Full text of Commercial and Financial Chronicle : November 30, 1907, Vol. 85, No. 2214

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Bank and Quotation Section (Monthly)
State and City Section (semi-Annuai^/
Railway and Industrial Section (Quarterly) Street Railway Section (Tb^ f^ om
V O L .

SATURDAY, NOVEMBER 30 1907.

8 5 .

it

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
F o r O ne Y e a r ........................................................................................... ..........00
F o r S ix M o u t h s ...........................................................................................................
(> 0 0
E u ro p e a n S u b s cr ip tio n (in c lu d in g p o s t a g e ).................................................. 13 00
7 50
E u ro p e a n S u b s crip tio n s ix m on th s (in clu d in g p o s ta g e )..........................
A n n u a l S u b s cr ip tio n in L o n d o n (in c lu d in g p c s t a g e ) ................................£ 2 1 4 s .
S i x M o n th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s t a g e )........................ £ 1 11 s.
C a n a d ia n S u b s cr ip tio n (in c lu d in g p o s t a g e ) .................................................. $11 50
S u b scrip tio n in c lu d es fo llo w in g S u p p lem en ts —
B ■n k a n d Q u o t a t io n (m o n th ly )
| S t a t e a n d C it y (sem i-a n n u a lly)
K a i l w a y a n d I n d u s t r ia l (q u a rte rly ) | S t r e e t K a il w a y (3 tim es yea rly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
T r a n sie n t m a tter p er in ch sp ace (1 4 a g a te lin e s ) ...........................................
r T w o M o n th s
(S tim e s )................................
' T h re e M on th s (13 t im e s )................................
S ta n d in g B u sin e ss Cards
s i x M o n th s
(2 8 t im e s )................................
\ T w e lv e M on th s (52 tim e s )................................

$4
22
29
50
87

20
00
00
00
00

C H I C A G O O F F I C E —P . B a rtle tt, 513 M o n a d n o ck B lo c k ; T e l. H a rris o n 4012.
L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e rs’ G ard en s, E. C.
W IL L , IA M
P. O. B ox 9 5 8 .

B . D A N A C O M P A N Y , P u b lis h e r s ,
P in e S t ., C o r n e r o f P e a r l S t .,
N ew Y o rk .

P u b lis h e d e v e r y S a tu rd a y m o rn in g b y W I L L I A M B . D A N A C O M P A N Y .
"W illiam B . D an a, P re s id e n t; J a c o b S e ib e rt J r ., V ic e -P r e s . a n d See.; A r n o ld
G . D ana, T rea s. A d d re sse s ot a ll, Office o f th e C om pa n y.

CLEARING HOUSE R E TU R N S.
T h e fo llo w in g t a b le , m a d e u p b y te le g r a p h , & c ., in d ic a te s
t h a t t h e t o t a l b a n k c le a r in g s o f a ll t h e c le a r in g h o u s e s o f
t h e U n ite d S ta te s fo r th e w e e k e n d in g t o - d a y
h ave been
$ 1 ,8 1 1 , 8 9 0 ,6 0 6 ,
a g a in s t
$ 2 ,2 2 3 ,0 9 9 ,7 3 6
la s t
w eek
and
$ 2 ,8 2 3 ,0 6 4 ,4 8 0 t h e c o r r e s p o n d in g w e e k la s t y e a r .
Clearings— Returns by Telegraph.
Week ending N ov. 30

1907.

1906.

Per
Cent.

New Y o rk ____________________________
B o s t o n __________ _____________________
P h ila d elp h ia _________________________
Baltim ore______ ___________ __________
C h ic a g o ____•_________________________
St. Louis .....................................................
New Orleans ..................__________ : ___

$813,915,597
75,425,232
77,434,125
17,298,698
133,660,325
40,517,435
62,586,327

81,354,229,626
108,810,992
111,734,274
21,865.125
161,537,862
46.602,228
19,239,402

— 39.9
— 30.8
— 30.7
— 20.9
— 17.3
— 13.1
— 34.6

Seven Cities, 5 days________________
O ther Cities, 5 days.................. ...............

S I .170,837,739
295,674,376

31,824,019,509
370,327,682

— 35.8
— 20.2

Total all cities, 5 d a y s---------------------All cities, 1 d a y _______________________

S I,466,512,115
345,378,491

$2,194,347,191
628,717,289

— 33.2
— 45.1

Total all cities lor w eek____________

$1,811,890,606

$2,823,064,480

— 35.8

The full details for the week covered by the above will be
given next Saturday. W e cannot furnish them to-d a y ,
clearings being made up b y the clearing houses at noon on
Saturday, and hence in the above the last day o f 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. 23, and the results for the corresponding
w'eek 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 4 .3 % . Outside of New Y ork the decrease from
1906 is 1 9 .4 % .

I

Week ending November 23.
1907.
New Y o r k ____
Philadelphia____
Pittsburgh ____
B a ltim ore____
Buffalo_________
Albany
__
W a sh in g to n ___
R och ester ______
.Scranton ______
S y ra cu se ____
W ilm in g to n ____
Heading . _ _____
Wilkes-Barre . . .
Wheeling ______
Erie . . ..................
Binghamton __ _
( hester ________
G reensburg_____
Franklin ______
H a rrisb u rg _____
York . _ --------

1906.

Inc. or
Dec.

1905.

1904.

S
$
$
$
1,261,168,396 2,190,736,222 —5*2.4 2,029,767,551 1,786,061,834
116,408,264
117,532.393
158,067,992 — 25.6
149,200,981
42,157,044
51,192,840
— 4.6
51,568,973
53,674,073
— 9.3
27,321,724
23,183,098
29,262,946
26,529.859
— 5.3
8,013,449
6,433.625
8,382,712
8,852,623
3,893,400
7,715,606 — 29.2
5,461,608
5,008,885
4,277,976
5,744,659 — 21.6
4,745,511
4,506,295
2,664,994
3,321,864
3,388,905
— 2.0
3,508,178
1,635,237
— 3.9
2,182,711
2,085,195
2,169.118
1,213,003
2,230,984
1,979,305 + 12.7
1,744,279
978,955
1,514,294 — 21.6
1,187,085
1,119,498
1,088,441
888,030
1,210,229
1,418,570 — 14.7
851,716
1,172,997
1,284,047
— 8.6
1,076,592
786.302
1,099,107 + 22.4
843,168
1,345,285
546,133
450,439
709,534
791,287 — 10.3
380,500
485,900
441,300
631,600 — 30.1
351,387
480,599
445,197
598,828 — 25.7
— 7.4
436,248
476,400
514,603
399,748
163,194
285,723 — 27.9
270,000
205.889
+ 6.1
997,093
939,558
..............
651,563 Not Included in total

To tal M iddle. . 1,491,284,724 2,470,669,066




Week ending November 23.

Clearings at—

(fr h v o m tlz .

— 39.6 2,289,372,321 1,993,233,246

P ro v id e n ce _____
H a r tfo r d _______
New H aven_____
Springfield______
P o r tla n d _______
W orcester____
Fall R iver______
Lowell . ______
New Bedford____
____
H olyoke.
Total New Eng.
Chicago
______
Cincinnati
C le v e la n d ______
Detroit __
Milwaukee______
Indianapolis____
Columbus T o le d o __ _______
P e o r ia __________
Cirand Rapids__
D ayton ............
Evansville _____
K ala m a zoo_____
Springfield, 111 . .
Fort W a y n e ____
Akron
. ___Rockford _____
Y ou ngstow n____
L exin g ton ______
Canton__________
Bloom ington____
Q uincy__________
South Bend _.
Mansfield_______
Springfield, Ohio
Decatur _______
Jackson ________
Ann A r b o r . ___
Jacksonville, 111.
Tot. M id.West
San Francisco___
I.os Angeles_____
Seattle ________
Salt Lake City___
Portland ..............
Spokane____ - ___
T a co m a ............- .
Oakland
Helena __ . __
Fargo __________
Sioux Falls ____
San Jose_________
Total P a cific.Kansas C ity____
Minneapolis_____
Omaha . . . _
St. Paul________
D enver_____ ____
St. Joseph____
Des Moines___
Sioux C ity______
Lincoln
W ich ita ________
Topeka
D avenport______
Colorado Springs
Cedar R a p id s ___
Pueblo ________
Fremont _ ____
T ot oth.W est.
St. Louis_______
New Orleans____
L o u is v ille ______
H o u s t o n ......... ..
G a lv e sto n ______
Savannah ______
Richm ond
____
M em phis_______
A tla n ta _________
Fort W orth_____
Nashville ______
Birm ingham ____
N o rfo lk ________
1 Augusta________
Mobile
Little R o ck _____
Charleston______
C h a tta n o o g a ___
K n o x v ille ______
Jackson v ille____
Macon . ______
O k la h o m a .. . .
Beaumont _____
Total Southern
Total a ll______
OutsideN . Y . .
Canada—
M ontreal_______
T o r o n t o ________
W innipeg_______
Vancouver______
O tt a w a ________
Q uebec__________
H a lifa x ................
H am ilton_______
C a lga ry......... —
St. John________
London •________
Victoria _______
Edm on ton______
Total Canada .

NO. 2*214

1906.

S
$
123,879,745
168,923,425
6,753,000
8,489,900
2,725,380
3,697,912
2,111,509
2,713,444
1,727,095
1,880,216
1,713,114
1,851,315
1.496,916
1,595,803
887,316
1,152,868
564,466
597,822
815,117
589,957
497,897
551,482
143,309,756
191,905,943
192,133,238
236,307,338
20,946,050
25,899,650
17,098.684
15,769,925
13,865,053
18,519,131
10,144,522
10,226,518
5,755,214
7,792,776
4,580,500
5,379,200
3,421,567
4,564,313
1,199,436
2,915,765
2,014,183
2,525,635
1,280,619
1,830,945
1.804,312
1,865,673
1,035.496
672,100
912,038
785,316
745,651
597,786
645,003
475,000
658,767
643,056
1,300,649
587,363
427,513
524,787
486,054
440,000
326,027
411,135
434,940
538,969
398,406
330,266
197,941
386,695
349,366
399,701
302,675
245,883
240,185
295,855
206,375
125,806
225,421
184,016
343,281,532
'281,094,956
50,202,544
25,955,699
8,130,322
12,564,955
7.483,654
10,042,570
8,249,214
3,866,045
4,074.497
7,221,026
5,291,122
5,232,685
4,572,783
4,771,429
1,118,318
3,188,504
984,789
848,008
666,729
507,725
405,270
565,000
268.707
400,000
103,856,859
62,754,736
28,038,564
29,192,659
21,720,727
23,141,424
9,95i,565
10,268,290
10,389,928
10,626,943
7,773,277
7,751,682
4,603,195
3,359,392
2,780,811
2,765,000
1,856,560
1,744,826
1,522,567
1,086.376
1,058,183
1,158.842
989.819
806,537
915,433
824,042
632,596
694,845
580,354
536,670
578,863
614,866
246,465
211,421
93,257,284
95,165,438
67.124,524
57,033.388
19,071,961
25,466,335
11,268,469
8,901,056
9,414,468
14,355,291
6,299,000
9,420,000
5,839,598
6,914,510
6,168,418
6,195.786
5,493,292
5,855,345
5,263,998
6,195,880
4,418,567
4,347,987
3.924,992
3,386,340
2,087,196
3,392.141
2,684,846
3,180,258
2,145,762
2,098,768
1,452,624
1,977,951
1,148,377
1.890,579
1,793,546
1,701,313
1,620,000
1,538,107
1,420,732
1,517,006
1,238,854
1,300,000
893,964
727,538
637,860
1,110,012
372,000
400,000
181,168,513
149,520,126
2,223,099,736 3,384,040,057
961,931,340 1,193,303,835
32,843,903
25,000,000
15.031,008
3,893,178
3,253.792
2,735,036
1,925,631
1,714,598
1,544.130
1,411,406
1,264,793
1,230,112
971,830
92.820,287

Inc. or
D ec.

1905.

1904.

$
128,882.145
—-§6.7
6,550.200
— 20.5
— 26.3
2,305,823
— 22.2
1,745,690
1,377,114
— 8.1
1,458,614
+ 8 .1
1,196,841
— 6.2
— 23.0
604,326
364,410
— 5.6
464,720
+ 38.2
— 9.7
452,786
— 25.3
145,402,669
168,071,872
— 18 7
— 19.1
20,402,900
—:7.8
12,323,147
— 25.1
9,840,054
+ 0.8
7.309.137
>—26.1
5,570,658
— 14.8
4,345,300
— 25.0
2,727,508
— 58.9
3,248,522
— 20.2
1.641,364
— 30.1
1,431,014
— 3.3
1,216,858
687,204
— 35.1
+ 16.1
548.087
— 19.8
— 26.4
448',000
— 2.4
536,672
+ 121.4
459,685
— 18.5
427,767
— 9.5
378,872
— 20.7
399,041
+ 24.0
286,978
— 17.1
— 48.8
173,998
+ 14.4
305,707
— 18.0
286,932
— 18.8
209,728
— 39 0
104,339
— 22.5
185,612
— 18.1
243,566,948
— 48.3
29,326,996
— 35.3
7,104,802
— 25.5
4,705,529
— 53.1
4,497,159
— 43.6
3.657,522
— 1.1
2,532,781
— 4.2
2,690.751
— 64.9
— 13.9
1,014,327
688,156
855,769
— 23.8
664,142
+ 39.4
398.977
279,351
+ 48.8
_______
73,350,004
— 39.6
56,147.189
+ 4.1
25.215,927
22,054,781
22,787,996
+ 6 .5
20,543,984
+ 3 .2
8,904,785
7,348,884
+ 2.3
8,785,931
7,155,041
— 0.3
7,026,341
4,918.798
— 27.0
4,812,300
4,109,164
— 0.6
2,375,060
1,983,238
— 6.0
1,778,380
1,378,884
+ 40.2
+ 9.5
1,063,011
769,400
— 18.5
730,281
842,270
— 10.0
791,589
626,096
— 9.0
730,564
411,663
521,404
+ 8 .1
358.290
396,332
— 5.9
512,961
— 14.2
233.602
137,107
+ 2.0
86,271,192
73,033,932
— 15.0
53,005.893
62,234,373
21,529,804
— 25.1
25,967,726
— 21.0
9,623.671
12,378,424
— 34.4
7,703,835
10,942,280
6,066,000
— 33.1
8,060,000
4,483,458
— 15.5
6,604,513
- t-0.4
4,696.156
5,423,537
6,348.055
+ 6 .6
8,564,787
3,300,986
— 15.0
4,426,850
2,320.958
+ 1.6
3,320,336
2,492,786
3,589,635
+ 15.9
1,363.091
1,990,801
— 38.5
1,897,331
2.457,426
— 15.6
2,413,314
1,514,571
+ 2.2
1,447,857
— 26.6
1,215,321
1,617,509
— 39.3
1,209,676
1,702,436
+ 5.4
1,221,724
761,512
+ 5.3
1.345,509
— 6.3
1,232.330
1,169,843
774,486
— 4.7
624,302
507,994
— 18.6
_______
— 42.5
406,966
— 7.0
309,858
167,910,148
— 17.5
132,357,862
— 34.3 3,098,818,848 2,643,741,846
— 19.4 1,069,051,297 857.680,012

— 6.8
35,252,708
28.705,577; — 12.9
+ 3.1
14,580,255
3.417,338 + 13.9
— 8.2
3,544.936
2,065.025 + 32.4
2,051.158, — 6.1
+ 0.9
1,700,096
+ 0 .5
1,536,608
1.243,293 + 13.5;
1,104,485 ! + 1 4 .5
894.625 + 3 7 .5
812,627 1 + 1 9 .6
96.908,761 1 - 4 . 2 1

$
151,822,867
8,088,600
2,574,387
1,919,735
1,746,525
1,987,958
1,329,516
1,103,950
479,296
940,456
431.493
172,424,792
214,393,540
24.256,700
15,208,355
12,899,882
8,933,021
7,611,107
4,792,700
4,209,358
3.529,470
2,064,578
1,650,610
1,805,574
1,122,848
734,551
691,367
494,000
668,935
696,674
555,163
386.007
417,268
346,474
341.483
322,589
362,015
231,356
259,218
116,929
298,719
309,490,391
35,132,299
10,707,041
6,851,558
5,550,904
4,580,122
4,230.452
4,028,555

28,508,950
21,580,239
11,181,806
2,180,202
2,704.415
2,090,753
1,729,469
1.628,320

29,432,804
25.500.438
9.665.265
1,721.300
2,814.438
1,846,797
1,741,888
1,180.738

954,745
967,819
590,078

1,185.557
948,755
470,095
_______
76.507,875

74Tl 16.79f

1360

THE CHRONICLE.

STATE AN D CITY SECTION.
With to-day's issue of the “ Chronicle” we send to
our subscribers a new number of our “ State and City”
section revised to date. The editorial discussions in
the same embrace the following topics: “ Anomalies of
Savings Bank Law Concerning Railroad Securities”
and “ Exemption of City Property from Taxation.”
THE FIN AN CIAL SITUATION.
It is not reasonable to suppose that the Government
plan for bringing back the hoarded money into general
circulation and relieving the money markets is pre­
cisely what would have been devised if the authorities
had time to get suitable legislation perfected to over­
come existing obstructions to financial movements.
As matters stand, the Secretary is using what he finds
among the forgotten statutes capable of being turned
to good account by adapting them with a free hand to
meet the occasion. As we said last week, great crises
justify bold measures for relief. In this case Mr. Cortelyou deserves no little credit for rising above the ob­
stacles that beset his way and daring to venture much
in an attempt to put to rights the dislocation of business
affairs. “ He has not learned the lesson of life who
does not every day surmount a fear.”
The truth is that one compelled to face the present
situation under a certain sense of responsibility for its
existence and continuance, which official position im­
poses, could not fail to be put to his wits' end in an at­
tempt to burrow out of the surrounding darkness into
any sort of light! Some would have advised waiting
until Congress meets. What a poor prospect that
would open u p ! It is not at all likely that a device for
future panics will be agreed upon by that body for
months; the chances are that a committee of the two
Houses will be at work patching up a compromise the
last two weeks of the short session. We understand
that Secretary Cortelyou has to-day a high wall built
all around him of currency plans, piled one on top of
another, sent him for examination and approval. Two
sessions of the length of the coming one would hardly
suffice to even read over the lot. We are an ingenious
people, prolific in devising means to an end, and there
is nothing that stirs the inhabitants all over the ex­
treme limits of our broad acres like a currency discus­
sion and proposal. The Secretary is to be warmly congratluated that at the moment of our great distress
he was able to lay hold of a statute— a kind of dumblooking affair to us— and yet having in it so much of
real substance as to be capable of being at once
put into working order; and, after being inoculated
with the energy of a master hand, showing signs of
so great fitness and vitality as fairly to inspire new hope
at once. It will not do, though, to expect speedy
reinstatement, assuming a complete cure assured. Our
industries have been given a chance for a fresh start;
but the disease is a deep one and the seat of it can only
be reached and removed by a radical change in govern­
mental policy.
Nevertheless, it looks to-day as if the Secretary
would secure full success in his endeavor. That is not
by any means to be understood as asserting that the
old speculative situation will return. WThen the Clear­
ing House certificates have been retired, when the
premium on currency no longer exists, when all our
sound banks, savings institutions and trust companies




[V o l .

lxxxv

.

are on a cash basis, the work which the Secretary under­
took will be finished. The financial recreation had
reached such a stage of improvement Wednesday,
Mr. Cortelyou could see the end so near consummation,
that he stated in the afternoon the sales of the 3% cer­
tificates of indebtedness were closed and that no sub­
scriptions after that day’s business would be consid­
ered; furthermore, that “ reports from various sections
of the country during the last forty-eight hours were
of the most encouraging character.” At the same
time the premium on currency had dropped at New
York to the merely nominal rate of % of 1%, and
for call money at the Stock Exchange there were large
offerings at 5% , some brokers getting loans at 3% .
The Secretary also made known that he was arranging
to open the bids for the Panama Canal bonds invited
by the circular of Nov. 18, to be received until the close
of business on the 30th inst.; that at 4:30 p. m. on that
day the bids would be opened, and as soon thereafter
as practicable the results would be made public. Those
who are looking for a simultaneous stock market re­
vival will be disappointed. Industrial affairs, where
solvent, will have their shackles loosened. Stock val­
ues are quite another kind of problem. There can be
no return to the old prices until there is a prospect of
a return to the old values. We have written on that
subject on subsequent pages (pp. 1366 to 1369).
All sorts of undertakings are under strain, each with
its limit of endurance. Very many of the indust rial com­
panies are over-extended. Among such institutions bor­
rowing, even after the recent generous issues of new
money, will not prove to be easy. We were going at an
abnormally high pressure, inducing hazard and risk
when the check came. That speed was not regarded as
venturesome so long as those condit ions of credit lasted;
but when suddenly confidence collapsed and a more
sensitive standard for the borrower was introduced,
many of the borrowers broke under it. With a fur­
ther shock extended to our investment values abroad
as well as at home, hope was lost. It will take time
to get even the best of these stranded ventures afloat.
In the meantime, stocks on our Exchange may go up,
but they will also have their turn of going down, much
as they have the current week.
A Paris cable on Saturday of last week, in an­
nouncing a shipment on that day of
millions in
American eagles consigned to New York, stated that
such shipment was made through French bullion
houses as re-discount exclusively by the Bank of France
of French commercial exchange; furthermore, it was
said that similar transactions would follow at intervals
and be continued, so that the gold released by the
Bank might possibly amount to ‘20 million dollars.
The fact that on the previous day, as reported in the
“ Chronicle” last week, there was an engagement in
Paris of 7 ^ millions gold for shipment hither— which
gold had been bought at a premium of 6 per mille
from the Bank of France— seemed to convey the im­
pression that some new arrangement had been made
by which the Bank of France would directly contribute
to our requirements for gold, and that the abovementioned release of the metal on Friday was the
result of such arrangement. It appears, however,
that the transaction was in the ordinary course of
business between the Bank and French houses, and
that this and future operations would t>e confined to

Nov. 30 1907.J

THE CHRONICLE.

the discount of commercial bills drawn against ship­
ments hence to France of cotton and other staples
now being received at the French markets.
It now seems probable that through the various
measures of relief— such as gold imports from Europe,
new coinage at our mints, increased deposits of Gov­
ernment funds in bank depositories and augmented
bank-note circulation— the monetary situation in this
country has been ameliorated. Bids for Panama
Canal bonds are to be opened to-day (Saturday) and the
amount thereof will be announced. The re-deposit
temporarily with national banks of 90% of the pur­
chase money for these bonds will contribute to aug­
ment the volume of Treasury relief to the marketThe reported exercise by the Morgan syndicate of its
option on the remaining 20 millions of the 50 millions
6% New York City bonds— 30 millions of which were
previously taken by these bankers^—will doubtless
also have favorable influence upon the situation. Of
importance, likewise, is the announcement that the
executive committee of the Chicago Clearing House
on Wednesday ordered destroyed $25,000 of ClearingHouse loan certificates that had been paid into that
association; it was stated that “ this proceeding would
be continued until the entire issue is paid back and
normal conditions restored.” Mr. Forgan, President
of the First National Bank of Chicago, further said
that “ practically all of the banks of the Middle
West and Northwest that have been questioned re­
garding resumption of cash payments declare them­
selves ready for such resumption at once.” With
the obstacle of issues of Clearing-House loan certifi­
cates removed in those sections of the country, con­
fidence in the situation should soon be established and
the way prepared for the retirement of such certificates
by the New York and other Eastern clearing houses
and for the extinction of the premium on currency.
With normal monetary conditions thus restored,
gold imports from Europe should cease, discounts be
reduced and tension abroad be relieved.
It seems now that since the last week in October
there has been withdrawn by our bankers from Euro­
pean centres, chiefly London, nearly 100 millions
of gold; not until last week was the drain upon the
British capitol diverted to Paris, though in the previous
fortnight the Bank of France had contributed to the
relief of the Bank of England through a loan of
15 million dollars. Our drafts on London have been
so far reduced that the tension there is now materially
relaxing, as is shown in the easier discount situation
this week. This relaxation is also due to the action
by the Bank of France in the releasing for shipment
hither of considerable amounts of gold. Such inter­
vention was timely. The Bank of England could
scarcely have long continued to supply, unaided, the
demand from New York for gold. It has reached the
period of the year when unusual requisitions are made
upon the Bank, in addition to other demands, for gold
for the provinces, and the Bank could not supply that,
besides further shipments to New York, without a
reduction in its reserve to ail extremely low minimum.
Relief for London could not be obtained from Berlin;
the Reischsbank had parted with all the gold it could
spare and it was last week reported as seeking to pro­
cure new supplies from the Austro-Hungarian Bank
and from the Bank of Russia to fortify its reserve,




13(>1

made desirable by the expandedJnote issues. More­
over, the result of further gold withdrawals from
London might have made necessary an*advance in the
Bank of England official rate, which, at this time
would probably have had a deranging influence upon
all the European monetary centres, not excepting
Paris. Probably with the object of preventing a
resort by the Bank of England to this repressive
device, the Bank of France assumed the burden of
withdrawals of gold for New York.
The value of the various services of the Department
of Commerce and Labor is, we think, not fully appre­
ciated by the public at large. Those, however, whose
material interests are being served by its many activi­
ties— and they include practically all branches of trade
and industry— no doubt recognize its utility. It does
not follow, of course, that the matters over which it
now has exclusive control or jurisdiction received no
attention formerly, but it is an undisputed fact that
since the Department came into being the value of its
work has fully demonstrated the wisdom of its insti­
tution.
One of its latest services is the making of inquiries
of American Consular officers as to the opportunities
for the extension of our flour trade. The replies re­
ceived up to November 20, and which referred, in the
main, to Mediterranean countries, were made public
on that date. Special interest attaches to the reports
from Turkish points, where, it is said, an excellent
opportunity for our flour exists, owing to the poor crops
in Asia Minor this year and the high prices ruling for
flour in Roumania and Russia. It is pointed out that
American products of good grade would find a ready
market, attention being directed, at the same time,
to the fact that all flour must undergo a chemical
examination in Turkey, adulterated goods being ex­
cluded. The regulations, however, are stated to be
reasonable, and no pure flour will be kept out. Busi­
ness with Italy, according to our Consul at Genoa,
depends entirely upon the ability of the American miller
to furnish the flour lower than the Italian product
brings. On that basis a large trade can be done;
otherwise, none. Spain, on the other hand, is not
usually a promising field for extending our flour trade.
In the Barcelona district alone the capacity of the mills
is much in excess of the needs of the home markets,
and efforts have been making for some time to have
the Government grant drawbacks on imported wheat
in order to permit exportation of flour. Wheat-growing interests, however, have defeated the project thus
far. Very little likelihood exists of flour importations
into Spain, unless wheat for grinding be unavailable.
This year the short crop necessitates considerable im­
portations of grain, but there is, it is said, some preju­
dice against our wheat, it being claimed not to be
quite strong enough in gluten. In Norway, where
little or no grain is raised, our flour meets with special
favor and sales are steadily increasing. China offers
a good opportunity this year, foodstuffs being scarce.
The investigations and report on the subject of flour
merely furnishes an illustration of what the Depart­
ment is doing or endeavoring to do in many directions,
including suggestions for improvement in the manu­
facture and preparation of goods or foodstuffs, new
inventions, &c.

13(52

THE CHRONICLE.

Cotton-growing interests in Texas, as represented
by the Farmers’ Union Cotton Company of that State,
claim to have entered into an arrangement much in
the nature of the coffee valorization plan under which
they seem to believe, they will be able to obtain higher
prices than now current for their product. The
scheme as outlined in advices
from Houston
involves the making of arrangements with financial
interests in Liverpool and Bremen whereby cotton
may be shipped to those places and loans of $30 per
bale obtained on it, the cotton to be held abroad subject
to the shipper’s orders. The operating cause for the
arrangement is stated to be that many farmers have
reached a point where it is absolutely necessary that
they should secure advances on their cotton or sell it.
They cannot get the same advance here on account
of the monetary situation and they do not wish to
sell at ruling market rates.
It is particularly announced that the proposition is
not a selling one, but one that will enable farmers to
carry out their original intention of holding their
product for higher prices. In connection with the
arrangements made, however, there would seem to be
a lurking suspicion in the minds of the farmers that
even those who have come to their assistance will not
hold on. This is indicated by the fact that it is in
contemplation to send a representative to Europe to
look after their interests. They are said to be appre­
hensive that the cotton sent abroad to be stored may ,
instead, be turned over to the spinners, thus forcing
the market down. A representative is, therefore, to be
sent to supervise the storing of the product upon
arrival. It is to be presumed that the European finan­
ciers who have been induced to enter into this appar­
ently very beneficial arrangement with Southern
planters are thoroughly reputable; to send some one
to make sure that they will do as agreed would, conse­
quently, be absurd. That, however, is only rumor.
We presume that the arrangement, if one has been
made, is more in the nature of a margin contract; that
the owners of the cotton can borrow a larger percentage
on their cotton than they could here and the cotton
will be held just as long as the margin is kept good.
The fixed price of 15 cents for cotton was again
brought up at a meeting of the National Farmers’
Union, held at New Orleans on Saturday last, dele­
gates from twelve States attending. Numerous
speeches were made upholding 15 cents as a fair price
for cotton this season and denunciatory of those hold­
ing contrary opinions. Final action of the meeting
consisted in pledges that 6,000,000 bales claimed to
be now held in warehouses at the South will be held
until 15 cents is obtained, and the president of the
Union was instructed to boycott, by publishing the
name of the financial institution, attempts to foreclose
on the farmers. It was also decided at the meeting
to hold a general Farmers’ Union Convention in Mem­
phis on January 7 1908, at which it is the intention,
should cotton by that time not have gone to 15 cents,
to recommend a reduction in acreage with the hope
of immediately forcing the price.
A further move in the Texas scheme of holding
cotton for higher prices came to light on Saturday last.
It comprehends the issue of certificates based on ware­
house receipts. Announcement was made 'that day
at Houston, by its President, that the Farmers’ Union
Cotton Company had decided to issue certificates at




[V o l .

lxxxv

.

the rate of $30 per bale for every bale of cotton held in
Texas warehouses, the Texas Banking & Investment
Company of Houston to act as trustee and guarantee
the issue. The certificates are to be issued in denomi­
nations of $1, $5 and $10 and are to fall due in seven
to eight months. It was stated, moreover, that some
would be put out this week. Merchants are expected
to accept them at face value, depending upon the
Texas Banking & Investment Company to take them
up later.
In a somewhat rambling interview in the “ Times,”
President Woodrow Wilson of Princeton declares that
political opinions are at present deprived of value by
the suspicion that the person uttering them is playing
for office, and that the great need is of “ a common
council for the people,” composed of men with no
personal ends to serve. Only one precedent condition
to the usefulness of this proposal exists— to find the
men I That is quite a safe proposition. He adds
that the aggressive pursuit of trusts is because the
people are kept in ignorance of their affairs. Cor­
poration lawyers injure their clients by insisting upon
ignoring the public demand for publicity, whereas his
own advice to those lawyers has long been to so influ­
ence legislation that corporation business shall be a
matter of public record. It would be difficult, but
he believes a statute could be drawn compelling officers
of corporations to file in the office of the State’s Execu­
tive a complete report of directors’ meetings and thus
make stock transactions a matter of official record
for the people. He has consulted eminent lawyers,
who have told him this could be done, and he would
undertake to frame such a law himself, with their
assistance.
There are some propositions respecting corporations
on which, we think, all sound-minded men might agree
and stand together. For instance, that'corporations
are not above the law and must obey the law, as others
must, the law itself being sane, just, not destructive,
and capable of being executed and obeyed. Next,
that no corporation, merely because it is one, may
demand any favor not granted to natural persons or
I evade any duty laid upon them. Next, that a cor|poration is bound to recognize and allow his utmost
right to every person who comes into touch with it,
without trading upon his probable inability to defend
himself. On the other hand, a corporation is. as fully
entitled to receive as it is bound to accord the utmost
right. It should not expect that anything will be
given to it, but it rightfully expects that nothing will
be taken from-it. Let it live close up to the sharp line
of its duties; but let it receive every jot of its rights
in return. .Let it get on without favor, but let it have
a fair field.
We have heard a great deal about “ a square deal,”
but the practical interpretation of the catchy phrase
seems to be that it is leveled at corporations, especially
railroads, in the supposed interest of a suffering people.
The deal is one-sided only. The saying that corpora­
tions have neither bodies to be kicked nor souls to be
condemned illustrates the hostile popular idea, which
assumes corporations to be always owing what can
never be obtained from them in full but nothing due
from the public to them, because they are sure to get
more than belongs to them. Dr. Wilson illustrates
this conception further when he likens a corporation

KOV. 30 L907.1

THE CHRONICLE

or trust to a group of burglars who meet and incor­
porate for the business' of plundering. The law, he
says, proceeds against “ it,” the corporation, but cannot
arrest it, or punish it except by a fine, and then, if it is
a corporation of burglars, the fine has to come out of
the plunder that has been taken from the community.
This is a clear failure of justice “ if” the corporation
is one of burglars; but if it happens to be an honest
one and has really done no wrong, or if it is an honest
one mishandled by unfaithful officers, in either case
the fine will be a robbery and in the second case a
duplicated robbery.
Dr. Wilson’s idea of compulsory publicity is in line
with the present drift; but as applied without restric­
tion it would violate the right of privacy and is hardly
worth serious consideration. “ Corporations (he says)
seem to be conducted by a predatory state of mind
duly adapted to evade the innermost intention of the
law.” We will not make the demurrer that what that
innermost intention may be is important and that
the right of self-defense is not yet a monopoly. But
is it not plain that what is most needed now is to
get rid of a hostility which reasons with its impulses
and to once more become able to see that everything
has two sides and every duty to be done by any natural
person or corporation has its counterpart in a right
due to them? Why not desist for a while from dwelling
upon what railroads owe to the people and reflect a
little upon what the people owe to the roads?
The twenty-one railroad measures passed by the
Alabama Legislature at extraordinary session con­
vened for the purpose by Governor Comer will become
effective Dec. 1, the Governor having already attached
his signature to the same. Though these laws were
enacted with the express idea of avoiding intervention
by the Federal courts, an injunction against them has
already been granted by .Judge Jones in the Federal
court at Montgomery. The twenty-one measures
probably constitute the most extraordinary series of
legislative Acts ever passed by a legislative body. It
would be difficult to properly characterize them or
even to furnish a synopsis of them such as would con­
vey to the lay mind a correct idea of their scope.
According to the “ Montgomery Advertiser,” the cen­
tral thought in the legislation has been the effort to
provide means for dodging court injunctions. Every
idea to this end previously adopted in other States
has, we are told, been copied. Acts declaring charters
forfeited are made important features of the new code.
The Railroad Commission and the Attorney-General
are deprived of the power to enforce the rate laws..
This has been done to keep them from being targets
for injunction. Then bills have been passed under
which any citizen can become a party to the enforce­
ment of the new laws. Any person who offers to pay
the statutory fare and is refused either a ticket or
admission to any passenger train is authorized to bring
a damage suit, and an easy way for him to do it is
provided. The agent or conductor who refuses,
while acting for the railroad, is made personally re­
sponsible as well as the road. Any citizen who is re­
fused permission to ship goods at the statutory rate
can also bring suit for damages against the road. The
refusal is also made an offense against the criminal
law. This, the “ Advertiser” states, is likewise done
to deprive any court of an injunction target.




1363

Furthermore, it is pointed out, that in the con­
cluding days of the session Governor Comer sent in an
important amendment under which a plaintiff may
allege, if an injunction has been granted by another
court, that the injunction has been secured through
collusion. The amendment places the burden of
proof upon the road to show that there has been no
collusion. We are told that this amendment was
taken to mean that the Governor feared that these
various Acts would be enjoined by the roads, and that
he wanted to have a new means of fighting the in­
junctions. Several of the Acts passed relate to the
duties of the Railroad Commission. The Commission;
under them, is given more power than it ever had
before, and perhaps more power, says the “ Adver­
tiser,” than any railroad commission of any other
State. One plan of the administration to coerce the
litigating railroads, according to our contemporary, is
to have the Commission win a victory by piecemeal
fighting— that is, reducing the rates on a particular
line, one after'another, until the road shall be con­
quered. The new legislation comprises eight group
bills which not only classify the railroads of the State,
but classify also the commodities hauled. These
classifications are so made as to reward certain “ good”
roads and to punish certain “ bad” ones. The Louis­
ville & Nashville has been particularly obstreperous in
resisting adverse legislation on the part of the State,
so it and its allied lines are put in a single class, and
required to accept by far the lowest rate of any road
in the State. The Southern Railway, on the other
hand, has been more conciliatory; hence it and its
allied lines, which had previously been in the first and
second classes, have been dropped to the third class,
and given the right to charge more satisfactory rates.
The “ Advertiser” says that it was contended on the
floor of the Senate that such a classification was mani­
festly unfair and that if attacked in any court it would
be overthrown. A loop-hole for the State was left,
however, of which it could avail itself if a fight in the
courts became too warm on this proposition. The
Railroad Commission is given the power to change
the classification of the roads.
As already stated, the purpose to prevent the Federal
courts from interfering has already been defeated.
On Wednesday of this week Judge Thomas M. G.
Jones, in the United States Court at Montgomery,
issued a temporary restraining order forbidding the
enforcement of nine of the laws passed at the special
session. The telegraphic dispatch containing this
announcement states that the attorneys for the rail­
roads who had been in conference for several days
found a way, as expected, to bring suits. One such
suit was brought in the name of a trust company
which is trustee of the income bonds of the Central of
Georgia Railway. That company, the members of the
State Railroad Commission, all solicitors, clerks of
court, and sheriffs, shippers of freight, also passengers,
are made defendants. They are all debarred from
enforcing or taking any steps in the enforcement of
the new enactments. Other suits in similar fashion
affect other roads. The restraining order is made re­
turnable before Judge Jones on December 15.
We cannot understand how any one could have
seriously entertained the notion that the hands of
the Federal courts could be tied in matters relating
to any rights granted or claimed under the Federal

1361

THE CHRONICLE

Constitution. Hardly more than three weeks ago a
decision was handed down by the United States Circ uit Court of Appeals at St. Louis making the emphatic
declaration that “ the power of the Federal courts was
not granted, and it may not be revoked, impaired or
restricted by any Act or law of a State.” This ex­
pression was uttered in the opinion holding that the
Minnesota law barring from its courts all foreign con­
cerns which try to do business in that State without
being licensed cannot operate to make void any con­
tracts between such corporations. The decision re­
ferred to was rendered by Judges Sanborn, Vandeventer and Phillips, and reversed the decision of the
Federal District Court of Minnesota in the case of
Andrew G. Dunlap, trustee of the Waterbury Hammer
Implement Company of Arizona against the trustees
in bankruptcy of the Western Implement Company of
Arizona, to compel the latter to return $12,000 worth
of goods alleged to have been conveyed by a con­
ditional contract by which said goods were to be re­
turned if not sold. The defendant’s contention that
the contract was void because the Waterbury Hammer
Company was barred from the courts of the State had
been sustained by the Federal District Court of Minne­
sota, but was overruled, as stated, by the Federal
Circuit Court of Appeals. The opinion, however,
does not relieve foreign corporations from State pen­
alties for violation of State laws.
It is to be noted, too, that in a letter written by
H. L. Stone, General Counsel of the Louisville & Nash­
ville Railroad Company, under date of Nov. 22, in
reply to an editorial in the “ Age-Herald” of Mont­
gomery, authorities are cited to show that the U. S.
Supreme Court has expressly upheld the granting of
injunction orders on the part of the lower Federal
courts in equity proceedings. Mr. Stone quotes the
opinion in the case of Smyth vs. Ames (169 U. S., 466)
where the stockholders of a corporation asked a decree
enjoining the enforcement of certain rates for trans­
portation upon the ground that the statute prescribing
them was repugnant to the Constitution of the United
States. The Court said that under the principles
which in the Federal system distinguish cases in law
from those in equity, the Circuit Court of the United
States, sitting in equity, can make a comprehensive
decree covering the whole ground of controversy,
and thus avoid the multiplicity of suits that would
inevitably arise under the statute. It was also said
that the adequacy or inadequacy of a remedy at law
for the protection of rights of one entitled upon any
ground to invoke the powers of a Federal Court is
not to be conclusively determined by the statutes of
the particular State in which suit may be brought.
One who is entitled to sue in the Federal court may
invoke its jurisdiction in equity whenever the estab­
lished principles and rules of equity permit such a suit
in that court, and he cannot be deprived of that right
by reason of his being allowed to sue at law in a State
court on the same cause of action. It would thus seem
that the action of Judge Jones at Montgomery has
abundant legal precedent to sustain it. The out­
come of the controversy, however, will be watched
with interest.

[V o l.

l x x x v

.

President of the former road— S. M. Felton having re­
signed the office. This fact brings to mind the improved
operating results and operating efficiency that have
been attained in recent years on the Toledo St. Louis
& Western. A comparison of figures recently col­
lected by the American Railway Association shows
that out of 133 railroads represented, that company
ranked third in the average number of freight-car miles
— its average being 38.5 miles, as against a general
average for all roads of 24.8 miles per day. From the
company’s report for the fiscal year ending June 30
1907, it appears that in that period of twelve months,
the average number of tons of freight hauled per train
mile, that is, the train-load, was 470.66 tons, as against
only 398.09 tons in the previous year. The average
earnings per train mile increased from $2.0484 to
$2.4203. Such figures, of course, demonstrate the
wisdom of the course pursued by the company in mak­
ing provision for the economical handling of its business
by putting surplus earnings back into the property for
its improvement. The net income available for divi­
dends for the late year was $645,067. After deducting
the dividend on preferred stock, the amount added to
surplus from the year’s operation was $445,067. It
is stated that the total additions to capital from Jan. 1
1904 to June 30 1907 were only $721,581, while the
grand total of improvements put upon the property
during that period amounted to $3,276,039. Of this
latter, $2,639,204 was charged to improvements,
while the remainder was charged to operating expenses.
There was no change in official rates of discount by
any of the European banks this week; compared with
last week unofficial or open market rates were easier
at London and steady at Paris, at Berlin and at Frank­
fort. The decline in rates at London was partly due
to facts stated above and partly to the release by the
India Council of 5 million dollars of ear-marked, or
segregated, gold, and also to the inauguration, as
reported last week, of releases by the Bank of France
of gold for direct shipment to New York. This relaxa­
tion of the drain on the London bullion market was
reflected in a reduction on Monday in the price of
gold bars by % of a penny, to 77 shillings 11 pence
per ounce, though on that day New York bankers
successfully competed with the Bank of England for
the $3,250,000 Cape gold which was offered on the
market. One incident of the week was the payment
on Saturday last in London to the Japanese Ambassa­
dor by the Russian Legation of $24,302,200 balance
due Japan for the maintenance of Russian prisoners of
war.
Last week’s statement of the New York Associated
Banks showed a cash loss of $2,807,900; this was due
to the fact that the gold which arrived on the Maure­
tania and on other belated steamers was not delivered
until after the close of the bank week. Loans were
contracted $4,012,000 and deposits decreased $9,485,000. The reserve was reduced $436,650 and the
deficiency therein was increased to $54,103,600. The
bank statement of this week should reflect the receipt
of about 12 millions foreign gold.

There was a general improvement in the monetary
The Chicago & Alton Railroad having passed under situation this week. Rates for call loans were easier,
the control of the Toledo St. Louis & Western Rail­ the average falling each day, and lower quotations
road, President T. P. Shonts of the latter is to become i were recorded than has been the case since the crisis




]STov. M> 1907.j

THE CHRONICLE.

began to develop. Time money was more freely
offered and some business at the recessions was re­
ported with Western borrowers and local commission
houses. There was a relaxation in the premium for
currency and doubtless such premium would have
entirely disappeared had it not been for bidding for
the account of institutions in near-by cities whose
needs have not yet been satisfied; the maximum rate
was 13^% and the minimum % of 1% . The domestic
exchanges on New York at the principal Western
cities are still high, though lower than they were in
the previous week. There continues to be more or
less monetary tension in the Far West and this seems
to be of such a character as to prevent banks at the
chief centres in that section from generally resuming
cash payments. Money on call loaned at the Stock
Exchange during the wTeek at 12% and at 3% , aver­
aging about 7% . On Monday loans were at 10%
and at 7% with the bulk of the business at 10%.
On Tuesday transactions were at 8% and at 3% with
the majority at 7% . On Wednesday loans were at
6% and at 3% with the bulk of the business at 6% .
Thursday was a holiday. On Friday transactions
were at 12% and at 5J^% with the majority at 6 % .
the higher rates on that day were due to the pen­
dency of December settlements. Time loans on
good mixed Stock Exchange collateral were offered
at 15% for ninety days, with some business at 12%
on exceptionally good security; loans of small amounts
were effected at 6% for nine to ten months. Quo­
tations for commercial paper remain unchanged at
7 @ 71 / 2 % for the best names with some business at 8% .
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 634@ 6j^ % . The
open market rate at Paris is 4J4% and at Berlin
and Frankfort it is 7 @ 7 ^ % . According to our special
cable from London the Bank of England gained
£1,759,222 bullion during the week and held £32,244,973 at the close of the week. Our correspondent
further advises us that the gain wTas due mainly to
large purchases in the open market and imports from
India. The details of the movement into and out of
the Bank were as follows: Imports, £2,861,000 (of
which £1,000,000 from India, £50,000 from Sweden,
and there were purchased in the open market £1,801,000 German coin and £10,000 bar gold); exports,
£1,346,000 (made up of shipments of £12,000 to
Gibraltar and gales in the open market of £1,237,000
bar gold and £97,000 United States coin), and receipts
of £244,000 net from the interior of Great Britain.

13 0 5

which had been sold for European account. The ef­
fect of such inquiry was, though, largely offset by
liberal offerings of cotton bills, reflecting a free move­
ment of this staple; the decline in the price of bar gold
in London and easier discounts at the British capital
contributed to depress the market, and in the afternoon
quite sharp declines were recorded, followed by a par­
tial recovery by the close. There were some indica­
tions early in the day of a cessation of gold imports,
which led to speculative selling, but, later, renewals of
engagements stimulated re-buying of exchange. On
Tuesday the market was active, with wide fluctuations.
Soon after the opening there was a decline, influenced
by a light demand and by a lower premium for cur­
rency. Then came news of further engagements of
gold in London and an inquiry for exchange for remit­
tance, which caused covering of speculative contracts,
and the tone was strong at the close. A decline in
the premium on currency, a large supply of commer­
cial bills and lower discounts in London contributed to a
fall in exchange on Wednesday, though long was ex­
ceptionally strong; the market was more normal than
it has been since the beginning of the deranged condi­
tions. Thursday was a holiday and on Friday the
tone was generally easy.
The engagements of gold as reported thus far on
the movement have amounted to about 97 millions.
It seems possible, however, that, owing to errors, re­
sulting from duplications and in other ways, the amount
may prove to be somewhat smaller than is here stated.
The arrivals at this port since the beginning of the
movement have been about 60 millions; this aggregate
may also slightly vary from the later corrected totals,
for some consignments that have arrived are said to
have been credited to bankers in New York, who re­
ceived the gold for the account of interior correspond­
ents, and thus duplications have occurred.
The market was heavy on Saturday of last week,
and, compared with the previous day, long was 100
points lower at 4 79)^@ 4 803^, short 10 points higher
at 4 8710@4 8725 and cables 25 points at 4 9025@
4 9035. On Monday long fell 50 points to 4 79@
4 7934, short 50 points to 4 8660@4 8670 and cables
30 points to 4 8895@4 89. On Tuesday long was
unchanged, while short was 20 points higher at 4 8680
@ 4 8685 and cables 25 points at 4 89@4 89J^. On
Wednesday long was 200 points higher at 4 81 @
4 8134? short 30 points lower at 4 8650@4 8660 and
cables 75 points at 4 88)4 @ 4 8840. On Friday long
was unchanged but short was 20 points and cables
35 points lower.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:

The foreign exchange market has been irregular this
W ed.. Thurs., F r l..
F rl.,
M on.,
Tucs.,
N ov. 22 N ov. 25 N ov. 26 N ov. 27 N ov. 28 N ov. 29
week with long firmer, in consequence of easier open
J60 days 4 80
80
80
80
80
market discounts in London, and short and cables Brown
87
87
87
B r o t h e r s .................. \Sight _ 4 87
87
Baring
J00 (lays 4 81
81
81
81
81
lower because of a lighter inquiry for cover for gold
& C o .......................... S ig h t-. 4 8 7 ^
87^
87 x
87 x
MX
Bank British
60 days 4 81
81
81
81
81
H
North A m e r ic a ____ Sight
87
4 H7X
87H
imports and for remittance; the end-of-the-month set­
mx
S7X
Bank of
O
60 days 4 81
81
81
81
81
L
87 X
Montreal- ______ . Sight. . 4 87 H
87 X
87 X
87 X
tlement 011 the London Stock Exchange showed a Canadian
I
81
Bank
60 days 4 81
81
81
81
D
87K
of Commerce - . . S ig h t.. 4 8 7 ^
87
X
87
X
S7X
small bull account in Americans, and therefore cables Heldelbaeh, Ickel80
80
A
80
80
60 days 4 80
87
Sight
4 87
87
87
Y
heimer & C o____
87
were not in special request. One feature was the Lazard
80
80
80
60 days 4 80
80
87
87
87
87
F reres_____________ Sight - 4 87
closer quotations for sterling exchange, decimals being Merchants Bank
81
60 days 4 81
81
81
81
87^
o f Canada- _______ Sight. _ 4 8 7 ^
87 X
87 X
S7X
more generally employed instead of fractions, as has
The market closed on Friday at 4 81@4 8134 for
been the case recently. The market was quiet and
steady 011 Saturday of last week and fluctuations were long, 4 8630@4 8640 for short and 4 8790@4 88
within a narrow range. On Monday there was a good for cables. Commercial on banks 4 7 9 ^ @ 4 80 and
demand to cover gold imports and to pay for securities documents for payment 4 78@ 4 81. Cotton for




1366

THE CHRONICLE.

payment 4 78@ 4 78% , cotton for acceptance 4 7 9 ^
@ 4 80 and grain for payment 4 8 0 % @ 4 81.
The following gives the week’s movement of money
to and from the interior by the New York banks:
Received by
Shipped by
N . Y . Banks. N . Y . Banks.

Week ending N ov. 29 1907.
__ -

$5,029,000
1,694.000

$10,327,000 Loss
6,973,000 Loss

Total gold" and legal tenders______

$0,723,000

$17,300,000 Loss $10,577,000

Currency
Gold

_

................______________

N et Interior
Movement.
$5,298,000
5,279,000

W ith the Sub-Treasury operations and gold imports
the result is as follows:
Into
Banks.

Week ending N ov. 29 1907.

Out o j
Banks.

N et Change in
Bank Holdings.

Banks Interior movem ent as a b o v e ._
Sub-Treas. oper. and gold im ports__

$6,723,000
43,500,000

$17,300,000 Loss $10,577,000
27,600,000 Gain 1a, 900,000

Total gold and legal tenders______

$50,223,000

$44,900,000 Gain $5,323,000

The following table indicates the amount of bullion
in the principal European banks:
N ov. 28 1907.

N ov. 29 1906.

Banks o1
Gold.
E n g la n d ..
France . Germany a
Russia d _ Aus.-Hunb
S p a in ____
Ita ly _____
Neth’lands
Nat.Belg.a
Sweden

| S ilv e r .

I

Total.

Gold.

Silver.

1

Total.

£
£
£
£
£
£
32,244,973
________ 32,244,973 33,263,144
33,263,144
108,013,931 37,283,543 145,297,474 110,269,725 40,363,013 150,632.738
28.739.000
7.965.000 36.704.000 31.563.000
8.900.000 40.463.000
125,265,000
5.112.000 130,377,000 114,055,000
4.361.000 118,416,000
45.689.000 11.607.000 57.296.000 46.944.000 11.824.000 58.768.000
15.615.000 25.655.000 41.270.000 15.341.000 24.262.000 39.603.000
38.146.000
4,759,600 42,905,600 31.767.000
4,326,900 36,093,900
7,644,100
4,979,100 12,623,200
5,531,500
5,643,200 11,174,700
1.711.000
3.422.000
5.133.000
3.226.667
1,613,333
4.840.000
4.071.000
4.071.000
3,962,000
3.962.000

Total week 408,850,004 99,072,243 507,922,247 395,923,036 101,293,44f! 497,216,482
P rev. week 407,014,838 98,729,913 505,744,751 393,438,711100,698,572 494,137,283
.
a The division (between gold and silver) given in our table of coin and bullion
in the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; in neither case is It claimed to be accurate, as those banks
make no distinction in their weekly returns, merely reporting the total gold and
silver; but we believe the division we make is a close approxim ation.
b The Austro-Hungarian Bank statement is now Issued In Kronen and Heller in­
stead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent In London, in
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead of 20.
d The total of gold in the Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account in other Continental banks. The pro­
portion so held and consequently duplicated In the above statement Is about one
quarter of the total.

VALUING ASSETS A T LAST YEAR’S
QUOTATIONS.
We regret very much that we cannot give our ap­
proval to the action of the conference of Insurance
Commissioners last week in suggesting that the com­
panies in valuing their assets on December 31 use last
year’s market prices for securities— that this year’s
prices be ignored. The situation of these insurance
companies, and in fact of all classes of financial insti­
tutions having security investments, is obviously most
perplexing. Through no fault of the managements,
there has been a tremendous shrinkage in the market
value of the securities held. No foresight could have
guarded against it. At a time of unparalleled in­
dustrial prosperity and apparently of undiminished
profits, these securities, resting on the country’s great
industrial agencies— the transportation lines and the
other instruments of commerce and trade— have fallen
into discredit and lost a good portion of their market
values.
No well-informed observer would claim that there
had been failure to exercise proper discrimination in
selecting the securities, for good, bad and indifferent
have alike declined. If the managers of these finan­
cial institutions had loaded themselves up with in­
ferior or second-grade obligations, they would have to
take the responsibility. As a matter of fact, even
what may indisputably be called gilt-edged liens have
shared in the general break, showing that some com­
mon cause has been at work undermining the intrinsic
merit of all corporate obligations. The downward




[V o l .

lxxxv

.

movement has been in progress for two years or more,
but during 1907 there have been a number of particu­
larly violent collapses— one occurred in March, another
in August— and on each occasion it was thought that
prices had reached their lowest depth and could not
drop any further; on both occasions hopes were dashed;
and finally there came the overwhelming destruction
of values in the panic of October and November.
Very naturally the companies or institutions hold­
ing these discredited and depreciated obligations are
in a quandary. On the basis of present prices, accumu­
lated surpluses, built up with so much care, would in
larger or smaller part be diminished and the financial
condition of the companies correspondingly weakened.
It is also argued that if statements of condition be made
up with these quotations as a basis, the effect may be
to unsettle the confidence of those interested in the
companies or of the general public; and that if later
it should appear that present prices had been wholly
ephemeral, much unnecessary mischief would have
been done. Public officials charged with the duty
of exercising supervision over the companies are very
naturally especially solicitous. At a time like the
present they do not wish to do anything that might
tend to intensify the disquietude prevailing in finan­
cial circles.
We bear all this in mind when we take exception to
the recommendation of the Insurance Commissioners.
The theory on which it is proposed to discard existing
prices is that they are panic prices and therefore can­
not be accepted as permanent. We are all in this
country hopeful and there is good reason for being
hopeful. It is no mere boast that there never was
such another country as the United States— a country
abounding in unrivaled natural resources, with almost
limitless undeveloped areas, and with the people pos­
sessing the enterprise and ingenuity to make the
most of such marvelous opportunities. Progress under
such circumstances is hence not merely the watchword
and the aim, but the inevitable outcome, other things
being the same. Wholly pardonable, therefore, is it,
to adopt the saying of the late Daniel Drew that “ What
hez bin will be agin” ; in other words, that in the long
run there will be a return to the former basis of values.
We share that view to this extent, that we feel that a
way out of the present slough of despond will be
found, and that our people, profiting by the teachings
of experience, will again be brought to a contented
and prosperous basis.
But it may be that antecedent to recovery we shall
have to pass t hrough a long period of reorganization and
reconstruction, with diminishing business and shrinking
profits, with vanishing dividends, and through bank­
ruptcy, receiverships and foreclosure, as at the close
of the silver era or the greenback era. We say this is a
possibility. We would not, however, be dogmatic on
such a point, as the matter rest's largely in the discre­
tion of our people themselves. The remedy is in their
hands. Should they choose to apply it, the quickness
of the transformation might surprise the whole world
and bring with it an equally marvelous upward re­
bound in values. Candor compels the statement that
there is no evidence as yet that our people appreciate
what is needed to bring about this transformation—
certainly not that our legislators and Government
officials are cognizant of it.
It looks as if the
awakening would come only after much delay.

Nov. 30 1907.]

THE CHRONICLE

This being so, is the assumption justified that the
present basis of values is quickly to be superseded by
a new and higher basis? If no such prospect is in
sight, what right have we to reject existing prices
and measure our possessions and our condition by a
basis of values prevailing twelve months ago? As we
have already shown, during the last two years, through
the long-continued shrinkage in values, the country
has been repeatedly disappointed in the belief that
the decline had gone far enough, and that recovery
must be in sight. All calculations, however, have
been astray. No one will deny that many securities
are down to a point where all possible adverse develop­
ments would seem to have been fully discounted.
But the very fact that in the immediate past all
reckoning has failed is proof that we have to contend
with a condition that is not common or ordinary.
Two opinions are advanced to account for the low
level to which prices have dropped. One ascribes
the trouble to the so-called “ strain on capital.” Those
holding this view argue that the gradual appreciation
of money rates in recent years has been instrumental in
bringing about a corresponding depreciation in bond
prices. Of course it is indisputable that interest rates
have advanced to a higher basis. If now interest rates
should decline, there would, as a necessary corollary,
be a corresponding recovery in security values. A re­
action in trade, such as the country has now entered
upon, would very naturally bring a drop in money
rates. In weighing the importance to be attached to
this argument, it must not be overlooked that persons
holding to this view contend that the situation here is
simply a local manifestation of a world-wide condition.
If that be so, adequate relief could come only through
world-wide depression in trade, and of this there is as
yet not the slightest indication.
To us it seems quite certain that within a compara­
tively short period there will be a plethora of loanable
funds, and yet we cannot persuade ourselves that this,
necessarily, means the advent of the former basis of
security values. A moment’s reflection will convince
any one that an easy state of the money market is
not the only factor determining stock or bond values.
Distrust, or the reverse, confidence, is at least an
equally potent agency. Bearing that in mind, no
feature in the investment world stands out so con­
spicuously at the present moment as that distrust is
the ruling, the dominant characteristic. Nor can we
.see any likelihood that this feeling of distrust is speedily
to disappear. We do not intend to rehearse on this
occasion the influences and conditions which in our
estimation are responsible for this distrust. Certain
salient facts, however, come readily to view. Our
railroads have had to furnish in recent years enormous
supplies of new capital, which are represented by
corresponding additions to their outstanding stock
and debt. On these additions a return has to be
earned in the form of dividends or interest. Contem­
poraneously, - Government officials and legislative
bodies have, on the one hand, been engaged in reducing
passenger and freight rates, and on the other have
imposed restrictions and requirements serving greatly
to increase operating cost; there has, besides, been
an advance in expenses from natural causes, such as
higher wages and enhanced prices of fuel, materials
and supplies. The effects of the reductions in rates
and the increases in costs can hardly be said to have




1367

been fully revealed as yet. Nevertheless, many of the
most important systems of the day have during the last
twelve months suffered huge losses in net earnings,threatening or actually involving a reduction in divi­
dends— in some cases even endangering continued
interest payments. At this j uncture, the monetary crisis;
overwhelms us and the country faces a commercial re­
vulsion of large extent. Industrial depression means, of
course, falling traffic and diminishing gross earnings— a
new development after the uninterrupted growth of the
last ten years— and What, then, will be the situation
of the roads with their increased charges to meet?
Thus one is obliged to confess that treating the
railroads as a whole, it is by no means certain that a
permanently higher level of values can be relied on,
having regard to the earning power and intrinsic
value of the properties. But still other considerations
come into play. When we impair the dividend
capacity of a property, we also impair the market
value of all the mortgage liens—even those of an
underlying character. Take the case of the Southern
Railway, for illustration. That company at the last
semi-annual date was obliged, because of the tre­
mendous shrinkage in its net earnings (its gross earn­
ings having continued to show uninterrupted growth)
to reduce the dividend on its preferred stock. More­
over, the price to which these shares have now dropped
(sales being made at about 33) indicates the prevalence
of fears that dividend payments may have to be sus­
pended altogether. Furthermore, the $15,000,000
3-year 5% debenture notes which J. P. Morgan & Co.
took only last January to meet the company’s most
pressing needs, and which were subsequently resold
to various banking houses at 97, are now quoted in
the market no higher than 65 @70. It is evident that
the state to which the company has been reduced has
much to do with this tremendous slump, and that the
condition of the money market cannot be held wholly
responsible for it.
With a junior obligation under the disfavor which
such prices indicate, can we expect the earliej and un­
derlying obligations which have also suffered great
shrinkage (the first consol. 5s of 1994 being quoted
at only 923^ against 113% earlier in the year, and the
St. Louis Division 4s of 1951 at 75 as against 9434)
to return to the former basis, unless the condition and
prospects of the company itself again become as
assuring as they were before the crusade against the
railroads was begun in the Southern States. We take
the Southern Railway for illustration because of its
acknowledged good management, and because the
success which it previously attained must be ascribed
entirely to that circumstance and to the pouring of
enormous amounts of capital into the property by
J. P. Morgan and his associates when they rescued the
old Richmond & West Point Terminal lines thirteen
years ago from their then condition of decay. These
men had faith in the property and in the South. It
seems hardly likely that the reward they have received
will result in further extensive investments for some
time to come. Nor does the Southern Railway stand
alone in this respect. Nearly all other roads in the
South have fared poorly. The Seaboard Air Line in
the late fiscal year fell $458,301 short of earning its
fixed charges, while the Atlantic Coast Line barely
earned its dividend, and last week deferred action on
the semi-annual payment due the coming January.

1368

THE CHRONICLE.

[V o l .

lxxxv

.

Instances of heavy losses in net in other parts of the This shows more plainly than anything else the pass
country might also be mentioned. Through adverse to which we have been reduced, and no mere state of
legislation we have impaired not only the value but the the money market or a so-called “ strain upon capital”
condition of vast masses of securities that formerly is sufficient to account for it. It is inevitably and
had an exclusively investment character. This has unmistakably the result of the radical political policy
reference not merely to steam railroad properties, we have been pursuing in this country. The higher
but also to traction, gas and electric-light and power interest rates are the penalty we are paying for indulg­
properties. Through 80-cent gas laws and Public ing in this policy.
Service Commission acts we have been putting these,
The conclusion to which all this leads us is that
too, under the ban. The most of the street railway other causes beyond and aside from the absence of a
and gas properties were formerly considered solid sufficient supply of loanable funds are responsible for
investment securities, and no one ever dreamed of the the great decline which has occurred in security values
possibility of their being put in jeopardy. Yet all of all classes and kinds. This being so, it would be
over the country there has been a shrinkage in these, risky to count upon a return to the old and higher
the same as in other forms of corporate property. basis of values so long as these causes remain in opera­
Suppose after a long period of litigation the right of tion. As to when they are likely to be removed, we
these properties to compensatory rates and prices would not even venture a guess. The reader should
is established. Can it with reason be hoped that they not misunderstand us. We do not mean to say that
will soon regain thej>lace in the esteem of investors recoveries, and, pershaps, substantial recoveries, from
which they formerly held? They have undeniably the extremely low prices now ruling, may not occur.
received a black eye. The question is, how long will With a return to easier monetary conditions it is quite
it take before they recover from the effects?
within the range of probabilities that meritorious
This brings up another point. Will not the country securities which have suffered unduly in the existing
have to pay for the hostility which has been mani­ depression will recover a part of their loss. This
fested in recent years against corporations and might happen even before the close of the current
against capital and accumulated wealth? Arbitrary calendar year, when the different financial institutions
legislation or Government action reducing rates or are obliged to make up their annual statements. But
increasing expenses is a risk against which capital we do wish to emphasize the fact that the assumption
and investors will seek protection, and for which com­ implied in last week’s resolution of the Insurance Com­
pensation will be demanded if the risk is taken. Not­ missioners that the quotations of a year ago can be
withstanding what well-meaning persons may say accepted generally and by the wholesale is founded
to the contrary, the country has undoubtedly been upon error. It seems entirely safe to say that in hosts
threatening the security of capital and investments, of instances the market values of twelve months ago
and some of the consequences of this inimical attitude are not likely to be repeated for quite a while to come.
It follows that it would be wrong and misleading to
are already in evidence. Where doubt exists as to
the security of capital, it is the invariable experience accept the prices of December 31 1906 rather than
all over the world that the interest rates in invest­ those of December 31 1907. There is the further
ments will rise, and obviously the higher these interest objection to such a course that a statement made up in
rates the lower the level of values. If, owing to the that way would be neither true nor accurate. The
added risks which investors now assume in buying cor­ step would, moreover, be establishing a dangerous
porate securities, one-half or one per cent more interest precedent. If the rule be applied to insurance com­
per annum has to be paid than formerly, it follows that panies, it would be hard to refuse to extend it to other
the obligations bearing the old and lower rates of classes of financial institutions—to savings banks and
trust companies or even tp mercantile banks. Indeed,
interest will suffer a corresponding depreciation.
That we are not giving voice to mere fanciful notions where and when could we stop in the application of
will appear from a thing which has happened this the principle? It is a familiar fact that embarrassed
very week. The Canada Southern, forming part of institutions always contend that they are solvent, but
the Mi higan Central, which in turn forms part of that the trouble is that the outsider does not put the
the New York Central system, has $14,000,000 of same estimate of value upon their assets as the in­
5% bonds falling due Jan. 1 1908. Announcement is siders. Valuing securities at the quotations of some
now made that these bonds are to be extended until past date partakes very largely of the nature of the
Jan. 1 1913, not at 5 % interest but at 6% . The bonds same kind of proceeding. It does not matter whether
are not a second mortgage or a general mortgage, but the valuation is for the purpose of determining sol­
an absolute first mortgage. Yet the company finds vency or the size of the surplus. Values that cannot
itself obliged to offer as high as 6% in order be realized at the time the accounts are made up are
to get the bondholders to consent to an exten­ fictitious values, and to use such values is simply to
sion of the mortgage. Up to within the last two or delude ourselves that the thing which does not exist
three years, whenever an underlying and undeniably actually does exist. If for any reason it becomes
superior lien of this character fell due it was possible necessary to part with the securities held, they can
to renew the mortgage at a reduced rate of interest. only be disposed of at current figures, not at some
Hundreds of liens of this character have fallen due imaginary figures existing in the near or remote past.
and been extended at 3% % or 4% interest. There The moment this is done, the loss which it is intended
can be no doubt that, five years ago, the Canada to obscure or hide becomes at once real and tangible.
We think the occasion is one for the exercise of
Southern Company could have renewed this loan
at 4% or 43^% interest. Now it is obliged to pay leniency on the part of Insurance Commissioners and
6% , being actually 1% more than the rate at which Bank Commissioners, but things ought not to be
the bonds were put out thirty years ago, in 1878. represented as being what they are not. If the adop­




Jtfov. 30 1907.]

THE CHRONICLE.

tion of the prices which may rule December 31 1907
reveals in any case an impairment of condition, no
hasty or ill-considered action based on such revela­
tions should be taken. It will be well to allow time
to test the accuracy of the belief that a better state
of things is speedily to develop. At such a juncture
the exercise of wise official discretion and sound
common sense is the imperative requirement. But let
the statements of condition be what they purport to
be— a true and accurate portrayal of the affairs of the
concern. We are confident that no company will
suffer through the ■pursuance of such a course—that
every one interested will judge results in the light
of the tremendous and universal drop in quotations
which has taken place.
THE ATTITUDE OF FIN AN CIAL LONDON.
In what may be called the psychological side of the
recent panic episode, nothing has seemed to us more
singular than the state of mind which has displayed
itself in numerous foreign quarters. We do not ex­
aggerate when we say that the suggestions which have
come from many important European sources as to the
proper measure for relieving the American situation
have been such as to excite in our own banking circles
bewilderment. Instead of convincing the well-in­
formed American financier that the situation here must
be worse than we had believed, the appeal from the
quarters referred to for extreme and revolutionary
measures has impressed on the American reader’s
mind the idea that Europe itself must be singularly
uninformed as to the truth of the American situation.
To show precisely what we mean, we need only men­
tion that cables from a very high bank authority at a
European financial centre were received in New York
a week or two ago, taking the position flatly that
President Roosevelt ought, of his own initiative, to
decree an immediate increase in national bank circu­
lation, and ought also to place a Government guaranty
behind the assets of the banks. Suggestions such as
this would ordinarily excite derision. It is the impor­
tance of the quarters from which they actually came,
and the persistence with which they were reiterated,
which make it necessary to recall them now. If fur­
ther evidence of the erroneous judgment of our situa­
tion by foreign financial authorities were required,it
can be found in the editorial columns of leading finan­
cial organs of Europe — one, for instance, to whose
discussion of monetary problems financial readers
have looked with respect and confidence during very
many years. We reprint part of an article on the
American crisis published in that journal Nov. 16:
The obvious plan of im porting gold to fill up the gaps
in the currency is clearly inadequate to a situation as diffi­
cult as the present. The estimated stock o f gold in the
United States is slightly under £300,000,000. so that, even
if American financiers could take £30,000,000 from London
and the Continent— and, except at an enormous loss, they
certainly could not procure so much— the increase to their
existing resources would only be at the rate o f 1 0 % . An
issue o f silver currency needs only to be suggested to be dis­
missed, and so b y a process of exhaustion we arrive at the
plan to which the Treasury at W ashington is undoubtedly
being forced, and which must be put into operation unless
the premium on currency disappears in the next week or
tw o. The Government must issue inconvertible paper,
even at the risk of creating all the evils that an inconvertible
currency may produce.

It needs only a moment’s consideration to see how
completely this argument misses the salient facts of
the situation. If the currency of a given community
were made up of gold coin and nothing else, and if,




1369

through hoarding by frightened or speculative deposi­
tors, reserves of the banks were drained in a single
week, precisely the same phenomena must have fol­
lowed as have occurred in the present instance. When,
furthermore, the same writer argues that some means
must be devised'to remove the currency^premium and
enable the banks to cash checks freely, and then pro­
ceeds to propose the astonishing expediency of fiat
money, it will be plain to the American reader that it
was not taking due account of what was actually be­
ing do e with a view to the very purposes referred to.
Import of foreign gold in sufficient quantity to restore
depleted bank reserves to normal conditions was the
recourse adopted in 1893 and repeated this year.
Practiced on the scale of these two occasions, we
readily admit that the remedy in a certain sense was
barbarous; but it was so only because it dealt with a
barbarous situation created though the hoarding of
cash in such quantities as actually to stop the wheels
of ordinary business.
We freely grant that the hoarding episode as a whole
was discreditable to the United States, and we believe
that no more serious problem lies before the country
in its consideration of currency reform than how to
place the banks in a situation where they will never
again be threatened with precisely such action by
depositors.
But to suppose that issue of incon­
vertible paper money by the Government would
achieve, even momentarily, such a purpose, is to sup­
pose an absurdity. Import of gold, to replace the
hoarded money, certainly has this much of economic
excuse, that it represents borrowing from the reserve
facilities of other markets for the benefit of a market
which happens to be in difficulties. Thus borrowed,
it is always probable that, if return of normal times
shows the money supply to be overcharged, the gold
will be shortly returned to its former lodging place.
Not so with such an expedient as inconvertible
paper. The Government not only could not take up
this currency at once on return of normal conditions,
but all past experience leads to the conclusion that it
would not do so if it could. Supposing so fantastic a
measure to have been adopted, we should at once have
heard again, as we did in the greenback days during
and after the Civil War, that here at last is the cur­
rency which we can rely on, and which’ does not leave
us in an emergency. The fiat-money delusion would
be rife in the community once more, and as a minor
result we should promptly send abroad, not only such
gold as we might have obtained during the panic, but
a good part of what was normally in our hands before.
We are somewhat ashamed to discuss thus seriously
so inadmissible a suggestion; our only excuse for doing
so is that we hope to contribute toward removing the
strange delusions as to the American position which
have existed abroad during the past few weeks. We
think also that in a measure these strange propositions
from across the ocean have had a basis more or less
similar to the misgivings which resulted in our Govern­
ment’s Treasury-note experiment. In the one case,
as in the other, the trouble seems to have been, not
only dismay at the situation of the moment, but a
lack of historical perspective which would have shown
that our present crisis was in each successive stage
merely repeating what had occurred on at least three
previous occasions of the kind. Such knowledge
should have made clear to any thoughtful mind that

THE CHRONICLE.
the country’s banks were working out of their recent
deplorable situation on exactly the same lines, and
with exactly the same rapidity, as was done in 1893
and 1873. It would have also shown in advance,
what is now plain from actual results, that our de­
mands on the gold of other financial markets, though
violent in character and unusually large in amount,
were none the less subject to the actual ability of such
foreign markets to part with it. Finally, it would
have proved that the engagement of this great amount
of gold, far from foreshadowing a situation here which
was growing rapidly in gravity, was witness to the
fact that the quickest of all relief measures was being
applied and that the end of the crisis was in sight.
We presume that restoration of a normal basis of
payment by the banks is now very close at hand.
When that occurs and the hoarded money pours back
upon the m arketit will be evident, even to those who
have honestly entertained these strange ideas, that
they had merely misjudged the character of our situ­
ation .
TH E MILEAGE-BOOK PROBLEM BEFORE THE
UTILITIES COMMISSION.
The first public hearing by the Utilities Commission
on passenger rates was held on the 25th before the
up-State branch of that body, the specific occasion
being that the roads should show cause why they
should not issue 500-mile and 1,000-mile mileage books
at the uniform 2-cent rate and make them not only
good to bearer but interchangeable on all roads, and
without the restrictions now put on the sale in some
cases. Representatives from the passenger depart­
ments of nearly all roads operating in the State at­
tended. They concurred generally in the opinion that
the proposed interchangeable book would increase the
temptation to conductors to be dishonest and would
inflict loss upon the roads. One declared that in
some instances net earnings would be wiped out; one
pronounced the mileage book incurably vicious; one
said his road had adopted a general 2-cent rate ex­
pressly to get rid of the mileage book, and another
would like to see the book abolished altogether. The
Vice-President of the Lackawanna said he is advised
that the Commission has not power to regulate mileage
books, to which Chairman Stevens replied that the
power to order a general 2-cent rate was conferred and
he had thought the roads might prefer, at the outset,
the elimination of harsh restrictions in connection
with the sale of the books.
, Other interesting points were raised. The repre­
sentative of the Delaware & Hudson pointed out that
discriminations are expressly prohibited by the Utili­
ties law; therefore, he argued, a 2-cent book necessarily
means a universal 2-cent rate, which is unreasonable
and unjust, and the Commission ought to investigate
the general question of feasibility. A railroad, he
said, cannot discriminate in rate per mile between one
person who has the money to purchase a book and
another who is able to pay for only a few miles at a
time. Our readers will recall that this same conten­
tion was raised against the Pennsylvania in the action
of some 18 months ago against it, wherein harsh re­
strictions and unjust discriminations against the poor
traveler were charged. The representative of the
Pennsylvania raised another point at this hearing by
saying that the traveling public (meaning persons who




t

[V o l.

l x x x v

travel much and for business reasons) insist on a lower
rate than is paid by the general public, and if a general
2-cent rate is made, the traveling public (for whom
the mileage book was devised) will demand a quarter
or a half cent taken off. He might have added that
the commuter— who already gets the lowest rate of
all, in obedience to the law (which regulation and re­
form have not yet been able to repeal) that the large
buyer always gets concessions— would still put in his
claim to something a little better than others have.
The unfavorable effect upon revenue exerted by the
2-cent frenzy which has run over the country must
express itself somewhere in the balance-sheet; so much
is unshakable arithmetic. Therefore, the commuter
was threatened with an advance, and he promptly
made the universal taxpayer’s demand that necessary
increase should be put anywhere else than on him. His
case was left undisposed of, but it is only deferred.
The hearing did not pass without a touch of comedy
given to a serious subject. For Chairman Stevens
said that “ the traveling public is not satisfied with the
present situation and while the public may not know
just what they want, they do want something.” Wesuppose they want what every man wants— higher prices
for his own product and lower prices for his purchases;
and when a State proposes to force down the rate of
an important commodity and advertises for complaints,
it would be strange if the complaints were lacking and
the proposed reduction did not evoke a chorus of ap­
plause. The complainant whose plaint led to this
hearing, the Grievances Committee Chairman of the
Associated Commercial Travelers, called for an open
mileage book without discrimination, but gave the
pleasing assurance that “ we are not attacking the
railroads; our work tends to build them up and spread
prosperity.” The counsel of another travelers’ asso­
ciation showed the drift by giving notice that “ we are
coming before you, later, to ask for a flat 2-cent rate
for the general public.” This is the Berwick fishdealer again, who frankly says he cares nothing about
the railroads or how they are affected; what he wants
is lower rates on fish. But he is learning generosity—
at the expense of the carriers; when he has got what
he wants, he will ask that the general public be ac­
corded the same.
The contentions made at this hearing do not match
together, but nobody ought to be surprised at that.
That the traveling public and the commuting public
will certainly demand discrimination, with or with­
out mileage books in existence, and that the very
essence of the anti-railroad movement, since that
began with grangerism so many years ago, is that
no discrimination ought to exist, is just as certain
as the business law which declares that the buyer who
discriminates in respect to size of transaction is entitled
to discrimination in return in respect to terms. These
conditions are natural and irrepealable, as well as ir­
reconcilable. The man who imagines that he can
reconcile and solve them by framing a statute of un­
precedented scope and concentration may please an
unthinking public who “ do not know just what they
want but do want something,” because they have been
appealed to as to whether they are quite content and
could not express a wish; but he will find the task of
making contraries work smoothly a herculean one.
For example, the public will naturally learn what
they want and call for more and more of it. If a gen­

Nov, 30 1907.|

THE CHRONICLE.

1371

of condition or a prospectus, or something else— the
public should be able to place absolute faith and con­
fidence in it.
There are some accountants who do not recognize
that they have any relations to the public, or at least >
act as if they did not. They will get up a statement,
or issue a certificate, to please a client, which, while
technically correct, will be misleading and deceptive
in that it is only partial and incomplete, and leaves
unsaid or unnoted many things which an outsider is
entitled to know and which are essential to a correct
judgment in the premises. Mr. Sterrett, jointly withF.
B. Kirkbride, is the author of the book called “ The
Modern Trust Company,” and by reason of his pro­
fessional attainments and high standing is well quali­
fied to discuss the subject and to lay down the rules
of conduct that should govern the accountant. He
well says that in many instances the accountant’s real
client is the public, and he gives illustrations to show
the truth of this statement. For example, an account­
ant may be appointed auditor of a company, the ap­
pointment being made solely by the board of directors
who are the owners o f a majority of the stock. It is
only human nature that the accountant should desire
to retain the good-will of these directors, but he has a
duty toward the minority stockholders not represented
on the board, and this requires that he shall guard
their interests as zealously as he does those of, the
majority. He cannot certify to the correctness of a
set of accounts which is misleading or which suppresses
material facts. It may be that the directors are over­
stating the profits in order to declare large dividends
to themselves and advance the price of the stock with
a viewr to unloading their holdings; or, on the other
hand, they may be reversing the process, and by reason
of unwarranted charges reducing the net profits and,
consequently, the market price of the company’s
securities, all for the purpose of enhancing their per­
sonal interests to the detriment of minority stockholders.
Mr. Sterrett admits that such a situation is apt to be
embarrassing, requiring no little skill and tact; and
he does not counsel being dogmatic. He urges that
THE RELATIONS OF THE ACCOUNTANT TO directors are clothed with a large measure of discre­
tionary power, and an auditor should be very sure of
THE PUBLIC.
In the address on “ Professional Ethics” delivered at his ground before setting up his own opinion if it is
St. Paul last month at the annual meeting of the contrary to that of a number of men, all of whom as
American Association of Public Accountants by J. E. directors may be presumed to be as interested in the
Sterrett, there is an interesting discussion of the ques­ welfare of the company as is the auditor, and who, it
tion of the relations of the accountant to the public. also may be presumed, are at least equally familiar
The subject is one in which naturally a wide degree of with the particular business in question. If the
interest is taken, for it is of no little moment to know auditor is clearly convinced that a wrong is being in­
what view the profession itself takes concerning this tentionally perpetrated, there is, of course, no middle
important question. At a time when business activity is ground for him to occupy. If, on the other hand,
carried on almost exclusively in the corporate form— we the difference of opinion between him and the directors
mean on any largescale— when transactions and under­ is one of business judgment, he should concede the
takings are of such magnitude that a correct analysis integrity of purpose of the directors. If he is dissatis­
of them can be attained only through the application fied with their conclusions he can state his own opinion
and with the aid of a thorough and complete system in his report. If he issues a certificate to the accounts,
of accounting, it is in the highest degree essential not it is his duty to qualify the certificate in such a way as
only that correct accounting methods should be em­ to give expression to his best judgment. This, how­
ployed, but also that the accountant should feel that ever, should always be done in plain language and not
he owes it both to himself and the profession that he • be, as Mr. Sterrett terms it, “ a refined juggling of
should act in absolute good faith to outsiders in addi­ words.” It is his opinion that an auditor needs to
tion to protecting the interests of the client who em­ exercise a wise discretion in dealing with all such cases.
ploys him. Obviously when a document goes out to If too complacent he may be an abettor of wrong.
the general public with the name of the accountant If he goes to the other extreme and becomes aggressive
attached to it— whether this document be a statement and unnecessarily officious, he may precipitate a crisis

eral 2-cent rate is enforced now, a 1-cent rate, or even
less, may be demanded a little later. If it is said that
this is impracticable, we should note that there are two
notions in vogue now, not categorically expressed or
pondered at all, namely, that railroads must do any­
thing which the law demands of them, and that it is
of no particular consequence what happens to them.
Note also that the question how they will be affected
by a 2 or 2)^-cent rate has not been considered; the
most striking incident in the rate legislation has been
the complete absence of investigation whether it can
be enforced. Whether all the roads in a State can do
what some of them might, or whether a rate which
might do in some parts of the country is feasible in all
parts— no legislator has troubled himself to study this.
The spirit of the entire attack has been that of the
commercial travelers in Georgia, who did not see why
their State should not share in so good a thing which
was being afforded elsewhere.
The Utilities Commission has been in existence long
enough to exhibit the complexities and inconsistencies
of the scheme, at least. Ten years ago, such an idea
as taking the control of property from its owners and
conferring it upon a political commission would not
have been considered for a moment; indeed, hardly the
wildest theorist would have proposed it, or could have
won a hearing had he done so. What has changed in
the interval? No law of finance or of business, surely.
Human nature Is just the same— eager for individual
advantage, somewhat indifferent to how others are
affected, and readily tempted to take chances on the
permanent injury which may develop for the sake of
the apparent benefit of to-day. Nothing in the con­
ditions of life and business has changed, except this:
that we have become, little by little, accustomed to
steps in statutory aggressiveness and interference with
property and personal vights, so that we do not recog­
nize how far we have drifted. A little at a time, we
have gone a distance towards having all property con­
trolled by those who do notown it from which we should
have recoiled had it been suggested at a single bound.




1372

THE CHRONICLE.

and jeopardize the property of those whose interests
he intended to serve. This is evidently good advice.
Attention is also devoted to the subject of examina­
tions of the accounts of properties with a view to a
transfer of ownership either in combination with other
similar properties or by the formation of a company
whose stock and securities are to be issued in part to
the old owners and in part to the general public. Mr.
Sterrett speaks accurately when he says that in no
other position does an accountant find himself in
greater need of that judicial temperament which, while
dealing with the questions immediately at hand, keeps
constantly before it the rights of the unknown, per­
haps obscure, individual, who at a future time will be
influenced by what the accountant says now. When
an intending investor comes to consider the subject of
exchanging his good money for stocks or bonds shortly
to be issued, he is entitled to a clear presentation of
the facts. All honest men make mistakes, and no
matter how careful an accountant may be in his ef­
forts to ascertain the full, fair truth in respect to a
business, he may be misled or fail rightly to interpret
significant facts. Mr. Sterrett considers that it is
the duty of the accountant to exercise all his talents
to that end; also it is his duty after having satisfied
himself as to the facts in question, to render his report
or certificate in language that will convey to the ordi­
nary mind as nearly as may be done his exact opinion
as to those facts. In all these matters the account­
ant’s position should be that of absolute impartiality.
What Mr. Sterrett says concerning the importance
of the accountant not being pecuniarily interested is
also worthy of high commendation. He urges that in
any case where the interests of present or prospective in­
vestors are to be considered, an accountant should keep
his mind scrupulously clear of any taint of self interest.
“ No man can serve two masters.” The scales of jus­
tice, says Mr. Sterrett, are so delicate that he who
would use them correctly must have a hand free from
any tremor arising from personal hopes or ambitions.
This being so, an accountant should not allow himself
to speculate in any securities a knowledge of which
comes to him professionally. He has the same right
that any other man has to go into the market and in­
vest his money on the same plane as the general
public. If an accountant declines to go into under­
writing syndicates or accept special opportunities to
acquire securities in respect to which he has been en­
gaged in his professional capacity, if, in short, in all
his investments he adheres rigidly to the rule of taking
them from among the securities open to the general
public, and upon the same terms they are offered to it,
he will find, it is contended with much force, that his
clients will entertain for him a higher measure of re­
spect, and that in the long run he is more likely to meet
with success by refraining from such temporary ad­
vantages as “ ground-floor opportunities.”
The address we are discussing was a general one,
dealing with the three-fold aspect, first, of the relation
of the accountant to his client; second, his relation to
the general public, and, third, his relation to his fellow
accountants. With some of the things that Mr. Ster­
rett says we find ourselves in sharp dissent. We are,
however, in entire agreement with him in the statement
that the enforcement of ethical requirements cannot be
accomplished in a satisfactory manner by leaving it
to such crude instruments as legislative enactments




[Vo l .

lxxxv

.

or by means of by-laws or resolutions of a professional
organization. These have their place and are not to
be undervalued, and he thinks it would be a matter for
congratulation if there could be given an endorsement
of some simple standards that would serve as a start­
ing point from which a further development of pro­
fessional ethics might proceed. It is, however, much
more desirable, as he says, that each member of the
profession should exemplify in his life the truth that
every man is debtor to his profession, and constantly
make it his unselfish and whole-hearted endeavor to
conform at all times to the highest standards of profes­
sional ethics.
F A L L R IV E R M IL L S D IV ID E N D S IN 1907.
The shareholders in cotton-m anufacturing establishments
at Fall River have received exceedingly satisfactory financial
results from the 1907 operations, and in the last quarter of
the year they fared better than in the preceding three months
or in the same period last year. The gratifying result is
due, of course, to the decided activity in the cotton-m anufac­
turing industry and the com paratively high prices of goods,
which have enabled the corporations to make m ore liberal
distribution to shareholders and appreciably add to the pre­
viously existing surplus. Some of the corporations in addi­
tion to maintaining or increasing dividends have made stock
distributions. How the profit and loss account of a number
of the im portant mills stands now , as compared with a year
ago, is indicated b y the following:
P R O F IT

AND

LOSS

SU RPLU S.

190 7.
1906.
$16 9,14 4
$85 ,9 7 4
A m e r ic a n L in e n C o _______
A rk w rig h t M ills..................
145 ,228
95,426
B o rd e r C ity M fg . C o ______
234 ,3 6 5
7 3 ,706
D a v is M i l l s _______________
413 ,3 1 2
2 4 4 ,0 7 3
F lin t M i l l s - . . .......................
110,283
43,611
G ranite M i l l s - . ....................
703 ,472
585 ,8 4 0
184 ,242
108 ,815
L a u rel L a ke M ills________
M e ch a n ics’ M ills__________
121 ,627
d e f.2 8 ,7 4 8
M e rch a n ts’ M fg . C o ______
4 6 8 ,6 7 6
2 22 ,229
N a rra g a n se tt M ills _______
1 15 ,227
4 9 ,9 0 7
P a rk er M ills_______________
195,832
6 0 ,2 2 4
S ag am ore M fg . C o _______
355 ,694
188 ,973
S e a co n n e t M ills___________ 95,462
d e f.3 0 ,1 8 7
360,563
147 ,524
S ta ffo rd M ills - ....................
S tev en s M fg. C o __________
3 0 3 ,7 8 9
189 ,044
T e cu m s e h M ills----------------247 ,4 7 9
9 6 ,284
U n io n C o tto n M fg . C o ----212 ,482
86,841
W a m p a n o a g M ills________
251 ,105
126 ,524
T o t a l s ---------------------------$4,6 8 7 ,9 8 2
a A p p r o x im a t e d .

$ 2 ,3 4 6 ,0 6 0

In crea se 1907
1905.
over 1906.
$ 1 3 0,97 4
$83 ,170
63,267
49,8 0 2
2 7 ,018
160 ,659
143,235
1 69 ,239
18,957
66,672
a 5 0 0 ,0 0 0
117,632
5 9 ,4 9 9
75,427
d e l . 84,427
150,375
172,491
2 46 ,447
31,3 9 5
65,3 2 0
d e f.1 2 ,0 2 7
135,608
148 ,130
166,721
d e f.7 8 ,6 8 5
125 ,649
4 8 ,966
2 1 3 ,0 3 9
159 ,222
114,745
74,8 3 2
151 ,195
12,0 0 0
125,641
9 5 ,2 0 8
124,581
$ 1 ,5 1 0 ,0 5 5

$2,3 4 1 ,9 2 2

This compilation is self-explanatory; it shows that within
the year the eighteen corporations included, after paying divi­
dends, &c., have been able in the aggregate to fortify their
surpluses b y over 2 1-3 million dollars, or almost 100% .
The distribution of dividends for the fourth quarter of
1907 has been very much greater than that for the similar
period of 1906 and more satisfactory than in any earlier
year of which we have record. All the corporations included
in our statement have declared dividends during the last
quarter averaging 3.71% on the capital invested, against
1.77% in 1906, 1.09% in 1905, 0.5 0% in 1904, 1.39% in
1903, 1.49% in 1902 and 1.24% in 1901. The details for the
fourth quarter are as follows:
Fourth, Q uarter
1907 and 1906.

D ivid en d s.
1907.

D ivid en d s.
1906.

C a pital.

In crea se.

P C . A m o u n t. P .C . A m o u n t.
A m e rica n L in e n C o ___
A n c o n a M ills----------------A r k w r ig h t M ills -- —
B a rn ard M fg . C o ----------B o r d e r C ity M fg . C o ___
B o u rn e M ills— .............
C h ace Mills - --------------C on an lcu t M ills------------C orn ell M ills----------------D a v is M i l l s ------------------F lin t M ills _____________
G ranite M ills----------------H a rgraves M i l l s ----------K in g P h ilip M i l l s ______
L a u rel L a k e M ills--------M e ch a n ics ’ M ills- -----M e r ch a n ts ’ M fg . C o ___
N a rra g a n se tt M ills____
O sb o rn M ills___________
P a rk er M ills_ _____
P o c a s s e t M fg . C o ____
R i c h ’d B o r d e n M fg . C o .
Sag am ore M fg . C o ____
S e a co n n e t M i l l s _____
S h ov e M ills - ________
S ta ffo rd M i l l s ________
S teven s M fg. C o _______
T e c u m s e h M ills- T r o y C o t. & W . M fg .C o
U n io n C o tto n M fg . C o .
W a m p a n o a g M ills____
W e e ta m o e M ills_______

$
800 ,000
300 ,000
4 50 ,000
495 ,0 0 0
1 ,0 0 0 ,0 0 0
1,000,000
1,2 0 0 ,0 0 0
300,000
400 ,0 0 0
500,000
400 .0 0 0
580 .000
1 ,0 0 0 ,0 0 0
800 ,000
1,500,000
600,000
750 ,000
800 ,000
400 ,0 0 0
750 ,0 0 0
8 00,000
1,2 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
900 ,000
600 ,000
550 ,0 0 0
1 ,0 0 0 ,0 0 0
700 ,000
750 ,0 0 0
300 ,000
1 ,2 0 0 ,0 0 0
750 ,0 0 0
500 ,0 0 0

a6H
b 1 V,
1 V,
2
5
1H
2
1H
C5
1H
1H
rf4
r4V4
1 Vt
1H
c5
2
1 Vi
6
1H
m
1H
7H
10
l H
l H
2
1H
010
10
12
1
2

T o t a l ........ ..................... 2 4 ,2 7 5 ,0 0 0 3.71

$
52 ,000
1,500
6,750
9,900
50,000
15,000
24,000
4,500
20,000
7,500
6,000
23,200
45,000
12,000
22,500
30,000
15,000
12,000
24,000
11,250
12,000
18,000
75,000
90,000
9,000
8,250
20,000
10,500
75,000
30,000
144,000
7,500
10,000

$
$
12,000 + 4 0 ,0 0 0
1^
_______
1,500
b 1 v,
6,750
_______
l *
7,425
+ 2,475
1H
15,000 + 3 5 ,0 0 0
1H
10,000
1
+ 5,000
13,500 + 10,500
h i Vi
3,750
1 Vi.
+ 750
8,000 + 12,000
2
7,500
1H
6,000
1 >4
2
1 1,600 + 11,600
4
40,000
+ 5,000
1
8,000
+ 4 ,0 0 0
n lX ,
15,000
+ 7 ,5 0 0
5
15,000 + 15,000
1
+ 7 ,5 0 0
7 ,500
+ 4 ,0 0 0
8,000
*
14,000 + 10,000
3H
+ 3,7 5 0
7,5 0 0
1
+ 4 ,0 0 0
8,000
1
/cl H
+ 9 ,0 0 0
9,000
x2
+ 5 9 ,0 0 0
16,000
5
+ 45,0 0 0
45,000
N o D iv id e n d
+ 9,000
1
+ 2 ,7 5 0
5,500
1
+ 10,000
10,000
1 Vt
8,750 v + 1 ,7 5 0
+ 6 0 ,0 0 0
2
15,000
6
18,000 + 1 2 ,000
1
18,000 + 126 ,0 0 0
____
1
7 ,5 0 0
+ 3,125
6,875

901 ,3 5 0 t l . 77

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

o 1 H % regu lar a n d 5 % e x t r a , b O n $10 0 ,0 0 0 p referred s t o c k ,
c 2%
reg u lar an d 3 % e x t r a , d 2 % regular an d 2 % e x t r a . < -2 % regu lar and
2 f t % e x t r a , g 1 M % reg u lar and &14 % e x tr a ,
h O n ca p ita l o f $ 9 0 0 ,0 0 0 .
n O n c a p ita l o f $ 1 ,0 0 0 ,0 0 0 . k O n c a p ita l o f $ 6 0 0 ,0 0 0 . x O n c a p ita l o f
$ 8 0 0 ,0 0 0 .
( O n c a p ita l o f $ 2 1 ,8 2 5 ,0 0 0 .

Nov. 30 1907.]

THE CHRONICLE.

Combining the foregoing results with those for the first
nine months, we have the following exhibit for the year. It
will be observed that on a capitalization of $24,275,000 the
mills have paid out in dividends $2,691,625 in the present
year, or an average of 11.09% , against only $1,491,100, or
but 6 .8 3 % ,.in the like period of 1906.
Dividends.
1907.
1907

1906.

Dividends.
1906.
Increase

Capital.
P . C . Amount. P . C . Amount.

American Linen C o_______
Ancona M il l s ____________
Arkwright Mills______ ____
Barnard Mfg. C o . _______
Border City Mfg. C o______
Bourne Mills . . __________
Chace Mills________________
Conanicut M ills______
..
Cornell Mills_______________
Flint M ills ________________
Granite M i l l s . . ___ ___
Hargraves Mills ________
K ing Philip M ills_________
Lauel Lake M ills________
Mechanics’ Mills . . _____
Merchants’ Mfg. C o_______
Narraganset Mills________
Osborn Mills .
......... ......
Parker Mils_______ _______
Pocasset Mfg. C o_____ ____
Richard Borden Mfg. C o ..
Sagamore M fg. C o. . _____
Seaconnet M ills _______ .
Shove Mills. . . . . . . . _
Stafford Mills_____________
Stevens Mfg. C o_____ ____
Tecumseh Mills__________
Troy Cot. & W . M fg C o ..
Union Cotton Mfg. C o____
W am panoag Mills________
W eetam oe Mills . _______

$
800,000
300,000
450,000
495,000
1,000,000
1,000,000
1,200,000
300,000
400,000
500.000
400.000
580.000
1,000,000
800,000
1,500,000
600,000
750,000
800,000
400,000
750,000
800,000
1,200,000
1,000,000
900,000
600,000
550,000
1,000,000
700,000
750,000
300,000
1,200,000
750,000
500,000

11
a 12
6
7
23*
5
6*
6
16
6
6
12
10
5*
(i
11
7
6H
im
5*
6
20
30
i*
4*
5 >4
5»4
141-3
67
35*
4
6H

$
88,000
12,000
27,000
34,650
235,000
50,000
73,500
18,000
64,000
30.000
24,000
69,600
100,000
44,000
90,000
60,000
52,500
50,000
46,000
41,250
44,000
54,000
185,000
270,000
9,000
24,750
55,000
40,250
108,750
201,000
426,000
30,000
34,375

S
6
48,000
<z4*
4,500
20,250
4V<
22,275
4*
95,000
9*
4
40,000
6
54,000
14,250
4H
12*
50,000
6
30.000
6
24.000
6*
37,700
8*
85,000
1
8,000
6
60,000
11
33,000
4
30,000
4
32,000
32,000
8
4
30,000
1
8,000
6
36,000
6*
52,000
20
180,000
No dividend
4
22,000
4
40,000
5
35,000
6
45,000
20
60,000
222,000
18*
2
15,000
26,125
4%

$
+ 40,000
+ 7 ,5 0 0
+ 6,750
+ 12,375
+ 140,000
+ 10,000
+ 19,500
+ 3,7 50
+ 14,000
+31,900
+ 15,000
+ 36,000
+ 30,000
+ 27,000
+ 22,500
+ 18,000
+ 14,000
+ 11,250
+36,000
+ 18,000
+ 133,000
+ 90,000
+ 9,000
+ 2 ,7 5 0
+ 15,000
+ 5,250
+ 63,750
+ 141,000
+ 204,000
+ 15,000
+ 8 ,2 5 0

T o t a l . . ______ __________ 24,275,000 11.09 1,691,625 66.83 1,491,100 + 1.200,525
a On $100,000 preferred stock,

b On capital stock ot $21,825,000.

The foregoing indicates that, of the thirty-three mills, all
but two have paid out more than a year ago, and that in a
number of instances the increases have been decidedly heavy.
It is also to be noted that the stock dividends declared b y the
mills are not included in the statement. W ith that item in­
cluded, the average rate of distribution, which marks a record
would be even greater. To furnish a more comprehensive
comparison, we append the dividend record bac kto 1886.
Y ea rs—
1907 ____________
1906 ____________
1905 ____________
1904 ____________
1903 ____________
1902 ________ . .
1901 ____________
1900 ____________
1899 ____________
1898 ____________
1897 ____________
1896 ____________
1895 ____________
1894 ____ •___ .
1893 ____________
1892 ___________
1891 ____________
1890 ____________
1889 ____________
1888 ____________
1887 ____________
1886
_________

N u m ber.
33
32
32
32
32
35
35
35
34
34
37
37
36
35
35
34
33
33
33
33
33
33

C a pital.
524 ,2 7 5 ,0 0 0
2 1 ,8 2 5 ,0 0 0
20 ,6 2 5 ,0 0 0
2 1 ,5 0 5 ,0 0 0
21 ,5 0 5 ,0 0 0
2 1 ,4 1 1 ,0 0 0
21 ,0 6 1 ,0 0 0
2 0 ,9 5 8 ,5 0 0
20 ,0 5 8 ,5 0 0
1 9 ,4 0 8 .0 0 0
22 ,7 9 3 ,0 0 0
22 ,6 2 8 ,0 0 0
2 1 ,8 2 8 ,0 0 0
4 1 ,4 7 8 ,0 0 0
2 1 ,2 7 8 ,0 0 0
1 9 ,8 5 8 ,0 0 0
1 8 ,5 5 8 ,0 0 0
1 8 ,6 5 8 ,0 0 0
1 8 ,5 5 8 ,0 0 0
1 7 ,6 0 8 ,0 0 0
1 7 ,2 0 4 ,7 0 0
1 6 ,1 1 6 ,2 0 0

A m o u n t.
$ 2 ,6 9 1 ,6 2 5
1,4 9 1 ,1 0 0
6 88 ,550
764 ,950
1 ,217,275
1 ,3 6 8 .4 0 0
1,1 6 4 ,0 9 5
1,8 5 5 ,4 5 0
1 ,201,327
467 ,7 0 0
772 ,7 0 0
1,385,675
1,7 7 2 ,9 2 5
1 ,1 2 8 ,0 0 0
1 ,7 0 6 ,3 1 0
1 ,4 9 2 ,2 6 0
9 1 4 ,8 5 0
1 ,4 2 0 ,8 7 0
1,8 5 0 ,7 0 0
1 ,696,040
1 ,4 2 7 ,9 9 0
1 ,0 4 7 ,5 5 0

P . C.
11.09
6.83
3.34
3.56
5.66
6.47
8.85
5.9 9
2.41
3.3 9
6.12
8.12
5.25
8.02
7.52
4 .9 3
7.62
9.97
9.63
8.30
6.50

As showing the relation this year’s dividends in the case
of individual mills bear to those for a series o f years, we have
prepared the following, which empraces seventeen of the
leading corporations. The intention is to compare this
year’s ratio with the average rate per cent for the previous
ten years:
6
9*
6
8*
6
11
4
4
.8
4
6*
20
4
6
20
18*
2

3
3*
4*
4*
6
5*

1
2
5
2

5*
4*

1
6

1904
5*
3*
3
6
6
5*
3
2
4
3
5*
4

1903
7*
6
6
8
6
7*
4
4
6
4
6
4*
4
5* 6
10
16
4* 6
3
2

_

1902
8
6
6
8
16
6
4*
4
6
4
6
7*
4
6
22
6
4

1901
5
6*
6
7*
6
4*
5
4
5*
3*
6*
6
3
5
17
6*
2*

A v. 10
Years
1899 1898 1897 ’ 97-’06
1
1
4.80
4*
4
4
6
5.70
6
3*
4.70
6
i”
2
5.95
7.00
7* 4* 6
4.97
3.55
5
3”
1
2
2.90
5
5.35
r* 5
5
4
3.80
9
3
5.85
3
7*
9
1
6.20
5*
14
8
4
4.80
6
4
5.10
7* 5
27
18
11
15
16.45
9.35
25
6*
8* 6
7
6
1
3.05
3
1900
6*
8
6
8
6
6
6
6
8
00

Amer. Linen C o . . 11
Border C 'y M. Co . 2 3 *
Chace Mills ............6 *
Granite Mills_____ 10
K ing Philip Mills- 6
Laurel Lake M ills-11
Mechanics’ M ills.. 7
Merchants’ M. C o.
Narragans. M ills ..1 1 *
Osborn Mills......... 5 *
R . Borden M . C o. . 20
Sagamore M. C o . . 30
Stafford Mills____5 *
Tecumseh Mills___1 4 *
TroyC .& W .M .Co .67
U n. Cot. Mfg. C o.3 5 }*
W am pan’g M ills.. 4

_

It will be observed that in every instance the average rate
of distribution this year is above the average for the previous
ten years, and in a number o f cases very appreciably so.
ITEM S ABOUT BAN K S, BA N K ERS AN D TRU ST C O .’ S.
— The public sales of bank stocks this week aggregate 594
shares, of which 550 shares were sold at auction and 44 shares
at the Stock Exchange. A block of 400 shares o f stock of the
Chase National Bank was sold at 181, this, it is said, being
the first public sale of the stock since 1886.
S h ares— B A N K S — N ew Y o rk .
L ow . HUjh.
100 B ea v er N a tion a l B a n k ______
50
50
400 Chase N a tion a l B a n k _______ 181
181
122
*44 C o m m e r c e , N a t. B a n k o f ___ 121
B A N K — B rooklyn .
50 M ech a n ics’ B a n k ____________ 280
280
T R U S T C O M P A N I E S — N ew Y o rk .
10 Bow line: G reen T ru s t C o ____ 325
325
150 C arn egie T ru s t C o ___________ 120
120
* Solti a t the S to c k E x ch a n g e .




C lose.
50
181
121

N ov. 1 9 0 7 -

122

280

M ay

1907—

318

325
120

M ch . 1907—
Ju n e 1907—

440
250

I m s I p rev iou s sale.
F irst sale.

1373

•— A lessening demand for cash currency has been evi­
denced the past week in the declining premiums, which on
Saturday last week went as low as 1 % ; on M onday and
Tuesday the rate ranged from 1 3 4 % to 1 /€ % ! 011 W ednesday
1 to 13^% , and Friday it declined from 1% to % of 1 % .
The enormous arrivals of gold, particularly on Friday and
Saturday of last week, have played an im portant part in
bringing about easier conditions.
— J. P. Morgan and George F. Baker, President of the
First National Bank o f this city, had a conference with
President Roosevelt on Friday night, the 22d inst. Although
no inform ation has been divulged as to the nature o f the con­
ference, it has been generally understood that it had reference
to matters of financial im port.
— It was announced b y Secretary of the Treasury Cortelyou
on Friday last that banks desiring to avail of the treasury
certificates to increase their circulation would -be required to
pay only 2 5 % in cash, being allowed the privilege o f retaining
7 5 % of the purchase price, this am ount to be secured b y
collateral approved b y the Secretary. The Secretary an­
nounced on W ednesday that no further subscriptions to the
certificates would be received after that day. In his state­
ment to this effect he also said that “ the decided im prove­
ment in business conditions throughout the country makes it
quite possible that the Secretary will not extend his allot­
ments further than-those already m ade.”
No official figures
have been given out, but the belief was expressed yesterday
that the total allotm ent will not exceed $35,000,000, if it
reaches as much as that. The Treasury Departm ent also
announced (on the 26th) that in cases where the Panama
bonds are awarded to national banks, these institutions
will be required to pay only 10% o f the purchase price in
cash and the balance o f 90 % m ay be retained as a deposit
of Federal funds.
— In connection with the announcement of the failure of
the Stroili Bank at Udine, Italy, cable dispatches from
Rom e on the 22d inst. stated that “ the financial situation
in the United States continues to exert a depressing influence
on the Italian m arkets.” The dispatches also state that,
owing to advices from the Italian Consulate at New Y ork
that the business situation in America has resulted in the dis­
charge of many workm en, the Italian Governm ent has issued
notices advising against emigration to the United States.
— It was reported yesterday that the Union Dime Savings
Institution of this city which on October 25 announced that
it would exercise its privilege of requiring sixty days’ notice
from its depositors, has notified the latter that it is now
ready to meet the demands of those giving such notice.
The funds are thus released thirty days earlier than was
expected.
— The California Legislature adjourned on the 23d in st.,
as noted in our “ State and C ity” Departm ent on another
page. It is stated that before adjournm ent an agreement
was finally reached by the Legislature with regard to the
proposed amendment to the law which would enable th'e court
to remain open on special holidays declared to protect busi­
ness interests. The San Francisco “ Chronicle” of the 23d
inst. states that “ in the final form in which it passed both
houses, the holiday enactment differentiates between special
holidays and regular holidays, and provides that the courts
shall be open on the form er, except for the trial of cases on
contract carrying a m oney judgm ent. As in contract cases
it will still be possible to file complaints and serve attach ­
ments under the present law, the business of the courts will
be little interrupted by the further extension of the fiat
holidays.”
— The California Legislature also passed the resolution
providing for the appointm ent of a special com m ittee to
examine into the methods of the State’s banks and banking
institutions, and to report at the next session of the Legis­
lature.
— The question of the advisability of organizing a local
Clearing-House Association was discussed by the presidents
of the Trenton, N. J., banking institutions at a meeting on
the 27th inst. While no definite action in the m atter was
taken, it is stated that it was the general opinion that the
organization o f such an association should be perfected
having for its object the mutual interest of all the banking
institutions in the city.

1371

THE CHRONICLE.

— At a meeting of Insurance Commissioners representing
eleven States o f the U nion, held at the Hotel Manhattan on
the 21st inst., resolutions were passed in which it was decided
that the market prices of securities as of D ec. 31 1906 be vised
b y insurance companies in determining the value of their
assets the present year— the 1906 valuations, it being con­
tended, more nearly representing the true values of such se­
curities under normal business conditions. W e append the
resolutions herewith.
W h e r e a s , It is th e o p in io n o f th e In su ra n ce C om m issio n e rs in a tte n d a n ce
a t th e m e e tin g in fo r m a lly h eld a t N e w Y o r k C ity th is 21st d a y o f N o v e m b e r
1907 th a t p re se n t m a rk e t q u o t a t io n s d o n o t fa ir ly rep re se n t th e true
p resen t v a lu e o f secu rities h eld b y in su ran ce c o r p o r a tio n s an d r e q u ire d to
be rep o r te d in th e ir ann u al fin a n cial s ta te m e n t as o f D e ce m b e r 31 n e x t;
t h e r e fo r e ,
It is th e sense o f th is c o n fe r e n c e th a t in su ra n ce c o m p a n ie s in m a k in g
th eir a n n u al sta te m e n ts fo r th e p re se n t y e a r t o the v a rio u s d e p a rtm e n ts ,
in d e te r m in in g a ctu a l m a rk e t v a lu e s o f se cu rities as o f D e ce m b e r 31 190 7,
sh ou ld n o t b e req u ire d t o co n fin e th e m se lv e s t o p re se n t m a rk e t q u o ta tio n s .
W e b e lie v e th a t th e v a lu a tio n s as r e p o r te d b y th e c o m p a n ie s fo r th e y e a r
1 90fi m ore n e a r ly rep resen t the tru e v a lu e s o f su ch secu rities u n d e r n o rm a l
b u sin ess c o n d itio n s .

It is argued that unless practically all the insurance depart­
ments agree to the above plan, the companies would be put
in the position of making widely varying statements in the
different States, thus apparently rendering the scheme im ­
practicable.
— The total amount of clearing house certificates issued by
the Boston Clearing House Association up to and including
the 27th inst. is $11,995,000, bu t $300,000 more than was
reported on the 21st inst. The $300,000 issue was put out
on the 23d.
— In view o f the promised speedy resumption of real -money
paym ent in Chicago, the banks are taking com paratively
few o f the clearing-house certificates in small denom ina­
tions. This is not because o f unpopularity or any distrust
b y the business com m unity as to the soundness of the new
circulating medium . The small checks have been in great
dem and for pay-roll use am ong manufacturers and mer­
chants. But the local banks, with the co-operation of the
m ajority o f Western bankers from whom they have heard,
are anxious to get back to a normal basis as speedily as is
practicable. Few of the Chicago savings banks have re­
ceived applications for funds due depositors on notices given
b y the latter thirty days ago. Bankers take this as a good
sign, since these notices apply to holders of amounts not
exceeding $100. With confidence restored am ong those
having small savings, they maintain, the ones having larger
amounts o f savings on deposit will show similar sentiment
when their sixty-day notices fall due. Some of the banks
have had numerous cancellations of former withdrawal
notices. T h e Illinois Trust & Savings Bank has been obliged
to open a separate department for the purpose of handling
that class of business.
— The tw o banks com posing the W aycross (G a.) Clearing
House Association, nam ely the First National and the E x ­
change Bank of W aycross, in response to the request of the
local merchants, have decided to issue clearing house cer­
tificates. The Bank o f W aycross has been taken over by
the First National Bank, the consolidation having gone into
effect on M onday. During the past few months, it is stated,
the capital o f the First National has been increased from
$75,000 to $200,000, and a further addition of $100,000 is
contem plated.
— The banks of Temple, Texas, according to the Texas
papers, have decided to issue a limited am ount of clearing
house certificates, in denominations o f $1, $5 and $10.
— It is reported that the Banks of Billings, M ont., have
retired their issue o f clearing house certificates, sufficient
cash being available for the conduct o f business. The city ,
it is said , is the only one in Montana which had recourse to
the certificates.
— The United States E xchange Bank, at 23 West 125th
Street, which had been closed since O ct. 25, resumed business
on Monday the 25th inst. It is stated that there were few
withdrawals, the depositors having agreed to refrain from
withdrawing deposits except as far as needful in their business.
The bank com m enced business about tw o years ago. It has
a capital o f $100,000, and in its August statement reported
deposits of $641,548.
— The Empire City Savings Bank, located at 231 West
125th Street, which, owing to the closing of the Hamilton
Bank (where its current accoun t was deposited), was on the
24th ult. forced to put into effect the thirty-day notice af­




[V o l .

lxxxv

.

fecting the withdrawal of deposits for am ounts in excess of
$50, began on the 23d to pay all amounts on dem and. The
am ount of the withdrawals, however, were reported to have
been light and a number o f new accounts are said to have
been opened.
— The action of the board of directors o f the Merchants’
Association o f New Y ork in adopting resolutions expressing
disapproval of the hoarding of m oney, is heartily commended
jn a communication circulated b y the commission house of
Faulkner, Page & Co. of this City, from which we quote the
following:
T h e s to rm ce n tre o f th e p re se n t d is tu r b a n c e a p p e a rs t o h a v e p a ssed
w e stw a rd an d t o b e m o s t v io le n t in th e m id d le and ce n tra l W e ste rn S ta tes,
w h ere th e m o v e m e n t o f gra in and o t h e r m e ic h a n d is e to the m a rk e t Is Im ­
p e d e d if n o t p r o h ib ite d b y th e r e lu cta n ce o f b a n k s t o release th e c u r r e n c y
n ece ssa ry fo r th a t p u r p o s e .
P a y m e n ts in o th e r m e d ia o f e x c h a n g e th a n c u r r e n c y are c e r ta in t o In­
crease d is tru st o n th e p a r t o f th e fa rm in g p o p u la t io n .
W e w o u ld th erefore
urge u p o n y o u t o re p re se n t t o y o u r b a n k s h o w n e e d fu l It Is to e n d e a v o r
t o re sto re th e ch ain o f c u r r e n c y p a y m e n t s , th e b re a k in g o f w h ich is ty in g
u p th e p r o d u c t s o f th e e a rth an d m a k in g it im p o s sib le fo r y o u t o p a y y o u r
d e b t s w ith th e e x c h a n g e th e r e b y c r e a te d .
F u rth e r m o r e , it m a k es it im ­
p o ssib le fo r o u r b a n k s t o p a y th e ir d e b t s a b r o a d w ith th e e x c h a n g e w h ich
w o u ld b e created b y th e g o o d s n o w h eld in farm ers h a n d s.
T h e N ew Y o r k b a n k s h a v e d o n e a n o b le share to w a rd r e liev in g th e stra in
o f th e s itu a tio n .
T h e ir sh ip m e n ts o f g o ld an d c u r r e n c y t o the in terior
h a v e b e e n r e p o r te d b y th e ‘ ’C o m m e rcia l an d F in a n cia l C h ro n ic le ” as f o l ­
lo w s:
W e e k e n d in g —
O c t o b e r 1 2 th ________ ___________ ___________ _______ _______________ $ 1 1 ,1 3 5 ,0 0 0
1 9 t h ___________________ ____________________________________ 1 0 ,5 0 9 ,0 0 0
2 6 t h _____________ ________________________________ _________ 2 1 .5 1 0 ,0 0 0
N o v e m b e r 2 n d ____________ ___________________ _______ ______________ 2 2 .0 1 6 ,0 0 0
9 t h . . . ___________ ___________ ________ ___________________ 2 1 ,5 0 0 ,0 0 0
1 6 t h ____ ____________________________ _______ ______________ 2 7 .1 1 6 ,0 0 0
2 3 r d _________________ __________________ ___________________ 2 2 ,5 0 0 ,0 0 0
m a k in g a g ra n d to t a l o f 5 1 3 6 ,2 8 6 ,0 0 0 in th e la st se v e n w eeks.
T h e y h a v e m a d e these e n o r m o u s sh ip m e n ts in th e fa c e o f reserv es d e ­
p le te d to an e x te n t h ith e r to u n p a r a lle le d , and m a n y o f th em h a v e b o r ­
row ed lib e r a lly to a c c o m m o d a t e th eir de a le rs.
I f It b e tru e th a t th e ba n k s
in y o u r t e r rito r y are c a r r y in g u n u su al re s e rv e s , th e y o u g h t to ta k e p a tte rn
b y this e x a m p le an d ta k e m easures t o r e sto re th e m o n e y th u s lo ck e d u p to
th e ch a n n e ls o f c ir c u la tio n .

Am ong the replies received in answer to the above, the fo l­
lowing is an interesting sample:
A llen to w n , P a ., N o ». 25 1907.
M essrs. F a u lk n e r, P a g e & C o ., N ew Y o r k C it y , N . Y .
G entlem en — W e are in re ce ip t o f y o u r fa v o r o f th e 23d in sta n t r eferrin g
t o th e c u r r e n c y s itu a tio n o f th e c o u n t r y , a n d w e are In h e a r ty s y m p a th y
w ith all th a t y o u sa y .
T h e re c a n b e little d o u b t b u t th a t s o m e o f th e In terior b a n k s h a v e f o r t i­
fied th e m se lv e s w ith a la r g e r a m o u n t o f c u r r e n c y th an th e y c a r r y u n d e r
n o rm a ! c o n d it io n s . W h ile w e b e lie v e this w as d o n e as a m a tte r o f selfp re s e r v a tio n , w e b e lie v e also th a t th e tim e has c o m e in so m e se c tio n s at
least w h e n b a n k s a n d m e rch a n ts c a n re tu rn t o th e ir n o rm a l m e th o d o f
d o in g bu sin ess.
T h e w rite r is c o n n e c t e d w ith o n e o f o u r lo ca l in s titu tio n s , a n d he ca n
assure y o u th a t w e are p u rsu in g th e v e r y co u rse o u tlin e d b y y o u in y o u r
le tte r .
W e h a v e fo r t u n a t e ly be e n In such a p o s itio n th a t w e h a v e been
a b le t o help o th e rs in th is s e c tio n , a n d w e are n o w s u p p ly in g c u t r e n c y to
m ills w h o h a v e th e ir a c c o u n ts in o th e r in s titu tio n s th a n o u r o w n , so le ly
fo r th e p u rp o s e o f e asin g up th e s itu a tio n .
W e b e lie v e w e h a v e passed th e c r itic a l m o m e n t h ere, an d w e h o p e th a t
a like c o n d it io n w ill s o o n o b ta in In all s e c tio n s o f o u r c o u n t r y .

In one reply from Kansas City it is stated that there is
reason to believe that the banks in that city are holding in
reserve an average of alm ost 50 % of their depos'ts, but they
seem to be of the opinion that they cannot safely return to
normal methods until the banks of New Y ork , Chicago and
St. Louis do. A response from Omaha says that the writer
is of the opinion that m ost of the banks have plenty of
currency, but they all seem to be afraid to do anything, their
sole am bition being to still further increase their holdings.
The banks, it is claim ed, were forced to take this course,be­
cause of the action of the Chicago and St. Louis institutions.
A correspondent in Petersburg, V a., quotes the President
of a large Richm ond bank as stating that he had about 100%
more m oney in his vaults than his legal reserve required,
and that his condition fairly represented the other banks in
Richm ond.
— The Hot Springs National Bank o f H ot Springs, S. D .,
closed its doors on W ednesday, ow ing, it is reported, to its
inability to realize on collateral. The bank has a capital
of $25,000.
— Frank Q. O ’ Neill and Henry Buist were appointed re­
ceivers for the Hibernia Trust & Savings Bank o f Charles­
ton, S. C ., on the 26tli inst. This action was in accordance
with the decision of the directors on the previous day, to
wind up the affairs o f the institution,and, as the most avail­
able means to this end, to place it in receivership. It is
stated that there had recently been a shrinkage in the bank’s
deposits, and it was at first thought that the needs of the
occasion w ould be met in the enforcement of the sixty-day
notice affecting the withdrawal of deposits. The Charleston
“ Evening P ost” states that while the present financial
stringency precipitated the receivership proceedings, a
defalcation som e years ago which resulted in a heavy loss
is back of all the bank’s difficulties. The President of the
bank was Frank Q. O ’ Neill, who has been appointed one o f
the receivers. The institution was organised in 1884 with
an authorized capital o f $200,000, of which but $30,000 was

Nov. 30 1907. |

THE CHRONICLE.

paid in. Its last statement (September 17) showed deposits
o f about $300,000.
— A special meeting o f the stockholders of the K nicker­
bocker Trust Com pany of this city will be held on D ec. 11 for
the purpose o f voting on the proposition to increase the
capital from $1,200,000 to $2,000,000. Provision for such
increase is made in both plans for reorganization referred to
in these columns last Saturday. It appears from statements
made this week, however, that the Untermyer plan, instead
of providing also for the issuance o f preferred stock b y the
Trust C om pany, as noted last week, calls for the formation
o f a new com pany, to be known as the Knickerbocker Trust
Securities Com pany. This com pany, it is said, would be
organized with $3,000,000 com m on and $5,000,000 6 % pre­
ferred stock, and would acquire the trust com pany’s stock in
exchange for its com m on stock; the $5,000,000 preferred stock
to be issued b y the Securities Com pany would go to the de­
positors (at $200), releasing the trust com pany from 30 % of
its deposits, or $10,000,000. This preferred stock would
have preference on liquidation and would be payable in full
before there could be any distribution to the com m on stock.
— The New Y ork Stock E xch ange firm of Kessler & Co. of
this city , against which a petition in bankruptcy was filed on
the 8th inst., after its assignment on O ct. 30, was adjudicated
bankrupt on the 25th inst., it having failed to file an answer
to the petition. The office furniture o f the firm was disposed
o f at auction on the 22d inst. by order of Lawrence E . Sex­
ton , who was appointed tem porary receiver several weeks
ago.
— Howard Maxwell, President of the International Trust
Com pany of Manhattan Borough and form er President of the
Borough Bank o f B rooklyn, died on Tuesday from self-in­
flicted injuries. Mr. Maxwell’s resignation as President of
the Borough Bank, follow ed, it will be rem em bered, the clos­
ing on O ct. 25 o f that institution, the International Trust
Com pany and the Brooklyn Bank. On the 21st in st.,a sa resuit of the investigation b y the Grand Jury into the affairs of
some of the suspended institutions, Mr. Maxwell, with A r­
thur D. Campbell, form er Cashier of the Borough Bank, and
William C ow , a director, was indicted in connection with
the suspension of that bank, th e alleged charges in Mr. Max­
well's case being grand larceny and forgery. Both Messrs.
Campbell and Gow were im m ediately released under bail;
Mr. Maxwell, however, was unable to secure until Monday
night the $30,000 required for his release, and remained in
jail until that time. Mr. Maxwell was forty-nine years old.
His banking career began as clerk with the K in g ’ s County
Bank of Brooklyn, and upon the merger of that institution
with the Union Bank in 1902 he becam e Cashier of the latter.
With the organization of the Borough Bank in that year
Mr. Maxwell was chosen President o f the new institution. It
is stated that since the close o f the bank Mr. M axwell, with
Mr. Gow, turned over to it all the property owned b y them,
including their homes. The investigation b y the Grand
Jury is reported to have developed the fact that the funds
of an estate deposited with the Borough Bank were drawn
upon to furnish part o f the capital of the International Trust
Com pany, which commenced business on O ct. 1.
— An examination into the affairs o f the Jenkins Trust
Com pany, another Brooklyn institution which closed its
doors O ct. 25, was com m enced on M onday. On the follow ­
ing day indictments were handed down b y the Grand Jury
against John G. Jenkins Jr., form er President of the institu­
tion; Frank Jenkins, ex-President of the W’ illiamsburg
Trust Com pany, and Fred Jenkins, all of whom are sons of
John G. Jenkins, President of the First National Bank of
B rooklyn. The indictm ents in each instance, it is reported,
charge forgery in the third degree, based on false entries made
in the loan book o f the Jenkins Trust to cover up loans made
to the brokerage firm o f Frank & J. G. Jenkins Jr. The ac­
cused were released under bail o f $10,000 each. It is stated
that about 8 0 % o f the depositors o f the Jenkins Trust Com ­
pany have signed the agreement binding them to withdraw
not m ore than 10% o f their deposits a m onth in the event of
the reopening o f the institution. The directors are said to
have consented to leave their deposits untouched until the
claims of ordinary depositors are met.
— A plan for the reopening of the Williamsburg Trust
C om pany of Brooklyn Borough, agreed upon by the directors




13 75

has been submitted to Attorney-General J a ck son / w ho, it
is said, has expressed his desire to co-operate with them in
their m ovem ent toward resumption. A ccording to the
"B rook ly n Eagle,” the plan contemplates a loan from a
Clearing House bank to the Trust Com pany, and in order to
secure the same the directors have signed an agreement bind­
ing themselves individually and personally for am ounts ag­
gregating m ore than $1,000,000. It is also stated that the
Attorney-General has agreed to a short adjournm ent of the
m otion to make the receivership permanent, which is returna­
ble to-da y. A number o f the depositors of the institution
have signed the agreement under which it is provided that not
more than 10 % of their deposits is to be withdrawn with the
reopening of the institution, 15% after the first four months,
2 0 % after eight m onths, 2 5 % after twelve months and the
remaining 30 % after sixteen months.
— It is stated that Marsden J. Perry, J. Edward Studley
and George L. Shepley have resigned from the directorate of
the National Exchange Bank of Providence, R . I. Stephen
O. Metcalf and John C. B. W oods have been elected to the
bank’s board. The retiring directors are all officials of the
Union Trust Com pany of Providence, b y which, it was
understood, the bank was controlled.
— President Forgan of the First National Bank o f Chicago
has arranged for the depository national banks o f Chicago
to take $2,500,000 of the new 3 % certificates o f indebted­
ness, which will be converted into additional bank circu­
lation almost im m ediately. Including its share in this
allotm ent, the First National will have added to its circu­
lation since the access o f the present financial flurry nearly
$4,000,000. The First National Bank has also engaged
$3,000,000 m ore gold in London during the week, and the
Illinois Trust & Savings Bank another $1,000,000— making
almost $19,000,000 total b y the com bined Chicago banks.
— Enos A . Anderson has been appointed R eceiver o f the
Bank o f Russell, o f Russell, Iow a, which closed its doors on
October 30 following the suspension of the First National
Bank of Chariton, Iow a. The Russell Bank was ow ned b y
the late F . R . Crocker and Thomas Brandon; it is said to
have had about $50,000 deposited with the Chariton institu­
tion.
/
— Leland W indsor, State Bank Exam iner o f Iow a, took
charge o f the First State Bank of Corwith, Iow a, on the 20th
inst., following the disappearance of Cashier J. H . Standring.
An examination o f the affairs of the institution is said to have
resulted in the discovery of forged notes am ountingto between
$30,000 and $40,000. The bank has a capital of $50,000.
— An endeavor to test the validity of the Stock Transfer
tax law of New Y ork State, under which the transfer books
of brokers and others are subject to the inspection o f the
Stock Transfer Bureau, is being made by Carter, Led yard &
Milburn on behalf of John S. Ferguson o f the firm o f Benja­
m in, Ferguson & M cM urtry. Mr. Ferguson, who had been
arrested in October for refusing to permit a representative
of the State Comptroller to examine his firm’s book s, was re­
leased at that time in the custody of his counsel. In response
to a writ of habeas corpus sworn out b y his counsel, he was
this week brought before Supreme Justice O ’ Gorman. It is
contended b y Mr. Ferguson’s counsel that the law is in v io­
lation of the Constitution o f the State in that it deprives the
petitioner of the rights and privileges secured to him as a
citizen; that it is also in violation of Article IV . o f the A m end­
ments to the Constitution o f the United States in that it v io­
lates the right o f a citizen “ to be secure in his person, house
and papers against unreasonable searches and seizures,” and
that it is also in violation of the Federal Constitution, inas­
much as it compels a man in a criminal case to be a witness
against himself. Writh the consent of Assistant D istrict A t­
torney Jonhstone, the writ was dismissed b y Justice O ’ Gor­
man and Mr. Ferguson was paroled in the custody o f his coun ­
sel. The case will be carried to the Appellate Division of the
Supreme Court.
— In a recent num ber of one of the publications issued b y
the Mutual Life Insurance C om pan yofth is city it is stated that
the amounts thus far received for its holdings o f bank and trust
com pany stock s represent a considerable advance over c o s t’
and the follow ing illustrations are cited: A stor National Bank
stock, par value.$10,000, for which it paid $35,000, sold for
$69,231; Fifth Avenue Trust Com pany stock, par value

1376

THE CHRONICLE.

[V o l .

lxxxv

.

$253,200,, bought at $587,996, and disposed of at?$l ,139,400; organized in 1883 and recently sold its present location on
Law yers’ Mortgage Com pany stock, par value $123,000, the southeast corner Fifth Avenue and 42d Street. Joseph F ox
purchase price of which was $214,596, and which was listed is President, D . H . Row land, Vice-President, M. M. Valen­
in the Mutual’s assets on Decem ber 31 1906 at a market tine, Second Vice-President, and W . S. Griffith, Cashier.
value of $230,010, is also said to have been sold at a good
— Henry P. Doremus, Cashier and director of the Chatham
advance, not only over cost, bu t above the listed market National Bank of this city, died on the 22d inst. in the sixtyvalue of Decem ber 31.
third year of his age. Mr. Doremus had been connected
— Gilson S. W hitson, the esteemed Vice-President of the with the institution since 1862, and prior to becom ing
National City Bank of this city, with which he had been Cashier had served as receiving teller and clerk.
identified for m any years, died on the 24th inst. o f typhoid
— James T . Haslam, Chief Clerk for the Stock Exchange
fever, aged sixty-three years. Mr. W hitson was a member firm of E dey, Brown & Sanderson, 2 W all Street, was
of the New Y ork Chamber of Com merce, the Metropolitan arraigned on the 21st inst. and held to await the action of
Museum of A rt and the American Museum of Natural His­ the Grand Jury on charges of grand larceny. The technical
tory,[and a director of the New Y ork W rapping Machine Co. charge against him’ is reported to be the abstraction of $500;
During 1906-07 he was President of the American Bankers’ it is stated, however, that the total alleged embezzlem ents
Association. Leaving the New Y ork Grammar Schools, are $15,200, which am ount has already been made good
he started his career at seventeen years of age in the em ploy b y the surety com pany which had bonded the clerk.
o f Lord & Taylor, later entering the service of the Im porters’
— The annual meeting and banquet of Group V II. of the
& Traders’ National Bank and the Bank of New Y ork for
New Y ork State Bankers’ Association was held on the 22d
a few years. A t tw enty-four he accepted a clerkship in the
inst. at the Clarendon H otel, Brooklyn. Edm und D . Fisher/,
National City Bank, advancing in the course o f a lifetime
Secretary o f the Flatbush Trust Com pany, presided. A
to Assistant Cashier, then Cashier, and five years ago became
m otion, which was referred to the executive com m ittee,
one of its vice-presidents. His acquaintance among the
was made by H . B. Conlin, Cashier of the M ontauk Bank,
bankers of this and other cities in the United States was one
advocating the appointm ent of a committee of five to confer
o f the largest enjoyed b y any New Y ork banking man.
on the possibility of arranging a clearing system for Long
Mr. W hitson was held in high regard b y his executive asso­
Island with a view to making that a par point in the New
ciates and was very popular with the National City's working
Y ork Clearing House. The following officers were elected
force. The entireJstaff, numbering four hundred, were
for the ensuing year: President, Henry H . Randall, Presi­
present at the funeral services held in the W est End Colle­
dent of the Montauk Bank; and Secretary and Treasurer,
giate Church Tuesday night. The following com m ittee,
Charles A . M ott, Cashier of the Bank of N orthport, at
appointed b y Col. J. D . Powers, President of the American
Northport, L. I.
Bankers’ Association, attended the funeral: A . B. H epburn,
— A t a regular meeting of the directors of the Franklin
J. M. D onald, James R . Branch, Clark W illiams, Lewis E.
Pierson and Fred. E . Farnsworth. The ex-presidents of National Bank of Philadelphia on the 21st inst., E . P.
the Association were appointed as an honorary com m ittee, Passmore, the Cashier, and John A . Harris were elected to
they are John L. H am ilton, H oopeston, 111.; Logan C. Mur­ the board, the latter also being made Vice-President. Mr.
ray, Louisville, K y .; M. M %W hite, Cincinnati, Ohio'; Robert Harris has for several years been a member of the well-known
J. Low ry, Atlanta, Ga.; George H . Russel, D etroit, Mich.; banking house of Ervin & Co. of Philadelphia. He was at
W alker Hill, St. Louis, M o.; Myron T . Herrick, Cleveland; one time Assistant Treasurer of the Girard Trust Com pany
Ohio; Caldwell H ardy, N orfolk, V a ., and E . F . Swinney, of Philadelphia and for tw o years Assistant Treasurer of
the Lehigh Valley Railroad Com pany, and is a financier
Kansas City, Mo.
— The Nassau Bank, corner Nassau and Beekman streets, of wide experience.
— The Market Street Title & Trust Com pany of Phila­
has opened 260 new accounts since the beginning o f the pres­
delphia, an institution organized last year, com m enced busi­
e n t financial flurry. Deposits have increased $1,250,000.
— Hugh K elly was elected President of the Oriental Bank ness on O ctober 21. The com pany is located at 52d and
o f this city b y its board of directors last M onday. Mr. Market streets. It has an authorized capital of $250,000
K elly succeeds R . W . Jones, resigned, who is now sick with in shares of $50. On each share there has been paid $25
double pneum onia. During M r.Jones’s term of office the and $5 surplus, making the paid-in capital $125,000 and the
bank has grown to its present strength. Mr. Jones’ s resig­ surplus $25,000. The officers are Alexander W ilson Jr.,
nation was considered for the best interests of the institu­ President; Harrison N. Diesel, Vice-President, and Reginald
tion, in view of the public proceedings affecting the irregu- B. Chase, Treasurer and Secretary.
— David Scull, Vice-President o f the Mortgage Trust
arities of the Borough Bank and the International Trust
C o. of this city. It was afterwards found that the President Com pany of Philadelphia and Treasurer of the Standard
o f the Borough Bank had procured a loan of $250,000 from Roller Bearing Com pany of that city, died on the 22d inst.
the Oriental Bank without the proper authorization of the He was seventy-tw o years old.
— Under authority of the stockholders conferred July 27
Borough Bank’s directors. The Oriental cleared for the
Borough Bank in the N. Y . Clearing House until Oct 22, the Real Estate Title & Trust Com pany of A ltoon a, Pa.,
when it refused to act any longer. The Oriental was not increased its capital on O ctober 1 from $125,000 to $250,000.
affected b y the collapse of the Brooklyn institution when The subscription price of the new 1,250 shares (par $100)
the latter closed its doors lately. It was on account of this : was $120 per share, of which $20 was placed to surplus.
unpleasant connection that Mr. Jones resigned. Hugh
— A t a meeting of the shareholders of the Fletcher National
K elly, the new executive, was born in Chicago in 1858, Bank of Indianapolis on O ct. 29, the capital was increased
educated in this city , and is President of Hugh K elly & Co., from $500,000 to $1,000,000. The entire amount of the
•commission merchants, 81 W all St. He is a trustee o f the increase was effected from the surplus and undivided profits,
Emigrant Industrial Savings Bank, St. Patrick’s Cathedral, $400,000 being taken from the surplus and $100,000 from the
the Rom an Catholic Orphan Asylum and the Sevilla Home undivided profits. The additional capital has been issued
for Children, and is one o f the city's most prominent Catholic to shareholders of recbrd on the above date in proportion to
churchm en.
their holdings. The main object o f the increase, we are ad­
— A t a regular meeting of the directors of the New Y ork vised, was to enable the bank to take out additional circula­
Produce Exchange Bank this week, John R . W ood , Assistant tion to that am ount, which has been done.
Cashier, was appointed Cashier in place of William A . Sher­
— The constitutionality of the Illinois State Banking A ct
m an, resigned.
was attacked in Judge W indes’ court, Chicago, b y A ttorney
— The Columbia Bank, corner Fifth Avenue and 42d Street, W . S. Forrest, in behalf of the directors of the defunct
this city , will m ove next spring to new quarters at 507 Fifth Milwaukee Avenue State Bank. Mr. Forrest argued in
Avenue, between 42d and 43d streets, the new building support of a m otion to quash the indictments against Joseph
which the Fleischman Realty & Construction Co. is erecting. Lister, Frank R . Crane, Michael A . La Buy, Elof Johnson
The institution will have its banking accom m odations on and Marius K irkoby, the directors who are under in dict­
the street floor in this new tw elve-story office building, and ment. He will be followed b y Assistant State’s Attorneys
a m odern equipped safe deposit establishment in the base­ Hobart Y oung and Roger Sherman, who are prosecuting
m ent. Buchman & F ox are the architects. The bank was the case.




Nov. 30 1907.]

— Nineteen notes which came into the possession of John
C. Fetzer as receiver of the Milwaukee Avenue State Bank
have been declared forgeries b y Judge McSurely, and the
suits against the alleged makers of them have been dis­
missed. They am ount to over $100,000. Paul O. Stensland and Henry W . Hering, formerly President and Cashier
respectively of the defunct institution, were brought from
the State Prison to appear as witnesses. They said the
notes were not genuine, but that the signatures were much
like true signatures.
— As a result o f arrangements entered into between the
Iow a National Bank and the Des Moines Savings Bank of
Des Moines, Iow a, further steps in the organization of the
proposed American National Bank b y the officials of the
savings bank have been abandoned. The Iow a National
will take the place of the American National, and its capital
will be increased from $100,000 to $1,000,000. After the
increase it is to be under the same directorship as the Des
Moines Savings Bank; the latter about a m onth ago reduced
its capital from $500,000 to $200,000, so that together the
tw o institutions will have a capital of $1,200,000. This
$1,200,000 of stock is to be prorated between the respective
stockholders, according to their present capital and surplus;
the stockholders of the Iow a National being entitled to a
little over $250,000 and the Des Moines Savings Bank to
about $950,000.
— The American Exchange Bank of St. Joseph, M o.,
opened for business last m onth at Sixth and Messame streets.
The institution conducts a general banking business. Its
capital is $20,000, and its officers are: President, Dr. Jacob
Geiger; Vice-President, C. A . Shoup, and Cashier, Julius
Rosenblatt.
— Herbert H. Smock was re-commissioned State Bank E x ­
aminer of Oklahoma b y Governor Haskell on the 22d inst.
Mr. Sm ock is perfecting arrangements to bring the Indian
Territory banks other than national under the Oklahoma laws
as gradually as possible, w ithout disturbing banking condi­
tions. It is stated that all private banks in the old Indian
Territory not at present chartered will be asked to take
ou t an Oklahoma State charter im m ediately.
— The Mercantile Trust Com pany of San Francisco
announces the election on the 20th inst. of William G. Irwin
as President of the institution. Mr. Irwin advances from
the vice-presidency, and in his new post succeeds the late
Norman I). R ideout, whose death occurred last July.

(F r o m o u r o w n C o r r e s p o n d e n t.)

London, Saturday, November 16 1907.
The immense gold shipments to New Y ork are causing the
very gravest anxiety, not only in this country but all over
Europe. A representative of the Messrs. Morgan is under­
stood to have opened negotiations with the Bank of France
Jn the hope of inducing that institution to let gold go direct
to New Y ork, and thus to prevent more serious disturbance
o f the London market. U nfortunately, the negotiations
have come to nothing. The Bank of France has never hith­
erto taken American bills or re-discounted such bills for other
banking institutions. Neither has it ever lent on the security
o f American securities. Consequently, it is understood that
the Bank o f France required a guaranty from the Am erican
G overnm ent that the gold would be returned at a definite
date. The American Governm ent, however, declined to
give the guaranty. Then the Bank of France asked for a
London guaranty. But apparently a difficulty arose as to
the form in which a guaranty should be given, and that, also,
cam e to nothing.
The Bank of France, o f course, need not pay out gold un­
less it wishes. It can always pay in silver, and, therefore,
the French m oney market will not be directly disturbed.
But if the withdrawals from London continue, there will
certainly be a rise in the rate of the Bank of England to 8 % ,
and that will have a bad effect in Paris. Furtherm ore, the
Imperial Bank of Germany has already had to send nearly
tw o millions sterling in gold to London. The whole am ount,
however, has not remained here, but has been shipped to
New Y ork . Berlin is indebted to London, and London,




1377

THE CHRONICLE

therefore, if driven to it, can demand m ore gold. But the
gold reserve of the Imperial Bank of Germany is very sm all,
and the Bank really is not in a position to part with m uch of
the metal. Therefore, a Berlin banker, who is also Financial
Agent to the Russian Governm ent, has gone to St. Peters­
burg to negotiate with the Imperial Bank of Russia for five
or six millions sterling for Berlin; it is not yet known with
what result. The Imperial Bank of Russia can part with
the metal, and probably will do so. If it does n ot, there is
danger of trouble in Berlin, for between now and the end of
the year the demand for banking accom m odation will be on
an immense scale. But although the Imperial Bank of Ger­
many is allowed b y law to issue notes in excess of its authorized
circulation and of its coin and bullion, yet the whole note
circulation must never at any time exceed three times the
cash held, the cash in this instance meaning all kinds of Ger­
man m oney, German Treasury notes, foreign gold coin and
bullion. Thus, the anxieties caused b y the state of things
in the United States and the immense gold shipments to New
Y ork are at the m om ent being accentuated b y the apprehen­
sion that trouble m ay arise in Berlin.
So com pletely do the gold shipments to New Y ork over­
shadow all other considerations that it m ay be said, w ithout
much exaggeration, that scarcely any business is being done
anywhere. Trade continues wonderfully good throughout
the country. As yet there is no evidence that the high rates
have made it suffer. But business on the Stock Exchange
is almost at a standstill. A t all events, speculative business
is entirely at a standstill, for no broker cares to do business
except he has the full assurance that his clients are able to
fulfill their obligations in case of matters becom ing even
worse than they are. Nevertheless, there is a considerable
am ount of investm ent going on . The investm ent is mainly
b y small people, the purchases being for small am ounts,
chiefly from £20 to £500. Of course, there are some large
purchases, but the immense bulk of them is in small am ounts
and the purchases are very widely distributed. There is a
very good demand for American railway shares and American
bonds. British railway stocks are also in good dem and.
Even dividend-paying gold shares and copper shares are be­
ing bought up eagerly.
As the week draws to a close, there is a less confident feel­
ing than there was earlier. It was hoped at first that the
Bank of France would agree to let gold go direct to New
Y ork and that that would stop demands upon L on don. It
was likewise hoped that gold would be sent both to London
and to New Y ork from the Imperial Bank of Russia. Both
hopes have so far been disappointed. T o-day it is known
that about tw o millions sterling is to be sent b y the Maure­
tania. It is feared that further large amounts will be sent
early in the week.
The India Council offered for tender on W ednesday 30
lacs and the applications only am ounted to 513^ lacs at
prices ranging from Is. 3 25-32d. to Is. 3 29-32d. per rupee.
No allotm ent was made.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols,
& c., com pared with the last four years:
1907.
N ov. 13.

£

1906.
Nov. 14.

£

1905.
Nov. 15.

£

1904.
N ov. 16.

£

1903
N ov. 18.

£

C ircu lation -.______ 29,232,975 28,225,440 28,585,725 27,686,270 28,242,260
Public d e p o sits____ 6,963,351
9,314,803
12,649,765
7,173,774
6,929,247
Other deposits_____ 45,086,590 40,357,129 40,681,403 39,439,155 37,544,901
Go vernm ’ t securities 14,332,136 15,458,666
17,039,131 15,610,005 16.141,556
Other securities____ 34,517,924 32,096,425 31,772,007 24,706,825 23,935,980
Reserve,notes&coin. 21,113,316 20,023,929 22.410.279 24,185,954 22,254,412
Coin& buli.,bothdep. 31,896,291 29,799,369 32,546,004 33,402,224 32,046,672
Prop, reserve to lia­
bilities--------- p. c.
40H
40>£
411 5-1 6
49 15-16
Bank rate......... p. c.
7
6
4
3
4
Consols,
p. c —
82^
86 5-16
88 11-16
88 3-16
88 13-16
S ilv e r ......................... 27 l-16d. 32 15-16d.
29& d.
26 13-16d.
27J^d.
Clear.-house returns221,749,000 251,031,000 260,846,000 241,533,000 194,705.000

The rates for m oney have been as follow s:
N ov. 15.
Bank of England rate_______ ______ 7
Open Market rate—
Bank bills— 3 m onths____ ______ 7
— 4 m onths_________ 6J4
— 6 m onths____
6@ 6^
Trade bills— 3 m onths____
7@ 7X
— 4 m onths____
7@ 7X
Interest allowed for deposits—
By joint-stock banks_____ ______ 4
B y discount houses:
A t c a l l ............................... ............5
7 to 14 d a y s ................................5}*

N ov 8. Nov. 1.
5 lA

7
&%@7

5%
5^@ 5%
GH
5^@ 5H
7@ 7X ■
5
7@ 7X
5@ 5M

Oct. 25.
4>£
4%
4 Vs @ i U
4^@ 4M
5
5@ 5K

4

4

3

5

4

3
3H

Wi

The Bank rates o f discount and open market rates at the
chief Continental cities have been as follow s:

137*

THE CHRONICLE.

N ov. 15.
Rates o)
Bank Open
Interest at—
Rate. M arket.
P a r i s ________________ 4
3%
Berlin________________ 7%
6%
H am burg____________
7%
6%
F r a n k fo r t___________
7%
6%
A m s t e r d a m _________ 5
4%
Brussels . . . _________ G
6
V ie n n a ____ _________ 6
5%
St. P etersb u rg ____ _
7%
__
M adrid______________
4%
4%
C op en h a gen ____ . . . .
7
6%

N ov. 8.
N ov. 1.
Bank Oven
Bank. Open
Rate. M arket. Rate. M arket.
44
3%
3%
7%
6%
6%
5%
7%
6%
5%
5%
7 ^ 6 11-16 5%
5%
55
5
4%
66
5%
5%
55
5
5
7_ .
7
_.
4%
4%
4%
4
76
6
5%

Oct. 25.
Bank Open
Rate. Market.
3%
3%
5%
4%
5)4
4%
5%
5
54%
5
4 13-16
5
4 15-16
7
4%
4
6 5%

N ov. 8.
s. d.
78 0%
76 6%
76 6%
76 6%
76 6%

|
S IL V E R .
N ov. 15.
\ London Standard.
d.
|Bar silver, fine, o z ____ 26 15-16
| “ 2 m o. delivery_____27 5-16
ICake silver, o z ________ 29 1-16
1Mexican dollars_______ nom
I

N ov. 8.
d.
27 9-16
27%
29%
noin.

The follow ing shows the im ports of cereal produce into
the United K ingdom during the season to date, com pared
w ith previous seasons:
IM PO RTS.
Ten weeks—
1907-08.
1906-07.
Im ports of w heat...................... cwt_ 19,509,400 16,512,400
Barley ----------------- ------------ ---------- 6,625,900
6,652,400
2,432,000
O ats............................. .......................... 1,871,100
Peas----------------------------- ---------------473,870
478,950
Beans ------------- ---------------------------280,420
350,920
Indian corn----------------------------------- 11,115,100 10,105,200
FJour ................................................... 3,063,200
3,084,800

1905-06.
17,374,100
6,886,100
2,705,200
585,915
237,050
10,057,600
2,855,600

1904-05.
22,428,400
6,926,900
2.588,400
471,676
418,301
10,289,100
2,262,800

Supplies available for consum ption (exclusive of stock on
September 1):
...........................
1907-081906-07.
1905-06.
Wheat im ported-------------------- c w t. 19,509,400
16,512,400 17,374,100
2,855,600
Im ports of flour---------------------------- 3,063,200 3,084,800
Sales of hom e-grown-------------------- 8,741,422 6,674,936
8,659,249

1904-05.
22,428,400
2,262,800
3,742,147

Total ................................. .............31,314,022
Average price of wheat, w eek......... 35s. lOd.
Average price, season....................... 33s. 5d.

28,333,347
30s. 6d
30s. Id.

26,272,136
26s. 7d.
26s. 3d.

28,888,949
27s. lOd.
27s. 2d.

Th e-follow in g shows the quantities of w heat, flour and
maize afloat to the United K ingdom :
This week.
W h e a t ----------- -------------------__qrs. 1,820,000
Flour, equal to ........................... qrs.
185,000
Maize .......................................... qrs.
795,000

Last week.
1,775,000
220,000
980,000

1906.
1,759,000
256,000
795.000

1905.
1,505,000
255,000
505,000

English Financial M arkets— Per Cable.
The daily closing quotations for securities, & c., at London
as reported b y cable have been as follow s the past week:
London,
Week ending Nov. 29.
Sat.
Silver, p e r o z -------------------- d . 27 1-16
Consols, new, 234 p e r c e n ts .. 82 1-16
F o r a c c o u n t.-------------------- 82%
French rentes (in P a r is )..fr . 95.02%
Russian Imperial 4s_________76%
do
do
new 5s------ 8634
Amalgamated Copper C o____ 48
SAnaconda Mining C o_____ 6%
A tch. TODeka & Santa F e . . . 6934
Preferred......... ..................... 82
Baltimore & O hio.................... 79
Preferred............................... 7934
Canadian P a cific ................... .145
Chesapeake & O h io ................ 25%
Chicago Great W estern_____
7%
Chicago Milw. & St. Paul___97%
Denver & R io Grande, c o m .. 18
P r e fe r re d ............................. 56%
Erie, com m on........................... 13
First preferred .................... 30
Second preferred_________ 21
Illinois C en tra l........................ 121
I.ouisvllle & N ashville...........88%
Mexican Central........... ...........13
Mo. Kansas & Texas, com ___21%
Preferred............................... 54%
National R R . of M exico____40%
N. Y . Cent. & Hudson R iver. 96
N Y . Ontario <t Western . . . 2 9 % 3
.Norfolk & Western, com m on 63
Preferred............................... 74
Northern Pacific_____ _______108
aP ennsylvania.................... .. 55%
aReadlng C o......... ................... 40%
aFirst preferred __________ 39
aSecond preferred_______ 35
R ock Island C o......................... 11%
Southern Pacific...................... 67%
Southern R y ., c o m m o n ____10%
Preferred......... ..................... 31
Union Pacific, com m on_____ 112%
Preferred .......... ...................80%
U .S . Steel C oro., co m m o n .. 23%
Preferred............................... 83
W abash ............. ...................
9
Preferred_____ ___________ 15%
Extended 4 s . .......................39%
a Price per share.

b £ sterling,




M on.
26%
82 1-16
82%
95.05
76 M
8634
50
6%
7034
82
80%
79%
145%
26
7%
99
17
55%
13%
32
22
122
90%
13%
22%
55%
40%
97
29%
64
74
110%
56
41%
39
35%
12%
69
10%
31
114%
80%
23%
84%
9
16
39%

Tues.
26 11-16
82 3-16
82%
94.97%
77
86%
4834
6%
69%
81
7914
79%
146
24%
7
98
18%
55%
13%
32
22
122
89%
13
22
55%
40%
96
29
64
74
107
55%
41%
39
35%
12%
68%
10%
31
114
78%
23%
83%
9
15%
39%

c Ex-dividend.

W ed.
26 9-16
82%
82%
94.9734
78%
8734
50
6%
71 %
8034
80%
79%
148
26%
7% 7%
99%
1834
54%
14%
33%
22%
123
91%
13
23%
56
40%
97%
30
64
74110 1
56%
42%
38
35%
12%
'7 0 %
11
31
116
78
243^
8534
9
15%
40

Thurrt.
Frl.
26 13-16 26 11-16
82%
82%
82%
83 1-16
94.9234 95.20
_____
8034
_____
89
50J4
5034
6%
6%
72
72%
83
82%
81%
81*4
____ 77%
148%
150
c26%
25%
7%
100
100
18%
19
55
56
15%
15%
33
33%
23
23%
126
126
92%
92}-£
____ 13%
23%
2334
____ 56
____ 40%
98
97%
30%
31
c63
64
73
72%
1
111%
56%
56
43
43%
____ 38
____ 35%
____ 13
70%
71%
11
10%
32%
31%
c ll5
115%
80
78
24%
24%
85%
85%
9
9
16
15%
____ 40

.

B A N K N O TES— CH ANG ES IN TO TA LS O F, A N D IN
D E P O SIT E D BO N D S, & c.— W e give below tables which
show all the m onthly changes in bank notes and in bonds
and legal tenders on deposit.
The statement for October
1906 will be found in our issue of N ov. 10 1906, )page 1151.
Bonds and Legal-Tenders on Deposit /or
Bank Circulation.

Circulation Afloat Under

1906-07.

O ct.
Sept.
Aug
July
June
May
April
Mch.
Feb.
Jan.
D ec.
N ov.

31 ............
30______
31______
31______
30______
31............
30______
30............
28............
31______
31______
30............

566.994.910
559,624,760
559,319,710
558.582.550
558.442.910
556,937,300
553,199,050
550,137,900
552,955,950
553.253.550
551,263,840
549,750,830

LegalTenders.

LegalTenders.

47,252,852
47,885,785
47,110.434
48,372,596
48,217,809
48,325,976
49,709,069
49,579,000
46,605,649
46,498,995
46,882,385
46,399,102

562,727, 614 47 252,852 606 ,980.466
556,101, 329 47 885,785 603 .987,114
556,945, 887; 47 110,4041604 056,321
555,023, 290:48 372,5961603 ,395,886
555,570, ,88148. 217,809 603 788,690
553,614, 574 48 325,976 601 ,940,550
550,204, 771 49 709,069 599 ,913,840
547,633, 063 49 579,000 597 ,212,063
549,737, 373 46 605,640 596 ,343,022
549,698, 547 46. 498,995 596 197,569
549,280, 084 46 882.385 596 ,162,469
546,981, 447,46 399,102 593 ,380,549

Total.

For full explanation of the above table see the issue of
D ec. 14 1901, page 1232, the first item in Financial Situation.
The follow ing shows the am ount o f each class of bonds held
against national bank circulation and to secure public m oneys
in national bank depositories on October 31.
U .S . Bonds Held October 31 to Secure—
Bonds on Deposit
October 31 1907.

Bank
Circulation.

Public Deposits
in Banks.

Total
Held.

2 per cents,Panama C a n a l__________
4 per cents, 1895, due 1925_________
3 per cents, 1908-1918 ........................
2 per cents, Consols, 1 93 0 __________
3.65s, District o f Columbia, 1924____
State, City and Railroad B onds.........
Hawaiian Islands Bonds....... ...............
Philippine L o a n ____________________
Porto R ico ___.'1____’.............................

$17,245,380
10,732,900
6,473,080
532,543,550

$12,427,800
6,625,750
8,641,700
65,996,550
1 ,274,u00
142,889,822
2.017.000
8.989.000
780,000

$29,673,180
17,358.650
15,114,780
598,540,100
1.274.000
142,889,822
2.017.000
8.989.000
780.000

Total on deposit O ct. 31 1907_____

8566,994,910

$249,641,622

$816,636,532

The foregoing does not include the bonds held
Y ork Sub-Treasury against deposits in banks.
The follow ing shows the am ount o f national
afloat and the am ount o f legal-tender deposits
N ov. 1, and their increase or decrease during
of O ctober.

in the New

The quotations for bullion are reported as follow s:
G O LD .
N ov. 15.
London Standard.
s. d.
Bar gold, fine, o t --------77 11%
U . S. gold, o z ------------- 76 6%
German gold coin, o » _ . 76 6
French gold coin, o * — 76 6
Japanese yen, o z _____ 76 6

lxxxv

£mu ricrcral ami JfcXtscclla n coxvs cui*

Messrs. Pixley & Abell write as follow s under date of
N ov . 14:
G O L D .— TheTdemand for gold for America shows no signs of abating, but the po­
sition of the Bank of England has been materially strengthened b y the large arrivals
of gold from Berlin and Paris; these amount to £3,984,000 during the week, and
further large amounts are expected. On the other hand, the United States of Amer­
ica bought the gold in the open market, amounting to £550,000 (the price, however
being % d . lower), and have purchased from the Bank £2,372,000, the amount
shipped to date during the present crisis being £ 8,166,000. The amount received a
the Bank of England is £3,999,000, of which £3,984,000, as stated above, is from
Paris and Berlin. The withdrawals amount to £2,387,000, all except £15,000
being for New Y ork . Next week £355,000 is expected from South Africa. For
the week: Arrivals— Cape, £609,000; Australia, £12,000; Straits, £4,000; West A f­
rica, £5,000; total, £630,000. Shipments— Bom bay, £53,000; Madras, £10,000;
Rangoon, £2,500; New York, £2,033,000. total, £2,098,000. For month of O cto­
ber; Arrivals— France, £32,000; E gypt, £2,000; U . S. A ., £5,000; India, £194,000;
W est Africa, £178,000; South Africa, £3,292,000. Shipments-— France, £1,571,000; E gypt, £2,235,000; U . S. A ., £354,000; India, £380,000.
S IL V E R .— The market has been dull and has declined H d . during the week to
26 15-16d., the depressing factors being the dearness of m oney and the bad news
from India, while the only buying is from China. This has not sufficed to absorb
the amounts offering Cash silver is now at a discount of Yrd . and is still very plenti­
ful. The market closes dull at the quotations, and the tendency is still unfavorable.
The U . S. Government continues buying at the rate of 400,000 ounces weekly. Price
in India Rs. 6854 per 100 Tolaha. For the week: Arrivals— New Y ork, £150,000.
Shipments— Bom bay, £2,350; Straits, £20,000; China, £117,500; Australia, £6,800;
total, £146,650. For month of O ctober: Arrivals— U . S. A ., £1,117,000; France,
£17,000. Shipments— France, £ 107,000; G erm any, £50,000; China, £ 99,000; India.
£926,000.
M E X IC A N D O L L A R S .— There is nothing to report in Mexican Dollars.

[V o l .

bank notes
O ct. 1 and
the m onth

National Bank Notes— Total Afloat—
Am ount afloat October 1 1907__________________________________________$603,987,114
Am ount issued during O ctober_____________________________$11,109,774
Am ount retired during O ctober................................................... 5,116,422
-----------------5,993,352
Am ount o f bank notes afloat N ovem ber 1 19 0 7 ________________________ $009,980,466
Legal-Tender Notes—
Am ount on deposit to redeem national bank notes O ctober 1 1907-......... $47,885,785
Am ount deposited during O ctober_______ _____ ______ ____ $2,148,555
Am ount o f bank notes redeemable in O ctober_______________ 2,781,488
-----------------632,933
Am ount on deposit to redeem national bank notes Novem ber 1 1907____$47,252,852

The portion of legal-tenders deposited (1) b y banks be­
com ing insolvent, (2) by banks going into voluntary liqui­
dation and (3) b y banks reducing or retiring their circulation
was as follow s on the first o f each of the last five months:
Legal-Tenders.

July 1.

Au g. 1.

Sept. 1.

Oct. 1.

N ov. 1.

8
$
$
S
$
804,471
901,171
865,021
949,871
982,271
Liquidating banks.............. 15,490,422 15,194,285 15,008,230 15,021,880 14,352,085
Reducing under A ct of
1874* ............................... 31,745,116 32,228,440 31,201,033 31,998,884 32,096,296
Deposits by—

T o t a l .................................. 48,217,809 48,372,596 47,110,434 47.886,785 47.252,852
* A ct of June 20 1874 and July 12 1882.

National B anks.— The follow ing inform ation regarding
national banks is from the Treasury D epartm ent:
A P P L IC A T IO N TO C O N V E R T IN T O N A T IO N A L B A N K S
APPROVED.
T h e B a n k o f th e V a lle y o f S id n e y , M o n ta n a , Into " T h e F irst N a tion a l
B a n k o f S id n e y ”
C a p ita l, $25 ,0 0 0 .
N A T IO N A L B A N K S O R G A N IZ E D .
C ertifica tes issued fro m N o v . 18 1907 to N o v 23 1907 Inclusive.
8 .9 4 5 — F irst N a tio n a l B a n k o f C o v in g t o n , G e o rg ia . C a p ita l, $ 4 0 ,0 0 0 .
N . Z . A n d e r s o n , P r e s id e n t; L . O . B e n to n , V ic e -P r e s id e n t; C. D .
T c r r d l C tishlcr
8 .9 4 6 — T h e G ra n g e N a tio n a l B a n k o f C larion C o u n ty at S lig o , P e n n s y l­
v a n ia . C a p ita l,.$25 000. J . B . M o r ris o n ,P r e s id e n t; F .R .S l a u g e n h o u p t and J . A . S m ith . V ic e -P r e s id e n ts ; R r y E d g a r , C ashier.
8 .9 4 7 — T h e C u n n in g h a m N a tio n a l B a n k o f J o p lin , M issouri. C a p ita l.
$ 2 0 0 ,0 0 0 .
T . W . C u n n in g h a m , P r e s id e n t: J oel T . L iv in g s t o n , V iceP r e s id e n t; M rs. V . F . C h u rch , C ashier; T illie M u ller. A ssistant
C ashier.
L IQ U ID A T IO N .
3 ,7 6 8 — T h e F o u rth N a tio n a l B a n k o f W a t e r b u r y , C o n n e c tic u t, w as p la ced
In v o lu n t a r y liq u id a tio n N o v e m b e r 18 1907.

A uction Sales.— A m ong other securities the follow ing, not
regularly dealt in at the B oard, were recently sold at auction:
B y Messrs. Adrian H . Muller & Son:
100
50
50
33
150
400
100
75
697
10
62

Stocks.
B e a v e r N a tio n a l B a n k ____ 50
E . W . B liss, c o m m o n _____ 112
M e ch a n ics’ B a n k o f B 'k ly n 280
E m p ire S h ip p in g & F o r5
w a r d in g C o _______________
C a rn egie T ru s t C o _________ 120
C h ase N a tio n a l B a n k _____ 181
L u d o w ic i-C e la d o n C o --------2
C ity In v e s tin g C o __________56J4 j
A c r e R e a lt y C o ____________ 10
j
B o w lin g G reen T ru s t C o . -3 2 5
M e tro p o l. S u re ty C o . (n ew ) 170

I
B on d s.
|$ 43 ,000 S a fe ty In su lated W ire
& C a ble C o . 1st f. 6s, 1 9 4 2 _ .. 46
2 5 ,000 N a t. W ire C o rp . 1st 6s,
1920, A p ril 1907 and all ;w bseq u en t c o u p o n s a t t a c h e d .- 50
4,0 0 0 S ta n d a rd C o rd a ge C o.
1st 5s. 1931, A . & O ____21
2 6 ,0 0 0 P ltts b . B in g h a m to n &
E a stern 5 s____________
____
<0
2 6 ,000 T a c o m a G as L ig h tO o .55 10
j

STov. 3# 1907. |
D IV ID E N D S .

The following shows all the dividends announced for the
future by all large or im portant corporations:
Dividends announced this week are printed in italics.
Name of Company.

1
i Per
Cent.

When
Payable

Books Closed.
Days Inclusive.

Railroads (Steam)
Atcti. T op. & Santa Fe. com . (N o. 4 ) .
3
D ec.
2 N ov. 8
to
D ec. 2
Atlantic Coast Line Co. (guar.)_______
to
D ec. 9
2 X D ec. 10 D ec. 1
Boston cfc Albany (quar. ) _____________
31 Holders o f rec N o. 30
2 X Dec
Boston & L o w e ll._____ ______________
4
Jan.
2 N ov . 24
to
N ov 30
Boston Revere Beach & L y n n _______
3
Jan.
1 Holders o f rec. D ec. 14
Buffalo & Susqueh., p f. (qu .) (N o . 22)
1
2 Holders of rec. N o v . 23
D ec.
Chesapeake & O hio____________________
1
Dec, 12 Holders o f rec. N ov 21
Chestnut Hill (qu ar.)_______ ___________
4 N o v . 21
to
D ec. 3
I X D ec.
Cln. New Orl. & T ex. P a c., pref. ( q u .)..
2 N ov . 17
to
Dee. 2
I X D ec.
Cleve. Cine. Chic. & St. L .. prcf (quar.)
I X Jan. 20 Holders o f rec. D ec 27
Cleveland & Pittsb. orig. guar. (q u a r .)._
2 Holders of rec. N ov. 9
1X D ec.
2 Holders of rec. N ov. 9
Special guaranteed (q u a r .)___________
D ec.
l
Delaware & Hudson Co. (.quar.)________
2 X Dec. 16 Holders of rec. N ov. 25
Dclaicare Lackawanna <fe Western (extra). 10
Dec
16 Holders of rec. Dec. 5
Detroit & Mackinac, preferred___________
2H Jan.
2 D ec. 15
to
Jan. 2
East M ahanoy__________________________
2 X Dec. 16! Holders of rec. D ec. 6
N .Y . Phlla. & N o r fo lk ...........................
3
D ec. 15 Holders of rec. N o v . 15
Norfolk & Western, c o m m o n ___________
2 X D ec. 18|Holders of rec. N ov . 30
P en nsylvania______ ________ ___________
3 X N ov. 30 jHolders of rec. N ov. 4
Phlla. Germant’ n & Norristown (qu ar.).
3
Dec.
4 'N ov. 21
to
D ec. 3
2 Holders o f rec. N ov. 15
Pitts. Bessemer & Lake Erie, preferred..
3
D ec.
2
Southern Pacific, com . (quar.) (N o. 5 )_ .
I X Jan.
Preferred (N o. 7 )____________________
3 X Jan. 15! Holders of rec. D ec. 31
2 D ec. 1
Union Pacific, com m on (q u a r)_________
to
D ec. 17
2 X Jan.
Jan.
3
White Pass & Yukon___________________
15
Street Railways.
American Railways (qu ar.)___________
to
D ec. 8
I X Dec. 14 D ec. 1
2 Holders of rec. N ov. 21
Chattanooga Railways, pref. (q u a r.)___
I K D ec.
Chicago City Iiy. (quar.)_______ _________
Dec. 30] Holders of rec. Dec. 9
m
Columbus (O .) R y ., coin, (qu ar.)______
2 Holders of rec. N ov. 15
I X Dec.
Dec.
Grand Rapids R y ., com (qu ar.)______
1 Holders of rec. N ov. 15
1
Kansas City R y . & Light, pref. (q u a r .)..
2 N ov. 20
to
D ec. 2
I X D ec.
Norfolk Railway & Light______________
I X D ec.
1 N ov. 24
to
Dec. 2
Pensacola Electric Co., pref. (N o. 2 )_ . $3
D ec.
2 Holders of rec. N ov. 22
Rochester R y . & Light, pref. (q u a r.)___
2! Holders of rec. N ov. 25
I X Dec.
Nov. 27 Holders of ree. Nov. 25
Rochester R y ., common (qu ar.)_______
1
South Side Elevated, Chicago (quar.)_____
1
IDee. 31|Dec. 21
Jan.
to
1
Washington ( D .C .) R y . & E .. pf. (No.7)
l|Nov. 20
to
Dec 1
2 X D ec.
Banks.
2
4
Dec.
Metropolis, Bank of the (quar.)__________
Miscellaneous.
2 N ov. 16
2
Dec.
Adams E x p ress.________ _______________
to
D ec. 1
2 N ov. 16
2
Extra _______________________________
Dec.
to
D ec. 1
2
Jan.
2 D ec. 13
American Caramel, preferred (q u a r .)..
Jan.
to
1
American Chicle, common (monthly)_____
1
Dec. 20 D ec. 15
to
D ec. 20
American Cotton OU. p referred _________
3
Dec.
2 Nov. 15
to
D ec. 5
American Express (q u a r.)_____________
3
Jan.
2 Holders o f rec. N ov. 30
American Radiator, com . (quar.) ...........
1
D ec. 31 D ec. 22
to
D ec. 31
Am er. Smelters’ Securities, pf .” A ” (q u .).
2 N ov. 23
to
D ec. 2
I X D ec.
Preferred " B ” (quar.) (N o. 10)______
2 N ov. 16
to
D ec. 2
I X D ec.
2 N ov. 28
American Sugar Refining, com . (quar.).
to
Jan. 2
I X Jan.
Preferred (qu ar.)____________________
2 N ov. 28
I X 'Jan.
to
Jan. 2
2 N ov. 16
Amer. Telegraph & Cable, guar, (qu ar.).
to
D ec. 2
I X D ec.
1 N ov. 21
American Thread, p r e fe rr e d ........... ......
Jan. 1
to
2 X Jan.
American T obacco, com m on....................
2 N ov. 16
to
D ec. 2
2 X D ec.
Common (extra )______________________
2)4 D ec.
2 N ov. 16
to
D ec. 2
Assoclated Merchants, common (quar.)__
2 N ov. 30
1% Dec.
to
D ec. 2
2 N ov. 30
Common (extra)________ _____ ________
to
D ec. 2
X D ec.
1
IDec. 16 D ec. 5
Barney & Smith Car, com m on (q u a r .)..
to
D ec. 16
2
D ec.
2 Nov. 22
Preferred (qu ar.)____________________
to
D ec. 2
Butte Coalition Mining (qu ar.)................
15c. D ec. 17 N ov. 30
to
D ec. 8
Canton Com pany_______________________ $1 25 Jan.
1
Central Leather, preferred (quar.)_______
Holders o f rec. Dee. 10
I K Jan.
Childs Company (quar.)___ _____________
to
D ec. 10
1H |t>ec. 10 D ee. 6
Preferred (quar.)_____________________
to
D ec. 10
l ‘A ;Dee. 10 Dec. 6
Cleve. d-Sandusky Brew., com . (quar.)___
1
[Dec. 15 Holders of rec. N ov. 30
Preferred (quar.).......................................
I X D ec. 15 Holders of rec. N ov. 30
Consolidated Gas (quarterly)___________
1
Dec. 16 N ov. 27
to
D ec. 16
Diamond Match (q u a r.)________________
2 X D ec. 15 Holders o f rec N ov .30a
du Pont (E . I.) de Nem. P ow .,com .(qu.)
I X D ec. 14 Holders of rec. D ec. 4
Eastman K odak, com m on (q u a r.)_____
2>$ !Jan.
1 D ec. 1
to
D ec. 15
Common (e x t r a ).________ ___________
5
1 D ec. 1
Feb.
to
D ec. 15
Preferred (q u a r.)......... ............................
1 D ec. 1
to
D ec. 15
I X Jan.
Federal Mining & Smelting, co m m o n ..
to
D ec. 8
I X D ec. 16 N o v .30
Preferred ___________________________
to
D e c. 8
I X Dec. 16 N o v . 30
General Chcmlcal, preferred (q u a r .)..........
2 D ec. 24
to
Jan. 2
I X Jan.
Jan. 15 Holders of rec. D ec. 7 a
General Electric (quar.) __________________
2
Kings County Elec. Light & P ow . (q u .).
2
D ec.
2 N ov. 22
to
D ec. 1
Jan.
to
Mackay Companies, com. &■ pref. (quar.)
1
2 D ec. 15
D ec. 18
Massachusetts Gas Companies, co m ____
1
D ec.
2 N ov. 13
to
N ov. 29
Preferred .................... ............ .................
2
D ec.
2 N ov. 13
to
N ov. 29
Jan. 16
National Biscuit, com m on (q u a r.)..........
to
I X Jan. 15 Dec. 29
Preferred (qu ar.)____________________
to
N ov. 30
I X N ov. 30 N o v . 18
2
National E n a m .iS ta m p 'g . pf. (q u a r.).
I X !Jan.
National Lead, com . (quar.) (N o. 1 6 ) ..
1 D ec. 14
Jan. 1
to
I X Jan.
Preferred (quar.) (No 0 4 )__________
16 N ov . 28
to
D ec. 16
I X Dec
Philadelphia Electric__________________
to
D ec. 1
2 X D ec. 16 N ov. 23
Quaker Oats, com . ( q u a r .)......................
I X Jan. 15 Holders of rec. Jan. 4
Common (extra )______________________
X Jan. 15 Holders o f rec. Jan. 4
Preferred ( q u a r .) .. _______ __________
I X N ov. 30 Holders of rec. N ov. 20
$2
Quincy M ining (quar.)______ ________ ___
D ec. 23 Dee. 4
D ec. 9
to
Railway Steel Spring, pref. (q u a r .)____
to
D ec. 20
I X IDee. 20 D ec. 11
Republic Iron & Steel, preferred (quar. ) . .
1X IDec. 21 D ec. 10
to
D ec. 22
Rubber Goods Mfg., pref. (quar.) (No.35)
I X D ec. 16 Holders o f rec. D ec. 9
Safety Car Healing & Lighting ( q u a r .)...
2
D ec. 23 Holders o f rec. D ec. 5a
1
E x t r a .......................... ................................
D ec. 23 Holders o f rec. D ec. 5 a
Sears-Roebuck. preferred (quar.)________
1 D ec. 16
to
Jan.
1
\H Jan.
2 Holders o f rec. N ov . 19
Sloss-Slieffleld Steel & Iron, com . ( q u .).
I X D ec.
United Cigar Mfrs., pref. (quar.MNo. 6 ) .
1 N o v . 21
to
D ec. 2
I X D ec.
2 N ov. 10
U.S.Cast I.P ip e& F dy .,co m .(q u .) (N o.9)
1
Dec.
D ec. 1
to
2 N ov. 10
D ec. 1
Preferred (quar.) (N o. 2 8 )....... .............
to
I X Dec.
2 Holders o f rec. D ec. 10
United States Leather, pref .(quar.) _ _____
I X Jan.
U. S. Steel Corp., com . (qu .) (N o. 1 6 ) ..
to
D ec. 30
X - Dec. 30 D ec. 10
Preferred (quarterly) (N o. 2 6 )..............
D ec. 1
to
I X N ov. 30 N ov. 7
Waltham W atch, com mon (qu ar.)_____
1 Holders of rec. D ec. 10
I X Jan.
Preferred _____________________
3
Dee.
1 Holders o f rec. N ov. 18
a Transfer books not closed, e At the request of stockholders, the books were
opened on O ct. 28 Instead of awaiting the date of Nov. 11 as at first stated.

New Y ork City, Boston and Philadelphia Banks.— The
New Y ork 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-m em ber” institutions. The publication of
these figures, it is stated, will not be resumed until all ou t­
standing Clearing-House loan certificates are retired. The
last statement issued, that for O ct. 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 Y ork Clearing House does
n ot give out any figure's regarding the volum e o f the out­
standing loan or Clearing-House certificates, nor does the
Philadelphia Clearing House; bu t at Boston SI 1,995,000
o f such certificates were outstanding Saturday, N ov. 23.




1379

THE CHRONICLE.

Below is a summary of the weekly totals o f the ClearingHouse banks of New Y ork City, Boston and Philadelphia.
The New Y ork figures do not include results for non-m em ber
banks.
W e omit two ciphers in all these figures.
Capital
and
Surplus.

Banks.
New York
O ct. 2 6 . .
N ov. 2 . .
N ov. 9__
Nov. 1 6 ..
N ov. 2 3 ..
B oston.
N ov. 2 . .
N ov. 9 . .
Nov. 1 6 ..
N ov. 2 3 ..
Phila.
N ov. 2 . .
N ov. 9 . .
Nov. 1 6 ..
N ov. 2 3 ..

Specie

Loans.

$
292,496,9
292.496.9
293,498,3
293,498,3
293.498,3

Legals. D eposits, a Circu­
lation.

$
$
1087.711.0 196.426,0
1148.452.6| 175,913,9
1187,316.4! 170.712,0
1192,010,4;I70,347,9
1187,998,4:168,799,1

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

192,533,0
191,515,0
190,918,0
190,422,0

54,440,0
54,440,0
54,440,0
54,440,0

219,648,0
221.150,0;
222,207.0 j
223,003,01

$
58,283,7
48,194,0
49.082,9
48,311,1
47,052,0

17,745,0
17.086,0
16,314,0
15,539,0

Clearings.

$
$
1023,772,0 51,398.3
1051,786.9 51.742,7
1086,878,1!52.856.1
1089,303,8 55,844,4
1079,818,8 59.267,4

3,149,0
2.750,0
2,934,0
3,104,0

47,440,0
45.852,0
44,807,0
44,751,0

S
2.103,641,5
1,659,364,9
1.272,061,6
1,319,578.7
1,261.168.4

222,150,0
214,707,0
217,701,0
213,722,0

8.270,0
8,400,0
8.594,0
8,646,0

179,250,3
148.270,9
143,283.8
123.879,7

236,154,0
233,802,0
233,308.0
230,721,0

14,089,0
14,572,0
15,031.0
15,607,0

127,488,6
115,783.8
120,686.8
117.532,4

a Including Government deposits and for Boston and Philadelphia the Item ‘due
to other banks.” A t New York Government deposits amounted on N ov. 23 tc
$68,469,400, against $72,362,300 on N ov. 16; at Boston on N ov. 23 to $5,174,000
against $5,092,000 on N ov. 16.

Im ports and E xports for the W eek .— The follow ing are
the im ports at New Y ork for the week ending N ov. 23; also
totals since the beginning of the first week in January:
FO R E IG N IM PO RTS A T N E W Y O R K .
For the week.
D ry G oods ____
________
General Merchandise_______

1907.

1906.

1905.

1904.

$3,316,954
9,123,668

$3,252,218
10,185,432

$2,926,751
10,841.769

$2,307,294
10,341,831

$12,440,622

$13,437,650

$13,768,520

$12,649,125

Since Jan . 1.

$168,846,722 $146,305,793 $127,322,819 $109,711,548
General Merchandise_______ 599,859.165 546,998,028 509,081,563 443,115,218
Total 47 weeks___________ $768,705,887 $693,303,821 $636,404,382 $552,826,766

The follow ing is a statem ent of the exports (exclusive of
specie) from the port of New Y ork to foreign ports for the
week ending N ov. 23 and from Jan. 1 to date.
E X P O R T S FROM N EW Y O R K F O R TH E W E E K .

For the week___
______
Previously reported. _____
Total 47 weeks. . . . .

1907.

1906.

1905.

1904.

$15,986,689
558,715,137

$16,131,282
549,454,841

$12,584,555
485,825,409

$8,298,020
440,394,921

$574,701,826 $565,586,123 $498,409,964 $448,692,941

The follow ing table shows the exports and im ports of
specie at the port of New Y ork for the week ending N ov. 23
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S AN D IM PO RTS O F SPECIE A T N EW Y O R K .
Exports.

Imports.

Since Jan. 1
Great B r it a in ____
France ___________
Germany _________
West In d ie s.............
Mexico ___________
South A m e rica ____
All other countries .

W eek.

Since Jan. I

$14,380,840 $8,709,231 $36,471,267
15,554,499
2,103,364
695,572
1,615,083 2,860,497
5,850,465
883,155
46,946
1,761,207
15,000
1,200
552,846
2,808,386
95,023
2,490,098
1,500,000
5,210
318,391

Total 190 7.............
Total 1906________
Total 1905 .............
Silver.
Great Britain_______
France _____________
Germany __________
West Indies....... ..........
Mexico _____________
South A m e rica ______
AU other cou n tries...

*7,581
82,500

Total 1907
Total 1906.
Total 1905.

$36,756,972 $12413 679 $49,547,638
5,971,535
28,809 93,883,122
38,347,047
32,261 16,031,386

$977,970 $41,135,021
4,104,000
10,278
288,597

$13,011

7,965
14,786

5,169
31

$100,194
2,270
427
177,494
1,924,491
868,622
40,826

$978,490 $45,560,647
997,818 43.355.415
637,703 32.356.416

$18,211
138,442
16,112

$3,114,324
2,275,279
3,847,772

Of the above im ports for the week in 1907, $4,637,718
were American gold coin and $123Am erican silver coin. Of
the exports during the same t i m e ______ were American
gold coin a n d ______ were American silver coin.

$ aniltug and Financial.
W e shall be p leased to m ail in v e s to r s c o p ie s o f the nin th
e d itio n o f o u r 1 0 -p a g e c ircu la r d e s c r ib in g 65 S h o rt-T e rm N otes
a n d C ollateral T r u s t B o n d s , w ith a p p r o x im a t e m a rk et p r ice s .

Spencer Trask & Go*

W I L L I A M A N D P IN E S T S .,

M

o f f a t
M e m b e rs

5 N ASSAU S T R E E T .

N ew

NEW Y O R K

&
Y ork

W
S to c k

h i t e
E x ch a n g e.

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 T M E N T S E C U R I T I E S .
C o m m is s io n O rd ers E x e cu te d fo r C ash O n ly

1380

THE CHRONICLE.
j& r a h c r s '

© a le tte .

Wall Street, Friday Night, N ov. 29 1907.
The M oney Market and Financial Situation.— The financial
situation has im proved during the week. Evidences of this
are seen in a decreasing premium on currency, more normal
banking conditions, lower interest rates and a m ore cheerful
feeling and outlook in investm ent circles. Prominent bond
houses report an im provem ent in the bond marke . The
volum e of business in this class of securities is not large, but
there is m ore inquiry and prices are firmer. The situation
abroad is also more satisfactory. The Bank of England
reports a reserve of nearly 4 3 % , as against less than 39 last
week, the London security markets show a hardening ten­
dency, and the open discount rates there are lower. Gold
to the am ount of $15,200,000 has been engaged in Europe
this week for shipment to this country, making the total
m ovem ent in this direction since the last week in October
$97,000,000. As is well known, this is b y far the largest
transfer of gold made in so short a tim e in the history of
international finance, and to this influx of gold m ay be at­
tributed chiefly the im provem ent noted in this market.
That the recovery of security prices m ay be a slow and
irregular process, however, is suggested b y the reaction
which took place early to-da y after an advance averaging
from 3 to 4 points which had occurred since our last issue.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3 % to 12 % . T o-d a y ’s rates on call were 5 3 ^ @ 1 2 % .
Prime commercial paper quoted at 7 @ 7 3 ^ % for endorse­
ments and 7@ 7 3 /2% for best single names.
The Bank of England’s weekly statement on Thursday
showed an increase in bullion of £1,759,222, and the percen­
tage of reserve to liabilities was 42.83, against 38.78 last week.
The discount rate remains at 7 % as fixed N ov. 7. The
Bank of France shows a decrease of 8,875,000 francs gold
and 2,050,000 francs silver.
The New Y ork City Clearing-House banks in their state­
ment of Novem ber 23 showed a decrease of $2,807,900 in
the reserve held and a deficit of $54,103,600 under the
required reserve, against a deficit of $53,666,950 the previous
w eek.
1907. .
N ov. 23.

Dlf]erences
from
previous week.

$
129,400,000
Capital ....... .................
164,098,300
S urplus..,____________
Loans and discou n ts.. 1,187,998,400 D ec."
Circulation_________ .
59,267,400 Inc.
Net deposits__________ *1,079,818,800 D ec.
168.799.100 D ec.
Specie —
. . —
47,052.000 D ec.
Legal tenders________

$
4,0127)66
3,423,000
9,485,000
1,548,800
1,259,100

1906.
N ov. 24.

1905.
N ov. 25.

$
$
119,150,000
116,472,700
158.609.700
140.800.500
1,043,468,300 1,012,288,300
52,265,400
54,602,600
997,965,100 999.177.600
185,016.200
184.466.600
68.878,500
74,484,900

215.851.100 D ec.
269,954,700 D ec.

2,807,900
2,371,250

253.894.700
249,491,275

258.951.500
249,794,400

Surplus reserve____ D ef.54,103,600 D ec.

436,650

4,403,425

9,157,100

Reserve held ----------25% of d e p o s it s ... ._

* $68,469,400 United States deposits Included, against $72,362,300 last week and
$14,269,500 the corresponding week of last year. W ith these U . S. deposits elimi­
nated, the deficit under the required reserve would have been only $36,986,250 on
N ovem ber 23 and $35,576,375 on N ovem ber 16.

Foreign Exchange.— The market was generally heavy this
week with long firm because of lower unofficial discounts in
London and sight and cables easier on account of a less
urgent inquiry for covering gold im ports. Engagements of
the metal this week 15 millions and arrivals 11 millions.
Total engaged on the m ovem ent 96% millions; arrived 60
millions.
T o-d a y ’s (Friday’s) nominal rates for sterling exchange
were 4 8 0 @ 4 81 for sixty day and 4 8 7 @ 4 8 7 ^ for sight.
T o-d a y's (Friday’s) actual rates for sterling exchange were
4 81 @ 4 8134 f ° r
4 86 30 @ 4 8640 for short and
4 8 7 90 @ 4 88 for cables. Commercial on banks 4 7 9 )^ @ 480
and docum ents for paym ent 4 7 8 @ 4 81. Cotton for pa y­
m ent 4 7 8 @ 4 7834, cotton for acceptance 4 793^ @ 4 80 and
grain for paym ent 4 8 0 % @ 4 81.
T o-d a y ’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21 % @ ,o 2134 for long and 5 18J^a@ 5 18d for short.
Germany bankers’ marks were 9 3 ^ @ 9 3 11-16 for long and
9 4 % @ 9 4 11-16 for short. Amsterdam bankers’ guilders
were 40 0 9 @ 4 0 11 for short.
Exchange at Paris on London to-day 25f. 243^c.; w eek’s
range 25f. 28c. high and 25f. 24J^c. low .
The week’s range for exchange rates follows:
-L ongSterling, Actual.
14 8710
H igh ...........4 81
@ 4 81%
14 8630
L o w ______ 4 79
@ 4 79%
Paris Bankers' Francs—■
H igh ...........5 21%
@ 5 21%
15 18 % a
L o w ______ 5 22}4
@ 5 21 %
|5 18%
Germany Bankers’ Marks—
H igh______ 93 %
@ 93%
| 94 %
L o w ............ 93%
@ 93 11-161 94%
Amsterdam Bankers’ Guilders—
H igh .................. - ...............- ____
140 1-16
L o w ______
__________________
j 40 07
Less:
Plus:

a 1-16 of 1 % .
k 1-16 o f 1 % .

d 1-32 o f 1 % .
x 1-32 of 1 % .

>4 8725
34 8640

14 9025
14 87 90

@ 4 9035
@ 4 88

(£ 5 18 d

@5 is%
@ 94 %
|
@ 94 11-161
& 40 H
@ 40 09

h 3-32 of 1 % .
V 3-32 of 1% .

The following were the rates for dom estic exchange on
New Y ork at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premuim. Charleston selling $1 per $1,000 premium. New
Orleans bank $1 per $1,000 premium; commercial $1 25 per




[V o l .

lxxxv

.

$1,000 discount. Chicago $1 per $1,000 premium. St.
Louis $4 per $1,000 premium. San Francisco, no market.
State and Railroad B onds.— Sales of State bonds at the
Board are limited to $75,000 Virginia 6s deferred trust re­
ceipts at 20 to 22.
The market for railway and industrial bonds has im proved
as a result of more settled conditions in financial circles.
The daily transactions at the Exchange are increasing in
volum e and prices are advancing, while dealers report more
inquiry at the counter. R ock Island 4s and United States
Steel 5s continue to be prominent for activity, and both
have made substantial recovery from the low prices recorded
last week. Atchison gen. 4s and conv. 4s have been lead­
ers in an advance of 4 and 5 points respectively. Pennsyl­
vania 3 ^ s 1915 are over 4 points higher, Union Pacific issues
3 points and other well-known issues have been more or less
active on an advance of from 1 to 2 x/2 or 3 points within the
w eek.
United States B onds.— Sales of Governm ent bonds at the
Board include $6,250 2s r e g .l9 3 0 ,a t 10434,$15,000 3 scou p ., ‘
1908-18, at 10034 and $2,000 4s cou p ., 1925, at 121. The
following are the daily closing quotations; for yearly range
see third page following.
Interest
Periods
2s,
2s,
3s,
3s,
3s,
4s,
4s,
2s,

. .registered
1930 _____
1930_____
____coupon
1908-1S__ ____registered
__ coupon
1908-18__
1 9 0 8 -1 8 ... .small coupon
1925_____ ___registered
1925_____
.coupon
1936.Panama Can. regis.

Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— N ov

N ov.
23

Nov.
25

104% 1*103%
*103% j*103%
*100% *100}4
*100M *10014
*100% i*100%
*117
*117
121
*117
*102
*102

N ov.
26

N ov.
27

N ov.
28

N ov.
29

*103%
*103%
*100%
100^
*100J4
*117
*117
*102

*103%
*103%
*100 %
*10034
*100)4
*117
*117
*102

H
O
L
I
D
A
Y

*103%
*103H
*100 %
*100%
*100Ji
*117
*117
*102

* H ils is the price bid at the morning board, no sale was m ade.

Railroad and Miscellaneous Stocks.— The stock market
was decidedly irregular during the early part of the week.
Saturday’s sharp upward movement was reversed on .Mon­
day and during the early hours of Tuesday the lowest prices
of the week were generally recorded. During that day a
firmer tone developed and the advance which then set in has
continued with slight interruption. As a result of the week’s
operations a long list of active stocks is from 3 to 8 points
higher than at the close last week.
Am ong the exceptional features is Missouri Pacific, which
declined nearly 6 points on Monday and closes with a net
loss. Reading has been strong throughout the week, having
recovered 83^ points. Northern Pacific, Southern Pacific,
Union Pacific, Canadian Pacific, Atchison, North W est.,
Louisville & Nashville and Delaware & Hudson have ad­
vanced from 5 to 73^ points.
Consolidated Gas leads the industrial list in a recovery o f
11 points in addition to the dividend which came off on
Tuesday. General Electric has recovered 10 points, Smelt­
ing & Refining 8, Steel preferred 43^ and Steel com m on 2 % .
For daily volume of business see page 1390.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow :
STOCKS
Week ending N ov. 29.
Balaklala C o p p e r______
Bethlehem Steel, pref__
Buff Roch & Pittsburgh.
P referred....................
Chic Un Trac tr rects__
Comstock Tunnel______
General Chemical, p r e f..
Great Northern subscrip­
tion rects, 75% p a id ..
H ocking Valley________
Homestake M ining.........
Ill Central leased lin e s ..
New York D ock, pref__
N Y N H 4 H rights____
N Y & N J T elephon e.. .
Vulcan Detinnlng______
Western M arylan d--------

Sales
for
W eek.

Lowest.

6,500
400
300
200
100
400
1001

$ l% N o v
23 Nov
68 Nov
90 N ov
2 N ov
19c. Nov
89% Nov

29
29
25
25
29
25
27

103 Nov
63 N ov
58% Nov
90 Nov
67% Nov
l% N o v
92 Nov
3 N ov
9 N ov

26
26
27
25
29
25
26
23
25

5,200
100
1.562
10
180
22,500
134
200
500

Range ]or week.
Highest.
$3 Nov
24 Nov
69% Nov
90 Nov
2 N ov
19c. Nov
89% Nov
111
63
60
90
67%
2%
97%
4
9%

Nov
Nov
Nov
Nov
Nov
Nov
Nov
NOV
Nov

Range since Jan 1.
Lowest.

Highest.

25 $1 %
23 23
26 68
25 90
29
1%
25 19c.
27 85

Nov
Nov
Nov
N ov
Oct
Nov
Oct

July
$11
Jan
65
115
Jan
139% Feb
3% May
Jan
50c.
102% Feb

29 98
26 63
27 54
25 90
29 67%
29
1%
29 85
26
2%
25
6

Oct
Nov
Oct
Nov
Nov
Nov
Oct
Oct
Oct

130% A pr
Jan
115
Feb
85
90'X Jan
Oct
71
2% Nov
115
Jan
9% Jan
30% Jan

Outside M arket.— Business in outside securities has been
very quiet the past week, any activity being practically
confined to the mining issues. A firm tone, however, has
prevailed, prices generally being fractionally higher. Butte
Coalition was especially active, the price advancing from
13 to 14 % . Later it declined to 14, but to-day closed at
14 % . Boston Consolidated Copper was a strong feature,
m oving up 2 points to 11. Greene Cananea sold up from
5 % to 5 % . Nevada Consolidated Copper rose from 6T£
to 73^ and closed to-day at the high figure. United Copper
com m on from 734 moved up to 7 % , the final quotation to­
day being 73^. Nipissing advanced from 5 3 ^ to 6. Very
little business was done in the specialties and price m ove­
ments were without feature. American Tobacco went down
from 190 to 180, then up to 195, and back to 190 finally.
Standard Oil, after a recession from 395 to 393% , ran up to
3 9 8 ^ , a further gain to-day carrying the price to 400.
Manhattan Transit advanced from 2 % to 2 3 ^, easing off
finally to 234- Chicago Subway m oved down from 123^
to 12, but rose to 1334, closing to-day at 13. Consolidated
Steamship 4s from 9 % rose to 103^, sold down to 93^, and
up finally to 10. The stock was traded in from % down to
New York New Haven & Hartford 6s (when issued),
lost 234 points to 107 in the beginning of the week, bu t re­
gained part of the loss, the close to-day being at 108% .
Outside quotations will be found on page 1390.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IS G
STOCKS— H IG H EST A N U LO W EST S A L E PRICES.
Saturday
N ov. 23

Monday
N ov 25

Tuesday
N ov. 26

Wednesday
N ov. 27

Thursday
N o v 28

671’
79U
59
77l2
77
2914
* -142
59
*145
241S
912

7014
677g
79%
78'2
6012
6 II4
783g
77
77
*74
301,
2: 1
7214 *
142
141U
523g
59
155
145
25
241g
934
9

70
6734
797g
78
62
61
76i2
7712
78
*75
2834
30
72I4 *
14114 14112
523g *52
150
144
243j
24U
912
912

..

6914 69
78%
8012
61
*6212
79
7812
78
75
311"
31
72l4 *
143
1441g
60
*52
146
148
25U
25
10
912

70
81
65
79
75
32lg
74
146
62
150
2512
10

678
*5Pg
*2514
884
9512
132
*88
113U
130
*175
111
*140
*
*10

7
60ig
28
834
98
132
91
11314
131
190
111
160
5
20

6?g
*511g
*25
834
941g
130
8512
113
130
*175
110
*140
*
*10

714
601g
2712
9
9714
130
89
114
132
190
110
160
5
20

67g
*51
*2514
834
937g
130
861g
*11312
129
*175
110
*140
*
* io "

7
7
6d g *51
27
*25U
834
834
97
95's
13012 131
8718712
U512 11534
132
13012
190 *175
110
112
160 *140
5 ♦
20
IOI4

7
60i8
28
9
9714
131
89
11734
13l7g
195
112
160
5
IOI4

48
48
487g
*85
95
*85
17
17is 171g
4214 *41
42
30
31
2912
130 131 X127
*385
16
1634
1714
54
54
54
*.
32
*3012
*634
912 * 634
11
III4 11*4
12% 1314
131g
30
29l8 31
2112 21U
21U
75
*65
*65
*74
*74
95
11212 11334 llO U
4034
40
40

4934
95
17%
43
303,
127l2
410
18
54
32
91?
lll2
133g
31U
21175
90
114
41

497g
4912 491?
*80
99
*85
17
17
17
*41
44
42
30130
30
130
127 130
*375
1734
1712 18
53
54
53
*30
*28
34
91.
*634
*634
113g
11
lllg
133g 137g
141g
32
3012 321"
*21
2212 23
80
*65
*65
90
*74
*74
10934 11212 113
4034
39U 41

50
95
1712
42
3034
13012
405
I 8I2
54
35
912
113g
1412
3312
23=8
80
90
114
42

-

__

__

__ __
..

*

.

-- . __

712 .... ....
*6
*534
__ 95 *
95 *_ _
.... __ §65 65 63

6512 65i2 *66
68
1177g 1177g
118 118
5%
5'g
512
512
15
15
15
15
*912 1012
10
10
35
*28
35
*27
65
*58
65
*53
21
21
21
21
4912
48
*48
48
*10
117g 117g
15
*30
50
50
*30
*25
35
*27
35
867g 88
88
88
110 111
$111 111
*21
25
*21
25
127g 13
1234 13*2
*2119 26
22
*18
*67
71
*67
71
70
7012 6912 72
*115 118 *115 120
21% 2214
21*2 22I4
5334 54
54
54
52
52U
4612 5214
*95 110
*95 110
*33l2 4012 *361? 4OI2
* 1114
*1034
9334
9312 9412 92
2234 2234
*2112 24
88
*75
88
*75
*44
47
4414 45
*134 140
135 $13512
28U 2834 28l2 2834
65
62U 6214 *62
75
*65
*65
75
10512 107*2 1.0334 108
9434 9634 9412 9634
66
65
64
64
90
90
*70
*70
85
*65
85
*65
108 110% 1°778 1097g
*54
56
53
53
80
80
*72
*72
8134
80
7912 82
75
*74
*73
75
69
68
68
*67
121g
12
11*8 12U
2734 28
27U 2712
*55
60
62
*55
27
26U 2612 27
14
14
*11
*11
26>2 26'2
26
26
66l 2 68I4 66?g 68I4
103U 103i2 10312 1037g
10lg 11
I d s 1012
30
3014
2912 30
17% 17%
181g
18
*17
25
25
*17
1134 1134
1212
*11
1734 1734
1712 1734
3234 3314
32
33*2
71
71
71
71
109% 1127g 110% 1127g
80
*75
75i2 7712

__

__

__

712

6l2

6I2

__ 95
__ __
70
....

95 *
63
65
6512 *6514
120 120 *120
534
53g
5U
1534 1534
17
10
§ 101g I d s
*28
*27
35
*60
*58
65
2112
2012 22
49
*48
4912
*10
*10
15
*30
*30
50
*20
*28
35
8634 88
89U
$111 111 *110
*21
*21
25
1234 1234
13
*20
24
*2212
*67
*67
71
68
6812 71U
116 116 *115
2212 23lg
2214
5434 6434
543g
4634 4812 45*4
*95 110
*95
*3312 4012 *3812
*12
*11’ 4
9112 9434 937g
2234 2334 24
*80
*78
79
*45
46
*44
13412
134>2 135
2834 2914
30
621g 6212 *6212
70
74
*67
103l2 107% 107U
9412 9614 ■ 97
6434 6434 6512
*70
*70
90
*65
*65
85
108i2
10712 110
$56U
*5312 56
*70
*70
80
7934 8234 82l2
*70
73
73
69
*67
69
1212 1212
12
29
29
29
*55
*65
65
27
*2512 27
*11
14
*11
2684 2634 267g
66I4 68I4 68*8
104
104 104
10l2
IOI4 1012
30U 31
30l2
18
17% 18
*16
16
25
934 1012
912
*16
17
*14
2934 30
30
73
731g *72
HOlg 11314 1131g
75
75
*747g

6
18
IOI4
35
65
22
4912
15
50
35
9012
115
2412
13U
2812
71
71l2
120
2314
5584
277g
110
4012

__

95
247g
90
50
13434
30
65
70
108%
98
6534
90
85
110
5614
85
843*
73
71
127g
3014
65
2734
14
267g
6912
107
10%
30U
18
16
934
I 6I2
3114
76
1147g

--

BA N K S
B anks
N ew Y ork .
A e t n a _____ 200
A m e r ic a 11. _ 450
A m e r l i x c h . 205
B a tte ry Park 120
B o w e r y T . . . 310
B ro n x iioroll 300
B u tc h ’ s& D r 150
170
C en tu ry ll—
C h a se_______ 1181
C h a th a m ___ 300
O hels’a E x c H 200

220
4S0
220
130
325

ibo"
185

Bid
B anksC h e m ica l___ 375
C itizen s’ Ctrl 120
C i t y ............... 23u
Coal & I r o n . ____
ColonlalU ___ 700
C o lu m b ia U_ 475
C o m m e r c e . . 1 121
C o n s o lid a t’d 125
C o p p e r ____ 170
C o m E x ch H 245
D isco u n t 11. 150
East R iv e r . 135
F id e lity H .. 160

AND
A sk
400
130
240
230
500
122
140
180
250
160
145
175

Friday
Nov 29

TW O

Sales 0/
the
Week
Shares

PAGES

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

Lowest

R a ilro a d s
663s N o v 22
t c h T o p e k a & San ta Fe
69U 721o 33,700
D o p r e f________
8034 807g
4,725
78 N o v 26
950 A t la n t ic C oa st L in e R E . .
58 N ov21
63
63
753S N o v 21
4,875 l> a lt im o r e & O h io ______
7912 82
p r e f___________
*74
78
600 " * D o
75 N ov27
263j N o v 21
31*4 3314 37.135 B ro o k ly n R a p id T r a n s it .
*
74
B u ffalo & S u sq u e . p r e f . .
741- N o v l 6
146 1491.)
5,440 / 'a n a d la n Pa cl lie _______
138 N ov21
52 N o v 14
*52
01
3C0 * an a d a S o u th e rn ______
1,000 C en tral o f N ew J e rs e y ____ 144 N ov 2 6
*145 155
5,260 C h esapeak e & O h io _______ z231.< N ov2 2
2C34 265g
1.060 C h ica g o & A lto n H R _____
11
8»i N ov21
III4
D o p r e f ________________
48 Sep 16
67g N o v 23
‘ "7ig '"7% " 2",600 C h ica g o G reat W e s t e r n ..
60lg
D o 4 % d e b e n tu re s ___
50 O ct 30
*51
D o 5 % p r e f " A ” ______
500
25
27
25 N o v , 7
D o 4 % p r e f " B ” _____
9
1,820
8U N ov22
912
9 5->4 9934 79,025 C h ica g o Alilw & St P a u l . .
93 U N ov21
D o p r e f________________ 130 “ N o v 15
*130 13 U2
1,550
4,330
D o c o m c t fs 25 % paid XH5 N o v 20
871" 92
D o p re f c t fs 25 % paid 111 O ct 30
11634 I I 8I2 2,641
1317k 134
0,085 C h ica g o & N o rth W estern 126 O ct 30
D o p r e f________________
*185 195
185 O ct 25
112 114
980 C h ic St P M in n & O m aha 106 O ct 29
D o p r e l________________
*140 160
160 Jan 18
*
C h ica g o T e r m ln ’l T ran sfer
5
312 O ct 7
D o p r e f ________________
20
*10
100
M ch27
C h ica g o U n ion T r a c t i o n ..
2®s A u g 17
D o p r e f________________
111; M ch 14
505g
50
2,800 C leve Cln C h ic & St L ____
48 N o v 22
D o p r e f ________________
95
*85
92 Sep 20
5,010 C o lo r a d o & S o u th e r n ____
17
17%
17 N o v 15
D o 1st p r e fe rr e d ______
41 N ov21
1,565
41U 43
3034 3212
5.930
D o 2d p r e fe r r e a ______
291" N o v 25
elaw a re & H u d s o n ____ l23Sg O ct 30
13012 133
5,415
ela w a re L a ck & YVest’n 36912 O ct 30
400 410
800
183g 19.14 4,855 D e n v e r & R io G ra n d e ____
16 N o v 23
D o p r e f________________
5512 5512
985
53 N o v 26
D e tro it U n i t e d ___________
v-30
35 .
32 N o v 7
*634
D u lu th S o S hore & A tlan
912
614 O ct 17
D o p r e f________________
1,685
10 N ov2 1
IP s 1214
1434 1514
8,010
I 214 N ov21
32
3312 4,450 E r,V o - 1st p r e f________
28 N ov2 1
D o 2d p r e f________
2212 2314
1,205
20 N o v 22
75
*65
E v a n sv ille & l e r r e H a u te
D o p r e f________________
*74
90 A p r 4
11314 11512 19,895 G reat N o rth e rn p r e f______ 10712 O ct 30
44
T e m p c t fs fo r o r e p r o p .
42
4,900
37 O ct 25
G reen B a y & W .d e b c t f A
75 O ct 29
Do
deb c tf B
" " 6I4 " 6‘l2
534 O ct 30
a v a n a E le c t r ic ________
2412 O ct 14
*
95
D o p r e f____________
72 A p r 1
6412 6412
333 H o c k in g V a lle y tr r e c t s . .
63 N o v 22
Do
p r e f____
160
*6414 70
64 N o v 15
llln ols C e n tr a l___________ 116 N o v 16
123 123
908
534
6
2,600
n t e r b o r o -M e tr o p o lita n .
47g O c t 22
D
o
p
r
e
f
_____________
18
1,750
14 N ov2 1
1812
1.270 Io w a C e n tr a l_____________
912 l d 4
912 N o v 2 9
D o p r e f________________
*28
35
301* M ch25
10
C F t S & M , t r cts p re f
§65
65
60 O ct 29
ansas C ity S o u t h e r n ..
2212 231a
1,500
18 M en 14
lA) p r e f____________
50
1,000
5012
45 M ch26
15
200
*10
a k e E rie & W e s t e r n ___
11 N o v 4
50
D o p r e f ____________
*30
3934 N o v 11
L o n g Is la n d _______________
*20
35
30 N o v 4
897g 9234 " 6,966 L o u is v ille & N a s h v ille ___
85l2 N ov2X
*110 120
445
a n h a tta n E le v a t e d ___ 100'8 O c t 25
*21
e t r o p o llta n S tr e e t____
2412
25 N o v 2
13
1234 N o v 22
1314 ' m o o M exica n C e n tr a l_________
30
100 M in n e a p o lis & St L o u i s . .
*26
30 O c t 31
D o p r e f ________________
*67
71
76*2 A u g 9
7234 7334 ’ 2’,060 M inn St P & S S M a r ie ___
60 O c t 23
11634 119
D o p r e f ________________
600
110 O c t 24
2234 2414
8,100 M o K a n s a s & T e x a s ______
2034 N o v 22
5434 56
1,400
D o p r e f_____ : _________
53 N o v 2 1
48,470 M issouri P a c ific ___________
4412 48
44*2 N ovi;9
TV] ash C h a tt & St L o u i s . . 108 O c t 11
*95 105
3912 3912 ’ " ‘ 166
’ at o f M e x , n o n -cu ru p f .
3912 N o v 29
*12
D o 2d p r e f__________
13l2 O c t 30
9312 9612 51,298 N Y C en tral & H u d s o n . .
9P2 N ov2 1
1,000 N Y C h ic & St L o u is ____
24U 24U
1934 O c t 30
90
*80
D o 1st p r e f___ , ________
85 N o v 7
48
'" 8 6 6
D o 2d p r e f____________
47
41 O c t 30
13434 13434
936 N Y N H a v e n & H a r tfo r d 12738 N o v 4
2,500 N Y O n ta rio & W e s t e r n ..
30
31
28 O ct 23
900 N o r fo lk & W e s te r n _______
* 6 U2 62
56 O ct 24
74
200
*69
D o a d ju s tm e n t p r e f . .
70 O ct 29
1071g 11012 60,693 N o rth e rn P a c ific __________ 10012 O ct 24
D o s u b s c r ip r e c ts ____
97*2 lOOlg 10,010
9P2 N o v 4
65
1,400
a c ific C oa st C o __________
67U
56 N o v 1
90
*70
D o 1st p r e f________
65 N o v 6
85
*65
D o 2d p r e f ________
90 Sep 28
1077g 111 155,184 P e n n s y lv a n ia ______________ ZIO3I2 N 0V 4
540 P itts b Cln C h ic & St L . . .
*54
56
51 O ct 23
80
*73
D o p r e f ________________
6912 O ct 25
8312 877g 535,280 T ) e a d in g ________________
70*2 O ct 24
1st p r e f ______________
400 A V
73
73
73 O c t 22
200
73
2d p r e f ______________
*69
67 N o v 7
125g 13%
7,200 R o c k Isla n d C o m p a n y ___
1U4NOV22
2,100
30’*4 32
D o p r e f ________________
2612 N o v 22
*55
65
St L & San F r , 1st p r e f . .
58 O c t 7
2,000
D o 2d p r e f____________
2734 2812
24 N o v l9
12
200 St L o u is S o u th w e s te r n ___
13
11 N o v2 2
1,100
26
2712
D o p r e f ________________
25 N o v2 2
69U 717g 47,610 S o u th e rn P a c ific C o ______
63M O c t 24
10634 10734 3,925
D o p r e f________________
100 O c t 24
107g U34 ' 6,930 S o u th e rn v tr cfs stam p ed
10 N o v 2 1
2,925
D o pref
do
3U2 3314
2912 N o v 23
2,000 r! 'e x a s & P a c ific __________
18
19
17l2N ov21
100 J- hlrd A v e n u e (N Y ) ____
*16
20
16 N o v 27
2,110 T o le d o R a ilw a y s & L ig h t
9U
912
914 N o v 2 9
600 T oledo S t L & W estern___
*15l2 17
1712 N o v 25
313g
3,395
31
D o p r e f ________________
2934 N ov 2 6
*76
520 T w in C ity R a p id T ra n sit
77
6834 N o v 22
I ll l 7 g 11434 321,016
n lo n P a c i f i c __________
100 O c t 24
80
350
*75
D o p r e f __________
75 A u g 14

A

D

✓

C
O
rH
>
0
w
&
2
S3

Range 1or Year 1907
On basis oi 100-share lots

H

__

i

K
___ L

M

__

__

P

IP

TRU ST

CO M PAN IES— B R O K E R S '

Bid
B anks.
F ifth A veU - 3700
F t f t h _______ 340
'First _______ 575
14th Street 1 200
F o u r t h ____ 175
(G allatin____ 335
G a rfie ld ____
fGerm anAm l; 130
G erm an Exll 500
G e rm a n ia U. 500
jG reenw ich 11 270
(H am ilton U.
iH a n o v e r ___
____

Ask

600
230
185
350
500
140
280
490

Bid
Ask
B a n k s.
Im p & T rad 450
470
In te r b o r o 1]. ____ 150
Irv in g N Ex 175
Jefferson U .. 190
210
____ 500
L i b e r t y ____
L i n c o l n ____ 1100 1200
M anhattan T 275
300
M a rk e t& F u l 250
260
M ech a n ics’ . 210
220
M e ch & T ra 11
150
____ 115
M e r c a n tile ..
M erch h x c h 170
185
M erch an ts’ . 150
155

Highest.

Lowest

108i4 Jan 7
853g May
lOP-sJan 12 298 D ec
1331s Jan 5 13P,s J ’ly
122 Jan 5 10534 Mav
94!" Jan 10
91 O ct
835s Jan ?
71 J ’ly
853.) F eb S
83 Jail
19512 Jan 4 155s8 M ay
65i?>Jan 14
651r J ’ne
21912 Jan 2 204 M ay
56 Jan 5
51i2 N ov
27U Jan 5
25i« Sep
6 9 “ Jan 5
70 D e c
18 Jan 2
16 J 'n e
79 F e b 25
7912 Sen
71i F e b 14
70 D ec
261, Jan 5
247g N ov
15712 Jan 14 tl461" D ec
1651" Jan 5 U60 D ec
141 J a n 14
149 Jan 15
205 Jan 10 192 A p r
234 Jan 10 225 A u g
170 Jan Js 108 J ’ne
165 Jan 19 175 N o v
934 A p r
934 F e b 21
25 J a n 11
25 D ec
6i4 A p r 3
37s M ay
1938 J an !i
l l 's J ’ ly
9278 J an 7
89 D ec
1U81" J an 7 110 J ’ly
29i2 Jan
387g J an 9
091 •>Jan 7
661? A p r
58I2 J an 8
43 May
22 71"J a n 2 189 May
510 Jan 24 43734 M ay
427« Jan 7
365k M ay
837* J an 10
83 O ct
80i.s J an 16
797s D ec
191; Jan 5
16 J ’ly
39 Jan A
32 A p r
44i4 Jan 5
38ig M ay
7434 D e c
75?g Jan 7
621? A p r
67 Jan 7
68 D ec
92 A p r 5
80 J ’iy
1893.) Jan 2 C178 D e c
703, D ec
85 Jan 5
75 O ct 29
8U" N ov
14U Jan 17
1134 O ct
4 7 "J a n 3
33ig Jan
86I2 Jan 4
771*1 J an
____
114 M ch 6
94 Jan 5
921? N o v
172 Jan 3
104 M ay
335g J ’ne
39 Jan 23
75i4 Jan 7
703s J ’ly
28's Jan 4
24 J ’ly
51 Jan 7
4H J ’ly
80 Jan lu
77 O ct
303] Jan j
227x J ’ly
6134 Jan 8
49 J ’ly
281" J an 12
2712 J ’ly
671? A p r 26
75 Sep
6712 Jan 9
6114 O ct
145i,s Jan 5 136i4 M ay
146 F e b 13 140 Sep
107 J a n 23
103 J ’ly
27% Jan 5
18% M ay
59 J a n 15
581? D e c
90 J a n 24
90 A p r
140U Jan 3 134 D e c
168 Jan 3 163i2 Apr>
445s M ch 1
29 M ay
7234 J a n 4
6414 A p r
9234 Jan 5
851? M ay
147 Jan 8 133 M ay
593g Jan 9
36 A p r
18U J ’ne
27 F e b 14
13434J a n 10 126 N o v
631" Jan 7
59 M ch
110 J a n 16
i l l Apr
9134 J a n 7
80 M ay
189 J an 9 1891? D ec
483s Jan 5
4334 M ay
92U J an 5
84 F e b
9012 J a n 10
8912 A p r
189i2 Jan 7 179U M ay
____
134 F e b 13
12418 J an 7 '1 6 3 Jan
76 N o v 8 105 Jan
125 M ch 8 IO5I2 Jan
1413g Jan 8 122i 2 J ’ly
78 J a n 22
75 M ay
105i2 Jan 5 100 M ay
139ig J an 7 112 M ay
92 J&n 7
89 Sep
94 Jan 8
90 A p r
30'g Jan r>
22l2 J ’ly
64i2 Jan 5
60 J ’ly
70 J a n 11
60 F e b
483g Jan 5
4012 J iy
2512 Jan 7
2012 M ay
4834 M ay
62i2 F e b 15
96I4 J a n 14
61 M ay
118ig J a n 14 116 J ’ly
34 Jan 5
31% N o v
931? D e c
9412 Jan 5
3718 Jan 7
28 M ay
123 Jan 8 121 N o v
29 J a n 7
2514 D e c
3334 Jan 5
25U J ’ly
547g A p r 12
43 J ’ly
108i2 Jan 7 102 D e c
183 J an 5 1381? M ay
96 M av 2
911" M av

H iohesi.
1101' Sep
106 Jan
1677s J an
125i,s Sep
991" Jan
94is J an
87 F e b
2 0U" D e c
70~c Jan
2397g M a y
65% A u f
353k O ct
7714 O ct
23% Jan
861" Jan
80 Jan
39% Jan
1995; D e c
218 Augr
240 Jan
270 M ch
198 Jan
202 Jan
1x1, Jan
423, Jan
133.J F e b
471" M ch
10'j7;j Jan
118 Jan
41 O ct
731- F e b
59 D e c
2343j N o v
560 M ay
5l 7g Jan
911, Jan
102 F e b
227s Jan
45 Jan
507s Jan
83 J an
763,-Jan
70 Jan
94 A u g
348 F e b
85 D ec
921" J an
231? Jan
53 A u g
973, M ay
____
99% J ’ne
1841" J ’ne
553g M ay
873s M ay
343) Jan
0334 Jan
841; F eb
37% Jan
71 Jan
447u J an
5921" Jan
8134 Jan
1501? Jan
162 Jan
127 Jan
291" D e c
84lj Jan
lOOij J an
164 M c b
18334 Jan
435. N o v
76 N o v
1063 ■J a n
1491? Jan
693.1 D e c
30 D eo
15614 Jan
731" A p r
1207s J an
92 D eo
2047- Jan
5714 J an
97% O ct
96 J an
2321? F e b
. ...
142 j ’ne
106 Jan
135 M at
14712 Jan
87 Jan
109 A u g
a:164 Jan
96 Jan
102 Jan
32% N o v
6984 A u g
7234 A p r
6U4 F e b
277g Jan
63sg Sep
97l2 Sep
1201? J ’na
427g Jan
103 Jan
401r O ct
X139U Jan
36 Jan
401" Jan
597g Jan
12214 Jan
1953s Sen
991^ Jan

QUO TATIO NS.
Bid
B anks
M etrop olis T 390
M e tro p o ll’n ' 150
M t Morris*,!. 240
M utual J]___ 250
Nassau 1]_ . 195
N ew A m ster
New N ethTd 200
N ew Y o r k Co 1200
N ew Y o r k . . 270
N ’ ht & D a y l
19th W a rd 11 500
N orth A m er
N o rth e r n ___ 150

Ask
160
275
210
125
220
290
405
130
170

* Bid and asked p rices; n o sales w ere m ade on this d a y .
t E x -r lg h ts .
} Lless th a n 100 shares.
U S ta te ban k s,
a E x -d iv id e n d
t Sale at S to c k E x ch a n g e o r at a u ctio n this w e e k , c E x ben eficial Interest In o re p ro p e r tie s .
h 1st Instal’ m t paid
n Sold at




Range lor Previous
Year (1906)

Bid
B anks.
O riental 11. . 230
P a cific H___ 230
P a rk ___ __ 370
P e o p le ’ s U_ - 300
P h e n l x ____ 140
P laza 11____ 570
P ro d E x ch 1 130
R iv e rsid e 11. VV5
3/ 0
600
State 1 _____ 37 J
12th W ard 11
23d W ardH . 10 )

Ask
250
250
390
150 *

fi'S~

250
350

380*

New York Stock Record— Concluded— Page 2

1382

STOCKS—HIGHEST A N D L/'WKST S A L E PR ICE S.
Saturday
N ov. 23

Monday
N ov. 25

Tuesday
N ov. 26

* 10% 11
10i2 1012
10ig
* 201g 21
21
21
21%
*818
'8%
*814
87g 48%
15% 15l2
15
151;
15
*6
9
9
*6
*6
*14
16
*13
*14
16
12
*7
*7
12
*7
11
11
11
11*4 1U4
*23'* 30
*2312
*2312 30
*162
185 *162
*434
*5
6
1478 *13%
14
487g
47
4634
1012 1012 *10
*721* 74
*72U
8
8
*S
>♦____
75 *
*3
3*4
3%
35
35I4 35
251*
251* 25%
95
*81
83
24
2412 23*8
*70
85
*70
*160 190 *160
*3lg
*3
4
*234 31*
*3
12
*10
*10
11% III4
11
10
*7'
*7
*16U 1714 *1614
34
35
34U
85
85
*8434
*3
4
*3
20
*18
*18
72
*62
*63
6234
61% 8514
853S 8534 8512
*150 200 *150
90
*70
*70
*5U
51*
*518
*26
*25
28
101U
1013* 103
108 108
108
95I4 95U *94
6334 64
62
121S
12% 127g
68I2 681* *68
3134 3214
31
*31*
4
*3
90
*80
*80
*5
*5
712
*10
*10
25
121g
12
12
§6812 6812 68
153g I 6I4
1414
1534 1534 *14
86
85
85
91*
91*
914
52
*50
48
38% 3934
39
81
54
*51
54
§54%
*51
107
10512 109
§7l)l4 7 d 4 *65
*4
*4
10U You
11
8*8
8*4
8*4
57%
51
5712
*81*
5234
4978
*52
61
• *9018
*6
*50
3512
*83
6I.S
59
391*
19
72
*71*
*38%
16%
66
139
*23
*50
*13
5734
31
* ____

10
53
49%
61 ’
112
71*
80 “
37*4
87

6*8

601*
39%
1934
73
8
42
171*
66
139
25
75
141*
5734
32
90

*812
5014
*44
53
*5712
*9012
*612
*50
37
85
6
55
40
§1934
71%
*712
*38
16
6412
138
*23
*60
1312
5712
32
*80

26
25
25
50
45
*45
4
5
*414
*3914
*39U 51
1731 1734
18
4934 4934 *50
SO
*65
*65
*37
39
*36
7
51*
*5
*21
*21
27
14
14
14
6434 6434
64
40
*36
*37
227g
24
23
801*
S214
81
15
15
15
*1414
*14U 16
*75
84
*75
37
*31
*31
* __ 300 * ____
601* 61
58
36
*341* 40
*40
80
*35

Wednesday
N ov. 27

180 *160 180
* 41*
6
518
*12 “ 15
14
481*
48U 493g
101 *
11
111 *
*721* 95
95
9
9
*8
75
76 *_
31*
*3
3*2
39
*34
35
26
2614
26ls
85
8214 821*
24
2412 2434
*70
85
85
190 *160 190
3%
*318
314
3I4
314
3I4
12
*10
12
1138 11%
1112
#7
8
8
*16U 21
25
36
3512 '* 3 5
90
85
*85
4
*3
4
20
20
*18
73
*63
73
643i
6418 6612
90
8618 87
150 *150 200
90
*70
90
514
514
512
26
26
29
104 J l 0212 103
1087s 1106 108
9614 963g 9638
64
*62
62
1278 1278
121 *
73
*69
71
32l4 3134 33
334
3%
3*2
90
*80
90
7
*5
7
25
§25
25
1234
1234 13%
69
69
70
16
1612
161;
16
*14
18
8 6 l8 87
84
978
934
9's
5212
*48
50
40
3912 39
81
*52
81
52I4 *5312 55
107
108lS 11012
75
7514 80
*4i8 ____
7
1034 11
1012
9
10
914
52
54U
571;

10
10
54
50
* 441*
48
53
53li
62
*59
93
112
*614
7*4
80
*50
373,
3612
85
*85
6
6
5934
57
40
40
193.il 20
72
71
*71*
81*
42
40 '
1558
1612
65
65
1391; 138
2334
25
75 *
13% *13
58
58
32
3112
90
*80

10%
Id *
54
54
4718
47
54
5312
63
62
*92
95
7
7*4
*50
80
3712
373s
*83
90
6
6I4
581*
5812
40
*40
20
20
73
73
81*
*712
4134
41
165S 16%
65
*65
138 *137
24
24
75
*62
16
1412
58
*58
321*
311;
90
*80

11
54
47%
54
63
100
7
80
38
83
684
60
45
21
73*4
8
4134
17
68
140
25
75
1412
59
33
90

26
45
414
51
18
57
80
40
6
30
14
65
40
24
821*
15 “
1734
90
....
300
59U
36
80

*24
27
45
45
4
*3
57
*39*4
1734
I 8I4
50
501g
80
*65
377s *37
7
7
27
271*
16
15
6478
641;
39
*38
23's
2334
8234 82l4
1538
16
16
141*
84
*78
35
33
300 *
6012 59
40
*36
100
*50

27
45
4
51
I 8I4
5012
80
391*
7
29
1534
64%
40
24%
83ls
1534
16%
82
33
300
60%
44
65

*

60
§40
*30

BanksU n lon E x c H
U S K xch H.
W ashH 'hts^ - 230
W est Sidel; _ 600
Y o rk v tile 1|- 400

B rooklyn .
B orou g h lf_ .
B r o a a w a y li.

425

Ask
200

B anks.

Bid

<J
Q
O

O
W
W
<
w
t-l

425

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

Range 1m Year 1907
On basis ot 100-s/iare lots
H ighcst.

62 Jan
1018 N ov 26
1,100 U nit R y s I n v ’t o f S an F ran
20 N o v 13
71>s J an
D o p r e f________________
1,100
181* Jan
8 O ct 30
183 V l / a b a s h __________________
381s Jan
D o p r e f___________
1,030
1418 N o v 4
6 O ct 24
163.1 J an
W h e e lin g & I.ake E r ie ___
3734 Jan
D o 1st p r e f____________
13 O ct 24
20
8 O ct 23
213.J Jan 10
D o 2d p r e f____ . . . . . . .
257s Jan 12
11 N ov25
300 W isco n sin C e n tra l________
S lu J a n 7
D o p r e f __________ ;_____
28 O ct 25
I n d u s t r ia ls M iscella n eou s
d a m s E x p re ss__________ §150 A u e 14 5330 J 'n f-20
*162 165
4 A u g 16
llls-C h a lm ers___________
16?8 Jail 5
500
5>S
514
433, Jan 3
11 N o v 23
Do
p r e f.......................
600
14% 15
3-41
3j O ct 24 1217s Jan 5
A
m
a
lg
a
m
a
te
d
C
o
p
p
e
r
____
50%
133.715
4814
10 O ct 22
25% Jan 8
500 A m e r A g ric u ltu ra l C h e m .
11% 12
75 O ct 28
D o p r e f ________________ _
95 F e b 20
95
*74
23% Jan 7
734 N o v 16
200 A m e rica n Heet S u g a r____
9
•^8
80 “ Jan 21
D o p r e f ________________
75 M ch 5
75
* -- .
71* A p r 11
3
O
ct
24
A
m
erica
n
C
a
n
____________
200
33s
3%
601* A p r 10
34 N ov26
D o p r e f ________________
1,500
40
*35
4514 J an 14
24% O ct 29
5,000 A m e rica n Car & F o u n d ry
26% 27%
D o p r e f ________________
78 O ct 29 103 J a n 12
700
*82
88
21 N o v 7
361* J ’ly 27
2,030 A m e rica n C o tto n O il_____
25% 25%
70 N o v 1 90 Jan 21
D o p r e f ________________
*70
85
A m e rica n I 'x p r e s s ________ 175 O ct 24 247 J a n 5
*157 187
8% J a n 11
3 O ct 22
334 ” ’ 200 A m e rica n G rass T w in e ___
*3%
gi4 Jan 16
2% N o v 14
300 A m erica n H ide & L ea th er
3%
3%
30i2Jan 7
D o p r e f ________________
10 O ct 24
100
11% 11%
8lg O ct 23
88 Jan 2
2,635 A m erica n Ice S e c u r it ie s ..
11% 12
{>3g O ct 24
19i4 Jan 10
A m e rica n L in s e e d ________
*7
8
161* O ct 29
36 J a n 7
D o p r e f ___________ ____
*16% 21
32U N ov21
7534 F e b 15
2.300 A m e rica n L o c o m o t i v e ___
35
36%
83 O ct 30 l l l i 2 Jan 21
D o p r e f ________________
200
87
*84
571, A p r 2
21* J ’ ne 10
A m e rica n M alt C o r p ______
4
*3
D o p r e f ________________
17 N o v 15
40 F e b 21
20
*18
93is Jan 7
60 O ct 24
A m e r S m elters S ec p r e f B
74
*64
58I4 N OVI5 arl55 Jan 7
6934 146",040 A m e r S m e ltin g & R e fin in g
65
8134 O ct 18 11738 Jan 7
D o p r e f________________
3,400
90
89
37 A m e rica n S n u tI___________ 150 O ct 23 205 J a n 18
*150 200
D o p r e f ________________ §70 N o v2 1 102 J'He 7
______
90
*70
103/1 J a n 5
4% N ov 1
100 A m e rica n Steel F o u n d rie s
5%
*F%
471, J a n 7
20 N o v 1
D o p r e f ________________
600
26
27%
97 O c t 24 137% F e b 13
5,050 A m e rica n Su g ar R e fin in g .
102% 104%
D o N p r e f ____ •___________ xl06 N ov2 7 131 J an 2
600
*106 108
88 O ct 30 133 J a n 4
505 A m e rica n T e le p h & T e le g
§99% 99%
9834 J an 5
60 O ct 23
1,530 A m e rica n T o b a c ( n e w ) . p f
64
64
361, Jan 7
11 O c t 22
800 A m e r ic a n W o o le n ________
1234 13*4
D o p r e f ________________
68 N ov21 102^8 J an 6
170
75
*68
3318 12,238 d A n a c o n d a C o p p e r P a r i 25 ?251g O c t 18 30234 F e b 16
32
S3 O ct 23
?9'r M a y i3
500 d B a to p ila s M in in g P a r i 20
3%
*3
80 N o v 8 125 M ay 1
l> r o o k ly n U n ion G a s____
90
*80
l 4i2 J an 4
6 O ct 24
I
^
r
u
n
s
w
lc
k
D
o
c
k
&
C
Im
p
7
*5
49is J an 3
27 O ct 21
4 B u tte r lc k C o _____________
25
*10
N o v 22
40 F e b 15
1
4,356 / le n tra l L e a th e r __________
13% 13%
D o p r e f _____________
68 Nov-25 102 F e b 8
1,280 Vv
71
71%
577gJan 8
14 N c v 26
9.535 C o lo r a d o F u el & I r o n ____
16% 17
283s A p r 5
15 N o v l9
100 C ol & H o c k C oal & I r o n . .
18
*15
74 O ct 25 140i4 M ch .
1,925 C o n s o lid a te d G as (N Y ) . .
94
88
2434 Jan 22
734 N o v 15
1,600 C orn P r o d u c t s R e f i n i n g ..
10%
10
46 O ct 29
88 J a n 28
6001 D o p r e f _______________ _
52%
*48
3734 O c t 30
78 F e b 13
8,600! D istillers’ S ecu rities C o r p .
39
41%
50 O ct 28 163 Jan 16
F ed era l M in ing & S m e lt’ g
55
*52
97 Jan 14
47 O ct 24
D o p r e f________________
x54% 58% '" '6 2 0
89% O ct 23 163 Jan 22
3,577 G en eral E l e c t r i c _________
110% 114%
60 O ct 24 152 F e b 13
550 G -a n b y C on s M S & P ___
SO
80
41* O c t 9
778 M ay 2
______ I nt M er M arine stk t r c t f s
7
*4%
D o p r e f ______________
24 A p r 25
10 N o v 2 6
1,100 »*117S
18% J a n 7
1,150 In te r n a tio n a l P a p e r ______
7 h N o v 16
9
9
81 F e b 11
D o p r e f________________
51 N o v 22
2,528
54% 57
6034 Jan 15
In te r n a tio n a l P o w e r _____
35 N o v 4
41 Jan 7
" 4',800 In te rn a t S team P u m p ___
8 O ct 23
'lC 34 ' 12"
81 Jan 14
D o p r e f ________________
50 O ct 23
3,110
56%
54
75U Jan 24
40 O ct 24
425 M a ck a y C o m p a n ie s _______
48% 48%
71 J a n 24
D o p r e t________________
50 O ct 23
500
54% 55
86i4 J a n 15
581; O c t 24
a tio n a l B is c u it ________
320
64
64
90 N o v 20 1173s Men s
D o p r e f____________
300
96
96
1533 Jan 5
61$ N o v 21
100 N at E n a m e l’ g & S t a m p ’ g
*634
9%
§78 O ct 10
87 F e b 15
D o p r e f ________________
______
85
*50
76i4
Jan 7
33
N
o
v
l5
N
a
tio
n
a
l
L
e
a
d
____________
10,140
37%
*36%
D o p r e f___________ ____
80 O ct 23 103 Jan 5
220
*83% 90
$51; N o v2 2 *20*4 A Pr 18
1,225 N ew h ou se M & S .P a r S lO
6l8
8%
00 N o v 2 5 141i2 Jan 7
3,710 N ew Y o r k A ir B r a k e ____
6078 61%
8934J an 4
37 N o v 8
1,375 N o rth A m e r ic a n C o . new
40% 44
41% J an 5
19 N o v 16
a c ific M a l l ...........■_______
2134
2,000
21
98% J a n 4
70% O ct 30
e o p le 's G a s-L & C (C h lc)
6,865
7334 76
16% Jan 15
7 N o v 20
______ P itts b u r g h C oal C o _______
8
*7%
D o p r e f ________________
37 N ov22
60% J an 4
500
4178 4178
57 Jan 10
15% N o v 26
3,825 P ressed Steel C a r__________
17% 17%
997g Jan 24
64 N o v 29
D o p r e f ________________
64
535
64
ISUs
J an 8
135U
N
o
v
15
P
u
llm
a
n
C
o
m
p
a
n
y
_______
600
*137 140
57% Jan 10
21% O ct 24
600 I > a llw a y Steel S p r in g ___
* 22% 25
D o p r e f ____________
9912 F e b 15
______ I V
72 N o v 6
75
*65
4 1 “ Jan 7
12 O ct 23
1,285 R e p u b lic Ir o n & S te e l____
16
15
D o p r e f ________________
50% O ct 24 100 Jan 7
960
58% 59
7734 J an 7
Q
lo
s
s
-S
h
e
ffie
ld
S
t
e
e
l&
I
r
n
O
ct
24
1.200
26
34%
34%
^
D o p r e f ______________
80 O ct 31 107 Jan 11
90
*80
............ T e n n C oa l, Iron & R R ___
98 N o v l5 162 Jan 4
700 ^ T en n essee C o p p e r P a r i Z 5 $17 O ct 25 $53% M ch 1
27
27
85 Jan 17
800 T e x a s P a cific L a nd T r u s t .
45 O ct 24
60
50
8% Jan 15
n io n B a g & P a p e r ____
400
4 O ct 24
4
4
______
61 J an 7
D o p r e f ____________
3934 N ov21
*39% 55
49% Jan 5
1,175 U S C ast I P ip e & F o u n d r
17 O ct 23
18% 18%
89 J a n 15
D o p r e f ________________
49 N o v 19
843
51
51
U n ite d S tates E x p r e s s ___
70 N o v 6 S117 Jan 9
90
*65
90U J an 4
250 iU S R e a lt y & I m p r o v e m ’t
3o N o v 4
40
40
3OI4 Jan 28
5l2 N o v2 5
600 j!U S R e d u c tio n & R efin in g
9
*6
68 Jan 7
D o p r e f___________ ____
20 O ct 25
400
27
27
5212 F e b 16
850 U n ite d S tates R u b b e r ___
131; Nov-21
1534 17
6634 1,610
62 O c t 30 1097g J an D o 1st p r e f ____________
65
78ig J an
100
D o 2d p r e f____________
39 N o v2 1
4134 4134
503s Jan
2l7g O c t 23
2378 25% 157,300 U n ited S ta te s S te e l_______
10784
Jan
79*8 Nov2C
D o p r e f________________
95,288
82% 85
3.210 d U ta h C o p p e r ___P a r $10 313 O ct 22 *39% M ch
15% 15%
393g
Jan
123s
N
o
v
4
500
V
Irgln
la
-C
a
ro
lln
a
C
h
e
m
..
16%
16%
______
D o p r e f ________________
75 N o v 4 108 Jan
84
*75
97 Jan 22
620 V irg in ia Iron C oal & C oke
31 O ct 24
37%
35
* ____ 300
W / e l l s F a rg o & C o ______ 250 M ay 7 300 J ’ne 3
85 J a n 10
541 Nov2<
eestern
s t e m U n ion T e l e g . .
5,395
54% 5814
32 N o v l5 154 Jan 2
40
40
510 W e s tin g h ’ s e E l& M fg assen
D o 1st p r e f...................... It 145 A p r 2011160
M ay23
*50
65

N

P

U

AND
Ask

B ro o k ly n .
First _______
H om e B ’nktf 225
M a n u factrs’ 380
M echanics’ 11 T280
M ontauk------ 160
N a s s a u ____ 240
N at C i t y . . . 300
N orth S ide Ti 330
ProspectPkTI 160
T e r m in a l. .It

Sales oi
the
Week
Shares

A

185 *162
534
5
15i2 *12
4S34 4612
111* *10
*721*
95
10
*S
75 * . . 3iS *3
3614 34
2614 2512
83
85
24
2314
85
*70
190 *160
334
3*4
3U
314
12
*10
1034
1138
8
*7
25
*1614
35
341*
88
85
4
*3
19
*18
65
*62
65
62
857g
8 6 lg
200 §150
90
*70
*518
5*2
*26
28
103
10212
1087g
108
06l8
95
62
633*
1212
12l8
71
*68
321*
31
35g
4
90
*80
7
*5
25
*1 0
121 *
12
68
69
153g
14
*141*
16
S63p x84
934
934
50 , *45
391*
39
5414 *5414
55
5214
109
10612
75
*65
*4
7
10
11
*8
9
577s
571*

27
45
*3
*39U
51734
50ig
*65
377g
*5
*21
*14
6412
*38
2234
80l8
*14l8
141*
*75
535

t riday
Nov 29
1014 11%
22
20
934
* 8%
15% 15%
8
*6
20
*14
*7 i 12
*1 1 1 2 13%
30
*25

12
10l8
11
2118 2234 23
S38
812
812
15%
15
15
9
*7
8
17
§1412 1412
12
42
*8
11
*11
13
30
30
*25

BANKS
Bid

Thursday
Nov 28

lv'01"

270

270
310
370

__ __

TRUST COMPANIES— BANKERS’
Trust C os.’
N Y CUV.
A s t o r ______
B ankers’ T r
B ow l’ g G r’ n
B ro a 'h v a y T r
C a r n _ ? le ___
Central T r 's t
C olu m b ia . .
C om m ercia l
C om m onw ’ h
E m p i r e ____
K q u lta bleT r
Farm L o & T

Bid

Ask

300
400
?325
120
T120
1600
195
175
100
325
375
1180

325
140
1700
205
190
125
350
400
1200

Trust Co’ s.

Bid
180
400
275
403
210
•... .

Fidelity_____
F ifth A v T r .
F u lt o n ______
G u aran ty T r
G uardian T r
H u d s o n ___
K n lc k ’ b ’ ker
Law T I & Tr
170
j L in coln T r . .
(M anhattan .
M e r ca n tile .. 825
M e tro p o lit’ n 540
[M orton T r ’ st

__

Trust Co%

200

M u t u a l ____
Mut A lii’ nee
N Y L ife & T r
N ew Y o r k T r
Standard T r
T itle G u& Fr
f l r C o o f Am
iU nion Trust
U S M tff& Tr
U nit S ta te s .
IV au N ’ d c n T r
IW ash in gton
( W in d s o r ___

220
90
___
185
300
430
875
560
650

Ranae lor 1‘retic-us
Year (1906)
Lowest.

Hlonest

£0 Apr^
55 A p e
18 D e o
36I2 D ec
16 A p r
36 M ay
2114 OcC
23 M ay
44 J ’ly

98 Jan
9312 Jan
261* Jan
53*8 F eb
2134 F eb
48U F eb
29*2 F eb
33 Jan
64 Jan

$240 J 'n r 5300 A u g
273g Jan
16 J 'ly
67 Jan
40 Sep
923g J ’ ly I I 8I4 F eb
34ig J an
20 J ’ly
102 Jan
90 D ec
35 J an
20i2 Mav
891* J a a
82Vg O ct
3234 J ’ly
98l2 J ’ ly
28 M ay
90 D ec
215 A p r
77g M ay
5% N ov
24 “ N o v
3514 Jan
1634 D ec
35 D e c
5334 May
IO8I2 D ec

4712 Jan
105 Jan
4414 J an
95 Jan
272 A u g
1134 Jan
10 Jan
43 Jan
947g Sep
2914 Jan
53?g Jan
78I2 Jan
12014 Jan

10134 J an
9214 D ec
13812 May 174 Jan
130 Jan
112 D e c
200 J ’ly 220 J an
107 Jan
100 D ec
1514 Jan
934 N ov
53‘4 Jan
40 M ay
127i2 May 157 Jan
140 Jan
12812 D ec
130 J ’ ly !44Sg Jan
109 Jan
96 J ’ly
48 Jan
28 N o v
1103g Jan
101 J ’ly
22312 M ay 300 F eb
1651* Nov1314 J ’ly
40 A p r
3334 D e c
U834 D ec
40>g M ay
17 M ay
130% A pr
18i4 J ’ly
741* May
6 1 “ Jan
138 Jan
91 J ’ ly
H 5 6 D ec

178 Jan
2134 A p r
70 May
49?g Jan
1071* Jan
8358 Jan
3014 N o v
18134 Jan
28 A p r
8534 A p r
74*g Sep
199 Jan
1127g Jan
184 O ct

1612 Sep
80 D ec
48 Sep
28 Jan
7s> Jan

26I4 Jan
90 Jan
i9 5 Jan
60 May
92 May

791* D ec
62 M ay
1 l»io O ct
113'2 Jan
18U Jan
12 M ay
881* M ch
82 Sep
953g Jan
66 M ay
10014 J ’ne I 106U Jan
16334 Jan
133 J ’ly
87I2 N 0 V 107 Jan
51% J an
2834 J ’ ne
88 J ’ly 103 Jan
18ig N o v
1314 M ay
6212 Jan
50 J ’ ly
64*8 Jan
43 M ay
95 Ma> 105 F eb
180 D ec 270 N ov
6234 Jan
44 M ay
107 Jan
9734 J ’ly
4134 D ec
2214 M ay
91 M ay 1101* Jan
97U Jan
68I2 J ’ly
113 " A p r
10414 O ct
129 Jan J166 N ov
88 Oct*
60 M ay
1514 Jan
6I2 Sep
84 Jan
62 O ct
63 J an
4312 M ay
967g J an
8314 D ec
109 M ay 1381* Jan
75 A u g
9412 Jan
24 M ch
40% J 'n e
60 M ch
M J ’ ne
38 J ’ly
591* O ct
r 10434 J ’ly |Xll5 Jan
75 M ay i87>2Jan
32% J ’ly
6OI4 O ct
9834 J ’ly
11314 Jan
58 Jan
31
j ’ly
104
J ’ly 1171* Jan
93 ‘ D ec
38 M ay
233 Mch 305 O c t
9414 Jan
183*4 D ec
148 A u g 176 Jan
162 N o v 18* Jan

QUOTATIONS

Ask
475
315
430

lxxxy.

Bid
Ask
110
125
180
195
975 1000
550
600
____ 400
310
325
250
300
1200 1300
400
425
1125 1175
370
380
400
200
170

__

Trust Co’ s. Bid
Brooklyn.
B rook lyn Tr 390
____
C it i z e n s '___
Flat bush . . 250
F r a n k lin ___ ____
H am ilton . . 275
____
H o m e _____

J enkins____

K ings C o ___
LI si L & T r —
N a s s a u ____
P e o p le ’ s ___
W illla m sb ’ e

460

-----

Ask
415
130
2/5
200

. 1D
310

<=Bld and asked prices: no sales o n th is d a y . i Less th an 100 shares. t E x -rl^ h ts. 0 -Vew s to c k . cE x- d iv id e n d an d rights . dNow quoted dollars pershar#
sT ru st C o. car t lQ c a t e s .’ [B a n k s m ark ed w ith a p a ra g ra p h (H) are State banks.
tSala at bLJCi E ic iia n g e or at a u c tio n tills w eek.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O lH U J P Y I M i

Price

BONDS
N . Y. ST O C K E X O H A X f i E
W ickk E ihmno N o v 29
L,
» » o v e r n iiie iii
U S 2s con su l re>gistered.£il93t
U S 2s
-ioi c o u p o n ....ii l 9 3 0
U S 8s i
l e r e d ............. XcXVJl -v
U b its c o u p o n . .. ............... fcl91b
U s 3s resr sm all b o n d s ., ttl 91
U s i s oon sm all b ou d B ..fcl91 b
U s 4s r e g is te r e d .................1925
l T S 4s c o u p o n ......................1926
U S P a n O m 10-30 y r 2».7el93
P h ilm in n e isla n d s 4S.1H M -84
Pubwk--- an d im p re • 4s i 9 3 ‘
P u b w k s and im p r e g .„ .1 9 3 ‘
K o re x rn U d v eru iiip n t
Im p eria l J a p a n e s e G o v e rn m ’ t
a ,oaii 4
c t ls fu ll p d .1 9 2 5
2d series 4% s c t fs fu ll paid.
£ loan 48 c tfs fu ll p a id .. 1931
R ep u b o l C u ba us ex ten d e b t ..
U * oi M e x ico s 1 g 5s o f 1X99
G old 4s Ot 1904................. 1954

Bin

F

H m >‘
a s k L o ir
104 ^
1 0 4 14
103 V, 105
1 0 4 14 O c t ’0 7
103 105
101 K o v ’ 07

100^ 101Hi
100\* 101>, 100*, I00‘«
10U1,
117
117
102

....
121
121
...

107 J ’ n e ’02
104 Hi O ct ’0
1 1 9 --iO c t ’ o7

121

.2)

Hinh

Loin

104% 109
104 lg io e %
L 'l
10234
100% 104
1 3 0 a4
13o<V

119
119

105 *« O ct ’ 06
M ay’06

107>9U0i* 111

Q -S
Q -F

85J*
87 H,
F A I 8 7 b Sale
867s
J .1 4 8 6 7s Saie
77
78
J -J
95*4
!*7^
M-S t 97^4 Sale
94
9 6 S ■■•4H»
9 4 34
89 N o v ’ 07
J -D .......... 89
t 7 >ie»e a r e pr ices 0 n the 0

83*4 94%
^4
92%
75
85
95 10334
93
99
8 8 34 95
0/ $& to £ .

■843b

S t a l e anti C it y S e c u r i t ie s
A.iauuui.1 c u rr luud 4 s ___ 192' J-J
D ist ol C olu m bia 3 -6 5 s ___ 1924 F-A
Liontaimm new con sol 4 s . .1**1 I J-J
N Y C ity—T m p o r a r y re. eipts
fo r i -2 C orp S to r k ....... 1957 M X 107 Sale
tor 4 %% a ssessm t b o n l s . . ’ l7 wi-N *1 0 2 3« .......
N orth C arolina coiiaoi 48.1910 J - j
6s ............................................ 1919 A -O
So C a rolin a 4 'as 2 0 -4 0 ........193i J-J
T en n new settlem en t 3 s . .191 ft J -J
......... s}3*<i
V irg in ia fund d e b t 2 - 3 s ...1991 J -J
2 2 Sale
«is d eferred B row n B ros ctfs.

111 M a r’ 02
117 Ha J ’ ne'O't
105 Hi D e c ’ 04
105 34

1 0 7 1<
103%
luO1* A p r ’ 07
126 M a r’ 07
120 M ar’ Ot
92 *4 O ct ’ 07
9 3 ’4 M ay’ O,

10i34

20

I027g10734
101

103H

126

126

100 V
tI00I4

‘91S "96"

/ l3 l4 '.*534

22

20

30 *4

R a ilr o a d
labam a C en t bee So Ry
Aiab;t
Altai s e e A t Coast L ine
A lb a n y <fc Susq See l)el<fe Hun
A lle g h e n y V a lle y ttee Penn KH
A lie g & W est See Bull R & t
A nil A r b o r 1st g 4 s ..........*1 9 9 6
A teii Tifc S Ke— G eu g 4a. 199^
R e g is te r e d .......................... 1995
A d ju stm e n t g 4 s . ..........Zi.199
R e g is t e r e d ...................A.1995
Stam ped........ ........... .. k l 9 9 5
C o n v g 4 s ............................1956
10-year c o n v g 5 s ......... 191"
D ebeM u res 4s S crie s F .1 9 o 8
s e r ie s G ........................... 190!
S eries H . . . ...... .............. 1910
S eries 1 ............................ 1911
S eries K ...........................1913
E a st O kla D iv 1st g 4 s .. 1928
A tl K n o x & X See L & N
A tla n tic C oast 1st g 4s.ft.1952
C h arles & Sav 1st g 7 s .. 1930
Sav fe'tfc VV 1st gold Os.. 1934
1st gold 5 s ...................... 1934
A la M id 1st gu gold 5s ..1 9 2 8
B r u n s * W 1st gu g 4s ..1 9 3 b
Li & N c oll g 4 s ...............o l9 5 2
S i! S p O ca <&G g u g 4s ..1 9 1 b
A tla n tic 6c D anv See Sou th Ry
Au stin <fc N W See S ou P a cific
alt <fc O hio p rior 1g 3 ‘a s . 1925
R e g is te r e d ................. /il9 2 5
G old 4 s ............................../ il 9 4 s
R e g is t e r e d ...................M 9 4 b
P itts J u n c 1st gold 6 s . ..1 9 2 2
P Ju n
M D iv 1st g 3 % s l9 2 6
P L E A W V a S y s r e f 4 sl9 4 1
S ou th w D iv 1st g o % s . . . 1926
R e g is t e r e d .................../il9 2 6
M onou R lv l e t gu g 5 s . .1 9 1 9
Cen O hio R 1st c g 4 % s._lU3t
Ol L or cfa W oon 1st g 5s 1933
O h io R iv e r H R 1st g 5s. 1930
G en eral g old 5 s ............. 1937
P itts C lev
T o l 1st g 6s 1922
P itts <fc W est 1st g 4 s . ..1 9 1 7
S tat i s i R y 1st g u g 4 % s 1943
B at C reek <& s See M ich Cent
B eech C reek See N V C <fe H
B ellev & Car See Illin o is Cenl
B k iyu & M on ta u k See L o n g i
B run s <fe W est See A t l C oast L
B uffalo N Y & E rie See K rie
B uffalo R«fc P gen g 5 s . ..1 9 3 7
A l l & W e s t l e t g 4s g u . .l 9 9 b
C l & M ah 1st gu g 5 s ___ 1943
R o c h & P itts 1st g O s ...1921
C on sol 1st g 6s ............. 1922
B uffalo & South w es'. See Erie
Bufl <3c Suaq 1st r e f g 4 s .d l9 5 1
B u r C R & N See C K I d t P
Canada S ou th 1st 5 s ........ 1908
V2d 5 s ................................... 1913
R e g i s t e r e d .. . ............... 1913
C&rb <& Shaw n See 111 C en t
C a rolin a C en t See S eab A ir L
C a rth a ge & A d See N Y C & H
C ed R Ia F & N
See B C R & . S
C en B ra n ch R y See M o P a c
C en t o f Ga R R 1st g 5 s ..p l 9 4 5
C on sol g old 5 s ...................1945
R e g is t e r e d ...................... 1945
la t pref in c o m e g 6s ___ p l 9 4 5
S t a m p e d .............................
2u p re i in com e g 6s ___ p l 9 4 5
S t a m p e d .................................
So prei in com e sr 5 a___ p i 94

B

C

Q-J
A-O
AO
N ot
Nov
M-N
J D
J-D
F-A
F-A
F A
FA
FA
•VI S

82 Hi Sale

8034 86

83

J -J
Q-J
A-O
y -J
j j
M-N
M-N
J -J

86 Hz Sale

85

93

83

82

9S7

13278 J a n ’ 00
112»8 Jan ’04
114*8 N o v ’05
9 a Hi M a r’06
78
79
94 J ’l y ’ 07

" 9 3 "la Sal e

8 5 34

89 %
94

87

? 6 \ 93 Hi
8 8 % 92 Hi
8a
102%
94 101%

SS’sOct ’67

!<2
93 Hi
9 5 7g O ct ’ 07
law
01
b4 O ct ’ 07
83
&3
80
81
8 <> O ct ’ 06
105 Tg F e b ’ 07
109 A p i ’06
10934 J ’ n e ’ 07
116 Atay’ Oii
113 ’•? N o v ’ o 6
ll9H i M a i’04
88 >4 O ct ’ 07
100 N o v ’ 04

81Hi
85

ti

78

M-S
A-O
J-lJ
A-O
A-O
J -J
J-D

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

J -J
M-S
M-S

72
91
b9 Hi 102 Hi
90 Hi 1 0 i a4
77 Hi 92%
86
86
77
92 %
80 1 0 8 14
*9 Hi 102
99 101
9 8 s* 9 8 \
96
96

s i"
85 Hj Sale
9 0 34
96
96 Sale
95 . . . . . . 101 J ’ l y ’ o7
9H»b May’ OV
96 F e b ’ 07
98 H2 N 'H ’ 04
94 N o v ’Oti
93 M ay’07

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

J -J

73 N ot >07
89»4
9 3 34
9 o Hi N o v ’07
80 Hi
82 H;
8 6 A p r ’07
81
81

74 .........
93 b Sale

108

........

90

113 V M ay’ 07
l0 3 H iF e b ’07
103 A p r ’ 97
124 A p r ’ 06
118 J ’ n e’ 07
91

90
96
90*4
lu 5 % 105%
109*4 i ’1 3 %

88%

45

I I 8 H2
103%

118

123%

N o v ’07

89*4

IHRy

a

.1930

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

116 M ar’ 07
116 116
85
90
85 111
113 A p r '0 6
53 O ct ’07
• i s " *9*0 "
88 M ay’ 07
85
90
76
45
45
10 45
Sale
66 is A u g ’ ' >7
32
C5
41 Hi 32 N o v ’O^

........
Sale

66% 71*4

_____ 80
61 Hi Rale
......... 100
90 Sale
* 85 ..........
77
♦ 70




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

•......... 76
.......... 80%
54 % Sal**......... 59

*N o price Friday; latest pnoe this week.

96°*

98% 105
95 V# 105 %
100*4 100*4

i H ^ C K I J u l .M C O l ja
S t r e e t I t a il w a y
B r o o k ly n R ap T r g 5 s . . ...1 9 4 5
1 st r efu n d c o n v g 4 s ___ 2002
B k C it y 1s t con 5 s.1916.1941
B k Q C o & S c o n g u g 58.1941
B k ly n Un El 1st g 4-5S.1950
Stam ped au a r 4 -5 s ___ 1950
K in g s Uo El 1s t g 4 s . . ..1 9 4 9
S tam ped gu a r 4 s ___ ..1 9 4 9
N assa u E lec g u g 4 s ___ 1951
C on n R y & L l s t & r e f g 4 % s ’ 51
, S tam ped e u a r 4 % s ......... 1951
p e n Con T r C o 1st g 5 s . . . 1933
iDet U n ited 1st c o n g 4 % s .l9 3 2
H a v a n a Klee c o n so l g 5 s . 1952
I n t e r -M e t c o ll 4 %s............. 1966
I n t e r n a l T r a o c o ll tr 4 s . . 1949
L ou
CO 1st con
5s.
M an ila E leo 1st & c o ll 58.1 9 5 3

94

112
102

104 Hi Sale 101>* 105
98
.......... 97 Hi 96*4
100*4 M ay’ 07

F-A * 88
M-N
90
M-N
O ct

85
85
8|
57
61% 1212
99% O ct ’ Oi
95% O ct ’ 07
85
90
98 Sep ’07
87 F e b ’ 07
78*4 N o v ’07
70 No-v’ 07
9 8 Hi M av’07
97*4 O ct ’ 07
95 J ’ n e’ OO
85 A u g ’07
8 0 % J ’n e ’ ' 7
48
54 H69 >4 J ’ l y ’ 07
109 Alar’9M
9 8 May* 06

aD u eJ a a

d

Due Apr

I 'A N E -

BONDS
N . Y . ST O C K E X C H A N G E
W kek E ndinh N o v -29

W eelfs
R ange or
Lart' Saie

F rid a y
Nov V9
Q-J
Q-J
Q-V
Q -F
Q -F
q -f
y -F
Q-F
Q N

KOI) If

C en t o f G a R It— ( C o n )
3d p r e f in c o m e g 6s stam ped.
Chatt l>iv pur w o n g 4 s . 1 9 j j
M ac <ft N o r D iv 1st g 58.1 9 4 0
M id G a & A tl D iv 5 s . ...1 9 4 7
M obile L)iv I s t g S s ........1946
Jen R R & B o f Ha co l g os ly37
J e n t ot N J g e n ’ l gold 5 s . 1987
R e e n ste re d .................../t l 9 s ?
Am D ock & Im p gu 5 s . .1 9 2 )
Le & H ud R gen gu g 5s 1920
L eh & W ilk s B Coal 5 s .. 1912
Con e x t gu ar 4 His___ </191o
N Y & L o n g Br g en g 4 s 1941
Cent P a cific See So P a cific Co
C e n tV e rm o n t ls^t g u 9 4 s .e l!)2 0
Chas & s a v See A t l C oast L in e
C hes <fe O hio g 6s ser A . . /i l 9 0 8
G old 6 s ............................... a l911
1st co n s o l g 08...................1939
R e g is te r e d ...................... 1939
G eneral gold 4 % s............. 1992
R e g is te r e d ...................... 1992
C ra ig V a lle y 1st g 5 s ___ 1940
R & A D iv 1st co n g 4 s . .1 9 8 9
2d co u so l g 4 s .................1989
W arm S pr V ai 1st g 5 s ..1941
G re e n b r ie r R y l s t g u g 4s ’ 40
C h ic <fc A lt R R re f g 3 s ...1 9 4 9
R a ilw a y 1st lien 3 % s ... 1950
R e g is te r e d .......................1950
Clue B u rl& y — D en v D 4s 1922
Illin o is D iv 3 % s ............... 1949
R e g is t e r e d ...................... 1949
G old 4 s .............................1 9 4 9
Io w a D iv sin k fund 5 s . .1919
S in k in g lund 4 s..-..........1919
N e b ra sk a E x te n sio n 48.1927
R e g is te re d .......................1927;
South w estern D iv 4 s ___ 1921
J o in t bond s See G rea t N orth
D e b e n tu re 5 s .................... 1913
H an & S t J o 8 C o u s o l6 s ..l9 1 1
'In c & IS 111 re f <fc im p g 4s 1955
1st s I c u r Os.....................1907
1st co n s o l e 6 s ................... 1934
G eneral co n s o l 1st 5 s ___ 1937
R e g is te r e d ...................... 1937
C h ic <fc in d C R y 1st 58.1930
C h ica go & E rie See Erie
hie In & L o u is v rel 6 s ...1 9 4 7
R e fu n d in g g o ld 5 s ............1947
L o u is v N A <fe Ch 1st 6 s . 1910
C h ic M il & St P te rm g o s 1914
G eneral g 4s se rie s A ..e l9 8 9
R e g is te r e d .....................e l9 8 9
G e n e r a lg 3% s series B .e l9 8 9
C h ic & L Su D iv g 5 s ___ 1921
C h ic & M o R iv D iv 5 s . ..1 9 2 0
C h ic <fc P a c D iv 6 s ............1910
C h ic & e W 1st g 5 s ........1921
D ak & G t So g 5 s ............. 1916
Far & Sou assu g 6 s ........1924
H a st & D D iv 1st 7 s........ 1910
1st 5 s ................................. 1910
I & D E x te n 1st 7 s ..........1908
L a C rosse & D 1st 5 s ___ 1919
M in era l P o in t D iv 5 s ___ 1910
S o M in n D iv 1st 6 s ..........1910
S o u th w e st D iv 1st 6 s ___ 1909
W is & M in n D iv g 5 s . .. ,1 9 2 1
MU & N o 1st M L 6 s . ...1 9 1 0
1 st co n s o l 6 8 . . . . . . . ____1913
C h lc & N orth w c o n s 7 s ___ 1915
E x te n sio n 48..........1886-1926
> R e g is te r e d ............1886-1926
G en eral g o ld 3 % s ............. 1987
R e g is t e r e d ...................»1 9 8 7
S in k in g fund O s...1 8 7 9 -1 9 2 9
R e g is te r e d ........... 1879-1929
S in k in g fund 5 s . ..1 8 7 9 -1 9 2 9
R e g is te r e d ............1879-1929
D e b e n tu r e 5 s ....................1909
R e g is te r e d .......................1909
D e b e n tu r e 5 s .....................1921
R e g is te r e d ...................... 1921
S in k in g fu n d d eb 5 s ........1933
R e g is te r e d .......................1933
N o rth Illin o is 1st 5 s ___ 1910
O tt C F & St P aul 1st 5s 1909
W in o n a & St P e t 2d 7 s . .1907
M il L S & W est 1st g 6s 1921
E x t <& im p 8 fund g 5s 1929
A sh la n d D iv 1st g 6 s ..1 9 2 5
M ic h D iv 1 s t g 6 s ..........1924
i n c o m e s .......................... 1911
CUlc R o c k ls i & P a c 6 s . . .19 1 7
R e g is te r e d ...................... 1917
G e n e ra l gold 4 s .................1988
R e g is te r e d .......................1988
R e fu n d in g g 4 s ............... 1934
C oll tr u s t S e rie s H 4s . . 191o
J 4 8 ................................... 1912
M *8 ................................... 1915
N 4 s ................................... 1916
O 4 s .................................... 1917
P 4 s ................................... 1918
C h io R I & P a c R R 4 S ..2 0 0 2
R e g is t e r e d ......................2002
C oll tru s t gold 5 s . . ___ 1913
B ur Ced R & N o r th e r n —
Con 1st & co l tr g 5 s . . .1 9 3 4
R e g is te r e d ................... 1934
O R I P & U W 1st gu 5s . 1921
M <fe St L 1st gu g 7 8 ..1 9 2 7

P rice
F r id a y
Non i>9

J-D
J -J
JJ
J-J
4-N
J -J
Q-J
J -J
J -J
M-N
Q-M
M-S

W eek's
R ange or
Last Sale

Hi(/h
ASH Low
A u g’ O
41% 4 i
93 J ’ n e'00
115% D e c '06
115 N o v ’05
......... lo O
105 107
115 Si A ng’ 05
95 O ct ’07
114
114 Sale 113
111%
111 Salt 111
107 A u g ’ 07
94
96%
8S

Q -F

J -J
J -J
J J
J -J
J -J
Q-J
J -J
J -J
J -J
J -J
J-J
J-J
J-J
J-J
J-J
J -J
J -J
J -J
J -J
J -J
J -J
J-D
J-D

119 O c t ’ 07
..........104 H. 105 O c t ’ 07
10a % u c t ’ o ,
101 O c t ’07
102
98
u9
99
100*8 104 H. O ct ’ 00
82 N o v u 7
. . j. . . II 5 '-4 Oct. 'uo
109 A u g ’O,'
103 106
104 A u g ’O.
103 104% 105*4 JNov’ Oi
106 J ne’ o7
......... 102
137 % J ’ l y ’9!'
i o i " 104 K 102 O c t ’07
1 0 0 % J ’ ly \i 7
182% A p i ’00
lOOHi-J’ i y ’ 07
99
99 N o v 07
It 2 *4 Sale .0 1
102-41
100*4 l o 2
l o t l4 N o v ’ 07
106
106
A
u
g ’ oV
.........
106% F e b ’ Oi
106
l o t J ’u tV /
I ll
116
116 O c t ’o7
90 .......... 9 b 34 s e p ’ 07
97 Sep ’ 07
90 N o v ’ o7
95 F e b ’ 07
104% .
107 J ’ ne’07
106% J ’ne'07
104
10 si O ct ’ <.7
104
11:4 N o v ’ i 7
99%
99-4
9*i% J ’ n e ’07
100 1 0 0 - 101a4 O ct ’ 07
103 J ’ n e’ o7
1 i 0 % S ep ’ 07
117 F e o ’ oO
105 l4 D e c ’ 0.
.......... 98 H, 100*8 M ay'07
v . ................. 100 '8 A u g ’ 07
110 ......... 118 O c t ’ Ol
113 Hi M ay’07
142% F e b ’02
128% F e b ’ 00
109 b e p ’03
106 112
114 O ct ’ 0 ,
116% M a r’07
'9 1 % baiV
88
91 H.
92 Sep ’07
80%
81%
8 1 % Sale
97 J ’ l y ’ 04
......... 95
92% N o v ’ Oti
90*4 Jan ’0 ?
86
93 M ay’ O l
9 0 34 F e b ’ 07
84 A u g ’O.
60 Sale
51
6 /%
82*g O ot ’ 07
63
71
’ 7 0 S Sale

A-O
A-O
A-O
J-D

N o v ’ 07
J ’ly ’ 07
A p i ’ i'T
O ct ’07
N o v ’ o7
102%
F e b ’ Ot
O ct ’ 07

18%

ioi""".

........105

10b
120*4
126
111

85

94
1 (5 %
92
1 0 2 % ......... 102
119
io 2
bale 102
......... 9 S 1
102% Sale 106

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

y5
113
1 11
10 6 s,

M ay’O

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

.......... 96
98 ........

66

9b*4 100si

Vl-N
M-S

* -N

Low
45

A u g ’ 07
O ct '07

......... 9 9 34 9 9 34 O ct ’ 0 r
102 O ct ’ 07
......... 101
103 Hi Sale 102 4
103 Hi
......... 1 0 1 s 116 J ’ n e ’OO
8b 1.
8 8 % “i a l e
87
104 M ay’OO
112 F e b ’00
........ 9 4 Hi 95 O ct ’ 07
........ 80
90 J ’ n e’ o7
1 1 3 14 f e u ’ 05
9 9 34 F e b ’ OH
b * O c t ’ (.7
64
55
55
bO ^ Mh\ ’ 05
___ _ lJ6
9 6 5s O ct ’ 0 1
83
81
84 sa ie
90 Sep ’ Ou
9 6 14
n6
106 M ay’07
97 N o v ’07
......... 1*6
95 Saie
95
1 0 1 14 D e c ’ 00
90 O ct ’ 07

A-O
A-O
Vl-N
VI-N
M-S
VI-S
J -J
J-J
J -J
VI-s
M-N
A-O
J -J
J -J
F-A
J -J
J -J
J -J
A-O
A-O

Range
S ince
Jan u ary 1

108% Sep ’07
120% M a r’03
III
N o v ’ Od

97% 101

89%

99 Hi 105
102 107
101 116
87

i o 5 34

91% 160 si
90
92 Hi
58
55

SO
7 6 5s

96*8 ioosi
82 Si 92%
”9 5 ' '
106
96
95
90
94
lo 5 %
92
100%
119
18 i0 2

i'0 3 "
106
104
102
90
104
109
92
103
128S
117%

1 0 6 " i l3 ’ %
119 126%
105 l i l %
o2 105

100 li;0%
98 l o 7

109
104
105
106

113%
105%
112
100*4

102" loo"

1 0 0 ‘a 100 Hi
106 Si l » H l4
99 103
100 105*4
.0 I *4 104
106
110*4
10 6 % 1 0 7
107 111%
116 121

9**4 102

y7 104
i»0
98
15
95
106 107
106% 106^
104% 107
i 04 104

t*8%102%

98
10 i 34
103
110%

J01
107
103
114*4

100%102%
100% 101%
118 123*4
113 113%

114 117%
U 6 % 116%
88 100 %
92
y9*4
80
91*4
90%

90%

90*4
84
49*4

90*4
90
77

59

91*4

82e8 82%

108% 119

B O N i> - — C o n tin u e d 011 -Next Paste.

85
56
99%
95%
85
98
87
77
70
98%
97%

107
9 %
1 0 3 14
101%
108
104
89
88%
86
102%
98*,

8 5 ” " 86*5
80% 93
47
82
68
73

eD aeM ay

S tr e e t K a ilw a y
M et S t R y g e n co l t r g 5 s . 1997
R e f g 4 s ............................... 2002
Bway«fc 7th A v l s t o g 5 s 1943
C o l & 9 t l i A v l s t g u g 58.1993
Lex A v & P F ls t g u g 5 s l 9 9 3
T h ird A v e R R oon g u 4s 2000
T h ir d A v e R y 1st g 5 s . .1 9 3 7
M et W S E l (C h ic) 1st g 4 s . 1938
MU E l R y & L 3 0-yr g 58.1926
M in n St R y 1st c o n g 5 s ..1 9 1 9
N O rl R y <fc L t ge n 4% s ..1 9 3 5
S t J o s R y L t H & P l s t g 5 s ’ 37
sit P a u l C ity Cab c o n g 6s . 1937
U n d ergrou n d
L o n 5 s . . .1 9 0 8
U nion El (C liic) 1st g 5 s . .1 9 4 5
U nited R R s San F r s t 4 s . 1927
U n ited R y s S t L 1st g 48.1934
W C h ic S t 4 0 -y r co n g 5 s . 1936
gUu

j J ’ue

ADue J’ly

F-A .......... 95
A-O -.......... 65
J -D ......... 100
M-S ......... 95
M-S .......... 95
44 % Sale
J -J
J - J ..........100
F-A
F-A
J -J
.......... 90
J -J
M-N
J-J
J -D
61
A-O
60 Sale
A-O
J -J .......... 80
M N

A Due A u c

oDue o ot

101 J ’l y ’ 07
73 A u g ’ 07
100 O ct ’07
103 O ct ’u7
107 % A u g ’ 07
40%
44 H<
98
98
93% J ’ l y ’ 06
109 J ’l y ’ Oi
107% F e b ’ 06
90 % s e p ’ 06
103>4 O ct ’ 06
110 Hi N o v ’ 06
6 4 14 Sep ’ 07
100 J a n ’07
60
60
79 O ct ’07
99 D e c ’97
pD ueN or

100 108*
73 85
100 113
103 113%
107 % 110
40 89
98 114%

64% 94
100 100
60
8S%
79
H6
» Option Sal*

JVoi*. l x x x t

New York Bond Kecord— Continued— P a g e 2

13S4

BONOS

F r tc e
fY iclav
JSov 29

N. Y. ST O C K E X C H A N G E
Wbtkk ElfniNQ NOV 29

WeeK’ s
R an ge or
L a ft Sale

BONUS

R an ge
Sincfl
Jan uary

Lota . H igh
C liio B o c k i & P a c— (C o n )
104% N o v ’ t>7
C lioo O k cfc G g e n g 5s .01919 J -J
111 M ay’06
C on sol g old 5 s ............... 1952 M-N 10O
101 O c t ’ 07
K e o k cfc U e s M 18 6 5 s ___ 1921-S A -G ..........100
C lu e s t l , & N O
See 111 Cent
C h ic S t L da P itts bee Penn C<
118% 118 V
Clue S t P l l & O con 6 s . .. 1930 J-.
93 D e c '03
C on s 6s red u ced to 3 V s . 1930 J-I)
1 3 1 14 F e b ’07
Ch S t P cfc M in n 1st g 6s 1918 nfl-N
120s.) M ar‘04
N o r W iscon sin 1st 6 s . . . 1930 J-J
110 O c t ’ 07
S t P & S C ity 1st g 6 s __ 1919 A-O
9 7 34 A p r ’ t/7
C h ica g o T e r T ra n s g 4 s ...1 9 4 ', J -J
109 *4 M a y ’0 7
C ou pon otl ...................................
114% O ct ’ o ;
C h ic cfc W e st Inn gen g 6s 01932 y-.Vl 106*6 .
97 7s A p r ’07
C on sol 50-year 4 s ............. 1952 J
Clue cfc W A lien bee P e r e Marc)
C h oc O cfc C u lt See C R I & P
113 Oof ’00
C m H & D 2d goln 4 V s . .. 1937 J
....... 102
102 J ’ ue’ O
C in D cfc 1 1st gi
5s. ..194 1 W-tJ
C F in d cfc F t W J - jc g u 4 s :'.’ _.; -UN
83 Jan ’07
C in I cfc W 1st sru g 4 s . 1953 J J
9 8 14 O ct ’ 07
I n d D e c & W 1st g 5 s . . .1 9 3 5 J -J
107 *2 D ec
1 st g u a r g old 5 s ............. 1935 J -J
C lS tl& C
bee C C C cfc S t i.
Cin S & C bee C C C S t L
C learfield cfc M ah See B R cfc P
92
91
9m
C lev C m C & S t L g e n g 4s 1993 J-D
C airo D lv 1st g old 4 s ___ 1939 J-J
95 Sep ’ 07
Cin W <fc M D iv 1 st g 48.1991 J -J
80% N ov ,07
8 t L D lv 1st co l tr g 4 s . .1 9 9 0 •VI-N ’ s o '
91 O c t ’ 07
R e g is t e r e d .....................199) vl-N
9 9 34 K e b ’ 05
Spr cfc C ol D iv 1st g 4 s . .1 9 4 0 M-S
98 S ep ’06
W W V a i D lv 1st g 4 s . : . 1940 J -J
105 J a n ’04
(J I S t L & C co n so l 6s.,192'J ,’.1-N
98 H Sep ’ 07
1st g old 4 s ...................../cl 936 y - f
98>» O ct ’0 ;
R e g is t e r e d . . . . ____ *193 6 y -F
109 J ’n e ’ 07
C m S cfc Cl c o n 1st g 5s,.19 2> - J-J
C C C cfc I co n so l 7 s ..........1914 J-D
C on sol sink £ u n d 7 s___ 1914 J-D
129
127 J ’l y ’ 07 -G en eral c o n s o l gold 6 s . 1934 J-J
R e g iste r e d ...................1934 J-J
1 0 4 % N o v ’ 01
In d BL cfc W 1st p ref 4 s . 1940 A -O
O In d cfc W 1st pt 5 s ...t tl9 3 * y J
85 N o v ’ 07
, 85
P eo cfc East 1st con 4 s . . . 194< A
Sale
37
37
in c o m e 4 8 ........................ 1990 \pi
C lev <fc M arietta b ee P e n n R i;
C lev cfc P itts bee Penn C o
55 N o v ’ 07
. 57
Col M id lan d 1st g 4 s ..........1947 J -J
78 Sale
7 6 ■u
78
C olorado cfc Sou 1st g 4 S ...1921
95 F e b ’ 07
. 78
R e ru n d & e x t 4 % 8 ..........1935
Coium cfc u r e e n v bee So R y
Cot cfc H o ck Val bee H o c k Vai
C ol & T o i bee H o c k V a i
Col C on n & T erm bee N cfc W
Conn cfc P as R iv s 1st g 48.1943
1 «ak cfc G t So bee C 11 & St t
1 /a lia s & W a co b ee M K cfc 1
102*4 M ay’ O
D el L a ck cfc W e ste rn 7 s . . . 1907 VI-s
109 N o v ’07
M o r r i s * E ssex l s t 7 s . . . 1914 Vl-N 109
117% S e p ’ 07
1st c o n s o l g u a r 7 s ........ 1915 J-D *111
127 J ’n e ’ 05
R e g is te r e d ...................191; J-D
1st r e f g u g 3 %8............200< J -0
115
115
115 *1,
N Y L a ck «fc W 1st 6 s . . .1921 J-J
103
102 N o v ’ 07
C on stru ction 5 s ............1923 F A
88
87 *4 N o v ’07
Term & i m p r o v e 4 s ....1 9 2 3 Vl-N
102 F e b ’ 03
W a rren 1st ret g u g 3 V s .2 0 0 0 F-A
F e b ’ 06
Oei cfc H u d 1st Pa I>iv 7 s .1917 U S
A u g’ 01
R e g is te r e d ...................... 1917 M S
93
93 Sal«
1 0 -y r c o n v d eb 4 s ........... 1916 J -D
87%
87 % Sale
A lb cfc Sus c o n v 3 %s........1946 A-O
133 *2 D e c ’ 06
ctens cfc S aratoga 1st 7 * .1 9 2 ] yi-N
D el R iv R R B rid g e See P a R lt
. . . . 91
88
D env & R O r 1st con g 48.1930 j - j
. . . . 100
102 *a Jan ’07
C on sol gold 4 V s............... 193i j - J
102 N o v ’ 07
. . . . 100
Im p r o v e m e n t gold 5 s ...l9 2 h J-D
109 Aiar’ 05
ktio G r J u n e 1st gu g 5 s .l9 3 9 J-D
76 D e c ’ 05
R io g r So 1st gold 4a___ 194< J -J
89 Jai> ’ O
G uaran te e d .....................19 41 J J
. j. . 80 V 81 N o v ’ 07
R io G r W e st 1 st g 4 s ___ 1939 J -J
8 7 s« F e b ’ 07
. . . . 70
M g e and col tru st 4 S A .1 949 A 0
97 J a n ’ 02
. . . . 91
U tali C en t la t g u g 4s a l9 1 7 A-O
Des M oi cfc F t D bee M cfc St L
110 S e p ’ 04
Des M oi Un R y 1st g 5 s ..1917 M-N
92 M ar’ 07
Det <& M ack 1st lien g 4 s . 1990 J-D
79
89 A p r ’ 07
G old 4 s ................................. 1995 J-D
D etroit S ou th ern —
86 O ct ’ 06
79
O h io Sou D iv 1st g 4 s ...1 9 4 1 M-S
102 107 A u g ’ 07
Dui<& Iron R a n g e l s t o s . .1937 A-O
112 % F e b ’06
R e g is te r e d ................... .......1937 A-O
2d 6 s ..................................... 1916 J -J
D ul S h ort L in e Set, N o r P a c
110 J ’l y ’ 07
D a l So S h ore <fc A ti g 5 s .. 1937 J -J
^ a st ot M in n bee S t P M cfc il
Jaat T e n V a cfc G a See S o Ry
11034 J ’ n e ’ 07
E lg in J o l & E ast 1st g 58.1941 M-N
Elm C ort & .No See L e h & N Y
25
9'J
E rie 1st e x t gold 4 s ............. 1947 M-S ......... 9 3 34 92
107% J ’ n e ’07
2d e x t gold 5 s .....................1919 -Vl-S ......... 108
103% M ay’ 07
3d e x t gold 4 ‘us.................1923 M-S
108 J ’l y ’ 07
4tli e x t g old 5 s ...................1920 A O
100 J ’n e ’ 07
5th e x t gold 4 s ...................1928 J-D
118 N o v ’ u7
1st co n so l gold 7 s ............. 1920 M S
..........119
133 F e b ’Oo
1st c o u s o i g tund 7 s........ 1920 M-S
84%
84%
E rie 1st con g 4 s p r i o r . . 1996 J-J
84 *a Sale
99% O ct ’ 06
R e g is t e r e d ...................... 1996 J-J
68
71
i s t c o n s o l gen lien g 4 s . . 1996 J-J
71 Sale
85% F e b ’ 07
R e g is te r e d .......................1996 J-J
P en n c o ll t r g 4 s ............. 1951 F-A ......... 71
74% N o v ’ 07
50-year c o n v 4s A ......... 1953 A-O
57 Sale
46*2
57
55 sa le
49
55
do
S eries B ...1 9 5 3 A-O
B ull N Y cfc E r ie 1 st 7 s .. 1916 J -D
117*4 J ’ l y ’ 07
Butt cfc S W gold 6 s ..........190fci J -J
104*8 F e b ’Oil
Clue cfc E r ie 1st gold 5 s ..1 9 8 2 Vl-N
107 V N o v ’ 07
C l e v * M ahon Val g5s.l9;-!>- J J
i 6 % Jan ’0-Jett R R 1st g u g 5 s . .. .a l 9 0 9 A-O
101 A u g ’ 07
L o n g D ock c o n s o l g 6 s ..1 9 3 5 A-O
123 O ct ’ 07
Coal * U R 1st cu r gn 6 s .l9 2 2 Vl-N
118 S e p ’ Oti
D ock cfc Im p 1st c u r 6 s ..19 1 3 J -J
1 0 9 7s O ct ’05
1 ( 7 4 G reen L g u g S s .1 9 4 6 1M-N
121 % D e c ’ 06

....

Low H iyti
104*8 105

11S

131

13 i*

13 r

L 2 o -(
110
9734 97->4
97 l o m 4
109 >4 1147g
97 78 98

102

110H
i 110%

105 *4

-3
83
98*4 105

89% 102

993sJanM7

993*

99^

95
80
91

98 S
9 8 34
97

97
99
95
99%
109 109
110% 118%
127

132

95
7 234

37

74*,
94%
95

101 % 104%
109 118

1213812138
115
102
86

132*,
111%
97

88
84

109 *4
110

1

9 7 34

102*sl02%

102

105 V

81
95
8 7 34 8 7 34

92
9-J%
107

111%

110

112

i

110*4 110s4
92
92
107% 109
0 3 % 103%
108 108

100 1007a

118

99%

68"
85%
74%
46 %
49
116%

'S i *
85%
91%
10334
87
120%

i ’0’7 % il*9*’

100%ib'i

iU I 8 C £ L l i A N G O U 8
( i n s a n d E l e c t r ic L ig h t
A tla n ta G L C o l s t g 5 s . . .1947
BK lyn U G as 1st c o n g 58.1945
B u ffalo G as lB t g 5 s ............1947
C on sol G as c o n v d eb 6 s ___ 1909
D e tr o it C ity G as g 5 s ..........1923
D e t G as Co con 1st g 5 s . ..1 9 1 8
E d E l 111 B k u See K Co E L<fc P
E d E i l l See N Y G
E LH
P
E q G L N V 1st c o n g 0 8 ..1 9 3 2
Gasdk E le c B erg C o e g 5 s .l9 4 9
G en E le c t r ic d eb ir 3 % s ..l9 4 2
10-yr g d eb 5a (s n b s c rip ) 1917
G r R a p G L C o 1st g 6 s . ..1 9 1 o
H u d s o n C o G as 1st g 5 s . .1 9 4 9
K an C ity (M o ) G as 1st g 5a 1922
K in g s C o E l Lcfc P g 5 s . .. 1937
P u rch a se m on ey 6 s . . . „ . i 9 9 7
E d Ei II B ku 1st con g 4 a 1939

cfc

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

95

88

110

........

......... 57
104% Sale

8 7%
87 *s
60 O ct '07
99
104 %
97 O ct ’ 07
100 A p r ’ 07

cfc

Vl-S
J-D
F A
J -D
F-A
M-N

A-O

A -O
A-O
J -J

105 F e b 07
61% O ct ’01
......... 81
86% A p r ’ o7
102
101 % 102 % 99
10734 D e c ’00
102 J ’ l y ’ 07
99 D e c ’ 06

116 V M ay’ 07
93 V M a r’ 06
•No p rice Friday; latest bid and asked this w eek, a D u e J a n




87%

129%

84%

123

130

2*rice
iY id a v
jVov

N . Y. S T O C K E X C H A N G E
W kkk e x d in u N o v 29

*

E rie— (C o n )
N Y s u s & W 1st r e f 5 s . 1937 J -J
2d g o ld 4 % s .....................1937 F -A
G eneral gold 5 s............. 194n F-A
T e r m in a fls t gold 5 s . ..1 9 4 3 •Vl-N
R e g is $5,000 e a c h ...1 9 4 3 iVI-N
M id R R o t N J l s t g 68.1910 A -0
VVilk i£s Ea l s t g u g 5 s .l9 4 i; J - D
.iv«fe Ind 1st con g u g 6 s . . l 9 2 6 J -J
E r ie & P itts See Penn Co
E v a n s & T H 1st c o n s 68.1921 J -J
1st ge n e ra l gold 5 s ..........1942 A-O
M t V e r n o n 1st gold 6 s .. 1923 A-O
S u il C o B ran ch la t g 5 s . 1930 A-O
L 'a r g o cfc So See Ch M <fc s t 1'
r lin t & P e r e M See P ere M ai
Fla C <fc P e n in See Sea A ir Lin*'
Fort S t U D Co 1st g 4*28.1941 J-J
Ft W <fc D en C 1st g 6 e ___ 1921 J -D
Ft W <fc R io G r 1st g 4 s . .. 192.* J - J
j 'a l H ar & S A 6 e e S o PacCti
' 7 a l H <fc H o f 1882 1st 6 s .l9 1 3
G e o rg ia <fc A la See s e a A L in e
G a C a r & N o r &e« S ea A L in e
G e o rg ia P a citic s e e s o R y
G ila V G & N o r See So P a c Co
G o u v <fe O sw e g a t See N V Cent
G rand Hap cfc In d A « P e n n RK
G ra y ’ s P t T e rm See St L S W
G t N o r—C B & Q coU tr 4s 1921
R e g is t e r e d ./!,...................,1921
G reen b rier R y See C hes <fc O
G u ll & S 1 1st r e f & t g 5s &1952
an & S t J o See C B & t J
o u sa to m c See N Y N H 4 H
H o ck V a i l s t c o n s o l g 4 % 8 .1 9 9 9 J - J
R e g is te r e d .......................... 1999 J J
C o l& H V 1st e x t g 4 8 ..1 9 4 8 A O
C ol & T o l 1st ex 4 s ........1955 F -A
H o u st E & W T e x See So Pac
H o u st cfc T e x Cen See So P a c Co
llin o is C en tral 1st g 4 s .. 1951 J-J
R e g is te r e d ...................... 1951 J-J
1st g o ld 3 % s ...................... 1951 J-J
R e g is te r e d ...................... 1951 J-J
E x te n d e d 1st g 3 % s ........1951 A O
18t g o ld 3s s t e r lin g ......... 1951 M-S
C oll T r u s t g o ld 4 s ........... 1952 A-O
R e g is te r e d . 1...................1952 A-O
L N O <fc T e x g old 4s ...1 9 5 3 M-N
R e g is te r e d ...................... 1953 M -N
C airo B rid ge gold 4 s ___ 1950 J-D
L ou isv D ivcfcT erm g3 % s.l9 5 3 J -J
M id dle D i v r e g 5 s ........... 1921 F-A
O m aha D iv 1st g 3 s ........1951 F A
St L o u is DiVc&term g 3 s .l9 5 1 J -J
R e g is te r e d .......................1951 J -J
G o ld 3 % s........................ 1951 J - J
R e g is te r e d ...................1951 j - j
S p rin g D iv 1st g 3 % s ...l9 5 1 J-J
W estern L in e s 1st g 4 s . .1951 F -A
B e lle v <fc Car 1st 6 s . . . . . 1923 J-D
C a rb & Shaw 1st g 4 s. ..1 9 3 2 M-S
C h ic S t L & N O g 5 s . . .1951 J-D
R e g iste re d ...................... 1951 J-D
G o ld 3 % s .......................... 1951 J-D
R e g is te r e d ...................1951 J-D
M em pli D iv 1st g 4 s . ..1 9 5 1 J -D
St L S ou 1st g u g 4 s ___ 1931 M -S
Ind B1 & W est A'eeCOCtfc St L
In d 111 & la 1st g 4 s ..........1950 J -J
lilt & G rea t N o r 1 st g 6 s .. 1919 M-N
2d g o ld 5 s ............................ 1909 M-S
3d gold 4 s ............................1921 M-S
Io w a C en tral 1st gold 5 s .. 1938 J-D
G old 4 s ................................. 1951 M-S
J etterson R R See E rie
al A <fc G R See L S <fc M S
an & M ich See T o l & O C
K C Ft S <fc M See S t L & S F
K C' cfc M R cfc B See S t L <fc S F
K an C cfc P a cilio See M K cfc T
K an C ity S ou 1st g o ld 3 s . .19 5 0 A-O
R e g is te r e d ..-......................195o A-O
K e n tu ck y C en t See L & N
K eok cfc D es M o bee C R I& P
K n o x v ille & O hio s e e So R y
ak e E rie cfc W 1st g 5 s .. 1937 J-J
2d g old 5 s ........................ 1941 J -J
N o rth O hio 1st g u g 5 s .. 1945 A-O
L S ho & M ic h S See N Y Cent
L eh V a l N Y 1st g u g 4 %s. 1940 J -J
lie g is t e r e a .......................... 1940 J - J
L e h ig h V a l (P a ) c o n s g 4 s . 2003 M-N
L eh V T e r R y 1st g u g 58.1941 A-O
R e g is te r e d .......................... 1941 A -O
Leh V Coal C o 1st g u g 5 s. 1933 J-J
Leh cfc N Y 1st g u ar g 4 s . . 1945 M-S
R e g is te r e d .......................... 1945 M-S
E l C c f c N 1st p f 6 s ........1914
G old g u a r 5 s...................1914
L eh Jt H u d R See C en t o f N J
Leh <fc W ilk e s b See C en t of N J
L e r o y * C a n e y V a l See M o P
L o n g D o c k See E rie
L o n g l e l ’ d—1st c o n g 5S.A1931
l s t c o n s o l g o ld 4 s ..........A1931
G e n e ra l g o ld 4 s .................193»
-D
F e r r y g o l d 4 % s .................1922 M-S
G old 4 s ................................. 1932 J-D
U nilied g old 4 s .................1949 M-S
D e b e n tu re g o ld 5 s ........... 1934 J-D
G u ar re f g o ld 4a ............... 1949 M-S
B k ly n cfc M o n t l s t g 6 s . . i y i l M-S
la t 08
jt| i] M-S
N Y Bcfc M B * l s t c o n g 6 8 l 9 3 o A-O
N Y cfc R B 1st g 5 s ........1927 M-S
N o r S liB l e t con g g u o s 01932 -J
L o u isia n a cfc A r k 1st g 58.1 9 2 7

H

H igh
A s a ILi
108 V J ’ ly ’ o'
100% D e c ’ O'
95 *v O ct ’ O'
11038

lOOiSuJc 100

/.*',<) H iu l
108 1 1 0 4

94 % 103

lll)\ 110%

100

100 1046s
105% 105%

..................... 105% A p r ’ 07
116 A p r ’Otj

.........110

101 Sale
7 0 % .......

116 J ’ ne'07
100 O ct ’ 0 ‘.
114 A p r '05
106 *4 F e b ’ 06

105

M ar‘ 9b

73

N o v ’07

100

94*4

101

1 (0
73

I*-”
^

92 *> 103

8 4 3<

87 352
N o v ’07

82 34 98%
84
96%

93

93

Nov ’ 01

93

102%

95„

94
9 4 3,
99 O c t ’ UV
9 8 a4 N o v ’ 01;
tty A p r ’07

94
99

105%
99

104 J ’ly ’ O'
107 *6 A p r ’ O
91% S e p ’ 0
95% J ’l y ‘ 06
s 9 N o v ’07
70 o c t ’04
9 7 O c t ’ 07
98 M ay’ oV
97
97
97 M ay’07
10234 Jan ’ 07
89 M ay’o7
123 M »y ’ 9i
7 » % A p r '06
7 834 F e b ’ 07

104

97

104

10738107%
91% 100%

8 9 " ”89"
97
98
96

l o 2 34
98
103 %

10234 10234

82 % O ct ’ O';
101 % O ct ’99
100 N o v ’OO
9 7 a4 A u g ’07
122 D e c ’05
97 M a r’O
118*4 A p r ’O'
11934 M a i’04
93*8 Way’ U4

100
90

116

84%

86 7s Sale
.........

116

100 106*8

92 % N o v ’ 07

i

89

91

78*4

783«

82% " 8 9 "

97*4 102
97
97
118% 118%

98% O ct ’ 07
97 M a r ’o ?

98% 1 0 0 %
97
97

93% May’ o
. 90
102 % 101 N o v ’07
90 . nov ’ i -7
92
60 O ct ’ 07
60
101%
l O i 1-.
102
72% 7 3 3b N o v ’ 07

93% 100
101 i l 5 %
99-%
90
79
60
100 111
85
73

K

68

70

65%
66%
63 O ct ’00

110
107
110

L

65

73

110 114
106% 107%

N o v ’ 07
J ’ ue’ OV
A p r ’ O,

110

110%

102 107*«
106 106
87 87
106 113%

100% 102

N o v ’ 07
106 M ay’O''
87 N o v ’ Oi
106 N o v ’ o7
106
109% O ct ’ 99
. . . . 1 0 5 34 100 Oct- ’ 0 r
95% J’ n e’ 07

A-O
A-O

ibo

95»b

112 %
96*4

113% J a n ’06
105% J an ’Oi

108*4 10934 O ct ’01
82
96
"93'

92'
* «2

. 92
. 102
' 9*7 '

........ 102
.

100
90

89
102
99%
84
110
92

109*4 114%

O ct ’ 0 1
N o v ’ 05
O ct ’ Ot;
Sep ’ 07
J ue’ 04
O ct ’ 07

89

99
95%
"99%

99*4 102%

9 9 \ Sep ’ 07
1 1 0 % N o v ’ 06
105 A p r ’ O',
109 N o v ’ Oti
102 S e p ’ 07

105

109%

100

103%

B O N O S — C o n tin u e d o n N e x t P a jje .

G a a a n d E l e c t r ic L ig h t
L a c G a a L o f S t L l s t g 5 s .« 1 9 1 9 Q -F
107%
R e f and e x t 1st g 58........1934 A O
73 % M ilw a u k ee G as L 1st 4 s . . 1927 M-N
13934 N Y G E L H c f c P g 5 s . . .1 9 4 8 J -D
P u rch a se m on ey g 4 s . -.1 9 4 9 F-A
100
E d E l 111 1st c o n v g 5 s . .1 9 1 0 M-S
l a t co n s o l gold 5 s ..........1995 J - J
N Y & Q E lI x f c P I s t c o n g 5 s l9 3 0 F -A
N Y * R ic h G as 1st g 5 s . 1921 M-N
105 105
Pat cfc P a s G
E Con g 5 8.1 9 4 9
S
80 ^ 8 7 ”
P eo G as
C 1st c o n g 68.1943
R e fu n d in g g o ld 5 s ............1947 M-S
9 ? " 'H O 1,
Ch G -L
C k e 1 st g n g 5s 1937 J -J
C on G C o o f Ch l s t g u g 5 s . ’ 36; J -D
i '0 2 " i b i "
M u F u e l G as l s t g u g 5 s .l9 4 7 iM -N
S y ra cu s e L ig h tin g 1st g 5 s .’ 51j J -D
T re n to n G
Ei 1st g 5 a ..l9 4 9 'M -S
115 117
W e s tch e s te r L ig h t ’ g g 5 s .l9 5 o j J D
87 V
60
94%
97

100 100

cfc
cfc

cfc

M
A-O

.
81
65
.98

90*
90

cfc

b Due

'.Veetc's
R a n ge or
Last s a te

Keb d D a e A p r cjD u e M a y / i D u e J 'l y

tc D ue Aug

98
98
l o l % j ’ n e ’o7
91 % Jan ’07
Sale
83
78%
63
70
65
io o > ¥A n g ’ .»7
113*4 J ’ ne'06
90% 95 A p r'0 7
103 N o v ’ 05
98
97

7

96
100 V
91%
18 77
3 65
99
95

105%
102%
91%
103%
84%
101
99

104*4 119 V
'0 1 % No^ '07
6 89 108%
90
90
90 106%
91 N o v ’ 07
100 108
99% 100 O ct ’ 0 100 J ’ ne'07 .... 100 100
90
M ar’ 05
ilo
101 V F e b '07

___
10 1 % 1 0 8

o D a e O M q D a e u e c 1 O ption H*i*

Nov. 3o i907.[|
BO N Us*
N. Y . STOCK E X C H A N G E
W e e k Kn dinu N o v 29

P rice
FYidav

Week?*
Ranige or
Last S a if

A'ov 29
ta Ash Low

L o u is v & N a sh v g e n g 68.1930 J-D .........117
G old 5 s ................................. 1937 M-N .........103
92 Sal*
U n ified g old 4 s .................1940 J -J
R e g is te r e d ...................... 1940 J - J
S in k lu n d g old 6 s _______ 1910 A -0
.1 0 4
C oll tr u st g old 5 s ............. 1931 M-N
. 86
5-20-yr co l t r d eed g 4 s. 1933 A-O
E H & N a sli 1st g 6 s . . ..1 9 1 9 J -D
L C ln & L e x g old 4 b s . -.19 31 M-N
N O & M 1 s t gold 6 a . . . . 1930 J -J
N O dfc M 2d g old 6 s ........1930 J-J
P en sa cola D ir g o ld 6 s . . .1 9 2 0 M-S
S t L D iv 1st g old 6 s........1921 M-S
' 2d g o ld 3 s ........................ 1980 M-S
A tl K n o x & N o r 1st g 5 s l9 4 ( J -D
H en d er B d g e 1st s f g 6 s . 1931 M-S
K e n tu c k y C en t gold 4 s .. 1987 J - J
L & N & M & M 1 st g 4 b s 1945 M-S
87
L & N -S ou th M ) o in t 4 s .l 9 5 2 J J
N F la & S 1st g p g 5 s . ..1 9 3 ^ F-A
N<fe C B d g e g e n g u g 4 b s 194 J - J
P en s
A t l 1st g u g 6 s .. 1921 F-A
8 & N A la c o n g u g 5 s .. 1936 F-A
L<fc J e ff B d g e Co g u g 4 s . .l 9 4 r M-S
L N A & C h S eeC f& L .
ahon Goal See L S & M 8
87 Hi 88
anh atta n R y c o n s o l4 s . 1990 A -0
R e g is te r e d ...................1990 A -0
98*4 " I ”
M etrop ol E l 1st g 6 s___ 1908 J -J
M c K ’ p t <fc B V S et N Y C en t
M etrop olita n E l See M an R y
7 4 Sale
M ex C en t co n s o l g old 4 s . .1911 J -J
13 b Sale
1st c o n so l in c o m e g 3 s .a l9 3 9 J ’ ly
6
10
2d c o n s o l in com e g 3 s ..a l 9 3 9 J-ly
E q u ip <fe c o ll g old 5 s ........1919 A -0
M ex IfcTternat 1st co n g 4 s . 1977 M-S
M ex N o rth 1st gold 6 s ___ 1911 J-D
M ieli C en t See N Y C en t
M id o f N J See E rie
M il L S & W See C h ic & N W
MU <fc N o rth See Ch M & S t P
M inn ife St L 1st gold 7 s . . 1927 J-D
105
Io w a E x 1st gold 7 s ........190'.' J-D
P a cific E x 1st gold 6 s ...192 1 A-O
South W e s t E x 1st g 7 s . 1910 J-D
........ 98
1st c o n s o l g old 5 s ............. 1934 M-N
. . . . '. 80
1st a nd refu n d g old 4 s . .1 9 4 !'
D es M <fc F t D 1st g u 4 s . . . ’ 35 J -J
M in n <& St L g u See B C R & N
M St P & S S M con g 4 in t gu ’ 38 J -J
M S S M & A l s t g 4 i n t g u 1926 J -J
M in n U n See S t P M &M
93
94 b
M o K an <fe T e x 1st g 4 s . . .1991) J-D
78 Sal*2d gold 4 s ......................0 1 .9 9 0 F-A
93 bale
M-N
1st e x t gold 5 s ...................1944
75
1st & refu n d 4 s .................2004 M-S *
77 Sale
G en s t 4*28.................... 1936 J -J
76
8 t L D iv 1st r e f g 4 s ___ 2001 A-O
Dal & W a 1st g u g 5 a ...1 9 4 0 M-N
K an O & P a c 1st g 4 s . ..1 9 9 0 F-A
9 634 9 s '
M o K & E 1st g u g 5 s . ..1 9 4 2 A-O
90 b 8ai<_
M K & O k 1st g u 5 s ........1942 M-N
M K <fc T ot T 1st g u g 68.1942 M-S * ........... 96
SO
Slier Sh <fc So 1 st gu g 5 s . 1943 J D
Tex<fc O k l a l 8 t g u g 5 s .. .l 9 4 3 M-S * ...
100b
M o P a cific 1st con g 6s ...1 9 2 0 M-N l o 2 b 106
90
91
T r u s t g old 5s B tam ped .al91 M-S
•vl-S
R e g is t e r e d ...................a l9 1
1st c o ll gold 5 s ...................1920 F-A ......... " 90
80
84
40-year gold loan 4 s ........1945 M-S
95
3d 7s e x td at 4 % ____ .___ 1938 M-N
92
C en t B r R y 1st g u g 4 s . 1919 H-A
75
Cen B ran ch U P l s t g 4 s . 194s J -l)
L eroy <fo O V A L l s t g 5s 1926 J -J
. . 115
P ac R of M o 1st e x g 4 s . 1938 F-A
2d ex ten d ed g old B s ... 1938 J -J
8 t L I r M<fc Sgen con g 5 s l9 3 1 A -0 1 0 1 b Sale
G en c on stam p gtd g 5s 1931 A -0
70
U n ified & r e f gold 4 s . .19 2 9 J -J •
84 b
RiV & G D iv 1st g 4 s .. 1933 M-N
V e r d i V I & W 1st g 5 s . 1926 M-S
M o b J & K C i s t con s g 5 s . 1953 J -J
M ob & O hio n ew gold 6 s ..1927 J-D
103
1st e x te n s io n gold 6S..A 1927
G en era l gold 4 s .................1938
M on tgom D iv 1st g 6 s . .1947 F-A
76*
S t L <& C airo c oll g 4 s ..e l 9 3 0
G u aran teed g 4 s ............1931 f - I
M & O c o ll 4s See S outhern
M ohaw k & M ai See N Y C & H
M onongaliola R iv See B Ac O
M ont C en t See S t P M & M
M org a n ’ s La & T See S P Co
M o r r i s * E ssex See D el Life \\
l ash C liat & S t L 1 st 7s . 1913 J -J *109 110
I 1st c on sol gold 58..........1928 A-O 100 102
J a s p er B ra n ch 1st g 6 s . .1923 J-J
M cM M W & A 1 1st 6 s ..1917 J -J
T & P B ran ch 1st 6 s ___ 1917 J -J
Nash F lor & S h ef See L <fc N
N at o f M ex p rior lien 4 b s . l 9 2 6 J -J
75 Sale
1st co n s o l 4 s ...................... 1951 A-O
N ew H & D S e e N I N H 4 U
N J J u n o R R See N Y C en t
N ew <fc C in B d g e See L o u & N
N O & N E p rior lien g 6sj>1915 A - 0
N Y B k ln & M an B ell See L I
88 Sale
N Y C e n t * H R iv g 3 b s . 1997 J -J
R e g is te r e d ...................... 1997 J -J
Del»en g 4 s .......................1934 M-N
......... 8 8
73 Salt.
Lake S h ore c o ll g 3 “a s . .. 1998 F-A
R e g is te r e d ...................... 1998 F-A *72 .........
M ich C en t c o ll g 3 b s ___ 1998 F-A
70
75
R e g is te r e d ...................... 1998 F-A
71 S&Ip
B eech C reek 1 s t g u g 4 s . 1936 J - J
*9 4 b 9 5 b
R e g is t e r e d ......................1936 J -J
2d g u g old 58.................1936 J - J
B e e c h C r E x t 1st n 3 b s 61051 A - 0

M

M-S

....

u

N

84*3.....

R ange

3ince

J a n u a rv 1

JMign
112 N o v ’07
110 O c t ’ 07
92
92
1 0 1 ^ J ’ ly ’06
107 D e e ’ 05
105 O ct ’ 07
89 N o v ’ 07
111 N 'ov’ 07
109 M ar'05
125 78 M ay’ 07
1 2 2 b M ar’ Oti
107*4 A u g ’06
117 M ay’07
6 2 b A u g ’ 07
116 J ’ly ’ u6
1 0 8 b Jan ’ 06
93 Sep ’ 07
108 J’ l y ’ 06
88 O ct ’ 07
1 1 3 b M ar’ 07

Loin H iqti
112 117
108 1173.

112
111
97

112 112
1 0 9 b 111

88

104
99
71
l^ b

J a n ’O
M ay’ i>7
M ay’06

8

A p r ’ 05
N o v ’07
74

13S.

92 10l7s

100
89
111

109
98
113 S

121

125 78

117 120
62 b 72 b
93

97®<

80
92
113 S 113 b

88

100%

98 b 103 b
71

86

7

21

11

27^

90»a J ’ ly ’ 01
105 M ay’ OO

130
105
118
113*4
103
7a
97

M ar’07
A p r ’07
J a n ’07
M ar’ 05
A u g ’07
JSov’ o7
A p r ’ 06

95
102

N o v ’07
J ’ n e ’07

924
94b
76
7*
93
93
7 7 l4 N o ' ’07
70S
77
82 O ct ’ 07
104 b J a n ’ 07
96 *v A p r ’07
98 N o v ’07
90 b
90 b
96 N o v ’ 07
105 A u g ’ 07
lOn b O ct ’ 07
116 b » e p ’07
90
91
1 0 7 b F e b ’ 06
89 b
90
86 A u g ’07
97 b M ay’ 07
90 J ’ n e ’c7
90 Sep ’ 07
110 M ar’05
98 A u g ’ 07
116 b M a i’07
100
101b
1 0 9 b J’ u e ’ 07
70
70
85 b N o v ’07
107 b A p r ’Ob
98 D e c ’ 06
117 b O ct ’ 07
103
103
83 A u g ’07
102 b O c t ’ 07
92 b A u g ’06
101 N o v ’04

130
106
L18

130
105
118b

103
75

110S
94

95

99

102

102 b

89 b
75

9 8 34
88

£93 106

7 7 b 86
70 b 8?- b
82
87
104 b 104 b
95 b 95 b
98 112
9 0 b 107b
95
106 b
i 04 105
100 >* 107

115^120
8y b 105

8i* b 105
86
90
97 b 98
90
9 6 34
90
9^b
98
116
100
109b
70
86

10 1 ^
117*4
114
110*4
88b
92b

117 124
103 103
83
94
102 b 108 b

Price
Frxaay

BOM U S
N. Y. STOC K E X C H A N G E
W eek E nding N o v 2 >

A ov 29

N Y C en t & H R — ( C on tinued 1
C art & A d 1st g u g 4 s . . .1981 J -D
G o u v & O sw e 1 s t gu g 5s 1942 J-D
M oll & M ai 1 s t g u g 4 s . .1991 M-S
N J J u n e R g u 1st 4 s . ..1 9 8 6 F A
N Y & H a rle m g 3 b s . .. 2 0 0 0 M-.N
N Y <fe N o rth 1st g 5 s . ..1 9 2 7 A-O
N Y & P u 1 st cofi g u g 4s 1993 A-O
N o r & M o n t 1st g u g 5s. 1916 A ■()
107 b .......
P ine C reek re g truar 6s. 1932 J
R W < fe O c o n ls t e x t 5 s .A 1 9 2 2 A -0 102 b 105
O sw e & R 2d g u g 5 s ...e l9 1 5 F-A
R W & O T R 1st g u g 58.1918
Rutland 1st c o n g 4 b s . . l 9 4 1 J J
O g& LCharn l s t g u 4 s g l9 4 8 J -J
R ut-C anad I s t g u g 4 s . l 9 4 t J-J
St Law & A d ir l s t g 5s.199>i T-J
2d gold 6 s........................ 1996 A O
U tic a & B lk R iv gu g 4 s . 1922 J -J
86b.
L a k e S h ore g o ld 3 b s ___ 1997 J-I)
R e g is t e r e d ...................1997 J-D
85 W Sale
D e b e n tu re g 4 s ............. 1928 .M-S
85 jSjuc
2 5-y ear g 4 s ...................1931 M-N
K a A <fc G R 1 st g u c 5 s .1938 J -J
M ahon C’ l R R 1st 5 s . .1 9 3 4 J -J
P itt« <fc L K n e 2d g 5 s .a l9 2 x A-O
P itts M c K & Y 1st gu 6 8.1932 J -J
2d g u a r 6 s ........................ 1934 J -J
M cK eescfc B V l s t g 6 s 1918 J -J
M ich C en t 1st c o n s o l 6 s .1909 M-S
5 s .........................................1931
R e g is te r e d ...................1931 Q-M
4 s .........................................1940 J -J
R e g is te r e d ...................1940 J-J
J L & S 1st g 3 b s ............1951 M S
80b .
1st g 3 b s ............................1952
94
B a t C & S tu r 1 s t g u g 3 s . 1989 J-D
89"
N Y Chic<fe St L 1st g 4 s 1937 A-O
R e g iste re d ...................... 1937 A O
9 1) **4 Sale
W e s t S h ore 1st 4 s g u . . . 2361 J-J
......... 95
R e g is te r e d ...................... 2361 J -J
N Y <fc G reen w L a ke See E rie
N Y & H a r See N Y G & H ud
N Y L a ck & W See D L & W
M V L E & W See E rie
N Y * L o n g Br .see C e n t o f N J
N e w Y ork N e w H a v & H a r t—
H o u s a to m e R co n g 5 s ..1937 M-N
N H <fe D e rb y con c y 5 s . l 9 l 8 M-N
N Y & N o rth See N Y C & H
88 Sale
N Y O & W r e f l s t g 4 s ..^ l9 9 2 M-S
R e g is $5,000 o n ly ......... ^1992 M-S
N Y & P a t See N Y C & H
N Y & R B 6'ee L o n g Island
N Y S & W Nee E rie
N Y T e x & M See So P a c Co
N or & S ou th 1st g 5 s ..........1941 M-N
N o r l & W e st ge n g 6 s ........1931 M-N 115 ........
Im p r o v e m ’ t <fc e x t g 6 s .. 1934 F-A
N e w R iv e r 1st g 6 s ........1932 A-O "II " 120'
90 Sale
N <fe W R y 1st con g 48.1996 A O
R e g is te r e d ...................... 1996 A-O ......... 85
......... 84
D iv ’ l 1st 1& ge n g 4 s ..,1 9 4 4 J -J
P ocali C & C Joint 4 s .. 1941 J-D ......... 79
C C & T 1st gu g 5 s ..........1922 J -J
S cio V & N E 1st gu g 4s 1989 M-N iiiiii " 9 2 '
N o rth Illin o is See Chi & N W
N o rth O hio See L E rie & W
97 l4 ^ale
N or Pac— P rio r lien g 4 s . . 1997 ^ J
R e g is t e r e d ...................... 1997
05 Sail.
G en eral iien gold 3 s ___ a2047 y - F
R e g is t e r e d ...................a.2047 (,1-K
S t P a u l-D u l D iv g 4 s ___ 1996 J -D
D u l S h o rt L l s t g n 5 s . . 1916 M S
C B & y co ll tr 4s See G t N or
St P
N P gen g 6 s ___ 1923 F-A
R e g is te r e d c e r tific ’a .,1 9 2 3 O-F
St P a u l ofc D u l 1st 5a___ 1931 F-A
2d 5 s ................................. 1917 A-O
1st c o n s o l g o ld 4 s ..........1968 J-D
W a sh C e n t 1st g 4 s ..........1948 (i-M
N o r P a c T e r Co 1 s t g 6 s .. 1933 J -J
N o r R y Cal See So P a c
N o r W is See C St P M <fe O
N o r & M o n t See N Y C en t
In d & W See C C C & S t L
liio R i v R R See Halt & o
O re <fc Cal See S o P a c Co
O re R R <fc N a v 6'ee Un Pao
O re S h o rt L in e See U n P a c
O sw e g o & R o m e See N Y C
O C F & S t P See C <fc N W
99 b Sale
a c C oast C o 1st g 5 s ___ 1946 J-D
a c o f M isso u ri See M o Pac
Panam a 1 s t s f u n d g 4 b s . . 1917 A-O
P en n R R 1st real eat g 4 s . l 9 2 3 M-N
C on sol g o ld 5 s ...................1919 M-S
98 ........
C on sol gold 4 s ...................1943 M-N
90 Sale
C o n v e rtib le g 3 b s ........... 1912 M-N
S » 34 bale
C o n v e r tib le g 3 b s ........... 1915 J -D
A lle g V a l gen gu g 4 s . ..1 9 4 2 M -s
D R R R d f c B g e l s t g u 4 s g . ’ 36 F-A
P h i i a B a l * W 1st g 4 s ..lit4 tf M-N
Sod B a y ifc So 1st g 5 s . .. l 9 i N J j
S un <fc L e w is 1st g 4 s . . .1 9 3 6 J - J
U N J R R & Can gen 4 s .1944 'Vi-s
Penn Co—G u a r l s t g 4 b s . 1921 J -J
. 103 7b
R e g is te r e d ...................... 1921 J -J
G u ar 3 b s c o ll tr u s t r e g .1 9 3 7 M-S
G uar 3 b s co ll tr ser B ...1 9 4 1 F -A
T r C o c e r t if’ s g u g 3 b s . l 9 i 6 M-N
G u 3 b s tr e t f s C ............... 1942 J -D
G . 3 b s tr c t f s D ...............1944 J D
G u a r 15-25 y ar g 4 s ___ 1931 A O
Cl <fc M ar 1st g u g 4 b s . . l 9 3 o M-N
Cl & P gen g u g 4 b s s e r A . ’ 42 J -J
S e rie s B ............................1942 A-O
S eries C 3 b s ...................1948 M-N
Series D t f b s ...................1950 F-A

M-N

M-S

M-N

q-J ..... '-lit

109
109
102 N o V 0 7
H 6 Si M ay’ 0 1
117 b M ar'05
113 J ’l y ’04
95b
75

95b
75

86
84 b

8Sb
84 b
8 6 *4
*7
73
7 3 3«
73b
73b
72
72
71
71
102 F e b ’ 07
102 M a i’04

108 l l S ^
102 116
116b 116b

P 6 b l0 2 > 4
76
87 b

85
81b
86
73
74
72
8 4 3<
102

94®(
93
99
88 b
87
87S
8 4 a4
102b

W eek's
R an ge or
L a st Sale
Low

R a n ge
S ince
J an u ary 1

Jiigh.

Low

97 b M a r ’07
105 o c t '02
101 b J ’ ly ’ 06
1 1 0 b M .a y ’ 07
l O l b D e c ’^e

97b

H ig \
97b

llO b lll

107
107
1 0 3 b 104
103 A u g ’ 07

107

U )2 34

107
114
103

87b
88

95
95

103

106 b O ct ’ 05
87 b -N o v ’ 07
88 N o v ’ <.;7
122 J a n ’06
103 O ct ’ 0
86b
86b
83 N o v ’ o
83
85»
b3
85

103
85

103
96
94
99b
93 S

109 O ct ’ 07
107 b N ov ’06
139 J a n ’ 03
104 D e o ’ 06
118 b J ’ly ’06
119 J ’ n e’ 06
10034 Jan ’07
lO O b N o v ’ OO
94 b D e e ’ 06
9 2 b M ay’ 07

100 b 100a4

94 N o v ’07
102*4 M ar’07
94
9 5 34
94 S
94

94 1 0 3 b
10214 1 0 2 b
94 105
92 b 1 0 3 S

113

92b

94 b

O c t ’ 07

85
88
1 0 1 b J ’ n e ’06

86

100 O ct ’ 07
115 N o v ’ 07
1-29, J ’ ne’ 07
127 * O ct ’ 06
86
90
91 Sep ’ 0
81b
81b
75
77
F e b ’ 05
90 N o r ’ 07

1 00

100

115
129

130
129

lu9b

95
9 7 ‘4
b^34 O ct ’ 07
63 b
65 b
70 M uy’ u7
9 6 34 Jan ’ 07
116 b Sep ’ 0
132 J ’ l y ’ 99
1 1 7 14 J ’ ly ’ 07
100 O ct ’ 07
98 b O ct ’06
93 May'OC
113*8 M a i’ 07

101b

80
91
81b
75

99°4
91
96 b
91b

9 3 se
9*i
62 b
70
9 5 34

102 b
102
74 b
71
9 5 34

1 1 6 b 122*4
1 1 7 b 117*4
100 10834
113*8 1 1 3 3,

O
P

1 1 I S C E L 1 iN E O U S

99 b

99

100

10234 J ’ly ’07
103
103
105 N o v ’07
106 A u g ’03
86 b
90 b
85 34
89
99 J ’ n e ’ 07

109

10234 103
101 104
105 105
8 6 b 10o *4
83 b 95
99
99

107 b O ct ’ Ov,
102 J a n ’03
1 1 0 b S e p ’04
100 N o v ’07
1!>3t6 J ’ly ’ 07
90 b J ’ n e ’ 06
84 M ay-0
93 O ct ’ 0
89 O ct ’ 0
90 b M ar’ 06
84 N o v ’O^
110 Jan *0.
108 b A u g ’ 03

100
101

107
105*4

83
93

84
96

84

97 b

98 b D e c ’ O
96 Jan ’04

B O N O S — C o n tin u e d o n N e x i 1’ a n e

T e l e g r a p h a n d T e le p h o n e
O ct ’ 07
85 100 b A m T e le p & T e l co ll tr 4s 1929
C om m C able C o 1st g 4 s . .2397
N o v ’ 07
76
87
M e t T & T 1st s f g 5 s ........1918
O ct ’04
M ic h . S tate T elep . 1st 5 s . 1924
A p r ’ 06
N Y <fc N J T e l ge n g 5 s . .19 2 0
A p r ’ 02
4 1 b Sale
35
41 b 369 35
7 6 b W est U nion col tr cu r 5 s . 1938
Fd and real est g 4 b s . . . l 9 5 0
107*8 D e c ’ 04
M u t U n T e l k fu n d 6 s . ..1 9 1 1
107 M ay’ 9 7
N o rth w T e l ^ u f 4 b s g . . 1934
105 b D e c ’ 06
105 G et ’ 00
H a n u la c t u r in g Jc I n d u s tr ia l
......... 75
78 F e b ’ 07
78
78b
A m C ot O il e x t 4 b s ........... 1915
81 Sale
80
81
95
A m H id e & L 1st s t g 6 s . .1 9 1 9
.......... 9 S b 100 N o v ’ 07
lo o 1 0 6 b
A m e r I c e S e cu r d eb g 6 s . . 1925
99
100
9 8 106 b
Ain S p irits M lg 1st g 6 s . . 1915
.................... 1102 D e c ’ 03
Am T h rea d 1st co l tr 4a. ..1 9 1 9
......... 98
100 F e b ’07
A m T o b a c c o 40-yr g 6 s ___ 1944
78 b 80 I 78 b N o v ’ 07
7 7 b 98
4 s............................................ 1951
..................... 93 b F e b ’ o ;
93 b 93 b
"'N o price Friday; latest bid and asked. abiieJa n b Due J o b cD ue ..iar ti Due Apr AD ue J’ ly/c Due A u * o

C o a l an d Iro n
C ol F & I C o g e n s t g 5 s ..19 4 3 F-A
C o n v e r tib le d eb g 5 s ___ 1911 F -A
C ol F u el C o gen g old 6 s . 1919: M-N
G r R iv C oal & 0 1st g 6«1919 A -O
Clearf B it Coal 1st s 14 s . ..1 9 4 0 J-J
C ol I n d u 1 s t * c o ll 5s g u .,1 9 3 4 F-A
C on tin ’ t a l C l s t s r g u 5 s g . l 9 5 2 F-A
J e f f * C lear C<fe I l s t g 5 s . 1926 J -D
K a n < & H C < & C l s t s f g 58.1951 J - J
Pleas V al Coal l s t g g f 5 s . 1928 J -J
S u n d a y C reek C o g 5 s ___ 1944 J -J
1’en n Coal gen 5 s ...............1951 J -J
T en n D iv 1st g 6 s ........a l9 1 7 A O
B irm D iv 1st c o n s o l 6 r . . 1917 J -J
Cah C M C o 1st gu g 6s. 1922 J D
D e Bar C<fe 1 C o gu g 6 s .1910 F-A
V a lr o n Coal tfeCol st g 5 s .1949 M-S
V 'ictor F u e l 1st s f 6 s ......... 1953 J - J




1385

New York Bond Record—Continued—Page 3

85
75
107 b
1 0 2*8

81

100 Stlb

li'«> 100

I
78b
72
81
104
99 b 97
105 b
Sal r
85
>■'6
to
104
103

J -J
0 -J «
M-N
F-A
M-N
J-J
86
'.1-N
VI-N
J-J
Q -F
-M-S
A -0
M-S
J-J
A-O
FA

81
71

Sale

95
*82
92 Sale
58 b Sale

Due Oct

p

J ’l y ’ 07
N o v ’ 07
F e b ’O i
F e h ’o7
J ’l y ’ (.‘3
86
N o v ’07
A p r ’ tt.
J ’l y ’ o-j

81
81
70
72
79 J ’ l y ’ 07
96 O ct ’ 07
82 N o v ’07
92
88b
69
68

78 b SO
72
72
104 104
9b
97
12

_

86
86
104

103
IO1.J4
104

80
68
79
96
82
86
54

93
9 1b
89
103 b
93
1 10 34
79b

.....
4
3

61
83

Due Nov q Due Deo 4 Option sate

New York Bona Record— Concluded— P a g e
a o y u>
N . Y. B'POUK K X C H A N G K
W e e k K n d in o N o v 29

P rice
F r id a y
N ov 29

P en n C o —( Ltnutntuxij
E rieifc P i t t s g u g 3 S s B .194 0 J -J
Series C ............................194t. J - J
G r R « fc ie x ls
ig 4 S s l9 4 > . 1 - J
P itts F t W & L *st 7 s . . .191'- J -J
2 d 7 s ...................................191
J -J
7 s........................
A-O
P itts V <fc Aah 1st con 5s. 192, W-N
P C G ifc S t L g u 4 S s A ...1 9 4 » A-O
S eries B g u a r .................194^ A -0
S eries G g u a r .................194i M-N
S eries D 4s g u a r ........... 1945 M-N
S eries E 3 S g a a r g ___ 1941' F A
S eries if 4s g u a r ..........195.1 J -D
G S t L <fc P 1st con g 5 s .193-' A-O
107
P en sa cola <h A ll bee L dfc N asi.
P eo & t a s t bee C U C As S t L
P eo <fc Pole Un 1st g Us___ 1921
2u g old 4 “as...................... i>1921
Pere M a ro—Gh<fc W At o s 1921 J-D
F lin t <fc P Al g 6s ............... 1920 A-O
1st c o n s o l gold 5 s ..........1939 VI-K
P t idurou D iv l s l g 58.1939 A-O
s a g 'i ’uacte H l s t g u g 48.1931 If-A
P h il B & W See P e n n K K
PUila <fc R ea d in g c o n s 7 s .1911 J-D
P itts Cm <fe S t L b e e P en n Co
P itts O lev e & T o l bee B & O
P itts F t W <fc Cli See P en n Co
P itts M c K e e s
Y S eeH Y Gen
P itts Sli <fc L E 1st g 5 s . ..1 9 4 0 A-O *100
1st c o u s o i g old 5 s ............. 1943 J -J
P itts & W est tiee B & O
!> e adin g C o gen g 4 s ........1997
9 1 l4 Sale
t V R e g is te r e d ...................... 1997
J e r s e y G ent c o ll g 4 s . . . 1951
’ « 5 " ;;;;;
R en sselaer >fc Sar See D <Sc H
R ich <fc Li an bee Sou th Ky
R ich <fc A leck bee S outhern
H io U r W est See D en <fe K io Gi
R ocli & P u ts s e e B R <fc P
Home W at ct O g See S Y Cent
R u tla n d b ee In Y G ent
yH B Pus <fc H See P e re M arq
O t J o & G r ls l 1st g 4s...1 9 4 V
85
St L & C airo See Aiob & U lnt
St L 6c iro n M ou n t bee M P
St L K G & N See W abash
St L Al Br See T B it A of S t L
St L o u is & S an F ra n cisco —
G en eral goiu 6 s .................1931 J -J 108
G en eral g old 5 s................. 1931 J - J 102
St L ite S F K B con s g 4 s . . ’ 9u J -J
S ou th w D iv 1st g 5 s . .1947 A-O
R efu n d in g g 4 s .............1951 J -J
70 Sale
5-year gold n otes 4 ><2. . 190.- J-D
S t L M & S o E a st g u 4 S g l 9 0 9 J -l)
tt. G F t S ite Ai coll g O s.. I9 2 e .71-1%
K C F t a & M K y ret g 4s 1930 A-O
K G.te M K<& B 1st gu 5s. 191.1 A-O
O z’ rkifc Oh C l s t n l l S s g .1 9 1 3 A -O
dt ijoin s a o See Illin o is Geut
9 t l. a W 1st g 4 s bd c tfs .1 9 8 ; •VI-N
82 *2 Sale
2<1 Lr -Is m e bond C t ls ...2*1981 J -J
C ou soi g old 4 s ...................193- J-D
5 7 Sale
Graj*’ 8 P t T e r l s t g u g 5 s 1947 J -D
St Paul <» L u i s e e N o r P a cific
9t Paul Ai <fc Alan 2d OS...1901 A-O
1st consul gold Os_______ 1931 J ■J
R e g is te re d ...................... 1933 J -J
R ed u ced to gold 4 ‘a s . . 193;* J -J
R eg istered ...................193
J -J
Dakota ex t gold Os_____ 191o M-N
M out e x t 1st g old 4 s ___ 193
J-D
R e g is te r e d ...................... 193
J-D
IS M in u 1st d iv 1st g 5 s .. 190 A-O
N or D iv 1st gold 4 s ___ 194 A-O
M inn U nion 1st g Os___ 1922 J -J
. M ont G 1st g u g Os..........193
J -J
K e g is t e r e u .....................1937 J -J
1st gu a r gold o s . .........1937 J -J
Will<& a F 1st gold 5 s ..l9 3 .v J-D
8 t P ifc .Nor P a c bee N o r Pac
St P<fe S ’ x G ity S e e G S t P Ai <feu
8 A<fc A P a ss 1st g u g 4 s . . . 1943
74 >4 Sale
8 t o i r e s da P n i s t g o s . . . 1 9 4 -'
S F & X P 1st 81111C 1 g OS.191i
S av L & W es t b ee A tl Coast i.
S cioto Vai <ifc N K s e e Nor<fc Y\
aieaboard A ir L in e g 4s . . . l y 5 u A O
58
59
C oll tr refu u d tr 5 s ......... 1911 IV1-N
95
A ti-B irm 3 o - y r ls t g 4 s .e l9 3 3 M-S
80
Gar G eut 1st con g 4 s . .. 194 J-J
b'la Gen <to P en 1st g 5 s.l9 1 fe J -J
1 07 '
1st land gr e x t g 5s . ..1 9 3 0 J-J
GoU.tot goiu o s .........._ . .i » 4 3 J-J
Ga tfc A la ity 1st chju os o 194 o J -J
G a Gut <i; N o 1st au ^ 5s 1929
~>eab
Koa 1st o s . .........1920
Slier Slir «Sc So bee Ai h. <& T
S il Sp u c a <& U See A ti C oast L
8 o Gar <fc O a See Sou th ern
S ou tn ern P a cific Go—
G old 4s (G eut P a c c o il).fc l9 4 9 J -D
79 Sale
R e g is t e r e d ...................*1949 J -D
Cen t Pac 1st ret g u g 4 s 1949 F-A . " ‘ " 1 * 9 l"
R e g iste re d ...................... 1949 F-A
M ort gu a r gold 3*<s8..fcl929 J -D
76 " “ bO'
T h ro u g h S t L 1 s t g u 4s ’ 54 A-O .......... 90
G al H ar & S A 1st g 6 s ..1 9 1 0 F-A
90 ........
A lex & P a c 1st g o s ___ 1931 M-N
G ila V G & N l s t g u g 5 s . 1924 M-N
io t i ’
H ou s E & W T 1st g 58.1933 M-N
1st gu a r 5s r e d ........... 1933 M-N
H <fc T G l s t g 5 s in t g u .,1 9 3 7 J - J
i ’0'9 ” i i ' i '
C on soi g Os in t g u a r ...1 9 1 2 A O 1 0 7
.....
G en gold 4s in t g u a r .. 1921 A-O
Waco<fe N W d iv 1st g 0s ’ 30 V!-N
A & N W 1st <ru sr o s ___ 1941 J -J

aa

....ftiyii

n

60

7o>

WeeKft
k a n y e or
Last Sale
.oio
U mj/i
92 A p r ’07
9 8 34 Apt ’ 04
, 08 S ep ’ 00
127 sg O ct ’ 02
119 J ’ n e ’ OO
119 A p r ’04
ilH M ay’ 05
107 N o v ’07
1 071* J ’ly ’ 07
112 '•i * i if ’05
lOOJ, M ar’ 07
91 F e b ’ 07
110

Low
92

H ign
92

107 109 v
10S34 1 o 9 14

98
91

S e p ’0 7 - -

110

123 Jan ’06
10034 D e c ’ O
109 A p r ’02
112'>iA ug’ 0
L)034 A p r ’ o
100 Sj Sep ’ 00

10034
91

llt?>a

l » 0a4 I l f
1 0 j 34 100\

115 *a M a r’OG

120
98

M a r’ 06
j ’ly ’ 97

88
91 v, 117
9 5 34 M ay’ o7
85 N o v ’07

82

3 6 ‘a 9 8 34
95*4 9 o 34
85
96 *s

J’ne'97

90

92 *a

110 N o v ’ 07
1)9 hi
10i
91 F e b ’ o7
1 0 2 14 A u g ’05
,-;u9 i-i
70
98 N o v ’ Oti
1 16
62

110

123>a

91

93

994 110S,
06*2 82*2

A u g ’O /
116
02 ■a 10 61

96 kt Sep ’ 07
82 Hi
82 S,
•>U
Oo
51 >4
57
101 A p r ’07
10338 J ’n e ’ 07
119 N o v ’ 07
134 Jueo ’ I/O
104 O ct ’ 07
11.0 ^ A p r ’01
100 NTov’ O;
94 Nro v ’ 07
1 0 0 14 O ct ’ O0
1 00 “a Sep 07
124 M ay’07
125 A u g ’ 07
130t4 M ay’00
115 “a Aiay’ 07
115 \ D e c ’06
72
102
110

74 \
Sep ’07
vjet ’05

1 0 9 'a
100
110
106

M ar’ 06
M ar’ 07
Jau ’05
A lar’07

78
79>a
84 J ’ n e ’07
8 8 'a
Sjif)
J ’ n e ’Oi
75 N o v ’ 07
9 034 J’ n e’ o7
103 “a A p r ’ 07
104 u c t ’ 07
106*4 J ’ly ’ob
107 l4 F e b ’05
104 A u g ’ OO
110 S e p ’ 07
1 0 7 ^ N o v ’07
87 O ct ’ 07
116 D e c ’ 00
109 >a F e b ’00

119
8 2 34

96 ‘a 97 \

77

80
95
60
83
64 >4 79

loi ‘slol't
103
119

105^
131

ioi” i'oai:
i b o " i'o 7 'i4
94 100 *a
io"u ^ i o i s .
130

131s

112 "

i' 1 5 's

70

87

102 10834

59
59
95 O ct ’ 07
88 J a n ’ 07
i-»6 S2 M a r’ 06
1 0 / 14 A u g ’ uO

82 S 96 A u g ’06
81
81 Salo
78
. . . . . . __ . . .
69 S N o v ‘07
61 Salo
61
62 S
100 N o v ’ 07
lo o
80
hO
80
. . . . . . 94
97 Amg’ 07
97 S O ct ’05
81
80
80
. . . . . . s o " 83 S A u e ’07
70 A p r ’ 07
75
. . . . . . 92 S 90 O ct ’ 07
l i ’O
98
98
'6 9 34 Sale
68 S
6 9 34
8 2 ^ Sait
82 -4
78*4
823,.
82»s Sale
79
95
97 S A u g 07
‘ r tf'
(0
60

No p r ice Friday; la te st bid and a sk ed th is w eek ,




S outhern P a c Co— ( C on tin u ed )
M o rg a n ’ s L a <& T 1st 7 s . 1918 A-O
1st gold Os...................... 1920 J - J
N o ot Gal gu a r g 5 s ..........1938 A-O
o r e <fc Gal 1st gu ar g 5s. 1927 J - j
So P ot A r gu l s t g 6 s . .. c l 9 0 9 J -J
1st gu ar g Os............... c l9 1 o J -J
S o P a citic o f Gal—
ls t n O s s e r ie s E<fc F ...1 9 1 2 A-O
1st gold Os...................... 1912 A-O
l s t c o u gu ar g 5 s ..........1937 M-N
S P a c o l N Alex 1st g 0 8 ..1 9 1 1 J-J
S o P a c O o a s t 1st « u 4s g .1 9 3 7 j - j
T e x & N O S a b D iv ls t gO s.1912 M-E
Con gold 5 s .................... 1943 J - j
o P a c KK 1st r e f 4 s ..........1955 J-J
S o u th e rn —1st co n g 5 s ___ 1994 J - j
R e g iste re d ...................... 1994 J -J
Aiob<fe U hio co ll tr g 4 s . .1 9 3 8 M-S
Aleiu D iv 1st g 4 la - 5 s .. . 1990 J-J
S t L ou is d iv 1st g 4 s ___ 1951 J - j
A la Gen K 1st g 6s ......... 1918 J - j
A ti <fc D an v 1st g 4 s ........1948 J - J
2d 4 s ................................. 1948 J
A ti & Yad 1st g guar 4 8.1949 A -(
Col & G re e n v 1st 6s ........1910 J-J
I S T V a d i G a D iv g 5 s ..19 3 0 J -*
C on 1st gold 5 s ............. 1950 AI
K T e n reor lien g 5 s ........1938 M
Ga M id lan d 1st 3 s ........... 1916 A-O
u a P a c R y 1st g 6s ..........1922 J-J
K n o x & O hio 1st g O s ...19 2 5 J j
.Moods ir prior u en g 5 s 1945 J - J
M ortg age g o ld 4 s .........1945 J - J
R ich <& D an c o n g Os___ 1915 J - j
D eb 5s stam ped ............. 19‘.
A-<
R ich <fc AlecK 1st g 4 s . .. 194o ■VI-1
S o Gar <fc G a 1st g 58___ 191y M-.K
V irg in ia M id ser G O s...1 9 1 0 M-r
s e r ie s D 4 -5 s .................1921 M-f
S eries K 5 s...................... 1920
G eneral 5 s...................... 1930
G uar stam ped ........... 1930
W O <fc W 1st c y g u 4 8 ..1 9 2 4
W e s t N G 1 s t c o n g 6 s . .1914
S
N A ia See L <& N
S p ok F a lls & N o r 1st g 6 s .1939
'e r A o f St L 1st g 4 12 S ..l9 3 y
1st co n gold 5 s ___ 1894-1944
G en re fu n d 8 t g 4 S......... 1953
St L M B g e T e r g u g 5s. 1930
T e x & N (J s e e So Pac Go
r e x * P a c 1 si gold 5 s ........2000 J -l
2d gold in c 5 s...................</2000 Mu
La. D iv B L 1st g 5 s ........1931 J „
W M in W d s X W 1st gu 5s ’ 30 F-*
T o l cfc O G 1st g 5 s ............... 1935 J -„
W estern D iv 1st g o s . ..1 9 3 5 A -i
G e n e ra l g old 5 s ................ 1935 J -.
K an
Al 1st gii g 4 s ___ 1990 A -l
Loi P da W 1st gold 4 s ___ 1917 J - V
l'o lS t L ifc W p r lie n g 3 * a s . 1925 J - .
50-year g o ld 4 s .................1950 A-<
T o r H am & Butt 1st g 4s.Zi.1940 J -l
lster 60 Del 1st c o n g 5s 1928 J -.
1st re fu n d g 4 s ........... 1952 A-C
Un ]?ac R R & 1 gr g 4s ...1 9 4 7 J - V
R e g is te re d ...................... 1947 J - 20-yr c o n v 4 s ....................1927 J - j
Ore R y <V; N a v con g 48.1940 J ->
Ore S hort Lin e I s t g O s .. 1922 F-,
1st co u so i g 5 s............... 1940 J - v
G uar re iu n d 4 s .............1929 J-L
R e g is t e r e d ......... v. .. .1929 J L
U tah ob N or 1st 7 s ..........1900 J -*
G old o s ..............................1920 J V
Uni N J R R <fc G Go See P a Rl<
Utah C en tral See R io G r W es
Utali«te N o rth bee Un Pacitic
U tica & BlacK H See N Y Gem
\ am ialia co n s o l g 4 s ___ 1955
» era G r u z d iP ls t g u 4 * a s l9 3 4
V er Vai in d <fc W See Alo P
V ir g in ia Alid See South R y
Va tic S o u th w ’ l 1st g u 5 8 .2003
abash 1st gold 5 s ........1939
2d g old 5 s ...................1939 F-^i
D eb en tu re series a ........1939 J - j
Se rie s B ............................1939 J - j
C ertificates o f d e p o s it___
1st lien equ ip s td g o s .. 1921 .vi-f
1st lien 50 y r g term 4 s . 1954 j j
l.-t re f am i e x t g 4s ___ 1950 J - J
D ot <fc Gu E x t l s t g 5 s . .1941 j - >1
D es M om D iv 1st g 4 s ..1939 j - j
Otn D iv 1st g 3*28........... 1941 A-C
T o l & Oh D iv 1st g 4 s . . .1941 M -s
St Chas B rid ge 1st g O s.190* A-C
W ab P itts T e r m 1st g 4 s . l 9 5 i J-D
2d g o ld 4 s ........................... 1954 J-D
W a rre n s e e D el L a c <fc W est
W ash G ent See N or P ac
W ash O & W See Sou th ern
W ash T e r m i 1st g u 3 S s . . 1945 F-A
W e st Alary land l s t g 4 s . . . 1952 A-C
G e n <k c o n v g 4 s ............. 1952 A-O
W Va G ent & P 1st g Os 1911 J -J
W est N Y <fc P a 1st g 5 s .. 1 9 3 1 J-J
G en g old 3 -4 s.....................1943 A-O
in c o m e 5 s ........................ a l9 4 3 Nov
W est N o Gar See s o u th R y
W h eei’ g & L E 1st g 5 s . ..1 9 2 6 A-O
W h eel D iv 1st g o ld 5 s. .1 9 2 8 J -J
E x te n <te im p g o ld 5 s . ..1 9 3 0 F-A
R R 1st co n s o l 4 s .............. 1949 .Vl-S
20-year equ ip s t 5s ...1 9 2 2 J -J
W ilk e s & E ast See E rie
W ii <fc Sioux. F See St P Ai & Al
W is G e n t 5 o -y r Ixt. sren 4s 1940

1

59
82
9 4 \ 100 w
88
89

LOO

1 o 734

io o

io o

70
90 \
84
88
88 >a 100 3*,
93*8 99
75
86
9 0 34 98
103 106 *a
L04 1 0 6 ’4

1 0 9 14 l ll > a
107 »g 112
87
94 v

.I l l s U K l.K A M iO l s
itlR n iiln c tiir iiis
Intlu nlrinl
B eth S teel 1st e x t s f o s .. 1926 J-J
G ent L ea th er 20-year g os. 1925 A-O
C ou soi T o b a c c o 5 o-y r g 4 s .1951 F-A
D is til S e c C or c o n v 1st g o s . ’ 27 A-O
I n t P a per C o 1st con g 6s . 1918 F-A
C on soi c o n v 8 f g 5 s ........1935 J -J
I n t St P u m p 10-yr co n v . 6s ’ 13 J -J
K n ic k e r Ice (C h ic ) 1st g o s . ’ 2S A-O
L a ok a w Steel 1st g 5 s ___ 1923 A O
N at S tarch M fg Go l s t g 6s 1920 M-N
N a t S tarch Go s t d eb 5 s . .19 2 5 J -J
R e p u b I A S l s t & c o l t r o s . 1934 A -O
U s Leatu Go 8 1 d eb g O s.. 1913 M-N
U S R ea lty <fe I c o n v d eb g 5 s ’24 J - J
V S isteel C orp— ( co u p ,<il963 M-N
S f 10-60 y r 5s. ( r e g ..r fl9 'iS M N
y a - G w CThera co l ir os g . .l 9 1 2 A -O
W e itin e h o u s e E & .vi s 1 o s ’ 31 J J

« ( ) > l>>
N . Y. ST O C K E X C H A N G K
W eek E nding N o v 29

Hange
Since
J a n u a ry 1

76 ' 7 8 " 99
.
5 3 34 79
45 60
90
. . . . ICO 108 S
4 80
92
___ 97 106
...... ......
" 2 80 i o i "
82
84
___ 70
7o
*>0
97
16 98 10614
4 08
9o
Hoi
IS 99 34
ll
. 8 S 99 S
97
99
' 1:
50
97 s

a D ue Jan

U

W

4

lVoL U K * * *

P rice
trm a v
N ov

Weelc’ s
Hange or
Last s a te

......... 100
100 Sale

Low
Hmu
127
S e p ’ 00
116
N o v ’ OO
112
F e b ’ o'9 7 34 N o v ’07
100
100
100
100
107
U 4S
110
104

8 4 14 sale
92 *a s a lt

A p r ’ O'
D e c ’ 04
M »v ’07
Alar’ O

107 <a F e b 07
104 Sep ’oo,
a2
84
HOS
92 s
114 N o v ’OO
7 « Sep ’ 07
113 S Atay’o7
75 No\.’ o7
113 J a n ’ 06
96 J ’ ue’ Oo
92 J ’ n e’o o
111

F a b’O

111 111
UO^ b u :i'< ,
102 1 1734
liO S U 4
65
6 9 14
104 1 1 9 k
16 118j4

o.
110=6NJ 'lo yv ’’ o7

102
106
1 1 0 S J ’ ne’ o
65 Sep ’ 07
66
105
104
109
117J< M ay’ 07
l 6 3b A p r ’ 06
90 u c t ’O
......... 89
......... 110
109\j A u g ’ o
9 9 “a O ct ’ O
95
98 F e b ’O
95 N o t ’ d
12 O ct '06
108 *2 Dec ’ Oi
113 D e c ’Ou
103 O ct ’ o7
107 Alay’ o
....... 90 S 961* Jan ’ 07
100 St a e p ’ 07
........ 110

10914 113
9 9 S 103

1

......... 101
i o i si
io s s

107

95

80

86
83
80
67

103 ll)4
......... 78
i>8 Salt
96 Sale
83 '2 S*Ut
90 toait
\lU l4 I'-ale
iOz l4 105
80 Sale

117 J ’ l y ’ Oi
ill
J ’ l y ’0 .
l i l >a J ’ n e’0 1
90 A u g ’o7
111 D e c '00

95

1061

103
107
9 434
106S

111
110
96 S
109S

U '8 111
lll^ ll?
90
94

105
10
92 N o v ’OO
110 M ar’ Oc
106 'a N o v ’04
100
100
111 Alay’ 041
102 Alay’o 1
80 N o v ’t'7
80 O ct ’ o7
75 N o v ’ o7
60
00
95 D ec ’Oi
102 S, N o v ’i'7
93 Sep ’ Ot
9t
95 1
93
96
8j
80S
87
96
1 10*, 1 1 0 100
lo 2
80
8 I4
87;i4 M u i’ ui
100 O ct ’ O'
106 s J ’ly ’ 0 '

105

118*4

io o S
80
80
75
o5

102S
97
89
87 S
82

102 " i i o ”

9^Sii02la

93
78
87
lo 7
lo o
75
a 7 34
100
lOo S

101S
93
99 S
126
114
9 4 34
o 7 34
103 Si
105s

100
100 N o v ’07
100 Si l o l s ■>2 9 9 3„
HO NiiV’O .
90
90 J ’ ne’ o i
90
40 N o v ’ Oi
40
02 J ’ ue'U
57 S
102 A iai’u,
.01
.......
93 Mai ’ O'
3 /S
39*, 174 36
104
104 O ct ’ 0

111 S
114
i 05 S
90
76 S
75
102
.........
07 Si
109

94 S O ct ’07
98 Sep ’00
100
101 4 Sale
. 90

. 10J
39 14 Sale

.
.
15

80
Heb’ o'i
9 6 :,g J ’ n e ’o
100 M ay’ o .
69 S
59 s 5 9 S
15
16
16

95

87 s J ’ l y ’ o .
. 91
59 7„
61
. 61
55 , O ct ’ 0
. 50
. IO I3; 106 S A u g ’ Ot
112 u c i ’ 0
. I ll
8 9 j4 J ’ ne’ 0'1
. t>7
----- ............ 34 F e b ’o .
105
110
___ H I S
76
76
104

. 101
..

74

Salt

7?S

80
80 >»
91)38 9 6 S
ioO 102
58
80
14 7g 32 S
11

1

li
116 S
-9*« 9 S S
34
34

A u g ’0<
D ecV t
A u g ’o.
U ct ’ Oi
O ct ’ uTi
74’g

87
8 7 34
59 7, 82 s
49
6h

5

05

108

76
04

87 S
104

72 S

89

UO.N i>>—G oiicliiiltu l.
.Ilis ce lU u ie o u s
A d am s E x co l tr g 4 s ..........1948
A m S S Go o f W Va g 5 s ___ 1920
B ’ k i’ n F erry Go l s t c o n s g S s ’48
G hic Jc<fc S t Yard co l g 5 s . 1915
D e tM <fc Ai Id gr in c o m e s .. 1911
I n t M erca n M a rin e 4 S S ..1 9 2 2
m t N a v ig a tio n 1st s f 5 s . 1922
Man R ch i i <fc L g e n g 4 s .. 1940
N e w p N e Ship & D D 5s U1990
N Y D o ck 50-yr l s t g 4 s .. 1951
P r o v id e n c e S e c d e b 4 s ___ 1957
P ro v id e n t Loan S o c 4 S s . l 9 2 1
St J o s e p h S t k Y d s l s t 4 S s . l 9 3 0
St L T e r G uppies S ta t’ UtS- P rop
G o 1st g 4 Ss 5-20 y e a r .. 1917
S Y u ba W at Go c o n s -)..1923
->p Val W at W o rk s 1st 0 s .l9 0 o
U S Red & K ef 1st s f sr 6 s . 1931

t> D ue F eb

d Due A p r

< D ae May

M-S •
78
78
78
3
MN
lOO3* J ’ n e ’ 02
F -A
41 O ct ’ 06
J -J
103*' 101 M ay Oi
AO
70 Sep ’ 06
A-O
5 6 " S ait
56
56
6
•
F -A
84*8 8o i<j J ’ lv ’ 07
M-N
50 F e b 'o v
J -J
97"
F-A
84 S Sale
84*2 ***8*4 S " i i
M-N
80
85 O ct ’07
Al-S
99 M av’ 06
J -J
100 S s e o ’ Oo

J-D
J -J
M-S
....
^ D u e J ’ne

78

10S

io i* * ib ’ i * '
" 5 3 " ■703,
85
85»«
......
8*4 Si
84 S
......
......

‘ «5
90
__ . ..
........

.....
.
1*12** J ’Lv‘’ *)4
U 3 S J’ l r ’ lhH
99
88
"8 0 ' 9.) A u g ’ O
A Due J’ly p D a e N o v tO n bou s«l«

CHTOA&O STOCK EXOHA.’fTC-Stock Record-Daily, Weekly and Yearly
STOCKS— HIGHEST A N D LO W EST SA LE PRICES
Saturday
Nov. 23

Monday
N ov. 25

*
150
*112
21
10

*

*____ 150
* 112
212
►_____

10

*1214
*2
1*4- - -

13
3
16

*18
*43
# ____
*60
*26

64
*25

*_
*3*4
3»8
31s
343.1 351’ *36
120
* _____
*____
112
112
112
38
38
38
*90
...
90
34
104

Tuesday
Nov. 26

150
*
150
3
1J4 *2
*
10
10
13
13
13
*2
3
3
16
16 * ____
28
69
20 * _____
20
461' *
48
40
*
40
2212
221 ' *
52 ‘ *
50
*60
65
*6012 64
*25U 27
*2512 27
87
*
87
*
27
27

134
* ____
* 1214

39
90
34
104
50

*1
*5

Thursday
Nov. 28

(H o lid a y )
Last Salt 150
O ct’07
*2
3
10
0 c t ’07
1314
1314
Last Sail 212
0 c t ’07
Last Sale 18
July’07
, Last Salt 22
47
Last Salt 46
Last Sale 21
Last Salt 60
64
Last Salt 26I4
Last Sale 97
Last Salt 33

* _____

120

*110
39

115
40

*
*
*

34
104
50

*1
*5

Us
6

* -----41

115
41
34
104
50

*1
*5

118
6

105
97
110
35

105
*9614
1097S
' ____

105
99
111
35

22
105
97
110

221«
22
105
107
97
110
110
35
*28

Last
Last
Last
Lest
Last
Last
Last

Salt
Salt
Salt
Salt
Sail
Salt
Salt

23
110
111
30
Last
Last
Last
Last
Last

91

* ____
76
83
*100
88I2
*34

6

*. ..

92U

5912
91
*53
98

591"
92
60
98

93
*53

63
95
*53
973.1

63^4
9512
60
98

30 ■____
75 71
8-'l» 83'4
105 110
88 85
1
*34
658
6i.i
2219 1____

30
7414
85

93160 ‘
98

■-----31
75
76
70
75
R31« 83
84
83
105 *105
110 105
88187
88I2 '____
i
*S4
*■'<!
1
618
61(s
ei8
22U t____
221-> *22

6

110

.88
1
65*
2 0 i2

Sep’07
, 47
July’06
Opt’ 07
Sep’07
64
N ov’07
July’07
July’07

*3
3H
*36i2
3712
132
N o v ’07
115
* -----42
45

120

*

Last Sale
105
97
10912
*34

Friday
N ov. 29

314 314
3ig
3i8
*35
37
3412 35

....
361'
120
112

Wednesday
N ov. 27

Sale
Salt
Salt
Salt
Salt

Apr’07
N ov’07
10412 Sep’07
45
Sep’07
165 Mch’0?
16
Mch’OC
1
O ct’OS
*5
6
13712 0 c t ’07
22
221"
105
106
*97
98
1(812 l 11
34
34
3U4 N ov’OE
80
F eb’06
41
Aug’0"
2U June’07
26_l.t July’07
6:1 > 6SI9
95
95U
50
N ov’07

May’OE
Last Salt 534
Last Salt n
N ov’06
20
20
67
71
841 2
8£>2
110
110
88
88
Last Salt 1
N ov’07
6I2
63|
Last Salt 22
0 c t ’07
Last
Last
Last
Last

Salt
Sali
Salr
Salt

3212 Jan’07
N ov’06
10
16
M ay’07
4
N ov’06

Inter­
est
Period

Price
Friday
Nov 29

Week's
Range or
Ixist Sale

B'ds
Sold

N o te .— A c c r u e d interest
u 1T -5 '^
bald D e c. 18 1906

F - A
J - J

100 Mch’07

J
J
J
J

-

J
D
J
D

A
F
A
A
J

-

O t 90
A
O
O
J

____ IOII2

97 N ov’06
91 N ov’06
9634 Jan’06

J - J
M- N
M- S

663s Sale

M
J
M
A

94i2 Sale

-

S
D
N
O

85

J - J t ____
F eb
F
J
J
J
A
M

-

80
A
J
J t—
J
O
N

93

65
<-63fj
79 N ov'04
80 A p r’04
9412
9412
90 “ D ec’06
96% >-ep’07
95 June’07

90

90 0 e t ’07
16 M ay’05

Sale

80
80
80 O c t ’07
90 D ec’06

90

MM J M M M A MJ J M J J A M -

Sale
S
Sale
N
D
S
N
N
O t l0 2 _____
S J 90 ____
93io Sale
J
D ____ _95
N
J *92f2 Sale
J
90 _____
O t ------ --98
N

M
F
J
M
J
A

N
A
D
N
J
O

:
-

100 Sep’07
100 May’07
103 Apr'04
55 Aug’07

79 Aug’06
75 F eb’07
8412
85I4
77
77
10012Mch’06
94 Sep’07
98 July’07
98 Sep ’07
115i2J'ne’07
94 N ov’06
91
9312
101 Apr'07
103!2 Feb’06
92i2
92i
91
91
981« O ct’O?
114 N ov'04
67WNOV06
90 May’07
6S1« Sep’05
73 June’07
73 June'07
87 D ec’06
96l2 Jan’06

m ust b e a d d e d to all C h ica g o

Range for P revien tY eai
(1900)

Highest

R a ilro a d s
C h ica go C ity R y ______100
C h ica go & O ak P a r k . 100
D o p r e f____________ 100
C h ica g o S u b w a y ______100
C h ic U n ion T r a c t i o n .100
D o p r e f____________ 100
K ans C ity R y & L t . ,1 0 0
D o p r e f . . _________ 100
M e tro p o l W S E l e v . . . 1 0 0
D o p r e f ____________ 100
N o rth C h ica go S tr e e t-1 0 0
N o rth w e ste rn E le v ___ 100
D o p r e f_________ . . 1 0 0
S o u th Side E l e v a t e d - .1 0 0
S treets W S table C L .1 0 0
D o p r e f________ ___ 100
W e s t C h icago S t r e e t .. 100
M isce lla n e o u s
300 A m e rica n C a n ________ 100
220
D o p r e f........ ..............100
A m e rica n R a d i a t o r . .1 0 0
D o p r e f ____________ 100
35
275 A m e r S h ip b u ild in g ___ 100
10
D o p r e f____________ 100
A m e r S traw B o a r d _______
B o o th (A ) & C o .......... 100
D o p r e f____________ 100
Cal & C h ic C anal & D .1 0 0
C en tral T ru st B a n k . -1 0 0
____ C h ica go A u d it o r iu m _____
___ C h ic B r e w ’g & M a lt’ g ____
D o p r e f________________
50
C h ica go E d is o n _______ 100
80 C h ic P n e u m a tic T o o l . 100
23J C h icag o T e le p h o n e ___ 100
45 C h ic T itle & T r u s t___ 100
58. D ia m o n d M a t c h -____ 100
50 Illinois B r i c k . ............... 100
____ K n ic k e r b o c k e r I c e ___ IDO
____
D o p r e f ____________ 100
. . . . M ason ic T e m p le _________
____ M ilw & C h ic B re w in g ____
____
D o p r e f ________________
360 N ation a l B is c u it ______100
484
D o p r e f ____________ 100
N ation a l C a rb o n ______100
D o p r e f ____________ 100
35
Page W o v W ire F e n c e ___
. . . . P e o p le ’ s G a s L & C o k e ..l 00
113 Sears R o e b u c k c o m . . 100
D o p r e f____________ 100
1,029
2,931 S w ift & C o . . ..................100
145 T h e Q u aker O ats C o . .1 0 0
D o p r e f ____________ 100
305
____ U nit B o x Bd & P C o . 100
D o p r e f____________ 100
640
------ W estern S t o n e _______ 100
M in in g
____ B in gh am C on M in in g . 50
B la ck M o u n ta in _________
D a ly -W e s t ____________ 20
------ H u b b a r d -E llio t t _______

150 M ch 19 205 A p r 8
134 N o v 2 8
J a n 24
10 O c t 17
16 A p r 6
XI O c t 23
46I2 J a n 2
2U O ct
6I4 A p r 3
14 A p r 23
191.4 Jan 9
28 N o v 7
65 Jan 16
69 N ov2 6
87 Jan 17
21 Sep 12
28 Jan 24
43 N o v 22
72 J a n 15
3412 A p r 10
J ’l y 16
20 Sep 11
2512 Jan 25
l-tr t17
n
58 A p r 24
66 j.T’’ly
60 N o v 2
90 Jan 4
26 O ct 29
34 Jan 15
95 A p r 3
99 M a y l8
20 M ch 19
35 A p r
3 O ct 24
3412 N o v 2 6
129 J a n 7
112 N o v 23
10 N o v 16
83 N o v 15
30 Jan 2
30 N o v 1
104l2 Sep 7
45 O c t 3
165 F e b 27
1
5
129
22
95
95
IO8I2
34

714 A p r 11
60 A p r 10
1401ft Sep 9
130 A p r 24
80l2 J an 14
109 J an 7
40 M ch 28
40 J ’ne 8
111 F e b 8
54 Jan 8
165 F e b 27

Jan 9
1 Jan 9
A u g 22
6I2 J ’n e 5
M ch 21 149 “ A p r 3
O ct 25
51 F e b 8
O ct 28 13412 A p r 4
O c t 30 112io M ay 13
N o v2 9 129l2 M ay 15
N o v2 9
57 M a y 2

Highest
200 Jan
140 Sep
73.1 Jan
5 D ee
15 D e c ' 28% Jan
393.1 .J’ ly
59 Mas
4 J ’ly
I3I4 F eb
46U M'-h
12i» M ay
541 ■>Jan
6812 F eb
85 O ct
9312 F eb
30 J ’ne
25 O ct
7212 N o v
6512 O ct
85 M ch
25 M ch
. 2 ^ : J ’ly
28I2 F eb
■6812 .’ ; eli
60 M ay
99 -I ne
8912 A p r
353j N o v
27 M ay
102 J ’ne
97 D e c
60 F eb
23 A p r
6 J ’ne
51 J ’ly
115 F e b
12812 D ee
54 Jan
101 Jan
17 F e b
36 Jan
106 O ct
55 M ay
16838 M ay
16 F e b
1 M ch
6 N ov
136 J ’ly
48I2 D e c
101 A p r
103 M ay
118 J ’ne
41i2 Sep

11 >8 J an
72 Jan
139 N o v
136 Jan
81 N o v
112 IVo v
31io D ec
40 F e b
11312 J ’ne
64 F e b
175 M ay
161" F eb
1 Men
7 Jan
165 F eb
63 Feb
139 Jan
118 Jan
147 F eb
7 !’ ; J a i l

41 A u g 13
2I2 Jan 23
25 ~ F e b 5
58i8 O ct 24
91 N o v 2 0
50 N o v 11
9734 N ov27

46 J an 11
2io Jan 23
27 M ch 4
86 J a n 14
1173.4 J a n 7
8414 Jan 11
120 Jan 17

79'8 F e b
46 M ay
134 M ay
21 J ’ ne
62 M ay
11312 Jan
78 Jan
112 D e c

80 F eb
48 Sep
212 F eb
23 M ch
7912 D ec
119 O ct
95 M ch
122’-2 M ch

72 N o v 21
20 N o v 2 J
67 N o v2 9
7512 N o v 4
100 N o v 21
85 O ct 29
34 N ov21
6 Jan 2
22 O ct 15

733S N o v 5
57 J a n 10
95 J an 26
113i2 J an 16
173i2 M ay 3
10284 Jan 16
2i4 A p r h
123j A p r 8
30 F e b 14

8878 J ’ly
50 A u g
921.1 Nov10114 Jan
115 M ay
9914 D ec
34 D e c
514 D e c
28 D e c

93l2 M ay
6312 D ec
99 S ep
11912 s e p
1521 * Jan
10634 F eb
284 J an
17J4 Jan
42 M eh

32l2 Jan 24

32U Jan 24

I 6I4 A p r 15

20

2934 J ’ne
734 J ’ ly
14U Mch
3i2 J ’ly

443j F eb
14’ 4 Mch
205s N o v
43gOct

Jan 22

N AM E.

Outstand­
ing
Stock

S urplw
and
Profits
t

Dividend Record
In
1905

In
1906

B a nkers N a tio n a l _______ $2,000,000 $1,263,311
8
8
High C a lu m e t N a t i o n a l _______
5
32,865
100,000
5
500 000
122.454
C h ica g o C i t y ____ _____
10
10
C om m ercia l N a t io n a l ___ 03,000,000 4.233,317
12
12
C o n tin e n ta l N a t i o n a l ___ 4,000,000 3,065,021
8
8
100 102
C o o k C o S tate S a v in g s ..
50,000
9,777
6
6
100 100
C orn E x ch a n g e N a tio n a l 3,000,000 4,764.477
12
12
§44,641
D re x e l S t a t e ______________
200,000
6
6
D r o v e r D e p N a t io n a l___
356.072
600,000
8
8
E n g le w o o d S t a t e ________
200,000
§37,970 ____
3
100
F e d e ra l N a t io n a l----500,000
84,215 Becan buslne
101
F irst N a t i o n a l ___________ s ,000,000 7,459,753
12
12
F r s t .\at 1 n irle w o o d ____
150,000
155,396
10
10 + 10
F o r e m a n B ro s B ’ k ’ g C o .
500,000 §651.1S9
l ’ riv ate Ba
F o r t D e a r b o r n N a t io n a l. 1,000.000
386,439 , 6
6
____
500,000
H a m ilto n N a t io n a l______
181,898 . . . .
H ibern ian B ’ k ’ g A s s n ___ 1,500.000 §1.079,348
8
8
65
81% K a sp a r S ta te B a n k ______
____
200,000 §117,557 . . . .
3
M on roe N a t io n a l________
300,000
53.623 ____
250,000
M utual ! a n k ____________
§80.077 .
....
N at B a n k o f R e p u b lic ___ 2,000 000 1,227,139
6
6
94
10234 N a tion a l C i t y ____________
1.500,000
384,392 Beean busine
N ation a l L iv e S t o c k ____
1,000,000 1.388,398 1 2 + 3 1 2 + 3
98I4 N o rth A v e n u e S t a t e ____
200,000
§58,429 Began busine
96
N o rth S ide S ta te Savings
50,000
6,011
6
6
35.250
O ak lan d N a t io n a l_______
100,000
6
' 6
88
933S P rairie N a t io n a l__________
"250,000
§72,590 . . . .
....
§54.768
Prairie S t a t e _____________
.500,000
8
rf38
250,000
R a ilw a y E x c h a n g e ______
§17.477 Began busine
9078 S o u th C h ica g o S a v in g s ..
75.523
200,000
4
5
85
§91.092
300,000
Orga nized
S e c u r i t y _________________
S tate B a n k o f C h ic a g o ___ 1,000,000 §1.146,886
8
8
____
250,000 § 163,558 None
S t o c k Y a rd s S a v in g s ____
____
U n io n B a n k o f C h ic a g o ..
200,000
§39,564 ____
75
75
200,000
U n io n S to c k Y a rd * S tate
59.488 None
6
8
A m e rica n T r u « t & S a v g s . 3,000.000 §2.507,432
8
C en tral T ru st C o o f 111___ 2,000,000 §1,001,534
7
512
_
n500,000 §n96,759
C h ica g o S av B k & T r ____
C h ica g o T itle & T r u s t ___ 5,000,000 x 1,220,313
6
6
.
C itizen s T ru st & Savings
50.000
6,981 . . . .
600.000 §538,724 5 + 5
10
C olon ial T ru st & Savings
D ro v e r s T ru s t & S av in gs
200,000
§84,691
6
6
11512 11512 F a rw ell T ru st C o ________
1.500,000
§48,062
Orga nized
94 1021 F irst T ru s t & S a v in g s ___ 2,000,000 §1.261.333 ____
____
91 10434 H arris T ru st & S a v in g s . _ 1,250,000 §364.032 Began busine
101 102
Illin ois T ru st & S a v in g s . 5.000,000 §8,327,315 12 + 4 12 + 4
____
200,000
K e n w o o d T ru st & S a v g s .
36,288 . . . .
" 90" 1001 L a k e V iew T ru st & Savgs
____
200,000
30,492 . _
91 1021S M erch an ts’ L o a n & T r Co 3,000,000 §4.595.172
12
12’
95 100
750,000 §364,516
M etro p o lita n T ru st & Sav
6
6
N o rth e rn T ru st C o _______ 1,500,000 §1.859.825
8
8
65
*76" N orth w est T ru s t & Sav gs
200,000
§45.550 Orga nized
90
85
.
200,000
P e o p le s T ru st & S a v in g s .
63,090
£700.000 §183.801
8
P u llm a n T ru st & Savings
8
’ 73* 73"
500 000 §563,283
R o y a l T ru st C o _________
6
8
70
78
S to c k m e n ’ s T ru s t & S a v .
200,000
4.244 Incor porate
1 .000.000 i 1.071 .709
U n io n T ru st C o _________
-U n ltfd S ta te s ____________
200,000
23,127 Form e rly Jen
W e ste rn T ru s t & Savings 1,000,000 §322,166
6
6+ 1
b o n 1 d prices
200 000
W est Side T r & Sav B ank
34.462 Began busine
W o o d la w n T r& Sav B k . .
200,000
2 6 .1 5 0 1 -----e

High N o. Low
A m erica n B iscu it 6 s . . 1910
A m e r S tr a w b ’d 1st 6 s . 1911
Cass A v e & F G (St L) —
5 s ........ ................ ............1912
C h ic B oa rd o f T ra d e 4 s l9 2 7
C h ic C on sol B r& M lt 6 s____
C h ic C on sol T ra e 4 > £s-1939
C h ic E d is o n —
D eb en tu re 6s_______ 1913
1st gold 5 s ________ ftl926
C h ic A u d ito riu m 1st 5 s l9 2 9
C h ic D o ck C o 1st 4s__1929
C h ic N o Shore E le c 6 s . 1912
C h ic & Mil E lec R y 5 s . l 9 1 »
C h ic P n eu m T o o l—
1st 5 s . . ........ ............a l921
C h ic R I & P R R 4 s . .2 0 0 2
C ollat T ru st g 5 s ___1913
C om m on w ea lth E le c t—
5 s __________________ 61943
Illin ois T u n n el 5 s ____ 1928
K a n C ity R y & L tC o 5s 1913
K n lc k ’ b k er Ice 1st 5 s . 1928
L a k e S treet E l—
1st 5s........................... 1928
In com e 5 s ___________ 1925
M etr W Side E l—
1st 4 s ________ ______ 1938
E x ten sion g 4 s _____ 1938
N o rth C h ic St 1st 5 s . . 1909
1st 5 s ________ ______ 1916
R e fu n d in g g 4 > ^ s _ 1 9 3 1
N o C h ic C lt y R y 4 H s l9 2 7
N o rth W estern El—
1st 4 s ......................... .1911
O gden G as 5 s _________ 1945
P e a rs o n s -T a ft 5s______1 916
4 .4 0 s ____________________
4 .60s Series E ___________
4 .80s Series F ___________
P eo G as L & C 1st 6 s . . l 9 4 3
R e fu n d in g g 5 s -------194 7
C h ic Gas I.& C l « t 5s 1937
Consutn G as 1st 5 s . 1936
M u t’ I Fuel G as I s t5 s l9 4 7
S ou th Side E lev 4 ^ 8 .1 9 2 4
S w ift & Co 1st g 5 s ___1914
U n ion El (L o o p ) 5 s___ 1945
U n ion P a cific c o n v 4 s . 1911
U n ited B o x B oa rd 6s______
W e s t C h ic St 1st 5 s . . . 1928
T u n n el 1st 5 s .............1909
D eb en tu re 6s_______ 1914
C on sol g 5 s ................. 1936
W e s D lv C lt y R y 4 ^ s l9 3 2
W estern S ton e C o 5 s . . l 9 0 9

Range for Year
1907

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

Chicago Banks and Trust Comoanies

Ohioaeo Bond Record
BONDS
C H IC A G O S T O C K
EXCH AN GE
Week ending Nov 29

Sales
of ihe
Week
Shares

Per­
iod.

Lasi I ’aid
■%

O ct ’07, 2
Dee ’06, 6
July ’07. 5
O ct ’07, 3
O ct 07, 2
O c t '07, 1>2
O ct ’ 07, 3
O ct ’07. II2
O c t .’07,
O c t ’07, l l 2
S3 Oct 10 1905
Q-J O ct 07 3
Q-J Oct '07, 212
nk
Q-J O ct ’07. 2
J-J July ’07, 2i"
Q-J O ct ’07, 2 "
Q-J
An.
J-J
Q-J
Q-.J
Q-J
Q-J
Q-J
Q-.T
Q-J

Q-F
Jan.
Q-J
SS •
Q-J
ss
Q-J
Q-J

Q-J
A -O
Q-J
-Q-J
Aprl
____
ss
?
Q-J
Q-J
fcq-j
Q-J
>Q-J
July
J J
Q-J
Q-F
d M

N o v ’ 07," 1 *
Jan '07. 4W
O ct ’07, 2
Feb 5 1907
O c t ’07, 3
Dec 8 1906
O et ’07, l i 2
O ct ’07, l i 2
_____ __
O c t '07 , 2c
July 3 1906
O ct '07, 112
12 1906
O ct *07, 2
J ’ly '07. 3
N o v ’07. 3
O ct ’07. H2
O ct '07. 2
O ct '07. 134
.
Oct '07, l i 2
O ct ’07, n 2
O ct '07, 21*
O ct '07. llo
13 1907
__________ _
Feb 4 1907
O ct '07, 4
O ct '07. 11*
Oct ’07. 1
O ct '07. 3
O c t '07, l iO c t 07. 2
28 1906
J ’ly ’0"/, 3
O ct ’07, 2
N O V 07, 2
arch 1905

nine
Q-J
ss
Q-J

<K E L & Tr
O ct 07. l i j
Sept 5 1905
O ct ’07. Us

Q-J
ss
Q-J
Oct
Q-J
J-J
M-N
(Q-J
■Q-J
Q-J

p*rI£ ? s: no s®'es w ere m a d e o n this d a y . q D iv id e n d s are p a id Q -J . w ith e x tr a p a y m e n ts Q -F .
d In clu d e s special d iv id e n d o f 30 %
J N o price F rid a y ; latest p rice this w eek,
a D ue D e c. 31.
b D ue Ju n e,
c C apital Increased Jan . 1 1907 fro m $ 2 5 0 ,Olio, a cash
i * d e cla re d and
be tak en as p a rt p a y m e n t fo r new s t o c k ,
b D u e J u ly ,
fc C a pital increased fro m $ 3 0 0 ,0 0 0 , a s to c k d iv id e n d
pf 33 1 3 /o being d eclared In p art p a y m e n t th e re fo r,
n C a pital an d surplus t o be in crea sed.
0 C a pital increased fro m $ 2 ,0 0 0 ,0 0 0 and $ 2 ,0 0 0 ,0 0 0 a d d ed
to surplus.
1 A u g . 22 fo r nats^nal ban ks and A u g . 20 1907 fo r S tate In stitu tio n s, e x c e p t t h o s e m a rk e d (§ ). w h ich are o f d a te N o v . 18 and N o r . I S
K 'sp ectlv ely . x A s o f J u ly 1 1907




BOSTON STOCK EXQKANGS-E—Stock Record, Daily, Weekly and Yearly
SH AR E PRICES— WOT PE R CENT J M PRICES
Satwr lay
Nov 23
*70
*79U
188
____
20l"
135
►150
____
*s
____
____

7OI4
8OI4
1S9
118
201
135
155
290
10
52
18
57

Monaay
N ov 25

934
91»
984
*38
*38 ”
*1212 131" * 121?
135 ”
136 * 136
* ____ 180
*12

*1212

* ____ 85
111 111

85
111U

81
95

liU o
*81
95

*10
*711*2 7 2 "
4
4
’ * 4'
11
*10
*10
102 1031; 10134
109 109 *108*i
9414 95
95'8
I2I4
131■> 1312
(jil2
70
69
334 *3 >4
*314
*931j
*9312
*434
*195
105*8
44U
7812
185
1*2
* ____
* _ .
9712
140
914
8312
* ____
*
*112
IO8I4
3712
24
23U
8178
*4
*50

*434
512
196
196
107
108
44t2
4512
79
7712
185
185
112 * 114
60 * ____
80 *
9712 98
141
139
91->
9
8312
8212
20 * ____
*
____
26
2
2
109
108
37
3712
24
24
24
23
82l4
81
5
*4
*50

*12
1
23U 23U
4738 48i4
21
21

Thursday
Nov 28

Friday
Nov 29

*72%
725s
69i4 691« 691g
7812 *8034 81
8OI4
SOI4
190
190
189 *185 189
TH A N K S
119
119
118
118 118
GIVIN G *201
-----*201
DAY.
136
1361?
136 " 135 136""
____
150
290 "
288 * 1.
10
10
**§’
To’ "
*8
52
Last Sale 50
Aug’ 07
52 * ____
N ov ’07
18
Last Sau 16
18 * ____
* ____
59
55
58 * ____
____
131
____
103
Last Salt. 170*" 0 c t ’07
Last Salt 152 July’ 07
N ov’07
Last Sale 250
110
116
119?x 119 119
118 118
Last Sale 70
N ov ’07
73
73
73 * ____
75
Last Sale 73
0 c t ’07
75 * _ - !
75 1# ____
Sep 07
Last SaU 190
912
10
10
91■>
912 912 * ____
39
39
39
3912 * ____“ 3919 *
N ov’07
Last Sale 14
1312 *1-219 131? *1234 133.1
1343, 136
135
135
136
134"s 135l2
Last Sale 152 May’07
Last Sale 205 N ov’ 07
____
180 ‘ 180
17912 ISO
N ov’07
* 1212
Last Sale 12
*12
____
25”
25
La'.t Sale 25" " " N ov’07
A u ?’07
Last Sale 82
86
85
85
851«
85
85
85
113U 115
112l8 1141s
11214 112U 113
Last Sale 7934 N ov’07
1 4rU«
82
" 8i "
82
82
8112 8112 81
95
95
95
*95
Sep’07
Last Sale 140

' 414
11
103
109
95%
1214
70
334
95

*10
75
4
*10
Z10012
108
9512
*1212
6934
*3U
*9312

512 *43.
19P*i
196
10912 106l2
45
4412
7?12 7712
185
185
134
112
60 * ____
80 * ____
98
98
141
140
9
9U
83
84
20 * ____
*
26
2
* 11?.
1073,
109
37
3^ 4
24
24
24
23
8038
823s
*4
5
50

e ll2
34
2312 23l2
4878 4634
2012 20
3212
§'
318 * *Ol
O
y
0*4.
.60 *.40

9
8I4
234
278
5
5
.42
*.40
10
978
143s
1418
95
94H
570
560
22
2114
.28
.28
51
5U2
10
934

8I4 *8
2%
278
5
5
.42 *.40
912
10U
14%
141S
94
95
570
570
2114 *2012
.28
.27
50
51
934
9*4

.80
.80
7
7
70
70
5%
0^8

.80
.80
714
714
72
72
S3#
5%

15
15
934
9
219
3
.55 *.35
7
6
9 ‘
&2
47
4612
1
1!8
*7
678
38
3612
.50
*.45
22i 2 2212
78
79
9l2
912
*
*72' 74"
75
214 * 2U
112
134
134
9l2
912
912
63
*59
*59
91?
912
934
....
*712
15
934
* 212
*.35
7
*8
*45
*1
678
3634
*.45
2212
78
912

8I4
8I4
33
33
3434 35
3134 32
*4
412

12
11
75”
77
75
4
334
4
1012
11
10
10019 102 103
109
IO6I.1 108
97
9634 97
14
13
14
7l)l2 71
7112
334 *314
334
95
*9312 94
512 *434
1953j *195
108
IO8I4
45
45
7712
7712
185 *187
n2
*114
00 * ____
80 *
99
99
140
140
*9
914
84
85
20 * ____
26 * ____
* ll2
2
108U 1083S
37
37
24l»
24
2334
2378
8178 827s
*4
5
50
*50

5I2
196
110
45
7712
60*
80
99
142
9I4
85
20
26
2
108H
381.1
2419
24
S278
5

.80
712
70
538

15
15
912
9U
2%
212
.55
*.35
612
6
9
8l 2
46U
46
1
*1
714 *7
39
3634
.50 *.45
2234 22U
80
*78
10
919
34 *
76
78
234
2U
134
134
9%
9^8
60
60
934
S34
712
8

8I4
712
33
3312
35
3514
32
32
*4
412

1
231?
4812
2012

*112
24
483S
19
32
318
S3.
t^4
*.40

178
24
49U
2012
32
3U
Q
.60

*9
9
3
178
5
5
.42
*.40
912
1018
1412
1412
94
98
570
559
22
* 2012
.27
*.26
51
5Us
919
934

10
234
5
.42
10l8
14=8
98
565
21
.28
51*8
934

"¥14
S3,
.60

.80
71?
70
5i2

.85
*.75
734
734
7434 75.
512

1519
15
934
912
219
212
.40 *•35
6%
57s
812
81?
46
*46
1*8 *1
7
714
3918 3812
.55 *.45
2234
2214
80
80
912 *gl2
_ _
34
78
*77
212 * 21S
134
178
10
978
60
60
93.J
9l2
719
*7

*719
8I4
3334
33
3514 3634
31% 32
412
*41S

1534
934
212
45
7
81?
47
II4
7
3914
•55
23
81
10
__
781?
234
178
978
60
1018
712

8
8%
34
35
37
3712
3134 32i4
438
414

334
334 *319
4
33s
312
33s
312
_
*110
*105 n o
109 10912 110 110
.20
.20
.20 ------ -----.15 ’.20
.15
c Before pay’ t of assess'ts called In 1907. * Bid




1214
75
3i2
10
103
108
97
14
7212

Last
Last
Last
IjOSt

Sale
Sale
Sale
Sale

Last Sale
Last Salt

Last Sale
Last Sale

Last Sale
Last Fate
Last Sale

%
2?.’ 2
■46'8
2012
3219
318
9
*.40

"*3~ ‘ 314
912
912
*.40
.60
*8
234
5
*.40
10
1312
95
570
*20
*.26
5II4
978

Nov 26

Wednesday
N ov 27

6Sls *69
7934 .*7719
189
189
118
118
*201
136
135
150
155
290
LSS
8
8
*3
* ____
* ____
* ____
18 * ____
57% 5734
57
131
103
103 103

*6778
7934
189
118
*201
*135
*150

1191,1 1191.1 1197s
*____
73 *
*■____
75 *

81
95

1 vesolay

1214
75
4
10
104U
1<)81»
9878
14
7212
4
0 c t ’07
931? N ov’07
1412 N ov’07
434” N ov’07
196
196
11012 H334
45
45
771?
771?
188
188
*114 -----60
N ov’07
80
N ov’07
*98
99
142
142
9
912
85
85
20
N ov’07
241? N ov’07
* 11?
2
10812 110
38
39
24
24
2378
2 518
83
8414
4
N ov ’07
-----*50
26i4 N ov’07
76
May’07

Sales
of the
Week
Shares
5
22
59
80
10
77
14
6
10

STOCKS
BO STON STOCK
EXCHANGE

L w esi
R a ilro a d s
A tc h T o p & San ta F e .1 0 0
D o p r e f____________ 100
B o s to n & A lb a n y ____ 100
B o s to n E le v a t e d _____ 100
B o s to n & L o w e ll_____ 100
B o s to n & M a i n e _____ 100
D o p r e f ____________ 100
B o sto n & P r o v id e n c e . 100
B o s to n S u b u rb a n E l Cos_

B o s to n & W o r E le c C o s . .
D o p r e f________________
"279
2 C h ic June B y & U S Y -1 0 0
25
Con & M on t Class 4 . . 100
C onn & P ass R i v p r e f. 100
C o n n e c tic u t R iv e r ___ 100
""23 F itc h b u r g p r e f _______ 100
G a R y & E le c t r ic ____ 100
. . . . M aipe C e n tra l___ _____ 100
M ass E le c tr ic C os____ 100
D o p r e f . . ________ 100
275
M e x ica n C e n tra l_____ 100
'922 N Y N H & H a r tfo r d -1 0 0
N o rth e rn N H ____ . .1 0 0
N o rw ich & W o r p r e f-1 0 0
” *16 O ld C o l o n y ___________ 100
__
Pere M a rq u e tte _______ 100
10
R u tla n d p r e f ________ 100
Seattle E le c t r ic _______ 100
D o p r e f____________ 100
**36
1,084 U n ion P a cific ............. 100
D o p r e f . . ________ 100
” *5 V e r m o n t & M ass______100
179 W e s t E n d S t __________50
D o p r e f____________ 50
53
W o r e N ash & R o c h - .lO O
M iscella n eou s
275 A m er A g ric u l C h e m -.lO O
295
1.535 A m e r P n e u S e r v i c e .. 50
255
1,232 A m e r Sugar R e fln ____ 100
D o p r e f____________ 100
384
2,840 A m e r T e le p & T e le g _ _ 1 0 0
37 A m e rica n W o o le n ____ 100
392
B o s to n L a n d __________10
C u m b erl T e le p & T e l .1 0 0
D o m in io n Iro n & f it _____
East B o s to n L a n d _______
’ *53 E d iso n E le c I liu m ____ 100
696 G eneral E le c t r ic ______100
778 M assachusetts Gas CoslOO
D o p r e f____________ 100
187
95 M ergenthaler L in o ___ 100
140 M ex ica n T e l e p h o n e __10
N E C o tto n Y a r n ____ 100
D o p r e f ___________ 100
’ *35 N E T e le p h o n e _______ 100
145 P u llm a n C o ___________ 100
140 R e e c e B u t t o n - H o le .. 10
332 S w ift & C o . . . ............. 1 0 0
____ T o r r ln g to n Class A ___ 25
*100
1,286
1,561
581
7,186
2,037
_
2<

Range Jor Year
1907

U n io n C op L ’d & M ’g . 25
U nited F r u it_________ 100
Un S h oe M ach C o r p . . 25
D o p r e f____________ 25
U S Steel C o r p ............. 100
D o p r e f____________ 100
W e s t T e le p & T e le g --1 0 0
D o p r e f____________ 100
W e stin g E l & M f g . . . 50

Highest

Range 1or Previous Year
(1906)
Lowest

Highest

671? N o v 92
7it34 i\o\ 2o
183 N o v 8
11734 N o v £2
200 j ’ ne 19
129 N o v 8
150 O ct 22
285 O ct 31
8 J ’ly 1
50 A u g 8
16 N o v l2
55 N o v 20
130 O ct 17
9934 O ct 30
170 O ct 11
152 J ’ly 17
245 Sep 14
116 N ov2 9
70 O c t 28
73 O c t 25
190 A u g 17
9 O c t 22
37 O ct 2S
14 N o v 6
12719 N o v 4
152 M ay23
205 N o v 15
175 O c t 9
5 J ’ly 31
25 N o v 27
25 N o v 8
82 A u g 7
8334 N o v 12
100l2 O ct 24
783j N o v 14
1451* N o v 25
79 O c t 28
94 N o v 12
140 A u g 2 a

10712 Jan 7
S6I4 J ’ ly
rS)77g D ec
10i» s J a n t
D ec
24J F e b 7 23 J
152 Jan 2
147 A u g
231 J a n 7 230 D ec
170 M ay 8 160 D ec
165 Jan 3 164 O ct
301 F e b 25 299U D ec
15 F e b 16
13 N o v
65 Jan 15
63 Jan
2834 J a n 2
25 Jan
7219 Jan
80 Jan 23
160 Jan 17 156 O ct
11719 J ’ly
120 Jan 2
188 F e b 13 1S734 N ov
158 O ct
156 M e n u
280 J a n 8 285 O ct
135 Jan 9 132 O ct
114 M ch 22
95 Jan
88 M ch 7
89 D ec
198 Jan 11 197 Mch
2019 Jan 9
17 Jan
71l J j a n 9
5912 Jan
2534 Jan 2
21°8 A u g
190U J an 2 190 J ly
160 “ Jan 8 155 Sep
226 F e b 2 228 J ’ly
20014 Jan 7 198 D ec
52 Jan 16
53 Sep
57 Jan 18
50 Jan
45 Jan 24
4712 N ov
94 Jan 21
65 Jan
103 J a n 7
95 Jan
18219 J a n 7 13912 M ay
93 Jan 15
91 M ay
170 Jan 30
170 Sep
95 J a n 25
92 D ec
110 M ch 4 107 Sep
147 J an 15 150 F eb

11019 Sep
1051* Jan
2571 ■ F eb
160 Jan
2461" A p r
180l2 A p r
175i2 M ay
314i2 A p r
27% F e b
75 F e b
: 9i2 A p r
90 A p r
182 Jan
12 7 Jan
199 -iC h
163 A p r
298 A p r
145 Jan
107 A p r
95 Jan
200 D ec
23 J 'n e
75 J ’ne
28>4 D ec
20714 Jan
163 F e b
23319 M ch
210 " Jan
5319 O ct
65 O ct
64 Jan
99 O ct
106 F e b
195 Sep
9934 Jan
178 A p r
101 Jan
H 6I9 A p r
150l2 F eb

10 O c t 23
7219 N o v 22
3i2 N o v 2 9
919 O c t 25
98 O c t 24
10614 N ov27
8yl4 N o v 15
1214 N o v 25
69 O ct 24
3 M ch28
9319 N o v 22
121? O ct 25
3i2 O c t 23
185 N o v 20
91 O ct 23
43 O ct 24
75 N o v 2
185 N o v 20
I 19 N ov 23
46 J ne 3
80 O ct 8
96 N o v l5
137 N o v 15
9 N ov29
7612 N o v 4
20 J ’n e l3
2412 N o v 7
1 O ct 5
IOII9 O ct 30
36 O ct 17
23% NOV21
22 O ct 23
7912 N o v 16
4 N o v 19
50 N c v l9
26U N o v 7
76 M a y 6

26 J an 8
95 F e b 7
1434 J a n 8
33 J an 8
137i4 F e b 11
13134 J an 16
1341, J an 2
36i2 Jan 7
102i2 J an 8
4 “ Jan 15
115 Jan 10
25 F e b 19
gi4 J a n 3
230 J a n 7
162 Jan 24
66% Jan 16
8619 A p r 20
215 M ch 1
434 Jan 19
75 J ’ly 29
90 J a n 1 2
126 J a n 7
182 J a n 7
11 Jan 10
113 Jan 16
2219 Jan 12
27l2 J 'ly 2 6
67g J a n 24
117 S ep 6
69 Jan 2
29 Jan 4
503g J a n 7
10734 Jan 7
9 Jan 12
82 J a n 17
7812 Jan 18
80 F e b 28

34 Jan
102 Jan
29 M ch
46 A p r
1567s Jan
141 J an
144?<j Jan
4734 Jan
11034 F eb
4U J 'n e
I I 834 M ch
34 A p r
10 A u g
250 J an
184 O ct
6434 J ’ ne
90 Sep
210 D e c
534 Sep
60 N o v
90I4 N o v
1411, A p r
2681” N o v
11 " D ec
120 Sep
23 F e b
2719 N o v
5»s D e c
11334 M ay
867s F eb
32% J ’ly
501* O ct
113is F eb
171, Jan
98U Jan
86 * F e b
98 Jan

21 J ’ly
90 D ec
10U D ec
26 A u g
128 May
130 D ec
128 J ’ly
28 N o v
10034 D ec
334 Jan
115 J ly
2134 N ov
5% Jan
225 D ec
157 D e c
44 May
8412 D ec
190 M ch
3 Jan
27 M ch
80 M ch
126 D ec
180 D ec
919 Jan
10134 J ne
2214 D ec
25 J ’ly
2 J ’ne
10314 M ay
z60i2 D ec
28is D ec
3234 J iy
99 J ’ne
8 N ov
79 N ov
733j O ct
75 Nov-

M in in g
8I9 O ct
6I9 F e b 20
412 D ee
2
350 A d v e n tu r e C o n _______ 25
<>8 N ov 25
5514 D e c
74i4 Jan 14
20 O ct 21
215 A U ou ez________________ 25
3112 J ’ ly
25
118 F e b
92l2 J ’ly
5012 15,202 A m a lg a m a te d C o p p e r 100 Z4212 O ct 24 121 J a n 5
8% A u g d45 D e c
53 J a n 22
19 N o v 2 7
20
525 A m Z in c L e a d & S m __25
74 F e b
75 F e b 16
26 O c t 18
5712 M ay
8 A n a c o n d a ____________ 25
1538 J a n 16
1514 N o v
234 O c t 25
180
2i8 j iy
" 3I4 ’ 314
73.
9
101
1 295 >vrizv)Uci v-'OmiiivJrciai-.«. co
1 -i O ct 17
2812
6
214 D ec
2 Jan 7
N ov’07
.35 S ep 28
Last Sale .40
78 J ’ ne
H2 J a n 9
I9 M ay29
.90 Sep
Aug’07
1*4
Last Sale 12
A sh B e d _______________25
28i4 Jan
1034 M ay
22 F e b 28
6ii O c t 14
91?
912 *130 A t la n t ic _______________ 25
121? A p r 4 _____ ------ ______ . . . .
l i 2 N ov29
112
178 26,020 B a lak lala t e m p c e r tfs ____
37 Jan 14
497f> F e b
25 J ’ly
4% O ct 16
1.776 B in g h am C on M in & S 50
478
5
.90 O ct
_ _ B o n a n z a (D e v C o ) ___ 10 .35 S ep 13 .80 J a n 17
.45 M ay
N ov’07
Last Sate .40
35.% O ct
33I4 J a n 5
20% Men
S58 N o v 16
1C38
1112 1.420 B o sto n C o n C & G (rets) £1
42 O ct
39i8 Jan 7
25 J iy
a;l438
15
5,475 B u tte C o a litio n _______ 15
10 O c t 15
J
’ly
184
D ec
198
F
e
b
8
107
96
99
1,106 C a lu m et & A r i z o n a . . 10
89 O ct 24
560
560
175 C alum et & H e c la ____ 25
535 O ct 24 1000 F e b 15 675 M ay 900 D e c
40i* D e c
47 F e b 18
1712 J ’ly
22
22
325 C en ten n ia l____________ 25
16 O ct 18
70 Jan
.35 D ec
*.25
.30
ICO C ons M ercu r G o ld ____
1 .25 O c t 21 .52 J a n 19
6634 j iy
86i" Jan
6,310 C o p p e r R a n g e C on C o .1 0 0
5U 2
54
44I4 O c t 18 105 J a n 14
Men
2
i u N ov
2019
Jan
23
14
912
912
515 D a ly -W e s t ____________ 20
918 O c t 23
70lo M ch 2
61l2 O ct
84 F e b
0 ct'07
Last Sale 40
D o m in io n C o a l _______ 100
40 O ct 28
85 N o v i* 114 “ Jan 12 113 N o v 122 Mch
N ov’07
Last Sale 85
4ig J a n 10
31? D e c
34 N ov 22
*150 E lm R iv e r ____________ 12
*.75
1
1'2 J ’ty
29I4 M ch 1
1412 M ay
738
734
26I4 Sep
6 O c t 16
521 F ra n k lin _______________25
140 D e c
77
79
153 G ra n b y C o n s o lid a te d -1 0 0
65 O ct 24 151 F e b 8 131 D e c
175. A p r 8
512
534 6,810 G reen e-C ananea_______20
5I4 O ct 24
51* Jan a
419 Jan
7ig J a n
21* O c t 29
N o v '97
G u a n a ju a to C o n s o l___
5
Last Sale 21?
36I9 J a n 14
29% Jan
111. O c t 24
1512
I 0I4 *925 Isle R o y a le (C o p p e r ). 25
1512 J ’ly
30 F e b 8
. . . . ______ ___ _
912
10
8 O c t 25
1,191 L a Salle C o p p e r_______ 25
23g N o v lS
9I4 J a n 10
12ig J a n
*214
234
612 J ’ly
225
134 J a n 24
11, Jan
.40 J ’ne
.40 N o v 18
Last Salt .40 N ov’07 . . . . M a y flo w e r ____________ 25
15i4 Jan 24
143J D eo
534
6
534 NOV29
13 N o v
6,75$ M e x ico C ons M & S ___ 10
24i2 Jan 15
1034 J ne
2219 D ec
634 O ct 19
105 M ic h ig a n _____________ 25
8I4
SI4
961. J a n 14
85 * D e c
47
47
422 M o h a w k _______________ 25
37 O ct 18
54l2 Mch
31? M ay 7
7U F e b
60 M on tan a C on sol C & C 10
1 N o v 16
1% D ec
*1
II4
20U Jan i 6
5
^
N
o
v
2
9
233g O ct
*714
71?
905 N e v a d a C o n s o lid a te d .
11 Jan
5
120
Jan
5
30 O ct 24
7434 M ch 11719 O ct
38
4014 11,111 N o rth B u tt e _________ 15
21? Jan 4
i2 S ep 20
2i« D e c
N ov’07
70 J ’ly
O ld C o lo n y ____________ 25
Last Sale 12
63 “ F e b 14
6634 O ct
18 O ct 24
23l2
2434 2,004 O ld D o m i n i o n ________ 25
33 J 'ly
80
85
259
71 O ct 25 181 F e b 21
93 Mch 151 I>ec
35 J a n 14
48 Jan
834 O ct 24
912
10
2234 J ’ly
365 P a rro t (S ilve r & C op p ) 10
O ct 31
2% D ec
e3 Jan 26
N ov’07 . . . P h o e n ix C o n so lid a te d 25
60 M ay
Last Sale 1%
114 Jan
70 O ct 24 148 F e b 6
78
79
102
80 J ly
9ig
D ec
219
219
2 O ct 24 e l234 J a n 15
485 R h o d e I s la n d _________ 25
314 J iy
7W Jan 8
5% N ov
U2 NOV23
740 S an ta Fe (G o ld & C op ) 10
178
178
1*8 J iy
24% J a n 17
18<* N o>
7ls O ct 17
534 Jan
978
I d s 1,747
51 O c t 25 170 J a n 14
*63
65
25
90 J ne 122 J a n
20i« D eo
734 J ’ne
4214 J a n 24
93s N ov 16
1,342 T r i n i t y ............. ............. 25
912
10
78 F e b
7714 M ch 7
714 O ct 29
*7
712
20 U n ite d C o p p e r ________ 100
57U MayH I F eb
22 O c t 22
91 M a y 1
88 Jan
Last Sale 2334 N ov’07
D o p r e f ____ _______ 100
14% M et
13i4 Jan 22
1*620 U nltedS tatesC oR l& O U 25
7l2 N o v 2 5
914 Sep
812
10
66 wan
35
3534 2,357 U S S m elt R e f & M in . 50
70 J a n 2
2434 O ct 24
51 M ch
4778 Sep
49 Jan 7
37l2
3712 2,273
2778 O ct 25
43 M ch
69^4 J
5214 J ne
79 J a n 14
32
33
2,054 U tah C o n s o li d a t e d ...
5
2512 O ct 18
9i4 McJ
57* N o v
11% F e b 27
412
41?
125 V i c t o r ia ___________ . . . 25
3l2 O c t 25
21• D ec
1 M av 11
319 M ch 6
60 j a n
Last Sale 1.06U July07
131 j O c t
14 “ J a n 23
4 J ’ly
334
4
1*200
c2i2 N o v 11
190 D e«
70
108
110
93 O ct 18 198 F e b 11 131 Jan
2*4 Dec
.70 J ’ ly
3% J an 22
.10 N o v 12
.................... 1,185 M y a n d o t _____________ 25
and asked prices- d New stock.
e Ass't paid, h Ex-rights
a Ex-dlv and rights, b Ex-stock dividend.
* 112
25
48l2
20

^ O V . 30

Boston Bond Record.

1 9 0 7 .]

BOM h
B O S T O X ST O C K K X C H 'tt E
W eek e n d in g N o v 29
A m B ell T e le p h o n e 4 s ___ 1908
A m T e le p A T e l e o li tr 48.1929
A m W r it P apor 1st s f 5 s g 1919'
A tc h * .N ebraska 1st 7 s ..1 9 0 8
A ten Ton * MF « g e n g 4 s . .1 9 9 5
A d )u « u n e o t g 4 s ___ J ’ ly 1990
S t a m p e d .................J ’ly 1995
B oston E le c t L ig h t 1st 6 s . 19118
C on sol o s ............................1924
B oston * D ow ell 4 » ........... 19 16
B o s t o n * M ain e 4*ss......... 1944
B oston T erm in al 1st 3 *28.1947
Bur * M o R iv e x 6s ........... 1918
N o n -e x e m p t tis.................1918
S in k in g fu n d 48............... 1910
B u tte * B oston 1st 6s ___ 1917
Cedar R ap * M o R 1st 7 s . 1916
2d 7 s .....................................1909
Gent V erm t 1st g 4 s ..M a y l 9 2 0
C B * m Iow a D iv 1st 0 s . 1919
Io w a D iv i s t 4 s ............... 1919
D eben tu re 6s .................... 1913
D en ver K x te n 4 s ............. 1922
N ebraska E x te n 4 s ........1927
B * 8 W s t 4 s ...................1921
Illin ois D iv 3 *a8............... 1949
J o in t bonus See ( it N o rth e rn
Ohio J o R y * Stk Y d s 5s . 1915
C oil tru s t reluiM ling g 4 s194 0
Ch M il * S t P D u b D 6s .. 1920
Ch M * St P W is V d iv 6 s l9 2 0
Chic <fc N o M ien 1st g u 5 s .1 9 3 l
Chio * W M ich ge n 6 s . . ..1 9 2 1
C o n o o r d * M o n t o o n s 4 s ..1 9 2 0
C onn * P ass R 1st g 4 s . ..1 9 4 3
C u rren t R iv e r 1st 5 s ......... 1927
D et G r R ap A W 1st 4 s . . . 1946
D om in ion Coal 1st 8 f 6 s . .1 9 4 0
F itc h b u r g 6s ........................ 1908
4 s .......................................... 1915
4 s .......................................... 1927
F rem t E lk & M o V 1st 6s . . 1933
U n stam p ed 1st 6s ........... 1933
S t N o r C B & Q c o ll tr 4 s 1921
R e g is te r e d 4 b .....................1921
o t k — B u y er

Price
F r id a y
N ov <!9

Weekfs
R an ge or
Last S a le

Bid
a s k Low
H ig h
J -J
97 Sale
96*8
97
7 3 »4
75
74% Sale
J -J
J -J
ft7ti N o v ’ o7
104 Mar* 06
M-S
A-O
92 *4 Salo
92 *4 1192%
NoV
SO N ov»07
M-N
85*8 J’n e ’07
US
110 F e b ’ 04
-U-S
101 Sep ’ 06
J -J
J-J
114 M a r’06
112 >2 J an ’ 03
F-A
104 O ct ’07
J-J
102 Sep ’05
J-J
97*2 O ct -07
J-J
100 J 'n e ’ 01
A-O
123 *4 N o v ’ Ott
M-N
J-D
111*8 J ’l y ’05
80
80
80
Q -F
H103 O ct ’ 07
A-O
O ct ’ 07
A-O
M-N
1100% M ay’07
97% J’ ue’ ()7
F-A
102% J ’ n e’ O®
M-N
97 *<>M ay’ 07
M-S
S4».i N o v ’07
J -J
J-J
A-O
J -J
J -J
M-N
J-D
J-D
A-O
A-O
A-O
M-N
M-N
M-S
M-S
A -O
A-O
J -J
Q-J

99*4 IOO N o v ’ 07
88 O ct ’ 07
122 A p r ’ 06
126 F e b ’05
97 Hi 97*2 J ’ ly ’ 07
97 N o v ’ 07
99
99 H a r ’ 07
112% J a n ’ 03]
104 N o v ’06
89 M ar'07
93 A u g’ 07
98 A p r ’07
103 *8 A p t ’ 06
100 May*07
I 28 Sep ’ 07
140 A p r ’ 05
84%
85*2 86 S 83%
84 V ,......... 91% Sep >07

R an ge
Since
J an u ary 1

BO M J>
BO STON STOCK E X C H ’ GE
W e e k E n din g N o v 29

Low H ig h
96*4 98*g
71
90 >4
U78 1J83

Illin o is Steel d eben 5 s ___ 1910 J -J
N o n -c o n v e it d eben 5 s . ..1 9 1 3 A-O
l a F a ll s * S i o u x C i s t 7 s .. 1917 A -O
K an C C l i n * S pr 1st 5 s . .. 1925 A -O
8 8 % 1101% K an C F t S * G u lf 1st 7 s .. 1908 J-D
K an C F t S c o tt & M 6s ___ 1928 M-N
80
02
85 % 91% K a n C M * B gen 4 s ........... 1934 M-S
A s s e n te d in co m e a s ........1934 M-S
K a n C * M R y & B t 1st 5 s l9 2 9 A-O
M ain e C en t c o n s 1st 7 s . ..1 9 1 2 A-O
C on s 1st 4 s ........................ 1912 A-O
M aro H o u g h * O nt 1s t 6 s. 1925 A-O
104 107*8 M e x ica n C en tral co n s 4 s . .1 9 1 ] J - J
l s t c o n s i n c 3 s ........... Jan 1939 J ’ ly
2d c o n s m e 3 s ........... Jan 1939 J ’ ly
97 *9 "97%
M ich T e le p ls t 6 s .................1917 J - J
M in n e G en E le c c o n g 6s 1929 J -J
N e w E n g C ot Y arn 5 s ___ 1929 F-A
N e w E n g T e le p h 6s ........... 1908 A-O
80
90
6s .......................................... 1915 A-O
IT103 1 103
5 b........................................... 191# A-O
98 100 \
1100*81100*8 N e w E n g la n d c o n s g 5 s ... 1946 J - J
B o s to n T e r m 1st 4 s ........1939 A-O
9 7 7e 99%
N Y N H * H c o n d e b 3 w > 8 l9 5 H j - j
97**4 * 97*4 Old C o lo n y g old 4 s ............. 1924 F-A
84*2 H l'i O reg R y & N a v con g 4 s . . 1946 J-D
O reg Sli D in e 1st g 6s ........1922 F-A
100 102 *s R e p u b V a lle y 1st 8 £ 6s. ..1 9 1 9 J - J
R u tlan d 1st c o n g e n 4 *28.1941 J - J
88
95
R u tland -C anadian 1 s t 4s 1949 J-J'
Savan n ah E le c 1st c o n s 5s. 1952 J -J
Seattle E le c 1st g 6s ......... 1930 F-A
97 100
T e r r e H a u te K leo g o s ___ 1929 J -J
99 102
T o r r in g to n 1st g 6s ........... 1918 M -S
99
99
U n io n P a o R R * 1 gr g 48.1 9 4 7 J - J
2 0-y ear oo n v 4 « .................1927 J - J
U m te n F r u it c o n v g e n 6s . 1911 M -S
89
90
U S Steel C orp 1 0 -6 0 y r 6s. 1663 M-N
93 100
W e s t E n d 8 tre e t R y 4 s ___ 1915 F -A
98
98
G old 4 *38............................. 1914 M-S
G o ld d e b e n tu re 4 s ........... 1916 M-N
100 100
G old 4 s ................................. 1917 F-A
128 128
W e s te rn T e le p h * T e l 5 s . 1932 J -J
82*9 97*4 W is c o n s in C en t 1st gen 4 s l9 4 9 J - J
W is c o n s in V a lle y 1st 7 s ..1 9 0 9 J -J
90*8 96

pays a ccru e d in te re s t in a d d itio n to th e p u rch ase p r ice fo r all B o s to n B on ds.

Weelc’.'.
R ange or
L a st Sale

tr ic e
F r id a y
N ov J9
B id

J anii a r y
L ow H igh.
98 *2 *8*g
\1A 100%

Low
t i lyh
98*2 J ’ly ’ 07
92
92
IIII ” 9 2 ”
122 <4 N o v ’ 06
95 O ct ’ 07
100*2 Autr’ Ui
110
110
110
1 12
94*2 D e c ’ 06
89 s e p ’ 07
99 M ay’ tl7
113% N o v ’ 06
101*4 Sep ’ 05
118 M ay’04
76% Sep ’ 07
70
75
26 *2 *"*0t ’ 06
1734 A u g ’ 05
A sk

109

74

1”
I

93
1 0 0 ‘s
99
100
100*8 100*8

79*2
80*2
101 *2 Sep ’ 06
110278 Jan ’05
1 1 2 1 M ar’ 06
102 A u g ’ 07
107*2 N o v ’05
102 M a i’ 02
98*2M ay’06
97*2 98 *u O ct ’07
97 A p r ’ O?
99*2 N o v ’ 06
1193*2 O c t ’ 07
1|87*2Sep ’ 07
112
103 '9 O ct ’07
1179
1)79
100 *2 J a n ’ 07
95 N o v ; 07
102*8 Jan '0 6
99 *2 M ay’ 07
76
74 N o v ’ 07
1194*2 Sep ’ 06
109% A u g ’ 05

Sale

* N o p r ice F r i d a y ; la te s t bid a n d asked.

9*2*"
101

H<6 % 85*2

102*2 A u g ’ 04
93
93
99 O ct ’07
100*8 J a n ’07

94

80

9 5 " 98*4
lOO%l<)0*2
110 120

79*2 106%

98
97

105
97

U9'3' '->V io a
1I»7 *v 1|8734
103*2 115
1179 1J99 %
100*2 100 *a
95 102
*99*4 i o o *4
74
99

1i F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h n r e P r ic e s — IVot P e r C e n tu m P r i c e s
S a tu rd a y
N ov 23

M onday
Nov 25

T u esda y
N ov 26

W ednesaay
N ov 17

T h u rsd a y
N ov 28

tY id a y
N ov 29

R a n ge fo r Year
19 0 7

A C T IV E S T O C K S
Sales
ot the
W eek (F or Bonds and Inactive
Stocks see below)
Shares

H ig h est

K ange to r F rev io u t
Y e a r (1 9 0 6 )
Lowest

H igh est

B a ltim o re
80

80*«

80*4 80*8

80%

80%

9

9

•80*2 81
12
*9
25
•18
‘ 9*4 10

I I " . * ! ’ *1*2 "
•8 * 2 ........

*8 *a.........

9

9

Con. G as E l. L. * P o w .1 0 0
D o p r e f .....................100
121 N o rth e rn C e n t r a l.......... 50
S eaboard ( n e w ) ............... 100
D o 2d p r e f............. 100
40 U n ite d R y * E le c t r ic .. 60

33*2 Jan 15
80 M ay29
78*2N o v 4
10 N o v 2
28 J ’ ne27
8 % O ct 24

35 J a n 9
85 Jan 10
97 J an 26
23 *4 J an 7
48 Jan 7
15 J ’ne27

35 >2 D ec 41 J’ n «
80 Oct 90 J’ ne
97 J ’ ly 111 *4 D eo
22 D ec 32 J an
48 Dec 62 *2 •! an
13 D ec 19 Jan

P h ila d e lp h ia

•44*a 46
24
24*2
8
8

*44*a 45
•44*2 45
*44*2 46
24
24 **
24% 2 4 34
2 4 34 24%
•8
8 *e •8 i 18 8 *e
8 l ie 8 iie

*14
16
•4
5
70
70
51*2 52

14
14
•4 .........
69
70
51*9 52

643ie 55
•34
35
67i# 67ie
13 s, 13 s
3 9 7g 40l5ie
38
38
34
34
43*2 4 3 3,
68*2 69:*4

54*4
34
6®s
3 3*4
40 V

1834
*4
69 7s
52*2

14
.........
70
53

55
531618 5 4 7e
34
*34
35
6%
6*4
6*4
13*v
13*8 13*4
40
417i«
40 7s

3 4 3b 34%
43*2 4 3 ’ fe
69
69 >4

P H IL A D E L P H IA
i n a c t iv e S t o c k s
A lle g h e n y V a l p r e f ___ 50
A m erica n C em en t........50
A m er P ip e M fg ......... 100
B ell T e le p h o n e ............. 50
Cam bria I r o n .................50
C en tral Coal & C o k e . 100
Consol T r a c o t N J .. . 1 0 0
D iam ond S tate S t e e l.. 10
P r e f e r r e d .....................10
E a ston Con E le c tr ic 6.50
Klee S tora g e B a tt___ 100
P r e f e r r e d ...................100
F t W a y n e & W V ........100
G erm a n tow n P a s s ........60
In d ia n a p olis S t........... 100
In d ia n a U n ion T r ___ 100
In s u r a n c e Co of N A . . 10
In te r Sm P o w & Cheiu.60
K e y s to n e T e le p h o n e ..5 0
P r e f e r r e d .................... 50
K e y s to n e W atcli Case. 100
L it B r o t h e r s ...................10
L ittle S c h u y lk ill........... 50
M in ehili * S c h u y l H ..5 0
N H a v e n I r o n * S t e e l.5
N orth ern C e n tr a l......... 50
N orth P e n n s y lv a n ia ..50
P en n sy lv a n ia S a lt........50
P en n sy lv a n ia S t e e l..1 0 0
P r e f e r r e d ...................100
P h ila C o (P itts ) p r e f ...5 0
Ph il G e r m a n * N o r r is .50
Ph ila T r a c t io n ...............50
R a ilw a ys G en era l........10
S u sq u eh Ir o n & S t e e l ..5
T id e w a te r S te e l........... 10
P r e f e r r e d .....................10
T on op a li M in in s o f N e v l
U n ion T r o f I n d ......... 100
U n ited N J R R * c . . 100
U n it T r a c P itts p r e f ..5 0
W a rw ick I r o n * s t e e l. 10
W e s t J e r s e y * S e a S h .5 0
W estm orela n d C oal__ 50
W ilk e s G a s * E Ie e .,1 0 0 !

34-S 34%
42
43
70*2 7 0 a»

15
5
70
63

15
6
71
54
% l l i*
64*10 55*8
*34
34
63is
13-4 13%
4 1% 42 *s

6*4

13%
4 l 1Bia
36 *2
35
43*4
72
*20

3 4% U4h
43
4 3 *4
7 0% 71%

45
2 534 2,170
944
8*8
_
5
15
786
50
5 -,
72
1,041
65% 2,987
150
%
55% 7,747
4ki
34
6% 2,240
14 *7 3,297
43% 20,315
36*,
10
36
172
44% 2,459
73*4 6,043
26

B on ds
A1 V a l E e x t 7s 191 0 A -O 101»4
A lt * L V E l e c 4 *2S’ 38.F -A
32
93
A m R y s c o n v 5s 1 9 1 1 . J-D
A tl C ity 1st 5s g ’ 1 9 .M -N
45
46
42
Bails T e r 1st 5s 192 6. J-D
1*0* 0 * ’
B e r g & E B r w i s tO s ’21 J-J
B eth le S teel 6s 199 8. Q -F
C h oc & M e 1st 6s 1949 J-J
99
Ch O k & G ge n 5s ’ 19 J-J
C ol S t R y 1 s t c o n 5s 1932
99*
32
C o n T r a c o f N J 1st 5 s .’ 33
E & A 1 st M 5s 1920 M -N
87
86
E le c & P e o T r stk t r ctfs
E q II G as-L 1 st g os 1928 102*4
H * B T o p c o n 5s ’ 25 A-O
Indianafpolis R y 4 s . 1933
I n te r s ta te 4s 1943 ..F - A
L e h igh N a v 4*as ’ 1 4 .Q-J
6 >*
R R s 4s g . '. . . . 1 9 1 4 .Q -F
4
G en M 4HiS g . 1 9 2 4 .Q -F
Leh V C 1st 5s g ’3 3 . . J-J 102*4
Leli V ex t 4s 1st 1 94 8. J-D
2d 7s 1 9 1 0 .................M -S 104*2
C on sol 6s 1 9 2 3 ........J-D 115
A n n u ity 6s ............... J-D 133
G e n c o n s 4s 2 0 0 3 .M -N
86
80
L eh V T ran c * n 4s ’35J-D
io o "'
N e w C on Gas 6s 194 8 J-D
97
N e w a r k P ass c o n 3s 1930
N Y P h * N o 1st 4 s ’ 39 J-J
80
97
34
In c o m e 4s 1 9 3 9 ...M -N
36
N o O h io T r a c c o u 5 s ’ 19.J-J
80 \ &1 *2 P e n n g e n 6s r 1 91 0. .V a r 102*2
C on sol 5s r 1 9 1 9 .. .V a r
P en n * M d Steel c o n 6s. i o o
Pa * N Y Can 5s ’3 9 .A O
109*4
C on 4s 193 9............. A-O
4*4
6 *, P e n n S teel 1st 5 s ’ 17 M -N
92
P e o p le ’ s T r tr ce r ts 4s ’ 43
P Co 1 s t * c o it r 5s’ 49 M -S 100
101*2
46
C o n * col tr as 1951 M -N
86
86*2
6
P h il E lec g o ld tr u s t c tfs .
92*2
6*2
T r u s t c e r tifs 4 s ...............
48*4
60*2 61
P * E g e n M 6 g ’ 2 0 . A-O
G en M 4s g 1 9 2 0 ..A & O
U$7.50 paid,

....

A m e rica n R a ilw a y s ___ 50 45 O ct 30 51 Jan 2 5 0 34 Sep 54 Jan
Cam bria S t e e l ................. 50 22 O ct 24 47 *i J an 24 3 0 34 Jan 39*4 N ov
E le c t r ic Co o l A m e r io a 10
7 7s O ct 24 11% J a n 14 11 May 1 2 78 N ov
3 O ct 3
8 Jan 25
6 N ov 14 Jan
G e n A sp h a lt t r c t l s ___ 100
D o p r e l t r o t t e ___ 100 IS% N ov2 6 36 Jan 25 31 D ec 48 Jan
Lake S u p e rio r C o r p ___ 100
4 S O ct 22 16 Jan 8 14*2 N ov 23 34 Jan
L em g h C * N a v tr ctfs. 50 69 O ct 30 103 J a n 7 100 D ec 118 Jan
L e h igh V a lle y ................. 50 48*2 O ct 30 7t>%Jan 6 65 May 86 J ’ne
2 *2 J an 7
l 7ie O ct 3*6ie Jan
M arsd en C o ...................... 100
*8 N o v 20
P e n n s y lv a n ia R R ......... 50 * 5 2 N o v 4 70*iie Jan 8 61% J ’ly TSiiia Jan
P h ila d e lp ’ a C o (P it t s b ) . 50 3 3 34 N ov2 9 4 8 *»J a n 4 47 A p r a 54*2 M ar
9 Apr 4
P h iladelph ia E l e c t n c t . 25 6*ie N ov27
6*8 D ec 9«18 O ct
P h lla R a pid T r a n s i t * .. 50 < il2 N ov 20 226*8M ay ti c l 9*4 D ec { 34*4 Jan
R e a d in g ............................ 50 35% O ct 24 69% Jan 7 56*« Ma> 83 Jan
D o 1st p r e l............. .5 0
36 *2 N ov2 9 453s Jan 14 4 3 58 A p r 4716i0 Jan
D o 2 d p i e t ............... 60 32*2 O ct 25 47 Jan 14 44 78 >i«> 51 Jan
U n ion T r a c t i o n ............. 60 4 l 7s Nov 22 60*8 Jan 22 5 8 % Dec 65 A u g
U nited G as lm p t ........... 50 66*2 O ct 24 96*8Jan 5 11-Sl *2 May L01 Feb
W elsb a ch C o ...................100 25 M ay 2 4 30 Feb 18 25 D ec 32 M ar
Md

P H IL A D E L P H IA

P H liiA D K I iP H I A

<B id and aaked; n o sales on this (l*y. ‘ K x-rlghta.




*44%
25
8
*3
15
*5
71*2
54*4
*%
64*8
33%

P h & R e a d 2d 5s ’ 3 3 .A-O
C on M 7s 1 9 1 1 ........J-D
C on M 6s g 1 9 1 1 ....J -D
E x Im p M 4s g ’ 4 7 .A-O
T e rm in a l 5s g 1 9 4 1 .Q -F
P W * B c o l t r 4 s ’ 2 1 .J -J
P o r tla n d R y 1st 58 1930.
R ooh R y * L c o n 5 s ’ 5 U J
U T r a c In d g e n 5s’ 19.J-J
U n R y s T r c t fs 4 s ’ 4 9 J * J
U n ite d R y s I n v l s t c o l l t r
s f 6s 1 9 2 6 .................M -N
U T r a c P it ge n 5s ’97 J-J
W e lsb a cli s f 5s 1 9 3 0 .J-D
W lk s-B G & E co u 5 s ’55 J -J
B A L T IM O R E
I n a c t iv e S t o c k s
A la C on s C o a l* I r o n . 100
P r e f ..............................100
A tla n ta * C h a rlo tte .. 100
A lla n C oast L in e R R . 100
A tla n Coast L (Conn)lO O
C a nton C o .................... 100
C ons C ot D u ck C o r p . . . 50
P r e f e r r e d .................... 50
G e o rg ia S o u * F l a ... 100
1st p r e f ...................... 100
2d p r e f ........................ 100
G -B -S B r e w in g ............100
B on ds
A n a c o s tia & P o t 5 s ___
A tl & Ch 1st 7 ...1 9 0 7 J-J
A tla n C L R R 4 s l9 5 2 M -S
A t l Coast L (C t)c tfs 5s J-D
C tfs o l in d e b t 4 s ___ J-J
5-20 y r 4s 1 9 2 5 ......... J-J
B a ltC P a s s I 8t 6 s ’ l l M -N
B a lt F u n d g 5s. 1916 M -N
E x ch a n g e 3 *28 1930 J-J
B a l t * P 1 s t 6s m l ’ 11 A -O
B a lt T r a c 1st 5 s . . ’ 29 M -N
N o B a lt D iv 5s 1942 J-D
C en t’ l R y c o n 5 s l 9 3 2 M -N
E x t * Im p 58.1932 M S
Chas C ity R y 1st 5s ’ 23 J-J

t $15 paid, t $10 paid, i $35 paid,

A sk

107
i*l*i‘
96
75*4
59
67*'

62*2
■*78**

64
235
85

85
67*2
2*2
96
■*8* f *2
100
75
76
100
107
91 *v

96
.........
80
80
101
110
93

1*0*4** 104*4
107*9 108*4
102*2 106*2

B A L T IM O R E

B id

Chas R y G * E l 6s ’ 99 M -S
C h a r lC & A e x t 6 s .’09 J-J
2d 7 s .................1910 A-O
C ity & S ub 1st o s . . ’22 J-D
C ity & S u b (W a s ) ls t 5 s ’ 48
Coal & 1 R y 1st 5 s ’ 20 F -A
C o l& G r n v 1 st 6s. 1916 J-J
C on sol G as 6 s . ..1 9 1 0 J -D
5 s ........................ 1939 J-D
Q a & A la 1st co n 6 s ’ 45 J -J
G a C a r & N l s t 5 s g ’ 29 J-J
G e o r g ia P 1st 6s . . . '2 2 J-J
G aSo & F la 1st 5s 1946J-J
G -B -S B r e w 3-4s 1951M -S
2d in co m e 5s 1951 M -N
K n o x v T r a c 1st 5s ’ 2 8 A -0
L a k e R E l 1st g n o s ’ 42M -S
M em p h is S t 1st 5 s ’ 45 J-J
M e t S t (W a s h )ls t 6 s ’ 2 5 F A
M t V e r C ot D u c k 1st o s .
N p t N & O P l s t 5 s ’ 38 M -N
G e n e ra l 5 s___1941 M -S
N o rfo lk St 1st 5 s ’ 4 4 . .J-J
N o rth C en t 4 *3 8 1925 A-O
S eries A 5s 1 9 2 6 ___ J-J
Series B 5s 1 9 2 6 ___ J-J
P itt U n T r a c 5s 1 9 9 7 .J-J
P o to V a l 1st 5s 1 9 4 1 ..J-J
Sav F la & W e s t 5s ’ 34 A -O
Seaboard A L 4 s 1960 A-O
beab & R oan 5s 192 6. J J
Sou th B o u n d 1st 6s ..A -O
U E 1L * P 1 st 4 *28*29 M -N
U n R y & E l 1st 4s ’49 M -S
I n c o m e 4s 1 9 4 9 ........J-D
F u n d in g os 1 9 8 6 ...J -D
V ir g in ia M id la n d -2d se rie s 6s 1 9 1 1 ...M -S
3d se rie s 6s 1 9 1 6 ..M -S
4th ser 3-4-5s 192 1. M-S
5th se rie s 5s 1 9 4 6 .M -S
V a (S tate) 3s n e w ’ 82.J-J
F u n d d e b t 2-3s 1 99 1. J-J
W e s t N C con 6s 1014 J-J
W e s V a C * P l s t 6 g ’ l l J-J
W il & W e ld 6 S ..1 9 3 S .J J

a R e c e ip ts , b $26 paid,

c $30 paid.

99

A sk
100*2

1*06*4 107**2
97
97*2
105
101
106%
98
97*9
103%
100
38
13*9
97

107
101*2
107*2
99
99
105
100*2
40
14*2
100

*1*0*2 "
69

105 ’
72

103
95

100

62 *9
100
97
74
81
44*9
70

63
102 *a
98
77
H I*,
45
70%
.........

'8 3 * '
84
102
100*9
100

'87*”
88
103
101
------

d $ 4 2 * » paid.

[390

THE CHRONICLE.
T e le g r & T e le p h o n e
fA m e r T e ie g & C a b le .1 0 0
eCentral & S o A m e r_ _ 1 0 0
C o m m ’ l U n Tel (N Y ) .2 5
E X CH AN G E
E m p & B a y S tate T e l 100
F r a n k li n _____________ 100
eG old & S to c k T el eg .1 0 0
H udson R iv e r T e le p h 100
eN Y & N J T e l e p h . . . 100
V . S.
Stale
eN orth w estern T e l e g . .5 0
Bonds
Bonds
P a cific & A t la n t ic ______2;'
$6,250 Sou th ern & A tlan t i c . -25
$109,500
208.500
2,000
15,000
139.500
349.500
F erry C o m p a n ie s

Volume or Husmess at Stock fisc mages
TRAN SACTIONS AT TH E NEW Y O R K STOCK
D A IL Y . W E E K L Y AND Y E A R L Y .

Week ending
Nov 29 1907
Satu rda y ____________
M onday_______ _____
Tuesday_____________
W ednesday__________
Thursday______ _____
F r id a y ______________

Shares
■ U .280
420,442
451,466
420,763

Par value

Railroad,
& c..
Bonds

$27,107,9001 81,839,500
2.040.500
36,344,0001
2.452.500
37,802,6001
35,497,3001
3.289.500
.H O L ID A Y
56,028,950
4,963,500

[V ol.
Bid
60
108
60
40
100
48
90
105
62
90

Ask
75
105
75
50
110
50
97
112
75
100

Industrial an d M isce \ Bid
A sk
C on sol R u b b e r T i r e . .1 0 0
5
a
15
Preferred _________ 10(,
....
D e b e n tu re 4s 1951A &<
15
25
in
C ons S team sh ip Lines l o o
*4
934
C oll tr 4s 1 9 5 7 .. .J & J
9^8
C ons S torage B a tt’ y _ .1 0 (
E
x
c
list
Corn P ro d R e f S ee StooleC rucible S te e l_______1<>(
^ P r e fe r r e d _________ 100
^D iam ond M atch C o . 100 S lOMo s’m "
D o m in io n C o p p cr(n e w ) 10
1 ‘4
1*2
D ou g la s C o p p e r________ 5
5
6
E c o n ’ y Lt & I ’ (J o lie t. Ill)
1st M s f g 5s 1 9 5 6 .J -D § . . . . 100
15
20
E le ctric B o a t ________ 100
60
70
Preferred __________10<
E lectric V e h ic le ______10(
P referred _________ 10<
5
To”
Em pire S te e l_________ 100
40
Preferred _________ 100
55
eF ed era l Sugar o f N Y 100
^ P r e fe r r e d _________ 100
eG eneral C h e m ica l___ 100
40
55
90
^ P r e fe r r e d __________100;
88
Sg
G old H ill C o p p e r ___
34
*51o
G reene C a n a n e a _______ 20
5-*s
G reene C on sol G o ld ___10
*34
78
G reene G o ld -S ilv e r ____ 10
7-16
*2G u ggen h e’ m E x p lo r ’n 100 110 120
e H a ck en sa ck W ater Co
R e f g 4s ’52 o p T 2 _ .J - J
84
88
H all Signal C o ________ 100
30
45
H a va n a T o b a c c o C o . . l o o
5
6
10
P r e fe r r e d ___________ 100
15
1st g 5s June 1 2 2 .J -D
55
65
H eck e r-J o n e s-J e w e ll MU*.
95 103
1st 6s 1 92 2________ M -S
40
H e r’ g -H a ll-M a r, n e w _100
50
H oboken L and & I m p lo o 200
eos 19 1 0 ___________ M -N §95 l"o‘o”
3
6
H ou ston O il_________ 100
15
30
P referred _________ 100
130
H udson R e a lt y _______ 100
71 45
e ln g e r s o ll-R a n d c o m . 100
80 T 87*2^Preferred ________ 100
ln te rn a t’ 1 B a n k ’ g G o . 100
I n t ’ nl M er M ar S ee Stk
E x c list
I n t e m a t ’ l N ic k e l____ 100
80
921s
70
78
P referred _________ 100
In te rn a tio n a l S a lt___ 100
912 10
40
30
1st g 5s, 195 1______A-O
____ 10
I n t e m a t ’ l S ilve r______100
55
65
P referred _________ 100
1st 6s 1 9 4 8 . .............J -D
98 103
L a ck a w a n n a S te e l___ 100
25
30
10
L a n ston M o n o ty p e ___ 20j
*8
L a w yers' M tge C o ____ 100 170 180
eLeh & W ilk e s -B C oal 50
52
70
L ord & T a y lo r _______ l o o
100 130
P referred __________100
SO 100 .
e L orilla rd (P) p r e f . . 100 125 150
M ack ay C o m p a n ie s— See Stk E xllst
12
20
M adison Sq G a rd e n . . 1 0 0
2d 6s 1 9 1 9________ M-N
90
75
ffM anhat B ea ch C o ___ 100
23g.
*21g
M anhattan T r a n s it ____ 20
M ex N at C on stru e p f.1 0 0
13
17
M itchell M in in g_______ 10
3i
M on on gah ela R C o a l.. 50 *
P referred ___________ 50 *
M ortgage B on d C o -----100
85 * 90 "
N at Bank o f C u b a -----100
85
■95
N ation a l S u r e ty ______100 145
N e v a d a C o n s’d C o p p e r .5
*71g "'7 1 *
N e v -U ta h Min & S m . . l 0
2%
eN ew Central C o a l____ 20
50
— :
N J T e r D ock & I m p . l o o
____
N Y B iscu it 6s 1 9 1 1 .M-S; 100
N Y M tge & S e cu r'ty .100
150
eN ew Y o r k D o c k ____ 100
20 ■; ____
(•P referred_________ 100
____
65
N Y T r a n s p o r t a t i o n . .. 20
*1
N ile s-B e m -P o n d c o m , l o o
85 100
N lplssing M in es____ ___ 5
534
*•>>*
e O n tario S i l v e r ........... lo o
O tis E le v a to r c o m ___ 100
20 *V 30
P referred ............... .1 0 0
65
75
P ittsb u rgh B re w in g ___ 50 * ___ . . . .
P referred ___________ 50 *
P ittsb u rg h Coal .S e e S tk E x c list
tj.
P o p e M a n u fa c tu r in g . 100
*8
1st p r e fe rr e d _______ 100
25
i-0
2
2d p r e fe rre d _______ 100
10
P ra tt & W h itn p r e f . . 100
90
97
R e a lty A sso c (B k ly n ) 100 100 110
90
R o y a l Bak P o w d p re f 100
S3
S a fe ty Car H eat & L t .1 0 0
95 105
43
Seneca M in in g_________ 25
Singer M fg C o ............... 100 300 ’ 325
S tan d ard C o rd a g e -----100
*4
1*2
23
20
1st M g 5s ’31 r e d . A-O
2
A d ju s t M 5s A p r 1 1931
3*2
40
30
S tan d ard C ou p ler com lOO
95 105
P referred ..................100
6
S tan d ard M illin g C o . .1 0 0
4
20
P referred _________ 100
25
1st 5s 1 9 3 0 _______ M-N
75
78
Stan d ard Oil o f N J . .1 0 0 397 400
S w ift & C o -S e e B o s t Stk E x c list
1st 5s 1 9 1 0 -1 9 1 4 .. . J - J § 85
921*
« T e x a s & P a clfle C o a l-1 0 0
70
85
1st 6s 190S________ A-O, g
T itle Ins C o o f N Y _ . -1 0 0 130 150 ”
iT o n o p a h Min (N e v a d a ) .1
*51?
6
IT re n to n P o tte rie s co m loo- ____ 121j
P re fe rre d , n e w -------100
____ 55
T ro w D ir e c t o r y _______100
25
35
U nion T y p e w r ite r com lO O
60
66
1st p r e fe r r e o _______ l o o
90 100
2d p re fe rr e d ............... 100
100
90
U n ited Bk N ate C o r p . .5 0 *40
48
P referred ___________50 *40
47
eU n lted Cigar M fg ,p f_ 1 0 0
80
75
U n ited C o p p e r_______ 100
7
7*2
P referred _________ 100
16
27 “
U S C a s u a lty _________ 100 220 240
U S E n v e lo p e c o m ___100
e P r e fe r r e d _________ 100
------ 90 *
U S Steel C o rp o ra tio n —
C ol tr s f 5s '51 o p t ’ 11 § 100 104
C ol tr s f 5s '51 n o t o p t §100 104
U S T it Gu & In dem . 100
80
95
eU tah C o p p e r C o -S e e Stk E x c list
W a te r b u ry C o , c o m . . 100
35
30
P referred _____ : ___ 100
W e stch e ste r & B r o n x T it
& Mtge G u a r _______ 100 140 160
____ 30
W estern I c e ___________ 100
W estln g h A ir B r a k e ___ 50 * ____
W e s t El & M fg 5s-S e e St E x c llst^
1*
W h ite K n o b M in ______10
*8
*4 I «■
90 .100

B ro o k ly n F e rry s to c k 100
B & N Y 1st 6s 1911J J §85
$23,250 N Y & B R F erry s tk .1 0 0
1st 5s 1 9 2 2 _______ M -N *60*
N Y & H o b 5s May 46 J -D §90
Jan. 1 to Nov 29
Week ending Nov 29
Sales at
H o b F y 1st 5s 1946.Y1-N §93
New York Stock
N Y & N J 2d 5s 1 9 4 6 --J -J §
1906
1907
Exchange
1907
25
10th & 23d Sts F e rry -1 0 0
1st m tg e 5s 1 9 1 9 ..J -D §60
183,425,355
263,840,958
Stocks— No.- shares___
2,234,773
3,151,457
20
eU
n
lon
F
erry
s
t
o
c
k
.
.
100
Par v a lu e __________ $192,780,750, $274,877,700 $15,901,322,300 $23,127,762,825
65
e l s t 5s 19 2 0 _______ M -N
$684,400
Bank shares, par_____
$4,4001
$250,000
$400,600
Bonds.
Sh
ort-T
erm
N
otes
$1,713,800
$833,050
$23,250
Government bonds___
65.215.S00
64,246.250
$971,500
State b o n d s __________
1,158,500
83
Clg ser A 4s ’1 1 . . M -S §7S
393,219,300
564,378,900 AmSer
15,185,5001
8,588,600
R R . and misc. b on d s-.
82
B 4s M ch 15 ’12.M S §77
Am T e l & T el g 5s 10 J-J §9214 9234
$630,338,950 A
$459,268,150
Total b o n d s _______ $16,3t>7,250i $9,560,100
90
tlan Coast L 5s ’ 1 0 .M -S §S8
96
Ches & O h io 6s J ’e 28 ’08 §94
D A IL Y TR AN SA CTIO N S A T TH E BOSTON AN D P H IL A D E L P H IA
951
6s. J u ly 1 1 9 1 0 ___ .J -J §94
EX CH AN G ES
95
Ch R I & P a c 4 4 s 0 8 A-O §92
941
Chic & W Ind 5s ’ 1 0 .F & A §94
62
69
Cin H a m & D 4 i/,9 ’08 M-S
Philadelphia
C C C & St L 5s. Jun e '11 §9312 9412
Week ending
90
Erie 6s, A p r 8 1 9 0 8 _______ §85
Borul
Unlisted
Listed
Listed \ Unlisted
Bond
Nov 29 1907
94
In terb R T e 4s 1908 M -N §90
shares
sales
shares i shares
sales
shares
85
5s M ch 19 1 0 _______ M S §80
88
K an C So g 5s A p r ’ 1 2 . J-J §85
2,733
7,332
$4,000
8.205
4,671
$18,000
Saturday___________
92
L a ck S teel g 5s 1 9 0 9 .M -S §87
10,600
2,961
25,400
17,355
Monday____________
8,288
7,000
§82
5s g 19 1 0 ............ . . M - S
8,864
1,765
32,100 Lake Sh & M So 5s’ 10 F A §95-54 96*4
14,131
21,577
33.000
T u esd a y ___________
2,203
16,500
14,654
15,169
54.000
14,970
W ednesday________
L ou & N ash g 5s ’ 1 0 .M -S §933 j 94U
..H O L I D A Y . . .
T h u rsd a y__________
§9414 945s
M ich Cent 5s 1 9 1 0 ___F -A
35,000| M inn & St L g 5s ’ 11 _F A §88
22,352
16,505
72,500
39,080
4,361
F r id a y ........... ..........
93
M o P a c 5s F e b 1 0 /0 8 F -A §92
94*2
$113,000 N atofM ex5.se tto 09 ‘'- O §94
84.658
52,982 $184,500|
86,113!
14,023
T otal....................
97
§951; 9578
N Y C ent 5s 19 1 0____ F -A
Pa R R 5s M ch 15 ’ 10 M -S §9 o -’8 96*8
S tL M S ’east 4 4 s ’0 9 . J-D §H87g 89
90
St L & S F g 4 4 s ’ 0 8 ..I D §85
92
S o u th ’ n coll tr 5s ’ 0 9 . A -O §85
A weekly review o1 Outside Market will be 1ound on a preceding page.
70
S ou th R y g 5 8 1 9 1 0 . . h - A §65
93
U S R u b b e r tr 5s ’ 0 8 . M -S §90
Street R a ilw a y s
Street R a ilw a y s
Bid
Ask W abash 5s, M ay 10 1909 §85
Bid Ask
90
P u b Serv C orp N J (Con)
N ew Y ork City.
80
W e stln g h El& Yf 6s 1910 §65
50
21
29
J C H o b & P a te rs n .1 0 0
25
90
B leeck St & Ful F s tk .1 0 0
W h eel’ l & L E 5s ’ 0 8 . F -A §85
55
57
70
80
4s g 1 94 9 _______ M-N
e 1st m tge 4s 1 9 5 0 .J-J
92
88
So J Gas E l& T r a c .lO O
e B ’ y & 7th A v e s t k . .1 0 0 180 200
R a ilroad
95
90 100
Gu g 5s 1 9 5 3 . . . M-S §90
e 2d m tge 5s 1 9 1 4 ._J-J
N o H ud C o R y 6 s ’ 14 J-J §100
Con 5s 1943 See St ock E x c list
C h ic P e o & S t L p r e f.1 0 0
5s 1 9 2 8 .. .............J-J §95 100 I
B ’w a y S urf 1st 5s gu 1924 § . . . . 98
D e p o s ite d s t o c k _______
E x t 5s 1924 ____ M -N §95 100
e C en t’ l C rosst’n stk _ _ 1 0 0 175 250
U n d e p o slte d s t o c k ____
____
P a t C ity co n 6s '31 .J -D §105
e 1st m tge 6s 1 9 2 2 .M-N 100 110
P rio r lien g4 4 s ’ 30M & S
____
2d 6 s . .1 9 1 4 o p t A -O §100
50
e Cen Pk N & E R s t k 100 125 150
Con m tg g 5s 1 9 3 0 .J & J
65
So Side El (Chic)
S ee Ch Icago list
e C h r’ t’ r & 10th St stk 100 125 140
In co m e 5s, J u ly 1 9 3 0 ..
96
S y ra cu se R T 5s ’ 4 6 .M & S § 92
C ol & Uoh A vi ’ 5 See S to ck E x c list
C h lc S u b w a y _________ 100
T 2T2 ’ 13 "
T re n t P & H 5s 1 9 4 3 . J-D § . . . . 98
F t W & Den Cy s t d -.lO O
80
95
D ry D E B & B —
90 100
U n ite d R y s o f St L—
G t N o r t h ’n O re -S e e Stk E x c list
e 1st gold 5s 1 9 3 2 ..J - D
17
20
70
80
C om v o t tr c t f s ____ 100
e S crip 5s 1 91 4____ F -A
N Y N H & H a rtfo rd —
e P r e f e r r e d ________ 100
E igh th A v en u e s t o c k . 100 290 340
5714 5812
Con d e b 3 4 s 1956 J& J §7912
G en 4s 1 9 3 4 . . See S to ck E x c list
95 105
e Scrip 6s 191 4____ F -A
N o rth ’ n S ecu rities S tu b s . 100 112*2
U n it R y s SanFrarf See Stk E x c list
30
e 42d & Gr St F ’ y s t k .1 0 0 300 380
Pitts Bess & L E _______ 50 *25
50
W ash R y & E l C o ____ 100
29
33
70
75
42d St M & St N A v e .1 0 0
P referred ___________ 50 *65
____
62
70
P referred __________100
e 1st m tge 6s 1 9 1 0 .M -S §95
eR a llro a d S ecurities C o —
72
76
78
65
4s 195 1.......................J -D
2d in com e 6s 1 9 1 5 .J-J
1U C stk tr cfs ser A ’ 52 ------ 85
27 ! Seab oard C o m p a n y —
e W e s t C h ica g o S t ___ 100
In ter-M et— See Stk E x ch an ge list
50
54
e Con e 5s 19 3 6 ___ M -N
L e x A v & P a v F 5s See Stk t o e list
1st p r e fe rr e d .............100
M etiop ol St R y — S ee Stk E x c list
C om & 2d prel-.s'er B a lt E x c list
G as Securities
N inth A v en u e s t o c k . .1 0 0 m
150
S e a b o a rd A ir L in e —
N ew York
93
S econ d A v en u e s t o c k . 100 125 150
Coll 5s e x t M ay ’ 11 M -S §88
Cen t U n G a s 5s g ’ 2 7 . J& J §70
80
e 1st m tge 5s 1 9 0 9 -M -N §90 100
Con Gas (N Y ) — See Stk EXC I'St
92
C on sol 5s 19 4 8 ____ F-A .
Industrial and Miscet
e M utual G a s---------------100 »100 140
e S ixth A v en u e s t o c k . 100 110 130
N ew A m sterdam Gas—
50
45
9i) 100
A h m e e k M in in g_______ 25
Sou B ou lev 5s 1 9 4 5 ..J -J
1st c(5nsol 5s 1 9 4 8 ..J -J §73
78
90 110
A llia n ce R e a lt y _______ 100
So Fer 1st 5s 1 9 1 9 . . . A O §95 100
N Y & E R G a s 1st 5s’ 44 J J §85
95
T h ird A v e n u e — See S to ck E xc list
A llls-C h alm ers Co 1st m tg
C on sol 5s 19 4 5 ___ . . J - J §75
85
52
90
T a rry W P & M 5s 1928 §80
s f 5s ’36 o p t ’ 1 6 ___ J-J §45
N Y & R ic h m o n d Gas 100
32
90
3512 A m erican B o o k _______ 100 120 150
Y k e rs S tR R 5 s 1946 A-O §S5
N o r Un 1st 5s 1 9 2 7 ._M -N
90
70
80
28th & 29th Sts 1st 5s ’96 §80
A m erica n B rass_____ 100 100 115
e S ta n d a rd G as c o m . .1 0 0
75
e T w e n ty T h ird St stk 100 3.10 325
e A m e ilca n Can-.See S lo c k E x c list
e P r e f e r r e d ________ 100
100
U nion R y 1st 5s 1942 F-A §95 105
A m e rica n C h icle C o . .1 0 0 127 135
1st 5s 19 3 0 ________ M -N §90 " 98
95
80
VVestchest 1st 5s ’43 J-J §80
88
P referred _________ 100
Other C ities
B rooklyn
A m G ia p h o p h o n e com lO O ____ 50
A m e r L ig h t & T r a c t . 100
75
78
SO
A tlan A ve r>s 1 90 9____V O §95 100
P referred
_______ 100
P referred __________100
Con 5s g 1 9 3 1 _____ A -O §90
95
67*2 70
A m e r H a r d w a re ---------100 105 115
B B & W E 5s 1 9 3 3 .. A -O
92
96
95 100 j B a y S tate G a s _________ 50
*8
*4 A m M a ltln g 6s 1 9 1 4 ..J - D
90
A m e r Press A s s o c ’n . . l 0 l )
95
95
B ro o k ly n C ity s t o c k ___ 10 170 180 [B in g h ’n Gas 5s ’ 3 8 . A & O
90
Con 5s—-See Stk E x ch E x c list |B r o o k ly n U nion Gas del)
A m S od a F o u n t c o m .1 0 0
1
*8
6s 1909 c o n v 1 9 0 7 .M -S
92
96
95 100
B kln C rosst’n 5s 1 9 0 8 .J-J
7
12
1st p r e fe rr e d -----------100
B u ffalo C ity G as slocklO O
____
90 100
3
6
B kn H g ts 1st os 1941 A O
2d p re fe rre d _______ 100
5
!
1st
5s
1
94
7—
See
S
to
ck
E
x
c
list
80
84
B kln Q Co & Su b S ee Stk E x c list
A m St F o u n d 6s ’35 A & O
Con G as o f N J 5s ’3 6 . J-J § 90
92
B k lyn R a p T r a n — See Stk E x c list
A m erican S u r e ty ---------50 150 165
41,
C on su m ers’ L H & P o w —
A m erican T h rea d p r e f . . 5
e C on ey 1st & B k !y n - - 1 0 0 100 150
*3>2
5s 1 9 3 8 . . ..................J -D §100
85
1st c o n s g 4s 1 9 4 8 ..J -J
Am T o b a c (new ) c o m . 100 185 195
75
E lizabeth Gas L t C o - . 1 0 0 250
A m er T y p e fd e r s c o m . 1 00
Brk C & N 5s 1 9 3 9 .J-J
95 105
30
35
____ E ssex & H u dson G a s.1 0 0
92
95 to o "
P referred _________ 100
88
98
G r’ p t& L o r S t 1st 6 s.M & N
F ort W a y n e 6s 1 9 2 5 . .J -J
30
40
A m er W r it in g P a p e r . 100|
K in gs C El 4s— See S tock E x c list
1*4 2
Gas & El Bergen C o . . 100
40
65
50
1212 14
Nassau E lec p r e f-------100
50
P r e fe ir e d _________ 100
e Gr R a p G 1st 5s T 5 .F - A §91
5s 194 4 ____________ A-O
1st s f g 5s 19 o p ’ 09_ J J
95
98 105
75
78
_ 60
H udson Co G a s_______100
B arn ey & S m ith C a r .100
1st 4s 1951— See S tock E x c list
80
80
N W ’ b g & F la t 1st e x 4 4 s
90
P r e fe r r e d ___________100 105 120
. . . . In d ia n a N at & 111 G as—
1st
6s
1
9
0
8
.
.
____
M
-N
20
9*2
10
pB eth l’ m Steel C o r p . .1 0 0
S tein w a y 1st 6s 1 9 2 2 .J -J §94
98
9
In dian ap olis G as______50
50
30
O t.her C ities
58
20
(.’P r e fe r r e d _________ 100
1st g 5s 19 5 2 _______ A -O §85
Bliss C o m p a n y c o m . . 50 . . . *112
B u ffalo Street R y —
6J
Jackson G as 5s g '3 7 . A-O §85
ls t c o n s o l 5s 1 9 3 1 . . F -A §102 105
94
90* 100
Preferred ___________ 50
__ K ansas C ity G a s . ___ 100
50
D eb Cs 19 1 7 .............A-O §103
B o n d & M tge G u a r ___ 100 300 320
e L a cle d e G as________ 100 n ____ *94 ’ B o r d e n ’ s C o n d M i l k . . 100 105 120
C h ica go C ity R y — See Ch Ica g o list
e P referred
____
100
95
66 100
85
C olu m bu s (O) St R y .1 0 0
90 100
P referred _________ 100
4
25
*3*2
Preferred _________ 100 100 107*2 L a fa y ’eG as 1st 6s’ 24_M - N
35
B ritish C ol C o p p e r ______5
L o g & W a b V 1st 6s ’ 25 J -D
C olu m R y con 5s— 6'ecPhl la list
25
29
B u tte C oa lition M ining 15 *14-1S 143,
M adison Gas 6s 1 9 2 6 . A-O §98
3
2
C n w t ’ w n 1st 5s ’ 33 J-D §100 105
110
Casein C o ol' A m c o m .1 0 0
75
N ew ark G as 6s 1 9 4 4 ..Q - J 120
G rand R a p .d s R y ____ 100
59
81
P referred _________ 100
N ew ark C on sol G a s ..1 0 0
P referred _________ 100
75
79
81
80 ’ C a su alty C o o f A m e r . 100 125 140
e Con g 5s 1948____ J -D
L a ke St (C h 'c) E l— S eeC h Icago list
96 ICO
C elluloid C o .................... 100 100 110
15
e L o u ls v St 5s 1 9 3 0 ..J & J § 9912 10014 N o H u dson L H & P o w —
[Cent F irew ork s c o m . . 100
. . . . 60
5s 1938 ____
. .A -O §100
L yn n & B os 1st 5s '24 J -D 100 102
. . . . ! P referred _________ 100
11
e O & In d C N a t& U l.lO O
e N ew O rl R y s & L g t .1 0 0
’Cen tral F o u n d r y _____ 100
10
5
1st 6s 1 9 2 6 ________ J -D
e P r e f e r r e d ________ 100
10
20
P referred _________ 100
52
45
Gen M g 4 '4S '35 Sec S tk E x list P a t & P as G as& E le c -1 0 0
50
60 1 D eb 6s 1919 o p ’ 01 M -N
e Con g 5s 1 9 4 9___ M S §90
N ortn C h ic S treet S ee Ch Icago list
95
C en tu ry R e a lt y _______ 100 185 195
375 425
f'u l) Serv C orp o f N J .100
St J osep h Gas 5s 1 9 3 7 .J-J §75
82U C h esebrou gh M fg C o .
75
60
T r c tfs 2 % to 6 % p e rp e t
50
45
C ity In v e s tin g C o ____ 100
___
E lectric C o m p a n ie s
85
C oll 5s g n o te s ’0 9 . M-N §85
90
eClaflin (H B ) , c o m . .1 0 0
___
N o rth Jersey St R y 100
30
' C h icago E dison C o See Ch I c a g o ,list j
90
e ls t p r e f e r r e d ______100|
90
1st 4s 1 9 4 8 _____ M -N §60
...
80 I
e2d p r e fe rr e d _______ 1001
63" |e K in g s C o El L & P C o 100
78
C on s T ra ct o f N J . .1 0 0
N a rra g a n (P ro v ) El C o . 50 * ____ 90
53
C ol & H o ck C o a l& l p f 100!
55
____ 40 | 1st g 5s 1 91 7 ............. J-J
70 ’ i ¥ 0'
1st 5s 19 3 3 ______J -D §98 100
N Y &Q El L & P o w C o .l0 0
N e w 'k P a s R y 5s ’30 J-J §100
1011
103
Preferred _________ 100
55 1 Col tr 6s O ct 1 9 5 6 .-J -J
____ U n ited E le c o f N J . . . 1 0 0
R a p id T ran St R y .1 0 0 230
36
fib"
'C on sol Car H e a t i n g .. 1 0 0 ; 30
1i»o
1st 5s 1 9 2 1 .. __ i
M f 4s 1 9 4 9 _____ J-D §55
3
____
"60 ’ 'C o n s R y L g t & R e fr ig .lO O 1
* P er share
S ay
i / s accru ed Int
a E x -rig h ts
e Sells on Stk. E x . . but not v e r y a c tiv e I N ew s to c k n .V om loa..
T otal_____________




680,822

2,284,773:$192,7S0,750

$15,185,500

351,500

$1,158,500

-.-

86

Outside Securities

lxxxv.

s Sale p r ic e .

x E x -d lv

Nov. 30 190<.j

1391

THE CHRONICLE.

I n v e s tm e n t a n d J J a i l t a a d I n te llig e n c e .
RAILROAD

GROSS

EARNINGS.

The following table shows the grass earnings of every STEAM railroad fro n which regular weekly or m onthly returns
can be obtained. The first two columns of figures give the gross earnings for tao latest week or m onth, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplem entary
statem ent to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers som e other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Grose E a m in o s .
W eek or
M on th .

J u ly 1 tc Latest D a te

Current
Y ear

P reviou s
Y ear.

$

$

Current
Y~ar.

I

Latest Grose E a rn no .

P revio u s
Y ear.

$

i

W eek or
M onth.

July 1 to Latest D ate

Curren!
Y :a r .

C u rren t
Y ear

P reviou s
Y ear

J

A ,a G reat Southern — Sec S ou t hern R ail j w a y
A la N O & T e x P a c.
N Y C & H u d R iv e r S e p te m b e r 9 ,035,990 8,4 3 0 ,2 3 7 2 7 ,0 6 9 ,7 2 $ 2 4,7 8 2 .9 6 7
N O & N E a s t___ 4th w k O ct
129,151
120,803 1,0 7 3 ,9 5 3
972.46C
L a k e Shore & M S S e p te m b e r 4 ,0 8 2 ,3 2 7 3 ,7 6 9 ,8 4 6 12,023,129 1 1,177,682
Ala <Jc V ic k s b u r g . 4th w k O ct
60,003
54,685!
5 3 0 ,4 8 9 '
4 69 ,527
L a k e Erie & W est S e p te m b e r
498,825
4 65.707 1 ,385,976 1,408 182
V ic k s b u r g Sh & P 4th w k O ct;
57.274;
56,822i
548,621
482 ,257
C h ic In d & Sou th S e p te m b e r
256,666
2 01,236
740,407
537 ,993
A la T en n & N o r t h . . S e p te m b e r I
3 .5 0 7 '
3,579!
11,013!
9,885
M ich igan Cen tral. S e p te m b e r 2 ,553,787 2 ,277,214 7,414,891 6.5 7 1 .6 6 6
k A tch T o p & S Fe_ S e p te m b e r 8,077 ,118 7,425 809 2 4 ,0 0 5 ,5 6 3 21,358 065
C lev e C C & St L . S e p te m b e r 2,4 6 1 ,2 5 2 2,2 2 7 ,0 1 6 7 ,245,101 6.7 3 5 .6 6 7
A tla n ta & C h a r i... A u gu st . . .
363 ,427
343,050!
751 ,327
706 ,589
P e o ria & E astern S e p te m b e r
271 753
261.465
765 ,565
792 ,285
A t la n B lrm & A t l . . S e p te m b e r ! 168,295! 120,909!
493 ,087
363,787
C incinnati N o r t h . S e p te m b e r
94,309
2 7 3 ,786i
99,019
302,418
A t la n t ic C oa st Line S e p te m b e r 2,0 5 9 ,2 4 3 1 ,958,388 6 064 ,430 5,7 0 6 ,3 4 6
P itts & L a k e Erie S e p te m b e r 1,407,359 1,197,831 4,360,550' 3 ,7 7 1 ,1 0 8
B a ltim ore & O h io . - O cto b e r . . 7 ,7 9 0 ,6 7 7 7 ,3 2 1 ,4 5 8 3 0 ,2 3 1 ,9 3 8 ;28,125,241
R u t l a n d _________ S e p te m b e r
314.341
811 ,056
894,185
273,615
B angor & A r o o sto o k S e p te m b e r ! 255,6101 259,262!
762 ,946
685 ,755
N Y C h ic & St L . S e p te m b e r
812,462 2 ,5 7 6 ,1 2 9 2,430 752
882 ,116
6,470
5,250
21,445
18,602 N Y O n t & W estern Se ptem ber
B ellc fo fite C e n tra l. _ O c t o b e r . . ]
693,363
715 ,767 2,4 1 9 ,7 6 6 2,3 6 8 ,6 4 2
B rid g eton & S a eo R S e p t e m b e r !
5,251
4,287:
17 133
14,346 N Y Susej & W e s t . . S e p te m b e r
284,711
832 ,793
241 ,043
718,025
BulT R o c h & P it t s . 3d w k Nov| 187,876! 171,018 4 ,1 2 2 ,5 3 2 3 ,3 7 8 ,3 1 2 N o rfo lk & W e s t e r n . S e p te m b e r 2,9 7 5 ,9 6 0 2 ,5 9 6 ,3 9 5 8 ,9 0 1 ,7 8 7 7 ,5 2 6 ,5 7 8
fSxiflalo & Susq R y . S e p te m b e r
184 ,125
149 ,154
576,025;
431 ,740
N o rth e rn C e n t r a l.. S e p te m b e r 1 ,176,519 1 ,0 5 2 ,5 1 9 3 ,6 1 2 ,0 7 0 3,0 8 9 ,2 7 0
■Canadian N o r t h c r n . 3ei w k N o v
207.800
159,900 4,2 3 1 ,6 0 0 3 .1 4 9 ,1 0 0
N orth ern P a c ific ___ A u g u s t ___ 6,780,878 5 ,9 1 1 .9 1 9 13,912.343 11,600,845
Catiaeilan P a c ific ___ 3d w k N o v ! 1,603,000! 1,378,000 32,269,951 29,610 792
P a cific C oast C o ____ S e p te m b e r
7 3 7 ,99f
6 02,048 2,231 ,422 1 ,787,668
■Central o f G e cr g la . _ 3d w k N o v
258,500! 224 ,800 5,0 9 4 ,5 6 9 4 ,6 9 3 ,6 3 8
it P e n n — East P & L S ep tem b er 14450 859 13059 859 44,5 7 3 ,3 2 3 3 8 ,5 7 9 ,2 2 3
•Central o f N Jersey S e p te m b e r 2 ,3 9 9 ,7 1 9 !2 ,1 4 9 ,6 5 7 7.50 0 ,5 0 5 ; 6,8 0 7 ,2 2 6
in c .
d W est o f P & E . S e p te m b e r
859,700
I n c . 3 ,3 3 2 ,2 0 0
C h atta n S o u th e r n . . 2d w k N o v
2,443!
2,990
P e o rla & E astern
58,966!
59,174
See N ew Y ork Cen tral.
■Chesapeake & O h io . S e p te m b e r 2,541,3281 2.14 4,4 76 7,5 9 8 ,8 3 9 6,2 7 3 ,4 7 9
P h ila B a lt & W a s h . S e p te m b e r 1,526,490 1 ,414,090 4,651,79.1 4 ,2 2 7 ,4 9 5
C V s te rfle ld & L ane S e p te m b e r !
5,567'
4,051
1 5 ,3 4 9 1
9,872
PittsC in C h ic & St L O cto b e r . . 3,096,063 2 ,7 2 4 ,6 2 4 11,606.784 10 252,842
C h ica go & A lto n R y J u n e .......... 1,0 6 7 ,1 0 0
911,557 12 ,8 0 9 ,4 2 6 ,1 1 ,5 8 6 ,0 9 4
P itts & L a ke Erie — See N ew Y o rk Cen
142,216
179,371 3 ,4 1 1 ,7 0 6 3 ,7 5 8 ,6 6 0
C h ic G reat W estern 3d w k N o v
R a ieigh & C h a rie st. S e p tem ber
4,387
5,563
16.176
14,623
9 1 ,044| 108,825 2 ,3 9 8 ,2 4 7 1 2 ,476,232
C h ic In d & L o u ls v . 3d w k N o v
R a le lih & S o u t h p ’rt O cto b e r . .
12,637
43,801
8,184
28 016
C h lc Ind & Southern — See N ew Y o r k Cen tral.
R e a d in g R a i l w a y .. S e p tem ber 3 ,882,220
376,224 11,734,376 10,055,677
C o le MUw & St Paul S e p te m b e r 5 532,99115.467.863 15 875,257! 1 5 ,4 6 0 ,5 0 6
C oal & Iron C o . . S e p te m b e r 2,9 2 8 ,8 9 2 2,150,451 8 ,768,541 6 ,5 3 8 .6 6 9
C h ic & N o rth W e s t . O cto b e r . . 7 ,0 4 0 ,6 6 2 16 ,565,388 2 5 ,9 6 9 ,8 8 4 24,116 274
T o ta l b o th c o ’s . . S e p tem ber 6 .811,112 5 ,5 2 6 ,6 7 5 20,5 0 2 .9 1 7 16,594,346
C h ic St P a u l M & o . O cto b e r . . 1 ,355,56311,415,873 4 ,9 6 0 ,0 8 9 4,829,751
R ic h Freci & P o to m jS e p te m b e r
157,182
126,724
4 14 ,397
5 24,413
37,641!
33,341
C h ic T erm T ra n R R 3d w k O ct
553,805,
523,226
R io G ra n de J u n e ___ ! A u g u s t ___
78,587
63,900
157,152
125.495
Cln N O & T e x a s P — See S out hern R a il w a y
R io G ra n d e S .u th . 1 3 d w k N ov
13,647
13,525
2 66 ,258
2 47 ,293
C in cin n a ti N orthern — See N ew Y ork Cen tral
R o c k Isla n d S ystem |S ep tem b er 5,641,387 4,8 8 5 ,2 6 2 16,367,672 1 4,315,597
Clev Clu C h ic & St L — See N ew Y o rk Cen tral.
e St L & San F ran S< p te m b e r 4 ,5 2 2 ,9 4 9 3,989,441 13,509,911 11,4 7 2 ,1 1 6
C o lo r a d o M id la n d .. S e p te m b e r
216,5001 229,869
660,101
T E v a n s v & T e r H S e p tem ber
641,565
194,204
217 ,075
606.680
639,873
It C ol <5c S ou th S y s . . 2d w k N ov
3 09 ,760
78,715! 5,636,362! 4 ,9 6 4 ,8 5 2
Te>tai o f all lin e s . S e p te m b e r 10381412 9 ,068,908 30,577,460 2 6 ,3 9 4 ,3 9 6
C ol N ew b & L a u r .. Septem ber
24 979 '• 23,440.
66 0 5 7 i
70,112
Y o r k Cen tral.
R u t l a n d ____________ — See N ew
77,144!
72,1071
C op p er R a n g e _____ S ep tem b er
253,103;
St J osep h & G r Isl__ A u g u s t ___
214.117
173,612
153,691
3 20 ,192
296,410
C o r n w a l l _________
S e p te m b e r
1 9 ,3 3 7 :
64,197!
20,050
57,542
St L o u is & San Fran — See R o c k Island S y s t e m .
C ornw all & L eb an on A u gu
83,555
53,049
42.287
St L o u is S o u th w e s t. 3d w k N o v
92.760
2 10,607 4 ,3 4 9 ,7 7 7 4 ,0 7 8 ,2 0 0
192,911
C u b a R a ilroa d .
S e p te m b e r
145.155 i 102,578
443,455!
384,721
Seab oard A ir L i n e . . S ep tem b er 1,329,026 1,187,176 3 ,9 4 6 ,1 9 3 3 ,5 3 8 ,4 5 8
D ela w a re & H udson S ep tem b er 1,881,951 1,553,472
Sierra R a i l w a y ____ A u g u s t ____
41,361
42,965
83,187
79,802
439 .200 9,569,919: 8,3 7 4 ,5 3 3
423 .800
D e n v & R io G rande 3ei w k N o v
S ou th ern I n d i a n a .. O cto b e r _ .
174,287
141,389
6 35 ,119
534,426
D etroit & M ack in ac 3d w k N o v
22,845
21,456
522 ,055
489 ,517
c S ou th ern P a c C o . . S e p te m b e r 11112422 9,6 4 5 ,5 8 4 4 ,254,658 2 8 ,5 1 4 .5 0 7
85,292! 1 ,7 9 7 .9 4 7 1,6 0 4 ,3 2 8
D et T o l & Ir o n t S y 2d w k N o v
81.309
S ou th ern R a i l w a y .. 3d w k N o v 1 ,088,131 1,093,028 2 3,750,264 22,0 1 9 ,5 6 5
66,449 1,444,656! 1,354,520
D u So Sh ore & A t l . 3d w k N o v
61,940
M o b ile & O h io ___ 3d w k N o v
176.465 4 ,2 6 2 ,4 1 9 3,8 6 7 ,7 5 6
175.341
S e p te m b e r 4,7 3 8 .9 8 9 4,4 4 1 ,6 7 9 14,7 6 0 ,1 4 5 13,317,381
Erie
166,895 3,593,961 3 ,332,291
C ln N O & T e x P . 3d w k N o v
156,086
E v an sville & T er H — See R o c k Island S y s te m .
A la G rea t S o u t h . 3d w k N o v
67,694 1,626,644 1 ,5 1 2 ,2 3 7
68,051
1,294
4,0 6 3
1,20
F a irch ild & N E ._ _ Se pte m ber
3,960
G eorg ia So & F l a . 2d w k N o v
4 2,599
39 575
878 679
794 ,535
F o n d a J oh n s & G lov O cto b e r . .
324,203
66,162
66,800
307,955
T e x a s C e n tra l_____ 2d w k N o v
36.164
26,094
474 ,356
4 17.709
265.778
744,666
248,322
Gee>rgla R R ________ S e p te m b e r
702,763
T e x a s & P a c ific ___ 3el w k N o v
368,698 6 ,1 4 6 ,3 6 6 5 ,8 4 7 ,7 7 5
287,051
G eorg ia Sou th & FI a— See Sou th e m Ral Iw a y .
T id e w a te r & W e s t . S e p te m b e r
6,357
26.176
7 ,437
22 446
876 .486 1 9 ,1 3 2 ,3 0 5 )1 7 ,8 4 5 ,9 0 9
G ra n d T ru n k S y s t . . 3d w k N o v
934,184
T o le d o & O h io C ent S e p te m b e r
458,942 1,3 7 3 ,0 0 3 1.334 ,830
455 ,857
117,496 2,591,991 2 ,3 3 8 ,2 5 2
118,251
G r T ru n k W e s t . . 2d w k N o v
T o le d o P e o & W e s t . 3ti w k N o v
24,064
2 2,350
502.80K
501 ,5 2 8
33.661
32,654
D et G r H & M llw 2d w k N o v
736,841
697,191
T o le d o St I- & W e s t 3d w k N o v
81,274 1,756,719 1,6 7 6 .0 2 9
8 0,793
49,896
48,981
C a n a d a A tla n tic 2d w k N o v
936 ,528
857,466
T o m b lg b e e V a l l e y . . S ep tem b er
3,773
5,540
17,923:
15,314
6 ,470 ,678 5,9 1 9 ,9 6 3 22,834,792 20,573 425
G rea t N o r t h e r n ___ O cto b e r
69,660
T o r H am & B u ffa lo O cto b e r
84,6 7 6
3 1 8 ,7 0 5
263 ,620
M on ta n a C e n tra l. O c to b e r .
272,472
241,192
949,701
964,660
U n ion P a cific S y s t . S e p tem ber 6,950,234 6,271 ,150 21,192,741 1 8,699,499
T o ta l s y s t e m ___ O cto b e r . . 6,711,870 6 ,192,435 23,784,493 21,5 3 8 ,0 8 5
V irg in ia & S o W e s t . O ctobe-r . .
104,598
91,009
3 43 ,026
4 21 ,852
49,798
49,546
G u lf & Ship I s la n d . 2d w k N ov
928,723
874,857
504,720 1 1 ,4 4 5 ,6 ! 4 11 ,366,805
W a b a s h ..................3d w k N ov
4 68 ,216
H o ck in g V a lle y ____ S e p te m b e r
675 ,800
607,032 1 ,996,475 1 ,8 3 1 ,1 6 4
120,343
103,763 2 ,5 1 9 ,9 4 0 2 ,1 5 2 ,5 6 7
W e s te rn M arylan d . 3d w k N o v
Illin ois C en tra l____ O c t o b e r _. 5,2 8 7 ,1 2 4 4,876,771 19,917,747 18,352,711
W Jersey & S e a s h .. S e p te m b e r
549 .108 2 .2 3 7 .2 3 9 2 ,0 5 0 .1 3 9
605 ,408
In ter & G rea t N orth 3d w k N ov
205,000 2 .914,682 3,5 1 1 ,4 8 9
148.000
112,391
W h e e l & L a k e E r ie . 3u w k N ov
121 ,669 2 ,8 2 9 ,9 1 1 2 ,455,415
147,811 2 ,876,894 2,5 9 7 ,4 5 8
a ln terocea n lc(M eX ) 3d w k N o v
145,923
W iscon sin C e n t r a l.. S e p te m b e r
609 ,818
649 ,325 2 .0 8 7 ,1 0 7 1 ,940,662
69,591 1 ,247,078 1 ,204,124
Io w a C e n tr a l.:_____ 2d w k N o v
64,066
W rlg h tsv & T en n llle S e p te m b e r
28 640
65,541
26,157
6 7,752
211,551
201,908
K a n a w h a & M ic h .. S e p te m b e r
628,250
600,095
Y a z o o & Miss V a lle y O tc o b e r . .
774,961 3,027,76ft 2 ,7 3 1 ,2 5 6
838,998
770,272 3 ,545.930 2 ,8 2 0 ,1 5 6
891 .240
K ansas C ity S"U th - O cto b e r
See N ew Y o r k Cen tral
L a k e Erie & W e s t’ri
L a k e Shore & M Sou
See N ew Y o r k Cen tral.
C urren
P reviou s
13,537,185
L eh igh V a l l e y _____ O cto b e r . . 3 ,5 2 6 ,2 3 3
V a rio u s F iscal Y ears.
Y ear
Y ea r
45.944
47", 549
155 245
L e x in g to n & E a s t . . S e p tem ber
151,209
In c 175, 794
jDec.l 0,2 7 0
L o n g Islanel________ S e p te m b e r
110 ,899
105,300
349 ,355
L ou isia n a & A r k a n . S e p te m b e r
314.009
A tla n ta & C h a rlotte A ir L in e ___ M ch 1 t o A u g
2,203 635< 2 036 ,362
9 0 8 ,0 5 0
928,775 1 9,801,698 18,449,384
L o u is v ille & N a s h v . 3d w k N o v
52,83.")
B e lle fo n te C e n tra l_______________ Jan 1 t o O ct
46,587
15,910
17,752
M acon & B lr m ln g .. O cto b e r
57,161 j D elaw are & H u d s o n ____________ Jan
54,305
15,016,829 1 2 ,670,565
to Sept
5,737
M a n lstlq u e _________ O c to b e r . .
24,871
4,905
M a n ls t lq u e ______________________ Jan
37 209
56,090'
t o O ct
88,339
36,159
M arylan d <Sc P e n n .. O cto b e r
43,595
150,153
132,236
M e x ica n R a ilw a y ________________ Jan
to N o v
6 ,7 5 6 ,7 0 0 6 ,0 1 1 ,9 0 0
a M ex ica n C e n tr a l.. O c to b e r - . 3,1 6 0 ,4 5 7 2,5 3 7 ,8 3 7 12,238,947 9 ,1 5 9 ,9 0 7
M exica n S o u t h e r n .......... ................ Jan
to N ov
1 .1 5 4 .5 1 3 1 ,0 7 2 ,7 4 3
3,3
7
7
,1
0
0
152,206
a M exica n I n te r n a t. 3( w k N o v
144.415
3 ,0 1 8 ,9 5 9
N e w Y o r k C e n tr a l_______________ Jan
74 000.623 6 7,662,191
t o Sep
145,500
ii M exica n R a ilw a y . 1st wk N o v
136.200 2,7 8 5 ,5 0 0 2 ,5 1 5 ,3 0 0
L a ke Shore & M ich ig an South Jan
3 3,6 1 2 ,6 6 5 3 1 ,7 8 4 ,7 7 9
to Sep
19,738
a M exican S outhern 1st w k N ov
18,248
4 3 5 ,1 1 5
499,467
L a k e Erie & W e s t e r n ________ _ Jan
to Sep
3 .8 1 8 .5 1 3 3,933,561
M ichigan C en tral— — See N ew Y o r k C en jtral.
C h ica go I n d ia n a & S o u th e r n . Jan
2 ,2 3 9 .9 0 5 1 ,6 8 4 ,2 5 6
to Sep
123,633
66,195
218,351
486 ,846
M idlan d V a lle y ____ O cto b e r . .
M ich igan C e n tra l_____________ Jan
21 248,871 1 9.1 9 0 ,8 0 9
to Sep
309,566
19,324
15,678
338,272
M ineral R a n g e ____ 3 d w k N o v
C leve Cln C h ic & St L o u is ____ Jan
t o Sep
19 684,870 1 8,0 9 8 ,1 8 5
84,249
78,707 1,672,383 1,499,153
M ln n eap & St L ou is 2d w k N o v
P e o ria & E a s te r n _____________ Jan
2 207 ,486 2 ,253,841
t o Sep
276 ,715 ) 247,065 5,2 8 7 ,6 9 5 5 ,525,531
M inn St P & S S M . 3d w k N ov
C in cin n ati N o r t h e r n _________ Jan
to Sep
7 53 ,590
778 ,1 7 9
M o K ansas & T exa s S e p te m b e r 2,2 7 8 ,6 5 8 2 .0 S 8 ,369 6 ,791,607 5 ,8 7 7 ,5 8 6
P itts b u r g h & L a ke E r ie _____ Jan
11,402,594 10,818 264
to Sep
909,000 19.744.789 18.505.071
M o P a c & Iron M t _ . 3ei w k N ov! 8 8 3 .0 0 0
2,280,681 2 ,0 7 8 ,9 2 4
t o Sep
R u t l a n d ______________________ Jan
28.000!
709 .000
Cen tral B r a n ch . 3d w k N ov
28.000!
666,000
N ew Y o r k C h ica g o & St L ou is Jan
7 ,797,151 7 ,3 1 6 ,7 5 2
t o Sep
T o t a l _________
911 ,000| 937.000120.453,789 19.171.071
13d w k . N ov
9 ,958,364 8 ,5 6 5 ,0 6 4
t o Sep
N o rth e rn C e n tr a l________________ Jan
4 3 2 ,773|
ft M obile J a ck A, K C lW k N o v 16
531,119
29.827
617,239
123714772 108406 072
t o Sep
d P e n n — E ast o f P itts & E rie___ Jan
N asbv C h a tt & St L S e p te m b e r 1 ,0 5 2 ,5 4 6 ; 924 ,716 3.0 0 5 ,5 9 6 2,804,495
d W est o f P itts b u rg h & E r i e .. Jan
t o S ep
7n c.8,2 5 2 ,5 0 0
297 ,734
a N a t R R o f M ex lcc 3el w k N ov
!89,752 6,373,991 5 ,6 9 2 .3 8 0
P h lla B a ltim ore & W a s h in g t o n . Jan
t o Sep
1 2 ,830,006 1 1 ,740,906
H id a lg o & N E _ . ;3d w k N ov
1 8 ,5 6 0 1
395 ,313
399,335
17,994
P itts Cln C h ica g o & St L o u is ___ Jan
t o O ct
27,542.561 2 4,405,401
6,067
N tevafla-Cal-O ’T g o n . 2el w k N ov
121,589
152,587
7,2 9 9
R io G ra n d e J u n c t io n ___ J._______ D ec 1 t o A u g
621 540
496,220
N e v a d a C en tral____ S e p te m b e r
6,528
8,9 7 3
19,454
2 3,702
T e x a s & P a c ific _________________ Jan 1 t o N o v
14,540,111 12,451 ,263
N Y Chic & St L ou is — See N ew Y ork Cen tral.
W e s t Jersey. & S e a sh o re________ J an 1 t o Sep
4 ,697,891 4 ,2 2 0 ,6 9 1

tr^l

AGGREGATES OF GROSS EARNIN GS— W eekly and M onthly.
W eekly Sum m aries
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Sept
Sept
S ept
O ct
O ct
O ct
O ct
N ov
N ov
N ov

(44
(44
(41
(44
(44
.45
(47
(44
(44
(36

r o a d s ) ____
road s i ____
m a d s ) ____
ro a e ls)-----r o a d s )____
r o a d s )____
r o a d s )____
road s ) ____
road s ) ____
r o a d s )____

C u r nt Y ear Prev's Yearj In c. or D ec.
*
10,675.363
10,831.739
13 ,165,110
10 5 50 ,529
10 ,889.698
11,248,141
16,942,553
10,342,034
10,312,335
9.973,943

S
0,882,969!
1 J .129,558
1 2 ,153,033
9.8 6 0 ,6 9 2
10.354 093!
10,614.370!
16,359.665
10,023 . ' ’.a
10,503,418
9.799,4971

S
+ 792 ,394
+ 702,181
+ 1,012,077
+ 6 89,837
+ 535.605
+ 633,771
+ 08 2,888
+ 318.465
— 191 ,083
+ 174,446

%
8.02
6.93
8.33
6.99
5.17
5.97
3.50
3.17
1.82
1.78

M o n th ly Sum m aries.
M onth
M onth
M onth
M o n th
M onth
M onth
M on th
M on th
M onth
M onth

Jan
F eb
M ch
A p ril
M ay
June
J u ly
Aug
Sept
jt

1907
1907
1907
1907
1907
1907
1907
1907
1907
1907

(123
(122
(118
(118
(121
(121
(116
(121
(118
( 56

ro a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
ro a e ls).
r o a d s ).
ro a d s ).
r o a d s ).
r o a d s ).
r o a d s ).

1
.
1
C u r ’nt Y ea r P rev s Y ea r In c . or Dec.
$
|
S
173 .212 .30 5 162 ,623 ,88 3
162 283 992 152 555,191
18 0 ,539 ,53 2 164 ,645 .00 9
188 ,130 451 1 54 ,894 ,74 8
195 .943 .30 5 165 890,345
183 125,657 1 6 1 ,235 ,10 9
18 7 ,0 6 9 ,7 9 0 163 685,258
197,288 033 175 ,726 ,32 3
1 9 2 ,5 4 8 ,0 2 2 .1 7 5 .5 0 5 ,0 3 9
60,724,4911 5 7 ,3 3 8 .8 3 9

S
+ 10,5 8 8 .4 2 2
+ 9.728 801
+ 1 5 ,894,523
+ 33,2 3 5 ,7 0 3
+ 30 052 960
+ 2 1 ,890,548
+ 23,3 8 4 ,5 3 2
+ 21,5 6 1 ,7 1 0
+ 17,042,983
+ 3 ,3 8 5 ,6 5 2

6 .H

6.OS

9.64
2 1 .4S
18.12
13.59
14.2 8
12.27
9.71
5.91

a M exican cu rre n cy ,
b In clu d es earnings o f G llf & C lilca ro D ivision.
<• In clu d es t i n llc c itta n * T e x a s C entral a n l its s u b sid ia ry lino* 1b b o th
years,
tl C ov ers lines d ir cc tly o p era ted ,
c Inclu des th e C h icago 4 Eastern Illinois In b o th years.
1 In clu d e s E v a n sv ille & In d ia n a R R .
A InoludM
oarn in ss o f Col. & S o u th ., F t. W orth & D en ver C ity and all a ffilia te 1 lines, cx eeotln c; T r in ity & B ra z o i V alley R R .
k In clu d e s In both years e v n la c i
o f D enver Enid & G u lf R R ,, P e co s V a lle y System an d San ta r e .’ re sco tt <ic P n o e n ix R y .




1392

THE CHRONICLE.

Latest Gross Earnings by W eek s.— In the table which
follows we sum up separately the earnings for the third week
of N ovem ber. The table covers 36 roads and shows 1.7 8%
increase in the aggregate over the same week last year.

68,051
1 87 ,876
207.800
1,6 0 3 ,0 0 0
2 58 ,500
142,216
91,044
1 56 ,086
379 ,304
423 .8 0 0
21,4 5 6
61,940

67,694
171 ,018
159 ,900
,378,000
224 ,800
179,371
108 ,825
166,895
306,711
4 3 9 ,2 0 0
22,845
66,449

934 ,184

8 7 6 ,4 8 6
205 .000
147,911
928 ,775
144 ,415
15,678
247 ,065
909.000
28,000
176 ,465
289 ,752
17,994
13,525
210 ,607
1,0 9 3 ,0 2 8
368,698
24,0 6 4
81,2 7 4
504 ,720
1 03 ,763
121 ,669
9 ,7 9 9 ,4 9 7

T o t a l (36 r o a d s ) ----------------------N et Increase ( 1 .7 8 % ) -----------------

$
357
16,858
47,900
225 ,000
33,700
37 ,155
17,781
10,809
72,593
15,400
1,389
4,5 0 9
57,698
57,000
1,888
20,725
7,791
3,646
29,650
26,000
" l 'l 2 4
7,982
566

122

17,696
4,8 9 7
8 1 ,6 4 7
1,714
481
36,504

16,580
" ¥ ,2 7 8
520 ,4 4 3
174 ,446

345 ,997

For the second week of N ovem ber our final statement
covers 44 roads and shows 1.8 2% decrease in the aggregate
over the same week last year.
S econd w eek o f

N ovem ber.

1907.

In crea se. D ecrea se.

1906.

$
$
P r e v io u s ly r e p o r te d (42 r o a d s ) - 1 0 ,1 8 1 ,4 8 0 1 0 ,368,328
85,292
D e tr o it T o le d o & I r o n t o n . .
81,3 0 9
49,546
4 9 ,798
G u lf & Ship I s la n d _______________

$
299,841

____ 1 0 ,3 1 2 ,3 3 5 10,5 0 3 ,4 1 8

299,841

T o t a l (44 r o a d s ) .

..

s
486 ,6 8 9
3.983
252
490 ,9 2 4
1 91 ,083

Net Earnings M onthly to Latest D ates.— The table fol
owing shows the gross and net earnings of STEAM railroads
reported this week.
--------Gross E a rn '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 ea r.
Y ea r
Y ea r.
R oads.
$
$
$
$
A tla n ta B lrm & A t l . a - - S e p t
168 ,295
1 20 ,909
46,3 2 6
29,862
J u ly 1 t o S ep t 3 0 _______
4 9 3 ,0 8 7
3 6 3 ,7 8 7
125 ,7 4 7
97,475
B o s to n & A lb a n y , b—
J u ly 1 to S ep t 3 0 _______ 3 ,5 0 1 ,1 5 9
3 ,1 3 7 ,9 3 3
8 5 8 ,3 2 8 1 ,2 0 5 ,4 1 4
J a n 1 t o S ep t 3 0 _______ 9 ,3 1 3 ,1 5 9
8 ,5 5 8 ,0 4 5
1 ,7 0 4 ,0 4 5 2 ,9 4 3 ,0 2 2
B u ffa lo R o c l l & P i t t s , b . O ct
9 6 9 ,4 5 3
8 1 5 ,3 9 4
3 9 5 ,3 3 5
352,102
J u ly 1 to O ct 3 1 _______ 3 ,5 5 6 ,3 5 4
2 ,8 6 5 ,8 3 2
1 ,4 7 7 ,8 0 5 1 ,1 5 6 ,7 1 4
C a n a d ia n P a c l f t c .a _____ O ct 7 ,0 7 1 ,0 4 7
6 ,9 4 6 ,6 0 5
2 ,6 8 0 ,3 1 8
2 ,7 8 4 ,8 2 7
J u ly 1 t o O ct 3 1 _______ 2 7 ,5 1 2 ,9 5 1 2 5 ,2 3 7 ,7 9 2
9 ,9 0 8 ,7 9 9 1 0 ,0 5 7 ,1 4 9
C h ica g o G rea t W e s t ’ n . b S e p t
7 4 1 ,4 6 6
8 4 3 ,9 8 7
163 ,909
318,791
J u ly 1 t o S ep t 3 0 . .......... 2 ,2 3 2 ,6 5 1
2 ,3 3 5 ,7 8 4
511 ,7 2 1
795 ,5 4 9
C h ic In d tic L o u l s v - a - . . S e p t
5 3 9 ,7 6 0
546 ,461
170 ,9 5 6
206 ,992
J u ly 1 t o S ep t 3 0 _______ 1 ,5 9 5 ,4 0 3
1 ,6 1 1 ,0 3 6
536,761
600 ,802
C o lo r a d o & S o u t h e r n .b - O c t 1 ,4 5 5 ,9 6 8 c l , 197 ,539
5 86 ,142
C445.602
J u ly 1 to O ct 3 1 _______ 5 ,030,731 C4,4 0 5 ,0 5 2
1 ,7 6 5 ,0 7 9 Cl ,548,227
F o n d a J oh n s & G l o v _ a - - O c t
6 6 ,800
66,162
3 8 ,072
37,570
J u ly 1 t o O ct 3 1 _______
3 24 ,203
3 0 7 ,9 5 5
1 84 ,205
1 73 .520
H u d R iv e r E l P C o ____ O c t
119,881
76,7 7 5
62,621
24,045
L eh igh V a l l e y . e _________ O c t 3 ,5 2 6 ,2 3 3
..............
1 ,3 6 0 ,0 3 9
J u ly 1 to O ct 3 1 _______ 1 3 ,5 3 7 ,1 8 5
_______
5 .4 3 6 ,3 8 8
M ex ica n C en tra l.................. O c t 3 ,1 6 0 ,4 5 7
2 ,5 3 7 ,8 3 7
8 9 7 ,4 8 5
739 ,848
J u ly 1 t o O ct 3 1 _______ 1 2 ,2 3 8 ,9 4 7
9 ,1 5 9 ,9 0 7
3 ,3 8 8 ,0 1 5
2 ,2 0 4 .6 6 9
P itts b u r g h C oal C o ______O ct
_________
________
6 4 4 ,5 8 9
502 ,444
Jan 1 to O c t 3 1 .............
........................................ 4 ,8 5 1 ,9 5 2
4 ,2 1 6 ,8 5 3
P ltts b S h a w m u t & N o . b — J u ly 1 to S ep t 3 0 .............
2 2 5 ,5 3 6
197 ,529
13,062
12,736
Jan 1 t o S ep t 3 0 _______
7 7 8 ,1 3 7
5 8 7 ,4 0 8
1 7 2 ,5 3 7
85,809
R ic h F red & P o t o m a c ...S e p t
1 57 ,182
126 ,724
3 8 ,7 4 4
26,634
J u ly 1 t o S ep t 3 0 _______
5 2 4 ,4 1 3
4 1 4 ,3 9 7
1 4 8 ,1 2 3
109 ,370
121 ,6 4 6
123 ,679
4 5 ,7 4 7
73,764
T e x a s C e n t r a l- a _________ O ct
J u ly 1 to O c t 3 1 _______
4 1 9 ,3 4 8
352 ,1 5 3
122 ,5 1 2
170 ,797
W e s te rn M ary l a n d - a . . - S e p t
542 ,9 7 9
4 3 9 ,9 7 6
?/188,787
i/15 0.33 6
J u ly 1 t o S ep t 3 0 _______ 1 ,6 0 6 ,6 9 2
1 ,3 7 4 ,2 1 7
2/578,609
2/502,872
a N et earn in gs here g iv e n are a fte r d e d u c t in g ta x e s,
b N et earn in gs here g iv e n are b e fo r e d e d u c t in g ta x e s.
c F igu res revised fo r p r e v io u s y e a r so as to a c c o r d w ith the n ew cla sslficatla n o f earn in gs an d e x p e n s e s n o w re q u ire d b y th e In te r -S ta te C o m m e rc
C o m m ission .
e N o c o m p a r a tiv e figu res are g iv e n , o w in g to new cla ssifica tio n o rd e re d
b y I n te r -S ta te C om m e rce C o m m is s io n .
F o r O c t o b e r ta x e s w ere $ 9 4 ,3 0 0 ,
an d fo r p er io d fro m J u ly 1 to O ct. 30 w ere $37 7 ,2 0 0 .
V F o r S e p te m b e r a d d itio n a l In com e and n e t p ro fits fro m c o a l. & c .. w ere
$73 ,4 3 0 this y e a r , a gain st $38 ,9 4 4 last y e a r , an d fro m J u ly 1 t o S ep t 30 w e re .
$ 2 3 3,11 2 this y e a r , a ga in st $ 9 1 ,5 2 3 last y e a r .

Interest Charges and Surplus.
— I n t ., R en tals, & c .—
C u rren t
P r e v io u s
Y ear.
Y ea r.
$
$

— B a l. o f N e t E 'n g s .—
C u rren t
P r e v io u s .
Y ea r.
Y ear
$
$

R oad s.
B o s t o n tic A lb a n y —
J u ly 1 to S ep t 3 0 _______
867,181
861 ,981
* 9 5 ,7 8 7
J an 1 to S ep t 3 0 _______ 2 .6 1 5 .3 0 4
2 ,7 3 2 ,1 4 2 * d e f5 9 8 ,7 4 1
C o lo r a d o tic S o u t h e r n - . .O c t
199 ,493
179,793
* 3 5 4 ,3 9 5
J u ly 1 to O ct 3 1 _______
8 1 0 ,2 7 6
7 1 4 ,8 6 2
* 8 8 2 ,7 1 0
P ittsb u r g h C oal C o _____ O ct
2 3 7 ,1 8 3
2 6 8 ,5 9 2
4 0 7 ,4 0 6
J a n 1 t o O ct 3 1 _______ 2 ,3 3 5 ,4 9 9
2 ,5 7 6 ,3 9 4
2 ,5 1 6 ,4 5 5
P lt t s b S h a w m u t tic N o r —
J u ly 1 to S ep t 3 0 .............
4 3 ,8 2 3
1 6 ,9 5 0
* 4 2 ,3 7 8
J an 1 to S ep t 3 0 _______
87,401
4 7 ,9 5 6
* 1 5 8 ,2 7 5
T e x a s C e n t r a l . : ____ _____O c t
2 ,5 8 3
2,5 8 3
4 3 ,1 6 4
J u y 11 to O ct 3 1 _______
10,332
10.332
112 ,180
* A ft e r a llo w in g fo r o t h e r in c o m e r e c e iv e d .




lxxxy

.

STREET R A IL W A Y S AND TRACTION CPM PANIES.
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 .

In c r e a s e . D e c r e a s e .

Th ird w eek o f N ovem b er.
A la b a m a G reat S o u t h e r n ------B u ffa lo R o c h e s te r & P itts b u rg h
C a n a d ia n N o r t h e r n --------------------C a n ad ian P a c ific ------------------------C en tral o f G e o rg ia _______________
C h ic a g o G rea t W e s t e r n __________
C h ica g o In d ia n a p & L o u is v ille . .
C ine N ew o r i & Texas P a c if ic . .
C o lo r a d o & S o u th e r n ____________
D e n v e r tic R io G ra n d e ___________
D e tr o it tic M a c k in a c --------------------D u lu th S o u th S hore & A t l a n t i c .
G rand T r u n k o f C a n a d a ----------G rand T r u n k W e s t e r n ----------D e tr o it G r H a v e n tic M il w .C a n a d a A t la n t ic --------------------I n te r n a tio n a l & G reat N o rth e rn
I n te r o ce a n ic o f M e x ic o --------------L o u is v ille & N a s h v ille ----------------M exica n i n t e r n a t io n a l __________
M in era l R a n g e ___________________
M in n ea p olis St P a u l tic S S M ----M issouri P a cific & Ir o n M t n ____
C en tral B r a n c h ----------------------M ob ile & O h io ___________________
N a tion a l R R o f M e x ic o --------------H k ia lg o & N o rth e a s te r n ______
R i o G ra n d e S o u th e r n ----------------St L ou is S o u th w e s te r n --------------S o u th e rn R a ilw a y --------------- ------T e x a s & P a c ific __________________
T o le d o P eoria & W e s t e r n ----------T o le d o S t L ou is & W e s t e r n ------W a b a s h ___________________________
W e ste rn M a r y la n d ----------------------W h e e lin g tic L a k e E r i e __________

[V o l .

* 4 3 2 ,7 3 6
2:510,575
* 2 5 5 ,3 7 8
* 7 8 3 ,1 3 6
233 ,8 5 2
1 ,6 4 0 ,4 5 9
d e f4 ,2 1 4
3 7 .8 5 3
71,181
160 ,465

A lb a n y & H u d s o n ___S e p te m b e r
a A m e r ic a n R y s C o ___ !O c t o b e r . .
c A u r E lg in & C h ic R y ;O c t o b e r . .
B in g h a m to n R y ______O c t o b e r . .
B lrm R y L t & P o w e r jO c t o b e r . .
B r o c k to n & P ly St R y ! S e p te m b e r
C ape B r e to n E le c C o_| S ep tem ber
C en tral P e n n T r a c ___jO c t o b e r . .
Chari C on R y G a s & E liS e p te m b e r
C h ica g o & M ilw E l e c . O c t o b e r . .
d C h icag o & O ak P a rk [O cto b e r
C lev e P a ln e s v & E a s t O c to b e r . .
C leve S o u th w & C o l_ . O c to b e r . .
D e tro it J a c k s o n & C h i!3d w k N o v
/D e t r o it U n ite d R y . . 3d w k N o v
D u lu th S treet R y ___3d w k N o v
E a st St L o u is & S u b . O c t o b e r . .
E l P a so E l e c t il c ______S e p te m b e r
F t W a y n e & W abash
V a lle y T r a c t io n ___ O c t o b e r . .
G a lv -H o u s E le c C o . . S e p te m b e r
H a v a n a E le c tr ic R y . W k N o v 24
H o n o lu lu R a p id T ran
& L a n d C o ________ S e p te m b e r
H o u g h to n C o St R y . . S e p te m b e r
Illin o is T r a c tio n C o . . O c t o b e r . .
J a c k s o n C o n so l T r a c . S e p te m b e r
J a c k s o n v ille E le c C o . S e p te m b e r
K a n C ity R y tic L ig h t S e p te m b e r
L a k e Sh ore E le c t r ic . . O c t o b e r ._
L e x & In te r R y s C o . . S e p te m b e r
M et W e s t S ide E l e v . - O c t o b e r . .
M ilw E le c R y & L t C o O c t o b e r . .
M llw L t H t & T r a c C o O c to b e r _ _
M on treal S treet R y . . W k N o v 16
N a sh v ille R y & L ig h t S e p te m b e r
N J & H R R y & F y C o O ctob er . .
N O R y & L ig h t C o . . S e p te m b e r
N o rth O h io T r a c & L t O c to b e r . .
N o r f & P o rtsm T r C o !S e p te m b e r
N o W e s tch e s te r L t Co O c t o b e r . .
N o rth w e s te rn E l e v . . jO c t o b e r . .
O k la h o m a C ity Ry__| O c t o b e r . .
P e ek sk ill L ig h t tic R R O c t o b e r _ .
P e n sa co la E le c tr ic Co [S eptem ber
P o r tla n d R y L t & P Co iS e p te m b e r
P u g e t S o u n d E le c R y ! A u g u s t ___
R io d e Ja n e iro T ra m j
Llp-ht & P o w e r ____ S e p te m b e r
R o c k fo r d & I n t e r u r b J A u g u s t ___
S t J o se p h (M o) R y L t
H e a t & P o w e r C o . _ [O cto b e r . .
Sao P a u lo T r L t & P . S e p te m b e r
S av an n ah E le c tr ic C o S e p te m b e r
S c h u y lk ill R y C o ____ A u g u s t ____
S o u th Side E le v a te d - O c t o b e r . .
S ou W is c o n s in R y C o O c t o b e r . .
S y ra cu se R a y T r R y . O c to b e r . .
T o r o n t o R a il w a y ____ W k N o v 23
T w in C ity R a p T r a n . 3d w k N o v
U n ited R R o f San F r . A u g u s t ___
U n ite d R y s o f S t L . _ O c t o b e r . .
W e s t C h ester (P a ) R y O c to b e r . .
W h a t c o m C o R y & L t [S eptem ber

258 ,374
171 ,372
2,4 4 3 ,6 4 7
113 ,000
* 3 4 .2 7 2
3 ,9 9 3 ,8 9 7
7 3 6 ,6 1 9
3 94 ,768
2 ,0 1 8 ,4 0 9
2 ,8 9 4 ,4 7 8
5 91 ,579
993,301
3 6 6 ,8 9 2
4 ,2 1 8 ,1 8 4
1,428,241
1 ,2 7 5 ,7 5 3

1 20 ,963
2 ,5 6 0 ,3 4 9

3 3 8 ,7 8 9
691,671
1 ,479,081
4 73 ,674
1 2 1 ,8 7 6
1 ,4 2 2 ,6 1 5
107,087
8 9 8 ,5 1 0
2,7 1 8 ,6 7 4
5 ,0 0 8 ,8 6 7
8,566,571
7 3 ,802
196 ,828

a F igu res fo r the m o n th In b o t h y e a r s In clu d e o p e r a tio n s o f th e S c r a n to n
R y . , a cq u ire d Ja n . 1 1906. b F igu res are fro m F e b . 1. c T h e se figu res are
fo r c o n s o lid a te d c o m p a n y ,
d T h ese are results fo r m ain lin e, f N ow In­
clu d e s R a p id R y . S y s t ., S a n d w ich W in d s o r & A m h e r s tb u r g R y . a n d D e tr o it
M o n ro e & T o le d o S h o rt L in e R y .
h D ecrea se d u e to strike an d b o y c o t t .

Street R ailw ay Net Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
ST R E E T railways from which we have been able to procure
m onthly returns. As in the case of the steam roads, the
returns of the different roads are published b y us each week
as soon as received, and once a m onth we bring together all
the roads reporting, as is done to-day.
--------G ross E a m ’gs-------- --------N et E a rn in g s-------C u rren t
P rev 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 u b u rn & S y r a c u s e .b —
J u ly 1 t o S ep t 3 0 .............
125,450
J an 1 t o S ep t 3 0 . ...........
2 84 ,870
A u ro r a E lgin & C h lc a g o .O c t
1 2 2 ,9 3 0
J u ly 1 t o O ct 3 1 .......... 5 6 4 ,9 7 3
B in g h a m to n R y C o ...........O ct
2 6 ,0 4 0
B r o c k t o n & P ly m o u t h ...S e p t
11,6 2 0
J a n 1 to S e p t 3 0 .............
9 4 ,8 5 4
C ape B re to n E le c t C o . . . S e p t
23,671
Jan 1 t o vSept 3 0 _______
1 78 ,999
C en tral P en n T r a c C o - . - O c t
6 0 ,2 2 7
Jan 1 t o O c t 3 1 . ...........
6 2 2 ,1 1 6
C h a rle sto n C o n so l R y . b . S e p t
56,731
M ch 1 t o S e p t 3 0 _______
4 2 4 ,1 0 9
C h ica g o tic M llw E le c t ___ O ct 9 9 ,3 2 9
Jan 1 t o O ct 3 1 ____ ,. _
8 84 ,729
C leve P a in e s v & E a s t - a - O c t
2 4 ,8 5 8
Jan 1 t o O ct 3 1 _______
2 4 6 ,9 4 0
C lev e S o u th w tic C o l - b - . O c t
6 5 ,7 9 2
J a n 1 t o O ct 3 1 _______
6 3 4 ,6 8 3
D e tro it J a c k s o n tic C h ic .a O c t
3 8 .5 8 3
F e b 1 to O c t 3 1 _______
3 2 2 ,1 2 6
D e tr o it U n ite d R y a - - O c t
5 6 9 .4 6 0
J a n 1 t o O ct 3 1 _______ 5 ,6 4 1 ,6 7 6
D u lu th S t R y C o . b _____ O ct
7 4 .5 0 7
Jan 1 t o O c t 3 1 _______
7 0 0 .1 7 9
E a st St I, & S u b u r b a n . .- O c t
2 0 6 .1 1 4
J a n 1 to O ct 3 1 _______ 1 ,7 8 2 ,0 8 7
El P a so E le ct C o . a _____ S e p t
4 5 ,5 5 6
Jan 1 t o S e p t 3 0 _______
3 6 2 ,9 9 5
F t W a y n e tic W a b V a l T r O c t
114 .883
Jan 1 to O ct 3 1 _______ 1 ,0 5 2 ,5 0 4
G al ve st- H o u s t E l C o . a - S e p t
97,651
H o n o lu lu R T & L C o .b .S e p
3 2 ,7 6 3
Jan 1 t o Sep 3 0 .............
271 ,881
H o u g h to n C o St R y - a - - S e p t
23,8 7 8
Jan 1 t o S e p t 3 0 _______
1 89 ,707
Illin ois T r a c t io n C o _ a .- O c t
368 ,8 3 8
J a n 1 t o O ct 3 1 _______ 3,0 9 1 ,3 2 1
J a c k s o n C on s T r C o ____ S e p t
13,926
M a y 1 t o S e p t 3 0 . ...........
8 2 ,4 4 7
J a c k s o n v ille E le ct C o . a . S e p t
32,651
J an 1 t o S ept 3 0 _______
2 9 4 ,2 8 2

116 ,024
5 9 ,3 4 3
58,032
2 5 9 ,8 0 9
119 ,800
106,886
109 ,7 3 8
55,3 7 5
5 0 ,584
502 ,821
2 7 6 ,7 1 2
2 5 2 ,7 5 0
21,9 6 8
11,222
8,091
1 2 ,2 3 6
2 693
6 ,7 1 6
8 8 ,9 0 7
2 9 ,0 1 7
3 4 ,7 1 6
2 4 ,2 6 7
1 1 ,0 1 0
1 1 ,2 2 9
1 8 7 ,1 0 7
6 2 ,1 4 4
7 3 ,4 3 7
60,7 6 8
8 ,8 3 4
15,004
5 6 7 ,9 1 7
126 .7 6 9
8 6 ,837
5 1 ,7 3 2
18 215
17,457
3 8 0 ,2 3 7
1 5 9 ,5 ?6
147 ,107
88,9 0 5
5 7 ,095
48,284
7 2 2 ,4 4 8
5 1 7 ,0 5 9
4 2 9 ,0 6 8
2 2 ,9 1 6
9,9 3 3
1 0 ,0 6 8
2 30 ,552
113 ,766
1 0 7 .3 4 9
5 6 ,4 9 9
2 7 ,497
2 4 ,8 5 8
5 3 9 ,1 3 3
269 ,6 0 8
2 3 4 ,7 0 4
----------- 4 ,3 0 7
____________
............. 6 3 ,170
____________
5 0 7 ,5 2 2
190,041
1 6 0 ,6 9 9
5 .0 7 0 ,3 6 9
2 ,1 4 5 ,4 5 5 2 ,0 0 8 ,7 3 8
6 6 ,422
3 3 ,0 4 7
2 8 ,4 2 0
636 .8 9 2
3 4 9 ,0 9 5
3 0 0 ,9 6 4
181,597
109 .030
93,791
1 ,5 9 6 .5 4 2
8 5 3 .7 6 7
8 0 4 .1 2 6
35,9 0 5
13,651
10,761
2 7 9 ,7 7 7
82,592
87,501
9 3 ,3 5 8
5 1 ,0 1 2
3 7 ,705
8 9 8 ,2 8 3
4 31 ,622
3 4 9 ,8 7 7
8 4 ,3 5 6
4 0 ,9 9 9
3 2 ,794
30,8 8 5
16,450
15,0 2 3
258 ,374
123 ,5 9 6
1 08 ,716
2 2 ,689
11,0 0 5
10,908
171 ,372
72,821
6 1 ,4 9 5
2 8 0 ,3 3 9
169 ,9 8 6
138,421
2 ,4 4 3 ,6 4 7
1 ,3 5 8 .3 9 5 1 .1 0 8 ,4 5 3
13,490
5,2 4 6
5,352
73,7 9 5
3 7 ,385
33,07
26,9 6 8
10,821
9 ,4 8 8
2 34 ,272
103.801
88,4 6 4

Nov. 30 1907.J

THE CHRONICLE.

--------Gross E a m ’ 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 r e v io u s
Y ear
Y ea r
Y ea r.
Y ear
R oads.
$
$
$
$$
K a n sa s C ity R y & L t . b - S e p t
534 ,9 2 3
4 7 6 ,7 5 6
2 7 1 ,9 4 3
251 ,7 8 8
J u n e 1 t o S ep t 3 0 ...........- 2 ,0 8 7 ,8 2 5
1 ,8 7 5 ,0 9 7 1 ,0 1 4 ,8 2 8
940 ,8 8 9
L a k e S h ore E le c __________O ct
7 8 ,4 6 0
7 1 ,8 1 4
3 2 ,523
32,639
Jan 1 to O ct 3 1 _______
7 9 9 ,8 4 8
7 3 0 ,6 1 9
3 67 ,891
335 ,7 1 6
L e x in g t o n & I n t e r u r b _ _ S e p t
5 9 ,1 9 5
61 834
2 8 ,0 7 6
2 7 ,2 6 4
4 2 0 ,7 8 3
3 9 4 ,7 6 8
1 5 4 ,4 7 6
135 ,032
J a n 1 t o S e p t 3 0 .............
M ilw E le c t R y & L t - b - . - O c t
328 ,4 2 0
3 0 7 ,4 7 5
1 48 ,775
155 ,305
J a n 1 t o O c t 3 1 _______ 3 ,1 6 2 ,0 3 6
2 ,8 9 4 ,4 7 8 1 ,5 3 3 ,0 5 7
1 ,4 6 1 ,8 9 8
M ilw L t H t & T r C o . b - . O c t
67,431
5 6 ,5 3 9
35,521
32.792
J a n 1 t o O ct 3 1 .............
7 0 2 ,6 9 6
5 9 1 ,5 7 9
4 0 3 ,3 4 1
362 ,550
M on trea l S treet R y ______O c t
3 1 1 ,8 9 8
2 8 1 ,8 2 2
1 4 7 ,3 2 3
124 ,1 3 3
N e w O rlean s R y & L t b - S e p t
4 6 6 ,1 6 0
4 4 1 ,8 0 7
1 9 8 ,0 1 8
201 ,984
Jan 1 t o S e p t 3 0 ............. 4 ,4 5 6 560
4 ,2 1 8 ,1 8 4 2 ,0 4 2 ,4 7 0
1 ,9 2 1 ,3 7 7
N o r f o l k & P o r ts m T r C o S e p t
295 ,611
155 .558
133 ,690
60,650
J a n 1 t o S e p t 3 0 ............. 1 ,9 7 7 ,2 9 7
1 ,2 7 5 ,7 5 3
7 7 6 ,6 2 9
441 ,9 2 2
N o r O h io T r & L t _______ O ct
155,291
134 ,890
62,5 9 0
5 4 .836
J a n 1 to O c t 3 1 ----------- 1 ,6 1 5 ,0 7 5
1 ,4 2 8 ,2 4 1
6 8 9 ,7 8 9
5 83 ,017
N o W e s tch e s te r L t C o . a . O c t
11,795
10,1 3 0
6 ,3 9 0
5,4 2 7
J an 1 t o O c t 3 1 .............
8 9 ,8 3 0
________
3 8 ,2 3 4
...
O k la h o m a C ity R y C o . . . . O c t
2 4 ,2 7 0
15,8 3 5
8 ,4 1 8
7 ,9 4 2
O sw ego T r a c t io n C o . b —
J u ly 1 t o S e p t 3 0 _______
2 0 ,6 8 9
2 2 ,5 7 0
7 ,4 5 7
9,4 4 9
P eek sk lll L t & R R C o . a . O c t
16,477
12,151
8,193
5 ,1 3 9
140,221
120 ,9 6 3
6 3 ,7 2 6
5 7 ,2 5 1
J a n 1 t o O ct 3 1 _______
P e n sa co la E le c t C o . a ___ S e p t
2 0 ,005
1 4 ,2 7 0
7 ,8 5 3
5,435
P o r tla n d R y L t & P C o .S e p t
3 61 ,784
3 06 ,370
1 7 5 ,0 2 4
118 ,608
J a n 1 t o S ep t 3 0 ............. 2 .9 9 1 ,0 0 3
2 ,5 6 0 ,3 4 9 1 ,2 6 1 ,9 9 9
1 ,1 2 5 ,7 6 0
P u g e t S ou n d E le c R y . . . A u g
1 6 5 ,0 7 9
142 603
62,3 4 5
56.4 0 0
R io d e J T r a m L & P C o S e p t
5 6 4 ,1 6 0
_______
2 1 8 ,2 4 0
J a n 1 t o S e p t 3 0 _______ 4 ,5 9 2 ,8 9 0
_______
1 ,5 3 6 ,3 1 4
R o c h S y r a c & E a s t e r n .b —
68,2 8 7
......
3 1 ,740
..
J u ly 1 t o S ep t 3 0 _______
R o c k f o r d & I n te ru rb a n a A u g
64,4 9 4
53,191
34 564
25,7 4 6
399 180
3 3 8 ,7 8 9
179 413
140 ,289
Jan 1 t o A u g 3 1 _______
St J o s R y L t H t & P o w .O c t
7 3 ,0 5 0
6 9 ,4 3 8
3 5 ,9 0 5
33,572
J a n 1 t o O c t 3 1 .............
7 2 3 ,6 1 3
691 ,671
3 5 5 ,7 5 2
335 ,5 7 9
S a o P a u lo T ra m L & P . . S e p t
177,581
159 ,152
114 ,0 9 3
103 ,806
Ja n 1 t o S e p t 3 0 _______ 1 5 3 4 ,7 5 8
1 ,4 7 9 ,0 8 1
9 9 6 ,3 8 3
9 6 9 ,0 6 5
S a v a n n a h E le c t C o . a . - . S e p t 5 2 ,8 9 3
4 9 ,8 0 5
1 7 ,894
17,9 9 3
J a n 1 t o S e p t 3 0 _______
4 4 6 ,3 9 8
4 7 3 ,6 7 4
148 ,272
191 ,969
S c h u y lk ill R a ilw a y C o . . A u g
2 2 .5 1 0
_______
1 1 ,543
J a n 1 t o A u g 3 1 _______
1 3 9 ,3 3 4 121 .8 7 6
____________
S yra cu se R a p T ra n s C o . . O c t
1 0 8 ,6 5 9
9 5 ,6 1 9
4 3 ,2 8 2
4 0 ,559
J an 1 t o O ct 3 1 ----------- 1 ,0 4 1 ,7 8 1
8 9 8 ,5 1 0
4 5 2 ,0 1 8
3 8 5 ,3 9 9
T w in C 't y R T C o . b ____ O c t
5 1 5 ,1 7 7
473 821
2 5 9 ,5 9 0
2 4 7 ,3 8 6
J a n 1 t o O c t 3 1 ............. 5 0 5 5 ,4 5 0
4,691 258 2 ,6 1 9 ,4 2 6
2 ,5 1 3 ,7 7 3
U n ited R y s o f St L o u is .a O c t 9 7 1 ,3 2 2
933 ,6 1 3
3 63 ,872
3 7 4 ,6 9 8
J a n 1 t o O c t 3 1 ............. 9 ,0 8 7 ,6 5 9
8 ,5 6 6 ,5 7 1 3 ,1 8 1 ,1 9 3
3 ,2 2 1 ,9 8 3
U tic a & M oh a w k V a ll e y , b—
J u ly 1 t o S ep t 3 0 _______
3 2 7 ,5 9 3
2 9 5 ,6 8 7
108 ,871
126 ,853
J an 1 to S ep t 3 0 .............
8 3 3 ,4 3 6
7 3 9 ,3 0 3
275 ,831
297 ,450
W e s t C h ester (P a) S t R y b O c t
10,896
7 ,1 2 4
5 ,5 4 8
2,843
1 1 3 ,6 3 5
7 3 ,8 0 2
6 0 ,8 7 0
3 4 ,8 3 0
J a n 1 t o O ct 3 1 _______
W h a t c o m Co R y & L t C o S e p t
29,0 3 3
2 3 ,3 6 9
1 0 ,984
7,5 2 7
J an 1 t o S ep t 3 0 .............
255 ,551
196 ,8 2 8
103 ,0 4 2
6 1 ,816
a N et ea rn in gs here g iv e n are a fte r d e d u c t in g ta x e s ,
b N et earn in gs here g iv e n are b e fo r e d e d u c t in g t a x e s .

1393

— I n t ., R en ta ls, & c .—
C u rren t
P r e v io u s
Y ear.
Y ear.
R oad s.
§
$
U n ite d R y s o f St L o u i s . .O c t
2 31 ,483
2 3 1 ,9 8 4
Jan 1 t o O ct 3 1 _______ 2 ,3 1 5 ,2 1 4
2 ,3 1 8 ,1 3 1
U tic a & M o h a w k V a lle y —
J u ly 1 t o S e p t 3 0 - ...........
8 1 ,4 4 3
4 8 ,6 1 4
J a n 1 t o S e p t 3 0 _______
2 3 6 ,5 8 6
141 ,664
W e s t C h ester (P a) St R y . O c t
2,6 1 6
2,565
2 6 ,6 6 4
2 6 ,0 8 8
Jan 1 t o O c t 3 1 .............
W h a tcom Co R y & L tC o S ept
6 ,5 3 0
3,7 5 9
J a n 1 t o S e p t 3 0 _______
58,181
34,117

— B a l. o f N e t E ’n g s .—
C u rren t
P r e v io u s
1 3 2 ,3 8 9
865 ,9 7 9

142 ,714
9 0 3 ,8 5 2

2:28,753
2:41,416
2,932
3 4 ,2 0 6
4,4 5 4
44,861

2:78,434
2:157,316
278
8,742
3 ,7 6 8
2 7 ,6 9 9

x A ft e r a llo w in g fo r o th e r in c o m e r e c e iv e d .

A N N U A L R EPOR TS.
Annual R eports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since the last editions
of the “ Railw ay and Industrial” and “ Street R a ilw ay "
sections.
This index does not include reports in to-d a y ’s “ Chronicle."
R ailroad s—
Pag£.
In d u stria l C o m p a n ies—
Page
A la b a m a G rea t S o u th e r n _______ 1336 A llis - C h a lm e r s ___________________1081
A n n A r b o r ________________________ 1335 A m erica n C o tto n O il _____ 126 8, 1280
A tla n ta B irm in g h a m & A tla n t ic 1204 A m e rica n M a l t i n g _______________ 1141
A tla n tic C oa st L in e _______ 1 33 5, 1342 A m e r . S h ip b u ild in g C o ., C le v e l’ d l2 0 8
B a n g o r & A r o o s t o o k ____________ 1206 A m e r ic a n T y p e fo u n d e r s ________ 1141
B u ffa lo & S u sq uehann a___ _______1265 C o n su m . G as C o . o f T o r o n t o ___ 1272
C a nadian N o r t h e r n _____________ 1204 E d iso n E le c . 111. C o. o f B o s t o n . .1 2 0 7
C h ica g o B u rl. & Q u in c y . .1 0 7 9 , 1086 F ed era l M in in g & S m e ltin g ____ 1081
C h ica g o P e o r ia & S t. L o u is ____ 1140 H o m e s ta k e M in in g _______________ 1341
C in. N . O . & T e x . P a c . J e t _____ 1269 In d e p e n d e n t B re w . C o .o f P itts _ _ 1 2 1 2
C ripple Creek C e n tr a l____________ 1209 In te r n a tio n a l P a p e r _____________ 1081
C u b a R R _________________________ 1337 L a k e S u p e rio r C o r p o r a t io n _____ 1142
D e tr o it & M a c k in a c _____________ 1206 M e rgen tn aler L in o t y p e __________1142
D e tr o it T o le d o & I r o n t o n _______ 1335 N ew E n g la n d C o tto n Y a r n ______1338
G reat N o r t h e r n ____________ 1265, 1273 N o rth S h o re E le c t r ic ____________ 1344
In te r b o r o u g h R a p id 'T r a n s it ____ 1080 P a cific C o a s t_______________ 1081, 1093
Io w a C e n tra l_____________________ 1203 P itts b u r g h B re w in g C o __________1212
K ansas C ity S o u th e r n ___________ 1203 P u llm a n C o _______________________1268
L o u isian a & A r k a n s a s ___________ 1205 Sh a n n on C o p p e r __________________1344
M e x ica n C e n t r a l ________________ 1080 S tan d ard M il l in g ________________ 1082
M ex ica n I n te r n a tio n a l____ 1139, 1149 U n ite d F r u it _______ 1 26 8, 1 2 8 1 , 1337
M in n ea p olis & S t. L o u is ________ 1204 U n ite d S ta te s F in is h in g __________1208
M issouri P a c ific ___________113 9, 1147 U . S. R e d u c tio n & R e lin in g ____ 120#
M o b ile & O h i o . .......... ..................... 1336 U . S. .Steel C o rp . (9 m o s . ) . ____ 1140
N a tio n a l R R . o f M e x i c o . - 1 1 4 0 , 1151 V ir g in la lr o n C oal & C o k e _______ 1208
N e v a d a C a liforn ia & O r e g o n ____ 1207 W e s tln g h o u s e E1.& M fg .(6 m o s .) 1207
N ew Y o r k S u sq . & W e s t e r n ____ 1205
Street R a ilw a y s—
N o rth e rn P a c i f i c _________ 1079, 1087 B o s to n E le v a t e d _________________ 1143
S o u th e rn I n d ia n a -------------------------1268 B o s to n & W o r c e s t e r S treet R y _ 1 3 3 8
T o le d o S t. L o u is & W e s te r n ____ 1267 j M ass. E le c. C os. (c o n tr o lle d c o s .)1 2 1 0
W e s te rn M a r y la n d -----------------------1266 j M o n tre a l S treet R y ______________ 1207
W isc o n s in C e n t r a l ________ 107 9. 1092 !

Cincinnati New Orleans & Texas Pacific Railw ay.
(Lessee of the Cincinnati Southern R ailw ay.)
(Report for Fiscal Year ending June 30 1907.)
President W . W . Finley, under date of Cincinnati, O .,
<5ct. 26 1907, says in substance:

G eneral R esu lts.— G ross earn in gs in crea sed $ 3 0 8 ,8 7 8 ; o p e r a tin g ex p en ses
a n d ta x e s in crea sed $63 8 ,7 6 5 ; n et e arn in gs decx-eased $ 3 2 9 ,8 8 7 ; in c o m e fro m
o th e r sou rces Increased $ 9 0 ,6 4 9 ; re n ta l t o C ity o f C in cin n a ti in crea sed
$2 6 ,9 2 5 ; Interest o n e q u ip m e n t tru st a n d c o n s t r u c tio n o b lig a tio n s Increased
— 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 i o u s . $ 1 1 2 ,7 8 3 ; p e rm a n e n t im p r o v e m e n ts , n e w a n d a d d it io n a l tr a c k s , & c. (ren ta l
b e tte rm e n ts ) re v e rtin g t o lessor d e cre a se d $ 3 2 5 ,8 2 6 ; b a la n c e , su rp lu s,
Y ea r.
Y ear.
Y ear.
Y ea r.
ca rried to c r e d it o f p r o fit a n d lo ss, a fte r d e d u c t in g 5 % in d iv id e n d s o n b o th
R oad s.
$
$
$
$
cla sses o f s t o c k , w as $ 8 4 ,6 4 5 in 1 9 0 6 -0 7 , a g a in st $ 1 3 7,76 4 in 1 90 5-0 6.
A u b u r n & S yra cu se—
T h e in crea se o f $ 2 6 ,9 2 5 in ren tal p a id t o th e C ity o f C in cin n ati w a s d u e
J u ly 1 t o S ep t 3 0 .............
21,297
17,434
2:38,387
2^41,140
to 3 H % in terest an d 1 % sin kin g fu n d o n a d d itio n a l term in al b o n d s Issued
Jan 1 t o S e p t 3 0 .............
6 1 ,028
49,4 7 1
2:60,129
2:58,719
b y th e tru stees o f th e C in cin n a ti S ou th ern R a ilw a y , in a c c o r d a n c e w ith the
A u ro r a E lgin & C h ic a g o .O c t
27,074
2 6 ,158
28,301
2 4 ,4 2 6
su p p le m e n ta l a g re e m e n t d a te d Ju n e 7 1902. T h e fu ll a m o u n t o f th e te r m i­
J u ly 1 t o O c t 3 1 _______
1 06 ,223
1 0 0 ,8 0 9
170 ,4 8 9
151 ,941
nal b o n d s , $ 2 ,5 0 0 ,0 0 0 . has n o w b e e n Issued.
B in g h a m to n R y C o ...........O c t
8 ,2 6 9
7,7 0 7
2 ,9 5 3
384
W h ile th e ch a rge t o In com e fo r p e r m a n e n t im p ro v e m e n ts sh ow s $32 5 ,8 2 6
less th a n In th e p r e v io u s y e a r , h e a v y e x p e n d itu r e s o n th a t a c c o u n t , a g g r e ­
B r o c k & P ly m S t R y -------S e p t
1 745
1,814
948
4,9 0 2
g a tin g $ 3 5 9 ,8 3 7 , w ere m a d e d u rin g this fiscal y e a r a n d ch a r g e d t o exp en ses
J a n 1 t o S ep t 3 0 .............
1 6 ,033
16 443
12,9 8 4
1 8 ,2 7 3
Instead o f t o In co m e .
In a d d it io n , d is b u rs e m e n ts w ere m a d e d u rin g th e
C a pe B r e to n E le c t C o ___ S e p t
4 ,3 1 2
4 ,2 5 0
6,6 9 8
6,9 7 9
y e a r f o r p e rm a n e n t Im p ro v e m e n ts , su ch as s e co n d m a in tra ck and b r id g e s ,
J a n 1 t o S ep t 3 0 .............
3 8 ,5 2 6
3 8 ,9 1 0
2 3 ,6 1 8
34,5 2 7
w h ich w ill b e ch a rg e d t o In com e an d d is trib u te d o v e r th e p e r io d t o A p ril 1
C h a rleston C on sol R y . . S e p t
1 3 ,5 1 6
13,0 1 6
4 ,6 9 9
4 441
191 1, th e d a t e o f final p a y m e n t o f th e $1 500 ,0 0 0 b o r r o w e d fo r su ch im ­
M ch 1 t o S ep t 3 0 .............
94 616
9 0 .9 6 6
64,9 1 0
56,141
p r o v e m e n ts .
F in a n c ia l.— D u rin g th e y e a r $30 0 ,0 0 0 5 % c o n s tr u c tio n n otes Issued
C lev e P a in e s v & E a s te r n .O c t
6,7 9 6
7 ,1 0 8
3 ,1 3 7
2,9 6 0
A p r il 1 1906 w ere p a id , le a v in g $ 1 ,2 0 0 ,0 0 0 o u ts ta n d in g Ju n e 30 1907,
J a n 1 t o O c t 3 1 .............
7 0 ,4 6 0
6 9 ,6 3 8
4 3 ,3 0 6
37,711
p a y a b le a t th e ra te o f $ 3 0 0,00 0 p e r a n n u m .
D e tr o it J a c k s o n & C h i c . .O c t
16,575
_______ a :d e fl2 ,1 2 7
T h e to ta l ch arges to ca p ita l a c c o u n t d u r in g th e y e a r a m o u n te d t o $ 4 6 1 ,F e b 1 t o O c t 3 1 _______
1 39 ,800
_______ x d e f7 5 ,2 8 9
652 , o f w h ich $ 1 7 0 ,1 0 5 re p re se n ts th e c o s t o f real esta te at v a r io u s p o in ts
D e tr o it U n it e d R y C o . . . O c t
116857
1 0 5 ,8 5 7
a:78,249
2:58,560
and p a rt c o s t o f th e sh o p s a t F e r g u s o n , K y ., a n d $29 1 ,5 4 7 p a y m e n ts o n
J a n 1 t o O ct 3 1 ............. 1 .1 4 5 ,7 9 6
1 0 3 0 ,4 3 3 2:1,044.383 2:1 014,861 a c c o u n t o f n ew a n d a d d itio n a l e q u ip m e n t.
D u rin g th e y e a r th e C h a t ta n o o g a S ta tio n C o. au th o rize d * th e issue o f
D u lu th St R y C o ________ O c t
17,919
17,849
15 128
10,571
$ 1 ,0 0 0 ,0 0 0 first m o r tg a g e 4 % b o n d s , d u e Jan . 1 195 7, w h ich are to be g u a r ­
J a n 1 t o O c t 3 1 .............
1 77 ,727
176 494
171 ,3 6 8
124 ,470
a n te e d , p rln . and int , d: he lines In Interest (V . 8 4 , p . 50; V . 8 3 , p . 1 2 2 7 ).
E l P a so E le c t r ic C o -------S e p t
5 ,2 2 3
4 ,3 5 5
8 ,4 2 8
6,406
E q u ip m e n t.— P a y m e n ts d u r in g th e y e a r o n a c c o u n t o f e q u ip m e n t tru st
J a n 1 t o S ep t 3 0 . ...........
4 4 ,2 4 8
3 5 ,0 2 8
3 8 ,3 4 4
5 2 ,473
o b lig a tio n s a m o u n te d to $44 3 ,0 2 2 .
G a lv e s to n -H o u s t E l C o .S e p t
1 5 ,785
14,3 3 2
2 5 ,2 1 4
18,462
A ll o f th e 3,041 fre ig h t an d b a lla st cars c o n t r a c te d fo r In M a y 1906 are
In serv ice (V . 82, p . 9 2 8 ).
H o n o lu lu R T & L t C o ___ Sep
6,2 4 9
5 ,2 5 7
2:10,682
2:10,348
C o n tr a c t w as let In N o v e m b e r 1906 fo r 37 h e a v y lo c o m o t iv e s , 4 fo r pas
J an 1 t o S ep 3 0 _______
5 5 ,3 8 6
4 7 ,3 1 7
Z 7 4 .7 6 0
2:65,734
s enger s e r v ic e , 30 f o r fre ig h t s e rv ice an d 3 fo r s w itch in g s e r v ic e , d e liv e r y o f
H o u g h to n C o S treet R y .S e p t
3 ,9 4 8
3,8 9 6
7,0 5 7
7,012
w h ich w ill be m a d e d u r in g A u g u s t, S e p te m b e r a n d O c t o b e r 1907.
The
J a n 1 t o S ep t 3 0 .............
3 5 ,5 6 7
3 5 ,1 9 7
3 7 ,254
2 6 ,2 9 8
a g re e m e n t p r o v id e s fo r 20 % cash p a y m e n t u p o n d e liv e r y o f th e lo c o m o t i v e s ,
J a c k s o n C on sol T r a c C o .S e p t
2 ,9 6 7
2.8 7 9
2,2 7 9
2.473
th e b a la n c e t o b e rep resen ted b y e q u ip m e n t tru st n o te s sp re a d o v e r a p er io d
o f th ree y ea rs fro m a v e ra g e d a te o f d e liv e r y .
M a y 1 t o S ep t 3 0 ____ j .
1 4 ,8 3 3
14,395
2 2 ,5 5 2
18.675
M a in ten a n c e .— M a in te n a n ce o f w a y a n d stru ctu re s sh o w s a d e cre a s e o f
J a c k s o n v ille E le c t r lc C o .S e p t
4,851
3 ,3 3 3
5 ,9 7 0
6,1 5 5
$ 3 3 8 ,7 8 9 , o r 2 0 .5 8 % , as c o m p a r e d w ith last y e a r .
In th e a c tu a l m a in te ­
Jan 1 t o S ep t 3 0 ____ _
3 5 ,0 9 6
3 0 ,3 4 9
68,7 0 5
58,115
n a n ce o f th e r o a d w a y , in c lu d in g c o n s tr u c tio n o f a d d it io n a l n e w s id in g s
K an sas C ity R y <fc L t . . . S e p t
156 ,157
144 ,600
115 .786
107 ,188
e x te n s io n s o f e x is tin g sid in gs an d n e w s e co n d tr a c k , th ere w as ch a rg ed to
Ju n e 1 to S ep t 3 0 _______
619 891
5 7 3 ,9 5 0
3 9 4 .9 3 7
366 ,9 3 9
this a c c o u n t d u rin g th e y e a r e n d e d Ju n e 30 1907 $ 8 8 7 ,2 7 9 , as a ga in st
$ 4 7 8,25 6 fo r th e p r e v io u s y e a r , an Increase o f $ 4 0 9 ,0 2 3 , o r 8 5 .5 2 % , thus
L a k e Sh ore E l e c ---------------O ct
2 5 ,1 8 8
2 2 ,8 1 2
7,3 3 5
9,827
sh o w in g th a t th e m a in te n a n c e o f the r o a d has be e n fu lly k e p t u p .
The de­
J a n 1 to O ct 3 1 .............
2 4 3 ,4 3 0
2 0 8 ,5 9 0
124 .461
127 .126
crease sh ow n In this y e a r ’ s a c c o u n t w as ca u se d b y h e a v y ch arg es m a d e last
M ilw E lec R y & L t C o . . . O c t
1 01 ,063
92,451
2 5 7 ,3 4 0
2:68,010
Jan 1 t o O ct 3 1 ----------- 1 ,0 1 0 ,1 1 3
8 8 4 ,3 6 6
Z 5 8 9 .7 9 2
* 6 1 8 ,5 2 1 y e a r fo r b r id g e s and new r a il, w h ich e x p e n s e , h a v in g b e e n a n t ic ip a te d ,
w as p r o v id e d fo r d u r in g th e th ree y e a rs e n d e d Ju n e 30 1906.
M ilw L t H t & T r C o ---------O c t
36,133
2 8 ,2 5 6
i d e f5 4 4
2^4,604
T h e c ro s s-tie renew als av e ra g e d 433 ties p e r m ile , as a gain st 43 8 , 353 an d
Jan 1 t o O c t 3 1 .............
426 ,2 5 1
2 67 ,499 a*ief22,350
2:95,741
478 In 1 90 5-0 6, 1904-05 and 1903-04 r e s p e c tiv e ly .
6,950 to n s o f n ew 8 5 -lb .
steel rail an d 3,2 5 7 ton s o f n ew 7 5 -lb . steel rail w ere laid d u r in g th e y e a r ,
M on trea l S treet R y .......... O c t
4 3 ,2 8 9
4 0 ,6 1 0
1 04 ,034
83,5 2 3
re p la cin g w orn 75-Ib. steel ra il, as again st 2,5 1 3 to n s o f n ew 8 5 -lb . steel rail
N e w O rleans R y & L t - . . S e p t
165 664
157 ,463
3 2 ,3 5 4
44,521
laid In th e p re v io u s y e a r .
79,3 1 9 c u b ic y a r d s o f ba lla st w ere p la ced In th e
J a n 1 to S ep t 3 0 ............. 1.483 462
1 3 7 6 ,9 9 9
5 5 9 ,0 0 8
5 4 4 ,3 7 8
tra ck d u rin g th e y e a r , v iz .; S to n e , 3 8,124; slag, 1 0 ,477; c in d e r , 3 0 ,7 1 8 .
N o r O h io T r & L t C o ____ O c t
4 3 ,3 6 9
3 9 ,5 4 8
19 221
15,288
D u rin g th e y e a r 67 a u to m a tic signals w ere a d d e d , m a k in g a to ta l o f 687
Jan 1 t o O ct 3 1 .............
4 2 6 ,5 2 9
4 0 1 ,1 4 7
263 260
181,870
signals in use Ju n e 30 190 7. p r o t e c tin g 331 .9 m iles o f m ain lin e , 3.3 m iles b y
s ta ff sy s te m , 2.5 m iles b y lo c k an d b lo c k , an d 326.1 m iles b y a u to m a tic
O sw eg o T r a c tio n C o b lo c k system
F iv e In terlock in g p la n ts w ere Installed d u r in g th e y 6ar and
J u ly 1 to S ep t 3 0 _______
3 ,4 8 6
3 ,5 6 8
2:4,111
2:5,956
tw o r e m o v e d , m a k in g a to ta l o f 43 In se rv ice Jun e 30 1907. P r a c t ic a lly th e
P e n sa co la E le c tr ic C o . . . S e p t
3 .5 7 9
3 ,1 6 4
4 ,2 7 4
2,271
en tire line o f ro a d fro m C in cin n ati t o C h a tta n o o g a Is n o w p r o v id e d w ith the
P u g e t S o u n d E le c R y . . . A u g
3 3 ,664
2 6 ,2 4 0
28,681
3 0 ,160
latest Im p ro v e d m o d e r n e le ctric an d staff sign als. T h e o n ly a d d itio n a l
signals requ ired h e re a fte r w ill b e th o se n ece ssa ry fo r th e p r o t e c tio n o f new
R o c h e s te r S y ra cu se & E a stern — •
se
co n d m ain tra ck t o b e c o n s t r u c te d .
J u ly 1 t o S e p t 3 0 .............
38,208
.............
£ 4 ,7 3 8
B rid g es.— D u rin g th e y e a r t w o b r id g e s n o rth o f E rla n g e r , K y .. c o n ­
R o c k fo r d & I n t e r u r b a n .A u g
10,899
10,704
23 665
15.042
stru cte d w ith v ia d u c t a p p ro a ch fo r d o u b le t r a c k , h a v e be e n c o m p le t e d .
O f th e 10 b r id g e s be tw e e n S o m e rse t. K y ., and F la t R o c k , K y ., 5 w ill be
S a v a n n a h E le c tr ic C o . . . S e p t
12,261
11,529
5 ,6 3 3
6,464
r e p la c e d b y h e a v ie r steel stru ctu re s and 5 w ill b e filled o v e r a rch es o r p ip e .
Jan 1 t o S ep t 3 0 .............
1 0 8 ,7 4 8
102 ,2 2 5
3 9 ,5 2 4
89,7 4 4
S y ra cu se R a p T ra n s C o . . O o t
27.2 4 2
2 4 ,1 3 7
2:16,261
2:16,726 W o r k is pro g re ssin g o n all o f tlisee b r id g e s , an d it Is e x p e c t e d t h a t th e y w ill
E le v e n o f th e b r id g e s b e tw e e n F la t
Jan 1 t o O c t 3 1 .............
257,851
231 ,3 1 4
2:195,176
2:157,273 b e r e a d y fo r tr a ffic b y Jan . 1 1908.
R o c k , K y ., an d O a k d a le , T e n n ., are t o b e re b u ilt fo r h e a v ie r lo a d s .
Of
T w in C ity R a p T r a n -------O c t
132,641
1 14 .758
126 ,949
1 32 ,628
t h e s e , 5 are p r a c t ic a lly c o m p le t e d ; th e o th ers h a v in g b e e n s tr e n g t h e n e d ,
Jan 1 t o O ct 3 1 _______ 1 ,1 6 9 ,3 8 3
1 .1 1 8 ,9 1 1 1,450 043
1 ,3 9 4 ,8 6 2 w ill b e re b u ilt at an ea rly d a t e .




Interest Charges and Surplus.

THE CHRONICLE.
S econd M aim T ra ck .— W h e n all o f th e se c o n d m a in tra ck n o w u n d e r c o n ­
tr a c t is c o m p le t e d , there w ill b e 63.82 m iles in s e r v ic e ,a n d th e t r a ffic co n g e s ­
tio n fro m w h ic h th e c o m p a n y has h e r e to fo r e su ffered w ill be o b v ia t e d .
M a in ten a n ce o f E q u ip m e n t.— T h e exp e n se s o n this a c c o u n t increased
,$ 3 1 5 ,4 9 7 , o r 2 1 .9 7 % , w h ich w as d u e ch ie fly t o in crea se in w ages o f e m ­
p lo y e e s a n d c o s t o f m a te ria l a n d t o h e a v ie r repairs a n d ren ew als o f engines
a n d cars.
D u rin g th e y e a r 1,211 fre ig h t cars w ere p r a c tic a lly r e b u ilt an d
362 fre ig h t ca rs, so ld o r d e s t r o y e d . A ll th e r o llin g s to c k e x c e p t a few
w o rk -tra in cars is n o w p r o v id e d w ith a ir b ra k e s an d a u to m a tic co u p le rs.
C in cin n a ti T erm in a ls.— T h e n e w V in e S tre e t fre ig h t term in a ls in C in c in ­
n ati. w h ich are a m p le fo r o u r p r e s e n t r e q u ire m e n ts , h a v e be e n o c c u p ie d
sin ce O c t . 8 1906. T h e v ia d u c t a p p ro a ch e s fr o m a p o in t a t o r a b o u t M c ­
L ea n A v e n u e t o th e V in e S treet te rm in a ls h a v e n o t as y e t b e e n c o n s t r u c t e d .
-and w e are c o m p e lle d t o p a y t o c o n n e c tio n s sw itch in g a n d tr a c k a g e ch arges
fo r use o f tra ck s to th e term in als
«■«
C a r W o r k s.— T h e G a d s d e n C ar W o r k s , in c o rp o ra te d in J a n u a ry 1907 fo r
th e p u rp o s e o f o p e r a tin g th e c a r w o rk s a t G a d s d e n , A l a ., Is n o w o w n e d
jo in t ly b y th e C in cin n a ti N e w O rleans a n d T e x a s P a c ific R y . C o. a n d the
A la b a m a G rea t S ou th e rn R R . C o .
O P E R A T IO N S , E A R N IN G S , E X P E N S E S A N D C H A R G E S .
O perations—
1 90 6-0 7.
190 5-0 6.
190 4-0 5.
190 3-0 4.
N o . o f p a s s, c a r r ie d ____
1 ,3 7 9 ,4 3 3
1 ,3 1 8 ,3 0 4
1 ,2 0 0 ,8 6 0
1 0 83 ,643
P a ss , ca rried 1 m ile ____ 7 0 ,5 4 5 ,2 0 0
67 ,3 2 1 ,2 4 5
6 5 ,2 7 7 ,1 8 6
53,9 7 9 ,6 2 1
R e v . p . p a ss, p e r m ile .
2.2 5 cts,
2.1 4 cts.
2 .1 3 cts.
2 .2 9 cts.
T o n s r ev . fre ig h t m o v e d
' 4 ,9 0 5 ,6 8 7
4 .8 5 2 ,2 5 3
4 ,0 2 6 ,2 8 7
3 ,8 6 0 ,7 1 2
T o n s f r ’ t m o v e d 1 m ile . _ 8 5 6 ,9 2 2 ,4 6 7 8 9 0 ,4 5 4 ,6 3 0 7 3 0 ,7 2 7 ,2 6 9 6 8 8 ,4 6 1 ,8 0 7
R e v p e r to n p e r m ile .
0 .7 6 cts.
.72 c ts .
0 .7 3 cts.
0 .7 5 c ts .
A v . tr. lo a d ( r e v . ) , tori5»
396
424
385
ft 389
E a rn s, p . pass. tr. m ile ,
$1.61
51.58 f
$1.49
$1.47
JEarns. p er f r 't tr. m ile , _
S3.05
$3.01
$2.82
$2.93
$
5
$
$
G ro ss earns, p e r m il e ___
26,0 8 3
25,163
2 1.9 0 0
20,145
E a rn in g s—
F r e i g h t ____ _____________
6 ,4 0 6 ,5 8 7
6,5 2 1 ,2 2 0
5 ,3 4 1 ,4 8 2
5,1 7 7 ,7 0 0
P a s s e n g e r _____________ _
1 ,587,238
1 ,440,359
1,3 8 9 ,8 1 0
1,2 3 6 ,0 8 6
Mail serv ice ____________
151,896
164,705
164 ,674
144,303
E x p re ss se rv ice __________
193,903
167 ,143
1 54 ,686
146 ,893
M is c e lla n e o u s ___________
.309 518
2 76 ,103
307 ,966
63,762
G ross e a r n in g s ________
E x p en se s —
M ain ten an ce o f w a y . &c.
M a in ten a n ce o f e q n ip m 't
• C ondu cting tra n sp orta n
G e n e r a l ____ . ________
P axes
___ ___________

8 ,7 6 3 .7 7 5

8 ,4 5 4 ,8 9 7

7,3 5 8 ,6 1 8

6 .7 6 8 ,7 4 4

1 307 ,917
1,751 ,771
3,5 4 0 ,4 5 9
215 ,285
216 ,004

1 ,6 4 6 ,7 0 6
1 ,436,275
2 ,8 8 0 ,0 8 3
213 ,6 0 5
216 ,002

1 ,5 3 2 ,9 0 8
1 ,1 8 0 .4 6 7
2 ,5 2 7 ,4 3 2
184,039
216,001

1.2 6 7 ,9 2 9
1,2 0 3 ,1 7 4
2 ,3 0 4 ,2 8 0
179 ,939
216 ,001

7 .0 3 1 ,4 3 6
T o t a l e x p e n s e s _______
P . c . o f e x p t o e a r n s ___
(80.23)
N e t e a r n in g s ................. .
1 ,732,339
D ed u ct—
■Rental
.
______
1,2 3 3 ,9 2 5
interest (net>
48,769
D iv . o u p r e f. s t o c k <5 % )
100.000
D lv . 011 m m . stock rr____ (5 )1 5 0 ,0 0 0
P e r m a n e n t im p r o v e m ’ t .
115,000

6 ,3 9 2 ,6 7 2
(75.61)
2 ,0 6 2 ,2 2 5

5 ,6 4 0 .8 4 7
(76.66)
1 ,7 1 7 ,7 7 0

5 ,1 7 1 ,3 2 3
(76.40)
1 ,597,421

1 ,207,000
26,634
100,000
(5 )1 5 0 ,0 0 0
4 4 0 .8 2 6

1,179 700
9 ,6 3 0
100 ,000
(3 )9 0 .0 0 0
145 .990

1 ,166,931
c r . 2 4 .058
100,000
See x .
80,2 2 5

T o ta l ch an ges. _______
B a la n ce , su rp h is________

1 ,6 4 7 ,6 9 4
84 ,645

1 .9 2 4 ,4 6 0
137 ,765

1,55.5,320
192,452

1 ,3 2 3 ,0 9 8
274 ,3 2 4

[V o l .

lxxxv

.

str u c tio n a t M e rid ia n , fo r use In c o m m o n b y y o u r c o m p a n y , th e N e w O r­
lean s & N o rth -E a s te r n R R . a n d th e A la b a m a G rea t S o u th e rn R R . , u n d e r a
lo n g -te r m a rra n g e m e n t.
L a n d s—-B onds R ed eem ed.— T h ere w ere so ld d u r in g th e y e a r 5,1 6 7 acres o f
la n d fo r $ 2 5 ,8 3 5 , o f w h ich $ 1 3 ,1 0 8 w as p aid In ca sh an d $ 1 2 ,7 2 8 In n o te s .
T h e cash re ce ip ts a m o u n te d t o $ 2 5 ,3 6 8 ; th e e x p e n s e s . In clu d in g t a x e s , w ere
$ 5 ,4 5 3 ; le a v in g n e t $ 1 9 ,9 1 5 .
S e co n d m o r tg a g e b o n d s o f th e fa ce va lu e o f
$ 3 8 ,5 0 0 w ere p u rch a s e d o u t o f th e a c c u m u la te d p r o c e e d s o f land sales
a n d c a n c e le d .
T h e la n d s u n s o ld a t Ju n e 30 1907 a g g re g a te 1 0 ,445 a cres .
O P E R A T IO N S , E A R N IN G S , E X P E N S E S A N D C H A R G E S .
O pera tion s—
P a ssen g ers c a r r ie d ______
P a ss, ca rrie d 1 m ile ____
R a te p e r pass, p e r m ile .
T o n s fre ig h t c a r ’d (re v .)
T o n s f r ’ t ca r. 1 m ile ____
R a te p e r t o n p e r m ile ___
E a rn in g s —
P a sse n g e rs_______________
F r e i g h t .................................
M a il, e x p r e s s , & c _______

1 9 0 6 -0 7 .
420.181
1 6 ,5 2 5 ,2 1 8
2.6 9 c ts .
889 ,0 1 7
8 9 ,9 4 0 ,2 3 4
1 .1 2 c ts .
$
444 ,031
1 ,0 0 3 ,6 5 4
129 ,3 2 7

1 90 5 -0 6 .
3 3 8 ,7 2 0
1 4 ,2 2 8 ,8 9 5
2 .5 7 c ts .
802 .3 6 0
8 1 ,8 9 3 ,3 9 9
i .0 8 c ts .
$
365 ,4 0 9
8 8 5 .3 8 8
129 ,449

190 4-0 5.
3 6 2 .2 2 9
1 4 ,8 6 6 ,8 1 5
2 .6 5 c ts .
7 61 ,603
7 9 ,6 5 2 ,0 5 8
1 .0 5 c ts .
$
39 4 .5 3 7
8 3 6 ,7 7 7
126 ,729

1 9 0 3 -0 4 .
3 2 8 ,2 7 7
1 3 ,0 1 4 ,6 1 0
2 .7 0 cts.
725 ,7 5 6
7 7 ,3 4 9 ,8 4 3
1.05 c ts .
$
•350,755
814 ,444
121 ,894

T o t a l .................................
O p e r . e x p e n se s a n d ta x e s
P . c . o f o p . e x p . t o earn s.

1 ,5 7 7 ,0 1 2
1,2 3 7 .6 3 1
(78.48)

1 ,3 8 0 ,2 4 6
1 ,0 7 8 ,0 2 8
(7 8 .1 0 )

1 ,3 5 8 ,0 4 3
1 ,0 7 1 ,2 5 2
(7 8 .8 8 )

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

N e t e a r n in g s __________
D ed u ct—
In te r e s t on b o n d s _______
M iscella n eou s ( n e t ) ____
D i v i d e n d s _______________
N e w fre ig h t c a r s ________

339 ,381

3 0 2 ,2 1 8

286,791

29 2 .6 7 8

113,121
c r .27,554
(7 )7 3 ,5 0 0
8 2 ,5 1 0

1 1 5 ,7 7 7
c r .2 1 ,500
(7 )7 3 .5 0 0
6 5 ,496

119 ,415
c r .l 6,4 1 7
(7 )7 3 .5 0 0
5 9 ,9 6 3

119 .415
cr. 1,738
(9 )9 4 ,5 0 0
97,851

T o t a l ............................2 4 1 ,5 7 7
B a la n ce , s u r p lu s ________
9 7 ,804

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

236 ,461
5 0 ,3 3 0

31 0 ,0 2 8
d e f l7 .3 5 1

B A L A N C E S H E E T J U N E 30.
1907.
Assets—
$
Road & e q u ip m e n t..3,448,910
Investments, & c____
25,478
Materials, & c ______ 104,019
Cash ........................... 665,182
Sundry debtors_____
68,291
8 tatlon agents______
28,039
R em ittan ces_______
22,353
Other roads________
50,900
Bills receivable_____
4,426
Bills receivable, lands
22,279

1906.
1907.
1906.
S
Liabilities—
$
$
3,171,580 Common stock _____ 1,050,000 1,050,000
16,700 Bonds (see R * I Sec)2,0 52,800 2,091,300
71,861 j Interest on bonds___
28,i6 #
28,641
642,652 Mlscel. creditors_____ 249,122 183,657
75,804 j Other railroads_______
98,059
89,441
16,788. Replacement rolling
19,492;
stock fund_______
35,885
29,360
42,879; Creditors on pay-roll
31,966
28,632
39,639 Land sales a c c o u n t.. 245,198
66,048
20,572 j N et revenue account 648,688
550,884

Total .................... .4,439,878 4,117,965
— V . 85, d . 721, 158.

j

T o t a l ....................... 4,439,878 4,117.965

V ic k s b u r g S h re v e p o rt &

P a c ific R a ilw a y .

{Report for Fiscal Year ending June
P r e s id e n t

C.

C.

H arvey,

under

d a te

of

30

1 9 0 7 .)

J u ly

31,

s a y s in

su b sta n ce:
x T h ere w a s a ls o p a id o n c o m m o n s to c k a n d ch a rg e d to rp r o fit’ an d lossjacc o u n t 2 % S ep t. 1 1904 a n d 2 % D e c. 1 1 90 3.
B A L A N C E SH EE T JUNEAU).
f907
Assets—
S
Equipment ow ned 5 .327.504
Trust equ ipm en t.. 2 ,483,267
Misc. prop. Asecur. 1 ,025,001
Tools A machinery
1S4.330
473,0(30
Heal estate & bids.
- Supplies
niat'is.
810,865
Sp. res’ ve for lease
241,703
267,494
Sp. res. for renew .
Constr. of tr"ks,&c.
C95,496
•Cash..... ...............
68,066
Rem it’ ces in transit 188,135
Agents & cond'ra.
457.482
U . S . Government
38.185
Other trans. cos .
469.482
25.084
Hills receiva ble..
Tndivids. <ffe cos . _
185,730
Non-ad fimteci claims
68.880
-U nexp. bal. oonst'n
& lnopr't
6.830
M iscellaneous____
41,951

1906.
|
$
| Liabilities—
5,035,957[Common stock ___
2,926,2891Preferred stock ___
1,000,00015 % gold notes____
184.3301Reserve for require302,955| ments o f lease. .
512,5621 Reserve lor renewal
431,647! of equipm ent___
457,4381Reserve for taxes.
________ IMlscel. reserves___
1,007,5311Equip, obllgat’ ns104,5691Rent & int. aecr’ d .
321,339(Unpaid vo u ch e rs..
42,189! Unpaid w ages___
438,460 |Due oth. trans.cos.
16,0181Due to Individuals
75,120! and com panies.
49,9941M iscellaneous____
|Profit and loss____
1,158,3631
31,090|

Total assets___ 13>48,546 14,095,850 j

1907. ~"
S
•?
3.000.000''
2.000.000
1,200,000

Tr 1906.
^
$
3.000.0#0
2.000.000
1,500,000

770,713 '1,519,811
673,810
196,315
98.850
2,483,267
271,918
771,015
355,850
354,983

880,743
188,860
• 158,716
2,926,289
278,715
211,219
287,487
■ 214,757

91,647
37,200
2/739,978

287,988
86,511
554,755

Total liabllitleS-13,048,546 14,095,850

y The profit and loss account was credited during 1906-07 with “ net miscellaneous
credits.” Including extraordinary adjustment o f miscellaneous revenue not hereto
vfore accrued, am ounting to $100,580.— V. 85. p. 1338, 1269.

Alabam a & Vicksburg Railw ay.
(Report for Fiscal Year ending June 30 1907.)
President C. C. H arvey, under date of Jackson, Miss.,
July 31 1907, says in part:
P h ysica l C on d ition .— D u rin g th e y e a r th ere w ere laid In m ain tr a c k 13.24
m iles o f 75 -Ib . steel rails In r e p la ce m e n t o f o ld 6 0 -lb . rails, m a k in g 74 .1 5
m iles la id -w lth 6 0 -lb . steel rails an d 68.63 m iles w ith 7 5 -lb . steel rails.
W o o d e n trestles w ere e x te n d e d 164 fe e t in le n g th an d o n e new trestle 50
fe e t In len gth w as co n s tr u c te d t o p r o v id e a d d itio n a l w a te rw a y s .
S ince
J u n e 30 1886 th e le n g th o f w o o d e n b rid g e s an d trestles has be e n re d u ce d
fro m 27,381 lineal fe e t t o 17,241 lineal fe e t an d 237 trestle o p e n in g s h a ve
been c lo s e d . T h ere are 19,610 fe e t o f b r id g e stru ctu re In th e m ain tr a c k ,
o f w h ic h 2 ,3 6 9 lineal feet are steel an d 17,241 lineal fe e t are w o o d e n trestle.
E q u ip m e n t.— Y o u r c o m p a n y o w n s 29 lo c o m o t iv e s , 25 p assen g er train
cars a n d 1.307 fre ig h t a n d o t h e r cars.
D u rin g th e ten years e n d in g Ju n e 30
1907 th e fre ig h t e q u ip m e n t has Increased fro m 458 cars t o 1,277 ca rs, an
Increase o f 179 % . w hile th e ca r r y in g c a p a c it y has b e e n Increased fro m 1 0 ,890 to n s t o 3 9 .3 1 0 t o n s , o r 261 % .
C a pital A c c o u n t.— T h e e x p e n d itu r e s d u r in g th e y e a r o n c a p ita l a c c o u n t
a m o u n te d t o $ 1 1 7 ,1 0 3 , b e in g th e c o s t o f 150 b o x cars
C o st o f p r o p e r t y
has b e e n fu r th e r Increased b y th e sum o f $ 1 6 0 ,2 2 8 , b e in g th e a m o u n t realized
b y th e sale o f d e ta c h e d la n d s In p r e v io u s years o v e r a n d a b o v e th e c o s t o f
said lan d s a t re c e iv e r ’ s sa le, F e b . 14 1889.
G eneral R esu lts.— :T here Is an Increase In gross earn in gs o f $ 1 9 6 ,7 6 5 , or
14.2 6 % ; an increase In o p e r a tin g e x p e n se s an d ta x e s o f $ 1 5 9 ,6 0 2 , o r 14.81 % ,
an d an Increase In net earn in gs o f $ 3 7 ,1 6 3 . o r $ 1 2 .3 0 % .
P a ssen g er e a rn ­
ings sh ow an Increase o f $ 2 1 .5 2 % ; fre ig h t earn in gs an Increase o f $ 1 1 8 ,2 6 6 ,
o r 1 3 .3 6 % . T h e large Increase In p assen ger an d fre ig h t earn in gs is p a r tly
-d u e t o th e s tr ic t q u a ra n tin e re gu la tio n s a gain st y e llo w fe v e r , w h ic h . In A u ­
g u s t, S e p te m b e r an d O c t o b e r 190 5, se rio u sly a ffe c te d r a ilro a d earn in gs.
E x p e n s e s .— M ain ten an ce o f w a y e x p e n se s In clu de $ 2 6 ,5 2 6 for p art c o s t o f
new arch c u lv e r ts ; $18,701 fo r r e p la cin g 6 0 -lb . rails w ith 75 lb . rails; $4,717
fo r a d d it io n t o V lc k s b u ig fre ig h t d e p o t; $ 2 1 ,5 5 8 fo r b a lla stin g an d $1,988
fo r a n ew steel w a te r ta n k .
M a in te n a n ce o f e q u ip m e n t Inclu des $35,541
fo r ren ew al o f en g in e s , $ 2 ,0 9 3 fo r a d d itio n a l c a b o o s e s an d $7,6 2 5 fo r a d d i­
tio n a l w o rk e q u ip m e n t; also th e c o s t o f 47 fre ig h t c a r s , c r e d ite d t o re p la ce ­
m e n t fu n d .
T h e increa se o f 1 7 .7 4 % In tra in m ileag e Is re fle cte d In th e Increased c o s t
o f| c o n d u c t ln g t r a n s p o r ta tio n .
T h ere are also a d d itio n a l Increases In c o s t
o f fu el a n d w a g e s , a gen eral Increase in w a ges h a v in g been gra n ted d u rin g
th e y e a r . T a x e s h a v e be e n In creased b y 5 0 % , o w in g t o Increased assess­
m e n ts .
T h e u n io n passen^.,^
„
w .,> a u le r m iiia i u o . w as o p e n e d fo r
tr a ffic o n S e p t. 1 1 90 6, a ffo r d in g all th e r a ilro a d s e n te rin g M eridian sa tis ­
fa c t o r y p a s » ;n g e r term in a ls. m A new b r ic k fre ig h t s t a t io n .l s ^ u n d e r .c o n ­




P h y sica l C o n d itio n .— D u rin g th e y e a r th e re w ere laid In th e m a in tra ck
2 0 .5 6 m iles o f 75 lb . steel rails in r e p la ce m e n t o f 60 lb . steel rails.
84.69
m iles are n o w laid w ith 7 5 -lb . steel a n d 8 6 .7 8 m iles w ith 6 0 -lb . steel.
T h ere
are 3 6 .615 lineal fe e t o f b r id g e s tr u c tu re , o f w h ich 2.8 8 7 feet are steel an d
Iron spans an d 3 3 ,728 fe e t w o o d e n tre stle s.
D u rin g th e y e a r 185 feet o f
trestle w ere re p la ce d b y steel b rid g e s an d 104 fe e t w ere filled.
S in ce Jun e
30 1886 th e le n gth o f w o o d e n trestles has be e n re d u c e d fro m 5 6 ,7 7 8 lin ea l
fe e t t o 3 3 ,7 2 8 lineal fe e t an d 280 o p e n in g s clo s e d .
E q u ip m e n t.— T h e c o m p a n y ow n s 31 lo c o m o t iv e s , 31 pa sse n g er tra in cars
and 958 fre ig h t an d o th e r cars; 200 a d d itio n a l fre ig h t cars are b e in g p u r ­
ch ased u n d e r trust pla n . T h ese cars are n o w In s e rv ice .
D u rin g th e y e a r
2 fre ig h t lo c o m o t iv e s , 20 b o x c a r s , 45 flat cars an d 2 c a b o o s e s w ere p u r ­
ch a s e d . T h re e lo c o m o t iv e s an d 92 fre ig h t cars w ere so ld o r d e s t r o y e d ;
o f these 69 w ere 2 0 -to n ca rs , m o s t o f w h ich w ere v e r y o ld .
T h ere still re ­
m ain 376 cars o f this cla ss.
S in ce M ay 1 1901 th e fre ig h t e q u ip m e n t has
been Increased fro m 671 cars t o 1,123 ca rs , o r 67 % , w hile th e t » ta l c a r r y in g
la p a c lt y has been Increased fro m 14,472 to n s t o 3 0 ,8 2 0 t o n s , o r 1 1 3 % .
C a pital A c c o u n t .— T h e e x p e n d itu r e s o n this a c c o u n t a g g re g a te d $ 5 1 ,3 1 2
In clu d in g S ib le y gra vel p it tr a c k s , 4 .7 5 m ile s. $ 2 3 ,0 7 2 ; d e p o t g ro u n d s an d
rig h t o f w a y , $ 1 7 ,9 4 9 , & c.
G eneral R esu lts.— T h e re Is an Increase In gross e a rn in gs o f $ 3 4 0 ,8 0 9 , o r
2 5 .1 7 % ; an Increase In o p e r a tin g e x p e n se s an d ta x e s o f $ 2 9 3 ,4 7 9 , o r 2 8 .2 6 %
• d an increase In net earn in gs o f $ 4 7 ,3 2 9 . A d iv id e n d o f 5 % o n th e p r e ­
fe rre d s to c k w as p a id A u g . 30 1906.
P a ssen ger earn in gs s h o w an Increase o f $ 1 5 6 ,1 0 0 , o r 4 4 .8 5 % , an d freigh t
earnings an Increase o f $ 1 6 1 ,5 6 6 , o r 2 0 .4 3 % .
T h ese ln cre a es are largaiy
d u e t o th e strict q u a ra n tin e re g u la tio n s a g ain st y e llo w fe v e r , w h ic h . In A u ­
g u s t. S e p te m b e r and O c t o b e r 190 5, se rio u sly a ffe cte d r a ilr ad earn in gs.
E x p e n s e s .— M a in te n a n ce o f w a y e x p e n se s In clu de $10 7 ,4 9 0 fo r r e p la c e ­
m e n t o f b rid g es; $ 17 ,459 fo r n ew side tr a c k s , less th e v a lu e o f o ld side tra ck s
re m o v e d ; $ 2 9 ,2 3 5 fo r r e p la ce m e n t o f 60 lb . steel rails w ith 75 lb . steel rails;
$ 6 ,1 3 7 fo r b a lla tin g and $ 2 ,162 fo r an a d d itio n a l te le g ra p h w ire b e tw e e n
M o n ro e an d S h r e v e p o rt.
M a in te n a n ce o f e q u ip m e n t in clu d e s $ 2 4 ,0 0 0 fo r ren ew al o f e n gin es; $ 3 2 ,312 fo r b a la n ce o f c o s t o f 200 b o x cars b o u g h t u n d e r th e tru st p la n In 1904;
$ 2 4 ,1 1 5 fo r p a rt c o s t o f 150 b o x an d 50 c o a l d u m p cars b o u g h t u n a e r car
tru st a n d d e liv e re d d u r in g th e y e a r , a n d $ 2,2 1 0 fo r tw o a d d itio n a l c a b o o s e s ;
also th e c o s t o f 92 fre ig h t cars c r e d ite d t o r e p la ce m e n t fu n d .
T h e Increase in c o n d u c t in g tr a n s p o r ta tio n is d u e t o ln cre a ed c o s t o f fu el
an d w ages and t o th e Increased tra in m ile a g e .
T h ere w as a gen eral a d v a n c e
In th e scale o f w ages an d an a d d itio n a l th r o u g h p assen ger tra in in ea ch d i ­
r e c tio n w as p la c e d In s e r v ic e O c t . 7 1906.
B rid ge C ontract E x p ir e s .— T h e c o n t r a c t b e tw e e n y o u r c o m p a n y an d th e
S t. L o u is S o u th w e ste rn R a ilw a y C o . , u n d e r w h ich th e la tte r used y o u r brid g e
o v e r th e R e d R iv e t a t S h r e v e p o r t, w as te rm in a te d on M arch 25 190 7, on
w h ich d a te th a t c o m p a n y o p e n e d its o w n b r id g e fo r tr a ffic .
O P E R A T IO N S , E A R N IN G S , E X P E N S E S A N D C H A R G E S .
M iles o p e r a t e d ___________
O pera tions—
P a ssen g ers c a r r ie d ______
P a ss, ca rried 1 m ile ____
R a te p e r pa ss, p e r m ile .
T o n s o f r e v e n u e fr e ig h t .
T o n s r e v . fr ’t 1 m i l e . . .
R a te p e r t o n p e r m ile ___
E a rn in g s —
P a sse n g e rs_______________
F re ig h t ................................
M a ll, e x p r e s s , & c . ______

1 9 0 6 -0 7 .
171

1 9 0 5 -0 6 .
171

19 0 4 -0 5 .
171

1903-04
171

493 ,491
18,4 7 4 ,0 3 1
2 .7 3 c t s .
8 9 8 ,8 6 3
7 5 ,2 7 3 ,8 9 2
1.2 7 c t s .
$
5 0 4 ,1 1 0
9 5 2 ,3 4 5
1 86 ,579

3 2 4 .7 6 5
1 3 ,8 7 1 ,5 4 4
2.51 c t s .
7 1 0 ,9 0 6
6 5 .5 3 3 ,8 6 6
1.21 c ts .
$
3 4 8 ,0 1 0
7 9 0 ,7 7 9
1 6 3 ,4 3 5

4 0 0 ,0 9 9
1 6 ,3 0 5 ,6 9 3
2 .7 0 c ts .
6 8 9 ,2 5 6
61,7 6 9 ,3 8 1
1 .3 3 c t s .
$
4 4 0 .1 5 0
8 1 8 ,7 5 2
1 6 5 ,5 0 3

3 75 ,488
1 5 ,4 6 9 ,4 4 7
2 .7 2 c ts .
7 22 ,226
6 6 ,9 5 4 ,3 0 7
1.2 6 c ts .
$
421 ,1 5 2
8 4 5 ,3 9 3
160 ,206

T o t a l .................................
O p e r. e x p e n se s <Sc t a x e s .
P . c . o f e x p . t o e a r n in g s -

1 ,6 4 3 ,0 3 4
1 ,3 3 1 ,8 7 7
(8 1 .0 6 )

1 ,3 0 2 ,2 2 4
1 ,0 3 8 ,3 9 7
(7 9 .7 4 )

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

1 ,426,751
1 ,0 4 6 ,8 8 5
(7 3 .3 8 )

N et e a r n in g s ..................
O th e r In c o m e ___________

3 1 1 ,1 5 7
12,996

263 ,8 2 7
14.068

3 4 3 ,4 7 2
15.627

3 7 9 ,8 6 6
10.057

T o t a l n e t I n c o m e ____
D ed u ct—
In te re st o n b o n d s _______
D lv . o n c o m m o n s t o c k . .
D lv . o n p re f. s t o c k (5 % )

3 2 4 ,1 5 3

T o t a l .................................
B a la n c e , su rp lu s________

277 ,8 9 5

3 5 9 .0 9 9

389 ,923

170 ,4 8 0

1 7 0 ,4 8 0
170 ,4 8 0
160,438
a
______________ (2 )5 7 ,1 3 0
(3 )8 5 ,6 9 5
1 07 ,140
107 ,1 4 0
107 ,1 4 0
107,140
2 77 ,620
a 4 6 ,5 3 3

2 7 7 ,6 2 0
275

3 3 4 .7 5 0
2 4 .3 4 9

353 .2 7 3
36,6 5 0

a T h e d iv id e n d s o n c o m m o n s t o c k , w h e n p aid in earlier y e a r s ,w e r e d is ­
b u rsed late In th e c a le n d a r y e a r n e x t su c c e e d in g th e fiscal y e a r.
N o d iv i­
d e n d has y e t been d e cla re d In 1 90 7, b u t If p a id s h o u ld be d e d u c t e d fro m
tn e surplus a b o v e s h o w n .

JSfov, 30 1907.]
B A L A N C E SH EE T J U N E 30.

1907.
1906.
1907.
1908.
Assets—
Liabilities—
$
$
$
f
Cost of property____8,108,350 8,057,038 Common stock _____ 2,856,500 2,856,500
Investment accou n t.
15,800
15,800
Preferred stock _____ 2,142,800 2,142,800
Stock of material.
V. S. & P . Railroad
& c., on hand_____ 178,486
176,359
prior lien bonds-.1,323,000 1,323,000
Station agents______
24,725
10,627 V . S. & P . Rail way
Remittances in tran­
general M. bond s. 1,822,000 1,822,000
23,404
sit ______________
14,315 Int. on M. not d u e ..
28,413
28,41.3
Cash in hand and in
■Sundry creditors____ 182,132
148,181
bank__ . . _____ 283,483
318,022 ! Creditors on pay-roll
51,316
42,813
Other railroads_____ 130,427
94,803 ; Other railroads___27,485
50,324
Sundry d e b t o r s ____
55,226
16,068 R oll, stock rep. fund 108,862
61,142
Bills receiva ble _____
42,000 E quip.obl’ ns p.contra 121,146
39,000
193,554
193,554 Net revenue account 316,393
Equip, trust p . contra 121.146
269,861
T o t a l ...................... 8,980,048 8,938,687
-V . 85, p. 723, 102.

Total .................... .8,980,048 8,938,587

New Orleans & North-Eastern Railroad.
(Report for Fiscal Year ending June 30 1907.)
President C. C. H arvey, under date of July 31, says:
P h ysica l C on d ition .— T h ere are 2,441 lin ea l fe e t o f steel b r id g e s a n d 6 0 ,3 5 0
feet o f w o o d e n trestles— In all 11.89 m iles o f b r id g e stru ctu re In th e m ain
lin e . T h is Inclu des L a k e P o n tc h a rtr a ln c r e o s o te d tr e s tle , 5 .7 2 m iles;
th ere are also 3 ,8 5 7 lineal feet o f w o o d e n b rid g e s a n d trestles o n side tra ck s .
T h e m a in tr a c k Is laid w ith 7 5 -lb . steel rails.
D u rin g th e y e a r 965 fe e t o f ligh t Iron b rid g e s w ere re p la ce d b y h e a v y
steel s tru ctu re s . S in ce J a n u a r y 1884 th e n u m b e r o f trestles has b e e n re ­
d u c e d b y 62 a n d th e len g th b y 15.22 m iles.
972 fe e t o f trestle h a v e b e e n
co n s tr u c te d o n th e n ew In terch an ge tra ck s at M e rid ia n , n o t y e t In o p e r a tio n .
E q u ip m en t — T h e c o m p a n y o w n s 60 lo c o m o t iv e s . 56 pa sse n g e r tra in cars
and 2,2 4 0 fre ig h t a n d o th e r ca rs , and 600 a d d itio n a l fre ig h t cars are be in g
p u rch a sed u n d e r tru st p la n .
D u rin g th e y e a r 1 p assen ger e n g in e , 4 fre ig h t
e n g in es, 10 c o a l, 69 b o x and 81 flat cars w ere p u rch a se d a n d 1 ca b o o s e
w as b u ilt.
T w o en gin es a n d 198 fre ig h t a n d o th e r cars w ere d e s t r o y e d o r
s o ld .
O f th ese 139 w ere 2 0 -to n ca rs , m o s t o f w h ich w ere c o n d e m n e d o n
a c c o u n t o f a ge. T h ere still rem ain 353 cars o f th is class w h ich m u^t be re­
tired In th e n e x t few y ea rs.
D u rin g th e te n years e n d in g Ju n e 30 1907 th e
fre ig h t e q u ip m e n t has been Increased fro m 1,560 t o 2,7 9 9 c a r s , an Increase o f
7 9 % , w h ile th e c a r r y in g c a p a c it y has b e e n in crea sed fro m 3 2 ,9 8 0 to n s t o
8 5 ,1 1 0 t o n s , an Increase o f 158 % .
C a pital A c c o u n t.— T h e e x p e n d itu r e s o n th is a c c o u n t a m o u n te d t o $14 7 ,0 3 8 , as fo llo w s ; 2 fre ig h t lo c o m o t iv e s , $ 2 8 ,8 0 0 ; s h o p , o ffic e an d store
r o o m a t M erid ia n — e x ce ss o v e r c o s t o f fo rm e r s tr u c tu re , $ 2 7 ,6 1 1 ; p a r t co st
o f s e c o n d tr a c k b e tw e e n N ew O rleans a n d S o u th P o in t , 16 m iles in le n g th ,
in cou rse o f c o n s t r u c tio n . $ 9 0 ,6 2 7 .
G eneral R esu lts.— T h ere Is an Increase In gross earn in gs o f $ 2 5 0 ,1 7 1 , o r
8 .3 3 % ; an Increase in o p e r a tin g ex p e n se s and ta x e s o f $ 2 1 8 ,6 5 2 , o r 9.81 % ,
a n d an Increase in net earn in gs o f $ 3 1 ,5 1 9 . A d iv id e n d o f 5 % o n th e regis­
tere d c o m m o n s to c k w as paid D e c. 1 1906 fro m th e net earn in gs o f 190 5-0 6.
P a ssen ger earn in gs s h o w an Increase o f $ 1 3 0 ,4 3 2 , o r 2 4 .0 9 % .
The
o p e r a tio n o v e r y o u r tra ck s b y th e N e w O rlean s G rea t N o rth e r n R R . In­
v o lv e d a loss, as c o m p a r e d w ith th e p r e v io u s y e a r . In p a ssen g er earnings
h e re to fo re h a n d le d b y y o u r train s o f a b o u t $ 4 7 ,5 0 0 , w h ile th e increase d u e
t o co m p a r is o n w ith th e p e r io d d u r in g w h ich y e llo w fe v e r q u a ra n tin e s p r e ­
v a ile d Is estim a ted t o b e a b o u t $ 1 1 4 ,0 0 0 .
F reig h t earn in gs sh ow an Increase o f $ 1 3 8 ,2 0 6 , o r 6.5 2 % .
E x p e n s e s .— M ain ten an ce o f w a y e x p e n se s In clu de $ 3 7 ,9 9 8 fo r n e w steel
b r id g e s in r ep la cem en t o f lig h t Iron stru ctu re s; $9,5 0 7 fo r p a r t c o s t o f an a d ­
d itio n a l span a t b r id g e 3 6 , C h u n k y , In r e p la ce m e n t o f w o o d e n trestle; $3 2 ,127 fo r n ew sid e tra ck s ; $2,4 5 7 fo r o p e n sh e d s o n c o t t o n p la tfo r m s at N e w
O rleans an d $5,5 2 3 fo r a d d itio n a l te le g ra p h line.
M a in ten a n ce o f e q u ip m e n t e x p e n se s In clu d e $ 4 1 ,9 9 8 fo r ren ew al o f e n ­
gin es, $2,2 8 2 fo r n ew t o o ls at M eridian s h o p s , $ 1 6 ,1 8 8 fo r n ew passen ger
ca rs , $ 6 8 ,3 6 5 fo r fre ig h t cars w h ich are b e in g p u rch a se d u n d e r a c a r tr u s t,
an d $44,461 fo r Increased c o s t o f n ew fre igh t cars o v e r a m o u n ts p r e v io u s ly
r eserv ed ; also th e c o s t in e x ce s s o f $ 2 0 ,0 0 0 re served last y e a r o f 198 cars
c r e d ite d t o re p la c e m e n t fu n d .
T h e Increase ln 'c o s t o f c o n d u c t in g tr a n s p o r ta tio n Is m a d e u p fo r th e m o st
p a r t In c o s t o f fu el a n d w ages.
T h e sca le o f w ag es w as g e n e ra lly a d ­
v a n c e d d u r in g th e y e a r , a n d th ere Is an Increase o f 6.8 3 % In o p e r a tin g train
m ilea ge.
T ra cka ge, <fec.— T h e N e w O rleans G reat N o rth e rn R R . c o m m e n c e d th e
use o f y o u r c o m p a n y ’ s tra ck s b e tw e e n S Ideil an d N ew O rleans an d th e P ress
S treet fre ig h t term in a ls at N ew O rleans on A u g . 1 1906.
T h e S t. L ou is & San F r a n cis c o R R . C o . w ith d r e w Its tra in se r v ic e fro m
y o u r lin e o n J a n . 2 190 7, In a c c o r d a n c e w ith its p r e v io u s n o tice .
T h e u n ion p assen ger s ta tio n o f th e M e rid ia n T e rm in a l C o . w as o p e n e d fo r
t r a ffic o n S e p t. 1 1906.
Im p rov em en ts.— N ew fre ig h t In terch an ge tra ck s b e tw e e n y o u r r o a d an d
th e M ob ile & O h io R R . at M eridian are b e in g c o n s t r u c te d at jo in t e x p e n s e ,
a n d w ill g r e a tly fa c ilita te th e p r o m p t h a n d lin g o f fre ig h t cars.
T h e d iffic u lt y In o b ta in in g la b o r has d e la y e d th e c o m p le t io n o f th e s e co n d
tr a c k u n d e r c o n s tr u c tio n b e tw e e n N ew O rleans a n d S o u th P o in t , b u t 8
m iles w ill p r o b a b ly be r e a d y fo r use b y O c t . 1 1907 a n d th e r e m a in d e r b y
M arch 1 1908.
A t w o -s t o r y b r ic k s h o p , o ffic e and sto re r o o m , 4 5 x 1 7 0 fe e t, has be e n
e r e c te d a t M erid ia n in p la c e o f a o n e -s t o r y fra m e b u ild in g .
O P E R A T IO N S , E A R N IN G S , E X P E N S E S A N D C H A R G E S .
190 6-0 7.
190 5-0 6.
190 4-0 5.
1 90 3-0 4.
M iles o p e r a t e d _______
196
196
196
196
O pera tions—
P assen gers c a r r ie d _____
609 ,145
5 7 7 ,6 3 6
5 3 3 ,6 8 4
4 97 ,5 5 9
P a ss, ca rried 1 m ile ____ 2 7 ,5 7 8 ,5 7 6
2 6 ,2 7 4 ,9 5 9
2 4 .7 1 9 ,5 7 2
2 3 ,0 3 6 ,5 4 7
A v . ea rn . p . pass p . in..
2.44 Cts.
2 .0 6 cts.
2 .1 2 c ts .
2 .1 0 c ts .
R e v en u e ton s carried —
1 ,815,515
1 ,833,265
1 ,5 4 4 ,0 1 0
1 ,3 9 0 ,5 9 6
R e v . to n s carried 1 m i l e . 2 3 9 ,8 4 7 ,6 1 9 2 2 9 ,3 0 4 ,7 4 2 19 5 .0 4 6 ,2 0 4 17 5 ,3 8 2 ,3 5 5
0.9 4 cts.
A v . ea rn . p . t o n p . m lle .
0 .9 2 c ts .
0 .9 3 c ts .
1 c t.
$1.32
A v . ea rn . p . pass. t r . m .
$1.19
$1.49
$1.24
$2.85
$2.81
A v . ea rn . p . fr ’ t tr. m lle .
$2.74
$2.78
$16,601
G ross earn in gs p er m ile .
$15 ,3 2 4
$12 ,338
$13 ,0 8 7
E a rn in g s—
$
$
$
$
671 ,783
541,351
P a s s e n g e r s ____ __________
517 ,975
488,578
2,2 5 6 .8 7 8
2 ,1 1 8 .6 7 2
F r e i g h t _________________
1 ,7 6 0 ,5 5 3
1,8 1 0 ,0 4 0
M a ll, e x p r e s s , & c _______
323 ,487
341 ,954
235,761
167 ,836
T o t a l e a r n in g s ___ _____
O p er. e x p s . <Sc t a x e s ___
P . c. o f exps. to e a r n s ..

3 ,2 5 2 ,1 4 8
2 ,4 4 6 ,7 8 6
(7 5 .2 4 )

3,001 ,977
2 ,2 2 8 ,1 3 3
(7 4 .2 2 )

2 ,5 6 3 ,7 7 6
1 ,9 0 6 ,7 2 2
(74.37)

2 ,4 1 6 ,9 6 7
1 ,7 8 8 ,5 1 8
(74)

N et e a r n i n g s . ____
O th er I n c o m e ___________

805 ,362
32,377

773 ,8 4 4
21.507

657 ,0 5 4
14,064

628 ,4 4 9
15,702

T o t a l __________________
837 ,7 3 9
D ed u ct—
F ix e d Interest on b o n d s .
3 31 ,890
In terest o n Ineximes------67,500
M is c e lla n e o u s --------------700
D i v i d e n d s ________ (6 % )3 6 0 ,0 0 0

795,351

671 ,118

644,151

324 .690
324 ,195
6 7 ,5 0 0
67,5 0 0
2,065
15,300
( 5 )3 0 0 ,0 0 0 ( 3 ^ )2 1 0 .0 0 0

321 .9 0 0
67,5 0 0

T o t a l _________________
B a la n ce , su r p lu s ________

7 6 0 ,0 9 0
7 7 ,649

694 .255
101 ,0 9 6

616 ,995
54,123

(3 )1 8 0 ,0 0 0
5 6 9 ,4 0 0
74,751

B A L A N C E SH E E T J U K E 30.
1906.
1907
1907.
Assets—
$
Liabilities—
$
Cost of p r o p e r ty ..14,354,659 14,207,621 j Com
m on stock
_______________________
6 ,000,000
In v estm en ts_____
5,000
'
----------------- Bds.(seeR
y& I --Sec) 8,402,000
Material & supplies
373,290
295,835 Interest on bonds.
213,645
A g en ts___________
113,840
78,161 Mlscel. cre d ito rs..
418,643
Cash ....................... 1,007,651
998,440 Equip, oblalgtione
346,854
Sundry d e b to r s.. .
166,738
119,597 Other accounts___
131,929
R em itta n ces.........
27,018
14,586 Other ra ilr o a d s ...
149,544
Equipment trusts.
346,853
461,650 Rolling stock fund
202,110
Other railroads—
211,105
239,565 Net rev. a c c o u n t..
741.431

S

T o t a l .................. 16,606.155 16,415,455
- V . 85, p. 722, 100.




1305

THE CHRONICLE.

1906.

«

6 ,000,000

8,242,000
210,045
509,828
461,651
99,787
159,858
128,505
603,781

T o t a l .................. 16,606,155 16,415.456

Cleveland Terminal & Valley Railroad.
(.Report for Fiscal Year ending June 30 1907.)
President Oscar G. Murray, under date o f Cleveland,
O ct. 1 1907, says in part:
T h e gross earn in gs h a v e Increased $49,441 a n d o p e r a tin g e x p e n ses $13 ,050 . T h e increase In c o n d u c t in g tr a n s p o r ta tio n is d u e to in crea sed c o s t » o f
la b o r a n d m a te r ia l. T h e g e n e ra l In com e a c c o u n t fo r th e y e a r sh o w s a^net
d e fic it o f $46 5, a d e cre a s e c o m p a r e d w ith th e d e fic it o f th e p r e v io u s y e a r
o f $1 8 ,0 7 9 .
C a p ita l liab ilities h a v e b e e n in cre a se d b y th e sale o f $48 5 ,0 0 0 o f t h e c o m ­
p a n y ’s first m o r tg a g e b o n d s , h e ld in th e t r e a s u r y . T h e se b o n d s w ere sold to
th e B a ltim o re & O h io R R . C o . a t p a r , a n d th e p r o c e e d s ($ 4 8 5 ,0 0 0 ) a p p lie d
as a c r e d it u p o n a d v a n c e s m a d e b y th e B . & O . R R . C o . t o F e b . 28 1 9 0 6 ,
fo r p u rch a s e o f re a l e sta te in th e c it y o f C le v e la n d , im p ro v e m e n ts t o the
c o m p a n y ’ s p r o p e r t y , p a y m e n t s o f car tru sts a n d m isce lla n e o u s item s t o the
a m o u n t o f $ 6 3 7 ,0 7 9 , w ith in terest o n sam e a t 4 % t o M ay 1 190 6, $ 4 1 ,1 3 2 ,
a t o t a l in d e b te d n e s s o n said a c c o u n t s t o F e b . 28 1906, w ith in terest t o M ay 1
190 6, o f $67 8 ,2 1 1 .
T h e lia b ility to th e B a ltim o re & O h io R R . C o . a ft e r a p p ly in g a b o v e - m e n ­
tio n e d cre d it o f $48 5,00 0 has increased $ 3 3 7 ,0 2 1 , b y reason o f a d d itio n a l a d ­
v a n c e s m a d e b y t h a t c o m p a n y fo r c o n s tr u c tio n , p e r m a n e n t im p ro v e m e n t
a n d rea l e s ta te .
[O f th e to n n a g e In 1906-07 (2 ,2 2 0 ,8 9 4 ), b itu m in o u s c o a l fu rn ish ed 7 5 8 ,6 2 5
to n s , o r 3 4 .1 6 % ; c e m e n t , b rick a n d lim e , 3 5 2 ,1 8 8 t o n s , o r 1 5 . 8 5 % ; c o k e ,
179 ,012 t o n s , o r 8.06 % ; o re s , 191 ,015 t o n s , o r 8 .6 0 % .]
E A R N IN G S , E X P E N S E S A N D C H A R G E S .
190 6-0 7.
1 90 5-0 6.
1 0 0 4 -0 5 .
190 3 -0 4 .
E a rn in g s—
$
$
$
$
9 79 ,295
934 ,044
8 3 5 ,9 5 0
818 ,7 2 2
F r e ig h t ................................
P a ss e n g e rs _______________
173,191
170,536
158 ,3 8 7
164 ,290
E x p r e ss , m a il, & c ----------4 5 ,8 9 6
4 2 ,6 9 5
3 9 ,1 6 0
3 6 ,7 9 0
T o t a l ................................
O p e ra tin g e x p e n s e s ____
N et e a r n in g s __________
D ed u ct—
In te re st o n b o n d s ----------In te re s t o n c a r tr u s ts ___
T a x e s ___________________
R e n t o f tr a c k s , y a r d s ,& c .

1 ,1 9 8 ,3 8 2
916 ,9 1 3
2 8 1 ,4 6 8

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

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

1 ,0 1 9 ,8 0 8
808 ,1 4 8

243 ,4 1 2

166 ,0 3 7

2 1 1 ,6 6 0

2 4 0 ,0 0 0
2 2 0 ,6 0 0
3,975
5,325
36,962
36,031
996
---------------------

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

2 20 ,600
8 025
4 0 ,4 3 0

T o t a l ................................
2 8 1 ,9 3 3
2 6 1 ,9 5 6
2 6 3 ,9 9 0
2 6 9 ,0 5 5
D e ficit fo r y e a r . . . ' --------464
18,544
9 7 ,9 5 3
5 7 ,395
G EN ER AL B A L A N C E SH EE T J U N E 30.
1907.
1906.
|
1907.
1906.
Assets—
$
S
I Liabilities—
$
$
R o a d & e q u lp ’ t ___12,639,514 12,211,475|Preferred stock___ 2,200,000 2,200,000
Car trust equip’t . .
248,902
200,5321Common s t o c k ___ 6,200,000 5,200,000
R ea lestate_____ 1 .
994,318
871 ,0961Funded d e b t_____ 6,000,000 5,515,000
S tk s .o l sundry cos.
14,743
14,743 |Car trust warrants.
57,000
84,000
C.T.& V. preferred
|B. & O R R . advs.
126.822
3 c 9,850
stock at par____
139,250
139,2501Interest on bond s.
40.475 - 37,467
C. T . & V . com m on
|Accrued taxes____
17,321 , 18,258
stock at par____
584,700
584,7001Real est. a p p r o p ..
441,725
441,745
358,126
145,095 |B. & O . gen. a c c t.
934,705
383,796
Misc. assets______
Profit & loss, d e f ..
38,494
______ j Profit and loss_____
______
6,796
-----------------------------------1
----------------- --------------T o t a l . . . . ______ 15,018,047 14,226,892| T otal................... .15.018,047 14.226,892
— V. 85, p. 1168.

Cleveland Lorain & W heeling Railw ay.
{Report for Fiscal Year ending June 30 1907.)
President Oscar G. Murray, under date of Cleveland, O .,
Oct. 1 1907, says:
G en eral R es u lts .— A s c o m p a r e d w ith th e p r e v io u s y e a r , th ere w asF an
n crease In e a rn in gs o f $ 1 ,1 2 8 ,6 4 4 ,In o p e r a tin g e x p en ses o f $25 6,36 9 an d
In to n n a g e m o v e m e n t o f 1 7 .0 7 % , w it h a c o r re s p o n d in g in crea se in fre ig h t
earn in gs o f 3 4 .7 4 % .
T h is , w h e n th e in cre a se d c o s t o f la b o r a n d m a t e ila l
Is c o n s id e r e d , reflects In a m a rk e d d e g re e th e e co n o m ie s In o p e r a tio n re­
s u ltin g fro m im p ro v e m e n ts t o th e p r o p e r ty .
T h e perc< n ta g e o f o p e r a tin g
exp e n se s t o gross earnings w as 6 0 .7 7 % , c o m p a r e d w ith 7 3 .1 2 % fo r the
y e a r e n d e d Ju n e 30 1906.
T h e n e t in c o m e d u r in g th e fiscal y e a r a m o u n te d t o $ 1 ,2 4 3 ,1 3 0 .
D iv i­
d e n d s N o s . 8 and 9 a t 2 y2 % e a ch o n p re fe rre d s t o c k w e re d e c la r e d , p a y a b le
fr o m t h e n e t In co m e o f th e ca le n d a r y e a r 1906.
P r o fit and L o s s , & c.— T h e surplus ca rried t o p r o fit an d loss fro m , th e
o p e ra tio n s o f th e y e a r 1906-07 (see ta b le s b e lo w .— E d .) w as $ 8 1 8 ,1 2 2 ; th e
a m o u n t t o c r e d it o f p r o fit an d loss Ju n e 30 1906 w as $ 9 9 3 ,1 3 8 ; an d an
a d ju s tm e n t c o v e r in g a d d itio n a l a llo w a n c e in re v e n u e o n d iv e r t e d fre ig h t
N o v . 1903 t o A p ril 1906 a d d e d $ 1 2 3 ,0 4 8 , a n d s u n d r y p r o fit a n d loss item s
a d d e d $33 5, m a k in g a to ta l o f $ 1 ,9 3 4 ,6 4 3 .
O n th e o th e r h a n d , th ere w as
d e d u c te d fo r " a d ju s t m e n t a c c o u n t o f e x p e n d itu r e s t o Ju n e 30 1906 o n
p e r m a n e n t im p ro v e m e n ts au th o riz e d b y th e b o a rd t o be ch a rg ed t o in j
c o m e ,” $ 4 8 5 ,7 4 9 , a n d m is ce lla n e o u s su r v e y s an d o th e r ite m s , $ 73 3, le a v in g
t o c r e d it o f p r o fit a n d loss Jun e 30 1907, $ 1 ,4 4 8 ,1 6 1 . T h e e x p e n d itu r e s d u r ­
in g th e y e a r fo r p e r m a n e n t Im p ro v e m e n ts c h a rg e a b le t o In com e w ere $ 6 ,7 6 9 ;
the to ta l c o s t t o Ju n e 30 1907 o f im p ro v e m e n ts au th o riz e d b y th e b oa rd
as ch arg eable to In com e w as $ 1 ,0 0 9 ,7 2 6 , a ga in st w h ic h w as ap p lie d surplus
In com e fo r th e yea rs 1902 a n d 1 9 0 3 , $ 3 4 8 ,9 6 9 , le a v in g b a la n c e Ju n e 30 1907
o f $ 6 6 0 ,7 5 7 , w h ic h w as c lo s e d b y ch a rg in g p r o fit a n d loss w ith the surplus
In com e ca rrie d to th a t a c c o u n t J u ly 1 1903 to Ju n e 30 1906, In clu d in g a d ­
ju s tm e n t as o f M ay 1 1907 a c o o u n t o f a d d itio n a l r e v e n u e o n d iv e r te d
fre ig h t, $485,749', a n d the b a la n c e , $ 1 7 5 ,0 0 8 , w as ch a rg e d a g a in st the
su rplu s In com e fo r the y e a r e n d in g Ju n e 30 1907.
B o n d s .— C o n so lid a te d r e fu n d in g 4 H % m o r tg a g e b o n d s a m o u n tin g to
$ 3 ,0 5 0 ,0 0 0 h eld In reserve fo r Im p ro v e m e n ts as p r o v id e d In th e m o r tg a g e
w e re sold as o f M ay 1 1907 to the B a ltim o re & O h io R a ilr o a d C o . a t p a r
a n d a c c r u e d Interest; a n d the p r o c e e d s , $ 3 ,0 9 5 ,7 5 0 , w ere ap p lie d In liq u i­
d a tio n o f th e d e b t d u e th a t c o m p a n y fo r a d v a n c e s to A p ril 30 1907 fo r
c o n s t r u c tio n , b e tte r m e n ts a n d p u rch a s e o f real e s t a t e , a m o u n t in g to
$ 3 ,6 6 2 ,2 4 6 .
S u ffic ie n t fu n d s w ere tran sferred fro m the d e p o s it a c c o u n t s as
o f M ay 1 1907, to e x tin g u is h the b a la n ce o f d e b t fo r c a p ita l e x p e n d itu r e s .
T h e a m o u n t o n d e p o s it w ith the B a ltim o re & O h io R a ilr o a d C o . Ju n e 30,
1907 is $ 1 ,2 3 3 ,3 2 0 , as s h o w n in gen eral b a la n c e sh e e t.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
O p era tion s—
19 0 6 -0 7 .
1 9 0 5 -0 6 .
190 4-0 5.
1 90 3-0 4.
R e v e n u e to n s c a r r ie d ___
7 ,9 5 5 ,2 6 6
6 ,7 9 5 ,5 4 2
6 ,1 5 4 ,0 3 8
4 ,7 6 7 ,9 7 7
T o n s (re v e n u e ) 1 m i l e . .8 0 6 ,3 1 6 ,2 0 3 6 5 0 ,8 4 8 ,2 0 5 605,-245,285 4 5 9 ,9 1 7 ,7 1 1
T o n rate p er m ile _______
0.534 c ts .
0.4 9 2 c ts .
0.5 1 3 e ls .
0.5 4 7 c ts.
P a ssen gers c a r r i e d ______
5 1 1 ,5 4 7
4 3 8 ,0 0 7
424,961
4 0 5 ,3 4 5
P a ssen gers ca rrie d 1 m . . 1 2 ,5 8 7 ,6 5 7
10,2 4 3 ,4 6 1
9 ,4 0 2 ,2 4 3
9 ,9 4 6 ,3 2 8
P a ssen g er rate p e r m ile .
1.82 c ts .
2.13 c ts .
2.1 8 c ts .
2.1 0 c t s .
E a rn in g s—
$
$
$
$
F r e ig h t ............... ...................
4 ,3 2 3 ,5 7 8
3 ,2 0 8 ,8 8 4
3 ,1 0 8 ,9 6 3
2 .5 7 8 ,0 7 0
P a ss e n g e rs _______________
2 4 6 ,6 4 2
2 3 1 ,8 3 0
2 1 7 ,9 9 0
221 ,9 0 6
M ail, e x p re s s an d m i s c . 4 2 ,3 3 8
4 2 ,4 7 9
4 0 ,4 2 8
3 9 ,7 9 9
T o t a l ................................
E xp en ses—
M alnt o f w a y & s t r u c ___
M aln t. o f e q u ip m e n t ___
C o n d u c t in g tr a n s p o r t’ n .
G en eral e x p e n s e s _______
T a x e s .....................................

4 ,6 1 2 ,5 5 8

3 .4 8 3 ,1 9 3

3 ,3 6 7 ,3 8 1

2 ,8 3 9 ,7 7 5

535 ,2 7 6
668 ,8 1 2
1 ,5 1 7 ,3 7 8
7 9 ,5 0 0
112 ,177

6 42 ,356
6 0 3 ,0 6 8
1 ,2 1 8 ,2 9 3
8 0 ,8 7 9
95,2 9 9

574 ,9 5 5
5 6 7 ,5 9 0
1 ,2 7 3 ,3 2 7
6 6 ,3 8 9
87,161

501,801
4 8 6 ,7 0 6
1 ,2 3 8 ,6 8 4
7 5 ,4 8 9
82,7 0 5

T o ta l o p . e x p . & ta x e s
P . c . ex p e n se s to e a r n s . .
N e t e a r n in g s - ....................
D ed u ct—
In te re s t o n m t g e . b o n d s .
In te re st o n B . & O . a d v .
M iscella n eou s ( n e t ) ____

2 ,9 1 3 ,1 4 3
(63.16)
1 ,6 9 9 ,4 1 5

2 ,6 3 9 ,8 9 5
(75.78)
8 4 3 ,2 9 8

2 ,5 6 9 ,4 2 2
(7 6 .3 0 )
7 9 7 ,9 5 9

2 .3 8 5 ,3 8 5
(83.99)
4 5 4 ,3 9 0

3 3 7 ,4 0 0
3 3 7 ,4 0 0
121 ,806 96.9 4 8
5 ,0 0 0
5 ,0 0 0

337 ,4 0 0
____________
2,102

3 6 0 ,2 7 5
9 1 ,010
5 ,0 0 0

T o t a l ..............................
4 56 ,285
4 64 ,206
4 3 9 ,3 4 8
339 ,5 0 2
B a l a n c e _______ __________
1 ,2 4 3 ,1 3 0
379,091
358,611
114,888
D iv id e n d o n p r e f., 5 % . .
2 5 0 ,0 0 0
2 5 0 ,0 0 0 2 5 0 ,0 0 0
........................
I m p r o v e m e n t s ,_______ _<7175,008
____________
___ ___
_______
B a la n ce , s u rp lu s..........
818 ,122 In 129,091
108,611
114,888
a T h is Is ‘.b a la n ce o f e x p e n d itu r e s t o Ju n e 30 1907 fo r p e r m a n e n t Imp ro v e m e n ts .a u th o r lz e d to he ch a r g e d La ga ln st I n c o m e .
(See t e x t a b o v e .)

1396

THE CHRONICLE.

G EN ER AL B A L A N C E SH EET JU N E 30.
1907.
1906.
1907.
Assets—
Liabilities—
$
$
$
Road and equlp’ t.22,964,726 22,871.654 Preferred stock _ . 5,000,000
307,734
Real estate_______
307,7341 Common stock - - 8,000,000
Permanent lm p’ts.
653,988 Mortgage bonds . 9,893,000
P.&W.Coal Co.stk.
10,000
10,000 Real estate m t g e ..
100,000
Massll. & Cleve.
B. & O. gen. a cct.
26,394
Coal R R . p r o p ..
26,394 Int., taxes, & c ..
103,572
B . & O . dep. a cct. 1,233,320
644,628 Proflt and loss____ i l , 448,162
D ue from individu­
als.,* companies.
2,560
76
T o t a l ......... ..

24,544,734 24,514,4741

1906.
$
5,000,000
8,000,000
6,843,000
100,000
3,486,833
91,503
993,138

T o ta l.................... 24,544,734 24,5X4,474

x See text above.— V . 85, p. 1005.

Tonopah & Goldfield Railroad.
(Report for Fiscal Year ending June 30 1907.)
President John W . Brock, under date of Philadelphia,
O ct. 3, says:
T h e r e-la y in g o f th e m ain line w ith 6 5 -lb . rail has b e e n c o m p le t e d .
The
g r o w t h o f t r a ffic w as fo u n d t o requ ire m o re e q u ip m e n t, a n d . In co n se
q u e n c e , there w ere p u rch a se d a n d d e liv e re d d u rin g th e y e a r 3 lo c o m o t iv e s ,
50 h o p p e r cars o f 6 0 ,0 0 0 -lb c a p a c it y 100 steel u n d e rfr a m e d r o p -b o t t o m
g o n d o la cars o f 80 0 0 0 -lb . c a p a c it y , 15 b o x cars an d 12 flat cars.
T h ere
w ere o r d e r e d fo r fu tu re d e liv e r y 6 a d d itio n a l fre ig h t lo c o m o t iv e s .
The
c o m p a n y n o w ow n s 12 lo c o m o t iv e s , 13 cars in p assen ger s e r v ic e , 269 cars in
fre ig h t s erv ice an d 10 cars in c o m p a n y se rv ice .
A p assen ger sta tio n has been b u ilt at G o ld fie ld o n th e line c o n n e c tin g
w ith the B u lifro g -G o ld fie ld R R .
T h e en la rg e m e n t o f m in in g o p e ra tio n s
a t G old field req u ired th e c o n s tr u c tio n o f a n u m b e r o f spurs an d sid e -tr a c k s .
T h e sh op s at T o n o p a h w ere fo u n d so In a d e q u a te to ta k e care o f th e e q u ip ­
m e n t o f th e p resen t b r o a d -g a u g e railro a d th a t c o n s tr u c tio n o f n ew sh ops
a t M illers w as c o m m e n c e d , w h ich sh o u ld s o o n be r e a d y fo r use.
T h e c o m p le t io n o f th e B u llfro g -G o ld fle ld R R . to B e a tty establish ed a
rail o u tle t to th e s ou th w a rd th ro u g h th e L as V e g a s & T o n o p a h R R . , and
s h o r tly b e fo re the clo se o f th e y e a r th ro u g h p a ssen g er s e rv ice w as o p e n e d to
L o s A n geles and th e m o v e m e n t o f fre igh t began .
T h e T o n o p a h & T id e ­
w a te r R R . is n ea rly c o m p le te d t o B e a tt y , w h ich w ill o p e n still w id e r terri­
t o r y th ro u g h th e S ou th e rn term in u s o f the line
D u rin g the y e a r the c o m p a n y has suffered a m a rk ed Increase in the co st
o f fu e l, d u e t o th e sh o rta g e g en eral w est o f th e R o c k y M o u n ta in s, a n d fuel
c o u ld o n ly be o b ta in e d at high c o s t fro m eastern p o in ts and A u stra lia
T h e im p o s sib ility o f p r o c u r in g fu e l ca u se d o n e o f th e lra gest m ills u p o n th e
lin e t o c lose fo r several m o n th s , a n d th e o p e r a tio n s o f th e m in es at T o n o p a h
w ere m u c h cu rta iled fro m la ck o f p o w e r .
T h e clo sin g o f th e m in es at G o ld field also a ffected the v o lu m e o f tr a ffic , an d u p o n r e s u m p tio n o f o p e r a tio n
th e c o n g e s tio n o f fre ig h t co n sig n e d to G o ld fie ld cau sed the p la c in g o f an
e m b a r g o o n freigh t tr a ffic t o th e lines o f y o u r c o m p a n y b y th e co n n e c tin g
lines f o r several w eek s.
IN C O M E ACCO U N T.
Year
8 M os. \
Year
8 M os.
1906-07. 1905-06. |
1906-07. 1905-06.
Earnings—
$
$
|
$
$
Freight......................... _1,186,931]666,1531Net earns, (as a b o v e ). 1,090,261 432,726
O re___________________ 549,897j
| Other Income—
Passen ger____________ 571,684 260,2601 Int. on deposits, & c ___
7,099
2,555
Express _____________
55,109 16.895|
---------------------------M a lls_________________
11,519
2,539]
Total net Incom e-.-1,097,360 435,281
M iscellaneous_________
11,434
3 ,0 3 0 1 Deductions—
I Interest on bonds..........
66,684 54,432
T o t a l...........................2,386,574 948,876ITaxes................................
35,602
4,255
Expenses—
[Sinking fund....... .......... £78,925 39,462
Malnt. of way, & c____ 285,900 221,1821Stock Nev. M ob.Trans.
Malnt. o f equ ipm en t.. 152,107 23,2151 Co. charged oft_____
9,000 ............
Conducting transp'n
783,654 233,936 IAccounts charged o f f . . ' 9,033 ______
General expenses_____
74,652 37,817 |Im provem en ts..............
55,058 ______
---------------------------- j Dividendsj/—
Total ...........................1,296,313 516,1501 On preferred stock(30)150,000(7)35000
Net earnings__________1,090,261 432.7261 On com mon stk _(30)495,000(7)115500
| Total d ed u ction s___
Balance, surplus for y e a r _____ ______ ___________ ________ ________

899,302 248,649
198,058 186,632

x Inctudes $39,462 50 paid D ec. 1 1907 and same amount payable D ec.
retire 877,000 bonds.
V Dividends In 1906-07 include 30% on each class of stock, viz.: 10%
N ov. 1 1906, D ec. 20 1906 and April 1 1907— each date.
B A L A N C E SH EE T J U N E 30.
1907.
1906. |
1907.
Assets—
$
$
j Liabilities—
$
Cost of road________ 3,038,235 2,953,2911 Preferred stock
. 500,000
Cost of equipm ent!. . 449,119
240,934 jCom m on stock
.1,650,000
Stock of Nevada Mo|First m tge. 6%
.1,073,000
bile Trans.Co.(cost) ............
9 ,0 0 0 1Pay rolls______
78,382
Cash on hand_______
72,867
394,995| Accounts payable___
«!ash In transit.
29,305
______ IDue to foreign roads. .
85,623
Due from lnds. & cos. 415,362
. 538,707
Due from foreign rds.
68,932
72,028 IDlvs. uncollected___
1,443
D ue from agents____ 146,774
1 6,7691Dividends p a y a b le ..
Materials & supplies. 154,082
.
24,000
Equipment susp____
15,717
IMiscellaneous
5,105
Unexpired lnsur, & c.
3.954
a ll6 ,4 6 2
. 6321,625

1 1907 to
each paid

1906.
$
500,000
1.650,000
1,150,000
28,383
49,237
143,535
175
140
75,250
3,191
693
39.463
186,632

T o t a l . . .................... 4,394,347 3,826,6981 T otal......................... 4,394,347 3,826,698
a Includes $77,000 charged out of surplus and $39,462 payable D ec. 1 1907; see
foot-note x.
b The profit and loss account was charged during 1906-07 with sundry Items
ppllcable to prior period aggregating $63,065.— V. 85, p. 1271, 1144.

Texas Central Railroad.
(Report for Fiscal Year ending June 30 1907.)
Vice-President Charles H am ilton, under date of W a co,
Texas, Sept. 15, says in substance:
T h e gross ea rn in gs Increased $ 2 9 8 ,6 8 5 , o r 3 1 .6 2 % ; th e n et ea rn in gs In­
c reased $ 1 1 8 ,7 0 7 , o r 3 2 % .
T h e surplus fr o m th e o p e r a tio n s o f th e y e a r ,
a fte r p a y m e n t o f Interest on b o n d s an a 5 % o n b o th classes o f s t o c k , w as
$ 2 5 9,93 7
F rom th is su rplu s th e fo llo w in g d e d u c t io n s w ere m a d e : a d d i­
tio n a l e q u ip m e n t , S 19 5.7 34; a n d gen eral Im p ro v e m e n t f u n d , $ 6 0 .000le a v in g a su rplu s b a la n ce fo r th e y e a r o f $ 4 ,2 0 3 .
T h e aforesa id e q u ip m e n t, c o s tin g $ 1 9 5 ,7 3 4 , c o n sists o f th ree sle e p in g
c a rs, r e -b u llt fr o m 'p a r lo r cars p u rch a s e d fo r th e p u r p o s e , 100 b o x ca rs , 10
flat ca r ? . 10 c o a l ca rs, 4 c o n s o lid a tio n f reight lo c o m o t iv e s , 2 lo c o m o t iv e s fo r
p a ssen ger s e r v ic e , e le ctr ic h e a d -lie h ts , r o c k cru sh er an d d u m p cars.
T h e gen eral Im p ro v e m e n t fu n d o f $60 ,0 0 0 Is an a m o u n t w e co n te m p la te d
e x p e n d in g In b a lla stin g and in r e -b u ild ln g th e B ra zos R iv e r b r id g e and
th ree o th e r m eta l b r id g e s th a t w ere Installed 25 ye a rs a g o , a n d are n o t
c o n s id e r e d eq u a l t o th e p re se n t h e a v y lo a d in g .
C o n tr a c ts are let fo r the
Im p r o v e m e n t o f these b r id g e s , b u t th e w o rk .Is d e la y e d o n a c c o u n t o f the
g re a t s c a r c ity o f la b o r a n d In a b ility to secure m a te ria l p r o m p t ly .
S c a r c ity
o f la b o r has also p u t a s to p t o b a lla s tin g , w h ich w c h o p e t o c o m m e n c e s o o n
a n d c a r r y o n reg u la rly u n til th e en tire line Is b a lla ste d .
T h e new m a ch in e s h o p referred t o In last y e a r ’ s r e p o r t w as c o m p le te d
a n d Is n o w o c c u p ie d .
T h e 42-m lle e x te n s io n o f th e line w est fro m S ta m fo rd Is p r a c tic a lly
fin ish ed , a n d w as p u t in o p e r a tio n o n F e b . 22 w ith g r a tify in g resu lts
T h e line Is n o w 268 m iles In le n g th , w ith 27.7 5 m iles o f side an d spur
tr a c k s.
T h e first 15 m iles o u t o f W a c o are laid w ith rails w e ig h in g 77 H
p o u n d s p e r y a r d , th e n e x t 47 m iles are la id w ith 7 5 -p o u n d rails; th e rest
o f th e line Is la id w ith 56 an d 6 0 -p o u n d ra il, all In fa ir c o n d it io n .
------R ollin'7 Stock J u n e 30----— A v era g e A n n u a l M a in t .-----J u n e 30—
L ocom , P a ss.C ars.F latC ars.
L ocom .
P a ss.C a rs. F gt.C ars.
1 9 0 7 ....................
24
23
274
$607
$71
$1,700
1 9 0 6 . . ................
18
22
205
2,092
461
79
1 9 0 5 ........ ............
18
21
190
1,779
708
82
1 9 0 4 _____ _____
18
19
188
1,574
646
100




[V o l .

lxxxv

O P E R A T IO N S A N D IN C O M E A C C O U N T .
O perations—
1 90 6-0 7.
190 5-0 6.
M ileage o p e r a t e d ________________________
241
227
T o n s c a r r ie d _______ ______________________
3 04 ,385
237 ,487
T o n s ca rried 1 m i l e .....................................2 8 ,9 0 9 ,6 1 0
2 1 ,1 3 9 ,3 2 6
R e v e n u e p e r t o n p e r m ile _______________ 2 .6 8 9 6 c ts . 3.2 6 9 6 cts.
P assen gers c a r r ie d ______________________
2 6 5 ,5 3 7
212 ,895
P a ssen gers ca rrie d 1 m il e _______________ 1 4 ,4 9 9 ,2 8 8
1 1 ,3 2 6 ,4 9 8
R e v e n u e p e r p assen ger p e r m ile _______ 2.6270 c ts .
2.5 1 0 9 cts.
E a rn in g s—
F re ig h t ------------------------- ---------------------P a sse n ge r--------------------- ---------------------------M a i l ..............................V...................................
E x p r e s s __________________________________
M iscella n eou s ___________________________

.

190 4-0 5.
227
211 ,354
2 0 ,1 2 9 ,2 4 6
2.8 3 9 8 cts
181,835
7,7 6 5 ,8 9 9
2.7741 cts.

$
778 ,5 5 6
3 8 0 ,9 0 0
2 5 ,100
4 0 ,8 1 0
1 8 ,740

$
/616 ,206
2 84 ,404
17,548
16,734
10,349

$
571 .6 2 3
215.435
17,749
13,900
8.673

T o t a l e a rn in g s ________________________

1 ,2 4 4 ,1 0 6

945,241

827 ,3 8 0

E x p en ses and T a xes—
M a in te n a n ce o f w a y a n d s tr u c tu re s ___
M ain ten an ce o f e q u ip m e n t _____________
C o n d u c tin g t r a n s p o r t a t io n ____________
G eneral e x p e n s e s __________________ _____
T a x e s ................................................................

188 ,7 9 4
90,995
4 0 5 ,5 8 8
5 1 ,1 1 4
17,988

174,182
78,791
274 ,259
33,382
13,707

182 ,537
75,125
245.624
32,445
16,170

T o t a l e x p e n se s a n d t a x e s ____________
P e r c e n t o f e x p . & ta x e s t o e a r n in g s ___
N et e a r n i n g s ____________________________
O th er In c o m e ____________________________

7 5 4 ,4 7 9
(6 0 .6 4 )
4 8 9 ,6 2 7
252

574,321
(60.76)
370 ,920
14^525

551 ,901
(6 6 .7 0 )
275 ,4 7 9
2,5 2 3

T o ta l r e c e ip t s _________________________

4 8 9 ,8 7 9

385 ,445

278 ,002

L ess P a ym en ts—
In te re st o n b o n d s _______________________
D iv id e n d s o n preferred s to ck (5 % ) ___
D iv id e n d s o n c o m m o n s to c k (5 % ) ____
N ew e q u ip m e n t an d im p r o v e m e n ts ___
T a x o n gross r e c e ip t s ___________________

3 1 ,000
6 6 ,225
132,465
255 ,7 3 4
_______

31,000
66,225
132,465
115,269
9 ,1 2 9

31,0 0 0
66,225
132,465

T o ta l p a y m e n t s _______________________
S u rplu s fo r y e a r ............... ..............................

4 8 5 ,4 2 4
4 ,4 5 5

354.088
31,357

2 29 ,690
48,3 1 2

B A L A N C E S H E E T J U N E 3 0 .'
1907.

1906.
1907.
1906.
A 33Ct$
$
$
Liabilities—
•>
S
$
Property a c c o u n t...4 ,6 2 3 ,8 0 0 4,623,800 First m tge. b o n d s . . . 1,300,000 1.300.000
Bonds and stock in
Stock, com m on_____ 2,675,000 2.675.000
treasury_________ 676,200
676,200 Stock, preferred____1,325 000 1.325.000
Western extension... 443,020
219,456 P a y -ro lls....... .......... ..
38,805
24,604
Cash ................ ..........
72,725
44,779
122,061 Vouchers __________
36,265
Due from agents,con­
Due R R s. & o th e rs ..
64,796
43,532
ductors, railroads
In terest______ _____
7,750
7,760
73,367
and otheis_______
56,309 Dividends due______ 165,577
165 577
Mateiial and supplies
70,720
100,297 Taxes ........................
6,183
6,183
New equipment fund 144,698
58,598
3,174
Im provem en ts_____
36,000
Cien'l lm prov’t fund.
60,000
Incom e account____ 124,069
119,613
Total .....................5,959,832 5,798,123
- V . 85. p 922

T o t a l ......................5,959.832 5,798,122

St. Joseph & Grand Island Railw ay.
(.Report for the Fiscal Year ending June 30 1907.)
President W . T. Van Brunt says:
T h e gross receip ts sh ow an Increase o f $ 2 1 2 ,5 1 1 , o r 1 3 .9 6 % , a n d net re­
c e ip ts , a fte r d e d u ctin g ta x e s , an Increase o f $ 2 0 9 ,7 8 1 , o r 55 .0 3 % .
D u rin g th e en su in g y e a r large e x p e n d itu re s w ill b e requ ired fo r th e f o l ­
lo w in g Im p ro v e m e n ts: 12,352 ton s o f 7 5 -lb . steel rail fo r .th e w estern end
o f the line In N eb ra sk a , to rep la ce ligh t rail la id In 1884; g ra d e re v isio n a t a
n u m b er o f p la ces to raise the tra ck w h ere lt is en d a n g e re d fro m o v e rflo w ;
ston e b allast to p rep a re tra ck fo r h ea v ier m o tiv e p o w e r an d train lo a d ;
new steel b rid g e s o v e r the W o l f, N em a h a a n d B ig B lu e riv ers; re v e tm e n t
w o rk a t E lw o o d , K a n . (o p p o s ite S t. J o s e p h ), to p r e v e n t the en cro a ch m e n t
o f the M issouri R iv e r a n d fo r th e p r o te c tio n o f the w estern en d o f the b rid g e .
T h e estim a ted c o s t o f these Im p ro v e m e n ts, a fte r d e d u ctin g the v a lu e o f
m a teria l lea sed , a m o u n tin g to a b o u t $ 2 1 2 ,4 0 7 , Is $ 5 4 6 ,7 3 4 . T h e fu n d s fo r
these e x p e n d itu re s w ill be p r o v id e d fro m the surplus o n h a n d .
E q u ip m e n t n otes to th e a m o u n t o f $ 7 0 ,0 0 0 h a v e been p a id o ff d u rin g th e
y e a r. T h ere rem ain s n o w o u tsta n d in g n otes to th e a m o u n t o f $ 1 4 0 ,0 0 0 .
w h ich w ill b e p a id on th eir m a tu i ity
T w o cen ts p er m ile p a ssen ger rate law s h a v e been e n a cte d b y the S ta te s
th ro u g h o u t tn e en tire te rrito ry served b y y o u r r o a d .
T h e re d u ce d rates
h a v e n o t y e t been In o p e ra tio n a su fficien t len gth o f tim e to d e te rm in e the
e ffect o n o u r p a ssen g er re v en u e.
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 .E T C .
190 6 -0 7 .
A v e ra g e m iles o p e r a t e d .
312
O pera tions—
G ross earn in gs p er m ile .
$ 5 ,5 5 6
F reig h t (ton s) c a r r ie d . .
663 ,232
F r ’ t (ton s) c a n le d 1 m ile 8 9 ,1 8 7 ,1 7 4
A v e r, ra te p . to n p . m ile
i. 38 cts.
A v e ra g e tra in -loa d (ton s)
214
A v e r. earn , p e r m ile o f
e a ch fre ig h t tr a in ____
$2 .9 5
E a rn in g s—
$
P a s s e n g e r _______________
341 ,4 9 5
F r e i g h t ................................
1 ,2 2 7 ,5 2 6
M ail, e x p re s s , & c _______
165 ,537

190 5-0 6.
312

190 4-0 5.
312

1903-04.
312

$4,875
$4,161
$4,209
5 9 6 ,9 4 0
504 ,1 4 3
552 ,343
7 7 ,9 4 9 ,6 2 2 6 4 ,8 6 1 ,9 7 5
67 368 ,054
1.38 cts.
1.40 cts.
1.39 cts.
198
179
167
$2.72
$
3 10 ,685
1 ,0 7 3 ,0 3 0
138 ,332

S2.50
$
266,0,42
9 05 ,644
127 ,347

$2.32
$
260,888
937 ,663
115,669

T o ta l e a r n in g s ...............
E x p e n scs—
—
M a in te n a n ce o f w a y , & c.
M ain ten an ce o f e q u lp ’ t .
C o n d u c tin g tr a n s p o r t’n .
G eneral _______ _________ _

1 ,7 3 4 ,5 5 8

1 ,5 2 2 ,0 4 7

1 ,2 9 9 ,0 3 3

1,3 1 4 .2 2 0

198 ,009
154 ,338
6 6 8 ,1 7 3
4 8 ,3 2 4

219,521
152 ,062
6 46 ,156
4 6 .5 2 5

2 1 3 ,0 2 9
125 ,274
609 ,117
4 7 .5 7 9

282 ,709
150,847
591 ,223
5 1 ,866

T o t a l e x p e n s e s .............
P . c. e x p e n s e s to e a r n s . .
N et e a r n i n g s . . ..................
D isb u rsem en ts—
In terest o n b o n d s _______
T a x e s ............. .....................
M Iscl. & Int. o n e q u lp ’ t .
B e t t e r m e n t s ____________

1 ,0 6 8 ,8 4 4
(6 1 .6 2 )
6 65 ,714

1 ,0 6 4 .2 6 4
(69.92)
4 5 7 ,7 8 2

994 ,9 9 9
(76.60)
304 ,0 3 4

1 ,0 7 6 ,6 4 5
(81.92)
237 ,575

160 ,000
7 4 ,6 8 7
12,692
____ _____

160 ,000
142 818
7 6 ,5 3 8
7 7 ,2 3 0
16,250
35,8 8 8
6 2 ,066
_____________

140 ,000
90 784
3,689
__________

T o t a l ................................
S u rp lu s fo r y e a r ________

247 ,3 7 9
4 1 8 ,3 3 5

314 854
1 42 ,929

255 ,9 3 6
48,0 9 8

234 473
3.102

B A L A N C E SH EE T J U N E 30.
1907.

1906.
|
1907.
1906.
Assets—
$
$
I Liabilities—
$
$
Cost o f road, equip1Stock outstand(see
ment, & c . ......... 17,863,899 17,771,8501 R y . & Ind.3ec.)13,598,500 13,598.500
C a sh ________ ____
842,631
567,6021Bonds outstanding 4,000,000 4,000,000
Due from agts., &c.
18.517
18.1461Audited vouchers.
115,862
114,286
Due from indlviduIPay-roils.......... ..
48.028
40,369
als & companies.
89,403
66,3511 Due to other c o s. _58,649
77,964
Due from U .S.P.O .
9,135
8,0 7 1 1Interest on bon d s. 81,460
82,270
Materials & s u p p ..
143,003
89,952 j Accrued taxes__
39,327
39,106
Bills receivable___
4,000
4,0 0 0 [Equipm ent notes. 140,000
210,000
Equlp’ t c o n tr a c t..
140,000
210,000 j Renewal accounts.
39,654
Unadjusted a ccts.
863
9 ,8 0 4 1M iscellaneous___
10,531
10,705
M iscellaneous____
2,006
2,108 IProflt & loss, SHrp.
981,446
563,887
T o ta l.................. .19,113,457 18.747.884|
— V . 85, p. 655.

T otal......................19,113.457 18.747.884

Nov. 30 1907.]

Cripple Creek Central Railw ay.
(Report for Fiscal Year ending June 30 1907.)
President Henry M. Blackmer, under date of New Y ork,
Sept. 23 1907, says in substance:
S a le .— T h e securities o l th e L a B ella M ill, W a te r & P o w e r C o . h a v e been
d is p o s e d o f t o th e C o lo r a d o P o w e r C o. o f C a n on C ity , C ol. T h e business
h a d n o t b een p ro fita b le fo r a n u m b e r o f y e a rs. A ft e r th e p a y m e n t o f all
o b lig a tio n s , th e sale realized us $ 2 3 ,5 1 0 , w h ich has be e n c r e d ite d t o ca p ita l
a cco u n t.
B ea v er L a n d & Irrigation C o .— T h e c o m p a n y has p u rch a s e d $20 ,0 0 0 first
m o r tg a g e b on d s an d $22,000 ca p ita l s to c k o f the B e a v e r L a n d & Irrig a tio n
C o. fo r $ 2 0 ,0 0 0 , and has Invested In th e o rig in a l s y n d ic a te w h ic h u n d e r ­
w r o t e this v e n tu re $ 2 ,7 3 8 , fo r w h ich w e w ill r e ce iv e a d d itio n a l s t o c k and
b o n d s. T h e B ea ve r L a n d & Irrig a tio n C o. has a cq u ire d a b o u t 16,000
a c r e s o f lan d near F lo re n ce an d C a n on C ity , an d p r a c tic a lly all th e w a te rrlg h ts o f B ea v er C reek, an d is a c t iv e ly b u ild in g ca n a ls, d itch e s , flu m es,
& c . , fo r p la c in g w a te r u p o n lands a d ja c e n t t o o u r F lo re n ce & C ripple Creek
RR.
T h e B ea ver L a n d & Irrig a tio n C o. has s tro n g fin a n cial b a c k in g ,
an d It Is c o n lid e n tly b e lie v e d w ill be a p ro fita b le u n d e rta k in g .
B o n d s .—-The c o m p a n y has so ld t o th e sin k in g fu n d o n e M id lan d T e rm in a l
R a ilw a y first m o r tg a g e b o n d , an d has p u rch a se d in th e o p e n m a rk e t ten
o f Said b o n d s. A s these b o n d s are b e in g c o n s ta n tly ca lle d fo r th e s in k in g
fu n d , it is co n sid e re d w ise t o h a v e these b o n d s o n h an d fo r sale t o th e tru ste e .
C rip p le Creek D ra in a ge T u n n el.— T h e business o n o u r lines has n o t been
as g o o d as in th e p r e c e d in g y ear; th is is d u e t o a d e cre a se d p r o d u c t io n o f
ore in th e C ripple C reek D is tr ic t, p e n d in g th e c o n s tr u c tio n o f th e C ripple
Creek D ra in a ge T u n n e l. O n th e first o f last A p ril $400,000 w as s u b s crib e d
b y th e largest m in es in th e d is tric t fo r th e b u ild in g o f this tu n n e l. T h is
w o rk Is b e in g a c t iv e ly p u sh e d , an d w ith in a few m o n th s th e benefits fro m
th is tu n n el w ill b egin t o be fe lt.
In m a n y o f th e larg est m in es o f th e d is ­
t r ic t th e largest b o d ie s o f h ig h -g ra d e ore are in th e lo w e r le v e ls, w h ic h are
n o w u n w ork a b le o n a c c o u n t o f w a te r, b u t w h ich w ill be d ra in e d b y th e
tu n n e l. T h e c o m p le tio n o f th e tu n n e l w ill g r e a tly Increase th e ore p r o ­
d u c t io n o f th e d is tr ic t, and it is be lie v e d th a t w ith its c o m p le tio n th e b u si­
ness o f th e d istric t w ill be gre a te r th a n e v e r b e fo re . T h is tu n n el w ill d ra in
th e m in es at an average d e p th o f 750 feet b e lo w th e p resen t w a te r le v e l,
a n d w ill o p e n fo r d e v e lo p m e n t a large a m o u n t o f u n p ro s p e c te d m in in g t e r ­
r ito r y .
G eneral R esu lts.— T h e c o m p a n y has d u rin g th e y e a r m a in ta in e d regu lar
d iv id e n d s a t th e rate o f 4 % o n th e p referred and 6 % o n th e c o m m o n s to c k
and passed t o surplus th e sum o f $8,070 8 1 . T h ese d iv id e n d s h a v e been
p a id o u t o f th e cash re ce iv e d b y this c o m p a n y fro m earnings o f th e u n d e r
ly in g c o m p a n ie s .
N o B on d s Outstanding Other than $42 5,00 0 M id la n d T erm in a l 5s.—
N eith er this c o m p a n y n o r a n y o f its u n d e rly in g c o m p a n ie s h a v e a n y b o n d s
or ob lig a tio n s ou ts ta n d in g , e x c e p t th e M id lan d T e rm in a l R a ilw a y C o .,
w h ic h h a d o u ts ta n d in g o n June 30 1907 $425,000 first m o rtg a g e 5 % b o n d s.
T h e sin k in g fu n d retired $14,000 o f said b o n d s d u r in g th e p ast y e a r , and
o n Jun e 30 1907 h eld $7,147 fo r th e pu rch ase o f an a d d itio n a l a m o u n t.
Im p rovem en ts.— D u rin g the y e a r th ere has b e e n ch a rg e d -to o p e r a tin g
exp en ses fo r new rails, b e tte rm e n ts o f tr a c k s , & c ., th e sum o f $14 ,7 1 4 ,
w h ic h w as p r o p e r ly ch a rg e a b le t o ‘ b e tte r m e n ts .”
T h e ro a d b e d , b rid g e s , b u ild in g s , & c ., o f o u r ra ilro a d s are in first-clasr
p h y s ic a l c o n d it io n .
A n u m b e r o f th e larg er trestles h a v e been filled w ith
gra vel d u r in g th e y e a r.
----------------1905-06-----------------------------1906-07-------------Interest
D ivid en d s
Interest
D ivid en d s
R eceip ts from — on bonds,& c.
on stock, on bonds,& c.
on stock.
F lo r . & C. C. R R ___ $61,500
$61,500
( 1 3 ^ % )$ 1 3 5 ,0 0 0
( 5 ^ % ) $55,000
G o ld e n Circle R R . . 10,500
(2 0 % ) 35,000
10,500
(5 % )
8,750
C. C. & C. C. R R . . . 10,500
(1 5 % ) 26,250
10 ,500
(5 % )
8,750
M id lan d T e r m i n a l -.
2,055
(7 % ) 70,000
1,695
746
C ol. T r a d . & T r a n s .
1,986
(20 % )
40,000
2.490
U . S. R e d . & R e f ......................

(2%) 20,000

(5%) 10,000

$19 6,25 0
$87,431
$212,500
T o t a l .........................$86,540
T o t a l o f a ll..................
— $28 2 ,7 9 0 —
— $ 2 9 9,93 1—
I N C O M E A C C O U N T J U N E 30.
1906-07.
1905-06.
N e t In com e (as a b o v e ) ___________________________$282,790
$299,931
O th er I n c o m e _____________________________________
10,055
3,194
$292,845

$303,125
a l 6 7 ,690

T o t a l In c o m e ......................... ...................................... $292,845
D ed uct—
E x p en ses N ew Y o r k o ffic e _______________________ $14,775
P referred d iv id e n d _________________________ ( 4 % ) 1 2 0 ,000
C o m m o n d iv id e n d _________________ ______ . (6 % ) 150,000

$47 0,81 5

P a st-d u e c o u p o n s a n d Interest c o lle c te d -

$14,165
(6 % ) 180,000
(7 lA % ) 187,500

T o t a l . . ............................................................................ $28 4,77 6
B a la n ce , s u rp lu s_________________________________
$8,069
Su rplu s p r e v io u s y e a r ............. ..................................... 6 8 9 ,743
T o t a l su rp lu s___________________________________ $97,812

$90 ,0 5 9

a In clu d es p a s t-d u e c o u p o n s c o lle c t e d , $16 4 ,4 9 0 , v iz .: $12 0,00 0 F lo re n ce
& C ripple C reek R R . , $21,000 G oldep. Circle R R ., $21 ,000 C a n on C ity &
C rip p le Creek R R . and $2,490 U . S. R e d u c tio n & R e fin in g C o .; p a s t-d u e
in terest c o lle c t e d , $32 ,0 0 0 .
b A ft e r d e d u c tin g accru e d Interest, $315.
- F lo r , & C r ip . Creek
— M id la n d T erm in al—
1906-07.
R ailroads—
1905-06.
1906-07.
1905-06.
G ross In c o m e ____
$47 0,49 8
$584,491
$272,114
$ 315,325
O p e r a tin g ex p 's e s
294,531
327,722
157,539
181,354
N et e a r n in g s ______
O th e r I n c o m e ____

$175,967
1,282

$256,769
2,168

$114,575
526

$133,971

T o t a l I n c o m e ..
D ed uct—
In terest on b o n d s .
O th er I n t e r e s t ___
R e n ta l leased lines
T a x e s ____________
S in k in g f u n d ____

$177,249

$258,937

$ 115,101

$133,971

$60 ,0 0 0
1,500
a 4 7 ,607
14,506

$60 ,000
1,516
70,0 6 6
11.691

$21,612
1,800

$22,239
3 ,2 2 4

14
T o t a l d e d u c t ’ns

%j55~,666

7,6 5 7
1 3,606

(13 H % ) 135",000

" ’ " 6~,233
15,757

(2 % ) 20 ,000

S u r . p r e c e d 'g y r s .
P r o f.& lo s s a d ju s t.

$17 8,61 3
d e f. $1,364
$ 439,481
4 ,0 6 2

$278,273
d e f. $19,336
$480 ,446
d e b . 21,629

$11 4,67 5
su r. $426
$ 72 4 ,0 0 5
12,977

$67 ,4 5 3
s u r .$66,518
$6 4 5 ,3 3 3
12,154

T o t . su r. Jun e 3 0 .

$44 2,17 9

$439,481

$73 7,40 8

$72 4 ,0 0 5

a In clu d es G o ld e n C ircle ,
$ 2 3 ,7 8 7 , a n d C a n n o n C ity & C ripple
C reek , $ 23 ,820 .
CO LO R A D O T R A D IN G A T R A N S F E R C O M P A N Y
190 6-0 7. 1905-06.1
1906-07
1905-06.
G ross e a r n in g s - - -$ 6 8 4 ,1 5 0 $862,247 |R e s e rv e a c c o u n t s .
$ 6,650
N e t In c o m e .............
$ 6 ,3 4 6 $ 1 3 ,1 5 8 1B a d d e b ts c h 'd o ff $3 645
3,569
S u r. p r e v io u s y e a r 38,443
7 3 ,9 7 5 i M is c e l la n e o u s - .- ....................
1,297
1,608
M is ce lla n e o u s_________
2 ,8 2 6 J D iv id e n d s ____
(5 )1 0 ,0 0 0 (2 0 )4 0 ,0 0 0
T o t a l -----------------$46,397
$ 8 9 ,9 5 9 ;
T o t . sur .June 30 $ 3 2 ,7 5 2
$38 ,4 4 3
C R IP P L E CR EE K C E N TRA L R Y . CO. B A L A N C E SH EET J U N E 30.
.
.
19P 7 *906. 1
19071906.
Asscto—$
§
. j Liabilities—
$
.■ $ |
Stocks, bonds, & c.,
IPreferred stock ......... 3,000,000 3,000.000
owned, book val.
ICom m on stock ......... 2,500,000 2,500,000
i ? ^ pare
• PISundry remit, for pay......................
1 4 8 8 )--------------- - .5,395,92015,379,9681 ments due after
l}) i- •
Bills receivable..........
15.000J
| June 30 ____
a l6 939
8 2(54
C a s h . . ......................... 205,782
216,507 [A cc'ts p a y a b le . . .. :'.
L950 J .
M iscellaneous______
1,848 JSurplus........................
97.813■_ 90,059
T o t a l .......................5,616,702 5,598,323)

T o t a l ................ --5,616 ,702 5,598,323

a Includes, Golden Circle R R ., $620; Flor. 4 C. C. R R ., $4,473' C. C &’ C C R R
*5.891; Mid. Term . R y .. *8,879; C o l.V ra d . & Trans C o. *76
‘
R'




1397

THE CHRONICLE.

FLOR EN CE & C R IP P L E CREEK R R. B A L A N C E SH EE T JU N E 30.
1907.
1906. |
1907.
1906.
Assets—
I Liabilities-—
3
S
Road & equipm ent-_2 457,995 2,457,995 ICapital stock _______ 1,000,000 1 , 000,000
j First m ortgage bonds 1,000,000 1,000,000
Due from Individuals,
37,583
75,473
companies, & c____
4,058
2,961 j Vouchers & pay-rolls
Due from agents and
j Traffic balances____
6,967
19,703
25,000
3,425 |Notes payable_____ 1
conductors_______
1,208
25,000
20,197
Materials & supplies.
4,000
3,900
22,038 |Accrued taxes______
Cash _______________
8,667
3,636
1,918
30,018 IConstruc’n suspense.
12,272
45,087 |Rental accounts__
Bills receivable_____
21,244
4,449
1,599
Traffic balances____
7,762 |Equipment renewal
C rip.C r.C ent.R y.C o.
2,984 Miscellaneous
1,475
191
193
Colorado T . & T . C o .
439,481
3,0001 Profit and loss______ 442,179
“ 7,442
5,9871
M iscellaneous______

$

* $

T o t a l ____________ 2.522,287 2,581,2571

T o t a l ____________ 2,522,287 2,581,257

M ID L A N D T E R M IN A L R Y . CO. B A L A N C E SH EE T J U N E 30.
1907.
1906. 1
1907.
1906.
Assets—
S
$
1 Liabilities—
$
$
R oad and equlpm ’t . . 2,186,509 2,186,5091Capital stock _______ 1,000,000 1,000,000
Due from railroads
|First m ortgage bonds 425,000
439,000
and individuals__
11,889
13,6071Vouchers & pay-roll.
16,408
41,525
Due from agents and
14,969
(Traffic balances* 8
2,444 1First mtge coupons- _
conductors_______
1,826
150
375
Materials & supplies.
7,215
14,0531Notes payable______
10,000
10,000
Sinking fund acc’t s . .
8,215
9 ,2 3 8 1Equip, lease warrants
Cash _ _ .
. . .
14,890
24,000
14,643 | Series A
24,000
Crip .Cr .Cent .R y .Co.
8,881
3 ,4 5 0 1Accrued int. & taxes
6,453
6,229
2,461
M iscellaneous______
2 ,4 7 7 1Sinking fund_______
7,497
1,278
IProfit and loss____ __ 737,408
724,006
T o t a l ____________ 2,241,885 2,246,4211
GOLDEN CIRCLE RR . A N D C.
Golden
Circle.
Assets—
Road & equ ip m en t.. $350,000
C .C . Central R R ____
620
9,211
F. & C . C . R R ______
T o t a l ____________ $359,830
-V . 85, p. 1209, 1143.

T o t a l ____________ 2,241,885 2,246,421

C. & C .C . R R. B A L A N C E SH EE TS J U N E 30 1907
C .C . & 1
Golden C. C. &
C.C .R .R A Liabilities—
Circle.
C.C .RR.
$350,000 ICapital stock _______ $175,000
$175,000
5 ,8 9 1 1First m ortgage bonds 175,000
175,000
3,960 |Accrued taxes _____
900
900
|Profit and loss ____
8,930
8,951
$359,8511

T o t a l ____________ $359,830

$359,851

Pennsylvania Railroad.
(Balance Sheet June 30 1907.)
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.
I
1907.
1906.
Assets—
*
*
Liabilities—
*
Cost o f road____188,950.420]
ICapital s t o c k .. .312,058 500 305,748,350
Real estate____ 26,968,866^172,974,863 ! Funded d e b t___268,260 110 188,823,430
N .Y . tunnel e xt. 28,835,033J
Bond allotment
Cost of equlpm 't 62,098,489 57,657,294]
receipts Mar.
Stocks o w n e d ..108,357,657 209,997,088
2 9 1 905......................... .
84,000
Bonds o w n e d .. 39,037,050 32,208,027 Penn. C o. de­
Term .prop’ ty& c
957,961
141,882
posit account 15,794 ,8971
Glr. Tr. Co. 4 %
Pay rolls and
equlpm 't loan 3,000,000
3,000,000
vo u c h e r s ____ 20,661 ,081|
M ort. & ground
Extraord’ y exp.
rents_________ 3,166,902
2,569,402
fund _______
5,170,8491
Const., e q u ip .*
Net traffic bal.
r. e .— susp’se 9,507,383 18,323,067
due other r’ ds 2,895,767}-153,281,726
Cash .................. 61,948,5751
Due controlled
Accta. rec’a b le cos. other than
eale of Norf.
traffic bal’ ces. 7,758, 758!
& W est.and Ch
Miscellaneous . . 4.917,
& O . s t o c k s .. 15,492,6851
Mortgages and
Bills rec’able___ 1.496,6481
ground rents. 3,112 ,161
3,078,161
Loans for const.
A ccr’d Int. on
& real estate. 14,162.835^168,273,016
funded d e b t .. 2,695, 059
725,186
Due from contr.
H . P . M t. J oy &
cos. for adv.
L . R R . guar,
14,562,790 |
stocks & b ’d s. 1.882, 550
1,882,550
Due from agents 9,886,303|
United N. J .R R .
Mtscel. current
& Canal Co.
assets ______
9,487,253j
s e c u r it ie s ___ 3,283 ,461
3,283,461
11,866,077 11.304,418 Fund for purch.
Sinking fu n d s .. 1,657,577
1,617,255
o f secur.under
Mangrs.of Trust
trust created
created O ct.9
O ct. 9 1878. . 6,015,239
5,789,283
1878 .............. 6.015.239
5,789,283 Sinking funds P .
Leasehold lnt.ln
R R . Con. M.
H . P . Mt. Joy
B ds., S .H .&
& L . R R ......... 1,882,550
1,882,650
W .R y . bonds
United N .J . R R
and S. W . P .
& Canal Co.
R y . Co. bonds 1,981,605
1,848,055
s e c u r it ie s ___ 3,283,461
3,283,461 P a y't for leased
equip, under
4 % loan .........
1,408 750
Profit and lo s s .. 24,725 484 24',477’,406

*

I

1
I

Total ..............682,621.754 689,021,608
- V . 8 5 , p . 114 3, 1083

T o t a l .............. 682,621,754 689.021,608

H om estake M ining Com pany.
(Report for Fiscal Year ending M ay 31 1907.)
Superintendent T . J. Grier says in substance:
O n M arch 25 1907 a fire w a s d is c o v e re d b e tw e e n th e 500 a n d 600 levels
F lo o d in g th e m in e w a s beg u n o n A p ril 18 a n d c o n tin u e d u n til m id n ig h t
M a y 2 9 , w h e n th e w a te r h ad a d e p th o f a b o u t 1,400 fe e t, a v o lu m e o f o v e r
600 m illio n g a llo n s , w it h Its s u r fa c e a b o u t 86 fe e t a b o v e th e flo o r o f th e
300 le v e l. T h e fire h a v in g be e n s u b m e r g e d , u n w a te r ln g o f th e m in e w a s
b e g u n , a n d o n e -h a lf o f th e c a p a c it y o f th e p la n t (500 stam ps) w a s started
on M a y 30 o n v e r y lo w -g ra d e o re a v a ila b le fro m s u rfa ce o p e n in g s.
N o th in g
seriou s o c c u r rin g t o p r e v e n t , w e w ill h a v e a ll th e s ta m p s (1,0 00) d r o p p in g
o n o r a b o u t th e m id d le o f J u ly .
N o seriou s in ju r y w ill result t o th e m in e
fro m Its flo o d in g , n o r fro m th e fire. A s id e fro m th is u n fo r t u n a t e o c c u r ­
r e n c e , e v e r y t h in g Is In g o o d c o n d it io n .
T h e re w a s n o s h a ft sinking d u r in g th e y e a r e x c e p t a t th e E llison .w h ere a
d e p t h o f n e a rly a n a d d it io n a l h u n d r e d fe e t w as a tta in e d w h en th e fire
s to p p e d fu rth e r p ro g re s s . O u r slim e p la n t Is p r a c t ic a lly c o m p le t e d , a n d Its
o p e r a t io n Is b o t h s u cce ssfu l a n d p r o fita b le .
R E S U L T S F O R Y E A R S E N D I N G M A Y 31.
m
^
19 0 6 -0 7 .
1 90 5-0 6.
T o n s o f g o ld o re m i l l e d - .........................
1 .2 6 4 ,1 7 7
1 ,4 4 0 785
A v e ra g e p r o c e e d s p e r t o n ____________
$3.5 9 2
$ 3 .5 4
T o t a l p r o c e e d s o f b a r s .............................. $ 4 ,5 4 1 ,0 9 6
$ 5 ,1 0 0 445
I n c o m e fro m f o u n d r y s u p p lie s, & c ___
* 2 46 ,687 _____________
113 ,209

1 9 0 4 -0 5 .
1 ,3 9 8 ,1 0 0
$3,734
$ 5 ,2 2 1 ,0 8 0
81,2 4 9

T o t a l I n c o m e ............................................$ 4 ,7 8 7 ,7 8 3
$ 5 ,2 1 3 ,6 5 4
$ 5 ,3 0 2 ,3 3 8
D ed u ct—
O p e r a tin g a n d g e n e ra l e x p e n s e s ...........$ 3 ,0 9 5 ,3 8 2
$3,4 7 5 ,7 6 5
$3,526 ,032
E lliso n s h a f t ___________________________
69 760
1 8 2 ,2 7 ?
86,246
B ills p a y a b le ___________________________
----------500,000
P r o p e r ty p u r c h a s e .....................................
3,585
8,392
1,784
C o n s tru ctio n a n d s u r v e y s____________
326,931
370 ,646
17,735
T a x e s ....................................... ........................
115 ,520
40,2 8 2
85,861
I n t e r e s t ________________________________
.......... 16 ,028
D iv id e n d s o n $ 2 1 ,8 4 0 ,0 0 0 s t o c k . ( 5 ^ % ) 1 ,2 0 1 ,2 0 0 ( 6 )1 ,3 1 0 ,4 0 0 (3 M )8 1 9

,000

T o t a l d e d u c t o n s .....................................$ 4 ,8 1 2 ,3 7 8
$ 5 ,3 8 7 ,7 5 7
$5,052
B a l a n c e .................... ......................................d e f$ 2 4 ,5 9 5
d e f$ 1 7 4 ,1 0 3 sur$249 652
S u rp lu s o r d e ficit b r o u g h t f o r w a r d - , sur 57,231 sur 2 3 1 ,3 3 5 d e f 18 317
B a la n c a ....................................................... su r$ 3 2 ,6 3 6 sur $57,231 sur$231,
• In clu d e s $1 5 0 ,0 0 0 ifr o m “ bills p a y a b le .” — V . 8 5 , p . 134 1.

1398

THE CHRONICLE.

Am erican Bell Telephone & Telegraph Company
(Balance Sheet and Description of Assets as of June 30 1907.)
The statement recently made to the New Y ork Stock E x ­
change, as supplemented b y inform ation obtained b y the
“ Chronicle” from other trustw orthy sources (except in the
case of two or three companies in which approxim ate figures
are given as noted below ), permits us to com pile the following
list of assets and com parative balance sheets as of June 30
last and to show the amounts of the several issues of stocks
and bonds “ pledged” to secure the com pany’s outstanding
collateral trust bonds ($53,000,000 June 30 1907) and the
$10,000,000 American Bell Telephone 4s due July 1 1908.
Of the total stockholdings ($216,673,024), $127,272,274, it
will be noted, are thus pledged, along with $1,674,000 bonds.
On the other hand, the com pany held unpledged stocks
aggregating $89,400,750 and bonds to a total of $1,991,000.
A M O U N T 8 tp F STOCK A N D BO N DS OF A L L IE D C O M P A N IE S O W N ED
A N D PLED GED J U N E 30 1907 B Y A M . T E L. & TE L. CO.
x Total
Par o f -----Owned by A m . Tel. d: Tl. Co.----Capital Stock
Issued. Shares. Pledged.
N ot Pledged.
Total.
{on June 30 1907).
$
S
$
$
$
Bell Teleph. C o. of B u ffa lo .. 8,122,700 100 3,638,800
737,400
4,376,200
Bell Tel. C o. o f Canada. L td.zl0 .62 5,00 0 100
4,099,025
4,099,025
Bell Teleph. Co. Of Missouri. 6,760,000 100 3,445,600
1,040,400
4,486,000
20 12,913,650
7,270,050 20,183,700
i/Bell Tel. Co. of Philadelphia 24,972,600
Cent. D ist. & Ptg. T ele g .C o . 13,000,000 100 7,355,700
1,346,500
8,702,200
Central N .Y . Tel. & Tel. C o .
961,500 100
660,000
660,000
Cent. Union Telephone Co__ 5,450,927 100
4,186,452
4,186,452
1,512,100
2/Ches. & Potom ac Tel. C o ._ 2,650,000 100
1,512,100
5,000
Chicago Telephone C o______ 214,000,000 100 7,280,666
7,285,000
Cine. & Suburb. Bell T el. Co. z5,802,850
50 1,354,400
388,500
1,742,900
697,100
3,000
Cleveland Telephone C o ____ 3,100,000 100
700,000
50 2,872,250
Colorado Telephone C o _____ 8,500,000
1,106,600
3,978,850
Cumberland T el. & Tel. C o . .218,738,950 100
9,633,700
9,633,700
3,221,600
Diamond State C o__________
201,000 100
3,221,600
137,880
Empire State T el. & T el. C o .
200,000 100
137,880
H udson River Telephone C o . 3,909,900 100 2,026,400
6,700
2,033,100
25
924,900
Iow a Teleph. C o., preferred.
932,725
924,900
do
do com mon _ 1,262,350
25
319,520
319,520
4,700
Missouri & Kansas Tel. C o . . 3,627,700 100 1,939,500
1,944,200
1,799,917
Nebraka Telephone C o------ z4,562,400 100 1,530,700
3,330,617
2,314,200 18,495,900
New England Tel. & T e l.C o . 31,697,800 100 16,181,700
32,215,700 32,215,700
New Y ork Telephone C o____ 50,000,000 100
100 1,508,266
708,700
2,216,900
N . Y . & N. J. Tel. C o _____ z23.826.100
500,000
N . Y . & Penn. T el. & Tel .Co. 1,000,000 100
500,000
Northwestern Tel. E xch . C o. 6,000,000
50 1,069,800
5,000
1,074,800
9,027,200
9,027,200
Pacific Tel. & Tel. C o., pref. 18,000,000 100
9,027,200
9,027,200
do
do co m m o n .. 18,000,000 100
50 2,003,606
792,480
2,796,080
.(/Pennsylvania Teleph. C o . . z4,067,700
2,024,000
Pioneer Tel. & Teleg. C o . . . 2,473,200 100
2,024,000
750
50
599,250
600,000
Providence Telephone Co___z2,000,000
R ock y M tn.Bell T el. C o____ 2,369,500 100 1,171,300
34,100
1,205,400
6,179,503 16,994,500
Southern Bell T el. & T el.C oz 17,000,200 100 10,815,000
532,700
2,189,900
Southern New Eng. Tel. C o . z 7 ,106,800 100 1,657,200
659,600
2,296,300
Southwestern T el. & T e l. C o . 14,000,000 100 1,636,700
1,809,500
9,012,100
Western Electric C o _______ 15,000,000 100 7,202,600
510,000
510,000
Western Elect. Tel. System , z l ,000,000 100
12,187,600 12,187,600
Western Tel. & Tel. C o.. pref. 16,000,000 100
9,143,500
do
do co m m o n .. 16,000,000 100
9,143,500
761,300
100
501,400
1,262,700
Wisconsin Telephone Co.-___z7,486,000
...
435,300
435,300
M iscellaneous______________(say)600,000
T otal________________abt.391,007,902
Bonds—
Bell Tel. Co. of Canada. L td . 3,649,000
Central Union Teleph .C o ___ 6,000,000
Duluth Telephone C o ______
Z210.000
Iow a Telephone C o --------. . .
765,000
New England Tel. & Tel. C o . 3,007,000
Postal Teleg.-Cable C o .o fT e x .z l,lS 9 ,0 0 0
Prescott Electric C o _______
z250,000
Total .................................... 15,070,000

89,400,750 127,272,274 216,673,024
___
___
___
___
___
...

986,000
1,000,000
210,000
200,000
581,000
_______
1,991,000

30,000
108,000

986,000
1,000,000
210,000
750,000
581,000
30,000
108,000

1,674,000

3,665,000

_______
550,000

a;Supplied b y •'Chronicle"; not in statement to New Y ork Stock Exchange.
Foot-notes. All supplied by " Commercial tfc Financial Chronicle,
y The shareholders o f the Bell Telephone Co. of Philadelphia are to vote D ec. 3
on the following propositions: (1) To purchase all the outstanding capital stock,
franchises, property, &c., of the Pennsylvania Telephone Co. (V . 85, p. 38), the
Delaware & Atlantic Telegraph & Telephone Co. and the Chesapeake & Potom ac
Telephone Co. (2) T o increase the capital stock of the com pany from $30,000,000
to $60,000,000(to be all of one class— E d .).
(3) T o change the corporate title of
the com pany from the Bell Telephone Co. of Philadelphia to the Bell Telephone
Co. of Pennsylvania. (4) T o Increase the par value of the shares of stock from
$50 to $100 and Increase the number of the directors from 12 to 15. Of the $60,000,000 authorized capital stock of the new com pany, it is understood that approxi­
m ately $42,000,000 will be Issued at once in exchange for the stocks of the merging
companies, to pay off $8,000,000 floating debt of the Chesapeake & Potom ac C o.,
representing advances made b y the American Telephone & Telegraph Co. for ex­
penditures on the property. The American Telephone & Telegraph C o., It is under­
stood, will thus acquire about an 82% interest in the $42,000,000 outstanding stock
o f th e n e w c o m p a n y d iv id e n d s o n w h lc h .l t Is th o u g h t , w ill b e p a id a t th e
rate o f 8 % p e r a n n n u m .— E d .]
z On N ov. 1 1907 the outstanding share capital of the following companies had
been Increased, making the following aggregate amounts outstanding: Bell Tele­
phone Co. of Canada. $11,875,000; Chicago Telephone Co., $16,908,500; Cincinnati
& Suburban Bell Telephone C o., $5,808,050; Cumberland Telephone & Telegraph
C o., $19,680,150; Nebraska Telephone C o., $4,567,800; New York & New Jersey
Telephone C o., $25,235,000; Pennsylvania Telephone Co., $4,424,850; Providence
Telephone C o., $2,500,000: Southern New England Telephone C o., $7,691,400;
Wisconsin Telephone C o.. $7,490,500.
As noted on another page of this Issue, an official o f the Southern Bell Telephone
& Telegraph Co. Is quoted as saying that the total outstanding stock is $20,000,000,
of which 57 shares <$5,700) only is not owned by the American Telephone & Tele­
graph Co.; dividend rate, 6 % ; no bonds.
Total authorized Issue of Western Electric Telephone (of Iow a) stock, $1,000,000;
outstanding am ount unknown, but assumed to be the same; bonds authorized.
$600,000; outstanding, $150,000.
The stocks o f the following companies are not shown In the above tables: Duluth
Telephone Co., $100,000; Postal Telegraph-Cable Co. of Texas, $1,200,000; Prescott
Electric C o., $400,000.
N ote.— The following companies had funded debts to the amounts named as of
N ov. 1 1907, but no part thereof was ow ned by the parent com pany, at least on June
30: Central New Y ork Telephone & Telegraph C o., $100,000; Chesapeake &
P otom ac Tel. C o.. $1,318,000; Cumberland Tel. & Teleg. C o., $1,020,000; Bell
Tel. Co. of Philadelphia, $500,000; Missouri & Kansas Tel. C o., $444,000; New York
& New Jersey Tel. Co., $1,224,000; New York & Pennsylvania T el. & Teleg. C o.,
$929,500; Pacific Tel. & Teleg. C o., $11,750,000; Pennsylvania Tel. C o., $614,500;
Southern New England Tel. C o., $790,500.
B A L A N C E SH EET OP A M E R IC A N T E LE PH O N E & TE LE G R AP H CO.
June 30 1907. Dec. 31 1906. D ec.31 1905.
Assets—
$40,336,776 $34,694,764
Construction, equipment and supplies____$40,980,324
10,244,817
8,507,145
10,747,071
T elep h on es______ _________________________
2,577,870
Real estate_______________________________
3,171,4962,908,099
182,357,238 161,554,277
Stocks and bonds......... ................. ...................
197,301,623
243.384
Patent account____________________________
280,934 261,384
42,299
96,169
Machinery and tools______________________
42,299
•3,018,025
4.841,993
Cash and deposits________________________
5,404,878
Notes and accounts receivable and ad. . .
36,676,200
vances to licensees______________________ 71,740,688 j 67,521,977
D is co u n t__________________________________
a7,350,000
____
22,110.406
American Bell Telephone C o _____________
22,110,400
22,110,400
25,000,000
Old Colony Trust C o., Trustee......................
................■ 25,000,000
T o t a l ................................................................$359,12».713J$353,801.015 $296,302,202




[V o l.

lxxxv

.

Liabilities—
June 30 1907. D ec. 30 1906. D ec. 31 1905Capital s t o c k ................... ................................x$158,6i»l,S00 $158,661,800 $158,661,800
230,300
_________
. _
Installments on new capital stock ..............
S u rp lu s ----------------- ----------------- ----------------9,861,810
8,027,455
7,025,488
Convertible bond s_____ __________________
70,000,000
30,000,000
_________
Collateral trust b o n d s................... ................. 53,000,000
53,000,000
48,000,000
Collateral trust bonds as collateral_______
_________
25,000,000
25,000,000
Notes, 5 % , due May 1 1 9 0 7 . . . . __________
_________
20,000,000
20,000,000
Three-year notes due 1910________________ 25,000.000
_________
. .
R eserv es........................................ ..................... ^10,746,074
9,108.139
9.20S.835
Notes and accounts payable_______ _______ 12,984,520
31,358,411
z9,760,869
Contingent reserve account........................... 18,645,210
18,645,210
18,645,210
T o t a l.............................................. .................$359,129,713 $353,801,015 $296,302,202
a Subject to adjustment by charging Item to contingent reserve.
x Of the capital stock as here shown shares to the am ount of $27,110,400 are held
as a reserve for certain indebtedness and for the benefit of the treasury, and on this
stock dividends have not been paid; amount held by public and receiving dividends
$131,551,400.
•
y Reserves include: For accrued interest, $2,857,928; taxes, $2S9,7S2; unde­
termined payables, $250,923; unearned revenue, $788,193; depreciation, $4,454,500;
profit and loss, $2,104,748.
z Including In 1905 $2,959,907 for dividend Jan. 15 1906.
P A R T IA L D IV ID E N D RECORD O F L E A D IN G S U B S ID IA R IE S A N D A L L IE S
(,Supplied i y editor, not pom statement furnished to 1V. Y . Stock Exchange.)
1901. 1902. 1903.1904 1905.
1906. 1907.
6
6
6 6
6
6
6
Bell Telephone Co. of B u ffa lo ______
Bell Telephone Co. of Canada, L t d . . 8
8
8 8
8
8
8
Bell Telephone Co. of M issouri_____ 8
8
8 8
8
8
8
Bell Telephone Co. of Philadelphia.. 8
8
7J^ G
6
6
6
Central Dist. & Printing Teleg. C o . . 8
8
8 8
8
8
8
Chesapeake & Potom ac Tel. C o _____ 4
2
Chicago Telephone C o . . . . . --------------- 12
10J4
10
10
10
10
10
Cincinnati & Suburban Tel. C o_____ 6
6
6 6
6
6
8
Colorado Telephone C o_____________
6
6
6 6
6
6J4
7
Cumberland Tel. & Teleg. C o_______
7
7
7 7
7
7
7
Hudson River Telephone C o_______
6
6
6 6
0
6
4J4
Missouri & Kansas Telephone C o___ 6
6
6 6
6
6
Nebraska Telephone C o ____________
6
6
6 6
6
6
6
New England Tel. & Teleg. C o_____ 6
6
6 6
6
6
6
New Y ork Telephone C o____________
6
6
6 6
6
6
6
New Y ork & New Jersey Tel. C o . . . 7
7
7 7
7
7
7
Pacific Tel. & Tel. pref. stock (consol. 1907; compare V. 84, p, 163).
6z
Pennsylvania Telephone C o_________ 5
6. .
6
6
ti
Pioneer Telephone & Telegraph C o . . . .
..
.. 6
6
6
6
Providence Telephone C o___________ 8
8
8 8
8
8
S
R ocky Mountain Bell Telephone C o . 6
6
6 6
6
6
6
Southern Bell Tel. & Teleg. Co.
(See Investm ’ t News D ept.) . .
6
O
Southern New England Tel. C o ____ 6
6
6 6
6
6
6
Western Electric (Manufacturing) C o. 8
8
yS 8
8
8
8
Western Tel. & Teleg. Co. ( p r e f.).. . . 4
4 4y&
5
5
5
y The Western Electric Co. on March 10 1903 paid an extra stock dividend o
20% (V ..76 , p. 439).
z The Pacific Telephone k Telegraph Co. was formed by consolidation in January
1907, and beginning in April last has paid regular quarterly dividends at the rate
o f 6 % per annum, and this rate Is expected to be continued.
N ote.— The foregoing list does not Include all the subsidiary com panies that are
making distributions to their shareholders, though It does embrace the more im ­
portant outside of those controlled jointly with the W estern Telephone & Telegraph
Co. (Itself controlled by the American Telephone & Telegraph C o.).

Compare annual reports in V . 84, p. 1483 to 1487, and .
Y . 85, p. 36 to 39.
Pittsburgh Brew ing Com pany.
(Report for Fiscal Year ending Oct. 27 1907.)
The earnings for four years compare as follows:
1906-07.
943 ,695
Sales (N o . o f barrels) . .
G ross e a r n i n g s ------------- . $ 6 ,9 4 1 ,4 9 9
4 ,7 1 0 ,1 6 8
E x p e n se s --------------------- .

190 5-0 6.
930 ,6 0 4
$ 6 ,494,49!)
4 ,1 9 0 ,3 6 0

1 90 4-0 5.
8 06 ,778
$ 5 ,4 6 0 ,9 9 8
3 ,6 6 6 ,0 9 7

190 3-0 4.
801,161
$5 ,’4 4 0 ,1 0 6
3 ,8 3 5 ,5 2 4

N et ea rn in g s ________ . $ 2 ,2 3 1 ,3 3 1
D ed u c t—
$379,140
I n t e r e s t _______ ______ 427 ,0 0 2
P re f. d iv id e n d s (7 % ) . .
298 ,109
C o m . d iv id e n d s (5 % ) . .
654,772
T a x e s and d e p r e c ia tio n

$2 ,3 0 4 ,1 3 9

$1,7 9 4 ,9 0 1

$ 1 ,6 0 4 ,5 8 2

$37 9,14 0
427 ,002
298 ,108
68 8 ,2 6 3

$379,140
4 27 ,002
298 ,105
391 ,415

$37 9,14 0
4 2 7 .0 0 3
2 98 .107
3 20 ,0 0 0

T o t a l ________________ . $ 1 ,7 5 9 ,0 2 3
$47 2,30 8
S u r p l u s ____ __________
3 ,6 1 2 ,9 2 5
P r e v io u s s u r p lu s _______ .

$ 1 ,7 9 2 ,5 1 3
$5 1 1,62 6
3 ,1 0 1 ,3 0 0

$ 1 ,4 9 5 ,6 6 5
$29 9,23 5
2 ,8 0 2 ,0 6 6

$ 1 ,4 2 4 ,2 5 0
$180,332
2 ,6 2 1 ,7 3 4

T o t a l s u r p l u s . . . ...........$ 4 ,0 8 5 ,2 3 3

$ 3 ,6 1 2 ,9 2 6

$ 3 ,1 0 1 ,3 0 1

$ 2 ,8 0 2 ,0 6 6

B A L A N C E SH EET OCTOBER 28.
1907.
1906.
1
1907.
$
S
| Liabilities—
$
Assets—18,429,521 18,271.532 |B on ds. .................... 6,319,000
Plant & equit’ p
671,650 1,065,0421Preferred s t o c k .. . 6,100,100
C a sh __________
Bills rec. & m tges. 2,018,782 1,380,7181Common s t o c k ___ 5.962,250
657,9321Due for m dse_____
89,635
A ccts. rece iva b le ..
646,235
|Premium account.
77,190
Construction accts.
90,2861Res.forState tax& e
59,197
Imp. at brew’s . .
86.386
620,171
583,5931Accrued Interest on
Brewery lnvent’ les
27,385| bonds, 4 months
126,380
Gen. office lnv’ tory
28,952
252,259|Undlvlded profits. 4,085,234
Sinking fund a cct.
317,289
I
T o t a l................... 22,818.986 22,328,747 j T o ta l.....................22,818,986
N ote.— Unsold stocks and bonds In treasury: $181,000 bonds o f the
authorized; 7,998 shares preferred stock (par $50), or $399,900 o f the
authorized; 10,755 shares com m on stock (par $50). or $537,750 of the
authorized.— V . 85, p. 1212.

1906.
$
6,319,000
6 100,100
5,962,250
70,200
77,190
60.701

,

126.380
3,612,926
22,328,747
$6,500,000
$6,500,000
$6,500,000

Keystone Telephone Company of Philadelphia.
(Report for Fiscal Year ending June 30 1907.)
President N. T . Fowler, under date of Philadelphia, O ct.
22 1 9 0 7 ,says:
S co p e o f R ep ort— In th is s e c o n d a n n u a l re p o rt o f th e p re s e n t m a n a g e ­
m e n t, It has b e e n d e e m e d a d v is a b le t o tre a t th e K e y s to n e T e le p h o n e C o.
a n d th e c o m p a n ie s o w n e d b y It as o n e p r o p e r t y .
I m p rovem en ts.— A large a m o u n t o f d e v e lo p m e n t w o rk has been a c c o m p llh e d d u r in g th e y e a r , in v o lv in g h e a v y e x p e n d itu r e s . A n e w line w as
c o n s tr u c te d fro m C a m d en t o C ape M a y , t w o c ircu its p u t in o p e r a tio n a n d a
c o m p le te c o n d u it system esta b lish e d In th e la tte r c it y .
F ive a d d itio n a l
c ircu its w ere o p e n e d b e tw e e n P h ila d e lp h ia a n d A t la n t ic C it y , req u irin g
100 ,000 lb s. o f c o p p e r w ir e . T h is re lie v e d co n g e s tio n o n th is line a n d
g r e a tly fa c ilita te d business b e tw e e n A t la n t ic C ity a n d K e y s to n e p o in ts in
P e n n s y lv a n ia , N ew J ersey a n d M a r y la n d . T h e e x c h a n g e s o f th e system
h a v e be e n Increased t o t w e n t y , e ig h t o f w h ich are o w n e d o u tr ig h t a n d tw elve
are In leased b u ild in g s . T h e s w ltc h b o rd fa cilitie s h a ve been g r e a tly e n ­
larged . T h e Installed c a p a c it y o f th e lines In P h ila d elp h ia has been Increased
t o 2 1 ,100- th e lines o f th e s u b u rb a n e x c h a n g e s In P e n n s y lv a n ia t o 1 ,4 0 0 ;
th e lines o f th e C a m d e n e x c h a n g e t o 2 ,5 0 0 , a n d th e lin es o f th e su b u rb a n
e x c h a n g e s In N ew Jersey t o 900 , o r a to ta l o f 3 5 ,900 lines.
Large a d d itio n s h a v e been m a d e t o th e c o n d u its a n d c a b le s . T h e K e y ­
sto n e sy ste m n ow has 1 2 ,2 0 0 ,0 0 0 d u c t feet o f c o n d u its lc c a t e d In o v e r
300 m iles o f c it y stre e ts.
In these c o n d u its are Installed 2 ,8 4 0 ,0 0 0 feet o f
te le p h o n e c a b le . T h e re are n o w 330 m iles o f to ll line a n d o v e r 2 ,7 0 0 m iles o f
t o ll c ir c u it.
.
„ . ...
O n Ju n e 3 0 ,2 7 ,1 0 0 te le p h o n e s w ere In s e r v ic e ,a n Increase o f 3 ,0 0 0 o v e r
th e sam e p e rio d o f last y e a r .
[On S e p t. 30 1907 o v e r 2 8 ,0 0 0 telep h on es
w ere In s e iv lc e .)
In b r ie f, d u r in g the p a st fiscal y e a r th e n u m b er o i te le ­
p h o n e s has be e n Increased 1 5 % , th e n u m b e r o f fe e t o f co n d u its o v e r - o o,
th e n u m b e r o f feet-.of c a b le 1 0 % , sw itc h b o a r d c a p a c it y 2 0 % and to ll line
c ircu its 1 5 % . ..............................

Nov. 30 1907.]

F u n d ed D eb t.— O w in g t o th e fin a n cia l s trin g e n cy e x is te n t d u r in g th e p ast
y e a r , It w as fo u n d d iffic u lt fo r th e c o m p a n y t o se cu re , th r o u g h ti.e a d v a n ­
ta geou s sale o f its b o n d s , r e a d y m o n e y w ith w h ich t o c a rry o n th e im p r o v e ­
m en ts referred t o a b o v e .
I t w as th e re fo re d e c id e d to issue $ 6 0 0,00 0 3 -y e a r
6 % c olla tera l tru st g o ld n o te s , secu red b y $72 0,00 0 first m o r tg a g e 5 % b o n d s
o f th e K e y s to n e T e le p h o n e C o . o f P h ila d e lp h ia .
(See V . 8 4 , p . 870, 999)
D u rin g th e y e a r th e a m o u n t o f 1st M . 5 % b o n d s o u ts ta n d in g w as in crea sed
b y $ 2 1 0 ,0 0 0 , th e t o t a l o n Ju n e 30 1907 b e in g $ 4 ,4 8 5 ,0 0 0 .
T h e 6 % co lla te ra l
tru st b on d s o f 1906 h a v e b e e n re d u c e d b y $3 0 ,0 0 0 , le a v in g $27 0,00 0 o u ts t a n d ­
in g Ju n e 30 la st.
R eserve F u n d .— T h e fu n d fo r re n e w a ls w as in crea sed b y th e a d d it io n o f
$ 1 0 0 ,3 4 6 .
T h e a c c u m u la te d reserve o n Ju n e 30 a g rg e g a te d $27 1 ,8 2 2 .
C O M B IN E D P R O F IT A N D L O S S A C C O U N T F O R Y E A R E N D IN G
J U N E 30.
[K e y s t o n e T e le p h o n e C o . o f P h ila d e lp h ia , th e K e y s to n e T e le p h o n e C o.
(o f N ew J e r s e y ), th e K e y s to n e S ta te T e le p h o n e & T e le g ra p h C o . an d th e
E a stern T e le p h o n e & T e le g ra p h C o .]
1907.
1906.
G ross e a r n in g s ________________________________________
$ 9 9 5,75 2
a$8 3 0 ,0 4 9
O p e ra tin g an d m a in te n a n ce ch a rg e s, in clu d in g ta x e s
a n d p ro v is io n fo r d o u b tfu l a c c o u n t s ______________
5 2 2 ,0 3 6
4 58 ,955
N e t e a rn in g s____________ _________.'___________
R e serv es fo r re n e w a ls-------------: ______________
In terest c h a r g e s ________________ _______________

$473,716
$10 0,34 6
265 ,630

$37 1,09 4
$79 ,6 4 3
214 ,233

N et p r o fit fo r th e y e a r .
Surplus o f p r e v io u s y e a r . .

$107,740
423 ,361

$77,218
346 ,143

T o ta l surplus en d o f y e a r .

$53 1,10 1

$423,361

a A s th e E a stern C o m p a n y w as n o t ta k e n o v e r u n til A p r il 190 6, its in ­
c o m e fo r the last q u a rte r o f th e y e a r o n ly is In clu d e d .
C O M BIN ED B A L A N C E SH EET J U N E 30.
(Keystone Telephone Co. of Philadelphia, The K eystone Telephone Co. of New
Jersey, the K eystone State Telephone & Telegraph Co. and the Eastern Telephone
& Telegraph C o.)
1907.
1906.
1
1907.
1906.
Assets—
$
$
j Liabilities—
$
$
Cost of property,
|Cap. stk. K .T .C o .o f N .J.—
Including stocks.12,816,417 12,230,560
Preferred, 6 % . _ 1,936,850 1,936,850
Materials & s u p p ..
130,022
105,814! C o m m o n ______ 5,000,000 5,000,000
C a s h _____________
454,732
144,7521B d s .(l) K .T .C o .o f
Accounts & notes
1
Phila—
r e c e iv a b le _____
122,649
86,085|
1st M . 5% b d s .. 4,485,000 4,275,000
Renewal res. fund
76,442
62,7251 1st M . 6 % coll.
Accrued a ssets..
40,913
31,573 j
trust b o n d s . .
270,000
297,000
| 3-yr. 6 % coll. tr.
I
n o te s_________
600,000
______
| (2 )E .T .& T .ls t5 s
250,000
250,000
|Acets. payable,res.
I & other current
i
liab ilities____
296,402
311,882
IRenewal rese rv e ..
271,822
171,476
ISurplus___________
531,101
419,302
T otal....... ............ 13,641,175 12,661,5091 T otal...................1 3 ,6 4 1 ,1 7 5 12,661,500
— V . 85, p. 407.

International T ext Book Co. of Scranton, Pa.
(Report for Fiscal Year ending M ay 31 1907.)
The rep ort,da ted June 24 1907,but on ly recently received
b y the “ Chronicle,” says:
T h e gross ea rn in g s fro m a ll d e p a r t m e n t s o f th e b u sin e ss are $ 5 ,7 2 9 ,4 9 7 ,
w h ic h Is $ 8 7 3,63 3 m o re th a n th e y w ere la st y e a r , an in c re a s e o f 1 8 %
T h e n et p r o fit , a fte r a llo w in g fo r d e p r e c ia t io n , & c ., Is $ 1 ,1 1 0 ,6 3 8 , w h ic h is
$ 3 3 7,97 2 m ore th a n last y e a r , an Increase o f 4 3 % .
T h e net p r o fit, ad d ed
t o su rp lu s, th is y e a r , a fte r p r o v id in g fo r Interest a n d d iv id e n d Item s, Is
$ 6 5 4 ,0 6 1 , w h ich Is $344,141 m o re th a n last y e a r , an Increase o f 1 1 1 % .
T h e su rplu s a t th e b e g in n in g o f th e fisca l y e a r w as $ 2 ,6 9 7 ,2 7 1 ; a t th e
close o f th e y e a r , a fte r a d d in g th e pre m iu m p aid b y su b scrib ers fo r ca p ita l
s t o c k , th e p ro fits in e x c e s s o f Interest a n d d iv id e n d c h a rg e s, a n d a fte r
p a y in g a s p ecia l d iv id e n d o f $ 1 ,0 0 0 ,0 0 0 , it Is $ 2 ,5 4 2 ,9 8 7 , o r o n ly $154,284
less th a n lt w as b e fo r e th e d iv id e n d w a s p a id .
T h e o u t s ta n d in g sch o la rsh ip b a la n c e s a t the clo se o f business fo r the fiscal
y e a r a m o u n te d t o $ 3 ,9 0 2 ,4 5 8 : last y e a r , a t th e close o f bu sin ess fo r th e fiscal
y e a r , It w as $ 3 ,2 4 2 ,7 9 4 , s h o w in g a n Increase th is y e a r o f $ 6 5 9 ,6 6 4 , o r 2 0 % .
T h e gross v a lu e o f s ch o la rsh ip s sold th is y e a r is $ 8 ,5 0 0 ,6 2 4 , w h ic h Is $1,625 ,795 m ore th a n la st y e a r , o r an In ciea se o f 23 % . T h e t o t a l n u m b e r o f s c h o l­
arsh ips sold In a ll d e p a rtm e n ts th is y e a r , w as 1 1 5 ,5 5 0 , w h ic h is 12,016
m ore th a n It w as last y e a r, an Increase o f 1 2 % .
T h e a v e ra g e selling p rice
p e r sch ola rsh ip th is y e a r w as $73 7 0 ; la st y e a r it w a s $66 5 0 .
R E S U L T S F O R Y E A R S E N D I N G M A Y 31.
190 6-0 7.
190 5-0 6.
$ 4 ,8 5 5 ,8 6 4
G ross e a r n in g s ________________________________________ $ 5 ,7 2 9 ,4 9 7
O p e ra tin g e x p e n s e s ._________________________________
4 ,6 1 8 ,8 5 8
4 ,0 8 3 ,1 9 7
N et e a r n in g s ..,________________________________
I n terest a n d d iv id e n d s _________________________

$ 1 ,1 1 0 ,6 3 9
654,061

$772,667
309 ,9 2 0

B a la n ce , s u r p lu s _____________________________

*$4 5 6 ,5 7 8

$46 2,74 7

*T h e
su rplu s
c a p ita l
ch a rg ed
b a la n c e

p rofit an d loss su rplu s M a y 31 1906 w as $ 2 ,6 9 7 ,2 7 1 ; a d d in g th e
o f the late y e a r , $45 6 ,5 7 8 , a n d "p r e m iu m s paid b y s u b s c r lb e is fo r
s t o c k ,” $ 3 8 9 ,1 3 8 ,m ak es a to ta l o f $ 3 ,5 4 2 ,9 8 7 ; a g a in st w h ich w as
a " s p e c ia l d i v i d e n d ” o f $ 1 ,0 0 0 ,0 0 0 , le a v in g a to ta l su rp lu s as p er
sheet M a y 31 1907 o f $ 2 ,5 4 2 ,9 8 7 .
B A L A N C E SH EET M A Y 31.
1907.
1906.
1907.
1906.
Assets—
$
$
Liabilities—
S
Real estate & bldgs. . 728,685
690,608 Capital stock (auth.)
Plates of publications 1,293,001 1,176,983
Furniture & m ach__ 275,332
252,189
84, p. 62 8 )______ 5,898,300 4,000,000
T ext-book, supp., &c 366,674
322,994 1st M. 5% bds of Col­
A g cy. establishment- 376,496
430,001
liery Engineer Co.
Accts. receivable__ 4,133,919 3,326,540
— V. 79, p. 2 7 9 9 .. 299,000
309,000
Stock of other cos __
343,673
342,673 Accounts p a y a b le .. . 277,942
232,054
Sinking f u n d ............. 146,384
104,833 I Surplus (excess of asCash Items__________1,354,065
591,504
sets over liablls.K .2,542,987 2,697,271

S

$10,000,000—V.

T otal-------------------- 9,018,229 7.238,325
— V . 84, p. 1555.

T otal......................... 9.018,229 7,238,325

Granby Consolidated M ining, Smelting & Pow er C o., L td .
(Report for Fiscal Year ending June 30 1907.)
President J. Langeloth, under date of New Y ork , Sept. 24
1907,
says:
G eneral R esu lts.— T h e o p e r a tio n s o f th e y e a r sh ow a co n s id e r a b le fa llin g
o ff In spite o f th e fa c t th a t th e m in es w ere p re p a re d t o fu rn ish a m u c h
larger to n n a g e and th e sm elter w as fu lly e q u ip p e d t o h an dle th e sam e.
T h is Is d u e t o th e g reat sh o rta g e o f fuel th r o u g h o u t th e W e s t in th e p a s t
year.
In th e B ritish C o lu m b ia c o a l fie ld s, w h e n ce o u r s u p p ly o f fu el Is
d r a w n , th ere w ere t w o strik es, r e s u ltin g in th e p r o d u c t io n o f c o k e be in g
se riou sly Interfered w ith .
In o r d e r t o re lieve th e s itu a tio n t e m p o r a r ily ,
c o n t r a c ts w ere m a d e last O c t o b e r fo r a b o u t 20,0 0 0 to n s o f E a stern c o k e ,
w h ich en ta iled an e x t r a e x p e n d itu r e o f n e a rly $ 1 0 0 ,0 0 0 , b u t la te r In th e
season even these su pplies w ere s to p p e d on a c c o u n t o f th e r a ilr o a d s b e in g
u n a b le t o m ak e d eliv e rie s.
A ll these circu m s ta n ce s In terfered s eriou sly
w ith th e o p e r a tio n s o f the p la n t, an d the c o s t o f m in in g , a n d e s p e cia lly o f
sm e ltin g , Increased c o n s id e r a b ly .
T h e eigh t large fu rn a ce s c o u ld b e o p ­
erated o n ly In te r m itte n tly , an d d u rin g th e m o n th o f M ay b o th m in es an d
sm elters h ad t o b e c lo s e d d o w n fo r w a n t o f fu e l.
It w as e s tim a ted at th e b e g in n in g o f th e y e a r th a t th e p r o d u c t io n co u ld
b e in crea sed t o a b o u t 2 5 ,0 0 0 ,0 0 0 lbs.
In stead o f this o n ly 1 6 .4 0 3 ,7 4 9 lbs.
o f c o p p e r w ere p r o d u c e d , o r a b o u t 3 ,2 5 0 ,0 0 0 lb s . less th a n th e p r e v io u s y e a r .
In spite o f all these a d v e rs e c o n d it io n s , th e net p ro fits are s o m e w h a t higher.
T h e c o s t p e r p o u n d o f c o p p e r p r o d u c e d , a fte r d e d u c t in g th e va lu e o f g o ld
an d silv e r , w as .1014 d u r in g th e p ast y e a r , a g a in st o n ly .0835 In th e p r e ­
c e d in g y e a r .
I f th e m in es a n d p la n ts are o p e r a te d t o th e ir fu ll c a p a c it y ,
lo w e r co s ts ca n again be c o n fid e n tly e x p e c t e d .
A t th e sm e lte r th e e ig h t




1399

THE CHRONICLE

fu rn a ce s are n o w In shape t o h a n d le o v e r o n e m illio n to n s o f ore p e r y e a r ,
w h ich sh o u ld p r o d u c e in th e n e ig h b o r h o o d o f 3 0 ,0 0 0 ,0 0 0 lb s. o f c o p p e r
per ann um .
Im provem en ts and A d d itio n s .— A m o n g th e m o s t im p o rta n t n ew w o rk a t
th e m in es w as th e sin k in g o f th e n e w V ic t o r ia 3 c o m p a r tm e n t sh a ft; a c o m ­
p le te e le ctr ic -h a u lin g system is b e in g in s ta lle d o n th e 4 0 0 -ft. le v e l.
I t is
e s tim a te d t o h o is t an d crush 2,0 0 0 to n s o f ore d a ily at th is sh a ft alon e.
T h e G o ld D ro p an d M o n arch p r o p e r tie s , a c q u ir e d a b o u t t w o yea rs a g o ,
h a v e been d e v e lo p e d v ig o r o u s ly an d h a v e p r o v e d v a lu a b le a d d itio n s .
L a rg e q u a n titie s o f ore are In s ig h t, a n d th e m in es are p re p a re d t o p r o d u c e
p r a c t ic a lly a n y to n n a g e th a t ca n b e tr a n s p o rte d t o th e sm e lte r, w h ere th e
en tire e ig h t fu rn a ce s h a ve be e n e n la r g e d , a n d h a v e n o w a m a x im u m
c a p a c it y o f a b o u t 3,500 to n s p e r tw e n ty -fo u r h ou rs.
A c o n t r a c t o n fa v o r a b le te rm s has b e e n m a d e w ith th e S o u th K o o te n a y
P o w e r C o . fo r th e s u p p ly o f e le c t r ic it y .
T h e p la n t has be e n c o m p le t e d ,
an d p o w e r in a b u n d a n c e is n o w b e in g fu rn is h e d .
.
F o r th e p u r p o s e o f se cu rin g reg u la r su p p lies o f c o k e a c o n s id e r a b le i n ­
terest w as a cq u ire d in th e C r o w ’ s N e st P ass C oal C o ., L im it e d , fro m w h ich
o u r m a in s u p p ly o f fu e l is se c u r e d , a n d V ic e -P r e s id e n t a n d G eneral M an ager
J a y P . G ra ves has b e e n e le cte d a m e m b e r o f th e b o a r d o f d ir e cto r s o f said
com pany.
C o n sid e rin g th e large qu a n titie s o f o re d e v e l o p e d , th e b o a r d fe els ju stified
in co n tin u in g t o p r o v id e a larger sm e ltin g c a p a c it y , b u t im p r o v e m e n ts o f
th is k in d ta k e m u c h tim e .
S to c k .— T h e a b o v e -m e n tio n e d e x p e n d itu r e s a lr e a d y m a d e m a y m a k e lt
a d v is a b le in th e near fu tu re t o issue th e tre a su ry s to c k o f 15.0 0 0 shares o f
th e p a r v a lu e o f $100 e a c h , in w h ich e v e n t th e sam e w ill be o ffered t o th e
s to c k h o ld e r s p ro r a t a t o th eir h o ld in g s , o n te rm s s till t o be d e c id e d u p o n
b y th e b o a r d .
D u rin g th e y e a r th e shares o f th e c o m p a n y w ere c o n v e r t e d in to $100 shares
p a r v a lu e b y e x c h a n g in g 10 shares o f $10 e a ch Into o n e share o f $100.
F o u r regu lar q u a rte rly d iv id e n d s o f 2 % each an d 1 % e x t r a , in all 12 % ,
h a v e b e e n d e cla re d d u rin g th e p a s t y e a r , a m o u n tin g t o $ 1 ,6 2 0 ,0 0 0 .
R ESU LTS FOR
Y E A R S E N D I N G J U N E 30.
1 90 6-0 7.
1 90 5-0 6.
G ross in c o m e fro m sa le s___________________________ a $ 4 ,5 2 1 ,5 4 9
$ 4 ,7 5 1 ,0 5 9
W o r k in g e xp en ses at m in es an d sm e lte r, fre ig h t,
re fin in g , selling an d gen eral e x p e n s e s _________ 2 ,4 4 2 ,4 5 6
2 ,6 9 7 ,1 6 5
F o re ig n ores p u r c h a s e d _____________________________
154 ,156
230 ,2 7 7
T o t a l e x p e n s e s _________________________ __________ $ 2 ,5 9 6 ,6 1 2
N e t p r o f it ____________________________________________ $ 1 ,9 2 4 ,9 3 7
D ed u ct—
„
$76 ,9 1 8
E x p lo r a tio n e xp en ses an d b o n u s t o e m p lo y e e s ___
D iv id e n d s p a i d _________________________________ (12 % ) 1 .620,000

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

T o ta l d e d u c t io n s _________________________________ $ 1 ,6 9 6 ,9 1 8
Surplus fo r y e a r o v e r d iv id e n d s ____________________
$ 2 2 8,01 9
Surplus ca rried o v e r fro m p r e v io u s y e a r __________ 2 ,5 4 7 ,7 3 9

$ 8 3 0 ,7 5 3
$ 9 9 2,86 4
1 ,5 5 4 ,8 7 5

T o ta l n e t surplus Jun e 3 0 _______________________ $ 2 ,7 7 5 ,7 5 8

$ 2 0 ,7 5 3
(6)8 1 0 ,0 0 0

$ 2 ,5 4 7 ,7 3 9

a In clu d es 1 6 ,4 1 0 ,5 7 6 lb s. c o p p e r fine at an av era g e o f $ 0 .2 2 2 1 ; 2 5 7 ,3 7 8
ozs. silver fine at an a vera ge o f $ 0 ,6 7 9 ; 35,083 ozs. g o ld fine at an av era g e
o f $20.
T h ere w as e x p e n d e d In th e last fiscal y e a r In n ew co n s tr u c tio n , e q u ip m e n t
a t the m in es a n d sm elter. $ 3 1 7 ,6 7 8 ; fo r a d d itio n a l m in in g p ro p e rtie s,
$ 68 ,164 ; t o ta l, $ 3 8 5 ,8 4 2 . A ll d e v e lo p m e n t w o rk , ren ew als an d repairs
h a ve b een ch a rg ed to w o rk in g ,e x p e n se s.
M ine d e v e lo p m e n t, 9,7 0 1 lin ea l
fe e t; d ia m o n d d rill d e v e lo p m e n t, 7,279 lineal fe e t.
G ra n b y ore sm e lte d , 649 ,022 d r y to n s; fo re ig n ore sm e lte d , 1 6 ,893 d r y
to n s.
N et co st p e r lb . o f c o p p e r , a fter d e d u ctin g v a lu e o f g o ld an d silv e r.
$ 0 .1 0 1 4 .
B A L A N C E S H E E T J U N E 90.
1907.
1906
|
1907.
1906.
Assets—
$
$
| Liabilities—
|
$
Real estate,m achy.,
|Capital stock iss d . 13,500,000 13,500.000
bldgs.&equip’t .15,180,914 14,895,0441 Accounts a n d b ills
783,766
102,467
Stocks, bonds and
| payable...............
bills receivable.
895,675
45,429 |Divs. coll. on ilqulCash&eop’r on h ’d
853,281 1,023,834| dator shares____
884
1,436
Fuel and store sup.
130,537
187,3351Surplus_____ ______ 2,775,758 2,647,739
Total......... .......... 17,060,406 16,151,642]
— V. 85, p. 403.
B a to p ila s

T otal.......... .......... 17,060,406 16,161,642

M in in g

C om pany.

0Official Statement of M ay 1 1907.)
T h e f o llo w in g d a t a w e r e fu r n is h e d t o th e N e w Y o r k S t o c k
E x c h a n g e in c o n n e c t io n w it h t h e p la c in g
in t h e u n lis t e d
d e p a r t m e n t o f $8,925,360
(446,268 s h a r e s , p a r $20) o f
c a p it a l s t o c k is s u e d in c o n v e r s io n o f c e r t ific a t e s o f a n t e ­
c e d e n t c o m p a n ie s .
T h e b a l a n c e , $13,900, o f t h e c a p i t a l
s t o c k is t o b e is s u e d o n n o t ic e o f c o n v e r s io n o f c e r t ific a t e s
o f a n te c e d e n t c o m p a n ie s .
N
T o t a l a u th o r iz e d ca p ita l s t o c k $ 9 ,0 0 0 ,0 0 0 , all o f w h ic h is fu lly p a id a n d
n o n -a sse ssa b le . P a r v a lu e $20 p e r sh are.
T h e c o m p a n y w as I n c o r p o r a te d
O c t . 13 1887 b y a c o n s o lid a tio n o f .s lx c o m p a n ie s , v iz .;
C a p ita l S to ck . |
C a p ita l S tock .
C o n s o lid a te d B a to p ila s Sll|C a m u ch ln C o n s o lid a te d Sli­
v e r M in in g C o .......... . .. $ 3 ,0 0 0 ,0 0 0 1
v e r M in in g C o . . ..............$ 1 ,0 0 0 ,0 0 0
N e w G lral S ilv e r M in . C o .
5 0 ,0 0 0 |V a le n z u e la C o n so l. S ilv e r
D e s c u b rld o r a C o n s o lid a te d
j
M in in g C o _______________ 1 ,0 0 0 ,0 0 0
S liv e r M in in g C o ----------- 3,000,0001 A n im a s S ilv e r M in in g C o . 1 ,0 0 0 ,0 0 0
A n a g g r e g a te o f $ 5 ,1 7 5 ,0 0 0 o f th e c a p it a l s t o c k w as Issued In c o n v e r s io n
o f t h e s t o c k s o f said m e rg e d c o m p a n ie s .
T h e c o r p o r a t io n b e g a n bu sin ess In 1887 and p u r c h a s e d all th e p r o p e r tie s
o f th e fo llo w in g c o m p a n ie s :
C a p ita l S to ck . I
C a p tla l S to c k .
C o n s o lid a te d R o n ce s v a lle s
! P e n a s q u lto S liv e r M in . C o .$ l ,0 00,000
S ilv e r M in in g C o _______
$50 0,00 0 |C o n s o la c lo n S ilv e r M lnS a n ta M arla S ilv e r M in . C o. 1 ,0 0 0 ,0 0 0 !
in g C o ___________________
5 0 0 ,0 0
T h o c o r p o r a t io n also p u rch a s e d th e m in e s, p r o p e r tie s , & c ., o f th e C h arcas
s y n d ic a t e fro m G e o rg e YV. Q u in ta rd . as tr u s te e , a n d th e m in es a n d p r o p e r ­
tie s k n o w n as ‘ ‘ B a llln a s ” et al fro m A le x a n d e r R . S h e p h e r d , a t an a g g re g a te
c o s t o f $ 1 ,9 5 0 ,0 0 0 .
N o d iv id e n d s h a v e been p a id o n th e s t o c k o f th e c o m ­
p a n y sin ce th e c o n s o lid a tio n In O c t o b e r 1887.
T h e su rplu s has all been
d e v o t e d t o a d d it io n s t o o u r v a rio u s p la n ts and e q u ip m e n t; b u t p r io r t o
c o n s o lid a tio n a b o u t $ 1 ,0 0 0 ,0 0 0 w as p a id In d iv id e n d s b y a n t e c e d e n t c o m ­
p a n ie s .
D u r in g 1906 th e c o m p a n y p a id o ff all Its flo a tin g d e b t , n o d e b t
re m a in in g e x c e p t c u r r e n t a c c o u n t s and b o n d s re fe rre d t o b e lo w .
I t a lso
a c c u m u la t e d a ca sh su rplu s t o Ja n . 1 1907 o f $1 4 0 ,0 0 0 U . S. c u r r e n c y ,
m o s t o f w h ic h Is o n d e p o s it In b a n k In M e x ico d r a w in g Interest a t 6 %
per ann um .
T h e c o m p a n y has an a u th o r iz e d Issue o f $ 1 ,0 0 0 ,0 0 0 first m o r tg a g e 6 %
g o ld b o n d s , d a t e d D e c . 1 1887 (In terest p a y a b le Ju n e 1 a n d D e c . 1 ) , se c u r e d
b y a m o r tg a g e t o th e K n ic k e r b o c k e r T ru s t C o. o f N e w Y o r k , as tr u s te e ,
c o v e r in g all th e p r o p e r t y a c q u ir e d an d t o be a c q u ir e d : $4 5 9 ,7 0 0 b o n d s are
o u ts ta n d in g .
P r io r t o th e ir o rig in a l m a t u r it y (D e c . 1 1902) th ese b o n d s
w e re e x t e n d e d u n til D e c . 1 1907 an d o v e r 75 % o f th e h o ld e rs h a v e a lr e a d y
fu r th e r e x t e n d e d th e ir b o n d s t o D e c . 1 191 7, w ith th e p r o v is io n th a t 1 0 %
o f t h e b o n d s ($ 4 5 ,9 0 0 ) sh all b e re tire d ea ch y e a r , b e g in n in g in 1908.
T h e p r o p e r t y Is s itu a te d aro u n d th e to w n o f B a to p ila s in th e A n d re s d e l
R i o m in in g d is t r ic t . In t h e e n tre m e so u th w e s te rn c o r n e r o f th e S ta te o f
C h ih u a h u a , M e x ic o .
I t Is n o w re a c h e d in th re e d a y s ’ jo u r n e y b y m u ls
o v e r a g o o d tra il r u n n in g s o u th fro m th e s ta tio n o f A g u a t o s , o n t h e K a n sa s
C ity M e x ic o & O rie n t R R . , an d as t h e railro a d pro gre sse s this d is ta n c e b y
m u le tr a v e l w ill b e r e d u c e d .
T h e to w n o f B a to p ila s has g ro w n fro m a
p o p u la t io n o f 300 In 1880 t o 5 ,0 0 0 In 1906.
A c o n c e s s io n fro m t h e M e x ica n G o v e rn m e n t w as trranted A p ril 12 1886
t o A le x a n d e r R . S h e p h e rd fo r 20 y e a r s , c o v e r in g 61 sq u a re m iles o f th e
r ich e s t m in e ra l d is tric t in an d a b o u t B a to p ila s , to g e t h e r w ith a ll th e w a te r
rig h ts o f t h e B a to p ila s R iv e r .
T h is c o n c e s s io n w as a ssig n ed t o th e c o m ­
p a n y a n d w a s re n e w e d in 1906 u n til M ay 31 1916 and c o n fir m e d b y th e
M e x ica n C on gress.
T h e c o m p a n y Is re q u ire d t o p u rch a s e o u tr ig h t at least
100 h e cta re s (240 acres) p e r an n u m .
L a st y e a r th e c o m p a n y p u rch a s e d
353 h e cta re s (8 4 7 .acre s o f m in in g c la im s ) , an d Its p o lic y w ill b e t o c o n tin u e

1400

THE CHRONICLE.

la r g e p u rch a ses d u r in g t h e c o n t in u a n c e o f th e c o n c e s s io n , so th a t It w ill
o b t a in in fe e sim p le all t h e m in e ra l t e r r it o r y it d esires b e fo r e th e e x p ir a t io n
o f th e c o n c e s s io n in 1916.
T h e n a t iv e s ilv er d is t r ic t is a b o u t 6 m ile s b y 2 , an d c o n t a in s a ll th e p r in ­
c ip a l m in es o f th e c o m p a n y w h ic h are in c lu d e d in t h e fiv e g ro u p s o f m in in g
c la im s ta k en u p in 1906, a n d are as fo llo w s : T o d o s S a n to s , a b o u t 269
a c r e s , a n d B a llin a s, a b o u t 240 a c r e s , b o t h lo c a te d a b o v e t h e P o r fir io D ia z
t u n n e l; San M ig u e l, a b o u t 146 a cre s ; C a m u ch ln , a b o u t 115 a c r e s , a n d
D e s c u b r ld o r a , a b o u t 77 a c r e s , o r an a g g re g a te o f 847 a c r e s .
O u tsid e o f
th is th ere are m a n y v e in s g iv in g g o o d assays o f g o ld an d s liv e r.
T h e w h o le
d is t r ic t Is rem a rk a b le fo r th e g reat n u m b e r o f v e in s , th re a d s a n d fra ctu r e d
z o n e s . T h e p rin c ip a l m in es are o n silv e r -b e a r in g v e in s in w h ic h th e m e t a l
o c c u r s , w it h c a lc it e in a m e ta llic fo r m a n d t o a sm a lle r e x t e n t as s ilv e r
s u lp h id es.
F o r th e la st t w o y e a r s t h e an n u a l p r o d u c t io n has b e e n o v e r $80 0 ,0 0 0
U . S . c u r r e n c y , th e a n n u al to n n a g e 3 5 ,000 t o n s , an d th e n u m b e r o f e m ­
p lo y e e s , in c lu d in g a ll b ra n ch e s o f th e bu sin ess, n u m b e r e d o v e r 800 m e n .
F o r th e p a s t liv e y e a rs all c o s t o f m a in tu n n e ls , m ain s h a fts a n d d e v e lo p ­
m en ts h a v e b een c h a r g e d t o m in e e x p e n s e s a n d n o t t o c a p ita l a c c o u n t .
M o s t o f th e b u ild in g s are s o lid m a s o n r y .
T h e to ta l c o s t o f th e s u rfa ce im p ro v e m e n ts has be e n w ell o v e r $ 1 ,0 0 0 ,0 0 0 ,
U . S . c u r r e n c y , in c lu d in g ; H a c ie n d a San A n to n io 1 00 -stam p m ill, c o m ­
p le t e , 5 2 5 0 ,0 0 0 ; w a te r-p o w e r (d a m 764 fe e t lo n g an d a q u e d u c t 9 ,9 0 0 fe e t
lo n g , d e v e lo p in g 550 h . p .) , $ 4 9 3 ,0 0 0 ; b r id g e acro ss B a to p ila s , $25 ,0 0 0
H a c ie n d a San M ig u e l, c o v e r in g 13 a cre s , w it h 'c o m p le t e r e d u c t io n a n d s m e lt­
in g p la n ts , o ffic e s , d o r m ito r ie s , & c ., $ 2 7 5 ,0 0 0 .
T h e p la n t is e x c e p t io n a lly c o m p le t e . In asm u ch as all ores are w o rk e d Into
th e fo r m o f fin e b u llio n b e fo r e s h ip m e n t.
T h e c o m p a n y ow n s s o m e 130,000
a cres o f ra n ch an d tim b e r la n d , a n d a s u r v e y Is in p ro g re ss fo r th e e r e c tio n
o f an aerial tr a m w a y 6 m iles lo n g t o b r in g tim b e r fro m c e r ta in o f th ese
la n d s ; also lan d s fo r s ta tio n hou ses an d te rm in a l stores.
T h e M ex ica n G o v e rn m e n t t a x on m in in g title s p e r p e rte n e n cla (m in in g
c la im ) Is $5 (M e x ic a n ); th e c o m p a n y b e in g r e q u ire d t o ta k e u p a t le a s t 100
c la im s p e r a n n u m u n d e r th e co n c e s s io n .
In a d d it io n t o th is th e re Is an
a n n u a l m in in g t a x o f $6 (M e x .) p e r c la im o n th e first 25 c la im s o f a n y
g r o u p a n d $3 (M e x .) p e r cla im o n all cla im s In e x ce ss o f 2 5 , p r o v id e d su ch
cla im s are c o n tig u o u s .
T h e M e x ica n G o v e rn m e n t t a x e s s ilv e r b u llio n 2 H %
a n d s ilv er ores 3 X % . a n d a S ta te t a x o f 1 X % (25 % o f th e la tte r t o th e
G o v e r n m e n t ), b a se d o n gross va lu e s In M e x ica n c u r r e n c y .
G o v e rn m e n t
assays o n b u llio n . $1 50 ( M e x .)t p e r b a r.
S T A T E M E N T O F O P E R A T IO N S A N D E A R N IN G S F O R C A L . Y E A R S
T o t a l m in e w o rk in g s . In f e e t __________
T o t a l o r e to n n a g e _____________________
G ross e a r n in g s _________________________
O p e r a tin g ex p e n s e s ____________________

1906.
2 5 ,472 %
4 1 ,770
$78 2,97 2
406 ,6 9 7

N et e a r n i n g s ____________________
T a x e s a n d b u llio n e x p e n s e s ___ ____

$376,275
44,3 1 0

B a la n ce , n e t _______________ ________
O th e r I n c o m e . l n t .,r e n t s , s to r e s, & c .

$33 1,96 5
35,202

$39 7,22 6
33,678

$8,327

T o t a l I n c o m e ________ . . . . __________
D ed u ct—
G o ld e x p lo r a t io n , m a ln t. & d e p r e c ’n .
I n te r e s t, d is c o u n ts a n d c o m m is s io n s .
In terest on b o n d s ______________________
G en eral ex p en ses N e w Y o r k o f f i c e ___

$36 7,16 7

$43 0,90 4

$ 29 ,5 8 4

$12,983
5,063
27,5 8 2
7;202

$9,776
24 ,758
27,5 8 2
5,002

27,682
6,832

T o t a l d e d u c t io n s a n d c h a r g e s .
S u r p l u s ___________________________

$52 ,830
$31 4,33 7

$67 ,118
$ 3 6 3,78 5

$73 ,369
d e f . $43 ,776

190 5.
1 9 ,5 5 4 ^
3 2 ,4 9 4
$ 8 3 0,48 7
372,621

190 4.
15,412 X
2 8 ,622
$ 2 8 8,12 7
2 58 ,012
$ 30 ,119
21,788
21,257

$7,678
32 ,268

B A L A N C E S H E E T D E C . 31 1906.
A s s e ts ($ 1 0 ,1 7 8 ,1 4 8 ) —
L ia b ilities ($ 1 0 ,1 7 8 ,1 4 8 ) —
M in es, rea l/esta te, c o n s t r ’n ,
C a p ital s t o c k _____________ $ 9 ,0 0 0 ,0 0 0
b e t t e r m ’t s , e q u ip ., & c .$ 9 ,8 4 1 ,8 9 0 F irst M . 6 % g o ld b o n d s . .
4 5 9 ,7 0 0
S t o c k o f B a to p ila s M in . C o.
5 ie
C o u p o n s n o t p r e s e n t e d ___
9,1 0 4 B o n d In terest a c c r u e d ____
(3,0 3 7 s h a r e s ), n e t c o s t .
2,634
M e x ica n G o v ’ t 3 % b o n d s
T a x e s a c c r u e d ____________
3,090
($ 2 5 ,0 0 0 M e x .) ; $5,000
A c c o u n s s p a y a b l e ________
29.290
12,500 D lv ld e a d s d u e s t o c k h o ld ­
d e p o s it e d as g u a r a n t y ).
245
In te re st a c c r u e d ___________
ers a n t e c e d e n t c o m p a ­
93,927
C o n ce n tr a te s o n h a n d ____
n ies __________!_______ . . .
8,9 6 3
1 0 ,258
S u p p lies o n h a n d __________
69 ,417 C o n tin g e n t a c c o u n t s ______
A c c o u n t s r e c e i v a b l e ______
10,631 P r o fit a n d lo ss— s u r p lu s . .
663 .7 0 2
C ash in b a n k s , o n h an d
140 ,434
a n d In tr a n s it___________
D ir e c t o r s — G eorg e W . Q u ln ta rd , P re s id e n t; E d w a rd V . L o e w . V ic e P r e s id e n t; L y n d o n H S te v e n s , S e c o n d V ic e -P r e s id e n t a n d G en eral M an ager;
M orga n J . O ’ B r ie n , J e ffe rso n M . L e v y , H o s m e r B . P a rs o n s , S a m u el E llio t t ,
H e n r y E . H o w la n d , N ic h o la s F . P a lm e r , L o u is H . S c o t t , F ra n cis D . M er­
c h a n t , all o f N ew Y o r k ; E n riq u e C. C reel o f W a s h in g t o n , D . C ., a n d G e o rg e
B . Jam es o f B o s t o n .
T h e T re a su re r is H o s m e r B . P a rso n s; S e c r e ta r y .
E d gar W . Jorgen sen .
P r in c ip a l o f fi c e , 45 B r o a d w a y , N e w Y o r k .
V . 84
p . 1 11 6.

The J. O. Brill Company, Philadelphia, Pa.
(iOfficial Statement of M ay 3 1907.)
The official statement made on May 3 to the Philadelphia
Btock Exchange says in substance:
T h e a u th o r iz e d Issue o f p r e fe rre d s t o c k Is $ 5 ,0 0 0 ,0 0 0 , o f w h ich $ 4 ,5 8 0 ,0 0 0
w as Issued fo r cash an d In e x c h a n g e fo r p r o p e r t y and se cu rities; $42 0,00 0
has been d e p o s ite d In tru st t o p r o v id e fo r a m o r tg a g e o n th e J o h n S te p h e n ­
son C o . p la n t.
D iv id e n d s o n t h e p re fe rre d s t o c k are 7 % p e r a n n u m an d
n o m o r e , a n d are c u m u la tiv e . T h e p re fe rre d s t o c k has p r e fe re n ce o v e r
t h e c o m m o n s to c k In liq u id a tio n t o th e e x te n t o f Its p a r v a lu e , to g e th e r w ith
all a c c u m u la te d a n d u n p a id d iv id e n d s , an d possesses th e sam e v o t in g rig h ts
a* th e c o m m o n s t o c k . T h e a u th o r iz e d Issue o f c o m m o n s to c k Is $ 5 ,0 0 0 ,0 0 0 ,
a ll Issued fo r p r o p e r t y an d In e x c h a n g e f o r se cu ritie s. P a r v a lu e o f a ll
shares, $100.
T h e c o m p a n y w as In co rp o ra te d u n d e r th e law s o f P e n n s y lv a n ia A u g . 1
1 90 6. w as o rg a n iz e d F e b . 6 1907, an d a c q u ir e d th e en tire p r o p e r t y o f J . G .
B rill C o ., a P e n n s y lv a n ia c o r p o r a t io n ch a rte re d In 1887 as su cce sso r o f
J . G . B rill & C o ., w h o b e g a n business In 1869. J . G . B rill C o . o w n e d an d
sold t o T h e J. G . Brill C o . a la rg e ca r and tr u c k b u ild in g p la n t at 62d St.
an d W o o d la n d A v ., P h ila d e lp h ia , c o v e r in g 28 acres o f g r o u n d , an d In clu d in g
n u m erou s su b sta n tia l b u ild in g s , e re cte d In 1880, a n d sin ce; also o th e r v a lu ­
a b le real esta te in th e c it y o f P h ila d e lp h ia .
T h e J. G . B rill C o . has also a cq u ire d fro m J . G . Brill C o. an d o th e r o w n ers
th e en tire ca p ita l s to ck s o f th e fo llo w in g c o m p a n ie s (e x c e p t q u a lify in g
shares held b y d ir e c t o r s ), v iz .;
Stock Owned.
Total Issu e.
A m e rica n C ar C o ., S t. L o u is c o m m o n _______ _________ $ 4 9 9 ,9 9 3
$50 0,00 0
do
do
p r e fe r r e d ___________________________ 5 0 0 ,0 0 0
500,000
G . C . K u h lm a n C ar C o. o f C le v e la n d , O ., c o m m o n ___ 2 9 9 ,9 9 3
300 ,000
do
do
p r e fe r r e d ___________________________ 5 0 0 ,0 0 0
5 00 ,000
J o h n S tep h en son C o ., E liz a b e th , N . J ., c o m m o n ____ 2 9 9 ,9 9 3
300 ,000
do
do
p r e fe r r e d ________________ __________ 3 0 0 ,0 0 0
300,000
W a s o n M a n u fa ctu rin g C o .. S p r in g fie ld , M ass________ 2 99 ,500
300,000
A ll o f th e c o m p a n ie s a c q u ir e d are e n g a g e d In th e m a n u fa c tu r e o f e le ctric
an d stea m ra ilw a y ca rs , tru ck s fo r e le ctr ic cars an d k in d re d a p p lia n ce s.
T h e ir c o m b in e d c a p a c it y Is a b o u t 3,5 0 0 cars an d 6,0 0 0 tru ck s p e r a n n u m ,
h a v in g a va lu e o f a b o u t $ 8 ,0 0 0 ,0 0 0 .
T h e cars m a d e b y th ese c o m p a n ie s
are In use In th e p rin cip a l citie s In th is c o u n t r y an d In E u ro p e , S o u th
A m e r ic a , P h ilip p in e Is la n d s , A fr ic a , J a p a n , A u stra lia a n d In d ia .
T h e A m e r ic a n C ar C o . w as org a n ize d In 1902 u n d e r th e law s o f M issouri
as th e A m e rica n Car & T r u c k C o ., ta k in g o v e r a bu sin ess es ta b lis h e d In
1889. T h e c o m p a n y ’s p la n t Is lo ca te d o n th e O ld M a n ch e ste r R o a d In
S t. L o u is an d c o v e r s a b o u t 11 acres. T h e en tire ca p ita l s t o c k w as p u r ­
ch ased In S e p t. 1902 b y J . G . B rill C o . a n d a sso cia te d in te re sts.
(V . 75,
p . 135 6, 668 .)
T h e G . C. K u h lm a n C o. w as o rg a n iz e d In 1899 u n d e r th e law s o f O h io .
Its n am e w as c h a n g e d In 1901 t o th e G . C. K u h lm a n C ar C o .
Its p la n t,
lo ca te d o n th e b o r d e r o f C le v e la n d , w as c o n s tr u c te d In 1902. T h e c o m ­
p a n y o w n s 30 acres o f g r o u n d o n w h ich are su b s ta n tia l b u ild in g s o f m o d e r n
ty p e .
O n M arch 15 1904 th e en tire ca p ita l s to c k w as a c q u ir e d b y J. G .
Brill C o. a n d a s s o c ia te d Interests.




[V o l .

lxxxv

.

T h e J o h n S te p h e n s o n C o . w as o rg a n iz e d A u g . 10 1900 In N ew Jersey an d
a c q u ir e d th e business o f th e J o h n S te p h e n so n C o ., L t d ., esta b lish ed In 1831.
T h e S te p h e n s o n C o . o w n s 89 acres o f g ro u n d a t E liz a b e th , N . J ., w ith a
w a te r f r o n t . O n th is w ere e re cte d In 1900 ca r b u ild in g sh o p s o f th e h ig h ­
est t y p e . A ll th e s t o c k o f th e J o h n S te p h e n so n C o . w as p u rch a sed J a n . 18
1905 b y J. G . B rill C o . a n d a sso cia te d Interests.
(V . 80, p . 716 .)
T h e W a s o n M a n u fa ctu rin g C o. w as In co rp o ra te d In 1862 In M a ssa ch u ­
se tts a n d t o o k o v e r th e business fo u n d e d b y T . & C. W a so n In 1845.
T h e c o m p a n y has a th o r o u g h ly e q u ip p e d p la n t at S p rin g fie ld , M ass. T h e
c o m p a n y o w n s a b o u t 25 acres o f g r o u n d a n d has a large e x p o r t tr a d e .
T h e e n tire c a p ita l s to c k w as p u rch a se d b y th e J .G . B rill C o . A p r il 1 1907.
(V . 84, p . 869 .)
T h e re Is n o b o n d e d d e b t o n a n y o f th e J . G . B rill C o m p a n y ’ s p r o p e r tie s ,
e x c e p t o n th e J o h n S te p h e n so n C o m p a n y ’s p la n t . T h e d e b t on th is p r o p ­
e r ty co n sists o f $40 0 ,0 0 0 5 % m o rtg a g e b o n d s d u e D e c. 31 1925, an d ca lla b le
a t a n y Interest p e r io d a t 105 a n d in te re s t.
(T ru s te e , M o r to n T r u s t C o .,
N ew Y o r k , V . 72, p . 187 .— E d .)
P re fe rre d s to c k o f th e J . G . B rill C o . has
been re se rv e d fo r ta k in g up th ese b o n d s.
N o b o n d e d d e b t m a y be cre a te d h e re a fte r w ith o u t th e a u th o r iz a tio n an d
a p p ro v a l o f 7 5 % o f th e p re fe rre d s to c k .
T h e J . G . Brill C o. o n M arch 27
1907 so ld $ 1 ,2 7 0 ,0 0 0 o fits p re fe rre d s to c k a t p a r fo r ca sh .
T h is a m o u n t
w as a p p lie d as fo llo w s : P u rch a se o f 10 acres o f g r o u n d a d jo in in g th e Brill
w ork s in P h ila d e lp h ia ; p u rch a se o f th e e n tire c a p ita l s t o c k o f th e W a s o n
M fg . C o . w ith m a te ria ls a n d su p p lies o n h a n d ; w o rk in g c a p ita l.
S T A T E M E N T OF E A R N IN G S OF T H E S U B S ID IA R Y C O M P A N IE S FO B
C A L E N D A R Y E A R 1906 (.W ITH ONE E X C E P T IO N .)
J . G.
Brill Co.
1906.
8 M e » ................ ...................$3,810,975
Expenses (In d ..taxes). __ 3,372,145

American G.C.KuhlmanJohnSlephen a W at on
Car Co.
Car Co.
son Co.
M fg.C o1906.
1906.
1906.
1905.
$962,484 *1,053,993 $1,080,894 $967,156
800,052
880,330
920,018
907,383

Net earnings......... ........
O th e rln e o m e ..............

$438,830
78.461

*162,432
*173,663
.....................................

*160,876
320

*59.773
725

Net In com e...................
Interest account................

*517,291
37.795

*162,432
3,164

*173,663
3,314

*161,202
21,593

*60,498
*13,241

Dividends .........................

*479,496
180,000

*159,268
35,000

*170,348
35,000

*139,609
21,000

*47.257
39,000

$135,348
*118,609
*8,257
Surplus........................... *299,496 *124,268
a "Statem ent of W ason M fg. Co. Is for year ended D ec. 31 1905; report for 1906
not yet having been received. For the year ended D e c. 31 1906. the company
reports Its net profits at between *65,000 and *70,000.”
x Includes *250 premium on stock.
B A L A N C E SH EE TS D EC. 31 1906 ( W IT H E X C E P T IO N N OTED )
S A L E TO TH E J . G. B R IL L C O M P A N Y .)

(BEFORM

J . G.
American G,,C.Kuhlman John SteCar Co.
Car Co. phenson Co.
BrlU Co.
Assets—
1906.
1906.
1906.
1906.
Real estate
_____________ *475,059
*186,999
*63,428
*221,720
Buildings and plants______ 1,028,952
176,380
264,689
293.762
Patterns and drawings_____
21,235
8,915
68,058
13,602
P a te n ts ......... .........................
514,100
421,269
320,000
245.537
Materials and supplies_____
980,461
239,658
244,218
180,193
Current assets........................ 1,161,757
181,231
181,406
259,749
Stocks in outside corp’ns___
______
......

a Wason
M ia.C o.
1905.
*120,400
187,421
____
21L 178
215,408
66.000

Total .................................z$4,228,387 *1,226,773 *1.082,656 *1.214,563 *800,408
Liabilities—
Preferred stock...........................................
*500,000
$500,000
*300,000
...
.
Common s t o c k .................. ..
*600,000
500,000
300.000
300,000 *299.500
Mortgage b o n d s ___________
______ . .
400,000
________
Current liabilities..................
960,825
80,769
132.895
60,823 366,387
R e se rv e s __________________
______
______
______
______
71,469
S u rp lu s....................................d2,667,562
146,004
149,761
153,740
63,053
T o t a l ................................. .*4,228,387 *1,226,773 *1,082,656 *1,214,563 *800,408
x In addition 3 . G . Brill Co. holds the following stocks: American Car C o., *699,800; G . C. Kuhlman Car C o., *485,300; John Stephenson C o ., *399,300; total.
*1,683,900.
it Made up as follows: Reserves, *1,232,711; surplus, *3.018,751; total. *4,251.462. D educt: holdings in associated companies: American Car C o., *699,300;
G. C. Kuhlman Car Co., *485,300; John Stephenson C o ., *399.300; total. *1.583.800: balance, *2,667,562.
a Stocks o f other companies held by the W ason Co., amounting to *66.000,
ahown in balance sheet, were not acquired by The J . G. Brill Co. The item *298.550
capital stock shown In the W ason statement did not Include five shares which were
acquired by The J. G. Brill Co. and used to qualify directors.
TH E J . O. B R IL L C O M P A N Y B A L A N C E SH EE T A P R IL 1 1907.
Assets—
| Assets— (Continued) —
Real estate....... ..............................*555,011 |Cash.................. ............ ................... *122,881
Bu ildings_____________________ 512,0981Accounts re ce iv a b le ___________ 825,663
Machinery and tools....... .......... .. 482,3121Bills r e ce iv a b le..... ......................
69,226
Plant equipm ent____________ . ..
55,350 j Insur. & Interest unexplred____
16,086
72,168 |Sub. to pref. stock since paid— a570,018
Patterns and drawings................
Furniture and fixtures_________
11,1891Materials and merchandise____ 1,099.874
Investments (see par above)
IStable, horses and wagons-------4,594
American Car C o_____ . ________1,000,500 j Patents-------------------------------------- 627,901
The J .C . Kuhlman Car C o____1,300,0001 G ood will - - .....................................1.390,770
John Stephenson C o.................... 1,299,666!
Wason Manufacturing C o............ 793,7731
Rom e Locom otive Wachlne Wks
3,3 6 1 1
820 j
Pay-as-You-Enter Car C o_____
John Stephenson Co. bonds____
11,700|
Total a s s e ts ... . . . . . . . . . . . . . . . . . . . ___. . . ___ ____ ______ ____________ $ 10.724.853
Liabilities—
Preferred stock, *5.000,000, less *420,000 reserved to retire John Stephen­
son Co. bond issue__________________________ _________________ - — .-..* 4 .6 8 0 ,0 0 0
Common s t o c k .. ______________________________________ _____ ____________ 5,000,000
Bills p a y a b le _____________________________________________________________
590,000
Accounts p a y a b le ___________________ _________ _________ _________________
554,858
Total liabilities.................. ................................................................................*10,724.86*
a Since the date of this balance sheet the *570.018 due on t h e subscriptions to
preferred stock has been paid In cash Into the treasury, and the stock held against
same has been Issued.
P r in c ip a l o f fi c e , 62d S t. a n d W o o d la n d A v . , P h ila d e lp h ia . O ffic e for
tra n sfe r o f s t o c k In A r c a d e B u ild in g . 15th a n d M arket s ts ., P h ila d elp h ia .
O ffic e r s : Jam es R a w le , P re s id e n t; J o h n A . B rill, V ic e -P r e s id e n t;
S am u el M . C u rw e n , 2d V lc e -P r e s t. a n d G en . M g r.; E d w a rd B rill. T r e a s .;
E d w a rd P . R a w le , A sst. T r e a s .; M . H e rm a n B rill, S e c .; W . H . H eu lln g s J r .,
A s s t. S e c .
D ire cto rs : Jam es R a w le , J o h n A . B rill, E d w a r d B r ill, F ran cis
W m . R a w le , M . H erm a n B rill. R o b e r t K . C a ssa tt. F ran cis E . B o n d .
F isca l y e a r en d s D e c . 31. A n n u a l m e e tin g h e ld on second W ednesday
of F e b ru a r y a t p rin c ip a l o f fi c e .— V . 8 4 , p . 1250.

United W ireless Telegraph Co.
(First Semi-Annual Financial Re-port Issued July 22 1907.)
L ia b ilities—
A ssets— ■
_______
G o o d -w ill, p a te n t r ig h t s .
$ 5 0 0,00 0 C a p ital s t o c k ___ . . . . ___ $ 2 0 ,0 0 0 ,0 0 0
6 .5 0 0
T r e a s u r y s t o c k .................... 1 3 ,3 0 2 ,2 3 0 Bills p a y a b le ______________
8 4 ,7 6 0
A c c o u n t s p a y a b l e _______
C a sh , a c c ts . r e c e iv a b le , in
h a n d s o f fiscal a g e n ts &
|
In cou rse o f c o lle c t io n .
71,8081
S to c k s a n d b o n d s o f oth e r
w ireless c o 's (p a r va lu e )
$ 7 ,9 4 6 ,1 3 0 ).......................
6 ,1 6 6 ,2 2 2 ]
___________ _
T o t a l ...................................$20,040,260*1

T o t a l ................................... $ 2 0 ,0 4 0 ,2 8 0

C. C. Wilson is President and S. S. B ogart, Treasurer.
O ffice, 42 Broadw ay, New Y o rk .— V . 84, p. 1373.

Nov. ;J0 1907.J

THE CHRONICLE.

1401

Chicago & Eastern Illinois R R .— Payment of Maturing
Bonds.— The $2,655,900 first mortgage 6 % sinking fund
bonds due Dec. 1 1907 will be paid, principal and interest,
R A IL R O A D S , IN CLU D IN G STREET R O A D S /
Baltimore & Ohio R R .— Purchase of Cars— Car Trusts on and after Dec. 2 1907 (Dec. 1 being Sunday) at the office
Assum ed.— See Consolidation Coal Co. under “ Industrials” of theCentral T r.C o., 54 Wall St., New Y ork .— V. 85, p .1001.
Chicago Indiana & Southern R R .— Joint Equipment Trust.
below .— V. 85, p. 1209, 1008:
Bucks County Electric R y .— Consolidation.— The share­ — See New Y ork Central & Hudson River R R .— V. 84, p .
holders of the Newtown (P a.) Railw ay Co. will meet at the 865, 803.
Chicago R ailw ays.— Time for Deposits Extended to Dec. 3.
office of the com pany in Newtown, B ucks'C ounty, Pa., on
Dec. 2 to Vote on a certain agreement made N ov. 14 1907, — The reorganization com m ittee has extended the time for
providing for the merger and consolidation of said Newtown making deposits under the modified plan (V. 85, p. 1269)
Railway Co. and Newtown Langhorne & Bristol Trolley “ to Tuesday, Dec. 3 1907.” The time for electing that
Street Railway C o. under the title of the Bucks County deposits made under the plan of Aug. 9 1907 shall be entitled
Electric R y . Co. The “ Philadelphia Ledger” of N ov. 24 said: to the benefits of said modified plan has likewise been ex ­
B a ttle s, H e y e & H a r ris o n , b a n k e rs, 131 S o u th F ifth S t ., h a v e p u rch a se d
tended to Tuesday, Dec. 3. See advertisement on another
a v e r y large m a jo r it y o f th e o u ts ta n d in g secu rities o f the N e w to w n R a ilw a y
page of this issue.
—
C o . and t h e N e w to w n L a n g h o rn e & B risto l S treet R a ilw a y C o ., an d w ill
c o n s o lid a te th e tw o p r o p e r tie s u n d e r th e n a m e o f the B u ck s C o u n ty E le c tr ic
Deposits.— The total assenting s6curities deposited under
R a ilw a y C o .
T h e tw o c o m p a n ie s h a v e a co m b in e d m ile a g e o f a b o u t 30
the modified plan of O ct. 15 1907 up to the close of business
m iles, o p e r a tin g betw e e n B ristol and D o y le s to w n . W h e n the c o n s o lid a tio n
on N ov. 25 were as follows: Bonds, $12,537,500, and re­
is e ffe c t e d ,a ll s to ck s and b o n d s o f the o ld c o m p a n ie s w ill be ca n ce le d and
a sin gle first m o r tg a g e p la c e d o n th e m erged p r o p e r t y .
T h e ba n k e rs are
ceivers’ certificates, floating debt, & c., $2,575,500, making
n o t p r e p a r e d t o m a k e p u b lic th e d e ta ils o f c a p ita liz a tio n .
a total of $15,113,000. In addition, the reorganization com ­
Burr’ s Ferry Brow ndel & Chester R y .— Mortgage.— The
mittee has assurances and pledges from the holders o f large
Railroad Commissioners of Texas on N ov. 18 approved the j amounts of bonds that deposits thereof will be made before
application to register an issue of $165,000 bonds on 11 miles the expiration of the time limit on Dec. 3.
o f com pleted road extending from Rockland, Texas, west
Officials say that the deposit of this large m ajority of the
toward Browndel. The road has been in operation from outstanding securities ensures the success of the modified
Rockland to Aldridge, 8 miles, since about March 1907, and
plan, and indicates that the security holders appreciate the
is being extended from the last-named point to Browndel, urgency of the situation.— V. 85. p. 1269, 722.
22 miles.
Cleveland Cincinnati Chicago & St. Louis R y . — Joint
T h e line as p r o je c t e d w ill e x te n d fro m C h ester, in T y le r C o u n t y , on the
M issouri K an sas & T e x a s , east v ia R o c k la n d and B r o w n d e l to B u rr’ s Equipment Trust.— See New Y ork Central & Hudson River
F e r r y , o n th e S a b in e R iv e r , a b o u t 80 m ile s.
It is also p r o p o s e d t o b u ild
R R . below .— V. 85, p. 345, 220.
in to the tim b e r forests In th e d ir e c tio n o f A le x a n d r ia , L a . J o h n H . K ir b y
o f H o u s t o n , T e x a s , Is P r e s id e n t.
Cumberland & Pennsylvania R R .— Purchase of 1,000 Cars
Canadian Northern R y .— New Stock— Proposed Extensions. — Car Trusts Assumed.— See Consolidation Coal Co. under
—-Notice is given that application will be made to the Par­ “ Industrials” below .— V. 52, p. 390.
liament of Canada at its next session for an A ct authorizing
Delaware Lackawanna & W estern R R .— Usual Extra
the increase o f the capital stock b y $19,250,000; also author­
Dividend of 1 0 % .— The directors on W ednesday declared
izing the construction of the following lines:
an extra dividend of 10% ($5 per share), payable D ec. 16
(a) H u m b o ld t , in S a s k a tch e w a n , s o u th w e s te rly t o C a lga ry;
(b) B r a n d o n -R e g in a line n ear w est b o u n d a r y o f M a n ito b a w e ste rly to
to holders of record D ec. 5, “ being the same am ount as paid
L e t h b r id g e , A lb e r ta .
for 3 years past in addition to the regular quarterly distribu­
(c) N o rth B a ttle fo rd n o rth w e ste rly to A th a b a s k a L a n d in g , w ith a b ra n ch
tions, which aggregate 7 % per annum .— V. 85, p. 468.
t o G reen L a k e;
(d) S tr a th c o n a , A lb e r t a , s o u th e rly t o C a lg a ry , w ith a b ra n ch t o c o n n e c t
Evansville (In d .) R ailw ays.— Preferred Stock.— This com ­
w ith a u th o riz e d line fro m R e g in a t o R e d D eer R iv e r ;
(e) R eg in a s o u th w e s te rly t o In te rn a tio n a l b o u n d a r y ;
pany, form ed on June 20 1907 with $1,000,000 com m on
(J) E d m o n to n t o h e a d w a te rs o f M c L e o d and B razeau rivers;
stock, in shares of $100 each, to control the Evansville &
(o) R u ssell, M a n ito b a , v ia Y o r k t o n to a u th o riz e d line near G o o se L a k e ,
S a s k a tch e w a n ;
Eastern and the Evansville & Mount Vernon Electric Rail­
(ft) S ou th o f N eep a w a . M a n ito b a , to m ain line c r o s s ln g o f S o u th S a s k a tch e ­
w ay companies, has filed notice of an issue of $500,000 6 %
w an R iv e r .
And extending the time for commencement and com ple­ cum ulative preferred stock.
E x te n sio n s are p r o je c t e d to G rand V ie w , T r o y , T e ll C ity an d C a n n e lto n ,
tion of the following lines, from —
to ta l d is ta n c e , 25 m ile s, “ to be b u ilt as fin a n cial c o n d it io n s p e r m it .”

GENERAL IN VESTM EN T NEW S.

(a) N orth o f th e line b e tw e e n W in n ip e g an d Ste. A n n e t o I n te rn a tio n a l
b ou n dary;
(b) B etw een P o r t A r th u r an d F o r t F ra n ce s t o Q u e b e c , w ith bra n ch e s to
P o r t A r th u r , O tta w a an d M on treal;
(c) B a ttle fo rd w e ste rly t o the B razeau R iv e r ;
(d) R e g in a t o H u m b o ld t and v ia C arrol R iv e r t o P a s M ission, a n d b e ­
tw een H u m b o ld t and S o u th S a sk a tch ew a n R iv e r t o c ro s sin g o f sam e riv e r
s ou th o f P r in c e A lb e r t .— V . 85, p . 1204, 1143.

Canadian Pacific R y . Co.— Meeting Dec. 30 to Empower
Directors at Their Discretion to Issue Remainder of Authorized
Common Stock.— Notice is given on another page that as
the sanction of the shareholders is required before the direc­
tors can issue the balance ($28,320,000) of the authorized
ordinary capital stock, and “ as it is desirable that the
directors should be empowered to make the issue when in
their discretion they m ay deem it in the com pany’s interest
to do s o ,” a special general meeting of the shareholders for
the aforesaid purpose will be held on Dec. 30.— V. 85,
p. 1002, 863..
Canada Southern R y .— Extension of 1st M . os at 6 % until
Jan. 1 1913.— The com pany announces that, pursuant to
an agreement with the Michigan Central R R . Co.. the 1st M.
5 % bonds, amounting to $14,000,000, which fall due Jan. 1
1908, “ will be extended for five years until Jan. 1 1913, with
interest at the rate of 6 % per annum, which the Michigan
Central R R . Co. will pay, in gold or its equivalent, semi­
annually on the first days of July arid January in each year,
at the office or agency of the com pany in the city of New
Y ork; the lien of the mortgage securing the said bonds to con­
tinue unimpaired for the said period of five years.” Bond­
holders wishing to avail themselves of the privilege of ex­
tension must deposit their bonds before noon of Saturday,
Dec. 21 1907, with J. P. Morgan & C o., New Y ork, who will
issue therefor tem porary receipts, and by whom the bonds
will subsequently be returned to the owners bearing a certifi­
cate of extension and coupons for the interest to be paid
thereon. At the time of deposit of bonds J. P. Morgan &
Co. will pay the coupons due Jan. 1 1908.
President W . H. Newman, on behalf of the Michigan
Central R R . says:
In a c c o r d a n c e w ith the ag re e m e n t a b o v e referred t o , th e M ich igan C en tral
R R . C o. w ill p a y Interest, In g o ld o r Its e q u iv a le n t, a t th e rate o f 6 % p er
a n n u m , sem i-a n n u a lly o n th e first d a y s o f J u ly an d J a n u a ry In ea ch y e a r ,
b etw een Jan . 1 1908 and Ja n . 1 1913, u p o n first m o rtg a g e 5 % b o n d s o f the
C a n a d a S ou th ern R a ilw a y C o ., a m o u n tin g t o $ 1 4 ,0 0 0 ,0 0 0 , w h ich w ill
m a tu re Ja n . 1 1908, th e o w n ers o f w h ich shall h a v e a c c e p te d th e e x te n s io n
fo r th e said p e r lc d offered a b o v e b y th e C a n a d a S o u th e rn R a ilw a y C o .

Depositing holders are requested not to stam p, endorse
or put any writing on their bonds. See advertisement on
another page of this issue.— V. 84, p. 803.
Chicago & Alton R R .— New President.— Theo. P . Shonts
will assume the presidency about Dec. 15 of the Chicago &
A lton, in place of S. M. Felton, who has been elected Presi­
dent of the Mexican Central. Mr. Shonts is the President of
the Toledo St. Louis & Western, which now controls the
Chicago & A lton.— V. 85, p. 863. 857.




T h e p re fe rre d shares are s u b je c t to call b y th e c o m p a n y at p a r at a n y
tim e ; th e y h a v e n o v o t in g p o w e r.
T h e y w ere s u b s crib e d fo r In ca s h , b u t
n o t at par.
T h e ir d iv id e n d s are p a y a b le In J a n u a ry and J u ly .
The com ­
p a n y Is " t h e o w n e r o f a p p ro x im a te ly all o f th e to ta l c a p ita l s to c k o f th e
E v a n s v ille & E a stern E le c tr ic R y .. w h ich op e ra te s a line fro m E v a n s v ille
t o R a c k p o r t , I n d ., and a sp u r t o R ic h m o n d , I n d . ”
I t also o w n s “ th e
en tire c a p ita l s t o c k " o f th e E v a n s v ille & M o u n t V e r n o n E le c tr ic R y .
w h ich e x te n d s fro m E v a n s v ille t o M o u n t V e r n o n , 18 m iles, and “ at th e
presen t t im e ” (it w as said a fe w m o n th s ago) “ Is earn in g net in e x cess o f
150 % o f its fix e d c h a r g e s .” — V . 8 4 , p . 1551.

Evansville (Ind.) R ailw ays.— Preferred Stock.— 'T his com ­
pany, form ed on June 20 1907 with $1,000,000 com m on
stock in shares of $100 each as a consolidation of the Evans­
ville & Eastern and the Evansville & Mount Vernon Electric
Railway companies, has filed notice of an issue of $500,000
preferred stock. Extensions are said to be projected, in­
cluding one to Patoka and Hazleton, north of Princeton
— V. 84, p . 1551.
Forest City R y ., Cleveland.— Decision.— Judge Lawrence
on O ct. 15 handed down a decision holding invalid the
franchises of the com pany east of the Public Square and
in Central and Quincy Avenues, S. E ., granted Sept. 24
1906, but sustaining the grants west of the Public Square.
The Cf'urt holds that the “ curative” ordinance of Aug. 3
1907 (V . 85, p. 405) was of no avail.
C o m p e n sa tio n fo r jo in t use o f ce rta in W e s t S id e tra ck s o f th e C levelan d
E le c tr ic C o . w as offered b e fo re th e rig h ts au th o riz e d w ere g r a n te d , b u t n o
te n d e r w as m a d e fo r th e tra ck s east o f th e P u b lic S qu are t o C en tral and
Q u in cy a v e n u e s, n o w used b y th e L o w F are R y . a lo n g E u clid A v e n u e and
E ast 14th S tre e t.
U n til su ch p a y m e n t o r t e n d e r Is m a d e , It Is h e ld , th e
F o r e s t C ity C o. has n o Interest In su ch tra ck s fro m w h ic h an e x te n s io n ca n
b e gra n ted o n Cen tral and Q u in cy ave n u e s. T h e rig h t o f th e L o w F a re C o
t o o p e r a te o v e r th is d is p u te d stre tch Is q u e s tio n e d in a n o th e r su it.
The
F o re st C ity C o m p a n y 's rig h t t o m a in ta in th e tra ck s It b u ilt on E a st 14th
S tre e t, J u d g e L a w re n ce le ft fo r fu tu re c o n s id e r a tio n .

New Franchises.— The Cleveland “ Leader” of N ov. 2
contained as advertisements six ordinances passed O ct. 30
and 28 granting additional franchises or fixing the terms on
which the property of the Cleveland Electric R y . in certain
streets may be used.— V. 85, p. 405.
Interborough-M etropolitan Co., New Y ork .— Short-Term
Loan Provided for.— In May last the com pany sold $3,000,000
6 % 6-months notes, in the expectation of presently placing
an issue of 3-year 5 % collateral notes. (Compare V. 84, p.
1248). Arrangements, it is stated, have been made this week
to liquidate 30 % of the maturing loan'in cash, extending the
remainder for five or six months at 6 % .
Through Brooklyn Tunnel.— The first passenger train, con ­
sisting of three cars carrying about 200 invited guests, in­
cluding officials of the com pany, was run through the north
tube of the tunnel from Bowling Green station, Manhattan,
to Borough Hall, Brooklyn, and return on W ednesday.
I t Is e x p e c te d to o p e n th e tu n n e l fo r regu lar pa sse n g e r tr a ffic a b o u t
Jan . 1, e ig h t-c a r train s to b e iu n u n d e r a t w o -m in u te h e a d w a y , g iv in g
th e tu n n el a c a r r y in g c a p a c it y o f 3 0 ,000 passen gers an h o u r d u rin g th e rush
h o u r s , a b o u t o n e -h a lf o f th at o f th e B r o o k ly n B rid g e .
T h e e x ten sion to
F la tb u s h A v e n u e , it is t h o u g h t, w ill be c o m p le te d b y a b o u t A p ril 1 n e x t .
T h e regu lar r u n n in g |time b e tw e e n B o w lin g G reen and th e B r o o k ly n B orou g h
H all w ill, it is s t a t e d , b e a b o u t fo u r m in u te s , a lth o u g h o n th e e x p e rim e n ta l

] 402

THE CHRONICLE.

trip a b o v e re fe rre d t o , th e tim e co n s u m e d w as c o n s id e r a b ly m o r e .— V . 8 5 ,
p . 86 4 , 793.

Kanawha & M ichigan R y .— New Bonds Issued— Payment
of Floating Debt.— Of the §2,500,000 second mortgage 5%
gold bonds, authorized per plan V . 84, p. 1182, dated July 1,
$2,078,000 has been issued. The $1,095,000 special equip­
ment and betterment loan outstanding June 30 has been
paid, and also other indebtedness to the Hocking Valley
and Toledo & Ohio Central R y . companies. The bonds are
not guaranteed b y the H ocking Valley R y .— V. 85, p. 864,
788.
Lake Shore & M ichigan Southern R y .— Joint Equipment
Trust.— See New Y ork Central & Hudson River R R . below .—
V. 85, p. 531, 345.
Meridian (M iss.) Terminal C o.— Guaranteed Bonds.— See
report of Mobile & Ohio under “ Annual R eports” in V. 85,
p. 1336.
M exican Central R y .— New President.— S. M. Felton,
President of the Chicago & A lton, was on N ov. 26 elected
President of the Mexican Central R y . Vice-President and
General Counsel Eben Richards has been acting as President
since N ov. 1906, succeeding A . A . A . R obinson, who resigned
about that tim e.— V. 85, p. 1339, 1080.
Michigan Central R R .— Joint Equipment Trust.— See New
Y ork Central & Hudson River R R . below .— V. 85, p. 221,
346.
New Y ork Central & H udson River R R .— Joint Equipment
Trust for A lliei Roads— Authorized Amount Stated as $30,000,000.— It is com m only understood that arrangements are
being com pleted for the making of a large issue of equipment
trust securities. A t the mom ent no official inform ation on
the subject is obtainable, but we understand that there
will probably be an announcement regarding the issue by
circular or otherwise within the next tw o weeks.
The “ New Y ork Summ ary” of N ov. 25 had the following:
T h e N ew Y o r k C en tral & H u d s o n R iv e r R R . C o . , th e L a k e S hore & M ich i­
g a n S ou th ern R y . C o ., th e M ich ig a n C en tral R R . C o ., th e C le ve la n d C in ­
c in n a ti C h ica g o & S t. L o u is R y . C o . an d th e C h ica g o In d ia n a & S ou th ern
R R . C o. h a v e jo in t ly e x e c u te d a lease a g re e m e n t w ith th e G u a ra n ty T ru st
C o. o f N ew Y o r k , as tru ste e , c o v e iln g an e q u ip m e n t trust e n title d " t h e
N ew Y o r k C en tral L in es e q u ip m e n t tru st o f 1 9 0 7 .”
T h e lease is d a te d
N o v . 1 1907, an d c o v e r s e q u ip m e n t w h ich has a lr e a d y be e n d e liv e re d o r
is a b o u t t o b e d e liv e re d to th e r a ilro a d c o m p a n ie s , a m o u n tin g t o 11,695
e n g in es, passen ger cars a n d fre ig h t cars o f v a rio u s d e s c r ip tio n s .
The
larger p a r t o f th e e q u ip m e n t Is fo r th e N e w Y o r k C en tral a n d th e L a k e S h ore.
T h e to ta l a m o u n t o f e q u ip m e n t tru st ce rtifica te s to b e Issued is $30 ,0 0 0 ,0 0 0 , rep resen tin g 9 0 % o f th e c o s t o f e q u ip m e n t tran sferred to the
tru stee u n d e r th e a g re e m e n t. T h e c e rtifica te s be a r Interest a t the rate
o f 5 % p er a n n u m , p a y a b le s e m i-a n n u a lly o n M a y 1 and N o v . 1. O nefifteen th o f th e c ertifica te s a^e to be re tired o n N o v . 1 o f ea ch y e a r , b e g in ­
n in g w ith N o v . 1 1908, so th a t th e life o f th e tru st w ill b e fifte e n years.
A lth o u g h the e q u ip m e n t trust p r o v id e s fo r an u ltim a te Issue o f $ 3 0 ,0 0 0 ,000 c e r tific a te s , th e Im m e d ia te Issue o f c e r tific a te s , c o v e r in g th e e q u ip ­
m en t m e n tio n e d a b o v e . Is fo r o n ly $ 2 0 ,3 8 7 ,0 0 0 .
A lth o u g h it is n o t o ffic ia lly a n n o u n c e d , it is u n d e rs to o d th a t th e new
e q u ip m e n t tru st certifica te s h a v e be e n s o ld t o a p r o m in e n t N ew Y o r k
b a n k in g h o u s e .— V . 8 5 , p . 1 27 0, 1210.

New Y ork N ew Haven & Hartford R R .— The New Deben­
tures.— By substituting the issue of debentures for the issue
of stock, which was originally planned, the com pany, it is
pointed out, avoids the necessity of paying 8 % for its new
capital until such time as the im provements for the carrying
on of which the new capital is being provided are fully able
to meet the additional expense. A feature which is deserv­
ing of special mention is that b y the terms of the debentures
themselves it is provided that the road may not execute any
m ortgage in the future on its main line without including
the debentures under that mortgage. Based on the quota­
tions for the rights, at 2 ^ , the bonds are selling atjabout 107
representing an income basis of 5 .5 2 % . Full details regard­
ing the issue may be found in the official announcement,
which appears in our advertising colum ns.— V. 85, p. 1339,
1270.
Passenger Fares.— Alabama Laws Enjoined.— Judge Jones
in the United States Circuit Court on W ednesday, on appli­
cation of the Louisville & Nashville and allied lines, and the
Central Trust Co. of New Y ork, as trustee of the income
mortgage of the Central of Georgia R y ., granted orders sus­
pending the operation of the rate and other laws affecting
railroads passed at the recent special session of the Alabama
Legislature, which were to becom e effective D ec. 1, pending
hearings on Dec. 2 and Dec. 15, and the further orders of
the court. Compare editorial remarks on a preceding page
and item under caption of Southern R y .— V. 85, p. 1083.
Pere M arquette R R .— Time for Payment of First Install­
ment on New Debentures Extended to Dec. 20.— The Old Colony
Trust Co. of Boston, as agent for the preferred stockholders'
com m ittee, has notified the subscribers to the 6 % 5-year
debentures of the reorganized com pany as follows:
T o m eet the co n v e n ie n c e o f su b scrib e rs lt has b e e n a rra n g e d to e x te n d
th e tim e for th e p a y m e n ts o f the in sta llm e n ts o f s u b s c r ip tio n s fo r d e b e n ­
tures.
W e are a d v is e d th a t th e s a tisfa c to r y progress w h ich has been
m a d e In arran gin g the d e ta ils o f the o r g a n iz a tio n o f t h e new c o m p a n y
an d the g o o d sh ow in g m a d e b y the c o m p a n y Itself, h a v e m a d e it p o ssib le
fo r th e ra ilroa d to arrange its financial re q u ire m e n ts so th a t a first' in sta ll­
m en t o f 1 5 % need n o t be p a id u n til D e c 20 1907.
Calls fo r the p a y m e n t
o f this an d th e s u b s e q u e n t in sta llm e n ts w ill b e sent o u t a t a later d a t e , lt
b ein g e x p e c t e d th at th e s u b se q u e n t ca lls w ill be as fo llo w s : 10 % o n F e b . 1
190 8, 1 5 % o n M arch 1 190 8, 25 % on A p ril 1 1908, 25 % o n M a y 1 1908,
10 % on Jun e 1 1908.
T h e railroa d c o m p a n y e x p e c t s t o a rran ge th a t su b scrib ers w h o w ish to
p a y th e first o r all In stallm en ts at an earlier d a te m a y d o so o n o r a fte r
D e c . 20, an d w ill b e a llo w e d Interest a t the ra te o f 6 % fo r su ch a n tic ip a te d
p a y m e n t s .— V . 8 5 , p . 121 0, 1144.

Philadelphia Com pany, Pittsburgh, P a.— Reduction in
Price of Natural Gas.— The management on N ov. 26 an­
nounced a reduction in the price of natural gas to take effect
on Jan. 1 from 30 cents per 1,000 cubic feet to 273^ cents.
(Compare V. 84, p. 1248; V . 85, p. 1083).— V. 85, p. 1083,
531.




[V o l .

lxxxv

.

Philadelphia (P a.) Rapid Transit Co.— Assessment Mostly
Paid.— The “ Philadelphia News Bureau” of N ov. 21 said:
O ffic ia ls o f th e c o m p a n y sta te th a t ru m o rs th a t th e re ce n t assessm en t o f
$7
p e r share d u e S e p t. 7 has n o t been p a id b y a n u m b e r o f s tock h old ers
is u n tr u e .
O v e r 9 5 % , o r $428 0 0 0 , o f th e $45 0,00 0 d u e , has been p a id in
t o d a te .
O f th e $21 ,0 0 0 ,0 0 0 cal ed u p t o Jun e 30 ,$ 2 0 ,8 8 2 ,1 4 0 w as p a id In
a t th e d a te o f th e a n n u al m e e tin g S e p t. 18. T h is le ft o n ly $11 7,86 0 u n p a id
o n th e s ix assessm ents o f $5 e a c h .
M ost o f th e u n p a id a c c o u n ts are d u e
b y p e o p le tr a v e lin g in E u ro p e o r oth e rw ise in a c c e s sib le .— V . 8 5 , p . 72 3 , 718 .

Public Service Corporation of New Jerse y .— Retrenchment.
— President T. N". McCarter on N ov. 23 issued a statement
saying in part:
T h e P u b lic S e rv ice C o r p o r a tio n is n o w th e d ir e ct lessee o f all the gas an d
e le ctric p ro p e rtie s w h ich it c o n t r o ls , a n d is th e re fo re o p e r a tin g th ese p r o p ­
erties d ir e c t ly .
D u rin g th e p a s t su m m er all th e r a ilw a y p r o p e r tie s c o n ­
tro lle d w ere m erged in to o n e new c o n s titu e n t c o m p a n y , k n o w n as P u b lic
S e rv ice R a ilw a y C o . (V . 8 5 , p . 4 0 6 ), o f th e ca p ita l s to c k o f w h ich c o m p a n y
P u b lic S e rv ice C o r p o r a tio n o w n s n e a rly 98 % . T h u s , th e o rg a n iz a tio n has
b e e n m u c h sim p lifie d , an d it is p o ssib le t o m ak e e co n o m ie s .
T h e re has b e e n n o ch a n g e o f a n y m o m e n t in th e s t o c k h o ld in g in terest o f
the P u b lic S e rv ice C o r p o r a tio n , n o r is a n y c o n t e m p la te d .
T h e sam e In­
terests th a t h a v e c o n tr o lle d th e c o m p a n y e x p e c t to co n tin u e t o d o so in th e
sam e p r o p o r tio n s .
T h e c o m p a n y is fo llo w in g th e le a d o f o th e r large c o r p o r a tio n s in e m b a r k ­
ing u p o n a co m p r e h e n s iv e sch e m e o f r e tre n ch m e n t, an d has d e c id e d fo r the
presen t t o s to p all new c o n s tr u c tio n w o rk th a t can be p o s t p o n e d .
T h e 200
new cars nearin g c o m p le tio n w ill, o f co u rs e , b e d e liv e re d a n d used as so o n
as p o s s ib le .
T h e c o m p a n y has also d e c id e d u p o n a co m p r e h e n s iv e sch em e
o f e c o n o m ie s , e ffe c tiv e Ja n . 1 n e x t , in c o n n e c tio n w ith its e x e c u tiv e an d
m a n a g e ria l fo r c e .
t
In ste a d o f a P re s id e n t an d three V ic e -P r e s id e n ts , a s a t p resen t, th e c o m ­
p a n y w ill h a v e a P r e s id e n t, a F irst V ic e -P r e s id e n t an d a S e c o n d V ic e -P r e s i­
d e n t.
A . B . C a rlto n an d C o lo n e l C harles A . S terlin g w ill retire as V ic e P re s id e n ts .
G eorg e J . R o b e r t s , at presen t en gin eer in c h ie f o f th e U n ited
G as I m p r o v e m e n t C o. o f P h ila d e lp h ia , w ill b e ele cte d t o th e o ffic e o f F irst
V ic e -P r e s id e n t, a n d J o h n J. B u rleigh , at p resen t a V ic e -P r e s id e n t, w ill
b e c o m e S e c o n d V ic e -P r e s id e n t.
M r. R o b e r t s is an e x c e p tio n a l m an fo r
th is p r o p e r ty . I h a v e b e e n tr y in g t o g e t him t o c o m e to th e c o m p a n y f o r
n e a rly a y e a r.
H e w ill be V ic e -P r e s id e n t In ch arg e o f o p e r a t io n , an d In
m y ju d g m e n t Is th e b e st m a n in th e c o u n t r y fo r th e p o s itio n .
C o lo n e l H in e ’ s o ffic e , at p re se n t lo c a te d in J ezsey C ity , w ill b e m o v e d to
N e w a rk .
H is title o f a ssista n t t o th e P r e s id e n t w ill be a b o lis h ed and he
w ill be e le cte d S e c r e ta r y , p e r fo rm in g th e d u tie s o f his new o ffic e as w ell as
th ose h e r e to fo r e p e r fo rm e d b y h im .
T h e gas an d e le ctr ic o ffic e s in N e w a rk an d th e sam e o ffic e s at O ra n ge
w ill be c o m b in e d , an d th e three p resen t o ffic e s in Je rse y C ity w ill be c o m ­
b in e d in the p rin cip a l o ffic e o n M o n tg o m e r y S t. T h e ra ilw a y d e p a rtm e n t
w ill rem ain at B r o a d S t. and C en tral A v e ., N e w a rk .
T h e n u m b e r o f the
m em bers o f th e legal and m an ag erial fo rce w h o w ill retire e x c e e d s tw e n ty ;
m a n y salaries w ill b e r e d u c e d .b u t this re tre n ch m e n t d o e s n o t e x te n d b e ­
lo w th e m an agerial fo rc e .
T h e c o n s e q u e n t e c o n o m y !s c o n s id e r a b le .
T h e to ta l e co n o m ie s arising fro m c a r r y in g o u t th e w h o le p la n as o u tlin e d
a b o v e w ill be v e r y la r g e .— V . 8 5 , p . 795 , 470 .

Quebec Railw ay, Light & Pow er C o.— New Stock, & c.—
Application, it is announced, will be made to the Parliament
of Canada, at its next session, for amendments to the Acts
of incorporation of the com pany, providing for an increase
of its capital stock and the division of such stock into com ­
mon and preferred shares; to alter the date of the annual
general meeting, and for other purposes.
H a n so n B ro s , o f M o n tre a l In A u g u s t last o b t a in e d an o p t io n o n a
m a jo r it y o f th e ca p ita l s to c k at a p rice s ta te d to be $50 a s h a r e ,b u t th e
o p t io n w as a llo w e d t o lapse — V . 8 3 , p . 493

Richm ond (V a.) Passenger & Pow er Co.— Payment of
Coupons.— See Virginia Passenger & Power Co. below .—
V. 81, p. 1101.
Third Avenue R R ., New Y ork .— New Mortgage Trustee
Required.— Having brought suit to foreclose the Metropolitan
Street Railw ay’s refunding mortgage of 1902, the Morton
Trust C o., to avoid a possible conflict of interests gives
notice b y advertisement of its resignation as trustee of the
Third Avenue first consolidated m ortgage.— V. 85, p. 1340,
1144.
Toledo Railw ay & Terminal Co.— Reorganization P lan .—
The first mortgage bondholders’ com m ittee, consisting of
Andrew T . Sullivan, Samuel C. Eastman, R . E . James,
John G. Reading, Harry M. Verrill, Charles H . Gilman and
Francis B. Sears, has issued a plan of reorganization, which
provides in effect:
A n ew c o m p a n y w ill b e o rg a n iz e d u n d e r th e law s o f O h io w ith c a p tla l
sto ck n o t e x c e e d in g $ 6 ,0 0 0 ,0 0 0 a n d an e q u a l a m o u n t o f 4
50- year
g o ld b o n d s , d a te d N o v . 1 1907.
O f th e b o n d s , $ 4 ,0 0 0 ,0 0 0 are to be Issued
an d the rem ain in g $ 2 ,0 0 0 ,0 0 0 w ill be reserved fo r e x te n s io n s , a c q u is itio n s ,
& c.
T h e P ere M a rq u e tte R a ilr o a d C o . agrees to p u rch a se $ 1 5 0 ,0 0 0 o f th e
$4 ,0 0 0 ,0 0 0 b o n d s at par.
T h e P ere M a rq u e tte R a ilr o a d C o ., th e C in cin n ati H a m ilto n & D a y to n
R a ilw a y C o ., the P e n n s y lv a n ia C o m p a n y , the L a k e S h ore & M ich igan
Sou th ern R a ilw a y C o ., th e M ich ig a n C en tral R a ilr o a d C o ., th e G rand
T r u n k W e s te rn R a ilw a y C o . a n d th e T o le d o S t. L o u is & W e ste rn R a ilw a y
C o . are to e n te r Into an a greem en t w ith th e tru stee o f th e n ew m o rtg a g e
w h e r e b y th e y w ill agree s e v e ra lly to p r o v id e fo r p a y m e n t o f th e Interest
on the first m o r tg a g e b o n d s , and a sta te m e n t o f this g u a r a n ty is t o be
e n d o r s e d o n ea ch b o n d .
In co n s id e r a tio n o f th is a g re e m e n t the en tire
c a p ita l s to c k Is to b e tran sferred t o th e a fo re sa id c o m p a n ie s In p r o p o r tio n
to th eir lia b ility u n d e r th e a g re e m e n t, n a m e ly . P ere M a rq u e tte an d C in ­
cin n ati H a m ilto n & D a y t o n , 2 0 % e a c h , an d th e o th e r s 1 2 % e a c h .
The
C in cin n ati H a m ilto n & D a y t o n R a ilw a y C o . ’ s share o f th e s to c k is n o t to
be d e liv e re d u n til th a t c o m p a n y Is re o r g a n iz e d .
T h e cla im s a g ain st th e
P ere M ra q u e tte R a ilr o a d C o. an d the C in cin n ati H a m ilto n & D a y to n u p o n
th eir gu a ra n tie s o f th e o ld b o n d s an d o th e rw ise are t o b e su rren d ered
and the d e fic ie n c y ju d g m e n t satisfied.
T h e to ta l a m o u n t o f o ld
% b o n d s Is $ 3 ,5 0 0 ,0 0 0 . u p o n w h ich there Is
d u e to N o v . 1 1907 Interest (w ith in terest o n interest) to a to ta l o f $ 38 2,85 6.
T h is in terest is to b e fu n d e d th ro u g h an a llo tm e n t o f $100 In b o n d s a n d
$10 in cash .
, ,
D.
S. M ills, N o . 26 N assau S t ., Is S e c r e ta r y o f th e C o m m itte e .— V . 8 5 ,
p . 5 3 2 , 347.

Underground Electric Railw ays of London, L td .— Cou­
pons to be Purchased— Deposit of A otes Requested— Plan in
Preparation.— As per advertisement in another colum n of
this paper, Speyer & Co. of New Y ork, Speyer Brothers of
London and Lazard Speyer-Ellissen of Fran kfort-o-M .,
notify holders of Underground Electric Railways Co. of
London. L td ., “ 5 % profit-sharing secured notes” that they
have agreed to purchase at their face value the coupons due
D ec. 1 1907.
The board o f directors of the Underground Com pany has
been for some time considering, in conjunction with the
above-nam ed firms, a plan for dealing with the notes, and
such plan is in course of preparation; but the directors con ­
sider it inexpedient to take the necessary steps to carry this
plan through at the present time. As soon as necessary
arrangements have been made, the plan will be published

Nov. 3.0 1907.]

THE CHRONICLE.

1403

and submitted to the noteholders and shareholders for their
approval. In the meantime the holders of notes payable
in this country are requested by Speyer & Co. to deposit
their notes with the Guaranty Trust C o., 30 Nassau St.,
which will buy the December coupon for account of Speyer
& Co.
The deposit agreement provides that any holder dissent­
ing from the plan, when published, may withdraw his notes
without charge, as provided in said agreement.
The firm takes this step in this case in the belief, firstly,
that by so doing they will prevent a disruption of the enter­
prise and insure continuity o f policy and operations of the
various lines as a unit; and, secondly, they feel convinced
that when the plan is accepted and the com pany is put on
ja sound basis, the traffic will continue to expand, and the
progress, though slower than was originally anticipated,
must be sure in a large city of the size of London, with its
immense and constantly increasing population. Speyer &
Co. took similar action in 1897 in the case of the B. & O.
$10,000,000 loan, the coupons of which they'purchased.— V.
84, p . 1553,694.
Virginia Passenger & Pow er Co., Richm ond, V a .— Payment
■on Account of Amount Due on $3,000,000 Richmond, Passenger
& Power Co. Consol. 5s Dated 1900.— The Central Trust Co.
•of New Y ork as substituted trustee gives the following
n otice to holders of consolidated bonds of the Richm ond
Passenger & Power C o., dated Jan. 1 1900:

T e m p o r a r ily , o w in g to the su sp en sion o f c o lle c t io n s , it h as been n eces­
s a ry fo r us to d e fe r th e p a y m e n t o f th e d iv id e n d o n th e c o m m o n s t o c k .
S in ce th o s e w h o o w e us c a n n o t at p re se n t p a y us w h a t t h e y o w e , an Im m e­
d ia te p a y m e n t o f the d iv id e n d o n th e c o m m o n s to c k w o u ld n ecessita te o u r
b o r r o w in g th e m o n e y , w h ic h is im p o s sib le a t th is ju n c tu r e e v e n fo r th is
com pany.
O u r in te n tio n is to p a y th e d iv id e n d ju s t as s o o n as fin a n cial
c o n d it io n s w ill sa fe ly w a rra n t it.
C o m p a re V . 8 5 , p . 1340.

T h e u n d e rs ig n e d , su b s titu te d tru ste e , u n d e r th e a b o v e -m e n tio n e d m o r t ­
g a g e , p u rsu a n t t o th e p r o v is io n s o f an o r d e r o f th e U n ite d S tates C ircu it
■Court fo r th e E a stern D is trict o f V irg in ia , d a te d O ct. 28 1907, as a m e n d e d
b y o r d e r d a te d N o v . 18 1907, o n an d a fte r D e c 9 1907, u p o n p ie s e n ta tio n
o f the said b o n d s fo r a p p ro p r ia te sta m p in g at Its o ffic e . N o . 54 W a ll S t.,
N ew Y o r k , w ill p a y to th e p erson o r c o r p o r a tio n pre se n tin g th e sam e the
s u m o f $25 o n a c c o u n t o f th e a m o u n t d u e th e re o n u p o n e a ch b o n d h a v in g
c o u p o n o f J u ly 1 1904 and all s u b se q u e n t c o u p o n s a tta c h e d .
B o n d s la ck in g
o n ly c o u p o n o f J u ly 1 1904 o r this c o u p o n , w h en p resen ted se p a r a te ly ,
w ill b e p a id p r o r a ta .
(S ign e d b y C en tral T r u s t C o .)

W e a n n o u n ce d so m e tim e a g o th a t th e G u g g e n h e lm s h ad a b a n d o n e d
th e ir San B ru n o sm e lte r In C a lifo rn ia , a fte r h a v in g e x p e n d e d $ 1 ,6 0 0 ,0 0 0
u p o n its c o n s tr u c tio n .
A s p la n n e d , th e s m e lte r w o u ld h a v e c o s t a b o u t
$ 7 ,0 0 0 ,0 0 0 .
A p o r t io n o f th is p la n t has b e e n d iv e r te d t o E l y , N e v ., w h ere
lt w ill be used In th e c o n s tr u c tio n o f th e sm e ltin g p la n t o f th e N e v a d a C on ­
s o lid a te d an d th e C u m b e r la n d E ly c o m p a n ie s .
T h e G u g gen h eim Interests h a v e r e c e n tly p u rch a s e d a larg e t r a c t o f land
o n B u ll’ s H e a d P o in t , a d jo in in g th e s m e lte r o f th e M o u n ta lu C o p p e r C o . o n
S an F r a n cis c o B a y , n e a r M a rtin e z, an d It is p o s s ib le th a t t h e y w ll e r e c t a
s m e lte r at th is n e w lo c a tio n .
T h e G u g g e n h e lm s , o r , m o re c o r r e c t ly , th e
A m e rica n S m elters S e cu rities C o ., o w n th e S e lb y s m e lte r o n S an F r a n cis c o
B a y . and m a n y suits h a ve be e n b r o u g h t a g a in st th is p la n t o n a c c o u n t o f
th e fu m e s .— V . 8 4 . p . 392.

Foreclosure.— It is expected that a decree of foreclosure
will very shortly be entered.— V. 84, p. 1115.
W ashington (D. C.) Terminal Co.— All Roads Entering
City Use the New Station.— On N ov. 17 the old Baltimore &
Potom ac (Pennsylvania) R R . station was abandoned, every
railroad entering \yashingtori now using the new union sta­
tion. See further particulars in V. 85, p. 1144.
W hite Pass & Y ukon R y .— Dividends— Earnings.— A
dividend of 3 % has been declared on the £1,375,000 stock,
payable Jan. 15, making with the 2 % paid July 15 last the
full dividend of 5 % payable out of the earnings for the fiscal
year'ending June 30 last.
Earnings.— A t the shareholders’ meeting in London on
Oct. 29 Chairman C. C. Maccrea made the following an­
nouncem ent in regard to the parent (holding) com pany:
D u rin g th e y e a r e n d in g Jun e 30 1907 d iv id e n d s w ere re ce iv e d fro m the
lo c a l c o m p a n ie s a m o u n tin g to £ 9 6 ,8 2 2 , c o m p a r e d w ith £ 9 8 ,4 7 8 in th e p r e ­
v io u s y ea r.
A ft e r the h o ld in g c o m p a n y had p r o v id e d fo r the sinking
fu n d In stallm en ts, th e Interim d iv id e n d and d e b e n tu re Interest, there w as
le ft a v a ila b le fo r fu rth e r d is trib u tio n £ 5 3 ,5 8 3 as c o m p a r e d w ith £ 5 6 ,0 1 5
in th e p r e c e d in g y e a r. A ft e r d e d u c t in g su fficie n t to m ak e up th e full
d '.vlderid o f 5 % ,t h e a m o u n t carried fo rw a r d w as £ 1 7 ,3 3 3 a ga in st £ 1 4 ,7 6 5
fo r th e p r e v io u s y e a r .— V . 85,' p . 101.

W ichita Falls & Northwestern R y .— Line Opened.— A n­
nouncem ent was made on N ov. 22 of the opening of the road
for freight and passenger service between W ichita Falls,
Texas, and Frederick, Okla., 50 miles.— V. 85, p. 1083, 922,
602.
Y ork (Pa.) Railw ays Co.— Consolidation.— The com pany
was incorporated on N ov. 16 as a consolidation of various
properties operating in Y ork, Pa., and vicinity, viz.:
T h e Y o r k Street R a ilw a y C o .
|Y o r k H a v e n S tre e t R a ilw a y C o.
W righ tsvlH e & Y o r k S treet R y . C o .
R e d L io n & W in d s o r S t. R y . C o.
T h e Y o r k & D o v e r E le c tr ic R y . C o .
j H a n o v e r & Y o r k S treet R a ilw a y C o.
T h e Y o r k & D a lla stow n R y . C o.
In a d d it io n to th e street ra ilw a y s m e n tio n e d , th e new c o m p a n y w ill also
c o n tr o l th e E d is o n E le c tr ic L ig h t C o . and th e W e s tln g h o u s e E le c tr ic L ig h t
& P o w e r C o. o f Y o r k .
T h e ca p ita liz a tio n w ill co n sist o f $ 1 0 ,0 0 0 ,0 0 0 first m o r tg a g e and colla tera l
tru st 5 % 3 0 -y ea r g o ld b o n d s , d a te d D e c. 1 1907 an d d u e D e c. 1 1937;
$ 2 ,0 0 0 ,0 0 0 5 % p re fe rre d s t o c k , d iv id e n d s t o b e c o m e cu m u la tiv e 3 years
fro m d a te o f issue, a n d $ 2 ,5 0 0 ,0 0 0 c o m m o n .
O f this ca p ita liz a tio n there
has been a cq u ired b y a s y n d ic a t e , o f w h ich B row n B ros. & C o . are m a n a g e rs ,
$ 3 ,4 0 0 ,0 0 0 b o n d s , $ 1 ,6 0 0 ,0 0 0 p re fe rre d a n d $ 2 ,5 0 0 ,0 0 0 c o m m o n s to c k .
T h e rem a in d er o f th e s to c k an d b o n d s Is reserv ed fo r fu tu re p u rp o se s.
A
large p a rt o f th e b o n d s h as a lr e a d y been s o ld .
T h ere w ill be n o p u b lic
o ffe rin g o f th e b o n d s o r s to c k s at p re se n t.
O ffice rs o f the new c o m p a n y
are:
H o n . W . F . B a y S te w a r t, o f Y o r k . P re s id e n t: A . H . H a y w a r d , o f
Y o r k , V ic e -P r e sid e n t: D a v id Y o u n g J r ., G eneral M an ager, an d G eorge S.
S c h m id t , T reasu rer an d S ecre ta ry . T h e fu ll b o a r d o f d ir e cto r s has n o t
been d e te r m in e d .

IN D U S T R IA L , GAS AND MISCELLANEOUS.
Alpha Portland Cement Co., Easton, P a.— New Stock.—
The shareholders voted on Tuesday to increase the capital
stock from $2,090,000 to $6,000.000,to provide for present
and future requirements.— V. 84. p. 160.
American Falls Pow er L ight & W ater Co.— M erger.— See
Idaho Consolidated Power Co. below .— V. 79, p. 629.
American Gas & Electric Co., New Y ork .— See R ock ford
(111.) Edfson C o.(R ock ford Electric C o.) below .— Y.85, p. 223.
Am erican Realty Co.— Called Bonds.— This com pany— a
subsidiary organization of the International Paper C o.— has
called sixteen ($16,000) m ortgage bonds o f 1901 for p a y ­
ment on Jan. 1 1908 at the Union Safe Deposit & Trust C o.,
Portland, Me.— V. 83, p. 1349.
American Shipbuilding Co.— Circular Regarding Postpone­
ment of Dividend on Common Shares.— A circular sent out
b y Secretary O. J. Fish, b y order of the board, reiterates in
substance the remarks of Chairman Brown (V- 85, p. 1340)
regarding the strong position o f the com pany and its reasons
for tem porary retrenchm ent, and adds:




Am erican Silk Co., of 225 Fifth Avenue, New Y ork C ity.—
Receivership.— Owing to the embarrassment of the com pany,
due, it is said, to the stringency o f the m oney market, Judge
W ard of the United States Circuit Court on W ednesday ap­
pointed Chas. W . Gould, lawyer, of New York City, and
Bernard E . Sheibley, of Y ork, P a ., receivers for the com ­
pany on the application of L otte Bros. C o., a creditor for
$6,215, and Samuel R u by , of Pennsylvania, a stockholder
with 56 shares of preferred stock. The assets are stated as
about $2,500,000 and the liabilities $550,000. The com pany
is without ready m oney for pay-rolls, &c. The capital stock
issued is $7,182,300, of which $3,160,200 is preferred and
$4,022,100 com m on stock, out of a total issue o f $5,000,000
preferred and $6,000,000 com m on.
On N ov. 28 also the Y ork Silk Mfg. Co. (controlled) was
placed in the hands of Capt. W . H. Lanius and M. G. Collins
of Y ork, as receivers, on petition of creditors and stockhold­
ers, who allege that the com pany is insolvent. A ccording
to the papers filed the assets of the com pany are $2,392,513
and the liabilities $822,500.— V. 84, p. 1249.
Am erican Smelters Securities C o.— California Smelters.—
The “ Boston News Bureau” of Aug. 29 said:

Atlantic Rubber Shoe' Co.— Decision Regarding Liquida­
tion.— Vice-Chancellor Howell at Newark on N ov. 7 granted
the application of the directors to be continued as trustees
to liquidate the remaining assets, consisting of patents and
other assets worth, it is stated, about $135,000. The re­
quest of John R . Hegeman, a m inority stockholder, that a
receiver be appointed, was denied. A bout 9 5 % of the
$800,000 stock, it is reported, is held by the Meyer R ubber
Co. in the interest of the United States R ubber Co.-—V. 84,
p. 933.
A utom atic Electric Co., C hicago.— Circular as to Consoli­
dation.— The directors,under date of N ov. 18 1907, give the
following particulars regarding the plan for the settlem ent
of the differences of the com pany with the Strowger A u to ­
matic Telephone Exchange:
T h e t w o co m p a n ie s w ill be c o n s o lid a te d In to on e c o m p a n y b e a r in g th e
n a m e A u to m a t ic E le c t r ic C o. T h is n e w c o m p a n y w ill h a v e a c a p it a l s to c k
o f $ 5 ,2 5 0 ,0 0 0 , o f w h ich $ 5 ,0 0 0 ,0 0 0 w ill be e x c h a n g e d ,s h a r e fo r s h a r e ,fo r
th e $ 5 ,0 0 0 ,0 0 0 c a p ita l s t o c k o f th e p re se n t A u to m a t ic E le c t r ic C o .; th e
re m a in in g $25 0,00 0 w ill b e e x c h a n g e d fo r th e $ 5 ,0 0 0 ,0 0 0 c a p it a l s to c k o f
T h e S tro w g e r A u to m a t ic T e le p h o n e E x c h a n g e o n th e b a sis o f on e share o f
s t o c k fo r e a ch tw e n ty shares o f th e o ld S tr o w g e r s t o c k .
A t a m e e tin g on
D e c. 19 a b o a rd o f d ir e cto r s w ill be e le cte d (co n s is tin g o f th e sam e person s
n o w d ire cto rs o f o u r c o m p a n y ) and p r o v is io n m a d e fo r an Issue b y th e
co n s o lid a te d c o m p a n y o f $ 1 ,0 0 0 ,0 0 0 (6 % ) b o n d s secu rcd b y a tru s t d eed
u p o n th e U n ited S tates p a te n ts o w n e d b y th e co n s o lid a te d c o m p a n y ,
w h ich w ill be all th e U n ite d S tates p a te n ts n o w ow n e d b y th e S trow g er C o .,
as w ell as all th o se o w n e d b y th e A u to m a t ic E le c t r ic C o. T h ese b on d s
w ill th e n be used t o p u rch a se so m u c h o f th e $25 0,00 0 o f the c a p it a l s t o c k
o f th e n e w c o n s o lid a te d c o m p a n y , w h ic h w as e x c h a n g e d fo r th e o ld s to c k
o f th e S tr o w g e r C o ., as m a y desire t o m a k e th e e x c h a n g e .
U nless 90 %
o f th e $250,000 o f s t o c k Issued t o fo rm e r S tr o w g e r s to c k h o ld e r s shall e le ct
t o m a k e th e e x c h a n g e fo r b o n d s, th e c o n s o lid a tio n w ill be a b a n d o n e d .
F ro m o u r s ta n d p o in t th e n e w c o n s o lid a te d c o m p a n y w ill be in e x a c t ly
th e sam e c o n d it io n as th e p resen t A u to m a t ic E le c tr ic C o ., an d th e Interest
o f e a ch o f o u r s to c k h o ld e r s w ill be e x a c t ly th e sam e in th e n e w c o m p a n y .
(T h ere w ill also be a b o n d Issue o f $ 1 ,0 0 0 ,0 0 0 , w h ic h w ill, h o w e v e r , In n o
w a y a ffe ct th e p r o p e r tie s a n d business as th e y n o w s ta n d , e x c e p t th a t it
w ill be a lien on th e U n ite d S tates p a te n ts .)
A lth o u g h y o u r c o m p a n y w ill
thus fo r th e first tim e h a ve a b o n d Issue, it w ill ow n a b s o lu te ly all th e
p a te n ts o n a u t o m a t ic ap p aratu s in th e U n ite d States an d E u ro p e t h a t are
o f a n y s u b sta n tia l va lu e ; it w ill h a ve te r m in a te d all th e S tr o w g e r litig a tio n ;
It w ill h a v e ca n c e le d all Its o b lig a tio n s t o p a y r o y a lt ie s , p a s t, p resen t a n d
fu tu r e , w h ic h w as a lw a y s a p a y m e n t t o b e m a d e a h e a d o f t h e d iv id e n d s ,
g iv in g in lieu t h e r e o f 6 % Interest o n th e b o n d s. T h is in terest b e in g a
fix e d a m o u n t w ill n o t Increase w ith th e g ro w th o f business as th e r o y a lt ie s
d id .
(Signed b y A lb e r t G . W h e e le r , C laren ce D . S im p s o n , J o h n B . R u s se ll,
Josep h H arris, A lb e r t G . W h e e le r , J r ., C. B . E d d y a n d S a n fo r d F . H a r ris.)

For further particulars regarding the bond issue, term s of
exchange, & c., see circular to shareholders of Strowger
Autom atic Telephone Exchange under caption of that com ­
pany below .— V. 85, p. 1006, 223.
Balaklala Copper Co.— Resignation of Director.— Reported
Reorganization.— Charles Hayden of H ayden, Stone & Co.
of Boston, has resigned as a director, ^t is reported that,
owing to recent unsuccessful efforts to finance the necessities
of the com pany through the sale of convertible bonds, an a t­
tem pt will be made b y some Boston interests to raise the re­
quired funds through reorganization, and that to this end
it is probable that an assessment of $2 a share will be levied
on the stock, raising, if all the stockholders participate,
$1,050,000 of new m oney to com plete the plant and provide
for future requirements.— V. 85, p. 923, 791.
Big Bend W ater Pow er Co., W a sh in gton .— Mortgage.— A
mortgage for an am ount stated to be $250,000 has been filed
covering the com pany’s property in Spokane, Stevens and
Lincoln counties, W ash.; the W ashington Trust Co. of Spo­
kane is trustee. D. F. O ’ Neil is President and A . M. T .
Spalding is Secretary.
T h e B ig B en d W a te r P o w e r C o . w as In c o r p o r a te d u n d e r th e law s o f
W a s h in g to n o n S e p t. 26 1905 b y J. H . T is le y , R e u b e n Cross a n d o th e r
S p o k a n e m e n , Its a u th o r iz e d ca p ita l s t o c k b e in g r e p o r te d as $ 1 ,5 0 0 ,0 0 0 .
I t u n d e rto o k th e c o n s t r u c tio n o f a h y d r o e le c t r ic p la n t w ith a p ossib le
c a p a c it y o f 15,000 h o r s e -p o w e r o n th e S p o k a n e R iv e r a b o u t 30 m iles b elow

1404

THE CHEONICLE.

th e c it y o f S p o k a n e .
I n J u ly last th e B ig B e n d L ig h t & P o w e r C o . o f S p o ­
k a n e w as In c o r p o r a te d in W a s h in g to n w th 5 3 0 0 ,0 0 0 c a p it a l s t o c k , th e in ­
c o r p o r a to rs in c lu d in g H . L . B le e c k e r , E u g e n e E n lo e a n d o th e rs.

Birm ingham Coal C o.— Consolidation.— See Birmingham
Coal & Iron. Co. below .— V. 84, p. 1429.
Birm ingham Coal & Iron C o.— Consolidation.— This com ­
pany was incorporated at A lbany on Sept. 10 with $5,000,000 o f authorized capital stock as a consolidation of the Bir­
mingham Coal Co. and the Birmingham Iron C o., both con­
trolled in the same interest as the Atlanta Birmingham
& Atlantic R y . Co. A block of $2,000,000 bonds had already
been sold. Compare V. 84, p. 1429; V. 83, p. 40. The
directors are:
H . M . A t k in s o n , P . S . A r k w r ig h t. A t la n t a , G a .: W . L . W e b b , N e w Y o r k ;
J a m es B o n n y m a n , R ic h a r d P e te rs J r ., T . J . M e n so n , A u g u s tu s B en n ers,
B ir m in g h a m , A la .— V . 8 4 . d . 1429.

Birm ingham Iron C o.— Consolidation.— See Birmingham
Coal & Iron Co. a b ov e.— V . 84, p. 1429.
Boston Suburban Express & Parcel Co.— Receivership.—
Judge Lowell in the United States Circuit Court at Boston
on N ov. 5 appointed Jeremiah Smith Jr. receiver for the
com pany on application made b y James Dempsey of Frank­
fort, N. Y V . 84, p. 805.
Buffalo (N. Y .) Gas Co.— Decision.— Judge Hazel in the
United States Circuit Court at Buffalo on O ct. 7 granted an
order permitting the com pany to issue bills at $1 per 1,000
Cubic feet pending the outcom e of litigation to prevent the
enforcement of the order made in June last b y the Commis­
sion of Gas and Electricity reducing the price to 95 cents.
The extra 5 cents is to be placed in a separate fund and to
be refunded if the suit is decided adversely to the com pany.
— V. 85, p. 43.
Central Leather C o.— Merger Enjoined Pending A ppeal.—
The Court of Errors and Appeals of New Jersey on N ov. 25
granted the application made by the complainants in the
Colgate suit to enjoin the proposed consolidation with the
United States Leather Co. in accordance with the modified
plan pending the appeal from the recent decision of ViceChancellor Em ery. Compare V . 85, p. 1083, 866.
Childs (Restaurant) C o.,N . Y .— Dividend Increased.— With
the regular quarterly dividend o f \ % % on the preferred
stock ($1,000,000) the directors have declared a quarterly
dividend of 13^% on the com m on stock ($3,000,000), both
payable D ec. 10 to holders of record Dec. 6. This increases
the annual rate for the com m on stock to 6 % , contrasting with
5 % from Dec. 1906 to Sept. 1907, 4 % from Sept. 1905 to
Sept. 1906 and prior to Sept. 1906 3 % per annum paid regu­
larly since organization in 1902.— V. 83, p. 1413.
City Electric C o., San Francisco, Cal.— Bond Issue {or
New Enterprise.— This com pany recently filed a mortgage
to the Central Trust Co. of California, as trustee, to secure
an issue of $5,000,000 5% 30-year bonds. The com pany
was incorporated on Jan. 11 1907 with $5,000,000 capital
stock to establish an independent light-heat-power plant.
A Pittsburgh (P a.) paper recently had the following:
T h e m o s t im p >rtant o r d e r ta k e n w as fro m th e S an F r a n cis c o C ity E le c ­
tr ic C o. o f San F r a n cis c o , w h ich is p re p a rin g t o a d d a 10,000 h o rs e -p o w e r
tu r b o -g e n e r a to r t o Its p o w e r p la n t, w h ich w ill n e a rly d o u b le its p resen t
c a p a c it y .
T h e c o m p a n y su pplies e le ctr ic p o w e r fo r m a n u fa ctu re rs in San
F r a n cis c o .
T h is o r d e r , in clu d in g the in sta lla tion an d usual s w itc h b o a r d s ,
tra n sform ers an d h o u sin g s, w ill a m o u n t t o $ 1 ,0 0 0 ,0 0 0 .
T h e W e s tln g h o u s e
C o m p a n y Installed t w o 4.000 h o r s e -p o w e r tu r b o -g e n e r a to r s In th e sam e
p la n t som e tim e a g o , and w ith the new e q u ip m e n t It w ill h a v e p la ce d w ith
this o n e p o w e r c o m p a n y a to ta l o f 2 2 ,000 horse p o w e r.

The “ San Francisco Chronicle” of Jan. 12 said:
T h e p la n s are a ll r e a d y , t h e m a c h in e r y Is o rd e re d an d th e m a n agers e x p e c t
t o fu rn ish e le ctr ic lig h t an d p o w e r m u c h ch e a p e r th a n a n y lig h t and p o w e r
c o m p a n y d oes at p re s e n t.
T h e p la n t is t o b e e q u ip p e d w ith m a c h in e r y o f
10,000 h o r s e -p o w e r , w h ic h w ill be e n la rg e d t o m e e t fu tu re r e q u ire m e n ts.
C ru d e o il Is t o b e u sed as fu e l an d t u r b in e engines w ill b e e m p lo y e d .
The
ca p it a l s t o c k has been su b s c r ib e d fo r , an d th e d ir e cto r s are r e a d y t o p a y
In to th e c o r p o r a t io n 5 3 ,0 0 0 .0 0 0 in ca sh at a n y tim e th e m o n e y Is re q u ir e d .
M o rtim e r an d H erb e rt F le ls h h a ck e r, t w o o f th e d ir e c to r s , w h o are Inter­
ested In o th e r e le ctr ic lig h t an d p o w e r c o m p a n ie s , s a y th a t th e c o m p a n y Is
en tire ly In d ep en d en t o f a n y o f th e c o m p a n ie s w h ic h t h e y c o n t r o l.
The
d ir e cto r s are; A d o lp h M a c k , J . J . M a c k , W . S. G o o d fe llo w , Charles P .
E e lls , H e n r y S te ln b a c h , M o rtim e r F le ls h h a ck e r, H e rb e rt F le lsh h a ck e r.
W a lte r A m s t e ln a n d F . W . S m ith .

Columbia Gas & Electric Co. (W est Virginia), Cincinnati,
& c.— Retirement of $1,000,000 Preferred Stock.— The share­
holders will meet at the com pany’s office, 38 Wall S t., Dec. 7,
to reduce the authorized capital stock from $51,000,000 to
$50,000,000, b y the retirement of the preferred stock of the
com pany, am ounting to $1,000,000, now held in the treasury.
The by-laws will also be amended so as to provide for the
creation o f the office of chairman of the board of directors
and of additional vice-presidents and other officers. Com ­
pare V. 84, p . 1489.
The capital stock, after the change has been m ade, will be
$50,000,000, all of one class, and all outstanding; par of
shares $100. Compare V. 84, p. 1489.
Columbia Oil Producing Co., L os A n geles.— Dividend In ­
crease.— This com pany, it is stated, “ has declared a dividend
of 1 % , which is an increase over the regular m onthly divi­
dend of lA % . ” The dividend was payable on N ov. 25.
T h e c o m p a n y w as In co rp o ra te d in M ay 1900 w ith $ 1 ,0 0 0 ,0 0 0 au th o riz e d
c a p it a l,I n shares o f $1 ea ch <of w h ich $ 9 9 9 ,2 6 6 Is u n d e rs to o d to be o u t ­
s t a n d in g ), t o o p e r a te in th e F u lle r to n d is t r ic t . A t last a c c o u n ts W . I,.
H a r d is o n w as P r e s id e n t.

Consolidation Coal C o., M aryland.— Sale of Cars by Con­
trolled Companies.— It was announced on N ov. 25 that this
com pany’s subsidiary, the Fairm ont Coal C o., has sold to
the Baltimore & Ohio R R . Co. 1,700 individual cars; also
523 individual cars to the Cumberland & Pennsylvania R R .




[V o l .

lxxxv

.

Co. The Somerset Coal Co. has sold 1,000 cars to the Cum­
berland & Pennsylvania R R . C o. The purchasers assume
all the outstanding car trust obligations covering the afore­
said equipm ent. The sale does not include all the rolling
stock o f the Fairm ont Coal Co.
T h e F a ir m o n t C oal C o. in 1906 a u th o r iz e d an issue o f $ 1 ,9 4 4 ,0 0 0 5 %
c a r tru st b o n d s o f w h ic h $ 1 ,0 0 0 ,0 0 0 se cu re d b y 1,030 sta n d a rd t y p e c o a l
cars, p u rch a se d a t a c o s t o f $ 1 ,1 1 0 ,5 0 6 , w ere p le d g e d as p a rt c o lla te ra l for
an Issue o f $ 2 ,0 0 0 ,0 0 0 F a ir m o n t n o te s (V . 8 4 , p . 6 2 8 ). T h e S om erset C oal
C o. also in 1906 so ld $91 6,00 0 ca r tru st b o n d s, c o v e r in g 1,000 steel u n d er­
fra m e c o a l cars th a t c o s t $1,078 25 p e r c a r .— V . 8 4 , p . 130 5, 1055.

Copper Range Consolidated Co.— Dividend Reduced.— The
com pany on N ov. 29 declared a quarterly dividend of $1 a
share, payable Jan. 1 to holders of record Dec. 5, contrasting
with $1 50 and 50c. extra last O ctober.— V. 85, p. 43.
Cumberland-Ely Copper C o.— “ The Productive and Earning
Capacity of E ly .” — See article in “ Engineering & Mining
Journal” o f New Y ork for Oct. 19.— V . 83, p. 1593.
Davis Cotton Mills of Fall River, M ass.— Bond Issue De­
stroyed.— The entire issue of $500,000 first mortgage 5%
bonds dated D ec. 1 1904 and due 1924 (am ount outstanding
at last accounts about $246,000) has been redeemed and
destroyed b y fire at the office of the trustee, the Industrial
Trust Co. of Providence.
B a la n ce Sheet o f D a v is M il l s S ep t. 28 1907.
A s s e ts ($ 1 ,1 9 1 ,6 5 1 ) —
L ia b ilities ($ 1 ,1 9 1 ,6 5 1 ) —
R e a l e st. & m a c h ’y (53,856
C a p ital s t o c k ________________ $500,000
sp in d le s , 1,100 l o o m s ) ___ $949,177 N o te s p a y a b le _______________ 229 ,0 0 0
7 0 ,160 A c c o u n ts p a y a b le ___________
Cash ..............................................
13,339
M e rch a n d is e , a c c t s . r e c e iv ­
H eserve fo r d e p r e c ia t io n ___
36,000
a b le , s t o c k In p r o c e s s , & c - 172 ,314 P ro fit and lo s s _______________ 413 ,3 1 2
— V . 79, p . 1643; V . 8 0 , p . 166 , 653

D odge Coal Storage Co., Philadelphia, P a.— Descriptive
Pamphlet.— This com pany has recently issued a handsom ely
illustrated pamphlet of 112 pages describing its patented
system for handling and storing anthracite coa l.
T h e c o m p a n y ’s m a c h in e r y u n d e r c o n s t r u c tio n , in sta lle d a n d in use
to d a t e b y th e le a d in g a n th ra cite c o m p a n ie s p r o v id e s s to r a g e , it is stated
fo r n o less th a n 4 ,6 6 0 ,0 0 0 to n s .
T h e c o m p a n y w as in c o rp o ra te d u n d e r
th e law s o f C o n n e c tic u t Ju n e 6 1888 w ith S 10 0,0 00 ca p ita l s t o c k , since
Increased to $ 1 2 5,00 0 (p a r v a lu e o f shares $25— n o b o n d s ).
T h e offic e r s
are: Jam es M . D o d g e . P r e s id e n t; S. H o w a r d -S m it h , T reasu rer; G eorge
E . T it c o m b , M an ager; C. P ie z . V ic e -P r e s id e n t; H . W h lt te m o r e , S e c r e ta r y .
P h ila d e lp h ia o ffic e , H u n tin g P a rk A . a n d R e a d in g R y .

East Chicago & Indiana Harbor W ater Co.— Bonds
Offered.— The Milwaukee (W is.) Trust Co. is offering at 91 and
in t.,to net the investor 5 % % , $75,000 first mortgage 5 %
gold coupon bonds of $500 each, dated O ct. 1 1907 and due
O ct. 1 1927, but subject to call at com pany’s option at 103
and interest on any interest day after O ct. 1 1910. Trustee.
Central Trust Co. of Illinois, Chicago, 111. Interest payable
semi-annually, April 1 and O ct. 1, at Chicago or New Y ork.
An advertisement says:
C apital s t o c k , $ 5 0 0 ,0 0 0 ; first m o r tg a g e b o n d s a u th o r iz e d . $ 1 ,200 000 ;
r eserved In h a n d s o f tru stee t o b e Issued fo r fu tu re c o n s tr u c tio n and b e tte r ­
m e n ts at 9 0 % o f c o s t , $ 9 0 0 ,0 0 0 ; o u t s t a n d in g , $ 3 0 0 ,0 0 0 .
N e t earn in gs f c r
c a le n d a r y e a r 1906, $ 3 2 ,0 0 0 . A n ew fra n ch ise has ju s t be en g r a n te d ,
e x p irin g 1932.
T h is c o m p a n y serves th e en tire m u n ic ip a lity o f E a st C h i­
c a g o , In clu d in g th a t p o r t io n k n o w n as I n d ia n a H a r b o r , s itu a ted o n L a k e
M ich ig a n , Just east o f C h ica g o .
T h e re are ten tru n k line r a ilr o a d s and five
b e lt r o a d s in E a st C h ica g o and th e a d jo in in g c it y o f H a m m o n d .
(C o m ­
p a re In d ia n a H a r b o r & E a s t C h ica g o E le c tr ic C o . a b o v e an d V . 8 5 , p . 163;
V . 7 7 , p . 1 87 6.— E d .)

East Chicago W ater W orks Co.— Reorganized.— See East
Chicago & Indiana Harbor Water Co. above and com pare
Indiana Harbor & East Chicago Electric Co. below; also
V. 85, p. 163; V. 77, p. 1876.
Edison Phonograph C o., Orange, N. J .— Suit.— See New
England Phonograph Co. in V . 85, p. 866.— V . 84, p. 696.
Edison Sault Electric Co. of Sault Ste. Marie, M ich .—
Description of Water Power Development.— This com pany,
a lessee of water rights from the Chandler-Dunbar W ater
Power C o., has recently placed in service a low-head h y d ro ­
electric generating station, bult in the rapids at the head o f
the St. Mary’s River.
T h e p o r tio n o f th e su b -stru ctu re th a t has been c o m p le te d is 4 9x1 69 f t .
In p la n , p r o v id in g sp a ce fo r nine w a te r-w h e e l u n its . T h e b r ick s u p e r ­
s tru ctu re has been e re c te d o v e r tw o -th ird s a f this s u b s tru ctu re — t h a t Is, t o
c o v e r th e space fo r s ix m ain u n its. T w o o f th e m ain u n its h a ve alreadyb een p la ce d In s e r v ic e , a third is be in g Installed a n d th e o th e r t h ie e w ill be
a cq u ire d as n e e d e d . Th ese un its e a ch co n sist o f a 6 0 -c y c le , 3-p h ase,
.4 5 0 -k w . , 4 ,0 0 0 -v o lt, G en eral E le ctric g e n e r a to r . T h e o ffic e r s a te : A le x .
D o w o f D e tr o it, M ich ., P re sid e n t an d G eneral M anager; W m . C h a n d ler,
V ic e - P r e s .; D . B . S o u th , S e cre ta ry , a n d S. G . C a rlto n , T re a su rer, all o f
Sau lt S te. M arie.

This developm ent is described at much length in the
“ Engineering R ecord” of New Y ork for N ov. 2.— V. 80.
p. 2461.
Fairm ont Coal C o.— Sale of Cars.— See Consolidation Coal
Co. above.— V. 84, p. 1306.
Federal Mining & Smelting Co., New Y ork .— Extra D ivi­
dend Omitted.— The directors last week declared the regular
quarterly 1 M % on the preferred stock and 1 3 ^ % on the
com m on stock, payable Dec. 16, but om itted the extra dis­
tribution to the com m on shareholders.
P .C .—
R e g u la r.
E x tr a .
— 'V . 8 5 ,

D iv id en d R ecord o f C om m on Stock.
--------------- —1906------------------ — --------------1907------------------1904 '1 9 0 5 M c h
J u n e S ep t. D ec . M c h . J u n e S ep t.
D ec
i 'A
6
IA
IA
1A
IA
1H
1A
0
4
2A
1A
2A
3A
3 'A
3A
1 A N one
p . 1 08 4, 1 08 1. 407 .

Gardner (M ass.) Electric Light Co.— Mew Securities.— The
Massachusetts Gas & Electric Light Commission has author­
ized the com pany to issue $35,000 capital stock at par, $100
a share; also $65,000 20-year 5 % first m ortgage bonds. The
proceeds will be used to cancel a $20,000 first mortgage note
and $40,000 other indebtedness, and for additions and im ­
provem ents. The capital stock at last accounts was $30,000;
annual dividend rate 10% ; no bonds.

Nov. 30 19071

THE CHRONICLE.

Granby (Mo.) Mining & Smelting Oo.— Official Statement.
— This com pany’s mining and metallurgical engineer. Edward
T . Perkins, has an article in the “ Engineering <x Mining
Journal” of New Y ork for Aug. 31, entitled “ Mining and
Smelting at Granby, M o.; G eology and Ores of the Granby
Zinc Lead D istrict, H ow the Ores Are Mined, Treated and
Smelted and the Mines D eveloped.” — V. 85, p. 1341.
Great Northern Paper Co., 51 Wall St., New York.— No
Dividend at Present, the Earnings Having Been Diverted to
Additions.— President Garret Schenck in a circular dated
N ov. 19 says in substance:
T h e d ir e cto r s this d a y d e c id e d to tak e n o a c tio n o n th e regu lar qu a rte rly
d i v id e n d .
T h is d e c is io n Is b e lie v e d t o b e fo r the b e st Interests o f th e
s to c k h o ld e r s.
N et earnings fo r th e q u a r t e r 'e n d in g O ct. 1 a p p lic a b le to
th e p a y m e n t o f th e q u a rte r ly d iv id e n d w ere m ore th an tw ic e th e a m o u n t
req u ired f<jr th a t p u rp o s e .
T h e n ew p la n t o f th e c o m p a n y a t E a st M illin o ck e tt is n o w fin is h e d , and
the th ree m a ch in es are p r o d u c in g p a p e r. A ft e r th e w o rk had p r o c e e d e d
several m o n th s it w as d e c id e d to d e v e lo p a s e co n d p o w e r a b o v e the o n e at
E a st M illin o ck e tt, to w o rk in w ith it, a n d this' en la rg e m e n t o f th e p la n t
has cau sed the orig in a l e stim a te to be la rg e ly e x c e e d e d .
T h e resu lts, h o w ­
e v e r , are s a t is fa c t o r y , as th e c o m p a n y has n o w a p la n t c o m p le te in its e lf,
y e t ca p a b le o f e x p a n s io n w ith b u t c o m p a r a tiv e ly sm all a d d itio n a l c o s t.
T h is large e x cess c o s t o f Im p ro v e m e n ts c o u ld be m e t o n ly b y b o r r o w in g
a d d itio n a l fu n d s o r a p p ly in g the e a rn in g s, a n d ,h a v in g in v ie w th e p resen t
fin a n cial c o n d it io n o f th e c o u n t r y , y o u r d ir e cto r s w ere u n a n im o u s ly o f
op in io n th a t th e c o n tin u e d p r o s p e r ity o f the c o m p a n y w o u ld b e b e st
assured b y r es ortin g to th e la tte r a lte rn a tiv e .— V . 8 3 , p . 754.

Halsey Electric Generator Co., Jersey City.— Receivership.
— A t Trenton, N. J., on Oct. 25, George R . Beech of Jersey
City was made receiver of this com pany by the United States
Court upon application of James P. Murray of Plainfield
and Charles H . and Howard Williams of New Y ork City,
holders of claims aggregating $25,550.
T h e c a p ita l s t o c k w as d e cre a se d in J u ly 1906 fro m $ 1 0 ,0 0 0 ,0 0 0 t o $ 1 ,0 0 0 ,0 0 0 . T h e assets are n o w s ta te d as 5 25 ,300 ; lia b ilitie s , ( 8 1 ,0 5 2 .—
V . 8 3 , p . 99.

Harvey Canal Land & Improvement Co.— Mortgage.— The
com pany has m ortgaged all its property to the Teutonia
Bank & Trust Co. of New Orleans, as trustee, to secure an
issue of $125,000 first mortgage 6% 20-year gold bonds, of
$1,000 each, dated Aug. 20 1907 and due Jan. 1 1928, of
which $50,000 is outstanding. The property includes the
H arvey locks, canal boats, buildings and lands belonging to
the com pany in H arvey and Baratoria sections of Jefferson
Parish.
T h ese b o n d s are s u b je c t t o call Jan . 1 1913 at p a r at o p t io n o f c o m p a n y .
S in k in g fu n d . 5 % o f to t a l o u ts ta n d in g b o n d s .
O f th e a u th o riz e d issu e,
$5 0 ,0 0 0 is a p p lic a b le t o th e r e tire m e n t o f th e $ 6 0 ,0 0 0 m o r tg a g e p le d g e d
as c olla tera l fo r $ 5 0 ,0 0 0 d e b t ,a n d t h e r e m a ln d e r , $ 7 5 ,0 0 0 ,0 0 0 .fo r p u r c h a s e
o f n ew p r o p e r t y , n ew c o n s t r u c tio n , & c. T h e c o m p a n y w as In co rp o ra te d
u n d e r tn e law s o f L o u is ia n a on M a y 9 189 8.
I t s a u th o r iz e d c a p ita l s to c k
Is $ 5 0 ,0 0 0 , o f w h ich $ 4 2 ,0 0 0 Is o u ts ta n d in g ; p a r o f sh a re s, $ 10 0. P r e s id e n t
H e n r y P . D a r t; S ec r e ta r y a n d T re a su re r, H o ra ce H . H a r v e y .

Home Telephone & Telegraph Co., Pasadena, Cal.— New
Stock.— This com pany, it is stated, in August last filed a
certificate of increase of capital stock from $500,000 to
$1,000,000. Directors: W . M. Easton, J. H . Holmes,
W . H . Vedder, McD. Snowball and J. C. Brainerd.—
V. 83, p. 439.
Hudson Navigation Co., New York.— Dividend N o. 3 to
be Paid in Bonds of Metropolitan SS. Co.— The com pany has
declared a dividend of 2J^% , payable December 2 in
bonds o f the Metropolitan SS. Co. (V. 82, p. 990) now held
in the treasury of the Hudson Navigation Co. The cash,
which would ordinarily be used for the dividend, has been
expended in steamship construction. Annual dividend
No. 1, am ounting to 2 % , was paid in cash N ov. 1 1905, and
dviidend No. 2, 4 % , on N ov. 1 1906. The capital stock is
$4,000,000 in shares of $100 each.— V. 85, p. 1211.
Idaho Consolidated Power Co.— M erger.— A press de­
spatch from Pocatello, Idaho, on O ct. 22 said:
T h e I d a h o C o n s o lid a te d P o w e r C o ., w ith a ca p ita l o f $ 2 ,0 0 0 ,0 0 0 , has
a b s o r b e d th e A m e r ic a n F alls P o w e r L ig h t & W a t e r C o . ( V . 7 9 , p . 6 2 9 ),
th e P o c a t e llo E le c tr ic L ig h t <Sc P o w e r C o. and th e B la c k fo o t P o w e r & W a te r
C o.
F o rm a l tran sfer o f th e h o ld in g s o f Jam es H . B r a d y o f this c it y w as
m a d e la te la s t m o n th . M r. B r a d y retain s th e p r e s id e n c y o f th e n ew c o m p a n y .
T h e plans Inclu de d e v e lo p m e n t o f 5 0 ,0 0 0 h o r s e -p o w e r at A m e r ic a n F alls
and tra n sm ission o f e le ctrica l e n e r g y t o s u rro u n d in g to w n s.
T w e n ty -fiv e
hu n d red h o r s e -p o w e r Is n o w b e in g g en erated at A m e rica n F alls, and an a d d i­
tio n a l 4 ,0 0 0 c a n be p la c e d o n th e w ires Inside o f 60 d a y s .

The $2,000,000 stock has all been subscribed at par. New
bonds have not been issued, but when issued sufficient will
be reserved to cover $150,000 bonds of American Falls Power
Light & W ater C o., which have been assumed. President,
J. H . Brady; Treasurer, D. W . Standood; Secretary, C. C.
D ietrich.
Indiana Harbor & East Chicago Electric Co.— Bond Issue.
— This com pany has made a mortgage for $500,000 to the
Central Trust Co. of Illinois, as trustee, covering the real
estate and plant recently acquired at East Chicago.
The “ Indianapolis News” of Oct. 8 says:
T h e sa le o f th e p r o p e r ty o f th e E ast C h ica g o W a te r W o r k s C o . an d th e
E a st C h ica g o L ig h t & P o w e r C o ., p r a c t ic a lly o n e c o n c e r n , has been c o n ­
firm ed In F e d e ra l C ou rt. T h e p r o p e r ty w as s o ld b y E d w a rd D a n ie ls, as
M aster In C h an cery, t o L eon ard M e tca lf, w h o , It Is u n d e rs to o d , w as a ctin g
fo r th e b o n d h o ld e rs .
A n agreem en t had been en tered in to betw een th e
c it y an d th e b o n d h o ld e rs , lt Is s a id , w h e r e b y th e c it y receives a b o u t $154,
000 fo r Its Interest in th e p la n t and f o r t w o new fra n ch ises fo r th e E a st
C h ic a g o & In d ia n a H a r b o r WTater C o . and th e In d ia n a H a r b o r & E a st
C h ica g o E le c tr ic C o ., w h ich w ill ta k e o v e r th e p r o p e r ty o f th e w a te r an d
lig h t c om p a n ies.
In a d d it io n , th e c it y Is t o r e ce iv e ce rta in co n ce s s io n s
In th e w a y o f red u ced re n tals fo r lig h t and w a te r.
C o m p a re E a st C h ica g o
W a te r W o r k s C o. In V . 8 5 , p . 163; V . 7 7 , p . 1876; a ls o E a st C h ica g o & I n d i ­
a n a H a r b o r W a te r C o . a b o v e .

International Mercantile Marine Co.— Listed.— The New
York Stock Exchange has adm itted to the list stock trust
certificates assenting to the extension of the voting trust,
as follows: For preferred stock. $30,344,200; for com m on
stock, $30,026,400; and has authorized the listing on notice
of issuance, additional stock trust certificates assenting to
the extension up to a total for each as follows: For preferred
stock, $51,731,000; for com m on stock, $49,921,800. The




1405

voting trust is to continue until O ct. 1 1912, unless a m ajority
of the voting trustees at their discretion decide to term inate
the trust at an earlier date, as they have the right to do on
60 days’ n otice.— V . 85, p. 796, 724.
Inter-State Independent Telephone & Telegraph Co.—
Bonds Offered.— Donald A . Campbell & C o., Chicago Stock
Exchange Building, Chicago, recently offered a block of 5%
gold bonds (secured b y mortgage to Am . Trust & Savings
Bank of Chicago, as trustee) at 56% of their par value.
Compare V. 77, p. 454, 1749.
Island City Co., Philadelphia.— Amusement Park in Dela­
ware River for Philadelphia and Camden— Stock Offered.—
Blackstaff & C o., 1332 W alnut St., Philadelphia, after a
thorough investigation, have taken this com pan y’s entire
issue of $2,500,000 preferred stock and $1,250,000 of its
$2,500,000 com m on stock, and are offering for sale 200,000
shares of the 7 % cumulative preferred stock at par ($10 per
share), with which they will give until further notice a bonus
of 40 % of'com m on stock. A prospectus says:
T h e c o m p a n y has b e e n o rg a n iz e d u n d e r th e law s o f D e la w a re f o r th e
p u rp o se o f c r e a tin g an am u se m e n t p a rk o n P e t t y ’s Is la n d , c o n t a in in g 344
a cre s, and lo c a te d in th e D elaw are R iv e r , in C a m d en C o u n t y , N . J . , d ir e c t ly
o p p o s ite t o th e ce n tre o f p o p u la tio n o f P h ila d e lp h ia a n d w ith in 1 J4 m iles
o f th e ce n tre o f C a m d e n , th e p o p u la tio n o f 1 ,6 0 0 ,0 0 0 in th e t w o c itie s b e in g
w ith in a h a lf-h o u r rid e o f th e Island.
F o r th e p u rp o se o f an a m u s e m e n t
p a rk th e Island c o u ld n o t be m o re a d m ir a b ly s itu a t e d . T h e I s la n d , w ith its
b u ild in g s , d o c k s , ferries an d all a p p e rta in in g t h e r e t o , has been c o n t r a c te d
fo r and w ill b e d e liv e re d t o th e c o m p a n y as a g o in g c o n c e r n , w h ile $100 ,000
w ill be p ro v id e d fo r w o rk in g c a p ita l. T h e c o m p a n y w ill o p e r a te Its o w n
p assenger an d fe rr y -b o a ts t o and fro m th e Isla n d .
C a p ita liza tion .— 250 ,000 shares p re fe rre d cu m u la tiv e 7 % s t o c k , p a r v a lu e
$10 e a c h , $2 ,5 0 0 ,0 0 0 ; 250 ,000 shares c o m m o n s t o c k , p a r v a lu e $10 e a c h ,
$ 2 ,5 0 0 ,0 0 0 ; to t a l, $ 5 ,0 0 0 ,0 0 0 .
Estim ated E a r n in g s — T o t a l ann u al r e ce ip ts fro m a v e ra g e d a ily a t t e n d a n c e
o f 30,000 d u rin g season o f 120 d a y s at an a v era ge e x p e n d itu r e o f 50 c e n ts
p e r c a p ita , $ 1 ,8 0 0 ,0 0 b . D e d u c t c o s t o f o p e r a tin g a t 4 0 % , $ 7 2 0 ,0 0 0 ; In ­
surance and ta x e s , $10 0 ,0 0 0 ; d e p r e c ia tio n an d m a in te n a n c e . $ 1 2 0 ,0 0 0 ;
preferred s t o c k d iv id e n d s , $17 5 ,0 0 0 ; re m a in d e r a v a ila b le f o r d iv id e n d s on
c o m m o n s t o c k , o r 2 7 .4 % , $ 6 8 5 ,0 0 0 . T h is e s tim a te d o e s n o t In clu d e p r o fits
‘ ‘ o f tr a n s p o r ta tio n , w h ich sh o u ld be a t least $ 1 0 0 ,0 0 0 .”

Lake Superior Company, Ltd.— Securities Received from
Great Northern Ry. under Trust Deed of Oct. 20 1899.— The
following securities, it is stated, were received b y this com ­
pany from the Great Northern R y . Co. under a deed o f trust
dated Oct. 20 1899:
Stocks (at P a r V a lu e — T otal, $ 7 ,7 3 1 ,2 0 0 ).
G rea t N o rth e rn E x p re ss C o. $99 7,00 0 K a lls p e ll T o w n s lte C o --------- $ 1 4 ,5 0 0
D u l. S u p . & W e s t .T e r m .C o . 248 ,0 0 0 S t. P a u l F o u n d r y ----------------- 149 ,4 0 0
D u l. S u p . & W .R y . C o . , p f - 990 ,900 G rea t N o r. E le v a to r C o — 1 ,4 9 7 ,5 0 0
D u l.S u p . & W e s t. R y .C o .,c o m .892,300 W e n a tch e e D e v e lo p m e n tC o . 4 9 ,5 0 0
D u l.M is s .R lv .& N o r .R R ___
4.800 W a s h ’to n D e v e l. & Im p .C o . 4 9 7 ,5 0 0
W e s t M lssabe L a n d C o .,L t d 745 ,0 0 0 Sw an R . L o g . C o ,, L t d - . 2 9 4 ,0 0 0
4 5 ,0 0 0
N o rth S tar Ir o n C o ________
391 ,000 G rea t L a kes T . C o ., c .& p f .
1 0 ,0 0 0
N o rth S tar C o n s tr u c tlo n C o . 646 ,100 W e n a tch e e W a te r P o w .C o .
N o rth e rn L a n d C o __________
9,500 San d Cou>ee C o a l, c o m ___ - 2 4 9 ,5 0 0
B o n d s (at P a r V a lu e — Total. $ 6 6 5 ,0 0 0 ).
N o rth e rn L a n d C o _________ $ 1 5 0,00 0 1P a cific S h o rt L in e B r id g e
W e n a tch e e W a te r P o w e r C o .
15,000 | C o . (n o t e s )------------- ------------$5 0 0 ,0 0 0

The com pany, it is understood, has since taken over and
still holds large interests in other enterprises, as well as
real estate said to be valued at over $3,000,000. Compare
V. 85, p. 923.
Lalance & Grosjean Manufacturing Co., New York.— Bond
Issue.— This com pany, which has a factory at W oodhaven
Junction, N. Y ., near Brooklyn, em ploying over 2,000 hands
in the manufacture of nickel-steel ware, japanned and tin­
ware, galvanized goods, & c., and a large rolling mill at H ar­
risburg for the production from billets of the sheet iron and
tin plate used at W oodhaven, recently made a m ortgage
covering b o th of the plants to the Brooklyn Trust C o., as
trustee, to secure an issue of $500,000first mortgage 20-year
6 % gold bonds, due May 1 1927.
T h e c o m p a n y Is a N e w Y o r k c o r p o r a t io n a n d Its b u sin ess w a s e sta b lis h e d
In 1850 as th e “ s p o o n f a c t o r y . "
T h e d ir e cto r s are: J o h n H . W a lb r ld g e ,
P r e s .; Jas. D . F le m in g ,2d V .- P . A T r e a s .; Jas. C o c h r a n e , E d w a r d W . B a ll,
J am es C. M illig a n , G e o rg e L . N ic h o ls a n d W illia m N . D y k m a n .
C a p ita l
s to c k $50 0 ,0 0 0 . P a r of shares » 3 0 0 .
O ttlo e , 19 Clift S t .. N e w Y o r k C ity .

Latrobe (Pa.) Coal Co.— Bond Issue.— The com pany filde
at Harrisburg, Pa., on Sept. 30, a certificate of increase of
indebtedness b y $600,000.
Maryland Telephone & Telegraph Co. of Baltimore.—
Change in Control.— See Consolidated Gas, Electric Light
& Power Co. of Baltim orein V .8 5 ,p .l3 4 1 .— V . 84, p. 1117.
Milliken Bros. (Inc.), New York.— Status.— The receivers
on N ov. 1 were authorized by Judge H olt to continue th e
business until April 1 next. The report of the accountants,
it is stated, shows:
L ia b ilitie s , $ 7 ,0 3 4 ,9 9 2 , in c lu d in g c h ie fly m o r tg a g e b o n d s a n d in te re s t
$ 3 ,0 6 5 ,0 0 0 ; w a g e s, $ 44 ,048 ; n o te s p a y a b le t o b a n k s a n d b ro k e rs , $ 1 ,1 9 2 ,1 0 0
t o c o n t r a c to r s an d v e n d o r s , $11 9 ,1 6 6 ; n o te s p a y a b le a n d c u r r e n t a c c o u n t s
t o F o s te r M lillk en , $77 3 ,1 0 1 ; e sta te o f E . F . M illik en, $99 ,4 8 9 ; H . S . M a n n ­
in g , $ 3 5 2 ,7 2 1 ; m e c h a n ic s ' lie n s, $18 4 ,4 0 6 , a n d e s tim a te d a llo w a n c e fo r
d a m a g e s fo r b re a ch o f c o n t r a c ts , & c ., $ 40 0,00 0.
T h e assets a t c o s t , & c ., ag g re g a te $ 7 ,6 6 8 ,7 7 2 , th e p r in c ip a l item s b e in g
la n d a t S ta te n Isla n d a n d T r e m le y P o in t , N . J ., $ 1 ,1 7 8 ,6 3 4 , b o o k v a lu e ;
steel m ill p la n t a n d e q u ip m e n t , $ 4 ,3 4 1 ,2 2 3 a t c o s t ; fa b r ic a tin g w o r k s ,
$82 2 ,3 6 3 ; e r e c tio n e q u ip m e n t , $ 88 ,507 ; e n g in e e rin g e q u ip m e n t , $ 3 3 ,0 7 7 ;
m a te ria ls, $ 76 2,91 5; u n c o m p le te d c o n t r a c ts , n e t In v e s tm e n t, $ 1 6 4 ,8 6 6 ;
ca s h , $ 6 4 ,4 3 9 , a n d a c c o u n t s r e c e iv a b le , $ 16 7,61 8.
T h e re c e iv e r s fo u n d s ix ty -fo u r c o n t r a c ts o n h an d w h e n t h e y w ere a p ­
p o in te d an d h a ve b e e n able t o p ro ce e d w ith p r a c tic a lly all th e se c o n t r a c ts .
T h e to t a l c o n t r a c ts a m o u n te d t o o v e r $ 4 ,0 0 0 ,0 0 0 e x c lu s iv e o f th e P e n n ­
s y lv a n ia L o n g Isla n d & N ew Y o r k R R . C o . T h e c o r p o r a t io n h ad c o l ­
le cte d o n th e m $2,2 2 6 ,3 6 5 a n d had e x p e n d e d $45 0,00 0 In e x c e s s o f th e
a m o u n ts c o lle c t e d . T h e re c e iv e r s h a v e c o lle c te d In cash u p t o O c t . 29
$ 8 2 2,13 8 an d $ 1 ,0 7 1 ,5 5 0 rem ain s t o be c o lle c te d o n c o m p le tio n o f c o n t r a c ts ,
w h ich o u g h t t o be b y Jan . 15, an d p a y m e n ts sh o u ld b e c o lle c te d b y F e b . 15.
T h e r e ce iv e rs have m a d e c o n t r a c ts fo r $42 5,00 0 n e w w o rk .
O n O c t . 29
th e r e ce iv e rs had cash o n h an d $20 9,94 7 an d a c c o u n t s re c e iv a b le $ 6 2 ,3 5 6 ,
a n d t h e y o w e d o n a c c o u n t s p a y a b le $50 ,0 0 0 . T h e ca sh b a la n ce w ill be
In crea sed , It Is e s t im a t e d ,b y $ 2 5 0 ,0 0 0 ,b y c o lle c t io n s o n c o n t r a c ts n e a r in g
c o m p le t io n . T h e r e ce iv e rs have n o loan s o u t s t a n d in g .— V . 85, p . 4 0 8 , 1 “

Minneapolis General Electric Co.— Description of Enter­
prise.— The “ Electrical W orld ” of New Y ork in its issue for
July 6 1907 published an article descriptive of the power
plant at Taylor's Falls, on the St. Croix R iver, which was

1406

THE CHRONICLE

recently erected to supply this com pany with pow er, and
on Sept. 7 gave an article regarding the 40-mile 50,000-volt
transmission line which connects this power plant with Min
neapolis.— V . 82, p. 573.
M onterey (M ex.) Iron & Steel Co.— New Coal Subsidiary.—
,Status of Works.— The new subsidiary, the Compania Carbonifera del Norte, has been organized (per plan in V . 85,
p. 287) ivith $11,000,000 (Mexican) capital stock, and steps
are beLig taken to increase largely the output of coal. The
National R R . of Mexico recently com pleted a branch to the
Columbia field and the Mexican International R R . is re­
ported to be building to another of the com pany’s coal fields.
A leading local journal, under date of Sept. 25, said:
T h e affairs o f th e M o n te re y Ir o n & Steel W o r k s are lo o k in g u p v e r y c o n ­
s id e r a b ly , an d b y the ce ssion o f Its co a l p ro p e rtie s t o th e n e w C om p a n ia
C a rb on lfera d e l N o rte It co m e s in to possession o f $ 8 ,2 0 0 ,0 0 0 p a id -u p s t o c k .
T h e B essem er fu rn a ce ju s t started Is g iv in g s p le n d id resu lts. T h e c o m ­
p a n y has had con sid e ra b le tro u b le t o p ro cu re th e raw m a terial fo r the
fu rn a ces o n a c c o u n t o f th e s h ortag e o f freigh t cars o n th e r a ilw a y s, a n d th is
c o m p e lle d It t o su spen d fro m M ay t o A u g u s t last.
B u t It has n o w a s u ffi­
cien t s t o c k o f m aterials an d c o k e o n h a n d . T h e p la n t is a c tu a lly p r o d u c in g
fro m 150 t o 200 to n s o f Iron an d steel d a ily an d r u n n in g th e B essem er fu r ­
n a c e , th e p r o d u c t io n , It Is e x p e c t e d , s o o n t o rea ch 400 to n s d a ily . T h e
o rd ers fo r iron a n d steel in m a n y fo rm s are fa r in e x ce s s o f th e p r o d u c t io n
c a p a c it y .
It Is e stim a te d th a t th e p r o d u c t io n o f 1907 w ill a m o u n t t o n o t
less th a n 50,000 to n s o f Iron and steel, an d In 1908 t o fu lly 8 0 ,0 0 0 , as c o m ­
pared w ith 30,000 to n s p r o d u c e d in th e y e a r 1 9 0 6 .— V . 85, p . 287.

Moundsville (W . Va.) Water Works Co.— Postponed.—
This com pany’s property was advertised to be sold at auction
at Moundsville, W . V a., on Sept. 12, b y virtue of a trust deed
made May 4 1906 to the Manchester Savings & Trust C o.,
trustee, the sale to be made subject to the lien of the m ort­
gage dated July 1 1902, securing $100,000 5% bonds of $1,000
each, due July 1 1942, with interest (payable semi-annually)
paid up to and including July 1 1907. On Sept. 9 the sale
was postponed, on application of the Bank o f Pittsburgh,
which, as holder of 650 of the 1,000 shares of capital stock,
(received as collateral), set up the claim that the trust deed
of May 4 1996, made to secure an alleged debt of $31,000,
ie illegal.
Murphy Power Co., Detroit, Mich.— Stock Increased.— This
com pany on July 15 filed in Detroit a certificate of increase
of capital stock from $750,000 to $2,000,000. Of the total
am ount, $900,000 has already been paid in; “ $150,000 o f the
increase being in cash.”
The Simon J. Murphy Co. at the same time increased its
stock from $1,000,000 to $2,000,000, $300,000 of the increase
being actually paid in.
O n J u ly 24 1905 tt w as v o t e d to Increase the ca p ita l o f the M u rp h y H e a t­
ing C o. fr o m $10 0 ,0 0 0 to $ 3 0 0 ,0 0 0 , a n d o f the M u rp h y P o w e r C o . fro m
$ 3 0 0 ,0 0 0 t o $ 7 5 0 ,0 0 0 ; a n d It w as said th a t the H e a tin g C o m p a n y w o u ld
a c t iv e ly pu sh Its b ra n ch o f the business a n d m ig h t e n te r the d is tric t east
o f W oodw ard A v e.
T h e d ir e cto r s o f the M u rp h y H e a tin g C o .. the M u rp h y
P o w e r C o . a n d o f the S im o n J . M u rp h y C o . w ere then s ta te d as: P r e s id e n t,
W illia m H . M u r p h y ; V ic e -P r e s id e n t, A lb e r t M . M u r p h y ; S e c r e ta r y -T r e a s .
C h arles E . M u r p h y F ran k E . M u r p h y a n d W illia m H . W e th e r b e e .

Quincy Mining Co.— Dividend Again Reduced.— A quar­
terly dividend of $2 (8 % ) per $25 share has been declared,
payable Dec. 26, com paring with $2 50 (1 0 % ) Sept. 25 1907
and $4 50 (1 8 % ) paid at each of the first two quarterly dis­
tributions in 1907.
A n n u a l D ivid en d R ecord (P e r c e n t ) S in ce 1889.
’ 90 ’ 91
’ 92 ’ 93 ’ 94 ’ 95 ’ 96 ’ 97 ’ 98 ’ 99 ’ 00 ’ 01 ’ 02 ’ 03 '0 4 '05 ’ 06
32 40 28 24 32
48 80 48 26 38 36 36 28 22 20 24 50
— V . 8 5 , p . 534 . .

’ 07
54

Republic Iron & Steel Co.— Earnings.— For four months
ending O ct. 31:
F ou r
N et, a lter
Other B o n d ,& c.
P referred
B a la n ce,
M o n th s .
M a in t'n c c . In com e. Interest.
D ivid en d .
S u rp lu s.
1906 0 7 ___________$ 1 ,9 4 2 ,1 4 3 $45 ,655 $ 3 3 4,77 0 (1 % % )5 3 5 7 ,2 9 5 $ 1 ,2 9 5 ,7 3 3
1 9 0 5 -0 6 ___________ 1 ,2 2 6 ,4 9 6 75,3 8 2 371,171
(3 % % )7 6 5 ,6 3 3
165,074
“ T h e gain s in p r o d u c t io n , as c o m p a r e d to the fo u r m o n th s fro m J u ly 1
t o O ct. 31 1906. w ere as fo llo w s :
P ig iron Increased 8 0 % , B essem er steel
Increased 12 u % an d finished p r o d u c ts Increased 1 0 % .
‘T h e u nfilled o rd e rs o n h an d as o f N o v . 25 a g gre g a te 2 81 ,280 net ton s
o f finished an d sem l-fin ish ed m a te ria l, w h ic h , as c o m p a r e d to the to n n a ge
o n hanu for a sim ila r p e rio d o f the sam e d a t e fo r 190 6, show s a r e d u c tio n
o f a b o u t 25 >. T h e v o lu m e o f b u sin ess o n h an d an d r e c e iv e d d u rin g th e
m o n th o f N o v e m b e r to d a te w arra n ted the o p e r a tio n o f a b o u t 50 % o f y o u r
p resen t m a n u fa ctu rin g c a p a c it y .
N o s to c k s are be in g a c c u m u la t e d ,
p r o d u c t io n b e in g lim ite d s tr ic tly to cu rre n t tr a d e re q u ir e m e n ts .” — V . 85
p . 1084. 1007.

R ockford (111.) Edison Co.— ? Jew Name— Increase of Stock.
— This Illinois corporation, controlled by the American Gas
& Electric Co. of New Y ork (V . 85, p. 223), on N ov. 20 filed
a certificate changing its name to R ockford Electric Co. and
increasing its capital stock from $350,000 to $1,000,000,
and the number of directors from four to eleven.
T h e c o m p a n y at last
b o n d s d u e .June 1 1919,
o ffic e o f N . W H arris &
191 4, in terest p a y a b le at

a c c o u n ts h ad o u ts ta n d in g $2 4 5 ,0 0 0 1st M . 5 %
w ith Interest p a y a b le in Ju n e and D e ce m b e r at
C o. in C h ica g o ; also $ 3 5 ,0 0 0 2d M. 5 % b o n d s d u e
N o rth e rn T ru st C o , C h ic a g o , 111.— V .6 8 , p . 1134.

R ockford (111.) Electric Co.— See R ockford Edison Co.
above.
Rockland L ight & Pow er Co. of N yack, Rockland County,
N. Y .— N ew Bonds.— The Public Service Commission for the
Second District on Aug. 23 authorized this com pany to issue
$500,000 general m ortgage 5% 30-year gold bonds, out of
a total authorized issue of $1,000,000.
T h e c o m p a n y b eg an busin ess In 1899.
Its c a p ita l s to c k Is $ 5 0 0 ,0 0 0 ,
a n d th ere are o u ts ta n d in g $3 0 0 ,0 0 0 first m o r tg a g e b o n d s .
O ffice rs : Presl
d e n t , S. R . B r a d le y S r.; V ic e -P r e s id e n t, S . H . B r a d le y J r .; S e cre ta ry an d
T rea su rer, G . L . C h a p m a n .

R ocky M ountain Paper Co., Denver, Col.— Sale D ec. 9.—
President Newell Martin, 25 Broad St., New Y ork , under
date of N ov. 9 gives notice that b y direction of the stock­
holders and directors all the property of the com pany at or
near Denver and elsewhere in Colorado will be sold at public
auction by Joseph P,. Day, auctioneer, at his office, 31 Nassau
St., New Y ork City, on Dec. 9 1907, at 11 A. M.
T h e p r o p e r t y t o b e sold co n sists o f tw o p a p e r m ills a n d a su lp h ite m ill In
A r a p a h o e C o u n t y , C o l., t o g e th e r w ith raw m aterials and s u p p lie s, th e rig h ts
In certa in w o o d la n d s and o th e r la n d s In C o lo r a d o and ce rta in a c c o u n ts re­
c e iv a b le , & c.
T e rm s o f sale m a y b e h a d u p o n a p p lic a t io n .— V . 7 2 . p . 245.




[V o l .

u x ix t

.

Compare advertisement on another page of this issue.—
V. 72, p. 245
Safety Car Heating & Lighting C o.— Extra Dividend.—
The directors on W ednesday declared an extra dividend of
1 % , payable,along with the regular quarterly dividend of
2 % , on D ec. 23 to holders of record Dec. 5. The capital
stock was increased to $10,000,000 in July last by a stock
dividend of 10 0% .
Cash D ivid en d R eco rd ,
Y e a r ----------------1893-97 1898-00 *1901 1902 1903 1904 1905 1906 1907
P e r c e n t ------------- 6 y ’ly . 8 y ’ly .
11
9
12
12
17
18
13
♦A lso In 1901 p a id 10 % I n s t o c k .— V . 8 5 , p . 60 3 , 164.

Somerset Coal Co.— Sale of Cars.— See Consolidation Coal
C o .a b o v e .— V . 84, p . 1305.
South Atlantic Car & M anufacturing C o.,.W aycross, G a.—
Financing Reconstruction Following F ire.— This com pany,
whose plant was destroyed b y fire on Jan. 17 1907, the loss
being about $200,000, partly covered b y insurance, had its
main buildings again consumed b y flames on O ct. 24.
T h e in su ran ce has be e n a d ju s te d at $ 1 1 9 ,5 5 0 , In a d d itio n t o w h ic h th e
c o m p a n y has s a lv a g e , & c ., e s tim a te d a t be tw e e n $300,000 and $ 40 0,00 0.
T o p r o v id e fo r r e b u ild in g , w o rk in g c a p ita l, flo a tin g d e b t , & c ., th e sh are­
h old ers h a v e a u th o riz e d (1) an Increase in th e c a p ita l s to c k from $250,000
to $ 3 5 0 ,0 0 0 , th e citiz e n s o f W a y c r o s s su b s crib in g fo r th e m a jo r p o r tio n o f
th e in crea se; an d (2) an Issue o f $300',000 first m o r tg a g e sin k in g fu n d b o n d s,
t o be retired $7,500 se m i-a n n u a lly b e g in n in g 18 m o n th s a fter d a te o f Issue
T h e p la n t h ad a c a p a c it y o f a b o u t 15 cars a d a y , an d th e u n c o m p le te d
o r d e rs .it Is s a id , ag g re g a te d 1.000 o r m o re c a r s .— V . 8 1 , p . 618.

Southern Bell Telephone & Telegraph Co.— Status— D ivi­
dends.— A t a hearing before the Georgia Railroad Commission
at Atlanta on N ov. 5 Yice-President W . T . "Gentry, it is re­
ported, said in substance:
W e w ill also sh ow the C o m m ission th a t w e h a v e n e v e r Issued a n y b o n d s ,
special d iv id e n d s o r s to c k d iv id e n d s , an d h ave n o d e b ts e x c e p t the cu rren t
m o n th ly p a y -ro lls an d su pplies; th a t the o n ly o u ts ta n d in g lia b ility o f th e
c o m p a n y Is c o m m o n s to c k ; th a t n o t a share o f c o m m o n s to c k has e v e r been
sold fo r less o r m ore th a n par; th a t e v e r y d o lla r o f th e m o n e y receiv ed fo r
th e sale o f s to c k has been p u t Into th e p r o p e r t y .
W e w ill sh ow th a t fo r a
n u m b e r o f years the c o m p a n y w as u n a ble t o p a y a n y d iv id e n d s t o the s t o c k ­
h olders an d a t p re se n t Is p a y in g at th e rate o f 6 % o n ly , a n d th e ea rn in g
w ill n o t ju s tify a h igh er rate o f d iv id e n d .
T h e c o m p a n y w as first organ ized w ith a c a p ita l o f $ 1 ,0 0 0 ,0 0 0 , w h ich w as
a fte rw a rd s Increased t o $ 3 0 ,0 0 0 ,0 0 0 , th o u g h o n ly $2 0 ,0 0 0 ,0 0 0 w as e v e r
Issued. T h e c o m p a n y p aid a d iv id e n d a t first, b u t s u b s e q u e n tly It had t o
borro w an d fo r 11 years the n et earn in gs w ere d iv e r te d t o th e p a y m e n t o f
Interest. Since June 1906 a 6 % d iv id e n d has been paid a n n u a lly .
W ith
the e x c e p t io n o f 57 shares o f s to c k all o f th e c a p ita l s to c k Is ow n ed b y the
A m e rica n T elegra p h & T e le p h o n e C o . T h e S ou th ern Bell T e le p h o n e &
T e le g ra p h C o. is c o m p o s e d o f th ose lines ly in g In p art o f W est V irg in ia ,
V irg in ia , N orth and S o u th C a rolin a, G e o rg ia , F lo rid a an d A la b a m a .
— V . 82, p . 755.

Strowger Autom atic Telephone Exchange, Chicago.— Cir­
cular Regarding Merger.— The directors, under date of
N ov. 18 1907, announce the plan of settlement with the
Autom atic Electric Co. as follows:
T h e p la n p ro p o se s th e c o n s o lid a tio n o f th e tw o c o m p a n ie s , th e su rren der
t o th e co n s o lid a te d c o m p a n y o f th e ca p ita l s to c k o f th e S trow g er C o. u p on
the s to c k h o ld e r s o f T h e S tro w g e r C o. r e ce iv in g s to c k o f such co n s o lid a te d
c o m p a n y In th e p r o p o r tio n o f one share o f s to c k o f th e p a r va lu e o f $100 fo r
t w e n ty shares o f s to c k o f th e S tro w g e r C o ., and th e p u rch ase b y su ch
c o n s o lid a te d c o m p a n y fro m th e s to ck h o ld e rs de sirin g the sam e o f such s t o c k
so t o be issued b y th e co n s o lid a te d c o m p a n y t o th e present s to c k h o ld e r s
o f th e S tro w g e r C o. fo r b o n d s t o be Issued b y th e c o n s o lid a te d c o m p a n y In
th e ra tio o f $400 o f b o n d s fo r on e o f su ch shares o f su ch c o n s o lid a te d c o m ­
p a n y s to c k ; th e b o n d s t o be 2 0 -y e a r g o ld b o n d s (interest rate 6 % p er
a n n u m , p a y a b le h a lf-y e a r ly .— E d . ) , an d t o be secu red b y a tru st d eed t o
th e F irst T r u s t & S av in gs B a n k o f C h ica g o , 111., c o n v e y in g all o f the p a te n t
rights In th e U n ited S ta te s, present and fu tu re , o f b o th c o m p a n ie s ,
an d t o be fu r th e r secu red b y a c o n t r a c t w ith said First T ru st & S av in gs
B a n k , w h e r e b y th e net a m o u n t o f all sales o f fo re ign p a te n ts w ill be paid
t o said tru ste e , fo r th e ben efit o f the b o n d h o ld e rs. T h is w ill be eq u iv a le n t
In a m o u n t t o th e p a y m e n t o f $100 o f su ch b o n d s fo r five shares o f th e
presen t s to c k .
T o c o v e r th e In stan ces w here sto c k h o ld e r s o w n less th an five sh ares, o r
a fte r d iv id in g th eir s to c k h o ld in gs b y fiv e , th ere w ill be le ft a b a la n ce o f
shares, w e w o u ld re q u e st y o u w here y o u r ow n e rsh ip o r b a la n ce a m ou n ts to
e ith er three o r fo u r sh ares, t o rem it w ith y o u r shares $20 fo r e a ch share
less th a n fiv e , and w h ere y o u r o w n ersh ip o r ba la n ce a m o u n ts to on e o r tw o
shares, y o u w ill re ce iv e th e r e fo r cash at th e rate o f $20 fo r ea ch sh are.
T h is p r o p o s itio n has th e u n q u a lifie d a p p ro v a l o f all o f th e d ir e cto r s o f ou r
com pany.
[T h e c o n t r a c t w ith th e F irst T ru st & S avin gs B a n k o f C h ica g o, 111., as
tru ste e , it is e x p la in e d , w ill co n tin u e in fo rce u n til all o f said b on d s h a ve
been fu lly p a id , and u n d e r its term s th e co n s o lid a te d c o m p a n y m u st p a y
t o said trustee “ th e net a m o u n t o f a n y and all sales o f a n y and all p a te n ts ,
p a te n t rights and In v e n tio n s, p resen t and fu tu re , o f said c o n s o lid a te d
c o m p a n y issued In o r rela tin g t o a n y and all foreign c o u n tr ie s , w h ich said
am o u n ts so p a id t o said tru stee shall b e h e l d b y It and be p aid ou t fo r the
p u rp ose o f re d e e m in g said b o n d s , th e p a r ticu la r b o n d s t o be red eem ed t o
be d ete rm in e d b y l o t . ” — E d .]
p.

See also Autom atic Electric C o., Chicago, a b ove.— V. 85,
1282, 1007.

Swift & C o., C hicago.— Reduction in the Price of M eats.—
The leading packers have recently reduced the prices of
meats from 10 to 3 3 % . Louis F. Swift, of Swift & C o., is
quoted as saying that live-stock prices have been lowered,
and meat prices must conform .— V. 85. p. 473.
Tennessee Coal, Iron & R R . Co.— New Officers.— L. T
Beecher has been elected Secretary and Treasurer and F. B.
W inslow Auditor.
Stock Mostly Purchased.— See United States Steel Corpora­
tion below .— V. 85, p. 1282, 1212.
United H ydro-E lectric Co., G eorgetow n, Col.— See Eastern
Colorado Power Co. above.
United States R ubber C o.— See Atlantic R ubber
Co. a b ove.— V. 85, p. 867, 44.

Shoe

United Telegraph, Telephone & Electric Co., H yde Park,
Chicago, 111.— Status of Bankrupt Company s Bonds.— Our
Chicago representative has obtained the following:
T h is c o m p a n y Is p r a c tic a lly d e a d , h a v in g d e fa u lte d o n Its Interest p a y ­
m e n ts fo r be tw e e n three an d fo u r y ea rs.
F ore clo su re p r o c e e d in g s w ere
beg u n in A u g u s t 1904 (V . 7 9 , p . 9 0 6 ).
It seem s th a t an Issue o f $250,000
b o n d s w as a u th o riz e d , b u t o n ly $17 3,00 0 e m itte d , o f w h ich bu t $ 8 ,3 0 0 , It
Is c la im e d , w ere leg al, an d o n this $8,300 the Interest has been regu larly
p a id — b u t o n n o o th e rs.
T h e w h ole m a tte r has lo n g been In the han ds
o f a M aster In C h a n ce ry , w ith o u t d e c is io n .
P e c k h a m , P a ck a r d , A p m a d o c
& W a ls h , F irst N a tio n a l B a n k B u ild in g , C h ica g o , are la w yers for the

Nov. 30 1907.]

1407

THE CHRONICLE.

c o m p la in a n t In a su it.
R ic h a r d P . L y d o n , 35 N assau S t ., N ew Y o r k , Is
th e presen t P resid e n t. T h e b o n d s h a v e n o q u o ta b le m a rk e t v a lu e .
The
fra n ch ise Is In H y d e P a rk , a s o u th e rn d iv isio n o f th e c i t y o f C h ic a g o .— V . 79,
p . 906.

United States Steel Corporation.— Stock of Tennessee Coal,
Iron & RR. Co. Mostly Acquired.— Practically all of the com ­
m on stock of the Tennessee Coal, Iron & R R . C o., it is stated,
has been deposited with J. P. Morgan & Co. in exchange for
United States Steel sinking fund 5 % bonds, on the basis of
$11,904 76 par value of the bonds for $10,000 of the stock.
(V. 85, p. 1212, 1282.) On N ov. 1 1907 the Tennessee Co.
had outstanding:
N o S h ares
1,245
P referred s t o c k --------------------------------------------------------C o m m o n s to c k — fu ll p a id certifica tes Issu ed _____ 29 0 ,9 9 0 .2
C o m m o n s t o c k — s u b s crip tio n re ce ip ts rep resen tin g —
(a) F u lly p a id s t o c k _____________________________
2 ,0 5 6 .6 5
(b) 2 0 % p a y m e n t o n a p a r v a lu e o f $ 3 ,2 2 4 ,937 50 o f s to c k s u b s c ilb e d f o r ____________ __________
T o t a l ____________________________________

T ota l A m o u n t
8 1 2 4,50 0 00
2 9 ,0 9 9 ,0 2 0 00
205 ,6 6 5 00
644 ,9 8 7 50

__________$ 3 0 ,0 7 4 ,1 7 2 50

The United States Steel Corporation recently issued $30,000,000 of its sinking fund 5s on account of the aforesaid ex­
change, and all of the additional bonds required to take up
the com m on stock on the aforesaid basis has been pur­
chased in the opSn market.— V. 85, p. 1212, 1140.
Western Electric Telephone Co., Io w a .— Control Acquired
by American Telephone & Telegraph Co.— See assets of that
com pany under “ Annual Reports” on a preceding page.—
V. 81, p. 36.
W estern Pow er Co. (of N. J .), California.— Description of
Construction W ork.— The “ Iron Trade R eview ” of Cleveland
in its issue for Oct. 24 has a description of the work of con­
struction on which this com pany’s subsidiary, the Great
Western Power Co., recently had “ nearly 1,000 m en” em ­
ployed. (V . 83, p. 499.)— V. 83, p. 1417.
W estinghouse Electric & Manufacturing Co.— Curtailment
Not Over 2 5 % .— President George Westinghouse is quoted
as saying:

COMM ERCIAL EP ITO M E .
Friday Night, Nov. 29 1907.
A conservative policy is still being generally pursued,
though with a better financial situation the feeling is som e­
what more confident. There has been some advance in
securities and in certain com m odities, though finished steel
has declined. Premiums on currency are lower.
L A R D on the spot has declined, owing to weakness in
live hogs, the unfavorable financial situation and large re­
ceipts of live hogs. Trade has been extrem ely dull at the
decline. Western 7 .9 0 @ 8 c. and City 7 % c . Refined lard
has also declined. The buying has been confined to local
jobbers, who have taken only small lots. Refined Conti­
nent 8.90c., South American 9.75c. and Brazil in kegs 11c.
Speculation in lard futures at the West has been active.
Early in the week prices declined on the weakness in live
hogs, the dulness of the spot trade, liquidation and selling
b y large packers. Of late the m arket has shown a tendency
to rally on covering of shorts and a recovery in the grain
markets.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H I C A G O .
Sat.
M on.
T u es.
W ed .
T h urs. F r i .
7 .4 5
7 .5 0
H o li- 7.47 }4
J a n u a ry d e liv e r y _______________7 . 2 2 ^ 7 .2 5
M ay d e liv e r y -----------------------------7 . 2 2 ^ 7 . 2 7 M 7.4 5
7 .4 7 H d a y . 7 .4 7 3^

P O R K on the spot has been easier, owing to weakness in
the future market, the dulness of trade and increased offer­
ings and supplies. Mess $15 50@ $16 25, clear $16 2 5 @
$16 75 and fam ily $18 25@ $19. Beef has been firm and
higher on some grades. The demand has increased of late,
consumption now being equal to production. Supplies are
light, with some grades very scarce.
Mess $9 5 0 @ $ 10 ,
packet $12@ $13, flank $12 25@ $12 50, fam ily $14@ $14 50
In lin e w ith o th e r in du stria l co rp o ra tio n s th e W e stin g h o u se Go. has been
and extra India mess $22@ $22 50. Cut meats have been
re tre n ch in g , b u t so far th is c u rta ilm e n t d o e s n ot m u ch e x ce e d 2 5 % .
The
weak, with trade quiet and confined to jobbers. Pickled
W e stin g h o u se C o. co n tin u e s to d o a v e r y large b u sin ess, sh ip m en ts fo r th e
E a st P ittsb u rg h w ork s in O cto b e r a ggrega tin g $ 2 ,9 4 0 ,0 0 0 .
O cto b e r w as
shoulders 7J^c., pickled hams 10c. and pickled bellies, 14@ 10
an u n u su a lly large m o n th .
N o v e m b e r , it is b e lie v e d , w ill reach an d p r o b ­
lbs.av, 1 0 @ l l c . Tallow has been dull and easier; C ity 5 J ^ @
a b ly e x ce e d $ 2 ,0 0 0 ,0 0 0 .— V . 85, p . 1154, 1085.
W harton Steel Co., Philadelphia.— Incorporated.— This 5 9 -16c. Stearines have been dull and weak; oleo 8 @ 8 J 4 Ccom pany was incorporated on Nov. 18 under the laws of and lard 9J^c. Butter has been m oderately active and
New Jersey with $10,000,000 of authorized capital stock, steady; Creamery extras 28c. Cheese has been quiet and
to take over the im portant iron, steel and coke interests in steady; State, f.c ., small, colored or white, 15J^c. Eggs
New Jersey and Pennsylvania owned b y Joseph W harton of have been quiet and steady; Western firsts 30 @ 3 1c.
Philadelphia. Practically all of the stock will be owned by
O IL .— Cottonseed has been firmer and more active;
Mr. W harton. Par value of shares $100. The property is prime summer yellow 34 @ 3 5c. Linseed has declined with
unmortgaged and unbonded. The following is an authorized trade dull. City, raw, American seed, 45@ 4 6 c.; boiled
statement:
46@ 4 7 c. and Calcutta, raw, 69c. Lard has been dull and
• The p rop erties to be m erged Into the new c o m p a n y Inclu de th e 5 ,0 0 0 steady; prime 74 @ 7 6c. and No. 1 extra 54 @ 5 7c. Cocoanut
acres o f m in era l lands ow n ed b y M r. W h a rto n In Sussex and M orris co u n tie s
has been quiet and steady; Cochin 9 % @ 1 0 ^ c . and Ceylon
in N ew J ersey, In clu d in g the H ibern ia M ine R a n g e , th e H urd and O rch a rd
M ine R a n g e and the T e a b o an d A llen m in es, w h ich are co n tig u o u s t o th e
8 % @ 8 % c . Olive has been quiet and steady; yellow
“ R ich a rd M in e ,” o f th e T h o m a s Iron C o .; th e W h a rto n & N orth ern R a il­
75 @ 8 0 c. Cod has been moderately active and steady;
ro a d C o .; th e three m o d e rn p ig-iron fu rn aces a t W h a r to n , N . J ., and one
a t P h lllip sb u rg , N . J ., and c o n ce n tra tin g m ills “ w h ich co n s titu te th e largest
domestic 42 @ 4 3c. and Newfoundland 44 @ 4 5c.
and m ost e fficie n t p la n t o f its kind in the E a s t.” ; th e large c o k e tra ct near
CO FFEE on the spot has been quiet and easier. Rio No.
C oral, In n orth w estern P e n n sy lv a n ia , w ith Its c o k e ov e n s; a n o th e r tra ct
n ear S m lth lield , P a ., and the R ossi Iron tra ct In n orth ern N ew Y o r k .
7 5 % c . W est India growths have been quiet and steady;
T h e o fficers are: Josep h W h a rto n , P residen t; J. B ertram L lp p ln c o tt,
fair to good Cucuta 8 % @ 1 0 c . The speculation in future
V ice -P re sid e n t; H arrison S. M orris, T reasurer; H en ry C. W e n n e r, S e cre ­
ta r y , and E d w a rd K e lly , G eneral M anager.
M r. L lp p ln c o tt and M r. M orris
contracts has been quiet and prices have m oved within nar­
are son s-ln -la w o f Mr. W h a rto n . T h e d ire cto rs are; M r. W h a r to n , M r.
row limits. At times the tone has been easier, owing to
L lp p ln c o tt, Mr. M orris, M r. K e lly and B en ja m in N lco ll.
(John C.) W inston Company of Philadelphia.— New Securi unfavorable European advices and further liquidation. But
ties.— This com pany, manufacturing publishers, recently leading dealers and roasters have given support, preventing
increased its stock from $700,000 to $1,000,000, and author­ any marked depression. December deliveries on W ednes­
day the 27th inst. amounted to 80,000 bags. They were
ized the issuance of $300,000 bonds.
taken by roasters and had no effect on prices.
W oodstock (Ala.) Iron & Steel Corporation.— Bonds.— For
The closing quotations were as follows:
record it should be stated that this com pany in June last took N o v e m b e r _____ 5 .5 0 c
M arch ___________ 5 .6 5 c
J u ly ______________ 5 .8 0 c .
title to all property of the W 'oodstock Iron W orks, located in D e c e m b e r _______ 5.5 5 c. A p r i l ____________ 5 .7 0 c . A u g u s t ___________ 5 .8 5 c .
Calhoun, Talladega, Etowah, De Kalb, Coosa, St. Clair, Clay J a n u a r y _________ 5 .5 5 c . M a y ______________5 .7 5 c . S e p t e m b e r _______ 5 .9 0 c .
F e b r u a r y ________ 5 60c J u n e _____________ 5 .7 5 c .
O c t o b e r __________5 .9 0 c
and Cleburne counties, A la., and filed for record a mortgage
S U G A R .— Raw has been easier. Centrifugal, 96-degrees
to the Standard Trust Co. of New Y ork, as trustee, to secure
test, 3.6 2J^ @ 3.65 c., m u scovado, 89-degrees test, 3 .1 0 @
an issue of $1,500,000 bonds.— V. 83, p. 1597.
Y ork (Pa.) Telephone C o.— Successor.— See Y ork T ele­ 3.20c. Refined has been quiet and steady. Granulated
4 .6 5 @ 4 .7 0 c. Teas have been firm and in light jobbin g re­
phone & Telegraph Co. below .— V. 81, p . 1052.
quest. Spices have been firm and more active.
H ops
York (Pa.) Telephone & Telegraph C o.— Bonds Offered
have been quiet and steady.
C. C. Frick <fe Co., Y ork, Pa., and Rudolph Kleybolte & Co.,
P E T R O L E U M .— Refined has been m oderately active
New Y ork, recently offered for sale $100,000 5% first m ort­
gage coupon bonds dated May 1 1907 and due May 1 1937, and firm. Refined, barrels, 8.7 5c., bulk 5c. and cases
but redeemable May 1 1912 at 105 and interest. Denom ina­ 10.90c. Gasoline has been active and firm; 86-degrees 21c.
tions $500 and $1,000 (c*). Interest payable semi-annually, in 100-gallon drums. Naphtha has been in moderate demand
May and November, at Security Title & Trust Co., trustee, and steady; 73@76-degrees 18c. in 100-gallon drum s. Spirits
of turpentine has been quiet and easier at 4 8 @ 4 8 J^c. Rosin
Y ork, Pa. A circular says:
has been quiet and easy; com m on to good strained $3 65.
C o m m o n s to c k (a u th o riz e d , $50 0 ,0 0 0 ) Issu ed ________________________ $200,000
B o n d Issue (a u th orized ,-$ 2 ,0 0 0 .0 0 0 )—
TO BACCO .— There has been no essential change in the
T o be Issued fo r e x te n sio n and Im p ro v e m e n ts_____________________ 2 0 0 ,0 0 0
situation. Trade in dom estic leaf has been extrem ely dull
R e se rv e d t o retire Y o r k T e le p h o n e 5s (d u e 192 9, see V . 6 9 , p .
9 0 9 , 1 19 8.— E d . ) . ________________________________ _________ _______ 2 0 0 ,0 0 0
and quotations are largely nominal. While holders remained
Statem ent o f E a rn in g s.
firm in their views as a rule, there are m any in the trade
G ross e a rn in g s -------------------------$62 ,672 |I n t . o n Y o r k T e l. 5s o f 1899 - .$ 1 0 ,0 0 0
who would not be surprised to see some decline in prices in
N et e a r n in g s _________________ 25,419|
-------------the near future. Sales o f cigars have been small and m anu­
!
B a la n ce , s u rp lu s ___________ $15 ,4 1 9
facturers are believed to be well supplied with tob a cco.
I t Is es tim a te d th a t Im p ro v e m e n ts and e x te n sio n s u n d e r w a y w ill in crea se
th e gross earnings t o n o t less th a n $75 ,0 0 0 and net e a rn in g s $ 3 5 ,0 0 0 .
Havana has been dull and firm. Sumatra has been quiet
T h e ch a r te r and fra n ch ises arc p e r p e tu a l, and b r o a d and lib e r a , and free
and steady.
fro m o b je c tio n a b le fe a tu re s. O w in g t o th e rapid g r o w th o f th e c it y an d
su r r o u n d in g te r r it o r y . Im p ro v e m e n ts and e x te n sio n s are c o n t r a c te d fo r
C O PPE R has advanced on speculative bu ying. Consump­
an d u n d er w a y , a g g re g a tin g a to t a l c o s t o f $ 1 0 0 ,0 0 0 .
I n v o lv e d In these
a d d itio n s Is real esta te and b u ild in g fo r c e n tra l s ta tio n , o ffic e s , & c ., c o s tin g
tive requirements have been light. Lake 133^@ 14c. and
$ 2 8 ,0 0 0 .
A n ew s w itch b o a rd and p o w e r e q u ip m e n t w ith a c a p a c it y o f
electrolytic 1 3 l^ @ 1 3 % c . Lead has been dull and easier
10,0 0 0 c a lls , and a d d itio n a l p o le and c a b le e x te n sio n s a g g re g a tin g $ 6 5 ,0 0 0 .
at 4.30c. Spelter has been dull and weak at 4.70c. Tin
T o t a l n u m b e r o f te le p h o n e s c o n n e c te d D e c. 31 1906, 2 ,9 7 0 , a ga in st 2,480
o n D e c . 31 1 9 0 5 .— V . 8 1 , p . 1052.
has been quiet and firmer; Straits 31.20c. Iron has been
[T h e Y o r k T e le p h o n e & T e le g r a p h C o. w as in c o rp o ra te d in P e n n s y lv a n ia
dull and steady. N o . ' l Northern $18@ $18 50; N o. 2
o n M ay 2 1907 w ith $50 0,00 0 a u th o rize d ca p ita l s t o c k , th e first b o a rd o f
Southern $20 2 5 @ $ 20 50.
d lr e c t o r s in c lu d ln g D . F . L a fe a n , G . B. R u d y and W illia m S. E lse n h a rt. Fri.




1408

THE CHRONICLE.

[V o l .

COTTON.

R eceipts at—

Sat.
13,845
18,459
2,288
8,742
100
11.188

M on.

T u es.

W ed .

11.706

21,555

11,893
9,791

Th urs.

F ri.

Total.

12,904

14,125
473
4,074
1,087

8 6 ,028
9,791
473
9 3.807
12,153
8,742
899
63,629
6.679
7,104

17,826
2,8 5 6

18,736
3,352

14,444
1,998

20,268
572

524
11.678

121
14,282

9,145

7,629
995
_
3,000
2.734

839

1.640

911

1.321

3,321
3,942

4,177
3,357

1,416
6,513

4,269
3,076

154
9,707
6,679
1,398

3

14

84
33

B a lt i m o r e _______
P h ila d e lp h ia ____

77

-------

22

117

---------

18.367
22,045
273
669
123
2,319
216

2,184
2,423
273

T o ta ls this w e e k .

62,8 0 4

54,293

67,025

56,054

48,245

44,8 9 6 333 .317

70
73
2,319

The following shows the w eek’s total receipts, the total
since Sept. 1 1907. and the stocks to-night, compared with
last vear:
1907.
R eceip ts to
N ovem b er 29.

T his
w eek.

G a lv e s t o n ________
C orp u s C h ris ti, tec
N ew O r le a n s ____
M o b i l e _____ _____
J a c k s o n v ille . &c
S a v a n n a h ___
B r u n s w i c k _____
C h a r le s t o n _______
G eorg etow n ____
W ilm in g to n ____
N o r f o l k ............... ..
N ’ p o r t N ew s, * c .
N ew Y o r k _______
B o sto n
________
B a ltim o re .......... .
P h il a d e l p h i a ____

8 6 ,0 2 8
9,791
473
93,807
12.153
8,742
899
63,629
6,6 7 9
7,1 0 4
18,367
22,045
273
669
123
2,319
216

1906.

S in ce S ep
1 1907.

S in ce S ep
1 1906.

T h is
w eek.

8 58 ,397 136,988 1 ,7 0 5 ,1 2 8
33,279
37,8.36
2,946
6 ,8 3 7
15,473
856 ,737
582 .383 97,467
142,787 14,590
120,622
44 ,536
42,7 8 8
2,477
4,223
350
813 ,444
863 ,840 61,687
84,261
88,828 18,475
7,442
93,654
136.917
521
281 ,962 16,433
214 .000
230,991 26,0 9 8
250 ,583
3,904
1,091
5,656
1,428
300
1,840
1.117
1,430
2,373
15,755
17.098
5,188
1,455
353
1,859

T o t a l . ________ _ 333 .317 3 .2 9 9 ,9 8 2 390 ,8 3 8 4 ,2 6 5 ,1 9 7

S tock.
1907

1906.

158,424

414 ,5 4 3

221 ,916
47,297

262 ,056
57,475

150,555
15,397
25,902

167,982
25,0 1 8
13.683

29,733
35,720
149
135,964
5,7 4 3
3,640
7,482

26,4 5 7
46,579
117,163
4,812
11,943
2,075

837 ,922 1,1 4 9 ,7 8 6

In order that comparison m ay be made with other years,
we give below the totals at leading ports for six seasons:
1906.

1905.

1902.

136.988
2 946
97,467
14,590
61.687
18,475
7,442
16,433
26,098
1,091
7,621

103,657
7,399
74 ,646
9,359
45,031
9 428
7,098
16,200
26,4 1 8
3,225
20,149

1904.
__________
95.536
6,229
111 ,189
17,196
69.060
13,321
8,519
13,360
33 068
354
9,652

1903.

86 028
10,284
93,807
12,153
63,629
6 .6 7 9
7 .1 0 4
18.367
22,045
273
12,968

144 ,136
9,006
101,474
13 035
47,6 5 2
8,055
5.078
12.637
17,969
692
9,414

57.154
6,151
121,664
10,470
50,423
5.505
9,340
13,751
20,554
822
18,627

333 ,317

3 90 ,838

3 22 ,610

377 .484

3 69 ,148

314,461

1907.

R eceipts at—
G a l v e s t o n ___
P t. A r th u r .& c .
N e w O rleans
M o b i l e _______
S a v a n n a h ___
B r u n s w ic k ___
C h a r le s to n . <Scc
W ilm in g t o n .
N o r f o l k _____
N 'p o r t N ., <Scc
A ll o th e r s ____
T o t a l this w k_

S in ce S e p t. 1 . 3.2 9 9 ,9 8 2 4 265 .197 4 ,0 3 6 ,2 0 3 4,5 8 7 ,7 6 2 4 ,0 2 4 019 3 ,8 7 8 ,6 2 4

The exports for the week ending this evening reach a total
o f 288,569 bales, o f which 99,305 were to Great Britain.
23.759 to France and 165,505 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week ending N ov. 29 1907. i From Sept. 1 1907 to N ov 29 1907.
Exported to—
Exported to—
Exports
from—

Great.
|Conti- i
Britain. F r ’ncei nent. Total.

Galveston _
31,290
Port Arthur
9,791
Corp.Chrlstl.&c
New Orleans
M o b ile _____
------ j
Pensacola . .
Fernandina.
Savannah . .
Brunswick. _•
C harleston..
Wilmington . .
Norfolk . . .
Newport News
New Y o r k ___
7,591
Boston _____
8,643
B a ltim ore ____
4,098
Philadelphia .
700
Portland, Me.
------ i
San Francisco
Seattle .........
T a c o m a .........
Portland, Ore
P e m b in a ____
D e tr o it..........

Great \
Britain. France

30,647 73,167
9,791

367,275103,315
17,465 . .

25,650 66", 842
7,878' 7,878
8,742
8,742

193,311 65,561
24,438 21,948
12,630 12,848

,204 56,506 63,710

84,992 6 M 6 6
20,339 . . .

-------

5,650
5,650
13,725 13,725
12,057 20,973
8,643
3,868; 7.964
700
784

784

.

On S h ip b o a rd , N o t C leared Jor-

Friday Night, Nov. 29 1907.
T H E M OVEM ENT OF TH E CR O P as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts^ have reached
333,317 bales, against 351,145 bales last week and 348,097
bales the previous wreek, making the total receipts since
the 1st of September 1907, 3,299,982 bales, against 4,265,197
bales for the same period of 1906, showing a decrease since
Sept. 1 1907 of 965,215 bales.

G a lv e s t o n _______
P o r t A r t h u r ____
C orp . C h risti, <&c.
N ew O rle a n s ____
M ob ile _________
P e n sa co la _____
J a c k s o n v ille . &c.
Sa v a n n a h _______
B r u n s w i c k _____
C h a r le s t o n ____
G e o r g e t o w n ___.
W i l m i n g t o n ____
N o r f o l k _________
N ’ p o r t N . , & c ___

lxxxv

71,054 16,520
4,950
1.000
122,112 15,905
72,318;
21,134
22,015
1

Conti­
nent.

Total.

193,431
15,814
550
118,826
32,272
22,967

664,021
33,279
550
377,698
78,658
48,445

275,689!
41,817
25,100
162,047!
420

421,147
62,156
25,100
249,621
5,370

112,127
2,377
32,099
2,948
1
6,261
9,145
32

250,144
74,695
55,133
24,963
1
6,261
9,145
32

1,000

99.305 23,759165,505 288,5691,035,034 298,4631.053,922 2,387,419
l—---------•------ -— ----------- ;------------[--------------------------- ------—------ ;--------------Total 1906____[124,198:47,918 161.259333,375 1,297,278365,955 1,228,830 2,892,063

Great
B ritain . F r a n ce

G er­
man]/.

12,934
38,511
5,832

29,177
18,745
2,034

15,245
29,6 9 6
7,038

V .I o o

3,700

10,300

2",500
12,000

400
4,000

5~.666
19,000

T o ta l 1 9 0 7 .. 75,877
T o ta l 1 9 0 6 .. 114,999
T o t a l 1 9 0 5 .. 136,312

58,056
54,282
42,764

86,279
73,024
60,663

N e w O r le a n s ..
G a l v e s t o n ____
S av an n ah ____
C h a r le s to n ____
M o b i l e _______
N o r f o l k _______
N e w Y o r k ____
O th er p o r t s ___

Other
F o reig n

C oa st­
w ise.

Leaving
stock .

Total.

3",000
2,800

243 71,8 5 9
1,848 101,239
3,200 20,758
3,300
3,300
102 18,202
32,677 3 2,677
10,900
37,800

150,057
57,185
129,797
22.602
29,095
3,043
1 25 ,064
24,344

35,153
59,295
35,019

4 1 ,370 296 ,735
43,540 345 ,1 4 0
50,2 4 4 325 ,002

5 41 ,187
804 ,646
967 ,422

14,260
12,439
2,654

Speculation in cotton for future delivery has been som e­
what more active at an advance due largely to a tendency
to reduce crop estimates and to covering of shorts on a con ­
siderable scale. Moreover, financial conditions have been
better, receipts have continued m oderate, statistics, aside
from diminished spinners’ takings for the season are regarded
as rather more bullish, and the Liverpool advices have been
encouraging to believers in higher prices. The spot sales
there have been liberal and the tone in the main has been
firm, with Continental mills apparently disposed to purchase
somewhat freely both in Liverpool and at the South. Large
Wall Street interests recently on the short side, having
covered such obligations, have latterly been buying for long
account. Others wrho are supposed to be long of December
and the near months have latterly been selling March and
May, it is understood, for a decline. Advances in the stock
market, lower rates for m oney and the belief that in a short
time cash payments b y the banks wrill be general and cur­
rency premiums disappear have contributed not a little to
the confidence of the advocates of better prices. The firm­
ness of the spot holder in many parts of the South has also
been an im portant factor, although it is said that in some
sections discounts from current prices have been made for
cash, owing to the scarcity of currency there as well as in
other parts of the country. The belief in some quarters
that the crop has been considerably over-estimated also
accounts for not a little of the buying. The average estimate
of. the New Y ork Cotton Exchange is 11,973,000 bales, the
Memphis Cotton Exchange puts it at 11,992,000 bales and
the Liverpool Exchange says 11,935,000 baleg. But rumors
have been in circulation that private statisticians would issue
very much lower estimates, and this fact has not been without
some influence. The spinners’ takings show a notew orthy
decrease thus far this season as compared writh those of a like
period last year, but the contention of not a few is that the
decreasa in the w orld’s consum ption will not equal the
expected falling off in the crops. Stress is laid not onljr
upon an estimated decrease in the yield in this country this
year but also on a predicted diminution in the yield of India.
The speculation, though somewhat larger, has continued to
be m ainly of a professional character. Strong interests are
arrayed on both sides, bu t the public for the most part holds
aloof. The December premium over January has ranged
from 34 to 40 points. To-day prices advanced sharply,
owing to strong Liverpool advices, aggressive buying by
Wall Street operators, and the fact that December notices
for some 30,000 bales wfere prom ptly stopped. Also Europe
w-as buying, the receipts were light, and a crop estimate by
a local statistician was as low as 10,388,000 bales, a fact
which of itself had no slight effect. Spot cotton has been
firmer and more active. Middling closed at 11.70c., or an
advance for the week of 50 points.
The rates on and off m iddling, as established Sept. 11 1907
b y the Revision Com m ittee, at which grades other than
middling m ay be delivered on contract, are as follow's:
F a ir ____________ c.1 .7 5 on Strict low m id___c .0 .3 0 off I Middling tinged, .c .0 .30 off
Strict m id. fair____1 50 on Fully low m id_____ 0.65 off Strict low mid. ting.1.00 off
Middling fa ir .......... 1.25 on Low m iddling_____ 1.00 off Low m id. tinged— 1.50 off
Barely m id. fair___1.00 on Barely low m id____1.25 off Strict g’ d ord. tin g .2.00 off
Strict good m id___0.75 on Strict good ord . .. 1 .5 0 off 1Fully m id. stained,1.00 off
Fully good m d____0.62 on Fully good o rd ____ 1.75 off I Middling stained. _1.25 off
Good m iddling____0.50 on , Good o r d in a r y ____2.00 off j Barely m id. stained.1.75 off
Barely good m id__ 0.37 on |Strict g’d mid. tgd.O 35 on Strict low m. stain .2.25 off
Strict m iddling____0.25 on 1Good m id. tin g e d .. F.ven Fully 1. m. stained.2.62 off
M iddling.................. Basis! Strict m id. t in g e d ..0 20 off Low mid s ta in e d ..3 00 off

The official quotation for middling upland cotton in the
New Y ork market each day of the past week has been:
N ov. 23 to N o v . 29—
S at.
M id d lin g u p la n d ..............................11.2 0

NEW Y O R K
1 9 0 7 .C______1 1 .7 0
19 0 6 ............... 11.40
1 9 0 5 . . ...........11.80
1 9 0 4 ________ 9.50
1 9 0 3 ________ 11.50
1 90 2 ________ 8 55
1 9 0 1 ________ 8.00
1 9 0 0 ________ 10.12

M on.
11.20

T u e s.
11.40

W ed.
11.45

T h u r s.
Fri
H
11.70

Q U O TATIO N S FO R 32 Y E A R S .

1 8 9 9 .C...........
1 8 9 8 ________
1 8 9 7 ________
1 8 9 6 ________
189 5________
1 8 9 4 ________
1 8 9 3 ________
18 9 2 ...............

7 .7 5 1 1 8 9 1 .c ______8 .0 6
5.6 2 1 89 0 ............... 9.44
5.81 I 1 88 9 ............... 10.25
7.6 9 |1 8 8 8 .............. 9.88
8 62| 1 8 8 7 ............. .1 0 .5 0
5 .9 4 1 1 8 8 6 ________ 9 19
8 .0 6 ! 188 5 ............. .. 9.44
9 94| 1884
______10.44

1 8 8 3 .c ...........10 .5 6
188 2 ________ 10.44
1 8 8 1 ............... 12.00
1 8 8 0 .............. 12.00
187 9________ 12.50
18 7 8 ________ 9 25
1 8 7 7 .............1 1 31
1 8 7 6 ________ 12.19

M A R K E T A N D SA LES AT NEW Y O R K .
Spot M arket
C losed

F u tu res
M arket
C losed.

S a les o f S p o t and Con tract.
C on­
C on
E xp ort sum'rt. tract.

Total.

T o t a l ...........

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton 0 1 1 shipboard, not
cleared, at the ports named. W e -add similar figures for
New York.




S a tu rd a y . .
M o n d a y ___
T u esd ay . .
W edn esda y
T h u r sd a y .
F r i d a y ____

S t e a d y .......... ..
S t e a d y _____________ S t e a d y ___
S t e a d y , 20 p ts . a d v . S t e a d y .............
Steadv , 5 p ts . a d v .
_ . ...H O I ,! D A Y .
S t e a d y , 25 p ts . a d v . V e r y s t e a d y .

::::

::::
622
800

2,0 0 0

-------

2.000

'6 2 2
800
100

2.100

100 -3,522

1409

THE CHRONICLE.

Eu fau la,
M o n tg om ery ,
Seirha,
H elena,
Little R o c k ,
A lb a n y ,
A th en s,
A tla n ta ,
A u gu sta,
C olu m bu s,
M acon,
R om e,
L ou isville,
S h rev ep ort,
C olu n 'b u s,
G reen ville,
G reen w ood ,
M eridian,
N atch ez.
V ic k s b u r g ,
Yazoo C ity,
St. Louis
R a leigh ,
C in cinnati,
G reen w ood ,
M em phis,
N ash ville,
B renh am .
C larksville,
ID allas,
Honey Grove
H ou ston ,
Paris,

29.

30
1906.

466,892305,7683,238.884j257. 080 :607 ,23 3

F r id a y ,
W eek .

—

_

N ov.

M ovem ent toN ov. 29 1907.M ovem ent to November

Thursday,
N ov. 28.

—

R eceipts.
Ship- Stocks
R eceipts.
ShipStocks
--------------------------------------------------------------------------------------------------------------------------------------------------------- ments
W eek. , Season. W eek.
29.
W eek.
Season. W eek. ;
30.

W ednesday,
N ov. 27.

— 10.72@

------- —

* 4 7 ,1 3 4 .bales a d d e d as c o r r e c tio n o f r e c e ip ts sin ce S e p t. 1.

Towns.

Tuesday,
Nov. 26.

@
—

Alabama
........................................................................................................................................................................................ 49317,881436
3,6952,16018,3476225,213
“
_____________________________________________________________________________________________________ 6,37696,0376,044 22,0797,42194,0626,45026,151
“
___________________________________________________________________________________________________ 2,27460,3742,197
6,9806,75271,461 5,4611 9,767
A r k a n s a s ______________________________________________________________________________________________ 4,542: 26,0283,035
8,8864,24624 3253 75812 585
•'
_______________________________________________________________________________________________ 8,06153,5815,531
20,14515,202104,660 11,95043,582
Georgia
__________________________________________________________________________________________ 500i16,964600
5,20078618,0907162,867
•'
___________________________________________________________________________________________ 2,95770,5694,545
21,7904,16764,8344.77817,675
“
_________________________________________________________________________________________ 6,640*64,742 6,381 10,62510,27377,6978,04817 151
"
- I . . - : ___________________________________________________________________________________ 8,156216,24611,087 46,09514,990224,630 14,36846,550
•'
_____________________________________________________________________________________ 1,723; 29,8363,605
13,1222,50434,6851,100; 17,764
“
___________________________________________________________________________________ l,1 5 2 i 44,6891,206
6,7502,48942,7952,2415.155
“
_________________________________________________________________________________ 1,28718,6602,5961
3,1523,20423.9702,5954,591
K e n tu c k y , n e t __________________________________________________________________________ 861,593106
1002991,923249150
L o u is i a n a __________________________________________________________________________ 2,81236,5362,834 10,7468,878106,7207,83719,835
M is s is s ip p i.. ______________________________________________________________________ 1,91217,1431,153
5,9332,95326,9132,0249,864
_3,000134,8942,700
13,8024,00030,771 3,36316 000
“
_________________________________________________________________________
“
_______________________________________________________________________ 4,000; 44,5923,000
15,281 3,00036,0233,00014,000
“
_____________________________________________________________________ 2,917: 31,8272,229
8,8176,12544,2214,75214,896
‘
___________________________________________________________________ 2,73833,0583,042
8,4123,93040,4881,84812,301
‘
_________________________________________________________________ 3,01638,1913,045
17,8955,44738,4583,52521,950
\
_______________________________________________________________ 2,08329,2491,922 13,3283,00027,8142,74912,000
M issouri
_
13,162 116,737
12,257 12,374
24,422
179,142 23,351 16,269
North Carolina _ _
448
4,230300
505
817
9,855 490,
1,680
O hio. . . ______________________________________________________3,03127,5123,314
10,7683,57235,3663,47010,121
South C a ro lin a __________________________________________________ 7809,982_____
8,4931,26711,1381 159!4,042
T e n n e s s e e __________________________________________________ 35,890267,82327,784
94,77643,788295 53228,906124,286
"
___________________________________________________ 3812,14575
4,0966614,477653
599
T e x a s _________________________________________________ 6
2,6725
2,05113813,246i 182;
2,695
“
________________________________________________ 10010,997278
2,0001,54327,733i 1,784: 5 091
“
______________________________________________ 80024,822711
2,5005,81760,947! 3,326 7,355
“
___________________________________________ 1507,333213
1,0001,58924,413i 1,790
4,107
“
__________________________________________ 47,964674,510 55,749
62,496108.5111,357,835 99,039; 95,194
"
________________________________________ 1,00022,181 1,005
3,0001,81766,313 1.496
5 949

M on d a y,
N ov. 25

—
—

10.95 @ 11.25 10.68@ 11.25
11 .1 7 — 11.19 —
—
—

1 0 .59@ 10 .85 1 0 .2 2 @ 1 0 .8 5
10.77— 10.79 —
—
—

1 0 .3 4 @ 1 0 .9 8
—
—
—

69
—

@

10.71@
— 1 0 .5 2 @ 1 0 .7 1
10.8 3 — 10.85 —
—
—

10.73@ 10 .98
10.89— 10.90

—
@
— 10.44@ 10
10 .9 4 — 10.06 —
—

®

r— @

1 0 .80@ 11 .05 1 0 . 4 5 @ U . 0 5
1 0 .9 8 — 10.99 —
—
—

—

— 10.03

10.85@ 11.00 1 0 .45@ 11.00
10.92— 10.93 —
—
—

@

1 0.75@ 10 .97 1 0 .4 5 @ 1 0 .9 7
1 0 .9 0 — 10.91 —
—
—

—

—
@
— 10.45@ 10.66
10.81 — 10.83 —
—
—

"

| T otal, 33 t o w n s . _________________________________________________ 170,4372,153,634 168,985

Saturday.
N ov. 23.

N o v .—
Range —
@
— 1 0 . 7 2 @ ---------------------------------- --------- @
■
—
Closing 10.63— 10.68 10 .7 1 — 10.73 10.80— 10.82 10.90— 10.93
D e c .—
Range 10.68@
— 10.7 2 @ 1 0 .8 9 10.70@ 10.90 10.85@ 11 .00
Closing 10.76— 10.78 10.72— 10.73 10.84— 10.85 10.95— 10.96
J a n .—
Range 10.22@ 10 .42 10.32@ 10 .50 10.28@ 10.59 10.42@ 10 .63
Closing 10.38— 10.39 10.34— 10.35 10.50— 10.51 10.55— 10.56
F e b .—
Range —
@
------------------------------ @ 1 0 . 5 2 —
@
— —
@10.65
Closing 10.43— 10.45 10.39— 10.41 10.56— 10.58 1 0 .6 4 — 10.66
M a rch —
Range
10 34@ 10.50 1 0 .43@ 10 .62 1 0.39@ 10 .71 10 55@ 10.75
Closing 1 0 . 4 8 — 10.49 10.4 5 — 10.46 10.62— 10.63 10.70— 10.71
A p ril—
Range 1 0 . 4 4 @ ----------- @ 1 0 . 6 2 —
@
— 10.69@
—
H O L IClosing 10.54— 10.56 10.49— 10.51 10.66— 10.67 10.74— 10.75
DAY.
M a y —Range 10 45@ 10.59 10.51@ 10 .70 10.47@ 10 .79 10.64@ 10.85
Closing 1 0 . 5 7 — 10.58 10.52— 10.53 10.70— 10.71 1 0 .7 8 — 10.79
J u n e—
Range 10.45@ 1 0 .4 7 —
@
--- @
-----------@
—
Closing 10.56— 1 0 .5 8 10.5 1 — 10.52 10.67— 10.69 10.76— 10.77

-----------@

—

---------- --------------------

----------

— 10.03@

10.46@ 10 .73 10.60@ 10 .77
10.64— 10 66 10.74— 10.75

--- @
@
---------- —

1 0 .50@ 10 .66
10 .5 1 — 10.53

------- —

-----------@
---------- —

10 45® 1 0.57
10!56— 10.57

@
—

--------@
------- —

— —

Range —
Closing —

@
—

Range —
@
— 1 0 .45@ 10 .55 —*
@
—** 10.66@
—
Closing 10,47— 40.49 1 0 .4 2 — 10.44 10.55— 10.58 10.6 5 — 10.67

Range —
Closing —

^ " fla n g e
Closing

Oct

T H E V IS IB L E S U P P L Y OF COTTON to-night, as made
up b y cable and telegraph, is as /ollow s. 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 com plete figures
for to-night (F riday), we add the item of exports from
the United States, including in it the exports of Friday
on ly.

A T T H E IN T E R IO R TO W N S the m ovem ent— 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 and closing prices at
New Y ork the past week have been as follows:

_

Nov. 30 1907.1

1906.
5 0 7 ,0 0 0
8,0 0 0
3 5 ,0 0 0

1905.
777 ,0 0 0
20,0 0 0
4 1 ,000

1904.
562 ,000
15.000
2 2 .000

T o t a l G rea t B rita in s t o c k - .
S t o c k at H a m b u r g ...................... ..
S to c k at B r e m e n _________________
S t o c k at A n t w e r p ____ ___________
S t o c k at H a v r e ____________________
S t o c k a t M a r se ille s________________
S t o c k at B a r c e l o n a ............... ............
S to c k a t G e n o a , ..................................
S t o c k a t T ries te - ................................

711 ,0 0 0
16 000
146,000
___ ____
116 .000
4,0 0 0
12,000
14 000
28,000

5 5 0 ,0 0 0
12,000
182 .000
_____
114 ,000
4,0 0 0
6,0 0 0
4 6 ,0 0 0
1,000

8 3 8 ,0 0 0
13,000
3 1 2 ,0 0 0
_______
1 41 ,000
2 .0 0 0
4 ,0 0 0
2 8 ,0 0 0
2 000

5 9 9 ,0 0 0
2 4 ,000
2 3 3 ,0 0 0
4,0 0 0
142 ,000
3,000
11,000
3 6 ,000
5.0 0 0

O V E R L A N D M OVEM ENT $ FO R T H E W E E K A N D
SINCE SE PT. 1.— We give below a statement showing the
overland m ovem ent 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:

4 58 ,000

N ovem b er 29—
W eek .
S h ip p ed —
.1 2 ,2 5 7
V ia St. L o u i s ............... ..............
. 7,417
V ia C airo . . . . . . . . ___ _
400
V ia H o ck Island ____ - .

3 6 5 ,0 0 0

5 0 2 ,0 0 0

T o t a l v isib le s u p p ly __________..3 ,8 3 7 ,5 4 6 4,3 5 5 .0 3 1 4 ,6 7 7 ,4 7 4 4 ,1 3 0 ,9 1 6
O f the a b o v e , to ta ls o f A m e r ic a n a n d o th e r d e s c r ip tio n s are as fo llo w s :
A m erlcan —
5 48 ,000
674 000
L
iv e r p o o l sto c k ................... . b a l e s .
4 2 6 ,0 0 0
508 .000
l^iverp
34,000
37,000
19.000
M anch ester s to c k
28,000
393 ,000
2 56 ,000
471 000
318 ,0 0 0
841 ,0 0 0
878.070
941 .579
626 ,0 0 0
U . S. p o r t s tock s
985 ,482
8 37 ,822 1 ,1 4 9 ,7 8 6 1,292,424
4 66 ,8 9 2
667 ,389
7 6 6 ,1 4 6
U . S. In terior s t o c k s .
607 ,233
26,661
U . S. e x p o r t s t o d - a y
45,4 3 3
25,288
19 662
T o t a l A m erica n
E a st In d ia n . B ra zil,
L iv e r p o o l s t o c k . . ___
L o n d o n s to c k . . ____
M a n ch ester s t o c k ------In d ia a floa t fo r E u ro p e . _
E g y p t , Brazil & c . , a flo a t.

3 040 546 3.5 1 6 ,0 3 1 3 794 ,474
101,000
17 000

11,000

80,0 0 0
46,000

68,000
185.000
289 .000

T o ta l E a st I n d ia , & c.

M ld d lln g U p la n d

B r o a c h . L in e. L iv e r p o o l _____
T ln n e v e lly , G o o d , L i v e r p o o l ..

81.000
8 ,000
7,000
47,000
80,000
93 000
188 .000
3 35 .000

103 ,000

20,000
4,0 0 0
31,000
54 000
71,000
151,000
449 ,0 0 0

3 537 ,9 1 6
54,0 0 0
15,000
3,000
65.000
1 3 ,0 0 0

63,0 0 0
165 000
215 ,000

883 ,000
593 ,0 0 0
797 .000
839 .000
3,0 4 0 546 3 ,516.031 3 ,794,474 3,537 916
3 .8 3 7 ,5 4 6 4 .355 031 4 677,474 4 ,1 3 0 ,9 1 6
6 .1 6 d .
4 77d
6 19d.
6 .18d
1 1.6 5 c
9c.
11 .7 0 c.
1 1.40c.
10 9 -1 6d
10 Hd- 8 9 -1 6 d . 8 15-1 6 d .
9 .0 0 d .
1 2 .0()d
8 .7 0 d .
1 0 .6 5 d .
5
.
5 H d.
5 1 16d.
5*4d.
5^d. 5 9 - 1 6 d . 5 3 -1 6 d .
y,d.

5

Continental im ports past week have been 191,000 bales.
The above figures for 1907 show an increase over last week
o f 54,515 bales, a loss of 517,485 1 ales from 1906, a decrease
o f 839,928 bal«‘s from 1905, and a decline of 293,370 bales
from 1904,




_

_

_

T o t a l gross o v e r la n d ___________
D ed u ct shipm en ts—
O v e rla n d to N . V . , B o s t o n , & c _ .
B e tw e e n Interior t o w n s ___
___
In la n d , <Sc(\, from S o u t h _____ .

-----------190 6----------S in c e
W eek .
S e p t. 1.
1 76 ,374
23,351
11,296
5 1 ,6 0 0
8 ,3 7 5
1,218
2 0 ,6 4 5
3 ,0 4 4
14,199
758
28,669
4,2 6 3
54,211
4,506
N
! ov.

T o t a l E u ro p e a n s t o c k s . . . ______1 ,0 4 7 ,0 0 0
9 1 5 ,0 0 0 1 ,3 4 0 .0 0 0 1 ,0 5 7 ,0 0 0
In d ia c o t t o n a lloa t fo r E u r o p e ___
4 6 ,0 0 0
8 0 ,000
54,0 0 0
13,000
A m e r ic a n c o t t o n a flo a t fo r E u ro p e 8 78 .070
9 4 1 ,5 7 9
6 2 6 .0 0 0
841 ,000
E g y p t,B ra z il,& c .,a flo a t fo r E u ro p e
68,000
93.000
71,000
63,000
S to c k In A le x a n d r ia , E g y p t ______
185,000
188 000
151 ,000
165 ,000
S to c k In B o m b a y , I n d i a _________
2 89 ,000
335 ,0 0 0
4 4 9 ,0 0 0
215 ,000
S to c k In U S. p o r t s _____ _________
837 .922 1 ,1 4 9 .7 8 6 1 ,2 9 2 ,4 2 4
985 ,482
S t o c k In U . S. Interior to w n s ______
466 ,8 9 2
607 ,233
667 ,3 8 9
7 6 6 ,1 4 6
U . S. e x p o r ts t o - d a y ...........................
19,662
45 .433
26,661
2 5 ,288

1907----------S in c e
S e p t. 1.
108,315
5 0,1 7 6
2.563
18,293
9.966
. 1,105
V ia C in c in n a ti________
20,700
V ia V irg in ia p o i n t s . . . . _______ . 2,9 8 6
38,794
V ia o th e r ro u te s . <Scc____
_ 7,9 8 7
_

336 ,0 0 0

_

T o t a l C o n tin e n ta l s t o c k s .......... ..

_

1907.
6 4 9 ,0 0 0
17,000
45 .000

N o v . ------------------ments

N ovem b er 29—
S t o c k at L i v e r p o o l ________ b a le s .
S to c k at L o n d o n - .............................
S t o c k a t M a n ch este r . :____________

The above totals show that the interior stocks have in­
creased during the week 1,452 bales and are to-night 140,341
bales less than at the same time last year. The receipts at
all the towns has been 135,331 bales less than the same
week last year.

.3 4 ,8 9 8

248 ,8 0 7

48,4 3 6

354 ,0 7 3

- 3,327
_ 4,8 3 6
. 1,980

21,0 7 8
22,041
2 1,871

7,271
3.359
2,0 8 5

21 ,8?7
16,8 9 7
13,531

T o t a l to b e d e d u c t e d ___________ .1 0 ,1 4 3

65,0 1 0

12,715

52,255

L e a v in g to ta l n et o v e r la n d * _______ .2 4 ,7 5 5

183,797

35,721

301 ,8 1 8

* I n c lu d in g m o v e m e n t b y rail to C a n a d a .

The foregoing shows the w eek’s net overland m ove­
ment has been 24,755 bales, against 35,721 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
118,021 bales.
------------1907------------ ----------:----- 1906-----------S in c e
S in c e
I n Sight and S p in n er s ’
S ep t. 1.
S ep t. 1.
W eek
W eek .
T a kin gs.
390 ,838 4 ,2 6 5 ,1 9 7
R e c e ip ts at p o r t s t o N o v . 2 9 ____ __ .3 3 3 ,3 1 7 3 ,2 9 9 ,9 8 2
301 ,818
183,797
35,721
X e t o v e r la n d t o N o v . 2 9 ____ —
. - 24,755
61 1 ,0 0 0
628 ,0 0 0
47,0 0 0
S o u th e rn c o n s u m p tio n to N o v . 2 9 . _ 4 8 ,0 0 0
T o ta l m a r k e t e d ----------------------------- 406 ,072 4.111 ,779
386 .3 0 9
1,452
In te r io r s to c k s in e x c e s s ____________ .
C a m e in to sigh t d u rin g w e e k ____ .4 0 7 ,5 2 4
4 ,4 9 8 ,0 8 8
T o ta l In sight N o v . 2 9 ____________

---------

N o rth , sp in n e rs’ ta k in g s t o N o v . 29 . 64,583

Movement into
W eek —
1905— D e c.
1904— D e c.
1903— D e c .
1902— D e c.

5 4 1 ,3 7 5

473 ,5 5 9 5 ,1 7 8 ,0 1 5
48,688
5 1 0 ,9 5 7
522 ,2 4 7
- - - - - -

96,482

5,6 8 8 ,9 7 2
718 ,4 1 8

ight in previous years:

B a les | S in ce S ep t. 11 ................................ 4 3 6 ,4 6 1 11905— D ec.
2 _________ _______ 515,0751 1904— D e c. 2 .
4 _________________ 4 6 8 ,4 5 1 1 1 9 0 3 — D e c . 4 .
5. ..
. . . . .3 9 1 .6 2 6 |1902— D e c. 5 .

B a les.
,408,159
,162,816
,309,166
369 ,286

1410

THE CHRONICLE.

Q U O TATIO N S FO R M ID D LIN G COTTON 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.

[V o l .

lxxxv

.

reaching tw enty hundredths o f an inch. The thermometer
has averaged 50, the highest being 64 and the lowest 36.
Little Rock, Arkansas.— Cotton is being marketed more
freely. W eather favorable and picking nearing com pletion
in some sections. Rain has fallen during the week, the pre­
C losin g Q uotations fo r M id d lin g C otton on—
cipitation reaching sixty-five hundredths o f an inch. The
W eek ending
thermometer has averaged 51, ranging from 34 to 68.
N ovem b er 29.
M o n d a y . Tuesday. W ed ’ d a y . Thursd'y. F r id a y .
M emphis, Tennessee.— Picking is progressing fairly well.
G a lv e s t o n ______
11 3-16
11 %
1%
11 %
W e have had rain on tw o days of the week, the precipitation
N ew O rle a n s ___
10 15-16 11 1-16
11 5-16
11%
M o b i l e __________
reaching twenty-eight hundredths o f an inch. The ther­
10%
10 %
10 %
S a v a n n a h ______
11-16 10 11-16 10 11-16 1 0 %
10 15-16
mom eter has ranged from 38.6 to 62.8, averaging 51.7.
C h a r le sto n ______
10 %
10%
H
10%
10%
%
Nashville, Tennessee.— Rain has fallen during the week,
W ilm in g t o n ------io %
10%
10%
10%
O
%
N o r f o l k ________
10 15-16 11
11
L
11%
to the extent of fifty-tw o hundredths of an inch. Average
B o s to n ________
11.20
11.20
I
11.40
11,45
thermometer 46, highest 60, lowest 31.
B a l t i m o r e ______
11
11
D
11%
11%
P h ila d e lp h ia ___
11.45
11.65
11.95
11.70
A
Mobile, Alabama.— Rain in the interior latter part o f the
A u g u s t a ________
11
11 1-16
11
Y
11%
week. Picking is nearing completion in most sections. The
M e m p h i s _______
10%
11
11
11%
11
St. L o u is _______
11
yield is generally disappointing and planters are less disposed
11%
11%
H o u s t o n _______
11 1-16
11 3-16
U %
11 %
to sell. There has been rain on three days of the w eek,the
L ittle R o c k ____
10%
10 ys
10%
10%
precipitation reaching five inches and ninety-three hun­
dredths. The thermometer has averaged 57, the highest
N E W O R L E A N S O PTIO N M A R K E T .— The highest, being 70 and the lowest 42.
Montgomery, Alabama.— Rain has fallen heavily on three
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows: days of the week, the precipitation reaching five inches and
thirty-nine hundredths. The thermometer has averaged 54,
ranging from 39 to 66.
S a t’ d a y , M o n d a y , Tuesday, W ed ’ day Th u rsd ’ y. F r i d a y ,
Selma, Alabama.— W e have had rain on two days o f the
N ov. 23. N o v . 25 N ov. 26. N o v . 27 N o v. 28. N ov. 29.
week, the precipitation reaching tw o inches and sixty hun­
..IP
N ovem b er—
dredths. The thermometer has ranged from 31 to 62, aver­
R ange
— @ — — @ — 1 0 .6 8 -.7 0
— @ —
C lo sin g . _ _ 10.64 — 10.60 — 10.85 — 10.97 —
aging 48.5.
D ecem ber—
Madison, Florida.— W e have had rain on two days of the
R a n g e _______ 1 0 .3 8 -.5 7 1 0 .5 3 -.6 6 1 0 .4 4 -.7 2 1 0 .6 7 -.8 4
1 0 .8 4 .0 6
C lo s in g _______ 10 .5 4 -.5 5 1 0 .5 3 -.5 4 1 0.70-.7 1 10 .8 2 -.8 3
1 0 .9 5 -.9 6
past week, the precipitation being one inch and tw enty-five
J an u ary—hundredths. Average thermometer 62, highest 80, low est
R a n g e _______ 1 0 .3 7 -.5 4 1 0 .4 7 -. 65 10.4 3 -.7 2 1 0 .6 3 -.8 6
1 0 .8 2 -.0 7
C lo sin g _______ 1 0 .5 1 -.5 2 1 0.50-.5 1 1 0 .6 9 .7 0 1 0 .7 9 -.8 0
1 0 .9 7 -.9 8
43.
F eb ru a ry —Savannah, Georgia.— Rain has fallen on tw o days of the
R ange
— @ — — @ — — @ — — @ —
— @ —
C lo sin g _______ 1 0 .5 2 -.5 4 1 0 .5 1 -.5 3 1 0 .6 8 .7 0 1 0 .7 8 -.7 9
week, the precipitation reaching one hundredth of an inch.
1 0 .9 7 -.9 9
M a rch —
The thermometer has averaged 61, ranging from 43 to78.
R a n g e _______ 1 0.4 1 -.5 7 1 0 .5 1 -.6 7 1 0 .4 7 -.7 5 10 .6 7 -.8 7
H
1 0 .8 7 -.1 2
Charleston, South Carolina.— There has been rain on three
C losin g _______ 1 0.5 4 -.5 5 1 0 .5 4 -.5 5 1 0 .7 2 -.7 3 10 .8 2 -.8 3
O
11-00-.01
A pril—
L
days of the week, the precipitation reaching six hundredths
R a n g e _______ — @ — — @ — — @ — — @ —
I
— @ —
of an inch. The thermometer has ranged from 43 to 77,
C lo s in g _______ 1 0 .5 5 -.5 7 10.5 6 -.5 8 1 0 .7 4 -.7 6 10.8 4 -.8 5
D
1 1 .0 2 -.0 4
M ay—
A
averaging 59.
R a n g e _______ 1 0 .4 6 .6 4 1 0 .5 9 -.7 4 10.58-.8 1 1 0 .7 4 -.9 3
Y
1 0 .9 5 -.1 9
Greenwood, South Carolina.— W e have had rain on three
C lo s in g _______ 10.6 0 -.6 1 10.60-.6 1 10 .7 8 -.7 9 1 0 .8 9 -.9 0
1 1 .0 8 -.0 9
Ju n e—
days of the past week, the precipitation being three inches
_
@ _
Range
___ — @ — — @ — — @ — — @ —
and ten hundredths. Average thermometer 49, highest 57,
C lo s in g _______ 10.6 1 -.6 3 10 .6 2 -.6 4 10.80-.81 1 0.91-.9 2
11.0 9 -.1 1
J u ly —
lowest 42.
R a n g e _____ 1 0 .5 8 -.6 5 1 0 .6 9 -.8 0 — @ — 1 0 .9 8 -.0 2
1 1 .0 5 -.2 0
Stateburg, South Carolina.— H eavy frost on low grounds one
C lo sin g _______ 1 0 .6 8 .6 9 1 0 .6 8 .6 9 1 0 .8 7 -.8 8 1 0 .9 8 -.9 9
11 .1 4 -.1 6
T on e—
morning, with thin ice. W e have had rain on three days of
Spot _
.
F irm .
F irm .
F irm .
S te a d y .
F irm .
the week, to the exent of one inch and sixty-tw o hundredths.
O p t i o n s _____ S te a d y .
S te a d y .
S te a d y . Stead y^
B a ’ly sty
The thermometer has averaged 56, the highest being 73 and
the lowest 35.
The following statement we have also received by tele­
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 .— Advices to
us b y telegraph from the South this evening denote that rain graph, showing the height o f rivers at the points named
at 8 a. m . of the dates given:
has fallen in most localities during the week, and that the
N o v . 29 190 7.
N o v . 30 1906.
F eet.
F eet.
precipitation has been rather heavy in portions of Alabama N e w O rleans ___________ A b o v e z e ro o f g a u g e .
5 5
10.5
10 8
29.3
and Mississippi. W et weather has delayed to some extent M e m p h i s _________ ______\ b o v e z e ro o f g a u g e .
N a s h v i ll e ________ ______ A b o v e z ero o f g a u g e .
17.0
11.2
the gathering of the crop, which is nearing com pletion in some S h r e v e p o r t _____________ A b o v e z e r o o f g a u g e .
7.4
2.1
V i c k s b u r g _____________ A b o v e z e r o o f g a u g e .
15.0
33.5
districts. The m ovem ent of the crop to market continues on
a less liberal scale than last year.
JU TE BU TTS, B A G G IN G , E TC .— The demand for bag­
Galveston, Texas.— Rain has fallen on two days of the ging during the past week has been of unim portant volum e
week, to the extent of one inch and thirty-one hundredths. and prices nom inally unchanged, ruling at 9 % c . for 2 lb s.,
Average thermometer 59, highest 66, lowest 52.
standard grades. Jute butts continue dull and inactive at
Palestine, Texas.— W e have had rain on three days during 3 @ 4 c . for bagging quality.
the week, to the extent of one inch and one hundredth.
The thermometer has averaged 55, the highest being 72 and
IN D IA COTTON M OVEM ENT FRO M A L L P O R T S .—
the lowest 38.
The receipts of cotton at Bom bay and the shipm ents from all
Fort Worth, Texas.— W e have had rain on two dayfe during India ports for the week and for the season from Sept. 1 for
the w eek ,to the extent of ninety hundredths of an inch. hree years have been as follows:
The thermometer has averaged 53, ranging from 38 to 68.
Taylor, Texas.— W e have had rain on three days of the
N ovem b er 28.
1905.
1907.
1906.
week, the precipitation being forty-four hundredths of an
S in ce
R eceip ts at—
S in ce 1
1 S in c e I
inch. The thermometer has ranged from 40 to 78, aver­
W eek . S ep t. 1.
W eek , i S e p t 1. ! W eek . S ep t 1.
aging 59.
San Antonio, Texas.— W e have had rain on three days B o m b a y . . . ______ 4 2 ,000j 1 8 7 .0 0 0 60,0 0 0 2 2 1 ,0 0 0 62,0 0 0 229 ,0 0 0
1
I
during the week, the rainfall reaching four hundredths of
an inch. Average thermometer 61, highest 77, lowest 44.
S in ce S eptem ber 1.
F o r the W e e k .
Corpus Christi, Texas.— Rain has fallen on three days
E x p o rts fro m —
C o n ti­
Great
G reat
C o n ti­
during the week to an inappreciable extent. The ther­
nent.
B rita in
Britain . nent.
Total.
Total
mom eter has averaged 61, the highest being 70 and the
lowest 52.
B om bay—
1.000
5,0 0 0
1 90 7 _____________
1,000
4 ,0 0 0
104,000
105 ,000
Abilene, Texas.— There has been rain on one day during
4,000
1 9 0 6 _____________
3 000
2,000
1,000
140.000
1 44 ,000
the week, to the extent of thirty-tw o hundredths of an inch.
10,000
J 9 0 5 _____________
11,000 11.000
107.000
1 17 .000
P la c u tta —
The thermometer has averaged 54, ranging from 32 to 68.
1,000
1.000
1 9 0 7________ .
1,000
8,000
9 .0 0 0
Augusta, Georgia.— It has rained on four days during the
____
1,000
1 9 0 $ _________
12,000
13 .0 0 0
2,0 0 0
2.000
190S___________
1 ,000
1,000
6.000
8 ,0 0 0
week, to the extent of one inch and twelve hundredths.
v
The thermometer has averaged 55, the highest being 71 and M a1d9r0a7s________
1,000
1,000
5,000
2 0 ,0 0 0
15.000
1 9 0 6 ________
1,000
1,000
1 .000
7 .0 0 0
6,000
the lowest 32.
1,000
1,000
1 9 0 5 ___ _
_
1,000
14,000
15,000
New Orleans, Louisiana.— Rain has fallen on three days of A ll o th e rs—
1,000
1 ,000
5,000
1 9 0 7 . ___________
3 2 .0 0 0
27 .000
the week, to the extent of one inch and thirty-five hun­
3,000
1,000
2 ,000
2.000
38.000
4 0 ,0 0 0
dredths. Average thermometer 59.
------1905 _r -_............. ..
3,000
------36,000
3 9 .0 0 0
Shreveport, Louisiana.— Rain has fallen on two days dur­
l all—
ing the week, the precipitation reaching eighty-seven hun­ T o ta
7.0 0 0
8,000
12,000
1 9 0 7 _______ ____
1.000
166,000
154.000
4.0 0 0
dredths of an inch. The thermometer has averaged 57, the
1 9 0 6 _____________
3,000
7,000
8 .000
20 4 .0 0 0
196.000
1,000 13.000 14,000
1 9 0 5 _____________
179 ,0 0 0
16.000
163.000
highest being 70 and the lowest 43.
Vicksburg, M ississippi.— W e have had rain on three days
of the w eek , the precipitation reaching two inches and eightyAccording to th e.foreg oin g. Bom b y appears to show a
five hundredths. The thermometer has ranged from 37 to decrease compared w ith last year in the w eek’s receipts of
70, averaging 54.
18.000 bales. Exports from all India ports record a gainof
Helena, Arkansas.— Cotton is well out of the fields. Rain 1.000 bales during th e week and since Sept. 1 show a
has fallen on one day during the week, the precipitation decrease of 38,000 bales.




Xov. 30 1907.J

1411

THE CHRONICLE.

W O R L D ’ S SU P P L Y A N D T A K IN G S OF C O TTO N .—
The follow ing brief bu t comprehensive statement indicates
at a glance the w orld’s supply of cotton for the week and since
Sept. 1, for the last tw o seasons.
1906.

1907.

C o tto n T a k in g s
W e e k a n d S e a so n .

W eek .

S ea so n .

W eek .

E X P O R T S OF COTTON GOODS FRO M G R E A T
B R IT A IN .— Below we give the exports of cotton yarn,
goods, & c., from Great Britain for the m onth o f O ctober
and since Jan. 1 in 1907 and 1906, as compiled b y us from
the British Board of Trade returns. It will be noticed that
we have reduced the m ovem ent all to pounds.

S ea so n .
Yarn & Thread.

3,7 8 3 ,0 3 1
V is ib le s u p p ly N o v . 29_
V is ib le su p p ly S e p t 1 ___________
4 07 ,5 2 4
A m e r ic a n In sigh t to N o v . 2 9 ----42.0 0 0
B o m b a y r eceip ts t o N o v . 2 9 ____
O th er In d ia sh ip ’ ts t o N o v . 2 8 . _
3,000
A le x a n d r ia r e c e ip ts t o N o v . 2 7 .
50.0 0 0
11.000
O th er su p p ly t o N o v . 27 * ______

D ed u ct—
V isib le su p p ly N o v . 2 9 __________ 3,8 3 7 ,5 4 6
T o ta l ta k in gs to N o v . 2 9 1 _______
O f w h ic h A m e r ic a n ___________

4 59 .009
357.009
102 ,000

4 ,096,721
2 ,2 9 1 ,8 4 4
4 ,4 9 8 ,0 8 8
187 .000
61,000
422 .0 0 0
106.000

522 ,2 4 7
60,000
4.000
43,0 0 0
8.000

1 ,7 8 4 ,1 5 6
5 ,6 8 8 ,9 7 2
2 21 ,000
60 ,000
4 1 0 .0 0 0
125.000

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

8 ,2 8 9 ,1 2 8

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

4,3 5 5 ,0 3 1

3.7 2 8 .3 8 6
2 .7 9 3 .3 8 6
9 35 .000

3 .9 3 4 .0 9 7
3 .0 7 1 .0 9 7
8 63 ,000

3 78 .9 3 7
3 07 .937
71,000

* E m b r a c e s re ce ip ts In E u ro p e fro m B ra zil. S m y r n a , W e s t In d ie s

& c.

CO TTO N C R O P E S T IM A T E S .— Estimates on the cotton
crop of 1907-08 have been made b y Cotton Exchanges and
firms as follows:
New Y ork .— Announcem ent was made on the Cotton E x ­
change on Monday that the average estimate of 146 members
o f the Exchange placed the present cotton crop at 11,973 ,000
bales, the highest estimate being 13,200,000 bales and the
lowest 10,750,000 bales.
Liverpool.— 149 members of the Liverpool Cotton Asso­
ciation estimate the crop at 11.935,000 bales.
Messrs. Weil Bros, of Alabama have made public their esti­
mate of the cotton crop of 1907-08, the total reached
being 11,650,000 bales.
Mr. R . L. Neill’s estimate is 11.395,000 bales.
Messrs. Dick Brothers & C o . estimate the crop at 11,637,000
bales.
Messrs. A . Norden & C o.’s estimate is 12,370,000 bales.
Messrs. Gwathm ey & Co. expect 12.000,000 bales.
Messrs. Edward Moyse & Co. estimate the crop at 12,300,000 bales.
The Southern States Commission of Agriculture estimate it
at 11,412,829 bales.
M em phis.— The estimate of Joseph Newburger is 12,400,000 bales.
Mr. E . P. Lovem an, o f Tuscaloosa, A la., says 11,750,000
bales m axim um .
Mr. A . J. Buston, of Liverpool, put the crop at 12,000,000
bales m axim um .
Mrs. Burch’s estimate is 10.388.000 bales.
DOM ESTIC E X P O R T S OF COTTON M A N U F A C T U R E S
— We give below a statement showing the exports of domestic
cotton manufactures for September and for the nine months
ended September 30 1907, and for purposes of comparison
like figures for the corresponding periods of the previous
year are also presented:
Quantities o] Manufactures ol
Cotton (colored and uncolorcd)
E xp o red to—
United K ingdom . ......... ...... yards

Central American States and
British H onduras.........................
Other West Indies and Bermuda.
C h ili_______

Other Asia and Oceania__________

1907.

1906.

197,414
9.446
151,218
458,788

322,071
3,545
124,681
522,958

1,369.369
138,769
2,298,668
2,028.786
77.585
278,197
1,192,278
662,034
196,974
567,554
1,859.085
66,008
76,096
2.760
387,878
1.079,142
1.154,921
167.510
8.288

2,369,964
138,371
1,510,375
3.323.520
164,560
505.875
695,936
1,230,385
587,733
418,034
15.389.513
481,980
73,674
349
562.070
2.627.885
4.471,442
1.113.720
72.545

States

Total ______




_______

1906.
2,236,667
334,352
1,290,172
7,353,022

20,921,392 21,036,627
1,835,885
1,609,708
11,435,813 11,799,811
18,031,665 25,378,269
1.574,219
748,338
5,238,789
4.543,555
8,217,472
8,520,747
9,575,656 11,798,723
3,190,228
5,106,317
5,410,148
4,515.544
33,698,849 251,740,517
4,082,738
5,002,652
412,601
566,847
713,319
111,377
6,536,828
7,888,318
13,215,536
7,763,151
20.746,360 32,832.638
2,693,171
6,193,945
500,649
729,895

1906.

1907.

1906.

Yds.
571,010
493,412
573,694

Lbs.
104,529
93,422
103,851

Lbs.
106,660
92,020
106,991

Lbs.
125,176
112,500
124,749

Lbs.
127,486
111,632
128,425

1st qr. 60,635 61,872 1,617,626 1,639,019

367,543

Lbs.
Lbs.
J a n ___ 20,553 20,820
F e b ____ 19,084, 19,612
Mch . . . 20,998: 21,434

1907.

1906.

Yds.
560,245
500,740
556,641

i

Total o1 A ll.
1907.

301,796

305,671

362,431

456,940
574,405
446,340

99,981
100,295
82,973

85,218
107,125
83,241

121,543 104,421
124,973 127,336
103,169 100,071

2d qr. 66,436 56,244 1,518,2151,477,685

April
May . . .
June . .

21,562 19,203
24,078 20,211
20,196 16,830

535,901
537.579
444,735

283,249

275,584

349,685

331,828

573,528
574,907
484,387j

118,313
100,529
84,290

106,962
107,068
90,337

144,031
125,301
106,693

126,335
127,049
108,364

3d qr. 72,893 57,381 1,646,704 1,632,012

303,132

304,367

376,025

361,748

97,328

95,104

122,238

114,977

842
40,632

849
36,840

July . . . 25,718 19,373
Aug . . . ' 24,7721 19,981
S e p t ___ 22,403' 18,027

O c t ___

634,158
538,836
473,710

24,910 19,873

521,680

509,948

1.251.853;! .213.785

The foregoing shows that there has been exported from
the United Kingdom during the ten months 1,251,853,000
lbs. of manufactured cotton , against 1,213,785,000 lbs. last
year, or an ificrease of 38,068,000 lbs.
A further matter of interest is the destination of these
exports, and we have therefore prepared the following state­
ments, showing the amounts taken b y the principal countries
during O ctober and since Jan. 1 in each of the last three years.
Jan. 1 to Oct . 31.

October.
P iece Goods— Yards,
(000s omitted.)

1907.

1906.

1907.

1905.

1906.

1905.

East Indies....... ................... 249,380 220,156 222,261 2,322,545 2,281,068 2,280,535
838,474 891,788 770,925
Turkey, E gypt and A frica. _ 74.576 106,859 82,963
588,001
China and Japan___________ 44.576 47,360 70,802
649,722
770,072
260,347
233,634
Europe (except Tu rk ey)___ 31,130 26/621 25,665 289,829
507,120
45,549 49,310 45,039 496,008
444,902
South Am erica..... ...............
311,824
265,930
North Am erica________ ___ 37,790 24,616 27,283
246,948
457,546
402,690 365,863
All other countries_________ 38,680 35,026 35,720
Total yards__________f.__ 521,681 509,948 509,733 5,304,227 5,258,663 5,112,879
Total value_____________ £6,783 £6,264 £5,812 £67,845 £62,98S £58,450
Y a rn s— Lbs.
(000s omitted.)
Holland . . . ________________
G erm an y_____ _____________
O th.E urope(except Turkey)
East Indies________________
China and Japan___________
Turkey and E g y p t . . . _____
All other countries......... . . .

4,203
3,899
3,118
3,580
1,290
1,914
2,093

38,768
56,368
37,273
26,581
5,855
13,056
21,670

32,850
33,968
25,345
33,640
10,319
16,577
21,078

31,00
32,594
23,013
32,773
10,286
18,340
20,145

21,836 17,478 20,097
Total pounds________ . . .
Total v a lu e ........................ £1,463 £1,059 £1,023

199,571
£12,729

173,777
£9,799

168,251
£S,418

3,466
7,102
4,646
3,024
271
1,052
2,275

3,181
3,802
3,018
3,234
741
1,589
1,913

A L E X A N D R IA R E C E IP T S A N D SH IPM EN TS OF
CO TTO N .— Through arrangements made with Messrs.
Choremi, Benachi & C o., of Liverpool and Alexandria, we
now receive a weekly cable of the movem ents of cotton at
Alexandria, E gypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous tw o years:
A le x a n d r ia , E g y p t,
N ovem b er 27.
R eceipts (ca n tars) —
T h is w eek .
S in ce S e p t. 1

E x p o r t (b a le s )—
To
To
To
To

$57,704
2,092
5,997
4,384
71.816

$727,415
10,967
36,014
64,898
812,109

$868,970
29,576
121,066
65,672
840,149

54,222
49,607
28.555
15,076
9,485
11,149
758
23.212
6.747
39.223

25,096
20,984
40.505
14,576
6,040
24,805
3,109
23,487
4,874
111,275

432,764
338,676
310,322
145,106
80,398
270,686
14,782
260,082
112,611
341,645

218,966
186,266
235,434
126,617
76,408
117,262
128,638
208,342
174,785
267,114

$395,996

$416,744

$3,958,475

$3,665,265

$148,506
28,427
267,036

$144,473
35.295
286,886

$1,896,056
235,338
2,539,935

$1,473,714
299,691
2,556,744

$1,874,341

1906.

1905.

380 000
3 ,1 6 0 ,6 8 7

310 ,000
3 ,0 7 0 ,3 0 4

320 .000
2 ,5 4 9 ,7 5 0

S in c e
This
w eek. S ept. 1.

S in c e
This
w eek. S ept. 1.

This
S in ce
w eek. S ept. 1

1907

. . .

L iv e r p o o l_______ ______ 7 ,7 5 0
1 J ,500
M a n ch ester
10,250
C o n tin e n t
2,250
A m e rica

T o t a l e x p o r ts _ .

—

A c a n ta r Is 99 lbs.
$89,454
941
4,959
4,326
58,282

and

Other West Indies and Bermuda-

1907.
2,02,578
126,679
1,015,760
5,840,045

3,671,186 176,419.059 419,718,513
$2,351,162 $11,960,463 $26,365,848
$.0678
$.0628
$.0640

Values of Other Manufactures ol
Cotton Exported to—

American

Cloth.

1907. 1 1906.

Month ending Sept. 30. 9 M os. ending Sept. 30.

14,428,768
$1,034,376
$.0717

Central

000s
omitted.

»5 .9 9 1 1 0,250
9 750
71,707
87.498 14,500
12,442
4 ,0 0 0

31,750 257 ,638

83,739
62,648
90,727
13,382

38,500 250 ,496

12,250
5 000
10,000
3.750

74 ,077
47 ,810
83 ,373
19,827

31,0 0 0 2 2 5 ,0 8 7

E g y p t ia n ba les w eig h a b o u t 750 lbs.

This statement shows that the receipts for the week were
380,000 cantars and the foreign shipments 31,750 bales.
SEA ISLA N D COTTON M O V E M E N T.— We hav« re­
ceived this (Friday) evening b y telegraph from the various
ports the details of the Sea Island cotton m ovem ent for the
week. The receipts for the week ending to-night (N ov. 29)
and since Sept. 1 1907, the stocks to-night and th e same
items for the corresponding period of 1906, are as follows;
----------1907---------This
Since
Receipts to N ov. 29—
week.
Sept. 1.
Savannah
.........
1.763
19,250
Charleston 11.........................•
61
5,451
Brunswick________________
246
913
J ack son v ille_____________
696
3,761
New York, & c.....................................
112

1906---------This
Since — — Stock------------week.
Sept. I .
1907.
1906.
1,791
15,184
5,049
5,475
677
3,714
3,074
1,892
1,062
------------------350 1,688 j
-----------------------1.526
945

$3,234,560 $20,590,267 $34,361,262
T otal....................................

2,766

29.487

2,818

21.648

9,649

8,312

1412

THE CHRONICLE

The exports for the week ending this evening reach a total
of 1,550 bales, of w h ich ___bales were to Great Britain, 1,500 to
France and to 10 the Continent, and the am ount forwarded
to Northern mills has been 1,593 bales. Below are the ex ­
port* for the week and since Sept. 1 1907 and 1906:
Week end. N ov.2 9 .— Since Sept. 1 1907
Northern M ills
Great F r ’ nee
Great F t’nee.
Since
Exports Jrom—
Britain. -See. Total. Britain. &c.
Total. Week. Sept.18 .
Savannah____________________ 1,110 1,110
7,286 1,555 8.841 (. 275
2,199
C h arleston ______ ____________ ____
................... .
376
1,131
Brunswick, & c_______________ ____ ____
6
____
6
942
4,493
New Y o r k ______ _____________
440
440
2,098
642
____ ____
____
____
B o s to n .______________________
Baltim ore______________ * ____ ____ . . . .
____
____

2.'10

T o t a l ......................................... 1,550 1,550
Total 1906...........................1,071

____

1,071.

9,390

2,197 11,587

4,356

677

5,033

1,593

7,823

2,040

9,326

A considerable portion of the Sea Island cotton shipped to
foreign ports goes via New Y ork, and some small am ounts via
Boston and Philadelphia. Instead of including this cotton
for the week in which it leaves the Southern outports, we fol
low the same plan as in our regular table, of including it when
actually exported from New Y ork, &c. The details of the
shipments of Sea Island cotton for the week will be found
under the head of “ Shipping News” on a subsequent page.
Quotations Nov. 29 at Savannah— For Georgias, extra fine,
20c.; choice, 22c.; fancy, 29c.
FA LL R IV E R M ILL D IV ID E N D S IN 1907.— In our
editorial columns to-day will be found an article under the
above caption covering the results for the year 1907.
R E C E IP T S FROM T H E P L A N T A T IO N S .— The follow ­
ing table indicates the actual m ovem ent each week from the
plantations. The figures do not include overland receipts
nor Southern consum ption; they are simply a statement of
the weekly m ovem ent from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
end’g—

Receipts at the Ports.
1907.

JStock at Interior Towns. Receipts Jrom Plantat'ns.

1906. | 1905. j 1907.

O ct. 18 267.873 371,658
“ 25 315,986 454,749
N ov. 1 315,068 474,771
8 365,918 414.010
“
15 348,097 416,473
" 22 351,145 410,623
333,317 390,838

321,919 292.930
292,460 362,728
344,6001415,441
364.955 437,851
391,230i446,710
385,0451465,440
322.610 466,892

1906.

1905.

1907.

1906.

1905.

291,529
340,277
408,198
472,057
526,022
558,545
607,233

401,743
456,802
511,089
566.477
599,684
631,748
667,389

322,815
385,7S4
389,781
388,328
356,956
369,875
334,769

434,649
503,497
542,692
477,869
470,438
443.146
439,526

377,712
347,519
398,887
420,343
424,437
417,109
358,251

[V o l . l x x x v .

Total B a les.
NEW Y O R K —
T o L e g h o rn — N o v . 26— C a la b ria , 2 0 ' ................................ ................
200
T o T rie ste — N o v . 27— C a rp a th ia , 100____________________________
100
T o P iraeu s— N o v . 25— P rin cip e d l P ie m o n te , 2 5 0 _______________
250
T o J a p a n — N o v . 27— T u d o r P r in c e , 5 , 4 0 0 _ . j ___________________
5 ,4 0 0
G A L V E S T O N — T o L iv e r p o o l— N o v . 23— I n d o r e , 1 3 ,3 6 4 ____ N o v .
25— P o ly c a r p , 6 ,8 6 2 ____ N o v . 27— L o g ic ia n , 1 1 ,0 6 4 __________ 3 1 ,2 9 0
T o H a v r e — N o v . 25— M o n ta u k , 1 1 ,2 3 0 ___________
.
_
11,230
T o B rem en — N o v . 23— R y d e , 1 1 ,5 6 5 ____ N o v .25— F r a n k fu rt,
10,955 ___________________________________________________________ _ 2 2 ,5 2 0
T o A n tw e r p — N o v . 23— T r a n s p o rt, 1 ,6 2 7 ________________________
1 ,6 2 7
T o R e v a l— N o v . 25— -C a n lg a n H e a d , 5 ,0 7 5 _____________________
5 ,0 7 5
T o R ig a — N o v — 25— C a rrlgan H e a d 1 ,4 2 5 ___________________ 1,425
P O R T A R T H U R — T o L iv e r p o o l— N o v . 27— D u n h o lm e , 9 ,7 9 1 ______
9,791
N E W O R L E A N S — T o L iv e r p o o l— N o v . 23— I n d ia n , 19,022
N o v . 25— C o m m c d o r e , 9 ,3 5 0 ____ N o v . 29— C o m e d ia n . 6 ,8 2 0 . 3 5 ,1 9 2
T o L o n d o n — N o v . 26— A s ia n , 2,000 ____ _________________________
2,000
4,000
T o H a v re — N o v . 29— C o m e d ia n , 4 ,0 0 0 ________________ _______ _
T o B rem en — N o v . 26— M a ssa ch u se tts, 19,300_„ . ______________ 19,300
250
T o H a m b u r g — N o v . 23— D e ste rro , 2 5 0 ___________________________
T o A n tw e r p — N o v . 26— A s ia n , 2 ,6 0 0 ______________________________
2,600
T o T rieste— N o v . 27— S ofia H o h e n b e rg , 3 ,5 0 0 ____________ ____
3,5 0 0
M O B I L E — T o B rem en — N o v . 21— N y a n z a , 7 , 8 7 8 ____________________
7 ,8 7 8
P E N S A C O L A — T o B re m e n — N o v . 22— C r a lg e n d o ra n , 8 , 7 4 2 . . ______ 8 ,7 4 2
S A V A N N A H — -To H a v re — N o v . 23— C y c le . 7 ,2 0 4 ________ _ .
.
7 ,2 0 4
T o B rem en — N o v . 23— -St. J e ro m e , 9 ,2 9 1 ____ N o v . ? 6 — E lb e ,
3 6 ,2 9 3
10,645 M a y la n d s , 1 0 ,0 5 1 ____ N o v . 27— H il l fe m , 6,3 0 6
5 .3 6 3
16,56 3
T o R e v a l— N o v . 26— E lb e , 100 M a y la n d s , 5 0 _____ ___________
150
T o B a rce lo n a — N o v . 23— D e lp h in e , 11,200
M artin S a e n z,
5 .3 6 3
1 6 ,5 6 3
T o G en oa— N o v . 23— D e lp h in e , 1,200 M artin S aen z. 1 .5 0 0 ____
2 ,7 0 0
T o H a m b u r g — -N o v . 27— H illfe rn , 8 0 0 ________________ ______
800
C H A R L E S T O N — T o B re m e n — N o v . 27— Ira n , 5 ,0 5 0 _________
5 ,6 5 0
W I L M I N G T O N — T o B re m e n —-N o v . 25— O sc e o la , 1 3 .7 2 5 _____
13,72 5
B O S T O N — T o L iv e r p o o l— N o v . 22— S a g a m o re , 896
N o v . 25—
S a x o n la , 2,023
. N o v . 26— W in ifr e d la n , 4 ,9 7 7 ____________
7 ,8 9 6
T o M a n ch ester— N o v . 23— I b e r ia n , 7 4 7 __________________________
747
B A L T I M O R E — T o L iv e r p o o l— N o v . 22— R o w a n m o r e , 3 .6 0 8 _______
3 ,6 9 8
T o B elfast— N o v . 22— L o rd S u ffern , 4 0 0 _______ . _________________
400
T o B rem en — N o v . 26— Cassel. 3 , 5 1 6 . . _____ ___________________
3 .5 1 6
T o C o p e n h a g e n — N o v . 22— K e n t u c k y , 3 5 0 _________________ ___
350
P H I L A D E L P H I A — T o M a n ch ester— N o v . 20— M an ch ester E x ­
c h a n g e , 7 0 0 _________________ ___________________________ _________
700
S E A T T L E — T o J a p a n — N o v . 26— K aga M aru , 7 8 4 _____ ^__________
784
T ota l

.............% ____________ _______________ __________________ _____ 2 8 8 ,5 6 9

The particulars of the foregoing shipments for the week,
arranged in our usual form , are as follows:
Great F ren ch
B rita in ,
ports.
N ew Y o r k ______ 7,591
1,325
G a l v e s t o n _____ 31,290 11,230
P o r t A r t h u r ____ 9,791
N ew O rle a n s ___37,192
4,000
M o b i l e __________ . . . .
____
P e n s a c o l a _____
____
S a v a n n a h ______ _ . . ’ 7 ,2 0 4
C h a r le s to n ___ _
____
____
W H lm ington ____
....
____
B o s to n ________ 8 ,6 4 3
____
B a lt i m o r e ___ __ 4,098
P h ila d e lp h ia ___ 700
Seattle ________
^___
____

m an y.
3,568
22,5 2 0

-O th .E u r o p e - M e x
N orth . S o u th . & c. J a p a n
1,389
1,700
^ .400
8,1 2 7
: . . .

19,550
7.878
8,742
37,093
5,6 5 0
13,725

2,600

3,5 1 6

350

3,5 0 0

■
150 19.263
----------------

122,242 12,616 24,463

The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1907 are 3,686,291 bales;
in 1906 were 4,776,154 bales; in 1905 were 4,568,415 bales.
2 .— That although the receipts at the outports the past
week were 333,317 bales, the actual m ovem ent from planta­
tions was 334,769 bales, the balance going to increase stocks
at interior towns. Last year receipts from the plantations
for the week were 439,526 bales and for 1905 they were 358,251 bales.
M AN CH E STE R M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is firm for yam s and quiet for shirtings. Merchants are not
willing to pay present prices. W e give the prices for to-day
prices for to-day below and leave those for previous weeks
o f this and last year for com parison.
1907.
32s Cop.
Twist.
O ct.
18
25
Nov
1
8
15
22
29

d.
10 9-16©
10 7-16@

d. s. d .
11 % 6 3
11 % 6 2

10 9-16@
io y3 @
w%
@
10J4 @
10^
@

WVi.
11%
11H
11K

U'A

1906.

SW Ids. Shirt- C ot’ n
, Ings, common Mid.
to Jlnest.
Upl’s

6
6
6
6
6

s. d.
@10 0
@10 0

1H @
1 @
1 @
1 @
1^@

9 11
9 10
9 9
9 8
9 7H

8 14 lbs. Shirt­
ings, common
to jlnest.

32s C op
Twist.

d. d.
6.5419 15-16@
6.19 9 15-16®

11
11

5.93
5.91
5.87
6.00
6.18

10%
W '4
10 h
11
ll

9V»
9%
10
10 M
10 M

@
@
@
@
@

d. s.
6
6
6
6
6
6
6

Cot’ n
Mid.
Upl’s

d.
s. d.
l ! ^ @ 9 10
7J^ @ 9 10

d.
6.33
6.12

7 @9 9
7 @9 9
7H @ 9 9
8 @ 9 10
8 @ 9 10

5.80
5.75
5.85
5.99
6.19

S H IP P IN G N E W S.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 288,569 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
Total
N E W Y O R K — T o L iv e r p o o l— N o v . 26— V ic t o r ia n , 2 ,4 3 2
N ov.
27— B a ltic , 4 ,0 6 5 _________________ __________________________
.
T o M a n ch ester— :N o v . 25— N e w to n , 440 Sea Isla n d . .
.............
T o L o n d o n — N o v . 22— M esa b a , 6 5 4 ___________ ___________________
T o H a v r e — N o v . 23— C a llfo rn le 1.308 u p la n d . 17 fo re ig n _ ___
T o B rem en — N o v . 26— S e y d litz , 1 ,5 2 1 ____ N o v . 27— B a rb arossa. 8 7 8 _________________________ _______________________________
T o H am burg-— N o v . 22— P r e to r ia , 9 0 0 ____ > fov. 27— K alserln
A u g u s ta V lc t o i la , 2 6 9 ___________ _______ ________________________
T o A n tw e r p — N o v . 20— C a m b ro m a n , 7 4 1 ____ N o v . 27— St.
A n d r e w , 6 4 8 ____________________ _____________________ ______ ______
T o N ap les— N o v . 25— P r in cip e dl P ie m o n t e . 100 . . . . N o v . 27
M o ltk e , 1,050 ________ _________ __________________ ______________ _




B a les.
6.497
440
654
1.325
2,399
1,169
1,389
1,150

T otal.
2 0 ,9 7 3
7 3 .1 6 7
9,791
66,842'
7,878.
8 ,7 4 2
6 3 .7 1 0
5 ,6 5 0
13,725.
8 .6 4 3
7,9 6 4
700
784

6 184 2 8 8 .5 6 9

The exports to Japan since Sept. 1 have been 15,438 bale*
from Pacific ports and 9,640 bales from New Y ork.
Cotton freights at New York the past week have been as
ms being in cents per 100 lbs.
Sat
L iv e r p o o l __________
25
M anch ester— D e c . .
22
H a v re ______________
25
B r e m e n _____________
25
H a m b u r g __________
19
A n tw e r p ____________ 22 !^-25
G h en t v ia A n t ____
31
R e v a l I n d i r e c t ____ 32 @ 3 4
R e v a l v ia C a n a l___
28
B a rc e lo n a ___________
G en oa ___________
25
32
T r i e s t e _____________
Jap an _______________

M on.
25
22
25
25
19
2 2 ^ -2 5
31
32 @ 34

Tues.
25
22
25
25
19
22 >^-25
31
32 @ 3 4

W ed.
25
22
25
25
19
2 2 j^ -2 5
31
32 @ 3 4

28
25
32

28
25
32

28
25
32

_

Thurs.

H
O
L
I
D
A
Y

F rt.
25
22
25
25
19
2 2 ^ -2 5
31
32 @ 3 4
28
25
32

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, A c ., at that
port:
N o v . 8.
Sales o f th e w e e k . .......... b a le s . 50 000
O f w h ic h s p e cu la to rs t o o k . .
3 000
1,000
O f w h ich e x p o r te r s t o o k ____
S ales, A m e r ic a n .......... .............. ..
45,0 0 0
A c tu a l e x p o r t ----------------------------5 ,0 0 0
F o r w a r d e d _____________________ 7 7 ,000
T o ta l s to c k — -E s t im a t e d _______567 ,0 0 0
O f w h ich A m e rica n — E s t . .. 4 7 6 , 0 0 0
T o ta l im p o rt o f th e w e e k .......... 108,000
O f w h ich A m e r ic a n ________ 9 3 ,000
A m o u n t a flo a t_______________ ..3 5 2 ,0 0 0
O f w h ich A m e r ic a n _________ 2 6 5 ,0 0 0

N o v . 15.
57 000
2 000
2 000
5 0 ,0 0 0
5,0 0 0
9 0 ,000
5 7 3 ,0 0 0
471 ,0 0 0
101 ,000
6 8 .0 0 0
414 000
3 5 2 ,0 0 0

N o v . 22.
47,0 0 0
_______
2,0 0 0
39 000
11,000
102 .000
6 44 ,000
537 000
183,000
150,000
397 000
330 000

N o v 29.
61,000
3 ,0 0 o
2,000
5 3 ,0 0 0
6,000
91 000
649 000
5 4 8 ,0 0 0
i o i ,000
83 000
407 000
3 4 2 ,0 0 0

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices o f
spot cotton have been as follows:
Spot.
Market,
12:15
P . M.

)
^
J

Saturday.

M onday.

Tuesday.

Wed’day.

Thursday.

Friday.

Quiet.

Fair
business
doing.

Fair
business
doing.

Good
demand.

(Jood
demand.

Quieter

M id.Upl ds

5.93

S a le s .........
Spec.& exp.

6,000
500

5.99

6.10

6.14

6.18

10.000
500

10.000
1,000

10,000
1,000

7,000
500

Quiet at
6^@ 7
pts. dec.

Steady at
5 points
advance.

Strady at
Quiet,
5 @ 6 pts. 1
un­
changed.
pts. adv.

Steady at Steady at B ’ly s i’dy
10>^@12 y2
3@ 5^
at 3@6V$
pts. adv.
pts. dec.
pts. adv.

Firm at
Steady at
3 @ 8 pts. 1 6 @ 8 pts.
advance.
advance.

6.03
8,000 ,
500

Futures.
Barely st’ y Steady at
Market
1 at 5 pts.
10@ 10
pts. adv.
opened
J decline.
Market.
4
P. M.

1 Quiet at
1 5 @ 7 pts.
J decline.

Nov. 30 1907. j

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 p en ce an d lOOths.
N o v . 23
to
N ov 2 9 .

12%
p .m .

12 %
p .m .
d.

N ovem ber
N o v .- D e c .
D e c.-J a n
J a n .-F e b
F e b .-M c h .
M c h .-A p r.
A p r .-M a y
M ay-Ju n e
J u n e J u ly
J u ly -A u g .
A u g .-S e p .
S e p -.O c t .

M on.

Sat

5
5
5
5
5
5
5

d.
65
57
57
60%
62
63%
64%

5 66
5 65
5 60

1413

THE CHRONICLE.

T u e s.

Thus: 5 65 means_5^65^100d. _
W ed

T h u rs

Fri

4
12 %
4
4
1254
12 >4 4
12M
4
12
p .m . p.m . p .m . p .m . p .m . p .m . p .m p .m . p .m . p .m
d.
74%
66 %
66%
70 %
72%
74
75
76
76
75 %
70

d.
76
67%
67%
71 %
73%
75%
76%
78
78
77%
71%

d.
71
61 %
61
65 %
67%
69%
71
72 %
72%
72
67

d.
73
63
63
66 %
68%
70
71
72 %
72%
72%
67

d
82
71%
71 %
74
75%
76%
77%
78 Mi
78%
77 %
71%

d.
79%
69
69
71 %
73
74
75
76
76
75%
70

d
85%
74
73
76%
78
78%
80
80%
80%
80
75

d.
90
78
7 4 % 78
78
81
82
79
82%
80
8 0 % 83
81
83%
81
83%
82%
80
73
76 y2
d.

d
93 %
82%
82%
85%
86%
87%
88
88%
88 y2
87%
80%

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H IC A G O .
Sat. M o n . T u es. W ed. T h urs.
F ri.
D e ce m b e r d e liv e r y in e l e v a t o r . . . . 5 2 %
51%
54%
55
H o li54%
53%
54%
55% day.
55
M ay d e liv e r y Iji e le v a t o r ____ ______ 5 4 %
J u ly d e liv e r y in e le v a t o r _______ .—
54%
53%
54%
55%
54%

Oats for future delivery in the Western m arket have ad­
vanced in com pany with wheat and corn. The trading has
been more active. Stimulating factors have been small
receipts and offerings and a larger cash demand at advancing
priccs. She rts have covered and large commission houses
have been buyers of late. Supplies of contract grade are
light, and „his«fact tends to restrict selling. Faim eis have
shown little disposition to sell at prevailing quotations.
At times there has been realizing, but the offerings have been
readily absorbed. To-day prices declined on weakness in
wheat and liquidation.
D A I L Y C L O S IN G P R I C E S O F O A T S IN N E W Y O R K .
S a t.
M on.
T u es.
W ed.
T hurs.
F r i.
M ix e d , 26 to 32 l b s ____
51%
51%
51
52
H oli52
W h it e , c lip p e d 32 to
34 l b s ____ __________ .5 4 % - 57 54 % -57 54 % - 57 o2 % - 55 % d a y . 52 % - o5 %
D A I L Y C L O S IN G

BREADSTUFFS.
F rid ay, Nov. 29 1907.
Prices for wheat flour have shown no im portant changes
as a rule. Some grades are slightly lower and a few others
somewhat firmer. Trade has been quiet on the whole,
though at times dealers have shown greater interest in the
market than they did recently. In the main, however, the
condition of the trade is unsatisfactory. A t the large milling
centres o f the Northwest and the Southwest trade has been
quiet so far as new business is concerned. At Minneapolis
there have been only moderate withdrawals on old contracts,
and the output there is reported to be in excess of the de­
m and. R ye flour has been quiet and steady. Corn meal
has been dull and easy.
W heat has advanced sharply, owing largely to a brighter
financial outlook and a strong spot situation throughout the
country. M oreover, the w orld’s shipments have been com ­
paratively small. They reached an aggregate for the week
o f only 8,544,000 bushels, against 9.760,000 in the previous
week and 11,240,000 last year. The w orld’s stocks for the
week decreased 3,429,000 bushels as contrasted with an in­
crease for the same time last year of 3,092,000 bushels.
Stocks in the United States are approxim ately 4,000,000
bushels smaller than a year ago. The w orld’s stock is 134,292,000 bushels, or 30,000,000 bushels smaller than at this
time last year and 9,5§0,000 bushels smaller than two years
ago. Crop reports from Germany and Russia have been un­
favorable. There has been a large milling demand at the
Northwest, and at times a fair business for export. Specu­
lation for a rise has been more confident, owing partly to
advancing stock markets and easier m onetary conditions.
December liquidation has been a less depressing factor.
Less fear of the outcom e of December deliveries has been
manifested, and shorts here and at the W est have covered
freely. The impression prevails in many quarters that
America is in a very different position in the wheat business
this year from that o f last year. Importing countries, it is
believed, are far more dependent for supplies on the United
States than they have been for some years past. Last year
we carried over a big surplus, owing to the com petition from
other exporting countries. This year there is a steady
foreign demand which has already raised the total exports
of wheat and flour considerably above the total up to the
same date last season, and it is believed that the season’s
exports will yet present an even more striking contrast,
owing to crop shortage in com peting countries. A t any rate,
speculation for a rise, which has lately showed signs of re­
viving, is largely predicated on this idea. To-day prices
declined on lower cables, reports o f rains in India, favorable
Argentina crop reports, liquidation and bearish pressure.

P R I C E S O F N O . 2 M I X E D O A T S IN C H IC A G O .
M o n . T u es. W ed. T h urs.
F rl.
45% 46%
4 7 % H o li46%
D e ce m b e r d e liv e r y in e l e v a t o r . . . . 4 5 %
49% 50%
51
dav.
50%
M ay d e liv e ry in e le v a t o r ___________ 49 %
44
44%
45%
45%
J u ly d e liv e r y in e le v a t o r ___________ 4 4 %

The follow ing are closing quotations:
F I .O U R .
L o w g r a d e s , s p r in g ____ 54 0 0 @ $ 4 35 |K an sas s tr a ig h ts _______ $4 9 0 @ $ 5 10
S e co n d c le a rs ___________ 3 50 @ 3 60 ! B le n d e d c le a r s _________ 5 1 5 ® 5 25
C l e a r s ___________________ 4 5 0 @ 4 75 |B le n d e d p a te n ts . ______ 5 75(S3 6 40
S tr a ig h ts ________________ 5 3 5 @ 5 50 |R y e flo u r ________________ 4 9 0 @ 5 50
P a te n t, sp rin g ___ _ 5 4 0 @ 6 3 5 1B u ck w h e a t flou r _ ____ 3 0 0 ® 3 15
P a te n t, w in t e r _________ 5 0 0 ® 5 10 I G ra h am flo u r ....................
N o m in a l.
K a n sas p a t e n t s ________
___ @
. . i C o r n m e a l _____ __________ 3 4 5 ® 4 25
G R A IN .
C o r n , p e r b u s h .—
c.
W h e a t , p er b u s h .—
c.
N o . 2 m ix e d ______________ f .o .b .0 6
N . D u lu th , N o . 1______
117 M
1 14 %
N . D u lu th , N o . 2 _____
N o . 2 y e l l o w ____________ f .o .b .6 6
N o . 2 w h i t e _____________ f o .b .6 7
R e d w in te r, N o . 2 _____ f .o .b .1 0 3 %
R y e , p e r b u sh —
H a r d _______
______
110
O a ts, p e r b u s h .—
N o . 2 W e s t e r n ___________
91
S ta te and J e r s e y . ___
N om in a l
N a tu r a l w h i t e . . : ____ . 5 2 % @ 5 4
B a rle y — M a ltin g ___________ N om in a l
m i x e d _____ , . .
52
F e e d i n g _________________ N om in a
w h ite , c li p p e d . 5 2 % @ 5 5 %

The statement o f the m ovem ent of breadst uff's to market as
indicated below are prepared by us from figures collected by
the New Y ork Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since A ug. 1 for each o f the last three years have been:
Receipts at—

Flour.

Wheat.

Corn.

B a rk y .

Oats.

Rye.

bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAKlbs. bu. 56 lbs.
1,200,114
Chicago
155,079
174,300
1,203,687
198,379
43,000
255,600
165,000
22,000
206,400
23,400
73,325
M ilw aukee..
108,227
189,210
D u lu th _____
129,000
6,417
2,045,828
318,940
349,280
42,580
Minneapolis.
1,672,940
74,560
87,000
38,000
51,000
3,000
T oledo ____
3,800
39,800
29,237
59,470
10,914
23,400
76,646
Cleveland. _
825
4,000
177,540
152,000
68,900
1.000
55,835
231,947
St. L ouis__
2,000
11,700
5,000
171,600
129,000
59.000
Peoria
320,000
185,000
24,600
Kansas C ity.
T o t.w k .’07
Same wk. '06
Same wk. ’05

429,564
430,182
621,454

4,686,252
5,585,413
8,005,200

Since A ug. 1
1907_____ 6,550,779 96,265,873
1906_____ 8,330,713 105,327,933
1 9 0 5 - . - .. 8,494,156 117.851,058

1,981,014
3,141,029
4,880,682

2,329,970
3,856,395
3.989,113

1,131,283
2,246,277
2.772,061

121,397
195,865
303,682

63,793,665 81,426,286 32,106,023 3,358,586
59,016,350 84,836,098 28,597.661 2,921,697
58,817,772 101,070,726 38,934,739 4,119,614
1

Total receipts of flour and grain at the seaboard ports for
the week ended N ov. 23 1907 follow:
Flour,
Receipts at—
bbls.
New Y o r k .,
. 138,569
B o s t o n _____
.
49,391
P h iladelph ia____ . 128,437
.
58,580
7,740
R ic h m o n d ____
. . . 13,140
New Orleans
4,686
Newport News .
_
34,040
N orfolk____
G alveston..
2,500
M obile__________
54,052
Montreal_____ . .

Wheat,
bush.
1,242,900
568,701
417,099
320,128
42.388
587,000

Com ,
bush.
292,200
94,992
112,309
305,321
41,908
43,000
3,945

291,000
1,019,897

126,000
5,450
212,587

46,622

54,470

Total week _ . .
Week 1906......... .

4,489,113
3,363,027

1,237,712
1,450,813

945.348
1,124,351

86,670
309,948

491,135
450,248

Barley,
bush.
25,200
1,000
6,000

Oats,
bush.
521,200
77,762
125,256
92,280
46,328
35,900
___

Rye,
bush.
118,950
3,169
800
23,181
4,072

150,172
23,525

D A I L Y C L O S IN G P R I C E S O F W H E A T IN N E W Y O R K .
S a t.
^^on. T u es. W ed. Thurs.
F r l.
N o . 2 red w in t e r . _
. . . 9 9 % 1 0 1 % 1 0 4 ^ 1 0 5 % H o li- 1 0 3 %
D e ce m b e r d e liv e r y In e le v a to r
1 01 % 1 0 2 % 105
105% d a y . 104%
109% 110% 111%
110%
M ay d e liv e r y In e le v a t o r _______ -_ 1 0 8

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

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN C H IC A G O .
S at.
M o n . T u es. W ed. Th urs.
F rl.
D e ce m b e r d e liv e r y In e le v a t o r ____ 9 1 %
92%
94%
9 5 % H o li95
M ay d e liv e ry In e le v a t o r _______ . ,1 0 0 % 101 % 103
103% d a y .
102)4
.July d e liv e ry In e l e v a t o r - _.
___ 96
96%
97%
98
97%

Receipts of—
1907.
F lo u r __________________ bbls. 17,701,936

1906.
16,029,006

1905.
12,395,581

1904.
15,494,292

W heat_________________ bush. 109,385,367
Corn_______ _____ ___________ 82,417,662
O ats_________________________ 49,585,511
B a rle y ______ _____ ____ _____
4,414,943
R y e _______ _________________
2,039,096

96,538,825
88,115,053
72,282,828
4,788,231
1,443,470

40,701,778
88,747.115
65,083,105
10,998,611
1,264.110

37,785,382
46,613,975
43,958,876
6,403,120
1,032,421

Total grain_______________ 247,842.579

263,168,407

206.854,719

135,823,774

Indian corn futures have advanced, owing to the rise in
wheat and higher prices in Liverpool. Moreover, the re­
ceipts have continued small and the stock of contract grade
at Chicago is exceedingly light, a fact which causes nervous­
ness among bears. There has been active covering of shorts,
and also not a little new buying, partly by leading Chicago
interests. The offerings as a rule have been light. The cash
demand has shown some increase at advancing quotations.
Provision interests have been good buyeis at times. T o­
day prices were lower, owing to depression in wheat, favor­
able weather, predictions of larger receipts shortly, realizing,
and more or less short selling.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N 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.
Cash c o r n . - _______. . . .
___ 6 5 %
64%
64%
66
H oli66
D e ce m b e r d e liv e r y In e le v a to r . .
64 14 6 4 %
65%
66% day.
66%
M ay d e llv e iy In e le v a t o r ___ _ .
62%
62 %
63%
64%
64




Total receipts at ports from Jan 1 to N ov. 23 com pare as
follows for four years:

The exports from the several seaboard ports for the week
ending N ov. 23 1907 are shown in the annexed statement:
Exports from—
New Y o rk ______
Portland, M e ___
B o s t o n ..................
P h iladelph ia____
Baltim ore. _____
New O rle a n s___
Newport News.
O alvrston______
M o b i le ...............
M ontreal_______
Norfolk________

Wheat,
bush.
555,740

Corn,
bush.
167,522

Flour,
bbls.
46,550

Oats,
bush.
36,140

233,072
382,644
480,000
144,000

190,579
131.810
61,043
10,038
3,945
113,571
5,450
______
............

5,810
36,075
38.043
58,305
4,686
5,820
2,500
15,719
34,040

______
___
144
4,002

683,758 247,548
696,277 199,294

40,286
77.848

368,000
.
683,841
............

Total week__ 2.847,297
Week 1906......... 2.127.232

Rye, Barley.
bush.
bush.
20,019 ■ _____

Peas,
bush.
2,250
_____
_____
_____
4,575
_____
_____

______

_____

---------26,019
26.791

.........

--------

55,021

6,825
24.217

THE CHRONICLE.
The destination of these exports for the week and since
July 1 1907 is as below:
------------W, heat-------------- ------------ —C l rrn--------------Since
Since
Since
Week
July 1
Week
July 1
Week
Ju lyl
Exports lor week and Nov .23 .
1907. N ov. 23.
1907. N ov. 23.
1907.
bush.
bush.
bush.
since July 1 to— •
bbls.
bbls.
bush.
449,889 8,636,521
United K in g d o m ....161,986 2,527,439 1,439,461 29,303,683
. 44,394 1,027,765 1,395,785 23,818,378
210,072 10,087,023
C on tinent_____
So. & Cent .Am er. .. 16,877
328,951
12,051
161,722
288
193,498
572,362
679,490
21,153
W est In d ie s __ ____ . 19,923
18,000
53,644
31,521
1,000
Brit. No. A m . Cols . 3,629
14,944
739
159,017
Other cou n tries___
21,735
1,356
----------- F lOUT-----------

T otal____________.247,548 4,647,055 2,847,297 53,355,294
Total 196*6*II-’ I - ” 199,294 4,498,086 2,127,232 44,452,657

683,758 19,633,344
696,277 17,736,759

The visible supply of grain, comprising the stocks in
granary at the principal points of accum ulation at lake and
seaboard ports N ov. 23 1907, was as follows:
Wheat,
bush.
New Y o r k ......... ................ 2,372,000
“
afloat_______ _________
Boston ________________
480,000
P h iladelph ia................
609,000
Baltim ore..... .......... ........
847,000
New Orleans__________
985,000
G alveston_____________
437,000
Montreal______________
108,000
T o r o n t o ___ ___________ _________
B u ffa lo ......... ................... 2,915,000
afloat_______ _________
T o l e d o _______ ________
966,000
afloat_______ ________
D e tr o it________________
395,000
“
a floa t.* _____ _________
Chicago____________ - 7,923,000
afloat_____
_________
M ilwaukee____________
401,000
afloat_____ _____________
F t. W illiam ___________ 3,465,000
Pt. Arthur_____ _______2,210,000
D u lu th _______ ________ 5,283,000
afloat_______ _________
M inneapolis___________ 3,431,000
St. L o u is ______ _______ 2,527,000
afloat_______ _________
Kansas C ity.................... 2,237,000
4,000
Peoria_________________
Indianapolis----------------350,000
On Mississippi R iv e r ,. _ _ . ............
On L a k es....... ................. 3,566,000
O n Canal and R i v e r ___
443,000
Total
Total
Total
Total
Total
Total
Total

N o v /2 3 1907.-41,954,000
N ov. 16 1907.-42,158,000
N ov. 2 4 1906.-41,645,000
N ov . 25 1905.-35,957,000
Nov. 26 1904. .35,595,000
N ov. 28 1903..30,150,000
N ov. 29 1902.-45,083,000

Corn,
bush.
347,000

Oats,
bush.
557,000

" 52 ~000
85.000
524,000
80.000
124.000
106.000

3,000
106,000
233,000
86,000

449,000

' 39 2 ,000

751666

Rye,
bush.
123,000

Baxley,
bush.
47,000

' 144,066
................
” "102,666

73.660
1, 177,660

153,666

" 427,000

"9^660

162,000

* ' 32*666

” 41,660

6,000

55,600

" "794",000

" VoV.ooo

"78,660

67,000

" 202'600

~~2 l 66o '

402.000

1,000

577,000

46,000

733,000

145,000
11,000

1,970,666
235,000

" *110,666
5,000

2 ,901,666
10,000

30*666
160,000
124,000

" *1*60,666
1,176,000
163,000

17,0 00

" 145,000
25,000

145,000

2.845.000
3.704.000
2.978.000
5.576.000
1.852.000
5.867.000
2.938.000

7.333.000
7.701.000
12,662,000
28.598.000
24.232.000
9.584.000
7.054.000

4oio66

* 298,600
39,000

1.063.000
1.032.000
1.634.000
2.080.000
1.870.000
1.127.000
1.256.000

5.764.000
6.023.000
4.470.000
6.060.000
6.038.000
5.637.000
3.831.000

T H E DRY GOODS TR A D E .
New York, Friday Night, Nov. 29 1907.
W hile conditions in the dry goods trade are still far from
norm al, there has been a further im provem ent in sentiment,
with numerous indications that confidence is gradually re­
turning. The better tone is particularly noticeable in the
cotton goods division. Unmistakable signs that the finan­
cial tension is steadily diminishing are chiefly responsible
for the better feeling, though other factors have contributed,
especially the fact that the cancellation m ovem ent is well in
hand, and, owing to the firm attitude of sellers, requests of
this sort are fewer in number. Curtailment of production
has also been a steadying factor and doubtless checked the
rush to cancel orders. Curtailment is becom ing more ex­
tensive; it is already under way in Alabama, the Carolinas
and in Pennsylvania,and to some extent in New England,
though b y no means general as yet in the last-named section.
Actual forward buying continues very light, but a significant
developm ent is that in several instances deferred deliveries
are now being called for. Sellers are beginning to feel the
return of confidence in the spring outlook and are disposed
to maintain prices. Jobbing trade is quiet as retailers ap­
pear to be more interested in m oving stocks than in the
course of prices; jobbers, however, are keeping salesmen on
the road to watch developments in the retail situation,
especially any decided revival in the spring demand for
fancy cottons and dress goods. As soon as this demand
com es, jobbers will authorize mills to ship goods which are
being held back. Yarn quotations are irregular, with more
or less tendency among weavers to cancel orders. Prices of
cotton goods also show considerable irregularity. Print
cloths are quiet and largely nominal. Lower figures are
being quoted to exporters, but outside of a fairly large sale
o f drills to Bom bay houses, but little business has been put
through.
Silk piece-goods are dull and some price re­
adjustments are noted. The woolen and worsted goods
market continues generally quiet.
DOM ESTIC COTTON G OODS.— The exports of cotton
goods from this port for the week ending N ov. 23 were 3,742
packages, valued at $221,747, their destination being to the
points specified in the tables below:

[V o l.

l x x x v

The value of these New Y ork exports since Jan. 1 has been
$9,864,953 in 1907, against $16,151,740 in 1906.
Business in domestic cottons during the week has been
dull. Buyers have continued to cover their immediate
wants, but even this demand has been comparatively small.
Sellers of bleached goods are awaiting a definite m ove on
the part o f buyers and are not endeavoring to push sales;
goods are being charged up as they come in, but new business
is very light. There have been further sales of print cloths
and brown cottons by second hands at concessions; a decline
of about )£ c. has been sufficient to m ove these goods, and
such re-selling has been considerably less in volum e. Prices
of print cloths are generally lower. Some new orders have
been received for sheetings, although the aggregate is not
large. The gingham situation remains practically unchanged
Prints are quiet, Western business being especially slow.
Lining prices continue m ostly nominal, and but little busi­
ness has resulted from the recent concessions. For export,
lower prices have been named on brown cottons and some
colored goods, with few acceptances; recent sales o f drills
and sheetings represent to some extent goods canceled by
domestic buyers.
W O O L E N GOODS.— In men’s wear new business on
light-weight goods has been extremely small, buyers pursuing
a very conservative attitude. Clothiers report that business
is m oving only moderately, but there are indications of an
im proved demand for heavy-weight lines. Initial orders
for next fall in low-grade woolens and manipulated fabrics
were of average volum e, but much of that business has now
been canceled. There is a fair inquiry from cloth jobbers
for immediate shipments of fall overcoatings and mediumgrade fancy worsteds. Some lines for the heavy-weight
season are being shown quietly, although as a rule openings
are being deferred pending further im provement in con­
ditions. The m ovement among mills to curtail production
has increased during the week past. The dress goods market
remains very quiet, and even spot, business is o f small
dimensions. Some further cancellations of worsteds are
reported, and broadcloths have suffered a continued falling
off in demand.
FO R E IG N D R Y .G O O D S.— Imported woolen and worsted
dress goods show little if any improvement from conditions
prevailing recently. Silks continue rather inactive, but
ribbons are in somewhat better request. In linens a better
tone dominates the market; there have been fewer requests
for cancellations and retailers have begun to call for deliv­
eries; current business, however, is not large. Burlaps have
displayed an easy tone.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals o f dry goods
at this port for the week ending N ov. 23 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,
are as follows:

N ew Y ork to N o v . 23.
W eek .
34
G rea t B r it a in ____________________________ •_
O th e r E u r o p e a n ___________________________
10
C h in a ____________ __________________________ 1,504
I n d i a ________ ______ _______________________
16
A r a b ia ___ ______ ___________________________
615
A f r i c a ___,_________________________________
47
W e s t I n d i e s _______________________________ 552
M e x ic o _____________________________________
56
C en tral A m e r ic a ___________________________ 474
S o u th A m e r ic a ____________________________ 310
O th e r c o u n tr ie s ___________________________ 124
T o t a l ................................................................ 3,7 4 2




161 ,5 5 5

16,611

.

2 8 0 ,7 1 6

/

Nov. 30 1907.J

THE CHRONICLE

1415

N ov. 18 (V. 85, p. 1161) were not sold. Interest is payable
annually in September at the First National Bank of A li­
quippa. Bonded debt, including this issue, $38,500.
Floating debt, $1,000. Assessed valuation 1900, $750,000.
S T A T E A N D C IT Y SECTION.
Alpine Independent School District (P. O. Alpine), Brews­
W ith to-d a y ’s issue of the “ Chronicle” we send to our ter County, Tex.— Bids Rejected.— All bids received on N ov.
subscribers a new number of our “ State and C ity” section 18 for the $20,000 5 % 10-40-year (optional) coupon school
revised to date. The editorial discussions in the same bonds described in V. 85, p. 1100, were rejected. These
bonds have been approved b y the A ttorney General’s D e­
em brace the following topics: “ Anomalies of Savings Bank partment and registered b y the State Com ptroller.
Law Concerning Railroad Securities” and “ E xem ption of
Ann Arbor, Me.— Bond Sale.— On N ov. 16 an issue of
City Property from Taxation ”
$19,092 01 4 % 1-10-year (serial) William Street 'paving
bonds was awarded at par to the follow ing banks of Ann
Arbor: Farmers’ & Mechanics’ Savings Bank, Ann Arbor
News Items.
Savings Bank, State Savings Bank and German-American
Alabama.— Extra Session of Legislature A djourns.— The Savings Bank. Denominations: $500 and $409 20. Date
legislature of this State, which convened in special session N ov. 15 1907. Interest annually on A u g. 1.
Atlantic City, Atlantic County, N. J.— Bond Sale.— N ego­
on N ov. 7 in order to enact further legislation against the
railroads, adjourned N ov. 23.
tiations ha^re been made with local ba n k sforth e sale of $70,California.— Special Session of Legislature Adjourns.— After 000 4 ^ % school bonds.
Baltimore, Md.— Temporary Loan.— Up to and including
having enacted all the legislation urged b y the Governor in
his proclam ation, the Legislature, which convened in special N ov. 23 this city had borrowed $952,050 for four months at
session on N ov. 19, adjourned N ov. 23. It is stated that the 6 % interest. This is an increase of $302,050 since our last
Legislature passed a resolution calling for the appointm ent report, in V. 85, p. 1290.
o f a legislative commission to investigate banks, banking
Barnesville, Pike County, Ga.— Bond Election.— It is stated
methods and laws; tax delinquency bills, extending the time in local reports that an election will be held D ec. 31 to vote
for paym ent o f taxes until the last Monday in January, and on the question of issuing $45,000 bonds. The proceeds of
measures empowering the courts to be opened and perform this issue will be used for the following purposes: $16,000 to
judicial acts on special holidays.
be donated to the Sixth Congressional Agricultural College
Texas.— Vote on Constitutional Amendments.— W e are ad­ to purchase buildings and lands, $20,000 to erect a dorm itory
vised that the following vote was polled on Aug. 6 (V. 84, p. for the Gordon Institute, $4,000 for the enlargement of the
electric-light plant, $3,000 for the enlargement and extension
1563) on the six amendments to the State Constitution:
of the water plant and mains and $2,000 for repairing the
A m e n d m e n t a u th oriz in g th e le v y o f a r o a d t a x . V o t e , 2 4 ,5 3 9 “ f o r ” to
5 7 ,4 9 3 “ a g a in s t .”
Gordon Institute building.
A m e n d m e n t a u th o riz in g th e e sta b lish m e n t o f a S ta te p r in tin g p la n t. V o t e
16,043 “ f o r ” to 6 3 ,780 " a g a in s t .”
Bay County (P. O. Bay City), Mich.— Bonds Not Sold—
A m e n d m e n t p r o v id in g fo r th e cr e a tio n o f Im p r o v e m e n t d is tric ts In [certain
Bond Offering.— The $25,000 12-year coupon refunding
c ities. V o t e , 18,909 “ f o r ” t o 6 1 ,2 0 8 “ a g a in s t.”
A m e n d m e n t fix in g th e sa la ry o f m e m b e rs o f th e L e g isla tu re . V o t e , 9 ,5 1 7
State judgm ent bonds at not exceeding 5 % interest, de­
“ f o r ” t o 7 1 ,9 7 0 “ a g a in s t .”
scribed in V. 85, p. 1161, were not awarded on N ov. 16.
A m e n d m e n t c rea tin g th e o ffic e o f C o m m issio n e r o f A g ric u ltu re . V o t e ,
19,736 “ f o r ” t o 60,7 3 3 “ a g a in s t .”
Proposals are again asked for these bonds and will be re­
A m e n d m e n t p r o v id in g fo r th e e sta b lish m e n t o f a h o m e fo r C o n fe d e ra te
ceived, this time until 10 a. m . Dec. 10 by Warren D. R ich­
w id o w s .
V o t e , 4 1 ,0 7 9 “ f o r ” t o 4 3 ,732 “ a g a in s t.”
ardson, County Clerk. A uthority, A ct N o . 192 of the Public
West Virginia.— Special Session of Legislature.— On N ov.
Acts of 1903. Denom ination $1,000. Date D ec. 15 1907.
26 Governor Dawson issued a call for an extra session of Interest semi-annually in New Y ork City. An u ncondi­
the Legislature to convene Jan. 21 1908. It is stated the tional certified check for $500, payable to the County
measures to be introduced will be for the consideration of Treasurer, is required. Purchaser to pay accrued interest
the Virginia debt, the regulating and limiting of levies by and furnish lithographed bonds. Official circular states
coun ty courts, the enactment of a new election law and there has never been any default in the paym ent of principal
better form of ballot, the abolition of the fee system for or interest.
county officers, amending the law concerning the salaries
Bells School District (P. O. Bells), Grayson County, Tex.
■of assessors, the revision of the school law, the passing of a
local option law and the enactment o f a uniform public — Bond Sale.— This district recently awarded the $12,000
5 % 5-40-year (optional) coupon brick school-house bonds
accounting law.
offered but not sold on Sept. 25 (V . 85, p. 1038) to the State
of Texas.
Bond Calls and Redemptions.
Bellevue, Huron County, Ohio.— Bond Offering.— Pro­
Hamilton County (P. O. Cincinnati), Ohio.— Bond Call.— posals will be received until 12 m . D ec. 20 b y George
The Board of County Commissioners, Stanley Struble, Presi­ Lieber, Village Clerk, for $5,088.20 6 % coupon High Street
den t, calls for paym ent D ec. 1, at the County Treasurer’s im provem ent assessment bon ds. Denom ination $508.82.
•office, $50,000 5 % “ Longview Asylum Im provem ent B onds,” Date N ov. 11 1907. Interest semi-annually at the Village
Issue No. 2, numbered from 1 to 100 inclusive. Denom ina­ Clerk’s office. Maturity $508.82 yearly on Dee. 21 from
tion $500. Date N ov. 30 1887. Maturity D ec. 1 1917, 1908 to 1917 inclusive. Certified check for 5 % of the am ount
of the bid is required. Purchaser to pay accrued interest.
subject to call on and after Dec. 1 1907.
Berlin, Ont.— Debenture Sale.— W ood , Gundy & Co. of
Henry County (P. 0 . Clinton), Mo.— Bond Call.— Bonds
Nos. 1 to 10 inclusive, dated O ct. 1 1897, are called for pay­ Toronto recently purchased $63,200 5 % debentures of this
tow n. Maturity part yearly for thirty years.
ment Dec. 2. Denomination $1,000.
Birmingham, Jefferson County, Ala.— No Bond Election.—
Macon, Macon County, Mo.— Bond Call.— This city called
W e are inform ed b y Geo. Eustis, City Treasurer, that this
for paym ent N ov. 1 4 % sewer bond No. 13 for $500, dated
city has decided not to call an election to vote 0 1 1 the ques­
May 1 1899.
tion of issuing the $400,000 sewer bonds m entioned in V. 85,
Ohio County (P. O. Wheeling), W . V a.— Bond Call.— p. 1038, and the $3,000,000 water-works-plant-construction
James H. Beans, President Board o f County Commissioners, bonds mentioned in V. 85, p. 958.
calls for payment at the German Bank of W heeling, $3,500
Bluff ton, Allen County, Ohio.— Bond Offering.— Proposals
4 ^ % 5-30-year (optional) bonds, num bered 19, 38, 86, will be received until 12 m . Dec. 21 b y B. F. Biery, Village
133, 161, 174 and 180. Denomination $500. Interest will Clerk, for $37,105 78 4 }^ % Main Street im provem ent assess- .
cease Dec. 1 1907.
ment bonds. A uthority Sections 1536-281, 1536-282 and
Worth County (P. O. Grant City), Mo.— Bond Call.— This 1536-289, Revised Statutes. Denom ination $3,710, except­
county calls for paym ent Dec. 1 bonds dated D ec. 1 1897 ing one bond of $3,715 78. Date N ov. 11 1907. Interest
and numbered 37 to 41 inclusive. Denom ination $500.
annually on N ov. 11 at the Village Treasurer’s office. Ma­
turity part yearly on N ov. 11 from 1908 to 1917 inclusive.
Certified check on a Bluffton bank for 3 % of the am ount of
Bond Proposals and Negotiations this week bonds bid for, payable to the Village Clerk, is required.
liaye been as follow s:
Purchaser to pay accrued interest.
Bradford School District (P. O. Bradford), Ohio.— Bond
Aberdeen, Chehaiis County, W ash.— Bond Offering.— P ro­
posals will be received until 5 p. m . Jan. 8 1908 by P. F. Offering.— Proposals will be received until 12 m . Jan. 6 1908
Clark, City Clerk, for $30,628.37 8 % local im provem ent by J. T . Arnold, Clerk Board of Education, for the $40,000
Districts C and D sewer-construction bonds. Certified check 4 % coupon school-house bonds voted at the election held
N ov. 5. See V. 85, p. 1226. Tw enty bonds are in denom i­
for $500 is required.
nation of $1,000 each and ten bonds are in denomination of
Adrian School District (P. O. Adrian), Lenawee County, $2,000 each. Date Jan. 6 1908. Interest March 1 and
Mich.— Bonds Not to be Offered at Present.— W e are advised Sept. 1 at the District Treasurer’s office. Maturity $1,000
that the $60,000 4 }4 % school-building bonds voted Septs 30 yearly on Sept. 1 from 1910 to 1929 inclusive and $2,000
(V. 85, p. 958) will be issued Jan. 1 1908.
yearly on Sept. 1 from 1930 to 1939 inclusive.
Alderson Independent School District (P. O. Alderson),
Brantford, Ont.— Debentures Not Sold.— No award was
Monroe County, W . V a.— Bonds Not Sold.— W hite & W hite made on N ov. 25 o f the $40,000 4 j^ % sewer-extension
o f W heeling, acting as agents for this district, have not yet debentures mentioned in last week’s issue. Denomination
disposed of the $15,000 5 % school bonds mentioned in V . 85, $1,000. Interest annual. Maturity part yearly on July 2
p. 958.
from 1908 to 1937 inclusive. W e are advised that these
Aliquippa, Beaver County, Pa.— Bonds Not Sold.— The debentures will not be issued at present, as the city has
$10,000 5 % coupon municipal-building bonds offered on made negotiations for a tem porary loan.

State

m id




C

it y

D

epar tm en t.

1416

THE CHRONICLE.

Breckenridge, Wilkin County, Minn.— Bond Offering.—
Proposals will be received until 8 p . m . D ec. 16 b y D . J. Jones,
City Clerk, for $4,500 5 j^ % refunding bonds. M aturity
ten years.
Brookline (P. O. Station Boston), Mass.— Bonds Awarded
in Part---- The Tow n Treasurer is disposing of at private sale
an issue o f bonds authorized by this tow n .
Bruce County, Ont.— Debenture Offering.— Proposals will
be received until 10 a. m . D ec. 11 b y P. A . M alcomson,
County Clerk (P. O. W alkerton), for $20,000 5 % coupon
bridge debentures. Interest annual. Maturity part yearly
for tw ehty years.
Brunswick, Glynn County, Ga.— No Bond Election.— The
City Clerk writes us that there is no truth in the report
stating that an election would be held to vote on the ques­
tion of issuing the $75,000 street-paving bonds m entioned
in V. 85, p. 958.
Cedar Hill Independent School District (P. O. Cedar Hill),
Dallas County, Texas.— Bond Sale.— On O ct. 25 this district
sold to the State Board of Education at par and accrued
interest the $10,000 5 % 10-40-year (optional) brick-schoolbuilding bonds offered w ithout success on O ct. 21. See
V . 85, p. 1101.
Cheneyville School District, La.— Bonds Voted.— This dis­
trict on N ov. 19 voted to issue school-house bonds. There
were 47 votes cast, all of which were in favor of the bonds.
Chickasaw County (P .O . Houston), Miss.— Bond Offering.
— Proposals will be received until D ec. 17 b y T . W . Ham il­
ton , County Clerk, for $65,000 court-house bonds at not
exceeding 5 % interest.
Cincinnati School District (P. O. Cincinnati), Hamilton
County, Ohio.— Bonds Not Sold.— No proposals were received
for the $100,000 4 % 20-40-year (optional) coupon im prove­
ment bonds offered on N ov. 25 and described in V. 8 5 ,p . 1227.
Colfax, Grant Parish, La.— Bonds Defeated.— A t an elec­
tion held N ov. 19 the people of this tow n cast a vote of
40,000 “ for” to 60,000 “ against” a proposition to issue
water-works bonds.
Covington, Newton County, Ga .— Bonds Not to be Offered
at Present.— The $55,000 water-works and sewerage-systemconstruction and the $5,000 public-school-addition 5 % 30year bonds voted O ct. 9 will not be offered for sale before
next April or May. See V. 85, p. 1039.
Dallas, Paulding County, Ga.— Bonds Voted.— Dispatches
report that the issuance of $30,000 water-works-systemconstruction bonds was authorized at an election held N ov.18.
Delaware, Delaware County, Ohio.— Bond Sale.— The
five issues of 5 % coupon im provem ent bonds aggregating
$7,788 51, described in V. 85, p. 1353, were awarded on
N ov. 25, it is stated, to the Delaware National Bank of
Delaware at par.
East Lake (P. O. Birmingham), Jefferson County, Ala.—
Bonds Voted.— The issuance of the $25,000 street-im provement and the $15,000 sewer 5 % 20-year bonds mentioned in
V. 85, p. 1227, was authorized at the election held N ov. 25.
The vote was 47 to 9 on the former proposition and 46 to 11
on the latter proposition. Date of sale not yet determ ined.
East Tawas, Iosco County, Mich.— Bond Sale.— This city
has disposed of $25,000 refunding bonds.
Eaton, Preble County, Ohio.— Bond Offering.— Proposals
will be received until 7 p . m . D ec. 16 b y C. F. Ressler, Village
Clerk, for $10,000 4 ^ % coupon sewer-corfstruction bonds.
A uthority Section 2835, Revised Statutes. Denomination
$500. Date Sept. 1 1907. Interest semi-annually at the
Village Treasurer's office. Maturity on Sept. 1 as follows:
$3,000 in each of the years 1912, 1913 and 1914 and $1,000 in
1915. Certified check for 5 % of the bonds bid for, payable
to the Village Treasurer, is required. Bids must be uncon­
ditional and include accrued interest.
Enid, Garfield County, Okla.— Bond Offering.— Proposals
will be received until 12 m . Dec. 19 b y E. R . Lee, City Clerk,
for the following bonds:
$ 2 8 5 ,0 0 0
5 5 .0 0 0
2 5 .0 0 0
1 5.0 0 0
1 0 .0 0 0

s a n lta ry -se w e r b o n d s m a tu rin g in tw e n ty yea rs.
fu n d in g b o n d s m a tu rin g in t w e n ty yea rs.
fire -d e p a rtm e n t b o n d s m a tu rin g in th irty y e a rs.
w a te r-e x te n s lo n b o n d s m a tu rin g In t h ir ty y e a rs.
s e p tlc-sew e r b o n d s m a tu rin g In tw e n ty y ea rs.

Interest rate on the above issues not to exceed 5 % . Cer­
tified check for $500 is required. These bonds were offered
on O ct. 25 but no bids were received on that day. See V. 85,
p. 1291.
Erie Township, Ottawa County, Ohio.— Bond Offering.—
Proposals will be received until 12 m ., D ec. 23, b y Charles
H . Fritsche, Township Clerk (P. O. La Carne), for $4,000 5 %
stone-road-construction bonds. A uthority, Section 2835,
Revised Statutes. Denomination $1,000. Date D ec. 21
1907. Interest semi-annual. Maturity $1,000 yearly on
D ec. 21 from 1914 to 1917 inclusive. Certified check for
5 % o f bonds bid for, payable to the Township Treasurer,
is required. Purchaser to pay accrued interest.
Freeborn County (P. O. Albert Lea), Minn.— Bond Sale.—
A report in local papers states that $52,000 Judicial Ditch
N o. 1 construction bonds were awarded on N ov. 15 to Kane
& Co. of Minneapolis as 5 % s. Purchaser to furnish blank
bonds. This was the only bid received. Denomination
$1,000. Interest Jan. 1 and July 1. Maturity on Jan. 1 as
follows: $5,000 yearly from 1912 to 1915 inclusive, $10,000
in each of the years 1916 and 1917 and $12,000 in 1918.




[V o l .

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.

Gallatin County (P. O. Bozeman), Mont.— Bond Sale.— The State Board o f Land Commissioners was the successful
bidder for the $35,000 4 ^ % 10-20-year (optional) coupon
warrant-refunding bonds offered on N ov. 4 and described in
V. 85, p. 880. The price paid was par.
Garden Grove School District, Orange County, Cal.—
Bonds Not Sold.— Up to N ov. 20 no sale had yet been m ade
of $15,000 5 % bonds offered on N ov. 6.
Greenfield, Franklin County, Mass.— Bonds Not Yet Sold.
— The $15,000 bonds (the unsold portion of the $35,000
library, $50,000 7-year park and the $14,000 8-year school
43^% registered bonds offered on Sept. 4) are still unsold.
See V. 85, p. 960.
Hartwell (111.) Drainage District.— Bond Sale.— Under
date of N ov. 22 the Trowbridge & Niver Co. of Chicago in­
form us that they were awarded $20,000 6 % bonds of this
district on July 29. Denom ination $500. Date Jan. 1 1907.
Interest annually in July. Maturity $10,000 on July 1 in
each of the years 1918 and 1919.
Herkimer, Herkimer County, N. Y .— Bond Sale.— On N ov.
25 $5,712.62 5 % paving bonds were awarded to C. S. Milling­
ton of Herkimer. A bid was also received from B . Manion
on a basis of 5J 4% . Denom inations, nine bonds of $500
each, one bond of $404.11, one bond o f $513.77 and one b on d
of $294.70. Date N ov. 25 1907. Interest annual. Ma­
turity part on N ov. 25 in each of the years 1908, 1909 and
1910.
Holdredge, Phelps County, Neb.— Description of Bonds.—
The $20,000 5 % coupon sewer-system-construction bonds
voted Sept. 24 (V. 85, p. 960) are in denomination of $500
and are dated O ct. 17 1907. Interest semi-annually at the
Fiscal A gency in New Y ork City. Maturity O ct. 17 1927,
subject to call after O ct. 17 1912. Bonded debt, not includ­
ing this issue, $44,000. No floating debt. Assessed valua­
tion 1907 $513,522. These bonds have been registered by
the State Auditor.
Homestead, Allegheny County, Pa.— Bonds Not Sold.—
No bids were received for the $25,000 4 % 20-year coupon
refunding bonds offered on N ov. 4 and described in V. 85,
p. 1102.
Hudson County (P. O. Jersey City), N .J .— Bond Sales.—
On N ov. 1 a $47,000 4 % registered boulevard repair bond
was sold to the Sinking Fund at par. Interest semi-annually
in May and Novem ber. Maturity May 1909.
Papers report that the only bid received on N ov. 26 for
the $140,000 4 % 50-year coupon public-park bonds described
in V. 85, p. 1291, was one at par subm itted b y the Hoboken
Land & Im provem ent Co. This offer was accepted.
Irvington, Westchester County, N. Y .— Bond Sale.— On
O ct. 15 $25,000 (not $20,000 as at first reported) 4 % pum ping-station and water-main-extension bonds were awarded
to the Irvington National Bank o f Irvington at par and
accrued interest. Denomination $1,000. Date O ct. 1
1907. Interest semi-annually at the Irvington National
Bank o f Irvington. Maturity $2,000 yearly beginning
O ct. 1 1912.
Jackson, Hinds County, Miss.— Purchase of Water Works
Authorized.— The election held N ov. 19, according to local
papers, resulted in a vote of 860 “ fo r ” to 71 “ against” the
proposition to authorize the city to purchase the water plant.
As stated in V. 85, p. 1228, the $216,000 bonds voted for
the above purpose and awarded on Sept. 25 to E. H . Rollins
& Sons of Chicago were refused b y that firm pending a favor­
able vote on N ov. 19 on the question of purchasing the plant.
Jefferson County (P. O. Beaumont), Tex.— Bonds Awarded
in Part.— Up to N ov. 26 $175,000 of the $300,000 5 % 20-40year (optional) registered m acadam ized-road-construction
bonds offered on O ct. 21 had been sold. This makes a total
of $50,000 bonds disposed of since our last report (V. 85, p.
1354)v They were purchased at 101 and accrued interest
b y the American National Bank of Beaumont on N ov. 11.
Johnstown, Weld County, Col.— Bonds Voted.— A t the
election held N ov. 19 the proposition to issue the $20,000
water-system-construction bonds mentioned in V . 85, p .
1040, carried; the vote being 11 to 0. These bonds will n ot
be offered for sale at present.
Johnstown, Fulton County, N. Y .— Bond Offering.— Pro­
posals will be received until 10 a. m ., D ec. 9, b y Joseph A .
Colin, City Chamberlain, for $5,000 5 % coupon city-buildingsite-purchase bonds. A uthority, election held N ov. 5 1907
and Chapter 593, Laws of 1905. Denomination $500.
Date Dec. 1 1907. Interest semi-annually at the Johnstow n
Bank of Johnstown. Maturity $500 yearly on D ec. 1 from
1909 to 1918 inclusive. Accrued interest to be paid b y pur­
chaser.
Knightstown, Henry County, Ind.— Bids Rejected.— T h e
following bids, all o f which were rejected, were received on
N ov. 22 for the $12,000 6 % coupon electric-light-plantconstruction bonds described in V. 85, p. 1291:
W . R . T o d d & C o , C l n c i n . . 512,2001 J .F .W I ld & C o .S t a t e B k .,I n d . $12 ,025
S e a s o n g o o d & M a y e r, C ln c in . 1 2 ,1 2 5 IS . A . K e a n , C h ic a g o _________ 12,012
C H . C o ffin , C h ic a g o ________ 12,061 |W. J. H a y e s & S o n s , C l e v e - - 12,005

Lamar, Prowers County, Col.— Bonds Not to Be Re-offered at
Present.— W e are advised that the $150,000 5 % 1 0 - 15-year
(optional) water-works-system-extension bonds offered bu t
not awarded on Sept. 2 (V. 85, p. 961), will not be placed on
the market again this year.
I

Nov. 30 1907. |

THE CHRONICLE.

Lansing, Ingham County, Mich.— Bond Offering.— Proosals will be received until 7:30 p. m ., D ec. 2, b y the City
lerk for $12,000 Saginaw Street paving bonds at not ex­
ceeding 5 % interest. Date D ec. 2 1907. Interest annually
on D ec. 1 at the City Treasurer’s office. Certified check
for $25 is required.
Lebanon, Wilson County, Tenn.— Bonds Voted— Bond
Offering.— A t the election N ov. 20 the proposition to issue
the $10,000 5 % water-supply bonds m entioned in V. 85,
p. 1163, carried. The vote was 239+0 133. Maturity $1,000
in five years, $1,000 in ten years, $1,000 in fifteen years,
$2,000 in tw enty years, $2,000 in twenty-five years and
$3,000 in thirty years. Proposals for these bonds will be
received at any tim e. R obert L. W hite is Clerk of the Board
of Mayor and Alderm en.
Leflore County (P. O. Greenwood), Miss.— Rond Offering.
— In addition to the $60,000 bridge-construction and the
$40,000 road-building 5 % 25-year gold coupon bonds to be
offered at 12 m ., D ec. 2 (V. 85, p. 1354), proposals will also
be received at the same time b y the Drainage Commissioners
at the office of the Chancery Clerk for $25,750 Ellsberry
Drainage District and $13,750 Jones-W alton Drainage Dis­
trict 6 % bonds. The latter issues are dated D ec. 1 1907
and m ature D ec. 1 1927. Interest annual. Certified check
for 2 % of bid is required. G. W . Holmes is President,
Drainage Commissioners and E . D . Stone is A ttorney.

1417

casualty-bridge and the $13,000 ditch-im provem ent 4J^%
bonds mentioned^in V . 85, p. 1355, to W . B . Gebhart,
___
trustee, at par.
J 'T J ’ 1 *
* ; 4
4 JfcJ’ ^
Nashville, Davidson County, Tenn.— N o A ctio n \ Y e t
Taken.— No date has yet been set for the offering o f the
$200,000 water-main-extension bonds authorized at the
election held O ct. 10. See V . 85, p . 1041.
Neenah, Winnebago' County, W is.— Bond Offering.— Pro­
posals will be received until 12 m ., D ec. 2, b y J. P . K eating,
City Clerk, for $20,000 water-works refunding bonds a tjn ot
exceeding 5 % interest. A uthority, ordinance passed by^the
Com mon Council O ct. 2 1907. Denomination $1,000. In ­
terest semi-annually at the City Treasurer’s office. Maturity
$2,000 yearly on Jan. 1 from 1919 to 1928 inclusive. Cer­
tified check for 5 % of the bonds, payable to the City Treas­
urer, is required. These bonds were offered bu t not awarded
on N ov. 5.
New Bedford, Bristol County, Mass.— Bond Sale.— Dis­
patches report that $28,800 5 % 10-year bonds have been
awarded to Estabrook & Co. of Boston at 104.31.
Newmarket, Ont.— Debenture Offering.— Proposals ^rwill
be received until 8 p . m . D ec. 2 b y J. E . Hughes, Tow n Clerk
and Treasurer, for $2,500 4 ^ % electric-meter debentures.
M aturity part yearly on D ec. 15 from 1908 to 1927 inclusive.
Newport News, Warwick County, V a.— Bonds Not Yet
Sold.— Up to N ov. 22 this city had not yet disposed of the
$100,000 43^% 40-year street-im provem ent bonds offered
but not awarded on Sept. 30. See V. 85, p. 061.
Newport School District (P. O. Newport), Giles County,
V a.— Bonds Proposed.— The reports in local papers state that
the Board of School Trustees has requested the City Council
to petition the coming session of the Legislature to authorize
between $20,000 and $30,000 bonds for erecting a high
school and building an addition to School N o. 4 in East E nd.
Northport, Leelanau County, Mich.— Bonds Not Sold.—
W e are advised under date of N ov. 25 b y the Village Clerk
that no sale has been made of the $5,000 5 % coupon electriclight bonds offered on N ov. 14. Denom ination $1,000.
Interest payable in Northport at the Leelanau County Bank.
The village has no debt at present.
North Versailles Township School District, Allegheny
County, Pa.— Bond Offering.— Proposals were asked for
until 4 p. m . yesterday (N ov. 29) b y John G. D aily, Secre­
tary School Board (P. O. East M cK eesport), and I. Lincoln
Jones, A ttorney-at-Law , 1002 Frick Building, Pittsburgh,
for $12,000 5 % school bonds. Denom ination $500. Date
N ov. 1 1907. Maturity part yearly on N ov. 1 from 1908 to
1919 inclusive. Bonds are exem pt from State ta x . The
result of this offering was not known to us at the hour of
going to press.
Norwalk, Fairfield County, Conn.— Bonds Not Yet Sold.—
This city has not yet placed the $35,000 4 % 20-year coupon
(with privilege of registration) sewer-construction bonds,
bids for which were rejected on O ct. 10. See V . 85, p. 1042.
Oklahoma City, Okla.— Date of Bonds.— W e are advised
that the $200,000 water-works and the $50,000 sewer 5 %
30-year coupon bonds awarded on N ov. 14 to R . J. Edwards
of Oklahoma City at par (V. 85, p. 1355) are dated O ct. 1
1907.
Omaha, Douglas County, Neb.— Vote.— Following are the
official returns of the election held N ov. 5 (V. 85, p. 1292):

Libertyville School District No. 70 (P. O. Libertyville),
Lake County, 111.— Bond Sale.— This district has disposed
o f the $4,000 bonds (the unsold portion of the $10,000 4 %
school-building-addition bonds m entioned in V. 85, p . 961)
to local investors at par. Denominations $100, $200 and
$500. Date Aug. 1 1907. Interest semi-annual.
Lima, Allen County, Ohio.— Bids Rejected.— All bids re­
ceived on N ov. 25 for the tw o issues of 5 % coupon streetpaving refunding bonds aggregating $35,000, described in
V . 85, p. 1164, were rejected. Bonds are exem pt from
taxation.
Lincoln County (P. O. Ivanhoe), Minn.— Bond Offering.—
Proposals will be received until 10 a. m . Dec. 3 b y R . H.
Sisson, County Anditor, for $6,000 Ditch No. 6 and $4,500
Ditch N o. 8 construction bonds. A uthority Chapter 230,
General Laws o f 1905. Date Dec. 3 1907 or as soon there­
after as arrangements can be made. Interest rate to be
named in bid. Maturity part yearly from 1908 to 1917
inclusive. Certified check for $100, payable to the County
Auditor, is required. Purchaser to furnish blank bonds
free of cost.
Maple Lake School District No. 104 (P. O. Maple Lake),
Wright County, Minn.— Bond Sale.— On N ov. 22 $4,000 6 %
10-15-year (optional) school-building bonds offered on N ov.
15 were awarded to F. E . Magraw of St. Paul. Date
N ov. 1 1907.
Medicine Hat, Alta.— Debentures Not Yet Sold.— Under
date of N ov. 25 we are advised that proposals for the four
issues o f 5 % coupon debentures aggregating $65,000, offered
bu t not awarded on Sept. 23 (V. 85, p. 1041), will be consid­
ered at any time.
Melita, Man.— Debentures Not Sold.— No disposition was
made on N ov. 4 of the $5,000 5 % 20-year coupon sidewalk
and drain-construction and repair and street-improvement
debentures described in V. 85, p. 1164.
$50 ,0 0 0 in te rs e c tio n -p a v in g b o n d s ca rried b y a v o t e o f 3 ,9 9 4 " f o r ” t o 1,540
Milford, New Haven County, Conn.— Bonds Awarded in
“ a g a in st ”
9,0 0 0 sew er b o n d s c a rrie d b y a v o te o f 4 ,1 0 3 “ f o r ” t o 1,5 8 5 “ a g a in s t.”
Part.— Of the $83,000 4 % 25-year coupon bonds described
-e n g in e -h o u se b o n d s c a r iie d b y a v o t e o f 3 ,8 8 9 “ f o r ” t o 1840
in V. 85, p. 1103, $33,000 have been awarded to the Milford 4 3 0 .0 0 0 fire
" a g a i n s t .’ ’
Savings Bank of Milford and $17,000 have been awarded to 5 0 0 .0 0 0 s c h o o l-b u ild in g b o n d s carried b y a v o te o f 4 ,2 0 2 " f o r ” t o 1,792
“ a g a in s t .’ ’
local investors. The price paid was par and accrued interest.
5 0 ,0 0 0 p a rk -s y s te m b o n d s lo st b y a v o t e o f 2 ,9 4 8 “ fo r ” t o 2 ,3 5 7 “ a g a in s t.”
Denom ination of bonds $500.
3 .5 0 0 .0 0 0 m u n ic ip a l-g a s -p la n t b o n d s lo st b y a v o t e o f 2 ,1 9 5 “ fo r ” t o 2,854
" a g a in s t .”
Millett, La Salle County, Texas.— Bonds Voted.— A ccord­
A two-thirds m ajority was required to authorize the above
ing to reports, a proposition to issue school bonds was favor­
issues. W e are inform ed that the bonds voted will not be
ably voted upon at an election held N ov. 18.
placed on the m arket before April 1 1908.
Mingo Junction, Jefferson County, Ohio.— Bond Offering.
Oneida County (P. O. Utica), N. Y .— Bond Offering.—
— Proposals will be received until 12 m . D ec. 23 b y Frank
M cLister, Village Clerk, for $50,000 5 % sewer-construction Some additional details are at hand relative to the offering
bonds. A uthority Section 2835 Revised Statutes. De­ on D ec. 11 o f the $55,000 4 ^ % registered court-house-eonnom ination $500. Date D ec. 16 1907. Interest annual. pletion bonds described in V. 85, p. 1355. Proposals for
Maturity part yearly from ten to tw enty-five years from date- these bonds will be received until 12 m. on that day b y Henry
Certified check for 10 % o f the am ount of bonds bid for, W . R oberts, County Treasurer. A uthority Chapter 691,
payable to the Village Treasurer, is required. Accrued in­ Laws of 1907. Denom ination $1,000. Date D ec. 1 1907.
Interest Feb. 1 and Aug. 1 in Utica. Maturity $5,000 3rearly
terest to be paid b y purchaser.
on Feb. 1 from 1918 to 1928 inclusive. Bonds are exem pt
Mocksville, Davie County, N. C.— Bonds Not Sold.— There from taxation. Certified check for 1 % of bonds bid for,
were no bidders on N ov. 25 for the $5,000 5 % coupon drawn on a national bank and made payable to the County
graded-school bonds described in V. 85, p. 1355.
Treasurer, is required.
Monessen, Westmoreland County, Pa.— Bonds Not Sold.—
Palmetto, Manatee County, Fla.— Bonds Voted.— Reports
Bond Offering.— No satisfactory bids were received on N ov. state thatan election held N ov. 12 resulted in favor of proposi­
21 for the $75,000 (not $50,000, as first reported) 5 % coupon tions to issue $11,000 street-paving, $10,000 water-works
street-im provem ent bonds offered on th a t.d a y . The issu­ and $1,000 jail bonds.
*
ance of these bonds was authorized at an election held June
Philadelphia, Pa.— Temporary Loan.— In local papers it is
1 1907; also b y an A ct o f the General Assem bly approved
April 20 1874. Denomination $1,000. Date D ec. 5 1907. reported that this city has negotiated a four-m onths’ loan
Interest semi-annually at the Borough Treasurer’s office. of $1,200,000 with local banks and trust companies at 5 % .
Pitcairn, Allegheny County, Pa.— Bonds Authorized.— The
M aturity on D ec. 5 as follow s' $10,000 in each of the years
1916, 1922, 1927, 1934 and 1935,a n d $25,000 in 1936. Bonds Borough Council has authorized the issuance of $15,000
are exem pt from State tax. These bonds are now being o f­ electric-light-plant-im provem ent,sewer-system -extension and
street-im provem ent bonds.
fered at private sale b y J. E. Pittman, Borough Clerk.
Port Chester, Westchester County, N. Y .— Bid Rejected.—
Montgomery County (P. O. Dayton)„ Ohio.— Bond Sale.—
This: crwjmty .ban awarded the $20.()0£ 3-6-year (serial) S. A . Kean o f Chicago, the only bidder, bid $48,944 90 for




141b

THE CHRONICLE.

[V o l .

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.

the $48,896 5 % gold highway-im provem ent bonds offered
(V. 85, p. 1293) on N ov. 18. This proposal was rejected.

A m e n d m e n t N o . 20 r e la tiv e t o th e salaries o f m e m b e rs o f th e P o lic e D e p a r t­
m e n t.
A m e n d m e n t N o . 2 1 , r e la tiv e t o th e salaries o f th e C h ief a n d o f th e e m p lo y e e s
o f th e D e p a r tm e n t o f E le c t r ic ity .

Port Clinton, Ottawa Oounty, Ohio.— Bonds Defeated.—
A proposition to issue $10,000 lake-front-im provem ent
bonds was defeated, it is stated, at the election N ov. 5.

On the same day the voters defeated amendment N o. 16
relative to official advertising.

Preble County (P. O. Eaton), Ohio.— Bond Offering.—
Proposals will be received until 1 p. m.' Dee.,.7 by C. W . Eidson, County Auditor, for $1,600 4 % D ftch-Im provem ent
N o. 266 bonds. A uthority Sections 4479, 4480, 4481 and
4482 Revised Statutes. Denom ination $400. Date D ec. 7
1907. Interest semi-annually at the County Treasurer’s
office. Maturity $400 each six months from June 7 1908
to Dec. 7 1909 inclusive.

Saranac Lake, Franklin County, N. Y .— Bond Sale.— An
issue of $3,500 5-11-year (serial) registered fire-alarmsignal-service-installation bonds was awarded on N ov. 21 to
the Adirondack National Bank o f Saranac Lake at 100.125
and accrued interest for 5s. This was the only bid received.
Authority, election held O ct. 29 1907 and Chapter 414, Laws
of 1897. Denomination $500. Date Jan. 1 1908. ■Interest
annually in New Y ork exchange. Bonds to be delivered
Jan. 1 1908.

Prosser, Benton County, Wash.— Bond Offering.— P ro­
posals will be received until D ec. 5 b y J. W . Callicotte, Tow n
Clerk, for $10,000 water bonds at not exceeding 6 % interest.
Denom ination $1,000. Interest semi-annual. Maturity 20
years. Bonds are exem pt from taxation. Bonded debt,
this issue. Assessed valuation 1907, $448,415.
Pulaski, Pulaski County, Va.— Bonds Defeated.— A. vote
o f 77 “ for” to 94 “ against” a proposition to issue $75,000
water-works bonds was the result o f an election held N ov. 16,
according to reports.
Raleigh, Wake County, N. C.— Bond Offering.— Proposals
will be received until 12 m ., D ec. 16, b y A . S. Rascoe,
Chairman, for $5,000 6 % bonds.
Rhyolite School District (P. O. Rhyolite), Nye County,
Nev.-—Bids.— The following bids were received on N ov. 12
for the $20,000 8 % 10-20-year (optional) coupon schoolbuilding and refunding bonds awarded on that day, as stated
in V. 85, p. 1355, to John Nuveen & Co. of Chicago at 100.25:
J o h n N u v e e n & C o ., C h ic a g o .$20,0501 B u llfro g B a n k & T ru s t C o ..
F irst N a t. B ank . R h y o l i t e . . 2 0 ,000
R h y o lit e ___________________ a $ 2 0 ,0 0 0
-----------I S. A . K e a n , C h ic a g o __________&20.000
a L ess 5 % .
b Less $ 1 ,0 0 0 .

Richland County (P. O. Wahpeton), N. D .— Bids Rejected.
— The only bids received on N ov. 12 for the $84,500 7 %
coupon drainage bonds described in V. 85, p. 1165, were
on e for $84,575 (100.088) and one at 100.50. Both of these
offers were rejected.
Richwood, Union County, Ohio.— Bonds Not Sold.— W e
are advised that on account of all bids for street-improvements
being rejected, the $8,000 4 ^ % 1-8-year (serial) Franklin
Street im provem ent bonds described in V. 85, p. 1165, were
not awarded on N ov. 9. A larger am ount of bonds will be
offered for sale next spring.
j 1 .J
J ^
Rockwood Independent School D strict (P .O . Rockwood),
Coleman County, Tex.— Bonds Registered.—-The State Com p­
troller on N ov. 14 registered $2,500 5 % 10-20-year (optional)
school-house bonds dated July 9 1907.
St. Joseph, Berrien County, Mich.— Bond Sale.— This city
has awarded the $20*000 4J^% 20-year coupon W ayne
Street Viaduct bonds described in V. 85, p. 963, to the
Harris Trust & Savings Bank of Chicago at par. Date
Sept. 1 1907. Interest semi-annually at the Harris Trust &
Savings Bank of Chicago.
St. Paul, Minn.— Bonds Proposed.— Local papers state
that the citizens of this city propose to petition the City
Council to authorize the issuance of between $110,000 and
$125,000 sewer bonds.
San Francisco, Cal.— Amendments to City Charter.— On
N ov. 5 the electors o f this city voted in favor of the following
amendments to the City Charter:
A m e n d m e n t N o . 1, rela tin g t o b o n d s Issued fo r th e a c q u is itio n o f p u b lic
u tilities and b o n d s for th e a c q u is itio n o f la n d o r lan ds an d the c o n s tr u c tio n
o r a c q u isitio n o f a n y p e rm a n e n t b u ild in g o r b u ild in g s , Im p ro v e m e n t
o r Im p rov em en ts.
A m e n d m e n t N o . 2 , rela tin g to th e re ca ll o r r e m o v a l o f e le cte d o ffic e r s.
A m e n d m e n t N o . 3, rela tin g t o th e a p p o rtio n m e n t o f th e in c o m e an d reven u e
o f th e several fu n d s a n a a p r o v is io n fo r In com e to p a y Interest o n the
b o n d e d In d ebted n ess an d p r o v id e fo r th e sinking fu n d s .
A m e n d m e n t N o . 4 , rela tin g to the c u s t o d y b y th e T reasu rer o f p u b lic fu n d s
an d au th oriz in g th eir d e p o s it in certa in b a n k s u p o n c e r ta in term s an d
c o n d itio n s .
A m e n d m e n t N o . 5 . rela tin g t o c o n tr a c ts en tered Into b y the B o a rd o f P u b lic
W o r k s o f th e c it y an d c o u n t y , and b o n d s to be g iv e n in c o n n e c tio n w ith
th e sa m e, and th e c h a r a c te r , term s an d c o n d itio n s o f said c o n t r a c ts , and
p e r m ittin g p rog ressiv e p a y m e n ts t o b e p r o v id e d fo r th e r e o n , u p o n ce rta in
term s an d c o n d itio n s .
A m e n d m e n t N o . 6, rela tin g to th e b o n d s o f o ffic e r s o f t h e 'c l t y an d c o u n t y
A m e n d m e n t N o . 7 , rela tin g t o th e a p p ro p r ia tio n b y th e S u p erv isors o f said
c it y an d c o u n t y fo r u rg e n t necessities n o t oth e rw ise p r o v id e d fo r b y law .
A m e n d m e n t N o . 8, rela tin g t o th e c o m p o s it io n o f th e p e rso n n e l o f th e c o m ­
p an ies o f th e F ire D e p a r tm e n t a n d it h e salaries a n d th e v a c a tio n s o f the
m em b ers th ereof.
A m e n d m e n t N o . 9 , rela tin g to th e 'p o w e r o f th e c it y an d c o u n t y t o a cq u ire
o p e r a t e , m a in ta in , sell o r lease p u b lic u tilitie s; re la tin g t o th e a c q u is itio n
o f la n d s fo r w a te r p u r p o s e s ; a n d rela tin g t o th e d ls p o s tlo n o f th e rents
receiv ed fro m p u b lic u tilities an d th e k e e p in g o f a c c o u n ts r e la tiv e to
su ch ^ p u b llc u tllites.
A m e n d m e n t N o . 10, rela tin g t o th e sale o f la n d s b y th e c it y an d c o u n t y .
A m e n d m e n t N o . 11, rela tin g to th e ch a n g e o r m o d ific a tio n o f stre e t g ra d e s
an d th e p e r fo rm a n ce o f street w o rk In c o n n e c tio n th e re w ith .
A m e n d m e n t N o . 12, rela tin g to th e o p e n in g , e x te n d in g , w id e n in g , s tr a ig h t­
ening o r closin g up o f streets and th e p e r fo rm a n ce o f s tre e t w o r k In c o n ­
n e c t io n th erew ith , and the c o n d e m n a tio n a n d a c q u is itio n o f la n d and
p r o p e r t y n ecessa ry th e re fo r.
A m e n d m e n t N o . 13, rela tin g t o the lia b ility fo r d a m a g e s o f said c it y and
c o u n t y a n d its o ffic ia ls .
A m e n d m e n t N o . 14, rela tin g t o th e leasin g o f real p r o p e r t y o f th e S c h o o l
D e p a r tm e n t.
A m e n d m e n t N o . 1 5 , rela tin g t o th e ’ p o w e r s o f th e’ S u p e rv ls o rs to g.-ant p e r ­
m its fo r sp u r o r sid e tra ck s a n d r u n n in g ca rs th e r e o n o n a n y p u b lic street
o r Tp o r t !o n th e r e o f w ith in said c it y o r c o u n t y .
A m e n d m e n t N o . 17, rela tin g to th e re g u la tio n o f te le p h o n e ch a rg e s.
A m e n d m e n t N o . 18, rela tin g to c h ild r e n ’s p la y -g r o u n d s an d p u b lic re cre a ­
tio n cen tres o u ts id e o f G o ld e n G a te P a rk an d c r e a tin g a p la y -g r o u n d
co m m is sio n .
A m e n d m e n t N o . 19, rela tin g t o th e D e p a r tm e n t o f P u b lic H e a lth .




Sidney School District (P. O. Sidney), Cheyenne County,
Neb.— Bonds Voted.— Bond Offering.— A vote o f 35 “ for”
to 3 “ against” was the result of an election held in this dis­
trict to vote on the question of issuing $15,000 5% highschool-building bonds. Maturity part yearly on Jan. 1 from
1909 to 1928 inclusive, unpaid bonds being subject to call
after five years. Proposals for these bonds will be received
until Jan. 1 1908.
South Haven, Van Buren County, Mich.— Bonds Voted.— •
A t an election N ov. 18 the voters o f this place authorized the
issuance of $12,000 harbor bonds. Local papers report that
the vote was 455 to 59, tw o-thirds being required.
Southington, Hartford County, Conn.— Notes Authorized.
— It is stated locally that this place has authorized the issu­
ance of $15,000 5 % notes.
Springfield, Clark County, Ohio.— Purchaser of Bonds.—
W e are advised that the six issues o f 5 % coupon street and
alley im provem ent assessment bonds aggregating $9,521 48,
the sale of which was mentioned in V. 85, p. 1356, were pur­
chased on N ov. 13 b y Judge Hagan, acting for a client.
The price paid was par and accrued interest.
Sunrise, Chisago County, Minn.— Bond Offering.— Pro­
posals will be received by the Town Board of Supervisors
until 2 p. m . D ec. 15 for $4,000 5 ^ % coupon bridge bonds.
Authority election held July 15 1907, also Chapter 11, Gen­
eral Laws of 1905. Denom ination $400. Date Jam 15
1908. Interest annual. Maturity $400 yearly on Jan. 15
from 1918 to 1927 inclusive. Purchaser to furnish blank bonds
with interest coupons attached. G. E . Deming is Town
Clerk.
Superior School District (P. O. Superior), Nuckolls County,
Neb.— Bonds Not Sold.— Under date of N ov. 22 we are ad­
vised that this district is still offering at private sale the $30,000 5 % 10-20-year (optional) coupon high-school-building
bonds mentioned in V. 85, p. 964.
Tampa, Hillsboro County, Fla.— Bond Election.— The C ity
Council has adopted the ordinance providing for an election
Jan. 7 1908 to vote on the question of issuing the following
bonds, mention of which was made in V. 85, p. 1356:
5 2 4 5,00 0
b o n d s fo r b u ild in g a c it y hall an d p u rch a sin g a site fo r th e s a m e,
$ 1 5 0,00 0 fo r b u ild in g a b r id g e across L a fa y e tte S tr e e t, $ 8 9 ,5 0 0 fo r p a v in g
a d d itio n a l stree ts. $ 50 ,000 fo r c o n s tr u c tin g s to rm and sa n ita ry sew ers,
$ 35 ,000 fo r a n ew h o s p ita l, $ 23 ,000 fo r c r e m a to r y Im p ro v e m e n ts a n d $7,50(>
fo r im p ro v in g th e p ris o n .

These bonds, if authorized, will carry 5 % interest, and will
mature in fifty years from date, but are subject to call after
tw enty years.
Tecumseh, Lenawee County, Mich.— Bonds Not to Be Of­
fered at Present.— We are advised that no action will be taken
looking towards the issuance of the $29,000 sewer bonds
voted Sept. 23 (V. 85, p. 1044) until after Jan. 1 1908.
Thief River Falls, Red Lake County, Minn.— Bond Sale.— ■
On N ov. 23 $8,000 5 j^ % 5-year refunding bonds were
awarded at par to James C. Bristol of Rochester, N. Y . A
bid for 5 % 15-year bonds was received from S. A . Kean o f
Chicago, bu t it was not considered. Denom ination $500.
Date O ct. 15 1907. Interest annual.
Toppenish, Yakima County, Wash.— Bonds Not Sold—
Bond Offering.— No sale was made on N ov. 4 of the $4,000
town-hall and the $2,000 street-im provem ent 10-20-year
(optional) bonds, at not exceeding 6 % interest, described in
V. 85, p. 1166. Proposals are again asked for these bon ds,
and will be received this time until 12 m. D ec. 14 b y R . D.
Campbell, Tow n Clerk.
Toronto, Ont.— Bond Election.— Local reports state that
a by-law providing for the issuance of $2,750,000 debentures
to purchase a “ plant to distribute electric power to be sup­
plied b y the H ydro-electric Power Commission of Ontario
from Niagara Falls,” will be subm itted to a vote o f the people
at an election to be held next January.
Trenton, Ont.— Debenture Sale.— According to reports,
$25,000 4 % debentures have been awarded to the Gresham
Insurance Co. of London, England, on a basis of 4 .6 5 % .
Interest annual. Maturity part yearly for thirty years.
Trumbull County (P. O. Warren), Ohio.— Bond Offering.—
Proposals will be received until 1.30 p. m. Dec. 18 by Jennie
B. Griffith, Clerk County R oad Commissioners, for $18,000
5 % coupon R oad District No. 1 im provement bonds. A u ­
thority Sections 4757-1 to 4757-21 inclusive, Revised Stat­
utes. Denomination $1,000. Date Sept. 1 1907. Interest

Mov. 30 1907. j

•semi-annually at the County Treasurer’s office. Maturity
$9,000 on March 1- 1922 and $9,000 on Sept. 1 1922. Certi­
fied check for $500 is required.
Upper Lake School District, Lake County, Cal.— Bond
■Sale.— On O ct. 8 $1,500 6 % 6-year school-building bonds
were sold to Shelton K yle for $1,505— the price thus being
100.333. Denomination $500. Date O ct. 8 1907. Interest
annual.
Utica, Oneida County, N. Y .— Bond Sale.— On N ov. 27
the $50,000 5 % 10-14-year (serial) registered delinquent tax
bonds described in V. 85, p. 1356, were sold at par. A ccord ­
in g to reports these bonds were disposed of as follows: $20,000
to the Savings Bank of Utica, $10,000 to the estate o f E . A .
Ward., $7,000 to E . Willard Jones, $5,000 to Mary Porter,
$4,000 to J. P. Mulhall, $2,000 to Michael O ’ Neill and $2,000
to Frederick Schmidt,
Vancouver., B. C.— Debenture Sale.— This city has awarded
$1,200,000 4 % debentures to the Dominion Securities Cor­
poration, L td ., o f Toronto at about 85. Maturity $284,000
in tw enty years, $67,000 in thirty years and $849,000 in
fo r ty years. The purchaser informs us that their London
•offiee has made a public issue of these securities and that
the issue has been largely over-subscribed.
Van Wert County (P. O. Van Wert), Ohio.— Bond Offer­
in g.— Proposals will be received until 10 a. m . Dec. 28 by
W . H . Troup, County Auditor, for $53,000 4 % refunding
road-im provem ent bonds. A uthority an A ct o f the General
Assem bly passed Feb. 28 1906. Denomination $500. Date
Dee. 2 1907. Interest March 1 and Sept. 1 at the County
Treasurer’s offiee. Maturity $1,500 each six months from
Mareh 1 1908 to Sept. 1 1911 inclusive, $2,000 each six
m onths from March 1 1912 to Sept. 1 1915 inclusive and
$2,500 eaeh six months from March 1 1916 to Sept. 1 1920
inclusive. Certified check on some Van W ert bank for $500,
m ade payable to the County Treasurer, is required. Pur­
chaser to furnish blank bonds.
Verona, Essex County, N. J.— Bond Election Proposed.—
In local papers it is reported that the Borough Council pro­

NEW LOANS.
# 1 4 ,8 0 0

CHINOOK, MONTANA
E L E C T R IC L I G H T W OR KS BONDS.
N o tic e Is h e r e b y p lv e n th a t th e T o w n C o u n c il
o f th e T o w n o f C h in o o k , M o n ta n a , w ill o n th e
1 2 th D A Y O F D E C E M B E R , A . D . 190 7, a t
t h e h o u r o f 2 p . m . o f said d a y a t th e o ffic e o f
th e T o w n C lerk o f said T o w n In th e First N a tio n a l
B a n k b u ild in g , sell a t p u b lic a u c t io n fo r c a s h , t o
th e h igh est b id d e r o r Didders o ffe r in g th e high est
p r ice t h e r e fo r e , th e C o u p o n E le c tr ic L ig h t W o rk s
B o n d s o f said T o w n t o th e a m o u n t o f * 1 4 ,8 0 0 ,
n u m b e r e d o o n s e c u t lv e ly , c o m m e n cin g at o n e ,
b e a rin g d a te J a n u a r y 1st, 1008, p a y a b le In
t w e n t y y ea rs fro m d a te o f Issue, b u t re d e e m a b le
a t th e o p t io n o f th e T o w n a t a n y tim e a fte r
fo u r te e n y ea rs fro m d a te o f Issue, b e a rin g Interest
a t th e rate o f six p er c e n t p e r a n n u m , p a y a b le
s e m i-a n n u a lly o n th e first d a y s o f J u ly an d J a n ­
u a r y o f e a c h y e a r , a n d b o th p rin cip a l an d in terest
p a y a b le In la w fu l m o n e y o f th e U n ited S tates
a t th e o ffic e o f th e T o w n T reasu rer o f said T o w n
o r a t s u ch b a n k In N ew Y o r k C ity as m a y be
d e s ig n a te d b y said T re a su re r; d e n o m in a t io n ,
$10 0 e a c h .
M o n e y r e c e iv e d fro m sales o f b o n d s w ill be
u sed fo r th e c o n s tr u c tio n o f an e le c t r ic ligh t
w o rk s In said T o w n a n d t o s u p p ly th e sam e w ith
e le c t r ic lig h t.
B d s t o b e a c c o m p a n ie d b y a ce rtifie d c h e c k
f o r $ 5 0 0 , p a y a b le t o th e T o w n T rea su rer o f
O hln o k , M o n ta n a , as a g u a ra n ty th a t th e
b id d e r w ill tak e and p a y fo r said b o n d s as so o n
a s th e sam e are r e a d y an d sig n ed fo r d e liv e r y .
T h e T o w n C o u n cil reserves th e rig h t t o r e je c t
a n y a n d all b id s .
?y o r d e r o f th e T o w n C o u n c il o f th e T o w n o f
C h in o o k , M o n ta n a , d u ly m a d e an d e n te r e d .
D a ted t h i s ___ th d a y o f O c t o b e r , 1907.
J N O . C. D U F F ,
T o w n C lerk o f said T o w n .

Harris County (Houston), Texas,
ROAD AND BRIDGE BONDS
W ill sell all o r p a rt o f th is Issue o f 4 % , 40
y e a r s , 1 0 -y ea r o p t io n B o n d s . C ertified c h e c k fo r
2 % o f a m o u n t b id m u s t a c c o m p a n y p r o p o s a l.
M in im u m , p a r a n d a c c r u e d Interest.
A . E. AM ERM AN ,
C o u n ty J u d g e H a rris C o u n t y ,
H ou ston , T exa s.

and

)

CORPORATION )

BONDS

205 La Salle Street, C H I C A G O




Washoe County (P. O. Reno), Nev.— Bonds Not Sold.—
Under date o f N ov. 22 the County Treasurer, D . B. B oy d ,
writes us that no award has yet been made of $40,000 bonds
to create a fund for maintaining highways, offered on N ov. 4,
D enom ination $1,000. Interest annually on Jan. 6. Ma­
turity $2,000 yearly on Jan. 6 from 1909 to 1928 inclusive.
Wildwood, Alitjheny County, Pa.— Bonds Voted.— It is
stated that an election held recently resulted in favor of a
proposition to issue $7,000 surface-drainage-system bonds.
Windsor School District, Sonoma County, Cal.— Bonds
Not Sold.— F. L. W right, County Clerk, advises us that he
has n ot yet disposed of $9,000 5 % bonds of this district,
proposals for which were asked for until N ov. 6.
Yonkers, Westchester County, N. Y .-—Bond Sale.— The
$20,000 10-11-year (serial) public-building and dock and
the $50,000 city-hall 5 ^ % bonds described in V. 85, p.
1357, were sold on N ov. 26 to N. W . Harris & Co. of New
Y ork City for $70,785— the price being 101.121. The city-hall
bonds mature $10,000 yearly on April 1 from 1918 to 1922
inclusive.
Yorkville, York County, S. C.— Bonds Voted.— The Town
Treasurer writes us that the election held N ov. 20 resulted
in a vote of 43 to 25 in favor of the proposition to issue the
$25,000 sewerage-system bonds at not exceeding 6 % in­
terest, mentioned in V. 85, p. 1231.
Zanesville, Muskingum County, Ohio.— Bond Sale.— On
N ov. 22 the $8,100 4 % w ater-works-system -im provem ent
bonds described in V . 85, p. 1231, were awarded to the
First National Bank of Zanesville at par and accrued in­
terest. No other proposals were received. Maturity $1,000
yearly on May 1 from 1909 to 1916 inclusive.
Bid, Rejected.— A bid at par and accrued interest subm itted
b y W . R . T odd & Co. o f Cincinnati was the only offer re­
ceived on N ov. 22 for the $8,100 43^% (not 4 % , as reported
in V . 85, p . 1231) 10-year Ninth Street im provem ent bonds
offered on that day. This bid was rejected.

N E W LOA NS.

# 4 0 0 , 0 0 0
# 100,000
C I T Y OF S P O K A N E , C I T Y OF S P O K A N E

25 YEAR 4 *a%

20 YEAR 5%

PUBLIC PARK G O L D BONDS.
S ealed p ro p o s a ls w ill b e r e c e iv e d b y th e S in k in g
F u n d C o m m ission o f th e C ity o f S p o k a n e , W ash
ln g to n , a t th e o ffic e o f th e C ity C o m p tr o lle r o f
said c it y , u p t o 12 O ’ C L O C K N O O N o f th e 1 6T H
D A Y O F D E C E M B E R , 1907, fo r th e p u rch a se
o f a ll o r a n y p o r t io n o f a $ 1 0 0 ,0 0 0 b o n d Issue o f
said c it y , e x c e p t th a t n o b id w ill be r c e e lv e d fo r
le s s th an $ 5 ,0 0 0 o r m u ltip le th e r e o f.
Said b o n d s are t o be Issued b y said c it y t o p a y
fo r th e p u rch ase o f a d d itio n a l lan d fo r p a rk p u r ­
p o s e s , fo r th e Im p ro v e m e n t o f p a rk p r o p e r t y a l­
r e a d y o w n e d b y th e c it y , fo r th e c a r r y in g o u t o f
c o n d it io n s o r s tip u la tio n s c o n ta in e d in d e d ic a ­
tio n s o f la n d t o th e c i t y fo r p a rk p u r p o s e s , an d to
re d e e m p r e v io u s b o n d Issue o f $ 1 0 ,0 0 0 a n d In­
te r e s t, an d be a r d a te o f D e c e m b e r 1, 190 7, an d
p a y a b le 20 y e a rs a fte r d a t e , an d d ra w Interest at
th e ra te o f 5 % a n n u a lly , p a y a b le s e m i-a n n u a lly .
Said C o m m issio n reserv es th e rig h t t o r e je c t a n y
an d all b id s , an d e a c h o ffe r m u st be a c c o m p a n ie d
b y a ce rtifie d c h e c k fo r 2 % o f th e a m o u n t o f th e
b id , a n d m u s t be fo r a t le a st p a r a n d a c c r u e d In­
te r e s t.
R O B E R T F A IR L E Y .
________
C ity C om ptroller.

Cuban Securities

BRIDGE G O L D BONDS. .
S ealed p ro p o s a ls w ill b e r e c e iv e d b y Sinking
F u n d C o m m issio n o f th e C ity o f S p o k a n e , W a s h ­
in g t o n , a t t h e o ffic e o f th e C ity C o m p tr o lle r o f
said c it y , u p t o 12 O ’ C L O C K N O O N o f t h e 1 6 T H
D A Y O F D E C E M B E R , 1 90 7, f o r th e p u r c h a se o f
a ll o r a n y p o r tio n o f a $40 0 ,0 0 0 00 b o n d issu e o f
said c it y , e x c e p t th a t n o b id w ill be r e c e iv e d fo r
less th a n $25 ,000 00 o r m u ltip le th e r e o f.
Said b o n d s are Issued b y said c it y t o p a y fo r th e
c o n s t r u c tio n and repair o f brid g e s a cros s th e
S p o k a n e R iv e r , a n d be a r d a te o f J a n u a ry 1, 190 8,
an d p a y a b le 25 y e a rs a fte r d a t e , an d d ra w Interest
a t th e rate o f 4 > £ % a n n u a lly , p a y a b le sem i­
a n n u a lly .
Said c o m m is s io n reserv es th e rig h t t o r e je c t
a n y a n d all b id s , an d e a c h offe r m u st be a c c o m ­
p a n ie d b y a ce rtifie d c h e c k fo r 2 % o f th e a m o u n t
o f th e b id , a n d m u s t be fo r at le a st p a r a n d a c ­
c ru e d in te re s t.
R O B E R T F A IR L E Y ,
C ity C om ptroller.

Albert Kleyboltc & Co.,
409

W a ln u t

S tre e t,

A S P E C IA L T Y

C IN C IN N A T I, O.

FRANCKE, THOMPSON & ROBB

Municipal,
County, State,

M e m b e r s N . T . S to c k E x c h a n g e
and

43 Exchange Place
T e 'e p b o n e 6444 H a n o v e r

B r is t o l

B R A N C H O F FIC E
B u i ld in g , 5 t h A v e . a n d
T e le p h o n e 1558 B ryant

H ig h -G r a d e
P u b lic
> e c u r ltte s

42d

S t.

BONDS.
L IS T ON A P P L IC A T IO N .

SEAS0NG00D & MAYER,
L ib r a r y

MacDonald, McOoy & Co.,
AND CORPORATION

BONDS.
[8x La Salle Street, Chicago.

B u ild in g ,

C 1 N «1 «N A T I.

H. C. Speer & Sons Co.
E s t a b lis h e d 1 8 8 6 .

First Nat Bank Building, Chicago

C IT Y C O U N T Y
AND TO W N SHIP

S e r v le t

C orre sp o n d e n ce Solicited

M U N IC IP AL A N D R A I L R O A D MUNICIPAL

m e r c a n tile

F. B. S H E R M A N & CO.

poses to call an election to subm it to the voters the question
o f issuing $55,000 w ater-system -construction bonds.

N E W LOA NS .

8 5 0 0 ,0 0 0

MUNICIPAL

1410

THE CHRONICLE.

R O N

H Q

B L A C K S T A F F & CO.
IN V E S T M E N T S
1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST

1420

THE CHRONICLE.

MercantileTrust Co. CITY TRUST CO-

S t. L o u is . M o
Member S t. L ou is C learing H ou se

SO ST A T E S T R E E T .

A s s o c ia t io n

Capital and Surplus, $9,500,000

F E S T U S J. W A D E .
P resid en t.

B U N K E R H IL L B R A N C H :
C ity S qu are. C H A R L E S T O W N M A S S.

Capital & Surplus, - - $4,000,000

W M . M A F F IT T .
T reasu rer

T ra n sa cts a General T ru st and
B a n k in g B u siness
In te re st A llo w e d on D e p o s its S u b je c t to Check
A cts as T ru stee under R ailroad and o th e r M ort­
g a g e s ; also as A g e n t fo r the R e g iste rin g
and T ran sfer o f Stock.
A legal D e p o s ita r y fo r C ou rt F u n d s, and a u th o r ­
ized t o a c t as E x e c u to r , G u ardian , A d ­
m in istrator an d T rustee.
D IR E C T O R S .
P H I L I P S T O C K T O N , P residen t.
Charles F . A d a m s 2d.
G e o rg e E . K e ith ,
O rla n d o H . A lfo rd .
G ardin er M . Lane.
F . L o th ro p A m es.
A rth u r L ym a n ,
Jo h n S. B a rtle tt,
M axw ell N orm a n ,
Charles E. C otting.
R o b e r t T . P a in e 2d.
A lv a h C rocker,
A n d re w W . P r e s to n
L iv in g s to n CushingR ich a rd S. Russell,
H o w a rd S to ck to n .
G e o rg e A . D raper.
W illia m F . Draper.
C harles A . S tone.
W ilm o t R . Evans.
G alen N . S to n e ,
F re d e rick P . Fish.
Q u in cy A . S h a w J r.,
R o b e r t F . H errick ,
N ath an iel T h a y e r ,
F ran cis L. H lg g ln so n ,
H e n ry O . U n d e rw o o d
H e n ry C. Jackson.
W . Sew ard W ebb.
S id n e y W . W in slow .

Commenced business Nov. 16, 1899
RESOURCES
N o v .16, 1899
$1,667,051 19
Nov. 16, 1900
$4,429,448 02
Nov. 16. 1901
$11,780,418 35
Nov.

16.

1902
$ 2 1 ,8 8 2 ,7 3 4 64

Nov.16, 1903 S21.756.471 73
Nov. 16,1904 $26,508,716 93
Nov. 16, 1905

BO STON . M A S S

$27,292,163 57

[V o l .

lxxxv

.

O L D COLONY"
T R U S T CO.
BOSTON, MASS.

Capital and Surplus, = $7,000,000
T R A N S A C T S A G E N E R A L BAN K IN G
BUSINESS. A L L O W S I N T E R E S T ON
DAILY
BALANCES SUBJECT
TO
C H ECK .
T R U S T E E UNDER MORTGAG­
ES.
TRANSFER A G E N T .
REGISTRAR.
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 i d g e J r .................. - C h airm an
G ord on A b b o t t,
H e n r y S. H o w e ,
O liv e r A m e s,
W a lte r H n n n e w e ll,
C. W . A m o r y ,
T h om a s L. L iv erm ore,
C harles F . A y e r ,
C h arles >. .viellen,
S am uel Carr,
G e o ra e v. L . M e y e r ,
L a u r e n c e M in ot,
B . P . C h eney,
R ic h a r d O ln ey,
T . J e fie rso n C oolidge,
R o b e r t J. P a in e , 2d,
Charles E . C ottin g ,
"Ph ilip L. S alton stall,
P h ilip D e x te r.
N a th a n ie l T h a y er,
E b e n S. D raper,
F r e d e r ic k P . F ish ,
L u ciu s T u ttle.
R e g in a ld F o ste r,
S tep h en M . W eld ,
G e o rg e P G ardner,
C h arles W . W h ittie r .
R ob ert F. H e m c k ,

1he NEW ENGLAND
Boston
Safe
Deposit
TRUST COMPANY,
CENTRAL
TRUST COMPANY Trust Company
Nov. 16, 1906, $27,984,599 63

The Proof of Good Service is Constant Growth

AND

BOSTON, iuASS.

CAPITAL. $1,000 000

OF ILLINOIS,

boston

Transacts a General Trust and
Banking Business.

CHICAGO

Capital, - - - - - $2,000,000
Surplus and Profits 900,000

Interest A llow ed on D eposits S u b ject to Check
A cts as Trustee under Railroad and other
M o r tg a g e s and is authorized to act as E xecu tor

CH A RLE S G . D AW E S, President.
W . IR V IN G O SBO RN E, Vice-President.
A . U H R LA U B , Vice-President.
W ILLIA M R . D A W E S , Cashier.
L . D . SK IN N E R , Asst. Cashier.
W ILLIA M W . G A TE 8. Asst. Oashttr.
A . G . MANG, Seerctary.
MALCOLM McDO W e-LL, Asst Secretary.

Guardian, A dm inistrator and Trustee.

Capital - - - - $1,000,000
Surplus (Earned) 2,000,000

BANKING, SAVINGS AND TRUST
___________ DEPARTMENTS.___________ |

C H A R L E S E . R O G E R S O N , P re sid e n t.
J A M E S L O N G L E Y , V ic e -P r e s id e n t.
W I L L I A M C. W I L L I A M S , V lc e -P r e s ’t.
G . E . G O O D S P E E D , T reasu rer.
E D W A R D E . S T E V E N S , A sst. T reas.
R O L A N D E . C H A F E Y , A s s t. T re a s.
H E N R Y A . F E N N , S ec. A M g r.S a fe D . D t .
H . D . H E A T H F I E L D , A ssista n t S ec.
F . J. B U R R A G E , A ssistan t S e cre ta ry ,

Girard Trust Company.
CAPITAL and SURPLUS,$10,000,000.
C H A R T E R E D 1836.

Acts as Executor, Administrator. Trustee.
Assignee and Receiver.
Financial Agent for Individuals or
Cor porations.
Interest Allowed on Individual and
Corporation Accounts.
A cts as Trustee ol 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.
E . B . M O R R I S , P resid e n t.
W . N . E L Y . 1st V ice -P re s id e n t.
A . A . J A C K S O N , 2d V ice -P re s id e n t
C . J . R H O A D S , 3d V lce -P re s. a n d Treasurer.
E D W A R D S. P A G E , S e cre ta ry .

MANAGERS:

E ffU n gham B . M orris,
J o h n A . B row n Jr.
B e n ja m in W . R ich a rd s
J oh n B G arrett,
W illia m H . Jenks.
W illia m H . G aw ,
F ra n cis I . G o w e n ,
G e o . H . M cF a d d en ,
H e n r y T a tn a ll,
Issa c H . C loth ier.
T h o s. D e W lt t C u yler,

C. H a rtm a n K u h n ,
Jam es S p e y e r,
A u g u s tu s D . J u lllla rd
E d w a rd J . B e rw ln d .
R a n d a l M o rg a n ,
E d w T . S to te s b u r y ,
Charles E . IngersoU ,
J o h n S to r y Jenk s Jr.
H e n ry B . C o x e ,
E . C. F e lto n .

N E. Cor. Broad and Chestnut Streets,

PHILADELPHIA.

The Trust Company
of North America
503-505-507 C hestnut St., Philadelphia.
C A P I T A L ...................................................$1,000,000
ADAM A. STU LL, President.
H E N R Y G. BR E N G LE , 1st Vlce-Pres. & Treasurer.
JOS. S. C L A R K , 2d Vlce-Pres., Superv*g Trust Dept.
C HAS. P . L IN E A W E A V E R , Sec. & Asst Trust Officer
DIRECTORS.
Henry G. Brengie,
J. Levering Jones,
James Crosby Brown, Malcolm Lloyd.
John Cadwaiader.
John Mcllhenny,
E. W . Clark Jr.,
Richard Wain Meirs,
Eckley B. Coxe Jr_
Clement B. Newbold.
Edwin S. Dixon,
John W . Pepper.
Eugene L. Ellison.
W liam F . Read,
Joseph C. Fraley.
Frank Samuel,
Harry C. Franck,
Adam A. Stoll,
Edward D. Toland,
H enry L. Gaw, Jr.,
Joseph R. Walnwright,
Howard 8. Graham.
Samuel F. Houston,
William D. Wfasor.




m ass

SURPLUS. $2,000,000
Safe Deposit Vaults

Authorised . to act as executor and to receive and
noia money or property in trust or on deposit from
Courts ot Law or Equity, Executors, Administrators.
Assignees, Guardians,
Trustees, Corporations and
Individuals.
Also acts as Trustee under Mortsca're? and as Transfer
A^ent and Registrar of Stocks and Bonds.

interest Allowed on Jeoosits aubiect to Jheck
O t'M C cR a .
D AVID R . W H IiN E Y . President
CH ARLES H . U A LiO .N . Vice-President
CH ARLES F CHOATE. Vice-President.
F R A N K L IN H AVEN , Vice-President.
JAMES R . H OO PE R, Actuary.
H E N R Y N ilA H K . Secretar .
F R E D K W. A L LE N . Asst-Sec-A: Treas,
THOMAS E. EATO N, Asst. Treasurer.
FRANCIS R . JE W ETT . Trust Officer
BOARD Ol- D i.<cC lU i<o
William Endicott, Joairm an.
Walter C. Baynes,
Fre.ler.cK P . F is h .
Morris Gray.
Alfred Bowditch,
GQarles F. Choate,
Franklin Haven,
James P.. Hooper,
Alexander Cocnrane,
Edmund D Cod man,
James M. Prendergast,
T. Jeflerson Cooiiuge.
Georse S. Silsbee,
Charles H . Dalton.
Lawrence M. ' toekton,
Nathaniel Thayer,
George Dexter,
Philip Dexter,
(jeoree W irelesworth,
William F arnsw orth.
David R . W hitney.

Mississippi Valley Trust Co.
Fourth & Pine Sts., St. Louis
C A P IT A L , SU R PLU S
\<CO KHf) HAA
and P R O F I T S /* ° > ° UU’ Uf' 0 '
G E N E R A L FIN AN CIA L AN D F ID U C IA R Y
BUSINESS TRAN SACTED

A

DIRECTORS
D. R. Francis
R. J. O 'Reilly,M D
August Gehner
Henry W . Peters
S. E. Hoilman
H. Clay Pierce
Chas. H. Huttig J. Ramsey Jr.
Breckin'ge Jones James E. Smith
W. J. McBride
Robt. H. Stockton
Nelson W. McLeod Julius S. Walsh
Saunders Norvell Rolla Wells
Wm. D . Orthwein
OFFICERS
JULIUS S. W AL SH , Chairman of the Board
B R E C K IN R ID G E JONES, President
JOHN D . D A V IS , Vice-President
SAM UEL E. HOFFM AN, Vice-President
JAMES E. BR O C K , Secretary
H UG H R. L Y L E , Asst. Secretary
H E N R Y C. IBBOTSON, Asst. Secretary
C. HUN T T U R N E R Jr.. Asst. Secretary
LOU IS W . F R IC K E , Asst. Secretary
F R E D E R IC K VIE RLIN G , Trust Officer
H E N R Y SEM PLE AMES. Asst. Executive O fflw r
CH A RLE S M. P O LK , Asst. Trust Officer
W ILLIA M G. LA C K E Y , Bond Officer
WM. McC. M ARTIN . Asst. Bond Officer
TOM W . B E N N E TT, Real Estate Officer
GEO. K IN G SLA N D , Asst. Real Estate Officer
C. W . M ORATH, Safe Deposit Officer_____________

John I. Beggs
Wilbur F. Boyle
James E. Brock
Murray Carleton
Charles Clark
Horatio N. Davis
John D . Davis
Aug. B. Ewing

W

isconsin

T

rust

C o .,

M ILW AUKEE.
Capita1,
Surplus,

-

- - - - - - -

$500,000
100,000

Transacts a General Trust Co Business.
Buys and Sells
High Grade Investment Bonds.
OFFICERS.
O L IV E R C. FU LL E R . President.
F R E D E R IC K K ASTEN . Vlce-Prestfent.
G A R D N E R P . ST IC K N E Y. Treasurer.
F R E D C. BEST. Secretary
R . L . SM ITH . Ass t Secretary

Maryland Trust Co.
BALTIM O R E.

CAPITAL,

- - $2,000,000

D IR E C T O R S
Joslah L . B lackw ell,
J o h n T . H lfl.
G . C ly m er B ro o k e .
G rier H ersh ,
H . C arroll B row n,
G e o rg e C. Jenkins,
Jo h n W . C astles,
O scar G . M u rray,
J o se p h R . F o a rd ,
H e n ry F . S h o e m a k er,
B . H ow ell G risw o ld J r ., .lam es S p e y e r,
A , B a rto n H e p b u rn ,
Dousrlas M. W y lie .
L . S . Z im m e rm a n
O F F IC E R i
G R I E R H E R S H ......................... P resid en t
L . S. Z I M M E R M A N ____ 2d V lc o -P r e st.
C A R R O L L V A N N E S S ............. T rea su rer
J E R V I S S P E N C E R J r . . . A s s t . T reasu re
I V A N S K I N N E R ............. A s s t. S e cre ta ry

NOW R E A D Y .
FINANCIAL REVIEW.
1907
ISSUE.
320 Pages.
PR IC E , TW O D O LLARS.
Commercial & Financial Chronicle,
76j^ Pms Street, New York.

William D. Marks, Ph.B,0.E.
Consulting Engineer and Statistician.
GAB WORKS E L E C T R IC L IG H T W O R M ,
KXJECTHu R A I L W a
. O IL MOTOR CABS.
6 9 3 P a r k R o w l i ld g .

N e w Y o r k C it y .

E xperienced in M unlolpal Cause*.