates has been ab u nd an tly dem onstrated In this c ity du rin g the
la st w eek.

The following is the financial statement of the Corporation
and its subsidiaries for the quarter ending Sept. 30 as given
out on Tuesday. The “ net earnings” as here shown “ were
arrived at after deducting each month the cost of ordinary
repairs, renewals and maintenance of plants, and interest
on bonds and fixed charges of subsidiary companies.” We
append the results for the nine months ending Sept. 30 in
1907, 1906 and 1905.
I N C O M E A C C O U N T F O R T H R E E M O N T H S E N D I N G S E P T . 30.
N e t ea rn in gs_________________________________________________________$43,804 285
D educt—
Sinking funds on bonds o f subsidiary com pan ies____
$589,358
D epreciation and reserv efu n d s (regu la r provision s) - - 6,519,822
Special Im p ro vem en t and replacem ent fu n ds________ 1,000,000
In tere ston o u tsta n din g U . S . Steel C orp oration bonds
fo r the q u a rte r________________________________________ 5,633,122
S inkin g funds on U . S. Steel C orp oration bonds fo r
th e q u arter (in el. $291,340 In t. on bonds In fu n d) - 1,303,840
--------------- 15,046,142
B a la n ce________________________________ _ ______ ___________________ $28,758,143
D ivid e n d fo r q u arter on preferred stock (1 % % ) _______________
6,304,919
D iv id e n d fo r q u arter on com m on sto ck ( H o f 1 % ), p a y a b le
D ec. 30 1907......... .................... ................ .......................................
2,541,513
Surplus fo r th e q u a rte r............... ........................ ..........................$19,911,711
A p p ro p ria te d on account o f expen ditu res m ade and to be m ade
on au th orized a ppropriation s fo r a d d itio n a l p r o p e rty , new
plan ts, construction and discharge o f ca p ita l o b liga tio n s____ 15,000,000
B alan ce o f surplus fo r q u a rte r__________________________________ $4,911,711
U N F IL L E D O R D E R S O N H A N D .
Ton s.
|
Tons.
S ept. 30 1907........... ............6,425,008 June 30 1 9 0 4 .................... .3,192,277
June 30 1 9 0 7 - - - ......... ........7,603,878 M ch. 31 1904........... ............ 4,136,961
June 30 1906_______________6,809,589 D ec. 31 1903_______________3,215,123
M ch. 31 1906_______________7,018,712 Sept 30 1903________ ______ 3,278,742
D ec. 31 1905_____ ________ 7,605.086 June 30 1 9 0 3 ...................... 4,666,578
S ep t. 30 1 9 0 5 - .- ................. 5,865.377 M ch. 31 1 9 0 3 .................... .5,410,719
June 30 1905_______________ 4,829,655 D ec. 31 1 9 0 2 ._____________ 5,347,253
M ch. 31 1905....................... 5,597,560 Sept. 30 1902_______________4,843,007
D e c . 31 1904......... .. , -..4 ,6 9 6 ,2 0 3 June 30 1 9 0 2 .................... .4,791,993
S ept. 30 1 9 0 4 ............ ..........3,027,436
N E T E A R N I V G S F O R N I N E M O N T H S E N D I N G S E P T . 30.
1905.
1907.
1906.
J a n u a r y .............................................. $12,838,703
$6,810,847
$11,856,375
F e b r u a r y ............................................
12,145,815
6,629,463
10,958,275
9,585,586
M arch ................................................
14,137.974
13,819,840
F irst q u a rter..................................$39,122,492
A p r il .................................................. $14,600,838
M a y ....... .................................- ............
16,056,832
J u n e ........... .........................................
14.846,035

$36,634,490 $23,025,896
$12,581,902
$9,037,925
14,041,601 10,602,187
13,501,530 10,665,004

Second q u a rte r.............................. $45,503,705
J u ly ......................... - --------------------- $13,804,167
A u g u s t ....... .......................... ..............
15.279,173
S e p tem b er..........................................
14,720,945

$40,125,033 $30,305,116
$12,242,098 $9,035,168
13,158,860 10,986,901
12,713,666 11,218,513

$38,114,624 $31,240.582
T h ird q u a rte r____________________ $43,804,285 . _____________
T o t a l nine m o n th s................. ..........$128,430,482 $114,874,147 $84,571,594
I N C O M E F O R N I N E M O N T H S T O S E P T . 30
1
1907.
1906.
1905.
T o t a l riet earnings nine m o n t h s ..-$128,430.482 $114,874,147 $84,571,594
D educt—
F o r sin kin g fu n ds___________________
$5,303,401
$4,752,921
$5,041,073
D ep recia tion and reserve fu n d s___
16,513,296
14.242,134
15,730,027
Special lm p ’ t and repla cem en t fund
3,000,000
2,232,172
6,500,000
I n t e r e s t ................... .................. ........
16,981,122
17,312,909
17,151,354
A d d itio n a l p r o p e rty , constru c, & e. 48,000,000
17,300,000
34,500,000
T o t a l d ed u ctio n s............................ $89,797,819 $78,922,454 $55,840,136
B a la n c e .............................................. $38,632,663
$35,951,693 $28,731,458
D ivid en d s on Stocks—
P r e fe rre d . 5 M % ................................ $18,914,757 $18,914,757 $18,914,757
C om m on , 1 H % ................................ 7,624,539
7,624,537
.................... ..
T o t a l d iv id e n d s ........................ . . $26,539,296
U n d iv id e d earnings fo r nlne|months $12,093,367
— V . 85, p . 867, 738.




$26,539,294 $18,914,757
$9,412,399 $9,816,701

1141

American Malting Company.
{Report for Fiscal Year ending Aug. 31 1907.)
President Charles A . Stadler, under date of New Y ork
City, Oct. 24 1907, says in substance:
General Results.— F o r the fiscal y e a r e n d in g A u g . 31 1907 th e p ro fit on
m a lt, b a rle y and o th er produ cts d ea lt In, in clu din g In terest on secu rities
o w n ed , loans and
balances, w as $10,517.
T h e charges,
in clu din g
in terest on b onds, $200,100; ta xes, $71,899, and a m o u n t exp en d ed In b e tte r­
m en t and m a in ten a n ce, $96,121, w ere $368,120, resu ltin g in a n et loss fro m
the y e a r’s operations o f $357,603.
T h e business o f the co m p a n y w as con d u cted on the basis o f the o ffic ia l
re p o rt o f the G overn m en t estim atin g a b a rley crop fo r 1906 o f 178,916,484
bushels, a crop about 40,000,000 bushels in excess o f a n y crop e v e r raised
t h e re to fo r e . T h is r e p o r t seem ed to be con firm ed b y o th er s c u m s . R e ly ­
in g on these reports our trade co m m ittee pursued the usual custom In m i k ­
in g co n tracts w ith custom ers In the autum n fo r the ensuing season’ s requ ire­
m ents. T h e sam e course w as pursued b y the o th er m a ltin g in terests, the
c o m p e titio n fo r orders a t the p reva ilin g prices bein g as keen as e v e r. L a te r
o n , w h en b a rle y seemed to be co m in g to m a rk et slo w ly and the price a d ­
va n ced rath er than d eclin ed , It w as concluded th a t the d ela y In shipm ents
had been caused b y the large shortage o f cars on all the granger roads. In
consequence it w as decided to w a it u n til the em ba rgo on shipm ents should
be lifted in the ea rly spring, b e lie v in g th a t b a rle y to c o v e r the balance o f the
c o m p a n y’ s requ irem en ts could th en be o b tain ed a t a m uch lo w e r price
T h a t this ex p ecta tio n , w h ich w as concurred in b y the en tire m a ltin g trade
fa iled o f realiza tion , is now a m a tter o f record, and Is, m ost u n fo rtu n a te ly
reflected In the rep ort su bm itted a b o ve.
I t is proper to add th a t the occu rrences o f last y e a r are w ith o u t p rece-,
den t in the m a ltin g trade in this co u n try a n d th a t the o utlook fo r the co m in g
season is ex ce lle n t.
Proceeds of P rop e rty S old .— D u rin g the ye a r the co m p a n y derived $15.7,212 cash, o th er than from earnings, as fo llow s; F in al pa ym en t from sale,
o f 47th S treet p ro p e rty , N e w Y o r k C ity , $70,000; final p a ym en t from sale o f
R o e b lln g S t., B roo k lyn , p r o p e rly (sold fo r $32,000, less p a y m en t In 1906;
$2,500, and
m ortgage fo r $22,000 taken in p a rt p a y m e n t), $7,500
proceeds from fire loss a t W a te rto w n , W is ., $712; sale o fl L . I. A a ro n p la n t,
C h icago, $75,000; sale o f L y o n s, N . Y . , p ro p e rty , $4,000. N o n e o f the
above p rop e rty was used b y the com pa n y.
Balance S h e e t s D u rin g the y e a r ' plan ts and g o o d -w ill” a cco u n t was
Increased $509,603 fo r con stru ction and redu ced $157,212 b y sales o f re a l
estate as stated and $22,000 ad d itio n a l b y a m o rtgage taken In pa rt p a y
m en t fo r the R o e b lln g S t., B roo k lyn , p r o p e rty .
O f the a bove $157,212,
$156,500 is included in the item $509,603 ex pen ded fo r co n s tru ctio n , the
balance, $712, as a special dep osit fo r the sin kin g fu n d . A fu rth er e x p en d i­
ture o f $17,655 was m ade in the purchase o f $18,000 par valu e o f the co m ­
p a n y ’s first m ortgage bonds. In settlem en t o f an o b lig a tio n a m o rtg a g e
o f $35,000 w as acqu ired on p ro p e rty situ ated at 72d S t. and A v e . A , N e w
Y o rk C ity .
T h e co m p a n y h a v in g ex pen ded du rin g the y e a r $96,122 fo r b etterm en t
and m a in ten a n ce, all o f w hich has been charged to o pera tin g expenses,
and all bad and do u b tfu l accou nts h a v in g been w ritten o ff, the $100,000
stand ing to cred it o f "re s e rv e fu n d ” can be regarded as a ddition a l surplus.
T h e com pan y begins Its presen t fiscal y e a r w ith $4,727,924 o f n et w o rk ­
in g ca p ita l. T h e In ven tories o f b a rley and m a lt (here included) have been
valu ed b elow cost, and all o f the m a lt and b a rley on a m a lt basis is a ctu a lly
sold fo r future d e liv e ry In excess o f the price in ven toried.
New C h a irm a n.— T h e position o f Chairm an, w hich has been v a ca n t since
the death o f M r. Fred erick U h lm an n , has been filled b y the e lec tio n o f
M r. W ilb e rfo rc e S u lly ,w h o has consented to d e v o te his en tire tim e to the
m a n a gem en t o f the co m p a n y’ s affairs.
I t is c o n fid e n tly b elie ved th a t his
accession to the m a n a gem en t w ill p ro ve e x c e e d in g ly va lu a b le.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G A U G . 31.
1906-07.
1905-06. 1904-05.
1903-04.
$
$
$
$
P r o fit on m a lt, b a rle y and o th e r
produ cts
m an u factured
and
d ea lt In, in clu din g Interest on se­
cu rities o w n ed , loans & balances
10,517
606 526
767,444
498,360
_______
_______
2,701
Deduct— In t . on u n d erly in g m tges. _______
In tere st on m o rtg a g e b o n d s___ 200,100
201,360
205,500
217,521
T a x e s __________________________
71,899
62,953
61,920
61,657
D eprec. & bad & do u b tfu l accts. _______
_______
22,350
18,4,71
B etterm en ts and m a in ten a n ce.
96,121
86,561
65,382
81,495
T o t a l d e d u c tio n s _______________ 368,120
350,874
355,152
381,845
B a la n ce, surplus o r d e fic it_______ d f.357,603 sr.255,652 sr.412,292 s r .116,515
C O N D E N S E D B A L A N C E S H E E T A U G . 31.
• 1907.
1906.
|
1907.
1906.
Assets—
$
$
| Liabilities—
$
S
P la n ts *go o d -w ill.27,403,395 27,073,0041Capital stock, pref.14,440,000 14,440,000
Common stock . . . 1,100,000 1,100,000 (Capital stock,com. 14,500,000 14,500,000
Securities other cos
18,725
18,725|Flrst M. bds., 6 % . 3,714,000 3,714,000
Cash ...... ......... .
961,624 1,936,8901Accounts payable.
10,941
9,392
Accts. & bills re c .. 1,850,805 1,720,6771Accrued taxes____
29,814
29,069
Taxes & Insurance
46,455
36,412 |Acc’d int. on bonds
55,710
55,710
In ven tories______ 1,407,780 1,431,7351Reserve funds____
100,000
206,638
Bonds purchased.
397,000
379,000 IProflt and loss____
478,031
835,634
Sinking fund_____
712
______ j
Mtges. on real est.
142,000
94,0001

------------------ 1

------------------- *

T o t a l __________33,328,496 33,790,443 | T o t a l ..............33,328,496 33,790,443
— V . 84, p. 156.

American Type Founders Company.
{Report for Fiscal Year ending Aug. 31 1907.)
President Robert W . Nelson, under date of Jersey City,
Oct. 12 1907, says in substance:
T h e sales fo r th e y e a r w ere a lit t le la rg er than th e y e a r b efore, n o tw ith ­
stand ing th a t y e a r included th e e x tra ord in ary sales am ou ntin g to o v e r
$500,000 due to th e San Francisco fire and also a la rg e Increase a t o th er
branches. T h ere was also an increase In th e n et profits and surplus o v e r
th e p revious ye ar.
W h ile th e sales h ave Increased, th e com p an y has reduced Its bonds
b ills p a ya b le and accounts p a ya b le and has Increased its cash; it has also
c o llected its accounts re ceiva b le m ore c lo s e ly , due In p a rt to settlem ents
o f trad e accounts a t San Francisco, p aym ents o f w hich h ave fu lly realized
expectation s.
Our San Francisco fire loss was In som e cases s e ttle d in fu ll w lth r;cash
and In no case fo r less than 95 % cash w ith am p le a llow a n ce fo r th e balance
In salvage.
M anufacturers are n ow reason ably p rom p t In th e ir d e liv eries , and th e
com pan y w ill v e r y h e a v ily reduce its m erchandise d u rin g th e c o m ln g.y e a r
and thus s till fu rth er reduce Its lia b ilitie s .
In the la st annual rep ort th e sta tem en t w as m ad e th a t i f tuMncss con­
tinued on as la rg e a scale as h eretofore it w ou ld b e pru d ent to p ro v id e p er­
m anent a d d itio n a l ca p ita l Instead o f re ly in g upon ban k ing and com m ercial
cred its. C onditions, h ow eve r, In the m ark et fo r m on ey and securities
h ave been such as to m ake it Im p racticab le to fa v o ra b ly p r o v id e fo r fu n d in g
th e indebtedness o f th e co m p a n y, so th a t such perm anent refu n d in g Is
postponed u n til a m ore fa v o ra b le tim e.
H o w e v e r, a la rg e redu ction In
merchandise and raw m aterials du rin g th e com in g ye a r w ill reduce, the In ­
debtedness q u ite la r g e ly .
• • •
W h ile there Is a fe e lin g throu ghou t som e portions o f th e E ast th a t there
w ill be a decrease in business, ow in g to the disturbances in th e financial
w o r ld , It Is n ot b elie ved the earnings o f th e com p an y w ill be m a te r ia lly
a ffec te d , o w in g to Its ex ten s ive business In the W e s t and on th e "Pacific
Coast, w here conditions are fa v o ra b le and prospects e x c e e d in g ly good;
In fa c t, our sales fo r Septem b er 1907 h ave shown a m od erate increase o v e r
sales o f Septem b er a ye a r a go, o m ittin g th e ab n orm al sales a t San Francisco
in th a t m on th .
T h e requirem ents o f the com pan y w ere such d u rin g th e past y e a r th a t lt
w as found necessary to m ake an extension o f th e C entral F o u n d ry and one
o f th e w ings Is now b ein g exten d ed n in ety fe e t.
• • •
T h e fo re lg n business conducted through th e N a tio n a l P a p er & T y p e 130.,
In w hich this com pan y is In terested, has shown a large increase for'.tne y e a r
and Is y ie ld in g a lib e r a l retu rn.
T h e d irectors regard w ith satisfaction the grow th and im p ro ved con d ition
o f th e co m p a n y, and lo o k w ith confidence fo r a continu ance o fllb e r a l e a m ngs du rin g the y e a r to com e and a su bstan tial re d u ction In Its lab ilities.

1142

THE CHBONICLE.

R E S U L T S F O R Y E A R S E N D I N G A U G . 31.
1906-07. 1905-06. 1904-05. 1903-04.
Gross ea rn in g s _______________________\
Not
f$585,742 $434,471 $439,223
92,274
In te re s t ch arges_____________________ J stated \ 139,829 104,956
N e t e a rn in gs ________________ _______ $461,043 $445,913 $329,514
C om m on sto ck d iv id e n d , 4 % _______ $160,000 $160,000 $160,000
P r e fe r r e d sto ck d iv id e n d , 7 % _______ 140,000
140,000 127,708

$346,949
$160,000
111,435

$41,806

$75,514

Surplus

Assets—
P la n t ----------------Merch. & raw mater
Miscellaneous_____
Accounts receivable
Bills receivable____
Cash _____________
Stocks and bonds..
Bond sinking fund.

......... .................. .$161,043 $145,913
B A L A N C E S H E E T A U G . 31.
1907.
1906. |
$
$
| Liabilities—
.3,996,520 3,974,548 ICapitai stock, com_
2,791,506 2,428,706 ICapitai stock, pref98,331
142,6911Debenture bonds..
. 954,184 1,363,7061Accounts payable..
. 782,896
745,884 [Bills payable______
. 383,547
319,373IScrip______________
. 762,811
741,663 (S urplu s..................
21,4001

1907.
1906.
$
S
.4,000,000 4.000.000
. 2 ,000,000 2.000.000
880,000
. 839,800
366,935
. 289,720
.1,740,250 1,752,054
9,363
9,363
. 890,662
729,619

T o t a l.................... 9,769.795 9,737,9711 T o tal....................9,769,795 9,737,971
— V . 83. p. 1097.

Mergenthaler Linotype Co., New York.
(.Report for Fiscal Year ending Sept. 30 1907.)
President and General Manager P. T . Dodge, under date
of New York City, Oct. 15 1907, says:
General Results.— T h ere has been throu ghou t the y e a r a s tea d y and
w holesom e gain in all fields In w hich the co m p a n y operates, and in all
branches o f its business, a n d , n o tw ith sta n d in g the u nsettled co n d itio n s in
fin a n cia l and business circles, the c o m p a n y’s prospects fo r the com in g y e a r
a re sa tisfa cto ry. T h e n et gain from all sources w as $3,171,571.
T h e prin cip al sources o f reven ue w ere the sale o f the n ew L in o ty p e m a­
chines and m achines p revio u sly held on lease, co n tin u in g ren ta l on m achines
lea sed in previous years, the sale o f machines surrendered a t the end o f the
re n ta l term and rebu ilt in Im proved form s, in terest on notes re ceived from
cu stom ers, and the sale o f m iscellaneous m achines, m atrices and m ach in e
pa rts m an u factu red on a large scale in the B ro o k ly n fa c to ry .
D u rin g the ye a r there w ere co m p leted : 1,237 L in o ty p e m achines o f
variou s m odels; 32 L in o ty p e Juniors; 52 M onolines.
P r a c tic a lly all the d a ily newspapers o f the U n ited S tates continue the
■use o f y o u r m ach in es, and in the book and jo b o ffices, and in o ffices d ev o ted
sp ecia lly to the p rodu ction o f rule and figure w o rk , the dem and fo r m achines
Is s te a d ily increasing.
D u rin g the y e a r an order has been re ceived fo r 25
a d d itio n a l m aohines fo r the U n ited States G o vern m e n t P r in tin g O ffic e In
W ash in gto n .
T h e financial position o f the co m p a n y Is secure.
I t is w ith o u t in d eb ted ­
ness e x c e p t cu rren t m o n th ly bills. Its surplus, la rg ely in the form o f
In terest-bea rin g paper a m p ly secured. Is su fficien t to ca rry the co m p a n y
throu gh a n y period o f gen era l business depression.
E xtensions.— T h e dem and on the m an u factu rin g d ep artm en t increased
so ra p ld y that a d d itio n a l fa cilities becam e necessary a t on ce.
F o r this
reason land was purchased a d ja cen t to the B roo k ly n w orks, a n d the erec­
tion o f a large firep ro o f fa c to ry b u ildin g was begun In A u gu st.
I t Is e x ­
p ec te d that this bu ildin g w ill b ecom p leted du rin g the co m in g w in te r . T h e
best m odern shop practice has been ca refu lly stu died, and it is b elieved
th a t the new shop w ill be In all respects one o f the best In the co u n try .
E le c tr ic ity w ill be g e n era lly used, as in the presen t w orks, fo r p o w er and
lig h tin g purposes, and m a n y new m achines and tools w ill be Installed w ith
a v ie w to eco n om y in produ ction , an increase in o u tp u t, and ex cellen ce o f
th e p rod u ct.
H a v in g in m in d fu tu re needs, a d d itio n a l p r o p e rty n ear the presen t w orks
has been secured from tim e to tim e, as It becam e possible to ob tain the
gam e a t reasonable prices.
A t San F rancisco the im p ro ved la b o r con d itio n s appear to ju s tify the
co m m en cem en t o f bu ildin g operations, and a co n tra c t has been en tered Into
fo r the erection o f a stron g firep ro o f structure to replace the one destroyed
In the grea t fire o f 1906. In v ie w o f the p ro b a b ility th a t the G overn m en t
w ou ld co n d em n the p ro p e rty p revio u s ly occu pied b y the co m p a n y in San
Fra n cisco, a n ew lo t w as purchased In a desirable lo ca tio n fo r the new bu ild ­
up.

The nu liber of machines shipped, sold, &c., was as follows
Y ea r—
S h ip p ed.
1906-07 ................... ..............
1905-06 ____ ______ __________ 1,080
1904-05 ____ ______ __________
(?)
1903-04 _____________________
915

------ O n Rental
-S o ld
New .
Rented.
T ota l.
Oct. 1
N o t reported fo r 1906-07.
N o t sta ted .
*1,153
(?)
N o t sta ted .
868
(?)
383
456
839
865

• N o t a ll d e liv e re d .

The net profits, &c., for four years past compare as follows:
1906-07.
T o t a l n et p ro fits ......... ..
$3,171,571
D ivid e n d s paid ( 1 5 % ) . .
1,649,400

1905-06.
$2,733,752
1,649,362

B a lan ce, su rplus______$1,522,171
$1,084,390
Gross Tsccipts__
Sale o f m a c h in e s _______ ]
f 2,695,439
s a le o fm is c . m a ch in ery I
33,571
A n n . re n ta l o f mach.,<Scc.
N ot
481,208
Sales o f s u p p lie s _______ V re p orted . -I
945,052
F rom In terest __________
I
159,969
T o t a l ............... ...........J

1 4,315,239

1904-05.
$2,204,520
1,524,888

1903-04.
$2,383,296
1,500,000

$679,632

$883,296

2,436,979
22,975
437,432
699,236
153,036

1 N o t re­
J p o rted .
438,224
(?)
N o t rep.

3,749,658

N o t rep .

B A L A N C E S H E E T O C T . 1.
1907.
1906.
Assets—
$
$
C a s h . ........... .................. ........................
1.152,723
1,169,420
S to ck and bond a c c o u n t______________
187,712
146,212
Custom ers’ notes r e c e iv a b le __________
3,036,599
2,532,968
O pen a cco u n ts_________________________
679,053
497,606
1,894,475
1,204,857
H a w m a terials, & c ____________ _______
F a c to r y " L ” u nd er c o n s tru ctio n ____
41,918
_______
P la n t, & c _______ __________ _____________
2,042,898
1,867,181
L in o t y p e s _______________________________
915,450
958,625
O ffic e fixtures and fu rn itu re__________
48,193
36,533
L in o ty p e Co. (C an ada in v e s tm e n t). .
_______
53,573
San Francisco stock fire a cco u n t______
_______
47,000
R ig h ts , p rivilege s, fran ch ises, pa ten ts
and In ven tion s________________ ______
7,629,889
7,587,494
M is c e lla n e o u s __________________________
23,251
24,466

1905.
E il 5
871,401
138,455
2,247,499
445,316
1,115,911
1,682,167
842,550
27,999
53,573
7,576,560
23,005

T o t a l a s s e t s _________________ ______ 17,652,161
L ia b ilitie s —
C a p ita l s to c k ___________________________ 10,996,000
C red itors’ open accou n ts_____________
42,964
D iv id e n d s u n p a id _____________________
581
S u r p lu s ..____ ______ ___________________
6,612,616

16,125,935

15,024,435

10,996,000
38,954
536
5,090,445

10,995,500
22,389
491
4,006,055

T o t a l l i a b ilit ie s . - . ......... ..................
— V . 85, p . 1007.

16,125,935

15,024,435

17,652,161

Lake Superior Corporation.
(Report for Fiscal Year ending June 30 1907.)
President Charles D. Warren of Toronto says in substance:
O perations.— T h e general business o f th e severa l su bsid iary com panies
has been s a tisfa cto ry. M ost o f the pla n ts h ave been in opera tion th rou gh ­
out th e ye a r.
A Igoma Steel C o ., L t d .— T h e o u tp u t fo r th e past y e a r has been : P ig ir o n ,
129,442 tons; steel in gots, 222,705 tons; b lo om s, 193,985 tons; standard
steel rails, 178,624 ton s, this la st Item co m p a rin g w ith 98,822 tons fo r the
y e a r 1904-05 and 159,740 ton s fo r 1905-06.




[V o l . l x x x v .

T h e u n filled contracts fo r ra ils on June 30 1907 am ou nted to 74,378 tons,
as com pared w ith 35,013 tons on June 30 1905 and 89.330 tons on June 30
1906. T h e constru ction o f severa l tran scon tin en tal ra ilw a ys assures
th a t th e ra il m ill w ill be contin u ou sly em p lo y ed . T h e D o m in ion G o v e rn ­
m ent In N o v e m b e r 1906 passed an A c t ex ten d in g th e period w ith in w hich
bounties w ill be paid on p ig iron and steel in gots m an u factured In Canada,
and th e A lg o m a S teel C o., L im ite d , w ill be en title d to th e benefits o f this
A c t , w hich w ill su b sta n tia lly increase th e co m p a n y’s In com e. T h e la rg er
o f the blast furnaces w as o verh a u led and re -lin td du rin g th e ye a r at a con ­
siderable expense.
T h e ou tpu t o f the blast furnaces Is n ot n ea rly su fficien t to su p p ly th e ra il
m ill w ith p ig Iron , and th e balance requ ired must be purchased in the open
m a rk et. D u rin g th e ye a r, th e ex tra o rd in a ry increase in th e price o f p ig
ir o n , w ith o u t a corresponding increase in the sellin g p rice o f r a ils , m a te ria lly
redu ced the profits o f the S teel co m p a n y.
A n Increase in blast furnace c a p a city o f about 500 tons per d a y is u rg en tly
n eeded. Th is w ill in v o lv e a c a p ita l ex pen ditu re o f abou t $1,000,000.
Since June 30 1907 b la st fu rn ace N o . 1 has been en la rged and its c a p a city
increased n ea rly 100 tons per d a y , and y o u r directors h ave d ecid ed , so soon
as the necessary fin ancial arrangem ents can be m a de, to erect an a d d itio n a l
blast furnace o f su fficien t ca p a city to m ake the co m p a n y in depen den t o f
th e outside m a rk et.
Lake S u p e rio r Ir o n & Steel C o ., L td .— Th is co m p a n y was in corpora ted
du rin g the past y e a r fo r the purpose o f ow n in g and o p era tin g the openh earth furnaces referred to in the second annual rep ort. A l l th e issued
stock o f the co m p a n y is h eld b y th e L a k e S uperior C o rp ora tio n . T h e openh earth furnaces h ave been co m p leted a fte r a ca p ita l expen ditu re o f $284,000.
These furnaces are n ow w o rk in g s a tisfa cto rily and th e ir p rod u ct du rin g the
ensuing ye a r should v e r y m a teria lly add to the Incom e o f the corporation .
Lake S u p e rio r Pow er C o .— P r a c tic a lly a ll the p o w er at present d ev elo p ed
on th e Canadian side o f the riv e r is requ ired fo r the opera tion o f th e variou s
su bsidiary com panies o f the corpora tion , and the p o w er c o m p a n y has d u rin g
th e y e a r su pplied a ll th e com panies w ith pow er.
H e lm M in e .— Much d e v elo p m en t w ork has been done on the H elen m in e,
as w e ll as w o rk in g the m in e its e lf. A good m a rk et is a v a ila b le fo r a ll ore
n o t used b y the steel co m p a n y. T h e u nfilled contracts fo r ore on June 30
1907 am ou nted to 154,576 ton s, as com pared w ith 120,612 tons on June 30
1905 and 95,081 tons on June 30 1906. P y rite s In q u a n tity continues to be
fou nd in the m in e, and a s tea d y m a rket fo r sam e is bein g su pplied as fast
as th e p y rites is m in e d .
S a u lt Ste. M a r ie P u l p & P a p e r C o .— T h e grou n d-w ood pu lp m ill w as con ­
tin u ou sly opera ted ex cep t fo r th e la st tw o m onths o f the ye a r, w hen it was
shut dow n on account o f fire. T h e grou n d-w ood p u lp ou tp u t fo r th e y e a r
en din g June 30 1907 was 23,000 ton s, as com pared w ith 27,817 tons fo r the
y e a r 1904-05 and 24,344 fo r 1905-06. B u t fo r this fire in the p u lp m ill,
th e o u tpu t fo r th e y e a r w o u ld h ave exceed ed eith er o f the previou s years.
T h ere is a good dem and fo r th e p u lp as fa st as it can be m an u factu red.
G ood progress has also been m ade In th e prod u ctio n o f ta r and b u ild in g
paper. T h e m ill has been fu lly repaired and Is n ow In a c tiv e o p era tio n .
T h e loss occasioned b y the fire was co vered b y insurance.
A lgo m a C om m ercia l C o ., L td .— Th is co m p a n y has charge o f a ll th e lu m ber
o perations. T h e sa w m ill is in e x cellen t con d ition and o v e r 13,000,000 feet
o f lu m b er w ere cut and sold du rin g the ye a r. L o w w a te r in rivers and
stream s e a rly in the y e a r seriou sly a ffected the cost o f operations.
R ailw ays. & c .— T h e fre ig h t o f the d ifferen t su bsidiary com panies continues
to be th e prin cip al source o f reven u e o f th e A lg o m a C entral & H udson B a y
R y . and the M an itou lin & N o rth Shore R y . , p a rticu la rly the fo rm er, co n ­
s titu tin g 76 % th ereo f.
U n til these ra ilw a ys are ex ten d ed to connections
w ith tru n k lin e s , w e can not hope to secure a dequ ate returns on th e c a p ita l
In vested. A t the last session o f the L egislatu re o f the P ro v in c e o f O n ta rio,
the land gra n t to the A lg o m a C entral & H udson B a y R y . o f 7,400 acres per
m ile , fo r a distance o f 225 m iles, was renew ed fo r tw o years fro m S ept. 1
1907, so as to en able th e co m p a n y to co m p le te construction and th e reb y
earn the land gra n t. T h e extension o f this ra ilw a y to connections w ith the
tran scon tin en tal ra ilw a ys to th e n orth w o u ld open up ex ten s ive tim b e r and
m in eral te rr ito r y in th e P ro v in c e o f O n ta rio, and should insure a la rg e and
p ro fita b le passenger and fre ig h t business fo r th e ra ilw a y . T h e loss o f the
T h ea n o , one o f th e steam ships o f th e ra ilw a y co m p a n y, w ith a cargo o f
2,000 tons o f rails (Insured) and the d e la y ©f th e contractors in the recon ­
stru ction o f th e barge A g a w a in to a steam ship, h ave dim inished the earnings
o f th e fleet fo r th e ye a r.
M iscella n eou s.— T h e operations o f the In tern a tio n a l T ra n sit Co. and
Tran s-S t. M arys T ra c tio n C o., and th e fe r ry b etw een , show an Im p ro vem en t
o v e r th e p reced in g year.
T h e T a g o n a W a t e r & L ig h t Co. supplies the to w n o f Sault Ste. M arie,
O n ta rio, w ith w a te r and lig h t, and th e results o f its operation fo r the past
y e a r h ave been sa tisfa cto ry.
T h e affairs o f th e M ich igan L a k e Superior P o w e r Co. and its rights are
s till in litig a tio n , bu t efforts h ave been m ade— and are still being m a d e—
to effect a settlem en t o f a ll m atters in disp u te, so th a t the co m p a n y m a y be
pu t on a m ore sa tisfa cto ry basis.
C a p ita l E xp end itu res.— F o r p ro p e rty , extensions and construction $451,501 has been exp en d ed , as fo llow s; M an itou lin & N o rth Shore R a ilw a y
C o., $42,025; Tran s-S t. M a ry ’s T ra c tio n C o., $8,187; T a go n a W a t e r & L ig h t
C o., $17,390; S au lt Ste. M arie P u lp & P a p e r C o., $13,293; L a k e Superior
P o w e r C o., $34,507; A lg o m a C om m ercial C o., $-7,792; A lg o m a S teel C o..
L t d ., $43,007; L a k e Superior Iro n & S teel C o ., $284,830; In te rn a tio n a l
T ra n sit C o., $469.
T o m ake p a rtia l provision fo r fu rth er necessary extensions and fo r w o r k ­
in g ca p ita l, the su bsidiary com panies h ave set aside, out o f th e ir n et ea rn ­
ings o f the past y e a r, $342,000.
In co m e Interest.— U n d er a ll th e circum stances the results fo r th e ye a r
h a v e been reason ably sa tisfa cto ry , but the earnings o f the corporation
h a v e n ot w arran ted p a y in g in terest on the in com e bonds. W h en the e x ­
tensions co n tem p la ted b y th e su bsid iary com panies are c o m p le te d , y o u r
directors co n fid en tly e x p ect th a t the earnings w ill ju s tify the resum ption
and ccn t'n u cd pa ym en t o f the in terest on the Incom e bonds.
IN C O M E F O R F IS C A L

Y E A R E N D IN G J U N E

In t . & d iv . on securities o f subsid. cos.
In tere st fro m b a n k s, & c------------------T o t a l ........... ................ - ......................
In tere st on first m o rtg a g e bond s____
G en. ex p ., ta xes and org. co sts_______ 1
In t . on loans & accts. w ritten o ff____ j
B a lan ce, cred it p rofit and loss____
B alan ce precedin g y e a rs.....................
T o t a l - ........... - .......................... ..........
5 % paid on incom e bonds O ct. 1 1906
T o t a l surplus as per ba l. sh eet____

30.

1905-06.
$1,102,044
36,700

1904-05.
$543,455
42,084

$1,138,744
489,883
91.981

$585,539
452,175
98,562

$29,630
591,683

$556,880
34,803

$34,802
...........

$621,313
150,000

$591,683

$34,802

$471,313

$591,683

$34,802

1906-07.
*$527,983
150,029
$678,012
500,000

/

148,382

* I n a d d itio n to Interest and divid en d s paid as a b o ve, the su bsidiary com ­
panies h ave reserved $342,000 from n et earnings fo r th e ye a r fo r extensions
and w o rk in g ca p ita l.
B A L A N C E S H E E T J U N E 30.
1907.

1906.
I
1907
1906.
$
$
j Liabilities—
Assets—
S
$
ICapitai stock_____ 40 000,000 40,000,000
Investments & se­
I First mtge. bonds.10 ,000,000 10 ,000,000
curities of sub­
sidiary cos........ 50 ,937,591 51,184,0721Income bonds____3 000,000 3,000,000
|Bills and accounts
Cash (see note be­
low) ___________
31,850
24,3861 p a ya b le---------662,641
688.236
Cash for coupon..
43,150
30,8751 Accrued Interest on
42,998
. . . .
9,2931 bonds and loans.
Accts. receivable. 42.866
30,875
|Coupons due (con)
Accounts secured
43,150
7,288
by bonds, &c___
177,000
125,002 (Due subsidiary cos.
34,183
956,8791Suspense accountTreasury bonds___x l ,114,271
43,390
591,683
471,313
A dv. to sub. c o s.. 1 ,954,363 2,064,2791Profit and loss____
5,135
476|
Miscellaneous____
T o t a l:............... 54,263,360 54,395,2631 T o ta l..................54,263.360 54,395,263
Note.— In addition to the bonds in the treasury and cash on hand June 30 1907,
there was held for the account of the Algoma Central & Hudson Bay Railway Co.,
to be used for the extension of Its line, cash, $76,337; first mortgage bonds of Lake
Superior Corporation, $345,000.
* Includes accrued Interest In 1907.— V. 85, p. 725.

JSoy. 2 1907.1

TH E CHRONICLE.

G E N E R A L I N V E S T M E N T NE WS .
R AILRO ADS, IN C L U D IN G STREET ROADS.
Atlanta Birmingham & Atlantic RR.— For the year ending
June 30.
F is c a l
Average
year.
m iles.
1906-07................. 421
1905-0 6
323
1904-0 5
337
— V . 85, p. 1082, 39.

Gross
earnings.
51,605,086
1,133,925
1,007,462

Net
earnings.
$395,277
304,185
300,730

F ix e d
charges.
$346,200
230,326
220,138

B alan ce,
su rp lu s.
$49,077
73,859
80,592

Boston Elevated Ry.— Report.— For year ending Sept. 30:
Y ea r—
1906-07
1905-06
1904-05

Gross.
$13,952,966
13,527,185
12,689,676

N e t.
Other In c .
Charges. B a i l o r div.
$4,305,820
$58,201
$3,532,743
$831,278
4,220,235
107,426
3,475,882
851,778
4,072,023
51,893
3,288,831
835,085

The “ charges” in 1906-07 include $100,000 o£i charges
to depreciation fund.
Dividends of 6% yearly call for $798,000, leaving surplus
of $33,278, against $53,779 in 1905-06 and $37,085 in
1904-05 — V. 85, p. 920, 863.

1143

has received authority from the Georgia Railroad Commis­
sion to issue $2,570,000 of its $3,500,000 consols of 1907,
due 1947, for the following purposes:
T o retire and replace first m o rtgage bonds o f 1906 (au th orized issue $1,000,000; ou tstan ding, $590,000), $1,000,000; to p a y o th er in debtedn ess
and purchase eq u ip m en t, $210,000; to take up car trust con tracts, $50,000;
fo r term inals a t Brunsw ick, $200,000; fo r ro llin g stock, lim ited to $2,000
a m ile , $560,000; fo r construction;and a cq u irin g a d d itio n a l m ile a g e , lim ited
to $10,000 a m ile , $550,000.— V . 82, p. 804.

La Dicha & Pacific R R .— Reorganization.— See Mitchell
Mining Co. under “ Industrials” below.— V. 85, p. 531.
Montreal Street R y .— Report.— For the year ending Sept.
30:
F is c a l
Gross
Net
R ec’d f r 'm
C h g s .,R e D i v ’ds.
B a l.,
Y ea r—
E a rn in g s. E a r n ’gs. M . P . & l n . R y . new als,& c. (1 0 % )
S u rp .
1906-07 ..$ 3 ,5 0 3 ,6 4 3 $1,398,990 $55,101
$610,250 $768,100 $75,741
1905-06 . . 3,100,487 1,249,767
_______
546,064
700,000
3,703
— V . 85, p . 221.

National RR . of Mexico.— Report.— See “ Annual Reports.”
Increase of Rates.— The Railroad Commission of Mexico
has consented to an increase of 12% in the rates charged
by the Mexican trunk lines.— V. 85, p. 921, 793.

Boston & Worcester Street Railway.— New Stock.— The
New York New Haven & Hartford R R .— New Stock— Pos­
Massachusetts Railroad Commission has authorized the com pany to issue $300,000 new stock, offering the same to share­ sible Change in Price as well as Amount.— A t the special meet­
holders at par ($100 per share) to provide for floating debt ing of the shareholders held in New Haven on Thursday, it
incurred for construction, equipment and purchase of prop­ was voted, in view of the change in money market condi­
tions, to authorize the board of directors either to increase
erty.
the stock (1) by the amount previously suggested, namely,
T h e co m p a n y’ s app lica tion was fo r $500,000 n ew stock and a balance
$35,469,500, offering the right to subscribe at $125 per share
sheet was su bm itted as o f O ct. 1 show ing ou tsta n din g: S to ck , $1,725,000;
bonds, $1,610,000; bonds assum ed, $106,000; “ n et flo a tin g d e b t, $922,091.”
to the stockholders in the ratio of one share for every four
— V . 85, p. 863.
shares of their respective holdings (V. 85, p. 794), or, at the
Canadian Northern R y .— Report.— For year ending June 30 discretion of the board, (2) to make an increase of $43,121,200,
1907:
the new shares in this case to be offered to the stockholders
F is c a l
M ile s , oper.
Gross
Net
F ix e d
B alan ce,
at par in amounts equal to one share for every three shares
Year—
Ju n e 30. E a rn in g s.
E a rn in g s.
Charges.
S u rp lu s .
held. President Mellen favored the first alternative, and ex­
1906-0 7
..
2,639
$8,350,198
$2,926,034 $1,882,489
$1,043,545
1905-0............... 6
2,482
5,903,755
2,229,023
1,509,448
719,574
pressed the belief that this increase would not interfere with
1904-05.............
1,876
4,190,212
1,545,482
1,128,779
416,703
the maintenance of the present 8% dividend rate. The pro­
— V . 85, p . 863, 599.
ceeds will be used for completing the six-tracking of the H ar­
Chicago & North Western Ry.— Maturing Bonds.— The
lem River branch and the completion of improvements at
$1,592,000 Winona & St. Peter R R . second mortgage 7% the New Haven cut, and at Providence, but especially to
bonds and the $2,000,000 Dakota Central R y . (South Eastern
pay for the $18,000,000 worth of new equipment which was
Division) first mortgage 6% bonds maturing N ov. 1 1907
ordered some time ago, it being “ absolutely necessary,” in
were paid when due upon presentation at the office of the
order to keep operating expenses down, to avoid as far as pos­
Treasurer of the Chicago & North Western Railw ay Co.,
sible the use of foreign cars and the demurrage charges at­
I l l Broadway, New York C ity.— V. 85, p. 1005, 657.
taching thereto.
A p a rt of the proceeds, also, one account
Consolidated Railways Light & Power Co., Wilmington, says, will be used to take up $8,500,000 debenture bonds
N. C.— Properties Transferred Under 99-Year Lease.— See (compare V. 85, p. 1005).
The issue, it is stated, will fi­
Tidewater Power below.— V. 85, p. 40.
nance the company’s requirements for two years to come.,
New Directors.— Three new directors, J. G. Parker, E. D.
Continental Tunnel Ry.— Proposed Tunnel for Denver
Northwestern & Pacific R R .— This company was recently Robbins and A . S. May of New Haven, all officers of the com -'
organized to build a tunnel 5 miles in length through James pany, were elected directors at the meeting on Wednesday.
Peak, in the R ock}r Mountains, for the purpose of carrying It is understood that later on they will give place to represen­
the Denver Northwestern & Pacific through James Park tatives of the Boston & Maine, provided the Massachusetts
instead of the Corona Pass as formerly planned, thus shorten­ authorities approve.
ing the journey from Denver to Salt Lake City “ by about 12
Purchase of Projected Trolley Competitors.— Oakleigh
hours.” The officers are:
Thom e, President of the Trust Company of America, and
Marsden J. Perry, a director of that institution and President
Th om as P . W a ls h , P resid en t; John W . S prin ger, 1st V ic e -P re s .; H erb ert
G eorge, 2d V lce-P res. and G eneral M anager; C raw ford H ill, 3d V lce-P res.;
of the Union Trust Co. of Providence, announced on Tues­
F red . B on fils, 4th V lce-P res.; W . O. T e m p le , S ecreta ry; Col. W . E . H ughes,
day the sale to the New York New Haven & Hartford R R .
T rea su rer, and James H . B lo o d , A tto rn e y .
of the ownership of the Milbrook Company, which was or­
The “ Denver Republican” said:
ganized some time ago with about $1,000,000 capital stock,
" M r . B lo o d and M r. H u gh es, a tto rn e y fo r the M o ffa t ro a d , are n ow p re­
pa rin g a co n trac t under w hich the road w ill gu arantee the $5,000,000 o f 6 %
to control the projected high-speed 4-track trolley enterprises,
bonds w hich w ill be Issued fo r the constru ction o f th e cu t-off.
T h e C o n ti­
the New York Westchester & Boston R R . Co. and the New
n en tal T ru st Co. o f D en v e r Is to arran ge fo r th e issuance o f the bo n d s.”
Cripple Creek Central Ry.— Holdings of Kessler & Co.— York & Port Chester Railroad Company, form erly rival
See ‘ Items about Banks, Bankers and Trust Cos.” on a undertakings. President Mellen of the New Haven road is
quoted as saying that as soon as pending litigation is settled
preceding page.— V. 83, p. 1167.
and money conditions are favorable, it is proposed to proceed
Denver & Northwestern Ry.— Bond Call Rescinded.— with the construction of the aforesaid 4-track electric system
President S. M. Perry makes the following announcement:
from the terminus of the Lenox A ve. subway at 177th St.
On A u g . 1 1907 this co m p a n y pu blished a n otice, pursuant to its first and
co lla te ra l m o rtg a g e, th a t on N o v . 1 1907 a ll o f said bonds should be p re­ and the West Farms station on the Harlem R iver branch
sented fo r p a ym en t, at th e M ercantile T ru s t Co. o f N e w Y o r k . T h e present
of the New York New Haven & Hartford to Mount Vernon,
financial co n d itio n in N e w Y o r k is such th a t th e co m p a n y ca n n ot ob tain
The new system, in
a t th e present tim e the m o n ey arran ged fo r and relied u pon, and conse­ on the main line of the N ew Haven.
q u en tly all bonds w ill rem ain In fu ll fo rce and u n affected b y the published
connection with the new tracks of the Harlem R iver branch,
n otice o f A u g . 1 1907. T h e In terest due N o v . 1 1907 wi'll be p ro m p tly
would permit an 8-track passenger service from N'ew Rochelle
p a id , and all o bligation s under the m o rtg ag e d u ly d isch a rged .— V . 85,
p. 40.
through Westchester to New York City, with direct connec­
Denver Northwestern & Pacific R y.— Tunnel Project.— See tions with the subway and Third Avenue Elevated, in addi­
tion to the service to the Grand Central Station.
Continental Tunnel R y.
The following was given out in New Haven:
Alliance.— The “ Denver Republican” of Sept. 11 con­
firmed the rumor that Utah capitalists have become inter­
T h e M U lbrook C om p an y has been ow n ed b y th e N e w H a v e n co m p a n y
p ra c tic a lly fo r o v e r one ye a r, and th e action to -d a y w as m e re ly a fo rm al
ested in the enterprise, saying:
A ft e r a y e a r o f n ego tiatio n s, P resid en t D a v id H . M o ffa t announced yes­
te rd a y th a t there rem ains no obstacle to the co m p letio n o f the road
throu gh to S alt L a k e C ity .
H e has secured the fin ancial backin g o f Jesse
K n ig h t (head o f th e U ta h Constru ction C o .), U n ited States S enator R eed
S m o ot, W . L ester M angum and R . E u gene A lle n , the w ea lth iest grou p o f
m en In U ta h , and th e y h a v e agreed to build a lin e abou t 200 miles lo n g from
a p o in t n ear V ern a l, U tah , to S alt L a k e C ity .
Th is road w ill join w ith the
M o ffa t road near the C olora do-U ta h lin e. T h e M o ffa t road now extends to
K re m m lln g , C o lo ., 126 miles from D en ver, on the o th er side o f th e C o n ti­
n en tal D iv id e , and so d iffic u lt has It been fo r M r. M o ffa t to secure financial
ba ckin g fo r the road th a t it has been fr e e ly p redicted in the E ast th a t the
road w o u ld n ever ex ten d beyon d S team b o at Springs, a p o in t w hich It I*
hoped to reach n e x t fa ll.
“ W e w ill run trains betw een D en ver and S alt
L a k e C ity w ith in tw o ye a rs ,” M r. M o ffa t said. “ T h ere are no m ore o b ­
stacles In the w a y th a t I can see, and w ork on the lin e from S alt L a k e C ity
to th e S ta te lin e is a lrea d y in progress.”

According to one statement the Utah capitalists, in addi­
tion to building the extension of the D. N. & P. R R ., will
purchase a considerable block of that company’s bonds.—

V. 82, p. 1211.

Georgia Coast & Piedmont R R .— Bond Issue Approved.—
This company, owning an 85-mile road extending from Dar­
ien, Ga., to a connection with the Seaboard Air Line at Col­
lins, Ga., and projected to run from Darien to tidewater at
Brunswick, G a., 15 miles additional, with branches, &c.,




tran sfer fro m th e persons w h o h ave m an aged it fo r th e N e w H a v e n co m ­
p a n y ’s accou nt. Th is tra n sfer In vo lves no n ew o b liga tion s or a d d itio n a l
expen ditu res a t this tim e. T h e M illb ro o k C om p an y owns a ll o f th e N e w
Y o r k & P o rt Chester R R . Co. and a v e r y su bstan tial m a jo r it y o f th e N e w
Y o r k W estch ester & B oston C om p an y.
[In J u ly la s t,In th e Suprem e C o u rt,R .E .R o b in s o n , o f R . E . R o b in son &
Co. o f N e w Y o r k , as ow n er o f $330,000 stock in th e W estch ester C o m p an y,
obtain ed an In ju nction , w hich Is to com e up on appeal N o v . 9, restrain in g
th e use o f th a t c o m p a n y’s route b y th e P o r t Chester C om p an y.
(V . 85, p .
795; V . 84, p. 1183, 52.)
M r. R obin son alleges th a t th e P o r t Chester C om ­
pa n y has done lit t le o r n oth in g In the w a y o f constru ction , w h ile the AVestchester has expen ded a bout $4,000,000 ($1,077,000 w ith in N e w Y o r k C ity
lim its and $1,600,000 in W estch ester C ou n ty) fro m th e In stallm en ts paid In
on an Issue o f $15,000,000 bonds w hich was u n d erw rltten a t 90 w ith a bonus
o f 30 % in stock. C om pare V . 83, p. 1291; V . 79, p. 501.— E d .l

Bonds.— Under date of Oct. 29 the company announces
that it will, on presentation at its Treasurer’s office in New
Haven, Conn., or at the office of J. P. Morgan & Co., in New
York, pay at par and accrued interest to date of presentation:
Second m o rtgage 4 % bonds o f the H a rlem R iv e r & P o rtch ester R R . Co.
due June 1 1911; to ta l ou tstan din g, June 30 1907, $635,000. F irst m o rt
gage 6 % bonds o f the N e w L o n d o n Steam boat C o ., due Jan. 1 1908 to Jan. 1
1916, inclusive; to ta l ou tsta n d in g, June 30 1907, $135,000.

Retrenchment.— As a precautionary measure, pending the
clearing up of the general financial situation, which has thus
far, it is stated, but slightly affected the company’s earnings,

1144

THE CHRONICLE

the management has decided on a policy of retrenchment,
especially as regards improvement work.
A press de­
spatch from New Haven on Oct. 26 said:
I t Is announced th a t Im m ed ia tely m ore than 2,000 em p loy ees upon the
steam sy stem w ill be la id o il, besides severa l hundred m ore in the R h o d e
Is la n d tro lle y service. W o r k upon a v e r y large n um ber o f the im p ro ve­
m en ts w ill e ith e r be stopped or la rg ely cu rta iled. In clu d ed In these Im prove
m ents are variou s dou ble-tra ckin g w ork , the tunnel w ork on the H igh land
D ivisio n , b etw een W a te rb u ry and B ristol, a p a rt o f the w ork on the N e w
H a v e n Im p ro vem en ts, and also a p a rt o f the w o rk upon th e e x tra tra ck in g
In conn ection w ith the H a rlem term in a l

Five-H our Train Withdrawn.— The Mayflower limited ex­
press train now leaving New York and Boston, respectively,
at 8 a .m ., will be discontinued after to-day, N ov. 2, because,
it is said, of small patronage. Through trains leave about
the same time by way of Hartford and Willimantic.— V.
85, p. 1005, 992.
New York & Port Chester (Electric) Ry.— See New York
New Haven & Hartford R R . above.— V. 85, p. 794.
Ohio Electric R y .— Permanent Organization.— The follow­
ing officers are announced:

[V o l . l x x x v .

Tonopah & Goldfield RR.— New President.— C. K . Lord,
has been elected President, succeeding John W . Brock, who
resigned. Mr. Lord was formerly Vice-President of the
B. & O.— V. 85, p. 723, 601.
Union Pacific R R .— Committee to Formulate Pla n .— After
the meeting of the directors on Wednesday, the follow­
ing announcement was made of the appointment of a com­
mittee to prepare a plan with a view to separating the com­
pany's investments from its railroad business proper:
U p o n th e c a ll o f Presid en t H a n im a n a m e etin g o f th e board o f d irectors
o f the U nion P a cific R a ilro a d Co. was h eld to -d a y . A t his suggestion th e
question was considered o f so p la cin g the securities o f oth er com pan ies
h eld b y th e U nion P a cific th a t the beneficial In terest therein should best
accrue to the U nion P a cific stockh olders and th e ir interests be best p ro ­
tected . A special co m m ittee w as a ppoin ted to ta k e th e m a tte r up In
con ju n ction w ith th e ex ec u tiv e co m m ittee o f the U nion P a cific board, such
co m m ittee to rep ort to a subsequent m eetin g o f the fu ll board o f directors.
W h en a plan Is d ecided upon, it is In ten ded to subm it It to th e stockh olders
fo r th e ir ap p rova l.
T h e fu ll co m m ittee Is as fo llo w s ; E . H . H a rrlm a n , H e n ry C. F r ic k ,
M a rv in H u g h ltt, R . S. L o v e t t , James S tillm a n . R o b e r t W a lto n G o elet,
N e w Y o r k C ity ; O liv e r A m es, Boston; P . A . V a len tin e, C hicago.
M r. H a rrlm a n says th a t w h a te v e r Is done, th e co n v e rtib le bondholders
w ill be fu lly p rotected .

This action, it is understood, is taken as a concession to
public sentiment and not because of any fear or anticipation
of steps by the Government to force a sale of the securities.
— V. 85, p. 1083, 922.
Vicksburg (Miss.) Railway & Light Co.— Decision.— See
Pennsylvania R R .— Regular Dividend.— The directors yes­
terday declared a semi-annual dividend of 33^% to stock­ Southern Electric Securities Co. above.— V. 85, p. 470.
Washington (D. C.) Terminal Co.— Station Opened.— This
holders of record of N ov. 4, being the same amount as paid
in May last and N ov. 1906, prior to which 3% was distributed company’s new union station at Washington, D. C., while
not entirely completed, was opened to the public on Oct. 27,
each six months from May 1900 to May 1906.
Curtailment.— In answer to an inquiry about the capital when the Baltimore & Ohio began using the new facilities.
requirements of the company for 1908, President McCrea On N ov. 17 other roads entering Washington are to
move from the Pennsylvania station to the union station.
says in substance:
The capital stock is owned by the B. & O. and Philadelphia
In vie w o f the u n satisfacto ry o u tlo o k fo r ra isin g n ew ca p ita l in 1908, It is.
In m y ju d gm en t, necessary and prudent fo r the co m p a n y to contin u e Its
Baltimore & Washington (Pennsylvania) system.

W . K e s le y S ch o ep f, P re s id e n t; N o rm a n M cD . C ra w ford , D ana S tevens
and J. B . F o ra k er, V ice-P resid en ts; F . A . H e a ly , S ecretary-Treasu rer.
D irectors; Messrs. S choepf, C ra w ford , H e a ly , D . G. E dw ard s, J. B . F o ra k er
Jr. and D ana S teven s, o f C in cin n ati; R a n d a l M organ and J. L e v e rin g Jones,
o f Ph ila d elp h ia ; and H u gh J. M cG ow an, o f In d ia n ap olis. H eadq u a rters,
C in cin n a ti.—-V . 85, p . 601, 531.

p o lic y o f n o t begin n in g a n y new w o rk or c o m m ittin g the co m p a n y to an y
ca p ita l requ irem en t, ex cep t those a b so lu te ly necessary to eco n om ica lly
h an dle Its tra ffic .
W ith th a t end In v ie w , th e P en n sylva n ia R R . Co. w ill
u n d ou b ted ly restrict Its needs to a m in im u m and w ill n ot push the w o rk
on th e N e w Y o r k tunnel extension o r o th er In com pleted Im provem en ts as
vig o ro u s ly as has been done in the past.
Th is w ill som ew h at d e la y the co m p le tio n o f the N e w Y o r k tunnel w ork
as a w h o le, bu t progress on the E ast R iv e r tu n n ils , the erection o f steet
fo r the n ew term in a l b u ild in g and w ork a ffec tin g the c it y streets and a v e ­
nues w ill n ot beu m aterially re ta rd ed .— V . 85, p. 1083, 865.

Pere Marquette R R .— Meeting Adjourned.— As it was
found impracticable to arrange all the preliminaries by
Oct. 28, the special meeting of the stockholders called to
approve the agreement of reorganization was adjourned for
two or three weeks, and the time for payment of the first
installment of 25% of subscriptions for debentures was
extended to Dec. 2 1907. Calls for payment of this and
subsequent installments will be sent out later.— V. 85, p.
1002, 794.
San Diego (Gal.) Electric Railway.— New Stock.— A Los
Angeles paper states that the company is considering a propo­
sition-to increase its capital stock from $500,000 to $5,000,000, to provide for improvements and extensions.— V. 83,
p. 380.
South & Western Ry.— Construction Delayed.— A press
dispatch announces the suspension of practically all con­
struction work, but states that it is hoped to complete the
road next year, some 75% of the work having been done.—
V. 83, p. 1099, 380, 156.
Southern Electric Securities.— Unfavorable Decision.— Re­
ceivership of Controlled Property.— The Supreme Court of
Mississippi has affirmed the decision of the lower court hold­
ing that the company is a combination in contravention of
the State Anti-Trust laws, and must dispose of its holdings
in properties in the State, viz., Southern Light & Traction
Co. of Natchez and Vicksburg Railway & Light Co. By rea­
son of this decision, Chancellor J. S. Hicks of the Fourth Dis­
trict Chancery Court at Natchez on Oct. 25 appointed W . A .
Pollock of Vicksburg receiver of the Southern Light & Trac­
tion Co. Mr. Pollock was in August last named receiver of
the Vicksburg Railway & Ligh t Co. (V . 85, p. 470). Com­
pare V. 84, p . 932,221.
Southern Light & Traction Co., Natchez, Miss.— Receiver­
ship.— See Southern Electric Securities Co. above.— V . 79,
p. 104.
Tidewater Power Co.— Properties Taken Over.— This com­
pany, an ally of the Rockingham Power Co. (which see be­
low and in V. 84, p. 1432), on Oct. 17 took over under 99year lease the properties of the Consolidated Railways Light
& Power Co. of Wilmington, N. C. An official statement
says:
T h e purpose o f tran sferrin g the co n trol o f the Consolidated R a ilw a ys
L ig h t & P o w e r Co. to the T id e w a te r P o w e r Co. b y purchase o f a m a jo rity
o f the stock o f the C on solidated C om p an y, and a lease o f the C on solidated
C o m p an y to the T id e w a te r P o w e r Co. fo r a period o f 99 years, Is to h ave an
op era tin g co m p a n y w hich has su fficien t financial strength to take care o f
tne extension s and Im provem en ts n ecessitated b y the ra p id grow th o f the
c ity .
T h e recen t dou ble-tra ckin g o f the Im p o rta n t streets In W ilm in g to n p ra c­
tic a lly giv es the T id e w a te r P o w e r Co. dou ble the e ffic ie n c y fo r servin g the
p u blic th a t the Consolidated C om p an y had. Com pare V . 85, p. 42.

Third Avenue RR., New York.— Guaranteed Dividend Re­
mains Unpaid.— The receivers of the New York City R y. Co.
and the Metropolitan Street R y. Co., acting under Judge
Lacombe’s order (V . 85, p. 592), defaulted N ov 1 on the
quarterly guaranteed dividend of 1^£%
T h e " N e w Y o r k T im e s ” (see Issue o f N o v . 1) learn s fro m a source close
to the receivers th a t th e n e x t step as a ffe c tin g th e T h ird A ven u e w ou ld be
a d e fa u lt on the Janu ary In terest coupon on the $41,943,000 con solida ted
m o rtg a g e bonds u n d et the plan la id dow n b y Ju dge L a co m b e in his opinion
o f O c t. 8, d ire c tin g the receivers so fa r as possible to re lie v e the M etrop o lita n
system o f burdensom e flxed^ch arges.— V . 85, p . 922, 865, 532.




T h e co m p a n y’s ten an ts are the B a ltim ore & O hio R R . , P h lla . B a lt. &
W ash . (P en n sy lva n ia R R . ) , Sou thern R y ., Chesapeake & Ohio R y . and
W ash in gton Southern, the last nam ed b ein g th e co m p a n y b y whose road
the A tla n tic Coast L in e , the Seaboard A ir L in e and the R ich m on d F re d ­
ericksbu rg & P o to m a c reach th e c it y . T h e sta tion and approaches w h e n
fu lly com pleted w ill have cost $15,500,000. In a d d itio n to this, the coach
ya rd s cost abou t $5,000,000; coa l p roperties, $450,000; bulk freig h t y a r d ,
$1,315,000; P e n n sylva n ia R R . tracks from V irg in ia A v e . to a co n n ectio n
w ith term in a l, $650,000; and P en n sylva n ia R R . tra cks from V irg in ia A v e .
to the south en d o f L o n g B rid ge, $2,250,000, m a k in g th e w h ole proposition
cost about $25,000,000.— V . 85, p . 42.

Whatcom County Railway & Light Co., Bellingham,
W ash.— Preferred Stock.— In our issue of June 8 1907 we
stated that the preferred stock had been canceled. We now
learn that on June 12 the stockholders authorized a new issue
of $750,000 preferred stock, of which on Aug. 31 1907 there
was outstanding $243,000, together with $750,000 common
stock, $1,459,000 bonds and $75,000 notes payable. For
the year ending Aug. 31 1907 there was expended for con­
struction $407,069. Compare page 9 of “ Street Railw ay”
Section.— V. 84, p. 1369.
IN D U S T R IA L , GAS A N D M ISCELLANEOUS.
Amalgamated Copper Co.— Advance in Price of Copper.—
See editorial remarks on a preceding page.— V. 85, p. 1006,
865.
American Glue Co.— Second Extra Dividend.— The direc­
tors have declared the regular semi-annual dividend of 2%
and 1% extra on the $800,000 common stock, payable
Nov. 1 to stock of record Oct. 26. This is the second extra
disbursement on common stock, the first having been made
six months ago. Compare V. 85, p. 282.
Austin (Tex.) Telephone Co.— Receivership.— On Oct. 10
this company and the Williamson County Telephone Co.
were placed in the hands of W . S. Kingsbury and E. A .
Glass, respectively, as receivers.
Bidwell Electric Co., Chicago.— Contest.— Charles E.
Cessna and J. T . Elmore were elected on Oct. 17 as President
and Secretary, succeeding Benson Bidwell and his son,
Charles F. Bidwell. The “ Chicago Tribune” of Oct. 19 says:
A n answer to a b ill fo r a re ceiver says th e p e titio n should now be dis­
m issed. T h e stockh olders h ostile to the B ld w tlls say th e y w ill ask Judge
W a lk e r to In v a lid a te the electio n , w h ic h , th e y s a y , w as m e rely a “ b lin d .”
— V . 84, p. 273.

Brooklyn (N. Y .) Development Co.— Interest on Incomes.—
This company on Sept. 25 made the following announcement:
Th is co m p a n y w ill p a y an In sta llm en t o f 7 M % Interest on Incom e bonds,
bein g a ll o f the accrued cu m u la tive In terest on said bonds on presen tation
and su rrender o f 3 coupons a t 2>$ % , b ein g coupons N o s. 15, 16 and 17, a t
the o ffice o f th e S ta te S treet T ru s t C o., B o sto n , on o r a fter O ct. 1 1907.
John H . S torer Is Treasu rer. C om pare V . 68, p. 721, 870.

Bush Terminal Co.— Earnings.— For periods ending Sept.30
— J u lv 1 to S ep t. 30-------- J a n . 1 to S e p t.30—
1907.
1906.
1907.
1906.
Gross ea rn in gs................................$255,560 $213,613 $804,759 $618,041
N e t o v e r exp en ses________________ 155,398
133,965
498,561
348,655
— V . 84, p. 1112.

Central Colorado Power Co.— Temporary Curtailment of
Work.— Treasurer Leonard E. Curtis, at Colorado Springs
on Oct. 25, issued the following statement:
T h e C entral C olorado P o w e r Co. and the Eastern C o lo ra d o P o w e r Co.
are ca rryin g on constru ction w o rk on a la rg e scale a t B o u ld er, on th e
Grand R iv e r n ear G len w oo d , on the Grand R iv e r a t G ore Canyon and a t
various o th er places In G ran d, L a k e and S u m m it cou nties, In pursuance
o f a com preh ensive plan fo r d e v e lo p in g a v e r y la rg e a m ou nt o f w a te r p o w er.
A b o u t a y e a r a go bonds o f the Central to the e x te n t o f $9,000,000 w ere
sold to a la rge n u m ber o f the stro n gtst Investors In securities In this co u n try
and in E u rope. T h e purchase price o f the bonds w as to be p a id In In s ta ll­
m ents as requ ired b y the co m p a n y to prosecute Its w ork .
(V - 83 , p. 1592.)
In v ie w o f the v e r y grea t fin ancial strin gen cy at N e w Y o r k and elsew h ere
in the E ast, it has been th o u gh t best to cu rta il th e w ork o f th e co m p a n y
te m p o ra rily In ord er to a v o id the n ecessity o f m a k in g fu rth er calls on pu r­
chasers o f the bonds a t present. T h e w ork o f the co m p a n y w ill be co n ­
tinu ed at a ll poin ts, bu t the w ork in g force w ill be la rg e ly reduced fo r th e
present, p a rticu la rly at G len w ood and a t B o u ld er. T h e m a ch in ery and

N o v . 2 1907.]

THE CHRONICLE.

m a terial fo r a ll o f these pla n ts has been co n tracted fo r and w o rk w ill go
on u nd er a ll o f these co n tracts, so th a t there w ill be n o d e la y in th e co m ­
p le tio n o f th e necessary apparatus.
T h e co m p a n y has lo st n o th in g because o f th e recen t fin ancial trou bles
In N e w Y o r k , and is a b u n d a n tly a b le to m eet a ll o f its present and fu tu re
o b liga tion s.
[T h e K n ick erb o ck er Tru st Co. o f N e w Y o r k , th e m o rtg a g e tru stee, has
been a ctin g as fin ancial a gen t fo r th e u nd erw riters, and its suspension
m a y requ ire som e change in this resp ect.— E d.]
C om pare E astern C olorado P o w e r Co. b e lo w .— V . 83, p . 1592.

1145

of the week, but without success, and we are therefore con­
strained to publish them as they stand although the counsel
of the Consolidated Company informs us that they contain
numerous inaccuracies.
The Treasurer’s office has been moved to Pier 32, North
River, New York.— V. 85, p. 1084.
Consuelo Mines Co.— Bond Issue.— The company on Oct.
14 filed a mortgage to the Columbia Trust Co. of Los Angeles,
as trustee, covering claims and mines in California, Arizona
and Nevada, to secure an issue of bonds amounting, it is
said, to $650,000.
Crows’ Nest Pass Coal Co.— Status.— The report that
control of the company has been acquired by J. J. Hill is
denied by Vice-President Robert Jaffray of Toronto, who,
as quoted, says in substance:

Clyde Steamship Co.— See Consolidated Steamship Lines
below.— V. 84, p. 999.
Colorado Fuel & Iron Co.— New Director.— A t the annual
meeting held in Denver on Oct. 21 L . M. Bowers, form erly of
Cleveland but now of Denver, was elected a director, to sucseed the late J. F. Kebler. R . C. Clowry also withdrew
from the board, on account of the pressure of other duties,
leaving a vacancy.— V. 85, p. 466.
T h e G ra n b y C opper Co. (G ra n b y C on solidated M in in g , S m e ltin g & P o w e r
Consolidated Arizona Smelting Co.— New Stock.— For
o., V . 85, p. 403.— E d .) o f Grand Forks has re c e n tly purchased a consider­
record purposes it should be noted that on Feb. 6 1907 this C
a ble block o f C row s’ N e st stock, p a y in g fo r It abou t $700,000, and is n atu r­
New Jersey corporation filed at Trenton a certificate of in­ a lly h e a v ily in terested in Its operations as b ein g th e grea test consum er
o f coke in British C olu m bia. T h e G ra n b y C om p an y Is prepared to dou b le
crease of capital stock to $17,500,000, all of one class; par of its
ca p a city fo r th e trea tm e n t o f ores as soon as it can r e ly on a su p p ly o f
shares $10.— V. 83, p. 1414.
1,200 tons o f coke eq u iva len t to 2,000 tons o f coa l per d a y fro m th e C row s’
N e st Pass Co. T h e presen t ou tp u t o f coa l Is a b o u t 3,500 tons p er d a y .
Consolidated Steamship Lines.— Independent Management W ith a d d itio n a l ca p ita l secured fro m th e G ran by C om p an y and M r. H ill,
for Three of the Controlled Properties.— Calvin Austin retired a p a rt fro m an y sale o f stock, It is in tended to increase th e o u tpu t to 7,000
d a ily . T h ere has been no qu estion o f co n trol b etw een parties In th e
last week from the presidency of the W ard Line, Mallory dtons
irectora te, and M anager L in d sey holds his position h a v in g th e fu ll c o n ­
Line and New York & Porto Rico Co., the management fidence^ o f th e board and o f J. J. H ill. [A n exch an ge rep orts th a t w ith t
$700,000 re ceived fro m th e G ra n b y fo r stock th e coa l co m p a n y
of those companies reverting to their original owners, as Increase
Its ou tp u t fro m 3,500 to 7,000 tons a d a y .
E d .]— V . 84, p. 1
holders of large blocks of the first mortgage of the several
Crucible Steel Co. of America.— New Director.— H . S. A .
companies, received in payment for the properties. H . P. Stewart has been elected a director in place of Julius Bieler,
Booth, President of New York & Cuba Mail S. S. Co., says:
resigned.— V. 85, p. 920, 471.
W e sh all a tten d to our business just as i f there n ever had been a co n s oll'
(John) Deere Plow Co. of Moline, 111.— Acquisition.— This
d a tlo n , and th e o th er com panies w ill do the sam e. W e sh a ll p a y our
expenses and In terest on our bonds out o f our receipts, and i f w e are success­
company, it is reported, recently completed the purchase of
fu l enough to m ake m ore m o n ey than is necessary fo r these purposes, then
the business of the Fairchild Company, implement dealers, of
w e w ill h an d It o v e r to the C on solid ated C om p an y fo r th a t co m p a n y to
d iv id e a m o n g Its bon d h olders as i t m a y see fit.
Winnipeg, with branches in Calgary, Regina and Edmonton,
The officers and directors of the operating companies are:
“ the price paid being in the neighborhood of $1,000,000.
New York. & Cuba M a i l Steam ship C o.— P resid en t, H e n ry P . B o o th ; V iceCompare V. 76, p. 481.
P resid en t and General M anager, A . G. S m ith; Treasu rer and S ecreta ry,
W . D . M acy.
D irectors: H en ry P . B o o th , John E n glls, W illia m E . B ird
Denver (Colo.) Union Water Co.— Ordinance Passed.—
J r., C a lv in A u stin , A lfr e d G. S m ith and H . R . M a llo ry .
Agreeably with the plan entered into on Sept. 17 b y
Clyde /Steamship C o .— Presiden t, C a lvin A u stin; V ice-P resid en t a n d
G eneral M an ager, H a rry H . R a ym o n d ; S ecreta ry, E . A . K e lly .
D irectors:
the officers of the company and the city authorities, the
R o b e r t M a llo ry, H . R . M a llo ry , John E n glls, C a lv in A u stin , W illia m H .
Board of Supervisors on Sept. 30 unanimously passed an
H ill, H . P . B o o th and H . H . R a y m o n d .
M a llo r v Steam ship C o .— P resid en t, H en ry R . M a llo ry ; V ice-P resid en t
ordinance providing for the appointment of appraisers to
and General M anager, H a rry H . R a ym o n d ; S ecreta ry, C liffo rd D . M a llo ry
appraise the water plant with a view to purchase by the city,
Treasu rer, R o b e r t M a llo ry .
D irectors: C. W . Morse, C a lvin A u stin , H . P .
B o o th , H . H . R a y m o n d , H . R . M a llo ry , R o b e r t M a llo ry , John E n glls,
or the granting of a new franchise under a new contract rate;
W . H . H ill and C. W . M a llo ry .
and by a vote of 6 to 1 passed an ordinance providing for a
New Y ork & P o rto R ico Steam ship C o. (New Y o r k ).— P resid en t, F . D .
temporary water rate to go into effect on N ov. 1, and in case
M o on ey ; Treasu rer and S ecreta ry, W ils o n C. P ee k . D irectors: F . D .
M o o n e y , C. A u stin , J. E . B erw ln d and H . P . B ooth .
of failure to purchase the plant to have the appraisers fix
New Y ork & P o r to R ico Steam ship C o. (.M a in e ).— P resid en t, F . D .
a schtedule of rates to be in effect pending the duration of
M oon ey; Treasu rer and S ecreta ry, W ilson C. P ee k .
D irectors: C. M .
E n glls, Calvin A u stin . F . W . M o on ey and A n d rew F letch er.
the present contract, which expires in April 1910.
E astern Steam ship C o .— P resid en t, C alvin A u stin ; Treasu rer and Secre­
Board of appraisers above provided for consists of:
t a r y , R . A . P ep p er.
M e tro p o lita n Steam ship C o .— P resid en t, C a lvin A u s tin ; Treasu rer and
S ecre ta ry, R . A . P ep p er.
[ I t is u n derstood th a t as a m a tte r o f eco n om y th e m a n a gem en t o f the
M a llo ry and the C ly d e lines w ill be con solida ted and th a t the Santo D o ­
m in go service o f the C ly d e w ill be taken o v e r b y the N e w Y o r k & P o rto
R ic o SS. Co. T h e fo rm er owners o f th e C ly d e L in e , i t appears, received
m o s tly cash in p a ym en t fo r th e ir p r o p e rty .— E d .]

There has been no change in the ownership of the Consoli­
dated Steamship Lines, and Calvin Austin, contrary to
previous reports, remains President of the company, but
with offices in Boston, and not as the representative of Mr.
Morse. The latter retains a place on the board of the Con­
solidated Co. though no longer, it is said, as a “ potent in­
fluence.”
A fter an informal meeting Oct. 29 of the newly elected
officers and the directors of the Eastern, Clyde, Mallory,
New York & Cuba Mail and New York & Porto Rico com­
panies, F. Kingsbury Curtis, Counsel for the Consolidated
Company, gave out the following:
T h ere w ill be no o ffic ia l and le g a l reorga n iza tion o f the C on solidated
Steam ship Lines a t this tim e, n or w ill a n y special fin ancial co m m ittee be
a p p o in ted .
H o w e v e r, the p o w er to sign checks and oth erw ise conduct
tn e financial affairs o f the co m p a n y has been g iv en t o th e officers o f th e
su bsid iary lin es, and It Is understood th a t Messrs. H e n ry P . B o o th , H e n ry
R . M a llo ry and C. W . E n glls are to ta k e the lea d in w o rk in g out the p ro b ­
lem s w hich u n d ou b ted ly w ill present them selves.
T h e reasons fo r the steps th a t h ave been taken are s elf-evid en t.
R ecen
occurrences w ith w hich a ll are fa m ilia r h a v e re-acted on the securities o
th e com b in a tion to such an e x te n t th a t th e holders are u n a b le to use them
as co lla te ra l: th erefo re it was deem ed best to place men in charge o f affairs
w hose names are a gu a ra n ty o f able and co n s erva tive m an agem ent.
E v e r y one know s th a t tn e lines in th e com bin a tion are in first-class
co n d itio n and h ave at lea st a 6 % ea rn in g ca p a city.

The “ Boston News Bureau” of Oct. 26 said:
S tocks o f the su bsidiary lin es h ave been placed in a v o t in g tru st, w hich
Is to continu e fo r three y e a r s , th e m em bers o f w hich are the origin a l owners
o f th e lines— H . P . B o o th , H . H . R a y m o n d , H . R . M a llo ry , E . J. B erw lnd
and F . D . M oon ey.
A t th e present tim e the C on solidated Steam ship Lin es C o ., w hich is, o f
course, a h old in g co m p a n y, has no flo a tin g d eb t. T h e six constitu en t
com panies ow e in the a gg reg ate a bout 52,500,000, m o stlv con tracted on
accou nt o f the construction costs o f n ew steam ers w hich M r. Morse has
been a d d in g to his fleet du rin g the la st nine m on th s.
In a ll, the Morse
lin es had con tracted fo r a t o ta l o f 12 or 14 steam ers. A p o rtio n o f the
cost had been financed, bu t the d em o ra liza tio n In th e N e w Y o r k m arket,
and th e d iffic u ltie s w hich h ave been encountered b y the Morse ban king
s y s te m , m ade It p ra c tic a lly Im possible to raise th e necessary funds to m eet
pressing claim s.
W h en the fo rm er owners o f such lines as th e W a rd and M a llo ry realized
th a t a co n tin u ation o f the present situ ation In v o lv e d financial co m p lica ­
tio n s, th e y step p ed to the fro n t, d ec la red th a t ra th er than p erm it a buxines
w ith w hich th eir nam es had been connected fo r 50 o r 60 years to be under
a clou d, th e y w ou ld them selves a dvan ce the necessary funds to p a y o ff
cu rren t ob liga tion s and assume the m an agem ent o f the com panies pen din g
such tim e as th e en tire system could be reorganized i f a reorga n iza tion is
d eem ed a d visa b le.
Com pare V . 85. p. 1084, 1006.

I t is commonly understood that the January coupon on
the Consolidated Steamship Co. 4% bonds will remain
unpaid, not because earnings are deficient, but because the
money has already been expended for steamship construc­
tion, and there is little likelihood of reimbursing the treasury
through sale of securities in time to meet the interest charge.
Caution.— Earnest effort has been made in various quarters
to obtian confirmation of the foregoing current news items




A lle n H a zen , N e w Y o r k , Chairm an; John R . Freem an , P ro v id e n c e , R . I . ,
and Charles L . H a rrison , N e w Y o r k , represen tin g the W a te r C o m p a n y,
F rek erick P . Sterns, B oston , M ass., and M . L . H o lm a n , S t. L o u is , M o .,
representin g th e c i t y .

The agreement of Sept. 17 provides for—
(1) A reduction in the w a te r rates n ow in force o f 15 % , o r a bout $150,000
per annum, Irrigation rates, m e te r rates and special rates to la rg e concerns
n ot to be a ffected . T h e new rate Is term ed a h orizo n ta l cu t o f 10 % on the
■‘le a fle t” schedule to go in to effect N o v . 1 and rem ain in effect u n til the
appraisers h ave a cted.
(2) A n im m edia te appraisem ent, fo reg o in g fo r th a t pu rpose the 2 14
years y e t to run o f the contract.
(3) T h e appraisers to determ in e w h eth er the w a te r rates u n til A p r il 1910
shall be the lea flet schedule or the rates th a t are to be effe c tiv e N o v . 1;
th a t Is, a 10 % cut on the lea flet, or, th ird , a 20 % cu t on the lea flet.
(4) Th is appraising board to be a ppoin ted b y c it y and co m p a n y to fix
the va lu e o f the p la n t and also prepare a perm anent schedule o f rates fo r
submission to the q u alified voters.
(5) T h e electors at a special electio n In the sprin g to determ in e w h eth er
the c ity shall ow n the p la n t at the price fix ed , or w h eth er it sh all giv e a
new franchise fo r 20 years under the scehdule o f rates prepared b y the a p ­
praisers.
(6) In th e e v e n t th a t the m a jo rity o f th e qu alified vo ters fa ll to v o te
In fa v o r o f th e purchase o f the p la n t or fo r th e n ew fran ch ise,th en the
te m p o ra ry rates to be decid ed u pon b y th e appraisers to go In to
effect at once and rem ain in effect u n til the ex p ira tio n o f the presen t con ­
tra ct and the w a te r qu estion w ill h ave to be determ in ed anew a fter A p r il
1910.— V . 84, p. 1370.

Eastern Colorado Power Co.— Work Temporarily Sus­
pended.— See Central Colorado Power Co. above.
T h e Eastern C olorado P o w e r Co. was organ ized in M a y la st u nder C olo­
rado law s w ith $7,500,000 o f au th orized ca p ita l sto ck in shares o f $100
each , o f w hich $1,000,000 was to be 6 % p referred , cu m u la tive a fte r 1911.
T h e board o f directors then In clu ded: M yro n T . H errick o f C le vela n d ,
fo rm er G o vern o r o f O hio; S. Z . M itch ell, J. R . M c K e e and C o p ley A m o ry s ,
a ll o f N e w Y o r k ; J. A . H a yes, L eo n a rd E . Curtis, H en ry H in e, Ir v in g W .
B o n b rlg h t, H o ra ce G . L u n t, O . B . W illc o x , G eorge R e x B u ck m an , J .A rth u r
Connell and P . T . H anscom , a ll o f C olorado Springs.
T h e " D e n v e r R ep u b lica n ” on M a y 14 published a lo n g sta tem en t q u o tin g
M r. H ln e as sa yin g: “ T h e co m p a n y has been organ ized b y su bstan tial
the sam e people th a t co n tro l the C entral C olorado P o w e r C o., to build and
operate w a te r-p o w er plants on th e eastern side o f th e C on tin en tal d iv id e
fo r su p p ly in g electric p o w er in th e te rr ito r y ex ten d in g fro m P u eb lo on th e
south to Cheyenne, W y o ., on the n orth . O ur studies o f th e South P la t t e ,
C lear Creek, St. V ra ln , B ou lder, B ig Th om p so n , Cache la P o u d re a n d
N o rth P la tte stream s h ave show n the p o ssib ility o f d e v e lo p in g on th em
a b o u t 100,000 h orse-pow er, and it is the purpose o f the co m p a n y, w h ich
has acquired ex ten s ive righ ts, to d ev elo p tne variou s pow ers as r a p id ly as
th e y are requ ired. T h e grow th o f D en ver and th e e x tra o rd in a ry pros­
p e r ity o f th e a gricu ltu ral section n orth o f D en ver w ill resu lt In a la rg e
dem and fo r pow er. A n o th e r im p orta n t fa c to r in the d ev elo p m en t o f the
co m p a n y w ill be th e sa vin g o f la rge am ounts o f w a te r and Its use fo r irr i­
ga tio n .
“'T h e first p o w er plant w hich th e E astern C olorado P o w e r Co. w ill co m ­
p lete is one on M idd le B ou lder Creek. Th is pla n t w ill h ave a c a p a c ity o f
15,000 h orse-pow er and cost about $1,500,000.
“ Construction o f the great p o w er plants o f the C entral C olorado P o w e r
C o ., on the Grand R iv e r , w ith a c a p a city o f 75,000 horse-pow er, Is b ein g
ra p id ly prosecuted. T h e first o f these plants to be finished w ill be one
n ear G len w ood, w hich w ill be com pleted b y n ex t spring, and th e second
one, at G ore C an yon , a y e a r la t e r .”

Equitable Illuminating Gas Light Co, of Philadelphia.—
Output.— The statement of gas sold in the city of Philadelphia
for the quarter ending Sept. 30, as filed with the city authori­
ties, compares as follows:
C ub ic Feet o f Gas—
1907.
3 m o n th s ............... .................. 1,744,295,460
9 m o n th s ..................................5,576,925,750
9 m onths' gross re ven u e____ • $5,552,254
O f w hich c it y re ceives_______ •
$555,225

1906.
1,623,428,160
5,189,835,700
$5,189,835
$518,983

1905.
1,510,296,030
4,912,274,480
$4,912,274
$491,227

i 146

THE CHRONICLE.

D u rin g th e q u arter ending: S ept. 30 1907 1,744,295,460 cu bic fe e t o f gas
w ere so ld , fo r w hich 51,744,295 was p a y a b le to th e co m p a n y, o f w h ich ,
h o w e v e r, o n ly SI ,719,624 w as c o lle c te d up to S ept. 30 1907. In th e figures
fo r th e 9 m on th s in 1907 a llow a n ce Is m ade fo r am ounts n o t c o llected ; no
d ed u c tio n is m a d e in th e ea rlier period s.— V . 85, p . 287, 43.

Fisheries Company.— Receivership Made Permanent.—
Judge Lanning at Philadelphia on Oct. 28 made permanent
the receivership. Compare V. 85, p. 1084.
Granby Consolidated Mining, Smelting & Power Co.—
Acquisition.— See Crows’ Nest Pass Coal Co. above.— V. 85,
p. 403.
Greene-Cananea Copper Co.— Mines to Close Down.— N o­
tice has been given of the closing of the Cananea mines on
N ov. 10 on account of the low price of copper.— V. 84, p. 999.
Greene Gold-Silver Co.— Stock Returned.—-The company
being in need of funds to carry on its operations, President
W . C. Greene has returned to the treasury from his private
holdings $5,486,350 common and $2,379,610 preferred stock.
He will still, it is stated, retain a m ajority of the share capital.
A balance sheet o f S ept. 20 1907 shows: C a pita l sto ck , com m on , $22,000,000, and p referred , 53,000,000; stock d o n a ted as a b o ve b y W . G.
G reene, $7,865,960; (th e to ta l share ca p ita l is o n ly $25,000,000.— E d .)
in debtedn ess again st p ro p e rty purchased, $1,242,763; notes p a ya b le ,
$100,000; accounts and vou chers, 50,590; subscriptions, $775; to ta l,
534,219,088. T h e assets In clu de $400,540 o f the co m p a n y ’s com m on and
$1,273,410 o f its p referred stock. A n o ffic ia l is q u oted as sa yin g th a t Col.
Greene has spent m ore than $1,000,000 o f his ow n m o n ey in this com pan y
and returns the $8,000,000 stock m e re ly to sa ve the m o n ey he has g jit in to
th e concern. C om p are V . 84, p . 573; V . 85, p . 796.

Hardware & Woodenware Manufacturing Co. of New York
City.— New Stock.— A certificate was filed at Albany on Sept.
29 increasing the capital stock, it is stated, from $3,000 to
$3,750,000.
International Paper Co.— Change in Officers.— President
Hugh J. Chisholm has been elected Chairman of the board
of directors, and A . N. Burbank, the First Vice-President
and Treasurer, has been elected to the presidency. Mr.
Burbank will also continue to act as Treasurer. The office
of First Vice-President will remain vacant for the time being.
George F. Underwood has been formally elected General
Manager.— V. 85, p. 1081, 471.
La Belle Iron Works.— New Director, &c.— General Man­
ager and Vice-President W . B. Crawford was recently elected
to the board, to succeed A . S. List as director. I. M. Scott
is now President. A cash dividend of 2% has been declared,
payable on or about N ov. 1.— V. 85, p. 720, 656.
Latrobe-Connellsville Coal & Coke Co.— Called Bonds.—
First mortgage 20-year 5% gold bonds dated June 1 1905,
aggregating $93,000, have been called for redemption on
Dec. 1 1907 at 105 and interest at the office of the Com­
mercial Trust Co., trustee, Philadelphia. Compare V. 81,
p. 158.— V. 83, p. 1173.
Mackay Companies.— Circular Respecting Wireless Compe­
tition.— In a circular recently issued the directors say:
T h ere is e v e ry confiden ce in the a b ilit y o f th e subm arine cables to m a in ­
ta in their, co m m ercia l su prem acy in co m p e titio n w ith w ireless teleg ra p h y.
I t has ta k en th e C om m ercial Cable Co. and th e P o s ta l T e le gra p h Co. and
th e C om m ercial P a cific Cable C o., w h ich reach m o re than tw o-th ird s around
th e glo b e, n ea rly a qu arter o f a cen tu ry to p erfe c t th e ir o rgan ization s fo r the
c o lle c tio n and d istribu tion o f telegram s th rou gh ou t th e w o r ld .
Assu m in g
th a t a w ireless system should re a lly com p ete in a co m m ercia l serse, and
com m ercia l requ irem en ts are v e r y e x a ctin g , It is fa ir to say th a t it w ou ld
ta k e as m a n y years to pu t the w ireless system in a position to serve the
p u b lic as e ffic ie n tly .
M essages are n ow tra n sm itted across th e A t la n t ic and answers re c e iv e d
in tw o and three m inutes. A d e la y o f ten or fiftee n m inutes means the
d efea t o f th e o b ject o f the sender. A m ost im p o rta n t p o in t, a lso, is the
fa c t th a t 95 % o f th e A tla n tic messages are expressed in code la n gu age, the
w ords or ciphers h a v in g no conn ected m ean in g. T h e w ords o r ciph er groups
fr e q u e n tly d iffer fro m each oth er in o n ly sin gle letters , y e t th e y h ave w id e ly
d ifferen t m ean in gs, and an error In th e transm ission o f one constitu en t
le t t e r m ig h t h ave serious consequences.
T h e subm arine ca b le betw een N e w Y o r k C ity and H a v a n a w ill be opened
fo r business on o r abou t O ct. 15 n e x t.
A special w ire has been com p leted
betw een N e w Y o r k C ity and M on trea l d u rin g th e past m on th fo r th e quick
transm ission o f messages betw een Canada and H a v a n a .— V . 85, p. 407.

Mallory Steamship Co.— Management Reverts.— See Con­
solidated Steamship Lines above.— V. 84, p. 999.
Manufacturers’ Light & Heat Co. of Pittsburgh.— Earn­
ings.— For the 9 months ending Sept. 30 1907:
Gross _____________________ $3,655,585 I Charges, & c _________________$614,972
N e t (a fte r t a x e s ) _________ 2,411,790 |B a lan ce, s u r p lu s -------------- 1,796,818
T h e charges, & c., as a b o ve. Inclu de d ivid en d s du e o th er owners o f a ffili­
a ted com pan ies’ sto ck , $2,686.
T h e balance sheet shows an increase in p r o p e rty accou nt d u rin g the 9
m on th s o f $1,047,002; decrease in bonded d e b t, $787,500; decrease in bills
re ceiva b le, $69,730; decrease in bills p a y a b le , $115,038. T h e p ro iit and
loss surplus, $4,518,516, shows an Increase o f $2,246,817.— V . 85, p. 287.

McCall’s Ferry Power Co.— Construction Temporarily Sus­
pended.— The embarrassment of the Knickerbocker Trust Co.
of New York, the mortgage trustee and financial agent
for the underwriters of the bonds, has led to a temporary
suspension of work on the dam across the Susquehanna.
On S ept. 12 1907 the w ork o f re b u ild in g 13 m iles o f the C olu m b ia & P o rt
D eposit R R . at a le v e l 25 fee t a b o ve the o ld gra d e, in ord er to p reven tln u ndatlon throu gh the b u ild in g o f th e d a m , was co m p le te d , a t a cost, It Is
sa id , t o th e P o w e r C om p an y o f a bout $1,250,000.— V . 8 5 , p. 163.

Merchants’ Refrigerating Co., Kansas City.— Receivership.
— President J. Edward Brady having disappeared, the
United States Court placed this company in the hands of
S. E. Sexton as receiver. It is questioned, however,
whether the company is insolvent. There is said to be out­
standing some $400,000 stock and $300,000 bonds. Com­
pare V. 82, p. 573, 1500; V. 84, p. 1432.
Mexican National Leather Co.— New Stock.— This Maine
corporation recently filed at Augusta a certificate of increase
of capital stock from $6,000,000 to $8,300,000, the par of
shares to be $100.
Mitchell Mining Co.— Reorganization Committee.— This
company is short of funds and therefore unable to complete
its railroad (L a Dicha & Pacific R R .) to the coast. The ties
and rails, it is said, have been bought and delivered, but only




[V o l . l x x x v .

six of the fifty miles have been graded. The following re­
organization committees are calling for deposits, that last
named having already prepared a plan:
(1) Clarence H . W ild e s , C. M . B e a rd sley and Charles B a k er, w ith the
C olu m bia T ru st Co. as d ep osita ry ; James M . G iffo rd , o f G iffo rd , H o b b s &
B eard , as counsel, and D a v id S. M ills , 26 Nassau S treet, N . Y . , as S ecreta ry.
(2) F . Y . R o b erts on , Chairm an; John A . I . C assedy, W m . F . F lu h rer.
John J. G ibbon s, M . F . M orris and P h ilip W . R u ssell. D ep o sit o f stock
w ith the Standard T ru s t C o., 25 B roa d S treet, N e w Y o r k C ity , is requ ired
before N o v . 6. Copies o f the p la n m a y be ob tain ed at the c o m p a n y’s
o ffic e , 37 W a l l S treet. C om pare V . 82, p. 221; V . 83, p . 497.

Nay Aug Coal Co., Scranton, Pa.—-Indebtedness.—The
company filed at Harrisburg, Pa., on Sept. 30 a certificate
of increase of indebtedness by $200,000.
New York & Cuba Mail Steamship Co.— Management Re­
verts.— See Consolidated Steamship Lines above.— V. 84,
p. 1371, 1185.
New York & Porto Rico Steamship Co.— Management Re­
verts.— See Consolidated Steamship Lines above.— V. 84,
p . 1371.
Pittsburgh (Pa.) Oil & Gas Co.— Earnings.— For the six
months ended Sept. 30 1907:
R eceip ts fro m o p e ra tio n ___$509,9811T o t a l in co m e--------------------- $619,421
19,440 |E xpen ses, in terest, & c ------- 409,444
O ther in co m e________________
T o t a l in co m e _____________ $619,421 i Surplus fo r 6 m o n th s------ $209,977
T h e surplus o f $209,977 was app lied as fo llo w s : F o r addition s, $26,323;
redu ction o f d eb t, $182,220; a d d itio n to su rplus, $1,434.— V . 85, p . 725, 534.

Rockingham Power Co., North Carolina.— Status.— Hugh
MacRae has made the following statement:
T h e suspension o f th e K n ick erb o ck er T ru st Co. does n o t m a te r ia lly o r
p erm a n en tly a ffec t th e Interests o f the R o ck in gh a m P o w e r C o., w hose bonds
h ave been sold to u nderw riters a m p ly able to p a y fo r them as and w hen
d eliv e re d . T h e bankers fo r th e R o ck in gh a m P o w e r Co. secured a loan
fro m K n ick erb o ck er T ru s t C o., bu t it is n ot p a y a b le b y th e u nd erw riters
fo r sixteen m on th s, and Is a m p ly secured. A t d a te o f m a tu rity o f this loan
a ll d a n ger o f pan ic w ill h ave passed.

Compare the allied Tidewater Power Co. under “ Rail­
roads” above and compare V. 85, p. 44; V. 84, p. 1432.
W . & J. Sloane, New York.— New Stock.— The share­
holders voted Oct. 29 to increase the capital stock from
$3,000,000 to $4,000,000.— V. 85, p. 923.
South Baltimore Steel Car & Foundry Co .— Receivership.—
Judge Morris in the United States Circuit Court at Balti­
more on Oct. 30 appointed Joseph R. Foard and Arthur G.
Wellington receivers for the company on application made
by the Maryland Car Wheel Co. Slow collections, it is
claimed, account for the company’s embarrassment.
T h e indebtedness is a d m itted to be $956,878, as fo llo w s: N o tes due fo r
m a terial, $300,853; notes due banks and In divid u als fo r borrow ed m o n ey,
$308,500; accepted drafts u npaid, $97,091; open accounts u npaid, $250,434.
T h e plan t is va lu ed at about $1,000,000 and there are m aterials on hand
unfinished cars and qu ick assets claim ed to be w orth m ore than $900,000.—
V . 84, p. 1372. 1311.

Southern Steel Co.— Receivers, cfrc.— The “ Iron A ge” of
Oct. 31, in an extended statement, says:
A p e titio n in b a n k ru p tcy again st th e co m p a n y w as filed b y creditors on
O ct. 24, and on th e fo llo w in g d a y E d g a r L . A d le r , J. O . Th om p so n and
E . G. Chandler w ere a ppointed receivers. On O ct. 28 the unsecured cred i­
tors chose Morris A d le r and E d g a r L . A d le r as trustees In b a n kru ptcy.
S eptem b er 1906 co m p a n y acqu ired the L a cey -B u ek interests b y purchase
o f th e ca p ita l sto ck o f th e L a c e y -B u e k Iro n Co. o f A la ,, o w n er o f E lla Fu rnace
a t T r u s sville, A la ., and o f a d jo in in g coal m ines and coke oven s, as w e ll as
ore m ines a t Crudup, A la ., and in G eorgia; also o f th e C h attan ooga Iro n &
Coal C o., o w n e r o f th e C h attan ooga F u rnace. In O cto b er 1906the Southern
S teel Co. acqu ired the sto ck o f th e G eorgia Coal & Ir o n C o., o w n er o f th e
R is in g F a w n Fu rnace, R isin g F a w n , G a ., to g e th e r w ith coa l p r o p e rty ,
coke oven s and la rg e deposits o f brow n ore. A t C h attan ooga, T ru s sville
and R isin g F a w n , as w e ll as at th e variou s m in eral properties, considerable
o u tla ys h a v e been m ade w ith a v ie w to in creasin g o u tpu t. A t Gadsden,
A la ., a d d itio n a l open-hearth furnaces w ere constru cted. A ft e r the a cq u i­
sition o f th e G eorgia Coal & Iro n Co. it w as estim ated th a t th e Southern
Steel C o .’s coa l h oldin gs am ou nted to 200,000,000 tons and its ore reserves
to m ore than 100,000,000 tons.
In th e fa ll o f 1906 It w as d ecided to issue $2,000,000 o f th ree-yea r 5 %
tru st notes and a n um ber o f the directors bou gh t these n otes, th e t o t a l
am ou nt so purchased b ein g about $750,000. I t is understood th a t the
fa ilu re to dispose o f the balance o f th e notes and the h e a v y drain o f im ­
p ro ve m en t expen ditu res upon th e earnings le d to th e receiversh ip. T h e
receivers h ave been au th orized to borrow $200,000 as w o rk in g ca p ita l.
T h e bonded d eb t o f the Southern Steel Co. and Its subsidiaries consists
o f the fo llo w in g : $3,000,000 first sinking fund gold 5s, d a ted D ec. 15 1905,
due N o v . 1 1930; $1,000,000 G eo rgia S teel Co. first 20-ye a r 5s, issued in
O ctober 1906, in p a rt pa ym en t fo r the p ro p e rty o f the G eorgia Iro n & Coal
Co. (V . 83, p. 973); also $470,000 G eorgia Steel Co. go ld n otes, issued in
1906, secured b y m o rtg a g e; $600,000 bonds o f the C h attan ooga C o a l& Ir o n
do .; $450,000 bonds o f th e L a cey -B u ek Ir o n Co.
„
T h e present officers are: Chairm an, C. P . P erin . N e w Y o r k ; P resid en t,
Moses? T a y lo r , N e w Y o r k ; V ice-P resid en t, E . T . Schuler, G adsden, A la .;
V ice-P resid en t and G eneral M an ager, E va n s F . Jones; Treasu rer, A . R .
F o rs y th ; S ecreta ry, R . D . C arver— the la st three a t B irm in gh a m . T h e
D irectors are: R . B .V a n C ortla n dt, Moses T a y lo r, O akleigh T h o m e , Chas.
P . P e rin , N e w Y o r k ; C. V a n Cam p, In dia n ap olis; John B in d le y , P ittsb u rg h ;
E . T . Schuler, G adsden, A la .; H\ B . Schuler. C. E . B u ek, G . H . Schu ler,
B irm in gh a m , A la .; J. D . L a c e y , Chicago. C om pare V . 85, p . 1085.

Stanislaus (Cal.) Electric Power Co.— Construction Sus­
pended.— The work of building this company’s hydro-electric
power plant at Camp Relief, Tuolumne County, Cal., has been
suspended, owing to the receivership for the Knickerbocker
Trust Co., the financial agents for the underwriters and one
of the managers of the underwriting syndicate. A considera­
ble sum has been expended on the enterprise.
Compare V.
81, p. 1854; V. 82, p. 570.
Staten Island Water Supply Co.— Purchase Approved.—
The Board of Aldermen of New York City Oct. 29,by a vote
of 49 to 4, finally adopted the recommendation of the Board
of Estimate and Apportionment that this company’s plant
be purchased for $1,100,000.— V. 84, p. 697, V. 85, p. 226.
Sultepec (Mex.) Electric Light & Power Co.— New Stock,
&c.— This company recently increased its capital stock from
$200,000 to $300,000.
T h e co m p a n y re c e n tly co m p le te d th e In sta lla tion o f Its la rg e p o w er p la n t
a t T em a sca ltep ec, and also Its 25,000-v o lt transm ission lin e to S ultep ec,
w here a sub-station has been b u ilt. T h e co m p a n y furnishes e le c tr ic ity to
m a n y mines and m ills .— V . 83, p. 277.

United Gas Improvement Co. of Philadelphia.— Results in
Philadelphia.— See Equitable Illuminating Gas Light Co.
of Philadelphia above.— V. 85, p. 44._______ ______________
For other Investment N e w s see page 1154.

THE CHRONICLE

N o v . 2 1907

file p o r ts

a n d

B o c u m

114
e n t s

THE MISSOURI PACIFIC R A IL W A Y COMPANY.
T W E N T Y -S E V E N T H A N N U A L R E P O R T — FO R T H E Y E A R E N D E D JUNE 30TH 1907
New Y ork, September.SOth 1907.
T o the Stockholders of The Missouri Pacific Railway Company
and Branch Lines, The Central Branch Railway Company,
and the St. Louis Iron Mountain &• Southern Railway Co.*
I transmit herewith the Twenty-seventh Annual Report
•of The Missouri Pacific Railway Company, giving the results
-of operations and the condition of the property for the fiscal
year ended June 30th 1907. The following statement gives
.a summary of the results of the operations for the year:
•Gross E a rn in gs______________________________________
•O peratiBg Expen ses (6 6 .8 % o f G ss E a r n in g s )..

_ §48,703 ,342 55
32,515,070 06

N e t E a rn in gs___________ __________ ___________________________
516,188,272 40
3,283,282 84
A cid In com e fro m O ther Sources______________________________
________ . . .
T o t a l In c o m e ___________ ______
Less Charges as fo llo w s :
T a x e s _____________________ . . .
$1,483,948
In tere st on B o n d s____________
8.769,008
R en ta ls fo r Leased L in e s___
291,867
E q u ip m e n t Tru st In tere st P a ym en ts . E x ­
penses, D iscou nt, e t c ____
_____ _______
671 .960
S u n dry O th er C h arges________
556.667

$19,471 ,555 33
94
36
04
17
73 11,773,452 24

^Leaving A m o u n t applicable t D lvU ’ e n d s . ______ .
$7,698,1 #3 09
From w hich has been decla ed D iv i enu ,\'o.
56— 2 } 4 % on 778,175 sha-es o f C apital
S tock ou tstan din g, paiil Janua y 2< th 190781,945.437 50
D ivid e n d N o . 57— 2 'A % on 778.175 s- ares o f
C apital S tock o u tsta n din g, pa ya ble July
1,945,437 50 3,890,875 00
20tll 1907_________________________
'S urplus fro m the y e a r’ s o p era tio n s_____ ______________________ $3,807,228 09

It was stated i 1 last year's report that an arrang ‘inent
had been made to extend, until July 1 1938, the Third Mort■gag ■ Seven Per Cent Bonds of The Missouri Pacific Railway
Company maturing November 1 1906, and outstanding in
the par amount of $3,828,000 00. This arrangement has
been satisfactorily consummated, and the interest during
the extended period will be at the rate of 4 per cent per an­
num, thus effecting a yearly saving in the interest charges
•of $114,840 00.
Contracts were entered into during the year with the
? : sc iri Pacific Equipment Association whereby 50 locoi
, s were purchas d at a cost of $759,750 00, and with
the Iron Mountain Car Trust, whereby 85 locomotives were
•purchased at a cost cf $1,075,000 00.
Payments for these
are to be made in annual installments extending to Decem­
ber 1 1916. Two of these locomotives were received prior
to July 1 1906, and the remainder has since been received
and is in service.
On April 15th 1907 The Missouri Pacific Railway Company
entered into an agreement with the Knickerbocker Trust
Company of New York, whereby it purchased 3.000 coal,
750 ballast and 750 stock cars, at a cost of S3.730,350 00.
o f which amount $380,350 00 was paid. The balance is t ;
be paid in ten annual installments of $335,000 00 each on
May 1st of each year, 1908 to 1917 inclusive. Equipmeni
Trust gold bonds dated May 1 1907. with coupons attached
bearing interest at 5 per cent, were issued to cover this pur•ehase.
On June 1 1907 the St. Louis Iron Mountain & Southern
Railway Company entered into an agreement with the Mer­
cantile Trust Company of New York to purchase 4,500 box
cars at a cost of $4,065,300 00, of which amount $405,300 00
is to be paid on delivery of the equipment. The balance is
to be paid in ten annual installments of $366,000 00 each
on June 1st of each year, 1908 to 1917 inclusive, and is cov­
ered by Equipment gold bonds dated June 1 1907, with
eoupons attached bearing interest at 5 per cent.
The car equipment covered by the foregoing arrangements
is to be delivered prior to December 31st 1907.
The general business for the past year was very good, and
the road and equipment were severely taxed in providing
for the transportation of many commodities, notably lumber,
'coal, grain, cement, cotton and manufactures.
The gross earnings from operation for the year increased
$4,136,521 33.
While the passenger business for the year shows an increase
o f $942,922 64, the marked general prosperity in the territory
traversed by your lines of railway would have contributed
a larger increase to the revenue from passenger traffic had it
not been for the two-cent-per-mile passenger legislation en­
acted early this year by the State-; of Illinois, Missouri,
Arkansas, Kansas and Nebraska, through which your lines
of railway run. This low rate, by its application to State
business, affects the inter-State business as well, and its
effects are far-reaching. With the limited volume of local
travel in those States, a two-cent rate is not deemed com­
pensatory for the service rendered.
Adverse legislation in Arkansas. Missouri and Kansas
affecting train and station operations, coupled with the
general advance in wages of employees and the increased
cost of materials and supplies, tend to er-1 Re cost of opera­
tion. Freight rates on certaii com me di i s were reduc d
in Arkansas, Missouri, Kansas and Nebraska by lepi 'ative
A.ct and orders of State Railroad Commissioners, which will
have the effect of limiting net revenues. Litigation is now




pending ii. the cour.s to test the validity of these enactments
and orders.
Railroads cannot meet th j requirements of the public so
long as the adverse wave of sentiment now prevalent through­
out the land is directed ag.iinst them and given concrete
expression in the form of drastic laws, which increase their
expenses, reduce their revenues and rendjr them incapable
of improving their service and enlargi ig their facilities. \
I t is essential to the industrial progress of the country that
the transportation facilities shall not only be maintained
but improved and enlarged. To accomplish this, the rail­
ways must receive remunerative returns for the services ren­
dered. In this way only can they maintain their credit
and that degree of confidence in the financial world that will
enable them to command capital for additional facilities to
meet the increasing requirements of the great business
development now taking place throughout the country.
Time will surely show that it is only through fair and reason­
able treatment by the State that the railways will be enabled
to best subserve the public interest.
A t the date of this report the crop prospects and the out­
look for general business for the ensuing year are very
promising.
For full details of the business and operations of your lines
for the past year you are referred to the reports of the officers
of the Company, which follow herewith.
Respectfully,
G E O R G E J. GOULD.
President.
E X T R A C T S FROM T H E V IC E -P R E S ID E N T ’S R E P O R T .
R E S U L T S O F O P E R A T IO N .
1906-07.
1905-06.
6,375.17
6,275.88
A v e r a g e M ileage O p era te d _______
Earn in gs fro m O p e ra tio n :_______
$
$
F re ig h t ________________________ 35,509,588 71 32,563,506 77
Passenger ________________. 9,696,063 59 8,753,140 95
M ails __________________________ 1,519,794 37 1,377,245 09
974,210 89
945,405 49
E x p r e s s __________________
M is c e lla n e o u s ______
. . 1,003,684 99
927 522 92

Increase.
99.29
$
2,946,081 94
942,922 64
142,549 28
28,805 40
76,162 07

T o t a l E a rn in gs___________________48,703,342 55 44,566,821 22 4,136,521 33
E xpenses o f O peration :
M aintenance
of W a v
and
S tr u c tu r e s ___________________ 5,906,120 53
5,378,125 37
F27,995 16
M aintenance o f E q u ip m e n t__ 6,998,863 185,781,532 17'1,217,331 01
C on du cting T r a n sp o rta tio n . .17,595,101 04 17,141.983 71
453,117 33
G eneral E x p en se_______________ 2,014,985 311,980,764 18
34,221 13
T o ta l E x pen ses___________________32,515,070 06 30,282,405 43 2,232,664 63
N e t Earnings from O p era tio n . .16,188,272 49 14,284,415 79 1,903,856 70
O th er In c o m e ____________________ 3,283,282 84 3,558,911 42 *275,628 58
T o ta l Incom e ....................... ______ 19,471,555 33 17,843,327 21 1,628.228 12
T a x e s ................. .................. .......... 1,483,948 94
E q u ip m en t Tru st In tere st E x ­
penses, D iscount and S un dry
O ther C h a rg es _________________ 1,228,627 90

1,457,923 96

2 6,0:4 98

1,119,595 87

109,032 03

N e t In c o m e ....................................16,758,978 49 15,265,807 38 1,493,171 11
F ix ed Charges and R e n t a ls ......... 9,060,875 40
D ivid e n d s Pa id and Declared
(T h ree o f 2 ) 4 % each , paid in
1905 6, co verin g period o f e ig h ­
teen m onths, m ade necessary
b y change o f fiscal y e a r ) ____ _ 3,890,875 00

8,936,792 58

124,082 82

5,836,305 00*1,945,430 00

N e t S u rplu s_______________________ 3,807,228 09

492,709 80 3,314,518 29

Earnings p er M ile o f R o a d _______$7,639 54
Earnings p er R even u e T rain M ile
1.92.029
Expenses per M ile o f R o a d . . . . 5,10u,27
Expenses per R even u e T rain M ile
'.28.208
N e t Earnings per M ile o f Re ad _ 2,539.27
N e t Earnings p er R even u e Train
M ile _____________________ ________
.63.831
P e r Cent o f O pera tin g Expenses
to Gross K a m in g s _____________
66.76

S7.101.28
1.83.714
4,825.20
1.24.831
2,276.08

$538.26
.08.325
275.07
.03.377
263 19

.58.883

.04.948

67.95

*1 ,7 5 %

* D ecrease.

Changes in “ Fixed Charges and Rentals” for the year
ended June 30th 1907 as compared with the year ended
June 30th 1906 increased $124,082 82, and is explained as
follows:
St. Louis Iron M ountain & Southern R a ilw a y U n ify in g and
R efu n d in g M o rtg a g e_____________________ __________ _____Increase $1,540 00
A ccou n t purchase F irst M ortga ge Bonds o f the
L it t le R o ck & F t. Sm ith R y ___________________ $77,625 00
S t. Louis Iro n M ou ntain & Southern R a ilw a y R iv e r and G u lf
D ivision s M o r t g a g e _________________________ ___________ Increase 145,193 3
A cco u n t construction o f—
9.58 m iles W h ite R iv e r R a ilw a y _____________ $287,400 00
W h ite R iv e r R a ilw a y Im p ro vem en ts , b a l­
last, e t c ______________________________________
765,308 63
3.54 m iles M em phis H elen a & Louisian a L in e 106,200 00
M em phis H elen a & L a . L in e , im p ro vem en ts,
e t c ____________________________________________ 416,319 82
S t. Louis V a lle y R y . T erm in a ls, 2nd main
tra ck , e t c _____________________________________
607,566 03
37.46 m iles E u dora G ilbert L in e ______________ 549,672 14
i u dora G ilb ert L in e , Im provem en ts, e t c ____
55,388 88
9 .02 mllps W a t asli Southern R a ilw a y ___ ___ 207,600 00
33.39 m iles Springfield Sf uthwc stern R a ilw a y 1,001,700 00
S p rln -fleld S u th w est’ n R y .. lm p ro vem 'ts .etc. 227,555 55
3.84 m iles H errin & Johnston C ity R y ________
76,701 64
H »rrln & Johnston C ity R y ., Im provem en ts,
» - _________ ______ _ _________ ................ ..
45,4 7 78
M a io i & H a rl .u rg R y . , im p ro vt inents, etc .
66, ■.'< ?4
Coal Melt F!a Kvay C .im p o e ix e n ts .e t c —
8 1 , '^ 4 4
$4,558,3 -.6 25

THE CHRONICLE.

1148

R en ta ls and T r a c k a g e _____________________________________ In crease 62,588 64
T h e M issouri P a c ific R a ilw a y T h ird M o rtga g e:
E ig h t m o n th s' Interest on $3,828,000 00 a t 4 % , again st 7 %
p revio u s y e a r _______________,________________________ D ecrease 76,560 00
S t. Lo u is Iro n M ou ntain & Southern R a ilw a y Consolidated
M o rtg a g e . . . ____________________ _________________________D ecrease 8,679 16
A c c o u n t o f the Trustee h avin g purchased and retired $214,000 00 S t. Louis Iro n M ou ntain & Southern R a ilw a y Gen­
eral C onsolidated R a ilw a y and L a n d G rant Bonds from
L a n d D epartm en t funds.
M IL E S O F R A IL R O A D .

The total operated mileage on June 30th 1907 was as fol­
lows:
M ile s .
T h e Missouri P a cific R a ilw a y , M ain L in e and B ranches____________ 3,491.68
T h e C entral B ranch R a ilw a y -----------------------------------------------------388.19
S t. Lou is Ir o n M ountain & Southern R a ilw a y and B ranches----- 2,593.67
T o t a l m ileag e opera ted , in clu d in g d u p lica tio n o f 1.89 m iles____ 6,473.54
A c tu a l m ileage o p e ra te d --------------------------------------------------------- 6,471.65
A v e r a g e m ileage operated du rin g fiscal y e a r en din g June 30 1907.6,375.17

To the St. Louis Iron Mountain & Southern Railway mile­
age there was added that of the Spiingfield Branch, 33.69
miles on April 20.h 1907; that of the Eurdora-Gilbert Branch,
37.49 miles on June 1st 1907; and the trackage-rights mile­
age of the St. Louis Southwestern Railway, 63.34 miles,
from Dexter to Paragould, on February 1st 1907, making a
net increase in the St. Louis Iron Mountain & Southern
R ailw ay mileage of 134.52 miles.
C O N S T R U C T IO N .
W hite R iv e r D iv is io n .— A t A u ro ra , M o ., a b rick 'p a ss en g er
station and fram e freig h t house w ere constru cted, and fou r
sets o f section bu ildin gs, tw o w a te r station s, one co tto n
p la tfo rm and nine stock pens at variou s stations betw een
C o tter and Carthage.
B a lla stin g m ain tra ck was con ­
tin u ed , as w as the gra vel co v e rin g on the decks o f lo n g and
high trestles, fo r lire p rotectio n . A b o u t 241 m iles o f single
fence was constructed a lon g the righ t o f w a y . Th ere was
ex pen ded account this w o r k du rin g the ye a r $260,294 89,
w h ich , w ith a previous expen ditu re o f $9,975,699 05,
makes the to ta l cost to d a te _________________________________ $10,235,993 94
D ivisio n ya rd and engine facilities at C otter, A rk ., w ere c o m ­
p leted , on w hich w ork there was expen ded du rin g the ye a r
$92,345 32, m akin g to ta l cost to d a t e _______________________
144,744 76
G radin g was done fo r a train yard at Crane, M o .; expen ded
du rin g the ye a r $10,785 96, to ta l cost to June 30th 1 9 0 7 ..
18,509 33
M e m p h is H elena & L o u is ia n a L in e .— Betw een L a to u r and
W atso n , bank w id en in g and track raising continued u n til
a bout Janu ary 1st 1907. Trestles fo r passing sidings w ere
constructed in the W h ite and Arkansas R iv e r bottom s,
but no gra din g was done. T h e w ork o f pla cin g riprap in
Arkansas R iv e r , to p rotect the brid ge across th a t stream ,
continues. T h ere was expen ded on this w o rk du rin g
th e y e a r $215,893 48, w hich a m ou nt, a dded to $3,497,328 82 p revio u s ly expen ded, m akes the to ta l cost o f this
3,713,222 30
lin e as fa r as co m p le te d ______________________________________
T e rm in a l yards and en gin e facilities w ere also constructed at
M cG ehee and L a tou r, at an exp en d itu re o f $137,156 70
and $107,778 80 re sp ective ly.
E udora G ilbert B ran ch .— G radin g was com pleted and track
la id and surfaced on 37.49 m iles south from E u dora, A r k .,
to C a lv it, L a . T h ree section houses, fo u r cotton p la t­
form s, tw o passenger pla tform s, one station bu ild in g and
tw o w a te r stations w ere constru cted. T ra c k is la id w ith
85-pound steel rail.
R eg u la r service cn this lin e b y the
O p era tin g D epa rtm en t was com m enced cn June 1st 1907.
Th ere was expanded account this lin e du rin g the year
$390,091 16, w hich, w ith the ex p en d itu re o f $211,868 69
p revio u s ly in cu rred, makes its cost so fa r as c o m p le te d ___
601,959 85
G urdon & F o rt S m ith R a ilroa d .— Th is lin e extends from a
conn ection w ith the Arkansas Southw estern R a ilw a y
n ea r A n to in e , A r k ., In a n orth w esterly direction 33.85
m iles, to Caddo G ap, a p o in t on the Caddo R iv e r .
G ra d­
in g , b rid gin g and tra ck la y in g was co m p leted , and the
w a te r stations and some o f the station and section b u ild ­
ings w ere constructed.
B a lla stin g Is n ow under w a y .
T ra c k is la id w ith 56-pound re la y in g rail.
T h ere w as e x ­
pended account this line p rior to J u ly 1st 1906 $805,698 24,
w hich a m ou nt, added to an ex pen ditu re o f $522,893 94
incurred du rin g the year, makes its cost as fa r as com p leted
1,328,592 18
Gurdon <ft F o rt S m ith N orthern R a ilw a y .— Th is lin e is a con ­
tin u ation o f the G urdon & F o rt Sm ith R a ilro a d , from
C addo G ap, A rk ., n orth to the O u achita R iv e r , a distance
o f about tw en ty -th re e m iles. T h e gra d in g , b rid gin g and
t r ic k la y in g co m p leted fo r the first 5.74 m iles, to a po in t
near B la ck Springs, beyon d w hich Its fu rth er extension
is n ot now co n tem p la ted . S tation and section bu ildin gs
are b ein g constru cted. T r a c k is la id w ith 56-pourid
r t la y in g rail. T h ere was expen ded account this line
du rin g the y e a r $25,789 34, w h ich , w ith the exp en d itu re
o f $57,539 18 p revio u s ly Incu rred, m akes
the to ta l
cost to ela te__________________________________________________
83,328 52
S p rin g fie ld Southwestern R ailw ay.— From Crane to Sprin gfield ,
M o ., gra d in g , b rid gin g and tra ck la y in g is co m p leted ,
and b allastin g is n >w bein g done. Som e o f the station
bu ildin gs alon g he line are constructed and a tem p ora ry
fr e ig h t and passenger s ation has been erected in Sprlngfi Id . T h e tra ck is la id w ith 56-pound ra il. W o r k .o n t h e
ex t. nslon throu gh the C ity Is now In progress.
R eg u la r
service on this line b y the O p era tin g D ep a rtm en t was
com m ent' d A p 11 20th 1907. T h ere was ex p en d ed on
this line du rin g the ye a r $654,438 02, w hich, w ith the
p reviou s ex p en d itu re o f $644,684 45, m akes a to ta l e x ­
pen ditu re to d a te o f ____________ _________ ___________________
1,299,122 47
Second M a in T ra ck , Valley J u n ctio n to B ix b y .— Second m ain
tra c k , ex te n d in g 8.9 m iles south from V a lle y Ju nction ,
111., on the Illin o is D ivisio n , has been co m p leted : on this
w o rk th ere was ex p en d ed d u rin g the y e a r $75,064 31,
m a k in g the to ta l cost to d a t e ________________________________
129,824 47
D u p o Y a rd .— Loca te d on the Illin o is D ivision betw een
D u po and B ix b y .
G radin g fo r 38 m iles o f yard tracks,
cu lverts, b rid gin g, drainage system , coaling station ,
eighteen -stall engine house, p ow er house and em p loyees’
h otel were co m p leted .
Y a r d tracks a ggregatin g 21.61
m iles were laid . 14.87 m iie s o f which are ballasted. T rac k
la yin g and b allasting are being continued.
Th ere was e x ­
pended fo r this w ork du rin g the y e ar $391,690 85, w hich,
w ith a previous exp en d itu re o f $317,350 18, m akes the
tota l cost to d a t e _____________________ __________ _____________
709,041 03
Bush Y a rd .— A t Bush, III., an assem bling yard and engine
fa cilities w ere com pleted; exp en d ed du rin g the y e a r $48,026 17. to ta l cost to d a t e ____________________________________
77,866 65
Wabash Southern R ailw ay.— G ra din g, b rid gin g, tra ck la y in g
and som e o f the b a lla stin g on nine m iles o f this lin e, from
Z i l j l e r to B en ton , 111., is co m p leted . T ra c k is laid w ith
new 85-pound steel rail.
B a lla stin g w ork continues.
T h ere was ex pen ded on this line du rin g the ye a r $202,751 00, w h ich , w ith an expen ditu re o f $204,567 34 pre­
v io u s ly incurred, m akes the to ta l cost to d a te _______________
407,318 34
C o a l B elt R ailw ay E xten sion s.— Tracks In W illia m so n C ou nty,
111., to C a rtersville D istric t Coal C o m p a n y’s mines and to
the m ine o f the Chicago & B ig M u d d y Coal & Coke C o .,
w ere co m p leted and placed in opera tion . T ra c k , a gg re­
g a tin g 5.01 m iles, is laid w ith 56-pound r tla y in g rail.
T h ere was ex pen ded accou nt this w o rk du rin g the y e a r
$45,178 22, w h ich . W ith $52,067 77 p revio u sly expen ded,
rrakes a to ta l exp en d itu re to date o f _________________________
97,245 99




[V o l . l x x x v .

C oal B e lt E le c tric R ailw ay E xtensions.— G radin g fo r an ex ten ­
sion o f the Coal B e lt E lectric R a ilw a y on P a rk A ven u e,
H errin , 111., n orth 4,935 fe e t to conn ection w ith the H errin
R a ilw a y , was p ra c tic a lly co m p le te d . T h ere was expended
to June 30 1907________________ ________ _______________ ______
3,057
H e r r in & Johnston C ity R a ilw a y .— T h e main line from H errin
to a point n ear the w est lim its o f Johnston C ity , 111., 4.5
m iles, was co m p le te d . 2.5 m iles o f side tracks at the mines
o f the Chi- a?o & H errin Coal C o., the Johnston C ity & Car­
t e rs v ille Coal Co. and the Johnston C ity B ig M u ddy Coal
C o., w ere co m p le te d , and regu la r service b y the O peratin g
D ep a rtm en t was com m enced. T r a c k is la ld w ith 56-pound
re la y in g rail.
D u rin g the y e a r there was expen ded on this
lin e $59,918 62, w hich a m ou nt, added to $56,872 63 pre­
116,791
v io u s ly ex p en d ed , m akes the to ta l cost to d a te _____________
M a r io n & H a rrisb u rg R a ilw a y .— Th is lin e, d ive rgin g from the
Coal B elt E lec tric R a ilw a y w est o f and ex ten d in g eastw a rd ly throu gh the C ity o f M arian, 111., 1.95 m iles, was
g ra d e d , track laid thereon w ith 56-pound re la y in g ra il, b a l­
lasted and placed In operation . T h ere was expen ded on
this p ro p e rty du rin g the ye a r $45,846 45, w hlcn, w ith an
expen ditu re o f $40,881 29 p revio u sly Incurred fo r righ t o f
w a y and lands In M arlon , makes a to ta l to d a te o f __________
86,727
M a r io n & Johnston C ity R ailw ay .— A contin u ation o f the
M arlon & H arrisbu rg R a ilw a y n o rth w a rd ly 5.87 miles
tow a rd Johnson C ity , 111., w ith connections and yards, a p ­
p ro x im a tin g 6.81 m iles, to variou s coal m in in g properties,
was graded and 56-pound re la y in g ra il laid thereon. I t is
bein g exten d ed to Johnston C ity .
Th ere was expen ded on
this lin e du rin g the ye a r $120,390 12, w h ich , w ith an e x ­
penditu re o f $12,670 05 p revio u sly in cu rred, m akes the
to ta l cost to d a te _________________ ,____________________________
133,060
S t. Joseph & C entral B ran ch R a ilw a y .— A b rick freigh t house,
52x450 fe e t, was n e a ily com pleted in St. Joseph, Mo.
G radin g was done for team and house tracks, but track con ­
struction is d ela y ed on account o f litiga tion .
Th ere was
expen ded fo r p rop rety and construction du ring the year
$524,535 40, w hich, w ith a previous expen ditu re o f $30,495 03, m akes the to ta l cost as fa r as c o m p le t e d ____________
555,030
Natchez & Western R a ilw a y .— T h e track was changed to
standard gauge and the w ork o f w id en in g em bankm en ts,
fillin g, and reconstru cting bridges was begun and is now
in progress. Th ere was expen ded on this lin e du rin g the
ye a r $79,148 91, w hich a m ou nt, a dded to an ex p nditure
o f $4,500 80 p revio u s ly Incurred, makes the to ta l cost to
da te fo r co n stru ction ______________________________________ 83,649 71
L ittle R ock, A rkansas.— Th e new U nion S tation b u ildin g was
40 per cent co m p leted . T h ere was expen ded fo r lands and
construction to June 30 1907_________________________________
222,163
W ich ita Y a rd .— T h ere was expen ded on this w ork d u rin g the
ye a r $87,164 61, w hich, w ith a previous expen ditu re o f
$5,642 fo r lands, m a k e s th e to ta l c o s t t o d a t e ------------------92,806

37

25

74

17

43

44
61

A D D I T I O N S A N D I M P R O V E M E N T S A N D W O R K IN P R O G R E S S .

Work has been continued on the improvements reported
in progress last year.
Much work of a betterment character has been done during
the year in replacing existing steel bridges with heavier
structures and replacing frame bridges with steel, substituting
heavier rail, filling culverts and trestles, ditching and widen­
ing cuts and fills to secure better drainage for the roadbed,
the erection of new stations and other structures and build­
ing and improving water and fuel stations.
Charges Were made to Betterments during the fiscal year
as follows:
T o E q u ip m e n t___________________.____________________________ _____
T o P r o p e r t y _________________________________ ______________________

$211,123 83
2,714,133 54

The principal item of improvement to Equipment consists
of $209,191 21 applying air brakes to freight cars.
(Details of additions to property are given at length in
pamphlet report.)
C O N D U C T IN G T R A N S P O R T A T I O N .

A concerted movement of the various organizations in
train service for a decrease in hours and an increase in wages
was made in December, and after a protracted joint confer­
ence of railways of the West and. South with these various
labor organizations at Chicago, and the intervention of the
Chairman of the Inter-State Commerce Commission and the
Commissioner of Labor, a general increase of substantially
ten per cent was made, taking effect in February and April
of the present year.
This increase, together with advance in wages of yardmen
granted in November and other increases necessary in rate
of pay of transportation department employees, have aug­
mented the expenses of operation of that department ap­
proximately 8625,000 00 annually.
LAND DEPARTM ENT.

The receipts from the Land Department during the year
ended June 30th 1907 were: Cash, $429,680 23; Notes,
$166,309 95.
There was sold during the year 50,417 acres of the Com­
pany’s lands in Missouri and Arkansas at an average price
of $5 15 per acre. On June 30th 1907 there was unsold of
the Company’s lands in Missouri 3,463 acres; Arkansas.
547.927 acres. During the year there was purchased and
retired by the Land Grant Trustee $214,000 00 of the Gen­
eral Consolidated Railway and Land Grant Mortgage Bonds.
P A S S E N G E R T R A F F IC .

For the twelve months ended June 30th 1907 the receipts
from passenger traffic were $9,696,063 59, an increase of
$942,92^ 64 over the preceding tw lve months. The passen­
ger revenue was adversely affected for the fo\ r months,
March to June 1907, by legislative enactment . whereVy the
rates were reduced to two cents per mile. The reduction
took effect in Nebraska in March, in Arkansas in April, in
Kansas ip May, in Missouri in June and in Illinois later.
Conditions were otherwise favorable to the conduct of pas­
senger business. Owing to the continued prosperity in the
territory traversed by t i e System Lines as well as the great
activity of business in general, there was an increase in the
number of passengers carried of 1,620,237, or 20.6 per cent,
but the increased revenue derived therefrom was only 10.8

1149

TH E CHRONICLE.

N ov. 2
‘ 1907. j

last year were close to their greatest yield, from which a full
measure of traffic was derived, of the total freight revenues,
the products of agriculture and of animals and their products,
contributed only twenty-three per cent, the products of
F R E IG H T T R A F F IC .
mines, forests and manufactures contributing seventy-seven
The freight traffic for the past year has given very good per cent. Great strides are being made in manufactures by
results. The earnings were $35,509,588 71, being an increase conversion into finished products of the abundant raw ma­
of $2,946,081 94 over those of the previous year. The terials adjacent to the lines. The markets for these are co­
extensive with the country. The products of the mines and
general business throughout the country traversed by the
Company’s lines for the past year was greatly in excess of forests, of which there is an abundant supply for years to
any former like period. The crops were abundant and bor­ come, provide a large volume of tonnage, the demand for
which in the past has been continuous and in excess of pro­
dered on the maximum. These, with the great industrial
activity carried on in the development of the vast resources duction. The agricultural and industrial conditions, to­
which abound in the country tributary to the Company’s gether with the general prosperity now existing, foreshadow
for the ensuing year a satisfactory business.
lines, created a traffic which for many months of the year
greatly exceeded the capacity of the available equipm ;nt.
IN D U S T R IA L D E P A R T M E N T .
This Company was at a disadvantage in the interchange of
business with other roads by not being able to get car for
There were established on the Company’s lines during
car in exchange or get its own cars returned home with rea­ the past year 422 industries of various kinds, employing
sonable promptitude. Persistent requests for the prompt capital to the amount of $19,997,700 00. In these are em­
return of its cars were unheeded. The increase in earnings braced 166 lumber plants, 14 coal mines, 19 lead and zinc
would hare been greater if the Company had been able to mines and 43 cement, brick, stone and other bwilding
control the full complement of its freight car equipment. material manufacturing plants.
This would have been most marked in the coal, lumber,
Cement is rapidly taking the place of other material in
cement and manufactures, traffic for which there was no ces­ construction work, and the output in the United States is
sation in the demand. As there is much more traffic pro­ not equal to the demand. The consumption in 1906 was
duced on the Missouri Pacific System and delivered to other 45,610,822 barrels; ten years fg> it was 4,532,620 barrels.
railroads than is received by it in return, it follows that This Company now enjoys a laige revenue from this traffic,
unless cars are received in exchange from other railroads with every indication that it can be largely increased.
a shortage must result. The traffic requirements of nearly
As a result of efforts made to organize commercial clubs
all lines for the past year were in excess of the equipment to develop industries in the principal towns served by the
legitimately available, and many carriers held on their Company’s lines, there are now working in co-operation with
rails and appropriated to their own local use the cars of other the Company’s representatives 192 of such clubs. Bene­
roads which they obtained in the regular course of business. ficial results are expected to follow this co-operation.
The Missouri Pacific System could not get car for car in ex­
Special attention has been given throughout h: year to
change on business delivered to connecting roads, and as a drainage, agriculture and the education of farmers by
consequence it was short for seven months of the year the trained experts on crops, their rotation, live-stock breeding,
equivalent of from 20 to 30 per cent of its own car equipment. poultry, dairying and also in fruit growing. In this work
I t is hoped that the uniform per diem charge of 50 cents per the United States Agricultural Department, the Agricultural
car for the use of cars, lately arranged for between the rail­ Colleges and State Experimental Stations have cheerfully
roads, and other measures taken, will exert an influence co-operated.
against a repetition of this abuse.
C. S. C L A R K E ,
This System should no longer be considered as depending
Vice-President.
solely for results on the products of the farm. Notwith­
(Tables of comparative statistics are given on a preceding
standing the fact that as much as sixty per cent of the Com­
pany’s lines run through fertile prairie and that, the crops page under “ Annual Reports.” )

per cent. The continuation of the movement of homeseekers to the Southwest not only increased the passenger
revenue, but a permanent benefit m ay be expected therefrom.

M EXICAN IN TER N ATIO N AL R A ILR O A D COMPANY.

A N N U A L R E P O R T — FO R T H E Y E A R E N D IN G JU N E 30 1907.

New York, September 25 1907.
The President and Board of Directors submit herewith
their report of the Company’s transactions for the \rear ending
June 30 1907.
I. M ILE S OF R O A D O W N E D A N D LE A S E D .
The mileage of your main tracks has been increased dur­
ing the year 11.04 kilometers, or 6.86 miles, by the extension
of the branch line from Agujita to Rosita. During the year
additional sidings to the extent of 27.78 kilometers, or 17.31
miles, were added.
The following statement shows the miles of road owned
and operated at June 30 1907:
M ile s .
540.44
M a in L in e , Ciudad P o riiirlo D iaz to D u ra n g o _________
, “
'•
R ea ta to M o n terey---------. ------------------ 71.80
B ranches, SabinaS to H o n d o . . ____________ ______________
12.43
10.59
Sabinas to R o s ita _____________________________
M ezq u ite to C a r b o n .. ....................... ..............
3.73
M o n d o v a to Cuatro Clenegas________________
42.48
14.35
H ornos to San P e d r o _____ ______ ___ ______ . .
P ed iicen a to V < la r d e n a .................... ..............
5.82
M atam oros to T la h u a lllo _____________________
43.52
H o rizon te to B e rm e jlllo _____________ •________
14.00
Durantro to T tp eh u a n es_______________________ 135.00
Coahuila Coal R a ilw a y (le a s e d )_______________
24.04
T o t a l ..................... - ................ .......................... _ ............
S id in g s ------------------------------------ -----------------------------

K ilom eters.
869.74
115.54
20.00
17.05
6.00
68.36
23.09
9.37
70.04
22.53
217.26
38.68

918.20
152.06

1,477.66
244.65

T o t a l miles o f tra c k ................................................ ............1,070.26

1,722.31

The average number of kilometers of road operated during
the year was 1,473.06 (915.33 miles), as compared with an
average of 1,428.88 (887.88 miles) for the previous year, an
increase of 44.18 kilometers (27.45 miles), or 3.09 per cent.

There was, therefore, an excess from Income Account of
$690,294.90 United States currency over the annual fixed
charges.
For details see following statement.
Y ea r E n d in g
Y ea r E n d in g
J u n e 30 1907. J u n e 30 1906.
M e x ic a n Currency—
Passengers and express........... *1,014,719 87
*754,963 83
F reigh t ............... ................ . . 7,341,816 59 6,376,831 23
A l l oth er sources.....................
216,233 67
182,416 66
T o t a l re ceip ts_______

.$8,572,770 13 $7,314,21172

M aintenance o f w a y
and
structures............. . .............. $1,208,819
M ain ten an ceof e q u ip m e n t___ 1,275,315
Con du cting tra n sp o rta tio n ___ 2,920.067
302,165
G eneral expenses.....................

64
12
85
43

$734,595
833,818
2,331,627
277,411

12
68
68
34

II. R E C E IP T S A N D E X PE N S E S .

T h e n et earn in gs.................................................... .......... S2,817,707 00
E q u iva l n t In U n ited States C u r re n c y ........................ 1,408,853 50
A d d in g th ereto the in terest co llected on current ac­
coun ts ........... ........................................................... ..
12,911 40
G ives the to ta l N e t R ev en u e o f ......................................$1.421,764 90 U . S. C y .

The interest on the funded debt and on the income bonds
remains the same, namely, $731,470.00.




+ $259,756 04
+ 964,985 36
+ 33,817 01
+$1,258,558 41
+$47 4,224
+ 441 ,496
+588,440
+2 4 ,7 5 4

52
44
17
09

T o t a l w o rk in g expenses___ $5,706,368 04 $4,177,452 82

+ $1,528,915 22

R eceip ts o v e r w o rk in g e x ­
penses ............................... .$2,866,402 09 $3,136,758 90
In co m e fro m in vestm e n ts___
1,329 50
1,849 25

-$270,356 81
— 519 75

T o t a l . ..........................- _____$2,867,731 59 $3,138,608 15

— $270,876 56

Stam ps and o th er ta x e s _____
R en ta l Coahuila Coal R a ilw a y

$30,024 59
20,000 00

$30,369 47
3,333 34

— $344 88
+ 16,666 66

$50,024 59

$33,702 81

+ $16,321 78

N e t Revenue, M e x ic a n C u r ­
rency _______________________$2,817,707 00 $3,104,905 34

-$287,198 34

T o ta l .

U . S . Currency—
A v e r a g e price realized fo r the
s ilve r d o lla r _____________
50.00 cts.
50.00 cts.
A m o u n t o f net reven u e_______ $1,408,853 50 $1,552,452 67
In tere st co llected on open a c­
c o u n ts ........................ ..........
12,911 40
31,718 72
$1,421,764 90 $1,584,171 39

T h e cross earnings from a ll sources fo r the ye a r w e re . $8,574,099 63 M ex. Cy.
T h e to ta l expenses o f o p era tio n _______________________ 5,756,392 63

Increase ( + ) .
Decrease (— ) .

Deduct—
In terest on bonded d e b t . ____
One ye a r's int<*iest at 4 % on
Incom e bonds to June 30
1906 . ......................... ..........

$551,510 00

-$143,599 17
— 18,807 32
-$162,406 49

$551,510 00

179,960 00

179,960 00

$731,470 00

$731,470 00

$690,294 90
A d d lt'o n s , betterm en ts and
new e q u ip m e n t____________ 1,990,958 19

$852,701 39

— $162,406 49

598,771 99

+ 1,392,186 20

S u rplu s...........................
............... ..
D e f i c i t ......................... ........$1,300.663 29

$253,929 40 — $1,554,592 69
....................................................

1150

THE CHRONICLE.

Your attention is invited to Tables Nos. 8 and 10 [pamph­
let] for details of passenger and freight traffic.
The commercial tonnage handled during the year, as com­
pared with the twelve months preceding, has increased 220,005 tons, or 17.06 per cent, although the average number
of kilometers each ton of freight was hauled decreased 17.40
per cent.
The development of the coal regions adjacent to your line
has continued, several new mines having been opened up, or
being in pi'ocess of opening up during the year. There was
handled in the year under review 783,967 tons of coal and
coke, as against 663,696 tons during the preceding year. The
production of the coal fields as yet lacks much of meeting the
demands, owing to the continued scarcity of labor, but it is
confidently expected that the output will materially increase
during the present and subsequent years.
There has been a very satisfactory increase in passenger
and express business, which is due to the general develop­
ment along your lines and to no specific cause, both local and
through travel sharing in this improvement.
Table No. 7 [pamphlet] shows the working expenses of
your property in detail.
The percentage of working expenses to gross receipts was
66.56, as against 57.11 during the same period of the preced­
ing year, r iz .:
1906.
1007
10.04________________ M ain tenan ce o f W a y and S tru ctures_______________ 14.10
11.40________________ M aintenance o f E q u i p m e n t ________________________ 14.88
31.88________________ C on du cting T ra n sp o rta tio n ________________________ 34.06
3.7 9________________ G en eral E x pen ses____________________________________ 3.52

[V o l . l x x x v .

city. This made necessary the replacing of the more import­
ant iron bridges and strengthening the smaller ones. Also
the replacing of the 55-pound rail remaining in the track in
various short sections between Diaz and Jaral, and Reata
and Monterey; as well as the laying of heavy rail between
Torreon Pedricena. For this purpose, 12,750 tons of new
75-pound steel rail was purchased.
W ith the heavier locomotives and consequent longer trains,,
it was found necessary to increase the length of most of the
sidings between Diaz and Jaral and Reata and Monterey,
and construct additional passing tracks for the proper hand­
ling of the trains within these districts, and to increase the
number of tracks in the yards at Sabinas, Monclova, Mon­
terey and Torreon.
The increase in rolling stock made necessary additional
shop tools at Diaz, Monclova, Torreon and Durango, and
additional shop buildings at Monclova and Durango, which
are being erected.
During the month of July 1906 your line was seriously in
terrupted along the Santiago and Tepehuanes rivers, on the
Tepehuanes Branch, account of washouts, this being one of
several instances of a similar nature since the line was con­
structed. After careful studies, it was decided to change
the line and grade and construct permanent bridge openings
at such points as necessary to prevent a recurrence of this
trouble. This work is now nearing completion.
During the year your Company has constructed large dams
for the storing of surface water, which, it is thought, will in­
sure a permanent supply for locomotives, at the following
points: Kilometers 151, 201, 334, 369 and 28-F.

66.56

57.11

As will be seen, the expenses for maintenance absorbed
28.98 per cent, and for operations 37.58 per cent, of the
gross earnings.
The percentage to total expenses of the sub-accounts is
shown in the following statement:
1906.
1907.
17.59________________ M aintenance o f W a y and S tru ctures_______________ 21.18
19.96________________ M aintenance o f E q u ip m e n t__________________________22.35
55.81________________ C on du cting T r a n sp o rta tio n __________________________ 51.17
6.64________________ G en eral E xpen ses____________________________________ 5 30
100.00

100.00

IV . C A P IT A L .
In the accounts for the year the amount of $128,489 55
United States currency has been charged to "Cost of Prop­
erty,” and represents the amount expended in the survey of
new lines and in the completion of the Purisima line.
The expenditures for equipment and for additions, better­
ments and improvements during the year, namely, $1,990,958 19 United States currency, have been charged to “ Profit
and Loss.”
From the surplus earnings for the year ending June 30 1906
4 per cent interest on the Income Bonds, or $179,960 United
States currency, was duly paid to the holders of these bonds
in September 1906.

The increase in Expenses is principally due to the increase
in wages and cost of materials. H owever, the large amount
of betterment work has had some adverse influence, particu­
larly with respect to the replacement of temporary with per­
V. FU N D E D D E B T.
manent bridge structur s, the estimated cost of renewing
the old structure having been charged to Expenses, the dif­
There have been no changes in the funded debt of your
ference to Additions, Betterments and Improvements.
company during the present year.
For details of the Transportation Department, see tables
Nos. 8 and 9 in pamphlet.
V I. G E N E R A L R E M A R K S .
The results for the year, as well as the financial conditions
of the property, are shown in the statements of accounts pre­
The average kilometers operated, the gross earnings, the
pared by the Comptroller and included in this report.
average earnings per kilometer, and the average earnings per
The books and accounts have, as previously, been audited mile for the years 1884 to 1905, inclusive, for the six months
by Messrs. Price, Waterhouse & Company of London, New January to June 1906, and for the fiscal year July 1906 to
York and Mexico, whose certificate as to the correctness June 1907, are shown in the following table:
thereof is incorporated in this report.
I I I . A D D IT IO N S ,

B ETTERM ENTS
M ENTS.

AND

IM P R O V E ­

Statement No. 6 [pamphlet] of this report gives
the various expenditures for new equipment and
tions, betterments and improvements during the
total amount thereof being $3,981,916 37 Mexican
A summary thereof is as follows:

in detail
for addi­
year, the
currency.

M e x ic a n Currency.
N e w b u ild in gs ..... ................ . ........................................................... $375,233 42
B rid ge s......... ......................................................................................
235,336 72
N e w eq u ip m e n t____________________________________________________ 2,497,701 51
F e n c in g ____________________________________________________________
1.044 05
F u el sta tion s______________________________________________________
47,642 20
S te el ra ils........... ............................................................................ . .
140,519 85
N e w tracks and ya rd s _____________________________________________
174 ,857 71
N e w to o ls ____________________________ __________________ ___________
108,214 62
W a t e r s u p p ly______________________________________________________
138,031 18
T e le g ia p h lin e _________________ __________ ___________ ____________
12,662 85
Changes in lin e and grades________________________________________
210,582 12
S u r v e y s __________________________________________________________
40,090 14
$3,981,916 37

The necessity for additional rolling stock was referred te
in the annual report for the year ending Dec. 31 1905, in
view of which orders were placed for the following additional
new equipment:
500
300
150
350
150
10
10
20

G ond ola cars,
B o x cars,
Stock cars,
D u m p cars,
F la t cars,
Caboose cars,
T a n k cars,
Consolidation locom otive s,

On June 30, there had been received on account of these
orders:
276
97
109
174
10
20

G ondola cars,
B o x cars,
Stock cars,
D um p cars,
Caboose cars,
Consolid ation lo com otive s.

In order to properly and economically handle the large
and constantly increasing traffic, it was decided to buy rolling
stock of modern make and heavy weights and carrying capa­




Average
K ilom eters
Operated.
Y e a r 1906-07--------- 1,473.06
6M onths 1906 ------- 1,436.83
One Y e a r —
1905 ------- --------.1,421.93
1904 ......... ............1,416.44
1903 ............... ...1 .4 1 5 .9 3
1902 ....... .............. 1,397.44
1 9 0 1 ........... ..........1,364.42
1900 . . . ......... ...1 ,2 8 9 .9 2
1899 ..................... 1,185.53
1898 ..................... 1,060.60
1897 ........... ..........1,060.60
1896 ......... ............1,011.02
1895 _____________
947.23
1894 ............. ........ 922.19
1893 . ................... 922.19
1892 ..................... 746.37
658.30
1891 ............... ..
1890 . ---------------- 637 38
1889 ----------------636.34
1888 .....................
573.97
1887 ..................... 273.58
1886 ----------------273.58
1885 ------- --------. 273.58
1884 ..................... 245.20

Gross
E a rn in g s
(M e x . C u rre n c y ).
$8,572,770 13
4,037,532 82

Average
E a rn in g s
P e r K ilo m .
$5,819 70
2,810 03

6,519,161 41
4,584 73
6,891,196 88
4,865 15
7,091,827 245.008 60
, 8,060
6,496,161 58
4,648 61
5,960.824 06
4,368 76
5,378,977 33
4,170 01
4,645,559 29
3,918 55
3,497.073 97
3,297 26
3,034,126 04
2,860 76
2,900,925 33
2,869 30
2,664,126 08
2,812 54
2,169,121 47
2,352 14
2,050,934 01
2 226 15
2,095,726 14
2,807 89
1,197,856 55
1,819 69
1,126,366 41
1,745 64
911.698 51
1,432 73
656.781 41
1,144 28
237,394 13
867 73
185,150 25
676 76
153.916 18
562 59
103,307 98
421 49

Average
E a rn in g s
P e r M ile.
$9,365 72
4,522 17
7,378
7,829
36
7,481
7,030
6,710
6,441
5,306
4,603
4,617
4,526
3,785
3,579
4,518
2,924
2,839
2,305
1,841
1,396
1,098
905
612

20
57
04
60
88
91
31
86
69
28
29
04
67
02
77
64
47
43
11
39
37

A t June 30 1907 there were 4,093 employees in your ser­
vice, of which 704, or 17.20 per cent, were foreigners; this
is an increase of 511 in the total number of employees and a
decrease of 165 foreigners as compared with June 30 1906.

The Board records with deep regret the death of Senor
Licenciado Don Emilio Velasco, one of its valued members,
which occurred on October 25 1906.

Senor Licenciado Don Pablo Macedo was elected to fill the
vacancy.
By order of the Board,
E. N. B R O W N ,
President.
(Tables of comparative statistics are given on a preceding
page under “ Annual Reports.” ')

THE CHRONICLE.

N o v . 2 1907.1

1151

N A TIO N A L R A ILR O A D COM PANY OF MEXICO.
S IX T H A N N U A L R E P O R T — FO R T H E Y E A R E N D IN G JU N E 30 1907.
Mexico Office:
Paseo de la Refonna.

New York Office:
No. 60 W all Street.
September 28 1907.

To the Stockholders:
The Board of Directors submits its report of the operations
of your property for the fiscal year ending June 30 1907.
This is the first report rendered for a fiscal year ending
June 30th, and in order that intelligent comparison might be
had with previous periods, the statements herein mentioned
of said periods have been changed to cover years ending
June 30th.
R E S U L T S OF O P E R A T IO N .
The following condensed statement of Income Account
shows the results for the year:
M e x ic a n C urrency.
T h e Gross E arnings fro m a ll sources w e re ____________________ $15,874,669 40
'T h e t o t a l Expenses o f O pera tion w e re ________________________ 10,151,837 98
L e a v in g N e t E arn in gs o f_____________________________________

§5.722,831 42
United States
C urrency.
W h ich reduced to go ld at 50 cents fo r th e s ilve r d o lla r g iv e s . $2,861,415 71
T o which add—
708,000 67
In tere st and D ividen ds on Bonds and Stocks o w n ed _______
O th e r R e c e ip ts _________________________________ ________________
39,637 02
M a kin g ............................................................................... ........$3,609,053 40
F ro m which deduct—
T a x es and R e n ta ls _______________________________
$52,707 83
In tere st on Bonds and N o te s ___________________ 2,465,600 00
O th e r C h a rg es-________ __________________________
82,660 40
-------------------- 2,600,968 23
And—
$1,008,085 17
Sem i-annual D ivid end s on P referred Stock o f one per cent
(1 % ), p a ya b le Fe b ru a ry 11 and A u gu st 12 1907__________
576,658 50
Balance carried to P r o fit and Loss A c c o u n t_______________

The mileage has been increased by the construction of an
extension to the Cintura Line of 5.172 kilometers.
The net result of all changes is an increase in the total
mileage of your main line and branches of 3.964 kilometers,
or 2.464 miles.
As will be noted, the mileage of your sidings and yards
has been increased by 26.151 kilometers, or 16.249 miles,
due to the building of new passing tracks and the extension
of existing tracks, as well as to the building of side tracks
to important industrial enterprises located on the line.
The actual mileage in operation at June 30 1907 was as
follows:
M A IN L IN E A N D B R A N C H E S .
standard Gauge—K ilom eters.
M ile s .
C olonia to center o f R io Grande B r id g e - 1,290.507
801.889
S an tiago to Junction w ith M ain L in e
’
at T a c u b a .___________ _________________
4.939
3 069
■ *
C intura L in e — C ity o f M e x ic o _________
10.261
6.376
G o n za lez to A c a m b a ro _________________
85.260
52.979
San Juan Junction to Jaral d el V a l l e . _
80.322
49.910
M ateh uala B ranch , in clu d in g P o trero
B r a n c h ....................... .............. ............
64.908
40.332
L a P a z Branch ___________________________
59.728
37.113
M atam oros B ranch __________^__________
329.527
204.760
T ex a s M exica n R a ilw a y ..................... ..
260.475
161.853
■ft
----------------------T o t a l, standard ga u ge___________________________2,185.927
1,358.281
N arrow Gauge—
T a cu b a Junction to U ru a p a n __________ 510.275
317.072
M ichoacan & P a cific (leased li n e ) ______
91.599
56.917
T o t a l, n arro w g a u ge____________________________

$431,426 67

D IV IS IO N S :
Include Colonia, Tacuba and Santiago Yards, and the
Cintura (B elt) Line.

601.874

373.989

T o ta l, M ain L in e and Branch es_______________ 2,787.801
1,732.270
S ID IN G S A N D Y A R D S .
On M ain L in e , in clu d in g M ex ico C ity
and M o n terey T e r m in a ls ____________
290.958
180.794
On Branch L in e s ________________________
52.053
32.344
T o t a l Sidings and Y a r d s ________________________

Your property is divided into the following
M E X IC O T E R M I N A L S .

•j&i

343.011

213.138

G rand T o t a l ________________ _______ _____________3,130.812

1,945.408

A V E R A G E L E N G T H O F L IN E O P E R A T E D .
TCiJnmpfprs
T h e averag e len gth o f lin e o p erated d u rin g th e y e a r
w a s ................... .................. ................ .................. .......... 2,783.837
A s again st sam e period o f 1905 and 1906____________ 2,785.017

1,729.806
1,730.539

S O U T H E R N D IV IS IO N .

North end Tacuba Yard to North end Acambaro Yard,
including Gonzalez Yard; San Juan Junction to Jaral del
Valle.
P A C IF IC D IV IS IO N

(N a rro w G a u g e ).

North end Tacuba Yard to Uruapan, including Acambaro
Yard and Michoacan & Pacific Branch.
S A N L U IS D IV IS IO N .

North end Gonzalez Yard to and including Saltillo Yard,
with La Paz and Matehuala Branches.
•»

N O R T H E R N D IV IS IO N .

North end Saltillo Yard to south end of Monterey Yard,
and north end of Monterey Yard to center of Rio Grande
Bridge.
M O N T E R E Y T E R M IN A L .

All tracks in Monterey Yard, including three kilometers
of the main lihe running to the junction with the Matamoros
Branch.
M A T A M O R O S D IV IS IO N .

The Matamoros Branch, from Monterey Junction to Mata­
moros.
T E X A S M E X IC A N

R A IL W A Y .

A decrease o f ________________ :__________________________

1.180

.733

W E IG H T O F R A IL S .

The following table shows the weight of rails in the main
line, branches and sidings at June 30 1907:
M A IN
85
70
60
56
55
54
50
45
40

lb . rail
lb . “
lb . “
lb . “
lb . “
lb . “
lb . “
lb . “
lb. “

L IN E

AND BRANCHES.
K ilom eters .
119.900
.-1,341.317
3.999
67.386
80.471
5.172
2.656
. . 756.224
. . 410.676
----------------2,787.801
ND YAR D S.
0.085
..
53.434
0.086
0.381
1.161
18.168
1.724
..
99.495
153.175
15.302

85 lb . r a il.
70 lb . “ .
61 M lb.
60 lb .
lb .
lb .
lb .
lb .
lb .
lb .

M ile s .
74.503
833.461
2.485
41.872
50.002
3.214
1.650
469.899
255.184
11,732.270
0.053
33.203
0.053
0.237
0.721
11.289
1.071
61.824
95.179
9.508

T o ta l, Sidings and Y a r d s _______________________ 343.011
From the center of the Rio Grande Bridge to Corpus
Christi, Texas.
Grand T o t a l _____________________________________ 3,130.812
M IL E A G E .
E A R N IN G S A N D E X P E N S E S .
By reason of several changes of line, the actual mileage
As compared with the fiscal year July 1 1905 to June 30
of your main line from Colonia to the center of Rio Grande
1906:
Bridge has been decreased by .106 kilometer.
M e x ic a n S ilv e r .
The mileage has been further decreased b y 1.097 kilo­ T h e gross earnings o f yo u r com p a n y h av e in creased...............
$1,835,366 84
meters, due to a change of line between Salvatierra and San O p era tin g expenses h a v e in crea sed_____________________________ 1,525,787 53
Cristobal on that part of the original narrow-gauge line be­
N e t earnings h a v e In creased___________________________________ $309,579 31
tween Acambaro and San Juan Junction; which is later on
referred to in this report as having been changed from
The following statement shows the growth of commercial
narrow-gauge to standard-gauge.
|traffic of your company since July 1902:

i

J u ly 1902
to J u n e 1903.

E a rn in g s —
M e x ic a n S ilv e r.
F r e ig h t, o r d in a r y ----------------------------- •--------------------------------------*
$6,835,711 60
“
constru ction ------------------------------------------------------------ j
1,396,235 07
Passenger _____________________________________________________________ I
1,584,061 09
B a g g a g e _______________________________________________________________
17,946 51
E x p re ss....................................................................... - .........................
477,864 97
M a ll........................................................................................................... .
17,396 13
T ele g ra p h ..................................................................................... ..........
13,776 74
M iscellaneou s__________________________________________________________ j
380,314 50
T o t a l earnings______________________________________________________ j

$10,723,306 61

T h e am ounts expended in its operation du rin g th e same
period h ave been:
Expenses—
M aintenance o f w a y and stru ctu res_________________________________
M aintonence o f e q u ip m e n t............................................ .......................
Con du cting tr a n s p o r ta tio n ........................... ............ ............ ..............
G eneral ________________________________________________________________!

$761,917 50
992.104 18
4,617,293 25
455.339,19

J u ly 1903
to J u n e 1904.

J u ly 1904
to J u n e 1905.

M e x ic a n S ilv e r.
$7,982,866 76
751,923 80
1,850,655 21
23,121 20
543,315 90
14,490 04
15,634 49
314.100 44

M e x ic a n S ilv e r.
$8,469,230 40
109,122 78
2,218,380 81
25,685 44
628,436 20
14,356 57
12,2 9)6 33
302,615 77

M e x ic a n S ilv e r. M e x ic a n S ilv e r.
$10,281,128 28
$11,385,670 18
150,276 10
55,589 48
2,590,495 41
3,173,499 12
28,602 06
29,579 10
834,295 34
716,236 87
12,895 74
13,791 90
9,068 80
10,450 01
343.008 55
279,385 02

$11,496,107 84

$11,780,124 30

$14,039,302 56

24
23
27
03

$1,085,071,44
1 ,281,170 38
4,899,137 70
540,214 14

$1,425,892,24
1 ,642,222 97
4,945,629 90
612,305 34

$1,686,573
1,934,191
5,899,622
631,450

$1 .022,738
1,224,582
5,179,215
510,010

J u ly 1905
to J u n e 1906.

J u ly 1906
to J u n e 1907.

$15,874,669 40

85
28
29
56

T o t a l expenses----------------------------------------------------------------------

$6,826,654 12

$7,936 545 77

$7,805,593 66

$8,626.050 45

| S 10,151,837 9S

L e a v in g N e t E arnings o f ----------------------------- ------------ --------------

$3,896,652 49

S3.559.562 07

S3 971,5V ' 61 !

S5.413.2*2 11

Sr>,722 ,'■’ 31 42




1152

THE CHRONICLE.
G R O S S E A R N IN G S .

The increase in the gross earnings of this fiscal year as
compared with the same period of lyi)5-6 was 13.07 per cent.
The large amount of betterment work done during the
year accounts for the Construction Earnings; the figures this
year being $150,276 10 as against $55,589 48 for the previous
p e r io d .

Eliminating Construction Earnings, the increase in the
■Gross Earnings for the year was $1,740,680 22, Mexican
Silver, or 12.45 per cent.
As compared with the same period previous year:
F reigh t earnings from co m m ercia l sources in ­
creased ___________________________________________ $1,104,541 90 or 10.74%
Construction earnings in creased___________________
94,686 62 or 170.33%
Passenger earnings in creased----------------------------583,003 71 or 22.50 %
B aggage earnings Increased------------------------------977 04 or
3 .4 2 %
Express earnings in c r e a s e d _______ r _______________
118,058 47 or 16.48%
$1,901,267 74

While
M ail earnings decrea sed ----$896 16 or 6.4 9%
T e le gra p h earnings decreased 1,381 21 o r 13.22%
M iscellaneous earnings d e ­
creased ____________________ 63.623 53 o r 18.55%
— ---- ——

65,900 90

N e t in crea se ...................... ...................... ............ .$1,835,366 84 or

13.07%

The percentages of these various sources of revenue to the
total gross earnings during the fiscal years 1905-1906 and
1906-1907 were:
1905-1906.
1906-1907.
7 3 .2 3 % _________________ C om m ercial f r e i g h t ________________________ 7 1 .7 2 %
0.40 % _________________ C onstruction fr e ig h t ----------- . ------------------ 0.95 %
18.45 % _________________ P a s s e n g e r--------------------------------------------- 1 9.99%
0 .2 0 % _________________ B a g g a g e .............. .............................................
0 .1 9 %
5 .1 0 % _________________ E x p r e s s -----------------------------------------------5 .2 5 %
0 .1 0 % ____________ _____M ail ( U . S . ) __________________________ ___ 0 .0 8 %
0 .0 8 % _____ ___________ T e le g r a p h ---------------------------- ---------------0 .0 6 %
2 .4 4 % _________________ M iscellaneous
__________r ___________
1.7 6%

100.0 0 %

100.0 0 %

A comparison of the commercial freight tonnage moved
for the year results as follows:
1905-1906.
1906-1907.
1 3 .8 6 % _________________ Forest p r o d u c t s _____________________________ 13.46%
2 1 .7 5 % _________________ A gricu ltu ra l p ro d u cts__________________—
21.60%
3 .1 1 % _________________ L iv e stock and a nim al p rod u cts__________
2 .7 3 %
4 9 .0 8 % _____ ____________ M ineral p r o d u c t s ___________________________ 48.61%
1 2 .2 0 % _________________ General m erch andise_______________________ 13.60%

1 0 0 .0 0 %

100.0 0 %

It is gratifying to report a continued increase in the busihess handled by your Company; the gross earnings from all
sources being the largest in its history.
The general traffic conditions have been quite satisfactory.
While the percentage which mineral products bears to the
total tonnage suffered a slight decrease as compared with the
fiscal year ending June 30 1906, there was an actual increase
in the number of tons handled in comparison with the corre­
sponding period.
The only extraordinary movement materially affecting
earnings was that of imported wheat, from which source the
Increase in earnings was $413,166 90.
There were also important increases in the items of coal
and coke imported, due partly to the greater consumption
on account of new smelters, and, to some extent, to con­
gested conditions at' other ports of entry.
The earnings from general merchandise to competitive
points shows an increase of $259,871 39. There was a ma­
terial decrease in similar traffic to non-competitive points,
due largely to failure of crops in certain sections (which
always has a depressing effect on this class of traffic), and
also to a falling off in tonnage of material for construction of
certain local industries.
The smelter at Trojas , to which reference was made in the
last annual report, has temporarily suspended operations,
due to unavoidable circumstances, but those at Saltillo and
Matehuala are in full operation, and it is expected will con­
tinue to contribute materially to the traffic of the line.
The tonnage of ore and bullion exported was practically
th'' same as for the corresponding period. That of mis­
cellaneous items suffered a small decrease, but as this is a
Variable traffic, subject to market conditions, &c., the de­
crease cannot be considered as being of any special im­
portance.
The increase in express earnings is due chiefly to general
commercial activity. The only special feature; being the
heavier movement of fruits and vegetables from southern
points owing to the production in the northern territory
having been diminished by unfavorable weather conditions.
The increase in the passenger revenue is ve*y satisfactory,
both local and through business showing a steady and sub­
stantial growth. The generally improved business condi­
tions throughout the Republic may be considered as respon­
sible for the increase in the local travel, while the1 attention
which has been attracted to the Republic of recent years
doubtless largely accounts for the improvement in the
through travel.
The statistics show that comparing the present fiscal year
with the same period 1905-1906, the first-class local ticket
sales increased from $601,488 64 to $694.976 51, or 15.54
per cent; second and third classes, from $1,359,537 69 to
$1,676,733 85, or 23.33 per cent; through business from
$494,248 55 to $657,098 05, or 32.95 per cent.
O P E R A T IN G

EXPENSES.

The maintenance of your property has received constant
and careful attention, every effort being made to improve
and keep it in good physical condition.




[V o l . l x x x v .

The cost of operating the property during this fiscal year
was 63.95 per cent, as against 61.44 per cent for the corre­
sponding period of previous year. This increase is attribu­
table to higher wages paid employees and to advances in
cost of materials.
In keeping with the experience of all other enterprises,
both industrial and railroad, your company was compelled
during the year to materially advance the scale of wages
paid your employees, it being computed that the same- had
been augmented approximately twelve per cent.
Maintenance of way expenses were also affected adversely
by severe washouts which occurred in July 1906. between
Kilos 1125 and 1158. While this section was all more or
less damaged, eleven kilometers of track were washed away,
and traffic interrupted for four days. Surveys looking to a
revision of that portion of the line to avoid a recurrence of
this trouble have been made. The present rainy season has
been, on the whole, rather light, and no damage of any con­
sequence has been suffered by your property.
The comparative percentages of the sub-accounts are as
follows:
1905-1906.
1906-1907.
___ M aintenanee t»f w a y and stra c ttre s
------ 16.62%
1 6 .5 3 % -.,_______
19 .0 4 % _________________ M aintenance o f e q u ip m e n t--------------------- 19.05% ■
5 7 .3 3 % _________________ C on du cting tra n sp o rta tio n --------------------- 5 8 .1 1 %
7 .1 0 % ____ ..___________ G eneral expanses__________________________ 6 .2 2 %

100.00%

100. 00 %

The percentages to gross earnings being:
1905-1906.
1906 1907.
1 0 .1 5 % _________ v ______ M aintenance o f w a y and stru ctu res_____ - 10.6390
1 1 .7 0 % ___________ _____M aintenance o f eq u ip m e n t_________________ 12.18%
3 5 .2 3 % ________ ______ -.C o n d u c tin g tra n sp o rta tio n _________________3 7.16%
4 .3 6 % ............... ......... . . G eneral expanses___________________________
3.9 S %
61.44%

6 3.95%

During the year 1906-1907 we have expended and charged
to operating expenses $1,688,573 85 Mexican Silver, on
maintenance of way and structures, as against $1,425,892 24
for 1905-1906.
The principal items making up the increase in these ex­
penses wofe:
R ep airs o f ro a d w a y _____________________________ __________ _______ .$162,320 84
R en ew a ls o f tie s _______, ____________________________________________
74,393 79
R en ew als o f ra ils-------------------------- ..----------------------- --------------67,995 90
Less—
$304,710 53
Decrease in renew als o f bridges and cu lv e rts ________ $18,696 40
D ecrease In repairs and renew als o f bu ildin gs and
ll x t u r e s _ . ____________ ______ ________________________ _ 30,701 00
— ----------49.397 40
$255,313 13

For maintenance of equipment there was expended this
year $1,934,191 28 Mexican Silver; during the same period
previous year, $1,642,222 97.
The principal items making up the increase in these ex­
penses were:
Repairs and renew als o f lo c o m o t iv e s ________________________ — $172,4.')1 77
Repairs and renewals o f passenger cars --------------------------------- 44,522 08
R ep airs and renewals o f freigh t c a r s -------------------------------------- 33,731 79
$250,655 64

For conducting transportation there was expended during
this fiscal year $5,899,622 29 Mexican silver, as against
$4,945,629 90 in 1905-1906.
The principal items making up the increase in those e x ­
penses were:
Fuel fo r lo com otive s -------- ---------- --------- ------------------------O il, etc.; train supplies: station supplies, and w a te r su p p ly .
E n gin e and roundhousem en; train service; sw itch m en , etc.:
telegraph expenses: station service, and express expanses.

$583,421 64
66,140 84
433,646 86

Less—
$1,083.209 34
Excess am ou nt received this y e a r o v e r previou s ye a r fo r car
m ileage and hire o f eq u ip m e n t________________________________
175,874 43
$907,334 91

The increased charge for fuel is due partly to the additional
tonnage handled, but chiefly to the lines north of the Rio
Grande, owing to their congested conditions, confiscating
and failing to deliver fuel purchased from the usual sources
of supply, in consequence forcing your Company to buy coal
in other markets and import same viaVera Cruz at consider­
able additional cost.
For details of operating expenses during the fiscal years
July 1 1905 to June 30 1906 and July 1 1906 to June 30"l907
see Table No. 7.
C O M P A R A T IV E S T A T E M E N T OF O P E R A T IO N S .
The statements of accounts prepared by the Comptroller,
and included in this report, show in detail the results for
the year, as well as the financial condition of the property.
As heretofore, the books and accounts have been audited
by Messrs. Price, Waterhouse & Co., of London, New York
and Mexico, whose certificate as to the correctness thereof
is incorporated in tliis report.
The results for the year as compared with same period of
1905-1906 are ae follows:
1905-1906.
M e x ica n S ilv e r.
514,039,30 2 56 G oss rarnlli'r*
8.626,050 45 O p ratinp- <xp nses
$5,413,252 11

P . C . of
1906-1907. Znc.( + ) o r
Dec. ( — )M e x ic a n S ilv e r.
$1 5,874,669 40
. 10,151.837 98

N e t earnlmrs
____ ___________ _
$5,722.831 42
rwhich re d u c'd to gold at th - a ver-l
5 0 '*ige price o f the M exican d c ll ir fo rit>ir ye a r, v iz .;
i
$2,706.626 06 R>ld .
g i v e s ----g j l d $2,861.415 71

iso v. 2 1907. J
1905-06.
M e x ic a n S ilv e r .
61.44
5 7 ,95,712
$2 4224
1 4884
0 9340
5,041 00
3,097 30
1,943 70
5 28605
01850
1 50040
01923

1906-07.

p. c. or

ln c .(+ )o r
D e c .(— ) .
M e x ic a n S ilv e r.
+ 2.51
63.95
O p era tin g percen tage6,462,050 + 11.50
K ilo m eters ran b y reven ue tra in s-Gross earnings per reven u e tra in
+ 1.41
$2 4566
k ilo m e t e r -------------------------------O p era tin g expenses per reven ue
+ 5.55
1 5710
train k ilo m e te r____________________
N e t earnings p er reven u e tra in k ilo ­
— 5.18
0 8856
m e te r______________________________
Gross earnings p er k ilo m eter o f road
5,702 43
+ 13.12
O peratin g expenses per k ilo m eter o f
+ 17.74
3,646 70
N e t earnings per k ilo m eter o f road
+ 5.76
2,055 73
o p era ted ---------------------------------A v e ra g e am ou nt received fo r each
+ 0 .9 5
5 33601
ton o f fr e ig h t --------------------------A v e r a g e receipts per ton per k ilo ­
+ 2.54
01897
m e te r______________________________
A v e r a g e am ou nt received fro m each
+ 3.50
1 55291
p a s s e n g e r-------------------------------A v e r a g e receipts per passenger per
01886 — 1.92
_____ _________________
k ilo m eter

follows:
1905-1906.
3,601,311
$3 8984
2 3953
1 5031
$8,112 72
4,984 63
3,128 09
5 28605
02978
1 50040
03094

P . C . oT
1906-1907. 1nc ( + ) o r
D ecA — ).
+ 11.50
M iles run b y reven ue t r a in s ,......... -* i , 015,356
Gross earnings p er reven u e tra in
$3 9535
+ 1.41
m ile ______________________________
O p era tin g expenses per reven ue
+ 5.55
2 5283
tra in m ile _________________________
— 5.18
‘ 1 4252
N e t earnings per reven ue train m ile
Gross earnings per m ile o f road
+ 13.12
$9,177 12
O peratin g expenses per m ile o f road
+ 17.74
5,868 76
N e t earnings p er m ile o f road o p ­
+ 5.76
3,308 36
erated _____________________________
A v e r a g e am ou nt re ceived fo r each
+ 0 .9 5
5 33601
ton o f f r e i g h t ---------------------------+ 2.54
03053
A v e r a g e receipts per ton per m ile . _
A v e r a g e am ou nt re ceived from each
+ 3.50’
1 55291
p a s s e n g e r _________________________
A v e r a g e receipts per passenger per
03035 — 1.92
m ile ------- -------------------------------

F U N D E D D E B T.
No changes have been made in your Funded Debt during
the year, the amount outstanding being $55,890,000, United
States Currency, represented by:
P r io r L ien B o n d s_______________________________________________ $23,000,000 00
First C on solid ated M o rtga g e Bonds ---------------------------------- 24,390,000 00
F iv e P e r Cent G o ld N o te s ______________________________________
8,500,000 00
$55,890,000 00

C H A N G E O F GAUGE.
Your Board, after extensive studies and reports, decided
to change the gauge of that portion of the narrow-gauge line
between Acambaro and San Juan Junction, a distance of
80.1395 kilometers, or 49.797 miles. The work was begun
in November 1906 and completed and the line opened for
operation as part of your standard-gauge system on June 28
1907. A ll banks were widened out to standard width, all
small bridges reinforced to carry standard-gauge traffic and
equipment. Three large iron bridges had to be replaced by
new structures, particulars of which will be found in the ex­
planatory statement pertaining to replacement of bridges
under the heading of Additions, Betterments and Im prove­
ments. In connection with this change of gauge a revision
of line was made, saving one kilometer in distance and 1042
deg. 12 min. in curvature.
This change materially relieves the narrow-gauge system
by reason of handling, via the standard-gauge, the traffic
originating on the changed line as well as making it profitable
to transfer from narrow to standard-gauge cars a considerable
volume of traffic for Mexico City and near-by points, which
on account of the heavy grades on the narrow-gauge lines
can be more economically handled via the standard. It also
renders available for use elsewhere on your narrow-gauge
system the equipment formerly used on the changed line,
which equipment is much needed in view of the growing
traffic on the narrow-gauge lines.
A D D IT IO N S , B E T T E R M E N T S A N D IM P R O V E M E N T S .
As will be noted from the Balance Sheet, the amount
standing to the debit of Additions, Betterments and Im ­
provements at June 30 1907 was $5,875,263 85, Mexican
silver. Of this amount, $5,250,06-1 26 was expended during
the present fiscal year, viz., for additional cars and loco­
motives, §2,989,352 10, and on extraordinary work of a
capital nature, $2,260,712 16. The statement which fol­
lows, with the explanatory remarks, will doubtless prove of
interest:

Expended
J u ly 1906 to
J u n e 30 1907.
A d d itio n a l F re ig h t C ars...................................................................$2,098,865 33
A d d itio n a l Passenger C a r s .----------------- -----------------------------217.171 44
A d d itio n a l L o c o m o t iv e s ------- ------------- * ---------------- ---------------- 673,3 lo 33
B a lla s t _____________ _________- .........................- .................... ..........
183
B ridges, T restles and C u lve rts------------------------------------------297,310 57
Changes In L in e __________________________________________________
150,131
•Colombia B r a n c h ---------------------- ----------------------- ----------- ----294,000 10
Change o f Gauge, A ca m b a ro to San Juan J u n ctio n -------------625.120 38
E xten sion Cln tu ra L in e _________________________ ________________
101,625 26
F en cin g C om p an y L a n d s _________________________________________
2,392 80
F re igh t Y a rd s and F a c ilitie s ____________________ _____________s.—
94,182 29
S ta tio n Buildings and F ix tu re s ______________________ ____________
179,214 36
S ection H o u s es_______________ ___________________________________
J9,034 20
Shops, Roundhouses and T u rn ta b les— ------------ ---------------120,302 31
Shop B u ild in gs________________ ___________ ___________________ ____
2.480 44
Shop M ach inery and T o o ls ______________________________________
75.904 31
S ide and Passing T r a c k s _________________________ ___________ —
54,184 20
S econd T ra c k , M on terey to M atam oros J u n ction ----------------20,178 ^2
S u rveys . . ------------------------------------------------------------------------15,211 04
T ele g ra p h L i n e s ----- ----------------------------------------------------------9,761 53
T h ird fla il, A d u an a B ranch _________ __________________ _________
980 64
W a t e r S u p p ly ------------------------------------------------------ ----------15,131 33




[1 5 3

TH E CHRONICLE.

$5,250,064 26

E Q U IP M E N T .

The necessity for additional equipment to move satis­
factorily and economically the increasing volume of traffic
on your standard-gauge lines decided your Directors to p ja e e
orders for:
6
12
3
3
3
3
5
700
100
200
50
50
150
10
10

Passenger E n gin es, P a c ific T y p e .
C on solidated F re ig h t E n gin es.
S w itch E n gines.
F ir s t Class Passenger Coaches.
Second Class
T h ird Class
C om b in ation M . B . & E . Cars.
B o x Cars, 40 tons ca p a city.
S tock Cars, 40 “
D u m pC ars, 50 “
“
“
40 “
G on dola s, 40 “
F la t Cars, 40 “
“
T a n k Cars, 12,000 gallons c a p a city.
“

“

• .

10,000

30 Caboose Cars.

During the year all the engines and passenger coaches
845 of the freight cars were received on the line of your rosud,
and are included in our Equipment Tables.
BALLAST.

In pursuance of the policy mentioned in the Report for
the Year 1904, of gradually permanently ballasting the main
line, 92.730 kilometers, or 57.620 miles of track have beei*
ballasted during the present year, viz.:
Southern
San Lu is
San Lu is
San Lu is
N o rth e rn

D ivisio n ,
D ivisio n ,
D ivision ,
D ivision ,
D ivisio n ,

K ilom eters .
broken ston e------------------------------------ 44.445
broken sto n e____________________________ 17.507
g r a v e l____________________________________ 12.500
broken sla g_____________________________
4.143
g r a v e l---------------------------------------------- 14.135

T o t a l ___________ ___________ _______________ ______________ - . 92.730

M ite s .
27.617
10.87*
7.767
2.574
£.785;
57.62a

This gives a total of 469.043 kilometers, or 291.451 mile*
of track, permanently ballasted as of June 30 1907 viz.:
Southern
San Lu is
San Lu is
San Luis
N o rth ern

K ilom eters. M ile s .
D ivisio n , ballasted w ith broken sto n e........... -.3 1 1 .5 2 0
193.571
D ivisio n , ballasted w ith broken sto n e___________ 53.820
33.443
D ivisio n , ballasted w ith g r a v e l------------------------ 70.000
43.495
4.143
2.574
D ivisio n , ballasted w ith broken s l a g ---- ----------D ivisio n , ballasted w ith g r a v e l---------------------- 29.560
18.36*

T o t a l ........................... - ....................................................... ,469.043
B R ID G E S , T R E S T L E S A N D

291.456

CU LVERTS.

The advisability of replacing as rapidly as may be pra<v
ticable the structures of a temporary character remaining on
your property with permanent steel bridges or stone culvert#
has been impressed upon your Directors, and considerable
progress in this direction has been made during the present
fiscal year. The bulk of the work comprised small openings;
special reference, however, should be made to the bridge*
erected at the following points:
A t Salamanca, over the Lerma River, consisting of two
125 ft. through riveted truss steel spans, supported by
masonry.
A t Acambaro, over the same river, being a through pinconnected steel span of 150 ft-., and one 32 ft. llirojjgJi
girder approach at each end on masonry.
A t Celaya, over the Laja River, a through pin-eonnprfe^
steel span of 160 ft. and three 32 ft. through girder spaas
south approach, and one 23 ft. 6 in. through girder on novtb.
approach, all on masonry.
A t Soria, also over the Laja R iver, a through pin-connected
steel span of 160 ft.., and a 32-ffc. through girder approach on
north end, and a 60 ft. through girder approach on soutl;
end, all on masonry.
The bridge at Salamanca replaces a light structure, origi­
nally built to carry the traffic of the tramway line running,
from Salamanca to Jaral, bought by your company in 1903.
The bridges at Acambaro, Celaya and Soria, were origiu
nally constructed to take care of narrow-gauge traffic; th®
broadening of the gauge between Acambaro and San Jnaij
Junction, and the consequent use of the heavier equipictirsfc,,
necessitated their replacement.
C H A N G E S IN

L IN E .

The principal items of expenditure on this account bavgr
been:
Kilo N-307, amount expended $10,246 67.
This change of line was to eliminate a long, temporary
trestle at Kilo N-308, replacing it with a masonry arc|culvert. Line was shortened 57 meters, and 273 ffe$,
40 min. curvature saved.
Kilos 838 to 840, amount expended, $26,743 34.
A revision of line was made between kilometers 838 sm4
840, saving in distance 152.37 lineal meters, and in curwatere
150 deg. 24 min., and eliminating all curves over six degrees.
This work was commenced in July and finished in. Novem­
ber 1906.
Kilo 1014, amount expended, $23,267 66.
A deviation was made at kilometer 1014 just north o f
Leona, eliminating one 6 deg. curve and a bad crossing of the
river at that point, and replacing a temporary bridge with $
permanent structure. Line was lengthened four meters,.
W ork was commenced in September 1906 and finished i f
April 1907.
Change of line, Potrero Branch, amount expended ferffek
$66,592 31.
This covers a necessary change of line, with perrn.'*me«£
bridges, to reduce the present maximum grade of 4...
and maximum curves of 11 deg. 3 0 ’min., to a maxsm«nj
4.00% compensated grade and 8 deg. curves; also to t£bj®ir
out three switch-backs.

1154

THE CHRONICLE.
C O L O M B IA B R A N C H .

See remarks under head of “ New Lines.”
‘ C H A N G E O F G A U G E , A C A M B A R O T O S A N J U A N J U N C T IO N .

See remarks under head of “ Change of Gauge.”
E X T E N S IO N , C IN T U R A

L IN E .

■See remarks under head of “ New Lines.”
F R E IG H T Y A R D S A N D

F A C IL IT IE S .

The principal items making up the charge to this account
are:

[V o l . l x x x a .

N E W L IN E S .
C IN T U R A E X T E N S IO N .

In order to serve a number of industrial enterprises located
in the southeastern part of the City of Mexico, an extension
of your Cintura Line was considered advisable. The appli­
cation was favorably acted upon by the Federal Governments
and the extension, some 5.172 kilometers in length, has been
constructed, and was put in operation on June 28 1907.
The cost thereof to date is $102,633 06.
C O L O M B IA

BRANCH.

N e w “ Y ” and la n d n ear C olonia S ta tio n , M e x ic o _____ __________ $39,812 08
N e w sw itch ing yard a t K ilo .3, p a rt c o s t___________________________
6,2(59 80
N e w track scales at N e w L a r e d o _ - ------- -------------------------- -------2,991 15
3,887 22
N e w stand ard gauge track scale, A c a m b a r o ._____________________
N e w ‘ ‘ Y ’ a:. G a n z a l r z . ______________________________________________
1,753 72
Pavin g- F reig h t Y a r d a t Colonia S ta tio n , M e x ic o ---------------------9,424 01

Under the terms of a contract entered into with the Monte­
rey Iron & Steel Company, dated December 11 1906, a con­
cession was applied for and secured from the Federal Govern­
ment covering the construction of a branch line from La
Jarita on your main line to Colombia, some 31 kilometers
S T A T IO N B U IL D IN G S A N D F IX T U R E S .
distant in a northwesterly direction. This line is being built
O f the amount charged to Station Buildings and Fixtures,
with the object of exploiting the coal fields owned by the
:$133,891 05, Mexican Silver, was expended this year on the
Monterey Iron & Steel Co., and it is expected will prove to be
Bew passenger station at Monterey. The accommodations
a valuable feeder to your line. The contract guarantees to
heretofore existing there were of a very inadequate and tem­
your Company net earnings for the period of ten years suffi­
porary nature, and the structure now erected and facilities
cient to pay 8 per cent interest on the original estimated cost
furnished, it is fully expected, will comfortably take care of of this branch line. Said branch is now well under w ay,
all our requirements for a considerable time to come. The and it is fully expected will be completed and ready for opera­
building was erected jointly by your Company and the
tion about October 31st. It is standard gauge, and is being
Mexicali International Railroad Company, and has been so
laid with 70-lb. rails.
constructed as to provide for the needs of both Companies.
IN G E N E R A L .
The amount mentioned above is the proportion to be borne
b y your Company of the expenditures during this fiscal year.
EM PLOYEES.
The station building and facilities at Toluca, being insuffi­
The number of employees in your service at the dost* of
cient for the service, were increased at a cost of $12,173 70. this fiscal year was 10,150, an increase of 392, or 4.02 per
In addition to the foregoing items, which were the most cent. Of the total number, 670, or 6.60 per cent, were
costly, a new passenger and express station was constructed1 foreigners. These 'figures compare with 663, or 6.79 per
at Patzcuaro, new station buildings at Teocalco and Agua cent, at June 30 1906.
Nueva, and extensions made to the stations at Cuautitlan
S T A T E M E N T S O F E Q U IP M E N T .
and Teocalco. *
Your attention is invited to the statements showing the
S E C T IO N H O U S E S .
various classes of locomotives and cars on hand at June 30
The difficulty experienced in recent years in retaining 1907.
section men in the service, has led your Directors to adopt
S H O R T -T E R M L O A N .
the policy of building additional houses for these men at
In April 1907 your company borrowed for a period of six
various convenient points along the line, and they are fully
convinced that this will materially assist in keeping the men months $1,500,000 00 gold for the purpose of paying for new
equipment and providing money to meet betterment and
satisfied, and at work.
construction costs. Arrangements have been made to repay
SHOPS, R O U N D H O U SE S A N D T U R N T A B L E S .
this loan when due by the issue of a million and a half of
The expenditures on this account were $122,782 75, Mexi­ Five Per Cent Gold Notes, secured by collateral.
can Silver, of which $106,634 98 wras for account of new shops
C H A N G E S I N B O A R D O F D IR E C T O R S .
erected at New' Laredo; the balance being for improvements
It is with sincere regret that your Board advises of the death
at Santiago, Acambaro and San Luis Potosi.
As soon as the new shops at Acam baro, which are in course of Sr. Don Emilio Velasco, which occurred on October 25
o f construction, are completed, the shops may be considered 1906. Mr. Velasco, at the time of his death, was a member
of the Board, of the Executive Committee, and was General
as being adequate for present requirements.
Counsel of the Company, and the Board desires to place on
T E L E G R A P H L IN E S .
record an expression of its high appreciation of his character
A t the time of making the last report we had in operation and worth, and of the services rendered by him, and the loss
two through telegraph lines between Mexico and Laredo, also sustained by the company.
a line from Mexico to Gonzalez, and another line from Mon­
To fill the vacancy thus created in the Board of Directors,
terey to Laredo. The increase in business made necessary Mr. Julio M. Limantour was elected a Director on November
the connecting of the two short lines referred to above by the 17 1906, while Mr. Pablo Macedo was elected a member of
stringing of new wires betwreen Gonzalez and Monterey, and the Executive Committee, as well as General Counsel of the
this work practically represents the charge under this item. compeny.
Your Board also desires to record its appreciation of the
W A T E R S T A T IO N S .
During the year under review the water supply has been services rendered to the company by Mr. Charles II. Tw eed,
increased by an additional artesian well at Santiago shops, who resigned as a Director on April 27 1907.
Mr. Gordon Macdonald was elected to fill the vacancy.
and a water tower and tank to serve New Laredo terminal.
D IV ID E N D S .
R E P L A C E M E N T OF R A IL S .
As has already been shown, the net profits from the opera­
Orders were placed during the year with rail manufacturers tion of your road for the fiscal year ending June 30 1907
for 20,000 tons of 85-lb. steel rails. Practically all of this were $1,008,085 17, United States Currency, from which
rail has been received, and up to June 30th, 119.9 kilometers, semi-annual dividends of one per cent on the outstanding
or 74.503 miles, had been placed in the track, approximately preferred stock of your company were declared, payable
50 per cent of the tonnage purchased. This rail has been February 11 and August 12 1907.
laid on the mountain district betwreen Monterey and La Plata,
By order of the Board.
replacing 70-lb. rail. The rail taken up has been partly used
E. N. B R O W N .
in relaying the change of gauge between Acambaro and San
President.
Juan Junction, and in the building of the Colombia Branch.
(Tables of comparative statistics are given on a preceding
The balance will be used in replacing light rail now in stanpage under “ Annual Reports.” )
dard-gauge tracks on branch lines.
Westinghouse Electric & Manufacturing Co.— Nonce to ments.” which is intended to present the subject for the con­
Holders of Convertible Bonds and Collateral Notes.— Kuhn, sideration of the investor. The mortgages offered by the
Loeb & Co., W i liam and Pine streets, Newr Y o ik , rep^e- Farm Department of this bank are confined to what is called
sent'ng a la ge amo nt of the convertible snking fund 5% the “ Corn Belt” of Illinois, Iowa and Minnesota, in which
:gold bonds and of the 3-year 6% collateral notes request belt the farm-land values, according to the last United States
the holders of those securities to communicate with them. Government report, were 4 V2 billion dollars. The basis on
Swartwout & Appenzellar of 44 Pine St., who represent some which farm loans are made by this bank are but 25 to 50%
o f the holders of the 6% collateral trusjt notes, also desire to of the actual selling price of the land, regardless of all^
mprovements.
hear from other holders of those securities.
Plan to Trustee Holdings of M r. Westinghouse.— Arrange­
— Redmond & Co., in their advertisement in our issue of
ments have been, or are being, made to place the stock and to-day, direct attention to the fact that standard mortgage
security holdings of President Westinghouse in this and other railroad bonds are selling at prices from three to ten points
companies in the hands of three trustees, for the next three below those of two weeks ago. and in some cases twenty
years, to prevent their being sacrificed, and to secure his per­ points below the quotations of a few years ago.
sonal obligations. These obligations are said to aggregate
— The firm of Eugene M. Stevens <£ Co. of Minneapolis an­
ubout $8,000,000, and to have been incurred largely in con­ nounces the opening of its new offices in St. Paul on the main
nection with the financing of the various Westinghouse floor of the State Savings Bank Building. 93 East F o u r t h St.
enterprises here and abroad.— V. 85, o. 1085.
It also announces the appointment of E. Channing Kibbee
as Manager, succeeding Edwin W hite, resigned.
— The Philadelphia banking firm of Blackstaff it Co.. 1332
— The Merchants’ Loan & Trust Company, the oldest
b a r1
O'
and one r f the most conservative, has re­ Walnut St., will mail full p o -T *"’ ^---- f +v,r‘ T^land City Co.’s
cently issued a booklet on “ Farm Mortgages Are Safe Invest- securit'es, wliichThey are now offering investor .




/

THE CHRONICLE.

N o v . 2 1907.]

%

h t

© o m

m

COTTON.

e r n a l

uOMMnKCIAL EPITOME.
Friday Night, Nov. 1 1907.
Bus', lie ss feels the effect of the universal contraction due
to financial stringency. Larger exports of cotton and grain
are reported, however, and extensive amounts of gold have
been engaged for New York. -Copper has advanced sharply.
L A R D on the spot has declined, owing to the financial
disturbances, the depress.on in the grain markets and larger
offerings. Bus.ness has been extremely dull and confined
to local jobbers. Western 8.90c. and City 8 % c. Refined
lard has been weak for Continent and steady for other
grades. Offerings have been laiger while trade has been
dull. Refined Continent 9.35c., South American 10.50c.
and Brazil in kegs 11.70c. The speculation in lard futures
has been active. Early in the week prices declined, owing
to the fall in the gra n markets, liejuidation and bearsh
pressure. Dull and weak spot markets contributed to the
depression. On the eiechne packers bought and prices
rallied. Short s covered, too, and there has been some inve stment buying. The rally in corn a'so had a strengthening
effect.
D A I L Y C L O S IN G P R I C E S
Sa t.
N o v e m b e r d e liv e r y ......... 8.60
Ja n u a ry d e liv e r y ________ 8.60
M a y d i l i v e r y ____________ 8.77J4

O F L A R D F U T U R E S IN
M on.
Tues.
W ed.
8.523^
8 .4 7 H
8.47J4
8.50
8.45
8.50
8.70
8.60
8 .6 7 ^

C H IC A G O .
T hurs.
F r i.
8.67J-6 8.47}^
8.5 7}^
8 .4 7 ^
8 .7 2 ^
8 .6 2 ^

Friday Night, November 1 1907..
T H E M O V E M E N T OF T H E C R O P as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached;
337,068 bales, against 315,986 bales last week and 267,873:
bales the previous week, making the total receipts since
the 1st of September 1907. 1,901,505 bales, against 2,633,253
bales for the same period of 1906, showing a decrease
since Sept. 1 1907 of 731,748 bales.
Receipts at—

Sat.

M on.

7,6991 9,192
G a lv e s to n _______
P o r t A rth u r____
C o ip . Christl, &c.
8,203 11 ,766
N e w O ilca n s____
M ob ile
_____
2,369
3,158
Pen sacola _ _ .
208
J a ckson ville, &c.
290
Savannah
14,872 12,301
B r u n s w ic k ______
C h a ile E to n _____
3,126
2,118
____
____
G e o r g e t o w n ___
7,764
3,930
W i l m i n g t o n ___
4 ,389
5,127
N o r f o l k _________
N e w p o rt N e w s .
65
N e w Y o r k ....
Boston _________
107
B a lt im o r e _______
P h ila d e lp h ia ____ « -----20
T o t a l’ tbi<s w k .

43.853

52,851

Tues.

Wed.

22,653

11,960
4,699

14,623
3,901

10”,210
2,402

23,922

9,704

2,104
____
3,004
6,103

1,682
___
3,321
3,337

F r i.

Total.

12,332

10,864

"598
16,396
2,223
5,800
100
13,765
9,879
1,96)
____
3,403
4,286

133
4,212
2,933

74,700
4.699731
65,410
16,986.
5,800
66088,779*
12,12a
13,810-

Thurs.

62
14,215
2,249
2,819
1,789
2 291
1,388
‘

25

" ~ io

------

~ 25

1,984
------

76.335

47 ,350

72.727

14
983

23,211
25.533;
1,388.
65.
15&
2,967
45

43,952 337,068-

The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
last year:

P O R K on the spot has shown some irregularity, but of late
Stock.
1907.
1906.
has been firm, influenced by the recovery in the market for
Receipts to
futures anei the rally .in corn. Trade has been small but
Novem ber 1.
T h is S in ce Sep
T h is Since Sep
1906.
1 1906.
week,.
1 1907.
1907.
week.
offerings have been l.ght. Mess $16 60@$17 50, clear
$16 75@$17 50 and fam ily $19 50@$20. Beef has been G a lv e s to n ________ 74,700 474,591 188,151 1,114,456
66,373
366,951
____
____
4,699
4,699
9,202
22,102
dull and easy but without marked change. Miss $3 50(®$9; P o r t A r t h u r _____
___
____
3,756
1,895
8,296
Corpus Christl, &c
731
packet $ ll@ $ 1 2 ; flank $11 50@; family $14 50@$15, and N e w O r le a n s ____ 65,410 242,733 96,789 452,344 131,973 175,439
54,343
34,218.
77,611 14,794
62,449
extra India mess $23@$23 50. Cut meats have been dull M o b i l e ___________ 16,986
____
_____
5,800
16,069 13,607
24,526
P en sa cola
- .
and steady. Pickled shouldeis 8c., pickled hams 113^ @ 12c. Jack so n ville, & c.
___
660
1,939
269
700
88,779
87,107
545,090
118,056
144,815.
S
a
v
a
n
n
a
h
________
584,693
and pickled bellies, 14@10 lbs., ll% @ 1 2 ^ c . Tallow has
18,517
7,635
35,914
5,910
12,128
61,549
been quiet and steady; City 6c. Stearines have been quiet C n a rle s to n ----22,718.
13,810
7,261
66,834
32.435
92,531
___
_____
151
334
and steady; oleo l()c. and lard 10^c. Butter has been G eo rg eto w n ____
46,847
30,440:
153,030
202,605 19,553
W ilm in g to n ____ 23,211
fairly active and lower; Creamery, extras, 26c. Checss N o r f o lk ___________ 25,533 129,021 27,691 142,035
4 1 ,30S
32,984
____
1,082
----2,623
1,388
has been quiet and firm; State f. c., small, colored or white, N e w p o rt N e w s ___
152,684
92,317
r k _______
65
65
fine,
Eggs have been cjuiet and firm; Western, NB eows t oY no ___
4,741
1,806.
156
590
66
5
3,709
2,623.
3,195
2,967
5,769
561
firsts, 23@25c.
B a ltim o re
3,750
5,460
100
800
45
661
P h ila d e lp h ia ____
O IL .— Cottonseed has been moderately active and easier;
936,607
653,805
T o t a l___________ 337,068 1,901,505 474,771 2,633,253
prime s lmmer yellow 38@40c. Linssed has been steady,
with the demand fairly active, though largely for small lols.
In order that comparison m ay he made with other years
City, raw, American s?ed, 49@50e\; boiled 50@51c.; Cal­
cutta, raw, 70c. Lard has been quiet and stead3r; prime we give below the totals at leading ports for six seasons:
74@76c. and No. 1 extra 54@57c. Cocoanut has been d111
1902.
1907.
1906.
1904.
1903.
1905.
but firm on l'ght s jpplies and offerings; Cochin 9J4@>10J^c. Receipts at—
and Ceylon 8 ^ @ 8 ^ c . Olive has b en quiet but stronger G a lv e s t o n ___
86,508.
111,641
188,151
105,488
153,228
74,700
15,582
8,214
5,430
11,097
3,876
21 ,786
on small offerings; yellow 80@90c. Cod has been fa r ly P t . A rth u r,& c.
105,936
105,629N e w O rlean s.
96,789
65,484
114,584'
65,410
active and steady; domestic 42@43c. and Newfoundland M o b i l e _______
9,935.
14,794
14,115
9.688
16,986
12,018
50,131
67,489
77,720
57,800
S avannah ___
88,779
87,107
44@45c.
7,547
11 ,764
7,671
7 ,63b
8,215
B ru n sw ick ___
12,128
10,747
10,314
12,803
CO FFEE on the spot has been dull and easier. Rio No. 7, C h arleston ,& c
7,412
8,032
13,810
1 2 ,78&
15,872
26,772
28,871
ilm in g ’ n ,&c
23.211
19,553
OVge. Mild grades have been fairly active anel firmer on W
16,795.
23,050
32,047
31,442
N o r f o l k _____
27,691
25,533
small stocks. Fair to good Cucuta 9:!^ @ 1 0 ^ c . ‘ The N ’p o rt N ., &c.
182.
564
263
171
1,388
2,644
7.141
14,542
10,627
22,079
9,693
market for future contracts has been extremely dull as a A ll o th ers____
rule. Early in the week prices decTned, owing to tho un­ T o t a l this w k . 337,068 474,771 344,600 429,599 412,566 318,68(>
settled financial situation and liquidation for local, Wall
Since S ept. 1. 1,901,505 2,633,253 2,572,363 3,076,808 2,392,147 2,575,662
Street and foreign account. Of late prices have shown a
tendency to rally, owing to light offerings, covering of shorts
The exports for the; week ending this evening reach a total
and moderate receipts at the Brazil-an ports. The outside
of 378,694 bales, of which 163,503 were to Great Britainr
public continue to hold aloof frem the speculation.
51,299 to France and 163,892 to the rest of the. Continents
The closing prices were as follows:
Below are the exports for the week and since Sept. 1 1907.

N o vem b er ____ 1 5.55c. 1M a r c h __________ _ 5.8 0'-.’ J u l y ________ ____ 5.95c.
D e c e m b e r _______ 5.65c. I A p r i l _____________ 5 .8 5 c .1A u g u s t____________ 6.00c
J a n u a ry __________5.65c. I M a y _______________ 5 .9 0 c .! S ep tem b er________ 6.05c
F e b ru a ry ________ 5.7 0 c .(J u n e____________ _ 5 .9 0 c .! O c t o b e r __________6.103

Fom Sept. 1 1907 to N ov. 1 1907.
Exported to—
Great
Britain. France.

52,36011,922 27,409 91,691
____
4,699 4,699
____ ! _____
36,52312,240 33,633
_____
5",800
5,800

209,9881 70,442

26,560 8,799' 52,195 87,554
8,549 ____| 14,122 22,671

62’,657 41,079
17,378

13,706 9,906)

1,462
3,962
_____

60,954 16.520
1,950
1,000
81.732 Is",288
57,712
12,324 1.40Q
17,614 ........
1 ........
_____
______
_____
______
_____

_____
------

______
..........

X




G alveston ____
Port A rth u r...
e'orp.Christl,<fcc
New Orleans..
M obile_______
Pen sacola____
Fernandina . .
Savannah ____
Brunswick____
Charleston____
Wilmington__
Norfolk _______
Newport News
New Y o rk ____
Boston ______
B altim ore____
Philadelphia. .
Portland, M e.
San Francisco.
Seattle ..........
Tacoma______
Portland, Ore.
Pem b ln a _____
D etroit............

Great |
j ContlB rU a ln .F r’nce jtent. Total.

*5
'M

S U G A R .— Raw lias been dull anel steady. Centrifugal,
96-degrees test, 3.90c.; muscovado.. 89-degrees test, 3.40c.;
and molasses, 89-degrees test, 3.05c. Refined has been
moderately active on old contracts but new bus'ness has
been quiet. Granulated 4.70@4.80c. Sp:ces have been
moderately active and steady. Teas have been fa;rly active
and strong on small supplies. Hops dull and steady.
P E T R O L E U M has been active and firm. Refined, bar"
rels, 8.75c., bulk 5e. and cas:s 10.90c. Gasoline has been
active and firm; 86-degrees 21c. in 100-gallon drums. Naph­
tha has been in good demand and firm; 73@76-degrees
18e. in 100-gallon drums. Spirits of turpentine has declined
to 54@54V*jc., with the trading extrem ely light. Ros'n
has been quiet and easier; common to gooel stra:ned $4 20.
TO BACCO .— There has been no essential change in the
local situation. Domestic leaf has ruled firm in prices, with
trade on a comparatively small scale. Havana has been
quiet and firm. Arrivals of new-crop samples have in some
cases been of rather poor quality. Sumatra has been mod­
erately active and firm.
C O PPE R has advanced on some increase in the demand?
Lake 1 4 ^ @ 1 4 ^ c . anel electrolytic 1 4 @ 1 4 c . Loael has
been dull and steady at 4.55@4.60c. Spelter has been
quiet and steady at 5.40@5.45c. Tin has been quiet and
firmer at 31 %c,. for Straits. Iron has b?en quiet and easier.
No. 1 Northern $19@$19 50, No. 2 Southern $21@ $21 50.

Week ending Nov. 1 1907.
Exported to—
Exports
from—

9,539 33,151

Y,66o
Y,oo9
7,667 2',632 12,784 23,083
7,950
7,950
3,126 I I I I ; 4,287 7,413
6,062 ____I _____
6,062
_____

........

____!
____:

1,462
3,962

65,267 19,201
2,000 4,251
6,830 12,848

------

Conti­
nent.
113,537
4,69»i
200
48,79!“
8.6.51
300
______
158,352
31,796
!0,(i50
76.17C
24?
.
75.860
559
17,205
1,119
______
2,562
5,144
32
______
______

Total.
393,967
4,699*
P 8 200133,26614,902
19,978.
. _ _____
262.08S
49,174
10,650153,650*
2,19a
1,000.
165,880.
58,271
30,92918,733.
1
2,562
5,144
32
______
_______
..........

T o t a l........ . 163,503 51,299 164,092 378,894

597,407 174,029

555.888 1,327,32*

Total 1906____ 158,106 55,452 139,123 352,741
1
I
1

776,718194,225

698.09G 1,669.03&

In addition to above exports, our telegrams to-night als *
give us the following amounts of cotton on shipboard, n o .
cleared, at the ports named. We add similar figures f o ■
New York.

THE CHRONICLE.

28,030
53,513
30,165

48,687
82,788
41,469

31,613 181,007
35,981 320,284
45,139 270 ,021

472,798
616,323
734,237

22,000

25,974
27,513
10,520

Speculation in cotton for future delivery has been more
active, and a decline early in the week has been largely offset
by a sharp rally, mainly because of a reduced crop estimate
by an Engl.'sh authority, reports that the yield in Egypt,
India and Russia will be smaller than that of last year, and
also some improvement in the stock market. Moreover, in
spite of the financial stringency, the Southwestern receipts
have continued small. Not only in that sjct'on, but in parts
of the region east of the Mississippi, there is said to be still
a good deal of holding back of cotton. Exports have increaseel materially, representing a hurried movement for­
ward to Europe on October export contracts, and it'is said
that November spot engagements for Europe are also larg3.
On Wednesday and Thursday talk of reduced crop estimates
for this country was the dominant feature. A t one time
a rumor was circulated that an English authority who has
recently been in the South had made an estimate at first of
as low as 11,500,000 bales and a later report had it 11,100,000
bales. Both proved to be hoaxes, deliberate or otherwiss.
In any case, the reports were untrue, the statistician in ques­
tion making his estimate public Thursday night, and it
proved to be 12,000,000 bales.
However, this is the lowest
estimate issued by any one of late, and even when the 11,100,000-bale hoax was exposed on Friday, prices declined but
slightly, although many feel that rallies in cotton prices at
this time, in the presence of the financial stringency which
prevails the country over, can only be temporary. Wall
Street houses have in the main been large sellers, although
latterly some have covered on a considerable scale. The
South has sold freely, and so at times has Liverpool, but of
late both have bought to some extent, especially Liverpool.
The Continent has also been a buyer. Domestic spinners
have bought here to some extent. Rising prices in Liverpool
have latterly been due in a measure to good buying by both
Continental and Egyptian houses. It is also worthy of note
that the spot business at Liverpool has been brisk of late,
fn a word, what with some evident anxiety in Europe over
the question of future supplies of raw material, a sharp re­
covery in the stock market and the fact that the short side
o f the cotton sp^cluation had become considerably congested,
a rally of late has been eas:ly brought about. Spot markets
at the South have latterly been ris'ng. The December
manipulation has continued, with the premium on that
month over January ranging from 19 to 40 points. To-day
prices opened lower, but before the close advanced sharply
on bull manipulation of December and January and buying
by Europe, and also a good deal of general covering. Some
fear that the December deal may be carried into January,
especially as in the present monetary stringency it is hard to
bring cotton here from the South. Spot cotton here has been
somewhat more active. Middling uplands closed at 10.90c.,
a decline for the week of 5 points.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
P a i r ...... .............c.1.75 on
Strict mid. fair____1.50 or
Middling fair______ 1.25 on
Barely mid. fair__ 1.00 on
Strict good mid____0.75 on
PuTlv good mid____0.^2 on
Good m id d lin g ___ 0.50 on
Barely good m id__ 0.37 on
Strict middling____0.25 on
M idd lin g____________ Basis

rlct low mid___c.O.IO of
illy low mid........ 0.G5 of
ow m iddling_____ 1.00 ofi
’•arely low m id____1.25 ofl
-Urict good ord____1.50 ofl
Fully good o rd ___ 1.75 off
Good ordinary____2.00 off
Strict g'd mid. tgd. 0.35 on
Good mid. tin ged.. Even
Strict mid. tin ged -.0.20 off

iddllng tinged--C.0.30 oft
rict low mid. ting.1.00 off
)w mid. tinged__ 1.50 off
■Srict g’d ord. ting-2.00 off
ullv mid. stained.1.00 off
Middling stained__ l/ 'o off
Barely mid. stained 1.75 off
Strict low m. stain 2.25 off
Fully 1. m. stained.2.62 off
Low mid. stained..3.00 off

The official quotation for middling upland cotton in the
New York market each day of the past week has been:
O c t. 26 to N o v . 1.
Mon. Tu es. W e d . Thurs. Fri.
Sat.

M id d lin g u p la n d _______________ .10.95

NEW

YORK

10.80

10.80

10.90

10.90

10.90

Q U O T A T IO N S FO R 32 Y E A R S .

1907.c ____ -1 0 .9 0 !1 8 9 9 .c ______
1906
-10.4011898________
1905_- - - - - -10.9011897________
1904 ____ -10.00( 1896 - . . .
1903_______ _10.60| 1895________
1902
. 8.65|1894________
1901
____ _ 7.88| 1893________
1900_______ . 9.62|1892________

7.38
5.31
6. SO
8.12
9.00
5.75
8.19
8.31

1891.c . . .
1890_____
1889______
1888
1887______
1886_____
1885____
188 1______

. 8.38
9.88
.-10 .38
9.81
. . 9.62
. . 9.19
. 9.50
. 9.88

1883.C____
1882_____
1881______
1880
1879_____
1878 _____
1877_____
1876_______

.10.56
_10.56
.11.62
.11.06
-11.31
- 9.44
.11.12
.11.25

S a t u r d a y ..
M onday—
T u esd a y . .
W edriesday
Th u rsd a y F r id a y ____

Fu tu res
M a rk e t
Closed.

Quiet
____ _________
S te a d y , 15 pt3. d e c .
S te ad y ________
S te a d y , 10 pts. a d v .
S t e a d y _____________
S t e a d y -----------------

S te a d y _______
B a rely stea d y
S te a d y ...........
F i r m ________
S te a d y _______
F i r m ________

T o t a l ..




Sales of S p o t and Contract.
1 ConE xp o rt sum n.

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tract.

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T H E V I S I B L E S U P P L Y O F C O T T O N t o - n ig h t, a s m a d e
u p b y c a b le a n d t e l e g r a p h , is a s f o l l o w s .
F o r e ig n s to c k s ,
as w e ll a s t h e a flo a t , a re t h is w e e k ’s r e tu r n s , a n d c o n s e ­
q u e n t l y a ll fo r e ig n fig u r e s a r e b r o u g h t d o w n t o T h u r s d a y
e v e n in g .
B u t to m a k e th e t o t a l th e c o m p le te
fig u r e s
fo r
to - n ig h t
(F r id a y ),
we
add
th e
it e m
of
e x p o rts
fr o m
th e
U n it e d
S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f
F r id a y o n ly .
N ovem ber l —
1907.
1906.
1905.
1904.
S tock a t L iv e r p o o l ________ b a les. 542,000
296,000
655,000
371,000
Stock at L o n d o n
........... ..........
27,000
16,000
23,000
15,000
Stock a t A la n ch ester______________
40,000
21,000
33,000
16,000
T o t a l G reat B ritain s to c k .........
Stock a t H a m b u r g ________________
Stock a t B r e m e n _________________
S to ck at A n t w e r p ________________
S to ck at H a vre _______ _____________
Stock at M arseilles _______________
S to ck a t B a r c e lo n a _______________
S tock a t G en oa ____________________
S to ck at T r i e s t e ___________________
T o t a l C on tin en tal sto ck s_______
T o t a l Eu ropean s to c k s _________
In d ia cotton afloat fo r E u ro p e___
A m erica n co tto n a flo at fo r Europe
E g y p t,B ra z il,& c .,a flo a t fo rE u rop e
S to ck in A le x a n d r ia , E g y p t _____
S tock In B o m b a y , In d ia
_______
S tock in U . S. p o r t s _______________
S tock In U . S. in terio r to w n s _____
U . S. ex p o rts to -d a y - ___________

609,000
18.000
129,000
_______
91,000
3,000
10,000
18,000
34,000
303,000
912,000
41,000
586,781
58,000
131,000
312,000
653,805
415,441
75,850

333,000
22,000
72,000
_______
50,000
4,000
4,000
32,000
1,000
185,000

711,000
12.000
213,000
_______
75,000
3,000
3,000
14,000
2,000
322,000

518,000 1,033,000
82,000
66,000
801,716
656,000
64,000
52,000
119,000
99,000
344,000
36^,000
936,607 1,004,258
408,198
511,089
40,787
38,749

402,000
24,000
128,000
4,000
64.000
3,000
5,000
27,000
6,000
261,000
633,000
9,000
829.000
52,001*
120,000
177,000
785.025
547,266
15,384

T o t a l visib le s u p p ly ____ _____ 3,185,877 3,314,308 3,823,096 3,197,675
O f the a b o ve, tota ls o f A m erican and o th er descriptions are as fo llow s:
A m erle an—
L iv e r p o o l stocks ___________bales. 453,000
222.000
567.000
3_’ 4,000
30,000
17,000
30,000
13,000
M anchester stock _____ __________
C on tin en tal sto ck s................. ........ 211,000 129,000
293,000
192.000
A m erica n afloat fo r E u ro p e_______ 586.781
801 716
656,000
829,000
U .S . p o rt stocks _________________
653,805 936.607 1,004,258
785,025
U . S. In terio r stocks
_________
415.441 408,198
511,089
547.266
U . S .ex p orts t o - d a y _____________ _
75,850
40,787
38,749
15,384
T o ta l A m erican . _____________ 2,425,877 2,555,308 3,100,096 3,705.675
E ast In d ia n , B ra z il, & c .—
L iv e r p o o l s to c k _
...........
89,000
74,000
38,000
47,000
L o n d o n s t o c k _____________________
27,000
16,000
23,000
15,000
M anchester s to c k ...........................
10.000
4,000
3,000
3,000
C o n tin en tal stocks- _____________
92,000
56,000
29,000
69,000
In d ia afloat fo r E u ro p e ___________
41,000
82,000
66,000
9,000
E g y p t , B razil, &<•., a flo a t. _____
58,000
64,000
52,000
52,000
S tock In A le x a n d ria , E g y p t _____
131,000
119,000
99.000
120,000
S tock In B o m b ay , In d ia .............
312,000
344,000
363,000
177,000
T o t a l E ast In d ia , & c ......... ........ 760.000
759,000
723,000
492,000
T o ta l A m e r ic a n ________________ 2,425.877 2,555,308 3,100,096 2,705,675

M A R K E T A N D SALES A T N E W Y O R K .
S p o t M a rk et
Closed.

—

x r*
CM 1 2 i
o
©

Rang
C lisli
August -

51,076
114,857
117,670

3,100
18,000

34 ,600
26,500
13,900
40,000

1,663
4,700

—
@
10.03— !

T o t a l 1907.
T o t a l 1906.
T o t a l 1905-

2,0 00

1,250

3,353
6,948

F U T U R E S .— The highest , lowest and closing prices at
New York the past week hav e been as follows:

—
@
10.00— 1

1,500
4,000

2,000

105,999
38,8 6 i
107,536
30,435
19,743
6,484
138,784
24,957

6,837
6,930
5,820

[V o l . l x x x y .

October—
R ang
Cl >sli
N o v .—

15,600
4,500
3,000
13,000

Tota l.

Leaving
stock.

F rid a
Nov.

8,284
4,496

Coastwise.

ednes
Oct. 3

7,500
7,476

Wew O rlean s.
G a lv e s t o n ___
Savannah ___
C h a rlesto n ___
M o b i l : _______
N o r f o l k ______
New Y o rk —
O th e r ports . .

Ger- . Other
m any. F o reig n

Tuesdt
Oct. 2

Great
B rita in . Fra n ce

\Iondi
Oct. 2

O n Shipboard, N o t Cleared fo r —
Wo#. 1 at—

Suturd
Oct. 2

1156

Total.

"300

l",200

1,500

2,000

’ 200
322

4", 100
2,700

6,300
3,022

2,000

822

8,000 10,822

T o ta l visible u p p ly ____________ 3,185.877 3,314,308 3,823,096
M id d lin g U p la n d . L iv e r p o o l_____
5.93d.
5.80d.
5.d id .
M id d lin g U p la n d . N e w Y o r k _____
10.90c.
10.40c.
11.15c.
E g y p t , G ood B row n , L iv e r p o o l
10 5-8d. 10 3-16d.
8^d.
P eru via n , R ou gh G o o d , L iv e r p o o l
12.00d.
8.70d.
9.00d.
Broach , Fin e, L iv e r p o o l_________
5 3-4d. 5 13-16d.
5 9-160.
T ln n e v e lly , G ood , L iv e r p o o l------- 5 7-16d.
5 9-16d.
5%d.

3,197 675
5.44d.
10.15c.
8 J4d.
I0 .6 5 d .
5M^d
5H d-

C o n t i n e n t a l i m p o r t s p a s t w e e k h a v e b e e n 120,000 b a l e s .
T h e a b o v e f i g u r e s f o r 1907 s h o w a n i n c r e a s e o v e r la s t w e e k
o f 151,750 b a l e s , a l o s s o f 12^,431 b a l e s f r o m
1906, a d e ­
crease
of
637,219 b a l e s f r o m 1905, a n d a d e c l i n e o f

11,798

b a le s fr o m

1904.

Nov. 2 190V. |
A T

TH E

THE CHRONICLE.

IN T E R IO R

th e re c e ip ts fo r th e

TO W N S

w eek

and

th e

s in c e

m ovem en t— th at

S ep t.

1,

is ,

th e s h ip m e n ts

fo r th e w e e k a n d t h e sto c k s t o -n ig h t , a n d th e s a m e ite m s fo r
the

c o r re s p o n d in g

p e r io d

fo r

th e

1157

Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e l o w a r e t h e c lo s i n g q u o t a t i o n s o f m i d d l i n g
c o tto n a t S o u th e rn a n d o th e r p r in c ip a l c o tto n m a r k e t s fo r
e a c h d a y o f th e w e e k .

p r e v i o u s y e a r — is s e t o u t

in d e t a i l b e l o w .
hufaula.
M ontgom ery,
Selma,
Helena.
Little Rock,
A lba n y,
Athens.
A tlan ta ,
Augusta,
Columbus,
Macon,
Horne,
Lou isville.
Shreveport,
Columbus,
'
G reenville,
G reenw ocd,
M eridian,
N atch ez,
Vlcksburp.
Yazoo C ity.
St. Louis,
R aleigh.
C incinnati.
G reenw ocd,
Mem phis,
N a sh ville,
Brenham .
C larksville,
Dallas,
Honey G rove,
H ouston,
Paris,
i Ship-

Movement to November

.

1

Week. | Season, j Week, j

2

,
Ship- . Stocks
— i ments. I N o v . !ments. !N o v .
Week, i Season, j Week, j
2.

1907.Movement to November

1.

Stocks Receipts.

1906.

3,847
18,436
9,252
5,068
27,394
2,694
16,011
11,692
10,416
11,150
5,467
2,838
10
14,915
7,256
5,666
9,070
10.042
9,236
10,945
8,995
8,124
924
10,807
2,983
60,236
670
2,685
5,491
8,008
3,791
66,727
7,352

in­
7,243

t o ta ls s h o w t h a t th e in t e r io r sto c k s h a v e
th e w e e k
b a le s a n d a re t o -n ig h t
b a l e s m o r e t h a n a t t h e s a m e t im e la s t y e a r . T h e r e c e i p t s a t
a ll th e t o w n s h a v e b e e n
b a l e s le s s t h a n t h e s a m e
w > e k la s t y e a r .

52,713

106.056

O V E R L A N D
S IN C E

SEPT.

o v e r la n d
m ade

up

M O V EM EN T

1.—

W e

m ovem ent
fro m

FOR

g iv e b e lo w

fo r

th e

te le g r a p h ic

T H E

W E E K

A N D

a s t a te m e n t s h o w in g th e

w eek
rep o rts

r e s u l t s f o r t h e w e e k a n d s in c e S e p t .

and

s in c e

F rid a y

1 in

S ep t.
n ig h t .

1,

as

The

t h e la s t t w o y e a r s

a re a s fo llo w s :
1907--------S in ce
Sept. 1.
38,639
20,993
154
649
R o c k islan d
1,698
L o u is ville _ .
.
9.652
C in c in n a ti____ ______ ______
3,970
7,086
V irg in ia points ____
____ _ T 1,318
4,386
o th er routes, &c
15,402

Novem ber 1—
S h ipped —
V ia S t. L o u is .................. - - ____
V ia
V ia
V ia
V ia
V ia

Week.
11,395

T o t a l gross o v e rla n d ___
D educt shipm ents—
O verla n d to N . Y . , Boston, &c_ - . 3,233
- . 6,199
B etw een In terior tow ns
- . 2,783
In la n d , & c., from S ou th ____

---------IS) 06--------S in ce
Week.
Sept. 1.
23,128
69,500
4,820
14,488
1,890
850
8,307
2,278
5,664
1,784
10,607
1,860
26,620
9,603

96,391

44,323

137,076

7,085
7,157
15,369

666
5,673
2,186

4,061
8,948
8,917

12,215

29.611

8,525

21,926

L e a v in g to ta l net overlan d . a ____ -.15,681

06,780

35,798

115,150

T o ta l to be d ed u cted - - ..........

The
fo re g o in g sh o w s th e
w e e k ’s n e t o v e r l a n d
m en t has been
b a le s , a g a in s t
b a le s
w e e k la s t y e a r , a n d t h a t f o r t h e s e a s o n t o d a t e t h e
g a te n e t o v e r la n d e x h ib its a d e c re a se fro m a y e a r

35.798

m ove­
fo r th e
aggre­
ago of

48,370 b a l e s .
--------- 1907---------- ------------- 190(1— -----I n S ig h t and S pinn ers'
S in ce
S ince
Takings.
H’ fefc.
.Sep. 1.
Week.
Sept. 1.
R e c e ip ts a t po rts to N o v . 1.
337,068 1.901,505 474,771 2,633,253
N e t o verla n d to N o v . 1
- - 15,681
66.780
35,798
115,150
Southern consum ption to N o v . 1.
49,000
434,000
47,000
423,000
T o t a l m arketed
. 401,749 2,402,285
In te rio r stocks In e x c e s s ________ ___52,713
334,858
Cam e In to sight du rin g week
T o ta l In sight N o v . 1 ______

454,462
.................. 2,737,143

N o rth , spinners’ takings to N o v . I . .
M o v e m e n t i n t o s i g h t in

58,340

273.520

557,569 3,171,403
311,922
67,921
625,490
........... 3,483,325
72,937

330,362

p r e v io u s y e a r s :

Week—
H a l f . I Since Sept. 1—
Bales.
905— N o v . 3 .........................467,11.5 ! 1905— N o v . 3 ...................... 3.465.556
901— N o v . 4 ________________ 574.45111904— K o v . 4 ......................4,067,958
903— N o v . 6 . _ ......................537,093|1903— N o v . 6 ......... .............. 3,181,446
-9 0 2 — N o v . 7 ..........................444,15911902— N o v . 7 ........................ 3,661,682




G a lv e s t o n ____
N t w O ile a n s ..
x vlob ile________
Savannah ____
C h a ile s to n ____
W ilm in g to n ___
N o r f c l k _______
Boston _______
B a lt im o r e ____
Ph ila d elp h ia - .
A u g u s ta _______
M e m p h is _____
S t. L o u is_____
H ouston . ___
L it t le R o c k .

11 X
10 15-16
10 9-16
10%
10%
10 H
10 v8
10.95
10%
11.20
10 9-16
11
11
11
10%

M ond ay. Tuesday. W ed’ day. T hursd’y. F rid a y .
11
10
10 9-16
10 5-16
10 M
1 0%
10%
10.95
10%
11.05
10 7-16
10 %
1 1%
10 %
10 %

11
10 5-16
10%
10
10
10
10%
10.80
10 %
11.05
10)4
10 %
11
10 %
10%

11
10%
10
10 1-16
10 1-16
10 %
10%
10.80
10%
11.15
10%
10 34
11
10%
------

11
10 %
10%
10 5-16
10%
10 j\i
10 %
10.90
10%
11.15
10%
10 %
11
10%

11
1014
10%
10%
10%
10%
10%
10.90
10%
11.15
10%
10%
10%

-

October—
R a n g e ___
C losin g. Novem ber—
R a n ge - ____
C losin g..........
Decem ber—
R a n ge
ClosingJ a n u a ry —
R a n g e _______
Closing
___
Feb ru a ry—
R a n g e _______
C lo s in g -_
M a rc h —
R a n g e --------C losin g______
A p r il—
R an ge
C losin g_______
M ay—
R a n g e _______
C losin g_______
J une—
R a n g e _______
C lo sin g____
J u ly —
R a n ge ______
Closing
August—
R a n g e _______
C losin g_______
T on e—
Rp^t,_________
O p t io n s _____

m
S a t’day, M ond ay. Tuesday, W ed’day, T h u rs c ’ y F rid a y ,
Oct. 26. Oct. 28. Oct. 29. Oct. 30. Oct. 31. N o v . 1.
*Y
10.35 .50 10.18- .45
10.30 .50 10.00- .18

9.89 .02 — @
9.96 — 10.24

—

-----

@

—

— @ ___ — @ _ _ — @ __ — @ _
© .29
10.21- .25 10.00 - — 9.99 — 10.25- .27 10 28 —
10.11 .17
10.12 .13

9.89- .21
9.92- .93

9.74 .03 9.96- .30 10 .21- .4',
9.98- .99 10.24- .25 10.23- .24

10.00- .16
10. 11- .13

9.86- .18
9.88- .89

9.70- .98 9.91- .25 10 17- AA
9.94- .95 10.20- .21 10 19- .20

— @ — — @ — — <§> — — ® — — @ —
10. 11-.13 9.90- 92 9.96- .98 10.22- .24 10 31- .23
10.15- .21
10.15- .16

9.79- .03 9.98- .30 10 20- .47
9.99- .00 10.24- .25 10 22- .25

9.90- 23
9.92- 93

— @ _ — @
— @ _ — (ffi _ _
@
10.17- .19 9.95- 97 10.02- .04 10.26- .28 10 25- .21
10.21 .29
10.21- .22

9.96- 28 9.86- .09 10.05- .34 10 29- .5 9.98- 99 10.05- .06 10.30- .31 10 30 .31

H
O
L
1
D

A
Y

— @ —
— @ — — @ — — @ — — @
10.22- .24 9.99- 01 10.02- .09 10.32- .34 10 33- .35

0

___
—
10.00- 34 10.04 — 10.15- .17 — ® —
10.25- .29 10.02 - 05 10.11- .12 10.37- .39 10.36 .37

—

@

Q u lft.
S tead y.

—

@

—

Irreg .
Q uiet.

@

_

—

S tead y.
S te a d y.

_

@

_

@

Firm
S tead y.
S ts a d y .
Q u iet.

S te a d y,

W E A T H E R R E P O R T S B Y T E L E G R A P H . — A d v ic e s to
u s b y t e le g r a p h fr o m th e S o u t h th is e v e n in g d e n o t e t h a t t h e
w e a t h e r h a s c o n tin u e d f a v o r a b le d u r in g th e w e e k , th e re h a v *
in g b e e n b u t lig h t p r e c ip it a t io n a s a r u le o u t s id e o f T e x a s ,
W i t h th e s a t is fa c t o r y c o n d itio n s , p ic k in g h a s p r o g r e s s e d
v e r y w e ll a n d t h e m o v e m e n t o f c o t t o n to m a r k e t h a s b e e n
a li t t l e m o r e l i b e r a l , a l t h o u g h m u c h b e h i n d la s t y e a r o n
a c c o u n t o f t h e h o l d i n g b a c k o f s u p p li e s .
.— T h e r e s u l t s o f p i c k i n g o v e r N o r t h T e x a s
a r e s t il l u n s a t i s f a c t o r y .
W e h a v e h a d ra in o n tw o d a y s
d u r in g th e w e e k , t h e r a in fa ll b e in g f o u r in c h e s a n d t w e n t y

Galveston. Texas

73

81

h u n d red th s.
A v e r a g e th e rm o m e te r
, h ig h e s t
, lo w e s t
.
M o n t h ’s r a i n f a l l s e v e n i n c h e s a n d f i f t y - s i x h u n d r e d t h s ,
,
.— W e h a v e h a d r a i n o n t h r e e d a y s o f t h e
w e e k , th e p r e c ip it a t io n r e a c h in g s e v e n t y -n in e h u n d r e d t h s
o f a n in c h .
T h e th e rm o m e te r h a s a v e ra g e d
, th e h ig h e s t
b e in g
a n d t h e lo w e s t
.
O c t o b e r r a in fa ll th re e in c h e s
a n d t h irty -fo u r h u n d re d th s .
.— T h e r e h a s b e e n n o r a i n d u r i n g t h e
w eek.
T h e th e rm o m e te r h as a v e ra g e d
, r a n g in g fro m
to
.
O c to b e r ra in fa ll s e v e n ty -t w o h u n d re d t h s o f a n in c h .
h a v e h a d ra in o n o n e d a y d u r in g th e
w e e k , th e r a in fa ll r e a c h in g e ig h t y -fiv e h u n d r e d t h s o f a n in c h .
T h e th e rm o m e te r h a s ra n g e d fro m
to
, a v e ra g in g
,

65
Albilene Texas
83

64

54

Corpus Christi, Texas

76

84
Cuero, Texas.—We

54

68

84

69

M o n t h ’s r a i n f a l l f i v e i n c h e s a n d f i f t y - t w o h u n d r e d t h s .
.— W e h a v e h a d r a i n o n o n e d a y d u r i n g t h e
w e e k , th e r a in fa ll b e in g fo r t y -s e v e n h u n d r e d t h s o f a n in c h .
A v e r a g e th e rm o m e te r
, h ig h e s t
, lo w e s t
">.
O cto b er
r a i n f a l l t w o in c h e s a n d s e v e n t y - f o u r h u n d r e d t h s .
.— W e h a v e h a d r a i n o n o n e d a y o f t h e
w e e k , th e p r e c ip it a t io n r e a c h in g f ift y -e ig h t h u n d r e d t h s o f
a n in c h .
T h e th e rm o m e te r h as a v e ra g e d
, t h e h ig h e s t
b e in g
, a n d t h e lo w e s t
.
M o n t h ’s r a i n f a l l t w o in c h e s

Dallas, Texas

a Including: m ovem en t by rail to Canada.

15,681

S a t’day.

N E W
O R LE A N S
O P T IO N
M A R K E T .— The
h ig h e s t ,
l o w e s t a n d c lo s i n g q u o t a t i o n s f o r l e a d i n g o p t i o n s in t h e N e w
O r le a n s c o tto n m a r k e t f o r th e p a s t w e e k h a v e b e e n a s fo llo w s :

Receipts.

1,800
5,631
5,522
1,700
11,047
1,088 i
6,943;
8.423
15,762
1,692
3,199
2,923
250
10,132
1,093
2,069
1,400
2,039
2,826
2,199
1,729
23,128
856
3,320
597
24,508
774
404
2,145
5,406
2,319
114,217
5,707

,340,769 1,984,645 272,848 408,198
1
1
1

above

Towns.

23*.<13 1,296,928 182,000 415,441
;____________ ' ___________ I
II

Alabama
______________
.__
1,5001
15,0201,228 2,800
2,000
13,916
"
8,917
69,647 6,48c.
17,756
8,333
63,705
“
_____________
___________
8,37843,2898,0245,3547,109 50,530
Arkansas
_____
j 3,555;
12,099 2,0961
6,861
2,200;
8,296
“
_
) 7,426
24,011 4,930!
15,339
12.523
47,410
Georgia
1,800
13,664 1,100;
4,200
1.7741 14,171
••
.
5,500
46,277 4,000
19,000
7,890'
42,343
"
...
. I 1,165
5,182
444
6,399
10,543
39,030
••
.
I 23.108 166,402] 18,324
4S.822
21,956 159,407
“
...
6,940
18,701 I 2,4951
1 1,032
3,185
21,496
*•
.. ...
I 4,885
34.671} 5,2541
4,245
4.152.
33,699
"
.........
2,448 1 1,934 1,937
3,706
3,325
15,128
K en tu cky, net
I
253
960
203
100
253
627
Louisiana
1 4,845
22,749 3.808
13,498
1 1,224
68,704
Mississippi
1,344
11,911 1,910!
4,104
3,810|
13,720
__ __
2,872
20,544
276
10,140
2,269
11,809
"
“
4.991
27,608 5,654
10,287
4,900
18,320
*•
......... _____
4,194
18,465 2,979
6,879
5,412'
22,968
“
______
4.947 19,350 3,556
7,637
4,197i
26,327
“
-------6,175 21,497 2,796
14,732
4,234j 17,619!
“
______
3.743 18,945 2,863
11,250
3,721
15,132
Missouri
__ .
13,463
41,504 11,395
7.177
22.643
64,123
North C a rolin a _
363
3,285
425
785
458
7.095
O h io ____________ _____________
2,98613,4002,47510,267
3.872
16,390
South C a rolin a _
1.000
6,853
_____
5,487
878
7.248
T e n n e s s e e .._.
36,756
127,275 22,340
76,823
44,390) 125,749
---------------- 1,734
3,775
920!
1,268
“
T e x a s ___________ , ___________
1542,51316
1,997
555;
12,446
-------------- ---------------92210,100759
2,963
3,2751
18,826
"
“
-------------4,50018,2533,500
6,000
5,891 i 40,875
“
-------------5866,945 493
1,695
2,422!
14,854
“
-------------- : 61,848
427,304 57,291
70,772
125,521 919,533
••
___________ . ___________
.
3,14014,836;2,807 3,559 j 4,932!
51,881

T o ta l, 33 to w n s ---------

The

creased d u r i n g

C losing Quot tlons fo r M id d lin g Cotton on -

Week ending
Novem ber 1.

63

80

4

Fort Worth, Texas
74

55

46

a n d e ig h t y h u n d r e d t h s .
,
— I t h a s ra in e d on o n e d a y d u r in g th e
w e e k , to th e e x t e n t o f e ig h t y -e ig h t h u n d r e d t h s o f a n in c h .
T h e th e rm o m e te r h as a v e ra g e d
, ra n g in g fro m
to
,
O c t o b e r r a in fa ll se v e n in c h e s a n d t w e n t y -fo u r h u n d r e d t h s .
,
— W e h a v e h a d ra in o n t w o d a y s d u r in g

Brenham Texas.

58

43

71

Henrietta Texas.

th e w e e k , th e r a in fa ll r e a c h in g s ix t y -s ix h u n d r e d t h s o f a n
in c h .
T h e th e rm o m e te r h as ra n g e d fro m
to
, a v e ra g in g
.
O c t o b e r r a i n f a l l t w o in c h e s a n d e i g h t y - s i x h u n d r e d t h s .
,
.— W e h a v e h a d r a i n o n t w o d a y s d u r i n g
t h e w e e k , th e r a in fa ll r e a c h in g t h r e e in c h e s a n d fif t y - fo u r
h u n d re d th s.
T h e th e rm o m e te r h a s ra n g e d fro m
to
,
a v e ra g in g
.
M o n t h ’s r a i n f a l l s e v e n i n c h e s a n d e i g h t y - f o u r

64
Huntsville Texas
67

h u n d red th s.

43

85

53

81

THE CHRONICLE.

S in c e September 1.

F o r the Week.
E x p o rts fr o m —
Great
B rita in .
B om bay—
1907. _______ __
1906_____________
1905_____________
C a lcu tta—
1907_____________
1906_____________
1905 . . . . . .
M adras—
1907______________
1906_____________
1 9 0 5 ..
.
.. .
A l l others—
1907.
.. ...
1 9 0 6 .. _______ _
1905___________ .

C o n ti­
nent.

T o fal.

77,000
107,000
77,000

77,000
109,000
87,000

1,000
1,000

6,000
6,000
3.000

7,000
7,000
3,000

3,000
2,000
3,000

1,000
1,000
1,000

10,000
5,000
8,000

11,000
6,000
9,010

2,000
6,000
2,000

2,000
6,000
2,000

3,000
1,000

23,000
31,000
31,000

26,000
32,000
31,000

11,000
34,000
15,000

11,000
36,000
17,000

5,000
5,000
12,000

116,000
149,000
119,000

121.000
154,000
131,000

Total.

5,000
25,000
10,000

5,000
25,000
11,000

1,000
2,000
1,000

1,000
3,000
1,000

1,000
1,000

3,000
1,000
2,000

-2,000
2,000

1,000
1,000

T o t a l a ll—
1907_____________
1906_____________
1905______

Rreat
B r ita in .

C o n ti­
nent.

2,000
10,000

___

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s suppljr of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.
1906.

1907.

Cotton Takings.
W e e k and Season.

3,016,679

V isib le su p p ly O ct. 25___________ 3,034,127
V is ib le su p p ly S ept. 1___________
454",462
A m erica n in slight to N o v . 1____
18,000
B o m b a y receipts to O ct. 31____
6,000
O ther In d ia sh ip’ts to O ct. 31___
52.000
A lex a n d ria receipts to O ct. 3 0 ..
12.000
O ther su p p ly to O ct. 30_ a ______

625,490
17.000
11.000
48,000
9,000

1,7*4’ 156
3.483,325
67.000
45.000
214,000
85.000

5,444,987 3,727,169

5,678,481

2,291,844
2,737,143
79.000
44.000
228,000
65.000

T o t a l s u p p ly ......... .................... 3,576,589
D educt—
V is ib le su p p ly N o v . 1___________ 3,185,877

3,185,877 3,314,308

3,314,308

412.861
334.861
78,000

2.364.173
1.826.173
538,000

2.259.110
1.647.110
612,000

390.712
285.712
105,000

T o t a l takings t o N o v . 1____ _____
O f w hich A m erica n ___________
O f w hich o t h e r ____ __ ________

' O ctober 31.
•r
R eceipts at—
B o m b a y ____________ j




Since
Sept. 1.

Week.
18,000

1

1905.

1906.

1907.

i
Week.

79,000| 17,000,
1

S in ce
Sept. 1.
67,000

S in ce
Week, i Sept. 1.
16,000 {

79,000

Season.

Week.

Season.

Week.

a Em braces receipts In Eu rope from B ra zil, S m yrna, W e s t In dies. A e.

CO TTO N C O N S U M P T IO N A N D O V E R L A N D M OVE­
M ENT TO NOV. 1.— Below we present a synopsis of the
crop movement for the month of October and the two months
ended Octoder 31 for three years:

78.827
93,375
58 ,397
64,848
1,270,141
1,857,578

E x p o rts In 2 m on th s_______________________
P o rt stocks on O ctober 31 ________________
N o rth ern spinners’ takings to N o v . 1----Southern consum ption to N o v . 1---------O verla n d to Canada fo r 2 m onths (in ­
clu ded in net o verla n d ) ------

1,246,260
696,174
256,878
426,000

S tock at
Cam e in
A m ou n t
Came in

1905.

1906.

1907.
Gross o verla n d fo r O c to b e r________ bales Gross overla n d for 2 m o n th s________ _____
N e t overla n d fo r O c to b e r_______________ .
N t t overla n d for 2 m o n th s. . . _________
P o rt receipts in O cto b er
____ _ _ -------

98,280
121,777
83,974
100,847
1,801,231

79,398
107,108
66.462
85,231
1 ,430,708

1,147,741
1,572,387
931,795
306,749
408 .000

1,431,944
1,006,157
387,377
397 ,000

10,201
10
10,112
1,925,170
3.253,290
8 ,066,570
11,319,860
516.23
522.14
493.80
499.64
12,133

7,643

9.758
N o rth ern in te rio r m arkets N o v . 1
9,819
1.807,538 2,301,208
sight du rin g O c to b e r--------------o f crop in sight N o v . 1-------------- 2,676,426 3,320,969
10,229,791
sight balance o f season_________

A v e ra g e gross w eigh t o f ba les---------------A v e r a g e net w eigh t o f b a les-------------------

A L E X A N D R IA

R E C E IP T S

516.08
493.08

AND

S H IPM E N TS .

A lexa n dria , E gy p t,
October 30.

1907.

1906.

1905.

Receipts (cantars) —
Th is w eek _ . _ . ____
Since S ept. 1 --------------

390.000
1,709,606

360,000
1,603,665

300,000
1,217,125

S ines
T h is
week. Sept. 1.

S in ce
T h is
week. Sept. 1.

E xp o rts (bales) —
To
To
To
To

L iv e r p o o l_____________
M a n c h e s te r....... ..........
C o n t in e n t ____________
A m e r ic a _____ ______ _

T o ta l e x p o r t s _________
N o te .- ~ A can tar is 99 lbs.

9.500
7.500
5,750
1,250

42,627
32,486
38,320
4,166

45,643
30,944
40,548
4,117

7.000
9.000
7.000
1,500

T h is
week.

Since
lep t. 1.

8,000
8.000
8,000
2,000

35,879
17,187
43,428
8,813

24,000 117,599, 24,500 121 ,252 26,000 105.307
1
E g y p tia n bales w eigh ab o u t 750 lbs.

M A N C H E S TE R M A R K E T .— Our report received by
cable to-night from Manchester states that the marketcontinues steady for yarns and quiet for shirtings. M ami
facturers are generally well under contract. We give the
prices for to-day below and leave those for previous weeks
of this and last year for comparison.
1906.

1907.

IN D I A C O TTO N M O V E M E N T FRO M A L L P O R T S .—
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:

.

S K lbs. Shlrtings, common
to lines!.

32s Cop.
Twist.
Sep
20
27
O ct.
4
11
18
25
Nov.
1

d.
d. s d.
10 % @
12 '4 6 ti
10 11-16® 12H 6 5
6
6
(i
C

lo w
@
10 9-16@
10 9-16®
10 7-16®

w i
11%
IV A
UK

10 9-16®

UK 6

4
4
3
9

C on
Mid.
Upi's

32* Cop.
Twist.

s. d.
@10 3
§1 0 2

d. d.
6.91 9U
(5.60 9 l»

@10
@ 10
@10
@ !»>

6.53
6.52
6.54
6.19

1
0
0
0

1!-$® 9 11

5.93

@
@

9H
@
9 13-16@
9 15-16®
9 15-16@
@

&K lbs. Shirt­
ings. common
to finest.

d. s
10H 6
10J» 6

•a

K errville, Texas.— W e have had rain on two days during
the week, the rainfall being eighty-eight hundredths of an
inch. Average thermometer 72, highest 83, lowest 60.
October rainfall five inches and forty-eight hundredths.
Lampasas, Texas.— There has been rain on one day during
the week, the precipitation reaching nine hundredths of an
inch. The thermometer has averaged 70, the highest being
86, and the lowest 54. October rainfall four inches and
ninety-eight hundredths.
Longview, Texas.— There has heen rain on three days of
the week, the rainfall being one inch and ninety hundredths.
The thermometer has averaged 68, ranging from 46 to 79.
October rainfall four inches and fifteen hundredths.
Luliny, Texas.— W e have had rain on two days during the
week, the rainfall reaching seventy-four hundredths of an
inch. The thermometer has ranged from 61 to 85, averag­
ing 73. Month’s rainfall three inches and seventy-one
hundredths.
Palestine, Texas.— W e have had rain on two days during
the week, the rainfall being one inch and four hundredths.
Average thermometer 62, highest 78, lowest 62. Month’s
rainfall four inches and fifty-two hundredths.
Paris, Texas.— W e have had rain on one day during the
week, the precipitaion being forty-two hundredths of an
inch. The thermometer has averaged 61, the highest being
78, and the lowest 43. October rainfall one inch and fortynine hundredths.
San Antonio, Texas.— It has rained on two days during
the week, to the extent of one inch and forty-four hundredths.
The thermometer has averaged 76, ranging from 64 to 88.
Month’s rainfall three inches and fifty hundredths.
New Orleans, Louisiana.— I t has rained on one day of the
week, the precipitation reaching one hundredth of an inch.
The thermometer has averaged 67.
Shreveport, Louisiana.— Rain has fallen on three days of
the week, the precipitation reaching seventy-three hun­
dredths of an inch. Average thermometer 63, highest 85,
lowest 41.
Vicksburg, Mississippi.— It has rained on two days during
the week, the rainfall being one inch and twenty-two hun­
dredths. The thermometer has averaged 63, ranging from
45 to 81.
Helena, Arkansas.— We have had rain on two days of the
past week, the rainfall being fifty-three hundredths of an
inch, and there are indications of more. October rainfall
two inches and eighty-six hundredths. Average thermome­
ter 58, highest 81 and lowest 38.
Little Rock, Arkansas.— The weather has not been so
favorable for picking cotton the past week. A t first it was
dry, but latterly rainy weather has prevailed. Practically
no cotton is moving from plantations. There has been ra'n
on four days of the week, the precipitation reaching seventyfour hundredths of an inch. The thermometer has averag ‘d
GO, the highest b^ing 80 and the lowest 40.
Memphis, Tennessee.— Picking interfered with some­
what by rainy weather. There has been rain on three days
o f the past week, the rainfall reaching one inch and thirtyone hundredths, and it is raining now. The thermometer
has averaged 59, ranging from 37 to 80.
Mobile, Alabama.— Fine weather in the interior. Cotton
picking and marketing are making good progress, but the
yield is turning out less than expected. W e have had no
rain during the week. Average thermometer 67, highest 84
and lowest 45.
Montgomery, Alabama.— Owing to the scarcity of currency
only twenty-five dollars per day paid out by local banks to
one depositor. Receipts are consequently falling off. W e
have had rain on one day of the past week, the rainfall being
fo rty hundredths of an inch. The thermometer has averaged
62, the highest being 81 and the lowest 40. Month’s rainfall
one inch and fourteen hundredths.
Selma, Alabama.— W e have had a trace of rain on one day
during the week. The temperature has averaged 60, ranging
from 39 to 79.
Madison, Florida.— Dry all the week. Average ther­
mometer 65, highest 82, lowest 45.
Augusta, Georgia.— R o il on one day of the week, to the
extent of eight hundredths of an inch. The thermometer
has averaged 59, the highest being 79 and the lowest 35.
Savannah, Georgia.— There has been rain on two days the
past week. The rainfall reached one hundredth of an inch.
The thermometer has averaged 62, ranging from 41 to 79.
Charleston, South Carolina.— W e have had rain on two
days during the week, the precipitation reaching two hun­
dredths of an inch. The thermometer ranged from 43 to 77,
averaging 61.
Charlotte, North Carolina.— W e have had rain during the
week to the extent of seventy-three hundredths of an inch.
The thermometer has averaged 53, ranging from 34 to 72.

[V o l . l x x x y .

P* '

1158

@9
4 }4 @ 9
4

6

c

C o fn
M id.
U p fs
d.
0.57
5.66

1OK 6
6
11
6
11
6
11

6 @9 8
7 @9 9
7 W @ 9 10
7 H @ 9 10

6.14
6.45

10J* 6

7

5.80

@9

9

6.12

S H IP P IN G N E W S .— As shown on a previous page, the
■exports of cotton from the United States the past week have
reached 378,894 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
T ota l bales.
N E W Y O R K — T o L iv e r p o o l— O ct. 29— B o v ic , 2,301____ O ct. 31—
B a ltic , 4,046 u pland, 670 fo re ig n --------------------------------------7,017
T o H u ll— O ct. 26— Consuelo, 100--------------------------------------- 100
T o G lasgow — O ct. 25— C aliforn ia, 100___________________________
100
T o L o n d o n — O ct. 25— M in neapolis, 450___________________—
450
T o H a v re — O ct. 26— H udson, 2,070 u plan d , 37 foreign ; L a
B retagn e. 525_____________________________________________________
2,632
T o B rem en — O ct. 30— K u rfu rst, 4,847___________________________
4,847
T o H a m b u rg— O ct. 25— P residen t L in co ln , 200--------------------200
T o A n tw e rp — O ct. 25— V a d erla n d , 1,838____ O ct. 29— M o ­
h aw k, 75 __________________________________________________________
1,913
T o R e v a l— O ct. 23— O scar I I . , 700 --------------------------------------700
T o Barcelona— O ct. 28— N eustria, 200_________________________ 200
T o Genoa— O ct. 25— Cam pania, 1,300____ O ct. 29— B u lgaria,
1,700____ O ct. 30— E u ropa, 450________________ '------- --------3,450
T o N a ples— O ct. 25— C am pania, 200; N e ck a r, 1,074-------------1,274
T o V en ice— O ct. 26— Lau ra. 200_________________________________
200
• G A L V E S T O N — T o L iv e r p o o l— O ct. 24— D ire ctor, 12,723----- O ct.
25— Lu ga n o, 6,982____ O ct. 30— K in gsto n ia n , 14,883-----O ct. 31— H o ra tio , 5,739_____ ______ ___________________ _______
40,327
12,033
T o M anchester— O ct. 30— PHar de L a rrln a ga , 12,033-----------T o H a v re — O ct. 25— T e o d o ro de L a rrin a ga , 2,579____ O ct. 28
— A u th o r, 9,343__________________________________________________
11,922
T o Brem en— O ct. 25— K o ln , 5,200____ O ct. 31— In d u stry ,
10,128
_______ __________________________
15,328
T o H am b u rg— O ct. 24— In ch k eith , 1,465____ O ct. 25— Saba,
733____ O ct. 31— Schaum berg, 1,604___________________________
3,802
T o A n tw e r p — O ct. 29— F o lg a te, 1,057____ O ct. 30— M ersario,
1,418 _________________________________________________ __________
2,475
T o B arcelona— O ct. 26— Clara, 1,250____________________________
1,250
T o V en ice— O ct. 26— Clara, 3,504________________________________
3,504
T o T rieste— O ct. 26— Clara, 1,050----------------------------------------1,050
P O R T A R T H U R — T o Brem en— O ct. 29— W in fr e d , 4,699_________
4,699
N E W O R L E A N S — T o L iv e r p o o l— O ct. 26— D icta to r, 5,315____ O ct.
29— C an didate, 10,708____ O ct. 31— C olonian , 14,000; L o u ­
isianian, 6 ,5 0 0 --_____ ______________________ _______ - ..............
36,523
T o H a v re — O ct. 28— B ord eaux, 6,840------------------- ---------------6,840
T o D u n k irk— O ct. 29— R a ven sto n e, 5,400----------------------------5,400
T o Brem en— O ct 31— N orsem an , 18,000_____________ ______ ___ 18,000
T o A n tw e r p — O ct. 31— T a m p lca n , 7,000----------------- ------------7,000
T o O p o rto — O ct. 31-— Condc W llfre d o , 1,500-------------------------1,500
T o B arcelona— O ct. 31— Conde W llfre d o , 4,487--------------------4,487
T o Genoa— N o v . 1— II P iem o n te, 2,646_________________________
2,646
P E N S A C O L A — T o H a v re — O ct. 31— C ym belin e, 5,800____________
5,800
S A V A N N A H — T o L iv e r p o o l— O ct. 26— Dungeness, 8,059----- O ct.
31— W e s t P o in t, 12,568______________________ ______ ___________
20,627
T o M anchester— O ct. 31— E a stry. 5,933_________________________
5,933
T o H a v re — O ct. 29— B lu e Cross, 8,799____________ j _____________
8,799
T o Brem en— O ct. 29— E cclesia, 11,989____ O ct. 30—-A sgard,
8,427____ O ct. 31— C cltic K in g , 10,093______________ ________
30,509
500
T o Gefle— O ct. 31— Celtic K in g , 500------------------------------------T o S tock h o lm — O ct. 31— C tltic K in g , 400_______________________
400
T o N y k o p ln g — O ct. 31— C eltic K in g , 100----------------------------100
T o G othenburg— O ct. 31— Cs ltic K in g , 300-------------------------300
T o N o rrk o p in g— O ct. 31— C tltic K in g , 200_____________________
200
T o O p o rto — O ct. 31— C eltic K in g , 1 0 0 ___________________________
100
T o B a rc c lm a — O ct. 28— V in cen zo B on an n o, 7,999----- Oct.
14,896
31— V al Sallee, 6,897___________________________________________
T o F e rro l— O ct. 31; W e s t P o in t, 200_____________________________
200
T o Genoa— O ct. 28— V in cen zo Bon an n o, 1,400____ O ct. 31—
V a l S alice. 3,590______________________________________ __________
4,990
7,110
B R U N S W I C K — T o L iv e r p o o l— O ct. 31— O sw estry, 7 110_________
T o Manchester—-O ct. 31— O sw estry, 1,439______________________
1,439
14,122
T o B rem en — O ct. 31— M ontau k P o in t, 14,122_________________
W I L M I N G T O N — T o L iv e r p o o l— O ct. 25— Jura, 13,706____________
13.706
T o H a v re — O ct. 31— In ea , 9,906_________________________________
9,906
T o Brem en— O ct. 26— G la n ton , 9,539____________________________
9,539
N E W P O R T N E W S — T o L iv e r p o o l— O ct. 31— M a d rilen o , 1 ,0 0 0 ..
1,000
B O S T O N — T o L iv e r p o o l— O ct 26— M ich igan , 1,785____ O ct. 28—
S axonia, 4,001____ O ct. 29— B oh em ian , 1,764_______________
7,550
T o Manchester— O c t . 25— B ostonian , 400______________________
400
3,126
B A L T I M O R E — T o L iv e r p o o l— O ct. 25— Q u em m o re, 3 ,1 2 6 _______
T o B rem en — O ct. 29— R h ein , 2,198________ _______ ______ ______
2,198
T o H am bu rg— O ct. 22— Bosnia, 2,089__________________________
2,089
4,212
P H I L A D E L P H I A — 'To L iv e r p o o l— O c t . 25— M erlon , 4,212_______
T o M anchester— O ct. 19— M anchester C om m erce, 1,850--------1,850
S A N F R A N C I S C O — T o Japun— O ct. 3 1 - N ip p on M a m , 1,462____
1,462
S E A T T L E — T o Japan— O ct. 29— A k i M aru, 3 ,9 6 2 ............. ............
3,962
T o t a l ..................................................................................... .................. 378,894

The exports to Japan since Sept. 1 have been 7,738 bales
from Pacific ports, and 545 bales from New York.
JU TE B U TTS, B A G G IN G , &c.— The demand for bag­
ging during the past week has been quiet, with prices nominal
at 9%e. for 2 lbs., standard grades. Jute butts dull at
3@4e. for bagging quality.
L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
"Sales o f the w eek
........ bales.
O f w hich speculators took.
O f w hich ex p o rters s o o k ___
Sales, A m e ric a n ________________
F o r w a r d e d ___
_____
T o ta l stock— E s tim a te d .
O f w hich A m erica n — E s t .
T o t a l Im port o f the w e e k ___
O f which A m e ric a n _______
A m o u n t a flo a t-- ___________
O f w hich A m erican

Oct. 11.
59.000
4.000
2,000
50,000
5,000
55,000
541,000
445.000
43,000
33,000
224,000
188,000

Oct. 18.
50,000
3,000
2,000
45,000
4,000
64,000
563,000
471,000
89,000
81,000
260.000
207,000

Oct. 25.
49,000
2,000
2,000
42,000
6,000
79,000
568,000
472,000
90,000
65,000
242,000
193,000

N o v . 1.
48.000
1,000
2,000
42,000
6,000
100,000
542,000
453,000
79,000
61,000
349,000
295,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P .M .

Saturday.

Monday.

Tuesday.

Wed'day.

Thursday.

Friday.

Dull and
easier.

Fair
business
doing.

Easier.

Good
demand.

Good
demand.

Fair
business
doing.

1
j

M ld.Upl’ ds

€.03

6.03

5.81

5.87

6.03

5.93

S a le s_____
Spec.&exp.

5,000
500

8,000
500

8,000
500

10,000
500

10*,000
500

8,000
500

Steady at
7@ 8 pts.
advance.

Q uiet at
7@ 8 pts.
advance.

B 'y s t 'y a t
8@ 9 pts.
decline.

Firm at
15@ 17
pts. adv.

Quiet at
10%@11%
pts. dec.

Futures.
Quiet,
Quiet at
Market, 1 Unch. to 1 2 points
opened
J pt. dec.
decline.

Irreg. at
7<S>8 pts.
decline.

Market,

Steadv at B’ly st’ y at
12@19% 8@ 13 pts.
pts. dee. pts. adv.

P .M .

j B ’ly st’ y at.
5% pts.dec
J to 1 p t. adv

Irreg. at
1% 0 3
p s. dee.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good ordinary
<‘lause, unless otherwise stated.




1159

THE CHRONICLE.

N o v . 2 1907.]

The prices are given in pence and
O ct. 26
to
N o v . 1.

Sat.
12%
p.m .

12%
p.m .

d.
O c t.-N o v
N o v .- D e c .
D ec.-Jan.
Jan .-F eb.
F eb .-M ch .
M ch .-A pr.
A p r.-M a y
M ay-June
June-July
J u ly-A u g- -----A u g .-S e p .

5
5
5
5
5
5
5
5
5
5
5

d.
73
71%
64
61%
00
59%
59
58%
58%
58
56

M on.

00 ths.

Thus: 5.73 means 5 73-100<J.

Tu es.

W ed.

Th u rs.

fF r i.

12% 4 % 12% 4 % 12% 4 % 12% 4 % 12% 4%
p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m .
d.
74%
73%
66 W
64 Y>
63
62 U
62
61%
61 W
61
58%

d.
70%
69
61
59%
58 W
58
57 %
57
57
56 V>
54%

d.
55 %
54^
49 W
49
48 V,
48 H
49
49
49
49
47%

d.
51
50
45
44 Vo
44
44
44%
44%
45
44 Vo
42

d.
61
59
53
52
51
51
50%
50%
50
50
47

d.
64
62
56
55
54
54
53 iX
53%
53
52 %
50

d.
77%
74%
07 i/.
06 iX
65%
65
65
65
(>4Vo
64 v;
62

d.

d.

d.

79
71%
70 M
69
69
69
08%
68
68 W
66

66%
59%
58 V
57 Vo
b7Vo
57
57
57
57
54%

68
61
59%
58
58
57 %
57 Vo
57 V,
57%
55%

B R E A D S T U F F S .

Friday, Nov. 1 1907.
Prices for wheat flour have remained about stationary dur­
ing the week. The financial stringency has brought the trad­
ing almost to a standstill. In fact, the business has been on
such a small -scale that quotations are largely nominal. Mills
as a rule refuse to sell on arrival drafts, as the banks refuse
to discount them, while buyers, on the other hand, decline to
pay sight drafts as their purchases are liable to considerable
delay in arrivals, owing to the car congestion at Buffalo. A t
the large centres of the Northwest, however, according to
most reports, liberal sales have been made of late, partly for
export. Corn meal and rye flour have been dull and steady.
Wheat has felt the effects of the fiaancial stringency, and
considerable liquidation has occurred both at home and
abroad. High rates for money here, the issuance of clearing­
house certificates in various cities of the W est, the closing of
the Duluth Board of Trade for the week and the proclama­
tion of a banking holiday in California for the latter half of
the week have naturally had more or less effect on the grain
markets of the country. Rains, too, have occurred in Aus­
tralia, where they were needed. The foreign markets have
declined. The export demand has continued brisk much of
the time, and the weekly statistics have been bullish. The
world’s shipments have shown a falling off, and so with the
world’s visible supply. And as regards the foreign crop out­
look, it is in many respects unfavorable. In India the
drought continues. The recent rain reported, it seems, fell
a thousand miles from the wheat region. It is not believed
that the drought has been effectually broken in Australia.
I t continues in the southern and northwestern regions of
Russia, although the outlook is favorable in the northeast
and centre of the empire. The arrivals of grain in south­
western Russia are small, and in the southeast only moderate.
The soil is very dry in Hungary, Bulgaria and Turkey, and
seeding is backward. Rain is needed in Germany and sup­
plies are moderate. The world’s exports for the week were
only 10,438,000 bushels, against 11,124,000 in the previous
week and 11,413,000 for the same week last year. The
world’s supply decreased during the week 1,483,000 bushels,
against an increase for the same time last year of 535,000
bushels. The world’s stock of all kinds of wheat is stated at
approximately 140,000,000 bushels, against 155,000,000 a
year ago. The South Australian crop is estimated at 14,500,000 bushels, against 20,143,000 last year. The world’s deficit
as compared with last year is, rightly or wrongly, very gen­
erally considered to be large, and there has been some re­
newal of buying by large bull interests of late on this idea,
in spite of the financial stringency, being encouraged in a
measure by a rally in the stock market. To-day prices de­
clined, owing to lower cables, favorable Argentine crop re­
ports, reports of rains in Russia, the unfavorable financial
situation and liquidation.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N N E W Y O R K .
Sa t. M o n . Tues. W ed. T hurs.
F r i.
107%
N o . 2 red w in te r ____________ ______-108% 108% 108% 109% 109
D ecem ber d e liv e ry in e le v a t o r - .
-110% 110
110 % 110% 110
108%
M a y d e liv e ry In i l t v a t o r --------------113% 112% 111% 112% 111% 111%
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N C H JC A G O .
Sa t. M o n . Tues. W ed. Th u rs .
F r i.
D ecem ber d e liv e ry in ele v a to r. — 100 %
97%
96%
97%
9 6%
95%
M a y d< liv e r y in e l v a t o r ____
— 107% 105% 103% 105% 104% 104%
98
98%
98%
98%
J u ly d e liv e ry in e le v a t o r ___________101% 100

Indian corn futures declined early in the week, owing to
the financial situation, the break in wheat and heavy liquida­
tion. Bears sold aggressively at times andu ncovered stop­
loss orders. There was a lack of support. The cash trade
was dull and Liverpool’s advices were unfavorable. Of late,
however, the market has shown considerable rallying power.
Prominent Chicago operators bought freely on the decline.
So did commission houses and shorts. Country offerings
have been light and the receipts have shown a noteworthy
diminution. On the decline, to o . sales were made for export.
Reports in regard to husking have been unfavorable. To-day
prices declined early on the depression in wheat and liquida­
tion, but advanced later on small receipts, bull support and
covering.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D
Sa t. M o n .
Cash co rn ____________________________ -71
70 %
D ecem b er d e liv e r y in el . v a t o r . . __ 71
7 0%
M a y d e liv e ry in e le v a t o r ...................68%
68 %

CORN
Tues.
70
69%
'67

IN N E W Y O R K .
W ed. T hurs.
F r i.
70
70
70%
7 0%
71
71
67%
68%
68%

THE CHRONICLE-

1 160
D A IL Y

C L O S IN G P R I C E S O F C O R N

F U T U R E S I N C H IC A G O .
F r l.
W ed. T hurs.
56
56 %
58 54 59 M
58 14 o 8 J4
60 )4
59J|
60 %
57 J-8 58 %
59M

Mon. Tues.
D ecem b er d e liv e ry In e le v a t o r ---------58
M ay d e liv e ry In e le v a t o r_________ .- 5 9 %
J u ly d e liv e ry In e le v a t o r ____________ 59^6

57 X
59 M
59

Oats for future delivery in the Western market declined
sharply at first, owing to the break in other cereals and the
monetary stringency. Leading Chicago interests sold
h ia vily for long account, and bears hammered. The cash
trade was dull and cash houses sold futures. On the de­
cline, however, prominent interests bought heavily and
prices rallied. Shorts covered freely, fearing manipulation.
Of late the receipts have fallen to small proportions. Com­
mission houses bought to some extent on the decline. To-day
prices declined for a time with other cereals, but when corn
rallied, oats followed. Strong Chicago interests gave sup­
port, and shorts covered. The re^ip ts were light.
D A IL Y

C L O S IN G

P R IC E S O F O A T S IN N E W Y O R K .
S a t.
M on.
Tues.
W ed. Thurs. F r l .
M ix e d , 26 to 32 lb s ___________
53
52
51
51
52
52
W h ite c lip p ed , 32 to 34 lb s ._ 6 1 -6 2 H 6 0 -6 1 ^ 59-603^ 55-58 56-59 5 6 ^ -5 9
D A I L Y C L O S IN G P R I C E S O F N O . 2
Sa t.
D ecem ber d e liv e ry in e ls v a t o r_______51 H
M a y d e liv e ry In e le v a t o r ----------------53 %
J u ly d e liv e ry in e ls v a t o r ____________ 483^

M I X E D O A T S I N C H IC A G O
M o n . Tues. W e d .T h u rs .
F r l.
49%
49
4 6 14 48
49 %
52 %
52 }4 49 H
51 %
52%
48 }4
48
46%
47)4
48%

The following are closing quotations:
FLO U R.
L o w grades, w in te r____ $4 00 f®$4 501 K ansas stra ig h ts_______ $4 90 @$5 10
Second clears___________ 3 30 i 3 35 |Kansas clears___________ 4 50 @ 4 80
4 75 j Blended p a ten ts________ 6 00 @ 6 40
C le a r s ___________________ 4 50<
S t r a ig h t s _______________ 4 90 i ft 00 ! R y e flo u r________________ 5 00 @ 5 50
P a te n t, sp rin g__________ 5 75 i 6 45 j B u ckw h eat fl o u r _______ 3 05 @ 3 25
5 35 I Graham flou r___________
N o m in a l.
P a te n t, w in te r__________5 15 i
___ I C o m m e a l______________ - 3 85 @ 4 30
Kansas p a t e n t s ________
___ i
G R A IN .
Corn, per bush.—
c.
W h ea t, per bush.—
c
N o . 2 m ix ed , n ew _______ f.o .b .70%
N . Du lu th, N o . 1_______ N o m in a l.
N o . 2 y e llo w , n e w . . ____ f.o .b .70 %
N . Du lu th, N o . 2 _______ N o m in a l.
N o . 2 w h ite, n e w ________ f.o .b .71 H
R ed w in te r,N o . 2 ______f.o .b . 107 H
____ N o m in a l. R y e , per bush.—
H a rd
“
"
N o . 2 W estern __________
91
Oats, per bush.—
S tate and Jersey_______ N o m in a l.
N a tu ra l w h ite ]__________54% <a>55 V,
B a rley— M a l t i n g ______100
@105
m i x e d ________
o2
w h ite , cllp p e d -5 6 % @ 5 9
F e e d in g ________________ N om in a l.
For oth er ta bles usually g ven here, see page 1123.

T H E DRY GOODS TRADE.

.

930
2,790
1,806
1,975
2,175

430,309

M ARKET.

2 ,7 0 3 .2 1(1
109,387,833

AND SINCE .TAN.1 1907 AND
190b
Week E n d in g
Oct. 27, 1906..Since .Inn. 1 , 1806.
Pkgs.
Value.
P*gs.
\’alue.
s
S
284,416
39.111
11,851,198
781,958
121,744
37,422,557
873,108
64.041
32,463,586
454,612
78,729
16,504,903
339,116
126,384
11,145,589

r\lPO RTS E N TE R E D
FOR C O N S U M P T IO N
FOR THE WEEK
Week Ending
Oct. 26, 1907.
Since Jan. 1,1907.
I'kgs.
1’a nr.
Pkgs.
Value.
Manufactures o f—
S
5
W o o l ______ _____________...
669
ISO ,386
43,147
12,60ft ,46.1
Cotton. - _
...
2,738
763,029
131,399
41.612.0h3
■ Silk
.
1.187
715,584
74,166
39.681,869
...
1,167
291,26275,321
17,390,568
• F la x ______
Mlsc< Uaneous
.......
2,569
218,850 149,362
12,567,456

THE

9,676

UPON

123,857,409

132,458,358

23,070.525
109,387,833

TH RO W N

684,110

253,801
430,309

473,995

3,269,911

566,701
2,703,210

W IT H D R A W A L S

5,303
9,676

4.436,884
7,402.511
5,340,505
3.527,900
2.362,725

14,979

60,08314,436
4,579,191214
62,175
13,882
269,79329,654
9,643,753592
189,598
23,759
10,139
5,420,600
221
111,384
9,619
107,78520,373
5,091,601 755
134,275
16,171
85,088-114,795 • 3,187.4913,521
69,269190,370

27,922,636
123,857,409

199
722
124,580
417
965

151,780,045

4,836,021
7,418,17S
5,321,214
3,875,33
2.707,277

66.3,392

24,168,020
109,387,833

2,540
647,329189,397
2,172,111
473,995

2,819,440

2,172,111

8,330

T o t a l ___________________8,330

10,870

W AREH O USE
Manufactures o f—
W o o l ......... ....................
•Cotton
....................
• silk
237
• F l a x ____ _____________
Miscellaneous ________ _____________

Total m a r k e t e d ........... .

15,610
23,584
9.540
17,302
150.403

133.545^53

P E R IO D .

216,430
430,300

SAME

33.842
161,083
50,339
78,935
79,338

646.748

DURING

116
509
106
508
1,219

3,106,747

103,537
2,703,210

FORW A R E H O U S E

2,468
9,676

79,124
14,696
5,545,946
462,814 33,211
11,134,430
172,320
11,230
5,834,617
588
165,12722,701
6,046,294
90,866
99,530
3,938,288

E N TE R E D

287
1,351
302

699

Total w ith d ra w a ls ____
Entered for consum ption--

IM PO RTS

Manufactures o f—
__
Wool
Cotton
____
__
Silk
• Flax
...............
Miscellaneous
...
...

12,134




:12,499,576
123,857,409

The value of these New York exports since January 1 has
been $9,159,040 in 1907, against $14,217,401 in 1906.
There has been little decline in the price of heavy cotton
goods for the reason that deliveries have been delayed, and
those goods that are now being shipped are badly needed.
In the case of distant contracts, however, sellers are willing
to listen to the views of buyers, although the latter show
little disposition to increase their forward commitments to
any great extent until the situation has cleared. It is fully
realized that this is no time for speculation or for loading up

156.356,984

246,469

. ...

1*1,868
473,995

2,715

~500

655,363

151,402

38
12

970,251
2,172,111

T o t a l .................................................. 1,886

846
113
79
500
636

Since
Jan. 1
1,254
1,181
81,781
9,884
40,936
10,065
23,773
1,777
12,735
47,474
15,609

7eek.

3,142,362

563
36
276
575
339

1,479
2,354
18,629
6,068
25,810
3,948
19,510
2,007
11,288
38,224
22,085

3.227
8.330

S ince

Jan. 1 .

. . . .
for consu m ption ..

Week.
31
64

Total
Entered

New York, to Oct. 26—
G reat B r it a in ................ ..............
O ther E u r o p e a n ________________
C h in a ____________________________
I n d i a . _______ ____________________
A r a b i a ____ ______________________
A fr ic a ____ ____________________ _
W e s t In d ie s _____________________
M e x ic o _______ ___________________
Central A m e r i c a ________________
South A m e r ic a __________________
O th er C ou ntries..................... .....

l x x x v

with a large quantity of goods. Medium and lighter-weight
sheetings are somewhat easier under the influence of re­
sales by second hands, but buyers have not been lacking
where the prices named were considered cheap. It is possi­
ble to obtain better deliveries of bleached goods, but no
price concessions have been announced by agentg, and none
are expected for early delivery in view of the extent to which
manufacturers are booked up. Colored cottons hold firm
for near-by shipment, but tickings are easier for delivery
after the first of the year. Linings are quiet. Prints and
ginghams have been quieter as far as new business is con­
cerned, but they are sold far ahead and no weakening in
prices seems possible for some little time to come. The
latter is much more likely to take place in the case of drills,
sheetings and other classes of goods more directly affected
by the price of the raw material. Steady buying of print
cloths continues, and while regulars remain unchanged at
wide goods are materially lower under the influence
of freer offerings by second hands. Mills will not compete
on the same basis, however, except for forward deliver}-.
W O O L E N GOODS.— Further cancellations have been
reported in the men’s wear woolen and worsted goods market
during the week, and new business naturally has been on
only a moderate scale. In spite of this, however, some dupli­
cate orders for light-weight goods have been received,
especially from the South and West, where financial condi­
tions failed to reach the acute stage recorded here. It is
pointed out that initial buying of men’s wear light-weight
goods was on such a small scale that cancellations cannot be
very numerous, as the goods already ordered will surely all
be needed. It is much more likely that the effect of present
conditions will be felt in a falling off in duplicate ordering
rather than in severe cancellation of existing orders. W ool­
ens have so far been the chief sufferers, but duplicate ordering
of staple worsteds has also materially declined. In the way
of colors, brown still seem to be the best in demand. Dresss
goods are in a fairly satisfactory condition. and fair duplicate
orders have been received for both woolens and worsteds,
particularly the finer grades. In several eases lines are fully
sold up for spring and new business is being refused; but
these are the exceptions and go to prove that buying has
been of an irregular character, and that many manufacturers
have found conditions far from satisfactory. Both over­
coatings and cloakings are in poor demand in the absence of
cold weather.
F O R E IG N D R Y GOODS.— There has been a continued
steady but quiet demand for imported woolen and worsted
dress goods. Silks are slow, but the outlook for ribbons is
good. Linens are strong and in good demand. Burlaps
are stead3r.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of drv goods
at this port for the week ending Oct. 26 1907 ond since
Jan. 1 1907, and for the corresponding periods of last year,
are as follows:
Q T o t a l I m p o r t s - . . .... .11*667

New York, Friday Night, Nov. 1 1907.
While business has naturally been restricted and the
tendency of prices has been downward, the cotton goods
market on the w’hole has stood the strain of present financial
conditions very well. No failures of any importance have
been announce’d, although it is understood that in several
cases credits have been extended where this w7as necessary
and possible. It is the general view throughout the trade
that conditions are excellent for facing such a situation as
exists to-day. A larger amount of buying power has ap­
peared than many thought possible, and in all cases where
second hands are willing to dispose of goods at what are con­
sidered attractive prices, no difficulty has been found in
securing a purchaser. First hands .generally have not been
willing to lower their prices for near-by shipment, but are
willing to meet buyers half wray on orders for goods for more
distant delivery. Cancellations during the week have been
numerous where delays in deliveries have occurred, but this
has not resulted in any undue accumulation, for the reason
that more orders are on the books of manufacturers than they
could possibly fill in the stipulated time. On the other hand,
they have served to bring the business down to a more
normal basis, and for this reason it is more than probable
that from this time on closer attention will be paid to the
course of the rawr-material market. Exporters are watching
the market and are looking forward to the time when prices
will be on an export basis. Fair inquiries have been received
from abroad, but very few firm offers. Many cancellations
have taken place in the woolen and worsted goods market,
and new business has been of small proportions.
DOM ESTIC C O TTO N GOODS.— The exports of cotton
goods from this port for the week ending Oct. 26 were 1,886
packages, valued at $138,625, their destination being to the
points specified in the tables below:

[V o l .

THE CHRONICLE

N o v .. 2 1907.]

Q m r m ? m m n t,

S ta te

News Item s.
L o u i s i a n a .— S p ec ia l
S e s s io n
of
L e g i s l a t u r e .— G o v e r n o r
B la n c h a r d o n O c t . 2 6 is s u e d a p r o c la m a t io n
c o n v e n in g th e
G e n e r a l A s s e m b l y o f t h is S t a t e in s p e c ia l s e s s io n , t o b e g in
N o v . 11 a n d e n d D e c . 1 0 .
T h e p r o c la m a t io n e n u m e r a te s
e le v e n d is t in c t s u b je c ts fo r th e c o n s id e r a t io n o f t h e L e g i s ­
la tu r e .
O n e o f t h e s e is “ t o m a k e a p p l i c a t i o n t o t h e C o n ­
g r e s s , u n d e r t h e p r o v is io n s o f A r t ic le V o f t h e C o n s t itu t io n
o f t h e U n it e d S t a t e s , t o c a ll a c o n v e n t io n f o r t h e p u r p o s e o f
p r o p o s in g a m e n d m e n ts t o th e C o n s t itu tio n o f th e U n it e d
S ta t e s , t o th e e n d t h a t a n a m e n d m e n t m a y b e s u b m itt e d
p r o v id in g fo r th e e le c tio n o f U n it e d S ta te s S e n a to r s b y th e
d ir e c t v o t e o f t h e p e o p le o f th e s e v e r a l S t a t e s .”
M i c h i g a n .— S p e c i a l S e s s io n o f L e g is la t u r e A d j o u r n s . — T h e
L e g is la t u r e w h ic h
c o n v e n e d i n s p e c i a l s e s s io n o n O c t . 7
( V . 8 5 , p . 8 1 7 ) d e c id e d o n fin a l a d jo u r n m e n t O c t . 26.
N e w Y o r k C i t y .— R e v e n u e B o n d S a l e .— A r r a n g e m e n t s h a v e
b e e n m a d e b y th e c it y a u th o r it ie s w it h J. P . M o r g a n & C o .,
th e F ir s t N a tio n a l B a n k a n d th e N a tio n a l C it y B a n k to
p r o v id e $ 3 0 ,0 0 0 ,0 0 0 a t p a r f o r r e v e n u e b o n d s b e a r in g 6 %
in te r e s t , w it h
an
o p tio n
o n th e
p a rt
o f th e
s y n d ic a te
to
ta k e an
a d d itio n a l
$ 2 0 ,0 0 0 ,0 0 0 .
The
o p tio n
ru n s
in to
J a n u a ry
1908.
Th ese
bonds
a re
is s u e d
to
pay
bu dget
a c c o u n ts
in
a n tic ip a tio n
of
th e
c o lle c t io n
of
ta x es .
T h e c it y h as b ee n p a y in g 6 %
in te re s t o n o th e r
r e v e n u e b o n d s , a n d in v i e w o f th e p r e s e n t s t a t e o f t h e m o n e y
m a r k e t , i t w a s d e e m e d b e s t to a r r a n g e fo r th e p la c in g o f a
la r g e a m o u n t o f th e s e t e m p o r a r y b o n d s , t h e r e b y a v o id in g
th '3 h a z a r d o f f u t u r e a d v e r s e c o n d i t i o n s .
B u d g e t fo r 1 9 0 8 .— O n O c t . 3 0 t h e B o a r d o f E s t i m a t e a n d
A p p o r tio n m e n t a p p r o v e d th e b u d g e t fo r th e y e a r 1908.
T h e a g g r e g a t e is p la c e d a t $ 1 4 3 ,5 7 2 ,2 6 6 1 7 , a s a g a in s t
$ 1 3 0 ,4 2 1 ,5 0 5 5 6 f o r 1 9 0 7 .
W e g iv e b e lo w a t a b le s h o w in g
th e v a r io u s a p p o r tio n m e n t s f o r th e c it y d e p a r tm e n t s a n d
a ls o

t h e in c r e a s e a n d

d ec rea se o v e r th e

M a y o r a lt y . ............................................................ ..
A ld e rm e n , C ity Cl rk ____________________________
D e p t. Fin ance and C h a m b e ila ln ________________
In tere st on c ity d e b t _____________________________
R ed em p tio n c ity d e b t ____________ ______ _______
In sta llm en ts p a y a b le ____ ______ _________________
S ta te t a x e s --------------------------------------------------R e n t s ________ ____________________________________
D aw D e p a r tm e n t-- ______________________________
P resid en t M a n h a ttan ____________________________
Presid en t B r o n x _________________________________
Presid en t B r o o k ly n ____ __________ ______________
Presid en t Q u e e n s ____________ ______ _____________
P resid en t R ic h m o n d ____________________________
B r id g e s _________________ __________________________
W a te r , Gas and E le c tr ic ity _____________________
P a rk s _____ ______ ________________ ______ __________
P u b lic c h a r it ie s __________________________________
B e ll vu e and A ll. H o s p it a ls ____________________
C o rre c tio n _________________________________________
H ea lth
.
_____________________________________
T en em en t H o u se_________________________________
P o l i c e ________________________ ______ ______________
B oard o f E lec tio n s __________________ ____________
S treet C le a n in g_____________ _______ _ _______ . . F i r e _______________________________________________
T a x D ep a rtm en t..................... ................ ..............
Assessors__________________________________________
A rm o r y B o a rd ____________________________________
D ep a rtm en t o f E d u ca tio n _________ ______ ______
C ity C oll i r e ______________________________________
C ity N o rm a l Coll g e _____________________________
Coroners __________________________________________
Com m issioner o f A ccou nts - . ................. ............
Com m issioner o f L ic e n s e s .._____ _______________
C iv il S ervice C om m ission ________________________
C it y R ecord
________________________________
E x a m in in g B oard o f P lu m b ers _________________
L ib r a r y
_____ ____________________ ______ _
C ity C o u r t . ___________________________ __________ _
M u n icipal Court3 ________________________________
Sp -c.Uil Sessions (D ivisio n 1 )____________________
(Childrens’ C o u rt)_____________ _______________
S p 'c l « l Sessions (D ivisio n 2 ) ________ ________ _
(Childrens' C o u rt)----- ----------- -------------------M agistrates’ Courts, D ivision 1_______________ M agistrates’ Courts, D ivision 2 _________________
C h arltabl 'in s t it u t io n s _________________ _______ M isc e lla n e o u s ____________ _______________________
T o ta l

_____

year

1907.

1908
$70,900
238,856
1,359,740
24,576,522
9,767,161
6,111,088
-----------755,835
784,370
2,715,428
1,512,975
2,019,952
1,282,827
637,018
569,545
5,919,056
3,078,252
2,287,944
926,202
1,175,145
2,279,849
643,227
14,350,499
1,035,850
6,632,856
7,483,485
455,150
45,400
101,250
26,712,963
494,000
308,400
157,300
225,110
54,500
145,000
1,174,500
6,259
954,400
231,750
809,950
88,270
15,850;
66,800'
12.500J
223,400
225,100
4,167,349
584,609

____________ _______ _______ ______$135,474,403

Inc. ( + ) or
Dec. (— ).
+ $400
+ 3 ,1 5 4
+116,260
+3,776,641
+ 868,365
+551,319
— 75,704
+346 ,083
+ 99,370
+144,624
+174,925
+224,812
+134,018
+66,538
+22,000
+509,513
+420,388
+69,100
+ 152,254
+ 175,086
+432,029
— 26,606
+ 500,658
+20,000
+ 374,599
+599,990
+54,550
+ 4,3 00
_________
+ 1,797,035
+ 38,666
+ 58,400
__________
+50,110
_________
+ 10,000
+60,121
+200
+ 108,074
+87,000
+ 320,700
+1 ,5 7 0
+ 3 ,2 0 0
+28,500
+ 5,5 00
+399 ,530
+ 10,455
$12,820,047

T h e d iv is io n b y c o u n t ie s is a s f o llo w s :
C ity o f
C o u n ty
C ou nty
C ou n ty
C o u n ty

1908.
N e w Y o r k . ................................................$135,474,403
Of N e w Y o r k ____________________________
3,146,970
o f K i n g s _________________________________
1,550,956
o f Q u e e n s ________________________________
302,088
o f R ic h m o n d ____________ _______ _______
97,847

Net Increase.
$12,717,737
274,303
51,289
87,158
20,272

T o t a l s ..................................................................$140,572,266
D eficiencies in ta x e s -------------------------------- ----3,000,000

$13,150,760
___________

T o t a l s ..................... ............................................$143,572,266

$13,150,760

M ayor

M c C le lla n

h as th e

fo llo w in g

to

say

r e g a r d in g

th e

b u d g e t fo r 1908:
In the preparation o f the bu dget fo r the ye ar 1908 It has been necessary
to take c a re fu lly in to consideration the financial cond ition o f the c ity . Th e
v o lu m e o f the m a n d a tory and a bsolu tely necessary increases is so grea t—
ap p rox im a tely $10,700,000— that in m y ju dgm ent the c ity Is not w arranted
in goin g unnecessarily a d o lla r beyond it.
In pursuance o f this p o lic y I
h av e elim inated from the budget fo r 1908 m a n y deserved and desirable
Increases w hich w ere su bm itted to the Board o f Estim ate and A p p o rtio n ­
ment b y the d ep artm en t heads.
F o r such reductions I take entire respon­
s ib ility , as lt w;is a t m y earnest solicitation that m y colleagu es on the
Board consented to th em . This is p a rticu la rly true o f the D epartm en t of
E d u ca tion , w here it has seemed to all o f us that p rovision fo r an increase o f
p a y fo r the school teachers was desirable.
i t Is a m a tter o f great regret to m e that I h ave fe lt com p elled to Insist
upon the elim ination from the budget o f the $3,000,000 urged fo r this pur­
pose by P residen t W in th ro p and his coll 'agues o f the Board o f Estim ate.
T h e P olice Com m issioner requested an appropriation su fficient to enable
him to increase his force by 1,400 m en.
W e h ave allow ed him an Increase




1161

o f 600 men fo r eigh t m onths.
Our experience in the past has been th a t it
is e x tre m e ly d iffic u lt, if n ot Im possible, fo r the C iv il S ervice Comm ission to
furnish m ore than 600 m en fit fo r ap p oin tm en t as p atrolm en du rin g this
len gth o f tim e.
In th e preparation o f the budget fo r 1908 care has been taken to m ake
appropriation s so th a t it w ill be unnecessary to issue special revenue bonds
du rin g the ye ar, e x cep t fo r em ergencies w hich cannot be foreseen. These
a ppropriation s— the on ly ones in w hich th e Board has exercised its option
— aggreg atin g $850,000, are o f a character w hich it seems to m e a ll citizens
w ill agree are desirable.

The Mayor has also issued an order to the heads of the various
city departments saying: “ Until such time as in m y judg­
ment the finances of the city warrant it, you are herewith in­
structed not to advertise any new contracts for work in
your department.”
The tax rate for 1908, it is reported, will be about $16 40
per thousand.

B o n d P roposals a n d N egotiations this w^ek
hare been as follows:
Adrian, Lenawee County, Mich.— Bonds Voted.— The
election held Oct. 8 result' i in a vote of 355 “ for” to 39
“ against” the proposition to issue the $15,000 4% stormwater-sewer-construction bonds mentioned in V. 85, p. 879.
Date of sale not yet determined.
Adrian School District (P. O. Adrian), Lenawee County,
Mich.— Temporary Loan.— This district has borrowed $35,000
from local people at 5% interest. These notes, we are in­
formed, will mature Jan. 1 1908, when the district expects
to issue the $60,000 4% school-buibhng bonds voted on
Sept. 30. The tehiporary-loan notes will be exchanged for
the bonds when issued.
Albany, Dougherty County, Ga.— Bonds Voted.— The elec­
tion held Sept. 23 resulted in favor of the proposition to is­
sue the $75,000 sewer and municipal-building bonds men­
tioned in V. 85, p. 481.
Aliquippa, Beaver County, Pa.— Bond Offering.— Propo­
sals will be received until 7 p .m . Nov. 18 by W m. J. W illiam ­
son, Borough Secretary, for $10,000 5% coupon municipalbuilding bonds. Denomination $500. Maturity $500 yearly
on Sept. 1 from 1911 to 1930 inclusive.
Allegheny, Pa.— Fifteenth Ward School District.— Bond
Election.— On Nov. 5 this district will vote on the question
of issuing $50,000 school-building-addition bonds.
Allegheny, Allegheny County, Pa.— Bonds Authorized.—
On Sept. 18 the Select Council passed ordinances providing
for the issuance of $10,000 sewerage-disposal-plant-construction bonds and $75,000 bonds for the purchase of a
turbo-generator outfit for the municipal lighting plant.
Allegheny County (P. O. Pittsburgh), Pa .— Bonds Not
Yet Sold.— Up to Oct. 28 no sale had yet been made of the
$700,000 4% 30-year coupon bonds offered but not awarded
on Sept. 18. See V. 85, p. 745.
Alva, Woods County, Okla.— Bonds Voted.— By a vote of
310 to 71 this city on Oct. 17 authorized the issuance of
$40,000 6% 30-year sewerage and water-works-extension
bonds.
Ardmore, Ind. Ter.— Bonds Voted and Defeated.— Local
papers report that an election held recently resulted in favor
of a proposition to issue $20,000 street-improvement bonds,
and in the defeat of propositions to issue $120,000 improve­
ment bonds.
Ashburn, Turner County, Ga.— Bonds Voted.— Reports
state that an election held Oct. 20 resulted in favor of propo­
sitions to issue $55,000 water and light and $15,000 schoolimprovement bonds.
Astoria School District (P. O. Astoria), Clatsop County,
Ore.— Loan Authorized.— According to reports, the School
Board on Oct. 1 authorized the issuance of $19,000 5% schoolbuilding-improvement warrants. Maturity $3,000 in one
year and $4,000 yearly from two years to five years inclusive.
Atlantic City, Atlantic County, N. J.— Bonds Authorized.—
Local reports state that the City Council on Sept. 23 author­
ized the issuance of $35,000 lighting-system-construction
bonds.
Ballston Spa, Saratoga County, N. Y .— Bond Sale.— On
Oct. 31 an issue of $11,000 43^% coupon water-extension
bonds was awarded to local parties at par. Authority Sec­
tion 7, Chapter 685, Laws of 1892. Denomination $500.
Interest annually at the Village Treasurer’s office. Maturity
$1,000 yearly on Nov. 1 from 1908 to 1918 inclusive. De­
livery of bonds Nov. 1 1907.
Bartlett, Williamson County, Tex.— Bonds Registered.—
On Oct. 11 the State Comptroller registered $16,000 4)^%
15-40-year (optional) school-house bonds of this city.
Bay County (P. O. Bay City), Mich.— Bonds Not Sold—
Bond Offering.— No sale was made on Oct. 14 of the $25,000
coupon State-judgment refunding bonds at not exceeding
4% interest, described in V. 85, p. 745. These bonds are
now being offered at not exceeding 5% interest, and propo­
sals will be received until 10 a. m. Nov. 16 by Warren D.
Richardson, County Clerk. Authority Act No. 192 of the
Public Acts of 1903. Denomination $1,000. Date Dec. 15
1907. Interest semi-annually in New York City. Maturity
Dec. 15 1919. An unconditional certified check for $500,
payable to the County Clerk, is required. Purchaser to pay
accrued interest and furnish lithographed bonds. Official
circular states that this county has never defaulted in the
payment of principal or interest.

1162

THE CHRONICLE.

Bay Island Drainage and Levee District No. 1 (P .O . New
Boston), Mercer County, 111.— Bond Offering.— D . S. Pren­
tiss, Secretary, is offering at private sale $150,000 to $165,000
of the $241,794 6% drainage and levee bonds mentioned in
V. 85, p. 745. Denomination $500. Date Sept. 1 1907.
Interest annually at State Treasurer’s office in Springfield.
Maturity part yearly on Sept. 1 from 1910 to 1927 inclusive.
The amount of bonds to be sold will be reducfed by any
assessments paid in cash prior to the date of offering.
Bayonne, Hudson County, N. J.— Bonds Authorized.— The
City Council on Oct. 22 passed a resolution providing for the
issuance of $625,000 funding and school-building bonds at
not exceeding 5i^% interest. This item was inadvertently,
reported under the head of Bayonne. Hudson County, AT. Y ..
in last week’s issue.
Bellevue, Huron County, Ohio.— Bond Sale.— On Oct. 30
the $3,860 70 6% coupon Sandusky Street improvement
assessment bonds described in V. 85, p. 958, were awarded
to G. W . Barber of Bellevue at 104.291. The bids received
were as follows:
G. W . B arber, B e llevu e$4,026 4 0 [S . A . K ea n . C h ica go _____ a$3,872 70
Croghan B a n k _____________ 03,880 00| W . R . T o d d & C o., Clncin-03,870 00
a A n d furnish bonds and p rin tin g

ft A n d accrued interest.

Maturity $386 07 yearly on Dec. 21 from 1907 to 1916
inclusive.
Belvidere, Boone County, 111.— Bonds Awarded in Part.—
Of $17,000 5% street-paving and sewer bonds offered on
Oct. 21, $5,500 have been awarded to local parties at par.
Denominations $500 and $100. Date N ov. 1 1907. Interest
semi-annually in March and September. Maturity part
yearly beginning March 1 1909, but subject to call at option
of city.
Blanket Independent School District (P. O. Blanket),
Brown County, Tex.— Bond Sale.— Qi\ Oct. 26 the $10,000
5% 15-30-year (optional) school-house bonds registered by
the State Comptroller on Sept. 21 (V. 85, p. 818) were
awarded to the State Permanent School Fund at par and
accrued interest.
Bowling Green, Wood County, Ohio.— Bond Sale.— We
are advised that arrangements have .been made with the First
National Bank of Bowling Green to take the $4,600 4% cou­
pon refunding bonds offered on Oct. 21 at par and accrued
interest. See V. 85, p. 1038, for description of these bonds.
Bristol, Sullivan County, Tenn.— Bonds Authorized.— It is
reported that the City Council on Oct. 5 authorized the issu­
ance of $15,000 additional-water-works bonds.
Bryan, Williams County, Ohio.— Bonds Authorized.— On
Sept. 17 the Village Council passed an ordinance providing
for the issuance of $10,000 5% coupon mur.icipal-waterworks and electric-light-plant-improvement bonds. De­
nomination $500. Date N ov. 1 1907. Int rest semi­
annually at the Village Treasury. Maturity $2,000 each
six months from March 1 1911 to March 1 1913 inclusive.
The Village Council has repealed the ordinance passed Jan. 1
1907 providing for the issuance of the $10,000 5% coupon
water-works and electric-light-plant-extension bonds men­
tioned in V. 84, p . 117.
Buncombe County (P. O. Asheville), N. C.— Bonds Voted.
— Early returns indicate that the proposition to issue
$200,000 bonds to subscribe to the capital stock of the
Appalachian Interurban Transcontinental Company (V. 85,
p. 958) carried by a large m ajority on Oct. 29.
Burlington, Des Moines Cot nty, Iow a.— Bond Sale.— This
city recently disposed of at private sale the $40,000 4J^%
coupon fire-and-police-central-station-erection bonds offered
on Aug. 19 (V. 85, p. 298), to A . J. Hood & Co. of Detroit.
Maturity on Oct. 15 as follows: $3,000 in each of the years
1917, 1918 and 1919, $4,000 yearly from 1920 to 1923 in­
clusive, and $5,000 in each of the years 1924, 1925 and 1926.
Calloway County (P. O. Murray), K y.— Bond Election.—
On N ov. 5 this county will vote on the question of issuing
$35,000 court-house-construction bonds at not exceeding
5% interest. Maturity not less than two years nor more
than twenty years.
Canton, Madison County, Miss.— Price Paid for Bonds.—
W e are advised that the price paid for the $50,000 5%
coupon sewerage bonds awarded on Sept. 19 to John Nuveen
& Co. of Chicago (V. 85, p. 1101) was par, less cxpensesDenomination $500. Date Sept. 1 1907. Interest semi,
annual. Maturity Sept. 27 1927.
Carthage, Jasper County, Mo.— Bonds Not Sold.— No
award was made on Oct. 30 of the $220,000 4J^% coupon
municipal-water-works-plant-construction bonds described in
V. 85, p. 1101.
Cedarburg, Ozaukee County, W is.— Bonds Defeated.— The
electors of this place on Oct. 17 defeated a proposition to
issue bonds for a site and for erecting and equipping an
engine house.
Cedar Kapids, Lynn County, Iow a.— L it ig a im .— Judge
J. H. Rothrock of the Superior Court of the City of Cedar
Rapids has handed down a decision upholding the validity
of the $125,000 4% city-hall bonds awarded on April 5 to
Geo. M. Bechtel & Co. of Davenport. See V. 84, p. 951.
The case has been appealed by the plaintiff, Nancy Reed, to
the Supreme Court of Iowa. We are advised that the case
has been advanced for hearing and the probabilities are that
the decision will be rendered within two or three months.




[V o l .

l x x x v ..

Chambersburg, Franklin County, Pa.— Bond Election.—
An election will be held Nov. 5 to vote on the question o f
issuing $88,000 bonds for sewers and $17,000 for miscellane­
ous purposes.
Chehalis, Lewis County, W ash.— Bond Election Proposed.
— I t is stated that the City Council proposes to submit to the
voters at the next city election the question of issuing
gravity-water-system-construction bonds.
Chester, Meigs County, Ohio.— Bonds Defeated.— A t an
election held recently, propositions to issue city-hall and
fire-department bonds were defeated.
Cheyenne, Laramie County, W yo.— Bond Election.— A t
the election Nov. 5 the question of issuing $160,000 waterworks-extension bonds will be submitted to a vote of the
people.
Claremore, Ind. Ter.— Bonds Voted.— An election V d
Oct. 22 resulted in favor of
proposition tf issue $40,000
5% water-works-extension bonds.
Clinton Townsoip Sciiool District (P. O. lioiumbus),,
Franklin County, Onio.— Bond Offering.- Proposals will be
received until 12 m. Nov. 6 by J. YYr. Garrett, Clerk Board of
Education, for $4,000 6% coupon sehool-building-complction
•bonds. Authority Section 3994, Revised Statutes. Denom­
ination $500. Date Nov. 6 1907. Interest semi-annually
at the Northern Savings Bank Co. of Columbus. Maturity
$2,000 on March 1 1909 and $2,000 on Sept. 1 1909. Bid
must be unconditional. Bonds to be delivered N ov. 6 1907..
This district has no debt at present.
Coffeyville, Montgomery County, Kan.— Bonds Voted.—
An election held Oct. 17 resulted in favor of a proposition to
issue $30,000 bonds in aid'of the Coffeyville & Memphis R R .
Coleman Independent School District (P. O. Coleman),.
Coleman County, Tex.— Bonds Registered.— On Oct. 18 the
State Comptroller registered $30,000 5% 5-40-year (optional)
school-house bonds of this district.
Columbus, Franklin County, Ohio.— Bond Election.—
Local papers state that an election will be held Nov. 5 tovote on the question of issuing $1,000,000 grade-crossingabolition bonds.
Comanche County (P. O. Comanche), Tex.— Bonds Voted_
•— An election held recently resulted in favor of a proposition
to issue $170,000 road bonds.
Crockett, Houston County, Tex.— Bonds Voted.— The elec­
tion held Oct. 15 resulted in a vote of 164 “ for” to 35“ against” the proposition to issue the $25,000 5% 20-40-year
(optional) water-works bonds mentioned in V. 85, p. 747
Date of sale not yet determined.
Crowell Independent School District (P. O. Crowell),.
Foard County, Tex.— Bond Sale.— On Oct. 25 the $4,500
5% 10-20-year (optional) schoolhouse bonds described in
V. 85, p. 819, were awarded to the State Permanent S c h o o l
Fund at par and accrued interest.
Currie, Murray County, Minn.— Bond Offering.— Proposals
will be received until 8 p. m. Nov. 5 by the Village Count it
(T . V. Cummiskey, President) at the office of Harry Butson,
Village Recorder, for $2,000 6% funding bonds. Authority
election held Oct. 8 1907. Denomination $500. Interest
semi-annual. Maturity five years.
Dayton, Montgomery County, Ohio.— Bonds Authorized.—
The City Council on Oct. 14 passed ordinancesjjproviding fo r
the issuance of the following bonds:
$11,200 4 % R u bicon S treet o pen in g and exten sion bonds. D en om in a tio n
$1,000, e x c e p t one bond o f $1,200. M a tu rity D ec. 1 1913.
7,500 4 % storm -w ater-sew er-con stru ction bonds.
D en om in a tio n $1,000,
ex c e p t one bond o f $1,500. M a tu rity D ec. 1 1912.

The above bonds are dated Dec. 1 1907. Interest semi­
annual.
Deer Creek, Tazewell County, 111.— Bonds Defeated.— An
election held Oct. 15 resulted in the defeat of a proposition to
issue $6,000 water-works bonds.
Delaware County (P. O. Delaware), Ohio.— Bonds N ot
Sold.— No awrard was made on Oct. 22 of the $37,580 4%
ditch-construction assessment bonds d e s c r i b e d in V. 85,.
p . 959.
Detroit, Wayne County, Mich.— Bonds Authorized.— This
city has authorized the issuance of $250,000 30-year publicschool bonds. Denomination $1,000 or multiples thereof.
Didsbury, Alta.— Debentures Not Sold.— No award has
yet been made of the $5,500 fire-apparatus and the $1,000
street-improvement 6% debentures offered on Oct. 1. See
V. 85, p. 747, for a description of these debentures.
Dover, Cuyahoga County, Ohio.— Bond Sale.— On Oct. 6
$5,000 4j^% sewer bonds were awarded to the First National
Bank of Canal Dover at par and accrued interest. Denomi­
nation $500. Date Oct. 1 1907. Interest semi-annual.
Maturity part yearly on Oct. 1 from 1908 to 1912 inclusive.
Dublin, Laurens County, Ga.— Bond Election.— Reports
state that an election will be held Dec. 9 to vote on the
question of issuing $20,000 bonds for paving streets, $20,000
for enlarging the water-works and installing a Gamewell firealarm-system. $15,000 for building a grammar school and
$5,000 for a public park.
Edgwood School District (P .O . Edgwood), Bucks County,.
Pa .— Bond Sale.— On Oct. 2 $14,000 4 }4 % s c h o o l -building
bonds were awarded to the South Hills Trust Co. of Pitts

N o v . 2 1907.]

THE CHRONICLE.

burgh at 100.25 . Denomination $1,000. Date Sept. 1
1907. Interest semi-annual.
Maturity $1,000 yearly.
Bonds are exempt from taxation.
Ephraim School District No. 2 (P. O. Ephraim), Sanpete
County, Utah.— Bond Sale.— On Oct. 21 the $25,000 5%
5-20-year (optional) coupon school-building bonds dated
Jan. 1 1908, described in V. 85, p. 1039, were awarded to the
Bank of Ephraim at par.
Essex County (P. O. Salem), Mass.— Temporary Loan.—
On Oct. 28 the $50,000 highway-improvement notes de­
scribed in V. 85, p. 1102, were awarded to the Worcester
North Sayings Institution of P'itchburg at 5.73% interest.
No other bids were received. Loan matures March 1 1908.
Everett School District No. 24, Snohomish County,
W ash.— Bids Rejected.— All bids received on Oct. 15 for the
$200,000 10-20-year (optional) coupon school-building bonds
described in V. 85, p. 819, were rejected.
Forsyth, Monroe County, Ga.— Bonds Voted.— A t an elec­
tion Oct. 15 this city authorized the issuance of $15,000
sewer-system-construction bonds.
Galion, Crawford County, Ohio.— Bond Election- Proposed.
— Reports state that the City Council proposes to submit
to the voters at the coming November election a proposition
to issue $100,000 water-works bonds.
Girard, Trumbull County, Ohio.— Bond Sale.— On Oct. 25
the $2,000 5% 2-5-year (serial) coupon building-repair
bonds described in V. 85, p. 960, were awarded to W m . Huff­
man at 101.30 and accrued interest— a basis of about 4.594%.
A bid was also received from the First National Bank of
Girard at par.
Greenock Township (P. O. Pinkerton), Ont.— Debentures
Not Sold.— Up to Oct. 31 no sale had yet been made of the
$5,000 4% bridge debentures offered on Oct. 21. See V. 85,
p. 960.
Greensboro, Greene County, Ga.— Bond Offering.— Pro­
posals will be received until 12 m. N ov. 12 by Jas. H.
McWhorter, City Clerk, for $15,000 6% school bonds. De­
nomination $1,000. Date Oct. 1 1907. Interest semi­
annual. Maturity $1,000 on Oct. 1 1930 and $2,000 yearly
on Oct. 1 from 1931 to 1937 inclusive.
Greenville, Butler County, A la.— Bond Offering.— Pro­
posals will be received until 8 p .m ., N ov. 11, for the $12,000
5% coupon street-improvement bonds voted (V. 85, p. 748)
on Sept. 16. Denomination $1,000. Interest semi-annually
at the Hanover National Bank in New Y ork City. Ma­
turity Jan. 1 1938.
Gulfport, Harrison County, Miss.— Bond Sale.— I t is re­
ported that the City Council on Oct. 25 awarded $52,000
jail, sewer and school bonds to John Nuveen & Co. of Chicago.
Hamilton, Ont.— Debenture Offering.— S. H . K ent, City
Clerk, is offering for sale $150,000 4% coupon sewer and
fire station debentures. Date April 1 1907. Interest pay­
able in Hamilton. Maturity part yearly on April 1 from
1908 to 1937 inclusive. Debentures are tax exempt. Pro­
posals will be received until 12 m. N ov. 17.
Hamilton School District (P. O. Hamilton), Butler County,
Ohio.— Bonds Voted.— The election held Oct. 19 (V. 85, p.
960) resulted in favor of the proposition to issue the $40,000
bonds for the purchase and improvement of property for
school purposes. The vote was 709 to 340.
Harrisburg, Dauphin Comity, Pa.— Bond Sale.— On Oct.26
the $400,000 4% coupon Mulberry Street bridge-reconstruction, sewerage-system-improvement, paving and curbing
bonds described in V. 85, p. 1039, were awarded to the
Harrisburg Trust Co. of Harrisburg at par and accrued in­
terest. Authority, vote of 3,129 to 3,119 cast at election
N ov. 1905. Denominations $100, $500 or $1,000, at option
of purchaser. Interest semi-annually at the City Treasurer’s
office. Maturity $50,000 on March 1 1911 and $14,000
yearly on March 1 from 1912 to 1936 inclusive.
Harris County (P. O. Hamilton), Ga.— Vote.— W e are in­
formed that the election held Sept. 7 on the question
of issuing the $40,000 5% court-house-construction bonds
mentioned in V. 85, p. 748, resulted in a vote of 1,207 “ for”
to 24 “ against.” Interest payable semi-annually.
Hartwell, Hart County, G a.— Bond Sale Not Consummated.
— W e are advised that the sale on July 10 of $16,000 5%
10-29-year (serial) gold coupon schoolhouse bonds to the
W m . R . Compton Bond & Mortgage Co. of Macon (V . 85,
p. 239) was never consummated.
Haverhill, Mass.— Bond Sale.— This city recently awarded
$12,000 4% 10-year bohds dated April 1 1907 to the Sinking
Fund at par and accrued interest.
Hebron, Miss.— Bond Sale.— Papers state that this place
has disposed of $4,000 school-building bonds.
Henderson County (P. O. Hendersonville), N. C.— Bonds
Voted.— An election held Oct. 17 resulted in favor of a propo­
sition to issue railroad-aid bonds.
Henry County (P. O. Napoleon), Ohio.— Bond Sale.— On
Oct. 26 the $5,000 Napoleon Township and $1,500 Liberty
Township 4J/j% coupon bonds offered on that day (V. 85,
p. 1102) were awarded to M. Donnelly at par and accrued in­
terest. This was the only bid received.
Henry County (P. O. New Castle), K y .— Bond Election.—
According to reports, a proposition to issue $40,000 bridga-




1163

construction bonds will be submitted to a vote of the people
on N ov. 5.
Highland County (P. O. Hillsboro), Ohio.— Bond Offering.
— Proposals will be received until 12 m. N ov. 30 by the
Board of County Commissoners for $5,400 5% coupon roadimprovement No. 35 bonds. Authority Section 4846, R e­
vised Statutes. Denomination $540. Date Dec. 1 1907.
Interest semi-annually at the County Treasurer’s office.
Maturity $540 each six months from March 1 1908 to Sept. 1
1912 inclusive. Certified check for 5% of bid, payable to
the Board of County Commissioners, is required. Purchaser
to pay accrued interest. John Q. Roads is County Auditor
and ex-officio Clerk, Board of County Commissioners.
Hood River (Ore.) Irrigation District.— Bonds Voted.— An
election held Oct. 5 resulted in favor of a proposition to issue
$40,000 bonds.
Hood River, Wasco County, Ore.— Bonds Defeated.— R e ­
ports state that an election held Oct. 21 resulted in a vote
of 58 “ for” to 85 “ against” a proposition to issue $70,000
water-system-construction bonds.
Hutchinson, Reno County, Kan.— Bond Sale.— On Oct. 4
the $48,506 07 5% 1-10-year (serial) paving bonds offered
but not awarded on Sept., 16 (V. 85, p. 820) were awarded
to the State Savings Bank of Topeka at par less accrued in­
terest. Denomination $1,000. Date July 1 1907. Interest
semi-annual.
Ionia City, Iofiia County, Mich.— Bonds Delivered.— The
Harris Trust & Savings Bank of Chicago have accepted the
$20,000 5% city-hall bonds which they had previously de­
clined, owing to injunction proceedings begun by Judge A .
B. Morse, a citizen of this place, to restrain the city from m aking a contract for the purchase of a new site for a city hallWe are inform edthatM r. Morse "suffered a stroke of apoplexy
while on the stand, and as he is apt never to recover, all liti­
gation is probably ended.”
Ironton, Lawrence County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. N ov. 26 by F ..A . Ross,
City Auditor, for $20,000 4% coupon water-supply-improvement bonds. These securities are part of an issue of $75,000
authorized at an election Sept. 4 1906 and by Section 2835,
Revised Statutes. Denomination $1,000. Date Dec. 1
1907. Interest semi-annually at the National Park Bank of
New York City. Maturity Dec. 1 1927. Certified check
for $100, payable to the City Treasurer, is required. A c ­
crued interest to be paid by purchaser. Official circular
states there has never been any default in the payment of
principal or interest.
Jackson, Hinds County, Miss.— Bond Election.— I t is
stated that an election will be held N ov. 19 to vote on the
question of issuing $196,000 water-works-plant purchase
bonds. These bonds, if authorized, will take the place of
$216,000 bonds voted at an election last summer and
awarded on Sept. 25 (V. 85, p. 881) to E. H . Rollins &
Sons of Chicago for $236,000 (109.259), but subsequently
refused by that firm .
Johnsonburg, Elk County, Pa.— Bond Election.— An elec­
tion will be held N ov. 5 to vote on a proposition to issue
$9,000 bonds.
Juniata School District (P. O. Juniata), Blair County, Pa.
— Bond Election.— It is stated in local papers that a propo­
sition to issue $20,000 school bonds will be submitted to a
vote of the people on N ov. 5.
Kane School District (P. O. Kane), McKean County, Pa.—
Bond Sale.— On Oct. 15 the $20,000 4 ^ % 5-24-year (serial)
coupon school bonds described in V. 85, p. 960, were awarded
to John Magnet of Smethport at par.
Kearney, Buffalo County, Neb.— Bonds Voted.— The elec­
tion held Oct. 15 resulted in favor of the proposition to issue
the $100,000 water-works bonds mentioned in V. 85, p. 1040.
The vote was 559 to 363.
Kearny (P. O. Jersey City), Hudson County, N. J .— Bonds
Not Sold.— No award was made on Oct. 30 of the $23,000
20-year fire-house and site-purchase, $62,000 25-year schoolbuilding and site-purchase and the $150,000 6-10-year
(serial) street-and-sewer-improvement 5% bonds described
in V. 85, p. 1040. Denomination $1,000. Date Dec. 1
1907. Interest semi-annually at the West Hudson County
Trust Co. of Harrison.
Lakewood (P. O. Sta. Cleveland), Cuyahoga County, Ohio.
— Bids.— The following bids were received on Oct. 25 for the
four issues of 5% assessment bonds aggregating $31,255, de­
scribed in V. 85, p. 881:
W .J .H a y e s & S on s,C leve.a $ 3 1 ,800 0 0 1A . E . M cC lu re____________ $31,320 30
O tis & H o u g h , C levela n d
31,407 0 0 1
a B id said to be Irregu lar as check was n ot p rop e rly certified.

All bidders offered accrued interest in addition to their
bids.
Latonia, Kenton County, K y.— Bond Election.— An elec­
tion will be held N ov. 5 to vote on propositions to issue
$50,000 trunk-sewer and $10,000 school 20-jrear bonds.
Lebanon, Wilson County, Tenn.— Bond Election.— The
Board of Mayor and Aldermen recently passed an ordinance
providing for an election N ov. 20 to vote on the question of
issuing $10,000 5% water-supply bonds. Maturity $1,000
in five years, $1,000 in ten years, $1,000 in fifteen yeras,
$2,000 in twenty years, $2,000 in twenty-five years and $3,
000 in thirty years.

1J64

THE CHRONICLE.

Lebanon Centre Fire Precinct, Grafton County, N. H .—
Bond Sale.— On Oct. 15 the $25,000 33^% 20-year coupon
refunding bonds described in V. 85, p. 961, were awarded to
Parkinson & Burr of Boston at 93.20.
Leflore County (P. O. Greenwood), Miss.— Bond Offering.
— Proposals will be received until 12 m ., N ov. 4, by G. S.
Pate, County Treasurer, for the $60,000 bridge-construction
and the $40,000 road-building 5% gold coupon bonds men­
tioned in V. 85, p. 1040. Authority, Sections 331 and 333,
Code of 1906. Denomination $500. Date Oct. 7 1907.
Interest semi-annually at place designated by purchaser.
Maturity Oct. 7 1932. Bonds are exempt from taxation.
Certified check for 2% , payable to the County Treasurer, is
required. Total debt, including this issue, $200,000.
Assessed valuation for 1907, $6,800,000.
Lima, Allen County, Ohio.— Bonds Proposed.— This city
is considering the advisability of issuing $80,000 electriclight-plant-construction bonds.
Bond Offering.— Proposals will be received until 12 m .,
N ov. 25, by Fred. C. Beam ,City Auditor, for the following
bonds:
$25,000 5 % coupon N o r t ’n M ain S treet p a v in g refu n din g bonds.
D e­
n om ination s, tw e n ty bonds o f $1,000 each and ten bonds o f
$500 each.
10,000 5 % cou pon South M e tc a lf S treet p a v in g refu n d in g bonds. Th is
issue m a y be redu ced, o w in g to pa ym en ts bein g m ade on th e
Indebtedness it is in ten ded to refu n d.
D en om in a tio n , oneten th o f th e t o t a l am ou n t o f bond s issued.

Authority, Section 2701, Revised Statutes. Date N ov. 1
1907. Interest March 1 and Sept. 1 at the office of the
Sinking Fund Trustees in Lima. Maturity one-tenth of
each issue yearly on March 1 from 1908 to 1917 inclusive.
Certified check for 2% of bonds bid for, drawn on any Lima
bank or any national bank outside of Lima, made payable
to the City Treasurer, is required. Accrued interest to be
paid by purchaser.
Limestone County Common School District No. 86, Tex.—
Bonds Registered.— The State Comptroller on Oct. 24 regis­
tered $1,000 5% school-house bonds of this district. Ma­
turity Aug. 13 1922.
Lindsay, Ind. Ter.— Bonds Voted.— An election held re­
cently resulted in favor of a proposition to issue $2,500
water-works bonds.
Lometa Independent School District (P. O. Lometa),
Lampasas County, Tex.— Bond Sale.— 'This district on Oct.
26 awarded the $10,000 5% 20-40-year (optional) schoolhouse bonds registered by the State Comptroller on Oct. 10
(V. 85, p. 1040), to the State Permanent School Fund at
par and accrued interest.
Loveland School District No. 2 (P. O. Loveland), Larimer
County, Colo.— Bond Offering.— Proposals will be received
until 1 p. m. N ov. 8 by A . N. Turney, District Secretary,
for the $5,000 5% coupon school-building bonds recently
voted. Denomination $1,000. Date Dec. 1 1907. Inter­
est payable at the County Treasury or in New York City.
Maturity Dec. 1 1922. Bonds are exempt from all taxes.
Lucas County (P. O. Toledo), Ohio.— Bond Election P ro ­
posed.— This county proposes to call an election to submit
to the voters a proposition to issue stone-road-improvement
bonds.
McMechen, Marshall County, W . V a.— Bond Sale.— This
town has awarded the $25,000 5% sewerage bonds offered
on Oct. 1 (V. 85, p. 749) to White & W hite of Wheeling at
par and accrued interest. Maturity Oct. 1 1937, subject to
call part yearly after Oct. 1 1917.
Madison, Morris County, N. J.— Bonds Voted.— Reports
state that an election held recently resulted in favor of a
proposition to issue $125,000 sewerage bonds.
Mangum, Greer County, Okla.— Bond Offering.— Proposals
will be received until 8 p. m. N ov. 4 by Forrest Shell, City
Clerk, for $10,000 water-works-extension, $10,000 sewerextension and $25,000 street-improvement 6% bonds. Au­
thority vote of 210 to 20, cast at election held Oct. 8. Date
Jan. 1 1908. Interest semi-annual. Maturity Jan. 1 1928.
Marshall, Madison County, N. C.— Bond Offering.— P ro ­
posals will be received until 12 m. Dec. 3 by the Town Board
of Internal Improvements for $15,000 5% bonds. Denomi­
nation $1,000. Date Jan. 1 1908. Interest semi-annual.
Maturity Jan. 1 1928. Duldey Chipley is Secretary.
Massillon, Stark County, Ohio.— Bond Sale.— On Oct. 31
the $2,000 2-5-year (serial) sidewalk and crosswalk and the
$2,000 3-6-year (serial) East Tremont Street retaining-wall
and sidewalk 43^% coupon bonds described in V. 85, p. 961,
were awarded to Nathan E. Moffitt of Massillon at 101.75 and
102.30 respectively. Purchaser to pay accrued interest.
Bonds N ot Sold.— No award was made of the three issues
of 4
coupon bonds aggregating $19,420 offered on the
same day.
These bonds are not new issues, but securities held by the
sinking fund as an investment.
Melita, Man.— Debenture Offering.— Further details are at
hand relative to the offering on N ov. 4 of the $5,000 5% cou­
pon sidewalk-and-drain-construction-and-repair and streetimprovement debentures mentioned in V. 85, p. 1041. Pro­
posals for these debentures will be received until 8 p. m. on
that day by the Town Council. Denomination $500. Date
Sept. 3 1907. Interest annually at the Union Bank of Can­
ada in Winnepeg. Maturity Sept. 3 1927. Debentures are
tax-exempt. Debenture debt at present, $1,779 02. As­




[V o l .

lxxxy.

sessed valuation 1907, $447,830. W . F. Thomas is Secretary-Treasurer.
Meridian, Lauderdale County, Miss.— Bonds Proposed.—
This city is considering the advisability of issuing $200,000
4% 30-year railroad-aid bonds.
Minneapolis, Hennepin County, Minn.— Bond Offering.—
Proposals will be received until 2 p .m . N ov. 7 by the Com­
mittee on W ays and Means of the City Council for the four
issues of 4% coupon bonds, aggregating $591,000, offered
but not awarded on Oct. 24. See V. 85, p. 1103. Dan. C.
Brown is City Comptroller.
Montgomery, Montgomery County, Ala.— N o Bonds A u ­
thorized.— W e are advised that the report that this city had
authorized $2,000,000 refunding bonds is erroneous.
Montgomery County (P. O. Dayton), Ohio.— Bond Offer­
ing.— Proposals will be received until 12 m. N ov. 14 by T . J.
Kauffman, County Auditor, for the following bonds:
$20,000 4 M % casu alty-brldge bonds. A u th o rity , S ection 871, R ev ised
S tatu tes.
D en om in a tion $1,000. M a tu rity $5,000 y e a r ly
on D ec. 2 fro m 1910 to 1913 inclu sive. C ertified check on a
n ational ban k o r trust co m p a n y fo r 5 % o f bond s bid fo r is
requ ired.
13,000 4J4 % d ltch -lm p ro v em en t bonds. A u th o rity , S ection 4479, R e ­
vised S tatu tes.
D en om in ation $500. M a tu rity on D ec. 2 as
fo llo w s: $3,000 In each o f the years 1908, 1909 and 1910 and
$4,000 In 1911. C ertified check on a n ation a l bank o r trust
c o m p a n y fo r $250 is re q u ired .

The above bonds are dated Dec. 2 1907. Interest semi­
annually at the County Treasurer’s office. Certified checks
to be made payable to the County Commissioners. A ll bids
must be unconditional. Bonds to be delivered Dec. 2 1907.
Purchaser to pay accrued interest. These bonds were offered
as 4s on Oct. 17 but no bids were received on that day. See
V. 85, p. 1103.
Mount Airy, Surry County, N. C.— N o Action Yet Taken.—
Up to Oct. 25 no action had yet been taken looking towards
the issuance of the $15,000 5% graded-school bonds voted,
as stated in V. 85, p. 821, on Sept. 16.
Munising, A lger County, Mich.— Bond Offering.— Pro­
posals will be received until 8 p .m ., N ov. 7, by A . E. Olson,
Village Clerk, for $10,000 5% water and sewer bonds. De­
nomination $1,000, Date Oct. 1 1907. Maturity Oct. 1
1922. Certified check for $200 is required. Bonded debt,
not including this issue, $20,000. Assessed valuation,
$873,450.
Murray, Calloway County, K y.— Bond Election.— An elec­
tion will be held N ov. 5 to submit to the voters a proposition
to issue $20,000 5% 5-20-year (optional) water-works and
light bonds.
Nassau County (P. O. Mineola), N. Y .— Bond Offering.—
Proposals will be received until 12 m. N ov. 4 by Charles F.
Lewis, County Treasurer, for the $250,000 5% gold coupon
public-highway-improvement bonds mentioned in V. 85,
p. 1103. Authority Chapter 686, Laws of 1892, Chapter
568, Laws of 1890, and Chapter 115, Laws of 1898. Denomi­
nation $1,000. Interest semi-annually in May and Novem ­
ber in Mineola. Maturity part yearly from 1922 to 1927 in­
clusive. Certified check for 10%, payable to the County
Treasurer, is required.
Newark, N. J.— Bonds Authorized.— The Governor on
Oct. 21 signed the bill passed by the last Legislature autho­
rizing this city to issue $1,000,000 bonds for the construction
of docks, wharves and warehouses. The construction of
these docks is to be in connection with the deepening of the
Passaic R iver and Newark Bay. The City Comptroller
informs us, however, there is no prospect of issuing these
bonds as yet, as under the law the proposition will have to
be submitted to a vote of the people, and should they favor
the project “ there would, perhaps next year, be issued a
very small part of this $1,000,000.”
New Bedford, Mass.— Bond Sale.— On Oct. 17 this city
awarded $97,000 43^% 10-year “ municipal-loan No. 3 "
bonds dated Oct. 1 1907 to Crocker & Fisher of Boston at
101.25. Denomination $1,000 or multiples. Interest semi­
annual.
New Castle, Lawrence County, Pa.— Bonds Not Sold.—
No bids were received on Oct. 28 for the $35,000 4 ^ % 10-20year (optional) coupon sewer-construction bonds described
in V. 85, p. 1041.
New Rochelle, Westchester County, N. Y .— Bond Sale.—
On Oct. 22 $52,000 6% 1-5-year (optional) street bonds
were awarded to the Yonkers Savings Bank of Yonkers for
$52,050— the price thus being 100.096. Denomination
$1,000. Date Oct. 1 1907. Interest May 1 and N ov. 1.
North Sterling Irrigation District (P. O. Sterling), Logan
County, Col.— Bonds Not Yet Sold.— Under date of Oct. 25
we are informed that the $1,350,000 6% bonds offered but
not awarded on Aug. 26 (V. 85, p. 679) have not yet been
disposed of.
North Topeka Drainage District, Kan.— Bond Offering.—
Proposals will be received until 12 m. N ov. 4 by T . M. James,
Secretary, 822 Kansas Avenue, North Topeka (P. O. Topeka)
for $125,000 5% bonds dated Jan. 1 1908. Interest semi­
annually at the County Treasurer’s office. Maturity onefifteenth yearly after five years. Bonds are tax-exempt.
Certified check for one-twentieth of bid is required.
Oroville, Butte County, Cal — Bond S a le — On Oct. 24
the $66,826 5% 1-40-year (serial) gold coupon levee-construction bonds dated N ov. 1 1907, voted on Aug. 28 (V.

N o v . 2 1907.]

THE CHRONICLE.

85, p. 750), were awarded to the Bank of Rideout, Smith &
Co. and the First National Bank, both of Oroville, at par.
For description of bonds see V. 85, p. 750.
Ottawa, Ont.— Debentures Not to be Re-offered at Present.—
W e are advised that the twenty-one issues of 4% and 43^%
debentures aggregating $1,052,653 61, offered but not sold
on Sept. 11 (V. 85, p. 750), will not be placed on the market
again “ within the next five months, and probably not within
eleven months.”
Pasadena, Los Angeles County, Cal.— Bond Election P ro ­
posed.— This city is considering the advisability of calling
an election to vote on the question of issuing electric-lightplant, sewer and school-improvement bonds.
Pascagoula, Jackson County, Miss.— Bond Offering.—
Further details are at hand relative to the offering on N ov. 5
of the $20,000 5% registered general-street-improvement
bonds mentioned in V. 85, p. 1042. Proposals for these
bonds will be received until 7.30 p. m. on that day by M. M.
Watkins, City Clerk. Denomination $1,000. Date Aug. 1
1907. Interest annual. Maturity $1,000 yearly on Aug. 1
from 1908 to 1927 inclusive. Bonds are tax-exempt. Cer­
tified check for $500, payable to the "C ity of Pascagoula,”
is required. Total debt, not including this issue, $24,700.
Assessed valuation 1907, $1,400,000.
Pendleton, Umatilla County, Ore.— Bond Offering.— Pro­
posals were asked for until yesterday (N ov. 1) for $67,000 levee-improvement and refunding, $18,000 streetintersection-improvement and refunding, $10,000 sewersystem-extension and $40,000 city-hall and city-jail-building and site-purcliase 5% bonds. These bonds are part of
an issue of $147,000 authorized at election held June 24.
Denomination $1,000, Date Aug. 1 1907. Interest semi­
annually at place designated by purchaser. Maturity Aug. 1
1937, but subject to call after Aug. 1 1927 upon thirty days’
notice. Official circular states there is no controversy or
litigation pending or threatened concerning the validity of
this issue, and that there has never been any default in the
payment of principal or interest. The result of this offering
was not known to us at the hour of going to press. These
bonds take the place of the four issues of 5% 20-30-year
(optional) bonds, aggregating $132,000, offered but not
awarded (V. 85, p. 618), on Aug. 25.
Peoria Township (P. O. Peoria), Peoria County, 111.—
Bonds Not Yet Sold.— Up to Oct. 25 no sale had yet been
made of the $50,000 4% 5-20-year (optional) coupon Upper
Free Bridge building refunding bonds offered without success
(V. 85, p. 750) on Sept. 16. We are advised that a new
proposition to issue bonds will be submitted to a vote at the
election next April, unless the securities are placed at par
before that time.
Pike County (P. O. Petersburg), Ind.— Bond Sale.— On
Oct. 29 an issue of $15,000 6% 1-year bonds was awarded,
it is stated, to local bidders for $15,110, the price thus
being 100.733.
Portland, Ore.— Bonds Awarded in Part.— Local papers
report that of an issue of $145,351 53 6% improvement
bonds offered on Oct. 21, $64,500 were disposed of as fol­
lows: $25,000 at 101.20 and $25,000 at 101.15 to the
Meier & Frank Co., $4,500 at 101.10 to the Orient Lodge,
I.O .O .F ., $3,000 at 101.24 to Thomas W . Jenkins, $5,000 at
101 to Abe Tichenor and $2,000 at 101 to W . J. Kelly.
Putnam County (P. O. Carmel), N. Y . — Purchaser of
Bonds.— W e are advised that the $16,000 43^% 1-8-year
(serial) coupon highway-improvement bonds recently dis­
posed of (V. 85, p. 1042), were purchased by the Putnam
County Savings Bank of Brewster. The price paid was par
and accrued interest. Denomination $1,000. Date Aug. 1
1907.
Portsmouth, Scioto County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. Dec. 2 by Filmore
Musser, City Auditor, for $7,000 4% coupon street-improvement (city’s portion) bonds. Denomination $500. Date
D ec.l 1907. Interest semi-annually at the office of Winslow,
Lanier & Co. of New York City. Maturity $1,000 yearly on
Dec. 1 from 1910 to 1916 inclusive.
Bid must be uncon­
ditional and accompanied by a certified check for 2% of
bonds bid for, made payable to the City Auditor. Accrued
interest to be paid by purchaser.
Prague, Lincoln County, Okla.— Bonds Defeated.— The
election held Oct. 21 resulted in the defeat of the proposition
to issue the $30,000 5% 20-year water-works bonds men­
tioned in V. 85, p. 1042.
Prosser, Benton County, W ash.— Bonds Voted.— I t is
stated that an election held Oct. 12 resulted in favor of a
proposition to issue $10,000 bonds to sink a well to determine
whether sufficient water supply can be obtained.
Richland County (P. O. Mansfield), Ohio.— Bond Election.
— On Oct. 16 the County Commissioners called an election
for N ov. 5 to submit to the voters propositions to issue
$9,000 clock-tower-construction and $7,000 court-house
heating-system-installation bonds.
Richland County (P. O. Wahpeton), N. D — Bond Offering.
— Proposals will be received until 11a. m. N ov. 12 by E. S.
Cameron, County Auditor, for $84,500 7% coupon drainage
bonds. Authority Section 1847, Laws of 1907. Denom­
ination $500. Date Oct. 1 1907. Interest . annually on
April 1 in New York exchange. Maturity $8,450 yearly




1165

on April 1 from 1910 to 1919 inclusive. Bonds are exempt
from all taxation. Total debt at present, $15,000.
Richwood, Union County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. N ov. 9 by R a y L . Jordan,
Village Clerk, for $8,000 43^% Franklin Street improvement
bonds. Authority Section 95, Municipal Code. Denomina­
tion $1,000. Date Oct. 1 1907. Interest semi-annual.
Maturity $1,000 yearly on Oct. 1 from 1908 to 1915 inclusive.
Certified check for 5% of bonds bid for, payable to the
Village Treasurer, is required. Accrued interest to be paid
by purchaser.
Rochester, Beaver County, Pa.— Bond Election.— On
N ov. 5 this borough, it is stated, will vote on the question
of issuing $100,000 bonds.
Rye, Westchester County, N. Y .— Bond Offering.— Fur­
ther details are at hand relative to the offering on N ov. 6 of
the $300,000 sewer, $125,000 street, $40,000 fire, $15,000
public-dock and $3,000 water-extension gold coupon (with
privilege of registration) bonds described in V. 85, p. 1104.
Proposals for these bonds will be received until 8 p. m. on
that day by George L . Henderson, Village Clerk. Authority
election held June 11 1907. Denomination $1,000 or $5,000
at option of purchaser. Interest (rate not to exceed 5 % )
payable in New York City. M aturity part of each issue
yearly from five years to thirty years from date. Certified
check for 2 % % of bid, payable to the “ Village of R y e ,” is
required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Sacramento, Sacramento County, Cal.— Bond Election.—
Local reports state that an election will be held N ov. 19 to
vote on the question of issuing $200,000 sewer bonds.
Saint Bernard (P. O. Cincinnati), Hamilton County, Ohio.
— Bond Offering.— Further details are at hand relative to
the offering on N ov. 18 of the $6,118 80 (amount subject to
be reduced by cash payments of assessments before bonds
are issued) 5% coupon Sullivan Avenue improvement assess­
ment bonds mentioned in V. 85, p. 1024. Proposals for
these bonds will be received until 12 m. on that day by
George Schroeder, Village Clerk. Authority Section 95,
Municipal Code. Denomination $611 88. Date Sept. 28
1907. Interest annually at the Citizens’ Bank in St. Ber­
nard. Maturity part yearly on Sept. 28 from 1908 to 1917
inclusive. Bonds are exempt from taxation. Purchaser
to pay accrued interest.
St. Croix Falls, Polk County, W is.— Bids Rejected.— All
bids received on Oct. 26 for the $5,000 5% coupon waterworks-system-extension bonds described in V. 85, p. 962,
were rejected.
Salem, Essex County, Mass.— Bond Sale.— On Oct. 21
the $100,000 4 ^ % 1-20-year (serial) coupon high-school
bonds described in V. 85, p. 1043, were awarded to Estabrook & Co. of Boston at 102.15 and accrued interest— a
basis of about 4.245%.
Salina, Saline County, Kan.— Bond Sale.— This city has
awarded $32,500 5% curbing and paving bonds, offered on
Sept. 3, to contractors. Denominations $1,000 and $250.
Date Sept. 3 1907. Interest semi-annual.
Santa Monica, Los Angeles County, Cal.— Bond Sale.—
On Oct. 22 the $150,000 sewerage and the $10,000 inciner­
ator 5% 1-40-year (serial) bonds offered on Oct. 21 (V. 85,
p. 1043) were disposed of for $162,475 (101.546) and accrued
interest— a basis of about 4.88%.
Scottdale, Westmoreland County, Pa.— Bonds Not Sold.—
No satisfactor3r bids were received on Oct. 14 for the $30,000
5% coupon funding and improvement bonds described in
V. 85, p. 822. The bonds are now being offered at private
sale.
Sedgwick County (P. O. Wichita), Kan.— Bond Sale.—
On Oct. 1 this county awarded $100,000 43^% 10-20-year
(optional) bridge-construction bonds dated Oct. 1 1907
to the Fourth National Bank of Wichita at par. Denomina­
tion $1,000. Interest semi-annually in January and July.
Sevier County (P. O. Sevierville), Tenn.— Bond Election
Proposed.— A petition requesting an election to vote on the
question of issuing K noxville Sevierville & Eastern Railroad
aid bonds has been filed with the County Court.
Shiloh, Richland County, Ohio.— Bond Sale.— On Oct. 25
the $5,400 Main Street improvement assessment and the
$1,200 Main Street improvement (village’s portion) 4 ^ %
coupon bonds described in V. 85, p. 1043, were awarded to
the Shiloh Savings Bank Co. of Shiloh for $6,610 (100.151)
and accrued interest. This was the only bid received.
South Omaha, Douglas County, Neb.— Bond Sale.— The
City Council on Oct. 29 accepted a bid of par submitted by
Emery, Anderson & Co. of Cleveland for the $48,000 5%
West Q Street paving bonds mentioned in V . 85, p. 1105.
Denomination $1,000. Interest semi-annual.
Springfield, Clark County, Ohio.— Bond Sale.— Reports
state that the $5,000 4% fire-department bonds maturing
March 1 1915, described in V. 85, p. 822, were awarded on
Oct. 22 to the Firemen’s Pension Fund at par and accrued
interest.

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THE CHRONICLE.

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CITY OF SHEBOYGAN, WISCONSIN
B O N D S
S ealed proposals w ill be received b y the
M a y o r and G lty C lerk , at the o ffic e o f the C ity
C lerk o f's a id C ity , u ntil 2 O ’ C L O C K P . M . O n
N O V E M B E R 1 5 T H , 1007, and opened a t th a t
t im e , fo r the w h o le or a n y pa rt o f $360,000 00
o f general lia b ility bonds o f the C ity o f She­
b o yg an ordered issued and
sold u nder the
o rdin ance o f said C ity , en title d A n O R D I N ­
A N C E to p ro vid e fo r the issue o f bonds to the
am ount o f $360,000 00 to be
ca lled W a te r
W o rk s Bonds o f the C ity o f S heb oygan fo r the
purchase o f the W a te r W ork s P la n t o f the
C ity W a t e r C om pan y o f the C ity o f S heb oygan,
and the extensions o f such w a te r w orks, under
the a u th o rity o f Section 926-11 o f the R e v ised
S tatu tes o f W isconsin o f 1898, and Section 943
of said Statu tes, and the law s a m en d a tory o f
said sections and under and pursuant to the
C ity C h arter o f the C ity o f S h eb oygan , and the
la w s a m en da tory th ereof, d u ly passed O ctober
7th, 1907, su bsequ en tly a pproved and published
as requ ired b y la w .
Said Bonds to bear d a te O cto b er 1st, 1907,
and w ill consist o f 300 bonds, o f the den om in a­
tio n o f $500 00 each, num bered from one to
three hundred, and o f 210 bonds, o f the d en o m i­
n ation o f 51,000 00 each, num bered from three
hundred one to fiv e hundred ten , p a y a b le as
fo llo w s :
C om m en cing w ith num ber one, $18,000 00 on
O cto b er 1st, i909 ; and $18,000 00 O cto b er 1st,
o f each and e v e ry ye a r th e rea fter to and in ­
c lu d in g the ye a r 1918;
and $20,000 00 on
O ctober 1st, 1919, and each and e v e ry ye a r
th e rea fter, to and In clu din g O ctober 1st 1927.
Said bonds shall bear in terest at the rate o f
liv e per cent per annum , p a ya b le sem i-a n n u ally
on the 1st d a y o f A p ril and O ctober; In terest
and principal p a ya b le at F irst N a tio n a l B a n k,
C h icago, 111.
Said bonds w ill be coupon bonds, In fo rm
h ereto fo re p rovid ed in the said ordin ance m a k in g
provision s fo r th eir issue.
T h e C ity , h a v in g h eretofore en tered In to con ­
tra ct w ith the C ity W a te r C om pan y fo r the pu r­
chase o f Its entire w a te r w orks system , has m ade
provisions fo r the issuing and sale o f said bonds
to en able the c o m p k tlo n o f the purchase o f
said w a te r w orks, fo r m unicipal purposes, a ll as
p ro vid ed b y la w .
T h e righ t to re ject a ny and a ll bids is reserved ;
proposals should be endorsed "P ro p o s a ls fo r the
purchase o f W a te r B on ds,” and should be a d ­
dressed to " T h e M a yo r and C ity C lerk : cash
o r certified check, certified to o r ap p roved by
a n y N a tio n a l B ank, en closed In a separate en ­
v e lo p e , p a ya b le to the “ C ity Treasu rre o f She­
b o yg a n , W iscon sin ,” fo r three per cen t o f the
par va lu e o f the bonds bid fo r m ust a ccom pan y
each bid.
In case o f d efau lt on p a rt o f the
b idd er or bidders to p a y fo r the bonds on or
b efore D ecem b er 1st, 1907, n otice o f the a ccep­
tance o f the bid or bids to be m ailed to the
address o f such bidders w ith in five days a fte r
such acceptan ce, such ch eck, checks o r cash
sh all be fo rfd te d to the C ity as liq u id a te d d a m ­
ages. N o bid fo r less than p a r and accrued In ­
terest can be accep ted. A n y fu rth er in fo rm a ­
tion on applica tio n .
B y ord er o f the C om m on Council.
D a ted O cto b er 17th, 1907.
T H E O . D IE C K M A N N , M a yo r.
J O H N M . S T B I M L B , C ity Clark.

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lxxxv.

Toronto, Ont.-—Debentures Not to Be Offered at Present.—
W e are advised that the $781,171 water-works-system-improvement-and-extension debentures voted at the election
Sept. 14 (V. 85, p. 752) will not be issued at present, “ as
the water-works extensions have not yet been made and it
will take some time to carry them out.”
Torrington, Litchfield County, Conn.— Bond Sale.— On
Oct. 21 the $75,000 4J^% 20-year coupon bonds described
in V. 85, p. 1044, were awarded to O’Connor & Kahler of
New York City at 101.20— a basis of about 4.41%.
Tuckahoe, Westchester County, N. Y .— Bonds Not Sold.—
No bids were received on Oct. 30 for $6,000 sewer-extension
and $3,000 Breckenridge Street improvement 5-22-year
(serial) registered bonds at not exceeding 5% interest offered
on that day. Authority election July 31 1907. Denomina­
tion $500. Date N ov. 1 1907. Interest semi-annually at
the First National Bank of Mount Vernon.
Union (P. O. Weehawken), Hudson County, N. J.— Bonds
Not Awarded.— No action will be taken on the bids received
on Oct. 28 for the $15,000 5% 1-5-year (serial) gold Bullsferry Road improvement bonds described in V. 85, p. 1105,
until the next meeting of the Committee of the Town Council.
Utica, Oneida County, N. Y .— Bond Sale.— On Oct. 25
the $8,000 4% 20-27-year (serial) registered public-improvement bonds described in V. 85, p. 1045, were awarded to the
Citizens’ Trust Co. of Utica at par and accrued interest.
No other bids were received. Interest semi-annually at
the City Treasurer’s office.

Bonds Not Sold.— No bids were received for the $17,500
4% coupon Buck Creek improvement bonds offered on the
same day.
Springfield, Hampden County, Mass.— Bonds Authorized.
— Local papers report that the City Council on Oct. 28 au­
thorized the issuance of $62,000 Abbe Avenue improvement,
$43,000 school-house-site-purchase and $20,000 sewer-construction bonds.
Stanton, Stanton County, Neb.— Bonds Not Sold.— No
award was made on Oct. 28 of the $5,500 5% 10-20-year
(optional) gold coupon electric-light-plant-purchase bonds
described in V. 85, p. 883.
Stonewall School District No. 108 (P. O. Stonewall),
Man.— Debentures N ot Sold.— No satisfactory bids were
received on Oct. 19 for the $18,000 5% 20-year school
debentures mentioned in V. 85, p. 1044.
Temple, Bell County, Tex.— Bonds Voted.— On Oct. 22
this city authorized the issuance of the $60,000 bonds for
the purchase of the water-works-plant, $30,000 for the
improvement of the same and $60,000 to assume the bonds
now outstanding against the water-works company. The
vote was 370 “ for” to 30 “ against” the propositions. See
V . 85, p. 619.
Tifton, Tift County, Ga.— Bonds Authorized.— Local pa­
pers state that an issue of $30,000 water-works-completion
and sewerage-system-construction bonds was authorized by
the County Superior Court on Oct. 2.
Toledo, Lucas County, Ohio.— Bond Election.— A t the
general election N ov. 5 the question of issuing the $150,000
Boulevard opening, extending and improving bonds men­
tioned in V. 85, p. 1044, will be submitted to a vote of the
electors of this city.
Toppenish, ' Yakima County, W ash.— Bond Offering.—
Proposals will be received until 5 p. m. N ov. 4 by R . D.
Campbell, Town Clerk, for the $4,000 town-hall and the
$2,000 street-improvement bonds voted (V. 85, p .1044) on
Oct. 7. Denomination $1,000. Date Oct. 21 1907. In ­
terest (rate not to exceed 6 % ) payable semi-annually.
Maturity Oct. 21 1927, subject to call after Oct. 21 1917.
Certified check for $200, payable to the Town Treasurer,
is required.
N

[V o l .

Vallejo High School District (P. O. Vallejo), Solano
County, Cal.— Bonds Defeated.— An election held Oct. 21
resulted in the defeat of a proposition to issue high-schoolconstruction bonds.
Waterloo, Jefferson County, W is.— Bonds Voted.— An
election held Oct. 8 resulted in a vote of 140 to 48 in favor of
a proposition to issue $10,000 electric-light-system-purchase
bonds.
Waterville School District No. 9 (P. O. Waterville),
Lesueur County, Minn.— Loan Authorized.— An election
held Oct. 7 resulted in favor of a proposition to issue $20,000

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Sealed proposals, addressed to G eorge L . H e n ­
derson; C lerk o f the V illa g e o f R y e , R y e , W e s t­
chester C o n n ty, N e w Y o r k , w ill be received on
or b efore W E D N E S D A Y , N O V E M B E R 6, 1907,
a t 8 o 'c lo c k in the eve n in g, fo r the purchase o f
the bonds o f the V illa g e o f R y e , to be issued in
am ounts and kn ow n as fo llo w s:
“ F ire B o n d s” ----------------------------------------- $40,000
'•P u b lic D ock B on ds” --------------------------- 15,000
‘ ‘ S treet B on ds” --------------------------------------125,000
‘ ‘ S ew er B on ds” ______^______________________ 300,000
F o r w a te r ex ten s ion ________________________
3,000
to con tain the usual gold and sin kin g fund pro­
vision s, to m atu re t h ir ty (30) years from da te
o f th e ir Issue, accu m u lation o f sin kin g fund to
begin fiv e (5) years from d a te o f th e ir Issue.
T h e B o a rd o f Trustees reserve the rig h t to
re ject an y o r a ll o f th e said bids.
F o r fu ll particu lars a p p ly to
GEORGE L. H EN D ERSO N,
C lerk,
R y e, N ew Y o rk .
D a ted R y e V illa g e , O cto b er 16 1907.

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A S K F O R C I R C U L A R N O . 846F .
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21 Milk St., Boston, Mass.
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P H IL A D E L P H IA

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w ith steel-plate border*, or lithographed, or part­
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DAYS

Certificates en graved In best manner, or partly
llthoarapbed and partly artoted
A L B E B T B . K I2 T G & C O .,2 0 6 B r o a d w a y , N . Y .

NOBLE

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D e t r o it ,
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M U N IC IP A L
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LIST OF SPECIALTIES ON REQUEST

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B R A N C H O F F IC E
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A S P E C IA L T Y

FRANCKE

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F ir s t N ftt B a u k B i l l i n g , C M e ® s »
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C O U N TY
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N o v . 2 1907.]

THE CHRONICLE.

school-building bonds. We are informed that application
has been made to the State School Fund for this loan.

Dorr, Village Clerk, for $5,721 66 5% North Street and Main
Street improvement assessment bonds. Authority, Section
97, Municipal Code. Denomination $286 08. Date Oct. 16
1907. Interest March 1 and Sept. 1. Maturity $286 08
each six months from March 1 1908 to Sept. 1 1917 inclusive.
Certified check for 10% of bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued
interest.

Waycross, Ware County, Ga.— Bond Election Proposed.—
The citizens of this city have passed resolutions requesting
the City Council to call an election to vote on the question of
issuing $70,000 bonds to aid in the rebuilding of the carworks plant, recently destroyed by fire.
Webster Groves School District (P. O. St. Louis), Mo.—
N o Action Yet Taken.— We are advised that, owing to the
stringency of the money market, no action has yet been taken
looking towards the issuance of the $60,000 school-building
bonds recently voted by this district. See V. 85, p. 752.
Wells County (P. O. Bluffton), Ind.— Bonds N ot Sold.—
No sale was made on Oct. 16 of the $112,000 43^% coupon
gravel-road bonds described in V. 85, p. 965.
West Unity Special School District (P. O. West Unity),
Williams County, Ohio.— Bond Election.— Reports state
that an election will be held N ov. 5 to vote on the question
of issuing $1,000 school-improvement bonds.
Wildwood, Gape May Comity, N. J.— Bond Offering.—
Proposals will be received until 8 p. m. N ov. 12 by the
Borough Council for $65,500 5% municipal-improvement
bonds. Certified check for 3% of bid is required. These
bonds were offered but not sold (V . 85, p. 1045) on Oct. 15.
E. G. Eldredge is Borough Clerk.
Winters Independent School District (P. O. Winters),
Runnels County, Tex.— Bond Sale.— The issue of $5,000 5%
15-20-year (optional) schoolhouse bonds registered by the
State Comptroller on Sept. 7 (V. 85, p. 824) was awarded
on Oct. 26 to the State Permanent School Fund at par and
accrued interest.
Wood River, Hall County, Neb.— Bonds Voted.— Bond
Offering.— The election held Oct. 8 resulted in favor of the
propositions to issue the $15,000 water-works-plant and the
$3,800 municipal-electric-light construction bonds men­
tioned in V. 85, p. 885. The vote was 157 to 31. Pro­
posals for these bonds will be received until Jan. 1 1908.
Woodsfield, Monroe County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m ., N ov. 18, by Geo. P.
I N

V E

S T M

E

N

I N

T S .

V

E

MANN

&

Yonkers, Westchester County, N. Y .— Bonds Not Sold—
Bond Offering.— No bids were received on Oct. 30 for the
$20,000 43^% 10-11-year (serial) public-bu’lding and dock
bonds described in V. 85, p. 1106. Proposals are again
asked for these bonds and will be received, this time, until
Nov. 6.
Youngstown, Mahoning County, Ohio.— Bond Sale.— The
following bids were received on Oct. 28 for the eight issues
of 5% coupon bonds aggregating $49,860, described in V.
85, p. 885:
$26,000
$15,000
$650
$2,000
W estFederal
C ity -b a rn - P in e Street
P o lic e and
S t. widening
construction im p ro v e ’t
’f ire -a la rm
bonds.
bonds.
bonds.
bonds.
H a y d e n , M ille r & C o., Clea$26,617 00 a$15,161 00
____ _________ ________
F irem e n ’s Pen sion Fund
Tru stees, Y o u n g sto w n
__________
__________
a$651 00 a$2,018 00
Com m ercial N a tio n a l B k .,
26,100 00
Y o u n g s to w n ___________
$725
$1,470
$2 530
$1,485
W estFed eral
S u m m it
Io n a
B arrow S t.
Street sewer A venue sewer S t. paving
grading
bonds.
bonds.
bonds.
bonds.
F irem e n ’ s Pension Fund
Trustees, Y o u n g stow n
a$726 00
$1,473 00 $2,535 00 a $ l ,488 00
Com . N a t. B k ..Y o u n g ..
a l,4 8 3 00 a2,538 50
a Successful bidd ers.

Maturity of Bonds.—rWe are informed that the $5,050 5%
sidewalk-construction bonds to be offered at 2 p. m. N ov. 11
mature $1,010 yearly on Oct. 1 from 1909 to 1913 inclusive
and not $1,050 yearly on Oct. 1 from 1909 to 1913 inclusive
as reported in V. 85, p. 1106.
Zelienople, Butler County, Pa.— Bond Election.— Reports
state that at the regular election Nov. 5 the question o f
issuing $10,000 bonds will be submitted to a vote of the
people.

S T M

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BANKERS,
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WADE,

GUTHRIE &

P U B L IC

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York a n d I l li n o i s . )

BOSTON.
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1 8 8 t. 8 w it h i n 's
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Exchange

C O .
C H IC A G O ,

m u n ic ip a l

,

.

Property and Investments of every
Kind in all Southern States.
METROPOLITAN INVESTMENT CO.

C E R T IF IE D

60

&

43 E x c h a n g e P lace,

GEO. B . E D W A R D S, President, Charleston, S. C.
N e w Y o rk O ffic e, B eaver Bids: , 82-92 B eaver St

C

I N

N e w Y o rk

H ig h - G r a d e P u b lic
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P e r r y ,

V

B O N M

u n i c i p a l ,
S t a t e ,

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re q u e s t.

O L E V B L A N D a n d P H IL A D E L P H IA .

C o u n t y ,

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C IN C IN N A T I, O.
M

S T E P H E N S

m e r c a n tile L ib r a r y B u ild in g ,
C IN C IN N A T I.

Y O R K ..

BONDS.

.

2 W A L L ST., N E W YORK

SEAS0NQ00D & MATER,

B o s to n

8TATE. f llT f & RAILROAD

409

W

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NEW

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H ib e r n ia B a n k B ld y .

EN G LAN D ,

L a n e , E. C ., C a b le , “ A d o r je s t . '

1168

[Vol. uxxxv.

THE CHRONICLE
%xnst C om pan ies.

M e rc a n tile T ru s t C o.
M em ber

C

A sso cia tion

.

w m

Presiden t.

, m a f f it t Treasu rer

C om m en ced b u sin ess N o v . 16, 189 9
•

RESOURCES
N o v . 1 6 .1899
$1,667,051 19
N o v . 16, 1900
$4,429,448 02
N o v . 16, 1901
$11,780,418 95
N ov.

16,

1902
$21,882,734 64

Nov.16,1903 521,756,471 73
Nov. 16,1904 $26,508,716 93
Nov. 16, 1905 $27,292,163 67
Nov. 16, 1906, $27,984,599 63
T h e ir r o o f o f G ood S e r v ic e is C o n sta n t G r o w th
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BO STO N . M ASS.

Capital & Surplus, -

O L D
C O L O N Y
T R U S T C O .
BOSTON, MASS.

- $4,000,000

Tran sacts a General T ru st and
Capital and Surplus, = $7,000,000
Banking Business
In tere st A llow ed on D eposits Subject to CheckA GENERAL
B A N K IN G
A cts as Trustee under Railroad and oth er M ort­ T R A N S A C T S
g a g es; also as A g e n t fo r the R eg isterin g
B U S IN E S S .
ALLO W S
IN T E R E S T
ON
and Tran sfer of Stock.
D A IL Y
B A LA N C E S
S U B JE C T
TO
A legal D ep o sita ry fo r Cou rt Funds, and au thor­ C H E C K ,
TRU STEE
UNDER
M ORTGAG­
ized to act as E x ecu tor, G uardian, A d ­
ES.
TRANSFER
AGENT.
R E G IS T R A R .
m in istrator and Trustee.
D IR E C T O R S .
B O A R D O F D IR E C T O R S :
P H I L I P S T O C K T O N , Presiden t.
T . JEFFERSON C oolldg -e J r .....................Chairm an
Charles F . A dam s 2d.
G eorge E . K e ith ,
G ordon A b b o tt,
O rlando H . A lfo rd .
H e n r y S. H o w e ,
G ardin er M. Lane.
O liv e r A m es,
F . L o th ro p Am es.
W a lte r H u n n ew ell,
A rth u r L ym a n ,
C. W . A m o ry ,
John S. B a rtle tt.
Thom as L .L iv e rm o re ,
M a x w e ll N orm an,
Charles
M ellen,
Charles F. A y e r ,
Charles E. Cottlng.
R o b e rt T . Pa in e 2d.
G eo rge v . L . M ey er,
Samuel Carr,
A lv a h Crocker,
A n d re w W . Preston.
B. P . Cheney,
L ivin g sto n Cushing.
La u ren ce M in ot,
R ich ard S. Russell.
R ich a rd Olney,
T . Jefferson Coolidge,
G eorge A . Draper.
H o w a rd Stockton.
R o b e rt J. Pa in e, 2d,
Charles E. Cow ing,
W illia m F. Draper.
Charles A . Stone,
P h ilip L . Saltonstall,
P lu lip D ex ter,
W ilm o t R . Evans.
G alea N . S ton e,
N a th a n iel T h a yer,
F rederick P . Fish,
E b en S. Draper,
Q u incy A . S haw Jr.,
Lu ciu s T u ttle.
F red erick P . F ish.
R o b ert F . H errick .
N a th an iel T h a yer,
Stephen M ; W eld ,
Francis L . H igginson ,
H en ry O. U n d erw oed. R eg in a ld Foster,
Charles W . W h ittie r.
G eo rge P Gardner,
H en ry C. Jackson.
W . Seward W ebb.
R o b ert F. H e rric k ,
S idn ey W . W inslow .
T h e

B o s to n S a fe D e p o s it

T

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N
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B O S TO N

,

900,000

C H A R T E R E D 1836.
A cts as E xecu tor, A d m in istra to r, Trustee,
A ssign ee and Receiver.
Financial A g en t fo r In d ivid u a ls or
C orp orations.
In tere st A llo w ed on In d ivid u a l and
Corporation Accounts.
A cts as Tru stee of Corporation M o rtga g es.
D ep o sita ry under Plans of R eo rga n iza tion .
R eg istra r and T ran sfer A gen t.
A ssu m es en tire ch arge of Real E state.
S ales to R en t in B u rgla r-P roo f Vaults.
E . B. M O R R IS , Presiden t.
W . N . E L Y . 1st V ice-P resid en t.
A . A . J A C K S O N , 2d V ice-P resid en t
C. J R H O A D S , 3d V lce-P res. and Treasurer.
E D W A R D S. P A G E , S ecretary.
M ANAGERS:
E fflin g h a m B . M orris,
C. H a rtm a n Ku hn,
John A. B row n Jr.
James S peyer,
Augustus D . Ju lllla rd
B enjam in W . Richards
E d w a rd J. B erw lnd.
John B G a rrett,
R an dal M organ ,
W illia m H . Jenks.
E d w T . S totesbu ry,
W illiam H . Gaw,
Charles E . In gersoll,
Francis I. G ow en,
John S to ry Jenks Jr.
G eo. H . M cFadden .
H en ry B. C oxe,
H en ry T a tn a ll,
E . C. F elto n .
Issac H . C lothier.
Th os. D e W lt t Cu yler
N E. Cor. Broad and Chestnut S treets,

Capital - w - ,
Surplus (Earned)

M ississipoi

A D A M A . S T U L L , President
H E N R Y G. B R E N G LE . 1st Vlce-Pres. & Treasurer.
JOS. S. C L A R K , 2d Vice-Pres., Superv*g Trust Dept.
CHAS. P . L IN E A W E A V E R , Sec. <fc Asst Trust Officer
DIRE: rro R s.
Henry G. Brengle.
j . Levering Jones,
James Crosby Brown, Malcolm Lloyd,
John Cadwaiader,
John Mcllhenny,
Richard Wain Melrs,
E. W. Clark Jr.,
Eckley B. Coxe Jr„
Clement B. Newbold.
Edwin S. Dixon,
John W. Pepper.
Eugene L. Ellison,
W 11am F. Read.
Joseph C. Fraley.
Frank Samuel,
Adam A. Stull,
Harry C. Francis,
Edward D. Toland,
Henry L. Gaw, Jr..
Joseph R. Wainwright.
Howard 8. Graham.
William D. Winsor.
Samuel F. Houston,

C

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O

G
M

L
P

A
A

N
N

D
Y

,

2 ,0 0 0 ,0 0 0

Valley

Trust

S U R P L U S $2,000,000

Authorized to act as executor and to receive and
hold money or property in trust or on deposit from
Courts of Law or Equity, Executors. Administrators.
Asst3aee3, Guardians, Trustees, Corporations and
individuals.
Also acts as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
interest Allowed on Deposits Subject to Check.
OFFICERS.
D A V ID R. W H IT N E Y , President.
CH A RLE S H . D A L T O N , Vice-President.
CH A R LE S F CH O ATE, Vice-President.
F R A N K L IN H A V E N , Vice-President.
JAMES R . H O O PE R , Actuary.
H E N R Y N . M A R E . Secretar .
F R E D K W . A L L E N , Asst.Sec A Treas.
1H O M AS E. E A TO N , Asst. Treasurer.
FR A N C IS R. JE W E T T . Trust Officer
BOARD OH D IK E C IO R j
W illiam Endicott, Chairman.
Frederick P. Fish,
Walter C. BayUes.
Morris Gray,
Alfred Bowditch,
Franklin Haven,
diaries F . Choate,
James P.. Hooper,
Alexander Cochrane,
James M. Prendergast,
Kdmund D Codman,
George S. Silsbee,
f . Jeflerson Gooudge.
Lawrence M. stockton.
Charles H . Dalton.
Nat Hamel Thayer,
George Dexter.
George Wigalesworth,
Philip Dexter,
David R. Wtiitnev
William Farnsworth.

Co.

Fourth & Pine Sts., St. Louis
A

C A P IT A L . S U R P L U S
-|<cq KHfi DOO
and P R O F I T S i ^ '
'
■
G E N E R A L F IN A N C IA L A N D F ID U C IA R Y
BUSINESS TR A N S A C T E D

M a ry la n d T r u s t C o.
B A L T IM O R E .

DIRECTORS
D. R. Francis
R . J. O'Reilly,M D
August Gehner
Henry W . Peters
S. E. Hotlman
H. Clay Pierce
Chas. H. Huttig J. Ramsey Jr.
Breckin'ge Jones James E. Smith
W . J. McBride
Robt. H. Stockton
Nelson W. McLeod Julius S. Walsh
Saunders Norvell Holla Wells
W m. D. Orthwein
OFFICERS
JU LIU S S. W A L S H , Chairman of the Board
B R E C K IN R ID G E JONES, President
JOHN D. D A V IS , Vice-President
SAM U E L E. H O FFM A N . Vice-President
JAMES E. BRO CK. Secretary
H U G H R. L Y L E . Asst. Secretary
H E N R Y C. IBBOTSO.V, Asst. Secretary
C. H U N T T U R N E R Jr.. Aset. Secretary
LO U IS W . F R IC K E . Asst. Secretary
F R E D E R IC K V IE R L IN G , Trust Officer
H E N R Y S EM PLE AMES, Asst. Executive Officer
C H A R L E S M. P O L K . Asst. Trust Officer
W IL L IA M G. L A C K E Y , Bond Officer
WM. McC. M A R T IN , Asst. Bond Officer
TOM W . B E N N E T T , Real Estate Officer
GEO. K IN G S L A N D , A sst Real Estate Officer
C. W . M O R A TH , Safe Deposit Officer

John I. Beggs
Wilbur F. Boyle
James E. Brock
Murray Carleton
Charles Clark
Horatio N . Davis
John D. Davis
Aug. B. Ewing

T h e T ru st C om pany
o f N o r th A m e ric a
503-505-507 C h estn u t St., P h ila d elp h ia .

$ 1 ,0 0 0 ,0 0 0

C H A R L E S E . R O G E R S O N . Presiden t.
J A M E S L O N G L E Y , V ice-P resid en t.
W I L L I A M C. W I L L I A M S , V lce-P res’t.
G . E . G O O D S P E E D , Treasu rer.
W . L . W H I T N E Y , A sst. Treasurer.
H E N R Y A . F E N N , Sec. & M gr.S afe D . D t .
H . D . H E A T H F I E L D . A ssistan t Sec.
F . J. B U R R A G E , A ssistan t Secretary.

P H IL A D E L P H IA .

C A P I T A L ................................................ $1,000,000

and

A c ts as T ru s te e under R a ilro a d and oth er
M o rtg a g e s and is a u th o rized to a ct as E x ecu to r,
G u ardian, A d m in is tra to r and T ru s te e.

G irard T r u s t C o m p an y .

T

E

Safe D ep o sit V a u lts

In te re s t A llo w e d on D ep o s its S u b ject to C h eck

C A PITA L and S U R P L U S ,$10,000,000.

S

W

C A P I T A L , $ 1,8 0 0 ,0 0 0

M ASS

Transacts a General Trust
Banking Business.

TRUST

E

BOSTON, iiiASS.

T ru st C om pany

Y

$ 2 ,0 0 0 ,0 0 0

B A N K IN G , SAVINGS A N D
DEPARTMENTS.

U

AND

C H A R LE S G. D A W E S , President.
W . IR V IN G OSBO RNE. Vice-President,
A . UHBX.AUB, Vice-President.
W IL L IA M R. D A W E S, Cashier.
L . D . S K IN N E R . Asst. Cashier.
W IL L IA M W . G ATES, Asst. Cashier.
A . G. M ANG, Seeretary.
M ALCOLM McD O W e l L , Asst Secretary.




T

S TR E E T.

L

CH ICAG O .

Capital, - - - Surplus and Profits

Y

B U N K E R H IL L B R AN C H :
C ity Square. C H A R L E S T O W N M A S S.

Capital and Surplus, $9,500,000
f e s t u s j. w a d e

I T

50 S T A T E

St, L e m s . jV*o
S t. Louis C learing House

W

i s

c

o

n

s

i n

T

r

u

s

t

C

o

C A P IT A L ,

D IR E C T O R S
Joslah L . Blackw ell.
G rier H ersh,
G. C lym er Brooke,
G eorge C. Jenkins,
H . Carroll Brown,
Joshua L eve rin g ,
John W . Castles.
Oscar G. M u rray,
Joseph R . F oard,
H e n ry F . Shoem aker.
B. H o w e ll G risw old J r., James S peyer,
A . B arton H epburn,
D ouglas M. W y lie .
John T . H ill,
L . S. Z im m erm an
O F F IC E R S
G R I E R H E R S H . . . ............. .P re s id e n t
L . S. Z I M M E R M A N ____ 2d V lce-P rest.
C A R R O L L V A N N E S S ........... Treasurer
J E R V I S S P E N C E R J r . . . A s s t . Treasure
I V A N S K I N N E R ........... A sst. S ecretary

NOW R E A D Y .
F IN A N C IA L R EVIEW .
1907 ISSUE.
320 Pages.
P R IC E , TW O D O LLAR S.
Commercial & Financial Chronicle,
76V£ Pine Street, New York.

.,

M IL W A U K E E .
Capita1,
Surplus, - - - - -

$ 2 ,0 0 0 ,0 0 0

$500,000
100,000

Transacts a General Trust Co Business.
Buys and Sells
High Grade Investment Bonds.
o f f ic e r s .
O L IV E R C. F U L L E R , President.
F R E D E R IC K K A S T E N . Vice-President.
G A R D N E R P . S T IC K N E Y Treasurer.
• • •
F R E D . C. BEST Secretary
R . L . S M ITH . Ass t Secretary

W

illia m

D . M a r k s ,

P h . B .C .E .

C o n s u ltin g E n g in e e r a n d S ta tis t ic ia n .
GAS W O R K 8
E L E C T R IC L I C H T W O R K S .
E L E C T H I U R A I L W A Y S , O IL M O T O R C A RS.
623 P a rk R o w

B U lg .

E x p e rie n c e d

New

Y o r k C ity .

in M u n ic ip a l C a u s e s .