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V
i t t H
IN C L U D IN G
B ank and
Q u o ta tio n
S e c t i o n (Monthly)
S t a t e a n d C i t y S e c t i o n (sem i-A nnuai^
R a i l w a y a n d I n d u s t r i a l S e c t i o n (Quarterly)
VOL. 85.
S tre e t
R a ilw a y
SATURDAY, NOVhMBER 23 1907.
1907.
PUBLISHED WEEKLY.
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
For One Year ...........................................: .............................................................. $1 "> 00
For Six M ouths............... ........................................................................................
0 00
European Subscription (including postage).................................................. 13 0 )
European Subscription , ix months (including po sta ge'..........................
“
7 50
Annual Su >!»eripti< n in London (including p stage).................................f 2 1-1 s.
Six Months Sul)Mcr:’ >*l n in I.om’ on (including postage)........................ .41 1 ■s.
Canadian Subscription im clu-.ing postage> ..................................................$ i l 5 0
S u b s cr ip tio n in c lu d e s f o ll o w i n g S u p p lem e n ts —
B 'XK a n d Q uo tation (monthly)
I S "ATE and Oit y (semi annually)
R a i l w a y a . d I n d u str ia l (quarterly) j S treet K a il w a y (3 times yearly)
n
T e r m s o f A d v e r tisin g — P er In c h S p a c e
Transient matter per inch space (14 agate lin es)...........................................
r t w o Months
( -i tim es)................................
‘Stnndin®- Business Cards ■ Three Months (13 tim es)................................
)
Standing .Business carets ' ^ M o n t h s
(20 tim es)................................
\ Tw elve Months (52 tim es)................................
$4
‘2 2
20
60
87
20
00
00
00
0J
C H IC A G O O F F IC E —P . Bartlett, 513 MonacTnock Block; Tel. Harrison 4012.
LO N D O N O F F IC E —Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L I i \y\
P . O . B ox 9 5 8 .
P . D A N A C O M P A N Y , M b lls lio r * ,
*
P iu e S t . , C o r n e r o f P e a r l S t .,
N ew Y o rk .
Published every Saturday mornin r by W I L L I A M B . D A N A C O M P A N Y .
W illiam B. Dana, Piesiden ; Jacob Seibert J r., Vice-Pres. and Sec.; Arnold
G. Dana, Treas. Addresses ot all. Office of 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
$2,2^ 6,932,349, against $2,336,945,192 last week
and
$3,384,195,486 the corresponding week last year.
1907.
1906.
Per
Cent.
$1,061,076,803
104,008,012
98,030, (6 8
22,213,170
106,012,053
49,883,894
16,586,207
$1,833,630,250
141,360,.'08
131,231,787
24,683,758
201,988,559
58,105,730
23,049,077
— 42.1
— 26.4
— 25.3
— 10.0
■ 17.8
—
— 14.1
— 28.0
$1,517,810,807
382,107,269
$2,414,050,049
405.796,247
— 37.1
— 5.8
Total all cities, 5 days______________
All cities, 1 day________________________
S I,899,918,076
367,014,273
$2,819,846,296
564,349,190
— 32.6
— 35.0
Total all cities for week_____________
$2,266,932,349
$3,384,195,486
— 33.0
Clearings— Returns by Telegraph.
Week ending November 23.
New Y o r k _____________________________
Philadelphia .
—
---------- ---------Baltimore______________________________
Chicago________________________________
. .................... —
Other cities, 5 d a y s.. ....................
-
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' got 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, N ov. 16, 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
loss of 3 3 .0 % .
Outside of New Y ork the decrease from
1906 is 2 1 .1 % .
Week ending November 16.
Clearings at—
New York______
Philadelphia-----Pittsburgh______
Baltimore______
Buffalo__________
Albany__________
W ashington____
Rochester____ .
Scranton______ _
Syracuse_______
Reading ----------Wilmington_____
Wilkes-Barre___
Wheeling ............
E rie____________
Binghamton____
Chester................
Greensburg_____
Franklin________
Harrisburg_____
Y o r k ....................
Total
Inc. or
D ec.
1904.
$
J
j
184,204,711
— 40 .O 2 ,151,172,696
S
1,319,578,690
134,126,938
159,445,581
120,686,818; 163,125,078: — 26.0
47,963,264
50,462,733
51,596,372, + 0 .7
51,935,767!
28,585,583
— 9.9
31,907,590
32,816,863
28,753,936
8,073,073
8,988,5741 — 5.1
8,590,745i
8,534,565
5,150,548
5,635,740
6,637,878! — 28.9
4,721,878!
4,655,904
5,784,292 — 14.1
5,543,033
4,970,268j
3,061,296
3,982,560
4,021,053
— 3.6
3,877,251
1,675,085
1,904,371
2,104,620
+ 4.3
2,195,6651
1,514,241
1,810,965
— 1.1 1
2,270,8571
2,295,261
1,016,820
1,262,0011
1,401,847
+ 2.8
1,441,237
1,086,801
— 1.0
1,241,2161
1,387,301
1,372,751'
1,020,233
1,302,297
1,223,368
+ 9.0
1,333,595
943,111
1,283.799
1,024,696!
— 3.8
1,235,160
548,645
657,510:
823.392 — 22.8
635,397
572,600
623,600
662,200 — 22.3
514,800
471,378
552,5721
528,722
+ 3.0
544,785
414,579
306,067)
509,114 — 12.8
443,700
247,447
288,534 — 11.1
320,028;
256,421
1,000,000 — 10.0
900,000
in total
768,046
1 , 5 5 6 , 2 0 2 , Z .W .A Z n .l W — 37.31
2.408.655.274 2,42V332 257
( Tlu^ a S c^
NO. 2213.
Week ending November 16.
Clearings at—
New Orleans . . .
S e c tio n
1906.
Inc. or
D ec.
1905.
1904.
$
S
S
$
143,283,845
193,650,462 — 26.0
169,096,334
163.686,710
7,453,800
9,945,400 — 25.1
9,352,500
7,648,500
3,055,521
3,248,274
3,706,313 — 17.6
2,943,036
2,344,790
2,632,209 — 10.9
2,286,662
2,015,763
2,000,325
— 6.5
1,875,473
2,139,278
2,184,987
1,932,413
2,121,146
— 8.9
1,959,203
1,615,595
1,698,491
— 4.3
1,657,305
1,446,097
1,624,731
1,065,942
1,155,023
1,327.086 — 13.0
696,296
905,966
795,866 + 13.8
786,993
511,670
508,979
591,901
612,964
— 3.5
525,111
453,944
458,193
560,702
524,578 — 13.5
192,605,372
164.802,259 219,153,793 — 24.8
183,524,959
197,606,634 251,610*328 — 21.5 222,007,886 209,597,499
21,730,500
26,906,300 — 19.2
25,686,450
23,551,950
17,5x1,098
17,036,051
19,488,369 — 12.6
15,858,968
25,294,817 — 45.6
13,755,225
15,408,467
14,727.649
10,442.624
11,630,653 — 10.2
9,994,005
9,191,804
6,398,603
7,735,339
8,839,776 — 27.6
7,320,707
4,767.400
4,963,600
5,671,500 — 12.5
5,065,60o
— 9.2
3,975,773
4,377,231
4,496,868
3,215,515
1,315,980
3,364,775 — 60.9
3,387,018
3,640,668
2,278,086
3,508,083 — 35.1
2,723,679
2,424,802
1,569,079
1,763,847
2,110,855 — 25.7
1,604,540
2,018,013
+ 6 .3
1,899,193
1,649,422
1,650,094
986,284 — 21.7
925.39,8
772,082
948,542
841,870
720,357
— 6.5
787,278
842,525
875,381 — 24.7
850,861
6.58,588
716,408 — 30.2
495,000
500,000
611,100
540,103
699,431 — 22.8
790,655
546,629
566,917
1,590,938
649,219 + 145.1
509,101
— 1.4
644,802
604,587
635,699
525,684
473,793
413,481
552,263 — 25 1
540,502
— 1.0
474,733
480,678
535,000
439,884
— 3.4
404,980
425,000
345,201
333,454
458,133
445,815
+ 2.8
440,080
397,955
+ 2.0
441,617
405,(51
323.923
231,679
368,383 — 37.1
436,815
195,375
240,852
362,150 — 33.5
253,965
388,238
293,7441
227,829
257,931 — 11.7
240,697
325,823 — 15.2
325,606
276,319
216,788
171,905 — 12.8
154,097!
149,909
124,362
291,938,709 323.977.8S6 — 21.9 325,882,931
304.454,446
44,974,905
59.134,848 — 48.0
30,756,381
37,064,746
13,923,340 — 31.4
12,631,352
8,233,111
9,558,869
10,212,214 — 13.9
4,974,139
8,014,461
8,789,6i 7
7,015,704
8,929,785 — 56.3
4,749.605
3,904,923
7,185,114 — 24.3
5,428,099
5,441,735
4,820,69s
3,217,297
5,769,250 + 20.1
4,156,333
6,928,047
+ 1 .4
3,354,387
4,629,959
4,153,633
4.696,34*
1,50.7,214
3,7,56,702 — 60.0
662,702
1,111,752 — 24.8
835,631
902,884
728,739
780.256 — 15.3
1,124,303
660,938
+ 6.4
241,534
516,705
435,122
550,000
327,582 + 42.5
_______ I
466,736
116,277,507; — 3b.3
88,836,7^6
68,046,958
74,094,489
— 5.1
27,041,209
25.990.88S
31,794.337
30,171,610
24,352,8951
26.421,253
27,302,959 — 16.2
22,892,482
+ 1.5
9,430,922]
8,177,266
10,531,153
10,689,052
11,046,798 — 15.2
8,737,314
9,138.098
9,363,784
8,945,441 — 17.2
7,320,965
5,729.357
7,410,033
5,425,728
5,065,944
5,293,051 — 31.6
3,618,499
— 7.7
2,672,5771
3,104,987
2.726.750
2,867,342
1,750,932
2,026,805 — 15.0
1,538,003
1,722,107
1,254,809 + 25.1
1,569,463
700.774’
1,099,531 — 15.8
1,028.650
*
925,602
1,087,295 + 23.9
984,710!
1,012.634
1,347,159
— 3.2
848,490!
993,184
742,461
961,834
— 3.2
871,394
806,753
518,802
843,232
708,158 — 20.7
632,351
599,575
561,592
519,948)
563,562 + 41.4
413,669
796,679
160.460
227.266!
257,943 — 26.5
189,597
88.863.026
106,881,407 — 10.2
91,853,618]
95,930,067
68.337,555
67,379,233 — 15.7
69,273,590
56,791,833
23,111.972
28.687,882 — 33.2
29,257,559
19,151,366
12.051,093
13,575.289 — 24.5
13,032.307
10,240,495
9,598,963
14,095.542 — 23.8
12,035.026
10,741,990
6,794,000
10.039,000 — 31.5
8,341,500
6,880,500
7,716,857
7,263,163 — 20.5
9,577,581
5,774,235
5,754,915
5,790,774
6,814,384
6,890.960
— 1.1
5.295,178
7,519,962
5.S18.924
+ 9.8
6,389,475
4,141,851
5.023,815
— 2.6
5,693,996
5,548,350
3.089,584
+ 3.2
3,731,213
3,782,141
3,903,328
2,713,093
3.376,992
— 3.6
4,480,657
4,648,849
2,090.887
2,923,502
2,70,8,585
3,218,455 — 15.8
1,452,451
2.028,446
2,239,748
2,403,280
— 6.8
2,116,154
2,750,847
+ 5.6
2,092,993
2,209,346
1.360,928
1,663,010
2,225,102 — 46.5
1,189,561
1,308,417
1,145,571
1,604,649 — 25.2
1,200,000
1,358,410
1,976,285 — 29.8
1,387,225
896.762
1,524,863
— 9.1
1,540.842
1,400,000
1,678,037
1,644 J)51
1,518,529 + 13.5
1,722,956
1,428,533
947,594
— 8.8
1,484,821
1,353,876
739.817
753,609
884,469 — 24.2
670,767
772.4.50 ■ 1,057,776 — 27.0
486,174
366.606
4,50,000 — 10.0
405,000
161.356,882
188,332,180 — 18.2
184,859.167
153,976,127
2,336,945,192 3.487.072.905 — 33.0 3,312.693.158 3.231.578,528
1,017,366,502 1,290.191,768 — 21,1 1,161,520.462 1,047.374.817
Boston
Providence_____
Hartford . ____
New Haven_____
Portland_______
Snringfteld______
Worcester______
Fall River______
New Bedford____
Lowell
Holyoke.
Total New Eng.
Chicago________
Cincinnati______
Cleveland______
D etroit_______
Milwaukee______
Indianapolis____
Columbus . . . .
Toledo ............. . .
Peoria - .
_
Grand Rapids_
D avton________
Evansville .........
Kalamazoo
___
Springfield, 1 1 . .
1
Fort W’ayne____
Akron ._
Lexington______
Youngstown____
Rockford ______
South Bend_____
C anton ________
_ _
_
Quincy. _
SDringfield, Ohio
Bloomington____
Mansfield_ ____
_
Decatur _____ _
Jacksonville, 1 1
1
Jackson _____
Ann Arbor______
Tot Mid.West.
San Francisco_
_
Los Angeles_____
Seattle ________
Salt Lake City_
_
Portland_______
Spokane ____ .
1 Tacoma________
Oakland________
[ Helena
! Fargo . _______
Sioux Falls.........
; San Jose________
Total Pacific..
| Kansas C ity____
Minneapolis_____
Omaha__________
St. Paul.____
! Denver__________
! St. Joseph______
Des Moines_____
! Sioux City______
Lincoln
Toneka .
Wichita _ ..............
Davenport_____
Colorado Springs
Pueblo . .
. .
Cedar Rapids_
_
Fremont_______
Tot. oth.West.
St. Louis_______
New Orleans____
Louisville............
Houston_______
Oalveston______
Memnhis______
! Richmond _____
. Savannah ______
Atlanta......... ......
1 Nashville ______
| Fort Worth_____
Norfolk________
i Birmingham____
A u gu sta_______
Little Rock_____
Knoxville . . _
_
Mobile_________
Chattanooga _
_
Charleston
Jacksonville____
M acon__________
Oklahoma______
! Beaumont _____
Total Southern
Total all______
I
Outside N. Y . .
Canada—
I Montreal_______
I Toronto _______
I Winnipeg_______
j Vancouver______
1 O ttaw a________
i Quebec__________
H alifax______ - - ;
! H am ilton...........
St. John................
London _________
Calgary________
\ lctoria _______
Edm onton._____
Total Canada.
33,635,040
24,633,711
14,897,081
3,946,303
3,299,577
2,657,277 I
2.072,335 !
1,715,143
1,528,021 i
1,274,721
1,404,858
1,187.294
905,4481
93,156.8091
— 5.9
35,751,923
29,320,028 — 16.0
+ 1.4
14,694,182
3,137,233 + 25.8
2,982,014 + 10.*
2,284,014 : + 16.3 i
+ 8.0|
1,919.529
2.057,847 — 16.6
1,300,530 + 1 7 5
1,242,980! + 2 .6
— 7.8
1,523,662
829,33* ) + 4 3 .2
847.29- ! + 6 .9 !
97.890.57 y — 4.81
31,029.970
23,367,792
10,849.503
2,227,705
2.801,047
2,084,587
2,241.973
1.812.172
1,281.461
1,110.611
...........
809.36‘
........... I
79.616.194
22.906.712
17.263,162
7,057,256
1.423.748
2.102,057
1,553,*>57
1,641,123
1,274,6-24
962,390
952,965
------794.600
57,931, a
1298
THE CHRONICLE
THE F IN A N C IA L S IT U A T IO N .
An experiment was announced with the opening of
the week as about to be tried by the Government for
the revival of our term of progress. The contrivance
emitted, it had been assumed, would increase on a large
scale the currency issues afloat. The theory was that
as the hoarding of money on deposit with national
and State banks, trust companies and savings banks
followed the panic, that the conditions prevailing an
terior to the panic would be restored in their entirety by
injecting a larger amount into the channels of trade
than the total of the hoardings. Great crises justify
bold measures for relief. No doubt the situation to
day is beset with grave difficulties, and if we could
think that the suggestions of the Government would
be of benefit and not harm, we would refrain
from saying a word to discourage belief in their
efficiency.
As the case stands, however, we cannot see that
even the sale of bonds and the issue of notes increase
in any measure the currency afloat. No one can get
the bonds or notes except hy paying for them. That
act extracts from the outstanding currency the full
face cost of the bonds and notes. The purchaser gets
the securities, and the money paid for them goes into
the Sub-Treasury. The result so far, instead of an
expansion, is a contraction of the currency to just the
extent of the purchase price. H ow does the purchaser
make good the contraction? Only by going through
the slow operation of taking out national bank notes.
When he has done that his securities are on pledge
with the Treasurer, and he can only get them again
by returning the bank notes. Assume that the m oney
value of the securities was $100,000. Before they
could be obtained the bank balance of the person
desiring the securities must be depleted to that ex
tent. At the end of the operation the purchaser’s
balance is found to be made good by $100,000 of bank
notes. But the certificates purchased are not in cir
culation at all, but are held safely by the Treasurer
in Treasury vaults.
As the week progressed lameness in the device
proposed by the President and Secretary seems to
have taken possession of the market, and the premium
on currency rose to 3 % . Thereupon some bankers
assured the Secretary that they could not buy the 3 %
notes, owing to this premium on outstanding currency,
unless assured beforehand that the purchase money
would be left on deposit with the purchasing bank, and
also that the bank should be authorized to substitute
railroad or municipal bonds for the collateral under
lying the Government deposit of the bond-purchase
money. This situation introduced a further hitch in
the working of the device and in the sufficiency of it,
even if it could be made acceptable in other particu
lars. Discussion also arose as to the authority the
statute conferred for the 3 % note issue and for the issue
of bank notes on them. Altogether the attempt to
float the 3s seemed to be attended with unpromising
features and results. Looking back, it likewise be
came obvious to the public that, outside of the pro
posals by the President and his Secretary, and just
before those loans were announced, other happenings
had been developing affairs into a much better shape,
and in some respects those agencies towards recovery
had not even yet been arrested.
[V o l .
lxxxv
.
Certainly one factor of the restorative forces has
not abated in the least up to the present moment;
indeed, it has taken on amazing proportions. E x
pressed in brief, about $81,500,000 million dollars of
gold has been obtained by the United States from
Europe. Part of it was in United States coin, which
went im mediately into circulation; the other part was
in gold bullion, and as soon as the mints can coin the
bullion it also will be in circulation. W e of course had
to pay, too, for all that gold; but we paid for it in the
good old sound way, by the exportation of steel and
steel
goods,
by
divers
other
manufactures,
by shipments
of raw cotton , food products,
&c.
Also in our stress for m oney we were
led to do the wise thing— to economize by
countermanding large items of merchandise im
ports ordered in Europe in our flusher days. Not un
likely we have to an extent gone in debt to Europe
in making these purchases of gold, the amount of
which is unknown. We have stated the facts as to
gold arrivals from week to week, and give below this
week’s imports, the amount arrived and afloat up to
yesterday. W e need not say that this gold is an
immense and a real gain if we can keep it.
But we are told by the President that congressional
committees are getting bills in shape to supplement
and give potentiality to the sales of bonds and notes
already advertised.
Also, we hear rumors from
Washington of greater results coming out of this
device of the President and Secretary than now
appear on the surface. There is no doubt a hope on
the part of the schemers and a possibility of this
scheme being changed into an inflation measure—
a character which seems to have been the original
intention— and which, if carried ou t, can only end in
divers disturbances and risks. In the first place, it
would stimulate an irresistible movement returning
to Europe a large portion of the gold we have lately
been receiving from that source. I f that happens it
will represent an important loss— the loss of what if
properly used would have proved a decided advance
towards healing up our troubles.
Our people
are old
enough
in experience
to know that it is unreasonable to expect in
flation will restore confidence under present circum
stances.
If the proposal should work as the
framers expected, it might excite a brief speculation,
but only in spots— no real and general advance to a
true recovery— but in the end a decided setback.
Besides, if the proceeds of the sale by the Govern
ment of bonds and notes are handled by Secretary
Cortelyou— judging future experiences and incidents
from his promise of August 26 and its fruits, and from
the President’s letter to the Secretary telling how they
are to be handled— the whole program can only end
in confusion and disappointment. The proceeds, the
President says, are to be “ deposited where the greatest
need exists, and more especially in the West and South,
where the crops have to be m oved.” It is a fresh idea
started by Secretary Shaw to get as far as possible
from the country’s centre of trade to distribute the
country’s supply of cash. Nearly all the money that
goes into the public treasury from customs dues and
much of that which comes from internal revenues
is paid into the Government Treasury by our Clearing-House banks; a movement which depletes the re
ISTOY. T6 1 9 0 7 . j
THE CHRONICLE
serves of those banks. Crops are also directly and indi balance once a week to be returned to the banks
rectly moved chiefly with New Y ork capital. Those (as near as possible) of the city from which it was
facts are indisputable and mark the direction of the received.
natural currents. One can act in defiance of them or
When the announcement was made on Monday
try to change them if it serves any good purpose. Mr.
Cortelyou tried to do it just previous to the panic, but that the plan referred to above had been devised,
failed; perhaps he might have averted the panic— for there was an immediate response in London, as was
the time being at east— had he carried out his promise. indicated by a buoyant securities market and by ap
When the explosion came the true centre was quickly parent confidence in the speedy ending of the acute
found and from that centre the whole country became stage of the American situation. Exchange at New
as quickly involved. W e have prepared the following York on London fell sharply, and though gold with
statement from the Government’s daily records. It drawals in Europe for shipment to New York con
shows the state of Government deposits in national tinued, it was hoped in the British capital that they
banks— first in New York; second, in the banks of the would soon cease, possibly permitting a reduction in
rest of the country; and third, deposits in all the banks the Bank rate. There was, however, some hesitancy
of the United States each week from August 3 to in accepting this view of the situation, even after
November 23.
subscriptions by the American bankers for the certifi
g o v e r n m e n t d e p o s it s in n a t io n a l b a n k s .
cates of indebtedness were received, and a disposition
At
At
N ew Y o rk .
O ther C ities.
W h o le C o u n try . was shown to await further developments.
$128 ,05 8,81 5
S155,857‘,415
Alifrust
3 .............................. .$ 2 7 ,7 9 8 ,6 0 0
1 0 . .............
..
27,795,800
128.281,800
156,077,600
Friday a new feature was introduced by the appar
17................................ 27,797,300
128.233,614
156,030,914
129,962,909
157,767,109
2 4 ............... ................ 2 7 ,804,200
ently liberal releases of gold by the Bank of France,
2 6 --------------------------- Secretary promised to deposit $5,000,000 a
week in national banks.
though at a premium of 6 per mille, for shipment to
3 1 - - - ............... ......... 27,926,100
129,081,241
157,007,341
S e p tem b er?_______ __________ 29,12 7 ,0 0 0
128,980,286
158,107,286
New York; the engagements reported on that day
14 .............................. 3 0 ,072,600
132,319,647
162,392,247
2 1 ............. .................. 30,525.200
135,916 ,483
166,141,683
2 8 __________________ 31,613,400
137,662,594
169,275,994
exceeded 7 millions, bringing the total thus far of
October
5 __________________ 32,514,900
138,418 026
170,932,926
142,322,974
175,810,574
12_________________ 33,487,600
engagements up to 8 1 ^ millions.
19.............
.. 34.450,100
143,195,925
177,646,025
26 (Panic)________ 18,063,600
161,881,297
209,944,897
It was also stated by the New Y ork daily press that a
N ovem ber 2 ________________ .* 7 3 ,0 0 0 ,0 0 0
147,926,663
220,926 ,663
9 ................................. 7 3 ,092,200
152,976,833
226,069 ,033
conference was held at Mr. Morgan’s office, as the out
1 6 . . - ........... ............ 7 2 ,362,300
154,388,598
226,750,898
come of which it was announced that the Secretary of
* Estimated; amount not stated.
A study of the foregoing shows that if we go back the Treasury had finally consented to allow the money
to the beginning of August and take the four weeks that would be paid for the certificates to remain with
of that month, the deposits held in the New York City the banks appearing as buyers, on pledge of approved
banks were $27,798,600 at the beginning of the four security, instead of its being placed in the Sub-Treasury
weeks and $27,804,200 at the last. At all other de as originally contemplated. That operation would
positary banks the totals were $128,058,815 at the then leave the certificates free for use as pledge for
former and $129,962,909 at the latter. Those figures bank-note circulation; and through this agreement the
show that during the first four weeks of August there bank reserves would not be impaired by the purchas
was substantially no addition to the New York hold ing transaction to any great extent. W hat authority
ings of Government deposits and only about $2,000,000 existed for these agreements does not appear.
in the banks outside of New York. August 26 the
situation had become very threatening. In response
At the annual banquet of the Commercial Club at
to that condition and to the fear it instilled, Mr. Cor Kansas City on Tuesday night, James J. H ill made one
telyou promised to deposit 5 million dollars a week for of his characteristic speeches— full of meat and of
eight or nine weeks— 40 to 50 million dollars in the trenchant common sense, and, shall we to t also say,
national bank depositories. The places of deposit at a bit extravagant in some of its statements. The idea
that time he kept secret. The foregoing statement which Mr. Hill sought to enforce was that the trans
shows that instead of their being an increase in eight portation facilities of the whole country are, and have
weeks (say to October 19) of $40,000,000, there was a been,unequal to its present needs. He argues that
total increase of about 19 millions in the aggregate, of they must be made equal to the burdens they bear,
which a bou t63^ millions was in the New York banks. or else the country cannot prosper. There can be
When the panic came (when it was too late to do good no doubt of the truth of the statement that railroad
service) it seems there was plenty of money in the managements have met the situation by every effort
Treasury to let out. No report was made November to increase equipment and increased efficiency in oper
2, but on November 9 the total deposits outstanding ation— that in both directions what they have accom
were $226,069,033, and New York alone had $73,092,- plished is little short of wonderful. Every one cogni
200. We see, therefore, that had the Secretary zant of the facts will also admit Mr. Hill’s assertion
judged the situation correctly, or had he even carried that only by improved methods of operation has the
out his determination of August 26, he could at least country been saved from a blockade of traffic that
have deferred the panic, even if he could not— with would have destroyed business activity or turned it
the help of the gold imports and the whole of his avail into a game of confusion and chance.
able surplus— have prevented it.
There is force, too, in the reminder that there is a
However that may be, the foregoing statistical physical limit to the capacity of a railroad. Mr. H ill
statement
shows
clearly
that
there
is only points out that it has been the habit on the part of the
one way to manage the Treasury Department public to regard a railway as a means of transportation
so long as the undesirable Sub-Treasury system is pre over which an indefinite business may be done, lim ited
served. First, the balance should be no larger than only by the policy or the wishes of its management.
safety requires and should be fixed by statute; second, The truth is, as Mr. Hill states, that neither the desire
the statute should require all in excess of the statutorjr to serve nor the prospect of gain can get out of the rail
1300
THE CHRONICLE.
w ay work beyond its ability to perform. He wel
says that the men in charge of the railways in this
country have struggled for nearly fifteen years with
the greatest problem of our time— how to m ove a load
whose weight increases from 10 to 15% a year with an
engine whose power increases at the rate of about
23/2% a year. W e consequently must have more new
ines, more double tracks, more and greatly enlarged
terminal facilities.
All this leads up to the question, how are these
added requirements to be met and what inducement
can we offer to capital, which must be willing to invest
before anybody will undertake to build the needed
additions. Mr. Hill returns to his prediction of a year
ago, that $1,100,000,000 a year would be necessary
for five years to make the country’s railroad facilities
equal to the demands upon them. Not less but per
haps 50% more, he thinks, must be spent annually
for the five years to come. In this estimate, we should
judge, Mr. Hill is considerably astray. The estimate
seemed high when made twelve months ago, and to
increase it now, at a time of ^nancial panic, with multi
plying evidences of a commercial revulsion second to
none every experienced in this country, shows the mar
velous optimism of the man and the faith which moves
mountains. It is this spirit which has enabled Mr. Hill
to accomplish so much for the Western people and for
the benefit of man. No doubt in the newer sections
of the country, under t’ e domina4i n of such spirits
as Mr. Hill, continued progress will again be the rule,
after a brief setback and a change in the policy on the
part of our political powers, which for the time being'is
putting a check on all enterprise. But as far as the
country at large is concerned, we fancy that the like
lihood of the railroads requiring from 1,000 to 1,500
millions of new capital per annum in the immediate
future is very remote. Such has been the shrinkage
in trade and industry during the last few weeks that
already one hears statements that railroad facilities
will soon be in part idle, instead of being overtaxed by
reason of the congestion of traffic which had previously
existed.
In certain quarters great satisfaction is ex
pressed over the idea that manufacturers have so
quickly adjusted themselves to the new conditions—
have curtailed output to accord with a vanishing de
mand, instead of continuing production and piling up
unsold stocks. But be it remembered that the adjust
ment is to a condition of paralysis and death. Ruin
and collapse would stare the whole country in the face
if su h a condition were prolonged. Therefore, we
look for an early revival from that extreme state of
prostration which now prevails, but we would only be
deceiving ourselves if we gave lodgment to the notion
that in the early future there was to be a return to the
state of industrial activity which existed prior to the
developments of last month. This being so, the re
quirements of new capital by our railroads will be far
less than the figures at which Mr. Hill places the
amounts.
It seems to us that the seriously urgent problem
which our railroad ma agers will be called upon to
solve in the near future is how to reduce operating ex
penses. Heretofore, conti ued gains in gross earnings
have served in w ’ ole or in part to offset the growing
expansion in the expense accounts. But from now on
these gains in gross revenues can no longer be counted
[V o l .
lxxxy
.
on. On the contrary, with diminishing tonnage there
will also come falling gross receipts, and unless ex
penses are radically and quickly curtailed there w ill
arise the situation of a coincident loss in gross with
continued augmentation in expenses. Adjustment of
the expenses will not be easy, and at best is slow work,
for it means the discontinuance of all new work and the
laying off of large numbers of men, and eventually, also,
no doubt, the cancellation of recent increases in wages.
But the action is imperative and cannot be delayed.
Nevertheless some new capital will be required, and
even if the amount is only moderate it cannot be ob
tained unless the policy of repelling it is discontinued.
Here what Mr. Hill says is directly to the point, and
there is not the slightest over-statement in his remarks.
They deserve quoting in extenso, as follows:
“ There are but two reasons, actual scarcity of
money and reluctance to invest, which overshadow
the outlook. Promising enterprises can no longer
be financed on any basis consistent with present rates
and conditions. A more serious factor, perhaps the
controlling factor of the situation in this country, is
the shock given to confidence in our investments all
over the world and the consequent limitation of
credit.
“ Credit is the atmosphere which inflates the lungs
of business, and when it is greatly lessened, business
must be reduced in proportion, or be quietly smoth
ered. For this reason attacks, not on individual
transgression, not on dishonest finance, but upon
existing business systems representing the fabric of
society itself may destroy, by impairing credit, what
a generation could not rebuild. Political campaigns
in many States have been made on the issue of a gen
eral assault on the integrity of railroad property and
management. There has followed a wild raid in which
over 170 Acts more or less confiscatory of railroad
property were enacted by the legislatures of more
than a score of States.
“ The consequences to the transportation system,
to railroad construction, and, through these, to the
price of farm products and to the success of every
form of business, have already made themselves felt,
and the country shivers under the blow. * * *
“ It is time for the whole country to sober down and
think out the problems before it. They are serious
enough to call for its best and most earnest effort.
They are vital enough to engage the most generous
patriotism. A hearty union of all interests, a broad
and genuine understanding, and a more cautious,
honest and tolerant attitude in all our public acts, will
most effectually promote success in industry and san
ity and permanence in the-nation.”
This appeal should not be in vain. Mr. Hill’s re
marks are sound. They are true. We are inclined
to think, too, that the force of what he says is already
beginning to be recognized and appreciated by a
great many of those who have been taking part in the
crusade against the railroads. In that development
there is much encouragement, and if we shall begin
at once to retrace our steps— inviting the capital and
enterprise that we have been so persistently engaged
in repelling— it will not be long before the whole coun
try will again be blessed with better times.
In a decision handed down by the U. S. Supreme
Court on Monday some rules of wide application re
lating to the methods which must be observed by State
authorities in the levying of taxes were laid down.
The cases grew out of a former decision of the Supreme
Court with regard to the assessment of shares of the
Western Railroad of Alabama held by the Central of
Georgia Railway Co. and the Georgia Railroad &
Nov. 23 19U7.|
THE CHRONICLE.
Banking C o., as trustees. The Comptroller-General
of Georgia made demand on them for taxes from 1883
to 1904. The companies refused to make returns on
the ground that the shares o f a foreign corporation
were not subject to taxation . Taxes being levied
nevertheless, the companies sought to restrain their
collection, claiming discrimination in that the shares
of domestic corporations were not taxed, and that
under the Georgia law a hearing was denied them,
and that the property itself was taxed in another
State. The Georgia Courts held that the taxes for
the first ten years were barred by the statute of limi
tations, but affirmed the validity of the assessment
from 1895 to 1904.
The only question to which the U. S. Supreme Court
gave consideration was whether the Georgia law pro
viding for assessment of taxes on omitted property
without a hearing was due process of law. Justice
Day, who delivered the opinion, dealt entirely with
this question. The Georgia process denies to a tax
payer opportunity to be heard in any proceeding to
collect taxes in cases in which he has failed to make
a tax return of such property because of a belief that
it is not taxable. The conclusion of the U. S. Supreme
Court is that the Georgia State law as construed by
the Georgia Supreme Court amounts to a denial of
due process of law . Justice Day points out that under
the scheme in vogue, if the property is withheld from
return, the Comptroller without notice or opportunity
for hearing must proceed to value the property and
his valuation is final and conclusive unless the tax
payer can show— a very unlikely contingency— that
the taxing officer has acted in bad faith in making
the assessment. Against the assessment thus made
there is no relief in the courts of the State upon pro
ceedings brought to collect the taxes or by bill to enjoin
their collection. The penalty of failure to return,
no matter how honest or well grounded the taxpayer
may have been in his belief that the property was not
subject to taxation, compels him to submit to the
final and conclusive assessment made by the taxing
officer. In putting the seal of the Court’s condemna
tion on this practice, Justice Day says: “ Reluctant
as we are to interfere with the enforcement of the
tax laws of a State, we are constrained to the con
clusion that this system does not provide for that due
process of law which adjudges upon notice and oppor
tunity to be heard, and which it was the intention
o f the Fourteenth Amendment to protect against
impairment b y State action.”
#
Recurring again to the cotton-manufacturing situ
ation, to which we made some reference last week on
page 1237, further conclusive evidence of a falling off
in activity is daily com ing to hand. Curtailment of
production has already been entered upon in a m od
erate way, and in some localities greater stoppage is
being considered. In many cases where spindles
and looms have been or will be stopped, corporations
are said to be well under orders, but unable to secure
the ready money to pay for raw materials, to meet
pay-rolls and other running expenses. This condition
is of course largely, if not wholly,due to the failure of
jobbers and others to obtain funds to make payments
on delivery of goods, owing to the very high interest
rates. The situation of affairs, already far from
satisfactory, has been further complicated by efforts
iaoi
o f some jobbers to cancel, in whole or in part, or to
defer indefinitely the delivery of, orders booked with
mills. B y leading men in the trade these efforts have
been strongly reprobated, and the mills are seemingly
a unit in refusing to accord them consideration.
Commission agents in this city had thought to call a
meeting to confer on the subject with the view of
standing firmly together in opposition to allowing
cancellations except for good and sufficient reasons;
but no action in that direction has yet been taken.
The official monthly statement of immigration, is
sued this week, indicates that through all ports of the
country the influx of aliens during October was o
record proportions for the season of the year, the
number arriving being largely in excess of the totals
for the similar periods of either 1906 or 1905— 111,513,
against 99,974 and 86,758 respective^. As in most
previous months, the .country contributing most largely
to the movement has bee*n Austria-Hungary, the
October arrivals from which exceeded the September
aggregate by 7,558; whereas from Italy and Russia
a falling off is to be noted. The aggregate arrivals
for the ten months of the calendar year 1907 have
reached 1,150,116, against a total of 1,035,602 in
the like interval of 1906 and 926,291 in 1905. The
immigration from Austria-Hungary has been such a
feature of 1907 that it gives importance to an official
circular recently issued at Vienna warning those in
tending to emigrate against agents working in the
interest of our Southern States. In that circular
attention is called to the alleged peonage system at
the South, and those who contemplate emigrating are
advised not to follow the advice of the emigration
agents unless reliable guaranties are furnished re
specting the prospects in the Southern States. No
fault can be found with the advice tendered by the
Austrian Government, as the pre-enlightenment of
immigrants is very desirable, but that peonage is prac
ticed at the South to any extent is hardly to be
credited. A very few cases have been reported, to be
sure, but their very rarity has served to draw undue
and unwarranted attention to them.
At the moment, immigration into the United States
is attracting less attention than emigration from it.
With the recently begun let-up in industrial activity,
the need for labor in practically all sections of the
country, which was so acute a few months ago, sud
denly subsided. In fact, now laborers are being laid
off by thousands and a policy of retrenchment is
being pursued. W ith this change in trade conditions
the efflux of laborers became marked, and now every
departing steamer carries its limit quota in the steer
age. It is, o f course, a well-known fact that each
year, in the fall mainly, thousands of laborers, es
pecially Italians, who dread our winters, go abroad
for the cold months, largely returning in the spring,
but this year the movement is so abnormal as to
attract special attention. Those in a position to do
so, who make a study of the problem of immigration,
see in the present homeward movement a comparative
scarcity of able-bodied men seeking employment in
the spring. They argue that a m ajority of those
who have returned have done so with an exaggerated
idea of the present disturbance, have no intention o f
returning in the spring, and will, furthermore, by
their accounts of the conditions, deter others from
1302
THE CHRONICLE.
[V o l .
lxxxv
.
coming. This would naturally be so if the situation is and townships through which they pass. It is thus
correctly diagnosed. But just now it is not well to within the power of a single township, borough or city
dwell too much upon the future. The present has its to defeat the purpose of the A ct, as the assent of every
important problems to be solved. It is not unlikely com m unity along the line of a road would be necessary
that if our industries revive sufficiently to require in order to make the business of carrying freight
added labor, it will be quickly known abroad, and the feasible.
Another and perhaps quite as serious obstacle is the
tide set in speedily to the foreigners’ Mecca.
increased expense to which the carriers would be sub
Notwithstanding a restricted movement of cotton in jected. The officers state that it would be necessary
O ctober, our foreign trade statement for that month, for a com pany which undertakes to carry freight and
issued this week, makes a very satisfactory exhibit. express upon an extended scale to establish depots
As regards cotton, the com paratively high prices where packages may be received and delivered. This
ruling, and a retarded movement from plantations, not only requires the expenditure of money to provide
owing to the policy pursued in many sections of a site and the construction of a depot, but it adds to
holding for higher than prevailing market rates, served the cost of operation, as it would be necessary for such
to hold down the supply available for export. As a a com pany to have some person in charge of such
consequence, the value of the amount sent out was depots day and night. This would add so much to
12% millions below that for October 1906. Shipments the cost of operation of a road that the officers do not
of breadstuffs, however, were quite well above the feel that the increased receipts from the freight traffic
total for the month of the.preceding year in value, and would justify the added expenditure. Particularly
articles not given in the advance statements gave a does this objection apply to large cities, where the con
greater aggregate than a year ago. Therefore, the struction of terminals would be very costly. In
total exports for the month at $180,559,464 were but Pennsylvania, therefore, the business of carrying freight
ill
6M millions less than for the like period of 1906, and wT be left, as heretofore, almost exclusively with the
greater than in any earlier year. Turning to the total steam railroads, which are fully equipped in every
of imports for October, we find that it shows only a way to take care of such traffic and can handle it much
moderate gain over September; but more important, better than the trolley railways.
still, it is the first similar aggregate since July 1904
There was no change in official rates of discount by
that has failed to show an increase over the corre
sponding period of the previous year. The net result any of the European banks this week; compared with
of our October foreign trade is a balance of merchan last week unofficial or open market rates were easier
dise exports of $68,747,482, which compares with a at London, steady at Paris, and 34 of 1% higher at
similar balance in 1906 of $69,224,996 and in 1905 Berlin and at Frankfort. There was some expecta
of $46,928,070. For the four months of the current tion on W ednesday of an advance in the Bank of
fiscal year, the exports of merchandise aggregated England discount rate to 8 % , because of the uncer
$571,697,788, against $567,345,044 last year, and tainty as to the efficacy of the measures for relief
the imports $468,715,171, against $429,036,139, the which had been adopted by Secretary Cortelyou; more
export balance being consequently somewhat less this assuring advices on the following day from New York
year than last, or $102,982,617, as compared with and the maintenance by the Bank of its official rate
$138,308,905. For the ten months of the calendar of discount at 7 % contributed to an improvement in
year exports and imports have both been of record the tone abroad, though the markets were irregular.
proportions, but the excess in the latter, compared At Paris there were on Thursday rumors that neggtiawith 1906, has been so much greater than in the out tions were in progress with the view of direct remit
ward movement of commodities that our favorable tances of gold thence to New York; subsequently,
balance for the period this year is only $292,153,806, however, these rumors were denied.
The statement of the New York Associated banks
against $358,792,303- The specie movement, both in
and out, in October was of strictly moderate volume, last week showed com paratively unimportant changes
imports of gold in important quantity not setting in in the principal items. The reserve was reduced by
$1,742,325 to $53,666,950 deficiency, and one notable
until after November 1.
feature was an increase of nearly 3 millions in circula
More than six months have elapsed since Governor tion. Transfer^ of currency to Western banks and
Stuart signed the Act conferring upon the street rail direct shipments thereto by their New York corre
ways of Pennsylvania “ the right and privilege to do spondents seemed likely to result in a decrease in local
an express business, and to transport and carry farm bank reserves this week. The movement to the in
produce, garden truck, milk, merchandise and other terior might, it is thought, be more than offset by re
light freight and property, * * * anci to charge ceipts of gold from Europe, though the Mauritania’s
and collect a reasonable compensation th erefor/’ There cargo of the bullion, amounting to about 14 millions,
has not, however, been any appreciable effort on the would count for only about one-sixth of the bank
part of the street railways of that State to avail them averages, owing to her late arrivals.
selves of the new privileges conferred. On the contrary,
The market for call money was easier early in the
the managers of the street railways seem to be quite
week, influenced, more or less sentimentally, by the
contented to leave the freight traffic entirely to the
announcement of the new Treasury plan for monetary
steam railroads.
Inquiry among the officers of the street railways relief. The realization, however, of the fact that
reveals several reasons for the failure to extend their the carrying into execution of the scheme would in
business. One reason is that the Act requires the volve the withdrawal from the banks of lawful money
companies to obtain consent of the cities, boroughs for payment for the bonds and certificates of indebted-
N ov . 23 L907.1
THE
C H R O N IC L E
ness that were offered, which money was in insufficient
supply, caused a recovery in call loan rates. At the
same time speculation on the curb market in currency
and in gold premiums, based upon the possibilities of
the failure of the Treasury relief plan, caused an
advance in such premiums from
to ^ % , which, in
turn,contributed to a rise in foreign exchange, to further
engagements of gold in London and in Paris for shipment
hither and to an uneasy feeling in the European mar
kets. Preparations on Wednesday for payments for a
considerable amount of Treasury certificates of in
debtedness that had been subscribed for, and the con
sequent calling of loans by banks participating in the
operation, caused an advance in rates for call money
to 15% . On the following day the market was firm,
owing in part to the delay in the arrival of the Mauritania, and on Friday a good inquiry for currency for
pay-rolls at a premium was a noticeable feature.
Time loans for short periods were not renewed at
maturity and bids for new contracts were at 15% .
No business was reported in commercial paper.
Money on call loaned at the Stock Exchange during
the week at 15% and at 3 ^ % , averaging about 10% .
On Monday loans were at 10% and at 3 ^ % , with the
bulk of the business at 10% . On Tuesday transac
tions were at 9 % and at 5 % with the majority at 7 % .
On W ednesday loans were at 15% and at 7 % , with
the bulk of the business at 10% . On Thursday trans
actions were at 15% and at 6 % with the m ajority at
12% . On Friday loans were at 15% and at 7 % , with
the bulk of the business at 12% . Though time loans
are quoted at 15% , bids for sixty to ninety days’ trans
actions are subject to special agreement.
2
3
The Bank of England rate of discount remains un
changed at 7 % . The cable reports discounts of sixty
to ninety-day bank bills in London 734% - The
open market rate at Paris is 43^% and at Berlin and
Frankfort it is 734% . According to our special cable
from London the Bank of England lost £1,410,540
bullion during the week and held £30,485,751 at the
close of the week. Our correspondent further advises
us that the loss was due mainlv to large sales in the
open market. The details of the movement into and
out of the Bank were as follows: Im ports, £1,045,000,
(of which £125,000 from Copenhagen, £100,000 from
Stockholm, £95,000 from Norway and £50,000 from
other Continental points, and there were purchased in
the open market £184,000 German coin and £491,000
bar gold); exports, £2,755,000 (made up of sales in
the open market of £2,051,000 bar gold and £704,000
United States coin), and receipts of £300,000 net from
the interior of Great Britain.
The foreign exchange market rose sharply on Satur
day of last week with the demand chiefly for short
sterling, which seemed to have been largely over-sold.
The market was also influenced by the very firm tone
for unofficial discounts at Berlin and at London, the
latter indicating an advance early this week in the
official rate. Cable transfers were also in request for
cover for gold engagements. On Monday there was
a decided reversal in exchange conditions, due to the
announcement of the plans of the Secretary of the
Treasury for the relief of the monetary situation. At
the moment it appeared to be assured that these
plans would be effective; that as the result the pre-
1303
mium on gold and on currency would be reduced, and
consequently that exchange conditions would becom e
more normal and'that gold imports would be checked.
Short sterling and cable transfers broke heavily soon
after the opening, recording a fall of about 2^ cents
per pound before the decline was arrested by re-buying*
then came a reaction and the tone was steadier at
the close. On the following day there seemed to be a
less confident feeling abroad and also in the local
exchange market as to the success of the proposed
measures for the relief of our situation; at the same
time there was a disposition to await developments,
and the market was less active and generally steady.
The increase in the gold and currency premium contributed to renewed engagements of gold for import,
1 but the amount secured was com paratively small; one
I
feature was a fairly large supply of commercial bills
against cotton and grain. Cable advices received in
London early on Wednesdajr indicated that the Treas
ury relief measures were meeting with an indifferent
reception and the tone of our exchange market grew
firmer, partly'as the result of a demand to remit for
securities which had been sold for European account,
and in part to cover new gold engagements; the pre
mium on currency advanced and the exchange market
was strong at the close. One feature on Thursday
was the absence of engagements of gold in the London
market. The failure of the Bank of England to ad
vance its rate of discount as had been expected was
a factor contributing to inactivity in exchange, but
the tone was steady to firm during the greater part
of the day.
Though there have been rumors during the week
that negotiations were in progress for the procurement
of a round amount of gold from the Bank of France
against the pledge of Treasury certificates of indebted
ness— there has been no confirmation of the rumors.
Nevertheless, it would seem from the fact that on F ri
day there were quite important releases by the Bank o f
France of gold for shipment hither, though the unusu
ally high premium of 6 per mille was demanded there
for, that some kind of arrangement had been
effected to transfer to Paris from London a part at
least of the drain of gold for America. Engagements
of gold thus far effected in Europe have amounted to
about 813^ millions; the arrivals this week were 173^
millions, making 49 millions received on this movement.
The engagements this week, reported on Friday alone,
were in excess of 7 millions and largely from Paris.
The market was strong on Saturday of last week,
and, compared with the previous day, short rose 75
points to 4 8 7 % @ 4 88 and cables 75 points to 4 90^4@
4 913^; long was unchanged. On Monday the tone
was unsettled and lower at a decline for long of 200
points to 4 7 9 @ 4 80, of 200 points for short to
4 8 5 % @ 4 87, and of 250 points for cables to 4 8834 @
4 883^2 • On Tuesday long fell 50 points to 4 79@.
4 793^, short 100 points to 4 8595@ 4 86, and cables
25 points to 4 8 8 @ 4 8810. On Wednesday long de
clined 50 points to 4 783^@ 7 49, short rose
100 points to 4 8685@ 4 87 and cables 80 points to
4 8 9 @ 4 90. On Thursday long rose 200 points to
4 8 0 @ 4 81, short 25 points t /o 4 8 7 @ 4 8734 and
cables 25 points to 4 9 0 @ 4 9034 • The market was
firm on Friday, though rates were generally unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
1304
THE CHRONICLE.
F rl.,
M on,,
Tuts.,
Wed.,
Thurs., F r l.,
N ov. 15 N ov. 18 N ov. 19 N ov. 20 N ov. 21 N ov. 22
Brown
Bros. & Co_____
Baring
& Co___________
Bank British
North America.
Bank of
Montreal
Canadian Bank__
_
of Commerce_
Hetdelbach, Ickel*
s
faeimer& Co.
Lazard
Freres..................
Merchants’ Bank
■ Canada.. _
of
_
(60 days!4
. . . 1 Sight.. 4
J60 days 4
. . . 1 Sight.. 4
J60 days 4
— \Sight. . 4
J60days 4
1Sight. _ 4
.^ ji6 0 days 4
— 1Sight. _ 4
60 days 4
— ! Sight.. _ 4
(60 days 4
. . . 1 Sight... 4
J60 days!4
...I .s i g h t .. 4
79H
SO
80 :
87
•87. .
87 .
81
81
81
87
87H . 8 7 ^
81
■81 ■
81 ■
87
87'A
SIM
81
St. .. .81
87
87 K
87 y2
81
' 81' .
81
87
87^
S7H
79 W
80
SO
87'
87'
87
79J4
.8 0
, SO.
8787 ■
87 ■
81
81
81
87
87 ^
87 H
80
87
81
87^
81
87 H
SI
87 H
81
87^
80
87
80
87
81
87^
80
87
81
87H
SI
87 H
81
87
SI
87 ^
80
87
SO
87
81
87 K
80
87
81
87}^
81
87^
SI
873^
81
87J^
80
87
SO .
' 87
81
87^
The market closed on Friday at 4 8 1 @ 4 81% for
long, 4 8 7 @ 4 8 7 ^ for short* and 4 9 0 @ 4 90*4 for
cables. Commercial on banks 4 7 8 @ 4 79 and docu
ments for payment 4 7 7 @ 4 8 1 ^ . Cotton for pay
ment 4 7 7 @ 4 77*4, cotton for acceptance 4 7 8 @ 4 79
and grain for payment 4 8 1 @ 4 8134The following gives the week’s movement of money
to and from the interior bv the New York banks.
Week ending N ov. 22 1907.
Received by
Shipped by ;
LV. Y . B anks.]N . Y Banks.\
Net Interior
Movement.
$3,400,000';
1,763,000;
Currency
Gold . . .
Total gold and legal tenders_____
$17,340,000;Loss §13,940,000
5,160,000jLoss
3,397,000
$5,163,0001
$22,500,000ILoss $17,337,000
W ith Sub-Treasury operations and gold imports the
result is as follows:
W eek ending N ov. 22 1907.
Into
Banks
Out of
Banks.
Banks’ interior movement, as above.
Sub-Treas. operations and gold imp.
$5,163,000
46,000,000
Total gold and legal tenders______ '
$51,163,000;
Net Change In
Bank Holdings.
$22,500,000 Loss $17,337,000
33,000,000 Gain 13,000,000
S55,500,00q !loss
S4,337,000
The following table indicates the amount of bullion
in the principal European banks.
November 22 1906.
November 21 1907.
Banks of
Gold.
Gold.
Silver.
Total.
£
£
i
£
£
..............
31,138,182
England-. 30,485, 751
. . . _____ 1 30 485,751 31 ,138,182;
France - . 108,368, 620. 37,365,480145 ,734,100 111 ,372,596 40,591,505151,964,101
Germany _ 28,572, ,000, 7,918,000 36 490,000; 30 ,396,000 8,500,000, 38,896,000
Russia___ 125,147 ,000' 4,988,000130 ,135,000114 ,055,000; 4,361,000 118,416,000
•Aus.-H.un_ 45,610 ,000! 11,531,0001 57 ,141,000 46 >929,000 11.765.000 58,694,000
Hpaln____ 15,609 ,000 25,577,000' 41 ,186,000 15 ,336,000 24.125.000 39,461,000
Italy_____ 38,146 ,(X)0 4,759,600: 42 ,905,600, 31 ,459,000i 4,118,900, 35,577,900
7,641 ,soo‘ 4,934,500 12 ,57C,300i 5 530,600! 5,607,500! 11,138,100
Neth'ands
l,656,333j 4 ,969,000* 3 259,333; 1,629,667, 4,889,000
3,312, 667
Nat.Belg..
,122,000. 3 963,000;
______ • J 3,963,000
_
4,122 oooi
Sweden __
Tot. week 407,014 83.? 98,729,913 505,744,751 393,438,711 100,698,572 494,137,283
Prev. week; 406,595 80a 98.628,491 505,224,296 389,902,373: 99,61S,300 489,520,673
R U S S IA ’S N E W LEGISLATU RE.
With the formal convening and organization of the
third Russian Douma, it is becoming possible to obtain
some idea of what may be expected from this third,
and in many respects novel, experiment in Russian
popular government. To sum up the matter briefly,
it appears that 415 members presented themselves
out of an elected 442. This .membership was divided,
according to the grouping of the delegates, into what
at first sight appears to be a bewildering variety of
parties. The “ London Times” correspondent states
that out of the 415 deputies present, 34 belonged to the
so-called Union of the Russian People; that 40 called
themselves Monarchists; 115 belonged to the Right,
or ultra-Conservatives; 88 are Octobrists and Mod
erates; 21 Progressives; 31 Constitutional Democrats;
42 Poles; 15 L eft, or, as we should say, Radicals;
15 Extreme Left; 11 Socialists, and 3 Independents.
One might imagine, after glancing over this curious
list, that the new Russian Parliament was about to
improve on and emphasize the confusing variety of
parties which has always characterized the French
Chamber of Deputies, and which has rendered it al
most hopeless for the foreign observer to under
stand the course of legislation and the division of popu
[V o l .
lxxxv
.
lar sentiment. As a matter of fact, however, it is
estimated that on all main questions the so-called
“ reactionary” or Government polic}^ commands 300
votes and the opposition members some 103.' The
Socialists are an uncertain quantity. That this di
vision was in the main correct was shown by the elec
tion of officers, in which- the reactionary candidate
was chosen President by a very large m ajority. In
the vote for subordinate officers, candidates who
represented the milder body of conservatives polled
263 out of the 402 votes cast. There were similar
variations in the majorities, but in the main the fact
was made clear that the particular party group loosely
known as “ reactionary” or “ conservative” or “ govern
mental” was in control of the legislative situation.
On this basis, the Douma at once addressed itself to
the task of preliminary legislation.
This brief review of the situation will show that
the outcom e is not in all respects clear. It is evident
that radical legislation, and policies of determined
opposition to the Government, will not be able to
command the hearing which was granted to them in
the two previous Doumas. But every one familiar
with the work of deliberative assemblies must be aware
that the problem of enacting definite legislation is by
no means so simple. The minor party divisions re
main, even in the group which is generally classed as
conservative or as an adherent of government author
ity, and it is these very party divisions which will
assert themselves on distinct proposals of legislation.
There is, for instance, the com plex agrarian question,
regarding which it was discovered at once, in the two
preceding Doumas, that a dozen shades of opinion
existed and that no legislation would be possible save
by a general and harmonious compromise which would
involve the surrender of strongly held opinions by
some of the most important groups. In the temper
of the two earlier parliaments, such agreement was
impossible from the start. Whether it will be any
more feasible in the present instance, it is obviously
too early as yet to say. The test will naturally come
when the first important measure of reform legislation
comes before the Douma.
W e have hitherto set forth the good and bad sides of
the revised system under which the present Douma
was elected. It is distinctly a product of what we
call “ gerrymandering” in this country, with, in addi
tion, a very considerable juggling with the right of
suffrage. That its legislation will satisfy the Russian
people as a whole might on its face appear improbable,
and it is easily possible that the present Douma, even
if not arbitrarily dissolved by the Czar, will simply
use up its time in fruitless discussions which will end
in nothing.
But, on the other hand, all students of parliamentary
history must recognize one important factor— namely,
that the situation of the hour and the needs of the
Russian people are such that if intelligent legislation
can in any way be enacted, it will greatly help the posi
tion of affairs, will mitigate the distress under which
the peasantry in particular are suffering, and will
therefore command the approval, reluctant or not,
of the people whom it benefits. This is a very old
story in popular government; the problem therefore
resolves itself into two questions; first, whether the
leaders of the majority party are intelligent enough
to frame the right sort of legislation, and, second,
N ov. 23 1907. j
THE CHRONICLE.
whether, having framed it, they can sufficiently har
monize the discordant groups to enact it into law.
Precedent is not altogether cheerful in this matter.
Writing in defence of the second Douma, Professor
Milyoukoff lately stated in the “ Contemporary R e
view” : “ At the end of May (1907) fifteen committees
were strenuously working out bills; others were busy
sifting the interpellations, drafting rules of procedure,
verifying the Budget R eport, and so on. The chief
burden of work lay on the members of the Constitu
tional Democratic Party, who acted on the committees
as chairmen, secretaries and reporters. One may
judge of the amount of the work done by the following
account of its results at the end of May; i.e., immedi
ately before dissolution. The Committee on Rural
Courts of Justice had elaborated a bill, its report was
presented and was discussed down to the close of the
general session of the Douma. The bill on personal
immunity was thoroughly discussed in committee and
presented to the House on the eve of its dissolution.”
All this is well enough as showing the good inten
tions of the preceding Douma. But it wras manifest
at the time, to foreign observers at any rate, that good
intentions were not being translated into intelligible
action. The delays in framing the report and dis
cussing legislation were interminable. Partly because
of the extremely bad system of parliamentary practice,
the Douma seemed to have resolved itself into an end
less school of disputation. Leaders of the Douma as
a whole, in the sense that the British Parliament or
our own Congress possesses them, there did not seem to
exist. T o this extent the Czar’s bitter complaint, in
his ukase dissolving the Douma, that they had accom
plished nothing and shown no clear signs that they
would accomplish anything, had much to justify it.
The one path of success for the present Douma lies in a
leadership which shall break down these barriers of an
unfortunate parliamentary system, and perhaps of an
ill-adapted temperament on the part of the delegates
themselves, and force the Douma to give its practical
and united views on the questions of the hour. We
do not suppose that the rise of a Russian Speaker Reed
is conceivable in the present stage of affairs; we sus
pect, however, that it is the only way out for the
Douma.
1305
have, either through their legislatures or corporation
commissions, taken action to reduce passenger rates,
namely Virginia, North Carolina, Georgia and Ala
bama. In the last-named State a material reduction
has also been made in freight rates, effective Oct. 1
1907. The Coast Line Railroad is now being operatedr
President Emerson states, under these reduced rates,,
although the management believe them to be confisca
tory, and their legality is being tested in the courts.
In the meantime, he says, the company is suffering
irreparable loss pending final decision.
With regard to the increase in operating cost, that
was a marked feature in the previous fiscal year, but
it was reserved for the late year to reveal its full pres
ence. Stated briefly, gross earnings were added to
in amount of $1,903,080, but expenses and taxes m oved
up no less than $3,549,827, thus producing a loss in
net in the large sum of $1,646,747. In other words,
while gross earnings increased 7 .66% , expenses in
creased no less than 21.02% . In the previous year,
with $2,645,546 gain in gross, or 11.90% , there had
been an increase of $2,702,432 in expenses. H ence,
combining the two years, it is found that while gross
earnings have risen from $22,222,902 in 1904-05 to
$26,771,529 in 1906-07, net earnings have been re
duced from $8,033,135 to $6,329,502. It cost in
1906-07 no less than 76.36% of the gross earnings to
operate the road. In 1904-05, on the other hand, it
had cost only 63.85% . This shows what a wonder
ful change has occurred in operating conditions in the
South within a very brief period of time. That is
the situation, too, in face of the fact that the operating
efficiency of the road is being steadily improved, show
ing that the management is doing its part towards
mitigating the effects of the adverse conditions under
which the road, like other railroad properties, has to
be operated.
As one evidence of the improving efficiency, we m ay
note that, while in the late year the number of tons o f
revenue freight increased 7.72% and the number o f
tons carried one mile increased 11.11% , this enlarged
amount of transportation service was rendered with an
addition to freight-train mileage of only 5 .5 2 % . The
result is seen in an increase for the twelve months in
the freight-train load of 6.33% and an increase from
$2.17 to $2.20 in the gross earnings of the freight trains
per mile run. Two years ago, in 1904-05, the freight
train earnings per mile run were only $2.08. But this
improvement in operating results has counted for little
against the numerous agencies which have served to
swell the expense accounts, namely [higher wages,
and an enhanced cost of materials, fuels, supplies and
everything else appertaining to the operations of a
railroad. How generally these factors are at work is
evident from the circumstance that in the late year,
as in the year immediately preceding, the increases
in expenses extended to every one of the accounts and
divisions into which railroad expenses are usually
divided. Thus, in maintenance of way and structures,
there was an increase over the year preceding o f
14.07% ; in maintenance of equipment an increase o f
27.62% , and in conducting transportation an increase
of 23.40% .
THE A T L A N T IC COAST L IN E R A ILR O A D
REPORT.
The annual report of the Atlantic Coast Line Rail
road Co. for the year ending June 30 1907 shows to
what a state Southern roads are being reduced under
the many adverse circumstances against which they
are obliged to contend. Their progress has not been
checked as far as continued growth in traffic and gross
income is concerned, but, on the other hand, operat
ing cost has increased to such an extent that the aug
mentation in expenses is far outrunning the gains in
gross earnings. In addition, the legislatures of the
different Southern States are further impairing the pros
pect and outlook by reducing rates and in other ways
increasing the difficulties under which railroad affairs
are conducted and railroad results obtained.
President Emerson of the Atlantic Coast Line Rail
In speaking with reference to the previous year's
road, in his remarks in the present report , makes note increase in expenditures, which was then attended
of the fact that since the last report of the com pany, by only a comparatively small loss in net, we noted
four States through which the lines of the system run that the property was so well circumstanced as con
1306
THE CHRONICLE.
cerns the extent of its annual net income that the
slight decrease in net earnings from operations was a
matter of no consequence to it. Under the late year’s
heavy shrinkage in net, however, the situation has
changed, and the large margin of net income above
charges and dividends formerly existing in the yearly
accounts has been all but wiped out. The com pany’s
annual requirements for dividends and interest are
slowly rising with the additions to stock and bonds
that are necessary by reason of new capital outlays
required, and this, with- the diminution in net, has
brought the surplus above dividends down to a rela
tively small figure. The com pany has been paying
6 % dividends on its com mon stock and 5 % on the
preferred stock; for the late year the surplus above
the requirements for that purpose was $125,869. In
1905-06, on a somewhat smaller amount of stock out
standing, the surplus for the twelve months was
$2,098,312. If the loss on the lease of the Georgia
Railroad were taken into account (the Atlantic Coast
Line’s one-half of this loss being $81,428), the surplus
for 1906-07 would be only $44,441.
These figures relate to the mileage directly operated
by the Atlantic Coast Line Railroad, which on June 30
1907 aggregated 4,361 miles. As is known, the com
pany also holds control of the Louisville & Nashville
Railroad. But this is operated as a separate property,
and the same is true of the Charleston & Western
Carolina and the Northwestern Railroad of South
Carolina, which are also controlled. Altogether, about
11,800 miles of road are owned or controlled. The
present is the seventy-third annual report of the
Atlantic Coast Line Railroad, but it is only during
the more recent years that its operations and mileage
have risen to large dimensions, owing to a series of
mergers and consolidations. The various allied roads,
such as the W ilmington & W eldon, the Atlantic Coast
Line Railroads of South Carolina and Virginia, and
the Norfolk & Carolina, which formerly had made up
what was known as the Atlantic Coast Line sytem,
were taken over in April 1900. . Later, that is, July 1
1902, the Savannah Florida & Western Railway, or
Plant system, was absorbed. In October 1902 control
of a majority interest in the Louisville & Nashville
was acquired. This last, however, as already noted,
is still operated as a separate property. The Atlantic
Coast Line Railroad purchased $30,600,000 out of the
$60,000,000 outstanding. capital of the Louisville &
Nashville.
As consideration for the purchase, the
Coast Line Railroad gave $35,000,000 of its collateral
trust bonds besides $5,000,000 in the com m on stock
of the Atlantic Coast Line Railroad and $10,000,000 in
cash. The cost of the purchase was subsequently
reduced on the books of the Atlantic Coast Line Rail
road to $45,554,220 by the application of $5,000,000
of accumulated surplus. The Louisville & Nashville
being operated separately, the Atlantic Coast Line
Railroad’s investment in the same appears merely in
the dividends received on its holdings of the stock of
that com pany. These dividends are 6 % , and accord
ingly the Atlantic Coast Line is getting $1,836,000
per annum on the $30,600,000 of stock held. On the
other hand, the annual call for interest on the $35,000,000 Atlantic Coast Line Railroad 4 % collateral
trust bonds issued in part payment for the Louisville
& Nashville stock purchased is only $1,400,000 per
year. W e need hardly say that the Louisville &
[V o l .
lxxxv
.
Nashville is earning a good deal more than the 6 %
dividends which are being paid on its stock.
As in the case of other large and progressive systems,
the yearly requirements of the Atlantic Coast Line
Railroad for new capital are very extensive, and this
makes the policy of repression pursued by the execu
tive officials and legislatures of the States in which
the system is located all the more unfortunate.
Obviously, with net earnings falling off, the induce
ment for new capital to. come in is reduced. During
the late twelve months $400,000 of first consolidated
mortgage 50-year 4 % gold bonds previously held in
the treasury were sold, and in order to provide funds
for new locomotives and cars $4,500,000 equipment
4 % gold bonds were sold. Furthermore, in order to
carry on the improvement work under way, $5,000,000
of three-year 5 % gold notes were authorized and sold.
It remains to add that, aside from the $400,000 first
consolidated mortgage 4 % bonds sold, the bonded
debt of the company was increased during the twelve
months by $1,755,600. These latter additions, how
ever, were not sold, they remaining in the treasury.
The com pany’s finances are in easy condition. W ith
$5,660,049 of current liabilities on June 30 1907
and $1,669,815 of deferred liabilities, the current assets
at the same date were $8,169,339, this including
$4,630,711 of actual cash. In addition, the com pany
holds unsold in its treasury $4,614,450 of Atlantic
Coast Line Railroad first consolidated 4 % bonds,
$778,000 of Atlantic Coast Line Railroad Jacksonville
& Southwestern purchase money 4 % bonds and
$3,835,000 of Atlantic Coast Line Railroad new 4 %
certificates of indebtedness.
F A R M , F A C T O R Y A N D R A ILR O A D .
In the “ North American Review” for November,
Mr. Logan G. McPherson— who has been connected in
various ways with some of the leading railroads, has
written much on economic subjects, and was last
year’s lecturer on railroads at Johns Hopkins Uni
versity— enters into a comparison of the factory,
the farm and the railroad in respect to their remun
erativeness proportioned to capital invested, to gross
receipts and to wages paid. For the railroads he
uses the reports of the Inter-State Commerce Commis
sion; for the others, the censuses and the Year-Book
of the Department of Agriculture for 1905.
For 1890, 1900 and 1905, manufactures and railroads
are nearly together in capital employed, but agri
culture employed more than twice as much as either.
In number of persons employed, the farm leads; in
wages paid and gross value of product, the factory.
The net return per each $1,000 of capital employed
was $151 for the factory in 1905, against $44 for the
railroad and $98 for the farm. The analyzer admits
that because the returns for agriculture and manu
factures are not absolutely precise, his comparisons
must be taken “ as indications so veiled with mist that
the clear-cut outlines are obscured and yet allowing
sufficient perception of form and quantity as to guide
the pilot” ; but he thinks that the investor in search
of the largest immediate profit in either 1905 or 1900
would have considered the factory first, the farm
second and the railroad last, and that this deduction
is confirmed by the prodigious development of manu
factures and the great prosperity of farming in the
West.
N o v . 23 1907.]
THE CHRONICLE
To the claim that the low net return to the railroads
is because of excessive capitalization, Mr. McPherson
replies that the total of that, including all cases, is
only about $52,000 per mile, which is far less than in
any other country, and recent reports of actual con
struction expenditure, exclusive of buildings or equip
ment, show that it ranges per mile from $25,000 over
level country, where no obstacles are met, to over
$100,000 in places of difficult work and where popula
tion is dense. He considers that a correct physical
valuation of the roads of this country “ would doubtless
confirm the statements of President Hadley and
others of high authority that they are not, as a whole,
over-capitalized.’ ’
In gross return per $1,000 of capital employed, the
factory stood in 1905 at $1,216, against $150 for the
railroad and $191 for the farm. The high rate for the
factory is explained by the fact that its raw material
is the finished product of intermediate processes and
the cost of them all has to be covered in the selling
price. In case of the farm, expenditures are but 39%
of gross returns, partly because the farmer’s paym ent
for raw material is low and the sun and rain, for which
he pays nothing, are his most effective workers.
Railroad expenditure is 71% of gross returns, which
is 32 points higher than the expenditure of the farm
and only 17 below that of the factory, notwithstanding
the expenditure account of the railroad for materials
contains no items resembling the partly-finished prod
ucts of the factory.
On the farm the owner himself is an active worker
and the census returns make no separate account of
him and his hired workers. Therefore, Mr. McPher
son does not attempt to deduce the labor cost on the
farm, but for the factory and the railroad in 1905
he makes it $261 and $61 respectively, per $1,000 of
capital. Railroad labor is applied to a preponderating
extent through machinery, and capital in the factory
receives a net return of 107 points higher, or 243%
greater, than on the railroad— that is, to produce a
dollar of net return $6 62 of capital is required for the
factory, $9 44 for the farm and $22 40 for the railroad.
The total salary-wage per each $1,000 of expendi
ture in 1905 was $245 for the factory and $572 for the
railroad; the average per worker was $539 and $607.
The high average on the railroads does not come by
heavy salaries to administrative officers, for in 1905 less
than 2 % of the total went to officers. A conspicuous con
trast is that, of the total outlays of the factory, only 24%
is for salary-wage, while on the railroad it is 5 7% .
For each $100,000 of capital the factory employs
380% more workers than the railroad, and the farm
employs 260% more; although the railroad worker re
ceives a higher average wage, a given amount of net
return is produced by the railroad with 70% of the
number of workers required in the factory and 60%
of the number required on the farm. The compari
sons bring out that, while administration is far more
economical on the railroad than in case of either fac
tory or farm, the returns to capital are far less, indi
cating unmistakably that prices for the product of the
roads— namely, transportation— are relatively lower
than for the product of the factory and the farm. This
is borne out by the figures of various Government docu
ments. Thus, according to the Labor Bureau, aver
age wages per hour in 1905 were 18.9% higher than the
average for the ten-year term 1890-1899 inclusive; so
1307
the average weekly wage was also 14% higher, While
the average hours of labor per week were 4 .1 % lower.
A bulletin in March last shows a range o f increase at
wholesale of commodities from 1890 from 8.7 to 2 8 .8 % ,
or 15.9% upon them taken together.
On the other hand, the average freight rate per ton
mile was 0.941 cents in 1890, 0.729 in 1900 and 0.766
in 1905, and while the last shows a slight reaction, the
1905 average is below that of the decade 1890-1899.
A comparison in the case of wheat alone shows that,
while the average price on the farm, on board cars at
Chicago and at New York increased in 1895 over 1890,
and further in 1905, the rail rates from Chicago to New
York for export steadily declined. As Mr. McPher
son puts it, "com petition of the primary markets of
St. Paul and the rest keeps up the price to the pro
ducer; the competition of carriers and markets keeps
down the price to the consumer, and both forces tend
to reduce the cost of distribution, including the rate
for transportation and the charge for handling.”
The fact that the railroads are unable to keep pace
with the traffic of a growing country has been im puted
to them as a crime to be penalized, and it has quite
generally reached the knowledge of the people. While
the rates of wages and the prices of commodities (as
most people know) have advanced, people do not gen
erally know (or realize, at least) that the rates of trans
portation have declined,instead of advancing pari passu,
and that of late the rate of interest on new capital
has been increasing. H ow railroads can enlarge equip
ment and extend trackage and facilities for handling in
the face of higher rates for new capital and a feeling of
doubt about their future, engendered by the violent
attacks upon them during the last few years, is indeed
a problem; it may be referred to the railroads, which
are unhesitatingly required to perform impossibilities.
While agreeing with Mr. McPherson that the people
do not scrutinize railroad reports, we cannot quite
agree that everybody knows of the leaps and bounds
of increase in quantity and value of the products of
factory and farm. On the contrary, is not the popular
hostility to railroads a result of the deception of the
senses? From time immemorial the farmer has been
an object of semi-pity, as the “ poor” farmer, battling
with discouraging obstacles to keep the wolf away
have the people of the United States realized that this
condition has changed— for example, that the farmer
in Kansas and Nebraska is lending to the East, which
he used to denounce as bloated and greedy? A few
great concerns excepted, the factory (using the work
in its broadest sense) is scattered; it is insignificant as
compared with the area of the country; few people
come into contact with it, and it does not challenge
attention. But the railroad is colossal physically;
the mere spectacle of an artificial way stretching over
the country, apparently illimitably, is impressive
everybody comes into personal contact with it also,
and any case of real or imagined wrong received from
it is viewed through a magnifying glass, until it readily
assumes the appearance of a boundless and utterly
heartless combination of capital. What is more nat
ural than that the com mon man, a victim to the de
lusion of his own senses, should view it as a necessary
evil and a monster to be restrained, and should there
fore applaud every movement upon it, whether a
Washington or in State capitals, as one for the deliv
erance of the people?
1308
THE CHRONICLE.
TH E GREATER PITTSBURGH DECISION A N D
M U N IC IP A L RIGHTS.
The United States Supreme Court at Washington
on Monday of this week handed down a decision in
volving the validity of the Pennsylvania law relating
to the consolidation of the cities of Allegheny and
Pittsburgh, thereby forming what is popularly known
as the Greater Pittsburgh. As was expected, the
decision affirms the ruling of the Pennsylvania Su
preme Court sustaining the validity of the consolida
tion A ct. In matters of this kind the Federal courts
always follow the State courts except where some
question under the provisions of the United States
Constitution is raised; and in the present instance,
the United States Supreme Court could not see that
the claim that by the proposed consolidation some
right guaranteed under the Federal Constitution
would he invaded was well founded, or, indeed, had
any legitimate basis to rest upon. The case, never
theless, is an interesting one, and the position taken
by the Court in this instance serves to bring out anew
a fact well established before,that municipal corpora
tions are simply creatures of the State, and that the
sovereign which gives them power and authority is
at complete liberty to m odify the municipal charter
rights granted or to revoke them altogether.
Opposition to the consolidation came from the citi
zens of Allegheny. At the popular vote Allegheny
declared against the same. The Act providing for the
consolidation, however, declared that the result was
to be determined by a m ajority of all the votes cast in
favor of the union in the two cities, and, accordingly,
Allegheny was out-voted, there being a m ajority of
no less than 20,154 in a total vote in the two cities
of 55,574. When the case was taken into the courts
three main objections were urged against the legisla
tion by which the union was to be effected. The facts
were all set out in an article published in our issue of
March 30 1907. The first objection was that the
Governor’s proclamation convening the Legislature in
special session had been subsequently modified or
altered. The question raised was whether it was
within the power of the Governor to make such altera
tion or modification. The second objection urged
against the Act of consolidation was that it was in the
nature of special legislation, and therefore forbidden
under the Constitution. The third point made, and
on which main reliance was placed in carrying the
case, on appeal, to the United States Supreme Court,
was that the method of consolidation was contrary
to that “ due process of law” guaranteed by the
Federal Constitution, inasmuch as a m ajority of the
votes cast in the two cities combined was allowed to
determine the question of annexation, and not a
m ajority of the votes in each city.
All three of the objections named were overruled
by the Pennsylvania Supreme Court. It is not needful
to go again into the reasoning employed in reaching
a conclusion concerning the first two of the objections.
W ith reference to the third point of objection, namely
that the method of consolidation was not by “ due
process of law ,” in that it permitted qualified electors
of the larger city to overpower or outnumber those of
the lesser city, and .to annex the lesser city without
the vote or consent of a majority of the qualified
voters or electors of the lesser city, the Pennsylvania
[V o l .
lxxxv.
Supreme Court last March also spoke without reserve,
saying the contention was without force. The posi
tion taken was that the people of municipalities do not
define for themselves their own rights, privileges and
powers, nor is there any com mon law which draws a
definite line which may be exercised by the §tate
and those which must be left to the local government.
The creation of municipal corporations and the
conferring upon them of certain powers, and subjecting
them to corresponding duties, does not deprive the
Legislature of the State of that general control over
its citizens which it before possessed.
It still
has authority to amend their charters, enlarge or
diminish their powers, extend or limit their boundaiies,
consolidate two or more into one, and overrule their
legislative action whenever it is deemed unwise, im
politic or unjust, and even abolish them altogether in
the legislative discretion and substitute those which
are different. In the case of the City of Allegheny,
neither the municipality, as such, nor any of the
persons residing therein, had any vested rights in the
municipal powers as against the State which created
the municipality. The latter is merely an agency in
stituted by the sovereign for the purpose of carrying
out in detail the object of government— essentially
a revocable agency— subject to legislative control
which may destroy its very existence.
Such was the view of the Pennsylvania Supreme
Court, and such, in effect, is the view of the United
States Supreme Court, which, in addition, takes the
position that the matter of the rights involved is in
the last analysis one for the State Courts to decide,
no Federal rights being invaded. The opinion was
by Justice M oody, who remarked that many of the
points raised by the City of Allegheny are settled by
the application of well-known principles of law. He
urged that the Court had nothing to do with the
policy, wisdom, justice or fairness of the consolidation
A ct. Such questions are for the consideration of
those to whom the State has intrusted its legislative
power, and their determination of them is not subject
to review or criticism by the Court. He said: “ We
have nothing to do with the interpretation of the
Constitution of the State and the conform ity of the enact
ments o f the Assembly to that Constitution; these
questions are for the consideration of the Courts of the
State, and their decision of them is final. The Fifth
Amendment to the Constitution of the United States is
not restrictive of State, but only of national, actions.”
There were, however, two claims of rights under
the United States Constitution which Justice Moody
said the Court felt bound to consider. It had been
contended that the consolidation Act would impair
the obligation of contract existing between the city
of Allegheny and its citizens by subjecting the latter
to the burden, or at least the risk, of additional taxa
tion. The Court seemed to think this allegation
rather shadowy, saying:
“ Briefly stated, the assertion in the second assign
ment of error is that the A ct of Assembly impairs the
obligation of a contract existing between the city of
Allegheny and the plaintiffs in error, that the latter
are to be taxed only for the governmental purposes
of that city, and that the legislative attempt to subject
them to the taxes of the enlarged city violates Article 1,
Section 9, Paragraph 10, of the Constitution of the
United States. This assignment does not rest upon
the theory that the charter of the city is a contract
¥ 0V . 23 1907. J
THE CHRONICLE.
with the State, a proposition frequently denied by
this Bnd other courts. It rests upon the novel propo
sition that there is a contract between the citizens and
tax-payers of a municipal corporation itself that the
citizens and tax-payers shall be taxed only for the
uses of that corporation and shall not be taxed for
the uses of any like corporation with which it may
be consolidated. It is not said that the city of Alle
gheny expressly made any such extraordinary con
tract, but only that the contract arises out of the
relation of the parties to each other. It is difficult
to deal with a proposition of this kind except by saying
thatJt is not true. No authority or reason in support
of it has been offered to us, and it is utterly inconsistent
with the nature of municipal corporations, the pur
poses for which they are created, and the relation they
bear to those who dwell and own property within
their limits. This assignment of error is overruled.”
The point had also been made that the city of
Allegheny was the owner of property held in its
private and proprietary capacity. Hence it was in
sisted that the effect of the proceedings under the A ct
was to take its property without compensation and
invest it in another corporation, thereby depriving
the city of its property without “ due process of law ,”
in violation of the Fourteenth Amendment to the
Federal Constitution. Justice M oody disposes of this
contention in the following words:
1309
will, unrestrained by any provision of the Constitution
of the .United States. , The Court goes further and
declares that although the inhabitants and property
owners may by such changes suffer inconvenience and
their property may be lessened in value b y the burden
of increased taxation, there is nothing in the Federal
Constitution which protects them from these injurious
consequences. The power is in the State, and those
who legislate for the State are alone responsible fo r
any unjust or oppressive exercise of it.
R A ILR O A D GROSS A N D NET EAR N IN G S FOR
SEPTEM BER.
The augmentation in the operating expenses of
United States railroads which has been such a con
spicuous feature in their affairs for so long has now
reached a point where it involves serious reductions
in the net earnings. W e present to-day our compila
tions for the month of September and they show that
despite a gain of $13,172,222 in the gross earnings,
or 10.28% , such has been the addition to the expense
accounts that the net earnings show a decrease of
$3,594,503, or 7.92% . This is the first time since
last January and February, when the weather condi
tions were such a factor in affairs, that we have had
a monthly statement showing an actual loss in net.
“ But no such question is presented by the record,
IS p ember.
■ • ■ ■
January 1 to September 30.
and there is but a vague suggestion of facts upon
(84 roads.)
(95 roads )
which it might have been founded. In the sixth
■1907.
1906.
Inc. or D c
1907
1906
| In c. or D ec.
exception there is a recital of facts with a purpose of
$
$
$
$
I.
$
$
showing how the taxes of the citizens of Allegheny Gross. 141,220,009i 128,047,787 + 13,172,222! 1355120,564 1198674,598+156,445,966
E x p .. 99,401,154 82,634,429 + 16,766,725; 961,449,169 820,213,373j +141,235,796
would be increased by annexation to Pittsburgh. In
Net. 41,818.855 45,413,358 — 3,594,503 393,671.395 378.461,225j +15,210,170
that connection, it is alleged that while Pittsburgh
intends to spend large sums of money in the purchase
The significance of this feature of increased ex
of the water plant of a private concern, and for the penses, as far as the September results are Concerned,
construction of an electric-light plant, Allegheny
has improved its streets, established its own system is enhanced by the fact that in the corresponding
of electric lighting and established a satisfactory month of last year augmented expenses had already
water supply. This is the only reference in the record become a matter of considerable prominence. In fact,
to the property rights of Allegheny, and it f^lls far even in 1905 the proportion of the gain in gross saved
short of a statement that that city holds any property for the net was relatively small. In the following
in its private and proprietary character.’ ’
we furnish a summary of the totals, both for Sep
Stated in brief, the basic proposition underlying the tem ber and the nine months ending with September,
whole controversy is that municipal corporations are for a long term of years past. For the nine months
political sub-divisions of the State created as con the exhibit is somewhat more comprehensive than for
venient agencies for exercising such of the govern September standing by itself, since it includes roads
mental powers of the State as may be entrusted to which make quarterly returns but do not furnish
them. For the purpose of exercising these powers m onthly statements. It will be noted that an increase
properly and efficiently they are usually given the of $156,445,966 in the gross earnings for the nine
power to acquire, hold and manage personal and real months of 1907 has brought with it an increase of only
property. The number, nature and duration of the $15,210/170 in the net earnings.
powers conferred upon these corporations and the
Net Earnings.
Gross Earnings.
territory over which they shall be exercised rests in
Year
Year
Increase or
Year
Year
Increase or
Given.
Preceding.
Decrease.
Decrease.
Preceding.
Given.
the absolute discretion of the State. Neither their
ep
S
$
$
charters nor any law conferring governmental powers S896. 57,053,112 58,277.
— 588,922
— 1 ,224,637 Id,889.88' 20,478.809
+ 9 ,704,576 27,538,974 21,860,419 + 5,678,555
or vesting in them property to be used for govern 897 72,571,090 62,866,
81,574,080
79,290,
+ 2 ,283,232 31,520,183 30,352,609 + 1,167,574
898
+ 10 ,853.485 33,488,813 29,398,146 + 4,090,667
899
mental purposes, or authorizing them to hold or 900 88,460,145 77,606,
— 716,692
92,274,231
90,380,
+ 1 ,893,683 34,073,853 34,790,545
901 106,840,715
+ 10 ,481,041 39,063,622 35,270,411 + 4,393,211
96,359,
manage such property, or exempting them from 902 108,277.736 99.662
+ 8,614,917 37,336.366 36,435,214 + 901,152
+ 13 ,372,963 41,781.513 37,410,861 +4,370,652
903 121,941,303 108,568,
+ 3 ,328,100 45,628,707 41,023,532 + 4,605,175
taxation upon it, constitutes a contract with the 904 124,045,376 120,717,
+ 10 ,846.006 46,650,014 43.719,446 + 2,930,568
905 129,462,517 118,616
'.in
i'
+ 10 ,056.999 48.341,798 45,653.884 + 2,687,914
State within the meaning of the Federal Constitution. 907 136,839.986 126,782,
+ 13 ,172,222 41,818,855 45,413,358 — 3,594,503
141,220,009 128,047,
Justice M oody says that the State may, at its Jan to Sept. 30. 541,713, 358 + 8.2 65 918168, 267,741 166,855.
896 549,979,276
+ 1 412,042
420,517
225195, 111,274175,690,
597,281,139 573,526, 914
pleasure, m odify or withdraw all such powers, may 89' 699,037,384 647,766,,658 +23.754, 736 227, 627,024;210,882, 7575 + 1 9 ,744,879
14 +16
+51,270,
898
,2311 + 65,807, 248:246, 340.093!219,111, 8 6 1 + 2 7 228,232
899 748,504,479
take without compensation such property, hold itself 900 871,341,224 682,697,,245 +80,313. 979,286, ,447,458262,325, 890;+ 24 121,568
791,027,
901 910,185,820 823,991, 335 +86,194, 485 309 ,153,145267,878, 786 + 4 1 274,359
or vest it in other agencies, expand or contract the 902 904,256,159 855,692, ,478 +48,563, 681290 ,769,623288,396 ,455: + 2 ,373,168
903 .022,929,407 890,150,,782 + 132778 625 318 ,251,224 278,883 ,289' + 3 9 ,367,935
territorial area, unite the whole or a part of it with 904 ,067,682,734 ,081.834, 689— 14,151, 955323 ,555,294 342,447 ,585— 18 ,892,291
9051 ,165,230,177 ,080,574 ,295!+ 84,655, 882351 ,587,4041328,979 ,2 7 1 + 2 2 608.133
another municipality, repeal the charter and destroy 906 1 ,282,177,524 ,144.088,,927;+ 138088 ,5971401 ,505,5771346,283 ,6811 + 155 ,221,896
907 1 ,355,120,564 ,198,674 ,598 +156445 966-393 ,671,395378,461 .2 2 5 + 5 210.170
the corporation. All this may be done with or with
N ote.— In 1896 the number of roads included for the month of September was 136
1897, 131; in 1898, 128: In 1899, 123;
1900, 128;
108
out the consent of the citizens.
The State is supreme n 1903. 112; in 1904, 102; in 1905, 98; inin1906, 95; In in 1901, 113; in 1902, 1 1 <
n
1907, 84. From Jan.
Sept. 30 the number included in 1896 was 157; in 1897, 155; in 1898, 143;
i
in all these respects, and its legislative body, conform 899, 142; in 1900, 1 4 1 ;In 1901, 122; in 1902, 127; in 1903, 128; In 1904, 114; ii )
905, 103; in 1906, 109, and in 1907, 95. We no longer include the Mexican road t
ing its action to the State Constitution, may do as it or the coal-mlnlng operations of the anthracite coal roads In our totals.
1310
THE CHRONICLE.
In the case of the separate roads the part played
by increasing operating expenses is strikingly revealed
in the figures of nearly all the larger systems in different
parts of the country. Take first, for illustration, the
Pennsylvania Railroad. On the combined lines east
and west of Pittsburgh and Erie there was an expan
sion in the gross receipts for the month in the very
large sum of $2,250,700; yet the net earnings of this
system show a loss of $404,400. Then there is the
Southern Pacific, with $1,466,838 increase in gross,
b u t with $714,107 decrease in net; the Union Pacific
with $679,084 gain in gross but with $559,395 loss in
net. The Atchison Topeka & Santa Fe has added
$651,309 to gross but suffers a diminution of $409,373
in net. The R ock Island system, with a gain of
$756,125 in gross, has managed to contribute $3,007
gain to the net, but the St. Louis & San Francisco,
with $533,508 addition to gross, falls $319,098 behind
in the net. In the Middle West the Illinois Central
with $548,224 increase in gross has sustained $236,352
decrease in the net, and in the South the Louisville &
Nashville, though having enlarged its gross by $371,146,
records a diminution of $169,517 in the net. These
illustrations might be multiplied almost indefinitelyIn the following we show all changes for the separate
roads for amounts in excess of $30,000, whether in
creases or decreases, and for both gross and net.
P R IN C IP A L C H A N G E S IN ClROSS E A R N IN G S IN S E P T E M B E R .
Pennsylvania (2 roads)_*/S2 .250,700 ; N ashv Chattan & St Louis
127,830
Southern Pacific________
1,46 6 ,8 3 8 : Buffalo Roch & T ittsb.
126,959
756,125 i Northern Central124,000
R ock Island 6 7 9 ,084 i Phlla Balto & W a s h ____
112,400
Union Pacific____________
651,309 ! Atlantic Coast Line______
100,855
Atchison Topeka & S F e .
548,224 i Central of Georgia_______
99.199
Illlnols Central----------------5 33,508 ! St Louis Southw estern..
98,171
St Louis & San Francisco
2 505 ,99 6 I Mobile & O hio___________
91,808
Philadelphia & R eading.
432,685 j W heeling & Lake Prle___
81,368
Southern R ailw ay_______
78,355
396,852 i Yazoo & Miss V a lley------Chesapeake & O hio______
387,154 W abash
77,079
Baltimore & Ohio_______
379,565 Cine New Orl & Tex P a c.
75,865
N orfolk & W estern --------371,146 Hocking V a lley--------------68,768
Louisville & Nashville___
56,300
328,479 W est Jersey & Sea Shore
Delaware & H udson____
47,977
297,310 Toledo St Louis & W e s t .
Erie ______________________
43,668
275,974 N Y Susq & W estern------Denver & Rio Grande___
270,685 i Mlnneap & St Louis--------42,250
Canadian Pacific------------250,0 6 2 ;
-------------------Central of New Jersey___
222,398
Total (45 roads)............. $13,321 ,462
Grand Trunk (4 roads) - 219,655
D ecrea ses.
Kansas City Southern___
190,289 i Minn St Paul & S S M ___
$244,394
Missouri Kansas & Texas
Colorado & Southern____
176,775 W isconsin C en tral-...........
39,507
Seaboard Air Lin e_______
141.850 1
-------------------135,947
Total (2 roads)............. $283,901
Pacific Coast_____________
x These figures are for the Railroad Co ; the Coal & Iron Co. reports an
increase, of $778 ,44 1.
y These figures cover the lines dliectly operated east and west of P ttsburgh and ftrie. The gross on Eastern lines Increased $1,39 1 ,0 0 0 and the
gross on W estern lines Increased $859 ,70 0.
P R I N C I P A L C H A N G E S IN NET E A R N I N G S IN S E P T E M B E R .
In crea ses.
D ecrea ses.
$214,250 Southern Pacific--------------$714,127
Delaware & H udson____
Chesapeake & O h io ..
135,905 U nion Pacific____________
559,390
113,846 Atch Topeka & Santa Fe
409,373
Kansas City Southern___
£110,006 Pennsylvania (2 roads). .
j/404,405
Philadelphia & R eading105,324 Erie _____________________
370,406
Seaboard Air Line_______
50,876 Minn St Paul & S S M . . .
341,818
Colorado & Southern___ _
49,533 St Louis & San Francisco
319,096
Toledo St Louis & W e stCine New Orl & Tex P ac.
49,234 Canadian Pacific________
286,579
Nashv Chattan & St Louis
236,352
4 7,653 Illinois C entral-..................
34,003 Baltimore & O hio_______
233,800
Central of New Jersey___
31,212 Atlantic Coast Line--------172,938
Hocking V a lley--------------W est Jersey & Sea Shore
31.100 Louisville & N a s h v ille ..
169,517
Norfolk & W estern______
30,606 Long I s la n d --------------------108,104
-------------------- Phlla Balto & W a s h ------85,900
T otal (13 roads)_______ $ 1 ,0 0 3 ,5 4 * Wheeling & Lake Erie------55,498
i Grand Trunk (4 road s). .
50,613
Yazoo & Miss V a lley____
40,593
Colorado & M idland------30,488
I
[V o l .
lxxxv
.
result is largely controlled by the exceptional showing
made by the Delaware & Hudson Company (which
has now begun to furnish monthly statements) though
the Central of New Jersey and the Reading also con
tribute to the increase in net for that group.
SUMMARY B Y GROUPS.
Gross Earnings.
I
N et Earnings.
Section o r ----------------------------------------- -— ----------------------------------------1906.
j
1907.
1906.
l n c .( + ) o r D ec.(— )
Group.
1907.
September.
Trunk L (8)Anth Coal (5)
E'st& M ld(ll)
MldWest (10)
North West &
Nor Pac (11)
Southwest &
i
Sou Pac (14)
Southern (25);
$
40,564,085
9,141,964
5,631,442
7,970,042
S
S
S
S
%
37,329,444 11,487,060 12,525,448 — 1,038.388 8.29
+ 334,214 9.92
3,704,834
3,370,620
8,036,163
5,222,480
— 140,207 7.74
1,669,217
1,809,424
7,186,203
1,970,900 2,202,919
— 232,019 10.53
16,893,571
16,001,064
37,224,851
23,794,054
32,835,502 11,042,764 12,388,479 — 1,345,715 10.86
6,053,306
6,037,355
21,436,931
+ 15,951
.26
5,890,774
7,079,113 — 1,188.339 16.78
Total (84)J 141,220,009 128.047,787 41,818,855; 45,413,358 — 3,594,503 7.92
+344,268;26.34
Mexean ( 5 ).!
5,714,034
4,665,228
1,651,138] 1,306,870
Jan. 1 to S ep t. 30.
Trunk L (10) 431,111,274
Anth Coal (7) 89,969,049
E ’st&Mld(18)
93,248,915
MidWest (10); 65,914,008
North West
Nor Pac (11) 143.687,341
South West &
Sou Pac (14) 321,132,863
Southern (25). 210,057,114
|
389,078,686 117,636,800115,469,344 +2,167,456: 1.88
77,899,389 35,761,31l| 29,757,473 + 6,003,838 20.18
— 225,874
.94
84,375,927 23,801,9141 24,027.788
60,076,915 18,428,438 17,274,070 + 1,154,368 6.68
i
+ 24,239
.05
125,977,608 50,170,507 50,146,268
268,418,142 97.029,566' 88.087,505 +8,942,061 10.15
192,847,931 50,842,859 53,698,777 — 2,855,918; 5.32
Total (95). 1355,120,564 1198,674,598 393,671,395378.461,225+15,210,170 4.02
Mexican (4).
51,078,711
43,554,498 15,897,478 14,026,030 + 1,871.448 13.34
All the foregoing figures relate to the roads w^hich
make reports of both gross and net earnings. In addi
tion there is a considerable body of roads wrhich
never gives out. figures of net but does make public the
results as to gross earnings. Starting with the total
of the gross for Septem ber/in the foregoing, we accor
dingly add on these other roads. The additions com
prise, it will be seen, some very large systems like the
Chicago & North Western, the Great Northern, the
New York Central, the Lake Shore,& c., &c.
R O A D S R E P O R T I N G G RO SS B U T N O T N E T .
S eptem ber.
1907.
1906.
In crea se
$
$
$
Reported above (84 roads)______ 141220009 128047 787 13172222
Alabam a New Orl & Texas P a c 244,606
New Orleans & Nor Eastern. 247,153
Alabam a & Vicksburg
131,095
116,724
14.371
138,340
123,421
14,919
Vicks Shreveport
P a cific..
Buffalo ft Susquehanna. .
34,971
184,125
149,154
800,988
819,249
536,561
Chicago Indlanap & Louisville. .
519,586
55.430
256,666
201,236
Chicago Indianap & S o u th ern ..
65,128
Chicago Mllw & St P a u l________
5,532,991 5 ,467,863
427.894
Chicago & North W estern --------- 6,5 2 5 ,1 2 0 6,097,226
4,689
Chicago St Paul Minn & Omaha 1,284,027 1,279,338
141,734
136,098
5,636
Chicago Tremlnal Transfer-----94,309
99,019
Cincinnati Northern- 234,236
Cleve Cine Chicago & St L o u is .. 2,461,252 2 ,227,016
261,465
10,288
271,753
63,700
337,976
401 ,676
Detroit Toledo & Ironton
663,381
5,771,528 5 108,147
12,071
214,457
2 2 6 .5 2 *
Montana Central-------------------777,000
671 ,000
International & Great Northern
465,707
33,118
498,825
312,481
Lake Shore <c Mich S o u th ern -- 4,0X2,327 3,769,846
S
13,894
12,343
276,573
Michigan C entral------------------------ 2,553,787 2,277,214
70,161
48,021
118,182
525,000
4,4 0 5 .0 0 0 3,880,000
Missouri Pacific & Iron Mtn .
13,000
138,000
151,000
_
_
Central Branch
- 24,095
108,413
132,508
Mobile Jackson * Kan C ity. __
605,753
New York Cent ft Hudson R lv . 9 035,990 8 ,430.237
69,654
812,462
882.116
N Y Chicago & St Louis 209,528
Pittsburgh & Lake Erie ___
. 1,407,359 1,197,831
40,726
273,615
314,341
Rutland .
..........
. .
24,099
139,458
Southern I n d ia n a ..
._ ____
163 557
107,757
1,302,074 1,194,317
Texas & Pacific
.
_
_
69.158
11,717
80,875
Toronto H am ilton & Buffalo
439,976
90,429
530,405
W estern M aryland______ ________
Total (118 roads)
___________
N et Increase (9.71 % )
_______
192548022 175505039 17193027
17042983
D ec r e a s e
$
2,547
18,261
16,975
.............
4,710
----------......
106,000
1,551
.............
____ __
_____
_____
150,044
Total (22 roads).............$4,588,997
In this way the increase in the gross for the month is
brought up to $17,042,983. The ratio of im provement
is 9 .71% . In September last year the improvement in
Arranging the roads in groups, we have yet another the gross, according to the same method of com pu trillustration going to show how all-pervading has been tion, was $12,997,951, or 7 .58% .
the influence of the increase in expenses. For it ap
IS S U E OF U. S. C E R T IF IC A T E S OF IN D EB T E D S ESS
pears that while every group, without any exception, is
A N D P A N A M A C A N A L B O N D S.
able to record improved gross revenues— the improve
W ith the purpose of providing some large and conspicuous
ment in most of the groups, too, being very substan measures of relief, in the existing monetary disturbances,
tial— yet in the case of the net there are only two and help bring about a restoration of confidence, Secretary
Cortelyou on Sunday last, N ov. 17, decided to issue $1 00 ,groups which do not fall behind. The other five
000,000 one-year 3 % certificates of indebtedness authorized
groups all show losses. The two groups that form by the Spanish War Act of 1898, and to put out another
exceptions to the rule are the Southern group and the $50,000,000 of the Panama Canal 2 % loan. Bids for the
Anthracite Coal group. In the last instance the canal bonds are invited on or before Nov. 30. Subscriptions
x These figures are for the Railroad Co.; the Coal & Iron Co. reports
an increase of $314 ,25 1.
y These figures cover the lines directly operated east and west of Pitts
burgh and hrie. The net on Easternllnes decreased $467,000 and the net
on W estern lines Increased $ 62,600 .
N ov. 23 1 9 0 7 .1
THE CHRONICLE.
1311
for the certificates of indebtedness were asked, beginning
Nov. 18 and continuing at the discretion of the Secretary.
W e comment editorially on this action of the Government
in our article on the Financial Situation on a previous page.
The following is President Roosevelt’s letter approving
the action of the Secretary:
The following is the Treasury circular inviting proposals
for the Panama Canal bonds:
at all with the way things were in 1893. On Nov. 30 of
that year there was in the Treasury but $161,000,000 in
gold. On Nov. 14 of this year there was in the Treasury
$904,000,000 of gold. Ten years ago the circulation per
capita was $23 23. It is now $33 23.
The steps that you now take, -the ability of the Govern
ment to back them up, and the fact that not a particle of
risk is involved therein, give the fullest guaranties of the
sound condition of our people and the sound condition of
our Treasury. All that our people have to do now is to go
ahead with their normal business in a normal fashion, and
the whole difficulty disappears; and this end will be achieved
at once if each man will act as he normally does act, and as
the real conditions of the country’s conditions fully warrant
his now acting.
Sincerely yours,
TH EO D O RE ROOSEVELT.
W e also print herewith the circular asking subscriptions
to the 3 % certificates of indebtedness:
1907.
T re a s u r y D ep a rtm en t,
Department Circular N o. 6 8 .
O ffice o f the S ecreta ry,
Division of Loans and Currency.
W ash in g ton , N o vem b er 18 1907.
The Secretary of the Treasury offers to the public $50,000 ,000 of the
bonds of the Panam a Canal Loan authorized by Section 8 of the A c t ap
proved June 28 1902, and supplemented by Section 1 of the A ct of Decem
ber 21 1905.
The bonds will bear interest at the rate of 2 % per annum; will be dated
The White House, Washington, Nov. 17 1907.
August 1 1906, and the Interest will be paid quarterly on the first days
M y Dear M r. Cortelyou: — I have considered your proposal. of Novem ber, February, M ay and August. They will be Issued In denomi
nations of $2 0 , $100 and $1,000 of coupon bonds and of $2 0 , $ 1 0 0 , $1 ,0 0 0
I approve the issue of the $50,000,000 of Panama bonds, and $10,000 of registered bonds. They will be redeemable in United
which will be immediately available as the basis for addi States gold coin, at the pleasure of the United States, after ten years from
the date of their issue, and will be payable thirty years from such date.
tional currency. I also approve the issue of $100,000,000, They will be exempt from all taxes or duties of the United States, as well
or so much as you may find necessary, of $.50 3 % interest- as from taxation in any form by or under State, municipal or local author
ity. They will be available to national banks as security for circulating
bearing Government notes, the proceeds of the sale of which notes upon the same terms as the 2 % consols of 1930, to w it: The sem i
can be at once deposited by you where the greatest need annual tax upon circulating notes, based upon the said bonds as security,
M of 1 %
They will be receivable, like all other United States
exists, and more especially in the W est and South, where will be as security. for public deposits in national banks.
bonds,
The law forbids their sale at less than par and provides that all citizens
the crops have to be moved.
the United States
I
have assurance that the leaders of Congress are considerof In pursuance of theshall have equal opportunity to subscribe therefor.for
above announcement, the Secretary invites bids
ing a currency bill which will meet in permanent fashion the bonds heretofore described, which must be subm itted to this Depart
or before the 30th
bid should state the
the needs of the situation, and which I believe will be passed m ent on of bonds desired by of Novem ber 1907. Each coupon or registered
amount
the subscriber, whether
at an early date after Congress convenes two weeks hence.
the price he lswilling to pay, and the place where he desires to make pay
the United States or at the
W hat is most needed just at present is that our citizens m ent— whether at the Treasury of at New Y o rk , Baltim ore, office of some
one of the Assistant Treasurers
Philadelphia,
should realize how fundamentally sound business conditions B oston, Chicago, St. Louis, Cincinnati, New Orleans or San Francisco.
All bids should be addressed to the Secretary of the Treasuiy, Division of
in this country are, and how absurd it is to permit themselves Loans and Currtency, and the envelopes inclosing them should be plainly
to get into a panic and create a stringency by hoarding m arked, "B id s for Panama Canal B onds.”
Upon receipt and classification of the bids hereby Invited, the successful
their savings instead of trusting perfectly . sound banks.
bidders will be advised of the acceptance of their bids, and they will be in
There is no particle of risk involved in letting business take structed as to the date upon which paym ent is desired to be m ade at the
its natural course, and the people can help themselves and Treasury or some Sub-Treasury of the United States.
In considering bids, the bidders offering the highest prices will receive
the country most by putting back into active circulation the first allotment. O f two or more bidders offering the same price, those
asking for the smaller amounts of bonds will receive priority In allotm ent.
the money they are hoarding.
The Department reserves the right to permit bidders offering the highest
The banks and trust companies are solvent. There is prices to increase the amount of their purchases.
For the sake of uniformity the bonds will be dated Au gustl 1 9 0 6 ,which
more currency in thV country to-day than there was a month
date of the outstanding Panam
bonds, but Interest on th
ago, when the supply was ample. Over $55,000,000 has Is the of this issue will begin N ovem bera1 Canal and bidders will be required
bonds
1907,
been imported, and the Government has deposited another to pay accrued interest on their bonds from that date to the date of pay _
$60,000,000. These are facts, and I appeal to the public m ent. Department also reserves the right to reject any or all bids, If deemed
The
to co-operate with us in restoring normal business conditions. to be to the Interests of the United States so to do.
The bonds will be ready for delivery upon receipt of paym ent therefor.
'T h e Government will see that the people do not suffer,
Prospective bidders desiring Information not contained in this circular
if only the people themselves will act in a normal way. m ay address the Secretary of the Treasury, Division of Loans and Currency,
W ashington, D C ., the Assistant Treasurers at Chicago, St. Louis, New
Crops are good and business conditions are sound, and we Orleans or San . Francisco.
should put the money we have into circulation in order to
GEORGE B. C O R TELYO U ,
S ecreta ry.
meet the needs of abounding prosperity. There is no analogy
Upon receipt of President Roosevelt’s letter of approval,
the following statement was issued by the Secretary of the
Treasury:
“ The available cash balance of the Treasury, amounting
to $240,156,431 85, is, with the exception of a small working
balance, now on deposit in national banks in every State
and Territory in the Union, thus placing it where it can serve
the needs of the people as far as possible under existing law.
“ The Secretary of the Treasury; with the approval of the
President, has announced an issue of Panama bonds to the
extent of $50,000,000.
“ He has also, with the approval of the President, availed
himself of certain provisions of the law applicable to the
transactions of the Treasury in times of emergency. These
provisions are contained in Section 32 of the Act of June 13
1898, authorizing the issuance of interest-bearing certificates
of indebtedness to run for one year. Certificates bearing
3 % interest will be issued to the extent, if necessary, of
$ 1 0 0 ,0 0 0 ,0 0 0 .
“ The Panama bonds will serve as a measure of most sub
stantial relief, for among other things the law expressly pro
vides that they m ay be used as a basis for additional national
bank circulation.
“ The proceeds of the sale of certificates provided for under
the above section can be deposited almost simultaneously
with their purchase upon approved security. They can be
made directly available at points where the need is most
urgent, and especially for the movement of the crops, which,
if properly accelerated, will give the greatest measure of
relief,and result in the most immediate financial returns.
The acceptance of subscriptions by the Secretary of the
Treasury will be made with special reference to such use.
“ Both the bonds and certificates are attractive as abso
lutely safe investments.
“ These measures will, among other things, enable the
Secretary of the Treasury to meet public expenditures
without withdrawing for that purpose any appreciable
amount of the public moneys now deposited in national
banks throughout the country.”
1907.
T rea su ry D ep a rtm en t,
Department Circular N o. 67.
O ffice o f tlie S ecreta ry,
Division of Loans and Currency.
W a sh in g to n , N o v em b er 18 1907.
The Secretary of the Treasury offers to the public at par and accrued
interest from N ovem ber 20 1907' $ 100 ,00 0,00 0 of the certificates of Indebted
ness authorized by Section 32 of the A ct of June 13 1898.
The certificates will be issued in denominations of $50. They will be
payable to bearer; will be dated Novem ber 20 1907, and will bear interest
at the rate of 3 % per annum , payable with the principal sum on and after
N ovem ber 20 1908 on presentation of the certificates for redemption at the
office of the Secretary of the Treasury, Division of Loans and Currency.
Subscriptions will be received by the Secretary of the Treasury direct
or through the Treasurer of the United States and the Assistant Treasurers
located at New Y o rk, Baltim ore, Philadelphia, Boston, Chicago, St. Louis,
Cincinnati, New Orleans and San Francisco, beginning on Novem ber 18
and continuing at the discretion of the Secretary of the Treasury.
In order
that the certificates m ay be properly distributed throughout the country,
$50,000 ,000 will be allotted by the Secretary In his discretion upon offers
of subscriptions addressed to him , and the remaining $50,000 ,000 will be
allotted through the several Assistant Treasurers authorized to receive
subscriptions at the following points; San Francisco, New Orleans, St.
Louis, Chicago, Cincinnati, Boston, Baltimore, Philadelphia and New York,
and through the Treasurer of the United States at W ashington.
Each subscriber to whom certificates have been allotted should pay In
at the Sub-Treasury nearest the point of subscription, on or before D ecem
ber 1 1 9 0 7 ,the face value of the amount of certificates named in the allot
m ent, together with accrued interest at the rate of 3 % per annum from
Novem ber 20 1907 to the date of paym ent.
Allotm ents will be m ade as rapidly as possible and for such subscrip
tions as are m ade Immediately the Secretary of the Treasury Is prepared to
deliver temporary receipts, bearing interest from N ovem ber 20 1907,
pending the delivery of the $50 engraved certificates.
GEORGE B. C O R TELYO U ,
S ecreta ry.
ITEM S AB O U T B A N K S , B A N K E R S A N D TR U ST CO’S.
— The public sales of bank stocks this week aggregate 162
shares, of which 115 shares were sold at the Stock Exchange
and 47 shares at auction. The only transaction in trust
company stock was a sale at auction of 80 shares of stock
of the Broadway Trust Co. at 125.
Sh ares. B A N K S — N ew Y o rk .
L ow .
*115 Commerce, N at. Bank of_ . 121
37 Metropolis. Bank of t h e . . , . 305
10 Union Exchange B ank.
_ 207
T R U S T C O M P A N Y — N ew Y o rk .
80 Broadway Trust Co________ . 125
H ig h .
130
305
207
125
C lose.
122
305
207
125
L a st
N ov.
A ug.
May
p reviou s sale.
130
1907—
1906—
400
1906—
2,1,7H
Mch. 1906—
165M
* Sold at the Stock Exchange.
— A New York Stock Exchange membership was trans
ferred this week for $51,500. The last previous sale reported
was last week for $53,000.
— Secretary Cortelyou’s announcement on Sunday last
concerning the proposed plan of the Treasury to issue $ 5 0 ,000,000 2 % Panama Canal bonds and $100,000,000 3 %
Treasury certificates, both of which are to be available as
security for national bank circulation, resulted on Monday in
a rise at the opening of the Stock Exchange of from 3 to 4
points over the closing prices of Saturday. There was also evi
denced a decline in the premium for cash money, the rate on
1312
THE CHRONICLE.
: Monday ranging from 1% to 2 ^ % , and continuing at about
the same figures on Tuesday. After then,how ever,the stock
market again became weak and the premium on currency
advanced.
On Wednesday the premium rose to 3 % ,
resulting from the demands for cash for bond purchases,
but on Thursday the rate was
while Friday the
■ range was
@ 2^% .
The official circulars announcing
the Treasury bond and certificate offerings will be found in a
preceding column.
— A further deficit of $1,742,325 was shown in the bank
' statement of Saturday last, thus making the total deficit
below the required reserve up to the 23d inst. $53,666,950.
;
— A ruling as to whether certain forms of substitute cur
rency which have come into use in the present crisis are
taxable is embodied in the following letter, addressed to
Ernest Caldwell, Collector of the Fifth District, Nashville,
Tenn., by Commissioner of Internal Revenue Capers, made
public on Thursday.
'.V
)
"T h is office Is in receipt of your letter of the 11th Inst., transmitting a
copy of a letter from M r .— — .Cashier of the'— — Bank o f --------.T ennessee,
. relative to the taxability of certain notes, other than national bank notes,
proposed to be used for circulation. It appears that the bank in question
i lo a n e d --------County; Tennessee, some money to be paid February 10 1908;
, b y arrangement with the county authorities, notes of the denomination of
$5 and $10 were executed for the paym ent of the am ount due, and it is
the purpose of the bank to use these notes as a circulating medium in order
, to relieve as far as possible the embarrassment caused by a scarcity of
currency In that part of the country.
In reply you are advised that, relying
upon the opinion of Attorney-General Olney (39 Int. R ev. R ec., 398), that
certificates Issued by clearing houses are not notes within the meaning of
Section 3 ,4 1 3 , this office has refused to Issue instructions for the collection
, o f the 1 0 % tax on clearing-house certificates. The notes herein referred
to , however, are clearly o f the character which Congress desired to dls, courage for use as circulation by the imposition of the 1 0 % ta x , and so
m an y of them are issued and used for circulation will be held subject to the
t a i imposed by Section 3414&. The bank should, therefore, be required
to make returns provided by Sections 3413 a n d -3 4 1 4 .”
— In response to the call of Governor Gillett, the California
Legislature convened in extra session on Tuesday for the
purpose of adopting measures to meet the exigencies of the
present financial situation. The following remarks are
quoted from the Governor’s message as published in dis
patches to the New York papers:
[V o l .
lxxxv
.
— Since the 14th inst. the Boston Clearing House has
issued but $900,000 of Clearing House certificates. This
brings the total issue thus far (the 21st inst.) up to $ 1 1 ,6 9 5 ,000. The $900,000 certificates were put out on the 15th inst.,
and there h a v e 1been no applications for further amounts
since that date.
. — It was reported on Saturday last that the New York
Clearing House had notified member banks that they will in
future be expected to refrain, as far as possible, from cashing
at the Sub-Treasury checks drawn on the Assistant United
States Treasurer, being expected instead to pass them through
the Clearing House. This action, it is said, was taken to
prevent the continuance of the credit balances which the
Sub-Treasury had been having recently. Under the system
followed for two weeks, the New York ’ ’Times” states, the
banks which had checks on the Sub-Treasury were able to
obtain a large amount of cash direct from the Government,
leaving other less fortunate banks to make up the whole
of the Sub-Treasury credit balance, which resulted from
this procedure.
,
— The report that the $5 pay checks issued by the Central
Railroad of New Jersey have been forged or couterfeited is
denied by representatives of that company. Most of these
checks are drawn on the Coal & Iron National Bank of this
city in payment of wages of'Central Railroad of New Jersey
employees. W e are informed that no case of forgery or
duplication has been reported to the bank and no steps have
been taken to call in the checks. The circulation of the story
is vigorously resented, because of its effects on people who
have received the checks and who have been led to believe
that the issue has been widely counterfeited.
— Owing to the excited frame of mind of the foreign ele
ment among the depositors, the Buffalo savings institutions
last week experienced heavy withdrawals, the Buffalo Sav
ings Bank and the Erie County Savings Bank having been
• The cause for the present stringency Is found in extravagant living, wild especially drawn upon.
Both banks met all demands made
speculation, the effort to get rich quickly by giving nothing for something,
the frenzied finance of the stock and bond manipulators of W all Street,
upon them, and by Monday of this week practically normal
and the attem pt, dishonestly and by misrepresentation, to force all manner
. of enterprises upon a sea of water.
conditions prevailed. On. that day, however, the Buffalo
These are the things which have been m ostly, If not entirely, responsible
Savings Bank decided to enforce the required notice affecting
for the present financial stringency; and it Is only the unparalleled pros
perity distributed among the masses that saved us from financial ruin.
the withdrawal of deposits. This is stated to have been the
Our banking laws need to be amended so as to afford better protection
to the depositors. The large trust companies and corporations that do an
first action of the kind to be taken in Buffalo since the ad
Inter-State business should be placed under Federal supervision and sub
ject to Federal laws, and if there is no authority for this under the present
vent of the financial disturbances.
.Constitution then the Constitution should be amended so as to grant such
power.
I
suggest that the Legislature appoint a com m ittee to Investigate the — The
' methods of doing banking business in this State and to report thereon at
Monday
the next regular session.
— W ith a view to ascertaining at first hand the situation
.o f the savings banks in Illinois, T . S. Chapman, President of
the Jersey State Bank of Jerseyville, 111., recently addressed
a .communication to all the country banks in Illinois doing
a savings business outside of Chicago and the new clearing
house cities, inquiring whether notice was required in with
drawing deposits and what per cent of depositors had given
notice of withdrawal. xM Chapman states that out of 127
r.
answers, dated the 8th and 11th, received from State insti
tutions having savings accounts, 83 pay on request, requiring
no notice, and 44 require notice s’nee the recent stringency.
The amount on deposit in the 83 banks, he notes, as re
ported by the State Auditor on August 20 was $10,550,926;
ancl that on deposit in the 44 banks was $1 0,189,814. The
letters, he adds, indicate that not to exceed 1 % in amount
served notice.
— The National Shawmut Bank of Boston, through its
President, William A . Gaston, has issued the following letter
to its customer banks, urging them, on account of the
present money conditions, to renew, as far as possible, ma
turing notes of merchants and manufacturers:
■ T H E N A T IO N A L S H A W M U T B A N K .
B oston , M a s s ., N o v . 15.
Dear Sirs—-In a period o f such stringency in the money market as we
are now experiencing. It is of the utm ost importance that the banks shall
relnew. as far as It lies In their power, the notes which m ay be maturing
o f merchants and manufacturers and others who are worthy o f credit.
In m any cases It is utterly impossible for perfectly solvent business
houses either to borrow new money or to collect their receivables which
ordinarily are paid, or to sell their merchandise: and, If they are forced
unnecessarily by the banks to pay their ndtes, bankruptcy or receivership
Is sure to follow.
In order to-restore business affairs to a normal state, a general liquidation
of business must take place. This, we believe, every merchant Is attem pt
in g to do to the- extent of his ability; but the banks and trust companies
m ust, In our opinion, do their share by extending maturlngnotes In whole
dr-In part. The fewer the number of solvent merchants who are forced to
p a y their debts where It means hardship, the fewer the failures, and conse
quently the sooner a restoration of confidence and a normal condition of
tne money market will ensue.
W e therefore urge you, as far as Is in your power, to help the serious
mercantile situation In this w ay.
. Very truly yours,
N A T IO N A L S H A W M U T B A N K ,
W I L L IA M A . G A S T O N , P resid en t.
Binghamton (N . Y .) savings banks also decided on
to enforce the thirty-day notice of intention to
withdraw.
— The savings banks of Toledo, Ohio, decided on the 15th
inst. to enforce the sixty-day requirement with regard to
the withdrawal of deposits. The “ Toledo Blade” states that
the local bankers have for several weeks fought the adoption
df expedients utilized by other cities, but the result has been
that manufacturers and business men in adjacent cities, un
able to obtain cash at home, have been going to Toledo with
checks in considerable amounts and have had them cashed
at local banks.
— A clearing house association has been formed in Easton,
Pa., by the national banks and trust companies of that
borough. The action of the association in deciding to issue
clearing house certificates has been approved by the Mer
chants’ Association of Easton and Phillipsburg.
— Announcement was made last week by the following
Chicago business houses that the checks issued by the
Clearing-House Association would be accepted in payment
for merchandise in the regular course of business: Mar
shall Field & Co.; Mandel Brothers; Carson, Pirie, Scott &
C o.; Charles A . Stevens & Bros.; The Fair; Siegel. Cooper
& Co.; Rothschild & Co.; the Boston Store; Hillman’s, and
The Hub.
— The Columbus (G a.) “ Enquirer-Sun” of the 20th inst.
states that one-fourth of the recent issue of Clearing-House
certificates was retired on the preceding day. The total
issue, it announces, was $320,000, of which $80,000 is re
tired, leaving $240,000 still outstanding.
— The bankers of Vicksburg, Miss., at a meeting on the
15th inst., effected the organization of a permanent clearing
house association. The officers are: President, W . S.
Jones, Vice-President of the Merchants’ Natiogal Bank;
Secretary, W . Thos. Rose, Cashier of the American National
Bank; and Manager, Frank H. Andrews.
Nov. 23 190J.I
THE CHRONICLE
— Two plans for the reorganization of the Knickerbocker
Trust Company of this city were put forth this week— one
by the committee of depositors, of which Samuel Untermyer is Counsel, and the other by the committee represent
ing directors, of which Julien T . Davies is Counsel. In both
plans it is provided that the capital be increased from
$1,200,000 to $2,000,000. and that the 8,000 shares be sold
to present stockholders at $300 per share. In the directors’
plan, however, the stockholders have the alternative of
paying into the company $2,400,000 and taking, instead of
stock, obligations of the company bearing 4 % interest, sub
ject to all other debts, and payable on or before one year
after the discharge of the other obligations provided for in
the plan, or exchangeable for stock at $300. This plan
stipulates that sufficient assets of the company shall be set
apart as a special trust fund to represent the trust accounts
to which the law gives preference. All other deposit ac
counts are to be paid 5 0 % in coupon or registered gold bonds
of the company, to be issued on the date of resumption,
payable on or before three years from date of issue, and
bearing interest at 4 % per annum. For the remaining 5 0 %
certificates of deposit are to be given, 1 0 % of which may be
withdrawn one month after reopening, 5 % in two months
after the first withdrawal and the remainder in install
ments' of 5 % at intervals of two months. The Untermyer
plan, in addition to providing for an increase in the capital
to $3,000,000, also calls for the issuance of preferred stock
to the extent of approximately $4,000,000; it is proposed
that depositors of $500 and over shall accept 3 0 % of their
claims in such preferred stock at $300 per share.
For the
balance of 7 0 % they would be asked to take 1 0 % in cash,
and the remaining 6 0 % in certificates of deposit at four,
eight and twelve months.
Under this, the Untermyer
plan, the directors, or those interested with them, are re
quired to form a syndicate to purchase for cash at par the
claims of all depositors of $500 or under, such syndicate to
come into the general plan with the claims so purchased.
The announcement concerning this arrangement states:
“ Assuming that after allowing all offsets in the way of de
posits against money owing by depositors, there would re
main deposits to the extent of $36,000,000, this plan would
work out after the following fashion:
“ The $36,000 ,000 of deposits would be reduced to $25,200 ,000 by the
taking of 3 0 % In stock.
O f this amount of $10,800 ,000 thus converted
Into stock two-thirds w'ould constitute new surplus, am ounting to $ 7,200,0 00.
The remaining: $3,60 0 ,0 0 0 would be the par value of new stock.
This surplus of $7,2 0 0 ,0 0 0 , added to the $1,600,000 surplus furnished by
the stockholders, m aking $8,800,000 In all of additional surplus— assuming
that there Is any surplus on the present showing— would constitute a strong
com pany with a substantial surplus, which would entitle It to the confidence
of the public.
— A meeting of the presidents of some of the larger savings
banks of New York and Brooklyn was held on Wednesday
for the purpose of discussing arrangements looking to the
adoption of co-operative measures of relief in times of finan
cial stress. It was decided that the task of working out
such a plan of co-operation should be delegated to three com
mittees, two of which were named at the meeting. One of
these represents Manhattan and Bronx and is composed of
Andrew Mills, Chairman, President of the Dry Dock Savings
Institution; Thomas M. Mulry, President of the Emigrant
Industrial Savings Bank, and W alter Trimble, President of
the Bank for Savings. As the last named is unable to serve,
William Felsinger, President of the New York Savings Bank,
has been named in his stead. The members of the Brooklyn
committee are Jeremiah V . Meserole, Chairman, President
of the Williamsburg Savings Bank; Charles A . Schieren,
President of the Germania Savings Bank of Kings County,
and William J. Coombs, President of the South Brooklyn
Savings Institution.
1— The Twelfth Ward Bank, located on 125th Street,
which closed its doors October 24. resumed business on
Wednesday. A t the opening there was a long line of de
positors at the receiving teller’s window, and those with
drawing funds were in the minority. Considerably more
cash was taken in on both Wednesday and Thursday than
was paid out. It is stated that the reopening was in part
effected under an agreement of the 5.000 depositors to leave
undisturbed for four months 7 5 % of their deposits. The
directors, it is said, have agreed not to withdraw any por
tion of their deposits for a similar period. Warner Van
Norden and his son, Warner M. Van Norden, have pur
chased individual control of the Twelfth Ward Bank (which
has a capital of $200,000), and they are reported to have
1313
advanced $900,000 to aid in the bank’s resumption. The
Van Norden Trust Company, we are advised, has no interest
whatever in the transaction, nor has it any direction in the
affairs of the bank. Aside from the fact that Arthur King
W ood has been elected a director and First Vice-President
Of the Twelfth W ard, to replace the late George B. Brown,
there is no change ih the management of the institution.
, — On the application of Attorney-General Jackson, Prank
W hite, former Deputy Attorney-General, was appointed
temporary receiver of the Hamilton Bank of this city, which
suspended on October 24. The hearing on the appointment
of a permanent receiver has been fixed for November 30.
In the meantime President Montgomery is continuing his
efforts to effect the reopening of the bank. It is stated that
more than 6 0 % of the depositors have assented to the plan
of reorganization outlined in this department November 2,
and those who have; not signified their assent have again
been appealed to. A depositors’ meeting was held on Mon
day night, at which the receivership was discussed, and a
committee was appointed to appear before Justice Betts of
the Supreme Court and opposs the appointment of a perma
nent receiver.
— In addition to appointing a temporary receiver for the
Hamilton Bank of Manhattan Borough, Justice Betts on
the 16th inst also named temporary receivers for the following
institutions, all o f which suspended October 25: Interna
tional Trust Company of Manhattan Borough, Goodwin
Brown, of Yonkers, receiver; Brooklyn Bank, Brooklyn,
(this bank, it was understood, had been taken over by the
International Trust Company in October and since operated
as a branch of the latter), Bruyn Hasbrouck of New Paltz,
receiver; Borough Bank of Brooklyn, Henry A . Powell, of
Brooklyn, and Isaac N . Cox, of Ellenville, receivers; Jenkins
Trust Company, John Mulhall, of New York, receiver;
Williamsburgh Trust Company, Frank L. Bapst, of Buffalo,
receiver. The appointment of a separate receiver for the
Brooklyn Bank, the Brooklyn “ Eagle” states, brought out
the fact that the merging of that bank into the International
Trust Company had never been legally completed. “ The
bank had been taken over by the trust com pany,” it adds,
“ and no question of the legality of the merger was raised
until the time came to appoint receivers.” The officers of
the Brooklyn Bank and the International Trust Company
are striving to secure the co-operation of their depositors in
a plan for resumption; through their counsel they .issued on
Saturday last the following statement:
“ The action of the Attorney-General In m oving for the appointm ent of a
receiver comes to us as a great surprise.
" A t the m om ent this announcement was made to us the officers of the
Brooklyn Bank and the International Trust Com pany were sending out
circulars to depositors asking for their support of a plan for the resumption
of business by both Institutions.
It was found that the assets o f the
Brooklyn Bank and the International Trust Company together showed a
surplus of upward of $800,000 over and above the amount owing to deposi
tors,and plans had been practically perfected for putting $750 ,00 0 in cash
at the command of the allied Institutions an dforthe presentation of a plan
to depositors by which they would agree to accept part cash on account of
their deposits, and the balance thereof in the form of certificates of deposit
bearing interest.”
Under the plan whereby it is hoped to re-open, the deposi
tors are asked to agree to accept a certificate of deposit,
payable 1 0 % on demand, 2 0 % in three months, 2 0 % in six
months, and the balance, 5 0 % , in t\>Yive months, all bearing
interest at 4 % per annum.
In his application for the appointment of receivers for the
various institutions, Attorney-General Jackson made the
following assertion:
“ Evidence of both civil and criminal liability, in the opinion of the
Attorney-General, has been unearthed, and the investigation thus far has
been conlined to the Borough Bank of Brooklyn and the Jenkins Trust
Com pany.
" I n the Borough Bank of Brooklyn there has been found evidence of
Illegal over-loans, over-drafts, forged paper and other criminal transactions,
all of which will be presented to the Grand Jury.
" I n the Jenkins Trust Company there has been found evidence of Illegal
over-loans.
For instance, the records show over-loans to the President
aggregating $557 ,00 0. The Banking Law prohibits the loaning to any
officer or director of more than .1 0 % of the capital stock and surplus, and
also prohibits a loan to any amount to any officer or dliector without the
approval of a majority of the trustees. The capital stock of the Jenkins
Trust Company Is but $500,000 and its surplus $197 ,00 0.
It Is claimed
by the trustees that they knew nothing about these illegal loans to the
President.”
A statement issued by the directors of the Borough Bank
011 Saturday last is also given herewith:
"T h e result of the Borough Bank directors’ Investigation was given to
the State Banking Department yesterday morning. This Investigation
developed the fact of Irregularities so cleverly conceived and manipulated
that the books of the institution failed to disclose them .
The diiectois
Were however enabled to discover the whole of the discrepancies
and through this directors' investigation the entire facts are now in posses
sion of both the State Banking Department and Attorney-General Jackson.
"T h e directors of the Borough Bank decline to make any statem ent
further than to say that a thorough examination of the Institution’s affairs
was made by expert bank accountants of highest standing, with the result
that the bank was found to be perfectly solvent and Its capital unimpaired .
The Bank Kxamlner'ln his report says: 'Since the beginning of this exam ina
tion the directors have secured from Mr. Gow, of W ard & Gow, and others.
1314
THE CHRONICLE.
an assignment of all their equities in real estate anclotherproperties, worth
at least $700 ,00 0, and, if this additional collateral is allowed, all loans by
this bank to Mr. Gow, either directly or Indirectly, are am ply secured, and
Instead of a surplus of $11,935 22, m y asset and liability sheet will show
a surplus of $137,080 7 4 .’ ”
A plan, for resumption of the Borough Bank has been pre
sented which asks the depositors’ consent to the payment of
1 0 % of their respective deposits on demand at any time
after the date of resumption; 1 5 % four months thereafter;
2 0 % in eight months; 2 5 % in twelve months, and the
remaining 3 0 % in sixteen months.
Since the closing of the several institutions the following
changes have occurred: Frank Jenkins has resigned as
President of the Williamsburg Trust Company and has been
succeeded by Marshall S. Driggs; Howard Maxwell and
Arthur D . Campbell have resigned as President and Cashier
respectively of the Borough Bank, and John G. Jenkins Jr.
has retired as President of the Jenkins Trust Company.
A n investigation by the Grand Jury into the affairs of
some of the suspended institutions was commenced this week
and on Thursday indictments were returned against the
following, all of whom were connected with the Borough
Bank: William Gow, director; Howard Maxwell, the former
President, and Arthur D . Campbell, the former Cashier.
The last named, who was indicted on alleged charges of
grand larceny and forgery, pleaded not guilty, and was
released on $20,000 bail. The charges against Mr. Gow
allege over-drafts and grand larceny, and against Mr. Max
well grand larceny and forgery. Mr. Gow was released
under bail of $27,500.
— The Terminal Bank of Brooklyn Borough, at Nos. 81
and 83 Sands Street, re-opened for business on Thursday.
The bank suspended on October 26, and is the first of the
Brooklyn institutions to resume.
— It is reported that the stock in the Bath Trust Company
of Bath, Maine, owned by Charles W . Morse, has been taken
over by a syndicate organized for the purpose. The institu
tion closed its doors on October 28.
— The Iron City Trust Company of Pittsburgh began on
Monday.last the payment in full to depositors having accounts
of less than $100. The institution closed its doors on Oc
tober 23— the day the Westinghouse concerns were placed in
receivers’ hands; it was said to have handled much of the
business of the Westinghouse Electric Company. The money
to meet the payment above noted has been advanced by
the directors of the trust company in order to facilitate the
work of the receivers, who, it is stated, will probably declare
a first dividend of 2 5 % in a few weeks. The depositors now
being paid number more than 6,000. The total deposits in
August were reported as a little over $2,000,000.
— T . R . Snee and Thomas Graff have been appointed re
ceivers for the Reliance Trust Company of Pittsburgh, P a.,
an institution whose organization was perfected during the
summer but which had not as yet opened its doors. The
authorized capital was said to be $400,000 and the selling
price of the shares (par $1) had been fixed at $1.25. The
receivers were appointed at the instance of Snee Bros., con
tractors, who, in their complaint, according to the Pitts
burgh “ Press,” set forth that, although the trust company
never did any business, stock to a large amount was issued
or subscribed for. It is alleged that the company is now
insolvent, owing to numerous small debts, and a decree to
dissolve it is asked.
— The Merchants’ & Farmers’ Bank of Blanchester, Ohio,
which closed its doors on the 14th inst., owing to a shortage
of cash, resumed business on the 19th inst. It is stated that
an agreement was signed by the depositors on the 16th inst.
allowing the bank six months to realize on its securities
before payment of deposits would be asked.
— The Union Bank of Richmond, Mich., and Bowman’s
Bank of Kalamazoo, Mich., were adjudged bankrupt on
th e 19th inst., and the Kalamazoo Trust Company was ap
pointed receiver for both institutions. The Union Bank has
a, capital of $10,000 and the Bowman's Bank a capital of
[V o l .
lxxxv
.
the commencement of the holidays, Oct. 29, we have liqui
dated about $1,500,000 of our deposits, without aid other
than that granted by the Clearing House Association. The
Clearing House loaned us up to the limit permitted by the
National Banking A ct. The bank is solvent.” The help ex
tended by the Clearing House consisted of the issue to the
bank of clearing house certificates amounting to $250,000,
accepting $300,000 of notes and commercial paper as security.
As the bank had a capital of $250,000, this was the extent
to which it was entitled to borrow under the National Banking
A ct. The deposits of the institution in the August statement
were $5,216,652. The city has on deposit with it $100,101;
there is also a State deposit of about $10,000, and the
County of Multnomah has in the bank funds of about $78,000.
— The Portland Trust Company of Portland, Ore., and the
Hibernia Savings Bank of that city were admitted to member
ship in the Portland Clearing House at a meeting of the
Association on the 12th inst.
— Arrangements are under way toward reopening the
California Safe Deposit & Trust Company of San Francisco,
which closed its doors October 30. A plan approved by
the directors provides for the placing with a holding com
pany of property of the officers valued at $700,000, these
assets to be converted into cash and devoted toward strengthing the institution. It is also proposed to sell at par $375,000
unissued capital, and to assess the stockholders $20 per
share on the present paid-in capital. The details of the plan,
which also provides for the issuance of time certificates to
depositors, are set out as follows:
T o enable the com pany to resume business at an early date, and in order
to assist the Institution, our President, D avid F . W alker, and others of the
officials and stockholders, will transf r to the Metropolitan Securities C o.,
a corporation with a capital o f $ 1 ,0 0 0 ,0 0 0 , their individual property to
the value of over $700 ,00 0. The resources of the Metropolitan Securities
Co. will be Immediately converted into cash, which will be devoted to
strengthening the California Safe Deposit & Trust Co.
The capital stock of the trust com pany Is $ 3 ,0 0 0 ,0 0 0 , of which stock to
the amount of $375,000 is still unlssui d. This stock will be subscribed for
at par by the stockholders. This will bring Into the com pany $375,000
In cash.
In addition, the stockholders will be requested to still further
strengthen the Institution by contributing calls to the amount of $20 per
share to add to the surplus. This will bring in a further sum of $525 ,000,
w hich, with the proceeds of the sale of the treasury stock, will make a
total of $900,000 to be contributed by the stockholders and purchasers of
the treasury stock, thus Increasing the security to the d«posltors by $ 9 00 ,00 0.
To protect the Interests of both depositors and stockholders, the depos
itors will be asked to sign agreements accepting certificates of deposit for
a part of their m oney, payable In three, six, nine and twelve m onths,
and bearing Interest at the rate of 4 % per annum , this being the rate of
Interest paid by several of the leading San Francisco savings banks. This
proposition, which Is along similar lines to that of the several large New
York banks which recently suspended, and are preparing to resume business
partly by the indulgence of their depositors and stockholders, will be pre
sented to the depositors more fully within a few days.
— W . N . Morris has been appointed permanent receiver
of the Woods National Bank of San Antonio, Texas, which
suspended on the 7th inst.
— It is reported that the First National Bank of Globe,
Ariz., has closed its doors and is in charge of National Bank
Examiner J. H . Page. The institution has a capital of
$75,000. Its closing is said to be due to heavy drawings
upon it since the suspension of the Globe National Bank
on the 5th inst.
— George H . Brouwer, lately confidential manager for
James H . Oliphant & Co. of this city, who was arrested in
October on charges of larceny, was sentenced on the 15th
inst. to not less than three years and nine months nor more
than eight years and nine months in State prison. The
accused was arrested on the specific charge of misappropriting a check of $2,750 belonging to Jay F. Carlisle, a broker
having desk room in the office of Oliphant & C o., to which
charge he pleaded guilty on the 8th inst.
— Schedules in the assignment of the New York Stock E x
change firm of Mills Bros. & Co. of 71 W all Street were filed on
Monday. They show total liabilities of $316,478, of which
$118,124 are secured and $198,354 are unsecured. Nominal
assets are $499,340 and actual assets $127,429, of which
$118,124 are pledged. The largest creditor is reported to be
Richard A . Canfield, his credit balance amounting to $71,946. The valuation of assets is said to be based on the prices
of the day when the firm suspended (Aug. 22 ), since which
time market values have considerably declined.
$ 8 ,0 0 0 .
— Gaylord Wilshire was lately elected a Vice-President of
the Beaver National Bank of this city.
— The Merchants’ National Bank of Portland, Ore., which
closed its doors on the 12th inst., is in charge of National
Bank Examiner Claud Gatch. To the inability of the bank
to realize on securities rapidly enough to meet the demands
upon it is ascribed, as stated last week, the institution’s
closing. In its notice of suspension, the bank stated: “ Since
— Leo Schlesinger was elected President of the Northern
Bank of this city at a meeting of the directors on the 16th
inst. Mr. Schlesinger up to about two years ago was iden
tified with the Mechanics’ & Traders’ Bank, of which he
was President. In his new office he succeeds Henry Dimse,
who, it is stated, will retain his stock interest in the North
JSoy. 23 1907.1
THE CHRONICLE.
ern Bank. In the official announcement of the change it
is stated that a number of strong interests in the dry goods
and millinery trades, together with brewing interests, have
become affiliated with the institution.
— The Farmers’ Loan & Trust Co. of New York reports
a rapid growth in its foreign exchange business, letters of
credit and cable transfers in connection with the establish
ment of that department about a year ago. In conjunction
with its foreign offices, the institution is in a position to issue
and guarantee letters of credit available in any part of the
world. The London office is located at 18 Bishopsgate St.
W ithin, and the Paris office at 78 Rue de Richelieu. The
company’s new branch opposite the great new edifice of
the New York Public Library is centrally situated at 475
Fifth Avenue, near 42d Street, for the banking purposes of
its uptown patrons who may find it more convenient than
the main offices at 16, 18, 20 and 22 William Street.
— Charles F . Mattlage, heretofore Vice-President of the
First National Bank of Hoboken, N . J ., has been chosen
President, to succeed the late S. Bayard Dod, who died last
April.
William Shippen has succeeded to the vice-presi
dency.
— Arthur W . W est has advanced from the vice-presidency
to the presidency of the Naumkeag National Bank of Salem,
Mass., the office having become vacant through the death of
Benj. H . Fabens.
1315
of the failure of the bank, was found not guilty in the United
States District Court on the 7th inst.
— S. A . Fletcher has replaced Stoughton J. Fletcher as
President of the Fletcher National Bank of Indianapolis,
the latter taking the place of Vice-President.
— The payment of 5 % dividends to the depositors of the
Spring Valley National Bank of Spring Valley, 111., was com
menced on the 19th inst. This is the second distribution
since the suspension of the bank in July 1905. The first
dividend, 2 0 % , was paid in February 1906.
— William P. Ken nett, of the firm of D . R . Francis & Bro.,
St. Louis, has been elected Vice-President of the GermanAmerican Bank of St. Louis, to succeed the late Charles E .
Kircher. Mr. Kennett will assume his new duties on De
cember 16, when he will sever active connection with the
Francis firm. He will not, however, resign as Secreta^
and director of the company until the end of its fiscal year,
next June.
— It is reported that a 1 0 % dividend was recently declared
to the depositors of the Capitol National Bank of Guthrie,
Okla. The institution suspended in April 1904.
— The Comptroller of the Currency has approved an appli
cation to organize the Cunningham National Bank of Joplin,
M o., with a capital of $200,000." The organizers are: T . W .
Cunningham, Joel T . Livingston, A . H . W a it, Robert A .
Wilson and H . C. Sutton.
— Harvey L. Elkins, who is Treasurer of the Colonial Trust
— The People’s Savings Bank, a newly organized financial
Company of Philadelphia, has also been elected a Vice-Presiinstitution, opened in Petersburg, V a ., on the 16th inst.
dent of the institution. As noted last week, the proposition
E . A . Hartley is President; T . F. Heath, Vice-President, and
to increase the capital stock of the institution from $250,000.
John A . Johnston, Cashier.
to $500,000 is to be acted upon at a stockholders’ meeting
Dec . 2.
— Indictments charging, it is stated, embezzlement,
— A booklet inscribed “ Ye Story of Ye Oldest Bank of felony and misdemeanor were handed down on the 19th inst.
America” has lately been issued by the Bank of North Am er by the Grand Jury against J. W . Cabaniss, President of the
ica, Philadelphia, setting forth the early history of the bank, failed Exchange Bank of Macon, G a., and Cashier C. M.
and events leading up to its establishment. Earlier in the Orr. The institution was placed in receivers’ hands on
July 7.
year there was published by the bank a more pretentious
— A new banking institution, the Alabama Bank & Trust
work, reviewing the institution’s progress during the last
quarter of a century, from 1881 to 1906. In reciting the Company, opened for business in the Vandiver Building,
facts concerning the bank’s history, the newest publication Montgomery, A la ., on the 4th inst. The company has been
adverts to the quaint charm possessed by the City of P h ila -' organized with a capital of $300,000 and surplus of $30,000.
delphia, noting in this particular that “ the historic fact that The President of the new institution is J. L . Hall, who was
Philadelphia was the birthplace of our National Government, formerly at the head of the Merchants & Planters-Farley
that here, from ‘chaos and old night,’ was evolved a Consti National Bank which consolidated last year with the First
W . F. Vandiver is Vice-President and
tution which, with no changes and but sixteen amendments, National Bank.
has been found adequate to the stupendous evolution of the R . E . Seibels is Cashier.
American people, is the highest mark of the city’s history,
something of which any city m ay well be proud.” As bear
ing on the integrity of the bank (which was chartered by the
Continental Congress in 1781 and by the State of Pennsyl
vania in 1782), it is pointed out that the institution has never
had a run, or an investigation, that it has had none but legiti
mate losses, has never suspended specie payment, except in
times of general suspension, never passed yearly dividends
and in war times has always bought Government bonds and
sold them in its own counting room. It is also pointed out
that, though the bank has had but three buildings, it has
never moved from its present position in Chestnut Street,
and though its methods are modern and its housing up to
date, the old bank retains much of the dignity of the past.
Its present officials are: Harry G. Michener, President; John
H . W a tt, Cashier, and Samuel I). Jordan and William J.
Murphy, Assistant Cashiers.
— At a meeting of the stockholders of the First National
Bank of Canton, P a., on the 19th inst., it was unanimously
voted to increase the capital from $50,000 to $100,000, the
bank paying to its present stockholders a 5 0 % cash dividend
out of its earnings. The institution will then have a capital
of $100,000 and a surplus fund of $50,000. The deposits at the
present time are $626,795. Daniel Innes is its President; and
L . T . McFadden, the Cashier, was Treasurer of the Pennsyl
vania Bankers’ Association in 1906-07.
— Suit to recover $20,000 from Frank G. Harris, formerly
Pennsylvania State Treasurer, was entered on the 13th inst.
by Thomas Rinaker, receiver of the Enterprise National
Bank of Allegheny, Pa. The suit is based on two drafts of
$10,000 each alleged to have been received by Mr. Harris.
Forrest R . Nichols, who was tried on charges growing out
— It is announced that negotiations have been completed
whereby F. Augustus Heinze retires from the directorate
of the Silver Bow National Bank of Butte, M ont., all of his
holdings having been acquired by a syndicate headed by
Thomas A . Hinds and A . B. Cook. John MacGinnis is Presi
dent of the institution.
— L. C. Babcock has been elected Vice-President of the
Yellowstone National Bank of Billings, M ont., to take the
place held by the late Peter Larson. Mr. Babcock was for
merly Cashier and is succeeded in that office by W . E
W aldron.
— The stockholders of the Mechanics’ Savings Bank of San
Francisco on the 24th ult. ratified a proposition increasing
the capital of their institution from $250,000 to $400,000.
The additional stock is offered pro rata to the present share
holders at par, v iz., $100 per share. More than a year ago
it was rumored that this bank was to merge with another
local institution, and that James O’ B. Gunn, President o
the Mechanics’ , was to be at the head of the united institu
tion. The consolidation, however, never matured.
— The Bank of Montreal has issued its annual statemen
for the year ending October 31 1907. It shows profits fo
the twelve months, after deducting charges of managemen
and making provision for all bad and doubtful debts, o
$1,980,138, which is equivalent to 1 3 ^ % on the capital o
$14,400,000, and which compares with net profits of
$1,797,976 the previous year. The present year’s profits
added to the balance of $159,831 brought forward from 1906
gave a total of $2 ,139,969, out of which $1,440,000 was
distributed in dividends (2 J ^% quarterly), leaving a balanc?
of $699,969 to be carried forward. The current loans and
discounts in Canada and elsewhere on October 31 1907
1316
THE CHRONICLE.
totaled $105,107,113, as compared with $101,814,453 last
year, while call loans and short loans in Great Britain and
the United States amounted to $23,341,220, as against
$29,784,242 in 1906. The bank reports interest-bearing
deposits of $36,043,276 and non-interest-bearing deposits of
$9 0,094,883— -an aggregate of $126,138,159. The total
assets October 31 are $165,234,769.
IM P O R T S A N D E X P O R T S FOR OCTOBER.
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for October, and
from it and from previous statements we have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF TH E UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
------------------- 1907-------------------- ----------------------------1906-------------------Exports.
Imports.
Excess. Exports.
Imports.
Excess.
Merchandise.
$
$
. $
$
$
$
January-March. . . 510,499
382,703 +127,796
457,880
324,352 +133,528
Aprll-June_______ 429,952
368,576 + 61,376
399,962
313,007 +86,955
J u ly _____________
128,550
124,732
+ 3,818
111,693
102,593
+ 9,100
125,806
+ 1 ,4 6 4
129,802
105,697 +24,105
August___________ 127,270
September_______
135,318
106,365 + 28,953
138,497
102,618 +35,879
O ctober__________ 180,559
111,812 +68,747
187,353
118,128 + 69,225
Totals ________ 1.512,148
Gold and Gold in Ore.
January-March. . .
5,703
Aprll-June_______
30,598
July ........................
7,478
August___________
4,597
September-............
1,504
October__________
3.112
1,219,994 +292,154
Totals ________
52,992
Silver and Silver in Ore.
January-March...
14,669
Aprll-June_______
14,550
J u ly .........................
5,955
A u gust...................
6,748
September_______
6,049
October__________
5,054
Totals ................
53,025
+ Excess of exports
1,425,187 1,066,395 +358,792
11,646
9,822
3,411
3,224
2,759
4,481
— 5,943
+20,776
+ 4 ,0 6 7
+ 1 ,3 7 3
— 1,255
— 1,369
20,147
11,464
1,302
598
2,279
7,075
10,316
52,222
9,834
7.973
31,431
27,251
+ 9,8 31
— 40,758
— 8,532
— 7,375
— 29,152
— 20,176
35,343
+ 1 7 ,6 4 9
42,865
139,027
— 96,162
11,386
11,010
3,387
4,882
3,823
3,567
+ 3 ,2 8 3
+ 3 ,5 4 0
+ 2 ,5 6 8
+ 1 ,8 6 6
+ 2 ,2 2 6
+ 1 ,4 8 7
19,165
14,272
4,361
4,049
3,594
3,549
12,677
11,000
3,277
2,777
3,263
3,883
+ 6 ,4 8 8
+ 3,2 72
+ 1,0 84
+ 1,2 72
+331
— 334
36,877
+12,113
38,055
+14,970
48,990
— Excess of Imports.
W e subjoin the totals for merchandise, gold and silver for
ten months since July 1 for six years:
iMerchandise.
Ten
Months.
Im
ports.
E x
ports.
1 9 0 7 ...
1906-_
1 9 0 5 ...
1 9 0 4 -1 9 0 3 ...
1 9 0 2 --
Gold.
Excess
E x
01
Exports ports.
Silver.
1Excess
Im - ! o/
E x
ports. Exports ports.
Excess
Im
of
ports. Exports
$
!
$
$
$
$
%
1,512,148 1,219,994 292,154 52,992! 35,343| 17.649
1,425,187 1,066,395 358,792 42,865 139,027a96,162
1,256,924 979,717 277.207 42,989; 41,062; 1,927
1,147,997 844,172 303,825 86,896! 76.740' 10,156
1,149.665 840,719308,946 41,889 36,667! 5,222
1,087,493 789,574.297,919 32,457 36,025; a3,568
1 '
1
$
53,025
48,99()|
43,955
42,615
28,027!
39,963
$
38,055
36,877
26,940
21,394
19,339
21,503
$
14,970
12,113
17,015
21,221
8,688
18,460
a Excess of Imports.
Similar totals for the four months since July 1 for six years
make the following exhibit:
.
M erchandise.
Four
Months.
j
Gold.
E x
ports.
1 9 0 7 -..
1 9 0 6 ..
1 9 0 5 ...
1 9 0 4 ...
1 9 0 3 ..
1902....
Im ports.
Excess
o/
■ E x
Exports ports.
$
571,698
567,345
515,955
474.271
452,013
449,297
$
468.715
429,036
389,776
335,835
327,975
333,232
$
102,983
138,309
126,179
138,436
124,038
116,065
$
16,691
11,254
3,157
18,446
10,553
12,181
Silver.
Excess
Im
E x
of
ports. Exports ports.
; Excess
Im - ! o f
ports. \Exports
$
$
13,875 2,816
76,489 «65,235
24,452 « 2 1,295
28,976 a 10,530
22,691 al2,138
22.838 al0,657
$
$
23,806 15.659
15,553 13,200’
18,873 11.766,
16,248 7,619;
10,522 9,358
17,435 9,4.35)
$
8,147
2,353
7,107
8.629
1.164
8,152
a Excess of Imports.
In these tables of totals, gold and silver in ore for all years
are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
back to 1875:
EXCESS OF MERCHANDISE IMPORTS OR EXPORTS.
4 months ending Oct. 31—
! 10 months ending Oct. 31—
1875..................... ...... Imports $13 973,143 11875......... ...................Imports $35,768,355
187 6
__________ Exports 43 ,586,158|1876________________Exports 93,649,941
187 7
Exports 34 ,095,076|1877________________Exports 71,991,489
187 8
Exports 81 811,11G|1878________________Exports 237,665,651
187 9
Exports 86 ,406,58211879........................... Exports 201,443,193
188 0
_____ Exports 74 .298,997 11880________________Exports 105,462,491
188 1
Exports 32 201,95611881________________Exports 130,201,922
188 2 _____________Imports
4 .676,04611882________________Imports 44,113,076
188 3
_______Exports 17 ,131,847 j 1883......... ........ .......... Exports 63,214,886
1 8 8 4 .. .
_______ Exports 26 ,582,31711884________________Exports 37,338,152
188 5
.......... .......... Exports
,155,030]1885________________Exports 61,468.823
188 6
_____ _____ F.xports
3 ,214,66811886.............................Imports
2,235,930
188 7 ____________ Imports
3 ,200,743|1887_______________ Imports 30,290,870
188 8 :..... ............ ..Exports 19 ,747,53711888-...........................Exports 81,322,837
1 8 8 9 .._____________ :
Exports,517,67011889_______________ Exports 15,137,586
15
189 0
..................... Imports
9 ,593,80511890_______________ Imports 28.315.168
189 1
Exports 59 ,749,37111891_______________ Exports 46,487,800
189 2
.......... Imports
2 ,358,95311892________________Exports 45,065,459
189 3
Exports 82 636.68111893_______________ Exports 22.190.325
189 4
Exports 28 . 175.29711894_______________ Exports 96.661,309
1 895 ........................... Imports 26 ,370,01011895______ _________ Imports 31,105.045
189 6
Exports 132 .066,42811896________________Exports 207,022,868
189 7
Exports 182 ,286,245(1897________________Exports 219,248.144
189 8
__________ Exports 164 ,888,467 11898 .......... .................Exports 460,169,226
189 9
_______Exports 165 ,735,63711899________________Exports 370,309,391
1 900_____________ ..Exports 227 ,640,360,1900______ _________ Exports 500,255,451
190 1
.......... .......... Exports 175 ,642,S32| 1901________________Exports 464,054,350
190 2
Exports 116 ,065,178|1902________________Exports 297,919,199
190 3
__________ Exports 124, 038.59611903............................Exports 308.945,596
190 4
Exports 138, 436,021! 1904________________Exports 303,824,565
190 5
Exports 126, 179,328|1905________________Exports 277,206.917
190 6 l ........ .............Exports 138, 308,90511906.............................Exports 358,792,303
190 7
Exports 102, 982,627 ] 1907.................... ........ Exports 292.153,806
[V o l .
lxxxv
.
(fto w m je r c ia l^ u g U s T x fJ je x o s
(From our own Correspondent.)
London, Saturday, N ov. 9 1907.
The strong demand for gold for the United States excited
by the crisis has weighed upon all departments of business
in this country throughout the week, and has especially
disorganized the international money market. On Thurs
day of last week the Bank of England put up its rate of dis
count from 4 ^ 2 % to 5 % .
On Monday of the present week
it made a further advance from 5 % % to 6 % , and on Thurs
day it still further raised its rate to 7 % . Thus, in a single
week it made three changes in the rate, and advanced it
from 4 ^ % to 7 % . The discount rate of the Bank of Eng
land has not been so high since 1873, although we have had
in the interval the Baring crisis, the stoppage of the coinage
of silver in India, the American crisis of 1893 and the pro
tracted and costly South African W ar. On Thursday the
Bank of France raised its rate from 3 % % to 4 % , and the
Bank of Belgium put up its rate to 6 % .
On Friday the
Imperial Bank of Germany raised its rate from 6J ^ % to
7 H % -
All the other European banks no doubt will follow the
example thus set, and everywhere business is disorganized,
while apprehension is excited. The reserve of the Bank of
England on Wednesday night last was below 17 zi millions
/
sterling. Fresh orders for gold were coming in from New
York, and it was well known that there was a considerable
outflow of both coin and notes to the country, especially to
Scotland, where there is always a considerable expansion of
the note circulation in the month of November. In addi
tion, the Bank of England has to send gold to Egypt. It is
estimated that before the end of the year Egypt will prob
ably take at least three millions sterling, while nobody can
estimate what the demands may be for South America or
for unexpected quarters. It is clear that the reserve of
the Bank of England cannot be allowed to fall lower, and
therefore everybody was prepared for the action of the
Bank of England on Thursday
W hat further steps the Bank will have to take will depend
of course upon the demands for the United States. The
Bank of France is repeating its action of twelve months ago
by buying sterling bills on a considerable scale and sending
gold in payment. Already it has bought two millions sterling
worth of such bills. A considerable proportion of the amount
has actually been sent into the Bank. More will follow to
day and to-morrow. It is understood that the Bank of
France will buy at least another million sterling worth, and
it is hoped that it will ultimately extend its purchases to
make up a total of at least five millions sterling. It is under
stood, likewise, that the Imperial Bank of Germany, though
its stock of gold is small and its rate of discount is as high
as 7 } ^ % , yet has consented to allow about a million and a
half sterling to be withdrawn for London. Whether these
shipments to London from France and Germany will suffice
remains to be seen. The general impression both here and
upon the Continent is that the 7 % rate in England will
attract a good deal of gold in small lots,separately, but in the
aggregate of considerable amount, and that thus unless the
American demand continues exceptionally great the Bank
of England will be able to tide over the remainder of the
year with a 7 % rate. If the hope is disappointed, further
measures will undoubtedly be taken by the Bank of England.
The Board of Trade returns for the month of October
show a very satisfactory state of our foreign trade. The
total imports for the month were of the value of £ 5 7 ,6 6 2 ,1 1 6 ,
an increase over the corresponding week of last year of £ 3 ,025,054, or 5 .5 % .
For the ten months the value was
£5 32 ,7 9 3 ,0 2 9 , an increase of £ 3 5 ,15 8,4 39, or 7 % .
The
value of the exports for the month was £ 3 8 ,3 1 9 ,5 2 0 . an in
crease of £ 5 ,0 8 5 ,1 8 9 , or 1 5 .3 % . For the ten months the
value was £3 57 ,6 00 ,684 , an increase of £ 4 6 ,3 1 2 ,1 0 8 , or
1 4 .8 % .The value of the re-exports of foreign and colonial
produce for the month was £ 6 ,8 7 3 ,3 9 2 , a decrease of £ 2 6 8 ,400, or 3 .7 % .
For the ten months the value was £ 7 9 ,1 2 0 ,452, an increase of £ 9 ,0 5 5 ,4 6 0 , or 1 2 .9 % .
The stock markets have not been so seriously affected b y
the rapid and exceptional rise in the value of m oney, as
THE CHRONICLE.
;Nov. 23 1907.J
m ig h t r e a s o n a b ly h a v e b e e n e x p e c te d .
P r a c t i c a l l y t h e r e is
l i t t l e o r n o “ b u l l ” a c c o u n t o p e n in L o n d o n a t p r e s e n t .
The
lo n g liq u id a t io n t h a t h a s b e e n g o in g o n p r a c t ic a lly t h r o u g h
out
th e
year
has
got
r id
o f a ll b a d
b u s in e s s ,
h a s sto p p e d
s p e c u la t io n , a n d h a s w a r n e d e v e r y b o d y t o b e v e r y c a r e fu l h o w
he
a cte d .
g r e a t,
su ch
T h e re fo re
th e
fa ll
n o r h a v e fe a r s b e e n
as w ere
m a tte rs.
b u y in g
r a is e d
in
p r ic e s
e x c ite d
s o m e lit t le
in
tim e
has
th e
ago
not
been
S to c k
by
very
Exchange
m uch
s m a lle r
O n t h e o t h e r h a n d , t h e r e is a g o o d d e a l o f q u i e t
of
A m e r ic a n
s e c u r itie s .
s m a l l i n v e s t o r s , o r a t a ll e v e n t s
The
on
b u y in g
is
m a in ly
a s m a ll s c a le .
by
B u t in
t h e a g g r e g a t e t h e s m a ll p u r c h a s e s a re s a id to m o u n t u p t o
a v e r y c o n s id e r a b le t o t a l .
t h i n g is g o i n g
on
great
in
tim e
in te re st
th e
in
I t is n o t e w o r t h y t h a t t h e s a m e
P a r is .
P a r is u s u a l l y d o e s
A m e r ic a n
ch eap n ess
of
so
s e c u r itie s .
m any
good
But
n o t ta k e
at
sto ck s
th e
is
a
p resent
a ttr a c tin g
F r e n c h in v e s t o r s a n d s m a ll lo t s a re b e in g c a r e fu lly p ic k e d u p .
O n l y t h e w e ll i n f o r m e d a n d t h e m o r e c o u r a g e o u s a r e b u y i n g
com m on
shares.
F r e n c h in v e s to r s g e n e r a lly a re d is t r u s t fu l
o f t h e m , b u t are e a g e r to b u y g o o d b o n d s .
T h e y c o m p la in
t h a t t h e f a l l in g o o d A m e r i c a n b o n d s h a s n o t b e e n a s c o n
s i d e r a b l e a s a ll t h e c i r c u m s t a n c e s w o u l d le a d o n e t o e x p e c t ,
a n d t h e r e is n o d o u b t t h a t i f t h e p r ic e s o f b o n d s f a l l s o m e w h a t
m o r e , t h e F r e n c h b u y i n g w i ll b e o n a v e r y g r e a t s c a l e .
T h e I n d i a C o u n c il o f f e r e d f o r t e n d e r o n W e d n e s d a y 3 0
l a c s , a n d t h e a p p l i c a t i o n s e x c e e d e d 6 1 * 4 l a c s , a t p r ic e s
'r a n g i n g f r o m I s . 3 2 9 - 3 2 d . t o I s . 3 3 1 - 3 2 d . p e r r u p e e .
Ap
p l i c a n t s f o r b i l ls a t I s . 3 2 9 - 3 2 d . p e r r u p e e w e r e a l l o t t e d
in f u l l .
T h e fo llo w in g r e tu r n s h o w s t h e p o s itio n o f t h e B a n k o f
E n g la n d , t h e B a n k r a te o f d is c o u n t , t h e p r ic e o f c o n s o ls ,
& c ., c o m p a r e d w ith th e la s t fo u r y e a r s :
1907.
N ov. 6 .
£
29,480,430
6,795,429
43,439,533
14,332,136
36,099,742
17,694,795
28,725,225
1906.
N ov. 7.
£ *
28,562,580
8,83S,086
40,875,844
15,956,166
32,554,854
19,076,395
29,188,975
1905.
N ov. 8.
£
28,911,880
12,141,417
41,261,064
17,039,131
21,426.805
32,806,689
31,888,685
1904.
N ov. 9.
£
27,934,205
6,845,525
39,516,503
15,160,005
24,702,408
24,322,671
33,806,876
1903.
N ov. 11.
£
28,552,415
6 /2 6 ,3 6 6
38,925,056
16,486,556
24.423,615
22,061,952
32,164,367
Circulation________
Public deposits____
Other deposits_____
Governm’t securities
Other securities___
Reserve,notes&coln
Coin&bull.,both dep
Prop, reserve to lia
bilities- ......... p. c.
35%
38 5-16
40
52%
48%
Bank rate_____p. c.
7
6
4
3
4
Consols, 2% p. c—
82%
86 1-16
88 9-16
88 1-16
97%
Sliver .........................
28d. 32 13-16d.
29 l-16d.
26% d.
26% d.
Clear.-housereturns244,372,000 230.311,000 216,916,000 195,045,000 187.563,000
The
ra te s
fo r m o n e y
have
been
N ov. 8.
3ank of England rate........... ..
7
Open Market rate—
Bank bills— 3 months------ 6 % @ 7
— 4 months------ 6 % @ 6 %
— 6 months-----6%
Trade bills— 3 months____
7@7%
— 4 months____
7@7%
Interest allowed for deposits—
By joint stock banks_____
4
By discount houses:
At c a ll_______ _____ _
5
7 to 14 days............5%
a s fo llo w s :
N ov. 1.Oct. 25.
5%
4%
Oct. 18.
4%
5%
4%
5% @ 5%
4% @4%
5% @ 5%
4% @ 4%
5
5
5@5% 5@ 5%
4% @5
4
3
4
4%
47-16
4 7-16
4 7-16
4%
3
3%
N ov. 8.
N ov. 1.
Oct. 25.
Rates of
Bank Open
Bank Open
Bank Open
Interest at—
Rale. Market. Rate. Market. Rate.
Market.
P a r is ......... ................... 4
4
3*4 3%
3%
3%
Berlin_______________
7%
<5%
6%
5%
5%
4%
Hamburg____________
7%
6%
5%
5%
5%
4%
Frankfort___________ 7K 6 11-16
5%
5%
5%
5
Amsterdam _________ 5
5
5
4%
5 4%
Brussels ......................
6
6
5%
5%
5 4 13-16
Vienna ......................... 5
5
5
5
5 4 15-16
St. Petersburg............ 7
7
7
M adrid......................... 4%
4%
4%
4
4%
4
Copenhagen................ 7
6
6
5%
6 5%
P ix le y
&
A b e ll
w r ite
as
fo llo w s
IMPORTS.
N ine weeks.
1907-08.
1906-07.
1905-06.
1904-05.
Imports of wheat___________ cwt. 18,210,70015,508,200 15,745,600 20,199,200
Barley __________________________ 5,999,200
5,892,500
6,016,600
6,020,000
O a ts .,.-_______________________1,501,900
2,104,900
2,538,500
2,354,700
Peas_______ ______________________
446,250
432,490
499,535
427,366
Beans . . . . . _____________ ________
260,670
310,720
216,130
388,841
Indian c o r n ........................... .......... 9,875,600
9,427,400
9,606,400
9,271,800
Flour ____________________________ 2,739,000
2,770.300
2.539,000
2,053,600
Supplies available for consumption (exclusive of stock on
September 1):
1907-08.
1906-07.
1905-06.
1904-05.
Wheat imported....................... cwt. 18.210,70015,508,200 15.745,600 20,199,200
Imports of flour__________________ 2,739,000
2,770,300
2,539,000
2,033,600
Sales of home-grown-................. . 8,067,849
6,116,868
7,875,730
3,366,759
Total ______________________v . .29,017,549 24,395,368 26,160,330 25,619,559
36s. 3d.
26s. 7d.
27s. 4d.
30s. 6d.
Average price of wheat, week_____
Average price, season____________
33s. 2d.
26s. 3d.
27s. 2d.
30s. Id
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week.
Wheat --------------------------------- qrs. 1,775,000
Flour, equal to_____________ qrs.
220,000
Maize-------------------------------------qrs.
980,000
Last week.
1,750,000
225,000
950,000
1906-07.
1,399,000
211,000
765,000
1905-06.
1,355,000
265,000
540,000
The British imports since Jan. 1 have been as follows:
Imports—
January_________________________
February________________________
March __________________________
April -----------------------------------------M a y -------------------------------------------June-------------------------------------------J u ly ------------------------------------------August---------------------------------------September_________________ _____
October_________________________
1907.
£
60,540,508
52,927,347
57,738,731
56,786,097
52,619,423
47,810,648
52,213,304
49,296,585
45,341,276
57.662,116
Ten m onth s..----------------- ......5 3 2 ,7 9 3 ,0 2 9
1906.
£
53,474,333
47,527,253
53,261,630
47,519,310
51,417,731
47,881,000
48,607,799
48,889,137
45,059,835
54,637,062
Difference.
£
+ 7,066,175
+5,400,094
+4,477,101
+9,726,787
+1,201,692
— 71,005
+ 3,605,505
+407,448
+281,441
+3,025,054
Per
Cent.
+ 1 3 .2
+ 1 1 .3
+ 8 .4
+ 1 0 .7
+ 2 .3
— 0.15
+ 7 .4
+ 0 .8
+ 0 .6
+ 5 .5
497,634,590
+35,158,439
+ 7 .0
The exports since Jan. 1 have been as follows:
1907.
Exports—
£
January------------------------ -------------- 35,070,607
February------------------------------------- 32,073,345
March ---------------------------------------- 34,723,034
April ................................................ .. 34,416,866
M a y ----------- ---------- -------------------- 36,922,548
J u n e . .. ................ - ..................... ..
33,111,069
J u ly --------------- ---------------------------- 40.452,331
August---------------------------------------- 37,555,044
September...................... .............. . . 35,156,320
October......... .................................... 38,319,520
1906,
£
30,774,811
28.771,123
31,651,162
27,032,306
31.724,927
3(0,639,187
33,442,962
33,492,614
30,525,153
33,234,331
Difference.
£
+4,295,796
+ 3,302,222
+ 3,071,872
+ 7,384,560
+5,197,621
+2,471,882
+7,009,369
+ 3,862,430
+4,631,167
+ 5,085,189
Per
Cent.
+ 1 4 .0
+ 1 1 .5
+ 9 .7
+ 2 7 .3
+ 1 6 .4
+ 8 .0
+ 2 1 .0
+ 1 1 .5
+ 1 5 .2
+ 1 5 .3
Ten months.................................357,600,684
311,288,576
+46,312,108
+ 1 4 .8
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exports—
January--------------------------------- F e b r u a r y ........................................
March .................................................
April -----------------------------------------M a y ....... ............................................
June.......................................... ...........
July .................... ................................
August................................................
September_______________ _______
October---------------------------------------
1907.
£
8,793,276
9,425,830
8,110,260
9,669.898
8,451,766
7,098,226
7,388,291
7,367,201
5,942,312
6,873,392
1906.
£
7.445,855
7,995,860
7,27>\397
7.332.0S6
7,116.655
7,2^2,029
6,059,325
6,924,140
5,520,763
7,141,882
D ifference,
£
+1,347,421
+ 1,4 29,§7 0
+833,863
+2,337,812
+1,335,111
— 153,803
+1,328,966
+443,061
+421,549
— 268,400
Per
Cent.
+ 1 8 .2
+ 1 7 .8
+ 1 1 .6
+ 3 2 .0
+ 1 8 .8
— 2.1
+ 2 1 .9
+ 6 .2
+ 7 .7
— 3.7
Ten months................................... 79,120,452
70,064,992
+ 9,055,460 4-12.9
N ote.— The aggregate figures are official. They Indicate thatjsliglit adjustments
have been made in the monthly returns as issued.
3
3%
Oct. 18.
Bank Open
Rate. Market.
3%
3%
5%
4%
5%
4%
5% 5 1-16
5
4%
5
4%
5
4 15-16
-7
4%
4
6
5%
under
d a te
of
GOLD.— Further heavy withdrawals from the Bank for New York at the end of
last week caused the Bank rate to be raised on Monday the 4th Inst, to 6 % . In
splto of this, New Yor1 ' 00k not only all arrivals on the market, amounting to
'
£350,000, but continued r withdraw hepfrom the Bank. To-day the rate has
again been raised to 7 % . id It rem .us1 * 1 -sen whether this will have the desired
effect. It is reported that arrangements i.a* been made In Paris for the shipment of
a considerable amount of gyld to London, of which the Bank has already received
£1,245,000. In Paris the Bank rate has been advanced to-day to 4 % . It is ex
pected also that gold will be sent to London from Berlin. Next week we expect
£600,000 from South Africa. The movements at the Bank have been: Arrivals of
£1,579,000, mostly from Paris, and withdrawals of £2,734,000, of which £1,626,000
\n bars and £833.000 In U. S. gold, are for New York. Arrivals— Cape Town, £356000; Bombay, £95,000: West Indies, £22,000: Brazil, £7,000: total, £480,000. Ship
ments--Bombay. £17,500: Calcutta, £35,000: New York (to date), £6,100,000;
total, £6,152,500.
SILVER.— There have been considerable fluctuations In silver. A good demand
for China ut the close of last week gave a better tone to the market, while purchases
by the Now York Mint of 400,000 ozs. diminished the amounts offering, and the price
rose to 28 l-l<id. At this level sellers came forward, and, with no further support
from China, the price gave way, and to-day we are at the same price as last week,
with sellers at the rate. The unfavorable allotment of Council bills and the continued
bad crop reports from India have had a bad effect on the market, and this has been
accentuated by the advance In the Bank rate. Forward still commands a premium
of 5-10d. The Indian rate Is Its. 70% per lOO Tolahs. Arrivals— New York, £ 194
■000; West Indies. £2,000: Australia, £3,000: total, £199,000. Shipments— Bom
bay, £206,600; Calcutta, £25,000; total, £231,600.
MEXICAN DOLLARS.— There are no fresh transactions to report.
T h e q u o t a t io n s fo r b u llio n a re r e p o r te d a s fo llo w s :
GOLD.
N ov. 8 .N ov. l.|
SILVER.
N ov. 8.
London Standard.
s. d.s. d. | London Standard.
d.
Bar gold, fine, oz--------78 0%
7 8 . . Bar silver, fine, oz_____ 27 9-16
U . S. gold, oz________ 76 6 %
76 7 | " 2 mo. delivery_____27%
German gold coin, o z .. 76 6 % 76 7 |Cake silver, oz________ 29%
French gold coin, o z . . . 76 6 % 76 7 IMexican dollars_______nom.
Japanese yen. oz......... 76 6 %
76 7 |
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
3
T h e B a n k ra te s o f d is c o u n t a n d o p e n m a r k e t ra tes a t th e
c h i e f C o n t i n e n t a l c i t ie s h a v e b e e n a s f o l l o w s :
M essrs.
N o v . 7:
1317
N ov. 1.
d.
27 9-16
27%
29%
nom.
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. 22.
Sat.
Silver, peroz-------------------_d_ 271-16
Consols, new, 2% percents.. 81%
Foraccount---------------------- 81%
French Rentes (in Paris), fr. 94.97%
Russian Imperial 4s................ 75
Do
do
New 5s____85%
Amalgamated Copper Co____ 46%
b Anaconda Mining Co______
6
Atchison Topeka & Santa Fe. 71%
Preferred....... ........................ 84
Baltimore & Ohio-----------------80%
Preferred. ............................. 80
Canadian Pacific....... ............ -143%
Chesapeake & Ohio_________ 26
Chicago Great Western_____ 7%
Chicago Milwaukee & St PaullOO
Denver & Rio Grande, com .. 17%
Preferred.............................. 61
Erie, com m on........................ 16%
First Preferred.................. 38%
Second Preferred________ 26%
Illinois Central_____________ 125
Louisville & Nashville______ 96
Mexican Central____________ 14
Missouri Kan & Tex., co m .. 24
Preferred___________ _____ 56
National RR of Mexico_____ 41%
N Y Central & Hudson River 97
N Y Ontario & Western____ 30
Norfolk & Western, common 63
Preferred..................... ........ 74
Northern Pacific____________ 107%
a Pennsylvania........................ 54%
aReadingCo......... ................ . 3 9 %
a First Preferred...............39%
a Second Preferred............. 35
Rock Island C o ....................... 13%
Southern Pacific...................... 6 6 %
Southern Railway, common. 12
Preferred-............................38%
Union Pacific, common--------110%
Preferred------------- ------------ 81
U S Steel Cbrp, common____22%
Preferred............................... 81%
Wabash ...................................... 9
Preferred ............................. 16
Extended 4 s .........................40%
a Price per share.
6 £ sterling.
M on.
Tues.
W ed. Thurs.
F rl
27%
27%
27 5-1626 15-16 26%
82% 82 1-16 81%
82
82
82% 82 3-16 82
82%
82 1-16
94.95
95.10
95.05
95.15
95.05 1
75%
75%
75%
76%
85%
86
86
86%
48%
47%
47
47
47% •
6%
6%
6%
6%
6% •
72%
71%
70%
70%
68%
84
84
84
84
83% •
81%
82%
80%
80%
78%
80
80
79%
79%
79%
147%
145%
144%
144%
143%
25%
27
26%
26%
25
7%
7%
7%
7%
7%
104
102
99
97
98
18
18
18
18
18
61
61
61
61
58
16%
15%
14%
13%
12%
39
39
38
36
30
26
26
25%
24%
21%
125
125
123 ~
122%
121
98
98%
97
92
89
14%
14
14
14
13%
23%
24%
24%
22%
21%
56
56
56
57%
54%
41%
41%
41%
41%
40%
100
99%
98
97
96%
30
30
30
30
29
63%
64
63%
63%
63%
74
74
74
74
74
108%
110
108
108
108
56K
56%
55%
55%
55
41%
41%
40%
40%
40%
39%
39%
39
39
39
35
35
35
35
35
13%
14
12
12%
11%
70%
69%
68
68%
67%
11%
12
11%
11
10%
38%
40
39
37%
32
115
113%
112%
112%
111%
81%
81%
80%
80%
80% :
25
24%
23 %
23%
23%
85
84%
82%
82
82
8%
8%
9
9
9
16
16%
16
16
15%
40%
41
40%
40
39%
1318
THE CHRONICLE.
lorarxercial and gXisccIlanccuts
STO C K OF M O N E Y IN T H E C O U N T R Y .— The follow
ing table shows the general stock of money in the country
as well as the holdings b y the Treasury, and the amount in
circulation, on the dates given. The statement for November 1
1906 will be found in our issue of November 10 1906, page 1151.
Stock o! Money Nov. 1 1907.
In United
Held in
Treasury.d
States.
$
Gold coin and bullion..1,489,742,845 166,645,890
___________
71,341,960
Gold certificates.a_____
2,287,023
Standard silver dollars. 562,636,982
7,177,432
Silver certificates-a____
___________
6,661,373
Subsidiary silver______
134,122,602
11,074
Treasury notes of 1890.
5,613,000
3,426,863
United States notes____ 346,681,016
14,856,600
National bank notes___ 609,980,466
Total ..........................3,148,776,911
272,408,215
Money in CirculationNov. 1
Nov. 1.
1906.
1907.
$
$
574,459,086
687,686,761
677,295,909
575,958,419
88,822,959
83,606,468
473,419,449
464,349,568
127,461,229
120,278,648
5,601,926
6,894,518
343,254,153
344,516,149
574,522,374
595,123,866
2,876,368,696
2,866,882,786
Population of the United States Nov. 1 1907 estimated at 86,547,000; circulation
per capita, $33.23.
a For redemption of outstanding certificates an exact equivalent in amount of the
ppropriate kinds of money is held in the Treasury, and is not included in the account
money held as assets of the Government.
d This statement of money held In the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit of
he Treasurer of the United States, amounting to $207,786,733 22.
2 395
4
2 522
0
1 894
1 16
3
1,934
1,611
2,465
2,050
2,734
1,704
2,420
2,025
1907 .................
1906.................
Disbursed
Disbursed
APPLICATION TO CONVERT INTO N A T IO N A L BANKS
APPROVED.
The Munislng State Bank, Munislng, Michigan, Into “The First National
Bank of Alger County at Munislng.” Capital, $60,000. In place of an
application to organize “ The Alger County National Bank of Munislng”
(subsequently changed “ The First National Bank of Alger County at
Munislng” .) Approved September 7 1907.
NATIONAL BANKS ORGANIZED.
Certificates issued from Oct. 28 1907 to Nov. 12 1907, inclusive.
8.934— The First National Bank of Lewlsburg, Tennessee. Capital,
$80,000. W . W . McLean. President; W . R . Hutton, Cashier.
8.935— The Saranac Lake National Bank, Saranac Lake, New York. Canltal, $50,000. Frank E. Kendall, President; Frank H. McKee,
Vlce-Pxesldent; John A . May, Cashier.
8.936— The Essex National Bank, Essex, Connecticut. Capital, $25,000
C. G. Cheney, President; E. O. Reynolds, Vice-President; H. B
Barnes, Cashier.
8.937— The First National Bank of Lake Forest, Illinois. Capital, $50,000.
David H. Jackson, President; George Anderson, Vice-President;
Frank W . Read, Cashier.
8.938— The Industrial National Bank of West York (Post-Office York),
Pennsylvania. Capital, $50,000. S. S. Aldlnger, President,
Zacharlas Lauer, Vice-President; T . J. Young, Cashier.
8.939— The First National Bank of Fleetwood Pennsylvania. Capital,
$25,000. Daniel F. Kelchner, President; Solomon R . Rothermel,
C. A . Wanner and F. S. Kutz, Vice-Presidents; Warren G. Hart
man, Cashier.
8.940— Taylorvllle National Bank, Taylorville, Illinois. Capital, $150,000.
L. D. Hewitt, President: Jodn B. Colegi\.ve and Grovei C. Hoover,
Vice-Presidents; J. B. Walker, Cashier; F. C. Achenbach, Assistant
Cashier.
.
CHANGE OF TITLES.
6,230 — The American National Bank of South MeAlcster, Indian Territory
(now Oklahoma), to “ The American National Bank of McAlester.'’
6,406— The City National Bank of South McAlester, Indian Territory
(now Oklahoma), to ‘TheClty National Bank of McAlester.
LIQUIDATION.
6,096— The First National Bank of Mansfield, Illinois, was placed in vol
untary liquidation August 1 1907.
7,852— The First National Bank of Adams, North Dakota, was placed In
voluntary liquidation November 1 1907.
8,887— The German-American National Bank of Marion, Wisconsin, was
placed In voluntary liquidation November 5 1907.
7,926— The Federal National Bank of Chicago, Illinois, was placed in
voluntary liquidation November 2, 1907.
F O R E IG N T R A D E OF N E W
Y O R K — MONTHLY
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 ten months of the last two seasons:
Merchandise Movement to New York.
Month.
Imports.
Exports.
at New York.
1907.
January..
February.
M arch___
A p ril____
M a y _____
J u n e ____
J u ly _____
August___
September
October..
1906.
1907.
1906.
1907.
1906.
$
75,330,156
73,357,400
82,462,921
76,197,876
71,928,155
66,852,548
75,564,451:
70,293,096
58,833,023
62,250,933:
$
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
69,513,990
$
54,687,930
51,324,211
55,793,585
58,435,883
43,263,112
55,609,847
58,503,816
56,833,707
54,712,748
62,739,894
$
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
55,658,846
S
$
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
18,948,438
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
18,859.698
Total__ 713,060,559640,011,319 551,904,733 519,058,336183,688,433172,168,206
1
!
The imports and exports of
months have been as follows:
2,528
2,203
2,535
2,536
2,215
2,484
2,721
2,304
2,929
2,469
2 981
4
3 420
1
2,139
1,152
2,482
2,989
1,482
2,310
2,503
3,003
2,325
2,215
1,819
3,008
5,256|^ 1,952
3,7453 2,593
3,292
7,148
1,731
3,257
46,920 43,721 45,770 47,025 4 848 35,342 65,814 47,848 4 270 54"ei8 473~175
5
0
National Banks.— The following information regarding
national banks is from the Treasury Department:
lxxxv
8.941— The First National Bank of Springfield, Oregon. Capital, $25,000.
B. A. Washburne, .President; Ben Ayers, Vice-President; J. B.
Bell, Cashier; E. K. Kepner. Assistant Cashier.
8.942— The First National Bank of Springfield, South Dakota. Capital,
$25,000. Eugene Colburn, President; A. A . Dye, Vice-President;
A . W . Sv.ayne, Cashier, Nanno Maarsingh, Assistant Cashier.
8.943— The Farmers’ National Bank of Clay, Kentucky. Capital, $25,000.
J. B. Mitchell, Piesldent; B. C. Hendrix, Vice-President: C. E.
Hearln, Cashier; Mrs. C. IS. Hearin, Assistant Cashier. Con
version of the Farmers’ Bank of Clay.
8.944— The Farmers’ & Merchants' National Bank of Fldorado, Oklahoma
Territory. Capital, $25,000. J. B. Goodlett, President; J. F.
Womack, Vice-President; W . E. Oliver, Cashier.
1907.
January _____
February ____
M arch_______
A p ril_________
M a y __________
June ________
J u ly..................
August_______
September____
October______
Silver— N ew York.
Exports.
1906.
388,410
1,230,143
1,514,662
2,321,848
269,610
438,390
970,776
522,870
720,327
751,381
1
gold and silver for the ten
Gold Movement at New York.
Imports.
M onth, y
Total..............
disbursed-------------Red. Fund—
1907 ....................
1906 ....................
.
IVtUO"*”"
T° ta
i‘(JleCelPtS...................
Customs .... ........................
Internal revenue...............
Miscellaneous....................
liC C S ip lS
O O omitted.
Oi
Jan.
Feb.
Mch. April. May.
__________________________ 2 __________ _____________
June. July.
Aug.
Sept.
Oct.
Tot. 10
months.
RECEIPTS AND DISBURSEMENTS (000s omitted).
Total
Nat. Bank
Receipts
Receipts
Total disbursed-------------- 47,827 45,740 43,602 48,071 48,913 40*817 66,813 54,638 4 539 58~544 503 504
8
Disbursements 1906—
’
Civil a d mlscel................ 11,944 8,240 9,058 11,773 7,539 6,647 15,561
n
7,688 9 131 1 632 101 208
3
.............
7,672 7,451 7,941 8,025 6,875 4,699 14,257 8.833 8i336 1 056 85J44
1
W ar
N a v y ...........
9,409 8,286 10,665 6,981 8,818 7,451 10,547
7,284 7 041 8 131 8 613
4
1,009
1,025
1,124
773 1,987 2,249
659 1 262 12’ l32
In d ia n s ----- -------------------- 971 1,073
P ensions .... ................................................10,865 12,438 11,641 10,170 13,082 10,374 11,961 13,112 1 894 1 124 1 4 661
0
0
1
Public Works......................4,210
5,067 5,292
5,198 6,814 4,981 7,460
7,137 4 034 6 368 5 561
6
Interest.......
1,849 1,166
1 9 3,853
6
1,596
417 4,041
1,545
’ l75 4^045 18356
Total receipts -------------50,790 48,195 50,631 45,092 47.980 55,367 52,299 56_’007 5 497 57~242 515 103
1
Disbursements 1907—
'
I
*
Civil a d mlscel.................
n
11,307 10,083 8,851 10,870 9,915 8,064 14,898 10,249 1 802 1 888 109 927
0
4
W a r ----------7,910 7,596
7,618 8,050 7,173 6,550 14,218 10,333 8 1 3 8 831 8 472
9
6
N a v y ...........
8,715 6,521 7,984 8,177 8,924 8,807 9,273
9,119 8 565 1 426 8 511
0
6
Indians ......
696 1,009
1,043
1,209
1,136
879 1,513
1,467
1 12
6
939 1 053
1
Pensions
10,464 13,461 11,020 10,285 12,920 10,585 12,133 14,054 l l ’670 1 472 1 8 064
1
1
Public Works......................
7,336 5,979 6,728 7,203 7,605 5,715 11,122
7,752
7 966 8 673 7 079
6
Interest ......
1,399 1,091
358 2,277
1,240
217 3,656
1,664
'l81 3[315
15^398
55,237 53-926 64,222 53,261 57,488 62,711 55,906 58,226 51,438 59,028 56M 43
26,890 23,833 27,148 23,481 23,178 26,259 26,177 29,012 2 -> 0 2 776 261 033
7 8 7
19,775 18,229 20.477 19,083 20,324 22,607 22,102 21,853 2 491 2 730 210 671
1
4
4,125 6,133 3,006 2.528 4,478 6,501 4,020
5,142
2J26 4J36
43,399
Receipts 1907—
$
$
$
$
$
$
$
$
;
7
7~
Customs ....
29,186 27,554 28,467 27,551 27,353 28,312 28,836 29,716 2 604 2 158 280 737
5
8
20,076 20,505 22,557 21,234 22,804 24,513 22,840 22,232 2 294 2 006 224 061
2
5
Internal revenue...............
Miscellaneous....................
5,975 5,867 3,198 4,476 7,331 gisse 4^30
6,278 3,540
1,804 56:645
G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
October. From previous returns we obtain the figures for
previous months, and in that manner complete the state
ment for the ten months of the calendar years 1907 and 1906.
For statement of Oct. 1906 see issue of Nov. 10 1906, page 1150.
[V o l .
Imports. , Exports.
1906.
1907 .1
290,015 1,367,113
266,134
335,588
1,699,643
7.156
11,806,868
72,395
29,455,503 2,902,213
669,438 21,792,992
4,147,352 5,085,668
1,330,277 2,905,033
25,822,574
207,075
17,320,171 2,322,958
1,043,875
2,589,500
134,046
1,158,601
732,500
48,400
38,982
24,929
70,248
203,343
9,128,417)92,807,975 36,998,191
6,044,424
1907.
431,5751
251.933
318,1951
201,234
245,482!
415.115!
556,9221
603.304
661,408!
995,383
1906.
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
4,322.134
4,680,551j40,071,206
IM M IG R A T IO N IN T O T H E U N IT E D S T A T E S .— The
subjoined statement, compiled from the m onthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number
of immigrant aliens admitted into the United States during
October and the ten months of the calendar year 1907.
and for purposes of comparison corresponding figures for 1906
and 1905 are appended.
A iis lr la -
Months. Hunqary.
January_____ . 16,019
February____ . 23,181
March______
42,988
39,007
May _______
49,865
June.............. . 37,671
21,813
July _______
A u gu st_____ 24.765
September . .
20,629
28,187
October____
10 mos. 1907_ -304,125
October 1906 _ 23,445
10 mos. 1906_ -241,972
October 1905 19,495
10 mos. 1905.
.........
---- F r o m Russia &
Unlted Other
hah/. Finland. Kingdom. Europe.
7,272
11,625
3,393
7,292
12,903
3,982
6,730
12,429
41,455
21,275
8,311
18,108
36,072
19,241
28,133
15,655
37,973
18,864
35,503
34 060
41,644
22,816
32,112
11,680
14,962
19,477
23,971
8,479
15,893
16,288
21,649
10,768
19,324
19,316
12,972
17,206
23,434
16,841
18,478
14,698
250,878
22,163
260,471
17,484
.......
211,852
16,306
221,540
12,488
108,802
11,802
96,182
11,102
.......
190,752
21,252
151.242
16,728
.......
All
Other.
8,816
6,316
6,981
7,148
8,621
8,811
8,430
9,462
9,247
9,875
83.707
5,006
64.195
9,461
Total.
54,417
65,541
139,118
145,256
184,886
154,734
97,132
98,825
98,694
111,513
1,150,116
99,974
1,035,602
86,758
926,291
Auction Sales.— Am ong other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H . Muller & Son:
Stocks.
• to s.
S ck
906 Chic. Ind. & Loulsy. Ry.
common _______________ 30
137 Metrop.
Securities
Co.,
7 5 % paid, $100 each.$130 lot
620 Chic. R. I. & Pac. R y .. .8 6 86%
2 The Knox Hat Mfg. Co------ 100
10 Lord & Taylor preferred— 99 H
37 Bank of Metropolis_______ 305
10 Union Exchange Bank------ 207
50 E. W . Bliss Co. com m on.-112
56 H. R . Worthington Pump
Co. 7 % preferred_______ 91
25UnlonTypewrlterCo.com - 66
164 Kings Co. Elec. Lt. & Pow.
C o ______________________ 80 H
0 Metrop. Surety Co. (new
stock) ........................... .... 175 H
80 Broadway Trust Co
.
125
400 Peoria & Eastern R y . . 15-16%
Shlc- Ind * Lou. ,pref.52 % -52 %
365 Southern Ry trust ctfs for
„ Mobile & Ohio R R ..........70
300 Evansv. & Terre H . R R _ . 65
Bonds.
$1,000 Boston & Me. R R . 3s
1950 _________________ ______70
$4,000Standard Cordage C o.1st
. 5s 1931.
A. & O___________ 21
$250,000 National Glass Co.
Gen. 6s 1921. M. &N_____
5
$199,000 Peoria & Eastern Ry.
income 4s___________________41 .-42
1319
THE CHRONICLE.
N o v . 23 190'/.,
W e omit two ciphers in all these figures.
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 of Company.
Per
Cent.
Railroads (Steam)
Ateh. Top. & Santa Fe, com. (No. 4 )___
3
4
Boston & Lowell_________________________
Boston Revere Beach & L yn n ____________
3
Buffalo & Susquehanna, pi. (qu.) (N o.22)
1
Catawlssa, preferrd stocks______________
2K
1
Chesapeake & Ohio____________________
Chestnut Hill (quar.).................. .................
IK
Cin. New Orl. & Tex. Pac., pref. (qu ,)..
IX
Cleve. Cine. Chic. & St. L., pref (quar.)
IX
Cleveland & Plttsb. orig. guar. (quar.)_.
IX
1
Special guaranteed (quar.)___________
N . Y . Phila. & Norfolk_________________
3
Norfolk & Western, common....................
2K
2
North Pennsylvania (quar.)____________
Pennsylvania__________________________
3K
3
Phila. Germant’n < Norristown (quar.).
fc
3
Pitts. Bessemer & Lake Erie, preferred..
Southern Pacific, com. (quar.) (No. 5 ) ..
IK
Preferred (No. 7 )_______ ____________
3K
Union Pacific, common (quar)_________
2K
Street Railways.
American Hallways (quar.)___________
IX
Chattanooga Railways pref. (quar.) I _____
IX
Columbus (O.) R y., com. (quar.)............
IX
1
Grand Rapids R y., com (quar.)______
Kansas City Ry. & Light, pref. (quar.)..
IX
Ndrfolk R y. & Light________ ___________
IX
Pensacola Electric Co., pref. (N o. 2 )____ $3
Rochtster Railway, common (quar.)_____
1
Rochester Railway & Light, preferred____
IX
Washington (D .C .) Ry. & E ., pf. (No.7)
2K
Miscellaneous.
2
Adams Express____________________ ____
2
Extra _______________________________
Amalgamated Copper (quar.)...................
1
2
American Caramel, preferred (quar.)____
3
American Cotton Oil, preferred_________
American Express (quar.)........................
3
American Locomotive, com. (quar.)____
IX
1
American Radiator, com. (q u a r.)______
Amer. Smelters’ Securities, pf ,"A ” (qu.).
IK
1}4
Preferred “ B” (quar.) (No. 10)______
IX
American Sugar Refining, com. (quar.).
Preferred (q u a r.).................. .................
IX
Amer. Telegraph & Cable, guar. (quar.).
IX
American Thread, preferred___________
2K
American Tobacco, common....................
2X
Common (extra)_____ ________________
2K
1
Barney * Smith Car, common (quar.)..
Preferred (quar.)____________________
2
Butie Coalition M ining (quar.)__________ 15c.
Canton Company______ _________________ $1 25
Consolidated Gas (quarterly)...................
1
Diamond Match (quar.)_________________
2K
du Pont (E. I.) de Nem.Pow.,com.(qu.)
IX
Eastman Kodak, com. (quar.)___________
2K
Common ( e x t r a ) _____________________
5
Preferred ( q u a r .) ____________________
IX
IK
Federal M ining & Smeltng, common____
P referred _____________________________
IX
1
Independent Brewing, common (quar.).
IX
Preferred (quar.)________ ___________
Kings County Elec. Light & Pow. (qu.).
2
4
Lehigh Coal & Navigation (No. 120)____
1
Massachusetts Gas Companies, com____
2
Preferred ____________________________
National Biscuit, common (quar.)_____
IX
Preferred (quar.)_____ _________ _____
IX
NationalEnam.& Stamping, pref. (quar.)
IX
National Lead, com. (quar.) (N o. 16)____
IX
Preferred (quar.) (N o. 64)____________
IX
People’s Gas Light & Coke (quarterly)..
IK
Philadelphia Electric_______ __________
2K
Pressed Steel Car., pref. (quar.) (No. 35)
IX
Quaker Oats, com. (quar.)__________
IK
Common (extra)___________________
K
Preferred (quar.)_________________
1H
Railway Steel Spring, pref. (quar.)_
_
IX
Rubber Goods M fg., pref. (quar.) (N o . 35)
IX
Sloss-ShefOeld Steel & Iron, com. (qu.).
IX
$10
Standard Oil (quar.)......... .................
IX
United Cigar Mfrs., pref. (quar.)(No. 6).
1
U.S.Cast I.Pipe&Fdy.,com.(qu.)(No.9)
Preferred (quar.) (No. 28)_______
IX
U. S. Steel Corp., com. (qu.) (No. 1 6 ) ..
K
Preferred (quarterly) (No. 2 6 ) . . . .
IX
Waltham Watch, common (quar.)____
IK
P referred _________________________
3
Books Closed.
D ays Inclusive.
When
Payable
Dec.
Jan.
Jan.
Dec.
Nov.
Dec,
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
Jan.
Jan.
Jan.
2 'Nov. 8
to
to
2 Nov. 24
1 Holders of rec.
2i Holders of rec.
to
19i Nov. 1
12| Holders of rec.
to
4;Nov. 21
to
2 Nov. 17
20 Holders of rec.
2 iHolders of rec.
2 Holders of rec.
15 Holders of rec.
18 Holders of rec.
25 Holders of rec.
30 Holders of rec.
4 Nov. 21
to
2' Holders of rec.
2 ...............
15 Holders of rec.
2 Dec. 1
to
Dec. 2
Nov. 30
Dec. 14
Nov. 23
Nov. 19
Nov 21
Dec. 3
Dec. 2
Dec 27
Nov. 9
Nov. 9
N o v .15
N o v .30
Nov. 14
Nov. •4
Dec. 3
Nov. 15
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
14!Dec. 1
2 Holders
2; Holders
1; Holders
2 'Nov. 20
I N o v . 24
21
Holders
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Nov.
Dec.
iDec.
Nov.
Jan.
iDec.
Ijan.
_____
iNov.
IDec.
IDec.
jDec.
iJan.
|Jan.
!Dec.
Jan.
IDec.
Dec.
iDec.
IDec.
|Dec.
Jan.
! Dec.
!Dec.
Dec.
~
Jan.
Feb.
Jan.
Dec.
IDec.
Nov.
INov.
|
Dec.
;Nov.
IDec.
jDec.
|Jan.
INov.
Jan.
Jan.
'Dec
jNov.
jDec.
Nov.
Jan.
!Jan.
iNov.
'Dec.
IDec.
iDec.
Nov.
|Dee.
Dec.
Dec.
Dec.
INov.
IJan.
iDec.
11
Nov. 20
•to
of rec.
of rec.
of rec.
to
to
of rec.
to
2|Nov. 16 to
2jNov. 16 to
251Oct. 25
to
21 Dec. 13 to ,
2 Nov. 15 to
2 jHolders of rec.
20 Nov. 9 to
31 Dec. 22 to
2|Nov. 23
to
2!Nov. 16 to
21 Nov. 28
2|Nov. 28
21
Nov. 16
to
1 Nov. 21
2 Nov. 16
2 Nov. 16
1 Dec. 5
6
2 Nov. 22
17 Nov. 30
1
Dec. 31
Dec. 17
8
21
15
15
2
2
22
Dec. 1
Dec. 1
Dec. 1
Oct. 27e
Jan. 1
Dec. 5
Nov. 30
Nov. 26
Dec. 31
Dec. 2
Dec. 2
Jan. 2
Jan. 2
Dec. 2
Jan. 1
Dec. 2
Dec. 2
Dec. 16
Dec. 2
Dec. 8
16iNov. 27
to
Dee. 16
15(Holders of rec Nov .30a
14 Holders of rec. Dec. 4
Dec. 1
Dec. 15
Dec. 1
Dec. 15
Dec. 15
Dec. 1
Nov. 30
Dec. 8
Nov. 30
Dec. 8
to
Nov. 24
Nov. 14
Nov. 24
Nov. 14
to
Nov. 22
to
Dec. 1
Holders of rec. Nov. 6
Nov. 29
Nov. 13
to
Nov. 20
Nov. 13
to
Jan. 16
Dec. 29
to
Nov. 30
Nov. 18
to
Dec.
Nov.
Nov.
Nov.
14
to
28
to
10
to
23
to
N ov. 76
Holders of rec.
Holders of rec.
Holders of rec.
Dec. 11
to
Holders of rec.
Holders of rec.
Holders of rec.
jNov. 21
to
2lNov. 10
to
2|Nov. 10
to
30 Dec. 10
to
30|Nov. 7
to
1 Holders of rec.
1 Holders of rec.
Banks.
New York
Oct. 1 9 ..
Oct. 26. _
Nov. 2 . .
Nov. 9 . .
Nov. 1 6 ..
Boston.
Oct. 2 6 ..
Nov. 2 . .
Nov. 9 . .
Nov. 16. _
Phila.
Oct. 26 ._
Nov. 2__
Nov. 9__
Nov. 1 6 ..
Loans.
Specie.
$
293,498,3
292,496,9
292,496,9
293,498,3
293,498,3
$
1076,846,3
1087,711,0
1148,452,6
1187,316,4
1192,010,4
$
205,353,3
196,426,0
175,913,9
170,712,0
170,347,9
$
62,257,2
58,283,7
48,194,0
49,082.9
48,311,1
$
1025,711,4
1023,772,0
1051,786.9
1086.878,1
1089,303,8
$
51,612,4
51.398,3
51,742,7
52.856,1
55,844,4
$
1.815,268,1
2,103,641,5'
1,659,364 ,S»
1,272,061,6
1,319,578,7
44,036,0
44,036,0
44,036,0
44,036,0
191,247,0
192,533.0
191,515,0
190,918,0
20.025,0
17,745,0
17,086,0
16,314,0
2,822,0
3,149,0
2,750,0
2,934,0
222,059,0
222,150,0
214,707,0
217,701,0
8,182,0
8,270,0
8,400,0
8,594,0
178.266,6
179,250,3.'
148,270,0
143,283,8
54,440,0
54,440,0
54,440,0
54,440,0
219,789,0
219,648,0
221.150,0
222,207.0
246,322,0
236,154,0
233,802,0
233,308,0
13.784,0
14,089,0
14,572,0
15,031.0
156,844.1
127,488,6
115.783,8
120,686,8
Jan.
Jan.
Nov.
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
4
4
20
20
9
19
20
2
1
1
30
1
10
18
New York City, Boston and Philadelphia Banks.— The
New York City Clearing House has discontinued, for the
present, issuing its detailed statement showing the weekly
averages of condition of the separate banks, both the mem
ber and the “ non-member” institutions. The publication of
these figures, it is stated, will not be resumed until all out
standing Clearing-House loan certificates are retired. The
last statement issued, that for Oct. 26 1907, will be found
in the “ Chronicle” of N ov. 2 , on page 1124.
The Philadelphia and
Boston Clearing Houses have
also adopted the course of not making public the returns of
the individual banks. The New York Clearing House does
not give out any figures regarding the volume of the out
standing loan or Clearing-House certificates, nor does the
Philadelphia Clearing House; but at Boston $11,695,000
ofjsuch certificates were outstanding Saturday, N ov. 16.
Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia.
The.New York figures do not include results for non-member
banks.
Legals. Deposits, a Circu
lation.
52,663,0
47,440,0
45.852,0
44,807,0
Clearings.
a Including Government deposits and for Boston and Philadelphia the item “ due
to other banks." At New York Government deposits amounted on Nov. 16 to
$72,362,300, against $73,092,200 on Nov. 9; at Boston on Nov. 16 to $5,092,000,
against $4,988,000 on Nov. 9.
Imports and Exports for the W eek .— The following are
the imports at New York for the week ending N ov. 16, also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT N EW Y O R K .
For the week.
1906.
1907.
Dry Goods_____ ______ ____
General Merchandise_______
$3,344,019
10,367,968
1904.
1905.
$3,298,956
15,129,584
$2,738,939
13.0G0.858
$2,973,806
9,951,284
Total _ . ________ _____ $13,711,987 $18,428,540 $15,799,797 $12,925,090
Since January 1.
Dry Goods.. _____________ $165,529,768 $143,053,575 $124,396,068 $106,404,254
590,735,497 536,812,596 498,839,794 432,773,387
General Merchandise.______
Total, 46 weeks______ ____ $756,265,265 $679,866,171 $623,235,862 $539,177,641
The following is a statement of the exports (exclusive o f
specie) from the port of New York to foreign ports for th e
week ending N ov. 16 and from Jan. 1 to date.
EXPORTS FROM NEW Y O R K F O R .T H E W E E K .
1907.
For the week_____ _________
Previously reported. ______
Total 46 weeks__________
1906.
1905.
$11,272,175 $11,208,725
547,442,962 ^538,246,116
1904.
$12,334,590
473.490,819
$13,423,622
426,971,299
$558,715,137 $549,454,841 $485,825,409 $440,394,921
The following table shows the exports and imports o f
specie at the port of New York for the week ending N ov. 1 6
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
EXPORTS AND IMPORTS OF SPECIE AT N EW Y O R K .
Exports.
Imports.
Oold.
Since Jan. 1
W eek.
Jan. 1
Dec. 16
N ov. 25
Dec. 1
a Transfer books not closed. 6 Date for opening of transfer books was changed
from Nov. 27 to Nov. 8. e At the request of stockholders, the books were opened
on O ct.28 lnsteadof awaiting the date of Nov. 11 asat first stated.
Capital
and
Surplus.
W eek.
Since Jan. I
$14,380,849 19,681,381 $27,762,036
15,554,499
690,554
1,407,7921,615,083
2,989,968
883,155
694'686
1,714,261!
15,000
551,646
1,820
2,808,386
22,970
2,395,0751,500,000
19,261
313,181;
Total 1907..........................................
Total 1 9 0 6 . ____- _ __________
Total 1905_______________________
"$970
1,000
$36,756,972 21,110,672 $37,133,959'
5,963,954
129,722 93,854,313
31,514 15,999,125
38,264,547
Silver.
$991,658 $40,157,051
207,000
4,104,000
10,278
560
288,077
7,965
14,786
$11,469
40,388
24,354
448
$100,194
2,270
427
164,483
1,924,491
863,453
40,795
Total 1907_______________________ $1,199,218 $44,582,157
Total 1906______________ ______
417,763 42,357,597
Total 1905______________________
619,286 31,518,713
$76,659
80,927
69,246
$3,096,113
2,136,837
3.831.660
Of the above imports for the week in 1907, $ 7 ,523 ,48 3
were American gold coin and $588 American silver coin.
Of the exports during the same t i m e _______were Ameri~
can gold coin a n d -----------were American silver coin.
a n d E im m c ia l.
W e shall be pleased to mail investors copies of the ninth
edition of our 10-page circular describing 65 Short-Term Notes
and Collateral Trust Bonds, with approxim ate market prices.
S p en cer
T rask
&
W I L L IA M A N D PIN E ST S.,
M
o
f
f
Members
5 NASSAU S T R E E T .
a
t
New
C o.
NEW YO R K
&
York
W
Stock
h i t e
Exchange.
H A N O V E R B A N K B U IL D IN G ?
D E A L E R S IN IN V E S TM E N T S E C U R IT IE S .
Commission Orders Executed for Cash Only-
]
_
___ j
1320
THE CHRONICLE.
iB m ih c r s '
(g a z e tte .
Wall Street, Friday Night, Nov. 22 1907.
The Money Market and Financial Situation.— As has been
the case for several weeks past, a more hopeful feeling pre
vailed in W all Street on Monday growing out of what was
regarded as “ good news.” This week it was based on the
Government announcement of two new bond issues, amount
ing in the aggregate to $150,000,000, and expectations that
the financial situation would soon be greatly relieved thereby.
The enthusiasm thus kindled soon disappeared, however,
as the premium on currency again went to very high rates
and liquidation in the security markets was renewed. This
liquidation was especially urgent in a few issues of railway
bonds, the prices of which have suffered a serious decline.
A good illustration of the present monetary condition and
its effect in particular cases is had in the statement made by
a well known railway official this week to the effect that his
company paid a premium of $17,500 for currency to meet its
monthly pay-roll. This is especially significant in view of
the fact that the arrival of gold from abroad during the week
brings the total amount received on the current movement
up to over $48,000,000, and when that in transit and engaged
for shipment has been received the aggregate will be about
$81,000,000.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3 % % to 1 5 % . To-day’s rates on call were 7 @ 1 5 % .
Prime commercial paper quoted at 7 @ 7 3 ^ % for endorse
ments and 7 @ 7 3 ^ % for best single, names.
The Bank of England’s weekly statement on Thursday
showed a decrease in bullion of £1 ,4 1 0 ,5 4 0 and the percentage
of reserve to liabilities was 38.78, against 40.52 last week.
The discount rate remains at 7 % as fixed N ov. 7. The
Bank of France shows an increase of 4,050,000 francs gold
and 175,000 francs silver.
The New York City clearing-house banks in their state
ment of November 16 showed a decrease of $1,135,900 in
the reserve held and a deficit of $53,666,950 under the
required reserve, against a deficit of $51,924,625 the previous
week.
1907.
Nov. 16.
Differences
from
previous w eek.
$
1906.
N ov. 17
1905.
N ov. 18
$
Capital..
_____ .
129.400.000
Surplus......... ...............
164,098.300
I.oans and discounts.. 1,192,010,400 Inc.
Circulation_ __ _
55,844,400 Inc.
Net deposits.:.............. *1,089.303,800 Inc.
S p e c ie ....... ...................
170,347,900 Dec.
Legal tenders_
_
___
48,311,100 Dec.
4,694,000
2,988,300
2,425,700
364,100
771,800
218.659.000 Dec.
272,325,950 Inc.
1,135,900
606,425
250.991.800
248,620,125
252,682,400
249,767,250
Surplus reserve____ def. 53,666,950 Dec.
1,742,325
2,371,675
2,915,150
Reserve h eld ................
25% of deposits______
$
$
119,150,000
115,972,700
140,160,800
15.5.176.800
1.039,397,800 1,017,083,600
51,357,200
54,6S9,900
994,480,50(1 999,069,000
183,906,400
179,607,300
67,085,400
73,075,100
* $72,362,300 United States deposits Included, against $73,092,200 last week and
$14,320,800 the corresponding week of last year. With these U. S. deposits elimi
nated, the deficit under the required reserve would have been only $35,576,375 on
November 16 and $33,651,575 on November 9.
F o r e ig n E x ch a n g e .— A fter a stron g ton e on S a tu rd ay o f
la st w eek th e m a rk et sh a rp ly declin ed on M on d a y, in flu enced
b y the a n n ou n cem en t o f th e T reasu ry plan fo r m on eta ry
relief, and it was irregular th erea fter, closin g firm . G old
en gagem en ts on this m o v e m e n t, 8 1 % m illions; a rrivals, 49
m illion s, o f w h ich 1 7 % m illions a rrived this w eek . T o -d a y ’s
(F rid a y ’s ) n om in al rates for sterling exch a n ge w ere 4 8 0 @ 4 81
fo r s ix ty d a y and 4 8 7 @ 4 8 7 % for sigh t. T o -d a y ’s (Fri
d a y ’s) actu al rates for sterling exch a n ge w ere 4 8 1 @ 4 81 %
fo r lo n g , 4 8 7 @ 4 8734 f ° r sh ort and 4 9 0 @ 4 9 0 % f ° r cables.
C om m ercial on banks 4 7 8 @ 4 79 and d ocu m en ts for p a y
m en t 4 7 7 @ 4 8 1 J - C otton for p a y m en t 4 7 7 @ 4 7 7 3 4 >
4
c o tto n fo r a cce p ta n ce 4 7 8 @ 4 79 and grain fo r p a y m en t
4 81 @ 4 8 1 % .
T o -cfa y ’s (F rid a y ’s) actu a l rates for Paris b a n k ers’ francs
w ere 5 2 1 % @ 5 2 0 % fo r lon g and 5 1 8 % @ 5 1 7 % /i for sh ort.
G erm an y b a n k ers’ m arks were 9 3 % @ 9 3 % for lon g and
94 11- 16@ 9 4 % fo r sh ort. A m sterda m b a n k ers’ guilders
w ere 40 1 0 @ 4 0 12 for sh ort.
E x ch a n g e a t Paris on L on d on to -d a y 25f. 26c .; w eek ’s
range 25f. 28c . high and 25f. 26c. low .
T h e w eek ’s range for ex ch a n ge rates follow s:
-----------Long----------- —---------- Short----------- ----------Cables--------Sterling Actual—
High___ ,.4 81
@ 4 8134 !4 87^i
@ 4 88
| 90^
4
@ 4 9134
Low_____4 78M @ 4 79
|
4
@ 4 87
| 88 @ 4 88 10
4
Paris Bankers’ Francs—
High_____5 211i
@ 5 20% | 18H
5
@ 517Y |
th
Low____.5 23H
@ 5 22)4 | 19%
5
@ 5 18H
|
____ Germany Bankers’ Marks—
High_____93%
@ 93%
| 94 11-16 @ 94^
|
.
Low _____93%
@ 93%
I 94%
@ 94*4
/'
| _____ _________
Amsterdam Bankers’ Guilders—
High.............. ......... ................ I 40 1-16 @ 4034
|
-•
........
Low_____ ______________ __| 40 10 @ 40 12 |
Less: a 1-16 of 1%. d l -32 of 1%. * 3-32o fl% .
Plus: k 1-16 of 1%. x 1-32 of 1%. j/3-32o fl% .
T h e fo llo w in g w ere th e rates for d om estic ex ch a n ge on
N ew Y o rk a t th e u n derm en tion ed cities to -d a y : Savan nah
b u y in g 50c. per $ 1,000 d iscou n t; selling 7 5 c. per $ 1,000
p rem iu m . C harleston selling $1 per $ 1,000 p rem iu m .
N ew
O rleans b a n k , p a r @ $ l per $ 1,000 p rem iu m ; com m ercia l
$1 50 per $ 1,000 d iscou n t. C h icago $1 t>er $ 1,000 p rem iu m .
S t. Louis $7 per $ 1,000 p rem iu m . San F ra n cisco, no m a rk et.
[V o l .
lxxxv
.
State and Railroad Bonds.— No sales of State bonds have
been reported at the Board this week.
:
... A few issues of railway and industrial bonds have moved
in sufficient, volume to give an appearance of activity to
the market as a whole. During the early part of the week
United States Steel 5s were the feature, and later Rock
Island 4s have been crowded upon the market with little
regard to the price in both cases. The former sold down
to a fraction above 78 and the latter declined over 7 points.
A few other bonds have been relatively active, including
Atchison, Union Pacific and Brooklyn Rapid Transit, the
latter declining over 5 points in sympathy with weakness in
the stock. Otherwise, the market has been dull and gener
ally featureless.
United States Bonds.— Sales of Government bonds at the
Board are limited to $10,000 3s coup., 19 08 -1 8,a t l O l % and
$20,000 3s reg., 1908-18, at 101 to 1 0 1 % . The following
are the daily closing quotations; for yearly range see third page
following.
Interest
Periods
2s,
2s,
3s,
3s,
3s,
4s,
4s,
2s,
1930 _____ _. registered
1930.
.
coupon
1908-18.-_____ registered
1908-18..
coupon
1908-18____small coupon
1925_________ registered
1925 _ - - ______ coupon
1936.Panama Can. regis.
N ov.
16
N ov.18
N ov.
19
N ov.
20
Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Nov
*106
*106
*10234
*102 34
*10134
*121
*121
*106
*10534
*105 34
*102
*102
*10134
*121
*121
*104
*105
*105
101H
101)4
*10134
*121
*121
*104
*104)4
*104*3
101
*101
*101
*120
*120
*103
N ov.
21
N ov.
22
*104
*104
*100)4
*1003-4
*10034
*118
*118
*102
*103)4
*10334
*100%
*100%
*100)4
*117
*117
*102
* This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.— The process of liqui
dation in the stock market has continued almost without
interruption. There was a brief recovery on Monday, as
noted above, followed by a renewed downward movement,
which continued until near the close on Thursday and carried
many prominent issues to a new low level. To-day’s market
has been the least sensational of the week, the volume of
business at the minimum, and price changes generally unim
portant .
Reading has been a notably strong feature. When at its
highest on Monday it had recovered 5 points and it closes
with a net gain of 2.
Pennsylvania, Delaware & Hudson,
Great Northern, Canadian Pacific* Northern Pacific, South
ern Pacific and Union Pacific are also on the list of stocks
that close higher than last week. On the other hand, Erie,
St. Paul and Brooklyn Rapid Transit have sold down more
than 3 points, the former closing near the lowest, and other
railway issues show a net loss of from 1 to 2 points.
The active industrial list has, however, without exception,
made a more or less substantial gain.
For daily volume of business see page 1330.
T.he following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending N ov. 22.
Sales
for
W eek:
Range for week.
Lowest.
Range since Jan
Highest.
Amer Teleg & Cable____
11 60 Nov 19 60 Nov
Balaklala Copper______ 4,340 $2% Nov 22 $3% Nov
Bethlehem Steel C orp.. .
400! 8 Nov It! 8 Nov
Preferred - - _ _
200 24 Nov 22 26 Nov
Chic Un Trac tr rets____ 1,025 2 V. Nov 18 'IV, Nov
a
500 20c. Nov 22 21c. Nov
Comstock Tunnel _____
Corn Products Co.
100 6 Nov 20 6 Nov
General Chemical, pref
40: 85 Nov 18 85 Nov
Gt Northern subscript’ll
rets, 75% paid, -------- 3,254 .02 H Nov it; 106*4 Nov
Homestake Mining. - _
530i 57 % Nov 20 60 Nov
Nov 22 5 Nov
Keokuk & Des Moines
186
Twin City R T, pref____
50 .00 Nov 21 100 Nov
United Cigar Mfrs.,pref_
500i 77 Nov it; 79 v* Nov
Western Maryland
500 9 Nov 20 9)4 Nov
Lowest.
19
18
21
21
19
22
20
18
60
$2%
8
24
1*4
20c.
6
85
18
it;
22
21
It,
20
98
54
4%
100
65
6
1.
Highest.
Nov 88
Feb
Nov $11
July
Nov 2034 Jan
Nov 65
Jan
Oct 3% May
Oct 50c. Jan
Nov 15
Feb
Oct 102)4 Feb
Oct
Oct
Nov
Nov
Oct
Oct
130% Apr
85
Feb
11
Jan
115
May
94% Jan
30)4 Jan
Outside M arket.— “ Curb” stocks showed a decided change
for the better on the opening day of the week, in keeping
with the improvement on the Stock P^xchange, but soon
after developed a sagging tendency and relapsed into a
very dull and quiet state. Copper shares were quiet.
Boston Consolidated Copper moved up from 8 % to 9 % , and
closed to-day at 934British Columbia Copper rose from
3 % to 4, but fell back to 3 % . Butte Coalition advanced from
1 2 % to 1 4 % , then sold down to 12 in anticipation of a
reduction in the dividend. It recovered to 1 2 % and to-day
rose to 13. A dividend of 15 cents was declared as against
50 cents paid previously. Greene Cananea was steady,
moving up from 5 % to 5 % and back finally to 5 % .
Nevada
Consolidated Copper from 6 % advanced to 734, fell off to
6 % , and ends the week at 6 % . Cumberland-Ely went up
from 5 to 5 % , sank to 4 % and recovered to-day to 5. United
Copper common sold up from 7 % to 8 % , but declined finally
to 734- Nipissing was steady, fluctuating between 6 and
5% .
Among the specialties Standard Oil was conspicuous
for a rise of 13 points to 408, but on comparatively heavy
dealing sustained a sharp loss to 390, recovering finally to
395. American Tobacco went up from 189 to 195 and
down to 190. Chicago Subway rose from 1 2 % to 1 3 % , and
to-day, on active trading, fell to 12, closing at 1234- Con
solidated Steamship 4s from 9 % rose early in the week to
11 •%, but receded, ending the week at 9 % .
The stock was
traded in between % ancl !/%• N . Y . N . H . & H . consoli
dated 6s moved up half a point to 110, but fell back finally
to 10954- The “ rights” sold down from 3 to 2 and up to
3 15-16, closing at 2 7-16.
Outside quotations will be found on page 1330.
New York Stock Exchange—Stock Record, Da..jr. Weekly and Yearly
O C C U P Y IN G
STOCKS— H IGH EST A N U LO W EST S A LE PRICES.
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
N ov. 20
Thursday
N o v . 21
Friday
N ov. 22
TW O
Sates 01
the
Week
Shares
H A (J E '
STOCKS
N E W Y O R K STOCK
EXCHANGE
Range tor Year 1907
On Oasis oi iOO-share tots
Lowest
Highest.
Railroads
696$ 70*4
687g 7014
69
tch Topeka & Santa F
07U 09%
67,
68I2 69*4
66% 67% 51,415
66% N o v 22
80
SO
8Ug 82
*81
85
82
82
8178
7934 80
1,640
Do pref___________
81
79*4 N ov 22
65'4 66
641® 65
6O
I4 63
5,070 Atlantic Coast Line R R .
58
60
58% 59
63*4 65*g
. 58 N ov^l
I4
7t3g N o v 21
78*4 8O
altimore & Ohio______
79*8 8O
14,775
77U 78l4
I4 78i4 7912
75% 77*4
75% 77
*75
78
80
*75
77
79
80
*75
310
Do
pref___________
78
77 N ov 12
§7712 77% *75
291® 307g
2 6 34 3O
I4 27M 28*4 43,776 Brooklyn Rapid Transit.
3114 321® 305s 3 Us 29*4 31
26*4 Nov21
7434i* ____
75 * . .
7412 7434 *73
72I4 *
721 * ____
4
741; Nov 16
300 Buffalo & Susque, p r e f..
72%
13978 1 4 II4 14318 145
5,900 ( Canadian Pacific_______
140% 141b
138 N o v 2 l
1401® 14312 141 141*4 138’ 140
______ ' yanada Sou th ern ______
61
*52
61
*52
*521® 60% *52
52 N ov 14
*5212 62
*52
62
62
*150 160
150 150 *150 160 *150 160
145 145
148 148
400 Central of New Jersey___
145 Nov21
2412 2514 26!g 2612
8,400 Chesapeake & Ohio______
ar23U N0v22
2514 26
2512 261s 223% 241® 23% 24
*10
14
97 10 * ____
8
11
11
10
8>g Nov21
8%
* 8% 12%
600 Chicago & Alton R R _____
8%
DO p r e f._______ _______
48 Sep 16
7
7
7
7
4,900 Chicago Great W estern ..
7 Oct 10
71g
7
7
7lg
7lg
7Js
718
7>8
*5H j 60Ig *51ls 60ls *51lg 60lg *511* eoig *51% 60% *51% 601S
Do 4 % d eben tu res...
50 Oct SO
28
28
*25
28
Do 5 % pref “ A " _____
27*g 27*8
27
28
*25
700
27
25 Nov 7
271S *25
91® 912
9
9*i
Do 4 % pref " B ” _____
912 912
9
9
3,510
8*4
81® Nov 22
8%
8%
9*8
9834 98*4 101*4
995s 9334 967g
97
96
9334 9534 107,169 Chicago Mllw & St P a u l..
93U Nov21
9312 95%
*133 135
Do pref________________
135 135
134 134
132 133
130 N ov 15
131 131 §130 130
1,315
____ ____
91
91
89
91
x85
861® 85
Do com ctfs 25 % paic *85 N ov 20
3,443
8512 88% 88%
112
112
113*4 116
Do pref ctfs 25 % pale 111 Oct 30
113 115 3T
112% 113
9,019
111*4 113
11U2 112
129 130
1305g 131
1311g 132
129 129
126 Oct 30
13012 130*4 12812 130
3,093 Chicago & North Westeri
*180
192 *185 195 *180 195 §183 183 *170 185 *175 185
Do pref______ _________
50
185 Oct 25
*110
115 *110
Chic St P Minn & Omah;
115 *110 115 *110 115 *110
115 *110 115
10(5 Oct 29
*140 160 *140 160 *140 160 *140 160 *140 160 *140 160
Do pref________________
160 Jan 18
* ____
5 *
5 * ____
5 * ____
Chicago Termin’l Transfe:
5 * ____
5
5 * ____
3% Oct 7
*16’
15
Do pref________________
*10
*10
15
15
*16" 20 * ____
15
20
*10
Mch27
Chicago Union Traction..
2% Aug 17
Do p re f_______________
l l l 2 Mch 14
497g 501®
*48
53
49*i 50
49
49
Cleve Cln Chic & St L ____
48
48
1,460
48 Nov 22
49*s
49*s
983.j *85
______
*90
*89
Do pref________________
98
99
*85
98
*85
95
*85
95
92 Sep 20
171® 17*4 175S 17
17
17% 17%
4,700 Colorado & Southern____
171.1
17% 17%
17 N ov 15
17*8 17%
*4210 4312 42*1 427S
427S
4278
421® 42%
41
42
§42
42
Do 1st preferred_____
41 Nov21
1,555
§33
33
34
*321® 34
33
475
Do 2d preferred_____
§32*8 32% *311® 35
*31% 35
31*4 Oct 25
12014 128
130 1301® 1286g 130
128*4 129*4 127 128% 128 129
elaware & H udson____ 12358 Oct 30
6,910
*375 420 *375 420 *375 425 *375 425 *385 415 *374 425
elaware Lack & W e st’i 369% Oct 30
175g 177g
1714 1738
1,910 Denver & Rio Grande____
17U 18
1712 17%
17 N ov 15
1714 17% §16% 16%
62
*57
63
*57
Do pref________________
*56
63
*56
56U 56l4
565
63
54% 54*4
5412 N ov 22
____ *31
*31
38
*31
36
32
§32% 32%
*31
35
30 Detroit U n ite d _______ .
*31
32 N ov 7
*71»
* 71,
8I4
912 * 71® 9
9
7%
75S
300 Duluth So Shore & Atlar
*7*8
734
6I4 Oct 17
8I4
* 11% 14
Do pref_______ .
11 " 12
10
1,670
10U 11
10%
10% 10%
H i ' 11
10 N ov 21
153g 15s8
1412 151®
12U 1314
12% 12% 24,980 U r l e
1512 I6I4
13
141i
2I4 N o v 21
37
37
381® 3.5*4 37I4 34
37
2834 29%
Do 1st pref________
36
28
32%
6,950
28 Nov21
25
25lg
Do 2d pref________
25lg 26
20
2412 2514
4,800
23*4 241® 20% 23%
20%
20 Nov 22
*64
75
............ Evansville & Terre Hautt
*64
75
*64
75
*64
*64
75
75
*65
75
*73
90
90
90
Do pref________________
*74
*74
*74
90
*74
90
*74
90
90 Apr 4
1123S 11412 111*8 113
109*4 112U 109% 111% 110% 112
1081® 111
1071® Oct 30
22*666 Great .Northern pref_____
40
40
41
42
Temp ctfs for ore prop.
40
41
4012 41
391® 391® 39% 40
4,000
37 Oct 25
Green Bay & W .d eb ctf A
75 Oct 29
*57S 8
*7
8
*7
8
Do
deb ctf E
53j Oct 30
avana Electric________
241® Oct 14
Do pref____________
72 Apr 1
64
64
300 Hocking Valley tr rects..
63 Nov 22
*64
66
*66
70
651® 651® *64
Do
pref____
68
400
65% 65% *63% 66
04 N o v l5
116 119*4 118 121
119*4 1207g 120 120
3,277 I lllnols Central__________
118% 118% 116 117.
116 N ov 16
*5
57g
5
512 56g
5
53g
5
5
5's
3 ,300 J-nterboro-Metropolltan .
5%
4 'g Oct 22
5*8
*15
17
*151® 17
15
15*4
15
14
15
14
Do p re f_____________
15
1,785
14%
14 Nov21
*10
13
11*4 117g §11
11
* 101® 12
425 Iowa Central_____________
IU 4 * 101® 12
11 N ov 9
*27
35
*29
35
*29
35
Do pref________________
*29
35
*28
35
*28
35
30is Mch25
*60
65
*60
65
*55
65
*60
65
*60
65
*60
65
C Ft S & M, tr cts prei
60 Oct 29
§23
23
§21
22
21
21I4 *21
ansas City Southern ..
23
§20% 201 ® 20% 20% ” "765
18 Mch 14
§49
49
50
49
Do pref____________
*48
50
50
*47
48% 49
5014 49
810
45 Mch 25
*12
15
*12
15
*12
15
12
12
*10
*10
15
15
200
ake Erie & W estern___
11 N ov 4
*30
45
*30
50
*30
50
*30
*30
50
Do pref ____________ . 39*4 N ov 11
50
*30
50
*30
35
*30
35
*30
. ;Long Island______________•
_
35
*30
35
*30
35
*26
35
30 N ov 4
921 93I4 *94
4
971® 93
93*4
87*4 92I4
85% 88%
86% 8734 11,305 Louisville & Nashville___
85% Nov21
*106 110
110 111 ‘ 1105S 112
110
110
110 110 *107 112
anhattan Elevated___ 100^8 Oct 25
1,310
*20
*20
25
25
*21
24
*20
*20
24
25
*22
24
etropolitan Street____
25 N ov 2
*1312 14
13% 14
1234 13
I3I4 13*4 *131.| 14
3,750 Mexican Central_________
13% 13I4
1234 Nov 22
*24
25
*20
22
*22
26
*22
26
*22
26
*22
26
Minneapolis & St L o u is ..
30 Oct 31
*67
71
*67
71
*67
71
Do pref_______ _
*67
71
*67
71
*67
71
76% Aug 9
*70
75
71
72l4 72*4 72*4 *68
72
70
70
70
850 Minn St P & S S M a r ie ...
70%
60 Oct 23
*116 120 *118 120
119 119 *115 125
Do pref________________
250
11.5*4 115*4 *115 120
110 Oct 24
2212 231® 23>s 24
*23
2034 21%
231® 2134 23
6.800 Mo Kansas & T exas_____
21% 21%
2034 N ov 22
54% 54*8 *54
§54'g 547
g 5614 561.'
57
Do pref________________
53
55
53
53
1,015
53 Nov21
521® 53lg
53
55*4
52
5034 5134
531® 52
52
531.1
51
6,570 Missouri Pacific___________
48 Oct 24
*100 110 *100
110 *100 110 *100 110 *100 110 *110
110
ash Chatt & St L o u is., 108 Oct 11
* ..
4012 *3312 401® * ____
4012 *331® 4()12 * ____
at of M ex, non-cum pf.
40% *35
39
<4>.t Oct 14
_ *1114
*1114
*1134
*1034
Do 2d pref_________
* 11%
13*2 Oct 30
93I4 94*4
9 512 9 712 ’ 93*1 96l‘,
93
95 ’
921® 93% 88,105 N Y Central & H u d so n ..
91% 93%
91% Nov21
21% 21*g * 221® 25
22U 22I4 *21
24
*21
23
21% 21%
300 N Y Chic & St Louis____
1934 Oct 30
*70
8
*5
*78 ' 85
*75
*72
85 * - 88
Do 1st pref____________
88 *
90
85 N ov 7
*43
47
*44
471® *44
48
48
*44
44% 45
D o 2d pref____________
44% 44%
1,100
41 Oct 30
*130 141U *130
*130 1371® *134 1371® *135 137
100 N Y N Haven & Hartforc 127*8 N ov 4
135 135
2912 30
29% 30
2914 29*4
29
28% 29
28% 2834 3,965 N Y Ontario & W estern ..
2914
28 Oct 23
*61
63
§625g 625g
62
62
61% 6 II4
400 Norfolk & W estern_______
6112 62
*61% 63%
56 Oct 24
*671® 75
*6712 75
*65
75
*65
*671® 75
75
*65
75
Do adjustment p re f..
70 Oct 29
1021 ® IO5I4 IO6I1 IO8I4 105
107 104
62,110 Northern Pacific_________
105*4 103% 105
104 106
100% Oct 24
941® 95
9431 93
916S 92*4
9412 96
93
94*g
96
94
9,770
Do subscrip rects____
91l-> Nov 4
(56
66
661^ 6712 64
66I4 65*4 66
66
66
g
1,700
acific Coast Co_________
64% 657
56 N ov 1
*70
90
*70
90
90
*70
*70
90
*70
90
*70
90
Do 1st pref________
65 N ov 6
*65
85
*65
85
*65
85
*65
85
*65
85
*65
85
Do 2d p r e f ...- ____
90 Sep 28
♦1063s 1066s IO8I4 109*s 1071® 109
10634 IOSI4 157*836 Pennsylvania............... ......... X l03% N ov 4
1071g 108% 106% 108
*53
54
60
*53
§54
54I4 §58
58
54
53
751 Plttsb Cin Chic & St L . . .
53
5314
51 Oct 23
*70
80
§75
75
§80
80
*65
75
80
*75
*70
80
Do pref________________
60
69% Oct 25
761® 7912
806g 82
78*4 81*4
78*g 80%
77% 79*4
78% 795g 354,966 Treading ________________
70*2 Oct 24
____
*75
80
*75
75
75
75
75
*75
77% *75
771®
200 -I-'' 1st pref_____________
73 Oct 22
____ *6712 70
*671® 71
*68
*6712 70
*671® 71
*67
2d pref_____________
71
67 N ov 7
13
13
13*g 136g
12
131:
12’ s 12%
11% 11% 14,910 Rock Island C om pany___
11% 12%
11% Nov22
341® 291® 321® 29
*33
33
35
29*1
2734 28%
5,560
261® 27*8
Do pref____ ___________
2612 Nov 22
60
60
60
*55
65
*55
65
60
*50
60
*50
60
200 St L & San Fr, 1st p r e f..
58 Oct 7
24
25
25lg 26
2714 27*2
2812 28*4
1,960
25
25
26
26
D o 2d pref____________
24 N o v l9
*11
15
14
15
*11
*12
*12
15
220 St Louis Southwestern___
12
12
11
11
11 Nov22
*271» 29^* *27
295g *28
293s *?67g 29ig 25% 2678
1,000
D o pref________________
25
27
25 N o v 22
05
66
68
675s 681® 6H
I2 681
4 60
65% 6634 655g 67% 58,605 Southern Pacific C o_____
<i3% Oct 24
102 1037g 103*4 10375 1031.1 1031® 1021g 103
102 102
Do pref________________
101*4
4,745
101%
100 Oct 24
III4 11.65
lUg I2I4
10*4 11*4
10%
10
III4 11*4
10
8,190 Southern v tr cfs stampec
10*8
10 Nov21
*3714 38
39
39
38
36*4 38
30% 36
38*4
30
3,540
Do pref
do
31
30 N ov 22
18
18
19
1912
18
19
17% 18
18%
2,400
lSlg
18
'exas & Pacific_________
18
1712 Nov21
181® 181® *16
25
*16
20
21
*18
*18
21
300
bird Avenue (N Y ) ____
18% 18%
17 N ov 15
12
12
*1112 13
1214 1214
1134 11%
11% 11% *11
121®
565 Toledo Railways & Llghl
11*8 Nov21
*17
18
18*S 18*8
I 8I4 18*s *167g 171® 1778 17%
1,000 Toledo St L & Western___
17*4 17*4
1734 Nov 22
33
34I4 33
321® 33
3314 33I4 31
33%
30
33*8
3,310
30
D o pref....... .......................
30 Oct 26
75
75
§76
7312 73'®
76
716s 7414
60% 72
68*4 70
4,905 Twin City Rapid Transit.
68*4 Nov22
109 112
106*4 109% 110'8 113
108*8 110% 107% 110
108% 110 364,522
nion P a cific___________ 100 Oct 24
80
SO
*71
*77
77 ~ 77-V
«t
SO
80
80
*75
800
*75
78
Do pref ___________
75 A u e l4
A
B
D
.....................
H
mu
K
L
M
N
P
L
U
BANKS
Banks
Bid
Ask
Banks.
Chemical___
Citizens’ Ctrl
220 C it y ________
500 Coal & Iron.
220 ColonlalU___
130 Columbia U_
325 C om m erce..
Consolidat’d
160 Copper ____
185 Coin Kxch '
Discount ' .
320
East R iver.
------ Fidelity 1i_.
Bid
375
125
23u
AND
Ask
400
132%
240
230
TRUST
C O M PAN IE S— B R O K E R S '
Bid
Banks.
Fifth Avefl. 3700
Ftfth ............ 340
First _______ 575
14th Street T 225
F o u r t h ____ 185
Gallatin____ 335
Garfield____
GermanAmTi 130
i German ExV 500
I Germania 1i_ .500
Greenwich V 270
Hamilton U_
i H an ov er___
Ask
------600
300
195
350
500
140
____
____
280
-----490
Lowest
H ujhui.
108i4 Jan 7
853s May 1101® Sep
■1016x Jan; 12 x98 Dee 106 Jan
1331* dan 5 13118 J ly 1677s Jan
122 Jan 5 105*4 Stay 1251s Sep
94% Jan 10
991®Jan
91 Oct
835s Jan 7
94>s Jan
71 J’ly
8534 Feb 8
83 Jan
87 Feb
1951® Jan 4 1553s May 2011®Dec
651® Jan 14
65is J ’ne
70?s J an
21912 Jan 2 204 May 2397s May
56 Jan 5
51U Nov
656s Auif
27% Jan 5
353s Oct
25>s Sep
69 Jan 5
70 Dec
7714 Oct
18 Jan 2
£3% Jan
16 J ’ne
79 Feb 25
861® J an
791; Sep
80 “ Jan
71* Feb 14
70 Dec
261; Jan 5
247s Nov
39% Jan
157% Jan 14 11461® Dec 1996s Dec
1651® Jan 5 UOO Dec 218 Aug
141 Jan 14
____
149 Jan 15
205 Jan 10 192 Apr 240 Jan’
234 Jan 10 225 Aug 270 Mch
170 Jan 8 168 J’ne 198 Jan
165 Jan 19 175 Nov 202 Jan
934 Apr
I8I4 Jan
934 Feb 21
423| Jail
25 Jan 11
25 Dec
6I4 Apr 3
37« May
133. Feb
19*g Jan 9
471® Men
117s J ’ly
9278 Jan 7
89 Dec 109?s Jan
108'® Jan 7 110 J ’ly 118 Jan
2912 Jan
41 Oct
38?s Jan 9
6912 Jan 7
661® Apr
73% Feb
581® Jan 8
59 Dec
43 May
2271®Jan 2
189 May 23434 Nov
510. Jan 24 4
.373j May 560 May
427s Jan 7
366s May
517S Jan
9 iu Jan
83?fj Jan 10
83 Oct
SOisJan 10
797b Dec 102 ‘ Feb
2278 Jan
191® Jan 5
16 J’ly
45 Jan
39 Jan 4
32 Apr
507g J an
44*4 Jan 5
38>s May
7434 Dec
83 Jan
7o7 Jan 7
s
67 Jan j
621® Apr
763s Jan
7li Jail
68 Dec
92 Apr 5
94 Aug
80 J ’ly
0 C178 Dec 348 Feb
1893| Jan
703, Dec
85 Jari 5
85 Dec
9 2 1 Jan
75 Oct 29
Sll® Nov
231®Jan
141^ Jan 1/
11*4 Oct
33iRJan
47 Jan 3
53 Aug
861; Jan <
77U Jan
9734 May
_____ _ _ _
114 Mch 6
94 Jan 5
921® Nov
*S)9*s J ’ne
172 Jan 3 164 May 1*41®J’ ne
39 Jan 23
335s J ’ne
553S May
703;: J ly
7514 Jan 7
K7.% May
343^ Jan
28's Jan 4
24 j ’ly
033, Jan
51 Jan 7
48 J ’ly
Mi® Feb
80 Jan 1 1
1
77 Oct
303j Jan
227s J ’ly 373* Jan
71 Jan
613j Jan 8
49 J ’ly
447* Jan
28i® Jan 12
271® J ’ly
§921® Jan
671®Apr 26
71 Sep
8i 3j Jan
671®Jan 9
e i^ O c t
1451s Jan 5 13014 May 1561® Jan
1(52 'J an
146 Feb 13 140 Sep
127 Jan
107. Jan 23
103 J’ly
276s Jan 5
183s May
291®Dee
5'J Jan 15
581® Dec
841J Jan
]00i4 Jan
90 Jan 24
90 Apr
140i4 Jan 3 134 Dec 164 Mch
168 Jan 3 16312 Apr 18334 Jan
435., Nov
446, Mch 1
s
29 May
7231Jan 4
0414 Apr
70 Nov
92*4 Jan 5
851® May 1063; Jan
147 Jan 8 133 May 14yi, Jan
593, Dec
593s J an 9
36 Apr
30 Dec
27 Feb 14
18U J ne
1343, Jan 10 126 Nov 156I4 Jan
631®Jan 7
731® Apr
59 Mch
Apr
12U s Jan
7
110 Jan 16
111
913|Jan 7
92 Dec
80 May
189 Jan 9 1891® Dec 2047- J an
57I4 Jan
483s Jan 5
433j May
9214 Jan 5
84 Feb
9758 Oct
9012 Jan 10
96 Jan
8912 Apr
18912 Jan 7 17914 May 2321® Feb
134
F o h 13
124is Jan 7
76 Nov 8
125 Mch 8
1413s Jan 8
78 Jan 22
10512 Jan 5
139i8 Jan 7
92 Jan 7
94 Jan §
30*8 Jan 5
6412 Jan 5
70 Jan 11
483s Jan 5
251®Jan 7
621® Feb 15
96i4 Jan 14
1181r Jan 14
34 Jan 5
941®Jan 5
37% Jan 7
123 Jan 8
29 Jan 7
33S Jan 5
4
54?s Apr 12
IO8I2 Jan 7
183 Jan 5
96 Mav 0
142 J ’ne
103 Jan
106 Jan
105 Jan
1051®Jan
135 May
122l2 J ly 147>2 Jan
75 May
87 Jan
100 May 109 Aug
112 May 1164 Jan
89 Sep
96 Jan
90 Apr 102 Jan
221®J ’ly
32% N ov
6934 Aug
60 J’ly
7234 Apr
60 Feb
51>4 Feb
4012 J’ly
201 ® May
277 Jan
s
4834 May
<
533S Sep
61 May
971® Sep
116 J’ly 120i2 J'ne
316s Nov 42"g Jan
93>2 Dec 103 Jan
28 May
40% Oct
121 Nov xl39% Jan
2514 Dec
36 “ Jan
401® Jan
2514 J’ly
43 J ly
59's Jan
102 Dec
122% Jan
I
138% V ay 19538 Sep
911® Mav
99L Jan
Q UO TATIO N S.
Bid
Ask
Banks.
Banks.
Imp & Trad 450
470
Metropolis T
N ew York
lnterboro 1
]. ____ 150
Metropoli’nl]
A e t n a ____
200
_ Mt Morrlsll.
irving N Ex 175
America * !.. 450
Jefferson Tl_. 190
210
Mutual 1 ___
|
Am er Kxoh. 205
700
____ 500
L ib e rty____
Nassau 11___
Battery Pari, 120
475
500
Lin coln____ 1100 1200 New Amster
Bowery f . . . 310
1 1-1 tl3i)
Manhattan
300
275
New Neth’l’d
Bionx ;:oro; 300
125
140
Market &Ful 250
260
XewYork Co
Buteb’.s “;D r 150
<
170
18.')
Mechanics’ _ 210
220
New Y o r k ..
■Century!!___ 170
250
260
Mech&Tra 1 ____ 150
1
N ’ht & DayTi
O h a sj_______ 225
150
160
M ercantile.. 120
130
19th Ward It
Chatham ___ 30 >
135
145
[Merch ftxcb 170
185
North Amer
•Chels’aKxc 1 200
1
160
175
Merchants’ _ 150
155
Northern___
prices; no sales were made on this day.
1 Ox-rlghts.
S Less than 100 shares, SS tate banks, a
^xchangc or at auction this week, c fix bsnelicial Interest in ore properties.
It 1st Instal’ mt paid
\
Range ft>r Previous
Year (J906).
Bid
T305
150
240
25(1
195
2*o
"l)
1200
270
600 ’
16*0 "
Ask
Banks.
Oriental H__
1(50 " Pacific * ___
D
P a r k _______
275
People’s H -210
P h e n lx ____
125 Plaza 1
1____
220
Prod Exch 1
i
Riverside U_
290 ’ Seaboard___
405 S e c o n d ____
State H_____
150 " 12th W a rd f
175
23d W a r d ll.
Bid
230
230
375
300
140
570
22 5
**”
340
600
370
__
__
Ask
250
250
400
_
150*’
150*
250
360
3*80*
Ex-dividend and rights. 6 New s to c k
n Sold at private sale at this p ries
1322
i>iew York Stock Record—Concluded— Page 2
STOCKS—HIGH KST A N D LO W KST SA LE PRICES.
uufiui u u y
>>
N ov. 16
Monday
Nov. 18
| Tuesday
1 N ov. 19
Wednesday
N ov. 20
Thursday
Nov 21
Friday
Nov 22
Sales 0
the
Week
Shares
STOCKS
N E W Y O R K STOCK
EXCHANGE
[VOL. l x x x v .
Range 1or Year 1907
hsioio n1 1
//I
Lowest.
Highest.
Range 1or rrevtout
Lowest.
62 Jan 7
520 Unit R ys In v ’t of SanFran
10i2 N ov 15
50 Apr
20 Nov 13
71ls Jan 7
500
C o pref
. _ _________
55 Apr
I 8I9 Jan 5
700
8 Oct 30
18 Dec
38i2 Jan 7
14lgNov 4
36i2 Dec
2,820 V V abD o ‘ "pref....................
1634 Jan 7
6 O ct 24
16 Apr
330 Wheeling * Lake Erie___
3734 Jan 5
Do 1st pref____________
13 Oct 24
36 MasDo 2d pref____________
8 Oct 23
2134 Jan 10
2114 Oct
257g Jan 12
1112 Oct 24
23 May700 Wisconsin Central________
5li2Jan 7
Do pref________ ______ _
28 Oct 25
44 J’ly
Indus trial &,Miscellaneous
185
100 A dams Rxpress__________ §150 Aua 14 §330 J’ne20 §240 J'ne
*160 165 *161 165 .165 165 *163 180 *162 180 *161
*41?
167g Jan 5
■ Aug 16
i
53g
538
16 J ’ly
534
6
519
538
538
200 ■^•Uis-Chalmers___________
*5
*419
512 *434
433, Jan 3
Do pref____________
143g 141• *1312 1512 *14
14lg Oct 30
40 S<“P
1434
200
>
*1312 15l2 *1312 1512 *131$ 1512
923g J’ly
45
4614 4518 4612 46
4718 167,050 Am algam ated Copper____ Z4134 Oct 24 12l7(jJan 5
45>s 4634 4613 48l4 4514 46?8
121o 12
25% Jan 8
10 Oct 2i
1212 *11
20 J ’ly
121- *11
12
400 Am er Agricultural Chem .
11
11
1212
*1112 1212
*
D o pref___
__
____
75 Oct 28
05 Feb 20
90 Dec
95 *
95 *
95
95 * ____
95 *
95 *_
2319 Jan 7
734 Nov 16
2OI9 Mav
734
8
8
*77g 10
8
820 American Beet Sugar____
734
8
8
8
§734
734
*
*
__
Do pref.
_______
80 Jan 21
827g Oct
75 Mch f
75 *_ .
75
75
75 * ____
75
*_. 75 * ____
71, Apr 11 ____
3 Oct 24
*3
166 American C an____ _______
35g *3
338 *3
*3
314
312
314 314
312 *3
D o pref________________
34I9 N ov 22
CO Apr 10 . .
I9
363g 37
3578 37
38
3,000
3612 37
3412 36
36U 3612 38
45I4 Jan 14
J
243s Oct 29
3234 J ’ly
26
2458 25
2458 2512 6,370 American Car <c Foundry
24s8 2512 2612 27l8 25
26l8 25
Do p r e f ___________ . .
78 Oct 2S 103 Jan 12
*80
84
98i2 J’ly
80
80
81
§81
81
*81
95
,487
81!2 8112 81
21 Nov 7
28 Maj
24
24
241g
2334 2334 24I4 2,600 American Cotton Oil____
3619 J’ly 27
23
24
24
24I4 23
23
Do pref________________
70 Nov 1
9 0 "J a n 21
90 Dec
*70
*70
85
*70
*70
*70
85
*70
85
85
85
85
American E xpress, j ______ 175 Oct 24 247 Jan 5 215 Apr
*160 190 *160 195 *165 185 *160 185 *160 185 *160 190
3 Oct 22
SI4 Jan 11
77g May
*3lg
4
4
" " 2 2 5 American Grass Tw ine___
*3
4
*3
3
3
412 *3
3
3
2l2N ovl4
0i4 Jan 10
5l2 Nov
234 * 212 3
219 212
3
* 212
* 212
3
500 American Hide & Leather
*212
3
234
30i2 Jan 7
Do pref______
10 Oct 24
24 ” N ov
*10
*10
12
*10
13
12
12
*10 “ 12
*10
1U2 *10
35i4 Jan
1134 1034 III2
88 Jan 2
11
1,525 American Ice Securities.. • 8if, Oct 2c.
S1U2 1112
1158 1134
10’8 113s * 10W 1112
*712 10
1634 Dec
*71o 10
*71-> 10
t)3s Oct 24
1<ji4 Jan 10
734 *7
9
500 American L in s e e d ______
*714 10
712
35 Dec
Do p r e f _______________
36 Jan 7
1612 Oct 29
*17 ' 21
21
*17 “ 25
1634 1734 *1612 1712
*17
*17 “ 25
500
32I4 N o v 2 l
7534 Feb 15
5334 May
35
321 34l2 3312 34
4
5,320 American L o c o m o tiv e ___
3312 3534 36l4 3634 3534 36
3514
___
Do p r e f . ___
83 Oct 30 l ll u J a n 21
90
1081; Dec
92
92
9012 901,
90
*90
91
85
1,300
86U 88
8512
§71, Apr 2 ____ ____
American Malt C o r p ____
2l2 J ’nelO
*3
4
*3
7
*3
4
*3
4
*3
4
*3
7
____
Do pref_______ . .
17 Nov 15
18
*18
20
20
40 ” Feb 21
18
*18
17
19
""6 0 0
17
1812 1812 *18
Am er Smelters Sec pref B
60 Oct 24
80
*64
80
93ig Jan 7
80
*63
*63
73
92U Dec
*6 4
74
*63
75
*63
58l4 Nov 15 1 I55 Jan 7 138l2 May6 II4 64
593g 6138 605g 6134 160,335 Am er Smelting & Refining
5912 6114
5912 6 ll2 6234 65
Do pref________
____
8634 85
8134 Oct 18 1173g Jan 7 112 Dec
85
85
85
847s 851o
*83
2,725
8312 8412 84l4 84I4
American SnuS________
150 Oct 23 205 Jan is
200 J'ly
*150 200 *150 200 *150 200 *150 200 *150 200 *150 200
Do pref________________
§70 Nov21 102 J’nc 7 100 Dec
*70 102
*70 102
*70 100
*70 102
*70
90
70
§70
50
45s N ov 1
1034 Jan 5
534
934 Nov
51534 *5
6
5I4
400 American Steel Foundries
*514
512 *5lg
512
514
512
47UJan 7
Do pref________
. _
20 N ov 1
28
40 May261? 26i a *26
*25
28
*25
*25
27
27
300
25
25
97 Oct 24 I37I9 Feb 13 12712 May
lOllg 102
11,165 American Sugar Refining.
10014 IOII4 IO2I4 10412 101 102lg 101 10212 100U 102
D o pref___ _________
108 Oct 22 131 Jan 2 128l2 Dec
1081g 1087g *108 110 *108 110 *108
109 109
109
300
IO8I4 109
88 Oct 30 133 Jan 4 130 J’ly
92
93
94
93
941*
9319
1,000 American Teleph & Teleg
93
9412 9412
*8912 90l4 92
60 Oct 23
98*4 Jan 5
64
6412 6412 6 H 6412 64lS 64l8 64
g
96 J'ly
64
870 American Tobac (new ), pf
631a 6312 64
3fil2 Jan 7
11 Oct 22
14
14
14
28 Nov
14
13
1212 *12
13
1,350 American W oolen ________
137g
*1312 14
1212
Do pref________________
68 Nov21 1027ft Jan s 101 J’ly
69
*69
6912 69
73
69lg 691g
69
69
69
69
1,236
68
30 u 31‘4 30->g 313g
30
3012 3114 33
31
3012 31
3114 13,410 dAnacondaCopper P«r$25 $25ls Oct 18 3023, Feb 16 22311 May
S3 Oct 23
4
4
312
41g
ii)i* Mayi3 ____ ____
4
4
*3
1,400 dBatopilas Mining Par&20
414
418
37
8 37g *334
O rook lyn Union G as____
90
80 N ov 8 125 May 1 10519 Nov90
90
*79
*80
90
*79
*80
*80
90
*79
90
I41,J a n 4
l>runsw lck Dock& C Imp
6 Oct ^4
10
*512 712 *5
8
*5
*5
7
10
*5
■ *5
7
1314 J'ly
491J Jan 3
Butterlck C o ______________
*10 25
*10
27 Oct 21
40 Apr
30
*10
25
*10
*10
25
*10
25
25
1334 137g
117g Nov 22
3334 Dec
14
14
13
40 Feb 15
12
1212
*13
4,700 / Central Leather__________
1312
1178 1214
13*s
7234
D o pref____________
9834 Dec
70
681? Nov22 102 Feb h
72
71
*70
717
8 6934 70
7212 73
6812 6912 2,230
14ij Oct 24
5778 Jan 8
151o 1534
40ig May
I 5I4 1534
1512 16l2
5,500 Colorado Fuel & Iron____
16l2 17
1512 1534
15l8 16
283g Apr 5
15 N o v l9
*16
18
15
16
18
*16
*14
15
15
620 Col & Hock Coal & I r o n ..
17 May
I0I4 §16
17
74 Oct 25 140i4 Mch 1 130*3 Apr
8534 82l8 83
83
827s 83
85
2,600 Consolidated Gas (N Y ) ._
*83
8714 8714 8514 88
2434Jan 22
734 Nov 15
97g
912 *912 10
700 Corn Products R efin in g..
912 912
912
9'S
912
912
18I4 J'ly
914 914
Do pref. ____________
74U May
46 Oct 2i)
88 Jan 28
*50
52
52
52i4 51
51
50lg 51
I4
800
5O
I4 5O
51ig 5Ug
4034 41
78 Feb 13
40
383S 38l2 4,600 Distillers’ Securities C orp.
3734 Oct 30
51 "J a n
4012 4112 40
38
39ig
38U 39
50 Oct 28 163 Jan 16 138 Jan
81
*51
81
*50
81
*51
*51
81
60
*50
100 Federal Mining & Sm elt’g
51
51
97 Jan 14
47 Oct 24
60
*52
62 , *5U2 54
*50
53p4 54
53
91 J ’ly
300
5U2 5U2 *51
10634 108
89l2 Oct 23 I63 Jan 22 H 56 Dec
104 105
107U 109
104 10534 104 105U
105U 107
5,977 General K lectrlc_________
*7(1
8K
60 Oct 24 152 Feb 13
*70
*70
85
85
85
80
*70
70
70
*60
100 Granby Cons M S & P ___
____
I nt Mer Marine stk tr ctfs
77g May 2
4 ': Oct «
*4
*4
7
*4
7
*4
7
*4
7
Do p r e f . ____ ______
1034 NOV21
24 Apr 25 ____ . . . .
12
11
11
1034 1034 *10
*1112 15
" ’ *400 A
*1012 'l5 ’ *1012 15
9
*712 912
7*2 Nov 16
18i2 Jan 7
16l2 Sep
8
*8
8
500 International Paper______
8
712 712
8u
77S 77g
Do pref________________
81 Feb a
5934 5934
583s 5812
51 N ov 22
80 Dec
60
4,970
58
58i2 59
55
56
51
5312
International Pow er. _ ._
5034 Jail 15
35 N ov 4
48 Sep
41 Jan 7
>
8 Oct 23
28 Jan
9
93g
834
85g
9
9ig
914
2.871 Internal Steam P u m p___
858
914 934 *91 ■ 10
Do pref________________
81 Jan 14
7„ Jan
50 Oct 23
54 “ 5434 §58i4 58i4 *51
55
510
53
55
*51
53>2
*51
7514 Jan 24
40 Oct 24
49
*45
49
49
43
4518 43
2,285 Mackay C om panies. _ .
*4612 49
*4314 48
____
Do pref____ ___________
5234 5312
50 Oct 23
52
71 Jan 24;
53
5312
53
800
*5178
*5l7g 60
5212 5212
58'2 Oct 24
86I4 Jan 151 62 May
70
60
60
*621g 7312 *63
7312 *62
63
60
59
61
1,523 IVJatlonal Biscuit________
D o pref____________
*90 100
*90 100
90
90 Nov20 1173g Mch 5j 113l2 Jan
*90 112
9H*
90lg 90lg
1,600 1 ’
91
9 U2
153g J an 5
61* Nov21
*7
9
*7
7
12 May
8
71•
>
7
812 *612
61g
275 Nat Enam el'g & Stam p’g
*612
6lg
Do pref________________
87 Feb 15
*50
*50
*50
§78 O ct 10
77
80
*50
77
77
77
*50
*50
82 Sep
77
7tii4 Jan 7
36
3434 35
33 N ov 15
35
34
3412 35
35
34
66 May
35l8 2,440 National Lead ____________
33U 335s
Do pref________________
80 Oct 23 103 Jan 5 IOOI4 J'nc
86
*82
83
86
87
*83
87
8412 *82
87
*83
200
*83
63g
63g 63g *6
634
$519 Nov22 S20-i4 Apr 18
6
*6
6
6I2 63s
6
512
900 New house M & S .P a r i 10
597g 61
I4 2,795 New York Air Brake____
57 Nov 16 141i2 Jan 7 133 J’ly
59
58
60
57
62i4 65
6112 62
§6014 6O
8934 Jan 4
3934 40
37 N ov 8
41
41
87l2 Nov
39lg 40
3812 397S 38ls 38ig 3814 3812 2,790 North American Co. new
4 ii2 Jan 5
____ __
22
20I4 21
19 Nov 16
2834 J’ ne
22
20
20
910 l J a c l f l c M a i l ..
19
1912 *19
*1912 22
*19
985jJ a n 4
7434 757
7412 73ig 74
7O Oct 30
I4
74
8 74
73">s 74
71
7112 72
8,837 -C eople ’s G as-L & C(Chlc)
88 J’ly
167s Jan is
83g *712 812 *712 812
7 Nov 20
7
8
712 *6
8
400 Pittsburgh Coal C o_______
*7
131 May
4
8
D o pref___________ _____
37 Nov22
44
*38
42
60*8 Jan 4
40
*39
*38
43
38
38
300
50 J’ly
*38
38
37
57 -Jan 10
1734 1734
1634 17
16l» Oct 22
1634 17
43 May17
16-12 17
2,155 Pressed Steel Car_________
1712 1712
17U
997g Jan 24
Do pref_______ _________
70
70
67 Oct 23
*67
67
*67
67
67lg §6684 68
70
95 May
67
*67
435
138 138
138 138
139 139 *137 140
*134 137
13814 139
566 Pullman C om pany____ __ I35I4 N ov 15 18U*Jan 8 180 Dec
57UJan 10
2 1' 2 Oct 24
24
*23
44 May
24
2512 2334 23*4 2312 233.1
23
* 2212 25
500 L) ailway Steel Spring___
23
*
JLv Do pref____________
991" Feb 15
72 N ov 6
9734 J’ly
77 * _ _ 77 *
77 * ___ 77 *
77
*50
77
41 Jan 7
1434
13
14
12 Oct 23
1412
221 May4
14
127g 1312 4,760 Republic Iron & Steel____
1314 I41g
1314
1273 1314
58
58
50:2 Oct 24 100 Jan 7
91 M».y
57
56
5512 557S 2,175
5712 58
571g 5712 5612 57
7734 J an 7
26 Oct 24
38
*34
37
29
36lg 36lg *36
29
1,100 O loss-Sheffleld Steel<ScIrn
6812 J'iy
3112 33
3112 3112
*80
*80
90
C? Do pref______ _____
90
90
*80
*80
90
90
*80
90
80 Oct 31 107 Jan 11
1041 Oct
4
*80
___ ____ ____
____ ’ ""22 5 Tenn Coal, Iron & R R ___
99
99
98 N ov 15 162 Jan 4 129 Jan
. . . . ____ IOOI4 IOOI4
____
25
25
*22
2412 22
25
*22
24
*22
25
400 ^Tennessee Copper P a r i 25 $17 Oct 25 $5312 Mch 1
*2112 27
85 Jan 17
49
49
*40
*46
49
48
49
50
50
49
*45
400 Texas Pacific Land T ru st.
45 Oct 24
*45
60 May
81* Jan 15
5
4
4
4 Oct 24
5
*4
*4
5
5
*4
*414
140 I Tnlon Bag & Paper____
612 Sep
*41S 5
40
Do pref____________
40
3934 40
61 Jan 7
1,050 ^
3934 NovCl
40 * ____ 40
40ls *3912 40
52 Oct
*39U 45
49i2 Jan 5
19
19
18
1734 18
18
18
1,510 U S Cast 1 Pipe & Foundr
17 Oct 23
18
4312 May
*18i4 19
1812 18l2
50lg
4934 50
Do pref________________
89 “ Jan 15
*5014 51
49
50
50
1,100
49 Nov 19
83 > Dec
4
4912 4934
505s 505s
*70
80
*70
80
70
80
80
*70
90
70
*65
*65
200 United States Express___
70 N ov 6 §117 Jan 9 109 May
901-J a n 4
40
50
45
40
38
5
75 Aug
*38
47
38
700 U S R ealty <c Iir provem ’t
3b N ov 4
*37
3812 3718 3718
___
*6
*5
U S Reduction & Refining
30iJ Jan 28
24 Mch
*6
8
8
7
*5
7
7
*5
7
*5
7 Oct 29
§24>g 245g *20
10
Do pref________________
*22
*21
30
60 Mch
*21
29
28
28
68 Jan 7
26
*21
20 Oct 25
I5I4 1514
15
141g 1412
14
13l-> Nov21
5212 Feb 16
38 J’ly
*12
2,000 United States R ubber___
15U
1312 14
* 1412 1512
641g 65
64
6412 63
Do 1st pref____________
62
62
C3
3,470
62 Oct 30 1097* Jan 7 1 10434 J’ly
63lg 64U
63
63is
78ig Jan 7
42
*41
43
41
42
*40
44
40
39
800
D o 2d pref____________
75 May
*39
39 Nov21
39
39
325S J’ly
?23g 233«
2234 2314 265,720 United States Steel_______
225S 23U
217, Oct 23
503s Jan 7
22l2 2312 23?g 247g 22I4 24ig
9834 J’ly
7934 8212 79IS 8034
82 lg 84
797g 81 136,877
Do pref________________
I4
79lg Nov-20 10734 Jan 7
7914 81
79k 8O
____ ___
1334 14
14
15
14
14
14
14
4,400 dUtah Copper___ P a r 510 513 Oct 22 $391* Mch 4
14
14
14l2 147g
3938 Jan 7
15
15
*15
17
15
600 Vlrglnla-Carollna C h e m ..
31 J’ly
15
I4I4 I 4I4
123)( N ov 4
*14U 15
1412 15
8434
92
93
*86
90
*85
98
*86
*85
85
86
*75
200
75 N ov 4 108 Jan 9 104 J’ly
97 Jan 22
40
§35
35
32
3212 32
32
*32
560 Virginia Iron Coal & Coke
3158 315g *31
37
38 May
31 Oct 24
« ____ 300 * ___ 300 * ____ 300 * ____ 300 *
•
300
\ V /e lls Fargo & C o______ 250 May 7 300 J ’ne 3 233 Mch
300 *
85 Jan 10 18334 Dec
65
65
60
60
*62
65
63
3,595 *» estern Union T e le g ..
59 Nov22
6312 6312 63
6 U2 59
337g 34
40
36
34
35
3,179i W estlngh’seE l& M fg assen
32 N o v l5 154 Jan 2 148 Aug
3812 39
3312 35
3312 38
*30 160
100
*38 160
*35 160
*30 160
*34
Do 1st pref____________ §145 Apr 26 § 160 May23 162 Nov
*35 160
1112
2h 2
814
1534
6 i2
*13
*7
1112
*25
12
12
1U2
2112 2312 24
834
*8
8>4
16
1612
1534
7
712
71*
16
*1312 16
*7 " 12
12
1U2 * i u 2 14M
30
*25
3014
*1112
*21
834
1534
*6
*1312
*7
1112
*25
15
23l»
834
16
9
16
12
I2I4
30
* 1112
* 2C ->
H
*81g
1512
*6.
*11
*7
*1112
*2312
15
11
*21
23
884
83;
153.1
15
§734
9
*13
14
*7
12
12
1112
30
*25
11
11
22
21
8
"
812
15-4
15
734
*6
*13
16
12
*7
1U2 * 1012
30
*2312
* ^ |
0
BANKS
Bid
Banks.
Union Exc 1 T207
1
U S Exch 1i_ ___
W a sh H ’ htsI; 230
W est SldeH. 600
Yorkvllle 1
). 400
B rooklyn .
borough H ..
Broadwayl}.
____
400
Ask
____
Banks.
AND
Bid
Ask
B rooklyn .
____
____ First _______
425
Home B’ nkli
Manufactrs’
Mechanics’ H
Montauk____
N a s s a u ____
Nat C ity___
_i'_ North Side U
____ ProspectPklj
Term inal.
____
200
380
____
160
240
330
160
___
250
____
290
____
270
290
370
____
------
T R U ST
Trust Cos.’
N Y C itV A s t o r ______
Bankers’ Tr
Howl’s Gr’n
BroadwayTr
Carnegie___
Central Tr’st
Columbia _ .
Commercial
Com m onw’ h
K m plre____
KquitableTr
Farm Lo&T
Higftett
98 Jan
93> Jan
2
26H Jan
535g Feb
2134 Feb
4819 Feb
2919 Feb
33 "J an
64 Jan
11
21
8'a
1514
9
16
12
1134
30
C O M PAN IES— B A N K E R S '
Bid
Ask
Trust Co’ s.
Fidelity_____
300
325
Fifth A v T r .
____ Fulton______
400
cOJ
350
Guaranty Tr
___ Guardian Tr
t lz 5
____ 175 H u d s o n ___
1600 1700
Knick’ b’ker
205
195
L a w T I& T r.
____ 190 Lincoln T r ..
100
125 Manhattan _
_
_ 340
M ercantile..
375
400
Metropollt’ n
1180 1200
Morton Tr’st
Bid
180
400
275
400
210
175 ’
____
H i'
540
------
Ask
200
475
315
430
220
90
___
200
300
430
875
560
650
§300 Aufl
273g Jan
67 Jan
118i4 Feb
34> Jan
g
102 Jan
35 Jan
89i2 Jan
____ ____
4719 Jan
105 “ Jan
44 *4 Jan
95 Jan
272 Aug
1134 Jai*
10 Jan
43 Jan
947g Sep
29>4 Jan
537g Jan
7819 Jan
120UJan
____ _ . .
____ _ _.
I6 l 34 Jan
174 Jan
130 Jan
220 Jan
107 Jan
1514 Jan
531 Jan
4
157 Jan
140 Jan
1445g Jan
109 Jan
48 Jan
11038 Jan
300 Feb
____ . . . .
178 Jan
2134 Apr
70 May
49?8 Jan
10719 Jan
835g Jan
3014 Nov
1813,, Jan
28 Apr
8534 Apr
74*8 SeP
199 Jan
11278 Jan
184 Oct
____
____ ____
26i4 Jan
90 Jan
rV5 Jan
60 May92 May
....
7919 Dec
H 8I9 Oct
18U Jan
8812 Mch
953g Jan
IO6 I4 Jan
....
’ l6334 Jan
107 Jan
511* Jan
103 Jan
18ig N ov
6219 Jan
645ji J an
105 Feb
270 N ov
6234 Jan
107 Jan
413, Dec
110U Jan
9719 Jan
113 Apr
J1G6 Nov
____ ____
88 Oct
15l4 Jan
84 Jan
53 Jan
9678 Jan
138i2 Jan
94i2 Jan
40sg J ’ne
84 J ’ne
59i2 Oct
x ll5 Jan
z87i2 Jan
50i4 Oct
113U Jan
58 Jan
117i2 Jan
93 Deo
305 Oct
941 Jan
4
176 Jan
188 Jan
Q U O TATIO N S
Trust Co’ s
M u tu a l____
Mut Altl’nce
N Y L lfe& T r
New York Tr
Standard Tr
Title Gu&Tr
Tr Co of Am
Union Trust
US M ts& Tr
Unit States.
V an N ’denTr
Washington
W in d s o r ___
Ask
Bid
115
125
180
195
975 1000
550
600
____ 400
310
330
250
300
1200 1300
400
425
1125 1175
3?0
380
400
175
200“
Trust Co’ s.
B rooklyn .
Brooklyn Tr
Citizens’ ___
Flatbush
Franklin___
Hamilton . .
Home ______
Jenkins____
Kings Co___
Llsl L & T r ..
N a s s a u ___ _
’
People’s ___
W llllam sb’ e
Bid
130 *
220 '
275"
300 " 820
160
460 " 4 7 6 "
276
260
, . _ 325
------ . . . .
•Bid and asked prices: no sales on this day. (SLess than 100 shares. tEx-rlghts. ONew stock. cEx-dlvldend and rights. dNow quoted dollars
1Sale at Stook Exchange or at auction this week. sTrust Go. certificates. 1i Banks marked with a paragraph (U) are State bank*.
A lt
380
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
BONDS
M. Y . STOCK E X C H A N G E j
W eek E nding N o v 22
J tee
F r id a y
N ov HU
Low
H igh
109 N ov’07
104*4 Oct ’07
101
101*2
101 >
2 101 >
2
107 J’ue’02
100*4 . . . .
104 *2 Oct ’Of.
117 121
119 Oct ’07
117 121
124 N ov’07
102
...
105*8 Oct ’O
fi
107*2 110 »a 111 May’06
Kor«i«rn G overnm ent
Imperial Japanese Governm’ t
X loan 4*28 ctls full pd. 1925
2d series 4 %8 ctfs lull paid.
£ loan 4s ctfs lull paid.. 1931
Repub of Cuba 5s exten debt..
U |j ul Mexico s 1 g 5s of IS99
Gold 4s of 1904................. 1954
119
119
1303
4
130-V
}
J
j
t
85 Salt
85 \ 459 833
84*2
4
85V 231 b4
K4%
84% sale
77 %
77 v »S 75
77 7 Sale
s
74 95
95
97
95 -Sale
943 11 93
4
94 *2 Sale
94*4
3 88 34
......... 89
88%
89
hese a r e p r ices o n the I asif 0/ $5
S ta te and C ity Securities
Alabama ourr tund 4 8 ___ 192*)
Dist ol Columbia 3 '6 5 s ___ 1924
Louisiana new consol 4s .. 191.1
N Y City—Temporary receipts
for 4 * Corp Stock......... 1957
-2
tor 4 *
2% assessmt bonds. . ’ 17
Nortli Carolina consol 4S.191U
6s............................................ 1919
So Carolina 4 *28 20-40........1933
Tenn new settlement 3 s ..191:;
Virginia fund cieDt 2 -3 s ...1 9 9 j
6s deferred Brown Bros ctfs.
94%
92 7(
85*k
I0 3 34
99
95
to £ .
111 Mar’02
117*2 J’ ne’06
105*2 D ec’04
106 Sale
102% 103
Itnilrvai'
labama Cent See So By
laba Midi See A t Coast Lim
Albany & Susa See Del < H ui.
fc
Allegheny Valley See Penn Ri
A Beg & W est tiee Bull B & 1
Ann Arbor 1st g 4 s..........A1995 y-J *73 ........
89 *2 Sale
Atcli T & S Fe— Gen g 4 s. 199' A-O
Registered......................... 1995 A-O
Adjustm ent g 4 s............/i.1995 Non * » T " " I I I
R egistered...................A199 5 N <\
>
Stamped........................ A1995 M-N IIIIII * 8 l "
80 *2 Sale
Conv g 4 s ............................1955 J-D
9o% Sale
10-year conv g 5 s ......... 1»17 J-D
95 ........
Debentures 4s Series F .19o 8 P A
series G ........................... 19 O F-A
t
Series H .......................... 1910 F A
Series 1............................ 1911 F A
Series K ...........................1913 F A
East Okla D iv 1st g 4 s ..1928 M 8
A tl K nox & N See L & N
. 83
Atlantic Coast 1st g 4s.A1952 M S
C h a r le s * Sav 1st g 7 s .. 1936 J-J
SavFdfc W 1st gold 6s .. 1934 A-O
i l2'
1st gold 5 s...................... 1934 A-O
Ala Mid 1st gu gold 5s ..1 9 2 8 M-N
Bruns < W 1st gu g 4s . . 193b J J
&
L < N coll g 4 s ...............01952 M-N
fc
Sil Sp Oca & ( i gu g 4 s ..191 b J J
Atlantic & Danv See South By
Austin < N W See Sou Paellkfe
alt & Ohio prior 1g 3 *
28.1925 J-J ......... 87*2
Registered................. A1925 y-J
91 Sale
Gold 4 s ..............................A1948 A-O
R egistered...................A194b y-J
Pitts June 1st gold Os...1 9 2 2 j . j
P J un & M Div 1st g 3 *281925 M-N
81*2
P L E & W V a S y s ref 4s 1941 M-N
84
81
8 outhw Div 1st g 3 *
38...1 9 2 5 J-J
R egistered...................7tl925
82
Monon Riv 1st gu g 5 s ..1919
Cen Ohio R 1st cg4*28..193< M S
Cl Dor < W oon 1st g 5s 193L A-O
fc
Ohio River B B 1st g os.1936 J-li
General gold 5 s ............. 1937 A-O
Pitts Clev & Tol 1st g Us 1922 A-O
Pitts < W est 1st g 4 s . .. 191 J-J
fc
Stat Isl B y 1st g u g 4 * 1943 J-D
2S
Bat Creek < S See Mich Cent
te
Beeoh Creek See N Y C 4 H
Bellev < Car See Illinois Cent
fc
Bklyu & Moutauk See Doug i
Bruns < W est See A tl Coast L
fc
Bultalo N Y & Erie See Erie
Buflalo R<fc P gen g 5 s . . .1937 M-S
A ll & W est 1st g 4s g u .,1 9 9 8 A-O
Cl «fc Mall 1st gu g 5 s ....1 9 4 3 J-J
Booh & Pitts 1st g 6 s . . .1921 F-A
Consol 1st g 6s ............. 1922 J-D
Buflalo < Southwest See Erie
fc
Bull & Susq 1st ref g 4s.dl951 J-J
90
Bur O B & X See C R I < P
fc
lanada South 1st 5 s........ 190b J-J 100*s Sale
I/2d 5 s ................................... 1913 (V S '.......... 98
R egistered..................... 1913 M-S
Carb < Shawn See 111 Cent
fc
Carolina Cent See Seab Air L
O artliage& A d S e e N Y C & H
C e d R Ia F & N SeeB O R & N
Cen Brancn B y See Mo Pac
Cent of Ga RR 1st g 6s..j)1946 F-A
Consol gold 5 s . . . . ............1945 M-N
86 Sale
Registered.......................1945 M-N
1st pref income g 5s. . ..p l 9 4 5 Oct
m ill 65"
Stam ped.........................
2u prei income g 6s ___ j)1945 Oct
Stam p ed...................................
3u pret income e 5s___ p i 945
r
'41*2
104% 106
102 > 1023
2
,
lu0*4 A p r’07
126 Mar’07
120 Mar*0(
92*4 Oct ’07
93*4 May’07
23 Oct ’07
I 0 2 7e 1073
4
101 103*2
100*4 100*4
126 126
91*2 96
93 *4 9 5 34
20
30*4
A
B
n
C
73
73
89*2
91*2
90*2 N ov’07
80 >
4
81
86 A p r’07
79
81
80
84*2
99
89*2
101 J’l y ’07
98% May’07
96 F e b ’07
98*2 <\ov’ 04
94 N ov’06
93 May’ 07
83%
1
537
72
91
89*2 102*2
13
77*2 9 2 7
g
_
5i
34<
66.
....
....
....
9 *21013
0
4
86
86
77
92 7„
80 1 8 4
0*
89*2 102
99 101
98®g 98«„
96
96
_
....
8
84
91
89 H
94
87
88
88 7 Oct ’07
e
90
91
95 7 Oct ’07
g
120 o c l ’01
i Oct ’07
1 Oct ’07
82
1 Oct ’06
1067* F e b ’07
109 A p r’05
109a J’ne’07
4
116 Aluy'UG
113*2Nov’u6
119*2 M ai’04
88*4 Oct ’07
100 N ov’04
91
8634 93*2
8 8 7 92*2
s
88 102 %
94 101*2
90
96
903
4
10578 105
i o 9 3 i"l3*8
4
88*4
.
.
.
.
.
118*2
103*2
118
N ov’O
^
993
4 100**
98*4
98®f
1 0 0 ^ May’07
123*2
89*4 96®^
97
16 Mar’07
85
90
13 A p r ’06
53 Oct ’07
88 May’07
45
45
66*2 A u g’ 07
32
32
9 8 7s 102*2
98 W 105 *2
1003 1003
4
<
116
85
116
111
58
85
45
66*2
32
A-O
S9
85
85
J-J
68 Sale
66
58 380
J-J _____ 101
99 7f Oct ’07
M-N
lOO
95% Oct ’07
F-A
90
93 Nov’07
F-A
98 Sep ’07
FA
87 F e b ’07
F-A
78% Sale
77
79
26
J-J
70 N ov’07
J-J
98*2 MavX>7
J -J .......... 95
9 7 34 Oct ’ 07 . . . .
A-O
95 J ’ ne’ O
O
J-J
85 Aug’07
F A|
80** 80% J ’ne’o7
A-O
48 Sal*15*
47*2
50
J-J
69
69*4 J’l y ’07 . . . .
J •J
109 Mar*9b
M-S
98 May’06
•No price Friday; latest price this week. oDueJan
94
112
102
.hl>C K I<l<A N E O lJS
S tree t Itn ilw ay
Brooklyn Rap Tr g 5 s........ 1945
1st refund oonv g 4 s ___ 2002
B kO ity 1st oon 5s.1916.1941
Bk Q Co<& 8 con gu g 5 s. 1941
Bklyu a n El 1st g 4-5S.1950
stamped guar 4 -f> s ....l9 5 0
-K in g s Co El 1st g 4 s . . ..1 9 4 9
Stamped guar 4 s ......... 1949
Nassau Klee gu g 4s
.1961
Conn By & L lst<fc ref g4*a 8’51
Stamped euar 4 *28......... 1951
Den cou Tr Co 1st g 5 s . . .1933
Det United 1st con g 4 *
28.1932
Havana Elec consol g 5 s . 1952
Inter-M et coll 4 *28............. 1956
Internat Trac coll tr 4s .. 1949
Louis rty Co lstco n sr6«..193li
Manila Elec 1st & coll 5s. 1953
93
83*a 0S7s
1327aJaii ’06
112a J a n ’04
8
114*8 N ov’05
39*2 M ar’06
79
79
94 J ’ly ’07
. 13*s May’ 07
103*2 F e b ’07
103 A p r’97
124 A p r ’06
118 J ’ne’07
PAGES
BONDS
N . Y . STOCK E X C H A N G E
W eek E ndinh N o r 22
W eek's
R an ge or
Last Sale
M id
A sk
1 0 3 'a 105
103 *s 105
100 10H *
100% 101 **
lu S . «»overtm»ent
U 8 2s consol registered.dl93o
U S 2 a consol c o u p o n ....d l9 3 0
U S 3s registered............. *1918
U 8 3s coupon.....................&1918
B 8 3s reg small bonds..&1918,
U 8 3s cou small bonds..A:1918
U 8 4s registered___ ____ .1925
U 8 48 coupon............. ..... ..1 9 2 5
U 8 Pan Can 10-30 yr 2s.k iu 3Philippine islands 48.1914-34
Pub w ks and Imp rep 4s 193;<
Pub w ks and imp r e g ...1 9 3 6
FOUR
J
U Due Apr
90
90
76
7 4 34
65
J*rtce
fY id a v
N ov ‘ 2
4
Cont of Ga R R — (C o n )
3d pref moonae g 5s stamped.
(Jliatt Inv pur mon g 4 s .l9 o l J-D
Mac A Nor D iv 1st g 5s. 1946 J-J
Mid Ga & A tl D ir 5 s . . j . 1947 J-J
Mobile Div 1st g 5s........ 1946 J-J
Cen R B & B of Oa col g 5s 1937 «-N
Uent of N J gen'l gold 6s . 1987 J -J
Begistered___ ” .......... 7il987 Q-J
.
A m Dock < Imp gu 5 s .. 19*21 J-J
fc
Le & Hud B gen g u g 5 s 1920 J-J
Dell & W ilk s B Coal 5 s .. 1912 M-N
Con ext guar 4*ss___ ^1910 Q-M
N Y c Dong Br gen g 48 1941 M-S
fe
Cent Pacific See So Pacific Co
CentVermont 1st gu 94s.el920, Q-F
Cha-8 < Sav See A tl Coast Line
fc
Ches & Ohio g 6s ser A ..A 1 9 0 8 A-O
Gold 6s ................................al911 A-O
1st consol g 5s...................1939 M-N
Begistered...................... 1939 M-N
General gold 4*28............. 1992 M-S
Begistered.......................1992 M-S
Craig Valley 1st g 5a___ 1940 J-J
B & A Div ls tc o n g 4 s .,1 9 8 9 J-J
2d consol g 4 s .................1989 J-J
Warm Spr Val 1st g 5 s ..1941 M-S
Greenbrier B y l s t g u g 4s ’40 M-N
Clnc<fc A lt B B ref g 3 s ...1 9 4 9 A-O
R a ilw a y 1st lien 3 *
28...1 9 5 0 J-J
Besri stored...................... 19o( J-J
Chic Burl& Q— D en v D 4s 1925 F-A
Illinois Div 3*28............... 1949 J-J
Begistered...................... 1949 J-J
Oold 4s..............................1949 J-J
Iowa D iv sink fund 5 s ..1919 A-O
Sinkm g fund 4 s ............. 1919 A-O
Nebraska Extension 48.1927 M-N
Begistered.......................192 M-N
Southwestern D iv 4 s___ 1921 M-S
Joint bonds See Great North
Debenture 5 s .................... 1913 Vl-N
Han & St Jos consol 6s. .1911 M- S
C h ic * E 111 ref & im pg 4s 1955 J -J
1st s f cur 6s .....................1907 J-D
lstoon sol g 6s ...................1934 A-O
General consol 1st 5s___ 1937 M-N
I
Begistered......................1937 V -N
Chic & Ind C B y 1st 5 s .l9 3 t : J-J
Chicago < Erie See Erie
fc
Chic In & Douisv ref 6 s ...1 9 4 7 J-J
Befundlng gold 5 s............1947 J-J
Douisv N A & Ch 1st 68.1910 J-J
Chic Mil < St P term g 5s 1914 J-J
fc
General g 4s series > ..e l 9 8 9 J-J
Begistered.........
^ .e l9 8 9
G eneralg 3*28 8evies iS.el989
Chic < D Su Div g 5 s___ 1921 j - j
fe
Chic < Mo Biv D iv 5 s ...1 9 2 6 j - j
fc
Chic & Pac D iv 6s ............1910 j - j
Chic & P W 1st g 5s........1921 j - j
Dak < G t So g 5 s............. 1916 j - j
fc
Far & Sou assu g 6s ........1924 j - j
H a s t& D Div 1st 7s........1910 j - j
1st 5s................................. 1910 j - j
I & D Exten 1st 7 s..........1908 j - j
Lacrosse & D 1st 5s___ 1919 j - j
>
Mineral Point Div 5 s___ 1910 j - j
So Minn D iv 1st 6s..........1910 j - j
Southwest Div 1st 6 s . . ..1 9 0 9 j - j
W is & Minn D iv g 5s___ 1921 j - j
M il & N o 1st M L 6 s . . ..1 9 1 0 J-D
1st consol 6s...................1913 J-D
Chic & Northw cons 7 s___ 1915 O-F
Extension 4 s ..........1886-1926 F-A
Begistered............1886-1926 F-A
General gold 3*28............. 1987 M-N
Begistered...................p l9 8 7 Q-F
Sinking fund 6 s ...187 9-1 929 A-O
Begistered........... 1879-1929 A-O
Sinking lund 5 s ...187 9-1 929 A-O
Besristered............1879-1929 A-O
Debenture 5 s....................1909 M-N
Begistered...................... 1909 M-N
Debenture 5 s.....................1921 A-O
Registered......................1921 A-O
Sinking fund deb 5s........1933 M-N
Registered...................... 1933 nft-N
North Illinois 1st 5s___ 1910 M-S
Ott C F & St Paul 1st 5s 1909 M-S
W inona & St Pet 2d 7 s ..1907 M-N
M il L S & W est 1st g 6s 1921 M-N
E x t < Imp a fund g 5s 1929 F-A
fc
Ashland Div 1st g 6 s ..1925 M-S
Mich Div 1st g 6s ..........1924 J-J
In c o m e s .......................... 1911 M-N
Chic Rock ls l & Pac 6s . ..1 9 1 7 J -J
Registered.......................1917 J-J
General gold 4 s ................. 1988 J-J
Registered...................... 1988 J-J
Refunding g 4 s ............... 1934 A-O
Coll trust SeriesH 4s ..1 9 1 0 M-N
J 4 s ................................... 1912 M-N
M *±8................................... 1915 M-N
N 4 s ................................... 1916 M-N
/I-N
O 4 s.................................... 1917 a
P 4s . . . . . . . . . . . . .
1918 M-N
Chic R I & Pac RR 4 s ..2 0 0 2 M-N
R egistered......................2002 M N
Coll trust gold 5 s ......... 1913 M-S
Bur Ced R < Northern—
fc
Con 1st & col tr g 5 s .. .1934 A-O
Regis tered...................1934 A-O
C R I F & N W l s t g u 58.1921 A-O
M & St L 1st gu g 7 s ..1927 J-D
ti
W eek’ s
R a n ge or
L a st Sale
R an g*
S in ce
J an u ary 1
A s k Low
JJiyh
41*2 45 Aug’ O93 J ’ne’06
115 *2 D e c ’05
......... 106
115 N ov’05
105 ....... 115 *2 Aug’05
......... 114*2, 95 Oct ’0 "
113
114
..........113
11 7 7e Oct ’07
107 A u g’ 07
95 108
16 113
126*4
1 1 7% 126
106s, 111
98°4 A u g’07
98 Oct ’07
98% 100*2
97*4 101
. 142
. 1*
88
..
L ow
45
May’07
99 3
4
993 Oct ’O
4
'
.........101
102 Oct ’ 07
102 Sale 102
103
116 J’ne’06
87
88
104 May’06
112 F e b ’Oti
95 Oct ’07
90 J ’ne’o7
113*4 Keb ’05
99 34 Feb’ 06
58 Oct ’ o7
63*4 ........
54 ........
55
55
bO *« Mny’05
......... 96
Oct ’ 07
96%
80
83
83
84*2
90 Sep ’06
95 *» Sale
96a
«
95
106 May’o7
96
97 N ov’07
ur,
95
95
101*4 D e c ’06
90 Oct ’ 07
99*2 105
102 107
101 116
.. 1 1*
0 v
87 sa
le
96
101*8 ......
io 3
sa;«.
JitgA
66
8 7 ” i'053
4
91% 100*2
90
92*2
58
55
96% ib’o ’*2
82*2 92*a
95”
106
96
95
i0 3 "
106
104
102
90
94 N ov’ 07
l(J5*2J’l y ’07
92 A p r ’o7
102 Oct ’07
119 N ov’o7
102
103
118*2 F e b ’ 06
106 O c t ’ 07
90
94 104
105*2 109
92
92
100*2 103
119 128**
102 117*2
106” 1 1 3 4
_ 19 O c t ’07
104*2 105 Oct ’07
02 *» Oct ’07
.
101
....
101 Oct ’07
99 Sai
99
100
........ 100 % 104 >2 Oct ’06
r.......... 85
82 N o v ’07
15 *4 Oct ’06
03
_09 A u g’07
104 A u g’07
105*4 N ov’07 ...
102
106 J ’ue’07 . . .
1 3 7 *2 J ’ly ’90
102 Oct ’07 Ill
_ o o *2 J’l y ’o7 . . .
182*2 Api ’06
106*2J’l y ’07
99 Sale
99
99
”i
101 Sale 101
102
12
l o i 1 sale 101*4 101*4
*
i
......... 106
106 A u g’07
_ 0 6 7s Keb’0 < . . .
107 J’n t’o "
111 116
16 Oct ’07
9 * 34 Sep ’07
97 Sep ’07
' .......... 90
90
90
”2
95 F e b ’07
107 J’ne’0 7 .
106*4 J
’’ne’07
104
10 i *2 Oct M7 . . .
104
104 N ov’07
98
99
99
”i
99*4 J’ne’07 . . . .
100 100*. 10134 Oct ’ 07 .
103 J ’ne’07
' 9 8*' IIII.. 110*2 Sep ’07 . . .
117 Fet>’ 06
105 *4 Dec ’0;j
-------- 98*s 100% May’07 . II
i' ” io
tT
■ib * “ I”
T
.....
1 3* i04*
0*4
ioe" HI"
100 7 A ug’07 . . . .
S
118 Oct ’ 07 .
113 > May’07 . . . .
2
142*2 F eb ’02
i 2 8 * F e b ’06
2
109 Sep ’03 .
114 O c t ’07
.........112
116*2 M ar’07
96
89
90*2
92 Sep ’07
80
81
80*4
97 J’ l y ’04 .
92 *2 N ov’Oti .
90*4 J a n ’07 .
93 May’ o< .
86
90*4 F e b ’07 .
•83 ......... 84 A u g’0 7 ___
51 Sal*
4,i34
5 6 * 2926
-.
82% Oct ’07 .
63 Sale
69
6 8 3 245
. ‘
mill ’ "
mu
80
76%
119
05
02
100
99
82*"
109
104
105
106
126*2
111%
105
106*4
107
93»4
113*4
105%
112
106%
i ’0’2 ” i'0'9 ”
1 0 0 * 1 0 0 **
2
106*2 108*4
99 103
100 105%
101*4 104
11 0 %
106
106% 107
107 111*2
116 121
9b% 102
97 104
98
90
95
H5
106 107
106*. 106*4
104 *2 107
104 104
98*2 102%
98 101
101% 107
103 103
110*2 114%
io o %
,100%
118
113
102%
101%
123%
113*2
114 117*2
16*2 I 16 *2
89 100*2
92
99%
80
91%
90%
90*2
90%
84
49%
82%
59
90%
90
77
82%
91%
108 *2 Sep ’07
120*2 Mar’03
111 Nov’ 05
108*2 119
101
100
73
100
103
108%
85
113
113%
40
98
89
114*2
UONO.«— Continued 011 INexi I'aste.
85 107
92%
66
99% 103*4
95% 101*2
108
93
98 104
87
89
77
88*2
70
86
98*2102*2
97% 98*4
85
86*2
80*s 93
47*2 82
73
68
S treet R a ilw a y
Met St Ry gen col tr g 5 s .l9 9 7
Ref g 4 s ............................... 2002
Bway<fc 7th A v 1st e g 5s 1943
Colds 9tli A v 1st gu g 58.1993
Lex A v < jfc P F ls tg u g 5 s l9 9 3
Third A v e B B con gu 4s 2000
Third A v e Ry 1st g o s ..1937
M e t W S El(Chic) l s t g 4 s .l i ) 3 8
MU El Ry & L 30-yr g 5s. 1926
Minn St Ry 1st con g 5 s ..1919
N Orl Ry < Lt gen 4*28 ..1 9 3 5
fc
8 t Jos R y L t H & P 1st g 5s ’ 37
St Paul City Cab con g 5s. 1937
Underground ol Lon 5 s ... 1908
Union El (Chic) 1st g 5 s ..1945
United RRs San F r s f 48.1927
United Rys St L 1st g 48.1934
W Chic St 40-yr con g 5s. 1936
e Dae May g Duo J’ne /iD u e J ’ly
F-A
A-O
J-D
M-S
M-S
J-J
J-J
F-A
F-A
J-J
J -J
M-N
J-J
J-D
A-O
A-O
J-J
M-N
/eDueAug
......... 95
......... 45
......... 100
......... 105
......... 105
40 Sale
......... 100
J’l y ’ 07
A u g’07
Oct ’07
103 Oct ’u7
107*2 Aug’ 07
40
41
98 N ov’07
93 *2 J ’ l y ’ 06
109 J’l y ’015
107*2 F e b ’06
Sep ’ 06
103*4 Oct ’06
110*2 Nov’06
Sep ’07
100 Jan ’07
72 Sep ’07
79 Oct ’ 07
99 D ec’97
73
100
17 H
0 *2 O
9 *2
0
6*
44
70
80
oDae Oct
pDueNov
64*4 94
100 100
07
83*4
79
86
«OptionSale
New York Bond Record—Continued—Page 2
1324
BONUS
XT. T . 8T O G K E X C H A N G E
W kkk SjrwKa N o v 22
J-rxee
fY id a v
N o v 22
Chic Rock i & Pac— (C o n )
Choc Ok & G gen g 5s .o l9 1 9 J -J
Consol gold 08............... 1952 M-N
K eok d D ps M 1st os___ 1923 A-O
fc
Chic r-t i. & N O See IL Cent
L
Ohio St L & Pitts See Penn Co
Cine St P M < O con 6 s ...1 9 3 0 J
&
Cons 6s reduced to 3 % s.193o J-D
Ch St P & Minn 1st g 6s 1918 M-N
N or Wisconsin 1st 6 s . . .1930 J-J
St P & S City 1st g 6 s . . .1911' A-O
Chicago Ter Trans g 4 s ...l 9 4 "i J-J
Coupon <?tt...................................
Chic<fc W est Inn cen g 6s?193 2 y'-'vi
Consol 50-year 4 s............. 1952 J . J
Chic & V Alien s e e Pere Marq
V
Choc O < Gulf See C K I & P
fc
Cm H & D 2d gold 4 4 s . .-1 9 3 7 J-J
(Jin D & 1 1st gu g 58. ..1941 VI-N
C Find ife F tW 1st gu 4s g .’ 23 M-N
Cin 1 * W 1st iru g 48.1953 J J
Ind Dec & W 1st g 5 s ... 1935 J-J
1st guar gold 5 s............. 1935 J-J
0 I tat J- < O bee C C O & St L
fc
Oin S ac O See C C C St L
Olearuelu < Mali See B R < P
fe
fc
Clev Cm C & St L gen g 4s 1993 J-D
Cairo l)1v 1st gold 4 s ....1 9 3 9 J-J
Cin W < M Div 1st g 4 s .1991 J-J
fc
8t L Dlv 1st col tr g 4 s ..1990 -Vi-N
KfuiBtered____________ 1990 Vl-N
Spr «fc Cot i>iv 1st g 4 s ..19 4 0 M-S
W W Val Div 1st g 4 s . ..1 9 4 0 J-J
C I St L < C consol 6 s .. 1920 M-N
fc
1st gold 4s______ . J.../lcl936 q-B
R egistered............... fcl936
Cm 8 < Cl con 1st g 5s. .1928
fc
C C C & i consol 7 s..........1914 J-D
- Consol sink fund 7 s ___ 1914 J-D
General consol gold 6s. 1934 J-J
Registered............... ..1 9 3 4 J-J
Ind B1 < W 1st pref 4 s .1940 A-O
fc
O Ind < W 1st pf 5s...<(193^ Q* J
fc
Peo & East 1st con 4 s ...1 9 4 0 A-O
Income 4 s ........................ 1990 Apr
Clev < Marietta See Pen n RR
fc
Clev < Pitts See Penn Co
&
Col Midland 1st g 4 s ..........1947 J-J
Colorado < Son 1st g 4 s ...1 9 2 9
fc
Refund & ext 4 % s ......... 1935
Coluni < tareenv s c * So Ky
fc
Col < Hock Val See Hock Vai
fc
Col & To! See H ock V a l
Col Conn & Term See N < W
fc
Conn < Pas Kivs 1st g 48.1943
fc
ak & G t So See C M & St P
alias & W aco See M K & 1
Del Lack & W estern 7 s . . .1907 M-S
M o r r is * Essex 1 s t 7 s . . .1914 M-N
1st consol guar 7 s........1915 J-D
Registered...................1915 J-D
1 st ref gu g 3 %s............2001' J -D
N Y Lack < \V 1st 6 s . . .1921 J-J
fe
Construction 5 s............1923 F-A
Term & Improve 4 s___ 1923 M-N
W arren 1st ref g u g 3 4 s . 2000 F-A
Del < Hud 1st Pa Div 78.1917 M-S
fc
Registered............. . .. .. 1 9 1 7 M S
10-yr conv deb 48............1916 J-D
A lb & Sus conv 3*118........1946 A O
Rens & Saratoga 1st 7 s .192.1 M-N
Del Riv R R Bridge See Pa RR
Denv & K Gr 1st con g 48.1936 J-J
Consol gold 4% s............... 1936 J-J
Improvement gold 5 s...l9 2 i* J-D
Rio Gr June 1st gu g 5 s .1939 J-D
Rio gr So 1st gold 4 s ___ 1940 J-J
Guaranteed.....................19411 J J
Rio Gr W est 1st g 4 s ___ 1939 J-J
M ge and col trust 4 s A . 1949 A-O
Utah Cent l s t g u g 4 s al9 1 7 A-O
Des M 01 < F t D See M < St. i.
fe
fc
l-N
D esM oi Un Ry 1st g 5 s ..1917 •V
Det<& Mack 1st lien g 4 s .1995 J-D
Gold 4 s _______ __________ 1995 J-D
Detroit Southern—
Ohio Sou Div 1st g 4 s ...1 9 4 1 M-S
Dulcfe Iron Range l s t 5 8 . . 1937 A-O
Registered.......................... 1937 A-O
2d 6s........ ............................1916 J-J
Dul Short Line Sea N or Pac
Dal So Shore & A tl g 5 s ..1937 J-J
li'a s t of Minn See St P M & M
.T-Jast Ten V a & Ga See So Ky
Elgin Jol & Fast 1st g 5s. 1941 M-N
Klin Cort & N o See Leh & N Y
Brie 1st ext gold 4 s_______ 1947 M-N
2d ext gold 5 s.....................1919 M-S
3d ext gold 4*128.................1923 M-S
4th ext gold 5 s...................1920 A-O
5th ext gold 4 s ...................1928 J-D
1st consol gold 7 s............. 1920 M-S
1st consol g fund 7 s........1920 M-S
Erie 1st con g 4s p rior..1996 J-J
Registered.......................1996 J-J
IBt consol gen lien g 4 s . . 1996 J-J
Registered.......................1996 J-J
Penn coll tr g 4 s............. 1951 F A
50-year conv 4s A ..........1953 A-O
do
Series B ...1 9 5 3 A-O
Bull N Y & Erie 1st 7s. .1916 J-D
Bud & S W gold 6s..........1908 J-J
Chic & Erie 1st gold 5s. .1982 M-N
Clev < Mahon Val g 5 s .1 9 3 s J-J
fc
Jell R R 1st gu g 5 s___ a l9 0 9 A-O
Long D ock consol g 6 s ..1935 A-O
Coal& R R 1st cur gu 68.1922 M-N
D o c k * Imp 1st c u r 6 s ..1913 J-J
N Y & Green L gu g 58.1946 M-N
TJ
D
Hut
W «» k? »
R a n g e or
L a rt Sale
2
H igh
A * k Loin
104% 104 *
4
11
May’06
100
101 O c t ’ 07
118
110
10“ ib*r
1
1 1 8 4 118
118
93 D e c’03
131*4 F e b ’07
12934 M ar’04
........ 110 Oct *07
97 34 A u r’ u7
109*4 May’07
-iois 114% Oct ’07
97% A p r ’07
10
2
113
102
118
89^
iio" i w :
973
4
93
74
97 109i4
109% 1147g
97 78 98
Oct. ’00
J’ne’ 07
102
......... 114
i‘29%127
85 ’
"9 5
89% 102
99% 99%
95
80
91
97*u
95
109
115%
127
J ’ly ’07
132
........
95
723
4
58
77 H
;
F eb ’ 07
74%
94%
do
115
102
87*4
102
133
149
88
102% ..
90
88 Sale
85 a Sale
4
r5\
101 % 104%
109 118
121%121%
N ov’ 07
102
87 H
i,
F e b ’03
F e b ’ 06
Aug’01
89
115
804
110
92
89
107H2 J a n ’ 06
107 *a J ’ne’07
103 4 May’07
108 J ’l y ’07
100 J’ne’ 07
118
118
118 120
133 Feb*06
85
85 Sale
87
99Hs Oct ’06
68
68
70 H
i
85 H F e b ’07
a
7 4 14 N ov’07
......... 73
47
56*2
47 Sale
* 45 ......... 49
50H<
117*4 J ’l y ’07
1 04»8 F eb’06
107 H 107 H
,
j
116 *3 Jan ’0.
101 A u g’ 07
123 Oct ’07
118 S e p ’06
10978 Oct ’05
121 H D e c’06
>
973
,j
105 %
1 V 102%
0 !%
92
89
92
92%
07
111%
. . . 110
. . 107%
103%
108
. . . 100
14 118
J-D
M-N
A-O
J -J
J-J
F-A
M-S
J-D
F A
J-D
F-A
M-N
A-O
A-O
A-O
J-J
3 " 8 5 " "9 9 %
88
68
85% 85%
. . . 74% 91%
91 47
27 49
87
. . . l i 6 % 120%
1033
4
2 107% i 19
io’6% 101
123 130
......... SO
1 013 Sale
4
87%
116 % May’07
93 % M ar’ 06
'.YeeiCt
R a n g e or
L a st Sale
A s k Low
H igh
Erie— (C o n )
103
108 H J ’l y ’ 07
j
S Y Sue & W 1st ref 5 8.1937 J-J
100% D ec’ 06
2d gold 4 % s.....................1937 F-A
i
G neral gold 5 b............. 1940 F-A .......... 95% 95 S Oct ’ 07
1103s May’07
Terminal 1st gold 5 s ...1 9 4 3 M-N
Regis $5,000 each...1 9 4 3 M-N
100 N ov’O
Mid K R of N J 1st g 68.1910 A-O
105% A p r’07
Wilkdfc Ea l s t g u g 5 s . 1942 J-D
116 A p r’06
''iv.fe Ind 1st con g u g 6 s ..l 9 2 6 J-J
Erie & Pitts See Penn Co
116 J’ne’07
Evans & T H 1st cons 6 s .1921 J-J
ICO Oct ’07
lstgen er »l gold 5a..........1942 A-O
114 A p r ’05
M t Vernon 1st gold 6 « . . 1923 A-O
106*4 F e b ’06
S u ilC o Branch 1st g 5 a .1930 A-O
L’ argo & So See Ch M * St P
L lintcfc PereM See I'eie Mar
Fla C & Penrn See Sea Air Line
105 Mar"98
Fort St U D Co 1st g 4 % s .l9 4 1 J-J
100 H
Ft W < Den C 1st g 6 s . . ..192 1 J-D 100 Sale 100
fc
7a
7 0 % ......... 73
Ft W<fc Rio Gr 1st g 4 s ... 1928 J-J
j i al Har & S A See So Pac Co
'i
92 4 92 % N ov’O
' T a l H * H o f 1882 1 s t 5S.1913
Georgia < A la See Sea A Lane;
fe
Ga Car & Nor See Sea A Line
Georgia Pacific See So Ky
GUa V G & Nor See So Pac Co
Gouv & Oswegat See N Y Cent
Grand Rap & Ind See Penn RR
Gray’s Pt Term See St L S W
843 86*.
4
84*4 Sale
Gt Nor—C B & Q coll tr 4s 1921 J-J
84% N ov’07
Registered. A .....................1921 Q-J
Greenbrier Ry See Ches < O
fc
93
93 Isov’07
Gulf < S 1 1st ref & t x 5s 61952
fe
an & St Jo See C B & Q
ousatonic See H Y N H < H
fc
95%
Hock Val ls t c o n s o lg 4 % s .l9 9 9 J-J * 9 3 % 94% 94%
99 Oct ’07
Registered.......................... 1999 J-J
9S3 N ov’O
4
O
C o l& H V 1st ext g 4S..194H A-O
99 A p r’Oi
Col & Tol 1st ex 4 s ........1955 F-A
H oust E & W Tex See So Pac
Houst & Tex Cen See So Pac Co
104 J ’l y ’ 07
llinois Central 1st g 4 s . .1951 J-J 104
1 0 7 \ A p r’07
Registered...................... 1951 J-J
91% Sep ’07
1st golu 3 % s......................1951 J-J
95 H J’ly "06
i
R egistered....................1951 J-J
89
Extended 1st g 3 % s ........1951 A-O
Oct ’04
1st gold 3s sterlin g ..___ 1951 M-S
Oct ’07
94
A-O
Coll Trust gold 4 s............1952
May’oV
Registered...................... 1952 A-O
96 Sale
96
L N O & Tex gold 4s ...1 9 5 3 M-N
May’07
Registered.......................1953 M-N
1023 Jan ’u7
4
Cairo Bridge gold 4 s ___ 1950 J -D
a9 May’o7
LouisvD iv& Tenn g3 %s.l95;i J-J
123 May’99
Middle Div reg 5s............1921 F-A
78% A p r’06
Omaha D iv 1st g 3 s........1951 F A
75
7834 Feb’07
St Louis Div&term g 3 s .l9 5 1 J-J
Registered..........J.......... 1951 J-J
82 H Oct ’ O
j
';
Gold 3 %s........................ 1951 J -J
101 % Oct ’99
Registered...................1951 j - J
100 N ov’O
O
Spring D iv 1st g 3 % s ... 1951 J-J
97s4 A u g’07
W estern Lines 1st g 48..1951 F-A
122 D ec’05
Bellev & Car 1st 6 s........1923 J-D
97 Mar’07
Carb & Shaw 1st g 4 s ...1 9 3 2 M-S
118*4 A p r’07
Chic St L & N O g 5 a ...195 1 J-D
1193 Mar’04
4
Registered...................... 1951 J-D
93% May’04
Gold 3 %s.......................... 1951 J-D
Registered...................1951 J-D
98 H Oct ’07
2
Memph D iv 1st g 4 a ..,1 9 5 1 J-D
93
97 M ar’07
St L Sou 1st gu g 4 s ___ 1931 M-S
Ind B1 < W est See C C C & St L
fc
93 H May’07
j
Ind 111 & la 1st g 4 s ..........1950 J-J .......... 90
105
Int < Great Nor 1st g 6 s ..1919 M-N 100 ....... 101
fc
89% 92
90 N ov’07
2d gold 5 s ............................1909 M-S
60 Oct ’07
3d gold 4 s............................ 1921 M-S .......... 65
100
Iowa Central 1st gold 5 s ..1938 J-D 100 Sale 100
73% N ov’07
Gold 4 s..................................1951 M-S
J etterson R R See Erie
l /a l A & G R
See L S < M S
fo
IV an & M id i See Tol & O C
K C Ft S & M See St L & S F
K C & M R & B See St L & S F
Kan C & Pacific See M K & T
65% Sale
65%
65%
Kan City Sou 1st gold 3 s ..1950 A-O
63 Oct '01/
Registered......................... 1950 A-O
Kentucky Cent See L < N
fc
Keok & Des Mo See C R I& P
Knoxville & Ohio See So Ry
110 N ov’ 07
ake Erie & W 1st g 5 s . . 1937 J-J 110 112
2d gold 5 s........................ 1941 J-J ' ......... 104*4 107 J ’ne’07
110 A p r ’Oi
North Ohio 1st gu g 5 s ..1945 A-O
L Sho & Mich S See N Y Cent
1 0 0 % 102
102
Leh Val N Y 1st gu g 4 % s .l9 4 0 J-J
106 May’07
xiegistered.......................... 1940 J-J 101
87 N ov’ 07
Leliigli Val (Pa) cons g 4 s .2003 M-N
106
lOti
Leh V Ter R y 1st gu g 5 s .1941 A-O i ’o e ’
109% Oct ’99
Registered.......................... 1941 A-O
Leh V Coal Co 1st gu g 58.1933 J-J
. 1053 100 Oct ’07
4
95% J’ne’07
Leh & N Y 1st guar g 4 s .. 1945 M-S
Registered.......................... 1945 M-S
113% Jan ’06
E l C i& N 1st pf 6s ------1914 A-O
105% Jan 'Oo
Gold guar 5 s...................1914 A-O
Leh So Hud R See Cent of N J
Leh & W ilkesb See Cent of N J
Leroy & Caney V al See Mo P
Long Dock See Erie
10334 Oct ’07
Long Is l’d— 1st con g58.A.1931 Q-J
. 110
1st consol gold 4 s_____ /11931
89 Oct ’07
General gold 4 s .................1938
85
102 X o v ’ Oo
Ferry gold 4 % s.................1922 M-S
96
99% Oct ’06
Gold 4 s ................................. 1932 J-D
84 Sep ’ 07
Unified g o ld ,4s.................1949 M-S
110 J’ ne’04
Debenture gold 5a............1934 J-D
92 Oct ’07
Guar ref gold 4 s............... 1949 M-S
B klyn & Mont l s t g 6 s ..1911 M-S
9 9 3 Sep ’07
4
1st 5s................................. 1911 M-S
97
........
110% I\ov’06
N X B < f c M B ls t c o n g 5 s l9 3 5 A-O ..........102
105 A p r ’ O"
N Y & K B l s t g 5 s ........1927 M-S
100 109 N ov’ 96
N o rS h B I s t c o n g g u 5 s o l9 3 2
100 % 102 Sep ’07
Louisiana & A rk 1st g 5 s. 1927
H
...
L
n
ft
105
53
80
95
l x h t
H ang*
S in e t
J an u ary 1
Loti> H ig h
108 110%
94% 103
110% 110%
100 104%
105% 105%
116
100
116
106%
10" i\T
0
73
87
1 %10*
*2
82%
84
98%
96%
93
102%
94% 105%
99
99
99
99
104 104
107% 107%
91*4 100%
8 9 " *89**
9 7 " i ’0 2%
98
98
96 103%
97
97
1023 1023
4 4
89
91
78*4
78%
82*9 89 *
97
97
118% 118%
98 % 100%
97
97
93% 100
101 115%
90
99%
60
79
100 111
73
85
110 114
106*9 107%
110
110%
102 Id?3
*
106
87
106
106
87
113%
i b o " 112*9
9 5 ^ 96%
109*4 114%
"8 9 " "9 9 "
95%
"99%
9 *4 102%
9
i ‘0 5 ” 109%
1
ib o " ‘ 03%
107%
73%
139%
100
100
105
87
110*4
102
104
1115
117
U a s and E lectric Light
Lac G a s L o f S t L l s t g 5 s .e l 9 1 9
Ref and ext 1st g 5 s........1934
Milwaukee Gas L 1st 4 s .. 1927
N Y G E L H & P g 5 s . . .1948
Purchase money g 4s. ..1 9 4 9
Ed E l 111 1st conv g 5 s ..1910
1st consol gold 5 s ..........1995
N Y & Q E l L& P I s t c o n g 5 s l9 3 0
N Y < Rich Gas 1st g 5s. 1921
fc
f a t & Pas G & E con g 5s. 1949
Peo Gas & C 1st con g 68.1943
Refunding g o l d 5 s ...___ 1947
Ch G -L < Cke 1st gu g 5s 1937
fc
Con G Co of Ch l s t g u g 5 s .’36
Mu Fuel Gas 1st gu g 5s. 1947
Syracuse Lighting 1st g 5 s .’51
Trenton G & El l s t g 5 s .. 1949
Westchester Light’ g g 5 s .l9 5 0
Q-F
A-O
M-N
J-D
F-A
M-S
J-J
F-A
M-N
M-S
A-O
M-S
J-J
J-D
M-N
J-I)
M-S
J-D
..........
..........
"7 7 %
..........
96
104%
.........
91
.........
.........
98
97
97%
96 % 101% J’ne’07
91% Jan ’07
Sale
77
80
65
65 Nov’07
......... 100 % Aug’07
113*4 J ’ ne’06
90% 95 A p r ’07
103 JNovH)5
104% Nov’05
Salt 101% 104*4
90% 89
90 %
........
VI
92
99% 100 O c t ’07
90
100
ne’07
97 105%
100 H 102%
i
91% 91*9
77 103%
65
84 %
99 101
95
99
104*4
89
90
100
100
119*9
103%
105*j
108
100
110 Muy’ 0 5 ..................... ..
101% F eb’07 . . . . 1 0 i % l * «
•No price Friday; latest bid and asked this week, o Due Jan 0 Due Feb d Due Apr eDue May A Doe J’ly A Due Aug 0 Due Oot ® Due Dee i Ostlea I
.
:
.
BO.NDS— Continued on i>ext Paste.
95 110
......... 87% 87%
88
12 87*9
60
_____ 60 H 60 Oct ’07
i
9 8 H Sale
i
98
99% ■79 94%
97
97 Oct ’ 07
100
100 A p r’ 07
105 F e b ’07
61 % Oct ’01
86% A p r ’o7
98
102
10734 D ec’00
102 J ’l y ’ 07
98 D ec’06
109
103%
108
100%
129%
50
iU lS »O K lilJ .N K O llS
G n s and E lectric Light
Atlanta G L Co 1st g 5 s . .. 1947
B klyn U Gas 1st con g 5 s .1945
Buttalo Gas 1st g 5 s............1947
Consol Gas conv deb 6 s___ 1909
Detroit City Gae g 5 s..........1923
D et Gas Co con 1st g 5s. ..1 9 1 8
Ed E l 111 Bkn See K C o E L & P
Ed E 111 See N Y G & E L H & P
E q G L N I 1st con g 5 s ..1932
Gas<& Elec Berg Co c g 5 s. 1949
Gen Electric deb s 3 % s ..l9 4 2
10-yr g deb 5s (subscrip) 1917
G r Rap G L Co 1st g 5 s . . .1915
H »dson Co Gas 1st g 5 s .. 1949
K an City (Mo) Gas 1st g 5s 1922
K ings Co E l L & P g 5 s . .. 1937
Purchase money 6 s . . . . . . i997
Ed El 11 Bkn 1st con g 4 s 1939
112
HO3. 11034
U 0 34 J ’ne’07
. 100
. 108
!
81
95
8 7 3 87*4
4
S e p ’04
M ar’07
A p r ’ 07
J’l y ’ 07
109 *4
110
102
86 Oct ’06
107 A u g’07
112 H Feb ’06
i
110
97
88
84
33
1 11%
86
86
88
90
102% Jan ’07
102 N ov’07
109 •Mar’ 05
76 D e c’05
89 Jan ’05
81
81
87 34 FeL»’07
97 J a n ’02
122 ^
102
I33H jD cc’06
88 Sale
..........100
......... 100
Price
tn d a v
Nov 22
N . Y . STOCK E X C H A N G E
WgrEK Ending N o t 22
I
N ov’07
40
1 0 2 ^ May’07
109
109
117 H S e p ’ 07
i
127 J ’ne’05
79
102
99
99%
109
118%
55
75
95
108
"91
9 8 ‘v
9 8 3i
<
97
85
39
- ........ 60
77 Sale
.......... 78
115
89*2
i04HsNov’ ()i
85
39
.........
105 *
4
83
83
98% 105
993g J a n '07
95 Sep ’07
80 4
80
91 Oct ’07
99*4 Keo’05
98 Sep ’06
105 J a n ’04
98 > Sep ’ 07
4
98*, Oct ’07
109 J ’ne’ 07
115“< Oct ’07
(
"s o "
131
i s i '^ 131*
83 Jan ’07
98*4 Oct ’ 07
107*2 Dec 02
90
..tnce
Loio H ig h
104% 105
ibo.........
BONDs
P in g e
So
■-C January J
5'
[V o l .
Nov. 23 1907.Q
BOND*
K . Y . STOCK E X C H A N G E
W eek Undino N o v 22
New York Bond Record ^"Continued— Page 3
P r ic e
fY id a y
N ov 22
W eek’ s
R ange or
Last Sale
Range
B4KND*
S ince
J a n u a ry 1
K . Y . STOC K E X C H A N G E
W eek E nding N ov 22
1325
P rice
Nov '!2
B ia
Ask Low
H ig h
L o w JtJiqh N Y Cent & H R— (C o n tin u ed
112
112 117
Louisv A N ashv gen g 68.1930 J-D 112 S*l« 112
Cart & Ad 1st gu g 4s. ..1981 J-D
lip
O c t ’07
108 1173,
Gold 5 s . . . ............................ 1937 M-N
Gouv<fe Oswe ls t g u g 5 s 1942 J-D
92 Sal*
92 1 017
g
92
93 s 17
Unified gold 4 s........... .. 1 9 4 0 J-J
Moll & Mai 1st gu g 4 s .. 1991 M-S
101i? J’ly ’O
i
Registered...................... 1940 J-J
N J June R eu 1st 4 s ...1 9 8 6 F-A
107 D ec’05
Sink tnnd gold6s............. 1910 A -0
N Y < Harlem g 3 4 s . ..2 0 0 0 M-N
fc
. 104
165 Oct ’07
105 109
Coll trust gold 5s............. 1931 M-N
N Y 4 North 1st g 5 s . .. 1927 A-O
. 87
89 N ov’07
89
98
5-20-yr col tr deed g 48.1923 A -0
N Y < Pa 1st con gu g 4 s 1993 A-O
fc
111
111
111 113 H
i
E H * Nash 1st g 6 s . . ..1 9 1 9 J-D
N or < M ont l s t g u g 5 8.1916 A -0
fc
. 1 0 2 4 109 M ar’05
JuCin A Lex g o l d 4 4 s ...1931 M-N
Pine Creek reg guar 6S.19H2 J D
1257» May’ (>7
121 125 7g
N O A M 1st gold 6 s . . ..1 9 3 0 J-J
R W & O con l8 te x t5 s .A 1 9 2 2 A -0
122*4 Mar’06
N O A M 2d gold 6a........1930 J-J
Oswe & R 2d gu g 6s...<?1915 F-A
107*4 Aug’06
Pensacola D iv gold 6s. ..1 9 2 0 M-S
R W * O T R 1st gu g 58.1918 M-N
117 May’07
117 120
Rutland 1st con g 4 4 s . . 1941 J J
8 t L Div 1st gold 6s........1921 M-S
6 2 4 A u g’07
2d gold 3 s........................ 1980 M-S
OgALCham l s t g u 4 s g l9 4 8 J-J
8 2 H 72H2
»
116 J’l y ’06
A tl Knox A N or I s t g 5 s l 9 4 6 J
Rot-Canad l s t g u g 4 s . 1949 J-J
1 08H Jan ’06
i
St Law & Adir 1st g o s .1996 J-J
Hender Bdge 1st 8 f g 6s. 1931 M-S
93 Sep ’ 07
93
97^3
2d gold 6s........................ 1996 A-O
Kentucky Cent gold 4s. .1987 J-J
108 J’l y ’06
L A N A M A M l s t g 4 4 s 1945 M-S
Utica & BIk R iv gu g 4 s .1922 J-J
Oct ’07
80
92
L A N-Soutli M Joint 48.1952 J -J -------- 87
Lake Shore gold 3 4 s . ...1 9 9 7 J-D
1 1 3 4 M ar’07
1 1 3 4 113 H
(
N Fla A S 1st gu g 5s. ..1 9 3 7 F-A
R e g istered ................ 1997 J-D
N A C Bdge gen gu g 4 4 s 1945 J-J
Debenture g 4 s . . . . ___ 1928 M-S
112 J a n ’ 07
112 112
Pens A A tl le t gu g 6 s ..1921 F-A
25-year g 4 s ...................1931 M-N
111 May’07
109»»111
S < s N A la con gu g 5 s .. 1936 F-A
£
Ka A < G R 1st gu c 5 s. 1938 J-J
&
97 May’06
L A Jelf Bdge Co gu g 4 s ..1945 M-S
Mahon C’l R R 1st 5 s .. 1934 J-J
Pitts & L Erie 2d g 5 s .o l9 2 8 A-O
L N A A C h S eeC I A L
ahon Coal See L S & M 8
Pitts M cK A Y 1st gu 68.1932 J-J
88
88
88
88 100«g
anhattan Ry consol 4 s . 1990 A -0
2d guar 6 s........................ 1934 J -J
104 A p r’05
Registered...................1990 A -0
M cK ees A B Y 1st g 6s 1918 J-J
99
99
99*4
9 8 4 103*4
Mich Cent 1st consol 6 s .1909 M-S
Metropol E l 1st g 6s___ 1908 J .J
M cK ’ pt A B V See N Y Cent
5 s .........................................1931 M-S
Metropolitan El See Man Ry
Registered...................1931
73
74
72*2 86
M ex Cent consol gold 4 s ..1911 J J
4 s.........................................1940
11
I2i* 1234
11 27»4
1st consol income g 3 s .a l9 3 9 J’ly
Registered...................1940 J-J
8
8
9
7
21
2d consol income g 3 s ..01939
J L A S l s t g 3 4 s ............1951 M S
a
Equip A coll gold 5 s........1919 J ‘S
1st g 3 4 s ............................1952 M-N
90*8 J’l y ’01
Mex Internat 1st con g 48.1977 M-S
Bat C A Stur l s t g u g 38.1989 J-D
105 May’O
O
Mex Nortli 1st gold 6s___ 1910 J-D
N Y Chic A St L l8 t g 4 s 1937 A-O
M ich Cent See N Y Cent
Registered...................... 1937 A-O
Mid of N J See Erie
W e st Shore 1st 4s g u ...2 3 6 1 J-J
M iiL S A W
See C h ic<6 N W
Registered...................... 2361 J.J
Mil < Nortli See Ch M A St P
fe
N Y A Green w Lake See Erie
130 Mar’07
130 130
Minn & St L 1st gold 7 s ..1927 J-D
N Y A Har See N Y C A Hud
105
105 Apr *07
105 105
Iowa E x 1st gold 7 s ........1909 J-D
N Y Lack A W
See D L A W
118 Jan ’07
Pacific E x 1st gold 6s. ..192 1 A -0
118 U 8 H H Y L E A f f See fin e
1
113*4 M ar’05
South W est Ex l s t g 7 s .l9 1 0 J-D
N Y A Long Br See Cent of N J
90
99
103 Aug’ 07
1st consol gold 5 s............. 1934 M-N
i o s “ i ‘1 0 4 N ew York N ew H av A H art—
75
75
94
1st and refund gold 4 s ..1949 M-S .......... 7 5 4 75
Housatonic R con g 5 s .. 1937 M-N
97 A p r ’06
Des At A Ft D 1st gu 4 s ... ’35 J-J
N H A Derby con cy 5s. 1918 M-N
Minn A St L gu See B C R A N
N Y A North See N Y C A H
95 N ov’07
934
95
99
M St P A S S M c o n g 4 in t g u ’ 38 J .J
N Y O A W ref 1st g 4 s ..o l9 9 2 M-S
102 J ’ne’07
102 1 0 2 H
M S S M A A 1st g 4 i n t g u 1926 J-J
Regis $5,000 only..........o l992 M-S
Minn U n See St P M A M
N Y A Pat See N Y C A H
93
92
92 4
Mo Kan A Tex 1st g 4 s ...1 9 9 0 J-D
89*2 9834 N Y A R B See Long Island
77
76
76*2
76
88
2d gold 4 s .......................... pi990 F-A
N Y S A W See Erie
93
97 N ov’07
97 106
1st ext gold 58...................1944 M-N
N Y Tex A M See So Pac Co
75
77*4 N ot ’07
1st A refund 4 s.................2004 M-S
77*4 86
Nor A South 1st g 5 s..........1941 M-N
7 5 N ov’07
74
gtfis N orl A W est gen g 6 s........1931 M-N
Gen s £ 4 4 8 .....................1936 J-J
76
82 Oct ’07
St L D iv 1st ret g 4 s ___ 2001 A -0
82
87
Improvem’ t A ext g 6 s .. 1934 F-A
104*2 Jan ’07
Dal & W a 1st gu g 5s. ..1 9 4 0 M-N
104*2 104*2
N ew River 1st g 6 s........1932 A -0
95 *v A p r ’07
Kan C A Pac 1st g 4s. ..1 9 9 0 F-A
95Hj 95*2
N A W R y 1st con g 4 b. 1996 A-O
Sale
98
98
Mo K A K 1st gu g 6 s ...1 9 4 2 A-O
98 112
Registered...................... 1996 A-O
91 N ov’07
M K & Ok 1st gu 5 s ........1942 M-N
91 107*4
D iv ’l l s t l A gen g 4 s ..,1 9 4 4 J .J
95
96
M K & T of T 1st gu g 6 s .1942 M S ’ 9 5 " Sale
Pocah C A C ] o in t 4 s ..l9 4 1 J D
95 106*2
105 A u g’07
104 105
Slier Sh A So 1st gu g 5 s .1943 J-D
C C A T 1st gu g 5 s ..........1922 J-J
T e x A Okla 1st g u g o s .. . 1943 M-S •»0 ....... 100 4 Oct ’07
1004107
Scio V A N E 1st gu g 4s 1989 M-N
116*4 sep ’07
Mo Pacific 1st con g 6 s ...1 9 2 0 M-N
1153s 120 North Illinois See Chi A N W
9W
90
Trust gold 5s stam ped.«1917 M-S "y‘6 " *96*
89 4 1 0 5
North Ohio See L Erie A W
107 4 F eb’ 06
R egistered ...................01917 M-S
Nor Pac—Prior lien g 4 s ..1997 Q J
90 Sale
90
90
1st coll gold 5 s...................1920 F-A
00'“ i'0 5 ”
Registered.......................1997 Q-J
80
84
86 Aug’07
40-year gold loan 4 s........1945 M-S
86
90
General lien gold 3 s___ «2047 Q-F
97 4 May’07
3d 7s estd at 4 % . . . ..........1938 M-N ......... 95
R egistered ............. . k.« 2 0 4 7 Q-F
9 7 4 98
90 J’ne’<>7
Cent Br Ry 1st gu g 4 s .1919 F-A ......... 92
90
963
4
St Paul-Dul D iv g 4 s___ 1996 J-D
75
80
90 Sep ’07
Cen Branch U P ls t g 4 a . 194* J-I>
D ul Short L l s t g u 5 s .. 1916 M-S
90
924
110 Mar’05
Leroy A C V A L 1st g 5s 1926 J-J
C B A Q c o l l t r 4 8 See G t Nor
98 A u g’07
Pac ft of Mo 1st ex g 4s. 1938 F-A . . . . . . 1x6
98“ ioi»4 St P A N P gen g 6 s . . ..1 9 2 3 F-A
1 1 6 4 Mar’07
2d extended gold 5 s ...1 9 3 8 J-J
Registered^ certific’s ..l 9 2 3
116 1 1 7 l4
101*4
St L Ir M A Sgen con g 5sl931 A-O i ’0'6 " SalV ICO
100 114
St Paul A Dul 1st 5 s___ 1931
109H) J’ne’07
Gen con stamp gtd g 5s 1931 A -0
2d 5 s ..................................1917 A O
1094110*4
* 7 0 ............
70
70
Unified A ref gold 4 s .. 1929 J-'J
70
884
1st consol gold 4 s ..........1968 J-D
85 *2 85*2N ov’07
Riv A G D iv 1st g 4 s ..1933 M-N
W ash Cent 1st g 4 s ..........1948 Q-M
80
924
107 *2 A p r ’06
Verdi V I A W 1st g 5 s .l9 2 6 M-S
Nor Pac Ter Co 1st g 6 s ..1933 J-J
98 D ec’06
M o b J & K C 1st cons g 58.1953 J-J
N or R y Cal See So Pac
17 *2 Oct ’ 07
Mob & Ohio new gold 6 s ..1927 J-D * ..........117*8
117 124
Nor W is See C St P M A O
122 D e c ’(>5
1st extension gold 6 s .. h 1927
-J
Nor A M ont S«« N Y Cent
83 Aug507
General gold 4 s ................. 1938
S
83
94
lnd A W
See C C C A St L
102 *2 Oct ’07
Montgoni D iv 1st g 5 s ..1947 F-A
hio R iv R R See Balt A O
10241084
92 *2 A u g’06
-F
8 t L A Cairo coll g 4s..«1 9 3 0
Ore A Cal See So Pac Co
101 Nov’ 04
Guaranteed g 4 s ............1931
-J
Ore R R A N a v See Un Pac
M A O coll 4s See Southern
Ore Short Line See Un Pac
Mohawk A Mai See N V C & H
Oswego A Rome See N Y C
Monongahela Riv See B A O
O C F A St P See C A N W
Mont Cent See St P M & M
ac Coast Co 1st g 5 s ___ 1946 J-D
Morgan’ s La & T See S P Co
ac ot Missouri See Mo Pac
Morris & Essex See Del L A W
Panama 1st 8 fund g 4 4 s . . 1917 A-O
......... 110
ash Chat A St L i s t 7 s .1913 J-J
108 N ov'07
108 118*8 Penn RR 1st real est g 4 s . 1923 M-N
1st consol gold 5 s ..........1928 A -0 100 102
102
102
102 116
Consol gold 5s................... 1919 M-S
Jasper Branch 1st g 6 s ..1923 J-J
116*2 May’07
Consol gold 4 s...................1943 M-N
11641164
M cM M W A A1 1st 6 s ..1917 J-J
117 *4 M ar’05
Convertible g 3 4 s ........... 1912 M N
T A P Branch 1st 6 s___ 1917 J J
113 J’l y ’04
Convertible g 3 4 s ........... 1915 J -D
Nash Flor A Shef See L & N
A lleg Val gen gu g 4 s ...1 9 4 2 M-S
Nat of Mex prior lien 4 ‘as. 1926 J-J
8 9 \ J’l y ’07
D R R R A B g e l s t g u 4 s g .’36 F-A
9841024
1st oonsol 4s...................... 1951 A O
75
7 5 1 75
,
PhilaB al A W 1st g 4 s ..1943 M-N
76
874
N e w H A D See N Y N H A H
Sod Bay A So 1st g o s . . . 1924 J
N J Juuc HR See N Y Cent
Sun A Lewis 1st g 4 s . .. 1936 J-J
New & (Jin Bdge See Lou A N
U N J RR A Can gen 4s. 1944 M-S
N O A N K prior lien g 6s t>1915 A -0
Penn Co—Guar 1st g 4 4 s . 1921 J - J
N y Bkln & Man Bell See L 1
Registered...................... 1921 J-J
N Y C e n t * H R iv g 3 4 s . 1997 J-J
86 Sale
86
94*8
85 4
S6
Guar 3 4 s coll trust reg. 1937 M-S
Registered...................... 1997 J-J
84 >
2
84 H
i
84 H Sale
i
84 4 93
Guar 3 48C o lltr ser B . . . 1941 F-A
Deben g 4 s ........................ 1934 M-N
86 Sait
86
88*2
86
99
T r Co certif’ s gu g 3 4 8 .1 9 1 6 M-N
Lake Shore coll g 3 4 s . .. 199." F -A ......... 73j4 733
,
73*4
G u 3 4 8 t r c t f s C ...............1942 J -D
733 88 4
4
Registered...................... 199-s F-A
72 ......... 74 N ov’07
74
87
G - 3 48 tr c tfs D ............... 1944 J -D
Mich Cent coll g 3 4 s ___ 1998 F-A ......... 75
75 Oct ’07
Guar 15-25 y a r g 4 s ___ 1931 A-O
75
874
Registered...................... 199.- F-A
•72 ......... 8 4 3 Jan *o7
4
843 84*4
4
Cl A Mar 1st gu g 4 4 s . .1935 M-N
Beecli Creek 1st gu g 4 s .l 9 3 e J J ......... 100
102 F eb’07
Cl A P gen g u g 4 4 s s e r A . ’42 J-J
102 1024
Registered...................... 1986 J-J
102 M ar’04
Series B ............................ 1942 A-O
2d gu gold 5 s .................1936 J - J
Series C 3 4 s ...................1948 M-N
Beeoli Cr E xt 1 s t* 3 4s& 1951 A -0
Series D 3 4 s ...................1950 F-A
Ranpc
.since.
January 1
1
Veetc’ n
R ange or
Last s a l e
J
’rmau
Low
H ig h
N LoM-High
o
9 7 4 M ar’07
105 O ct "02
101 4.T’ Iy ’06
1 1 0 4 May’07
1 0 1 4 D ec’06
101
104
86
86
, 103
Sale
83
84
88
97 4
1104111
137 Nov
10234 1 0 3 4
103 A u g’07
106 4
87 4
88
122
10234 1 14
103 103
O c t ’Of.
-Nov’07
NovM7
J a n ’06
103 Oct ’ 0
854
864
83 N ov’07
84 4
85*»
834
85
874
88
23
109 Oct ’ 07
1 0 7 4 N o v ’06
139 J a n ’ 03
M
97 4
95
95
103 303
85
96
8i
94
84 . 9H 4
S3
93 4
109
lOi)
104 D eo’ 06
1 1 8 4 J’ly ’06
119 J’ ne’ 06
1 0 0 s4 Jan ’07
1 0 6 4 N ov’O
O
94 4 D ec’ 06
9 2 4 May’ 07
*95 ........
92 4 Sale
85
Sale
110
.........129
86 Sale
......... 86
”7 5 4 "78*
92
95
Sale
" 6 3 ” *64*
75
924
944
94 N ov’07
1 0 2 4 M ar’07
95
97
92 4
96
94
1024
95
924
103 *2
1024
105
103 4
113
804.
884.
1 0 0 4 100»4
113
113
Oct ’ 07
85
8
1 0 1 4 J’ne’06
100
115
129
1274
86
91
87
77
109 4
90
O c t ’ 07
115
J’ ne’07
Oct ’06
89 H
S e p ’ 07
Oct ’07
78
F eb’05
N ov’07
95
954
»S3 Oct ’07
4
62 4
64
70 May’07
95 34 Jan ’07
116 4 Sep >07
132 J ’l y ’99
117 4 J’l y ’07
100 Oct ’ 07
98 4 Oct ’06
93 May’06
113*8 May’07
u
18
85
1014
100
100
115
129
130
129
86
91
85
77
99*.
91
964
914
90
99 4
93*8 1 0 2 4
96 102
6 2 4 74 4
70
71
953 953
4
4
1 1 6 4 12‘23
4
1174 1 1 7 4
100 1083
4
113*8 :133
4
O
P
N
->1IS»CEL1 IJ iE O U S
(Joiil mid Iron
Ool F A 1 Co gen 8 t g 5 s . . 1943 F-A
Convertible deb g 5 s___ 1911 F A
Col Fuel Co gen gold 6s. 1919 M-N
Gr R iv Coal A C 1st g 6 s l9 1 9 A-O
Clearf Bit Coal 1st s t 4 s . .. 1940 J-J
C o lI n d u ls t A coll 5s t u . .l 9 3 4 F-A
Contin’ talC l s t s f gu 58g.l95V i F-A
Jett A Clear C A 1 1 st g 5s. 1926 J -D
K a n A H C A C l s t 8 f gS s.1951 J -J
Pleas Val Coal l s t g s f 5s. 1928 J -J
Sunday Crie.c Co g 5 s . . ,.1 9 4 4 J-J
Tenn Coal gen Os............... 1951 J-J
l'enn Div 1st. g 6 s ........a l9 1 7 A -0
Birin Div lstcon sol 6 s ..1917 J-J
Call C M Co 1st gu g 68.1922 J -D
De BarC A I Co gu g 6 s .1910 F-A
Valron Coal A C o ls t g 5 s .1949 M-S
Victor y u e l l s t 8 f 5 s ......... 1953 J -J
‘ 75 .........
......... 75
85 Oct ’ 07
75
75
107 4 Oct '04
102*8 A p r’06
95 A p r’02
3 6 4 Sale
36 4
404
107*8 D ec’04
107 May’97
1 0 5 4 D ec’06
105 Oct '00
......... 75
78 F e b ’07
......... 84
81 N or’07
......... 100
100 N ot ’07
99 4 1 0 0
99*8 100
102 D ec’03
100 F eb’07
......... 98
7 7 4 82 4 7 6 4
784
93 4 Feb ’07
Sale
I
99
102->4 J ’ly ’07
104 Oct ’07
105 N ov’Oi
99 ......... 106 Aug’03
8 7 4 Sale
87'T8
89
84
864
85 4 Kai?
99 J’ne’O
V
99
109
1023 103
4
101
104
105 105
87*’ i"0 04
8 3 4 95
99
99
107 4 Oct ’Ob
1 0 / J a n ’03
110 4 f^ep ’ 04
N ov’07
10378 J’l y ’ 07
90 4 J’ne’06
84 May'ol
93 Oct ’07
89 Oct ’06
9 0 4 Mar’ 06
84
85
110 Jan '05
1 0 8 4 A u g’03
100 1037 100
8
100
101
107
1033
4
83
93
84
96
84
974
9 8 4 D ec’05
96 J a n ’04
B O N D S — Continued 011 N ext P age
T e le m n p h an<l Telephone
Am Telep A Tel coll tr 4s 1929
Comm Cable Co 1st g 4 s ..2397
Met T A T 1st s t g 5 s ........1918
M ich. State Telep. 1st 5s. 1924
N Y A N J Tel gen g 5 s .. 1920
W est Union col tr cur 5s. 1938
Fd and real est g 4 4 s . . . 1950
M ut Un Tel s fund 6 s . . .1911
Northw Tel gu I 4 4 s g .,1 9 3 4
M anufacturing <& industrial
J-J
y-J
M-N
F-A
Wl-N
J-J
M-N
M-N
J-J
784
72
104
9 9 4 97
105 4
* 8 6 " Salt" 86
86
......... 86
104
103
J’l y ’07
72
F e b ’07
F e b ’07
J ’iy ’o3
86
N ov’07
A p r ’ 07
J’i y ’04
A m Cot Oil ext 4 4 s ........... 1915
Am Hide A L 1st s f g 6 s ..1919
Ainer Ice Secur deb g 6 s .. 1925
Am Spirits M fg 1st g 6 s ..l 9 1 a
100 100
Am Thread lbt col tr 4 s . . .1919
Am Tobacco 40-yr g 6 s___ 1944
7 7 4 98
4s............................................ 1951
9 3 4 93 H
Q-F
M-S
A-O
M-S
J-J
A-O
F-A
79
70 4
.........
80 ’ 98
68
914
79
89
96
1034
82
93
85 1 1 0 \
54
794
Due D ec s O p tion
85
76
364
1004
87
764
78 7 8 4
80 95
100 1 06 4
98 1 0 6 4
'N o pnee F riday; latest bid and asked. aDueJan frDueFeb eDueMar ctDueApr h Due J’ly *: Due Aug
99
72
82
90
59
Salt.
"9 5 "
Sale
Sale
80
80
7 2 4 N ov’07
79 J ’l y ’07
96 Oct ’07
82
82
90
92
59
60 4
cD ueO ct pD ueN ov
7 8 4 90
72
72
104 104
97
98
" s o " i ’0'3 "*
86
104
100 3*
104
N ew Y ork Bona Record—
Concluded— Page 4
13'Jti
BONDS
K . T . STO C K E X C H A N G E
W kk k en ding n o t 22
P r ic e
F r id a y
Nov 22
B id
P*nn Co—(Continued)
Krie < Pitta gug3*2S B.1940
fe
Series C......................... 1940
Gc R < I ex 1st go ^ 4*28 1941
fc
Pitts Ft W & C 1st 7 s ...1912
2d7s................................ 1912
3d 7s.............................A1912
Pitta Y & Ash 1st con 5a. 1927
P C C & S tL g u 4 *2 sA ...1 9 4 0
Series B guar............... 1942
Series 0 guar............... 1942,
Series D 4s guar...........1945
Series E 3*2 guar g___1949
Series F 4s g u a r.........1953
C St L < P 1st con g 58.1932
i fe
Pensacola < Atl See L < -Naali
fc
fe
Peo & East See C O C & St L
Peo * Pek Un 1st g 6s___ 1921
2u gold 4*28.................... (>1921
Pere Marq—Ch<fc W M 5s 1921
F lin t* P M g6a..............1920
1st consol gold 5s.........1939
Pt Huron Div 1st g 5s. 1939
SagTus<te H lstg u g 48.1931
Phil B < W See Penn KB
fc
Plnia & Heading cous 7s. 1911
Pitts Cm & St L See Penn Co
Pitts Cleve < Tol See B & O
fc
Pitts Ft W & Gli See Penn Co
Pius McKees & Y SeeN VCeu
Pitts Sli & L K 1st g 5 s ... 1940
1st consol gold 5s............ 1943
Pitts & West see B & O
|> eading Co gen g 4s....... 1997
JL Registered....................1997
V
Jersey Cent coll g 4 s ...1951
Rensselaer J Sar See D & H
b
Rich & Dan See South Ry
Blcli < Meek See Southern
fc
Bio Or West See Den & Rio Gr
Koch < Pitts See B R < P
fc
fc
Rome Wat < Og See N Y Cent
&
Ratland See J V Cent
N
Cag Tus * H See Pere Marq
O t Jo < Gr Isl 1st g 4 s...1947
fc
8t L & Cairo See Molt
Ohio
8t L < Irou Mount See M P
fc
8t L K C <> N See Wabash
S
St L M Br See T R li A o£ St L
St Louis & San Francisco—
General gold 6s............... 1931
General gold 5s............... 1931
St L & S if KR cons g 4 s.. ’90
Southw Div 1st g 5 s..1947
Refunding g 4s............1951
5-year gold notes 4*2..190*<
St L M < So East gu 4 ‘2gl909
fc
K 0 Ft S < M coug 68..1928
&
K O f t S & M K r ret g 4s 1930
K C < M R < B 1st gu 5s. 1929
fc
fc
Oz’rk<fc Cli C 1st gu 5s g.1913
8t Louis So See Illinois Cent
8t L S W 1st g 4s bit otts.1989
2d g 4s ino bond ctfs...pl989
Consol gold 4s................. 1932
Gray’sPtTer lstg u g o s 1947
8t Paul < L'ul See N or PaoiUe
fc
8t Paul M & Man 2d 08...1909
1st consol gold Os............ 1933
Registered............... ...19;>3
Reduced to gold 4*28..1933
Registered................. 1933
Dakota ext gold 6s.........1910
Mont ext 1st gold 4s___1937
Registered.................... 1937
K Minn 1st div 1st g 5 s.. 1908
Nor Div 1st gold 4s___ 194s
Minn Union 1st g 6 s ....1922
Mont C let gu g 6s.........1937
Registered....... ............. 1937
1st guar gold 5s.......... 1937
WU1& S F 1st gold 58..193JStPdfcNorPao See Nor -Pac
StP < S’x City SeeC St P M «S
fc
>0
8 A & A Pass 1st gu g 4 s ... 1943
8 Fe Prea J Ph 1st &5 s...ltf4t
fc
8 F & N P 1st sink t g 5 s.l9 1 »
Sav F < West See Atl Coast L
fc
Scioto Val < N K See Nor & W
&
8eaboard Air Line g 4a ...1 9 5 0
Coll tr refund g 5 s .........1911
Atl-Birm 30-yrlst g 4s.el933
Car Cent 1st con g 4 s ...194'.
Fla Ceu < Pen 1st g 5s. 1918
fc
1st laud gr ext g 5s ...1930
Consol gold 5s..............1943
Ga & Ala Ry 1st con os o 1945
Ga Car & No 1st gu g 5s 1929
Seab < Roa 1st 5s.......... 192t>
fc
Sher Shr & So See M K & T
Sil Sp Oca < G See Atl Coast L;
fc
So Car < Ga See Southern
fc
8outhern Pacific Co—
Gold 48 (Cent Pac coll).4:1949
Registered................. *1949
Cent Pao 1st ref gu g 4s 1949
Registered.................... 1949
Mort guar gold3*28..fcl929
Through St L 1st gu 4a ’54
Gal Har A S A I s t g 6 s ..l9 l 0
Mex & Pac 1st g 5s___ 1931
Gila V G & N lstg u g os. 1924
Hous K < W T 1st g 58.1933
fe
1st guar os red.......... 1933
H & T C ls t g 5 s ln t g u ..l9 3 7
Consol g 6s int guar... 1912
Gen gold 4s int guar..1921
Waco & N W div 1st g 6s ’30
A & N W 1st gu g 5s___ 1941
Ask Low
H ig h
92 A p r ’07
98*4 A y r ’04
108 Sep ’06
127*% Oct ’02
119 J’ne’06
119 A p r’ 04
116 May’ 05
106*2 107 N ov’07
107*4 J’l y ’07
112*2 .i'ue’05
100*4 Mar’ 07
89
91 F e b ’07
110
, 110
Low High
92
92
107 109 H
i
106*4 109*4
98
91
100*4
91
110
Sep’07
123*8 Jan ’05
100*4 D ec’05
109 A p r ’02
112 H Aug’07
i
100*4 Apr ’07
106 *a Sep ’06
116*2
110*4 115
100*4 100*4
115 *2 Mar’06
120
98
87 *4 Sale
Mar’06
j ’ly ’97
87 >
4
89**
9534 May’07
85 N ov’07
82
86*2 9 8 3
<
95*4 95**
85
96*2
J’ne’97
90
92*2
110
97
67
....... 110 N ov’ 07
105
99 >2
99*5
Sale
116
61
61
110 123*2
99*2 n o s ,
91
93
91 F e b ’ 07
102*4 Aug’06
l 63
4
69
98 N ov’06
66*4 82*2
A u g’07
61*2
116
61
119
82*4
96*2 Sep ’07
80 Sale
60
70
........ 58
96*a 97*2
80
80
70 Oct ’ 07
59
69
101 *6 A p r ’07
80
95
70
83
59
79
101 *«1 0 1 **
1 0 3 ^ J ’ne’07
119
119
134 D e c ’08
95' " " " L04 Oot ’ 07
116*« A p r ’01
1 9 8 * 8 ......... 100 N ov’07
94
......... 94*, 94
100*4 Oct ’06
1 0 0 ‘s Sep ’07
119
103
119
sale
72
Sale
61
95
80
107
71
102
110
ibo“ io7*4
94
100*2
ioo^ io i’4
130
131\
i'1 2 " i i 6*2
72W,
Sep’07
Out,’05
70
87
102
108*4
62
82*,
94*8 100*2
88
89
62*2N ov’ 07
95 Oct ’ 07
88 Jan ’07
1
)6*2 M ar’06
107*4 A u g’ 06
109*2
106
110
106
105*8
131
ioi" i08«a
124 May’07
125 A u g’07
136*4 May’06
115 *2 May’07
115*2 D e c’06
Mar’06
Mar’07
J a n ’05
M ar’07
1 06
107*4
io<T i ’ e"
o
77*2
7 84
84 J’ne’07
89
90%
93*8 J’ne’07
7 5 “ Sale
75
75
......... 90
90*4 I’ne’07
96 ....... 103 *2 Apr’o7
104 Oct ’07
106 “ J’ly ’06
4
107*4 Feb’05
104 Aug’06
108 111 110 Sep’07
107 ....... 107*8 Nov’07
87 Oct ’07
116 Dec’06
109*2 Feb’06
70
90*2
84
88
89 100*8
93*8 99
75
86
S0*4 98*8
10# 105 *2
104 106*4
77*3 Sale
" 91"
J-J
A-O
K-A
A-O
F-A
J-J
J-J
A-O
A 0
M-N
J -J
AO
M-N
J-J
11- N
MN
A-O
J .J
109*4 111*2
107*8 112
87
947
,
96 Aug’06
79
80 4 85 78 S. 99
15 5 » 34
69 4
59
90
64 60
61*4
64
6 1 l4 Salo
100
100
6 100 108 4
..........l o t
82*2 N ov’07
......... 81
8 1 4 92
97 106
.......... 94
97 A u g’07
97 4 Oct ’05
88
......... 86
88 N ov’07
84
......... 80
8 3 4 A ug’07
82
7o
70
70 A p r '07
.......... 75
yo
......... 92 > 90 Oct ’ 07
2
« 1 0 0 4 106*4
lo o 1
* 1 0 0 ‘<
......... 100
95
G'I4
70
......... 69
6 68
78*4 Sain
784
8 1 4 4o,7.l 7 8 4
s
79 Sale
78 4
81 ^ 52 7 8 4 9 9 >
99
97
.......... 95
97 4 Aug'07
97 ^
60
65
60
60
7 50
......... S‘2»8
79 Sain
No price Friday; latest bid and asked this week.
V .' e e k E
n d in g
N
ov
P r ic e
_
aD ueJan
W eek's
R ange t r
Last Sale
fritiav
N o v 22
22
Southern PaoCo—(Continued,)
Morgan’s La & T Is t7 s .l9 1 8 A - o
1st gold 6s.................... 1920 J - J
No of Cal guar g 5 s .........1938 A - O
Ore & Cal 1st guar g 5s. 1927 J - J
So P of Ar gu 1st g 6s .. .cl 909 J - J
1st guar g 6s..............cl910 J - J
So Pacilic of Cal—
I s t g 6sserie8 E & F ...1912 A - O
1st gold 6s.................... 1912 A - O
1st con guar g 5s.........1937 M- N
S Pacot N Mex 1st g i>s..l911 J- J
So Pac Coast Istg u 4 sg .l9 3 7 J - J
Tex&NOSabDivlst g6s.l912 M-S
Con gold 5s...................1943 J - J
io Pac RR 1st ref 4s.........1955 J - J
Southern—1st con g 5s___ 1994 J - J
Registered.................... 1994 J - J
Mob<fc Ohio coll tr g 4 s .. 1938 M-S
Mem Div 1st g 4 *
2-58. . . 1996 J- J
St Louis div 1st g 4 s ....1951 J - J
Ala Cen R 1st g 6s.........1918 J - J
Atl & Danv 1st g 4s....... 1948 J - J
2d 4 s .............................. 1948 J - J
Atl & Yad 1st g guar 4s. 1949 A- O
Col < Greenv 1st 6s....... 1916 J- J
fe
E T Va < Ga Div g 5 s.. 1930 J - J
fc
Con 1st gold 5s............ 1956 M-N
E Ten reor lien g 5s....... 1938 M-S
Ga Midland 1st 3s.......... 1946 A O
Ga Pac Ry 1st g 6s.........1922 J- J
Knox & Ohio 1st g 6s ... 1925 J - J
i»i.ob«fe Bir prior lien g 5s 1945 J - J
Mortgage gold 4s........ 1945 J - J
Rich & Dan con g 6s___ 1915 J- J
Deb 5s stamped............1927 A- O
Rich < Meek 1st g 4 s ...1948 M-N
fc
So Car & Ga 1st g 5 s ....1919 M-N
Virginia Mid ser C 6 s...1916 M-S
Series D 4-5s............... 1921 M-S
Series K 5s....... .............1926 M-S
General 5s.................... 1936 M-N
Guar stampea.......... 1936 M-N
W O < W 1st cy gu 4s.. 1924 F- A
fc
West N C 1st con g 6 s..1914 J - J
S & N Ala See L < N
fc
Spok Falls & Nor 1st g 6 s.l9 3 9 J - J
'er A of St L 1st g 4 *ijs. .1939 A - O
1st con gold 5s___ 1894-1944 F- A
Gen refund s t g i s .........1953 J - J
St L M Bge Ter gu g 58.1930 A - O
Tex & N O See So Pac Co
Tex < Pac 1st gold 5s....... 2000 J - D
8;
2d gold ino 5 s ................ ?2000 Mai
La Div B L 1st g 5s....... 1931 J - J
W Min W < N W 1st gu 5s ’30 F - A
fc
Tol & OC 1st g 5s..............1935 J - J
Western Div 1st g 5 s...1935 A O
General gold 5s............... 1935 J- D
Kan & M 1st gu g 4a___ 1990 A- O
Tol P & W 1st gold 4a....1917 J-J
TolStL<fc W p r]ien g3 1
2S.1925 J - J
50-year gold 4s............... 1950 A - O
Tor Ham & Butt 1st g 4s. A1946 J - D
lster* Del 1st con g 5s 1928 J - D
1st refund g 4a.......... 1952 A - O
Un Pac RR < 1 gr g 4s ...1947 J -J
fc
Registered.................... 1947 J - J
20-yr conv 4 s .................. 1927 J - J
Ore Ry < Nav con g 4s. 1946 J - D
fc
Ore Short Line 1stg 6s .. 1922 F- A
1st consol g 5s..............1946 J - J
Guar refund 4s............1929 J D
Registered................. 1929 J - D
Utah d Nor 1st 7s.........1908 J - J
fc
Gold 5«........................... 1926 J - J
Uni J J RR & C Co See Pa RU
M
Utah Central See Rio Gr Wes
U tah * North See Un Pacilic
Utica & Black R See X t Cent
andalia consol g 4 s ___1955 F A
era Cruz <fcPlst gu 4 *281934 J-J
Ver Val lnd < W See Mo P
fc
Virginia Mid See South Ry
Va < Southw’t 1st gu 5s.2003 J- J
fc
abash 1st gold os....... 1939 M-N
2d gold 5s................. 1939 F- A
Debenture series A ....... 1939 J - J
Series B......................... 1930 J - J
Certificates of deposit___
1st lien equip s fd g 5 s ..1921 M- S
1st lien 50 yr g term 4 s .1954 J J
1 st ref and ext g 4s ___1956 J - J
D et& C li Ext 1st g o s..194) J - J
Des Moin Div 1st g 4s. .1939 J- J
Om Div 1st g 3*28...........1941 A - O
Tol & Ch Div 1st g 4 s ... 1941 M- S
St Chas Bridge 1st g 68.190s A- O
Wab Pitts Term 1st g 4a. 1954 J - D
2d gold 4 s ....................... 1954 J - D
Warren See Dei Lac & West
Wash Cent Sea Nor Pao
Wash O & W See Southern
Wash Term! 1st gu 3 * . 1945 F -A
28.
We8t Maryland 1st g 4 s ... 1952 A O
Gen & conv g 48 ............ 1952 A -O
WVaCent<fc P 1st g 6s 1911 J -J
West N Y & Pa 1st g 5a..193 * J -J
Gen gold 3-4s...................1943 A -O
Income 5 s .. ......... ........dl943 Nov
West No Car See South Ry
Wheel’ g < L E 1st g 5 s ...1926 A -O
fe
Wheel Div 1st gold 5 s.. 192s J - J
Exten & Imp gold 5 s ...1930 F -A
RR 1st consol 4s............. 1949 M -S
20-year equip s f 5s ...1 9 2 2 J . J
Wilkes < East See Erie
fc
WU<£s Sioux F See S tP M & M
Wis Cent 50-yr 1st aen 4s 1940
B id
Ash Low
127
116
112
97*4
100 104
. 100
104*4
U
Jiig/i
Sep ’06
Nov’06
F e b ’07
y7»,
A p r’07
F eb’07
Low
H ig h
112
112
97*4 101
103*2 104
104*4 104^
107 107
116 116
103*8 104
82
Sale
•70
.......
75
Sale
107 *2 F e b '07
104 Sep ’06
82 *2
84
90
93 S
114 N ov’06
79 Sep ’07
113*2 May’o7
75
■ 75
113 J a n ’ 06
96 J’ ue’ 06
92 J'ue’06
107*2 107*2
111
108
81
90
111 111
110*8 U3*8
S2 *2 95
90 113*4
79
94
113*2 116
75
94*4
F e b ’o7
U 0»8 J’ly ’07
102 N ov’07
110*2 J’ne’ 07
65 Sep ’07
. . . . . . 68
105
105 Sale 105
......... 110
117*« May’07
115*8 A p r’06
96 Oct ’06
. 89
110
109 A u g’07
99*2 Oct ’07
98 F eb ’05
95 N o v ’o7
112 Oct ’06
108*2 Doc ’0t>
113 Dec ’05
103 Out ’07
107 May’07
90*2 96H Jan ’ 07
110 106 ^ sep ’ 07
102 117*4
110*2114
65
69*4
105 119*4
116 118*4
113
99*2 103
10>J*4
95
103
107
95
80
86
83
76 Sale
....... 67
...........1 0 4
........... 7 8
108
N ov’96
Mar’06
Nov’04
Oct ’ 07
111
May’04
102 May’07
80
80
80 Oct ’ 07
75
75
67
58*4
95 D e c’06
102 H, 102*2
93
95 \
i*5 l4 Sale
93 Sale
80*4 8 ai»
...........
88
llo
Sale
101 105
78*4 Saio
93
79
87*4
10/
100
105
107*4 111
80
102
Sep ’06
........
93
82
87*4
HO
101
00
100
101*2
......... 112
........
87
.
101
76
72 b
101
80
96*8
100
58
75
80 *«
96**
102
80
147g 32*i
87
87*4
62*2 82 *a
49
68
i l l " i l 6 *i
89*4 98 *s
34
34
105
108
70
104
105 Aug’07
110 Deo’06
111*2 Aug’05
76 Oct '07
104 Oct ’07
73*2
102
36 * " 67 "■
*
104 109
87 *2 J’ly ’07
b2 *2
03 *2
62*4
03
106 S Aug’06
i
112 0 d .'0 7
89*4 J’ne’07
34 Feb’07
75
111*2
99*8 114
90 105*2
90
90
40
76*2
57*2 75
H
O
90
90 J’ne’07
40
40
62
J’ne’07
102
Mai’o7
.........102
93 Mar’06
38
40
33 Stile
104
Oct ’07
tf7 Nov’04
80 Keb’07
96*8 J’ne’O
'J
00 May’07
58
60**
68 Sale
15
16
........ 16
61
62
....... . 50
.........103
110
94*2 94*2
100
01
97
89
87*2
82
9.2 *2 102*2
93 101*2
78
93
87*« 9 9 * 2
107 126
100 114
75
94*4
87*4 o7*4
100 103 *2
10o *2 105*2
96*2
94*2 Oct ’07
98 Sep ’06
100
118*4
100*2 102*2
78
78*2
87*4 Mar’o7
100 Oct ’07
105*2 J’ly ’07
101
8 a le
........... 9 0
111
110
108 1 1 1
111*4 117
90
94
105
92
110
106*2
108
102
106 *»
94*4 96*4
106*2 109*2
117 J’l y ’00
111 J’l y ’07
111 >2 J ’ne’07
90 Aug’07
111 D ec’ 06
V
W
R an ge
Since
J a n u a ry 1
107 A p r ’07
114*2 D ec’04
116 Mav’07
104 M ar’0
1
lU lH C K L iL A N K O U S
H im u taciu rin s i t Industrial
Beth Steel 1st ext s f 5 s .. 1926
Cent Leather 20-year g 5a. 1925
OonsolTobacco 50-yr g 4 a .1951
Distil See Cor conv 1st g o s .’ 27
Int Paper Co 1st con g b s .1918
Consol conv s f g 5 s ........1935
Int St Pump 10-yr conv. 6s ’ 13
Knicker Ice((Jhic) 1st g 5 s . ’2S
Laekaw Steel 1st g 5 s ___ 1923
N at Starch M.fg C o 1st g 6s 1920
Nat Starch Co s t deb 5 s .. 1925
H epubI * S ls t & coltr 5s. 1934
0 a Leath Co a t deb g 6 s ..l 9 1 3
U S ttealty * I conv deb g 5s ’24
U S Steel Corp— ( coup .<£1963
St 10-60 yr 5s. (r e g . .d l 9 6 *
Va-C*r Oh«mi cot Lr os g . .l l * l ‘i
W e»tinthouse K & M s t o s ’31
BONOS
N . Y . STOCK E X C H A N G E
Range
Since
January 1
WeekFt
Range or
Last Sale
tVoL
LXXXT-
87**
104
72Vi 89
11
B O N O S — C o n c lu d e d .
M iscella n eou s
Adams E x ool tr g 4 s ..........1948 M-S • 80 .......... 79
80
3 79 10S
A m S S C o o f VV Va g 5 s . . . . 1920 M-N ..................... 100»* J’ ne’02 . . . . ........................
Chic J c < St Yard col g 5s. 1915
fc
Det M. & M Id gr incom es..1911
In t Mercan Marine 4 4 s . . 1922
int N avigation 1st s I 58.1922
J -J
A-O
A-O
F-A
..........103
101 ila y'0 7 ... .) 101 l o l
..................... 70 S e p ’0 0 ...... ....................53 Salt
53
55
3w 53
<0H
.......... 84®fi 8 5 4 J ’l y '07
85
85^i
N Y Dock 50-yr 1st g 4 s ..1951 F-A
Providence Sec deb 4 s .. .1957 M-N
.........
.........
8o
*>o
85
85
85
11
O c t ’0 7 ___
St Joseph Stk Yds 1st 4 4 s . 1930 J-J
St L Ter Cupples Stat’n & Prop
85
844
Ui
90
..................... lO O ^ S o p ’O o ___
1
S Yuba W at Co con g 6s .. 1923 J - J ..................... 112 J ’ljr’0 4 -----1 -------- --•
Sp Val W at W orks 1st 68.1906 « - S
..................... 1 1 3 4 J’ ly ’OO . . . .
U S Ked& Kef 1st s 1 g 6«. 19*1 ..................... 80
90 A u g’07 . . . . # 8«
»•
b Due Feb
d Due Apr
cD u eM ay
y D u e J ’ ne
A Due J t f
«0
CHICAGO STOCK £ XO EAN-G
rE—Stock Record-Daily, Weekly and Yearly
STOCKS— H IGH EST A N D LO W EST S A L E PR ICE S
Saturday
N ov 16
*
*
*2
*12
*2
*
*
*
*
*45
*
*
*
68
*30
*80
*
Monday
N ov 18
150 *
*2
21?
10 *
1219
12l2
3
*134
16 *
36
*33
75 *
20 *
48
48
_
40 * _
221* * ___
55 *
68
*65
*26
31
81 *
* ___
27
Tuesday
N ov 19
150 *
*2
3
10 *
121? *13
;
*2
21?
16 *
_
37 * _
70 *
20 *
48
45
40 *
221? *
55 *
69 *
271o *26
_
8/1? * _
27 *
Wednesday
Nov 20
150 * ___
150
*2
21*
21?
10 *
10
1334 * 121, 131*
*2
3
3
16 *
16
31
6914 ____ ____
2212
47
45
4„
40 *
40
_
221? * _
221*
55 *
55
69
68
*65
27
*26
27187
871? *
*
27
27
Thursday
N ov 21
Last Sale
Last Salt
Last Salt
13
13
Last Salt
IMSI Sale
Ijxst Salt
Last Sale
Last Sale
45
45
Last Sale
Ixist Sale
Last Sale
64
65
Last Sale
Last Sale
Last Sale
*3
314
3U
31*
3*2
38
38
37
3034 37
* ___
_
132 *
132 * _
*
118 *
120 *
30
33
3012 301 • 32
>
*84
90
90
*84
*85
34
104
50
150
2
10
12
21?
18
34
69U
22
43
46
21
60
60
261
4
97
33
0 ct’07
Nov’07
0 c t’07
13
0 c t’07
July’07
Nov’07
Nov’07
Sep’07
45
July’06
Oct’Q7
Sep’07
60
Nov’07
July’07
Juiy’07
Sales
oj ihe
Week
Shares
1,605
.....
694
...
*3
31"
31?
*3
3
.H
*3612 38
36l2
132 *
132
Last
*
120
Last
122
331
4 37
37U
36
90
90
90
*84
* ___
*
*
Friday
N ov 22
*1
*5
25
*110
100
111
35
63
*99
*5014
*95
*30
80
7912
*110
*80
*'8
634
35
104
50
*30
*
* ___
34
104
50
*1
*5
l ’s
6
25
25
1131* 108
100
*95
112
111
35
*35
25
108
100
lll-ij
351*
1>S
6
* ___
*_
_
* ___
*1
*5
l ’s
6
2312
105
99
111
35
*
*
* ___
34
104
50
*1
*5
U8
6
231"
23
23
109«i 105 IO5I4
98U
99
*97
112
110 IIII4
*341* 35
35
____ *62
*62
63
631?
60
633.t
101
100 100
91
99
*98*2 100
5b
*50
55
*50U 55
*503S
_
991? * ___
100 * _
991? *95
100
31 * ____
31 *
80
75
79iS 80
81
82
831p 8 II4
115
110 110
105
90
90
90
89
*1
1*4
1*4
*'8
634
6?g
6'*4 *6%
2210
2212
31
*30
75
7914
82
81
110
105
90
8812
1*4
'8
634
61.J
2212 *20
75
83
105
881"
1
61?
221"
Inter
est
Period
Price
Friday
Nov 22
Lowest
Railroads
Chicago City R y _____ 10C
Chicago & Oak P a r k .100
Do pref_________
100
Chicago Subw ay___ .1 0 0
Chic Union Traction. 100
Do p r e f . ____
. .1 0 0
Kans City R y & L t ._ 1 0 0
Do pref.
____ 100
.etropol W S E lev___ 100
Do pref_________ .100
North Chicago Street.1 0 0
Northwestern E lev ___ 100
Do p ref.
_______ 100
South Side Elevated . . 100
Streets W Stable C L .1 0 0
Do pref . ________ 100
W est Chicago S tr e e t.. 100
Miscellaneous
American Can________ 100
Do pref
______ 100
American R a d ia to r.. 100
Do pref_______ _____100
Amer Shipbuilding___ 100
Do p r e f.. _ ______ IOO
312
510
3iS
31*
36i2 35
37
498
Sale 132 Nov’07
Sale 123
0 c t’07
3534
3534 1,471
36
90
*86
90
25
28
Last Sale 30
Nov’07
Booth (A) & C o_____ 100
Last Sale 1041" Sep’07
Do p r e f..
_ .1 0 0
Last Sale 45
Sep’07
Cal & Chic Canal & D .1 0 0
165 Mch’07
16
Mch’06
Ijist Sale 1
0 c t’07
Chic Brew’g & M alt’g ___
Ixist Sale 6
0ct'07
Do pref _________ __
1371 •
>
22
22i2 23
386 Chic Pneumatic T o o l.100
22l2
105 106
105
144 Chicago Telephone___100
105
*98
99
98
32 Chic Title & Trust. _100
98U
110 110
10934 1101*
400 Diamond M a t c h ____ 100
*34
35
*34
35
100 Illinois Brick_________ 100
3114 Nov’05
80
Feb'06
41
21"
2614
59
60
60
60
1,267 National Biscuit_____ 100
92
93
921
328
100
Do pref___ . . .
9312
Last Sale 50
National Carbon ___ 100
Nov’07
iMst Sale 991" Nov’07
Do p re f._
_ ____ 100
534
May’05
72
72
10
Last Sale 32
Sears-Roebuck c o m . . 100
Nov’07
V5
75
75
658
76
Do p r e f . . .......... .......100
827g 4,674 Swift & C o____________ 100
8 U2 8234
82
100 100
105
105
185 The Quaker Oats C o . .1 0 0
130
Do pref____ ______100
88
8812 88l2 88
/
34
S
4
640 Unit Box Bd & P C o .100
1
6
6
*6
945
Do pref____________ 100
012
Last Sale 22
0 c t’07 ____ Western S ton e----------- 100
Mining
321"
10
16
Last Sale 4
Nov’06
Chicago Bond Record
BONDS
CH IC AG O ST O C K
EXCH ANGE
Week aiding Nov 22
320
Week's
Range or
Last Sale
Range jor Year
1907
STOCKS
C H IC A G O STO C K
EXCHANGE
Range lor Previous Yeai
(1906)
Highest
Lowest
Highest
150 Mch IS
2 Nov 15
10 Oct 17
11 Oct 28
21" Oct 4
14 Apr 23
28 N ov 7
69U N ov 14
21 Sep 12
43 Nov22
3412 Apr 10
20 Sep 11
58 Apr 24
60 Nov22
26 Oct 29
95 Apr 3
20 Mch 19
205 Apr 8
5 Jan 24
16 Apr 6
46U Jan 2
6I4 Apr 3
19U Jan 9
65 Jan 16
87 Jan 17
28 Jan 24
72 Jan 15
47 J ’ly 16
25U Jan 25
66 J ’ly 17
90 Jan 4
34 Jan 15
99 M ayl8
35 Apr 3
140 Sep
5 Dec
15 Dec
3934 J ’ly
4 J’ly
1212 May
5412 Jan
85 Oct
25 Oct
6512 Oct
25 Mch
2312 J ’ly
60 May
8912 Apr
27 May
97 Dec
23 Apr
200 Jan
73.i Jan
2838 Jan
59 May
13U Feb
46U Mch
68l2 Feb
9312 Feb
30 J ’ne
72l2 N ov
85 Mch
2812 Feb
68i2 Mch
99 J’ne
3534 N ov
102 J ’ne
60 Feb
3
35
129
120
SO
85
30
30
104U
45
165
Oct 24
Nov22
Jan 7
Aug 20
N ov 16
N o v l5
714 Apr
60 Apr
140ig Sep
130 Apr
8OI2 Jan
109 Jan
6 J’ne
51 J’lV
115 Feb
12812 Dec
54 Jan
101 Jan
1178 Jan
72 Jan
130 N ov
136 Jan
81 N ov
112 N ov
N ov 1
Sep 7
Oct 3
Feb 27
40
111
54
165
40 ” Feb
1131" J ’ne
64 Feb
1
5
129
22
95
95
110
35
Jan 9
Aug 22
Mch 21
Oct 25
Oct 28
Oct 30
N ov 20
Oct 24
11
10
9
24
14
7
J ’ne 8
Feb 8
Jan 8
Feb 27
36
106
55
Jan
Oct
May
1 Jan 9
61" J ’ne 5
1
6
Mch
Nov
51 Feb 8
134l2 Apr 4
112i2 May 13
12912 May 15
57 M ay 2
4812 Dec
101 Apr
103 May
118 J ’ne
411? Sep
1
7
Mch
Jan
63 Feb
139 Jan
118 Jan
147 Feb
7134 Jan
7U7U Fph
V ..
Tj,
21"
95
581*
91
50
991"
Fph 5
Oct 24
N ov20
N o v ll
N o v l4
86 Jan 14
11784 Jan 7
84i4 Jan 11
120 Jan 17
62
11312
78
112
May
Jan
Jan
Dec
23 Mch
7913 Dec
119 Oct
95 Mch
122i2 Mch
72
32 N o v l5
75 N ov 19
7512 N ov 4
100 Nov21
85 Oct 29
84 Nov21
6 Jan 2
22 Oct 15
57 Jan 10
95 Jan 26
11312 Jan 16
173i2 May 3
10234 Jan 16
214 Apr 8
1234 Apr 8
30 Feb 14
50 Aug
921.1 Nov
lOlU Jan
115 May
99U Dec
34 Dec
5U Dec
28 Dec
6312 Dec
99 Sep
11912 Sep
152i2 Jan
10634 Feb
234 Jan
17j4 Jan
42 Mch
321" Jan 24
734 J’ly
20
Jan 22
210 .T’lv
43gOct
Chicago Banks and Trust Comoanies
B'ds
Sold
Range
p r year
1907
N AM E.
Outstand
ing
Stock
t
Surplus
and
ProlUs
t
Dividend Record
In
1905
In
1906
Per
iod.
Last Paid
%
Bankers N a tio n a l_______ $2 ,000,000 $1,263,311
Q-J Oct '07. 2
8
8
High Calumet N a tio n a l_______
An. Deo '06, 6
100,000
32,865
5
5
122.454
J-J July '07. 5
Chicago C ity_____________
500.000
10
10
. . . . . . . . 100 Mch’07 . . . .
100 100
Commercial N a tio n a l___ 03,000,000 4,233,317
12
12
Q-J Oct ’07, 3
Continental N a tio n a l___ 4,000,000 3,065,021
Q-J Oct 07, 2
8
8
J - J t—
IOP2 100 Sep'07
100 102 ' Cook Co State S a v in g s ..
50,000
9,777
6
6
Q-J Oct ’07, II2
100 May'07
J - D
100 100
Q-J Oct ’07, 3
Corn Exchange National 3,000,000 4,764.477
12
12
103 Apr’04
J - J ____
Q-J Oct ’07. 11*
Drexel State______________
200.000
37.451
6
6
55
J - D t ....
55 Aug’07
61 ' Drover.. Dep N ational___
*55’
356.072
Q-J Oct ’07, 2
600,000
8
8
Q-J Oct ’07, ll2
33.011
200,000
Englewood State________
3
____
J - J
97
97
97 100
Federal N ational________
84,215 Began busine ss
Oct 16 1905
500,000
91
91 ____
A - O t 90
101
89
Q-J Oct '07. 3
First N a t io n a l___________ 8 ,000,000 7.459,753
12
12
9634 Jan'06
F - A t — - 98'
150,000
155,396
10
10 + 10 Q-J Oct '07, 212
____
____
____ First Nat E n g le w o o d ...
A - O t—
98
Foreman Bros B ’ k’g C o.
631,541
500,000
Priv ate Ba nk
-----87 Feb'06 . . . .
O
. . . . Fort Dearborn N ational. 1,000,000
386.439
Q-J Oct *07, 2
6
6
j : J
A
500,000
H am ilton N ational____
181,898
J-J July ’07, 212
Hibernian B ’k'g A s s n ..
1,500,000 §1.079,348
Q-J Oct ’07, 2
8
8
74
8l5g Kaspar State B ank____
j - J t—
65
C012
2
65
200.000
111.893
M- N
79 Nov'04
300,000
53.623
Q-F N ov'07, 1
Monroe N ational_______
3
80 Apr’04
M- S
81,392
Mutual Bank___________
250.000
. . . . Jan. Jan '07. 412
6
6
Q-J Oct ’07. 2
IO234 N at Bank of R epublic___ 2,000 000 1527.139 Began
95
M - S t—
94
95
94
384,392
1,500,000
busine ss
N ational C ity____________
Feb 5 1907
J - n
90
90 Dec’06
1,000,000 1.388 .398 12 + 3 12 + 3 Q-J Oct ’07, 3
National Live Stock____
_
M N .
96>s Sep'07
98'4 North Avenue S tate____
'9 5 ’
200,000
56,367 Began busine ss
Dec 8 1906
A - O : s?
93
96
95 June’07
95
6,011
50,000
North Side State Savings
6
Q-J Oct ’07, li2
6
35.250
100,000
Q-J Oct '07, 112
6
6
Oakland N
90
9338 Prairie N a tational_______
J - J t—
90 0 cf07
88
§72,590
io n a l .._______
250,000
____ . . . .
Feb
16 May’05
§54,768
Prairie State_____________
.500,000
8
Q-J Oct '07, 2c
<738
R ailway E x c h a n g e ______
250,000
§17.477 Began busine ss
July 3 1906
Sale
F - A t 80
80
80
3
80
9078 South Chicago S a v in g s ..
200,000
75,523
4
Q-J Oct ’07, II2
5
.
80 Oct '07
J - J
85
80
§91.092
300,000
Orga nized Oct 12 1906
S e c u r it y .............................. ..
90
90 Dec'06 — .
J - J t '. —
. . . . State Bank of Chicago___ 1,000,000 §1.146,886
Q-J Oct '07. 2
8
8
J - j
250,000
152,340 None
J-J J’l y '07, 3
Stock Yards Savings____
____
79 Aug’06
A - O
200,000
42,316
M-N N o v ’07, 3
Union Bank of C h icago..
M - N ____
75 Feb'07
75”
'7 5 "
59,488 None
200,000
Q-J Oct '07, li2
Union Stock Yards State
6
8
Q-J Oct '07, 2
American Trust & Savgs. 3,000,000 §2.507.432
8
Sale
84
85
92
84
34
M - S
84
Q-J Oct '07. 134
Central Trust Co of III___ 2 ,000,000 §1,001.534
7
512
Sale
77
79
95
M- N
77
12
77
n500,000 §«96,759
Chicago Sav Bk & T r____
.
J - D ____ . . . . . 100l2Mch'06
5,000,000 xl.220,313 ” <T
Q-J Oct '07, 1>
Chicago Title & T r u s t ..
6
2
____
M- S
94 Sep'07
’ <)4' 97
_ _ A-O Oct '07, 112
50.000
6.981
Citizens Trust & Savings
M - N
98
98 July’07
98
Q-J 'Oct '07, 2i2
600,000 §538.724 5 + 5
10
Colonial Trust & Savings
98 Sep ’07
M - N ____ ____
200.000
89.643
6
Q-J Oct ’07. li2
Drovers Trust & Savings
6
A - O
115'2J’ne’07
11512 11512 Farwell Trust C o________
1,500,000
§48.062
Orga nized Apr! 1 3 1907
M - S i t ___
94 ’
94
94
1
94 1021* First Trust & Savings___ 2 ,000,000 §1.261.333
....
J - J t 91
Sale
91 1043j Harris Trust & S a v in g s.. 1.250.000 §364,032 Began busine ss
91
9312
11
Feb 4 1907
J - D ....
101 Apr’07
101 102
Illinois Trust & Savings. 5,000,000 §8 327,315 12 + 4 1 2 + 4
Q Oct ’07, 4
M - N
1031" Feb’06
200,000
Q-J Oct ’07. l !j
36.288
Kenwood Trust & Savgs.
J - J t 91
*92’ ‘
1* Lake View Trust & Savgs
90
91 ” *7
‘ 96' 100*
200,000
30.492
Q-J Oct ’07, 1
92
95
J - J t 98
92 1021g Merchants’ Loan & Tr Co 3,000,000 §4,505.172 " I 2"
12
Q-J Oct ’07. 3
A - O t— 98'
98U 0 c t’07
95 100
750.000
355,601
6
6
Q-J Oct ’07, 112
Metropolitan Trust & Sav
M - N ....
114 Nov’04 . . . .
8
Northern Trust C o_______ 1,500,000 § 1,859.825
8
Q-J Oct 07. 2
J____
63
7 5 " Northwest Trust & Savgs
671*
671*
"65"
200.000
40.937
Orga nized July 28 1906
80
90 May'07
90
M : N t—
85
J J J’ly ’07, 3
200.000
63,090
Peoples Trust & Savings.
....
681* Sep'05
F - A
Q-J Oct ’07, 2
185 701 ” 8"
8
Pullman Trust & Savings *700,000
J - I) ____ . . . .
73 June’07
’ 73* 73”
Q-F N ov'07. 2
500 000
566.508
6
8
Royal Trust C o .......... ..
M - N ____ ____
73 June’07
70
78
4,244 Incor porate d M arch 1905
200.000
Stockmen’s Trust & Sav
J - J ____ ____
87 Dec'06
1,000.000 §1,071,709
Union Trust Co________
A - O ------ -----9612 Jan'06
------ ------ United States___________
200,000
23,127 Forme rly Jen nlnii s t t E L & Tr
6
6 + 1 Q-J Oct 07. lit
W estern Trust & Savings 1.000,000 §322,166
N o te .— Accrued Interest m ust be added to all Chicago j bon d prices
Sept 5 1905
200 000
34,462 Began busine ss
W est Side Tr & Sav Bank
26.150
200,000
Q-J Oct '07. 11*
Woodlawn Tr& Sav B k ..
6
*
Bid and asked prices: no sales were made on this day. q Dividends are paid Q -J. with extra payments Q -F . d Includes special dividend of 30 %
bald Dec. 18 11)06.
t No price Friday; latest price this week,
a Due Dec. 31.
b Due June,
c Capital increased Jan. 1 1907 from $250 ,00 0, a cash
Alvldend of 3 0 % being declared and to be taken as part payment for new stock.
f> Due July,
k Capital Increased from $300,000, a stock dividend
pf 33 1-3 % being declared In part paym ent therefor, n Capital and surplus to be Increased.
o Capital Increased from $2,000,000 and $2,000,000 addei*
lo surplus. T Aug. 22 for national banks and Aug. 20 1907 for State institutions, except those marked (§ ), which are of date N ov. 18 ana N ov. 19
respectively. x As of July 1 1907.
Bid
American Biscuit 6s . .19 1 0
Amer Strawb’d 1st 6 s . 1911
Cass Ave & F G (St L) —
5 s _________________ .19 1 2
Chic Board of Trade 4sl927
C h ic C on sol Br&M lt 6s ____
Chic Consol Trac 4>$s-1939
Chic Edison—
Debenture 6s_______ 1913
1st gold 5s________ ftl926
Chic Auditorium 1st 5sl929
Chic Dock C o 1st 4 S ..1 9 2 9
Chic No Shore Elec 6s_1912
Chic & Mil Elec R y 5 s . 1919
Chic Pneum Tool—
1st 5s_______ ____ al921
Chic R I & P R R 4 s . .20 0 2
Collat Trust g 5s___ 1913
Commonwealth Elect—
5s-----------------------------61943
Illinois Tunnel 5s____ 1928
Kan City R y& LtC o 5s 1913
Knlck’ b’ker Ice 1st 5 s . 1928
Lake Street El—
1st 5 s _____________ 1928
Income 5s___________ 1925
Metr W Side El—
1st 4 s________ ______ 1938
Extension g 4s______1938
North Chic St 1st 5 s . .1 9 0 9
1st 5s_______________1916
Refunding g 4 H S ..1 9 3 1
N o Chic C ltyR y4 J^sl927
North W estern El—
1st 4 s . ............... ......... 1911
Ogden Gas 5s__________1945
Pearsons-Taft 5s______1916
4.40s _______ _____________
4.60s Series E ___________
4.80s Series F ___
___
Peo Gas L&C 1st 6 s . .1 9 4 3
Refunding g 5s____ 194 7
Chic Gas L&C 1st 5s 1937
Consum Gas 1st 5 s . 1936
Mut'l Fuel Gas Ist5sl947
South Side Elev 4 H S -1924
Swift & Co 1st g 5s___1914
Union El (Loop) 5s___ 1945
Union Pacific conv 4 s . 1911
United Box Board 6s______
W est Chic St 1st 5 s ___ 1928
Tunnel 1st 5s_______ 1909
Debenture 6 s______1914
Consol g 5 s________ 1936
W e sD lv C lty R y 4 J^sl932
Western Stone Co 5 s . .1 9 0 9
Ask Low
High N o. Low
F - A
J - J
__
__
__
_
__
__
__ __ ____
__
__
_
13 2
8
BOSTON STOCK EXCKING-E—Stock Record, Daily, Weekly and I early
SH AR E PRICES— NOT PE R C E N T U M PRICES
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
N ov. 19
w eunt auuy
N ov. 20
Thursday
Nov 21
Frl ay
Nov 22
t
Sales
0/ the
Week
Shares
STOCKS
B O STO N STOCK
EXCHANGE
Range lor Year
1907
L~wesl
Railroads
Atch Top & Santa F e . 100
D o pref____ _______ 100
Boston & A lba n y____ 100
Boston E levated____ 100
Boston & Lowell_____ 100
Boston & M a in e ___
100
Do p r e f . . ________ 100
Boston & Providence. 100
Boston Suburban El Cos.
Highest
Range 1 Previous 1 ea
ot
(1906)
Lowest
Highest
S6I4 J’ly 110% Sep
56
6712 Nov 22 1071® Jan 7
69",
697S 69<s
6914 6914 6712
6712
105>8 Jan
8 Ug Nov 16 10l3g Jan 8 i9778 Dec
801®
18
*80% 8 U8 *791®
821 *SU2 821®
4
Dec 257 ■: Feb
188 Nov 8 240 Feb 7 239
310
189
189
190
I8934 190
189 190
11734 Nov 22 152 Jan 2 147 Aug 160 Jan
11734 118
148
118 118
1181® 118 118
2>)0 J ’n el9 231 Jan 7 230 Dec 2461® Apr
____
26
210 *205 210 *205 208 *201
129 Nov 8 170 May 8 160 Dec 180% Apr
135 136
135 135
135
135
79
135
150 Oct 22 165 Jan 3 164 Oct
175% M aj
155 *
155
Last Sale 155 NoV07
285 Oct 31 301 Feb 25 2991® Dec 314% Apr
*290"
Last Sale 290 Nov’07 ____
8 J’ly 1
15 Feb 16
13 Nov
27% Feb
Sep’07 ____
*8
Last Sale 334
’lb"
Yo”
____
50 Aug 8
63 Jan
75 Feb
65 Jan 15
52
Last Sale 50
Aug’07
52 * - . . .
2834 Jan 2
25 Jan
39% Apr
Boston & W or Elec C o s ..
16 N o v l2
Last Sale 16
Nov’07
18 *
18
90 Apr
721® Jan
80 Jan 23
55 N ov 20
55
55
” l6
55
55 * ____
55
55
182 Jan
130
130
130 130
35 Cblc June R y & U S Y .1 0 0 130 Oct 17 160 Jan 17 150' Oct
9934 Oct 30 120 Jan 2 117% J ’ly 127 Jan
Do pref_______ _____ 100
103 103
20
Con & Mont Class 4 . . 100 170 Oct 11 188 Feb 13 18734 N ov 190 Mcii
Last Sale 170
Oct’67
163 Apr
Conn & Pass R lv p r e f-100 152 J’ly 17 156 M c h ll
158 Oct
Last Sale 152 July’07
Connecticut River;___10( 245 Sep 14 280 Jan 8 285 Oct 298 Apr
Last Sale 250 Nov’07
145 Jan
* ____ 120 * ____ 120
120 120 * ____ 120
119i2 119i2 1191® 11912 ” 26 Fitchburg p r e f _______ 100 11912 Nov21 135 Jan 9 132 Oct
ji___
107 Apr
70 Oct 28 114 Mch22
95 Jan
* ____
Ga R y & Electric____ 100
73 * ____
Nov’07
Last Sale 70
73 * ____
73
73 r
* ____
95 Jan
73 Oct 25
88 Mch 7
89 Dec
* ____
Do pref_______ _____100
75 * ____ 75
Last Sale 73
0ct’07
75 *1111 75
Maine Central________ 100 190 Aug 17 198 Jan 11 197 Mch 200 Dec
Sep’07
Last Sale 190
20% Jan 9
17 Jan
23 J ’ne
9 Oct 22
93,
934
934
190 Mass Electric Cos____ 10(91®
912
912
9i2
9l2
912 * 91® 934
*912
75 J ’ne
711® Jan 9
59% Jan
Do pref__________ _ 100
37 Oct 28
*38
39
30
38
38
38
*38
*38
39! j 38
*371®
14 N ov 6
2534 Jan 2
28i4 Dec
Mexican Central_____ 100
21% Aug
Last Sale 14
Nov’07
*1312 *14% *1312 141® *131® 141® *1514 I 6I4
135 1351® 135 136
135 135
*757 N Y N H & H artford- 100 12712 N ov 4 1901® Jan 2 190 J ’ly 20714 Jan
136 1360 134U 137
13512 136
152 May23 160 “ Jan 8
155 Sep
163 Feb
Northern N H ________ 10<
Last Sale 152 May’07
* ._
Norwich & W o r p re f-10' 1 205 N ov 15 226 Feb 2 228 J’ly 2331® Mch
Last Sale 205
205
Nov’07
175 Oct 9 200% Jan 7 198 Dec 210 Jan
180
180 180 * ------ 180 *178
180 180 *180 183 *
180
**26 Old Colony . _______ 100
531® Oct
52 Jan 16
5 J ’ly 31
53 Sep
Pere Marquette_______ 10(
*12
* 12*
*12
*12
Last Sale 12
Nov’07
65 Oct
50 Jan
57 Jan 18
Do pref____________ 100
27 Sep 13
27
27
166
64 Jan
45 Jan 24
Rutland pref_________ 100
25 N ov 8
47% Nov
Last Sale 25 " Nov” 07
99 Oct
82 Aug 7
94 Jan 21
65 Jan
Seattle Electric_______ 100
Last Sale 82
Aug’07
106 Feb
* ____
83*4 N o v l2 103 Jan 7
95 Jan
Do pref____________ 100
8334 83*1
84
85
85
85 * - . . .
85 * ____
**36
841® 85
10012 Oct 24 182% Jan 7 139% May 195 Sep
1091® 1091® 1081® 1081® 109
110
1077s 107% 112 112U 109*4 m
1,068 Union P a cific________ lOf
9934 Jan
783j N ov 14
93 Jan 15
91 May
Do pref____ _______ 100
Last Sale 7934 Nov'07
*781® 7912 *78
178 Apr
Vermont & M ass______100 150 N ov 1 170 Jan 30 170 Sep
Last Sale 145 Nov’07
92 Dec 101 Jan
79 Oct 28
95 Jan 25
80
801® 80
8012 80I2 8012 8034 81
81
82
81
81
*168 W est End S t__________50
116% Apr
Do pref____________ 50
94 N o v l2 110 Mch 4 107 Sep
95
95
*94
95
95
95
95
95
95
123
9412 943,i 95
1501® Feb
W ore Nash & R och -.lO O 140 Aug28 147 Jan 15 150 Feb
Last Sale 140 Sep’07
Miscellaneous
34 Jan
10 Oct 23
26 Jan 8
21 J’ly
15 Vmer Agrlcul C h e m .,1 0 0
IU 2 1U2
90 Dec 102 Jan
95 Feb 7
721® Nov 22
Do p r e f ___________ 100
73
73
73
73
62
73
73
’ 73* *7*3*’ ‘ 721*2 7212
1434 Jan 8
*■4* ” 4
29 Mcb
10% Dec
4 Sep 11
"
4%
41g *4
140 4.mer Pneu S e rv ice.. 50
4%
4%
414
414
414
414
414
33 Jan 8
46 Apr
*9'.,
26 “ Aug
10
11
912 Oct 25
10
*10
10
10
*9
11
11
86
10
10134 102
98 Oct 24 13714 Feb 11 128 May 1567g Jan
102
102 10210 102 102ls 101 102
Amer Sugar Refln____ 100
103 104
1,545
101%
Do pref____________ 100 108 Nov 19 181*4 Jan 16 130 Dec 141 Jan
109 110
108 10934 10812 109
1087 109
s
109 110
723
10834 109
144?s Jan
128 j 'l y
9434 9314 9414
8914 N ov 15 1341, Jan 2
9334
9412 5,397 Am er Telep & T eleg ._100
93
93
93*/i
8912 9012 9U2 9314
4734 Jan
28 Nov
1312 Nov 22
3 6 % Jan 7
14
14
14
141® *1334 141®
13l2
1312
600 American W oolen____ 100
*1312 14
*1212 1312
Do pref____________ 100
70
6934 7014
69 Oct 24 1021® Jan 8 10034 Dec 110*4 Feb
69
691® 7031 691® 701® . 69
70
6914
70
1,088
4 “ Jan 15
334 Jan
412 J’ne
3 Mch28
334 *3U
334
334
Boston Land__________10
Last Sale 4
0ct’07
*3U
334
*314
*314
931® Nov 22 115 Jan 10 115 J’ly 11834 Mch
9334 94
94
*93
*94
95
*93
95
9312
9312 ’ *65 Cumberl Telep & T e l. 100
*9312 9334
34 Apr
2184 Nov
25 Feb 19
121® Oct 25
1312
131® *13
Last Sale 14i2 Nov’07
Dominion Iron & S t . ___
141® *13
*13*4 1334 *13
*45g
10 Aug
9% Jan 3
5% Jan
*434
*434
5I4
434
512 *125 East Boston Land_______
3i2 Oct 23
512 *434
512
5I2 *484
514
195 195
195
196
195 196
195 196
207 Edison Elec Ilium ____ 100 185 Nov 20 230 Jan 7 225 Dec 250 Jan
19512 196 *195 196
10434 10512 108 10912 107 10812 105% 107
91 Oct 23 162 Jan 24 157 Dec 184 Oct
836 General Electric______100
104i2 106
105
106l2
6434 J’ne
441, 4412 45
66% Jan 16
43 Oct 24
44 May
4434 45
451® 4512
44U
4412 1,120 Massachusetts Gas Cosl0<'
451® 45I4 4514
90 Sep
771, 7712
84% Dec
86% Apr 20
75 N ov 2
Do pref____ _______ 100
773i 781®
79
79
78
78
78
7812 78*4 79
539
67l Mergenthaler Lino___ 100 185 N o v 20 215 Mch 1 190 ” Mch 210 Dec
185 185
188 188 * -_ - 188
188 188
185 185
185
185
434 Jan 19
3 Jan
534 Sep
134 Sep 9
0 c t’07 ____ Mexican Telephone . . 10
*114
Last Sale 134
*114
*U4
1*4
1«4
134
*114
1*4
60 N ov
* ____
27 Mch
46 J 'ne 3
75 J ’ly 29
60 * ____
60 * ____
60 * ____
60
N E Cotton Y a m ____ 100
Last Sal- 60
Nov’07
9014 N ov
*
90 Jan 12
80 Mch
80 Oct 8
80 *
80 *
Do pref____________ 100
80 *
80
Last Sale 80
Nov’07
141% Apr
96 No\?15 126 Jan 7 126 Dec
96
96
96
97
97
*97
99
100
96
" 5 5 N E T elep h on e..
*9712 98
*9512 97
13934 140
138 140
139 140
140 140
138 138
139
140
546 Pullman Co___________ 100 137 N ov 15 182 Jan 7 180 Dec 2681® N ov
11 ” Dec
91® Jan
11 Jan 10
X9U Apr 5
91® *9
91® *9
912
45 Reece B u tton -H o le_. 10
912 *9
91® 91® *9
80
82
81
83
7612 Nov 4 113 Jan 16 10134 J ’ne 120 Sep
83
83
81
83
81%
821®
8 U: 83
689 Swift & Co___ _______ 10(
23 Feb
2214 Dec
221® Jan 12
20 J'ne 13
*20
21% *20
20 * ____
20
20 * ____
15 Torrlngton Class A ___ 25
2U 2 *20
2U2 20
271® N ov
241® N ov 7
25 J’ly
*
26 *
Do pref____________ 25
27% J ’ly 26
26 *
26 * ____
26
Last Sale 2412 Nov’07
2 J’ne
5>s Dec
6% Jan 24
21® * 11® 21® * 11® 2
1 Oct 5
Last Sale U2
Union Cop L ’d & M ’g . 25
*U 2 212
Nov’07
*U 2
103% May 11334 May
1031® 104 106
1011® Oct 30 117 Sep 6
106 108 " 107 ’ 11012 107 108
1,504 United F r u i t ________ 100
10712 108%
103%
86?8 Feb
69 Jan 2 *60% Dec
37
37
37% 3712 36I4 3634 37
38 Oct 17
37
1,269 Un Shoe Mach C o r p .. 25
3714 371® 371® 38
29 Jan 4
32% J ’ly
23% Nov21
28% Dec
24% 2412 2412 243,.
24
24
241® 24
24
Do pref____________ 25
574
23% 24l2 24
50-% Jan 7
3234 J ’ly
501* Oct
22% 23%
22% 2314
22 Oct 23
227g
23l8 6,860 U S Steel Corp_______ 100
24
241® 2212 23%
227g 2314
99 J ’ne 113',s Feb
827g 83
82
80
807g 3,913
80
80
Do prt*f____________ 100
791® Nov 16 10734 Jan 7
797g 797s
7912 80%
80-%
171, Jan
9 Jan 12
8 Nov
*4
5
4
*4
*4
5
4 N o v l9
*4
5
4
5
*4
5
100 W est Telep & Teleg-.lO O
98% Jan
82 Jan 17
* ____ 53
79 Nov
*50
50 N o v l9
50
50
50
50
*50
50
50
62
Do p r e f.. ________ 100
78% Jan 18
86 “ Feb
2(ilj N ov 7
7334 Oct
Ixist Sale 26I4 Nov’07
W esting El & M fg___ 50
98 Jan
80 Feb 28
76 May 6
75 Nov
Last Sale 76
May’07
D o pref____ . . . . . . . 50
Mining
81® Oct
41, Dec
61® Feb 20
.80 N ov 21
78
78
310 Adventure Con_______ 25
.80
%
*% ____
‘S
34
*4 .80
%
7S
5514 Dec
7414 Jan 14
221 • 2212 *22
>
*22
23
20 Oct 21
23
23
23
23
231® 23%
268 Allouez________________ 25
23%
31% J ’ly
4515 46%
4638
47U 19,572 Amalgam ated Copper 100 14212 Oct 24 121 Jan 5
92% J ’ly 118 Feb
46*4 481® 45% 463.1 4518 I6I4 45I4 46Va
22
2034 2034 20
20
53 Jan 22
*20
20I4
20
23
8% Aug <245 Dec
235 A m Zinc Lead & S m ._ 25 X20 Oct 23
2012 2012 *20
74 Feb
_
_ _
. ____
75 Feb 16
5712 May
26 Oct 18
.... ....
32% 33
57 A n a c o n d a ____________ 25
3O
I4 31
3U2
3 U2
15% N ov
1538 Jan 16
3
234 Oct 25
3
2l8 J’ly
3
1,080
3
3
’
3
3
3I4
3%
3lg
3I4
3U
g
8
8
834
9
9
734 Oct 17
81® 81®
81®
28*2 May fc
715 Arizona Commercial— 2?
S*4
214 Dec
7g j ’ne
2 Jan 7
*.40
.60 * .4 0 " .6 0 “ * ____ .60 “ .40
.40
$.40
.60 ’ *.*40 *60
100 A r n o ld ________________ 25
.35 Sep 28
134 J’ly
ji2 Jan 9
1® May29
.90 Sep
Last Sale %
Aug07
Ash Bed
25
28M Jan
1034 May
22 Feb 25
*81®
912
9
9
9
9
81® *8
*8
9
6I2 O ct 14
*135 A tla n tic _______________25
SI2
8*1
334
9. . W/M799
1
335
358
121f> Apr 4
234
3 11 236
334
3I4
3
3I4
312
3*2
3%
49% Feb
37 “ Jan 14
47g
5
25 j ’ly
5
5“
5
478
5
5
5
5
4% Oct 16
5
5
1.385 Bingham Con Min & S 50
.45 May .90 Oct
. . . . ____
.40
.40
.40
.40
.45
.45
.40
.40
*.40
.45
640 Bonanza (Dev C o)___ 1<
.35 Sep 13 .80 Jan 17
35.% O ct
33% Jan 5
8%
8%
93g 9*4
91® 91®
8% Nov 16
9
914 l,r:20 BostonConC&G (rets) £1
*%
9
20% Mch
934 10
42 Oct
39ig Jan 7
25 J’ly
1212 1234
12% I4I4
123* 13
1278 133s
1212 13
7,850 Butte Coalition_______ 15
10 Oct 15
12*8 1318
184 Dec
95
93
97
921® 93
95
95
96
94
94
95
96
1,926 Calumet & A r iz o n a .. 10
89 Oct 24 198 Feb 8 107 J iy
575 580
570 575
575 585
550 575
585 590
565
565
146 Calumet & H ecla____ 25
535 Oct 24 1000 Feb 15 675 May 900 Dec
40ig Dec
47 Feb 18
19
20
*18
*18
20
22
171® J’ly
*18
20
2012 *20
135 Centennial- _________ 25
16 Oct 18
*1812 20
.70 Jan
.35 “ Dec
.35
*.2 7
.30
.27
.26
.26
900 Cons Mercur Gold____
.27
.25
*.26
.30 *.26
.28
1 .25 Oct 21 .52 Jan 19
86% Jan
6634 J ly
461® 481® 4914 501® 48
50
491® 49
51
52 19,962 Copper Range Con C o .l0 (
44I4 Oct 18 105 Jan 14
4912 50U
14 Mch
211® Nov
103g 10%
20% Jan 23
* 10*4 11
11
11
10% 10%
1012 1,235
918 Oct 23
10% 101® 10
84 “ Feb
6 U® Oct
701® Mch 2
Last Sale 40
Oct’07
Dominion Coal
100
40 Oct 28
851® 851® 85
85
Do pref. ______ __ 100
12
85 Nov Is 114 ■ Jan 12 113 Nov- 122 Mch
110 J’ly
31o Dec
*34
4ig Jan 10
*3,
*34
1
1
.90
1 *.5 0
.75
.80
170
*.75
.90
34 N ov 22
2< i4 Mch 1
>
14% May
26% Sep
63t
7
7
6 Oct 16
7I4
7
775 Franklin_______________25
714
7
7H
7
7I4
714
714
73% 74
77
75
75
75
75
77
120 Granby Consolidated. 100
65 Oct 24 151 Feb 8 131 Dec 140 Dec
72
75
7212
721®
175g Apr 8
Kl.
94
53g 510
51®
512
ol0 3 601 Greene-Cana tem ctfs__51® 51*
51® 53,.
51® 5%
53s
514 Jan ii
41® Jan
71, Jan
2%
2%
21. Ort. 29
C
212
21® ’760 Guanajuato Consol___
361® Jan 14
14-3,
1434
111. Oct 24
29% Jan
15
1478
1478 1,105 Isle Royale (Copper). 25
15% J’ly
15
*1312 14%
1412
1412
1414 141®
30 " Feb 8
X Or*. 95
9
9
934
9
9
91®
*9
9I4
912
9
914 *9
25
455 La Salle Copper
12% Jan
914 Jan 10
6i® J’ly
*214
*214
21®
2% N o v lo
212
2I4
870 Mass Consol___________2i
214
212
234
214
212
2%
214
134 Jan 2-*
li2 Jan
.40 J ’ne
.55
.40
*.3 5
.40
.40
.40 *.3 5
.55
100 M ayflow er____________ 25
.40 Nov 18
*.35
.55 *.35
.55
1514 Jan 24
1434 Dec
71®
13 Nov
7
7
7
7
6I4 Nov22
7%
7
7
2,703 Mexico Cons M & S ___ 10
6I2
6I4
7
6%
241, Jan 15
1034 J ’ne
221® Dec
7
8
8
8
8
8
63j O ct 19
7%
*8
8I2 *8
81®
391 M ichigan......................... 25
8I4
85." Dec
44
961? Jan 14
42
44
541® Mch
44
46
340 Mohawk_______________ 25
4312 44
4312 441® *4412 45% *45
37 Oct 18
3i.> May 7
1
71® Feb
1
1% Dec
1
*1
Us
1
1 Nov 16
U4
u4 1
*1
U8 2,875 Montana Consol C & C 10
1*4
201®Jan 16
634
634
11 Jan
634
63;
634
23% Oct
710 Nevada Consolidated- 5
6U Oct 25
71.4
67
8
67
s
714
6*4
714
714
7434 Mch 117l2 Oct
327g 36
3212 34
3434 3614 36i4
30 Oct 24 120 " Jan 5
37% 20,062 North Butte__________15
32% 3614 3212 3314
21®Jan 4
1®
1®
2% Dec
.50 *.40
.60
* .4 5
70 J ’ly
215 Old Colony____________ 25
12
12
%
.12
%
h
*2 Sep 20
63 ‘ Feb 14
21
21%
2134 2134 21
6684 Oct
21 "
22l2 221® 1,182 Old D om in ion ________ 25
18 Oct 24
33 J ’ly
2 U2 211® 21% 22U
75
75
76
76
7734
7734
93 Mch 151 Dec
75
75
77
77
514 Osceola________________ 25
78I4 7814
71 Oct 25 181 Feb 2]
35 Jan 14
91®
48 Jan
9
834 Oct 24
9
10
10
912
420 Parrot (Silver & Copp) 10
2234 J ’ly
9
9
9
9
*9U 10
*3 Jan 26
258 Dec
* .. .
1
1 *
1 * ____
1 * ____
1
60 May
50 Phoenix Consolidated 25
Us
l's * ____
S Oct 31
4
*7 3 ' 75
75
75
70 Oct 24 148 Feb e
74
74
74
74
74
75l2 751® 74
215 Quincy
_____ _______ 25
80 J ’ly 114 Jan
* 21® 2%
9% Dec
2 Oct 24 el 234 Jan 15
21® *214
*214
234
*2%
*214
234
500 Rhode Island_________ 25
2%
23j
212
314 J ’ly
5% N ov
Ur
134
71®Jan 8
1*4 Sep 2>2
2
134
134 *138
134
710 Santa Fe (Gold & Cop) 10
1’4
U8
1*4
1*4
1% J ’ly
97g
243g Jan 17
9
9>
91® 91®
93s 10
7% Oct 17
534 Jan
9*8
934
18%
9*8
9% 1,284
9*4
58
*55
60 “
60
*57
56
56
70 Tamarack ____________ 25
51 Oct 25 170 Jan 14
to J ’ne 122 Jap
*57
63
5912 591® *59
201® Dec
734 J ’ne
9%
9*;
10
10
97g 10
10
101® 10
9*8 Nov 16
42i4 Jan 24
91®
10
IOI4
2,190
78 “fFeb
* 71,
____ . . . .
9
Last Sale 8
*8
Nov’07
7714 Mch 7
81® * 71® 81®
35 United Copper________ 100
57U Ma>
714 Ofct 29
22 rw . 99
111 Feb
Last Sale 2334 Nov'07
91 May l
Do nref
t(N)
88 Jan
14% Mch
1314 Jan 22
#:
81® 81®
8
8
73j Oct 25
8
8%
8
8
9% Sep
814
8I4
8I4
*475 UnlteditatesCoaf&OU 25
66 Jan
>
3014 30%
321® 311® 32
32
3234 5,031 -U S Smelt Ref & M in . 50
2434 Oct 24
70 Jan 2
31
311® 32
51 Mch
3134 32M
47% Sep
33
3434 . 3478
3434
3434 2,255
43 Mch
35
3549 Jan 7
3312 341® 35 "
3 -H 35
2
27% O ct 25
69*4 Jan
313<
3234 3 114 32
5214 J ’ne
31
335<
79 Jan 14
33
32
33
32
31%
3214 5,65,S TTtah Consolidated—
25% Oct IS
5
914 Mch
4!r
412
412 *4
57g Nov
*4
*4
412
4
41.1 *4
80 V ictoria_______________ 25
412
11% Feb 27
4*4
31® Oct 25
21® Dec
1 M avll
60 Jan
Last SaU 1.06l4 July07
3I2 Mch 6
Washington
25
lb% Oct
4
31®
14 “ Jan 22
4 J ’ly
3
3
C
21® Nov 11
31® 312
*540 Winona’ _______________25
314
314
312
312
190 Do*
►
100 105 *100 104
1051® 106
105 107
110 110
no*
uo*
9 3 " Oct 18 198 Feb 11 131 Jan
106 W olverin e ____________ 25
2*4 Dec
.20
.20
.70 J ’ly
.15
.25
20
3*8 Jan 22
.20
.20
.20
.20 1,1851 W y a n d o t _____________ "5 I .10 Nov 12
l-l
14 .15
c Before pay’ t ot assess't called In 1907. * Bid and asked prices- d New stock
e Ass't paid, ft Ex-rtgbts
n Kx-div and rights, u E.c-atoci dividend.
673|
8 Us
189
* ____
205
135
*150
*
*8
* ____
# ___„
*53
68%
83
189
119
205
135
155
290
10
52
18
57
703S 6934
*8114
190 ' 190
119
1181®
205 *205
135
135
* ____
155
290 *290”
*8
* 8 ~ 10
* ____
52 * ____
* ____
18 *
*50
*50
55
*7018
*81
190
1181®
205
132
* ____
13.9
Boston Bond Record.
N © y . - 2 3 1 90- ,
p r ice
F r id a y
N ov *'4
BOSTON STOCK E X O H ’GE
W.KKK KNDLNfi NOV 22
Am Bell Telephone 4 s ___ 1908
Am Telep & Tel eoll tr 48.1929
Am W rit Paper 1st s l 5 s g 1919
Atcii < Nebraska 1st 7s. .1908
fc
A ten Tod < 8 Fe gen g 4 s .. 1995
fc
Adjustm ent g 4 s ___ J'ly 1995
S tam p ed.................J ’ly 1995
Boston Elect Light 1st 6s. 1908
ConsoJ 5 s ............................1924
Boston < .Lowell 4 s______ 1916
fc
Boston <* Maine 4 4 s ......... 1944
Boston Terminal 1st 3 4 s . 1947
Bur & Mo R iv ex 6s ..........1 9 1 8
.Non-exempt 6s .................1918
Sinking fund 4 s ...............1910
Butte < Boston 1st 6s___ 1917
fc
Cedar Rap < Mo R 1st 7s. 1916
fc
2d 7 8 .....................................1909
Cent Vermt 1st g 4 s ..M a y 1920
0 B & v lowa D iv 1st 5s. 1919
Iowa Div 1st 4 s ............... 1919
Debenture 5s.................... 1913
Denver Kxten 4 s............. 1922
Nebraska Exten 4 s ........1927
B *ia S W 8 f 4 s...................1921
Illinois Div 3*28...............1949
Joint bonds See Gt Northern
Ohio j o Ry * HtK Yds 5s .1915
Coll trust relunding g 481940
Ch MU & St P Dub L 6s .. 1920
>
Oh M & St P W is V div 6sl9 2 0
Chic as No Mien 1st gu 5 s .1931
Ohio < W Micb gen 6 s ....1 9 2 1
fe
Concord < Mont cons 4 s .. 1920
fc
Conn & Pass R 1st g 4s. ..1 9 4 3
Current River 1st 5 b ......... 1927
D etG r R ap & W 1st 4 s . .. 1946
Dominion Coal 1st s f 5 s .. 1940
Fitchburg 5 s ........................ 190r
4 s .......................................... 1915
4 s ............... ..........................1927
Fremt E l k * Mo V 1st 6s .. 1933
Unstamped 1st 6s ........... 1933
G* Nor C B & <j coll tr 4s 1921
Registered 4 s........... .........1921
J-J
J-J
J -J
M-S
A-O
N ot
M-N
M-S
M-S
J -J
J-J
F-A
J-J
J-J
J-J
A-O
M-N
J-D
Q-F
A-O
A-O
Vl-N
F-A
M-N
Nfl-S
J-J
Wtele's
R ange or
Last x a ‘
R ange
Since Jan uary 1
Bin
A sk Low
M iyn ft-J Low JJiffh
97 Sale
97
971, 20 96V 9s%
73 H Sale
i
72
7 3 4 40 71
90V
2 H78 H83
*78
1178
104 M ar'06
4 88 V iio iv
88 4 90
88 V J91V
2 80
80 Sale
92
80
fl8l>V
85% 91V
8 5 % J’ne’07
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
y-J
110 Feb’04
101 S e p ’06
114 Mar’ 06
...................
112 4 Jan ’03
104 Oct ’ 07 . . . . 104 1 0 7 4
102 Sep ’05
97 4 O c t '07
074 974
100 J’ne’01
123 N ov’ 06
111 > J’ly ’05
8
83 Oct ’07
8 2 4 90
1J103 Oct ’07
11103 H103
98 Oct ’07
98 10D4
1100V May’07
1100411004
9 7 7s I ’ne’ 07
97% 99V
102 V J’ne’ 06
9 7 4 May’07i
"97 4 " 9 7 4
84 4 N ov’07
8 4 4 91H;
99 4 100 N ov’07
88 Oct ’ 07
122 A p r ’06
12<! F e b ’05
974 9 7 4 J ’ l y ’07
99
97 N ov’< 7 : : : :
>
99 Mar’07
112V Jan ’03
104 N ov’06
89 Mar’07
93
Aug’07
98 A p r '07
103 V Apt ’06
100 May’07
128 Sep ’07
140 Aiir’06
8 4 4 sale
83 4
84V "4 8
83 ........
9 1 4 Sep ’ 07
100
88
1024
95
97
99
99
100
102
99
89
93
98
90
100
98
100
128
100
128
"82 H "9 7 V
i
90% 96
BONDS
BOSTON STOCK E X O H ’ GE
W eek E.vmiw N o v 22
Illinois Steel deben 5s___ 1910
Non-convert deben 5 s ...1 9 1 3
la F a ils*S io u x C is t 7 s .. 1917
Kan C Clin & Spr 1st 5 s ... 1925
Kan C F t S & Gull 1st 7 s .. 1908
Kan C Ft Scott «fc M 6s . . . . 1928
Kan C M & B gen 4 s ........... 1934
Assented income 5 s . . . . . 1934
Kan C & M R y & B r 1st 5 s 1929
Maine Cent cons 1st. 7 s ...1 9 1 2
Cons 1st 4 s ........................1912
Maro Hough & Ont 1st 6s. 1925
Mexican Central cons 4 s .. 1911
Istcon s in c3 s........... Jan 1939
2d cons inc 3 s........... Jan 1939
Mich Telep 1st 5 s ................ 1917
Minne Gen Elec con g 6s 1929
N ew Eng Cot Yarn 5 s___ 1929
New E n g Teleph 6s ........... 1908
5 s .......................... ............... 1915
5 s...........................................19.16
New England cons g 5 s ... 1945
Boston Term 1st 4 s ........1939
S Y N H & H c o u deb 3 s s 1956
Old Colony gold 4 s ............. 1924
Oreg Ry < Nav con g 4 s .,1 9 4 6
fc
Oreg Sli Line 1st g 6s........1922
Repub Valley 1st s f 6 s ...1 9 1 9
Rutland 1st con gen 4 4 s . 1941
Rutland-Canadian 1st 4 sl9 4 9
Savannah Klee Istcon s 58.1952
Seattle Eleo 1st g 5 s ......... 1930
Terre Haute Eleo g 5 s___ 1929
Torrington 1st g 5 s ........... 1918
Union Pac R R & l gr g 48.1947
20-year conv i s .................1927
United Fruit conv gen 58.1911
U S Steel Corp 10-60 yr 5s. 1963
W est End Street R y 4 s ___ 1915
Gold 4 4 s ..............................1914
Gold debenture 4 s . . ........1916
Gold 4 s................................. 1917
Western Teleph & Tel 5s. 1932
Wisconsin Cent 1st (fen 481949
W isconsin Valley 1st 7 s .. 1909
N ote —-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.
W eek's
R ange or
Lqsf NaU
P rice
F r id a y
Nov 2 i
Bid
j -j
A-O
A-O
AO
J-D
M-N
M-S
M-S
A-O
A-O
A-O
A-O
J-J
J’ ly
J-J
F-A
A-O
A-O
A-O
J-J
A-O
J-J
F-A
J-D
F-A
J -J
J-J
J-J
J-J
F-A
J-J
M-S
J-J
J-J
M-S
M-N
F-A
M-S
M-N
F-A
J-J
J-J
J-J
95
A s k Low
98 4
95
12 2 4
95
90
"95
. . . ..
:::::: m -
70
75
L ow H ig h
984 *84
95 100%
H igh
J’l y ’07
N ov’07
Nov’06
O tt ’07
95" 984
1004 Aiig’07
1004 lu 0 4
112 4 N ov’07
94 4 D ec’06
89 Sep ’07
99 May’07
1 13"8 N ov’ 06
1 0 1 4 Sep ’ i)5
118 May’04
76% Sep ’07
26 4
’06
173 Aug’05
4
102 4
94
99
1004
94
R an ge
■Since
Janxui r y
112
H76% 86 4
Ang’04
N ov’07
Oct ’07
Jan ’07
93 4 100 4
99
100
1004100 4
79 4 Sale
108
74
794106V
79 4
79 4
1 0 1 4 Sep ’06
1102% Jan ’05
1121% M ar’06
102 Aug’ ()7
1 0 7 4 N ov’ 05
102 M ai’02
85
98 4 May’06
9 7 4 9 8 4 Oct ’ 07
97 A p r ’07
99 4 Nov’06
IT 4 Oct ’07
98
1)87 4 Sep ’07
111
103 4 Oct ’07
1179
1180
100 4 J a n ’07
95 N ov’07
102% Jan '06
99 u May’ 07
76
74
74
H 944 Sep ’ 05
109% Aug’05
wN o prioe Friday; latest bid and asked.
1 20
*9 *’ 9 2 "
99 101
98
97
1193 4
# 7 4
103 4
H79
1004
95
105
97
jl0 2
1187 V
115
U99V
1004
102
9 9 4 1004
74
99
U Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Sh are Prices— Not Per Centum Prices
tkLtmrriay
N ov 76
79
M onday
N ov IS
lu e x d a y
N ov i y
80
*84
45
23 H
.
84
80
------ 30
* 8 4 .........
9
*44 4
23
8
We(, n esday
N ov '!0
45
24V
•8
•4
704
70 4 70V
52 4
5 1 4 52
78
547i6
63 V 53s
34
6V
6 7 6u ie
g
16%
15 4 16 V
38?le 39V
404
3 8 4 3 8 4 ♦38
34
34
344
45V
45 4 4.‘)V
69% 7 0 4
704
45
24V
84
•44 4
23 4
45
24V
*81 83ie
i6
inactive S to c k *
Allegheny Val pref___ 50
American Cement........50
32
Am er Pipe M lg ......... 100
Bell Telephone.............50
45
46
Cambria iro n .................50
42
Central Coal < Coke. 100
fc
Consol Trac of N J ...1 0 0
Diamond State S tee l..10
P referred.....................10
Easton Con Electric 6.50
Elec Storage Batt___ 100
324
Preferred...................100
Ft W ayne & W V ........100
Germantown Pass........50
Indianapolis S t........... 100
Indiana Union T r ___ 100
Insurance c o ol N A . . 10
Im erSm Pow < Cbem.50
fc
Keystone Telephone ..5 0
lr o tr r r e d .................... 50
KeynioneWatchCase.lOO
L it Uro.’ liers.................. 10
Lutle Schuylkill........... 50
Miuehlii .fc 'Schuyl H ..5 0
N Haven Iron & S tee l.5
Northern Central_____ 60
North Pennsylvania..5 0
Pennsylvania Salt........50
Pennsylvania S tee l..100
Preferred.................. 100
34
Phila Co (Pitts) p ref.,.5 0
36
Phil German * N orris.50 140 145
82
62 4
Plula Traction........... ..5 0
Railways General........10
Susqueli Iron & S tee l..5
Tidewater ste e l........... 10
P referred.................... 10
Tonopah M ining of N ev l
f 4
74
Union Tr ot Ind......... loo
United N J R K & C ..1 0 0 225
Unit Trac Pitts p ref..50
46
Warwick I r o n * Steel. 10
"6
64
W est Jersey &. SeaSU .50
49
Westmoreland Coal....5 0
WilkiM'GMR < K lee.. 100
V
N ov U1
60
45
23%
8
45
24
84
45
234
8
16
5
69 4
504
> 444 45
2 3 4 24 V
8
8 i,«
16
6
71
62
14
*5
" 5 3 4 "5 4 V
*34
35
6%
6%
12V I o
39
39 V
384 384
*33 4 34
43
43 4
63% 69 4
P H IL A D E L P H IA
Honda
A1 Val E ext 7s 1910 A-O
A lt A L V E leo 1 4 s ’33.F -A
A m R ysco n v5s 1 9 1 1 .J-D
Atl City 1st 5s g ’ 1 9 .M -N
Balls Ter 1st 5« 1926. J-D
Berg&EBrw 1st 0s’21 J-J
Betlile.Steel 6s 1 9 9 8 .Q-F
Choc & M e 1st 5s 1949 J-J
Ch Ok & G gen 5s ’ 19 J -J
Col St Ry 1st cou 5s 1932
C pnTracof N J 1st 5s. ’33
E & A 1st M 5s 1920 M-N
Elec < Peo Tr stk tr ctfs
fc
Eq II Gas-L 1st g 5s 1928
H < B Top con 5s ’25 A-O
&
Indianapolis R y 4s. 1933
Interstate 4s 1943 ..F -A
Lehigh N a v 4 4 s ’14 .Q.-J
R R s 4s g ........1 9 1 4 .y -F
Gen M 4 4 s g .l9 2 4 .y -F
Leh V C 1st 5s g ’3 3 . . J-J
Leh V ext 4s 1st 1948. J-D
2d 7s 1910.................M-S
Consol 6s 1923........J-D
Annuity 6s ...............J-D
Gen cons 4s 2 0 0 3 .M -N
Leh V Tran oon 4s ’35J-D
N ew Con Gas 5s 1948 J-D
Newark Pass con 5s 1930
N Y Ph & No 1st 4s ’39 J J
Income 4s 1 9 3 9 ...M -N
NoOhioTrac conis' 19.J-J
Penn gen 6s r 1910. .V a r
Consol 5s r 1 9 1 9 ... Var
Penn at Md Steel con 6s.
Pa < N Y Can 5s ’39. A-O
fc
Con 4s 1939............. A-O
Penn Steel l s t 5 s ’ 17 M -N
People’s T rtrc erts 4s ’43
P Co lsufc col tr 5s’49 M-S
Con<fc col tr 5«-1951M-N
Phil Klee gold trust ctfs.
Trust- certifs 4 s...............
P < K gen M 5 g ’20. A-O
fc
Gen M 4s g 1 9 2 0 ..A & 0
* Bid and asked; no sales on this d»y. ^E x-rights.
89
• 8 4 ........
Sates
A C T IV E S T O C K S
ot the
W eek ( F o r B on d s a n d In a ctive
Stocks see b elo w )
Shares
Jr'riday
Nov. 22
80
4i61 415,6
(J
5
*4
6
70 H 7 1 -.
i
714
70
71
53
52
52V
52 4 6 3 4
7S
„ %
55
" 5 4 " "6 4 %
54
544
34
34
34 -34
35
6V
64
0%
6V
6V
154
124
15 12
13
41V
39 V
41 39% 4 0 4
39
38
3 8 4 •38 .........
34 4 34 41 34
35
34 4
45
45V 4 3 4 4 4 4
46
6 y%
69
70V 69
714
P H IL A D E L P H IA
Thursday
•79 4 8 0 1
*9
10
•18
22
*8V
9
*2
69
60 4
*%
539i8
•34
6^
12V
39V
45
22V
84
4
14
54
70
51%
V
54
35
6V
13
40
•33 H 34
i
4 I V 43V
6 7 4 68 4
26
•20
M id
A sk
101
97
100
114
99 4 ‘ 99V
99 4
"8 6 "
102V
53
101
103
1044
115
13 8 4
86 4
97 V
10 0 4
i024
......... 109*4
90
ion
85
| ?7.60 paid,
i
62
92
101
'9 2 ”
62 4
B altim ore
Oon. Gas EL L. < P ow .100
fe
Do prel.....................100
300 Northern C entral.......... 50
Seaboard (new )...............100
Do 2d pref............. 100
United Ry < Electric.. 50
fe
R a n ge lo r y e a r
WO?
H igh est
33 4 Jan 15
80 May29
78 4 Nov 4
10 Nov 2
28 J’ ne27
8 V Oct 24
35
86
97
234
48
15
Jan 9
Jan 10
Jan 26
Jan 7
Jan 7
J ’ne27
Range tor P rev iou s
Year ( 1 9 0 6 )
Lowest
85 4
80
97
22
48
13
H igh est
Dec 41 J’n*
Oct 90 J’u*
J ’ly 1 114 Deo
Dec 32 Jan
Dec 62 4 -I an
Dec 19 Jan
P h iladelphia
29 Amerioan R a ilw a y s .... 50 45 Oct 30 51 Jan 2 50V Sep 54 Jan
798 Cambria S te e l................. 50
22 Oct 24 47 4 Jan 24 30V Jan 3 9 4 Nov
692 Electric Co of Amerloa 10
7 7 Oct 24 11 % Jan 14 11 May 12 V N or
g
Gen Asphalt tr ctfs . ...1 0 0
3 oot 3 8 Jan 25
6 Nov 14 Jan
45
Do pref tr ctfs . .. .1 0 0
14 Nov22 36 Jan 25 31 Dec 48 Jan
25 Lake Superior Corp___ 100
4 4 Oct 22 16 Jan 8 1 4 4 N o v 23V Jan
17.- Lenigh C < N av tr ctfs. 50 69 Oct 30 103 Jan
fc
100 Dec 118 Jan
063 Lehigh Valley................. 50 4 8 4 Oct 30 7b V Jan
65 May 86 J’n*
,550 MarsdenCo...................... 100
% Nov20 2 4 J an
l7ia Oct 3 1& Jan
io
,263 Pennsylvania R R ......... 5 0 * 5 2 Nov 4 70* ijfl J an
6 i v J ’ly 7311i0 Jan
34 Nov 1 48 Jan
30 Pliiladelp’aC o(P lttsb). 50
47 Apr a54 -v Mar
6 B Oct ‘2 4 9 Apr
i8
045 Philadelphia Electric*. 25
6 4 Dec 9316 Oct
,758 Phila Rapid T r a n s its .. 5 0 d l 2 N ov20 ?26 4 May ti cl 9 4 Dec }3 4 4 J a m
340 R ea d in g ^ ........................ 50
35 V Oct 24 69 v J a n 7 56 May 83 Jan
23
Do 1st pref............. 50
Oct 22 45% Jan 14 43 V Apr 47i®i6 Jan
Do 2 d p ie f............. .. 50 32 H Oct 25 47 Jan 14 44 7s -Vlay 61 J an
2
147
225 Union Traction ............. 50 41% No'122 60% Jan 22 5 8 4 Dec 65 Au>
1181 4 May 101 Feb
,997 United Gas lm p t........... 50 6 6 4 Oct 24 96 4 Jan
25 May24 30 Feb 18 25 Dec 32 M u
Welsbach C o ............... ..1 0 0
P H IL A D E L P H IA
Pli & Read 2d 5s ’33. A-O
Con M 7s 1911........J-D
Con M 68 g 1911___ J-D
E x Imp M 4s g ’47. A-O
Terminal 5s g 1941. Q-F
P W < B col tr 4s ’21. J-J
fc
Portland R y 1st 5s 1930.
Roch Ry<fe L c o n 5 s ’54J-J
U Trao Ind gen 5s’ 19.J-J
Un Rys T r ctfs 4s’49J&J
United Rys Inv ls tc o lltr
s f 5a 1926................M -N
U Trac Pit gen 5s ’97 J J
W elsbach s f 5s 1 930 .J-D
W lks-B G<fcE con5s’5 5J-J
B A L T IM O R E
In active S to c k s
Ala Cons Coal& lion . 100
P r e t........................ ...1 0 0
A tiauta < Charlotte.. 100
fc
Atlau Coast Line RR. 100
Atlan CoastL (Conn)lOO
Canton Co.....................100
Cons Cot Duck C o r p ...50
Preferred.................... 50
Georgia Sou<fc F la ... 100
1st prel......................100
2d pref........................100
G-B-S B r e w in g ...___ 100
B onds
Anacostia & Pot 5 s...........
Atl & Ch 1st 7 ...1 9 0 7 J-J
Atlan C L R li4 s l9 5 2 M -S
A tl Coast L(Ct)ctfs 5s J-D
Ctfs of indebt 4 s ___ J-J
5-20 yr 4s 19 2 5 ......... J-J
Balt CPass 1st 5s ’ 11 M -N
Balt Fundg 58.1916 M -N
Exchange 3 4 s 1930 J-J
Balt<fc P 1 s t 6 s m l ’11 A-O
Balt Trao 1st 5 s ..’29 M-N
No Balt Div 5s 1942 J-D
Ceut’l H ycon5sl932 M-N
Extcfc Imp 58.1932 M S
Chas City Ry 1 « t 5 s ’23 J -I
B id
B A L T L t lO it E
110
108
103
98V
111
101
62 4
68
"7 5 '
24
91
99 4
1024
107
Chas Ry G & El 5s ’99 M-S
110 Cliarl C <fc A ext 5s. '09 J -J
2d 7 s .................1910 A-O
City & Sub 1st 5 s .. ’22 J-D
City<fc S u b (W a s)lst5 8 ’48
Coaldc 1 Ry 1st 5 s ’ 20 F-A
Col& Grnv 1st 6S.1916J-J
95 4 Consol Gas 6 s . . .1 9 1 0 J-D
5 s........................ 1939 J-D
Ga«fc A la 1st con 5s ’45 J -J
75
GaCar<feN l s t 5 s g ’29 J-J
59 4 Georgia P 1st 6s . . . ’ 22 J-J
GaSo ifc Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 1951M -S
2d income 5s 1951 M -N
Knoxv Trac 1st 5s ’2 8 A -0
LakeR El 1st gu5s’42M -S
Memphis St 1st 5s’ 45 J-J
MetSU WasJi)lst5s’25F A
Mt Ver Cot Duck 1st, 5s.
N p tN & O P 1st 5s’38 M -N
General 5s___ 1941 M-S
Norfolk St 1st 5s ’4 4 ..J-J
North Cent 4 4 s 1925 A-O
Series A 5s 19 2 6___ J-J
Series B 5s 1926 ___ J-J
Pitt Un Trac 5s 1 997 . J J
Poto Val 1st 5s 1941..J-J
Sav Fla<fc W est 5s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab < lioan 5s 1926. J-J
fc
South Bound 1st 5 s ..A -O
U El L& P l s t 4 4 s ’29 M-N
Un Ry & El 1st 4s ’49 M-S
Income 4s 1949........J-D
Funding 5s 1 9 3 6 .:.J-D
Virgiuia Midland—
2d series 6s 1 9 1 1 ...M -S
3d series 6s 1 9 1 6 ..M-S
4th ser 3-4-5s 1 9 2 1 .M-S
5th series 5s 1926. M -s
Va (State) 3» new ’3 2 .J-J
105
' Fund debt 2 -3s 1991 .J -J
1O8
W est N C con 6« 1914 J-J
W es Va C& P 1st 6g’ 11 J-J
Wil * Weld 5s_.1935.J -l
f 4>15 paid. * $10 paid, i S i o paid, a Keeeipts. 0 $25 paxL
c $30 paid,
A sk
102
i 0 2 4 104
97
974
i03 4
101
103V
98
9 /4
105
100
39
13 4
..........
70
1044
1014
106
99
93
107
101
40
144
i 1)6 4
72 4
994
109
109
79V
42
68 4
82
82 4
(t tf42 4 pa
81
80
42 V
69
1330
THE CHRONICLE.
Volume of Business at Stock Exchanges
Telegr & Telephone
eAmer Teleg & C a b le.100
eCentral & So A m e r ..100
Com m ’l Un Tel ( N Y ) . 25
Em p & Bay S' n e Tel 100
F r a n k lin _____________ 100
eGold & Stock Teleg .1 0 0
Hudson River Teleph 100
e N Y & N J T e le p h .. .1 0 0
^Northwestern T e le g ..50
Pacific & Atlantic______25
Southern & Atlan tic. .2 5
[V o l .
lxxxv
.
Industrial and Misce
Bid Ask
Consol Rubber T i r e ..100
3
5
Preferred __________100
15
Debenture 4s 195 1 A & 0
15
25
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
75 ’ Cons Steamship Lines 100
DAILY. W E E K L Y AND Y E A R LY .
M
58
50
Coll tr 4s 1957___ J &J
9'g 10»4
110
Cons Storage Batt’y ._ 1 0 0
Railroad.
55
Com Prod Ref See Stock Exc list
Week ending
<fcc..
State
V . S.
97
eOniclble Steel_______ 100
Nov 22 1907
Shares
Par value
Bonds
112
Bonds
Bonds
ePreferred_________ 100
. 75
eDiamond Match C o .1 0 0
1112
Saturday . .
$268,998 $24,399,800
$1,437,500
$97,500
100
Dominion Copper(new) 10
*3*
Monday . . .
486,135
42,498,950
2,967,000
408.500
Douglas Copper________ 5
3 1 «
Tuesday___
413.710
37,010,500'
4.094.500
424.500 $ 20,000
Econ’y Lt & P (Joliet, 111)
Wednesday
458.357
40,780,700
3.290.500
455.000
10,000
1st M s f g 5s 1 9 5 6 .J-D 5
Ferry Companies
100
Thursday__
540,341
47,999,100
2.089.500
474.000
Electric B oat________ 100
2«
15
U
Friday_____
289,543
26,207,050
2
1.751.500
347.000
Brooklyn Ferry stock 100
60
Preferred _________ 100
70
B & N Y 1st 6s 1911J J 590 * 100
Electric Vehicle______100
Total.
$2,457,084 $218,896,1001 S15,630,500| $2,206,500
N Y & E R Ferry s t k .100 ____ 70
Preferred _________ 100
60
75
Empire Steel_________ 100
1st 5s 1922............M -N
" 5
” To *
95
Preferred _________ 100
N Y & Hob 5s May 46 J-D 590
40
55
Sales at
Week ending Nov 22
Jan. 1 to Nov 22
eFederal Sugai of N Y 100
Hob Fy 1st 5s 1946M -N 593
98
New York Stock
N Y & NJ 2d 5s 1 9 4 6 ..J-J 5
105
ePreferred_________ 100
Exchange
1907
j
1906
1907
1906
25
40
eGeneral Chemical___ 100
10th & 23d Sts F e rry .100
50
60
1st mtge 5s 1 9 1 9 ..J -D 560
75
ePreferred_________ 100
90
35
2,457,084
Stocks— No. shares___
5,780,732
181,140,582
260,679,501
15
25
Gold Hill Copper________ 1
5
* 78
Par value__________ $218,896,100 $510,412,200 $15,708,541,550 $22,852,885,125 eUnlon Ferry stock. .1 0 0
65
Greene Cananea_______ 20
*53g
elst 5s 1920_______ M-N
75
Bank shares, par_____
$11,500
$2,500
$396,200
$434,400
*34
Greene Consol Gold___ 10
1
Bonds
Greene Gold-Silver____ 10
7-16
Short-Term Notes
H
r
Government bonds___
$30,000
$17,000
$809,800
$1,713,800
Guggenheim Explor’n 100 110 120
State bonds___________
2,206,500
735,000
63,274,750
04,057,300
eHackensack W ater Co
84
RR . and misc. bonds . .
15,630,500
9,750,100
378,033,800
555,790,300 Am C lgser A 4s ’ 1 1 . .M -S 577
82
R ef g 4s '52 op ’1 2 _ . J-J
Ser B 4s Mch 15 *12M S 575
84
88
30
45
Total bonds_______ $17,867.0001 $10,502,100
$442,900,900l
$620,778,850 Am Tel & Tel g 5s 10 J-J 59134 9214 Hall Signal Co________ 100
Atlan Coast L 5s ’ 1 0 . M-S 589
Havana Tobacco C o .. 100
91
3
8
97
Ches & Ohio 6s J’e 28 ’08 594
Preferred___________ 100
10
13
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
6s. July 1 1 9 1 0 ____ J-J 59412 95>2
1st g 5s June 1 ’2 2 .J -D
55
65
EXCHANGES
95
Hecker-Jones-Jewell Mill
Oh R I & Pac 4 H s ’0 8 A -0 593
95 103
Chic & W Ind 5s ’1 0 .F & A 593I2 94U
1st 6s 1922________ M-S
60
40
Her’ g-H all-M ar, n e w .100
67
50
Cln H a m & D 4 H s ’08 M-S
Philadelphia
94
C C C & St L 5s, June '11 593
Hoboken Land & ImplOO 200
Week ending
Erie 6s, Apr 8 1908_______ 585
90
e5s 1910___________ M-N 595 100
Nov 22 1907
Listed Unlisted | Bond
Listed
Unlisted
Bond
Interb R T g 4s 1908 M -N 590
93
Houston Oil_________ 100
3
6
shares
shares
sales
shares
shares
sales
5s Mch 1910............. M-S 585
88
15
30
Preferred _________ 100
5s Apr ’1 2 . J-J 580
Hudson R ealty_______ 100 120 135
85
16,166
3,856
Saturday___
$13,000
5,696
2,449
$39,800 Kan C So g g 5s 1 9 0 9 .M -S 585
90
Steel
41
elngersoll-Rand c o m .100
....
10,541
Monday. . . .
23,663
8,109
14.000
5,895
31.000 Lack g 1910..................M-S 585
ePreferred ________ 100
5s
87
85
Tuesday___
20,391
8,010
34.500
15,477
4,745
31.000 Lake Sh & M So 5s’ 10 F-A 595
80 110
951; tntem at’l Bank’g C o.10 0
Wednesday.
17,381
6,853
47.000
17,697
4,117
44.000
Int’nl Mer Mar See Stk
5s '1 0 M-S
Thursday . .
15,589
13.248
18,019
4,784
43.500
19,300 Lou & Nash g1910___.F -A 59234 93U Intem at’l Nickel____ 100 Exc list
593
80
90
9314
Friday_____
13,599
6,906
41.000
13,249
2,675
18,780 Mich Cent 5s g 5s ' 1 1 . F-A 585
Minn & St L
90
Preferred _________ 100
70
80
International Salt___ 100
Mo Pac 5s Feb 10 ’08 F-A 593
96
9l2 101?
Total.
106,789
46,9821 $192,000
80.679
24,6651 $183,880 N atofM ex 5se tto 09 A-O 59o
____ 4S
1st g 5s, 1951______A -0
97
N Y Cent 5s 1910 ____ F-A 594^8 9434 ln tem a t’1 .Sliver______100
7
5
Pa RR 5s Mch 15 ’ 10 M-S 59414 9412
Preferred __________100
45
55
1st 6s 1948............... J-D
90
StL M S’east 4 ^ s ’0 9 . J-D 589
98 103
Lackawanna Steel___ 100
90
St L & S F g 4 M s ’0 8 . J-D 585
20
28
Lanston M onotype___ 20
A weekly review o1 Ouulde Market will be lound on a preceding page.
South’n coll tr 5s '0 9 . A-O . 583
87
*8>2 10
70
Lawyers' Mtge Co____ 100 170 180
South R y g 5s 1 9 1 0 ..F - A 565
cLeh & WUkes-B Coal 50
70
U S Rubber g 5s ’0 8 .M -S 590
94
52
Street Railways
Street Railways
Bid
Ask
Bid
Ask Wabash 5s, May 10 1909 585
Lord & Taylor_______ 100 100 130
90
N ew Y ork C ity
Pub Serv Corp N J (Con)
W estlngh El& M 6s 1910 570
Preferred __________100
85
80 100
21
Bleeck St & Fill F stk.10C
29
J C Hob & Patersn.100
30
eLorlllard (P ), p r e f..1 0 0 125 150
90
W heel’l & L E 5s ’0 8 . F -A 587
70
e 1st mtge 4s 1950.J-J
80
57
60*
4s g 1949_______ M-N
Mackay Companies— See Stk E xllst
e B ’y & 7th Ave stk._10(J 180 200
90
92
So J Gas E l& T ra c.lO O
Madison Sq G a rd en .. 100
12
20
Railroad
90 100
e 2d m tge 5s 1 9 1 4 ._J-.
Gu g 5s 1 9 5 3 . . . M-S 590
95
2d 6s 1919............. .M -N
90
75
Con 5s 1943 See Stock Exc list
No Hud Co R y6s’ 14 J-J 5100
eManhat Beach Co___ 100
Chic Peo & St L pre f.100
B ’way Surf 1st 5s gu 1 9 2 4 !$ ------ 98
5s 1928....................J-J 595 100
Manhattan Transit____ 20
Deposited stock_______
*214
2%
e Cent’l Crosst’n stk__10( 175 250
Ext 5s 1924 ____ M -N 590 100
Mex N at Construe p f.1 0 0
Undeposlted stock____
13
17
____
e 1st mtge 6s 1 9 2 2 .M-f> 100 110
Pat City con 6s ’ 3 1 . J-D 5105
Mitchell Mining_______ 10
Prior lien g4 H s ’30M &S
____
e Cen Pk N & E R stk 100 125 150
5100
* «8
2d 6 s . .1 9 1 4 opt A-O
50
Monongahela R C o a l..5 0
Con m tg g 5s 1 9 3 0 . J&J
65
e Chr’ t’r & 10th St stk 100 125 140
So Side El (Chic)
See Ch lcago list | Income 5s, July 1 9 3 0 ..
Preferred ___________ 50 *
Col & 9th A ve 5s See Stock Exc list
96
Syracuse R T 5s '4 6 .M & S 5 92
’ 12 * "l21o Mortgage Bond Co___ 100
Chic Subw ay_________ 100
85
90
Dry D E B & B —
Trent P & H 5s 1 9 4 3 . J-D 590
95 I Ft W & Den Cy s td ._ 1 0 0
85
Nat Bank of Cuba___ 100
95
85
95
90 100
e 1st gold 5s 1 9 3 2 ..J -D
United R ys of St L—
National Surety______100 145
Gt North’n Orc-See Stk E xc list
70
e Scrip 5s 1914____ F-A
80
Com vot tr ctfs____ 100
20
1834
Nevada Cons’d Copper.5
N Y N H & Hartford—
*67
8 7
Eighth Avenue s to c k .100 290 340
e P r e fe r r e d ________ 100
55
56*2
N ev-U tah Min & S m .,1 0
Con deb 3 ,Hs 1956 J&J 578
82
*2>8 2»i«
e Scrip 6s 1914____ F-A
95 105
Gen 4s 1 9 3 4 ..See Stock Exc list
eNew Central Coal____ 20
N orth’n Securities Stu bs.
8 /I2 100
------ 50
e 42d & Gr St F’y slk .1 0 0 300 380
U nltR ys San Fran S ee Stk Exc list
Pitts Bess & L E _______ 50 *25
30 I N J Ter Dock & Im p . 100
50
75
34
42d St M & St N A v e . 100
W ash R y & El C o____ 100
30
____
N Y Biscuit 6s 1 9 1 1 .M -S 100
70
Preferred ___________ 50 *65
e 1st mtge 6s 1 9 1 0 .M-S 596 10112
62
Preferred __________100
70
N Y Mtge & Secu rity.100
' 160
eRailroad Securities Co—
85
72
2d Income 6s 1 9 1 5 .J-J
4s 1951.......................J-D
78
79
eNew York D ock____ 100
____
111 C stk tr cfs ser A ’52 -----20
Inter-M et— S ee Stk Exch ange list
20
e W est Chicago S t___ 100
30
ePreferred_________ 100
Seaboard Company—
68
mm
mm
Lex A v &PavF 5s S ee Stk Exc list
e Con g 5s 1936___ M-N
N Y Transportation___20
1st preferred_______ 100
55
2
*1
Metropol St R y — S ee Stk Exc list
Niles-Bem -Pond c o m .100
Com & 2d pref-See Balt Exc list
75 100
Gas Securities
Ninth Avenue s t o c k .. 100 125 150
Niplsslng Mines________ 5
Seaboard Air Line—
*5SS 5%
Second Avenue stock. 100 125 150
N ew York
eOntarlo Sliver_______ 100
Coll 5s ext May ’ 11 M-S 590
95
2>8 3
e 1st mtge 5s 1 9 0 9 .M -> 590 100
Cent UnG as 5s g ’ 2 7 .J&J 570
80
Otis Elevator com ___ 100
30
20
Con Gas (N Y ) — See Stk Exc list
Consol 5s 1948____ F-A 592 102
Preferred __________100
Industrial and Miscel
65
75
e Sixth Avenue stock . 10C 110 130
e Mutual Gas_________ 100 /U20 140
Pittsburgh Brewing___ 50 *____ -----Sou Boulev 5s 1 9 4 5 .. J-J
New Amsterdam Gas—
90 100
45
Ahmeek Mining_______ 25
Preferred ___________ 50
50
595 100
So Fer 1st 5s 1919___ A-O
1st consol 5s 1 9 4 8 .. J-J 574
80
Pittsburgh Coal.See Stk Exc lis t ’
Alliance R ealty_______ 100
65
80
Third Avenue— See Stock Exc list
N Y & E R G a s 1st 5s’44 J-J 585
93
Pope M anufacturing-100
Allls-Chalmers Co 1st mtg
]8
H
Tarry W P & M 5s 1928 580
90
Consol 5s 1945______J-J 580
88
1st preferred_______ 100
55
s f 5s ’36 opt ’ 16___ J-J 545
25
C
O
YkersStR R Ss 1946 A-O 585
90
N Y & Richmond Gas 100
36
2d preferred_______ 100
American B ook_______ 100 130 160
2
10
28th & 29th Sts 1st 58 ’96 575
90
Nor Un 1st 5s 1 9 2 7 ..M -N
____ 116
75 ’ SO
Pratt & W hltn p r e f.. 100
American Brass_____ 100
90
97
e Standard Gas com __100
e Twenty-Third St stk 100 &H) 325
75
Realty Assoc (Bklyn) 100 100 112
^American Can-.See Stock Kxc list
Union R y 1st 5s 1942 F-A 595 105
e P r e fe r r e d ________ 100
100
Royal Bak Powd pref 100
90
80
American Chicle C o.-lO O 125 135
1st 5s 1930 ____
.M -N 588"' 92
Westchest 1st 5s ’43 J-J 580
95
Safety Car Heat & L t.1 0 0
90 100
80
90
Preferred _________ 100
B rooklyn
Other C ities
Seneca Mining__________25
50
40
A m Graphophone comlOO .
50
Am er Light & T ract.100
Atlan Ave 5s 1909___ A-O
595 100
82
75
70
Singer Mfg C o________ 100 310 33Q
Preferred ________ 100
78
Preferred _________ 100
Con 5s g 1931______A -O 590
95
65
70
Standard Cordage___ 100
Amer Hardware______100 105 115
1*2
‘8
B B & W E 5s 1 9 3 3 .. A-O
Bay State Gas__________50
95 100
1st M g 5s ’31 r ed .A -O
24
90
20
*8
96
u Am M altlng 6s 1 9 1 4 ..J - D
Bingh’n Gas 5s ’3 8 . A&O
Brooklyn City stock___ 10 170 180
80
90
Adjust M 5s Apr 1 1931
Amer Press Assoc’n __100
90
95
3*2
1*2
Con 5s— See Stk Exch Exc list
Brooklyn Union Gas deb
Standard Coupler comlOO
40
A m Soda Fount c o m .100
30
1
h
6s 1909 conv 1 9 0 7 .M -S
Bkln Crosst’n 5s 1908.J-J
95 loo
90
95
Preferred _________ 100
1st preferred_______ 100
7
95 105
12
Buffalo City Gas stocklOO
Bkn Hgts 1st 5s 1941 A-O
90 100
3
6
____
Standard Milling C o.-lO O
3
6
2d preferred_______ 100
5
1st 5s 1947— See Stock Exc list
Bkln Q Co & Sub See Stk Exc list
22
80
Preferred __________100
18
A m St Found 6s '35 A&O
86
Bklyn Rap Tran— S ee Stk Exc list
Con Gas of N J 5s ’3 6 . J-J 5 90
92
1st 5s 1930............. M-N
75
78
American Surety______50 155 165
e Coney Isl & Bklyn ..1 0 0 - 100 150
Consumers’ L H & Pow—
American Thread p r e f ..5
4U Standard Oil of N J ..1 0 0 395 398
*i?2
1st cons g 4s 1 9 4 8 .. J-J
5s 1938 ................. .J -D 5100
7S
85
Swift & C o -S e e Bost Stk Exc list
Am Tobac (new) c o m . 100 190 195
Brk C <» N 5s 1 9 3 9 .J-J
S
9S 105
Elizabeth Gas Lt C o .. 100 250
1st 5s 1910-1914___ J-J 5 85
Amer Ty pefders com . 1 0 0
30
35
92>2
____ Essex & Hudson G as.100 100 103 ‘
Gr’pt& LorSt 1st 6s.M & N
98
eTexas& Pacific C oal. 100
70
Preferred __________100
88
92
85
K ings C El 4s— See Stock Exc list
Fort W ayne 6s 1 9 2 5 ..J-J
30
40
1st 6s 1908...........- - A - O $
Amer W riting P a p er.100
1
1*2
Gas & El Bergen C o . . 100
Nassau Elec pref____ 100
40
50
65
50
Preferred _________ 100
15©"
l l l 2 1234 Title Ins Co of N Y . . . 1 0 0
5s 1944____________ A-O
e Gr Rap G 1st 5s ’1 5 .F -A 591
98 105
Tonopah Min (Nevada) .1
95
1st s f g 5s 19 op’ 09.J -J
75
*7*4
78
8
1st 4s 1951— See Stock Exc list
Hudson Co Gas_______ 100
Trenton Potteries comlOO
80
85
Barney & Smith Cax.100 . . . . 70
12»X
__
N W ’ bg& Flat 1st ex 4 Ms
90
Indiana N at & 111 Gas—
Preferred, new-------100
Preferred___________ 100 105 120
55
Steinway 1st 6s 1922-J-J 590 100
1st 6s 1908________ M-N
10
20
eBethl’m Steel C o r p ..1 0 0
7
25
45
912 Trow Directory-----------100
O ther C ities
Indianapolis Gas_____ 50
Union Typewriter comlOO
50
58
ePreferred__________100
20
30
60
66
Buffalo Street R y —1st g 5s 1052_______ A-O 585
1st preferred_______ 100
90
Bliss Company com __50
100 115
93 10*
1st consol 5s 1 9 3 1 .. F-A §1*2 105
Jackson Gas 5s g ’3 7 . A-O 585
2d preferred________ 100
94
Preferred ___________50
90 100
95
10*
D eb 6s 1917............. A-O 5103
Kansas City Gas_____ 100
50
United Bk Note C o rp ..5 0 *40
Bond * Mtge Guar___ 100 300 320
48
Chicago City R y — See Ch lcago list
e Laclede Gas________ 100 n ____ *94 " Borden’ s Cond M i lk .. 100 100 115
Preferred ___________ 501 *40
47
Columbus (O) St R y.lO C
e P r eferred ________ 100
90 109
eUnlted Cigar M fg ,p f.l00i
65 100
Preferred _________ 100
102
95
70
8«
Preferred __________10C 100 1071" Lafay’eGas 1st 6s’ 24_M -N
34
40
British Col Copper______5
8
*314 3*2 United Copper............. lou
7U
Colum R y con 5s— SeePhl la list.
L o g& W a bV 1st 6s ’ 25 J-D
Preferred _________ 100
25
29
Butte Coalition Mining 15 *13
133*
15
27
Crosst'wn 1st 5s ’33 J-D 5100 105
Madison Gas 6s 1 9 2 6 . A-O 598 110
U S Casualty_________ loo 220 240
Casein Co of A m co m . 100
2
3
Grand Rapids R y ____ 10C
59
Newark Gas 6s 1944__Q-J 120
U S Envelope com ___ 100
61
Preferred __________100
75
25
Preferred _________ 10C
Newark Consol G as. .1 0 0
79
81
ePreferred_________ loo
70
¥0” Casualty Co of A m e r.1 0 0 100 130
52
88
Lake St (Chic) El— See Ch icago list
e Con g 5s 1948____ J-D 100 104
Celluloid Co___________ 100
U S Steel Corporation—
95 105
e Louisv St 5s 1 9 3 0 .. J&J 5100 10412 N o Hudson L H & Pow—
Col tr s f 5s '51 opt ’ 11 5100 104
Cent Fireworks c o m .. 100 ____ 15
Lynn & Bos 1st 5s ’24 J-D 5100 102
5s 1938........ ..............A-O 5100
____ 60
Col tr s f 5s ’ 51 not opt 5100 104
Preferred __________100
e New Orl R ys & L g t.1 0 0
e O & Ind C Nat&IU .lO O
Central Foundry______100
1
80
95
1>2 U S T it Gu & Ind em .100
e P r e fe r r e d ________ IOC
1st 6s 1926............... J-D
10
eUtah Copper C o -S e e Stk Exc list
20
Preferred __________100
7
9
G e n M g 4 ^ s ’35S eeS tk Ex list Pat & Pas Gas& E lec. 100
60
52
Waterbury Co, com ..1 0 0 , 30
65
45
Deb 6s 1919 op ’01 M -N
35
North Chic Street S ee Ch lcago list
e Con g 5s 1949___ M-S 590
95
Century R ealty_______ 100 185 195 ! Preferred .............. . 1 0 0
Pub Serv Corp of N J .100
St Joseph Gas 5s 1937 .J-J 575
Westchester & Bronx Tit
85
Chesebrough Mfg C o .10 0 375 425 1
Tr ctfs 2 % to 6 %perpet
48
52
70 j & Mtge Guar_______ 100, 140 166
50
City Investing C o____ 100
Electric Companies
____1 Western Ice___________ 100
Coll » s g notes '09.M-1V 568
92
95
eClaflln (H B ) , c o m ..1 0 0
____ 3*
North Jersey St R y 10C
30
Chicago Edison Co S ee Ch lcago list j elst preferred______100
90 . . . . Westlngh Air Brake___ 50 * ____
1st 4s 1948____ .M -N
560
90
7..
85 1 e2d preferred_______ 100
6 3 ’ e Kings Co El L&PCo 100
. . . . W est El & Mfg 5s- S e e St Exc i!»t
Cons Tract of N J ..1 0 0 .
53
Narragan(Prov) El C o .50 *80
56
90 1
Col & Hock Coal&i pf 100
W hite Knob M in______10
i|
]s
____ 84 j
1st 5s 1933...........J-D 598 101
N Y & Q El L & P ow C o.l0()
45 j 1st g 5s 1917............. J-J
1»<
Preferred ___________ 10
*4
N ew 'kPasR y 5s ’30 J-J 5100 103
Preferred _________ 100
90 100
55 1 Col tr 6s Oct 1 9 5 6 ..J -J ____ IOU2I Worthing Pump pref.100
Rapid Tran St R y .1 0 0 230
United Elec of N J ___ 100
50 ’ ____ ! Consol Car H e a tin g .. 100
30
36 I
____|
1st 5s 1921______A-O* 100
l« t it 4s 1949 _ _ — J-D 555
60 1
Cons R y Lgt& R efrlg.lO O -----3 1
* Per share
S Buyer pays accrued Int
a Ex-rlghts.
e Sells on Stk. E x ., nut not very active. I New stock. nN om lnal. * Sale price. z K x -d lr .
Bid
60
95
108
60
40
100
45
90
105
62
90
Ask
75
105
00
01
Outside Securities
Nov. 23 1907.]
THE CHRONICLE
1331
%nvzstmmt and Ilailraad %nUlli§zxi£z.
RAILROAD
GROSS
EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return
«an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last tw*>
columns the earnings for the period from July 1 to and including such latest week or month.
W e add a supplernentary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest G ross Earninrjs.
ROADS.
Current
Y-.cxr.
Ala Great Southern — Sec Sout
Ala N O & Tex Pac.
N O & N E a s t . . . 4th wk Oct
Ala & Vicksburg. 4th wk Oct
Vicksburg: Sh & P 4th wk Oct
A la T en n & N o r t h .. September
k Atch Top & S Fe_ September
Atlanta & Chari___ A u g u s t ___
Atlan Birm & A t l ._ A u g u s t ___
Atlantic Coast Line September
Baltimore & O h lo .. October . .
Bangor & Aroostook September
Bellefonte Central. _ Ootober . .
Bridgeton & Saco F September
t
Buff Roch & P itts. . 2d wk Nov
Buffalo & Susq R y_ September
Canadian Nortnern. 2d wk Nov
Canadian Pacific___ 2d wk Nov
Central of Georgia. . 2d wk Nov
Central of N Jersey September
Chattan So u th ern .. 2d wk Nov
Chesapeake & O h io. September
Chesterlleld & Lane September
Chicago & Alton Ry J u n e _____
Chic Great Western 2d wk Nov
Chic Ind & Loulsv. 2d wk Nov
Chic Ind & Southern — See New
Chic Mllw & St Paul September
Chic & North W e st. September
Chic St Paul M & O . September
Chlc Term Tran R R 3d wk Oct
Cln N O * Texas P — See Sout
Cincinnati Northern — See New
Clev Cln Chic & St L — See New
Colorado M id la n d .. September
h Col & South S y s._ 2d wk Nov
Col Newb & L au r_. September
Copper R ange_____ September
C o rn w a ll___________ September
Cornwall <c Lebanon A u g u s t ___
S
Cuba Railroad_____ September
Delaware & Hudson September
Denv & Rio Grande 2d wk Nov
Detroit & Mackinac 2d wk Nov
Det To! & Iront Sys 1st wk Nov
Dul So Shore & A t l. 2d wk Nov
E r i e ________________ September
Evansville & Ter H — See Rock
Fairchild & N E — . September
Fonda Johns & Glov September
Georgia R R ________ September
Georgia South & Fl a— See Sou
Grand Trunk S y s t .. 2d wk Nov
Gr Trunk W e s t .. 1st wk Nov
Det Gr H & Mllw 1st wk Nov
Canada A lan tlc. 1st wk Nov
Great Northern____ October . .
Montana Central. October . .
Total system ____ October . .
Gulf & Ship Island. 1st wk Nov
Hocking V alley____ September
Illinois Central____ October . .
Inter & Great North 2d wk Nov
a Interoceanlc(Mex) 2d wk Nov
Iowa Central_______ 2d wk Nov
Kanawha & M lc h .. September
Kansas City South. October . .
Lake Erie d W cst'n — See New
c
Lake Shore & M Sou — See New
Lehigh V a lle y _____ September
Lcxliicton & E a st- - September
Long Island________ September
Louisiana & Arlcan. September
Louisville & N ashv. 2d wk Nov
Macon & B lrm ln g .. October
Manlstlque_________ October _ .
Maryland & P e n n .. October . .
a M exlcanCentral.. September
a Mexican In tem a t. 2d wk Nov
a Mexican R ailw ay. 4th wk Oct
a Mexican Southern 4th wk Oct
Michigan Central___ — See New
Midland V alley____ October . _
Mineral R ange_____ 2d wk Nov
Mlnneap & St Louis 2d wk Nov
Minn St P & S S M_ 2d wk Nov
Mo Kansas <c Texas September
5
Mo Pac & Iron M t .. 2d wk Nov
Central B ra n ch .. 2d wk Nov
T o t a l _________ _ 2d wk Nov
ftMoblle Jack < ;K C W k N ov 9
N ashv Chatt & St L September
a N at R R of Mexico 2d wk Nov
HldalP'o & N E ._ 2d wk Nov
Nevad a-Cal-0>-egon. 2d wk Nov
N evada Central____ September
N Y Chic & St Louie — See New
5
5
hem Rail way
129,151
60,003
57,-274
3.507
8,077,118
363,427
168,856
2,059,243
7,790,677
255,610
6,470
5,251
203,645
184,125
232,600
1,581,000
273,000
2,399,719
2,443
2,541,328
5,567
1,067,100
141,058
94,570
York Cen
5 ,532.991
6.525.120
1,284,027
37,641
hern Rail
York Oen
York Cen
216,500
309,760
25 842
77,144
19,337
42.287
145,155
1,881,951
424,400
24,007
81,142
60,289
4,738,989
Island S
1,294
71,215
265 ,778
thern Ral
910.509
133,877
28,804
50.066
6,470,678
■ 241,192
6,711,870
53,211
675,800
5 ,287,124
135,000
135 741
64,066
211,551
891,240
York Cen
York Cen
3,245,306
45 ,944
.Dfe.1
110,899
909,985
15,910
5,737
43,595
2,989,831
164,750
227,500
34,821
York Cen
123,633
14,479
84.249
249,100
2,278,658
857 ,000
26,000
883,000
29,969
1,052,546
299,596
17,665
7,299
8,973
York Cen
July 1 to L atest D ate
July 1 to Latest D a te
P rev io u s
Y ear.
*
$
1 20.803 1,073,953 1,042,883
54,685
530,489
476,503
56,822
548,621
503,218
3,579
9,885
11,013
7,425.809 2 4.005,56: ‘2 1 ,358 065
343,050
751 ,327
706,589
125.735
324.792
242,878
1 ,958,388 6,064,430 5,706,346
7,321,458 30,231,938 28,125,241
762,946
259,262
685,755
5,250
21,445
18,602
4,287
17.133
14,346
171,018 3,882,705 3,207,294
149,154
576,025
431,740
190,100 4,023,800 2,989,200
1,499,000 30,630,904 28,203,187
259,900 4.836,069 4.468,838
2,149,657 7.500,505 6,807,226
2,990
58,966
59,174
2.144,476 7,598,839 6,273,479
4,051
15,349
9,872
911,557 12,809,426 11.586,094
178,675 3.269,490 3,579,289
115,277 2,287,029 2,357,507
tral.
5 ,4 6 7 ,8 6 3 1
15,875,257 15,460,506
6 097,226 18,929,222 17,550,886
1,279,338 3.604,526 3,413,878
33,341
553,805
523,226
way
tral
tral.
229,869
660.101
641,565
278,715 5,636,362 4,964,852
23,440
66.920
70,112
72,107
253,103
214.117
20,050
64,197
57,542
53,049
83.555
92.760
102,578
443,455
384,721
_
1,553,472
430,800 9,146,119 7,935,333
23,185
500,599
466,672
87,588 1,716,638 1,519,036
57,338 1,382,716 1,288.071
4.441,679 14,760,145 13,317,381
ystem .
1.207
3,960
4,063
72,724
257,402
241,792
248,322
744,666
702,763
Iway.
888,206 18,198,121 16,969,423
115,126 2,473,740 2,220 756
22,736
703,180
664,537
808,485
40,333
886.632
5,919,963 22,834,792 20.573 425
964,660
272,472
949,701
6,192,435 23,784.493 21,538,085
52,552
879,177
825,059
607,032 1,996,475 1,831,164
4,876,771 19,917,747 18,352,711
223,000 2,766,682 3,306,489
121,895 2,730,971 2,449,647
69,591 1,247,078 1,204,124
201,908
600,095
628,250
770,272 3,545.930 2,820,156
tral
tral.
10.010,952
155 245
151 209
47,549
0,270’
In c . 175, 794
349,355
314,009
105,300
977,305 18,893 648 17 520 609
17,752
57,161
54,305
4,905
24,871
37 209
36,159
132,236
150,553
2,256,447 9,078,490 6,622,070
149 684 3,224,894 2,874,544
205,200 2.640,000 2,379,100
4 1 6 ,8G7
42,770
459,729
tral.
218,351
66,195
486,846
15,222
293,888
318,948
78,707 1,672,383 1,499,153
280,280 5,010,980 5,278,466
2,088,369 6,791,607 5,877,586
943.000 18,861,789 17,596 071
638,000
28,000
681 ,000
971.000 19,542,789 18,234,071
28,554
501,292
584,466
924.716 3,005,596 2,804,495
282,948 6,076,257 5,402,628
17,745
377,319
380,775
6,067
121.589
152,587
6,528
19,454
23,702
tral.
9,035,990
4,082,327
498,825
256,666
2,553,787
2,461,252
271,753
94,309
1,407,359
314,341
882,116
693,363
284,711
2,975,960
1,176,519
6,780,878
737,995
14450 859
In c .
York Cen
1,526,490
3,096,063
York Cen
5,563
12,637
3,882,220
2,928.892
6,811,112
188.973
78,587
13,361
5,641,387
4,522,949
217,075
10381412
York Cen
173,612
Island S
199,656
1,329,026
42,965
174,287
11112422
1,112,125
179,298
155 692
68,085
39 575
26,094
305,030
7 ,437
455,857
23,293
82,667
5,540
84,676
6,950,234
104,598
498,114
116,592
605,408
139,687
609,818
26,157
838,998
V a riou s Fiscal Y ears.
S
S
5
N Y C & Hud River September
Lake Shore & M S September
Lake Erie & W est September
Chic Ind <c South September
S
Michigan Central. September
Clevo C C & St L. September
Peoria & Eastern September
Cincinnati N orth. September
Pitts & Lake Erie September
Rutland ________ September
N Y Chic & St L . September
N Y Ont & Western September
N Y Susq & W e s t .. September
Norfolk & W estern . September
Northern C en tral.. September
Northern Pacific___ A u g u s t___
Pacific Coast Co____ September
d Penn—-East P & E September
d W est of P & E . September
Peoria & Eastern ._ — See New
Phila Balt & W a s h . Septem ber
PlttsCln Chic & St L October . .
Pitts & Lake Erie — See New
Raleigh & Chariest. September
Raleigh & Southp’rt October . .
Reading R a ilw a y .. September
Coal & Iron C o .. September
Total both co’s . . September
Rlch Fred & Potom A u g u s t ___
Rio Grande June___ A u g u s t ___
Rio Grande S o u th .. 2d wk Nov
Rock Island System Sc ptember
e St L & San Fran September
/ Evansv & Ter H September
Total of all lines. September
R u tla n d ____________ — See New
St Joseph & Gr Isl_ A u g u s t ___
St Louis & San Fran — See Rock
St Louis Southwest- 2d wk Nov
Seaboard Air L in e .. September
Sierra R a ilw a y ____ A u g u s t ___
Southern In d ia n a .. October ._
c Southern Pac C o .. September
Southern R ailw ay... 2d wit Nov
Mobile & O h i o ... 2d wk Nov
Cln N O & Tex P . 2d wk Nov
Ala Great South. 2d wk Nov
Georgia So & F la . 2d wk Nov
Texas C e n t r a l____ 2d wk Nov
Texas & Pacific____ 2d wk Noy
Tidewater & W e s t. September
Toledo & Ohio Cent September
Toledo Peo & W e s t. 2d wk Nov
Toledo St L & W est 2d wk Nov
Tomblgbee V a lley. . September
Tor H am & Buffalo October . _
Union Pacific S y st. September
Vlrglnla & So W e s t . October . .
W abash ............ ......... 2d wk Nov
W estern M aryland. 2d wk Nov
W Jersey & S e a sh .. September
Wheel & Lake Erie. 2el wk Nov
Wisconsin Central. . September
W rlghtsv & Tennllle September
Yazoo <c Miss Valley Otcober . .
5
8.430,237
3.769,846
465.707
201,236
2,277,214
2,227,016
261 ,465
99,019
1,197,831
273,615
812 ,462
715 .767
241,043
2,596,395
1,052,519
5,911,919
602,048
13059 859
859,700
tral.
1,414,090
2,724,624
trcj
4,387
8 184
3,376 224
2,150,451
5,526,675
129 297
63 900
13 321
4,885 202
3,989.441
194 204
9,068,90S
tral.
153.691
ystem.
231 555
1.187 176
41,361
141 389
9,645,584
1,114 025
190,008
157 437
71 875
42 599
36 164
351 732
6,357
458,942
25 786
82 663
3,773
69,660
6,271,150
91,009
526 351
103,702
549.108
132,462
649,325
28,640
774,961
Atlanta & Charlotte Air Line___ Mch 1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Oct
Sept
Oct
Oct
Oct
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Oct
Aug
Nov
Sep
$
24,782,967
11.177,682
1,408.182
537 ,993
6,571 ,666
6,735,667
792,285
302,41S
3,771.108
811,056
2,430 752
2,368,642
718,025
7 ,5 2 6 ,57ii
3,089,270
11,600,84 5
1,787,668
38,•579,223
3,332,200
4,651,795 4,227,495
11,606 784 10 ,252,842
16,176
43,801
11,734,376
8,768,541
20,502.917
367.231
157,152
2:')2.011
16,367,672
13,569,911
G39.873
30,577,460
320.192
4,156,860
3,946,193
83,187
635,119
34,254,658
22,662,133
4,087,078
3,437,875
1,558,593
878,679
474,356
5,859.315
26.176
1,373,003
480,458
1,675,926
17,923
318,705
21,192,741
421 ,852
10 ,97<> ,33 1
2,387,''23
2.237.239
2,717,521
2,087,407
65,541
3,027,760
14,623
28,016
10,055,677
6,538,669
16,594,846
287,673
125,495
233,768
14,315,597
11,472,116
606,68*1
26,394,396
2 96,41 m
3,867,593
3,538,458
79.802
534,426
28,514.507
20,926,537
3,691 ,291
3,165,396
1,444,543
794,535
417,709
5,479,077
22,446
1.334,830
477,464
1,594,755
15,314
263,620
18 ,699,491)
343,926
10,862,085
2,048,804
2,050.139
2,333,746
1,940 ,(>62
67,752
2,731,25*
Curren
Y ear
I'eriod.
Delaware & H udson........ ........... .. Jan 1
Manlstlque . _______
Jan 1
Mexican Railway . .
Jan 1
Mexican Southern . .
Jan 1
New York C en tra l..
Jan 1
Lake Shore & Michigan South Jan 1
Lake Erie & W estern_________ Jan 1
Chicago Indiana & Southern. Jan 1
Michigan Central
Jan 1
Cleve Cln Chic & St Louis____ Ian 1
Peoria & Eastern
.Tan 1
Cincinnati Northern * ____ _ Jan 1
Pittsburgh & Lake Erie_____ Jan 1
Jan 1
Rutland
_______
New York Chicago & St Louis Ian 1
Northern O n tra l
I.Tnn 1
d Penn— East of Pitts & Erie___ Jan 1
d W est of Pittsburgh & E r ie .. Jan 1
Phlla Baltimore & W ashington. Jan 1
Pitts Cln Chicago & St Louis___ Jan 1
Rio Grande J u n c t io n ___________ Dec 1
T e T n s A- P a -c H ir
Jan 1
W est Jersey & S e a s h o r e ..,____ Jan 1
27.069,728
12,023,129
1,385,976
740,407
7,414,891
7,245,101
765,565
273,786
4,360,550
894,185
2,576,129
2,419,766
832,793
8 ,9 0 1 ,7S7
3,612,070
13.912.343
2,231 ,422
44,573,323
In c.
31
31
30
31
31
31
30
30
30
30
30
30
30
30
30
30
30
30
30
3fi
30
31
31
14
30
P reviou s
Year
2,203 635
52,835
15,016^829
56,090
6,611,200
1 ,134 775
74 000,623
33.612,665
3,818.513
2,239.905
21 248.871
19 684,870
2 207,486
753,590
11.402,594
2.280,681
7,797,151
9,958,364
123714772
In c . 8,25
12,830,006
27,542,562
621 540
14 253 060
4,697,891
2,036,362
46 587
12,670 ,565
88,33*
5,875,70®
1,054 ,495
67,662,191
31,784,778
3,933,561
1-,684,256
19,190,809
18,098,185
2,253,841
778,179
10.818 264
2,078,924
7,316,752
8,565,064
108406 072
2,500
1 1 ,740,9Q6
24,405,401
4 9 6 ,22i
12 082 505
4,220,691
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
M on th ly Sum m aries
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
week
week
week
week
week
week
week
week
week
week
Sept
Sept
Sept
Sept
Oct
Oct
Oct
Oct
Nov
Nov
(42
(44
(44
(41
(44
(44
v45
(47
(44
(42
roads).
roads).
roads).
roads).
roads)roads).
roads).
roads).
roads).
roads).
In c. o r D ec.
10,203,348
10,675,363
10,831,739
13,165,110
10 550,529
10,889,698
11,248,141
16,942,553
10,342,034
10,181,480
9,494,861
9.882.969;
10.129.558l
12,153,033
9,860,692!
10,354 093i
10,614,370
16,359,665
10,023.569
10,368.328
S
+ 708,487
+ 792,394
+ 702,181
+ 1,012,077
+ 689,837
+ 5 3 5 ,60o
+ 633,771
+ 582,888
+ 318.465
— 186,843
%
7.45
8.02
6.93
8.33
6.99
5.17
5.97
3.50
3.17
1.80
M o n th ly Sum m aries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month
Jan
Feb
Mel)
April
May
June
July
Aug
Sept
Oct
1907
1907
1907
1907
1907
1907
1907
1907
1907
1907
(123
(122
(118
(118
(121
(121
(116
(121
(118
( 56
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
!C u r'nt Y ea r F r e t ’s Y ea r In c. or D ec.
s
173 ,212,305
162 283 992
180 ,539,532
188 ,130,451
195 ,943,305
18H 125,657
187 ,069,790
197 ,288 033
1192 ,548,022
,724,491
$
162.623,883
152 555,191
164,645.009
154,894,748
165 890,345
161,235,109
163 685,258
175,726,323
175.505.039
37,338,839
+ 10,588 ,422
+ 9.728 ,801
+ 15,894 .523
+ 33,235 ,703
+ 30 052 960
+ 21,890 ,548
+ 23,384 ,532
+ 21,561 ,710,
+ 17,042 ,983
+ 3,385 ,652
6,51
6.4*
9.5s
21.46
18.12
13.5,9
14.28
12.37
9.71
5,91
a Mexican currency, b Includes earnings of Gulf & Chicago Division,
c Includes tho ilouston & Texas Central and Its subsidiary lines In botk
yoars.
d Covers lines directly operated, e Includes the Chicago <c Eastern Illinois in both years,
5
f Includes Evansville <e Indiana R R .
S
h Include*
earnings of Col. C South., Ft. Worth fc Denver Cltv and all affiliated lines, cxccDtlTC Trinity <e Brazos Valley RR.
t
J
k Includes In both years earning*
o f Denver Enid * Gulf R R ., Pecos Valley System anil Santa Fe Prescott & Phoenix Ry.
THE CHRONICLE.
I 'm *
Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the second
week of November. The table covers 4 2 -roads and shows
1 .8 0 % decrease in the aggregate over-the same week last year.
S econd week o f N ovem b er.
In crea se. D ecrea se.
Alab am a Great S o u t h e r n ,.____
Buffalo Rochester & Pittsburgh
Canadian Northern_________ ___
Canadian Pacific________________
Central of Georgia____________
Chattanooga Southern_________
Chicago Great W estern_________
Chicago Indlanap & Louisville, _
Cincinnati New Orl & T ex P a c ._
Colorado & Southern____________
Denver & Rio Grande__________
Detroit & M ackinac___________ _
Duluth South Shore & A tla n tlc.
Georgla Southern & Florida____
Grand Trunk of Canada_______ }
Grand Trunk W estern_______ (
■
Detroit Grand Haven & Milw |
Canada A tlan tic______________j
International & Great N orth’n ,
Interoceanlc of M exico_________
Iowa Central
Louisville & Nashville
Mexican International
Mineral Range
Minneapolis & St Louis________ _
Minneap St Paul & S S M _______
Missouri Pacific & Iron M tn ____
Central Branch_______________
Mobile & Ohio___________________
National R R . of M exico_______ _
H ldago & N orth eastern ______
N evada California & Oregon___
Rio Grande Southern___________
St Louis Southwestern_________
Southern Railw ay
Texas Central
Texas & Pacific
Toledo Peoria & W estern _______
Toledo St Louis & W estern ____
W a b a s h !..________________________
W estern Maryland
W heeling & Lake Erie
3,790
32,627
42,500
82,000
13,100
547
37,617
20,707
1,745
31,045
~ 6 ,400
822
2,951
3,024
22,303
88,000
" 5,525
67,320
15,066
743
" 5",542
31,180
86,000
2,000
10,710
16,648
80
’ 1,232
40
31,899
1,900
10,070
46,702
2,493
28,237
12,890
7,225
Total (42 road s)____
Net decrease ( 1 .8 0 % ) .
For the first week of October our final statement covers 44
roads and shows 3 .1 7 % increase in the aggregate over the
same week last year.
.
F ir s t w eek o f O ctober.
1907.
1906.
Previously reported (40 roads)Chattanooga Southern
, .
Detroit Toledo & Im o to n _______
Georgia Southern & Florida____
Texas Central _ ____ _______ __
S
10,182,383
2,619
81,142
46,976
28,914
$
9 ,860,986
3,004
87,588
42,599
29,392
%
529,426
Total (44 roads)_____________
10,342,034 10,023,569
N et Increase (3 .1 7 % ) __________
...
533,803
318,465
In crea se. D ecrea se.
$
208,029
385
6,446
4,377
478
215,338
Net Earnings Monthly to Latest D ates.— The following
shows the gross and net earnings to latest dates of all ST E A M
railroads furnishing monthly statements. The compilation
includes every road from which w e can get a return of this
r
character, and in that form is given once a month. Early
returns are published from week to week, as soon as issued,
but for the convenience of our readers all the roads making
returns are brought together here in the week in which we
publish our monthly article on net earnings— say, about the
20th of the month. Besides the companies furnishing monthly
returns, we have added this time the roads which make quarterly
returns.
--------Gross E a rn ’o s------- ----------- N et E a rn in g s ------C u rren t
P r e v io u s
C u rren t
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$ ' .
$
?
A labam a Great Southern— See undev Southern R y . System below.
Alabam a Tenn & N o r ...S e p t
3,507
3,579
1,622
2,132
1 ! .013
9,885
5,295
5,393
July 1 to Sept .30_______
A tch Top & S a n t a F e .b .- Sep 8,0 7 7 ,1 1 8 c7,425,809 d2,504,808crf2,914,181
July 1 to Sep 3 0 _______ 2 4,005,5 6 3 c 2 1 ,3 5 8 ,0 6 4 d 7 ,4 8 0 ,129cd8,312,221
A tlan ta Blrm & A t l .a - .A u g
168,856
125,735
46,233
35,605
July 1 to A u g 3 1 _______
324,792
242,878
79,421
6 7,613
Atlan ta & Chari Air L .a .A u g
363,427
343,050
107,743
93,696
Mch 1 to A u g 3 1 _______ 2 ,203,635
2 ,036,362
576,417
534,060
Atlantic Coast L l n e .a .-S e p t 2,0 5 9 ,2 4 3
1,9 5 8 ,3 8 8
349,275
522,213
July 1 to Sept 3 0 _______ 6 ,0 6 4 ,4 3 0
5,706,346
873,508
1,166,824
7,3 2 1 ,4 5 8
Baltimore & O h lo .b ____ Oct 7 ,790,677
2 ,493,393
2,635,771
July 1 to Oct 3 1 _______ 3 0 ,231,938 28,125,241
9,8 9 2 ,4 4 4 10,171,177
Bangor & A r o o sto o k ,b --S e p
255,610
259,262
93,095
103,596
July 1 to Sep 3 0 _______
762,946
685,755
246,553
242,798
6,470
Bellefonte Central . b ____ Oct
5,250
2,483
1,122
Jan 1 to O ct 3 1 _______
52,835
46,587
16,181
9,204
v Boston & M ain e.b —
July 1 to Sept 3 0 _______ 11,607,601 1 1 .096,989
3,541,722
3,3 1 6 ,4 9 9
Boston Reveie Beach & Lynn
July 1 to Sept 3 0 _______
295,58-!
298,442
58.438
50,020
Jan 1 to Sept 3 0 . . . ___ > 045,372
638,873
80,023
68,199
Bridgeton & Saco Riverb Sep
5.251
4,287
1,970
1,718
July 1 to Sep 3 0 .......... .
17,133
14,346
7,435
6,169
746,724
Buff Roch& P lt t s b .b ___ Sep
873,683
346,172
32 1 ,0 2 7
July 1 to Sep 3 0 _______ 2 ,586,901
2,0 5 0 .4 3 8
804,612
1,082,470
Canadian Northern______Sep
758,300
624,400
209,100
206,600
July 1 to Sep 30_______ 2 ,618,200
1,823,100
604,600
787,500
6,1 5 2 ,7 6 7
Canadian P a cific.a _______ Sep 6,423,452
2,151,353
2,437,932
July 1 to Sep 3 0 _______ 2 0 ,441,904 18,291.187
7,2 2 8 ,4 8 1
7,2 7 2 ,3 2 2
258,232
/24 2 .0 3 1
Central of Georgia . a ____ Sep 1 ,072,689
/9 7 3 .4 8 0
July 1 to Sep 3 0 _______ 3,0 4 6 ,8 6 9 f 2 ,876,938
695,421
/6 12.421
Central New England -b — July 1 to Sept 3 0 _______
540,725
457,080
44,450
59,912
Jan 1 to Sept 3 0 - . . - . . 1 ,668,070
27,527
1,337,935 def577,085
Central of New Jersey.b -S ep 2,399,719
2 .149.657
1,0 4 3 ,8 5 9
1,0 0 9 ,8 5 6
July 1 to Sep 3 0 _______ 7,5 0 0 ,5 0 5
6 ,807,226
3,3 9 0 ,0 2 3
3,3 8 4 .0 3 5
Chattanooga Southern a Sept
294
11,856
10,717
d e f.1,256
July 1 to Sept 3 0 _______
41,101
3,818
41,237
d e f.1,871
2 ,144,476
948,515
Chesapeake & O h lo .b ___ Sep 2 ,541,328
812,610
July 1 to Sep 3 0 _______ 7,5 9 8 ,8 3 9
2,862,621
6 .273,479
2,379,671
[V o l . t x x x v .
G ross E a r n ’gs-------- --------N et E a rn in g s -------C u rren t
P r e v io u s
C u rren t P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
S
$
$
$
Chesterfield & L a n ca s.b -S ep
5,567
4,051
1,323
1,934
July 1 to Sep 3 0 _______
15,349
9,872
4 ,6 1 9
4.248
Chicago & A lto n ,a . . _ ..Tune 1-.067,10((
911,557
385,846
300,835
July 1 to June 3 0 . . . . . .12,8 0 9 ,4 2 6 11,586,094
4 ,4 1 5 ,9 7 4 3,413u,010
Chic Ind & L o u isv ille.a -A u g
556,509
557,419
204,847
219,096
July 1 to A u g 3 1 ............. 1,055,643 1 ,064,575
365,805
393,810
Chic Term T r a n s fe r.b ,.J u n e
142,229
145 510
60,183
62,737
July 1 to June 3 0 ,_ _ _ _ _ 1 ,716,487 1,731,200
6 6 0 .8C2 615,160
Cine New Orl & Tex Pac— See undet Southern R y System below.
Colorado M id la n d .a ____ Sept
2 1 6,500
229,869
49,666
80,154
July 1 to Sept 3 0 .............
660,101
641,565
157,226
192,312
Colorado & S o u th e r n .b .-S e p 1,269,744 1 ,092,969
461,645
410,769
July 1 to Sep 3 0 . - . . . - 3,5 7 4 ,7 6 2 3 ,207,513
1 ,178,936 1,102,624
Colum Newb & L a u r .a -.S e p
25,842
23,440
2,073
5,009
July 1 to Sep 3 0 - - - - - .
66,920
70,112
1.988
14,885
Copper R a n g e .b - - - - - - - S e p t
77.144
72,107
19,938
30,815
July 1 to Sept 3 0 _______
253,103
214.117
98,1,13
99,201
Cornwall R R - b - - - ...........Sept
19,337
20,050
10,692
11,143
July 1 to Sept 3 0 - . . - . .
64,197
57,542
37,146
31,495
Cornwall & L e b a n o n .b --A u g
4 2,287
53,049
20,357
29.488
83,555
92,760
39,156
51,971
July 1 to A u g 3 1 . . ........
Cuba R a ilr o a d --________ Sept
145,155
102,578
/3 6 .1 2 9
def 258
July 1 to Sept 3 0 _______
443,455
384,721
125,169
61,588
Delaware & H u d s o n -a --S e p t 1,881,951 1,553,472
r898,274 r684,024
Jan 1 to Sept 3 0 _______ 15,016,829 12,670,565 r 5 ,713,121 r 4 ,523,861
Denver & R io G rand e.a Sept 2,0 5 9 ,3 2 0 1 ,783,346
659,557
689,354
1,887,361
July 1 to Sept 3 0 ............. 6 ,206,919 5 ,2 1 7 ,4 3 3 , 2 ,1 3 2 ,0 4 8
Detroit & M a c k in a c -a .--S e p
109,346
105,146
26,812
18,202
July 1 to Sep 30.............
338,528
316,821
7 6,743
57,984
D uluth So Sh & A t l .b -.S e p t
302,122
285,834
88,9 3 4
105,189
July 1 to Sept 3 0 _______
965,173
873,269
299,507
339,945
D el. Lack & W estern ,b —
July 1 to Sept 3 0 _______ 3,7 1 5 ,2 4 6 3 ,291,295
1 ,966,773 1 824,728
Jan 1 to Sept 3 0 ____ 9 ,996.522
8,402,872
5,2 5 0 ,6 4 0 4 ,1 8 6 ,1 6 9
Syrac Bing & N Y , b—
July 1 to Sept 3 0 _______
273,004
382,650
137,463
148,810
Jan 1 to Sept 3 0 _______ 1,0 0 3 ,2 8 8 1 ,046,502
457,191
382,091
E r ie .a ........ .............. ............Sept 4,7 3 8 ,9 8 9
4,4 4 1 ,6 7 9
July 1 to Sept 3 0 _______ 14,760,145 13,317,381
Fairchild & N o r th e a s t-b .. Sep
1,294
1,207
July 1 to Sep 3 0 _______
4 ,063
3,960
Fonda Johns & G lo v -a --S e p
71,215
7 2,724
July 1 to Sep 3 0 . . . — .
257,402
241,792
265,778
248,322
Georgia R R . a ........ ..............Sep
July 1 to Sep 3 0 _______
7 44,666
702.763
Grand Trunk of Canada—
Grand Trunk R y . ____ Sept 3.0 9 1 ,2 0 0 2 ,928,173
July 1 to Sept 3 0 . ........... 9,3 3 3 ,4 5 9 8,6 5 6 ,5 2 9
Grand Trunk W estern Sept
591,279
539,208
July 1 to Sept 3 0 . ........... 1,7 2 5 ,6 6 0 1 ,559,714
Detroit Gr H a v & M U .S e p t
160,108
152,808
July 1 to Sept 3 0 _______
517,795
514.875
Canada A t l a n t i c . ., . .S e p t
207,313
192,713
July 1 to Sept 3 0 _______
615,611
572,786
Gulf & Ship I s la n d -a ---S e p t
1 91,350
185,306
July 1 to Sept 3 0 .............
628,978
579,530
Hocking V a lle y .a ............. Sept
675,800
6 07,032
July 1 to Sept 3 0 . ........... 1 ,996,475 1 ,831,164
Illinois Central . a ............. Sept 5,0 0 2 ,0 9 8
4 ,647.543
July 1 to Sept 3 0 _______ 14,630,623 1 3 ,475,940
Interoceanlc of M exlco.Sep t
618,934
538,782
July 1 to Sept 3 0 . ........... 1,842,106
1,655,971
Iowa C entral-a________ — Sep
300,586
279,208
July 1 to Sep 3 0 _______
806,090
770,240
Kanawha & M lchlgan -a-Sept
211,551
201,908
628,250
6 0 0,095
July 1 to Sept 3 0 - ...........
Kansas City S o u th -a ____ Oct
891.240
770,272
July 1 to Oct 3 1 _______ 3 ,545,930
2,8 2 0 ,1 5 6
1 ,0 0 4 ,9 1 0
3,9 5 6 .0 3 7
194
d e f.1,100
3 4,790
146,132
4 8,929
106,607
1 ,375,316
4 ,030,477
de f.1,579
d e f.1,770
37,157
135,949
53,340
148,166
859,423
929,988
2,7 2 1 ,3 4 6 2 ,668,788
112,902
84,677
294,909
236,513
3 5,039
43,312
113,390
179,573
16,060
30,659
69,591
112,902
43,998
50,763
161,943
139,860
265,707
234,495
734,231
691,346
1,1 0 1 ,1 2 9 1,337,481
3 ,1 9 1 ,7 3 5 3 ,711,102
157,404
112,312
451,097
376,026
/il l 3 ,8 5 7
&85.153
ft255,388 ft211,519
31,221
56,681
83,745
157,183
266 ,0 2 1
306,279
1 ,232,319
983,114
Lake Champlain & M oriah_b—
July 1 to Sept 3 0 - _____
61,333
39,144
. 19,206
8,021
Lehigh V a lle y .e ______. .S e p t 3 ,2 4 5 ,3 0 6
1,2 3 4 ,8 1 1
...
July 1 to Sept 3 0 .............10,01 0 ,9 5 2
4 ,0 7 6 ,3 4 9
Lexington & E a s te rn -b --S e p
45,944
47,549
16,220
18,087
July 1 to Sep 3 0 - ...........
155,245
151,209
54,867
63,158
Long Island - b—
Julv 1 to Sept 3 0 _____ . 3 .3 6 4 ,1 4 0
3 ,1 9 1 ,4 1 8
1 001,051 1,166,927
Jan 1 to Sept 3 0 _______ 7 ,8 3 1 ,2 3 9
7 ,365,031
1,4 1 1 ,8 0 0 1 ,742,023
Louisiana & Arkansas_a Sept
110,899
105,300
39,904
37,237
July 1 to Sept 3 0 _______
349,355
3 1 4 ,0 0 9
133,684
106,853
Louisville & N ashville.b-Sept 4 ,1 8 9 ,2 7 7 3,818,131
1,0 7 1 ,4 7 9 1.240,996
July 1 to Sept 3 0 _______ 12,74 1 ,7 6 8 11,488,979
3 ,5 7 1 ,0 0 9 3,637,681
5,737
4,905
1,359 d ef.4,813
M a n ls tlq u e .b ............... - - . O c t
Jan 1 to Oct 3 1 .............
56,090
88,339
d e f.5,929
24,031
Marvland & P e n n a .a - - .O ct
43,595
36,159
18,206
15,194
July 1 to Oct 3 1 _______
150,553
132,236
5 6,740
4 9,230
Mexican Central..................Sep 2 ,989,831
2,2 5 6 ,4 4 7
798,708
547,775
July 1 to Sep 3 0 _______ 9 ,078,490
6 ,622,070
2 ,490,530 1,464,821
Mexican Intern ational--Sept
683,426
593,801
194,263
188,421
July 1 to Sept 3 0 . ........... 2 ,2 4 1 ,0 2 9
1 ,860,993
667,656
599,622
Mineral R a n g e .b ---------S e p t
67,870
62,218
13,759
15,527
July 1 to Sept 3 0 _______
216,503
194,495
50,561
60,100
Minneap & St L o u i s -a -..S e p
373,922
331,672
fcl43,673 k l3 4 .8 0 6
July 1 to Sep 3 0 ............. 1 ,082,746
998,187
£382,901 Jc407,663
Minneap St P & S S M .b Sept 1,0 4 9 ,1 3 4 1 ,293,528
400,644
742.460
July 1 to Sept 3 0 _______ 3 ,1 6 5 ,9 5 9 3,4 3 2 ,3 1 8
1 ,175,336 1,772,083
Mo Kansas & T e x a s _ b .-S e p t 2 ,278,658
2 ,0 8 8 ,3 6 9
860,652
842,234
July 1 to Sept 3 0 _______ 6 791,607
5,8 7 7 ,5 8 6
2 ,685,984 2 ,271,783
Missouri Paolflc S y s t.b -A u g 4,6 7 0 ,2 2 8
4,275 722
1 ,458,958 1,553,223
July 1 to Aug 3 1 ............. 8 ,7 8 2 ,7 8 9
8 ,137,071
2 ,569,876 2,786,351
Nashv Chatt & St L .b ..S e p t 1,052,546
924,716
238,058
190,405
July 1 to Sept 3 0 _______ 3 ,0 0 5 ,5 9 6 2,8 0 4 ,4 9 5
677,114
611,080
National R R of M exlco.Sep t 1,332,849 1,188,575
481,169
429,984
July 1 to Sept 3 0 . ........... 4,1 4 5 ,5 5 0
3 ,607,024
1,393,618 1 ,286,316
Hidalgo & Nor E ’n .-S e p t
88,994
8 7,623
19,594
28,378
July 1 to Sept 3 0 _______
261.583
256,336
57,460
76,400
N evad a-C al-O reg on ..a,-S ep t
35,6 9 0
25 ,7 3 2
2 2,546
16,431
July 1 to Sept 3 0 _______
102,648
7 5,456
60,438
46,333
N evada C en tral.b______Sept
8,9 7 3
6,528
2,0 8 4
2,694
July 1 to Sept 3 0 _______
23,702
19,454
2,815
3,092
New Jersey & New Y o r k .b —
July 1 to Sep 3 0 _______
176,578
134,080
39,458
28.239
Jan 1 to Sep 3 0 ............. ' 4 00,358
345,629
34,657
60.143
New London N orth ern .b—
July 1 to Sept 3 0 . ...........
292,979
286/311
17,693
54,281
Jan 1 to Sept 3 0 .............
774,241
828,327
d ef7,607
21,556
N Y Cent <c Hudson R iv er, b—
S
July 1 to Sept 3 0 . . . - - - 2 7 , 0 6 9 , 7 2 8 2 4 ,782,968
8 ,4 9 0 ,0 9 3 7,4 8 8 ,8 2 6
Jan 1 to Sept 3 0 _______ 74,00 0 ,6 2 5 6 7 ,662,194 1 8 ,020,475
19,592,138
N Y Chicago & St L ouls-b—
July 1 to Sep 3 0 _______ 2,530,983 2 ,4 3 0 ,7 5 2
740,725
611,259
Jah
1 to Sep 3 0 _______ 7 ,752,004
7 ,316,751
1,877,380 1,515,019
THE CHRONICLE
N o v . 23 1907.1
--------Gross E a rn ’gs-------C u rren
P rev iou s
Y ea r.
Y ea r.
$
$
—-—- N e t E a rn in g s------C u rren t
P r e v io u s
Y ear.
Y ea r.
$
$
R oad s.
N Y New Haven & H a r tf.b —
5 ,372,047
July 1 to Sep 3 0 ___ ___ 15,380,497 14,299,619
5,204,593
Jan 1 to Sep 3 0 _______ 4 2 ,655,504 39,888,356 12,534,091 12,193,398
229,571
246,659
N Y Ontario <c W e s t_ a -S e p t
S
693,363
715,767
924,787
953,017
July 1 to Sept 3 0 _______ 2,4 1 9 ,7 6 6
2,368,642
N Y 4 Rockaway B each. b—
225,405
185,701
July 1 to Sept 3 0 _______
460,112
333,860
180,991
230 ."522
Jan 1 to Sept 3 0 _______
645.837
498,129
57,704
64,661
N Y Susq & W estern .a -S ep t
284,711
241,043
198,221
21 0 ,1 0 2
_
8 32,793
718,025
July 1 to Sept 3 0 ______•
1,041,751
Norfolk & W e s te r n -b --S e p t 2,9 7 5 ,9 6 0 2 ,596,395
1,072,357
3,3 5 0 ,3 4 0
2,875,397
July 1 to Sept 3 0 _______ 8.901,787
7 ,526,578
289,113
297 913
1 ,052,519
N drthem C en tral.b ____ Sept 1,176,519
2 ,0 2 1 ,9 0 5
2,0 2 9 ,9 0 5
Jan 1 to Sept 3 0 _______ 9 ,9 5 8 ,3 6 4 8 ,5 6 5 ,0 6 4
Pennsylvania— Lines directly operated—
4 ,785,577
East of Pitts & E r ie ..S e p t l4 ,4 5 0,859 1 3 ,059,859 4,3 1 8 ,5 7 7
Jan 1 to Sept 3 0 ____ 123,714 ,772 108,406 ,072 33,908,301 33,299,401
62,600
Inc
W e st of Pitts & E r ie .-S e p t
Inc
859,700
Inc 1,671,100
Jan 1 to Sept 3 0 _______
Inc 8 ,252,500
386,866
472,766
Phlla Balto & W a s h .b --S e p t 1.526,490
1,414,090
3,0 6 8 ,7 8 6
Jan 1 to Sept 3 0 _______ 1 2 ,830,006 1 1 ,740,900 2,6 3 4 .0 8 6
9 17,489
812,240
Pitts CinChic & St L . a - - O c t 3,0 9 6 ,0 6 3
2,7 2 4 ,6 2 4
6 ,224,041
6 ,687,658
Jan 1 to Oct 3 1 _______ 27,542,561 24,405,401
1.102
205
4,387
Raleigh & Charleston .a -S e p t
5,563
4.325
3,422
14,623
July 1 to Sept 3 0 _______
16,176
2,406
8,184
3.946
Raleigh & S o u th p o rt_a -.O ct
12,637
6,136
28,016
11,789
July 1 to Oct 3 1 _______
43,801
Reading Company— j
3 ,376,224
1 ,475,426
1,365,420
Phlla * R e a d in g .b ___ Sept 3,882,220
3,943,045
4,597,751
July 1 to Sept 3 0 _______ 11 ,734,376 10,055,677
2 44,926 def69,325
Coal & Iron C o .b ____ Sept 2,9 2 8 ,8 9 2
2,150.451
582,749
60,595
July 1 to Sept 3 0 _______ 8,768,541
6 ,538,668
1,720 ,352
1 ,296,095
5,526,675
Total both c o s .b ______Sept 6 ,811,112
July 1 to Sept 3 0 . ...........2 0 ,502,917 16,594,345
5 ,180,500
4 ,0 0 3 ,6 4 0
129.349
129,430
Reading C o___________ Sept
_________
________
386.140
389,154
July 1 to Sept 30
____
________
________
1 ,425,525
1,849,701
Total all cos____ _______ Sept
_________
_________
5 ,566,640
4,3 9 2 .7 9 4
July 1 to Sept 30
____
________
________
5 4,925
27,002
129,297
Rich Fred ft P otom ac___ A u g
188,973
287,673
109,379
82,736
July 1 to A u g 3 1 ___ ___
367,231
63,900
n23,576
«1 9 ,1 7 0
Rio Grande Junction____ A u g
78,587
D ec 1 to A u g 3 1 _______
621,540
496,220
n l8 6 ,4 6 0
n l4 8 ,8 5 5
11,782
22,357
5 1,659
R io Grande S o u th ern .b .S e p t
54,810
66,174
July 1 to Sept 3 0 _______
153,275
166,965
51,522
1,687,488
4,8 8 5 ,2 6 2
1,690,495
Rock Island System . a ___ Sep 5 ,641,387
4 ,720,665
July 1 to Sep 3 0 _______ 16,367,672 14,315,597
4 ,319,845
1,092,293
S t ’Lou Is & San Fran. a. Sep 4,5 2 2 ,9 4 9
3,989,441
1,411,391
July 1 to Sep 3 0 .......... .1 3 ,5 6 9 ,9 1 1 11,47 2 ,1 1 6
3,4 5 1 ,0 5 4
3,972,276
Evansv & Terre H .a - . S e p
217,075
194,204
82,700
80,994
July 1 to Sep 3 0 _______
639,873
606,680
208,760
250,300
Total of all lln e s .a ____ S e p l0 ,3 8 1 ,412 9,0 6 8 ,9 0 8
2 ,865,489
3,17 9,'874
July 1 to Sep 3 0 ............. 3 0 ,5 7 7 ,4 6 0 2 6 .394,396
7,979,661
8,943,243
St Jos & Grand Island . b A u g
173,612
78,827
153,691
67,935
July 1 to A u g 3 1 _______
320,192
296,410
140,422
122,818
St L & Southw estern .a.Sep t
943,650
C845.479
276,167
c292,601
July 1 to Sept 3 0 . . . . . . 2,7 3 9 ,4 9 0 c2,371,098
8 1 9 ,92Q,
C693.573
Seaboaid Air Line . b ____ Sept 1 ,329,026
1,187,176
263,133
157,809
3,5 3 8 ,4 5 8
July 1 to Sept 3 0 . . . . . . 3 ,946,193
816,295
574,306
South Buff R y C o .b —
July 1 to Sept 3 0 _______
158,665
131,737
12 .367
31,148
368,224
Jan 1 to Sept 3 0 _______
468,247
30 ,862
55,605
Southern P a cific.a_____ Sept 11,112,422 c 9 ,645,584
3,051 499 c3,765,626
July 1 to Sept 3 0 ............ 3 4 ,254,658c28 .514 ,507 10,062 656cl0 ,806,279
Southern R ailw ay Co .a -S e p t 5 ,0 0 4 ,4 5 0 4,571,765
1,179 ,112 1,174,273
July 1 to Sept 3 0 ............. 14,913,591 13,695,325
2,919 365 3,230,153
230 053
Mobile & O h lo .a ______Sept
890,326
798,518
221,596
July 1 to Sept 3 0 _______ 2 ,7 1 9 ,5 7 3
714 ,613
2,4 4 6 ,7 5 8
714,361
Cine N O & T ex P a c.a Sept
776,046
700,181
167 ,085
117,851
July 1 to Sept 3 0 ............. 2 ,3 1 2 ,0 5 2
2,139,842
499 803
401,442
73 781
Alabam a Great S o u .a Sept
346,161
331,051
7 0,152
July 1 to Sept 3 0 _______ 1,073,335
985,145
209,476
191 ,756
Georgia South & F l a .a .-S e p
173,536
25 996
July 1 to Sep 3 0 _______
533,932
77 ,188
102,684
84,164
Texas Central . a ---------------Sep
28 ,561
36,036
228,474
July 1 to Sep 3 0 _______
297,702
76 ,765
97,033
Tidewater & W estern -b -S e p
7,437
6,357
534
def ,606
26,176
22,446
2 ,337
July 1 to Sep 3 0 _______
3,110
Toledo & Ohio C e n t .a .-S e p t
455,857
458,942
171,392
167 ,376
1,334,830
527,941
July 1 to Sept 3 0 _______ 1 ,373,003
466 ,263
117,961
Tol Peoria & W e s t .b ____ Oct
122,286
31,804
27 ,276
July 1 to Oct 3 1 _______
437,068
431,569
106,048
93 ,582
Tol St Louis & Western a Sep
340,122
p l34 ,065
388,099
p 8 4 ,532
July 1 to Sept 3 0 _______ 1,130,179
1.080,261
P283.203
p347 ,726
Tomblgbee V a lley Co___ Sept
5,540
1,009
3,773
1,354
July 1 to Sept 3 0 _______
17,923
15,314
4 ,670
4,655
Ulster & Delaware_b—
July 1 to Sept 3 0 _______
346,846
327,312
120,958
116,720
Jan 1 to Sept 3 0 _______
716,204
694,405
209,367
166,743
Union P a c ific -a ____ . . . S e p t 6 ,950,234 c6,271,150
2,583,502 C3,142,897
July 1 to Sept 3 0 _______ 2 1 ,1 9 2 ,741cl8 ,699 ,499 8 ,415,451 e 9,313,688
Virginia & S o u th w est-b --S e p
97,739
87,623
36,761
27,431
July 1 to Sep 3 0 _______
317,254
252,917
70,5 2 2
125.202
W a b a 8 h .b -......................... -S ep 2,4 9 8 ,8 9 9 2,4 2 1 ,8 2 0
8 27,643
8 48,474
7 ,202,702
July 1 to Sep 3 0 ............. 7,4 1 1 ,0 6 0
2 ,626,560
2 ,470,269
549,108
W e st Jer & Sea S h .b ___ Sept
605,408
168,102
199.202
Jan 1 to Sept 3 0 _______ 4.697,891
4,220 ,691
1,411,557
1,218.957
W estern M arylan d.a _ .A ug
586,416
473,416
Z/179,841
t/236,689
July 1 to A u g 3 1 _______ 1,063,713
934,241
1/352,536
1/389,822
W est N Y & Penna. b—
July 1 to Sept 3 0 _______ 2,711,755
2 ,086,755
540,603
600,200
W heeling & Lake F r le .b Sept
595,856
5 14,488
189,741
134,243
July 1 to Sept 3 0 ............. 1 ,838,390
1,506,617
549,472
506,808
Wisconsin Central b --S e p t
60 9 ,8 1 8
649,325
256,795
230,998
July 1 to Sept 3 0 ............. 2 ,087,407
1,940,662
775,042
807,038
W rlgh tsv & T e n n llle -b -.S e p
26,157
28,640
8,887
13,338
July 1 to Sep 3 0 _______
65,541
67,752
17,102
2 5,913
Yazoo & Miss V a lle y .a .S e p t
771,408
693,053
2,754
43,347
July 1 to .Sept 3 0 _______ 2 ,188.762
1 ,956,295 d e fl3 ,3 4 9 def37,881
a N et eamlngs here given are after deducting taxes,
b N et eamlngs here given are before deducting taxes,
c Figures revised for previous year so as to accord with the new classifica
tion of earnings and expenses now required by the Inter-State Commerce
Commission.
d The company now Includes earnings of the Denver Enid & Gulf R R .,
Pecos V alley system and Santa Fe Prescott & Phoenix R y . In both years.
For Sept. taxes and rentals amounted to * 2 3 9 .5 1 9 , against $90,052 In 1906;
after deducting which, net for Sept. 1907 was $ 2 ,2 6 5 ,2 8 9 , against $ 2 ,824,129
last year. For period from July 1 to Sept. 30 taxes and rentals were
$ 720 ,49 9 In 1907. against $468 ,52 8 In 1906.
e N o comparative figures are given, owing to new classification ordered
by Inter-State Commerce Commission. For September taxes amounted to
i
$ 94,300 , after deducting which operating income was $ 1 ,140,511, and from
July 1 to Sept. 30 taxes were $282,900.
t Figures here are on the old basis of accounting— not the new , or InterState Commerce Commission, m ethod, as the latter admits of no comparison
with previous year.
h For Sept. 1907 additional income was $5,2 9 9 , against $4,470 in 1906,
and for period from July 1 to Sept. 30 was $22,975 In 1907, against $15,902
last year.
k For Sept. 1907 additional income was $17,2 8 8 , against $25,114 in 1906 ,
and for period from July 1 to Sept. 30 was $44,229 In 1907 , against $ 6 0,466
last year.
n These figures represent 30 % of gross earnings.
p For Sept. 1907 additional Income was $1,2 9 4 , against $630 in 1906 and
for period from July 1 to Sept. 30 was $2,909 in 1907, against $1,639 in 1906.
r For Sept. 1907 net from Coal D ept, was $102 ,6 6 7 , against $21,216 last
year, and from Jan. 1 to Sept. 30 was $734 ,51 2 in 1907, against $741,083
last year.
s Includes $80 other income for Sept. 1907, against $442 in 1906, and for
period from July 1 to Sept. 30 includes $267 In 1907, against $1,311 last
year; beginning July 1, the earnings of the Dublin & Southwestern R R .
are included in both years.
v In older to have the comparisons as nearly true as possible, we have
adjusted the previous year’s figures to the new basis of accounts now re
quired by the Inter-State Commerce Commission— except that it has not
been possible to adjust the paym ents of m onthly balances due for use o£
equipment belonging to other roads in the interchange of traffic.
Under
the new system of accounts only a portion of these m onthly balances is
charged to operating expenses, the laiger part now appearing under "o th e r
deductions from income” along with interest, rentals, taxes, &c.
W hat
effect this latter change has on the comparisons appears from the statem ent
that the am ount included in operating expenses in the September quarter
of 1907 was only $104 ,97 3, against $156,352 for 1906.
V For August additional income and net profits from coal, ,&c., were $63,160 this year, against $28,947 last year, and from July 1 to A u g. 31 were
$159,682 this year, against $52,579 last year.
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 these charges.
— I n t ., R en tals, & c .—
— B a l. o f N et E ’n g s.—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
t
Bangor & A r o o s to o k .. ..S e p
74,739
64,455
18,356
39,141
July 1 to Sep 30 _ ______
213,883
191,115
32,670
51,683
Beliefonte Central_____ . . Oct
303
300
2,180
822
3,0 3 0
Jan 1 to O ct 31
3.000
13,151
6,204
Boston & Maine—
Jan 1 to Sept 3 0 . ___ LI ■ 2,3 8 3 ,8 5 4
.T
2,0 6 7 ,5 9 8 x\ .293,507 * 1 ,4 3 4 ,5 1 3
Boston Revere Beach & LynnJuly 1 to Sept 3 0 .
17,182
* 4 9 ,3 1 0
, 16.394
*4 0 ,6 5 0
Jan 1 to Sept 30
48,235
47,906
#48,505
* 3 4 ,5 4 4
593
Bridgeton & Saco R iver.S ep
543
1,377
1,175
July 1 to Sep 30
1,780
1,630
5,655
4 ,5 3 9
Central New E n g la n d July 1 to Sept 30
108,035
56,316 *d e f4 6,61 8
*1 5 .8 3 0
259,722
Jan 1 to Sept 30
1 6 9 ,1 2 4 * d e f7 8 5 ,2 6 1 *d e fl0 3 ,3 8 5
Central of New Jersey....S e p &369.144
6666,376
674,715
343,480
July 1 to Sep 3 0 . .......... bl ,586,216 &1,937,556
1 ,803,807
1,4 4 6 ,4 7 9
38,718
Colorado M idland- -S ep t
38,567
10,948
41,587
July 1 to Sept 3 0 . ______
115,747
112,616
4 1,479
7 9,696
Colorado & S o u th ern .. - .S e p
204,952
1 82,589
C253.014
C 221.647
July 1 to Sep 3 0 610,783
535,068
C528.315
C527.758
Copper R a n g e ..
Sept
12,438
11,937
7,500
18,878
July 1 to Sept 3 0 . _______
37,313
3 5,812
60,800
6 3,389
Cornwall & L e b a n o n .. -A u g
3,638
4,285
117,607
25,203
July 1 to A u g 31
7,261
8,461
* 3 2 ,2 8 9
43 ,5 1 0
Cuba Railroad Co____ - .S e p t
28,329
25,412
7 ,8 0 0
d e f2 5 ,670
July 1 to Sept 3 0 .
84,987
76,237
40,182 def14,649
Denver & Rio Grande . -Sep t
327,012
290,027
d376,483
d442,975
July 1 to Sept 3 0 . ______
9 62,909
871,297 d l , 277,198 d l , 142,196
D uluth So Sh & A t l - .J -S ep t
92,925
92,612
* 6 ,2 7 2
* 1 8 ,9 8 6
July 1 to Sept 30285,182
278,605
* 4 2 ,8 0 4
*8 1 ,8 2 8
Del Lack & W estern—
July 1 to Sept 3 0 597,763
615,224
1.3 6 9 ,0 1 0
1 ,209,504
Jan 1 to Sept 3 0 - - 1 - - - 1 ,822,199
1 .845,687
3,428,441
2 ,3 4 0 ,4 8 2
Syrac Bing & N Y —
July 1 to Sept 30
2T.138
44,515
* 1 97,222
104,295
Jan 1 to Sept 3 0 - —
84,888
136,877
* 4 5 9 ,2 0 0
245 214
a57,082
a 5 1 ,983 *d e f .7 ,820
*3 ,9 1 7
July 1 to Sep 30
a l 7 0 .241
a l 5 5 .949 * d e f.62,033 *d e f.4 ,0 2 5
Hocking V a lle y ________ -S ep t
67,650
62,475
*2 4 4 ,8 4 4
* 1 8 3 ,4 1 0
July 1 to Sept 3 0 - ______
221,586
187,842
*6 8 8 .9 3 4
* 5 3 5 ,5 0 5
Kanawha & M ichigan- -S ep t
20,951
2 1,053
* 1 9 ,2 6 9
*3 6 ,1 4 7
July 1 to Sept 3 0 - --------64,025
64,256
* 5 8 ,2 4 9
*94 ,4 6 7
Lake Champlain & Moriah—
July 1 to Sept 3 0 • 1,050
1,050
*18 ,2 7 2
*7,101
Long Island—
July 1 to Sept 30
831,616
750,495
* 2 5 7 .9 1 0
*4 7 8 ,3 3 8
Jan 1 to Sept 30 --------- 2,0 6 8 ,1 2 8
l,8 8 2 ,7 0 7 * d e f4 3 4 ,1 5 2
* 5 1 ,7 6 2
_ - O ct
Maryland & Penna
3,986
3,958
14,220
12,236
July 1 to O ct 3 1 .
15,943
15,834
40,797
33,396
Mineral R a n g e ________ -Sep t
11,817
12,266
*1 ,9 7 7
* 3 ,4 0 8
July 1 to Sept 3 0 .
3 6,408
36,858
* 15,631
*2 3 ,5 8 6
M o Kansas & T exas___ -S ep t
521,260
487,891
339,392
354,343
July 1 to Sept 3 0 . --------- 1,637,909
1,445,812
1 ,048,075
825,971
Nashv Chatt & St L . _ -S ep t
153,293
1 49,470
84,765
40,935
July 1 to Sept 3 0 .
462,206
448,408
214,908
162,672
Nevada-Cal-Oregon . . . .Sept
3,943
3 ,3 3 1
*1 9 ,9 3 1
* 1 4 ,2 6 7
July 1 to Sept 3 0 . ___
11,696
9,915
*5 3 ,0 1 9
*4 0 ,0 0 5
New Jersey & New York—
July 1 to Sep 30
53,447
15,347 * d f .l2 ,8 2 S
* 1 4 ,5 5 6
Jan 1 to Sep 30
92,324
46,056 s d f.5 3 ,7 6 4
*8 ,9 5 5
New London Northern
July 1 to Sept 3 0 .
63,394
63,512 *d e f3 8,67 4 * d e f3 .618
190,237
Jan 1 to Sept 30
1 9 1 ,4 7 8 * d e fl6 4 ,5 4 3 *d e fl5 2 ,7 4 9
N Y Central & Hudson RiverJuly 1 to Sept 3 0 .
5,8 7 9 ,2 7 7
5,520,321 * 5 ,1 3 4 ,3 7 6 * 3 ,5 3 8 ,2 9 2
Jan 1 to Sept 3 0 - --------1 7 ,3 7 3 ,3 6 9 16,575,900 * 8 ,0 8 1 ,7 4 3 * 7 ,8 3 1 ,2 5 9
N Y Chic & St Louis—
July 1 to Sep 30
508,889
321,106
* 2 5 1 ,6 0 6
* 2 9 2 ,1 2 4
Jan 1 to Sep 30
1,160,232
9 32,400
* 7 4 1 ,5 6 8
*6 0 6 ,6 5 8
N Y New Haven & H artf—
July 1 to Sep 3 0 .
4 ,718,235
3 ,237,686 * 3 ,5 7 5 ,7 0 1 *2 ,7 0 6 ,3 4 0
Jan 1 to Sep 3 0 . . . . . . 1 1 , 8 8 6 , 7 8 6 11,184,252 * 6 ,2 7 4 ,4 0 0 * 3 ,2 0 2 ,9 5 4
N Y Ontario & W estern -S ept
89,678
73,798
139,893
1 72,861
July 1 to Sept 30
228,056
220,458
724,961
7 0 4 ,3 2 9
N Y & R ockaw ay Beach—
July 1 to Sept 3 0 . ___ i.-c’
62,197
14,721
163,268
* 1 7 5 ,1 3 3
Jan 1 to Sept 30
101,151
48,926
* 1 3 1 ,6 8 0
* 1 3 8 ,4 4 5
Norfolk & W estern ____ .S ep t
434,793
369,873
637,564
671,878
July 1 to Sept 3 0 .
1 ,287,540
1 ,099,509
2,0 6 2 ,8 0 0
1 ,775,888
Reading C o------------------- .S e p t
887,500
885,478
962,201
540,047
July 1 to Sept 3 0 .
2,662.500
2 ,6 5 6 ,4 3 4
2 ,904,140
1 ,736,360
R io G ran d e'J u n ction .. -A u g
8,333
8,333
15,243
10,837
Dec 1 to A u g 31
74,998
174,998
111,462
73,8 5 7
1334
THE CHRONICLE.
— I n t ., R en tals, & c .— — B a l. o f N e t E ’n g s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ear.
Y ear.
Y ear.
R oa d s.
$
$'
$
$
Rio Grande Southern___ Sept
18,385
18,187
* 799
4,170
July 1 to Sept 3 0 _______
55,012
54,442
*7,7 7 1
*15 ,4 3 8
St Jos & Grand Island___ A u ?
21,521
2 1 ,2 8 9
57,306
46,r.46
July 1 to A u g 3 1 _______
43,042
4 2,580
97,380
80,238
St Louis Southw estern .-Sep t
163,858
149,948
*1 5 3 ,9 4 2
* 179,845
July 1 to Sept 3 0 _______
499,107
447,377
* 4 5 6 ,1 1 3
* 341,880
South Buff R y Co—
July 1 to Sept 3 0 _______ cr 20,229
9,898
3 2,626
21,272
Jan 1 to Sept 3 0 _______ cr 6,126
27,820
37,092
27,928
Texas Central____________ Sep
2,583
2,583
25,978
33,453
July 1 to Sep 3 0 _______
7,749
7 ,7 4 9
69,016
89,284
Toledo & Ohio C en tra l..S e p t
43,069
36,140
*1 5 2 ,3 6 3
*135,987
July 1 to Sept 3 0 _______
123,075
108,144
*398,521
*422,261
Toledo Peoria & W e s t -.O c t
23,364
24,016
* 1 0 ,4 1 2
7,783
July 1 to Oct 3 1 _______
94,716
96,705
* 2 2 ,0 7 3
9,343
Ulster & Delaware—
July 1 to Sept 3 0 - ...........
55,743
41,500
*6 6 ,1 6 6
*80 ,2 7 7
Jan 1 to Sept 3 0 _______
139,910
124,500
* 3 3 ,8 5 5
*87 ,1 7 9
Western N Y & Penna—July 1 to Se^t 3 0 _______
380,825
300,360
219,375
240,243
a Charges here include road rental (paid by lessee) and other deductions.
b Included in fixed charges are expenditures for renewals, additions and
improvements am ounting to n il for Sept- 1907, against $110,577 in 1906,
and from July 1 to Sept. 30 were $332,757 In 1906.
c A fter allowing for miscellaneous charges and credits to income.
4 These figures are after allowing for other income and for discount an
exchange. The sum of $10,000 is deducted every m onth from surplus and
placed to the credit of the renewal fu n d .
* After allowing for other income received.
Miscellaneous Companies.
--------G ross E a rn 'gs-------C u rren t
P r e v io u s
Y ear.
Y ear.
C om p a n ies.
$
$
Buffalo Gas C o_________ J u l y ........................... - ..............
Oct 1 to July 3 1 _______ - ________
__________
CHimb Tel & Tel Co______Oct
508,248
449,559
Jan 1 to Oct 3 1 _______ 4 ,8 6 0 ,0 3 6
4 ,4 2 2 .5 7 4
Cuyahoga Telephone Co .Sept
66,144
62,269
Jan 1 to Sept SO_______
579,719
524,207
Ed Elec Co (Brockton) .a Sep
17,296
12,546
Jan 1 to Sept 3 0 _______
136,446
113,155
Fall River Gas W k s _ a --S e p t
35,907
31,813
Jan 1 to Sept 3 0 _______
283,435
254,021
Houghton Co El L t -a - Sept
19,681
19,146
Jan 1 to Sept 3 0 - _ ____
172,304
159,606
Keystone Teleph C o .a .-S e p t
86,592
77,703
July 1 to Sept 3 0 _______
260,601
235,644
Lowell fc'l Lt C o r p .a ____Sept
28.250
21,968
Jan 1 to Sept 3 0 _______
226,165
196,527
32,491
__________
Mex Tel & Tel Co-c?____ A u g
Mch 1 to A u g 3 1 _______
196,925
1 80.S06
Minn Gen Elec C o _ a ---S e p t
76,108
65,729
659,241
567,450
Jan 1 to Sept 3 0 _______
Pacific Coast____________ Sept
737,995
602,048
1,787,668
July 1 to Sept 3 0 _______ 2 ,231,422
Pittsburgh Coal Co______Sept -----------------------------Jan J to Sept 3 0 - _ . . - . __________
__________
U S Teleph C o _b _______ Sept
38,404
33,307
Jan 1 to Sept 3 0 _______
345,543
322,061
221,296
192,092
Tlctor Fuel C o .b - ............. Sep
July 1 to Sep 3 0 _______
677,474
^ 5 9 0 ,5 8 0
--------N e t E a rn in g s-------C u rren t
P r e v io u s
Y ear.
Y ear.
$
$
15,096
13,380
c25 6,401
277.800
204,411
178,692
1 ,854,903
1,662,867
29,850
28,783
272,597
226,184
7,816
4,071
5 4 ,3 8 8
33,876
14,834
14,021
103,830
97,609
9,270
9.230
79,041
75,730
41,457
33,872
125,160
102,218
9,970
8,186
76,876
67,429
14,611
88.934
83,153
34,375
28,158
308,734
264,768
143,922
129,118
407,600
380,829
525,381
418,333
4 ,2 0 7 ,3 6 5
3 ,714,408
24,680
20,938
203,787
189,738
4 8,734
43,500
143,783
130,812
a N et earnings heie given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c Decrease due to expenses incurred in connection with Gas Commission
investigation, Incieased taxes and Increased price for coal, oil, &c.
< These figures are in Mexican currency.
t
Miscellaneous Companies.
— I n t ., R en tals, & c . ~
— B a l. o f N e t E ’ n g s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ea r.
Y ea r.
C om p a n ies.
$
$
$
$
Oumb Tel & Tel Co_______ Oct
37,998
35,726
166,413
142,966
Jan 1 to Oct 3 1 _______
385,673
328.841
1,4 6 9 ,2 3 0
1,334,026
Cuyahoga Telephone C o-Sept
18,437
17,868
11,413
10,915
Jan 1 to Sept 3 0 _______
165,911
153,312
106,686
72,872
Hd Elec Co (B rockton ). Sept
687
687
7 ,129
3,384
Jan 1 to Sept 3 0 ..........
7,165
6,436
47,223
27,440
Fall R iver Gas W k s ____ Sept
1
.
688
14,833
13,333
Jan 1 to Sept 3 0 _______
1,964
5,675
101,866
91,936
Houghton Co Elec L t - .. S e p t
2,855
2,812
6,415
6,418
Jan 1 to Sept 3 0 _______
2 2,930
22,812
56,111
52,918
Lowell Elec Lt Corp____ Sept
1,151
1,442
8,8,19
6,744
Jan 1 to Sept 3 0 _______
8,938
9,590
6 7,938
57,839
Minneap Gen Elec C o ---S e p t
22,118
8,908
12,257
19,250
Jan 1 to Sept 3 0 _______
175,589
80,456
133,145
184,312
Pittsburgh Coal C o____ Sept
230,085
251,192
295,296
167,141
Jan 1 to Sept 3 0 _______ 2 ,0 9 8 ,3 1 6
2,307,801
2 ,1 0 9 ,0 4 9
1,406,607
U S Telephone C o - . ____ Sept
13,959
12,948
10,721
7,991
Jan 1 to Sept 3 0 _______
123,754
116,321
80,033
73,418
Tlctor Fuel C o _............ . . S e p
19,255
18,389
*38 ,7 9 0
*34 ,0 6 3
July 1 to Sep 3 0 .............
5 8,083
55,444
* 108,461
* 104,295
* After allowing for other income received.
STREET R A IL W A Y S A N D TRACTION CO M PAN IES.
L a test G ross E a rn in g s.
N a m e of
R oad.
W eek or
M o n th .
Albany & H udson— A u g u s t ___
a American R ys Co — October
oAur Klgln & Chic R y October - Binghamton R y --------- September
Blrm R y Lt & Power September
Brockton & PlySt R y August ___
Cape Breton hlecCo-| September
Central Penn Trac — October
Chari Con R y Gas&El September
Chlcaao & Mllw Flee. October . .
^Chicago & Oak Park October . .
Cleve Painesville & E October . .
Cleve Southw & C ol. - [October . .
Detroit Jackson & Chi I2d wk N ov
/D etroit United R y ._ 2d wk Nov
Duluth Street R y — 2d wk N ov
East St Louis & S u b . September
El Paso Electric_____ September
C u rren t
Y ea r.
$
43 523
242,281
122,930
198,2 9 3
17,327
23,671
60,227
56,731
99,329
74,339
24,858
65,792
6,431
115.081
16,743
199,211
45,556
P rev io u s
Y ea r.
$
41,522
230,190
109,738
30,566
166,172
17,383
24,267
60,768
51,732
88.905
74,331
22,916
56,499
103,503
14,802
177,762
35.905
J a n . 1 to latest date.
C u rren t
Y ea r.
P r e v io u s
Y ea t.
2 ,476,379
1,196,680
209,830
1,599,823
83,234
178,998
622,116
531,920
884,729
703,248
246,940
634,683
b328,233
5 ,837,762
733,166
1,575,973
362.995
2 ,290,059
1,046,445
231,770
1,389,303
76,671
187,107
567,917
484,542
722,448
696,245
230,552
539,133
[V o l .
Latest G ross E a rn in g s.
N am e of
R oad.
W eek o r
M rmth.
i C u rren t I P revio u s
j Y ea r. \ Y ea r.
F t W a y n e & W abash
125,732
V alley Traction___ September
97.651 i
G al-H ous Electric Co September
Havana Electric R y . W k N ov 17
34,610
Honolulu Rapid Tr &
Land C o______1 ___ September
32,763i
H oughton Co St R y ._ September
23,878
Illinois Traction Co__ October . _ 368,8381
Jackson Consol T rac- September
13,926
32.651
Jacksonville Elec Co_ September
Kan City R y & Light September
534,923
Lake Shore E lectric. . September
96,187
Lex & Inter R ys C o .. September I 59,195!
Met W e st Side E le v . _ October . . 1 243,474
338,327
Mllw Elec R y & L t Co September
93 ,2 3 2
M ilw L tH t & Trac Co. September
Montreal Street R y - . W k N ov 9 1 67,604
150,975
Nashville R y & Light: September
N J & H R R y & F y Co October
42,508
N O R y & Light Co_ _| September
466,160
185,341
North Ohio Trac & Lt September
295 .6111
Norf & Portsm Tr Co September
No W estchester Lt Co October . .
11,795!
Northwestern Elev . _ O ctober___ 168,649|
Oklahoma City R y _ . A u g u s t ___
26,732
Peeksklll Light & R R October . 16,477
Penscaola Llect C o. - 'September
20,005
Portland R y L t& P Coi September
36 1 ,7 8 4 1
Puget Sound Elec R y jA u g u s t ___ 165,079
Rio de Janeiro Tram;
Light & P o w e r____ September
564 ,16oi
64,494i
Rockford & Inter’n __( A u g u s t ____
St Joseph (Mo) R y Lt
H eat& Power C o .. O ctober___
73,050;
Sao Paulo Tr L t & P . September
1 7 7 ,5 8 l!
Savannah - lectric Co September
5 2 ,893!
Schuylkill R y Co____ A u g u s t ___
22.510
South Side E levated. October___ 196,338
Sou Wisconsin R y Co October . .
12,636
108,659
Syracuse Rap Tr R y . October . .
Toledo R ys & L ig h t. May _____
173,990
Toronto R ailw ay____ W k N ov 16
64,208
Twin City Rap T ran . 1st wk Nov 116,553
Ujiited R R of San F r . A u g u s t ___ ft317,769
971,322
United R ys of St L _ . October . .
10,896
W est Chester (Pa) R y October . .
29,033
W hatcom Co R y & Lt September
kxx x v .
J a n . 1 to latest date.
C u rren t
Y ea r.
$
106,275
84,356
31,280
30,885
22,689
280,339
13,490
26,968
476,756
89,023
61,634
221,140
314,008
80,637
60,579
120,313
35,197
441,807
163,289
155,558
10,130
136,933
17,473
12,151
14,270
306,370
142,603
53,191
69,438
159,152
49,805
145,044
11,685
95,619
167,847
56,667
107,237
429,311
933,613
7,124
23,369
P r e v io u s
Y ea r.
$
937,621
804,925
1,555,563
1,348", 707
271,881
189,707
3,091,321
123,716
294,282
4,439,982
721,388
420,783
2,257,794
2 ,833,616
635,265
258,374
171,372
2,443,647
113,000
234,272
3,993,897
664.805
394,768
2 ,018,409
2 ,587,003
535,040
1,146,303
411,920
4,456,560
1,459,784
1,977,297
89,830
1,430,592
169,119
140,221
993,301
366,892
4,2 1 8 ,1 8 4
1,293,351
1,275,753
2 ,991,003
2,560,349
1,228,423
112,038
120,963
4 ,592,890
399,180
338,789
723,613
1,534,758
446,398
139,334
1,655,369
128,770
1,041,781
834,881
2 ,970,199
5 ,169,560
691,671
1,479,081
473,674
121,876
1,422,615
107,087
898,510
784,391
2 ,660,586
4,788,021
9 ,087,65 9
113,635
2 o 5 ,o o 1
8,566,571
73,802
196,828
a Figures for the month in both years include operations of the Scranton
R y ., acquired Jan. 1 1906. b Figures are from Feb. 1. c These figures are
for consolidated com pany, d These are results for main line,
f Now in
cludes Rapid R y . S y s t., Sandwich W indsor & Am herstburg R y . and Detroit
Monroe & Toledo Short Line R y .
ft Decrease due to strike and boycot
Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of N ov. 2 1907. The
next will appear in the issue of N ov. 30.
--------G ross E a r n ’g s------- --------N et E a rn in g s -------C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ear.
Y ea r.
Y ear.
R oads.
$
$
$
$
Aurora Elgin & C hlcago.O ct
122,930
109,738
55,375
50,584
July 1 to Oct 3 1 _______
564,973
502,821
276,712
252,750
Buffalo & Lake Erie Tract - b —
Jan 1 to Sept 3 0 _______
187,666
________
80,285
________
Cape Breton Elect C o .- - S e p t
23,671
24,267
11,010
11,229
Jan 1 to Sept 3 0 _______
178,999
187,107
62,144
73,437
Chicago & Mllw E l e c t ..- O c t 99,329
88,905
57,095
48,284
Jan 1 to Oct 3 1 _______
884,729
7 22,448
517,059
429,068
Cleve Palnesv & E a st_a -O ct
24,858
22,916
9,933
10,068
246,940
230,552
113,766
107.349
Jan 1 to Oct 3 1 _______
Cleve Southw & C o l.b - .O c t
65,792
56,499
27,497
24,858
Jan 1 to Oct 3 1 _______
634,683
539,133
269,608
234,70'*
Elmira W ater Light & R R Co (R R Dept only) _b—
July 1 to Sept 3 0 _______
74,678
67,283
21,465
22,931
Jan 1 to Sept 3 0 _______
178,003
163,251
44 ,2 4 0
47,571
El Paso Elect C o_a ______Sept
45,556
35,905
13,651
10,761
Jan 1 to Sept 3 0 _______
362,995
279,777
82,592
87,501
G alvest-H oust El C o .a -S e p t
97,651
84,356
40,999
32,794
Houghton Co St R y a --S e p t
23,878
22,689
11,005
10,908
Jan 1 to Sept 3 0 _______
189,707
171,372
72,821
61,495
Illinois Traction C o .a -.O c t
368,838
280,339
169,986
138.421
Jan 1 to Oct 3 1 _______ 3,091,321
2 ,443,647
1 ,358,395
1 ,108,453
Jacksonville Elect C o -a -S e p t
32,651
26,968
10,821
9,488
Jan 1 to Sept 3 0 _______
294,282
234,272
103,801
88,464
Montreal Street R y ...........Oct
311,898
281,822
147,323
124,133
No Westchester Lt C o .a Oct
11,795
10,130
6,390
5,427
Jan 1 to Oct 3 1 _______
89,830
________
38,234
------------Peeksklll Lt & R R C o _a -O ct
16,477
12,151
8,193
5,139
Jan 1 to Oct 3 1 _______
140,221
120,963
63,726
57,251
Pensacola Elect C o .a ___ Sept
20,005
14,270
7,8 5 3
5,435
Savannah Elect C o .a ___Sept 52,893
49,805
17,894
17,993
Jan 1 to Sept 3 0 _______ . 446,398
473,674
148,272
191,969
Syracuse Rap Trans C o ..O c t
108,659
95,619
43,282
40,559
Jan 1 to Oct 3 1 _______ 1,041,781
898.510
452,018
385,399
United R ys of St L o u ls.a Oct 971,322
933,613
363,872
3 74,698
Jan 1 to O ct 3 1 _______ 9,0 8 7 ,6 5 9
8,566,571
3 ,181,193
3 ,221,983
W est Chester (Pa) S tR y b Oct
10,896
7,124
5,548
2,843
Jan 1 to Oct 3 1 _______
113,635
73,802
60,870
34,830
Wrhatcom R y & Lt C o ..S e p t
29,033
23,369
10,984
7,527
Jan 1 to Sept 3 0 _______
255,551
196,828
103.042
61,816
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
5,243,434
666,457
1 ,414.945
279.777
— i n t ., R en tals, & c .—
— B a l. o f N et E 'n g s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ea r.
Y ea r.
R oads.
$
$
$
$
Aurora Elgin & C hlcago.O ct
27,074
26,158
28,301
24,426
106,223
100,809
170,489
151,941
July 1 to Oct 3 1 _______
Buffalo & Lake Erie Traction—
Jan 1 to Sept 3 0 _______
89,769
________ * d e f9 ,240
__________
Cape Breton Elect C o ..- S e p t
4,312
4,250
6,6 9 8
6,979
Jan 1 to Sept 3 0 . ...........
38,526
38,910
23,618
34,527
Cleve Palnesv & E astern-O ct
6,796
7,1 0 8
3,137
2.960
Jan 1 to O ct 3 1 - ...........
7 0,460
6 9,638
43,306
37,711
Elmira W ater Light & R R Co (R R Dept only) —
July 1 to Sept 3 0 _______
14,945
12,118
* 9 ,9 7 4
*11,261
Jan 1 to Sept 3 0 - - - - - 40,572
36,632
* 1 1 ,0 9 5
*12,431
THE CHRONICLE.
JSov. 23.1907.]
R oad s.
El Paso Electric C o____ Sept
Jan 1 to Sept 3 0 _______
G alveston-H oust El C o-S ept
Houghton Co Street R y -S e p t
Jan 1 to Sept 3 0 _______
Jacksonville ElectrlcCo-Sept
Jan 1 to Sept 3 0 _______
Montreal Street R y _____ Oct
Pensacola Electric C o ___ Sept
Savannah Electric C o___ Sept
Jan 1 to Sept 3 0 _______
Syracuse Rap Trans C o _ -O c t
Jan 1 to Oct 3 1 _______
United R ys of St L o u is--O c t
Jan 1 to Oct 3 1 _______
W est Chester (Pa) St R y -O c t
Jan 1 to Oct 3 1 . ...........
W hatcom Co R y & L t C o Sept
Jan 1 to Sept 3 0 _______
— I n t ., R en tals, & c .— — B a l. o f N et
C u rren t
P r e v io u s
C u rren t
Y ea r.
Y ear.
Y ear.
$
$
$
5,223
4,355
8,428
44,248
35,028
3 8,344
15,785
14,332
25,214
3,948
3,896
7,057
35,567
35,197
37,254
4,851
3,333
5,970
35,096
3 0 ,3 4 9
68,705
4 3,289
4 0,610
104,034
3,579
3,164
4,274
12,261
11,529
5,633
108,748
102,225
39,524
27,242
24,137
£16,261
257,851
231,314
* 1 9 5 ,1 7 6
231,483
231,984
132,389
2 ,315,214
2,318,131
865,979
2,616
2,565
2,932
26,664
26,088
34,206
6,530
3,759
4,454
58,181
34,117
44,861
E ’n g s .—
P r e v io u s
Y ear.
$
6,406
52,473
18,462
7,012
26,298
6,155
58,115
83,523
2,271
6,464
89,744
2:16,726
z l 5 7 , 273
142,714
903.852
278
8,742
3 ,7 6 8
27,699
1335
Detroit Toledo & Ironton— Ann Arbor System.
{Report for Fiscal Year ending June 30 1907.)
President Eugene Zimmerman, under date of Detroit,
O ct- 28 1907, writes in substance:
J o in t R ep o rt.— The directors submit herewith their report of the opera
tions of the Detroit Toledo & Ironton Railway Co. and Ann Arbor R R . Co.
for the fiscal year ending June 30 1907—
C O M B I N E D R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
F is c a l
G ross
N et
Other
In terest
B a la n ce ,
Y ea r—
E a rn s.
E a rn s.
In cco m e. and T a x es. S u rp lu s.
1906-07 ___________$4,298,925 $ 1 ,320,320 $29,137
$ 1 ,343,638
$5,819
1905-06
4,1 1 8 ,8 0 9 1,343,181
34,262
1 ,217,679
169,764
D E T R O IT T O L E D O & IR O N T O N R A I L W A Y C O M P A N Y .
G eneral R esu lts.— The gross earnings increased $172 ,82 9, or 8 .8 % .
The
decrease in freight earnings amounted to 3.7 % and the decrease In passenger
earnings to $5,4 7 8 , or 3 .2 % .
The increase in car per diem revenue was
$202 ,40 0.
Operating expenses Increased $108,988, or 12 % .
The principal cause ol the Increase in ratio of operating expenses (from
71.21 % to 7 3 .8 5 % ) was the enhanced cost of labor and material and the
heavy increase in the repairs and renewals of roadway departm ent, and of
locomotives and freight cars due to the failures of very old equipment, and
about two weeks’ interruption cf traffic in March 1907, occasioned by an
unprecedented flood in southern Ohio. The cost of flood repairs was about
x After allowing for other Income received.
$18,000, besides delay and congestion of traffic.
The payments on account of interest were $82,070 , cr 11-% greater than
during the preceding year, owing to the fact that the “ consolidated m ort
gage” bonds bore interest only from A u g. 1 1905, and the “ general lien and
divisional mortgage” bonds only from Dec. 1 1905.
W hile the interest on the collateral trust notes, amounting to $275 ,00 0,
has been charged against the earnings of this com pany, the latter has re
ceived no earnings on the Ann Arbor stock, for which these notes were
issued, no dividends having been declarde on the stock. The divisible
Atlantic Coast Line Railroad.
earnings of the Ann Arbor R R . Co. for the fiscal year ending June 30 1907
(Report for Fiscal Year ending June 30 1907.)
were $377 ,44 3, of which this com pany would be entitled to receive $275,500
upon distribution in the dividends.
The remarks, signed by Chairman Henry Walters and
P h ysica l C o n d iio n .— No new rolling stock and no new rails were purchased
during the year. 36.9 miles, or 4,929 tons, of 85-lb. rail, costing $ 1 20 ,01 2,
President T . M. Emerson, together with the comparative
were purchased In October 1905, of which 50 % were put down In 1905 and
tables of income and. the balance sheet, will be found on the balance not until after June 30 1906. 75,000 first class cross-ties and
subssquent pages.
Below we give statistics of operation 5,500 second class cross-ties were put in main track. 101 miles of track were
ballasted, being 88 miles of gravel, 13 miles of cinders and slag. N et in
and comparisons for three years:
crease in sidings, 4 )4 miles.* 2,500 feet trestle work completed at new ore
dock, East Toledo; 7 new trestles put In on Superior Cement C o .’s tracks;
E A R N I N G S , E X P E N S E S , C H A R G E S , & c.
3 new trestle bridges built on Jackson shop-yard tracks.
Dam of reservoir
O p era tion s —
1906-07.
1905-06.
1904-05. at Sum m it, which was washed out, was repaired.
Average miles operated_____ _________
4,346
4,327
4,307
W eigh t o f R a il (all S teel) in M a in L in e and B ran ch es owned J u n e 30 1907.
Passengers carried ( N o . ) - - ---------------5,809,311
5,438,457
-1,628,862
56-lb.
60-lb.
67-lb. 70-lb. 85-lb. 90-lb.
Total.
Passengers carried one m ile________ *237,513 ,985 211,991 ,535
198,673 ,437 M ile s _________________ 87.67
191.86
9.27
52.70
41.90
9.00 392.40
Average rate per passenger per m i le -.
2.562 cts.
2.564 cts.
2.463 cts.
N ew B u sin e s s .— A new blast furnace is being built on the N . & W . R y .
Freight (revenue t o n n a g e ).-------------- 10,117,555
9.392,201
8,365,222
W e expect to
Tons one mile (revenue)____ _______ 1,493,919,551 1344548,341 1171869,073 at Ironton, and, It is expected, will be in blast about Jan. 1.
Average rate per ton per m ile_____ _
1.235 cts.
1.292 cts.
1.313 cts. do a fair share of Its business. The coal mines on the Ironton division are
Passenger earnings per train m ile —
$0.88
$0.83
$0.76 increasing their capacity and shipping extensively to points in Ohio and
$2.20
$2.16
$2.07 Michigan. The Superior Portland Cement Co. south of Bloom has just
Freight earnings per train m ile----------Gross earnings per m ile_______________
$6,159
$5,747
$5,160 completed a plant with a capacity of 2,000 barrels a day; this Is to be in
E a rn in g s—
$
$
$ creased to 4,000 barrels a da y. A t Jackson, the Jackson Iron & Steel C o’s .
It Is located exclusively on our tracks
Freight . . . ............. ...................................... 18,443,695
17,374,526
15,383,081 new furnace is almost completed.
Passenger .................... ....................... .........
6 ,083,991
5 ,436,174
4,893,331 and we anticipate a large business therewith. W e have built switches in to
E x p r e s s ___________ ____________________
770,756
694,366
645.411 the plants of the International Harvester Co. and the Branch Foundry
Mall _____________________________ ______
611,400
619.623
618,551 (controlled by the Int. Harvester C o .), and are receiving shipments there
861,687
743,759
682,528 from . The L i m a Locomotive & Machine Co. has increased its capacity
Miscellaneous _________________________
50 % . W hile not located on ourtracks, we receive a fair share of its business,
Total earnings___________ __________ 2 6 ,771,529
24,86 8 ,4 4 8
2 2 ,222,902 which is increasing fast. W e have recently arranged to put on a special
train from Toledo to Detroit, In order to handle coal for the Solvay Process
E x p en se s —
Maintenance of way and stru ctu res-.
3,9 0 9 ,7 3 8
3 ,427,550
3 ,147,650 Co. and coal dealers in D etroit; this train has averaged about 20 cars per
3 ,946.013
3 ,092,087
2,225,363 day.
Maintenance of equipm ent___________
Conducting transportation_____ _____ 10,988,157
8,9 0 4 ,6 9 0
7 ,478,765
A N N A R B O R R A IL R O A D C O M P A N Y .
General expenses_________ ______ ______
.7 4 3 ,4 7 0
658.002
593,990
G eneral R esu lts.— The freight earnings Increased $16,166, or 1.01 % , and
passenger earnings Increased $24,238 , or 5 .1 % ;
miscellaneous earnings
Total ex p en ses.- 1 ___________________ 1 9 ,587,378
16,082,329
13,445,768 decreased $31,387 , or 21.7 % .
Total net Increase, $ 7,286, or 3.3 % .
Oper
N et earn in gs------------------------------------- 7 ,184,151
8 ,786,119
8 ,777,135 ating expenses Increased $23,978, or 1 .7 % . The ratio of operating ex
Interest and dividends on securities-_ 2 .409,656
2 ,225,929
2 ,011,034 penses to gross earnings was 64.86 % , as compared with 63.98 % the previous
Rents and miscellaneous_____________
263,771
340,005
265,714 fiscal year. The principal causes of the increase in ratio were the enhanced
cost of labor and material and heavy increase In repairs and renewals of
9,8 5 7 ,5 7 8
11,352.053
11,053,884 marine equipm ent, locomotives and freight cars, owing to the failures of
Total in c o m e ............................ ..............
D ed u ct —
very old equipm ent. About 79 freight cars were retired from service on
Interest on funded d e b t_______________
4,8 7 2 ,8 6 8
4.7 7 2 ,4 6 8
4 ,685,386 account of their age or light capacity.
T a x e s ___________________ __________ .
854,649
809,870
744,000
P h y sica l C o n d itio n s.— There were purchased during the year 2,830 tens
Interest on certificates of Indebtedness
862.766
862,792
856,744 of 75-lb. steel rail, at a cost of $86,768 (A u g. 1906, less credits for scrap);
Interest on 3-year notes----------------------83,333
_______
___ _
also 1,000 tons of new 85-lb. rail at a cost of $36,489 (Apr. 1907, less credits
Inteiest, rental and miscellaneous___
66,007
89,980
98,041 for scrap).
This was placed in the main track replacing 50-lb. and
Dividends on com m on _____ . _____ (6 % )2 ,8 5 2 .2 5 6 (6 )2 ,5 7 8 ,8 0 0 (5 )1 ,9 6 5 ,7 5 0
60-lb. rail.
Dividends on preferred ( 5 % ) ___ _____
79,830
79,830
86,335
W eight o f R a il (all Steel) in M a in L in e and B ran ch es.
Dividends on R . & P . “ A ” stock____
6 0.000
60,000
50,000
56-lb. 60-lb. 67-lb. 70-lb. 75-lb. 85-lb. T ota l.
T o ta l........................................- ...................
9 ,731,709
9,2 5 3 ,7 4 0
8,486,256 M ile s___________ _______ _ 49.2
87.9
.1
122.9
24 4
7.4
291.9
Surplus Income for year_______________
125,869
2 ,098,312
2 ,567,628
23,000
first class cross-ties were put in main track and 3,250 second class
cross-ties were used In renewals on main track.
13 miles of track ballasted,
See profit and loss account on page 1344.
being 8 H miles of gravel, 3 ^ miles of cinders and % miles of-slag. Net
increase In sidings, 3 '■ miles. 5 H miles of em bankm ent was widened. A t
'{
G E N E R A L B A L A N C E S H E E T -I U N E 30.
Ann Arbor a new 110-ft. girder was put In bridge over Michigan Central.
1907.
1906.
1905. Four new Pullman passenger cars were added to our equipment during the
A s s e ts —
$
$
$ year, at a cost of $50,850 . Steel car ferry N o. 4 was purchased from the
Property and equipm ent............... ......... 138,663,345
132,283 ,090 130,346,767 American Shipbuilding Co. D ec. 1 1906 at a cost of $205 ,27 0. Car ferry
3 0 6,000 shares I.. & N . R R . Co. slock 15,554,221 45,554,221
45,554,221
N o. 2 was rebuilt at a cost of $70,000 .
A tl. Coast Line R R . Co. first con s-_
4 ,6 1 4 ,4 5 0
3,2 9 8 ,8 5 0
2,568,625
W e completed the grade reduction between Farwell and Lake George,
Jacksonv. & .S. W . pur. money Is .
778,000
738.000
_ carrying the 30-ft. grade to Marion, 208 miles from Toledo and 20 miles from
A tl. Coast Line R R . Co. cert, of Ind3 ,8 3 5 ,0 0 0
3,8 3 5 ,0 0 0
1,045,000 Cadillac. This reduces the grade to what is known as Lake George Hill
Other In vestm en ts____ _______________
3,3 0 1 ,9 3 0
3,0 2 9 .2 2 9
1,350,549 from a 62-ft. grade to a 30-ft. grading increased the tonnage of class A en
A tl. Coast Line R R . of S. C. bonds
gines from 1,025 to 1,225 tons, being about 2 0 % .
with Faim ers’ Loan & Trust C o—
500,000
5 0 0,000
500,000
T racka ge.— A favorable arrangement was made for the Manistee & Grand
Fund for renewal of r a i l s --- .......... ..
201,721
280,501
269,710 Rapids R y . to connect with the Ann Arbor R R . at Marlon, M ich., and use
Trust equipm ent..........................................
4 ,5 0 0 ,0 0 0
16,667
56,667 the A n n Arbor station facilities at that point as a terminal for the M . & G.
Equity In trust equipm ent___________ 500,000
_____ ______
_______
R . This gives us a new avenue for receiving additional tonnage and reve
Material and supplies____________ _____
2 ,895,165
1 ,478,317
1.119 753 nue.
Subscriptions to capital stock_______ _
____ __ 2,1 3 0 ,7 0 0
_________
T r a ffic .— W e are handling a large amount of ore over the Toledo Furnace
C a s h _____________ ______________________
4,194,161
5 ,1 1 8 ,0 3 0
3 ,394,656 docks at Toledo for Ironton and Ashland, also receiving a large am ount of
Deposit for equip, trust bonds______
150,000
.......
_______
pig iron from the Toledo Furnace consigned to points in Michigan and W is
Cash for coupons_____ _________________
436,551
431.514
424,896 consin. A t M t. Pleasant, a branch of the Michigan Condensed Milk Co.
Agents’ balances______________________
983,177
538.980
484,617 has been located on our tracks, and they expect to handle not less than 500
■ Due by other cos. and individu als-- .
2,405,451
2 ,467,680
4 ,464,203 cars in and out per annum . A t Marion, since we have made track connec
Unadjusted claims _____ . . . _____
173,475
135,047
122,48 4 tions with the M .& G. R . R R ., we are now receiving a large amount of
Inteiest and dividends receivable. .
142,712
115,713
86,976 sand, lumber and other shipments from them . W e have also located grain
elevator at this point. A t Cadillac we are handling a large amount of
Total assets.......... .......................... ......... 213,9 1 9 ,3 5 9 201,9 5 1 ,5 3 8 191,789,126 traffic for the new furnace. The grain and hay crop this year is very large.
L ia b ilities—
W e are also handling a large am ount of coal to across-lake points; in fact,
Preferred stock............... ......... ...................
1,596,600
1,596,600 1,726,700
the am ount we are able to secure Is only governed by the number of cars
C om m on stock _____________ ________ - 47,53 7 ,6 0 0
4 2 ,9 8 0 ,0 0 0 42,98 0 ,0 0 0
we can secure for the traffic.
New car ferry N o. 4 was placed in com m is
Com . stk. Rich. & P. R R .. class " A " .
1 ,000,000
1,000,000 1,000,000
sion to take care of the Increased cross-lake traffic.
Common stock, subscribed, not Issued
4,5 5 7 ,6 0 0
For the purpose of extending tourist travel, the com pany recently abro
Brunswick & Western Income bon d s. 66,000
_____________
...
gated its contract with the American Palace Car C o., and entered into one
........- 4 ,5 0 0 ,0 0 0
__________
. . . ___
Equipm ent 4 % trust bon ds.
with the Pullman C o., whose parlor and sleeping cars are now operated
A tl. Coast Line R R 3-year gold notes5,0 0 0 ,0 0 0
__________
on our through trains; also a Pullman sleeping car line between Columbus,
Certificates of indebtedness___________ 2 1 ,568,100
21.56 8 ,7 0 0 21.406 800
O ., and Frankfort, via Hocking V alley, between Toledo and Columbus,
Bonded d e b t- _________ ___________ : 7 9 .464.450
77,708 850 75,202,625
was established on July 1 this year. This car Is operated In each direction
L. & N . R R collateral bonds_______ 35,00 0 ,0 0 0
35,00 0 ,0 0 0 35.000,000
tri weekly until the close of the summer tourist season, Sept. 1.
From our
Trust equipment obligations ...............
- ____
16.667
56,667
summer hotel, the Royal Frontenac, the com pany will receive this year p
Freight cert. Jackson <c Southern R R .
S
247,000
287,000
327,000
rental of approximately $ 3,400, the first return since the hotel was opened
Audited vouchers and pav-rolls_____
2 ,365,574
1,664,525 1,140,944
in 1902.
Due other cos. and Individuals. . ........
1,388,438
826,027
79-1,698
O P E R A T I O N S , E A R N I N G S , E X P E N S E S , & c.
Coupons due and unpaid - ____ . . . . .
439.831
434.809
429,710
Dividends declared, u n p a id ________
1,466,206
1,329,478 1,109,578
— D et. T ol. & Ir o n . R v .--------- A n n A rbor R R . C o .—
Interest accrued. not du e.......................
1,026.684
1,003,684
970,614
O p era tion s—
1907.
1906.
1907.
1906.
Taxes accrued, not du e_______________
499.798
499,798
5 0 7 ,X91
Revenue pass, carried -.
406,447
352,805
759,914
660,052
In t. on equip, trust bonds accrued . - 6 0 .0 0 0
____________
R ev. pass. car. 1 m ile. _ 11,462,713
10,389,655
2 3 ,328,277
2 0 ,223,956
In t. on 3-yeai notes accrued
____
83.333
Receipts p. pass. p. mile
1.43 cts.
1.63 cts.
2.03 cts.
2.22 cts.
Reserves for betterm ’ts and lm prov’ ts
1,510,201
2 ,180,436 1,951 663
Tons of freight carried
2 ,227,040
2,249,359
2 ,009,460
1 ,775.518
Profit and loss surplus------------------------9 ,099,543
9 .297,364 7 ,184,236
Tons carried 1 m ile.
329,122 .200 3 2 9 ,434 ,320 2 9 4,164 ,560 2 7 5 ,700 ,908
A v . rec’ts p. ton p . mlle_
0.436 cts.
0.452 cts.
0.533 cts.
0.563 cts.
Total liabilities
---------- ------------------21 3 ,919 ,359
201,951 ,538 191,789 .126 A v . N o. tons fr’t p. tr .m .
400.95
414.96
415.74
391.34
— V . 85, p. 1268, 856.
\
Gross earns, p. m . of r d .
$4,834
$4,396
$7,363
$7,452
A N N U A L R EPOR TS.
13:JU
E a rn in g s—
F r e ig h t --------------------------Passenger-----------------------Mail, express, & c_______
Milk revenue------------------Switching revenue____ „
Car per diem & m ileage.
Hire of equipm ent______
Rents from tracks, term
inals, Sc______________
Other sources___________
THE CHRONICLE.
-D e t . T ol. & I r o n . R y 1907.
1906.
5
$
1,488,507
1,433,825
164,053
169,531
45,574
47,607
----------________
394,078
191,855
40,256
13,698
A n n A r b o r R R . C o .—
1907.
1906.
$
$
1 ,567,543
1,551,377
473,422
449,184
63,684
65,227
14,697
7,126
----------22,741
_______
19,149
26,980
9,608
28,600
5,813
59,210
3,962
57,927
2,500
T o t a l ________________ O pera ting E x p en se s —
M aint. of way & stru ct.
Malnt. of equipm ent----Conduct’ g transport’n . .
General expenses_______
2 ,1 1 6 ,4 0 7
1 ,943,578
2 ,1 8 2 ,5 1 8
2,175,232
316,630
410,128
800,265
35,922
273,682
302,404
773,416
34,445
255,773
289,012
824,518
46,355
300,546
300,221
737,148
5 3,765
Total ...................... .........
Net earnings-------------------
1,562,945
553,462
1 ,383,948
5 59,630
1 ,415,659
7 66,859
1,391,680
783,551
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 J U N E 30.
— D e t. T ol. & I r o n . R y .--------- A n n A r b o r R y . C o .—
1907.
1906.
1907.
1906.
$
$
$
$
2 ,116,407
1,943,577
2,1 8 2 ,5 1 8
2,175,232
Gross e a r n i n g s - -.- _____
Operating expenses____
1 ,562,945
1 ,383,948
1,4 1 5 ,6 5 9
1 ,391,680
Net earnings__________
Miscellaneous income___
T otal Income__________
Interest and taxes______
553,462
1,553
559,630
5,997
555,015
926,638
565,626
836,568
766,859
27,584
794,443
417,000
783,551
28,265
811,816
381,112
Balance for y e a r .- - def. 371,623 def. 270,941 sur. 377,443 sur. 430,705
D E TR O IT TOLEDO & I RON TON R Y . CO. B A L A N C E S H EE T JU N E 30.
1907.
1906.
|
1907.
1906.
$
S
| L
iabilities—
Assets—
$
$
Road and equip’t .38,610,180 38.559,8631First pref. stock.. 7,500,000 7,500,000
205,3981Second pre. stock 5,000,000 5,000,000
243,256
Cash .................. ..
78.253 ICommon stock___ 12,500,000 12,500,000
Remit’s In transit.
91,9481Funded debt_____ 18,920,400 24,926.466
121,453
Ag’ts & conduc’rs|
Loans & bills pay.
565,000
5,746
60,8691Vouchers_________
Traffic balances. _
289,573
128,003
105,300
85,2321 Pay-rolls________
84,940
73,625
Indlv. & comp’les.
103,2661Renewal accounts.
Mat’ls & supplies _
123,238
35,928
162,952
159,478
Ann Arb. RR. stk. ah,101,400 5,099,0001Interest accrued..
|
Taxes accrued____
28,099
31,849
Coll. bonds D. T.
5,000,0001
Traffic balances..
30,647
& I . con. 1st M.
IMiscell. accounts.
31,277
36.817
Treas. bonds D. T.
750,000|
& 1. eon. 1st M83.6031
94,665
Tol. South. RR.Co
305,3801
677,003
Profit and loss____
-I
Total ...............45,082,241 50,422,813 | Total __ _________ 45,082,24 1 50,422,813
a Includes $2,190,000 common stock and $3,102,400 shares of preferred stock.
A N N AR BO R R A ILR O A D C O M P A N Y G EN ERAL B A L A N C E SH EET J U N E 30
1907.
1906.
|
$
j Liabilities—
Assets—
$
Road & equipment 14 ,741,427 14,485,3321Preferred stock___
! Common stock___
Frankfort Hotel,
201,86511st M. bonds, 4 % .
204,930
real estate, & c ..
40.000 [Vouchers_________
New car ferry No.4
871.3611Pay-rolls_________
873,285
Cash ____________
70,7711Renewal accounts.
Remit’s in transit.
62,1501Interest accrued..
100,222
Ag’ts & conduc’rs.
32,1841Taxes accrued-.*.
37,768
Traffic balances-.
93,116jTrafric balances..
225,999
Indlv. & comp’les.
79.7511
Ann Arbor grade—
Mat’ls & supplies.. 116,620
| susp. account..
Jack. & Ann Arbor
10.0001Profit and loss. - . RR. bond3____
Det. Jackson &
7,000
Chicago R y. bds.
T o ta l______ ...1 6 ,3 0 7 ,2 5 1
- V . 85, p. 722.
-I
15,946.5301
1907.
"81",700
43,456
_______
1907.
$
4.000.000
3,250,000
7.000.000
133,225
59,720
85,505
76,980
39,588
32.840
_______
1,615,975
10,000
1,258,672
4.000.000
3,250,000
7.000.000
253,704
62,416
T o ta l...............1 6 ,3 0 7 ,2 5 1 15.946,530
Alabam a Great Southern Railroad.
(Report for Fiscal Year ending June 30 1907.)
President W . W . Finley, under date of New York, Oct. 1
1907, says in substance:
F in a n c ia l.— On O ct. 19 1906 the board authorized the sale of i ’50,00®
general mortgage 5 % bonds, the proceeds of which were used In part
paym ent of amount borrowed to make cash paym ent on the purchase price
of 2,000 freight cars and 8 locomotives covered by equipment trust agree
m ent, “Series C ,” dated May 1 1906. Two paym ents on account of
‘ ‘certificates for funded arrears” were m ade, one in July 1906 and the
other in Jan. 1907, as provided for in the agreement, reducing the amount
of such certificates outstanding from $399,464 to $319 ,57 2.
T erm in a l B o n d s .— During the year the Chattanooga Station Co. author
ized the issue of $1,000,000 first mortgage 4 % 50-year bonds, due Jan. 1
1957, which are to be guaranteed, principal and Interest, by the four lines
In Interest. The proceeds are to be used in the purchase of lands and the
construction of a substantial modern passenger station at Chattanooga,
Tenn. (V . 84, p. 50; V . 83, p. 1227).
Tne Birmingham Terminal Co. has authorized an issue of $3,000,000 4 %
50-year bonds,w hich will mature March 1 1957.
These bonds are to be
guaranteed, principal and Interest, by the six lines in Interest. The pro
ceeds will be used to pay for the acquisition of real estate for, and the con
structlon and equipment of. Its railroad, union passenger station and ter
minal facilities at Birm ingham . A la.
(See V . 8 5 , p. 404; V . 83, p. 1227.)
The five lines Interested In the formation of the Meridian Terminal Co.
have guaranteed, jointly and severally, the due and punctual paym ent of
the Interest on $250,000 first mortgage 4 % 50-year bonds of the Terminal
C o ., dated May I 1905. The proceeds realized froih the sale of these bonds
were used In acquiring necessary real estate for, and the construction and
equipment o f, the Terminal Com pany’s union passenger station and facilities
In Meridian, Miss.
(V . 8 5 , p: 601; V . 8 3 , p. 1229.)
The passenger depot of the Chattanooga Station Co. at Chattanooga,
T e n n .,is now under construction, and the new union passenger station at
Birm ingham, A la ., while not com pleted, was put into service during July
1907.
E q u ip m en t T r u s ts .— Equipm ent trust obligations to a total of $272,000
have been paid and charged to capital account or to reserve account for the
replacement of rolling stock, leaving outstanding June 30 1907 $2 ,1 5 5 ,0 0 0 .
M a in ten a n c e .— The Increase of $ 9 5,492 , or 1 5 .6 1 % , for maintenance of
way and structures was due principally to the cost of installing new electric
block signals, reconstruction of bridge over Chattanooga Creek, change of
grade near Rising Fawn, G a ., and Porterville. A la ., Improvements to
freight and passenger stations, fuel and water stations and shops, and also
to the increased cost of all classes of labor and materials entering Into this
expense. There were laid during the year 3,500 tons of new 80-lb. steel
rail, replacing worn 60-lb. rail, as against 43 tons of new 80-lb. steel rail
laid in the previous year. The total number of ties laid for maintenance of
m ain line and side tracks and for building new side tracks averaged 460
per mile of track maintained against 416 in 1905-06, 403 in 1904-05 and
511 in 1903-04.
R ev e n u e .— There was an increase in revenue from passengers of $138,490,
or 15.40 % . The number of passengers carried one mile increased 11.38 % .
The average rate per passenger per mile was 2.44 cents, an increase of
3 .3 9 % .
There was an increase in revenue from freight of $ 1 65 ,90 9, or 6 .7 3 % .
The number of tons of commercial freight carried one mile decreased 1.09 % .
[V o l . l i x x x v .
The average rate per ton per mile was .73 of a cent as compared with .67
of a cent for the previous year, an increase of 8 .9 6 % .
C a r W o r k s .—-The Gadsden Car W ork s, incorporated in Jan. 1907, for the
purpose of operating the car works at Gadsden, A la ., is now owned jointly
by the A labam a Great Southern R R . Co. and The Cincinnati New Orleans
& Texas Pacific R y . Co.
-Rolling Stock------------ — -----------------Road Owned (M iles)June
Loco- Pass. Freight
-R a ils-Ballast—
-Trestles30
motives. Cars.
Cars.
80-lb. 75-lb. 60-lb.
Slag. Cln’s.
W ood.
Iran.
1907____ 75
43
6,253
49
241
281
9
6.55
0.42
4,624
1906____ 68
21
38
19
250
281
9
0.42
7.40
41
1905____ 68
4,562
21
250
19
246
44
7.49
0.42
1904____ 58
43
3,405
214
76
225
65
7.59
0.42
O P E R A T I O N S , E A R N I N G S . E X P E N S E S , C H A R G E S , & c.
O pera tion s—
1906-07.
1905-06.
1904-05.
Average miles operated.
309
309
309
Passengers carried______
705,463
614,788
549,342
Pass, carried 1 m ile____ 42 ,4 6 9 ,7 8 2
38,12 9 ,3 1 4
3 3 ,421,822
Rate per pass, per m ile .
2.44 cts.
2.36 cts.
2.41 cts.
Tons rev. freight carried 2 ,945,372 2 ,988,523
2 ,816,279
N o . tonscarried 1 m i le ..3 6 1 ,7 4 9 ,9 6 0 365,746 ,718 316,139 ,870
R ate per ton per m ile___
0 .7 3 cts.
0 .6 7 cts.
0 .69 cts.
Tons of freight in each
train (revenue)_______
365.21
368.31
315.09
Gross earnings; per m ile . $ 1 3,472 .35
$12,199 .41
$ 1 0 ,692 .29
E a rn in g s —
$
$
$
Passenger . - .......................
1,037,575
899,085
804,298
Freight----------------------------- 2 ,629,827
2,463,918
2,1 9 5 ,0 1 2
Mail, express, &c_______
501,076
411,618
308,990
1903 -04 .
309
525,981
3 0 ,3 2 8 ,8 2 5
2.50 cts.
2 ,6 2 7 ,8 7 2
2 9 3 ,7 0 7 ,3 2 3
0 .70 cts.
29 8 .5 3
$10,017 .27
$
75 9 ,3 7 4
2 ,0 6 6 ,7 4 3
2 7 3.328
T o t a l ........ ........................
4,1 6 8 ,4 7 8
E xp en ses—
T r a n s p o r ta tio n ____ 1,553,128
M alnt. Of w ay, &c_______
707,397
Maint. of e q u ip m e n t___
914,449
G en era l______________. . .
116,909
Taxes ..................................
114,671
3,774,621
3 ,308,300
3 ,0 9 9 ,4 4 5
1,387,277
611,904
871,310
92.675
98,701
1 ,301,058
526,083
694,822
95,600
89,412
1,1 7 6 ,7 0 3
507,845
602,903
97,618
89,450
T o t a l - ------------------------P . c. of exp. to earns----N et earnings------------------A dd miscell. incom e____
3 ,406,554
(81.72)
761,924
55,038
3 ,061,867
(81.12)
712,754
53,309
2,706,975
(81.82)
601,325
51,226
2,4 7 4 ,5 2 0
(79.84)
624,925
19,977
T o t a l --------------------------D ed u ct—
Interest and rentals____
M is c e lla n e o u s .-............. ..
D ivs. on pref., 6 % ---------
816,962
766,063
652,551
644,902
299,532
103,753
202,821
296,241
71,357
195,052
286,542
41,025
185,437
286,542
37,748
185,437
T o t a l --------------------------Surplus to profit & loss.
606,106
210,856
562,650
203,413
513,004
139,547
509,727
135,176
B A L A N C E SH EE T J U N E 30.
1907.
1906.
|
1907.
1906.
Assets—
S
S
| Liabilities—
$
$
Cost of road...........12,909,173 12,927,7471Ordinary shares . . 7,830,000
7,830,000
Equipment owned. 3,151,783 2,984,936 |Preferred shares.. 3,380,350
3,380,350
Investments-------- 1.642,688 1,639,201! First mtge. bonds. 1,750,000
1,750,000
Car trust e q u i p . 2,155,000 2,427,000|Gen. mtge. bonds. 3,450,600
3,207,600
Material on hand..
177,591
197,9331Equipment trusts. 2,155,000
2,427,000
C a s h ...................
327,552
191,925 ICertlfs. for dlvs. - .
319,572
399.464
Remittances
In
llnt.accr’d not due
50,019
49,941
transit..............
87,338
68,657 |Res. for equip.,&c.
589,408
567,517
Station agents, &c.
126,439
104,989 iTaxes not due____
64,233
57,132
Deposits for int. &
|Misc. reserves____
13,583
120,443
rentsdue July 1.
147,930
66,8841Interest & rentals147,930
66,884
Other transporta1Res. for div. on pf.
101,410
101,410
tlon companies.
336,487
234,595| Vouch.* aect. pay.
244,004
183,565
U .S . P .O . D e p t..
17,117
18,6571Pay-rolls &c_____
132,197
130,849
Individuals a n d
\
Individuals & cos.
103,448
28,297
companies_____
131,001
321,401 |Other trans n cos..
36,980
111,487
Miscellaneous-----131,127
54,1261Bills payable_____
171,595
250,000
|
Miscellaneous____
20,753
______
IProfitand loss____
780,144
576,111
-----------------------------------1
-----------------------------------Total___________ 21,341,226 21.238,051! Total...................21,341 ,226 21.238,051
— V. 85, p. 1082.
Mobile & Ohio Railroad
(R e p o r t f o r F i s c a l
Y e a r e n d in g
J u n e 30
1 9 0 7 .)
President W . W . Finley, under date of New Y ork, Oct.
1 9 0 7 , says in substance:
1
E q u ip m en t T ru st O bligation s.— These decreased for the year ended June 30
1907 $83,564 , viz.:
Additions during the year: “ A C F , ” 8, $ 4 45 ,91 2, and " B L W , ”
$301,931 --------------------------------------- --------------------------------------------------------$747,843
Less payments on the various series_______________ ___________________ 831,407
Equipment obligations “ A C F ” (8) cover the deferred paym ents upon
600 gondola cars purchased during the current year for renewal of retired
equipm ent, and in part paym ent for which a like number of unserviceable
cars of light construction and capacity were delivered to the manufacturers
under contract dated July 23 1906. The cost of the equipment was $505,912; less contract value of old cars, $60,000; amount for which notes w eie
issued, $445,912.
Equipm ent obligations " B L W ’ ’ cover the deferred payments upon 25
locomotives purchased from the Baldwin Locom otive W orks under agree
m ent dated Feb. 12 19Q7, paym ent for which is to be made as follows:
Total cost, $397,177; cash paym ent m ade, $95,246 .
Equipm ent obliga
tions issued, payable in eight quarterly Installm ents, bearing 5 % interest,
first Installment due April 12 1907, $301,931.
During the year arrangements have been made for the purchase upon
satisfactory terms of 1,000 box cars and 750 gondola cars, to be delivered
in October, Novem ber and December 1907.
G en eral R e s u lts .— The gross earnings increased $ 1 ,3 1 3 ,5 9 2 , or 1 3 .9 1 %
net earnings Increased $ 2 15 ,93 9, or 7 .4 5 % .
M a in ten a n c e , Im p ro v em en ts. & c .— The expenses of maintenance of way
and structures per mile of road for the year w-ere $1,4 9 0 , as compared with
$1,417 for the year preceding. The number of cross-ties placed in the track
during the year was 3 87,884 , as compared w ith 431,910 for the year previous.
Four new steel bridges with spans aggre gating in all 575 ft were erected
during the year; also one concrete arch with span of 91 ft.
A ll iron bridges on the main line between East St. Louis, 111., and M obile,
A la ., to cover the renewal of which bridge reserve has heretofore been
created, have been replaced by steel structures of modern design, and the
reduction of grades and curvature between Jackson, T e n n ., and Corinth,
M iss., for which miscellaneous reserve has heretofore been created, was on
June 30 1907 practically completed
During the year 4 .5 miles of 85-lb, and 14.54 miles of 75 lb. steel rail
have been put in the track, replacing a like number of miles of 70-lb. rail.
The expenses of conducting transportation increased $599 ,17 8, or 1 6 .5 3 % .
largely because of the higher cost of both labor and material.
General
expenses and taxes increased $ 81,661 , or 1 7 .6 4 % .
G u lf T erm in a l C o .— On June 17 1905 the G ulf Terminal Co. was incor
porated under the laws of Alabam a to erect a m odem union passenger
station at Mobile. This station was formerly put in use on April 18 1907.
The Terminal Company has authorized an issue of $700,000 first mortgage
4 % 50-year bonds, dated Jan. 1 1907, which have been jointly and severally
guaranteed, principal and interest, by the Southern R ailway Co. and Mobile
& Ohio R R.’ C o., which companies are equally interested in the ownership
of the stock of the Terminal Com pany.
(V . 84, p. 51.)
M e rid ia n T erm in a l C o .— The Southern R ailway C o ., Mobile & Ohio
R R . C o., New Orleans & Northeastern R R . C o., Alabam a & Vicksburg
R y . Co. and Alabam a Great Southern R R . C o., the five lines Interested
in the formation of the Meridian Terminal C o., have guaranteed, jointly
and severally, the due and punctual paym ent of the interest on $2 5 0 ,0 0 0
first mortgage 4 % 50-year bonds of the Terminal Com pany, dated M ay 1
1905. The money realized from the sale of these bonds was used In acquir
ing necessary real estate for, and the construction and equipment of, the
Terminal Com pany’s union passenger station and facilities in the City o f
Meridian, Miss.
(Compare V . 8 5 , p. 601.)
R a ils (m ile s)R ep a irs p er— --------85-lb. 75-lb . 70-lb . 60-lb. 56-lb. V a r. L o c o ’tive . P a s s .c a r . F r ’ht car
5
441
215
223
35
8
$1,714
$712
*$82
230
223
35
11
49
1,700
701
-427
274
243
39
1.684
673
47
..
_358
12
1903-04;
243
44
..
256
357
12
1.627
582
49
♦Includes proportion of cost of substituting 1,200 new cars f o r a lik e
num ber of old ones.
Earnings.— The results for the four years past and the bal
ance sheets follow:
O P E R A T IO N S , E A R N IN G S A N D C H A R G E S .
1906-07.
1905 -06 .
1904-05.
1903-04.
T o ta l miles operated___
926
936
926
912
O p era tion s—
Passengers c a r r i e d .- . - .
1 ,376.609
1,155,718
1 ,284,789
1,114,681
Pass, carried 1 m i l e ..,- - 5 2 ,675,263
45,88 7 .4 8 5
58,721,326
4 3 ,630,668
A v rate per pass. per m .
2.37 cts.
2.27 cts.
2.12 cts.
2 .2 7 cts.
Revenue tons m oved___
5 ,326,003
4,7 4 5 .7 8 3
3,721,249
3,805,903
Tons moved 1 m i l e . - - l , 302,991,226 1,114,905,371 890,8 6 4 ,7 2 0 9 0 5,466 ,039
A v . rate per ton per m ile 0.620 cts. 0.6 3 9 cts.
0.668 cts.
0.641ets.
A v . rev. tr.-load (tons) _
275
250
240
270
E a rn in g s —S
?
$
F r e ig h t .............8 ,0 7 3 ,9 7 3
7,1J 4,588
5 ,951,968
5 ,805,297
P a ssen ge r_______ 1 ,2 5 0 ,3 2 6
1 ,042,765
1 ,245,040
991,306
Mail and express.......... ..
373,109
347,363
336,888
299,252
M iscellaneou s___________
1 ,0 6 * ,111
931.211
733,705
643,851
Gross earnings............... 1 0 ,759,519
E xp en ses—
M ain, of w ay, & c______
1 ,380,106
M aint. of e q u ip m e n t ...
1,494,132
Conducting transporta’n
4,2 2 4 ,1 2 9
G en era l_________________
341,547
Taxes ___________________
203,173
9 ,445,927
8,2 6 7 ,6 0 2
7 ,739,706
1 ,312,624
1 ,144,800
3,624,951
283,370
179,688
1 ,179,655
911,216
3,108,941
271,537
179,537
1 ,2 0 3 ,4 8 8
818,320
2,958,622
247,270
172,210
T o t a l . . _______________
Per cent fexp. to earnings
N et earnings____________
Other in c o m e ___________
7 ,6 4 3 ,0 8 7
(71.04)
3,116,432
123,430
6 ,545,434
(69.29)
2,9 0 0 ,4 9 3
124,810
5 ,650,886
(68.35)
2,6 1 6 ,7 1 6
127,336
5 ,399,910
(69.77)
2 ,339,796
123,030
Total net incom e____
3,2 3 9 ,8 6 2
D isb u rsem en ts —
Interest on funded d e b t.
1,193,000
R e n t a ls _________________
501,270
Interest on car trusts, &c.
211,699
D iv id en d ?_______________ (5)301,030
3 ,025,303
2 ,744,052
2 ,4 6 2 ,8 2 6
1,193,000
440,890
181,595
(5)301,030
1 ,193,000
394,466
167,259
(4)242,824
1,168,880
371,197
137,511
(2)121,412
2 ,206,999
1 ,032,863
2 ,116,515
908,788
1 ,997,549
746,503
1,799,000
663,826
612,654
716,128
581,233
Total disbu rsem ents..
B a la n c e _________________
Principal of car trusts
paid, new equip, and
additions to property.
Balance, surplus...........
1337
THE CHRONICLE.
N o v . 23 1907.j
O P E R A T IO N S A N D F IS C A L R E S U L T S .
G ross E a rn in g s —
1906-7.
1 9 0 5 -6 .
1904-5.
$873,790
$808,589
$518,399
Passenger'-------------------- . .
M a il_____________ _______
64,280
53,000
53,000
Express and baggage _ _ _
74,238
58,930
32,441
F reig h t.--------------------------802,545
582,078
382,772
Car kilom eterage----------27,658
28,976
13,288
Hire of equipm ent______
50,420
14,739
2,985
Tugs and lighters----------18,197
61,418
21,809
Antilla term in als_______ 18,218
____________
M iscellaneous___________
23,964
5,352
4,565
T o t a l.________________ _ $ 1 ,953,300
$1,619,082
--nrtPYntinn V T T
'.'T iP i
M aint. of way and structs
$409,973
$325,817
M aint. Of equipm ent___
206,870
169,288
Conducting transporta’n
560,239
479,478
General expenses & taxes
105,477
81,973
Antilla term in als_______ 12,396
_____________
T o ta l___________________ $1,294,955
R atio of operating expenses
to gross ea rn in g s____
(66.30 %)
$658,354
Net earnings____________
interest on funded d ebt325,930
N et Income___________
$332,424
1903-4.
$235,666
26,500
14,421
213,676
8,988
3,047
16,947
4,797
$1,029,259
$524,042
$181,873
135,140
350,448
66,174
_______
$152,088
97,095
276,605
40,330
$1 ,056,556
$733,635
$566,119
(65.26 %)
$562,526
274,665
(7 1 .2 8 % )
$295,623
258,175
(1 0 8 ,0 4 % )
d e f.$ 4 2 ,077
$287,861
$37,448
_______
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. . |
1907
1906.
Assets—
$
S
I Liabilities—
$
S
Roadway* appurl
f21,471,572 jPreferred stock.
1 0 , 0 00 ,00 0 1 0 , 0 0 0 ,0 0 0
New equipment . ^23,637,287-1
456,141 |*Common stock
,120,000 6,126,000
Additions, bett.&l
i
|First M. bds., 5 % ,
bch. line constrj
I 605,024| due July 1 1952. ,799,000 6,299,000
Hotel Camaguey,
INotes payable____
120,000
property acct___
---—
110,4701Sabanllla&Moroto
Treasury bonds___
---------250,0001 Ry.,bal.pur.m._
28,153
The Cuba Co.,N.Y_
103,390
114,8561Vouch, pend’g.&c.
105,130
66,368
Material & supp_.
411,633
311,2431 W ages___________
84,265
92,350
Cash_____________
105,794
47,5971Int. on bonds due
Cash on deposit to
169,975
146,225
pay bond lnt_
_
170,150
148,725 j Misc. current acct3,602
23,141
Due from agts. and
|Def. & susp. liab—
conductors_____
14,068
6,477 | Govt, of CubaJ_
769,590
532,300
Due from cos. and
I Reserve against
Individuals_____
107,984
75,334 |
possible claims
33,292
22,656
Due from Govt, of
|
Profit & loss, surp.
698,032
353,368
Cuba___________:
180,859
132,500|
Traffic bals. due
I
from other cos..
55,444
79,622|
Taxes paid in adv.
Total assets------ 24,788,887 23,809,5611 Total liabilities.24,788,887 23,809,561
420,209
192,660
165,270
451,799
212,02
* $3,874,000 additional common stock will be due to the Cuba Co. on the final
adjustment of accounts between the companies.— V . 85, p. 921.
United Fruit Company.
G EN ER AL B A L A N C E SH EE T J U N E 30.
1907.
1906.
|
1907.
1906.
(Report for the Fiscal Year ending Sept. 30 1907.)
Assets—
8
S
| Liabilities—
$
$
Cost road & equip.28,199,709 28,072,4991Stock Issued_____ 6,070,600 6,070,600
The remarks of President Andrew W . Preston and com
Trust equipment.. 4,337,600 4,421,164 |Stock In treasury. 1,659,400 1,659,400
parative income account and balance sheet for two years
Stks.&bds. owned. 3.1G3.970
3,120,2801Bonds (see “ Ry. &
do do Intrust 2,178,400 2 ,ISO,4001 Ind.” Section)..24,172,000 24,172,000 were given last week.
Further facts from the report follow:
Lands, &c_______
120,649
124,159iCartrusts... ........................
4,337,600 4,421,164
LOCATION AND BOOK VALUE OF PROPERTY O W NED.
Cash (incl. on dep.
IPay-rolls, vouchers
for coupons,<fec.)
341,648
473,1551
& misc. acc’t s .. 2,494,317
2,098,928
—----- Total Acreage--------- — Plants & E quip., Book CostDue from railroads,
IB’lls payable__
183,997
591,949
1907.
1906.
1905.
1907.
1900.
1905.
agents, Ind., &c.,
|Interest due and
Costa Rica________ 181,184 158,775 151,975
$7,924,508 $6,340,019 $5,981,601
St.L.&C.RR.and
| unpaid___
35,698
42,773
C u b a _____________ 68,505 56,363 61,777
6,171,206
5,638,150
4,541.394
miscel. accounts 2,693,157 2,379,4711Int. accr’d.not due
328,711
332,349
Honduras________________ ______ __ ___^ \
271,917
88,814/
37,517
Material, fuel, &c.
414,743
387,4751Profit and loss____________ 2,167,553 1,769,441
Guatemala.............. 50,000 50,000
Jamaica __________ 29.079 29,079 29,081
2,311,444
2,281,740
2,279,830
T o ta l__________41,449,876 41,158,604| Total .................41.449.876 41,158,604
Santo Domingo____ 18,203 18,203 18,203
533,086
526,317
530,996
— V. 85, p.10S3.
Rep. of Columbia.. 11,213 10,309 10,309
353,717
316,927
312,505
Rep. of P anam a... 38,508 21,172 21,172
3.063,054
2,597,556
2,354,035
Cuba Railroad.
{Report for Fiscal Year ending June 30 1907.)
President W . C. Van Horne, under date of Sept. 18 1907,
Avrites:
The earnings for the first half-year were considerably reduced by the
political disturbances In Cuba, which were ended by the Intervention of the
United States In Novem ber, and from that time to the end of the fiscal year
the Increase In earnings was most satisfactory normal conditions now pre
vailing. General business for a large part of the fiscal yeai was affected
by a severe drought— the most prolonged for half a century— but the grow
ing crops are In excellent condition In the dlstilcts served by your lines,
warranting the expectation of a good business for the current fiscal year.
The railway is In excellent condition throughout. The extraordinary re
placement of the original pine cross-ties with native hard wood has been
kept well up with requirements, and a large number of timber bridges and
trestles have been filled or replaced with concrete or other permanent work.
The Holguin branch has been completed. The rails have been laid on
4 miles of a branch line tunning southeasterly from Marti towards Bayam o,
and another branch line has been commenced, extending westerly by the
w ay of Palma Soriano towards Bayam o. These two branches when con
nected will cover the most Important section of eastern Cuba, a great part
of which has been settled for m any years.
Considerable expenditures have been made on station buildings, new
sidings, repair shops and machinery, and other facilities required by th
Increasing traffic, and large additions have been made to the motive power
and car equipment.
Your lines at June 30 1907 aggregated 426 miles, as follows: Main line,
Santa Clara to Santiago, 356 miles: Antilla (Nlpe B ay), branch, 31 miles:
Sanctl Spirltus blanch, 8 miles: Ponupo branch, 11 miles: Jatlbonlco branch,
4 miles: Holguin branch. 12 miles: Tana (Marti) branch, 4 miles.
President Van Horne supplements the annual report with
a brief statement covering the history and location of the
road and the financial status of the enterprise. He says in
part:
The rapid Increase of the com pany's business Is well Indicated by the
Increase In gross earnings from $524,041 for the year ended June 30 1904
to $1,953,309 for the year ended June 30 1907, or 2 7 0 % , and an Increase
In net earnings for the same time from a deficit o f $42,077 to a profit of
$658,354, notwithstanding the large am ount, $157,738, included In the
working expenses for the past year for extraordinary replacements that
really bad little relation to the year's working. It will be seen that, allow
ing for these extraordinary replacements, we are not far from a dividend
on our preferred stock; but, as In the case of other new railways with a
rapidly growing business, we have need of m any things, and lt might be
unwise to press our borrowing powers too far to provide for these, and lt
will no doubt be best to delay the consideration of a dividend for a year
or two.
Our bond Issue, which represents considerably less than half the cash
that has gone Into the property, now stands at about $16,000 per mile of
main track, and on these bonds more than twice the Interest has been
earned for two years back.
The railway Is of standard gauge, has easy grades and few and light
curves, and Is capable of being worked at an unusually low cost.
Its
bridges are of steel or m asonry.
It Is ballasted throughout with rock or
other suitable materials, and It has excellent and up-to-date rolling stock,
shops and working appliances. Thriving towns and new Industries are
growing up along the line, and cleared lands, new cultivation and herd
of cattle are to be seen everywhere. The people of the country are Intelll
gen t, Industrious and peace-loving, and they have on all occasions shows
the warmest good will towards our enterprise.
W ith such a property and such conditions there can be no doubt of a
safe and profitable future.
T o ta l.o ------------- 396,692 343.901 295,517 $20,628,932 $17,787,612 S16,039,789
a Also leases 4,549 acres in Costa Rica and 21,821 acres in Jamaica.
B O O K C O S T O F C O M P A N Y ’, I .A N D S , A c .
S
1907
1906.
1905
Lands --------------------------------------------------- $9,029 026
$ 8 ,549,414
$8,517 07
Houses and buildings.
1,100 474
1,032,183
965 ,404
Oultivations________________
3 ,8 5 6 , 837
2,874.592
2,477 ,048
Live stock ------------------ -------691 499
641,197
507 ,783
Tools and m achinery-------193 688
175,765
150 ,608
Railways b______ ___ ___
2.936 786
1 ,966,995
1,430 ,081
Telephones_________________
85 659
85,659
85 ,659
W harves, lighters, & e_____
337 341
■ 346,015
346 ,015
Merchandise (stores)—
560 370
475,«431
713 ,431
Material on h a n d ________
549 719
395.415 J
Sugar m i l l ____________ ____
1;287 533
1 ,244,533
846,553
T o ta l------------------------------------ - - . - . - - $ 2 4 ,628,932 $17,787 ,612 $16,039 ,789
b Includes $90,000 representing Investment In Changuiriola Canal on
the Isthmus of Panam a.
Total heads of cattle Sept. 30 1907. 1 6,334, against 14.885 in 1906 and
11.942 In 1905: horses and m ules, 3 ,1 7 6 . against 2,968 in 1906 find 2,940 in
1905: miscellaneous, 144, against 195 in 1906 and 198 In 1905.
Railways
owned, 315 miles, against 212 miles in 1906 and 174 miles in 1905.
IN C O M E ACCO U N T .
1906-07.
1905-06.
1 9 04 -05 .
1903-04.
Net earnings from trop'c;i 1 fruits and other
operations -----------------1 $ 6 ,061,910
$ 3 ,7 2 0 ,4 0 2 / $ 1 ,446,914
$ 1 ,804,895
F a in s, of sub-com p’s -----j
j
170,807
’272 880
Miscellaneous In co m e.. .
227,999
180,485
143,928
Total Income_ _ . . .
_
D ed uct—
Interest on bonds___
Dividends . . ---------- . .
R ate of dividend____
$6,2.89,909
$ 3,900,887
$1,761,649
$2 ,077,775
$99,982
1,419,350
(7 ^ % )
$114,354
1 .235.745
(7 %)
$128,843
1,167,792
(7 % )
$137,426
967,675
(7 % )
Total d eduction s-. . . $1,519,332
$1,350,099
$1 .296.635
$1,105,101
B a la n c e _____________ . . . $4,770,577
$ 2 ,550,788
$465,014
$972,674
B A L A N C E S H E E T S E P T E M B E R 30.
A s sets—
1907.
1906.
1905.
Plantations and equipm ent. - . . . ____ $20 628,932 $17,787 ,612 $ 1 6 ,039 ,789
Cash
3 ,540.167
!, 413,006
2 .4 6 1 .6 7 7
Accounts collectible_____ . . . .
1,563,802
1,154,611
1 ,129,919
Advance p aym ents________ ___
156,902
190,739
21.3,659
Miscellaneous Investments
2 ,7 0 9 ,4 3 8
2 ,562,013
2 ,466,939
Advances for acc’t of N o. R y .
664.912
2 ,4 8 2 ,5 1 0
2 .0 9 1 .6 7 7
Nlpe Bay Co. common s t o c k ..
1, 446,000
Other a ccou n ts-............. .........
11,,030
9.191
9,454
T o t a l . . ____ _______
. $ 3 ? , 7 2 1 , 1 8 3 $ 2 6,599 ,683 $24,413 ,115
I la b ilities—
Capital sto ck ..... ......... ................................ $18,525 ,000 $ 17,9 6 1 ,0 0 0 $ 1 7,485 ,000
Convertible bonds__________, ___ ______
1,1 5 6 ,0 0 0
1 ,820,000
2,3 9 6 ,0 0 0
Serial debentures___________ __________^
1 ,600,000
Accounts p a y a b le .................... ...................
898,529
522,362
Sight drafts________________ ___________
376,590
441 ,296
D iv id e n d s _______ ______________________
370,500
314,317
Accrued Interest and m iscellaneous..
42.513
16,775
Income account, surplus___ ________ _
9,752,051
5 .523,933
T o t a l . . ...................................* ...................$32 721,183 $ 2 6 ,599 ,683 $ 2 4 ,413 ,115
— V . 8 5 , p . 1 2 6 8 ,1 2 8 1 .
1338
THE CHBOKICLE.
New England Cotton Yarn Co.
(Report for Fiscal Year ending Sept. 28 1907.)
President C. Minot W eld, Boston, Nov. 5 1907, writes:
The various plants have been run to their full capacity during- the year.
The profits for the vear have been $ 1 ,4 9 8 ,0 0 0 . The regular dividends of
6 % on the preferred stock have been paid, and $57,000 has been paid into
the sinking fund, and $57,000 of bonds have heen canceled.
$7,000
additional bonds have been canceled from proceeds of real estate sales.
After crediting $231,000 to the renewal account, the directors have de
clared four dividends of 1 H % each on the common stock, payable Sept. 1
and Dec. 1 1907 and March 1 and June 1 1908. Last winter we experienced
great difficulty in securing packing boxes and we hired a box factory in
Rochester, N . H .. which has been in successful operation since Jan. 1 1907
and has furnished us with a full supply of shooks at a reasonable price. W e
have spent over $200,000 on improvements of the plants, the cost of which
has been charged against the renewal account.
No exact statement of profit and loss can be compiled from
the data furnished, there being “ some small credits and
charges not shown in the printed statem ent.” However,
the following is correct as to the final result for the several
years and cannot be far from the truth as to the separate
items.
A P P R O X I M A T E R E S U L T S F O R Y E A R E N D I N G S E P T . 28.
1 906-07.
1905-06.
1904-05.
Profits from manufacturing___________ 1 $ 1 ,4 9 8 ,0 0 0 f
$914,000
$510,000
Miscellaneous profits___________________ j
I
16,700
----------Total p ro fits-________ _______________ $1,498,000
$930,700
$510,000
D ed u ct—
Interest on 1st M . 5 % bonds, sa y ____
$257,100
$260,300
$263,150
Suspense account, & c__________________
23,915
15,000
16,585
Preferrred dividend__________________(6 % ) 120,000 (6 % ) 120,000 (1 y2 % ) 30,000
Common dividend____________________ (6 % ) 234,000
__________
__________
Renewal and improvement accounts231,000 200,000
--------------------_
Sinking fund_______________________
57,000
57,000
58,000
Total charges and dividends_______
Balance to surplus account-------------
$923,015
$574,985
$652,300
$278,400
$367,735
$142,265
B A LA N C E SH EET.
Sept.29,06 |
Sept.28.'07 .Sept.2f),'0r,
$
| I. labilities—
$
$
8,518,1901Preferred s t o c k ... 2,000,000 2,000,000
ICommon stock___ 3,900,000 3,900,000
2,031.788! 1st mtge. 5% bds. 5,142,000 5,206.000
1,521,683 j Notes&accts pay.
910,794 1,493,294
907,785 iRes’ve for suspense
51,362
27,616
412,5401 New mach. a cc t.. _________
200,000
2,7791Reserve for deprec.
116,358
57,625
|Divs. com. stock.. al75,500
______
IRenewal account.
155,369 _________
|
Profit and loss____ 1,0S5,215
510,230
----------------------------------- 1
-----------------------_ ---------- Total ............. 13,536,598 13.394,765f Total ................... 13.536,598 13,394,765
---------I
a Includes 3 quarterly dividends of
% payable Dec. 1 1907 and March and
June 1 1908.
See remarks above.— -V. 85, p . 1084, 349.
Sept.28,'07.
Assets—
$
Real est., mach’ry 8,498,429
& Improvem’ts.
Merchandise_____ 2,647,748
Accts.¬es rec. 1,167,769
784,218
Cash ........... ..........
Investment______
424,540
Suspense account.
13,894
[V o l .
lxxxv
.
from Forest Hills, M ass.,the southern terminus of the Boston
Elevated R R ., to Seekonk, in the suburbs of Providence, a
distance of about 31 miles, of which 27 miles will be over pri
vate right of w ay. The President is Russell Robb, Presi
dent of the Stone & Webster Co. of Boston. W . A . Gaston
and James F . Shaw & Co. are also interested.
In December iast notice was given by advertisement " o f an agreement
of association” for the formation of an electric railroad com pany with
this title, in accordance with the provisions of Chapter 516 of the Acts of
the Legislature of Massachusetts for the year 1906. The authorized c-ipltal
stock was fixed at $ 5 ,0 0 0 ,0 0 0 , in shares of $100 each, of which $750,000 had
then been subscribed for, $300,000 having been taken by the members of
Stone & W ebster. The road will pass through H yde Park, Dedham , W e st
w ood, N orw ood, Canton, Sharon, Foxboro, Alanslleld and Attleboro. The
total cost, including construction, real estate, rolling stock, power stations
& c., was estimated in January last at $4,7 3 0 ,6 1 9 .
Directors: James L..
Richards, H . Heustls N ew ton, Frederick S. P ratt, Russell R obb and Fred
eric E Sn ow .
Boston & Worcester Street R y .— Report.— The results for
the year ending Sept. 30 were:
Y ea r—
G ross.
..................... .$ 5 3 1 ,5 6 0
1906-07
1905-06
514,46o
1904-05
453,905
— V . 8 5 , p . 1268.
N e t.
$258,195
245,074
218,710
*
Ch arges. D iv . (6 % ) B a l.,su r..
$151,661
$103,500
$3,034
132,676
103,500
8,898
113,648
103,494
1,568
Central of Georgia R y .— Favorable Decision.— See Georgia
Railroad & Banking Co. below.— V. 85, p 1268, 1082.
Chambersburg Greencastle & Waynesboro Street R y .—
New Securities, & c.— Touching the report that the company
had increased its capitalization and begun work on an ex
tension, President Geo. B. Beaver, under date of Nov. 18
1907, writes:
W e have incieased our stock, or at least w ill, April 1 1908, canceling old
old stock and making same $600,000 instead of $300 ,00 0, and will also issue
$300,000 second mortgage bonds, which will make the total bonded debt
of the road $600,000 arid stock $600 ,00 0.
It is more than likely that the
extension at present will not go beyond Chambersburg and will be an
addition to our present line of 11 miles between Greencastle and Chambers
burg.— V . 76, p . 8 0 8 .
Cincinnati New Orleans & Texas Pacific R y .— Notes.—
The company has sold to Cincinnati bankers $500,000 6 %
notes dated Dec. 2 1907, to mature Dec. 1 1910. The
proceeds are for construction and improvements.
Report.— See “ Annual Reports” on a preceding page.— V .
85, p. 1269.
Chicago Milwaukee & St. Paul R y .— Pacific Extension.—
The building of the Pacific Coast extension is reported as
progressing satisfactorily, and on the portion of the line
already completed there has been considerable traffic hauled,
both cattle and grain. The road will be completed as far
as Butte, M ont., in the spring, and the entire line in fifteen
months. The new line, the management say, will be a
G E N E R A L IN V E S T M E N T N E W S .
money earner from the outset, running through a rich
and, for much of the way, a well-developed territory. In
R A IL R O A D S , IN C L U D IN G STREET RO AD S.
Montana the road will reach a large coal district. It is
Atlantic Coast Line R R .— Report.— See “ Annual Reports” estimated that the St. Paul has been annually turning over
on a preceding page and “ Reports and Documents” on sub to other lines west bound traffic to an aggregate value of
$9,000,000, a large part of which will go over the St. Paul
sequent pages.
Action as to Dividend Deferred until Next M onth.— On ac extension when it is completed.
The average capitalization will be about $38,000 a mile for
count of the prevailing financial conditions, the directors at
their meeting on N ov. 19 took no action regarding the semi the entire system from Chicago to the coast. The cost of
annual dividend, usually paid Jan. 10, on the $47,537,600 the new work is provided by the sale of stock subscribed for
common stock. A special meeting of the board, it is said, by the stockholders under offer in Dec. 1906, and no bond
will be held in December to act on the matter. The annual issue is contemplated. It is pointed out that the lower
wages at which it is now possible to get ordinary workmen
rate in 1906 and 1907 was 6 % and previously 5 % .
New Director.— W . W . Mackall, of Savannah, has been are decidedly in favor of the company, the profits to the
elected a director to succeed the late Colonel J. H . Estill, contractors being based on a percentage of the actual cost
of the work.
of Richmond, V a .— V. 85, p. 1268, 853.
Payment of Subscriptions.— At a meeting of the executive
Boston & Maine R R .— Earnings.— The results for the committee held Nov. 18, it was decided that the third install
quarter ending Sept. 30 1907 are officially reported as follows, ment on the subscriptions to the preferred and common stock
in comparison with the results as announced last year for the m ay be paid 1 0 % on Dec. 2 and 1 0 % on Feb. 3, instead of
three months ending Sept. 30 1906:
2 0 % on Dec. 2. Persons who may desire to pay the 2 0 % in
Z M os.
G ross.
O ver. E x p .
N et.
Other I n c . C h aroes.
B a l .,S u r full on Dec. 2 will receive interest from that date at 5 % per
1907 $11,607,601 $ 8 ,065,879 $ 3 ,541,722 $135,640 $ 2 ,383,855 $1,293,507
annum.— V. 85, p. 863, 792.
1906 . 1 1 ,219,155 7,865,721
3,3 5 3 ,4 3 4
148,677
2,0 6 7 ,5 9 8
1,434,513
I n c -388,446
200,158
188,288 D . 13,037
316,257 D . 141 ,006
Chicago & Western Indiana R R .— Called Bonds.— EightyAn official statement explains that changes in the methods one ($81,000) general mortgage bonds of 1882 drawn for
of accounting required by the Inter-State Commerce Com redemption are payable on Dec. 1 at 105 and interest at
mission has disturbed the comparison here shown in the office of J. P. Morgan & Co.— V. 85, p. 468.
following particulars (in our Earnings Department on a
Concord Maynard & Hudson Street R y . — Bonds.— The
preceding page the adjustments suggested have been made
in order to restore as far as possible the accuracy of the Massachusetts Railroad Commission has sanctioned an issue
of $10,000 20-year 5 % bonds to fund a floating debt incurred
com pari son.— E d .):
for construction and equipment.— V . 75, p. 611.
By leason of the new system of revenue and expense accounts adopted
by ihe Inter-State Commerce Commission in effect July 1 1907, gross
Cumberland Railway & Coal Co., Montreal.— Mortgage.—
earnings from opeiation and operating expenses for the current quaiter,
This Nova Scotia company gives notice of its intention to ap
do not include street railways, steam boats and grain elevators, the net
results from operation being included In “ Income from other sources than
ply to the Parliament of Canada, at the next session thereof,
opeiation.
for an Act increasing its borrowing powers and authorizing
In last year’s account the earnings and expenses of these propert ies were
it to generate electricity and supply light, heat or power pro
included In "gross earnings from operation” and ‘operating expenses.’
These accounts for the two quarters are as follows:
duced thereby, authorizing the issue of preference stock,
P la c e in C o m p a n y ’s A cco u n ts o f E a rn ln a s o f Street R a Iw ays,
and confirming a mortgage executed in November 1907 in
Steam boats and E leva tors.
/
i n 1907.
i n 1906.
favor of the Royal Trust Co., as trustee. Compare V . 85,
F o r 3 M o s . end. S ep t. 30—
N et E a rn s. In clu d ed R esu lts I n c l. in G ross
p. 599.
in “ O ther I n c o m e ."
E a r n s .,O p e r .E x p ., & c.
$129,892
$ 1 2 2 ,1 6 /
Earnings_______________________
Detroit River Tunnel Co.— Construction.— See article in
E x p en ses..................................... 94,999
85,231
“ Engineering Record” of New York for Nov. 9 .— V . 84,
N e t ________ _______ ________
S34.893
$36,936
p . 1052.
Under the new system of accounts, only a portion of the m onthly balance
Erie R R .— Denial of Rumors.— Street talk of the possi
due for use of equipment— belonging to other roads— In the inteichange of
traffic Is charged to operating expense, the larger part being charged to
bility of a receivership has been met with the positive asser
income, which is shown in this report under “ other deductions from income
tion that all the company’s requirements have been provided
— Hire of Equipm ent.
A m ounts Included in operating expenses for the two quarters ended
for. President Underwood on Thursday said:
Sept. 30 are as follows: 1907, $104,973: 1906, $ 1 5 6 ,3 5 3 .- 1 2 0 9 ,9 2 0 .
Boston & Providence Interurban Electric R R .— Massachu
setts Railroad Commission Approves Project.— The Massachu
setts Railroad Commission on N ov. 19 issued a certificate
that public convenience and necessity require the construc
tion of this company’s projected high-speed electric railway
The statements m ade In print and on the Street that the Erie R R . Is to
apply for a receivership have no foundation and are utterly false.
Finan
cial arrangements have already been made to meet all its anticipated re
quirements and the business and eamlngs of the property are better even
than they were last year.
Dividend Plan.— The proposition to pay the dividends on
the first and second preferred stocks in warrants to run ten
N o v . 23 1907.J
THE CHRONICLE.
years and bear 4 % interest is still in the hands of the Public
Service Commission at Albany.— V . 85, p. 1270, 924.
Florida Central R R .— Bonds Authorizzd on New Road.—
This company, which is controlled by the Phillips Lumber
Co., is building a standard-gauge railroad from Thomasville,
G a., southward through timber lands and farming country
largely owned by the Phillips interests, to Delph, Fla., 50
miles, of which 37 miles, is reported as completed. On the
new road the Georgia Railroad Commission has authorized
the company to issue $200,000 6 % gold bonds, all of which
are outstanding. The line is projected to run eventually to
the Gulf of Mexico, giving the road a total length of 65 miles.
The bonds are dated N o v . 1 1907 and mature §4 0 .0 0 0 yearly from 1910
to 1914, both Inclusive. Denomination $10,000; interest payable M ay 1
and N ov. 1 at the Bank of Thom asville, the mortgage trustee. The com
pany was incorporated in Georgia on A u g. 27 1907. Capital stock author
ized and issued, $50;000; par of shares, $100. Officers: J. L . Philips, Pres.;
J. S. Gordon, V lce-P res.; Charles Philips J r., Sec. and Treas.; and 7 .
Middlebrooks, Gen. Mgr.
Georgia Railroad & Banking C o.— Favorable Decision.—
The United States Supreme Court on N ov. 18 (Justice Day
writing the opinions) reversed the decisions of the Supreme
Court of Georgia, which held the company and the Central
of Georgia R y . liable for taxes on their holdings of $1,500,000
each of the stock of the Western of Alabama R y . for the
ten years from 1895 to 1904. The amount involved, it is
reported, aggregates about $800,000.
1339
Kansas City Mexico & Orient R y .— Listed in London.—
The London Stock Exchange, it is stated, has listed $750,000
of the company’s 4 % 50-year first mortgage gold bonds.—
V . 85, p. 722, 345.
Manhattan R y ., New Y o rk .— Earning s .— For the year
ending Sept. 30:
T otal N e t
In terest,
D iv id e n d s ,
B a la n ce ,
F is c a l Y ea r—
In co m e.
T a x e s . & c.
(7 % ).
S u rp lu s.
1906-07
$8,816,101
$3,22 3 ,5 0 6
$4,200,000
$ 1 ,392,595
3 ,201,582
3 ,864,000
995,972
1905-06 ___________ 8 ,0 6 1 ,5 5 4
The surplus for the year applicable to dividends on the $60,000 000
stock was $ 5 ,5 9 2 ,5 7 2 , or equal to 9 .3 2 % on the sam e, against $4,200,000
(7 % ) paid thereon.
The net income of the Interborough Rapid Transit Co. for the same
period, which Is primarily applicable to the dividends on Manhattan stock,
amounted to over 13 % on the stock of the M anhattan R y .
The Manhattan Railway C o .’s balance sheet shows cash on hand on
Sept. 30 1907, $1 ,5 3 0 ,9 4 4 , and current liabilities amounting to only $ 10,587; profit and loss surplus, $ 8 ,2 7 8 ,4 0 6 . Taxes in litigation amounted to
only $ 1 9 ,8 6 6 .— V . 85, p. 1270.
Massachusetts Electric Companies.— Bonds Authorized.—
The Massachusetts Railroad Commission on N ov. 16 author
ized the issue of the following amounts of bonds by the sub
sidiary companies to provide for floating debt incurred for
construction and new equipment: Boston & Northern
Street R y . 50-year 4s, $410,000; Old Colony Street R y .
50-year. 4s, $200,000.— V . 85 p. 1210.
Mexican Central R y .— Option Extended.— A press dispatch
from the city of Mexico on N ov. 15 said:
It was announced to-day that the G overnm ent’s original option to
acquire the road had expired and that a renewal of four m onths on the
same terms as w as first proposed had been obtained. The plans for finan
7
cing the proposition were about made when the financial situation made lt
Impracticable to consummate them at this tim e.— V . 85, p. 1080, 864.
Suit was originally brought for taxes on the stock mentioned for the
years 1883 to 1904, but the Georgia courts held that the taxes for the years
prior to 1895 were barred by the statute of limitations. The two railroad
companies did not include the stock in their returns of property subject
to taxation on the ground that the sha.es were those of a foreign corpora
tion arid that the property Itself was taxed in another State. Judging from
the press dispatches the decision is based largely, if not entirely, on the
ptovisiun of the Georgia law that In the case of property withheld from return,
the Comptroller, without notice or opportunity for a hearing, must proceed
to value the property, his valuation being final and conclusive unless, as
the court says, "th e taxpayer can show, a very unlikely contingency, that
the taxing officer has acted in bad faith in making the assessment.
The penalty of failure to return, no matter how honest or well grounded
the tax-payer m ay have been in hU belief that the property was not subject
to taxation, compels him to submit to the final and conclusive assessment
made by the taxing officer.”
This was held to be a denial of due process
of law and In violation of the Fourteenth Am endm ent to the Constitution.
Compare V . 82, p. 333.
The city claimed $50 per year per car used at any time during such yea r,
while the com pany contended that the license fees should apply only to the
average number of cars em ployed, figured by the year, ana paid what it
conceded to be due.
The iudgm ent represents the additional amount
claimed for a period of four years.— V . 85, p. 921, 793.
Refunding Bonds.— The Railroad Commission of Georgia
on N ov. 14 authorized the company to issue $1,000,000
bonds for the purpose of refunding a like amount of 6 %
bonds due Jan. 1 1910. These bonds will not be secured by
mortgage, being simply a debenture bond issued on the same
basis as the maturing issue.— V . 85, p. 160.
New York & Long Island R R .— Favorable Decision.— The
Appellate Division of the Supreme Court yesterday (Justice
Clarke writing the opinion) unanimously affirmed the deci
sion of the lower court granting an injunction restraining
the city from interfering with the construction of the tunnel.
The court says:
Idaho & Washington Northern R R .— New Steam Road.—
Bonds.— This company was incorporated April 1 1907 under
the laws of Idaho with $5,000,000 of authorized capital stock,
in shares of $100 each, of which $1,078,800 is outstanding, to
build from McGuire’s Station, Id a ., on the Coeur d ’Alene
& Spokane R y . division of the Spokane & Inland Empire
(electric) R y . Co. northerly to Newport, W ash ., and thence
down the Pend d ’Oreille River to the British Columbia line.
The company has the right to use as motive power either
steam or electricity, but the railroad now practically com
pleted from McGuire’s Station to Newport, a distance of
57 miles, including a 6-mile branch, is operated by steam.
A first mortgage to the Illinois Trust & Savings Bank of
Chicago, as trustee, secures an issue of $5,000,000 5 % gold
bonds dated May 1 1907 and due May 1 1932, but subject to
call, any or all,, at 1 0 7 and interest from May 1 1912 to
May 1 1917, and thereafter at 105 and interest. The officers
are: President and Treasurer F. A . Blackwell, of Coeur
d ’Alene, Chairman of Spokane & Inland Empire R y .; Secre
tary, John T . McDevitte. Office, Coeur d ’Alene.
President Blackwell, under date of N ov. 15, writes:
Some of the questions that were here raised, and some others that m ight
have been suggested, do not properly belong to the suit.
If the company
Is a trespasser, or If lt had forfeited its franchise by matters arising since the
commencement of this action,and which are not before us, there are appro
priate remedies. W e have to deal with what is properly before us; that Is,
the attempted revocation of the perm it, which this action was brought to
restrain. Compare V . 85, p. 864; V . 8 3 , p. 1229; V . 82, p. 752.
The line starts from McGuire's Station, Idaho, on the Coeur d ’ Alene &
Spokane R y ., arrd Intersects the Coeur d ’Alene branch of the Northern
Pacific R y ., and the Spokane International R y . at Grand Junction; thence
to Rathdrum , wher e It crosses the main Northern Pacliic by an under-grade
crossing; front that polrrt In a northerly direction to Fish Lake and Spirit
Lake.
(At .Spirit Lake the Panhandle Lumber Co. is engaged In building
large saw-nr Ills); thence to Coleman Junction, from which point there l« a
branch G.2 miles In length, making an additional connection with the
Spokane International R y . at Clagstone Junction; from Coleman the line
runs In a northerly direction to Blanchard. Tweedie and Newport.
This portion of the line is practically completed, and. Including the Clag
stone Branch, makes the total mileage 51 miles. The contemplated line Is
north, down the Pend d ’ Orellle River, and surveys ate now being made In
this section, but nothing will be done on this proposed extension until next
year.
The com pany owns the controlling Interest In the Pend d ’ Orellle River
Navigation C o., operating a line of boats on the Pend d ’ Orellle River.
Indianapolis Huntington Columbia City & Northwestern
Electric R y .— Sale Feb. 8 .— Judge John L McMaster, of the
Superior Court, at Indianapolis, it is stated, has ordered the
sale of the property at auction on Feb. 8 1908. The “ In
dianapolis News” of Nov. 16 said:
The company owns a mile of railway In good condition, being operated In
connection with the Syracuse Street R y .; a'so franchises in various cities
and right-of-w ay thiough several counties In northern Indiana. Construc
tion was started several yeats ago and about 20 miles of grading finished
— V . 83, p. 323.
Inter-State Railway, Missouri.— Mortgage.— This com
pany, which proposes to build an interurban line between
St. Joseph and Kansas City, has filed a mortgage dated
Sept. 2 1907 to the Carnegie Trust Co. of New York and
Thomas S. Ridge of Kansas City, as trustees, to secure
$4,050,000 of first mortgage 40-year 5 % gold bonds of $1,000
each. Interest payable in New York City March 1 and
Sept. 1. S. H. Bracey is President and George R . Collins,
Secretary.
Mr. Collins writes:
No bonds have e\er before been issued or offered in any way by the
com pany; no mortgage has ever before been filed. The final surveys fur
the line have all been com pleted, terminals have all been m ade, the right
of way has been secured,and actual construction is expected to commence
very shortly.
New York City R y .— Decision as to Car Rentalsr— Justice
Greenbaum in the Supreme Court in this city yesterday
awarded judgment to the city for about $73,000 for car license
fees on the Sixth afid Eighth avenue lines.' An appeal will
be taken.
New York New Haven & Hartford R R .— Offer to Stock
holders and to Holders of 3 ^ % Convertible Debenture Cer
tificates of the Issue of Jan. 1 1906.— Treasurer A . S. May
announces under date of N ov. 18, by advertisement on another
page of this issue, that subscriptions will be received from the
shareholders of record Dec. 2, and holders of 3 i ^ % con
vertible debenture certificates of th e issue, of Jan. 1 1906,
on the company’s warrantson orbefore Jan. 15 1908,forthe
new issue of $39,029,600 6 % gold debentures, due Jan. 15
1948 (interest July 15 and Jan. 15), but convertible into
stock at holder’s option, dollar for dollar, from Jan. 16 1923
to Jan. 15 1948, both inclusive. Stockholders may sub
scribe for $100 of debentures for every $300 of their respective
holdings: holders of the aforesaid debentures and holders of
warrants for subscriptions to said debentures m ay subscribe
for $100 of the new issue for every $450 of principal of their
debentures. Subscriptions are to be paid in four install
ments of 2 5 % each as follows: Jan. 15 1908, July 15 1908,
Jan. 15 1909 and July 15 1909. Interest is allowed on
partial payments at the rate of 6 % per annum. Subscribers
may upon any installment date make payment in full and
receive the debenture certificates. The rights and con
ditions governing the subscription are fully set out in the
advertisement.
The following particulars are furnished:
Pursuant to a resolution of the board of directors adopted N o v . 9 1907,
there will be issued debentures of the com pany of an authorized total Issue
of $ 3 9,029 ,600 , all payable in gold coin of the United States of America
of the present standard of weight and fineness or Its equivalent, on Jan. 15
1948, bearing Interest until due at the rate of 6 % per annum , payable on
the 15th days of January and July in each year, and all convertible Into
shares of this com pany’s capital stock at any time when the books of the
com pany are not closed for the transfer of stock after Jan. 15 1923, and
not later than Jan. 15 1948, at the rate of one share of such stock for each
$100 of the principal amoirnt of such debentures, with an adjustm ent of
Interest and dividends at time of conversion.
These debentures will be either debentures registered as to principal and
Interest for the principal sums of $100, $1,000 or $ 1 0,000 , or coupon
debentures for the principal sum of $1,000. The coupon debentures m ay
be registered as to principal and m ay be exchanged for one registered deben
ture.
These debentures will also provide, so far as lawfully m ay be, that the
holders thereof shall enjoy a right of subscription for any future Issue of
capital stock of this com pany to the same extent as they w'ould enjoy such
right if they were holders at the time of such issue of the shares of the
stock to which they will become entitled by conversion of the debentures.
These debentures will also provide, so far as lawfully m ay be, that if this
com pany shall thereafter create any mortgage upon its now existing
main line of railroad between W oodlaw n in the City and State of New York
and Springfield, In the Commonwealth of Massachusetts, or Its now existing
main line between New Haven in the State of Connecticut, and Providence
In the State of Rhode Island, such debentures shall without further act
be entitled to share in the security of such mortgage pro rata with any
other obligations that m ay be secured thereyb, and that any such mortgage
shall expressly so provide.
Circular as to Yield and Prospective Value.— Hayden,
Stone & C o., New York and Boston, have issued an interest
ing circular calling attention to the attractive features of
the aforesaid issue of 6 % convertible bonds.— V . 8,5, p. 1270.
1340
THE CHRONICLE.
[V o l .
lxxxv
.
Pittsburgh Cincinnati Chicago & St. Louis R y .— Merger
American Telephone & Telegraph Co.— Status.— President
Approved.— The shareholders on Nov. 19 ratified the agree Theodore N . Vail, under date of Boston, N ov. 15 1907, has
ment for the acquisition and merger of The Chartiers Railway sent a circular to the shareholders in which he says:
Co.
(V . 84, p. 3 9 1 .)— V .'8 5 , p. 1005.
E a r n in g s .— The revenue of the company is showing large net gains over
the same periods of last year. These gains are Increasing as the months
Pontiac Oxford & Northern R R .— Sale Ordered.— A press go on. For the month of October and the 10 months ending O ct. 31 1907
dispatch from Pontiac, M .ch., dated Nov. 15, says that the net earnings were:
M o n th o f O ctober.
T en M o s . ending O ct. 31.
Circuit Judge C. H . W^sner on the preceding day decided in
1907.
1906.
1907.
1906.
favor of the plaintiffs the action brought by Charles H . Stone N et earnings___________ $2,567,000 $2,004,000 $13,715 ,000 $11,579,000
The earnings of the associate companies are not only showing large In
of New York and other stpckholders, ordering a sale of the crease of gross revenue, but also marked decrease in percentage of operating,
road." No date was set for the sale, pending an appeal to the even though there has been spent for maintenance $2,000,000 more this
The surplus or
Supreme Court. Compare V . 77, p. 299; V . 84, p. 5 0 9 .— year than last. several millions, undivided profits, of which this com pany’s
share would be
shows a large Increase over last year.
V. 84, p. 1553.
C a sh P o s i t io n .— The com pany has cash In banks over $ 1 8 ,0 0 0 ,0 0 0 .
Besides this It has lately acquired cash assets of several million dollars, and
South & Western R y .— Progress of Construction.— W e are in addition a substantial amount of the American Bell Telephone 4 %
informed that grading on the line from Uante, V a ., to bonds maturing July 1908.
F u tu r e .— It will not be necessary for the com pany to do any financing
Bostic, N. C ., 211 miles, is 7 5 % completed, including the until the requirements of 1909. The com pany has never been earning so
section of 67 miles now in operation from Johnson City to much m oney, nor have Its prospects ever been so bright as at the present
tim e.— V . 8 5 , p . 1271, 1083.
Altapass, N. C.; about 35 miles of additional track has also
Arnold Print W orks, North A d am s.— Additional Co-Re
been laid. T ran s are expected to be running by next
ceiver.— Judge Francis C. Lowell in the United States Circuit
a u tu m n .— V . 85, p. 1144.
Third Avenue R R ., New Y o rk .— Bondholders’ Committee Court at Boston on N ov. 19 appointed James J. Storrow, a
Calls for Deposits of 4 % Consols.— A committee cons sting of member of the firm of Lee, Higginson & C o., as a co-receiver
of the property to assist Receiver Henry E . Warner and
James N . W allace, Onalrman; Adrian Iselin Jr., Kdmund D. R andolph,
Mortimer L . Schff. James Tim pson, Hans W interfeldt, with John M.
co-receiver W . Murray Crane.— V . 85, p. 1271, 1211.
Bowers, Counsel, 31 Nassau S t., New Y o rk, and Franklin L . Babcock,
Secretary, 54 W all S t ., New York,
announces that, as the Metropolitan Street R y ., lessee of
the Third Avenue Railroad Co., and the New York City
Raihvay Co., sub-lessee, are in the hands of receivers, the
■committee, at the request of holders of a large amount of
4 % consolidated bonds, has consented to act under an
agreement dated N ov. 6 1907, for the purpose of conserving
the interests of said bondholders. Holders should deposit
their bonds with the Central Trust Co., 54 W all S t., New
York, depositary, before Dec. 20 1907.— V . 85, p. 1144, 922.
W ashington Baltimore & Annapolis (Electric) R y .— Syn
dicate Call.— A Cleveland paper says:
The syndicate managers have called another assessment upon the under
writing of 2 0 % , which with the previous assessments will make 6 0 % .
As
the road will be in operation early in December it is expected that this
will be the !ast cal! m ade. Some time ago the managers provided that
those Who desired could pay in full the am ount of their underwriting ol
9 5 . and a large number have done this.— V . 85, p. 723, 470.
Worcester (M ass.) Consolidated Street Railw ay.— New
Bonds.— The Massachusetts Railroad Commiss'on has been
requested to approve an issue of $200,000 5 % 10 to 20-year
bonds, to represent capital expenditures additional to those
on account of which $1 ,000,000 bonds were authorized on
O ct. 9. Compare V. 85, p. 922, 923.
IN D U S T R IA L , GAS A N D M ISC ELLAN EO U S.
Allis-Chalmers Co.— Shipments of Machinery.— For four
months of 1907:
J u ly 1907.
A u g u st 1907.
24,22 5 ,7 6 0 lbs.
26,006,434 lbs.
— V . 85, p 1083, 795.
Septem ber 1907.
2 6 ,268,764 lbs.
October 1907.
27,821,682 lbs.
American Locomotive Co.— Remaining $900,000 Preferred
Sold.— The final $900,000 preferred stock held in the treas
ury June 30 1907, but since sold, has been admitted to quo
tation in the unlisted department of the New York Stock
Exchange, making the total authorized issue of $25,000,000
outstanding.— V . 85, p. 1210, 1006.
American Sewer Pipe Co.— Reduction of Capital Stock.—
The shareholders on Nov. 20 adopted the proposition of
reducing the capital stock from $8,000,000 ($7,805,700 out
standing) to $7,000 ,00 0.— V. 85, p. 1210.
American Shipbuilding Co., Cleveland and Chicago.— Re
trenchment— Dividend Payment Deferred.— The directors last
summer, following their usual custom, declared dividends on
the common stock of 4 % regular and 2 % extra, the 4 %
rate being made payable in four quarterly installments in
September and December 1907 and March and June 1908.
On N ov. 15, however, in view of the change in financial con
ditions, it was decided temporarily to suspend the payment
of dividends on the common stock. According to a state
ment attributed to Vice-President Wetm ore, this does not
mean a rescinding of the dividend action taken last July, but
is merely a deferment of the payment of the common divi
dends until some later date.
Chairman W . L. Brown gave out the following:
Owing to the stringency of the money market and the present uncertainty
of general financial conditions throughout the cou n try.it has been thought
wise by the directors to curtail expenses by temporarily suspending con
struction wherever possible, not, however, including repai r work or work
on steamers nearly completed, and also to defer, for the present, payment
of dividends on the com m on stock.
The purpose of the directors in deciding on this action Is to Insure the
continuance of the present strong condition of the com pany.
It has all Its
plants and equipment absolutely clear, and In addition has upward of $6,000,000 In quick assets, over and above all Indebtedness, Including an excess
of about $4,000,000 of cash, accounts and bills receivable, over Its accounts
•and bills payable.— V . 8 5 , p. 923, 1208.
American Soda Fountain Co.— New Directors.— James O.
Proctor Jr., Eugene L. Tufts Jr. and Alfred B. White have
been elected to the board to succeed F. H . and A . H . Lippincott of Philadelphia and to fill a vacancy.
Balance Sheets of Aug. 31.— As filed in Massachusetts:
1907.
A ssets—
$
R e a le st.& m a c h . 285,297
M dse.stk.ln proc. 726,277
Cash, notes, ac
counts rece lv .2 ,004,819
Patent rights___1,582,404
Profit and l o s s .. 142,402
1906.
I
1907.
1906.
$
I L ia b ilities—
$
3 6 4 ,4 5 4 1
Capital s t o c k .- . 3,7 5 0 ,0 0 0 3 ,750,000
946,272 |A ccts. p a y a b le .. 991,199 1,511,319
2,164,5101
1,583 ,0 0 4 !
203,079]
Total a ssets-.4 ,7 4 1 ,1 9 9 5 ,2 6 1 ,3 1 9 1 T o t. liabilities 4 ,7 4 1 ,1 9 9 5,2 6 1 ,3 1 9
N o te .— The “ real estate and machinery” items are reported after de
d u ctin g reserves of $6S,727 In 1907 and of $67,954 In 1906 — V . 85, p . 97.
Baltimore Electric Co.— Lease.— See Consolidated Gas
Electric Light & Power Co. below.— V . 85, p. 1271.
Borden’ s Condensed Milk Co.— Increase in Prices.— The
management, following the example of the Sheffield Farms,
has announced an increase in the price of bottled milk from
8 to 9 cents a quart and of cream from 10 to 12 cents a halfpint.— V . 80, p. 873.
Boston Consolidated Copper & Gold Mining Co., L td .—
Option to Subscribe for 7 % First Debentures.— Holders of
trustee certificates of record N ov. 23 will have the right to
subscribe at the Federal Trust C o., Boston, and the foreign
holders in London until Nov. 26, for £2 52 ,0 00 of the
authorized £300,000 7 % first debenture (coupon) bonds at
par, being at the rate of $73 05 for each £ 1 5 bonds subscribed.
Holders of from 35 to 69 shares will be entitled to apply for £ 15 of deben
tures, holders of from 70 to 104 shares or debentures of the value of £ 3 0 ,
and so on In proportion.
Subscriptions are payable 2 5 % on application,
2 5 % on allotment. 2 5 % Jan. 10 1908, 2 5 % Feb. 10 1908.
The debentures will be Issued In denominations of £ 15 and £ 1 5 0 , and they
will be redeemed Dec. 31 1907 at the rate of £ 1 5 7 10s. for each £150 deben
ture and £ 15 15s. for each £ 15 debrnture. They m ay also be redeemed at
the same rate by the com pany after Dcc. 31 1909, upon three months
notice, or after that date m ay be purchased by It at a price not exceeding
105 % .
Principal and Interest will be payable to American holders In 1'nlted
States currency at the fixed exchange of $4 87 to the £1 sterling. Coupons
payable July 1 and Jan. 1. The debentures will be secured by a first charge
upon the property and assets. The holders will have the right at any time
before redemption to exchange the same for full paid stock, receiving
five fully paid £1 shares for each £ 1 5 debenture and 50 full-paid shares for
each £150 debenture.— V . 8 5 , p. 1271.
Butte (Mont.) Coalition Co.— Dividend Reduced.— The
directors on N ov. 19 declared a quarterly dividend of 15 cents
per share ( 1 % ) , payable Dec. 17 to holders of record N ov. 29.
D ivid en d Record, o f the $ 1 5 ,000 ,000 C a p ita l S t o c k , P a r o f S h a r e s $15.
S ep t. 1906.
D rc . 1906.
M a r c h 1907.
J u n e 1907.
S ep t. 1907..
40c— 2 2 - 3 %
40c— 2 2 - 3 %
50c— 3 1 -3 %
50c— 3 1 -3 %
50c— 3 1 -3 %
Only development work, it is said, is now being done at
the mines.— V . 84, p. 1489.
Butterick Company.— Reason for Not Declaring Dividend.
— A circular explains as follows the decision of the directors
not to declare a dividend:
Under usual conditions the directors would at this tim e have declared
the regui«r dividend on the stock. The company has a good surplus from
which to pay such a dividend; It Is discounting all Its bills, and its obligations are less than they have been for some tim e. But It Is the opinion of
the directors that, considering general present financial conditions, wise
management of the business makes it advisable to postpone the declara
tion of such a dividend until developments show just what action it is best
to take
Quarterly distributions at the rate of 4 % per annum have
been made since Sept. 1 1902. C. W . Morse is a director.
President Wilder, in response to queries, is quoted as saying:
“ Mr. Morse does not control and never has. i come pretty
near doing so .” — V . 85, p. 1271.
Cambridge (M ass.) Electric Light Co.— Neiv Stock.— The
Massachusetts Gas & Electric Light Commission on N ov. 19
sanctioned the issue of $80,000 additional capital stock at
$175 per share, par $100.— V. 81, p. 267.
Canadian General Electric Co.— Stock Offered in London.—
In London, England, on Oct. 31, Sperling & Co. received
subscriptions on account of an issue of $2,000,000 7 % cumu
lative preference shares of $100 each at par, or £ 2 0 11s.
per share, payable £1 per share on application, £ 5 on allot
ment, £ 5 on Dec. 4 1907. £ 5 on Jan. 2 and £ 4 11s. on Feb. 4
1908, or optionally in full on the due date of any subsequent
installment under discount at 5 % per annum.
The com pany reserves the right to redeem the shares at 1 1 5 % on Jan .l
1913 or at any subsequent Interest date, on ^lx months notice. The shares
are preferential as to capital.
Dividends will be payable on April 1 mid
O ct. 1. W arrants payable In London will be Issued to shareholders regis
tered in the London register. The first distribution will be made on April 1
1908.
The proceeds of the Issue art- required to meet the cost of extensions
of the factories at Toronto and Peterboro. to redeem the outstanding
$300,000 6 % preferred stock, and towards paying off the com pany's over
draft with the bank.
Besides the $300,000 old 0 % preferred stock which Is
to be retired with the proceeds of this Issue, there has been Nsued $4,700,000
common stock; a further $1,000,000 common stock remains unissued, the
•$
tot'd f-hare capital. Including the new preferred, being limited to $8,000 ,0 0 0 .
The only outstanding securities are $160,000 imaranteed bonds of the
Northey Steam Pump C o., which are to be paid off In 1908.— V . 8 5 , p.
1211, 470.
Chesapeake & Potomac (Bell) Telephone Co.— Purchase
of Maryland Telephone Co. of Baltimore by Friendly Interests.
— See Consolidated Gas, Electric Light & Power Co. of Balti
more below.— V . 85, p. 866.
N ov. 23 1907.]
THE CHRONICLE.
City Investing Co., New York .— Dividend Deferred.— The
directors have deferred action on the semi-annual dividend.
The first semi-annual dividend, 3 % , was paid N ov. 1 1905,
and the same amount was distributed April 12 1906, Nov. 1
1906 and May 15 1907. There is $4,000,000 of capital stock.
President Dowling says in explanation:
W hile the company has surplus earnings In excess of the amount required
to meet the usual dividend, the existing- financial conditions are such that
it has been decided that no action toward the declaration ol a dividend
be taken at this time. The work on the new City Investing Building,
now in course ol erection, is progressing very satisfactorily, and all financial
arrangements necessary to complete the work have been m ade. The com
pany’s accumulated surplus as of A u g. 1 1907 amounted to over $500,000.
— V . 83, p. 892.
Consolidated Arizona Smelting Co.— Receivership.— Judge
William M. Lanning in the United States Circuit Court at
Trenton, N . J ., on N ov. 19 appointed former Judge J.
Kearney Rice of New Brunswick receiver for the Consoli
dated Arizona Smelting Co. and the Arizona Smelting Co.,
one of the controlled properties, on application of Frank L.
Crocker of New York, representing Romeyn Berry, R . M.
Gillespie and C. R . Corning, holding claims of upwards of
$59,000.
The liabilities of the Consolidated Company are said to aggregate
$ 1 ,5 0 0 ,0 0 0 . O f the authorized capital stock of 8 1 7,500 ,000 , $16 000,000
is stated to be outstanding the amount Issued having been increased last
Spring to acquire 480 shares of Arizona Exploration C o., 432 shares of De
Soto Mining Co. stocks and $445,000 of De Soto bonds.
The com pany’s assets, Including practically the entire share capital of
the controlled companies, are valued by President Elliott as follows: Arizona
Smelting Co. (capitalized at $150,000 stock and $240,451 bands, of which
5180,000 1st M . iielei by A tch . Top. & S. Fe R y .) , valued at $ 1 ,000,000; De
Soto Mining Co. (stock $100 ,0 0 0 ), valued at S I ,000 000: Arizona Explora
tion Co. (stock. $100 ,0 0 0 ), $100,000; H um boldt Ore Co. (stock. $ 1 00 ,00 0),
$ 100 ,00 0; other assets, $ 1 ,000,000; total assets, $3,2 0 0 ,0 0 0 .
President
Elliott is said to own $5,770,000 of the capital stock and to have personally
endorsed notes of the com pany for $465 ,00 0. Compare V . 8 3 . p. 1414;
V . 85, p. 1145.
Consolidated Gas, Electric Light & Power Co., Baltimore.
— Deal Ratified— Official Statement.— The shareholders on
Nov. 20 formally authorized the management to take over
the Baltimore Electric Co. (V . 85, p. 598; V . 84, p. 13, 691,
116) under a 999-year lease. The entire capital stock of the
Maryland Securities Co. has been acquired, and that com
pany will own the $2,500,000 common stock of the Balti
more Electric Co., which has been acquired at $10 per share
(par $50).
Chairman S. Davies Warfield of Baltimore in an extended
statement (see “ Baltimore Sun” of Nov. 21) says in substance
The Consolidated Gas, El< ctric Light & Power Co. has taken a lease of
the property of the Baltimore E l'ctric Co. for 999 years, and (as rental)
will pay an annual sum <qual to the Interest on the bonds of that company
outstanding and to the interest on its outstanding 5 % preferred stock,
provided that com pany doe*s not earn these requirements. The electric
light and power business of the Baltimore Electric Co. will have $2,295,000
of bonds on which to pay interest after deducting the income received from
other sources. There Is § 1 ,0 0 0 .0 0 0 of preferred stock.
It has been known by all familiar with such matters that electric current
has been sold In this city at a price below the cost at which it could be
produced, and far below that at which it Is sold in any other city of the
United States where It is produced under similar conditions.
The result of such a destructive policy was to produce a deficit In the
operations of the Baltimore Electric Co. from the electric portion of its
business after paying Interest on Its bonds, which, of course, is now to be
stopped by receiving a reasonable rate for current.
As Is known, arrangements have been completed with the McCall Ferry
Power Co. by which the Consolidated Company Is to receive a large amount
of electric energy generated on the Su quehanna River. The current
from the river will be convey < th refro m to the city boundary, where it
1
will be turn ‘d over to a distributing com pany.
For this purpose all the stock of the Maryland Stcurltles Co. has been
acquired from interests identified with the Baltimore Electric Co. The
Maryland Securities Co. will be the com pany which will own the common
stock of the Baltimore Electric C o., which has now been purchased. All
the capital stock of the Maryland Securities Co. will of course be owned
and held In the treasury of the Con-ioliilat'd Gas, Electric Light & PoWer Co.
Through the Marylanel Se cu rltls Co. the large users of electric current
for manufacturing purposes, located principally in Baltimore County and
around the city, will receive river power, while the commercial power
service within the city and current for electric lighting will be supplied
b y the Consolidated Company and the Baltimore Electric Co.
Under the contract with the McCall Ferry Power Co. the Consolidated
Company will sell to that com pany current generated by steam power at
times whe n the st' am stations of the Consoliclat d Company are not neces
sary In the operation of Its own business, to enable the McCall Company
to make what Is calle d p-rm an' nt power out of what is termr d non perm a
nent water power on the river. Thus the Consolidated Company will have
a large supply of power from the Susquehanna River; it will have the product
of the large steam-driven power station at W estport and sub-stations, and
with the nrwly acquired property It will now have the m odem equlppid
station of the Baltimore Electric Co.
The acquisition of the Maryland Telephone C o., by reason of the owner
ship of the stock of that com pany by the Baltimore Electric C o., Is only
Incident to this transaction.
Believing that the concentration of a public
service Is necessary for its best developm ent. I have presented for the con
sideration of out-of town Interests Identified with the Chesapeake & Potomr.c
Telephone Co. a plan for taking over the Maryland Telephone Co. This
plan, if carried to com pletion, 1 am satisfied must inure to the best Interests
of the subscribers of the respective companies concerned.
In the general plans outliir d there are no promotion stocks, no increase
exchanges of securities.— V . 85, p. 1271.
o
r
Consolidated Zinc Co.— Stock Offered.— The Wallace H .
Hopkins Co. of Chicago, as financial agent, is offering at
par, $1 per share, $600,000 of the $20,000,000 capital stock
of a company with this name which, it is asserted, “ owns
or has under option 37,500 acres of lead and zinc land in
Missouri, Iowa, Illinois and Wisconsin.” and will control
in addition 3,750 acres under lease. Dividends of 1 % a
month arc “ guaranteed” from Jan. 1. Frank Nicholson of
Joplin, M o., is President.
Consumers’ Gas Co., Toronto.— Sale of Stock on Dec. 12.—
C . J . Townsend & Co. of Toronto have received instructions
from the company to sell at auction to the highest bidder
at noon Dec. 12 9,000 shares, $450,000, of the capital stock
of the company in lots of ten shares each.— V. 85, p. 1272,
724.
Eastman Kodak Co. of New Jersey.— Extra Dividend.—
The directors have declared the regular quarterly dividends
° f 1 ^ % 011 ^^0 preferred stock and 2 ^ % on the common
stock, payable Jan. 1; also an extra 5 % on common stock,
payable Feb. 1— all to shareholders of record N ov. 30.
1341
Extra Dividends on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.) ^
Jan. 1 1906. M ay 1906.
D ec. 1906.
M ay 1907.
Oct. 1907.
Feb. 1908.
2%
23^%
5%
5%
5%
5%
— V . 85. p. 287.
Empire Steel & Iron Co.— Reduction of 4 5 % in Outstanding
Common Stock.— The shareholders on N ov. 19 duly ratified
the plan for reducing the outstanding common shares by
4 £j%, namely from a total of $2,281,400 to $1,254,770.
Compare V . 85, p. 1211, 218, 102.
Enterprise Transportation Co.—Receivership.—Judge Lowell
in the United States Circuit Court at Providence on N ov. 16
appointed Hollis R . Bailey of Cambridge, Mass., receiver of
the Enterprise Transportation Co., operating the “ New
Line” of passenger and freight steamers between Providence
and New York and between Fall River and New York.
The bill of complaint asserts that the com pany owes over $500 ,00 0, about
half of which is new due. The petition for the receivership was made by
John P. W helan of New .lersey holder of a demand note for $ 3,000.
Com
pare V . 83, p. 1173, 1526.
General Electric Co.— Business for Nine Months.— Sales
billed to and orders received from customers for the nine
months ending Oct. 30 in the years 1903 to 1907 compare:
1907.
1906.
1905.
1904.
1903.
Orders rec_$49,677,500 $45,395 ,887 $38,042 ,489 $26,301,141 $ 3 0,562 ,915
Sales billed 55,728,040
4 1 ,774,812
2 9 ,346,567
2 8 ,252,962
30,131,341
Goods billed in October 1907, $ 7 ,1 0 0 ,0 0 0 , an Increase of SI ,200,000 over
same peiiod of 1906; in September $ 6 ,7 5 0 ,0 0 0 , increase $1,8 0 5 ,0 0 0 ; August
$ 6,1 0 0 ,0 0 0 , Increase $900 ,00 0; half-year ending July 31, $ 3 5 ,4 0 6 ,8 7 8 , in
crease $ 9 ,491,116.
Denial.— Touching the rumor that an advance in the price
of the common shares of the Westinghouse Electric & Mfg.
Co. was due to purchases by General Electric interests, a
“ prominent official” of the last-named company was quoted
in a press dispatch from Schenectady* on N ov. 17 as saying:
The com pany is not buying the W estinghouse stock; it does not want the
W estinghouse C om pany, and could not use its plants to advantage.
The General Electric Co. contemplates a great addition to the local plant,
and the preliminary work has been strated here.— V . 85. p. 1272, 1084.
Granby Consolidated Mining Smelting & Power Co., L td.
— Closed Down.— The company’s mines and smelters have
been closed down, chiefly, it is stated, on account of labor
questions.— V . 85, p. 1146, 403.
Homestake Mining Co.— Report.— For year ending May 3 1 :
F is c a l
Total
O per. and
C on str'n
D iv id en d s
B a la n c e •
Y ea r—
In com e.
G en. E x p .
& S u rv ey s.
o n S t o d '.
D rfici1
190 6-07 $ 4 ,787,783
$3 ,2 8 4 ,2 4 7
$326,931
(5 ^ % )$ 1 ,2 0 1 ,2 0 0
$24,596
1 9 0 5 -0 6 _ . 5 ,2 1 3 ,6 5 4
3,706,711
370,646
(6 % )
1 ,310,400
174,103
Tons of ore milled during 1906 07, 1 ,2 6 4 ,1 7 7 , against 1,440,785 in 190506; total proceeds of bars, $ 4 ,5 4 1 ,0 9 6 , at an average of $3,592 per ton.
against $ 5 ,100,445 at an average of $3 54 in 1905 -06 .— V . 8'4, p. 1184.
Jefferson & Clearfield Coal & Iron C o.— Called Bonds.—
Thirty ($30,000) first mortgage 5 % gold bonds drawn for the
sinking fund will be purchased by the Guaranty Trust Co.
of New York, trustee, at 105% and interest on Dec. 1 1907,
at which date interest will cease.— V . 83, p. 972.
Lackawanna Steel Co., Buffalo.— Status.— The company
has temporarily closed down its standard rail mill (Mill
No. 1) and reduced the number of, hands in other depart
ments, so that nearly one-half its working force of 6,500 men
is laid off for the time being. The four mills which remain
in operation, it is stated, can take care of present orders re
quiring prompt shipment. General Manager McCullough
has made the following statement:
W h ile it is true that a number of the mills have been shut dow n, the shut
down is only temporary anci is m adeasm uch forrepalrsasany other reason.
The management has deemed it wise not to force its customers to take
material at this time for which they m ay have difficulty In paying. There
are ample orders on the books to provide the various mills with tonnage
for a considerable p riod, b u t, for the reasons above m entioned, it has
seem< d best temporarily to curtail production, pending the return of normal
financial condltlems.
The financial condition of the com pany Itself is
excell nt, and physically It Is In a position to take rank with the foremost
steel producing concerns in the country as soon as the present tight money
situation is relieved. The com pany has no paper outstanding at any
banks, and has accumulated a satisfactory surplus out of Its earnings in
the past two years to withstand any possible drain on Its resources which
might arise.— V . 8 5 , p. 349.
Lanston Monotype Machine Co., Philadelphia.— Status—
Dividend Postponement.— Regarding the postponement of
dividend No. 4 on the $4,973,400 capital stock, semi-annual
distributions of 2 % each having been paid from April 1906
to April 1907, President J. Maury Dove of Washington says:
This action has been taken by the directors In view of present serious
financial conditions and the unfavorable outlook for the next two or three
m onths, and not because of the com pany's financial resources, for the com
pany has at present In the bank more than suff clent cash to meet the divi
dend and was never in better shape than to-day
Business for the first six
months of this year shows an Increase of $130,000 over that for the corre
sponding period of last year.— V . 85, p. 1272
Lockport (N. Y .) Gas & Electric Co.— Proposed Consoli
dation.— See Lockport Light, Heat & Power Co. below.—
V . 80, p. 2347.
New Central Coal Co. of Maryland.— Dividend Omitted.—
Owing to extensive improvements at the mines and the gen
eral financial conditions, the directors have decided not to
declare the usual semi-annual dividend at this time.
A n n u a l D ivid en d R ecord (P e r C en t) S in ce 1899.
’90 '91 ’92 *93 ’94 ’ 9 5 -’97 ’ 98 ’ 99 '00 ’01 ’02 '03 '04 '05 '06 1907
O
i
l
l
l
0
2 4 2
0
0
4
2
4
4
M a y ,2
In 1898 the stock was reduced from $ 5 ,0 0 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 .— V . 7 9 ,
p. 1333.
New York Air Brake Co.— Deal Abandoned.— It appears
that the certificates of stock deposited with S. B. Chapin &
Co. in accordance with the offer of a syndicate to -purchase
the control at $150 per share, if a sufficient number of the
stockholders should assent by N ov. 15, were returned to
their owners on or about Oct. 15, the syndicate having with
drawn its offer, owing to the financial situation. W hile the
amount deposited was considerable, it did not, it is said,
constitute a majority interest.— V . 85, p. 808._______________
For other Investm ent News see pages 1344 and 1345
1342
THE CHRONICLE.
Itc jx c r r ts
a n t !
Illo r a r m
[V o l .
lxxxv
.
r a t s
A T LA N TIC COAST LIN E R A IL R O A D CO M PAN Y.
S E V E N T Y -T H IR D 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.
Richmond, V a., November 19 1907.
To the Stockholders of the Atlantic Coast Line Railroad Company
The Board of Directors of the Atlantic Coast Line Railroad
Company respectfully submits the following report for the
fiscal year ended June 30 1907:
Miles owned June 30 1906____________________________________ 4,2 0 4 .4 8
Miles not owned but operated under leases and trackage
contracts_____________________________________________________
140.31
I
-------------4 ,344.79
Miles owned but not operated by this Com pany____________
11.16
Total miles operated June 30 1 9 0 7 .___________________________________ 4,360.92
Average mileage operated during year_____________________________ 4,346.79
IN COM E A C CO U N T.
In crea se ( + ) ’ or
1907.
1906.
D ecrea se (— ) .
Gross earnings from opera
tion --------------------------------- § 2 6,771,528 54 $24,868,448 05 + $1,903,080 49
Operating expenses & taxes 20,442,026 99
16,892,199 46
+ 3,549,827 53
$6,329,501 55
2,673,427 79
$7,976,248 59
2,565,934 16
-$ 1,646,747 04
+ 107,493 63
Total incom e____________ $ 9 ,002,929 34 $10,542 ,182 75
5 ,871,188 97
5,683,846 43
Interest and R entals_______
-1 ,5 3 9 ,2 5 3 41
+ 187,342 54
$3,13 1 ,7 4 0 37
Miscellaneous
deductions
from Income____________
$4 ,858,336 32
13,784 96
4 1,394 19
-27,6 0 9 23
N et Income__________________$ 3 ,117,955 41
D iv id e n d s — •
On Common Stock—
Jan.
10,
1907,3 % $ 1 .456,128 00
July
10,
1 9 0 7 ,3 % 1 ,456,128 00
On Pref. Stock—
N ov.
10,
1 9 0 6 ,2 ^ %
$39,915 00
M ay
10,
1907,23-3%
39,915 00
2 ,992,086 00
$ 4 ,816,942 13 — $ 1 ,698,986 72
N et surplus for year.............
$ 2 ,098,312 13^— $ 1 ,972,442 72
$125,869 41
2 ,718,630 00 ”^ + $ 2 7 3 ,4 5 6 00
Earnings from operation increased_____________________________________ 7 .6 6 %
Operating expenses and taxes Increased________________________________ 21.01 %
N et Income from operations decreased_________________________________ 20.65 %
The ratio of operating expenses and taxes to gross earnings
from operations was 76.36 per cent, an increase of 8.43 per
cent, as compared with the previous year.
E A R N IN G S A N D E X P E N S E S .
The earnings and expenses for the year ended June 30 1907,
as compared with those for the preceding year, were as follows:
E A R N IN G S .
1907.
F r e ig h t .............................. $ 18,4 4 3 ,6 9 5
Passenger.........................
6,083,991
Express--------------- ---------770,755
Mail ___________________
611,400
Miscellaneous ------------800,974
E xtra b a g g a g e .............
60.712
09
33
83
10
01
18
C A P IT A L AC CO UN T.
The final payment upon the 45,576 shares of common
stock subscribed for May 10 1906 by the stockholders, as
explained in the last annual report, was duly made Septem
ber 10 1906, so that now the common capital stock of this
Company consists of 485,376 shares: $48,537,600.
There has been no change in the issue of preferred stock,
which remains at $1,596,600.
The Seven Per Cent Certificates of Indebtedness of the
Wilmington & Weldon Railroad Company outstanding at
the close of the fiscal year amounted to $1,000.
The Four Per Cent Certificates of Indebtedness of this
Company of the issue of 1900 amounted at the close of
the fiscal year to $500, a decrease of $600.
The new Four Per Cent Certificates of Indebtedness of the
Company outstanding at the close of the fiscal year amounted
to $21,566,600, the same amount outstanding at the close
of the previous fiscal.year.
B O N D E D D E B T A N D N O TE S.
During the fiscal year there were sold $400,000 of the First
Consolidated Mortgage Fifty-Year Four Per Cent Gold
Bonds, from those held in the Treasury, a t a figure which
netted to your Company $392,000.
In order to provide payment for 100 new locomotives,
3,280 steel underframe freight cars and 53 passenger equip
ment cars, costing $5 ,000,000, it became necessary to issue
trust equipment bonds. The indenture securing these
bonds is dated March 1 1907, and, under same, a cash pay
ment of $500,000 was made, the balance of the principal
being payable at the rate of $450,000 per year, payable semi
annually, the first payment of $225,000 being made on Sep
tember 1 1907 and the last payment to be made on March
1 1917. The deferred payments bear interest at the rate
of 4 per cent per annum. The net amount realized from the
sale of these bonds was $4,147,650.
To provide the necessary funds to carry on the improve
ments under way, your Board of Directors authorized the
issuance of $5,000,000 of Three-Year Five Per Cent Notes.
These notes are dated March 1 1907, and the entire issue
was sold for 9 5 }^ . The net amount realized from the sale
was $4,775,000. “
The Bonded Debt of your Company was increased during
the fiscal year by the issue of the following mortgage bonds:
% ! F IR S T C O N S O L ID A T E D M O R T G A G E F I F T Y -Y E A R F O U R P E R
CENT GOLD BONDS.
6.15
11.92 For purchase of rolling s t o c k _________ ______ _________$470,000
11.00 For purchase of real e s t a t e _____________ ______________
9,000
1.33 For new s h o p s ___________________________________________ 168,000
16.51 For new terminals_____________________ _________________ 556,000
7.83 For freight yards and b u ild in g s ........................... .............. 450,000
For new passenger s ta tio n s ____________ _______________
24,000
For water-softening plan ts_____________ ________________
38,000
7.66
Exchanged for $600 4 % Certificates (o ld )____________
600
----------------$ 1 ,715,600 00
Also Atlantic Coast Line Railroad C o ., Jacksonville & South
western Purchase-Money Mortgage 4 % 50-year Gold
Bonds, exchanged for $40,000 Freight Certificates...........—
40,000 00
%
Total Increased Mortgage Bond Issue for the Fiscal Y e a r___ $ 1 ,755,600 00
14.07
Issue of Equipment 4 % Gold Bonds, dated March 1 1907 ____ $4,50 0 ,0 0 0 00
27.62
Issue of Three-Year 5 % Gold N otes, datedfMarch 1 1907____ 5 ,000,000 00
23.40
1 2 . aa Equipment trust obligations decreased........ ......................................
$16,666 67
5.53
Frelgnt.Certlficates decreased_____________________________ ______
40.000 00
1906.
In crea se.
$ 1 7 ,374 ,525 83 $ 1 ,069,169 26
5 ,436,172 74
647,818 59
694,366 67
76,389 16
619,622 98
*8,222 88
687,457 63
113,516 38
56,302 20
4,409 98
Total Earnings---------$26,771 ,528 54 $24,8 6 8 ,4 4 8 05 $ 1 ,903,080 49
* Decrease.
O P E R A T IN G E X P E N S E S A N D
1907.
1906.
Maintenance of way
and structures_____ $3,90 9 ,7 3 7 55 $3 ,427,550
Maintenance of equip
ment ________________
3,946,012 76
3,0 9 2 ,0 8 6
C onduct’g transport’n . 10,988,157 38
8 ,904,690
General expenses______
743,470 30
658,002
T a x e s___________________
854,649 00
809,869
TAXES.
In crea se.
43
76
54
13
60
$482,187 12
853,926
2,0 8 3 ,4 6 6
85,468
44,779
00
84
17
40
Total operating e x
penses and ta x e s .$ 2 0 ,442,026 99 $ 1 6 ,892 ,199 46 $ 3 ,549,827 53 21.02
IN C R E A S E D E X P E N S E S O F O P E R A T IO N .
Total freight and passenger train miles Increased_______________________ 5 .7 %
Total freight and passenger engine miles Increased______________________5.9 %
Coal-burning engine miles increased_________________ ___________________ 1 5 .8 %
W ood-burning engine miles decreased___________________________________2 5 .8 %
Tons of coal consumed Increased________________________________ _______ .1 4 .5 %
Cords of wood consumed decreased_______________________________________ 1 4 .0 %
Cost of coal consumed In creased --________________________ _________ _____ 1 4 .4 %
Cost of coal per ton Increased____________________________________________ 0.0 %
Cost of coal per engine mile decreased_______ ___________________________ 1 .8 %
An analysis of certain increases in expenses, aggregating
$2,731 ,23 9, or 78 per cent of the total increase, shows the
following distribution:
$44,089
124,871
615,561
84,189
69,957
248,985
266,899
221,371
245,461
272,389
76,702
163,877
296,888
T o t a l .................... ............................................... ...............................................$ 2 ,7 3 1 ,2 3 9
Miles operated June 30 1906________________________ ___________________ 4,333.63
Miles added during fiscal year—
Extension of Jacksonville & Southwestern_______________
10.57
4.11
Line Castle S t., W ilm ington Vto F em sld e, re-opened____
Additional lines to factories, m ills, & c____________________
12.61
--------------27.29
Net Income from opera’ns
Other Income_______________
Changes In method of accounting, Increase..............................................
Replacement charges, equipment and structures, Increase_______
Materials and supplies, increase_____________________________________
Overtim e, in c r e a s e ...________________________________________________
Paid foreign roads for car repairs, Increase_______________ __________
Fuel, increased consumption, increase_____________________________
Car mileage balance, increase________________________________________
Loss and dam age, increase___________________________________________
R oadw ay pay-roll, Increase_________________________________________
Shop force pay-roll, increase_________________________________________
Other additional forces, increase___ ________________________________
Pay-roll of train crews, increase_____________________________________
Other pay-rolls, Increase_____________________________________________
The Company has no floating debt.
T R A F F IC .
Owing to the shortage of the strawberry and vegetable
crops, the gross revenue from that source was $239,287 25
less than the preceding year. Other traffic conditions were
favorable, and with our increased equipment we were able
to overcome this loss and show a gross increase from freight
traffic of $1,069,170 26, or 6.15 per cent.
Passenger traffic shows a gross increase of $647,818 59,
or 11.92 per cent.
The number of tons of freight earning revenue increased
7.72 per cent; the number of toi^s carried one mile increased
11.11 per cent; the mileage of revenue freight trains increased
5.52 per cent; and the average number of tons carried per
freight-train mile increased 6.33 per cent.
The number of passengers carried increased 6.8 per cent;
the number of passengers carried one mile increased 12.04
per cent; and the mileage of revenue passenger trains in
creased 7.32 per cent. The average number of passengers
■carried per train mile increased 3.00 per cent.
The statement attached to this report shows in detail our
traffic and mileage statistics.
IN D U S T R IA L .
Through the efforts of our Agricultural and Immigration
Department, 578 settlers were located on our lines in different
States and engaged in agricultural pursuits. The figures
stated cover heads of families only. One hundred and
seventy-seven industries, such as factories, mills, etc., were
located on our lines during the fiscal year.
In addition to the above, a large number of settlers have
1 been located on our lines by private organizations, real estate
agents, etc., with all of whom our Agricultural and Immigra
tion Department co-operates.
The Immigration and Industrial Association of Alabama
and the Georgia Bureau of Industries and Immigration,
referred to in previous reports, have also been instrumental
in bringing about these results.
T R U S T E Q U IP M E N T .
Of the Trust Equipment ordered during the last fiscal
year the following was undelivered on June 30 1907:
Locomotives: 28 Freight, 7 Passenger, 4 Switching.
Freight Equipment: 1,370 Steel underframe box cars,
780 Steel underframe flat cars.
Passenegr Equipment: 25 Passenger coaches, 20 Express
cars, 8 Combination mail and express cars.
All of the above, except 5 flat cars and 492 box cars, have
been delivered since June 30 1907.
DOUBLE TRACK.
25 miles of double track are in course of construction, and
should be in operation by December 1 1907, making a total
of 85.9 miles of double track for the entire system.
R A IL R E L A Y IN G A N D IN C R E A S E IN SID E TR A C K S
AN D Y A R D TRACKS.
There were laid during last fiscal year 22.37 miles of addi
tional side tracks; 12.61 miles of additional industrial tracks,
and 21.92 miles of additional yard tracks.
There were relaid the following:
GENERAL
June. 30 1906.
132,283 090
45.554, 220
3,298 S50
738 000
3,835, 000
3,029 228
500, 000
280 501
16 666
1,478 316
2,130 700
5 5 ,1 1 8 ,0 2 0
431,513
538,980
2 ,467,679
8 ,556,203
$135,046
115,713
250,760
$1,003,684 17
499,797 92
Equipm ent purchased, including’ Trust Equipm ent__________$9,72 6 ,8 1 2 31
1 ,513,099 58
Additions and betterm ents_________________ _____ ______________
Increase in material and supply account over June 30 1 9 0 6 ..
1,416,848 26
Advances to subsidiary companies_________________________ _
359,262 66
Investm ents in B onds, & c____ __________________________________
743,301 41
Aggregate_________ : ________ ___ _______________________________ $13,759 ,324 22
Since our last report, the following-named States, either
through their Legislatures or Corporation Commissions, have
taken such action as will greatly reduce your passenger rates:
V IR G IN IA .
By Corporation Commission: Reducing passenger rates
from 3 cents per mile to 2 cents per mile, effective October 1
1907.
N O R T H C A R O L IN A .
By Act of Legislature: Reducing passenger rates from
3J4 cents per mile fpr 1st class, and 2 % cents per mile for
2nd class, to 234 cents per mile for both classes, effective
August 8 1907.
'
1
G E O R G IA
By Railroad Commission: Reducing passenger rates from
3 cents per mile to 2)4 cents per mile, effective September
1 1907.
ALABAM A.
By Act of Legislature: Reducing passenger rates from 3
cents per mile to 23 ^ cents per mile, and also a material re
duction in freight rates, effective October 1 1907.
W e are now operating these reduced rates, although we
believe them to be confiscatory, and their legality is being
tested in the Courts; in the meantime the Company is suffer
ing irreparable loss pending final decision.
H. W ALTERS,
T . M. E M E R S O N ,
Chairman.
Presid ent.
BALANCE
SH EET.
$ 201 ,95 1,53 7 67
$138 ,66 3,34 4
4 5 ,5 5 4 ,2 2 0
4 ,6 1 4 ,4 5 0
7 7 8.000
3 .8 3 5 .0 0 0
3 ,3 0 1 ,9 3 0
500.000
291,721
4 .5 0 0 .0 0 0
500.000
2,8 9 5 ,1 6 5
$150 ,00 0
4 194,160
4 3 6,550
983,176
2,4 0 5 ,4 5 0
81
58
00
00
00
13
00
39
00
00
11
00
87
84
88
64
8 ,1 6 9 ,3 3 9 23
$173,475 48
142,712 47
316,187 95
$213 ,9 1 9 ,3 5 9 20
L I \ B IL IT IE S .
$ 45 576,600 00
4 ,5 5 7 ,6 0 0 00 Capital Stock, C om m on, subscribed for but not Issued.
Brunswick & Western R R . Income B onds_______________
Equipment 4 % Trust B onds_____________________________
Atlantic Coast Line R R . C o ., Three-Year Gold N otes.
C ertifica tes o f Indebtedness—
New Certificates of Indebtedness, 4 % ___________________
Ceitlficates of Indebtedness, o l d ,4 % ____________ _______
Certificates of Indebtedness, W . & W . R R ., 7 % ______
21,568 .700 00
77 ,7 0 8 ,8 5 0 00 Bonded debt secured by mortgages on railroads_________
35 ,0 0 0 ,0 0 0 00 Louisville & Nashville R R . Collateral 4 % B o n d s ...........
287,000 00 Freight Certificates, Jacksonville & Southwestern R R . .
16,666 67 Trust equipment obligations________________________________
C u rren t TAabilUles—
Audited vouchers and pay-rolls____________________________
Due to other companies and Individuals--------------------------Coupons due and unpaid____________________________________
Dividends declaied, u n p a id ._____ _________________________
4 ~254,838 68
D eferred L ia b ilities—Bond Interest, accured, not du e____________________________
Taxes accrued, not du e_____________ ______ _________________
1.503,482 09
Interest on Equipment Trust Bonds, accrued, not du e.
Interest on Three-Year Notes, accrued, not du e___
2 ,180,436 30
9 ,2 9 7 ,3 6 3 93
J u n e 30 1907.
Total Assets
C a pital S tock—
Preferred __________________________________________________
C o m m o n ____________________________________________ . . . ____
Common Class “ A .’ ’ Richmond & Petersburg R R ______
$1 ,5 9 6 ,6 0 0 00
4 2 ,9 8 0 ,0 0 0 00
1 .000,000 00
69
15
84
00
G ENERAL R EM ARKS.
In addition to the stock subscription made by your stpckholders for 45,576 shares of common stock, at par, there
have been sold during the fiscal year $4,500,000 Equipment
Four Per Cent Gold Bonds, at 92.17 net; $5,000,000 Five
Per Cent Three-Year Gold Notes, at 953^ net; and $400,000
First Consolidated Mortgage Fifty-Year Four Per Cent
Gold Bonds, at 98 net; all of these sales, together with the
stock subscription, yielding $13,872,250.
This amount has been expended approximately as follows:
ASSETS.
J u n e 30 1906.
$ 1 ,664,524
826,027
434,808
1 ,329,478
351.79 miles with 85-lb. rail.
126.28
“
“ 70
37.95
“
“ 60
9.41
' ‘
“ 56
making a total of 525.43 miles,equal to 12.75 percent of our
entire main line and branch mileage.
17 P ropeity, Construction and Equipment.___ __________________ .
h
__
58 306,000 Shares L . & N . R R . Co. stock________________________________ _______________________
00 Atlantic Coast Line R R . Co. First Consolidated 4 % B onds_______________ ______ . . _______
00 Atlantic Coast I.ine R R . Co. J. & S. W . R R . Purchase-Money 4 % B onds_____________
00 Atlantic Coast Line R R . Co. New 4 % Certificates ol Indebtedness________________________
72 Other Investm ents___________________________________________________ __________________________
00 Atlantic Coast Line R R . of South Carolina 4 % Bonds deposited with Farmers’ Loan
Trust C o-------------------------------------------------------------------------------------------------------------------------------------34 Reserve Fund— For renewals of rails____________ _ ____________________________________________
67 Trust Equipm ent____________________________________________ ___________________________________
F.qulty in Trust Equipm ent_____________________ _______ ______________________________________
85 Mateiial and Supplies__________________________________________________________________________
00 Subscriptions to Capital Stock_________________ _________ ______ _______________________________
C u rren t Assets—
Safe Deposit & Trust C o., Deposit to pay Equipment Txust B onds________________________
Cash on deposit and in hands of Treasurer_____________________________________ ____________
Cash deposited to pay coupons________________________________________________________________
A g e n to 'b a la n c e s _____________________________________________ _____ _____________________________
Due by other individuals and com panies_________________ ___________ ______ ________________
32
D eferred A ssets—
Unadjusted claims in hands of Freight Claim A g e n t________________ _______________________
Interest and dividends receivable_____________________________________ _______________________
02
$ 201 ,95 1,53 7 67
$21,5 6 6 ,6 0 0 00
1,100 00
1,000 00
1343
THE CHRONICLE.
Nov. 23 1907.]
J u n e 30 1907.
$ 1 ,596,600 00
4 7 ,5 3 7 ,6 0 0 00
1.000,000 00
$ 50,1 3 4 ,2 0 0 00
66,000 00
4 ,5 0 0 ,0 0 0 00
5 ,0 0 0 ,0 0 0 00
$ 2 1 ,566 ,600 00
500 00
1,000 00
2 1 ,5 6 8 ,1 0 0
7 9 ,4 6 4 ,4 5 0
35 ,0 0 0 ,0 0 0
247,000
$2 ,3 6 5 ,5 7 4
1,3 8 8 ,4 3 8
439,830
1 ,466,206
00
00
00
00
18
41
84
00
5 ,6 6 0 ,0 4 9 43
$1 ,026,684 16
499,797 92
60,000 00
83,333 33
1 ,669,815 41
1 ,510,200 90
9,0 9 9 ,5 4 3 46
Total L ia b ilitie s .............................................................................................. .................................................................- ..............$ 2 1 3 ,91 9,35 9 20
1344
THE CHRONICLE.
IJN COME A C C O U N T ,
17,374,525
5 ,436,172
694,366
619,622
687,457
56,302
83
74
6
98
63
20
2 4,86 8 ,4 4 8 05
G ross E a r n in g s Freight
________
Passenger________
E x p r e s s _________
M a l l _____________
M iscellaneou s___
Extra baggage___
18,443,695
6,083,991
770,755
611,400
800,974
60,712
T o t a l ______________
26,77 1 ,5 2 8 54
O pera tin g E x p e n s e s —
3 ,4 2 7 ,5 5 0 43 Maintenance of way and
structures____________
3 ,092,086 76 Maintenance of equipment
8 ,904,690 54 Conducting transportat’n.
658,002 13 General expenses______
1 6 ,082,329 86
8,7 8 6 ,1 1 8 19
203,707 11
2 ,225,929 21
8 1,604 47
43,831 51
10,861 86
09
33
83
10
01
18
3,9 0 9 ,7 3 7
3 ,946,012
10,988,157
743,470
55
76
38
30
T o ta l_________________
19 587,377 99
N et ea rn in g s________
O ther In co m e—
Interest ori deposits and
current accounts____
Interest and dividends on
stock & other securities
Rents from real estate and
pro perty________________
Rent of rail_____ __________
M iscellaneou s____________
7,1 8 4 ,1 5 0 55
141,352 79
2,409,655 81
80,486 78
39,709 34
2,223 07
11,352,052 35
Total Incom e___________
D ed u ctio n s from In com e
4 .772,468 33 Interest on funded debt_
809,869 60 T a x e s ________ — ----------8 62,792 00 Interest on certificates of
indebtedn ess___________
9,050 00 Interest on freight certifi-
9,8 5 7 ,5 7 8 34
4,8 7 2 ,8 6 8 32
854,649 00
862,766 00
7,850 00
93,536 10
79,830
2 ,578.800
60,000
31,000
6,276
3,645
Dividends on capital stock
Preferred stock________
C m m on stock . ______
R i.& P e t . R R . C o .stk .
31 ,000
6 ,276
2,260
Interest on B. & W . R R .
Income Bonds . ______
Interest on Three-Year
Gold N otes_ ___________
Rental of leased lines—
C. R R . of S. C _________
S. C. Pac. R y ___________
W . & B . V . R R ____ , - . -
79,830
.852.256
60,000
3,450 00
83,333 33
40,921 32
2,7 1 8 ,6 3 0 00
41,394 19 Miscellaneous
_ _ ________
2,992,086 00
13,784 96
9,2 5 3 ,7 4 0 2:
T o ta l_______________ _____
9,7 3 1 ,7 0 8 93
2,0 9 8 ,3 1 2 13
Surplus income for year
125,869 41
Lockport (N. Y .) Light, Heat & Power Co.— New Com
pany— Proposed Consolidation Allowed on Terms.— The Public
Service Commission (Second District) on Nov. 10 denied the
application of this new company for permission to issue
$1,200,000 stock and bonds to purchase the Lockport Gas &
Electric Co. and Economy Light, Fuel & Power Co. of
Lockport, on the ground that Hie combined capitalization
of stock and bonds of the present companies is only $700,000,
and that the new capitalization should not be in excess of
that amount.
TheCoipmisslon says that technically the easels neither that of a consolida
tion, nor a merger, but the purchase by a newly formed corporation of the
property and franchises of two existing companies.
It is also held that,
although the statute is confined to an increase of “ capital stock” and docs
not expressly apply to an Increase of bond<d debt, the purpose of the
statute is clearly to prevent large Increases of capital issues which "im p ose
heavy burdens on the municipalities’ served and excessive prices to earn
Interest and dividends.”
The policy of the Commission, it is announced, in case two or more gas
or electric companies in any com m unity are pe rmitted to sell out to a newly
formed com pany, will be t ) disapprove the sale, unless the total capitaliza
tion of the c o n so lid a te or n< w com pany, whether stock or bends, Issued
in exchange for the securities of the old companies, is kept down so as not
to exceed the total ca*pltalizatlon of the vendor companies.
The Commission also forbids an increase In rates without its consent.
North Butte (Copper) Mining Co.-r-Dividend Omitted.— The
directors on N ov. 18 voted not to pay a dividend in December.
D ivid en d s P a id to D a te on the $6,00 0 ,0 0 0 C a p ita l S tock (P a r o f S h a res $15
--------1905-------------------------------1906-----;------------- ------------------1907-------------S e p t.
D ec.
M c h . J u n e . S e p t. D e c .
M c h . J u n e. S e p t.
A m o u n t - . 50c.
75c. $1.2 5
$2
$2
$2
$2
$2
$2
Percent - - 3 1-3
5
8 1-3 13 1-3 13 1-3 13 1-3 13 1-3 13 1-3 13 1-3
Total am ount so distributed to date, 96 2 - 3 % , or $ 5 ,8 0 0 ,0 0 0 .— V . 82,
p. 1215, 395; V . 81, p. 730.
North Shore Electric Co., Evanston, & c., 111.— Earnings—
Stock Dividend.— Results for years ending Sept. 30:
Y ea r—
G ross.
O p e r .E x p .
N et.
I n te r e s t■ B a l.,S u r .
1906-07
________$665,890
$431,437
$234,453
$107,689
$126,764
1905-06
544,242
355,936
188,306
95,392
92,914
1904-05
370,832
239,156
131,676
65,278
66,398
From the surplus as shown for 1906-07, there was deducted $41,740 for
special depreciation reserve, leaving $85,0 2 4 . Adding total accumulated
surplus Sept. 30 1906, $ 1 69 ,10 0, and deducting 6 % stock dividend, calling
for $ 1 50 ,00 0, makes total profit and loss surplus Sept. 30 1907 $104,124.
Capitalization Sept. 30 1907: Stock, $3 ,2 5 0 ,0 0 0 ; bonds, $ 2 ,6 5 4 ,0 0 0 .—
V . 83, p. 1409.
Omaha (Neb.) W ater Co.— Favorable Decision.— The
United States Circuit Court of Appeals on N ov. 8 (Judge
Hook writing the opinion) reversed the decision of Judge
Munger , who decided against the company the action brought
to recover from the city the amount of hydrant rentals for
the year 1904, aggregating about $100,000.
New trials are
ordered.
The lower court held that the com pany could not recover the contract
price, but must sue for the amount of service rendered. The same principle
Is Involved in cases brought for later periods, the total sum involved being,
lt Is reported, about $250 ,0 0 0 .— V . 8 4 , p. 1372.
Plaza Operating Co., New Y o rk .— Mortgage.— This com
pany on N ov. 7 filed a second mortgage for $4,500,000 due
O ct. 1 1910, interest rate 6 % , on the Plaza Hotel at Fifth
A v e. and 59th S t., to the Trust Company of America, as
trustee. The trust company, it is stated, has no interest in
the mortgage other than as trustee. There is a first mort
gage of $5,000,000.
The com pany Is a New York State corporation with $5 ,0 0 0 ,0 0 0 of author
ized capital stock, and lt Is controlled by the Cedar Street C o., a subsidiary
[V o l .
lxxxv
.
P R O F IT A N D LOSS A C C O U N T , Y E A R E N D I N G J U N E 30 1907.
C red its—
Credit balance July 1 1906____________________ ____$ 9 ,297,363 93
Interest on advances, account 0 . & S. W . Exten
sion ________________ „ _______________ _______ . . .
11,237 07
Sundry old vouchers remaining in Vouchers P ay
able in Liquidation written o f f . ___________ _40,385 81
Agents balances collected, which were Included
in amount written off to Profit and Loss as
uncollectible, June 30 1906____________________
33 05
Interest on $25,000 L . O. P. & G. R R . 5 %
B onds, April 1 to July 1 1906_________________
312 50
Trackage Rental Agreem ent, N orfolk Suffolk
Refund by Southern R y . Co. for quarter
ended March 31 1906_________________ _________
112 11
Premium on 27 shares Common Capital Stock
1906 Allotm ent not subscribed f o r _ __________
372 84
A m ount recovered from United States Govern
m ent for erroneous deductions from excess
baggage charges during Spanish-Am eiican
W a r in 1 8 9 8 _____________________________________
1,503 89
A djustm ent of Ccmpress Account_______________
2,984 15
Sundry Per Diem and Ticket A c c’ts written off
12 16
Unclaimed W ages of more than five years
standing written off on account of inability to
accomplish paym ent ___________ ___________2,578 66
W ash . & Vanriemere R R . Stock Investm en t1,000 00
A d justm ent of Material and Supply Account to
inventory of June 30 1907______________; ______
5,614 08
One half proportion of final surplus Gainesville
Jefferson & Southern R R . Receivership_____
327,17
Balance of N et Income for the year_____________
125,869 41
T o ta l........ .............. ............................1 _______ ______ ______ _____ __$ 9 .489,706 83
D eb its —
Doubtful accounts written oft_____________ ______
$1,414 62
Interest paid L . O. P . & G. R R . for Bonds de
livered M ay 10 and July 7 1906_________
468 75
Old Stock Claim Plant System dated Septemper
20 1890, paid December 1906_________________
1 50
Paid Georgia R R . this Com pany's proportion of
certain legal exp en ses-- ___ ____________ ________
2,5 2 4 40
Sundry uncollectible balances of Ex-A gents
written (IT________________________ ___ .
_____
3,917 16
Discount on Bonds sold- __________ ____________
8,000 00
Vouchers Payable credited In error September
1906, transferred to Construction and Prop
erty by suggestion of Haskins & Sells_______
21,079 62
Discount on $5,00 0 ,0 0 0 Three-Year 5 % Gold
N otes, dated March 1 1907, sold _____ _________
225,000 00
Vouchers written off in September 1906, prefented fcr paym ent_________________ ___________
1 50
Deficit from Operation of the Gecrgia R R . under
*
lease for year ending June 30 1907.$162,856 10
This Company s proportion— o n e -b a lf-____
81,428 05
Discount cn Macon Dublin & Savannah R R .
Bonds _____________ _______________ ______ ____
42,910 00
T o close account of Jacksonville & Southwest
ern Railroad Co.— in L iqu id ation .” . '___ _____
3,417 77— 390,163 37
Balance, surplus, June 30 1907____ ____ __________ - . ________ $ 9 ,099,543 46
of the United States R ealty & Improvem ent Co.
report, V . S4, p. 1180.)
(Compare remarks In
Pope Manufacturing Co.— Proposed Sale.— An offer of
$77,000 has been received for the plant of the Federal Mfg.
Co. of Milwaukee (which is owned entirely by the Pope Mfg.
C o.), and the receivers have petitioned the courts for author
ity to accept the same.— V . 85. p. 725, 534.
Rhode Island Securities Co.-— Liquidation.— This New
Jersey corporation having been dissolved, Treasurer A . S.
May. under date of New Haven, Oct. 31 1907, has sent a
circular to the few individual shareholders who did not ac
cept an exchange for Provident Securities 4s (V. 83, p. 1525).
The net assets after realization upon all assets and satisfying liabilities
amounted to $9,6 0 0 ,0 0 0 . This amount is distrbuted pro rata, each stock
holder receiving $80 pershare.— V . 8 5 , p. 723.
Royal Motor Car Co., Cleveland.— R e c e i v e r s h i p On N ov.
12 the United States Circuit Court appointed the Superior
Savings & Trust Co. receiver for the company in proceedings
instituted by E . W . Cottrell of Detroit and W itt K . Cochrane
of Chicago. President E .D .S h u rm e r issued the following:
The company Is abundantly solvent. A statement recently prepared
by the Audit Co. of Cleveland shows assets amounting to more than $650,000
In excess of all liabilities. The company is, in fact, suffering from nothing
more serious than a rapidly growing and profitab e business coupled with
a stringent money market . The contracts on hand for cars to be d( llvered
during the fall, winter and early spring have necessitated the em ployment of
considerable borrowed m oney, and present monetary conditions have made
it temporarily impossible to meet immediately maturing obligations.—
V . 85, p. 226.
Russell Falls Paper Co., Russell, M ass.— Mortgage.— This
company, incorporated under the laws of Maine on Oct. 1
1907 with $250,000 of authorized capital stock, has filed a
mortgage for $250;000 to the Worcester (Mass.) Trust C o.,
as trustee.
Saratoga (N. Y .) Gas Electric Light & Power Co.— Order of
Commission Upheld.— The Appellate Division of the Supreme
Court, Third Department, at Albany on N ov. 2 , by a vote of
3 to 2, sustained the order made by the Commission of Gas
& Electricity (supplanted by the Public Service Commis
sions) reducing the prices to be charged in Saratoga Springs.
The company took the m atter Into the courts, contending that the fixing
of prices Is a legislative power which the Legislature cannot under the con
stitution delegate to another body.
The court sustained the right of the
Commission to fix reasonable rates,and held that the provisions In the law
that such rates shall continue for three years are "harmless to deprive the
corporation of its rights of property, because of the right still left in the cor
poration to apply either to the Legislature or to the courts for relief.”
The decision is generally regarded as Important In Its bearing on the con
stitutionality of the law creating the Public Service Commissle n In this
State, It being reported in the newspapers that counsel representing public
service corporations In this city assisted the company's counsel, "In an en
deavor to break down the essential features of the Public Service Com m is
sions l a w ." — V . 7 7 , p . 2038.
Shannon Copper Co.— Report.— For year ending Aug. 31:
F is c a l
T otal
I n c . in
O per. e x p ..
D iv id en d s
B a la n ce,
Y ea r—
R eceip ts. I n v e n to r y , d evel., & c.
on S tock.
S u rp lu s.
1906-07
$3,084,068
$38,418
$2,426,570
(1 5 % )4 5 0 ,0 0 0
$245,916
1905-06 _____ 1 ,949,566
81,257
1,697,498
____________
333.325
The surplus as above in 1906-07, $245,916, was disposed of as follows:
Improvem< nts to plant, $125 ,91 0; retiring $97,000 bonds. $98,323 (reducing
the amount outstanding to $260 ,00 0; land Investment, $ 1,300; develop
ment Coronado group, $14,282; Coronado tax, $96; increasing supplies,
«Scc., $6,002.
Production for the year 1906-07 was 13,418,126 lbs. of copper, 1 ,257,385
oz. of gold, and 94,745 oz. of silver. Cost of copper from the company's
own ores was 10 cents a pound at Clifton, compared with 13.46 cents In
1905-06, wages and cost o f material being higher In 1906-07. The cost, it is
estlmat d , would have been further reduced about 2 cents a pound but for
the floods and delay In starting the new furnaces.— V . 85, p. 5£4.
N ov. 23 1907 1
Southern Steel Co.— Status.— A bankers’ circular issued
late in 1906 or early in 1907 offered for sale $1,500,000
collateral trust 5 % 3-year coupon notes of an authorized
$2,000,000, dated Dec. 1 1906, due Dec. 1 1909, denomi
nations $1,000, $5,000, $10,000; principal and semi-annual
interest payable at the Trust Co. of America, New York,
trustee. These notes are secured by deposit of all the capi
tal stock of the Chattanooga Iron & Coal Co., the Georgia
Steel Co. and the Lacey-Buek Iron C o., amounting to
$2,750,000 par value and following $2,050,000 or $2,100,000
bonds and $470,000 notes of those companies described in
V . 85, p. 1146. The circular described the company’s
assets and liabilities as follows:
V a lu a tion o f Sou thern Steel C o . P r o p erties (aggregating $ 3 6,950 ,000 ).
Four blast furnaces, fully equipped, at $ 500 ,00 0________________ $2,000,000
Six open-hearth furnaces___________ ________________________________
900,000
One blooming m ill-------------------------------t ______________________________
500,000
One rod and wire m ill________________________________________________ 1,000,000
Mines and equipm ent, stores, houses and real estate____________ 1,500,000
1,000 coke ovens_________ ___________________________________________
500,000
Cash, raw materials and merchandise on hand___________________ 1,250,000
186.000 .000 tons of ore at 10 cents________________________________ 18,600,000
214.000 .000 tons of coal at 5 cents_________________________________ 10,700,000
O utstanding O bligations (aggregating $7,070,000) against A b o v e P ro p erties.
South'n Steel Co. 1st M. 5s $3,000,000 j Georgia Steel Co. pur.notes $470,000
Bonds constituent compa|Southern Steel Co. 3-year
nles (see V . 85, p. 1146) . 2 ,1 0 0 ,0 0 0 1 n o te s ____________________ 1,500,000
C a pital Stock (aggregating $25,000 ,000 .)
Preferred s t o c k -----------.-_$ 1 0 ,0 0 0 ,0 0 0 1Common stock___________ $15,000 ,000
Compare V . 85, p. 1146, 1085.
Union Iron & Steel Co.— Receiver in Bankruptcy.— Judge
Holt in the United States District Court in this city on Nov.
18 appointed Oswald Jacoby receiver in bankruptcy for this
Delaware corporation.
The proceedings In bankruptcy were brought on N ov. 14, on claims ag
gregating In all, $4,610 by Scott, Upson & N ew com b, 27 W illiam Street,
for Herman Cohen, Edward C. Cohen, Grace M. Lederer and Nettle Cohen.
The amount due the last-named Is $ 3,900, with Interest from A ug. 1 1907,
representing the balance unpaid on $10,000 loaned on July 25 1901, secured
by 1,495 shares of stock of the Big Stone Gap Iron C o., owned by the al
leged bankrupt. The Supreme Court of Ohio, it Is stated, placed the
Ironton plant in receiver’s hand on N ov. 3 .— V . 85, p. 606.
United Copper Co., Montana.— No Dividend on Preferred
Stock Nov. 15.— A semi-annual dividend of 3 % on the $5,000,000 6 % cumulative preferred stock was due Nov. 15,
but the directors decided that the present was no time for
the company to make distributions to its shareholders, and
no payment, therefore, was made. The board last spring
(V . 84, p. 755), when declaring a quarterly dividend of
! / € % on the common stock, announced that $300,000 had
been set aside to meet the preferred dividends during 1907,
but it is now said that the funds applicable to this purpose
are tied up in the State Savings Bank of Butte, one of the
Heinze banking institutions, which failed last month (see
bank items, V . 85, p. 98 1).— V . 8 5 , p. 1007.
United States Realty & Improvement Co.— See Plaza
Operating Co. above.— V . 85, p. 1085.
(Walter A .) W ood Mowing & Reaping Machine Co.
Hoosick Falls, N . Y .— Called Bonds.— Twenty-eight first
refunding mortgage bonds of 1905, called for redemption,
will be paid Dec. 1 at the Security Trust Co. of Troy, N . Y .—
V. 83, p. 1234.
— An important change affecting the admission of pro
fessional accountants to practice has been made in the Illi
nois State law. According to an Act passed in 1903 regu
lating the profession of public accountants, no one could be
admitted to the examinations for a certificate as certified
public accountant unless he was a graduate of a high school
with four years’ course, or could prove to the satisfaction of
the State University authorities that he had an education
equivalent to this. As this requirement seemed to work
hardship on a good many accountants, the Legislature last
winter amended the law, doing away with the preliminary
high school education, so far as concerns the examinations
to be held in May 1908 and May 1909. This will give an
opportunity for accountants of experience, who are not
graduates of high schools, to try for their certificates. By
law the State University at Urbana. Illinois, sets the exami
nations, and any information about them can be had by
writing to the University Committee on Accountancy, 305
University Hall, Urbana.
— N . W . Harris & C o., Pine Street, corner William ,
New
York, will
receive
subscriptions at
par
and
accrued
interest for the $100,000 000 United States
Government 3 % certificates of indebtedness dated N ov. 20
1907. N. W . Harris & Co. will transmit these subscriptions
to the Treasury Department without charge.
— Swartwout & Appenzellar, 44 Pine Street, New York,
have just issued a circular showing the outstanding amounts
and other (ssm tial features of 230 issues of railroad equip
ment bonds and car trusts. It is the most comprehensive
circular regarding equipment obligations ever brought out,
and much care.was exercised in its preparation.
— A n interesting booklet has been prepared by Rudolph
Kleybolte & Co., 27 Pine Street, on Railroad Equipment
bonds. It explains what an equipment bond is, the man
ner of issue, the margin of security, legal status and the satis
factory results that have been derived from investments in
equipment obligations.
— A . B. Leach & C o., bankers, 149 Broadway, announce
that they will collect and remit for coupons on Cuban In
ternal 5 % bonds due N ov. 28 1907. The firm does this by
arrangement made with the Havana Bond & Trust Co.
1345
THE CHRONICLE.
C o ra m sra a i
COMMERCIAL EPITOM E.
Friday Night, Nov. 22 1907.
Trade has been less active, caution still being the policy
everywhere. Prices are in many cases lower. Gold im
ports have been liberal, the Washington authorities have
announced a large issue of certificates and bonds, and the
premium on currency fell to-day to 1 K @ 2 J ^ % .
Curtail
ment of production in various industries is reported.
L A R D on the spot has declined, owing to a fall in the
market for futures, weakness in live hogs, larger receipts of
hogs and the depression in the grain markets. The unsettled
financial situation has also been a depressing factor. Trade
has been stagnant at the decline. Western 8 .6 5 @ 8 .7 5 c .
and City 8 ^ c .
Refined lard has also been dull and weak.
Refined Continent 9.1 5c., South America 10c. and Brazil in
kegs l l M c .
Speculation in lard futures at the W est has
been moderately active at declining prices. Depressing
factors have been the weakness in live hogs, the decline in
grain quotations, the stringency of money at higher rates
and the dulness of the spot trade. Packers have sold freely
at times, and there has been little support except what has
come from the covering of shorts.
D A I L Y C LO SIN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
S a t.
M on.
T u es.
W ed .
T h urs.
F ri
8 25
____
____
____
____
N ovem ber delivery____ _ ____
January delivery________ 7.97
7 .85
7.70
7.77 H
7.G7J4
7.47
M ay delivery____________ 7.92
7.90
7.70
7.80
7.70
7.52>4
P O R K on the spot has declined in sympathy with the de
press on in other provisions and the weakness of grain.
Trade has been extremely dull. Mess $15 5 0 @ $ 1 6 25, clear
$16 5 0 @ $ 1 7 and family $ 1 9 @ $ 1 9 50. Beef has been steady,
with a small jobbing trade. Mess $8 5 0 @ $ 9 50, packet
$ 1 1 @ $ 1 2 , flank $12 2 5 @ $ 1 2 50 and family $14 5 0 @ $ 1 5 .
Cut meats have been quiet and generally steady. Pickled
shoulders 8c., pickled hams l l @ l l ^ c . and pickled bellies
1 4 @ 1 0 lbs., 1 0 ? 4 @ l l % c .
Tallow has been dull and easy;
City 5 9-16c. Stearines have been quiet and steady; oleo
8 ^ @ 8 % c . and lard 9J ^ @ 10c .
Butter has been quiet and
steady; creamery extras 28c. Cheese has been quiet and
steady; State, f. c., small, colored or white, fine, 15J^CEggs have advanced with trade quiet; Western firsts 3 0 @ 3 1 c .
O IL .— Cotton seed has been easier with trade e"xtremely
dull. Prime summer yellow 3 3 @ 3 4 c .
Linseed has been
steady with a moderate demand for small lots. City, raw,
American seed, 4 7 @ 4 8 c ., boiled 4 8 @ 4 9 c . and Calcutta,
raw, 69c. Lard has been quiet and steady; prime 7 4 @ 7 6 c .
and No. 1 extra 5 4 @ 5 7 c . Cocoanut has been moderately
active and firm on light offerings; Cochin 9 % @ 1 0 } 4 C- and
Ceylon 8 % @ 8 3 ^ c .
Olive has been quiet and steady; yellow
7 5 @ 8 0 c . Cod has been quiet and steady; domestic 4 2 @ 4 3 c .
and Newfoundland 4 4 @ 4 5 c .
C O FFE E on the spot has been quiet and steady at 6J^c.
for Rio No. 7. W est India growths have been in moderate
demand for small lots, with prices generally steady. Fair to
good Cucuta 9@ 1 0 J 4 c . The speculation in future contracts
has been on an exceedingly small scale and prices have shown
very slight changes. In the main the tone has been some
what easier, owing to the financial depression and weakness
at Havre at times. Local and European longs have liqui
dated on a small scale, the sales being absorbed by local
dealers.
The following are closing quotations:
N o v e m b e r ______5 .4 0 c .[ M a r c h ____________ 5 .6 5 c .| J u ly _______________ 5.85c.
D ecem ber_______ 5 .5 0 c .| A p r ll______________5 .70c. IA u gu st__________
5.90c.
January__________5.55c. |May
___________ 5 .7 5 c . [ S e p t e m b e r _____ 5.95e.
February________ 5.60c. IJune_______________ 5.80c. |O c to b e r___________ 6.00c.
S U G A R .— Raw has been dull and easier. Centrifugal,
96-degrees test, 3.70c; muscovado, 89-degrees test, 3.2 0c.,
and molasses, 89-degrees test, 2.85c. Refined has been dull
and steady. Granulated 4.70c. Teas have been firm as a
rule, with a moderate jobbing trade. Spices have been fairly
active and steady. Hops have been dull and steady.
P E T R O L E U M .— Refined has been firm. The domestic
demand has continued active, though some falling off in the
export trade is reported. Refined, barrels, 8.7 5c., bulk
5c. and cases 10.90c. Gasoline has been active and firm;
86-degrees 21c. in 100-gallon drums. Naphtha has been
fairly active and firm; 73@76-degrees 18c. in 100-gallon
drums.
Spirits of turpentine has been quiet and steady
at 48 J ^ @ 49 c. Rosin has been quiet and steady; common
to good strained $3 75.
TO B AC C O .— The market for domestic leaf has been
steady as a rule, though business has been on so small a scale
that quotations are largely nominal. Some shading of prices
might have the effect of stimulating business, but in view of
the unsettled financial situation few look for any great
activity in the near future. Sumatra and Havana have
been quiet and firm.
CO PPER has been dull and weak; Lake 13 @ 1 33 ^ c . and
electrolytic 1 2 % @ 1 2 % c .
Lead has been dull and easier
at 4.30c. Spelter has been quiet and weaker at 4.90c. Tin
has been quiet and steady; Straits 30^§c. Iron has been
quiet and weak; No. 1 Northern $ 1 8 @ $ 1 8 50; No. 2 Southern
$20 2 5 @ $ 2 0 50.
1346
THE CHRONICLE.
Sat.
M on.
16,412
T u es.
W ed.
T hurs.
F r i.
Total.
25,311
17 737
15,974
10,722
6,292
9,453
10,979
2,262
"587
16,333
2,208
95,609
6,292
587
85,174
19,552
5,800
363
70,107
5,641
10,599
.. _
7,900
3,121
____
20 562
3,203
11,741
12’ 007
•509
___
3,952
3,954
2,505
____
2.939
4,911
34
80
'1 2 1
"87
18
-------
47,721
Totals this w eek.
15,689
4,901
____
68,384
13' 198
13,711
3,857
5,800
100
12,884
"263
10,240
l" 206
1,646
817
4~956
5,570
2,538
4,198
3,808
3,079
" l 8
"ilO
70
66
-------
20
66,585
60,726
48,662
10",037
5,641
3,916
2,991
4,846
243
2l", 184
26,558
243
352
225
2,724
135
"57
2,724
31
59,067 351,145
The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
last year:
1907.
R eceip ts to
N ovem b er 22.
T h is
week..
G a lv e s t o n _______
Port Arthur
___
Corpus Christi, &c
New Orleans____
M o b i l e ___________
Pensacola_____
Jacksonville, &c_
Savannah
..
Brunswick
C harleston. __ _
Georgetown ____
W ilm ington _
N o r fo lk .. _____
Newport N ew s___
New Y o r k _____
Boston ___ ______
Baltim ore_____
P h ila d elp h ia ____
95,609
6,292
587
85,174
19,552
5,800
363
70,107
5.641
10,599
21.184
26,558
243
352
225
2,724
135
1906
S in ce S ep
1 1907.
T h is
w eek.
S tock.
S in ce S ep
1 1906.
772,369 149,173 1,568,140
23,488
37,836
7,753
6,364
1,166
12.717
488,576 100.044
759,270
130,634 13,032
106,222
35,794 10,778
43,204
3,324
437
1,798
800,211 68.767
751,757
82,149
65,976
7,389
129,813
86,212
5,513
521
53
263,595 14,548
197,567
208,946 26.922
223,598
4,985
3,631
708
759
914
1,540
994
943
340
2,895
14.779
10,567
1,239
191
1,506
T o ta l___________ 351,145 2 ,966,665 410,623 3.874,359
1907.
1906.
153,136
380,193
196,185
44,663
314,404
47,133
169,106
10,249
34,709
175,660
22,046
22,129
25,091
33,211
19,593
44,457
174
109,772
2,695
8,585
10,471
139,610
4,781
5,873
6,512
823,126 1,157,312
In order that comparison m ay be made with other years,
we give below the totals at leading ports for six seasons:
R eceip is at—
1907.
1906.
1905.
1904.
i9 0 3 .
1902.
95,609
6 ,879
85,174
19,552
70,107
5,641
10,599
21,184
26,558
243
9,599
149,173
8,919
100,044
13,032
68,767
7,389
5 ,566
14,548
26,922
708
15,555
121,741
7,128
103,726
15,174
64,303
9,386
5.318
15,878
33,021
769
8,601
97,881
22,307
112,241
13,511
45,047
8,998
5,654
20,886
31,862
729
10,793
150,075
8,542
108,504
8,079
43,221
9,394
4,706
15,267
25 ,025
194
12,357
78.957
892
112,842
8,133
55.957
6 ,986
5,700
13,145
15,736
2,142
5,478
351,145
410,623
385,045
369,909
385,364
305,968
G a lv e s to n ___
Pt.A rth ur, &c
New Orleans.
Savannah ___
Brunswick-___
Charleston, &c
W llm in g’n __
N o r f o l k ______
N ’port N ., &c
A ll others____
Total this w k .
Since Sept. 1 . 2 ,966,665 3,874,359 3,713,593 4,210,278 3,654,871 3,542,946
The exports for the week ending this evening reach a total
of 262,972 bales, of which 128,254 were to Great Britain,
31,817 to France and 102,901 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
W eek ending N ov. 22 1907. From Sept. 1 1907 to N o v.22 190.
Exported, to—
Exports
from—
Great
Britain. Fr’ nce
Conti
nent.
Total.
Galveston____ 41,700 8,516 16 913 67,129
Port A rth ur...
6,292 6,292
Corp.0hrs.,&c. _____
New Orleans.. 40.52(1 9,950
4,827 55,297
Mobile______
7,609 6,789
14,398
Pensacola____
5,800
5,800
Fernandina _
Savannah _.
15.973 6,062 10,059 32,094
Brunswick____
2,961
10,021 12,982
_____
Charleston____
8,800 8,800
Wilmington_
_
31,077 31,077
..........
N orfolk_
_
Newport News.
New York____
9,642
7,030 16,672
Boston ______
2,048
1,291 3,339
Baltimore____
500 4,795 5,295
Philadelphia . .
2,00 ! —
265 2,266
San Francisco.
Seattle ______
Tacom a______
Portland, Ore.
Pembina_____
Detroit_______
Total
..
1,531
.........
—
335,985 92,085
7,67-1
155,143 61,543
24,438 21,948
12.630 12,84s
84,893 53,262
20,339
71,054 16,520
4,950
1,000
114,521 14,580
63,675
17,036
1,900
21,315
1
. 128,254 31,817 102,901 262,972
............
.........
934,654 274,686
Conti
nent.
Total.
162,784
15,814
55C
93,464
24,39-1
14,225
590,854
2,5,488
550
310,150
70,780
39,703
219,183
41,817
19,450
148,322
420
6,261
8,361
32
Great
Britain. France
1,531
.........
357,338
62,156
19,450
235,896
5,370
1,000
229,171
66,052
47,169
24,263
1
6,261
8,361
32
............
G reat
B rita in
New Orleans. _
Galveston ____
Savannah ____
Charleston____
M o b ile ________
N o r fo lk _______
New Y o rk ____
Other ports___
F ra n ce
G er
Other
m a n y . F oreig n
C oast- j
w ise. 1 Total.
482
3,076
3,700
3,000
600
29,264
18,932
31,412
17,922
19.648
5,091
14,703
27 716
20,579
11,985
7,456
10 989
1,000
1,800
2,690
15,606
4400
8.000
1.300
4,000
3",200
18,000
3", 300
3,000
Total 1 9 0 7 .. 64 244
Total 1 9 0 6 .. 103,711
Total 1 9 0 5 .. 160,053
50,651
58,282
39,932
99,198
75,242
71,788
37,730
57,657
37,538
Fair____________ c.1.7 5 on
Strict mid. fair____1 50 on
Middling fair______ 1.25 on
Barely mid. fair___i.00 on
Strict good mid___0.75 on
Fully good n d ____0.G2 on
Good middling____0.50 on
Barely good mid_ 0.37 on
_
Strict middling____0.25 on
Middling.................. Basis
64,024
89,310
40,359
4,000
20,090
29,264
11.900
33,000
132,161
63,826
128,747
30.709
24 ,5 7 3
3,947
127.710
19,506
40,124 291.947
531,179
43 719 338,611
818.701
62,101 371,412 1,001,882
Strict low mid___C-0.30 off j Middling tinged. _c.0.30 off
Fully lOw mid_____ 0.65 off Strict low mid. tlng.1.00 oft
Low middling_____ 1.00 off 1Low mid. tinged___ 1.50 off
Barely low mid____1.25 off Strict g'd ord. tlng_2.00 off
Strict good ord____1.50 off: Fully mid. stained. 1.00 off
Fully good ord____1.75 off) Middling stained--1.25 off
Good ordinary____2.00 off Barely mid. stained.1.75 off
Strict g'd mid. tgd.O 35 on Strict low m. stain.2.25 off
Good mid. tinged.. Rven I Fully 1. m. stained.2.62 oft
Strict mid. tinged _ .0 20 off; Low mid stained..:} 00 off
The official quotation for middling upland cotton in the
New York market each day of the past week has been:
N o v . 16 to N o v . 22—
Sat.
Middling upland________________ 10.60
NEW
1 9 0 7 .c . . .
1906_______
1905_______
1904_______
1 9 0 3 _______
1 9 0 2 _______
1901_______
1 9 0 0 _______
YORK
. 11.20
_ 10.90
. 11.65
_ 9.90
.1 1 .3 0
8.50
. 8.00
. 10.25
Mon.
10.80
lu e s .
10.80
W ed. Thurs.
10.90
11.10
Fri.
11.20
Q U O T A T IO N S FO R 32 Y E A R S .
1 8 9 9 .c _____
1 8 9 8 . _____
1897________
1896________
1895 ________
1894 ____ .
1893________
7.56
5.44
5.81
7.62
8.50
5.81
8.00
9.62
1 8 9 1 .C. -------8.12
1 8 8 3 .c ____ .1 0 .5 0
1 8 9 0 .._ ------ 9.44 1882_______ .1 0 .5 6
1 8 8 9 .- - ____ 10.25 1881_______ .1 1 .9 4
1 8 8 8 .. -------10.00 1880_______ .1 1 .3 7
1 8 8 7 .. . ------ 10.37
1 8 8 6 .. . ------ 9.18 1878_______ _ 9.37
1885
-------9.44
1877_______ .11.25,
1884 ._ -------10.44 1876_______ .1 2 .0 0
M A R K E T A N D SA LES AT N E W Y O R K .
S p o t M a rk et
C losed.
F u tu r e s
M a rk et
C losed.
Steady, lO pts. d e c.
S tea d y, 20 pts. a d v .
S t e a d y _____________
Steady, 10 pts. adv.
Steady. 20 pts. a d v .
Steady, 10 pts. a d v .
Barely steady
Very steady .
S t e a d y _____
Steady
____
Irregular____
S t e a d y ._____
888,705 2,098,045
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
l e a v in g
stock..
Speculation in cotton for future delivery has latterly been
more active and prices have risen sharply, owing to heavy
covering of shorts, principally, it is supposed, by leading
interests in Wall Street. The advance was primarily due
to the continued light crop movement, a noticeable tendency
to reduce crop estimates— a New Orleans estimate was as
low as 11,395,000 bales— and a bullish report on the ginning
to N ov. 14th by the Census Bureau. It stated the quantity
ginned up to N ov. 14 as 7,311,202 bales, against 8,562,242
last year and 7,501,180 for a like period in 1905, with the
active ginneries this year 26,571, against 27,805 last year
and 28,310 in 1905. Furthermore, the spot markets have
exhibited considerable strength. Liverpool quotations have
at times been noticeably strong, partly owing to buying
there by the Continent. In a word, the cotton situation has,
on the whole, shown a degree, of steadiness for some weeks
past which sellers for a decline had not anticipated. It was
supposed that the declining stock market, the financial
stringency and the actual scarcity of currency, leading to
substantial premiums on it, would bring about decidedly
lower prices. They have not. Moreover, reports of re
action in the dry goods trade, of cancellations and of curtail
ment of production in parts of New England have also had
comparatively little effect. The scarcity of currency at the
South has seemingly cut both ways. If it has hindered
buying it has also hindered selling. If it has restricted
exports, it has also tended to curtail the receipts. The result
has been, on the whole, a light movement of the crop, despitd
occasional indications of somewhat larger marketing of the
staple. Moreover, manipulation of December has continuee
here, the premiums on that monthover January ranging from
35 to 40 points, and continuing so even after large private
settlements were said, rightly or wrongly, to have been made
by some of the bear contingent. European opinion seems
to be more hopeful in regard to the general cotton trade
outlook than is entertained by some people on this side of
the water. This fact is attributed partly to fears not only
of a smaller crop in this country, but of some decrease in
the yield in East India, Egypt and South America. A New
Orleans statistician,who estimates the crop at only 11,395,000
bales, puts the world’s consumption at 12,600,000 bales, or
only about 100,000 bales less than -some of the estimates
on last season’s consumption. Some of the bulls are rather
inclined to endorse these figures as substantially correct,
though the believers in lower prices think them altogether
too high. The fact remains that cotton prices have shown
unexpected resistance to forces of reaction and depression,
and nervous shorts, both large and small, have covered on
so big a scale that prices have latterly advanced easily.
To-day disappointing Liverpool advices, liquidation and the
rumored closing down of a large Rhode Island mill caused
lower prices. Spot cotton has been more active. Middling
closed at 11.20c., an advance for the week of 50 points.
The rates on and off middling, as establifihed Sept. 11 1907
by the Revision Committee, at which grades other than
middling m ay be delivered on contract, are as follows:
............
100,070
2,377
28,233
2,948
Total 1906____ 129,62c 38 58 91,735 259,518 1,173,167318,0371,067,358 2,558.562
.
N o v . 22 at—
Friday Night, Nov. 22 1907.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
351,145 bales, against 348,097 bales last week and 365,918
bales the previous week, making the total receipts since
the 1st of September 1907, 2,966,665 bales, against 3,874,359
bales for the same period of 1906, showing a decrease since
Sept. 1 1907 of 907,694 balas.
R eceip ts at—
lxxxv
On S h ip b o a rd , N o t C leared f o r -
COTTON.
Galveston
Port Arthur____
Corp. Chrlstl, &c.
New Orleans____
Mobile _________
Pensacola .
Jacksonville, & c.
Savannah _______
B ru n sw ick ______
Charleston
G eorgetow n ____
W ilm in g to n ____
N o r lo lk --------N 'p ort N ew s, &c.
New Y o rk _____
B o s t o n ___ ______
B altim ore_______
Philadelphia, &c.
[V o l .
S a tu rd a y ..
M onday___
Tuesday . .
W ednesday
Thursday .
F riday____
T o t a l.. .
Sales o f S p ot and C ontract.
ConE x p o rt su m ’ n
1,000
1,800
1,000
1,000
2,500
1,000
8,300
531
C on
tract.
'2 0 0
'1 6 6
531
300
Total
1,000
2.531
1,000
1,000
2.600
1,000
9.131
1347
THE CHRONICLE.
486,000
_
_
_
_
485,000
_
279,000
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SINCE SE P T . 1.— W e give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
_
321,000
11 ,0 0 0
_
36,000
5,000
1906.
2 ,0 0 0
I
2
3
126.000
2,000
4,000
28,000
I
£
N ov. ----— ---------------- mcnts.
—
61.000
4,000
26,000
46,000
1,000
- g?
ag
-
3 .000
12.000
14.000
28.000
525,000
24,000
251,000
4,000
152,000
3,000
g
The above totals show that the interior stocks have in
creased during the week 18,730 bales and are to-night 93,105
bales less than at the same time last year. The receipts at
all the towns has been 7 7 ,7 2 9 bales less than the same week
last year.
558,545
782 ,000
13,000
310,000
g a » £ 2 5 5 S’
2 1907M ovem ent t November
2
o
W eek .
Total Continental s t o c k s ____
472.000
12,000
129.000
§35
M ovem ent to November
F r id a y ,
N ov. 22.
120,000
32.000
1904.
490,000
14,000
21,000
ST--
a e 2 £3 8
g 3*5-go g-o-ag g 3
Receipts
ShipStocks
R eceipts.
Ship- S tocks
-------------------------------------------------------------------------------------------------------------------------------------------------------- ments.
W eek.
Season. W eek.
2
2
W eek.
S eason. W eek.
23.
Thursday,
Nov 21.
708 ,000
16,000
128,000
1905.
725,000
19,000
38,000
1 2 .0 0 0
£
Towns.
W ednesday,
N ov. 20.
Total Great Britain stock. _
Stock at Hamburg
Stock at B re m e n ___
_ ____
Stock at Antwerp .
Stock at H avre.
________
Stock at Marseilles_____
___
Stock at Barcelona
. ____
Stock at G en oa_______ _______ _____
Stock at Trieste .
____________
-
1906.
428.000
'2.2 £ 3 8 2 .5 V 8
Alabama
_____________________________________________________________________________________________ 47417,3887
5
3,6381,08016,187615
3,675
“
___________________________________________________________________________________________ 6,09689,6615,558
21,7476,41886,6414,914
25,180
“
_________________________________________________________________________________________ 4,96358,1004,615
6,9034,69064,7095,042
8,476
A r k a n s a s _______________________________________________________________________________________ 3,63521.4863,440
7,3794,00021,3052,500
12,097
•
'
_____________________________________________________________________________________ 7,62345,5206,424
17,61511,80789,45810,381 40,330
Georgia
___________________________________________________________________________________ 1,00016,464800
5,30076817,3041,049
2,797
“
_________________________________________________________________________________ 5,66467,6124,385 23.3785,00460,6674,061
18,284
“
_______________________________________________________________________________ 3.36910,968835
10,36610,65867,4249,551 14,926
“
_____________________________________________________________________________ 12,039208,09012,172
49,02615,399209,64014,804
45,728
“
___________________________________________________________________________ 2,57028,1132,350
15,0043,24832,1811,975
16,360
“
_________________________________________________________________________ 2,12743,5371,845
6,8041,86840,3062,300
4,907
“
_______________________________________________________________________ 1,91917,3731,211
4,4612,67620,7662,089
3,982
100
Kentucky, n et_____________________________________________________________________ 7 1,5075
9
9
1203781,624428
L o u isia n a ___________________________________________________________________ 2,56933,7243,063 10,7687,24797,8427,119
18,794
M ississipp i_________________________________________________________________ 1,28215,2311,329
5,1743,02923,9602,097
8,935
“
_______________________________________________________________ 3,59431,8942,752
13,5024,30926,7712,478
15,363
“
_____________________________________________________________ 4,51640,5921,982
14,2815,00033,0233,247
14,000
“
___________________________________________________________ 3,13628,9102,932
8,1294,89038,0964,749
13,523
“
_________________________________________________________ 3,09430,3202,305
8,7163,32136,5582,967
10,219
“
_______________________________________________________ 4.34435,1753,554 17,9245,32033,0111,511
20,028
“
_____________________________________________________ _____ 2,148! 27,1661,788
13,1672,98224,8142,964
11,749
Missouri___________________________________________________ 18,143|103,57517,510
11,46933,460154,72031,037 15,198
North Carolina
202
3,782300
357
1,178
9,038745
1,353
Ohio
_______________________________________________ 4,39924,4814,224
11,0514,78931,7945,807
10,019
South Carolina_____________________________________________ 240;9,202
7,7131,6709,8711,476
3,934
Tennessee___________________________________________ 36,805231,93332*931
86.67029,653251,74421,431
109,404
“
_________________________________________ __ _
1,764________
3,7906943,816639
591
T e x a s_______________________________________ 3 2,6663
5
2,05014513,108158
2,739
“
_____________________________________ 1 10,897326
5
2,1781,74326,1902,640
5,332
“
___________________________________ 1,000|24,0221,000
2,4114,98055,1306,101
4,864
“
_________________________________ 3 4 1
7,183256
1,0632,43022,8242,342
4,308
“
_______________________________ 6 7 ,984j626,54667,142
70,28197,5301,249,32489,156 85,722
“
_____________________________ 2,607121,1811,809
3,0053,07064,4964,538
5,628
Tuesday,
Nov. 19.
—
9 9 5 - ------------
1907.
644,000
20,000
44,000
Eufauia,
Montgomery,
Selma,
Helena,
Little Rock,
Albany,
Athens,
Atlanta,
Augusta,
Columbus,
Macon,
Rome,
Louisville,
Shreveport,
Columbus,
Greenville,
Greenwood,
Meridian,
Natchez,
Vicksburg,
Yazoo City,
St. Louis,
Raleigh,
Cincinnati,
Greenwood,
Memphis,
Nashville,
Brenham,
Clarksville,
Dallas,
Honey Grove,
Houston,
Paris,
M on d a y,
_ N ov. 18.
10.55@ 10.91
10.84— 10.89
10.71@10.$3 1 0 .1 9 @ 1 0 .9 ]
1 70— 10.71 —
0
—
—
10.49® 10.55
10.52— 10.54
-
N ovem ber 22—
Stock at L iv e rp o o l___
bales.
Stock at London .
Stock at Manchester _________
Total, 3 tow ns__________________________________________________ _________ 207,7051,936,063188,975 465,440285,4342,934,342 252,911
3
I
S a tu rd a y,
Nov. 16.
10.29@ 10.45
10.43— 10.45
—
@
-------------------------------------------------------- @
-- @
— —
@
------- @
----------- @
-----------@
10.05— 10.10 10.30— 10.33 10.30— 10.35 10.37— 10.40 10.72— 10.78 10.55— 10.60 10.55— 10.7}
10.19@ 10.31 10.21@ 10.47
10.20— 10.21 10.42— 10.44
1 0 .1 5 @ 1 6 10.31 @ 10.48
0 3
9 .8 0 @ 1 0 .f> :
10.43— 10.46 10.33— 1 3 —
0 4
—
—
10.41 @ 10.42
9 .9 2 @ 1 0 .5 (
1 37— 10.39 —
0
—
10.11 @ 10.19
10.14— 10.55
10.08@
— —
@
— 10.28@ 10.50
10.07— 10.09 10.19— 10.20 1 47— 10.50
0
—
10.40@ 10.57
9 .9 0 @ 1 0 .7 4
10.41— 10.42 —
— . —
—
9 .9 6 @ 1 0 .1 4
—
10.49@10 6
2 9 .9 7 @ 1 0 .8 C
10.49— 1 5 —
0 0
—
—
—
—
10.21 @ 10.74
10.52— 10.56
1 0 .17@ 10.27
10.22— 10.23
10.29@ 10.80
1 58— 10.62
0
—
—
------ @
-----------@ 10.57 10.26@ 1 0 .5 ;
10.58— 10.62 10.48— 10.50 —
—
—
-----------(5
)
---------- —
—
@
----------------@
10.40— 10.42 —
----------- @
---------- —
— 10.00@
----------- @
----------- @
— 10.00@
—
10.25— 10.27 10.56— 10,60 10.44— 10.46 —
10.16@10 2 10.25@10.33
9
10.17— 10.18 10.29— 10.30
9.80@
9.90
9.85@10 0
8 9 .9 7 @ 10.13
9 .80— 9.81 10.07— 10.08 10.03— 10.04
—
@
— 9.92@ 10 .07
9 .8 5 — 9.86 10.12— 10.13
10.10@ 10.25
10.2 2 — 10.23
9.90@ 10.00
9 .98@ 10.19 1 0 .10@ 10.22
9.90— 9.91 10.17—
— 10.11— 10.12
—
@ 1 0 .0 0 —
@
--- ( S ' ------------ @
9 .93— 9.95 10.20— 10.22 10.14— 10.16
9.07@ 10.06
9.97- - 9.98
—
@
--------@
-------------------------------@ 1 0 . 2 6 —
@
9 .9 8 — 9.99 10.21— 10.23 10.16— 10.18 10.28— 10.29
-----------@
---------- —
-----------@
------- --------- --------- --------- ---------
10.25@ 1 3 10.29@ 1 0 .6 6 —
0 1
@10.58
9 .9 9 @ 1 0 .6 (
10.28— 10.29 10.57— 10.61 10.48— 10.49 —
—
—
-----------@
---------- —
-----------@
-
10.15® 10.27
10.16— 10.17
@
@
10.13@ 10.26
10.21— 10.23
-----------@
---------- —
— —
9.99@ 10.05
9.98— 9.99
--------@
--------—
— 10.00@
10,05@ 1 0 .1 2 —
@ 1 0 .1 4 —
@
---------------10.13— 10.15 10.08— 10.10 10.20— 10.22 10.47— 10.51
@
—
@
-------- --------- ---------
9.96@
9,97
9 .90— 9.93
—
—
—
Closing -
N o v .—
Range
Closing
Dec —
Range
Closing
J a n .—
Range
Closing
F e b .—
Range
Closing
M a rch —
Range
Closing
A pril —
Range
Closing
M ay—
Range
Closing
June,—
Range
Closing
July —
Range
Closing
A u u u st—
Range
Closing
Sept —
Range
Closing
O ct.—
Rang;
T H E V IS IB L E SU P P L Y OF C O TTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.
_
F U T U R E S .— The highest, lowest ancl closing prices at
New York the past week have been as follows:
_
N o v . 153 1907
-19 0 6 ----------S in c e
S ep t. 1.
155,496
40,304
7,157
17,601
13,441
24,406
47,232
N ovem b er 22—
S h ip p ed —
W eek .
V ia St. Louis____ ______: ___________17,150
V ia C a ir o __________________________ 9,090
V ia Rock I s la n d ___________________
817
V ia L o u isv ille _____________________ 2,947
V ia Cincinnati___________; _________ 1,590
V ia V irrinla points________________ 3,874
V ia etui r r utes. & c_______________ 8,239
S in ce
S ep t. 1.
96,058
42,759
2,163
15,547
8.861
17,714
30,807
W eek .
31,037
7 700
2,449
2,298
1,604
5,581
8,806
Total visible supply____________ 3.783.031 4,096.721 4.535,561 3,911 ,765
Of the above, totals of American and other descriptions are as follows;
A m eric an —
537,000
Liverpool stock _ .
____ bales.
440.000
347,000
634,000
35.000
Manchester stock . .
. . .
26,000
18,000
35,000
Continental stock
___
____
239 ,000
212,000
418,000
455,000
84 4.169
American aflcat for Europe . . .
950.573
771,000
576,000
964,206
U . S. port s to c k s .. . _________ . 823.126 1.517.312 1.373,294
465,440
558.545
717,559
631,748
U . S. exports t o -d a y _______________
46.296
50.291
32,000
7,519
T ^ t il < r ss overland____________ 43 707
D ed u ct sh ipm en ts—
Overlanu to N . Y . . Boston, & c___3,436
Between Interior tow ns___________ 4,302
Inland, & c., from South__________ 1,145
213.909
59,475
305,637
17,77117,205
19,891
4,340
489
929
14,556
13,538
11,446
Total American
2 ,990,031 3,301,721 3,712,561 3 ,360,765
E a st In d ia n , B r a z il. & c—
Liverpool stock_______
107.000
81,000
50,000
9 1,0 0 0
London stock
12,000
20.000
14,000
19,000
Manchester stock
—
_.
___
9,000
6,000
3 ,000
3,000
Continental stock ------------------------82 .000
67,000
68,000
30,000
India afloat for Europe
_____ _
49.000
87.000
15,000
53.000
E g yp t, Brazil, & c., afloat . .
76,000
49,000
83,000
63,000
Stock In Alexandria, E g y p t ..
171,000
167,000
149,000
147,000
Stock In B om bay, India
. . . .
322,000
283,000
397,000
189,000
Tota! East Ind ia, & c____
—
Total visible supply_______
-
551,000
793,000
795,000
823.000
,990,031 3,301,721 3,712,561 3,360,765
.3 ,7 8 3 ,0 3 1
4,096,721 4,5.35,561 3,911 ,765
Middling U pland , Liverpool_____
6,00d .
5 .99d .
6 .lid .
Mlddllnir Upland , New York
. .
11.20c.
11.10c.
11.75c.
E gypt. Good Brown, Liverpool
1 0 ^ d . 9 1 5 -16d . 8 9-16d .
Peruvian, Rough G ood, Liverpool
12.00d.
8.70d .
9 .0 0 d .
Broach, Fine, Liverpool
5 ^ d . 5 1 3 -16d . 5 l l- 1 6 d .
Tlnnevelly, Good , Liverpool______ 5 5-16d.
5 9-16d .
5^d.
5.08d.
9.70c.
8 9 -1 6 d .
10.65d.
5 5 -1 6 d .
5% < i.
Continental imports past week have been 113,000 bales.
The above figures for 1907 show an increase over last week
of 217,878 bales, a loss of 313.690 bales from 1906, a de
crease of 752,530 bales from 1905, and a decline of 128,734
bales from 1904.
Total to be deducted____________
N ov.
Total European stocks___ ___ 1 ,029.000
751,000 1,267,000 1 ,011,000
India cotton aflcat for Europe.
49.000
87.000
53,000
15,000
American cotton aflcat for Europe 844,169
950.573
576,000
771 ,000
Egypt,Brazil,&c .aflcat for Europe
76.000
49,000
83,000
63,000
Stock in Alexandria, Egypt
167,000
171,000
149,000
147.000
Stock in Bom bay, India
283.000
322,000
397,000
189,000
Stock in U . S. p o r t s ____ .
964,206
82-i ,126 1 .157,312 1.373.294
Stock in U . S. interior tow ns. .
465,440
558,545
717,559
631 .748
U . S.exports to -d a y _______________
46,296
50,291
7.519
32,000
8,883
54,867
5,758
39,540
Leaving total net overland * ________ 34,824
159,042
53,717
266,097
* Including m ovem ent by rail to Canada.
The foregoing shows the week’s net overland move
ment has been 34,824 bales, against 53,717 bales for the
week last year, and that for the season to date the aggre
gate net overland exhibits a decrease from a year ago of
107,055 bales.
------------1907I n Sight and S p in n er s ’
S in c e
T a kin gs.
W eek .
S ep t. 1.
Receipts at ports to N ov. 2 2 ________.3 5 1 ,1 4 5 2,966,665
34 824
159.042
Southern consumption to N o v . 2 . . 48,000
580,000
-1906S in c e
S e p t. 1
W eek .
410,623 3,874,359
266.097
53,717
47,000
564,000
433.969 3.705,707384,857
18,730
511,340 4,7 0 4 ,4 5 6
32,523
462,269
452.699
543,863
Total in sight N ov. 22North, spinners' takings to N o v . 2 2 . 78,283
4,090,564
476,792
5,1 6 6 ,7 2 5
100,840
621,936
Movement into sight in previous years:
S in ce S ep t. 1
W eek —
B a les.
B a les.
1905— N ov. 2 4 ............... ..............507,322 ! 1905 -N o v . 2 4 . . ...................4 ,9 7 1 ,6 9
1904— N ov. 2 5 ________________ 502.613 11904- -N o v . 2 5 _____________ 5,647,741
1903— N ov. 2 7 ________________ 512,695 )1 903- -N o v . 2 7 ______________4 ,8 4 0 ,7 1 5
19 0 2 — N ov. 2 8 ________________ 388,862 11902 - N o v . 2 8 ______________4 ,9 5 6 ,4 4 3
13 18
THE CHRONICLE
Q U O T A T IO N S FO R M ID D L IN G C O TTON A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
C losing Q uotations fo r J Iddling C otton onW eek ending
N ovem b er 22.
Galveston . .
New Orleans___
M o b ile __________
Savannah ______
Charleston______
W ilm in g to n . _ .
N orfolk _______
Boston . ______
B a ltim o re ______
Philadelphia___
A u gu sta------------M e m p h is______
St. Louis___ __
Houston
------Little R ock ____
Sa t'd ay.
10 15-16
10 H
10 M
10 y*
10 %
io%
10.70
10 %
10.85
10 7-16
10 %
10%
10%
10^
M o n d a y . Tuesday. W ed'd ay.^ T h ursd’y. F r id a y .
10 15-16
10%
10%
10 5-16
10 ^ @ %
10 %
10 %
10.60
10 H
11.05
10 9-16
10%
10%
10 M
10 %
10 15-16
10 %
10 %
10 5-16
io x @ x
10 5 - K
10 Yt
10.80
10 %
11.05
10 9-16
10 %
10%
10 %
10 %
11
10 %
10 M
10%
10 %
10%
10 Ys
10.80
10 Ys
11.15
10 11-16
10 Yi
10%
10 Yi
11 Yi
10%
10%
10 7-16
10 7-16
10 7-16
10 %
10.90
10%
11.35
10%
10%
10%
10 1-16
10%
11 Yi
10%
10 %
10 11-16
1 0%
10%
10%
11.10
10%
11 45
10%
10%
11
11 1-16
10%
N E W O R L E A N S O P TIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t’ d ay, M o n d a y . T uesday W ed ’d a y , T h ursd’v, F r i d a y ,
N ov. 16. N o v . 18. N o v . 19. N o v . 20. N o v . 21. N o v . 22.
N ovem b er—
Range _
Closing.
___
D ecem b er—
R a n g e _______
Closing_______
J an uary—
R a n g e _______
Closing_______
F e b r u a ry —R a n g e _______
Closing_______
M a rch —
Range _______
Closing_______
A p ril—
Range
Closing_______
M ay—
R a n g e _______
Closing_______
J u n e—
R a n g e _______
Closing_______
J u ly —
R a n g e _______
Closing .
T on e—
S p o t ______ .
O p tio n s___
— @ — — @ — — © — — @ — — @ — — © —
10.05 — ■ 10.36 — 10.29 — 10.43 — - 10.72 — 10.57 —
9 .9 5 .1 2 10.11-.27 10.18- 30 1 0.27-.3 3 1 0.51-.7 0 1 0.49-.6 0
9 .9 5 -.9 7 1 1 0 .2 6 .2 8 10.19-.2 0 10.32-.34 10.62-.63 10.46 .48
9.9 0 -.0 6 10.05-.22 10.14-.2 4 10 21-.29 10.27-.7 0 10.42-.5 8
9.9 1 -.9 2 1 0 .2 0 .2 1 10.15 — 10.29 — 1 0.58-.5 9 10.42-.4 3
— @ — — © — — @ — — @ — — @ — — @ —
9.91- 93 1 0 .1 9 .2 1 1 0.14-.1 6 10.29-.31 1 0.58-.6 0 10 43-.45
9 .9 0 -.0 5 1 0 .0 5 .2 2 1 0.15-.24 10.21-.31 10.28-.72 1 0.46-.62
9 .9 1 -.9 2 10.21-.22 10.16 — 10.30 — 10.62-.63 10.46-.4 7
— @ — — @ — — @ — — © — — © — — @ —
9 .9 1 -.9 3 10.21-.23 10.17-.19 10.30-.32 10.69 — 1 0.52-.52
9.9 4 -.0 9 10.11-.27 10.20-.31 10.29-.3 7 10.34-.7 9 1 0.51-.6 8
9 .9 4 -.9 5 1 0 .2 6 .2 7 10 21-.23 10.34-.35 10.67-.68 1 0.51-.52
— @ — — @ — — @ — — © — — @ — — @ —
9.9 7 -.9 9 1 0 .2 6 -.2 8 1 0.21-.2 3 10.35-.3 7 10.68-.7 0 10.51-.5 3
1 0 .0 3 .1 4 10.27-.3 3 — @ .29 10.37-.3 9 10.41-.5 7 1 0 .5 9 -7 1
1 0.01-.0 3 10.31-.3 2 1 0 .2 6 .2 8 10.41-.4 3 10.73-.7 5 10 60-.61
Quiet.
Steady.
B a’ly sty Very sty
Steady.
Steady.
Firm .
Steady.
Firm.
Steady
Firm.
Easy
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 .— Our re
ports by telegraph from the South this evening indicate that
rain has been quite general during the week, with the pre
cipitation rather heavy over much of the Southwest and in
some sections elsewhere. As a result of wet weather the
gathering of the crop has been interfered with somewhat
The movement of the crop to market has continued to be on
a restricted scale as compared with last year.
Galveston, Texas.— There has been rain on five days of the
past week, the rainfall being one inch and five hundredths.
The thermometer has ranged from 48 to 70, averaging 59.
Abilene, Texas.— It has rained on two days of the week,
to the extent of thirty hundredths of an inch. Average ther
mometer 50, highest 64 and lowest 33.
Fort Worth, Texas.— W e have had excessive rain on four
days during the week, the rainfall being three inches and
forty-six hundredths. The thermometer has averaged 54,
the highest being 68 and the lowest 40.
Palestine, Texas.— W e have had excessive rain on four days
of the past week, the rainfall being four inches and sixty-five
hundredths. The thermometer has averaged 59, ranging
from 44 to 74.
Taylor, Texas.— W e have had rain on four days during the
week, the precipitation reaching one inch and twenty-four
hundredths. The thermometer has ranged from 44 to 74,
averaging 59.
San Antonio, Texas.— W e have had rain on two days the
past week, the rainfall being one inch and four hundredths.
Average thermometer 57, highest 70, lowest 44.
Corpus Christi, Texas.— W e have had rain on four days of
the past week, the rainfall being one inch and twelve hun
dredths. The thermometer has averaged 63, the highest
being 74 and the lowest 52.
Shreveport, Louisiana.— W e have had rain on four days
during the week, the precipitation reaching five inches and
eleven hundredths. The thermometer has ranged from
34 to 73, averaging 54.
New Orleans, Louisiana.— It has rained on four days of
the week, to the extent of three inches and thirty-three hun
dredths . Average thermometer 57.
Vicksburg, M ississippi.— There has been rain on four days
during the week, the precipitation reaching two inches and
eighty-two hundredths. The thermometer has averaged 50,
ranging from 39 to 72.
Helena, Arkansas.— W e have had rain on two days of the
past week, the rainfall being three inches and thirty-seven
hundredths. The thermometer has averaged 47.7, the high
est being 64 and the lowest 29.
Memphis, Tennessee.— Little cotton picked the past week,
on account of bad weather. Marketing delayed by money
[V o l .
lxxxv.
stringency and the inclination of farmers to hold. W e have
had rain on four days during the week, the precipitation
reaching three inches and seventy-four hundredths. The
thermometer has ranged from 36.1 to 64.1, averaging 48.9.
Mobile, Alabama.— Rain in the interior early and also
latter part of the week. Cotton picking is making slow pro
gress. Considerable damage is reported in consequence of
cold weather last week. W e have had rain on four days
of the week, the precipitation being two inches and eightynine hundredths. Average thermometer 57, highest 72 and
lowest 37.
Montgomery, Alabama.— Rain has fallen on four days of
the week. The thermometer has averaged 52, the highest
being 67 and the lowest 32.
Selma, Alabama.— W e have had rain on four days during
the week, the rainfall being three inches and eighty-five
hundredths. The thermometer has averaged 51, ranging
from 29 to 63.
Augusta, Georgia.— There has been rain on three days dur
ing the week, the precipitation reaching one inch and one
hundredth. The thermometer has averaged 51, ranging
from 29 to 70.
Savannah, Georgia.— There has been rain on five days of
the past week, the rainfall being fifteen hundredths of an
inch. The thermometer has ranged from 40 to 79, averag
ing 57.
Charleston, South Carolina.— W e have had rain on two days
during the week, the precipitation being twenty-one hun
dredths of an inch. Average thermometer 57, highest 78,
lowest 45.
Greenwood, South Carolina.— W e have had rain on three
days of the week, to the extent of two inches and thirteen
hundredths. The thermometer has averaged 44, the highest
being 54 and the lowest 34.
ii Stateburg, South Carolina.— Killing frost on two morning
on low grounds. There has been light rain on two days of
the week, the precipitation being fifty-eight hundredths of
an inch. The thermometer has averaged 53, ranging from
33 to 73.
The following statement we have also received by tele
graph, showing the height of rivers at the points named
at 8 a. m . of the dates given:
New O rlean s___________ Above
M e m p h is_______________ A bove
N a sh v ille _______________ Above
Shreveport_____________ A bove
V ic k s b u rg _____________ Above
zero
zero
zero
zero
zero
of
of
of
of
of
gauge.
gauge.
gauge.
gauge.
gauge.
N o v. 22 1907.
F e e t.
4.9
12.8
11.1
2.5
11.2
N ov . 23 1906.
F e e t.
5.2
21.8
27.3
1.6
16.3
IN D IA CO TTON M O V E M E N T FR O M A L L P O R T S.—
The receipts of cotton at Bombay and the shipments from al
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
S in ce
S ep t. 1.
R eceipts at—
W eek .
B om b ay.
1906.
1907.
N ovem b er 21.
28,000
---------------
145,000
W eek .
44,000
F o r the W eek .
E x p o rts from —
G reat
B rita in .
B om bay—
1907............. ...........
190 6
1 9 0 5 .......................
Calcutta—
1 9 0 7 ........... ...........
1 9 0 6 . . . .................
1905 .
..
Madras—
190 7
1906 .
........
1 9 0 5 .......................
All others—
1907_____________
19 0 6 _____________
19 0 5_____________
1 ,6 6
~6
Total all1 9 0 7 ..
1 9 0 6 ..
1 9 0 5 ..
l’ ooo
C on tinent.
1905.
S in ce
S e p t. 1.
161,000
000
167,000
S in c e S eptem ber 1.
Great
B rita in .
13.000
13.000
S in c e
S ep t. 1.
W eek .
2,000
10,000
C o n ti
n ent.
100,000
141.000
106.000
100,000
139,000
96.000
1,000
7.000
8,000
1,000
1,000
1,000
12.000
13.000
6,000
1,000
5.000
1.000
1,000
1,000
f,66o
5.000
1,000
1,000
1.000
1,000
3,000
14.000 15.000
14.000 14,000
3,0001 4,000
5.0001
14.0001
5,000
13,000j
26.0001
36.000
36.000
11,000
147,000
5,000
192,000!
15,000
______ 150,0001
19.000
6,000
14.000
31.000
37.000
39.000
158,000
197,000
165,000
A L E X A N D R IA R E C E IP T S A N D SH IP M E N T S OF
C O T T O N .— Through arrangements made with Messrs.
Choremi, Benachi & C o., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
A le x a n d r ia , E g y p t,
N ovem b er 20.
1907.
1906.
1905.
R eceip ts (cantars)—
This w e e k ______ ______
Since Sept, 1 ______
370,000
2,7 8 6 ,6 8 7
340,000
2,753,075
340,000
2,2 2 9 ,5 7 0
S in ce
T h is
S in ce \ T h is 1 S in ce
This
w eek. S ep t. 1. w eek. S ep t. 1.1 w eek. S e p t. 1.
E x p o rt (bales) —
To Liverpool________ —
— 16,750
To M anchester___________ 5,250
9.750
T o C o n tin e n t ____________
T o A m erica------- ------------- 1.750
Total exports
..
..
78,241
60,207;
77,248
10,10^1
8,250
____
6,750
1,500
73,294
52,808
76,410
9,408
5,750
13,250
8,000
2,250
61,827
42.810
73,373
16,077
29,250 194,087
. 33,500 225,888 16,500 211,920 1
N o te .— A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
W O R L D ’S SU 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 supply 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.
W eek .
S ea son .
Visible supply N o v . 15 . . ___ 3,565,153
Visible supply Sept. 1 . . ____
Am erican in sight to N ov. 2 2 ___
452,699
B om bay receipts to N o v . 2 1 ____
28,000
Other India shlp’ts to N ov. 21 _ .
2,000
Alexandria receipts to N ov. 2 0 50.000
Other supply to N o v . 20*^
_
10.000
D ed u ct—
Visible supply N ov. 22
1906.
1907.
Cotton Takings.
W eek and Season.
Total sup ply. _______
W eek .
I S ea so n .
3,827,886
2,291 844
4,090,564
145.000
58.000
372.000
95.000
__
1,784,156
5,166,725
161,000
56,000
367.000
117.000
4,107.852
7,052,408 4,471,749
7,651.881
3,783,031
___
543.863
44.000
1,000
45.000
10.000
3,783,031 4,096,721
4,096,721
3.269.377
2.436.377
833,000
3 .555.160
2.763.160
792,000
Total takings to N o v . 22
O f which American
_ _ ___
O f which other_______ ____
324.821
217.821
107.000
375.028
309.028
66,000
* Embraces receipts In Europe from Brazil. Sm yrna. W est Indies, &e.
CEN SU S B U R E A U ’S R E P O R T ON C O TTON G IN N IN G .
— The Division of Manufactures in the Census Bureau com
pleted and issued on N ov. 21 the fifth of its series of reports
on cotton ginning the present season as follows, comparison
being made with 1906, 1905 and 1904:
------------------------Ginned to N o v . 14-----------------------States—
1907.
1906.
1905.
1904.
United S ta te s ..................... .........7,311,202
8 ,362,242 7,5 0 1 ,1 8 0
9 ,786,646
A la b a m a .......... ............ ................ 761,138
*834,910
944,391
1.065,438
Arkansas ________________ _____ 386.770
453,658
309,280
536,023
Florida___________________ ______
35,565
42,278
56,628
60,291
1,193,147
1,439,392
1,540,749
G e o rg ia ________________________ 1,375,111
766
835
471
850
K e n t u c k y ........................... ............
Louisiana___ ___________________
349,840
552,919
282,936
663,423
Mississippi_____________________
792,127
792,778
666,642
1,031,644
Missouri________________________
15,102
21,960
22,221
28,217
New M exico____________________
24
_______
_______
___ ___
North Carolina________________
401,852
384,275
510,202
519,427
Oklahoma ____________________
491.274
484,993
363,241
529 277
South Carolina________________
847.455
65 1,458
9 12,603
930,713
T e n n esse e____________ ______ 140,921
142,661
156,152
195,873
Texas ...................... . ..................... 1,709,58:? 2,985,791
1.826,125
2 ,653,203
V irg in ia ............ ...............................
3,674
7 ,576
10,896
11,518
The number of round bales included was 142,609 , against 200,866 in 1906
and 209,006 In 1905. The number of Sea Island bales included war, 42,7 0 8 ,
against 30,671 in 1906 and 64,103 in 1905. The number of active ginneries
w as'glven as 26,5 7 1 , against 27,805 last year and 28,310 In 1905.
The act've ginneries on N ov. 14 In the principal States follow: A la
bama 3 ,3 7 0 ; Arkansas, 2,042; Florid;'. 237; Georgia. 4 ,439; Kentucky , 2;
Louisiana, 1,729; Mississippi, 3,398; Missouri, 70; New M exico, 1; North
Carolina, 2,603; Oklahom a, 924; South Carolina, 3 ,119. Tennessee, 629;
Texas, 3 ,9 2 5 ; Virginia, 83.
E A S T IN D IA CO TTO N C R O P .— The second general
memorandum on the cotton crop of the season of 1907-08,
issued under date of Calcutta, Oct. 14, is as follows:
This memorandum deals with the whole of the early crop and so much
of the late crop as was sown up to the end of Sfptvm ber. The total area
up to date for the whole of India amounts to 16,825.000 acres, as compared
with 19,678,000 (revised figures) at the same period of last year, a decrease
of 1 4 .5 % . The m ost notable decreases In British India are in Madras
(28 % ) , the United Provinces (25 % ) and Bom bay and the Northwest Fron
tier Province ( 2 0 % each); and among native States, Mysore ( 3 2 % ) , B om
bay States (16 %) and Hyderabad ( 1 5 .6 % ) . The total percentage decrease
for British provinces Is 14.2 and for native States 14.9. Only the two un
important British provinces of Ajmer-Merwara and Eastern Bengal and
Assam show some Increases, amounting to 1 4 .6 % in the former and 3 .5 %
In the latter. Throughout northern, central and W estern India the unlrrigated crop Is re portt d to be suffering seriously through prolonged drought,
though in the Bom bay-Deccan and K am atak some improvement has been
effected by the recent rains. The condition of the Irrigated crop Is generally
good. In Bengal, Eastern Bengal and Assam , Madras, Biirmah and
Mysorte the prospects are reported to be from fair to good, but more rain Is
wanted In places. Estim ate of the area under cotton In October:
1907-08.
1906-07.
1905-06.
4,379,000
5 ,369,000
4,615,000
B om bay and B a r o d a ..- .........................
Central Provinces and Berar_________
4 ,497,000
4 ,684,000
4,840,000
Madras ____________ ______ _____________
604,000
841,000
753,000
Punjaub _______________________________
1,155,000
1,413,000
1,769,000
United Provinces____________ _________
1,100,000
1,475,000
1,350,000
S i n d ____________ _______________________
218,000
257,000
237,000
B u r m a h :.............................................. .........
186,000
188,000
183,000
Bengal _______ _______________ __________
69,000
75,000
67,000
Eastern Bengal and A ssam ___________
59,000
57,000
61,000
Ajm er-M erw ara.........................................
39,000
34.000
27,000
Northwest Frontier____________________
48,000
60,000
37,000
H y d e r a b a d .................................................... 2.971,000
3,522,000
2,713,000
Central India............................................
1,012,000
1,170,000
969,000
Rajputana .......................................... .........
443,000
467,000
311,000
M y so re............. ...........................................- .
45,000
66,000
7,000
T o t a l................ ........................................... 16,825,000
19,678,000
17,939,000
J U T E B U T T S , B A G G IN G , E T C .— The demand for bag
ging during the past week has been unimportant and prices
are nominally unchanged at 9 % c . for 2 lb s., standard grades.
Jute butts dull at 3 @ 4 c . for bagging quality.
M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is quiet for both yarns and shirtings.
Manufacturers
are generally complaining. W e give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1907.
Oct
11
18
25
Nov.
1
8
15
22
d.
10 9-16®
10 9-16®
10 7-16®
10 9-16@
103-4
sa
10 H
@
10 M
@
d.
UH
llH
HH
s. d.
6 4
6 3
6 2
UH 6
11% 6
X1V*|6
U>£|6
s. d.
@ 10 0
@ 10 0
@10 0
1H @
1‘ < )
a
1 ®
1 @
9 11
9 10
9 9
9 8
Co’ n
Mid.
Upl's
d.
6.52
6 54
6.19
5.93
5.91
5.87
6.00
32* Cop.
Twist.
d.
9 13-16®
9 15-16®
9 15-16®
9H
9T<
10
10H
@
<3
@
3
(1.
11
11
11
g'4 lbs. Shirt
ings, common
to finest.
s. d.
8. d.
6 7 @9 9
6 7 H @ 9 10
6 7 H @ 9 10
10TK 6 7 @ 9 9
10W 6 7
@9 9
1 0 ^ 6 7H @ 9 9
6 8 @ 9 10
11
SH 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 262,972 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
T otal bales.
Y O R K — To L h "•rpool— N o v . 19— Georgic, 4,091 upland
7,8 5 8
123 foreign____ N o \ . 20— Arabic, 3 ,6 4 4 _______________________
To Hull— N o v . 16— M d rtello ,200_________________________________
200
To London— N o v . 16— Minnetonka, 1 ,5 8 4 _______________________
1,584
To Bremen— N ov. 20— Main, 3 35_________________________________
335
To Ham burg— N o v . 15— President G rant, 100_________________
100
To Antwerp— N ov. 19—-Zeeland, 3 0 0 ____________________________
300
To Reval— N ov. 20— United States, 4 5 0 _________________________
450
To Genoa— -Nov. 15— Koenlgen Luise, 1 ,2 1 3 ____ N o v . 20—
B atavia, 1 ,8 5 0 ____________________________________________________
3,063
To Naples— N ov. 15— Koenlgen Luise, 6 9 3 ____ N o v . 20— B a
893
tavia, 2 0 0 ___________ ” ____________________________________________
To Trieste— N o v . 21— Francesca, 5 0 _____________________________
50
To Fiume— N ov. 21— Francesca, 2 5 0 ____________________________
250
To China— N o v . 16— W ra y Castle, 1 00___________________________
100
To Japan— N ov. 15— Verona, 1 ,4 8 9 _____________________________
1,489
G A L V E S T O N — To Liverpool— N ov. 15— Alm erian. 6 ,7 8 9 ____ N ov.
19— Soutra, 9.848'____ N o v . 20— Etonian, 1 3 ,1 5 1 _____________ 29,788
To Manchester— N ov. 15— Mercedes de Larrinaga, 1 1 ,9 1 2 ____ 11,912
To Havre— N ov. 16— Orator, 8 ,5 1 6 _____________________________
8.516
To Bremen— N ov. 15— Harley, 10 ,1 1 3 ___________________________ 10,113
To R otterdam — N o v . 15— Kariba, 4 1 9 ____ N ov. 19— Trader,
1,270
1.689
1,761
To Antwerp— N ov. 20— Sklpton Castle, 1 ,7 6 1 ___________________
To Christiana— N ov. 21— Kristlania, 7 0 0 _______________________
700
To Barcelona— N ov 16— Jenny, 1 ,6 5 0 ___________________________
1,650
350
To Venice— N o v . 16— Jenny, 3 5 0 _________________________________
T o Trieste— N ov. 16— Jenny, 6 50________________________________
650
6,292
P O R T A R T H U R — To Bremen— N o v . 20— Rosebank, 6 ,2 9 2 _______
N E W O R L E A N S — To Liverpool— N ov. 16— Antillian, 1 2 ,3 7 0 _ ......
N ov 20— W ayfarer, 1 8 ,0 0 0 _____________________________________ 30,370
To Belfast— N o v . 21— Rathlln H ead . 6 ,0 0 0 ______________________
6,000
3.800
To London— N ov. 16— Michigan, 3 ,8 0 0 _________________________
350
To Newcastle— N ov. 21— W elsh Prince, 3 50 ___________ _______
To Havre— N ov. 21— W elsh Prince, 9 ,9 5 0 _______________________
9 ,950
To H am burg-^N ov. 22— Tropea, 1 ,6 7 6 ___________________________
1 ,676
To Rotterdam — N o v . 20— Huntcliff, 1 ___________________________
1
To Genoa— N ov. 18— Fert, 3,150 ________________________________
3,150
M O B IL E — To Liverpool— N ov. 19— Skerryvore, 7 ,6 0 9 ___________•
.
7,609
To Havre— N ov. 16— M ilton, 6 ,7 8 9 _______________________________
6,789
P E N S A C O L A — To Liverpool— N ov. 20— Ernesto, 5 ,8 0 0 ____________
5,800
S A V A N N A H — To Liverpool— N ov. 16— Toftw ood, 1 0 ,6 9 4 _________
10,694
To Manchester— N ov 21— Ellie, 5 ,2 7 9 _________________________
5,279
To Havre— N ov 22— Sellasla, 6 ,0 6 2 _____________________________
6,062
To Bremen— N ov. 15— Burnholme, 8 ,5 6 5 ____________________ _
8,565
To H am burg— N o v . 16— Cheviot Range, 2 07____ N o v . 22—
Sellasla, 61 2 ______________________________________________________
819
To Reval— N ov. 15— Burnholme, 7 5 ____ N o v . 22— Sellasla,5 00
575
100
To Passages— N o v . 16— Cheviot Range, 100____________________
B R U N S W I C K — To Liverpool— N o v . 21— Ursula Bright, 2 ,9 6 1 ___
2,961
To Bremen— N ov. 16— Crown of Castile, 1 0 ,0 2 1 _____ _________ 10,021
C H A R L E S T O N — To Bremen— N ov. 18— Claremont, 8 ,8 0 0 _______
8 800
W I L M I N G T O N — To Bremen— N o v . 15— Fashoda, 9 ,3 0 0 ____ N ov.
18— Tabarlstan, 9 ,3 5 0 ____ N ov. 22— Edernian, 1 2 ,4 2 7 ______ 31,077
B O S T O N — To Liverpool— N ov. 19— Canadian, 2 ,0 4 8 .......
.............
2,048
To Genoa— N ov. 15— Canopic, 8 7 3 _______________________________
873
To Yarm outh— N ov. 18— Prince Arthur, 4 1 8 ___________________
418
500
B A L T IM O R E — To Havre— N ov. 20— African Monarch, 5 0 0 _______
To Bremen— N ov. 20— Brandenburg, 4 ,7 9 5 _________ _
_______
4,795
P H I L A D E L P H IA — To Liverpool— -Nov. 15— N oordlan d, 22 1 ____
221
To Manchester— N ov. 4— Manchester Corporation, 1 ,7 8 0 ______
1,780
265
To Antwerp— N ov. 14— Menominee, 2 6 5 ________________________
S A N F R A N C IS C O — To Japan— N ov. 16— M ongolia, 1 ,5 3 1 __________
1,531
NEW
T o ta l____________ _______ _______________ __________________ ______ :........ 262.972
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
G reat F ren ch Ger—O th .E u rop e— M e x .
B rita in . ports. m any. N orth. South. & c. J a p a n .
New Y o r k ____ _ 9,642
435
750 4 256
100 1,489
G a lv e s to n ____ -4 1 ,7 0 0
8.516 10,113
4,150
2,650
Port A rth ur___
6,292
New Orleans. _ 140,520
9,950
1,676
3", 150
7 609
6.789
M o b ile ________
P e n sa co la ____ . 5,800
Savannah
6 062 9,384
575
15,973
_ 100
Brunswick____
2,961
10,021
____
____
8,800
Charleston____
____ 31,077
W ilm in g to n ___
B o s t o n ___
2,048
‘ 873
418
B a ltim o re ____
"5 0 0 4,795
____
____
"2 6 5
Philadelphia _ . 2,001
San Francisco. ...............
------------------- ------- 1.531
T o t a l _______ 128,254 31,817 82,593
C otn
Mid.
Upl's
d.
6.45
6.33
6.12
5 .SO
5.75
5.85
5.99
5,741 11,029
T otal.
16,672
67,129
6,292
55,297
14 398
5 ,800
32,094
12,982
8,800
31,077
3,339
5,295
2.266
1,531
518 3,020 262.972
The exports to Japan since Sept. 1 have been 14,654 bales
from Pacific ports and 4,240 bales from New York.
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:
N o v . 1.
Sales of the w eek________ bales. 48,000
Of which speculators t o o k ..
1,000
O f which exporters to o k ____
2,000
Sales, Am erican________________ 42 ,0 0 0
6,000
Actual export___________________
F o rw a rd ed _________________ . .. 1 0 0 , 0 0 0
Total stock— E stim ated_______ 542,000
Of which American— E s t ___ 453,000
Total Import of the week_____ 79,000
Of which Am erican_________ 61,000
Am ount afloat........ ..................... .3 4 9 ,0 0 0
Of which Am erican_________ 295,000
N o v . 8.
50,000
3,000
1,000
45,000
5,000
77,000
567,000
476,000
108,000
93,000
352,000
265,000
N o v . 15.
N o v . 22
57,000
47,000
2,000
____________
2,000
2,000
50,000
39,000
5,000
11,000
90,000
102,000
573,000
644,000
471,000
537,000
101,000
183,000
68,000
150,000
414,000
397,000
35.2,000
330,000
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:
Saturday.
Spot.
Market,
12:15
P .M .
1906.
8H lbs. Shirt
ings, common
to finest.
32s Cop.
Twist.
1341)
THE CHRONICLE,
N o v . 23 1907. j
]
\
J
M onday.
Tuesday.
Wed'day.
Thursday.
Friday.
Fair
business
doing.
Good
demand.
Moderate
demand
Moderate
demand.
Steady.
Quiet.
Mld.Upl’ds
5.81
5.75
5.82
5.87
5.94
6.00
Sales.........
Spec.&exp.
8,000
500
10,000
500
8,000
500
8,000
500
8,000
500
7.000
1.000
Futures.
Market
]
opened
/
Market
4
P .M .
Quiet at
7 @ 8 pts.
decline.
Easy at
6 @ 8 pts.
decline.
Steady at
2 points
decline.
Steady at
pts. dec.
Quiet at
2 points
advance.
Quiet at
5 @ 6 pts.
advance.
" B’lv st’ y at Steady at St’dy.unch. Steady at Quiet at 1 Quiet at
1
7 @ 8 pts.
to 1 pt.
5 @ 7 pts. pt. dee. to 7 @ 8 pts.
7 W @ 8W
advance.
decline.
J pts. dec.
advance. 2 pts. adv. advance.
1350
THE CHRONICLE.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.
The p rices are given in pen ce and 100ths.— T h us: 5 58 m eans 5 58 lOOd ___
Noy. 16
to
Nov. 22.
Sat.
12 %
p .m .
12%
p .m .
d.
N ovem ber
N o v .-D ec.
D ec.-Jan .
J a n .-F e b .
F eb.-M ch .
M ch.-A pr.
A p r.-M ay
M ay-June
June-July
J u ly -A u g.
A u g . Sept
Sept .-O ct
5
5
5
5
5
5
5
5
5
5
d.
52%
44 %
44%
45%
46
47
48
48%
48%
48
(Ylon.
Tues.
W 'ed.
Thurs.
Fri.
4
4
4
12 K
12%
12
f 4
12%
12 J4 4
p.m . p.m . p.m . p.m . p .m . p.m . p.m> p .m . p.m .Ip .m .
d.
49
40%
40%
41 %
42%
43 %
44
45
45 V
C
44 V
C
d.
d.
60 V 56
C
51 V 48
C
51VC 48
53
49
54
50
54% 50%
55
51
56
51%
56
51 %
5 5 % 51
d.
d.
d.
64%
59 V 61
C
51 V 54 V 57 V,
C
C
51 % 5 4 % 5 7 %
56
59
5 3 % 57
60
54
5 7 % 61
61%
54 % 58
55
58 Y- 62
55
5 > 62
-£
5 4 % 58
61
d.
66
58
58
61
62
63 V
C
64
64%
64%
64
d.
d.
d.
71 V
C
64
72
56 V 6 4 % 64
S
5 6 % 64 V 64
C
5 9 % 67 V 66 V
C
C
C
60 % 68 V 6 7 %
61 % 69 V 69
C
6 2 % 90 V 70
C
63 % 71 V 71
C
C
6 3 % 71 % 71 V
63
71
70 %
66
65
[V o l .
lxxxv
.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
S a t.
M on.
T u es.
W ed . T h urs.
F rl.
December delivery In elevator____ 54% 55% 54% 55% 55
52%
May delivery In elevator_________ 56
56 % 56
56% 55% 54%
July delivery in elevator_________ 55% 56% 55% 55% 55% 54 %
O ats for fu tu re d eliv ery in th e W estern m a rk et h av e de
clined in s y m p a th y w ith oth er cereals. T h e specu la tion has
been rela tively q u iet, b u t there has been m ore or less liq u i
d a tio n .
B esides, th e cash dem a n d has been sm all.
C over
in g o f shorts on sm all receip ts h av e caused rallies a t tim es,
b u t th e y h av e n o t been v ery m a rk ed . T h e u n fa vora b le
financial situ a tion m ilitates again st a n y im p rov em e n t in
oa ts ju s t n o w , a lth ou gh m a n y believe th a t u ltim a tely higher
prices are likely to b e establish ed, ow in g to th e shortage in
th e cro p . T o -d a y prices w ere w ea k , ow in g to th e depression
in w heat and corn , liq u id a tion and bearish pressure.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
S a t.
M on.
T u es.
W ed .
Th urs.
F I
Mixed, 26 to 32 lb s ...
51
51%
51
51
51%
51%
White clipped, 32 to
34 lbs___________ 54 %-57 54 %-57 54%-57 54%-57 54%-57
52-55
DAILY CLOSING PRICES OF NO. 2 MIXED OATS IN CHICAGO
BREADSTUFFS.
Sat.
M on.
T u es.
W ed. T h urs.
F rl.
December delivery In elevator_____ 46% 47% 46% 46% 46% 45
Friday, November 22 1907.
May delivery In elevator_________ 49% 50 % 493
50
50
48 %
Prices for wheat flour have been easier in the main, owing July delivery in elevator.._______ 45% 45% 4 4 % 45
45
44%
to the depression in wheat. The trading has been on an ex
The fo llow in g are closin g q u o ta tio n s :
ceedingly small scale.
Despite the low stage to which sup
FLOUR.
plies have fallen, dealers show no disposition to replenish Low grades, spring___ $4 00 < $4 50 1Kansas straights_______ 54 90 @ $5 10
§
Second clears________ 3 50 < 3 70 I Blended clears__________5 1 5 ® 5 25
g
them, buying merely from hand to mouth. Export trade
Clears_______________ 4 50® 4 75 Blended patents________ 5 75 @ 6 25
has bsen at a standstill. A t the large milling centres of S t r a ig h t s _______________ 5 35i 5 60 Rvft flour...................... 4 an i 5 50
d 90 @
60j Rye flmir
the Northwest new business has been extremely dull. The Patent, spring__________ 5 40 < 5 75 |Buckwheat flour_____ 3 00 @ 3 20
Patent, winter__________5 10 <
Nominal.
5 25 |Graham flour________
mills there are running largely on old orders. Many of them Kansas p a te n ts ________ ___ <
__ ICom meal------------------- 3 55 @ 4 30
find it difficult to get buyers to order out flour and a heavy
GRAIN.
curtailment of the output would not be surprising in the near W heat, per bush.—
Com, per bush.—
c.
N . Duluth, N o . 1
11 2 %
No. 2 mixed,_________ f.o.b.65%
future. Rye flour has been dull and steady. Corn meal has
N . Duluth, N o . 2
109%
No. 2 yellow,-------------- f.o.b.05 %
been quiet and easy.
Red win ter,N o. 2
f.o .b . 9 9 %
No. 2 white,---------------- f.o.b.66%
1 0 4 % R ye, per bu sh.____
Hard "
“
Wheat has felt the effects of financial depression on both
O ats, per bush.—
N o. 2 W estern__________
91
sides of the water, of lower foreign markets and of some
Natural w h ite __________52
State and Jersey_______ Nom inal.
(S*53 %
m i x e d ________
Barley— M a lt in g ________ Nom inal.
51%
falling off in the export demand. The result is some decline
"
w hite, cllpped-52
F eedin g________________ Nom inal.
@55
in prices. Moreover, there have been larger receipts at the
Northwest and the Argentine news has been of good weather
The statement of the movement of breadstuff's to market as
and indications of a good crop, the harvesting of which is indicated below are prepared by us from figures collected by
about to begin, and which, naturally, must compete with the New York Produce Exchange. The receipts at Western
American wheat in the markets of Europe. And the ques lake and river ports for the week ending last Saturday and
tion of December deliveries in Chicago has also caused a since Aug. 1 for each of the last three years have been:
certain amount of disquietude. People have been watching
to see whether the December bulls*would be forced to liqui Receipts atFlour.
Wheat.
Oats.
Barley.
Rve.
date or not before delivery day by reason of continued finan
56 lbs.
cial stringency and at least the possibility of some difficulty Chicago____ bbls.IMlbs. bush. 60 lbs. bush. 5G lbs. bush. 32 lbs bushASlbs. bu. 57,000
102,184
16G.330
730,860
1,435,465
351,487
in financing the deliveries on that option. On the other Milwaukee. .
75,500
102,000
33,000
118,400
393,600
19,800
2,077,595
167,000
121,437
236,398
29,631
hand, crop reports from Russia have been very unfavorable. Duluth_____
Minneapolts1,588.410
98,510
379,720
327,980
36,720
Recent rains in that country were insufficient and the general Toledo_____
56.000
46.000
73,000
1,000
7.000
Detroit_____
18,654!
3,900
28.800
55,500
outlook is said to be unpromising. A t the same time, the Cleveland___
1,407
29,191
111,710
47,049
interior stocks in Russia are reported to be light and interior St. Louis__
66,520
282,527!
108,905
231,405
101,400
5,018
16,050
11.000
179,300
208,500
94,000
4,000
Russian mills have been forced to buy at the outports. Peoria_____
Kansas City.
297,000
130,000
45.600
Reports from Bulgaria have pointed to a short acreage and
Tot.wk.’07
1,402,484
492,561
4.711,256
2,646,478
a bad condition of fall seedings. The acreage has been re
Same wk. '06
439,762
6,040,238
3,405,682
4,079,318
duced in Roumania. Germany holds very moderate sup Same wk. '05
4,091,4S2
600,083 . 8,106,942
4,296,101
plies of native and foreign grain. Contrary to expectations,
Since Aug. 1
the Bank of England has not advanced its rate of discount
1907......... 6,121.215 91.579,621 Gl,812,651 79.096,316 30,974,740 3,237,189
1906......... 7,900,531 99,742,520 55,875,321 80,979,703 26,351,384 2,725,832
and it is hoped that the large gold imports will soon bring
1905_____ 7,872,702 109,845,858 53,937,090 97,081.613 36,162,678 3.S15.932
about easier financial conditions in this country. An
English statistician estimates that Europe will need from
Total receipts of flour and grain at the seaboard ports for
this country during the next eight months 128,000,000
bushels. W ith the crop smaller in this country than that of the week ended N ov. 16 1907 follow:
Flour,
Wheat,
Corn,
Barley,
Oats,
Rye.
last year, India’s yield apparently reduced, Russia’s pros
Receipts at— '
bbls.
busk.
bush
bush.
bush.
bush.
pects doubtful, and light stocks both in Russia and Germany, New York_________ 125,995 1,017,600
398,100
794,400 143,300
16,575
54,524
467,442
220.771
112,105
2,970
it looks to .many as though Europe’s requirements from this Portland, M e..
429
7,856
country during the present season will be unusually large.
128,735
78,888
407,028
130,653
11,000
422,485
79,534
203,766
2S.432
The only real drawback at the present time, it is argued, Baltimore................ 72,054
Richmond_______
8,736
44,964
59,416
70,526
is the financial stringency, unless it be that the long side New Orleans * ____
11,695
456,000
49.000
61,000
12,161
has been somewhat overdone for the time being in both Newport News____
Norfolk___________
6,819
American and European markets. To-day prices declined Galveston________
378.000
90,000
1.360
5,964
on lower foreign markets, unfavorable financial news, liqui Mobile....... ...............
Montreal...............
33,543
787,816
11,076
8,628
62,245
dation, selling on stop-loss orders, bear hammering and a
456,051 3.989.191 1.168,150 1,259.290 162,928
47,977
lack of support.
D A I L Y C L O S IN G P R IC E S O F W H E A T IN N E W Y O R K .
S a t. M o n . T u es. W ed . T h urs.
F r l.
104 M 1 0 2 % 102 H 100 %
99^
N o. 2 red winter.................... ................ 104
December delivery In elevator______104 % 105 % 103 K 102 % 101 % 1 0 0 %
M ay delivery in e le v a t o r ............... .1 1 0
1115-g 1 1 0 % 1 0 9 % 1 08% 107%
D A I L Y C L O SIN G P R IC E S O F W H E A T F U T U R E S IN C H IC A G O .
Sat. M o n . T u es. W ed . T h urs.
F r l.
December delivery In elevator______9 4 %
S)5
93%
92%
91%
90%
M ay delivery In elevator...................1 0 3 % 1 0 3 % 1 0 2 % 1 0 1 % 1 0 0 %
99%
July delivery In e le v a t o r ..................9 7 %
98%
97%
96%
95%
95
Indian corn futures have declined, owing to the break in
wheat and the unsettled financial situation. The cables
from Liverpool have been weak. The cash trade has been
exceedingly light. Long liquidation has been heavy at
times, and there has been more or less selling for a decline,
encouraged by the dulness of the cash trade and the belief
that receipts will increase materially with an improvement
in monetary conditions. At times rallies have occurred
on covering of shorts. The weather has been unfavorable
for handling the crop, heavy rains having fallen in many sec
tions.
But the upturns have been only temporary. To
day prices fell, owing to the decline in wheat and general
selling. There was a lack of support.
D A I L Y C LO SIN G P R IC E S OF N O . 2 M I X E D
Sat. M o n .
Cash c o m --------------------- ------------------------6 6 % 67 %
December delivery In elevator........ .6 6 % 67
M ay delivery In elevator____________ 64
65%
C OR N
T u es.
66
67%
64%
IN N E W YOR K .
W ed . T h u rs.
F rl
66
66%
65 %
67 V
£ 66%
65 %
64%
64
63
400,768
2.805,267
919,304
1,461,872
125,407
34,776
* 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 N ov. 16 compare as
follows for four years:
Recelvts oj—
1907.
Flour............................. bbls___ 17,210,801
1906.
15,57S,758
1905.
11,914,468
1904.
15,224.654
W heat.............................. bush. 104,896,254
Corn............................................. 81,179,950
Oats.............................................. 48,640,163
Barley ...................... ................. 4,328,273
R y e _________________________
1,888,924
93,175.798
86.664,240
71,158,477
4,478,283
1,419,915
37,362,130
86,265,610
63,110,205
10,076,893
1,181,691
36,835,910
45,862.903
42,600,152
5.565.678
1,004,807
Total grain.............................240,933,564
256.896,743
197,996.529
131,869.450
The exports from the several seaboard ports for the week
ending Nov. 16 1907 are shown in the annexed statement:
Flour,
bbls.
70.413
129
14,052
36.407
37.209
3,302
12,161
3,070
1.360
14,033
6.819
Oats,
bvsh.
18,950
Total week____2,690,472
929,386 199.255
Week 1906........... 3.334,739 1,376,866 262.051
25,822
131,737
Exports from—
New York ...........
Portland, Me____
B oston,- _i ____
Philadelphia____
Baltimore_______
New Orleans____
Newport News___
Galveston_______
Wheat,
bush.
659,753
7,856
147,554
548,000
320,926
280,000
_____ ;
224,000
Mobile_____________ _
Montreal________ 502.383
Norfolk______ ________ ____
Corn,
bvsh.
288.143
223,660
3,241
1«3,057
18,106
140,602
5,964
86,607
Rye, Barley,
bvsh.
bush.
Peat.
bush.
3.812
16,727
l’,i9C
5,676
_____
.......... 110,063
20,614
41,128
The destination of these exports for the week and since
July 1 1907 is as below:
----------Flour------------------------Wheat---------------------------Corn— ;-------Since
Since
Since
Week
July 1
W eek
July 1
W eek
July 1
Exports 1or week and N ov. 10.
1907. N ov. 16.
1907. N ov. 16.
1907.
since J uly 1 to—
bbts.
bbls.
bz/sh.
bush.
bush.
bush
United K in gdom ..-110.110 2,365,453 1,409,990 27,864.222
529,275
8,186,632
983,371 1,280,482 22,422,593
343,906
9,876,951
Continent__________ 38,29.5
So. & Cent. Amer___ 20,947
312,074
______
181,447
2,226
161,434
West Indies_______ 27,805
552,439
______
18,000
52,181
658,337
Brit. No. Am. Cols.505
27,892
-------------------------------798
52,644
Other countries____ 1,593
158,278
______
21,735
1,000
13,588
Total
____ 199,255 4,399,507 2,690,472 50,507,997
929,386 18,949,586
Total 1906 ________ 262,051 4,298,792 3,334,739 42,325,425 1,376,866 17,040,482
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports N ov. 16 1907, was as follows:
Wheat,
bush.
Corn,
bush.
381,000
Oats,
bush.
586,000
323,000
496,000
979,000
551,000
385.000
601,000
122,000
158,000
£05,000
71.000
201,000
114,000
775,000
4)0.000
143,000
468,000
219,000
42,000
89,000
101.000
Rye,
bush.
75,000
55,000
_____ _ . 3,694,000
Biutalo_____
afloat______
. 1,042,000
“
afloat.
Detroit....... .......... ........ .
412,000
afloat. . .
Chicago
_ . . . . . . . 8,275,000
afloat______
419,000
Milwaukee_
_ _____ _
afloat...........
.
Boston____ - ___
Philadelphia _
.
.
Baltimore............ . Montreal................_ i . _
3,221,000
Port A r th u r________ _ 2,401,000
Duluth______________ _ 6,347,000
a flo a t_ __
_
Barley,
bush.
53,000
5,000
126,000
146,000
83,000
111,000
72,000
69,000
__
1,014,000
19.000
45,000
2.000
636,000
404,000
33,000
174,000
20,000
___
___
330,000
1,000
755,000
131,000
1,135.000
168,000
16,000
2,081,000
94,000
7,000
2,780,000
10,000
34.000
172,000
181,000
168,000
1.249,000
132.000
701,000
266.000
77,000
67,000
213,000
.42,158,000
.43,750,000
.39,370,000
.33,744,000
.33,399,000
.29,472,000
.41,731,000
3,704,000
3,650,000
2,858,000
3,911.000
1,493,000
6,116,000
2.4S7.000
7,701,000
7,727,000
11.248.000
27,913.000
24,324,000
9.30K.000
7,057,000
afloat______
Kansas City . ______ _ 2,393,000
3,000
Indianapolis._________ 397,000
On Mississippi River..
On Canal and itlver.. .
Total
Total
Total
Total
Total
Total
Total
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
16
9
17
18
19
21
24
1907.
1907
1906
19051904.
1903.
1902.
THE
220,000
___
___
___
22.000
358,000
236,000
1.032,000
1,259,000
1,632,000
1.844,000
1,928,000
1,338,000
1,454,000
6,023.000
5,969,000
4,286,000
5.746,000
5,511,000
5,655,000
3,615,600
DRY GOODS TRA D E .
IMPORTS
ENTERED
1 1907
41,561
129,058
68,430
84,307
135,154
JAN.
458,510
ANDSINCE
E n d in g
N ov.
Pkgs.
1 1906,
7
V alue.
$
204,733
815,612
674,185
429,786
306,539
AND
1906.
116,589 ,390
Since Jan. 1 1906.
Pkgs.
V a lu e .
$
12,428,533
3 9 ,810,339
3 4 ,588,568
17,711,211
1 2 ,050,739
2,430,855
4 .7 2 8 ,1 8 3
8.0 1 8 ,5 6 5
5.7 0 5 ,1 7 5
3 ,855,441
2,6 2 3 ,0 9 9
9,344
24 ,9 3 0 ,4 6 3
116,589 ,390
767
2,457
1,437
1,812
2,871
W A R E H O U S E W IT H D R A W A L S THROWN
UPON THE M A R K E T .
Manufactures of—
W o o l ______
28484,511
15,044
4,754,576
431
116,861
14,906
C o t to n . ___ _____________
637207,269 31,559
10,282,669
745
251,095
25,622
S i l k ..............................................................
15085,16410,557
5,651,679
259
147,059
10,263
37395,149
21,579
5,379,717
986
150.985
17.943
F la x _______
3,153100,761120,667
3,445,777
1,618
103,165
196,794
Miscellaneous ............... ........................
1 4 1 ,5 1 9 ,8 5 3
129,976,336
265,528
458,510
8,4631,917,200498,069
724,038
FOR CONSUMPTION
FOR THE WEEK
Week
Ending
Week
N ov.
1 1907.
6
Since Jan. 1 1907.
Pkgs.
V alue.
Pkgs.
Value.
?
$
485105,377
45,103
13,021,070
1,779514,722 137,518
43,467,679
1,211780,359
78,194
41,893,744
1,421298,808
79,406
18,368,162
3,567217,934 157,848
13,225,681
3,200,020
769,165
2,430,855
____ - ___________
4,039
9,344
Total
13,383
- • •
Manufactures of—
W o o l ______
Cotton _____ _____________
S i l k _______
F la x _______
Miscellaneous ________
159,490,754
29,514,418
129,976,336
2 6 ,4 6 4 ,18g
116,589 ,390
697,475
1 4 3,053 ,575
199,406
498,069
233,080
458,510
2,490,054
m a rk eted .............13,060
691,590
4,597 572,854
8,463
1,917,200
Total
Total withdrawals ____
Entered for consum ption..
868,101
2,430,855
5 ,0 7 3 ,6 2 6
8 ,2 1 4 ,1 6 0
5 ,7 5 5 ,1 2 0
4 ,3 3 7 ,7 2 0
3 ,083,550
3,298,956
IMPORTS ENTERED
FOR W AR EH O USE DURING SAME P E R IO D .
Manufactures of—W o o l ______
818243,230
16,178
5,975,248
240
68,519
16,520
C otton_____
2,050 721,230
37,359
12,573,114
994
321,430
26,076
S i l k _______
358189,657
12,172
6,345,973
313
192,293
10,277
F la x _______ _______________________________________
908155,00224,673
6,414,387 777161,03520,085
Miscellaneous ________
7,768117,700 109,597
4,244,710
3,329
124,824
160.122
5,653
9,344
264,105
14,997
3,972
35,553,432
129,976,336
157,813
The value of these New York exports since Jan. 1 has been
$9,643,206 in 1907, against $15,285,239 in 1906.
It. is freely stated in the trade that means will be found to
discipline some of the large Western houses who are insisting
on cancellations, by legal or other means, if they persist in
165,529,768
224
400
698,048
________________
________________
199,979
498,069
3
342
1,426,819
1,917,200
________________
________________
1906--------S in ce
J a n . 1.
1,358
1,208
83,258
750
11,351
45,975
37
11 704
468
25,477
40
1,882
289
13,771
1,410
51,024
919
17,097
W eek .
45
14
3,344,019
________
Since
Jan . 1.
1,496
2,384
21,138
6,078
25.810
4,017
20,390
2,087
11,607
39,754
23,052
The importations and warehouse withdrawals of dry goods
at this port for the week ending Nov. 16 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,
are as follows:
____ 11,902
for co n su m p tio n .. 8,463
T o t a l..................... ............
W eek .
1
________________
28
Importations and Warehouse Withdrawals of Dry Goods.
Total im ports__________20,365
--- 1907---------
N ew Y o r k to N o v . 16.
Great B rita in .. ___ - Other European- --------China_______
I n d ia _______
Arabia_______
Africa - _ ___
W est Indies . . . .
M exico___ . _____
Central Am erica____
South Am erica. _ ____
Other countries ________
their attitude, and the unanimity of manufacturers and
agents on this point is making for stability in the trade. Un
der all circumstances, prices at first hands have stood up
fairly well so far, and while goods can be bought more cheaply
than a week ago, this is due in great part to forced re-selling
by second hands, and is more noticeable in low-count
goods than in the finer lines. Heavy brown drills and sheet
ings show declines and are generally irregular, prices depend
ing to a great extent on the urgency of the seller. Medium
and light-weight sheetings are slightly easier, but have been
ordered in fair quantities for early delivery. In bleached
goods, efforts are being made to cancel low-count goods
which were purchased as substitutes for regular lines when
the latter were unobtainable, even when deliveries of these
can be made on time.
7 ^ ces are slightly lower than a week
ago. Coarse, colored cotton goods are holding steady. Lin
ings show declines and many requests for postponement of
shipments are being received. Prints and ginghams are
quiet and in the case of the former such steps for curtail
ment are being taken that no surplus is likely next season.
Print cloth mills are shutting down, and practically all lines
are lower than a week ago.
W O O L E N G O O D S.— One of the most favorable features
of the men’s wear woolen and worsted goods market is the
improvement in collections, these exceeding expectations
to a considerable extent. Apart from this, and a slightly im
proved demand for goods for quick shipment, there is little
in the situation to wax enthusiastic over, however, for gen
eral business is practically at a standstill. As in other direc
tions, mills are shutting down temporarity until the financial
situation shall have^leared, and the opening of fall lines is,
being held back pending a more favorable opportunity.
It is probable tftat many of these will not be shown until
after the first of the year, as it is believed not only that buy
ers will not be in a position to onerate before then, but that
by that time the financial disturbances will to a great extent
have subsided. There has been a fair trade in overcoatings
during the week, but all orders are being closely scrutinized
before being booked. Dress goods are very quiet, and, in
asmuch as this is the between-seasons period, they could
hardly be expected to be anything else. An unsatisfactory
number of cancellations is being received, however, many
of these being in staple worsted lines. There is a general
slowing down of orders for the more popular lines, broad
cloths being among the principal sufferers in this respect.
F O R E IG N D R Y G O O D S.— New business in imported
woolen and worsted dress goods is at a standstill and many
agents are wishing that they were not so extensively com
mitted ahead. Silks are very dull and ribbons are quiet.
Linens hold steady, but burlaps are a trifle easier.
Total
Entered
New York, Friday Night. Nov. 22 1907.
Towards the end of the week there is a distinctly improved
feeling in dry goods circles compared with last Friday,
although little material improvement can yet be noted.
This change in sentiment has been brought about to a great
extent by the willingness shown by certain buyers to pay
over-due accounts and by intimations that recent requests
for deferment of shipments m ay be followed by orders for
goods to go forward. In some directions, however, attempts
are still being made to cancel goods on order, but in cases
where there is no doubt as to the solvency of the firm involved,
they are being strenuously resisted by agents, who are pre
pared to make merchants live up to the letter of their con
tracts. In the meantime curtailment to meet new conditions
is becoming general, more, however, from financial consid
erations than from a concerted movement to reduce produc
tion until such time as affairs become more normal. There
is naturally little disposition to contract ahead for more
goods than are already on order, but steady purchasing of
goods for near-by delivery is continuing. Prices mostly are
lower, and re-sales are being made at concessions where
financial needs are the cause. Retail trade throughout the
country has not yet fallen off to the extent that many had
predicted, and there are those who believe that holiday buy
ing will be on a generous scale, if not as large as during the
past two years or so. There is little doing in cotton goods
for export, but prices are working to a level where exporters
feel that goods may soon prove attractive to buyers. The
woolen and worsted goods market is quiet, and in this also
attempts at cancellations are frequent.
DOM ESTIC C O TTON G O O D S.— The exports of cotton
goods from this port for the week ending N ov. 16 were 1,699
packages, valued at $185,356, their destination being to the
points specified in the tables below:
1351
THE CHRONICLE.
ITOV. 23 1907.]
THE CHRONICLE.
1352
S ta te and
C ity
Dtfwrvttm.
News Items.
Cedar Rapids, Iow a.— Bonds Invalid.— The “ Register and
Leader” of Des Moines published the following on N ov. 15
regarding the decision of the Iowa Supreme Court in the suit
brought by Nancy Reed of Cedar Rapids to enjoin the issu
ance of the $125,000 4 % city-hall bonds awarded in April to
Geo. M. Bechtel & Co. o f Davenport:
‘ The Supreme Court yesterday decided that Chapter 49 of the Acts of the
a ist General Assem bly, limiting the indebtedness of cities to 1.25 % of actual
value of taxable property therein .does not applyto special charter cities,
whose debt lim it, therefore, is 5 % of the taxable value, which in special
charter cities is the actual value.
This was In a Cedar Rapids case
The actual taxable value of property
ereln is $19,8 5 5 ,0 8 5 .
Its debt lim it, therefore,- is $ 9 94 ,25 4.25 . It owes
y about $700,000.
But it Is held that, without express authority from
e Legislature to issue long-time negotiable bonds to build a city hall,
Cedar Rapids cannot issue them . ”
The above reVerses the opinion of Judge J. H . Rothrock
of the Superior Court, who recently handed down a decision
upholding the validity of the bonds. See V . 85, p. 1162.
New Jersey.— Law Relating to Investment of Trust Funds.—
The Legislature of 1907, by an Act approved May 8, passed
an amendment to Section 137 of the laws of New Jersey
relating to the powers of an executor, administrator, guar
dian or trustee in loaning or investing money intrusted to
him. The Act in full we give herewith:
United States.— Offering of Panama Canal Bonds.— Sub
scriptions will be received on or before N ov. 30 by George B.
Cortelyou, Secretary of the Treasury, for $50,000,000 2 %
gold coupon or registered Panama Canal bonds. The
Treasury circular inviting subscriptions will be found in full
in our editorial columns on page 1310.
Offering of Temporary Certificates of Indebtedness.— In addi
tion to the above the Secretary of the Treasury also invites
subscriptions for $100,000,000 3 % certificates of indebted
ness authorized by Section 32 of Act of June 13 1898. See
the official circular on page 1310.
W alla W alla, W a sh .— Bonds Declared Legal.— Seattle
papers state that on N ov. 8 Judge Brents of the Superior
Court upheld the validity of the $100,000 20-year gold
coupon city-hall and fire-station bonds recently refused by
the Harris Trust & Savings Bank of Chicago. The decision
was rendered in a friendly suit to test the validity of the
bonds. The case will be carried to the Supreme Court.
Yazoo City, M iss.— Bonds Declared Legal by Supreme Court.
— A decision was handed down on N ov. 11 by Justice Mayes
of the State Supreme Court in the case appealed from the
Circuit Court of Yazoo County to restrain the city authorities
from completing an issue of bonds for the purpose of financing
the municipal railway, which issue had been authorized by
a special election held under the city charter adopted in
1884. The Court held that while the bond issue was not
in conformity with the code chapter on municipalities, it
was in accordance with the city’s special charter, and there
fore the finding of the Circuit Court Judge should not be
disturbed.
C H A P T E R 146.— -An A ct to amend an A ct entitled “ A n Act respecting
the Orphans’ Court, and relating to the duties of the ordinary and the
Orphans’ Court and’ surrogates (Revision of 1 8 9 8 ),” approved June 14 1898.
B e it enacted by the Senate and G eneral A ssem b ly of the State o f N ew J ersey
B o n d C a lls a n d R e d e m p t io n s .
1.
Section 137 of the' A c t, the title whereof is recited in the title of this
A c t, be and the same Is hereby amended so as to read as follows;
Brackenridge (Borough), P a.— Bond Call.— Call is made
137. A n y executor, administrator, guardian or trustee whose duty it
for payment at the Fidelity Title & Trust C o., 341 Fourth
m ay be to loan or invest money intrusted to him as such m ay, without
any special order of any court, invest the same or any part thereof In any
Avenue, Pittsburgh, P a., of $7,000 coupon sewer bonds
of the following securities;
numbered 1 to 14 inclusive. Denomination $500. Interest
I . In bonds or interest-bearing notes or obligations of the United States,
or those for which the faith of the United States is distinctly pledged to
will cease Jan. 1 1908.
provide for the payment of the principal and Interest thereof;
Lake Borgne Basin Levee District, L a .— Bond Call.—
I I . In bonds or interest-bearing notes or obligations of this State;
II I . In bonds of any State in the union which has not within ten years
Fernando Estopinal, Secretary, gives notice that bonds
previous to the making of such investment defaulted in the paym ent of
Nos. 55, 58, 60, issued Dec. 1 1892, are called for payment
any part of either principal or Interest on any of its bonds Issued by author
ity of the Legislature of such State;
Dec. 21 1907 at the office of the State Treasurer at Baton
IV . In the bonds or Interest-bearing notes or obligations of any county,
Rouge. -Denomination $1,000.
city, tow n, township, borough, village or public school district of this
State issued pursuant to the authority of any law of this State, or of the
Lower Merion School District, Montgomery County, P a.—
City of New York or of the city of Philadelphia: provided, the indebtedness
Bond Coll.— This district, Clement B. W ood, Treasurer, calls
of the county, city, tow n, township, borough or village does not exceed
in the aggregate 1 5 % of the assessable valuation of ail taxable property
for payment the following coupon bonds issued in 1899 and
within such county, city, town, township, borough or village, exclusive
maturing June 1 1929:
of obligations issued for public school purposes;
V . In first mortgage bonds of any railroad company which has paid
Bond N o. 6 for $ 1 ,0 0 0 .
dividends of not less than 4 % per annum regularly on its entire capital
Bond N o. 12 for $ 3 ,5 0 0 .
stock for a period of not less than five years next previous to the purchase
Bond N o. 36 for $500.
of such bonds, or in any consolidated mortgage bonds of any such company
Bonds N os. 53, 56, 78 and 86 for $100 each.
authorized to be issued to retire the entire bonded debt of such company.
V I . In bonds secured by first mortgage upon real estate: provided, the
Payment will be made at the Merion Title & Trust C o. in
amount loaned upon any such bond and mortgage shall not at the time of
Ardmore, Pa. Interest will cease Dec. 1 1907.
making such loan exceed 60 % of the estimated worth of the real estate
covered by such mortgage; p rovid ed , also, that the rate of interest upon
Oregon County (M o.) School District No. 1 .— Bond Call.—
any of the above-enumerated securities in which such investments m ay be
Bond No. 5 for $500 was called for payment Oct. 10.
m ade shall not be less than 3 % nor more than 6 % per annum; this Act
shall not apply where the deed of trust or the last will and testament of
Republic School District, Greene County, M o .— Bond Call.
any testator, or any court having jurisdiction of the matter specially
directs in what securities the trust funds shall be invested, and every such
— Bonds Nos. 10 and 11, for $500 each, were called for
court is hereby given power to specially direct by order or orders, from
payment N ov. 1. Securities bear 5 % interest and are dated
time to time, additional securities in Its discretion in which trust funds m ay
May 1 1893.
be Invested,and any Investment thereof m ade In accordance with any such
special direction shall be legal, and no executor, administrator, guardian
St. Joseph, M o .— Bond Call.— Call was made for payment
or trustee shall be held liable for any loss resulting in any such case.
2
All Acts and parts of Acts inconsistent with the provisions of this Act Sept. 1 of $20,000 4 % electric-light bonds Nos. 21 to 40 in
be and the same are hereby, so far as inconsistent herewith, repealed;
clusive. Denomination $1,000.
and this A ct shall take effect im m ediately.
Approved M ay 8 1907.
Thayer School District, Oregon County, M o .— Bond Call.—
Pasadena, Oal.— Litigation.— W e have received the fol
lowing letter in answer to our request for information rela
tive to the suit concerning the purchase of various water
plants by the city:
On Oct. 16 this district called for payment 5 % bond' No. 4,
dated Oct. 16 1889. Denomination $500.
Tipton School District No. 6, Moniteau County, M o .— Bond
Call.— Call was made for payment N ov. 2 of 4 % bond No. 1,
for $500, dated N ov. 2 1899.
Wheeling, W . Va .— Bonds Drawn.— The following bonds
were drawn for payment N ov. 1 at the Bank of Ohio Valley in
Wheeling:
P a sa d en a , C a l., N ov. 7 , 1907.
W illia m B . D a n a C o ., N ew Y o rk N . Y .
G en tlem en — Yours was duly received.
In regard to our acquiring
municipal water, we voted $ 1 ,000,000 bonds about two years ago to buy
three independent water companies that are in our city. There were quite
a number of suits commenced to stop the sale, and the matter is now before
the Supreme Court. W e expect to get a decision shortly. A s soon as
the case Is decided In our favor, we will again take up the matter of voting
more bonds to pay for the permanent Improvements that have been added
to the plants since the city agreed to buy them .
It will probably take
about $175,000 to pay for the improvements.
Yours very truly,
T. E A R L E Y , M ayor.
Bonds of issue of 1881, N os. 744, 7 67, 7 84, 7 86, 800 and 806.
D enom i
nation $500.
Bonds of issue of 1881, Nos. 859 and 861.
Denomination $1,000.
Bonds of Issue of 1881, N os. 168, 464, 519, 245, 344. 306, 226, 246. 3 6 ,
420, 340, 399, 180, 63, 307, 462 5 75, 685, 549, 5, 398, 359, 303, 715, 674,
88 and 26.
As stated in the “ Chronicle” of April 1 1905, the city
voted on March 23 of that year in favor of the following
propositions:
B o n d P r o p o s a l s a n d N e g o t i a t i o n s this week
have been as follow s:
To purchase plants of the Pasadena Land & W ater C o ., the Lake Vineyard
__
Land & W a tet Co.
,
To purchase plant of the North Pasadena Co. for $80,000 .
To purchase San Gabriel Narrows at $25,000.
To appropriate $198,750 for general Improvements.
To Issue $1,000,000 bonces.
The question of purchasing the plant of the East Pasadena
Co. for $68,750 was defeated on the same day. On May 16
1905 the city offered for sale four series of bonds, aggregating
$931,250, but of this amount only $25,000 were disposed of.
See V . 80, p. 2479.
Pittsburgh-Allegheny, P a.— Greater City Act Declared Con
stitutional.— In an opinion handed down N ov. 18 by Justice
W . H . Moody, the United States Supreme Court affirmed the
decisions of the State Supreme Court (see V. 84, p. 644)
and the Superior Court (V . 83, p. 1306) declaring constitu
tional the Act under which the cities of Pittsburgh and Alle
gheny are to be consolidated to form a “ Greater Pittsburgh.”
See editorial article on another page. It is estimated that
the population of Pittsburgh after consolidation will be
550,000.
Alba Independent School District (P. 0 . A lba), W ood
County, T ex .— Bond Sale.— The $10,000 5 % 20-40-year
(optional) school-house bonds registered by the State Comp
troller on Sept. 28 (V . 85, p. 879) were awarded on Oct. 10
to the Greenville National Exchange Bank of Greenville at
102.50— a basis of about 4 .8 0 4 % to the optional date and
about 4.859 to full maturity.
Antigo, Langlade County, W is .— Bond Offering.— This
city is offering for sale $7,000 ± l % refunding bonds. Pro
A
posals for these securities will be received until 2 p. m .
Dec. 16 by G. O. Palmiter, City Clerk.
Denomination
$1,000.
Date N ov. 1 1907. Interest semi-annually on
Jan. 1 and July 1.
Maturity $1,000 yearly on N ov. 1 from
1920 to 1926 inclusive. A cash deposit of 5 % of bid is
required.
Allegheny, P a.— Fifteenth W ard School District.— Bonds
Defeated—-A t the election N ov. 5 the voters of this district
I defeated the proposition to issue the $50,000 school-buildingI addition bonds mentioned in V . 85, p.]1161
N o v . 23 1907.]
THE CHRONICLE.
Akron, Summit County, Ohio.— Bonds Authorized.— On
O ct. 21 ordinances providing for the issuance of the follow
ing bonds were passed by the City Council:
•$5,200 5 % coupon Hawthorne Avenue improvement assessment bonds.
Denomination $520. Interest annual. M aturity $520 yearly
on O ct. 15 from 1908 to 1917 inclusive.
6.300 5 % coupon main-trunk-sewer-construction (city’s portion) bonds.
Denomination $ 1 ,0 0 0 , except one bond of $300.
Interest sem i
annually at National Park Bank in New York C ity. Maturity
$2,000 on O ct. 15.in.each of the years 1913 and 1914 and $2,300
on O ct. 15 1915.
These bonds are dated Oct. 15 1907.
The City Council on N ov. 6 also passed ordinances au
thorizing the issuance of the following bonds:
.$6,278 5 % coupon bonds to purchase land for park puij>oses. Denomina
tion $1,0 0 0 , except one bond o f $278. Date D ec. 1 1907.
Interest semi annually at the National Park Bank In New York
City.
M atuilty $2,000 oin Dec. 1 In each of the years 1909 and
1910 and $2,278 on D ec. 1 1911.
1,8 0 0 5 % coupon High Stre'et surface-water-sewer-constructlon bonds.
Denom ination $900. Date N ov. 15 1907.
Interest semi
annually at the National Park Bank In New York C ity. M a
turity $900 on N ov. 15 in each of the years 1908 and 1909.
1.3 0 0 5 % coupon Howard Stieet additional im provement assessment
bonds. Denomination $2 6 0 . Date N o v . 15 1907.
Interest
annual. M aturity $260 yearly on N ov 15 from 1908 to 19J2
Inclusive.
700 5 % coupon North Howard Street paving (city’s portion) bond.
Date N ov. 15 1907
Interest sem i-annually at the National
Park Bank in New York C ity. M aturity N o v . 15 1908.
Arsenal School District (P .O . Hartford), Hartford County,
Conn.— Loan Authorized.— An Act of the General Assembly
approved May 1 1907 authorizes the issuance of $200,000
coupon or registered refunding and improvement bonds.
Denomination not to exceed $1,000. Interest at a rate not
exceeding 4 3 ^ % , payable semi-annually. Principal to ma
ture within fifty years from date of issue.
Ashland, Boyd County, K y .— Bond Sale.— On N ov. 11
$3,614 37 6 % street-improvement bonds were awarded to
the Merchants’ Bank & Trust Co. of Ashland at par and
accrued interest. Denomination $500.
Interest annual.
Bay City, Bay County, Mich.— Bond Offering.— Proposals
will be received until 2 p. m . Dec. 2 by C. J. Barnett, City
Comptroller, for $75,000 5 % local-improvement bonds issued
in anticipation of collection of taxes. Denomination $1,000.
Date Dec. 16 1907. Interest semi-annually in New York
City. Maturity $25,000 on Dec. 16 in each of the years 1910,
1912 and 1914. Certified check for $500, payable to the City
Comptroller, is required. Accrued interest to be paid by
purchaser. Official- circular states there has never been
any default in the payment of principal or interest.
Bellevue (P. O. Newport), Campbell County, K y .— Bonds
Defeated.— A t the election N ov. 5 the voters of this city
defeated the proposition to issue the $30,000 4 % Fairfield
Avenue reconstruction bonds mentioned in V . 85, p. 1100.
Ben A von , Allegheny County, P a.— Bonds to Be Offered
Shortly.— This borough will shortly be in the market with an
issue of $25,000 5 % bonds.
Boone County (P. O. Lebanon), In d .— Bonds Not Sold.—
Up to Nov. 18 no proposals had yet been received b y the
County Treasurer for $3,750 4 > £ % bonds offered on N ov. 6.
Brantford, O nt.— Debenture Offering.— Proposals will be
received until 12 m . N ov. 25 by Arthur Iv. Bunnell, City
Treasurer, for $40,000 debentures.
Brookhaven, Lincoln County, M iss.— Bond Sale.— On
Oct. 15 the issje of $15,000 6 % 5-20-year (optional) waterworks-extens on bonds described in V . 85, p. 818, was
awarded to the Commercial Bank of Brookhaven at par and
accrued interest from Jan. 1 1907.
Brownwood, Brown County, T e x .— Bonds Registered.—
On Oct. 24 $43,000 water-works and $10,000 electric-light
5 % 20-40-year (optional) bonds dated Oct. 1 1907 were
registered by the State Comptroller.
Burlington, Alamance County, N . C .— Bond Election.—
W e are advised that an election will be held in this city
Dec. 3 to vote on the question of issuing $100,000 5 % 30year “ water and sewerage” bonds. Interest semi-annual.
Calgary, A lta .— B id.— Under date of N ov. 16 papers re
port that W ood, Gundy & Co. of Toronto have a thirty-day
option on $250,000 4,V£% 30-year debentures at 89.
Calloway County (P. O. Murray), K y .— Bonds Defeated.—
The proposal to issue the $35,000 court-house-construction
bonds at not exceeding 5 % interest (V . 85, p. 1162), was
defeated at the election N ov. 5.
Cambridge, Guernsey County, Ohio.— Bonds Defeated.—
A t an election Nov. 5 a proposition to issue $50,000 4 %
water-works bonds was voted upon and defeated.
Canal Dover, Tuscarawas County, Ohio.— Bonds Voted.—
A t the election N ov. 5 the question of issuing the $35,000
municipal-electric-light-plant-construction bonds mentioned
in V . 85, p. 818, carried.
Charleston, Charleston County, S. C.— Bonds Awarded in
Part— Bond Offering.— On N ov. 16 $623,000 of the $850,000
4 % coupon refunding bonds described in V .8 5 , p. 1038, were
disposed of at prices ranging from 100 to 100.50.
Pro
posals for the remaining $227,000 bonds will be received
until 12 m . Dec. 9.
Cisco, Eastland County, T ex a s.— Bonds Voted.— A vote
of 98 “ for” to 3 “ against” was the result, it is reported, of
an election held Oct. 26 to vote on a proposition to issue
$16,000 water-works bonds.
Coffey ville School District (P .O . Coffey ville), Montgomery
County, K an,— Bonds Authorized.— At a meeting of the
1353
Board of Education N ov. 4 the issuance of 5 % 25-year bonds
was authorized.
Columbus, Franklin County, Ohio.— Bonds Authorized.—
The City Council recently passed ordinances providing for
the issuance of the following bonds:
$10,000 4 M % coupon Michigan Avenue relief sewer-constructlon bonds
Date not later than D ec. 1 1907. M aturity Sept. 1 1937.
9.000 4 % coupon Hunter Avenue Improvement assessment bonds.
D ate not later than N o v . 1 1907.
M aturity Sept. 1 1919 ,
subject to call on or after Sept. 1 1909.
6.000 4 % coupon Collins Avenue Improvement assessment bonds.
Date not later than N ov 1 1907. M aturity Sept. 1 1919,
subject to call on or after Sept. 1 1909.
11.000 4 % coupon W h itethom e Avenue im provem ent assessment
bonds. D ate not later than N o v . 1 1907. M aturity
Sept. 1 1919.
14.000 4 % coupon Northwood Avenue Improvement assessment bonds.
D ate not later than O ct. 1 1907. M aturity Sept. 1 1919.
10.000 4 % coupon W arren Avenue im provement assessment bonds.
D ate not later than N o v . 1 1907. M aturity Sept. 1 1919.
2.000 4 % coupon alley-im provem ent assessment bonds.
D ate not
later than O ct. 1 1907.
M aturity Sept. 1 1919, subject to
call on or after Sept. 1 1908.
3.000 4 yz % coupon Russell Street improvement assessment bonds. Date
not later than Dec. 1 1907. Maturity March 1 1919 , subject
to call after Sept. 1 1908.
4.000 4 )4 % coupon Say Avenue Improvement assessment bonds. Date
not later than Dec. 1 1907. M aturity March 1 1919 , subject
to call after Sept. 1 1908.
1.000 4 % coupon Germania Street im provem ent assessment bonds.
D ate not later than D ec. 31 1907. M aturity Sept. 1 1919,
subject to call after Sept. 1 1908.
3.000 4 %
coupon sewer-construction assessment bonds.
D ate not
later than Dec. 1 1907.
M aturity Sept. 1 1909, subject to
call after Sept. 1 1908.
Denomination $1,000. Interest semi-annually at the
City Treasurer’s office.
Bid Rejected.— W e are advised that a syndicate bid on a
5 % basis was the only offer received on N ov. 20 for the six
issues of 4 % bonds, aggregating $155,000, described by us
last week. This proposal was rejected.
Conneaut, Ashtabula County, Ohio.— Bond Offering.—
Proposals for $2,000 5 % Washington Street extension assess
ment bonds will be received by H . T . Culp, City Auditor,
until 12 m . Dec. 14. Authority Section 1536-281, Revised
Statutes. Denomination $200. Date Dec. 1 1907. Interest
annual. Maturity $200 yearly on Dec. 1 from 1908 to 1917
inclusive. Certified check for 1 0 % of bonds bid for, payable
to the City Treasurer, is required. Accrued interest to be
paid by purchaser.
Cornelia, Habersham County, G a.— Bonds Voted.— A vote
of 53 “ for” to 2 “ against” a proposition to issue $10,000 5 %
30-year school bonds was the result of an election held Oct.
18. These bonds will be offered for sale about Jan. 1 1908.
Delaware, Delaware County, Ohio.— Bond Offering.— Pro
posals will be received until 12 m . N ov. 25 by F. D. King,
City Auditor, for the following bonds:
1,900 00 5 % cou pon Channlng Street im provem ent assessment bonds.
Denomination $190.
Date Sept. 1 1907. M aturity $190
yearly on Sept. 1 from 1908 to 1917 inclusive.
650 00 5 % coupon Channlng Street Improvement (city’s portion) bonds.
Denomination $65.
Date Sept. 1 1907. M aturity $65.
yearly on Sept. 1 from 1908 to 1917 Inclusive.
1,300 00 5 % coupon street-improvement and sewer-extenslon (city’s por
tion) bonds.
Denomination $130.
Date N ov. 1 1907.
Maturity $130 yearly on March 1 from 1909 to 1918 inclusive.
900 00 5 % coupon Flax Street Improvement assessment bonds.
De
nomination $180.
Date O ct. 1 1907. M aturity $180 yearly
on O ct. 1 from 1908 to 1912 inclusive.
3,038 51 5 % coupon publitf-library-constructlon, court-house driveway
and parks-addltion county ditch (city’s portion) bonds.
Denomination $300, except one bond of $338 51.
Date
N o v . 1 1907. M aturity $338 51 on March 1 1909 and $300
yearly on March 1 from 1910 to 1918 Inclusive.
Interest on the above issues is payable semi-annually at
the depository of the Sinking Fund in Delaware. Pur
chaser will be required to pay for the transcript of proceed
ings at the legal rate, if same is required.
Delta County (P. O. Escanaba), M ich.— Bond Election.—
According to local papers a proposition to issue $25,000 roadimprovement bonds will be submitted to a vote of the people
at the next regular spring election.
Elizabeth City County (P. O. H am pton), V a .— Bonds
Voted.— The election held N ov. 5 resulted in a vote of 255
to 121 in favor of the proposition to issue the $20,000 H am p
ton Creek bridge^construction bonds mentioned in V . 85,
p. 959.
Essex County (P. O. Salem), M a ss.— Notes Not Sold.—
The County Treas irer informs us that no award was made
on N ov. 20 of $200,000 renewal bridge-construction notes
offered on that day. The issuance of these notes is author
ized by Chapter 466, Acts of 1903. They are dated Dec. 1
1907 and mature Feb. 1 1908.
Forsyth, Rosebud County, M ont.— Bonds Voted.— The re
sult of an election held N ov. 2 to vote on the question of
issuing $10,000 10-20-year (optional) railway-aid bonds was
59 votes “ for” to 5 votes “ against.” These bonds will be
offered for sale in about sixty days.
Fort Collins, Larimer County, Colo.— Bond Sale Not Con
summated.— The sale at par on May 20 of $47,080 5 % 10-15year (optional) bonds to the Colorado Investment & Realty
Co. of Colorado Springs (V . 84, p. 1320) was never consum
mated. The failure to consummate the sale, we are in
formed, was due to the fact that the election at which the
issue was voted was held under the provisions of a law
passed in 1893, whereas an Act passed in 1905 purports to
repeal the former A ct. The City Attorney, at the time the
election was held, took the view that the later Act was void
and that therefore the procedure should be under the 1893
A ct. The attorneys for the purchasers of the bonds, how
ever, claimed that the question was one which could not be
J354
THE CHRONICLE.
[V o l .
lxxxv
.
sold. These bonds are now being offered at private sale.
Robert D . Bury is County Auditor.
Huntingdon, Carroll County, Tenn.— Bond Sale.— A bid
at 100.60 for the $10,000 6 % 20-year coupon street-improveFort Scott, K a n .— Bond Sale.— An issue of $25,000 5 % ment bonds offered on N ov. 1 and described in V . 85, p. 543,
1-10-year (serial) Crawford Street paving bonds was recently has been accepted. This offer was made b y the Newport
awarded to various local parties at 101.02. Securities are. News Banking & Trust Company.
dated N ov. 1 1907. Interest semi-annual.
Jefferson County (P. O. Beaum ont), T ex .— Bonds Awarded
Fruita, Mesa County, Colo.— Bond Sale.— Arrangements in Part.— W e learn from local reports that $75,000 more of
have been made with the Bellam Price Investment Co. for the $300,000 5 % 20-40-year (optional) registered macadthe sale of the $25,000 6 % 10-15-year (optional) water- amized-road-construction bonds offered on Oct. 21 have
works-completion bonds, the offering of which was advertised been disposed of. These bonds have been purchased by
to take place N ov. 1. See V . 85, p. 1039, for a description A . J. Hood & Co. of Detroit at 101. This makes a total of
$125,000 bonds disposed of to date. See V . 85, p. 1228.
of these securities.
Juniata, Blair County, P a.— Bonds Voted.— The question
Gaffney, Cherokee County, S. C.— Bond Election Proposed.
— It is reported that this place will vote on a proposition to of issuing $5,000 water-works-extension and $10,000 sewer
5 % 10-30-year (optional) bonds carried at an election N ov.
issue sewerage bonds.
Grand Forks County (P. O. Grand Forks), N . D .— Bond 5. The vote was 236 to 91. Interest semi-annual. The
Offering.— -Hans Anderson, County Auditor, will receive pro date of sale has not yet been decided upon.
Kelowna, B. C.— Debenture Offering.— R . Morrison, City
posals for $15,500 7 % coupon Drain N o. 4 construction bonds
until 10 a. m . Dec. 10. Date Dec. 10 1907. Interest annu Clerk, is offering for sale $40,000 5 % electric-light and water
ally in Grand Forks. Maturity Dec. 10 1914, subject to call works debentures.
one-seventh yearly on each interest-paying date. Bonds are
Kenton, Hardin County, Ohio.— Bond Offering .— Pro
exempt from taxation. Certified check (or cash) for $1,000, posals will be received until 12 m . Dec. 6 by John Y . Thom p
payable to the County Treasurer, is required. Total debt, son, City Auditor, for ihe following bonds:
including this issue, $50,500. Assessed valuation for 1 9 0 7 ,' $3,500 00 4 % street-im provem ent bonds. Denomination 5500. Interest
determined by an office opinion, and that there should be an
opinion of the Supreme Court of the State declaring the in
validity of the 1905 A ct.
No steps have been taken to pro
vide for a test case.
$ 12 , 000 , 000 .
Grand Rapids, Kent County, Mich.— Bond Election Pro
posed.— The Board of Public Works proposes to call an elec
tion to submit to the electors of this city the question of issu
ing bonds for purchasing pumps, “ overhauling buildings,
modernizing of boiler plant, putting an additional twenty
feet on the old standpipe and for extension of water mains.”
It is estimated that these improvements will cost about
$ 200 , 000 .
Greenfield, Highland County, Ohio.— Bond Sale.— The
$4,500 4 % 23-year additional-cemetery-ground-purchaseand-improvement bonds offered on N ov. 15 (V. 85, p. 1039)
were awarded as follows: $2,500 to the Highland County
Bank and $2,000 to the People’s Savings Bank, both of
Greenfield. The price paid was par and accrued interest.
Gulfport, Harrison County, M iss.— Bond Sale.— On Oct. 25
John Nuveen & Co. of Chicago were awarded at par the
four issues of 6 % coupon bonds aggregating $42,000 de
scribed in V . 85, p. 1039. Thes3 securities are dated
Oct. 1 1907.
Guthrie, Logan County, Okla.— Bond Sale Not Consum
mated.— The sale of the $40,000 water-system-improvement,
$30,000 storm-sewer-construction, $10,000 main-sanitarysewer-construction and the $10,000 street-improvement
10-30-year (optional) bonds to the Oklahoma Bond & Trust
Co. of Guthrie (V . 85, p. 881) has failed of consummation,
according to local papers.
Hammond School District (P. O. Ham m ond), Lake
County, In d .— Bond Offering.— On or before N ov. 24 (this
date falls on Sunday, but is so given in the official circular)
proposals will be received by J. G. Ibach, Secretary Board of
School Trustees, for $55,000 4 % Wallace School Building
bonds. Authority vote of 270 to 90 cast at election held
N ov. 2 1907.
Denomination $1,000.
Maturity $2,000
yearly on Dec. 1 from 1908 to 1912 inclusive and $3,000
yearly on Dec. 1 from 1913 to 1927 inclusive. Official cir
cular states that there is no controversy or litigation pending
or threatened affecting the corporate existence or the boun
daries of the municipality or the title of the present officials
to their respective offices.
Harris County (P. O. Hamilton), G a.— Bond Offering.—
Proposals will be received until 10 a. m . N<?v. 25 by O. S.
Barnes, Chairman Board of Commissioners of Road and
Revenues, for the $40,000 5 % gold coupon court-houseconstruction bonds mentioned in V. 85, p. 1163. Denomina
tion $1,000. Date Jan. 1 1908. Interest semi-annually at
the Guardian Trust Co. in New York City. Maturity on Jan.
1 as follows: $1,000 yearly from 1918 to 1923 inclusive,
$2,000 yearly from 1924 to 1934 inclusive and $3,000 yearly
from 1935 to 1938 inclusive. Bonds are exempt from State
and county taxes. Bonded debt, this issue. Floating debt,
none. Assessed valuation, $2,000,000.
Harrisonville, Cass County, M o .— Bonds
Voted.— An
election held Nov. 5 resulted in favor of a proposition to
issue $30,000 municipal-water-works-system-construction
bonds, according to reports.
Haywood County (P. /0 . W aynesville), No. Car.—
Bonds Voted.— According to reports, this county has voted
to issue bonds in aid of the Transcontinental Railway Com
pany.
Hendricks County (P. O. Danville), In d .— Bonds Not Sold.
— Up to N ov. 18 no bids had yet been received for $3,750
4 / 4 % bonds offered on N ov. 7.
Henry County (P. O. New Castle), K y .— Bonds Defeated.—
W e are advised that the proposition to issue the $40,000
bridge-construction bonds mentioned in V . 85, p. 1163, was
defeated at the election N ov. 5.
Hettinger County (P. O. M ott), N . D .— Bonds Not Sold.—
Bond Offering.— The $20,000 5 % funding bonds maturingDec. 1 1917, offered on N ov. 4 (V . 85, p. 1040), were not
sem i-annual. M aturity part yearly from 1908 to 1912 in
clusive .
390 65 5 % local sewer N o. 8, Sewer District N o. 1 extension bonds.
Denomination §130 except one bond of $130 65.
M atuiity
one bond on O ct. 1 in each of the years 1907, 1908 and 1909.
5,000 00 4 , 4 % fire-department-and-prison-conatructlon bonds. Denom i
nation $500.
Interest semi-annual.
Maturity July 15 1917.
Certified check for 5 % of bonds bid for, payable to the
Sinking Fund Trustees, is required. Purchaser to pay ac
crued interest.
Bonds Authorized.— On N ov. 1 1 a resolution providing for
the issuance of $8,000 4 > £ % coupon refunding bonds was
passed by the City Council. Denomination $500.
Date
Aug. 1 1907. Interest semi-annually at the office of the
City Treasurer.
Maturity Aug. 1 1915.
Bond Sale.— This city on N ov. 4 sold $8,500 4 3 ^ % streetpaving bonds to the Alger Savings Bank of Alger at 100.302
and accrued interest. Denomination $1,000, except one
bond of $500.
Date Sept. 1 1907. Interest semi-annually
in April and October. .Maturity part yearly on April 1 from
1909 to 1917 inclusive.
Lake W ilson School District No. 42 (P. O. Lake W ilson ),
Murray County, Minn.— Bonds Voted.— A proposition to issue
$12,000 4 % 20-year school-building bonds carried at an elec
tion held N ov. 9. There were 54 votes in favor of the propo
sition, while 31 were against it.
Lancaster, Fairfield County, Ohio.— Bonds Authorized.—
The issuance of $5,000 East End sewer-improvement bonds
has been authorized, according to reports printed in local
papers. Denomination $1,000.
Leflore County (P. O. Greenwood), M iss.— Bond Offering.
— Further details are at hand relative to the offering on Dec.
2 of the $60,000 bridge-construction and the $40,000 roadbuilding 5 % gold coupon bonds mentioned in last week’s
issue. Proposals for these bonds will be received until 12 m .
on that day by G. S. Pate, County Treasurer. Authority
Sections 331 and 333, Code of 1906. Denomination $500.
Date Ofct. 7 1907. Interest semi-annually at place desig
nated by purchaser.
Maturity Oct. 7 1932. Bonds are
exempt from taxation. Certified check for 2 % , payable to
the County Treasurer, is required.
Lemberg School District (P. O. Lem berg), Sask.— Deben
tures Not Sold.— Up to N ov. 11 the $10,000 6 % gold coupon
brick-school-building debentures, the original advertise
ment of which called for proposals until Oct. 29, were still on
the market. A full description of these debentures was
given in V. 85, p. 1040.
Louisville, Jefferson County, K y .— Bonds Not Yet Sold.—
Under date of N ov. 18 we are advised that the $300,000 4 %
40-year gold coupon sewerage-system-construction bonds
offered but not awarded on July 10 (V . 85, p. 881), are still
unsold.
Bonds Awarded in Part.— Up to N ov. 16 $594,000 of the
$1,000,000 4 % Louisville W ater Co. gold coupon mortgage
bonds mentioned in V . 85, p. 961, had been disposed of at
par and interest. This makes a total of $46,000 sold since
Oct. 1, the date of our last report.
Lynden, W hatcom County, W a sh .— Bond Election.— In
local papers notice is given that an election will be held in
December to vote on the question of issuing $18,000 waterworks-system bonds.
McKinney, Collin County, T ex .— Bond Election.— Pro
positions to issue $10,000 park, $8,000 water and $8,000
electric-light 5 % 15-40-year (optional) bonds will be sub
mitted to a vote of the people at an election to be held N ov.
26.
Manchester, W ashtenaw County, Mich.— Bond Sale.—
This city recently awarded $22,000 5 % electric-light bonds
to the Union Savings Bank and the People’s Bank, both of
Manchester, at 102.50.
Denomination $1,000.
Date Oct. 1
1907. Interest annual.
x
Maumee, Lucas County, Ohio.— Bonds Defeated.— Reports
state that an election held N ov. 5 resulted in the defeat of a
N o v . 23 1907.)
THE CHRONICLE.
proposition to issue $40,000 water-works-pumping-stationconstruction bonds.
Meridian, Lauderdale County, M iss.— Bond Election Pro
posed.— This city is considering the advisability of calling
aru election to vote on the question of issuing $50,000 5 %
30-year street-paving (city’s portion) bonds in denomination
of $1,000 each.
Minneapolis, Hennepin County, Minn.— Purchasers of
Bonds.— The purchasers of the $50,000 4 % 30-year coupon
public-park bonds, the sale of which was mentioned in last
week’s issue, were as follows:
5 8,000 purchased by the Swedish-American National Bank o f Minneapolis
at par and accrued Interest.
8.000 purchased by the Northwestern National Bank of Minneapolis
at par and accrued Interest.
8 .0 0 0 purchased by the Security National Bank of Minneapolis at par
and accrued Interest.
8 .0 0 0 purchased b y the National Bank of Commerce in Minneapolis
at par and accrued Interest.
8.000 purchased by the First National Bank of Minneapolis at par and
accrued interest.
5.000 purchased by the German-American Bank of Minneapolis at par
and accrued interest.
5 .0 0 0 purchased by the St. Anthony Falls Bank of Minneapolis at par
and accrued interest.
These bonds are dated July 1 1907.
Mocksville, Davie County, N . C.— Bond Offering.-— Pro
posals will be received until 6 p. m . N ov. 25 by A . M. McGlamery, Mayor, for the $5,000 5 % coupon graded school
bonds offered without success on Oct. 1. See V . 85, p. 961.
Denomination $100. Date July 1 1907. Interest semi
annually at the Town Treasurer’s office. Maturity July 1
1937, subject to call after Jan. 1 1910. Certified check (or
cash) for 5 % of bid, payable to the Mayor, is required. This
town has no debt at present. Assessed valuation-1 9 0 7 ,
$469,627.25.
Montgomery County (P. O. D ayton), Ohio.— Bonds Not
Sold.— No proposals were received on N ov. 14 for the $20,000
3-6-year (serial) casualty-bridge and the $13,000 ditch-improvement 4 3 ^ % bonds described in V . 85, p. 1164.
Morristown, Morris County, N. J.— Bond Sale.— Of $400,000 4 % 10-40-year (optional) sewer-construction bonds
recently offered by this town, $100,000 were awarded at par
to each of the following institutions: National Iron Bank,
First National Bank, Morris County Savings Bank and the
Morristown Trust C o., all of Morristown. Denominations
$500 and $1,000. Date Jan. 1 1908. Interest semi-annual.
Nassau County (P. O. Mineola), N . Y . — Bond Sale.— This
county has disposed of the $250,000 5 % gold coupon “ Road
Construction Bonds, Series H ,” offered but not awarded on
Nov. 4 (V . 85, p. 1228) to local investors.
New Bremen, Auglaize County, Ohio.— Bonds Voted.—
Reports state that at an election held recently a proposition
to issue $20,000 municipal-light-plant-construction bonds
carried by a large m ajority.
The vote was 298 to 36.
New Haven, New Haven County, Conn.— Loan Authorized.
— In a bill passed by the last Legislature provision was made
for the issuance of bonds for the following purposes: $75,000
for the extension of Humphrey Street, $35,000 for the
widening of St. John Street, $62,000 for the extension of
Crown Street, $100,000 for a lake at the foot of East Rock,
for public playgrounds or for other necessary improvements,
$100,000 for permanent pavements in streets approved by
the Paving Commission and $100,000 for building schools
and purchasing land for same. These bonds will be made
payable not more than twenty-five years from date of issue
and will bear interest at a rate not to exceed 4 % , payable
semi-annually.
New London, New London County, Conn.— Bonds A u
thorized.— The bill providing for the issuance of the $175,000
school bonds at not exceeding 4 % interest, mentioned in V.
84, p. 955, was passed by the last Legislature. Bonds will
be payable not more than thirty years from date of issue.
New Philadelphia, Tuscarawas County, Ohio.— Bond Sale.
— On N ov. 16 the two issues of 4 % sewer-assessment bonds
aggregating $3,200, described in V . 85, p. 1228, were awarded
to Jacob Kline at par and accrued interest.
Northumberland County (P. O. Sunbury), P a.— Bonds Not
Sold.— The $220,000 4 % bonds offered at public auction by
this county on Oct. 15 (V . 85, p. 882) have not yet been
disposed of.
Oklahoma City, Oklahoma County, Okla.— Bond Sale.—
The reports in papers state that the City Council on N ov. 14
accepted a bid at par, submitted by 11. J. Edwards, a local
investor, for the $200,000 water-works and the $50,000
sewer 5 % 30-year bonds offered but not awarded on Oct. 25.
See V . 85, p. 1292.
Okotoks, A lta .— Debenture Offering.— Proposals for $4,700
6 % debentures will be received until Dec. 2 by O. B. Stockford, Secretary-Treasurer. Maturity part-yearly for fifteen
years. This town has no debt at present.
Oneida County (P. O. U tica), N. Y . — Bond Offering.— Pro
posals will be received until 12 m . Dec. 11 by Henry W .
Roberts, County Treasurer, for $55,000 4 j ^ % registered
court-house bonds. Authority, Chapter 691, Laws of 1907.
Date Dec. 1 1907. Interest Feb. 1 and Aug. 1. Maturity
$5,000 yearly on Feb. 1 from 1918 to 1928 inclusive. Cer
tified check on a national bank for 1 % of bonds bid for, made
payable to the County Treasurer, is required. These bonds
were offered without success as
on Sept. 12. See V . 85,
p. 961.
1355
Oswego, Oswego County, N . Y . — Bond Sale.— This city
recently disposed of to local investors at par $12,495 57 4 %
improvement bonds. Interest semi-annual.
Pearson, Coffee County, G a.— Bonds Voted.— An election
held in this town on N ov. 12 resulted in a vote of 6 8 / ‘for”
to 2 “ against” a proposition to issue $10,000 30-year schoolbuilding bonds. Interest (rate not to exceed 5 % ) payable
annually. The town has no debt at present.
Pipestone, Pipestone County, Minn.— Bond Offering.—
The City Recorder, S. W . Funk, will receive proposals until
8 p. m . Dec. 9 for $20,000 4 3 ^ % refunding water-workssystem-construction bonds. Denomination $500. Date Jan. 1
1908. Interest semi-annually at a bank in New York City
or Chicago. Maturity Jan. 1 1923. An unconditional cer
tified check for $500, payable to the City Treasurer, is re
quired. Purchaser to furnish the bonds free of cost ready
for signatures. Assessed valuation for 1907, $569,795.
Plainfield, Union County, N . J .— Bonds Refused.— A . B.
Leach & Co. of New York City advise us that, owing to
irregularities in the proceedings, they have declined to
accept the $68,000 4 ^ % 1-34-year (serial) coupon sewer
bonds awarded them Oct. 7. See V . 85, p. 962.
Plains School District No. 1 (P. O. Plains), Sanders
County, M ont.— Bond Sale.— The $3,000 6 % refunding bonds
offered on Oct. 19 (V. 85, p. 962) have been awarded at par
to Louis Ostelie. Maturity $750 on Feb. 1 in each of the years
1910 and 1915 and $750 on Aug. 1 in each of the years 1912
and 1917.
Rhode Island.— Bonds Authorized.— A bill providing for
the issuance of gold coupon or registered scrip or certificates
to the amount of $2£0,000, to be known as “ The Metro
politan Park Loan,” was passed b y the last Legislature.
Interest at a rate not to exceed 3 * ^ % , payable semi-annually.
Maturity not more than fifty years from date of issue.
Bonds are exempt from taxation.
Rhyolite School District (P. O. Rhyolite), Nye County,
N ev.— Bond Sale.— On N ov. 12 the $20,000 8 % 10-20-year
(optional) coupon school-building and refunding bonds de
scribed in V . 85, p. 1103, were awarded to John Nuveen &
Co. of Chicago at 100.25.
Rockport (P. O. W e st Park), Cuyahoga County, Ohio.—
Bond Offering.— Further details are at hand relative to the
offering on Dec. 2 of the $13,000 4 % coupon water-worksextension bonds described in V . 85, p. 1230. Proposals for
these bonds will be received until 12 m . on that day by W . L.
Nichols, Village Clerk. Authority an Act of the General
Assembly passed March 22 1906 and Section 2835-38 Ohio
Laws. Denomination $1,000. Date Oct. 15 1907. Inter
est semi-annually at the People’s Savings Bank of Cleveland.
Maturity Oct. 15 1937. Bonds are exempt from all taxes.
Certified check for 5 % of bonds bid for, payable to the
Village Treasurer, is required.
Bonded debt, not including
this issue, $88,400.
No floating debt. Assessed valuation,
$1,498,095. Accrued interest to be paid by purchaser.
St. Bernard (P. O. Cincinnati), Hamilton County, Ohio.—
Bond Sale.— The $6,118 80 5 % 1-10-year (serial) coupon
Sullivan Avenue improvement assessment bonds described
in V . 85, p. 1165, were awarded on Nov. 18 to G. P. Walker
at par and accrued interest. No other bids were received.
St. Louis, M o .— Bonds Awarded in Part.— Of the $ 2 ,0 0 0 ,000 3 .6 5 % 20-ypar gold coupon renewal bonds offered on
June 11, $15,000 more had been sold up to N ov. 18. This
makes a total of $843,000 already disposed of. The price
paid for these bonds was par and accrued interest. See
V . 85, p. 821.
Schenectady, Schenectady County, N . Y . — Bond Issue.—
Olin S. Luffman, City Comptroller, will offer at public auc
tion at 11 a. m . N ov. 30 $20,000 3 } 4 % registered fire bonds.
Authority Section 96, Chapter 371, Laws of 1903.
Denomi
nation $1,000. Date Dec. 1 1907. Interest semi-annually
at the City Treasurer’s office. Maturity $2,000 yearly on
Dec. 1 from 1911 to 1920 inclusive. W e are advised that
these bonds will be taken at par by the W ater Debt Sinking
Fund of Schenectady.
Sheboygan, Sheboygan County, W is .— Bonds Not Sold.—
No award was made on Nov. 15 of the $360,000 5 % coupon
water-works-plant-purchase bonds described in V . 85,
p. 1105.
•
PJ
Sheridan, Sheridan County, W y o .— Bonds Voted.— At the
election N ov. 5 this city voted to issue $250,000 water bonds
at not exceeding 6 % interest and $14,000 sewer bonds.
The vote was 826 to 248 on the former proposition and 683
to 340 on the latter.
Silver City, Mills County, Io w a .— Bonds Defeated.— An
election held N ov. 11 resulted in the defeat of a proposition
to issue $4,000 electric-light bonds, the vote being 22 “ for”
to 66 “ against.”
South River, Middlesex County, N . J .— Bond Offering.—
Proposals for $20,000 4V £% registered borough-hall bonds
will be received by Charles Anderson, Borough Clerk, until
8 p. m .,.N o v . 25. Denomination $500. Date Dec. 2 1907.
Interest semi-annually at the Borough Collector’s office in
South River. Maturity Dec. 2 1927.
Bid must be made
on a blank form furnished by the Borough Clerk and ac
companied by a certified check for 3 % of bonds bid for,
made payable to the Borough»Collector. Delivery of bonds
Dec. 2 1907. Total debt, including this issue, $26,500.
1356
THE CHRONICLE.
Spirit Lake, Dickinson County, Io w a .— Bonds Voted.— A t
;an election N ov. 4 the question of issuing $22,000 water and
light bonds was favorably voted upon.
Springfield, Clark County, Ohio.— Bond Sale.— Through
local papers we learn that this city has disposed of the six
issues of 5 % coupon street and alley improvement assessment
•bonds aggregating $9,521.48 described in V . 85, p. 963.
Stamford, Texas.— Bond Election.— The City Council has
decided to call an election for the purpose of voting on propo
sitions to issue $16,000 bonds for permanent street improve
ments and $4,000 bonds for the improvement of the city hall.
Stonington, New London County, Conn.— Bonds A u
thorized.— By an Act of the Legislature approved April 10
1907, this town is authorized to issue $100,000 coupon bonds
to be known as “ The Bonds of the Town of Stonington,
Issue of 1908, W ar Debt Bond Renewal and Outstanding
Town Orders.”
Interest (rate not to exceed 4 % ) payable
semi-annually. Maturity not later than thirty years after
date of issue.
Struthers, Mahoning County, Ohio.— Bond Offering.—
issae of $5,000 5 % bonds
purchase property for a city
hall will be offered for sale at 12 m . Dec. 3 by L. S. Creed,
Village Clerk. Thes3 bonds are issued under authority of
Section 2835 Rev'sed Statutes, are in denomination of $500
each, and a"e dated Dec. 15 1907. Interest semi-annual.
Maturity $500 yearly on Dec. 15 from 1912 to 1921 inclusive.
Certified check for 1 0 % of bonds bid for, payable to the
Village Treasurer, is required. Accrued interest to be paid
by purchaser.
Tampa, Hillsboro County, F la .— Bond Election Pro
posed.— Reports state that an ordinance providing for an
election (Dec. 10) to s ibmit to the voters the question of
iss ling $245,000 city-hall and s te-purchase, $150,000
Lafayette Street bridge-construction, $89,500 additionalistreet-pav'ng, $50,000 storm and sanitary-sewer, $35,000
hosp'tal, $23,000 crematory-improvement and $7,500 prison
and stockage bonds, is before the City Council.
Teague, Freestone County, T exas.— Bond Election.— The
reports in local papers state that the city Council has called
CHI NOOK, MONTANA C I T Y
Notice Is hereby given that the Town Council
of the Town of Chinook. M ontana, will on the
12th D A Y O F D E C E M B E R , A . D . 1907, at
the hour of 2 p. m . of said day at the ofTlce of
the Town Clerk of said Town In the First National
IBank building,sell at public auction for cash, to
the highest bidder or bidders offering the highest
price therefore, the Coupon Electric Light Works
Bonds of said Town to the am ount of >14,800,
numbered consecutively, commencing at one,
bearing date January 1st, 1908, payable in
tw enty years from date of issue, but redeemable
at the option of the Town at any time after
fourteen years from date of Issue, bearing interest
at the rate of six per cent per annum , payable
semi-annually on the first days of July and Jan
uary of each year, and both principal and Interest
payable in lawful m oney of the United States
at the office of the Town Treasurer of said Town
or at such bank In New York City as m ay be
designated by said Treasurer; denom ination,
$100 each.
Money received from sales of bonds will be
used for the construction of an electric light
works In said Town and to supply the same with
electric light.
B ds to be accompanied by a certified check
for $500, payable to the Town Treasurer of
Chin ok, Montana, as a guaranty that the
bidder will take and pay for said bonds as soon
as the same are ready and signed for delivery.
The Town Council reserves the right to reject
any and all bids.
By order of the Town Council of the Town of
Chinook, M ontana, duly made and entered.
Dated t h i s ___ th day of O ctober, 1907.
J N O . C. D U F F ,
Town Clerk of said Tow n.
OF S P O K A N E , C I T Y
P U B L IC P A R K G O L D B O N D S .
B R ID G E G O L D B O N D S .
Sealed proposals will be received by Sinking
Sealed proposals wlll*be received by the Sinking
Fund Commission of the City of Spokane, W ash
Fund Commission of the City of Spokane, W ash
ington, at the office of the City Comptroller of ington, at the office of the City Comptroller of
said city, up to 12 O’ C LO CK N O O N of the 16T H said city, up to 12 O 'C LO C K N O O N of the 16TH
D A Y OF D E C E M B E R , 1907, for the purchase D A Y O F D E C E M B E R , 1907, for the purchase of
of all or any portion of a $100,000 bond Issue of all or any portion of a $400,000 00 bond Issue of
said city, except that no bid will be rceelved for said city, except that no bid will be received for
less than $25,000 00 or multiple thereof.
less than $5,000 or multiple thereof.
Said bonds are issued by said city to pay for the
Said bonds are to be Issued by said city to pay
for the purchase of additional land for park pur construction and repair of bridges across the
poses, for the Improvement of park property al Spokane R iver, and bear date of January 1, 1908,
ready owned by the city, for the carrying out of and payable 25 years after date, and draw Interest
conditions or stipulations contained In dedica at the rate of 4 H % annually, payable semi
tions of land to the city for park purposes, and to annually.
Said commission reserves the right to reject
redeem previous bond Issue of $10,000 and In
terest, and bear date of Decem ber 1, 1907, and any and all bids, and each offer must be accom
payable 20 years after date, and draw Interest at panied by a certified check for 2 % of the amount
of the bid, and m ust be for at least par and ac
the rate of 5 % annually, payable semi-annually.
R O B E R T F A IR L E Y ,
Said Commission reserves the right to reject any crued Interest.
C ity C om ptroller.
and all bids, and each offer must be accompanied
by a certified check for 2 % of the amount of the
bid, and m ust be for at least par and accrued In
terest.
R O B ER T F A IR L E Y ,
C ity C om ptroller.
M U N I C IP A L
AND
R
L.
37 Wall Street
BOSTON.
CORPORATION )
205
La
Salle Street, C H I C A G O
/
BONDS.
E. H R O L L I N S & SONS.
NEW YORK.
BO STON
Denier.
New Yerk City Bonds
E X E M P T FRO M STATE, COUNTV
AND C ITY TAXES
Chicago.
San Francisco.
B lodget, M erritt & C o ,
BANKERS,
60 State Street, Boston
A lbert K Jey b o ltt & C o .,
W a ln u t
Municipal,
County, State,
an d
S M M A ftN A U M T K K K T . N K W
YDHK.
STATE, CITY & RAILROAD BONDS.
Street,
C I N C I N N A T I , O.
)
BONDS
CO.. Public Service Corporation
k
85 Congress Street,
F. B. S H E R M A N & CO.
and
DAY
BANKERS,
409
MUNICIPAL
OF S P O K A NE ,
25 YEAR 4 !*%
Harris County (Houston), Texas,
W ill sell all or part of this Issue of 4 % , 40
years, 10-year option Bonds. Certified check for
2 % of amount bid must accompany proposal.
M inim um , par and accrued Interest.
A . E. AM ERM AN,
County Judge Harris C ounty,
H ouston, Texas.
0 4 0 0 ,0 0 0
20 YEAR 5%
# 5 0 0 ,0 1 )0
R O A D *N D B R IO C E B O N O S
.
NEW LOANS.
* 1 0 0 ,0 0 0
# 1 4 ,8 0 0
lxxxv
an election Jan. 2 1908 to vote on the question of issuing
$50,000 municipal water-works-system bonds.
Trumbull County (P. O. W arren), Ohio.— Bid Rejected.—
Only one bid was received on Nov. 18 for an issue of $10,000
5 % bonds offered on that day. This offer was rejected.
Utica, Oneida County, N . Y . — Bond Offering.— A t 12 m .,
Nov. 27, J. A . Cantwell, City Clerk, will offer at public
auction $50,000 5 % registered delinquent tax bonds.
Authority, Chapter 271, Laws of 1907. Denomination
$10,000.
Date July 1 1907. Interest semi-annually at the
City Treasurer’s office in New York funds. Maturity
$10,000 yearly on July 1 from 1917 to 1921 inclusive. The
successful bidder will be required to deposit a certified check
on a national bank, New York State bank or trust company
for 1 % of bonds bid for, made payable to the City Treasurer.
Bond Sale.— Of $45,000 5 % registered delinquent tax
bonds offered on N ov. 20, $40,000 were awarded to the
Savings Bank of Utica and $5,000 were awarded to Charles
Williams of Utica. The price paid was par and accrued
interest. Authority, Chapter 271, Laws of 1907. De
nomination $10,000, except one bond of $5,000. Date
July 1 1907. Interest semi-annual. Maturity $5,000 on.
July 1 1912 and $10,000 yearly on July 1 from 1913 to 1916
inclusive.
Wappingers Falls, Dutchess County, N . Y . — Bond Offer
in').— The Village Clerk will receive proposals until 12 m .,
N ov. 27, for $10,000 coupon (with privilege of registration''
electric-light bonds at not exceeding 5 % interest. Author
ity, Sections 128 and 129, Village Law, and election held
May 28 1907. Securities are in denomination of $1,000 and
are dated Jan. 1 1908. Interest July 1 in New York City,
Poughkeepsie or Wappingers Falls, at option of purchaser.
Maturity $1,000 yearly on July 1 from 1912 to 1921 inclusive.
Bonded debt at present, $10,000. Assessed v a c a tio n for
1907, $978,265. Actual valuation (estimated), $2,375,650.
John L. Hughes; Village President
W ashington County (P. O. Potosi), M o.— Bond Offering.—
Proposals will be received until 1 p. m . Dec. 21 by N . F.
Robinson, County Treasurer, for the $30,000 5 % courthouse-construction bonds recently voted. Denomination
N E W LOANS.
N E W LO A N S .
E L E C T ^ IC L IG H T W O R K S B O N D S .
[V o l .
H ig h -G r a d e P u b lic
fcecurlUe*
Gr rrenooDdecce Soridted
S ervice
B L A C K S T A F F & CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA
1 OF SPECIUTIES ON REQUEST ,
LIST
paving bonds was recently awarded to the Fourth National
Bank of Wichita at par. Date Oct. 1 1907. Interest semi
annual .
W ildwood, Cape May County, N . J .— Bonds Not Sold.—
Up to N ov. 21 no disposition had yet been made of the
$65,500 5 % municipal-improvement bonds offered, as stated
in V . 85, p. 1167, on N ov. 12.
W oodsfield, Monroe County, Ohio.— Bonds Not Sold.—
There were no bidders for the $5,721.66 5 % coupon North
Street improvement assessment bonds offered on N ov. 18.
See V . 85, p. 1231, for a description of these securities.
Yonkers, W estchester County, N . Y — Bond Offering.—
John H . Coyne, Mayor, will receive proposals until 12 m .
Nov. 26 for the following bonds:
$500. Date N ov. 15 1907. Interest semi-annually at the
County Treasurer’s office. Maturity N ov. 15 1927, subject
to call after N ov. 15 1912. Certified check for 3 % of bonds
bid for, payable to the County Treasurer, is required.
p- Waterloo, Jefferson County, W is .— Bond Sale.— The $10,000 5 % electric-light-system-purchase bonds voted Oct. 8
(V . 85, p. 1166) were awarded on Oct. 30 to the Farmers’ &
Merchants’ State Bank of Waterloo at par. Denomination
$1,000. Date, day of sale. Interest annually on Feb. 1.
Maturity $1,000 yearly on Feb. 1 from 1908 to 1917 inclusive.
PhWaycross, Ware County, G a.— Bond Election.— On Dec. 3
this city will vote on the question of issuing $40,000 paving,
$20,000 sewer and $10,000 water 5 % 30-year bonds. In
terest semi-annual.
Westerville, Franklin County, Ohio.— Bonds Voted.— A
proposition to issue $16,000 school bonds carried, it is
stated, at the election Nov. 5.
W e st Unity Special School District (P. O. W e st U nity),
Williams County, Ohio.— Bonds Voted.— A vote of 125 “ for”
to 58 “ against” was the result of the election held N ov. 5
to vote on the question of issuing the $1,000 additionalschool-ground-and-improvement bonds mentioned in V . 85,
p. 1167. It is expected that these bonds will be disposed
of locally.
W hite Plains, Westchester County, N . Y . — Bond Offering.
— Proposals will be received until 8 p. m ., Dec. 2, by the
Board of Village Trustees, John J. Brown, President, for
$19,000 6 % current-indebtedness bonds. Denomination
$1,000.
Date N ov. 30 1907. Interest June 1 and Dec. 1.
Maturity Dec. 1 1917. Certified check on a State or natiohal
bank or trust company for 5 % of bid is required. These
bonds were offered without success as 5s (V . 85, p. 1231)
on Nov. 7.
W hitman County School District No. 77, W a sh .— Bonds
Not Issued.— Owing to an error in the election proceedings,
$1,800 6 % school-building bonds recently awarded to W m .
D . Perkins & Co. of Seattle, at par, were not issued.
of
$20,000 5 H % public-building and dock bonds issued pursuant to Chapter
622, Laws of 1906, passed M ay 24 1906.
Date N o v . 1 1907.
M aturity $10,000 on N o v . 1 In each of the years 1917 and
1918 Inclusive. As stated In V . 8 5 , p. 1231, these bonds
were offered without success as 4J^s on N o v . 6.
50,000 5 K % clty-hall bonds Issued pursuant to Chapter 579, Laws of
1903, as amended by Chapter 369, Laws of 1907.
Date
Dec. 1 1907. M aturity $10,000 yearly on April 1 from 1918
to 1922 inclusive.
These bonds will be delivere J Dec. 1 1907.
Youngstow n, Mahoning County, Ohio.— Bond Offering.—
Proposals will be received until 2 p. m . Dec. 16 by W m . I.
Davies, City Auditor, for the following bonds:
$7,385 5 % W alnu t and Bane Streets sewer-construction bonds.
M a
turity $1,477 yearly on Opt. 1 from 1909 to 1913 inclusive.
7,100 5 % sewer-construction bonds.
Maturity $1,420 yearly on O ct. 1
from 1909 to 1913 inclusive.
10,285 5 % sidewalk-construction bonds.
M aturity $2,057 yearly on
O ct. 1 from 1909 to 1913 inclusive.
The above bontis are dated Dec. 23 1907. Interest semi
annually at the office of the City Treasurer. Bid to be made
on each block of bonds separately and accompanied by a
certified check on a national bank for 2 % of each block bid
upon, made payable to the City Auditor. Purchaser must
be prepared to take the bonds not later than Dec. 23 1907.
Yum a County (P. O. Y u m a), A riz.— Bonds Not to be
Offered at Present.— W e are advised that the $75,000 5 %
35-year gold coupon court-house and jail bonds described
in V . 85, p. 824, will not be issued “ this year and probably
not before July 1908.”
W ichita, Sedgwick County, K an .— Bond Sale.— An issue
$52,299 01 5 % 1-10-year (serial) Lawrence Avenue
INVESTM ENTS.
IN V E S T M E N T S .
HUNT, MANN & SALTONSTALL N E W Y O R K C I T Y
Investment Securities
•
60 S T A T E S T R E E T
BO STON
Perry, Coffin & Burr,
4&% T A X EXEMPT
T. W. STEPHENS & CO.
BOSTON.
H . C . Speer & Sons Co.
First Nat. Bank Building, Chicago
Denison & Farn sw orth
BOSTON
C L E V E L A N D and P H I L A D E L P H I A
C IT Y C O U N T Y
AND T O W N S H IP
M U NICIPAL
AND
CORPORATION
BONDS,
BONDS
FOR
43 Exchange Place,
New Tork
IN V E S T M E N T
Drexel Building,
Philadelphia.
Regul ar We e k l y Sales
OF
STO C K S and RONDS
EVERY tVEHNKSoAV.
BONDS.
N o.
f>f>
W I L L I A 'I
<!»rna»r P ‘ n# •‘ f r
THE
LIST ON APPLICATION.
.T le r e a u t ll e L i b r a r y B u i l d i n g ,
CIIN CIN N A TI.
S I 'K E K T
SOUTH
Property and Investments of every
Kind in all Southern States.
METROPOLITAN U V V E s m FT CO.
GEO. B. ED W ARD S, President, Charleston, S. C.
New York Oftice, Beaver Bldg
82-92 Beaver St
BARROW, WADE, GUTHRIE & CO
C E R TIFIE D PUBLIC ACCOUN I 4 A TS
(N ew York and Illinois.)
‘
~
~
NEW YORK,
Broad Exchange Building,
26 Broad Street,
BANKERS,
}Philadelphia Stoek Exchange.
4t£d S t .
Adrian H. Muller & Son
MUNICIPAL AND R A IL R O A D
E R VI N & C O M P A N Y ,
Members
BRANC H OFFICE
B r i s t o l B u i ld in g , 5 t h A v e . a n d
Telephone 1658 Bryant
O ff i c e
181 La Salle Street, Chicago.
( New Tork Stock Exchange,
Mem bers N. Y. Stock Exchange
BONDS,
SEASON&OOD & MATER,
MacDonald, McOoy & CoM
FRANCKE. THOMPSON & ROBB
a ( J € T i o n i :g r s .
E s t a b lis h e d 1 8 8 5 .
request.
A SP E C IA LTY
Te ephone 6444 Hanover
60 State Street,
upou
Cuban Securities
4-3 Ex ch ange Place
2 W A L L S T ., N E W Y O R K
IN VES TM EN T BONDS
INVESTM ENTS.
BONDS
IN V E STM E N T BONDS.
Lists
1357
THE CHRONICLE.
.Nov. 23 1907.j
CHICAGO,
Monadnock Block.
SAN FRAU CISCO.
787 Market 8treet.
NEW ORLEANS.
Hibehrnia Bank Bldg.
LONDON, ENGLAND,
18 8t. 8ivithin’8 Lane, E. C., Cable, “Adorjeat.
135«
THE CHRONICLE.
[\ ^ L .
LXXXV.
T ru s t (CotupnuUs.
MercantileTrust Co. C I T Y
Member
Association
W M . M A F F IT T ,
Treasurer
Commenced business Nov. 16, 1899
R E SO U R C E S
Nov. 16. 189)*
$ 1 ,6 6 7 ,0 5 1 19
N ov. 1 6 . 199Q
$ 4 ,4 3 9 ,4 4 8 82
N o v .16
Nov.
16,
1901
$ 1 1 ,7 8 0 ,4 1 8 35
1902
$ 2 1 ,8 8 2 ,7 3 4 64
N o v .16, 1903 $21,756,471 73
N ov. 1 6 ,1 9 0 4 $26,508,716 93
Nov. 16, 1905
Nov. 16, 1906,
$27,292,163 57
§27,984,599 63
Ihe jrroot c l faood Service is Constant Growth
"
CENTRAL
TRUST COMPANY
OF ILLINOIS,
ChiCAGO
Capital, - - = Surplus and Profits
$2 ,000,000
900,000
CH ARLES G . DAVVEsj President.
V . IRVIN G O SBO RN E, Vice-President
V
A . U H R LA U li, Vice-President.
W ILLIAM R. D A W t a , Castuer.
L . D . SK IN N E R . Asst. Ocwh'er
W ILLIA M w . GATES, Asst. Cashier.
A . G. MASG, Seer-'tary.
MALCOLM MeiXJ vv f.l L, Asst Secretary.
B A N K IN G ,
S A V i*G *i
AND
Capital & Surplus, -
Trust Company
BOSTON
50 3-505 -50 7 Chestnut S t., Philadelphia.
C A P I T A L ........................................................$ 1 ,0 0 0 ,0 0 0
ADAM A. STULL, President
H EN R Y G. BRENGLE, 1st Vlce-Pres. & Treasurer.
JOS. S. CLARK, 2d Vice-Pres., Superv*g Trust Dept.
(.HAS. P. LINEAW EAVER. Sec. & Asst Trust Officer
D1REC TORS.
j . Levering Jones,
Henry G. Brengle,
James Oosby Brown, Malcolm Lloyd.
John Mcllhenny,
John Cadwalader.
Richard Wain Meirs,
E. W . Clark Jr.,
Clement B. New bold
Eckiey B. Coxe Jr..
Edwin S. Dixon,
John W . Pepper,
W liam F. Read.
Eugene L. Ellison.
Frank Samuel.
Joseph C. Fraley.
Adam A. Stull,
Harry C. Francis.
Edward D. Toland.
Henry L. Gaw, Jr.,
Joseph R. Waln-wTlght,
Howard S. Graham.
William D. Wlnsor.
Samuel F. Houston,
- $7,000,000
T R A N S A C T S A GENERAL
B A N K IN G
B U S IN E S S . A L L O W S I N T E R E S T ON
DAILY
BALANCES
SUBJECT
TO
CHECK.
T R U S T E E UNDER M ORTGAG
E S.
TRAN SFER AGENT.
R E G IS T R A R .
B O A R D OF D IR E C T O R S :
T. J e f f e r s o n c o o l id g e J K., - - . . Chairman
Gordon Abbott,
H enry S. Howe,
W alter Hunnewell,
Oliver Am es.
C. W . Amor}-,
Thomas L. Livermore,
Charles ~. .vielleu,
Charles F. Ayer,
George v. L. Meyer,
Samuel Carr,
Laurence Minot,
B. P. Cheney,
Richard Oluey,
T. Jefferson coolidge,
Robert J. Paine, 2d,
Charles E. Cotting,
'Philip L. Saltoustall,
Philip Dexter,
Nathaniel Thayer,
Eben S. Draper,
Lucius Tuttle.
Frederick P. Fish.,
Stephen M . W eld,
Reginald Foster,
George P Gardner,
Charles W . W hittier.
Robert F. Herrick,
E 0 3 T 0 N , MASS.
C A P IT A L . $1 ,0 0 0 ,0 0 0
and
Acts as Trustee under Railroad and other
M ortgages and is authorized to act as Executor.
Guardian, Adm inistrator and Trustee.
Capital - - - •
Surplus (Earned)
SU R PLU S
$2 000 000
Safe Deposit Vaults
Interest Allowed on D eposits Subject to Check
$ 1,000,000
2 ,000,000
C H A R L E S E . R O G E R S O N , President.
JA M ES L O N G L E Y , Vice-President.
W I L L IA M C. W IL L IA M S , Vlce-Pres’t.
G. E . G O O D S P E E D , Treasurer.
E D W A R D E . S T E V E N S , Asst. Treas.
R O L A N D E . C H A F E Y , Asst. Treas.
H E N R Y A . F E N N , Sec. AM gr.Safe D .D t .
H . D . H E A T H F I E L D . Assistant Sec.
F . J. B U R TiA G E , Assistant Secretary.
Girard Trust Company*
T h e Trust Company
of North America
Capital and Surplus,
/ViAsa
Transacts a Genera! Trust
Banking Business.
C A P IT A L and S U R P L U S ,$10,00 0,0 00.
P H IL A D E L P H IA .
BOSTON, MASS.
ihe NEW ENGLAND
Boston Safe Deposit TRUST COMPANY,
AND
TRUST
R . B . M O R R IS , President.
W . N . E L Y 1st Vice-President.
A . A . JA C K S O N , 2d Vice-President
C . J R H O A D S , 3d Vice-Pres. and Treasurer.
E D W A R D S. P A G E . Secretary.
M AN AGERS:
C. Hartman Kuhn,
Efflingham B . Morris
James Speyer,
John A . Brown Jr.
Augustus D . Jullllard
Benjamin W . Richard
Edward J. Berwlnd,
John B Garrett,
Randal Morgan,
W illiam H . Jenks.
Edw T . Stotesbury,
W illiam H . Gaw,
Charles E . IngersoU.
Francis I. Gowen,
John Story Jenks Jr.
Geo. H. McFadden,
Henry B. Coxe,
Henry Tatnall,
E . C. Felton.
Issac H . Clothier.
Thos. D eW itt Cuyler,
N E. Cor. Broad and Chestnut Streets,
O LD C O L O N Y
T R U S T CO.
- $4,000,000
Transacts a General Trust and
Banking BusinessInterest AHawed on Depos4ts Subject to CheckActs as Trustee under Railroad and other Mort
gages; also as Agent for the Registering
and Transfer o f Stock
A legal Depositary for Court Funds, and author
ized to act as Executor: Guardian. A d
ministrator and Trustee.
D IR E C T O R S .
P H IL IP S T O C K T O N , President.
Charles F . Adam s 2dGeorge E. Keith,
Orlando H. Alford.
Gardiner M. Lane
F. Lothrop Ames,
Arthur Lyman.
John S. Bartlett.
Maxwell Norman,
Charles E. Cotting.
Robert T . Paine 2d.
Andrew VV. Preston
Alvah Crocker,
Livingston Cushing.
Richard S. Russell
George A . Draper.
Howard Stockton.
William F. Draper.
Charles A . Stone,
W llm ot R . Evans.
Galen -\ . Stone,
’
Frederick P. Fish,
Quincy A . Shaw Jr.,
Nathaniel Thayer.
Robert F . Herrick
Francis L. Htgeinson,
Henry O. Underwood
Henry C. Jackson.
W . Seward W ebb
Sidney W . Winslow.
DEPARTMENTS.
C H A R T E R E D 1836.
Acts as Executor, Administrator. Trustee,
Assignee and Receiver.
Financial Agent tor Individuals or
Corporations.
Interest Allowed on Individual and
Corporation Accounts.
Acts as Trustee ot Corporation M ortgages.
Depositary under Plans of Reorganization.
Registrar and Transfer Agent.
Assum es entire charge of Real Estate.
Safes to Rent in Burglar-Proof Vaults.
CO-
BOSTON. MASS
B U N K E R H IL L B R A N C H :
City Square, C H A R L E ST O W N . MASS.
Capital and Surplus, $9,500,000
F E S T U S J. W A D E
President.
TRUST
50 STATE STREET.
St Louis. Mo
St. Louis Clearing House
AutnonzeJ to act os executor ana to receive and
no11 money or property in trust or on deposit irom
courts ol Law or Equity, Executors. Administrators,
^ssjnees, Guardians. trustees. Corporations ana
Individuals.
Also acts as l'rustee under Mortgages ana n Lrm-ter
A*ent and Registrar of StocKS and Hands.
interest
on Jeoosit.* JuJ eci tc .^.iecK
O rr:L cR 3
DAVID R. W H IiN E Y , President
^HARLES H . O A L iO N , Vice-President
CHARLES F CHOAl'E. Vice-President.
FRANKLIN HAVEN, Vice-President.
JAMES R. HOOPER. Actuary
HENRY N. MARA. Secretar .
FRED K VV. ALLEN. Asst .>ec ■
<fcTreas ,
THOMAS E . E A I O N , Asst. Treasurer.
FRANCIS R. JEWETT, irust OtHcer
BOARD OF Dli<EC10R->
William Endicott, Caairman.
Freaer.cK P. Pisa.
Waiter C. Baynes,
Morris Gray,
Atfred Bowditcn,
Jnaries F. CQoate,
Franklin Haven.
James
Hooper. •
Alexander Cocnrane,
Edmund D Codman.
James M. Prender^ast,
Georae S . SnsOee,
1. Jefferson Coondge.
Lawrence M. -'toe Itton,
Charles H. Dalton.
Natnaniel Thayer.
George Dexter.
George Wisslesworth,
Pn*lip Dexter.
William Kam^woi-th.
n*\vio R. Wnttnev
Mississipoi Valley Trust Co.
Fourth & Pine S ts., St. Louis
C A P IT A L , SU R PLU S
t<tq fin n
and P R O F I T S ! * * * , U U V .
A
GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED
DIRECTORS
D. R. Francis
John I. Beggs
R. J. O’ Reilly.MD,
Wilbur F. Boyle August Gehner
Henry VV. Peters
James E. Brock S. E. Hoffman
U. Clay Pieroe
Murray Carleton Chas. H. Huttig J. Ramsey Jr.
Charles Clark
Breckin’ge Jones James E. Smith
Horatio N. Davis W. J. McBride
Robt. H. Stockton
John D. Davis
Nelson W. McLeod Julius S. Walsh
Aug. B. Ewing
Saunders Norvell Rolla Wells
Wm. D. Orthwein
OFFICERS
JULIUS S. WALSH, Chairman of the Board
BRECKINRIDGE JONES. President
JOHN D. DAVIS. Vice-President
•
SAMUEL E. HOFFMAN, Vice-President
JAMES E. BROCK, Secretary
HUGH R. LYLE. Asst. Secretary
H EN RY C. IBBOTSON. Asst. Secretary
C. HUNT TURNER Jr.. Asst. Secretary
LOUIS W. FRICKE, Asst. Secretary
FREDERICK VIERLING. Trust Officer
HENRY SEMPLE AMES. Asst. Executive Officer
CHARLES M. POLK, Asst. Trust Officer
WILLIAM G. LACKEY, Bond Officer
WM. McC. MARTIN, Asst. Bond Officer
TOM W. BENNETT, Real Estate Officer
GEO. KINGSLAND, Asst. Real Estate Officer
C. W . MORATH. Safe Deposit Officer
W
T
isconsin
rust
Co,
-
-
-
-
-
B ALTIM O R E.
CAPITAL,
$2 ,000,000
DIR ECTOR S
Joslah L. BlackwelL
John T . Hill,
G. Clymer Brooke,
Grier llersu,
H . Carroll Brown,
George C. Jenkins.
John W . Castles.
Oscar G. Murray,
Joseph R . Foard,
Henry F . Shoemaker,
B . Howell Griswold Jr., James Speyer,
A . Barton Hepburn.
Douglas M . W ylie.
L . S . Zimmerman
OFFICERS
G R IE R H E R S H ......................... President
L . S. Z IM M E R M A N ____ 2d Vlce-Prest.
C A R R O L L V A N N E S S .............Treasurer
J E R V IS S P E N C E R Jr___ Asst. Treasure
I V A N S K I N N E R -----------A sst. Secretary
NOW R E A D Y .
FINANCIAL REVIEW.
1907 ISSUE.
320 Pages.
P R IC E , T W O D O LLA R S.
MILWAUKEE.
Capita',
Surplus,
Maryland Trust Co.
$500,000
100,000
Transacts a General Trust Co Business.
Buys and Sells
High Grade Investment Bonds.
OFFICERS.
OLIVER C. FULLER, President.
FREDERICK KASTEN, Vice-PresidentGARDNER P. STICKNEY. Treasurer.
FRED C. BEST. Secretary
R . L . SMITH, Ass t Secretary
Commercial & Financial Chronicle,
7 6 Pine Street, New York.
William D Marks, Ph.B.C.E.
.
Consulting Engineer and Statistician.
GAS WORKS ELECTRIC LIGH T WORKS,
MLKCTRIC R A IL W A . , OIL MOTOR CABS.
• 2 3 P a r k R o w B ld g .
N e w Y o r k C it y .
E x p e r ie n c e d in M u n icip a l Cause*.
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