Full text of Commercial and Financial Chronicle : November 9, 1907, Vol. 85, No. 2211

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Published every Saturday by W IL L IA M B. D A N A CO M PA NY, Pine St.. comer
Pearl St., N . Y . City. William B. Dana, Prest.; Jacob Seibert Jr., Vice-Prest.
and Sec.; Arnold G. Dana, Treas. Addresses of all. Office of the Company.

C L E A R IN G S — FOR OCTOBER, S IN C E J A N U A R Y 1 A N D FO R W E E K E N D I N G N O V E M B E R 2.
October.

Week ending November 2,

Ten Months.

Clearings cU-

New Y o rk ___________
Philadelphia________
Philadelphia_______
Pittsburgh___________
Baltim ore___________
Buffalo______________
Albany______
Albany______________
________
W ashington________
Rochester___________
Scranton _____________
____________
Syracuse____________
Syracuse ____________
m g-___________
e-___________
R ea d in
Wilmington_________
Wilmington__________
W ilkes-Burre_______
ilkes-Barre_______
Wheeling, W. Va____
E r ie ________________
_________________
C h ester_____________
............. .......
Chester
Binghamton________
Oreen«burg_________
Graen^burg_________
Fran klin ____________
Frederick
Frederick____________
Harrisburg* .- ............
____
Total Middle______
Middle..........
Boston _____________
............... .....
P
rovldtn cp__________
Providencp__________
H a rtfo
rtford
rd ____________
New Haven_________
Springlleld___________
Po
P
o rtla n d ____________
W orcester___________
Fall River.................
R iver___________
New Bedford________
I>o
L
o w e ll______________
XIolyoke...................
Holyoke______ _______
Total New England
Chicago_____________
Chicago
. ____________
Cincinnati___________
Cleveland.................
Cleveland___________
Detroit______________
Milwaukee __________
Indianapolis________
Columbus___________
Toled o_______________
o ______________
P e o rria
ia ....................
______________
Grand Rapids_______
Dayton ...___________
___________
E v a n s v ille __________
Kalam azoo_________
Horingfleld,
Soringfleld, 111______
Fort W
Wayne
a y n e ________
A
k r o n ______________
Akron
_ ___________
Lexington__________
Lexington
___________
Rockford ___________
_________
Youngstown________
Youngstown.............
Canton______________
South Bend__________
Springfield. Ohio____
Bloomington________
Quincy______________
Quincy
Mansfield____________
Mansfield...................
Decatur ______
_____
____________
Jacksonville, IH_____
IH
Jackson
Jackson_
_____________
_ __________
Ann A rb o r.............
r......... .......
Total Middle West.
San Francisco_______
Los Angeles.
Angeles_________
- ............
Seattle .;____________
_______ ____
P
o rtla n d ____________
Po
Salt Lake C ity
ity...........
__ ____
Spokane_____________
Tacom a.....................
a_____________
Helena
H e le n a _____________
_____ .
_____________
______
Fargo _______
Sioux F a lls__________
lls __________
Oakland*____________
Oaklrvnd*
San Jose*____________
Jose*...................
Total Pacific______
Kansas City ._________
. . _____
Minneapolis__________
Omaha______________
St. Paul_____________
Denver______________
St. Joseph___________
Des Moines__________
Sioux C ity___________
ity ................
ichita.....................
W ich
ita .....................
Davenport___________
Davenport.................
Topeka ........
............
_____________
Colorado Springs____
Cedar R a p id s_______
Pueblo _____________
F rem o n t____________
L in c o ln *...................
*____________
Total other W est..
St. Louis....
Louis____________
..........
New Orleans________
L o u is ville ........ .........
ou
Ho
u ston
sto n ____________
Galveston___________
Galveston_________
Savannah ___________
Memphis...................
Richmond __________
t la n ta
t a _____________
______________
A tla
N a s h v ille ___________
I'ort W orth_________
N o rfo lk ........
...................
..........
Augusta_____
Augusta_____________
________
Birmingham________
B
irm in gham ________
Charleston___________
K n o x v ille ___________
MobHe______________
L
Little
ittle Rock_________
Jacksonville----------Chattanoogft
Chattanoogfi _______
M acon ______
______________
________
Wilmington, N. C____
Beaumont __________
IvQlUITlDuS,
Columbus, vjtl_______
Ga_______
Oklahoma___________
Total Southern____
Southern----Total all___________
Outside New York .

$
S
8,196,003.641 9,344,043,162
693,238,632
672,234,205
220,839,312
240,827.447
130,898,477
144,473,951
36,669,743
42,294,109
28,399,412
30,567,983
25,116,022
27,730,208
18,112,344
17.54S.408
9,670,782
12,179,771
8,099,734
11,360,082
6,168,886
6,919,740
6,586,906
6,100,023
5,188,672'
.5,886,302
5,275,954
4,574,598
3,300,952
2,852,443
2,511,863
2,536,336
2,31s,100
2,408,000
2,876,351
2,223,203
1,398,484
1,285,215
986 467
885 852
4,362,234
4,191,227
9,430,826,574 10,557,965,19S
759,166,914
795,210,380
40,978,400
38,355,200
16,052,409
15,720,769
11,321,126
11,666,639
9.535,987
8,597.659
10,779,507
9,155,137
8,150,564
7,501,226
5,340,857
5,715,330
3,288,101
4,296,971
2,641,532
2,353,710
2,369,021
2.364,600
871.848,853
899,213,186
1,168,667,947 1,000,451,400
119,375,450
115,511,500
79,765,213
83,409,301
57,019,502
64,567.062
48,404,122
57,393,159
31,529,100
35,894,550
22,724,700
25,992,200
18,481,547
18,860,385
14,792,329
13,371,165
10,637,152
11,388,639
8,994,044
8,580,694
10,598,448
8,295,212
5,163,608
4,626,332
3,886,593
4,061,531
3 88S 307
3 556 620
2,913^998
3^296,400
3,054.540
2,866,789
2,683,672
3,013,781
3,712,011
2,620,718
2,479,391
2,120,366
2,157,363
2,465,078
1.934,478
1,806,343
2,231,583
1,971,522
1,841,104
2.356,013
1,625,081
1,765,906
1,556,697
2,075,783
1,110,813
1,208,116
1,465,325
1,371,313
714,424
674,901
1,664,406,499 1,454,577,882
201,241,688
206,989,793
50,165,924
50,941,106
51,413,278
51,721,818
29.642,670
36.965.239
28,510,424
25,667,939
33.272.411
25,346,255
20,552,707
22,879,297
4,718^604
5,851.867
2,574,404
3,405,070
3,128,328
2,216,927
11 437 087
15 890 986
L429[516
2|972i667
420,372,223
436,833,526
178,982,925
133.129,609
150,962,139
118,952,526
58 872,395
48,535,119
55,176.640
42,499,736
41,433.067
31,489,715
23,659,030
20,821,188
12,695,424
14.873,059
10.887,430
9,210,229
6,735,273
4,914,166
6,127,580
5,310,729
4.087,120
4,318,464
3,706,380
3,004,454
2,696,728
3,476,599
2,991,137
2,380,990
1,987,124
1,636,272
6,3.14.228
5.675,986
441,595,349
563,957,898
270.665,698
314,509,562
86,090,705
108.675,643
57,054,056
60,692,627
65,739.210
63,298,559
33,531.500
43.564,500
32,764,348
39,279,450
23.658,300
27,321.578
26,566,816
29.606,039
24,986.367
26,764,258
16,521,196
20,210,246
19,922,076
17,601,408
12,037,775
13,833,151
15,478.472
11,383,659
9,986,424
10,962,919
7,534,870
9,090,584
6,870,469
7,409,178
7,515.019
6,578,009
6,657,021
7,96^,407
6,464,185
5,424,115
6,007,529
6,650,333
4,330,671
4,144,374
2,596,068
2.674.7S2
1,784,489
2,243,694
i
oro
2 0.78 *>24
_____ 4l88l|528
4.439,148
776,303.765
812,619,726
13.779,790,070! 14,550.027,603
5,583,786,435 5,205.984,441

S
%
— f2.3 76,331,499,271
— 3.0
6,165,162,975
+ 6.2 2,328,543,515
+ 10.4
1,255,442,851
309,543,773
+ 15.3
297,578,697
— 7.1
+ 10.4
260,792,446
— 3.1
157,398,466
98,082,618
+25.9
+ 40.3
92,471,387
+ 12.2
61,048,694
— 7.4
59,099,530
+ 13.4
52,112,967
+ 15.3
46,667,093
+ 15.7
30,528,779
22,770,705
+ 1.0
23,199,800
+ 3.9
+ 29.4
24,807,860
12,090,161
— 8.1
+ 11.4
8 780 519
+ 4.1
45’,279,274
— 10.7 87,697,622,107
7,039,090,073
— 4.5
333,696,400
+6.8
158,526,349
+ 2.1
109,802,830
+ 3.0
90,1.M,211
+ 10.9
85,506,083
+ 17.7
71,407,409
+ 8.7
46,221,156
+ 7.0
32,541,591
+ 30.7
22,673,145
+ 12.2
21.725,924
— 0 .2
8.011,325,171
— 3.1
+ 16.8 10,451,303,346
1,180,718,300
+ 3 .3
768,478,213
+ 4.6
600,837,299
+ 13.2
475,385,372
+ 18.6
346,604,771
+ 13.8
245,481,600
+ 14.4
183,616,876
+2.1
+10.6
124,671,433
104,366,769
+ 7.1
88,683,561
— 4.6
89,590,593
+ 27.8
45,344,083
+ 11.6
+ 4.5
36,355,437
+ 9.3
35 019 79^
30,681,897
+ 13.1
+6.6
28,511,683
+ 12.3
28,271.918
33,422,206
+ 41.7
+ 16.9
23,610,369
22,076,747
+ 14.3
18,983,067
+ 7.1
+ 13.2
21,045.005
19,966,244
+ 28.0
+8.6
16,019,453
+33.3
17,296,668
+8.8
11,283,796
+ 6.9
14,235,990
6,043,052
+ 5.9
+ 14.4 15,067,905,544
1,892,026,090
— 2.8
516,052,312
— 1.5
— 0.6
421,402;605
+ 24.7
311,523,376
262,518,269
+ 11.3
253,730,947
+31.3'
+ 11.3
205,979,790
40,890,843
+ 24.0
+ 32.3
23,223,549
+ 41.1
21,183.865
— 28 0
128 276 471
2L773.769
+ 107.9
3,948,531,646
+ 3 .9
+34.4
1,399,620,131
957,943,413
+ 26.9
+ 21.3
483,594,622
+ 29.8
395,743,321
+31.6
344,131,720
+ 13.6
245,083,739
+ 17.2
131,529,549
+ 18.2
93,994,245
58,344,938
+37.1
+ 15.4
49,453,340
— 5.3
42,436,369
+ 23.4
30,294,959
29,266,515
+ 28.9
+ 25.6
25,106,078
15,333,085
+ 21.5
+ 11.6
55,265,597
4,301,876,024
+ 27.7
+ 16.2
2.686,241,514
780.684,966
— 20.8
+ 6.4
567,495,167
— 3.6
487,072,995
287,918,500
— 23.0
175,763,814
— 7.6
+ 15.5
197,862,579
+ 11.4
268,121,788
+ 7.1
210,534,118
+ 22.3
1%, 431,563
160,502,750
+ 13.2
+ 14.9
115,465,431
+36.0
74,996,086
96,629,350
+9.8
5.8,602,639
+ 20.7
ri9,447,863
+ 7.8
— 12.5
69,363,171
59,668,817
+ 19.7
+ 19.2
64,954,717
62,503,601
+ 10.7
— 4.3
29,001,333
— 2.9
19,401,653
21,660,816
+ 25.7
1A C(\0 Af\A
-LI 1 742,929,545
+10.2
6.795,048,180
+ 4.7
— 5.3 125,822,308,672
+7.3 49,490.809,401

*N o t Included In totals for month^ana ten months; comparison Incomplete.




$

86,839,946,210
6,365,039,948
2,193,960,627
1,187.331,931
324,948,406
236,886,650
240,037,479
166,150,248
87,126,724
71,575,423
55,737,096
55,957,663
45,767,123
43,738,279
26,387,726
22,776,304
22,077,800
21,978,776
12,235,064
8,290,946
23,418,785
9S,027,905,423
0,861,656,805
323,237,500
151,106,780
102,708,164
78,211,570
80,858,623
66,247,632
39,659,843
27,372,622
20,877,294
20,558.418
7,772,495,251
9,064,475,286
1,087,519,850
6S7,727,350
540,306,494
403,136,884
296,881,749
244,037,800
174,118,703
123,338,339
96,167.968
81,517,296
74,118,822
39,244,114
35,356,353
32,742,033
24,653,455
27,935,479
24,705,205
27.301,441
20,596,146
18,775,986
16,722,141
18,955,964
16,608,811
14,942,168
14,336,198
11,375,280
10,691,476
5.485,491
13,213,774,282
1,576,754,034
472,050,603
400,199,933
222,462,793
224,374,756
180.557,650
165,107,08|)
33,906,246
20,393,005
15.820,056
90,773,212
8,414.474
3.311,626.165
1,079,686,932
782,918.464
415,574.868
333,324,774
279,823,183
213,804,605
115,323,451
78,987,9.3s
48.289,274
45.144,821
37,555,923
29,704.038
24,189,429
20,542,258
12,477,161
29,149.886
3,517,347,119
2,434,452,855
796,363,820
541,609,850
397,433,315
264,297,500
187,372,081
191,879,510
248,923,341
186,349,131
169,784,352
121.629.067
97,687,310
67.706,508
81,465,298
55,102,879
61,116,321
65,835,901
49,790,562
55,144,778
54,928,389
25,0.56,031
22,15x,7fil
16,495.524
13 784 005
2s !695;695
6,235,062.574
132,078,210.814
45,238,364,004

ViT

S
S
%
12.1 1,659,364,874 1,973,259,499
161,947,160
147,498,561
— 3.1;
50,788,825
51,174,284
+ 6.2
30,390,941
30,861,966
+ 5.7
7,293,740
8,537,403
+ 13.7
7,031,752
5,780,636
+ 25.6
5,567,361
5,605,993
+ 8.6
4,745,949
4,173,275
— 5.3
2,186,527
2,439,897
+ 12.6
2,158,535
2,779,243
+ 29.2
1,319,523
1,439,103
+ 9.5
1,409,573
1,283,161
+ 5.6
1,069,261
1,356,191
+ 13.9
970,417
1,130,899
+ 6.7
658,066
833,523
+ 15.7;
503,436
518,387
— 0.021
453,600
461,600
+5.1!
497,018
483,315
+ 12.0 !
300,000
243,887
— 1-1
+ 5.9
91()~337
1,047,476
— 10.5 1,926,556,352 2,253,919,442
189,849,380
179,250,349
+2.6
7,387,300
7,879,000
+ 3.2
3,377,289
3,848,700
+ 4.9
2,324,461
2,501,889
+ 6.9
2,162,983
1,989,848
+ 15.2
2,478,072
2,147,622
+ 5.7
1,717,483
1,004,815
+ 7.8
1,803,106
1,322,730
+ 16.5
1,317,913
1,266,793
+ 18.9
411,919
583,982
+ 8.6
565,553
6S4.726
+ 5.7
213.558,542
+ 3 .1 1 202.917,371
233.508,662 225,309,403
+ 15.3
28,189,900
24.397,650
+ 8.6
19,518,822
17,165,532
+ 11.7
14,496,701
12,472,895
+ 11.2
10,307,137
10,663,076
+ 17.9
7,569,852
7,802,796
+ 16.8
5,032,100
4,950,000
+ 9.6
4,176,306
4,035,248
+ 5 .5
3,152,360
2,593,719
+ 1.1
2,345,331
2,437,689
+8.5
1,800,884
1,580,692
+8.8
1,985,764
1,598,185
+ 20.9
1,036,268
968,60S
+ 15.5
843,803
S04.388
+ 2.8
770,498
752,440
+ 7.0
635,731
485,000
+ 24.5
692,493
666,176
+2.1
585,594
533,878
+ 14.4
606,443
635,608
+22.4
499,566
495,935
+ 14.6
480,962
553,658
+ 17.6
413,041
440,508
+ 13.5
457,746
475,736
+ 11.0
428,602
501,812
+20.2
390,021
323,767
+ 7.2
406,622
314,310
+ 20.6
224,834
388,257
— 0.8
255,743
258,300
+33.1
86,933
90,000
+ 10 2
334,531,431 330,062,554
334,531.431
+ 14 0
51,233,612
36,733.762
3fi.733.7C2
+20.0
10,817,047
9,135,723
+ 9.7
10,685,079
10.884.418
10,884,418
+ 5.3
6,338,065
5,619,847
5.619.847
+ 40.0
5,575,460
5,117,617
5,117,017
+ 17.0
5,901,262
7,259,507
+ 40.5
4,642,811
4,941,732
+ 24.8
740,458
1,203,205
+20.6
485,494
760,828
+ 13.9
426,868
525.000
525,000
+ 33.9
3,323,613
1,976,875
318,012
___ 400,000
84,558,514 100,487,781
+ 19.2
29,175,355
38,752,418
38.752.418
+29.6
25,042,139
27,294.393
+22.4
9,788,996
12,678,130
12.678,130
+ 16.4
10,801,242
13,345,597
+ 18.7
8,080,298
7.684,519
7,684,519
+ 23.0
4,923,658
3,765,792
+ 14.6
2.938.322
3.000.000
+ 14.1
1.860.899
2,032,902
2.032,902
+ 19.0
1,186,255
1,446,743
+20.8
1.141.407
1,229.965
+ 9.5
907,051
931.185
93-1.185
+ 13.0
568.195
700.000
+ 2.0
597,198
864,405
+ 21.0
489,901
654,259
+ 22.2
226,676
345,294
+ 22.9
1.330.260
1.642.695
99.057.852
116.368.297
“ +2273
59,116,553
58,873,578
+ 10.3
17,685,096
23,618,508
— 2.0
12,712,480
13,387,121
+4.8
14,891,418
14,011,381
+22.6
7,500.000
7.500.000
9 740 000
+ 8.9
6.475,404
6,475,404
7,427,552
— 6.2
5,466,315
6,663.020
+ 3.1
6,238.079
6,520,375
+ 7.7
5,401,012
5,344,026
+ 13.0
3,320,839
4,200,000
4.200.000
+ 2.1
3,795,090
4,609,676
+ 32.0
2,744,439
3,129,848
3.129.848
+ 18.2
2,519,862
2,600,466
+ 10.8
+ 18.6
2,605,587
2,139,039
1,374,726
1,678,062
1.078.062
+ 6.4
1,529,042
1.600,000
1.600.000
+ 13.6
1,710,707
1,466.062
1.466.062
+ .5.4
1,677,201
1,466,430
+ 19.8
1.168.742
1,268,509
+ 17.8
1,300.000
1,400,000
+ 13.8
1,044,275
+ 15.7
800.000
. . . ____
— 12.4
450.000
495'6
oO
495,000
+31.3
+ 7.4
1.ooV.ooo
+ 49>,
+ 9.0
1617908,295 172,257,225
— 4.7 2,826.840,260 3,169.343,396
+ 9.4 1,167,475.380 1,196,083.897
—

__

-- - -

8
S
%
— 15.9 2,011.497,014 1,938,740,330
133,440,003
— 8.9 156,686,014
44,924,496
52,633,680
+0.8
23,163,1.59
30,059,215
— 1.5
6,547,747
+ 17.1
7,291,519
5,491,642
4,1 27,680
— 17.8
4,780,192
5,461,101
+ 0.7
3,706,079
— 12.1
4,481,5*5
l,790,6hl
1,700,000
+ 11.6
+28.8
1,599,481
1,692,485
1.119,038
1,235,387
+ 9.1
1,290,024
1,154,111
— 9.0
1,180,598
>■1X0,474
+ 26.8
797,975
+ 16.5
942,805
568,766
550.930
+ 26.5
•I29,i;32
556,799
+ 3.0
455,600
453,200
+ 1.8
348,0s 7
330,193
+2.8
186,293
294,798
— 18.7

. ...

.....

+ 15.1
a
— 14.5 2,283.847,025 2,169,321,974
171,720,368
— 5.6 ISO,312,257
7.597.300
8,294,600
— 6.2
3,277, '-25
— 12.2
3,201,870
2,195,468
2,2x9,299
— 7.1
2,035,324
1,728,392
+8.7
1,823,171
+ 15.4
2,362,798
1,677,716
1,480,514
+ 7.0
994,332
635,152
+ 36.3
1,113,742
798,723
— 3.9
528,792
622,129
+ 41.8
820.226
730,904
— 17.4
— 5.0 203,541,140 192,099,822
+3.6
216,267,663 193,903,482
23,825,550
23,094,200
— 13.5
— 12.1
15,235,783
14/63,030
+ 16.2
12,211,701
10,702,964
D,453,657
+ 3.2
8.573,787
6,775,,;x3
+ 3 .1
8,044,185
4,076,900
— 1.0
4,639,200
— 3.4
3,359,972
4,087,243
— 17.7
3,144,245
3,553,318
2,398,873
2,108,991
+ 3 .9
1,505,970
— 12.2
1,787,779
1,360,‘:90
+ 24.3
1,636,421
+ 7.0
887,350
849,100
835,496
+ 4.9
807,038
757,422
— 2.3
865,<*k)
556,300
— 23.7
598,800
636,290
+ 4.0
445,426
374,959
+ 9.7
589,131
+ 4.8
565,318
463,171
— 0.7
523,052
459,668
— 13.1
401,390
— 6 .2
409, \2l
439,22/
419,687
— 3.8
435,000
439.900
+ 17.1
297,457
+ 20.5
212,393
+29.4
285,790
2.80,021
323,079
+ 72.7
276,334
+ 1.0
262,078
240,110
115.000
+ 3.5
109,018
+ 1.4 310,931,913 281,599,210
— 28.3
43,735,288
33,369,512
— 15.5
9,472,520
6,990,623
+ 1.9
8,681,208
5.427,002
— 11.3
4,947,545
4,375,179
— 8 .2
5,601,801
2,860,978
+ 23.0
4,563,741
3,335.466
+6.4
3,613,355
3,153,349
+ 62.2
963,322
793,046
+ 56.7
853,392
876,992
+23.0
346,585
328,021
— 40.5
+ 25.7
— 15.8
82,778,757
(.1,510,168
+ 32.8
27,230,749
26,400,722
28,438,598
+ 9.0
25,781,084
9,644.759
+ 29.5
S,385.X4U
+ 23.6
7.458.2S1
8.771,145
8,071,156
— 4.9
5,148,490
— 23.5
4.788 453
5,182.975
+2.1
2.522.322
2,651.293
1,964,503
1,449.-986
+ 9.2
+22.0
1,069,823
927,801
1,227.498
1.014.169
+ 7.8
658.087
+ 2.7
654,453
632,462
+ 23.9
524,640
430.644
+ 44.7
601,582
421,829
+33.6
214.131
+ 52.3
252.113
+ 23.5
86.083.471
96,436,123
+ 17.5
67,085,008
— 0.4
54,096.818
20,3G7,824
18.709.M6O
— 25 1
12,025.409
12,436,900
— 5.0
8.966,413
12,217,015
— 5.9
6,870,500
— 23.0
8 009,000
5,965,090
8,397,318
— 12.8
8,838,976
7,477,630
— 17.9
5,505,750
4,952,733
+ 4.5
4,157.64’)
5,171,422
— 1.1
2,996.185
3,197,102
+ 26.5
2,627,21:4
+21.5
2,989,371
2,311.011
+ 14.1
2,788,601
2,214,401
2,534,436
+ 3.2
1,527.259
2,243,876
+ 21.X
1,521,748
1,494,540
+21.1
1,291,455
1.337,293
+ 4.6
1,209,685
------— 14.3
1,454,
1,735,346
— 12.6
8(i2,910
1.208.294
+ 8.5
9f*0,000
1,611,674
+ 7.7
718,752
8 0 8 ,9 2 5
— 23.4
- --- --- ----- - r
3 o —,7 U 4
484,071
+ 10.0

.......

---

-----

_____

.......

__

I " "
— 6.0: 158.683,729 155.138.320
— 10.8 3.136.218.687 2.490.352.9C.>
— 2.4 1,124,721,673 1.007,612, 29

T a b le C le a rin g s by T e le g ra p h an d C a n a d ia n C le a rin g s on P a g e

11*0

1170

THE CHRONICLE.
T H E F IN A N C IA L S IT U A T IO N .

The elections have passed with results and teachings
variously construed, chiefly according to the desire
of the interpreters; and hence, strikingly in accord
with the disgruntled and disorganized state of general
business. Most prominent among the distinctive fea
tures has been the practical annihilation of the Hearst
organization, which, taken by itself, would seem to
indicate that radicalism in its extreme is not by any
means foremost among the people’s desires. Repre
sentative Burton’s defeat for Mayor of Cleveland looks
like a direct affront to the President, as it was the
only case in which he took pains to set up a candidate
and publicly urge the people to vote for him; besides,
Burton was in many particulars an ideal candidate,
and had he not received such endorsement, the pre
sumption would seem to be that he would have run
better. Another reading gathered from the outcome
in New Jersey and New York is extreme uncertainty
whether the delegates from those two States can be de
pended upon as favoring the President or be controlled
by him. Finally, every one will agree that there is
not the least encouragement to be derived from the
results in any part of the country that would embolden
Mr. Roosevelt in his persecution of corporations or of
individuals of large wealth, or which could encourage
him in the belief that he was the idol of his party, or
that he was looked upon as the best card, except in
the possible contingency of a seemingly lost or des
perate game.
We are told by Washington dispatches of the leading
daily press that the President is engaged in re
modeling his message, making it less harsh than he
had intended it to be. Our means for knowing'
whether the rumor is true or not fail from being definite
or positive; it is apparently believed by correspondents
who usually hit near the truth. We do not expect the
President to accept our advice, but in the interest of a
recovery in business, and as a prevention for a worse
state of affairs in industrial circles than now exists, we
earnestly trust he will not only soften down the
harsher parts of his message, but jeverse his
past policy from beginning to end. We would be
understood by this as meaning not only a change in
the particulars just mentioned, but more especially
in his policy seeking to destroy our present Constitu
tional limits to Federal powers and assuming to stretch
the Inter-State Commerce clause until almost every
private business interest may be within the control of
the General Government. We have before us as we
write Mr. Roosevelt’s speech at Harrisburg, in which
he declared that “ we need through executive action,
through legislative action, and through judicial inter
pretation and construction of law, to increase the power
of the Federal Government. . . . I f we fail thus
to increase it, we show our impotence.” I f Mr. Roose
velt satisfies himself with showing in his message no
real change of heart, confidence, in place of the prevail
ing distrust, will still be lacking, even with easy money,
which is sure to be an event shortly.
The promptest and most liberal •response that was
probably ever made to the requests for the relief of a
commercial centre from financial distress followed
the appeal by our bankers to those of Europe in the




[V o l .

lxxxv.

closing days of October. Though the great foreign
banks, with, perhaps, the sole exception of that of
France, were experiencing much strain, the fact was
recognized that the situation here was one of actual
gravity, and, moreover, one demanding the largest
measure of assistance. Within the comparatively
brief period of a week, after response to our appeal
began to be made, gold to the amount of about 20
millions had been secured from the Bank of England
or from the London bullion market; during the follow
ing week the gold so engaged from the same sources
had been increased to nearly 44 millions. The first
consignment of 7 millions arrived from London on
Tuesday of this week; the steamer that brought the
metal sailed from the English port on October 29.
On Thursday the Teutonic arrived with 2 millions, and
on Friday the Lusitania with 123^ millions gold, making
2 1 3 ^ millions of arrivals; in the coming week every
available steamer from English dr continental ports
will bring more or less of the metal.
The movement was free in its early stages in the
sense that it was not obstructed by any extraordinary
device, such as the imposition of an excessive price
for the gold. On Monday last, however, owing to the
continued withdrawals, the discount rate at the Bank
of England was advanced to 6% and on Thursday to
7% , when the Bank of France’s rate rose to 4%; but
this further rise in the English Bank rate to 7% (the
highest since 1873) was understood to be due chiefly
to the expected renewal of an urgent demand for gold
for Egypt. An increase by the Imperial Bank of
Germany on Tuesday of last week to 63^% and on
Friday of this week to 7 ^ % , indicated the strain upon
that institution; this, though, did not prevent the Bank
from contributing at least a moderate amount of relief
to our situation through the release of
millions gold.
The free movement of the metal above noted was
largely owing to the fact that it was apprehended by
European bankers that if relief was obstructed, there
might be a development of such an actue stage of
our crisis as would have caused it to be uncontrollable
and far-reaching if not disastrous in its effects. Because
of the possibility of such result, the Bank of France on
Tuesday sent to the Bank of England the first install
ment of 15 millions which it had last week offered to
advance to that institution in order to enable it to
respond to New Y ork’s requirements, thus measureably relieving the tension in London, though, for the
reasons stated, a further rise in the English Bank’s
discount rate was not averted. There are as yet, it
may be observed, no advices confirmatory of the
report which was current last week that the Bank of
France would release 10 millions gold for shipment
hither; the indications this week that the situation
here is under control may make unnecessary any
direct contribution of aid from Paris.
Correcting apparent errors resulting from duplications,
it seems that about 44 millions gold has been procured,
chiefly from London, including 4 millions of South
African metal, since October 26; the amount which
has already arrived is 21 millions, leaving a little more
than 23 millions yet to be received. The engagements
were chiefly effected for the account of New York
banks or bankers; it is noteworthy, however, that
13^ millions was ordered by the Bank of Montreal, 8 %
millions by banks in Chicago, and smaller amounts by
other domestic institutions in interior cities.

iSToy. 9 1907.j

THE CHRONICLE.

When this 44 millions of European gold shall be
received and distributed, it will contribute not only
to the relaxation of monetary .tension, but also to the
reduction of the premium that is now demanded for
various forms of currency, owing to its scarcity.
As this premium lessens and disappears, money
that has been hoarded will be restored to circu
lation, thus promoting the growth of confidence. It
may be noted that in many cities in the interior, sub
stitutes for small denominations of currency, in the
form of bank checks or notes, based upon assets, are
being circulated to meet the requirements of trades
men. I t is probable that when normal monetary con
ditions shall be restored, the Treasury Department will
require the retirement of these assets-secured notes,
for their emission is in violation of the statutes, they
being a form of State-bank currency, which is taxable
at the rate of 10%.
Owing to the urgent needs of grain dealers in the
Northwest, the Secretary of the Treasury is reported
as about to transfer from New York banks part of the
public funds which he placed therein last week. This
proposed withdrawal and transfer would be unwise, and
we trust it will not be done. The total of public de
posits in all banks of the country, as last reported,
was 213% millions, an increase of 68 millions since
August 29.
One of our readers asks us to furnish proof in support
of the statement made in one of our recent articles
saying that the effect of President Roosevelt’s policy
has been “ to expel capital and to ostracize capitalists.”
This statement was a very general one, based on the
acts and utterances during the whole of Mr. Roose
velt’s administration of his high office, and if we were
to cite all the acts and expressions of the President
that have had the effect indicated we would be obliged
to give up page after page of our space in furnishing
a mere summary of the same. Manifestly, this is
out of the question. We would, however, direct our
critic’s attention to the events that are transpiring
from week to week, which show so plainly what is
going on to destroy security values, to expel capital
and to ostracize capitalists. Take the fines and penal
ties that are being imposed upon the railroads for
violation of the law forbidding rebates or concessions
in rates. Ever since the enactment of the Inter-State
Commerce Law in 1887— that is fully twenty years
ago— rebates and preferences have been illegal. But
until quite recently Government has made no attempt
to enforce this provision of the statute. Even after
the enactment of the Elkins Law in 1903, which placed
additional power in the hands of the authorities in
cases of this kind, no serious attempt was made for
two or three years to give vitality to the provision
referred to. During all this time accusations by one
railroad against another of the cutting of rates and the
granting of rebates were frequent and the Government
was urged to use its great powers to bring the offenders
to justice and thus stop the practice. But the au
thorities did nothing. * In thus failing to enforce the
law the Government was in effect conniving at its vio
lation. A t all events, with the law a dead letter,
there was no alternative for the honest railroad official
except to adopt the course pursued by his less con
scientious brother. In other words, no railroad could
hold its business if it allowed a competitor to gain and




1171

keep an advantage by means of special concessions in
rates. So, in course of time, practically every road
came to do what at first only the very few had
done. The practice was wrong and indefensible— it
ought never to have been allowed to grow up— but
whose fault was it?
After having thus led railroad managers on in
fancied security, the Government all at once came to
a realizing sense of its responsibility and in the most
reckless fashion began to strike out right and left.
I t did not say that henceforth the abuse must stop,
that from now on the Government would see to it
that the law was enforced and offenders against it
severely punished. I t began to look into the past—
the past of its own creation— and to ferret out abuses
for which its previous easy tolerance was in large part
responsible. Furthermore, in doing this no discrimin
ation whatever was exercised, and technical and unin
tentional infractions of the law were treated as if they
were real. The authorities apparently were simply
determined to make a record, no matter upon what it
was based. The power of prosecution was, as it
always is, entirely in the hands of the Government
authorities. A conscientious prosecuting official in
variably distinguishes between serious cases and in
consequential ones. He has no desire to trap any one.
His purpose is simply to vindicate the law and to
prevent repetition of the offense. But if we judge of
the course pursued by the governmental authorities
against the railroads, what do we find? Two cases
come immediately to mind. One, the suit against the
Atchison Railroad, which rises up because it is such
a recent one, the fine having been imposed only the
day before yesterday, and the case against the Stand
ard Oil Company in which Judge Landis inflicted a
penalty of over $29,000,000. This Standard Oil case,
in our estimation, is one that should never have been
taken into Court and the Judge ought promptly to have
thrown it out when it came before him. Whether or
not the statute was ever transgressed and whether or
not the conviction shall stand on appeal, which we
doubt, the fact remains that all the elements of crimin
ality were lacking in that case. All that can be
claimed in any event is that there was a technical
violation of the law. Judgment was based simply
upon the fact that the railroad had failed to post and
file its tariff schedule in the way supposed to be re
quired by law. The offending was that of the railroad,
not that of the shipper, but the shipper in this case
was big and conspicuous, and very much disliked, and
hence it was in accordance with popular fancy that
he should be brought to task and be fined in proportion
to his size. A similar fine would doubtless have been
inflicted upon the railroad company had not the
Government in advance granted it immunity. This
huge fine, resting upon mere technical grounds, has
done more to discredit railroad and industrial securities
and to induce capital to desert the railroad field than
any other single act in the general onslaught against
railroads which has been going on so long. For in
vestors, naturally, have reasoned that what was
possible and has been done in one case, was possible
and would be done in other cases.
Now there comes the present week the fine against
the Atchison Topeka & Santa Fe Railway. W e do
not claim to be familiar with the facts of this suit,
as we are with those in the suit against the Oil Com

1172

THE CHRONICLE

pany, but, judging from the newspaper accounts, this
fine, too, possesses many elements of harshness and
injustice. The Santa Fe Company, it appears, was
convicted Oct. 11 last by a jury in the United States
District Court at Los Angeles of having granted re
bates to the Grand Canon Lime & Cement Co. of
Arizona. It was found guilty on 66 counts. The
alleged rebates were given on shipments of lime and
cement from Nelson, Aiizona, to Los Angeles. They
were so small and insignificant as to appear almost
ridiculous. In some of the counts the amount in
volved was as little as 35 cents, and the highest was
no more than $14 35, the average being $5 20j^,
and the aggregate amount involved being no more
than $343 53— one paper says only $34 53. W ith
this the amount involved, a fine of $330,000 has been
imposed by Judge Olin Wellborn. The company
asserted, according to the reports in the papers, that
the differences on which the conviction was based
were not rebates from the regular freight rate but
were for minor damages to goods allowed after the
claims had been regularly presented and proved in
each instance. Judge Wellborn, however, said that
it was hard to believe that the company did not know
that the concessions were unlawful departures from
its established tariff.' A t all events, ignorance of the
law under the circumstances, he said, would imply
a degree of negligence well nigh equivalent to guilty
knowledge. He pointed out that it was within his
discretion to impose a maximum fine of $1,320,000,
but in view of the very small aggregate amount in
volved— “ not more than 1% of the total traffic of the
same sort contributed by the shipper to whom the con
cession was made” — he thought it best not to impose
the maximum penalty, but simply “ an intermediate
penalty” of $330,000. Taking the worst view of the
matter and granting for the sake of argument that the
company actually committed an offense against the
law, are we not right in saying there is an element of
harshness in such a proceeding? May we not con
clude, too, that the effect will be still further to expel
capital from railroad enterprises, and must not our
worthy President, in sanctioning such proceedings,
take his share of the responsibility for the re
sults?
A newspaper contemporary in Iowa writes us inquir
ing as to the accuracy of our assertion of last week that
the city banks had not stopped shipments of currency to
country banks in payment of balances due them. The
writer refers us to the declaration in his own paper,
namely, “ that the reason there was a shortage of
currency in the West was because New York bankers
refused to send out to Chicago and other Western
banks the money the latter had on deposit here.” He
asks us if this statement is not true. I t is decidedly
not true, as we showed last week, and repeat again the
present week. According to the figures collected by
us from the individual banks, the gross shipments by
the New York City institutions during the week of the
panic were $21,500,000, last week they were $22,016.000 and the present week they have been $21,500.000 more, making for the three weeks altogether
$65,016,000. These figures furnish the best proof
possible that the New York City banks have not
stopped shipments to their correspondents either at
Chicago or at any other point.




[V o l .

lxxxv.

Our newspaper friend says that the plain intention
of our remarks of last week is to make people believe
that any bank which has a deposit in New York can
draw on that, deposit and receive the currency. This
is true. That was the plain intention. But in one
sense it is possible to draw too broad an inference
from the statement. W e have made careful inquiry
among the institutions having the most numerous
out-of-town accounts and as a result of such investiga
tion are prepared to declare unequivocally that any
bank having a deposit in New York can draw against
such deposit and get cash of some sort— it may be
gold, or silver, or currency. We have also ascertained
that at no time, even when the panic was at its height,
have shipments been suspended. And yet it is also
true that calls have not always been honored to their
full extent, and some few have, perhaps, been rejected.
It is to be remembered that there are nearly always
offsets against the deposits standing here to the credit
of out-of-town institutions. That is, while our institions have been making collections for the interior
banks and crediting the amounts, these interior banks
have in like manner been making collections for the
Eastern banks, and at all times also have many items
in process of collection. The interior banks in most
cases have been remitting absolutely nothing in cash.
They have been keeping the proceeds of their collec
tions. Our own banks failing to obtain the usual
reinforcements from the country districts have sought
in some measure to restrict and curtail their own ship
ments. When a call has been received from the in
terior, a certain degree of discretion has been used in
responding to the same. Often the full amount was
sent, in other cases perhaps only three-quarters of
the amount. In each instance the special circum
stances of the case governed. I f the interior institu
tion asked for about the amount it has been accus
tomed to draw at this season of the year, its demands
have been readily met. On the other hand, if the call
has been in excess of the ordinary, and there were indi
cations that the money might be wanted to satisfy
an appetite for hoarding, the application has been
scaled down. All the banks with out-of-town accounts
have at all times met reasonable requirements and
one quite important bank informs us that it has
shipped on the average about 80% of the amounts
applied for. But the hoarding propensity has been
distinctly discouraged.
The same policy has been pursued in making pay
ments to individual depositors over the counter. The
statement so commonly met with just now in the
West and South and on the Pacific Coast that the
New York banks have suspended cash payments has
not a vestige of truth to support it. At the same
time, the New York banks have sought to restrict
and curtail their payments as much as possible. A
customer could get about the usual amounts to meet
his current wants for pay-rolls and other purposes,
but he could get no more. I f a certified check would
answer his purpose equally well, he would be asked
to take that rather than the cash. I f there were
evidence that the customer wanted the money simply
to sell to some of the money brokers at a premium,
he would have difficulty in getting the cash. In all
cases the banks have used common sense and a wise
discretion. As showing the need for much care in
this respect, we need relate only an isolated instance

N o y . 9 1907. J

THF

C H R O N IC L E .

among experiences which latterly have become quite
common. One of our city banks early in the week re
ceived an order from a Florida bank to buy $30,000 of
currency for it and to pay the necessary premium to
get it. The money was secured at 3% premium.
After buying the money the bank found that it had
been sold to it by one of its own customers who had
previously withdrawn it from the bank. It is this
kind of practices that the New York banks have
sought to discourage. Another error prevalent in the
interior deserves to be corrected. Country newspapers
which allege that cash payments have been suspended
in this city, nearly always add that instead of cash
the banks are handing out Clearing-House certificates
to their customers. Clearing-House certificates herein
New York are not used in that way. The only utility
they possess is in settling debit balances at the Clearing
House. They do not pass current from hand to hand
and never have done so.

I s:s

and giving consideration to lessened dealings at Boston
and Philadelphia, where stock business lends consider
able color to dealings, the showing is eminently satis
factory. Only 9 out of the 110 cities for which
comparative figures are given in our compilation show
any losses, and those are quite generally small. The
oss fro m 1£06 for the whole country for the ten months
reaches 4.7%, but outside of New York there is a gain
of 9.4%, and eliminating Boston and Philadelphia also,
the increase is 13.3%. The middle section, with
N ew York included, shows a loss of 10.5%; but ex
cluding New York and Philadelphia, a gain of 7.9%
is disclosed. New England cities give an aggregate
gain of 3.1%, the Middle West 14% and the Pacific
States 19.2%. Other Western cities collectively
exhibit an excess over a year ago of 22.3%, and at the
South the increase is 9.0%. With such a showing
any reference to individual cities would seem to be
superfluous. What we have set forth serves to show
clearly that general trade, as reflected by the volume
The feature in bank clearings that continues to of business passing through the banks, has thus far
attract attention is their record volume from month in 1907 been very satisfactory, both as regards volume
to month in almost all sections of the country. In and prices. As y et there is no considerable evidence
fact, except at a few centres where stock transactions of anything more than a natural let-up to the longmake up a considerable portion of the aggregate ex continued activity concurrent with the nervousness
changes increases over the corresponding period of ncident to the recent crisis in financial affairs.
the preceding or any earlier year are almost without
The record of commercial failures for the month o f
exception, and in many instances the excess is con
October
reflects more strongly than had been reflected
spicuously large. Even at points where stock dealings
in
preceding
recent similar periods the stress under
are an important factor, it does not require close
which
mercantile
and industrial affairs have been and
study to see that the apparently unfavorable exhibit
are
still
struggling.
It likewise emphasizes the harm
is due entirely to smaller transactions of that descrip
tion this year than last. The disturbed condition of done to the industry of the country in general by the
financial affaire in late October must of course be taken ill-advised attacks upon corporations and individuals
into account, and yet, subject to the qualifications from official sources— national and State— causing the
referred to above, the exhibit of bank clearings for distrust to which, largely if not wholly, the money
the month cannot be looked upon as otherwise than stringency can be ascribed. The distrust, which in
creased day by day, reached its most formidable crisis
favorable and indicative of business activity.
Outside of the City of New York the aggregate in October, resulting in runs on banking and trust
clearings show a gain of 7.3% over the same month institutions, from which considerable funds were with
of 1906, but the loss at New York, 12.3%, is suffi drawn, thus further reducing the available supply of
ciently large to turn the result for the whole country money, and greatly aggravating the situation of affairs.
into a decrease of 5.3%. A t some important cities With business operations upon so extensive and ex
other than New York, notably Philadelphia and Bos panding a scale as has been the case recently, the with
ton, there has latterly been a lessening in the volume drawal from the channels of trade of large amounts of
of exchanges, but the unfavorable exhibit is due to a cash caused more seiious derangement in mercantile
decline in business at the Stock Exchanges, On the and industrial circles than if trade had been less active.
other hand, where strictly commercial transactions
Under the adverse trade conditions above referred
have been solely operative, many conspicuous gains to, prominent corporations, of undoubted solvency,
are shown. This is especially true at Western cities with extensive and profitable contracts in hand, have
and to some extent at the South. Such important been forced to the wall through a temporary inability
centres of trade as Chicago, Kansas City, Minneapolis, to secure the financial backing needed to meet their
Milwaukee, Denver, Memphis, St. Paul, Nashville engagements. Moreover, receiverships interfere ma
and Augusta record in October aggregates of clearings terially with the completion of contracts already in
materially greater than in the month a year ago, and process of filling. We called attention a few months
in almost all cases the totals are of record propor ago to an alleged solvent corporation (Milliken
tions— the exhibits reflecting not only the active Brothers of Staten Island), with large and profitable
trade in progress but a free movement of the year’s contracts, so hampered by inability to obtain
crops through those points. In the Southwest, however, needed aid, owing to the prevalent distrust, that it was
the restricted movement of cotton, due to the hold forced as a protective measure to resort to bankruptcy.
ing policy still pursued, has left its impress on bank This was not a commercial disaster in the ordinary
exchanges and is responsible for the unsatisfactory sense, where creditors lose; but nevertheless it was
showing compared with the same month a year ago a disaster in that the regular course of a large and
at points like New Orleans, Houston and Galveston.
prosperous business was checked on account of lack
For the ten months of the calendar year 1907, after of cash which under normal conditions there would
making fair allowance for the material decline in the have been no difficulty in obtaining. October brought
value of transactions in share properties at New York, an even more conspicuous illustration of solvency




1174

THE CHRONICLE

being forced into insolvency through temporary finan
cial stress, which, however, is not included in Messrs.
R . G. Dun & Company’s compilation. W e refer of
course to the Westinghouse Electric & Manufacturing
Co. and allied corporations, which in October gave
notice of inability to meet its financial engagements
promptly and went into receivers’ hands. On the
closing day of the month, the Friend Paper & Tablet
Company, an Ohio concern, and stated to be the largest
of its kind in the United States, also made application
for a receiver. With no lack of business and assets of
over $3,000,000, this company, owing approximately
only $1,000,000, was not able to meet its engagements.
Within the current week the Arnold Print Works of
North Adams, Mass., a prominent concern in the tex
tile world, owing to its inability to renew loans placed
with savings banks, has, as a matter of protection?
gone into receivers’ hands. It certainly is an anoma
lous condition of affairs when such a prosperous cor
poration, well under contract, cannot obtain the cash
necessary to the conduct of its business.
I t cannot be claimed that there is any lack of cur
rency in the country. According to latest official
reports the stock of metallic and paper notes in the
United States is over 3}/g billion dollars and of this
total the amount in circulation reaches over 2%
billions, the remainder being in the Treasury vaults.
Furthermore, the per capita circulation of the country
is $33 23, a figure much above that for any other
leading nation except France. Moreover, within the
last decade over a billion dollars has been added to our
circulating medium and the per capita, of course,
largely increased.
Notwithstanding these large additions to our volume
of currency, we have seen its insufficiency demon
strated. A concerted determination among any great
number of savings banks depositors to assume personal
control of their accumulations must seriously cripple
or totally paralyze the business of the country. Ac
cording to statistics gathered by the Comptroller of
the Currency the volume of these deposits in the
United States is well in excess of 3 billion dpllars
and therefore greater than our whole stock of
currency.
The statement of commercial failures for the month
of October 1907, as compiled by Messrs. R. G. Dun &
Company, even though it does not include the Westing
house Electric & Manufacturing Company and allied
corporations, makes a very unfavorable comparison
with any recent year. The aggregate liabilities of
failed firms is given as $27,414,990, which compares
with only $10,553,714 in 1906, but $6,751,992 in
1905, $10,528,728 in 1904, $18,387,567 in 1903 and
$10,851,534 in 1902. Disasters among manufacturers,
moreover, cover almost one-half of the total, the
liabilities in that division having been $12,766,068,
against only $5,394,552 in 1906. Trading failures’ lia
bilities reached $6,210,789, against $3,361,816 a year
ago, and among brokers, &c., were $8,438,133, against
but $1,797,346 last year. This is certainly a highly
unsatisfactory exhibit.
Failures for the ten months of 1907 are, of course,
largely in excess of any recent year, the total liabilities
reaching $143,451,338, which compares with $95,213,951 in the corresponding period of 1906 and $82,986,020 in 1905, and of this year’s total, manufacturing in
solvencies account for $75,550,025, against only




[V o l .

lxxxy.

$35,804,528 in 1906. In other branches of business
comparison between the years reveals a more favorable
situation, but less so than a month ago. Among
traders the ten months’ liabilities this year reach
$46,104,716, against $39,277,684 in 1906, and brokers,
&c., stand for $21,796,597, against $20,131,729. As
regards banking and other financial institutions,
Messrs. Dun & Company state that it is still much too
early to obtain the liabilities of many banks that were
forced to suspend temporarily, the figures thus far
reported being 31 in number, but any statement of
the amount involved would, they say, be a mere
guess.
Rarely have there been such important changes in
official rates of discount as those that have been re
corded this week. On Monday, the Bank of England
rate was advanced to 6% , following a rise therein to
on Thursday of the previous week, and on Thurs
day of this week there was a further advance in the
English Bank’s rate to 7%, the highest since N ov. 7
1873, when it was 9% . The Imperial Bank of Ger
many on Tuesday of last week advanced its rate to
63^%, and on Friday of this week there was a further
rise therein to 7
The Bank of France, which
seldom alters its official rate, on Thursday raised it to
4% . The Bank of Belgium raised its rate on Thurs
day to 6% , the Bank of Bengal ‘t o 6% and that of
Bombay to 5% . These changes, especially by Euro
pean banks, seemed to indicate apprehensions of the
development of much stress in Europe as the result of
the extraordinary contributions of gold by the great
banks for the relief of our situation during the
last fortnight. Now that thereby tension here had
been ameliorated, it was regarded as possible that
American bankers might be called upon, not only to
abstain from further imports of gold, but to re-export
some of the metal with a view to relieve the stress
abroad, which seemed likely to become serious. The
effect upon open market rates of the rise in official
quotations at the chief centres is shown in the advance
compared with last week in the former of 1 @ 1 ^4 % at
London, of }/% of 1% at Paris and of \)4% at Berlin
and Frankfort.
The statement of the New York Associated Banks
last week was a most remarkable exhibit, and it was
of such an unfavorable character that its publication
was withheld until after the close of Saturday’s stock
market. It showed an almost unprecedented decrease
of $30,601,800 in cash and of $37,605,525 in reserve
to a deficiency of $38,838,825; loans were expanded
by $60,741,600 and deposits were augmented $28,014,900. In explanation of the statement, it was said by
a member of the Clearing House Committee that the
increase in deposits was due to those of trust companies,
without the addition of cash, such deposits consisting
of Clearing House funds; the inclusion of public money
contributed to the augmentation of the deposit
item. Shipments to the interior and the hoarding
of currency account for the loss of cash which was
reported.
This explanation of the bank statement tended to
allay any apprehension of an unfavorable influence on
the money market, for it was regarded as probable that
banking conditions would soon improve after the
gold importations became available and when, through

STOV. 9 1907.]

1175

THE CHRONICLE.

the restoration of confidence, hoarding of currency
should cease. The premium on money was one of the
important features of the week. On Monday
%
was bid, but gradually this rate fell off and it was 1%
lower by the close, influenced by the prospects for the
receipt of considerable amounts of American gold coin
from Europe, the greater part of which would probably
go into circulation. Currency, and especially that of
small denominations, was in request for the South
and West, and as rapidly as it could be procured by the
banks it was remitted to correspondents by express;
at the same time transfers were made by the Treasury
to New Orleans, the Northwest and to San Francisco.
Call money was maintained at an average of 20@25%,
these rates representing daily renewals; after these were
effected, balances loaned at from 4% to 10%. The
only transactions reported in time money were at 12@
15% for ninety days. On Monday money on call
loaned at the Stock Exchange at 20% and at 4% with
the bulk of the business at 20%. On Wednesday
transactions were at 25% and at 10% with the majority
at 25%. On Thursday loans were at 20% and at 6%
with the bulk of the business at 20%. On Friday
transactions were at 20% and at 5% with the majority
at 20%. Quotations for time loans were 12% for
ninety days and
for twelve months; commission
houses were inclined to rely upon the call-money mar
ket for accommodation instead of borrowing on time,
and to await the restoration of more normal conditions
before negotiating for loans for fixed dates. Commer
cial paper was nominally quoted at 7 @ 7 % % for sixty
to ninety day endorsed bills receivable and for choice
four to six months single names.
The Bank of England rate of discount was, as else
where noted, advanced on Monday to 6% and on
Thursday to 7%. The cable reports discounts of sixty
to ninety day bank bills in London 7% @ 73^% . The
open market rate at Paris is 4 % % , with an official rate
of 4% , and at Berlin and Frankfort the market rate is
7 @ 7 ^ % . According to our special cable from London
the Bank of England lost £3,004,027 bullion during
the week and held £28,725,225 at the close of the week.
Our correspondent further advises us that the loss was
due mainly to sales in the open market for export to
the United States, but shipments to the interior of
Great Britain were also of important volume. The
details of the movement into and out of the Bank
were as follows: Imports, £529,000 (of which £385,000
from the Continent and £144,000 U. S. coin bought in
the open market); exports, £2,649,000 (of which
£170,000 to Egypt, £25,000 to Canada, £80,000 to
Italy, £1,626,000 bar gold sold and £748,000 U. S.
coin sold in the open market), and shipments of £884,000 net to the interior of Great Britain.

new engagements of gold for import and by the rise in
the Bank of England rate, and while long was lower,
short and cables were quite strong. The premium on
gold in our market was a factor and at the ruling rate
of 3% therefore it was calculated that this was equal
to about 14 cents on the pound sterling, thus enabling
gold imports to be effected at a profit, though, appar
ently, rates were at the gold-export point. On
Wednesday there was a sharp decline in short and in
cables, due largely to speculative selling and also to
the arrival on the previous day of 7 millions gold
from London, which caused expectations of an easier
premium on gold in New York. On Thursday
the advance in the official rates of discount
by the Banks of England and France stimulated
a recovery in short sterling and cable transfers. The
market was further affected by liberal selling for Euro
pean account of American securities and also by a
demand for cables for remittance. There was a dis
position manifested by some of the importers of gold
to refrain from making further engagements, owing to
the unsettled condition of the European markets, and
some apprehension was felt of even greater unsettle
ment if there should be an advance in the Imperial
Bank of Germany’s discount rate. On Friday, how
ever, when this Bank’s rate rose to 73^%, the effect
thereof was partly offset by large arrivals of gold and
also by an easier premium thereupon in New York,
and the market was lower at the close.
The engagements of gold for import from Europe,
which have thus far been effected amount to about
$43,878,000. There was an arrival on Tuesday of
$7,000,000, on Thursday of $2,000,000 and on Friday
of $12,361,000, making a total of $21,361,000. The
steamer which will be due on Monday is reported to
have $8,000,000 on board.
The market was easy for long on Saturday of last
week, though strong for short and for cables. Com
pared with the previous day, long fell 200 points to
4 79@4 80, short rose 100 points to 4 86% @ 4 88, and
cables 150 points to 4 8 8 ^ @ 4 90. On Monday long
rose 75 points to 4 79% @ 4 80, short 275 points to
4 883^@4 88%, and cables 150 points to 4 90@4 91.
On Wednesday long fell 75 points to 4 79@4 80, short
325 points ot 4 85@4 8534, and cables 250 points to
4 873/£@4 87%. On Thursday long rose 100 points
to 4 80@4 803^, short 100 points to 4 86@4 86%,
and cables 175 points to 4 89% @ 4 90. The market
was easier on Friday, as above noted, with long un
changed and short and cables 125 points lower.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
F r i.,
M on .,
Tucs.,
Wed.,
Thurs., F rt.,
Nov. 1. N ov. 4. Nov. 5. Nov. 6. Nov. 7. N ov. 8.
Brown
J60 days
Brothers & C o .. ...1 S igh t..
Baring
/60 days
& Co___________ . . -J, Sight. .
Bank Brtlsh
J 60 days
North America . ___\S ig h t._
Bank of
160 days
Montreal_______ ___\Sight. _
Canadian Bank
(60 days
of Com m erce___ ___[S ig h t..
Heldelbach, IckeiJ60 days
helmer & Co____ ... 1 S igh t..
Lazard
j 60 days
Freres _____
. . . I Sight.
Merchants' Bank
j 60 days
of C a n a d a ..___ . \S igh t..

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

80
85}*
SO
85
81
85
80
85H
81
85'A
80
85^
80
S5M
80
85J4

80
85M
80
85
81
85X
80
85X
81
85)4
80
85X
80
85^
80
85X

80
85 y2
80
85
81
85 K
80
85 ]4
81
85J4
80
85X
80
85^
80
85K

81
86
81
86
81
86
81
86
81
86
81
86
81
86
81
86

79H
86'A
81
86
81
86
81
86
81
86
79H
86
79>S
86 M
81
86-

The foreign exchange market was unsettled with
II
O
wide fluctuations during the greater part of the week,
L
I
though generally higher. The sharp rise in rates on
D
A
Saturday of last week— which was due to a closing
Y
of short contracts resulting from speculative selling,
and also to a demand for cover for gold that had been
engaged for import without taking the precaution of
securing reimbursing bills— was not maintained on
The market closed on Friday at 4 80@4 803^ for
Monday of this week. Then the market fell off at the long, 4 85% @ 4 85% for short, and 4 88@4 89 for
opening, influenced by a liberal supply of commodity cables. Commercial on banks 4 77@4 773^, and
biljs, but soon after there was a recovery^caused by documents for payment 4 78% @ 4 79%. Cotton for




1170

THE CHRONICLE

{T o l .

lxxxv.

payment 4 78}^@4 7 8 Cot t on for acceptance tion was conceded to Mr. Ihmsen, who had cut a con
4 77@4 7 7 ^ , and grain for payment 4 79j4@ 4 79%. spicuous figure in the previous campaigns referred to as
the personal representative and manager of Mr. Hearst.
The following gives the week’s movement of money
Mr. Parsons defended his arrangement on the ground
to and from the interior by the New York banks.
that in no other way could the Republican party make
head against the Tammany organization, and to that
Received by
Shipped by
N e t Interior
N . Y . Banks.\N. Y . Banks.
Movement.
Week ending Nov. 8 1907.
extent the doctrine of expediency may be said to have
83,353,000 $14,653,000 Loss §11,300,000
747,000
6,847,000 Loss
6,100,000
Gold ______ _ . __________________
been decently invoked. But the case did not stop at
$4,100,000j §21,500,000 Loss $17,400,000 this.
The situation was unusual in that the Republi
can
leaders,
during-the canvass of Mr. Hughes against
With the Sub-Treasury operations the result is as
Mr.
Hearst
in last year’s governorship campaign,
follows.
went
out
of
their
way to denounce Hearst and his or
Into
Oui o1
Net Change In
Banks.
Bank Holdings.
Week ending Nov. 8 1907.
Banks.
ganization as dangerous to the public welfare, calling
$4,100,000 $21,500,000 Loss $17,400,000
Banks' Interior move-n^nt, as a to ve .
for the aggressive opposition of every citizen who had
50,000,000
35,000,000 Gain 15,000,(00
the
welfare of his country at heart. Not to mention
$54,100,000 $56,500,000 Loss $2,400,000
the violent denunciation of Hearst by Secretary Root
The following table indicates the amount of bullion
last autumn, speaking to a public audience in behalf
in the principal European banks.
of the National Administration, Mr. Parsons himself
Nov. 8 1936.
Nov. 7 1907.
had described Hearst a year ago as one who was “ at
Banks 0 /
Total.
Gold.
Silver.
| Total.
Gold.
tempting to get into office by appealing simply to the
£
£
£
. . . I 29 188,975 passions of men,” and as a politician “ who does not
England._j 28 .725,225
28 ,725.225 29 ,188,975
France__ -110 .183.524 37,419 ,527 147 ,603,051 112 ,584,589 40,710 ,505 153 .'95,094
Germany a 29 373.000 8,140 ,000 37 ,513,000: Z8 943.000 8,200 ,000 37 ,143,000
k low what fair play is.”
Russia d 125 469.000 5,235 000 130 ,704,000 113 335.000 4,338 ,000117 ,673,000
Aus.-Hunb; 45 420.000 11,589 ,000 57 ,009.000 46 600.000 11,781 ,000 58 ,381,000
With the view then promulgated of Mr. Hearst as
S pain ____ 15 ,592,000 25,640 ,000 41 232.000 15 ,323,000 24,160 ,000 39 ,483,000
Ita ly ____J 3C 686.000 4.S23 ,200 41 509,200; 30 983.000 3,744 ,400 34 ,727,400
holding
dangerous views, opposition to which on any
NethTJs _| 7 388.100 5,014 700 12 402,800 5 531,200 5,540 ,100 11 ,071,300
4 ,910,000
1,636, t67
Nat.Beig.a 3 096.000
1,548 000; 4 644,000; 3 273,333
and
all
occasions was essential to preserve politics
__ ! 3, ,964,000
Sweden __
4 242.000
- -.I 4 242.000 3 964.000
against domination by the wilder dreams of radical
Total week 406,174.849 99,409,427 505,584,276 389,726.097 100,110,672|489,836,769
Prev.week:411.588,655 100,4*6,407 512,045,122,388,483,532 100,312,263;488,795,795
men, we have always cordially expressed our sympa
a The division (between gold and silver) givrn in our table ot coin and bullion
thy.
We have believed, and the result of last Tues
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
day’s
election
shows our belief to have been correct,
make no distinction in their weekly returns, merely reporting the total gold and
silver; but we believe the division we make is a close approximation.
that a very large part of the intelligent voting com
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
Pou ids was by considering the Gulden to h iv e the value of 80 cents. As the
munity sympathized wholly with this view. This be
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
ing
so, the recognition of a basis of cordial exchange
by dividing the amount ot Kronen by 24 Instead of 20.
d The total of gold in th? Bank of Russia includes the balance held abroad—
of
candidates
with the Hearst machine by the llepubthat Is, the amount held for Russian account in other Continental banks. The
proportion so held and consequently duplicated in the above statement is about one
ican
organization
cannot be characterized except as
quarter of the total.
an astounding lapse both of principle and judgment.
T H E N E W Y O R K E L E C T IO N .
The outcome of the vote shows with the greatest plain
Possibly the most striking and instructive, among ness that a very large part of the natural Republican
the more or less confusing results of last Tuesday’s constituency simply stayed from the polls, and that
elections, was the outcome in New York City. The probably many others, especially of those who have
situation under which the two leading parties entered lately voted with the Republicans on principles of
the campaign was peculiar. This is what is commonly general sympathy, deliberately cast their ballots for
known as an “ off year” ; neither Mayor nor Governor the Democratic ticket .
nor Congressmen were to be chosen, and the contest
On Tuesday* the fusion ticket was completely routed.
converged almost entirely on a few elective members The Democratic candidate for Sheriff, against whom
of the judiciary, on Sheriff and County Clerk, and on the Republicans and the Independence League had put
members of the State Assembly and of the City Board up Mr. Heart’s associate, Ihmsen, carried the county
of Aldermen. Usually an election of this sort is con election by a majority of nearly 25,000. In the vote
ducted with no great stir or excitement, and results for Assembly in New York City, the Republicans have
in a small vote for each side and in majorities for the lost one seat from what they already possessed as a
dominant party which are largely governed by the result of the previous election. Even when judged
so-called “ absentee vote.”
by the test of majorities, the result of the fusion ex
On the present occasion, a singular state of affairs periment must be pronounced disastrous. In 1905
was created by the Republican leader’s action at the the Republicans and the Hearst ticket between them
opening of the campaign. Early last month Mr. Her polled a vote of 187,581, as against the Tammany vote
bert Parsons, President of the Republican County of 140,264 for Mr. McClellan. The Tammany candi
Committee, announced that “ fusion” had been arranged date was elected, for the reason that the vote for the
with the so-called Independence League, a shadowy other two mayoralty candidates was split. But if
political organization made up by Mr. Hearst and util these returns were Mr. Parsons’s basis for his pre-elec
ized by him in his candidacy for Mayor in 1905 and for tion promises of a fusion majority, the result was ex
Governor in 1906. This alliance was effected through traordinarily disappointing. Instead of the 187,581
something in the nature of trading of candidates; that votes cast for the Hearst and Republican tickets in
is to say, while the Independence League undertook 1905, the poll for the ticket representing this year’s
to place on its own ticket certain candidates, chiefly fusion of the two parties footed up barely 117,000,
for minor offices, desired by the Republicans, the Re and the joint plurality was similarly reversed. Need
publicans made similar concessions regarding the plac less to say, political experts of all sorts have at once
ing of Hearst candidates on their own ticket, and in admitted that the experiment as a whole has ended in
the most important office, that of Sheriff, the nomina discreditable failure.




Nov. 9 1907. j

THE CHRONICLE.

For ourselves, we regard this result as highly gratify
ing. In the first place, it proves anew that the citi
zens of New York will not allow their votes to be de
livered wholesale, by their committee leaders, to can
didates whom the voters dislike and distrust. Fur
ther than this, it shows the imagined power of an or
ganization, built up as was that of Mr. Hearst, to have
had no legitimate basis. I f it be argued that the In 
dependence Leaguers refused to vote, just as many
Republicans did, for candidates normally on their
ticket but actually of another party, the true test to
apply is the vote for Sheriff, where Mr. Ihmsen stood
alone as the pet candidate of the Hearst machine.
As we have shown already, the result in the case of
this single candidate was in many ways more disastrous
than in that of any other.
In both of these aspects— the independent spirit of
the voters and the exploding of the “ Hearst myth” —
Tuesday’s New York election may have a larger mean
ing than if only the local results of this particular elec
tion are considered. We are on the eve of a Presiden
tial election which very possibly may be fought under
different conditions from any in the past twelve years.
I t has been our argument during the two past presi
dential contests that the lack of a strong and conserva
tive candidate on the Democratic side was a profound
misfortune to the country.
The imminent danger
in the minds of many thinking citizens has been that
next year’s Democratic Convention would result in
the naming of such a, candidate as Bryan, with the re
mote possibility of a Hearst upon the ticket. We
should say that observant politicians will be far less
inclined to reckon such results among the possibilities
than they were before the New York vote. As regards
Mr. Bryan, it has been pointed out this week that his
five speeches in Nebraska during the recent campaign
resulted in a Republican majority of 20,000, and that
a similar series of speeches by him in Kentucky have
achieved so unusual an event as the election of a Re
publican Governor by 14,000 majority. Such facts
and figures, combined with the New York result, are
not, we should say, at all likely to be forgotten when
discussions and calculations regarding next year’s can
didates are seriously taken in hand.
THE

STEEL

C O R P O R A T IO N 'S A I D TO T H E
F I N A N C I A L W ORLD.
This week’s developments add still further to Mr.
J. Pierpont Morgan’s splendid record of achievements
and furnish one more evidence of his multifarious
activities and his genius for dealing effectively with
intricate and trying problems in business and financial
affairs. No person cognizant of the facts can fail to
express admiration for such a man, or omit to join
in 'the tributes of praise that are coming from every
side and from every quarter, even from sources where
condemnation has been his only reward in the past.
The part which the Steel Corporation has been
made to play in the week’s critical situation has been
a most important one. From no other source could
such a measure of relief have come; from no other
source could it have been expected. Mr. Morgan is
the genius who created and organized the United
States Steel Corporation— the world’s biggest indus
trial undertaking— and he has, the present week, in
co-operation with the eminent financial men who
have acted with him, put it to a use in relieving a




1177

strain in the financial world which even he could not
have dreamed of as among the possibilities when he
endowed the Steel Corporation with the breath of life.
The situation was simply this: the stock of the Ten
nessee Coal, Iron & Railroad Company, an iron, coal
and steel property extending through Alabama,
Tennessee and Georgia, was being carried in loans by
banks and trust companies. The Trust Company of
America, according to President Thorne, does not
appear to have held a very large amount, Mr.
Thorne saying that the company had only $640,000
out on the stock. But other financial institutions
also had loans for larger or smaller amounts, secured
by some of the stock as collateral. Report has it
that the aggregate advances in this way were fully
$10,000,000. We have no knowledge on the point,
but we suspect that if the truth were known the aggre
gate might be found to reach double the sum named,
a conclusion apparently justified by the fact that
about $25,000,000 of the stock had up to yesterday
been deposited for exchange into bonds of the Steel
Corporation under the terms of its offer explained below .
These loans under ordinary circumstances would not
have been a very heavy burden for our banks and trust
companies to carry, especially considering the nature
and character of the property which the stock repre
sents. In times like the present, however, when de
positors are seized by a fanatic desire to get possession
of their money, an asset of this kind, notwithstanding
its merit, possesses little availability. What is wanted,
what alone is of any use at such a critical period, is
a class of securities or of assets that can be readily
and quickly converted into cash if the need arises. I t is
plain that the stock of the Tennessee Coal & Iron
Company, with only a limited market at best, did
not meet this requirement. It is equally plain that a
bond of the Steel Corporation possesses ready negotia
bility, more particularly a bond which forms part of
a large issue dealings in which are daily taking place
on our Stock Exchange.
This is just what has been done.
That is, sinking
fund 5 per cent bonds of the Steel Corporation are to
be given in exchange for Tennessee Coal & Iron
stock on the basis of 84 for the bonds in
exchange for stock at 100 — in other words,
$11,904 of Steel bonds will be the equivalent of 100
shares ($10,000) of stock. The relief furnished by this
transaction was instant and far-reaching. Institutions
whose solvency might at any moment have become
impaired through the continued possession of Coal &
Iron stock among their assets, have been reinstated
through the conversion of the stock into bonds of
the Steel Corporation. Accordingly, now their stand
ing cannot be open to question or the object of sus
picion.
Included in the bonds which the Steel Corpora
tion will use for this purpose are $30,000,000 which it
has had in its possession for many years. The latter
are part of $50,000,000 which were originally created
to provide the company with cash. Through the wise
and conservative policy pursued in the conduct of the
company’s affairs, these bonds were kept unsold in
the treasury, leaving them available for use in an
exceptional emergency.
Instead of getting cash in
that way, the company has been accumulating cash
out of surplus earnings, thus removing the neces
sity of raising that amount of funds through the

1178

THE CHRONICLE.

issue of new capital obligations. Indeed the company
could have paid cash for the Tennessee stock if that
had been considered a desirable course. Chairman
E. H. Gary, in his statement to the board of directors
of the company last week, reported that the Steel Cor
poration on October 1 had no less than $75,973,000
cash in bank. We may suppose, however, that the
Steel Corporation directors reasoned that the drawing
out of $30,000,000 of this cash would mean the calling
by the banks in which the money was deposited of a
corresponding amount of loans, an operation which
at this juncture could not but have proved highly
disturbing if not actually destructive. Besides, the
Steel Corporation would have been left just that much
poorer in cash. So it was resolved to use the $30,000,000 treasury bonds instead, accomplishing the same end.
One question came up in connection with the trans
action. Would the acquisition of the smaller iron
and steel property by the larger be considered in
conflict with the Sherman Anti-Trust Law ? Mr.Gary
and H. C. Frick went to Washington to see the Presi
dent and find out. Evidently they succeeded in
convincing Mr. Roosevelt that neither in spirit nor in
fact would the union of the two properties under a
common control mean the establishment of a com
bination in violation of the Sherman Law; otherwise,
of course, the transaction would not have been carried
through. The Tennessee Company and the Steel Cor
poration do not cater to a common market, speaking
of their products as a whole. The iron and steel
plants of the former company have their own distinct
territory and so have each of the numerous plants of
the Steel Corporation. It is obvious that iron and
steel products, by reason of their bulky nature, cannot
be carried long distances to market with profit. For
this reason it was hardly possible for the Steel Cor
poration to have entered the territory of the Tennessee
Company as a competitor, nor for the latter to have
entered any of the numerous districts in the Middle
and Middle Western States served by the Steel Cor
poration. As our readers are aware, the Steel Cor
poration is erecting an enormous steel plant at Gary,
Indiana, to serve the Chicago district, and there is no
difference in principle between such a step and the
acquisition of an already existing establishment to
supply another district— the South.
While thus relieving financial stress, the Steel Cor
poration would also appear to be getting a property
valuable in itself. Every one certainly must hope
that a good bargain has been made for it. And that
appears to be precisely what has been done. In the
report of the Tennessee Company for the calendar year
year 1906 the statement was made by the Executive
Committee that the knowledge which that committee
had acquired as to the tonnage and the character of
the iron ore, coal and limestone owned in fee simple
by the Tennessee Company had satisfied that com
mittee that in wealth of raw material required for the
manufacture of iron and steel the Tennessee Company
ranks as second only to one other in the world (the
Steel Corporation) and is far in advance of any other
iron or steel producer in cost of assembling its raw
materials for manufacture. The mineral reserves of
coal and iron contained in the company’s lands, as
computed by competent authorities are estimated at
no less than 700,000,000 tons of iron ore and
2,000,000,000 tons of coal.




THE

R A IL R O A D
PROBLEM
D IF F IC U L T IE S .

[V o l .

AND

lxxxv.

IT S

The address which Mr. Robert Mather of the Rock
Island System delivered at Chicago last month before
the Chicago Association of Commerce has been re
printed in pamphlet form. It is well worth re-printing.
It is one of the very best discussions of the subject
which has recently appeared and forms an important
contribution to the literature of the day. We would
not go as far as does Mr. Mather in urging further
extension of Federal control over the railroads— in fact,
we are distinctly opposed to that idea— and we should
not be inclined to lay quite so much stress upon what
he calls the “ misdeeds of the railroads” in bringing
about the present discredit of railroad securities, but
he has been very successful in setting out the condi
tions under which railroad building and railroad prog
ress and development have been carried on in the
past, and in an equally unerring way indicates that
the same conditions must govern in the future if there
is to be further progress and expansion. The knowl
edge and experience regarding railroad affairs pos
sessed by Mr. Mather appear in every paragraph in
the report.
How many persons recall how the railroads had
their inception? Mr. Mather sets out the facts. Upon
the invention of the steam engine, the industrial
world faced a difficult situation. The iron highways
which the steam engine introduced were expensive to
construct. States were poor, their revenues insig
nificant and their credit correspondingly bad. Many
shrank entirely from the risk that the new task offered;
others undertook the work and early became involved
in debt, in loss and in shame. In this predicament
private enterprise was given the opportunity to under
take the duty which the States themselves were un
able to perform. To make it an inducement for pri
vate enterprise to embark upon undertakings too vast
and perilous for the State itself, very naturally it was
necessary to hold out the hope of a far greater reward
than a mere interest return on the investment. While
it was stipulated that the carrier should charge only
a reasonable rate for the service of transportation, it
was clearly contemplated by both parties that great
values beyond the actual cost of building and equip
ping the lines might flow from the successful carrying
out of the scheme. That hope was capitalized by the
issuance of shares of stock beyond the face amount
of the cash expenditure. I f the plan succeeded, the
hope was realized, either in the sale of the shares or in
the payment of dividends upon them. I f the plan
failed, as it often did, the hope was dashed, and the
certificates that represented it became worthless paper.
Suppose now, sajrs Mr. Mather, that the States in
making their bargain with private capital for the
building and operation of these public highways had
said to the proposed builders:
“ You will not be permitted to issue bonis and. stock
in face amount greater than your actual expenditures;
“ You will never be permitted to make more out o[
this project than 4% per annum upon the money ac
tually invested;
“ You will, however, be taxed upon the actual value
of your property, as ascertained from time to time,
and, if your securities find favor in the market and
reflect greater than actual values, taxes will be levied
upon that basis;

Not. 9 1907. j

THE CHRONICLE.

“ The State will prescribe the methods of keeping
your accounts and will examine them at its will;
“ The State will determine the number of trains you
shall run and designate the stations at which they shall
stop;
“ The State will prescribe the number of men you
shall employ in operating your trains, and will fix
their hours of labor and the conditions of their employ
ment;
“ The State will establish rates of fare and of toll
from time to time at its arbitrary discretion, without
consideration of their reasonableness;
“ I f any other method of regulating you occurs to the
State hereafter, they will be adopted;
“ You will accept without objection all regulations
now or hereafter imposed by the State, and if you
appeal for the protection of the Federal Constitution
to the Federal Courts, the State will revoke your
charter.”

1179

United States increased 32.8%, the capitalization
only 26.2%;. but the tonnage expanded over 125%.
What followed is set out in the words herewith:

Then the railroads confronted a crisis. Unable to
handle the traffic that multiplied three and four times
as fast as their facilities grew, they turned to further
plans for enlarging their capacity only to find that, in
the height of their prosperity and in the stress of the
greatest demands upon them, their securities could no
longer be sold and money for their improvements was
not available. Then, instead of moving with greater
speed to proVide the tracks and terminals and cars
and engines for lack of which less than a year ago
grain lay rotting in the fields and communities suffered
for want of coal, they slackened perforce their already
too slow pace. And to-day, condemned by public
opinion, by reports of commissions and by their own
consciousness as inadequate to their task, causing
Mr. Mather is not exaggerating a bit when he asserts daily loss to commerce by the insufficiency of their
that all this and more the States have said to the rail facilities and equipment, the railroads are impotent
to relieve the situation.
roads in recent or in threatened legislation. Nor can
As Mr. Mather urges, the situation here described is
any one gainsay the statement that, had the States
been as frank and specific when bargaining with the a national calamity. Its force is felt not only in the
corporations that were planning to build these public falling prices on the Stock Exchange, but in the falling
highways, there would have been presented a beauti tide of commercial activity, in the lowered price of
ful exemplication of the principles of the square deal; the commercial metals and the slackened demand for
but it is doubtful if the railroads would have been built. human labor. Mr. Mather is also correct when he
A fter completing its compact with the State, the rail says there is not a man, from President to the least of
road corporation began the construction of its line. the laborers in this great industrial organization called
With rare exceptions it spent its money, not on the the nation, who is not directly and personally inter
faith of things that were, but in the hope of things to ested in discovering the causes for the inability of the
be. United States railroads were not built, like those railroads to raise funds for their needs, and in doing
of Europe, from market to market, through industrial his utmost to remove th em . This is declared to be
communities long established, with tonnage awaiting the railroad problem— the national problem.
them at every stage from starting point to terminus;
Mr. Mather ascribes as first among the causes that
but into the comparatively unsettled and often un have made their securities unsalable the misdeeds of
tracked lands of the future. Their cities were largely the railroads themselves. That conclusion, however,
unfounded, their factories unbuilt, their mines un we are unable to accept. W e have had a more or less
opened and their farms unpeopled. Mr. Mather is intimate acquaintance with railroad affairs for many
stating the literal truth when he says: “ Their revenues years, and in our estimation these “ misdeeds” are
were not in sight, except to the eye of faith and cour found largely in the flaring headlines of the sensational
age.”
newspapers. Matters wholly innocent in themselves
The roads built their lines to suit their situation. are so distorted and twisted as to give them an appear
They chose the easiest path through the territory they ance of wrongdoing or criminality. This is particu
were to serve. Grades and curvature conformed large larly true if we exclude from the view, as does Mr.
ly to the contour of the country. Highways were Mather, the granting of rebates or secret preferences
crossed at grade and streams on wooden trestles. to favored shippers. Mr. Mather shows very clearly
Light steel was laid in a single track and ballast that up to the time of the enactment of the Interdreamed of but forgotten. Only such terminal facili State Commerce Law in 1887, the giving of rebates
ties were acquired as were needed for the traffic imme was not unlawful. The railroads were at perfect
diately in sight. Some light engines and a minimum liberty to demand less from one and more from another
of cars of small capacity were acquired and the railroad shipper and carrying free for whom they pleased.
was “ completed” — and put in operation. The cost, Indeed, the only effective weapon of competition the
of course, had exceeded the estimates and a floating railroads possessed was their rates. It was the rate
debt stood between the stockholder and his dream of that moved the traffic. And as it was important, both
dividends. Hardly, too, had the operation of the to the shipper who sold his tonnage and to the carrier
railroad started before it was realized that “ the com who bought it, that the transaction should not be
pleted” line was barely begun. As the lands were known to the competitor of either, the secret rebate
settled and the cities grew and the mines and mills came into vogue.
began to turn out their product, it was found that the
With the passage o f the Inter-State Commerce Act
single track with its light rails, its heavy grades and the situation changed. Secret rebates and concessions
curves and its inadequate terminals and equipment now became illegal. However, as the prohibition
could not move the traffic it was built to serve. The carried no penalties for the shipper who should receive
task of enlargement* improvement and re-building a rebate, the shippers’ clamors for secret rates and
was begun.
the carriers’ fears of the loss of their tonnage to their
But the railroads could not re-build and enlarge competitors overcame the dread of conviction and
their facilities as fast as the traffic grew. Figures the law was regularly and notoriously violated. But
are given to show that in the decade from 1896 to if culpability attaches to the railroads for such a situa
1906 the total length of track of all kinds in the tion, were not the shippers equally culpable with the




THE CHRONICLE.
/railroads? The Elkins Act of 1903 for the first time
.made the receiver of a rebate equally liable to punish
ment with the giver. This, it seems to us, is the correct
view concerning violation of the law through rebates,
.and, as Mr.Mather brings out the facts in that regard so
forcibly, the other so-called “ misdeeds” (which sink
into trifling insignificance alongside the paramount
importance held by rebates) may be dismissed without
special consideration.
What Mr. Mather places second in the list of causes
o f the want of confidence in railroad* securities we
should place first, namely the uncertainty as to the
kind and extent of governmental supervision and
regulation to which the railroads are yet to be sub
jected. He thinks it would benefit little to debate
the causes that have produced the wave of animosity
toward corporate interests that last winter carried
the movement of restrictive legislation to high-water
mark. He argues that there must be some way to
bring home to the intelligence of the American people
a realization of the truth that no man who has property
to conserve or labor to sell can profit in the end by
unjust or unwise treatment of the great instrument of
transportation. He also urges with much force that
it would tend greatly to wisdom and justice, and even
to moderation in the treatment of the subject, if the
people realized that the railroads would willingly
submit to a plan of regulation that was wise and just.
He has no panacea to offer. He thinks there should
be no objection to such Federal supervision of the
railroads as the National Government now exercises
over the national banks. This, it will be recalled, is
President Roosevelt’s favorite plan, and yet Mr.
Mather, while arguing in favor of the proposition and
contending that it would be a source of strength and
of improved credit to the railroads to have it known
that the Government inspected their accounts and
made sure of the existence and value of their assets,
furnishes very convincing proof that such inspection
would be no protection at all in the following words:
“ I t seems that the Government itself is not quite
.sure of these carefully regulated institutions (the
banks), for while it holds them out to the people as a
safe place in which to deposit their money without
security, the Government requires good collateral
against its own deposits in the banks. Nor am I in
formed that, as a result of long-continued supervision
by Federal authority, there is greater righteousness
..among the banks and bankers than pervades the
railroad business. We read from time to time of bank
defalcations and embezzlements. Over $5,000,000 of
the people’s money was so stolen in the first six months
of the calendar year. And the wasting of the assets
of the bank and the money of its depositors in private
speculation by its officers is not unknown to the history
of banking. It is true that these crimes are quite
generally punished, and it may well be that the fact
that there are more bank presidents than railroad
presidents in jail may not have the same significance
that it now seems to have, after the railroads shall have
been for so. long a time under similar governmental
control. But we should not delude ourselves with the
belief that righteousness will altogether prevail in the
railroad world when its operations come under such
-supervision as the national banks enjoy.”
There can be no doubt that Government inspection
of the accounts of the railroads might easily come to
be harmful rather than beneficial. It might tend to
relax the vigilance of the owners, the stockholders,
upon whom the burden and responsibility should
properly rest. It would operate to give a false senseof




[V o l .

lxxxv.

security. The shareholders would rely entirely upon
the Government, and we may be sure directors would
in large measure be inclined the same way. Every
one attaches supernatural functions to Government
and we are all of us prone to think that Government is
infallible and cannot make mistakes. And yet, G ov
ernment inspection of the accounts could not in the
case of the railroads any more than in the case of the
banks insure good management or guarantee solvency
or prevent mistakes of judgment or policy involving
serious losses. Inspection of the accounts is certainly
a good thing and there is much to be said in favor of
an independent audit, but we feel sure that such
results could be best obtained by letting the share
holders attend to the matter and hire expert account
ants for the work.
Much the same remark may be made with reference
to the suggestion that “ it would be possible to con
vince the people that a wise and just regulation of the
subject is only possible under a single and centralized
authority.” Mr. Mather certainly does demonstrate
that the acts of single States often extend in their
influence far beyond the domains of the State, rate
reductions, for instance, in one State pulling down
rates in a whole tier of States or geographical division,
so that in effect State legislation not infrequently
becomes inter-State in character. But there is in that
no sufficient reason for further centralization or for
clothing the Federal Government with any powers
and functions not already inherent in it.
The source of trouble is in the example set by the
authorities at Washington. The States have simply
followed in the footsteps of their Federal prototype.
Let the Federal Government once stop in its ceaseless
and pernicious activity and the States will stop too.
The developments of the last two weeks have done
much to open the eyes of the controlling spirit at
Washington to the folly of the present course, and
the aftermath in suffering, want, idleness and priva
tion, we may be sure, will do still more to bring the
matter home to all of the people in all of the States.
It would clearly be a mistake at such a time to embark
upon further restrictive and regulative legislation.
As we urged two weeks ago, there is already too much
legislation. Any more legislation, any more agitation,
any more stirring up of things, could only tend to
further unsettlement. What the country needs now
most of all is quiet and rest, and time for recuperation.
I

ITEMS ABOUT BANKS, BANKERS A N D TRUST CO’S.
— The public sales of bank stocks this week aggregate 187
shares, of which 104 shares were sold at the Stock Exchange
and 83 shares at auction. There were no transactions in
trust company stocks. Shares. B A N K S — New Y o rk .
Low . H ig h . Close.
Last previous sale.
131
130
O ct.
1907— 167
xSO C om m erce, N a t. B an k o f ___ 130
23 F id e lit y B a n k ....................... 1 6 0 K 160H, 1 60 X O ct.
1907— 160
a54 F ou rth N a tio n a l B a n k ______ 180
190
190
O ct.
1907— 185
50 Nassau B a n k , ....................... 200
200
200
A u g.
1906— 198M
x S old a t the S tock E xch an ge,
a t the S to ck E x ch an ge.

a O t th is a m ou n t, 44 shares w ere so’ d

— A New York Stock Exchange membership was trans
ferred this week for $60,000. The last previous sale was at
$65,000. A little over a year ago, that is, in August 1906,
the price paid was $95,000.
— Local financial matters continued to give much concern
early in the week, but the situation appears now to have been
definitely cleared up. The papers Monday morning contained
the announcement that a series of conferences of banking
interests had been held on Sunday, both at the home of J.
Pierpont Morgan and at the Hotel Waldorf-Astoria, these

Hov. 9 1907.1

THE CHRONICLE.

conferences having lasted from 5 p .m . Sunday until 5 a.m.
Monday. The object of the conferences was to devise a
comprehensive scheme for the relief of the Trust Company of
America and the Lincoln Trust Company, on which there
had been continuous runs for about ten days. The plan de
cided upon provided for co-operation upon the part of the
trust companies as a body in support of the beleaguered in
stitutions and for giving vitality to the collateral back of
some large loans held by financial institutions in this city—
in other words, to give United States Steel Corporation bonds
in exchange for Tennessee Coal & Iron stock. The question
immediately arose, would the absorption of the latter com
pany be deemed an infringement of the Sherman Anti-Trust
law. H. C. Frick and Chairman E. H. Gary of the United
States Steel Corporation on Monday went to Washington to
ascertain the views of President Roosevelt. The result ap
parently was satisfactory. Some further important develop
ments marked the course of Monday. The Sunday papers
had contained the disturbing announcement that the Presi
dent had been urged to call Congress in extra session (though
the time for the regular session was only four weeks o ff), not
only to enact financial legislation, but to provide for Federal
control of corporations in accordance with the President’s
previous suggestions. But Monday morning, to the relief of
the whole community, it was announced that the proposal
to call an extra session had already, the previous Friday,
been emphatically rejected. The influence of Saturday’s
very poor bank statement also began to wear off as news
came of further engagements of gold for import. The fact
that currency was commanding a premium of 2 @ 4 % facili
tated these gold engagements, even when exchange rates
did not favor the movement. Owing to the extraordinary
drain of gold for the United States— Portland, Ore., Chicago,
Pittsburgh and other interior points joining in the movement
— the Bank of England rate of discount was on Monday
raised from 5J/£ to 6% , and on Thursday there was a further
advance to 7%.
The intervention of Tuesday (Election Day) as a legal
holiday gave opportunity for additional deliberation, and af
ter further extensive conferences with Mr. Morgan in the
afternoon and evening of that day, the plans for the relief of
the two local trust companies were definitely matured and
promptly put into execution Wednesday. The details appear
further below. The only unfavorable event of moment on
that day was the failure of the Arnold Print Works of North
Adams, Mass.
On Thursday the cable brought the news of
the advance in the Bank of England rate to 7% , a figure not
previously reached since our panic of 1873, when, however,
the English Bank rate finally touched 9% . The Bank of
France on Thursday also advanced its discount rate from
33^2 to 4% , and on the same day the National Bank of Bel
gium increased from 53^ to 6% and its rate on drafts to 63^%On Friday the Imperial Bank of Germany raised its rate from
6% to 7 H % .
Secretary Cortelyou, who had come from Washington for
the purpose of voting, availed of the opportunity to confer
with the banking interests on Tuesday, and prior to his de
parture took occasion to state that: “ I am helping out the
situation in St. Paul and Minneapolis, in connection with the
grain interests, and also in St. Louis, New Orleans and other
sections. In ordinary times, collectors of internal revenue
have accepted certified checks for revenue stamps. They
are required by law to take only lawful money, and, of course,
must keep within the law. I have instructed them to take
no ill-judged action.”
As .noted above, the weekly bank statement issued last
Saturday was very poor. The Clearing House authorities
gave out only the totals, instead of the customary itemized
figures for the separate banks, and this course was followed
by the Boston and Philadelphia clearing houses. The New
York statement, which is usually issued at 11:30, was not
made public until after the close of the stock market on Sat
urday, because of the fear, as alleged, of its effect on the
Exchange. The largest deficit ever reported by the banks
was shown, the amount of the deficit being $38,838,825.
The previous record was on Aug. 12 1893, when a deficit of
$16,645,300 was reported. The loss in cash holdings for the
week reached no less than $30,601,800.
Loans increased
$60,741,600.
The demand for currency on Saturday last created an ad




1181

vance in the currency rates, and from 3 to 33^% premium
was paid for large amounts. On Monday the premium
ranged from 1 to 4% , but on Wednesday, following the an
nouncement of the placing of the affairs of the Trust Company
of America and the Lincoln Trust Company in,the hands of
a committee, and with the first arrival of the gold coming
from abroad there was a decline in currency premiums, the
rates early in the day being from 23^ to 33^%, rising later to
3 % , but again settling down to 3 % . On Thursday the
premium ranged from 2 to 3M % , closing at about 3% .
Yesterday (Friday) from 1 ^ to 3% premium was paid.
The banks throughout the country have responded quite
freely to the request to increase their circulation, and a
very extensive amount of new bank notes has been taken
out during the past week.
The Pittsburgh Stock Exchange has continued to remain
closed this week, having thus suspended operations for more
than two weeks, or since Oct. 23. Governor Chamberlain
of Oregon, who declared a five-days holiday from Oct. 29
to N ov. 2, inclusive, issued a proclamation designating Mon
day, the 4th inst., as a legal holiday, and announced his
intention of declaring each succeeding day a holiday until
after the present stringency. The Portland “ Oregonian,” 1
however, stated on the 30th ult. that the banks would open
on that day (the 30th) on a clearing house basis.
The
Duluth Board of Trade, which suspended on Monday, the
28th ult., resumed trading on Monday the 4th inst.
— A t Sunday’s conferences with regard to the trust com
panies there were in attendance besides J. P. Morgan and
the directorates of the two companies concerned (the Trust
Company of America and the Lincoln Trust Company) r
George F. Baker, President of the First National Bank and
a member of the Finance Committee of the United StatesSteel Corporation; Charles Steele and George W . Perkins,
of the firm of J. P. Morgan & Co., Mr. Perkins also being a
member of the Finance Committee of the Steel Corporation;.
Henry C. Frick, member of, and Elbert H. Gary, Chairman,
of the Finance Committee of the Steel Corporation; Richard
Trimble, Secretary of the Steel Corporation; Paul Morton,
President of the Equitable Life Assurance Society; James
Stillman, President of the National City Bank; and Grant
B. Schley, of the Stock Exchange firm of Moore & Schley.
A t these conferences, it was learned on Monday, arrangements
had been made to place a certain amount at the disposal of
the Trust Company of America, and to extend further
assistance, provided the directors were willing to accede to
certain conditions. Similarly, it was decided to assist the
Lincoln Trust Company upon certain terms. There appears
to have been hesitancy, however, in both cases about accept
ing the conditions imposed and no final determination, there
fore, was reached until later. The entire board of the Lin
coln Trust, it was announced, had on Sunday night volun
tarily placed their resignations at, the disposal of the Com
mittee of Five of the Trust Companies, to be dealt with as
might be thought best. It was stated, however, that no
chang:s in the directorate were to be expected.
I t developed that one of the measures of relief contem
plated was the taking over by the United States Steel Cor
poration of control of the Tennessee Coal, Iron & Railroad
Company. The reason for this.action was that some of the
stock of that company was held by the Trust Company of
America as collateral for a loan and that other financial
institutions also held stock of that company as collateral,
the total amount so held being reported as about $10,000,000.
The details of this arrangement will be found in our Invest
ment News Department on another page. Stated in brief>■
the Steel Corporation, in exchange for the stock of the Coal
& Iron Company gives its sinking fund 5% bonds. The ad
vantage of the step to the financial institutions concerned is
that an eas'ly negotiable security is substituted for a stock
not readily marketable under present conditions.
A statement concerning the holdings of Tennessee Coal &
Iron stock by the Trust Company of America was issued on
Tuesday by Oakleigh Thorne, President of the trust com
pany, who said:
T h e T ru st C om p an y o f A m erica does n ot own a single share o f Tennessee
Coal & Iron stock. Th e T ru s t C om p an y o f A m erica has ou tsta n d in g loans
to responsible parties w ith Tennessee Coal & Iron sto ck as co lla te ra l to the’
sum o f $620,000, w h ich loans are a m p ly m a rgin ed.

The various banking interests were in session the greater
part of the day on Tuesday, and the evening conference at-

1182

THE CHRONICLE.

the home of Mr. Morgan brought forth the announcement
early Wednesday morning that it had been arranged that a
m ajority of the stock of the Trust Company of America and
the Lincoln Trust would be placed under the control of a
committee, the formal announcement in the matter being
as follows:
T h e C om m ittee o f T ru s t Com panies o f N e w Y o r k C ity has had the assets
o f th e T ru st C om p an y o f A m erica and the L in co ln T ru st C om pan y e x 
a m in ed b y ex p erts, w ho rep ort th a t In th eir ju d gm en t on the present basis
o f values the assets o f each co m p a n y are su fficient to p a y Its depositors in
fu ll.
I t has been arran ged th a t a m a jo r ity o f the stock o f each co m p a n y shall
be p la ced u nder th e con trol o f a co m m ittee com posed o f M r. K in g , Presiden t
o f the U n io n Tru st C om pan y; M r. Sheldon, P residen t o f the U n ited States
Tru s t C om p an y; M r. M arston, P resid en t o f the F arm ers’ L o an & Tru st
C om p an y; M r. VVaterbury, P resid en t o f the M an hattan T ru st C om p an y; M r.
Castles, P residen t o f the G u a ra n ty T ru st C o m p an y, and M r. W a lla c e , P resi
den t o f the Central Tru st C om p an y, w ho w ill a ct in an a d viso ry ca pa city
and the n ecessary fin an cial a rran gem en ts h ave been m a d e to en able both
com pan ies to proceed w ith th e ir business.
E D W A R D K I N G , C hairm an C o m m itte e o f Trustees.

During Wednesday, when, as a result of the above arrange
ment, money was paid out to the depositors of the two in
stitutions much more rapidly than theretofore, President
Thorne of the Trust Company of America caused to be
issued a statement dealing with the troubles which his com
pany had undergone in the past few weeks, and in which
he noted that more than $34,000,000 had been withdrawn
by the depositors. This statement we give herewith:
I th in k the tim e has com e now to ta ke the dep ositors, the stockholders
an d th e pu blic in to our con fiden ce. I h ave fe lt a ll a lon g th a t I w as a tru s
te e , p rim a rily , fo r the depositors and n ex t fo r the stockholders, and a ll o f
m y actions from the m om ent th a t I en tered in to o fficia l relations w ith the
T ru st C om p an y o f A m erica h ave been guided by a desire to m eet fa irly and
h on estly tne du ties o f this trusteeship.
Months ago I w as w arn ed, as Indeed w e a ll w ere, th a t there was dan ger
o f a period o f fin an cial stress com in g upon us, and we set abou t p u ttin g our
house in order.
W e p ro m p tly redu ced our loans and increased our cash
m eans to a p o in t w ere w e had a reserve la rg ely in excess o f th e legal requ ire
m e n t w hen th e crisis cam e; in d e e d , w e had so m uch m o n ey on hand th a t wise
and co n s erva tive bankers advised m e to pu t some o f our m o n ey and d e
m an d loans in to tim e loans.
W h en the storm broke, to m y u tte r a m a zem en t its ch ief lorce w as d i 
re cted again st the T ru st C om p an y o f A m e ric a .
I t is idle n ow to discuss
th e reason w h y . T h e fa c t rem ains th a t p u blic a tte n tio n w as riv eted upon
this in stitu tion b y new spaper pu blications and the run develop ed in to a
persisten t and steadfast dem an d.
Th is run is u nprecedented in the h istory o f b an king. On a fe w days
o u r receipts w ere in excess o f our p a ym en ts, but a lto g e th e r w e have paid
o u t since it began m ore than $34,000,000.
Th rou gh ou t the w hole period o f stress I h ave courted the closest e x a m i
n ation in to our affairs, and last S atu rd ay n ight a t m y Instance the banking
Interests w ho had been so helpfu l in the em ergen cy a ppointed a com m ittee
o f experts to go through our assets. These ex p erts had no Interest in the
m a tte r w h a teve r oth er than to m ake a fa ir and honest ex a m in atio n and
re p o rt to the gentlem en w h o had selected them .
T h e y fou n d, a fte r w o rk in g a ll n igh t S atu rd ay and h a lf the d a y on Sun
d a y , th a t w e had en ou gh, even a t the present low m a rket p rices, to p a y
e v e r y dolla r o f our deposits and to lea ve our ca p ita l In ta ct and a substantial
su rplu».
I th in k in the en d it w ill be profitable to the T ru st C om p an y o f A m erica
th a t this fierce ligh t should h ave beat upon It and should have disclosed the
ch a ra cter o f its securities. T h ere h ave been a ll so its o f w ild rum ors afloat,
bu t It is now d efin itely k n ow n th a t no o ffic e r or d ire c to r o f the bank has
been Im properly using Its funds fo r his ow n purpose; no o ffic e r or d irector
has had a loan here in excess o f the legal lim its, and the P resid en t o f the
in stitu tio n has no loan w h a te v e r.
N o r has a n y co m p a n y w ith w h ich the
P resid en t w as associated had a n y loans. I t is now disclosed th a t, measured
b y a n y standard o f good ban king, a t the com m encem en t o f this run o u r
assets w ere clean, our reserves a d eq u a te, and I am unable to see at a n y
p o in t th a t the m an agem ent w as in a n y w a y a fa ir su bject fo r criticism .
T o h ave paid out in tim es like these, u nder such general stress, the en o r
m ous am ou nt that w e have paid m ust be p ro o f conclusive to a n y banker
o f the prudence th a t has been observed in the con d u ct o f the business. I
h ave no apologies to m ake; the figures speak fo r them selves.
It has been suggested th at fo r some d a ys w e w ere unnecessarily slow In
the p a ym en t o f depositors.
In answ er It should be stated th a t w e h ave
fou nd each d a y upon ex a m in atio n o f the checks presented that 25 % or 30 %
o f them w ere n ot go o d . P eo p le h ave draw n a num ber o f checks against
th eir balances and put them In the hands o f the m en in the lin e. M a n y o f
these m en had each a large num ber o f checks in th eir possession.
I t w as ob vio u sly necessary to exam in e each check as presen ted, to
determ in e w h eth er the balance had a lrea d y been draw n out, and this
n a tu ra lly g re a tly dela yed our w ork .
T h ere has n ot been.a d a y on w hich
w e h ave paid less than 300 o r 400 checks.
I should be untrue to m y self i f I did not m ake ackn ow led gem en t o f the
splendid help w e received at the hands o f our fello w bankers In N e w Y o rk .
T h ere has been a great deal o f unnecessary m isapprehension on the part o f
the p u blic con cern in g this m a tte r.
N o o ffic e r or d ire c to r has been asked
to resign, and there has been no absorption o f this co m p a n y b y a n y oth er.
A n um ber o f gentlem en o f v e r y high ch aracter and undoubted responsi
b ility have en tered in to an agreem ent b y w hich a m a jo rity o f our stock is
to be dep osited w ith them as v o tin g trustees, and th e y are to a c t as an
a d v is o ry co m m ittee in coop eration w ith our board o f directors.

On Thursday both the Trust Company of America and
the Lincoln Trust Company promptly met the demands of
their depositors, and yesterday the runs on both institu
tions, it was thought, had practically ended.
— In addition to the cities mentioned last week as having
decided to issue clearing-house certificates, the plan has also
been adopted by Atlanta, Augusta, Ga., Nashville, Los
Angeles, Portland, Ore., and Seattle.
The Atlanta Clearing House Association took action in
the matter on Oct. 30, authorizing the issuance of certificates
to the amount of $2,000,000, and adopting the following reso
lution:
In v ie w o f the action taken b y the N e w Y o rk C learing H ouse, and sub
seq u en tly a d o p ted b y C h icago, S t. L ou is, Ph ila delph ia , C in cin n a ti, N e w
O rleans, N a sh ville, B irm in gh a m , B a ltim o re , L o u is ville. M em phis, M o n t
go m e ry, M obile, and m a n y o th er p rin cip al cities throu ghou t the cou n try,
re strictin g the sh ipm ent o f cu rren cy, and the restrictio n o f o th er business
to its proper ch ann el, the C learin g H ouse;
Therefore, be it resolved b y the A tla n ta C learing House A ssociation ;
1. T h a t u n til fu rth er n otice co llectio n s and bank balances be settled in
ex ch an ge o r C le a rin g H ouse certifica tes.
2. T h a t checks draw n on the m em bers o f this association be paid throu gh
th e A tla n ta C learing H ouse, and correspondents and custom ers be requested
to so sta m p th e ir checks.
3. T h a t paym en ts again st all accou nts. In clu din g certifica tes o f deposit
be lim ited to 150 in one d a y , or 5100 in one w eek (M o n d a y to S a tu rd a y ).
4. T h a t ex cep tio n shall be m ade to the a bove In case o f pay-rolls, which
shall be paid as fo llow s: A l l den om in ations o f $5 and o v e r In Clearing




[V o l .

lxxxv.

House certifica tes,a n d a ll den om in ations o f u nder $5 to be paid In cash as
desired.
B e it fu rth er Resolved, T h a t th e M an ager o f the A t la n t a C learin g House
A ssociation be Instru cted to g iv e n otice to th e correspondents o f the A tla n ta
C learing H ouse banks th a t the a b o ve resolu tion is In effe c t on and a fte r
this d a te and u n til fu rth er n otice.
A T L A N T A C L E A R I N G H O U S E A S S O C I A T IO N .

The Augusta (Ga.) Clearing House Association has also
taken steps towards issuing Clearing-House certificates. I t
is believed that certificates to the amount of $1,000,000 will
be all that is needed, and it has therefore been decided to
limit the issue to that amount. The Clearing-House an
nounced the adoption of the plan in the following statement:
In v ie w o f the action taken b y the N e w Y o r k C learing House and subse
q u en tly a d o p ted b y C h icago, S t. L o u is, P h ila d elp h ia , C in cin nati, N e w
O rleans, N a s h v ille , B irm in gh am , B a ltim o re , L o u is v ille , M em ph is, M o n t
g o m e ry , M o b ile, A tla n ta ,a n d m a n y o th er princip al cities th rou ghou t the
co u n try, restrictin g the shipm ent o f cu rren cy, and the re strictio n o f o th er
business to Its proper channel, the C learing H ouse;
T h e re fo re , Be It R e s o lv e d , b y the A u gu sta C learing-H ou se A ssociation ;
1. T h a t u ntil fu rth er notice collections and bank balances be settled In
exchange fo r C learing-H ou se certifica tes.
2. T h a t checks d raw n on the m em bers o f this A ssociation be paid through
the A u gu sta Clearing H ouse, and correspondents and custom ers be re 
quested to so stam p th e ir checks.
3. T h a t pa ym en ts again st all accounts, in clu d in g certificates o f d ep osit,
be lim ited to $50 In one d a y , o r $100 in one w eek (M o n d a y to S a tu rd a y ).
4. T h a t ex cep tio n shall be m ade to the a bove in case o f pa y-rolls, which
shall be p a id as fo llow s; A i l den om in ations o f $5 and o v e r In C learing-H ou se
certifica tes and all den om in ations o f u nd er $5 to be paid in cash, as desired.
Be I t F u rth er R e s o lv e d , T h a t the M an ager o f the A u gu sta Clearing
H ouse A ssociation be instructed to g iv e n otice to the correspondents o f the
A u gu sta C learing H ouse banks th a t the a b o ve resolu tion is In e ffe c t on and
a fte r N o v e m b e r 5th and u ntil fu rth er n otice.

— The issuance of Clearing-House certificates in Savannah
was decided upon by the Clearing-House Association on the
5th inst. The Association has authorized the issuance of
certificates equal to 30% of the combined capital, surplus
and Undivided profits of the ten banks in the Association,
and each bank is to deposit with the Clearing House securities
valued at 50% in excess of the amount of certificates issued
to it.
The Los Angeles Clearing House Association decided upon
the issuance of Clearing-House certificates on the 30th ult.,
and through its President, J. A . Graves, made the following
statement concerning its action:
L o s A n g eles has taken the same a ctio n throu gh Its C learing H ouse asso
cia tion as has a lrea d y been taken th rou ghou t the Eastern cities and San
Francisco.
W h ile there are no clouds in the fin a n cia l sk y o f Los A n geles
the m om en t the L os A n g eles banks w ere in form ed b y th e ir San Fra n cisco
and Eastern correspondents th a t th e y w ou ld n ot ship them a n y pa rt o f
th e ir deposits in m o n ey, and w ou ld h on or d r a fts w hen stam ped " p a y a b le
through the C learing H ou se,” It becam e necessary fo r them to take the same
a ction fo r th e ir p ro tectio n .
A s soon as the co m m u n ity understands the situ ation , w e th in k It w ill
h ea rtily co-operate w ith the banks and th a t no fin ancial distu rbance w ill
occu r from this action .
I
cannot pu t the course to be pursued b y the general p u b lic m ore clea rly
than It has been pu t -by the San Francisco C learing House throu gh Its
P resid en t, H o m er S. K in g , as the same appears in our m o rn in g papers,
su bstitu ting L os A n geles fo r San Francisco. I qu ote from the rep ort as
fo llow s;
“ Checks received b y m em bers o f the co m m u n ity in regu lar course o f
business should be deposited as usual, each In his ow n b a n k ,a n d th e y w ill
be redeem ed through the C learing House ju st as th e y alw ays w ere, ex c e p t
th a t the C learing House balances betw een banks w ill be settled b y c e r tifi
cates Instead o f go ld .
*
"C h eck s w hen presented o v e r the cou nter fo r collection w ill be certified
‘ P a ya b le through the L os A n g eles C learing H ou se,’ and then m a y be regu 
la rly used fo r all pa ym en ts. Such checks w ill be fre e ly accepted on dep osit
a t the counters o f the oth er banks or In p a ym en t o f am ounts due the la tte r.
T h e y w ill also answ er fo r p a ym en t o f b ills, a n d , in sh ort, pass cu rren t as
m o n ey. Such checks, under o rd in a ry circum stances, are preferred to
m o n ey .
" T h is is the first tim e th a t th e L os A n g eles C learing House has fe lt it
necessary to pursue such a c tio n , althou gh It has been taken several tim es
heretofore b y banks In N e w Y o r k . C h ica go , and oth er Im p o rta n t c ities.”

The Los Angeles Clearing House Committee, a* a meeting
on the 7th inst., also decided to issue scrip (in denominations
of $1, $2, $5, $10 and $20) to avoid trouble locally.
The Portland, Oregon,JClearing House Association adopted
its resolutions on Oct. 28. These resolutions were as follows:
Whereas, Th e banks o f P o rtla n d h ave re ceived teleg ra p h ic advices th a t
all the principal clearing house associations In the U n ited States have d e
cided to refuse to ship coin o r cu rren cy against the deposit balances o f th eir
correspondents: th erefo re.
Be it Resolved: First— T h a t the banks o f the C learing House A ssociation
o f P o rtla n d decline to ship coin or cu rren cy to th eir o u t-o f-tow n corre
spondents.
Second— T h a t all checks, certifica tes o f dep osit o r d ra fts o f custom ers
and o f ou t-of-tow n correspondents be paid o n ly through the C learing House
and in Clearing House funds.
T h ird — T h a t all item s on ou t-of-tow n banks be taken o n ly fo r co llectio n ,
su bject to p a ym en t In legal ten d er.
Fou rth — T h a t the savings banks o f the c it y o f P o rtla n d be instructed to
dem and n otice o f w ith d ra w a l o f fu n ds.
F ifth — T h a t this action be and rem ain In force so lo n g as the lea d in g
cities o f the U n ited States m ain tain a sim ilar p o lic y .

The following resolution was also adopted:
F o r the purpose o f en a b lin g the banks, m em bers o f the P o rtla n d Clearing
H ouse, to a fford p roper assistance to the m erca n tile co m m u n ity , and also
to fa cilita te the Inter-bank settlem ents resu ltin g from th eir d a ily exch an ges,
be it
Resolved, T h a t a n y bank In the Clearing-H ouse m a y at It* o ption deposit
w ith the Loan C om m ittee o f the Clearing House an am ount o f bills re c e iv 
able, bonds or oth er securities, to be a pproved b y said co m m ittee, w h o
shall be a u th orized to Issue th e ieo n to said d ep ositin g bank certifica tes o f
dep osit, bearing Interest at 7 % per annum , in den om in ations o f $5,000, to
an am ou nt equ al to 75 % o f such deposits. These certificates m a y be used
In the settlem en t o f balances a t the Clearing House fo r a period o f 30 days
from the da te th e reo f, and th e y shall be re ceived b y cred itor banks du rin g
th a t p eriod , d a lly , in the same p roportion as th e y bear to the a ggregate
am ou nt o f the d eb to r balances paid a t the C learin g H ouse. T h e in terest
w hich m a y accrue upon these certifica tes shall at tne ex p ira tio n o f 30days
be ap p o rtio n ed a m o n g the banks w h ich shall have held them d u rin g tne
tim e.
, ,, .
T h e securities deposited w ith said co m m ittee as above nam ed snau De
held b y them In tru st asja special dep osit, pled ged fo r the re d em p tio n o f
the certfica tes Issued thereupon.
T h e co m m ittee shall be au thorized to exch an ge a n y po rtio n o f said securi
ties fo r an equ al am ount o f others, to be a pproved b y them a t the request o f
the d ep ositin g ban k, and shall h ave p o w er to dem and a d d itio n a l secu rity,
eith er b y an exch an ge o r an Increased am ou nt, a t th e ir discretion.

N ot. 9 1907. J

THE CHRONICLE

J? 'The issue of certificates, the papers state, is not to exceed
$ 1 ,000 ,000 .

The Hartford Clearing House recommended to the mem
bers of the association that they certify and stamp checks
presented for payment as “ accepted payable through” the
Clearing House; and also the use of special forms of checks,
in denominations of $20, $10, $5, $2 and $1 by local manu
facturers. These recommendations are embodied in the
following resolutions:
T h e H a rtfo rd Clearing House A sso cia tion .
H a rtfo rd , C o n n ., N o v . 4 1907.
A t a special m e etin g o f the H a rtfo rd C learing H ouse A ssociation held
to -d a y , a ll the m em bers being represented, the fo llo w in g resolutions w ere
passed unanim ou sly:
Whereas, Checks, notes and oth er Item s p a y a b le a t banks o f this associa
tio n are b y custom and p ra c tic e p a ya b le through the C learing H ouse; and
Whereas, T h ere Is now an unusual sca rcity o f cu rren cy, th erefo re, be it
Resolved, T h a t the H a rtfo rd C learing House A ssocia tion recom m en ds to
the variou s banks, m em bers o f the A ssociation , th a t th e y c e r tify and stam p
checks presented to them fo r pa ym en t as follow s: "A c c e p te d payable
throu gh the H a rtfo rd C learin g H o u s e "; also, th a t the banks request th eir
dealers to stam p th eir checks in a sim ilar m anner: “ P a y a b le throu gh the
H a rtfo rd C learing H o u se.”
Voted, T h a t the m a n u fa ctu rin g com panies o f H a rtfo rd be and th e y are
h ereb y recom m en ded to use in m a k in g th e ir pa y-rolls, checks d raw n b y
th em selves on th e ir ow n banks, m ade p a ya b le to " b e a r e r ,” and ‘ ‘throu gn
the H a rtfo rd C learin g H o u se,” in den om in ations o f tw e n ty , ten , fiv e , tw o
and ®ne dollars, re sp e c tiv e ly .
H . W . STEVENS,
R . W . CU TLER,
l£
,
G. H . B U R T ,
L'
C om m ittee o f the H a rtfo rd C learin g H ouse A ss o c ia tio n .

The Harrisburg (P a .) financial institutions have adopted
precautionary measures in the decision to pay cash only for
actual needs, and to issue checks payable through the
Clearing House for other requirements.
— A t a special meeting on the 1st inst the Boston Stock
Exchange adopted resolutions expressing to J. Pierpont
Morgan and his associates appreciation of their “ timely,
disinterested, courageous and wise action” during the re
cent crisis.
The resolutions, which were presented by
Major Henry L . Higginson, of Lee, Higginson & Co., were
as follows:
T h e P resid en t and m em bers o f the Boston S tock E xch an ge wish to e x 
press th ir d eep and grea t ad m ira tio n fo r the tim e ly , d isin tere sted , courage
ous and wise action o f J. P ie r p o n t M organ and his associates du rin g the re
cen t crisis. W e ow e to them our presen t im p ro ved co n d itio n , and we offer
to th em , as h igh -m in ded pu blic citizen s, w ho have preferred the go o d o f
oth ers to the go o d o f them selves, our h ea rtiest thanks.

v

The total amount of certificates issued thus far by the
Boston Clearing House is $7,820,000. The total up to
Thursday, October 31, as given in our issue of last week,
was $5,995,000. Since then the amounts issued daily have
been: Friday November 1, $75,000; N ov. 2, $600,000;
N ov. 4, $550,000; N ov. 5, $100,000; and N ov. 6, $500,000.
There were no applications for certificates on Thursday,
the 7th inst.
— In Memphis, where the savings banks have enforced
the sixty-day notice affecting the withdrawal of deposits,
the Clearing House has adopted a resolution to the effect
that the banks in the Association “ will hereafter discon
tinue crediting all out-of-town items except on New York,
and such other cities as they are daily themselves drawing
drafts against, and such places as those cities give immedi
ate cash credit for, until such items have been actually
collected.”
— For the purpose of protecting their interests in the
present financial situation, the banks of Austin, Texas,
have formed a Clearing House Association, with George
W . Littlefield, President; E. P . W ilm ot, Vice-President
and W . H . Folts, Treasurer. In the following resolution
it was decided to lim it withdrawals by depositors to $50.
Resolved, T h a t, re a lizin g the n ecessity o f con certed action b y the banks
o f A u stin fo r the p rotectio n o f our dep ositors and the business Interest
o f T r a v is C o u n ty, we h ereb y agree and bind ourselves th at from and a fte r
this d a te w e w ill n ot p a y a n y one d ep osito r m ore than 10 % o f his balance,
the am ou nt pa id out not to ex ceed $50 in an y case on a n y one d a y . This
resolu tion n ot to a p p ly to accounts o f $5 and under. Th is resolu tion to
rem ain in fo rce and effe c t u ntil rescinded b y the banks here to signing.
Signed b y : A m erican N a tio n a l B an k, G eorge VV. L it t le fie ld , Presiden t:
A u stin N a tio n a l B ank, E . P . W ilm o t, P resid en t: S ta te N a tio n a l B ank, John
H . R obin son , P resid en t: C apital Bank & T ru st C o m p an y, W . H . R ic h 
ardson , P resid en t: C itizen s’ B ank & T ru s t C o m p an y, W illia m R . H a m b y ,
P r esid en t.

— The Fort W orth Clearing House Association has also
decided to limit cash payments, a notice as follows having
been issued in regard to the action.
B y ord er o f the P o r t W o rth C learing H ouse; In v ie w o f the action taken
b y the clearin g houses o f C h icago, St. L ou is, N e w Y o r k , Kansas C ity and
o th e r large cities in the co u n try , and fo r the p rotectio n o f the p u blic and
business Interests o f F o rt W o r th . It has been d eem ed a d visa b le b y a ll the
banks o f this association to cease cu rren cy pa ym en ts, e x c e p t In sm all
am ou nts, u ntil the financial situ ation o v e r the co u n try Is q u ie te d .
Th is has been o rd ered b y the F o rt W o rth Clearing H ouse, o f which the
undersigned banks are m em bers, and th erefore o n ly checks o r certifica tes o f
d ep osit fo r $50 o r less w ill be paid in cu rren cy In an y one d a y , and n ot more
than $100 In an y one w eek on a n y one accou nt. Checks fo r a n y am ount
w ill be p a id through the C learing H ouse, as h ereto fo re.
Th is rule Is in fo rce b y a ll o f the fo llo w in g banks: F irst N a tio n a l B ank,
F o rt W o rth N a tio n a l B an k, T r a d e rs ’ N a tio n a l B an k, C on tin en tal Bank &
T ru s t C o m p an y, W a g g o n e r B an k & T ru st C o m p an y, A m erica n N a tio n a l
B an k, Farm ers Sc Mechanics N a tio n a l B ank, S tate N a tio n a l B ank, W estern
N a tio n a l B an k, S tock Y a r d s N a tio n a l Bank o f N o rth F o r t W o r th and E x 
change N a tio n a l Bank o f N o rth F o rt W o rth .




1183

A t the request of leading business houses, the Association
has also arranged to issue bank cashiers’ checks, payable
through the Clearing House, in denominations of $5, $10
and $20.
Other cities not mentioned above which have decided to
issue cashiers checks are St. Louis, where the checks are
in denominations of $1, $5 and $10; Cincinnati, which has
issued $2, $5, $10 and $20 checks; Denver, where the checks
are in sums of $5, $10 and $20.
The Chicago Clearing House Association has perfected
arrangements to issue Clearing House checks of small de
nominations, in case it is found necessary that such’ issuance
is desirable.
Sub-Treasurer Ralston, at San Francisco, it is said, has
been authorized to pay all Government checks drawn upon
any Sub-Treasury in the United States. Heretofore, only
checks drawn upon funds in San Francisco have been paid
at that office.
— E. A . Lindsey, President of the Tennessee Bankers’
Association and Vice-President of the First National Bank of
Nashville, has issued a letter to members of the State organi
zation, suggesting that, “ since the banks in the larger cities
throughout the United States found it necessary to take steps
to safeguard their currency supplies by limiting the amount
of actual cash paid over the counter, a similar course should
be adopted by all the banks in this State.”
— The formation of another committee representing de
positors of the Knickerbocker Trust Co. of this city
was announced on Thursday. Herbert L . Satterlee, of the
law firm of Ward, Hayden & Satterlee, is counsel for the
new committee, which is said to represent a larger amount
of deposits than any of the other committees. The follow
ing statement regarding its organization has been issued by
Mr. Satterlee:
Som e o f the la rgest depositors o f the K n ick erb o ck er T ru st C om p an y
h a v e com bin ed th e ir interests and ap p o in ted a co m m ittee to represent
th e m . Th is co m m ittee w ill consider in a fa ir and fr ie n d ly spirit a ll p ropo
sitions to re h a b ilita te the K n ick e rb o c k e r T ru st C om p an y in so fa r as a n y
plan design ed to p erm it the said co m p a n y to resum e is fram ed In such a
w a y as to p reserve and p r o te c t the depositors rights and be to th e ir a d 
va n ta g e.
T h e co m m ittee has arranged th at the Farm ers L e a n & T ru st C o m p a n y,
the U n io n T ru st C om p an y and the U n ite d S ta tes T ru s t C om p an y shall a ct
jo in tly as d ep o sita ry o f the d ep ositors’ account as soon as the plans o f the
co m m ittee h ave been d efin ite ly fo rm u la ted .
T h e co m m ittee m e t to -d a y and effected a tem p o ra ry orga n ization . In
the n ear fu tu re th e y w ill add to th eir num bers and elec t p erm a n en t o fficers
and announce some h eadqu arters w here th e y m a y be addressed b y le t t e r
o n ly . T h e co m m ittee consists o f Messrs. T h om as De W i t t C u y ler o f the
P en n sylva n ia R a ilro a d C om p an y: G eorge B . P o s t, o f G eorge B . P o s t <5»
Sons, a rch itects; H in sd ill Parsons, F o u rth V ic e -P re s id e n t o f the G en eral
E le c tric C om p an y; W . B u tler D uncan J r., real esta te; W . P . B o n b iig h t,
o f the C entral C olo ra d o P o w e r C om p an y; and H e r b e rt L . S a tte rle e , o f
W a r d , H a y d e n & S a tterlee, as counsel to the co m m ittee . N o n e o f the
ge n tlem en nam ed are stockh olders In the tru st com pa n y.

The committee of which Samuel Untermyer is Counsel,
and which also represents depositors, announces through
one of its members that it will be glad to co-operate with the
new committee in the endeavor to effect the re-opening of
the institution. Supreme Court Justice Clark on Saturday
last postponed until November 30 action making permanent
the receivership of the company. An understanding was
at the same time reached with Justice Clark by Counsel
representing the institution whereby it will be possible for
depositors having loans with the company to offset their
depsoits against the loans.
— A petition in bankruptcy was filed yesterday against the
New York Stock Exchange firm of Kessler & Co., which
assigned October 30. The petitioners are the Cripple Creek
Central R y. Co., which had deposited with the firm $119,841,
and also had approximately $4,564 of outstanding checks
upon which the liability remains to be determined; James
F. W hite & Co. and the Schweizerische Bankverein.
— The New York Stock Exchange firm of Mayer (fc Co.,
which assigned October 22, and against which a petition in
bankruptcy was filed on the 23d ult., consented to an ad
judication in bankruptcy on the 1st inst. Judge H olt has
designated William H. Willis referee in bankruptcy.
— Presiding Justice Sweetland of the Supreme Court has
appointed Rathbone Gardner and James M. Scott as co
receivers, with Cornelius S. Sweetland, of the Union Trust
Company of Providence, R . I. The last named was ap
pointed on October 25, the day of the company’s suspension.
The temporary receivership has been extended to December 7
when there will be a hearing on the question of the appoint
ment of a permanent receiver.
— The suspension of several small banking institutions
ceurred on Monday. The Aurora National Bank of Aurora,

1184

THE CHRONICLE

Ind., was one of these. I t was organized in 1883 and had a
capital of $50,000. Its deposits are said to amount to $165,000. Frank B. Shutts has been appointed receiver.
— The First National Bank of Leetonia, Ohio, failed to
open on Monday, and a notice on its doors stated that its
affairs would be liquidated. The bank’s capital was reported
as $100,000.
— The closing of the Bankers’ Trust Company of Kansas
City, Mo., on Oct. 28, is said to have resulted in the suspen
sion of the Coyville State Bank of Coyville, Kan.; the Garland
State Bank of Garland, Kan., and the Citizens’ State Bank of
Mulberry, Kan., each having a capital of $10,000.
— The reports last week that the First National Bank of
Murfreesboro, Tenn., had closed its doors on the 1st inst.
because of a run appear to have been unfounded, as the bank
was open as usual on that day. The rumors affecting the.
bank grew out of the temporary embarrassment of W . B.
Earthman & Co., some of whose paper is held by the bank.
The statement, however, made by Cashier Henry H. Williams
to the effect that the bank was all right, and that every de
positor was safe, served to reassure the depositors. On
the 2nd inst. the three banks of the city— the First National,
the Murfreesboro Bank & Trust Company and the Stone
R iver National— adopted Clearing-House rules with respect
to the withdrawal of deposits, the maximum withdrawal
by any one depositor being fixed at $25 per week.
— The Globe National Bank of Globe, A riz., suspended on
the 5th inst. The institution has a capital of $50,000. Its
deposits are said to amount to $300,000.
— The Citizens’ State Bank of San Francisco, taking ad
vantage of the holidays declared by the Governor, suspended
payment on the 6th inst., although it did not close its doors.
I t is stated that the directors decided to avail of the holidays
because of the fact that the institution, not being a member
of the Clearing House, was obliged to settle its balances in
gold, and its funds were being rapidly exhausted.
— The Title Guarantee & Trust Co. Savings Bank of Port
land, Ore., was placed in the hands of a receiver on the 6th
nst., George H. Hill, Vice-President of the institution,
having been appointed receiver by Judge W olverton. The
action was the result of a complaint entered by N. Coy,
said to be the owner of 592 shares of stock of the institution,
which has a capital of $200,000.
— The Merchants’ & Planters’ Bank of Lawton, Okla.,
capital $2o,000, failed to open its doors on the 7th inst.
In the bank’s statement of September 3 its deposits were re
ported as $52,237.
— The Woods National Bank of San Antonio, Texas,
owing to steady withdrawals, reducing its reserve below the
required limit, suspended payment on the 7th inst. Under
the call of August 22, the institution showed a capital of
$200,000 and deposits of $1,292,256.
— The Nye & Ormsby County Bank of Carson City, Nev.,
with branches at Goldfield, Reno, Manhattan and Tonopah,
which decided to close on Oct. 23, reopened on the 28th,
although the holidays declared by the Governor were still in
force. The demands of a depositor at its Goldfield branch,
however, were such that it again decided to close its doors,
and remain shut until the termination of the holidays. The
Nevada holidays began on the 23d ult., Governor Sparks at
first proclaiming a three days’ holiday. On Saturday the
26th ult. seven more legal holidays were proclaimed, but it
was stated that these were not compulsory, and that the banks,
with one or two exceptions, would open as usual onMonday
the 30th ult. The State Bank & Trust Company of Carson
City, with its branches, and the Nye & Ormsby County Bank
were the exceptions.
— In Oklahoma, where a six-days’ holiday, extending
from October 28 to November 2, had been proclaimed, the
banks resumed business at Guthrie and other points on the
1st inst. The sums that might be withdrawn, however,
were limited, the Guthrie institutions restricting cash pay
ments to $5 in one day and $15 in one week. The Shawnee
banks limited the daily withdrawals to $5 and the weekly
payments to $10.
— The lately organized Sherman National Bank of this
city, which has previously been referred to in these columns,
commenced business on Wednesday the 6th inst., in the




[V o l .

lxxxv.

quarters formerly used by the Astor National Bank, in the
Astor Court, 18-20 West 34th Street. The President of the
institution is Edward C. Smith of St. Albans, V t., ex-G overnor of Vermont. W illiam H . Maclay is Vice-President
and active manager of the bank, and Charles G. Colyer isCashier. The directors were mentioned in our issue of Oc
tober 5. The bank has a capital of $200,000 and a surplusof $50,000.
— Arthur Curtis James was this week elected a trustee o f
the United States Trust Company of this city to succeed his
father, the late D. Willis James. John S. Kennedy has been
elected a member of the company’s executive committee.
— The directors of the Williamsburg Trust Company o f
Brooklyn Borough (which still remains closed) at a meeting
on the 1st inst. elected Marshall S. Driggs, President, to
succeed Frank Jenkins, who resigned last week. Mr.
Driggs is also President of the Williamsburg City Fire
Insurance Company.
— The Massachussetts law permitting savings banks to
establish departments for issuing industrial life insurance
policies and annuities became operative on the 1st inst.
It is stated, however, that the details incidental to the
preparation of policies cannot be completed before three
months more at least. The People’s Savings Bank o f
Brockton, Mass., of which Ex-Governor William L. Douglas
is President, is the only institution which has thus far an
nounced its intention of availing of the provisions of the
new law.
— Josiah H , Goddard has been elected President of the
South End National Bank of Boston to take the place of
the late John A. Pray. Randall G. Morris succeeds Mr.
Goddard as Vice-President.
— George H. Corey was lately elected Cashier of the
People’s National Bank of Roxbury (Boston) to succeed
Wilbur F. Beale, who was Acting Cashier and who resigned
to become Treasurer of the New Dorchester Trust Company
of Dorchester, Mass.
— The proposition to increase the capital of the Colonia
Trust Company of Philadelphia from $250,000 to $500,000
will be submitted for the approval of the stockholders on
December 2.
— Announcement has been made by Receiver John H .
Strawn of the Farmers’ & Drovers’ National Bank of Waynesburg, Pa., to the effect that the institution, which closed
its doors on December 12 1906, will not resume business.
Repeated efforts to reorganize the bank had been made,
and the Comptroller of the Currency has on several oc
casion extended the time for perfecting arrangements to
that end. An assessment of 100 per cent has been levied
upon the stockholders. Two indictments against former
Cashier J. B. F. Rinehart, it is reported, were returned by
the Grand Jury on the 26th ult., on charges alleging mis
application of funds and false entries.
— The stockholders of the Treasury Trust Company o f
Pittsburgh at a special meeting on the 19th ult. ratified
the proposition to liquidate the affairs of the institution,
and to distribute the remaining assets among the share
holders. The company, it is said, had already transferred
its deposits to the Traders’ & Mechanics’ Bank of Pitts
burgh. A controlling interest in the bank is owned by the
Treasury Trust, and reports state that its holding of the
shares in the same will likely be divided proportionately
among the trust company’s stockholders.
— Charles W . Heuisler and John Phelps were on the 31st
ult. appointed co-receivers of the Farmers’ Trust, Banking
& Deposit Company of Baltimore, to act with Elbridge S.
Johnson and Beverly W . Wister, who were appointed
receivers by consent on October 9. The appointment of
the co-receivers was asked for by the minority stockholders
and the depositors of the institution’s Galena branch, the
latter representing a m ajority of the depositors.
— The stockholders of the West End Bank & Trust Com
pany of Cincinnati on the 23d ult. unanimously ratified
the proposition referred to heretofore to increase the
capital of the institution from $50,000 to $100,000. Practi
cally all the new stock will be taken by existing shareholders
at $110 per share.
— S. K . Barstow has been advanced from the vice
presidency to the presidency of the State Banking & Trust

Nov. 9 1907.]

THE CHRONICLE.

Company of Cleveland, Ohio, to fill the vacancy due to the
death of Dr. H . W . Kitchen.
— Ralph Van Vechten, Vice-President and director of the
Commercial National Bank of Chicago, E. H . G ary and R . H.
McElwee, both directors of the same institution, have become
large stockholders in the Manufacturers’ National Bank of
Racine, Wis. A t the next election, Jan. 1 prox., it is on the
slate that ex-State Senator O. W . Johnson will be elected
President and Warren J. Davis of the First National Bank
of Marinette, W is., Cashier.
— A t the last meeting of the Bankers’ Club of Chicago
Charles G. Dawes, President of the Central Trust Company
of Illinois, was elected President; H . A . Haugan, President of
the State Bank o i Chicago, Vice-President, and W . D. C.
Street, Manager of the Chicago Clearing House, Secretary.
— Charles H . Deere, President of the Deere & Company
Plow Works at Moline, 111., and prominently connected with
many “important financial institutions in the Middle West,
died on the 28th ult. at the Lakota Hotel, Chicago, after
several weeks’ illness of pernicious anaemia. Mr. Deere
was a director in three Chicago banks— the American Trust
& Savings, the Western Trust & Savings and the Farwell
Trust Company— and was President of the People’s Savings
Bank & Trust Company of Moline. He was born in Hancock,
V t., in 1837.
— Ralph N. Ballou, who was made Assistant Cashier of the
National Produce Bank of Chicago at the time of its form 
ation during the summer, has recently become Cashier of
the institution. The bank commenced business on Aug. 26.

1185

— The Anglo-South American Bank, L td ., Charles A .
Edwards, agent, has been appointed the New York agency
of the National Bank of South Africa, L td ., form erly repre
sented in this city by the Sovereign Bank of Canada. The
head office of the National Bank of South Africa’s one hun
dred South African branches is in Pretoria. The National
Bank of Australia, L td ., head office Melbourne, with one
hundred and fifty branches in Australia, has also made the
Anglo-South American Bank its New York agent.
— H . S. Strathy, whose retirement from active business
has been contemplated for some time past on account of
his advanced age, resigned as General Manager of the
Traders’ Bank of Canada (head office Toronto) on the 18th
ult. He has been succeeded in the office by Stuart Strathy,
his son, who a year ago became Assistant General Manager. In
accepting H . S. Strathy’s resignation, it was made a condi
tion that he consent to become a director of the institution,
and to this he assented.
— The old Custom House building on W all Street, which
the Government has just vacated, will be remodeled for the
National City Bank, its present owners. The twelve huge
monolith columns on the W all Street facade will remain
standing, the first floor and entrance lowered to the street
level, the additional story on top of the old structure re
m oved, and four new stories built in conformity with the
building’s other architectural features. Corinthian columns
placed above the great columns below will adorn the W all
Street side of the three new stories, with a frieze next and
then a balustrade. The qld*Custom House occupies the
entire block bounded by W all Street, William Street, E x 
change Place and Hanover Street. The alterations will
require a year.

— A second dividend of 20 per cent, making 40 per cent
thus far, was recently paid to the creditors of the Minnesota
Title Insurance & Trust Company of Minneapolis, which
closed its doors on March 26.
— James F. T oy, President of the First National Bank of
“ M O N E Y A N D IN V E S T M E N T S ” — A Reference Book for
Sioux City, Iowa, makes the announcement that an agree
the Use of Those Desiring Information in the Handling
ment has been entered into whereby Edward Tilden of
of Money or the Investment Thereof. B y Montgomery
Chicago is soon to become the owner of some of the bank’s
Rollins, Boston, Mass. Published by Dana Estes &
stock. Other interests, he states, may also be added later,
Company, Boston, and Gay & Bird, London; cloth, 8vo.
as it may from time to time be deemed proper, but the
$2 net.
■control of the bank remains as before, and there has not been,
In
this work Mr. Rollins aims to explain, in language as
and there is no probability of, any change being soon made
little
technical as possible, the many most commonly used
in any of the officers or directors.
terms and expressions relating to financial and investment
— Under the name of the Bank of Commerce, a new in
stitution is to be incorporated to operate in Pueblo, Colo. matters. He has had in mind, in the publication of the
work, the beginner in the handling of money, seeking assist
The bank is to begin business by November 15, and it will
ance in unraveling the mysteries of the expressions of W all
have a paid-up capital of probably $50,000. The officers
and
State streets, and this class particularly will find the
will be George McLagan, President; C. H. Bristol, Vicebook a veritable encyclopedia.
President and A . Saunders, Cashier,
The ordinary investor, to say nothing of the less experi
— The W yandotte State Bank of Kansas City, Kansas,
enced clerk or salesman in a banker’s or broker’s office, has
{capital $100,000) was absorbed on the 29th ult. by the
long been in need of some volume giving in concise form not
Commercial National Bank of that city. The absorbed
only an explanation of the thousand-and-one financial terms
institution had deposits of about half a million dollars.
and subjects now met with, but furthermore to aid him in
— The Mercantile Trust Company of Little Rock, Ark.,
doing distinct pieces of work, such as to buy a bill of ex
is reported to have recently filed a certificate increasing its
change, &c. Heretofore it has been necessary to refer to
■capital from $250,000 to $300,000.
many different books or to go without the information. In the
— It is reported that the stockholders of the Wachovia present volume Mr. Rollins has admirably succeeded in
Loan & Trust Company of Winston-Salem, N. C., at a
covering this large field. As an example of what m ay be
meeting on the 30th ult., decided to increase the capital found in the work, we give the following extracts:
■of the institution from $600,000 to $1,000,000.
— The business of the Planters’ & Mechanics’ National
Bank of Houston, Texas, has been taken over by the Union
Bank & Trust Company of Houston, the consolidation
having gone into effect on Monday the 28th ult. Nego
tiations to this end had been under way for some months,
and were brought to a focus through the ill health of Presi
dent F. A . Reichardt of the bank, who had been advised
to relinquish business cares. The bank was organized in
1891. It had a capital of $200,000 and its deposits on
August 22 were $1,377,399. Cashier George Harhman will
be identified with the Union Bank & Trust. The latter
has a capital of $500,000, surplus and profits of $237,450
and deposits (before the consolidation) of three and a half
million dollars.
— The Bank of Drain, at Drain, Oregon, which closed
its doors temporarily on August 21, reopened on October 22.
The bank’s closing was due, it was reported, to the sus
pension of the Oregon Trust & Savings Bank of Portland,
which held a m ajority of the stock of the Drain institution.
A ll this stock is now said to be owned by local business men.




A ccounts payable.— Open accounts w ith others sh ow in g sums due t h e m ,
b u t n ot evid en ced b y form s o f Indebtedness, such as notes o r acceptan ces.
Assets.— E v e ry th in g o f a n y supposed v a lu e b elo n gin g to a person, busi
ness o r co rp o ra tio n Is ca lle d “ assets,” such as p r o p e rty , real esta te, m a 
ch in e ry , m erch andise, m a teria l and sto ck In process o f m a n u fa ctu re, cash
and deb ts re c e iv a b le , p a ten t righ ts, tra de-m a rks, g o o d -w ill, profits, &c.
B a llo o n in g .— T o m an ipu late prices up beyon d le g itim a te va lu es, to unsafe
lim its; In excess o f In trin sic w o rth .
Ban kers' S te rlin g — “ E x c h a n g e ” on G reat B rita in as purchased at som e
bank or ban kin g house, as distinguished from regu la r ' ‘ b ills o f e x c h a n g e ,”
accom panied b y bills o f la d in g, as held b y the sille rs or exporters sh ow in g
am ou nt due them .
B ank o f D is co u n t.— One w hich em p loy s deposits and oth er funds la rg e ly
In discou n tin g n otes, b ills o f exch an ge, &c. N a tio n a l banks are o f th is
kin d , bu t savin gs banks are n o t.
B e a r.— One w h o b elieves th a t cond ition s are rip e fo r a d eclin e in p rices,
or one w h o desires such an e v e n t, and talks “ bearish” a c c o rd in g ly .
One
m a y b elie ve th a t the price o f a certain secu rity Is a b o u t to d ec lin e , and
th erefo re Is said to be a “ b ea r” on th a t p a rticu la r secu rity, w hereas he m a y
n ot n ecessarily be so on others. T h e n atu ral a ttitu d e o f a “ b ea r” is th a t
o f a seller, but he m a y be so fo r the sake o f b u yin g la te r a t a lo w e r price.
I t Is said th a t the greatest “ bears” are “ b u lls” w h o h ave so ld out th e ir
h oldin gs.
Street C a ll Loan s.— L oan s m a d e to or betw een brokers; loans c a rry in g
S tock E x ch an ge and sim ilar securities as c o lla te ra l; loans m a d e in th e
“ S tr e e t,” m ean in g W a ll S treet, S ta te S treet, & c., and represen tin g in a
b roader sense the financial centres o f N e w Y o r k , B oston , &c.

That the work will be of great assistance to those in whose
interest it is especially written there can be no doubt; and
it is safe to assume that others already possessing a fair
knowledge of financial terms will also find the book a helpful
guide.

1I8«

THE CHRONICLE.

[V o l .

lxxxt.

S ALE S O F STOCK A T T H E N E W Y O R K S TO CK E X C H A N G E .

Canadian Bank Clearings.— The clearings of the Canadian
banks for the'm onth of October 1907 show an increase over
the same month of 1906 of 0.8% , and for the ten months
the gain reaches 9.5%.
October.

Ten Months.

1906.

1907.
M 'til.
Par.

Shares.

|

Values.

Number

Values.

Number ,

Actual.

Shares.

P a r.

|

Actual.

$
$
I
$
$
Jan . 22,702,760 1,948,477,925 1.854,950,930 38,518,54813,513,808.700!3.333,481,498
Feb J 16,470,972 1,318,394,800!1 ,241,478,649 21.699,800 1,968.990,600' 1,831,598,764
Mch. 32,208,525 2,787,043.4502,609,820,422 19,467,684!1,729,841,9001,591,417.290

Clearings at—
1906.

1907.

Inc. or
Dec.

1907.

In c. or
Dec.

1906.

Canada—
S
S
S
S
%
%
M ontreal____ 146,794,999 144,186,305 + 1.8 1,289,045,893 1,248,814,773 + 3.2
Toronto
. . - 108,925,657 116,493,603 — 6.5 1,021,800,499 971,393,5S2 + 5.2
W innipeg__
56,368,303 57,087,988 — 1.3 473,767,025 384,525,243 + 23.2
103,192,094 + 54.1
Vancouver. . _ 18,856,937 13,961,545 + 35.1
159,040,833
108,035,899 + 19.8
O t t a w a _____ _ 13,563,972 12,421,881 + 9.2 129,431,757
75,042,303 + 15.0
86,333,650
Quebec______
10,231,260
8,587,563 + 19.1
H a lifa x _____
8,398,677 + 7.2
77,652,385
75,836,450 + 2.4
9,000,660
Ham ilton_____
62,561,279 + 16.7
7,326,402 + 9.4
8,012,730
73,009,858
49,496,644 + 10.7
St. John.
5,442,244
5,553,497 — 2.0
54,777,629
London ____
54,583,388
5,104,695 + 8.9
47,124,128 + 15,8
5,556,361
37,058,869 + 24.0
Victoria __ __
5,304,664
45,938,827
5,678,017 — 6.6
Calgary a _____
5,690,414 + 3.1
57,445,113
25,615,223
5,868,893
Edmonton a _.
38,077,261
9,252,512
3,653,542
3,316,159 + 10.2
Total Canada 388,057,787 384,800.173

+ 0 .8 j3 ,464,581,804 6,163,081,264

+ 9.5

lstqr
April
May
June

71,382,257 6,053,916,175'5,706,250,001 79,680,032 7,212,641,200|6,756,497,552
19,235.652 1,686,695,950,1,508.967,413 24,330,9192,158,016,950,1,928,749.870
15,827,245 1,340.719,4751,204,698,417 24,026,049 2,013.050.80011.879,476.284
9,749,415 826,398,975 740,089,460 20,340,391 1,744,464,300 1,563,947.686

2d qr;44,812,312 3.859,814,400)3,453,755,290 68,697,359|5,945,532,050 5,372,173,840
6 m s:116194,569 9,913,730,575(9,160,005.291 148377,391 13158,173,250 12128.671,392
July 12.811,354 1,141,219,600! 990,994,600 16.346,221 1,448,273,600 1,310,479,816
Aim ik
soo i1.390.644.62511,180,470.60931,804,81c,i2.847.353,750,2.701,479,628
oru'% n \a coe i ion a"7i\ nnoQl cn^l c ir O e.i 7 oco n e:n
Aug
15.561,583
Sept. 12,223,541 1,088.393,825 902,471,817 26,018,270 2 159.177.650 2,155,974.863
3d qr 40,596,478 3,630,258,050 3,073,937,026 74,169,3076,454,805,000 6,167,934,307
9 m’s 156791 047 13533,988.625 12233.942,317 222546 698 19612,978,250 18296,605,699
Oct _ 17,333,793 1,550,957,050 1.127,476,9S021.894,130 1,882,466,875 1,795,498.764

The following compilation covers the clearings by months
since Jan. 1:
M O N T H L Y C LE A R IN G S .

a N o t Included In totals; comparison incomplete.
Clearings Outside New York.

Clearings. Total A ll.

The clearings for the week ending N ov. 2 make a less
satisfactory comparison with the same week of 1906, the de~
crease in the aggregate having been 7.6%.

Canada—
M o n tr e a l_____
Toronto_______
W in n ip eg_____
V ancou ver____
O tta w a _______
Q u ebec_______
H a lifa x _______
H a m ilto n _____
S t.J o h n ______
London ______
Victoria_______
Calgary ______
E d m on ton ____

S
29,000,000
22,393,037
12,614.071
3.369,514
2,245,548
1,843,812
1,617,560
1,832,136
896,691
1,140,126
1,039,342
1,099,953
691,063

Total Canada

1906.
$
29,342,775
26,771,330
14,065,387
3,086,291
2,463,572
1,489,963
1,883,601
1,930,361
1,023,224
1,173,594
1,131,456
1,300,969
696,960

%
— 1.2
— 16.4
— 10.3
+ 9.2
— 8.9
+ 23.8
— 14.0
— 5.1
— 12.4
— 2.9
— 8.1
— 15.4
— 0.8

1905.
$
28,589 319 24 ,896,708
23,239 952117 ,863,258
11,606
,752,585
2,317,
,491,466
2,340,
,836,285
1,667,
,466,107
1,978,
,176,459
1,534,
,254,250
1,139,
,183,601
1,143
,130,070
587,
722,668

79,782,853 86,359,483 — 7.6 76,144,487 61,773,447

Clearings by TelegTaph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from the leading cities.
I t will be observed that, as compared with the corresponding
week of 1906, there is a decrease in the aggregate of 19.0%.
So far as the individual cities are concerned, New York ex
hibits a loss of 27.8%; Boston, 31.4%; Philadelphia, 11.8%;
and New Orleans, 13.1%. Baltimore records a gain of
2.1%; Chicago, 3% ; St. Louis, 0.9%.
(Hearings— Returns by Telegraph
Week ending Nov. 9.

Per
Cent.

1907.

1906.

New Y o r k ________________________
Boston . . . . ______ _____ __________
Ph iladelph ia______________________
Baltimore_________________________
C h ica go ____ __________ ___________
St. Louis___________________________
New O rleans______________________

$1,022,551,302
94,637,384
94,337,423
21,967,371
170,086,396
48,607,623
18,413,031

$1,409,612,992
138,029,659
106,997,149
21,515,995
175,413,403
49,032,110
21,185,850

— 27.8
— 31.4
— 11.8
+ 2.1
— 3.0
— 0.9
— 13.1

Seren cities, 5 days....................
Other cities, 5 d a y s ______________

$1,470,600,530
412,768,927

$1,921,787,068
409.073,416

— 23.5
+ 0 .9

Total all cities, 5 days___________
A ll cities, 1 da y____________________

$1,882,769,477
448,961,236

$2,330,860,484
• 549,127,130

— 19.2
— 18.2

Total all cities for w eek _________

$2,331,730,713

$2,879,987,614

— 19.0

Our usual monthly detailed statement of transactions on
the various New York Exchanges is appended. The results
for the ten months of 1907 and 1906 are given below.
Ten Months, 1907.
Descrtpttmn.

Pa r Value
t r Quantity. '

Actual
Value.

Ten Months, 1906.
|Aver.
Price,

P a r Value
or Quantity.

Actual
Value.

I Aver.
Price.

SVk JShs.
174,124,840!
244,440.828|
iV a l. $ 15084,945,675j$13361,419,297; 88.6j$21495,445,125$20092,104,463! 93.5
R R .bonds! $333,390,600: $300,127,738! 90.0; $525,096,200 $510,546,290; 97.2
Gov’ t bds.
$677,800!
$760,426 112.2'
*1,639.700
$1,803,922110.0
State bds.
$57,930,300
$55,208,389 95.3
$60,334,250
$55,056,681 91.2
Bank st’ ks
$359,800,
$729,707 202.8:
$428,800,
$859,333 200.4
T o tal. _ $15477.304,175 $13718,245,557 88.6 $22082,944,075$20660,370, 6891 93.6
Qraln. bn.
664,072,950|
550,678,050;97.6c|
385.332,250,
317,357, 540 82.4c
T o t. v a l « e _ .........

. $14288,923,6071...... ......................... $20977.728,229;

The volume of transactions in share properties on the
Ifew York Stock Exchange each month since Jan. 1 in 1907
and 1906 is indicated in the following:




1907.

1906.

%

1907.

$
$
$
Jan . . 15,020,747,342. 16,333.604,104 — 8.1 5,383,076,858
Feb . . 11,792,953,798 12.477.037.577 — 5.5 4,461,444,022
Mch _. 14,625,282,333 13,007,090,991 + 12.4 5,063,004,520
1st qr.
April _
M a y ..
June _

Week ending November 2.
Clearings atInc. or
Dec.

Month.

41.458.933,953
12,636,807,179
12.382.112,008
11,136,390,327

41,834,184,266
12.902,156,095
13,237,374,455
12,249,457,807

1906.
$
5.095,403,426
4,152.614,053
4,629,856.802

%
+ 5.4
+ 7-4
+ 9.4

— 0.9 14.927,475,490 13.894.325,875 + 7.4
— 2.1 4,969,277,555 4,358,920,528 + 14.0
— 6.5 5,047,259,142 4,444,345,376 + 13.0
— 9.1 4,767,217.292 4,433,236,940 + 7 .5

2d qu_ 36.155.309,514. 38,388.988 357 — 5.8 14,783,753,989 13,236,502,844 + 11.7
6 mos.
J u ly ..
Aug . .
S ep t..

77.614,243,467
12.348.673,537
11,527,931.044
10.551,770,548

80.223,172.623 — 9.1 29,711,229,479 27.130.828,719 + 9 .5
11,648.370,242 + 5.9 5.036,811.132 4.391,844,139 + 14.4
13,143,574,455 — 12.3 4,637,440,554 4,310,373,219 + 7.6
12,513,065,891 — 15.7 4,521,541.801 4,199,233,986 + 7 .7

3d q r. 34,428,275,129 37,305,010,588 — 7.7 14,195,793,487 12,901,451,344]+ 10.9
9 mos'. 112042,518,596 117528,183,211
Oct . . 13,779,790,076 14,550,027,603

— 4.6 43,907,022,966 40,032,280,163
— 5.3' 5,583,786.435 5,205,984,441

+ 9.6
+ 7.3

The course of bank clearings at leading cities of the coun
try for the month of October and since January in each of
the last four years is shown in the subjoined statement.
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
----Octo ber-----Jan. 1 tc>Oct. 3 1 1904
(000,000s
1907. 1906. 1905. 1904.
1907.
1906.
1905.
omitted.)
$
$
$
S
$
S
$
S
New Y o rk ________ 8,196 9,344 8,026 7,477 76,331 86,840 75,590 61.811
9,064
8,248
7,313
Chicago ........ ....... 1,169 1,000
916
812 10,451
594
6,862
759
795
7,039
6.261
5,328
Boston . ----------689
5,673
4,600
672
543
6,165
6,365
Philadelphia-------693
626
2,434
2,686
2,378
255
2,269
315
271
249
2,194
2,066
2,329
241
227
224
189
1,663
P ittsbu rgh ............
141
1,892
1,577
1,407
1,252
San Francisco_____
201
207
168
1,187
124
1,255
1.038
902
144
108
131
99
1,181
1,088
993
1,013
Cincinnati________
119
116
108
1,400
1,080
977
101
891
117
179
133
Kansas C ity______
61
70
768
640
80
688
570
Cleveland________
83
81
73
796
109
781
739
764
New Orleans______
86
102
111
119
958
783
713
151
645
Minneapolis______
51
47
57
567
542
61
497
L o u isville________
458
55
57
46
601
65
540
486
427
D e tr o it___________
39
48
36
475
403
347
M ilw aukee_______
57
333
41
40
36
334
38
323
Providence ______
308
286
41
49
484
59
36
416
364
326
37
33
267
42
29
370
325
286
Buffalo ...............
252
42
272
55
36
31
396
333
St. Pau l.................
263
32
280
36
32
29
297
Indianapolis _____
347
209
186
344
41
280
31
32
21
D e n v e r___________
194
211
249
30
27
22
21
268
Richmond............
201
203
192
27
24
29
198
30
M em p h is.... .........
181
242
200
421
23
51
52
33
Seattle...................
135
115
151
159
16
12
13
Hartford ........
16
224
162
122
14
263
29
26
20
Salt Lake C ity----Total .............. 12,925 13,761 11,978 10,973 118,463 125,633 110.875
5.408
6,276
554
7,359
Other cities_______
855
768
642

82.632
4.648

Total all--------- 13,780 14,529 12,620 11,527 125.822 131,909 116,278
Outside New Y o rk . 5,584 5,185 4.594 4.050 49,491 45,069 40.688

87.280
35,469

D E B T S T A T E M E N T OCTOBER 31 1907.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued September 30 1907. F or statement of Septem
ber 30 1907, see issue of October 5 1907, page 839; that of
October 31 1906, see November 17 1906, page 1207.
A m o u n t ---------- Amount Outstanding---------Interest Issued.
Registered.
Coupon.
Total.
Title o ] Loan—
Payable.
$
$ „„
$
$
2s, consols of 1930..........Q.— J. 646,250,150 640,019,550
6,230,600 646,250,150
3s, Loan of 1908-18_____ Q.— F. 198,792,600
37,748,260 26,197,200 63,945,460
4s, Loan of 1925 _______ Q.— F . 162,315,400 95,780,650
22,709,250 118,489,900
2s, Pan. Canal loan, 1910.Q.— N . 30,000,000 29.984,540
15,460 30,000,000
Aggregate lnt.-bearing debt. 1,037,358.210 803,533.000 55.152.510 858,686,510
Note.— Denominations o f bonds are
Of $10, only refunding certificates; of $20. loan of 1908, coupon and registered.
Of $50, all Issues except 3s of 1908 of $100. all Issues.
Of $500, all except 5s of 1904, coupon; of $1,000, all Issues.
Of $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds.
Of $20,000, registered 4s, loan of 1907; of $50,000, registered 2s o f 1930,
D E B T O N ,W H IC H IN T E R E S T H AS CEASED SINCE M A T U R IT Y .
Sept. 30.
Oct B l.
Funded loan of 1891, continued at 2% , called May 18
1900, interest ceased Aug. 18 1900.............................
$32,000 00
*32.000 00
Funded loan of 1891. matured Sept. 2 1891.................
24.600 00
24,500 00
Loan of 1904, matured Feb. 2 1904.............................
95,900 00
95,900 00
Funded loan of 1907, matured July 2 1907.................. 7,169,350 00 6,828,150 00
Refunding certificates, matured July 1 1907-------------19,280 00
19,150 00
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861----------------- ---------------931,415 26
931,*.55 26
Aggregate of debt on which Interest has ceased since
„„„
m a tu rity..................................................................$8,272,545 26 $6,930,955 36

Nov. 9 1907.]

1187

THE CHRONICLE.

D E B T B E A R IN G NO IN T E R E S T .
United States notes_____________________________________ _____ _____ $346,681,016 00
Old demand notes______________ _________________________________ _
53,282 50
National bank notes— Redemption account----------------- ---------—
47,239,336 50
Fractional currency, less $8,375,934 estimated as lost or destroyed..
6,863,549 28

W e subjoin the totals for merchandise, gold and silver for
nine months since July 1 for six years:

Aggregate of debt bearing no interest___________________________ $400,837,184 28
R E C A P IT U L A T IO N .
Increase ( + )| or
Sept. 30 1907.
Decrease (— ).
Classification—
Oct. 31 1907.
$858,685,510 00
_____ ________
Interest-bearing debt_____
$858,685,510 00
8,272,545 26 — $1,341,590 00
Debt Interest ceased..........
6,930,955 26
400,592,066 78
+ 245,117 50
Debt bearing no interest..
400,837,184 28

Nine
Months.

Merchandise.

Total gross d e b t.._______ $1,266,453,649 54 $1,267,550,122 04
Cash balance In Treasury*.
387,227,019 18
389,551,314 06
Total net debt__________

$879,226,630 36

$877,998,807 98

-$1,096,472 50
— 2,324,294 88
+$1,227,822 38

* Including $150,000,000 reserve fund.

Im 
ports.

E x
ports.

Excess
E x
of
Exports ports.

Gold.

Silver.

Excess
E x
Im 
of
ports. Exports ports.

Excess
Im 
•f
ports. Exportg

$
$
$
$
$
$
1907... 1,331,622 1,108.135223,4S7 49,880 30,837 19,043
1906. . 1,237,834 948,267 289,567 35,790 111,776 a75,986
1905.. 1,102,551 872,272 230,279 42,678 30,340 12,338
1904... 985,46S 751,394 234,075 83,040 68,695 14,345
1903... 989,276 758,798 230,478 41,537 31,641 9.896
1902... 943,161 702,149 241,012 30,996 24,906 6,090

%
47,970
45,441
39,443
39.130
24,908
35,580

$
34,454
32,994
24,507
19,677
16,601
18,704

$
13,516
12,447
14,930
19,453
8,307
16,876

a Excess of imports.

The foregoing figures show a gross debt on October 31 of
$1,266,453,649 54 and a net debt (gross debt less net cash in
the Treasury) of $879,226,630 36.

Similar totals for the three months since July 1 for six years
make the following exhibit:

T R E A S U R Y CASH A N D D E M A N D L IA B IL IT IE S .—
The cash holdings of the Government as the items stood
October 31 are set out in the following:

Three
Months.

ASSETS.
|
L IA B IL IT IE S .
Trust Fund Holdings—
5
I Trust Fund Liabilities—
Gold c o i n ..................... 748,637,869 001Gold certificates........... 748,637,869 00
Silver dollars___________ 471,527,000 00 iSliver certificates______ 471,527,000 00
Stiver dollars of 1890...
5,613,000 00 (Treasury notes of 1890..
5,613,000 00
Total trust fund_____1 ,225,777,869 00 i Total trust liabilities.1,225, 777,869 00
| Gen. Fund Ltab Ultles—
General Fund Holdings,408,539 24
16,645,890 141National bank 5% fund.
Gold coin and bullion___
71,341,960 001Outstanding checks and
Gold certificates .......... ,191,472 59
7,177,432 001 d rafts........................
Silver certl ficates______
2,287,023 00 (Disbursing officers’ balSilver dollars.......... .......
,772,294 63
3,212,445 531 ances ............... .........
Sliver bullion............... .
3,426,863 001Port Office Department
United States notes____
,675,991 48
11,074 001 accou nt................... .
Treasury notes of 1890..
,229,936 78
14,856,600 001Miscellaneous item s____
National bank notes____
6,661,373 01
Fractional silver coin___
92 08iTotal general liabilities. 115,278,234 72
Fractional currency____
1,500,150 301
Minor coin................... ..
49,154 58|
Bonds and Interest paid.
Total in S ub-Treas... 127,170,057 641
In Nat. Bank Deopsitaries—
Credit Treasurer of U .S . 207,786,733 221
Credit U.S. dls. officers.
12,483,891 91 1

Grand tota l................ 1,728,283.122 90

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation, based on official Government statements, in
dicates the currency holdings of the Treasury on the first of
September, October and November 1907. Statements of
corresponding dates in previous year will be found in our issue
of November 10 1906, page 1150.
T R E A S U R Y N E T H O LD IN G S.
Aug. 1 1907. Sept. 1 1907. Oct. 1 1907. N ov. 1 1907
Holdings In Sub-Treasuries—
S
$
S
S
N et coin and gold bu llio n .......... 293,670,024 284,300,725 280, 808,512 237,987,850
Net silver coin and bullion.......... 21,807,675 24,318,399 20,606,371 12,076,901
11,074
6,652
Net United States Treasury notes
9,950
9,039
3,426,863
Net legal-tender notes............... . 5,576,546
4,179,244
3,555,391
Net national bank notes.............. 16,876,682 17,135,485
19711,565 14,856,600
N et fractional s ilv e r____________
S,587,949
8,385,569
7812,842
6,661,373
1,549,397
Minor coin, &c............................. 1,942,665
1,289,037
943,887
Total cash in Sub-Treasuries..348,472,091 339,617,498 333,445,220^277,170,058
Less gold reserve fu n d ..............150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Treasuries. 198,472,091 189.617.498 183,445,220 127,170,058
Cash In national banks__________156,990,205 157,102,219 170,512,212 220,270,625
Cash In Philippine Islands______
4,253,678
<4.731,183
5,593,866
5,064,571
Net Cash In banks, Sub-Treas.359,715,974 351,450,900 359,551,298 352 ,505,254
Deduct current liabilities.a _____ 121,141,786 114,790,492 119,999,984 115 ,278,235
Available cash balance............238.574,188 236,660,408 239,551,314 237,227,019
a "Chiefly disbursing officers’ balances.”
d Includes $3,212,446 silver bullion and $1,549,397 minor coin, &c., not included
In statement “ Stock of Money.”

IM P O R T S A N D E X P O R T S FO R S E P T E M B E R .
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for September, and
from it and from previous statements we have prepared the
following interesting summaries:
F O R E IG N T R A D E M O V E M E N T O F T H E U N IT E D S TA TE S .
(In the following tables three ciphers (000) are in all cases omitted.)
Imports.
Excess.
•S
S
382,703 + 127,796
368,576 +61,376
124,732
+3,818
+ 1,464
125,806
106,318 +29,033

Exports.
$
457,880
399,962
11 1,693
129,802
138,497

Excess.
Imports.
$
$
324,352 + 133,528
313,007 + 86,955
+9,100
102,593
105,697 +24,105
102,618 +35,879

T o tal................ 1,331,622 1,108,135 + 223.487
Qold and Gold in Ore.
— 5,943
11,646
January-March__
5,703
Aprll-J une . .
9,822 +20,776
30,598
July ...............
3,411
+4,067
7,478
A u gu st_______
3.224
+ 1,373
4,597
September______
2,734
— 1,230
1,504

1,237,834

948,267 +289,567

Merchandise.
January-March___
Aprll-June______
J u l y ................. .
August _ ...............
Septem ber_______

Exports.
$
510,499
429,952
128,550
127,270
135,351

20,147
11,464
1,302
598
2,279

10,316
52,222
9,834
7.973
31,431

+9,831
— 40,758
— 8,532
—7,37.,
— 29,152
— 75,986

Total.............
49,880
Silver and Silver in Ore.
January-M arch...
14,669
Aprll-June--------14,550
5,955
July .....................
6,748
A u gu st...............
S eptem ber........ .
6.04S

30,837

+ 19,043

35,790

111,776

11 ,386
11 ,010
3,387
4,882
3,789

+3.283
+3,540
+ 2,568
+1,866
+2,259

19,165
14,272
4,361
4,049
3,594

12,677
11,000
3,277
2,777
3,263

47,970

34,454

+ 13,516

45,441

32,994

To ta l___________

+ ^ E xccb8 of exports - — Excess of imports.




1907...
1906 . .
1905...
1904..
1903...
1902...

E x
ports.

Im 
ports.

$
391,171
379,992
361,582
311,743
291,624
304,965

$
356,856
310,908
282,331
243,056
246,054
245,807

Excess
E x
of
Exports ports.
$
34,315
69,084
79,251
68,686
45,57(1
59,158

$
13,579
4,179
2,846
14,590
10,201
10,720

'

|

Excess
Im 
ExOf
ports. Exports ports.

Silver.
Excess
Im 
of
ports. Exports

$
$
$
$
9,369 4,210: 18,751 12,058
49,238 a45,059j 12,004 9,317
13,730 a lt),884; 14,361 9,333
20,931 a6,341 12,763 5,902
17,665 a7,464 7,403 6,62C
a9 99 13,052 6,484
11,719
1

$
6,693
2,687
5,028
6,861
783
6,568

a Excess o f imports.

In these tables of totals, gold and silver in ore for all years
are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
back to 1875:
EXCESS O F M E R CH AND ISE IM P O R T S O R E X P O R T S .

Total in banks........... 220,270,625 13 |
In Treas. of Philippine Islands—
Credit Treasurer of U . S.
2,950,681 431 Cash Balance and Reserve—
Credit U . S. dls. officers.
2,113,889 701Total cash and reserve.. 387,227,019 18
---------------------j Made up o f—
Total in Philippines..
5,064,571 131Available237,227,019 18
---------------.-----1 and
Reserve Fund Holdings—
|Reserve Fund—
Gold coin and bullion. . . 150,000,000 001Gold &bull. 150,000,000 00
Grand total...............1,728,283,122 901

Gold.

Merchandise.

+
+
+
+

6,488
3,272
1,084
1,272
+ 331

+ 12,447

3 months ending Sept 30—
9 months ending Sept. 30—
1875.........................Imports $22,518,827! 1875_____________ ..Im p o rts $44,314,039
27,170,67911876_______________ Exports 77,734,462
187 6
Exports
16,363,921|1877........................Exports 55,260,334
187 7
Exports
1878 .
Exports 53,673,024( 1878....................... Exports 209,527,559
1879 .
Exports 46,461,725|1879________________Exports 161,498,336
188 0
_______Exports
42,635,42611880________________Exports 73,798,92»
188 1
.................. Exports 23,171,93811881.........................Exports 121,171,904
188 2
Imports 14,785,23711882.........................Imports
54,222,267
2,047,010 j 1883______ _______..E xp o rts
48,130,029
188 3
............... Exports
6,898,05911884.........................Exports
17,653,894
18S4........ ............... Exports
188 5
............ .Im ports 12,361,660|1885________________Exports
42.952,033
12,591,848
188 6
..... Imports 11,613,110| 1886_____ __________ Imports
188 7
_______Imports 18,270,97511887_______ _______.Im ports
45,361,052
89,683,704
188 8
Imports 28,108,40411888_______________ Imports
188 9
Imports 13,561,12111889......................Im p o r ts
44,216,877
189 0
..................Imports 35,372,172|1890..._____ _______Imports
54,093,535
10,446,816
189 1
............... Exports 23,708,38711891_______________ Exports
189 2
Imports 18,221,322|1892________________Exports 29,204 090
189 3
.............Exports 46,696.522 11893_______________ Imports
22,103,499
189 4
Exports
4,542,16211894________________Exports
73,028,234
189 5
............. .Im ports 38,380,638 11895_______________ Imports
43,115,673
189 6
............. Exports 69,017,16111896_____ __________ Exports 143,973.601
1897........................ Exports 120,521,440)1897.
.Exports 157,483,339
189 8
Exports 98,618,43011898........................ Exports 393,899,189
189 9
Exports 112,001,34811899________________ Exports 316,575,102
190 0
Exports 134,881,714|1900________________Exports 407,496,805
190 1
_____ Exports 111,430,18011901________________ Exports 399,811,698
59,157,820 11902_____ __________ Exports 241,015,841
190 2
Exports
190 3
Exports 45,570,83511903________________Exports 230,478,235
68,685,998 11904_______________ Exports 234,074,542
1.904_______________ Exports
190 5
______ Exports
79,251,258 11905_______________ Exports 230,278,847
69,083,90911906.........................Exports 289,567,307
190 6
Exports
190 7
_________ Exports 34,315,478|1907...................... Exports 223,486,667

S 0 U )n c ta v ^ | C o m m c r c ia X g n g U s Ix g lm s
(F r o m our ow n C orrespon den t.)

London, Saturday, October 26 1907.
The dramatic events in New York this week have naturally
checked business in all departments of the Stock E xchange,
have raised rates in the money market, and generally have
infused anxiety in all business departments. As we write,
the hope is strong that the worst is over in New York. I t is
recognized, of course, that an alarm such as has been created
is apt to spread, and that therefore .there may be runs upon
other banking institutions. I t is hoped, however, that the
very statesmanlike action of Mr. Cortelyou will reassure the
public and that after a few days of anxiety and alarm
the public mind will become calm. Until it is knowm
whether the hope will be realized, there is not likely to ba
much activity in business here. I t is noteworthy, however,
that on Monday and Tuesday, in spite of the crisis in New
York, there was a rise in all first-rate securities— gilt-edged
securities, as they are called here. British Government
securities of all kinds, Indian Government securities, and
so on, decidedly rose. On Wednesday there was a decline,
due to a rumor that the Bank of England would raise it*
rate on the following day. It was alleged that the run upo»
the Knickerbocker Trust and the talk about so many other
institutions made it certain that a large amount of gold
would be withdrawn from the Bank of England for New
York, and that, therefore, the Bank rate would inevitably
be raised— in some quarters it was said to 5% , in others t*

1188

THE CHRONICLE.

53^%. The Bank directors, however, remained calm during
all the alarm and they decided that it was not necessary to
change the rate.
Since then there has been some recovery, but upon the
whole there is too much uncertainty respecting the course
of events in New York to allow of very great activity. Prac
tically speculation is suspended. But there is an active
investment. The low quotations to which good American
railway stocks have fallen are attracting the small investor
and there is a good amount of business going on. For a
considerable time past— for nearly two years in fact— real
investment has been stopped in these securities, firstly,
because of the height to which prices were carried up, and,
secondly, because of the violent oscillations that occurred. But
now everybody recognizes that prices are exceedingly low
and there is eagerness on the part of all who have money to
pay for the stocks to make purchases. A ll this is taken to
prove that the long protracted fall in securities was due to the
continuous selling in New York and that the quietness of
business here was occasioned more by uncertainty and appre
hension than by want of funds. Furthermore, it is taken
to prove that the liquidation here in England was long
ago completed and that the market is now in a position to
recover. It is also noteworthy that there has during the
week been a considerable investment in Paris by very
small purchasers in Rio Tinto shares. Rio Tinto shares
have for twenty years or more been a favorite investment in
Paris, and now that they have come down to about 60 they
seem exceedingly cheap to persons who have seen them up
to 100 . The buying is reported to be almost exclusively by
small people, who buy five, ten, fifteen or twenty shares each.
But the number of such buyers is said to be very large.
As said above, the directors of the Bank of England de^
cided on Thursday to make no change in the rate of discount.
[This was Thursday, Oct. 24. On Thursday, Oct. 31, the
rate was advanced 1 % to 53>2% -— Ed.] There is a slacken
ing in the Egyptian demand for gold due to the fact that
just now the taxes are being collected on a great scale, and
also moneys due to the Agricultural Bank, both interest and
capital, on account of loans made to the fellaheen.) The sums
so remitted to Cairo are large enough to materially reduce
the immediate demand for gold. Still, it is calculated that
altogether E gypt will require six or seven millions sterling
of the metal. It has received up to the present about three
millions sterling. Consequently, it will take before the year
is out, or at all events before the end of January, about three
or four millions sterling more.
For the moment the Paris
exchange upon London is very unfavorable, and Paris, there
fore, is buying up all the gold offering in the open market,
with the result that the Bank of England for two weeks in
succession has not been able to obtain any of the metal.
Nobody fears that Paris will take gold from the Bank of
England. But it is unfortunate that just now Paris should
need the metal when it is so eminently desirable, were it
only in the interests of New York, that the Bank of England
should be exceptionally strong. There are also unexpected
demands for various quarters, and, of course, there are the
inevitable demands for South America.
For India, how
ever, there is not likely to be any gold demands, inasmuch as
since the beginning of September no rain has fallen through
out the North and West of India, and in consequence the
crops are in serious peril. Indeed, if rain does not fall
within the next, few weeks, there is grave danger of famine
in certain districts and there is certainty of distress over
wide ,areas.
The India Council on Wednesday offered for tender 30 lacs
and the applications amounted to 273 lacs at prices ranging
from Is. 3 31-32d. to Is. 4d. per rupee. Applicants for
bills at Is. 4d. per rupee were allotted about 26% of the
amounts applied for.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1907.
Oct. 23.
£
Circulation.... ......... 20,205,250
Public deposits____ 7,002,134
Other deposits_____ 43.S00.513
Governin’ t securities 14.S35.700
Other securities____ 29,784,340
Reserve,notes& coin 24.01S.264
Coin&liuil.both dop, 34,773,314
Prop, reserve to lia
bilities______ p. c.
47%
Bank rate_____ p. c.
4%
Consols, 2% p. e—
82 15-16
S ilv e r ....................
2S%d.

1906.
Oct. 24.

1905.
Oct. 25.

1904.
Oct. 28.

1903.
Oct. 28.

28,691,130
8,896,947
40,784,888
15,956,166
33,394,745
18,188,134
28,429,264

28,888,315
13,331,007
40,072,126
16,647,729
33,080,448
21,485,210
31,923.525

27,996,825
8,135,586
42,008,179
1 1.934,270
2.5,934,433
27,073.401
36,620,226

28,398,565
7,743,010
39,382,639
17,599,056
24,112,577
23,465,205
33,413,770

£

£

£

£

49%
53%
36%
40%
4
4
3
*6
88 5-16
85 13-16
88 9-16
88%
2Sd.
32%d.
28%d. 26 13-16d.
217,581,000 203,220,000 187,631,000 168,703,000

have been as follows:
Bank of England rate........Open Market rale—
Bank bills— 3 months____
— 4 months____
— 6 months____
Trade bills— 3 months----— 4 months----Interest allowed 1or deposits—
By Joint-stock banks-----By discount houses:
• A t c a ll------ --------------• 7 to 14 days...................




Oct. 25.
4%
4%
4% @4%
4% @4%
5
5@5%

Oct. 18.
4%

Oct. 11.
4%

Oct. 4,
4@4%

4% @ 4 %
4 7-16
4)4
4 7-16
4 5-16 4 % @ 4 %
4 7-16 4% @ 4 7-16
4%
4% @ 4 %
4%
4% @ 4 %
4%
4% @ 5
4%

3

3

3

3

3
3%

3
3%

3
3%

3
3%

[V o l .

lxxxt.

The Bank rates of discount and open market'rates at the
chief Continental cities have been as follows:
Oct. 25.
Oct. 18.
- Rates o1
Bank Open ■ Bank Open
■ Interest at—
Rate. Market. - Rate. Market.
P a r i s ......................... 3%
3% ■
3%
3%
B erlln _...................... 5% - 4% * • 5%
4%
Hamburg____________
5% • i 4% - • 5%
4%
F ra n k fo rt______ . . . .
5)4 • t 5 - • 15)4 5 1-16
Amsterdam _________ 5 • 4%
5
4%
Brussels •................... 5
4 13-16 ■ 5
4%
Vienna _____________
5
4 15-16
5
4 15-16
St. Petersburg.......... 7
..
7
..
M a d r id _______________ 4)4
4 ■
4)4
4
Copenhagen.............. 6
5)4
6
5)4

Oct. 11.
Oct. 4.
Bank Open Bank Open
Rate. Market. Rale. Market.
3%
4%
3%
3%
5%
4%
5%
4%
5)4
4% .
534
4%
5% 4 11-16
5)4
4%
5
4%
5
5
5
4%
5
4%
5
4 15-16
5
4 15-16
7
..
7
4)4
4
4)4
4
6
5)4
6
5)4

Messrs. Pixley & Abell write as follows under date of
Oct. 24:
G O LD .— The arrivals have again been bought for Paris, though at a slight reduc
tion In price from last week. The demand for India is small. This week’s move
ments are as follows: £11,000 in bars has been bought by the Bank and £215,000
has been sold, £115,000 of which goes to Paris. N ext week we expect £94ti.000
from South Africa. Arrivals— Cape, £487.000; West Indies, £21,000; Bombay,
£76,000; Australia, £5,000; West Africa, £3,000; total, £592,000. Shipments—
Bombay, £35,000; Calcutta. £25,000; total, £60,000.
S IL V E R .— There has been some recovery in the market; after falllng'to 27 11-16(1
the price rose sharply, on buying orders from India, until 28%d. was touched:
to-day we are down to 28%d., with a weaker tendency. Forward Is still the better
market, In consequence of the large cash supplies, and Is at a premium of % d.
While supplies remain so plentiful, both in London and India, the position for sliver
must be unfavorable until the Indian Government resumes buying. The United
States Government has bought a further 100,000 ounces. The price In India Is
Rs. 72 3-16. Arrivals— New York, £165,000; New Zealand, £13,000; West Indies,
£2,000; total, £180,000. Shipments— Bombay, £35,0Q0; Singapore (coin), £19,031;
Colombo, £5,000; Calcutta, £60,000; total, £119,031.
M E X IC A N D O L L A R S .— No business to be reported In these coin. Arrivals—
New York, £15,000. Shipments— nil.

The quotations for bullion are reported as follows:
GOLD.
Oct. 25.
London Standard.
s. d.
Bar gold, fine, o z_____ 77 10%
U .S .g o ld ,o z ________ 77 5%
German gold coin, o z. 76 5)4
French gold coin, o z . . 76 5)4
Japanese yen, oz_____ 76 5)4

Oct. 18.|
S IL V E R .
Oct. 25.
s. d. | London Standard.
d.
77 10% |Bar sliver, fine, o z ___ 28%
76 5% | " 2 mo. d e liv e r y ..:. 28%
76 5% |Cake silver, oz________ 30%
76 5% j Mexican dollars_______ nora.
76 5% i

Oct. 18.
d.
2S 1-16
2S%
30 5-16
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IM PO R TS .
Seven weeks.
1907-8
1906-07.
Im portsof wheat, c w t_ .................14,133,400 12,555,900
B a r ie v ...................... .......... .
4,194,000
4,187,700
966.200
1,625,500
Oats_____ ________________________
Peas______________________________
273,750
363,700
B e a n s___________________ _____ _
167,690
224,540
Indian com ___________ _________ _ 7,557,800
7,465,400
Flour ____________________________ 2,082,200
2,218,400

1905-06.
13,317,500
4,776,100
1,931,800
413,485
198,400
8,087,100
1,810,600

1904-05.
14,269,200
4,599,600
1,866,000
300,178
318,721
6,708,900
1,512,600

Supplies available for consumption (exclusive of stock on
September 1):
1907-08.
Wheat Imported, c w t ............ ....... 14,133,400
Imports of flour............................ 2,082,200
Sales of home-grown_____________ 6,705,492

1906-07.
12,555,900
2,218,400
4,892,502

1905-06.
13,317.500
1,810,600
6,153,247

1904-05.
14,249,200
1,512,600
2,553,890

Total ........ ................ ..............22,921,092
34s. 4d.
Average price wheat, week_______
Average price, season_____ ______
32s. 4d.

19,666,802
26s. 3d.
26s. 2d.

21,281.347
26s. l i d .
27s. Id .

18,335,690
30s. 5d.
30s. Od.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week.
W h e a t ................................. _qrs. 1,790,000
Flour, equal to ______ ________ qrs.
190,000
940,000
Maize ______ ________________ qrs.

Last week.
2,025,000
205,000
935,000

1906-07.
1,374,000
216,000
675,000

1905-06.
1,025,000
235,000
6(50,000

E n g lis h F in a n c ia l M a r k e t s — P e r C a b le .
T h e d a ily c lo s in g q u o t a t io n s fo r s e c u r it ie s , & c ., a t L o n d o n
as re p o r te d b y

c a b le h a v e b e e n a s fo llo w s t h e p a s t

London,
Week ending Nov. 8.
Sat.
Silver, per o z_____________ d. 27%
Consols, new 2% percen ts.. 82
Foraccount______________ 82
French Rentes (In P a r . )..fr . 94.65
Russian imperial 4s----------- 75%
do
do
New 5s___c85%
Amalgamated Copper Co----- 51%
^Anaconda Mining Co-------- 7%
Atch. Topeka & Santa F e — 77
Preferred________ _____ 87%
Baltimore & Ohio___________ 83%
P r e fe r re d ........................84%
Canadian Pacific____________ 155%
Chesapeake & O h o ________ 29
Chicago Great Western_____ 8
Chicago Milw & St. P a u l... 105
Denver & Rio Grande, com. 19%
Preferred_________________ 61
Erie, common______________ 19
First preferred___________ 41
Second preferred________ 29
Illinois C e n t r a l..................128
Louisville & Nashville______ 93
Mexican Central................... 15
Missouri Kans. & Tex., com. 25
Preferred.......................... 57%
National R R . of Mexico----- 46
N. Y . Cent. & Hudson River 98%
N. Y . Ontario & Western__ 30
Norfolk & Western, common 65
Preferred_____ . . . _______76
Northern Pacific_______ ____ 109%
aPennsylvanla_____________ 56%
aRradlng Co....................... 39
aFirst preferred................ 39
oSecond preferred_______ 36
Kock Island C o .................... 14
Southern Pacific____________ 08%
Southern Railway, common. 13
Preferred............. ............ 40%
Union Pacific, common_____ 113%
Preferred........ .................. 82%
U . S. Steel Corp., com m on.. 24%
Preferred........ ................. 86
Wabash
- _________- 9
“
r r ^ : : : : : : : : : : ........ 1 5 %
Extended 4 s _____________ <0
Price per share.

w eek:

/
M o n . Tucs.
Wed. Thurs.
F r i.
27%
27% 27 15-16 27 7-16 27 3-16
81% 81 15-16 81 13-16 81%
81%
81's
82%
82 1-16
81%
82
94.55
94.82% 94.75
94.67%
74%
74%
74%
74%
84%
84%
49%
51%
52
51%
49
6%
6%
6%
6%
6%
75%
76%
78%
77%
76%
86%
89
86%
87
S6
82
82%
83
82%
80%
84%
84%
84%
86
150%
152%
153
149
146%
28%
29
28%
29%
29
7%
7%
8
8
7%
104
10S%
108
108
106
19
19
19
19%
19
61
62
58%
58%
58%
18
18%
18%
18%
17%
40
40
40
41
40%
28%
30
28%
28
28
127
129
129
128
128
95
98
98
15
....
15
14%
15
24%
24%
24%
2o
23%
57%
o7%
57
56%
46
---40
46
46
99
103
102%
102%
29%
29%
30
31
31
66
66
t_6
65
65
76
84
iG
76
70
107
z z ::
111%
110%
55%
o7%
58
58
57%
37%
39
40
40
39
39
— 39
39
39
^6
\
36
36
35%
13%
....
14
14
13%
’
12%
12%
12%
12%
12%
40
41
40
41
41
110
113%
115
113%
113%
82
82
82
82
82
23%
24%
25%
25%
24%
84%
86%
87%
88%
87%
8%
9
9
9
9%
15
i6
15%
ie
15%
39
39
40
J

» £ sterling.c E x-dlrtdend.

Nov. 9 1907.]

11*9

THE CHRONICLE

f b m r x c r c ia l an d p t is c e x ia u c 0 u s ^ m g

The New York figures do not include results for non-member
banks.
We omit two ciphers (00) In all these figures.

D IV ID E N D S .
The following shows all the dividends announced for the
.future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

Railroads (Steam).
3
Atch. Top. & Santa Fe, com. (N o. 4 )___
Atlantic Coast Line R R ., preferred........
2K
■Chestnut H ill ( quar. ) ...... ...................... 14
Cleveland & Pittsb. orig. guar. (q u a r.)..
IK
1
Special guaranteed (quarterly)--------'Georgia Southern & Florida, first pref___
24
Second preferred____________________
24
Mexican Railway, 2d preferred__________
24
2
Missouri Kansas & Texas, preferred----3
N . Y . PhUa. A N orfolk. . . .....................
Norfolk & Western, common___________
2K
Pen n sylvan ia___________ _______________
3K
3
P hla. Germ. & Norristown (quar. ) . ........
Pittsb. Bessemer & Lake E rie, preferred. .
3
2
Reading, second preferred...................
Rome Watertown & Ogd., guar, (qu ar.).
IK
Street Railways.
1
«Conn. Ry. & Lighting, com. (assenting) . . j
15c.
Common ( non-assenting) _____________
1
Preferrei (qu ar.)........ ........................J
Georgia Ry. & Etccrlc, com. (qu a r.)____
14
Kansas City Ry. &■ Light, pref. (quar.)..\ I K
Twin City Rap. Tran., Minn., com. (q u .)’ I K
IVashington(D.C.) Ry. & Elce., p f.(N o .7 )
2K
Miscellaneous.
Amalgamated Copper (qu ar.)------------ 1 1
American Chicle, common (m onthly)___| 1
1
Common (e x tr a )..............................
3
Am erican Cotton O il, preferred--------American District Telegraph of N . Y —
1
Amer. Graphophone, pref. (qu.) (N o. 50)
IK
American Locomotive, common (quar.).
1K
1
American Radiator, com. (q u a r .)..........
IK
Preferred (qu ar.)_____________________
1
. American Shipbuilding, com. (qu ar.)___
.Amer. Smelters' Securities, p f . 'A " ( q u . ).
14
IK
Preferred “B " (quar.) (N o . 10)-------.Amer. Telegraph & Cable, guar. (quar.).
IK
2\4
A m erican Tobacco, common____________
Common(extra)------------ ---------------24
2
•I'&sein Co., preferred (quar.) (N o. 3 0 )..
1
Consolidated Gas (quarterly)-------------•flu P on t (E . I. ) de Nem. Pow.,com .(qu.)
IK
1
Independent Brewing, Pittsb., com. (q u .).
Preferred (qu ar.)................... .............
IK
4
Hnt, Smokeless Pow. & Chem., pref.(qu.)
4
,Lehigh Coal <fc Navigation (N o. 120)----;\Tat>sacliusetts Gas Companies, com ----1
2
FraV>rned ----------- -----------------------Ms-tttresJ L t. H t. & Pow . (qu.) (N o. 26).
14
V atonal Carbon, pref. (qu a r.)-----------IK
.New England Telephone & Teleg. (quar)
m
Nlles-Bement-Pond, pref. (qu ar.)-------1 4
Peoplers<ias Light & Coke (qu arterly)..
IK
Plttsburgk Brewing, com. (qu ar.)............
\K
Preferred (quar.)........ ..........................
\K
Pratt & Whitney, pref. (quar.) — ........
m
IK
Praised Steel Car, pref. (quar.) (N o. 35)
Procter & Gamble, common (qu ar.)____
3
Pullman Company (quar.) (N o. 104)___
2
■cQuaker Oats, com. (quar.).......................
IK
Common (.extra)....................................
4
Preferred (qu ar.)_____________________
14
Silversmiths Company (quarterly)-----14
1
lUnlted Bank Note Corp., com. (q u a r.)..
W n lteiC ig a r M frs.. pref. (quar.) (N o . 0 ).
IK
1
(U.S.Cast I.Pipe& Fdy.,com .(qu .) (No.9)
■Preferred (quar.) (N o. 28)___________
IK
^United States Express (N o. 148)............
3
HJ. S. Steel Corp., com. (quar.) (N o. 16).
4
Preferred (quarterly) (N o. 26 )_______
IK
W arwick Iron & Steel__________________
3

When
Payable

Books Closed.
Days Inclusive.

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

2
10
4
2
2
11
11

to
Dec. 2
N ov. 8
N ov. 2
to
N ov. 10
Nov. 21
to
Dec 3
Holders ot rec. Nov. 9
Holders of rec. N ov. 9
to
N ov. 10
N ov. 1
N ov. 10
N ov. 1
to

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

9
15
18
30
4
2
9
15

Oct. 20
Holders
Holders
Holders
N o v . 21
Holders
Holders
N ov. 1

Nov.
Nov.
Nov.
Nov.
Dec.
Nov.
Dec.

1 5Nov. 1
15 Nov. 1
15; N ov. 1
20 Nov. 16
1 N ov. 21
15 Holders of
1 N ov. 20

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

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

8
15
30
4
3
15
22
2
15
15
15
20
1
1
1

N ov. 25 Oct. 25
to
Oct. 27e
N ov. 20
N ov. 20 N o v. 14
to
to
N ov. 20
Nov. 20 Nov. 14
2 Nov. 15
to Dec. 5
Dec.
to
N ov. 15
Nov. IS N ov. 5
NOV. 15 Holders of rec. Nov. I
Nov. 26 Nov. 9
to
N o v . 26
to
Dec. 31
Dec. 31 Dec. 22
to
Nov. 15
Nov. 15 N ov. 10
Dec. 2
2 1Nov. 17
to
Dec.
2'N ov. 23
to
Dec. 2
Dec.
to
Dec. 2
Dee.
2 Nov. 16
o N o v . 16
to
Dec. 2
Dee.
to
Dec. 2
Dec.
2iN0V. 16
Dec. 2
2 Nov. 16
to
Dec.
Nov. 11 Nov. 1
to
N ov. 10
to
Dec. 16
Dec. 16 jN ov. 27
Dec. 14 Holders of rec. Dec. 4
Nov. 25
Nov. 25
Nov. 15 Holders of rec. Oct. 31
Nov. 27 Holders of rec. N ov. 6
N ov. 29
to
Dec.
2|Nov. 13
N ov. 29
2|Nov. 13
to
Dec.
Nov. 15'Holders of rec. Oct. 31
N ov. 15
Nov. 15 Nov. 6
to
to
Nov. 14
Nov. 15; Nov. 1
N ov. 15
to
Nov. 15 N ov. 9
to
N ov. 25
Nov. 25 Nov. 10
to
N ov. 20
Nov. 201N ov. 11
to
Nov. 20
NOV.
2^' Nov. 11
N ov. lb
to
Nov. 15 Nov. 9
NOV.
27
Nov. 7b
Nov. 15 Holders of rec. Oct.31a
Nov. 15 Holders of rec. Oct. 31
Jan. 15: Holders of rec. Jan. 4
Jan. 15 Holders of rec. Jan. 4
Nov. 30 Holders of rec. N ov. 20
Nov. 15
Nov. 15 Nov. 10
to
Nov. 15
Nov. 15 Nov. 2
to
1 Nov. 21
to
Dec. 2
Dec.
2 Nov. 10
to
Dec. 1
Dec.
to
Dec. 1
2 Nov. 10
Dec.
N ov. 15
to
Nov. 15 Nov. 1
to
Dec. 30
Dec. 30 Dec. 10
Nov. 30 Nov. 7
to
Dec. 1
Nov. i s : . . ........

a Transfer books not closed, b Date for opening of transfer books was changed
•flrom Nov. 27 to Nov. 8. « A t the request of stockholders, the books were opened
.o n Oct. 28 Instead of awaiting the date of N ov. 11 as at first stated.

Auction Sales.— Among other securities the following, not
'.regularly dealt in at the Board, wore recently sold at auction:
By Messrs. Adrian H . Muller <k Son:
Stocks.
Stocks.
5 A tla n . & Char. A . L . R R . .1 4 0
1 U nion T y p e w rite r Co. 2d P f.94
27 N . Y . & Pen n . T<-1. & T .C o . 20
10 O rd. shares B a rth o lo m a y ]
B rew in g C o.. L t d ., o f I
20 P h en lx F ire In s. Co. o f
R och ester, $50 ea ch ----- >$214
B r o o k ly n ________________ 302
Bonds.
-LQ P r e f. shares B arth ol. B rew . |
$1,000 C on stitu tion P u b . Co.
C o., L t d .. S50 ea ch — . . . j
o f A tla n ta . G a ., 1st 5s 1930,
.tJ00 B on an za D e v e l. Co. o f
J. & J ........................................ 18
C o l., $10 each ____________
$15
$35,000 N o rfo lk -N e w p o rt 1
.5 R o ch ester V u lca n ite P a y 
N ew s Pu blish in g Corp. 6s|
m e n tC o . o f N . Y ---------$20
1926.
A . & O - ................. ^$24,000
23 F id e lity B a n k ______ ______ 160 K
600 N o rfo lk -N e w p o rt N e w s !
10 F ou rth N a tio n a l B a n k ------180
P u b . C o rp ________________ J
50 Nassau B an k N . Y _______ .200

New York City, Boston and Philadelphia Banks.— The
New York City Clearing House has discontinued, for the
present, issuing its detailed statement showing the weekly
averages of condition of the separate banks, both the member
and the “ non-member” institutions. The publication of
these figures, it is stated, will not be resumed until all out
standing Clearing-House loan certificates are retired. The
last statement issued, that for Oct. 26 1907, will be found
in the “ Chronicle” of N ov. 2 on page 1124.
The Philadelphia and the Boston Clearing Houses have
also adopted the course of not making public the returns of
the individual banks. The New York Clearing House does
not give out any figures regarding the volume of the out
standing loan or Clearing-House certificates, nor does the
Philadelphia Clearing House; but at Boston $6,670,000 of
such certificates had been issued up to and including Satur
d a y , Nov. 2.
Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia.




Banks.
New York
Oct. 5 .
Oct. 12..
Oct. 19..
Oct. 26._
N o v. 2 .
Boston.
Oct. 12..
Oct. 19..
Oct. 26..
Nov. 2 ..
Phila.
Oct. 12..
Oct. 19.Oct. 26__
N ov. 2 ..

Capital
and
Surplus.

Loans.

Specie.

S
293,498,3
293,498,3
293,498,3
292,496,9
292,496,9

S
1089,068,4
1083,401,9
1076,846,3
1087,711,0
1148,452,6

$
192,216,7
198,558,8
205,353,3
196,426,0
175,913,9

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

190,828,0
191,670,0
191,247,0
192,533,0

17,812,0
18,362,0
20,025,0
17,745,0

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

222,986,0
222,037,0
219,789,0
219,648,0

Legals. Deposits, a

Circu
lation.

Clearings ^

S
50,657,8
51,001,8
51,612,4
51,398,3
51,742,7

$ • •
1,784,941,4
1,611,351,9
1,815,268.1
2,103,641,5
1,659,364,9

3,841,0 213,339,0 •8,222,0
4,019,0 224,242,0 8,170,0
2,822,0 222,059,0 8,182,0
3,149,0 222,150,0 8,270,0

149,236,3
173,547,0
178,266,6
179,250,3

$
69,607,2
62,608,6
62,257,2
58,283,7
48,194,0

53,G09,0
55,612,0
52,663,0
47,440,0

$
1036,703,3
1020,047,8
1025,711,4
1023,772,0
1051,786,9

*

251,288,0
254,796,0
246,322,0
236,154,0

13,634,0
13,741,0
13,784,0
14,089,0

135,444,3
151,860,1
156,844,1
127,488,6

a Including for Boston and Philadelphia the item “ due to other banks” and also
Government deposits. For Boston these Government deposits amounted on N ov. 2
to $4,931,000; on Oct. 26 to $4,945,000; on Oct. 19 to $4,885,000.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending N ov. 2, also
totals since the beginning of the first week in January:
F O R E IG N IM PO R TS A T N E W Y O R K .
F o r the week.

1907.

|

General Merchandise ............

i

1906.

$3,195,714
11,385,972

S3,245,010
11,625,471

1904.

11905.
$2,525,211
10,813,395

$2,409,452
12,089,201

$14,581,686 $14,870,481 $13,338,606 $14,498,653
Since January 1.
Dry Goods _________________ $159,552,698 $136,790,863 $119,396,437 $101,373,580
569,277,513 SOS,110,392 474,587,619 411,378,940
Total 44 w eek s___________ $728,830,211 $644,901,255^593,984,056 $512,752,520

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending N ov. 2 and from Jan. 1 to date.
E X P O R T S FRO M N E W Y O R K F O R T H E W E E K .
|

1907.

1906.

*12,653,728
524,150,25s

1904.

1905.

$15,166,419
513,148,490

$13,927,002
441,674,980

$10,799,004
409,216,486

Total 44 weeks___________ S536,803,9S6 $528,314,909 $455,601,982 $420,015,490

The following table shows the exports and imports of
specie at the port of New York for the week ending N ov. 2
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S A N D IM PO R TS OF S PECIE A T N E W Y O R K .
Exports.
Week.
Great B ritain ................... .....
France ................. ................
Germany ___________________
West Indies__________________
Mexico _____ _____ __________
South A m erica............. .........
All other countries___________
> l
Total 1907................ .........
Total 1906_________________
Total 1905..........................

E

Silver.
Great Britain........
France .................
Germany ________
West Indies_______
Mexico .................
South A m erica ____
All other Countries.

Imports.

,Since Jan. 1

Week.

14,380,849
15,554,499
1,615,083
883,155
15,000
2,808,386
SC10,000
1,500,000

3,855
2,225
30.GC7
5,051

SC 10,0001S36,756,972
________ i 5,945,9S4
4,725; 38,184,047

$130,378
202,006
24,076

$870,119 $38,510,993
3,654,000
10,278
1,001
287,087
7,965
14,786

Total 1907...................................I 8871,120 $42,485,109
Total 1906_______________________| 380,635 41,447,114
Total 1905_______________________I
813,434 30,197,705

Since Jan. 1
2,706,736
717,238
1,155,297
1,018,131
547,434
2,315,221
290,478

$1,330
0,675
23,001
18,193
$49,199] $2,949,007
41,870; 2,043,486
9,1311 3,730,712

Of the above imports for the week in 1907, $1,000 were
American gold coin and $698 American silver coin. Of
the exports during the same time $610,000 were American
gold coin a n d ______ were American silver coin.

g a n ttin g an ti f i n a n c i a l .
W e shall be pleased to m ail in vesto rs copies o f the ninth
edition o f our 10-page circular describ in g 65 S hort-Term N otes
and C ollateral T ru st Bonds, w ith a p p rox im a te m arket prices.

Spencer T r a s k & C o,
W IL L IA M

M

o

A N D P I N E S TS.,

f

f

M em bers
5 NASSAU S TR E E T.

a

t

New

NEW YO R K

&
Y o rk

W
Stock

h i t e
E x ch an ge.

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 IT IE S .
Com m ission O rders E xecu ted fo r Cash O n ly.

1190

THE CHRONICLE.

[V o l .

lxxxy.

The market for railway bonds has been active as a whole,
although a few issues have moved quite freely. There has
been a tendency to recover from the late severe depression,
but advances are generally limited to a point or less.
W all Street, Friday Night, Nov. 8 1907.
U. S. Steel 5s have been by far the most active bonds and
The Money Market and Financial Situation.— The most
important development of the week, as is generally well declined sharply on the additional amount made available
known, has been the gold movement and its effect upon the b y the purchase of Tennessee Coal & Iron. After a substan
bank situation at home and abroad. Some $14,000,000 to tial recovery from the lowest, they close over 4 points lower
$15,000,000 has been added to the $29,000,000 of gold re than last week.
Among the notably strong features are Consolidated Gas
ported last week as in process of importation, and the Bank of
England has twice increased its discount rate— the last time 6s, wliich advanced over 5 points in sympathy with the
to 7% , a rate which has not been in force since 1873. The shares. Union Pacific, Atchison, Burlington & Quincy,
Imperial Bank of Germany has increased its rate to 7 % % , Norfolk & Western, Reading and the American Tobacco is
sues have been relatively strong.
and the Bank of France to an unusually high figure.
Of course, the addition of so much cash to our supply will
United States Bonds.— Sales of Government bonds at the
relieve the situation here, although some little time must Board include $2,000 3s, coup. 1908-18, at 102% to 102%;
elapse before the full effect is realized. In the mean time,
$3,000 3s, reg., 1908-18, at 102%, and $90,000 2s, reg.,
all banks and lenders of money are pursuing a conservative
1930, at 107% to 109. The following are the daily closing
policy, and a general contraction of credits, where such is
quotations; for yearly range see third page following.
possible, is in progress. Industrial enterprises are, in many
cases, feeling the effect of the situation, and the grain markets
Nov
Nov
Nov
Nov
Interest
Nov
Nov
have responded by a further decline of prices.
4
Periods
2
6
7
5
8
Business at the Stock Exchange ‘has been in reduced vol
1930,............ registered Q— Jan *107
107%
109
*107% *108
ume throughout the week. There was some slight recovery 2s.
2s, 1930________ ____coupon Q— Jan *107
H
*107%
*108
*107% *108
in prices during the early days, a part of Which was lost on 3s, 1908-18______ .registered Q— Feb 102% *102% o
*103
*102% *103
*103
102% *103
Thursday, and a further upward tendency to-day. Call- 3s, 1908-18______ ___coupon Q— Feb *102% 102% L
3s, 1908-18____small coupon Q— Feb *101% *101%
I
*101% *101% *101%
loan rates have not reached the high figures quoted during 4s, 1925 ________ -registered Q— Feb *118 *118% D *118% *120 *120
119
A
*120
*118% *120
the past two weeks, partly because the demand has been less 4s, 1 9 2 5 .-......... ____coupon Q— Feb *118
2s, 1936-Panama Can regis. Q— Nov *104% *104%
Y
*107
*108
*108
urgent, perhaps.
The open market rates for call loans on the Stock Exchange
* This is the price bid at the morning board; no sale was made
during the week on stock and bond collaterals have ranged
from 3 to 25%. To-day’s rates • on call were 5@ 20% .
Railroad and Miscellaneous Stocks.— On a steadily de
Prime collateral paper quoted at 7 @ 7 % % for endorsements clining volume of business, the market for stocks has been
and 7 @ 7 % % f ° r best single names.
irregular and unsteady. On Monday, and again on Wednes
The Bank of England’s weekly statement on Thursday day, the tone was generally firm on the improved conditions
showed a decrease in bullion of £3,004,027 and the percentage in banking and trust company circles and on the demand
of reserve to liabilities was 35.20, against 39.91 last week.
for odd lots which was sufficiently large to attract atten
Xhe discount rate was advanced from 5 % % , as fixed tion. On Thursday the market was weak under the influ
Oct. 31, to 6% on N ov. 4 and to 7% on N ov. 7. The Bank ence of disturbed conditions abroad and urgent offerings of
of France shows a decrease of 31,125,000 francs gold and a few issues which seemed to be for foreign account. T o 
2,125,000 francs silver.
day’s market has been more active and firmer, several issues,
N E W Y O R K C IT Y C L E A R IN G -H O U S E B A N K S .
of which Pennsylvania was the leader, recording an advance
of about 2 points.
\
Differences
Among the exceptional features Canadian Pacific has been
1907.
from
1906.
1905.
conspicuous for a decline of 10 points— over 3 of which it
N ov. 2.
N ov. 3.
Nov. 4.
previous week.
recovered to-day. Otherwise the railway list shows a net
$
$
$
$
C a pita l.......................
129/100.000
119,150,000
115,972,700 gain averaging from 1 to 2 points.
Surplus______________
163.396.900
155.170.800 140.160,800
Tennessee Coal, Iron & Railway declined 34 points on its
Loans and discounts- . 1,148,452,600 Inc. 60/741,"600 1,052,790,900 1,058,272.400
sale to the U. S. Steel Corporation and the copper stocks
Circulation___________
51.742.700 Inc.
344,400
49,024,700
54,358,500
Net deposits__________ 1.051,786,900 Inc. 28,014,900 1,015,824,100 1,052,778,500 have shown a tendency to react from their recent advance.
S p e c ie .......................
175.913.900 Dec. 20,512,100 187.652,200 190,464,600
Consolidated Gas closes 10 points higher than last week
Legal tenders........ .
48.194,000 Dec. 10.089,700
75,084,300
69.353.600
and A ir Brake is up over 7. The Steel stocks are about a
Reserve held________
224.107.900 Dec. 30,601,800 257.005.800 265,548,900
point higher.
25% o f deposits______
262,946.725 Inc
7,003,725 253,956.025 263,194,625
F or daily volume of business see page 1200.
fc. Surplus reserve____ def. 38.838,825 Dec. 37,605.525
3,049.775
2,354.275
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

3 & ra k e rs’

(S a m ite .

Note.— The Clearing-House has discontinued furnishing the Item “ U . S. Govern
ntent Deposit#" and has also discontinued Issung the statement showng returns o
the separate kaaka.

Foreign Exchange.— The market was irregular though
generally strong this week, with wide fluctuations; the tone
at the close was easier on the reduction of the local premium
on gold. Arrivals of the metal from Europe, $22,000,000.
To-day’s (Friday’-s) nominal rates for sterling exchange
were 4 79% @4 81 for sixty day and 4 86@4 86% for sight.
To-day's (Friday’s) actual rates for sterling exchange were
4 80@4 80% f ° r long,- 4 85% @ 4 85% for short and 4 88@
4 89 for cables. Commercial on banks 4 77@4 77% and
documents for payment 4 78% @ 4 79%. Cotton for pay
ment 4 78% @ 4 78%, cotton for acceptance 4 77@4 77%
and grain for payment 4 79% @ 4 79%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2 1 % @ 5 20% for long and 5 20@5 19% for short.
Germany bankers’ marks were 93% @ 93% for long and
94% @ 94% for short. Amsterdam bankers’ guilders were
39 98@40 02 for short.
Exchange at Paris on London to-day, 25f. 24c.; week’s
range, 25f. 24c. high and 25f. 17%c. low.
The week’s range for exchange rates follows:
-L on oSttrlina, Actuai—
H igh ..........4 80
©
4 80% 14 88%
Ikow ______ 4 79
©
4 80 14 85
Paris Bankers’ Francs—
H igh .......... *2 9 %
©
5 20 |5 17%
L o w .......... 5 22%
@
5 21% 15 20
Germany Bankers’ Marks—
H igh ..........93%
«
94 |94%
L o w ______ 93%
«
93%|94%
AmMrrdam Banters’ Guilders—
H igh ............................................
140.04
L o w ............................................
139 98
Lew :
Plu*:

^1-16 of 1%.
P fPri 6 of 1%.

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

4 88% |4 90
4 85% 14 87%

4 91
4 87%

5 16% |
5 19% a |
95% |
9-4% |
40.06|
40.02|

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

The following were the rates for domestic exchange on New
Y ork at the undermentioned cities to-day: Savannah, buy
ing, 50c. per $1,000 discount; selling, 75c. per $1,000 pre
mium. Charleston, selling, $1 per $1,000 premium. New
Orleans, bank, 75c. per $1,000 discount; commercial, $1 per
$1,000 discount. Chicago, 25c. per $1,000 premium. St.
Louis, no market. San Francisco, 50c. per $1,000 premium.
State and Railroad Bonds.— No sales of State bonds have
been reported at the Board this week.




STOCKS.
Week ending Nov. 8.

Sales
for
Week.

Range for week.
Lowest.

American Teleg & Cable.
35 65 N ov
Balaklala Copper______ 1,550 $4 Nov
Bethlehem Steel Corp___
200 8 N ov
3 105 N ov
Cent & So Amer Teleg. _
40tf l% N o v
Chic Un Trac tr rects___
Comstock T u n n el______
130 21c.Nov
Gt Northern subscrlpt’ n
rects, 75% paid______ 8,100 99% N ov
Homestake M in in g ____
350 56 Nov
Kanawha & Michigan..
100 30 N ov
N Y & N J Telephon e...
160 94 Nov
Quicksilver Mining. . .
10 l% N o v
United Cigars Mfrs, pref
100 79 Nov
100 98 N ov
U S Leather, pref______
Western M a ryla n d _____ 1,200 8 N ov

Range since Jan 1.

Highest.

Lowest.

4 65 Nov
7 $4% N o v
2 8% N ov
8 105 N ov
6 2 N ov
6 21c. Nov

4
6
4
8
8
6

4 105% Nov
2 60 N ov
8 30 N o v
8 94% N ov
7 l% N o v
8 79 N ov
8 98 N ov
8 Nov
4

6
4
8
8
7
8.
81
1

| Highest.

N ov 88
65
Feb
O c t $ ll
*3
July
Nov 20% Jan
8
May
104% O ctl43
1% Oct: 3% May
iOc. Oct 60c. Jan
98
54
30
85
65
87

%

Oct 130% Apr
Oct 85
Feb
May
N ov 50
Oct 115
Jan
Meh
1% N ov
Oct 94% Jan
Oct 114
July
Oft, 30% Jan

6

Outside Market.— Prices in the outside market this week,
on light trading, showed an improving tendency, but with
the weaker turn in sentiment on the Exchange on Thursday
stocks sold off, the recessions in the main being email. Con
solidated Steamship 4% bonds continued their downward
course, dropping from 10 to 7% , a new low record. The
close to-day was at 8% . The stock also sold down from %
to % . American Tobacco was conspicuous for a sharp
rise,the stock,after moving down from 177 to 174%, advanc
ing to 216. The reaction carried the price back to 200, and
to-day it jumped to 212, closing at this figure. Standard
Oil sold down 4 points to 392 in the beginning of the week,
but later went up to 405, then sank to 398, a further drop
to 394 being recorded to-day. Chicago Subway lost half a
point to 11%, sold up to 13%, and ends the week at 12%.
Copper stocks were dull. Boston Consolidated Copper de
clined from 12% to 10% and closed to-day at the low figure.
Butte Coalition moved up from 15% to 16, dropped to 14%,
the close to-day being at 15%. Greene Cananea was active
and weakened from 6% to 5% , ending the week at 6.
Nevada Consolidated Copper from 6% sold up to 8, fell
back to 7, the final quotation to-day being 7% . United
Copper common was inactive, advancing from 7 % to 9% .
Later it sank to 8, the close to-day being at 8% . Cumberland-Ely rose from 5 to 5% , but sank finally to 5% . Fluc
tuations in Nipissing were narrow, the price ranging between
6 and 6% , with the close to-day at 6.
Outside quotations will be found on page 1200.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STO C K S— H IG H E S T A N U L O W E S T S A L S P R IC E S .
Saturday
Nov. 2

Monday
N ov. 4

-J
727g 7414
7214
84
84
8414
5934
61
6114
801g 8034 79
84
*75
*75
30s8 2834
80
* ____
75 * ____
146U
14912 150
15!)
59
*58
*150 160 *150
28
28
27U
*10
11
11

75H
84i4
6034
81
84
3134
75
150
61
160
2734
15

7%
712
712 734
50
50
50
*45
30
30
*25
*25
034 97S ____ ____
9834 1031?
997s 101
134 134
*130 135
91
90
90
01
I11412 11412 113 115
13 Hz 13134 12912 134
*180 200 *180 195
*110 115
114 114
*140 160 *140 160
5
* ____
*
5
20
25
*10
*15
4814 4S14 5034 51
*90
9S34
95
*85
183.J 1834
1812
18
44
*43
45
44
3414 343j
*3312 3412
124 123
125 126
400 400 *375 435
1834 1834 1S12 185g
61
§61
5612 5712
*30
*3212 38
____
834 *7
8*4
12lg 121S *12
173g 18
173.1 18lg
40
39
3812 39
2734 2734
28
28
75
*65
75
*65
90
90
*80
*80
11034 H ilo 109 I I 2 I4
40
41
38
*39
'*63g
* ____
* ____
_
70
12014

*2212
95

IIII

"68*
7012 * ____ •
1213g *11812
584
6
5
1512 1612 15
1134
11
1112
38
*28
*33
70 *
*64
23
*22
2114
49
48
48
15
11
*11
40
*30
*30
30
*30
40
93
93
95
105
105 105
25
25
25
14
141S 145g
30
*25
*28
75
*69
*69
72
72
7018
120 120 *115
2234
2312 2414
_ ___ *53
m
&>14
51»4 52
*100 115 *100
* ____
43 * ____
15 * ____
*13
t)478 96
94
21
21
2 OI4
90
* ____
62
■43
43
43
1273s
129 JE9
29
2812
29
651g 65lg
6312
*05
75
*65
105*2 lOOSj IO4 I4
94
*93
9Ua
5012 6H2 60
*60
80
*70
*60
70
*65
W l*Z 109lg 110312
66
63
*54
74
*70
*71
72»2
73*4 75
7412 *73
*70
68
*65
*65
1212
13
1314
32i4
*33
35
*54
*54
65
28
*29*8 32
14
*12
*11
29
29
29
6414
G6>4 67
103 10312 1013*4
121*
1214
1214
*3 684 3 » i 2 39
17\
■ *18l2 20
20
20
20
*1112
*11*4 15
1912 191-2 *171Z
33
331j s:Ai
7U4 7U2 701*
1071* 109
10512
797*
r79?g 80

IIII
68’
70
121
534
1512
1134
35
70
2212
49
IH 4
40
30
9312
105
25
145*
30
75
7312
120
24
57
6334
115
45
25
98
21
90
45
129
29l2
64
75
10812
94
6 H4
90
68
10834
53
74
763*
761*
70
131j
34
55
2934
15
29l2
6734

1031g
123*
89
18i2
20«*
14
19
337*
72
1105g
797g

Tuesday
N ov. 5

Wednesday
N ov. 6

Thursday i
Nov. 7

Friday
N ov. 8

TW O

Sates 01
the
Week
Shares

P A C iK S

STO CKS
N E W Y O R L STOCK
EXCHANGE

Range lor Year 1907
On basis of 100-share lots
Highest.

R a ilroa d s
747g 7712 *711* 731*
71*4 74
22.090 A tch T o p ek a & Santa Fe x 711* N o v 7
D o p r e f____________
83 O ct 23
2.920
831* S4l4 83
84
8412 85
59 O ct 30
621.1 6212 63l2 64
4,300 A tla n tic Coast L in e R R . .
6112 6 II 2
7734 O ct 30
7834 8012 7 9 I4 8012
9,880 p a l t l m o r e & O h i o ___ __
81lg 82
Do
p r e f____________
80 O ct 24
80
100
80
*75
81
*75
81
2S34 N o v 4
32
32
33
3314 20,250 B rooklyn R a p id T r a n s it__
3112 327*
*
B u ffalo & Susque, p r e f___
83 F eb 16
75 * ____
75
75 * ____
1411* 1 4 5
15,650 / Canadian P a c ific ________ 139 N o v 7
148 14912 139 145
55 O ct 29
10 ' Canada S o u th e rn _______
*56
62
*58
62
*54
62
*150 160 *150 160
155 155
100 C entral o f N e w Jersey____ 155 N o v 8
265* O ct 25
2834 293*
28
29
4,600 Chesapeake & O h io _______
2814 285*
9’ * A u g 14
*10
200 C hicago & A lto n R R _____
12l2 1212 *11
15
15
D o p r e f________________
48 Sep 16
7 O ct 10
7.400 C hicago G reat W e s te r n ..
73*
7»g
77*
734
734
7U
50 O ct 30
D o 4 % deb entu res___
*50
100
60lg *50
55
51
*45
D o 5 % p re f “ A ” ______
25 N o v 7
400
30
25
29
29
*25
28
D o 4 % p ref “ B ” ______
85* O ct 14
934 934 1,600
934
10
9U
934
9Sl2 O ct 30
39,500 C hicago M Ilw & St P a u l . .
102U 104
10212 10412 10134 104
____
____ ____
D o p r e f . _ ________
134 N o v 4
100
0910 Q91o 91
D o com ctfs 25 % paid
90 N o v i
92*
93
3 915
91
D o p re f ctfs 25 % paid 111 O ct 30
115U 117 §1161* H61g 116 117
3,133
133 134
133 13334 13112 133
3.048 C hicago & N o rth W estern 126 O ct 30
D o p r e f . ________ ._
185 O ct 25
50
*18014 195 *185 195 §195 195
*110 115
113 115
113 11312
700 Chic St P M inn & Omaha 106 O ct 29
100 Jan is
D o p r e f____________ .
*140 160 *140 160 *140 100
* ____
Chicago T e r m in '! T ran sfer
3l2 O ct 7
5 * ____
5
5 * ____
D o p r e f_________ _
9 Mch27
20
*10
20
*10
20
*10
25s A u g 17
Chicago U nion T r a c t io n ..
D o p r e f____ ___________
l l i 2 M ch l4
4 8 I4 NOV 2
52
50
5012 50l2
700 C leve CIn Chic & St L ____
5(12 *48
D o p r e f . ______________
92 Sep 20
*90
*90
95
95
*S5
95
18 O ct 23
800 C olorado & S ou thern ____
18
18
*1712 1 12 *1712 18
421» O ct 26
D o 1st p re fe rre d ______
4434 *44
45
1,100
44
4^-z 4312
3134 O ct 25
347* 347*
337g *331-> 34
D o 2d p re fe rre d ______
33
1,710
127l2 12912 127*2 12912 128 “ 12912 10,030 T \ e la w a re & H u d so n ____ 1235* O ct 30
*375 405
200 J - 'e la w a re L a ck & VVest’n 36912 O ct 30
*405
1738 N o v 8
lS5g ’l9*" ’ 181*2 " l » 2
17% 19
1,850 D en ver * R io G ran de____
D o p r e f_______________
56 O ct 25
62
62
640
*59
*59
*59
65
32 N o v 7
32
36
*3212 38
32
*31
100 D etro it U n i t e d ___________
t>l4 O ct 17
812
100 D u lu th So Shore & A tla n
9
*7
*7
812 *7U
D o p r e f_______________
1218 N o v 4
*121g 17
*12U 1512
*12l2 17
100
16l2 O ct 23
5,950 P / l e - - ................................
17l2 I 8 I4
17
17’-2 17*4
1734
37 O ct 23
39
39
39
39
1,400 *-J D o 1st p r e f________
39*g 401*
D o 2d p r e f________
2 7 I4 N 0 V 6
900
27U 2734 *2712 2812 *2712 281E va n sville & T erre H a u te
*65
*65
75
*65
75
75
D o p r e f_______________
90 A p r 4
90 * 78
90
*80
90
*80
1121* 11434 11212 115
2l’,369 G reat N o rth ern p r e f______ 10712 O ct 30
11314 115
T e m p ctfs fo r ore p r o p .
37 O ct 25
4012 41
7,865
3912 403g
3912 41
G reen B a y & W .d e b c t f A
75 O ct 29
____
Do
deb c t f B
5*4 O ct 30
63*
63g *6
16
6 I4
6 I4
T J a va n a E le c tr ic ________
2412 O ct 14
*20
D o p r e f___________
72 A p r 1
95
*
I 95*’ « ____ 95 *
____
67 N o v 8
68
68
67
67
” *500 H o ck in g V a lle y t r r e c t s ..
J*
Do
p r e f____
05 O ct 31
70
*60
70
<
*65
425
*6012
124 125’
123 124U 123 123
1,575 I Uinols C e n tra l___________ 118 O ct 25
O
47s O ct 22
6
53*
6
6
3,967 i n t e r bo ro -M etro p o litan .
512 512
£
D o p r e f _____________
15 O ct 22
17
2,050
17
16l2 17
♦15H 19
O
11 N o v 2
117* 117*
117* 117* *11
14
1,000 Io w a C e n tra l____________
D o p r e f____________ _
301* Mch25
*30
35
35
35
E
*30
*28
60 O ct 29
65
” *100 TZ C F t S & M , tr cts pref
72
5
*60
65
65
*55
18 M ch l4
227g 235*
w
23
23
23
23
3,377 -K a n s a s C ity S o u th e rn ..
D o p r e f____________
A
45 Mch25
49
60
49
50
51
§50
1,605
w
11 N o v 4
15
15
200 T ake E rie & W e s te rn ___
*11
15
*11
*11
-L*
D o p r e f ____________
40 O ct 11
40
40
40
*30
*30
*30
30 K o v 4
30
30
31
31
3112 3112 ''* 8 0 0 L o n g Is la n d ................. ......
9012 O ct 30
94U 95
95
96
95
$96
1.850 L o u is ville & N a s h v ille ___
108 108
1051* 108
107^4 108
1,585 \/l an h attan E le v a te d ___ 1007* O ct 25
25 N o v 2
300 J X L etropolitan S tre e t____
*20
28
29
35
29
*25
146* 10,310 M exican C e n tra l_______ _
145*
14 N o v 1
14
14ig 1434
14
M in neapolis & St L o u is ..
30 O ct 31
2534 *24
*24
*27l2 30
25*4
D o p r e f________________
76l2A u g 9
72
71
*69
*69
*67
60 O ct 23
731*
7414 7512 72
71
7114 ' 2,405 Minn St P & S S M a rie ___
D o p r e f________________
110 O ct 24
680
116 116 *115 120
1181s 120
2212 O ct 24
23
2414 23*4 2412 5,000 M o Kan sas & T e x a s ______
24i2 25
D o p r e f________________
54 O ct 29
54
55
2,200
56
65i2 56U
55
48 O ct 24
551ji 5312 5512
5.635 M issouri P a c ific ___________
55
5714
55
X I ash C h att & St L o u is .. 108 O ct 11
*95 110 *100 110 *100 110
* ____ 42 * . . . .
J-i a t o f M ex , non-cum p f.
42
4 4 I4 O ct 14
41 * ____
D o 2d p r e f__________
13l2 O ct 30
93*4 O ct 30
99
41.786 N Y C entral & H uds6n__
9814 9934 9 V 2 9834 98
1834 O ct 30
22
24
1,100 N Y Chic & St L o u i s . . . .
22
23i2 f'2
2412
D o 1st p r e f____________
85 N o v 7
90
400
90
90
88
*75
85
D o 2d p r e f____________
41 » O c t 30
45
1.400
45
45
4514
45U 4 5 I4
1.236 N Y N H a v e n & H a rtfo rd 1273* N o v 4
*128 140 §130 130U *128 133
28 O ct 23
30
3U 2
3,015 N Y O n ta rio & W e s t e r n ..
3014 3114 2934 3012
1.500 N o rfo lk & W e s te rn _______
66 O ct 24
65
64
63
63*4 63l2 64
D o a d ju stm en t p r e f . .
70 O ct 29
75
75
75
*65
10
*65
§75
1075* 10834 107*4 11014 34.050 N o rth ern P a c ific . _______ 10012 O ct 24
108*4 110
D o subscrip re cts____
91l2 N ov 4
93*4 96
9412 96
94
4.782
9512
66 N o v 1
65
6412 657*
3.120 T )a c ific Coast C o __________
63
6434 64*4
D o 1st p r e f________
05 N o v 6
65
90
76
200 -C
65
*66
76
D o 2d p r e f________
90 Sep 28
*60
85
85
85
*68
*65
1083* I I I I 4 1075* 10912 lOSjg 111 214,115 P e n n s y lv a n ia _______ ______ £10312 N o v 4
*50
55
535g 535*
462 P itts b Cin Chic & St L _ _ _
61 O ct 23
53
53
D o p r e f___________ ____
*70
80
691* O ct 25
*7212 75
*72l2 80
787*
76
701’ O et 24
76l2 80 157’,565 T> ea d ln g ________________
76U 78
*7412 761.
300 LAj ig t p r e f______________
73 O et 22
78
76
76
76
2d p r e f______________
70
100
72
67 N o v 7
*67
67
67
*65
6,200 R o c k Islan d C o m p a n y ___
121j O ct 30
1312 14
13]* 135*
131* 13*4
D o p r e f________________
343* 347*
1.400
S2i4 N ov 4
341* 35
35
3if
_
_
St L & San F r, 1st p » e f . .
65
65
68 O ct 7
*55
65
*55
*5Q
D o 2d p r e f . .
_______
" l ’.700
30
27l2 O ct 24
2912 30
30
*2812 30
200 St L ou is S ou th w estern ___
1212 O ct 30
15
1212 14
*11
15
*10
D o p r e f________________
500
30
S012 *2712 30
80
251j O ct 30
*27
677*
67
69
67
67i2 687* 37,370 Southern P a cific C o ______
63^4 O ct 24
D o p r e f_______ _______ 100 O ct 24
108 104
7.740
102?4 U03W 103 104
121* 13
12
11 O ct 24
1212 3.200 Southern v tr cfs stam ped
12U 12*4
41
D o p ref
do
41
700
40
37 O ct 30
40
39U 41
19
19
1.400 M 'e x a s & P a c ific __________
181* 19
181* 181*
17*4 O ct 30
20
20
1.810 J- h ird A v e n u e (N Y ) ____
20%
19
19
19
19 N o v 7
13
127* 13
13
400 T o le d o R a ilw a y s & L ig h t
111* O ct 16
*1212 1312
1912 1934 19U 19*4 *1612 1812
700 Toledo S t L & W estern___
1 9 I4 N 0 V 7
34
34S4 34
D o p r e f_________________
2.800
80 O ct 26
34*4
3412 341725* 725*
721* 7312
2,057 T w in C ity R a p id T ra n s it701* N o v 4
72*4 73
10934 11234 345,220 I Tnlon P a c i f i c ___________ 100 O ct 24
110i2 1131* 1091* 111
81
80
80
D o p r e f _______ __
477
75 A u g 14
79U 80
__ :__ *7712

BANKS

AND

TRUST

C O M PA N IE S — B R O K E R S '

Range lor Previous
Year 0906).

IO8 I4 Jan 7
85*8 M ay
1015x Jan 12 *98 D ec
1331* Jan 5 1311* J ’ly
122 Jan 5 105*4 M ay
94l2 Jan 10
91 O ct
83s* Jan 7
71 J ’ly
8534 F eb 8
83 Jan
195io Jan 4 155*3 M ay
65HJan 14
6518 J ’ne
219i2 Jan 2 204 M ay
56 Jan 6
51i2 N ov
27i2 Jan 6
25*8 Sep
6 9 “ Jan 5
70 D ec
16 J ’ne
18 Jan 2
79 F eb 25
79l2 Sep
713. F e b 14
70 Dec
247* N o v
261* Jan 5
157i2 Jan 14 J146i2 D ec
165i2 Jan 5 J160 D ec
141 Jan 14
____
149 Jan 15
205 Jan 10 " 192 A p r
234 Jan 10 225 A u g
170 Jan 8 168 J ’ne
165 Jan 19 175 N o v
934 A p r
934 F e b 21
25 Jan 11
25 Dec
37s M ay
6 I4 A p r 3
193* Jan 9
117* J ’ly
927* Jan 7
89 D ec
lO S W a n 7 1 1 0 J ’ly
38^8 Jan 9
29l2 J an
69i-> Jan 7
66i2 A p r
58i2 Jan 8
43 M ay
227i2 Jan 2 189 M ay
510 Jan 24 43734 M ay
365* M ay
427s Jan 7
837* Jan 10
83 O ct
801 * Jan 16
79?g D ec
1 9 l2 Jan
6
10
J ’ly
32 A p r
39 Jan 4
4414 Jan
38ig M ay
5
757* Jan 7
74*4 D ec
62l2 A p r
67 Jan 7
68 D ec
92 A p r 6
80
J ’ly
18934 Jan 2 C178 D ec
7034 D ec
85 Jan 5
811 2 N o v
75 O ct 29
l i s j O ct
1 4 W a n 17
3 3 i8 Jan
47 Jan 3
7714 Jan
8 6 I 1 Jan
4
____ _____
114 M ch 6
9*212 N o v
94 Jan 6
172 Jan 3 164 M ay
39 Jan 23
335g J ’ne
703g J ’ly
7514 Jan
7
287* Jan 4
24 J ’ly
61 Jan 7
48 J ’ly
80 Jan 10
77 O ct
3034 Jan 5
227* J ’ly
6134 Jan 8
49
J ’ly
28U Jan 12
27i2 J ’ly
76 Sep
671? A p r 26
611 4 O ct
67U Jan 9
1451* Jan 6 136U M ay
146 F e b 13 140 Sep
107 Jan 23 103 J ’ly
275* Jan 5
18*8 M ay
58l2 D ec
69 Jan 15
90 A p r
90 Jan 24
14014 Jan
3 134 D ec
168 Jan 3 163l2 A p r
445* Mch 1
29 M ay
7234 Jan 4
6414 A p r
9234 Jan 5
85i2 M ay
147 Jan 8 133 M a y
593* Jan 9
36 A p r
I 8 I4 J ’ne
27 F e b 14
13434 Jan 10
126 N o v
63i» Jan 7
59
Mch
110 Jan 16 111 A p r
91*4 Jan 7
80 M a y
189 Jan 9 18912 Dec
4334 M ay
483* Jan 6
84 F eb
9214 J an
6
90i2 Jan 10
8912 A p r
189i2 Jan 7 I 79 .I4 M ay
____
134 F e b 13
103
Jan
1241* Jan 7
76 N o v 8 105 Jan
125 Mch 8 10512 Jan
1413.8 Jan 8 122i2 J ’ly
78 Jan 22
75
M ay
105i2 Ja*n 6 100 M ay
139*8 Jan 7 112 M ay
92 Jan 7
89 Sep
90 A p r
94 Jan 8
301* Jan 6
2 2 i2 J ’ly
64i2 Jan 5
60
J ’ly
60 F « b
70 Jan 11
4S3* Jau 5
40i2 J ’ly
25i2 Jan 7
20i'» M ay
48*4 M ay
62i2 F e b 15
9 6 I 4 Jan 14
61 M ay
1181* Jan 14
116
J ’ly
34 Jan 5
31S* N o v
9 41 - Jan
9 3 i2 Dec
5
28 M ay
371 * Jan
7
123 Jan 8 121 N o v
29 Jan 7
2514 Dec
3334 Jan
5
2514 J ’ly
547* A p r 12
43 J ’ly
1-08i 2 Jan 7 102 Dee
183 Jan 5 13812 May
911? M ay
96 M ay 2

Highest.
110i2Sep
106 Jan
1677k Jan
125l8 S ep
9 91 - Jan
94ig Jan
87 F e b
2011? D eo
70?s Jan
239~g M a j
G6&s A u g
35*8 O ct
77*4 O ct
235s Jan
S6U Jan
80 Jan
395g Jan
199*8 D ec
218 A u g
____
240 Jan
270 Mch
198 Jan
202 Jan
I 8 I4 Jan
4234 Jan
133,, F eb
47i« M ch
1097* Jan
118
Jan
41 O ct
731 * F e b
59 D ec
234*4 N o v
660 M a y
51?g ^ an
9 U ,J a n
102 F eb
227g Jan
45
Jan
607* Jan
83 Jan
763* Jan
76 Jan
94 A u g
348 F eb
85
Deo
92l2 Jan
2 3 l2 Jan
63 A u g
97 *4 M a y
____ _____
9 9 % J ’ne
184i2 J ’ne
653S M a y
87% Ma-y
3434 Jan
0 3 *4 Jan
84i2 F eb
3738 ^
71 Jan
447g Jan
$92l2Jan
81 *4 an
166i2 Jan
162
Jan
127 Jan
291 * D ec
84i4 Jan
10014 Jan
164 Mch
183*1 Jan
435* N o v
76 N o v
106*i Jan
149i2 Jan
594| D ec
30 D «o
1 5 6 I 4 Ja:n
73l2 A p *
1207* Jan
92 D ee
2047* Jan
6714 Jan
975* O et
96 Jan
23212 F eb
____
142 J ’ ne
106 Jaji
185 M as
147i2 Jan
87 Jan
109 A ljjf
2164 Jan
96 Jan
102 Jaa
320* N » v
6984 A u g
72*4 A p e
5114 F eb
277* Jal*
63** Sep
971* S ep
12012J ‘Wtt
427* Jan
103 Jan
401* Q ct
H 3 9 i2 Jan
36 J-ar»
401* Jan
59-7* Jan
12214 Jan
195** S ep
99U Jaa

Q U O TA TIO N S.

Ask I
Bid
Bid
Ask
Ask
Bid
Ask
Bid
Bid
Banks.
Ask
BanksBanks.
Banks.
Banks.
400 iFifth A v e fl. 3700
Im p & T rad 475
C h em ical___ 390
240
510
O riental YM etropolis T! 390
Jleu) Y ork .
135 'F ifth . .
160 Pa cific H___ 230
Citizens’ Ctrl 130
340
155
ln terb o ro
25*
165 M etrop o ll’nli 150
A e t n a _____ 200
2421* (First _______ 600
220 C i t y ............. 235
625 Ir v in g N Ex 185
P a r k _______ 375
404
M t M orrlsli- 240
A m erica 11-- 500
240 '14th Street 1 225
515 Coal & Ir o n .
290 P eo p le’s
300 Jefferson H_. 200
300
215
Mutual J ---- 2S0
A m e r K x ch . 210 * 220 ColonialU___ 700
____ F o u r t h ____ T180 tl90
____ P h e n i x ____ 150
L i b e r t y ____
Nassau 11___ T200
1H»*
500
B a ttery P a rk 122
132 Colum bia If. 500
525 G a lla tin ____ 340
160 P la z a 11____ 570
355 L in c o ln ____ 1100 1200 N ew A m ster
325 C o m m erc e.. 1 130 J 13
B o w ery 1! . . . olO
150*
jG arfield____
220
Nevr N ethTd 200
525
Manhattan Y 275
300
P rod E xch Y 140
B io n x lioroll 300
____ C on solid at’ d 160 '165 IGenranAmTI 135
1421» M arket <ScFul 255
260
265 N ew Y o rk Co 1200
R iverside Y- 250
160 Copper ____ 175
B u tch ’ s& D r 160
360
185 iGerman ExU 500
N ew Y o r k .- 280
295 S eaboard___ 340
Mechanics’ . 220
230
170
185 C o m Kxch T 275
O enturyfl—
G erm ania 11. 500
M ech & T ra 11
405 ^S econd____ 600
155 N ’ ht & D a y 11
----- Discount H. 150
o n a se_______ 225
160 ;Greenwlch 1 275
290
M ercantile. . 140
!9 th W a rd Y 500
S tate Y ______ 375
320
ast R iv e r . 135
C h a th a m ___ 310
Merch Exch 175
145 (H am ilton 1!_
12th W ard Y
225
185 SNorth A m er 200
----- F id elity U__ T16014 ____ IH a n o v e r ___
Chels’ alOxcY 200
____ 490 M erchants' . 150
155 N o rth ern ___ 165
175 23d W ard Y * Bid and asked prices; no sales w ere m ade on this d a y.
t E x-righ ts,
i Less than 100 shares,
11S ta te banks, a E x -d lvld e n d and rights. b N e w stool
t Sale at Stock E xch an ge or at auction this w eek, c E x beneficial Interest in ore properties. ft 1st in stal’ m t paid
n S old at p r iv a te sale a t this pita
Banks

Bid




Ask

New York Stock Record— Concluded— Page 2

1192

STO CKS —H IG H E S T A N D LO W BST S A L E P R IC E S .
Monday
N ov 4

Saturday
Nov 2
11
* 2 1 *4
8 is

1434
*612
*14
*7
1412
*28

11
2 21 *

812
8 lg
14lg 15

8U
1434
7
16

*6

8

16

16
12

*8

11

1412 *131i
*26
33

1412
35

*165 175_ *165
55g *5
53g
145S
16
16
4712
48U 49*4
* 1214 1334 1314
*75
95
*75

175
612
14’ 8
51U
1314
95

*8

* ____
35S
*3512
25
82U
*25U
*50
*170
3*2
*3
*1 1 1 2
1118

10

12

1 H8
7
7
*1612 2 0
3734
37
84
8412
4
*3
18
*17
80
*65
6G3g 6712
8434 S534
*150 240
* __ 1 0 2
*412
5
20

1012
12

76
314

3712
26
81
2534
80
195
33s
31*
111 *
1234
7

7
20
*15
3612 3S14
84
87
4
*3
18
*17
80
*65
65U 633g
8312 8512
5150 150
*
102
*412
5

20

*2 0

22

100
104
*105 1 1 0
93
91
9112
60l8 601g 62
1414 1412
141*
7034 7034
73 "
3134 3434
337g
4
3-8
3^8
*75 1 0 0
100
10
*5
10
33
*2 0
*2 0
33
1334
13
13U
1314
74
74
*74
76
17
15
1512 16
*15
17
*15
17
85
8212 8212 82
912
912
8*4
912
4934 52
5034
50
40
39
3778 413g
95
*51
*50
95
55
55
5518 557g
10512 109
10714 109
80
*70
90
*78
*4 1 4
7
*4 1 4
7
11
14
11
*12
9ig
9*2
IOI4 IOI4
60
'6178
*6034 62
35
35
8*4
9*2
" ’ 914 "934
55
5214
5214 *52
487S 487g
4612 49
52
51
filU 53
61
61
*59?8 7312
* ____ 112 * ____ 112
712
712
712 8
70
*50
75
*69
3612
36
37
*35
*82
87
' *82
85
75S 77g
712
712
611g 6234 60l2 6512
4414
4334 42
43
*1912 2312 *1912 24
727g 73
7H2 7314
9
*8
9
*8
*40
44
44
. *40
I 6 I 2 17
17ig 175g
72
572
70
71
137 137
140 140
2484
24
25
25
76
76
*71
*71
13*8 15
13
13
56
55
5712
55
3312
3 134 3212 32
90
*80
90
*80
135 135
*134 135
24
25
*20
23
50
*45
*471* 50
6
6
*4
*4
*42
45
*42
45
18*4 1912
*19
5012 5012
49i2 5"l>8
78
71 575
*68
3612
37
3712 36
10
10
*6
*7
*22
28
25
25
17
*1634 18
17
6634
65
6 6 I4 6 6 I 4
43
45
43
*41
225g 243g
23U 237g
82lg 8412
8212 833g
18
18U
1712 181*
1238 1334
1212 13
*
761*
76
75
3234 3234
32
32
* ___ 300 *
300
6378
62'
621* 62U
52
54
54
54

1005s
*108
9112
601s
1414
*71
33
4
*75
*5

1007S
112

1212

<
O
£
O
G

5

n
j
W
■

Bid
200
230
600
400

Brooklyn.
B orou gh H .. ____
B road w a y 11. 450

Ask
215

Sates or
Vie
Week
Shares

13
24
918
1514
58
*14
58
*1312
*28

13
24l4
24
9
918
16
*5
8
* 6 i2
*14
18
1„

Lowest.

1334
24l2

W

P

S

L

Banks.

Bid

AND
Ask

TRUST

Trust C os.’
N Y C ity .
Brooklyn.
A stor _____
____
Bankers' T r
____ First ...........
B ow l’ g G r’ n
B ro a d w a yT r
425
H om e B ’ nkli 200
250
400 C a r n e g ie ___
M anufactrs’
Mechanics’ U 290
310 Central T r ’ st
Colum bia . .
Montauk____ 160
N a s s a u ____ 240
270” Com m ercial
290 C o m m on w ’ h
N a t C it y ___
N orth Side U 380 * 370
E m p ir e ____
____ E q u itab leT r
Prosp ectPk^ 160
jTerm in a l. .11 . . . :
----- Farm L o & T

C O M PA N IE S— B A N K E R S ’
Bid

Ask

Trust Co’ s.
Fidelity_____
300
F ifth A v T r .
____ Fu lto n ______
400
400
4T 0"
G uaranty T r
145
155 Guardian T r
190 H u d s o n ___
1650"’ 1750
K n lck ’ b’ker
195
205
L a w T I& T r .
200
210
Ltncoln T r . .
100
125
M anhattan .
345
355 ' M ercantile. .
375
400 ; M etrop o ilt’ n
1180 1200 i Morton T r ’ st

Bid
200
400
275
475
210
175
____
..
825
550
650

♦ Bid and asked prices: no sales on this d a y, §Less than 100 share3. t E x-righ ts. t>Sew stock.
tS a le at S tock E x c h a n je or at auction this weeis.
sTrust Co. certifica tes. Banks m arked




Range tor Year 1907
On basis of \00-share lots

STOCKS
N E W Y O R K STOCK
EXCHANGE

N

BANKS
BanksU nion E x c K
U S Exch H_
W a s h H ’ htsV
W est S ldell.
V o rk v ille U-

Krittay
Nov 8

A

8

8

76 * . .
35s
314
3712
38
2434
2512
8214 8 OI4
247g
26
*50
80
195 *165
3*8
35g
312 *3 1 4

Thursday
Nov 7

910 U n it R y s I n v ’t o f S anFran
D o p r e f_______________
400
25
*2 0 1 4
a bash _______________ _
4,229
914
9
9
D o p r e f__________
1,460
151*
16
*15
75 W h ee lin g & L a k e E r ie , .
8
*6
8 ,
D o 1st p r e f___________
1 00
18
*14
18
D o 2d p r e f___________
12
60
12
8
*8
*8
1 0 0 W isconsin C e n tra l_______
*13i2 1412
14U *1312 141*
D o p r e f_______________
*28
35
35
*2912 35
Indus t r ia ls M iscellaneous
dam s E xpress__________
1*165 175 *165 175 *165 175
llls-Chalm ers___________
61*
500
61* *5
612 *5
*5
D o p r e f____________
141* 141*
1,153
1^4
1412 15
15
5014 475s 49~g 158,670 A m a lga m a ted C o p p e r____
5012 52
48
15
400 A m e r A g ric u ltu ra l C h em .
1334 1334
13
1314 * 1 2
D o p r e f________________
95
100
95 *
75 *
75
10
600 A m erica n B eet S u ga r____
9
io*8
*8
*§ 1 4
D o p r e f________________
* ____
76
76 * ____
76 *
600 A m erica n C a n ____________
334
334
334 *3
312 312
D o p r e f________________
400
40
40
*39
43
40
40
27lg 6,600 A m erica n Car & F o u n d ry
2612 27*8 2 6 I4 26->8 26
D o p r e f________________
85
£
01
*
710
851g
*81
*81
8018
7,425 A m erican C otton O il______
21
25"'4 217S 2314
2512 26U
D o p r e f________________
100
75
*70
85
*65
85
75
A m erica n E x p ress________
*165 195 *170 195 *170 185
400 A m erica n Grass T w in e ___
4
*3*8
312
414
*312
31*
25g
300 A m erican H id e & L ea th e r
2*4
312
312 312 *234
D o p r e f________________
800
1212
14
1212 * 1 1
I I I 4 12
107S 3,630 A m erica n Ic e S ecu rities__
1234
105g I 2 I4
101 *
1214
A
m
erica n L in seed ________
600
*634 10
* 6 *4
9
*7
8 I4
D o p r e f________________
______
*16
20
20
20
*16
*15
3,250 A m erica n L o c o m o t i v e ___
X371* 39
3812 3912
391g 40
D o p r e f________________
2,300
891* 90
88
895g
8 8 I 2 8 <H*
2*4 ______ A m erica n M a lt C o rp ______
4
*3
*3
3l5 * 2
D o p r e f________________
286
18
*17
19
1734 18
*18
100 A m e r Sm elters Sec p ref B
80
*60
*65
75
75
75
69
71*g
663S 693* 60*8 69*8 100,450 A m e r S m eltin g & R efin in g
D o p r e f________________
3,537
86
8714 87
8734 87
8812
10 A m erica n S n u ff..-________
*150 240 *155 240 *160 2 0 0
D o p r e f________________
______
*70 102
*50 1 0 2
*50 1 02
434
1 .1 0 0 A m erican S teel Fou ndries
6
6
6
5
4*4
D o p r e f________________
3,650
21
30
3U*
521
22
31
104 105*4 10312 105
103 1041* 1 1 ,0 1 0 A m erica n Sugar R e fin in g .
D
o p r e f________________
635
1091S
1097g
109 109
108 108
92
9312
92l4 1.262 Am erican Telep h & T e le g
93
9312 941g
1.720 A m erica n T o b a c ( n e w ), pf
67
66
64
66
*6412 6 * 1*
1.500 A m erican W o o le n ________
145g 145s
1412 1412
1412 1412
D o p r e f________________
500
76
72ig 721g
*72
72’-4 73
3314 345g 3112 33
31^8 33U 24,235 d A n acon daC opper P a rS 2 5
4*4
1.20C dB ato p ila s M in in g ParS.20
4
413
4*8
5
4
750 B r o o k ly n U nion G as____
80
82
*75 1 0 0
*75 1 0 0
-B ru n sw ick D o ck & C Im p
10
*5
10
10
*5
*6
27
27 B u tterlck C o ______________
§27
*15
33
33
*15
1334 13*4
1,835 / central L e a th e r__________
14
14
13*4 14
D o p r e f______________
900 v y
76
741g 7434 *73
7314 7334
1634 17
3,020 C olorado F u el & Ir o n ____
16*4 17
1658 1714
2 0 0 Col & H ock Coal & i r o n . .
17
17
1712 *16
17
*16
85
9012 2,710 C on solidated Gas (N V ) _ .
86
85
88
85
1,700 Corn P rod u cts R e fin in g . _
10
*9
11
914
1012 1012
Do p r e f________________
710
55
*52
*51
55
*52
55
43
7,800 D istillers' Securities C o rp .
42
417S 4212 41*4 43
10 F edera l M in in g <Sc S m e lt’ g
95
*50
*51
95
51
551
D o p r e f________________
350
*50
65
*50
65
65
*51
1137g 3,910 G eneral E l e c t r i c _________
110
111
111
111
111
90
*80
*75
85
. . . . . . G ran by Cons M S & P ___
90
*80
____ . . . .
200 I nt M er M arine stk tr ctfs
7
412
412
*4U
D o p r e f______________
400
1212 12l2
. . . . *1012 151*
10
93g
1.400 In tern a tio n a l P a p e r______
*9
10
*9
9*8
D o p r e f________________
62
62
62
62
60i8 6034 1,065
____ . . . . . . . .
____ « . . .
100 In tern a tion a l P o w e r . . .
934
y
8300 In tern a t S team P u m p .
834 9*g
Sl2 y
D o p r e f_____________
54
53
725
54
51
*50
58
48
600 M ackay C om pan ies____
4912
4912
4812 4812 48
D o p r e f_____________
6312
1,250
5212
5412
53
5314 *50
a tion a l B is cu it_____
62
63
700
61
6112 6U2 63
D o p r e f_________
* ____ 110 5102 10214 * ____ 112
100
1,270 N a t E n a m el’ s & S ta m p ’ g
712
912
*612 9i2 *7
712
D o p r e f_____________
80
*50
*50
77
*50
77
39
3878 38lS 38i2 3,100 N a tio n a l L e a d _________
38
38
D o p r e f____________ _
84
84
100
95
90
*83
*83
65g
8
4,915 New h ouse M & S _Par$10
77g
7'8
712 712
N
e
w Y o rk A ir B ra k e ___
4,810
65*4 66 *4
68'2
6
6
I
4
6 0 I 2 66i2
42
37
6,175 N o rth A m erica n C o.. new
44
43
4412 42
a cific M a l l ......... .......
23
200
22
22
2114 2114 *20
eople's G as-L & C(C hic)
z "2*4 741g
3,5)0
75
7514 7412 75
9
*8
400 P ittsb u rg h Coal C o ______
9
9ig
*8
812
D o p r e f_______________
____ _
*40
43
*40
43
43
*40
18
17
4,270 Pressed S teel C a r________
18
I 8I2
17*8 1734
Do p r e f_______________
70
490
*70
69
569
§6812 70
820 P u llm an C o m p a n y ______
138 139*4 13812 13912 139 139
257g 257g
772 I > a llw a y Steel S p rin g___
30
*2512 2634 *25
72
77
140 -CV D o p r e f____________
72
*71
77
*71
1534 4,250 R ep u b lic Iron & S te e l____
15
15
15
1612 15
D o p r « f ________________
1,835
58
58*4
58U 591*
5812 57
loss-S heffield S te e l& lr n
1,170
36
36la
37
3612 3612 36
____ ____ *80
D o p r e f____________
____ ____ _
9J
129 130
1,140 T e jin Coal, Iron & R R . .
§95 101
101 120
*20
27
25
25
700 dTennessee Copper Par$25
*20
27
T e x a s P a cific L and T r u s t.
*46
5J
60
50
*46
*46
[ nlon B a g <Sc P a p e r____
5
*4
____
1 D o p r e f_________
.
.
.
.
300
45
45
-20’
Xl9>8 195g
1,170 U S Cast I P ip e & Fou ndr
20
20
' 20'
D o p r e l_____________
5134 2,686
5334 55
5338 5358 251
70
*68
80
660
70
70
570
*36
40
43
500
*34
38
*35
*6
9
100
10
*7
7
7
D o p r e f_____________
*23
27
100
30
*23
28
*24
16*4 16*4
1,980 j U n ited S tates R u b b e r___
17
17
17*4 517
D o 1st p r e f_________
70
681g 2,330
67
70*4 7034 68
D o 2d p r e f_________
*40
45
270
4414 4414 §43
43
237g 251.J 267,172
243g 2512 237g 2514
D o p r e f.
Z83
8334 8518 8312 8514 69.326
853g
17
17
7,000
17'>s 18
17
1712
*13
1412
1418 1412 1412 145g 2,100
D o p r e f.
89
87
900
77
79
*81
87
35
600
39
3514 *33
3612 3612
* ____ 30.) * . . - 300 *
. . . ___ V i/ e lls F a rg o & C o ______
300
*62
*60
65
estern U nion T e l e g . .
640
65
*63* 65
491* 50*4 2,925 W estln g h ’ s e E l& M fg as
54
53
50
51
80
*40
80
....
*40
1 D o 1st p r e f________
ll i g

11
2 21 2

11
2 21 2

Wednesday
Nov 6

Tuesday
Nov 5

IVol. lxxxy

11 N o v 2
20lg O ct 25
8 O ct 30
14lgN ov 4
0 O ct 24
13 O ct 24
8 O ct 23
11^2 O ct 24
28 O ct 25!

Range 1or I ‘ret urns
Year (1906).

Highest.

Lowest.

Highest

62 Jan 7
71i8 Jan 7
18ioJan 5
38JoJan 7
16*4 Jan 7
374*Jan 5
2134 Jan 10
25?8 Jan 12
5U2Jan 7

fO A p r
65 A p r
18 D ec
36l2 Deo
16 A p r
36 M ay
21i4 Oct
23 M ay
44 J ’ly

98 Jan
9312 Jan
261* Jan
53% F eb
2134 Feb
48i-> Feb
29i2 Feb
33 Jan
64 Jan

$150 A u g 14 5330 J ’n e 2 0 5240 J ’ne 5300 A uk
4 A u g 16
167s Jan 5
27*g Jan
16 J ’ly
14% O ct 30
40 Sep
67 Jan
43*1 Jan 3
i4134 O ct 24 12l7g Jan 5
923g J ’ly 118U Feb
34is Jan
10 O ct 22
2 5 *gJan
8
20
J ’ly
75 O ct 28
90 D ec 102 Jan
95 F eb 20
231* Jan 7
35 Jan
8 O ct 24
201- May
827s Oct
891" Jan
75 Mch 5
£0
Jan 21
7i« A p r 11
3 O ct 24,
6012 A p r 10
36 O ct 26
4514 Jan 14
471 * Jan
24% O ct 29
32*i J ’ly
105"J a n
<8 O ct 29 103 Jan 12
0 8 i2 J ’ ly
4 4 I4 Jan
21 N o v 7
28 M aj
3612 J ’ ly 27
90 D ec
95 Jan
70 N o v 1 90 Jan 21
175 O ct 24 2 4 7 Jan 5 215 A p r 273 A u g
fci4 Jan 11
1134 Jan
77g May
3 O ct 22;
5 I2 N o v
6i4 Jan 16
10 Jan
2»g N o v 8
3 0 U Jan
7
24 “ N o v
43 Jan
10 O ct 24
3514 Jan
947g Sep
88 Jan 2
81* O ct 23
1634 Dec
2914 Jan
1 9 i4 Jan 10
6% O ct 24
5 3 78 Jan
35 D ec
36 Jan 7
I 6 I 2 O ct 29
78i» Jan
5 3*4 M ay
35 O ct 30
7534 F e b 15
108'i Dec 12014 Jan
83 O ct 30 1111 , Jan 2 1
5 7 i£ A p r 2
212 J'nelO
1714 O ct 16
40 F e b 2 1
93ig Jan 7
9214 Dec 101*j Jan
60 O ct 24
C l^ O c t 18 X I 5 5 Jan 7
138i2 May 174 Jan
8134 O ct 18 117% Jan 7
112 Dec- 130 Jan
150 O ct 23 205 Jan 18 2 0 0 J ’ ly 220 Jan
107 Jan
75 O ct 23 102 J ’ne 7
100 Dec
1514 Jan
934 N o v
1034 J an 5
45s N o v 1
5314 Jan
20 N o v 1 471 , Jan 7
40 May
97 O ct 24 lH7 l j Feb 13
1271* M a j 157 Jan
140 Jan
1C8 O ct 22 131 Jan 2 128H Dec
88 O ct 30 133 Jan 4 130 * J 'ly 144 A3 Jan
109 Jan
60 O ct 23, 9 8 S4 Jan 5
96 j ' l y
•Mil* J^n 7
48 Jan
11 O ct 22
28 N ov
1103s Jan
69lg O ct 24 1027 * Jan b 1 01 J ’ ly
$2518 O ct 18 3 0 2 3 4 F eb 16 22312 May 300 Feb
S3 O ct 23
$918 M a yl3
178 Jan
80 N o v 8 125 M ay 1 1051" N o v
2 l*j A p r
1 4 i»J a n
4
6 O ct 24
13*4 J ’ly
70 M ay
491 ^ Jan 3
40 A p r
27 O ct 21
407g Jail
3334 D ec
1234 O ct 30
40 F eb 15
1071" Jan
9834" Dec
73 O ct 14 102 F eb 8
835s Jan
5778 J an
$
40ig May14U O ct 24
3014 N o v
283g A p r 6
1514 O ct 30
17 M ay
74 O ct 25 14()i4 Mch 1 1305g A p r 18134 Jan
2434 Jan 22
28 A p r
8 O ct 24
I 8 I4 J ’ ly
8534 A pr
7 4 1 * M ay
46 O ct 29
88 Jan 28
74SS Sep
5 1 "J a n
78 F eb 13
37*4 O ct 30
199 Jan
50 O ct 28 163 Jan 16
138 Jan
1127g Jan
97
Jan 14
47 O ct 24
91 J 'ly
891: O ct 23 163 Jan 22 H 56 D ec 184 Oct
60 O ct 24 152 F e b 13
77g M a y 2
4*2 O ct 9
24 A p r 25
11 O ct 30
2 6 I4 Jan
1 8 l 2Jan
7
16i2Sep
9 O ct 30
90 Jan
81 F eb 11
80 D ec
60 N o v 1
5034 Jan 15
48 Sep x95 Jan
35 N o v 4
41 Jan 7
28 Jan
60 May
8 O ct 23
81
Jan 14
7i
Jan
92 May
50 O ct 23
7514 Jan 24
40 O ct 24
71
Jan 24
50 O ct 23
791 * Deo
8 6 I4 J an 15
581" O ct 24
62 M ay
103 O ct 24 1173* Mch 5 113i2 Jan
118iJ O ct
1538 Jan 5
1 8 i2 Jan
7 I 2 NOV 2
12 May87 F eb 1 5
8812 Mch
578 O ct 10
82 Sep
9 5 ^ Jan
7 6 I4 Jan
7
35 O ct IS
66 M ay
IOOI4 J ’ne 106i4 Jan
80 O ct 23 103 Jan 5
$5*4 O ct 17 $2034 A p r 18
1411* Jan 7
16334 Jan
6 OI4 O ct 24
133
8934 J an 4
37 N o v 8
871" N o v 107 Jan
5H2Jan
4 1 i 2Jan
5
2834 J ’ ne
195g O ct 29
103 Jan
98^8 Jan 4
7 OI4 O ct 30
88 J ’ly
734 A u g 19
1 8 i8 N o v
I 3 I 4 M ay
167g Jan 15
6 2 i* Jan
605S Jan 4
50
J 'ly
38ig O ct 26
645jJ Jan
161* O ct 22
43 M ay
57 Jan 10
997g Jan 24
67 O ct 23
95 Mas 105 Feb
137 O ct 24 18 U8 Jan 8 180 D ec L'<o X o v
0 2 *4 Jan
44 M a j
21*2 O ct 24
671* Jan 10
107
Jan
72
Nov 6
97*4 J 'ly
99U F eb 15
4 is, Dec
12 O ct 23
2214 May
41 Jan 7
50^ O ct 24 100 Jan *
91 May 1 10 1 * Jan
y 7 U Jan
26 O ct 24
681* J ’ly
7734 Jan
113 'A p r
80 O ct 31 107 Jan 11
10414 O ct
1 01
N o v 7 162 Jan 4 1 2 9 Jan
166
Nov
$17 O ct 25 $5312 Mch 1
88 O ct
45 O ct 24
85 Jan 17
60 May
1514 ja n
4 O ct 24
si 2 Sep
818 J an 15
84 Jan
an 7
42 O ct 30
52 O ct
61 J<__
63 Jan
491 2 Jan 5
431" May
17 O ct 23
9078 Jan
83i4 D ec
89 ‘ Jan 15
4b*2 O ct 23
70 N o v 6 5117 Jan 9 109 May 1381 * Jan
V,4i* Jan
75 A u g
901.2 Jan 4
o*> N o v 4
40*3 J ne
24 Men
J Jan 28
3014
7 O ct 29
M J ’ no
(>0 Mch
20 O ct 25
68 Jan 7
£9i2-Oct
38 J ’ly
Feb 16
521» F
16 O ct 25
r10434 J 'ly i l l 5 Jan
7
r62 O ct 30 1097s Jan
75 May Z8 7 I 2 Jan
40 O ct 26
78‘s Jan
325g J ’ly
5014 O ct
503g Jan
21?s O ct 23
98*4 J ’ly
11314 Jan
S llg O c t 18 10734 Jan 7
$13 O ct 22 $3912 Mch 4
393* Jan 7
31
J 'ly
58 Jan
l23gN0V 4
J ’iy 1171; Ja y
75 N o v 4 108 Jan fc 104
97 Jan 22
93 Dec
38 May31 O ct 24
_ n'"e' 3 233 Mch 305 O ct
250 M a y 7 300 J
so
Jan
10
iu *8334 Dec
85 Jau
’
9^i 4 Jan
62 O ct 31
341; O ct 23 154 Jan 2
148 A u g 176 Jan
5145 A p r 2<>; § 1 6 0 May23i 162 N o v 188 Jan

Q U O TATIO N S.

Ask
Trust Co’ s. Bid
Brooklyn.
Brooklyn T r 380
140
Citizens’ . . . 130
275
500
F la t b u s h __ 250
290
220
F r a n k lin ___
320
90
H am ilton . . 300
__
H om e ______ ____ 150
200
Jen k in s____
4 /5
310
Kin gs C o ___ 450
430
L I si L & T r . . - - - - 285 1
200 ]
230
875
N a s s a u -----325
575
Peo p le's . . .
----W llliam sb ’ g
700
— *
eE x -d ivId en d and rights. d N o w q u o ti
w ith a paragraph (D are S ta te banks.
Ask
215
475
315

Tru st Co’ s
M u t u a l-----Mut A lU ’ nce
N Y L ife & T r
New Y ork T r
Standard T r
T itle G u & T r
T r Co o f A m
Union Trust
US M tg & T r
U nit S ta tes.
V an V d e n T r
W ashington
W in d s o r ___

Bid
Ask
115
125
180
195
975 1000
575
600
____ 4C0
345
360
625
1250 1300
410
425
1125 1175
375
•
400
200
175

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O C fO P Y T N (}
BONDS
N . Y. STO CK E X C H A N G E
W e e k E nd in g N o v 8

tri.ee
F rid a y
Nov a
B id
109
108
103
103

lv. S. (io vfrn iiU M H
U 8 2s consol re g istered .<(1930
U S 2s consol coupon___ til93o
U 65 3s registered ....^...«:1 9 1 b
U S 3s coupon..................&191b
U S 3s re g sm all bonds..&1918
U S 3a con sm all bonds..£1 91*
U 8 4s re gistered ..............1926
U S 4s cou p on ........... .....1 9 2 6
U S P a n Can 10-30 y r 28.fcl.93ti
P h ilip p in e islan ds 4 s .1914-34
Pub
and im p re;r 4s 193.’
I P u b vrks and im p r e g ... l9 3 t
K o re iu n {J o v e rn m e iit
Im p eria l Japanese G overn m ’ l
X loan 4*28 ctls fu ll pd.1925
2d series 4 *as ctfs fu ll paid
£ loan 4s ctls fu ll pa id.. 1931
R ep u b o t Cuba f,s exten deb t..
II 8 of M ex ico s 1 g Os of 1899
G old 4s o f 1904.............. 1954
S ta te ,a n d C ity S e c u ritie s
A labam a cu rr fund 4s . . . . 192(
D ist ot Columbia 3'65s___ 192-1
Louim aua new consol 4 s . .1914
N Y C ity—T . m porary receipts
fo r 4 s*C o rp Stoi’k ...... 1957
tor 4 S*% assessmt b on u s.. ’ 17
N o rth Carolina consol 48.1910
6 s......................................191!
8 o Carolina 4 *28 20-40.......193;>
T en n uew settlem ent 3 s..191:
V irg in ia fund debt 2-8s...199j
6 s deferred Brow n B ros ctls.

Ask
Sale
1 0 »i104
104

101
120
123
120 123
108
lOSHi

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

n

ki a ilro n t!
labama Cent bee So R y
laba -Mull see A t Coast Lin i
A l b a n y * Susa see Delde Hui.
A lle gh e n y V alley ISee Penn R l:
A U e g * West. See B ull R <fc 1
Ann A rb o r 1st g 4s........ /U996 Q-J
A to ll T<Sj s F e—Gen g 4s. 1996 A-O
R e g is te re d ......................1995 A -0
A d ju stm en t g 4 s ..........A.1996 Nov
R e g is te re d ................ M.996 N ov
Stam ped...................../tl995 M-N
C on v g 4 s....................... 1956 J-D
10-year conv g 5 s ........ 1917 J-D
D ebentu res 4 j S eries F . 1908 F A
S eries G ....................... 1909 F-A
Series H ...................... 1910 F-A
S eries 1........................ 1911 F-A
Series K .......................1913 F-A
E a st Okla D i r 1st g 4s.. 1928 M S
A t l K n o x <te N See L & N
A tla n tic Coast 1st g 4s./ll952 M-S
Charles cfc Sav 1st g 7 s..1936 J-J
8 av F & W 1st gold 6 s.. 1934 A-0
1st gold 5s................... 1934 A-0
A la Mid 1st gu gold 5s ..1928 M-N
Brwnscfc W l s t g u g 4 s ..1938 J-.J
L i t N coU g 4s.............01952 M-N
Sil Sp Oca <fc G g u g 4s ..191b J-J
A tla n tic cfc Dnnv See South Ry
Austin <fc N W «veeSou pacific
I ) alt & Ohio p rior 1g 3 “as. 1926 J-J
» » R egistere d .............. /il925 y-J
Gold 4 s ......................... /ll948 A-O
R e g is te re d ................ /il948 y-J
P itts J line 1st gold 6 s ... 1922 j -J
f J u u & i l D iv 'l8 tg 8 *2 S l9 2 5 M-N
P L E cfc W V a Sys re f 4s 1941 M-N
Southw I jiv 1st g 3 >2 8 .. . 1926 J-J
R e g is te r e d ................ /il926
Mouon K iv 1st gu g 5s.. 1919
Ceil Ohio K 1st cgi>aB ..1030 M-S
Ul hoi' cfc W oon 1st g 5s 1933 A-O
Ohio R iv e r R R 1st g 5 s .1936 J-D
G eneral gold 6 s ........... 1937 A-0
P itts C lev cfcTol l s t g 6 s 1922 A O
P itts cfc W est 1st g 48...1917 J-J
Stat Is l R y 1st gu g4*as 1943 J-D
Hat C reek <fc » See M ich Cent
beech C reek See N Y C <& H
B e lle v <fc Car see Illin o is Cent
Bklyn cfc M olitau k See Dong 1
B r u n s * W est see A t l Coast L
B u tia loN Y ifc E rie See E rie
Buffalo It cfc P gen g 5 s . ..1937 M S
A ll cfc W e a t'J s tg 4s gu.,199b A-O
Cl <fe M ali 1st gu is 5b ___ 1943 J-J
Rooh & Pitts 1 st. g 6s...1921 F-A
Consol 1st g 6 s........... 1922 J-D
Buttalo <& Southw est see Eric
Bull ifc Sus(| 1st ref g 4s.ril951 J-J
Bur ij R
N ,see O B I * P
/ larnda sou th 1st 6 s .......190b J-J
v , 2 d 6 s ..............................1913 M-S
R e g is t e r e d ................ 1913 M-S
Garb <fc Shawn See 1II Cent
Carolina Cent AeeSeab A ir L
C a r r in g e * A d see N YC<fc H
Ced K 1a i> ifc N See B C K cfc N
Con Brnucn ity see M o P ac
Cent of iliv K it 1st g 5 s . .p i 946 F-A
Consol void 5 s . . . . ..........1945 M-N
R e g istere d ................... 1945 M-N
1st i>ret incom e g 5s___ pl94 6 Oct
S ta m p e d ............ ........... .
2u nrei incom e g 5s___ pl94 5
S ta m p e d ............................
3d in ei income ir 6 s___ p i 94

Range
Since
Ja n u a ry 1

Loin
H i an
107 >2 109
104 14 Oct ’ O';
I 0 i >2 102 H;
1 0 2 ‘i
102*4
107 J’ ne’02
104*2 Oct ’O'
Oct ’ »>7
1! 9
119
1 0 0 's Oct ’ 00
111

M a y ’OG

84 Salt
81
8G : 0 'i
84 Sale
H5!„- 8 b
84 >2
13
7 f>34 Sale
77
70 l,
981- 51
98 Ka le
97 78
2
93 Sale
98
93
16
•89
90
90
89
hcse a re p r ices 0 n the b a* h

t.
1
i
j

111 M a r’ 02
117*2 J’ ue'Ot
105 >2 i ) e c ’U4

j -j
F-A
J-J

M-N
M-N
J -J
A-0
J-J
J-J
J-J

Week’s
Range or
Last Sale

105’t Sale
1031* Sale

03% 10534 17t.
101
103*4 1001
li 0*4 A p r ’ 07
126 M a r’O?
120 M a r’ Ot
92*4 Oct ’ 07
9 3 14 M ay’ 07
23 Oct ’ 07

A

n

84 Oct ’ 07
J0»4
94
91
91
79;,4
'*78* *80 " 77*2
86 A p r ’ 07
79 >2 Sale
77 >2
79*2
82 *2
84 H
8 i Si Sale
98*4
99 V
98 >s Sale
101 J ’ l y ’ o7
98*8 Muv’ov
96 F e b ’ 07
98*2 N o v ’ 0 4
94 N o v ’Ot
93 Muy'D.
........ 63
93 >2 Sale

8 4 's Sale

791

8 6 ’j Salt

85

8 4 *2

132*8 Jan ’ 06
112*8 Jan ’04
1] 4 58 N o v ’05
99*2 M a r’06
79 O ct ’ 07
94 J ’l y ’ o?
8 6 34
80
8 8 7&Oct ’07

89
93*i
95 7a Oct ’ 07
12o o a ’ 01
........ 81 >2 84 O ct ’ 07
........ 83 *» 85 Oct ’ t>7
83a4 Sale
81*2
8 3 a4
8 ^> Oct ’ 06
105 7g F e b ’ 07
109 A p r ’06
........107 ** i0 9 34 J ’ ne’ 07
M ay’ Oi
116
l l S ^ N o v ’ oo
119*2 M ar’ 04
8 8 Oct ’ 07
100 N o v ’04
93 “s Sale

. . . . . . 119
91

Sale

sale
99*4 sale

91114

97 S.

38>4 42

113V
1( 3 - 2
103
124
118

A p r ’ OO

J ’ ne’ 07
91

A -0
J -J
J-J
M-N
F-A
F-A
F-/I
F-A
J-J
J-J
J-J
A-C
J-J
F-A
A-O
J-J
J -.r
M-S

64
"9 3 ”
" 7 9 ’si

’ ^vo pnou Friday; latest price this week.




92
Sale
101

80
”95*

IS

99*2 159
9 S’ g
99
99*4 3B
U ’ 0 34 MaJ’ O,

116
96
113
oS

M a r’ 07
97 S
A p r ’OO
Oct ’O '
88
May’ 07
70
J ’ ne'07
6 6 H A n g ’ n7
50 J ’ ly ’ 07

92 Oct ’ 07
63
6o®(j lo 2
99 Oct ’ 07
95 7# Oct ’ 07
!>3
93 K
6.
98 Sop ’07
87 F e b ’ 07
79% O ct ’ o7
8.* S e p ’ 07
9^*2 M »v ’o7
97V O ct ’ 07 ... .
95 J ’ ue’ OO
85 Au g'07
i-0 *2 J ’ ne*o7
48*2
51 519
0 0 * 4 J ’ly ’ 07 .. . .
I 0 9 M a r'll*
98 May’ 06

a D u e ja n

u

BONDS
N . Y . STO CK E X C H A N G E
WBEK ENDfNG N o v 8

t r ic e
F rid a y
Nov 8

Low H i/ift C ent o f Ga R R —(C o n )
104 4 lii7k3d p re f incom e g- La stamped.
104 >e 10b: *4
Cliutt l>iv pur mou g 4s.19^j J-D
to2 10234
M ac cfc N o r D iv 1st g 5 s.1940 J-J
I 02 104
M id Ga <fc A t l D iv 5s___ 1947 J-J
M o b ile D iv 1st g
194(5 J-J
Ceu R K & B o t G a col g 6 s 1937 VI. N
119 130V Cent ot N J geu ’ l gold 5s. 1987 J -J
119 130
R e g is te re d ................ 7il9S7 Q-J
A m Dock <fc Im p gu 5 s..1921 J -J
L e cfc X-I urt R gen gu g 5s 1920 J -J
Leh cfc W ilk s B Coal 5 s ..1912 M-N
Con e x t guar 4 *2 .s___ t/1910 Q ->1
N Y & L o n g Br gen g 4s 1941 M-S
Cent Pacific See So P acific Co
C en tV erm on t 1st gu 94s.el920 Q-F
8 '134 94s*
Chas cfc S av See A t l Coast. Lm<>4
92 7p Clies & O liio g Cs ser A ..A 190 b A -0
75
85*4
G old 6 s...........................a l9 1 ! A-O
97 76 10334
1st consol g 5s................ 1939 y>K
93
99
R eg istere d ...................1939 <Y1-X
89
95
G eneral gold 4 *2 8 ....___ 1992 M .s
0 / $5 to £.
R eg is te re d ................... 199‘J M-S
C ra ig V a lle y 1st g 6s...:19 40 J - J
R cfc A. D iv 1 st coil g4 s.,1 9 8 9 J-J
2d consol g 4 s .............. 1989 J-J
W arm Spr V a l 1st g 5 s..1941 ■VI- s
G reen b rier R y 1s i gu g Is ’ 40 M-N
I0 2 7e 10734 Chic cfc A l t R R re f g 3 s ...1949 A-O
101 103 V
R a ilw a y 1st lien 8 *2 8 ...1950 J -J
I0i)*4 100*4
R eg is te re d ................... 1950 J -J
126 126
OlilC Burl cfc Q— D e n v D 4 s 1922 F-A
Illin o is D iv 3*28.............1949 r - j
9 1 S/ 9i>
R e g is te re d ...................1949 j - j
93*4 9334
Gold 4s......................... 1949 j - j
Io w a D iv sink fund 5 s ..1919 A-O
20
30*4
S ink in g fund 4s........... 1919 A-O
N eb ra sk a Extension 4 s .1927 VI-N
R eg is te re d ................... 1927 71-N
Southw estern D iv 4 s___ 1921 M-S
J oin t bonds See G reat N orth
D ebeuture 5s................. 1913 M-N
H an cfc St Jos consol 6 s..1911 M-S
Cluocfc E 111 re f <fc im p g 4s 1955 J - J
81*9 91
90 102 *2
1 st s f cur 6 s..................1907 J -D
91 10134
1st consol g Os................ 1934 A -0
G eneral consol 1st 5s___ 1937 M-N
77*2 927g
86
86
R eg istere d ................... 1937 M-N
77
92
Chic cfc ln d C R y 1st 5 s .l9 3 l J-J
81 108*4 Chicago cfc E rie Sec E rie
93*2 102
Chic. In cfc L o u isv ret 6 s...1947 J -J
99 101
R efu n d in g gold 5s..........1947 J -J
L o u is v N A cfc Oh 1st 68.1910 J - J
9 8 ' 8 98V
96
90
Chic M U & S t P term g 5s 1914 J -J
G en eral g 4s series A ..e l9 8 9 J -J
R eg is te re d ................. el989
J
91
93
G e n e ra lg 3 * 2 8 series B .el9 8 9
J
Chic cfc L Su D iv g 5 s ....1921 J -J
Chic Jfc M o R iv D iv 5 s ... 1920 J -J
84*2 93Tt
Chic cfc P a c D iv 6 s..........1910 J -J
Cliio cfc P W 1st g 5s.......1921 J-J
D ak & G t So g 5's........... 1916 J-J
F a r cfc Sou assu g 6 s.......1924 J-J
H a st cfc D D iv 1st 7s.......1910 J-J
l s t o s ............................ 1910 J-J
78 Si 89 S.
94
94
I <fc D E x ten 1st 7s........ 1908 J -J
LaCrosse <fc D 1st 5s___ 1919 J -J
M in era l P o in t D iv 5s___ 1910 J -J
So M inn D iv 1st 6 s ........ 1910 J -J
,c 634 93*2
Southw est D iv 1st 6 s___ 1909 J -J
8 8 78 92*2
88 102 3*
W is cfc M in n D iv g 5 s ___ 1921 J -J
MU <fc N o 1st M L 6 s ....1910 J -D
94 101*2
1st consol Os................ 1913 J -D
Cliic<fc N o r t liw cons 7s___ 1915
84
90
85
96
E xten sion 4s........ 1886-1920
R eg is te re d .......... 1 8 3 0 - 1 9 2 6 F-A
8 1 S 9034
G en eral gold 3 * 2 8 ........... 1987 M-N
R e g is te r e d .............. ,i>1987 <i-F
1057a i0 5 7fe
S in k in g fund 6 s ...1879-1929 V O
09V i*130g
R eg istere d ..........1879-1929 A-O
S in km g fund 5 s ...1879-1929 A-O
R eg is te re d ..........1879-1929 A -0
D ebentu re 5s..................1909 M-N
R eg is te re d ................... 1909 M-N
88*4 94
D ebentu re 5s..................1921 A -0
R eg is te re d ................... 1921 A -0
S in k in g fund deb •=-.......1933 M-N
R e g istere d ................... 1933 M-N
N o rth Illin o is 1st 5s___ 1910 M-S
O tt C F & St Pau l 1st 5s .1909 M-S
W in on a <fc St P e t 2d 7s. .1907 M-N
MU L S cfc Wftirt 1st g 6 s 1921 M-N
112
118*2
102 103*2
E x t * Im p sfu n d g 5 s 1929 F-A
Ashland D iv 1st g 6 s ..l9 2 5 M-S
M ich D iv 1st g Os........ 1924 J - J
In c o m e s ...................... 1911 M-N
118 123*2
Olilc R ock ls l ifc Pac 6 s ...1917 J -J
R e g is te re d ................... 1917 J -J
8934 9 6 \
G en eral gold 4s.............. 1988 J-J
R e g is te re d ................... 198b J-J
? 8 t8 102*2
R efu n d in g g 4 s .............1934 A-O
99 105 V
1 0 0 34 1U03,CoU tru st S eries H 4s ..191< Wl-N
J 4s.............................. 191i M-N
M * s ..............................l> »lf M-N
N 4s..............................1916 M-N
O 4s...............................1917 VI-N
P 4 s .............................. 1918 M-N
Chic B. I <fc Pao R R 4 s ..2002 M-N
116 1 " . 6
R e g is te re d .................. 2002 M N
96 1 1 1
CoU tru st gold 5s........ 1913 M-S
Bur Ced K * N o rth e rn —
f 8
90
Con 1st cfc col tr g 5 s...1934 A-O
85
90
R e g istere d ................ 1934 A-O
70
76
O R I F <fc N W ls t g u 58.1921 A-O
6 6 * 2 74V
M cfc S t L 1st gu g 7 s ..1927 J -D
50
05

. l i l M 't l i l . A . N i i O l J ''

S t r e e t iv a ilw u y
Brooklyn Rap '1Y g 5s.......1945
isL refund conv u 4s
2002
B k C ity 1st con 5s. 1916*1941
Bk Q c o ,fc & con gu g 5s. 1941
B k lyn U 11 El l s t g 4-5s.l950
Stamiied ru a r 4-?s.. 1950
K iU iis Co E l l s t g 4s___ 1949
Stam ped guar 4s . . . . . . 194V
Nassau Eleo gu g 4 s ___ 195]
Conn Kycfc l„ls t< fc re lg 4 S 2 s ’ 51
Stamped truar 4 * 2 8 ........ 1 9 5 1
Den 1 on 'I r Co 1st g 6 s ...1933
D et U m ted I st con g 4 *2 S. 1’.(37
>1 avaiia Klee consol g 6s. 1952
In ie r - M t t coll 4 *2 8 ........... 1956
In t t ruar, T ra o coll tr 4 s..1949
L o u is K v C o 1st cod r 5s.. 193(1
M a n ila E lec 1st cfc coll Cs. 1953

P A «E S

u

M ay’ 07
F e b ’ 07
A p r ’ 97

91

KOOK

Due A p r

Range
Since
J a n iia ry I

Bid
A sk Low
H ig h
38*4........ 45 Aug'O?
93 J ’ne'Ot)
115 *2 D ec ’ 0 6
115 N o v ’ 06
105
115 Hz A u g ’ OC
95 Oct ’07
118
118
11778 0 c t ’07
107 A u g ’ 07

95 108
118 126 *4
1175s 126
106\111

95 >v 98V A u g ’ 07
97 V 98 Oct ’ 07

9834 100 Hi
97*4 101

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

88
........100
........101
102 Sale
89

Sale

Low H ig t l
45
60

M ay’ O'i

85

993< Oct ’ O'
102 Oct ’ 07
101
102
116 J ’ ne’OO
89
88
104

»8

*92'
........122

9 l 76 100*2
90
92 *a
80
7G5»
90 "a 100 Si
83
92 *2
95 103
106 106
96 104
98*2 102
90

100 Oct ’ 07
105*2 J ’l y ’ 07
92 A p r ’ o7
102 O c t ’07
126 S e p ’07
108 Oct. ’ 07
118*2 F e b ’oo
106 Oct ’ 07

i'0 6 " i*l*3* *2

119 O c t ’ 07
105 O ct ’ 07
102 V Oct ’ 07
........ 101 O c t ’07
101*4 101 O c t ’ 07
104*2 Oct ’00
89 J ’ly ’07
115 V Oct ’ 06
109
104

A u g ’07
A u g ’07

106
........ 105
106 J ’ ue’ 07
13 7 *2 J ’ l y ’99
102
O ct ’07
1 0 0 **
1 0 0 *2 J ’ ly ’ 0 7
182 *2 A p r ’00
1 0 6 >2 J ’ ly ’ 07
101 *4 Sep ’ 07
99
100
01
1 0 1 *.,
101 Sale
102 *g A u g ’07
106 A u g ’ 07
1067s F e b ’ OV
107 J ’ ne’ o7
116 Oct ’07
9 ^ 2 4 Sep ’ 07
97 Sep ’ 07
9 2 V Oct ’ 07
95 F e b ’ 07
10G
107 J’ne’07
106*4 J ’ne’07
10 1 “2 Oct ’ 07
107*2 J ’ ne’ OO
lo u :4 0 c t ’ 07
99*4 J ’ lie’ 07
10i v Oct ’ 07
100*2 .
103 J ’ue’07
110 >2 Sep ’ 07
17 F e b ’ 0 6
105 *4 D e c ’ 06

105

119
105
102
10(1
100

........112
‘ in ** b ale
* 8 1 * 2 Sale

83

......

07*2 S al?

69

Sale

8 8 5a 93V

106

10034

i'0 2 ** ’1 0 9 ”
100*2 1 0 0 >2
106 ‘a 108*4
101V 103
101 lo 5 V
102 V D ‘4
106 110V
1067» 107
107 111*2
U 6 121
98V 102
97 104
92*a 98
••'5
95
106 107
106*4 106*4
104 *2 107
100

102" *

98 101
10134 107
103 103
110*2 1 1 4 34

100 >4 102 ag
I0 0 7e 1017a
118 123V
113 113 Si

18 Oct ’ 07
U 3 >2 M ay’07
42*2 Feb ’02
28 >2 F e b ’OO
109 Sep ’03
114 O c t ’O'.
110*2 M a r’07
89%
91
92 Sep ’07
81
83
97 J ’ l y ’04
92 *2 N o v ’Ot
90*4 J a n ’07
93 M ay’ Oi
9034 F o b ’07
84 A u g ’ 07
50*2
ti8*v
82 O ct ’ 07
69
70*2

114 117 Sj
116 Si 1 16 S>
89*8 100 St
92
99V
80 Sj 91V
90*4 90 >a
" 9 0 V " 90 V
84
90
6 0 ^ 77
8 2 ra 8 2 ^
09
91V

10^*2 Sep ’07
120*2 M a r’ (>3
111

126*a
111’ *
105
106*4
107

1 0 9 *' i 13 *4
104
1 0 5 r,s
10 105 112

100'*8M ay’07
00 V A u g ’ 07

Ill

90

99 104
105*2 109
92
92
100*2 103
125V
10b 117*2

........ 117
........ 105
101
99

ib o V

M a y ’ 00

112 F e b ’ Oo
H im ” 9 4 ’*, 95 Oct ’ 07
90 J ’ ne’ 07
113*4 F e b ’05
9934 F e b ’ ot;
61 ..
58 O ct ’07
55
5 0 *4 ..
5 6 '4
80 *0 M ay’ 05
...... . 98
9 0 \ Oct ’ 07
84
84 Sale
83
90 Sep ’ 06
95
95*4
106 M ay’07
97
96
96
25
98 h, Oct ’ 07
U )1 *4 D e c ’06
90 Oct ’ 07
96

89 7»

99 >2 105
102 107
101 116

108*2 119

N o v ’ 05

H i ) » i > 1’ — C o n t in u e d o n N e x t i ’ lusc.

92 107
02
9 .'3b
9:»7s 103 >4
95V 101V
93 108
98 104
X/
89
79V 88*2
79
80
98*2102*2
97*4 98V
8 ’.
eO*s
48 Si
63

t

W eek’s
Range or
Last Sale

86.S,
93
82
73

Due May

S tr e e t H a llw a y
M et S t R y gen col t r g os. 1997 F-A ........ 95
R e t g 4 s...........................2002 A-O
Bwaycfc 7th A v I s t c g S s 1943 .1 -D ........100
Colcfc 9th A v 1st gu g os.1993 M-S ........105
L e x Av<fc P F l s t g u g 5 s 1993 M-S ........ 105
T h ird A v e R R con gu 4 s 2000 J-J
40 Si Sale
Th ird A v e R y 1st g 5s.. 1937 J-J *100 ........
.Met VV S E l(C 'h ic) Is t g 4 s .l9 3 8 F-A ................
M il E l R y <fc L 30-yr g 5 s.1920 F-A
Minn St it y 1st con g O s..1919 J-J
N O rl l t y <fc L t fe n 4*2s ..193 : J-J
St Jo-) I t y L t H <fc P l s t g 6s
M-N
,->t. P a u l U ity (^ab con g 6a. 1937 J-J
ITndecground c.t Lon 5 « .. 1908 J -D
Union E l (Clrio) l s t g &s..j.94r. A-O
L'nited R R s San F r s f 4 s .1927 A-O ........ 70
tTnited R>tj St L 1st g 4 s.l934i J - J ........ 80
W <'liic S t 40-yr con g 6s. 1930 M-N
; 1) d « j ‘ u e

A D u e J 'ly

Due A u g

oDau Got

101 J ’l y ’ 07
73 A u g ’07
100 Oct ’07
103 Oct ’o7
107*2 A u g’ 07
40
49
100
100
93 '2 .r iy ’ 00
109 J ’l y ’ Oi'
10712 F e b ’ 06
103*4 Oct ’ Oh
HOS j N ov ’ OO
64 V Sep ’ 07
100 J a n ’07
72 S e p ’ 07
, 79 Oct ’ 07
99 D e c '97
pD u eN or

100 108 V
73
85
100 113
103 113*.
107 Si 1 10
9:*. 40
89
6 100 114S>

....
61V
too
07
79
......

94
100
83*«
85
........

# O p t io n S a l«

1194

New York Bond BeCOrd— Continued— Page 2

lJiirs
N. Y. STO CK E X C H A N G E
W

eek

E kd jnq

N

ov

P rice
f ■rifi.au
A ov S

8

Ween's
Kanqe or
Las> Sale
Low
109
111
101

Chic R ock 1 A P a c—(C o n )
Choc Ok A o gen g 5a .ol919 J-J
Consol gold o s ............. 1952 M-N
K eo k <te i)cB J I H t D s ___ 1923 A-C ........ 100
Ohio I't L A . N O See 111 Cent
Chic S t L A P itts see Peun Oc
120
Chic St P >1 A O con (3s...1930 j-:
Cons 6s reduced to 34s.l93< J-D
CU S t P A M in n ls t g 6 s 1918 M-N
N o r W isco osiii 1st 6 s...1930 J-J
St P A S C ity 1st g Ha...1919 A-O * .........113
C hicago T e r Tran s g 4 s ...1947 J-J
Coupon o f f ..............................
Clnc<fc \ V efitln d g e n g 6 8 7 l9 3 2 Q-M
Consol 50 year 4s........... 1952 J . J
Clue <fc W M ich see P e re Marq
Choc O & Gu If See C K I & P
Oin H A D 2d gold 4 4 s ...1937 J-J
Cln D <fc I 1st gu g 5 s ...1941 M.N
C F in d & F t W 1 i t gu 4a g.’ 23 M-N
Cln 1 & W 1st gu g 48.1953 J-J
In d D ec A W 1st g 5 s ... 1935 J-J
1st gu ar gold 5s........... 1935 J-J
C I St L A C See C V C A St 1.
Oin S <6 C See C C C St L
Clear Held * M ah See i i R & P
9 0 *4
C le v C ln C & S t Ii g e n g 4s 1993 J-D
Cairo D iv 1st gold 4 s ....1931) J-J
Cln W A M D iv 1st g 4 s .1991 J-J
8 t L D iv 1st col tr g 4s..1990 .M-N
R eg istere d ................... 1990 M-N
Spr <fc Col D iv 1st g 4 s ..1940 H-S
W W V a l D iv 1st g 4 s . . . 1940 J-J
0 1 St L A C consol 68.. 192*.i M-N
1st gold 4s........... ....K 1 9 3 6
R e g is te re d ............. £1036 n
Cln S <& Cl con 1st g 5 s ..1928 J-J
O O C ifc 1 con sol7s........ 1914 J-D
Consol sink fund 7 s ....1914 J-D
G enera) consol gold 6s. 1934 J.J ......... 129 Hi
R e g istere d ................ 1934 J-J
ii
"&5‘
In d B l A W 1st p ret 4 s.1940 A -0
O In d A W 1st pf 5 s ....(1938 Q-J
85
P eo <fe East 1st con 4 s...1940 A -0
50
In o om e4 a .....................1990 A pr
C le v * M a rie tta wee P en n R R
C le v <& P itta See P en n Co
68
60
Col M idland 1st g 4s........ 1947 J .J
7d»4 Sale
C o lo r a d o * Sou 1st g 4 s ...1929 F-A
bl
R efun d & e x t 4 H s ........ 1935 M-N *78
Coiuui <fc b r e e o v s i * So R y
Col A H ock V al See H ook Vai
C o l & T o l See H o ck V a i
C ol Conn <8j T e rm See N & W
Comi A Pas R iv s 1st g 48.1943
ak <fe G t So Set C M & St P
alias <fe W aco See M K A T
D el L a ck A W estern 7 s ...1907 M-S
M o rris A Essex 1st 7*...19 14 M-N
1st consol guar 7 s . ....1915 J-D
R e g istere d ..............1 9 1 5 J-D
1st r e f gu g 3 4 s ..........2000 J-D
N Y La ck A W 1st 6 s ...1921 J-J 115
Construction 5s..........1923 EC-A
T erm A im p ro ve 4s___ 1923 M-N *86"
W arren 1st r e f gu g 3 48.2000 F-A
D e l * Hud 1st P a D iv 7 s.1917 M-S
Reirtstered................... 1017 M-S
90
Sale
10-yr oonv deb 4s..........1916 J-D
85a4 Sale
A lb A Sus co n v 3 4 s .......1946 A -0
R eps A Saratoga 1st Vs. 1921 M-N
D el B.iv R R B rid ge See P a K it
89
Sale
Denv<fe R G r i s t con g 48.1930 J-J
........ 100
Consol gold 4 * 2 8 .............193t> j . J
Im p ro vem en t gold 5 s...1928 J-l> ........ 100
R io G r Juno 1st gu g 5 s.1939 J-D
R io g r So 1st gold 4s___ 1940 J-J
G u aranteed................. 1940 J-J
85
R io G r W e s t 1st g 4s___ 1939 J-J
80
M g e and col tru st 4sA.1949 A -0
91
U tah Cent l s t g u g 4s al917 A -0
Des M o i 4o F t D See M A S t L
D e s M o i U n R y 1st g 5 s ..1917 M-N
D et A M a ck 1st lien g 48.1995 J-D
G old 4s............................ 1995 J-D
D etro it Southern—
Ohio Sou D iv 1st g 48...1941 M-S
102
Dul<& Iro n R a n ge ls t 5 s . . 1937 A-O
R e g is te re d ..
.............. 1937 A-O
2d 6s............................... 1916 J.J
Dul Short L in e See N o r P a c
D a l So Shore & A t l g 5 s ..1937 J-J
7881 o f M in n See S t P M A M
-iast T en V a A G a See So R y
E lg in Jol A E a st 1st g 5 s.1941 M-N
Elm C ort A H o See L eh A N Y
, 100
E rie 1st e x t gold 4s........... 1947 M-N
2d e a t gold 5s..................1919 M-S
8d e x t gold 4 4 s .............. 1923 M-S
4th e x t gold 5a................ 1920 A-O
6tli e x t gold 4s................1928 J-D
1st oonsol gold 7s........... 1920 M-S 118 .........
1st consol g fo n d 7s.......1920 M-S
E rie 1st con g 4s p r io r ..1996 J-J " 8 7 4 8 8 \
R eg istere d ................... 1996 J .J
69 " *70*"
1 st consol gen lien g 4 s..1996 J-J
R eg is te re d ................... 1996 J.J
P en n coil tr g 4s........... 1951 F-A ........ 75
65 ........
60-year conv 4s A ........ 1953 A-O
64 Sale
do
Series B ...195 3 A -0
Burt . V Y 4 E r ie 1st 7 s..1916 J-D
B u ll A S W gold 6s........ 1908 J-J
Clilc <fe E rie 1st cold 5a..1982 M-N 107 7a Sale
O iev A Maliou V a l g 6s. 1938 J - J
J eff R R 1st gu g 5 s ....*1909 A -0
L o n g Dock consol g 6 s.. 1935 A-O * i l 8 * " ! " ! ! !
Coal A R R 1st cur gu 68.1922 iU-N
D ock A Im p 1st ciir 6 s..1913 J-J
N Y A G reen L gu g 5s. 1946 M-N

120

Range
Since
Ja n u a ry J

H kjM
X o v ’ DO
lay’ OP
Oct ’ 07

Low H ig h

1?0

93 D e c ’ o;
13 m F e b ’07
12934 M a r’ 04
110 O c t ’ 07

101

103

120

131

1314 13114
i ’l’6 " i*20^

9 7 3< A n r ’ t>7
109^4 M a y ’ 07

1147s Oct ’ 07
97 78 A p r ’ 07

9 7 34
97
109M
9 7 7«

9 7 a4
1094
1147g
98

113
102

102

105

Oct ’00
J’ ne’ 07

83 Jan ’07
98x4 Oct ’ 07
107*2 D e c ’02

83
83
9 8 4 105

93 Oct ’ 07
9it3g J a n ’ 07
95 Sep ’ 07
80 Oct ’ 07
91 O c t ’ O
993|| F e b ’ 05
98 Sep ’06
105 J a n ’04
98H Sep ’ 07
98 Oct ’ 07
109 J ’ ne’ 07
115^ Oct '07

93
99*»
95
80
91

97 4i 99
96
994
109
109
11541184

127

127

J ’ly ’ 07

SS1* Oct ’ 07
45 Oct ’ 07

95

72*4

59 Oct ’ 07
774
81
95 F e b ’07

69

744

774
95

94 4
95

1024 ATay’ O
115 O c t ’ 07
1 1 7 4 » e p ’ 07
127 J ’ne’ 05

10141044
115
118

116
115
108 Oct ’ 07
So
87
102 F e b ’ 03
133 F e b ’ 06
140 A u g’ 01
90
89 4
85*2
8 64
133 4 D e c ’ 06

115

834
89
102 4 Jan ’ 07

8 8 4 97*4
1024102 4

102

09
76
89
85
87 34
97

12138 121*8

107
86

89
84

I

97

109*4
110

102 106*2

102

M a r’03
D e c ’06
J a r ’ 05
88
F e b ’07
J a n ’ 02

95

92
89

92
9J4

86 Oct ’ 06
107 A u g ’07
112 4 F e b ’ 06

107

1114

110

110

87*4 87*4

Rep >04
M a r’ 07
A p r ’ 07

J ’l y ’ 07

110»4 J’ ne’ 07

113

110*4 11034

1074 J a n ’ 06
107 *2 J ’ ne’ 07
103*sMay’ 07
108 J ’ l y ’ 07
100 J ’ne’ 07
120
120
133 F eb ’06
8 8 * 4 Oct ’07
0 9 Oct ’ 06
68
70 4
85 4 F e b ’ 07
744
744
63 4
50
64
54
117 >4 J ’l y ’07
I046g F e b ’ 06
107sa 109
1 1 6 4 Jan ’05
101 A u g ’ 07
123 Oct ’0?
118 Sep ’ 06
1094 O ct ’ 05
1214 D e c ’ 06

1074109
103 4 1 0 3 4
108 108
100 1 0 0 4
120 129 4
*88** *9 9 4
88** *88*
854 854
744 914
5 3 4 10334

54
87
1164 1204
i"o"74 n * » "

100c4 101
123

J U s iC E I.IiA X E O U S

M-S
J-D
FA
J-D
F-A
M-N
A-O
A -n
A-O
J-J

122*4
1114

85

110
92
89

1

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

132

1044 N o v ’01

D

<<iih an d E le c t r ic L ig h t
A tla n ta G L Co 1st g 5 s ...1947
B k lyn V Gas 1st con g 6 s.19-15
B udalo Gas 1st g 5 s .......1 9 4 7
Consol Gas cou v deb 6 s....1909
D e tro it C ity Gas g 5s........ 1923
D e i Gas Co con 1st g 5 s ...1918
J K d E lU lB k n See K Co E L<fc P
E d is. I l l see N Y G & E L H & P
E q G L N Y 1st con g o s ..1932
G aa& E lec B erg Co c g 58.1949
Gen E lectric deb tr 3 4 s ..1942
10-yr g deb os (su bsctip ) 191
G r Jftap « l . Vo 1st g o s ...1915
H u dson Co Gas 1st p o s.. 1949
K a n C ity (M o ) Gas 1st g 5s 1922
Krnps Co El L A P g 5 s . ..1937
I Pu rchase m oney 6 s . . . „ . i » 9 7
! Ed Ei 11 Bkn ls tc o n g 4s 1939

102
99 “8
98 S
98:l4
97

130

itO .M /N . Y . S T O C K EX> H A NGH
W fiKK ENDINH NOV 8
E rie— (C o n )
N Y r t s & W 1st re f 5s. 193 J-J
2d yo t 4 4 s ..................1937 P - A
G enf .U cold os........... 194n V A
Term in al 1st gold 5 s...1943 71-N
Rem s 85,000 e n c li...T ’ 4'< VI-N
M id PwKorX J 1st g 6 s . ' '10 A-0
W ilk A Ea l s t g u g o s .
1 ’ J-I)
n5v,fe Ind ls tc o n gu g6s..lH 2(.' J-J
E rie <fc P itts See Penn Co
Eva n s A T H 1st cons 68.1921 J-J
l8 tg e r.e m l gold 5s........ 1942 A-O
M t V ern on 1st irold 6 s..1923 A-0
S uil Co Branch 1st g o s .1930 A-O
L ’ argo A So See Ch M <fc S t P
» iint <fc P e re M See P ere M ar
b’la C A P en m See Sea A ir L in e
F ort St U D Co 1st g 4 48-1941 J-J
b't W A D en C 1st g 6 s ....1921 J-D
F t W A R io G r 1st g 4 s ... 1928 J-J
i ' al H a r 4 S A
See So Pac Co
' T al H A H o f 18821st 5s. 1913 A-0
G eorgia A A la See Sea A L in e
Ga Car A N o r See Sea A L in e
G eorgia Paoitic See So R y
G ila V G A N o r See So P ac Co
G ouv A O sw egat See N Y Cent
Grand R a p * In d & '«P e n n R R
G ra y’ s P t T erm See S t L S W
G t N o r —C B A Q coll tr 4s 1921
R e g is te r e d .A ..................1921
G reen b rier R y See Ches A O
G u lf <6 S 1 1st r e f A t g S s &1952
an A S t Jo See C B A Q
ousatonic See N Y N H A H
H ock V a i 1 st consol g 4 4 a . 1999 J-J
R eg istere d ...................... 1999 J-J
Col A H V 1st e x t g 4 s ..1948 A -O
Col A T o l 1st ex 4f>.......195? F-A
Hou8t E A W T e x See So Pac
H oust A T e x Cen See So P ac Co
I Uinois C entral 1st g4 s.,1951 J .J
I- R e g ie te re d ................... 1951 J .J
1st gold 3 4 s ................... 1951 J .J
R eg istere d ................... 1951 J-J
E x ten d ed 1st g 3 4 s .......1961 A -0
1st gold 3s s te r lin g ........ 1951 M-S
Coll T ru s t gold 4s..........1952 A -0
R eg istere d ................... 1952 A-O
L N O A T e x gold 4s ...1953 M-N
R eg istere d ................... 1953 M-N
Cairo B rid ge gold 4s___ 1950 J-D
I<ouisvDiv<fcTerm g 3 4 s.l9 5 3 J .J
M idd le D iv re g 5s..........1921 F-A
Omaha D iv 1st g 3s.......1951 F-A
St 1jOuls D iv & te rm g3s.l951 J . J
R e g is t e r e d ................ 1961 J-J
G old 3 4 s ..................... 1951 J . J
R eg istere d ................ 1951 j - J
S p rin g D iv 1st g 3 4 s ...1951 J-J
w estern L in es 1st g 4s.. 1951 F-A
B e lle v A Car 1st 6s.......1923 J-D
Carb <fc Sha-w 1st g 4 s ...1932 M-S
Chic S t L & N O g 5 s ...1951 J-D
R e g is te re d ................... 1951 J-D
Gold 3 4 s ...................... 1951 J-D
R e g is te re d ................ 1951 J-D
M ernpli D iv 1st g 4 s . . .1951 J-D
St L Sou 1st gu g 4s___ 1931 M-S
In d B l & W est See C C C <fc St L
In d 111 A la 1st g 4s........ 1950 J-J
In t <fc G reat N o r 1st g 6 s..1919 M-N
2d gold 58........................1909 M-S
3d gold 4s........................1921 M-S
Io w a C entral 1st gold 5 s ..1938 J-D
G old 4s............................ 1951 M-S
Jefferson R R See E rie
al A A G R See L S A M S
*V a n <fc M ich See T o l A O C
K C F tS & M
See S t L & 8 F
K C & M R & B See St L & S F
K an C A P a cific See M JC A T
Kan C ity Sou 1st gold 3s. .1950 A-O
R eg istere d ...................... 1950 A-O
K en tu cky C ent See L A N
K e o k A Des M o See C R I<fcP
K n o x v ille A Ohio See So R y
ake E rie A W 1st g 5 s ..1937 J-J
2d gold 5s.....................1941 J-J
N o rth Ohio 1st gu g o s ..1915 A-O
L Sho A M ich S See N Y Cent
Leh V a l N Y 1st gu g 4 4 s .1940 J-J
R eg is te re d ...................... 1940 J . J
L eh igh V a l (P a ) cons g 4s. 2003 M-N
L eh V T e r R y 1st gu g o s .1941 A-O
R eg is te re d ...................... 1941 A-O
Leh V Coal Co 1st g u g 58.1933 J .J
Leh <fe N Y 1st gu ar g 4 s ..l9 4 5 M-S
R eg istere d ......................194T M-S
E l C A N 1st pf 6 s .......1914 A -0
Gold guar os................ 1914 A -0
Leh A H ud R See C ent o f N J
L eh A W ilk e s b See C ent o f N J
L e r o y A Cafeey V a l See M o P
L o n g D ock See E rie
L o n g I g l’ d—1st con g5s./il931
1st consol gold 4s........ &1931
G en era l gold 4s.............. 1938
F e rry gold 4 4 s .............. 1922
Gold 4s............................ 193
TJuifled gold 4 s .............. 1949
D ebentu re gold 5s..........1934
G uar r e f go ld 4s.............1949
B k iyn <fe M ont 1st g 6s..1911
1st 5s............................ 1911
N V B A M B ls t c o n g os 1935
N Y A R B 1st g os.......1927
N o r S h B 1st con g g u 5 s o l9 3
Lou isian a & A r k 1st g 5s. 1927

H

89
HO
96
97
100

....

116 4 M a y’07
........ 118
........ 87 4 9 3 4 M a r ’ 06

Ween .*
Rani/f 07
Las’ •'Of

nanve
■'■tue
a nn ary 1
;,..n
H*8

’ ib ‘6

94*2 1<>3
1l o 3* 1104
< 0 >104*«
05 *2 105 Si

i 00
100
105 >2 A p r ’ i 7
116 A p i ’ tn
116
100
114

H ig h
1104

;16
10.)

J ’n eO .

O ct ’ h
A pi ’0.’

116
106^

106 >4 F e b ’ Oi

105

100 sal6 100
70

...... .

M a r’ 9>

100

■0
78

78 4 O ct ’ 07

112
87

9 2 4 Oct ’07

86

Sale

93

87 256
844 H

82*4
84 4

Saio

........

964

97
99

97
Oct ’ O’,

9 8 s4 N

99
104

75

104 J ’l y ’ 07
1074 A p r'0 7
9 1 4 Sep ’O';
95 *2 J ’ l y ‘ Oh
9 9 4 J ‘ he’ 06
70 Oct ’04
97 Oct ’ 07
98 M a y’ aV
98 O c t ’ O"
97 M ay’ 07
102*4 Jan ’ (.7
89 M ay’ o7
123 M ay’ 9'.'
7 8 4 A p r ’06
78*4 F e b ’07
>2 O ct

101 4
100
974
122
97
118*4

AS4
964

93

102 4

97
99

105 4
89

99

99

o v ’ im ;

A p r ’ O'!

82

<44

104 104
107-41074
91*4 100T»

’ O'i

97
98
98
97
102*4
89

1024
98
103 4
97
1 <’ 2 34
91

78*4

78**

82*3 89 *

Oct ’ 9 9
N o v ’ OO
A u g ’ 07

974 102

M a r ’ 07
A p r ’07

118*4 1184

98 4 Oct ’ 07
97 M a r’u7

98 *2 100 4
97
97

........ 90
93 4 May'07
105 I I S 's 114 Sep ’o7
937g O ct ’0
....... 90
60 Oct ’07
........ 65
........102
102 Oct ’ 0
74 Oct ’ 07

934100
111 1154

D e c ’ Oo

97

119*4 M a r’04
9 3 4 M »y ’ 04

112
107
110
. 104
87
105
.1 0 6

934 994
60

79

101

111

73

bo

66*-.
Oet ’ Oi

67

97

73

A n g ’ 07
J ’ne’ o'i
A p r ’ O.

111

114

106*2 1 0 7 4
1104

110

106 O ct ’ 07
106 M ay’ 07
87
87
1124 A n g ’ o7
109 4 O ct ’9:100 O c t ’ 07
95*8 J’ ne’ o7

1044 10?*4

.06 106
87
87
11241134
ibV i" 112*4
954

964

1134 Jan ’Ot
1064 Jun ’ 0

109*4 O ct ’ 07
89
102
994
84
110
92

86

109*4 1144
89

99

N o v ’ tt.

Oct ’ 0S ep ’ <>7
J ’ u e’ Oi
Oct ’ O'i

99a4 S ep ’ 07

97

....

O ct ’ >)7

....

8 4 " *95 4
92

••

99 4

9,4*4 102 4

1 1 0 4 N o v ’ ot
105 A p r ’ O.
105
109 N o t ’ O.
102 S ep ’ 07 . . . j 100

109 4
103 4

liO N I )S — C o n tin u ed o il A e x t i 'a g e .

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

LXXXY.

Hid
auk Loro
H iu '
10* J ’ l y ’ ' ,
........ 104
1004 IK O ’ O
. 95 4 9 ’’ S Oct ’ O'.
ll O 3^ M ay’ O’.

L

Q-F
AO
M-N
J -D
f -A
M-S
J -J
F-A

M 8
A-O
M-S
J .J
J-D
Vl-N
.1-1)
T ren ton G A E l 1st g 5s.. 1949 M-8
W estch ester LVeht’ ir g os.l9o0| J -D

115 117
........
* N o price F riday; latest bidand asked this w eek, v D u e Jan 6D u e l*eb d Du® A p r e D u e j l a y / i D u e j ’ iy




P rice
b n tla y
j\o v S

( in s nnd E le c t r ic L ig h t
Lac Gas L o f S t L 1st g 5s.el919
k1 89 107 4
90
Ret and ex t 1st g o 's .......1934
Oct ’ 07
60
73 4 M ilw au kee Gas L 1st 4 s ..1927
103 ■J66 94 >4 13934 N Y G E L H & P g 6 s ...1948
Purchase m oney g 4 s. ..1949
Oct ’ 07
97 1 0 0
A p r ’ 07
Ed E i 111 1st co n v g 5 s ..1910
100 100
1st consol gold o s........ 1995
N Y & Q E l L A P 1st con g 5sl930
N Y A R ich Gas 1st g 5 s .1921
105 105
105 F eb ’07
........ ..
6 1 4 O ct ’ 01
f a t A P as G A E con g o s. 1949
80
Peo Gas A C 1st con g 6s. 194.i
87
........ 81
8 6 4 A p r ’ u7
102
109 95 110 *4
R efu n din g gold os..........1947
102 Sale
98
C h G -L < fe C k e ls tg u g 5 s 1937
10734 D e c ’00
, . . . . . ........ 102 J ’ l y ’ 07 __ _ 102 104
Con G C o o l Ch l s t g u j f 5 s . ’ 36
M u Fuel Gas 1st g u g os. 194.
98 D e c ’ 06

95 110
87 4 ........
........ 60*2
1 0 1 4 Sale

[VOL

98

Sal»«
100

98
100
d 98 106 4
1014 J ’n e’<t7;___ 100*-, 1024
i Ul *2 'J i *a
9 1 4 Jau ’07
**85* Salo
85
85
103 4
i ii ■ - j
84
70
70
70
id 70
*93*
99 l t i l
lo o *» A n g ’ .t '
113*4 J ’ n e06
US*
- 904 96 A p r 'o — I 95
103 N o v ’ OD
104*4 N o v ’( .'.
16 *» ,1’ ne’ O ___ 1 0 , ! 1 '•J
I* 3 -j
100 A u g ’O.
i« 5 ^
.18
0
02
90*4 Sale
(lot) 108
99 4 100 O c t ’ o.
100 1. |J .
110 M
1014 F e b ’ 7

A -D a eA u g o i>ue o c t

y D u e .e o

101 H 1' 2
a ll

Nov. 9 1907.]

New York Bond Kecord —Continued—Page 3

lt O M > *
N . T . STO CK E X C H A N G E
W eek

E n d i n 'o

N ov

iY tce
fY id a v
Nov 8

8

I/ )n iS T & N a a liv pen gC s.1930 J-D
Gold 5s............................ 1937 M-N
U n ified gold 4s.............. 1940 J -J
R eg is te re d ................... 1940) J-J
SIiik hmrt gold 6 s........... 1910 A-O
C oll tru st gold 5s........... 1931 M-N
5-20-vr c o l f r deed g 4 s. 1923 A O
E H & N ash 1st g 6 s ..-.1919 J -D
LM n < fc L e x gold 4*3*...1981 M-N
N O & M 1 st sold 6 *....1 9 8 0 J-J
N O efc M 2d gold Os.......1930 J-J
Pensacola D iv gold 6 s...1920 M-S
St L D iv 1st gold 6 s .......1921 M- S
2d gold 3s.....................1980 M-S
A tl Knox * N o r 1st g 5sl946 J-D
Henrter B d e e l s t s f g6 s .l9 3 1 M-S
K en tu ck y Cent gold 4s.. 1987 J - J
L & N & M A M 1st g 4 4 s 1945 M-S
L & N - S o u tli M )o in t4 s .l9 6 2 J-J
N Via <fe S 1st gu g 5 s ...1937 F-A
N & C B d g e g e n g u g 4 4 » 1 9 4 5 J-J
Pens tfc A t l 1st gu g Os..1921 F-A
S * N A la con gu g 5 s ..1930 F-A
L & Jotl Bdge>Co gu g 4 s ..1945 Wl-S
L N A * Cli See C I «fc L
ahon Coat See L S & M S
an 1>at tan R y consol 48.1990 A -0
R egister ed................ 1990 A-O
M etropcl E l l » t g 6 s___ 1908 J-J
M e K ’ pt & B Y See N Y Cent
M etropolitan E l See M an H r
M ex C ent oonsol gold 4s.. 1911 J -J
1st consol Incom e g 3s.«19 39 J '\ j
2d oonsol incom e g 3 s ..a l9 8 9 J ’ ly
E qu lji * o o llg o ld 5s.......1919 A-O
M ex In t e r e s t 1st oon g 4 s.1977 M-S
M ex N o rth 1st gokl 6 s___ 1910 J-D
M ioli C ent See N Y Cent
Mid ot N J See E rie
M il L S A W
See Chic<fc N W
M il & N o rth Bee C h M & S t P
M inn & St i j 1st gold 7s.. 1927 J-D
Io w a E x 1st gold 7s.......1900 J-D
P a cific E x 1st gold 6 s...1921 A-O
8 outh W e s t E x 1st g 7s.1910 J-D
1st consol gold 5s______ .1934 M-N
1st and refu nd gold 4 s ..1949 M-S
Dos M & F t D 1st gu 4s... ’35 J-J
M inn <fc St X. gu See B C R <fc N
M S t P & S S M con g 4 i n t g u ’ 88 J-J
M 8 S M & A l s t g 4 i n t g u 1926 j - j
M inn U n See S t P M & M
Mo Kan «& T e x 1st g 4 s ...1990 J-D
2d gold 4s....................fli9 9 0 F-A
1st e x t gold 5s................ 1944 M-N
1st & refu nd 4s.............. 2004 M S
G en s f 4 “2 8 ..... ............1936 J-J
St L D iv 1st r e f g 4 s ....2001 A-O
Dal & W a 1st gu g 5 s ...1940 M-N
Kan C * Pac 1st g 4 s ... 1990 F-A
M o K <fe E 1st gu g 6 s ...1942 A-O
M K <& O k 1st gu os.......1942 M-N
M K < f c T o f T ls t g u g 5 s . l 9 4 2 M-S
S lier Sli & So 1st gu g os.1943 J-D
T e x * O k la ls t g u g 5 s ... l9 4 3 M-S
Mo P acific 1st oon g 6 s ...1920 M-N
T ru s t gold 5s stam ped.«1917 M-S
R e g is t e r e d ................ o l917 M-S
1st coll gold 5s................ 1920 F-A
40-vear cold loan 4s____ 1945 M-S
3d 7s ex td at 4% ............. 1938 M-N
Cent Br B y 1st gu g 4 s.1919 F-A
Ceti Branch U P l s t g 4 s . l 9 4 8 J-D
L ero y ifc C V A L l s t g 5 s 192€ J -J
P ac R o f M o 1st ex g 4S.1938 K-A
2 d extend ed gold 5 s ...l9 3 S J -J
St L I r M <fe S gen con g 5sl931 A-O
G en con stamp gtd g 5s 1931 A-O
U n ified <fc re f gold 4 s ..1929 J-J
R lv & G D iv 1st g 4 e..1933 WIN
V e rd i V I & W 1st g 58.1926 M-S
M obJ & K C i s t cons g 58.1953 J-J
M ob <fc Ohio n ew gold 6 s .. 1927- J-D
1 st exten sion gold 68..W.927
G en era l gold 4s.............. 1938 u
M ontgom D iv 1st g 5 s..1947 F-A
S t L <fe Cairo coll g 4 s..el9 3 0
G uaranteed g 4 s ..........1931
M & O coll 4s See Southern
M ohaw k & M a i & V «J N Y C & H
Monongahela l i i v See B & O
M ont C ent See S t P M & M
M or gnu’ s Ln & T See S P Co
M orris <fc Essex See D el L<fc W
VJ ash Chat «fc S t L 1st 7 s.1913 J -J
1st consol gold 5s........ 1928 A-O
Jasper Branch l e t g 6 s..1923 J-J
M cJ l M W <fc A 1 1st 6 s ..1917 J-J
T <Sk P Branch l « t 6 s___ l 9 l 7 J-J
Nash F lo r <fc Shef See L & N
N a t o f M e x prior lien 4 4 s . 1926 J-J
1st consol 4s..... .............1951 A-O
N e w H & D See S Y S H S H
N J J nnc H R See N Y Cent
N e w A C in B d g e S e e L o u & N
N O <fe N E prior lien g 6 « 2>1915
N V Bklu & Man B ell See L I
N V Cent * H K i r g 3>28.1997
R eg istere d ................... 1997
D eben g 4s.....................1934
Lake Shore c o llg 3 *2 8 .. . 1998
R eg istere d ................... 1998
M ich C ent coll g 3 “as___ 1998
R eg is te re d ................... 199s
D eed ! C reek 1st gu g 4 s .l9 3 6
R e g is t « m t ................... 1936
2d g u gold 5s...............1936
Beech Or E x t 1st it 3 Has 61951

B id
A sk Low
H ig h
........117
114
114
110 Oct ’ 07
........ 106
93
5)8
........ 94
1014 J ’l y ’ 0 6
107 D e c ’ 05
105 Oct '07
........ 104
90*, O ct ’ 07
........ 90
........I l l
113 “a May’ 07
...........102*8 109 M a r’ 05
1254 M ay’07
1 2 2 * 4 Mai'OS
107*4 A u g ’ 06
117 M ay’07
6 2 4 A u g ’ 07
116 J ’l y ’ 06
108 *2 Jan ’ 06
93 Sep *«7
108 J ’ ly ’ 06
88
O ct ’ 07
87
1131a M a r’ 07
112
111
97

M

93
98*2.
........ 7 4 4
13*b Sale
10 Sale

B O M ).>
N. Y . STO CK E X C H A N G E

Week’s
Range or
Last Sale

J a n ’ 07
M ay’ <»7
M ay’ 06

92 O ct ’ 07
104 A p r ’05
98*2
99
73
11*2
7

74*5
13*2
10

W

105 109
i><>34 98
112 113*s

11 "

93

' N o p n oe Friday; la test Uiu....




97 s8

80
92
113*2 113*2
112

1 12

1094111

92

100*8

9*8 *2 i 03 *2
73

86

7

21

11

27^4

9o»8 J 'i y ’ o i
105 M ay’ OO

103 410 5
102
, 80
........
93»<
77
97
........
77

99

130 M a r’ 07
105 A p r ’ 07
118 Jan ’ 07
113*4 M a r’ (>5
103 A u g ’ 07
88
A u g ’ 07
97 A p r ’ 06
98
102

J ’ ne’ 07
J’ ne’07

Sale
Sale
Sal»,
75
Sale

91*4
93^4
75
77*2
97
97
77*4
77*4
74
77
82 Oct ’ 07
104*2 Jan ’ 07
95*v A p r ’07
•9a ........ 98 Oct ’07
91
91
91 Sale
95
98
96 bale
106 A n g ’ 07
1 0 0 *« Oct ’ 07
115 116*4 Sep ’ 07
90*6
91
107*2 F e h ’ 06
90 .......
90
90
t>6 A u g ’ 07
........ 84
9 7 * 2 M ay’ 07
90 J ’n e’o7
........ 92
90 Sep ’07
........ 80
110 M a r’ 05
■........ 95
98 A n g ’ 07
1164 M a r’07
' ........ 115
102 Sale 102
103
109*2 J’ ne’ 07
80
Oct ’ 07
........ 77
85*2
85*2
’ _____ 87
107 *2 A p r ’ 06
98 D e c ’Of)
117*2 O c t ’ 07
122 D e c ’05
83 A u g ’ 07
102 *a Oct ’ 07
92 *a A u g ’06
101 N o v ’04

130
105
118

130
105
118*2

i ’0‘ 3 "
87

1 1 0 *2

96

99
1024

102

94

8 9 4 9834
75
88
97 lO o
774 8 6
74
8 * i*
82
87
104 4 1044
9 5 4 95 4
93 1 1 2
91 1074
95 1064
104 105
100 41 0 7
115 ;4» 1 2 0
9 0 4 105
105
90
9 74 98
90
9634
90
9^4
90
86

" 9 8 " i*o*i34
116 117*4
114
109 4 1 1 0 * 4
80
884
85
92 4

102

117

124

83

94

1 0 2 *a 1 0 8 * 2

E x d ix o N

ot

Jrrxce

ZYlttay
N ov 8

8

N Y Cent & H R—(C o n tin u e d )
Cart & A d 1st gn g 4 s ...1981 J-D
Gour<fcOswe. 1st g a g 5s 1942 J-D
Moh <fe M ai 1st iru g 4s.. 1991 M-S
N J Juno R gu 1st 4 s ...1986 F-A
N 5f <fe H arlem g 3 *2 8 ...2000 M-N
N Y <fe N o rth 1st g 5 s ...1927 A-O
.N V <ft t u 1st con gu g4 s 199S A-O
N o r & M o a t 1st gn <r 58.1916 A-O
Pir»e CroeK re g g
r 6 s. 1932 J
R W ife Ooon Is te x t5 s ./ il9 2 2 A-O
O sw e & R 2d gu c 5 s...el9 1 5 F-A
R W <fe O T R 1st gu g 58.1918 M-N
Rutland 1st con g 4 \ s ..l9 4 1 J-J
O g& LC ham 1st gu 4s a 1948 J-J
Rut-Canad 1 st gu g
1949 J-J
8 t L a w <fc A d ir l s t g 5s. 199*5 J-J
2 d gold 6 s.....................TWWv A-O
U tica & B lk R lv gu g4s.l$>22 J-J
L a k e Shore gold 3 *2 8 ___ 1997 J-D
R e g istere d ................ 1997 J-D
D ebentu re g 4s........... 1928 M-S
25 -y e»r g 4 s ................ 1931 M-N
K a A <fe G R ls t g n o 5s. 1938 J -J
Mahon C’ l R R 1st 5 s ..1934 J-J
P itts i t L E rie 2d x 5 s .a l9 a « A-O
P itta M c K A S' 1st gu 6 s. 1932 J-J
2d gu ar 6 s .....................1934 J-J
M o K ees cfe B V 1st g 6 s 1918 J-J
M ich Cent 1st consol 6 s. 1909 M-S
5s...................................1981 M-S
R eg is te re d ................ 1931
4s...................................1940
R egistere d ................ 1940 j -j
J L <fc S 1 st g 3 *2 8 ..........1951 M-S
1st g 3 * 2 8 ........................1952 M-N
B a t C <fc Stur 1st gu g 3s. 1989 J-D
N T C h ic & St L 1st g4 s 1937 A-O
R egistere d ................... 1987 A-O
W e s t Shore 1st 4s g u .. .2361 J-J
R e g is te re d ................... 2361 J-J
N Y * G reen w LaJce See E r ie
N Y * H a r See N VT C & Hud
N Y L a ck & W See D L & W
N Y L E dfc W See E rie
N Y <fc L o n g B r See Cent o f N J
N e w Y o rk N e w H a v <fc H a r t—
H ousatonic R cou g 5 s.. 1937 M-N
N H & D erb y con cy os.1918 M-N
N Y & N o rth See N Y C 4 H
N Y O & W ret 1st < 4s...gl992 M-S
R eg is $5,000 o n ly ........ §rl992 M-S
N Y & P u t See N V C & H
N Y * R B Set L o n g Island
N Y S & W See E rie
N Y T e x & M See So P a c Co
N o r & South 1st g 5 a ........ 1941 M-N
N o r f & W est gen g 6 s.......1931 M-N
Im p ro v e m 't <fc e x t g 6 s..1934 F-A
N e w R iv e r 1st g 6 » .......1932 A-O
N & W R y 1st con g 4 s.1996 A-O
R e g is te re d ................... 1996 A-O
D iv ’ l 1st 1<fc gen g 4s...1944 J-J
P ocali C & C jo in t 4s.. 1941 J-D
C C & T 1st gu g 5s........ 1922 J-J
Scio V & N E 1st gu g 4s 1989 M-N
N o rth Illin o is See Oin & N W
N o rth Ohio See L E rie & W
N o r Pac— P r io r lien g 4 s ..1997 Q J
J
R e g is te re d ................... 1997
G eneral lien gold 3s___ a2047 <5-f
R e g is t e r e d ................ a2047 ' -F
-D
S t P aal-D u l D iv g 4 s___ 1996
D u l S hort L l s t g u 5 s ..1916 M-S
C B Sc y coll tr 4s See G t N o r
S t P & N P gen g 6 s ___ 1923 F-A
R eg istere d ce riitic ’ s ..l9 2 3 Q-F
St P a u l * D u l 1st 5 s ....1931 F-A
2d 5 s .............................1W17 AO
1st consol gold 4s........ 1968 J-D
W ash Cent 1st g 4 s ........ 1948
N o r Pao T e r Co 1st g 6 s ..1933 33
N o r R y Cai See So P ac
N o r W is See C S t P M & O
N o r <fc M o n t See N Y Cent
In d & W See C C C & S t L
hio R i v R R See Balt & O
O re & Cal See So Pac Co
O re K R <fe K a v See Un P ac
O re Short L in e See U n Pao
O sw ego & R om e See N Y C
O C F & S t P See C & N W
ac Coast Co 1st g 5s___ 1946 J-D
ac o f M issou ri See M o Pac
Panam a 1st s fund g4 *2S ..1917 A-O
Penn R R 1st real eat g 48.1923 M-N
Consol gold 5 b. .............. 1919 M-S
Consol gold 48........ .....1 9 4 3 M-N
C on vertib le g 3 *2 8 . ........ 1912 M-N
C o n vertib le g 8*23..........1915 J-D
A lle g V a l gen gu g 4 s ...1942 M -S
D R R R & B g e lB t g u 4 s g .’ 36 F-A
P l i i i a B a l * W 1st g 4s.. 1943 M-N
9od B a y <fc So 1st g o s ...1924 J -J
Sun dfc L e w is 1 s t g 4 s ...1936 J -J
U N J R R <& Can gen 4S.1944 M-S
Pen n Co— G uar 1st g 4 *2 S.1921 J-J
R eg istere d ................... 1921 J-J
G uar 3 * 2 8 coll tru st reg.1937 M-S
G uar 3 *28 coll tr ser B ...1941 F-A
T r Co c e r tif’ s gu g 3 *->8.1916 M-N
G u 3 * 2 8 t r ctfs C .............1942 J -D
G-i 3 *28 t r c t fs D .............1944 J -D
G uar 15-25 y ar g 4 s___ 1931 A-O
Cl & M a r 1st gu g 4 *2 8 . - 1 9 3 5 M-N
C l & P gen g u g 4 *2 » s e r A . ’ 42 J-J
Series B ........................1942 A-O
S eries C 3 * 2 8 ................ 1948 M-N
S eries D 3*as................ 1950 F-A

B id

108
102

Sale 108
108
108 4 108*9N ov’07
116 *2 M ay’ 07
117*4 M a r’05
113 J ’ly ’ 04

108 118«8
108*2 116
116*2 116*2

8 9 \ J ’l y ’ 07
80 O ct ’ 07

98*4 102*4
78 *a 87*2

794

Sale
*
8d
87
89
784
73
75
........ 76
86

_____ 100

85

S«
88
O ct ’ 07
87
87
77s4
78*a
74
75
75
O ct ’ 07
8434 Jan ’ o7
102 F e b ’ 07
102 M a r’04

85
88

945°
98
99

87
77*« 8 8 * 2
74
87
75
87*4
8434
84 “4
102 102*4

H ee/c’s
Range or
Last Sale

A sk Low

"9734

” 99

Range
Since
J a n u a ry 1

Lovi High

H ig h

97 S, M a r’ O
105 Oct ■<)*>
L01*2 J ’ I t ’06
110*2 May'07
101*4 D e c ’ 06

97*2 97*2

L'1 0 ’4 ii'i**

137 Nov'W?
106*2 106 *>■
103 A u g ’ 07

101

106*2 1 14
103 103

106*« Oct 'i^
94 M ay‘07
94 M ay’07
122 J a n ’ or
........ 103
85*2 89
87 Sale
8454 Sale
85 sale

108
85
83

Oct ’ 07
86
88

S3

85*,

84*4

95
95
103 103
85
96
8'f
94
8434 99*2
83
93*4

86

109 Oct '07
107 *2 N o v ’06
139 J a n ’ 03

109

104 D e c ’ 0 6
118*4 J ’ly ’ 0 6
119 J ’ ne’ 06
1 0 0 s4 Jan ’ 07
106*2 N o v ’OO
94 *2 D e c ’ OH
92*2 May’ 07

88

76*4

924*94*4
97 *8 103 *2
102*4 102*4
98 4 105
96 1034

97

113

Oct ’ 07

US

87*2
91
101 >a J ’ ne’06

........ 123
i o 'T
89*8 S a le

100 Oct ’ 07
1-26*2 J ’ ne'07
129 J ’ ne’07
127*4 O ct ’ 06

88

i'Ok

Sale

66

Sale

113

8741014

100
126
129
47

91 Sep >07
87 O ct ’ (>7
' 7 9 " "s i" 78 O ct ’ 07
109*2 h’e u ’ 05
" " I I " 9 2 ” 92 O ct ’ 07
95

109

100*4 100»4

97*4 O ct ’ 07
102*4 M ar’ l>7
99
9 9 " Sait-"" 98*2
96
........ 95 *v 90
........

100
130
129

88" "it’sTS^
91

91
96 4
914
99 4

94
95 *f
» S 34 Oct ’ 07
66
67
70 M ay’u7
9534 Jan ’ 07

935* 1 0 2 4

9*j ,102

65 -j 74 4
70
71
95 34 U63!

116*2 S e p ’ 0
132 J ’ l y ’99
117*4 J ’ly ’o',
100 Oct ’ 07
98*2 Oct 'C6
93 M ay’ Ot
1135« M a j’ O'i

11 6 4

102

102

1 2 2 34

1174 1 J7 “4
100 10834

1134 11334

O

.103

P

M I S O K L 1 \ A K O lis>
C o n l a n d Ir o n
Col F «fc I Co gen s f g 5*..1943
C o n vertib le deb g 5s___ 1911
Col Fuel Co gen gold 6s. 1919
G r l i i v Coal <fc C I8 tg 6 s l9 1 9
Clearf Bit Coal 1st s 14 s ...1940
Col In d u l8t<fc coll 6s gu .,1934
Con tin ’ taJC 1 sts t g u o s g .1 9 5 2
Jell * Clear C * I l s t g 5s. 1926
K a n A H C «fe C 1st s f g 6 s.l9 5 1
P lea s Val Coal 1st g s ! 5 s.1928
Sun day C ri tic Co g o s ___ 1944
Ten 11 Coal gen 5s.............1951
l'enn D iv 1st g 6s.......al917
Btnn D iv 1st consol 6s.. 1917
Call C .M Co 1st gu g 6s. 1922
I)e BarC«fc I Co gu g Bs.ISilO
V a l ron <'oal * Co 1st g fs .li'4 H
V .c to r F u el 1st s f 5 s........1 9 '3

120

6 '- 7 2 * 2

erk

1195

O ct ’ 07

J ’ly ’ 07
104 O ct ’ 07
111*2 Sep ’ 04
106 A u g ’ O:
87 *2
90
84
87
99 J ’ ne’ o7

99
89
86

.......
Salt
Salt

1*9

10234 103
lo i
104

1 0 2 34

87 4 1 0 0 4
8 0 4 95
99

99

107 *2 Oct ’ 0 ,
10^ J a n ’O.
110 *2 Sep *04

100

100

91*4 96

100

100
101

1334 J ’l y ’ 07
90*2 J ’ ne’ OU
84 M ay’ o
93 Oct ’ 0
89 Oct ’ 0
90*2 M ar’ 06
88 O ct ’ 07
110 J a u ’ O;
103*4 A u g ’ Oi

107
10534
84

96
974

98*3 D ec’ O
96 J a n 'O i

UONDss— C on tin u ed on N e x t l ’ a « e

T e le g r a p h a n d T e le p h o n e
85 Oct ’ 07
85 1 0 0 4 Am T e le p <fc T e l coll t r 4s 1929
Comm Cable Co 1st g 4 s ..2397
87
87 A p r ’ 07
87
M e t T <fe T 1st s f g o s ...... 1918
107 4 Oct ’ 04
102-4 A p r ’ OH
95 A p r ’ 02
4 0 4 Sale
89
41
117 39
7 64 W est U nion col tr cur 5s. 1988
107*8 D e c ’ 04
107 M ay’97
1054 D e c ’ 06
105 Oct ’ 00
M a n u fa c tu rin g & In d u s tria l
78 F e b ’ 07
784
75
80
95
A m Cot O il e x t 4 4 s ..........1915
80
84
1 SO
100 .
100 100
P 100 1004 A m H ide & L 1st s r g 6 s..1919
98
98
98 106 S Arner Ic e Secur deb % 6s.. 1926
Uu S p irits M tg 1st g 6 s ..l9 1 5
102 D ec ’03
A.m Thread 1st ool tr 4 s ...1919
U*o 100
93 100 F e b ’07
Am Tobacco 40-yr g 6s---- 1944
2 77 4 S'8
83
74
774
48......................................1951
93 *9 Feb ’07
9 3 4 93 4
I>n0 <L a D ue J an t»D u o F eb c D u e .d a r ti Due A jir h Due J ’ly fc Due A u g o

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

784
96 4
104
99 4 517
105 4
94** 97
89 \ 86
104
103
81

82

80

82 4

68
95
8 2 4 84
90*4 S ait
57 4 Sale

Due Oct

80
68
79
96
85
8 6 *4

51

J’l y ’ 07
78 4 50
J 'n e’ 06
. . . . . ___ _
F e b ’0 1 ... . 104 104
98
98
F e b ’ 07
J ’i y ’ 03
97 1 0 8
Oct ’ 07
86*4
8 86 1 0 0 a4
104 104
A p r ’ 07
J ’l y ’ 04
SO
75 .
J ’l y ’ 07
Oct ’ 07
Oct ’07
90S
58

6
22
___
. .. .
___
1 16i
70

80
68
79
96
85
85
54

p D ue >iov q Due uao * Option

93
914
89
1034

93
110*4
794

1196
BONDS
N. Y. STOCK E X C H A N G E
W EKK ENDING NO V 8

New York Bond Record— Concluded— Page 4
P ric e
F r id a y
Nov 8

Weekfs
Mange or
L ast Sale

Bitt
Ask Low H ta h
P en n Co—( C o n tin u e d )
E rie A P itts g u g 3 ^ 8 B.1940 J -J
92 A p r ’ 07
Series C ........................ 1940 J -J
98u4 A p r ’ 04.
Q rK <& I e x 1st g u g 4 *2 8 1941 J -J
108 S e p ’ OH
P itts K t W & C 1st 7 s ...1012 J -J
127 O ct ’ 02
2 d 7 s .. . . . . . . . ................ 1912 J-J
119 J’ ne‘ 06
119 A p r ’ 04
3d 7s........................... M »V 2 A-O
P itts Y&- A s li 1st con 6s. 197 M-P*
116 M ay’ 05
107U J ’l y ’ O"
PC C<& S t L g U i ^ A ...1 0 4 O A -O
S e n e s B gu a r.............. 1942 A-O
107*4,J’ly ’ 07
112*0 J ’ u e’ OS
S eries C gu a r........... ..1942 M-N
00“4 M a r’ 07
S eries B 4s gu a r..........1945 M-N
91 F e b ’ 07
89
SeTies E 3 *2 gu ar g ___ 1949 F-A
S eries F 4s g u a x ........ 196S J-D
G S t 1< A P 1st con g 5 s .l9 3 ‘J A-O
110 Sep ’ 07
Pen sacola A A t l See L A N asli
P eo A E a st See C C C & 8 I L
P e o <& P e k U n 1st g 6s___ 1921
1231* Jan ’ 05
100*4 D e c ’ 06
2d gold 4*28................... *1921 u
P e r e M ara— Ch«fc W 41 5s 1921, J-D
109 A p r ’02
F lin t A P M g 0 s .............1920 A-O ........ 110
112 *5 A a g ’ 07
1st cousol g o ld d s........ 1939 M-X
10034 A p r ’07
P t H u ron B i t 1st g 5s.1939 A-O
106 “a Sep ’ 06
S a g T u e A H 1st g u g 4 s.1931 F-A
K i l l B <8s W See P a n n B B
Ph.Ua & B e a d in g cons 7s.l911 J .B
115*2 M a r’ 06
P itts Cin <fe S t B See P en n Co
P itts U leve & T o l See B A O
P itts F t W A Ch See Penn Co
P itts M c K e e s & Y SeeN Y Ce-u
P itts Sh <te B K 1st g 5 s...1940 A-O
120 M a r’ 06
1st consol gold 5s........... 1943 J-J
98 j ’l y ’ 97
P itts & W e s t See B <fc O
I )e a d in g C o g e n g 4s.......195)7 J-J
88^ 2
90ig 115
8 9 S Sale
I t R egistere d ................... 1997 J-J
» 5 34 M ay’ o7
J ersey C ent coll g 4b. ..1931 A 0 [ H i l l '8 5 '
85 N o v ’07
Benssslaer <te Sar See U A H
B icii A B an See South K y
Rich & M ee k Set Southern
B io G r W eat See B en A Bio Gi
Koch <fc P itts See H 1 U P
Koine W a t <fc O g See N Y Cent
R u tlan d See N Y Cent
C » g T u s & H Set P e r e M arq
O t Jo <& G r is i 1st g 4 s...1947 J-J
83 J’ ne’ 97
So
8 t B & Cairo See M ob «fc Olia.
8 t L & Iro u M ou nt See M P
S t L K C A N Set Wabash
St L M Br See T R R A of S t L
8 t L o u is <fe S an Fran cisco—
G en eral goiu 6s.............. 1931 J-J
110 ........ 110
110
G en eral gold 6s.............. 1931 J-J 104 Sale 104
104
8 t L ifc S F R R cons g 4 s .. ’ 96 J-J
91 F e b ’ 07
Southw B iv 1st g 5 s ..1947 A-O
1 0 2 14 A n g ’ 05
B e ftm d in g g 4s........... 1951 J-J
69
7 0 ‘v 71
6934 Sale
5-year gold notes 4*2..190S J-D
98 N o t ’ 06
S t B M & So E a st gu 4 *agl909 J-B
K C F t S A M con g 68..192a
l i d " A u g ’ 07
K CJF t a & M B y re f g 4s 1936 A-O
66 Sale
66
66
K U <fc M K A B 1st gu os.1929 A -O
O z’ r k & C h C ls t g T i5 s g . l9 1 3 A O
iiiiii ’ 94'^ 96*i Sep ’ 07
8 t L o u is So See Illin o is Cent
8 t L S W 1st g 4s Lh1 ctfs.1989 M-N ........ 85
85
86
70 Oct ’ o?
2d g 4s in c bond c t fs ...p l9 3 9 J-J
........ 70
Cousol gold-4s................ 193.. J-B
62
65
63*2
63 >1
G ra y 's F t T e r 1st g u g 6s 1947 J-D
101*6 A p r ’07
S t Pau l & L'ul See N o r Pacitic
S t Pa u l M & Man 2d 6 s...1909 A-O
99 100 1 0 3 -W ’ ne’ 07
125 O c t ’07
' Nl s t consol gold 6s_______ 1933 J-J 117 123
R e g istere d ................... 1933 J-J
134 D e c ’ 06
Beduced to gold 4*28.-1933 J-J
104 O ct ’ 07
R e g is te re d .,. ........... 1933 J-J
116*8 A p r ’O l
Dakota e x t gold 6s........ 1910 M-IM
104 A u g’ o7
94*2
94 *2
M ont e x t 1st gold 4s___ 1937 J-D
94 *4 Sale
R e g istere d ................... 1937 J-D
100*4 Oct ’ 06
E M i u u ls t d iv 1st g 5s.,190a A-O
100 *2 Sep ’07
N o r B iv 1st gold 4 s....19 4b A-O
M inn U nion 1st g 6 s ....1922 J-J
124 M ay’07
M ont C 1st gu g 6s........ 1937 J-J
125 A u g ’ 07
R e g is te re d ...................1937 J-J
136*4 M ay’ 06
1st gu ar gold 5s..........1937 J-J
115*2May’ 07
W ill <Js 8 F 1st gold 5s.. 193a J-D
115*2 D e c ’06
S t P « & N o r P a c <S '««N orP ao
St P & S’ x C ity See C S t P M <S>C
80
70 Oct ’ 07
B A & A P a s s ls t g u g 4 s . ..l9 4 3
S F e P res Jte P il 1st g £»s... 1941:
102 Sep ’ 07
8 F & N P 1st sink I g 5s. 1919
110 Oct ’ 05
S a v F & W e s t See A t i Coast L
Scioto Val A N E jS 'fe N o rA VN
Seaboard A ir L in e g 4s ...1950 A O
62*2
63
63 Sale
C o ll tr refu nd g 5 s ........ 1911 VI-N ........ 96
95 Oct ’ 07
A tl-B irm 3 0 -yrl8 t g 4s.el933 M-8 ........ SO
88 J a n ’ 07
^ 6 * 2 M a r’06
Oar Cpnt 1st con g 4s. ..194!' J-J
Fla Cen cte P en 1st g os. 191a J-J
i o f " 107*4 A u g ’ 0 6
1st la n d g r e x t g 5 s . -.1930 J-J
Consol gold os.............1943 J-J
109*2 M a r ’ 06
Ga & A la B y 1st con 5s o 1945 J-J
106 M a r’ o7
G a Car <fc N o 1st gu g 5s 1929 J-J
110 J a n ’05
3eab & Boa 1st 5s..........1926 J-J
106 M a r’07
S lier S lir A So See M K & X
S il » p Oca & G See A t l Coast L
So Oar & Ga See Southern
8ou th ein P a cific Co—
.......
Gold 4s (C ent Pac coll).&1949 J-D * 7 5
75
7&34
R e g is t e r e d ................ 4:1949 J-B
84 J’ ne'07
Cent Pac 1st r e l gu g 4s 1949 F-A ’ *99^ Sale
90
9 0*2
R eg is te re d ................... 1949 F-A
933® J’ ne’ Oi
........ 89
M o it guar gold 3 *2S../cl920 J -B
82 Oct ’ 07
79 .......
T h ro u gh S t L 1st gu 4s ’54 A -0
9034 J’ ne’07
G al H a r & S A 1st g 6 s..1910 F-A
103 Si A p r ’ 07
Mex<& Pac 1st g 5s___ 1931 M-N ........ 98
104 Oct ’ 07
G ila V O JcN 1 s tg u g o s . 1924 M-N ........100
106*4 J ’l y ’ 0 6
U ous E A W T 1st g 5 s .1933 M-N
107 *4 F e b ’06
1st gu ar 5s re d ..........1933 M-N
104 A u g ’ 06
H & T C l s t g 6 s i n t g u . . l 9 3 7 J-J 107 111
10 S e p ’ 07
Oonsoi g 6s in t g u a r...1912 A-O 108
l l 3* J a u ’ 07
G en "o ld 4s in t g u a r..1921 A-O
87 Oct ’ 07
W aco <fc N W d iv 1st g 6s ’3o M-N
16 l> ec’06
K A N W 1st sru tr o s___ 1941 J-J
109*2 F e b ’06

Low
92

H iy fi
92

107 **109**,
10S34 109*4

93 lOOfj
91

91

110

116*2

l\ 0 34 115
100*4 10034

36*<s 9 8 ’ 4

95*4
85

90

92*2

110
104
91

123*2
110*.,
93

69"
110
65

953*
96 *a

"82*2
119
8234

964 "97'*i
85
95
70
83
5934 79

101 *8101**
103
125

1053g
131

i o i " i o b ’4
i'0' 4 " i ’o7*4

94*2 100*2
io o 38 i o

i ’4

130

131s

112

115*2

70
102

87
10834

62
82»,
9438 100*2
88
89

106

1073«

ib tt" i 'o'ti

70
34
90

90
83
lO t'3*,
99
31
86
9034 98 *«
10 i 1(*5 *2
104 106*4

109*4 H I “2
111 11 2
87
94 \

^ llfs C K M .A N E O U S
M n iu ito c tn rm s i t In d u stria l
Bet.li S teel 1st ex t s f 5s..l9'J6
C ent Lea th er 20-year g 5s. 1925
C o n soiT ou a cco oO -y rg 48.1951
D istil Sec Cor con v 1st g 5 s.’ 27
in c Paper Co 1st con g 6 3 . 1 9 1 8
C'onsoi con v s f g 5s.......1935
I n t St Pump 10-yr conv. 6 s ’ 13
K n ic k e r Ic e (C h ic ) 1st g ’5 s.’ 2s
ljacknifr S teel 1st g 5s___ 1923
N a tS ta rc l) M fg C o Is t g 6 s l 9 2 0
N a t StHt ch Co s t del) 5 s..1925
B e p u b l& S lst<fc co ltr 5a. 1934
U s L,eath Co s l deb g-Oa..l913
t l S R e a lty A I co n v deb g 5s ’ 24
U s .steel Corn— ( coup .d l9 6 {;
S f 10-00 y r 5s. 1 re g ..d l9 J S
Va-O ar Chem col tr 5» ?..I!?12
W extin ithou sc & & M e 15s ’31

I
J-J
35
96 A u g’ 06
A-O 'V o '* S a li
37 78 S* 99
78*2
80
F -A * . . . . . . 56
5 5334 73
16 Si
56 *2
90
A -O "62
63
65
33, 60
F-A •••••• ibs" 1 0 ‘J»s 103
3 10
108*s
92
87
J-J . . . . . . 86*5 87 Sep ’ 07
97 106
J-J
95*2 97 A u g ’07
........
A-O • '3 7
9 7 * 2 Oct ’ 05
A-O
89 S
8 r» 34 *7 89*2 1 0 2
89*4 Salt
M-N ........ 6 0
82
84
83*2 A u g ’ 07
7o
J -J . . . . . . 75
70
70 A p r ’ 07
97
AO
90
92*2 90 O ct ’ 07
M-N io o * i Sale 1 0 0 * 4
1 0 0 * 4 ” ’ l 10*1*4 106*4
95
69 Sale
68
63
69
J -J
99*4
M-N
80
85*4 :!7li'( 80
81*8 Sale
MN
83 Sale
80*2 99*2
B
h0 *2
86
99
A-O . . . . . . 95
97
9 7 * 2 Au g'07
66 Sale
50
07*5
J-J
66
66
it

* N o price Pndajr; la t « « t bid and asicea this week,




nem os
N . Y . STO CK E X C H A N G E

Range
Since
J a n u a ry 2

a Due Jon

W

eek

E n d in g N

ov

tVoL- Lxxxv.

P r ic e
F rid a y
Nov 8

8

Southern Pao Co—( Contin%iedj
M organ 's L a A T Is * 7s. 1918 A-O
1st gold 6s_____ ______ 1920 J-J
N o o f Cal guar g 5s........ 1938 A-O
O re A Cal 1st gu ar g 5s. 1927 J . j
S e P o f A r g u l s t g 6 s . . . c l 9 0 9 J -J
1st guar g 6s............. el9 1 0 J -J
So Pa cific o f Cal
ls * g 6s series E<fe F ...1 9 1 2 A-O
1st gold 6 s ................... 1912 A-<>
1st con gu ar g o s........ 1937 M-N
S P a e o f N M e x l s t g 6 s . . l 9 1 1 J-J
So Pao Coast 1st gu 4a g . 1937 J"-J
Tex<feN O SabD ivTstg6s.l912 M-S
Con gold 5s..................1943 J - J
~o P a c R B 1st r e l 4s........ 1955 J-J
Southern— 1st con g 5s___ 1994 J-J
B e gistered ...................1994 J-J
M o b & Ohio coll tr g 4 s ..1938 M-S
M em D iv 1st g 4 *»-5 s ...l9 9 6 J-J
S t Lo u is d iv 1st g 4 s ....1951 J -J
A la Cen R 1st g 6s........ 1918 J -J
A t l A D any 1st g 4s.......1948 J - J
2d 4 s ............................ 1948 J -J
A t l A Yad 1st g g u a r 4 s .1949 A-O
Col & G re en v 1st 6s.......1916 J -J
E T V a & G a B i t g o s ..1930 J-J
Con 1st gold 5s........... 1956 M-N
E T en reor lien g 5s.......1938 M- S
Ga M idland 1st 3s..........1946 A-O
Ga P ac R y 1st g 6s........ 1922 J-J
K n o x A Ohio 1st g 6 s...1926 J- J
ilo U A B ir prior nen g 5s 1945 J -J
M o rtga g e gold 4 s ...... 1946 J-J
R ich A Dan con g 6s___ 1915 J -J
D eb 5s stam ped........... 1927 A-O
R ich <fc M eek 1st g 4 s ... 1948 M-N
So Car <fc Ga 1st g 5s___ 1919 M-N
V irg in ia M id ser C 6 s ...1916 IVl-£
Series D 4-5s.............. 1921 <yi-S
Series E 5s____________ 1926 M- S
G eneral 5s................... 1936 M-N
G uar stampert..........1936 .Vl-N
W O A W 1st cy gu 4 s ..1924 F-A
W est N C 1st con g 6 s..1914 J-J
S A N A la See L A N
Spok F a lls A N o r 1st g 6s. 1939 j J - J
'■
nf S
sir.
] . 1st
1 at. g0 4i *u
Uas ..1939
IM S! AA-O
.n
p'ftr
e r AA of
t L
X 1st con gold 5 s ....1894-1944 F-A
G en rehin d s t g * s ........ 1953 J-J
St L M B g e T e r gu g 5s. 1930 A -O
T e x & N O See So Pa o Co
Tex«fe P a c 1st gold 5s.......2000 J-D
2 d gold in c 5s................?2000 .Mai
L a D iv B L 1st g 5s.......1931 J-J
W M in W ife N W 1st gu 5s ’ 30 F -A
T o l A (J O 1st g 5s.............19351 J - J
W estern D iv 1st g o s ...1935 A-O
G en eral gold 5s...............1935 J-D
K aii &|M 1st gu g 4s___ 1890 A-O
T o l P A W 1st gold 4 s ....1917 J-J
T o l S t Lcfe W p rlien g3 *2 S .1 9 2 5 J-J
50-year gold 4s.............. 1950 A-O
T o r H am A B u lfls t g 4s./il946 J-D
ls t e r < fc l)e lls t c o n g 5 s 1928 J-D
1st refu nd g 4s..........1952 A-O
U n P a c B B A 1 g r g 4s ...1947 J - J
B e gistered ................... 1947 J-J
20-yr conv 4 s (su bscrip)..’ 27 J-J
Ore B y <St N a r con g 4S.1946 J-D
Ore Short L in e l s t g 6 s..1922 F-A
1st consol g 5s............. 1946 J - J
Guar refund 4 s........... 1929 J-D
R e g is te re d ................1929 J-D
Utah <fc N o r 1st 7s........ 1908 J-J
G old 5s......................... 1926 J - J
U ni N J B R <fc C Co See P a B B
Utah C entral See B io G r W es
Utah ifc N o rth See. Un Pacitic
Utica A B lacii B See N Y Cem
audalia consol g 4 s ___ 1955 F-A
era C r u z t fc P ls t g u 4 *281934 J -J
V e r V a i ln d & W See M o P
V ir g in ia M id See South B y
V a & S ou thw ’ t 1st gu 58.2003 J-J
abash 1st gold 5s.......1939 M-N
2d gold 5 s . .. _______ 1939 F-A
D ebentu re series A .......1939 J-J
Series 1J........................1939 J - J
C ertificates of deposit.............
1st lieu equip s fd g 5 s ..1921 M- S
1st lien 50 y r g term 4 s .1954 J •J
1st r e f and e x t g 4s ___ 1966 J -J
D e t & O h E x t 1st g 5 s..1941 J-J
Des M om D iv l s t g 4 s ..1939 J-J
Om D iv 1st g 3*98..........1941 A-O
T o l A Oh D iv 1st g 4 s ... 1941 M-S
S tC lia s B ridge I s t g 6 s .l 9 0 h A-O
W a b P itts T e rm 1st g 4s. 1954 J-D
2U gold 4s........................1954 J-D
W arren see D ei Lao A W est
W ash Cent See N or Pac
W ash O A W See Southern
W ash T e rm l 1st gu 3*28.-1945 F-A
W est M aryland l s t g 4 s...1952 A-O
Gen A con v g 4 s ........... 1952 A-O
\V Va Cent <fcl* 1st g 6s 1911 J-J
W e s t N Y A P a l s t g o s ..1937 J-J
G en gold 3-4s___________ 1943 A-O
In com e 5s.................... <tl943 Nov
W est N o Car Ste South B y
W h eel’ g A L E 1st g 5 s ...1926 A-O
W lieol D iv 1st gold 53..1928 J-J
E x ten tfc Im p gold 5 s . ..1930 F-A
B B 1st cousol 4s............ 1949 M-S
20-year equip s f 5s ...1922 J-J
W ilk es A East See E rie
W ii & S ioux F See S t f M <fc M
W is Cent 50-yr 1st sren 4s 1940 J-J

U

Week's
Range or
Last Sale

Low
High.
127 Sep ’ 06
116 N o v ’06
112 F e b ’ O
lOOOg J'Jy ’07
.103*2 104 A p r ’O"
104*4 F e b ’07

. 108
84 *2 Sale
93 Sal*

112

107

103*8 104
107*a 107 *»
S3** "95"
91 113*4
79** '9 4 '*
113*2 116
73
94*4

111 111
110*8H3*»
102 1173*

110*2114
65
69*4
113*4 1191*
116 118*4
109*<113
99*2 103
104

106 *»

103 111
107 110
94j4 96 *»
1 0 6 * 2 109*2

J ’ l y ’OO.
J ’ l y ’071.
J’ ne’07|.
A n g ’o 7 ..
D e o ’ 06i

U'8 111
111*4 U 7
90
94
107*2 118*4

107 V
92
N o v ’ 06
110 M a r’ 06
106*2 N o v ’04
108 O ct ’ u7
111 M a y’04
102 M a y’07
87 34 Oct ’07
86
80
O c t ’ o7
80
75
80
67
597t
69 Sain
95 D e c ’ Ob
02 Oct ’ 07
05 104
93 Sep ’ Ob
93
96
' 9 5 *4 Sale
9634 Sep ’ 07
79*4
82
82 Salt
90
........ 93 I 90
114
114 Sale 114
........ 10634 106>a 10634
80
78
78*2 Sale
87 a4 M a i’ o7
100 O ct ’ 07
105*2 J ’ly ’ 07

107*2

10734 H I
i o o ’*a i.0 2 '^
87*4 97
80
»9
SO
87 >2
57
82
102

" i ’io **
ii>2*i

96i4101

78
90
113
106*2
75
87*4
100
105 *2

94*2 Oct ’0
98 Sep ’ 0 6 ___

95

112

107

111 F a b ’ 07
H O 5* J ’l y ’ O,
102
102
110 *2 J’ ne’ 07
«5 Sep ’ 07
. 68
110 114 A u g ’07
117*4 M ay’ 07
llS ^ A p r’06
96 o u t ’06
........ 89
109 ’-4 A u g ’ 07
........110
99*2 O ct ’ 07
98*2.......
98 F e b ’ 05
105 A u g ’ 07
112 O ct ’06
l108 *2 Dec ’ Oo:
<113 D e c ’05
103 Oct ’ 07s.
107 M ay’ 07 S.
90*2 96H Jan ’ 07t..
. 110 106S, sep ’ 07 ..

107*a jiale

H ig)\

’l 'l'tT * i l 6 * *

107*2 Feb ’07
104 S e p ’ 06
83
84*2
91*2.
93
114 ‘ N o v ’ 06
79 Sep ’ o7
113*2May't)7
78 O c t ’ 07
113 J a n ’ 06
96 J ’ uc’ (>6
92 J’ ne’Ou

117
Ill
l i l *2
90
Ill

Low

98 101
103*2 t04
104*4 1043*

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

V

W

Range
Since
J a n u a ry 1

93
99 >2
126
114
94*4
87 *4
103-2
105 *0

94*2 94*2

104 Oct ’ 07
104 111*2
99*8 114
99 S, 101*,
94
O ct ’ 07
94 105*2
90
90
90 J’ne'o7
44
76*2
44 O ct \»7
6 1 S, 75
- L 62 J’ne'O.
101 102
102 1102 M a i’ o?
..... H93 M a r’ Oo
39 173 36
07 4
36
104 109
104 O ct ’07
97 N o v ' 0.1
80 F e b ’ 07
*8*0** fcOV
9 i.->8 96*2
96*8 J’ne’o7
100 May’07
100 102
68
60*i
53
80
60*2 Sale
14^8 3^*2
15 >8
16
15*8 Sale

100

Sale

94

n

87
87
63 *2 -■>- “2
49
63

87*2 J ’ l y ’ 07
60 * » ........ 63 S
64*2
40 _____ 55 Oct ’ in
106 *2 A u g ’ Ob
........ 103
112 Oc>. ’O ,
8 7 ' 8934 J ’ ne’ o7
34 F e b '07

76

v r* iVs *4

89*4 93-2
34

105 A u g ’ 07
110 D e o ’ Ot111*2 A u g ’ 06
76 Oct ’ 07
104 Oct ’ 07

76>4 Sale

75 7»

77

?tl

104
20

34

87*3

10 4

737* 89

liO N U.S— C o n clu d eiL
;U is c e l Inn ecu s
Adam s E x col tr g 4 a ........ 1948
A m S S C o o f W V a g 5s___ 1920
B ’k l’ n F e r r y O o ls t c o n s g 5 s ’ 48
Chlo Joifc St Yard col g 58.1915
D etM A M Id * r in com es..1911
In t M ercan M arin o 4 V2 » . . 1 9 2 2
m t N a v ig a tio n 1st s I 5 s .1022
Man tsoh t l ce L gen g 4 s..194**
N o w p N o Ship A D D 5stil9i>0
N Y D ock 50-yr 1st g 4s.. 1951
P ro vid en c e Seo deb 4 s . . ..1957
P ro vid en t I.e.ui Soo4*2S.1921
St Joseph Stk Y d s 1st 4 *2 8 . 1 9 3 0
S I L T e r Cupples S tat’ n A P ro s
Co l s t g 4 *2 * 5-20 y e a r ..1917
S Yu ba W at Co con g 6 s .1923
3p V al W a t W orks 1st Os. 1900
U S Red A Bef l e t » t g 6 s. li)31

0 Due Feb

d Due A p r

* Due M ay

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

80
.....
.....

J-B
.J-J
M-S
....

y D u e J ne

*6 6

85
J ’ no’02
41 O c t ’ 06
101 May'OV
70 S e p ’ 0 6
53
65
. '8 4 * ' 85 *a J ’ly ’07
50 F e b ’ 0 2

97
.
.... .
....

80

Sale

1 0 0 *4

87
80

80 103
2
___ j . . . . . .
. .. .

iu r

lo l

i>3
70--8
86 \
.... 85
.... ........ ........

"*8

67^
87 *2 Oct ’07
85 O c t ’07 .... S 44
......
99 M » y ’ 06
1 0 0 * 2 Sep ’05 ... . . . . . . .

yj
90

.......
. . . . . . . . . . . i' 1' 2 '* j ' i y ’d-i
. . . . .. . . . . . . 113*2 rty 'O t
90 A u g ’ O^
. . . . .. 84
A D u o J ly

D ao N » r

......
39
*O i*t»“ ** * * **

OHIOAGK) STOOK EXOEA.'fGrE—Stook Record—Daily, W eedv a a i Yearly
STO CKS— H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday
Nov 2

Monday
Nov 4

*140 150
* ___
3
* ___
10
1134 113,
12
23,
3
*134
*2
* ____
16
16 * ___
*_ .
401.1
44 *
* ..
*75
79
79
*
* ____
20
20
*
50
50
48
* _
40 * ___
40
*
221M l- * __
*_ . .
57157 U * ___
70
70 * __ 73
27
*2512 27 * ___
*
94
94 * ___
* ____
25
27 * ___
*140 150
3
* 21 ?

*

10
12

Tuesday
Nov 5

Thursday
Nov 7

Wednesday
Nov 6

Friday
Nov 8

Last Sale 150
0 c t’07
*2
3
2 l2
2i2
Last Sale 10
Oct ’07
125g 125S 1 2
12
12
1214
1212
l-’l?
21 ?
219 * 112
Last Sale 212
0 c t’07
* 112
* ___
16 * ___
16
Last Sale 18
July’07
* ___
4 OI4 * ___
Last Sale 40
45
0 c t’07
* ___
Last Sale 7878 0ct'07
79 * ___
79
*
*
20
Last Sale 22
19
Sep’07
50
49
50
50
50
49
50
48
* ____
40
40 * ____
July’06
Last Sale 46
* ___
2219 * ____ 22U
0 c t’07
Last Sale 21
*
Sep’07
571?
571?
Last Sale 60
____
♦
69
69
69
*70
71
73
70
*26
27
26*4
2614
*25l2 27
*2512 27
*
___
* ___
94
94
July’07
Last Sale 97
* ___
Last Sale 33
July’07
27 * ____
27
*140 15«
3
* 212
*
11

*140 150
3
* 212

*

11

334 *312
3&* *3 1 4
35S
3i*
3*8
3734
3912
37U 38
36>2 37
*3612 3719 37
13419
Last
135 *
135 *
135 *
Last
125 *
125
125 *
125 *
50
48
49
48
50
50
*48
*48
*48
*_.
*90
91
91
93

334
334
*39
40
140
0 c t’07
123
0 c t’07
4734
4734
*85
90
38
Apr’07
*___
Last Sale 30
N o v ’07
35 * ___
35
*25
35
*
Last Sale 104U Sep’07
104 * ___
104 * _ 104
104 *
* ____
50 * ___
45
Last Salt 45
Sep’07
50 *
50
*43
165 Mch’07
16
Mch’06
Last Sale 1
0 c f0 7
*1
H r *1
1*8
U r *1
1’ r *1
Last Salt 5
6
6
6
6
*5
*5
0 c t ’07
*5
*5
137l2 0ct'07
2819 271» 2719 *27
28
*27
28
2 7 I4 2711
2712 271•> *27
100 100 *100 105
105 105
10712 HOlg 10912 110
100 100
97
97
97
99
*97
100
97
97
*97 100
*9712 100
114 114
113 114
114 11412 11312 114
114 115
113 114
351?
35
3518 351g 3612 3612
*35
3519
3512 351? *351g 3534
31U N o v’05
*
*

60
61
61
105
1041s 106
*
55
55
*100 1001,, *100
*
80
78
*105
8912
* 7S
* ____

35 *
81
80
80
75U
115
105
90
8714
*34
l's
634
71.1
____
*
2212

334
3912
Sale
Sale
48
95

Sales
of the
Week
Shares

Range for Yec r
1907

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

Lowest

R ailroads
____ Chicago C ity R y ____ . 10(1
51 Chicago & Oak P a rk . 10(1
____
D o p r e f___________ 10(1
1,005 Chicago S u b w a y ____ _10(J
Chic U nion Traction . 1 0 0
D o p r e f___________ . 1 0 0
____ Kans C ity R y & L t . 1 0 0
____
D o p r e f___ _______ . 1 0 0
____ M etropol W S E l e v . . . 1 0 0
424
D o p re f _ . ____ 1 0 0
____ N o rth Chicago Street .100
____ N orth w estern E le v ._ .100
____
D o p r e f___________ .100
100 South Side E levated
100
50 Streets W S table C L .100
____
100
D o p ref . . .
____ W est Chicago S treet. .100
M iscellaneous
350 A m erican Can_______ .100
350
D o p r e f___________ .100
A m erican R a d ia to r . .100
____
D o p r e f___________ .100
150 A m e r S h ip b u ild in g ._ .100
100
50
____

B o o th (A ) & C o ____ 100
D o p r e f. ________ 100
Cal & Chic Canal Sc D . 100
100
Chic B rew ’g & M a lt’g.

100
187
88
507
294

Chic Pn eu m a tic T o o l.
Chicago T ele p h o n e___
Chic T itle fc T ru s t___
D iam ond M a tch _____
Illin ois B ric k _________

100
100
100
100
100
100
IOO
100

Range 1or Previous Y eat
(190fi)

Highest

Highest

Mch It 205 A p r 8
140 Sep
Nov 8
5 Dec
5 Jan 24
O ct 17
16 A p r 6
15 Dec
O ct 23
461, Jan 2
393.1 J ’ly
4 J ’ly
6 I4 A p r 3
O ct 4
14 A p r 23
I 9 I4 Jan 9
12U M ay
40 O ct 19
65 Jan 16
54)2 Jail
78'r O ct 10
87 Jan 17
85 O ct
21
Sep 12
28 Jan 24
25 O ct
48 N o v 4
72 Jan 15
65i2 O ct
3412 A p r 10
25 Mch
47 J ’ly 16
20 Sep 11
2512 Jan 25
23U J ’ly
58 A p r 24
66 J ’ly 17
60 M ay
69 N o v 6
90 Jan 4
H9>2 A p r
26 O ct 29
34 Jan 15 . 27 M ay
95 A p r 3
97 Dec
99 M a y l8
20 Mcli 19 35 A p r c
23 A p r

200 Jan
73,) Jan
283g Jan
59 M ay
1314 Feb
46*4 Mch
6812 F eb
9312 Feb
30 J'ne
72l2 N o v
85 Mch
28i2 F eb
6 8 I 2 Mch
99 J ’ne
3534 N o v
102 J ’ ne
60 Feb

150

21 ,
10
11
21 ,

3 O ct 24
714 A p r 11
60 A p r 10
35i2 N o v 1
129 Jan 7 140lg Sep 9
120 A u g 20 130 A p r 24
4734 N o v 8
8012 Jan 14
91 N o v 6 109 Jan 7
30 Jan 2
40
30 N o v 1
40 J ’ne 8
10412 Sep 7 111 Feb 8
45 O ct 3
54 Jan 8
165 F e b 27 165 Feb 27
1
5
129
22
95
95
112
35

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

1 Jan 9
612 J ’ne 5
149 A p r 3
51 F e b 8
13412 A p r 4
11212 M a yl3
12919 M a y l5
57 M a y 2

6 J ’ne
51 J ’ly
115 Feb
128U Dec
54 Jan
101 Jan
17 Feb
36 Jan
106 O ct
55 M ay
168% M ay
16 Feb
1 Mch
6 Nov
136 J ’ly
48*2 Dec
101 A p r
103 May118 J ’ne
41*2 Sep

46 Jan 11
212 Jan 23
27
86 J-an 14
11734 Jan
7
8 4 I4 Jan 11
120 Jan 17

79<8 Feb
46 M ay
134 M ay
21 J ’ne
62 M ay
113i2 Jan
78 Jan
112 Dec

*61
*10312
*50
*100

62
*60
105
10412
55
*50
IOOI4 21001?

62
10412
55
1001?

335 N a tion a l B iscu it_____
170
D o p r e f____________
10 N a tio n a l C arbon_____
50
D o p r e f____________

100
100
100
100

41 A u g 13
219 Jan 23
25 F eb 5
581g O ct 24
102 O ct 26
52>2 O ct 30
100 O ct 24

733g
35
*33
80
80
SOU
8 OI4
115
111
89
88
H r *1
7
678
221? * ____

733g
34
*33
81
8012
81
81
120
110
90
89
Hr
*~8
67g
6
*
____
2212

100
S ears-Roebu ck c o m ..
34
Last Salt 35
N o v’07
357
D o p r e f____________
84
84
84
*83
84
83
81
827g 6,207 S w ift & C o____________
80i2 82
110
447 T h e Quaker Oats C o ..
105 115
105
115
D o p r e f____________
345
89
*89
90
*89
____
U n it B ox Bd & P Co.
Last Sale 7g
0 c t ’07
l's
D o p r e f____________
7'r
714
714
684
7>8 1,593
Last Salt 22
221?
0 c t’07 ____ W estern S t o n e _______
M in ing
Bingham Con M ining.
3212 Jan’07

100
100
100
100
100
100
100
100
100

733g N o v 5 733c N o v 6
34?s A u g 28
57 Jan 10
79 O ct 25
95 Jan 26
75U N o v 4 11312 Jan 16
105 N o v 4 173U M ay 3
85 O ct 29 10234 Jan 16
214 A p r t'8 O ct 29
1234 A p r 8
6 Jan 2
30 F e b 14
22 O ct 15

61
106
55
IOOI4

*61
____
6 OI2
6134
104 10412 104
104
*50
55
*50
55
*100 101 *100
10012
Last Sale 534
May’05

16
Last Sale 4

May’07
Nov*06

Inter
est
Period

Price
Friday
Nov 8
Bid

Am erican Biscuit 6s__1910
A m er S traw b ’d 1st 6 s .1911
Cass A v e fc F G (S t L ) —
5s____________________ 1912
Chic Board o f T ra d e 4sl927
Chic Consol B r& M lt 6s____
Chic Consol T ra c 4 >£s-1939
Chic Edison—
Debenture 6s_______ 1913
1st gold 5s________ ftl 926
Chic A u d itoriu m 1st 5sl929
Chic Dock Co 1st 4 s ..1929
Chic N o Shore E lec 6 s .1912
Chic & Mil Elec R y 5 s .1919
Chic Pn eu m T o ol-*1st 5s......... ............A1921
Chic R I & P R R 4 s ..2002
Collat Trust g 5s___1913
Com m onw ealth E le c t—
5s___________________61943
Illin o is Tu nnel 5s____ 1928
K a n C ity R y & L tC o 5s 1913
K n lc k ’ b ker Ic e 1st 5 s .1928
La k e S treet E l—
1st 5 s . . ................... 1928
In com e 5s___________ 1925
M etr W Side E l—
1st 4s_______________1938
Extension g 4s_____ 1938
N o rth Chic St 1st 5 s ..1909
1st 5s....................... 1916
R efu n d in g g 4J4S..1931
N o Chic C lty R y 4 H s l9 2 7
N o rth W estern E l—
1st 4 s . . . ............. ..1 9 1 1
Ogden Gas 5 s . ___ ;___ 1945
Pearson s-Taft 5s______1916
4.40s ................................
4.60s Series E ___________
4.80s Series F -------------P eo Gas L & C 1st 6 s ..1943
R efu n d in g g 5s----- 1947
Chic Gas L & C 1st 5s 1937
Consum Gas 1st 5 s .1936
M u t’ l Fuel Gas Ist5 sl947
South Side E lev 4}*s_1924
S w ift & Co 1st g 5s___ 1914
U nion El (L o o p ) 5s___ 1945
U nion P a cific co n v 4 s .1911
U n ited B ox Board 6 s_____
W e s t Chic St 1st 5 s ...1 9 2 8
Tunnel 1st 5s_______1909
D ebentu re 6 s______1 9 1 4
Consol g 5s............... 1936
W es D Iv C lt y R y 4 H sl9 3 2
W estern Stone Co 5 s . . 1909

F - A
J - J

Ask Low

B'ds
Sold

....

100 Mch’07 ____

-

J ....
D ....
J ....
D I - .

IOU 2
....
....
55

100 Sep’07 ____
100 May’07 ____
103 A pr’04 ____
55 Aug’07 . . . .

J
A
F
A
A
J

-

J X 95
90
O
A ....
O ....
O ----J

98
Sale
100
98
-----

100 0 c t’07 . . . .
4
90
90
9634 Jan’06
____
.... ....
87 Feb’06 -----

69
J - J
M - N ....
M - S ....

72
....
....

-

0 c t ’07 ____
79 N o v’04 ____
80 A p r’04 ____

7412

S
D
N
O

93
....

____

87

93

5
SI
97
90 Dec’06 . . . .
9618 Sep’07 ____
95 June’07 ____

J • J
Feb

____
___

90
....

90 0 c t’07 ____
16 May’05 ____

F
J
J
J
A
M

81*2
....
-----

82
77
90

9514

Range
1or year
1907

3219

Jan 24

161j A p r 15

20

Jan 22
1

J ’ly
Auk
Nov
Jan
115 M ay
99>4 Dec
3.1 Dec
514 Dec
28 Dec

93i2 M ay
63>2 Dec
99 Sep
11912 Sep.
15212 Jan
IO634 Feb
23, J an
17U Jan
42 Men

29^4 J ’ne
734 J ’ly
14U Mcb
312 J ’ly

4434 Feb
14 <Mch
20!>8 N o v
43gOct

50

9214
IO II 4

NAME.

Outstand
ing
Stock
t

Surplus
and
P ro jits
t

Dividend Record
In
1905

In
1906

Bankers N a t i o n a l _______ $2,000,000 $1,263,311
8
8
High C alu m et N a t i o n a l _______
100,000
32,865
5
5
122.454
10
10
Ch icago C it y _____________
500.000
12
12
Com m ercial N a t i o n a l ___ 03,000.000 4,233,317
100 100
C on tin en tal N a t i o n a l___ 4,000,000 3,065,021
8
8
C ook Co S ta te S a v in g s ..
50,000
6
6
100 102
9,777
12
12
Corn E x ch an ge N a tio n a l 3,000,000 4.764,477
100 100
200,000
37,451
6
6
. . . . ____ D re xel S ta te ______________
356,072
D rovero D ep N a tio n a l___
600,000
8
8
55
61
3
33,011 . . . .
E n glew o od S ta te ________
200,000
100
84,215 Began busine
100
500,000
F e d era l N a tio n a l________
12
12
89 101
F irst N a t i o n a l___________ 8,000,000 7,459,753
10
10 + 10
150,000
155,396
. . . . . . . . F irst N a t E n glew o o d ____
500,000
631,541
P riv ate Ba
. . . . . . . . F orem a n Bros B ’ k ’ g C o .
386.439
6
6
----- ----- F o rt D earb orn N a tio n a l. 1,000,000
500,000
....
181,898 . . . .
H a m ilto n N a tio n a l______
8
H ibernian B ’ k ’ g A ssn —
1,500,000 1,123,683
8
200,000
111,893
7412 8158 K asp ar S tate B a n k ______
____ M onroe N a tio n a l________
300,000
53.623
3
. . . . . . . . M utual H ank____________
81.392 . . . .
250,000
....
6
6
N a t B ank o f R e p u b lic ___ 2,000.000 1,227.139
384,392 Began busine
1,500,000
97 10234 N a tio n a l C it y ____________
__.
1,000,000 1.388,398 12+3 12+3
N a tio n a l L iv e S to c k ____
200,000
95
56,367 Began busine
98>4 N o rth A ven u e S ta te ____
50,000
6,011
6
96
N o rth Side S ta te Savings
6
95
35,250
100,000
6
6
O akland N a tio n a l_______
93% P ra irie N a tio n a l__________
250,000
69,148 . . . .
....
88
C500.000
56,071
8
d38
P ra irie S ta te ________ •____
....
250,000
15.019 Began busine
R a ilw a y E x c h a n g e ______
811? 90?g South Chicago S a v in g s ..
200.000
4
5
75.523
300,000
100,375 Orga nlzed
80
85
1,000,000 1,123.423
8
8
----- ----- S ta te B an k o f C h ica go—
152,340 None . . . .
250,000
S tock Y a rd s S a v in g s-----____ ____ U nion Bank o f C h ic a g o ..
200,000
42,316
....
59,488 None
200,000
6
75
75
U nion S tock Y a rd s State
8
8
A m erica n T ru st & S a v g s. 3,000,000 2,569.558
519
990,953
7
85*4 92
Central T ru st Co o f 111___ 2,000,000
W96.536 ____
95
78
Chicago S av Bk & T r ------ n500,000
6
6
. . . . . . . . Chicago T it le & T ru s t___ 5,000,000 z l , 220,313
94
97
50,000
6.981 . . . .
....
Citizens Tru st & Savings
543,505 5 + 5
10
600,000
98
98
Colonial T ru st & Savings
____ D rovers T ru st & Savings
200,000
89.643
6
6
1.500,000
41,071 Orga nized
11512 11512 F a rw e ll Tru st C o ________
____
94i2 1021 ? First T ru st & S avin g s___ 2,000,000 1,214,643 ____
347,256 Began busine
93 10434 H arris Tru st & S a v in g s .. 1.250,000
102
101
Illin o is Tru st & S av in g s. 5,000,000 7.982,228 12+4 12 + 4
_
200,000
36.288 ____
....
. . . . K en w oo d Tru st & S a v gs.
30.492 ____
200.000
93 10012 L a k e V ie w Tru st & Savgs
12
12
95 1 0 2 '8 M erchants’ L o a n & T r Co 3,000,000 4,490,283
6
355,601
6
750.000
95 100
M etropolita n Tru st & Sav
m
8
8
. . . . N o rth ern T ru st C o _______ 1,500,000 1.912.892
Orga nlzed
75
200,000
40,937
65
N o rth w est Tru st & Savgs
200,000
90
63,090 . . . .
P eoples T ru st & S av in g s.
85
8
185.701
8
. . . . P u llm an T ru st & Savings k700,000|
8
500.000
6
73
566.508
73
R o ya l Tru st C o _________
200.000
4,244 Incor porate
78
70
S tockm en ’ s Tru st & S a v .
....
. . . . . . . . Union Tru st C o __________ 1,000.000 1.031,808 ____
200,000
23,127 Forme rly Jen
----- ----- ‘U nited S ta tes____________
6+ 1
315,084
6
W estern Trust & Savings 1,000,000
200 000
34,462 Began busine
d prices
W est Side T r & S av Bank
6
26.150 ----200,000
W o o d la w n T r & Sav B k . .

High N o. Low

J
J
J
J

M
J
tt
A

____

Week's
Range or
Last Sale

3219 Jan 24

?n

80 F eb
48 Sep
2i2 F eb
23 Mch
79^2 D ec
119 O ct
95 Mch
122U Mch

Chicago Banks and Trust Comnanies

Chicago Bond Record
BONDS
C H IC A G O S T O C K
EXCHANGE
Wedt ending Nov 8

Ml

8 8 ?g

117g Jan
72 Jan
130 N o v
136 Jan
81 N o v
112 N o v
31U Dec
40 F e b
113U J ’ne
64 Feb
175 M ay
I 6 I 2 Feb
1 Mch
7
Jan
165 Feb
63 Feb
139 Jan
118 J a a
147 Feb
7134 Jan

Per
iod.
Q-J
An.
J-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
ss
Q-J
Q-J
nk
Q-J
J-J
Q-J
Q-F
Jan.
Q-J
ss
Q-J
ss
Q-J
Q-J

Last Paid
%
Oct
l>ec
July
O ct
O ct
O ct
O ct
O ct
O ct
Oct
Oct
Oct
Oct

'07, 2
’06. 6
’07, 5
’07, 3
07. 2
'07, l i 2
'07, 3
'07. II 2
’07, 2
’07, I I 2
16 1905
’07 3
'07, 212

O ct '07. 2
July '07. 2l2
O ct ’07. 2
N o v -07. 1
Jan '07. 412
O ct '07, 2
Feb 5 1907
O ct '07, 3
Dec 8 1906
O ct '07, 112
O ct '07, 119
________. . .
O ct '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, II 2
O ct ’07. 2
O ct '07. 1»4
___________
Oct '07. H 2
O ct ’07, U 2
O ct '07, 2i2
O ct ’07. H 2
1 3 1907

Q-J
ss
Q-J
Oct
Q-J
J-J
. . . . ____
M-N
79 Aug’06 ____
Q-J
. . . . ____
75 Feb’07 ____
Q-J
24
Q-J
853j Sale
8534
86l2
M - S
____
79 Sale
78
79
17
M - N
Q-J
J - D . . . . . . . . 10012Mch’06 . . . .
A -O
94 Sep’07 . . . .
M - S .... ....
Q-J
M - N .... ....
98 July’07 . . . .
Q-J
M - N ____ ____
98 Sep ’07 ____
Apr1
115
115i2J’ne’07 ____
A - O :—
____
M - S
90
S
9014
9412 9412
ss
Feb 4 1907
03
J - J
Sale
93
9512 45
J - D
100
101 A pr’07
9 O ct '07. 4
Q-J O ct '07. 1U
M - N ____ ____ 1031s Feb’06 ____
93
Q-J Oct '07, 1
Sale
J - J
16
93
9512
96
Q-J O ct '07. 3
95 0 c t ’07 . . . .
J - J
Q-J O ct '07. IN
95
9812 Oct’07 . . . .
A - O
Q-J O ct 07, 2
M - N . . . . ____ 114 Nov!04 . . . .
____
July 28 1906
71l2 71>4 Sep’07 . . . .
80
J-J J ’ly ’07, 3
90 May’07 . . . .
M - N ....
Q-J O ct '07. 2
68>2 Sep’05 . . . .
F - A ....
Q-F N o v ’07, 2
73 June’07 . . . .
J - D .... ....
d M arch 1905
73 June’07
M - N .... ....
87 Dec’06 ____
. . . . _________
.1 - J . . . . . . . .
ning s R E L, & Tr
96U Jan’06 ----A - O ----- ----Q-J O ct 07. 1 '2
Sept 5 1905
ss
N o te.— A ccrued Interest must be added to all Chicago bon
Q-J Oct ’ 07. IK
* Bid and asked prices: no sales were m ade on this d a y . q D ivid en d s are paid Q-J. w ith ex tra p aym en ts Q -F .
d Includes special d ivid en d o f 30 %
paid Dec. 18 1906.
t N o price F rid a y; latest price thH w eek,
a Due D ec. 31.
6 D ue June,
c Capital Increased Jan. 1 1907 from 5250.000, a cash
divid en d o f 30% being; declared and to be taken as pa rt pa ym en t fo r new stock,
b D ue J u ly,
k Capital Increased from $300,000, a stock d ivid en d
o f 33 1-3% being declared In p a rt pa ym en t th erefor; « Capital and surplus to be Increased.
o C apital Increased from $2,000,000 and $2,000^000 added
to surplus.
I Au£. 22 for national banks \nd Vug. 20 1907 fo r S tate 111 ;titutk>ns. x A< o f Ju ly 1 1907




-

A
J
J
j
O
N

16
U2
83
80 O c t ’07 ____
90 Dec’06 -----

8

BOSTON STOCK EXCH ANGE—Stock Record, Daily, Weekly and Yearly
S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S
Saturday
N rv 2

Monday
N ov 4

t
74
*8312
192
120
*206
137

74

8410
194
120
208
137

73%
85
191
119
205
135

73%
85
192
120
205
135

*280 290 *280 290
10
10
*8
*8
52
* — — 52 * ___
1734
17a4 * ____
* ----* ____
60
58 * .
130 130
*130 135
104
*100 101 *1 0 1

/ 120% 120% * 120 '
* ____
70 * ____

120%
70

....
9% T o "
■*9%
39
39
38
38
*14% 15% *14% 15%
; 129% 130% 127% 130
----*180"
*12
....

....

is 5 " is o "
____
*12
____
*30
*30
-----

"85 " *
108% 109% 1073s
80
*79% 80%
150
79
80
80
97
98

85
110%
80
150
80
98

*12
T4
75
7510
4%
4‘4
* 10 %
101% 100%
109
110
93
90%
*13%
15
71
72%
*3
4
96
9fi
14
*4%
5%
185%
192
109U 107
44
44
79
79
197
*13*
IS*
___
60
* ____
*0
98 * ____
140
142
93.1
9%
76%
so
21 % *2 0
26 * ____
*11,
2%
102
104
38
3634
25
25*s
233,1 23
*81
S3
4% *4
53
65

14
75
4*4

*1 1 1 1

*12
75%
*4%
* 10%

101%

110
91%
*14
72
*3
*....
____
*484

190
108
44
75
*195
*1
* ____
80
98
142
934
78
*2 0
* ____
*1%
103%
>’■ 38
25
23%
8234
*4
r - ~

12

103%
110
94
14%
74
4
9614
14
6%
189
110%
45
79
197
1^4
60
80
98
140
9%
80
21%
26
2%
103
3734
25
2414

82
4%
63

1
1%
22
231®
47?8 61%
2214 22U
'
22
22
33
33
! 34
84
314
3%
I
3%
3l2
j *10% 11%
11% 1112
.60
|*.40
«60 ^.40
'

'

*1
1%
23
23
483» 497g

( * io ‘
4
'
0
*.40
12*8
155s
103
605
*2012
*%
i. 52%
10*2

7%
80
e
19
10

* 2®4
*.40
734
9
45
1*4
«%
41%
*%
23
*81
J0%
*•14
80
* 2%
2%
10 fi4
62
11 %
*7%

10
"if"
4
4
6 , «%
>42 <*.40
12%
I I 84
15%
X&4
102
105
600
005
2112 21>2
%
— 52
*3
10t2
»%
1 8
734
*0
6%

1

10
4%
6 I4
.42
12

16
102
610
211J
I4
4412
1012
1

7%
7%
85
*75
6
5%

16
1«%
9% 10
*234
3
.60
*.40
-•0
7%
8
7%
9
9
9
4734
46
45
* 1%
1%
134
684
6 *g
7%
44
41
42
_
____
*%
22
23
23
80
80
82
10 %
1034
10
1
34
34
79
79
80
3
* 2%
3
*2
2%
2%
10 % 10 %
11
65
65
•3
1 1 % 1112
11 %
9
*8
8%
16

10%

3%

" s ’ ” 8*"
2 »% 29%
35% 37
3234 33%
*4
4%

" " 8*
28%
36%
32
4%

" 8%
3084
38
33*4
4%

Tuesday
N ov 5

Wednesday
N ov 6

Friday
N ov 8

Sales
ol the
Week
Shares

* Bid and asked prices'

d New stock.

Range 1o t Year
1907

STO CKS
B O STO N STOCK
EXCHANGE

R ailroads
76 A tc h T o p & Santa F e.1 0 0
76
77
72%
72%
*71
71%
D o p re f____________ 100
83%
83%
127
85% 85% *83% 8414
227 Boston & A lb a n y ____ 100
191 192
188
189
191 192
120
120
119
120
191 Boston E le v a te d ______100
120
120
____
16 Boston & L o w e ll______100
*205 210
208 208
129
130
132 Boston & M a in e ______100
133 135
129% 131
. ____ 155
D o p r e f____________ 100
2
155
155 155
290
290
290 290
290 290
46 B oston & P r o v id e n c e - 100
____ Boston Suburban E l Cos.
Last Sale 384 Sep'07
10
*8
D o p r e f________________
* ____
52
Last Sale 50
Aug’07 ____
* _ _ __ 1634
Last Salt 17% 0 c t’07 . . . . Boston & W o r E lec Coe__
*
D o p r e f________________
5984
Last Sale 60
N o v’07
130 Chic June R y & U S Y .1 0 0
131%
131 131
131% 131% *131
D o p r e f____________ 100
____
104 104 *104
15
----- *104
Con & M ont Class 4__100
....
0 c t’07
Last Sale 170
Conn & Pass R i v p r e f. 100
. . . . ____
Last Sale 152 July'07
.
Connecticut R iv e r ___ 100
Last Sale 245
Sep’07
....
120
120
'l4 5 Fitch b u rg p r e f _______ 100
120 120% 120 120
72
29 G a R y & E le c tr ic ____ 100
70
70 * ____ 72 * ____
D o p r e f____________ 1 00
*72
80
Last Sale 73
0 c t’07
M aine C entral________ 100
.
Last Sale 190
Sep’07
.
10
*342 Mass E lec tric Cos____ 10 0
10
10
10
10
10
D o p re f____________ 100
40
40
39%
41
318
40
40
10 M exican C entral______100
14
14
*14% 15% *14% 15%
130
128% 130
129 130% 130
1,993 N Y N H & H a rtfo rd -1 0 0
N orth ern N H ________ 100
____
Last Sail 152 May’07
N o rw ich & W o r p r e f- 100
.
A pr’07
Last Sale 222
180 183
180
180
” 58 O ld C o lo n y ___________ 100
180 180
..
Pere M a rq u ette _______ 100
*12
Last Sale IOI4 Cct’07
D o p re f____________ 100
____
____
30
30
"205
30
31
____ . . . .
25
30
30
30
18 R u tland p re f_________ 100
S eattle E lec tric _______ 100
Aug’07
Last Sale 82
D o p re f____________ 100
* ____
85
” "e
85
85
85 * ____
109-% 110% 110 % HOI4 1.420 U nion P a c i f i c ________ 10 0
111% 113
D o p r e f____________ 100
80%
80%
214
81
81
*79% 80%
c V erm o n t & M ass______100
’ 80"
297 W est End S t__________50
"79" 80* ’ 80" ’ 80" *79*
D o p re f____________ 50
* ____
80
95
95
97
95
95
W o re Nash & R o c h ..l0 0
Sep’07
Last Sale 140
----- ----M iscellaneous
A m er A gricu l C hem -.lO O
*12
14
0 ct’07
Last Salt 10
D o p re f____________ 100
75
75
‘ 328
75
75
75
75
610 A m e r Pneu S e rv ic e -- 50
4%
4%
4%
484
4%
4%
D o p r e f_______ :____ 50
219
10
10%
10 % 11
10% 11
1,725 A m er Sugar R e iin ____ 100
104 105
103% 105
103% 105
D o p r e f____________ 100
502
109 IIO 84 109 llOlg
109 110
91
923j 5,655 A m e r T elep & T e le g .,1 0 0
937S 95
92% 94
*14
0 c t’07 - - A m erican W o o le n ____ 100
15
Last Sale 15
D o p re f____________ 100
7334 74%
73
73
1,285
73
74
0ct'07 . . . Boston L a n d __________ 10
4
*3
Last Salt 4
95
78 Cum berl T ele p & Tel-1 00
*94% 94%
95
9514 * ____
80 D om in ion Iro n & S t______
*484
N o v’07 . . . E ast Boston L a n d _______
5%
Last Sale 5
199 Edison E lec lH u m ____ 100
189 190 *191
____ 191% 196
110
114
644 General E le c tric _____ 1 0 0
110 115
111
112
46
46
1,483 Massachusetts Gas CoslOO
46
46%
46
47
D o p r e f____________ 100
79%
80
467
80
80
79% 80
40 M ergenthaler L in o ___ 100
195
196% 196% ld5
197 197
0 c t’07 . . . M exican T e le p h o n e __10
Last Sale 134
* 1%
1*4
3 N E C ottvn Y a m ____ 100
* ____
60
60
60 * ____ 60
D o p r e f____________ 100
* ____
32
80
80
80 * ____ 80
133 N E T ele p h o n e_______ 100
97
98
98
98
97% 98
434 Pu llm an C o___________ 100
140
142
142 142
140 142
984
934
113 R eece B u t t o n - H o le .. 10
934 *9%
934
*S%
81
82
1,238 S w ift & C o____________ 100
81% 83
81
83
T o rrln g to n Class A____25
Last Sale 21% 0 c t ’07
21%
*20
D o p re f____________ 25
8
26
* ____ 26
24i2 24% * ____
7 U nion Cop L ’d & M 'g . 25
* 1%
2%
* 1%
2%
1%
1%
U
nited
F ru it_______ ..1 0 0
944
104
104
104%
104
104%
104
37% 3.278 U n Shoe M ach C o r p .. 25
3834 3812 38% 37
38
D o p r e f____________ 25
2434 25
589
2478 25
25
25
24%
253g 11.701 U S Steel C o rp_______ 100
24% 253g 24% 25
D o p re f____________ 10 0
853*
843g 85
83%
8514 3,287
83
O ct 07 ____ W est T ele p & T e le g __100
Last Sale 4%
*4
5
D o p re f___ ___ „ ._ .1 Q 0
5
*53
55
*53
55
55
*53
20 W estin g E l & M f g . — 50
26% 26% . . . .
....
D o p re f____________ 50
76
May’07
Last
Sale
--------M in in g
235 A d ven tu re S on___ ___ 25
1
1
*1
1%
1%
1%
A
llo
u
e
z
________________
25
709
23
23
23
24
2 2 % 24
47%
4934 26,067 A m a lga m ated Copper 100
46% 30%
50% 52
270 A m Z in c L ea d & £m __ 25
22
22%
2 2 % 23
145 A n a c o n d a ___________ 25
....
3334 34% 32% 32% . . . .
475 A r c a d ia n _____________ 25
33a
3%
3%
3%
3%
3%
190 A rizo n a C om m erclai__25
10
10
.
.
^
f
.
.
.
.
11
11
Last Sale .48
0et'07 ____ A r n o l d ______ ___ ___ _ 25
.60
*.40
Ash B ed ___ __________ 25
Aug’X>7
Last Sale i2
310 A t la n t ic _______________ 25
9%
10
10
10
*io% ' 10 %
5.513 B alaklala tem p c e rtfs ____
3%
4
4
378 4%
4>4
6
6 % 1.256 Blngh&m Q m M in & S 50
6%
6%
6%
638
200 Bacianza CDev C o )___ 10
.40
*.40
.42 .40
*.40 .42
2,650 B ostonC onC& G (rets) £1
1134 12
10 %
11
12% 13
B u tte C o a lition _______ 15
7.009
14%
15%
15
15%
16
15
1,187 Calum et & A r iz o n a .. 10
105
109
106% 107
104 107
199 Calum et & H e c la ------25
600
6i05
605 620
620 631
291 Centennial____________ 25
* 20% 21%
21
21
2 1 % 22%
1
* % ----4 ----- 1.600 Cons M ercur G o ld -----%
%
8.061 Copper R a n ge Con C o -1 CTO
55
54% 53% 53% 54% 53
635 D a ly - W e s t ____________ 20
IQ
10
10% ■10
10
10
D o m in ion G o a l--------- 100
0ct'07
Last Salt 40
D o p re f____ * ______ l o o
____
0 cf0 7
Last Sale 98
.... ....
1%
1% 1,065 E lm R iv e r ____________ 12
1
1
595J F r a n k lin ..................... 25
7%
7%
784
8
7% 7%
95 G ran by Consolldated.lO O
80
81
82
82
*80
85
57g
6 *12.289 G reene-Cana tem c tfs -----6 l«.
6
5?4 6
5
Oet 07 ____ G uanajuato Conssl—
Last Sale 2%
15%
I 6 I4 3.386 Isie R e y a ie (C o p p e r). 25
15% 17
" i e « i "l77*
1.247 L a Salle C opper--------- 25
9%
10
10
10
10 % 10 %
2%
2 % 1,260 Mass Consol-------------- 25
27g 27g
3
2%
M a yflow er-/ *------------ 25
Oct’07
Last Sale 1,
.60
*.40
*141 M ex ico Coas M * S ---- 10
8
8
*7%
734
8
8
9
9% 214 M ic h ig a n _____________ 25
91,
91"
10
*9
1,270 M oh aw k _______________ 25
46%
47
47% 48% 46% 47
250 Montana Consol C & C 10
*112
1%
1%
1%
1%
1%
733 N e va d a C o n solid ated . 5
7%
7%
73g
7%
7%
73s
38%
4034 16,952 N o rth B u tte_________ 15
44% 40% 42%
43
1,
1"
200 O ld C o lo n y ____________ 25
* 12 ____
* 1,
23 “
2314 1,427 O ld D o m in io n ________ 25
23% 23%
23 “ 24”
151 O ceeola------------ ------- 25
80
82
83
85 • 83
83
642 P a rro t (S ilver & Copp) 10
10
10
10
10
10 % 10 %
110 P h oen ix Consolidated 25
*%
1
%
% .40 .40
305 Q u incy ------------------- 25
80
8J
80
80
80
80
R h »d e Is la n d _________ 25
175
2
%
2
%
23
4
2
3
.1
,
3
3
450 Santa F e (G old & Cop) 10
2
2
*2
2%
*2
2%
10 % 2,544 Shannon_______________10
1034 103)
10% 10% 1-0 %
2 42*T
fTam
am a
aru
ra cck
k ____________ 23
25
242fi
65
68
65
68
65
66
993 T r in ity ....................... 25
1134 11,34
11% 11%
11 % 11 %
100 U n ited C opper____ ... 1 0 0
8
8
*7%
8
9
*8
D o p r e f_______ r ___ 100
Last Sale 2384 N o v’07 ____
914 U n ited ttta tfsC o a lA O tl 25
S3| 9
8%
884
“ 1 3 , ' 91"
U
S Sm elt R e l & M in . 50
32
32%
5,646
32
3
3
1.1
34
31
D o p r e f____________ 50
37
37% 3,648
38
38
38% 39
5
33% 34!.t 33% 36% 7,500 U tah C on solid ated---35
34
V i c t o r i a ------------------- 25
470
*
41.1
43.1
41
,
4%
4%
4l4
____ |W ash in gto n -------------- 2»
Last Sale 1.061.4 J ’ l y ’07
234
3
i,o 6 o; W in o n a ------------------- 25
” 3”
3
3
106i W o lv e r in e ----------------- 25
110
____ 108
107 110 *108
.40
649ii W y a n d o t _______ ______ 25
.50
.55
%
% .40

, " 3 " " 3’ " ‘ " 3 " " 3”
105 106
110
*»5
*%
%
%
%
c Before pay’ t of assess'ts called in 1907.




Thursday
Nov 7

e Ass’ t paid,

h Ex-rtghts

Range lor Previous Y tat
(1906)
Highest

Highest
72i4 N o v 8
83% N o v 8
188 N o v 8
119 O ct 25
200 J ’ne 19
129 N o v 8
150 O ct 22
285 O ct 31
8
J ’l y 1
50 A u g 8
I 7 I4 O ct 22
5«34 O et 7
130 O ct 17
99*4 O ct 30
170 O ct 11
152 J ’ly 17
245 Sep 14
120 J ’ne 15
70 O ct 28
73 O ct 25
190 A u g 17
9 O ct 22
37 O ct 22
14 N o v 0
127% N o v 4
152 May23
222 A p r 23
175 O ct 9
5 J ’ly 31
27 Sep 13
25 N o v 8
82 A u g 7
85 N o v 1
1001, O ct 24
791-4 O ct 23
150 N o v 1
79 O ct 28
• 95 N o v 7
140 A u g28
IQ
74
4
9l2
98
109
90
14
69
3
95
1212
3l2

O ct
O ct
Sep
O ct
O ct 24
O ct 25
O ct 30
O ct 30
O ct 24
Mch 28
Nov 7
O ct 25
O ct 23
18514 N o v 4
91 O ct 23
43 O ct 24
75 N o v 2
190 O ct 25
1*4 Sep 9
46 J ’ne 3
SO O ct 8
97 N o v 8
140
O ct 24
2:914 A p r 5
76% N o v 4
20 J 'n e l3
2412 N o v 7
1 O ct 5
10 U 2 O ct 30
36 O ct 17
24% O ct 14
22 O ct 23
*81 N o v 4
4i2 O ct 15
53 N o v 4
26% N o v 7
76 M a y 6

8 6 I4 J ’ly
107i2 Jan
101 % Jan
*97% D ec
239
D ec
F eb
147 A u g
Jan
230 Dec
Jan
160 D ec
M ay
Jan _ 164 O ct
F eb 25 299i2 D ec
F e b 16
13 N o v
63 Jan
Jan 15
28*4 Jan 2
25 Jan
72i2 Jan
80 Jan 23
160 Jan 17 156 O ct
120 Jan 2 U712 J ’ly
188 F e b 13 18734 N o v
156 Mch 11 158 O ct
280 Jan 8 285 O ct
135 Jan 9 132 O ct
95 Jan
114 Mch22
89 Dec
Mch 7
88
198 Jan
----- 11 197 Mch
17 Jan
2 0 io Jan 9
591- Jan
7 1 U Jan 3
21% A u g
2534 Jan 2
190 J ’ly
190i2 Jan 2
155 Sep
160 ” Jan 8
226 F eb 2 228 J ’ ly
2 0 0 I4 Jan
___ 7 198 Dec
Jan 16
53 Sep
50 Jan
Jan 18
Jan 24
471 * N o v
Jan 21
65 “ Jan
Jan 7
95 Jan
182i2 Jan 7 139% M ay
Jan 15
91 M ay
Jan 30 170 Sep
Jan 25
92 D ec
Mch 4 107 Sep
Jan 15 150 F eb

240
152
231
170
165
301
15
__
65

26

Jan 8
Feb 7
1434 Jan 8
33
Jan s
13714 F eb 11
13134 Jan 16
1341 , Jan 2
361, Jan 7
102 % Jan 8
4
Jan 15
115 Jan 10
25 F e b 19
914 Jan 3
230 Jan 7
162 Jan 24
06% Jan 16
861, A p r 20
215 “ Mch 1
434 Jan 19
75
J ’ly 29
90 Jan 12
126 Jan 7
182 Jan 7
11
Jan 10
Jan 16
22i2 Jan 12
27i2 J ’ly 26
6?8 Jan 24
117 Sep 6
69
Jan 2
29
Jarn 4
5038 Jan 7
10734 Jan 7
9
Jan 12
82 Jan 17
78i2 Jan is
80
F e b 28
95

J ’ ly
90 D ec
10% D ec
26 “ A u g
128 M ay
130 D ec
128
J ’ly
28 N o v
10034 D ec
384 Jan
115 J ’ly
2134 N o v
5% Jan
225 D ec
157 D ec
44 M ay
841 , Dec190 “ Mch
3 Jan
27 Mch
80 Mch
126 D ec
180 D ec
91, Jan
IO 134 J ’ne
22 ij D ec
25 J ’ ly
2
J ’ne
103% M ay
*60i2 Dec
28% D ec
3234 J ’ly
99 J ’ne
8
Nov
79
Nov
7334 O ct
75
Nov
21

110% Sep
105% Jan
2571 • F eb
160 Jan
246% A p r
180% A p r
175% M ay
314% A p r
27% F eb
75 F eb
39% A p r
90 A p r
182 Jan
127 Jan
190 Mch
163 A p r
298 A p r
145 Jan
107 A p r
95 Jan
200 D ec
23 J ’ne
75 J ’ne
2 SI4 D ec
207% Jan
163 Feb
2331* Mch
210 Jan
53U O ct
65 O ct
64 Jan
99 O ct
106 F eb
195 Sep
9934 Jan
178 A p r
101
Jan
1161, A p r
150% F eb
34 Jan
102 Jan
29 Mch
46 A p r
156% Jan
141 Jan
1447* Jan
4734 Jan
11034 Feb
41, J ’ne
11834 Mch
34 A p r
10
Aug
050
Jan
184 Oct
6434 J ne
90 Sep
2io D ec
534 Sep
60
Nov
90 i4 N o v
1411, A p r
268% N o v
11
D ec
120 Sep
23 Feb
271 , N o v
5 ig Dec
113*4 M a y
8 6 '» F eb
32% J ’iy
50% O ct
113 % F eb
171, Jan
g r it Jan
86 “ F e b
98 Jan

41, Dec
8% Oct
6 l 2 F e b 20
.95 O ct 25
7414 Jem 14
31% J'ly
55% g e e
20 O ct 21
92% J ly
118 F eb
*42% O ct 24 121 Jan 5
8% A u g
<245 Dec
53
Jan 22
*20 O ct 23
57% May
74 F eb
75
F e b 1-6
26 O ct 18
21*
JTy
15I4 N 0V
1538
Jan
16
2% O ct 25
734 O ct 17 28% M a y 6
' i ' j ' n e ' " 21*4" Doc
2
Jan 7
.35 Sep 28
H ,J a n 9
.90 Sep
is4 J iy
i 2 May29
IOA4 M ay
28% J an
22 Fe'b 28
6 i 2 O ct 14
12 % A p r 4
3 O ct 24
37
Jan 14
25” J “ly " ’ 49%’ Feb
4% O ct 16
.45 .M a y
.96 Oct
.35 Sep 13 .80 Jan 17
30% Mch
35% Oct
3314 Jan 5
9*4 O ct 24
n*
42 Oct
25 J
J ’ll o
y
iu O
w et
tv
39% JaQ 7
10
ct 15
89 O ct 24 198 F e b 8
J 'ly . 184 D ec
535 O ct 24 1000 F eb 15 675 M ay 900 D ec
4 0 i* Deo
1C O ct 18
47
F e b 18
17% f y
.70 Jan
.26
19
.35 D ec
■a> O ct 21 .52 Jan iy
851, Jan
4414 O ct 18 105 Jan 14
21 % N o v
9 i 8 O ct 23
on.-JjW
2012 Ja>nlos
23
84 “ F e b
«i% o«t
■30
u ccti 2*
£•
701-) M o t 2
40 O
¥ » v 122 Mch
98 A u g 23 ’114
12
V. " J a n X4 i j Jaa
3%
% J iy
1 O ct 19
41*
Ja® 10
10
26% Sep
6
» O
u ccti ±0
16 2 9 I4 M ch 1
140 D ec
65 O ct 24 151 F e b 8
514 O ct 24
175* A p r 8
" 4 % Jan ” 71/ Jan
2i4 O ct 29
514 Jan 11
29 % Jan
1 *% J ’ly
llio O ct 24
3612 Jan 14
8
O ct 25
30
F eb »
12 % Jaa
*% i ? y
2% N o v 8
11, J a s
.40 J bc
,50 A p r 5
104 • » “
I 4S4 Dee
13 N o v
6*4 O ct 24
15 I 4 Jan 24
22% D eo
103, J +*684 O ct 19
24i2 Ja® 15
64% Mch
86
D ec
37 O ct 1«
9 6 i 2 J a n 14
71. F e b
1 % ?*«
13, O ct 22
312 M ay 7
11 J a *
23% O ct
6 I4 O ct 25
20ig Jan 1<5
74*< Meh 117% O ct
30 O et 24 120 Jan 5
2 is D eo
70 i " l j
l 2 Sep 20
2% Ja & 4
33 J 'iy
6684 O ct
18 O ct 24
63 F e b 14
38 Mch 151 Deo
71 O ct 25 181 F e b 21
48 Jan
23% J 'ly
834 O ct 24
35 Jan 14
2 % Deo
60 M ay
O ct 31
f3 i a “ 26
- ct 24 148 F eb 6
114 Jan
to J ’ly
70 O
gig Dec
314 J ’iy
2 O ct 24 e l 2*4 Jan 15
71, Jan 8
5% N o v
1% J ’iy
1*4 Sep 28
24% Jan 17
(84 Jan
18 % N o v
7i8 O ct 17
(0 J ’ » e 122 Jan
51 O ct 25 170 Jan 14
7% J'ne
20U Dec
4214 Jan 24
107S O ct 23
7714 Mch 7
78 F eb
57% May
714 O ct 29
H i Feb
91 M a y 1
22 O ct 22
S8 J*®
14% Mch
1314 Jan 22
«% Sep
734 O ct 25
66
Jan
70 Jan 2
2434 O ct 24
61 Mch
477* Sei»
49 Jan 7
43 Mch
27% O ct 25
61*84 Jan
551 . J ’ ne
79
Jan 14
2512 O ct 18
91 , Mch
6% Nov
11% F e b 27
3i2 O ct 25
21, Dec
60 Jan
1 M ay 11
3l» Mch 6
lM
j O et
2% O ct 15
14 “ Jan 23
4
J ’ly
190 Dec
131 Jan
93 O ct 18 198 F e b 11
234 Dee
iy
■40 N
i\ov
ov o
8
3% Jan 22 ' .70
.<» J
» ’ *j
a Ex-dlv and rights, b Er-stock dividend

107

113
1

Boston Bond Record.

Kov. 9 1907.]
B O > Us.
B O STO N STO CK E X C H ’GE
W e e k E n din g N o v 8

P ric e
F rid a y
Nov 8

A m B e ll Telep h o n e 4s___ 1908
A m T e le v <fe T e l coll tr 48.1929
A m W r it Pa per l s t s t 5 s g 1919
A t c ii cfc N eb ra sk a 1st 7 s..1908
AtcnTop<fc 8 if© gen g 4 s .. 1995
A d ju stm en t g 4 » ___ J ’ly 1995
Stam ped
..........J ’ly 1995
Boston E le c t L ig h t 1st lis. 1908
Consol 6 8 ....................... 1924
B oston & L o w e ll 4s..........1916
Boston <* M ain e 4 *3 8 ........ 1944’
Boston T erm in a l 1st 3% a.1947
B u r <fe M o B iv e x 6 s..........1918
N o n -exem p t Os.............. 1918
S in k in g tund 48.............1910
B u tte <fe Boston 1st 6 s___ 1917
Cedar Rap «fc M o R 1st 7 s .1916
2<1 7 s ................................1909
C ent V erm t 1st g 4 s ..M a y l9 2 0
O B <& <4 Io w a D iv 1st 5 s .1919
Io w a 0 i v 1st 4 s ............. 1919
D ebentu re 5s..................1913
D en ver E x ten 4s........... 1922
N eb ra sk a E x te n 4 s .......1927
B & 8 W 8 1 4s................ 1921
Illin o is D iv 3% s.............1949
J o m t bonus See ( i t N o rth ern
Chic .1 c B y <te 8 tic Y d s 5s .1915
Coll tru st relu n d m g g 4 8 1 9 4 0
Oil M U * S t P Dub D 08.. 1920
Ch M <fe 8 t P W is V ‘l iv 6 s l«2 0
ChiOds .No M ich 1 st gu 5s. 1931
___ 1921
Chic & W M ich gen
Concord <fe M o n t cons 48..1920
Conn <&> Pass B 1st g 4s. ..1943
C u rren t R iv e r 1st 5s........ 1927
D e t G r Bap <fe W l e t 4 s ... 1946
D om inion Coal 1st s f 6 s .. 1940
F itch b u rg 6 s ..................... 190 f
4 s .................................... 1915
4 s .................................... 1927
F r e m t E lk & M o V 1st 6 s.. 1933
U nstam ped 1st 6 s ..........1933
S t N o r C B <fc <4 coll tr 4s 1921
R e g is te re d 4a..... ....... ...1 9 2 1

J -J
J-J
J-J
!\A-S
A-O
N ot
M-N
MS
M-S
J -J
J-J
F-A
J-J
J-J
J-J
A-O
sn-s
J-D
Q-F
A-O
A-O
M-N
F-A
M-N
M-S
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

B id
Ask Low
High.
96 ’•j Sale
96*3
96*6
7?
7 8 1.
1f8 L Sep ’ 07
104 M a r’06
92 %
92*3 93*11 1J91%
88
Oct ’07
85% J ’ ne’07
110

F e b ’ 04
S e p ’ 06
114 M a r’06
112‘a Jan ’ 03
104 O ct ’07
102 Sep ’ 05
97% Oct -07
100 J ’ ne'01
123 *< N o v ’ 06
111% J ’l y ’Oft
81®, 83 Oct *07
tflOS Oct ’ 07
98 O ct ’ 07
U00% M ay’ 07
977g J’ ne’ 07
102% J ’ ne’ 06
9 7 * 3 M ay’ 07
H8 8 O ct ’07
101

99% 100

95

_____

99

iim i

bo

84*4 Sale

T00>*
88
Oct ’ 07
122
A p r ’ 06
126
F e u ’ 05
97 Hi J ’ l y ’ 07
99 Oct ’ 07
99 M a r’07
112% J a n ’ 03
104 N o v ’ 0 6
89 M ar'07
93 A.ug’ 07
98 A p r ’07
103 *8 A p i ’ 05
100 M ay’ 07
128
S e p ’ 07
140 A p r ’ 05
82 Vi
8* U
91% Sep ’ 07

BONDS
BO STO N STO CK E X C H ’GE
W e e k E n d in g N o v 8

Range
Since
J a n u a ry j

Week's
R ange or
Last Sale

1199

Low H ig h
96*4 98%
77 >11 90%
1181 H83

id
A sk Low
H ig h
98*3 J ’l y ’ 07
........ 95
96 Sale
95
95
22*4 N o v ’ 06
95 Oct ’ 07
100*3 A u g ’ u7
112 k
112*3
94% D e c ’ 06
89 Sep ’ 07
99 M ay’ 07
113% N o v ’ 06
101% Sep ’ 05
118 May’ 04
76% Sep ’ 07
26*3 O ct ’ 06
17% A u g ’ 05

Illin o is S teel deben 5s___ 1910 J-J
N o n -con vertd eb en 5 s ...1913 A -O
l a F a ll* & Sioux C l s t 7 s ..l9 1 7 A - 0 ;
K a n C Clin<fc Spr 1st 5s.-.1925 A -O
f9 *o % ™ i% K a n C F t S & G u lf 1st 7s.. 1908 J-D
Kan C F t S cott & M 6 s ....1928 M-N
H87% 92
m C M <fc B gen 4s..........1934 M-S
85% 91=4
A ssen ted incom e 5s.......1934 M- Si
K an C & M R y & B t 1st 5sl929 A-O
M aine Cent cons 1st 7 s ...1912 A-Oi
Cons 1st 4 s .....................1912 A-O
M arq H ough & Ont 1 st 6s. 1925 A-O'
104 107 % M exican C entral cons 4 s..1911 J -J
1st cons in c 3 s ..........Jan 1939 J ’ly
2d cona m e 3s..........Jan 1939 J ’ ly
97% 97%
M ich T e le p ls t 6 s.............. 1917 J- J
M in ne Gen E lec con g 5s 1929 J -J
N e w E n g Cot t a r n 5s___ 1929 F-A
N e w E n g T eie p h 6s..........1908 A-O
82 Hi 90
5 s .................................... 1915 A-O
1J103 1)103
fia......................................1916 A-O
98
100k
«0 0 *8*1100% N e w E n gla n d cons g 58...1945 J -J
Boston T e rm 1st 4s.......1939 A-O
9 7 % 99%
N Y N H & H con deb 3*381956 J-J
97*a 97*12 Uld Colony gold 4 s ........... 1924 F-A
H8 8
91 *2 O reg R y <fc N a v con g 4 s . . 1946 J-D
O reg Sh L in e 1st g 6s.......1922 F-A
100 102k Repub V a lle y 1st 8 1 6 s...1919 J -J
Rutland 1st con gen 4*38.1941 J-J
88
95
Rutland-Canadian Is t4 s l9 4 9 J-J
Savannah E lec 1st cons 5s. 1952 J-J
S eattle E lec 1st g 5 s ...>..1930 F-A
97 *a 100
r e r r e H a u te E lec g 5s___ 1929 J -J
99 102
T o rrin g to n 1st g 5s..........1918 M-S
99
99
U n io n P a c R R < fc lg r g 4 s .l9 4 7 J-J
20-year conv 4s.............. 1927 J -J
U nited F r u it co n v gen 68.1911 M-S
89
90
U S S teel Corp 10-60 y r 5s. 1963 M-N
93 100
W est E n d S treet R y 4s___ 1915 F -A
98
98
G old 4*a8......................... 1914 M-S
Gold d eoen tu re 4s..........1916 M-N
100 100
G old 4s............................ 1917 F-A
128 128
W estern T eie p h & T e l 5s. 1932 J -J
82*3 97% W isco n sin Cent 1st gen 4sl9 49 J - J
W iscon sin V a lle y lai> 7 s..1909 J -J
90% 96

N ote ;— B uyer pays accrued in te rest in addition to the purchase price fo r a ll Boston Bonds.

Week's
R ange or
Last Sale

P r ic e
F r id a y
N 6v 8

102*3 A u g ’ 04
93 *a
§4
99 O ct ’ 07
100% J a n ’ 07

88 Oct ’ 07
101 >3 S e p ’ 06
11102% Jan ’ 05
1121% M a r’ 06
102 A u g ’ 07
107*2 N o v ’ 05
102 M a i’ 02
9 8 % M ay’06
_____ 97% 98% Oct ’ 07
97 A p r ’ 07
99% N o v ’ 06
1193*3 O c t ’ 07
1187*2 Sep ’ 07
104 107
103 *3 Oct ’07
1186% Sale 1184*3 1|86%
100*3 Jan ’ 07
101% A p r ’ 07
102% J a n ’ 06
99 *2 M ay’ 07
80
80
H94% S e p ’ 05
109% A u g ’ 05

* N o p rice F r id a y ; la test bid and asked.

R ange I
Since
Janua ry
Low H ig h
98*2 98%
95 100%
95
98%
1 0 0 % lo0 %

112

120

89
99

92
101

1J76% 85%

93% 100%
99 10#

100 % 100 %

88

106%

102

103

98
97

106
97

w is % 5 1 0 ?
1187 *21187%
103*3 115
1I8t%U99%
100*3 1 0 0 %

101%loa

99% 100%
80
99

11 F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a r e P r ic e s —>\)t P e r C en tu m P r ic e s
S a turd ay
i f 01 H

79
10
8%

79
10
9

*8%

16
16
15
•4
6*,
5%
70
69
69
49 *3
eo% 60%
____
%
64% 66
X52
34%
84*3 36
6%
6%
6 »lie
16%
*16% 16*4
37% 37 *3
36%

16
6
70S
62
%

34
46
69

;
1
•
;
•

9
45H
2 4 ',
8%

S3
46
68%

Tuesday
Mov 5

78S. 79
•9
........

•44*s
23%
8

•44
S4
8

46
24*3
8

M on d a y
Nov 4

79
........

79

T h u rsd a y
Jiov 7

♦
^*

32% 33
45% * 6 '«
70%
69

t
j
j
j

:

•44% 45%
24% 26*4
8
4

45
24%
8

45
26*4
8

6
*7 2
62

6
71%
63
l l l«
64*3
34%
6%
16
38*4

6
74
63%

5*-.
72
63 S

51% 65%
84% 34%
7
6l3ia
16
16**
886io 39%
33%
46
70%

83
46
71**

•32% 33 *3
46% 46 4«
71
73

"ie

20

.....
” 14%

97

37
”8 2'

6%

6*2
49

iiand tf
A1 V a l K e x t 7a 1910 A-O
A l t & L V E le c 4 % «’ 33.F-A
A m K y s o o n v fia 1911.J-D
4«% A U C ity 1st 6s g ’ 1 9 .M -N
B alls T e r 1st 5a 1-926.J-D
Berg<fcKBrw ls t 6 a ’ 21 J-J
B eth le S teel 6s 1998.Q-F
C h o c * M e 1st 5s 1949 J-J
Ch Ok & G gen 6 a ’ 19 J J
Col S t B y 1st eon oa 1932
Con T r a c o f N J 1st 5a. ’33
E <fc A 1st M 5s 1920 M -N
E lec <fc P e o T r stk tr otfa
Eq I I G as-L la t g 6s 1928
H & B T o d con 5a ’ 25 A -O
Indianapolis R y 4s. 1933
20
In te re ta tc 4a 1943 ..F - A
D ehigli N a v 4*as '1 4 .Q-J
R R s 4s g .......1914.Q-FI
Gen M 4%s g.l9 2 4 .Q -F
L e h V C la t 5s g ’ 3 3 ..J-J
Deli V e i t 4a 1st 1948. J-D
2d 7a 1 9 1 0 ..,......... M-S
Consol 6s 1923.......J-D
A n n u ity 6s.............J -D
G en cons 4s 2003.M -N
L eh V T fa n con 4s ’85J-D
N e w C e n G a s 6s 1948 J-D
N e w a rk Pass con 3s 1930
N Y P h & N o 1st 4a ’39 J-J
In co m e 4s 1 9 3 9 ...M -N
N o O h ioT ra c con5s’ 19.J-J
P en n gen 6a r 1910.. V a r
Consol 5s r 1919...V a r
P en n & M d S teel con 6s.
P a & N Y Cau 5a ’39.A O
Con 4s 1939........... A-O
7% P en n Steel la t 5a’ 17 M -N
P ea p le’ a T r t r certs 4s '43
P Co lsUfc col tr 5s’ 49 M-S
Con<fc col tr 6e 1951M-N
P h il Klee gold tru st c tfs .
T ru s t certifs 4s.............
P <fc E g e r M 6 g ’ 20. A-O
Gen M 4s g 192 0..A<feO

* B id and M k eil; n « sales on Qua cUy. 1 E i- r ig lit * .




65*, „
35
7
16
39

P H IL A D E L P H IA

P H IL A D E L P H IA

F r id a y
Nov

STO CKS

B a lt im o r e
Con. Gas E L L . <#> P o w .1 0 0
Do p r e f..... ............100
330 N o rth ern C e n t r a l_____ 60
126 Seaboard ( n e w ) . . . . . ___ 100
Do 2d p r e f........... 100
105 U n ited R y & E le c tr ic .. 50

• B l « _____

•8%

A C T IV E

Week ( F o r R on d s and In a ctiv e
Stocks see below )
Shares

79*9 80
12
•

H

»4->4
6%
16
38*«

in a c t iv e S to c k s
A lle g h e n y V a l p r e f....50
A m erica n C em en t.......ffO
A m e r P ip e M fg ........100
B e il T e le p h o n e .. . . ....5 0
Cam bria Ir o n .............. SO
C en tra l Coal & Coke. iOO
Consol T r a c o f N J ...1 0 0
D iam ond S ta te S te e l.. 10
P r e fe r r e d ..................10
EaaUm Con E le c tric b.50
K le e S torage B att— 100
P r e fe r r e d ................ 100
Jft W a y u e & W V .......100
O eribau tow n Pa ss.......60
In d ia n ap olis S t ..........100
In d ia n a U nion T r . . . . l 0 0
In su ra n ce C o'of N A . . 10
In t e r 8m P o w & Cbem.50
K e y s to n e T elep h o n e ..50
P r e fe r r e d ..................60
K ey bton e W atckCase. 1 (H)
L i t B roth ers................10
L it t le S eh u y lk ill..........50
M inehiU <Sc Schu yl H ..6 0
N H a v e n Ira n <fc S te el. i
N o rth ern C e n tra l........50
N o rth P e n n s y lv a n ia ..60
P en n sylva n ia S a lt.......60
P en n sylva n ia S te e l..100
P r e fe r r e d ................ 100
P h lla Co (P it t a ) p r e f...60
P h il O m a n & N o r r is .50
P h ila T ra c tio n .............60
R a ilw a y * G e n e ra l... 10
S usqueli Iro n & S te e l..6
T id e w a te r S te e l..........i o
P r e fe r r e d ..................io
Tonopah M in in g e f N e v l
U n io n T r of In<i........ lo o
U n ited N J R R < fe C ..lo a
U n it T r a c P it t * p r e f..60
W a rw lo k Iron & S te el. 10
W e s t Jersey & Sea Sh.50
W eatm oreland Coal— 60
■Wilke* Gas <fc E le c ..100

Wednesday
Nov 6

Sales

45
25
8
•2
16
6
73
63 *3
*%
*4%
♦34
6%
16
38%
33%
46
72%
*20
R id

"99*

A sk

io i"
*99*>i

88
103
*6*8*
99*2
1-02
104*a
140
S3*
97%
103

1W0

| »7 .6 0 p a id .

33% J a n l5
80 May29
78% N o v 4
10 N o v 2
28 J ’ ne27
8% O ct 24

35 Jan Bfl
IS5 Jan 10
97 Jan 26
23*4 Jan 7
48 J a n 7
15 J ’ne27

Lowest

H igh est

35 % Dec 41 J’ n *
80 Oct 90 J’n®
97 J ’ly 1 1 1 % D eo
22 D ec 32 Jan
48 Dee 62 *2 •! an
13 Deo 19 Jrfn

P h ila d e lp h ia
74 A m erica n R a ilw a y s .... 60 45 O ct SO 51 Jan 2 50% Sep
10,316 Cam bria S te e l-____ ____ 50 22 O ct 24 47% Jan 24 30% Jan
1.438 E le c tr ic Co of A m e r ic a 10
7% Oct 24 11% Jan 14 11 Way
G en A sp h a lt t r c t t s ___ 100
3 O ct 3
6 Nov
8 Jan 25
69
D o p ref t r c t fa ___ loO 14% O ct 30 36 Jan 26; 31 D ec
382 L a k e S uperior C o rp ....1 00
4 *i O ct 22 16 Jan 8 1 4 % N ov
1,143 L en igh C & N a v t r ctfa. 60 69 OCt 30 103 Jan 7 100 D ec
3,790 L eh ig h V a lle y ________ _ 60 48% O ct 30 7 8 % Jan 6 65 May
125 M areden Co........ ..........100
11ie N o v 7
2 % J an 7
*^io Oct
14.S93 P en n sylva n ia R R ........ . 6 0 * 5 2 N o v 4 70**10 Jan 8 61% J ’ly
16,1 Ph ila d elp ’ aCo ( P it t s b ). 60 34 N o v 1 4 8 ^ Jan 4 47 A p r
4,241 Ph iladelph ia E lectric^ . 26 6Bie O ct 24
9 Apr 4
6% Dec
2,232 P h lla R apid T r a n s it el.. 60 }14% se p 6 326% M ay 6 Cl 9 *4 D ec
8,888 R e a d in g ....................... 60 35% O ct 24 69% Jan 7 56% May
D o 1st p r e f..'.____ 60 3diiie O ct 22 46% Jan 14 43% A p r
265
33%
60 32 % O ct 25 47 Jan 14 44% May
D o 2d p i e f ....... .
47
2,068 U nion T ra c tio n . . . . . . . . 60 44 Sep 12 60% Jan 22 6S% D ec
73 % 11,699 U n ited Gas Im p t ........ . 50 66% O et 24 96% Jan 5 1181*3 May
26
W elsbach C o ........ ....... 100 25 May24 30 F e b 18 25 D sc

“ as*

* ¥ f%
60

H igh est

Range to r P rev iou s
Y ear (1 9 0 6 )

45
25 4
8
4
16
6
73%
64%
%
65%
35
7 *«
16
40

97

113

R ange l o r r e a r
1907

96%

93

9*6 *
94

61*s

62

B id

P H IL A D E L P H IA
P h & R ea d 2d 5a ’ 33-A-O
Con M 7a 1911.......J-D
Con M 6s g 1911....J -D
E x Im p M 4s g ’47-A-O
T erm in a l 5s g 1941.Q-F
P W & B col t r 4s ’ 21. J-J
P o rtla n d R y la t 5a 1930.
Roch Ry<fe L c « n 5s ’ 54J-J
U T r a c In d gen 5a’ 19.J-J
U n R ya T r ctfa 4e’ 4 9 J * J
U n ited R ya 1 s t la t coll tr
s f 5s 1926.............. M -N
U T r a c P i t gen 6s ’ 97 J-J
WelabajCh a f 5s 1930. J-D
W lka-B G * E 6 o n o a ’»5J-J
B A L T IM O R E
In a c t iv e S ta c k s
A la Cons C o a l* Ir e n . 100
P r e f ......................... ib o
A tla n ta A C h a rlo tte.. 100
A tla n Coast L in e R li. 100
A tla n C o a a tL (CBnn)lOO
Canton Co...............„ 1 0 0
Cons Cot D u ck-C orp.,.5 0
P r e fe r r e d ............. ...5 0
G eorgia 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 ..........lOli
Bonds
A naooetla & P o t 5 s . ,,___
A t l & Ch la t 7...1907 J-J
A tla n C L R R 4 »19 52M -S
A t l Coast L (C t)c tfs 5s J-D
C t!s of in debt 4 s___ J-J
5-20 y r 4s 1920........
B alt C Pass 1st 5s ’ 11 M -N
B alt F u m lg 58.1916 M -N
E x ch an ge 3 %s 1930 J-J
B alt & P 1st « s in 1’ 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
Cfrnt’ l R y cono#1932 M -N
E x t & Im p 58.1932 M S
Chas C ity R y 1st 5s ’ 28 J-J

t *1 5 P « < t * $10 pauL i #35 9 k u l

A sk

B A L T IM O R E

]
51 Jan
39% N o r
12% N * v
14 Jan
48 Jan
23% Jan
118 Jan
86 J*n »
3*r,ie Jan j
731*18 J a a i
a54 *3 M a r
y% a c * *
434% Jam
83 Jah i
47*»i« Jan
61 Jan
65 A u g

ioi
32

R id

M *r
A tk

Chas R y G & E l 6s ’ 99 M-S
108
Chari C <fe A e x t 6s- ’ 09 J-J
2d 7s.............. 1910 A -O
*9*9* C ity & Sub 1st 6 s ..’ 22 J-D 106% — A . |
112
C i t y * S u b (W a s )la t5 s ’ 48
Coal & I R y 1st 5a ’ 20F1A
C o lA G r n v 1st 6s. 1916.J-J : : : : : : « r ;
Consol Gas 6 a ...1910 X-D
' ................... 1939 J-D
G a & A la l a t e «n 5s ’45 J -J
O k Car & N 1M 5s g ’ 29 J-J
tT£>% 69
G eo rgia P 1st 6a...*22 J-J
G a S «& F la 1st 5a 1945J-J
90
►G-B-S B re w 3-4s 1951M-S
2d lacom e 6s 1951 M -N
K n u xv Tra,e 1st 5s ’ 2 8A-O
L a k e R E l 1st gu5a’ 42M-S
- _ ..- n - i'4e,ia®ln9 84 l a t o s ’ 45 J-J
' ...... UMcrt.su W aa h )la t5 a ’ 25ff A
M t V e r Cot D uek 1st oa.
’ '>Jpt N & O P fe t 5s’ 38 M -N
Wenesai 5a....1941 M-B
N o rfo lk S t 1st 5s ’4 4 ..J-J
N o rth Cent 4 %s 1926 A -O
Series A ros 1926....J-^f
Series B 5a 1926___ J-J
P it t U n T r a e 5s 1997.J-J
Pet® V a l 1st 5s 1941..J-J
S a v F la <fcW«5»t 5a ’ 84 A -O
Seaboard A L 4a 1950 A-O
Seab & Roan 5a 1926. J-J 1 M
South B eu ad 1st 5 s..A -O
U E l L * P 1 at 4 %s’ 29 M -K
84 *» U n R y <fc E l 1st 4a ’49 M -S
In com e 4a 1949____ J-D
Fundii>g He 1 9 8 6 ...J-D
V irg in ia M id la n d —
89
2d aeries 6a 1911...M -S
90%
3d aerie8 6s 191 6..M-S
00
4th aer 3-4-5s 1921. M-S
5th series 6s 1926.M-S
V a (S ta te) 3a n ew ’ 32.J-J
ib’7%
Fu a d debt 2-3a 1991.J-J
W est N C con 6a 1914 J-J
KSTj
W es V a C & P la t 6g’l l J-J
W il & W eld 5a.. 1995.J-J

S

«Reced. 9 ta. b $2g paid.

« (SO paid.

THE CHRONICLE.

1200

Volume ot business at Stock Exchanges

lxxxv.

Industrial and M isce
Bid
Ask
Ask
85
Consol R u b b er T i r e . .100
3
5
P relerred __________100 ____ 15
107>4
D ebenture 4s 1 9 5 1 A & 0
15
TR A N S A C T IO N S A T T H E NEW Y O R K STOCK
Cons Steam ship Lines lo o
%
78
D A IL Y . W E E K L Y A N D 1 E A R L Y .
50
iU
Coll tr 43 195 7___ J&J
812
100
110
Cons Storage B a t t 'y . . lOo ____
00
Corn P rod R e f See Stock l.x c
55
Railroad,
Stocks
90
eCrucible S te el_______ lou
0
o lj
94
&c..
Week ending
105 112
ePreferred __________ 1 0 0
____
P ar Value
Bonds
I
Shares
Nov 8 1907
62
eDiam ond M atch C o . 100 113
75
90 100
D om inion C oppcr(n ew i 10
l's
5967,000'
190.7641 S15.921.400
Douglas C opper________ 5
5
2,106,5001
42.409,750
475,50
rfcon’y L t & P (J oliet, 110
H O L ID A Y .1
1st M s f g 5s 1956.J -L > ____
1,000
Fe rry Com panies
2,421,500 i
535,556
446,137i 39,283,700
Electric B o a t________ lo t
15
198,500
34,767,325
2,114,000
379,537
2
U
Preferred _________ 1 0*60
45,000 B rooklyn F e rry stock 100
4,542 ,000'
165,000
434,709! 39,657,400
B & N Y 1st 6s 1911J J $95 ' 102
Electric V eh icle______10C. ____
60
P referred _________ 1 0 0
____
T otal....................... 1,926,652 $172,039,5751 $12,151,000 $1,708,000 $97,000 N Y <5c K R F e rry stk.1 00
Em pire S teel_________ 100
7
1st 5s 1922........... M-N
65
75
50
Preferred _________ l o t
N Y & H o b 5s M a y 46 J-D $95 100
Jan. 1 to Nov 8
Week ending Nov 8
Sales at
eF ederal Sugar o f N Y 100 ____
H o b F y 1st 5s 1946M-N $ 95 102
New York Stock
e P r e fe r re d _________ 1 0 0
____
N Y & N J 2d 5s 1 9 4 6 ..J-J §100 105
1907
(
1906
1907
1
1906
Exchange
eGeneral Chem ical___ 100
50
30
40
10th & 23d Sts F e r r y . 100
e P r e fe r re d _________ l o t
89
1st m tg e 5s 1 9 1 9 ..J -D §70
85
176.390,332
1,926.652
249,577,058 eU nion F e rry s t o c k .. 100
3,160,615
Stocks— No. shares___
84
G old H ill C opper________ 1
20
30
$21,893,604,525
$15,286,458,850
$252,561,000
$172,039,575
Par value__________
e ls t 5s 1920........... M -N
Greene Cananea_______20
*5's
70
80
$431,900
$370,200
$2,500
$10,400
Bank shares, par_____
Greene Consol G o ld ___10
fog
Bonds.
Greene G o ld -S ilver____ 10
*■'%
Short-Term N otes
$1,696,800
$778,800
$26,100
$97,000
Government bonds___
G uggenhe’ m E x p lo r’n 100 120
61,030,750 A m C ig ser A 4s '1 1 ..M - S $75
60,312,800
1,708,000
592,000
State bonds__________
eH ackensack W a te r Co
82
537,680,200
12,151,000
347,341,600
7,320,500
R R . and misc. bonds..
R e f g 4s ’52 op ’ 1 2 . . J-J
84
Ser B 4s Mch 15 ’ 12M S §74
8S
81
30
A m T e i & T e l g 5s 10 J-J §9134 9212 H all S ignal C o________ 100
45
$13,956,OOOl $7,938,600l
$408,533,200i
$600,407,750 A tlan Coast L 5s ’ 1 0 .M-S §9H2 92
Total bond s........
H avana Toba cco C o . . 100
4
8
Ches & O hio 6s J ’e 28 ’08 §94
P r e fe r r e d ___________ 100
lu
97
15
D A IL Y T R A N S A C T IO N S A T T H E BO STO N A N D P H IL A D E L P H IA
1st g 5s June 1 2 2 . J-D
55
6s, Ju ly 1 1910____ J-J §95
96l->
65
EX C H A N G E S
H
ecker-Jones-Jew
ell
-Mil
Ch R 1 & P a c 4 J^s ’0SA-O §96
98*2
Chic & W In d 5s ’ 1 0 .F & A §94
1st 6s 1922________ M-}95 i 103
95
70
H er’ g-H a ll-M a r, n ew .100
40
Cin H a m & D 4 H s '08 M-S
75
45
Boston
Philadelphia
C C C & S t L 5s, June '11 $93l2 94
Hoboken L and & Im p 100 200
/,
Week ending
Erie 6s, A p r 8 1908_______ $90
e5s 1910................. M-N §99
95
Unlisted
Bond
Listed
Listed Unlisted 1 Bond
* • N6v S 1907
H ouston O il_________ 100
In terb R T g 4s 1908 M -N §90
3
94
6
shares
shares
sales
shares
shares j sales
5s Mch 1910........... M-S $87
Preferred _________ 100
15
90
30
K a n C So e 5s A p r ’ 12.J-J $90
Hudson R e a lt y _______ 100 120
95
135
11,521
2,075
$25,000 La ck Steel g 5s 1 90 9.M-S $89
7,270'
$36,000
Saturday____________ 15.284
eln gersoll-R a n d c o m .100
41
93
3,726
53,200
13,029'
28,000
25,158
M onday.............. ..... 23,307
ePreferred ________ 100
85
$90
5s g 1910......... . . . M - S
92
........ .
*____H O L I D A Y . . .
90
L ake Sh & M So 5s’ 10 F -A §96
9634 in te m a t’ l B a n k 'g C o .lO o
115
12,910!
63,500
15,850 - " ¥ ,6 5 0 ” 37 ", 1 0 0 Lou & Nash g 5s ’ 1 0 .M-S $9312 95
Wednesday__________ 27,105
In t ’nl M er M ar See Stk
E xc list
5,503
25,569
88,600 Mich Cent 5s 1910___ F -A §95
12,6991
39,000
T h u rsd a y___________ 24,625
[n te m a t’ l N ic k e l____ 100
85
95 ,
9534
4,655
17,891
39,000 Minn & S t L g 5s ’ 1 1 .F -A $90
22,006
8,641'
19,000
Friday______________
Preferred _________ lo o
70
95
8') 1
In tern a tion a l S a lt___ l o t
9
Mo P a c 5s Feb 10 ’ 08 F -A $96
98
11 ;
112,3271
54,549!
$185,500
!
95.9S9
20,609
$242,900
T otal.....................
1st g 5s, 1951______A-O
35
N a to fM e x 5se tto 09 A-O §95
4S
97
6
10
,
N Y Cent 5s 1910____ F -A $96
96l: In te m a t’ l S ilv e r------- 100
60 1
Preferred _________ 100
50
P a R R 5s Mch 15 ’ 10 M-S »9512 95?j.
1st 6s 1948......... . . J - D
98
103 1
S tL M S ’east 4 H s ’ 0 9 .J-D $87
91
Lackaw anna S te el___ 100
25
30
St L & S F g4 J ^ s ’ 0 8 .J-D §89
94
Lanston M o n o typ e___ 20 * M 2 10 1
South’n coll tr 5s '0 9 . A-O §90
95
A weekly review of Outside Market will be found on a preceding page.
Law yers' M tge C o ____ 100 ____ ISO !
South R y g 5 s 1 9 1 0 ..F - A $76
81
eLeh & W ilkes-B Coal 50
52
U S R u b b er g 5s ’ 0 8 .M-S $92
96
70 4
Street R a ilw a y s
S treet R a ilw a y s
Bid
Bid
Ask
Ask W abash 5s, M a y 10 1909 §89
Lord & T a y lo r _______ 100 125
135 t
or;
Pu b S erv Corp N J (Con)
P referred __________1 0 0
90
W estln gh E l& M 6s 1910 $75
100
New Y ork City
90
J C H o b & Patersn .1 00
30
eL orllia rd ( P ) , p ref__100 125
20
28
150 •
W h eel’ 1 & L E 5s ’0 8 .F -A $80
90
56
59"
85
4s g 1949_______ M-N
M ackay Com panies— See Stk E x lls t
75
Madison Sq G a rd e n ..100
;2
So J Gas E1& T ra c -1 0 0 105 112
20
e B ’ y & 7th A v e s tk __100 180 200
R ailroad
90 100
Gu g 5s 1 9 5 3 ...M - S $94
96
2d 6s 1919......... „ M - N
75
90 .
e 2d m tge 5s 1 9 1 4 ..J-J
2
sManhat Beach C o ___ lo o
N o H ud Co R y 6 s ’ 14 j-J §100
4
. . . . . Chic P eo & St L pref.1 0 0
Con 5s 1943 See Stock E xc list
95 104
5s 1928___________J-J $100
.. .
M anhattan T ra n s it____ 20
*2
D eposited s to ck _______
B ’w a y Surf 1st 5s gu 1924
21a
]3
E x t os 1924____ M -N $ - - . . 102
U nd eposlted s to ck ____
17
e C en t’ l Crosst’n s t k . .100 175 250
: : : : M ex N a t Construe p f.1 0 0
____
M itchell M in in g_______ 10
*%
P a t C ity con 6s ’ 31. J-D §105
e 1st m tge 6s 1922.M -N 100 110
P r io r lien g 4 H s ’ 30M & S
____
M onongahela R C o a l..5 0 | » ____
125 150
2d 6 s ..1914 o p t A -O §100
Con m tg g 5s 1 93 0.J&J
Preferred ___________ 50
125 140
So Side E l (Chic)
See Ch icago list
In com e 5s, J u ly 1 9 3 0 ..
" f i " 12*4 M ortgage Bond Co___!100
Syracuse R T 5s ’ 4 6 .M & S $100 1 0 5
Chic S u b w a y__________100
Col <5: 9th A v e 5 ' See Stock E x c list
N a t Bank o f C u b a ___100
T ren t P & H 5s 1 94 3.J-D §95
95
85
98
F t W & Den C y std --1 0 0
85
D ry D E B & B —
95
_.
N a tion a l S u rety______100 145
90 100
U n ited R y s o f S t L —
G t N o rth ’n O re-See Stk E x c list
____ 19*8 N Y N H & H a r t f o r d N e va d a Cons’ d C o p p e r.5
*/
80
Com v o t tr c tfs ____ 100
90
71* ■
*2%
N e v -U ta h Min & S rn .-lO
58% 60
e P r e fe r r e d ________ 100
2S»
E igh th A ven u e s t o c k .100 290 340
Con deb 3 ^ s 1956 J&J $ . . . . 88
25
50
95 105
Gen 4s 1934..S e e Stock E xc list
N o rth ’n Securities S tu bs.
e Scrip 6s 1914____ F -A
8/i 2 112U eN ew Central C o a l___ .20
U n ltR y s San Fran See Stk E x c list
P itts Bess & L E _______ 50 *25
e 42d & Gr St F ’y s t k . 100 300 310
30 ' N J T e r D ock & I m p . 100
N Y Biscuit 6s 1911-M -S 100
50
W ash R y & E l C o ____ 100
25
40
75
P referred ___________ 50 *65
70
42d St M & St N A v e . 100
N Y M tge & S ec u rity . 100 175 185*"
70
P r e f e r r e d ___ ______ 100
65
eR a llroa d Securities Co—
e 1st m tge 6s 1910.M-S $96 10112
eN ew Y o rk D o ck ____ 100
20
4s 1 9 5 1 - ............... J D
I I 1 C s tk tr cfs ser A ’ 52 ----- 85
79
68
73
2d Income 6s 1915.J-J
77
____
e P r e fe r re d _______ ..1 0 0
b8
e W est Chicago S t ___ 100
20
30
In ter-M et— See Stk Exch ange list
Seaboard C om p an y—
N Y T ra n sp o rta tio n ___ 20
e Con g 5s 1936___ M -N
40
*1
” 2
L e x A v & P a v F 5s See Stk E xc list
1st p referred _______ 100
55
N iles-B em -Pon d c o m .100
Com & 2d p ref-S ee B alt E x c list
85 100
M etropol St R y — See Stk E x c list
Gas Securities
N lplssin g M ines________ 5
*J
Seaboard A ir L in e —
N in th A ven u e s t o c k ..100 125 150
6's
eO ntario S ilv e r_______ lo o
2
New York
23*
Coll 5s e x t M a y ’ 11 M-S §90
Second A ven u e sto ck . 100 125 150
95
O tis E le v a to r co m ___ 100
Cent U nG as 5s g ’ 2 7 .J&J $90
95
e 1st m tge 5s 1909.M -N $98 100
. . . . 32
P referred _________ 100
Con Gas (N Y ) — See Stk E xc l’st
92
Consol 5s 1948____ F -A $88
80 r
In du strial and Miscel
Pittsbu rgh B rew in g___ 50 *
e M utual G as_________ 100 nl20 140
e S ixth A ven u e s t o c k .100 120 140
Preferred ___________ 50
N e w A m sterdam Gas—
s50
90 100
A h m eek M in in g _______ 25
Sou Boulev 5s 1 9 4 5 ..J-J
Pittsb u rgh C oa l.S ee Stk E x c list
1st consol 5s 1 9 4 8 .-J-J $80
So Fer 1st 5s 1919___ A-O $95 100
85
A llia n ce R e a lt y _______ 100 100 " 120
P ope M a n u fa c tu rin g -100
N Y & E R G a s 1st 5s’ 44 J-J $90
AUls-Chalm ers Co 1st m tg
T h ird A ven u e— See Stock E x c list
95
1*
>8
1st p referred_______ 100
Consol 5s 1945______J-J $80
s f 5s ’36 o p t '1 6 ___ J - j $47
55
25
T a rr y W P & M 5s 1928 $90 100
90
£0
_
2d p referred _______ 1 0 0
N Y & R ich m on d Gas 100
2
Y k ersS tR R S s 1946 A-O $85
98
A m erican B o o k _______ 100 120 150
36
10
P
r
a
tt
&
W
h
ltu
p
r
e
f
.
i
o
o
N o r Un 1st 5s 1 9 2 7 ..M -N $90*
90
97
A m erican B rass_____ 100 100 115
28th & 29th Sts 1st 5s ’ 96 $90 100
98
. . 125
R e a lty Assoc (B k ly n ) lo o
e Standard Gas c o m .. 100
eA m erican C an -See Stock E x c liste T w en ty -T h ird St stk 100 300 325
75
R o y a l Bak P o w d p ref 100
e P r e fe r r e d ________ 100
85
90
•100
A m erican Chicle C o . . 100 130 140
U nion R y 1st 5s 1942 F -A $95 105
1st 5s 1930________ M -N $97 " 102
P referred __________100
80
W estch est 1st 5s ’43 J-J $90 100
90 (S afety Car H eat & L t . i o o 100 120
s40
Other C ities
A m G raphophone com 100
B rooklyn
42
46i4 j Seneca M in in g _________ 25
A m e r L ig h t & T r a c t . 100
____, (Singer M fg C o ________ 100 350’ 393
84
$90
79
Preferred
............. 100 xlb
A tla n A v e 5s 1909___ A-O
Standard C o rd age___ 100
P referred _________ 100
70
72
A m e r H a rd w a re______100 100 115
Con 5s g 1931_____ A-O $94
78
1’ 3
1st M g 5s ’31 r e d .A -O
19
23
95 100 " B a y S tate G as_________ 50
90
94
B B & W E os 1 93 3..A -O
*8
I 4 A m M a ltln g 6s 1 9 1 4 ..J - D
A d ju s t .\1 5s A p r 1 1931
1U
B in gh ’n Gas 5s ’ 3 8 .A & O
31j
80
A m e r Press A ssoc’n .,1 0 0
B xooklyn C ity sto ck ___ 10 175 185
90
90
97l2
35
B rooklyn U nion Gas deb
45
A m Soda Fou nt c o m . 100
Con 5s— See S tk Exch E x c list
>8 1 |Standard Coupler c o m lo o
6s 1909 con v 1907.M -S
P referred _________ 100 100 120
90
1st p referred _______ 100
95 100
7
12
1
Bkln Crosst’n 5s 1908.J-J
95
___
Standard M illin g C o--100
3
Bu ffalo C ity Gas stocklOO
4
2d p referred _______ 100
6
B kn H gts 1st 5s 1941 A-O
90 100
6
5
20
1st 5s 1947— See Stock E x c list
P referred _________ 1°^
A m St Fou nd 6s '35 A & O $83
22
Bkin Q Co & Sub See Stk E xc list
86
75
Con Gas o f N J 5s ’36 .J-J § 87
Am erican S u re ty ______50 155 165 1 1st 5s 1930........... M-N
78
B k lyn R a p T r a n — See Stk E x c list
93
Consumers’ L H & P o w —
A m erican T h rea d pref__5
e Coney Isl & B k ly n ..100 100 150
*3 l2 414 ^^andard O il o f N J --1 0 0 394 399
S w ift & C o -S e e B ost Stk E x c list
5s 1938____________ J-D §100
A m T o b a c (n ew ) c o m . 100 196 210
85
1st cons g 4s 194 8..J-J
75
Elizabeth Gas L t C o . . 100 250
99 101
A m er T y p e fd e rs c o m . 100
30
Brk C & N 5s 1939.J-J
95 105
35
Essex & Hudson G as. 100 100 105 "
Preferred __________100
75
90
G ,r'p t& LorS t 1st 6 S .M & N 100
97
S5
F o rt W a y n e 6s 1 9 2 5 ..J-J
A m e r W ritin g P a p e r .100
30
1
K in gs C E l 4s— See Stock E x c list
40
l 't
T itle Ins Co o f N Y . . . 1 0 0 145” 1.5*“
Gas & E l Bergen C o . . 100
40
Preferred __________100
Nassau Elec p r e f____ 100
50
65
50
13
14
Tonopah Min ( N e v a d a ) . l l *7
e Gr R a p G 1st 5s ’ 1 5 .F -A §93
1st s f g 5s 19 o p ’ 09.J-J
5s 1 94 4.................. A-O
98 105
98
78
80
7 'i
Tren to n P o tte ries comluOi ____ 1- 52
B arney & S m ith C a r .100
Hudson Co Gas_______ 100
90
1st 4s 1951— See Stock E x c list
95
65
P referred , n e w ------100
In d ia n a N a t & 111 Gas—
P r e fe r r e d ___________ 100 110 130
____ 55
90
N W ’ b g & F la t 1st ex 4}4s
eB eth l'm S teel C o r p ..100
1st 6s 1908............. M -N
10
20
8% 91; T ro w D ire c to r y ........... lou
S te in w a y 1st 6s 1922.J-J $95 105*
36
45
Union T y p e w rite r com 100
Indianapolis Gas_____ 50
c P r e fe r r e d __________100
O t’x er C ities
50
55
70
2810 60
1st p referred........... 100
1st g 5s 1952........... A-O §85
Bliss C om p an y c o m . . 50 100 ' 125
02
B u ffalo Street R y —
95 105
2d p referred ---------- lo o
Jackson Gas 5s g ’ 3 7 .A-O § . . . . 98
P referred ___________ 50 100 125 '
1st consol 5s 1 93 1..F - A $102 105
95 100
U nited Bk N o te C o r p ..50 *40
Kansas C ity G as_____ 100
Bond & M tge G u ar___ 100 315 325
50
D eb 6s 1917_______ A-O $103
50
P referred ------- ------ 50 *40
B ord en ’ s Cond M i l k . .100 110 120
C hicago C ity R y — See Ch icago list " e L a clede G as________ 100 n ____ 94“
47
(•United Cigar A Iig .p t. 100
e P r e fe r r e d ________ 100
Cyium bus (O ) St R y .1 0 0
50 100
P referred __________100
70
93 100
80
96 102
U
n
ited
C
opper_______
1
0
0
7
3
.
L a fa y ’eGas ls t 6 s ’ 24_M -N
British Col C o p p er______5
30
P referred _________ 100 105 107
40
4%
8>S
*4U
Preferred _________ 1 0 0
L o g & W a b V 1st 6s ’ 25 J-D
B u tte C oalition M in ing 15 *143j 15>s
20
la list
30
£4
27
U S C a su a lly_________ luo 220 240
Madison Gas 6s 1926. A-O §10612 110
Casein Co o f A in c o m . 100
$100
105
2
3
U
S
E
n
velo
p
e
c
o
m
___
1
0
0
.
N ew a rk Gas 6s 1 9 4 4 ..Q-J 120
____ 75
P referred __________100
Grand R apids R y ____ 100
59
61
25
e P r e fe r r e d _________ 1 0 0
N ew a rk Consol G a s .. 100
80
Preferred . . ......... _100( 79
81
85
90
8 5 ' C asu alty Co o f A m e r . 100 IOO" 130
e Con g os 1948____ J-D
Celluloid C o ___________ 100
U S S teel C orp oration —
98 102
La k e S t (Chic) E l— S
icago list
90 110
Col tr s 1 5s ’ 51 o p t ’ 11 104 108
e Lou'.sv St 5s 1930..
N o Hudson L H & P o w —
§10J 105
C ent Firew orks c o m .. 100 . . . . 15
f
5s 1938................. .A -O §100
P referred _________ 100
L y n n & B 0 6 1st 5s '2<
$100 102
108
104
-- . 60
____ I I I I C entral F o u n d ry ______100
CJ S f i t Gu & In d em ..lo oi *0
..
e O & In d C .N a t& IU .lO O
e New' O rl R y s & L g t
05
1
1*2
____j
x t list
1st 6s 1926________ J-D
P referred __________100
e P r e f e r r e d ...........1 0 0
9 1?Utah Copper C o-S ee Stkj E
Exc
7
5o
02 1W aterb u ry Co, c o m . . 1 0 0
35
tk E x list P a t & Pas Gas& E le c . 100
50
65 | D eb 6 s 1919 op ’ 0 1 M -N
Preferred ............... 1 0 0
e Con g 5s 1949___M -S §05 100 j C entu ry R e a lt y _______ 100 185 195
icago list
St Joseph Gas 5s 1937.J-J §80
P u b S erv Corp o f N J.lO O ! 85
88
Chesebrough M fg C o . 100 380 425 1W estchester & B ron x TU I
85
& M tge G u ar____ ..1 0 0 163 170
T r ctfs 2 % to 6 %perpet| 53
95 :
£6
C ity In v e s tin g C o ____ 100
85
Electric Com panies
Coll 5s g notes ’ 0 9 .M-N $89
____1 W estern Ic e ........... ......100
cClaflln (H B ) , c o m . . 100
91
95
. . . . 30
T^c rHi Jersey St R y 100| 30
Chicago Edison Co See Ch Ic ag o list
e ls t p r e fe r r e d ______ 1 0 0
93 . . . . 1W estlngh A ir B ra k e___ 50
list” ”
I s . 4s 19-iS.........M -N $61
64 ’ e K in gs Co E l L & P C o 100
90
e2d p referred _______ 1 0 0
90
95
----- W est E l & M fg Ss-See St Exc
1-16
i '«
*■ Cons T fa c t o f N J - .lO o i 53
N a r ra g a n (P ro v ) E l C o.50 * ____ 98
W h ite K n ob M in ......... 10
56
' 1st 5s 1933......... J-D $97
1
l's
N Y & U E l l . & P ow C o-100
99
1st g 5s 1917_______ J J
'8*4* ll Preferred ___________ 10
45
$102 104
101!2I|W orth in g Pu m p p r e f. 100 105 1 1 2
P referred __________1 0 0
Col tr 6s O ct 1 9 5 6 ..J-J
55
2 r,y
U nited E lec o f J* J . . . 1 0 0
•Consol Car H e a t in g .. 100, Vo”
,
, 36 I
» *
1st 5s 1 9 2 1 . . . . . V O too
1 -t g 4s 1949_____ J-D ' $56 *60* 'C ons R y L g t& R e frlg .lO O l . . . .
3 '<
::::
* Per share
§ Bu yer pay3 accrued int
a E x-rlghts. e Sells on Stk. E x ., but not v e r y active. 1 N e w stock. 1 N om in al. / Sale o rlce
z E x -d lv




Telesrr & le'e p h o n e
eA m e r T e le ? & C a b le . 100
eC entral & So A m er_ .1 0 0
C om m ’ l Un T e l ( N Y ) . 25
EXCHANGE
Bmp & Bay* State T e l 100
F r a n k lin _____________ 100
eG old & Stock i ’e le g .100
Hudson R I vpt T eie p h 100
eN Y & N J
iep h ___ 100
V . S.
Slate
eN orth w estem T e l e s . . 50
Bonds
Bonds
Pa cific & A tla n tic ______25
£428,U00
$3,000 Southern & A t la n t ic .-25
48.000
3S1.500

[V o l .

Outside Securities

Bid
75
100
108
«,8
40

THE CHRONICLE.

N ot . 9 1907.]

RAILROAD

GROSS

1201

EARNINGS.

The following table shows the gross earning of every STE A M railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
M on th .

RO ADS.

Curren.
Year

P rev iou s
Year.

___

$
884,802
437,486
464,347
7,506
24,005.563
387,900
324,792
6,064,430
22,441,261
507,330
14,975
11,881
3 504,403
576,025
3,549.400
27.470,904
4,291,109
7,500,505
54,531
7,598,839
15.349
12,809,420
2,797,213
1.925,130

867,080
392,81S
419,396
0,300
21,358 065
363,539
242,S78
5,700,340
20,803,783
420.493
13,352
10,058
2,865,832
431,740
2,638,200
25,208,187
3,962,638
6,807,226
53,363
6,273,479
9,872
11,586,094
2,851 ,508
1,961,882

10,342,206 9,992,643
18,929,222 17,550,886
2,320,499 2,134,540
553,805
523,226

660,101
4,982,919
41,078
175,959
64,197
83,555
443,455

641,565
4,422,246
46,672
142,010
57,542
92 ,760
384,721

8,274',219 7,081’,633
420,419
453,363
1,606,908 1,431,448
1.261,180 1,167,557
14,760,145 13,317,381
4,063
180,186
744,666

3,960
169,007
702.763

10,362,197
2,140,045
625,775
767,097
22,834,792
949,701
23,784,493
702,953
1,996,475
19,917,747
2,533,000
2,473,050
1,117,268
628,250
2,654,600

15,197,013
1,930,855
605,274
703,924
20,573 425
904 ,000
21,538,085
714,045
1,831,164
18,352,711
2,882,000
2,215,695
1,072,000
600,095
2,049,884

____

10,010,952
103 6c9
109 300
In c . 180, 064
349,355
314,009
17,072,368 15,605.209
57,161
54,305
19.134
32,304
60,734
60,776
9,078,490 6,622,070
2,913,704 2,576,985
2,401,000 2.173,900
424,908
374,097

Week or
M on th .

N Y C & H u d R iv e r
L a k e Shore & M S
L a k e Erie & W est
Chic In d & South
M ichigan Central.
C leve C C & St L .
P eo ria & Eastern
Cincinnati N o rth .
P itts & Lake Erie
___ __
R u tla n d
N Y Chic & St L .
N Y O n t & W estern
N Y Susa & W e s t ..
N o rfo lk & W e s te rn .
N o rth ern C en tral. .
N orth ern P a c ific ___
Pa cific C oast C o ___
d P en n — East P & E
d W est o f P & E .
P eoria & Eastern . .
P h lla B alt & W a s h .
PittsC in Chic & St L
P itts & L a k e Erie
R a leigh & Chariest .
R a leigh & Southport
R ea d in g R a ilw a y ..
Coal & Iro n C o ..
T o ta l both c o ’s . .
R ich Fred & Potoir.
R io G rande Ju ne___
R io G rande S o u th ..
R o ck Islan d System
e St L & San Fran
! E van sv & T er H
T o ta l o f all lin es.
R u t la n d ___________
St Joseph & Gr Isl__
St Louis & San Fran
St Louis S ou th w est.
S ea b oa rd A lr L I n e . .
Sierra R a i l w a y ____
Southern In d ia n a ..
c Southern P a c C o . .
Southern R a ilw a y . _
M o b ile & O h io ___
Cin N O & T e x P .
A la G reat S ou th .
G eorgia So & Fla
Texa s C e n tra l_____
T ex a s & P a c ific ____
T id e w a te r & W e s t.
T o le d o & O hio Cent
T o le d o Pen & W e s t.
T o le d o St L & W est
To m b ig b ee V a l l e y . .
T o r H am & B u ffalo
U nion P a cific S y s t.
V irgin ia & So W e s t.
W a b a s h ___ _________
W estern M a ryla n d .
W Jersey & S e a s h ..
W h ee l & L a k e E r ie .
W isconsin C e n tra l..
W rig h ts v & Ten n llle
Y a z o o & Miss V a lle y

S eptem b er
S eptem b er
S eptem b er
S eptem b er
S eptem b er
S eptem b er
S eptem b er
S eptem b er
Septem b er
S eptem ber
Septem b er
A u g u st,___
Septem b er
S eptem ber
Septem ber
A u g u s t ___
August ___
Septem ber
Septem ber
— See N ew
Septem ber
O ctober . .
— See N ew
J u n e _____
Septem ber
Septem ber
Septem ber
Septem ber
A u g u s t ___
A u g u s t ___
4th w k Oct
A u g u s t ___
A u g u s t ___
A u g u s t ___
A u g u s t ___
— See N ew
A u g u s t ___
— See Rock
4th w k Oct
A u g u s t ___
A u g u s t ___
O ctober . .
A u g u s t ___
4th w k Oct
4th w k O ct
4th w k Oct
4th w k Oct
3d w k Oct
3d w k Oct
4th w k Oct
Septem ber
Septem ber
4th w k Oct
4th w k Oct
Septem ber
Septem ber
A u g u s t ___
Septen.ber
4th w k Oct
4th w k Oct
S eptem ber
4th w k Oc;
A u g u s t ___
.A u g u s t ___
O tco b er . .

?
8,430,237
3,709,840
465.707
201,236
2,277,214
2,227,016
261,465
99,019
1.197,831
273,615
812,462
845,505
241,043
2,596,395
1,052,519
5,911,919
622,100
13059 859
859,700
tral.
1,414,090
2,724,624
tral
4,316
8,118
3,376,224
2,150,451
5,526,675
129,297
03,900
17,945
5,4)30,627
3,940,867
222,701
9,200,195
tral.
153,691
ystem .
340,820
1,171 596
41,361
114,389
9,055.187
1,052,310
307,909
232,20:
117,672
43,107
28,025
578,484
0,357
458,942
39,751
131,808
3,773
09,158
6,220,520
87,023
831,137
151,499
549,108
193,198
077,168
19.204
774,961

__

!

P eriod.

A tla n ta & C h a rlotte A ir L in e ___
Bellefe>nte Cen tra l. _
D elaw are & Hudson
M a n ls tlq u e _________
M exican R a ilw a y ___
M exican Southern . .
N e w Y o r k C e n t r a l..
L a k e Shore & M ichigan Soutl'
L a k e E rie & W e s te rn _________
Chicago In d ia n a & S ou thern .
M ich igan C e n tra l.
C leve Cin Chic & St L o u is ____
P eo ria & E a stern .
Cincinnati N o r t h e r n _________
P ittsb u rg h & L a k e E r ie _____
R u t l a n d _________
N e w Y o r k Chicago & St Loul
N o rth ern C e n tra l___
d P en n — East o f P itts & i.r le ___
d W est o f Pittsb u rgh & E r ie .,
Ph lla B altim ore <5c W a s h in g to n P itts Cin Chicago & St L o u is ___
R io G rande Junction
T ex a s & P a c i fi c ____
W est Jersey & Seashore________

Mch
Jan
Ian
Ian
fan
Ia n
Jan
Jan
Jan
Ia n
Ia n
la n
Ian
Jan
Tan
Jan
Jan
Jan
Ian
Ia n
Jan
■Ian
Dec
Jan
Ia n

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
;i
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

J u ly
Sep
Sept
Sep
O ct
O ct
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Oct
Aug
O ct
Sep

P reviou s
Y ear

$

$
9,035,990
4,082,327
498,825
256,660
2,553,787
2,401,252
271,753
94,309
1,407,359
314,341
882,110
899 250
284,711
2,975 960
1,170,519
0,780,878
755,900
14450 859
In c .
Y o rk Cen
1,520,490
3,090,004
Y o rk Cen
4,846
10,099
3,882,220
2,928.892
6,811 112
188,973
78,587
18,850
5,047,125
4,070,790
224,045
10541 901
Yorls; Cen
173,612
Island S
333,110
1.320 305
42 905
174 287
11090905
1,825,785
427,154
273,726
129,566
42,517
26,935
556,401
7,437
455.S57
43 272
125 547
5 540
71 525
7,008,513
95.971
798 204
181,303
005.408
197 701
728 663
21.300
838.998

V arious F isca l Years.

363,213
152.156
263,835
288,413
1,497,238 1,344,321
4,511,982 4,706,997
4.512,949 3,789,217
17,213,789 15,899,071
629.000
586,000
17,842,789 16,485,071 1
1
3,005,596 2,804.495 |
5,496,883 4,859.805 |
345,582
341,840
138,004
109,157
23,702
19,454

July 1 to Latest Date.
CurrenYear.

ROADS.

I

—

j
5
A la Great Southern — Sec Sout hem Rail w ay
A la N O & T e x Pac.
49,000
53,000
N O & N E a s t___ 2d w k Oct
26,000
26,000
A la & V lck s b u rg. 2d w k Oct
29,000
V icksbu rg Sh & P 2d w k Oct
27,0%
3,753
A la T en n & N o r t h .. A u g u s t ___
3,628
fc A tch T o p & S F e . S; ptem ber 8,077 ,1 If• 7,425 80S,
387,900
A tla n ta & C h ari___ July _____
363,539
168,856
125,735
A tla n B lrm & A t l . . A u gu st . . .
A tla n tic Coast Line Septem ber 2,059,243 1 ,958,388
B a ltim o re & O h io .. Septem ber 7,465,051 7,077,897
266,498
212,468
B an gor & A roostook A u g u s t ___
4,576
4.61G
B ellefon te C e n tra l.. Septem ber
6,537
5,110
B ridgeton & Saco R A u g u s t ___
317,174
B u ff R o ch & P i t t s . . 4th w k Oct
263,030
184,125
B u ffalo & Suscj R y . Septem ber
149,154
Canaclian N o rth e rn _ 4th w k Oct
309,800
242 ,900
Canadian P a c ific ___ 4th w k Oct 2,494,000 2,453,000
C entral o f G e o r g ia .. 4th w k Oct
417,400
363,100
Central o f N Jersey Septem ber 2,399,719 2,149,657
C h attan S o u th e rn .. 4th w k O ft
4,375
4,040
Chesapeake & O h lo . Septem ber 2,541,338 2,144,476
5,56;
4,051
Chesterficld & Lane Se ptem ber
911,557
Ch icago & A lto n R y J u n e _____ 1,067,100
177,661
193,587
Chic Great W estern 3d w k Oct
115.662
Chic In d & L o u ls v . 3d w k Oct
120.238
Chic In d & Southern — See N ew Y o rk Cen tr a l.
Chic M llw & St Paul A u g u s t ___ 5,221,252 5,178,555
Chic & N o rth W e s t . Septem ber 6,525,120 0 097,226
Chic St Paul M & O . A u g u s t ___ 1,190.037 1,105,999
37,641
C h lc T erm T ra n R R 3d w k Oct
33,341
CIn N O & T ex a s P — See Sout hern Rail w a y
Cincinnati Northern — See N ew V ork Cen tral
C lev CIn Chic & St L — Sec N ew V'ork Cen tral.
216.500
C olorado M id la n d .. S eptem ber
229,869
445,290
h C ol & South S y s .. 4tn w k Oct
342.626
C ol N e w b & Lau r__ August . . .
24,047
24,092
Copper R a n g e_____ A u g u s t ___
87,785
73,514
19,337
C o r n w a ll ___________ Septem ber
20,050
42,287
C ornw all & Lebanon A u g u s t ___
53,049
145,155
Cuba R a ilro a d _____ Septem ber
102,578
D ela w a re & Hudson Septem ber 1,881,951 1,553,472
659,800
D en v & R io Grancle 4th w k Oct
591,000
37,953
D e tro it & Mackinac 4th w k Oct
S3,081
137,967
D et T o l & Irc n t Sys 4th w k Oct
121,189
103,840
D u l So Shore & A U . 4th w k Oct
111 ,209
E r i e ________________ Septem b er 4,738.989 4,441,679
E v a n sville & T e r H — See Rock Island S ystem .
1,294
F airchild & N I S ... Septem ber
1,207
93 040
84,042
PondaJohns & G iov August ___
S. pti n iber
G eorgia R H ------265.778
248,322
G eorgia South & Fl a — See Sou thern R a ’ Iw a y.
G rand Tru n k S y s t .. 4th w k Oct 1,367,883 1,310,432
132,514
G r Tru n k W e s t . . 3d w k Oct
116,907
36,314
D et Gr H & M llw 3d w k Oct
28.576
53,351
Canada A tla n tic . 3d w k Oct
46,995
G reat N o rth e rn ____ O ctober . . 6,470,678 5,919,963
241,192
M ontan a C ent/cl. O ctober . .
272,472
T o ta l sy stem ____ O ctober . . 6,711 ,S70 6,192,435
G u lf & Ship Is la n d . 3d w k O ct
44,140
47,027
675,800
H o ck in g V a lle y ____ Septem ber
607,032
Illin o is C en tra l____ O ctober . . 5,287,124 4,876 771
In t e r & G reat N orth 4th w k Oct
226.000
357,000
a In terccea n lc(M ex ) 4th wiv Oct
211,290
179,000
Io w a C en tra l_______ 4th w k Oct
109,774
106,533
K a n aw h a & M ic h .. S eptem ber
211,551
201,908
Katls&s C ity S ou th . Septem ber
900,946
681,291
La k e Krl.c & W est’ n — See N ew Y o rk Cen trai
L a k e Shore & M Sou — See N ew Y o rk On? tral.
Leh igh V a lle y _____ Septem ber 3,245,306
57,539
L e x in g to n & E a s t .. A u g u s t ___
53 383
In c . 97 061
L o n g Islan tl________ A u g u s t ___
110,899
Lo u isian a & A rk a n . Septem ber
105,300
Lo u is ville & N a s h v . 4th wit Oct 1,375,205 1,421,365
M acon & B ir m in g .. O ctober . .
15,91(1
17.752
4,554
M a n lstlqu e_________ Septem ber
7,485
37,438
M aryland <Sc P e n n .. A u g u s t ___
32,741
a M txicanC : n tr a U - S p t m ber 2,989,831 2,256,44V
214,816
a M exican In t e m a t . 4til w k Oct
231,617
a M exican R a ilw a y'. 3<1 w k Oct
140.200
118,600
3 M exican Southern 3d w k Oct
23,438
26,164
Michigan C entral___ — See N ew Y o rk Cen trai.
M idland V a lle y ____ Septem ber
118,1S2
4S.021
27,46-,
M ineral R a n g e _____ 4 tit w k Oct
26,239
M inncap & St Louis 4th w k Sep
144,627
125,403
Minn St P & S S M . 4 th w k Oct
428,521
427,259
M o K an sss & Texa s August . . . 2,288,414 1 940,862
Mo P a c & Iron M t__ 4th w k Oct 1,603,000 1,553.000
Central B ra n c h .. 4th w k Oct
53,000
47.000
T o t a l ____________ 4th w k Oct 1,656,000 1 ,600,000
M obile Jack & iv C . W k O ct 2G
32.91C
32,714
N a sh v Ct’ a tt & St L S eptem b er 1,052,546
924.716
a N a t R R o f M ex ico ' 4tn w k Oct
462,214
430,406
Hldaliro & N E _ . 4th w k Oct
29.212
28,524
N e v a d a -C rl On gon 4th w k Oct
11,74:
9,783
N e v a d a C entral----- S eptem b er
8 ,97i
6,528
N Y Chic & St Lou's j — See N e w Y o rk Cen tral.

Latest Grose E arn.no~.

July 1 to Latest Date

Previous
Year.

31
30
30
30
21
21
30
30
30
30
30
30
30
30
30
30
30
3C
30
30
30
31
31
31
30

$

27,069,728
12,023.129
1,385,970
740,407
7,414,891
7,245,101
765,505
273,786
4,360,550
894,185
2,570,129
1,726,403
832,793
8,901,787
3,012,070
13.912.343
1,493,427
44,573,323
In c .

24,782.907
11,177,082
1,408,182
537,993
0,571,606
6,735,007
792,285
302,418
3,771,108
811,056
2,430,752
1,652 ,875
718,025
7,520,578
3,089,270
11,000,845
1,185 020
38,579,223
3,332,200

4,651,795 4,227,495
11,606,785 10,252,842
58,233
69,808
19,832
31 ,103
11,734,376 10,055,677
8,708,541 6,538,669
20,502,917 16,594,346
307.231
287,673.
125,495
157,152
208,764
2?6,124
10,726,285 9,430,335,
9,040,962 7,482 675'
412,476:.
422,798
20,196,018 17,325,488320,192

296,410”

3,747,447
2,017,107
83,187
035,119
23,142,236
20,400,284
3,720,689
3,116,735
1,422,854,
718,041
375 ,545
5,246,798
£6.176
1,373,003
436,151
1,513,212
17,923
224,675
14,242,507
315,486
9,983,955
2.153,951
2,237.239
2,407,796
1 477 589
39,383
3,027,760

3,400,571
2,351,28279,802.
534,42b
18,808,92318,705,844,
3,326,866*
2,852,660.
1 ,307,080
644,02£>*
311 ,0 25
4,807,611
22 440
1,334,830
431 ,569
1,432,045
15,314
193,900
12,428,349
252,917
9,782,986
1,841,582
2,050,139
2,064,812
1,291,337
39 112
2,731 ,256

C u r Ten
Year

Previous
Year

1,840,208
46 365
15,016,829
50,353
6,372,800
1,101,460
74 000,623
33,612,665
3,818,513
2,239,905
21.248,871
19 ,684 ,870
2,207,486
753,590
11,402,594
2,280,681
7 ,797,151
9,958,364
123714772
In c . 8,25
12,830,006
27,542,562
621 540
13,640,542
4,097,891

1,693,312
41 337
12,670,503
83 434
5,670,500
1,011 725
67 .662,191
31 ,784 ,779
3,933,561
1,684,256
19,15)0,809
18,098,185
2,253.841
778 ,179
10,818 264
2,078,924
7,316,752
8,565,064
108408 072
2,500
11,740,906
24,405,401
496.220
11.411 ,098
4,220,691

.

AGGREGATES OF GROSS E A R R IN G S — Weakly and Monthly.
M on th ly Sum m aries
3d
4th
1st
2d
Bd
«th
1st
2d
Bel
4th

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

Aug
Au>.>Sept
Sept
Sept
S ept.
O ct
O ct
O ct
O ct

(46
(45
(42
(44
(44
(41
(44
(44
(45
(39

ro a d s )____
roads) .
r o a d s )____
r o a d s )____
ro a d s)____
ro a d s )____
ro a d s )____
r o a d s )____
ro a d s )____
ro a d s )____

C u r ’nt Y ear P re v ’s Year\ In c . or Dec.
+ 922,081
+ 1.343 277
+ 708,487
+ 792,394
+ 702,181
+ 1,012,077
+ 689,837
+ 535,605
+ 633,771
+ 666,923

M o n th ly Summ aries.
9.16
9.27
7.45

M onth
Month
Month
M onth
M onth
M onth
M onth
M onth
M onth
M onth

D ec
Jan
Feb
Mch
A p ril
M ay
June
J u ly
Aug
Sep

1905
1907
1907
1907
1907
1907
1907
1907
1907
1907

(127
(123
(122
(118
(118
(121
(121
(11 6
(121
(55

roads) .
r o a d s ).
ro a d s).
ro a d s).
r o a d s ).'
ro a d s ).
ro a d s ).
ro a d s ).
re a d s ).
ro a d s ).

C u r'n t Y ear P r e v ’s Year In c
$
I
5
184,235,595 170,746.760
173.212.305 162,623,883
162,283 992 152,555,191
180.539,532 164,645.009
188,130,451 154,894,748
195.943.305 165 890,345
183 125,657 161,235,109
187,069,790 163 685,258
197,288,033 175,726,323
56,317 229 52,172,480

or Dec.

%

S

+ 13,488 826
+ 10,588,422

7.30
6.51
6.05
8.02
+ 15,834,523 9.65
6.93
+ 33,235,703 21.45
8.33
+ 30 052 960 18.12
6.99
+ 21,890,548 13. '.9
5.17
4 23,384,532 14.28
5.97
+ 21 ,561 .710 12.27
4.32
+ 4.144,249 7.95
a M exican currency
b Includes earaln zs o f G u lf * Chicago D ivision,
c Includes tiis Houston & T e x a s C entral and its su bsidiary lines in botk
rears, d Covers lines dircctly operated, e Includes the Chicago & Eastern Illin ois In both years, f Includes E va n sville & Indiana K R .
n In clu de*
larnlngs o f Col. & I
D
e
n
v
e
r
C ity and ail a ffilia ted lines, exceptin g T r in ity & Brazos V a lley R R .
K Includes In both years ja r a in j*
t r D en ver hnid <5c G u lf R R ., Pecos V a lley System and Santa F e Prescott & P h o e a lx R y




+ 1), 72 8 801

\

1202

THE CHRONICLE.

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the fourth
week of October. The table covers 39 roads and shows
4.32% increase in the aggregate over the same week last year.
F o u rth week o f October.
A la b a m a G reat S ou thern ___
B u ffalo R och ester & Pittsbu rgh
C an adian N o rth e rn _________
Can adian P a c ific ____________
C en tra l o f G eo rg ia_______________
C h a tta n oo ga S ou thern _______
C in cin nati N e w O rl & T e x P a c . .
C olo ra d o & S ou thern_______
D en v e r & R io G ra n de_______
D e tro it & M a ck in a c_________
D e tro it T o le d o & Ir o n to n _______
Du lu th South Shore & A tla n tic
.Grand T ru n k o f C an ada_______
G ran d T ru n k W e s te rn --------D e tro it Gr H a ven & M i l w ..
C an ada A t la n t ic ------------------•In tern at’l & G reat N o rth e rn —
In tero cea n lc o f M e x ic o __________
Io w a C e n t r a l--------- ----------------L o u is ville & N a s h v ille -----------M exica n In te rn a tio n a l_________
^M ineral R a n g e -----------------------M in neap olis & S t L o u is ----------iM in neapolis St Pa u l & 3 S M _ .
-Missouri P a c ific & Iro n M tn ._
C e n tra l B ran ch ------------------M o b ile & O h io -----------------------N a tio n a l R a ilro a d o f M ex ico ___
H id a lg o & N o rth ea stern ------N e v a d a C a liforn ia & O rego n ___
R io G rande S ou th e rn ___________
St Lou is S ou th w estern -----------Southern R a ilw a y ------------------T ex a s & P a c ific ---------------------T o le d o P eo ria & W e s t e r n ------T o le d o S t Louis & W estern ----W a b a s h ___________________________
W estern M a ry la n d ------------------W h e e lin g & L a k e E r ie -----------T o t a l (39 ro a d s )----N e t Increase (4 .3 2 % ).

16,100.393

1907.

1906.

Increase.

$

$

$

Gross earnings (41 r o a d s )--------- 56.860,916

------ Gross E a rn in g s ------ ------ N e t E a rn in g s— —
C u rren t
P re v io u s
C u rren t
P re v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
Roads.
$
$
$
$
N e v a d a -C a l-O re g o n .a _ .S e p t
35,690
25,732
22,546
16,431
Ju ly 1 to S ept 30_______
102,648
75,456
60,438
46,333
N e v a d a C e n tr a l.b _____ S ept
8,973
6,528
2,084
2,694
J u ly 1 to Sept 30_______
23,702
19,454
2,815
3,092
N e w L o n d o n N o r t h e r n .b —
J u ly 1 to Sept 30_______
292,979
286,311
17,693
54,281
Jan 1 to Sept 30_______
774,241
828,327
def7,607
21,556
N Y Susq & W estern .a - S e p t
284,711
241,043
57.704
64,661
J u ly 1 to S ep t 30_______
832,793
718,025
198,221
210,102
N o rfo lk & W e s t e r n .b - - S e p t 2,975,960 2,596,395
1.072,357 1,041,751
J u ly 1 to S ept 30_______ 8,901,787 7,526,578
3,350,340 2,875,397
R io G rande S o u th e rn -b .S e p t
54,810
51,659
11,782
22.357
J u ly 1 to S ept 30_______
166,965
153,275
51,522
66,174
St Lo u is S ou th w est’n .b - S e p t
943,650
328,348
336,132
J u ly 1 to S ept 30......... .. 2,739,489
980,350
814,974
Southern R a ilw a y C o .a - S e p t 5,004,450 4,571,765
1,179,112 1,174,273
J u ly 1 to Sept 3 0 .......... 14,913,591 13,695,325
2,919,365 3,230.153
M ob ile & O h lo .a _____ Sept
890,326
798,518
230,053
221,596
Ju ly 1 to Sept 30........... 2,719,573 2,446,758
714,613
714,361
C in e N O & T e x P a c .a S ept
776,046
700,181
167,085
117,851
Ju ly 1 to S ept 30_______ 2,312,052 2,139,842
499,803
401,442
A la b a m a G reat S o u .a S ept
346,161
331,051
73,781
70,152
J u ly 1 to Sept 3 0 .......... 1,073,335
985,145
191,756
209,476
T o le d o & Ohio C e n t .a .- S e p t
455,857
458,942
167,376
171,392
J u ly 1 to Sept 30_______ 1,373,003 1,334,830
466.263
627,941
Y a z o o & Miss V a lle y .a .S e p t
771,408
693,053
2,754
43.347
Ju ly 1 to S ept 30_______ 2,188,762 1,956,295
d e fl3 .3 4 9 def37.881

53.540.07 5 3,320,841

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below those charges.
— In t ., Rentals, A c .—
— B a l. o f M et E 'n g s .—
C u rren t
P re v io u s
C u rren t
P r e io n s
Y ea r.
Y ea r. Y ea r.
Y ea r.
$
$
$
$

%

6.20

I t will be seen that there is a gain on the roads reporting
in the amount of $3,320,841, or 6.20%.
Net Earnings Monthly to Latest Dates.— The table fol
lowing shows the gross and net earnings of STE A M railroads
reported this week. A full detailed statement, including al
roads from which monthly returns can be obtained, is given*
once a month in these columns, and the latest statement of
this kind will be found in the issue of October 25 1907. The
next will appear in the issue of November 23.
------ Gross E a r n 'o s ------ ------ N e t E a rn in g s -----C u rre n t
P re v io u s
C u rre n t
P rev iou s
Y e a t.
Y ea r.
Y ea r.
Y ear.
Roads.
$
$
$
$
A t la n t a B irm & A t l . a . - A u g
168.856
125,735
46,233
35,605
Ju ly 1 to A u g 31 ____ . .
324.792
242.878
79.421
67,613
A tla n tic C oast L in e - a - - S e p t 2,059,243
1,958,388
349,275
522,213
Ju ly 1 to S ep t 30........... 6,064.430 5,706,346
873,508
1,166.824
C en tra l N e w E n g la n d -b —Ju ly 1 to S ept 3 0 . . . . . .
540,725
457,080
44,450
59,912
Jan 1 to S ept 3 0 _______ 1,668,070
1,337,935 d ef5 7 7 ,085
27,527
Chic In d & L o u is v ille .a .A u g
556,509
557,419
204,847
219,096
J u ly 1 to A u g 3 1 _______ 1,055,643 1,064,575
365,805
393,810
C olorado M id la n d .a ____ S ep t
216.500
229,869
49,666
80,154
J u ly 1 to S ep t 30_______
660,101
641.565
157,226
192,312
Cuba R a ilr o a d ............. - - S e p t
145,155
102,578
36,129
d e f 258
J u ly 1 to S e p t 30_______
443,455
384,721
125,169
61,588
D ela w a re & H u d s o n .a - .S e p t' 1,881,951
1,553,472
r898,274
r684,024
Jan 1 to S p t 30 _______ 15.016,829 12,670,565
r5 ,713,121 r4 ,523,861
D en v e r & R io G rande .a S ept 2,059,320 1,783,346
659.557
689,354
J u ly 1 to S e p t 30_______ 6,206,919 5,217,433 2,132,048
1,887,361
D u lu th So Sh & A t l . b . - S e p t
302,122
285,834
88,934
105.189
Ju ly 1 to S ept 30...........
965.173
873,269
299,507
339,945
E rie a ............... ............ S ep t 4.738,989 4,441,679
1,004,910
1,375,316
J u ly 1 to S ep t 30_______ 14,760,145 13,317,381
3,956,037
4,030,477
■Grand T ru n k o f C an ada—
G r a n d T r u n k R y ______S ep t 3 091,200 2,928,173
859,423
929,988
Ju ly 1 to S ep t 3 0 _______ 9,333,459 8,656,529
2,721,346
2,668,788
•Grand T ru n k W estern S ept
591.279
539,208
112,902
84,677
Ju ly 1 to S ep t 30 _______ 1,725,660
1,559,714
294,909
236,513
D e tro it G r H a v & M il.S e p t
160.108
152,808
35,039
43,312
Ju ly 1 to S e p t 30_______
517,795
514,875
113,390
179.573
C an ada A t la n t ic ......... S ep t
207,313
192,713
16,060
30,659
Ju ly 1 to S ep t 30_______
615.611
572,786
69,591
112,902
•Gulf & Ship Is la n d -a . . . S e p t
191.350
185.306
43,998
50,763
Ju ly 1 to S ep t 30_______
628,978
579.530
161,943
139,860
Illin o is C entral . a - ......... S ep t 5.002,098 4.647,543
1,101,129
1,337,481
J u ly 1 to S ep t 30_______ 14,630,623 13,475,940
3,191,735
3,711,102
K a n a w h a & M ic h ig a n .a -S e p t
211,551
201,908
31,221
56,681
J u ly 1 to Sept 30_______
628.250
600,095
83,745
157,183
K e y s to n e T e le p h C o .a .- S e p t
86,592
77,703
41,457
33.872
Ju ly 1 to S ept 3 0 - - - . - 260,601
235.644
125,160
102,218
L eh igh V a lle y . e ________ S ept 3,245,306
_________ 1.234,811
-------------J u ly 1 to S ep t 30_______ 10,010,952
_________ 4,076,349
.................
L o u isian a & A rk a n sa s.a S ep t
110,899
105,300
39,904
37,237
J u ly 1 to S ept 30......... 349,355
314,009
133,684
106,853
L o u is v ille & N a s h v ille _ b S ep t 4,189,277 3,818,131 1,071,479
1,240,996
J u ly 1 to S ept 30_______ 12,741.768 11.488.979
3,571,009
3,637,681
M in era l R a n g e .b _______ S ep t
67,870
62,218
13,759
15,527
J u ly 1 to S ept 3 0 ..........
216,503
194,495
50,561
60,100
1,293,528
400,644
742,460
M ia n ap St P & S S M .b S e p t 1.049,134
J u ly 1 ta S ept 30_______ 3,165,959 3,432,318 1,175,336
1,772,083
Missouri P a c ific S y s t - b - A u g 4,670,228 4,275 722 1,458,958
1,553,223
J u ly 1 to A u g 31_______ 8.782,789 8.137,071
2,569,876
2,786,351
N a s h v C h a tt & S t L . b . - S e p t 1,052.546
924,716
238,058
190,405
J u ly 1 to S fp t S O - - - - - - 8,005.596 2.804.49S
677,114
611,080




iu x x x v .

a N e t earnings here giv en are a fte r d ed u c tin g ta xes,
b N e t earn in gs here giv en are b efo re d ed u c tin g ta xes.
c Figu res revised fo r p reviou s y e a r so as to accord w ith the n ew c la s s llc a
tlon o f earn in gs and expenses now re qu ired b y the In te r-S ta te C om m erce
Com m ission.
e N o co m p a rative figures are giv e n , o w in g to new classification ordered
b y In ter-S ta te Com m erce Com m ission.
F o r Septem b er ta xes am ou nted to
$94,300, a fte r d ed u c tin g w hich o p era tin g Incom e was $1,140,511, and from
J u ly 1 to S ep t. 30 ta xes w ere $282,900.
r F o r S ept. 1907 n et fro m Coal D ep t, was $102,667, against $21,216 last
year, and from Jan. 1 t o S ep t. 30 was $734,512 In 1907. against $741,083
last year.

For the month of October the returns of 41 roads show
as follows:
4
M o n th of October.

[V o l .

Roads.
C e n tra l N e w E n g la n d —
J u ly 1 to S ept 30...........
108.035 56,316 2def46,618
*15,836
Jan 1 to S ept 3 0 . .........
259,722 1 6 9 .1 2 4 id en 8 5 .2 6 1 rd e fl0 3 .3 8 5
Colorado M id la n d ........... S ept
38,718 38,567
10,948
41.587
J u ly 1 to S ep t 30 _______
115,747
112,616
41,479
79,696
Cuba R a ilro a d C o _______ S ept
28,329
25,412 7.800
def25,670
Ju ly 1 to Sept 30_______
84,987
76,237
40,182
d efl4 ,6 4 9
D en ver & R io G ra n d e -.S e p t
327,012
290,027
<*376,483
<<442,975
J u ly 1 to Sept 30_______
962,909 871,297 dl.277.198 <1.142,196
Du lu th So Sh & A t l ____ S ept
92,925
92,612
2:6.272
*18,988
J u ly 1 to Sept 30_______
285.182
278.605
*42.804
*81,828
K a n aw h a & M ic h ig a n --S e p t
20,951
21,053
*19,269
*36,147
Ju ly 1 to Sept 30...........
64,025 64,256
2:58.248
*94,467
M ineral R a n g e ......... . . . S e p t
11,817
12,266
x l,9 7 7
*3 ,408
J u ly 1 to Sept 30 _______
36,408
36,858
*15.631
*23,586
N a sh v C h att & S t L - - - S e p t
153,293
149,470
84,765
40,935
J u ly 1 to Sept 30--------462,206 448,408
214,908
162,672
N e v a d a- Cal - O regon
- _ S .p t
3,943
3,331
*19.931
*14,267
11,696
9,915
2:53,019
*40,00#
J u ly 1 to S tp t 30...........
N e w L o n d o n N o rth ern —
J u ly 1 to Sept 30...........
63,394
63,512 xdef38,674
*d ef3,6 18
Jan 1 to Sept 3 0 ..........
190,237 191 .478xdefl64.54 32defl52.74 9
N o rfo lk & W e s te rn ______S ep t
434.793
369,873
637,564
671,878
J u ly 1 to Sept 30........... 1,287,540 1,099,509 2,062,800 1.775,888
R io G rande S o u th e r n - ..S e p t
18,385
18.187
2799
4.17#
J u ly 1 to Sept 30_______
55,012
54,442
2^,771
*15,438
T o le d o & O hio C entral ..S e p t
43.069
36.140
2:152,363
*135.987
J u ly 1 to Sept 30...........
123,075
108,144
2:398.521
*422,261
d These figures are a fte r a llo w in g fo r oth er Incom e and fo r dlsoount a *
exch an ge. Th e sum o f $10,000 Is d ed u cted e v e r y m on th from surplu* and
placed to the cred it o f the re n ew a l fu n d ,
x A ft e r a llow in g fo r o th er Incom e re ceived .

STREET R A IL W A Y S A N D TRACTION COMPANIES.
Latest Gross E a rn in g s.
N a m e of
Road.

Week or
M o n th .

A lb a n y & H u d s o n ... A ugust . . .
oA m erican R y s C o — Septem b er
cA u r E lgin & Chic R y S eptem ber
B in gh am ton R y . . I . . S<pti-mber
Birm R y L t & P o w e r S : p tem b er
B rock ton & P ly S t R y A u g u s t ___
Cape B reton i .lec C o . l A u g u s t ___
Central Pen n T r a c — S eptem ber
C .arl C >n R y Gas & E l'S pt- m ber
Chicago & M llw E iec .jS e p tem b e r
riChica-ro & Oak P a rk iO c io b e r . .
C leve P a ln esville & E S eptem ber
C leve Southw & C o l._ S eptem b er
D e tro it Jackson & Chi 4ta w k Oct
/ D itro lt L nit<d R y . . 4th w k O ct
D uluth S treet R y ___4tli w k Oct
E ast St Louis & S u b . Septem b er
r 1 Paso !- ie c tric ......... A u gu st —
F t W a y n e & W ab ash
V a il y T r a c tio n ___S eptem b er
G al-H ou s f.leetrlc Co A u gu st —
H a va n a Eli ctrlc R y . W k O ct 27
H onolulu R a pid T r &
Land C o................. A u gu st . .
H o u g h to n Co St R y . . A u gu st —
Illin o is T ra c tio n C o . . S eptem b er
Jackson Consol T r a c . Sept m ber
J ackson ville E lec C o . A u gu st —
Kan C ity R y & L lg n t S- ptem ber
Lake Shore E l c tr lc . . S> ptem ber
L< x & In te r R y s C o . . S 'p te m b e r
M et W est Slc’ e E le v . . O ctober . .
Milvv E k e R y & L t Co S ep tem b er
M w L tH *
. . jS epiem l er
M •w
1 S treet R y - - W k O ct 26

Ja n .

1 to latest date

C u rren t
Year.

i*TTWtOUJ
Y ear.

2.059.869
936,707
231,770
1.389.303
76,#71
162,846
507,149
484.542
633.542
696,24*
207.636
482,634

140,0 50
21,249
177,762
32,048

2,234.098
1,073,750
209,830
1 ,599,823
83,234
155.327
561,889
531.920
785,400
703,248
22 2.082
568,891
b315,224|
5,606,939
699,780!
1 ,575,973|
317,439

125,732
99.467
33.229

106,275
83,586
29,463

937,621

804.926

1,449',608

1,155*907

29,679
25,337
344.t<6h
13,926
34,695
534.92;,
96,187
59,195
243,474
338,327
93.232
68.292

28,681
25,694
266,844
13,490
27,679
476,756
89,023
61.634
221.140
314.008
80,637
61 .446

239.566
165,829
2,722,482
123,716
261.631
4,439,982
721.388
420,7831
2.257.794
2,833.616
635,265,

227,489
148.683
2,163,308
113.006
207,304
3.993.897
664.805
394.768
2,018.406
2.587,003
535.046

C urrent
Y ear.
$
43 523
270.058
139,193
198,293
17,327
23,970
63,196
56,731
111.117
74.339
29.370
75,992
9,630
164,387
23,221
199,211
42,130

Previous
Year.
$
41,522
258.097
125,850
30,566
166,472
17,383
23,468
58,135
51.732
97,156
74,331
29.411
64.371

i .039,308
636,329
1.414,945
242.872

S ot.

9 1907.]

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

N a m e of
Road.

Week or
M o n th .

N a s h v ille R y & L ig h t
N J & H R R y & F y Co
N O R y & L ig h t C o ..
N o rth Ohio T ra c & L t
N o r f & P o rtsm T r Co
N o W estch ester L t Co
N o rth w estern E le v _ .
O klah om a C ity R y . _
P ee k sk ill L ig h t & R R
Pen sacola hlect C o . .
P o rtla n d R y L t & P Co
P u g e t Sound hilec R y
R io de J a n eiro T ram
L ig h t & P o w e r ____
R o c k fo rd & In t c r ’n - S t Joseph (M o ) R y L t
H e a t& P o w e r C o . .
Sao P a u lo T r L t & P .
S avannah E lectric Co
S ch u ylk ill R y C o ____
South Side E lev a ted .
Sou W isconsin R y Co
Syracuse R a p T r R y .
T o le d o R y s & L ig h t .
T o ro n to R a ilw a y ____
T w in C ity R a p T r a n .
U n ited R R o f San F r .
U n ited R y s o f St L . .
W e s t Chester (P a )R y
W h a tco m Co R y & L t

Current
Y ear.

J a n . 1 to latest date.

P rev iou s
Y ea r.

C u rre n t
Y ear.

P re v io u s
Y ea r.

$
1,146,303
369,412
4,456,560
1,459,784
1,977,297
68,355
1,430,592
169,119
108,973

$
993,301
331,695
4,218,184
1,293,351
1,275,753
56.382
1,228,423
112,038
95,265

2,629,219

2,253,979
...........

S eptem ber
Septem b er
S< ptem ber
S eptem ber
S eptem ber
A u g u s t ___
O cto b er___
A u g u s t ___
A u gu st —
A u g u s t ___
A u g u s t ___
A u g u s t ___

$
150,975
46 545
466,160
185,341
295,611
8,700
168,649
26.732
16 760
21.044
359.347
165,079

%
120,313
45 125
441,807
163,289
155 ,558
7,221
136,933
17,473
14,831
15,542
319,617
142,603

Septem ber
A u g u s t ___

564,160
64,494

--------53,191

4,592,890
399,180

338*789

O c to b e r___
73,050
S eptem ber
177,581
A u gu st. . .
54,417
A u g u s t ___
22,510
O c to b e r___ 196,338
Septem ber
12,881
S ptem ber
119,079
173,990
M a y _____
W k Nov 2
64,921
4th w k O ct 163.154
A u g u s t ___ 7i317,769
Septem ber
930,606
12,634
S eptem ber
A u g u s t ___
31,696

69,438
159.152
59,333

723,613
1,534,758
393,505
139,334
1,655,369
116,134
933,122
834,881
2,841.201
5,053,007

691,671
1,479,081
423,869
121.876
1,422,615
95,402
802 891
784,391
2,547,052
4,680,784

8,116,336
102,738
226,518

7,6*3*2*,958
66,678
173,459

145‘,044
12.230
102,772
167,847
57,149
151,112
429,311
884,121
9,474
24,423

a Figures fo r the m on th in b o th years in clu de operations o f the Scranton
R y . , acqu ired Jan. 1 1906. b F ig u res are from F e b . 1. c These figures are
fo r consolidated co m p a n y, d Th ese are results fo r m ain line, f N o w in
cludes R a p id R y . S y st., S an dw ich W in d s o r & A m h erstb u rg R y . and D tro lt
M onroe & T o le d o S h ort L in e R y .
ft D ecrease due to strike and b o y c o tt.

Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week.
-G ross E a m ’gsC urren
Y ea r.
Y ear.
$
$

------ N e t E a rn in g s-----C u rre n t
P re v io u s
Y ear.
Y ear.
$
S

Roads.
In te r n a t'l R y Co (B u fT ).b —
J u ly 1 to S ept 30........... 1,460,879
1,342,260
659,266
Jan 1 to S ep t 30........... 3,572,882
3,259,403
1,362,674
C rosstow n S t R y . b —
186,211
Ju ly 1 to S ep t 30...........
87,079
170,653
Jan 1 to .Sept 30...........
512,578
472,917
206,464
Mass E le c tric C o s .b —
J u ly 1 to S ep t 30........... 2,595,587
2,573,001
1,281,150
O c t 1 to S ep t 30_______ 7,761,062 7,520,537
2,757,859
M llw E le c R y & L t . b . - S e p t
338,327
314,008
166,939
Jan 1 to S ep t 30_______ 2,833,616
2,587,003 1,384,282
M llw L t H t & T r C o .b . - S e p t
93,232
80,637
56,512
Jan 1 to S ept 3 0 ..........
635,265
535,040
367,820
O n eon ta & M oh aw k V a l . b —
J u ly 1 to S ep t 3 0 ...........
69,889
57,456
17,712
P h ila d e lp h ia C o m p a n y .a —
J u ly 1 to S ep t 30........... 4,314,754
4,238,158 1,346,394
Jan 1 to S ep t 30......... .14,278,007 13,510,395 5,243,976
Po u gh k eep sie C ity & W a p p F a lls , b—
J u ly 1 to S ep t 30_______
39,049
36,767
12,338
S t Jos R y L t H t & P o w .O c t
73,050
69,438
35,905
Jan 1 to O ct 31_______
723,613
691,671
355,752
U n io n T ra c tio n Co (A l b a n y ) . b —
J u ly 1 to S ep t 30_______
549,276
527,162
225,105
Jan 1 to S ept 3 0 . ......... 1,518,431
1,406,960
607,256
a N e t earnings here g iv en are a fte r d ed u ctin g taxes,
fe N e t earnings here g iv e n are before ded u ctin g taxes.

684,508
1,370,535
88,258
203,806
1,181,689
2,634,687
170,635
1,306,593
53,156
329,758
23,632
1,347,413
5,285,273
12,337
33,572
335,579
229,072
590,271

Interest Charges and Surplus
— In t . , Rentals. A c .—
C u rren t
P re v io u s
Y ea r.
Y ea r.
$
$

B a l. o/ N e t E 'n g s .—
C u rre n t
P re v io u s
Y ea r.
Y ea r.
$
$

Roads.
In te r n a t'l R y Co (B u ff) —
J u ly 1 to S ep t 30____
270,798
247,716
£415,388
£459,598
Jan 1 to S ep t 30...........
772,593
727,786
£649,628
£691,960
CrOsstown S t R y —
J u ly 1 to S ep t 30_______
50,264
48,241
*38,088
£41,225
Jan 1 to S ep t 30...........
146,482
142,662
£63,844
£64,951
Mass E le c Cos—
J u ly 1 to S ep t 30_______
406,681
376,643
874,469
805,046
O ct 1 to S ep t 30 ........... 1,602,623 1,594,503 1,155,236
1,040,184
M llw E le c R y & L t ______S ep t
104,073
94,050
170,266
£82.733
Jan 1 to S ep t 30_______
909,050
791,915
£532,452
£550,511
M llw L t H t & T r C o ____ S ept
59,446
31,410 £def2,986
£21,814
Jan 1 to S ep t 30_______
390,118
239,243 £ d e f2 1 ,806
£91,137
O n eon ta <St M oh a w k V a l—•
11,591
J u ly 1 to S ept 30...........
11,467
£6,400
£12,524
P h ila d e lp h ia C o m p an y—
Ju ly 1 to S ep t 30........... 1,089,116
1.083.551
£310,577
£314,763
Jan 1 to S ept 3 0 .......... 3,251,106
3.292.551 £2,194,602 £2.215,487
Pou gh k eep sie C lty .& W a p p F a lls—
J u ly 1 to S ep t 30_______
6,786
5,949
£6,006
£6,661
U nion T ra c tio n Co (A lb a n y )—
J u ly 1 to S ept 30...........
87,481
87,481
£174,854
£145,250
Jan 1 to S ept 30_______
262,443
260,943
£455,575
£339,130
£ A ft e r a llo w in g fo r o th er Income re ceived .

AN NU A L REPORTS.
Annuol Reports.— 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 “ Railway and Industrial” and “ Street Railw ay”
sections.
This index does not include reports in to-day’s “ Chronicle.”
R ailroad s—
Page. j In d u s tria l — (C o n .)
Page
A la b a m a G reat S ou th ern _______ 1082 I A m erican M a l t i n g ______ _________ 1141
A tla n ta B irm ingham & A tla n tic 114.'J j A m erican T y p e fo u n d e rs _______ 1 1 41
Canadian N o r t h e r n ------- ----------1143 Federal M in ing * S m e ltin g _____1081
Chicago Burl. & Q u in cy. .1079, 1086 |In tern a tion a l P a p e r_____________ 1081
C hicago P eo ria & St. L o u is ____ 1140; L a k e Sup rlor C o rp oratio n ______ 1142
In terb orou gh R a p id T r a n s it____ 1080 M ergenthaler L ln o t v p i_________ 1142
M exican C e n t r a l ........... .............. io 8 0 Pacific C o a st....................... 1081, 1093
M exican In te rn a tio n a l____ 1139, 1149 S tandard M i l l i n g ________________ 1082
M issouri P a c ific ................. 1139, 1147 U . S. R ed u ction & R e fin in g ____ 1085
M o b ile & O h io ............................. io 8 3 U . S. S teel Corp. (9 m o s .)......... 1140
N a tio n a l R R . o f M e x i c o . . 1140, 1151 W estlnghou se E1.& M fg .(6 m o s .) 1085
N o rth ern P a c if ic ------------ 1079, 1087
Street Railw ays—
W estern M a ry la n d ------------------- 1 1 4 0 B oston E le v a t e d _________________ 1143
W isconsin C e n t r a l-----------1079, 1092 M on treal S treet R y _____________ 1143
In d u stria l C om pa nies—
A llls - C lia lm e r s ___________________1081




1203

Iowa Central Railway.
(.Report for Fiscal Year ending June 30 1907.)
Extended extracts from the report of President Edwin
Hawley are given on a subsequent page. Comparative sta
tistics are given below:
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1906-07.
1905-06.
1904-05.
1903-04.
Miles operated June 3 0 . .
558
558
558
558
Operations—
Pass, carried ( N o . ) ______
737,438
682,353
634,618
632,908
Pass, carried one m ile . . . 22,640,824
21,462,499
23,319,721 20,948,709
R a te per pass, per m ile . 2.243 cts.
2.194 cts.
2.070 cts.
2.001 cts.
R e v . freig h t (tons) c a rr .
2,381,964
2,337,035
2,050,024
1,822,334
F reig h t (tons) carr. 1 m _3 99,374,439 403,094,137 336,677,181 290,560,446
R a te per ton p er m ile ___
0.628 cts.
0.591 cts.
0.598 cts.
0.640 cts.
A v . tra in load (re v .) tons
288
277
246
195
Earns, per pass, tra in m . 93.39 cts.
87.14 cts.
86 56 cts.
74.10 cts.
Earns, per fg t. train m _ .
$1.81
$1.64
$1.47
$1.25
Gross earnings per m ile .
$5,589
$5,282
$4,616
$4,256
E a rn in g s—
$
$
$
$
P a s s e n g e r s . - ..- .............
520,610
481,333
482,602
428,741
F r e ig h t___________________ 2,508,327
2,383,160
2,013,549
1,860,514
M ail, express, & c_______
103,111
94,094
92,149
87,850
T o t a l - . ......... ............
Expense s__
M a in t. o f w a y , & c_______
M ain t. o f eq u ip m en t . . .
C on du ctin g tra n sp o rt’ n G e n e r a l_________________
T a x es ___________________

3,132,048

2,958,587

2,588,300

2,377,105

394,895
349,139
1,206,293
111,032
88,849

405,271
345,348
1,231,275
112,494
89,350

410,202
347,735
1,169,890
108,617
91,637

281,347
319,093
1,153,617
106,893
91,020

T o t a l________________
P . c. expenses to e a r n s ..
N e t ea rn in gs____________
R en ta ls, Interest & misc.

2,150,208
(68.65)
981,840
219,626

2,183,738
2,128,081
1,951,970
(73.81)
(82.22)
(82.11)
774,849 460,219
425,135
217,686 201,219
135,472

1,201,466
992,535
T o t a l_________ - _____
Disbursements—
In tere st on b on d s........... 596,100
595,440
O ther in t., discou n t, &c.
105,519
103,470
R en ta ls, & c . ............... .
54,253
56,183

661,438

560,607

595,944
92,492
50,075

562,817
31,531
47,391

T o t a l — _____________
755,872
755,093
738,511
641,739
d ef. 77,073 d e f. 81,132
Balance fo r y e a r ________ sur. 445,594 sur. 237,442
CONDENSED BALANC E SH EET
1907.
.A sscts~~~~
$
R o a d and e q u ip m e n t....................... ......26,932,476
Coal m ines, lands, & c ___________________
618,541
Supplies on h an d............................. ........
271,607
C a s h ......... ................................................
423,258
V ariou s accou nts re c e iv a b le ___________
265,028
Bonds and s to ck _________ __________ _
3,270,000
43,600
In terest on bonds o w n ed .......................

J U N E 30.
1906.
1905.
$
$
26,889,510 26,840,082
618,541
618,541
225,997
216,041
267,295
213,982
263,617
224,263
3,270,000 3,171,000
43,600
42,280

T o t a l.................................................. 31,824,510
L ia b ilitie s-—
Stocks (see “ R y . & In d .” S e c .)............. 14,199,455
Bonds ( s e e ‘ 'R y . & In d .” S e c .)............. 12,990,295
111,220
In terest due and a ccru ed_______________
V ouchers and p a y-ro lls _________________
200,899
Loan s and bills p a y a b le - ............... ........ 1,632,500
50,397
T a x es accrued, n ot d u e ________________
U nadju sted a c c o u n ts ___________________
84,399
Eq u ip m en t replacem en t fu n d _________
32,436
P ro fit and loss surplus_________________ 2,522,909

31,578,560

31,326,190

14,199,455
12,990,295
126,860
141,333
1,875,000
84,750
83,553
_______
2,077,314

14,196,410
12,891,220
124,535
216,275
2,000,000
51,601
6,277
_______
1,839,872

T o t a l ................... .............................. 31,824,510
— V . 85, p . 793, 722.

31,578,560

31,326,190

Kansas City Southern Railway.
(.Report for Fiscal Year ending June 30 1907.)
The full text of the remarks of President J. A . Edson, also
the income account and balance sheet, will be found on sub
sequent pages. Below we give various statistics of interest;
R O L L I N G S T O C K J U N E 30.
L ocom otives.
1907............... ...................... 180
1906......................................168
1905......... ............................ 149

P a s s . Cars.
89
88
63

F re ig h t Cars.
7.285
6,918
5,933

M is c e ll.
659
815
524

S T A T E M E N T F O R Y E A R S E N D I N G J U N E 30.
1906-07.
1905-06.
1904-05.
1903-04.
M iles o p era ted -------------827
827
839
838
Operations—
,
Gross earnings per m ile .
$10,596
$8,774
$7,900
$7,688
N e t earnings per m ile ___
$4,419
$2,365
$2,066
$2,266
£ T on s ca rried-------------3,135,712
2,776,747
2,472,811
2,320,127
£ T o n s carried 1 m i l e . - -997,916,269 877,542,261 744,258,043 740,738,375
A v . per ton per m (m ills)
7.03
6.79
7.29
7.20
F reigh t receipts per m ile
$8,486
$7,204
$6,469
$6,359
F g h t. rec. per re v . tr. m .
$2.33338
$1.96230
$1.95344
$1.94741
R e v . train load , t o n s . . 331.76
289.02
267.87
270.40
£ Passengers ca rried ____
1,509,935
1,121,124
972,031
941,205
£ Pass, carried 1 m i l e . . . 56,436,653
39,717,925
34,741,195
31,078,414
A v e r , per pass, per m ile .
2.380 cts.
2.380 cts.
2.335 cts.
2.483 cts.
Gross Receipts—
$
$
$
$
F r e ig h t............. ................
7,018,633
5,958,153
5,427,507
5.334,738
P a s s e n g e r . . ...................
1,343,354
945,208
811,192
771,689
M a ll, express, & c ...........
401,605
353,023
389,054
343,893
Kansas C ity T e r m in a l..
320,740
311,948
265,903
227,895
T o t a l re ceip ts ________ 9,084,332
7,568,332
6,893,656
O perating Expenses—
M ain t. w a y & structures 819,859
980,104
800,693
M ain t. o f e q u ip m e n t ...
1,108,521
1,184,080
1,188,163
T ra n sp o rta tion .............
2,885,789
2,854,696
2,598,278
G eneral expen ses...........
294.430
281,781
307,006
K . C. T erm in a l o per. ex p
230,920
231,615
194,216

6,678,215

T o t a l oper. ex p en ses.
N e t earn in gs____________
P . c. o f e x p . to ea rn in gs.
In tere st, discou n t, & c ._

4,710,203
1,968,012
(70.53)
8,782

5,339,519
3,744,813
(58.78)
78,134

5,532,275
2,036,057
(73.10)
28,899

5,088,356
1,805,300
(73.81)
32,501

736,968
1,029,080
2,509,487
273,645
161,023

N e t In com e.................
3,822,947
2,064,956
1,837,801
1,976,704
D educt—
T a x e s ..............................
183,849
166,475
153,150
150,254
In tere st on b on d s...........
900,000
900,000
899,980
899,989
M isc ella n eo u s___________
_______
12,711
49,459
73,528
D eferred renew als, & c _ .
_______
_______ 125,020
______________
In tere st on eq u ip , n o tes.
84,051 33,396
______________
_______
In t. on coll. go ld n o t e s ..
199,708 19,318
______________
_______
D iv . on p ref. stock, 4 % ,
paid J u ly 1 1907......... &f840,000
.................
...........
...........
T o t a l ...........................
2,207,608
B alan ce, su rp lu s............ 21,615,339

1,131,900
933,055

1,227,6019
610,192

1,123,771
853,023

£ R ev en u e fre ig h t o n ly .
V Charged against profit and loss account b u t h ere ded ucted fro m Income
account.
z Miscellaneous a dju stm en ts, $182,531, w ere ded ucted fro m p ro fit and
loss sur lus in 1906-07, m akin g n et a d d itio n th e reto du rin g y e a r $1,432,808

THE CHRONICLE.
S U B S ID IA R Y
P R O P E R T IE S
OPERATED
SEPARATELY.
N e t.
Interest.
B alance.
Gross.
Arkansas W estern R y . . 1906-07..$88.297
$39,374 a$ 3 2 ,500 su r.$5,712
do
do
..1 9 0 5 - 0 6 .. 75,604
28,896
32,500 d e f. 3,60,4
6,000 sur. 3,171
K . C. Sh. & G u lf T e r m . 1906-07-. 25,150
9,171
6,000 sur. 3,219
do
do
- .1 9 0 5 -0 6 .. 22,132 def.9,219
1,254 &50;000 &def.57,377
P t .A rth u rC a n al & D o ck . 1906-07 . _ 87,106
50,000 d e f.22,987
27,013
do
do
-.1 9 0 5 - 0 6 .. 86,823
O P E R A T IO N S

OF

a A ft e r d ed u c tin g m iscellaneous adju stm en ts, $1,162.
b A ft e r d ed u ctin g m iscellaneous a dju stm en ts, $6,123.
A S S E T S A N D L I A B I L I T I E S J U N E 30.
1907.
1906. |
1907.
1906.
Assets—
$
$
| Liabilities—
$
$
Railways, equipt.,
j Preferred stock_21,000,000 21,000,000
securities ot ter|Common stock_30,000,000 30,000,000
m inalcos., &C-_81,070,452 81,042,52411st mtge. bonds..30,000,000 30,000,000
Im pr’ ts & rehabili15% notes of 1912 64,806,000
2,382,125
ation...........
6,206,490 4,350,1251Equipt. trust notes 1,764,000 1,968,000
Agts. & conduct’ rs
168,622
133,962|Unpaid coupons..
137,650
45,205
Cash ____________ a l. 432,311
221,9461Accrued interest..
236,205
237,510
Material & supplies
800,064
646,630 |Tra£flc balances..
184,120
136,153
621,043
829,275
Loans receivable
I P ay-rolls_. . .
(sec by N . Y .
ITaxes, not due_
94,235
85,735
St'k Ex. collat.) 1,000,000 ............. |Renewal, replaceBills receivable___
140,000 _________| ment & reserve
Traffic balances..
388,850
237,5551 fu nds
590,738
435,808
Individ’ls & cos___
531,150]
|Special reserve for
U . S. Government
30,452f
500,0201 deferred,renewals
Wells F .& C o .E x p
35.354J
| and repairs_ _________
182,433
In v. & advances to
|P ref. dividend payproprietary cos.
822,605
711,8191 able July 1__
840,000
Invests. In mar|Miscellaneous_
105,604
134,561
ketable sec_______________
125,4381 Profit and loss__ 2,376,438943,630
Assets set aside for
improv’ ts &c_____________
359,5141
Miscellaneous____
129,683
50,9011
Total assets____ 92,756,032 88,380,43s'|

Tot. liabilities. .92,756,032 88,380,435

a The Item of cash, $1,432,311 includes reserve for dividend, 5840,000; reserve
or coupons unpaid, $137,650; available for other purposes, 5454,661.
b After deducting $294,000 In hands of trustee, unsold.— V . 85, p. 600.

Minneapolis & St. Louis Railroad Company.
(Report for Fiscal Year ending June 30 1907.)
Extended extracts from the remarks of President Edwin
Hawley are given on s ubsequent pages.
Various facts from tables in the report follow.
C O N D IT IO N O F T R A C K S ( IN C L . 9.92 M . 2D T R A C K ) A N D B R ID G E S .
------------Rails (miles)---------------Metal Bridges on - Wooden
Timber
JuneZO.
80ft. 75R>. 70/6. 66lb. 60lb. Var. Masonry. P ilin g. Bridges. Trestles.
1907 .......... 103
1
401
40 155
79 5,531ft. 1,689ft.
none 46,858ft.
1906 .......... 103
1
287
39 244 105 5,531ft. 1,414ft.
none 44,669ft.
1905 ______ 98
1
233
43 284 121 5,531ft. 1,414ft.
none 45,854ft.
1904 ______ 98
1
224
34 270
14 5,094ft. 1,217ft. 215ft. 42,870ft.
Track ballasted June 30 1907, 484 miles; to be ballasted, 286 miles. Locomotives,
97; passenger cars, 94; freight cars, 4,278.
C L A S S IF IC A T IO N O F F R E IG H T — P R O D U C T S O F (T O N S ).
A grlculfre. Animals. M ines. Forests. M an'Vr's.
1906-07.......................... 988,070
95,847 450,442 242,937 211.922
1905-06_____ _____ _____ L058.073
90,989 329,707 228,236 206,781
1904-05_________________ 813,415
76,609 278,662 265,935 222,708
1903-04........................... 657,808
73,567 297,747 227,421 173,920

Miscell.
463,642
452,090
310,270
234,078

The comparative statement of earnings, &c., compiled for
the “ Chronicle,” is as follows:
O P E R A T IO N S .
1904-05.
1903 04.
1906-07.
1905-06.
642
799
720
A v e r a g e m iles operated .
798
1,216,937
1,073.012
1,114,607
1.211,173
Passengers c a rr ie d , N o . .
Pass, carried 1 m ile ------ 51,064,856 49,661,788 43.391,032 41,644,090
1.940 cts.
1.927 cts.
1.967 cts.
1.888 cts.
R a te per pass, p er m ile .
2,365,876
2,452,860
1,967,599
1,664,541
R e v . f r ’ t c a rried , ton s..
d o 1 m ile , ton s______238,861,401 221,248,539 184.140,096 154,315.035
1.217 cts.
1.098 cts.
R a te p e r ton p er m ile - .
1.123 cts.
1.153 cts.
$ 1.00
$ 1.00
Earns, p er pass. tr. m ile
$1.06
$1.04
$2.69
$2.94
Earns, p er f r ’ t tr. m i l e . .
$2.89
$2.86
$4,257
$4,425
Gross earnings p er m ile .
$4,840
$4,647
244.95
241.57
R e v . train -load , t o n s ..
257.10
247.87
E A R N I N G S . E X P E N S E S , C H A R G E S , &C.
1906-07.
1905-06.
1904-05.
E a rn in g s fro m —
$
$
1,010,202
1,001,548
P a s s e n g e rs ......................
F r e i g h t ......... ..............
2,681,351
2,550,564
M a ll, express & m iscell182,115
174,553

1903-04.
$
$
825,830
897,311
1,878,058
2,021,993
146,677
157,452

T o t a l ............................
Expenses__
M ain tenan ce o f w a y , &c.
M aln t. o f e q u ip m e n t ...
C on du ctin g tran sporta’ n
G e n e r a l............................
T a x e s ............. ................

3,873,668

3,726,665

3,076,756

2,850,565

439,745
458,692
1,350,796
131,274
176,624

444,817
411,419
1,158,339
129,153
165,469

337,871
328,822
1,040,032
122,160
117,490

310,756
303,834
952,275
123,227
111,210

T o t a l ............................
N e t ea rn in gs____________
O th e r In com e___________

2,557,131
1,316,537
292,943

2,309,197
1,417,468
259.732

1,946,375
1,130,381
236,075

1,801,302
1,049,263
275,248

1,609,480
T o t a l ....... ....................
D educt—
66.257
R e n t a ls _________________
100.909
N e te a r n s . D . M . & F t .D .
22,492
N e te a r n s . M . D . & P . R y .
In t . pa id du rin g y e a r ___
,105,388
M is c e lla n e o u s ___________
D lvs. on p ref. stock (5 %)
200",000
D lvs. on com . s to ck ____

1.677,200

1,366,456

1,324,511

66,522
98,716

61,737

56.045

1,0 9 5 ,9 3 2

1,020,376
931 ,447
38,942
26,848
2 0 0 ,0 0 0
200,000
........... ( 2 ^ ) 150,000

1,461,170
1,308,961
1,376,434
T o t a l ......... ..................
1,495.046
B alan ce ______________ su r.al 14,434 sur.216,030 sur. 57,495 d e f. 52,923
a T h e p ro fit and loss surplus was charged w ith discou n t on bond s sold
du rin g y e a r 1906-07 o f $19,350, lea vin g $95,084 to be a d d ed to p rofit and
loss account from the operations o f the ye a r.
B A L A N C E S H E E T J U N E 30.
1906.
1907.
$
$
/I ssets—
30,104,576 29,917,625
588,000
652,600
I n v e s t m e n t s ___________________________
45,145
Com panies and In d ivid u a ls ___________
89,069
150,914
A gen ts and con d u ctors________________
25,644
26,295
U . S. P . O. D e p a rtm e n t_______________
495,000
908,000
C o m p a n y’s bonds In trea su ry________
370,406
535,136
M ateria ls and supplies________________
235,622
639,018
C a s h _________ ____________ _____________
28,936
68,701
M is c e lla n e o u s _________________________
4,767,997
1,186,774
C en t. T r . C o ., trustee o f 5-yr. n o t e s ..
1,059,455
D a k o ta Constru ction C o m p a n y _______
4,077,412
T o t a l assets........................................ 38,394,571




37,577,756

1905.
$
29.819,648
502.200
83,224
77,639
25,216
495,000
233,316
494,159
75,014

31,805,417

[V o l . l x x x y .
1906.
$
6,000,000
4.000.000
19,565,000
5.000.000
327,413
315,353
70,604
89,761
120,682

1905.
$
6,000,000
4,000,000
19,565,000

80,580
309,369

100,000
87,764
1,478,770

157',108
297,215
61,033
100,000
89,901
1,383,685

90,587
1,167,655

38,394,571

37,577,756

31,805,417

;

• 1907.

L i abilities—

$

S to c k , co m m on ________________________
S to ck , p referred ______^______ ________
Bpxids (see R y . & In d . S e c tio n )____ _
5-year n otes, due 1911________________
A u d ite d vo u ch ers____________ ________
A ccru ed interest on bonds, & c____ _
E q u ip m en t trust n otes________________
T a x e s , n ot d u e_________________________
A u d it e d , p a y-ro lls____ ________________
B ills p a y a b le _________________ z ____. . .
R o llin g sto ck replacem ent fu n d _______
R es erve fo r im p ro vem en ts, & c_______
In d ivid u a ls and com pan ies___________
D iv . on pref. stock p a y a b le J u ly ______
Coupons d u e, n ot p resen ted ___________
In com e a cco u n t________________________

6,000,000
4,000,000
19,795,900
5,000,000
286,158
352,926
50,923
87,875
156,278
620,000
178,430
199,547

T o t a l lia b ilitie s ......... ........................

82*268
211,186
127,087
68,014
103,670

r-T-V. 8 5 , p . 793.

Atlanta Birmingham & Atlantic RR.
(Report for Fiscal Year ending June 30 1907.)
President H . M. Atkinson, under date of Atlanta, Ga,.
Oct. 1 1907, says in substance:
Construction.— Since the last annual report substantial progress has been
m ade on the extensions under construction to B irm ingham and A tla n ta .
On June 30 1907 the m ain lines w ere as follow s:
Brunsw ick to L a G ra n ge___ 287 miles I P y rlto n to S to ck d a le----------- 20 m iles
Sessoms to W a y cro ss_______ 26 m iles P y rlto n to A s h la n d -------------- 7 m iles
F itzge ra ld to T h o m a s v llle .. 81 m iles |
------------Presen t to ta l m ain l i n e --------------------------------------------------------- 421 miles
Main line under construction, a p p r o x im a te ly ______________________ 230 miles
T o ta l m ain line b u ilt and b u ild in g, a p p r o x im a te ly _____________ 651 m iles
On O ct. 1 1907 construction betw een LaG ran ge and B irm ingham had
been com pleted and regu lar schedules put In operation as fa r as W a d le y ,
A la ., 39 miles w est from LaG ran ge and 131 miles w est from M ontezum a.
R a ils have been laid on this line as fa r as m ile 148, a po in t 14 m iles from
P y rlto n . A la .
A t P y r ito n conn ection w ill be m ade w ith the Kastern R y .
o f A la b a m a , w hich was purchased from the L ou isville & N a sh ., and is
now in operation from P y rlto n to T a lla d eg a. W e ex p e c t to com plete the
tra ck -la y in g to P y rito n about O ct. 15 1907. Th is w ill giv e us a continuous
line o f railroad from Brunsw ick to T a lla d eg a , 378 m iles. T a lla d eg a Is
a p p rox im a tely 75 miles from B irm in gh am . T ra c k -la yin g w ill go on con 
tinu ou sly from T a lla d eg a w est to B irm in gh am ; the gra din g is now p ra c ti
ca lly com pleted as fa r w est as Pelh a m , A la ., 234 miles from M ontezu m a.
T h e grading betw een P elh a m 'a n d Birm ingham (27 m iles) is w ell adva n ced
and should be com pleted b y March 1 1908.
G rading from M anchester (fo rm erly C halybeate Springs) to A tla n ta ,
75.76 m iles, is p ractically com pleted and tra ck -la y in g had reached Senola,
G a., 36 miles from M anchester and 39.76 miles from A tla n ta . W e ex p e c t
to com plete tra ck -la yin g to A tla n ta b y N o v . 30 1907.
Our plans fo r the develop m en t o f the Brunswick term inals are p ra c tic a lly
com pleted; these plans comprise local freigh t and passenger term inals, belt
railroad and steamship term inals.
T h e G eorgia T erm in al C o., w hich owns the A tla n ta term inal, the en tire
ca pita l stock o f w hich Is owned by this com pan y, has p ra c tic a lly com pleted
the grading and m ason ry re a d y for the track (V . 84, p. 1428, 1551.)
T h e A la b a m a T erm in a l R a ilroa d C o., w hich owns the B irm ingham te r
m inal situation, the en tire capital stock o f w hich is ow ned b y this com pan y
Is pushing the w ork so as to have e v e ry th in g in readiness b y the tim e the
m ain line reaches the B irm ingham d istrict.
(V . 84, p. 1426; V . 85, p. 344.)
A ll oth er construction w ork is bein g pushed and it Is estim ated th a t a ll
the w ork now under w a y w ill be e n tire ly com pleted du ring th e first six
months o f the year 1908.
T h e Brunswick Steam ship Co. now has fou r steamships in regu lar opera
tion in conn ection w ith this road betw een N e w Y o rk and Brunsw ick. T h e
fifth steam er is now u nder constru ction and w ill be com pleted in D ec.
1907.
(V . 85, p. 470; V . 84, p. 1430; V . 83, p . 1292.)
E a rn in g s .— VI 1th construction w ork go in g on from Brunsw ick p ra c tic a lly
a ll the w a y to the en d o f the tra ck , the road has been operated under d is
ad va n ta ges. I t has seemed wise to put all o f our en erg y upon com pletin g
this constru ction w ork, eve n though this Interfered w ith our g e ttin g the
best results from the portions o f the road under operation. Th ese con d i
tions, taken in consideration w ith the Increased cost o f fu el, w ages and ta xes,
should be borne In m in d In stu dyin g th e statem en ts and statistics w hich
fo llow ;
O P E R A T IO N S . E A R N IN G S A N D C H A R G E S .
1903-04.
1 9 06-07.
1905-06.
1904-05.
220.11
A v e ra g e miles o p e ra te d -.
393.29
323.62
337.39
370,273
Passengers c a rrie d , N o ___
668,488
540,556
481,646
6,883,992
10,795,760
9,874,009
Passengers carried 1 m ___ 13,1 4 7 ,0 4 9
2.550 cts.
2.581 cts.
R a te per pass, per m ile .- 2.743 cts.
541*089
775,470
662,447
T on s fre ig h t, n u m b er____
996,866
54,104,250
66,633,663
T on s one m ile ____________ 86,498,911
1.2S0 cts.
R a te per ton p er m ile ____ 1.252 cts.
1.158 cts.
$
E a rn in g s—
$
$
$
4 4 4 ,785
681,648
771,939
F r e ig h t....... .................. ..
1 ,0 8 3 ,1 2 9
193,751
251,748
278,591
P a s s e n g e r ________________
360,593
3 3,693
68,116
77,797
M a il,e x p r e s s ,m is c ., & C - .
145,426
Expenses—
M aintenance o f w a y , & cM alntenance o f eq u lp ’ t . .
C on du ctln g tra n sp o rt’ n . .
G en eral e x p e n s e s ________
N e t ea rn in gs.
O th er incom e
T o t a l _____________
D educt—
In terest on b o n d s ..
T a x e s ______________
Miscellaneous In t., & c___
T o ta l
Surplus

1.589,148

1,128,327

1,001,512

672,229

233,722
213,916
636,532
85,765

149,977
145,141
434,826
59,040

143,598
124,732
358,851
53,247

80,776
84,249
254,492
29,570

1,169,935
419,213
15,938

788,984
339,343
5,598

680,428
321,084
5,950

449,087
223,142
2,907

435,151

344,941

327,034

226,049

346,200
39,874

220,492
40,757
9,834

205,592
26,303
14,547

95,300
15,246
7,636

246,442
80,592

118,182
107,866

1907.

1906.
$
3.962.000
6,523,800
9.090.000
1,596,863
77,250
111,175
99,073
42,993
98,339
84,000
29,287

271,082
386,074
73,858
49,077
B A L A N C E S H E E T J U N E 30.
1907.
1906.
I

Assets—
Road and equlp’ t.30,479,192
Securities o w n ed..
8,380
Materials and supp
236,853
Trust equipment..
______
C a sh ....................
101,145
Cash for in terest..
154,125
Deferred assets___
58,619
Agts. & eonduct’ rs
82,245
Individuals & cos.
177,871
A tl. & Birm. Con
struction Co____18,260,500
Title Guar. & Tr.Co.................

$

|

L ia b ilitie s —

S

1 3 ,0 6 5 ,3 2 1 1Preferred s t o c k . . . 10,000,000
3, 6 2 0 | C o m m o n stock...25,000,000

88,1591Bonds................. -12,263,000
731,1421Equip, obligations l,469,t>35
108,8181Bills payable------202,875
111, 175|lnt.. incl. July 1 ..
157,625
65,999|Audlt. vouch., &c.
195,147
44,9661Pay-rolls (June) . .
73,455
67,8521Reserves & m isc..
118,928
______
|Atl. & Blrm. R y . ,
7,327,7281Profit and loss____
78,364

100,0001

T o ta l assets____49,558,929 21,714,7801 Total liabilities.49,558,929 21,714,780
— V . 85, p .1143, 1082.

Canadian Northern Railway.
(Report for Fiscal Year ending June 30 1907.)
President W m . Mackenzie says in substance:
General Results.— T h e gross earnings show an increase o v e r 1905-06
o f $2,446,442, or 4 1 .4 4 % , and n et earnings a gain o f $697,012, or
31.27 %
T h e Increases are gr a tify in g both In passenger and freigh t receipts.
N e w settlers h ave been brou ght Into all the districts served b y the ra ilw a y.
T h e tonnage o f grain, lu m ber and general m erchandise hauled has been
much h ea vier, ow in g to the In crea sed fm llea gelln lo p era tlo n , and esp ecially

Nov. 9 1907.]

THE CHRONICLE.

to the larger areas o f land brou gh t u nd er cu ltiva tion alon g the o ld er p o r
tions o f the line. T h e Increase In the q u an tity o f flour h an dled (from
483,819 sacks In 1905-06 to 844,500 In 1906-07— E d .) shows how q u ick ly
in du stries a llied to agriculture are being fou n ded In W estern Canada.
T h e w orkin g expenses w ere 73.49% o f the gross earnings o f the ra ilw a y
p rop e r and 64.96% o f the gross earnings from all sources, com pared w ith
6 6.49% and 62 .2 4 % , le s p e c tlv e ly , last year. Th is Increase Is due to the
u np receden ted character o f the w in ter and the grea ter cost o f la bor and
m aterials. T h e w in ter was the severest e v e r kn ow n In W estern Canada
In du ra tion , lo w tem peratu re and dep th o f snow.
In D ecem b er, Janu ary,
F eb ru a ry and M arch the o p era tin g dep artm en t was o b liged to d e v o te Itself
to k eep in g com m unications open; this m ade It im possible fo r the tra ffic
to earn expenses. Th ese d ifficu lties o f operation w ere com m on to a ll lines
In the N o rth w estern S tates as w ell as W estern Canada.
T h e crop fo llo w in g these ad verse condition s, though n ot equ al to those o f
som e recen t years, Is much b ette r than had been a n ticip ated and Is m ore
fa vo ra b le than the crops !n m a n y oth er parts o f the w o rld .
B oth soli and
clim ate h ave been pu t to an ex trem e test and the results inspire e v e ry con
fidence
A d d ition s , E xten s io n s, & c.— In the P ro vin ces o f M a n ito b a , Saskatche
w an and A lb e r ta a d d itio n a l eq u lm en t and o th er fa cilities fo r the speedy
h an d lin g o f business m ust be p r o v id e d . N e w lines are u nder construction
to m eet the dem ands o f farm ers, w ho are a lrea d y produ cin g Im m ense quan
tities o f grain.
O th er lines are co n tem pla ted that w ill n ot o n ly serve new
lo ca litie s, bu t, b y a ctin g as fee d ers , w ill p ro tect our te rrito ry .
T h e d e v elo p m en t o f these c o m p a ra tive ly new districts du rin g the c u n en t
y e a r has requ ired the exp en d itu re o f large sums on structural and m echanical
Im provem en ts, Inclu ding ex ten sive b a lla stin g, m an y n ew stations, new
sidin gs, plan ts fo r h an dlin g coal, w a te r stations, n ew accom m odation s fo r
fre ig h t, stockyards, &c. Th e grow th o f business has also necessitated the
purchase o f a grea t d ea l o f n ew ro llin g stock, the d e liv e ry o f w hich w ill
contin u e d u iln g the current ye a r.
T h e lines o f the Canadian N o rth ern Q uebec R a ilw a y necessary to giv e
y o u r com pan y the fu ll a d va n ta g e o f conn ection w ith this system have n ot
y e t been co m p l^ tid . T h e y are, h ow ever, under constru ction , and w ill be
finished n e x t year.
L a n d s .— Th e land accounts are In corporated fo r the first tim e In the
gen era l balance sheet.
In respect o f lands sold, o v e r $3,000,000 has been
c a llected and Is h eld In trust b y the N a tio n a l Trust Co. to retire the land
gra n t bon d s, am ou ntin g to $2,000,000, n ow ou tsta n din g. D efe rre d p a y 
m ents on land sales still to be collected am ount to $4,871,039.
Y o u r co m 
p a n y also has a stock in terest In the Canadian N o rth ern P ra irie L a n d s C o.,
w hich shows a substantial profit on the m a rket valu e o f the stock taken
in to the accounts o f the ra ilw a y com pan y.
O f land still unsold there are 1,828,251 acres, so th a t eve n i f p resen t land
va lu es d o n ot a d va n ce— and we have no d ou bt that th e y w ill a dvan ce In the
im m ed ia te fu tu re— a substantial asset w ill accrue to the com pan y.
Trib u ta ry E nterprises.— Y o u r d irectors note w ith gra tifica tio n the estab
lish m en t o f blast furnaces a t P o rt A rth u r, which since J u ly h ave been
prod u cin g first-class plg-lron fro m ore brou gh t o v e r yo u r ra ilw a y fro m the
A tik o k a n m ines. W e are In form ed that steps are bein g ta k en to dou ble
the furnace outpu t. O th er m ines, rich in iron, and trib u ta ry to yo u r
m ain line w est o f P o r t A rth u r, are bein g opened up, and arrangem ents are
n ow b ein g co m p leted which w ill insure h e a v y shipm ents o f ore im m e d i
a te ly n aviga tion opens In 1908. Th e iron ranges tapped b y y o u r m ain line
ai-e sim ilar to those in the a d jo in in g S tate o f M innesota and should u lti
m a te ly a fford large reven u es to y o u r com pan y.
S everal n ew Industries h ave re cen tly been secured b y the cities o f P o r t
A rth u r and P o r t W illia m , w hich w ill contribu te still fu rth er to the n o te 
w o r th y expansion which has taken place In connection w ith y o u r term inals.
T h e ccal clocks are w ith ou t a superior in eq u ip m en t. T h e y a lre a d y handle
600,000 tons In a season.
W ater C onnection.— T h e d irect w a te r conn ection v ia P a rr y Sound and
the C anadian N o rth ern O n tario R a ilw a y w ith T o ro n to and o th er O ntario
p oin ts, which was established this y e a r , has begun the diversio n to the
C anadian N o rth ern O n tario R a ilw a y o f a large prop o rtio n o f p rofita b le
t ra ffic to and from the W estern P rovin ces .
C urrent E a rn in g s .— T h e Increase In gross earnings has been w ell m a in 
ta in ed since the close o f the fiscal y e a r, the rep orted figures fo r the m onth
o f J u ly, A u gu st and S ep tem b er bein g $2,618,200, com pared w ith $1,823,100
fo r the same period In 1906, an Increase o f $795,100.
E qu ip m e n t owned J u n e 30—
L ocom o- Passenger
F re ig h t
M is c e ltlves.
Cars.
Cars.
laneous.
190
185
6.868
226
1907................... .............. ..................
1 9 0 6 ...........................
141
130
5,437
157
1 9 0 5 ..................................................
106
69
4,154
133
O P E R A T I O N S , E A R N I N G S , C H A R G E S , &C.
1906-07.
1905-06.
1904-05M iles operated June 3 0 _______________
2,639
2,482
1,876
Operations—
Passengers c a r r ie d ......... ......................
703.988
564,341
468,591
Passengers carried one m ile ___________ 60,683,505 47,182,065 28,883,378
Earn in gs p er passenger per m ile ______
2 835 cts.
2.522 cts.
2.591 cts.
Earn in gs per tra ffic train m i l e ...........
$1.18601
$1.13002
9 2 . 6 1 cts.
F re ig h t (tons) c a r r ie d .........................
1,822.220
1.727.002
1,368,896
F r e ig h t (tons) carried one m ile ........... 657,437,305 535,298,197 385,834.234
0.873 cts.
0.810 cts.
0.793 cts.
Earn in gs p er ton per m i l e . ............... ..
E arn in gs per tra ffic train m ile _______
$2.54139
$2.2214
$2 0468
$3,328 09
$2,860 34
$2,64137
Earnings per m ile o f r o a d ...................
Gross E a rn in g s—
$
$
$
P a ssen g er................................................
1,464,256
1,062,639
663,936
F re ig h t ...................................... ............
5,741,729
4,335,933
3,061,531
M a lls .............. .........................................
58,231
23,172
20,962
E x p r e s s ..................................................
85,124
53,941
35,200
M iscellaneou s, lncl. teleg ra p h , din in g
and sleeping cars, and p ro fit from
e le v a to r and o th er su bsidiary c o s ..
1,000,858
428,070
408,583
O perating Expenses—
M ain tenan ce o f w a y and stru ctu re s._
M ain tenan ce o f eq u ip m e n t___________
C on du ctin g tra n sportation .................
G en eral expenses, in clu ding ta x e s ___
T o ta l o p era tin g ex p en ses___________
P e r cen t o f gross e a r n in g s .................
F ix e d Charges-—
In tere st on bonds guaranteed b y G o v
ern m en t o f M a n it o b a ............. ........
In t . on bonds guar, b y D om . o f C a n ..
In t . on perpetu al consol, deb . stock .
R en ta ls leased lines, & c _______________
In tere st on equ ip m en t leases

8,350,198

5,903,755

4,190,212

1,228,957
852.800
3,097,495
244,912

807,692
585,602
2,072,056
209,382

557,261
410,707
1,515,300
161,462

5,424,164
(64.96)
2,926,034

3.674.732
(62.24)
2,229,023

2,644.730
(63.12)
1,545,482

624,726
280.800
446,054
223,960
306,949

591.058
167,836
315.360
223.960
211,234

577,307
27,690
104,471
223,960
195,351

1205

Minn. & Ont. Bridge Co. sto ck ..$100,000 |Lake Sup. Term. 5% b o n d s ...$1,000,000
First 4 ^ % debentures......... 180,000 |Can. North. Teleg. Co. stock..
500,000
300,000
Minn. & M a n .R R . s to c k .._____ 400,000| General mortgage 5% bonds
General mortgage 5% bonds.. 250,0001Winnipeg Land Co.,Ltd., stk.
100,000
Lake Superior Term. Co; stock. _ 500,0001 First mortgage 5% bonds___
300,000
x The surplus In land grant account, $3,764,638, was obtained after deducting
$2,000,000 land grant bonds, as above, the money to redeem which is In the hands
of the National Trust Co., the gross land sales having aggregated $8,764,638.
Note.— In addition to the above assets the company own^l ,828,251 acres of land
In Manitoba and Saskatchewan.— V . 85, p. 1143, 863.

Louisiana & Arkansas Railway.
(.Report for Fiscal Year ending June 30 1907.)
President Wm. Buchanan, under date of Texarkana, Ark.,
Sept. 28 1907, says:
General Results.— T h e gross earnings du ring the ye a r Increased 15 % ,
and surplus applicable to Interest charge increased 2 .0 7 % .
Th ese results
w ere accom plished n otw ith sta n d in g the fa c t th a t fo r the h alf-yea r en d in g
A p ril 1 1907 a m ost serious car shortage p reva iled .
T h e gross earnings
increased from $1,057,525 in 1906 to $1,216,837 in 1907, and the n e t in 
com e a va ila b le to m eet fixed charges from $392,325 to $400,443.
D u rin g the fiscal ye a r an extension o f a bout five m iles from T io g a , L a .,
to a con n ection w ith the term inals o f the Louisiana R a ilw a y & N a vig a tio n
Co. at P ln e v llle , L a ., opposite A lex a n d ria , w as carried w ell tow ard comletlon . Since the close o f the fiscal y e a r this exten sion has been finished,
'he “ E denborn ” bridge o v e r R ed R iv e r gives access to A le x a n d ria v ia
P ln e v llle , and a c o n tia c t has been en tered in to w ith the R e e k Islan d Co.
fo r the jo in t operation o f yo u r road from P a c k to n to P ln e v llle , a dista n ce
o f about 36 m iles, w hich w ill add m a terially to the Incom e accou nt and
redu ce the cost o f operatin g that p ortion o f the lin e. U n d er the agreem ent
the R o c k Island w ill operate regu lar trains b etw een P a c k to n and A le x a n d ria .
T h e R o c k Island Co. has about com pleted its line from L ittle R o c k , A r k .,
to P a ck to n , L a ., and w ill in the near future com m ence operatin g this line
to A le x a n d ria , L a ., o ver yo u r rails from P a ck to n to P ln e v llle , and it is
e x p ected th a t w e shall be able to secure a grea t m a n y e m p ty cars fo r lum ber
lo ad in g through this a d dition al con n ection .
D u rin g the fiscal y e a r you r
co m p a n y has purchased 350 new box cars o f 60,000 lbs. c a p a city, and
w ill therefore be In m uch better con d ition than e v e r before to take care o f
its tonnage du rin g the car.shortage period .
T h e m ileage o f ballasted road nas been increased d u rin g the y e a r from
132 m iles to 150 m iles, and the average m ileage operated fo r the y e a r was
225.84 as against 187.20 In 1906.
T h e large saw m ill o f the Good P in e L u m b er Co. at Good P in e , L a .,
m en tion o f w hich w^s m ade in the last annual rep ort, has been in operation
since M arch, n ota b ly Increasing the lu m ber tonnage.
R e a l estate in A lex a n d ria , L a ., has g rea tly Increased in valu e sin ce the
Louisian a & Arkansas term inals w ere bou gh t. T h e ra ilw a y co m p a n y has
a constant dem and fo r land from m erchants w h o w ish to loca te warehouses
n ear its term inal.
Fun ded D e b t.— W ith in the y e a r bonds to the a m o u n t o f $358,000 w ere
Issued fo r the construciton o f the T io g a to P ln e v llle ex ten s ion and fo r
b etterm en ts and a d d itio n a l eq u ipm en t. T h e am ount o f bonds now o u t
s ta n d in g is $3,748,000, or $17,220 p er m ile o f co m p le te d ro a d .
O perating Expenses.— In clu d in g tie and ra il reserves, the disbursem ents
fo r m ain tenan ce o f w a y and structures am ounted to $868 per m ile o f ro a d ,
as com pared w ith $927 the previous y e a r.
F o r repairs and ren ew als o f
ro llin g stock, In clu din g sums set aside fo r reserve fu n ds, the am ou nt charged
to opera tin g expenses avfcraged $1,574 per lo c o m o tiv e in 1906 and $1,337
in 1907; per passenger car, $647 in 1906 and $681 in 1907; and per fre ig h t
and w ork car, $101 in 1906 and $107 in 1907.
A m o u n ts su fficient fo r m ain tenan ce are included in opera tln gexpen ses
ann u ally and set aside fo r replacem ents and renew als o f ro a d w a y and eq u ip 
m en t. T h e am ou nt to the credit o f the reserve fund accounts June 30 1907
w as $353,230. or $59,537 m ore th a n a ye a r earlier.
O P E R A T I O N S , E A R N I N G S , E X P E N S E S . & c.
1903-04.
1904-05.
1905-06.
1906-07.
148
167
A v e ra g e m iles o p era ted .
226
187
Operations—
108,898
148,198
148,462
Passengers carried (N o .)
236,241
2,220,813
2,883,336
Pass. car. 1 m ile (N o .) _ .
5,556,279
3,239,459
2.95 cts.
2.95 cts.
R a te per pass, per m ile .
2.94 cts.
2.85 cts.
909,502
966,766
R even u e tons car. (N o .)
1,176,493
1,194,621
35,989,407
52,490,856
R e v . t ’ns car. 1 m . (N o .) 96,281,190 83,893,508
1.70 Cts.
1.39 cts.
R a te per ton per m ile ___
1.05 cts.
1.11 cts.
$
E a rn in g s —
$
$
$
613,214
731,144
F r e i g h t _________________
1,012,135
927,499
65,403
85,188
Passenger . . ___________
95 ,387
158,485
26,053
28,203
M a ll, express and m lsccl.
46,217
34,640

?

1,216,837

1,057,526

844,535

704,673

196,044
167,855
427,187
45,932
11,741

173,556
140,703
323,035
39,090
9,799

144,033
99,500
226,438
37,475
14,267

136,062
103,289
207,959
30,994
9,491

T o t a l expenses_______
P . c. o f ex p . to earns___
N e t earn in gs____________
O th er in co m e. _ ____

848,759
(69.75)
368,078
32,365

686,183
(64.89)
371,343
20,981

521,712
(61.78)
322,824
20,050

487,795
(69.22
216,875
24,186

T o t a l in com e_________
D edu ct I n t e r e s t ________
D ivid en d
_________ (3
Mlscellaneous ........... . .

400,443
174,959
11 2 500

342,874
136,200

241,061
123,567

T o t a l earn in gs________
E xpenses—
M a in t. o f w a y & s tru c t’rs
M ain t. o f equ ipm ent . .
C on du cting tra n sp o rta ’n
G eneral
_______________
T a xes ___________________

392,324
153,610
(1 >4)56 250
56

5,152

2,037

141,352
201,522

125,605
115,456

C O M P A R A T IV E B A L A N C E S H E E T .
1906.
Assets—
1907.
Cost o f ro a d _______________
$6,772,763
$6,969,408
1,235,178
Cost o f eq u ip m e n t________
892,280
Cash on h an d____
. ..
171,523
250,231
Cash in tra n s it_________ .
17,956
12,066
Cash w ith financial agents
1,275
1,350
B ills r e c e iv a b le .. _______
D ue fro m agents and cond uctors______
9,679
5,879
132,726
114,424
D ue from In divid u als and com pa n les.
1,647
1,913
U n e xp ired in s u ra n c e ____
213,921
M aterials and supplies
264,420

1905.
$6,044,534
672,823
300,776
9,525
4,250
3,500
2,666
96,745
1,619
113,390

Surplus ............................

287,459
112,984

209,916
182,408

1,882,489
$7,249,829
1,509,448 . 1,128,779
T o t a l assets____ __
..
$8,264,753
$8,803,887
1,043,545
719,574
L ia b ilitie s —
416,703
C apital s to c k _____________
$3,750,000
$3,750,000
$3,750,000
G E N E R A L B A L A N C E S H E E T J U N E 30.
2,724,000
Flifct m o rtg a g e ...............
3,748,000
3,390,000
19,485
1907.
1906.
|
1907.
1906.
57,699
A u d ited vou ch ers______39,338
31,024
Assets—
$
$
| Liabilities—
$
$
U np aid w a ges____________
47,684
52,177
12,458
Cost of ry.&equlp. 77,540,324
69,858,2651Capital stock
30,750,000 D30,750,000
30,572
22,073
ue In divid u als and com pan ies_______
1,739
Capital stock and
j 4% cons. deb. stk. 14,321,383 10,901,333
4,326
A g en ts’ drafts in t r a n s it ..
701
1 ,275
4,250
bonds of other
|First mtge. bonds.25,652,983 24,585,137
U n p aid cou pon s. _______
1,350
cos. owned, cost
I Land grant bonds _x2,000,000
56,500
45,400
A ccrued in terest on bonds
62,467
(parS3,630,000)a 1,946,607 1,946.667 Car trust obltgat’ ns 6,311,619 4,180,916 Accrued ta x e s ____________
7,074
5,000
5,950
Stock C. N. Prairie
Unpaid pay-rolls .
530,520
333,276 Sinkin g fund reserv e______
45,833
• Lands Co., adUnpaid aud. vouch.
840,275
627,498 M iscellaneous reserv es ___
11,846
500
18,816
vances, &c_____ 1,045,036
.......... Due to other co s..
25,784
855,012
1,143,407 Due trustees’ first m o rtg a g e ____ _____
23,532
26,677
Deferred payments
Accr’ d int. on bds.,
293,693
353,230
205,170
R e n e w a l reserves . .
___
■ on land sa les... 4,871,039
..........
&c., to "date____
149,392
147,335 Surplu s....... .............. ..........
425,197
669,645
598,006
Material & supplies
539,078
411,915 Equipment replace
Due from agents
ment fund........
21,405
______
$8,803,887
$7,249,829
$8,264,753
T o t a l lia b ilitie s ________
and cos., traffic
Surplus land grant
— V . 85, p. 464.
' balances, * c . . _
892,279 1,390,651
...........
account_______ r6 ,764,638
Cash with Nat . Tr.
Surplus of railway. 2,669,599 1,628,110
New York Susquehanna & Western Railroad.
Co. acct. land
’ sales................. 3,104,621
..........
{Report for the Fiscal Year ending June 30 1907.)
Cash on hand........
927,782
689,514
T o t a l................ 90,866,826 74,297,012

President F. D. Underwood, under date of New Y ork ,
Oct. 8 1907, says:

a This amount represents the capital'stock and bonds pled ed to secure the 4 %
erpetual consolidatedJdebenture stock (compar
lz at par:

T h e increase in gross earnings from opera tion was $365,233, o r 1 3 .2 4 % ,
o v e r the previou s y e a r
T h e n et earn ln gslin creased $16,001, o r 1 .9 3 % .

T o t a l ............... 90,866,826 74,297,012|




1206

THE CHRONICLE.

T h e p r o p e rty has been fu lly m a in tain ed . T h e Increase in o p era tin g
expenses is p r in cip a lly due to the fo llo w in g causes: E x te n s iv e repairs to
brid ges to strength en a n d flt th em to ca rry h ea vier lo com otive s and In
creased cost and m ore ex ten s ive ren ew al o f ties and sw itch tim bers. T h e
disposal o f lig h t ca p a city freig h t cars w hich w ere unsuitable fo r service,
general repairs to passenger cars and ex ten s ive repairs to an Increased
n u m ber o f lo com otive s, also to Increased prices p a id fo r both la bor and
m a terial. T o Increased ton n age h an dled and to substantial increases In
w ages paid to lo co m o tive , train and ya rd em ployees.
T a x e s increased $96,042, o r 177.33% . Th is e x tra o rd in a ry Increase is
a lm o st e n tire ly due to legisla tio n in N e w Jersey, th e le g a lit y o f w hich is
n o w before the courts fo r adju dica tion .
R es erve fu n ds o f $17,500 fo r the ren ew al o f lo com otives and $248,562
fo r th e renew al o f cars are a va ila b le fo r replacem en t purposes.
T h e Incom e a ccou nt, published h erew ith , shows th a t the co m p a n y, a fter
h a v in g exp en d ed $209,659 fo r a ddition s and im p rovem en ts, carried a d e b it
balance o f $206,420 to p ro fit and loss.
“ Cost o f road and eq u ip m en t” shows a decrease o f $55,000, represen tin g
bond s redeem ed through the operations o f sinking funds.
T h e Increase o f $124,800 in the account “ m iscellaneous securities In the
trea su ry” Is on accou nt o f y o u r co m p a n y h a v in g received securities fo r
a d va n ces h eretofore m a d e. T h e cu rren t assets exceed the current lia b ilities
b y $318,244 66.
A d d itio n s and im p rovem en ts a gg reg a tin g $209,659 h ave been m a d e to
th e co m p a n y ’s p r o p e rty d u rin g the ye a r and charged to Income.
E A R N IN G S A N D E X P E N S E S .
1906-07..
1905-06.
1904-05.
E a rn in g s—
$2,089,025 $2,107,962
F r e ig h t ___________ _________$2,391,517
510,454
466,607
P a s s e n g e r ________________
547,499
72,024
89,514
M a ll, express, ren ts, & c ._
78,033

1903-04.
$2,009,674
454,986
121,041

E arn in gs— R a l Iroad . . . $3,017,049
106,110
E a rn in gs— O th er o p e r___

$2,664,083
79,051

$2,585,701
54,089

T o t a l earn in gs________ .$3,123,159 $2,757,925 $2,743,134
Expenses—
$301,666
300,259
M a in t. o f w a y and struc . $336,939
308,573
374.171
333,370
M a in t. o f e q u ip m e n t ____
1,156,291
1,050,119
934,958
C on d u ctin g tra n sp o rt’ n .
14,742
10,367
15,233
T r a ffic d e p a rtm e n t______
56,262
55,355
G eneral e x p e n s e s _______
57,032
51,972
150,202
54,160
T a x e s ___________________

$i~659,789

$2,671,503
86,422

$247,260
231,443
867,784
11,936
50,126
49,911

$2,091,002
187,482

$1,809,903
119,348

$1,666,766
113,525

$1,458,460
91,517

$2,278,484
T o t a l expen ses______
R a t io o f expenses to earns3
(72.95)
926,047
N e t earnings— R a ilr o a d - .
844.675
N e t earnings— A ll o per . .
33,109
In tere st and d iv id e n d s ___

$1,929,251
(69.95)
861,600
828,674
43,055

$1,780,291
(64.90)
997,317
962,843
40,166

$1,549,978
(58.27)
1,127,240
1,109,812
49,903

$877,784

$871,729

$1,003,009

$1,159,715

$817,915

$820,915

$835,315

$841,216

56,630
209,659

75,147
114,380

75,179
115,202

75,250
26,432

E xpen ses— O ther o p e r.

T o t a l n et in com e____
Charges—
In te re s t on bo n d s________
S inkin g fu n d , rentals and
m is c e lla n e o u s __________
A d d itio n s and im p ro v ’t s .

T o t a l c h a r g e s ............... ..$ 1 ,0 8 4 ,2 0 4
$1,010,442
B a la n ce__________________d e f 206.420 def.138,713

$1,025,696
$942,928
d e f.22,687 sur.216,787

C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1907.
1907.
1906.
1906
Assets—
Liabilities—
$
S
$
S
Road and equlp’ t.36,942,220 36,997,220 Stock (see“ R y . &
Securities pledged
Ind ” Section).26,000,000 26,000,000
291,500 Bonded debt (see
291,500
under m tg es ___
Capital stock sub
‘‘ R y .& In d .” Sec )15,613,000 15,668.000
sidiary cos___3,560,000 3,560,000 Stock and bonds
Securities for Mid
called _ _ _____
543,307
543,307
land R R . stock
Sinking funds ac
and bonds_____
543,306
crued __________
57,286
543,306
76,551
Mlscel securities. 1,556,541 1,431,741 Interest & rentals
266,559
accrued, not due
147,290
Materials & supp.
166,296
148,290
117,904
Sinking funds____
125,271
83,198
84,308 Int., rentals, & c ..
94,376
Cash In hand and
P a y-rolls________
81,273
In transit______
107,087
226,666
150,561
483,598 Audited vouchers.
97,550
U . S. G ovt agts..
Due connect, lines
61,636
34,284
3,353
conductors, &c.
22,591 Due subsidiary cos.
1,805
302,120
474,212
Indlvlds. & cos___
127,248
505,048 Res. funds, maint.
895,284 1,101,704
Miscellaneous____
71
38 Profit and loss____
T o ta l................43.978,557 44,085,647
-V . 85. p 922

Total - ..............43,978,557 44,085,647

Bangor & Aroostook Railroad.
(Report for Fiscal Year ending June 30 1907.)
President F. W . Cram, under date of Bangor, Me., Sept.
27, says:
T h e w in te r o f 1906-07 w as ex ce p tio n a lly severe upon both ro a d w a y and
eq u ip m e n t, w hile a t the same tim e the tra ffic offerings w ere unprecedenie d ly la rg e. T h e situ ation w as a gg ra va ted b y the n on -receipt o f fie tg h t cars
due In S eptem b er but n ot re ceived u ntil m onths later, a fte r the p o ta to crop
had been h arvested . T h is n atu ra lly affected the earnings,
l t Is prob a b ly
co n s erva tive to estim ate the d irect and In direct cost o f operation a bove
the average In w in ter a t $40,000 to $50,000, and the earnings a t $50,000
to $75,000 less than was ex p ected , through the causes as n oted .
In com m on w ith the o th er railroads o f the co u n try , w e h ave ra d ically
ad va n ced w ages du rin g the ye a r, certa in ly beyon d our reasonable a b ility
so to do.
C a p ita l Stock.— N e g o tia tio n s are In progress b y w hich it is intended to
Increase the issue o f com m on stock b y the a m ou nt o f $792,000, for the fo l
lo w in g purposes: F o r a ddition s to railroad lin e, $300,000; fo r purchase
N o rth ern Alaine Seaport R R . , $420,000; fo r purchase Schoodic Stream R R . ,
$72,000. [T h is w ill increase the ou tstan ding stock from $1,550,000 to
$2,342,000.— h d .]
E xpend itu res N o t Includ ed in Operating Expenses.— These w ere m ade and
p rovid ed fo r as follow s:
N e w Equ ip. & Im p rts .—
I Source o f Fu nds T h e re fo r—
11 locom otives, 9 cars, &c_ -$180,339 Sale o f 4 % b o n d s ................. $233,750
P a ym en ts on car trust “ C ” . 143,903 Sales o f N o r.M .S ’ p ’ t R R .b d s 103,200
P a ym en ts on car trust " D ” .
8,948 Surplus In com e_____________
99,625
A d d itio n s & Im p ro vem en ts. 256,237 P r o fit and loss surplus______ 152,852
T o t a l ....................................$589,427]
T o t a l................................... $589,427
E qu ip m e n t T ru sts.— Fin a l p a ym en t on car trust “ A ” w as m ade on O ct. 1
1906 and the trust discharged.
U n d er car trust “ D " there are b ein g delivered 7Q6 b o x cars, 300 flat. 40
stock and 6 caboose cars, to cost $1,000,000; 150 o f the fla t cars had been
received p rior to June 30 1907.
Renewals.— A m o n g the m ore Im p o rta n t renewals w ere: 2,707 tons 85-lb.
and 379 tons 70-lb. steel rails, 34 frogs and 27 sw itches, a t cost, $90,516;
93,634 standard and 194 sets sw itch ties, $40,603; 157,145 ya rds gra vel
ballast, $50,693.
Im provem ents.— A m o n g the m ore Im portan t a ddition s w ere: 56,128 fee t
o f sidings, $65,849: 141,210 steel tie plates (exclu sive o f la b o r). $15,018;
dw ellin gs, m ach in ery and shop accessories a t M ilo Ju nction , less cost o f
sidings, Included a b o ve, $91,705.
T h e w o rk o f replacin g w ooden cu lverts w ith those o f stone and on, and
o f fillin g trestles, was continued.
E xtensions, D o u b le -T ra ck in g , & c .— T h e Schoodic Stream R R . , from our
m ain line to the h ast Branch o f the Pen o b sco t R iv e r In the tow n o f M ed
w a y , was opened to operation and has since been acquired b y and m ade a
p a rt o f the Ban gor & A ro o s to o k .
In c id e n ta lly a second m ain track was laid
from M UlInocket ya rd eastw ard to the Schoodic Stream spur, and trains
are w orked betw een M lllln oc k et station and E ast MUlInocket In dependently
o f the m ain line.
D o u b le-tra ck in g from N o rth ern M aine Ju nction n orth to South Lagran ge
w as com m enced In the spring o f 1907, and should be com pleted ea rly In
O cto b er, w ith 85 lbs. p er ya rd rail section, first-class m ason ry and m odern
steel bridges.




[V o l .

lxxxt.

W o r k on the M ed ford exten sion (fro m South L a gran ge n orth w ard
through M ed ford , to ju n c tio n w ith m ain lin e abou t 4 m iles w est o f Sebools)
w as com m enced in the w in ter and has been a c tiv e ly pushed. I t is expected
the rails w ill be laid b y ea rly O ctober, and th at the line w ill be turned o v e r
fo r operation b y the end o f th a t m on th . I t Is a line o f lo w grades, and the
rou te Is some m iles shorter than th at v ia M ilo Junction, B row n vllle and
S choodic, w here grades are h e a v y , the one a t S choodic In direct and long.
I t is ex p ected th a t econom ies In operation w ill result from this construction
to a t least care fo r the Interest charges upon Its cost. Construction o f 4
m iles o f second track betw een the north en d o f the extension and W e s t
Sebools is w e ll a d va n ced . A lto g e th e r, w e shall en ter the w in ter w ith a bout
60 m iles o f dou ble track n orth o f ju n ction w ith the M aine C entral, w here
cond ition s w ere, In busy tim es, becom ing congested.
[In the rep ort are incorporated some statistics to show “ how su bstan tially
the n atu ral resources o f N o rth ern M ain e, the d e v elo p m en t o f w hich is bu t
fa irly In a u gu ra ted , h ave responded to tran sportation a ccom m oda tion as lt
has been su p p lied .” ]
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 .
1903-04.
1905-06.
1904-05.
Operations—
1906-07.
456
428
428
A vera g e m ile s ___________
482
518,478
581,595
529,468
Pass, carried (re v e n u e ).
701,536
21,945,851
d o do i m ile _______ 25,646,449
20,322,508 20,082,736
2.48 Cts.
2.46 cts.
2.45 cts.
R a te per pass, per m ile .
2.40 cts.
1,377,155
1,213,533
1,097,948
R e v . fr ’ t (tons) ca rried .
1,629,539
99,944,378
do do c a r’d 1 m i l e .196,544,091 146,348,568 122,106,091
1.364 cts.
1.19 Cts.
1.22 cts.
R a te p er ton per m ile ___
1.19 cts.
E a rn in g s—
$
S
$
$
544,870
501,095
493,534
Passengers_______________
615,908
1,743,267
1,490,889
1,363,435
F r e i g h t ............... ............
2,340,390
M all, express, car ser
208,410
167,088
158,387
vic e , rents, & c________
265,398
T o ta l gross e a rn in g s ..
O per. exp. & taxes—
M a in t. o f w a y & stru c’rs
M a in t. o f e q u ip m e n t—
C on du cting tra n sporta ’ n
G eneral ex p en ses.
—

3,221,696

2,496,547

2.159,072

2.015,356

552,010
344,000
1,093,465
143,820
14,830

391,565
210,803
829,733
112,569
8,769

331,778
208,492
739,551
96,892
7,931

316,885
159,362
693,109
89,585
7,198

T o t a l ......... ..
.........
N e t earn in gs___________
O th er incom e ________ __

2,148,125
1,073,571
2,191

1,553,439
943,108
13,180

1,384,644
774,428
7,475

1,266,140
749,216

T o t a l n et In com e______ 1,075,762
F ix e d Charges—
779,471
In tere st on b on d s--------M lscel. and car tr u s ts ,. .
99,626
B etterm en ts . . . - . a (4 )7 1 ,840
D iv id e n d s ................. ..

956,288

T o t a l _______ _______
S u r p lu s _________________

950,937
6124,825

781,903

749,216

656,515
550,904
47,000
117,842
105,000
(4)62,000 (33^)54,250

514,885
37,987
79,500
(3)46,500

710,154
71,746

678,872
70,344

883,357
72,931

a In clu des 2 % paid Jan. 1 1907 and 2 % Ju ly 1 1907 on $1,550,000 stock,
to ta l, $62,000; also 2 % ($9,840) on $492,000 stock authorized to purchase
N o rth ern M aine Seaport and S choodic Stream R R s .
b T h e accum ulated surplus J u ly 1 1906 was $400,867; a d d in g surplus fo r
1906-07, as a b o v e , $124,825, and d ed u c tin g $143,903 fo r car trust “ C , "
$8,949 fo r car tru st “ D ” pa ym en ts and $18,419 m iscellaneous, leaves profit.and loss surplus, as per balance sheet June 30, o f $354,421.
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1907
1908.
1907.
1906.
Assets—
Liabilities—
$
$
S
S
Cost of road, < to _ .ll ,522,605 11,257,355 Common stock___ 1,550,000 1,550,000
No. Maine Sea R R . 3 ,930,000 3,286,000 Bonds & car trusts
Equip, account__ 2 ,829,799 2,617,239
(see Railway &
Indus. Section) _17,642,000 15,847,000
894,000
Car trust'*C” &“ D ”
441,943
296,910
Cash ____________
350,939 Interest July 1 __
506,645
Mat’l, sup. & store
296,154 Pay-rolls & vouch
524,900
119,089
ers______________ 510,841
Cos. & Individuals
185,696
116,775
Net traffic balances
90,231 Bills payable and
86,671
divid’d declared
172,389
26,166
Due from agents..
84,819
354,421
400.867
45,854
95,062 Profit and loss____
Suspense accounts
Aroos. N o .com .stk.
17,896
60,050
Real estate______
60,605
T o t a l............... 20,671,594 18,213,865
— V. 85, p 920.

T o t a l ............... 20.671,594 18,213,865

Detroit & Mackinac Railway.
{Report for Fiscal Year ending June 30 1907.)
President and General Manager J. D. Hawks, under date
of Detroit, Sept. 23 1907, says:
Th e tota l earnings show an increase o f $156,448. T h e road suffered from
the p reva ilin g car shortage and expenses h ave been v e r y h igh , b u t, lt Is
believed , have reached h igh -w ater m ark. Car trust notes w ere paid to the
am ount o f $80,000, lea vin g still to p a y $240,000. T h ree h ea vy locom otives
w ere bought and paid fo r ea rly in the year; 1,000 tons o f 85-pound steel rail
were used In m ain track, and the ligh ter zall released w as used as usual on
lo ggin g branches and on the H illm a n branch.
W o rk on the H illm an branch, w est o f A lp en a , has been goin g a lon g w ith
a vie w o f h avin g 10 miles o f the branch In operation ea rly In 1908, a t the
tim e the n ew H uron P o rtla n d Cem ent Co. Is read y fo r the shale, fo r the
hauling o f which the branch is b ein g con stiu cted . T h e cem ent com pan y
expects to h ave its 3,000-barrel plarrt In operation b y F eb. 1 1908. Th is
branch should be ex ten d ed In the near fu tu re to H illm a n to serve a fin e
fa rm in g cou n try, and fo r the gra vel and fo r the tim ber.
W h ile forest products still giv e us a large ton n age, th ey now com prise
o n ly 47.55 % o f our freigh t business,as against 53.41 % last year and 91.45 %
fo r the ye a r en d in g June 30 1896.
A tw o-eent-a-m lle b ill was passed b y the Legisla tu re at its last session.
W h ile the D. <Sc M. R y . Is ex em p t from the direct provision s o f the bill, the
M ichigan Central R R . Is obliged to reduce Its fare to tw o oentsa m ile on Its
M ackinac D ivisio n . Th is obliges us to use the tw o-cen t rate fo r through
business betw een B ay C ity and C h eboygan.
T h e effect w ill be to reduce
our passenger earnings.
W e can, h ow ever, take o ff some passenger trains
and thus m in im ize the loss.
T h e S^ate continues to collect In taxes n ea rly tw ice the am ount paid our
stockholders each year. T a x es fo r current y e a r are $81,262 and d ivid en d s
to the stockholders o f the road $47,500. T h e T a x Comm ission assesses the
road a t n ea rly dou ble the valu e o f Its p ro p e rty .
I t Is hoped w e m a y get
some re lief from the courts w hen w e are able to p rop erly brin g the m a tte r
before th em . W e can a t least let the people kn ow that the D . & M . R y .
Is p a y in g n ea rly tw ice as m uch in taxes as o th er p ro p e rty.
O P E R A T I O N S , E A R N I N G S , E X P E N S E S , & c.
1906-07.
1905-06.
1904-05.
M iles o p e r a t e d __________
344
343
330
Operations—
Passengers carried (N o .)
379,601
327,592
314,884
Passengers carried 1 m ile 13.779,315 11,991,009
11,517,383
R a te per pass, per m ile .
2.064 cts.
2.153 cts.
2 038 cts.
F reigh t (tons) c a r r ie d ..
1,478,450
1,109,055
910,840
F r’ t (tons) carried 1 m . . 122.341,737 94,088,608
74,456,615
R a te per ton per m ile ___
0 768 cts.
0.868 cts.
0.933 cts.
E a rn in g s—
$
$
$
F r e i g h t ........... ................
946,068
820,487
697,818
P a s s e n g e r ........................
291,061
263,779
239,644
M a ll, express, & c . - ____
74,146
70,560
53,093
T o t a l ............................
Expenses—
M aintenance o f w a y , & c.
M a in t. o f eq u ipm en t . . .
Con du cting tran sporta’ n
G e n e r a l . . . ...................
T o t a l ............................
N e t earn in gs...................

1903 04.
330
292,952
10,025.563
2.191 cts.
872.768
68,731,353
1 . 0 1 1 cts.
$
697,281
224,414
59,620

1,311,274

1,154,826

990.555

981.315

248,990
264,302
466,388
30,412

200,383
259,394
384,236
29,121

186,828
113,370
306,813

171,771
108.796
297,886
______ 24.704

1.010.092
301,18?

2 8 .0 6 0

873,134
281.692

635.071
355.4S4

\

378,158

Nov. 9 1907.2
Deduct—
In tere st on fu n ded d e b t .
T a x e s ___________________
P e n a lty on back ta x e s . H illm a n b r a n c h ________
In t.o n car tr.& o th .n otes
M iscellaneous
D ivid e n d on p ref. s to c k .

1906-07.
$
92,000
81,262

1905-06.

1904-05.

1903-04.

$

$

$

92,000
78,539
30,728

40,020
25,538
9,629
(5)47,500

92,000
70,504

92,000
70,380

4,990
(5)47,500

1,797
(5)47,500

17_,691
9,977
(5)47,500

295,949
276,435
214,994
211,677
T o t a l _________________
5,233
5,257
140,490
166,481
B alan ce, su rplus________
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1907.
1906
]
1907.
1906.
$
| Liabilities—
S
$
Assets—
$
Road and equipment 5,533,379 5,487,370 Common stock........ 2,000,000 2,000,000
320,000'Preferred stock........ 950,000 950,000
Equipment trusts___ 240,000
T r. Det. & M R y .
Funded debt........ ..3,000,000 2,950,000
650,000! Notes payable.......... 240,828 210,000
bonds ___________ 700,000
65,124 ! Equipment notes___ 240,001 320,000
Materials & supplies. 102,298
14,765! Coupon account____
46,160
46,220
Cash .......................
4,186
Coupon account____
46,160
46,220 Aud. vouchers &c_ 150,762 112,140
Current accounts___
70,954
62,561 j Taxes and m ls cel...
47,902
42,408
Miscellaneous______
84
1,209 |Profit & loss account
,409
16,176
Total liabilities.-.6,697,061 6,647,249

Total assets.......... 6,697,061 6,647,249 ;
- V 83. p. 1168.

Nevada-Califomia-Oregon Railway.
{Report for Fiscal Year ending June 30 1907.)
Vice-President and General Manager T . F. Dunaway,
under date of Reno, N ev., Aug. 6 1907, says:
H e a v y storm s du rin g March and A p r il 1907 caused serious washouts a t
▼arlous points. I t is estim ated th a t lt w ill cost $25,000 to rep a ir th e
da m a ge.
T h e com pletion o f the exten sion o f the road from M a delin e, w o rk on
w hich w as com m enced M ay 1906, has been dela yed on accou nt o f contin u al
severe w ea th er th a t p reva iled fo r m ore than six m on th s: also the scarcity
o f e ffic ie n t labor
I t Is ex p ected , h ow eve r, that trains w ill be ru n nin g
o v e r the exten sion n orth from M a delin e to L ik e ly , a distan ce o f 20 m iles,
S ept. 1 1907.
B onds to the am ou nt o f $6,000 w ere purchased fo r accou nt o f sin k in g
fu n d and canceled.
O P E R A T I O N S , E A R N I N G S . & c.
1903-04
1906-07.
1905-06.
1904-05.
Operations—
40.280
43,550
42,727
39,845
T o n s ca rried ____________
3,187,409
4,206,291
3,140.503
3,398,486
T o n s carried one m i l e . .
3.956
3,821
4.107
R e v . p. ton p . m . (m ills)
4.605
14.280
15.441
22,927
10,733
Passengers ca rried ______
930,973
1,327,080
967,961
852,531
P a sse'rs carried 1 m ile .
5.038
6.173
6.347
5,945
R e v . p. pass. p m . (m ills)
E a rn ln o s —
$
$
$
$
126,084
160,735
F re ig h t ................... ........
144,635
139,568
61,436
46,902
P a s s e n g e r _______________
81,923
50,685
23,057
21,849
M a ll, express and m is c ..
24,648
29,515
T o ta l earn in gs________
Expenses—
M ain tenan ce o f w a y , &c.
M a ln t. o f e q u ip m e n t___
C on du ctin g transport* n .
General expen ses_______

267*306

229,128

219,768

194.835

28,375
20,357
51,263
19,203

22,705
18,236
66,305
17,521

26,841
15,708
54,645
16,042

24,237
19,824
51,554
17,485

T o ta l e x p e n s e s ...
N e t ea rn in gs________
O th er In c o m e ______

119,198
148,108
17,158

124,767
104,361
19,880

113,236
106,532
17,247

113,100
81,735

165,266
124,241
T o ta l n et Income.
D educt—
25,467
26,751
In tere st on b o n d s ...
31,135
R en ew a l fu n d _____
D ivid e n d on p ref. s to c k . (4 % )3 0 ,0 0 0 (3 % )2 2 ,5 0 0
7,021
6,275
T a x e s .................
6 ,1 00
6,170
S in k in g fu n d ____ .
6,000
10,535
In terest on lo an s___
490
P erm a n en t Im p io v e m ’ ts

123,779

81.735

25,783

26,067

5,858

6,065
6,290

,

........

6 ,2 20

-----

11,729
14,078

38,422
106,261
63,668
72,183
59,005
43,313
52,058
60,111
B A L A N C E S H E E T J U N E 30.
1907.
1906.
1907.
1906.
A ssets —
S
Liabilities—
S
$
S
Property account...2,931,793 2,798,694 Stock, common-. --.1,450,000 1,450,000
Bonds o w n ed ..........
57,000
103,000 Stock, preferred. - - . 750,000
750,000
610,000
700
Stocks o w n ed ______
700 B o n d s __________ . . . 604,000
20,975
39,106 Accrued interest.
6,042
5,608
C ash ier_____________
4,705
9,294
11,599
Duo from agents----7,181 i Vouchers ..........
8 584
10,360
Individuals and c o b .
4,936 P ay-rolls_______ . . .
25,519
Hospital fund__
2,640
U . S. Government—
3,246
P . O. Dept., &C-.
3,665
3,369 Renewal fund__ . . .
31,135
214,409 Dividend due Aug. 1 30,000
Sierra Vailey R y . Co. 200,000
Material account* . .
13,491 Net traffic balances.
21,079
8,287
27,482
434 i Notes payable__ - . 1,943
100,000
Miscellaneous-------100,000
269,102
80,000
45,065 ! Profit and loss
. . . 280,934
Surplus account-----

T o t a l _____
____
B a lan ce, surplus____

T o t a i____________ 3,317,652 3,230,389 j
— V . 83, p. 1345

T o t a l________ .-..3.317,652 3.230.3S9

Montreal Street Railway.
(Report for Fiscal Year ending Sept. 30 1907.)
President L . J. Forget, N ov. 6, says in substance:
General Results.— T h e gross earn in gs Increased d u rin g the y e a r $403,156o r 1 3 % , and the n et earnings $149,223, or 11.94% . T h e Increase o1
13.72% in expenses Is la rg ely due to th e Increased w ages paid to the m en
and th e prin cip al Increase in fixed charges Is due to the increased pa ym en t
m ade to the C ity o f M o n trea l fo r p ercen tage on earnings.
Pow e r.— Y o u r d irectors e x p e c t to receive p ow er from the n ew p o w er
house on N o tre D am e S t. In D ecem ber, In tim e fo r the w in ter load a rd
condition s. T h e storage b a tteiles a t th e S t. H en ry and S t. Denis sub
station s h ave g iv e n en tire satisfaction.
I t is ex p ected th a t the b a tte ry
sta tion a t M aisonn eu ve w ill be com pleted in N o vem b er.
F in a n c ia l.— T h e $2,000,000 stock Issued to the shareholders at a prem ium
o f 75 was all subscribed fo r and the last call falls due O ct. 15. T h e p re
m iu m , $1,372,192, has been placed to the credit o f surplus accou nt. O w ing
to the condition s o f the m o n ey m a rket and In order to p rovid e funds fo r
th e purchase o f the M ontreal T erm in a l R y . , £208,000 o f th e co m p a n y’ s
notes w ere n ego tiated In E n glan d.
Lease.— A n agreem ent has been en tered In to w h e reb y th e tracks o f the
M o n trea l P a rk & Island R a ilw a y C o., situ ated in the to w n o f O u trem on t,
are leased to this com pan y.
Taxes.— T h e com pa n y has paid to the c ity th e usual p ro p e rty and busi
ness ta xes and ta x on earnings, $229,672, an Increase o f $37,976; accou nt
n o w clea n in g , $66,647; to ta l, $296,320.
M o n trea l P a rk & Island Railw ay C o .— In the past years th ls p ro p e rty
has been a charge on the M ontreal S treet R y . , bu t this ye a r the com pan y
w as able to pa y to the street ra ilw a y com pan y the sum o f $55,101 on a c
cou nt o f In terest. Y o u r d irectors believe th a t the returns from this In 
ves tm en t w ill contin u e to Increase (see earnings fo r each com pa n y b e
lo w .— E d .).
Franchises, A c .— T h e co m p a n y has obtain ed a 50-year franchise from
N o tre Dam e de Grace fo r an extension and has also secured a rig h t-o f-w a y
from the present term inus o f the Black R iv e r route to a p o in t outside the
villa g e o f S t. V in cen t de Pa u l on the south shore o f the riv er. A d d itio n a l
le h t-o f-w a y has been purchased on th e C a rtle rvllle L in e to p erm it fu rth er
d o u b le tra ck in g.
M o n trea l T erm in a l Railw ay C o .— T h e purchase o f this ra ilw a y w as com 
p leted on Ju ly 1 and yo u r d irectors a n ticip ate th a t this p ro p e rty w ill be
c o m e a valu able asset.




1207

THE CHRONICLE.
1906-07.
Passengers c a rried ______ 86,741,212
Tran sfers _______________ 28,675,256
Gross re ceip ts___________ $3,503,643
O p era tin g expen ses____
2,104,653
P e r cen t o p era tin g e x 
penses to car earnings
(60.07)

1905-06.
76,356,099
24,516,067
$3,100,487
1,850,720

N e t earn in gs__________$1,398,990
R e c e iv e d from M . P . & I .
R y . accou nt in te re s t.
55,101

$1,249,767

$1,056,908

$952,827

T o t a l I n c o m e . . ______ $1,454,091
Deduct—
$214,840
P . c. o f earns, to c ity . .
195,833
In t . on bonds and lo a n s.
3,060
R e n ta l o f leased lin e s . 768,100
D ivid en d s ( 1 0 % ) . . . .
171,517
C on tin gent fu n d ________
25,000
F ire Insurance fu n d ____

$1,249,767

$1,056,908

$952,827

$178,408
163,600

$148,246
130,493

$128,093
111,392

700,000
179,056
25,000

691,667
60,000
25,000

642,520
50,000

$1,378,350
$75,741

$1,246,064
$3,703

$1,055,406
$1,502

$952,005
$822

T o t a l d e d u c tio n s ____
Surplus . _______ _____ __

Assets—
Construction, & c\
Equlpment, &c___
Real esate and
buildings______
Stocks & bonds of
other companies
Stores____________
Accts. receivable..
Cash in bank and
on hand_______
Fire Insurance fund
Montreal Park &
Island R y . Co.
advances______
Montreal Terminal
R y . advances . .

1903-04.
60,281,843
17,915,242
$2,463,825
1,510,998

1904-05.
66,831,206
19,801,893
$2,707,474
1,650,566

(59.69)

(62.37)

(61.88)

____

20 ,0 0 0

B A L A N C E S H E E T S E P T E M B E R 30.
1907.
1907.
1906.
Liabilities—
4,536,715 4,255,514|Capltal stock........ 8,829,590
4,889,039 4,137,0331Bonds................... 2,473,333
|M ortgages_______
93,034
500,000
2,086,087 1,973,8101Bank of Mont. loan
|Bills payable_____ 1,010,031
190,972
3,200,906 1,572,3991Accounts & wages
347,3121In t. on bds.&loans
50,002
421,178
70,606|Tax on earnings..
224,489
111,833
Employees' secur’s
16,377
40,202 Unclaimed dlvs___
1,957
309,887
44,357
370,154
266,000 Unredeemed tick’ s
Suspense account.
204,620
Dividend N o v . 1. .
213,000
11,638
250,620
215,664 Contingent acct___
Fire insurance fund 381,451
600,511
41,138
.......... Surplus___________
Premium stock___ 1,372,192

! ........

Total assets____16,217,555 12,878,5411

1906.
$
7,000,000
2,473,333
36,034
1,483,975
396*354
34,568
187,235
15,371
1,957
37,874
163,007
175,000
7,817
341,245
524,770

Total liabilities. 16,217,555 12,878,541

S T O C K S A N D B O N D S . & c .. I N

TREASURY.

j

Bonds.
Slocks.
M on treal P a rk & Islan d R y . C o ......... .................. $1,025,0001 $720,900 com
M on treal P a rk & Island R y . Co. o verd u e Inter}■ $315,000 p r e f.
est (n ot Included In assets______________________
658.264J
M ontreal T erm in a l R y . C o ----------------------------613,000
1,000,000
Suburban T r a m w a y & P o w e r C o ________________
750,000
750,000
T o t a l......... ............................................... .............. $3,046,264 1
E A R N IN G S O F M O N T R E A L P A R K

& IS L A N D

$5,832,164
RY.

F is c a l
Gross
Net
C ontingent
F ix e d
P referre d B alan ce
Y ea r.
E a rn in g s. E a rn in g s, fo r Renew.
Charges.
D iv id en d .
D e f ic it
1906-07 ..$ 262,8 14
$81,883
$26,714
$106,118
$18,900
$69,842
1 9 0 5 -0 6 .. 218,605
63,463
50,000
102,588
18,900
108,029
1 9 0 4 -0 5 .. 179,559
28,902
6,950
94,163
18,900
91,116
T h e balance sheet o f th e M on treal P a rk & Islan d R y . on A u g . 31 1907
sep ara tely giv en , shows o u tsta n d in g $315,000 p referred and $720,900
com m on stock and $1,025,000 bonds; also M on treal S treet R y . C om p an y s
loan, $204,272; accrued Interest on bonds, $700,581; and cu m u lative d iv i
dends on p referred stock, $181,731.— V . 85, p . 1143, 221.

Edison Electric Illuminating Company of Boston.
{Report for fiscal Year ending June 30 1907.)
President Charles L . Edgar says in substance:
B usiness.— T h e n um ber o f lam ps connected to the c o m p a n y’ s circuits
com pared w ith the previou s five years Is show n !n th e fo llo w in g ta b le:
A rc
M o to rs
In ca n d .
A rc
M o to rs
Incan d.
L a m p s. La m ps. (.H .P .)
J u n e 30—
Lam ps. Lam p s. ( H . P ) J u n e 30—
9,358 24,150
10.339 35,096 1904 _______ 627,441
1907 ...........863,313
8,196
20,801
10,534 30,431 1903 _______ 493,402
1906 _______ 788,560
8,548
19,130
1905 _______ 708,384
10,102 26,416 1902 _______ 442,034
A s no new p roperties w ere absorbed du rin g th e pa st y e a r th e a b o v e ta b le
shows fo r this period o n ly the increase w hich the co m p a n y ob tain ed throu gh
Its regu lar grow th ; as w ill be seen, lt Is b y fa r the largest in the h istory o f
yo u r com pan y
T h e new p rice list fa v o ra b ly a ffec tin g o v e r 14,000 custom ers w en t In to
effect on .Tulv 1 1906. E stim ates show th a t it saved our custom ers du rin g
the ye a r ju st past abou t $200,000. N o tw ith s ta n d in g this cut In price our
gross Incom e has increased du rin g the past y e a r a p p ro x im a te ly $250,000, a
considerable p o rtio n ($88,500) o f which has been reflected In th e n et Incom e
as shown b y the statem en t o f operations. Th is unusual increase has been
caused p a rtia lly b y the redu ction In price and p a rtia lly as the result o f the
energies o f the new business d ep a rtm en t.
In v ie w o f th e large am ou n t
w hich has been saved to th e custom ers o f th e co m p a n y lt seemed p rop er
to use a po rtio n o f this Increase fo r the purpose o f m a k in g an e x tra p a ym en t
to the s to c k h o ld e r .
A t the tim e o f the last q u a rterly d iv id e n d , th e refo re ,
an e x tra 1 % d ivid en d was declared.
New B u ild in g .— T h e new o ffice bu ild in g a t 33-39 B o yls to n S treet has
been finished fo r some m on th s, a n d , to g eth e r w ith the re-m odeled bu ildin gs
In H ead Pla ce and Bum stead C ou rt, m akes an e x cep tio n a lly sa tisfa cto ry
headquarters fo r all o f the dep artm en ts o f y o u r com pan y e x cep t the execu 
t iv e offices. T h e first flo or and basem ent h ave been fitted up fo r an e x 
h ib ition d ep artm en t.
Pow er P la n t.— T h e o rigin a l plans fo r the d e v elo p m en t o f y o u r South
B oston p r o p e rty called fo r three tu rbin e room s, each con ta in in g fo u r large
tu rbin e units. T h e first o f these stations w as b u ilt In 1904 and the fo u rth
and last tu rbin e Is n ow b ein g In stalled. T h e second tu rbin e room Is n ow In
process o f constru ction , and one 12,000 horse-pow er tu rb o -gen erato r has
been ordered and w ill be Installed du rin g the com in g spring.
T h e a ccom 
p a n yin g bo iler room s and sw itch board b u ild in g, & c ., are now b ein g e rected .
I t w ill p ro b a b ly be unnecessary to e x ten d this p r o p e rty fu rth er, ex cep t
b y the In sta lla tio n o f a d d itio n a l apparatu s, fo r some years to com e.
T h e steam stations In W ob u rn and M ed field are still In opera tion . A s
soon as the price o f cop p er drops to som eth ing lik e its n orm al co n d itio n
again , the transm ission lines can be com pleted and th e stations shut do w n .
New S tock .— A p e titio n was m ade on N o v . 22 1906 to the Gas & E lec tric
L ig h t Com m ission fo r the rig h t to Issue 24,200 n ew shares o f ca p ita l stock.
T h e p etitio n was gra n ted e x cep t th a t the n um ber o f shares was cu t d o w n
to 21,220 and the price a t w hich the stock should be offered to the sto ck 
h olders raised from $200 to $215 a share.
11,495 shares w ere offered to
the stockh olders on March 6 1907, a n a In view o f the high price a t w hich It
w as necessary to o ffer this stock, o n ly 593 shares w ere taken ; the rem a in d er
10,902 shares, w as sold at p u blic au ction . Th is stock b rou gh t an a vera g e
o f $202 75 per share. T h e rem a in d er o f this stock au th orized b y th e co m 
m ission, 9,725 shares, Is still unissued.

The operations for the last four fiscal years follow:
1906-07.
Gross ea rn in gs____________ $4,020,621
E x p e n s e s _______ _________ 2,569,658

1905-06.
$3,780,911
2,410,485

1904-05.
$3,346,027
2,143,106

1903-04.
$3,125,517
2,009 #81

N e t earn in gs................. $1,450,963
M iscellaneous p ro fits ____
41,340

$1,370,426
49,257

$1,202,921
33,286

$1,115,826
37,396

N e t ea rn in gs................. $1,492,303 $1,419,683 $1,236,207 $1,153,222
I n t e r e s t ......................... ..
102,417
78,966
94,021
102,408
D iv id e n d s ......................(11)1 ,304,284(10)1148,810(10)1070,770 (10)973,405
U n d iv id e d p r o fits ...........

$1,406,701
$85,602

$1,227,776
^ $191,007

$1,164,791
$71,416

$1,075,813
$77,409

I2i)h

THE CHRONICLE.

B A L A N C E S H E E T J U N E 30.
1907.
1906.
1907.
1906
Assets—
Liabilities—
$
$
$
$
Installation a n d
Capital stock_____ 12,643.600 11,488,100
342,500
376,000
property_______ 18,028,261 17,637,187 First mtge. bonds.
Unfinished Instal
Consol, bonds.. . 1 142,500 1,110 000
524,142 Premium on stock. 6,501,170 5,307,150
lation ............... 1,411,787
119,101
138,029
127,873 Accounts payable.
Cash in banks____ 1,585,897
5,000
6,000 Notes payable____ 1,634,000 1,345,000
Cash at office........
52,500
458,766
49,000
Stock on h a n d __
403,078
64,133
89,356
Notes receivable. . 1,455,626 1,442,546 Acer'd lnt.& taxes.
442,526
287,202
Accts. receivable..
392,063
337,875 D ividends_______
95,114
Sundry open accts.
78,859
9,208 Reserve for maint.
238,438
23.914 Replacement acct.
24,312
9,962
Cash in sink, funds
26,129
213,410
Profit and loss____
241,108
Total................. 23,442,388 20,511,824
— V . 85, p. 724,43.

Total................. 23,442,388 20,511,824

American Shipbuilding Co., Cleveland, Ohio.
( Report for Fiscal Year ending June 30 1907.)
The report signed by President James C. Wallace and
Chairman W . L . Brown says:
T h e c o m p a n y ha* again passed throu gh a successful year.
T h e Lake
business In general Is Increasing and new and m odern ton n age Is bein g a dded
to keep pace w ith the Increase In bu lk, package fre ig h t and passenger
business. T h e ca p ita l stock rem ains unchanged fro m last year.
R eg u lar
q u a rte rly d iv id e n d s o f 1 yt % h ave been paid on the preferred stock, and
regu lar q u a rterly d ivid en d s o f 1 % and an e x tra d iv id e n d o f 2 % h ave been
paid on the com m on stock.
A ll o f the Im provem en ts started last ye a r, In clu din g new d r y d o ck , new
punch shop and tw o new a d d itio n a l b u ild in g berths at L o ra in , O h io, h ave
been com pleted and are now In o pera tion .
T h e pla n t and d r y docks o f
the Shipow ners' D r y D ock Co. o f C h icago, 111., h ave been purchased w ith 
o u t the issue o f a d d itio n a l stock, and are n ow In opera tion . T h ere h ave
been no incum brances o f a n y kin d placed upon the p r o p e rty d u rin g the
past year.
Vessels B u ilt and C a rry in g C apacity ( N e t Tons) Based on 19 F t . D ra u gh t.
A t S u p e rio r. L o ra in . Cleve.
D e tro it. B a y C lty . B u ffa lo . Chicago. Total.
N o ..
2
6
4
3
5
1
4
25
T on s 21,000 58,000 28.000
27,000
52,000
3,000
45,000 234,000
T h e co m p a n y has bu ilt and com pleted 25 vessels du rin g its fiscal year,
and now has u nder co n tract 39 vessels. A l! are bein g b u ilt to ca rry bulk
and package fre ig h t, and there Is a large in qu iry fo r passenger vessels.
T h e success o f general passenger vessels on the Lakes du rin g the past tw o
o r three years is dem on stra tin g th a t much larger and m ore com m odiou s
vessels are in d em a n d , and th a t w ith th eir construction there w ill be a
large increase In L a k e tra v e l, which Is grow in g ra p id ly , each season fin din g
m o re people who appreciate the pleasure o f the G reat L akes trip .
R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
1903 04.
1906-07.
/1905-06.
1904-05.
36
Vessels b u ilt ( N o . ) ______
25
30
20
206,000
C a rry in g c a p a c ., n et tons
234,000
261,500
164,400
$1,028,175
N e t ea rn in gs____________ 52,307.779 $2,443,217 $1,549,451
553,000
D iv . on pref. stock (7 % )
553,000
553,000
553,000
D iv . on com m on s t o c k * . (6)456,000 (6)456,000
(4)304,000
(1)76,000
D ep rec’ n & m ain tenan ce
497,168
421,286
315,409
209,718
R es erve fo r m aintenance
_______ 300,000
______________
R e b u ild in g docks, & c _ .
204,166
85,559
40,692
78*330
B a lan ce, su rp lu s ..

$59 7 ,4 4 5

$ 6 2 7,372

$ 3 36,350

$ 1 1 1,127

♦T h e d iv id e n d s on th e com m on stock here charged again st the earnings
o f th e years 1904-05, 1905-06 and 1906-07 w ere In each case declared In J u ly
ju st a fte r the close o f the fiscal ye a r, and are th erefore n ot em braced in
the o ffic ia l figures u ntil the fo llo w in g year.
T h e 0 % declared last J u ly
Includes the usual 4 % per annu m , p a y a b le in q u a rterly Installm ents o f
1 % each, the first In sta llm en t on Sept. 1 1907 and also ar\ e x tra 2 % p a y 
able S ept. 1 1907.
B A L A N C E S H E E T J U N E 30.
- 1907.
1906.
j
1907.
1906.
- Assets—
S
S
Liabilities—
$
$
Plants & property.16,375,405 15,838,042 Stock, preferred.. 7,900,000 7,900,000
Add’ns & improv’s
756,120
487,552 |Stock, Common___ 7,600,000 7,600,000
Materials on hand.
792,049
576,684 |Accounts and bills
payable............. 4,433,678 2,442,708
Accts.& bills rec’le. 3,755,772 3,279,248;
628,934
Cash ____________
630,609 1,179,002' Reserve funds____
603,932
*5,695,611 *5,098,165
W ork under constr 3,948,268 2,284,277 i Surplus_____
Total assets____26,258,223 23,644,805!

Tot. lia bilities..26,258.223 23,644,805

♦Before allowing for common stock dividend of 6% ($456,000) declared in July
succeeding the close of the fiscal year. See above.— V. 85, p. 923.

The Virginia Iron, Coal & Coke Co.
(Report for Fiscal Year ending June 30 1907.)
President Henry K . McHarg says in substance:
General R esults.— T h e past ye a r has been the m ost sa tisfa cto ry one since
th e reorganization o f the co m p a n y Jan. 1 1903, e s p ecia lly the last six
m on th s, Jan. 1 to J u ly 1 1907, d u rin g w hich period w e n ot o n ly earned
in terest, ta xes and co n trib u tio n to sin kin g funds, but added to the credit
o f profit and loss account $505,000. T h e co m p a n y has been o b lig e d to
p a y a dvan ced w ages at its mines and furnaces and th e la b o r has been o f
the m ost shiftless sort. I f It w ere n ot fo r the steam sh ovels, It w ou ld h ave
been im possible to obtain enough ore from our mines to keep our furnaces
go in g. Th is la b o r situ ation , h ow eve r, w as m o re than cou nterbalan ced b y
th e figures received fo r Iron sold.
T h e co m p a n y has m ade du rin g th e y e a r a to ta l o f 202,453 tons o f Iron,
w h o lly b y Iron ores d eriv e d from lo c a l sources, a v e r y la rg e prop o rtio n o f
w hich w as m ined from the mines o f th e co m p a n y. T h e coa l business has
contin u ed g r a tify in g , and prices h a v e show n a s tea d y Increase.
W e h ave
contin u ed our sales at points In th e South reached b y the V irg in ia & South
w estern and Southern R a ilw a y com panies, and the am ou nt o f coal sold In
th a t te rr ito r y has been o n ly lim ited by our a b ility to get cars fo r Its trans
p o rta tio n , and m iners In our mines to produce It.
M ost o f the coke p ro
du ced b y the co m p a n y is consum ed b y Its ow n furnaces.
T h e coal m in ed
d u rin g th e ye a r was 1,166,445 tons; coke produ ced, 394,791 tons.
A c q u is itio n s , &.c.— So fa r w e h ave n ot been able to do a n y th in g w ith
our lease o f th e P o tts V a lle y properties ex cept to p a y ro ya lties as the
N o r fo lk & W estern R a ilw a y Co. has not been able to co m p lete Its branch,
n ow b u ild in g, to th e various ore properties covered b y that lease.
H ow 
e v e r, w e are hopin g to m ake som e progress In this direction In another
tw e lv e m onths.
R e c o g n izin g th a t the o n ly w eak p o sition o f the co m p a n y
w as its ore su pply, w e h ave purchased the " S c o t t ” properties, som e 20,000
acres ly in g contiguous to th e V irg in ia & S ou thw estern R y . In Tennessee,
fo r $97,500, n a m e ly , cash, $20,625, and the rem aind er p a ya b le In one, tw o ,
th ree, fou r and fiv e years In stallm en ts, w ith 5 % Interest. Th is p rop erty
has exceed ed our best anticip ations, a n d ,w e b e lie ve, Insures to our Brlst 1
fu rn ace a su pply o f ore necessary to run the sam e fo r » lo n g period o f tim e.
A r o y a lty o f 25 cents a ton , It seem s,shou ld p a y fo r the w hose cost o f the
20,000 acres. T h e co m p a n y has also a cqu ired fo r $60,000 cash th e ‘ 'B a llo u ”
ore rights, a fissure vein con ta in in g a lo w phosphorous ore, in A sh e C ou n ty,
N . C. Th is ore p ro p e rty has been fa v o ra b ly kn ow n o f fo r m a n y years,
b u t It Is distan t from railroad fa cilities about 32 m iles.
B e lie v in g , h ow ever
th a t th e business con tribu ted b y you r furnaces Is so va lu a b le to the N o rfo lk
& W estern R y . th at th e y cou ld be Induced to bu ild to th e p ro p e rty . It w as
d eem ed best to acqu ire the m in eral rights.
W e h ave contin u ed to spend la rg e sums o f m o n ey this past ye a r In i m 
p rovem en ts at the co m p a n y’s furnaces, and on Its ore properties; also In
d e v e lo p in g ad d itio n a l coal p rop erty.
B y A u g. 1 w e w ere able to start the
R a d fo rd furnace, and It lo ok s as If w e should be en abled to m ake Iron a t a
v e r y lo w cost, d o in g a w a y w ith a la rg e p a rt o f the la b o r fo rm e rly n ecessary to
o p era te th e furnace.
Sale o f V irg in ia & Southwestern R V .— On Jan. 1 1907 th e Southern R a il
w a y Co. paid 12 ^ % tow ard s its purchase o f the V irg in ia & Southw estern
R y . s to ck ,a n d since J u ly 1 1907 an a d d itio n a l 12)^ % ,w lt h Interest at 5 %
T h is lea ves $1,004,500 s till due on account o f the purchase, this am ou n t
b e n g due w ith Interest at 5 % on Jan. 1 and J u ly 1 1908 and Jan. 1 and
909.




[V o l .

lxx x v.

S in k in g F u n d .— T h e sin kin g funds h a r e retired In a ll $766,000 o f our
5 % bonds, costing $709,241, and 15 C a rte r Coal & Iro n Co. bonds,
costing $15,783 33.
I N C O M E A C C O U N T Y E A R E N D I N G J U N E 30.
----- Y e a r 1905-06-----------Y e a r 1906-07-----N e t.
Gross.
Gross.
N e t.
.$3,588,643
$730,783
$3,340,923
$287,400
2.718
79,486
11,779
86.015
Foundries______
933 ,269
186.721
185,979
944,140
Coal mines_____
59.726
69,868
650,058
649,412
Coke o ven s______
d e f.709
Crescent Works.
202,035 d e f.1,091
62,721
355
11,611
4,441
1,833
Saw mills______
5,704 N o t stated
2,924
188,554
G rist m i l l s ______
Operations of—

$984,916 $5,088,293
.$5,650,407
1906-07
O th er Incom e: F o r y e a r 1906-07, Interest and discount
($52,576); farm s and fa rm rentals ($14,524); op era 
tion o f Pu laski C an nery ($120); m iscellaneous earn 
ings ($15,233)............... ................................ .................... $82,453

$561,682
1905-06.

T o t a l net In com e_______________________________________ $1,067,369
D eductions—
T a x e s ___ ____________________________________________________ $30,000
Bond In terest_______________________________________________ 297,496
Insurance ($21,177) and expenses Id le plan ts ($ 2 4 ,8 9 6 ).
46,073
D e v e lo p m e n t _______________________________________________
15,045
D ead rents and contracts ($18,551) and op eration o f
18,747
Jackson F e rry ($19 5)___________________________ - ________

$580,836

$19,154

$30,000
329,517
24,734
20,619
15,523

$407,362 $420,392
N e t profit fo r the y e a r ______________________________ ______ $660,007
$160,444
O peratin g expenses w ere charged du rin g the y e a r w ith $301,787 for
dep recia tion , v iz .: D ep recia tion o f coa l lan d s, $62,823; dep recia tion o f ore
lands, $20,605; dep reciation o f Im p ro vem en ts to leased properties, $44,165;
dep reciation o f im p ro vem en ts to ow n ed p rop e rties, $123,581; furnace re
pairs, $50,613.
T h ere was spent $474,229 du rin g the ye a r fo r im p ro vem e n ts to o w n ed
and leased properties, v iz .: Im p ro vem en ts t o ow n ed properties, $349,648;
Im provem en ts to leased p roperties, $74,292; rep a irs to furnaces, $50,288.
V IR G IN IA IR O N , C O A L & CO KE
1906.
1907.
$
A ssets—
$
Real est. <fc p lan t.13,605,441 13,337,057
E qu ipm ent..........
239,339
.209,864
200.330
Securities o w n ed..
196,863
582,252
Sales ledger bal___
762,201
Bills receivable. . . 1,317,465 1,575,100
158,029
56,294
Cash.....................
V . & S. W . current
42,251
accou nt_______
838,228
M aterials..............
761,502
99,157
Miscellaneous____
82,459

CO. B A L A N C E S H E E T J U N E 30.
1907.
1906.
Liabilities—
S
3
Capital stock........ 10,000,000 10.000,000
First mtge. bonds. 5,138,000 5,889,000
Prior lien bonds..
505,000
520,000
Unpaid vouchers..
272,817
261,466
Unpaid pay-rolls..
98,584
88,489
Accounts payable.
21,845
19,330
Taxes accrued____
18,979
17,828
Bills payable_____
76,875
-------Interest accrued..
91,946
104,650
Miscellaneous____
325
Profit and loss____
797,194
141,507

To ta l................. 17,021,565 17,042,270 s
— V. 85, p. 809. 350.

Total................. 17,021,565 17,042,270

United States Finishing Co.
(Report for Fiscal Year ending June 30 1907.)
President J. H . Wright, under date of Norwich, Conn.,
Oct. 17 1907, says:
D u rin g the ye a r the com pa n y finished 289,631,083 ya rd s o f goods (e q u iv a 
lent to 164,563 m iles), an increase o f 7,954,798 ya rd s o v e r the previou s
year. T h e gross Incom e from produ ction w as $4,840,584, an Increase o f
$156,765. L ib era l dlsbursem entst fo r the m ain tenan ce and renew al o f
buildings, m ach in ery, & c., are Included In the charges fo r m aintenance
and general expenses, and there Is also included u nder this head the sum o f
$94,701 fo r in terest on current bills p ayable.
Th e n et earnings w ere $677,992, and from this am ou n t there h ave been
paid interest on ou tsta n din g bonds and divid en d s a gg reg a tin g 7 % on the
pref. stock, lea vin g an excess o f $318,492. From this last am ou n t there
has been a ppropriated fo r special dep reciation $203,330, lea vin g a balance
o f $115,162, w hich has been carried to the ced it o f surplus accou nt, Increas
in g that account from $1,884,838 to $2,000,000.
B y paym en t o f $100,000 o f u n d erly in g 6 % bonds and the sale o f $50,000
o f consol, m ortgage 5 % bonds, the bonded d eb t was reduced $50,000 and
the annual interest charge was reduced $3,500. T h e sinking fund also ac
quired $62,000 o f 5 % u n d erly in g bonds, m a k in g a to ta l reduction fo r the
ye a r In the bonded d eb t o f $112,000.
T h e average n um ber o f persons em ployed shows a n Increase o f 85 o v e r
the previous year, and the to ta l o f the salaries and w ages paid shows an In
crease o f $74,954.
T h e num ber o f stockholders shows a decrease o f 12 preferred and 8 com 
m on stockholders*
T h e usual p o licy o f Im provem en ts and recon stru ction has been co n tin u ed ,
resulting In a fu rth er redu ction In the ccst o f produ ction.
D u rin g this period a dditions and renew als have been m ade am ou n tin g to
$375,180, o f w hich $126,997 was added to the p la n t accou nt and $248,183
was charged to o p era tin g expenses. T h e special dep recia tion Item o f $203,330 a lrea d y referred to Includes the $126,997 so added to the plan t accou nt,
and $76,333 m ore, the net result bein g a redu ction In the book valu e o f the
plan ts In the last nam ed sum , ln spite o f the e x p en d itu re o f $375,180 (a s
a lrea d y stated) In a ddition s and renew als.
„
... I N C O M E A C C O U N T Y E A R E N D I N G J U N E 30.
1905-06.
1906-07.
1906-07. 1905-06. I
$
$
$
$
642,162
Gross re celp ts..4 ,8 4 0 ,5 8 4 4,683,819 i N e t earn in gs---- 677,992
182,649
Cost o f produ c’ n 3,393,343 3,309,488 ! In t. on b o n d s___ 177,500
459,513
N e t ea rn in g s .1,447,241 1,374,331 !
B a la n c e ______ 500,492
182,000
182,000
O th er In co m e___
51,105
29,445 ! P re f. d iv . ( 7 % ) .
--------— — ---- — ------------- Special d ep rec’ n 203,330
T o ta l e a m in g s l,498,346 1,403,776
277,513
M ain . & ge n .e x .
820,354
761,614 Balance to su rp . 115,162
Surplus forw a rd - 1,884,838 1,607,325
B a la n ce--------- 677,992
642,162
T o t a l surpluS-'--2,000,000 1,884,838
B A LA N C E SH I
1907.
1907.
1906.
1906.
Liabilities—
$
Assets—
S
$
$
Plants ................. 7,655,820 7,732,154 C om m on stock — 1,000,000 1,000,000
P referred s to c k — 2,600,000 2,600,000
Sterling Improve
ment Co. stock.
175,000
175,000 Bonds outstanding 2,987,000 3.099.000
Inventories.......... 1,374,941 1,316,434 N otes p a y a b le ----- 1,285,000 1.290.000
210,091
176,092
426,772 Accounts p a ya b le.
Cash ...................
352,189
J u ly d iv . & coupon
118,000
115,500
Accounts receiv
891
16,512
642,141
531,071 Sinking fu n d.........
able .......... .......
512 S u rplu s............... 2,000,000 1,884,838
Cash in sink. fund.
891
T o t a l ..........L..10,200,982 10,181,942
T o t a l ................ 10,200,982 10,181,942
Bonded D ebt J u n e 30 1907—
Tota l.
Redeemed.
O utstand'g.
U .S .F .C o .1st M . 5 % ,du e J u ly 1919......... $1,750,000 $328,000
$1,422,000
S terlin g D . & F . Co. 1st M . 5 % , due
500,000
J u ly 1 1 9 2 6 ........................ ....................
500,000
...........
S liver S prin g B. & D . Co. 1st M . 6 % ,
445.000
55,000
due O ct. 11 9 1 0 ............. ..........................
oOO.OOO
S ilv e r S prin g Co. " A ” M. 6 % , due variou s
70,000
430,000
dates to Jan. 15 1908-------------- ---------500,000
550.000
U .S .F .C o . cons. M . 5 % , due J u ly 1 1929. 3,500,000
“ If”
" V” R eserved fo r retirem en t o f a b o ve u n d erly in g Issues, $2 ,4 3 7 ,0 0 0 ; re
served fo r accou nt o f U . S. F . Co. 1st M. bonds In sin kin g f u n d , a n d u nd er
ly in g bonds, $179,000; bonds in treasu ry a va ila b le fo r Issue. $334,000;
ou tsta n din g consolidated bonds, $550,000

The total number of stockholders June 30 1907 was 606.
Preferred. 468: common, 138.— V. 85, p . 899.

Nov. 9 194)7. |

THE CHRONICLE.

United States Reduction & Refining Company.
(Report for Fiscal Year ending July 31 1907.)
The report, signed by the executive committee, J. D.
Hawkins, Chairman; C. M. MacNeill and Spencer Penrose,
says in substance:
T h e ton n age o f ore produ ced in the C ripple C reek d istrict w as less than
d u rin g the precedin g y e a r, la rg ely because o f the d iffic u ltie s in deep m in in g
.from w a te r in the m ines. Th e drainage tu nn el th a t w ill drain the mines
fo r 740 fee t b elow the drain age le v e l established in A u gu st 1904 has been
sta rte d , and Is bein g d riven ra p id ly . Th is wiU add an enorm ous tonn&ge
to the a va ila b le ore o f the C ripple Creek d istrict.
T h e net incom e shown in the financial sta tem en t h erew ith su bm itted
a m o u n ted to $394,531. F o u r q u a rterly d iv id e n d s , a m o u n tin g to $236,748,
w ere paid on the preferred stock.
T h e tw elfth p a ym en t to the sinking fu n d , due Sept. 1 1907, has been m a de,
a n d this w ill result in the purchase o f at least 25 a d d itio n a l bonds fo r the
sin kin g fu n d . T h e annual in terest charges now am ou nt to o n ly $159,000.
T h e com pan y has not handled as much ore as b efore, on accou nt o f both
the decrease in tonnage and the co m p etitio n from an oth er ore-treatm en t
m ill.
Since the close o f the ye a r th e co m p etin g m ill has been a lm ost com 
p le te ly d estroyed b y fire, bu t it is claim ed w ill be rebu ilt.
T h e pla n t fo r tre a tin g the ta ilin g dum ps a t C olorado C ity has p roven v e r y
p ro fita b le , n ot o n ly In trea tin g the tailin gs in the du m ps, but also those
com in g fro m the pla n t fro m d a y to d a y , and has resulted In a v e r y m aterial
Increase In the co m p a n y’ s revenues.
F u rth er ex p erim en tal w ork on an
a d ju n c t o f this tailin gs plan t Is now in progress, b y w hich w e e x p ect to add
still fu rth er to our earn in gs.
S T A T E M E N T O F IN C O M E Y E A R E N D I N G A UG . 1.
1906-07.
1905-06.
1904-05.
$432,404
$611,055
$533,242
32,000
32,000
57,000

In com e from a ll plants In o p e r a t io n ..
In co m e fio m outsid e In vestm en ts____
P rem iu m s obtain ed from bonds pu r
chased fo r sinking fu n d ____________
In te re s t received on bonds purchased
fo r sinking f u n d . .............................
S u n d ry in terest re c e iv e d ______________
T o t a l Income fo r y e a r . ..... ............ ..
Deduct—
■General expenses, legal and o fficia l
salaries, a d vertisin g , ta xes , & c ____
C ost m ain tain in g Id le p la n ts__________
Im p ro vem en ts du rin g y e a r ___________
P re fe rre d d iv id e n d s pa id (6 % )_______
In tere st on b o n d s____________ _________
P rem iu m paid on bonds purchased fo r
sinking fu n d _________________________

5,040

_______

37,290
21,044
$527,778

15,668

25,140
33,138

13,890
22,625

$701,333

$642,425

$89,129
$90,728
$153,185
30,570
942
1,418
13,549
19,990
13,706
236,748 236,748
__________ _
159,000
167,750
180,000
_______

8,471

______________

T o t a l d e d u c tio n s ...............................
$528,996
$524,629
$348,309
B alance, surplus or d e fic it................. .. d e f.$ l ,217 sur.$176,704 sur.$294,116
B A L A N C E S H E E T A U G . 1.
1907.
1906. .1
Assets—
$
S
Liabilities—
Cost of property.al2,318,881
12,168,921 Preferred stock
■Outside investm’ts,
outstanding____
cost____________
392,500
390,000 j Common stock
Cash, accounts re| outstanding____
celvable and adFirst mtge. bonds.
vances on ore, &c 585,233
690,165 Accounts payable.
Trust Co., N . Y . .
224
779 Unpaid interest &
Kessler & Co., N .Y .
11,858
8,842
dividends______
Supplies, &c........
203,954
365,556 Accrued interest-.
Bonds in sink.fund
666,000
573,000 Inc. acc't, surplus.
T o t a l ............... 14,178,650 14,197,263

1907.
$

1906.
$

3,945,800 3,945,800
5,918,800 5,918,800
2,650,000 2,650,000
20,100
40,362
11,708
8,842
13,250
13,250
1,618,992 1,620,209

T o t a l.............. .14,178,650 14,197.263

a Includes cost of "N e w Cyanide Plan t" at Colorado City, §149,960.— V .
1085; V . 84, p. 275.

5, p.

GENERAL INVESTMENT NEWS.
R AILRO ADS, IN C L U D IN G STREET ROADS.
Atchison Topeka & Santa Fe Ry.— Rebate Decision—
Appeal.— Judge Olin Wellborn in the United States District
Court at Los Angeles, Cal., imposed a fine of $330,000 on
the company on the conviction on 66 counts by a jury on
O ct.l 1 of granting rebates to the Grand Canon Line & Cement
Co. of Arizona. The fine amounts to $5,000 on each count.
A stay of judgment for 30 days, with privilege of an exten
sion, has been granted to perfect an appeal.
T h e cou rt says th a t the concessions m ade on shipm ents o f lim e and
cem en t fro m N elson A riz o n a , to L os A n g e le s , w ere sm all In am ou nt,
ran gin g from 35 cents to $14 35, a vera g in g $5 20y$ and a ggregatin g
$34 53 (o r $343 53 (? ), the last named am ount b ein g n ot m ore than 1 %
o f the to ta l tra ffic o f the same kin d con tribu ted b y the shipper. Th e
m axim u m p en a lty which m ig h t h ave been assessed was $1,320,000 and
th e m inim u m $66,000.— V . 85, p. 938, 915, 598.

Baltimore & Ohio RR.— Time Extended.— See Chicago
Terminal Transfer R R . below.— V. 85, p. 1008, 999.
Boston & Maine R R .— Source of Holdings of N . Y . N . H.
& H . R R .— A press report from Boston states that the
block of 109,948 shares of the stock owned by the New
York New Haven & Hartford R R . (V. 85, p. 859) were pur
chased from the following:
L ee, H lgglnson & C o __________ 44,576 |Tru stee fo r A m er. ExpressC o. 24,659
Lew is Cass L e d y a r d __________ 17,876 , H en ry F . D lm o c k ____________
600
■Charles M. P r a t t . ____________
6,690 j N . Y . C ent. & H ud. R lv . R R .
5,748
■Charles P r a tt & C o ___________
7,863 From o th er sources___________
136
H e n ry M. W h it n e y ___________
1,800!
----------T o t a l Boston & M aine shares h eld in N e w H a ven R R . trea su ry, .109,948
— V . 85, p. 920, 863.

Chicago Burlington & Quincy RR.— Control of Sioux Ctiy
& Western.— The Sioux City & Western R y. Co., Sioux City,
to O ’Neill, Neb., 129 miles, whose entire capital stock
has for some years been owned by the Willmar & Sioux Falls
R y. Co. (Great Northern R y. Co.) passed on N ov. 1 under
the control of the C. B. & Q. The following new directors
have been elected for the S. C. & W .: G. W . Holdredge,
W . P. Durke, G. W . Loomis, H. D. Foster, W . Randall,
E. J. Ernst and J. E. Kelby.
Consolidation.— The shareholders voted on N ov. 6 to merge
in the company the various subsidiary corporations named in
V. 85, p. 721.— V. 85, p. 1086, 1079.
Chicago Terminal Transfer Co.— Time for Sale of Pref.
■Stock Again Extended.— In a circular issued on N ov. 2 the
stockholders’ committee, George T . Malcolm, chairman,
requests the depositing stockholders to extend the time for
the sale of their preferred stock to the Baltimore & Ohio R R




1209

(at $25 a share) already once extended from Oct. 1 to N ov. 1,
to Dec. 31. The committee “ is in a position to deliver ap
proximately 65,000 shares of preferred stock to the B. & O.
and also represents approximately 18,000 shares of the com
mon stock;” but what disposition is to be made of the latter
is not stated. The circular quotes a letter from the VicePresident and General Counsel of the B. & O. R R . which says:
U n d er the presen t cond ition s, esp ecia lly In v ie w o f the pan ic e x p e r ie n c e ,
o f last w eek in N e w Y o rk , the e x e cu tive co m m itte e , co m p o sed , as It is, o f
co n s erva tive m en, w ould n ot authorize the purchase o f stock In another
co m p a n y, and the ex e c u tiv e officers w ou ld n ot urge such a purchase.
Y o u r dep ositin g stockholders m ust c e rta in ly kn ow th a t th e ir co m m ittee
could n ot be expected to com plete a n y tran saction fo r th e ir accou nt d u rin g
O ctober. W h y n ot suggest th a t th e y lea ve the stock on d ep osit u n til the
co m m ittee can re p o rt, on o r b e fo ie D ec. 31.

Counsel of the B. & O., informs us that “ the only arrange
ment that has existed between the Balt. & Ohio R R . Co.
and the minority stockholders of the Chicago Terminal
Transfer R R . Co. has been in the nature of an option. There
has been and is no contract or obligation on the part of the
Baltimore & Ohio R R . Co. to purchase.” — V. 85, p. 1008,
999.
Chippewa Valley Railway Light & Power Co., Eau Claire,
W is.— Bond Issue.— This company recently filed a mortgage
to the Harris Trust & Savings Bank of Chicago, as trustee,
to secure a new issue of $2,000,000 5% gold bonds of $1,000
each, of which $650,000 due July 1 1924 are outstanding.
We have been favored with the following:
T h e Chippew a V a lle y R a ilw a y L ig h t & P o w e r Co. w as in corp o ra ted la
1898 under the law s o f W isconsin; business th a t o f ra ilw a y, lig h t and p o w er.
S tock outstan ding, com m on , $800,000; p referred , $100,000, 7 % cu m u 
la t iv e . Unissued stock in treasu ry, $100,000 7 % cu m u la tive p referred .
P a r va lu e o f shates $100.
T h e co m p a n y owns In fee electric ra ilw a y at Eau C laire and C h ippew a
F a lls and an lnterurban line betw een , co n stitu tin g, a ltog eth er, 2 2 % m iles;
also a l w ater-pow ers on the R e d Cedar R iv e r , in clu d in g elec tric sta tio n a t
M enom onie, dam at Cedar F a lls, rig h t-o f-w a y transm ission lin e betw een
M enom onie and Eau C laire, 24 m iles In len gth , and lig h tin g and p ow er b u s i
ness and pla n t In the c it y o f Eau C laire.
Bonds outstan ding, $650,000 first m o rtg a g e 5 % bonds, m a tu rin g J u ly I
1924.
N o p rovision Is m ade fo r reservin g bonds o f th e n ew au th orized issue fo r
$2,000,000, to retire ou tstan ding bonds, w hich Include: C h ippew a V a lle y
E lec tric R R . 1st 11. 6s due 1918, $20.0,000, ar.d consol. 5s due 1923, $300,000; Eau Claire L ig h t & P o w e r Co. 4s, $200,000.
Presiden t, O. H . In gra m ; V ice-P resid en t, John S. O w en; S ecre ta ry,
G eorge B . W h eeler; Treasu rer, B. A . B u ffin g to n .

Citizens’ Electric Co., Eureka Springs, Ark.— Change in
Control.— A syndicate headed by Gen. George Sengel and
George Tilles of Fort Smith, having purchased control, the
following officers were recently elected: President and Treas
urer, George Sengel; Vice-President, George Tilles; Secretary,
L. P. Miles, all of Fort Smith.— V. 78, p. 1274.
Cripple Creek Central Ry.— Report.— For the year ending
June 30 results for this holding company were:
F is ca l
Gross
Expenses P a s t-D u e In t. D ivid end s
Y ear—
Incom e.
N . Y . O ffice Collected.
on Stock.
$14,775
_______
$270,000
1906-07 ............. $292,845
1905-06
303,125
14,165
$167,690
367,500
T h e d iv id e n d s as a bove Include $120,000 (4 % ) on preferred
1906-07, again st $120,000 (4 % ) in 1905-06 and $150,000 (6 % ) on
stock in 1906-07, against $187,500 (7 M % ) in 1905-06.

B alance,
S u rp lu s .
$8,071
89,150
stock In
com m on

Deposit with Kessler & Co.— The company has issued a
notice stating:
T h e com pa n y on O ct. 30, the d a te o f the assignm ent o f K es sler &
C o ., had on dep osit w ith the bankers $119,841, and a p p ro x im a te ly $4,564
o f ou tstan ding checks on w hich the c o m p a n y’ s lia b ility m ust be d eterm in ed .
T h e directors on N o v . 1 Instructed their counsel to take a n y a ction n ecessary
to p ro te c t and as fa r as possible c o llect this dep osit.

Removal of Office.— The general offices have been removed
from 54 W all St. to room 1904, 49 Exchange Place, this
city.— V. 85, p. 1143.
Denver & Intermountain Ry.— Successor Company.— See
Intermountain Railway below.— V. 78, p. 2334, 1549.
Fort Dodge Des Moines & Southern RR.— Through Line in
Operation.— The first passenger car over the electrically
equipped line between Fort Dodge and Des Moines was
run on Oct. 28. See full statement of enterprise in V. 85,
p. 98.
Great Northern Ry.— Consolidation.■— The company has
carried out its plan for unifying the ownership of the system
and has taken title to the properties of its subsidiary com
panies as follows:
On O c t .31 papers w ere filed abrogatin g tlje 999-year lease o f the S t.P a u l
M inneapolis & M an itoba, and tran sferrin g the co m p a n y’s properties at
a purchase price o f $35,000,000 to the G reat N o rth ern R y . C o., w hich
assumes the Indebtedness o f the M an itoba to a to ta l o f $94,921,000 .file d and
also Its lia b ility u nder guaranties o f principal and Interest on bonds a g g re
g a tin g $22,500,000, In clu din g the bonds o f Eastern R a ilw a y Co. o f M in ne.
sota, M inneapolis U nion R y . Co. and the M ontan a C entral R y .
(See
n e x t paragraph fo r the assum ption o f the bonds o f the Eastern R y . and
the M inneapolis U n io n .— E d.)
On N o v . 1 fou r a d d itio n a l transfers w ere filed in w hich the consideration
paid a ggregated $25,433,873 63, co verin g the fo llo w in g properties; Eastern
R a ilw a y Co. o f M innesota, $16,783,545 04: W illm a r & S ioux Falls R a ilw a y
C o., $7,327,904 23; M inneapolis U n io n R a ilw a y C o., $808,607 16; P a rk
R a p id s & L eech Lake R a ilw a y C o., $512,817 20, and the M innesota &
G reat N o rth ern R a ilw a y C o., $1,000. T h e G reat N o rth ern also assumes
the p a ym en t o f a to ta l in debtedn ess o f $16,646,000.
(Th is last Item , It
is u n d erstood , Includes $500,000 P a rk R a p id s & Leech L a k e R y . 1st m o rt
gage 5s due M a y 1 1929, w h ich , on June 30 1906 w ere held In the treasu ry
o f the G reat N o rth ern R y . C o.— E d .)

Control of Sioux City & Western RR. Passes to Chicago
Burlington & Quincy R R .— See last-named company above.—
V. 85, p. 1005, 92i.
Indiana Harbor Belt Ry.— Mortgage Filed.— The company
has filed its new mortgage to the Guaranty Trust Co. of New
York, as trustee, to secure an issue of not exceeding $25,000,000 50-year general mortgage gold bonds. The bonds may
be issued bearing 5% interest or such less rate as the direc
tors may from time to time fix for successive issues.
The bonds, it is stated, are guaranteed by the New York
Central’s subsidiaries, the Lake Shore & Michigan Southern

1210

THE CHRONICLE.

and Michigan Central, which are believed to own the entire
capital stock.— V . 85, p. 793, 345.
Intermountain Railway, Colorado.— Successor Company.—
This company was incorporated under Colorado laws on Oct.
29 with $1,000,000 of authorized capital stock to take over
the old Denver Lakewood & Golden R R ., recently known as
the Denver & Intermountain R y. (V. 83, p. 36), with the pur
pose of electrifying the road from Barnum to Golden, 7 miles,
the line being already operated with electricity from Denver
to Barnum, 5 miles. “ Denver Republican” of Oct. 30 says:
T h e d irectors are D aniel Chase and C ivillla n H . Chase o f W illo w Lakes,
S. D ., and Judge C a ldw ell Y e a m a n , F ra n k W . L o v e la n d , Th om as B . D oan
and T h om as J. M iln er o f D en ver.
T h e concern has purchased a ll the ro llin g stock, & c., o f the line from the
D e n v e r & In term ou n ta in R a ilw a y Co. T h e stockholders in the la tte r w ill
be stockh olders in the n ew com pa n y, reta in in g a m in o rity pow er. Sam uel
N ew h ouse, the copper m illion aire, is one o f the largest stockholders In the
old co m p a n y and one o f the h ea vily-in terested stockholders in the new con
cern . I t is stated th a t the m a jo rity o f stock is o w n ed b y E astern in terest

Lake Shore Electric Ry., Cleveland.— Change in Officers.—
W . Coen, Secretary and Treasurer, was recently made Gen
eral Manager, and John P. W itt, President Moore’s Secretary,
was elected Secretary and Assistant Treasurer.— V. 84, p.
1366.
Long Island RR .— Decision Against Surf ace Line on Atlan
tic Avenue, Brooklyn.— The Court of Appeals on N ov. 2
unanimously affirmed the decision of the Appellate Division,
Second Department, in February last, holding that the compa iy, having availed itself of the provisions of the Atlantic
Avenue Improvement A ct, has no legal right to construct a
surface trolley road on the right of way formerly occupied
by the steam road. Compare V. 84, p. 339; V. 85, p. 160, 40.
Louisville & Atlantic RR.— New President, &c.— A. E.
Richards has been elected President, with office at Louis
ville, K y ., succeeding the late J. P. Amsden. Secretary E.
M. Wallace has been appointed also General Counsel, and
the Bank of J. Amsden, Versailles, K y ., has been made
Treasurer.— V. 71, p. 236.
Massachusetts Electric Companies.— Report— For year
ending Sept. 30, earnings of controlled companies were:
Y e a r—
Gross.
N e t.
Charges.
B a l.fo r d iv .
1900-07 .............................$7,761 ,062 $2,757,858 $1,602,622
$1,155,236
.. 7,520,537
2,634,688
1,594,502
1,040,185
1905-06
F ro m the surplus as a bove in 1905-06 w ere pa id to the Massachusetts
E le c tr ic Com panies d ivid en d s am ou ntin g to $710,406, lea vin g a balance o f
$329,779; d iv id e n d s in 1906-07 are n ot kn ow n . T h e parent com pa n y
also received m iscellaneous in terest on n otes, & c.. am ou ntin g to $66,652 in
1905-06; a m ou nt in 1906-07 n ot y e t re p o rte d .— V . 85, p. 531.

[V o l .

lxxxv.

Pacific Railway & Navigation Co.— Construction.— The
“ Railway A ge” of N ov. 1 said:
C on stru ction on the line from B u x ton to T illa m o o k , O re ., 75 m iles, Is
progressing ra p id ly . Crews are a t w ork upon both en ds o f the road. TTvo
and on e-h a lf m les o f tra ck are com pleted on the T illa m o o k en d and n ea rly
18 m iles on the B u x ton en d . W o rk on bridges, trestles and tunnels is also
under w a y . E . E . L y t t e , P resid en t, P o rtla n d , O re.— V . 84, p. 1308.

Pere Marquette R R .— Delay of Reorganization.— The “ New
Y ork Herald” of N ov. 2 contained a detailed statement pur
porting to explain the postponement of the meeting called
to ratify the reorganization plan. The delay, it is learned
by the “ Herald,” was occasioned by the protest of the com
mittee consisting of Frederick Strauss and Mark T . Cox,
representing C. H . & D. refunding bonds, against the voting
of the $11,000,000 of Pere Marquette common stock pledged
by the C. H. & D. as part security for those bonds in favor
of the plan and the proposal to create two issues of Pere Mar
quette preferred stock, unless the Morgan interests would
agree to take care of the refunding bonds through exchange
for C. H. & D. short-term notes, or otherwise to the satis
faction of the committee. An offer of a 10-year note, it is
asserted, was declined, but an early settlement is anticipated.
Payment of Coupons.— Coupons due N ov. 1 from Pere
Marquette Railroad of Indiana first mortgage 4% gold bonds
of May 1 1943, heretofore payable at the Knickerbocker
Trust Co., were paid at maturity at the office of J. P . Mor
gan & Co., 23 W all St.— V. 85, p. 1144, 1002.
Southern Indiana Ry.— Report.— For the year ending
June 30:
F is c a l
M ile s
Gross
Net
Y ea r.
O pera’d.
E a rn in g s .
E a rn in g s.
1906-07 . . 236.68 $1,651,901
$686,224
1905-06 . . 196.76
1,456,350
590,466
— V . 85, p . 865, 42.

Taxes &,
Rentals.
$121,716
82,302

In t . on
Balance,
B o n d s ,& c. S u rp lu s.
$444,701
$119,807
369,925

138,239

Southern Ry.— Application to List.— The company has
applied to the New York Stock Exchange to list $300,000
additional Memphis Division fifst mortgage 5% and $1,964,000 additional first consolidated 5% bonds, making the
total amounts listed $6,883,000 and $50,101,000 respectively.
— V. 85, p. 1083, 1020, 999.
Toledo St. Louis & Western RR.— Report.— The results for
the year ending June 30 were:
Y ea r—

Gross
E a rn in g s.

Net
E a rn in g s.

Other
Interest
Incom e. & Taxes.

P re f.
D iv .

B a la n ce ,
S u rp lu s.

1 9 0 6 -0 7
$ 4 ,1 8 1 ,9 6 6 $ 1 ,378,811 $ 3 3 ,837 $ 7 6 7,579 $ 2 0 0,000 $ 4 4 5 ,0 6 9
............
47 1 ,1 3 7
1 9 0 5 -0 6
4 ,2 0 5 ,0 5 2
1 189,026
2 5 ,0 7 8
7 4 2,967
— V . 85, p . 79 5 , 532.

Tonopah & Tidewater R R .— Completion of Line.— The
last rail was laid yesterday near Gold Center, a short dis
tance from Rhyolite and Beatty. It is expected to open the
entire line between Ludlow, Cal., and Beatty, N ev., 168
miles, for freight service about N ov. 25 and for passenger
traffic on Dec. 1.—-V. 82, p. 1440.

Montreal Street Railway.— Report.— See “ Annual R e
ports.”
New Director.— Robert Meighen, President of the Lake of
the Woods Milling Co., has been elected a director, to succeed
the late Lieut.-Col. Henshaw.— V. 85, p. 1143, 221.
New York Central & Hudson River RR.— Merchants' DesIN D U S T R IA L , GAS A N D MISCELLANEOUS.
itch Taken over by New York Central Lines.— W alter B.
Adams Express Co.— Office Moved.— The office of the
ollock, Vice-President and General Manager of the Mer
Treasurer has been removed from No. 59 Broadway to No. 71
chants’ Despatch Transportation Co., issued the following
Broadway.— V 85, p. 865.
announcement on Oct. 25:
American Cotton Oil Co.— Action Deferred Regarding D iv i
On and a fte r N o v . 1 1907 this com pan y w ill cease to operate the M er
ch a n ts’ D espatch and D a iry L in e and th e rea fter th e y w ill be operated by
dend on Common Stock.— The directors on Thursday declared
th e N e w Y o r k C entral lines.
Th e co m p a n y h avin g sold to the N e w
the usual dividend on the preferred stock, payable Dec. 2,
Y o r k C en tra l & H udson R iv e r R R . Co. its ice house and conten ts a t East
B u ffalo and K a rn er, N . Y . , and to the Lake Shore & M ichigan Southern
but deferred action on the dividend for the common stock.
R y . Co. its Ice house and conten ts a t W est S eneca, N . Y . , and to the
An official statement says:
M ich igan Central R R . Co. its Ice houses and conten ts at (Junction Y a rd s)

?

D e tro it M ich ., the icin g o f perishable freigh t a t those points w ill be per
fo rm ed b y the railroad com panies. Th e com pan y h a v in g sold a ll o f Its
b o x and carriage cars to the N e w Y o rk C entral & H udson R iv e r R R . and
La k e Shore & M ichigan Southern R a ilw a y com panies, the allow an ce fo r
use o f such cars m u st th e re a fte r be rep orted to those com panies.

Statement for N ine Months.— Earnings for the quarter and
9 months ending Sept. 30 (partly estimated in 1907) were:
3 M o s . end.
Gross
Net
Other
Interest,
Balance
Sept. 30—
E a rn in g s.
E a rn in g s.
Incom e.
Taxes, <fec.
fo r D lv s.
1907_________ $27,069,729 $8,490,093 $2,523,560 $5,879,277 $5,134,376
190 6
24,782,968
7,488,826
1,569,787
5,520,321
3,538,292
9 M o s .—
190 7
.$74,000,625 $18,020,475 $7,434,637 $17,373,369 $8,081,743
1 9 0 6 .............. 67,662,194 19,592,138 4,815,022 16,575,900 7,831,260
— V .8 5 ,p . 722, 346.

Dividends of 1 K % during each of the quarters of 1907
call for $2,679,480, and during the 9 months ( 4 ^ % ) for
$8,038,440.
In 1906 $1,864,972 (1J^% ) was paid quarterly,
or $5,594,918 (3 % % ) for the 9 months, leaving a balance
surplus for the 3 months of $2,454,896 in 1907, against $1,673,320 in 1906, and a surplus for the 9 months of $43,303,
against surplus of $2,236,342 in 1906.— V. 85, p. 722, 346.
New York-Philadelphia Co.— Interest Payment.— The in
terest due N ov. 1 on the $710,000 first mortgage 5% bonds
of the Camden & Trenton Railway Co. was paid on N ov. 7
through A . N. Chandler & Co. The delay in payment, it is
explained, was due to the stringency in the money market.—
V. 81, p. 1101.
Norfolk & Southern Ry.— Old Property Acquired by Deed.—
A deed has been filed from the Norfolk & Southern Railroad
conveying all its property to the new company. This is
done in furtherance of the plan of consolidation.— (V . 82,
p. 929) V. 85, p. 1083, 922.
Ohio & Southern Traction Co.— Bond Issue.— This com
pany, the owner of the new line opened Sept. 1 1907 south
from Columbus, O., to the Hartman stock farm, has made
a mortgage to the Ohio Trust Co., as trustee, to secure an
issue of $90,000 5% 25-year bonds of $1,000 each, dated
Oct. 1 1907, interest payable semi-annually.
P resid en t, S. B . H a rtm a n ; S ecreta ry, James M. B u tler. T h e com pan y
w as Incorporated in O cto b er 1906 w ith $75,000 ca p ita l sto ck , w hich in O cto 
ber 1907 was Increased to $90,000.




U n d er ord in a ry circum stances the d irectors w ould a t this tim e h ave d e
clared a divid en d on the com m on stock, but In vie w o f the financial con d i
tion s n ow p reva ilin g th e y consider It fo r the best Interests o f the stockh olders
to conserve the cash resources o f the co m p a n y , and therefore have deferred
action on the com m on stock d ivid en d u n til fin ancial cond ition s resume a
norm al state
Results fo r Y ears E n d in g A u g . 31 (A p p rox im a te fo r 1906-07).
1906-07.
1905-06.
N e t profits o f the m a n u fa ctu rin g and com m ercial
business, a fte r ch argin g o ff expenses o f m anu 
fa ctu rin g, o p era tio n , & c ________________ (a b o u t) $2,592,262 $1,618,537
D edu ct— In terest on debentu re bond s_____________
225,000
225,000D ivid e n d s on preferred s to c k _______________________
611,916
611,916
D ivid en d s on com m on s t o c k ________________________ (see a b o ve) (2 % )404,742
Set aside fo r perm a n en t Im p ro vem en ts____________
434,654
------------L e a v in g surplus______________________________________
$1,320,692
Cash In bank A u g . 31 (end o f y e a r )_________________ $1,638,625
Bills pa ya ble o u t s t a n d in g ---------------------------------n one.
— V . 83, p . 1237, 1226.

$376,879
$1,506,391
n one.

American Express Co.— Sale of Stock in Boston & M aine.—
See that company under “ Railroads” above.— V. 84, p. 1553.
American Locomotive Co.— New Secretary.— S. T . Calla
way, a son of the late S. E. Callaway, former President of
the company, has been elected Secretary to relieve Leigh
Best, who, having been made Vice-President, found the
combined offices too arduous.— V. 85, p. 1006, 597.
American Sewer Pipe Co.— Reduction of Capital Stock.— The
shareholders will vote N ov. 20 on reducing the capital stock
from $8,000,000 ($7,805,700 outstanding) to $7,000,000.
The stock to be retired has been bought in the open market.
Compare V. 85, p. 923, 724.
American Steel Foundries Co.— Recommendation of Board
as to Dividend.— The directors on Thursday voted to recom
mend that the stockholders authorize the payment of a
dividend of 3% in cash and a scrip dividend of 20%, the
scrip to bear 4% interest payable semi-annually, and the
principal after five years to be redeemed at the rate of 10%
peT annum.
The proposed distribution will be made, however, on the
condition that the holders of the preferred stock shall ex
change their present holdings “ for a like amount of new pre
ferred stock with the cumulative provision excluded.” —
V. 85, p. 865, 724.

Nov. 9 1907.]

THE CHRONICLE

American Tobacco Co.— Extra Dividend Reduced.— The
directors on Wednesday declared the usual quarterly dividend
of 23^% and 2>^% extra on the $40,242,400 common stock,
payable Dec. 2 to holders of record N ov. 15, as against—
E x tra D ivid end s on Com m on Stock in A d d itio n to R eg u la r 1 0 % per A n n u m .
D ec. 1905. Sept. 1906. Dec. 1906. J u n e 1907. Sept. 1907. D ec. 1907.
10 %
5%
7^ %
5%
7 y2 %
2 Hi %
— V . 85, p . 602. 348.

Arnold Print Works, North Adams, Mass.— Receivership.
— The United States Circuit Court at Boston on N ov. 6
placed this property (one of the largest print works in the
country) in the hands of Henry E. Warner of Boston as
receiver, on the application of its President, Chas. D.
Houghton.
Statement F ile d in Massachusetts as of J u n e 29 1907.
Assets ($8,581,299).
|
L ia b ilitie s ($8,581,299).
R e a l estate and m a ch ’ y-_$ 2 ,3 0 0 ,0 0 0 | C a p ltal s to c k _____________ $1,150,000
M a t e r ia l___________________ 3,556,810 |D e b t s _____________________ 2,619,848
Cash and d eb ts re c e iv a b le . 2,724,4891 Surplus, p rofit and loss___ 4,811,451

A press dispatch from North Adams states that the com
pany (including subsidiaries not embraced in above bal
ance sheet) has outstanding promissory notes and obligations
to banks to a total of $6,500,000, its total liabilities being
reported as $9,500,000.
W illiam B. Sprout, Attorney for the company in Boston,
is quoted as saying:
T h e sole cause o f the a ctio n w as the present fin an cial strin ge n cy . Th e
c o m p a n y has a large num ber o f contracts In process o f m anufacture on w hich
collectio n s w ou ld be m ade In the ord in a ry course o f business a t the end o f
the n ex t three or fo u r m on th s. T h e co m p a n y Is p e r fe c tly s o lven t. Th is
receiversh ip is a preca u tio n ary measure to keep the com pan y In tact and
save It from fru th er em barrassm ent. W h a t Is m ostly needed under the
circu m stances is the co-op eration o f creditors and stockholders.

Canadian General Electric Co.— Preferred Stock to Have
Preference as to Assets as Well as Dividends.— The by-laws
have been amended, giving the recent issue of $2,000,000
preferred stock a preference as to assets as well as dividends.
English capitalists will take a block of the issue, but present
shareholders were offered the right to subscribe at par, paya
ble $5 per share on application, $20 in allotment, $25 Dec. 4
1907, $25 Jan. 2 1908 and $25 Feb. 4 1908. Compare V. 85,
p. 162,470.
Cape Breton Coal, Iron & Railway, Ltd.— P rior Lien
Bonds Authorized— Present Bonds to be Incomes.— The holders
o f more than 20% of the 5% gold bonds secured by deed of
trust dated March 7 1905 have exercised the option, conferred
by the deed, to modify the rights of the holders of said
bonds, and have assented to the Act of the Nova Scotia
Legislature of March 7 1907 authorizing the issue of $2,600,000 “ special first mortgage gold bonds,” bearing not over
5 % interest and due in 30 years, but previously subject to
call at 107, such bonds to rank ahead of the present first
mortgage bonds.
T h e y h ave also vo te d to co n v ert the present bonds Into Incom e bonds
" s o th a t. If In a n y y e a r the profits o f the com pan y are n ot su fficient to
p a y the In terest on such Incom e bonds, the co m p a n y shall Issue th erefor
deferred w arran ts, paya b le as a first charge out o f profits In a n y subsequent
y e a r ava ila b le fo r d ivid en d a fte r the p a ym en t o f current m a tu rin g coupons
has been m ade o u t o f such p ro fits .” — V . 84, p . 101.

Central California Power Co.— Bond Issue.— A mortgage
has been filed to the California Safe Deposit & Trust Co.,
as trustee, to secure an issue of $5,000,000 5% 30-year bonds,
which are to be sold to provide for the construction of power
house., transmission lines, &c.
Cleveland (0 .) Union Stock Yards Co.— Dividends.—
The following has been confirmed for the “ Chronicle:”
T h e com pan y paid a q u a rterly d ivid en d o f 2 % on O ct. 1. Th is means
10 H % on the stock fo r the y e a r, bein g 4 % paid in Janu ary. 2 % in A p ril,
2 ) 4 % in J u ly and 2 % In O ctober. Th is com pares w ith 11 % paid In 1906.
T h e com pan y has m ade m ore m o n ey the past ye a r than e ve r before In its
h istory. T h e grow th o f the business, h ow ever, m ade necessary the con 
stru ction o f a la rg e ad d ition to the ya rd s, w hich was com p leted and paid
fo r out o f earnings. T h e co m p a n y in a d d itio n has a surplus o f $40,000 or
$50,000.
C a pita l stock re c e n tly $750,000; p a r o f shares $100. N o
bonded d e b t.— V . 76, p. 707, 1303.

Chicago Telephone Co. — Counsel Vote Franchise.— The
City Counsel on November 7 by a final vote of 44 to 33
passed the franchise ordinance, after eliminating the pro
visions that all profits in excess of 10% dividends on the
stock should be paid to the city.
Report on Telephone Service and Rates. — A valuable
contribution to the literature on telephone service and rates
in the leading cities here and abroad is contained in the
volume of about 300 pages embodying, under date of Sept.
3 1907, the following reports to the Chicago City Council:
1. R e p o r t o f C om m ittee on Gas, O il and E le c tr ic L ig h t , c o v e rin g fu lly
th e t e l' phone situ ation In C hicago.
2. R e p o rt o f A lderm a n L in n H . Y o u n g , Chairm an o f the aforesaid com 
m itte e , g iv in g schedules o f rates and general In form ation rega rdin g te le 
phone service in 21 la rg e cities In the U n ited States.
3. R e p o r t o f Special Com m ission. D u gald C. Jackson, Chairm an.
4. R e p o rt o f W a lte r F . Burgess on the foreign situ a tion . In clu d in g G reat
B rita in , Paris, B erlin , S tockh olm and S w itzerlan d .
5. R e p o rt o f C ity S tatistician on "M o n o p o ly o r C o m p etitio n .” “ M easured
o r F la t R a te S e r v ic e ," &c.
6. Proposed ordinance o f the Chicago T ele p h o n e Co.; and
7. Prop o sed ordinance re la tin g to pu b lic telephones.

The acw franchise extends until Jan. 8 1929 and requires
hefpayment to the city of 3% of all gross receipts, both on
ocal and toll business, and also the furnishing of free tele
phone service to the city under certain restrictions. The
rates are liimted in part as follows:
Business teleph ones— F la t ra te, single p a rty lines >125 per ye a r. M eas
ured service— Singe p a rty lines, 1,200 ou tgoin g calls, $60 p er year; n ex t
2,400 calls. 3 cents each ; fo r all calls In excess o f 3,600, 2 cents each.
P r iv a te exch an ge. $365 a y e a r a d d itio n a l lines. $6 per q u arter.
R es id en ce teleph ones— F la t ra te, single p a rty , $18 per q u arter; tw o
p a rty lines, $14 per q u arter.
N ic k e l slot service— F o r ou tgoin g calls, single p a rty lin es, a t lea st 20
cen ts per d a y ; tw o -p a rty lines, a t lea st 1 2 H cents per d a y ; fo u r-p a rty
lin es, 5 cents p er d a y .
P u b lic telephones— F o r a n y message w ith in the c ity , 5 cents.




1211

A motion to bri ng the Illinois Tunnel Co. and its telephone
department into the discussion was voted down 42 to 27.
The reports, while not failing to criticize the Chicago Tele
phone Co. where criticism was deserved, declares that the
company’s plant compares favorably with the telephone plant
in any other large city; that a duplication of plants would
result in inconveniences to be “ deplored and avoided,” and
that the best interests of the telephone users of Chicago will
be conserved by an extension of the grant of the Chicago
Telephone Co. “ upon terms equitable to the citizens, to the
city of Chicago and to the company.” The reasonableness
of the “ measured rate” service, the committees believe, is
shown clearly by the data which they have collected.—
V. 85, p. 533.
Defiance (O.) Water Co.— Favorable Decision.— The United
States Supreme Court on Oct. 23 dismissed the appeal of
the city in the long pending suit brought to recover hydrant
rentals. The judgment recovered by the company amounts
with interest to about $56,000. The contract with the city,
it is stated, expires next year. Compare V. 78, p. 1552.
Duquesne Light Co., Pittsburgh, Pa .— Description of
Plant.— See article in “ Engineering Record” of New York
for Oct. 26.— V. 85, p. 533, V. 83, p. 893.
Empire Steel & Iron Co.— Reduction of 45% in Outstanding
Common Stock.— The shareholders will vote N ov. 19 on
reducing the capital stock of the corporation, of which there
is now issued and outstanding $4,781,400, ($2,281,400 com
mon and $2,500,000 preferred) to $3,754,770, by reducing
the common stock to $1,254,770, par value, by the surrender
by every stockholder of his shares and the issue to him in
lieu thereof of a decreased number of shares equal to 55%
of his present holdings. Compare V. 85, p. 218, 102.
Federal Furnace Co., Chicago.— Bond Offering.— The
Merchants’ Loan & Trust Co. of Chicago recently offered at
prices to net the investor about 6% $198,000 first mortgage
5% bonds, dated N ov. 1 1906. Denomination $1,000.
Interest payable May 1 and N ov. 1. Principal redeemable
on any interest day at 105 and interest. Superior Savings
& Trust Co., Cleveland, Ohio, and the Merchants’ Loan &
Trust Co., Chicago, trustees. A circular says in substance:
Th ese bonds are p a rt o f an a u th orized issue o f $1,000,000, m a tu rin g
s e ria lly from 1909 to 1920, $600,000 o f w h ich , kn ow n as Series ‘ ‘A , ” areoutstanding; the rem ain in g $400,000 bonds (Series " B ’ ’) can be Issued fo r im .
provem en ts and exten sion s, bu t o n ly to the ex te n t o f 50 % o f the cost o f
the same. T h e above-described bonds are a first m o rtg ag e on the p ro p e rty
o f the com pa n y, consisting o f 23 acres o f ground w ith a fron tage o f 11,000
fee t on the C alu m et R iv e r in South C h icago, reached b y the P en n sylva n ia
R R . and the Chicago Junction R y . A blast furnace w ith a d a ily ca p a city
o f 300 tons o f p ig Iron has been in operation several m on th s, and a second
furnace (to cost $800,000) w hich w ill h ave a d a lly ca p a city o f 350 tons
Is now in process o f erection. T h e lo ca tio n o f the p la n t on the C alu m et
R iv e r and Its m o d em equ ipm ent en able it to produce p ig iron as eco n om ica lly
as any furnace In the Chicago d istrict. T h e ca p ita l stock Is $1,200,000,
o f w hich o ver $900,000 has a lrea d y been paid in. U pon c o m p litio n o f
the Im provem en ts now under w a y the com pa n y w ill h ave a cash in vestm en t
o f $2,200,000, w hich is m ore than tw ice the Issue o f bonds. T h e p rin cip a l
stockh olders are connected w ith P ick an ds, B row n & C o ., Iron m erchants
o f Chicago; Pick an ds, M ather & Co. o f C le vela n d , w h o are la rge owners o f
ore lands and o re-ca rryin g vessels; and the N a tio n a l M a llea b le Castings C o .,
w ho are la rg e consumers o f p ig iron . Com pare V . 84, p . 806.

Hartford (Conn.) Electric Light Co.— New Stock.— The
stockholders, it is stated, voted on Oct. 23 to accept the
Act recently passed by the Connecticut Legislature author
izing it to increase its capital stock to $5,000,000. The
outstanding capitalization is $2,100,000. See V. 84, p.
870, 393, 341.
Hudson Navigation Co., New York.— Change in Manage
ment.— Director John Englis has been elected President and
Andrew Fletcher of the shipbuilding firm of W . & A . Fletcher
& Co., of Hoboken, has been made Treasurer, succeeding
respectively Calvin Austin and N. W . Campbell, who were
both representatives of Charles W . Morse. Mr. Campbell
and Arthur Braun (private secretary to Mr. Morse) retired
from the Board, which now consists of President Englis,
his son C. M. Englis, Mr. Fletcher, Mr. Austin and Mr.
Morse. The company’s office has been moved to Pier 32
North River. President Englis is quoted as saying:
T h e change In the m an agem en t was to relesae the com pan y from the
Morse co n trol. T h ere was no figh t In the u nseating o f the Morse co n trol.
Mr. Morse consented to take a back seat. A ll realize th a t the changes
m ade w ill react to the b en efit o f the com pa n y, w hich Is a prosperous con 
cern and on a firm m o n ey-m ak in g basis.

Dividends.— The company last November paid an annual
dividend of 4% , but this year, although the earnings for
the late year, it is said, amounted to above $300,000, no
distribution, it is understood, will be made, two new boats
440 and 320 feet respectively in length being under con
struction. The coupons due N ov. 1 on the New Jersey
Steamboats 1st 5s were paid at the National Bank of North
America. (President Englis declines to confirm any of the
foregoing statements.)— V. 84, p. 999, 223, 162.
Independent Brewing Co. of Pittsburgh.— Report.— For
year ending Oct. 31:
Fiscal
Gross
Net
Int. on Dlvs. on
D iv s.on
Deprec'n
B a l.,
Year.
Earnings.
Earns.
Bonds. P f. (7 % ). Com. Stic. Ch’dOJJ.
Surp.
’ 06-'07_-$3,434,974 $893,719 $270,000 $315,000 (1%)$45.000 $127,705 $136,014
’05-’06_. 3,306.541 1,014.194 272,330 315.000 .................. 126,536 300,328

Second Dividend on Common Stock.— A quarterly dividend
of 1% has been declared on the $4,500,000 common stock,
payable N ov. 25. The first dividend at the same rate was
paid Aug. 24.— V. 85, p. 349.
International Harvester Co.— New Office.— The company
has moved its offices from 7 Monroe Street to the new Har
vester Building, corner Michigan A ve. and Harrison St.,

THE CHRONICLE.

1212

Chicago. Compare bond offering under caption of Har
vester Building, V . 85, p. 349.— V. 85, p. 603, 471.
Iron Steamboat Co.— New Directors.— W . G. Besler and
W . F. Allen have been elected directors, succeeding W . R .
Britton and A . C. W ashington.— Y . 83, p. 1293.
Lake Superior Corporation.— Injunction Leads to Adjourn
ment until Jan. 11.— The adjourned annual meeting sched
uled to take place N ov. 6 was adjourned until Jan. 11 1908.
the Canadian Im provem ent Co. of Montreal having secured
a temporary injunction in the Court of Chancery, restraining
J. Tatnall Lea, representing Philadelphia interests, from
voting the 50,000 shares of stock owned by the Improvement
Company but pledged in Philadelphia for loans. The Im 
provement Company claims that, under the New Jersey law,
the right to vote this stock rests with the pledgee and not with
the pledgor.
T h e P h ila d e lp h ia interests in th e co m p a n y, althou gh ow n in g a la rge
pa rt o f the stock, h ave had o n ly sm all representation on the board, and
h a v in g becom e dissatisfied w ith the d o m in a tio n o f the co m p a n y ’s affairs
b y the Canadian im p ro v e m e n t C o., u n d ertook, under the leadersh ip o f
M r. L e a , Presid en t o f th e First N a t. Bank o f P h ila d e lp h ia , and F ra n cis B .
R e e v e s , Presid en t o f the G irard N a tio n a l Bank o f th a t c it y , to secure the
elec tio n o f James H a y , d irecto r o f the F ou rth St. N a tio n a l B an k, and
H o ra tio G. L lo y d , P resid en t o f the C om m ercial T ru st Co. o f P h ila d e lp h ia ,
In the pla ce o f Charles E . O rvls and Francis H . C lergn e. M r. L e a holds
p rox ies fo r
208 000 shares. Including the 50,000 In d isp u te, a n d he hopes
a t the a djou rn ed m eetin g to g e t a m a jo rity o f t h e board fa v o ra b le to the
P h ila d elp h ia ln terests.:— V . 85, p. 1142, 866.

National Casket Co.— Balance Sheet.— This company,
which was incorporated in New York State in 1890 and took
over the plants, &c., of the Stein Mfg. Co., Rochester, N. Y .,
Hamilton, Lemon & Co., Pittsburgh, Pa., and Chappell,
Maxwell & Co., Oneida, N. Y ., has filed the following bal
ance sheet in Massachusetts:

[V o l .

lxxxv

$33,067,900 common and $248,300 preferred. The Steel
Corporation has also offered to purchase any of the remaining
common shares which may be deposited at the office of J. P.
Morgan & Co. on or before N ov. 21, allowing therefor the
same terms as given the m ajority interest, namely United
States Steel Corporation sinking fund 5% bonds, dated 1903,
at 84, for Tennessee stock at par— in other words, an ex
change will be made on the basis of $11,094.76+, face value,
in the bonds for $10,000 par value of the stock. On N ov. 8
J. P. Morgan & Co. had received about $25,000,000 of stock
for exchange. The New York Stock Exchange has author
ized the listing of $30,000,000 of the 5% sinking fund bonds
of the Steel Corporation to be issued to take up the stock de
posited; their distribution will make outstanding $200,000,000
of the authorized issue of $250,000,000 of these bonds, the
remaining $50,000,000 being applicable to the retirement of
preferred stock of the Steel Corporation, should the directors
authorize such retirement.
Before the ratification of the agreement of purchase by the
directors of the United States Steel Corporation, Judge Gary,
the Chairman of the company, went to Washington, and, it
is understood, obtained assurance from President Roosevelt
that the acquisition would not be regarded unfavorably by
the Administration. In an official statement Judge Gary said:
B y the acqu isition o f this p ro p e rty the Steel C orp oration w ill Increase Its
c a p a city b y about 2^1 % , m a k in g its c a p a city about 6 0 % o f the to ta l p ro
d u ction o f the U n ited S tates.
I t Is believed the purchase w ill e ve n tu a lly
be o f great ben efit to the corp o ra tio n and to the steel In d u stiy.

As to the importance of the transaction, see remarks in our
editorial columns and article in “ Iron A ge” of New York for
N ov. 7. The selling syndicate, it is said, includes some
twenty members (some of whom paid for their stock in full
B alance Sheet on or about Sept. 1.
and were in no urgency to sell), the chief interest, it is under
1907.
1906.
|
19 0 7 .
19 0 6 .
stood, being held by the members of the board.
Assets—
S
$
i L ia b ilitie s —
$
$
While the executive committee of the Republic Iron &
R e a l e sta te______1,357,508 1,335,3551C a pita l s t o c k ._-4,384,300 4,384,300
466,148 j A ccts.
& bills
M a c h in e r y ______ 478,111
Steel Co. is identical with that of the Tennessee Coal, Iron
Cash & debts r e c .l,291,759 1,212,471 j p a y a b le _______ 315,0961 922,532
& Railroad Co., the former company is not, it is stated,
M erch an dise____ 1,738,285 1,626,381 |Funded d e b t . . . 527,500J
affected by the transfer that has taken place. Its stock,
P a ten ts , go o d w ill
i Surplus__________ 999,420
868,586
and tra d e m ’k s l ,895,106 1,895,106 j P ro fit & loss____
534,453
360,043
though controlled by members of its directorate, is widely
held, in contrast with that of the Tennessee Co., in which
T o t a l ............. .6,760,769 6,535,461 | T o t a l - ..............6.760,769 6,535,461
(A u th o riz ed c a p ita l stock, $6,000,000. P res., C. W ill Ch appell; S ec.,
there have been exceedingly few transactions in the past 22
S am u el L . D o b b in ; T rea s., B en jam in E . Chase. O ffic e . 50 G reat Jones
months. For a time last year it was quoted at 160, but fo r
S t., N . Y . ) — V . 69. p . 131.
some months has been regularly quoted at 135.— V. 85,
National Glass Co., Pittsburgh.— Preferred Dividend Not
p. 923, 669.
P a id .— Under date of N ov. 7 we learn that no preferred divi
Union Carbide Co., Richmond, Va.— New Stock Author
dend has been paid since July last, the quarterly distribution
usually made Oct. 30 not having been made.— V. 82, p. 456, ized.— The shareholders on N ov. 4 ratified the proposition to
increase the capital stock from $6,000,000 to $14,000,000N ew York State Steel Co., Buffalo, N. Y . — Receivership.—
— V. 85, p. 1085.
Following the filing of a bill in equity in the United States
Union Oil Co., California.— Dividend Increased.— The
Circuit Court at Buffalo by John C. Cromwell of Cleveland,
a stockholder in the company, and the Garret-Cromwell directors, beginning with the distribution of N ov. 10, it is
Engineering Co. of Cleveland, a creditor to the extent of announced, have voted to increase the monthly dividend
about $30,000, Judge Hazel on N ov. 6 placed this property from $1 00 to $1 25 per share.
e d ivid en d rate was Increased In F e b ru a ry 1905 from 2 .7 % per annum
in the hands of President Spencer Kellogg Sr., George (22T h.v^c.
per share m o n th ly) to 6 % per annum (50 c .m o n th ly ) In A p ril 1906.
Urban Jr. and Adolph Rebadow, as receivers.
The fol to 9 % per annum (75c. m o n th ly ), In M a y 1907 to 1 2 % per annum ($1
m o n th ly) and now to 15 % p er annum . C apital stock ou tstan ding D ec. 31
lowing statement was given out:
O w in g to the severe strin gen cy now ex istin g In the business w o r ld . It has
been deem ed best to have a tem p ora ry receiver a p p o in ted . T h e com pan y Is
p e r fe c tly s o lven t, and the a ction th at has been taken Is o n ly tem p o ra ry.
Com p are V . 83, p. 1595; V . 84, p. 1371.

North American Co.— Declaration of December Dividend
Deferred.— The company having loaned to the various com
panies in which it is principally interested sums aggregating
$3,612,938, to provide for extensions and additions, and the
condition of the money market being such as to prevent said
companies from selling advantageously their mortgage
bonds to cover these advances, the directors of the North
American Co. announce that they have decided to defer
for the present the declaration of a dividend on the com
pany’s $29,792,300 capital stock, although this is the time
when a quarterly distribution payable in December is usually
announced. Quarterly distributions at the rate of 4% per
annum were made in 1903, and since then to and including
September last 5%.
Income Account.— For 10 months ending Oct. 31 1907
and entire calendar year 1906:
------- Receipts from------- Apprec’n Deduct
D lv iBalance •
Period
Interest. Dividends. Other, of Assets. Expen.
dends.
SurplusCovered—
$
$
S
$
S
S
$
1907 (10 m o s.)--232,005 1,179,329 23,316
______ 156,030 1,117,212
161,408
1906 (12 mos.)_ .103,223
923,907 25,262 1,721,500 99,271 1,487,305 1,187,316
Total undivided profits as of Oct. 31 1907, 84,160,956.— V. 85. p. 1007.

Pittsburgh (P a.) Brewing Co.— Report.— The reports for
the fiscal year ending Oct. 28 compare as follows:
F is c a l
Y ear.
1906-07
1905-06

Gross
Net
E a rn in g s. E a rn in g s .
$6,941,498 $2,231,330
6,494,499 2,304,139

Bond
Taxes <fe D iv . on
Su rp lu s
Interest. D e p rec.
Stock.
fo r Y r .
$379,140 $654,772 $725,112 $472,308
379,140 688,262
725,112
511,626

Dividends include— Common (5 % ), $298,109; preferred
(7 % ), $427,003. Sales in year 1906-07 aggregated $943,695
barrels, against 930,604 in 1905-06.— V. 83, p. 1522.
Temple (T ex.) W ater Works Co.— Taken Over by City—
Bonds Assumed.— See item in “ State & C ity” department
last week on page 1166.
Tennessee Coal, Iron & Railroad Co.— Control Acquired by
United States Steel Corporation—-Offer to Purchase M inority
Shares until Nov. 21.— The extreme money stringency, and
the resulting necessities of certain members of the pool , which
for the past two years has controlled the company, led on
Tuesday at a conference of bankers and others, held at the
residence of J. P. Morgan, to an agreement in accordance
with which the United States Steel Corporation has pur
chased a majority of the capital stock of the Tennessee Coal,
Iron & Railroad Co., the total amounts outstanding being




1906, $7,144,700.

C om pare V . 85, p. 280.

United Shirt & Collar Co., Troy, N. Y .— New Stock.—
The company filed at Albany on October 28 a certificate of
increase of capital stock from $2,000,000 ($1,500,000 com
mon and $500,000 preferred) to $2,500,000, the new stock
being first preferred 8% cumulative. James K . P. Pine isPresident and John Squires Secretary.
United States Steel Corporation.— Purchase of Control of
Tennessee Coal, Iron dSc RR. Co.— See that company.—
V. 85, p. 1140, 867.
United States Transportation Co., New York.— Purchase
of Joy Line.— This company, incorporated in Connecticut
in 1906 with $750,000 capital stock (increased in August last
to $1,750,000), and operating the “ Neptune Line” (steamers
Connecticut and Rhode Island) between New York and
Providence, Fall R iver and Newport, has bought out the
Joy Steamship Co., the dollar line between New York and
Providence. Stevenson Taylor is President and George Q.
Palmer Secretary. Office, 742 E. 12th St., N. Y . C ity.
— V. 85, p. 350.
Utah Independent Telephone Co., Salt Lake City.— Neiv
Deal Reported.— R. L. Day & Co. of New York decline to
discuss the report from Rochester that they have purchased
this property from the United States Independent Telephone
Co. for $910,000. The Salt Lake capitalists, it is stated,
forfeited their option and $50,000 earnest money. Compare
V. 85, p. 416.
Washington (D. C.) Gas Light Co.— Authority Asked for
Stock Increase.— Application has been made to the Court for
authority to increase the capital stock from $2,600,000 to
$ 1 0 ,0 0 0 ,0 0 0 .

An exchange has the following:
B y an A c t o f Congress the co m p a n y is a u th orized to a p p ly fo r an Increase
o f stock (to a to ta l) eq u iva len t to the appraised valu e o f the plan t. A p p li
cation has now been m a d e to the court fo r an appraisem en t. Th e com panyclaim s th a t the valu e o f Its p ro p e rty Is about 515 000,000, and If the court
a d m its the claim a fte r a p p ia lsem en t the com pan y w ill Issue n ew stock at
the rate o f $100 n ew fo r each $20 (th e par valu e c f share s) now ou tsta n din g.
(T h e com pan y has long paid d iv id e n d s at the rate o f 1 0 % per annum on
the $2,600,000 o u tsta n din g s to c k .)— V . 82, p. 105.

Wyandot Copper Co. (Michigan), Boston.— Assessments—
The directors have voted to call an assessment of $1 a sharer
50 cents payable N ov. 27 and 50 cents on May 27 1908. The
company has outstanding 100,000 shares of $25 each, on
which $9 per share has been paid in.— V. 79, p. 12S3.
For other Investm ent N e w s 6ee page 1217

Nov. 9 1907.1

121 I

THE CHRONICLE

iR c p o x is atxx1 Jp o jcw n x jctits
THE KANSAS CITY SOUTHERN R A IL W A Y COMPANY.

S E V E N T H A N N U A L R E P O R T — FO R T H E F IS C A L Y E A R E N D E D JU N E 30 1907.

Kansas City, M o ., October 15 1907.
To the Stockholders of The Kansas City Southern Railway Co.:
The seventh annual report of the affairs of your Company,
being for the year ended June 30 1907, is herewith presented:
M IL E S O F R A IL R O A D .

The track mileage of your Company on June 30 1907 was
as follows:
M ain L in e
Kansas C ity , M o ., to B e lt Ju nction , M o _______ 11.97 m iles
G ran dvlesv, M o ., to P o r t A rth u r, T a x a s ____ 765.29 “
------------------

777.26 m iles

S piro, I . T . . to F o r t S m ith , A r k _______ 16.16 m iles
Janssen, A r k ., to B onanza M in e_____ __________
2.52 "
6.07 “
W ilto n , A rlc., to W h ite C liffs, A r k _____________
W e s t L a k e , L a ., to L o c k p o rt. L a _______________
4.05 “
De Q u in cey, L a . , to L a k e Charles, L a _________ 22.59 “
-----------------51.39
Y a r d , T erm in a l and Side Tracks
N c r th o f B e l: Junction and In and around
K a isas C iiy _________________________ - ________. 68.77 m iles
A ll o th er Y a r d , T erm in a l and Side T ra c k s____ 230.73 “
--------- -------- 299.50
M iles o f Second T r a c k -------------------------------------------------------5.57

“

“
“

T o t a l ow n ed
or c o n tr o lle d ___________________________________1,133.72 m
O pera ted u nder T rack a ge R ig h ts
B etw een B elt Ju nction , M o ., and G ra n d v ie w , M o ., the
tracks o f the St. Lo u is & San Francisco R a ilro a d C o m 
pa n y are used by T h e Kansas C ity Southern R a ilw a y C o m 
p an y under trackage co n tract— L en gth o f T ra c k so used
11.03 “
T o t a l M iles In S y s te m _____________________________ ______ 1,144.75 m iles
E Q U IP M E N T .

The Rolling Equipment owned or otherwise controlled
on June 30 1907 consisted of:
A cqu ire d
A cqu ired
■
” nder
under
E q u ip .
Equip.
Owned, j. rusts.
Pass. E q u ip m ’t.
Locom otives.
Owned. Trusts.
C o a c h e s ._____ ;__________
24
P a s s e n g e r - . ............. ......
20
F r e i g h t _________________
105
27 C h a ir ________ ______ _____
12
5
20
8 , Coach and B a g g a g e____
S w itc h ___________ _______
Coach and M a ll_________
4
35 B a g g a g e ____ ___________
T o t a l ....... .............. ...... 145
10
1Express and M a ll____
5
63
! Excursion _____________
5
Cabooses,
: O ffice and P a y C ars____
6
F re ig h t E qu ip m e n t.
T o t a l ............................
71
(In C om m ercial S ervic e)
B o x _____________________ 2,740
981
__ I
W ork E q u ip m e n t.
F u r n it u r e ....... ................ 207
S to c k ____________________
296
100 I O u tfit
C o a ch _____
T a n k ____________________
100
100 I O u tfit F la t _________
C ja l ______ „ ___________ 1,599
400 JW a t e r ___ . __________
C o n vertib le C o a l * B a l l a s t ___
100 i D e r r ic k _____________
F l a t _____________________
662
. . ! S team Sho\Te ls _____
------- :Sl3pe L e v e le rs ______
T o t a l ........................... 5.604
1,681 ! D it c h e r s ____________
(In W o r k S ervic e)
P ile D riv e rs________
B o x ............... .............
256
L ld g e r w o o d s _______
T a n k _________________
1
26
Coal
T o ta l
65
F la t
B a lla s t_______ ___________
208
T o t a l ............................

E Q U IP M E N T T R U S T S .

No Equipment Trusts were made during the year.
T h e to ta l E q u ip m e n t T ru st ob liga tion s O u tstan din g June 30
1906 w a s_____________ ______________________________ _____________ $1,968,000 00
P a id during the ye ar, as p rovid ed In T ru st A g re e m e n ts_______
204,000 00
T o t a l ou tsta n din g June 30 1907................ ............................ .$1,764,000 00

556

Grand T o t a l . . . _____ 6,160

N E G O T IA B L E G O L D N O T E S .

1,681

^ The situation on June 30 1907 in regard to the 5 per cent
Negotiable Gold Notes was as follows:

R E S U L T S O F O P E R A T IO N .

The following statement shows the results of operation of
The Kansas City Southern Railway for the year ended
June 30 1907 compared with corresponding results for the
preceding year:
1906-07.
777.26
51.39
299.50
5.57

M iles o f M ain L i n e , ......... ........
M iles o f Branches ___________
M iles o f Spurs and S id in g s ___
M iles o f Second M ain T rack
Gross E a rn in g s fro m O peration
F re ig h t ------------------$7,018,632
P a s s e n g e r ____________
1,343.353
M a ll____________________
117,724
E x p r e s s ------- ----------178,273
M iscellaneou s-----------105.607
Kansas C ity T erm in a l
320 ,74)

1905-06
777.26
51.39
272.69
5.57

54 55.958,153 20
73
945,208 04
21
99,405 17
26
174,136 09
46
79,481 16
36
311.948 41

T o t a l________________________ $9,084,331 56 S7.568,332 07
O perating Expenses
M aintenance o f W a y a n d
S tru ctures ___
________
$819,858 67
M aintenance o f E q u ip m e n t 1,108,520 86
C in du ctin g T ra n sp o rta tion 2,885,788 94
G eneral Expen ses
___
294,428 58
Kansas C ity T e r m in a l____
230.920 48

$980,103
1 .184.079
2,854,695
281,781
231,614

67
70
98
02
91

T o ta l - ................. ................ ..$5,339,518 53 $5,532,275 28
T a x e s ........................................ $183,849 08
N e t E arn in gs—
T a x e s not r.e d 'ie tc d _______ 3,744,813 03
T a x e s d< du -ti d ------3,560,963 95
R a tio pf O p era tin g E xpen ses
to E a r n in g s -------------------58.78 %
R a tio o f O p era tin g Expen ses
and T a x es to E a rn in gs-----60.80 %

Increase ( + ) or
Decrease (— ) .
+ 26.81
+ 81,060,479
+ 398,145
+ 18,319
+ 4,137
+ 26,126
+ 8,791

34
69
04
17
30
95

+51,515,999 49

— $160,245
— 75,558
+ $31,092
+ 12,648
— 694

00
84
96
56
43

— $192,756 75

$166,475 5:

+ $17,373 56

2,036,056 79
1,869.581 27

+ 1,708,756 24
+ 1,691,382 68

73.10

-14.32 %

7 5 .2 9 %

-1 4 .4 0 %

The large increase in freight earnings is due principally to
increase in efficiency from improvements and additions with
respect to track and equipment.




As stated in the last annual report, the road during the
year ending June 30th 1906 was unable from want of adequate
facilities to transport all the freight traffic which naturally
belonged to it.
During the year ending June 30 1907 the efficiency of the
property was increased by the construction of 25.81 miles of
new spurs and sidings; by the acquisition of fifteen heavy
freight locomotives, 200 gondolas, 100 tank cars and 10
cabooses, which had been contracted for in June 1906; and
by extensive improvements in Roadway and Track. A ll
representing a total net expenditure during the year of
$2,436,955 16.
These expenditures have been fully justified by the re
sults. As they were made, offerings of traffic kept in ad
vance of the improved efficiency of the property, so that
even now it is impossible to handle all freight offered without
a considerable increase in power.
A large proportion of the increase in freight traffic was in
southbound business, which gave loads to cars which had
previously been moving empty.
The increase in southbound movement was largely com
petitive business which the improved efficiency and service
had made it possible to secure.
Upon the completion of improvements now in progress at
Kansas City and Port Arthur, it is confidently expected that
this increase in southbound movement will be not only per
petuated but also enhanced.
The large increase in passenger earnings, as of the other
classes of passenger-train earnings, is due to growth and
development of the country, continued prosperity, better
track, additional equipment and consequent improvement
of service.
The increase in taxes is due to increased valuations in
Missouri, Louisiana and Texas.
It is gratifying to note that the net increase for the year
is in excess of the total increase in gross earnings.
No revenue charge is made against Company freight.
The new shops at Pittsburg, Kansas, will be completed in
Siptember 1907. These facilities are entirely modern and
ample to take care of the heavy repairs to your equipment.
During the past fiscal year side tracks have been laid to
38 industrial establishments and to 6 new coal-mine op
erations.
A complete inventory of material, fuel and supplies was
taken January 1 1907 and the necessary adjustment of the
accounts made.

T o ta l A u th o rized Issue, p a r v a l u e . . ____________________________ $5,100,000 00
Less Face valu e o f notes held by N e w Y o rk T ru s t C om p an y,
upon w hich pa ym en ts w ill be m ade as requ ired b y the
R a ilw a y C o m p a n y _______ _______ ______________________________
294,000 00
Face valu e o f notes o u ts ta n d in g_________________________________ $4,806,000 00
D ed u ct D iscounts and Com m issions____________________________
362,388 15
N e t P r o c e e d s ....................................................................... .......... $4,443,611 85

which last amount has been applied as follows:
E x p en d itu res to June 30 1907;
L a b o r and M ateria ls used fo r G en eral Im -

A d v a n c e d P o r t A rth u r Canal & D o ck Co.
fo r Im p ro v e m e n ts ____________________________

91,369 51
--------------------$3,949,536 93
A ssets set aside fo r Im provem en ts:
Cash 111 B a n k _____________________ _______ ______
$186,643 89
N e w M ateria ls fo r fu tu re use In G en eral Im 
p r o ve m en ts _______________________.'. j . . . ____
44,316 03
M a te ria
Impprovem
263,115
rla l released b y im
ro vem een
n ts m a d e _______
263 ,115 00
-------------------494,074 92
$4,443,611 85
E X T R A O R D IN A R Y

IM P R O V E M E N T A N D
1906-1907.

R EPLAC EM E NT FU ND

In the course of Improvements made with the proceeds
of the Negotiable Gold .Notes there were taken out of service
considerable old Track and Bridge materials, which became
available as a fund for further improvements.
This fund was denominated Extraordinary Improvement
and Rep'acement Fund 1906-1907, as explained in the last
Annual Report.
The situation with respect to this fund on June 30 1907 was
as follows:
.
^

THE CHRONICLE.

1214

T o t a l va lu e o f old T ra c k and B rid ge M a terials released In
course o f gen era l im p ro vem en ts to June 30th 1907-----------$794,432 51
T h e E x p en d itu res fro m this source to June 30 1907 w ere as fo llo w s :
S ta tio n B u ild in gs, & c_____________________________ $13,570 19
F u el and W a t e r S ta tio n s---------------------------------170 21
M iscellaneous B u ild in gs -----------------------------------6,383 62
N e w S idings and Passin g T r a c k s ---------------------- 271,542 01
B rid ge Superstructure and C u lve rts---------------- 22,576 89
F e n c in g _____________________________________________
265 96
B a lla s t in g ____________________________ >______________ 33,167 43
C hanging G rade and A lig n m e n t---------------------- 128,554 08
W id e n in g Cuts and F i l l s ---------------------------- 14,765 54
S lm p lin g C om pound E n gin es--------------------------- 13,125 62
E le c tric H ead L ig h ts ------- -------------------------------221 18
C ar fo r V ic e -P re s id e n t-------------------------------------- 12,061 31
A d v a n c e d P o r t A rth u r Canal & D o ck C o. fo r
Im p ro vem en ts ___________________________________ 14,913 47— $531,317 51
B alan ce U n exp en d ed June 30 1907-----------------------------------T h e E x p en d itu res requ ired to finish A u th o rized Im p r o v e 
m ents, n ot com pleted June 30 1907, a re:
N e w 85-pound R a ils and Fasten in gs_________________________
B a lla s tin g ----------------------------------------------------------------------R e in fo rce m en t and Recon stru ction o f B rid g e s -----------Im p ro v e m e n t to E q u ip m e n t------------------------------------------Im p ro v e m e n ts and a d d itio n s to F r e ig h t D e p o t and Tracks
F a c ilitie s , & c .:
Kan sas C it y _____________________________________________________
Joplin ___________________ :-------------------------------------------------F o r t S m ith _______________________________________________________
T e x a rk a n a ------------------- --------------------------------------- -------S h re v e p o rt---------------------------------------------------------------------L a k e Ch arles____________________________________________________
B e a u m o n t ------------------------------------------------------------------ M iscellaneous S ta tio n s----------------------------- ------- --------------N e w W a t e r S ta tio n s -------------------------------------------------------N e w Shop E q u ip m e n t___________:— ---------------------------------N e w T e le gra p h L in e s ------------------------------------------------------N e w F e n c in g -----------------------------------------------------------------R e a l E s ta te -------------------------------------------------------------------W id e n in g B an k s------------------------------------------------------------N e w B u ild in gs----------------------------------------------------------------M iscellaneou s-------------------------------------------------------- ----------Im p ro v e m e n ts a t P o r t A r th u r -----------------------------------------

$263,115 00

$7,863
311,932
119,284
48,022

99
74
76
54

156,577 05
75,000 00
100,000 00
59
9,477 86
9,059 00
_ I § ’999 92
285,233 37
16,173 51
25,649 64
16,735 43
17,?2o 91
873 66
111,072 46
9t
76,480 48
260,832 oO

T o t a l..........................- - - .................. - ______ __________________ $1,780,116 50
T h e to ta l Im p ro vem en t fu n ds a va ila b le June 30 1907 fro m
sources o th e r than the Surplus from O peration s were
F a ce V a lu e o f u n d elivered N e g o tia b le G old Notes294,000 00
Less D iscou nt and Com m issions---------------------- 22,050 00
--------------U n e x p e n d e d proceeds o f N e g o tia b le G old N o t e s ---------------M ateria ls fo r G eneral Im p ro v e m e n ts --------------------------------U n e x p e n d e d balance fro m released m a teria ls------------------T o t a l___________ __ _______ _____ __ __________ __ __________ ___

$271,950
186,643
44,316
263,115

00
89
03
00

$766,024 92

The total amount of authorized improvements not provided
for from Capital Account is therefore:
T o t a l E x p en d itu res necessary to com p lete A u th o rized I m 
p ro ve m en ts a fte r June 30 1907--------------------------------------- $1,780,116 50
766,024 92
Less fu n ds p ro vid ed fro m C a pita l A cco u n t as s ta te d -----------B a la n ce to be p r o v id e d -------------------------------------------------------$1,014,091 58

This amount 'will be provided from the accumulated sur
plus from operation as occasion may require.
CHANGES

OF

GRADE

AND

A L IG N M E N T .

During the year the work of investigating the possibilities
of changes of grades was vigorously carried on. A thorough
examination of the entire territory from Kansas City to the
Gulf was made by reeonnoissance and by instrumental
surveys. The conclusions reached from this investigation
are that the country from Kansas City to DeQueen, at the
southern foot of the Ozarks, 433 miles, will permit of a re
vision of grade on a basis of 0.5 per cent, or 2 6 ^ feet to the
mile, and that the character of the country is such as to
make impracticable any lower grade. From DeQueen to
Port Arthur, 353 miles, it is feasible to reduce the grade to
0.3 per cent, or 15 8-10 feet to the mile; but the lessened cost
and the existing volume of traffic make it preferable at the
present time to make this revision on the same basis as from
Kansas City to DeQueen, viz., 0.5 per cent.
The importance of Fort Smith as the corrimercial centre of
the Middle Arkansas Valley, its rapid growth in population
and in manufacturing output, and its relation to the Arkansas
coal and natural gas fields, raise for serious consideration the
value to your property of placing that city upon the main
line of your road. In that case no work would be done on
the line between Stilwell and Spiro, but that line would be
operated with limited service, a new line, 40.79 miles long,
being constructed from Stilwell Junction to Fort Smith;
the branch from Fort Smith to Spiro being utilized to com
plete the through line. This new line would be 2.55 miles
longer than the present line.
The necessity for improving the grades arises out of the
location of your line and the character of its traffic. Your
line constitutes an important trunk line from Kansas City,
in the Missouri Valley, to Port Arthur, on the Gulf of Mexico.
Its future can best be insured against the aggressive develop
ment of its powerful neighbors and competitors, and a
reasonable profit secured from the development of its busi
ness, by placing it in a commanding position as to its facilities
for inviting and handling business and as to its ability to
move the same at a minimum cost.
The traffic resources of the property promise large in
creases in tonnage, which consists mainly of Products of the
Forest, of Agriculture and of Mines— products moving in
large quantities, permitting full loading of cars and yielding
a low rate per ton.
The largest single source of traffic is from the products
of the vast tracts oi Southern pine timber which are tra
versed by the road and which it is estimated will last for a
generation. In addition there are large bodies of hardwood
timber which are now in the initial stage of development.
N ext in ’• sent im porterce are the Products of A gri
culture
South of the State of Missouri the agricultural




[V o l .

lxxxv.

resources of the railway are largely undeveloped, only about
18 per cent of the land being under cultivation. The lands
in the Indian Territory are now being thrown open to private
ownership, and there is considerable land in Arkansas the
title to which is still in the National Government and subject
to homesteading. The territory is rapidly filling up with
population and will eventually be fully occupied and made
productive. Nevertheless, the principal tonnage of the
agricultural products must always come from Kansas City
(the second primary grain market of the United States) and
the great agricultural sections centring at that point.
Official reports show that in the year 1905 there were pro
duced in this section 358,111,526 bushels of grain, of which
66,731,500 centred upon Kansas City for transshipment.
Large as this producton appears, it will be vastly increased
in the future. The advantages to this region of the Gulf
over the Atlantic Seaboard outlet are constantly influencing
a larger movement southward, and with the opening of the
Panama Canal this will receive further and greater impetus.
A t the present time, notwithstanding the very low rates,
this traffic is quite profitable because of the preponderance
of the southbound empty car movement. When the south
bound tonnage becomes sufficient to load an excess of cars
in that direction, the margin of profit will be materially re
duced, and should this traffic grow so as to compel a con
siderable northbound empty movement, it may be wiped out
entirely. W ith the reduction in grades contemplated, the
movement expenses will be cut in half, and this traffic,
enormous in volume, will be a source of large profit. Your
line is materially shorter from Kansas City to tidewater
than any other road under single ownership; and the changing
rate conditions, due to legislation and commercial activity,
are giving to the factor of “ Relative Distances” more nearly
its economic value in railroad transportation than heretofore.
If, therefore, to the advantage in distance there be added an
advantage in grades, your command over this traffic will be
measurably insured.
In the district lying between the Mississippi R iver and the
Rocky Mountains, Canada and the Gulf, a territory about
900 miles wide and 1,300 miles long, approximately equal in
area to Continental Europe, exclusive of Russia, Norway
and Sweden, there are but three fields of commercial coal.
In importance they rank: 1. Indian Territory-Arkansas
Field; 2. Kansas-Missouri Field; 3. Missouri-Iowa Field.
Your line crosses the two principal fields, the first 30,000
square miles and the second 20,000 square miles in area.
This traffic has never been developed and is but about 18
per cent of your total tonnage as compared with the business
of other lines, where it constitutes from 40 to 50 per cent
of the tonnage. For the year 1906 your line handled but
3.2 per cent of the total output of these two fields. W ith
development now under way it is expected that this traffic
will be very much expanded and the profit to be derived
therefrom is largely dependent upon the treatment of the
grades.
To these prime sources of low-rate traffic should be added
the products of the zinc mines in the Joplin District, the oil
fields in Southern Kansas and the Indian Territory, now being
developed at a very rapid rate, and the products of the stone
and slate quarries located along the railway and in adjacent
territory.
The growth in the movement of Products of Manufacture
and Merchandise, which, though more lightly loaded, move
at higher rates, has been very gratifying and may be ex
pected to continue.
From the above review it will be clear that the Kansas
City Southern Railway has reached a self-supporting posi
tion, largely from the development of its local reserves, and
that from the further development of these resources that
osition will be given additional strength and stability.
Tevertheless, its future depends in no small measure upon
full consideration being given to the trunk line character of
the railway, due to its location, it being the short line be
tween Kansas City and the Gulf, and this contemplates
putting it in position to obtain and to move at a very low
rate, with profit, not only the traffic of its own territory,
but a maximum tonnage of the products of the great agri
cultural sections of the Missouri Valley that naturally centre
upon Kansas City. To insure this position the reduction in
grades contemplated is most essential. With these changes
completed, it is confidently believed that your property
would then have been put in a position of very great strength
as to command of its traffic resources, as to ability to develop
its own territory and as to ability to operate on a low basis
of cost.
It is necessary in executing the work of grade revision that
it be spread over a reasonable period of time in order that it
may proceed without such interference with the movement
of traffic as would seriously affect the net earnings.
Arrangements have therefore been made to begin the work
in the territory between Spiro and Shreveport, comprising
the heavy mountain division, through a territory where the
traffic is heaviest and growing most rapidly. * This work
when completed w^ill give a low-grade line for the develop
ment of the Arkansas-Indian Territory Coal Field, and will,
besides reducing the cost greatly, simplify and relieve the
operations.

S

By order of the Board of Directors.
[ ^

J. A. EDSON,
President.

*Tov. 9 1907.]

THE CHRONICLE.

IN C O M B A C C O U N T F O R T H E Y E A R E N D I N G J U N E 30 1907.
Gross E arn in gs;
F r e ig h t _________________________________________ $7,018,632 54
P a ssen g er____________ _________ ________ _________ 1,343,353 73
M a l l ________ _ _______________ ______ _____________
117,724 21
E x p r e s s ________ 1____________________________ (178,273 26
M is c e lla n e o u s ___________________________________
105,607 46
K ansas C ity T e r m in a l_________________________
320,740 36
-------------------- 59,084,331
In te re s t on B on ds o f P o r t A rth u r Canal & D o ck
C o m p a n y _______ _________________________________
$50,000 00
Less— R es erve A g a in s t A d v a n c e s ________________
49,998 00
2
In te re s t on B on ds o f A rkan sas W e s te rn R a ilw a y
C o m p a n y _________________________________________
36,103
M iscellaneous In te re s t and D iscou n t_____________
42,028
$9,162,465
O peratin g E xpen ses;
M aintenance o f W a y and Stru ctures__________
$819,858 67
M ain tenan ce o f E q u ip m e n t____________________ 1,108,520 86
C on du ctin g T r a n sp o rta tio n ____________________ 2,885,788 94
G eneral E x p en ses_______________________________
294,429 58
Kansas C ity T e rm in a l E x p en ses_______________
230,920 48^
$5,339,518
183,849
$900',000 00
In te re s t on F irst M ortga ge B o n d s________________
In tere st on N e g o tia b le G old N o te s _______________
199,707 75
In te re s t on E q u ip m e n t N o te s :
Series " A ” _________________________ $.r 8 860 00
" B ” ................... .................... 25,191 25
--------------84.051F25
1,183,759
B alance to P r o S t and L o ss ________________________ _______________ 2,455,339
$9,162,465
P R O F IT A N D LO SS A C C O U N T .
D iv id e n d N o . 1 on P re fe rre d Stock;
4 P e r C ent on $21,000,000 00 declared p a ya b le J u ly 1 1907. $840,000
M iscellaneous A d ju s tm e n ts ______________________________________
182,531
B a la n ce, June 30 1907, bein g the u n app ropriated Surplus a t
th a t d a t e ________________________________________________________ 2,376,437

56

00
48
64
68

1215

In ves tm en ts in a n d A d v a n c e s to P r o p r ie ta ry
Com panies;
P r io r to June 30 1906________________________
$711,819 10
110,785 66
N e w A cq u isition s and E x ten s ion s___________
--------------------M a terials and S up plies___________________________________________
C u rrent A ssets:
Cash—
R es erve d fo r D iv id e n d _______ $840,000'00
R e s erve d fo r Coupons U n p aid 137,650 00
A v a ila b le fo r o th er pu rp oses. 454,660 70
---------------- $1,432,310 70
L oan s R e c e iv a b le , Secured b y N . Y . S tock
E x ch a n ge C o lla tera l___ ___________________
1,000,000 00
168,621 78
A g en ts and C on du ctors_____________________
T r a ffic Balances R e c e iv a b le ________________
388,849 73
U . S. R a ilw a y P o s t O ffic e D e p a rtm e n t____
30,452 54
W e lls , F a rgo & C om p an y E x p r e s s __________
35.354 40
Bills R e c e iv a b le _______________________________
139,999 80
In d iv id u a ls and C om p an ies_________________
531,149 58
C o m p a n y’ s S tock in T re a s u ry _______________
12,211 00
M is c e lla n e o u s ________________ ______________ _
117,472 11

$822,604 76
800,063 76

3,856,421 64
53
08

00
07
68
00
03
54

$3,398,968 57
B a la n ce, June 30 1906, b ein g the u n app ropriated Surplus a t
t h a t d a t e ___ ______________ _______ ______________________________ $943,629 50
N e t In co m e fo r the y e a r en d in g June 30 1907_________________ 2,455,339 07
$3,398,968 57
B A L A N C E S H E E T J U N E 30 1907.
ASSETS.
C ost o f P rop e rties;
T o June 30 1 9 0 5 ............ ................ ................ .$83,381,372 92
L iq u id a tio n o f accounss p rio r to R e o rg a n 
iza tio n , and m iscellaneous adju stm en ts
fro m June 30 1905_________________________
70,452 22
Im p ro v e m e n ts and R e h a b ilita tio n ;
E x p e n d itu re s as p er Balan ce S h eet June 30
1906 (ex clu d in g P r o p r ie ta ry C o m p a n ies).
3,769,534 64
E x p en d itu red u rln g the y e a r --------------------2,436,955 16
$89,658,314 94
Less— A p p ro p ria te d from Surplus In respect
o f Im p ro v e m e n ts up to June 30 1905____
2,381,372 92
--------------------- $87,276,942 02

$92,756,032 18
L IA B IL IT IE S .
C a pita l L ia b ilitie s :
C a pita l S to ck —
P r e fe r r e d ......... ............................................. $21,000,000 00
C o m m o n .._______ ___________ ______________ 30,000,000 00
--------------------- $51,000,000 00
F irs t M o rtga g e 3 P e r C ent B on ds, due A p r il 1 1950________ 30,000,000 00
Im p ro v e m e n t M o rtga ge 4>£ P e r C ent Bonds,
due A p r il 1 1926--------------------------- $10,000,000 00
o f w hich $6,000,000 are pled ged to secure
the N e g o tia b le 5 P e r Cent G old N o tes
due A p r il 1 1912, and $4,000,000 rem ain
unissued ___________________________________ 10,000,000 00
N e g o tia b le 5 P e r C en t-'G o ld N o te s , due
A p r il 1 1912----------------------------------------- $5,100,000 00
Z-ess— In hands o f Trustees, u n sold __________
294,000 00
E q u ip m e n t Trust 4 H P e r C ent G old N o te s __________________
Current L ia b ilitie s :
Accou nts P a y a b le and P a y R o lls ___________
$621,042 98
T r a ffic Balances P a y a b le ____________________
184,120 25
U n p aid C o u p o n s _____________________________
137,650 00
236,205 00
A ccru ed In te re s t on B on ds and N o t e s ______
A c c n u d T a x e s ________________________________
94,234 58
M is c e lla n e o u s ____________________ ______ _____
105,603 66
---------------------P re fe rre d D ivid e n d D ecla red . P a y a b le J u ly 1[1907___________
R en ew a l, R ep lac em en t and R es e rv e F u n d s___________________
P r o fit and Loss A c c o u n t_________________________________________

4,806.000 00
1,764,000 0 0

1,378,856
840,000
590,738
2,376,437

47
00
17
54

$92,756,032 18
T h e a b o v e B alan ce S heet co rre c tly shows the fin ancial position o f T h e
Kansas C ity Southern R a ilw a y C o m p an y a t June 30 1907, as an in d iv id u a l
C om p an y, and is Included in the C om bined Balance S heet o f T h e K ansas
C ity Sou thern R a ilw a y C om p an y and Its S u b sidia ry Com panies.
(S ig n ed ) P R I C E , W A T E R H O U S E & C O .,
Chartered A ccountants.
N e w Y o r k , O cto b er 12 1907.

M IN N E A PO LIS & ST. LO UIS R A ILR O A D COMPANY.
E X T R A C T S FRO M T H E A N N U A L R E P O R T F O R T H E Y E A R E N D IN G JU N E 30 1907.
New York, October 1 1907.
The President and Board of Directors herewith submit
their annual report of the Company for the year ending
June 30th 1907.
M IL E A G E O P E R A T E D .
O w n ed—-M inneapolis, M in n ., to A n gu s, Io w a ____________________ 259.90’ M lles
H opkin s, M in n ., to W a te r to w n , S. D ___________________________215.42 “
W tn th ro p , M in n ., to Storm L a k e, Io w a ------------------------------- 153.50 "
M anltou Junction to T o n k a B a y, M in n -------------------------------1.45 “
1.14 “
K a lo Ju nction to K a lo , Io w a ____________________________________
631.41
Leased — R u th v e n to Des M oines, Io w a ___________________________137.62
O perated u nd er T rack age R ig h ts—
M inneapolis to St. P au l, M inn------------------------------------10.11
Spencer to R u th v e n , Io w a ----------------------------------------- 12.45
T a ra to F o rt D o d ge, Io w a -------------------------------------------6.07
A t Des M oines, Io w a ------------------------------------------------.58
------ 29.21

D ed u ct fo r—
T a x e s ------------------------------- ------------- -------------- - $176,624 58
In tere st on fu nded d eb t, in clu ding in terest on se
curities o f Des M oines & F o rt D o d ge R R . C o . .1,105,388 31
T ra c k a ge and oth er rentals, as per T a b le N o . 3__
66,257 26
N e t earnings from opera tion o f Des M oines & F o rt
100,908 43
D odge R R . , p a ya b le u nd er lease________________
N e t earnings from opera tion o f M . D . & P . R y ___
22,491 32
------------------ 1,471,669 90
Surplus-------------------------------- -----------------------------------------F rom this surplus fo r th e y e a r the fo llo w in g am ount has been
ded u cted :
D ivid e n d o f 5 % on preferred s to c k _______________________________
L e a v in g a n et surplus fo r th e y e a r o f _________________________

$314,434 23
200,000 00
$114,434 23

As shown by the foregoing summary, the regular semi
annual dividends of two and one-half per cent each were
paid on the preferred stock.
The gross transportation receipts for the year increased
$147,002 85, or 3.94 per cent.
T o t a l single tr a c k --------------------------------------------------------------- 798.24
Second T r a c k —
During a portion of the year the Company suffered con
Owned— M inneapolis to H opkin s, M in n ----------------9.57
siderable loss of grain tonnage by diversion to lake and other
A t A lb e r t L e a , M in n _______________________
.35
9.92
routes, owing to the congestion of freight traffic on connect
Trackage Rights—
ing lines, due to shortage of cars. The earnings for the year
M inneapolis to S t. P au l, M in n ____________________ 10.11
were further diminished by adverse State legislation enacted
V a lle y Ju nction to D es M oines, Io w a ----------------3.96
during the year, which tended to reduce the rates for the
transportation of both freight and passengers.
T o t a l single tra ck o p era ted _________________________________ 822.23 “
The operating expenses increased $236,778 83, or 11.05
Sidings O w ned and L ea sed ___________________ ______________________159.02 “
per cent. They were augmented by increased wages and by
T o t a l m iles o f single tra ck and sidin gs--------------------------981.25 “
the higher price of materials and other supplies used in
The portion of the road owned by the Company extending operations, but the greater part of this increase resulted from
from Albert Lea, Minn., to the Iowa State Line (13 miles), payment of personal injury claims arising out of the serious
Jeased to the Chicago Rock Island & Pacific Railway Com wreck on Sept. 24 190G, caused by a collision between a
pany, is not included in the foregoing table of mileage.
passenger and a freight train at New Prague, Minn., due to
the failure of the freight train crew to obey orders to take the
IN C O M E F O R T H E Y E A R .
The gross receipts and expenses for the year, compared siding, and, in complete disregard of regulations, occupying
the main track at the north end of the yard at the time of
with corresponding figures for the previous year, show:
the arrival of the passenger train.
— Changes D u r in g Y r . 1907—
Receipts—
J u n e 30 1907.
increase.
Decrease. P .C e n t.
There was a slight increase in the receipts from the trans
............................... 86
P a s s e n g e r ....... .................... $ 1 , 0 1 0 , 2 0 2 40 $8,654 01
These
M a l l . ....................................
105,220 44
__________
$690 87
.65 portation of passengers amounting to $8,654 01.
receipts would have shown a considerably larger increase for
E x p r e s s ........... ....................
66,920 07 10,262 60
_____________
18.11
F r e i g h t ................................ 2,681,350 79 130,787 24
____________
5.13
the year had it not been for active competition by trolley
S u n d ry ..................................
9,974 65
-----------2,010 13 16.77
lines for local traffic between the cities of St. Paul, Minne
T o t a l _______________ _______ $3,873,668 35 $147,002 85
____
...........
3.94
apolis and Lake Minnetonka points and between the cities
O p era tin g ex pen ses_______ 2,380,506 80
236,778 83
____
--------11.05
of Des Moines and Perry, Iowa. They were also unfavorably
R e c e ip ts o v e r o p era tin g
affected by the law enacted by the last session of the Legis
e x p e n s e s ................... --.$ 1 ,4 9 3 ,1 6 1 5 5 . : ----------------$89,775 98
5.67
lature of Minnesota reducing the local passenger rates in that
R ec eip ts o v e r op era tin g expenses, as a b o v e --------------------------$1,493,161 55
O ther Receipts—
State from three cents to two cents per mile.
In com e from In ves tm en ts............. .................. ........ $73,326 51
In the receipts from the transportation of freight there
In tere st, discount and e x c h a n g e .............................
20,518 93
T ra c k a g e and oth er rentals, as per T a b le N o . 3 ___ 181,411 61
was an increase of $130,787 24, or 5.13 per cent.
M iscellaneous re ceip ts-------------------------------------17,685 53— 292,942 58
There was an increase in the transportation of local ton
nage of grain, flour and other milling products, but this gain
T o t a l re ceip ts-----------------------------------------------------------------$1,786,104 13




J2I6

THE CHRONICLE.

was more than offset by the loss of through tonnage of the
same character, caused by diversion to lake and other routes
in consequence of the congestion of freight traffic on all con
necting rail lines of the Company. Of the 17,612,862, or
7.96 per cent, increase in tons of revenue freight carried one
mile, 14.24 per cent was in,local traffic and 4.95 per cent in
through traffic. The average distance carried per ton in
creased 3.86 miles, or 4.13 per cent, but there was a decrease
of .030 cents, or 2.60 per cent, in the average rate received
per ton per mile. This decrease results largely from the
effect of the new class rates inaugurated by the Railroad
Commission of the State of Minnesota in November 1906,
which reduced fully twenty-five per cent the rates formerly
received.
O P E R A T IN G E X P E N S E S .

The ratio of operating expenses to gross transportation
receipts for the year was 61.45 per cent, as against 57.52 for
the previous year. Compared with the corresponding figures
for the preceding year, they show:
— Changes D u r in g Y r . 1907-—
J u n e 30 1907.
Increase.
Decrease. P .C e n t.
M ain tenan ce o f w a y and
s tr u c tu r e s _______________ $439,744 59
________ $5,072 60
1.14
11 .4 9
M aintenance o f equ ipm ent
458,692 32
$47,273 87 ______
16.61
C on du ctin g tra n sp o rta tio n 1,350.795 72
192,456 59— ..........
1.64
G en eral ex p en ses-----------131,274 17
2,120 97 ■_________
T o t a l ....... ........................$2,380,506 80

$236,778 83

11.05

The increase of $47,273 87 in the expenses for the main
tenance of equipment resulted in the greater part from in
creased cost of labor and materials used in making repairs,
and in part from more extensive repairs made to all classes
of equipment. Expenses for repairs of locomotives increased
•110,050 31; repairs and renewals of passenger cars, $18,371 36; repairs and renewals of freight cars, $12,407 20; and
repairs and renewals of road service cars, $5,761 99.
There were condemned or destroyed during the year one
passenger, 161 freight and 17 road service cars, and their esti
mated value, $59,187 39, is included in these expenses.
The average cost of repairs per locomotive and per car
per annum, compared with the cost for the last year, was:
1907.
P e r lo c o m o t i v e _____________________________ $1,504 72
P e r passenger train c a r_____________________
573 69
56 17
P e r fre ig h t train c a r________________ ______ _

1906.
$1,497 40
448 18
64 16

A t the close of the year there remained to the fund created
to replace equipment destroyed or condemned a eredit of
$178,430 20.
Of the $192,456 59 increase in expenses for conducting
transportation, $157,376 10 was paid for injuries, loss,
damage and other casualties, the greater part of which was
for settlement of claims for injuries arising out of the collision
at New Prague on September 14 1906, referred to in preceding
pages of this report. The expenses for terminal, station and
train service, and wages of enginemen, increased $74,353 26,
resulting mainly from increase-d wages paid, but partly from
the greater volume of traffic moved. Expenses for fuel and
other .supplies for locomotives increased $20,012 65. In
expenses for car service there was a decrease of $70,793 91,
due in part to improved efficiency in train and car loading
and partly to the additions to the freight car equipment
during the year.
GENERAL.

The physical condition of the property was fully main
tained during the year; its roadbed and track now compare
favorably with the best roads in the Northwest.
The expenditures for betterments, improvements, addi
tions and equipment made during the year and charged to
capital account were:
B ridges and cu rv e rts ____________________ ______ ___________________ $11,078 25
B u ildin gs and sta tion grou n ds____________________________________
34,122 62
R e la y in g rails, b allastin g and r e c tify in g gra d es________________
70,223 27
R o a d crossings and fe n c in g _____________________ ___________ _______
2,854 39
7,871 46
N e w m ain tra ck , 0.24 m iles___________ _________ __________________
Side tra cks— 6.64 m iles_____________________________________________
11,143 44
T e le gra p h line— 222.50 m ile s _______ _______________________________
5,191 86
E q u ip m e n t ___________________________________________________________
31,961 32
T o t a l _______ _______________________________ _______ _______________ $174,446 61

The company expended during the year for betterments,
additions and improvements to the property of the Dcs
Moines & Fort Dodge Railroad Company, $/7,720 16, for
which your Company accepted in part payment $42,000 00,
face value, soeond mortgage five per cent bonds of that
company.
The equipment Trust Notes amounting to $67,495 56
which matured during the year were paid. Additional
equipment notes of a new series to the amount of $47,815 00
were issued in August 1906 for deferred payments on 100

[V o l .

lxxxv.

stock cars of 30 tons capacity each, delivered during the year.
Thess notes are payable in monthly installments ot $1,328 19
each, and to June 30 1907 there were paid notes of thjs series
aggregating $13,281 90, leaving a balance of $34,533 10 un
paid as of that date.
On Jan. 1 190/ the mortgage securing the 7 per cent bonds
issued on that portion of the Company’s road fiom Minneapo
lis to Merriam Junction, amounting to $455,000 00, became
due, and to June 30 1907 there haa been redeemed bonds to
the amount of $337,100 00, the remainder to be redeemed
as they are presented.
During trie year there were issued First and Refunding
Mortgage 4 per cent bonds to the amount of $568,000 00, 01
whicn $330,000 00, face value, were issued to retiie an equal
amount of underlying bonds, and $238,000 00, face value, to
reimbuise the Company lor cash expended for additions and
improvements.
in last year's report reference was made to the incorpora
tion in December 1905 of the Minnesota Dakota & Pacific
Railway Company, to construct, in the interest of this Com
pany, a line of railway within the State of South Dakota,
from the terminal of this Company’s Lne at Watertown, westwardly to Le Beau, on .the Missouri River, a distance ot about
172 miles, with a branch northwesterly fiom Conde to Leola.
a distance of about 57 miles. A t the close of June this year,
that portion of the l.ne from Watertown to Ixola, a distance
of 114.13 m.les, and fiom Conde to a po.nt about ? miles west
of Carlyle, a distance of 63.81 milis, a total of 177.94 miles,
had been completed. Grading and track lay.ng on the re
maining 51.Oo miles are progressing lapidly, and it is ex
pected that the entire line will be completed and placcd in
operation before the clos3 of the present calendar year.
S nee commencing the construction of this line many towns
have been laid out*along its route and they are being rapidly
built up as construction piogr<ss;s. Although that portion
of the completed road was not wholly ready for operation,
for the convenience of patrons, since last January, mixed
trains have been run on irregilar schedules on certain sec
tions of the line. Owing, however, to the irregularity of
the tra’n service, it was impracticable for the Company to
receive for s'iipm< nt pershable freight, dairy products, live
stock, &c. The cot ntry which this 1 ne traverses is remarka
bly fertile, there bo ng already a large area under cultivation,
and upon completion of the line it will prove a valuable feeder
to the lines of this Company.
There were purchased, lor account of the Minnesota Da
kota & Pacific Railway Company, 2 eight-wheel passenger,
8 mogul freight and 2 six-wheel switching locomotives, 3
combination baggage, mail and express, 6 passenger and 6
chair cars, 900 box and 100 stock cais of !i0 tons capacity
each. All of this equipment was delivered during the year,
and has been leased to your Company.
The earnings of the Company were unfavorably affected
during the year by reduction in freight rates and passenger
fares made effective under orders from the Minnesota State
Railroad Comrmssion. Further material and important
reductions in freight rates have been promulgated by the
Commission, but an order has been issued by the Federal
Circuit Court at the solicitation of the shareholders, restrain
ing the officeis of the Company from making these rates
effective, pending further investigation by the Court as to
their reasonable™ ss. I t is believed that upon subm ssion of
full information to the Court the injunction will be made
permanent.
The business prospects and the condition of the crpos
for the ens iing year are, at this writing, fairly satisfactoryIn So’ith Dakota, the crops are excellent, anel in Minnesota
the wheat crop is better than that of the previous year. In
Io v a , the corn c o p in the southern half of the State will
probably equal the yield of 1906, but in the northern haif of
the S a*e the yield is not so large, and, o w n g to the lateness
n p'an^’rg , a considerable percentage of the erop was r’amagM bv <~arly frost. This damaged corn, however, will b e i sed fo" feeding purposrs, and rs the p-esmt price of cevn is
h'gh, it :s probable that the amount of corn which will be
marketed during the year will equal that of the preceding
yea” . The oats crop in all three of these States was d;sappo ntmg: but as th" prevailing prices for all cereals are exeoptionnllv high, the farmc-s will probably receive more
for
crops than they have for a great many years past,
and th’s will tend to stimulate business generally.
E. H A W L E Y ,
President.

IO W A CENTRAL R A IL W A Y COMPANY.
E X T R A C T S FRO M T H E E IG H T E E N T H A N N U A L R E P O R T — F O R T H E Y E A R E N D IN G JU N E c0 1907
New York, October 1 1907.
The President and Board of Directors submit the following
report of the operations of the Company for the fiscal year
ending June 30 1907 and statements of its finances and
property at that date.
M IL E A G E .

A t the close of the fiscal year the Company operated the
following miles of road:




? 0 5 .32 MHes
M ain L in e : A lb ia , Io w a , to A lb e r t L e a , M in n ------------Branches: O skaloosa Io w a , to P e o ria , 111----------------------------- 18S.00
H a m p to n to A lg r n a , Io w a - - - - - - - .............................. o » - r °
..
M in erva Junction to S to ry C ity , Io w a ..................... 34 *1
..
N e w b u rg to S ta te C en ter. Io w a
......................... 26.64
G M Junction to M on tezu m a . I o w a ------- ------------S i ••
N e w Sbaron to N e w to n . Io w a ..........................................
L y n n v llle Junction to L y n n v ille , Io w a ..................... -___ __________
T o ta l o p e r a t e d .......... .............................. - .......... , « *»> «
S i d i n g s ................. ................................................................................ ...... ...............
T o t a l m iles o f tra c k .................................................... 681 -8i) M lles

1217

THE CHRONICLE.

ISTov. 9 1907. |

There was no change in the miles of main track operated
during the year.
Of the above 558.43 miles, 490.23 miles are owned by this
Company, 27.70 are owned jointly with other companies
and 40.50 miles are leased.
G E N E R A L IN C O M E A C C O U N T .

Receipts.
J u n e 30 1907.
P a s s e n g e r _____ j __________
$520,609 89
M a i l ________________________
59,005 66
E x p r e s s ____________________
32,956 98
F r e i g h t ____________________ 2,508,327 42
S u n d ry _____________________
11,148 12

Changes d u rin g the Y ea r
1907.
Increase.
Decrease.
$39,276 64
______. . .
1,095 23
__________
5,345 02
__________
125,167 68
__________
2,576 20
__________

T o ta l r e c e ip t s ................ $3,132,048 07
O p era tin g ex pen ses_______ 2,061,358 64

$173,460 77
____________

R ec eip ts o v e r o p era tin g
e x p e n s e s ________________ $1,070,689 43

$206,490 77

__________
$33,030 00

Per
Cent.
8.16
1.89
19.36
5.25
30.05
5.86
1.58
23.89

R e c e ip ts o v e r o p era tin g expen ses, as a b o v e ___ _________________$1,070,689 43
A d d ition a l Incom e—
In tere st fro m in vestm e n ts________________________ $193,278 01
T rack age and o th er re n ta ls________________________
7,246 56
Miscellaneous re ceip ts_____________________________
19,101 83
219,626 40
T o t a l re ceip ts___________________________________________________ $1,290,315 83
D educt jo r —
T a x e s ______________________________________________ $88,849 06
T rack a ge and o th er re n ta ls________________________
54,252 90
In te re s t on fu n ded d e b t__________________________ 596,100 00
In te re s t, discou nt and ex ch a n ge---------------------- 105,519 07
844,721 03
L e a v in g a surplus fo r the y e a r o f _____________________________
Surplus June 30 1 9 0 6 . . . _________ _______________________________

$445,594 80
2,077,314 04

T o t a l Surplus June 30 1 9 0 7 .............. ................ ........................ $2,522,908 84

The increase in the expenses for maintenance of equipment
resulted from a charge to repairs of freight cars of $17,^66 10,
representing the present value of 40 cars condemned or de
stroyed, there being no similar charge to the previous year’s
expenses.
The efficiency of the equipment was fully maintained,
the average cost of repairs per locomotive and per car for the
year compared with the preceding year were:
1907.
P e r lo c o m o tiv e ______________________________________ $2,018 53
“ passenger tra in car ____________________ ________
405 54
“ fre ig h t train car ____________ __________________
42 62

1906.
$2,016 97
352 67
38 98

The expenses for conducting transportation decreased
$24,982 89, or 2.03 per cent, and they absorbed 38.51 per
cent of the gross transportation receipts as against 41.62 per
cent for the preceding year. In expenses for train and engine
service and casualties there was a decrease of $12,803 84,
due to a decrease in both train and car mileage. Expenses
for rental of equipment and the per diem chargcs for the use
of cars decreased $37,798 49, resulting from a decrease of
8.07 per cent in the mileage of freight cars. Station, yard,
terminal and other expenses increased $25,619 44, partly
due to the increase in wages paid and partly to the greater
amount of business handled.
G ENERAL.

The physical condition of the Company’s property has been
fully maintained, and additions and improvements are being
made thereon as are consistent with the requirements of
increasing business.
•
The expenditures for betterments and additions made
during the year and charged to capital account were:

As will be seen from the foregoing summary, there re
mained from the income for the year, after the payment of B ridges and c u lverts_________________________________________________ $ 2 ,1 1 9 02
taxes, interest on bonded debt and all other fixed charges, In terlo ck in g p la n ts ____________________________________________________ 3 ,112 39
e la y in g rails and b allasting tra ck , e t c ____________________________
2 ,8 5 2 36
a surplus of $445,594 80, an increase over the previous year R
R ig h t o f w a y and station grou n d s_________________________________
2 ,4 9 3 75
of $208,152 60.
R o a d crossings, fen cin g, e t c _________________________________________
707 96
Shops
and
station
b
u
ild
in
gs_________________________________________
18 ,2 3 3 86
Compared with the preceding year, the transportation re S id e t r a c k s ..__________________________________________________________ 12 ,3 0 6 00
ceipts increased $173,460 77, or 5.86 per cent, and operating S tock y a r d s _________________________________________________ __________ 1,165 47
expenses decreased $33,030 00, or 1.58 per cent, leaving
T o t a l . . ------------------------------------ -------- ------------ --------------------- $ 4 2 ,990 81
an increase in receipts over operating expenses of $206,The floating indebtedness of the Company was reduced
490 77, or 23.89 per cent—
Notwithstanding the fact that the Company sustained during the year by $242,500 00 from surplus income for the
considerable loss in tonnage of grain and flour in consequence year.
The First and refunding Four Per Cent Bonds of the Com
of a large portion of business of this character moving this
year by way of lake ports, which last year moved over the pany, amounting to $3,270,000 00, face value, unsold at the
lines of this Company, the receipts from operations were the close of last year, remain in the Treasury, and they can be
largest in its history, and the gam for the year is a gratifying disposed of as required, the proceeds therefrom being applied
evidence of the steady improvement in the industries of to pay off the floating indebtedness of the Company as shown
the communities served by these lines and reflects a noimal in the balance sheet.
The prospects for business during the ensuing year are
growth in traffic resulting therefrom.
The operating expenses were 65.82 per cent of the trans very good. The corn crop in Illinois is excellent. In the
portation receipts, as against 70.79 per cent for the previous southern half of Iowa the crop is also very good, and while in
year. Classified under their four general headings they the northern half of the State the stand is fairly good, owing
to the late spring and early frosts, the crop did not have
show:
sufficient time to mature, and a large percentage of the yield
Changes D u r in g the
is soft and unmarketable. The damaged portion of the crop,
Y ea r 1907.
J u n e 30 1907. Increase. Decrease.
Per
however, will be used for stock feeding, and, in consequence,
M aintenance
of
way
and
Cent.
a considerable quantity of high-grade corn left over from the
structures - _____ ___________
$394,895 26
__________
$10,376 19 2.56
M aintenance o f e q u ip m e n t___
349,139 27 $3,791 77
________
1.10
previous year will be marketed; the price being high, it is
C on du ctin g tra n sp o rta tio n ___ 1,206,292 58
__________
24.982 89 2.03
more than likely that the tonnage of this commodity during
G en eral ex p en ses_____________
111,031 53
__________
1,462 69 1.30
the current year will exceed tlie volume transported last
T o t a l ........................................ $2,061,358 64
.............. 7 $33,030 00 1.58
year. The oats crop, as in all parts of the Northwest, is
In the cost of maintenance of way and structures there disappointing, and while the raising of wheat along the lines
was a decrease of $32,240 87 in the expenses for repairs and of the Company is comparatively unimportant, the yield for
renewals of bridges and culverts, due to extensive renewals the year is very satisfactory. The prevailing prices for all
and repaiis made in, and charged to, the previous year’s ex agricultural products being considerably higher than for
penses. Expenses for removal of snow and ice and repairs many years past, there siould be increased activity in all
to snow fences decreased $8,018 17. Expenses for repairs industrial enterprises.
of loadway and track increased $24,496 05 and for renewal
By order of the Board.
of ties, rails and fastenings $6,008 00.
E. HAWLEY, President.
Western Electric Co., Chicago.— Bond Issue Authorized.—
The shareholders at the meeting on Nov. 5 authorized the
making of a first mortgage to the Merchants’ Loan & Trust
Co. of Chicago, as trustee, covering all the company’s prop
erties except 90 building lots, to secure an issue of $15,000,000
5 % bonds to mature in 1922, but subject to call in 1912 or
on any semi-annual interest day thereafter at 105 and inter
est. The bonds will be used to fund the floating debt.
The following particulars were made public as reported in
the daily papers:
F in a n c ia l C on d itio n .
Oct. 1 1907. _D ec. 1 1906.
In c . o r D ec.
$15,000,000
............. ..
C a pita l stock o u tsta n d in g------- $15,000,000
22.881.000 D e c .$7,534,000
B ills p a y a b le _____ ______ _______ $15,347,000
$1,627,000 In c. $2,106,000
C a s h ............. .................... ............ $3,733,000
A ccou nts and bills receiva b le
20.322.000 D ec. 7,484,000
(u id ls c o u n tf d ) _______________ 12,838,000
In v e n to r y o f flntslu d m erchan
dise, w ork In process and new
m aterials __ ____________ (est.) 22,000,000
(n ot sta ted )
Surplus betw een $19,000,000
and $20,000,000, s a y ^ - . i . . 19,500,000
(n ot sta ted ) .
T o ta l num ber o f e m p loy ees
16,183
26,922
D ec.
3 9 .9 %
Sales fo r 6 mos. en d in g M ay 31 .$29,614,000
$29,234,000
In c.
1 .3 %
Sales fo r 4 mos. en d in g Sept. 30 15,745.000
24,260,000
D ec.
35.1 %
T h e gross sales for th e year ending D ec. 1, 1907, are estim ated at
$52,000,000, against $69,000,000 in the preceding y e a r .— V . 85, p. 923.

Western Union Telegraph Co.— Strike O ff.— The strike of
the operators, whicfi began on Aug. 12, was called off on
Thursday of this week, the strikers being instructed to seek
reinstatement. Both the Western Union and Postal Tele
graph companies will re-employ the strikers only on their
individual applications as vacancies occur from time to time,
there being few or no places at the present time.—-V. 85,
p. 1085, 919.




— The New York Stock Exchange house of Marshall,
Spader & Co., 74 Broadway and Waldorf-Astoria, will open
a branch office in the New Plaza Hotel, at 5th A ve. and 59t,h
St. , Monday next, under the management of Fred. Seymour.
This firm does a large active business on the New York Stock.
Cotton and Coffee Exchanges, Chicago Board of Trade and
the Philadelphia Stock Exchange through four New York
City offices, its branches in Philadelphia, Baltimore, Chi
cago, Buffalo, Rochester, Syracuse, Atlantic City, Virginia
H ot Springs and Palm Beach.
— Spencer Trask & Co., William and Pine streets, N. Y .,
have ready for distribution a new supply of their much
sought after circular on “ Railroad and Industrial Stocks” '
now selling below intrinsic value. A brief description o f
twenty-seven of the best railroad and industrial stocks is
given, showing particularly the dividend payments and
the return which they yield if bought at present low market
prices. Copies will be furnished investors upon application.
— Tobey & Kirk, 25 Broad Street, advertise in this issue
a lot of miscellaneous securities in which they are prepared to
buy or sell. They are buyers of underlying New York City
gas and street railway securities.
— Messrs. Shoemaker, Bates & Co., bankers, 37-43 W all
Street, are offering for investment Atlantic Coast Line R R .
5% notes due 1910, which will yield the remarkably high
rate of 8 ^ % .
— Attention is called to the advertisement on another page
of Chisholm & Chapman, offering a list of short and long tim e
i rst mortgage railroad bonds.

1218

THE CHRONICLE.

£hc

C o m m e r c ia l

3 T im c s .

COMMERCIAL EPITOME.
Friday Night, Nov. 8 1907.
W ith continued scarcity of currency, trade has been less
active, the disposition being general throughout the country
to curtail operations and pursue a very conservative course.
Many commodities have declined. Gold imports are increas
ing and foreign exchange is higher.
Stocks o f M erchandise.

N ov. 1
1907.

Oct. 1
1907.

N ov. 1
1906.

- L a rd --------------------------tierces
4,485
5,860
4,534
C o c o a _ - ______ - - _ - - _ - . -------------- bags
10,500
11,365
3,538
___
C offee, B r a z i l ___
_ —
- bags 3,429,618 3,526,798 2,982,843
C o ffe e , J a va
___
- . .
. - - m ats
24,141
115,011
37,878
C o ffe e, o th e r_____ _ —
___bags
185,285
226,291
337,585
___ _______ ____
S u ga r
25,000
---------- hogsheads
5,000
none
S ugar _ - _ _
_ ._
—
_ bags, &c.
65,000
56,969
none
H lc e s -_ ___________ .
. ____________ _ - N o .
38,475
42,500
1,500
152,684
C o t t o n _____ -_ _ ____ _______ __
-bales
166,335
91,289
39 277
1 213
T a r _______ ___________
_ ________ barrels1
885
2,116
____________
------- -------- --- bags
2,500
500
S a ltp e tre
M a n ila h em p ,
._ _
23,737
16,394
- - bales
21,077
Sisal h e m p . _ . . _______ ----- . -_
.ba les
370
850
1,991
F lo u r ___ __
.
____
15,900
21,750
89,600
barrels and sacks

|$ L A R D on the spot has declined, owing to the fall in futures
at the W est, the weakness in live hogs, the unsettled finan
cial situation and depression in the grain markets. Trade
has been extremely dull at the decline. Western 8.57^c.
and City 8J^c. Refined lard has declined, owing to the rea
sons given above. Trade has been at a standstill, owing to
the stringency of money. Refined Continent 9c., South
American 10c. and Brazil, in kegs, 11c. The speculation in
lard futures has been active, at declining prices. The de
pressing factors have been the unfavorable financial situa
tion, the decline in the grain markets, lower prices for live
hogs, the dulness of the spot trade and general selling.
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 I N C H IC A G O .
S a t.
M on.
T ues.
W ed.
T h u rs .
F r i.
N o v e m b e r d e liv e r y ______8.45
-------------8.10
8 .1 2}^
8.20
8.37
8.17
7.95
7.92
8 .0 2 }^
J a n u a ry d e liv e r y ________ 8.35
M a y d e liv e r y ____________ 8.50
8.52
8.32
8 .0 7 ^
8.05
8.10
D A IL Y

[V o l .

lxkxv.

COTTON.
Friday Night, Nov. 8 1907.
T H E M O V E M E N T OF T H E C RO 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
365,918 bales, against 337,068 bales last week and 315,986
bales the previous week, making the total receipts since
the 1st of September 1907, 2,267,423 bales, against 3,047,263
bales for the same period of 1906, showing a decrease since
Sept. 1 1907 of 779,840 bales.
Receipts at—

Sat.

G alveston - - ___
P o r t A r th u r____
Corp. Ch ristl, &c
N e w O rlean s____
M ob ile _________
P e n s a c o la _______
J a ck so n ville, &c.
S avan n ah . ____
B r u n s w ic k ______
C h a r le s to 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 rt N ew s. &c

15,810

M on.

Tues.

Wed.

Thurs.

F r i.

T ota l.

12,608

25.588
7.674

12,822

15,986

15,494
1,592
15,442
1,658

7,976
2,265
13,925

18,423
4.486

17,544
3,664

15,823
3,445

8,726
693

14,524

430
9,664

19,905

90
11,989

8,667

2 374

2,781

2,032

618

1,468

13,240
3,976
4,385

98,308
7,674
1,592
83,934
16,211
13,925
520
77,989
3,976
13,658

3,274
5,281
.........

4,257
3,913
-------

1,937
6,991
-------

2,028
2,933
-------

2,861
2,655
-------

4,226
4,331
487

18,583
26,104
487

12
2,594
50

'" 8 6
2,594
277

B oston - _____
B a ltim o re _____
P h ila d e lp h ia ____

24

26

"*2 4

.........

46

131

50

T o t . this w eek

65,429

56,632

49,905

41,130

85,335

67,487 365,918

The following shows the week’s total receipts, the total
since Sept. 1 1907, and, the stocks to-night, compared with
last year:
1906.

1907.
Receipts to
N ovem ber 8.

T h is
week.

G alveston
Corpus C h ris tl, AcN e w O r l e a n s ___
M o b ile____________
J ackson ville, & c.
Savannah _______
B r u n s w ic k _______
Charleston ______
G eorgetow n ____
W ilm in g to n ____
N o r fo lk ___________
N e w p o rt N e w s , &c
N e w Y o r k _______
B o s t o n _____ B a l t i m o r e - ______
P h ila d e lp h ia ____

98,308
7,674
1,592
83,934
16,211
13,925
520
77,989
3,976
13,658

S in ce Sep
1 1907.

T h is
week.

S in ce Sep
1 1906.

572,899 150,011 1,264,467
22,102
12,373
5,348
9,565
1.269
326,667 100,250
552,594
93,822 15,410
77,859
29,994
7,900
32,426
2,459
168
868
662,682 78.661
623,751
65,525
4,376
40,290
73,751
106,189
6,917
454
120
221,188 19,152
172,182
155,125 26,372
168,407
3,110
1,847
2,929
65
676
195
129
1,378
4,573
8,363
850
938
50

S tock.
1907.

1906.

141,562

387,564

195,066
37,385

208,989
47,631

144,255
9,093
35,833

162,554
22,497
7,273

P O R K on the spot has been easier, owing to depression in
18,583
41.180
37,433
26,104
43,323
29,357
other provisions, larger receipts of hogs at declining prices,
487
149
the weakness in grain and dulness of trade. Mess $16@
144,470
98,333
86
6,312
2,732
$16 75, clear $16 50@$17 50 and fam ily $19 50@$20. Beef
5,615
2,594
6,451
has been quiet but steady on small supplies. Mess $8 50@
4,537
277
9,399
$9 50, packet $11@$12, flank $11 50, family $14 50@$15
794,814 1,044,179
T o t a l- ________ 365,918 2,267,423 414,010 3,047,263
and extra India mess $23@$23 50. Cut meats have been
steady with a small jobbing trade. Pickled shoulders 8c.,
In order that comparison may be made with other years,
pickled hams 1 2 @ 1 2 ^ c. and pickled bellies, 14@10 lbs.,
11
12Me. Tallow has been quiet and steady; City 6c. we give below the totals at leading ports for six seasons:
Stearines have been dull and easier; oleo 9 3 ^ @ 9 ^ c. and lard
1906.
1905.
1904.
1907.
1902.
1903.
9M @10J4c. Butter has been fairly active and easier. Receipts at—
Creamery extras 2 5 ^ c . Cheese has been dull and easier; G a lv e s t o n ___
150,011
113,487
109,850
160,664
98,308
99,371
1,269
2.064
1,499
678
9,266
2,832
State, f. c., small, colored or white, fine, 1 5 ^ c. Eggs have P t. A rth u r,& c.
N e w O rleans83,934
100,250
78,495
117,352
124,761
111,373
been quiet and firmer; Western firsts, 26@28c.
16,211
M ob ile ____ 15,410
13,092
12,982
15,014
9,753
64,734
77,989
78,661
74,685
68,652
74,938
O IL .— Cottonseed has been quiet and easier; prime sum S avannah ___
3,976
4,376
3,368
sw ick___
4,692
10,876
12,487
mer yellow 36@37c. Linseed has been quiet and steady; CBhrua nrlesto
5,857
n , &c
13,658
7,037
11,123
7,476
8,553
18,583
19,046
9,190
19.152
18,265
17,040
•City, raw, American seed, 49@50c.; boiled 50@51c., Calcut W llm ln g ’ n ,&c
20,219
26,104
26,372
36,491
25,518
N o r f o l k ______
26,681
ta, raw, 70c. Lard has been quiet and steady; prime 74@ N ’p o rt N . , &c
398
1 ,847
369
874
438
487
16,624
4,696
5,115
76c. Cocoanut has been dull and firm; Cochin 9 ^ @ 1 0 ^ c . A ll o th ers____
9,625
12,912
17,402
and Ceylon 8 % @ 8 % c . Olive has been quiet and easier; T o t a l this w k . 365,918 414,010 364,955 378,767 449,297 341,448
yellow 75@80c. Cod has been in fair demand and steady;
Since S ept. 1 . 2,267,423 3,047,263 ,'2,937,318 3,455,575 2,841,444 2,917,110
domestic 42@43c. and Newfoundland 44@45c.
CO FFE E on the spot has been quiet and easy. Rio No. 7,
6 1-16c. Mild grades have been quiet and steady; fair to
The exports for the week ending this evening reach a total
good Cucuta 9 % @ 1 0 ^ c . The market for future contracts of 181,058 bales, of which 75,470 were to Great Britain,
has been more active, but this has been at the expense of 12,108 to France and 93,480 to the rest of the Continent.
prices, which have declined under liquidation for local and Below are the exports for the week and since Sept. 1 1907.
W all Street account, as a result of the unfavorable financial
Week ending Nov. 5 1907. From Sept. 1 1907 to Nov. 8 1907.
Exported to—
Exported to—
situation.
Exports
The closing prices were as follows:
1 Conti- |
Great
Great
from—
Conti
N o v e m b e r ______5.30c.| M arch . . . -----------5 .6 »c .J J u ly ......... .............. 5.80c.
D e c e m b e r _______ 5.40c. |A p r i l ______________5.65c. I A u g u s t s ............... 5.85c.
J a n u a r y ________ 5.45c.) M a y _______________ 5.70c. S ep tem b er--------- 5.9oc.
F e b r u a r y ............ 5.50c.|Ju ne........................5.75c. |O c t o b e r ..................5.95c.

S U G A R .— Raw has been quiet and steady. Centrifugal,
9 6 - d e g r e e s test, 3.90c., muscovado, 89-degrees test, 3.40c. and
molasses, 89-degrees test, 3.05c. Refined has been quiet
and steady. Granulated 4.70@4.90c. Spices have been
dull and steady. Teas have been steady with a fair trade
in small lots.
P E T R O L E U M has been active and firm. Refined barrels
8.75c., bulk 5.00c. and cases 10.90c. Gasoline has been
firm and in good demand; 86 degrees 21c. in 100-gallon
drums. Spirits of turpentine has been dull and weak at 51c.
Rosin has been dull and steady; common to good strained
$4 20.
TOBACCO.— Prices for domestic leaf have been firm as a
rule, in spite of some further falling off in the demand as a
result of the unsettled financial situation.
Sumatra has
been moderately active and firm. Havana has been quiet
and firm.
C O P PE R has been quiet and easier; lake 13%@14c. and
electrolytic 13J^@13%c. Lead has been dull and easy at
4.50@4.60c. Spelter has been dull and weak at 5.20@5.25c.
Tin has been dull and weak; Straits 29.80c. Iron quiet and
steady; No. 1 Northern $19@$19 SO; No. 2 Southern
$21@$21 50.




Britain. F t 'nee nent.
G alveston ____
Port Arthur__
Corp.Chris., &c
New Orleans..
M ob ile_______
Pen sacola____
Fernand ina . .
Savannah ____
Brunswick____
Charleston____
W ilm in gton ...
N o rfo lk ______
Newport News
New Y o rk ____
Boston ______
Baltim ore____
Philadelphia _.
Portland. M__
San Francisco.
Seattle ______
Ta co m a ______
Portland. Ore.
P em bin a _____
D etroit_______

Total.

1,132 16.902
7.674

15,770
7,674
" "

Britain. France.\
225,758 70,442
7,674 _____

nent.

Total.

114,669!
4.699
300
63.349
16.417
14,225

410,869
12,373
300
153,938
48,405
33,903

185.154
31.796
10.650
90,226
348i

288,890
49,174
10,650
177,800
5,298
1,000
191.347
59,958
34.981
20,338
1
2,562
5,144
32
______
-------..........

23,238
33,503
13,925
____
26,311
____
_____
24,150
3,100
_____
25,467
1,687
3,496
1.605
........

71,416
16,829
6,830
______
62.657
17.378

_____

” 1111

-------

______ I _____
______
_____
--------

75,470 12,108 93,480 181.058

671.145,186.109

649.7091.506,963

Total 1906____ 104,940 54,281 106.033 265.254

881.633249,502

804,7071.935.842

T o t a l______

8,037
15,201
14.829 10,908 7,766
_____
13,925
_____
26.3 i l
_____
14,050
100
____
12,274 1,200 11,993
124
1,563 ____
1,314
2,182
1,564
41
----........
io a oo
3,000

_____
_____
_____
........

____
____

19,173
15,159
12.848
S ------41,079
_____
_
71,054 16,520
4,950
1,000!
94,006 9,488
59,275
14.662' 1,400
17,655
1 ........

87,853
683;
18.919!
2,683
' 2 ,562!
5,144!
32
.......... I

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.

!Noy. 9 1907. J
8

at—
Great
B rita in . Fra n ce

10,327
21,862
15,379

5,138
11,282

2 ,0 0 0
8 ,0 0 0

3,473

3", 200
"9 6 0
2 ,0 0 0

2,800
17,000

4 ,2 6 6

53,558 77,368
44,523 108,623
61,543 59,891

T o ta l.

9,000

65,701
97,210
34,541
5,473
15,500
22,721
12,400
43,000

129,365
44,352
109,714
30,360
21.885
6,636
132,070
23.886

35,093
55,617
21,739

31,292 296,546
45,067 400,497
60,562 281.779

498,268
643,682
796,087

2 ,0 0 0

371
2,500
4,700

Lea vin g
stock.

Y.ooo

22,721

S a t u r d a y .M onday—
Tu esd ay . .
W ed n esd a y
T h u rsd a y .
F r id a y -----T o ta l

S p o t M a rk et
Closed.

F utures
M a rk et
Closed.

S te a d y 1 0 pts a d v . .
S te a d y 10 pts a d v
HO LI
S te a d y 10 pts d e c . .
Q u iet 10 pts d e c ____
Q u iet 10 p ts d e c ___

S te a d y --------S te a d y _______
DAY.
S te a d y _______
S te a d y _______
S te a d y ...........

..




Sales o f S p o t and Contract.
ConCon
E x p o rt sum ’n. tract.

__

Total.

5,000

"IOO
1,900

5,000

2,000j 7,000

100

6,900

F r id a y ,
W eek.

M A R K E T A N D SALES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days

Thursday,
N ov. 8.

Fri
10.80

Wednesday,
Nov. 7.

M on. Tu es.
W e d . Th u rs.
11.10 H o lld a r . 11.00
10.90

6.

N o v . 2 to N o v . 8—
Sat.
M ld d lln z u p la n d ......................... 11.00

Nov.

The official qi otation for middling upland cotton in the
New York market each day of the past week has been:

Tuesday,
N ov. 5.

Strict low mid— c.0.30 off Middling tin g ed ..c.0.30 off
Fully low m id. ....0 .6 5 off Strict low mid. ting. 1.00 off
Low middling........ 1.00 off Low mid. tin g e d ... 1.50 off
Barely low mid-----1.25 off Strict g’d ord. tin g .2.00 off
Strict good ord-----1.50 off Fully mid. stained. 1.00 off
Fully good ord----- 1.75 off ;Middling stained___ 1.25 off
Good ordinary-----2.00 offlBarely mid. stained 1.75 off
Strict g’d mid. tgd. 0.35 on Strict low m. stain.2.25 off
Good mid. tin ged .. Even Fully 1. m. stained.2.62 off
Strict mid. tin ged..0.20 o ff Low mid. stained..3.00 off

T H E V IS IB L E S U P P L Y O F C O TTO N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
Novem ber 8 —
Stock at, L i v e r p o o l ________ b a le s .
S tock a t L o n d o n _________________
S tock a t M a n c h e s te r_____________

1907.
567,000
24,000
42,000

T o ta l G re a t B rita in s to ck _____
S tock a t H a m b u rg ________________
S tock a t B r e m e n _________________
S tock a t A n t w e r p ________________
S tock a t H a v r e ____________________
S tock at M a rseilles________________
S tock at B a r c e lo n a _______________
Stock a t G e n o a ____________________
S tock a t T r i e s t e ____________ ______

633,000
16,000
74,000
_______
91,000
3,000
11,000
18,000
34,000

T o t a l C o n tin en tal s to c k s ..........

T o t a l E u ropean stocks__________
In d ia co tto n afl at fo r E u ro p e___
A m erica n co tto n a flo at fo r E u rope
E g y p t,B ra z ll& c .a fl a t fo r Eu rope
S tock in A le x a n d r ia , E g y p t . _____
S tock In B o m b a y , I n d i a _________
S tock in U . S. p o r t s _______________
vStock in U . S. in te rior t o w n s _____
U . S. ex p o rts to - d a y _______________

247,000

1906.
326,000
16,000
24,000

366,000
12,000
87,000
_______
51,000
4,000
6,000
53,000
1,000

214,000

1905.
650,000
25,000
35,000

1904.
367,000
15,000
16,000

710,000
13,000
251,000
_______
118,000
2,000
3,000
17,000
3,000

398,000
24,000
148,000
4,000
86,000
3,000
8,000
27,000
6,000

407,000

306,000

880,000
580,000 1,117,000
48,000
80,000
63,000
666,556
840,504
649,000
109,000
78,000
60,000
132,000
146,000
113,000
301,000
321,000
373,000
794,814 1,044,179 1,077,866
437,851
472,057
566,477
20,078
64,313
38,002

704,000
10,000
819,000
66,000
130,000
180,000
918,517
594,922
43,960

T o ta l visib le su p p ly____________ 3,389,299 3,626,053 4,057,345 3,466,399
O f the a b o v e , totals o f A m erica n and o th er descriptions are as fo llow s:
A m e rica n —
L iv e rp o o l stock ............... . . b a l e s . 476,000
246,000
553,000 323,000
M anchester s to ck _________________
31,000
20,000
33,000
14,000
C on tin en tal sto ck _________________
159,000
174,000
377,000 239,000
A m erican afloat fo r E u ro p e_______ 666,556
840,504
649,000 819,000
U . S. p o rt stocks
_______________ 794,814 1,044,179 1,077,866 918,517
U . S. In terio r stocks_______________ 437,851
472,057
566,477 594,922
U . S. ex p o rts to -d a y . ............... ..
20,078
64,313
38,002
43,960

______

F a i r ................... • _1.75 on
Strict mid. fair____ 1.50 on
Middling fair______ 1.25 on
Barely mid. fa ir . .. 1.00 on
Strict good m id____0.75 on
Fu'ly good mid____0.62 on
G o o i m id d lin g____0.50 on
Barely good m id ...0.37 on
Strict middling____0.25 on
M idd
m lin-g..... ................Basis
. .

M ond ay.
N ov. 4.

Speculation in cotton for future delivery nas ai umes uccn
somewnat more active, but as a rule has not exceeded a mod
erate volume. The net result of the fluctuations is a slight
decline on most months.
The transactions have been
largely the result of a contest for the control of the market
between powerful “ professional” interests. Operators sup
posed to be identified with the bull “ deal” in December,
which has latterly kept that month 40 to 43 points over Janu
ary, have also been active at times in the January option,
in which there was supposed to be a considerable short in
terest. The bull contingent is understood to control a large
portion of the local stock, and the scarcity of cash at the
South and the reported refusal of the farmers in some sections
at least to accept checks or due bills has seemingly made it
somewhat difficult to bring cotton to New York to combat
the “ deal,” though some is said to be on the way. Moreover,
there is a noticeable tendency in some quarters to reduce crop
estimates. One, by an English statistician, makes it 12,000,000 bales, and another, by a Georgia man, is 11,750,000 bales, these being in both cases maximum estimates.
The Southwestern crop movement has been light, though
latterly the receipts at the ports have at times reached an
aggregate more nearly approximating that of last year. The
statistical position, on the whole, is regarded by the believ
ers in better prices as a strong one, particularly as the quan
tity brought into sight thus far this season is over 800,000
bales smaller than during the same period last year. The
Liverpool spot sales, too, have continued on a liberal scale,
and not only is there some disposition in certain quarters to
reduce crop estimates for this country, but reports are also
current that the yield in Egypt, East India and Russia will
be smaller than that of last year. But an overshadowing
influence has been the continued financial stringency, with a
sharp decline from time to time in the stock market, and
rising rates of discount in London, Berlin and Paris. More
over, a large North Adams, Mass., print company has sus
pended; also a rather prominent dry goods firm in Providence,
R . I ., and throughout the country the scarcity of cash has
been attended here and there with suspensions of banks and
mercantile houses, all of which has tended to promote con
servatism rather than a desire to embark on new transactions.
An aggressive bear party here has sold January and March
at times on a large scale. Indeed, the speculation, with the
outside public absent, has resolved itself largely into a con
test, it would appear, between two organized parties of
“ professional” operators here. Spot markets at the South
have shown weakness at times, with farmers and others in
some cases reported disposed to make concessions for cash.
The reduced crop estimates made during the week are by no
means generally accepted. Others range from 12,500,000
to 13,000,000, and even, in some few cases, reach as high as
13,500,000 bales. To-day prices declined under further
pressure. One lot of 25,000 bales of December was offered
at 42 points under January. Rumors that some cotton is on
the way here from Liverpool were not without effect. Spot
cotton has been quiet. Middling uplands closed at 10.80c.,
a decline for the week of 10 points.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

Saturday,
Nov. 2.

T o t a l 1 9 0 7 .. 99,235
T o t a l 1 9 0 6 .. 146,667
T o t a l 1 9 0 5 .. 78,044

24,359
17,803
5,296

Coast
wise.

N o v .—
Range —
@
— 10.08010.21
—
@
— 10.39®10.46 —
@
— 10.08@ 10.46
Closing 10.33— -10.38 10.52— 10.54
10.39— 10.45 10.33— 10.38 10.12— 10.20 —
—
—
Dec —
Ranee
10.61@10.77 10.45@10.83
10.69@10.94 10.56@10.76 10.41@10.61 10.41@10.94
Closing’ 10.63— -10.65 1 0 . 8 2 — 10.83
10.69— 10.70 10-63— 10.64 10.42— 10.43 —
—
—
J a n .—
Range 10.27@10.40 10.11@10.48
10.28@10.55 10.16@10.36 10.03@10.20 10.03@ 10.5c
Closing 10.31— 10.32 10.43— 10.44
10.30— 10.31 10.20— 1 0 .2 1 10.07— 10.08 —
—
—
Fe b .—
Range 10.30
— 10.23
—
—
@
------------ @
— 10.10@ 10.19 10.10@ 10.30
Closing 10.31— 10.32 10.43— 10.45
10.30— 10.32 1 0 .2 2 — 10.24 10.11— 10.13 —
—
—
M a rc h —
Range 10.27@10.39 10.11@10.48
10.26@10.56 10.23@10.39 10.08@10.24 10.08@ 10.5e
Closing 10.30— 10.31 10.44— 10.45
10.30— 10.31 10.25— 10.26 10.14— 10.15 —
—
—
A p r il—
Range —
@
-------------------------------------------------------------------------------------------------------------------------- -@
—
H O L I1 0 .3 5 @ 1 0 .3 8 —
@
— 10.12@ 10.20 10.12@ 10.38
Closing 10.31— 10.33 10.44— 10.46
D AY.
10.30— 10.31 10.27— 10.29 10.15— 10.17 —
—
—
M ay—
Range 10.29@10.40 10.12@10.48
10.26@10.56 10.26@10.42 10.12@10.29 10.12@ 10.5e
Closing 10.32— 10.33 10.46
—
10.30— 10.31 10.29— 10.30 10.17— 10.18 —
—
—
June—
Range —
@
-----------------------------------------------------------------------------------------------------------@
—
—
@
------------ ^ @
------ @
--------- @
—
Closing 10.32— 10.34 10.46— 10.47
10.30— 10.31 10.28— 10.30 10.18— 10.20 —
—
—
J u ly —
Range 10.30@10.40 10.15@10.47
10.32@10.56 10.26@10.43 10.16@10.29 10.15@ 10.5e
Closing 10.32— 10.34 10.46— 10.47
10.30— 10.31 10.28— 10.29 10.19— 10.21 —
—
—
A ugust—
Range —
@10.3110.28
—
10-21 @10.40 10.17@
— 10,10@ 10.14 10.10@ 10.40
Closing 10.25— 10.27 10.38— 10.40
10.21— 10.22 10.19— 10.21 10.12— 10.14 —
—
—
S e p t.—
Range —
@
—* —
@
—
—
@ - ----------------------@
--------------- @
--------- @
—
_______________________________________________________________ ______ —
—
—
—
__ ____________________________________________________, _________
Closing —
•—
O ct.—
----------------@
--------- @
--------- @
—
Range —
@
---------------------------------------------------------------------------- @
—
—
@
Closing —
—
--------------------------------------------------------------------------—
—
—
—
- ---------------- ---------------- — -------- —

N ew Orleans._ 25,506
G a lvesto n ____ 43,763
Savannah ____
7,166
Charleston____
M o b ile _______
3,300
N orfolk _ ____
N ew Y o r k ____
V,5 o6
Other ports___ 15,000

Ger
Other
m any. F o re ig n

-

On S h ip b oard, N o t Cleared fo r—
N ov.

1219

THE CHRONICLE.

T o ta l A m e r ic a n ________________ 2,585,299 2,861,053 3,294,345 2,952,399
E ast In d ia n , B ra z il, <fec.—
L iv e r p o o l sto ck ____________________
91,000 80,000
97,000
44,000
L o n d o n s to ck _____________________
24,000
16,000
25,000
15,000
M an chester sto ck _________________
11,000
4,000
2,000
2,000
C on tin en tal s to c k _________________
8 8 ,0 0 0
40,000
30,000
67,000
In d ia a flo at fo r E u ro p e ___________
48,000
80,000
63,000
10,000
E g y p t , B ra zil, & c., a flo a t________
109,000
78,000
60,000
66,000
S tock in A le x a n d ria , E g y p t _____
132,000 146,000
113,000
130,000
Stock In B o m b a y , In d ia _________
301,000 321,000
373,000
180,000
T o ta l E ast In d ia , & c___________ 804,000
765,000
763,000
514,000
T o ta l A m e r ic a n ________________ 2,585,299 2,861,053 3,294,345 2,952,399
T o ta l v isib le su p p ly____________ 3,389,299
M id d lin g U p la n d , L iv e r p o o l_____
5.91d.
M id d lin g U p la n d , N e w Y o r k ______
10.80c.
E g y p t, G ood B row n , L iv e r p o o l..1 0 9 16d.
P eru via n , R ou gh G o o d , L iv e r p o o l 12.00d.
B roach , L in e , L iv e r p o o l__________ 5 3-4d.
T ln n e v e lly , Good , L iv e r p o o l_____ 5 7 16d.

3,626,053 4,057,345 3,466,399
5.75d.
6.16d.
5.42d.
10.10c.
10.65c.
10.25c.
8%d.
8 9-16d.
10 l-1 6 d .
8.70d.
9.00d.
10.65d.
5 13-16d.
5% d.
5Hd.
5 9-16d. 5 9-16d. 5 7-16d.

Continental imports past week have been 37,000 bales.
The above figures for 1907 show an increase over last week
of 203,422 bales, a loss of 236,754 bales from 1906, a de
crease of 668,046 bales from 1905, and a decline of 77,100
bales from 1904.

THE CHRONICLE.

1220

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

[V o l . l x x x y .

Q U O T A T IO N S FO R M ID D L IN G C O TTO N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
C losin g Q uotations fo r M id d lin g Cotton on—

Towns.

G alveston
N e w O rlean s___
M o b i l e _________
Savannah - *_
Ch arleston - - _
W ilm in g to n ____
N o rfo lk _- ____
B oston ____
B altim o re —
P h ila d elp h ia —
A u gu sta M em phls __
St. Lo u is _____
H ouston
L it t le R o c k ____

S a t’day.
11

10 5-6

10%
10 7-16
10%

10%
10%
10.90
10%
11.25

M ond ay . Tuesday. W ed’day. Thursd’y. F rid a y .
10 11-16
10 %
10 7-16
10%
10 7-16
10%
11.00

10 %

10%

11.35
10 11-16
10 %
10%

10%
10

11
10%

10%
10%

11

11

H
O
L
I
D
A
Y

10 %
10 %
10 9-16
10%
10%

10 %
11.10

10 %
10%
10 %
10 7-16
10%
10 7-16

10 %

10%
10*4

10 %
10 5-16
1 0 % @%

10%

10%
10.90
11.00
10 %
11
11
11.05
11.25
11.15
10 9-16
10 11-16 1 0 %
10 13-16 10 13-16
10%
10%
10%
10%
10%
10 %
10%
10%
10%
10 %

_

N E W O R L E A N S O P T IO N M A R K E T — The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

|
Movement to November 9
1906.

3,168
21,089
8,484
8,438
31,503:
3,165
18,247
12,854
43,630
13,468
5,732
3.358
200
16,287
8,451
10,260
9.012
12,203
9,060
13,933
10.313
10,302
873
10.932
3,313
78,801
718
2,774
5,245
7,994
3.706
76.162
8,382

i Stocks
N ov.
9.

Week, j

Ship-

3,259!
413
14,329
1,092
20,150
8,513
72,218
5,860
5,807
5.119
55,649
5,887
6,147
4,675
12,971
1 ,305
16,816
14,607
62,017
10,498
5,000
1,286
15,457
815
22,329
7,518
49,861
5,282
7,083
10,01 Oj
49,040
8,848
47,859
18,754
178,161 15,540j
13,382
4,328
25,824
2,010,
5,494
2,891
36,590
2,626,
3,159
1,725
16,853
1,205
150
390
1.017
200;
12,182
11,257
79,961
9,885
4,394
4.062
17.782
2,867:
12,565
5,132
16,941
538
10,787
4,481
22.801
4,539
6,968
6.028
28,996
3,807l
8,691
3*572
29,899
.3,748
15.426
5,076
22.695
2.088|
12,608
3,336
18,468
2,018i
9.125
26,626
90,749
24,448
634
249
7.344
300
10,423
4,381
20,771
4,256
6,812
453
7,701
123
83,478
46,907
172,656
28,342
3,780
693
1,961
645
2,000
352
12,798
263
2,143
2,434
21,260
2,680
6,000
5,619
46,494
5,633
1,098
2,509
17,363
2,594
70,244121,158 1,040.691111,723
1,858
5,146
57,027:
4,116

8 1907.

635
5,404
4,786
3,292
6,547
200
2,026
500
16,013
1,795
2,538
2,345
239
5,915
465
1,636
4,500
3,887
3,277
3,634
1,782
17,450
400
2,523
89
28,042
5
97
1,513
3,000
763
68,561
3,518

197,377 437,851339,70012,324,345|275,84l|472,057

Movement to November

-

1,520,715

Receipts.
Ship- Stocks j
Receipts.
-------------- — ments.
N o v . ---- ments. \
Week.
Season.
Week. 8.
j
Week. | Season.

___________ _____________ 1,817

219,787

Alabama
_____ 1,094
16,114
___ 7,798
77,445
"
_
5,239
48,528
“
A r k a n s a s ____________ ______ 2,578
14,677
-- -•'
8,024
32,035
Georgia
__________________ 1,000
14,664
“
.
_
5,355
55,632
“
__
1,184
6,366
_______
“
15,050
181,452
“
4,145
22,846
“
3,787
38,458
“
______
1,798
13,732
K en tu ck y, n e t _
289
1.249
Louisiana
___________ 4,599
27,348
M ississip p i.
755
12,666
______
4,061
24,605
“
“
__
5,000
32,608
______
3,976
22,441
“
“
4,331
23,681
“
_______
4,328
25,825
“
_ _ . ...
3,140
22,085
M is s o u r i _______ J___________ 19,398
60,902
North Carolina- . . .
249
3,534
Ohio
_____ ___
2,679
16,079
1,414
8,267
South C a rolin a _
Tennessee
____
34,697
161,972
______
10
1,744
“
T e x a s ___________
100
2,613
“
__________
____ 693
10,793
“
___________
3,000
21,253
___________
166
7,111
“
“
_
68,033
495,337
16,653
“

T o tal, 33 to w n s ............ -

Eufaula,
M ontgom ery,
Selma,
Helena,
Little R ock,
A lba n y,
Athens,
A tlan ta,
Augusta,
Columbus,
Macon,
Rom e,
Lou isville,
Shreveport,
Columbus
G rten vllle,
G n en w o cd ,
M eridian,
N atch ez,
Vicksburg,
Yazoo City,
St. Louis,
R aleigh,
Cincinnati,
Greenw ood,
Mem phis.
N ash ville,
Brenham ,
Clarksville,
Dallas,
Honey Grove,
Houston,
Paris,

Week ending
N ovem ber 8.

The above totals show that the interior stocks have in 
creased during the week 22,410 bales and are to-night 34,206
bales less than at the same time last year. The receipts at
all the towns has been 119,913 bales less than the same
week last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SIN C E S E PT. 1.— W e give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:

S a t’day,
N o v . 2.
Novem ber—
R an ge ------C losin g--------December—
R a n g e ------C losin g--------Ja n u a ry —
R a n g e --------C losin g--------Feb ruary —
R a n ge
_
C losin g--------M a rc h —
R a n g e _______
C losin g--------A p r il—
R a n ge
—
Closing..______
M ay—
R a n g e _______
C losin g_______
J u n e—
R a n g e _______
C losin g_______
J u ly —
R a n g e _______
C losin g_______
Tone—
S p o t _________
O p t io n s ______

M ond ay , Tuesday, W ed'day, Thursd'y, F rid a y ,
N o v . 8.
N o v . 4.
N o v . 5. N o v . 6. N o v . 7.

@
— —
@
— —
@ — — @ — — @ — — @ —
10.37 — 10.55 — 10.46-.48 10.42 — 10.40 — 10.28 —

—

10.24-.44 10.17-.49 10.35-.44 10.34-.60 10.27-.43 10.17-.30
10.29-.30 10.47-.49 10.39-.40 10.36 — 10.33-.34 1 0 . 21-.22
10.20-.43 10.11-.49 10.35-.44 10.32-.57 10.23-.42 10.13-.27
10.25 — 10.47-.48 10.39-.40 10.35-.36 10.29-.30 10.19-.20
<g> —
@
—
—
@ — —
@ — —
10.24-.25 10 45-.47 10.39-.41 10.35-.37 10.29-.31 1 0 . 20-.22
'
10.19-.45 10.12-.47 10.33-.44 10.33-.57 10.27-.45 10.18-.30
10.23 — 10.45-.47 10.39-.40 10.36-.37 10.32-.33 10.23-.24

—

— @ — — <s> — — @ — — @ — — @ — — @ —
10.26-.28 10.48-.50 10.40-.42 10.37-.39 10.33-.35 10.24-.26
10.29-.55 10.20-.51 10.41-.49 10.39-.60 10.31-.47 10.25-.36
10.30 — 10.51-.53 10.43-.44 10.40-.41 10.38-.39 10.30-.31

—@—

—
® — — @ — — @ — — @ —
@
—
10.31-.33 10.52-.54 10.45-.47 10.41-.43 10.39-.41 10.31-.32

—

1 0.47.50 10.44 — — ® — 10.52-.65 — 10.46 10.36-.37
10.36-.38 10.58-.60 10.49-.51 10.47-.49 10.43.45 10.36-. 37
S te a d y
S te a d y.

F irm .
S te a d y.

F irm .
S tead y.

F irm .
S te a d y.

F irm .
Ste a d y.

F irm .
S te a d y .

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our reports
by telegraph from the South this evening denote that the
weather has been favorable as a rule during the week. While
rain has fallen in most sections, it has been light or moderate
in the main, and picking has continued to make good *
progress. The marketing of cotton has been on a less liberal
scale than a year ago.

Galveston, Texas.— W e have had rain on two days of the
week, to the extent of forty-five hundredths of an inch. The
thermometer has averaged 68, the highest being 76 and the
lowest 60.
Abilene, Texas.— There has been no rain the past w eik.
The thermometer has averaged 59, ranging from 42 to 76.
Fort Worth, Texas.— Rain has fallen on two days during
--------- 1907--------- ---------------1906-----Novem ber 8—
S in ce
S ince
the week, the rainfall being three hundredths of an inch.
S h ip p e d —
Week.
S c p t .X .
Week.
Sept. 1.
The thermometer has ranged from 46 to 78, averaging 62.
V ia S t. Lo u is................... ................ 17,450
56.089
24,448
03,948
V ia C a ir o _______ ______ _____________ 5,463
26,456
8,598
23,086
Palestine, Texas.— It has rained on one day of the week,
V ia R o c k I s la n d ___________________
261
910
1,588
3,478
the rainfall being forty hundredths of an inch. Average
V ia L o u is v ille ______________________ 1,037
10,689
3,347
11,654
V ia C in cin n a ti_____________________ 1,332
5,302
3,516
9,180
thermometer 64, highest 76, lowest 52.
V ia V irg in ia p o in ts ________________ 2,681
9,767
2,891
13,498
Taylor, Texas.— It has rained on three days of the week,
18,350
4,107
30,727
V ia o th er routes, & c_______________ 2,948
the rainfall reaching one inch and eighty-one hundredths.
T o t a l gross o v e rla n d ....... ..........-31,172
127,563
48,495
185,571
The thermometer has averaged 64, the highest being 78 and
D educt shipm ents—
O verla n d to N . Y . , B oston , & c . . . 2,957
10,042
1,557
5,618 the lowest 50.
9,001
3,418
12,366
B etw een In terio r to w n s___________ 1,844
San Antonio, Texas.— W e have had rain on three days the
In la n d , <Scc., fro m S ou th _________ 2,279
17,648
544
9,461
past week, to the extent of ninety hundredths of an inch.
T o t a l to be d ed u c te d _______ _____ 7,080
36,691
5,519
27,445
The thermometer has averaged 65, ranging from 52 to 78.
Corpus Christi, Texas.— Rain has fallen on two days dur
L e a v in g to ta l n et o v e r la n d - * _______ 24,092
90,872
42,976
158,126
ing the week, the precipitation reaching one inch and seventy* In c lu d in g m o vem en t b y ra il to Canada.
four hundredths. The thermometer has ranged from 56 to
The foregoing shows the week's net overland move 84, averaging 72.
ment this year has been 24,092 bales, against 42,976 bales
New Orleans, Louisiana.— W e have had rain on one day
for the week last year, and that for the season to,date the of the past week, the precipitation being twenty-two hun
aggregate net overland exhibits a decrease from a year dredths of an inch. Average thermometer 65.
ago of 67,254 bales.
Shreveport, Louisiana.— There has been rain on one day of
the week, the precipitation reaching forty-two hundredths
----------1907---------- ----------1906-------I n S ig h t and S p in n e rs ’
S in ce
S in ce
of an inch. The thermometer has averaged 61, the highest
Tak ings.
Week.
Sept. 1.
Week.
Sept. 1.
being 76 and the lowest 46.
R ec eip ts at ports to N o v . 8 _________ 365,918 2,267,423 414,010 3,047,263
N e t o verla n d to N o v . 8 ______ ________ 24,092
90,872
42,976
158,126
Vicksburg, M ississippi.— There has been rain on one day
Southern consum ption to N o v . 8 ___ 49,000
483,000
47,000
470,000
the past week, the rainfall being eleven hundredths of an inch.
T o t a l m a r k e t e d - ,_________________ 439,010 2,841,295 503,986 3,675,389
Average thermometer 62, highest 79, lowest 47.
In te rio r stocks in excess______________ 22,410
357,268
63,859
375,781
Helena, Arkansas.— Fine picking weather. There has been
Cam e in to sight du rin g w eek -'____ 461,420 ------------567,845 --------rain on one day of the week, to the extent of one inch and
T o t a l in sight N o v . 8 ________________________ 3,198,563
--------- 4,051,170
twenty-nine hundredths. The thermometer has averaged
57.5, ranging from 40 to 76.
N o rth , spinners’ takings to N o v . 8 _ _ 66,582
340,102
77,289
407,651
Mobile, Alabama.— Splendid weather in the interior and
Movement into sight in previous years:
cotton picking has made rapid progress. There has been
W eek—
.
Bales. | S in ce Sept. 1—
Bales.
rain on two days of the week, the rainfall being sixty hun
1905— N o v . 10________________ 493,054 |1905— N o v . 10______________3,985,610
1904— N o v . 11________________ 517,09611904— N o v . 11______________ 4,585,054
dredths of an inch. The thermometer has averaged 63,
1903— N o v . 13________________ 585,0001 1903— N o v . 13______________ 3,766,446
ranging from 47 to 74.
1 9 0 2 --N o v . 14________ _______ 464,523| 1902— N e v . 14__________ . . _ 4 , 126,205




Nov. 9 1907.|

Montgomery, Alabar, a .— F ain has fallen on one dayf luring
the week, the runfall ueing unrty-tliree hundredths of an
inch. The ihermom;ter has ranged from 40 to 73, averag
ing 59.
Madison, Florida.— There have been light showers on one
day of the week. The thermometer has averaged 59,
ranging from 54 to 65.
Savannah, Georgia.— W e have had rain on two days of the
past week, the precipitation being nine hundredths of an inch.
Average thermometer 60, highest 70 and lowest 44.
Charleston, South Carolina.— Rain has fallen on three days
of the week, to the extent of seven hundredths of an inch.
The thermometer has averaged 60, the highest being 71 and
the lowest 46.
Greenwood, South Carolina.— There has been rain on one
day during the week, the rainfall being twenty-five hun
dredths of an inch. The thermometer has averaged 51,
ranging from 41 to 61.
Charlotte, North Carolina.— W e have had rain the past
week, the precipitation being forty-two hundredths of an
inch. Average thermometer 52, highest 69, lowest 34.
The following statement we have also received by tele
graph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
N e w O r le a n s ___________A b o v e
M e m p h is _______________A b o v e
N a s h v ille _______________A b o v e
S h re v e p o rt----------------- Below
V ic k s b u r g _____________ A b o v e

zero
zero
zero
z ero
zero

of
of
of
of
of

gau ge.
ga u ge ga u ge g a u ge gau ge.

N o v . 8 1907.
Feet.
4.0
0.7
8.5
0.3
6.8

N o v . 9 1906.
Feet.
5.4
7.3
8.0
1.4
12.4

I N D IA CO TTO N M O V E M E N T FRO M A L L PO R TS .
N ovem ber 7.

1

1

1 Week.
_

1906.

1907.

Receipts at—
B o m b a y ____

| 19,000!
1

S in ce
Sept. 1.
98,000

1905.

I S ince
Week. ; Sept. 1.

Week.

18,000|

14,000

85,000

F o r the Week.

S in ce
Sept. 1.
93,000

S in ce September 1.

E x p o rts fro m —
Great
B rita in .
B o m b a y—
1907_____________
1906. . . . ______
1905. .. _____
C a lcu tta—
1907_____________
1906.
1 9 0 5 ... ........... .
M adras—
1907_____ ________
1906.
1905_____________
A ll others—
1907_____ * .______
1 9 0 6 ..
. _____
1905_____________
T o t a l a ll—
1907_____________
1906.
_____
1905___________

2,000

1,000
-----3,000

C o n ti
nent.

T ota l.

10.000
16.000
3,000

10.000
16,000
3,000

1 ,000
2,000
1,000

Great
B r ita in .

C o n ti
nent.

Totjl.

2.000
10,000

87,000
123,000
80,000

87,000
125,000
90,000

1,000
2,000
1,000

1,000
1,000
1,000

7,000
8,000
4,000

8,000
■ 9.000
5,000

3,000
1,000
1,000

11,000
5,000
10,000

14,000
6,000
11,000

1 ,000

3,000

2,000

2,000

1,000
2.000
2.000

2,000
2,000
2,000

4,000
1,000

24,000
33,000
33,000

28,000
34,000
33,000

13,000
20,000
8,000

16,000
20,000
8,000

8,000
5,000
12,000

129,000
169.000
127,000

137,000
174,000
139,000

CENSUS B U R E A U ’S R E P O R T ON C O T T O N -G IN N IN G .
— The Division of Manufactures in the Census Bureau com
pleted and issued on Nov. 8 the fourth of its series of reports
showing the amount of cotton ginned to Nov. 1 in the current
year, comparison being made with figures for the like period
in 1906 and 1905:

1907.

1906.

1
•o

Ginned to Nov. 1.
Counting round bales

1905.

United States_________________ 6,167.600 6,906,395 6.457,595
A labam a_______ _____
608,922 676,747 816,566
Arkansas_________
293,541 306,762 210,528
Florida______ ___________
28,687
34,707
48.718
G eo rg ia _________
1,195,890 1.003,718 1.304,041
Indian T e rrito ry .. ______ __
191.750 175,331
136,800
K e n tu c k y _____
_____ ____
494
571
305
Lo u isian a _____ ____ __ ______
277,536 441,757 225,288
C29.485 591,254 513,504
Mississippi________ __________ _
M issouri... __________
11,589
13.878
14,224
North Carolina________ _____
326.437 311.44S 439,027
179,149 100,477 145,160
Oklahom a...... .................
733,045 549,857 822,232
South Carolina . . . ____
109,225
92,916
Tennessee
. _____ ______
108,907
Texas _____ . . __ _ _______ 1,579,490 2,535,551 1,604,266
Virginia _ _____ _ ___________
2,349
5.431
8,029
,

• ActV. e Ginneries.
1907.

1906.

26,135 27.370
3,321 3,488
1,977 2,190
233
261
4,397 4,431
516
527
2
3
1,690 1,978
3,315 3,512
70
68
2,516 2,624
409
356
3,086 3,041
641
601
3,928 4,142
76
100

1905.
27,802
3,638
2,139
277
4,707
507
3
1,842
3,573
71
2,717
316
3,097
687
4,116
112

The statistics of the report Include 126,858 round bales In 1907, 166,560 for 1906
and 183,870 for 1905; also 33,294 Sea Island bales for 1907, against 21,746 for 1906
and 49,101 for 1905.

COTTON M O VE M E N T A N D F L U C T U A T IO N 1902-1907.
Latham, Alexander & Co., New York (Thirty-fourth Annual
Edition). It would be extremely difficult to publish a book
as unique and handsome in typography, binding, &c., as the
thirty-fourth annual issue of Messrs. Latham, Alexander &
Co.’s very useful publication “ Cotton Movement and Fluctu
ation.” The work is not only handsome to the eye but
continues as heretofore an invaluable book of reference. The
statistical side of cotton is thoroughly treated, compilations
covering acreage, production, movement, consumption and
prices being important features. Moreover, the publish
ers themselves review the last cotton season in the United
States and present the usual article by Messrs. Ellison & Co.
011 the course of the trade in Europe. Special articles appear
under the captions “ Report of the Lancashire Commission on
Cotton Growing in America,” “ W orld’s Cotton Y ield ” and
“ Egyptian Cotton.”
1he book,furthermore,contains some
excellent illustrations that will appeal strongly to thos 3
interested in cotton.




1221

THE CHRONICLE.

A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— Through arrangements made with Messrs.
Choremi, Benachi & Co., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
A lex a n d ria , E g y p t.
Nov/m bsr 6.

1907.

1906.

1905.

400,000
2,112,457

400,000
2,008,065

310,000
1,527,125

T h is
S in ce
week. Sept. 1.

T h is
Since
week. Sept. 1.

T h is ' S in ce
week. Sept. 1.

Receipts (ca n ta rs)—
Sincc Sv.pt. 1

- - - - -

E x p o rt (bales) —
To
To
To
To

8,250
L iv e rp o o l . . .
7.750
M an chester . .
C o n tin en t_____________ 21,000
A m e r ic a
.......
2.750

T o ta l e x p o r t s ..............

51,018 13.000
4 >.312
5.250
i 9 ,281 18.000
o,964
1.250

58,453 13.000
36,231 12.000
58,710 12.000
5,390
4.250

48,821
29,437
55,539
12,584

; 9 ,750 157,575 37,500 158,784 41,250,146,381

N o te .— A can tar Is 99 lbs.

E g y p tia n bales w eigh ab o u t 750 lbs.

This statement shows that the receipts for the week were
400,000 cantars and the foreign shipments 39,750 bales.
N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
Nov. 8 for each of the past 32 years have been as follows:
1907_c
1 9 0 6 ...
1 9 0 5 --.
1904

---- 4 0 .80
____ 10.30
____ 11.60
. _ -10.25

189 9.c ....
1898_____
1897_____
1896
.
1895
1 9 0 2 -,- ____ 8.45
1894____
1 9 0 1 ._.
7.81 1893_____
1900 _- ____ 9.56 1892_____

... 7-81 1891-C-._ 5.31 1890____
__ 5.88 1889____
8.12 1888
..
8.81 1887
5 62 1886_____
__ 8.31 1885_____
- - 8.50 1884_____

. - 8.25
_- 9.62
...10.31
9.88
9.88
_ 9.1.2
__ 9.31
_- 9.94

1883-C-.
1882____
1881____
1880 . . .
1879 .
1878_ _
1877____
1876____

...1 0 .5 0
.--1 0 .4 4
..-1 1 .62
---1 1 .0 0
-11.56
. . . 9.31
-_.1 1 .1 2
.12 .00

JU TE B U TTS, B A G G IN G , E TC .— The demand for bag
ging during the past week has continued very quiet, with
prices nominal at 9%c. for 2 lbs., standard grades. Jute
butts dull at '3@4c. for bagging quality.
E G Y P T IA N CO TTO N C R O P .— The Alexandria General
Produce Association concluded the summary of its reports
for the month of September by stating that “ Exceptionally
satisfactory reports continue to be sent from Upper Egypt.
Thus everything points to a . larger crop . than in season
1906-07.”
Messrs. Choremi, Benachi & Co., however, write under
date of Boston, Oct. 21, that “ since the above report was
issued complaints of continued cool weather have been re
ceived which is affecting the out-turn of the second picking.
The market having shown a considerable advance, these
reports of injury by low temperature are evidently confirmed.
Some are reducing crop estimates.”
JU TE C RO P OF B E N G A L .— Final Forecast for 19.07.—
The Director of Agriculture, Bengal, issued under date of
Calcutta, Sept. 21, the following summary of the final jute
forecast for 1907;
Estim ated acreage
E stim ated ou ttu rn
Y ear—
under Jute.
in Bales.
1906 _ _______ _______ ______ ______________
3,482,900
9.127,400
190 7
3,883,200
9,585,800
C ham paran, M u zu ffarpu r and the Santhal Paragan as h ave been In clu ded
fo r the Inst tim e this ye a r, as considerable areas h ave been c u ltiva ted .
T h e to ta l acreage com es to 931,100, as com pared w ith 932,500 shown In
the p relim in a ry forecast.
D istric t va ria tio n s bein g sligh t call fo r no r e 
m arks.
E x cessive rain dam aged the crop in H o o g h ly , H o w ra h , Jessore and
K h u ln a in the e a rly p a rt o f the season.
F lo o d s d id in ju ry In C u tta ck .
B a la s jre , H o o g h ly and M idn aporc la ter In the season.
In the la tte r h a lf
o f the season ra in fa ll was in su fficien t in m oat oth er d istricts.
In sects d id
dam age In H o w ra h arid Burdw an.
In the case o f B u rdw an , H o o g h ly , H o w ra h , N a d ia and K h u lr a , the esti
m ated percen tages o f outtu rn h ave been s lig h tly increased, in oensequenoe
o f fu rth er in qu iry and references to local o fficers. T h e estim a te d o u ttu rn
fo r the provin ce w orks out to 73.07 % o f ail a vera g e crop and 2,057,900 bales.
V e r y lit t le ju te rem ains from the cr. p o f last year.
T h e fo llo w in g are last y e a r’s figures, as re p orted to this o ffice fo r o th er
tra cts (n o t in clu ded In aD ove):
B ales. !
Bales.
Cooch B e h a r___________________ 7 9 ,0 0 0 lU p p e r In d ia (v ia E. I. R . ) _____10,520
N e p a l __________________
50,018 i M adras (via. B. N . R . ) ________ 1,057
Th is ye a r Cooch Behar S tate estim ates an outturn o f 81,600 bales

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 movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts at the Ports
end’y—
Sept.
O ct.
’•
"
“
N ov.

1907. j 1906. | 1905.

27 221,112 275,149
4 215.948 312,437
11 250.455 345,062
18 2 >7.8731371,058
25 315,9861454,749
1 315,068 474,771
8 305,9181414,010

290,585
345,501
344,925
321,919
292,400
344,600
304,955

Stock at Interior Towns. Receipts from Plantat’ns.
1907. | 1906. 1 1905. | 1907
140,440,173,801
174,919 196,718
237,988 228,538
292,930 291,529
302,7 28'340,277
415,441|40S,198
437,8511472,057
1

250,461 247,872
320,261 250,427
345,950,313,524
401.743 322,815
450,802|385,784
511,089!389,781
560.477,388,328

1906.

1905

306,546
335,294
376,882
434,649
503,497
542,092
477,869

332,245
394,361
390,614
377,712
347,519
398,887
420,343

The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1907 are 2,624,691 bales;
in 1906 were 3,423,044 bales; in 1905 were 3,368,618 bales.
2.— That although the receipts at the outports the past
week were 365,918 bales, the actual movement from planta
tions was 388,328 bales, the balance going to increase stocks
at interior towns. Last year receipts from the plantations
for the week were 477,869 bales and for 1905 they were 420,343 bales.

THE CHRONICLE.

12*22

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.
1907.

Cotton Takings.
W eek and Season.

W eek.

1906.

Season.

Season.

W eek.
3,314,308

3,185,877

567,845
18,000
4,000
54.000
10.000

1,784,156
4,051,170
85.000
49.000
268,000
95.000

3.737.297

5,996,407 3,968.153

6,332,326

3,389,299

3,389,299 3,626,053

3,626,053

342.100
262.100
80,000

2.706.273
2.088.273
618,000

V is ib le su p p ly S ep t. 1 -------------A m erica n In slsh t to N o v . 8 -----B o m b a y receipts to N o v . 7 -----O th er In d ia sh lp’ ts to N o v . 7 —
A le x a n d r ia receipts to N o v . 6 . .
O th e r su p p ly to N o v . 6 a . ......... -

461.420
19.000
6,000
54.000
11.000

D educt—
347.998
301.998
46,000

2,~29V,844
3,198,563
98.000
50.000
282,000
76.000

2.607.108
1.949.108
658,000

a E m b ra ces receipts In E u ro p e fr o m B ra zil, S m y r n a , W e s t In d ie s , &c.

M A N C H E S T E R M A R K E T — Our report received by
cable to-night from Manchester states that the market
is quiet for both yarns and shirtings. Merchants are buy
ing very sparingly. W e give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
1906.

1907.
8)£ lbs. Shirt
ings common
to finest.

32s Cop.
Twist.
Sep
27
O ct.
4
11
IS
25
Nov.
211
m

d. s. d.
d.
10 11-16@ 12!4 6 5
10)4 @
10 9-16@
10 9-16@
10 7-16@

W4
UH
11'4
11H

6
6
6
6

10 9-16@
10)4
@

l\ H 6
6

4
4
3
2

Co'n
M id.
Upl's
d. d.
6.60 9%

@ 10
@ 10
@ 10
@10

6.53
6.62
6.54
6.19

1
0
0
0

1 )4@ 9 11
1' @ 9 10
1

d.
@

9)4
@
9 13-16@
9 15-16@
9 15-16@

5.93 9^4
5.91 9H

@
®

10H
11
11
11

Oct. 18.
Sales o f the w e e k . . ......... b a le s . 50,000
O f w h ich speculators t o o k . .
3,000
O f w hich ex porters t o o k ____
2,000
Sales, A m e ric a n ________________ 45,000
A ctu a l e x p o r t ___________________
4,000
F o r w a r d e d ___________ _______ 64,000
T o t a l stock— E s tim a te d _______ 563,000
O f w hich A m erican — E s t . .471,000
T o t a l im p o rt o f the w e e k ......... 89,000
O f w hich A m e ric a n _________ 81,000
A m o u n t a flo a t......... ................ .260,000
O f w hich A m e r ic a n . .......... .207,000

Mld.Upl’ds.

6.05

5.97

6.07

6.03

S a le s _____
Spec.&Exp

6,000
500

10.000
500

8.000
500

10,000
1,000

7
7

5.80
5.75

p a r tic u la r s o f t h e fo r e g o in g s h ip m e n ts fo r th e

w eek,

T otal.
25,467
16,902
7,674
23,238
33,503
13,925
26,311
24,150
3,100
1,687
3,496
1,605

124

448 181,058

28
2 2 )4 -2 5
32

N o v . 8.
50,000
3,000
1,000
45,000
5,000
77,000
567,000
476,000
108,000
93,000
352,000
265,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

6.14
6.45
6.33
6.12

9
9

30
22%
32
50

Oct. 25.
N o v . 1.
49.000
48,00*
2,000
1.000
2,000
2,00*
42,000
42,00#
6,000
-6,000
79,000
100,000
568,000
542,000
472,000
453,000
90,000
79,000
65,000
61,000
242,000
349,000
193,000
295,000

6 @9 8
7 @9 9
7 )4 @ 9 10
7 )4 @ 9 10
@9
@9

T h u rs .
F r i.
20
30
18
18
2 0 -2 2 )4 2 2 )4 -2 5
25
25
19
19
2 2 )4 -2 5 2 2 )4 -2 5
28)4
31
30
32-34

L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that
port:

6
6
6
6

a r r a n g e d in o u r u s u a l fo r m , a r e as fo llo w s :
G reat F rench G er- — O th.E urope— M e x . ,
B r ita in , ports, m a n y . N o rth . S o u th . & c. J a p a n .
N e w Y o r k _____ 12,274
1,200 2,276
1,512 7,757
...
448
G a lv e s t o n ______15,770
......................
1,132
____
...
...
r o r t A r t h u r ____ 7,674
...................
.......
.......
.................
N e w O r le a n s ... 8,037
____
6,992
1,059 7,150
.................
M o b i l e _________ 14,829 10,908 7,766
........
................ _
...
P e n s a c o la ______ ____
____ 13,925
____
____
___
___
S a v a n n a h _____
____
____ 23,910 2,301
100
.................
W ilm in g t o n ____ 1 0 , 1 0 0
_____ 14,050
....
____
...
...
N o r f o l k ________ 3,000
____
100
____
____
...
...
B oston ............. 1,563
.................................................
124
...
B a lt im o r e ______2,182
______
1,314
.......
...............................
P h ila d e lp h ia . . .
41
____
1,212
352
..............................




L

W ed.
20
18
2 0 -2 2 )4
H 25
O 19
2 2 )4 -2 5
I 28)4
D 30
A
Y 30
2 2 )4
32
50

d.
5.66

T o t a l............. - ........................ ................ .............................. - .............. 181,058

6,356 15,007

T ues.

s. d.
s. d.
6 4 )4 @ 9 6

T otal bales.
N E W Y O R K — T o L iv e r p o o l— N o v . 4— C e v ic , 4,250 u p la n d . 314
7,622
fo re ig n ____ N o v . 6— C edric. 3,058_______ _______________ ______
1,700
T o H u ll— N o v . 1— T o ro n to , 1,700________________________________
T o Manchester— N o v . 4— T eren ce, 1,131 u pland . 1,271 Sea I s l .
2,402
T o L o n d o a — N o v . 2— M innehaha, 550---------------------------------550
1,200
T o H a vre— N o v . 6— G ib ralta r, 1,200____________________________
T o B rem en — N o v . 1— Z leten , 568------N o v . 6— Prlnzess Ire a e .
1,233 _____________________ __________ _____________________________
1,801
T o H a m b u rg— N o v . I — W ald ersee, 475--------------------------------475
T o A n tw e r p — N o v . 4— K ro o n la n d , 562---------------------1_______
562
T o C openhagen— N o v . 6— H e llig O la v , 950_____________________
950
T o B arcelona— N o v . 4— A n to n io L o p e z . 700: L o vsta k k en , 2.500
3,200
T o G enoa— N o v . 1— F ried rich , 6 5 6 .. - - N o v . 4— H a m b u rg,
2,699: L ig u ria , 100________________________ __________________ . . .
9,455
T o N a ples— Fried rich , 902____ N o v . 6— C tetic, 200____________
1,102
T o Japan— N o v . 2— S t. P a tric k , 448____________________________
448
G A L V E S T O N — -To L iv e r p o o l— N o v . 2— T e x a n , 5,237_______________
5,237
T o L o n d o n — N o v . 6— C a yo S oto, 800____________________________
800
T o Manchester— N o v . 6— M aria de L arrin aga, 9,7.33
_______
9,733
T o A n tw e r p — N o v . 6— C ayo S oto , 242; Th u rland Castle, 89 0 ._
1,132
7,674
P O R T A R T H U R — T o L iv e r p o o l— N o v . 5— Coniston, 7,674_______
N E W O R L E A N S — T o L iv e tp o o l— N o v . 5— B arrister, 8,037_______
8,037
T o B rem en — N o v . 4— H ansa, 6,200-------------------------------------6,200
T o Ham burgh—N o v . 2— D a cia , 792--------------------------------------792
T o A n tw e r p — N o v . 5— B u ffon . 1,059____________________________
1,059
T o Barcelona— N o v . 6— G e r ty , 300--------------------------------------300
T o V en ice— N o v . 6— G e rty , 3.750----------------------------------------3,750
T o Naples— N o v . 6— G e rty , 400___________________________________
400
T o T rieste— N o v . 6— G erty , 2,700________________________________
2,700
M O B IL E — T o L iv e r p o o l— N o v . 2— In k u la, 14,829....... ....................
14,829
T o H a v re — N o v . 6— W ea rsld e, 10,908___________________________ 10,908
T o B rem en — N o v . 2— F e rn field . 7 ,7 66__________________________
7,766
P E N S A C O L A — T o B rem en — N o v . 2— A u gu st B elm o n t, 13,925—
13,925
S A V A N N A H — T o Brem en— N o v . 6— A lf, 2,983; M eridian, 10,625
____ N o v . 7— C ralgard, 1 0 ,3 0 2 ,............................ ...................... 23,910
T o A n tw e r p — N o v . 2— E retria , 500_______________________________
500
T o R e v a l— N o v . 2— E retrla, 3 0 0 _________________________________
300
T o G othenburg— N o v . 6— A lf. 700________________________________
700
T o M alm o— N o v . 6— A lf. 700_________________________ ___________
700
T o Gefle— N o v . 6— A lf. 100____________________ ______ ______ ______
100
T o S tockh olm — N o v . 6— A lf, 1____________________________________
1
— N ^V . 6— A lf, 100________________________ _______ _____
100
W I L M I N G T O N — T o L iv e r p o o l— N o v . 7— Y a n a riv a , 10,100_______
10,100
T o Brem en— N o v . 2— C ru sader, 14,050_________________________
14,050
N O R F O L K — T o L iv e r p o o l— N o v . 4— M adrllen o, 3,000----------------3,000
T o B rem en — N o v . 4— A ib a n o , 100________________________________
100
B O S T O N — T o L iv e r p o o l— N o v . 5— C y m ric , 1,563___________________
1,563
T o Y a rm o u th — N o v . 5— Prin ce A rth u r, 124____________________
124
B A L T I M O R E — T o L iv e r p o o l— N o v . 1— U lsterm ore, 2 ,1 82---------2,182
T o B rem en — N o v . 6— Breslau, 1,003____________________________
1,003
T o H a m b u rg— N o v . 1— T r o n to , 311-------------------------------------311
P H I L A D S L P H I A — T o L iv e rp o o l— -N o v. 1— W estern la n d , 41 ------41
1,212
T o H a m b u rg— N o v . 2— A a d a lu s la , 1,212_____________________ . .
T o A n tw e r p — O ct. 31— M a n lto u , 352------------------------ ----------352

T o t a l ............. 75,470 12,108 71,545

M on.
20
18
20-2 2 )4
25
19
2 2 )4 -2 5
26)4
30
..
30
22)4
32
50

Market,
12:15
P .M .

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 181,058 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:

The

S a t.
L iv e r p o o l ......... .. C 20
M a n c h e s t e r ______c.
18
H a v r e ____________ c. 20-2 2 )4
B r e m e n ___________ c.25
H a m b u r g ............. c. 19
A n t w e r p ____ r . . . c . 2 2 )4 -2 5
G h ent, v ia A n t . . . c. 28)4
R e v a l, In d ire c t___ c.30
R e v a l, v ia C a n a l..c . . .
B a r c e lo n a ________ C.30
G enoa ................... c.2 2 ) 4
T rieste ................. c. 32
J a p a n — ................. c. 50

C ofn
M id.
U p l’s

6
10
10Vs 6

lxxxv.

The exports to Japan since Sept. 1 have been 7,738 bales
from Pacific ports and 993 bales from New York.
Cotton freights at New Y ork the past week hare been as
follows, quotations being in cents per 100 lbs.:

8H lbs. Shirt
ings, common
to finest.

32s Cop.
Twist

s. d.
@10 2

[V o l .

Saturday.

Spot.

Monday.

1

Good
Inquiry.

Quiet.
J

Quiet at
Futures.
Steady at
Market
1 9 @ 10 pts. 7@ 8 pts.
opened
J advance.
decline.
Market,
P . M.

Tuesday.
Fair
demand.

Wednesday. Thursday.
Fair
business
doing.

Fair
business
doing.

Friday.
Quieter.

5.99 j

5.91
8.000
500

8.000
100

Quiet at
Steady at Steady at
Steady at
6@ 7 pts. 2 pts. adv. 6@ 8 pts. 6 pts. dec.
advance.
decline.

Steady at
1 Steady at I Steady at Easy unch. Steady at Steady at
7@11 p ts.jl)4 @ 4 pts. to 1 point 7)4 @10)4
8@11 pts. 5@ 7 pts.
decline.
advance.
decline.
decline.
advance.
J advance.

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 prices are given in pence and 100 ths.
Nov. 2
to
Nov. 8.

W ed .

4
4 1 2 )*
12 X
4 12K
p.m . p.m p.m . p.m. p.m . p.m

12)4
p.m .
d.

N o v ______
N o v .-D e c .
D ec.-Jan
J a n .-F eb
F eb .-M ch .
M ch .-A p r.
A p r.-M a y .
M ay-June
June-July
J u ly A u g .
A u g .-S ep .

Tues.

Mon.

Sat.
12K
p.m .

Th u s: 5 79 means 5 79 -1 0 0 d .

d.

79
70 )4
69 H 62
68
60 )4
6 6 )4 5 9 )4
6 6 )4 59
66
59
66
59
58 )4
65 )4 58
6 2 )4 56

65)4

d.

d.

75
81
6 7 )4 73

d.

71)4 66
64)4 7 0 )4 65
66

6 4 )4 70 H
64
70
6 3 )4
6 9 )4
63
6 8 )4
6 0 )4 67

63)4

69>4

d.

7 5 )4 77)4
6 7 )4 6 9 )4

65

68)4
67)4

6 7 )4
6 4 )4 67
6 4 )4 67
6 4 )4 67

64

66)4

6 1 )4 6 4 )4 72

Thurs.

Fri.

4
12 %
4 12H
p.m . p.m p.m.Hp.m.
rf.
d.
7 3 )4 72

d.
65

66)4 65)4 59
66
65
59
59)4
65 H 65
60
6 5 )4 65
6 5 )4 65
6 0 )4
6 5 )4 65)4 6 0 )4
6 5 )4 65)4 61
65 )4 65)4 61
63 >4 64
60 >4

d.
6 0 )4
5 8 )4

58)4
58)4

59
5 9 )4
60
60 )4

60)4
59)4

BREADSTUFFS.
Friday, Nov. 8 1907.
Prices for wheat flour have remained steady as a rule, the
break in wheat having had practically no effect upon the
local market. The trading, however, has been on such a
small scale that quotations are largely nominal. The firm 
ness is traceable mainly to the fact that stocks here have
fallen to a very low level. The reports from the Northwest
ern milling centres have been less favorable than recently.
The stringency of money is hampering business seriously,
it is stated. Some of the mills there have closed down, and
a further curtailment of production is expected next week.
R ye flour has been dull and easy. Corn meal has been quiet
and steady.
Wheat has suffered the effects of the continued financial
pinch, both at home and abroad, in a severe decline. The
advance in the discount rate of the Bank of England and also
in the rates of the Bank of Franck and the Imperial Bank of
Germany, with the prevailing scarcity of currency at the
West and the breaks in the stock market, have all united
to depress values. Y e t the export demand has continued
active, the world’s shipments for the week have not been
burdensome, though those from Russia were unexpectedly
liberal, and crop reports from India have been distinctly
unfavorable. The British Secretary for India has received
from the Governor-General reports that in some parts the
situation has become worse during the past week. Slight
but insufficient rains have fallen in Bombay and Bengal,
he states, but in Northern and Central India last week was
practically rainless, and in the North hot, dry winds increased
the damage. The prospi^ts, he further'states, are worst

Nov. 9 1907.1

1223

THE CHRONICLE.

in the U n ite d Provinces, A g r a , O u d h , the P u n ja b and the
northw est frontier province of R a jp u ta n a , w here au tu m n
crops on u nirrigated lands m ust n o w fail.
E a s t In d ia n
prices, he ad ds, have continued to rise, though already fa r
ab o v e the n o rm a l. D am age b y frost is reported in some parts
of R u ssia.
R ain s have fallen in A rgen tin a where they are
not w an ted.
T he rise in sterling exchange has tended to
facilitate export business of late and so has an agreem ent
am o n g farm ers of the N o rth w est to accept exchange on
M inneapolis in lieu of cash.
A s a result, it appears that
nearly 3,000 sm all country grain elevators in Minnesota,
N o rth an d South D a k o ta and North ern Io w a have reopen ed.
This for a tim e caused a sharp recovery in prices at Min
neapolis.
W in n ip e g prices have risen sharply at times on
increased exp ort sales.
Nevertheless, the fact is th at, h o w 
ever strong the situation m ay be regarded so fa r as it relates
to the actual w heat trade itself, the financial pinch which
has latterly m ade itself severely felt here and in E u ro p e
has been, on the w hole, the dom inating factor.
The foreign
m arkets have fallen, and selling fo r a decline in the A m erican
m arkets has been m ore aggressive.
I t is felt, h ow ever, that
should the export dem an d continue under better financial
conditions it w ould not b e w ithout its im pression on the
m ark et.
T o -d a y prices w ere irregu lar, closing low er on
w eak cables, selling on stop-loss orders, a low er corn m ark et
an d bearish pressure.

T h e fo llo w in g ta b le shows fo r th e 25 p rin cip al corn States th e p r elim in a ry
estim ates o f to ta l p rodu ction and the a vera g e y ie ld p er acre In 1907, w ith
th e final estim ates o f y ie ld per acre fo r 1906 and th e ten -yea r a vera g e In
bushels:
T o ta l P rod u ct 1907.
1907. 1906.
F o r 10
States—
P r e lim in a r y .
P r e lim ’y.F in a l.
Years.
Illin o is ..................................
342,756,000
36
36.1
34
Io w a ________________________
291,092,000
30.5
39.5
32.5
N e b r a s k a ____________________
179,328,000
24
34.1
27.7
M i s s o u r i . . . ............... ............ 221,526,000
31
32.3
28
T e x a s ............. .................. ..
155,589,000
21
22.5
19
Kansas --------------------------155,142,000
22.1
28.9
22.1
In d ia n a ___________ __________ 1 68,840,000
36
39.6
34.5
G eo rg ia _____________ _________
57,538,000
13
12
10.6
O h i o _________________________
113,903,000
34.6
42.6
34.9
K e n tu c k y ......... .......................
87,392,000
28.2
33
26
Ten n essee____________________
78,364,000
26
28.1
22.4
A l a b a m a ____________________
45,896,000
15.5
16
13
N o rth C a rolin a ............... ..
45,078,000
16.5
15.3
13.7
A r k a n s a s ____ ___________ . . . .
40,024,000
17.2
23.6
18.8
M iss issip p i___________________
37,111,000
17
18.5
15.2
In d ia n T e r r it o r y ____________
51,788,000
24.2
33.6
27.2
O k la h o m a ____ ______ _______
58,751,000
24.5
32.9
23.5
South C a rolin a _______________
29,807,000
15.1
12.2
9.8
South D a k o t a _______________
45,416,000
25.5
33.5
26.6
V irg in ia _____________________
46,025,000
25
24.3
21.3
28,000,000
17.5
17.2
16.8
L o u isian a ___________________
M in n e s o ta ................. ............
39,096,000
27
33.6
29.4
65,270,000
30.1
35
32
M ic h ig a n ________________ _
W is c o n s in ......... ............ ........
46,688,000
32
41.2
33.6
P e n n s y lv a n ia ________________
45,922,000
32.5
40.2
34.5

D A ILY CLOSING PRICES OF W HEAT FUTURES IN NEW YORK.

The indicated yield of the principal crops for 1907 is as
follows, the total crops as reported by the Agricultural De
partment for 1906, 1905 and 1904 being appended for
comparison:

Sa t.

M on.

Tues.

W ed. T h u rs .

F r i.

Sa t.

M on.

Tues.

W ed. T hurs.

F r i.

No. 2 red winter..... .............. ...107% 107%
104% 102% 101%
December delivery in elevator_____108% 108% Holl- 105% 103% 101%
May delivery In elevator_________ 111% 111% day. 109% 107% 107%
D A ILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
December delivery In elevator_____ 94 % 95 % 95 % 92 % 90 %
May delivery in elevator_________ 102% 103% 103% 101% 100
July delivery In elevator_________ 96 % 97 % 98 % 96 % 95 %

90 %
99%
95 %

In d ian corn futures h a v e declined, o w in g to the sharp fall
in w heat and heavy liq u id a tio n , o w in g to the disturbed
financial situation.
B ears have ham m ered aggressively,
uncovering stop-loss orders.
T he L iv erp o o l advices have
been u n favo rable and the cash trad e has continued sluggish.
T h e decline in provisions has also h ad a depressing effect.
A t tim es rallies have occurred, o w in g m ain ly .to profit-taking
on the short side, few caring to b u y fo r long account, not
w ithstandin g the u n fav o rab le ten or of the husking returns
a n d the smallness of the crop m ovem en t.
T o -d a y prices
w ere easier in the m ain on a G overnm ent report indicating a
crop of 2,553,732,000 bushels.
This caused general se llin g .
D A ILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
S a t.

M on.

Tues.

Sa t.

M on.

Tues.

Cash co m ... ................................71
71%
71% HollDecember delivery In elevator______71
May delivery In elevator__________ 68% 68% day.
DA ILY CLOSING PRICES OF CORN FUTURES
December dellveryln elevator______ 59
May delivery In elevator__________ 59%
July delivery In elevator__________ 59%

59%
60%
60%

60
60%
60%

W ed. T h u rs .

F r i-

69% 69% 69%
70% 70 Mj 69%
67% 67% 66%
IN CHlCAdO.
W ed. T h u rs .

58%
58%
58%

57%
58%
58

F r i.

56%
57%
56%

O ats fo r future delivery in the W estern m arket have
declined in co m pany w ith w heat an d corn. There has been
considerable liq u idatio n , p a rtly fo r account of leading bulls,
though the tradin g as a rule has been com paratively quiet.
L ig h t receipts, sm all stocks, an d the shortage in the crop,
as well as other bu llish features o f the situation, have been
m ore than counterbalanced b y the u n favo rable financial
conditions an d the depression in other cereals. The cash
trade^has been du ll.
T o -d a y prices declined on weakness in
w heat and corn and liq uidatio n .
D A ILY CLOSING PRICES OF OATS IN NEW YORK.
S a t.

M on.

Tues. W ed. T h u rs .

F r i.

Mixed, 26 to 32 lbs_______
51%
51% Holl- 51%
50
52%
White clipped, 32 to 34 lbs.55%-58% 55%-58%day. 55-58 54%-57 54%-57
D A ILY CLOSING PRICES OF NO. 2 MIXED OATS IN CHICAGO.
Sa t. M o n .

December delivery In elevator-------- 48%
May delivery In elevator---------------51%
July delivery in elevator............... 47%

49%
52%
48%

Tues.

49%
52%
48%

W ed. T hurs.

48%
51%
47%

47%
50%
46%

F r i.

46%
49%
45%

The fo llo w in g are Closing quotations:
FLOUR.
Low grades, winter____$4 00 @J4 50 I Kansas straights______ $4 90 @$5 10

Second clea rs___________ 3 30 @ 3 35
C le a r s ................... .......... 4 5 0 @ 4 75
S t r a i g h t s _______________ 4 90 ® 5 00
P a te n t, sp rin g__________ 5 75 @ 6 25
P a te n t, w in te r__________5 15 @ 5 35
Kansas p a t e n t s ________
___ @ ____

Kansas clears.
Blended p a ten ts ________ 5 85 @ 6 30
R y e flou r________________ 4 90 @ 5 50
B u ckw h eat f l o u r _______ 3 05 @ 3 2 5
Graham flo u r___________
N o m in a l.
C o m m e a l_______________ 3 75 @ 4 30

G R A IN .
W h ea t, per bush.—
c
I C o m , per bush.—
c.
N . Du lu th, N o . 1--------- N o m in a l.
N o . 2 m ix ed , n e w ________ f.o .b .6 9 %
N . D u lu th , N o . 2 -------- N o m in a l.)
N o . 2 y e llo w , n e w _______ f.o .b .6 9 %
R ed w in te r ,N o . 2 ------- f.o .b . 101% i
N o . 2 w h ite, n e w ________ f.o .b .7 0 %
H a rd
“
"
------N o m in a l. R y e , per bush.—
O a ts, per bush.—
I N o . 2 W estern __________
86
N a tu ra l w h it e 1_________ 5 4 % (^ 5 5
S ta te and Jersey_______ N o m in a l.
m i x e d ________
32%
j B a rley — M a l t i n g ______105
@115
w h ite , clip p ed -5 4 % @ 5 7
F e e d in g ________________ N o m in a l.

A G R IC U L T U R A L D E P A R T M E N T ’S R E P O R T .— The
Agricultural Department’s report on the cereal and other
crops was issued N ov. 8, and is given below:
T h e Crop R e p o rtin g B o a rd o f the Bureau o f S tatistics o f the D ep a rtm en t
o f A gricu ltu re llnds fro m th e reports o f the correspondents and agen ts o f
th e bureau as fo llo w s :
T h e p r elim in a ry returns on the p rodu ction o f c o m In 1907 In dicate a
t o t a l y ie ld o f abou t 2,553,732,000 bushels, o r an a verage o f 26 bushels per
a cre, as com pared w ith an a vera g e y ie ld o f 30.3 bushels per acre (2,927,416,000 bushels) as fin a lly estim ated In 1906. 28.8 bushtls In 1905 and a
ten -yea r a vera g e o f 25.4 bushels. T h is estim ate o f y ie ld m ade to -d a y Is
su b jec t to such revision and correction as m .iy be fou nd p roper when th e
fin al estim ates o f the Bureau are m ade te x t m on th .




U n ited S t a t e s ........... ........2,533,732,000
26.0
30.3
25.4
T h e am ou nt o f c o m in the hands o f farm ers is estim ated a t 130,995,000
bushels, w hich com pares w ith : N o v e m b e r 1906, 119,152,000; N o v e m b e r
1905, 81,427,090; N o v e m b e r 1904, 80,790,000; N o v e m b e r 1903, 131,230,000.

1907.
1906.
1905.
1904.
Bushels.
Bushels.
Bushels.
Bushels.
C o r n ----------------2,533,732,000 2,927,416,091 2,707,993,540 2,467,480,934
W in te r w h e a t - . . 409,500,000
492,888,004
428,462,834
332,935,346
S prin g w h e a t . . . 216,067,000
242,372,966
264,516,655
219,464,171
O a t s ____________
741,521,000
964,904,522
953,216,197
894,595,552
B a r l e y _________
147,192,000
178,916,484
136,651,020
139,748,958
R y e ----------------31,566,000
33,374,833
28,485,952
27,241,515
T o t a l . ............. 4,079,578,000 4,839,872,900 4,519,326,398 4,081,466,476

The statement of the movement of breadstuff’s to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—

Flou r.

Wheat.

Com.

Barley.

Oats.

Rye.

bbls.IQGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu. 56 lbs.
Chicago____
185,893
486,387
1,783.478
2,559,831
675,860
82,800
Milwaukee.*
70,000
285.000
60,000
329,601
651.600
41,400
170,000
2,019,286
499,547
46,966
187.345
Minneapolis.
118,010
1,506.320
620,740
668.160
59.700
70.000
65.000
1,000
6.000
97,500
D etroit_____
4,700
64,382
39.000
63,400
Cleveland__
1,477
6,276
128,552
188,637
.' 1,348
St. Louis___
58,725
485,392
668.800
15,225
463,905
118,300
P e o r ia _____
22,050
18.000
298.500
14,000
181.500
111,000
Kansas Clty.
631.000
123,000
142,400
Tot.w k.’07
Same wk. ’ 06
Same wk. '05

512.845
509,597
663,116

5,572,043
6,078.457
7,979,679

2.962,445
2.752,201
3,046.481

Since Aug 1
1907_____ 5,267,085
1900........ 6.926,392
1905........ 6,602.824

82,440.595
87.390,829
94,058,948

57,972,211
48,975,580
43,232,261

5,156.753
5,711.788
•6,059.979

2,726,815
2,436,292
3,064,822

266,091
231,574
464,762

73,875,455 27,680.747 2;888,098
72.490.570 21,756,937 2,211,251
87,780,150 30,613.948 3.245,340

Total receipts of flour and grain at the seaboard ports for
the week ended N ov. 2 1907 follow:
Receipts at—
New Y o r k .............
B oston ___________
Portland, Me_____
Philadelphia_____
Baltimore_________
Rich m on d............
New Orleans * ____
Newport News____
Galveston_________
Mobile............... .
Montreal...............

Flour,
bbls.
135,634
62.898
1,071
121.654
71,656
8,190
12,755
913
______
7,295
41,408

Total week_____
Week 1906 _______

463,474
484.317

Wheat,
bush.
712.400
88.922
7,976
424,594
384,010
63,014
350,200

Corn,
bush.
233.275
332.474

Oats,
bush.
536,500
66,249

Barley,
bush.
61.000

Rye,
bush
12,675
7.621

117,507
73.572
41.028
55,000

4.000

2,400
23,645
1,072
_____

~ 894,442

' 171,576
245,847
63,668
59,500
39,370
75,000
5,000
193,292

15,267

20,875

3,140,558
2,883,628

1,419,002
1,263,362

905.123
1.207,970

85,875
195,600

215,006

47,413
30,343

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

Total receipts at ports from Jan 1 to N ov. 2 compare as
follows for four years:
Receipts of—
1907.
Flour ............................ bbls. 16,296,942

1906.
14,773,285

1905.
10,998,434

1904.
14,533,734

W heat...........................bush. 96,367,547
Corn___________________ _____ 78,542,063
Oats_________________________ 46,376,715
Barley ______________________ 3,921,134
R y e _________________________
1,743,155

87,230,761
84,753,909
68,470,605
4,169,761
1,343,834

32,621,546
82,563,583
58,402,783
8,448,251
1,026,287

34.842,467
45,060,542
40,646,291
4,343,076
882,090

Total grain........ . ............... 226,950,614

245,968,870

183.062,450

125,774,466

The exports from the several seaboard ports for the week
ending N ov. 2 1907 are shown in the annexed statement:
Exports from—
New Y o rk ______ .
Portland, M e__
B o sto n __ _____ Philadelphia
Baltimore. _____ .
New Orleans__ Newport News.
G alveston......... _
Mobile________
Montreal____ __ .

Wheat,
bush.
816,312
7,976
136,701
272,000
208,000
155,666
792,720
516,053

Corn,
bush.
160,160
134,510
72,573
94,186
81,822
39,370
75,004
5,000
177,884

Flour,
bbls.
48,469
1,071
17,173
97,886
66,836
25,496
913
12,635
7.295
18,841

Total week___ .2,905,428
840,569 296,615
Week 1906.-11112,390,867 1,232,690 293,910

Oats,
bush.
13,370

Rye, Barley,
bush.
bush.
_____
_____

Peas,
bush
750
8,233

___
___
6,213
______
1,170

5,445

--------

........

........

........

20,753
326.999

5.445
1,000

_____
38,349

8,983
10,897

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

1224
-W heal-F lo u r Slnce
Since
Week
July 1
Week
July 1
Exports Jot week and N o v . 2.
1907. N ov. 2.
1907.
since J vly 1 to—
bbls.
bbls.
bush.
bush.
United Kingdom __ 172,298 2,115,729 1,170,830 25,08*), 162
Continent__________ 60,934
9 It; ,988 1.722,727 19,377,021
So. & Cent. Am er__ 10,055
272,267
11,871
1 >6,309
West In d ie s _______ 42,908
503,907
18.000
Brit. No. Am . C ols.. 3,924
22,836
'
21.735
O lh tr countries____
49 j
150,543

Week
N ov. 2.
bush.
540,46')
237,624
501
35,579
18,995
1,404

Since
July 1
1907.
bush.
7.155,814
9,258,053
154,329
584,398
51,446
12.588

Total _.............29 5,615 3,988,270 2,905.428 44/'69,227 2,905,428 17,216.628
Total 1906 ________ 293,910 3,887,371 2.39<‘,l « j 7 36,724,093 1,232,690 14,870,467

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
was as follows:
Wheat,
bush.
New Y o rk ______ _______ 1.473,000
afloat
Boston . . . ___________ G4,000
Ph iladelph ia __________
607,000
Baltimore..................... 1,000,000
New O rleans__________
474,000
G alveston,.___________
475,000
Montreal______ _____ 787,000
T o ro n to ______________
______
Bu ffalo _______________ 3,696.000
______
afloat_______
T o le d o ________________ 1,173,000
______
“
afloat_______
D etro it________________
478,000
______
afloat_______
Chicago_______________ 9,355,000
afloat....................... .....
Milwaukee____________
350,000
afloat_____ _________ ___
Fort W illiam __________2,311,000
Port Arthur________ 1. 2,163,000
D u lu th_______________ 5,314,000

____

___

Minneapolis_______ ___ 3,679,000
St. Louis______________ 2,892,000
afloat.............................
Kansas C ity___________ 3,437,000
Peoria_________________
1,000
Indianapolis___________
457,000
On Mississippi R iv e r__
______
On L a k es_____________ 2,911,000
On Canal and R iver__
585,000
Total
Total
Total
Total
Total
Total
Total

[V o l .

THE CHRONICLE.

Nov. 2 1907. .43,683,000
Oct. 26 1907. .42,241,000
Nov. 3 1906. .37,974,000
Nov. 4 1905..529,895,000
Nov. 5 1904 _28.362i,000
Nov. 7 1903. .25,155,000
N ov. 81902. .36,098,000

Corn.
bush.
130,000

Oats,
bush.
447,000

five,
bush.
67,000

103.666

" 5",000
138.000
222.000
170,000

151,000

100.000
315.000
111.000
88,000
80,000

59,000

70,000

128,00J

4 1 ,6 6 0

1 1 2 ,6 6 0

5 2 7 ,6 0 6

288,666
15,666
09,666
369*666

147,000

158,000

22,003

760,666

363.000

196,600

515,000

Barley,
bush
9,000

l.ooY.ooo

3,000

lisKooo

1,000

627,000

66,000

1,672,000

178,000
15,000

2,23l',6 0 6
195,000

74,000
5,000

2,759,000

39,000
280,000
141,000

125,666

1,333,000
195,000

334,000
97,000

103,000

3,361,000
4,070.000
3,750,000
2,517,000
2,388,000
7,776,000
2,790.000

7.579,000
7,126,000
9,800,000
27.383,000
24,563,000
9,245,000
7,632,000

2,000

2 2 ,6 6 0

125,666

373.000
356.000
1,148,000
1,086,000
1,614,000
1,640,000
1,557,000
1,077,000
1,272,000

6,454,000
5,887,000
3,446,000
5,544,000
6,149,000
4,939.000
3,520,000

— r—

THE DRY GOODS TRADE.

Total

....... ....................
8,4402,263,812482,435
126,121,221
9,040

4.055
9,040

2,301,718

561,276
2,301,718

154,576,44213,995

439,349

258,756
439,349

111.689,551

4,526,260
7,509,671
5,438.936
3,633 080
2 .4 3 3 ^ 5 4

23,631,801
111,689,551

2,862,994698,105135,321,352

IM PO R TS E N TE R E D
FOR C O N SU M P TIO N
FOR THE WEEK
AND SINCE J A N . 1 1907 AND
1906.
Week
Endino
Week Fueling
N o v. 2 1907.
Since Jan. 1 1007.
N o r . 3 1000.Since Jan. 1 100' .
Pkgs.
Value.
Pkgs.
Value.
PKa*.
Value.
Pkcs.
V a lu e.
Manufactures o f—
$
$
$
S
W o c l ......... .................... .................... ....................
613156,61044,060
12,762,073601
103,50440.10212,044,702
Cotton
.....
2,336 706,460
133,735
42,316,522
2,172
713,360
123,016 38,135.026
S i l k ...........
1 ,37ft704,716
75,844
40,476,585
1,530
727,216
65.580
33.100,832
F la x ............ .................... 1,307
348,563
76,628
17,730,131
1,785
368,856
80,514
16,873.759
Miscellaneous ________ _____________
2,806257,454152,168
12,824,910 2,853
298,743
129,237 11.444.332

28.455,221
126,121,221

25,101.312
111,089.551

191,701
482,435

136,700,863

_______ __________________________10,7442,796,397674,136

222,157
439,340

W A R E H O U S E W IT H D R A W A L S
THROW N
UPON
THE
M ARKET.
Manufactures o f—
W o o l ......... ....................
15341,254 14,580
4 620,445
308
89,376
14,190
"Cotton
__
647
207,281
30,301
9,851,034
598
197,160
24,357
S i l k _______ _______________________________________
13471,02910,273
5,491,629193
98,4319,812
F la x _______
458114,918
20,831
5,206,519
450
105,180
16,621
Miscellaneous
________
01298,103
115,707
3,285.594
3,406
71,129
193,776

Total marketed

661,506

Total w ith d ra w a ls ____
2,304 532,585
Entered lor c o n s u m p tio n .. 8,440
2,263,812

3,245,010

043,202
2,301,718

150,552,698

IM P O R T S
E N TE R E D
FOR
W AREHOUSE
D U RIN G
SAME
P E R IO D .
Manufactures o f—
10362,80614,889
5,608,752275
75,10515,8854,911,126
W o o l ......... .................... .................... ....................
C o t t o n - .....
1,134 372.434
34,345
11,506,864
070
314,128
24.554
7.732.306
S i l k ............
317186,103
11,547
6,020,720
315
188,958
9,855
5,510,172
F l a x _______ _____________
724200,270
23,425
6,246,564
1,680
231,715
18,901
4,107,045
Miscellaneous .............
1,505110,280 101,125
4,048,577
2.469
133.386
152,872
2,840,663

• 14,758

667,766




3,195.714

257,380

3,063931,902185,331
33,431,4775,718
2,263,812
482.435 126,121,221
0,040

10,911

8,440

155,443

The value of these New York exports since Jan. 1 has been
$9,400,326 in 1907, against $14,767,531 in 1906.

....... ....................
for con su m ption ..

T o t a l . .................................................... .4,041

-----1906-------S ince
J an. 1.
1,297
1,192
83,258
10.134
45,975
11,360
24,324
1,826
13,293
48,759
15,956

Week.
43
11
1,477
250
5,039
1,301
551
49
558
1,285
347

•Total Im p o r ts - ........... 12,403

------ 1907---------S in ce
J a n . 1.
1,488
2,354
21,138
6,077
25.810
3,981
19,812
2,049
11,380
39,170
22,184

New Y ork to N ovem ber 2—
Week.
G reat B r it a in ................ ............. ..............
9
O th e r E u ro p e_____________________________ ______
n h in a ______________________________________ 2,509
I n d i a ____ i - _____ ______ ___________________
9
A r a b ia _________________ _________________________
A f r i c a ____________________ ___________ . . . .
33
W est In dies ............................... ................ 302
M e x ic o ----- -------- --------------------------------42
C entral A m e r ic a ........................ ................
92
South A m e r ic a ....................................... ..
946
O th er c o u n trie s ---------------------------------99

Business during the week in cotton goods has been mainly
confined to the re-selling of goods by second hands, con
verters particularly disposing of goods at reductions, owing
to their inability to get payments from their customers.
Buyers are not difficult to find when prices are made suffi
ciently attractive, but apart from this the only purchasing
has been of goods urgently required for filling-in purposes.
Mills are keeping up shipments, except in those cases where
requests have been made for the withholding of goods, and
are rapidly catching up on deliveries. There is naturally
no disposition on the part of buyers to enter into new com
mitments, for spring and future business has been at a stand
still. Drills and sheetings are quotably lower than last
week, and wide print cloths have shown a steadily declining
tendency under the influence of re-sales. Coarse, colored cot
tons, prints and ginghams, however, have held steady,
being under order for some distance ahead. Exporters are
closely watching the market, realizing that prices are getting
to a level where business may soon be possible; but up to
the present few actual transactions have been consummated,
although inquiries fairly near the market have been received.
W O O L E N GOODS.— There is a general desire evinced
by agents to delay the opening of men’s wear woolen and
worsted fall lines until financial affairs are somewhat straight
ened out, and while in most cases this will be done, yet it is
certain that some will be found who will rush their lines upon
the market. In the meantime business is very quiet, and
the trade is satisfied that this should be the case. In some
quarters it is reported that duplicate ordering for spring
continues moderately heavy, but these are the exceptions,
and generally there is little doing. Many woolen mills have
been shut down, thereby curtailing the output; but, on the
other hand, some lines have been completely sold up and
withdrawn from the market. On the whole, worsteds have
been in the better demand, and in the end the situation o f
these is likely to be quite satisfactory. After a slight out
burst of activity the market for overcoatings has again re
lapsed into dulness. Dress goods have felt the effect of
current conditions to an almost greater extent than men’s
wear, and with retailers doing practically nothing the mar
ket has been very inactive. In what re-ordering there has
been staple worsteds have continued to attract the most
attention, and the buying of these, together with the demand
for broadcloths, has made up the bulk of the business.
F O R E IG N D R Y GOODS.— Imported wToolen and worsted
dress goods are sold far ahead, and the principal question
now is to what extent the trade will be affected by cancella
tions. Silks are adversely affected by the demoralized con
ditions of the raw material. Ribbons are being freely can
celled. Linens hold firm, but business is small. Burlaps
are easier for distant deliveries.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending N ov. 2 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,
are as follows:
Total
Entfcrrd

New York, Friday Night, Nov. 8 1907.
It was inevitable that the unusual disturbance in financial
circles should in time be communicated to the dry goods
trade, and during the past week it has been the one and only
influence on business and on prices. Apart from the gen
eral restriction in trading as a result of the inability of mer
chants to obtain their usual credit from their bankers, and
the sacrificing of lines of goods by second hands in an en
deavor to raise cash, the principal event of the week was the
announcement that the Arnold Print Works of North Adams,
Mass., one of the largest textile concerns in the country,
had gone into the hands of a receiver. This was rendered
necessary by the inability of the company to renew maturing
loans; and, while it is believed that the undertaking is
solvent, yet it is realized that some time will have to elapse
before its affairs are straightened out; in the meantime the
suspension has been a considerable shock to confidence.
As might have been expected, this failure has been followed
by rumors of further trouble in many Now England districts,
and for the moment there is a general feeling of hesitation
and uncertainty throughout the whole trade. Many reports
of cancellations and requests for the withholding of ship
ments of goods have been received, and there is such a com
plete understanding of the situation by manufacturers and
others that all reasonable assistance is being given to cus
tomers where this is possible. On the other hand, there is
anparently no intention to allow indiscriminate canceling
of goods when there is no just cause for this, and everything
is being done to prevent absolute demoralization. There
are many who speak optimistically of the future, and it is
certain that goods are needed to such an extent that a fairly
active buying movement may he looked forward to when
the present financial stringency shall have been relieved.
Similar conditions have prevailed in the woolen and worsted
goods market, and openings of men’s wear lines for the fall
of 1908 are being postponed.
DOM ESTIC C O TTO N GOODS.— The exports of cotton
goods from this port for the week ending Nov. 2 were 4,041
packages, valued at $241,286, their destination being to the
points specified in the tables below:

lxxxy.

Nov. 9 1907.]

THE CHRONICLE

STA TE

CITY D Z f f i V m t m .
m x tm itlt.
P U B L IS H E D

W EEKLY.

Term s o f S u bscription — P a ya b le in A d v a n c e
F o r One Y e a r .............................................................................................$10 00
F o r S ix M o n th s...........................................................................................
(S 00
Eu ropean S ubscription (in clu d in g p o s ta g e )........................................... IS 00
European Subscription s ix months (in clu d in g p o s ta g e )......................
7 50
A n n u a l Subscription in London (in clu d in g p o s ta g e )........................... £ 2 14 a.
S ix M onths Subscription in London (in clu d in g p o s ta g e ).....................£ 1 11s.
Canadian Subscription (in clu d in g p o s t a g e ).......................................... $11 50
S u b s crip tio n includes fo llo w in g Sections—
B a 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 i t y (sem i-tm nualiy)
ltA.IL.WAY a n d I n d u s t r i a l (q u a rterly ) | s t r e e t Ha i l w a y (S tim es y e a r ly )
T h e R a i l w a y a n d I n d u s t r i a l Section , issued q u arterly, is furnished
w itn o u t ex tra charge to e v e r y annual su bscriber o f tlie C o m m e rc ia l and
F in a n c ia l C h r o n ic le .
T h e S t a t e a n d < 'it y Section, issued sem i-annually, is also furnished
w ith o u t extra c/targe to e v e r r Hutwcrioor o f the CHRONICLE.
T h e S t r e e t K a i l w a y Suction, issued th ree tim es a year, is lik e w is e fu r
nished w ith o u t extra charge to e v e ry su bscriber o f the C h r o n ic le .
T h e B a n k a n d Q u o t a t io n Section , issued m on th ly, is also tu rnished w ith 
ou t extra charge to e v e r y su bscriber o f the C h r o n ic le .

Term s o f A d vertisin g— P e r Inch Space
T ra n sien t m atter p er inch space (14 a ga te lin e s ).............................. .....$4 20
T w o M onths
(8 t im e s )........................... .22 00
T h re e M onths (IS tu n es)........................... .29 00

!

S ix M onths
Oitj tu n es )........................... .60 00
T w e lv e M onths (52 tim e s )........................... 87 00
C H IC A G O O F F I C E — P lin y B a rtle tt. 513 M onadnock Block.
L O N D O N O F F I C E —E dw ard s <fc Sm ith, 1 D ra p ers’ G ardens, E. C.

W I L L I A M IS. D A N A C O M P A N Y , P u b li s h e r s ,
Pine Street, Corner ot P earl Street,
Post Office B ox 958.
NEW YORK.

M U N I C I P A L B O N D S A L E S I N OCTOBER.
Our list of municipal bond sales in October show a total for
that month of $9,728,518, as compared with $47,814,077 for
September of the current year and $14,819,277 for October
1906. Temporary loans, which are never included in our
totals, were negotiated to the amount of $6,814,293. Ca
nadian loans amounted to $175,850. No corporate stock
or bonds were offered by New York City during October.
The city, however, sold revenue bonds (temporary securi
ties) amounting to $6,257,765, which we include in our
temporary loans.
It will be no surprise to hear that large numbers of bond
offerings failed of success. The total amount of bonds
offered without success in October was $4,859,961, of which
$158,000 were 6s, $506,000 5s, $2,389,780 4 ^ s , $1,501,411
4s, $25,000 3.65s and $279,000 on which interest rate was
to be named in bids. The larger offerings which were un
successful were King County, Wash., $1,500,000 43^s;
Cincinnati, Ohio, $557,000 4s (two issues) and $25,000
3.65s; Minneapolis, Minn., four issues of 4s, aggregating
$591,000; Kearny, N. J., three issues of 5s, aggregating
$235,000; Cartilage, Mo., $220,000 43^s; Everett School
District, Wash., $200,000, and Delaware County, Ohio,
$184,780 4 ^ s .
The principal sales during October were $960,000 43^s of
Mahoning County, Ohio; $500,000 of Chicago, 111.; $470,000
4 ^ s (four issues) of Syracuse, N. Y .; $400,000 4s of Harris
burg, Pa.; $380,600 4s of Boston. Mass.; $250,000 4s of Cin
cinnati School District, Ohio; $250,000 4J^s of Missoula
County, Mont.; $250,000 4 ^ s of Grand Rapids, Mich.;
$170,000 4s of Springfield, Mass., and $168,000 4s of Rich
mond, Va.
The number of municipalities emitting bonds and the
number of separate issues made during October 1907 were
183 and 296 respectively. This contrasts with 161 and 278
for September 1907 and 211 and 261 for October 1906.
For comparative purposes we add the following table,
showing the aggregates for October and the ten months for
a series of years.
1907 .........
1906 _____
1905 _____
1904 _____
1903 _____
1902 _____
1 9 0 1 _____
1900 _____

F o r the
|
M o n th of
Ten M o n th s . I
October.
$9,728,518 $>12,5»0/-62| 1899
14,819,277
167,971,622|1898
7,915,496
148.937,223 11897
10,299,995
208,221,652(1896
123,942,87811895
12,196,885
123,167,279 1894
5,488,424
109,103,198 i 1893
9,779,197
113,615,62611892
16,421,185

M o n th of
F o r the
October.
T en M on th s.
89,314,854 5104,341,291
.
88,057,166
______
4,906,607
_____
6,872,293 113,259,756
60,917,879
_____
4,688,463
98,950,928
_____
6,697,012
99,140,271
_____
8,685,435
52,813,939
_____
11,839,373
75,350,254
_____
11,766,420

In the following table we give a
the amount of $9,728,518 issued
In the case of each loan reference is
“ Chronicle” where an account of the
Pags.
958.
1100
958.
1100
958
1226
1100.
1161.
1100
958.
1226
1038.
1162
1162
9!“ ’

list of October loans to
by 183 municipalities.
made to the page in the
sale is given.

OCTOBER BOND SALES.
M a tu r ity .
Rate.
Nam e.
A c k le y In d . Sch. Dlst ., Io w a 5
dl912-1917
.A lle n t o w n Sch. D ls t.. P a - . 4
A m es b u ry T w p ., M ass____
4
1908-1916
.A n d e rs o n C o u n ty , T e n n ____ 4 H
1918-1932
A n son la , O hio
5
1909-1910
.A rk an sa s C ity S. D ., K a n . . 4 4
-A u b u rn , M e _________
1927
4
-B a llsto n S pa, N . Y . _
1908-1918
4X
B a ta v ia , O h io _____
1908-1917
4 tf
B a y C ity , Mich ____
5
1910,’ 12 & ’ 14
.B a y C it y , T e x --------5
dl917-1947
.B e d m ln s te r T w p . S .D .V n '. j . 4 4
B e lle v u e . O h io --------6
1907-1916
B e lv ld e re , 111---------5
B lan ch ard Sch. D lst., Io w a . 5




A m o u n t.
$12,000
40,000
27.000
100,000
1.600
18,000
25,000
11 ,000
4,038
150,000
18,000
23,000
3.860
5,500
5,000

P ric e .
100.125
100.994
100
100.312
100
100
100
100
100
100
104.291
100

Page.
1162_
1101.
1226.
1226.
11621038.
1101.
11 62_
1038.
1162.
1101.
1101.
1101.
958.
958.
1101.
1101.
1038.
1038.
1038.

1225

Nam e.
Rate.
M a tu rity .
B la n k et In d . Sch. D is t ., T e x . 5
(H922-1937
.B lo o m fie ld , N . J ____________ _. .
____________
1927
.B osto n , M ass________________ 4
-B oston, Mass (3 i s . ) _______ 4
1937
.B o w lin g G reen, O h io ___ ___ 4
1914-1918
-Bueyrus, O h io ________________4
1908-1917
.B u ffa lo , N . Y - - _____________ 4
1927
. B u rlington , I o w a ____________ 414
1917-1926
-C am pbell U n io n H ig h Sch.
D ls t ., C a l _________________ _5
1917-1926
C an ton , M is s _________ ______ 5
1927
.C anyon C o u n ty, Id a h o - . . . 5 K
___________
.C hagrin Fa lls, O hio (2 1 __ 5
1908-1917
.C hagrin Fa lls, O h io _________ _5
1912-1929
.Chelsea, M ass________________ _5
1908-1912
.C hicago, 111__________________
1912
.C incin n ati, O hio (3 i s .) ------- 4
_____________
Cincinnati, O h i o ____________ _3.65
1927
.C incinnati Sch. D ls t., O h io . 4
1947
Claude In d . Sch. D lst., T e x . 5
dl922-1947
.C lay C enter, K a n ____________ 4
----------------

1038. .C la y s v llle , P a ________________
1038. .C le v e s , O h io _____ -.___________
959. .C o a l C ity , 111_________________
1227. .C o ld w a te r, M i c h --------------1038. .C om an ch e, T e x . (3 I s .)------959. .C on cord U n . Sch. D ., N . H .
1039. .C oram Sch. D lst.. C a l--------1227. .C o v in g to n C ou n ty, M iss----1039. .C ra fto n Sch. D ls t., C a l------1162. .C ro w e ll In d . Sch. D .. T e x . .
1227. .D a n c y D rainage D lst., W ls .
959. .D e n v e r , P a . . ------------------959. -D o n o ra Sch. D lst., P a ------1162. - D o v e r, O h io _________________
959. -E a s tp o rt, M e ________________
In d . Sch.
1 1 0 1 - -E a s t W a te r lo o
D ls t., Io w a -------------------1162. .E d g w o c d Sch. D ist., P a ----Sch. D lst.,
H O I - - E liz a b e t h 'C it y
N o . C a ro ___________________
1227. . E l R en o , O k la ------------------1163. . E ph raim S. D. N o . 2, U ta h .
959. -E scan aba Sch. D ls t., M ic h ..
11 0 2 . -E ssex C o u n ty, N . J -----------1 1 0 2 . .E u p o ra , M iss--------------------1039.. .F a ir fie ld Sch. D lst., C a l----1227. .F a irv le w ', O k la ------------------960. .F o u n ta in C o u n ty , In d . (6 is.)
060. .F re m o n t, O h io ------------------960. .F re m o n t, O h io - - --------------960. -G ira rd , G a -----------------------1163. -G ira r d , O h io _________________
1227. -G len d a le, O hio (2 I s .)--------880- .G ly n n C o u n ty, Ga. (2 ls .)_ _
960. .G rah a m . T e x --------------------1 1 0 2 . .G ran d R a p id s , M ich ----------1039. .G reen B a y , W l s ----------------960. .G reen field , M a s s ---------------1039. .G rcen w lch , O h io ---------------1163. .G u lfp o rt, M iss------------------1 1 0 2 . .H a m ilto n , O h io ----------------1102. H a m m on d , I n d ----------------1163. .H a rrisb u rg , P a ------------------1040. H ask ell In d . Sch. D ls t., T e x .
1163. .H a v e r h ill, M ass----------------1163. H eb ron , M iss--------------------1228. .H en n ep in C ou nty, M in n -----1 1 0 2 . H en ry C o u n ty, O h io ----------1163- .H e n ry C o u n ty, O hio (2 Is .)_
1040. .H o b a rt, O kla. (3 I s .) ----------1040. .H o u g h to n , M i c h ---------------1 1 0 2 . H u ck ab ay In d . S. D ., T e x . .
1163. .H u tch inson , K a n --------------1040. . 1slip U n .F r .S .D . N o . l , N . Y .
1040. . K a la m a z o o , M ic h -------------1163. K a n e Sch. D ls t., P a ----- . . .
1228. .K a n sa s C ity Sch. D ls t., M o .
1040. . K en m o re , N . Y . (3 Is .)----1 1 0 2 . K in g Co. S .D .N o .l 12,W a sh .
1163. . L a k e w o o d , O hio (4 Is .) ------122S. .L a n sin g , M i c h ------------------1164 Leban on Centre F ire P r e 
cin ct, N . H ----------------- - 961. L lb e r t y v llle S. D . N o .7 0 , 111_
1040. L im a , O hio (2 Is .)-------------961. L in d , W a s h ---------------------1164. L o m e la I n d . Sch. D ls t ., T e x .
961. - L o u is ville, K y ------------------1040. -L y m en Sch. D lst.. C a l------1103. -M cC a u lk y In d . S. D ., T e x . .
1164 M cM echen. W . V a -------------1103. M agn olia. M iss------------------961. M ahoning C o u n ty, O h io ----961. M a n ito w oc, W l s ----------------1103. M ercer C o u n ty , O h io --------1103. M iC dleton. O h io ----- -------1103. .M id la n d , M ich .....................
961. M ilfo rd , C o n n .........................
1103. .M ilford . M ass— ...................
1041. M ilford C enter. O h io ---------961. .M issoula C o u n ty. M o n t.(2 !s.)
1041. -M onrce U n F r. Sch. D lst.
N o . 1. N . Y _______________
1041. -M u rray Sch. D . N o . 7, N e b .
1041. .N e g a u n te , M ic h ----------------1164. N e w B e d fo rd , M ass-----------1103. .N e w P h ila d elp h ia . O h io ----1164. .N e w R'X ihelle. N . Y ---------A l  .N o r th D a k o ta (51 I s . ) --------lies. .N o r w o o d , O h i o ................... .
1103- .N o r w o o d . O h i o ----------------961. - N u t le y , N . J. (2 i s . ) . .............
1164. .O r o v llle , C a l---------------------1042. -P a n a T w p . H igh S. D . , 111..
1103. -P a w h u sk a, O kla. (2 Is .) ----962. -P a w n e e , O k l a _ .----------------1103. .P e k in . Ill ------------------962. .P h ila d e lp h ia , N . Y --------962. . P lc k a y u n e , M iss----------------1103. .P ie r r e , So. D a k .....................
1165. -P ik e C ou n ty, I n d ---------------962 -P itts b u rg h , P a .....................
962 . P la in fie ld , N . J ......... ..............
962. - P l a t t e v l l l e , W l s ------- -------- 1103 -Plu m a s C o u n ty , C a l---------1042. - P o n tia c , M ich. (2 I s . ) . .........
1042. -P o p e C o u n ty , M in n -----------1165. - P o r t la n d , O re ------- ----------962 -P o rts m o u th , O hio (8 Is.) —
1042. .P r e b le C o u n ty , O hio (4 Is .).
1165. -P u tn a m C o u n ty , N . Y ------1103. Q u in cy, O h io (4 Is .)________
1103. .R a in ie r S. D . N o . 14, W a s h .
1229. -R ic h m o n d , V a ------- ----------962. -R o b eson C o u n ty, N o . C a ro.
1042 _R o c k fo rd , 111________________
962- .S a c o , M e _____________________
1104- -S a g in a w , M ich _____ ______ _
1042 .S t. P a u l, M inn. (2 Is .)_______
1165. -S a le m , M ass_________________
1165 -S alln a, K a n _________________
1165. -S an ta M onica, C a l.................

5
5
5
5
5
3H
6
6

5'

6
4

1908-1912
1917
1912-1914
d l 927 1947
1927
1908-1923
1927-1939
d l 917-1927
d l 917-1937

4H

1908-1912
1937

4M

dl912-1917
1908-1921

5
6

1917-1936
dl917-1927
dl912-1927
1927
1947
1927
1908-1925
1937

4

4^

4
6
5
6

4K

4 lA

5
5
5
5
4 Vi
4 Ms

4M

25 ,000
9 3 .2 0
3.000
100
8 .302 ZlOO
15,000
100
10,000
51 ,000
2 .750
100
103.80
2,000
100
25,0 0 0
10 3.004
25.000
103. 125
9 6 0 ,0 0 0
10 0 .6 6 6
15,000
100. 288
14,000
1,407
100
100.60
2,500
100
4,000
100
45,0 0 0
100.697
19.700
2 5 0 ,000
... ...

1909-1912
1909
1911-1917
dl912-1927
1932
1909-1918
1908-1917
1908-1917
1908
d l 917-1947
1917

4
4 Vi

4H
5
5

1917
d l9 1 2-1927
1908-1917

4

1912-1931
1927
1908 1937

3Vi

x

1908-1917
dl917-1927
d l9 2 7 -l 947
1946
1908
dl927-1947
d l 917-1937
1909-1928
1909-1937
1919-1921
1908-1912
1908-1917
1910-1911
1932
1908
1909-1928
d l9 1 7 -l 927

5
6
5
4H

1915-1954
1910
1922
1917

6
4
4H
4
5
5
5
6
6
4 v;

dl 908-1912

4

5 VI
5
4

1908-1917
1937
1908-1947
1912-1927
1937
1937
1927
1912-1923

6
5
6
1908
1908-1912
4
1908-1941
4U
1927
4 v<5
4 1317 ,’ 22 .‘ 27 & 3:
5
1917
6
6
4
1908 & 1909
4
1908-1315
4 Vi
1908-1912
6
----.
4 ’
1937
5M
1927
4
1908-1942
4
1908-1917
4
1937
4
1908-1927
4 Yi
5

104,,15
5,000
50,000
44,000
102”,704
4 2,5 0 0
100.983
18,000
104.005
115,000
100.317
500,000
29,371 Z100
90,000 Z100
250,000
100
15 ,000
100
15,000
93
10,0 0 0
94. 59
5,700
102, 5 2 ’
2,500
3,000
100
2,332
100
22,000
100
30,000
8,000
101. 625
20.000
5.000
4.500
100
140,000
2.500
100.80
40,000
5,000
100
25,000

1909-1918
1908-1910

1908-1917

5

4
5
5
5
4
5
5
5
5
4 v;
4
4H
4
4 v;

P r ic e .

10,000
100
59,500
2 2 ,000
100
35 8 ,6 0 0
100
4 ,600
11 ,500 £100
43,913
100
4 0 ,000

18.000
100
14,000
100. 25
6,5 0 0 ■ 101
3,000
100
25,0 0 0
100
25,000
100
35,000
25,000
100
10,000
100
1 0 0 .8 9 4
18,000
50 .000
100. 10
34,120
100
2,032
4.500
10,000
2 ,000
I O I ’.30
1 200
100
75,0 0 0
100
9,000
103.29
250,000
17,000
39,000
4,700
102. 638
52 .000
10 0 .4 1 4
12,075
13,000
100
40 0,000
100
10,000
100
12,000 Z100
4,0 0 0
19,400
100
7,200
100
6,500
100
65,000
3,000
3,500
100
48,506
1 0 0 .122
25 ,000
___
91 ,500
2 0 ,000
100
2 4 ,000
100
42 ,660
1 0 0 .005
1 ,100
31 ,255
12 ,700
lb b " 393

4H

454
4H
4M

A m o u n t.

1908-1947

4 0 ,000
1,800

10,000

102. 6£S
1 0 3 .8 f 8
100
101..25

9 7 ,000
15 000
100.096
52,000
100
152,900
100
3,654
1 00.264
34.000
25,0 0 0
100
66,826
103.06
50,000
100
100,000
100.05
20,000
100
53 ,000
100..166
6,000
100
8,000
100
35.000
100 .733
15,000
150,000 ZlOO
100.04
68.000
20 ,000
100,000
100
35,000
10,000
100
129,000
104.500
100
100
1 ,6 )0
100
16,000
101.055
1 ,563
3 ,000
100
168,000
108.379
50,000
100
39,100
35,000
100
10 ,000
100
100 ,000
102 .15
100.000
32 ,500
1 60,000
101 .540

THE CHRONICLE.

12*26
M a tu r ity .
Page.
N am e.
Rate.
1912-1916
1 1 0 4 -.S e a C liff, N . Y _______________ 5
1 1 0 4 ._S ea tie , W a s h --------------- — 7
d l 917-1927
1 1 6 5 .-S ed -w ick C o u n ty, K a n ------- 4 )4
1908-1917
1 1 6 5 .-S i.loh , Ohio (2 i s .)_______ k i 4)4
1 0 4 3 .-S per L a k e D rain . D is t., 111. 6
1 0 4 3 -- S '. Cannonsbure S. D ., P a . 5
1165. .S o u th O m ah a, N e b ------------ 5
1927
1 2 3 0 ..5 0 . t h S t. P a u l S. D ., M in n . 4
1 0 4 4 ..5 .e e r s Sch. D is t., P a --------- --1908-1927
9~>3_ .S p ria g fi Id , M ass____________ 4
1915
l l ? ; ) . . S p rin gfield , O h io----------------4
1 ?3 0 --S p rin g fie ld , O h io ----------------4
1917-1936
9 6 1 -.S ta n le y C ou n ty, N o .C a r o —
5
1910-1929
9 ^ --S tr u th e r s . O h io _____________ 5
1 >44.-S u m m it U n . Sch. D is t., C al. __
1 I4 4 _.S u n n yslde Sch. D is t., C a l—
._
1908-1917
1105..5 .r a c u s e , N . Y ----------------- 4)4
1908-1927
9 6 4 ..5 .r a c u s e , N . Y ----------------- 4 )4
1908-1927
9 6 4 -.S yra c u s e, N . Y ----------------- 4 )4
1908-1947
’ 9 6 4 __S y ra rnice , N . Y ----------------- 4 )4
dl917-1927
H964. .T e n s a - P arish L e v . D is t ., L a . 5
dl917-1927
1 1 0 5 ..T erre.H a u te . I n d ........... ........4
1934
9 6 4 ..T e x a rk a n a , T e x ----------------- 6
1927
1 1 6 6 -.T o r r in g to n , C o n n ----------------4)4
1927
9 6 4 __T yron T w p ., N o . C a ro ------- 6
1911 & 1912
1.105..U n io n H ill, N . J ----------------4 )4
1 1 0 5 ..U n io n , W . V a ________________ 6
1917-1921
1 2 3 1 ..U p la n d Sch. D is t., C a l------- 5
1908 & 1909
1 p4 5 . .U t ic a , N . Y _________________ 4
1927-1934
1 6 6 . . U tic a , N . Y ---------------------- 4
1908-1912
1 10 5 . . W a lth a m , M a s s .----------------4 )4
1927
1 ’ 31 .- W a t e r fo r d , C on n ----------------4 )4
dl917-1947
9 6 5 ..W h a rto n -C o u n ty , T e x --------- 4)4
1915-1924
8 8 4 __W h eelersb u rg S pec. S .D ., O . 4)4
1 1 0 6 -.W h ite C lo u d , M ic h .......... . 5
1917
9 6 5 ..W h ite -P la in s, N . Y ------------ 5
1937
1 )4 5 __W in ston -S a lem , N . C. (3 is.) 5
dl922-1927
1 6 7 .-W in te rs In d . Sch. D ., T e x . . 5
1908-1917
I 0 6 . .W o r t h C o u n ty, Io w a --------- - 5M
1910
8 8 5 ..Y o n k ers , N . Y ------------------- 5 H
1957-1967
1 0 4 5 .-Y o n k e rs Sch. D is t., N . Y —
4)4
1909-1918
1 1 67--Y o u n g s to w n , O h i o ------------ 5
1909-1913
1 1 6 7 .-Y o u n g s to w n , O h i o ------------ 5
1909
1167-.Y o u n g s to w n , O h i o ------------ 5
1909-1910
1 1 6 7 .-Y o u n g s to w n , O h i o ------------ 5
1909
1 1 6 7 -. Y o u n g s to w n , O h i o ------------ 5
1909-1913
I I 67..Y o u n g s t o w n , O h i o ------------ 5
1909-1913
1 1 6 7 --Y o u n g s to w n , O h i o ------------ 5
1909-1913
1 1 6 ? ..Y o u n g s to w n , O h i o ------------ 5

A m o u n t.
2,500
39,100
100.000
6,600
3,784
11,000
48.000
45,000
15,000
170,000
5,000
68,600
100,000
10,000
9,000
5,000
160,000
200,000
50,000
60,000
30,000
100,000
2,000
75,000
12,000
5,000
5,500
30,000
15,000
8,000
15,000
40,000
7,500
10,000
8,000
15,000
150,000
5,000
15,000
240,000
109,000
26,000
15,000
650
2,000
725
1,470
2,530
1,485

P r ic e .
100
_______
100
100.151
100
100.227
100
____
100
100
_______
104.21
102.662
100.50
100.23
100.29
100.31
100.272
100
100.70
_______
101.20
100
100
100
101
100
100
101.381
101

____
101.25
100.25
100
____
100.80
105.561
102.373
101.073
100.15
100.90
100.137
100.884
100.335
100.202

T o t a l bon d sales fo r O cto b er 1907 (183 m u n icipali
ties co verin g 296 separate Issues)________________ Je$9,728,518
a A v e ra g e d a te o f m a tu rity , d S u b ject to call In and a fte r the ea rlier
y -'a r and m atu re In the la ter year, k N o t in clu ding $6,814,293 o f tem p rary loans re p o rted , and w hich d o not belon g In the list, x T a k en b y
■ .iking fu n d as an In vestm en t, y A n d o th er considerations.
B O N D S SO LD B Y C A N A D IA N M U N IC IP A L IT IE S .
P a g e.
N am e.
Rate.
M a tu r ity .
A m o u n t.
9 S 0 --F o r t W illia m , O n t___________ 4 )4
1932
$66,850
9 5 0 .- F o r t W illia m , O n t_______ T . . 4 )4
1937
32,000
-------------20,000
9 ^0. .G u lerich , O n t ....................... 4 )4
1229 -P e m b ro k e , O n t_____________ 4)4
1908-1917
9,000
9 .2 P e r th , O n t ___________________ 5
1908-1927
18,000
9 )2 - _ P e r t h , O n t ___________________ 5
1908-1937
30,000

P r ic e .
............
------------------97
--------............

T o t a l__________________________________________ - ............
$175,850
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .

T h e follow ing item s, included in our totals for previous
m onths, should b e elim inated fro m the sam e, as the sales
h ave not been carried to com pletion.
W e giv e the p a ge
n u m ber of the issue of our paper in w hich the reason fo r the
failu re to consum m ate the sale m ay be fo u n d.
P a g e.
N a m e o f M u n ic ip a lit y .
A m o u n t.
1 0 6 3 .- H a r t w e ll, Ga. (J u ly li s t )--------------------------------------------------- $16,000
1040..1 .h p e m ln g , M ich. (A u gu st lis t ) --------------------------------- ,------ 35,000
9 6 1 ..M itc h e ll S chool D istric t, Cal. (J u ly lis t )______________________
4,000
9 6 1 ._ N o r f lk School D istric t, N e b . (M a y lis t )_____________________
24,000
9 6 2 ..P h ila d e lp h ia , N . Y . (S ep tem b er l i s t ) _________________________
6,000
9 6 2 __P res co ti School D istric t, Cal. (J u ly lis t )______________________
1,600
9 6 3 -.S a n ta B arbara, Cal. (A u gu st lis t )_____________________________
50,000
9 6 3 -_S c o ttd a le , P a . (3 is.) (M arch li s t ) ____________________________
30,000
1 1 0 6 ..W h it e _C lju d , M ich. (M a y lis t )_________________________________
8,000

W e have also learned of the follow ing additional sales for
previous m onths:
P a g e.
Nam e.
Rate.
1 3 i_ _ B o s to n , M ass. (2 i s . ) --------- 4
1 0 3 8 ..B o sto n , Mass. (7 1s.)________ 4
9 5 8 . . B ro w n sville,_T e x . (2 Is .)____ 5
1 2 2 6 ..C a ld w e ll, N . J . (J u ly )--------- 4 %
1 0 3 8 ..C a r te rv llle , M o _______________5)4
1 1 0 1 ..C in cin nati, O . (A u g .) (18 is.) 4
1101 ..C in c in n a ti. O hio (5 Is .)______4
1 1 0 1 ._C oeu r d ’A le n e , Id a h o --------- 6
1 0 3 9 -.C raw ford C o u n ty , O h io ____ 5
9 5 9 --F a lrb u r y , 111---------------------- 5
959. .F a lls C ity , N e b _______________ 5
9 6 0 --H e n r y _C o u n ty , O h io ________ 4)4
9 6 0 ..H e n r y C o u n ty , O hio (2 i s . ) . 4 )4
1 1 0 2 ..H ills b o r o ,_111________________ 6
9 5 1 ..M arin C o u n ty , C a l___________ 5
1 2 2 8 ..M ill V a lle y Sch. D is t., C a l . . 5
9 6 1 ..N ic h o ls , Io w a ________________ 5
9 6 1 __N o rfr lk S. D . , N e b . ( A u g . ) . 5
962..P le a s a n t R id g e , O h io _______ 5
1 0 4 2 ..P o r t H u ro n , M ic h ___________ 5
9 6 2 ..P res c o tt Sch. D is t., C a l____ 6
9 6 2 ..P u tn a m C o u n ty , In d . (3 is.) 4 )4
1 0 4 3 ..5 a n M ateo Sch. D is t., C a l . . 4)4
1 2 3 0 ..5 e d g w ic k C o u n ty ,K a n (Ju ly) 4)4
964 . .S te p h e n v ille S .D . .T e x .(A u g .) 5
9 6 4 ..T h o m p s o n , N . Y ____________ 4
9 6 5 - .W e lls C o u n ty , I n d ___________ 6
9 6 5 ..W h a tc o m C ou n ty Sch. D ist.
N o . 92, W a s h _____________ 5
1 0 4 5 ..W h it e R iv e r School T w p .,
I n d ____ ______ _____________4
9 6 5 ..W in s to n -S a lem , N . C. (3 is.) 5

M a tu rity .
1937
1927
dl927-1947
1937
dl917-1927
1908-1917
dl917-1927
1919-1921
1919-1921
1917
dl912-1917
1932
1908-1932
dl912-1922
£*1927-1937
1912
1908-1910
■j 1909 & 1910
1908
I
al9 1 7
1908-1927

1908-1915
1937

A m o u n t.
$298,000
91.000
53.000

20.000

P r ic e .

100

100
19.000
100,489 Z100
10,954 slOO
40.000
103.10
50.000
105.21
3.000
101.033
5.000
100
70.000
102.535
100.051
22,500
1.000

25.000
25.000
2,300
24.000
1,576
16,720

2 .0 0 0
1,020
1,600
15,400
40.000
5.000
34.000
6,000
3,220
2,700
22,000
1 0 ,000
150,000

100
100
100
100

101.80
100.317

100

100
100
100
100
101.47
100
100
102

A ll the above sales (except as indicated) are for September.
These additional September issues will make the total sales
(not including temporary loans) for that month $47,814,077.

Bond Proposals and Negotiations this w^ek
bare been as follows:
Aberdeen, W ash.— Bond Election.— The City Council,
according to local papers, has decided to call an election for
the purpose of voting on the question of issuing $200,000
6% bonds for a better water supply. The date has been
fixed as N ov. 30.




[V o l .

lxxxv.

Alliance, Stark County, Ohio.— Bond Sale.— Local papers
report that the $19,250 4 ^ % 10-year refunding bonds de
scribed in V. 85, p. 958, were awarded on N ov. 4 to W . R .
Todd & Co. of Cincinnati.
Arkansas City School District (P. O. Arkansas City),
Cowley County, Kan.— Bond Sale.— An issue of $18,000
4)-2% refunding school-building bonds has been awarded at
par to the State Permanent School Fund. Denomination
$1,000. Date June 1 1907. Interest semi-annual. Matur
ity June 1 1927, subject to call at any interest-paying date.
Asheboro, Randolph County, N. C.— Bond Offering.—
J. A . Spence, Secretary Bond Committee, is offering at pri
vate sale the $5,000 5% coupon graded-school-building bonds
offered but not sold on Oct. 1. See V. 85, p. 1100. De
nomination $500. Interest semi-annually at Asheboro or in
New York City. Maturity twenty years. Bonds are exempt
from municipal taxes. Bonded debt, including this issue,
$15,000. Assessed valuation for 1907, $680,000.
Atlanta, Fulton County, Ga.— Bond Election Proposed.—
This city proposes to call an election to submit to the voters
the question of issuing court-house-construction bonds.
Auburn, Nemaha County, Neb.— Bond Election Proposed.
— This city is considering the advisability of calling an elec
tion to submit to the voters the question of issuing w ater
works bonds.
Aurora Township (P. O. Aurora), Portage County, Ohio.
— Bond Election Proposed.— This township proposes to call
an election ‘ ‘early in 1908” to vote on the question of issuing
$10,000 town-hall bonds.
Baltimore, Md.— Bonds Defeated.— The proposition to is
sue the $1,000,000 park-extension and improvement bonds
at not exceeding 4% interest, mentioned in V. 85, p. 1100,
was defeated at the election N ov. 5.
Bay City, Matagorda County, Tex.— Bond Sale.— Arrange
ments have been made for the sale of the $18,000 5% 10-40year (optional) water-works bonds voted on Sept. 14 (V . 85,
p. 818), to the State School Fund at par. Denomination
$1,000. Date Oct. 1 1907. Interest annual.
Berrien Springs, Berrien County, Mich.— Bond Offering.—
Proposals will be received until 2 p. m. Dec. 2 by L . B.
Marquisse, Village Clerk, for $19,500 4
g°ld water-workssystem and electric-light bonds. Denomination $500.
Date Dec. 2 1907. Interest annually at the Berrien Springs
Exchange Bank in Berrien Springs. M aturity Dec. 2 1937.
Check for 2% of amount of bid, payable to the “ Village of
Berrien Springs,” is required. Bonded debt, this issue.
Assessed valuation $409,785.
Bisbee School District No. 2 (P. O. Bisbee), Cochise
County, Ariz.— Bond S a le.— On N ov. 1 the Citizens’ Bank
& Trust Co. of Bisbee purchased at par the $18,000 5% 1-9year (serial) school-building bonds dated N ov. 1 1907 and
described in V. 85, p. 1101. This was the only bid received.
Interest payable annually in December.
Boston, Mass.— Bond Sales.— During the month of October
the city disposed of the following bonds at par:
$22,000
2,600
300.000
56.000

4%
4%
4%
4%

bond s fo r variou s m unicipal pu rp oses m atu rin g J u l y l 1927.
sew erage bo n d s m a tu rin g J u ly 1 1937.
stre et-lm p ro ve m en t bon d s m atu rin g J u ly 1 1937.
bonds fo r land and b u ildin gs fo r sch ools m atu rin g J u ly 1 1937,

The above bonds are dated Oct. 1 1907.
Bradford School District (P. O. Bradford), Miami County,
Ohio.— Bonds Voted.— The issuance o f $40,000 school-build
ing bonds was authorized by the voters on N o v . 5, according
to local reports.
Breckenridge, Wilkin County, Minn.— Award Postponed.—
W e are advised by D. J. Jones, City Clerk, that action on the
bids received on N ov. 4 for the $23,280 64 5% 15-year
coupon refunding bonds described in V. 85, p. 1101, has
been deferred on account “ of the financial stringency.”
Buncombe County (P. O. Asheville), N. C.— Vote.— W e
are advised that the vote cast at the election held Oct. 29
(V. 85, p. 1162) to vote on the proposition to issue the
$200,000 bonds to subscribe to the capital stock of the
Appalachian Interurban Trans-Continental Company was
3,794 “ for” to 56 “ against.” M aturity thirty years, but
subject to call $10,000 yearly. These securities will be
issued as soon as the road is completed.
Caldwell, Essex County, N. J .— Bond Sale.— W e have just
been advised that this city on July 1 awarded $20,000
30-year school-enlargement bonds to the Montclair Savings
Bank of Montclair at par. Bonds are in denomination of
$1,000 and are dated July 1 1907. Interest semi-annual.
Canton, Stark County, Ohio.— Bond Offering.— Proposals
will be received until 12 m. Dec. 2 by Armstrong Ashbrook,
City Auditor, for the following bonds:
$2,000 4 % Shorbe S tre e t storm -w ater-sew er-con stru ctlon bonds. D en om i
n ation $1,000. M a tu rity D ec. 1 1917.
1,300 4 % H a z le tte A v e n u e storm -w ater-sew er-con stru ctlon bonds.
D e
n om in a tion s $1,000 and $300. M a tu rity D ec. 1 1917.
3,700 4 % B rid ge S treet storm -w ater-sew er construction bonds.
D en om i
nation $1,000, e x c e p t one bond o f $700. M a tu rity D ec. 1 1917.
D e2.500 4 )4 % N a va rre S treet storm -w ater-sew er-con stru ctlon bonds.
nom ination s $1,000 and $1,500. M a tu rity D ec. 1 1912.
De4.000 4 )4 % Charles S treet (c it y ’ s p ortion ) Im provem en t bonds.
n om in ation $1,000. M a tu rity $1,000 y e a r ly on D ec. 1 from
1909 to 1912 Inclusive.
1.500 4 ^ % W e s t South S treet ( c i t y ’ s p o rtio n ) Im p ro vem en t bonds.
D en om in ation s $1,000 and $500. M a tu rity D ec. 1 1912.
10.000 4
% Charles S tre e t Im p ro vem en t bonds. D en om in ation $1,000.
M a tu rity $2,000 y e a r ly on D ec. 1 from 1908 to 1912 in clu sive.
8.500 4 )4 % W e s t South S treet Im p ro vem en t bonds. D en om ination
$1 ,700. M a tu rity $1,700 y e a rly on D ec. 1 from 1908 to 1912
Inclusive

Nov. 9 1907.]

THE CHRONICLE.

The above bonds will be dated Dec. 1 1907. Interest semi
annual. Certified check on some solvent bank of Canton
for 5% of the amount of bonds bid for, payable to the City
Treasurer, is required. Accrued interest to be paid by pur
chaser. Bids to be made on blank forms furnished by the
city. Successful bidder must furnish blank bonds at his
own expense.
Charleston, Kanawha County, W . V a .— Bond Offering
Again Postponed.— The offering of the $18,000 Elk R iver
bridge-completion, $16,000 Keystone bridge-construction,
$5,000 cemetery-fund, $65,000 street-paving, curbing and
sewering, $25,000 funding certified certificates, $2,000 horses,
wagons and harness-purchase, $5,000 Brook Avenue im
provement, $5,000 fire-station and city-building-improvement and $29,000 funding 4J^% 10-34-year (optional)
bonds, which was to have taken place Oct. 28 (V . 85, p. 1101),
has again been postponed.
Chartiers Township School District, Allegheny County,
Pa.— Bonds Not Sold.— W e are advised that the $48,000
43^% school bonds described in V. 85, p. 880, will not be
offered for sale until after the first of the year
Chester, Delaware County, Pa.— Bonds Defeated.— R e
ports state that the Select Council on Oct. 21 defeated a
proposition to issue $500,000 bonds.
Chinook, Chouteau County, Mont.— Bond Offering.— The
Town Council will offer at public auction at the office of
John C. Duff, Town Clerk, in the First National Bank Build”
ing, at 2 p. m. Dec. 12, $14,800 6% coupon electric-lightwork-construction bonds. Denomination $100. Date Jan
1 1908. Interest semi-annually a t the Town Treasurer’s
office or at such bank in New York C ity as may be designated
by the Town Treasurer. Maturity Jan. 1 1928, subject to
call after Jan. 1 1922. Certified check for $500, payable to
F. D. Boyle, Town Treasurer, is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Cincinnati School District (P. O. Cincinnati), Hamilton
County, Ohio.— Bond Offering.— Proposals will be received
until 12 m. N ov. 25 by W illiam Grautman, Clerk Board of
Education, for $100,000 4% coupon improvement bonds
Denomination $500.
Date, day of sale. Interest semi
annually at the American Exchange National Bank in New
York C ity. Maturity forty years, subject to call after twenty
years. Certified check for 5% of the amount of bonds bid
fo r, payable to the Board of Education, is required. Accrued
interest to be paid by purchaser.
Clallam County School District No. 3, Wash.— Bonds Not
Sold.— No sale was made on Oct. 29 of the $3,500 1-20-year
(optional) warrant refunding bonds at not exceeding 5%
interest offered on that day. See V . 85, p. 1038, for a de
scription of these bonds.
Coldwater, Branch County, Mich.— Bond Sale.— On Oct. 4
$2,332 5% Monroe Street paving bonds were disposed of to
local investors at par. Denomination $466 40. Date Oct. 4
1907. Maturity $466 40 yearly on March 1 from 1908 to
1912 inclusive, all bonds being subject to call after March 1
1908.
Columbus, Franklin County, Ohio.— Bonds Voted.— This
city on N ov. 5 authorized the issuance of the $1,000,000
grade-crossing-abolition bonds mentioned in V. 85, p. 1162.
The vote was 21,680 to 6,044, a two-tliirds majority being
necessary.
Covington County (P. O. Williamsburg), Miss.— Bond
Sale.— On Oct. 7 the $20,000 6% court-house-completion
bonds mentioned in V. 85, p. 747, were purchased by John
Nuveen & Co. of Chicago. Denomination $1,000. Date
N ov. 15 1907. Interest semi-annual. Maturity on N ov. 15
as follows: $1,000 yearly from 1927 to 1936 inclusive, $3,000
in each of the years 1937 and 1938 and $4,000 in 1939.
Cuyahoga County (P. O. Cleveland), Ohio.— Bond Offer
in g .— Proposals will be received until 11 a. m. N ov. 30 by
the Board of County Commissioners, Julius C. Dorn, Clerk,
for $300,000 4% coupon court-house-construction bonds.
Authority Sections 871 and 872 of the Revised Statutes and
election held N ov. 5. Denomination $1,000. Date Dec. 1
1907. Interest April 1 and Oct. 1 at the office of theCounty
Treasurer. Maturity $15,000 yearly on Dec. 1 from 1909
to 1912 inclusive and $16,000 yearly on Dec. 1 from 1913 to
1927 inclusive. Each bid must be unconditional and ac
companied by a bond signed by at least two disinterested
persons owning real estate in the county or certified check,
payable to the County Treasurer, for 1% of the amount of
bid. Form of bid and complete transcript of all proceedings
furnished upon application.

1227

The above bonds are dated Sept. 1 1907 and mature one
bond of each issue yearly on Sept. 1 from 1908 to 1912 in
clusive. Interest semi-annually at the depository of the
Sinking Fund in Delaware. Purchaser will be required to
pay for the transcript of the proceeci:ngs at the legal rate,
if the same be required.
Delaware County (P . O. Delaware), Ohio.— Bonds N ot
Sold.— No bids were received on Oct. 31 for the $184,780
4J^% road-improvement bonds described in V. 85, p. 1039.
Eagle Pass Independent School District (P. O. Eagle
Pass), Maverick County, T e x .— Bonds Registered.— On Oct.
31 $30,000 5% school-house bonds were registered by the
State Comptroller.
East Lake (P . O. Birmingham), Jefferson County, Ala.—
Bond Election.— On N ov. 25 this town will vote on the ques
tion of issuing the $25,000 street-improvement and the
$15,000 sewer 5% 20-year bonds mentioned in V. 85, p. 819.
El Reno, Canadian County, Okla.— Bond Sale.— This city
recently awarded $25,000 6% 10-20-year (optional) sewersystem-extension bonds to John Nuveen & Co. of Chicago
at par. Denomination $1,000. Date Oct. 15 1907. In 
terest semi-annual. These bonds were offered as 5s on
Oct. 1, but no bids were received on that day. See V. 85,
p. 959.
Eugene, Lane County, Ore.— Bond Offering.— Reports
state that proposals will be received until Jan. 6 1908 for
the $300,000 5% water-plant-purchase bonds voted on Oct.
14. Interest semi-annual. Maturity forty years, subject
to call after fifteen.,years.

Fairfield, Solano County, Cal.— Bond Offering.— Further
details are at hand relative to the offering on Dec. 4 of the
$20,000 5% gold coupon sewer-system construction bonds
mentioned in V. 85, p. 1039. Proposals for these bonds will
be received until 8 p. m. on that day by F. L . Morrill, Town
Clerk. Denomination $500. Date Oct. 1 1907. Interest
semi-annually at the Town Treasurer’s office. Bonds are
exempt from taxation. Maturity part yearly on Oct. 1.
Certified check for 5% of bid, payable to J. Wing, President
Board of Trustees, is required.
Fairview, W oods County, Okla.— Bond Sale.— On Oct. 28
$50,000 6% 30-year water-works bonds were awarded to
John Nuveen & Co. of Chicago at 100.10. The only other
bid received was one at 95 submitted by S. A . Kean of
Chicago. Authority vote of 178 to 7 cast at election Sept. 17
1907. Denomination $1,000. Date Oct. 1 1907. Interest
semi-annual. Bonded debt, this issue. Assessed valuation
$163,826. Real valuation (estimated), $650,000.
Forsyth, Monroe County, Ga.— Bond Offering.— The
$15,000 sewer-system-construction bonds authorized at the
election Oct. 15 (V. 85, p. 1163) will be issued in denomina
tions of $500 or $1,000, at the option of purchaser. Interest,
at the rate of 6% , will be payable annually at the office of
the City Treasurer. Principal will mature $1,000 on Dec. 1
1930 and $2,000 yearly on Dec. 1 from 1931 to 1937 inclusive.
Proposals for these bonds will be received until 7:30 p. m .,
Dec. 6, by the Mayor and Aldermen. Certified check for
$500, payable to the “ City of Forsyth,” must accompany
proposals. H. F. W ilder is City Clerk and Treasurer. Bonds
are coupon in form and are exempt from taxation.
Fostoria, Seneca County, Ohio.— Bonds Not to Be ReOffered at Present.— W e are informed that the $67,221 38
4% coupon sewer and street-improvement bonds offered
without success on Sept. 14 (V. 85, p. 748), will not be re
offered for some time, “ perhaps four or five months.”
Franklin, Franklin County, N eb .— Bonds Not Sold.— No
bids were received on Oct. 21 for the $17,000 5% 5-20-year
(optional) coupon water-works-construction bonds described
in V. 85, p. 819.
Fullerton, Orange County, Cal.— Bonds Defeated.— A vote
of 33 “ for” to 174 “ against” , reports state, was the result of
an election held Oct. 30 to submit to the voters the question
of issuing $80,000 street-improvement bonds.
Glasgow, Barren County, K y .— Bond Election Proposed.—
Reports state that this place intends to hold an election to
vote on the question of issuing $30,000 bonds for improving
the streets, purchasing a rock crusher, improving the firedepartment and paying off all the present indebtedness.
Glendale, Hamilton County, Ohio.— Bond Sale.— On Oct. 5
the $400 Grand Avenue and the $800 Cleveland Avenue 5%
2-year (village’s portion) bonds described in V. 85, p. 616,
were awarded to the First National Bank of Lockland at par
There were no other bidders.
Glen Ridge School District (P. O. Glen Ridge), Essex
County, N. J .— Bonds Voted.— A t a recent election a propo
sition to issue school-house bonds was favorably voted upon.
Gloversville, Fulton County, N . Y .— Bonds N ot to Be
Dancy Drainage District (P .O . Dancy), Marathon County, Offered at Present.— W e are advised that the $75,000 highW is.— Bond Sale.— This district recently disposed of to the school bonds voted on Sept. 10 (V . 85, p. 748) will not be
Trowbridge & Niver Co. of Chicago $140,000 6% drainage offered for some time.
bonds dated N ov. 15 1907.
Grand Junction, Mesa County, Colo.— Bonds Defeated.__
Delaware, Delaware County, Ohio.— Bond Offering.— Pro I t is reported that a vote of 199 “ for” to 203 “ against” was
posals will be received until 12 m., Dec. 2, by F. D. King, the result of an election held N ov. 2 to vote on the question
City Auditor, for the following bonds:
of issuing “ bonds in the neighborhood of $400,000” for the
construction of a mountain water-works system.
$4,000 5 % coupon sld ew alk-con stru ctlon assessment bond s In den om in a
tion o f $800.
Grass Valley, Nevada County, Cal.— Bond Election P ro 
1,000 5 % coupon sldew alk-con stru ctlon (c it y ’ s p o rtio n ) bond s In d en o m i
n atio n o f $200.
posed.— This city is considering the advisability of holding




1228

THE CHRONICLE.

an election to vote on the question of issuing $20,000 40year bonds for street and sidewalk improvements, extension
of water mains and the construction of a sewer system.
Hamilton School District (P. O. Hamilton), Butler County,
Ohio.— Bonds Authorized.— On Oct. 28 the Board of Educa
tion passed an ordinance providing for the issuance of the
$40,000 4% improvement bonds voted at the election held
Oct. 19. See V. 85, p. 1163. Denomination $500. Date
Dec. 10 1907. Interest semi-annually at the office of the
Treasurer of the Board of Education.
Maturity $4,000
yearly on Dec. 10 from 1919 to 1928 inclusive.
' Hazlehurst, Ga.— Bond Election.— Papers report that the
Town Council has called an election to be held N ov. 25 to
vote on the question of issuing $25,000 6% water-works and
sewerage-system-construction bonds.
Headland, Henry County, Ala.— Bond Election.— Accord
ing to reports, an election will be held Dec. 1 to vote on the
question of issuing $23,500 electric-light and water-worksplant bonds.
Hennepin County (P. O. Minneapolis), Minn.— Bond Sale.
— This county has disposed of at par $19,400 4% drainage
and ditch bonds dated Oct. 1 1907. Interest semi-annual.
Maturity part yearly on July 1 for ten years.
Jackson, Hinds County, Miss.— N o Bond Election.— The
City Clerk informs us that the election to be held N ov. 19
is for the purpose of voting on the question of authorizing
the city to purchase the water plant and not on the ques
tion of issuing bonds, as at first reported. W e are also
advised that although the $216,000 bonds voted last sum
mer and awarded on Sept. 25 to E. H. Rollins & Sons of
Chicago were refused by that firm, they have agreed to accept
the securities providing the election N ov. 19 results in favor
of purchasing the plant. The attorneys for the successful
bidder objected to the issue as two separate propositions
were included in the ordinance ordering the first election.
Jefferson County (P. O. Beaumont), Tex.— Bonds Awarded
in Part.— Of the $300,000 5% 20-40-year (optional) regis
tered macadamized-road-construction bonds offered on Oct.
21 (V . 85, p. 960), $50,000 have been awarded to the Ameri
can National Bank of Beaumont at 101 and accrued interest.
Securities are dated Sept. 2 1907.
Johnson City, Washington County, Tenn.— Bonds Not
Sold.— The $16,000 5% 20-year coupon sewer bonds, $34,000
5% 20-year coupon city-improvement bonds and the $108,000 6% 1-10-year (serial) coupon district-improvement
bonds offered on N ov. 1 (V. 85, p. 960) were not awarded
on that day.
Johnson County Common School District No. 34, Tex.—
Bonds Registered'.— Schoolhouse bonds to the amount of
$2,500 were registered by the State Comptroller on Oct. 30.
Securities carry 5% interest and mature Aug. 13 1947, but
are subject to call after fifteen years.
Johnson County Common School District No. 60, Tex.—
Bonds Registered.— An issue of $1,600 5% 15-40-year (op
tional) school-house bonds was registered by the State
Comptroller on Oct. 30.
Kansas City School District (P. O. Kansas City), Jackson
County, Mo.— Bonds Awarded in Part.— W e are advised
that on Oct. 30 $24,000 more of the $590,000 4% 20-year
gold coupon school-building bonds offered without success
on Aug. 1 were disposed of to local investors at par. We
reported the sale of $46,000 bonds of this issue in V.85, p.820.
Kenedy Independent School District (P. O. Kenedy),
Karnes County, Texas.— Bonds Not Sold.— No bids were re
ceived on Oct. 30 for the $12,000 4% 3-40-year (optional)
coupon school-house bonds described in V. 85, p. 1102.
Interest is payable annually on Feb. 1 in New York City,
Austin, Texas, or Kenedy, Texas, at option of purchaser.
Kent, Portage County, Ohio.— Bid.— W e are advised that
a bid was received from W . R . Todd & Co. of Cincinnati for
the $15,000 5% 1-10-year (serial) coupon Franklin Avenue,
Erie Street and Portage Street paving assessment bonds
offered on Oct. 31 and described in V. 85, p. 1040.
King County (P. O. Seattle), W ash.— Bonds N ot Sold.—
No satisfactory bids were received on Oct. 29 for the $1,500,000 4Yf/o 20-year funding bonds described in V. 85, p. 820.
Lansing, Ingham County, Mich.— Bond Award.— This
city has awarded the $12,700 Moores Park and Bradley,
Barnes, Sparrow and Smith avenues sewer-construction
bonds, bids for which were received on Oct.21 (V.85, p .1102),
to the Michigan Commercial Millers’ Insurance Co. for $12,750 (100.393) for 5s. Maturity on Dec. 1 as follows: $4,700
in 1908 and $4,000 in each of the years 1909 and 1910.
Lawrence, Essex County, Mass.— Temporary Loan.— This
town recently negotiated a loan of $50,000 with Loring,
Tolman & Tupper of Boston at 6J^%. Loan matures Jan.
17 1908.
Lawrence County (P. O. Deadwood), S. D .— Bond Offer
ing.— This county is offering at par the $235,500 5% 10-20
year (optional) coupon refunding bonds offered without suc
cess (V. 85, p. 820) on Aug. 29.
Lewiston, Nez Perce County, Ida.— Bond Offering.— Fur
ther details are at hand relative to the offering on N ov. 11
of the $57,300 5% gold coupon water-system-extension
bonds mentioned in V. 85, p. 1102. Proposals for these
bonds will be received until 8 p. m. on that day by Jno. E .




[V o l .

lxxxy.

Nickerson, C ity Clerk. Bidders must satisfy themselves as
to the legality of the issue before submitting offers. Au
thority, election held Sept. 21. Denomination $1,000.
Date Oct. 1 .1907. Interest January and July at the City
Treasurer’s office in Lewiston or the Chemical National Bank
in New York City. Maturity Oct. 1 1927, subject to call
after Oct. 1 1917. Bonds are exempt from taxation. Certi
fied check for $1,000 is required. Accrued interest to be
paid by purchaser. Bids to be made on blank forms fur
nished by the City Clerk. Official circular states that no
previous issues have ever been contested, principal and inter
est has always been paid promptly, and that there is no
controversy or litigation threatened or pending affecting the
corporate existence or the boundaries of the city, title of its
present officials to their respective offices or the validity of
these bonds.
Lima, Allen County, Ohio.— Bonds Authorized.— On
Oct. 25 the City Council passed an ordinance providing for
the issuance of $25,518 5% coupon North Main Street paving
refunding bonds. Denominations: twenty bonds of $1,000
each, ten bonds of $500 each and ten bonds of $51 80 each.
Date N ov. 1 1907. Interest semi-annual. Maturity $2,551 80
yearly on March 1 from 1908 to 1917 inclusive.
Lufkin, Angelina County, Texas.— Bonds Voted.— A vote
of 119 “ for” to 15 “ against” a proposition to issue $5,000
bonds to pay for drilling an artesian well and to im prove
water-works-system was the result of an election held in this
city Oct. 24.
Macon, Bibb County, Ga.— N o Bond Election.— W e are
advised that the report stating that an election would be
held in the near future to vote on the proposition to issue
bonds (V . 85, p. 1040) for a new grammar school, public
park, street paving, and the enlargement of the water works
and fire department is erroneous.
Madisonville (P. O. Ind. Sta. M., Cincinnati), Hamilton
County, Ohio.— Bonds Voted.— The electors of this village
on N ov. 5 authorized the issuance of the $35,000 water-main
bonds mentioned in V. 85, p. 484, by a vote of 708 to 254.
Details of bonds not yet determined.
Mill Valley School District, Marin County, Cal.— Bond
Sale.— W e have just been advised that an issue of $25,000
5% 1-25-year (serial) school bonds was awarded on Sept. 25
to James H . Adams & Co. at 101.80— a basis of about
4.813%. Denomination $1,000. Date July 1 1907. In 
terest annual.
Mitchell, Ont.— Debenture Offering.— Proposals will be re
ceived until 2 p. m. N ov. 30 by James Barnett, Town Clerk,
for $10,000 5% debentures maturing in ten years.
Mitchell, Scotts Bluff County, Neb.— Bonds Not Sold.—
No award has yet been made of the $6,000 6% 5-20-year
(optional) coupon water bonds offered on Sept. 19 and de
scribed in V. 85, p. 677.
Monongahela School District (P. O. Monongahela), Wash
ington County, Pa.— Bond Offering Postponed.— The offering
of the $52,000 4J^% 3-28-year (serial) coupon school-building
bonds which was to have taken place N ov. 5 (V . 85, p. 1103),
has been postponed.
Monroe County (P. O. Key West), Fla.— Bonds Not Yet
Sold.— Under date of N ov. 2 we are advised that no award
has yet been made of the $33,000 (the unsold portion) of the
$60,000 5% 5-20-year (optional) coupon school bonds mentionen in V. 85, p. 821.
Morenci, Lenawee County, Mich.— Bonds Defeated.— The
electors of this city on N ov. 1 cast a vote of 47 “ for” to 200
“ against” the question of issuing $45,000 sewer and $50,000
water-works bonds.
Murray Township (P. O. Currie), Murray County, Minn.—
Bond Offering.— Proposals were asked for until 4 p. m. yes
terday (N ov. 8) by the Town Board at the office of J. F.
O’Shea, Clerk, for $1,500 6% Beaver Creek steel-bridgeconstruction bonds. Authority election held Oct. 15 1907.
Denomination $300. Interest semi-annual. Maturity five
years. The result of this offering was not known to us at
the hour of going to press.
Myra, Cook County, Tex.— Bonds Voted.— I t is stated that
an election held Oct. 31 resulted in favor of a proposition to
issue $7,200 school-building bonds.
Nassau County (P. O. Mineola), N. Y .— Bonds Not Sold.—
No award was made on N ov. 4 of the $250,000 5% gold
coupon “ Road Construction Bonds, Series H ,” a description
of which was given in V. 85, p. 1164. Maturity $40,000
yearly on N ov. 1 from 1922 to 1926 inclusive and $50,000
on N ov. 1 1927.
Newark, N. J.— Bonds Voted.— According to Newark
papers the total vote polled Tuesday (N ov. 5) on the propo
sition to issue the $1,000,000 dock bonds mentioned in last
w eek’s issue was 23,916, of which 12,869 were “ for” and
11,047 “ against.”
New Philadelphia, Tuscarawas County, Ohio.— Bond
Offering.— Further details are at hand relative to the offering
on N ov. 16 of the following bonds, mention of which was
made in V. 85, p. 1103:
$1,200 4 % N o rth E ig h th S tre e t sew er assessment bonds. D en om in ation
$120. In te re s t a n n u a lly on S ep t. 1. M a tu rity $120 y e a r ly on
S ep t. 1 fro m 1908 to 1917 In clu sive.
2,000 4 % J ane, M oore and N o rth F ifth S treet sew er assessment bonds.
D en om in ation $200. In tere st an n u a lly on M arch 1. M a tu rity
$200 y e a r ly on M arch 1 fro m 1908 to 1917 Inclusive.

Nov. 9 1907.J

Proposals for these bonds -will be received until 12 m. on
that day (N ov. 16) by T . L . Aughinbaugh, City Auditor.
Certified check for 1% of bonds bid for, payable to the City
Treasurer, is required. .
New York City.— Bond Sales.— The following revenue
bonds (temporary securities) were issued by the City of New
York during the month of October:
Interest.
R e v e n u e jb o n d s ___________________ ______ ______. . . ........
R ev en u e bon d s_______________________________ — ......... 4 J i %
R ev en u e b o n d s_______________________________ ...........- . 5 %
.......... . . 5 H %
R ev en u e b o n d s____________________ _________ ..............5 * 4 %
R ev e n u e bon d s_______________________________ .............. 55 4 %
R ev e n u e b o n d s _________________
_________ ............... 6 %
R ev en u e bon d s, special (Jan. 2 1908)______ ..............3 %
* Pu rchased by.Sln k in g Fu n d .

A m ou n t.
$50,000
100,000
1,135,265
1,615,000
1,228,000
204,500
1,025,000
♦900,000
$6,257,765

Norristown, Montgomery County, Pa.— Bonds Voted.—•
By a vote of 1,677 to 1,533, this borough on N ov. 5 author
ized the issuance of the $300,000 funding and improvement
bonds mentioned in V. 85, p. 544. Details of bonds to be
determined later.
Osceola Special School District (P. O. Osceola), Mississippi
County, Ark.— Bids Rejected— Bond Offering.— A ll bids re
ceived on Oct. 29 for the $25,000 6% 20-year coupon schoolbuilding bonds described in V. 85, p. 1103, were rejected.
Proposals may be made for these bonds at any time.
Pembroke, Ont.— Debenture Sale.— The $9,000 4 ^ %
public-school debentures offered on Sept. 28 (V. 85, p. 821),
have been awarded to Estate J. W . Munroe of Pembroke at
97. Maturity part yearly for ten years.
Philadelphia, Pa.— Bonds Voted.— The question of issu
ing the $10,000,000 bonds carried at the election Nov. 5. As
stated in V. 85, p. 882, the proceeds of these bonds will be
used for the following purposes: $2,500,000 school-build
ing and site-purchase, $500,000 high-pressure-fire-system in the northeastern section of the city, $500,000 police
and fire stations and new fire apparatus, $500,000 League
Island Park, $150,000 park-improvement, $100,000 bath
houses, $400,000 South Broad Street Boulevard, $1,000,000
mandamuses, $300,000 Passyunk Avenue Bridge, $300,000
new bridges, $800,000 water-supply extension, $600,000

N E W LO AN S.
£ 3 0 0 ,0 0 0

1229

THE CHRONICLE.

main sewers, $500,000 branch sewers, $200,000 paving inter
sections, $300,000 grading, $150,000 surfacing unpaved
streets, $1,000,000 parkway and $200,000 House of Deten
tion for juvenile prisoners.
Pleasant Valley, Marshall County, W . V a.— Bonds De
feated.— Reports state that the election held Oct. 15 resulted
in a vote of 12 “ for” to 35 “ against” the proposition to issue
the $5,000 funding and improvement bonds mentioned in
V . 85, p. 821.
Polkton Township School District No. 4 ( P . O . Coopersville), Ottawa County, Mich.— Bond Offering.— Proposals
will be received until 7 p. m. Jan. 6 1908 by F. E. Payne,
Secretary Board of Education, for $15,000 5% coupon
school-building bonds. Denomination $500. Date Dec. 31
1907. Interest annual. Maturity $500 yearly on Dec. 31
from 1908 to 1916 inclusive and $10,500 on Dec. 31 1917.
Certified check for $500 is required. Bonds to be delivered
on or before April 6 1908.
Qu’Appelle, Sask.— Debenture Sale.— J. C. Starr, Secretary-Treasurer, informs us that the Town Council recently
disposed of an issue of debentures.
Reading, Berks County, Pa.— Bonds Voted.— A proposi
tion to issue $500,000 4% water-filtration bonds carried at
the election Nov. 5 by a vote of 7,116 to 2,655. W e are
advised that these bonds will be offered for sale about July
1908.
Red Lion, York County, Pa.— Bonds Defeated.— Reports
state that a proposition to issue $30,000 school-house bonds
was defeated at an election held N ov. 5.
Renssellaer, Renssellaer County, N. Y .— Bonds Voted and
Defeated.— A t the election Nov. 5 a proposition to issue $8,500
fire-department-improvement bonds was favorably voted
upon, while a proposition to issue $6,000 school-improvement
bonds was defeated.
Richmond, Henrico County, Va.— Bonds Awarded in Part.
— Of the issue of 4% registered improvement bonds offered
at par and accrued interest by this city (V . 85, p. 1042),
local papers report that $168,000 were disposed of on Oct. 31
to the American National Bank of Richmond.

N E W LO A N S .
£ 100,000

N E W LOA N S .
# 4 0 0 ,0 0 0

CITY OF SHEBOYGAN, WISCONSIN C I T Y OF SPOKANE, C I T Y OF SPOKANE,
BOND8

Sealed proposals w ill be received b y th e
M a yo r and C ity C lerk , at the o ffice o f the C ity
C lerk o f said C ity , u ntil 2 O 'C L O C K P . M . O N
N O V E M B E R 1 5 T H , 1907, and opened a t th at
tim e , fo r the w h o le or an y p a rt o f $360,000 00
o f general lia b ility bonds o f the C ity o f She
boygan ordered Issued and
sold under the
ordinance o f said C ity , en title d A n O R D I N 
A N C E to p rovid e fo r the Issue o f bonds to the
am ount o f $360,000 00 to be
called W a te r
W ork s Bonds o f th e C ity o f Sheboygan foe the
purchase o f th e W a te r W ork s P la n t o f th e
C ity W a te r C om pany o f the C ity o f Staeboygas,
and the extensions o f such w a te r w orks, under
the au th o rity o f Section 926-11 o f the R ev ised
Statutes o f W isconsin o f 1898, and Section 943
o f said Statutes, and the laws a m en d atory o f
said sections and under and pursuant to the
C ity C harter o f the C ity o f S heb oygan, and the
law s am en d atory thereof, d u ly passed O ctober
7th, 1907, subsequently ap p roved and published
as required b y law .
Said Bonds to bear d a te O ctob er 1st, 1907,
and w ill consist o f 300 bonds, o f th e denom ina
tion o f $500 00 each, num bered from one to
three hundred, and o f 210 bonds, o f the den om i
nation o f $1,000 00 each, num bered from three
hundred one to fiv e hundred ten , p a ya b le as
fo llow s:
Com m encing w ith num ber one, $18,000 00 on
O ctob er 1st, 1909; and $18,000 00 O ctob er 1st,
o f each and e v e ry ye a r th e rea fter to and In 
clu d in g the y e ar 1918;
and $20,000 00 on
O ctober 1st, 1919, and each and e v e r y y e ar
th ereafter, to and in clu ding O ctober 1st 1927.
Said bonds shaU bear Interest a t the rate o f
liv e per cent per annum , p a ya b le sem i-annu ally
on th e 1st d a y o f A p r il and O ctober; Interest
and princip al p a ya b le at F irst N a tio n a l B an k ,
Chicago, IH.
Said bonds w ill be coupon bonds, in form
h eretofore p rovid ed In the said ordinance m akin g
provisions fo r th e ir Issue.
T h e C ity , h av in g h eretofore entered in to con 
tra c t w ith the C ity W a te r Com pany fo r th e pur
chase o f Its entire w a te r w orks s y s te m , has m ade
provisions fo r the Issuing and sale o f said bonds
to enable the com p letion o f the purchase o f
said w a te r w orks, fo r m unicipal purposes, a ll as
p rovid ed b y law .
T h e righ t to re ject a n y and a ll bids Is reserved;
proposals should be endorsed "P ro p o sa ls fo r the
purchase o f W a te r B on d s,” and should be ad
dressed to " T h e M a yo r and C ity C lerk : cash
or certified check, certified to or ap p roved by
an y N a tio n a l B an k, enclosed In a separate en
ve lo p e , p a ya b le to the “ C ity Treasurre o f She
boygan , W iscon sin ,” fo r three p er cen t o f th e
par va lu e o f the bonds bid fo r m ust accom pany
each bid.
In case o f d efau lt on part o f the
bidd er or bidders to p a y fo r th e bonds on or
before D ecem ber 1st. 1907, n otice o f the a ccep 
tance o f the bid or bids to be m ailed to the
address o f such bidders w ith in fiv e days a fte r
such acceptance, such check, checks or cash
shall be fo rfe ite d to the City as liq u id a te d d a m 
ages. N o bid fo r less than par and accrued In
terest can be accep ted. A n y fu rth er in form a 
tion on a pplication.
B y ord er o f the Com m on Council.
D a ted O ctober 17th, 1907.
T H E O . D I E C K M A N N , M ayor.
^
JO H Jt M . S T B I M L E , C ity Clerk.




20 YEAR 5%

25 YEAR 4Jfl%

PUBLIC PARK G O L D BONDS.

BRIDGE G O L D BONDS.

Sealed proposals w iltfbe re ceived b y the S inking
Fund Commission o f the C ity o f Spokane, W ash 
in gton , a t the o ffic e o f the C ity C om p troller o f
said c ity , up to 12 O ’ C L O C K N O O N o f the 16T H
D A Y O F D E C E M B E R , 1907, fo r theVpurchase
o f a ll or^any p o rtio n o f a $100,000 bond issue o f
said c ity , e x c e p t th a t no bid w ill be rc eelved for
less than $5,000 or m u ltiple th ereof.
Said bonds are to be Issued b y said c it y to p a y
fo r the purchase o f ad d ition al land fo r park pur
poses, fo r the Im p rovem en t o f park p r o p e rty a l
re a d y ow ned b y the c ity , fo r the ca rryin g out o f
cond ition s or stipulations contain ed in d ed ica 
tion s o f land to the c it y fo r park purposes, and to
redeem previou s bond Issue o f $10,000 and in 
tere st, and bear date o f D ece m b er 1, 1907, and
p ayab le 20 years a fte r d a te, and d raw Interest at
the rate o f 5 % ann u ally, p a ya b le sem i-annually.
Said Com m ission reserves the rig h t to re je c t a n y
and all bids, and each o ffer must be accom panied
b y a certified ch eck fo r 2 % o f the am ount o f the
b id , and m ust be fo r a t least par and accrued In
tere st.
R O B E R T F A IR L E Y ,
C ity C om ptroller.

Sealed p rop osals^ w lll be received b y S inkin g
Fu n d Com m ission o f th e City o f Spokane, W as h 
in gton , at th e o ffic e o f the C ity C o m p trolle r o f
said c it y , up to 12 O ’ C L O C K N O O N o f th e 16T H
D A Y O F D E C E M B E R , 1907, fo r th e purchase o f
a ll o r a n y p o rtio n o f a $400,000 00 bond Issue o f
said c it y , e x cep t th a t no bid w ill be re ceived fo r
less than $25,000 00 or m u ltip le th e reo f.
Said bonds are Issued b y said c ity to p a y fo r the
constru ction and repair o f bridges across the
Spokane R iv e r , and bear d a te o f January 1, 1908,
and p ayab le 25 years a fte r d a t e , and d raw Interest
a t the rate o f 4 K % a n n u a lly, p a ya b le sem i
a n n u a lly.
Said com m ission reserves the right to r e je c t
a n y and a ll bids, and each o ffer m ust be a c c o m 
panied b y a certified check fo r 2 % o f th e am ou nt
o f the b id , and m ust be fo r a t least par and a c 
crued In terest.
R O B E R T F A IR L E Y ,
C ity C o m p troller.

Cuban Securities
A S P E C IA L T Y

FRANCKE, THOMPSON & ROBB
M e m b e rs N . Y . S tock E x c h a n g e

43 Exchange Place
Telephon e 1848 Broad

BONDS

4 .5 0 %

Bristol Building, 5th A ve. and 43d St.
Telephon e 1658 Bryant

B L A C K S T A F F & CO.
IN V E S T M E N T S
1332 Walnut Street
P H IL A D E L P H IA

LIST OF SPECIALTIES ON REQUEST
Knickerbocker Audit Co.,
45 W i l l i a m Street.
CHA.S GRISWOLD BOURNE, President
Telep h on e Connections

Y IE L D

to 6 %

O ur new lo-p& ge c ircu lar, describ in g n e a rly
fo rty Issues o f

Municipal, Railroad and Public Utility
Corporation Bonds
Is n ew re a d y for d istrib u tion . W e suggest a
personal In terv iew .
A S K FOR C IR C U L A R NO . 846 P.

E. H R O L L I N S & SONS.
21

B R A N C H O F F IC E

TO

Milk St., Boston, Mass.

C H IC A G O

DENVER

S A N F R A N C IS C O

M UNICIPAL A N D R A I L R O A D

BONDS.
L IS T

OH A P P L I C A T IO N .

SEASONGOOD & M ATER,
m e r c a n tile L ib r a r y B u ild in g ,
C IN C IN N A T I.

BONDS and STOCK CERTIFICATES
A L L G R A D E S — P R IC E S TO C O R R E S P O N D
S te e l- P la te W ork a Specialty.
Books o f Record and Accounts,
Seals, etc.

ALBERT B. K IN G & CO. (Inc.)
206 B R O A D W A Y

*

-

NEW

YORK

1230

THE CHRONICLE.

Richland County (P. O. Mansfield), Ohio.— Bonds De
feated.— The proposition to issue the $9,000 clock-towerconstruction and the $7,000 court-house-heating-systeminstallation bonds mentioned in V. 85, p. 1165, were de
feated, it is stated, at the election N ov. 5.
Richwood, Union County, Ohio.— N o Bonds to be Offered.—
W e are advised that the $8,000 43^% Franklin Street im
provement bonds which were to have been offered on N ov. 9
will not be put on the market, as the village has rejected all
bids for street-improvement work.
Rochester, Monroe County, N. Y .— Temporary Loan.—
On N ov. 1 $100,000 local-improvement fund notes were
awarded at 6% interest as follows: $25,000 to the National
Bank of Commerce in Rochester, $25,000 to the Genesee
Valley Trust Co. of Rochester, $25,000 to the Fidelity Trust
Co. of Rochester and $25,000 to the Security Trust Co. of
Rochester.
Rockport (P. O. West Park), Cuyahoga County, Ohio.—Bond Offering.— Proposals will be received until 12 m. Dec. 2
by W . L . Nichols, Village Clerk, for $13,000 4% water-mainextension bonds. Authority an Act of the General Assembly
passed March 22 1906. Denomination $1,000. Date Oct.
15 1907. Interest semi-annual. Maturity Oct. 15 1937.
Certified check for 5% of bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued
interest.
Rye, Westchester County, N. Y .— Bond Sale.— On N ov. 6
this city disposed of the $3,000 gold coupon (with privilege
of registration) water extension bonds described in V. 85, p.
1165. Maturity part yearly from five to thirty years from
date. This issue was taken at par by the R ye National
Bank of Rye.
Bonds Not Sold.— No satisfactory bids were received for the
three issues of gold bonds, aggregating $480,000, offered on
the same day.
Salem, Roanoke County, Va.— Bonds Withdrawn from the
Market.— W e are advised that the $25,000 5% 30-year cou
pon public-improvement bonds described in V. 85, p. 821,
have been withdrawn from the market pending an improve
ment of monetary conditions.

N E W LO A N S .
^ 1 4 ,8 0 0

CHINOOK, MONTANA
E LE C TR IC L IG H T W ORKS BONDS.

[V o l .

Sandusky, Erie County, Ohio.— Bonds Authorized.— On
Oct. 21 ordinances providing for the issuance of $1,000
sewer-construction and $1,500 Pearl Street sewer-reconstruction 4% 5-year coupon bonds were passed by the C ity
Council. Denomination $500. Date Sept. 1 1907. In te r
est semi-annual.
Seabreeze, Volusia County, Fla.— Bonds Voted.— A t a
special election Oct. 26 the issuance of $10,000 street-improve
ment bonds was authorized.
Sedgwick County (P. O. Wichita), Kan.— Bond Sale.—
The County Clerk has just informed us that $5,000 4 ^ j%
Greeley Township internal-improvement bonds were pur
chased by the State School Fund at par on July 1. De
nomination $500. Date July 1 1907. Interest semi
annual. Maturity $500 on July 1 in each of the years 1909,
1911, 1913, 1915, 1917, 1919, 1921, 1923, 1925 and 1927.
South St. Paul School District (P. O. South St. Paul),
Dakota County, Minn.— Bonds Voted and Sold.— A t the
election Oct. 29 the question of issuing the $45,000 4% 20year school-building bonds mentioned in V. 85, p. 1105,
carried by a vote of 161 to 95. W e are advised that these
bonds will be taken b y the State of Minnesota.
Spokane, Spokane County, Wash.— Bond O ffering.— Pro
posals will be received until 12 m. Dec. 16 by the Sinking
Fund Commission, at the office of Robert Fairley, City Comp
troller, for the following bonds:
$400,000 4 %

g o ld Spokane R iv e r brld ge-con stru ctlo n -a n d -rep alr bon d s
d a te d Jan. 1 1908. M a tu rity Jan. 1 1933. N o bid w ill be
re c e iv e d fo r less than $25,000 o r m u ltip le th e reo f.
100,000 5 % g o ld fu n d in g and p a rk bond s d a te d D ec. 1 1907. M a tu rity
D ec. 1 1927. N o bid m u st be fo r less than $5,000 or m u lti
p le th ereo f.

Interest semi-annual. Certified check for 2% of bid is
required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Springfield, Clark County, Ohio.— Bond Sale.— The issue
of $68,600 4% sewer-construction (city’s portion) bonds
offered but not awarded on Sept. 24 (V . 85, p. 822) has been
disposed of to local investors.

INVESTM ENTS.

IN V E S T M E N T S .

NEW YORK C IT Y

HUNT, MANN & SALTONSTALL

4 & % T A X EXEMPT

Investment Securities

BONDS

BO S T A T E S T R E E T

N o tic e Is h ereb y giv en th a t th e T o w n C ou ncil
o f the T o w n o f C h in ook, M on ta n a, w ill on the
12th D A Y O F D E C E M B E R , A . D . 1907, a t
th e hour o f 2 p . m . o f said d a y a t the o ffice o f
th e T o w n Clerk o f said T o w n In the F irst N a tio n a l
B an k b u ild in g,s ell a t p u blic a u ction fo r cash, to
the highest b idd er or bidders o fferin g the highest
p rice th e refo re , the Coupon E lec tric L ig h t W ork s
B on ds o f said T o w n to the a m o u n t o f $14,800,
n um bered con s ecu tively, co m m encing a t one,
2 W A L L S T., N E W Y O R K
b ea rin g d a te Janu ary 1st, 1908, p a ya b le in
t w e n ty years from da te o f issue, bu t redeem able
a t the o p tio n o f the T o w n a t a n y tim e a fte r
fo u rteen years fro m da te o f issue, bearing Interest
a t the rate o f six per cen t per annum , pa ya ble
sem i-ann u ally on the first d a ys o f J u ly and Jan
u a ry o f each ye a r, and both princip al and Interest
p a ya b le In la w fu l m o n ey o f the U n ited S tates
a t the o ffic e o f the T o w n Treasu rer o f said T o w n
L i« t « npon r e fiM t.
o r a t such bank In N e w Y o r k C ity as m a y be
design ated b y said Treasu rer; d en o m in atio n ,
$100 each .
M on ey re ceived from sales o f bonds w ill be
used fo r the constru ction o f an ele c tric ligh t
BOSTON
w ork s In said T o w n and to su pply the same w ith
e le c tr ic lig h t.
6 L B T B L A N D amd P H I L A D E L P H I A ,
B ds to be accom pan ied b y a certified check
fo r $500, p a ya b le to the T o w n T reasu rer o f
Chin o k , M on ta n a, as a gu a ra n ty th a t the
b id d er w ill take and p a y fo r said bonds as soon
as the sam e are re a d y and signed fo r d e liv e ry .
T h e T o w n Council reserves the rig h t to re je c t
BANKERS,
a n y and a ll bids.
B y o rd er o f the T o w n Cou ncil o f the T o w n o f
C h in ook, M on ta n a, d u ly m ade and en tered .
M D a t e d t h i s ___ th d a y o f O cto b er, 1907.
^
J N O . C. D U F F ,
30 N A S S A U STK K E T , N E W Y O K K .
T o w n Clerk o f said T o w n .

T, W, STEPH EN S & 00.

IN VES TM EN T BONDS

Denison & Farnsworth

Blodget, Merritt & Co

BOSTON

ERVIN & COM PANY,
BANKERS,
M m b o i P * T York Stock Exchange,
} Philadelphia Stock Exchange,

BOM BS

STATE. C IT Y Sc R A IL R O A D

MUNICIPAL

AMD CORPiRATlOH

FOR

IN V E S T M E N T .

43 Exchange Place,
H*w York

Drexel Building,
Philadelphia.

Perry, Coffin & Burr,
IN V E S T M E N T

60 State Street, Boston

MacDonald, McCoy & Co.,

lxxxv.

BONDS

BO N D S,

60 State Street,
BOSTON.

BARROW, WADE, GUTHRIE & CO
CERTIFIED PUBLIC ACCOUMTAMTS.

BONDS.

(New York and Illinois.)

sSi L a Salle Street, Chicago.

NEW YORK,
Broad Exchange Building,
26 Broad Street.

KstabUafced 196 2 .

H. C. Speer & Sons Co.
Fhnrt Nat. Bank B a ilin g . Chicago
C IT Y C O U N T Y
AND TOWNSHMP




BONDS.

CHICAGO,

SAM FBAMCISC0,

Monadnovk Bitch,

787 Market Street.

HEW 0RLEAHS,
Hibernia Bank Bfdg.

L0KD0M, ENGLAND,
18 8t. 8 w it bin's Lane, E. C., Cable, “Adorjeet.”

KOV. 9 1907.1

Struthers, Mahoning County, Ohio.— Bond Sale.— On
N ov. 2 the $5,000 6% 1-10-year (serial) coupon street-resurfacing-ancl-improving bonds described in V. 85, p. 1105,
were awarded to the Struthers Savings & Banking Co. of
Struthers at 103.26 and accrued interest— a basis of about
5.309%. Following is a list of the bidders:
Stru th ers S avin gs & B a n kin g
|E m e ry , A n d e rs o n & C o .,C le v e _ $ 5 ,160
C o ., S tru th ers_______________ $ 5 ,1 6 3 1S. A . K e a n , C h ica go __________ _ 5,055

Interest is payable at the Struthers Savings & Banking Co.
of Struthers. Bonded debt, including this issue, $12,000.
Floating debt, none. Assessed valuation 1906, $726,000.
Truckee Sanitary District (P. O. Truckee), Nevada
County, Cal.— Bonds Not Yet Sold.— Up to Oct. 30 no sale
had yet been made of the $16,000 5% 1-20-year (serial) gold
coupon sewer-construction bonds offered, but not awarded,
(V . 85, p. 752), on Sept. 7.
Tryon, Polk County, N. C.— Bond Sale.— This town has
awarded $8,000 street bonds to the Bank of Tryon.
Union (P. O. Weehawken), Hudson County, N. J.— Bond
Sale.— On N ov. 1 the $15,000 5% 1-5-year (serial) gold
coupon Bullsferry Road improvement bonds offered on
Oct. 28 (V . 85, p. 1105) were awarded at par and accrued
interest as follows: $10,000 to the W m . Peter Brewing Com
pany and $5,000 to the D. Bermes Brewing Company. In 
terest semi-annually at the Town Treasurer’s office. Bonds
are tax exempt.
Upland School District, San Bernardino County, Cal.—
Bond Sale.— On Oct. 28 the $30,000 5% 10-24-year (serial)
gold coupon (with privilege of registration) school-house
and lot-purchase bonds, a description of which was given in
V. 85, p. 1045, were awarded to E. D. Roberts of San Ber
nardino at 101 and accrued interest— a basis of about 4.913%.
This was the only offer received.
Waterford, New London County, Conn.— Bond Sale.—
This town has disposed of $40,000 43^% 20-year bonds to
Saunders & Jones of New York City at private sale.
White Plains, N. Y .— Bonds Not Sold.— No award was
made on N ov. 7 of the $50,000 5% sidewalk assessment cer
tificates maturing N ov. 1 1912 and the three issues of 30-year

bonds offered on that day. For description of these securi
ties, see V. 85, p. 1106.
Woodruff School District No. 33 (P. O. Woodruff), Spar
tanburg County, S. C.— Bonds Not Sold.— On N ov. 4 no
sale was made of the $15,000 6% 20-year coupon schoolbuilding bonds described in V. 85, p. 885.
Woodsfield, Monroe County, Ohio.— Bond Offering.— Fur
ther details are at hand relative to the offering on N ov. 18
of the $5,721 66 5% coupon North Street improvement
assessment bonds mentioned in V. 85, p. 1167. Proposals
for these bonds will be received until 12 m. on that day by
George P. Dorr, Village Clerk. Authority Section 97, Munici
pal Code. Denomination $286 08. Date Oct. 16 1907.
Interest March 1 and Sept. 1 at the Village Treasurer’s office.
Maturity $286 08 each six months from March 1 1908 to
S e p t.'l 1917 inclusive. Bonds are exempt from taxation.
Certified check for 10% of bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued
interest.
Yonkers, Westchester County, N. Y .— Bonds N ot Sold.—
No bids were received on N ov. 6 for the $20,000 4 ^ %
1 0 -11-year (serial) public-building and dock bonds offered
on that day. See V. 85, p. 1167.
Yorkville, York County, S. C.— Bond Election.— I t is re
ported that the Town Council has called an election for
N ov. 20 to vote on the question of issuing $25,000 seweragesystem bonds at not exceeding 6% interest.
Zanesville, Muskingum County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. N ov. 22 b y H . H .
Kennedy, City Auditor, for the following bonds:
$8,000 4 % w ater-w ork s-system -Im p rovem en t bonds. D en om in a tio n $1,000.
D a te S ep t. 1 1907. M a tu rity $1,000 y e a r ly on M a y 1 from
1909 to 1916 in clu sive.
8,100 4 % N in th S treet im p ro vem e n t bonds. D en om in a tio n $1,000, e x 
ce p t one bond o f $100. D a te N o v . 1 1907. M a tu rity N o v . X
1917.

Interest semi-annual. Authority Section 2835 Revised
Statutes. Certified check for 5% of the amount of bonds
bid for, payable to the City Treasurer, is required. Accrued
interest to be paid by purchaser.

INVESTM ENTS.

M ISCELLANEOUS.

O’CONNOR & K A H LER
BANKERS
49 Wall Street, New York.

M UNICIPAL BONDS
are secured by the Power of
Taxation. Safest form of in
vestment. We offer in amounts
to suit to pay 4% to 6%.
Telephone 4304-5 B road.

409 W a l n u t

Municipal,
County, State,
P u b lic

S »r r ie e

(M c u r lt fM
C orresp on d en ce

S o lic it e d

F. B. SHERMAN & CO.
M U N IC IP A L

)

and

bonds

C O R P O R A T IO N )

205 La Salle Street, C H I C A G O

T H E SOUTH.
Property and Investments of every
Kind in all Southern States.
METROPOLITA.2H INVESTM ENT 00.
GEO. B. E D W A R D S . President, Charleston, 8. O.
New York Oftice, Beaver B ld g . 82-92 Beaver St

VIC KER S & PHELPS
M em bers o f N e w Y o r k Steolc E xch an ge.

29 Wall St.,

New York

Brokers in Bonds




OF

THE

ATLANTIC MUTUAL INSURANCE COMPANY.
N e w Y o r k , J a n u a ry 22d, 1907.
T :e Trustees, i n conform ity w ith the Charter o f the C om p a ny , subm it the fo lloviin g statement o f its a ffairs
on the 31s£ o f Decem ber, 1906.
Prem iu m s on M arine Risks fro m 1st Janu ary, 1906, to 31st D ecem ber, 1906--------Prem iu m s on Policies n ot m arked o ff 1st J anu ary, 1906_______________________________

$3,190,241 67
582,191 98

T o t a l M arine P rem iu m s_____________________ _______________________ _______ ________________

$3 ,7 7 2 ,4 3 3 65

Prem iu m s m arked o ff fro m 1st. J anu ary, 1906, to 31st D ecem ber, 1906____________
In tere st received during th e y i t r ___________________________ $356,457 98
R e n t, less T a x es and E x p e n s e s .____________________________
125,501 85
$481,959 83

$3,081,714 32

Less S a lv a g es _______________________ $107,176 57
Re-insurances ______________________ 150,190 74

257,367 31
$1,061,674 15

Street,

C IN C IN N A T I, O .

H lg r li- C tr a .d e

O F F IC E

Losses p a id du rin g th e ye a r w h ich w ere estim ated In 1905
and previou s y e a r s ------------------------------------------------ $309,817 14
Losses occu rred, estim ated and pa id In 1906______________1,009,224 32 $1,319,041 46

Albert Kleybolte & Co.,

and

1231

THE CHRONICLE.

Returns o f P rem iu m s.......................................................................................
$62,411 11
Expenses, In clu din g o ffic e rs ’ salaries and clerks’ com pensation, sta 
tio n e ry , new spapers, a d vertisem en ts, e t c ____________________________
$344,098 27
T h e C om p an y has th e fo llo w in g A ssets, v iz .:
U n ited States and S ta te o f N e w Y o r k S to ck , C ity , B an k and o th er S ecu rities______
Special deposits In Banks and T ru st C o m p a n ies_________________________________________
Real E sta te corner W a ll and W illia m S ts., and E x ch an ge P la c e ______$4,299,000 00
O th er R ea l E sta te and claim s due the C o m p a n y ------------------------------75,000 00
P rem iu m notes and Bills R e c e iv a b le ______________________________________________________
Cash In hands o f E u ropean Bankers to p a y losses under policies p a ya b le in fo reign
o ou n trles________________________________________________________________________________ Cash i » b a n k ___________________________________________________________________________________

$5,697,108 00
700,966 67
4,374,000 00
1,191,974 88
271,142 54
562,631 63

A g g r e g a t i n g ___________________________________________________________________________ $12,797,823 72
A d ivid en d o f Six per cen t Interest on th e ou tstan ding certificates o f p rofits w ill b e pa id to the
holders th ereo f, or th eir legal represen ta tives, on and a fte r T u esd ay th e F ifth o f Febru ary n ext.
T h e o utstan ding certificates o f th e Issue o f 1901 w ill be redee.ned and paid to the holders th ereo f,
or th e ir legal represen tatives, on and a fte r T u esd ay the fifth o f F ebru ary n ex t, from w hich date
a ll Interest thereon w ill cease.
T h e certificates to be produ ced a t th e tim e o f p a y m e n t, and canceled
A d ivid en d o f F o rty per cent is declared on the n et nam ed prem ium s o f th e C o m p an y fo r the
ye a r ending 31st D ecem ber, 1906, fo r w hich, upon a p p lica tio n , certificates w ill be Issued on and
a fte r Tu esd ay th e seven th o f M ay n ext.
B y o rd er o f the B oard,
Q. S T A N T O N F L O Y D -J O N E S , Secretary.

G U S T A V A M S IN C K .
F R A N C I S M. B A C O N .
’O H M N . B E A C H ,
W IL L IA M B. B O U L T O N ,
V E R N O N H. B R O W N ,
W A L D R O N P. BR O W N ,
JO SEPH H . C H A P M A N ,
G E O R G E C. C L A R K ,
C L E V E L A N D H. DODGE,
C O R N E L IU S E L D E R T ,
R IC H A R D H . E W A R T .

TRUSTEES.
H E R B E R T L . G R IG G S ,
C L E M E N T A . G R IS C O M .
ANSON W . HARD ,
M O R R IS K . J E S U P ,
L E W IS CASS L E D Y A R D ,
F R A N C IS H. L E G G E T T ,
C H A R L E S D. L E V E R IC H ,
L E A N D E R N. L O V E L L ,
GEORGE H. M ACY,
C H A R LE S H. M A R S H A LL,

W . H. H. MOORE,
N I C H O L A S F. P A L M E R ,
H E N R Y P A R IS H ,
D A L L A S B. P R A T T ,
G E O R G E W . Q U IN T A R D ,
A . A. R A V E N ,
JO H N L. R IK E R ,
D O U G L A S R O B IN S O N ,
G U STAV H. SCHW AB,
W IL L IA M A . S T R E E T .

A . A . R A V E N , President.
C O R N E L I U S E L D E R T , V lce -P rrs M e n t.
J A M E S L . L T V I N S S T O N , 2d V ice-P resid en t.
S A N F O R D E . C O B B , 3d V ice -P res id en t.
C H A R L E S E . F A Y . 4th V ice -P res m en t.

1232

[Voi.. u xx▼.

THE CHRONICLE

Trust ffinrapautes.
MercantileTrust Co. C IT Y T R U S T CO. O LD C O L O N Y

St. Louis, MoMember St. Louis Clearing House

50 S T A T E S T R E E T . B O STO N . MASS.

Association

Capital and Surplus, $9,500,000
F E S T U S J. W A D E .
Presiden t.

W M . M A F F IT T ,
Treasu rer

Commenced business Nov. 16, 1899
RESOURCES
N o v . 16, 1899
$1,667,051 19
N o t . 16, 1900
$4,429,448 02
N o v. 16, 1901
$11,780,418 95
N ov.

16.

1902
$21,882,734 64

Nov.16,1903 $21,756,471 73
Nov. 16,1904 $26,508,716 93
Nov. 16,1905 $27,292,163 57
Nov. 16, 1906, $27,984,599 63

B U N K E R H IL L B R AN C H :
C ity Square, C H A R L E S T O W N . M A S S .

Capital & Surplus, - - $4,000,000
Tran sacts a General T ru st and
B anking Business
In tere st A llo w ed on D eposits Subject to CheckA cts as Tru stee under Railroad and oth er M ort
ga g es; also as A g e n t fo r the R eg isterin g
aad Tran sfer of Stock.
A legal D ep o sita ry fo r C ou rt Funds, and au thor
ized to a ct as E x ecu to r, Guardian, A d 
m in istrator and Trustee.
D IR E C T O R S .
P H I L I P S T O C K T O N , Presiden t.
Charles F . A da m e 2d.
G eorge E . K e ith ,
O rlando H . A lfo rd .
G ardiner M . Lane.
F . L o th ro p Am es.
A rth u r L ym a n ,
John S. B a rtle tt,
M a x w e ll N orm an,
Charles E . C otting.
R o b e rt T . P a in e 2 d
A lv a h Crocker,
A n d re w W . Preston.
L ivin gsto n Cushing.
R ich ard S. Russell.
G eorge A . D raper.
H o w a rd Stockton,
W illia m F . Draper.
Charles A . Stone,
W ilm o t R . Evans,
G alen N . S ton e,
Fred erick P . Fish,
Q u incy A . Shaw Jr.,
R o b ert F . H errick .
N ath an iel T h a yer,
Francis L . H iggin son ,
H e n ry O. U n d erw ood.
H e n ry C. Jackson.
W . Sew ard W ebb.
S idn ey W . W inslow -

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 B A N K IN G
B U SIN E SS. A L L O W S I N T E R E S T O N
DAILY
BALANCES SUBJECT
TO
CHECK.
T R U S T E E U N D E R M O RTG AG 
ES.
TRANSFER AG ENT.
R E G IST R A R .
B O A R D O F DIRECTORS!
. . . .
Chairm an
H e n r y S. H o w e ,
W a lte r H u n n ew ell,
Thom as L. Liverm o re,
Charles S. M ellen ,
G eo rge v . L . M ey er,
L a u ren ce M in ot,
R ich a rd Olney,
R o b e rt J. P a in e, 2d,
P h ilip L . Salto i) stall,
N a th a n iel T h a yer,
Lu ciu s T u ttle.
Stephen M . W eld ,
Charles W . W h ittie r.

T . JEFFERSON COOLIDGE J b .,

G ordon A b b o tt,
O liv e r A m es.
C. W . A m o ry ,
Charles F . A y e r ,
Sam uel Carr,
B. P . Cheney,
T . Jefferson Coolldge,
Charles E. C otting,
P h ilip D ex ter.
E b en S. Draper,
F red erick P . Fish,
R eg in a ld Foster,
G eo rge P G ardner,
R o b ert F . H e r ric k ,

The NEW ENGLAND

Boston Safe Deposit TRU ST COMPANY,
CEN TRA L
BOSTON, MASS.
T R U S T COM PANY
Trust Company
The Proof of Good Service is Constant Growth

AND

C A P IT A L . $1,000,000

OF ILLINOIS,
CHICAGO-

Capital, « - - - - $2,000,000
Surplus and Profits 900,000
•
•

C H A R LE S G , D A W E S . President.
W . IR V IN G OSBORNE, Vice-President
A . U H R L A U B . Vice-President.
W IL L IA M R . D A W E S. Cashier.
L . D . S K IN N E R , Asst. Cashier.
W IL L IA M W . G ATES, Asst. Cashier.
A . G. MANG, Secretary.
M ALCOLM M cD O W isLL, Asst Secretary.

BAN K IN G , SAVINGS A N D
DEPARTMENTS.

Transacts a General Trust and
Banking Business.
Interest Allow ed on D eposits Subject to Check
Acts as Trustee under R ailroad and other
M ortgages and is authorized tp act as Executor,
Guardian, Adm inistrator a n d Trustee.

Capital - - - - $1,000,000
Surplus (Earned)
2,000,000

TRUST

C H A R L E S E . R O G E R S O N . P residen t.
J A M E S L O N G L E Y , V ice-P resid en t.
W I L L I A M C. W I L L I A M S , V lce-P res't.
G . E . G O O D S P E E D , Treasurer.
E D W A R D E . S T E V E N S , A sst. Treas,
R O L A N D E . O H A F E Y . A sst. Trea s.
H E N R Y A . F E N N , Sec. & M gr.S afe D . D t .
H . D . H E A T H F I E L D . A ssistan t Sec. .
F . J. B U R R A G E . A ssistan t S ecretary.

Girard Trust Company.
C APITAL and SURPLUS, $1(*,000,000.
C H A R T E R E D 18S6.
Acts as Executor, Administrator, Trustee,
Assignee and Receiver.
Financial Agent for individuals or
Corporations.
Interest Allowed on Individual and
Corporation Accounts.
Acts as Trustee of Corporation Mortgages.
Depositary under Plans of Reorganization.
Registrar and Transfer Agent.
Assum es entire charge of Real Estate.
Safes to Rent in Bnrgiar-Proof Vaults.
E . B . M O R R IS , Presiden t.
W . N . E L Y , 1st V ice-P resid en t.
A . A . J A C K S O N , 2d V ice-P resid en t.
C. J. R H O A D S , 3d V loe-Pres. and Treasurer.
E D W A R D S. P A G E , S ecreta ry.
M ANAGERS:
E fflln g h a m B . M orris,
G. H a rtm a n K uhn.
James S peyer,
John A . B row n Jr.
A ugustus D . Ju illia rd
B enjam in W . Richard#
E d w a rd J. B erw lnd ,
John B G a rrett.
W illia m H . Jen Its.
R an dal M organ ,
E dw . T . S totesbu ry.
W illia m H . Gaw ,
Charles E . In gersofl,
Francis I . G ow en,
John S to ry Jenks Jr.
G eo. H . M cFadden ,
H e n ry B . C oxe.
H en ry T a tn a ll.
E . C. F e lto n .
Issac H . C loth ier,
Th os. D e W ttt C u yler,
N. E . Cor. Broad and Chestnut Streets,

P H IL A D E L P H IA .

The Trust Company
of North America
503-505-507 Chestnut St., Philadelphia.
C A P I T A L ........... ................... ..............$1,000,000
A D A M A . S T U L L , President.
H E N R Y G. B R E N G L E , 1st Vice-Pres. & Treasurer.
JOS. S. C L A R K , 2d Viee-Pres., Superv’ g Trust Dept.
CHAS. P . L IN E A W E A V E R , Sec. <fcAsst Trust Officer
DIRECTORS.
J. Levering Jones,
Henry G. Brengle,
Jajnes Crosby Brown, Malcolm Lloyd,
John Cadwalader.
John Mcllhenny,
E. W . Clark Jr.,
Richard Wain Meira,
Eckley p . Coxe Jr.,
Clement B. Newbold.
Edwin S. Dixon,
John W . Pepper,
Eugene L . Ellison,
W i liam F . Read.
Frank Samuel,
Joseph C. Fraley,
Adam A . Stull;
Harry C. Francis,
Edward D. Toland,
Henry L. Gaw, Jr..
Howard S. Graham.
Joseph R . Wainwright,
W illiam D. Wlnsor.
Samuel F. Houston,




SU R PLUS. $3,000,000

Safe Deposit Vaults

BOSTON. M A SS

Authorised to act as executor and to receive and
hold money or property In trust or on deposit from
Courts of Law or Equity, Executors. Administrators.
Assignees. Guardians, Trustees, Corporations and
Individuals.
Also acta as Trustee under Mortgagee and as Transfat
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
OFFICERS.
D A V ID R . W H IT N E Y , President.
CH A RLE S H . D A LTQ N .V ice-Presiden t
C H A R LE S F CH O ATE . Vice-President.
F R A N K L IN H A V E N , Vice-President• •
JAMES R . H O O PE R , Actuary.
■ - - - H E N R Y N . M A R R , Seoretar- .
..............
F R E D K W . .ALLEN . Asst .Sec-ATreas.
. . . .
TH O M AS E . E A T O N , Asst. Treasurer.
■
FR A N C IS R . J E W E TT. Trust Ottioar
• • • •
b o a r d o f d ir e c t o r s
W illiam Endicott, Chairman.
Walter O. Baylies.
Frederick P . Fish,
“ ' Bowditch,
■'
Morris Gray.
Alfred
Franklin Haven,
Charles F. Choate,
James P.. Hooper,
Alexander Cochrane,
Edmund D - Codman,
James M. Prendergast.
r. Jefferson Coolidge.
George S. Siishee,
Charles H . Dalton.
Lawrence M. Stockton.
George Dexter,
Nathaniel Thayer,
Philip Dexter,
George Wiggles worth
William Farnsworth.
David R . Whitney.

Mississipoi Valley Trust Co.
Fourth & Pine Sts., St, Louis
CAPITAL. SURPLUS
\®o r a a nnn
and PROFITS?*1® 'OUU,UOO.
A

G E N E R A L F IN A N C IA L A N D F ID U C IA R Y
BUSINESS T R A N S A C T E D
DIRECTORS
D. R. Francis
R. J. O’ Reilly ,MD
August Gehner
Henry W . Peters
S. E. Hoffman
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 Rolia Wells
Wm. D. Orthwein
OFFICERS
JU LIU S S. W A L S H , Chairman of the Board
B R E C K IN R ID G E JONES, President
JO H N D. D A V IS , Vice-President
SAM U E L E. H O FF M A N , Vice-President
JAMES E. BR O CK. Secretary
H U G H R. L Y L E . Asst. Secretary
H E N R Y C. IBJBOTSON. Asst. Secretary
C. H U N T T U R N E R Jr., Asst. Secretary
LOtJIS W . F R IC K E , Asst. Secretary
F R E D E R IC K V IE R L IN G , Trust Officer
H E N R Y S EM PLE AMES, Asst. Executive Officer
C H A R LE S M. P O L K . A ^ t. Trust Officer
W IL L IA M G. L A C K E Y . Bond Otfieer
W M. McC. M A R T IN . Asst. Bond Officer
TOM W . B E N N E T T . Real Estate Officer
GEO. K IN G S L A N D , Asst. Real Estate Officer
C. W . M O R A TH , Safe Deposit Officer

John I. Beggs
Wilbur F . Boyle
James E. Brock
Murray Carieton
Charles Clark
Horatio N . Davis
John D. Davis
Aug. B. Ewing

W i s c o n s i n T r u s t C o ,,
-

-

$500,000

100,000

Transacts a General Trust Co Business.
Buys and Sella
High Grade Investment Bonds.
• • •

B A L T IM O R E .

$2 ,000,000

CAPITAL,

D IR E C T O R S
>
Joslah L . Biackw eli.
G rier H ersh,
G. C lym er Brooke.
G eorge C. Jenkins.
H . Carroll B row n .
Joshua L eve rin g,
John W . Castles,
Oscar G. M u rray.
Joseph R . F o a rd ,
H e n ry F . Shoem aker,
B . H o w e ll G risw old J r., James S peyer,
A . B a rton H epburn,
D ouglas M. W y lie.
John T . H ill.
L . S. Z im m erm an
O F F IC E R S
G R I E R H E R S H ................... -P resid en t
L . S. Z I M M E R M A N ____ 2d V ice-P rest.
C A R R O L L V A N N E S S --------- Treasurer
J E R V I S S P E N C E R J r . . . A s s t . Treasure
I V A N S K I N N E R --------- A sst. S ecretary ,

NOW R E A D Y .
FIN A N C IA L R EVIEW .
1907 ISSUE.
320 Pa ges.

M IL W A U K E E .
Capital, Surplus, -

Maryland Trust Co,

OFFICERS.
O L IV E R C. F U L L E R , President.
F R E D E R IC K K A S T E N , Vice-President.
G A R D N E R P . S TIC K N 'E Y. Treasurer.
. . .
FR E D - C. BEST. Secretary------i i . L . S M ITH . Ase't Secretary

P R IC E , TW O D O LLA R S.
Commercial & Financial Chronicle,
7 6 ^ Pine Street, New York.

William D. Marks, Ph. B.C.E.
Consulting Engineer and Statistician.
GAS W O RKS
E L E C T R IC L IG H T W O R K S .
E L E C T R IC R A IL W A Y S . O IL M O T O R CARS.

P a r k R o w B ld g .

N e w Y o r k City,

E x p e rie n c e d in M u n io lp a l Causes.
Full text of Commercial and Financial Chronicle : November 9, 1907, Vol. 85, No. 2211

FRASER
