Full text of Commercial and Financial Chronicle : October 19, 1907, Vol. 85, No. 2208

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IN C L U D IN G

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

SATURDAY, OCTOBER 19 1907.
(& \x x o n itl£ .

1907.

T e r m s o f S u b s c r i p t i o n — P a y a b l e in A d v a n c e
T o r One Y e a r ................................... ..........................................................$10 00
T o r S ix M o n th s................... .......................................................................
(> 00
Eu ropean Subscription (in clu d in g p o s ta g e )........................................... 13 0 >
European Subscription six months (in clu d in g p ostage*......................
7 50
A n n u a l S u ’ mcription in Bondon (in clu d in g p s t a g e )........................... £ 2 14s.
;Six M onth s S ubscription in London (in clu d in g p o s ta g e ).....................£ 1 11 s.
•Canadian Subscription (in clu d in g p o s t a g e )................ .......................... $ i l 50
S u b s c rip tio n includes fo llo w in g S u p p lem en ts—
B 'N K a n d Q c o t a t i o x (m o n th ly)
I S"ATE an d C it y (sem i-annu ally)
R a i l w a y a n d I n d u s t r i a l (q u a rte rly ) ] S t r e e t R a i l w a y (3 tim es y e a rly )

T e r m s o f A d v e r t is i n g — P e r I n c h S p a c e
'T ra n s ie n t m a tter p er in cli space (14 aga te lin e s ).....................................
c T w o M onth s
(-‘ t im e s )...........................
S ta n d in 0, B tis:ness Cards ) T h re e M onth s (13 t im e s )...........................
H tann m „ Lu s.n ess ca rd s
K i x > [,)nTlw
(20 t im e s )...........................
(. T w e lv e M onth s (52 t im e s )...........................

$4
22
29
50
87

20
00
00
00
00

•C H IC A G O O F F IC E —P . B a r tle tt, 513 M onadnock Block; T e l. H a rrison 4012.
L O N D O N O F F IC E —E dw ards & S m ith, 1 D ra p ers’ G ardens, E. C.

W IL L AM
P . O. B ox 95S.

H . D A N A C O M P A N Y , P u b lis h e r s ,
P in e St., C o rn e r o f P e a r l St.,
N ew Y ork .

P u b lish ed e v e r y Satu rday m orn in-r by W I L L I A M B . D A N A C O M P A N Y .
"W illiam B. Dana, P ie s id e n ; Jacob S eibert J r., V ice-P res. and Seo.; Arnold.
G . Dai,a, Trea s. A ddresses ot all. Office o f the Company.

C L E A R IN G H O U S E R E T U R N S .
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all the clearing houses of
the United States for the week ending to-day have been
$3,058,878,128, against $2,805,028,682 last week and
$3,256,664,298 the corresponding week last year,
1907.

1906.

Per
Cent.

New Y o rk __________________ ______
B o sto n ____________________________
P h ila delph ia ______________________
Baltimore__________________________
C h ic a g o ................. .......................
St. L o u is __________________________
New O rleans______________________

S I,506,253,090
144,628,536
126,580,180
25,123,444
229,106,600
66,558,604
15,797,435

$1,718,116,903
156,121,380
139,955,565
25,828,257
172,779,735
53,253,381
22,085,385

— 12.3
— 7.4
— 9.6
— 2.7
+ 32.6
+ 25 0
— 28.5

• Seven cities, 5 days______________
Other cities, 5 days..........................

S2,114,047,889
8.435,9x8,976

$2,308,140,606
421,098,763

— 8.4
+ 3.5

Total sll cltics, 5 days.................
AH cities, 1 day................................

32,550,036,865
508,841,263

$2,729,239 369
527,424,929

— 6.6
—3 5

Tfttal all cities (or week.......... .

$3,058,878,128

$3,256,664,29s

— 6.1

Clearings— Returns by Telegraph
Week ending October 19.

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as w’e go to press Friday night.
We present below our usual detailed figures for the previous
week, covering the returns for the period ending with Satur­
day noon, Oct. 12, and the results for the corresponding
week in 1906, 1905 and 1904 are also given. Contrasted with
the week of 1906 the total for the whole country shows a
loss of 13.7%. Outside of New York the increase over
1906 is 3.8%.
Week ending October 12.

Clearings at—
1907.

1906.

Inc. or
Dec. |

1905.

1904.

§
%n
1.611,351,889 2.101,120,141 — 23.3:1 747,552,391 1, 515,867.630
I . " . - i s i
135,444,309 139,939.357;
119,002,108
50,7ri 1,704
46,550,962,
-4-9.0'!
50,413,331
42,092,167
31,768,131
28,645,140 + 10.91
28,497,470
27,424,107
8,472,386
+ 7.0:
7,495.458
6,516,117
7,919.467
8,210,738 — 25.71
6,100.138
4,225,9X4
5,017,630
5,584,483
6430,458
+ 9.8:
4,202,806
5.728,467
3,605,738
4,085,9851 — 11.7'
3,444,210
3,243,654
2,795,791
1,600,000
2,171,342 + 28.8'
2,009,138:
2,583.921
1,620,189 + 59.5
1,507,836
1,343.3x7
1,450,452
+ 3.3
1,183,538
1,403,911
1,303,112
1,272,600;
1.437,482 — 11.5:
1,203,873
1,022,537
1,274,656
1.122,614: + 13.5
1,063.636
1,016,305
1,243,021
+ 7.2
1,1.) 9,581
977,824
774,415
612.301
608,441
607,067!
+ 5.8:
586,929
602.754; — 24.81
453,355!
428,175
472,752
552.900
533,200
496,200
423,400
+ 3.71
574,5831
529,035'
3,-,8,317
397,688
288,545
366,038)
295,533
256.459
l.ioo.ouu
1,000,000 + 10.0
839,298 N ot included In total;

—3.2

+ 8.6j
—21.21

Total Middle.. 1,867.866,878 2,354.609,2961 — 20.7:1,993,251,663 1,732,724,646




NO. 2208.
Week ending October 12.

Clearings at—

PUBLISHED W EEKLY.

New Y o rk _____
Philadelphia___
Pittsburgh_____
Baltim ore_____
Buffalo________
Albany________
W ashin gton __
R och ester........
Scranton______
Syracuse______
R e a d in g ______
W ilmington___
Wilkes-Barre __
W h e e lin g _____
E r ie ___________
C h ester........ .
Birm ingham ___
Creensburg . . . .
’ ’ra n k lin ..........
H arrisbu rg____
Y o r k ................

State and City Section (semi-Annna!^:
Street Railway Section {Thr^Jl^m

1906.

Inc. or
Dec.

1905.

1904.

$
S
$
%
$
Boston ________
149.236,317 : 180,566,51f — 17.4
158.707,137 139.038.414
Providence_____
7,422,300 ,
7.900.20C
— 6.0
8.745.900
8,724,000
H a rtfo rd _______
3,464,813 ;
2,966,143
— O.C
3,484,055
2,717,454
New Haven_____
2,531,432 i
2,602,729
2,630,S6f
— 2.7
1,849,560
Springfield_____
1,942,144
2,487,930
2,053,491
— 5.‘ :
1.539.165
.P o rtla n d _______
2,264,860
2,010,796
l,985,27f + 14.1
1,801,771
W orcester______
1,878,827
1,778,084
1,631,842
+ 5.7
1,475,201
Fall R iver______
1,019,980
1,120,228
— 9.0
979,382
667,888
New Bedford____
887.701
655,968 +35.J
718,280
580,918
Lowell ...
539,691
579,621
— 0.9
490,341
542,608
Holyoke..
529 463
+ 8.0
491.456
490,147
433,437
Total New Eng.
171,717,528 203,216,315 — 15.5 181.802,054 159.429,03')
Chicago_____
254.185,862 219,028,037 + 16.1 208,317,179 187,415,60 5
Cincinnati___
24,311,7. 0
23,423,850
26,217,7. 0
+ 7.8
24.215,900
C leveland___
13,238,412
17,513,935
17.501,709 +0.07
16,093,707
Detroit______
12,233,179 + 11.0
12,780,203
11,024.054
13,575.928
Milwaukee______
12,345,507
11.045,447 + 11.8
9,494,073
8.600,951
Indianapolis____
8,403.012
7,565,282 + 11.1
6.701,612
7,387.673
Columbus_____
5,949.100
5,307,900 + 12.1
4,8)0,800
4.7. 9,800
T oled o________
4,348,9. 0
4,379,055
— 0.7
4.639,004
3,806,449
P e o r ia ________
3,297,282
3,076.718
+ 7 .2 1
3,602,047
3,130,883
Grand R apids..
2,492,594
2,398,224
+ 3.9
2,276,217
2,029,575
Dayton ............
2,056,206
2,257,551
— 8.9
1,760,492
1.683.261
E v a n s v ille ____
2,213,591
1,610,905 +37.4
1.726,410
1,175.405
Kalam azoo____
1,030,098
986,284
+ 5.1
835.720
905,708
Snringfleid, III.
914,813 + 11.8
1,023,084
619,998
853,816
Fort W a y n e ___
+ 5.6
902.484
854,798
753,299
R o c k fo r d _____
728,246
672.616
+ 8 .3
546.576
561,730
L exington _____
700,000
+ 9.9
636,942
721,979
547.204
Youngstown___
847,543
619,284 +36.9
018.976
502,223
A k r o n ________
563,643 + 15.3
6'0,000
554,100
511.500
South Bend____
532,046
461,913 + 15.2
447.056
Canton________
531,061
454,120 + 16.9
427.345
481.148
Quincy________
511,196
426,268 + 19.9
310.1)71
312,368
Bloomington__
513,912
437,718 + 17.4
402,-*04
423,267
Mansfield_______
404,902
387,981
416,072
20 ,713
— 2.7
Snringfield, Ohio0
485.425
402.920 ' +20.5
474.329
412,309
Decatur ______
463,034
374,266 + 23.7
349.057
292,810
Jacksonville, 111
269,060
219,766 +22.4
287.718
263,258
Jackson _______
1'0,000
217.800
180,000
198,000 + 10.0
Ann Arbor_____
— 3.3
177,039
134,000
183,058
11. .322
Tot. Mid.West . 362,592,737 319.538,238 + 1JL5 305.195,820 273.562.398
San Francisco___
— 1.0
38,990.874
43,306,041
35.001,536
43,725,151
Los Angeles____
— 3.0
11,761,455
10,302.889
12.124,280
6,362,247
Seattle _______
10,636,303
8.454,595
12,533,980 — 15.1
5,159,557
P o rtla n d ______
8,920,793
5,663,800
5.700,000
7,524,329 + 18.6
Salt Lake C it y ..
4,755.390
6,997.323
3.150,000
5,825,326 + 20.1
Spokane_______
4,320,873
3,084,077
7.541,128
5,948,407 +26.8
Tacom a_______
+ 8.6
4,640,843
3,724,299
5,038,747
2,998,206
Oakland_______
2,592,862
3,595,763 — 27.9
Helena _______
+ 5.7
1,214,460
1,238,773
659.712
1,148,832
765,924
Fargo ________
834,036
718,100
610,295 +25.5
Sioux Falls____
523,309 + 52.9
800,000
517.712
394,934
San Jose_______
_______
288,526 + 144.7
706.157
Total Pacific.
+ 1.8
100,281,193
78.803.241
98,489,101
63.236.289
Kansas C it y ___
30,039,324 + 30.9
27.202.413
23.708,500
39,328,963
Minneapolis____
32.789,153
28,066,693 + 10.8
26,678,471
23.285,560
Omaha
12,864,351
11,374.622 + 13.1
9,044,760
8,040,859
St. Paul_______
+
23.4
8,959.584
11,059,532
8,739.402
6,569,357
Denver________
6,542,770
7.394.356 + 15.0
5.030,211
8,500.000
St. Joseoh_____
4,890,835
4,552.547
5,746.552
4,793,675 + 19.9
Des Moines____
2.349,041
2,922,254 + 14.0
3,349,272
2,654,730
Sioux City_____
1,444,862
2,092,346 + 16.9
2,445,902
1.779.208
Lincoln _______
1.468,000
1,276,507 + 15.0
987.931
1,355.500
Davennort_____
916,004
1,232,282 + 10.0
W ich ita ........ .
1,186,04,8 + 26.7
1,157,772
1,029,095
1,503,307
Topeka _______
742.200
971,861
955,146
4-8.8
1,038,996
j Cedar Ranids__
609.422
413,562
781,285
646,243 + 20.9
Colorado Springs
772.447
438.879
741.663
610.327 + 21.5
_______
552,545
I Pueblo ______ _
572.391
605,527
+ 5.8
334,242
219,3;9
I F rem o n t______
399,855
422,930
— 5.5
Tot. oth.West
92,623.281
79,702,304
123,977.858 102,545^618 +20.9
I St. Louis............
62,276,156
59,412.774
70,470,945
61,792,113 + 14.0
16,268.955
| New Orleans____
17,691,531
18.545.9S4
22,017,830 — 19.6
11,665,146
j Lou s v llle ____
+ 7.6
10,028,1; 4
12,868,507
11,964,529
10.99X.272
! H o u sto n _____
15,314,296
17,368,186 — 11.8
8,080,839
7.239,500
I G alveston ____
7,049,500
9,649,500 — 26.9
5.906.000
0.207,215
I Savannah ____
— 6.7
6,399,871
6,856,941
0,618,748
5,258,191
i R ic h m o n d ___
5.607,118 + 16.5
6,638,662
4,853,545
+ 4.6
4,536,418
j A tla n ta ______
6,271.951
5,996,225
4,402,2-'0
I Memnhis_____
6,688,492
6,153,041
4.718.302 + 30.4
0,476,3!6
3,505,208
I N a s h v ille ____
3.559,223 +43.3
2,914,500
5,101,530
Fort W orth___
4,081,014 — 10.6
2,102,361
3,031.924
3,649,142
2,380,495
N o rfo lk ______
2,605.379 + 11.1
2.893,286
2,189,837
2,563,776 + 31.9
Augusta______
2,853,568
3,380,733
2.093.071
+
38.0
2,157,187
1,883,509
1,400.911
Birmingham _.
2,239,065
1,775.508
+ 4.2
Charleston____
1.479.540
1.850,000
1.681,155
1,678,878 — 13.4
M o b ile_______
1,106,478
1,453,142
1,548,737 + 14.2
1,‘102,133
Little Rock___
1,768,356
1.261,4621
1,487.083
+ 9.4
798.770
Chattanooga .
1,487,0431
1.627.311
1,164,329
1,370.742. + 14.9
Knoxville ____
7,584,542
1,23.3,9021
900.141
1,229.0591 + 29.0
1,585,707i
Jacksonville . .
1,271.0421
990,785
1,027,016|
846,212
M »o o n _______
+ 3.7
731,618j
1,124.354
972,073 + 15.6
Oklahoma____
450,000
395,000; + 13.9
424,017
B e a u m o n t___
415,527)
Total Southern 1 17S.S92.488 172.485,088;
153.881.356i 142.529.752
+ 3 .5
Total a ll.____ 2,805,028,682 3,250,883,656: — 13.7 2,805,657.415:2.451.184,424
Outside N . Y . 1,193,676,793 1,149,763,515
+ 3.8 1,058.105.024: 935.416.794
Canada—
24.509.079
M ontreal_______ !
31,149,7241
31.031,8681
31,150,762
— 0.0
20.138.870
Toronto
____ ;
22,729,102:
24,987,357
24,788,3111 + 0.8
5.947.073
10,288,067!
W innipeg...........
11,043,542
12,612,309 — 12.4
Vancouver______
1,776,274!
1,567.757
4.172,552
3,097,136 + 34.7
2.077.020
2,347,937)
O t t a w a ________
3,045,875
2,910,562
+ 4.4
1.802.920
1,800,0)0
H slif >.x.............
2,067.695) — 15.6
1.743,153
Vict->ria _______
797.2071
793.977
1,200,000
2.12a,r>89 — 43.7
1,698, ,538
Quebec...............
1.617.962
2,373,052
1,943,871 + 22.1
1.512.935
Hamilton_______
1.196.275
1.741,598
1.500.910 + 16.1
1.149.4801
St. John________
1,040,664
— 7.0
1,162,646
1.251.419
1,015,349
L o n d o n ........ .....
1,170.9X9
892,307
+ 2 .0
1,194.472!
_______ 1
_______
Calgary .............
1,385,2f»8|
1.184.0*2! + 10."
----------1
Edmonton______
889,5731
815.8641 + 9.0
76.063.181J 61.067.400
Total Canada .
86.088.842| 86.629.599: —0.6

968

THE CHRONICLE
S T R E E T R A I L W A Y SECTION.

A new number of our “ Street Railway Section” is
forwarded to our subscribers to-day. The editorial
discussions in the “ Street Railway Section” comprise
an article entitled “ New York Transit Conditions”
and an article on “ The Public Service Corporation of
New Jersey.”

T H E F I N A N C I A L S I T U A T IO N .
There has been a considerable shake-up in the
markets, commercial and financial, the past week,
which may mean much or it may mean very little.
In commercial affairs the most notable and unexpected
development was a material cut in the price of cotton
fabrics by Marshall Field & Co. of Chicago, the largest
wholesale mercantile establishment in the West.
Our weekly dry goods report has shown for two or
three weeks that although spot goods have still been
in urgent request , the decline in cotton has had a
somewhat unsettling effect on brown cottons and
gray goods; and yet up to that time the decline in the
value of goods had not been commensurate with the
decline in the raw material.
Copper also has suffered further breaks; indeed, it
has been the centre of a kind of high-pressure disturb­
ance, starting with an unsuccessful effort to corner the
stock of one of the copper-producing companies on the
curb market.. The violent fluctuations in the stock
resulting from speculative manipulation so seriously
involved a house that had been prominent in trading
in this property as to make necessary the retirement
o^i. Thursday of F. Augustus Heinze from the
presidency of the Mercantile National Bank of this
city. After the resignation of Mr. Heinze the presi­
dency of the bank was 6ffered to Comptroller Ridgely,
who yesterday announced his acceptance of the offer.
It may be noted that a thorough examination of the
Mercantile Bank on Thursday by the New York
Clearing-House Committee disclosed the fact that the
institution was in a sound condition with its capital
of three millions intact. • Friday, after the Mercantile’s debit balance of $745,000 had been paid
at the Clearing House, the Clearing-House Committee
also demanded the resignation of every director of
the Mercantile Bank. As the result of such demand,
all the directors of the bank at once resigned.

[V

ol. lxxxv

.

as a candidate for the old but lost cause,always trying,
though unsuccessfully, to popularize and get astride ,
of some newer fad which seems to the leader to deserve
a large following. It is an interesting fact relating to
the metal that Belgium has suggested a change in its
silver-coinage policy, and, further, that it has at the
same time proposed a like change to the other Powers
in the Latin Union, that is, to raise the per capita of
small silver coins from seven to sixteen francs in each
State, and employ their five-franc legal tender silver
pieces, except Switzerland and Greece, to coin the
increased contingent of token money.
A good many other incidents have been recorded of
importance in the world’s history. The serious illness
of the Emperor of Austria-Hungary and the heroic
way in which he has been struggling with disease has
very naturally excited general sympathy and occupied
in considerable measure public thought. A very short
time ago the danger of his sudden taking off would
have been attended with results of serious import in
Europe and created anxiety even here. But, as we
have shown in- a subsequent article, there is nothing
of the sort apparent now. The Austro-Hungarian
settlement just completed has put the two halves of
the monarchy on a constitutional basis. This and
other changes have ensured stability.

Another event touching home interests more closely
has been the sailing of the first installment of the fleet
destined for the Pacific. No one seems to be taking
much interest in the movement or to have any distinct
idea as to its object, the public being still kept in the
dark with reference to the affair, so far as official infor­
mation goes. In absence of a better explanation, war
and peace and politics have each been fixed upon by
various coteries of our people. We are inclined to the
idea that it is in part a political scheme for arousing en­
thusiasm in the coming Presidential election; in part
for the purpose of creating a sentiment in Con­
gress in favor of a larger navy, and in part to put
fresh interest on the part of the public in the Philip­
pines and the Panama Canal. Public sentimeiit has
been recently drifting into the idea of getting rid of
the Philippines— they are costing too much and we
have no use for them. Of course the Navy does not
favor that sentiment, nor does the Administration.
Then there is also the Panama Canal. Interest in it
Tin and lead and silver have likewise joined in the is also sagging. Lots of money will be wanted to
popular trend. Silver has had a drop since Sept. 30, continue the work, and to get the money enthusiasm
when the London price was 31 3-l6d., to 2 7 on must be rekindled.
Monday of the current week. Subsequently there
was a recovery, but Friday there was renewed weak­
A further feature of the week wras the avoidance,
ness, the close being at 27 ll-16d.
Among the by a very narrow margin, of exports of gold to Europe,
reasons assigned for the fall is claimpd to be ship­ which, had they occurred, might have had serious
ments from India, caused by an expectation of very results. Last week gold exports hence to Paris were
short crops there, following the prolonged drought . This also averted by the refusal of the Bank of France to'
situation is reported to have led to an over-supply contribute thereto by the facilitation of the move­
of the metal on the London market, augmented by ment through the allowance of interest on the con­
liquidation of stocks of the metal held by some Chinese signments of the metal while it was in transit. This
banks. This irregularity in silver value has of course wreek, though French exchange at New York on Paris
no general influence on our markets. A few years ago was equally as high as last week, the adherence by
such a fluctuation would have had an ominous look. the Bank of France to its policy not to encourage
Now it is a temporary affair involving no market ex­ gold exports hence prevented shipments of the metal
cept its own, and nobody among our citizens except to Paris. There was the development of much
a certain excellent gentleman who always appears on strength in the rate for exchange at New York on
the politicaFstage^at every four-year-election period London on Monday, which, at the moment, threatened




O c t . 19 1907.)

THE CHRONICLE

shipments of the metal hence to the British capital.
This strong tone for exchange was caused by a de­
moralized condition of our securities market on the
previous Saturday, when liquidation had a most un­
settling effect, apparently foreshadowing further de­
moralization on Monday, in apprehension of which
London bankers sold large amounts of American
properties before the opening of our market. This
contributed to a more or less urgent demand for ex­
change for remittance and to an advance in rates
therefor to above parity and within a fraction of the
gold-exporting point to London. A recession in rates
in the afternoon, as the result of re-buying by British
bankers of the stocks they had sold, induced by sup­
port to the market, averted the danger of gold exports
to London, and the tone for exchange was easier
thereafter.
It may be noted that the recession in rates for ex­
change was partly due to .the correction of a state­
ment which had previously been made that there
would mature on November 1st an installment of the
Pennsylvania $50,000,000 3M% notes which were
sold in Paris last year. The obligations that will then
mature, as stated by the bankers who negotiated
them, are $10,000,000 of an issue of $50,000,000 4 ^ %
notes that were emitted a few years ago and sold here;
provision has been made for their payment at maturity
and no exchange will be drawn in settlement except for
some indefinite amounts that may be held abroad.
The facts recorded above showing the attitude of
foreign bankers towards our market seem to indicate
that there is a realization abroad of the sensitive
character of our situation which makes it desirable to
contribute, if possible, to the avoidance of any cause
that might result in its aggravation or in the precipi­
tation of acute conditions; hence the refusal of the
Bank of France to facilitate gold exports last week and
the prompt re-purchase by London bankers of their
oversold securities this week, as above noted, which
prevented shipments to the British capital. There
are some indications of an improvement in the
European situation which, if it should occur, might
have an important influence upon our own.
With the exception of some disturbance at Am­
sterdam this week, due to local tension, and also
of a banking failure at Hamburg, there appears to
have been a restoration of more normal conditions at
Continental centres. The German Reichsbank seems
to be gradually rectifying its reserve position, through
a contraction of its note issues, and such rectification
may be effected without making necessary the pro­
curement of gold for its reserve. The Bank of France
is still drawing gold from London; this week it suc­
ceeded in obtaining £400,000 out of the £500,000 of
•Cape gold which was offered in the British market,
though the Bank of England so actively competed
for the metal as to cause an advance in the price of
% of a penny per ounce. It would seem that the
French Bank’s requirements for gold must soon be
satisfied if, as appears probable, the Bank needs the
metal solely for the reinforcement of its reserve, be­
cause of the almost unprecedented expansion of its
note issues— these being, as last reported, £196,450,000,
•or near the permissible maximum of £ 200 ,000 ,000 .
With French competition for London’s supplies of the
metal at an end the Bank of England should be able
;to accumulate and maintain a reserve sufficient to




969

make unnecessary any further advance in its discount
rate. So far as regards Egypt’s requirements, these
have been supplied already to the extent of £2,380,000,
or about one-half of the £ 6 ,000,000 which was esti­
mated as the maximum needs for the season.
The United States foreign trade statement for Sep­
tember, issued this week, taken by itself, is the most
favorable monthly exhibit for any month since March,
but the two previous monthly statements were the
least favorable in a long time. Conditions, however,
have been somewhat abnormal this year, and in mak­
ing comparison with other years it is desirable that the
backwardness of the crops should be considered, and
the figures for the last three months (July, August and
September) be combined, so that the average of the
three may be made the basis of comparison. But
even doing that, the showing in our foreign trade is
less favorable than for any year in the last decade.
Respecting September, it is a matter of interest
hat the total merchandise exports show a moderate
increase, but there is a material shrinkage compared
with the previous month in the volume of imports.
The result in September shows a balance of merchan­
dise exports of $29,033,505, as against only $1,464,404
in August and $3,817,569 in July. In September
1906 the export balance was $35,878,631 and in 1905
it reached $33,996,486. The advance figures of some
of the principal items of export indicate that, although
shipments of breadstuffs were slightly greater in value
in September this year than last, and petroleum
showed a moderate gain, the outward movements
of provisions, cotton, cattle and hogs each fell be­
hind last year, making the net loss from a year ago
in the articles enumerated approximately 434 million
dollars, the aggregate of all having been $63,462,641
against $67,737,837 in 1906. It follows, therefore,
that the values of our shipments of articles of merchan­
dise other than those specifically referred to above
were greater this year than last year in September,
having reached 71% millions, against 70% millions in
1906 and 67 millions in 1905. The import movement,
as remarked above, was appreciably below the total
for August, but showed a small increase over the month
last year.
For the three months of the current fiscal year, the
exports of merchandise aggregate $391,171,283, against
$379,991,696 last year, a gain of $11,179,587; but im­
ports for the similar period rose from $310,907,787 last
year to $356,855,805, or an increase of $45,948,018.
Consequently, our three months trade balance is $34,768,431 less in 1907 than it was in 1906, standing at
34,315,478, against $69,083,909. In 1900 the ex­
port balance almost quadrupled that of this year, hav­
ing been $134,881,714, and in no year since 1895, when
an import balance was shown, has the result for the
three months shown as small an amount in our favor
as this year.
The movement of the precious metals in September
was of moderate dimensions, gold showing a balance
of imports of $1,230,250 and reducing the balance of
exports for the three months to A.% millions, against
net imports for the same period of last year of 45 mill­
ions. Silver showed an export balance of $2,259,344
for the month and $6,693,000 for the three months, the
latter comparing v:iMi $2,687,000 in 1906.

970

THE CHRONICLE.

Killing frost reported in some districts of most of
the cotton States early in the week gave an impetus to
prices of the staple in the markets of the world, but
the effect was ephemeral, the advance that the freez­
ing weather induced being as quickly lost as gained.
Why this incident had so brief an influence may be
due to a belief that fuller information will show the
extent of the frost was at first over-estimated. Other­
wise, the occurrence of frost at a date earlier than the
average, with the crop, as a rule, late in maturing,
should ordinarily have had a notable effect on the
markets. The attitude of manufacturers, also, must
be considered in looking for a reason for the failure of
the market to be more than momentarily stimulated
by frost news. Stocks of the raw material at mills
in Europe and America at the end of August were far
in excess of those at the same date in any earlier year,
and over 1,500,000 bales greater than on Aug. 31 1906,
while the visible supply is half a million bales ahead
of a year ago. With such stocks in hand or available,
manufacturers have naturally not been eager to add
largely to their supplies at current prices, which are
the highest at this time in over thirty years. The
fixed price (15 cents) they are not considering at all.
Possibly it may be that the present ruling quotation
is considered by consumers to have discounted any
frost damage that may have yet occurred. Speaking
of the 15-cent price for cotton, a press dispatch of
Thursday’s date reports the State Commissioner of
Agriculture of Texas as advising cotton producers to
hold for 15 cents per pound, as, according to his views,
foreign spinners are short on cotton and consumption
is greater than production. If his ideas on consump­
tion are as far astray as are those on stocks in hand,
his advice is of a kind which his constituents will find
safe to ignore.
Immigration in September this year, while only
slightly greater than in the corresponding period of
1906, records a heavy increase over the same month
of 1905. The official statement issued this week
shows that through all ports of the country 98,694
aliens were admitted during the month this year,
that aggregate comparing with 95,341 in September
last year and only 78,941 in 1905. This statement,
moreover, as did those for July and August, tends to
allay any fears entertained that strict enforcement
of the debarment features of the new law would result
in keeping out an increased percentage of intending
citizens. On the contrary, the number debarred in
the month this year was much smaller than in Sep­
tember 1906, and in fact less than in any recent period
except in months of very light immigration. The
aggregate arrivals for the nine months of the calendar
year 1907 exceeds the million mark, having reached
1,038,603 against a total of 935,628 in the similar
period of 1906 and 839,533 in 1905. The bulk of
the arrivals continues to come from Austria-Hungary,
Italy and Russia; but while in 1906 Italy contributed
the greatest number, in the current year AustriaHungary leads.
The plans put in force at the South to assist immi­
gration in that direction, and to which we have re­
ferred on several occasions, received a setback, at least
temporarily, in a recent decision of Attorney-General
Bonaparte. The case in point had to do with assisting
immigrants from Cuba to the State of Louisiana by




[V o l .

lxxxv

.

paying the passage money. The Attorney-General
holds that such payment is a violation of the immi­
gration laws, as was the specific promise of employment
upon landing, and that Garcia— the individual in
whose name the test case was presented— should be
excluded. The case is expected to be carried into
the courts by the State of Louisiana in order to have
the question judicially determined. The final out­
come means much to the South.
It is reported from Washington that in view of the
recent increase in immigration from Japan, the Gov­
ernment has determined *to adopt extraordinary
measures to prevent the introduction into the United
States of Japanese and other coolie labor. It seems
that while passports to laborers for America are not
issued by Japan, they are issued to Canada and the
Hawaiian Islands. Thus in a roundabout way this
Country is reached. It is now the purpose of the Gov­
ernment to reduce or check entirely immigration by
means of a patrol guard along the northern and south­
ern borders of the country. The number of Japanese
immigrants into the United States for the nine months
of 1907 was 23,512, against 14,913 in 1906 and 7,000
in 1905,
There was no change in official rates of discount by
any of the European banks this week; compared with
last week, open market or unofficial rates were }/± of
1% higher at London, % of 1% at Berlin and Frank­
fort and 3^s of 1% at Paris. The suspension on Thurs­
day of a private banking house at Hamburg, with
liabilities of from 3 to 7j^ million dollars, was a reflec­
tion of the disturbed copper situation in New York; it
was stated that the failure would not seriously affect
banking institutions at Hamburg and it had no other
than a local influence. The advance in unofficial
rates at London, as above noted, was said to be due
to operations by the Bank of England with the object
of regaining control of the discount market. It is
interesting to note that the return of the Imperial
Bank of Germany on Friday showed a gain of £1,899,000 cash and a contraction of £5,779,000 in circula­
tion.
The statement of the New York Associated Banks
last week made a favorable exhibit, chiefly, however,
as the result of a decrease in reserve requirements
through a reduction in general deposits. There was a
comparatively large augmentation of public funds in
national banks early in the week, carrying the total
thus far deposited to 163 4-5 millions, an increase of
nearly 19 millions since August 29, when such deposits
began to be made. The fact that Government funds
continue to be placed in the banks, notwithstanding
the expiration of the limit of five weeks which was
originally fixed for this form of relief to the monetary
situation, seems to make it probable that the distribu­
tion of such funds will not be interrupted. Indeed,
it is intimated that more effective measures for placing
Government moneys in the banks will soon be an­
nounced by .the Secretary. While there was no reces­
sion in rates for time money this week, owing to the
limited offerings thereof by lending institutions, there
was an easier tone for call loans early in the week as
the result of the return to the banks of cash which
had been distributed for October interest and dividends.
Later the market grew firmer, influenced by some

O c t . 19 1907. |

TH E PHBONTOLE.

calling oi loans, because ol the unsettled conuition ol
the securities market, and on Thursday withdrawals
of $1,300,000 , through the Treasury, for transfer to San
Francisco and of $100,000 for New Orleans con­
tributed to an advance in rates to 7%. On Friday
the action of the Clearing House in the matter of the
Mercantile Bank’s directors, as elsewhere noted
caused an advance in call money to 10%. Money on
call, representing bankers’ balances, loaned on the
Stock Exchange during the week at 10% and at 234 %,
averaging about 5%; banks and trust companies
loaned at 3% as the minimum. On Monday loans
were at 6% and at 2 ^ % with the bulk of the business
434%. On Tuesday transactions were at 4% and
at 2% % with the majority at 33^%. O11 Wednesday
loans were at 6% and at 3j^% with the bulk of the
business at 4%. On Thursday transactions were at
7% and at 4% with the majority at 6 %. On Friday
loans were at 10% and at 5% with the bulk of the
business at 7% . Time contracts on good mixed Stock
Exchange collateral were quoted, though with a very
small amount of business, at 6% for sixty and 63^%
for ninety days, and 6 % for four to seven months.
Commercial paper is nominally 7% for sixty to ninety
day endorsed bills receivable, 7@ 7% % for prime and
73^2% and above for good four to six months’ single
names; business is done on such terms as can be
made between the borrower and the broker who ne­
gotiates the loan.
The Bank of England rate of discount remains un­
changed at 43^%. The cable reports discounts of sixty
to ninety day bank bills in London 4 % @ 4 ^ % . The
open market rate at Paris is 33^@3^£% and at Berlin
and Frankfort it is
According to our special
cable from London, the Bank of England lost £574,927
bullion during the week and held £34,676,438 at the
•close of the week. Our correspondent further advises
us that the loss was due largely to heavy exports,
especially to Egypt. The details of the movement
into and out of the Bank were as follows: Imports,
£57,000 (wholly bought in the open market); exports,
£851,000 (of which £590,000 to Egypt, £65,000 to
Holland, £50,000 to Batavia and £146,000 French
coin sold in the open market), and receipts of £219,000
net from the interior of Great Britain.
The foreign exchange market was quite strong early
in the week, influenced chiefly by a demand to remit
for stocks sold for European account. These sales were
in large volume on Monday because of the unsettled
condition of our securities market on the previous
Saturday, and there were apparently expectaitons that
the derangement would continue as great on the open­
ing of the week. For that reason, also, London specu­
lators forwarded by the cable heavy selling orders for
execution in the first hour of business on Monday.
As the result of such selling and of that which occum d
lor London account on Saturday, there was an urgent
demand for exchange for remittance, which caused a
sharp advance in rates to within a fi action of the goldexport point for sterling. Instead of there being fur­
ther demoralization in our securities market on Mon­
day , as was looked for, there was a rally, due to sub­
stantial support, said to be by banking interests.
Consequently there was an effort to cover the specu­
lative eales of stocks that had previously been mace




by London operators, and as the result of such re­
buying the demand for exchange relaxed and the
market developed an easier tone by the close of the
day. On Tuesday there were quite liberal offerings
of loan bills which, together with speculative sales of
exchange, to take advantage of the comparatively
high rates, contiibuted to a material decline in sterling
to figures, which relieved all apprehension, if any had
existed, of gold exports. There was later a moderate
amount of commodity drafts against grain and cotton
which tended still further to depress the market, and,
owing to a disposition to await the sailing of the
“ Lusitania” on Saturday, the demand for exchange was
small for the remainder of the week, and rates gradu­
ally receded. There was only a light inquiry trace­
able to remittance for maturing New York City
revenue notes, which was one feature in the previous
week, and the reason assigned was that such maturities
will continue to the end of the year, thus giving oppor­
tunity for their gradual pajnnent.
The market was strong on Saturday of last week,
and, compared with the previous day, short rose 15
points to 4 8625@4 8630 and cables 5 points to
4 8685@4 8690; long was 15 points lower at 4 8235@
4 8240. On Monday long advanced 10 points to
4 8245@4 8255, short 20 points to 4 8635@4 8650
and cables 30 points to 4 8715@4 8720. On Tuesday
long fell 5 points to 4 8240@4 8250, short 10 points
to 4 8625@4 8630 and cables 20 points to 4 8695@
4 87. On Wednesday long declined 5 points to
4 8235@4 8240, short 10 points to 4 8615@4 8620
and cables 5 points to 4 8690@4 8695. On Thursday
long fell 10 points to 4 8225@4 8230, short 5 points to
4 8610@4 8615, while cables rose 10 points to 4 87@
4 8710. The market was easy on Friday at a decline
of 15 points for cables, while short was unchanged
and long 10 points higher.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
M on ., Tues.,
F r i .,
Wed., Thurs., F r i.,
Oct. 11. Oct. 14. Oct. 15. Oct. 16. Oct. 17. Oct. 18.
Brown
Bros. & Co________
Baring
* Co______________
Bank British
North America, . j
Bank of
M ontreal.. _____
Canadian Bank
of Commerce______
Ileldclbach, Iekelheimer & Co______
Lazard
Frercs _ _ .
___
Merchants’ Bank
ol Canada________

60 days;4
S igh t.. 4
00 days 4
S igh t.. 4
60 days 4
S ig h t.. 4
60 days 4
S igh t.. 4
60 days 4
S ig h t.. 4
60 days 4
Sigh t.. 4
60 days 4
S ight.. 4
60 days 4
Sight. . 4

83
87
83
87
83
87
83
87
83
87
83
87
83
87
83
87

83
87
S3
87
83
87
83
87
83
87
83
87
83
87
83
87

83
87
83
87
83
87
83
87
S3
87
S3
87
S3
87
83
87

83
87
83
87
S3
87
83
87
S3
87
S3
87
S3
87
83
87

83
87
S3
87
83
87
83
87
83
87
83
87
83
87
83
8T

83
87
83
87
S3
87
83
87
S3
S7
S3
87
83
87
83
87

The market closed on Friday at 4 8230@4 8240 for
long, 4 8610@4 8615 for short, and 4 8685@4 8695 for
cables. Commercial on banks 4 82@4 8210, and
documents for payment 4 8134@4 8 2^. Cotton for
payment 4 8134@4 813^, cotton for acceptance 4 82
@4 8210, and grain for payment 4 8 2 ^@ 4 82%.
The following gives the week’s movement of
money to and from the interior by the New York
banks.
Week ending Oct. 18 1907.
Gold ................................................

Shipped b »
Received by
N . Y . Ranks. N . Y . Hanks.
$5,131,000
984,000
$6,115,000

ATrt Interior
Movement.

$9 362,000 Boss
1,147,000 Boss

S4,231,008
163,00#

$10.509.000;Lofb $4.394.00i

With the Sub-Treasury operations the result is as
follows.

972

THE CHRONICLE.
Into
Banks.

Week ending Oct. 18 1907
Banks’ interior movement as above.
Sub-Treasury operations___________
Total gold and legal tenders______

Out of
Banks.

Net Change in
Bank Holdings.

SH, 115,0001 §10,509.000 Loss
27,250,000 Gain
31,250.0001

$4,394,000
4,000,000

$37,759,000 Loss

$394,000

$37,365,000

The following table indicates the amount of bullion
in the principal European banks.
Oct. 17 1907.

Oct. 18 1906.

Bank of
Gold.
England.
France .
Germ any;
Russia _ d
A.us.-Hunb
S p a in ____
It a ly _____
Neth’l’ds _
Nat.Belg.a
Sweden . .

.............. ! 29 ,175,010
........ .
34 ,676.438 29 175,010
676,438|
,801,307; 37,202,227 148 003,534 112 .850,430 41,536,394 154 ,386,824
099.000 8.326.000 38 425.000 27 791.000 8.304.000 36 ,095,000
369.000 5.534.000 129 903.000 111 638.000 4.966.000 116 ,604,000
247,000! 11.881.000 57 128,000' 46 778.000 11,793,000 58 571.000
569,000' 25.473.000 41 042.000 15 304.000 24,178,000, 39 ,482,000
737.000 4,869,100 39 606.100 29 888.000 3,784,400, 33 672,400
269,400 5,189,600 11 459.000 5 530,400 5,546,400: 11 076,800
1,651,333 4 954.000
223,333
1,611 667 4 835.000 3 302,667
________
________
871.000
245,000:
245,000! 3 ,871,000

; 4

! 3

T o t. week 409,236.478 100,086,594 509,323,072386,128,507 101,759,527 487,888,034
Prev .week 407,638,047 100,128.079 507,766,126 384,345,334101,562,303 485,907,637
a The division (between gold and silver) given in our table of coin and bullion
»n the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain: In neither case is it claimed to be accurate, as those banks
make no distinction in their weekly returns, merely reporting the total gold and
silver; but we believe the division we make Is a close approximation.
b The Austro-Hungarian bank statement is now Issued in Kronen and Heller In­
stead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As tbe Kronen
has really no greater value than 20 cents, our cable correspondent In London, in
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 instead of 20.
d The total of gold in the Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held and consequently duplicated in the above statement is about
one-quarter of tb « total.

T H E EM PEROR OF A U S T R I A .
Half a dozen years ago news that the Austrian
Emperor had been stricken with a possibly fatal illness
would have caused something like political panic in
all the capitals of Europe. The belief was then main­
tained, and has not even now been wholly dismissed
in diplomatic circles, that Francis Joseph held together,
through his personality alone, the group of more or
less incongruous States which make up what we know
as the Austrian Empire. Discussions of the Austrian
situation at that time almost invariably came to the
conclusion that what might be called the centrifugal
force, operating in this loose-jointed combination of
Germans, Hungarians, Bohemians, Poles and Tyroliens
was held in check only because of a certain peculiar
respect and personal fondness for the veteran sovereign.
That many of the participants in the confederacy
in its present form chafed under the hegemony of
Vienna, seemed to be manifest from the repeated and
violent collisions in the representative Parliament
itself. Questions of religion, of methods of public
instruction, even of the language or dialect which
should be used in discussions on the floor of the Im­
perial Parliament, were embittered in a degree which
seemed to mean nothing less than racial antagonism
in the group of ill-assorted partners. When all the
rest of Europe was filled with reports of diplomatic
intrigue by one Power against another, and of efforts
of statesmen to take advantage of the dissatisfaction
existing in various groups of subject nations, it was
not strange that high diplomatic authorities should
have regarded the life of the aged Emperor as in a way
the mainstay of European peace. When predictions
indulged in detail, it was argued that Germany would
reach out for the Teutonic provinces in the north of
the Austrian Empire, which were supposed to be tend­
ing toward absorption in a “ Pan-Germanic union.”
Provinces on the West, with a Slavic population, were
set down as the natural prey of Russia. To the South
there were provinces with a definite individuality of
their own which were believed to aspire to nationality
such as that enjoyed by the minor Danubian prinicpalities in the Balkans. Above all, one heard con­




[V

ol. lxxx v

.

tinually that the progressive and ambitious Hungarian
people were resolved on restoration of the independent
monarchy of which they had been deprived by war
some forty years ago.
To recall this state of diplomatic feeling as it ex­
isted not very many years ago is useful at the present
time, when this week’s cables from Vienna have at
times seemed to indicate that the Emperor’s end was
drawing near. Francis Joseph is seventy-seven years
of age; he has occupied the Austrian throne since 1848.
His career is perhaps the most pathetic in all the his­
tory of modern monarchy. Confronted at the beginning
of his reign by Hungarian rebellion, which he sup­
pressed only by a humiliating appeal for help by
Russia; defeated by France in 1859, when he lost the
fertile Province of Lombardy; defeated again by Prus­
sia in 1866, when the Duchy of Holstein was taken
from him; defeated again in his aspirations of leader­
ship of a German Empire; his only son killed in a
mysterious brawl in 1896, and his wife wantonly
murdered by an Italian anarchist in 1898— the con­
trast between the story of his life and the importance
which diplomatic Europe has attributed to his con­
tinuance on the throne is most extraordinary.
Possibly the tragic incidents of his career have done
more toward creating a feeling of sympathetic loyalty
among his strangely diverse subjects than could have
been the case even with a prosperous and uniformly
successful monarch. Be this as it may, the question
which arose this week for Europe’s consideration was,
how far the dangers apprehended a few years ago as a
consequence of the Austrian Emperor’s death must
still be reckoned with. Perhaps the most striking
evidence of a change in the situation in this regard
is the calmness of foreign comment on the recent news
of the Emperor’s illness. Nowhere, if the press dis­
patches are a guide— and in such matters they are apt
to be a faithful index— has the prediction been ven­
tured that the Emperor’s death would now be followed
by such dismemberment of the Austrian Empire as
was all but taken for granted a dozen years ago. On
the contrary, advices even from the usual centres of
intrigue in Continental politics appear to have assumed
the peacable succession of the Archduke Francis Ferdi­
nand and the continuance of the Empire in its present
form. Even in the case of Hungary, where, within a
year or so, national aspirations were described as
superseding all other considerations in the case, no
threat of departure from the existing state of things is
heard.
It may reasonably be asked how such a change in
diplomatic Europe’s judgment should have come about.
There are several possible answers, but the most plausi­
ble seems to us to be that the past half-dozen years
have impressed on the mind of Europe the important
principles— first, that maintenance of international
peace is closely bound up in maintenance of the inter­
national status quo; second, that danger is more apt
to arise in the case of small independent States placed
between powerful and jealous neighbors than from any
other source. To what extent this danger has actually
operated in the not very distant past, the history of the
Balkan principalities conclusively demonstrates. That
these provinces were not absorbed outright by one or
another of their formidable neighbors has been pos­
sible only because of general recognition that such ab­
sorption would necessarily have given a signal for

O c t . 19 1907.]

THE CHRONICLE.

Continental war. Even with their independence guar­
anteed, the extent to which the hand of neighboring
Powers has been imposed for the repression of natural
instincts of progress and expansion in these smaller
States makes up a deplorable chapter in the history
of this past quarter century.
This is the true explanation for an extremely im­
portant event which occurred on October 6 , and
which is itself the real guaranty of the Austrian Em­
pire’s integrity, even with the death of Francis Joseph.
We refer to the signing of the treaty of commerce
between Austria and Hungary, the most important
bond of union beween these two States of the Empire,
and which had for months been supposed to be in
jeopardy through the jealousies of the two negotiators.
This treaty was assumed by Europe as tantamount
to Hungary’s consent to a peaceable succession.
Undoubtedly the lesson from the experience of
neighboring States has not been wasted on the con­
stituent States of the present Austrian Empire. This
fact, combined with the increasing unwillingness of
the European Powers to interfere with the maintenance
of the present good relations throughout Europe, ex­
plains the view taken in diplomatic circles of the news
of the Austrian Emperor’s serious illness. It prob­
ably guarantees the political and financial world against
the formidable shock which news of his death would
infallibly have cause;l not many years ago.

T H E R E A S O N FOR T H E E X IS T IN G
D ISQ U IETU D E.
A Philadelphia bond house of repute directs our
attention to a circular which it has issued, and in which,
among other things of a similar nature, it says: “ Ap­
prehension as to Governmental regulation of inter­
state corporations is steadily subsiding, as the people
come to understand that the real purpose of such regu­
lation is not the destruction of values but uniform
rates and prices for all shippers and consumers, and
thorough and frequent publicity in respect to the
affairs of such corporations in the interest of holders
of stock and bonds.” We wish there was support
for these views. Then, indeed, there would be cause
for rejoicing. Candidly speaking, we can see no indi­
cations that “ apprehension as to Governmental regu­
lation of inter-State corporations is steadily subsiding.”
On the contrary, anxiety in that regard is increasing
and becoming more and more acute; unfortunately,
too, new provocation for such anxiety is constantly
appearing. Nor does experience or observation find
adequate ground for suggestions that the crusade
and rage against railroads and other corporations has
for its object merely the eradication of abuses. If that
were the real object,and the work were directed and
undertaken in the proper spirit, it would meet with a
chorus of approval from all the financial and investing
centres in the country. For who would have more to
gain from the extirpation of evils and abuses than the
investor and the moneyed classes generally?
We have had a new illustration this week of what
is going on all the time. The reader will recall the
recent controversy between Governor Comer and the
State authorities in Alabama and the railroads of the
State concerning the reduced rates which it is sought
to enforce in that State. A truce in that conflict was
arranged by the railroads agreeing to put the new
passenger schedules into effect pending the final deter­




973

mination of the issues by the courts. Now comes
Governor Comer with a proclamation convening the
Legislature in extraordinary session for November 7
and enumerating twenty-seven distinct subjects for
the consideration of the Legislature, nineteen of which
are directed against the railroads. Is such action,
which is merely typical of what is taking place in many
different States in all parts of the country calculated
to allay apprehensions regarding the effects of Govern­
mental regulation of the railroads, and does it afford
any evidence that the spirit of hostility against the
railroads is abating, or can it be construed as having
even the remotest connection with the idea of correctng abuses and removing evils?
Can it be claimed, either, that the agitation for
two cents a mile passenger rates which has been sweep­
ing over the country is prompted by a desire to pro­
mote the interests of the roads? To be sure, such laws
do insure “ uniform” rates, which our Philadelphia
friend looks upon so favorably; but is such uniformity
“ in the interest of holders of stocks and bonds,” as
claimed? Then the various laws and regulations for
the reduction of freight rates, made in so many States
either by legislative enactment or by decree of govern­
ment bodies— arejthese dictated by a desire to promote
“ the interest of holders of stocks and bonds” or to
root up abuses? The demurrage laws that have been
passed— have they any such purpose? And what, is the
object of the statutes enacted in numerous Western
and Southern States the present year seeking to deny
access to the Federal courts? If the purpose were to
mete out equal and exact justice, to treat these cor­
porate bodies fairly, would there be any attempt to
prevent the taking of such laws to the United States
courts for determination as to their validity? If the
laws are not hurtful to the interests against which
they are directed, why should a State feel any solicitude
lest they be held unconstitutional by the Federal
courts? Is it not the simple truth that the politicians
want reduced rates and other concessions whether or
not the carriers can afford to grant them, and no matter
how seriously the roads may suffer through their
adoption?
Another consideration that is being ignored is that a
new law has been put upon the Federal statute books,
namely the Hepburn Rate Bill, and that this confers
extraordinary powers over the railroads upon the InterState Commerce Commission— in some respects tak­
ing control of the affairs of the roads away from the
owners and conferring it upon this Government body.
In connection with that enactment, too, there is con­
tinued agitation of the proposition for a valuation of
the property of the railroads, the purpose of which can
be nothing else than to afford a basis for rate reduc­
tions. Certainly no person in his senses would credit
a Government official with an intention to raise rates.
Nor can the fact be overlooked that the cry from Wash­
ington and from the various State capitals is for still
other laws calculated to give Government officials a
yet larger measure of control over the corporations.
Furthermore, the Federal authorities are demandinglike authority of control over industrial corporations,
while in States without number anti-trust laws have
been enacted intended to hamper the activities of those
modern agents of commerce.
Then also street railways and gas and electric-light
and power concerns are being legislated against in the

974

TH E CBKONICLE.

[V o l .

lxxxv.

same way. The Public Utilities Bill in New Jersey the depression occasioned in London and Paris by the
present week fortunately failed of enactment, but in this continued decline in copper securities. Nothing is to
State the measure is a law and the Commission created be gained by treating such a state of things in a gingerly
by it is actively at work. In Georgia an even more fashion, or by trying to delude ourselves into thinking
drastic Public Service Bill has become a law. In this that all that is necessary is an influx of speculative
State, likewise, the price of gas in New York City was buying, and the situation will quickly right itself. The
arbitrarily reduced last year to 80 cents, both by order trouble has gone too far. Half-way measures can no
of the old Gas Commission and by legislative enact­ longer suffice. The policy so detrimental to the best
ment. Add to this the circumstance that in the West interests of the country must be changed. Will our
and the South it is the fashion, not only on the part of public men prove equal to the occasion, and call a halt
the politicians, but on the part of men eminent in the before all industrial interests become engulfed in
banking and business world, to refer to the slump in disaster?
security values in the most nonchalant way— to treat
it as a matter affecting Wall Street and the financial
T H E S O U T H E R N R A I L W A Y REPORT.
centres alone, with which the people elsewhere have
The
annual report of the Southern Rail way. Com­
no concern. In the most emphatic terms A ve are
pany
makes,
as expected, an unfavorable showing;
told that the country at large is prosperous, that only
but,
on
the
other
hand, President Finley writes in a
Wall Street is feeling blue and depressed, and that the
hopeful
spirit,
and
it is evident that the future of the
situation there is of Wall Street’s own creating. When
property
is
as
bright
as ever if only right conditions
all these things are put together, do we not find real
can
be
brought
about.
The trouble with the Southern
and genuine occasion for anxiety— nay, for alarm?
Railway
Company
has
been
not a dearth of business,
At all events, the effect altogether has been to make
but
an
excess
of
it
under
the
wonderful development
capital timid and investors and moneyed men afraid
of
the
territory
tributary
to
its
lines, which it itself has
to put more money in the enterprises which are the sub­
brought
about,
and
the
inability
to raise capital fast
ject of attack. This is a new and very large country,
enough
to
provide
the
extra
facilities
needed to take
with a rapidly expanding population, and there is a
constant need of new supplies of capital. These sup­ care of the expanding business. The result has been
plies are no longer forthcoming in the old way, and so-called traffic congestion, which, combined with
money for improvements and extensions can only be other adverse circumstances of a pronounced character,
obtained on onerous terms. The so-called strain upon has made traffic operations very costly, working a
capital cannot be looked upon as furnishing an explan­ great curtailment of profits at a time when the com­
ation, for our people have been making large profits pany had largely increased charges to meet.
On the whole it has been a difficult and a trying
in recent years and wealth has been accumulating at
a very rapid rate. The trouble is simply that, for the year. No one, though, can read the report without
reasons stated, it is no longer possible to tempt the in­ feeling convinced that strenuous efforts have been
vestor and capitalist to put their money in corporate made to remedy the defects of the situation, and that
undertakings. Shut out from new supplies of capital, these efforts are likely to yield fruit in better results
the railroads, and industrial concerns also, are obliged in the near future. Notwithstanding the difficulty of
to curtail improvement and development work in all providing new capital, the company succeeded in
raising in one way or another a very considerable
•directions.
This is the real secret of the utter collapse in the amount of funds. This has been devoted to the most
■copper trade. Six months ago copper consumers were urgent improvements, and the money thus expended
tumbling over one another in their anxiety to get copper seems certain to bring a profitable return during the
at 26 cents a pound. To-day they cannot be induced new or current fiscal year.
The income showing, in brief, is that the company
to take the metal at 13 cents a pound. Why? Be­
cause orders are no longer coming in. Extension and added $3,016,555 to the total of its gross, bringing
development work on street railways has come to a the aggregate up to $56,657,994, but this was attended
standstill, since no one, apparently, wants the securi­ by an augmentation in expenses of no less than $4,ties of such undertakings at any price. The demand 926,143, so that there was an actual diminution in net
for copper consequently has disappeared. The Toledo of $1,909,587, whi*h was offset to the extent of only
Railways & Light Company on Monday passed its $240,280 by an increase in the income from invest­
semi-annual dividend and the Detroit United Railway ments and other sources, leaving a falling off in total
on Tuesday passed its quarterly dividend. Both are net income of $1,669,306. With this diminution of
important street railway enterprises, and the manage­ the net, fixed charges increased $1,269,438, and, as a
ment in each instance explained the step by saying consequence, the surplus above charges was reduced
that the company had found itself under the necessity in the sum of $2,938,745. This means that such sur­
of making large expenditures for equipment, improve­ plus was more than cut in two, and that instead of
ments and additions to property, but had been unable $5,229,066, the surplus for the previous year, the simi­
to reimburse itself through the sale of bonds at what lar surplus for 1906-07 was only $2,290,321. The
were deemed reasonable figures. And the experience company paid 2 ^ % on its preferred stock last April,
of these roads simply duplicates that of all other roads. but only lj^ % the present October, making 4% to­
The action this week of the Amalgamated Copper Co. gether, for which the call on the $60,000,000 of pre­
in cutting its dividend in two, the collapse in United ferred stock outstanding was $2,400,000. It is there­
Copper shares on the curb and the involvement of the fore evident that the 4% dividends were not earned in
Heinzes are only incidents in a generally deplorable full, and yet the}r were nearly so earned, which for
situation. And the effects, too, are world-wide, and such a period as the twelve months under review must
not limited to the United States alone, as witness the |be considered an encouraging circumstance.




O c t . 19 1907.)

THE CHRONICLE.

During the year bonds and notes of the aggregate
par value of $32,052,000 were sold, and the report
tells us that these additions to capital account are prin­
cipally responsible for the increase in fixed charges.
The amount would be further increased if account were
taken of the new obligations issued in connection with
various terminal enterprises, in the guaranty of the
bonds of which the Southern Railway Company joined
with other companies that contemplate using the same
terminals. Of the $32,052,000 bonds and notes sold,
$15,000,000 consisted of three-year 5% notes. Re­
sort to this method of raising money was found neces­
sary because it was not possible any longer to market
long-term bond issues except at a figure that would
have been forbidding. Even as it was, the securities
placed during the year had to be sold at a sacrifice, as is
evident from an item in the balance sheet reading
“ Net discount on securities sold— to be charged off
during life of securities,” for amount of $1,655,537.
The report shows in great detail what has been accom­
plished with the money raised, and there are also hints
as to what is to be expected from this application of
new capital. It is likewise made evident that further
very large amounts could be profitably employed in
the same way if only conditions permitted the raising
of the funds on reasonable terms. As indicating how
the money spent is likely to prove profitable, we will
refer to only one instance, out of many, which we find
scattered through the report.
Though comprising 7,554 miles of road, the Southern
Railway has only a little over 200 miles of double track.
The report sets out what has been done and is being
done to provide second track at various points where
traffic movement is exceptionally heavy, and in
speaking with reference to the double track work under
way on the Knoxville Division, it is pointed out that
the second track thus far provided has already greatly
aided the operation of trains. As an illustration, it is
stated that, heretofore, on account of the large number
of trains handled, it has required an average of about
ten hours for a freight train to make the run between
Knoxville and a point called New Line, in Tennessee.
Under the new track facilities provided, this time has
been reduced to about three hours, and with the fur­
ther construction of another piece of double track of
14 3-10 miles, trains, it is stated, will move with still
greater facility and economy.
President Finley sums up the situation tersely when
he says: “ The problem of economical operation upon
the Southern Railway lines under existing conditions
is the problem of providing additional facilities and
of keeping ahead rather than behind the demands of
business.” As more facilities are provided, greater
economies and increased net earnings may be expected.
This, however, only goes to show how needful new
supplies of capital are, and how essential it is that
nothing should be done that will interfere with the
getting of these supplies with unimpaired freedom.
In the matter of equipment alone the requirements
from year to year are very heavy, as appears from a
statement in the report to the effect that since June 30
1900 the company has purchased new rolling stock
costing $43,295,663, largely through the issue of
equipment obligations, of which $20,577,487 still re­
mained outstanding June 30 1907.
The importance of providing the needful facilities
to promote economy in operation* is made all the




975

more urgent by the other conditions which have served,
and are serving, so greatly to swell the expense accounts
of the roads. Of the augmentation in expenses in
the late year approximately $1,250,000 was due to the
advance in the rates of pay of machinists, boiler
makers, blacksmiths, tinners and pipe men, car men,
engineers, firemen, conductors, train men and other
employees. At the same time, fuel is costing more,
and as for the advances in material, &c., the remark
is made that since 1898 the cost of bridge timber has
increased from $9 36 to $23 59 per thousand feet,
cross-ties from 28 cents to 37.6 cents per tie; steel rails
from $17 75 per ton to $29 per ton; fuel coal from 89
cents to $1 37 per ton; while the cost of labor per mile
of road has increased from $1,621 in 1895 to $2,513
in 1905, with a further advance to $3,189 in 1907.
However, as already indicated, a very favorable
view is taken of the outlook for the property. In the
first place, the management feel that great improve­
ment in operating results must follow from the ex­
tensive work under way. Then it is felt that a large
and steady increase in traffic can be counted upon—
in fact, is regarded as positively assured. Mr. Finley
says that the Southern Railway lines have enjoyed
and are destined increasingly to share in the extraor­
dinary industrial opportunity which exists in the South.
He says that these lines penetrate a territory whose
resources fully justify the rapidly increasing interest
manifested in the South's economic development and
progress. The territory traversed by the s37stem is
being covered with new manufacturing plants (the
records show 860 new industrial enterprises completed
and placed in operation during the year along the lines
of the system); while the numerous existing factories
established since the organization of the company are
most successful and are being generally enlarged.
The manufacture of furniture (as one illustration) has
grown to such proportions as are not exceeded in any
other like section of the country. The textile industry
iof the South, it is pointed out, is largely congregated
n the districts reached by the Southern Railway lines,
and gives promise of great future growth by the
erection of more mills and enlargements. During the
year 48 new textile manufacturing plants were com­
pleted and placed in operation in the territory served
by the Southern Railway. The electrical power
developments directly tributary to the lines and the
mining districts supplying cheap coal make beyond
all peradventure the districts served pre-eminent in
the South for profitable manufacturing.
The impression which the Southern Railway report
leaves on the mind is that the property has an excel­
lent future ahead of it if only its development be not
hampered and interfered with by artificial hindrances,
such as- adverse legislation tending to impede the flow
of capital in the necessary amounts ii^to the South.
Mr. Finley speaks of the necessity of maintaining good
relations with the public and indicates what the
management are doing to promote such relations.
He says that as a railway must depend for its pros­
perity on the confidence and support of the public
served by it, the policy of the Southern Railway Com­
pany is to merit the confidence and support of every
community which it serves. Efforts are (constantly
being made to cultivate closer relations with all the
public, and especially with the men in all lines of busi­
ness who are most directly interested in the adequacy

976

THE CHRONICLE

and efficiency of transportation facilities, and to bring
.about a realization on their part that the company
has a direct and vital interest in the success of their
individual enterprises and in the prosperity of their
communities. In all the dealings of the company
with the public, we are told, it is the purpose of the
management to cultivate a spirit of co-operation,
to deal justly with all the patrons of the company,
.on the basis of sound business and economic princi­
ples, and to this end particularly the special endeavor
has been to bring about courteous and considerate
treatment by all employees of every person transact­
ing business with the company. This is obviously a
wise policy, and it cannot fail to prove beneficial in
the end, though for the time being the effects may be
obscured by the machinations of politicians and by
hostile legislation.
Mr. Finley seems hopeful even of the speedy passing
away of the present spirit of hostility against railroad
interests. For he says there is a growing public opin­
ion among those who actually use the railways of the
South in favor of legislative and administrative policies
that will recognize that the railway company is a busi­
ness institution subject to the same economic laws that
control all other business enterprises, and that it
cannot obtain new capital for the enlargement of its
facilities unless investors can have a reasonable assur­
ance that its income will be sufficient to defray its
operating expenses and fixed charges and leave a
reasonable balance for dividends and surplus. These
are wise views,and sooner or later tHey are sure to
prevail. That they should find general acceptance
is of the highest importance to the Southern Railway,
since in the last analysis the future of this property
hinges upon the treatment it is to receive at the hands
of those whom it is trying to serve— its patrons, the
Southern people.

T H E B A L T IM O R E & OHIO REPORT.
The Baltimore & Ohio Railroad Company reflects the
operating conditions which have been common to the
railroads as a whole, but it also shows that it is well
circumstanced to bear an adverse state of things of
that kind. Briefly put, an addition to gross revenues
of $4,851,865 was attended by an augmentation in
expenses in the large sum of $5,364,870, so that the
outcome of the enlarged volume of business done was
a loss of $513,004 in the net. Such, however, is the
strength of the company’s income position that this
loss in net earnings, with a concurrent increase in
charges, has not served to make any very noteworthy
impression in the income account. For, after provid­
ing for all the charges and allowing $1,099,981 for mis­
cellaneous improvements, the company still had left
on the operations of the twelve months available net
income of $17,445,630.
The call for the 4% dividend on the preferred shares
was $2,400,000, and the call for the 6 % dividend on
the $152,174,829 of common stock was $9,130,490,
making together $11,530,490 to come out of the $17,445,630 available. Thus, there was left, over and
above the dividends on both classes of shares, nearly
$6,000,000. Of this latter, $3,000,000 was appro­
priated for construction, additions and improvements.
The final result, therefore, is that, after taking $3,000,000 from earnings for construction and improvements




[VOL.

LX X X V .

and $1,099,981 for so-called “ miscellaneous” improve­
ments, there still remained a surplus on the operations
of the twelve months, over and above the dividend re­
quirements at current rates, of, roughly, $3,000,000—
this during a period of adverse operating conditions,
as already noted.
We need hardly go into any extensive explanation of
the reasons for the great increase in operating expenses.
The causes were much the same as in the case of other
railroads which have suffered in like way. Of the total
increase in expenses for the year, $1,154,000, roughly,
was occasioned by the very considerable advances in
the wages of employees. The higher cost of fuel and
other supplies was another considerable item, and of
course there was a natural increase all around, owing to
the very considerable expansion in traffic. There ap­
pears also to have been a special item of increase, as
the report tells us that large expenditures were charged
to injuries to persons by reason of the train accidents
at Woodville, Ind., and Terra Cotta, D. C. The fig­
ures given are based on the Baltimore & Ohio company
itself, including the Baltimore & Ohio Southwestern,
comprising 4,006 miles, on which aggregate gross earn­
ings in the late year reached $82,243,921. On the socalled controlled or affiliated lines, which comprise
only 456 miles, the showing as to net was much better,
an increase of $867,102 being noted in this instance.
Operating efficiency is being maintained at a high
point, and the train-load was further increased by 13
tons, bringing it up to the very respectable figure of
433 tons. The company’s traffic development has been
wonderful in recent years. We have referred to this
fact on previous occasions, but with each succeeding
3^ear’s further growth, that feature becomes more sig­
nificant and more noteworthy. This is true both of
the total traffic and of the coal traffic, in which latter
the development has been particularly marked. We
pointed out twelve months ago how large this eoal
traffic had become, and in the late year there was still
further expansion, the bituminous coal tonnage having
increased by 980,339 tons, the anthracite coal traffic
by 150,199 tons and the coke traffic by 307,169 tons.
Of bituminous coal the road carried altogether 22,986,520 tons in the twelve months, of anthracite coal 1,077,620 tons and of coke 5,871,775 tons. Of coal and
coke combined, therefore, the number of tons trans­
ported in the late year aggregated only a little less than
30,000,000 tons.
It is hence apparent that in the magnitude of its
coal traffic the Baltimore & Ohio can stand second
only to the Pennsylvania Railroad. If to the increase
in the coal traffic during the twelve months we add the
597,293 tons increase in ores, the 516,771 tons increase
in “ other castings and machinery” and the 385,408 tons
increase in “ miscellaneous,” we account for the bulk
of the increase for the year in all classes of freight,
which increase was 3,113,163 tons. This shows
whence the further growth in 1906-07 was derived.
It evidently followed in no small measure from the un­
exampled prosperity of the iron and steel industries.
The coal traffic is moved at very low rates, and the
average rate per ton per mile realized in the late year,
after some trifling improvement over the year preced­
ing, averaged only 4.04 mills per ton per mile. As a
matter of fact, the Baltimore & Ohio nets a low aver­
age on its entire freight movement. The average for
1906-07 on the whole freigh: tonnage was 5.70 mills

OCT. 19 1907. J

THE CHRONICLE

per ton per mile, which was one-tenth of a mill better
than in the year preceding.
As to the growth in total tonnage, no other road in
the country, barring only the Pennsylvania Railroad,
can claim, we imagine, such a record as the Baltimore
& Ohio. Going back ten years, to 1896-97, the freight
movement was only 18,716,655 tons. For the year
under review the aggregate was no less than 58,448,265
tons. The tonnage movement one mile in the ten
years has risen from 3,499,075,760 tons to 11,330,133,482 tons. It is true that during this period, owing to
the absorption of the Baltimore & Ohio Southwestern
and some other lines, the length of road operated in­
creased from 2,090 to 4,006 miles, but the added mile­
age had a relatively light traffic as compared with the
Baltimore & Ohio itself. There has been considerable
improvement in the interval in the rates received, due
to the harmonious relations established between the
different competing roads. For 1906-07, as already
stated, the average was 5.70 mills; ten years before,
in 1896-97, it was 5.24 mills, and in 1895-96 it was
5.93 mills. But in 1898-99 the average had got down
as low as 3.90 mills.
The great development of the traffic of the system
justifies the enormous amounts of money which have
been poured into the property. The expenditures for
construction and betterments for the late twelve
months were $9,022,768 and for the year preceding
they were $9,050,924. In each year $3,000,000 of
the amount was derived from appropriations out of
income. In 1904-05 the construction and improve­
ment expenditures were $8,623,733; in 1903-04 they
were $11,552,054 and in 1902-03 they were $8,999,309.
Thus, for the five years, there has been spent in this
way $47,262,388, of which amount $14,000,000 was
taken and paid for out of current income. The ex­
penditures for new equipment have also been on an
enormous scale, and the equipment in the service of
the company, including the affiliated lines, now com­
prises no less than 87,640 cars and 1,951 locomotives.
Most of the new capital needed has been derived
from the issue of stock rather than from an increase in
debt. During the year under review $17,259,475 was
obtained from the proceeds of new stock sales. This
represents the amount that still remained undvie at
the close of the previous fiscal year on the $27,460,769
offered to shareholders at par in April 1906. Most
of this additional capital is represented at the end of
the fiscal year by the advances of $17,042,953 made by
the company (and which in the balance sheet appear
under the item “ due by individuals and companies” )
for the redemption and acquisition of the bonds of the
Chicago Terminal Transfer Railroad Company, which
advances were made for the purpose of protecting, the
report tells us, the company’s occupancy of its passen­
ger terminus in Chicago pending a judicial determina­
tion of the rights of the parties in interest.
President Oscar G. Murray speaks rather guardedly
of the effects of the political movements against the
railroads. He says the year has been marked by legis­
lation on the part of the’ Federal Congress in the pas­
sage of what is known as the Hepburft Bill, under which
the authority and duties of the Inter-State Commerce
Commission have been enlarged. In addtion, there
has been legislation on the part of a number of the
States which threatens, he notes, most serious conse­
quences to the carriers affected thereby. Such action




977

has been mainly directed'to a reduction o f the charge
for the transportation of passengers to a maximum rate
of 2 cents per passenger per mile. The States whose
action affects the Baltimore & Ohio, and the dates
such actions became effective, are given as follows:
Virginia, July 1 1907 (with an exception as to Balti­
more & Ohio lines), fixing the maximum at 3 cents
per passenger per mile; West Virginia, May 21 1907;
Ohio, March 10 1907; Pennsylvania, Oct. 1 1907; In­
diana, April 10 1907; Illinois, July 1 1907.
A compliance with these various Acts, Mr. Murray
states, required a revision of passenger tariffs and rates,
and it cannot be said at this time with any positiveness
to what extent the Baltimore & Ohio’s passenger earn­
ings will be affected; that the reduction will be consid­
erable, he says, admits of no reasonable doubt. In
some sections, he thinks, the incentive to travel may
afford some possible compensation, but in others noth­
ing of this character can be looked for, and the result,
as a whole, he declares, is problematical.

P R O S P E R IT Y OF T H E ROCK I S L A N D
S T . L O U IS & S A N FRANCISCO.

AND

. fn the year ending June 30 1907 the Chicago Rock
Island & Pacific Railway and the St. Louis & San
Francisco Railroad had opportunity to show what
they could do under favorable conditions. It is
natural to couple the two properties because they
lie in the same section of the country— the ex­
panding South West— and still more because there
is identity of ownership, the Rock Island Company
holding the controlling interest in both. What made
the situation especially encouraging in that part of
the country during the period under review was
that nearly all the different States were blessed with
bounteous harvests (the yield of grain and cotton
particularly being unusually abundant) and we need
hardly .say that satisfactory crops are an item of
considerable importance among communities devoted
so largely .to agricultural pursuits. In addition, the
whole of the South West is enjoying wonderful ex­
pansion and progress, attended by a great influx of
new settlers and a noteworthy growth in population.
The result of these auspicious circumstances is re­
flected in the annual reports of the Chicago Rock
Island & Pacific and the St. Louis & San Francisco,
both of which make very .gratifying exhibits.
In. the case of the Rock Island lines there was an
addition during the twelve months of over 9 million
dollars to the gross revenue and of over 3 million
dollars to the net revenue, gross rising from $51,237,858
to $60,238,420, and net from $16,170,800 to $19,194,277. There, was a falling off of $270,656 in other
income, which still left, however, an improvement in
total net revenue of $2,752,823. Higher charges for
interest, rentals and taxes consumed $788,138 of the
amount, and yet, after allowing for this the sum
available for dividends in 1906-07 was $8,750,517,
against only $6,785,832 the previous year and but
$4,733,109 the year before. This shows what a
wonderful change for the better there has been in the
two years. With $8,750,517 available for dividends,
the amount distributed to the shareholders was less
than half this sum, namely only $4,116,72 , or 5 ^ % ;
the other $4,633,789 was carried forward to the credit
of profit and loss. Stated in another way, while only
4/1 2% was paid out in dividends, 11 .6 % was actually

978

THE CHRONICLE.

earned. The improvement in revenues attracts par­
ticular attention inasmuch as it follows a very large
improvement the previous year. Combining the two
years, it is found that gross earnings at $60,238,420
for 1906-07 compare with only $44,051,509 in 1904-05,
and net earnings at $19,194,278 compare with $12,993,300, the improvement in this last instance being
almost 50%.
The showing'for the St. Louis & San Francisco Rail­
road is much the same. Here gross earnings gained,
as compared with 1905-06, $6,574,411, and net earn­
ings gained $2,247,365. Extending the comparison in
this case also a year further back, it is seen that in
the last two years gross earnings have risen from
$29,958,240 to $38,621,068, and net earnings from
$10,661,223 to $13,748,488. Under this great ex­
pansion in net income, the sum available for dividends
in the latest year was $4,158,583, while the amount
paid out in dividends was only $199,742, being 4%
on the first preferred stock of about $5,000,000 out­
standing. Nothing was paid on the $16,000,000 of
second preferred stock or the $29,000,000 common
stock. It is easy to compute that the $3,958,^1
remaining on the year’s operations after the payment
of 4% on the preferred shares would have paid 4%
on the second preferred shares and over 11 % on the
$29,000,000 of St. Louis & San Francisco common
stock. This showing would be further improved
if account were taken of the surplus remaining for
the same twelve months on the operation of the
Chicago & Eastern Illinois, all of whose common stock is
owned by the St. Louis & San Francisco Railroad
Company. It is almost superfluous to say that these
figures demonstrate what a conservative policy is
being pursued in the matter of the distribution of the
yearly .profits among the shareholders.
In setting out the improvement which has occurred
on these Southwestern properties, it seems desirable
to go a step further and show the combined results for
all the lines. In the annual report of the Rock Island
Company, issued distinct from that of the St. Louis
& San Francisco and the Chicago Rock Island & Pacific,
we find the necessary data for such a comparison.
The figures there given include the Chicago & Eastern
Illinois and the Evansville & Terre Haute (controlled
lines of the St. Louis & San Francisco) as well as the
Rock Island lines and the St. Louis & San Francisco.
In this way we get results for an aggregate of 14,100
miles— which compares with 13,545 miles for 1905-06
and 13,452 miles for 1904-05. In the two years gross
earnings have risen from $84,483,274 to $112,464,417.
In other words, these lines have enlarged their revenues
since 1905 in the sum of almost $28,000,000. The
net earnings in the same two years have increased
from $27,333,606 to $38,226,777, the increase here
being, it wTill be observed, almost $11,000,000. Very
naturally charges also have moved up; nevertheless,
the balance of income remaining above the charges
was for the latest year no less than $15,044,489, as
compared with a similar balance for these combined
lines on the operations two years ago of only $6,972,415. With $15,044,489 available for 1906-07 the
amount paid out in dividends was no more than $5,568,092, leaving $9,476,397 to be carried forward to
the credit of profit and loss.
In the case of the Rock Island Company nothing of
this improvement is reflected in the company’s income




statement.

[V o l .

lx x x v .

The reason is that the Rock Island

Company is merely a holding company and of course
gets no return on the investment except the dividends
paid by the companies controlled; and these companies,
as we have just seen, have been distributing only a
small share of their profits. The Rock Island Company
owns the entire capital stock of the Chicago Rock Island
& Pacific Railroad Company, an intermediary which
owns $70,067,700 of the $75,000,000 capital stock of
the Chicago Rock Island' & Pacific Railway Company,
and this intermediary also owns $28,940,300 of the
$29,000,000 common stock of the St. Louis & San
Francisco Railroad Company. As no dividends have
ever been paid on St. Louis & San Francisco common,
the Rock Island Company's income is derived almost
entirely from the dividends paid on Chicago Rock
Island & Pacific Railway shares. These dividends
in 1906-07, as above noted, were 53^%, and the yield
to the Rock Island Company was a sum only a little
more than sufficient to pay the interest on the two
issues of collateral trust bonds which the Chicago
Rock Island & Pacific Railroad has outstanding, ag­
gregating together $87,431,880. Suppose, however,
the Chicago Rock Island & Pacific Railway Company,
instead of distributing only 53^%, had distributed
the whole of its yearly profits, then 6 % additional
would have come to the Rock Island Company on the
$70,067,700 of Railway stock held, yielding $4,204,062
beyond what was actually received by the holding
company. Suppose, in like manner, that the St. Louis
& San Francisco Railroad, instead of paying nothing
on its common shares,had paid the 11 % which appears
to have been earned on these shares, in that event the
Rock Island Company would have received an addi­
tional $3,183,433, giving it altogether $7,387,495 be­
yond the amount actually received. This latter would
then have been available for distribution on the $54,000,000 preferred stock and $96,000,000 common
stock of the Rock Island Company. Of course, it
is hardly likely that these controlled properties would
ever attempt to distribute all of their surplus profits
n any given year, but the computations we have made
are useful in showing that the Rock Island Company's
equities in these properties are valuable.
Two other things attract attention in an examination
of the reports of these companies. One is the large
amount of new capital that has had to be put into the
properties, and the other the steady improvement in
physical operation. Doubtless except for the large
requirements of funds to carry on improvement and
extension work, the managements would have felt
greater liberty in distributing the profits of the year.
The Chicago Rock Island & Pacific Railway added
$15,880,000 to its funded debt during the year, besides
which $3,000,000 of interim certificates for first and
refunding mortgage bonds were issued, making $18,880,000 together, and in addition, of course, the $4,633.789 surplus on the operations of the twelve months
above the 5 ^ % dividends paid also went into the
property in one form or another for its physical and
financial improvement. Altogether, therefore, $23,513.789 of surplus earnings and new capital were found
necessary. The St. Louis & San Francisco Railroad
increased its funded debt by $10,080,153 and added
$4,371,860 to the net amount of its equipment bonds
and notes outstanding. It evidently had need for a
great deal more money, for the balance sheet shows

$5,577,250 of notes payable June 30 1907, as against
only $748,450 on June 30 1906, an increase of $4,828,800. Adding the three items together, therefore, we
get for this company an aggregate of $19,280,814,
to which there should be added $3,958,841 to represent
the surplus of earnings remaining above the dividend
on the first preferred shares, making altogether $23,239,655 of new capital or surplus earnings used up.
Adding now the $23,513,789-for the Chicago Rock
Island & Pacific Railway and we have a grand aggre­
gate of new capital and income devoted during the
last twelve months to these two properties in the sum
of $46,753,444.
As to the increased efficiency, in operating attain­
ments, it is only necessary to say that there was further
progress in this direction the late year in the case of
both companies. What has been accomplished within
a very brief period of time is indicated by the fact that
on the St. Louis & San Francisco the average train­
load in 1907 was 224 tons against only 155 tons in 1900,
and the average load in the case of the Rock Island
lines was 266 tons, against 182 tons in 1900.

R A IL R O A D

GROSS E A R N IN G S
SEPTEMBER.

FOR

While returns of net earnings are becoming obvi­
ously unfavorable, there is as yet no indication of
much change in the character of the exhibits of gross.
Satisfactory .growth in this case is still the rule. Our
compilations to-day cover the month of September.
It is too early as yet to include in a statement for
that month any roads except those which furnish
early .preliminary returns and on the present occasion
the mileage represented is smaller than usual. One
important body of roads is missing. 0 w7ing to the
consideration of matters relating to the system of ac­
counting between the different lines in the system
and their relation to each other, the usual monthly
exhibit of the New York Central system is delayed
and has not yet made its appearance. Just what
effect the absence of figures for these roads has had
on the final result we are not in position to state, but
there would seem to be little doubt that the magni­
tude of the month’s gain has thereby been reduced.
Our totals show an increase of only $4,144,749 on the
roads reporting. It should be remembered, howrever,
that as the aggregate mileage covered is smaller than
in other months, the falling off in amount of gain
possesses less significance than would otherwise be the
case. In ratio the increase is 7.95%, which is some­
what less than the ratio of improvement in the months
immediately preceding. For August, for instance, our
early compilation recorded 9.30% gain.
Considering all the facts, the showing must be re­
garded as not unsatisfactory, even though the im­
provement is smaller than in other recent periods. In
the South the cotton qrop the present year is very
late, and as a consequence some of the Southern roads,
and particularly .those in the Gulf States, sustained a
considerable reduction in the volume of their cotton
traffic. In the West the wheat movement at a
number of the primary markets fell off, this being
more especially true of the spring-wheat markets,
and yet the grain movement as a whole in the West
ran well ahead of that of last year. Another point to
remember is that for September comparison is not




979

THE CHRONICLE.

O c t . 19 1907. j

with such exceptionally heavy totals of earnings in
previous years, as was the case in other months. For
several successive Septembers the ratios of increase
have been moderate as a rule. Still, in 1906 our
September totals showed an increase of 9.01%, as
may be seen from the following, giving the September
totals back to 1896.
Mileage.

Gross Earnings.

September.
Year Y r.p re ­ In Given. ceding. cr’se.
Year.
1896 —
1897 . . .
1898 . . .
1899 . . .
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1904 . . .
1905 . . .
1906 . . .
1907 . . .
Jan. 1
1896 . . .
1897 . , .
1898 . . .
1899 . . .
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1904 . . .
1905
1906 . . .
1907 . . .

Roads
117
128
123
111
101
96
72
73
66
55
68
55

Miles.
90,456
95,865
91,517
95,700
96,165
101,165
89,680
90,183
83,592
80,859
92,839
73,482

to Se pi. 30.
111
88,223
124
95,250
122
91,475
108
95J31
101
96,165
93 100,492
72
89,680
73
90,183
66
83,592
55
80,859
68
92,839
73,482
55

M iles.
%
89,696 0.85
94,422 1.52
90,818 0.77
94,503 1.26
92,902 3.51
99,204 1.98
88,083 1.82
88,703 1.67
81,623 2.41
79,023 2.32
90,527 2.55
72,668 1.12

Year
Given.
$
41,561,327
49,720,753
47,105,094
58,682,534
58,270,588
66,491,460
61,654,626
68,192,919
61,589,566
61,549,679
79,890,686
56,317,223

Year
Preceding.
$
42,056,682
43,333,198
44,379,196
53,004,336
57,173,545
59,962,628
56,278,213
63,748,368
59,124,478
58,045,752
73,290,417
52,172,460

Increase ( + )
or
Decrease (— ).
$
— 495,355
+ 6,387,555
+ 2,725,898
+5,678,198
+ 1,097,043
+ 6,528,832
+ 5,376,413
+ 4,444,551
+ 2,465,088
+ 3,503,924
+ 6,600,266
+ 4,144,749

%
1.18
14.74
6.14
10.71
1.92
10.88
9.55
6.97
4 16
6.03
901
7.95

87,464 0.86 326,903,450 312,929,980 + 13,973,470 4.46
93,807 1.54 356,545,809 343,560,268 + 12,985,541 3.78
90,776 0.77 356,283,597 319,888,352 +36,395,245 11.37
94,026 1.23 435,131,215 399,525,997 + 35,605,218 8.91
92,902 3.51 470,582,605 423,590,726 + 46,991,879 11 09
98,531 1.99 525,841,522 475,815.865 + 50,025,657 10.51
88,083 1.82 489,256,535 451,747,198 +37,509,337 8.33
88,703 1.67 561,854,388 500,075,914 + 61,778,474 12.33
81,623 2.41 481,650,242 483,274,172 — 1,623,930 0.33
79,023 2.32 484,597,911 452,258,707 +32,339.204 7.15
90,527 2.55 657,972,747 574,286,788 +83.685,959 14.57
72,668 1.12 474,839,846 429,640,386 + 45,199,460 10.52

Note.— Neither the earnings of the Mexican roads nor the mining operations ot
the anthracite coal roads are Included In this table.

With aggregate increase smaller than in other
months, the separate roads likewise have less excep­
tional amounts of gains. The Great Northern, among
the Northern trans-continental lines, is able to report
an improvement of $675,452, and the Missouri Pacific,
among Southwestern roads, has an increase of
$538,000, while other prominent systems, like the
Southern Railway, the Louisville & Nashville, the
Illinois Central and the Denver & Rio Grande, also
have good gains. On the other hand, we see the effects
of the smaller cotton crop movement in the South­
west reflected in a loss of $106,000 by the Interna­
tional & Great Northern and the shrinkage in the
spring-wheat movement in the Northwest reflected
in a loss of $113,148 by the Minneapolis St. Paul &
Saulte Ste. Marie. In the following we show all
changes for the separate roads for amounts in excess
of $30,000, whether increases or decreases.
P R I N C IP A L C H A N G E S I N GROSS E A R N IN G S IN S E P T E M B E R .
T rtrrn n cpc
IncvecLsBs.
G reat N o rth ern S yst (2 rds) $675,452 Central o f G eo rg ia __________
78,870
Missouri P a cific S yst (2 rds)
538,000 M idland V a l l e y ____________
70,161
430,115 M obile & O h io _____________
Southern R a ilw a y _________
68,942
L o u is ville & N a s h v ille ____
360,379 C in e N e w O rl & T e x P a c ._
68,606
Illin o is C e n tra l______________
254,011 D e tro it T o le d o & Ir o n t o n - .
63,700
D e n v e r & R io G ra n d e______
251,000 W h e e lin g * L a k e R rle ______
47,101
Canadian P a c ific ___________
250,000 Y a z o o & Mississippi V a lle y .
36,592
G rand Tru n k S yst (4 roads)
236.729 M in neapolis & S t L o u is -----31,129
C olorado & S o u th e rn ______
149,004
C anadian N o rth e rn ________
133,900
T o t a l (28 ro a d s )________ $4,197,608
T e x a s & P a c ific ____________
94,756
St Lou is & S o u th w e s te rn -.
94.380 M ln neap St P a u l & S S M . . $113,148"
W estern M a ry la n d __________
90,429 In te rn a t’l & G reat N o rth ern 106,000
B u ffalo R o ch ester & P it t s .
89,984
W a b a s h ____________ ______ __
84,368
T o t a l (2 r o a d s )___________ $219,148

As regards the Western grain movement, the receipts
of wheat at the principal primary markets for the four
weeks ending September 28 1907 were only 21,852,977
bushels, against 24,251,203 bushels in the correspond­
ing four weeks of 1906. But the corn movement, the
oats movement and the movement of the minor grains
were all larger than a year ago. Hence, combining
wheat with the other grains, it is found that the aggre­
gate grain deliveries in the four weeks the present
year were 77,970,976 bushels, as against only 69,990,327 bushels in the four weeks of last year. In the
table we now present we show the details of the grain
movement in our usual form.

THE CHRONICLE.

980

[V

Flour.
( bbls.)

Corn.
(push.)

Wheat.
(bush.)

Oats.
(bush.)

Barley.
(bush.)

Rye.
(bush.)

708,918
707,293

4,979,501
1,890,700

13,892,105
12,653,066

11,091,757
8.519,149

1,803,628
1,411,084

263,649
175,301

265,550
270,200

1,131,000
743,880

594,000
267,900

1,421,050
1,013,100

2,053,500
2,355,900

142,200
97,800

223,675
196,212

2,004,912
1,572,352

2,561,035
1,569,465

3,908,620
2,398,400

193,700
63,700

50,387
17,846

710,000
1,293,000

485,000
1,201,000

921,500
2,175,300

1)8,391
82,541

360,259
328,485

328,366
348,040

18.100
9,500

29,200
33,400
______

______

66,800
136,457

297,364
626,166

1.071.272
647,857

2,695
6,000

47,200
142,200

134,000
92,100

1,893.100
1,504,400

1.867,500
1,052,700

200,000
219,000

64.000
23,400

481,650

3,890,713
7,278,983

5,021
23,093

373,919
591,118

1,558,243
1,763,093

80.114
74,141

______

4,233,660
6,317,190

433,005
259,240

2,317,080
2,232,630

3,545,170
1,158,960

422.760
113.790

4,594,000
4,844,000

871,000
501,400

1,015,800
313,200

21,852,977
24,251,203

21,391,889
18.934,215

24,316,864
19,291,494

19,573,980
21,816,494

98,242,572
75,014,162

67,936,952 12,094,415 1,609,970
64,403,671 11,926,086 1,142,584

5,991,458
4,382,717

5,488,435
5,059,150

12,762,876
12,969,814

28,876,560
23,018,600

23,717,745
20,077,110

1,560,400
1,379,600

328,677
335,042

4,142,500
3,633,200

5.985,400
5,009,200

3.888,800
7,060,750

2,740

81,700
170,340

1,141,495
1,420,773

3,335,766
4,511,144

1,920,104
2,855,865

760,074
1,664,807

4,065,377
4,223,176

5.304,438
5,758,177

71,877
231,170

2,200

825,600
1,025,450

12,543,460
10,449,300

9,721,050
15,001.000

1,708,000
1,731,500

265,900
239,400

26,697,293
18,196,419

96,474
133,574

2,162,881
6,420,739

4,279,304
4,402,053

312,878
272,731

Total o j all—
1907____ 1,268,696
1906____ 1,812,260
Jan. 1 to
Sept. 28.
Chicago—•
1907____ 6,956,714
1906____ 6,522,558
Milwaukee—
1907____ 1,938,305
1906____ 1,967,465
S i. L o u i s 1907____ 2.083,030
1906____ 1,604,752
Toledo—
1907____
1906____
600
Detroit—
1907____
113,200
1906____
220,970
Cleveland—
1907____
41,596
1906____
45,959
Peoria—
1907____
617,058
1906____
953,150
Duluth—
1907____ 1,448,540
1906____ 2,989,150
M inneapolis—
1907____
______
1906____
Kansas City
1907____
1906____

______

1907.

1906.

1905..

1904.

1903.

1902,.

S
341,979

S
331,051

$
293,256

S
260,989

$
259,553

$
225,618

Ala Gt South..
A la NO & Tex P
247,153
244,606
N 0 4 N E.
116,724
131,095
Ala & Vicks
138,340
123,421
Vicks Sh & P
1,052,370
973,500
Central of Ga
768.787
700,181
Cin NO & T P_
Louis & Nashb 4,178,510 3,818,131
876,817
807,875
Mobile & Ohio
Southern R y . . 5,001,880 4,571,765
693,054
729,646
Yazoo & MlssV

______

September.

1907.

Col & South a
D env & Rio G
Int & Gt N o r ..
Mo Pae&CenBr
St L & So W 'n
T ex & Pacific.

Sv
1,248,331
2.031.000
671,000
4.556.000
939,990
1,289,073

4,627,045
2,893,790

12,133,750
15,021,040

26,133,000
25,462,000

10,009,600
11,658,400

5,347,700
4,002,800

935,100
634,600

1906.

9,190,681 1,716,335
6,590,933 .757,614
___
-----

..........

R E C E IP TS O F C O TTO N A T S O U T H E R N PO R T S IN S E PTE M B E R , A N D
FROM J A N U A R Y 1 TO S E P T E M B E R 30 1907, 1906 A N D 1905.

Since January 1.

Ports.
| 1905.

1907.

1904.

1905.

1903.

1902.

$
S
1,099,327 1,044.537
1.780.000 1,742,260
777,000
631.670
4.018.000 3,679,527
712,519
845,610
892,402
1,194,317

S
$
S
752,602
789,667
732,191
1,524,999 1,648,487 1,545,704
564,346
655,146
536,679
4,078,725 3,971,048 3,223,007
649,139
765,867
649,025
944.344
956,122
1,030,171

9.714,254

8,807,510 8,567.031

8,702.915

7.642,728

September.

OF

NO R TH W E STE RN

1907.

|

AND

NORTH
1904.

1905.

1906.

$
$
Canadian Pac. 6,351,000 6,101,000
800,988
819.249
Chic Gt Westa
291,813
304.403
Dul So Sh&Atl
Gt Nor System 5,998,056 5,322,604
303,561
279.208
Iowa Central..
362,801
331,672
Minn & St L__
M St P & S S M 1,086,778 1,199,926
Northern Pac. 66,127,653 6,127,653

$
4.872,575
845,884
275,443
4,955,650
249,237
362,911
1,148,461
5,912,602

PA C IF IC

G RO U P.
1902.

1903.

S
%
4,220,876 3,937,002
749,399
712.557
239,151
239,412
3,897,794 4,199,144
228,761
210,079
269,853
274,377
736,603
772,595
4,696,782 4,611,213

$
3.651.482
676,944
241,617
4,112,722
207,018
351,232
723 294
4,632,580

T o ta l........... 21,335,240j20,473.125 18.622,763 15,042,893 14.952,70a 14.596.899

The falling off in the cotton movement was mainly in
the Southwest, more especially at the Gulf ports.
Galveston shows receipts for the month of only
194,966 bales, against 339,656 bales in 1906, and
New Orleans 41,093 bales, against 105,909 bales. At
Savannah, on the other hand, the receipts were larger
than a year ago, though much below those of 1905.
For all Southern and Southwestern outports com­
bined the receipts foot up 586,462 bales in 1907,
against 719,693 bales in 1906 and 981,124 bales in
1905— which indicates what an important factor the
diminution in the cotton traffic must have been for
the roads collectively. The shipments overland were
only 14,548 bales, against 23,497 and 27,711 bales
respectively.

September.

9,592,314

a For 1907, 1906 and 1905 lncludps all affiliated lines except Trin ity & Brazos
Valley R R . For previous years we have combined Colorado & Southern and
Fort Worth & Denver City.
E A R N IN G S

61,816,476
51,503,210

199,242
177,118
201.883
99,682
113,947
87,327
116,692
99,779
118,176
782,683
925,168
820,253
580,477
500,338
639,538
3,257,232 3,125,344 2,888.120
639,728
605.252
709,352
4,289,641 3,865.691 3,620,342
582.110
568,167
643,587

T o ta l_______ 13,464,030 12,382,855 11,527,485 11,159,513 10,251,202

T o ta l............ 10,735,394
9,356,936 1,052,310
535,678
6,977,737

8,971,150 10,091,500
6,985,300 10,220,300

203,050
86,433
62,878
1,018,740
694,090
3,547,193
703,746
4,456,360
461,739

E A R N IN G S O F S O U T H W E S T E R N G RO U P.

Total of all—
1907____ 13,198,443 159,844,752 173,270,689 141,104,570 38,996,177 5,252,760
1906____ 14,304,604 142,074,884 141,970,496 147,586,452 36,484,382 3,552,301

| 1906.

1905.

1907.

1906.

Galveston . . . bales.
Port Arthur, &c........
New Orleans...........
Mobile _ . __________
Pensacola, &c.........
Savannah __________
Brunswick...............
Charleston___________
Georgetown__________
Wilmington . . .
Norfolk . . _ _ ______
Newport News, & c._.

194,966
1,526
41,093
15,267
1,402
201,093
22,029
28,373

339,656
1,492
105.909
19,230
3,213
171,749
6,039
22,141

58.228
21,937
548

29,759
19,812
693

349,899 1,848,083 1,289,890 1,496,096
2.682
105,789
52,345 183,419
57,115 1,022,883 893,889 1,271,203
100,875
33,738
99,876
156,938
104,840
77,686
106,846
12,512
304,450 611,756 614,307 1,008,896
71,049
80,742
15,070
86,617
56,629 111,234
54,930
62,001
1
477
716
277
89,846
130,618
96,692
68,633
81,501 254,465 220,322 469,032
593
33,275
12,565
23,717

To tal______________

586,462

719,693

981,124 4,333,526 3,507,273 5,005,092

To complete our analysis we furnish the following
six-year comparison of the earnings of leading roads,
arranged in groups.




September.

6 Includes earnings ot Atlanta Knoxville & Northern in 1904, 1905, 1906 and 1907.

5,253
5,205

______

.

E A R N IN G S O F S O U T H E R N G R O U P.

W E S T E R N F L O U R A N D G R A IN R E C E IP TS
Four weeks
Ending
Sept. 28.
Chicago-—■
1907____
1906____
Milwaukee—
1907____
1906____
SI. Louis—
1907____
1906____
Toledo—
1907____
1906____
Detroit—
1907____
1906____
Cleveland—
1907____
1906____
Peoria—
1907____
1906____
Duluth—
1907____
1906____
Minneapolls1907____
1906____
Kansas Clty1 9 0 7 ....
1906____

ol. lx x x v

a Results are based on 111 miles less road, beginning with 1905.
6 Figures for the month not yet reported; taken same as last year.
E A R N IN G S O F M ID D LE A N D
September.

1907.

1906.

M ID D L E W E S T E R N
1904.

1905.

$
$
746,724
836.708
519,586
536,561
C C C & St L _ . c2,227,016 2,227,016
c261,465
261,465
Gr T r of Can.]
64,049,880 3,813.151
Det G H A M j
Illinois Central 4,901,554 4,647.543
N Y C & H R iv acS,430237 8,430,237
115,220
109,332
Tol Peo & Wes
365,666
340,121
2,506,189 2,421,821
511,877
558,978
Wheel & L E .

G R O U P.
1902.

1903.

$
$
738,634
805,815
514,864
561.280
2,072,136 2,150,496
261,521
273,167
3,602,185

3.182,972

3,960,057
8,106,297
119,233
362,398
2,162 814
498,329

4,340,706
7,250,540
121,536
359,775
2,609,661
408,068

$
S
707.342
643.552
503,239
444,812
1,965,118 1,746,928
300,831
240,110
(2.634,236 2.368,039
{ 501,250
396,620
I 138.208
119,716
4,003,963 3,734,456
7,056,151 6,701,579
113,534
105,872
240.601
300,179
2.239,688 1,840,911
413,524
351,221

18.934.417
To ta l............ 24,772,499 24,045,848^2,523,711 21,938,773 20,877,263
■
a
the
b
c

The Fall Brook System, the Beech Creek R R „ the Wail kill Valley R R . and
Boston <fc Albany included ior all the years.
Includes Canada & Atlantic, beginning with October 190-1
Figures for the month not yet reported, taken same as last year.
G RO SS E A R N IN G S A N D M IL E A G E IN S E P T E M B E R .
M U eaoe.

Gross E a rn in g s.
N a m e ot Road.
1907.
A la b a m a Gt Southern
A la N O & T e x P a c—
N e w O rl & N o t E ’ n .
A la & V icksbu rg —
V ick s S hrev & Pac_
B ellefo n te C e n tra l----Buff R o ch & P it t s -----C anadian N o rth ern —
Canadian P a c ific ------C entral o f G e o rg ia ----C h attan ooga Southern
Chicago G reat W e s t ’n
Chic In dian ap & Louis
Chicago T erm Transl
Cine N O & T e x P a c _ .
C olorado & Sou thern .
D en ver & R io Grande
D etro it <Sc M ackin ac.
D etro it T o l & Iron ton
D uluth So Sh & A t l .
G eorgia South & F la .
Grand Tru n k o f Can-1
Grand Tru n k W e s t ;
■ D et G r H a v & M1L
Canada A tla n tic . .J
G reat N orth ern (inclEast o f M in n ).........
M ontana C entral —
G u lf & Ship Is la n d .. .
’ ’ linols C e n tr a l.. ___
I ite m a t’ l & G t N o r ’ n .
lo w a C e n tra l------L o u is ville & N ash ville
Macon & Birm ingham
M anlstique
________
M idland V a lle y ______
M in eral R a n g e .
____
M inneap & St L o u i s . .
Minn St P <Sc S S M . . .
M o P a c & Iron M t n ___
C entral B ranch ____
M obile & O h io ________
N e v a d a C a lif & O r e ..
R lo G rande S ou th ern .
St Louis Southw estern
Southern In d ia n a ____
Southern R a ilw a y ----T ex a s C e n tra l. .

1906.

Inc. ( + ) or
1907.
D e c. (— ).

1906.

$
341,979

$
331,051

$
+ 10,928

309

309

244,606
131,095
138,340
4,576
836,708
758,300
6,351.000
1,052,370
12,483
800,988
519,586
141,734
768,787
1,248,331
2,031,000
108,565
401 ,676
304,403
183,598

247,153
116,724
123,421
4,616
746,724
624,400
6,101,000
973,500
10,900
819,249
536.561
136,098
700.181
1,099,327
1,780,000
99,499
337,976
291 .813
176.528

— 2,547
+ 14,371
+ 14,919
— 40
+ 89,984
+ 133.900
+ 250,000
+ 78,870
+ 1,583
— 18,261
— 16,975
+ 5,636
+ 68,606
+149,004
+ 251 ,000
+ 9,066
+ 63,700
+ 12,590
+ 7,070

196
143
189
27
568
2,874
9,154
1,913
105
818
o99
102
336
1,841
2,552
343
684
592
395

196
143
189
568
2,433
9,154
1,890
105
818
591
102
336
1.663
2,532
333
684
592
395

4,049,880

3,813,151

+ 236,729

4,528

4,528

5,771,528
226,528
188,865
4,901,554
671,000
303,561
4,178,510
12.343
4,554
118,182
68,161
362,801
1,086,778
4,405,000
151,000
876,817
35,600
53,662
939,990
163,557
5,001,880
102,684

5,108,147
214.457
185,347
4,647,543
777,000
279,208
3,818,131
13,894
7,485
48,021
60,140
331,672
1 .199,926
3.880,000
138,000
807,875
25,392
52.094
845,610
139.458
4.571,765
84,164

+ 663.381
+ 12,071
+ 3,518
+ 254,011
— 106,000
+ 24,353
+ 360,379
— 1,551
— 2.931
+ 70,161
+ 8,021
+ 31,129
— 113,148
+ 525.000
+ 13,000
+ 68,942
+ 10,208
+ 1,568
+ 94,380
+ 24.099
+ 430,115
+ 18 520

6,039
250
307
4,377
1.159
558
4.348
105
78
293
140
799
2.152
6,014
388
926
144
180
1,451
197
7,474
268

5,974
250
307
4,370
1,159
558
4,298
105
78
140
799
2,145
5,951
388
926
144
180
1,451
197
7,551
26 k

O c t . 19 1907-1

THE CHRONICLE.
M ile a ge .

Gross E arnings.
N a m e o f Road.

In c . ( + ) or
D ec. ( — ) . 1907.

T e x a s & P a c ific ____
T o le d o P eo ria & W est
T o le d o St L & W es te rr
T o r o n to H am & B u lf.
V ir g in ia Southw estern
W a b a s h _______________
W e s te rn M a ry la n d ___
W h e e lin g & La k e Erl<
Y a z o o & Miss V a lle y .

1,289.073
115,220
365,666
71,521
95.971
2,506,189
530,405
558,978
729,646

1,194,317
109,332
340,121
69,158
87,623
2,421,821
439.976
511 .877
693.054

T o t a l (55 read s) _
N e t Increase (7 .9 5 % )

56.317,229

52,172,480

S

+ 94,756
+ 5,888
+ 25,545
+ 2,363
+ 8.348
+ 84,368
+ 90,429
+ 47.101
+ 36,592

E A R N IN G S

FRO M

JAN U ARY

+ 37,021
+ 62,875
+ 40.800
+ 5,292
+140,896
— 9,477

1 TO

736
911
321
263
1,730
152

SEPTEM BER

2,908.672

$

i

310,815!

30.

$

113,200'

30,214,889

3,018,184

37.408.656
2,067,195'
1,723,762
39,793,122
5,061.121 i
2,204.645'
33,415,296:
119,719
83.434
381.790
556,386
2,704.785
8.780,508
32.764.284
1 .270,000
7,396,031,
174 437
420,072
6.806.972
1.119,452
40.732.318
653,883
9.927.493
917.718
3.106.012
566.583
785.522.
19,529.428;
3.863,542
3,923.604
6.737,1451

3,040,941

5,154.461
5,898,522
5,302.500
938.803
11,000.948-

T h e co m m ittee , w ith the fu ll co -o p eia tio n o f the officers and directors
o f the M ercantile N a tio n a l B a n k, m ade an e x a m in a tio n o f Its co n d itio n
a fte r the close o f business to-d ay. T h e ex a m in atio n w as v e r y thorou gh ,
and w as n ot com pleted u ntil a late hour.
Mr. Nash and his associates
w ere con vin ced from the results o f the ex a m in atio n that the bank is p e r­
fe c tly so lven t and able to m eet all its indebtedness. T h e ca p ita l o f $3,000,000 is In ta ct, w ith a large surplus.
25,989

1,407
33,081

11,000

' 942^
41,
36
1,140
147
2,520,
278
2,213
47
45
124
97
1,180
641,
990
277

71,477

393.201
971 .980
644,600
90.492
,619,231

ITEMS ABOUT BANK S, BANK ERS A N D TRUST CO.’S.
— The public sales of bank stocks this week aggregate
311 shares, of which 278 shares were sold at the Stock E x ­
change and 33 shares at auction. The transactions in trust
com pany stocks reach a total of 18 shares. Three shares of
stock of the Mercantile National Bank were sold at auction
•on Wednesday at 215, an advance of 25 points over the
price paid two weeks ago, when the last previous sale was
made.
S h a res . B A N K S — New Y ork .
Low .
.X188 C ity B ank, N a tio n a l. . — - 250
t 90 C om m erce, N a t. Bank o f - 166 H
.30 Ir v in g N a tion a l E x ch .B a n k 185
3 M ercantile N a tio n a l B a n k . 215
T R U S T C O M P A N IE S — New York
10 M ercantile Tru st Co
850
405
8 W ash in gto n T ru st C o ____

H ig h . Close.
250
250
167
167
185
185
215
215

Last
O ct.
O ct.
A p r il
O ct.

850
405

M ay
Ju ly

850
405

previous
1907—
1907—
1907—
1907—

sale
250
167
175
190

1905— 995
1905— 450

x Sold a t the S tock E xch an ge.

— Luther W . Mott, recently appointed New York State
Superintendent of Banks, to succeed Charles H . Keep, for­
m a lly entered upon his new duties 011 the 16th inst.
— The St. Louis Clearing House Association at a meeting
o n Tuesday took action toward establishing a bureau of
.examination similar to that in operation for a year past in




— A complete reorganization of the Mercantile National
Bank of this city has taken place this week, and the affairs
of the institution have been the centre of interest in financial
circles. The action grew out of the fall in United Copper
shares, with which Mr. F. Augustus Heinze, the President
of the Mercantile, has been so prominently identified, and
the suspension of the firm of Otto Heinze & Co., to which
reference is made further below. On Thursday Mr. F.
Augustus Heinze resigned his office as President, and gave
the following reason for his action:

Following this step, an examination of the bank’s affairs
was made late on Thursday at the instance of the New York
Clearing-House, at the conclusion of which William A . Nash,
Acting Chairman of the Clearing House Committee, gave out
the following statement:

206
3,193
976
119
3.649
472
52
261
514
3,443

Chicago. It is the intention under the proposed system to
conduct, at any time, examinations of St. Louis banking
institutions which are members of the Clearing House, as
well as of those clearing through members. A refusal to
submit to examination, or to furnish the Clearing House
Examiner with the facilities and information requested, will
be punishable by debarment from Clearing House privileges.
In the appointment of the Chief Examiner the Comptroller
of the Currency, it is said, will be consulted.

In v ie w o f the d ifficu lties In which m y broth ers’ firm finds its e lf I h ave
determ in ed th a t It is proper th at I should give lib era lly o f m y tim e in assist­
in g them to stra igh ten out th eir alfa lrs.
In aid o f this, I h av e, a fte r c o n ­
su ltin g w ith m y fello w directors o f the ban k and m y personal friends and
consu ltin g as w ell m y ow n personal Interests as a large stockh older o f the
bank, this d a y resigned as Its Presid en t, rem a in in g, h o w eve r, as a d irector,
and h ave jo in ed w ith m y fe llo w directors In a requ est th at M r. R id g e ly
a ccep t the place m ade va ca n t b y m y resign ation .

2,369.658'
52,677!
117,953
1 ,074.868:
1,093,153
152,674
41 ,337]
5.028
5,264,678: 1,698,728
4.693,000i 1 ,502,100
48,527,202 6,595,300
8,392,982
589,100
10,309
102,269
6,256,867
4,378,915;
67,717
2,385
1 .317,987,
201,977
6,562,231
8,852,863 1.369,571
14,730,342 1,984,402
106,379
921 .081
237,772
3,064,6601
253,022
2,345,157
234,545
1,521,729'

T o t a l (55 ro a d s ). _ . ___ 474,839,846 429,640,386 45,270,937
N e t Increase (10.52 ?&)__
__________ 45,199,460
M exican reads (n ot Include d in t o t a ls ).
In tero cea n lc o f M e x ic o ____
5,547.662
M exican In te rn a tio n a l____
6,870,502
M exican R a ilw a y ___________
5,947,100
M exica n S o u th e rn _________ i
1,029,295
N a tio n a l R R . o f M e x ic o ___ I 12,620,179

736
907
321
263
1,730
152

Decrease.

N a m e o f Hoad.
3,219,487
A la b a m a G reat Southern . .
-A la N e w Orl & T ex a s P a c —
2,422,335
N e w O rl & N o r E a s te rn .
1,192,821
A la b a m a & V ic k s b u rg ___
1,245,827
V ick s S hrev & P a c ific ___
46,365
'B e lle fo n te C e n tra l_________
6.963,406
BuUalo R och ester & P ltts b
6,195,100
C a n a d ia n N o rth e rn ________
■Canadian P a c ific ___________ 55,122,502
■Central o f G e o rg ia ________ _
8,982,082
123,509
•Chattanooga S ou th ern ____
6,359,136
C h ica go G reat W e s te rn ____
4,446,632
C h ica go In dia n ap & Loutsv
1,320,372
•Chicago T erm in a l T ran sfer
C in e N e w O rl & T e x P a cific
6,764,208
• C olorado & S ou th ern _______ 10,222,434
D en ver & R io G ra n d e______ 16,714,744
D etro it & M a ck in a c____ r _ .
1,027.460
3,302,432
D etro lt T o le d o & Ir o n t o n .J
2,598,179
D u lu th So Sh & A t la n t ic .
1,756,274
♦G eorgia Southern & F lo rid a
-Grand T ru n k o f C an ada— 1
Grand Tru n k W estern -M 33,233,073
D etro it G r H a v & M llw i 1
Canada A t la n t ic _______J
''G reat N o rth ern (lncl E a s t’ n
o f M in n e s o ta )___.............. 40,449,597
M ontan a C e n tra l________
2,041 ,206
1 ,930,019
•G u lf & Ship Is la n d ________
Illin o is C e n tra l_____________
42,987,043
6,037,972
S n tern a t’ l & G t N o rth e rn . .
2,324,448
Io w a C e n tr a l______________
37,064,499
Lo u is ville <Sc N a s h v ille _____
M acon & B irm in gh a m _____
118,312
M a n is t iq u e _________________
50.353
M idlan d V a lle y ____________
853,943
M in eral R a n g e ______________
608.902
M inneapolis & St L o u is ____
2.966,220
Minn St Pau l & S S M ____
9,295,144
36,208,276
M o P a cific & Iron M tn ____
C entral B r a n c h .. ...........
1 ,259,000
M o b ile & O h io ______________
8,339,005
215,966
N e v a d a C a liforn ia & O r e ..
R lo G ra n de S ou th e rn _____
456,828
7,946,976
S t Lou is S o u th w es te rn ____
Southern In d ia n a _________
1 ,266,936
'S ou th ern R a ilw a y _________
43,252,708
T e x a s C e n tra l_______________
932,576
T e x a s & P a c ific ____________
12,140.785
T o le d o P eo ria & W setern ...
965,642
T o le d o St Louis & W estern
3,151 ,592
T o ro n to H a m ilto n & B u l l ..
691 .362
V ir g in ia S ou th w estern ____
882.911
W a b a s h . . ___________________ 20,710,085
4,505,010
W estern M a ry la n d . .........
'W h e e lin g & Lake E r i e _____
4,913.619
Y a z o o & Mississippi V a lle y
7,014,533

1,829
248
451
88
134
2,517
544
498
1,239

+ 4,144,749 73,482 72,668

M exican roads (n ot Inc luded In tot als)575,803
538.782
In tero eea n lc o f Mexlcc
656,676
593,801
M ex ica n In te rn a t’ l ___
642,500
601,700
M exican R a ilw a y ____
101,481
"Mexican S ou thern ____
106,773
,188,575
N a tio n a l R R o f M ex_
1,329,471
78,146
87,623
H id a lg o <ft N o r K 'n _
GROSS

1,848
248
451
88
134
2,517
544
498
1,239

1906.

981

Late last evening it was stated that Comptroller Ridgely,
to whom the presidency of the bank was offered, had
announced his acceptance of the post. A t a meeting of the
Clearing-House Committee yesterday morning it was voted
to afford any cash the institution might need for its relief,
but as a preliminary the resignation of all the directors
was requested, which request was complied with. The
Mercantile National Bank was founded in 1850 as a State
institution, later joining the national banking system.
— The Stock Exchange house of Gross & Kleeberg, 25
Broad Street, this city, made an assignment on Wednesday
to William M. Robotham, their Cashier, their embarrassment
following the collapse of United Copper stock on that day.
I t is stated that the failure grew out of the firm’s heavy com­
mitments in that stock (said to amount to 6,000 shares),
which were made at the instance of Otto C. Heinze & Co.,
who, it is alleged, refused to take the stock off Messrs. Gross
& Kleeberg’s hands. The latter firm was formed in Decem­
ber 1904 and is composed of Albert H . Gross (who has been
a member of the Exchange since 1898) and Philip Kleeberg.
— The Governing Committee of the Stock Exchange on
Thursday suspended Max H . Schultze, the Board member
of Otto Heinze & Co., the suspension being made under A rti­
cle 16, Section 1, of the constitution, which states that “ a
member who fails to comply with his contracts, or is insol­
vent, shall immediately inform the President in writing that
he or his firm is unable to meet their engagements, and
prompt notice shall be given to the Exchange. He shall
thereby become suspended from membership until, after
having settled with his creditors or the creditors of his firm ,
he has been reinstated by the Committee on Admissions.”
Several announcements were made on Thursday by Messrs.
Heinze & Co. One of these stated that “ Arthur P. Heinze is
no longer a member of the firm of Otto Heinze & Co.” ; it
was also stated that the firm "feels itself perfectly solvent
and will meet and pay all its just and legal obligations in full.
It, however, refuses to pay obligations which it does not
consider legal or just until a proper adjudication of the m at­
ter has been made. Rather than submit to such unjust
demands, it prefers to permit itsolf temporarily to be sus­
pended from the privileges of the Stock Exchange.”
— The State Savings Bank of Butte, Mont., in which F.
Augustus Heinze is understood to be the leading stock­
holder, closed its doors on Thursday, the cause of the sus­
pension, it is reported, being laid to rumors of the Heinze
troubles in the East. The announcement of the closing was

982

THE CHRONICLE

made in the following notice issued by Vice-President and
General Manager E. P. Chapin:
“ Because o f u nsettled co n d itio n s a n d rum ors th a t ca n n o t be v e rifie d ,
th a t m a y cause unusual an d excessive dem an ds b y dep ositors, and o w in g to
a sh ortage o f cu rren cy an d in a b ility to secure a d d itio n a l cu rren cy im m e­
d ia t e ly w ith w hich to p a y dem a n d s w hich m a y be m a d e, the m a n a gem en t
has d eem ed It advisa b le in the in terests o f a ll d ep osito rs to suspend fo r the
tim e b ein g. T h e ban k is s o lv e n t. ”

Mr. Heinze assumed control of the institution in 1905.
I t has a capital of $300,000 and deposits of a little over $4,000,000. The State of Montana is said to be a depositor to
the extent of $75,000. An attachment for $108,076 against
the property of the bank, in favor of the Mercantile National
Bank of New York (the balance reported to be due on a de­
mand note of $150,000 made by the Butte institution on
March 5), was granted yesterday b y Justice Blanchard in
the Supreme Court.
— A foreign banking failure, reported at first as due to the
fall in copper stocks, occurred on Thursday in the suspension
of the private banking firm of Haller, Soehle & Co. of H a m ­
burg. The liabilities, the cable dispatches state, w ill reach
$7,500,000. That there is any connection between the
firm ’s failure and the copper troubles here seems unlikely,
judging from the latest reports, which state that the diffi­
culties of the firm arose chiefly from its connection with a
mining company at Teplitz, Bohemia, in which much capital
was locked up.
— Montagu Collet Norman, of the firm o f Brown Brothers
& Co., N . Y ., and Brown, Shipley & Co., London, has been
elected a director of the Bank of England in the place of
R . E. Johnston, elected Deputy Governor.
— Control of the Century Bank, corner Fifth Avenue and
20th Street, this city, this week passed from George Chap­
man to H . L . Crawford, of the banking house of H . L . Craw­
ford & Co. at 25 Broad Street, who succeeds Mr. Chapman
as President. J. Fred. Talcott and Stewart Duncan, of
John Duncan Sons, were elected directors of the board,
which remains unchanged with the exception of George
Chapman and E. J. Croker, resigned. I t is the intention
of the new management to increase the bank’s capital of
$200,000 and surplus of $150,000 and also to enlarge the
directorate at the January meeting. The bank was organ­
ized in 1901 and has an uptown branch at Broadway and
104th Street. Tom Vietor, of Frederick Vietor & Achelis,
will be made a director when the board’s membership is
increased.
— George H . Brouwer, until lately confidential manager
of the New York Stock Exchange house of James H . Oliphant & Co., who was arrested a week ago on the charge of
misappropriating a check of $2,750 belonging to Jay F. Car­
lisle, a broker with desk room in Oliphant & Company’ s of­
fices, pleaded not guilty to the charge on Monday before
Judge Crain in General Sessions. The accused is held under
$30,000 bail. An examination of the firm ’s books, which
followed as a result of Mr. Brouwer’s arrest, has revealed, it
is reported, a loss to the extent of about $90,000 to Messrs.
Oliphant & Co. The peculations will, however, it is said,
have no effect on the business of the concern, whatever losses
to customers are involved being made good by Messrs. Oli­
phant & Co. without any impairment of the firm’s capital.
— The Brooklyn Bank of the Borough of Brooklyn was
placed in voluntary .liquidation on the 11th inst., and on
the following day the institution started business as a branch
of the International Trust Company of New York, the
latter having taken over the assets of the bank. This step
is in line with the announcement made at the time of the
opening of the trust company on the 1st inst., when it was
stated that the Brooklyn Bank would be absorbed by it.
Henry E. Hutchinson, President of the bank, and Oliver
M. Denton, Vice-President, are vice-presidents of the new
company. Besides its main office at Fulton and Clinton
streets, the bank has had a branch at Fulton Street and
Flatbush Avenue, both of these offices now becoming the
trust company’s branches.
— John J. Phelps has become Vice-President of the Hack­
ensack National Bank, of Hackensack, N . J., succeeding
M. E. Clarendon.
— The officials of the Columbia National Bank of Buffalo,
N. Y ., entertained a host of visitors on Monday last— the
occasion of the opening of the bank’s new quarters in the
Chamber of Commerce Building, on Main Street near Seneca




[VOTj.

lxxxv.

Street,
i ue attractive appearance oi tne new oanKing unices
was added to by the many floral tributes of which the bank
was the recipient, and further evidence of the interest
aroused was evidenced in the opening of a number of new
accounts. The institution has a capital of $700,000 and
surplus and profits of $1,002,273. On the 1st inst. it re­
ported deposits of $5,557,178 and total resources of $7,709,451. Its officials are George F. Rand, President; Seymour
H . Knox, Vice-President; Louis H . Gethoefer, Cashier, and
Emil Diffine and James W . Hall, Assistant Cashiers.
— The Fourth National Bank of Waterbury, Conn., is to
be taken over by the Colonial Trust Company of that city,
the stockholders of the latter institution having voted to
this effect on the 11th inst. The Fourth National has a
capital of $100,000, surplus and profits of $72,707 and de­
posits of about $800,000. The change will go into effect
next month, when the Fourth National will be placed in liqui­
dation. The board of the Colonial will be increased from
eleven to nineteen new members. J. M. Whittemore has
been elected President of the trust company; George M.
Woodruff has been chosen First Vice-President; John P .
Elton, Second Vice-President; Otis S. Northrop, Treasurer,
and B. G. Bryan, Secretary. The last named is President of
the Fourth National and Mr. Northrop is Vice-President.
The Colonial Trust has a capital of $400,000; its deposits are
over $2,000,000.
— The new home of the Thames Loan & Trust Company of
Norwich, Conn., was opened on Monday, the 7th inst., with
a reception to the friends and patrons of the institution.
The building is a three-story structure, of Grecian design,
built of West Dummerston granite. I t has a frontage of
70 feet, with a depth of from 40 to 50 feet. The principal
portion of the first floor is devoted to the banking quarters,
and in the basement provision is made for storage facilities.
The company has been in operation since 1903. I t has a
capital of $100,000, and its officers are Franklin S. Jerome,
President; R . W . Perkins, Secretary and Treasurer, and D. L .
Underwood, Assistant Treasurer.
— Charles F. Smith of Boston has, it is stated, retired from
the banking business and resigned as Treasurer of the Com­
monwealth Trust Company of Boston.
— The First National Bank of Dresden, Ohio,was closed
by.the Comptroller of the Currency on the 15th inst. Bank
Examiner Robert Lyons is the temporary receiver. The
bank had a capital of $50,000, deposits (August 22) of
$272,489, and its resources were reported at $394,969. Its
failure is said to have been caused by loans to local woolen
manufacturers, a loan to a single concern amounting, it is
reported, to $54,000, almost as much as its capital and surplus
combined.
— The National Produce Bank of Chicago, now located at
132 Lake Street, has leased for 10 years, at an aggregate
rental of $30,000 the first floor of the Ogden Building at
the southwest corner of Clark and Lake streets. These new
permanent quarters will be at once fitted up appropriately
and conveniently for the bank’s purposes.
— The Commercial National Bank of Chicago removed on
Monday last to its magnificent new building on the comer
of Clark and Adams streets. The new banking quarters,
described at length in the “ Chronicle” of October 5, rank
among the handsomest in the country.
— The stockholders of the Des Moines Savings Bank, of
Des Moines, Iowa, on Monday ratified the proposition to
reduce the capital of the institution from $500,000 to
$200,000, referred to in these columns last Saturday. The
reduction is made on account of the proposed organization
of the American National Bank, which will be affiliated with
the savings bank.
— The Farmers’ & Mechanics’ Savings Bank of Minneapolis,
Minn., one of the largest savings banks in the Northwest,
experienced a run on the 11th inst., which developed, it is
thought, from idle rumors. Little evidence of the run was
visible on the following day, when the business of the insti­
tution had practically resumed its normal condition. Both
the trustees of the bank and the Clearing House Association
caused statements to be issued during the progress of the
run to re-assure the depositors. The trustees stated em­
phatically that ‘ this bank is absolutely solvent; that its
surplus is larger than ever before in its history; tliat it has

O c t . 19 1907.]

met with no losses whatever; that, on the contrary, its
profits are, by .reason of the high interest rates now prevail­
ing, greater than ever before. In the Clearing House state­
ment, based on the report of an examination made August 6
by the Clearing House Bank Examiner, P. M .K erst, it was
stated that “ we have the fullest confidence in Mr. Kerst’s
examinations, and with his report before us we believe that
the bank is in excellent condition, that the management is
safe and conservative, and has our fullest confidence.” The
bank is said to have over 50,000 depositors, with deposits of
3513,000,000.
— The question of “ Currency Reform ” was ably handled
by Festus J. Wade, President of the Mercantile Trust Com­
pany of St. Louis, at the seventeenth annual convention of
the Illinois Bankers’ ‘Association, held at Moline, 111., on the
9th and 10th inst. Mr. Wade explained the suggestions for
the reformation of the currency as outlined by the Currency
Commission appointed by .the American Bankers’ Associa­
tion, and, as a member of that committee, his views on the
subject awakened much interest. August Blum, a VicePresident of the First National Bank of Chicago, is the newly
elected President of the Association, and Oscar G. Foreman,
Vice-President of Foreman Brothers Banking Company of
Chicago, has been elected Chairman of the Executive Com­
mittee. The latter’s election puts him in line for the
presidency. F. P. Judson, Cashier of the Bankers’ National
Bank of Chicago, has been re-elected Secretary of the
State organization.
— J. J. Broderick, who became a director of the Centra*
National Bank of St. Louis last January, has been elected a
Vice-President of the institution to succeed David Sommers,
who has resigned both as Vice-President and director.
Ed. W olff has also resigned as a member of the board of
directors. I t is stated that neither vacancy in the director­
ate will be filled, it having been the intention to reduce the
membership of the board.
— The suspension of the Arkansas Valley Bank of Little
Rock, A rk., is announced. The institution. was organized
on December 29 of last year, and began business on Janu­
ary 14. I t reported a paid-in capital of $100,000. The
St. Louis “ Globe-Democrat” states that the bank was
refused admission to the Little Rock Clearing House Associa­
tion when it was organized, and has not been looked upon
as a strong institution.
— A general assignment was made on Thursday by T . W .
House, a private banker of Houston, Tex. The failure is
ascribed to the inability to realize on securities not readily
convertible into cash. The business was established in 1838.
The bank, it is said, was not incorporated, and never made
public a statement of its affairs.
— George Lutgending was recently elected Cashier of the
Union Bank & Trust Co. of Phoenix, Arizona.

ptmict mcvj*i&ommcvcia I£ ngIis h&zvo$
(F r o m our ow n C orrespon den t.)

London, Saturday, October 5 1907.
The stock markets have been depressed during the week,
mainly by the unfavorable news from New York. The fall
in copper and copper shares has inflicted heavy losses both
on London and on Paris. That has compelled selling of
other stocks, and for the time being there is an uncomfortable
feeling. In Paris the losses are believed to be much heavier
than in London. Indeed, it is reported that many of the
weaker operators have been unable to meet their differences
and that, in consequence, not a few members of the “ Cou­
lisse,” or outside market, have been unable to meet their
obligations. I t is reported, further, that other members,
though able to pay up, yet have been so crippled by their
losses that they are making preparations for retiring from
business. The Coulisse is now much less important than it
was at one time. Therefore, the crippling of the Coulisse
is not likely to have a very long influence upon the Paris
market. I t will make business more stagnant than ever
there as long as there is uncertainty regarding New York,
and London is not prepared to m ove. But if a steadier state
of things comes about in New York, and London plucks up
courage to enter into new enterprises, Paris likewise will
revive.




983

THE CHRONICLE.

In London the impression undoubtedly is that we are near
an improvement on the Stock Exchange. For some weeks
past there has been everywhere a much more confident feel­
ing. This week, the confidence has been somewhat shaken
so far as the Stock Exchange is concerned. But the leading
houses in the City remain firmly of opinion that London
is thoroughly sound and that business will become more ac­
tive as soon as a clearer view respecting New York can be
taken. The best opinion in London also is that there will be
no serious difficulties in New York and that, therefore, more
active business may with safety be undertaken.
In Berlin the end of September has passed over wonder­
fully well. Not a single failure was reported. Indeed, the
rates in the open market were decidedly lower than had
been anticipated. Y e t the increase in the note circulation
of the Imperial Bank was as much as £19,749,050. The
belief now, both in Berlin and in London, is that all serious
difficulties are over. Money will remain, of course, in strong
demand and speculation will continue suspended, but no
serious troubles are apprehended.
The best opinion in London is that it will not be necessary
to raise the rate of discount. This week, in consequence of
the turn of the quarter, money is in strong demand and the
rate of discount is 4%. But on Saturday and Monday the
interest on the national debt will be paid and will add so
much to the supplies in the open market that probably rates
will fall away somewhat next week. On the other hand,
the usual demands for the interior have now set in and the
Bank of England holds a very large amount of bills falling
due every day during the current month. Consequently,
the belief is that ifl about a fortnight’s time the Bank of
England will have complete control of the open market and
will be able to make the 4*^% rate effective. If so, the hope
is strong that it will not be necessary to raise the rate of
discount. During the current month it is estimated that
about five millions sterling in gold will be required b y Egypt.
But the Bank of England is strong enough to part with that
amount without inconvenience.
Therefore, the real problem is, W ill New Y ork require
much gold? The demands for Germany are satisfied, for the
present at all events. They may spring up again in Decem­
ber. But during October and November it is not expected
that Germany will need the metal. The Paris exchange
upon London makes it profitable to send gold from London
to Paris, but it is not thought probable that much gold will
actually be sent. Unless, therefore, there are large ship­
ments to New York, there is a very confident feeling in Lon­
don that the autumn will pass over quietly. A strong
demand for New York would, of course, send rates up at
once. The Bank of England probably would put up its
rate to 5 or 5 % , possibly even to 6% . But if New York
does not take much gold, theBank of England is in a position
to supply Egypt with the amount necessary for moving the
crops and also to supply Argentina. The Argentine demand,
however, is not likely to begin until November.
The India Council offered for tender on Wednesday 30
lacs of its bills and the applications exceeded 269 lacs at
prices ranging from Is. 4d. to Is. 4 l-16d. per rupee. A ppli­
cants for bills at Is. 4d. were allotted about 8% of the
amounts applied for.
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
as reported by cable have been as follows the past week:
London,
Week ending Oct. 18.
Sal.
M on .
Silver, per o z _______ ____ d_ 28 %
28%
Consols, new, 2% per cents.. 82 11-16 82%
For account. . _______ . 82 13-16 82%
French Rentes (In P a ris )..fr . 94.10
94.10
Russian Imperial 4s . _____ 74 %
74%
do
do
New 5s___ 87%
Amalgamated Copper Co____ 56
*54%
6 Anaconda Mining Co______
7
6%
Atchison Topeka & Santa Fe 84%
82%
Preferred ________________ 91
88
Baltimore & Ohio___________ 8 8 ^
87
Preferred _____ _________ 85%
85
Canadian Pacific - ................. 163
162
Chesapeake & Ohio ______ 30%
29%
Chicago Great W estern__ __ 7%
7%
Chicago Milw. & St. Paul___ n s %
117
Denver <fe Rio Grande, co m .. 20 ^
19%
66
Preferred _________
. . . 66
Erie, common_____ _______ 18%
18%
First preferred
________ 43*5
43
Second preferred__________ 30%
29%
Illinois C entral,..
_______ 138
138
101
Louisville & Nashville______ 102
15
Mexican Central________ ._ 16
Mo. Kan. & T ex., com m on.. 29%
28%
64
Preferred ............. ........... 66
45%
National R R . of Mexico____ 45**
103
N. Y . Central * Hud. R ive r. 103%
N. Y . Ontario & Western___ 31
30%
Norfolk & Western, com____ 69%
68%
80
Preferred ........................ 83
122
Northern Pacific____________ 124
59%
a Pennsylvania._____ _______ 60%
45
a Reading Co_____________ . 46 %
40^
a First preferred- __ ____ 40%
39%
a Second preferred _ _____ 39%
15%
Rock Island Co_____________ 15
78
Southern Pacific...... .......... 80 J*
Southern R y ., common_____ 12
11%
49
47
Preferred
123%
Union Pacific, common____ 126 VS
82
P referred_________________ 84%
23%
U. S. Steel Corp., com m on.. 29%
84%
87
Wabash . _________________ 9%
8%
16
Preferred . _______ ______ 16
Extended 4s_____________ 52
51%
a Price per share.

6 £ sterling.

Tues.
Wed.
28%
28%
82 7-16 82%
82 9-16 82%
94.07% 94.15
74%
75
88
54%
55
6%
6H
83%
S2H
88
89%
88%
89%
85
85
162%
163%
30
30%
8
7%
118
119%
20
20%
66%
Q6
20
19%
42%
43
30%
32
134
133%
102%
103%
16
16
28
28
64
64
45%
45%
104%
105%
30
30
69
68%
80
80
124
123%
60
60%
46%
45
40
40
38%
38%
15%
15%
76%
78
12
12
47%
48%
124%
122%
83
83%
24
23%
86
85%
9
9%
16%
16%
51%
51%

T h u n . F r l.
28 1-16 27 11-16
82 9-16 82%
82 11-16 82%
94.12% 94.15
74%
74%
87%
87%
519*
51
5%
5%
82%
81%
88
88
88 %
88%
85%
85%
160%
161%
30
30
7%
7%
117
116%
20
20%
66%
66%
19%
19%
41
42
30
30%
134
133
102
103
16%
15%
27%
28
65
65
45%
45%
105
104%
30%
30 %
69%
69%
80
80
122
120%
60%
60
44%
45%
40
40
38%
38%
15 %
16
74%
75%
12%
13
47%
47
120%
122%
82%
83
22%
23%
85%
84%
9%
9%
16%
16
50
50%

9-4

THE CHRONICLE

[V o l .

tomtnercial and pltsccXXaiicoits^cTO
B A N K N O TE S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , & c.— W e g ive below tables which
show all the m on th ly changes in bank notes and in bonds
and legal tenders on deposit. The statement for Septem ber
1906 will be found in our issu e of Oct. 6 1906, page 795.
Bonds and Legal-Tenders on Deposit 1or
Bank Circulation.
1 9 0 6-0 7.

LegalTenders.

Bonds
S e p t . 3 0 ____________________
3 1 ___________________
A ug
3 1 ____________________
Ju ly
3 0 ____________________
3 1 ____________________
M av
A n r ll 3 0 - .
M c h . 3 0 ____________________
F e b . 2 8 ____________________
Jan .
3 1 ____________________
D e c . 3 1 ____________________
N o v . 3 0 ____________________
O c t.
3 1 . . ..................................

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

LegalTenders.

$

,7
,7
,5
,9
,3
,0
,9
,9
,5
,8
,8
,1

6
1
5
1
0
5
0
5
5
4
3
8

0
0
0
0
0
0
0
0
0
0
0
0

S
S
4 7 ,8 8 5 ,7 8 5 5 5 6 ,1 0 1 ,3 2 9 4 7 ,8 8 5 ,7 8 5
4 7 ,1 1 0 ,4 3 4 ;5 5 6 ,9 4 5 ,8 8 7 4 7 ,1 1 0 ,4 0 4
4 8 ,3 7 2 ,5 9 6 '5 5 5 ,0 2 3 ,2 9 0 4 8 ,3 7 2 ,5 9 6
4 8 ,2 1 7 ,8 0 9 5 5 5 ,5 7 0 ,8 8 1 4 8 ,2 1 7 ,8 0 9
4 8 ,3 2 5 ,9 7 6 5 5 3 ,6 1 4 ,5 7 4 4 8 ,3 2 5 ,9 7 6
4 9 ,7 0 9 .0 6 9 5 5 0 ,2 0 4 ,7 7 1 4 9 ,7 0 9 ,0 6 9
4 9 ,5 7 9 ,0 0 0 5 4 7 ,6 3 3 ,0 6 3 4 9 ,5 7 9 ,0 0 0
4 6 ,6 0 5 ,6 4 9 5 4 9 ,7 3 7 ,3 7 3 4 6 ,6 0 5 ,6 4 0
4 6 ,4 9 8 ,9 9 5 5 4 9 ,6 9 8 ,5 4 7 4 6 ,4 9 8 ,9 9 5
4 6 ,8 8 2 ,3 8 5 5 4 9 ,2 8 0 ,0 8 4 4 6 ,8 8 2 ,3 8 5
4 6 ,3 9 9 ,1 0 2 5 4 6 .9 8 1 ,4 4 7 4 6 ,3 9 9 ,1 0 2
4 6 ,2 3 8 ,8 1 6 5 3 6 ,9 3 3 ,1 6 9 4 6 ,2 3 8 ,8 1 6

Total.
S
6 0 3 ,9 8 7 ,1 1 4
6 0 4 ,0 5 6 ,3 2 1
6 0 3 ,3 9 5 ,8 8 6
6 0 3 ,7 8 8 ,6 9 0
6 0 1 ,9 4 0 ,5 5 0
5 9 9 ,9 1 3 ,8 4 0
5 9 7 ,2 1 2 ,0 6 3
5 9 6 ,3 4 3 ,0 2 2
5 9 6 ,1 9 7 ,5 6 9
5 9 6 ,1 6 2 ,4 6 9
5 9 3 ,3 8 0 ,5 4 9
5 8 3 ,1 7 1 ,9 8 5

F or full explanation of the above table see the isse of
D ec. 14 1901, page 1232, the first item in Financial Situation.
T he fo llo w in g shows the am ount o f each class of bonds held
against national bank circulation and to secure public m oneys
in national bank depositories on Septem ber 30.
U .S . Bonds Held September 3 0 to Secure—
Bank
Circulation.
$ 1 6 ,8 0 9 ,3 8 0
500
8 ,5 1 7 ,9 0 0
5 ,5 4 4 ,8 8 0
5 2 8 ,7 5 2 ,1 0 0

_______
2 p 'r c e n ts, P a n a m a C a n a l. .
4 p -r c e n t s , F u n d e d 1 9 0 7 .
. _ _______
4 p 'r c e n ts, 1 8 9 5 , d u e 1 9 2 5 ..
. —
3 p r c e n t s , 1 9 0 8 - 1 9 1 8 _____________
..
2 p e r c e n t s . C o n s o l s , 1 9 3 0 _______________
3 . 6 5 s , D i s t r i c t o f C o l u m b i a , 1 9 2 4 _____
S t a t e , c i t y a n d r a i l r o a d b o n d s ..................
H a w a i i a n I s l a n d s b o n d s _________________

$ 5 5 9 ,6 2 4 ,7 6 0

T o t a l o n d e p o s i t S e p t . 3 0 1 9 0 7 -------

October 8.
8,617— “ T h e First N a tio n a l Bank o f S unnyside,” N e w M exico, a u th o r iz e d
to re m o ve to F o rt Sum ner, N e w M exico, under the t it le “ T h e
F irs t N a tio n a l Bank o f F o rt Sum ner.”
L IQ U ID A T IO N S .
7,147— T h e F irst N a tio n a l B a n y o f C ovin gton , T ex a s, was p la ced in v o l ­
u n tary liq u id a tio n Septem b er 30 1907.
7,753— T h e B a y C ity N a tio n a l B ank, B a y C ity , T ex a s, was placed in v o l ­
u n ta ry liq u id a tio n O ctob er 1 1907.

D IV ID E N D S .

1

Bonds on Deposit
September 3 0 1 9 0 7 .

C H A N G E O F L O C A T IO N A N D T IT L E .

Circulation Afloat Under
Bonds.

Public Deposits|
In Banks.

Total
Held.

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

$ 2 9 ,6 6 0 ,1 8 0
500
1 5 ,4 5 0 ,1 5 0
1 3 ,8 3 9 ,3 8 0
5 9 6 ,2 9 1 ,6 5 0
1 ,0 8 8 ,0 0 0
7 6 ,0 0 4 ,3 5 1
1 .7 2 3 .0 0 0
9 .2 3 9 .0 0 0
7 8 0 ,0 0 0

$ 1 8 4 ,4 5 9 ,4 5 1

$ 7 4 4 ,0 8 4 ,2 1 1

T h e foregoin g does n ot include the bonds held in the N ew
Y o r k Slib-Treasury against deposits in banks.
T he follo w in g shows the am ount o f national bank notes
afloat and the am ount o f legal-tender deposits Sept. 1 and
O ct. 1 and their increase or decrease during the m onth
o f Septem ber.
National Bank Notes—Total Afloat

The follow ing shows all the dividends announced for the
future b y all large or im portant corporations:

D ividends announced this week are printed in italics.
Per
Cent.

Name o< Company.
R a ilr o a d s (S te e m )
A tc h is o n T o p e k a & S a n t a F e , c o m m o n ..
A t l a n t i c C o a s t L i n e R R , p r e f e r r e d ..............
—
____________________
C e n t r a l o f N e w J e r s e y ( q u a r . ) ______________
C le v .C ln .C h lc .& S t .L o u i s , p r e f . ( q u a r . ) . .
C r ip p le C re e k C e n t., c o m . (q u .) (N o . 9 ) . .
P r e f e r r e d ( q u a r . ) ( N o . i O ) _______________
D e la w a r e L a c k a w a n n a & W e st. ( q u a r .) .
E r i e , t l r s t p r e f e r r e d _____________ ______________
S e c o n d p r e f e r r e d ____________________________
E v a n sv ille
T e r r e H a u t e , c o m m o n _____
Is?
______________________________
G ra n d R a p id s
I n d i a n a .............. ...................... ...
.........................................................................................
_______________ ______________
G r e a t N o r t h e r n ( q u a r . ) ..................................... —
E x tra
_______________ ________________________
M i s s o u r i K a n s a s & T e x a s , p r e f e r r e d _____
.............................. ................................... I
____________________________________________
N o r t h e r n P a c i f i c ( q u a r ) ........................... . ______
R e a d i n g , s e c o n d p r e f e r r e d ..................................... :
R o m e W a te rto w n
O g d e n s ., g u a r .( q u .)
S t r e e t R a ilw a y s .
..................
C o l u m b u s ( O . ) R y . . p r e f . q u a r . ) ------------E a s t S t . L o u is & S u b u r b a n , p r e f .(q u a r .)
M ilw .E le c .R y .* L t ., p f.(q u .) (N o . 3 2 ) ..
M o n tre a l S t r e e t R y . ( q u a r .)
P h ila d e lp h ia C o m p a n y , c o m m o n (q u a r .)
S p o k .& in i .E m p .R R .,p f .t r .c e r t s .( q u .) -

6

IX
IX
1

2X
2d
■2d

&
Georgia Southern & Florida
preferrd.
Sccond preferred
&
Grand Trunk, guaranteed stock
First preferred
Second preferred

214

ix

2X

2^
1H

IX

2

Nashua & Lowell
E x tra

Cape Breton Electric Co., preferred

m

2X
IX
IK
IX

Twin City Rapid Tran., Minn., com. (qu.)
West Penn Rys-, preferred (quar.) (No. 9 )

IX

B an k s.
M o u n t M o r r i s ( q u a r . ) ( N o . 3 3 ) _____________
T r u s t C o m p a n ie s .
B r o a d w a y _____ ___________ ________________________
L a w y e r s ’ T i t l e I n s u r . & T r u s t ( q u a r . ) ____
M isc e lla n e o u s.
A m e r i c a n C a r a m e l , c o m m o n ( c f u a r . ) ------Com m on
( e x t r a ) . ___________________________
---------------------A m e r i c a n C h i c l e , c o m m o n ( m o n t h l y ) _____
A m c r . D istric t T e le g ra p h o f N . J . ( q u .) .
A m e r ic a n L o c o m o t iv e , p re fe r r e d ( q u a r .)
C h i c a g o P n e u m a t i c T o o l ( q u a r . ) .......................

3
3

1
1
1

IX
1

$1 25

IX

T he portion of
com ing insolvent,
dation and (3 ) b y
was as follow s on
Legal-Tenders ■
Deposits by

legal-tenders deposited (1 ) b y banks be­
(2 ) b y banks going into volu n tary liqu i­
banks reducing or retirin g their circulation
the first o f each o f the last five m onths:
June

—
1 ,0
I n s o l v e n t b a n k s _____________
L i q u i d a t i n g b a n k s __________ 1 5 , 3
R e d u c in g
under
A ct
of
1 8 7 4 * _________________________ 3 1 , 9

1

J

Ju ly

1.

Aug.

1.

Sept.

Oct.

1.

$
$
1
$
I
$
1
s
2 8 ,2 2 1 '
9 8 2 ,2 7 1
9 4 9 ,8 7 1 !
9 0 1 ,1 7 1
8 6 5 ,0 2 1
6 5 ,6 3 7 1 5 ,4 9 0 ,4 2 2 ; 1 5 ,1 9 4 ,2 8 5 ] 1 5 ,0 0 8 ,2 3 0 1 5 ,0 2 1 ,8 8 0
3 2 ,1 1 8 3 1 ,7 4 5 ,1 1 6 3 2 ,2 2 8 ,4 4 0 3 1 ,2 0 1 ,0 3 3 3 1 ,9 9 8 ,8 8 4

T o t a l ........... .......................................... 4 8 , 3 2 5 , 9 7 6 4 8 , 2 1 7 , 8 0 9 4 8 , 3 7 2 , 5 9 6 4 7 , 1 1 0 , 4 3 4
1
1
1
*A c t of Ju n e 20

1.

1874 an d Ju ly

12

4 7 ,8 8 5 ,7 8 5

1882.

H a r b ls o n - W a lk e r R e f r a c t ., p r e f. ( q u a r .)
H e c k e r - J o n e s - J e w e l l M i l l i n g . . ..............................
In te r n a tio n a l N ic k e l, p r e fe r r e d ( q u a r .) ..
I n t . S m o k e le s s P o w .& C h e m ., p r e f .( q u .)
3 4 ).
K n i c k e r b o c k e r I c e p r e f e r r e d ( N o . 1 8 ) ____
M ic h ig a n S t a t e T e le p h o n e , p r e f . ( q u a r .K
____
__
N e w Y o r k A i r B r a k e . ( q u a r . ) ...............................
—
P a c i f i c C o a s t C o . , c o m m o n ( q u a r . ) --------F i r s t p r e f e r r e d ( q u a r . ) __________ __________
S e c o n d p r e f e r r e d ( q u a r . ) . . ...............................
-----------P u l l m a n C o m p a n y < q u a r . ) ( N o . 1 6 3 ) ------R a i l w a y S t e e l S p r i n g , c o m m o n ----------------

IX
IX

12

ix

4

ix
3
ix

Moatreal Light, Heal & Power (quar.)
New River Company, preferred (quar.)

m

2

Oklahoma Gas & Electric, pref. (quar.)

IX

iX

IX
m

Procter & Gamble, common (quar.)

2
2

San Diego Consol. Gas & Flee■. pf. (quar.).

IX
IX

&

N atio n a l B a n k s. — The follow in g inform ation
national banks is from the Treasury D epartm ent:

regarding

A P P L IC A T IO N T O C O N V E R T IN T O N A T I O N A L B A N K S
APPROVED.
T h e Farm ers & Merchants B an k, R a n d le tt, O klah om a T e r r ito r y , Into
“ T h e First N a tio n a l Bank o f R a n d le tt.”
C ap ital, $25,000.
T h e Sal-'m S tate Bank, S alem , O regon, In to " T h e U n ited States N a tio n a l
B an k o f S a le m .”
C ap ital, $100,000.
N A T IO N A L B A N K S O R G A N IZ E D .
Certificates Issued fro m Oct. 7 1907 to Oct. 12 1907, inclusive.
8.908— T h e First N a tio n a l Bank o f B la n d in s v ille , Illin o is . Capital,
$30,000.
H . R . G rigsb y, Presiden t; D . F . B eacom , V ice-P resid en t;
F . S. Greene, Cashier; M . B. W elsh , A ssistant Cashier.
8.909— T h e First N a tio n a l Bank o f L a fa y e tte , Colorado.
C apital, $25,000.
W « 1 :y Sv R u ssell, Presiden t; G eorge F . Castle, V ice-P resid en t;
E . H . C astle, Cashier.
8.910— T h e First N a tio n a l Bank o f F lo ra la , A l-ib am a. C a p ita l, $50,000.
G. H . M alone, Presiden t; J. E . H u gh es, V ice-P resid en t; J. J.
M orris, Cashier.
8.911— T h e O ch iltree N a tio n a l Bank, O ch iltree, T ex a s. C ap ital, $25,000.
Geo. M. Perry*. President; James D . H a m lin , V ice-P resid en t; James
D . W y m a n , Cashier,
8.912— T h e A lb io n N a tio n a l B ank, A lb io n , In d ian a.
C ap ital, $25,000.
C. M. Clapp, President; L . R . A yers and John W . E a rle , VicePresiden ts; W. S. Cram er, Cashier.
8.913— T h e F.rst N a tio n a l Bank o f B e m v lll? , P en n sylvan ia. ' C apital,
$25,000. James F. T a lle y , P residen t; Jno. R . K alb a ch , F. H .
Stum p and Morris C. B ergsr, V ice-P resid en ts; A u g. M. B row n.
Cashier. ,
8.914— T h e First N a tio n a l Bank o f S te e lv llle , Missouri.
Capital, $25,000.
W . J. U n d erw ood , Presiden t; R . Stephan, W m . M. Chapman and
A . L . R e e v e s , V ice-P resid ents; M. W . Lich lu s. Cashier.




U .S.Cast Iron Plpe& Fdy.,com.(qu.)
Preferred (quar.) (No.
United States Express (No.
U. S . Realty & Improvement (quar.)

l

a

T r a n sfe r b o o k s n o t c lo se d ,

fo r p e r io d

fro m S e p t .

fir s t in s ta llm e n t p a id ,
p re ferred ,

p a y a b le

to

b A lso

X

2
$ 3 .5 0

1

m

3

1H

2

IX
H

IX

Warwick Iron Steel
Worthington (Henry R.). preferred

to
to
to
to
to
to
to
to
to

O
N
O
O
O
O
O
N
O

to
to
to
to

O ct.
O ct.
O c t.

to

N ov
O ct.
N ov
O c t.
O c t.
N ov
O c t.
D ec.

ct.
ov
ct.
c t.
ct.
c t.
ct.
ov
ct.

2-

10>
3t
3
30

21
21
20 ■

8
5

2 1 --

11
25 O c t. 18
25 S e p t.
9
25 S e p t . 9
2 5 Sept.
fl
1 O c t. 16
1 H o ld e r s
9 O c t. 20
1 H o ld e r s
1 H o ld e r s
1 O c t . 13
9 H o ld e r s
15 N o v . 1

ov.
ov.
ov.
c t.

Oct.

of

rec.
to
o f ree.
o f rec.
to
of rec.
to

1 H o ld e r s o f r e c . O c t .
1 H o ld e r s o f r e c . O c t .
1 H o ld e r s o f r e c . O c t .
H o ld e r s

of

ree.

O ct.

Nov.

31
]

N
O
N
N

1 H o ld e r s o f r e c . O c t .
O ct.
20! O ct.
2
to
15 H o ld e r s o f r e c . N o v .
N ov
to
O c t. 26

ov.
c t.
ov
ov.

N
O
O
O
O
O
N
N

ov.
c t.
c t.
c t.
c t.
c t.
ov.
ov.

O c t.
O c t.
D ec.
O c t.
N ov.
N ov.
N ov.
O c t.
O c t.
N ov.
N ov.
N ov.
O c t.
N ov.
N ov.
N ov.
O c t.
O c t.
N ov.
N ov.
N ov.
N ov.
N ov.
O c t.
O c t.
O c t.
O c t.
N ov.
N ov.
N ov.
D ec.
D ec.
N ov.
N ov.
O c t.
O c t.
O c t.
O c t.
N ov.
N ov.

2X

Internal. Steam Pump. pf. (qu.) (No.

S t a n d a r d M i l l i n g , p r e f e r r e d ---------------------S t r e e t 's W e st . S t a b le C a r L . , c o m . (q u a r .)
T e n n e sse C o a l, Ir o n
R R ., c o m .(q u a r .)
P re fe rr e d (q u a r .) —
.............. ................................
U n i t e d E l e c t r i c S e c u r i t i e s , p r e f e r r e d ------( .V o 9 )
2 8 ) ----------------■—
1 4 8 ) . .....................
..............
U n ite d S t a t e s R u b b e r , fir s t p r e f. ( q u a r .)
S e c o n d p r e f e r r e d ( q u a r . ) . . .............. ................
U n ite d S t a t e s T e le p h o n e , c o m . ( q u a r .) ..
V u l c a n D e t l n n i n g , p r e f e r r e d ( q u a r . ) _____
<t__________________________
________

b

IX
IX

Federal Sugar Refining. preferred (quar.)-.

O c t. 12
O c t. 12
O ct.
4
S e p t. 18

D ec.
N ov

1

O ct.

22

to

O c t.
1 O c t.

25
16

to
to

6

N ov.
N ov

25

101 0 .'
IO -3
15
8
15
15

1
22
1
23

15
1519

1

20

■

1
1

tv

1
1

X

2

8

to
to

11

1VS

Amalgamated Copper (quar.)

17
18

1 s e p t . 21

N ov.
N ov.

IK
IX

n a t i o n a l b a n k n o t e s O c t o b e r 1 1 9 0 7 _____ $ 4 7 , 8 8 5 , 7 8 5

21
21
21

N ov.

*

C o n so lld . Ic e .P itt s b u r g h , p re f. (q u a r .) .
D is t ille r s ’ S e c u r . C o r p . ( q u a r .) ( N o . 2 0 ) .
d u P o n t ( E . I .) d e N e m .P o w ., c o m .( q u .)
P r e f e r r e d ( q u a r . ) ____________________________
E d i s o n E l e c . 1 1 1 ., B o s t o n ( q u a r . ) ( N o . 7 4 )
E l e c t r i c B o n d & s h a r e , p r e f . ( q u a r . ) -------

A m o u n t o n d e p o sit to re d e e m

N
N
N
O

IX
IX

IV,

7 7 5 ,3 8 1

N ov.

3

C o m p u t i n g S c a l e C o . ( q u a r . ) ....................—

$ 4 7 ,1 1 0 ,4 0 4

Nov.

2
1X

Consolidation Coal (quar.) ____________________

n a tio n a l b a n k n o te s S e p te m b e r 1 1 9 0 7 - .
t e m b e r _________________________ ______ $ 2 , 4 7 6 , 7 9 0
a b l e i n S e p t e m b e r _________________ 1 , 7 0 1 , 4 0 9

Nov

ix
x

&

8
2

Oct. 11

2X

(e)

N ov.

10 N o v .
1 O c t.
1 O c t.
21 O c t .

ov.
ov.
c t.
c t.
c t.
c t.

N ov.
N ov.
N ov.
O c t.
O ct.
O c t.
O ct.
N ov.
N ov.
N ov.
.
N ov.
N ov.

4

A m oun t of ban k

Legal-Tefuler Notes

N
N
O
O
O
O

2

Books Closed.
Days Inclusive.

2

D ec.
N ov.

2X

Central District & Priming Teleg. (quar.)
Commonwealth—Edison .......................... ................

O c t o b e r 1 1 9 0 7 ___________________________________S 6 0 3 , 9 8 7 , 1 1 4

When
Payable.

3

Baltimore & Ohio
Washington Branch RR

—
A m o u n t a f l o a t S e p t e m b e r 1 1 9 0 7 ____________________ . ______________________________ 3 6 0 4 , 0 5 6 , 3 2 1
A m o u n t I s s u e d ( l u r i n g S e p t e m b e r ____________________________________ 8 5 , 7 6 1 , 7 4 1
A m o u n t r e t i r e d ( l u r i n g S e p t e m b e r .............. ................................................... ...
5 ,8 3 0 ,9 4 8
6 9 ,2 0 7
n o te s a flo a t
—
A m o u n t o n d e p o s it to re d e e m
A m o u n t d e p o site d d u rin g S e p
A m o u n t o f b an k n o te s re d e e m

lxxxv.

3

3X

2d

O ct. 25
to
N o v . IO
19 O c t. 13
to
O c t . 20'
O c t. 13
to
O c t. 21
21 S e p t . 2 8
to
O c t . 21
25 O c t. 16
to fl
O ct. 25
31 O c t. 2 5
• to
O c t. 31
N ov
1 ) c t . 22
1
to
1 H o ld e r s o f r e c .' N o v
1
31
O ct. 21=
21 O c t . 1 0
to
to
2 f. - i e p t . 2 6
14
lo ld e r s o f r e e . D e c
2 5 .lo ld e r s o f r e c . O c t . 1 5
lo ld e r s o f r e c . O c t . 1 5
I
N ov
I
to
1 ) c t . 17
O c t. 31
to
1 )c t. 29
20 l o l d e r s o f r e c . O c t . 1 0 O ct. 30
30
to
N ov.
1
1 ) o t . 11
1 ft l o l d e r s o f ree>. Oct. 31
N ov
to |
1 ) e t . 22
1
to
2 .= > c t . 1 3
O c t . 251 > e t. 21
to
N ov
2:
li
1 lo ld e r s o f r e c . O c t . 16
22 O c t .
5
to
Oct. 2 0
12 H o ld e r s o f r e c . O c t . 10
1 O c t. 18
N ov
to
6
1 O c t. 18
N ov
to
N ov
6
1 O c t. 18
to
15 H o ld e r s o f r e c . O c t. H a
15
to
O c t . 12a
2 2 O c t . 11
1 2 H o l d e r s o f r e c . O c t. 10
O ct. 31
to
31 O c t. 25
O ct. 25
to
25 O ct
15
N ov
to
3
1 O c t . 11
N ov
to
31 O c t . 11
Oct 22
1 H o ld e r s o f r e e
2 N o v . 10
to
D ec.
1
to
2 N o v . 10
D ec.
1
to
N ov
1
15 N o v .
15
to
N ov
1 O c t. 22
1
31 H o ld e r s o f r e c . O c t. 1 5 a3 1 H o ld e r s o f r e c . O c t . 1 5 a
25 H o l d e r s o f r e c . O c t . 15
21 O c t . 1 1
to
O c t. 2 1 .

22

_

___

fi

.

16
1 O ct.

22

d e c la r e d a d iv id e n d a t r a te o f

to

N ov.

11

p er an n um ,

10 to N o v . 1 1 9 0 7 o n C h ic a g o E d iso n s to c k s u b s c r ip tio n r e c e ip t s

d

P a y a b l e in d i v id e n d w a r r a n t s ;

h o ld e r s o f r e c o rd

A p ril

10

1908.

a lso 2 %

e F ro m

d e c la r e d o n se c o n d
p r o p e r t ie s h e ld

b y

L a k e S u p e r i o r 'C o .

A u ction Sales.— A m on g other securities the follo w in g , not
regularly d ealt in at the Board, were recently sold at auction:
B y Messrs. A d ria n H . M uller & Son:
Stocks.

I

Stocks.

10 M ercantile T ru st C o ------------ 850 | 8 W ash in gton Tru st C o .o f N • i
200 H a m ilto n Bond & M o rtga g e
j 3 M ercantile N a tio n a l B a n k — - I j C o ......... .................... ..$ 1 0 0 lo ti
Bonds.
20 R e a lty A sso cia tes............. . . . 1 2 5 $1,000 R a ton W a te r W o rk s Co.
30 Ir v in g N a t. Exch. B a n k ----- 1851
le t 5s, 1935, F . & A . .
4.>.

THE CHKONICLE.

'O c t . 1 9 1 9 0 7 . J

Statement of New York City Clearing-House Banks.—
'Th e following statement shows the condition of the New
York City Clearing-House banks for the week ending Oct. 12.
i t should be distinctly understood that as to all items
^except capital and surplus the figures are the averages of the
■daily results, not the totals at the end of the week. In
other words, in reporting loans and deposits and holdings Of
specie and legal tenders, the practice is to take the aggre­
gate of the amounts for the several days of the week and
^divide this aggregate by the number of days.
We omit lico ciphers (00) In all eases.
Banks.
00s omitted

Capital.

Surplus.

Loans.

-I

S
8
$
2,991,2
16.666,0
2,000,0
Bank of N . Y _ .
3,040,9
2,050,0
24,000,0
Manhattan Co.
16,326,1
2,000,0
1.621,8
Merchants’ ____
3,723,5
20,234.0
•Mechanic's’ ___
3,000,0
20,539,0
1,500,0
4,544,6
A m e r ic a ______
483,0
7,436,0
1,000,0
..P h en ix _______
'C ity ............... 25,000,0 23,582,0 150,552,3
27,314,1
-Chemical______
3,000,0
5,640,8
526,6
6,304,9
Merchants’ lix .
600,0
8,015,4
2,466,5
-G ailatln . . . . . . . .
1,000,0
153,2
2,226,6
300,0
Hutch. & Prove
16,309,0
943,3
Mech.ATraders’
2,000,0
5,494,2
500.0
716,5
••Greenwich ____
5,020,2
27,920,6
Amer. Exch__
5,000,0
Commerce_____ 25,000,0 14,928,1 130,801,7
17,941,0
5,043,6
3,000,0
M erca n tile____
798,9
2,915,5
500,0
Pacific ............
5,579,4
450.0
1,051,1
•Chatham______
470,2
2.233,8
200,0
People’ s ______
14,929,0
2,207,6
North America.
2,000,0
53,564,0
Hanover . _____
3,000,0
8,671,6
1,127,2
21,495,1
2,550,0
'Citizens’ Cent’ l.
3,834,9
365.4
^Nassau_______
500.0
7,506.f
Market & Fult’ n
1,000,0
1,586,2
‘ Metropolitan . .
11,200,7
979,9
2,000,0
4,993,3
36,560,0
••Corn E x c h ____
3,000,0
750,0
1,215,9
10,847,0
-O r ie n t a l______
25,735,7
7,206,4
Im p . & Traders’
1,500,0
iPark ...............
70,510,f,
8,934,8
3,000,0
1,224,0
123.1
ttast R ive r____
250,0
19,585,(
STourth_______
3,000,0
3,228.1
8,856,0
2,005,4
.■Second_______
500,0
91,050,1
f i r s t __________ 10,000,0 19,682,9
."Irving Nat. E x.
14,204,0
1,151,0
2,000,0
jBowery ______
3,415,1
250,0
78 4,1'
Y County..
6,100,;
500,0
578,£
<Jerman -Amer..
750,0
3,810,1
607,-’
4,641,(
■•Chase__________
5,000,0
50,486,.
9,822,7
100,0
1,859,t
F ifth Avenue. .
“ Germnn E x c h ..
200,0
3,564,7
866/:
4,648,1
•tterm ania........
200,0
960.;
U ncoln .
1,584,7
500,6
12,651,’.
«£lar8eld..
1,000,0
1,368,;
7,565,t
•Fifth . . . .
462,4
3,024,1
250,0
Metropolis j ____
9,354,:
1,765,1
1,000,0
West S id e _____
200,0
3.936,1
807,3
16,210,1
-Seaboard______
1,000,0
1,434,:
1st Nat., Bklyn
300,0
3 886.1
701,-'
12,784,4
i*Jt>erty_______
1,000,0
2,360,1
.N. Y . i'rod. Ex
656,1
6.551,:
1,000,0
1,000,0
266,(
4.435,7
NewjAm sterd’n
.-State_________
1,000,0
751,: • 14,218,1
■34th Street___ • 1,000,0
416,1 - 7,025,1

Specie.

Legals. Deposits, a Re­
s’rve

$
3,087,0
5,087.0
3,234,5
2,947,0
2,926,5
1,520,0
29,860,8
5,309,4
1,183,2
794,3
413,4
3,192,0
1,169,0
3,314,9
17,118,8
1,676,3
236,0
529,1
366,9
1,331,5
10,677,9
5,283,:.
225,3
1.257,*
2,117/
6,277 (
1,309,1
4,170,1
17,786.1
150.:
4.243,<
2,286,1
19,449.!
2.936,(
655,1
852,i
614,:
12,902,
1,991,1
175,1
865,.
1,345.'
1,677,'
449,:
1,284,
651,i
3,064,'
286/
2.45S,
1,641,
785,
2 401.
997,

$
*
%
867,0
14,733,0 26.7
2,236,0
27,200,0 26.5
1,070,2
16,952,0 25.4
2,068,0
19,609,0 25.5
2,318,1
20,536,4 25.5
91,0
6,473,0 24.8
2,100,0 123,988,4 25.7
1,792,8
26,692.0 26.7
6,476,5 23.0
310,3
610,7
5,569,2 25.2
55.0
1,905,1 24.0
1,618,0
19,001,0 25.3
250,0
5,755,3 24.6
.1,203,2
19,573,0 23.0
10.616,5 105,604,1 26.2
11,569,4 21.9
866,5
632,5
2,754,9 31.5
911,4
5,469,0 26.3
78,0
1,969,3 22.5
1,672,0
13,320,7 22.5
6,432,0
61,683,4 27.7
21,220,4 26 4
330,8
480,2
3,621,8 19.4
636,0
7,152,3 26.4
156,3
10,844,1 20.9
4,470,0
41,901,0 25.6
10,557.9 16.0
382 i
1,414,0
22,556,0 24.7
2,852,0
78,655,0 26.2
124,:.
1,238,1 22.3
1 452,0
19,871,0 28.6
174,0
9,294,0 26.5
545,8
77,318,3 25.8
14,066,0 26.9
849,0
90,(
3,537,0 21.0
5,655.9 22.6
426,:
201,1
3,475,1 23.1
1,541,.54,535,1 26.4
10,392,7126.6
780/
760,C
4,074,1 22.9
4,903,5 18.0
19,*
1,786,1
13,093,1 23.8
7,384,6 27.1
331/
2,993,5 23.4
253,1
894,;
8,872,5 24.5
4,215,0 23.1
326,(
1,255,1
18,039,0 23.9
492,1
3,329,0 23.3
11,011,6 25.5
378,;
236,7
7,549,3 24.8
404,’.
5,132,9 23.1
156,i
15,331,0 16.6
609,'
7,392,3 21.7

129,400,0 164,098,: 10S3.401,! 198,558,

i2,608,1 1026,047,8 25.4
a

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

Banks.
New York
Sept.l4__
Sept .21..
Sept.28. .
Oct. 5 ..
Oct. 12..
Boston.
Sept.21..
Sept-28..
Oct. 5 ..
O ct. 12. _
Phila.
Sept.21.Sept.28. _
Oct. S -.
Oct. 12.-

Loans.

293.498.3
293.498.3
293.498.3
293.498.3
293.498.3

Legals. Deposits, a C ircu­
lation.

I Specie.

S
$
1088,972,2 198,909,9 69,221,9 1044,852,4 50,649,2
1097,579,0 202,396,5 70,264,5,1057,023,6 50,658,4
1100,351,5 198,807,970,637,111055,193,7 50,638,5
1089,068,4 192,216,7:69,607,2 1036,703,3150,6£7,8
1083,401,9,198,558,8 62,608,6 1026,047,8'51,001,8

1,640,946,0
1,577,612,0
1,402,951,9
1,784,941,4
1,611,351,9

8.363.0
8.327.0
8.260.0
8,222,0

146.884.2
127.668.5
163,712.4
149.236.3

253,408,0:13,723,0
252.195.0 13,671,0
252.902.0 13,678,0
251.288.0 13,634,0

131.175.6
130.397.7
151.121.4
135,444,3

43.680.0
44.036.0
44.036.0
44.036.0

186.750.0
189,076,0;
190.318.0
190.828.0

51.165.0
54.440.0
54.440.0
54.440.0

223.641.0
223.905.0
224.270.0
222.986.0

4.624.0
4.097.0
3.690.0
3.841.0

18,093,0
18,345,0
17,946,0
17,812,0

56.427.0
55.392.0
54.652.0
53.609.0

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Oct. 12, 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 or the week.
$3,001,076
10,318,990

$2,982,859
12,206,044

$2,763,098
12,877,349

$13,320,072

$15,188,903

815,640,447

$13,421,024

$150,057,172 S127.728.186 8111,480,999
531,586,001 470,375,850 438,329,387

$94,438,118
375,052,664

D ry Goods_______________
General Merchandise_____
T o t a l................... .......
Since January 1.
D ry Goods______________
General Merchandise___

$681,643,173 $598,104,030!$549,810,386 $470,390,782

Total 41 weeks...

The following is a statement of the exports (exclusive of
specie) from the port of New York tu foreign ports for the
week ending Oct. 12 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 .
1905.
For the week_______________ ; $14,624,233
484,154,554
Previously reported________

$12,402,664
477,002,621

Loans
and
SurInvest­
plus. | ments.

N. Y . C ity.
Moroughs o f
M a n .& B f x.
S
$
?
W ash. Hghts
100,0
183,6 1,102,4
'C e n t u r y ____
200,0
149,5' 1,210,4
Chelsea Exch
115,6! 1,318,2
100,0
-C o lo n ia l____ ' 100.0
454,31 4,073,5
■Columbia__
300,0
476,0 5,953,0
■Consol. N at. 1,000,0 1,114,7; 5,291.7
F id e lit y ____
915,6
149,5;
200,0
Hamilton . .
288,71 5,787,9
200,0
. Jelterson____
680.4! 4,092,4
500,0
M t. M orris..
250,0
235,31 2,194,4
M u tu a l........
200,0
297, ll 3,151,7
19th W a rd ..
300,0
480,3! 4,122,8
Plaza ..........
100,0
372,61 .3,502,0
12th W a rd ..
200,0
230,5 2,437,0
23 d W a r d ...
100.0
182,7 1,627,4
Union Exch.
750,0
912,4 8.955,1
Y o r k v llle __
100,0
400,3' 3,475,3
■Coal & I.Nat.
500,0
625,5, 5,013,0
N ew NethTd
200,0
211,8 1,328,1
B a t .Pk. Nat.
200,0
128,0
853,5
.Oorough of
Brooklyn
■Borough . . .
200,()' 179,4 3,662,1
Broadway . .
416,6' 2,590,7
150,0
B rooklyn __
112,2 2.052,6
300,0
M’ f'r’ s N a t..
252,0
739,5 4,579,2
Mechanics' . 1,000,0
897,3 11,217,3
Nassau Nat.
928,5 6,199,0
750,0
N a t. C it y ...
621,6, 3,263,0
300,0
North Side. _
218,2* 1,741,2
100,0
Jersey City
First N a t ___
400,0 1,179.2 4.304,3
Hud .Co. Nat.
250,0
721,1 2,706,5
Third N a t . . .
200,0
348.3 1,959,2
Hoboken.
(First N a t ...
220,o! 596,7! 2,324,9
Second N at.
125,0
202.4 1.761,4

Specie.

Legal
Terule.
and
Bank
Notes.

Depcsll with
Clear­
ing
Agent.

Other
Net
Banks, Deposits.
&c.

$
$
S
79,7
956,1
55,0
66,1 1,001,6
75,1
158,0 • 1,620,5
571,1
260,9 4,953.5
433,0
6,288,0
200,0 ’ "100,0 3,913,3
65,6
818,1
193,3
818,9 7,210,3
62,1
197,1 3,771,2
291,:-.
58,9 2,627,2
282,2
1,3 3.208,1
132,2
781,4 4,906,0
512,0
3,952,0
324,0
2,915,0
439,8
65,3 2.236,9
732,5
7,668,0
218,9
85,6 4,109,3
458,0
60,0 5,140,0
101,8
10,0 1,162,1
136,7
769,1

$
19,7
12,0
98,6
116,0
310.0
467.5
8,6
352,3
9.3
126,5
17,6
50.9
274,0
39,0
64.9
547,5
41.8
778.0
82,8
124,6

$
53,'.
77..
39,.
434,:
250,'
62,.
56,:
288,:
216,1
101,:
256,1
425,'.
127,1
237,t
198,;
258.:
415,1
258,1
4,:
25, i

40,8
15,6
166,5
333,8
256,1
272,0
128,0
24,7

240, i
230,101,:
186,8
684,:
512/
332,1
127,8

206,9
247,4
195,2
674,0
1,047,2
933,0
505,0
75,2

118,4 4,082,0
59,2 2,750,2
109,8 2,374,9
137,6 4,809,1
161,3 12,382,9
5,946,0
85,6 3,763,0
254,6 1,972,5

176,1
119,2
42,2

299,1
96,-:
92,4

2,406,8
294,0
322,6

213,0
229,1
9,4

5,855,9
2,375,8
1,949,5

125,8
74,9

19.5
66,0

164,5
84.3

68.4
82,4

1,994,7
1,678,3

- rot. O ct. 12 9,847.0 14849,8 114766,8 5,317,3 6,776,0 12,521,3 4,191,1 121221,1

T o t. Oct.
5 9,847,0 14849.8 114765 9 5.219.3 6,371,2 12.596,5 4,504,2 120925 8
'S a t. Sept. 28 9,847,0 14849,8 114000!4 5,120,3 6,541,4 10,890,6 4,536,0 119298,3




i

$10,194,785
374,997,017

The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 12
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 O F SPECIE A T N E W Y O R K .
Exports.

We omit two ciphers (00) in all cases.

Capi­
tal.

$12,315,588
407,640,205

Total 41 weeks_____ _____ ;$498,778,787l$489,405,285 $419,955,793 $385,191,802

Week.

«£ Banks.

209.544.0
208.227.0
214.777.0
213.339.0

a Including for Boston and Philadelphia the item "due to other banks” and nlso
Government deposits. For Boston these Government deposits amounted on
October 12 to $4,772,000; on October 5 to 84,392,000.

• Total United States Deposits included, $33,487,600.

Reports of Non-Member Banks.— The following is the
rstateinent of condition of the non-member banks for the
■week ending Oct. 12, based on average daily results.

Clearings.

Great Britain_____
France ___________
Germany _________
West Indies_______
Mexico .................
South America____
All other countries.

Imports.

Since Jan. 1

Week.

$12,877,335
15,361,499
1,615,083
882,155
11.500
2,197,414
$971
1,500,000
$971 $34,444,986
5,890,514
2,000
5,375 38,111,462

Total 1907.
Total 1906.
Total 1905.
Silver.
Great B ritain .........
France ...................
Germany __________
West Indies________
Mexico ____________
South America_____
All other countries. .

$20,545
122,198
27,604
$170,347
5,566,293
3,806,796

$544,169 $35,716,220
250,000
3,654,000
10,278
285,566

8794,1691839.68S,515
354,715| 40.011,189
552.359 27,978,S69

$2,596,116
717.238
1,155,297
782,155
488,257
2,181,026
283.239
$8,203,328
87,055,687
15,049,509

$269
5,720
329,589
5,404

7,665
14.780

Total 1907..........
Total 1906..........
Total 1905______

Since Jan. I

$340,982
44,587
69,038

888,168
2,270
427
145,577
,619,145
763,911
22,154
641,652
,856,77^
,599,774

CM

Of the above imports for the week in 1907, $24,o70 were
American gold coin and ____ American silver coin. Of
the exports during the same t i m e ______ were American
gold coin a n d ____ were American silver coin.

iBanliiug and ffinancial.
W e shall be pleased to mail investors copies of the ninth
edition of our 10-page circular describing 65 Short-Term Notes
and Collateral T rust Bonds with approxim ate market prices.

Spencer Trask & Co*
W IL L IA M

NEW

A N D P I N E STS..

M o f f a t

&

W

YORK

h i t e

Mem bers N ew York Stock Exchange.
5 NASSAU STREET.
DEALERS
Commission

IN

H A N O V E R B A N K B U IL D IN G
IN V E S T M E N T

S E C U R IT IE S .

Orders Executed for Cash O nly.

9H6

THE CHRONICLE.

U a w t i e r s ’ to a -g e lte .
Wall Street, Friday Night, Oct. 18 1907.
The Money Market and Financial Situation.— Several dis­
turbing influences have affected the security markets ad­
versely this week. Some of these were of little or no real
importance as market factors, but in the present state of
sensitiveness they were sufficient to accelerate the decline
of values which has again been the conspicuous feature.
The first new development was the announcement on
Tuesday of a suspension of dividends by the traction systems
in two Western cities and a consequent disturbance on the
Montreal Stock Exchange. Later there have been the
failure of two small banks in this country and of a more
important banking house in Germany; a cut in the dividend
rate of Amalgamated Copper from 8 to 4%; the well-known
disastrous results of an attempt to corner United Copper
Co. shares; and throughout the week the struggle for control
of the Illinois Central R R . and a tendency to firmer money
market conditions have attracted more or less attention.
Incidentally, it may be mentioned there has been a rather
sharp break in the price of wheat, which, perhaps, marks a
decline in the enormous speculative movement which has
been carried on in the Chicago market; it is reported, also,
that there has been a falling off in the export demand.
The Bank of England’s weekly report is in sharp contrast
with that of a year ago, when the percentage of reserve was
less than 38, as against a percentage of over 49 now. A t this
time last year the Bank rate was raised to 6% , whereas now
there is discussion of the prospect of its being lowered to 4%.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2% to 10%. To-day’s rates on call were 5@ 10% .
Prime commercial paper quoted at 7% for endorsements and
7% for best single names.
The Bank of England’s weekly statement on Thursday
showed a decrease in bullion of £574,927 and the percentage
of reserve to liabilities was 49.39, against 46.51 last week.
The discount rate remains at 4 % % , as fixed August 15.
The Bank of France shows an increase of 750,000 francs in
gold and a decrease of 2,200,000 francs in silver.
N E W Y O R K C IT Y C L E A R IN G -H O U S E B A N K S .
Dif]erenccs
from
previous week.

1907.
Oct. 12.
C a p ita l______________
Loans and discounts. _
Circulation___________
Net deposits__________
Specie ______________
Legal ten ders.......... .

$
129,400,000
164.098,300
1,083.401,900
51,001,800
*1,026.047,800
198,558,800
62,608,600

$
Dec. 5,666,500
Inc.
344,000
Dec. 10,655,500
Inc. 6.342,100
Dec. 6,998,600

1906.
Oct. 13.

1905.
Oct. 14.

$
S
118.150.000
115,972,700
154.235.000 140.160.800
1,065.657,800 1,030,284,300
46,154,800
54,155,800
1,050,776,000 1,026,157,600
202,511,200 191,952,100
74,798,700
73,207,200

Reserve held________
25% of deposits______

261,167,400 Dec.
256,511,950 Dec.

656,500
2,663,875

275,718,400
262.694.000

266.750.800
256,539,400

Surplus reserve____

4,655,450jlnc.

2,007,375

13.024,400

10,211,400

*$33,487,600 United States deposits included, against 832,514,900 last week and
$30,229,100 the corresponding week of 1906. With these United States deposits
eliminated, the surplus reserve would be $13,027,350 on Oct. 12 and $10,776,800
on Oct. 5.
Note.— Returns of separate banks appear on preceding page.

Foreign Exchange.— The market was quite strong at the
beginning of the week, influenced by an urgent demand to
remit for stocks sold for European account. The inquiry
subsided on Tuesday, and thereafter the tone was easier,
and it so closed. To-day’s (Friday’s) nominal rates for
sterling exchange were 4 83 for sixty day and 4 87 for sight.
To-day’s (Friday’s) actual rates for sterling exchange were
4 8230@4 8240 for long, 4 8610@4 8615 for short and
4 8685@4 8695 for cables. Commercial on banks 4 82@
4 8210 and documents for payment 4 8 1 ^ @ 4 82%. Cot­
ton for payment 4 8 1 % @ 4 81%, cotton for acceptance
4 82@4 8210 and grain for payment 4 82% @ 4 82%.
To-day’s actual rates for Paris bankers’ francs were
5 20@5 19%a for long an d5 16% @ 5 16}4/ifor short. Ger­
many bankers’ marks were 94 3-16@94J4 for long and
94% @ 94 15-16 for short. Amsterdam bankers’ guilders
were 40 32a@ 40 34A; for short.
Exchange at Paris on London to-day 25 f. 13c.; week’s
range 25f. 13c. high and 25f. 12c. low.
The week’s range for exchange rates follows:
-Lon gSterllng ActualH igh ........ _4 8245
@ 4 8255
L o w ______ 4 8225
@ 4 8230
Paris Bankers’ Francs—
H igh.......... 5 20
@ 5 19%ffi
L o w ........ . 5 20% @ 5 20
Germany Bankers’ Guilders—
H igh______ 94)4
@ 94%
L o w ______ 94
@94%
Amsterdam Bankers’ Guilders—
H igh .......................................... ..
L o w ______
__________________
Less:
Plus:

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

-S hort14 8635
14 8610
5 16%a
5 16%

@ 4 8650
@ 4 8615“

14 8715
14 8685

(a) 4 8720
@ 4 8690

5 16%
5 16J4

| 94 15-16 @ 95
I 94%
© 94 15-16
| 40.32a <3> 40.34*
I 40 5-16 @ 40%

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

ft3 - 3 2 c fl% .
y 3-32 of 1% .

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago 10c. per $1,000 discount. St.
Louis 20c. per $1,000 discount. San Francisco $1 per $1,000
premium.
State and Railroad Bonds.— No sales of State bonds.




[V o l .

lxxxv

The market for railway .bonds has been more active, owing
to more liberal offerings. The latter have resulted in de­
clining prices and a considerable portion of the active list
is from 1 to 2 points lower.
Some of the industrial issues have been conspicuously
weak, American Tobacco 6s showing a loss of 6 points and
Central Leather 5s 3 points.
United States Bonds.— Sales of Government bonds at the
Board include $40,000 4s reg., 1925, at 121 to 122, $3,500 3s
coup., 1908-18, at 102%, and $10,000 2s reg., 1930, at 105.
The following are the daily closing quotations; for yearly range
see third page following.
Interest
Periods
2s,
2s,
3s,
3s,
3s,
4s,
4s,
2s,

1930 _____ ____registered Q— Jan
1930_____ ____ ..coupon Q— Jan
1908-18... ___registered Q— Feb
1908-18 . _______ coupon Q— Feb
1908-18._. .small coupon Q— Feb
1925 _____ ___registered [Q— Feb
1925_____ ______ coupon Q— Feb
1936-Panama Canal regisjQ— Nov

Oct.
12.

Oct.
15.

Oct.
16.

Oct.
17.

Oct.
18.

*105%
*105)4
*101 %
102%
*101%
1121%
*123
*105

*105%
*105%
*101%
*102%
* 101%
121%
*123
*105

*105
*105
*101%
*102%
*101%
*121%
*123
*105

105
*105
*101%
*102%
*101%
121
*122%
*105

Oct.
14.

*105% *105%
*105% *105%
*101 % 1*101 %
*1025-2 *102%
*101% *101%
*122%
*123
*123
*123
*105
*105

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

Railroad and Miscellaneous Stocks.— The stock market
has again been more active. The transactions on Wednes­
day and again to-day aggregated over 1,000,000 shares, the
largest amount since the sharp decline in August. Prices
continued the downward movement which has been in prog­
ress for some time past, during which several prominent rail­
way issues showed a loss of from 6 to 10 points within the
week and at least 8 made a new low record for the year.
These are Atchison, Missouri Pacific, Union Pacific, St. Paul,
Illinois Central, Delaware & Hudson, Reading and Balti­
more & Ohio. Union Pacific sold below 114, which was
over 6% points below its previous low price on March 14.
A few issues have been relatively steady throughout the week,
including Pennsylvania, New York Central, Erie, etc.
The industrial list, and especially the copper stocks, have
been the notably weak features, led by United Copper on the
curb. Tennessee Copper declined 12 points, Smelting &
Refining over 16, Amal. Copper 10 and Anaconda nearly 8.
F or daily volume of business see page 996.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Oct. 18.

Sales
tor
Week:,

Range since Jan. 1.

Range Jor week.
Lowest.

Balaklala Copper______ 2,265: $3 Oct
Bethelehem Steel Corp. .
600 10 Oct
Preferred . ________
500 30%0ct.
Chic IJn Trac trust rects.
210
l% O et
Preferred
do
___
300 7 Oct
Comstock Tunnel _____
500 2 lc.O ct
General ChemicAl, p r e f..
100 90 Oct
G Northern subscript’n '
rects, 70% paid______ 5,60012110% 0ct
Hoinestake Mining_____
250! 70 Oct
100' 87 Oct
Ingersoll-Rand, pref. . . .
100 65 Oct
Knickerbocker Ice, pref.
Morris &Essex_________
50 167% Oct
New York Dock, p f____
158 71 Oct
50 100 Oct.
N Y & N J Telephone___
200 2%Oct
Ontario Silver Mining. _
Standard Mining_______
100 $2.10 Oct
Tennessee Coal rights .. 1,250 2% Oct
100 76 Oct
United Cigar Mfrs, pref.
100 100%0ct
U S Leather, preferred.100 2% Oct
Vulcan Detinning______
Western Maryland_____
600 6 Oct

Lowest.

Highest.
17
16
16
IS
16
17
18

$4%Oet
11 Oct
35 Oct
l% O c t
14 Oct
21c. Oct
90 Oct

17 114%Oct
17 72% Oct
14 87 Oct
12 65 Oct
16 167% Oct
IS 71 Oct
14 100 Oct
16 3 Oct
IS $2.100ct
14 2% Oct
17 76 Oct
IS 100 H Oct
IS 2% Oct
14 8 Oct

12
14
14
12
15
IS
14
16
IS
14
17
IS
18
14

I Highest.

$3
9
30
1%
87
21c.
90

O ctiSll
July
Aug 20% Jan
Aug 65
Jan
Oct! 3% May
Oct 17
Julv
Oct 50c. Jan
Oct 102% Feb

105%
65
7
65
167%
69
100
2%
$1.90
2%
76
90
2%
C

Aug 130% Apr
May: S5
Feb
Oct 94% Jan
Mch
Sept! 75
May
Oct'l79
Oct
May! 71
Jan
Oct 115
Oct! 8% Feb
Aug $3.70 Jan
Oct! 2% Oct
Oct, 94% Jan
July
Aug 114
Oct1 9% Jan
Oct. 30% Jan

15!
12'
12
18
16||
1711
18

Outside Market.— The violent movements in United Cop­
per stocks on the “ curb” this week completely demoralized
the market for outside securities. From 46%, last Friday’s
close, the common dropped to 37%> and on Monday rushed
up to 60 as a result of manipulation, as afterwards disclosed,
by a firm of brokers connected with the Heinze interests.
The next day, however,there was a succession of sharp breaks,
and on Wednesday the stock dropped to 10. The firm of
Gross & Kleeberg, who had acted for Otto Heinze & Co.,
announced their suspension, and charged that Heinze & Co.
had repudiated their contracts. Thursday matters became
still more complicated, with Heinze & Co. suspended from
the New York Stock Exchange. United Copper on that day
recovered to 13%, but on heavy selling broke again to-day
to 10%. The preferred suffered equally, and after moving
up a point to 75 ran down to 25, with the final transaction
to-day at 2534- Boston Consolidated Copper fell from 12%
to 10%, rose to 12% and dropped back again to 10%.
Butte Coalition lost 2 points to 10 and ends the week at 10%.
Davis-Daly Estates sank from 7% to 3% and closes to-day
at 4% . Nevada Consolidated Copper declined from 8% to
7% and to-day to 614. Nevada-Utah from 2 13-16 receded
to 2% . Cumberland E ly went down from 5% to 4% and
to-day still lower to 4. Greene Cananea declined from 7 to
6 % ,then moved up to 7% , dropping back finally to 6% .
Nipissing from 6% sank to 5% and closed to-day at 5% .
The weakness of the copper group was reflected in the spe­
cialties. Consolidated Steamship 4% bonds were the fea­
ture. On record-breaking sales (some $1,900,000 up to Fri­
day and about $2,000,000 to-day), the price dropped from
22% to 18%, a bad break to-day carrying the price to 17 M .
with the close to-day at 18. The stock declined from 2%
to 1% . American Tobacco lost about 10 points to 200, clos­
ing to-day at 205. Standard Oil declined from 435 to 415.
Chicago Subway from 18 sold down to 15 and ends the week
at 1 .
Outside quotations will be found on page 996.

New York Stock Exchange—Stock Kecord, Daily, Weekly and Yearly
I 'W d
81 O C A S — H IG H E S T A N U L O W E S T S A L E P R IC E S .
Saturday
October 12

Monday
October 14

Tiusday
October 15

80%
85%
70%
84%
*80
40

82%
79% 81%
791
80%
87
87
87%
85
85%
70
72
70%
70
70l4
84% 86%
85‘s
85% 86%
84
*$2
85
§84
84
41
39% 4034
40% 41%
*
*
____
*
.
_
75
75
75
157% 159
158
159
157% 159
62
5834 58*4 *58
*58
62
§164
165
163
167
167
167
29
29%
29*4
27
29% 29%
12% 12% *13
18
15
15
7
*61
36
10%
114%
*142
____
126%
141

7%
7
65
*64
38
*35
8%
11%
U434 114%
142
145
____ *102
126% 126
142
141

7
7%
65
*64
40
*35
10%
10
11o34 114%
142 *142
110
101%
126
16%
14219 1403s
*201 210 *201 210 *201
121% 121% *120 130 *120
*150
ISO *150
170 *150
* ____
4 * ____
4 * ___ _
*15
25
*15
25
*15
2%
*1*4
*1%
2%
60
*55
*90
95
19% 20
52
*48
40
*37
150
150
490
*460
18% 18%
63% 64
*60% 62
8
*7
* ____
1334
18
I 8I4
41% 42
28% 29
*6 5
75
90
*80
12338 1253g
47
47%

61
*57
*90
95
19% 20%
52
*48
40
*37
149
151
450
450
18% 20
64
64
60
53
8
*7
1334 1334
18
18%
39% 41
29% 29%
*65
75
90
*80
123
125%
46% 48%

....
7%
*23
24%
* ____
9 5 " * ____
75
75
*70
80
*78
133% 133% 130
8%
8
818
22%
22
22
*14
16
*14
*36
38
*35
74
*68
*6 8
1934 20
21
49
50
49?8
12%
12
12%
45
*38
*30
60
*35
*35
98% 99%
98%
11534 11S%
115
*30
45
*30
15
14%
1534
38
*33
35
*73
77
86
88
86
120
121% 121
27% 283g
27%
*62
62% 64
60
59
57*4
115
116
115
44% 44%
44%
*13
15% *13
1003g
100
99%
30
*27%
31

1403S 140%

13934
29%
66%
78
*75
118% 1201o 118%
102% 10334 102%
80
*76
*78
100
*85
*85
*85
95
*85
116% 117% 116%
63% 6318
65
*7 6
90
76%
87% 90
86%
------ . . . .
82%
74
74
73%
14% 15
14%
*40% 43
43
62
*58
*58
30
31%
30%
*14
*10
15
35% 40
35%
7484
75% 7734
108% 108% 108
11%
11% 12
47
47
46
22%
2234 23%
*36
45
*35
12%
16
16
22
23% *21
42
42% 43*4
89
90
90
119
118-% 122
80% 80%
81
29%

6634

30
67
78

100

114
45
15%
35
....
86
121
28
64
60%
116%
44%
15%
1023S
35

7S*4
78-% 81%
85%
85% 85%
70
70%
71
85%
85*4 87%
83% 83I4 *81
40
40% 42%
*
75 *
157% 101% 15718
62
*59
58%
162
168 *160
21%
29
28%
*14
15
*12%
*
49
7% ” 7%
7%
64
64
*58
33% 35%
33%
*10
12%
9%
113
116% 112%
142% 142% 141
103% 104 *101%
126
126
125%
141% 139%
139

N ew Y o rk .
A e t n a ______
A m e r ic a U ._
A m er E xch.
B a tte ry P a rk
B o w e r y 1) . . .
B io n x BorolJ
B u teh ’s& D r
C e n tu ry U —
C h a se ---------C h a th a m ___
P h e ls ’ u iiX c H

B id

200
610
220
122
310
300
150
170
800
310
200

210

200

210

*201

125
170
4
25

119% 119% *119
*150
170 §160
* . __
4 * . .
*15
25
*15
*1*4

____
95

7%
* ____

*70
80
*78
12934 129*4 129
8%
8
8%
21%
23
23
*12%
13
14
*35
*35
38
74
*68
*68
21
23
23%
50% 51
52%
12
12
12%
*30
*30
45
50 * 30
*30
99% 100 %
99%
114
114
113*4
_
__.
35
14%
15% 15%
34
34
34%
*70
*70
77
84 S4 84%
83%
120% 121 *120
26
27
28%
63%
5734 58%
51
§116% I I 612 *115
* ..
*
_
45
*13% 15% *13%
101% 102% 100%
32
*28
30
92
92
*93

140
29%
67
85
121%
104
80
100
95
117%
65
761S
89%
84
73%
1534
43
62
30%
16
40

140
29%
67
*75
118%
102%
*78
*85
*85
116%
*64
82
87%
77
*73
14%
42%
*58
31
*14
40
7634
74%
1081•> 108
12 '
11%
47
46

2334

2234

45
14%
22%
43>4
89%
12114
81

43
11%
21%

4134
86
118%
80

140 *139
29%
29%
67
67*4
84
*75
120-% 115%
103
102%
80
*74
100
*85
95
*85
117% 116%
68%
65
82
*80
8534
89%
77
*75
78
*73
15
155S
42%
42
62
*58
31
31%
15
15
40
*38
76
73%
108% 107%
1134
12%
46
46
21%
23
43
25
12
11%
22
21*4
42%
42
86
87%
120% 116
801S
80

BANKS
B anks

Thursday
October 17

60
*56
57
57
*56
*90
95
*85
95
*90
1934 201"
19% 20%
19
50
§49
49
*47
46*4
38
39
37% 3S1»
06%
150
145%
149% 150% 147
455 *440
475 *450
455
19%
19% 19%
19% 20%
64
64
64% 6414
*63
*38
50
36
33
35
*6 %
7
7
8
6%
14
*13
*13
14
13%
18% 19%
18
1834
19%
40
*40% 42
41%
40
31%
29% 32
31
29%
75
*65
*65
75
*6 5
90
*80
90
*80
*80
x ll9 % 121*4 118
122 % 117%
47*8 48
46
48
46%

____
8
241" * § i%
95 * ____
132%
8%
23
15
38
74
23%
50
12%
45
50

7%
65
40
10%
115%
148
104%
126%
141

Wednesday
Octobcr 16

Ask

220
625
230
132
325
160
185
320
-----

7%
95

7%
* ____

__ * ____
130’
129
8%
8%
23
20%
15
*14
38
*35
74
*6 8
23%
22%
54
49%
12%
12%
45
*30
50
*30
101
99%
114
113
35
*30
15%
14%
35
33
77
*70
85
*80
125 *120
26%
28%
64
63
59
51%
120 *114
44% * ____
15% *13%
102% 100%
30
30
105
*93
141
30%
6734
85
121%
104
80
100
95
1177s
65
90
90%
77%
77
15%
43
62
32%
15
41
76%
108
12%
47%
23
36
12
21*4
42%
87%
121%
8OI4

*139
281o
67
*77
115*4
10134
*74
*85
*85
116%
64
*80
861*
77
*73
15
42%
*58
31
*14
33

72%
107%
12
43%
21%
28
12
21*4
40
85
116%
80

AND

F r ic ’ay
October 18

80%
80%
78
86
85% 85%
701*
66
701»
83% R6186%
85
*S3
85 "
42*4
3810 4134
75 * ____
75
158
154% 158
58% *57
62%
160
168
161
29%
28% 29
15
*13
15

Week
Shares
61,560
1,630
6,010
16,402
130
90,940
18,037

200
1,250
6,800
400

” 7%
65
34
9-%
114
141
104%
125%
140

i'A < iS * >

S IO C K S
N E W YO K K STOCK
EXCHANGE

Ov

Range lor Year 1907
basis 01 100-share 'otr
Lowest

R a ilr o a (Is
A tc h T o p e k a «5c S a n ta F e
•TV
Do
p r e t _____________
A tla n tic ; C o a s t L in e R R . .
L J a itlm o r e & O h io ________
*-*
Do
p r e f . _ i _________
B r o o k ly n R a p id T r a n s i t - .
liu ffa io & S u s q u e , p r e f ___
S Canadian P a c if ic _________
' 'a n a d a S o u t h e r n ________
C e n t ia l o f N e w J e r s e y _____
O n e s a p e a k e & O h io ________
o h ic a g o & A lt o n R R ______
D o p r e f __________________
C h ic a g o G r e a t W e s t e r n . .
D o 4 % d e b e n tu r e s ___
D o 5 % p r e f " A ” ______
D o 4 % p r e f " B ” _____
C h ic a g o M ilw & S t P a u l . .
D o p r e f __________________
D o c o m c t fs 25 % p a id
D o p r e f c t fs 2 5 % p a id
C h ic a g o & N o r t h W e s te r n
D o p r e f . ____ __________
C h ic S t P M in n & O m a h a

H ig h e n

78 O c t 18
><5 O c t 15
6ti O c t 18
83?8 O c t 18
83I4 O c t (J
3714 A u g 2 J
fS3 F e b 16
X54U O c t 18
t>8U O c t 17
l f O O c t 18
27 O c t 14
9 's A u g 1 4
48 S ep 16
7 O c t 10
64 A u g 19
33U O c t 16
85g O c t 14
11084 O c t 18
141 O c t 17
lO lS g O c t lft
125 A U T l i
137i2M eu2.‘
197 A u g 19
115 A u g 19
Ja n lb
310 O c t 7
<j M ch27
2 5 « A u g l7
i l l , M c h l4
505g O c t 18
92 S ep 20
19 O c t 17
4634 O c t 17
s 6 ? g O c tl7
1 4 5 i2 0 c t l7
440 A u g 17
18I 2 O c t 14
O c t 18
33 O c t 15
O c t 17
1334 O c t 14
Aug24
18
3 9 7 g O c tl4
2 8 is O c tl2

“ 7% " 7 % ~ 5~,870
100
*56
65
1,300
36% 36%
*10
12
2,660
110*4 114% 103/33
141
141
410
*102 104%
712
*125% 127
669
137% 139% 11,500
201 §202 202
244
121 *119
122
300
160 *150
170
10
*
4
4
Chicag-o i e r m ln 'l T r a n s fe r
D o p r e f __________________
25
*15
25
2
2
*134
--------- C h ic a g o U n io n T r a c t i o n . .
D o p r e f __________________
59
50% 56
400 C le v e C ln C h ic & S t L _____
95
D o p r e f __________________
*90
98
2038
1934 19% " 9,000 C o lo r a d o & S o u th e r n _____
48%
4634 47%
1.480!
Do
1st p r e fe r r e d ______
37
$36% 36%
2,250'
D o 2d p r e fe r r e d ______
147% 145% 14712
3.600 T ^ e la w a r e & H u d s o n _____
470
400 * D e la w a re JLack <s W e s t n
445 445
20
18% 1934
4,595 D e n v e r & R io G r a n d e _____
67
64
63
877
39
2,710 D e t r o it U n i t e d ____________
37% 40
7
300 D u lu th S o S h o re & A t la n
8
*6%
14
14
300
D o p r e f . . ----------------*13
19%
18% 19% 21,075 k r i e - - ..................................40%
40
40
2,700
Do
1st p r e f-----------29%
30% 30%
2,025
D o 2d p r e f . .............
75
*65
75
90
*80
90
Apr 4
114 A u g 15
119% 116% 119% 59,330 G r e a t N o r t h e r n p r e f ______
48
6,400
T e m p c t fs fo r o re p r o p .
44 A u g 15
45% 47
G re e n B a y & W . d e b c t f A . .
7% * ____
Do
deb c t f B
714 S ep 18
7%
17
*22%
24*2 O c t 14
100 I j j a v a n a E le c t r ic _______
95 * ____
D o p r e f _____________
72 A p r 1
95”
100 u o c m n g V a lle y t r r e c t s . .
74's A u g 3 0
80
*70
80
« 1..
,Do~
.
, p r e f-----77^4 S ep 18
129% 12634 128% "jf.3 3 5 1 llln o ls C e n t r a l.................
i2634 O c t l 8
2,965 A n t e r b o r o - M e t r o p o lit a n .
8%
8
',7g O c t V
8%
22
D o p r e f _______________
21
8,960
20 O c t 18
20
14
12
12
12 O c t 18
955 I o w a C e n t r a l_______________
38
*35
88
74
*68
74
1/ C F t S & M , t r c ts p r e f
70 J n e 11
23
23
23% ’ 5’,600 - K a n s a s C it y S o u t h e r n . .
18 M en 14
62%
50
52%
4,000
D o p r e f _____________
45 Mch2ft
12% *12
1,500 T a k e E r ie & W e s te r n ,___
15
12 O c t 12
45
*30
D o p r e f ______________
40 O c t 11
45
50
*30
50
L o n g I s la n d ________________
45 J ’ ly 23
98% 100
"7 ”,750 L o u is v ille 00 N a s h v ille ___
100%
98*4 O c t 11
114
114
114
4,540 V j a n h a tta n E le v a t e d ___
110 A u g 24
35 A u g 30
35
*30
100 i'- i- e t r o p o llt a n S t r e e t _____
35
1434 15*8
15
7,300 M e x ic a n C e n t r a l__________
14S4 O c t 18
34
*32
36
1,100 M in n e a p o lis & S t L o u i s . .
33 O c t 17
76
*70
76
84
78
83% "3 ,6 §5 M in n S t P & S S M a r ie ___
78 O c t 18
*120
122
1,000
A u g 20
27%
25% 27% 27,660 M o K a n s a s & T e x a s ______
25'2 0 c t 18
63
*60% 60%
1,250
69 M ch 26
D o p r e f __________________
52
54%
54% 22,080 M isso u ri P a c i f i c ____________
51 O c t 16
118 *110
116
370 \ I ash C h a tt & S t L o u i s . . 108 O c t 11
44% * ____
44%
900
’ a t o f M e x , n o n -c u w p i .
/4I4 O c t 14
15% *13% 15%
D o 2d p r e f ___________
15 A u g 15
101% 100% 102% 63,970 N Y C e n tr a l & H u d s o n . .
991* A u g 15
30
27% 27%
600 in Y C h ic & S t L o u is _____
27*2 O c t 18
92
105
92
200
Do
1st p r e f _____________
92 O c t 15
D o 2d p r e f _____________
70 M ch26
141% 13918 140%
910 N Y N H a v e n & H a r t fo r d 139>g O c t 18
29*4
6,445 N Y O n t a r io & W e s t e r n . .
29% 30%
28*2O c t 17
66% 67
68
4,050 N o r f o l k & W e s t e r n ________
66*4 O c t 18
81
*77
200
83
Do
a d ju s t m e n t p r e f . .
78 O c t 12
118*8 115% 118% 158,103 N o r t h e r n P a c if ic ________ . 113 A u g 15
102% 101% 103%
9,460
Do
s u b s c rip r e c t s _____
98*2 A u g 14
80
*74
80
p a c i f i c C o a s t C o ___________
80 S ep 28
100
*80
100
Do
1st p r e f ____________
100
*85
100
D o 2d p r e f _________
90 S ep 28
117% 115% 1173? 155.767 P e n n s y l v a n i a . . __________
114 M c h l 4
64
62
1.970 P l t t s b C ln C h ic & S t L ___
63%
62 O c t 18
90
*80
90
200
O c t 10
88%
83% 89% 812.250 L> e a d ln g .............................
835* O c t 18
77
*75
500
77%
1st p r e f _______________
77 O c t 15
76
*74
76
400
73I4 O c t 14
2d p r e f , ......................
15%
15
15*4 17.030 H o c k Is la n d C o m p a n y ___
14I0 O c t 9
42
43
2,200
42%
D o p r e f .............................
4014 A u g 13
62
62
*58
s i L 4 San i*'r, 1st p r e f . .
58 O c t 7
30% 32
" 4",200
31%
D o 2d p r e f . .......... .........
29 M ch25
15
*14
100 S t L o u is S o u t h w e s t e r n __
15
15 O c t 16
37%
33
35%
6.925
O c t 17
74
6934 74 160,000 s o u t h e r n P a c ific C o _____
6934 M c h l4
108% 107
2,350
108>4
D o p r e f ______________ 107 O c t 18
12*4
11% 13
11,215 s o u th e r n v t r c fs s ta m p e d
11*2 O c t 9
44% 44%
45%
2,750
D o p ref
do
4314 O c t 17
22
21% 21%
5,760 T e x a s & P a c if ic ....... .....
2 1 *g O c t 18
31
28
2,010
28
h ird A v e n u e ( N Y ) ____
25 O c t 16
12
3.100 i o l e d o R a ilw a y s & L ig h t
12% 12%
l l ^ O c t 16
2134 2134
21*4
2,300 T o le d o S t L & W e s te rn __
21U O c t 15
39
40
4,300
41%
d o p r e f ..................
39 O c t 18
86
8-% 86
4.295 i w i n c i t y R a p id T r a n s i t .
8 2 ig O c tl8
119% 113% 119% 790,710: I [n l o n P a c i f i c ..... ........ 1131* O c t 18
80
80
80
1,6101
D o p r e f ____________
75 A u g 14

TRUST

C O M PA N IE S — B R O K E R S '

B id
B anksAsk 1 B a n k s.
B id
C h e m ic a l___ 390
400
F ift h A v e U . 3900
C itiz e n s ’ C trl 140
145 i F l f t h ________ 340
C i t y _________ T250
F ir s t _______
615
C o a l & Ir o n - 230
____ 14th S tr e e t H 225
C o lo n ia l 11___ 700
F o u r t h _____ 185
C o lu m b ia 11- 600
525
G a lla t in _____ 340
C o m m e r c e - . tl6 o % T167
G a r fie ld _____
C o n s o lid a t’ d 160
165
G e r m a n A m l] 135
210
C o p p e r _____ 200
G erm a n Ex1l 500
. . . . G e rm a n ia U . 500
C orn E x c h T 280
160
D is c o u n t 11. 150
G re e n w ic h Tl 275
145
Oast R i v e r . 138
H a m ilto n U . 310
F id e lit y H__ ISO
190 I I H a n o v e r ___ 480

Ask

B id

B a n k s.
4200
Im p & T r a d 500
___ I n t e r b o r o H_ 155
630
I r v i n g N E x T185
300
J e ffe rs o n 11. . 205
L l b e r t y _____
355" L i n c o l n _____ 1100
525
M a n h a tta n II 290
142% M a r k e t & F u l 255
M e c h a n ic s ’ . 225
M e c h & T r a IT 160
200
M e r c a n tile . . T215
340
M erch ^ x c h 175
500
M e rc h a n ts ’ . 150

Ask
520
165
220
500

1200
300
265
235
170

Ra-n'jr ] ot t'rexious
Y ear <1906)
Lowest

I H lofiesi.

IO8I4 J an 7
£538 M ay 110% S ep
101»s J a n 12
10(i J a n
:rSS D<“c
133is J an ft
1677s J a n
131»<! J ’ly
1^2 J a n ft
10o34 M a y 125% S ep
y 4 !o J a n 10
91 O c t
99% J a n
71 J ’ ly
83r>x J an 7
94 is J a n
853j F< b 8
$3 J a n
87 F e b
1951 ■>J a n 4
201% D e c
155*8 M a '
65U J a n 14
70?s J a n
66% J Hi
21912 J a n
204 Mn< 239?s M a y
56 J a n I
65% A u g
5112 N o v
2 7 ii J an 5
25is S en
35% O c t
69 J a n 5
77i4 O c t
70 D e c
16 J ’n e
18 J a n 2
23% J a n
79 F e b 25
79i» S ep
S6i2 J a n
71'' F e b 14
80 J a n
70 D e c
261 J a il
39% J a n
24?f N o v
1571* J a n 14 114612 D e c
199% D e c
I 60I0 J an
tl6 0 D e c
218 A u g
141 J a n 14
149 J a n 15
192 A p r
205 J a n 10
240 J a n
234 J a n 10 225 A u g 270 M ch
170 J a n k 168 J ’ ne 198 J a n
165 J an 19
175 N o v 202 J a n
934 A p r
934 F e b 21
I 8I4 J a n
25 J a n 11
4234 J a n
25 D e c
3
6I4 A p r
3?r M a y
133.1 F e b
193s J an 9
47i» M c h
Il?8 J ’ly
1097g J a n
92?g J a n 7
89 D e c
IO8I 2 J a n 7
110 J ’ly
118 J a n
2912 Jan
387* J a n 9
41 O c t
66% A p r
69U J a n 7
73is F e b
58>2 J an 8
43 Ma.v
59 D e c
22712 J an 2
189 Ma> 23434 N o v
510 J a n 24
43734 May
560 M a y
51% J a n
42?s J an 7
36% M a y
91% J a n
83 O c t
83?8 J an 10
8 0ijjJan 10
102 F e b
79?8 D ec
2278 J a n
1912 J an ft
10 J 'ly
32 A p r
45 J a n
39 J an 4
44i4 J an
38is M a y
60?s J a n
74 | D e c
757g J an 7
83 J a n
70% J a n
67 J an 7
62l2 A p r
68 D e c
76 J a n
92 A p r 'ft
94 A u g
80 J ’ly
18934 J an 2 C178 D e c
348 F e b
7034 D e c
85 J a n 6
86 D e c
92i 2 J a n
81% N o v
113j O c t
1412 J a n 17
2312 J a n
47 J a n 3
53 A u g
33is Jan
7714 J an
86I 2 J an 4
9734 M a y
114 M ch 6
99% J ’n e
92% N o v
94 J a n 5
172 J an 3
164 M a y 184i2 J ’n e
3358 J ’ne
39 J a n 23
55% M a y
7514 J a n 7
703S J ’ ly
87% M a y
3434 J a n
287g J a n 4
24 J ’ly
63% J a n
51 J an 7
48 J ’ ly
80 Jan 111
77 O c t
8412 F e b
3034 J a n ft
22% J ’ ly
37% J a n
71 J a n
613d J an 8
49 J ly
2819 J a n 12
44% J a n
27% J ’ ly
6712 A p r 26
75 S ep
§9212 J a n
6712 J an 9
8134 J a n
6II4 O ct
145V; Jan
136U M a y 156i2 J a n
140 S ep
146 F e b 13
162 J a n
127 J a n
107 J a n 23
103 J ’ ly
275s J an
183s M a y
29l2 D e c
84% J a n
681? D e c
59 J a n 15
10014 J a n
90 A p r
90 J a n 24
140i4 J an 3
134 D e c
164 M c h
168 J a n 3
163U A p r
183*4 J a n
445r M ch 1
29 M a v
43% N o v
7234 J a n 4
64% A p r
76 N o v
923j J a n ft
8512 M a y 106*4 J a n
147 J a n 8
133 M ay
4912 J a n
59*8 J a n 9
36 A p r
69% D e c
I 8I4 J ’ ne
30 D e c
27 F e b 14
13434 J a n 10
156% J a n
126 N o v
69 M ch
63U J a n 7
731. A p r
111 A p r
110 J a n 16
1207g J a n
9134 J a n 7
80 M a y
02 D e c
189l2 D e c
204^ J a n
189 J a n 9
4334 M a y
48«v J a n ft
5714 J a n
9214 J an ft
84 F e b
97% O c t
9012 J a n 10
89i2 A p r
96 J a n
18912 J an 7
17914 M a y 232i2 F e b
134 F e b 18
12418 J a n 7
103 J an
142 j ’n e
105 J a n
106 J a n
10512 J a n
125 M ch 8
135 M a y
1413s J an 8
122i 2 J ’ ly
1 4 7 U J an
78 J a n 22
75 M a y
87 J a n
10512 J an
100 M a y 109 A u g
112 M a y il 6 4 J a n
13918 J a il 7
92 J an 7
89 Sep
96 J a n
90 A p r
94 J an 8
102 J a n
30ig J a n ft
22l 2 J 'ly
32% N o v
6412 J an ft
60 J 'ly
69*4 A u g
70 J a n 11
60 F e b
72% A p r
4012 J ’ly
483s J an ft
5114 F e b
2512 Jan 7
2012 M a y
27% J a n
4834 M a y
62lo F e b 15
63% S ep
96I4 J a n 14
61 M a y
97% S ep
11818 J an 14
116 J ’ ly
120% J 'n e
34 J a n ft
31% N o v
42% J a n
9412 J an 5
93% D e c
103 J a n
28 M a y
37ig J a n 7
401* O c t
121 N o v il3 9 % J a n
123 J an 8
29 Jan 7
2514 D ec
36 J a n
33*4 Jan ft
4012 J a n
2514 J ’ly
54?8 A p r 12
43 J ’l y
69% J a n
108U Jan 7
102 D ec
122% J a n
183 J an ft 138l2 Va\
195- Sep
96 M a y 2
9 lig M a y
991^ J a n

ft
ft

ft

ft

ft

ft

Q U OTATIO N S.
B an ks.

B id

Ask

390
150
M t M o rrls lj- 240
M u tu a l 1]___ 280
N assau 11___ 200
N e w A m s t e r 18C
New N e th ’ l’d 200
N e w Y o r k C o 1200
N e w Y o r k . . 290
____
N 'h t & D a y li
19th W a r d 1i 475
iN o rth A m e r 2-!0
165

160
290
210
195
220
____
300
405

Banks.

B id

Ask 7

O r ie n ta l H__
P a c ific H . . .
P a r k _______
P e o p le ’ s I f . .
P h e n l x _____
P la z a H_____

260
280
420
800
150
570
160
250

255

Prod Kxch 1i

R iv e r s id e U .
S e a b o a r d ___ 840
S e c o n d _____ 700
S ta te 11.......... 375
112th W a r d 1 450
,23d W a r d H . 190

250
430
mym
158
260
fcttO
___ m
400

185
250
155
175
—w
• B id a n d a sk ed p ric e s ; n o sales w e re m a d e on th is d a y .
t E x - r ig h ts ,
i Less th a n 100 shares
H S ta te banks,
a E x - d iv id e n d an d r ig h ts . ------ -t S a le a t S lo c k E x c h a n g e o r a t a u c tio n th is w e e k ,
c E x b e n e fic ia l in te r e s t in o r e p r o p e r tie s .
h 1st ln s t a l’ m t p a id ,
n S o ld a t p r iv a t e t a lc a t th is p r l «




New York Stock Record—Concluded— Page 2

0*8

S T O C K S —H IG H E S T A N D L O W E S T S A L E P R IC E S .
Satvrd ly
October 12

Monday
October 14

Tuesday
October 15

Wednesday
October 16

Thursday
October 17

1 1 iday
October 18

Sales otne
Week
Shares

[V o l .

Rnvot 1or Year 1907
'rn basis ot 100-j^nrf tots

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

Lowest.

HUihcst.

lxxxt.

Ranrje tar Previous
Year (1906).
Lowest.

Wonrsi

98 Jan
93% Jan
26% Jan
\ \ f abash _________________
W
D o p r e f......... ........
53% Feb21*4 F e b
W h eelin g & L a k e E r ie ___
48% F e b
D o 1st p r e f____________
291? FebD o 2d p r e f____________
33 “ Jan
W isconsin C e n t r a l _______
64 Jan.
D o p r e f________________
I n du strial& A liscellan eou s
: 300 Aufc'
100 4 dam s Express_________ §150 A u g 14 5330 J ’n e20 >240 J ’ne ■
160 160 *160 190
*170 190 *169 190 *160 170 *150 170
4 A u g 11.
27% Jan
58C ^ M lls - C h a lm e r s .._______
16 J ’ly
1678 Jan f
7
7
61»
6% *6
6%
6% *6
*5%
7
*5
618
15 O ct 18 4334 Jan 31
67 Jan
40 Sep
l.aao
D o p r e f____________
16
16
15%
15
16% 16%
15% 15]2 1534 1534
16% 16%
923s J ’ly 118% F eb 44% O ct 18 12l 7j) Jan 5j
48% 5034 44% 50 627.095 A m a lga m ated C o p p er____
49
54%
521; 54%
5212 54%
51'8 53%
13% O ct 18
34% Jan
70C A m er A gricu ltu ra l C h em .
253s Jan 8
14
20 J ’ly
14
13% 14
15
14% 14% *14
*15
15%
15% 151s
82% A u g 30
90 Dec- 102 Jan
* ____
D o p r e f________________
95 * ____ 9a
95 F eb 20!
95 * - .
95 *
85 * ____
95 *
35 Jan
23i"J a n 7
12
200 A m erican B eet Sugar____
9% O ct It
201? May
*9
10
*9% 12
10
*9
* l 6'
*91; 12
9?s
« 7t
89% Jan
______
75 Alcii ;.
76 * ____
76
D o p r e f________________
80 'J a n 21
8278 Oct
* ____
76 * ____
76 * ____
76 * ____
76 * ____
Q10 *31"
4
4
31,
4
4
3% O ct 11
71" A p r 11
400 A m erican Can____________
•■ili
*31"
*3%
31?
____ ___ _
42 O ct 1"
1,800
D o p r e f, _______ ______
601" A p r 10
42
44
43% 44% 4338 43%
44
44 '
43% 441s 44% 44%
4514 Jan 14
47U Jan
28% 29
3234 j ’ ly
26,360 A m erican Car & Fou ndry
27% O ct 14
28% 29
28% 30
28% 293j
2714 291"
283s 29%
83 O ct 12 103 Jan 12
105 'J a n
2 ,10’)
D o p r e f____ ___________
83% 85
*84
87
98% J ’iy
86
S6
85%
83
85
86!"
85
85
27 M ch 2i
3fil" J ’ly 27
28 Ma> 1 44% Jan
3,820 A m erican C otton O il_____
29
29% 29
30
2934 30
30%
29
29I4 291S 29%
29
90 Jan 21
95 Jan
*70
D o p r e f________ ______
82 O ct 0
90 Dec
85
*70
85
*82
88
*82
*82
88
*82
88
88
180 A u g IW 047 Jan 5 215 A p r 272 A u r .
110 A m erican E x p ress________
185 185
*182 200 *182 200 *182 200 *182 200 §195 . 195
8% Jan 11
U 34 Jan
510 A m erican Grass T w in e ___
3% Aug20
5
4%
4%
*4%
7% M ay
438 *4%
*4%
43s
5
434 434
5%
0i4 Jan 16
5% N o v
300 A m erican H id e & Lea th er
2-3 O ct 17
10 Jan
2% *3
334
* 21? 3%
2%
*3
3
3
384
*3
3%
30% Jan 7
1,100
43 Jan
12% 12%"
11% O ct 14
24 ” N o v
D o p r e f________ _______
12% * 11% 13
12% 12%
12
12
12
11% 11%
88 Jan 2
35% Jan
947s Sep
1,440 Am erican Ic e S e c u ritie s ..
25 O ct 18
§30
30
25
25
32
35
31% 317f §32
*25
31% 31%
19I4 Jan 10
1634 Dec
* 71? 10
7 A u g 26
29% Jan
1,154 Am erican L in s e e d .. . . .
710
*710 10
* 71? 10
71;
7%
7%
71?
8%
53% Jan
30 Jan 7
35 Dec
17 Aug26
25
25
394
D o p r e f________________
*17
*17
18 “ 18
*1712 25
18% 183.J *17 “ 35
781? Jan
8,120 A m erica n L o c o m o t iv e ___
44% O ct 18
753, F eb 15
5334 May
44% 45%
44% 451"
4434 46%
4434 4534 451.1 46%
4434 45
1,700
D o p r e f________ _______
90 O ct 11 l l l i " Jan 21 108% Dec 120% Jan
96%
95
93% 95 "
94
92% 92%
92% 93
94
91
91
*3,U
4
4
47l j A p r 2
4
4
21" J ’ne 10
*31?
4
*31?
4
A m erican M a lt Corp _ _
*31?
*31?
*31"
____ ____ _____
300
D o p r e f________________
17% O ct 16
*17 “ 20
40 “ F eb 21
17% 17%
*18 ” 20
*18 ' 20
*18 " 20
17% 18
. ____
1013, Jan
93% Jan 7
92% D ec
100 A m e r Sm elters Sec p ref B
80 O ct 11
80
80
82 . *75
85
*78_
90
80
*75
*75
713.
61% O ct 18 1155 Jan 7 138% May- 174 Jatt
61% 7034 446,070 A m e r S m eltin g & R efin in g
69
77% 68
75% 7734
75% 78%
74?8 77%
130 Jan
112
DecNov
8134
O
ct
18
22,975
D
o
p
r
e
f
.
.
_________
.
87
9034
81-%
11738
Jan
7
92
92
86
91%
83%
92
91%
91
215 A m erican SnutT___________ 17a O ct 15 205 Jan 18 200 J ’ly 220 Jan.
* ____ 240 * ____ 240
175 175
175 175 *100 240 *100 175
______
107 Jan
D o p r e f________________ §75 O ct 11 102 J ’ne 7 100 Dec
*75 101
*75 101
*75 100
*75 101
*75 101
*75 101
15% Jan
5% *51?
934 Nov6
600 A m erican S teel Foundries
51? M ay 22
1034 Jan 5
534 §5%
6
6
6
*5-%
6
6
5%
5314 Jan,
471, Jan 7
26 O ct 14
27
26
2,725
D o p r e f________________
40 May
27
26%
28
28%
28
30
26
29
27
27
102-% 10412 104is 1051" 104% 106
104 10634 104% 105% 101% 104% 26,117 A m erican Sugar R e fin in g . 101%-O ct 18 1371? F eb 13 1271? Ma\ 157 Jan.
______
140 Jan
lli,% S e p • 131 Jan 2
1281? Dec
*115 118 *115 120 *114 118 *114 118 *112 117 *112 117
224 A m erican 'ie le p h & T e le g 103 O ct it: 133 Jan 4 130 ‘ J ’ly 144% Jan.
100 100
*102 104 §100 100 *100 104 *100 104 *100 103
109 Jan
9834 Jan 5
72
74
70
2,861 A m erican T o b a c (n ew ) . pf
70 O ct 17
70
96 J ’ly
741;
74% 7410 74% 74%
74
74
75%
48 Jan
15% O ct 18 361? Jan 7
28 Nov*15
17
15% 15% 4,100 A m erican W oolen ...........
161"
1534 15% *16
15% 17
15% 1634
79%
1,275
78 O ct 18 1027s Jan 5 101 J ’ly
D o p r e f________________
11038 J an
79% 79%
78
83
80
80
81
*78
81
*75
81%
58,110
29
$25%
O
ct
18
300
Feb
27%
28%
dA
n
acon
daC
opper
P
a
r$
2
5
25%
30234
Feb
16
223%
Alay
30% 3214 30
31%
80%
31
30%
27%
4'8
4% 3,100 (iB a topiia s A lining P a r t 20
S4 O ct 16
4%
4
*9% M ay 13 ____ ____ ____ _____
4
5%
5
5%
6%
634
578
B r o o k ly n U nion G as____
*85 100
*85 100
99% Sep 26 125 M ay 1 1051? N o v 178 Jan
*S8 100
*S5 100
*85 100
*85 100
2134 A p r
I 41,J a n 4
10
10
10 A la yl'l
*9
*9
1 Brunswick D ock& C Im p
10
13% J ’ly
10
*9
10
10
*9
*9
*9
49% Jan 3
70 A la y
10 B u tterick C o _____ _______
31 A u g 14
40 A p r
*271? 33
*27l» 33
32
532
*271" 33
*27% 32
*2712 33
4978 Jan
3384 D ec
13% O ct 12
143s 14% *14% 15
5,831 / Central L e a th e r _________
40 F eb 15
14% 14%
14 “ 14%
1338 14
15 " 15
1071? Jan
6,370 Vv
D o p r e f_____________
73 O ct 14 102 F eb 8
9834 D ec
773,:
7934 77% 77%
77
761?
76
73
76
79
79
78
83% Jan
577* Jan 8
15 O ct 12
40% Alay
15% 15%
15
1578 11,675 C olorado F u el <Sc Ir o n ____
16'-?
16%
15
15
15% 16
15
15%
30% Nov;
283S A p r 6
10% O ct 18
17 Alay
18
18
1734 187g
18%
171-> 18%
18% 18%
18
16% 18% 2,550 Col & H ock Coal & I r o n ..
18134 Jan
9,475 Consolidated Gas (Is Y )_ _
84
84 O ct 18 140% Mch 1 1305s A p r
87
85% 88
90% 9112 90% 92
871, 90
86% 90
2434 Jan 22
28 A p r
934 10
5,400 Corn P rod u cts R e fin in g ..
9% 10%
9% O ct 17
18% J ’ly
10% 11
*11
13
10% 11
V% 11
74I0 Alay
85% A p r
3,500
60
Do p r e f________________
56% O ct 17
88 Jan 28
56% 60% 60
60% 601.)
60
60% 6OI4 60
57% 60
5 1 “ Jan
74% S ep
44
41 A u g 20
46% 47
78 F e b 13
4434 46
4634 47%
47% 11,872 D istillers’ Securities C o rp .
46
47%
45% 47%
199 Jan
___ F ederal A lining & S m elt'g
138 Jan
*
* ____
95
82% O ct 10 1(53 Jan ib
95 *
95
75 * ____ 55 * ____
11278 Jan
400
*
70
D o p r e f________________
58
58%
58 O ct 18 97 Jan 14
91 J ’ly
68
70 *
68
68 * ___
109% O ct 18 163 Jan 22 H 56 Dec 184 O c t
110% 112% 110 111% 109% 111% 12,067 G eneral E le c t r ic _________
113% 1141; Y n
113% 116% 112
gfllo 8010 80,s 80%
7810
1,175 G ran by Cons M S & P ___
78
75
*75
85
75 O ct
152 F eb 13
80
83
* o*8 80
*414
*41"
*41"
*4%
I nt Aler M arin e stk tr ctfs
4% O ct 9
77s A lay 2
51*
*41?
___
1184 O ct 9
T
D o p r e f____
24 A p r 25
*11 “ 131" *12% 13% *12% 13% *12% 13%
13% 131"
26% Jan
161" Sep
10% 11% 2,200 In tern a tion a l P a p e r _____
18% Jan 7i
10 O ct 10
10% 10%
103s 10% * i 6% 7o% *10% 11 “
10% 1034
6534 1.200
81 F eb 11
80 Dec
90 Jan
D o p r e f____ __________
67
65
65 O ct 12
66
65
67
65% 6514 *65
65% 65% *65
5034 Jan 15 j
1,500 In tern a tion a l P o w e r_____
38 O ct 11
48 Sep r95 Jan
38
38
40% 401"
38
38
39% 40-% 38% 391? 3934 40%
41 Jan 7
1,600 In tern a t Steam P u m p ___
28 Jan
60 May15
16
16
16
15 O ct 17
22
17-% 17% *17
*19
18%
17
18
81 Jan 141 Tu Jan
64
§64
66
235
92 Majr
D o p r e f________________
63 O ct 14
6534 6.534 63
*59
63
$62
62
§63
63
7514 Jan 24 ____ ____ ____ ____
4,500 M ackay C om p an ies_______
5434 O ct 18
54% 56%
56% 57
58
58%
58%
5812 581"
571; 58
57
71 Jan 24
____ ____ ____
1,300
55% O ct 18
D o p r e f________________
5834 58*4
56% 5634 55% 56%
58% 5834 57% 58
57% 57%
8«% Jan 15
79!" D ec
65% O ct 17
65% 6534 2,410 \ T a tlo n a l B is cu it________
62 M ay
65% 66
66% 67
66% 661"
66l2 68
65% 68%
200 ■1*
106% O ct 18 117% ^l cb 6 1131? Jan
106% 106%
1181? O ct
D o p r e f____________
108% 1081? *106% 108 *1061" 109 *106% 112
*10812 112
18i2 Jan
8%
8 O ct 18
8%
8
8
N a t E n a m el’ g & S ta m p ’ g
15% Jan 5
12 “ M ay
*8 ’ 10
*8
*8
9% *81?
9%
9%
881? Met*,
_____
82
82
*74
*70
§78 O ct 10
87 F eb 15
D o p r e f________________
84
82
82 Sep
*70
*70
*70
82
*72
82
953j
Jan
76%
Jan
7
14,770
40
35
40
35
O
ct
18
________
N
a
tio
n
a
l
L
e
a
d
.
.
421;
40% 423.
41
43
42%
66
M
ay
38%
38%
42%
86
87
86
878
86 O ct 18 103 Jan 5 100% J ’ne 106% J a n
90
87
D o p r e f________________
90
90
§91
91
*88
91
9134
534 6
$534 O ct 17 $20% A p r 18
6%
6% 5,000 N ew house M & S .P a rJ IO
6%
6%
7
6
5%
6%
6%
6%
5,220 N e w Y o r k A ir B ra k e____
93
95
93
93 O ct 1? 14 in J a n 7 *133 j ’ iy " i 63*4 Jan
981,
99 100
98
97 100
95 101% 93
54%
50
54%
2,725 N o rth A m erica n C o.. new
8934 Jan 4
53
50 A u g 17
55
561871? N o v 107 Jan
55
55
57
57
5512 551;
51l2 Ja n
41l2Jan 5
2834 J ’ ne
22
20% 21
2.300 O a c ific M a l l ____________
20<8 O ct 18
21% 2214 22
22 "
22% 22% 22
22% 21
79
79% 80% 18,160 J- e o p le ’s G as-L & C(C hic)
80%
7934 82
79% 80%
79 O ct 17
88 J ’ ly 103 Ja n
98% J an 4
82% 83%
79% 81
18% N o w
*S34 9%
200 Pittsb u rg h Coal C o _______
9
9
16% Jan 16
9
13% M ay
9
9
*81?
91;
* 8%
9%
734 A u g 19
*81"
621? J an
600
45
46
46
45
D o p r e f________________
50
50 J ’ly
45 O ct 18 60% J an 4
*48
47% 47%
47% 47%
47% 47%
64% Jan
183.i 20
57 Jan 10
7,475 Pressed Steel C a r_________
43 M ay
1834 20
18% O ct 14
18% 197g
20
18% 20
19
18% 19
95 May- 105 F e b
9978 Jan 24
70
70
70
70
1.624
D o p r e f________________
67% O ct 14
§68% 70
67% 681? 68% 70
70% 70%
850 Pu llm an C o m p a n y _______ 148 O ct 18 181% Jan 8 180 Dec 270 N o v
148 150
*150 156 *151 156 *150 155
151 151 *150 153
6234 Jan
571, Jan 10
44 Alay
2710 28
28%
28
1,900 1> a llw a y S teel S p rin g___
28
27
29
30%
29
29%
28% 29
27 O ct 18
107 Jan
9734 J ’ly
*70
80
9y in F eb 15
76%
500 ■K* D o p r e f____________
90
75
78
90
78
*78
*78
75 O ct 18
*78% 90
4
1
"
J
a
n
7
41%
D ec
22%
Alay
17%
15% 17%
8,515 R ep u b lic Iro n & S te e l____
1734 1834 17% 18
17
18
17
1534 O ct 18
18% 18%
91 AI ay- 110% Jan
65
8,210
64
65
63
D o p r e f________________
68
61% 661"
67
6558 661"
63 O ct 18 100 Jan 7
66% 68U
77%
Jan
7
97%
Jan
32%
34
681;
J
’ly
C
lo
ss-S
h
effleld
S
te
e
l&
lr
n
33
35
3,030
3734
3.534
38
38
37%
37
32%
O
ct
lb
37%
37%
_
*
113 A p r
*80
95
83
83
100 *3
D o p r e f_____________
95
95
95
83 O ct 18 107 Jan 11 104% O ct
1,100 T en n Coal, Iron & R R ___ 130 Alch26 162 Jan 4 129 Jan t l 66 N o r
130 135
135' 135" *135 140 *135 142 *135 142
*135* 145
_____
21
19
19
18
261"
24%
3,750 ^Tennessee C opper Par$25 $18 O ct 18 * 53% Mch 1 ____ ___ _
28
24
25
23
21
23
*80
85 Jan 17
68
57
57
60 M ay
58
88 O c t
*50
*50
200 T ex a s P a cific Land T ru s t57
57
68
*60
68
57 O ct 12
*418
*41?
8% Jan 15
6
15% Jan
*4%
*4%
6
6
6
6
*4%
6
I Tnlon B ag & P a p e r____
6% Sep
*4%
4% O ct 9
50
50
84 Jan.
54%
100:
D o p r e f____________
52 Oct
*50
*50
54% *50
541" *50
541; *50 “ 54
50 O ct 18 61 Jan 7
49l2 Jan 5
53 Jan
21
20% 21% 21
22
21% 21% 20% 21% 3,889 U S Cast I P ip e & Foundr
19
22
22
431? Alay
19 O ct 12
89 Jan 15
6434 6434 65
66
967g Jan.
780
§65
65
§69
D o p r e f...............
69
69
69
6434 O ct 17
83% Dec
§67% 67%
*82
92
90
90
*80
*82
91
*81
81
90
100 U n ited S tates E x p ress___
81 O ct 15 §117 Jan 9 109 Alay 138% Jan
81
*81
901? Jan 4
941; Jan
42
*42
44
41
50
4418 44%
41 O ct 16
*45
41
41
3,700 U S R e a lt y & Im p ro v e m 't
75 A u g
42% 43%
*7
40% J ’ne9
10
*6
11
*7
*5%
9
*5%
9
9%
10
300 U S R ed u ctio n & R efin ln e
9 O ct 9 30% Jan 28
24 Mch
84 J ’n*r
30
34
1,300
30
30
68 Jan 7
*25
28
D o p r e f____ __ _______
25
25
25% *25
23% 25
23% O ct 18
60 Mch
2234 2234 2234 2234 17
1834 1834
59% O ct
2212 23
22
19
19% 3,550, U n ited S tates R u b b e r___
17 O ct 16
52% F eb 16
38 J ’ly
79
82% 84
x80
80
75
75
75% 79
75 O ct 17 1097# Jan 7 rl0434 J ’ly i l l 5 Jan
D o 1st p r e f____________
8414 85
7778 5,085
78% Jan 7
55
*52
700
53
53
55
55
491? 51%
49% O ct 17
75 May x87% Jan
49% 50% *48% 52%
D o 2d p r e f____________
50% O ct
22
23% 2414 22% 23%
22% 23%
22% 2334 22
23%
503^ Jan 7
23% 475,500! U n ited S tates S te e l_______
22 O ct 17
32% J ’ly
113% Jan
84
82% 83%
81% 83%
81% 83% 237,100
81% 83%
81% O ct IS 10734 Jan 7
$3% S414 82
9834 J ’ly
21
21
19% 20%
16% 19
14% 15
15,729 dU tah C o p p e r___ P a r $10 514% O ct 18 $391? Mch 4 ___ ____ . . . .
15% 16%
151S 16%
1634 17
58 Jan
16
17
17
39% Jan 7 " 3 1
16%
16% 1634 16% 17
16% 16%
16 O ct 15
J ’ly
4,220 V irgln ia-C arolln a C h e m ..
86-% 87
88
90
*86
93
87
87
*86
93
87 ,87
8634 O ct 15 108 Jan 9 104 J ’ly 1171? Jan
1,400
D o p r e f________________
4OI4 4014 40
41
42% *40
38 Alay
93 D e c
40
50
44
44
97 Jan 22
40% 40%
1.200 V irg in ia Iron Coal & Coke
40 O ct 14
*225 300 *225 300 *225 300 *225 300 *225 300 *225 300
-\\/ ells F a rg o & C o ______ 250 M a y 7 300 J ’ne 3 233 Alch 305 O ct
70
6734 68%
67
94% Jan
69
6934 6934 67% 68
68% 69
65
3.076
85 Jan 10 x 83*4 Dec
e stem U nion T e l e g . .
65 O ct 18
110 112
110
108 112 §114 114 *109 123 §114 114
no
816: W estln g h ’ s e E l& M fg assen 108 O ct 14 154 Jan 2 148 A u g 176 Jan
____ ____
*
162 Nov 188 Jan
160
D o 1st p r e f ............. .. §145 A p r 26‘§160 May23
*17
33
812
15%
73.J
*1612
914
*13-%
37

171; *17
19
*17
20
*17
29^
33
31% *25
31
31
81;
81?
9%
9
9%
81?
15%
16
16
16%
15% 16
8
* 6l»
7
6%
71;
734
18
18
*16
*16
*15
18
*Q1,
10
10
*9
*9
11
133s
13
13
“
14
13
13%
*36
*36
38
37
37% *36

*16
21
17
17
*25
27
27
31
M)%
934 • 9%
91"
1634 1534 16 ‘
15%
7
*6
6% *6
16
16
15
18
*y i" 11
*10
11
*1234 13
13
13
36
36
*33
38

BANKS
Bid
210
1221?
230
600
400

Ask
Banks.
220
132% B rooklyn.
....
____ First _______
425
H om e B ’ nkH
Alanufactrs’
.Mechanics’ T
Moutauk____
N a s s a u ____
N a t C it y ___
____ N o rth Side Jl
____ ProspectPkir
----- iTerm ln al..TI

Bid

AND
Ask

TRUST

19
29
9%
16
7%
16
12
13
3S

220
825
1,378
4,752
2,000
50(1
200
600
300

U nit R y s In v ’t o f SanFran

C O M PAN IE S— B A N K E R S ’
Bid

17 Sep 2s
2; O ct 17
8% O ct 9
I f % O ct 11
6% O ct 16
15 O ct 18
9% O ct 12
13 O ct 15
30% AUjJ 23

62 Jan 7
71% Jan 7!
lK i"J a ti Si
38% Jan 7!
1634Jan 7
37% Jan £
21% Jan 10
25's Jan 12
51%Jan 7

50 A p r
55 A p r
18 Dec i
3t5% D ec !
16 A p r
36 May]
21% Oct ’
23 MayJ
44 J ’ly 1

Q UO TATIO NS.

Bid
Ask
Ask
Ask
Bid
Trust Co’s. Bid
Trust Co’s
125
200
215 A lu tu a l____ 115
Brooklyn.
____ 550
325
195
350
Brooklyn T r 420
Alut A lil’nce 180
. . . . 470
275
975 1000 C it iz e n s '___ 130
315
N Y L Ife & T r
HO*
400
630
370
475
420
500 N ew Y o rk T r 600
275
Flatbush . . 250
145
225
210
155
220 Standard T r ____ 400
326
F ra n k lin ___ 300
190
400
200
430
85
320
95 T itle G u & T r 420
H a m ilt o n __ 300
1700 1725
300
665
1100 1200 T r Co o f A m 650
150
H o m e _____
200
160
207
230
250 Union Trust 1250 1300 J en k in s____ 200*'
B rooklyn.
240
200
210
4’7‘5
US Alttr& Tr 410
305
315
425
Kings C o___ 450
310
300
100
125
430 U nit S tates. 1125 1175
L Is l L & T r . . 290
Borou gh I f . . 170
260
340
330
360
T850 ”
V a n N ’ d cn Tr 340
N a s s a u ____ 230
B roa dw a yH . 450
325
160
375
400
560
878* W ashington T405
P e o p l e 's ___
B roo k lyn . . 115
140
1180 1200
W in d s o r ___ 185
650
700
200* W illiam sb’ g 210" 225
•B id and asked prices: no sales on this day. i Less than 100 shares. tE x -rlg h ts . ONew stock. cE x -d lvid en d a n d righ ts. d N ow qu oted dollars persh*r«ki Sale at S tock E xchange or at auction this week.
sTru st Co. certifica tes. ",[Banks m arked w ith a paragraph (II) are S ta te banks.

Banks.
Union E x c T
U S Exch 11_
W a s h H ’ hts*
W est SldeU.
Y o rk vIU e ^ .




Trust Cos.’
N Y CUV.
A s t o r ______
Bankers' T r
390
B o w l’ g G r’n
270
B roa d w a yT r
____ C a r n e g ie ___
326 Central T r ’ st
. . . . Colum bia . .
270 Com m ercial
310 C om m on w ’ h
370 E m p ir e ____
____ Equ ltab leT r
155 Farm L o & T

Ask

Trust Co’s.
Fidelity_____
Fifth A v T r .
F u lton ______
G uaranty T r
Guardian T r
H u d s o n ___
K n ick ’ b’ ker
Law T I & T r .
Lincoln T r . .
M anhattan .
M erca n tile..
1Metropolitan
iMorton T r ’ st

New York Stook Exchange— Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
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C h ic B u r l ib Q — B e n v B 4 8 1 9 2 2

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A m i A r b o r 1 s t g 4 s .............. /i 1 9 0 6
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....
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3 u n r e t i n c o m e e 6 s ____ i > 1 9 4 5

B r o o k ly n R a p T r g 5 s ........1945
1 s t r e fu n d c o n v g 4 s ___ 2 0 0 2
B k C i t y l s t c o n 5 s .1916.1941
B k Q C o & S con g u g 5 s. 1941
B k ly n U u E l l s t g 4-58.1950
S ta m p e d g u a r 4 -5 s ___ 1950
K i n g s C o E l l s t g 4 s ___ 1949
S ta m p e d g u a r 4 s ......... 1949
N a s s a u E le c g u g 4 s ___ 1951
C on n R y & B l8 t < f c r e f g 4 * 3s ’ 51
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D e n C on T r C o 1 st g 5 s . . .1933
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I n t e r n a t T r a c c o ll t r 4 s . . 1949
B o n is R y C o l s t c o n ir 6 s ..1930
M a n ila E le o lst< fe c o ll 5 s. 1953

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A t l a n t i c ib D a n v
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A u s t i n ib N W
S e e S o u P a c ific
1 > a l t & O h i o p r i o r 1 g 3 *3 8 . 1 9 2 6

..._ ...

8 4'*4

84*4
34*2

u g ’0 7
9 8 *4

Oct ’ 07
O c t ’ 07

69

*

R e g i s t e r e d ................................. 1 9 4 9
G o i i l 4 h ............................................1 9 4 9

D e b e n tu r e 5 s ....................1913 M-N

A lle g ib W est

b

11

J ’ n e ’o o

.....

J o m t bonds See G reat N orth

ill

. ......

H5

119*8
1 1 7 7m
u g ’07

110
9 0

F -A

A lle g h e n y V a lle y

.s e e P e n n

c t ’07

102
103
102
110*2 ...... 111

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

it .'0*4
120
120

V /u /A

00

45

........

91
1 1 0 -4
1 1 7 *8
105
io o *>

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101 *2

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J ’ n e 'O O

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0 0 ■*

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79
D e c ’05
7 8 *2
80
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R e g is t e r e d .................. 1934
C R I F ib N W l s t g u 5 8 . 1 9 2 1

A -O
A -O

*107*2

A -O

*1 0 4

in s *.. 119

108*2 Sep ’ 07
120*2 M .ar’ 03

__

.1-1

I t O .v l> > — C o n t i n u e d

011 I S e x t

P a g e .

Street R a ilw a y
A -O !

J-J
J-J
M-N

9 5 *2
7 2 *4

M e t S t R y g e n c o l t r g o s . 1 9 9 7 F - A * ..............
T5
R e f g 4 s ...............................................2 0 0 2 A - O * ...............
7 2 *2
R w a y < fc 7 th A v l s t c g o s 1943 J - D
100
S a lt
C olds 9th A v l s t g u g 58.1993 M - S
102
105
B e x A t & P F l s t g u g 5 s 1993 M - S
......... 105
69 *«
T h ir d A v e R R c o n g u 4s 2000 J - J
T h ir d A v e R y 1 s t g 5 s . .1937 J - J
i ’0 5 " 106
M e t W S E l ( C l i i c ) 1 s t g 4 s . 1938 F - A
M i l E l R y & B 3 0 -y r g 5s. 1926 F - A
M in n S t R y 1 st c o n g o s . .1919 J - J
N O r l R y & B t g e n 4 *28 ..1 9 3 6 J - J
S t J os R y B t H & P 1st g 5s ‘ 37 M - N
95
S t P a u l C it y C a b c o n g 68.1937 J - J
U n d e r g r o u n d o f B on 5 a ... 1908 J - l )
U n io n E l (C h ic ) 1 st g 5 s . .1945 A - O
U n ite d R R s S a n F r s f 4 s . 1927 A - O
70
U n ite d R y s S t B 1 st g 48.1934 J - J
80
.. W C h ic S t 4 0 -y r eon a o s . 1936 M - N

101

F -A
F -A

K-A
F-A
J-J
J-J
J-J
A -O

J-J
F -A

A-O
J-J
J-.I
M-S

'N o price Friday; latest prloe this week. a D u e Ja n




-

117 *0 J ’ ne'Ot
1 0 5 * 2 D e o ’04
lO o ^ s

4>
~93

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S in ce
J a n v a ry I

M -S

See- S o

a labama Cent See So R y
la ba Alidl Nee A t Coast Bin.
A lbany ib Suso See D elib Hui

(

100

'VI- N *

C ity S e c u r it ie s

Y C ity — T e m p o r a r y r e c e ip ts
f o r 4 - v C o r p S t o r k ..............l o u i
M -N
fo r 4 **% a s ie s s m t b o n d s .. ’ 17 . » ! - N

B
B
B
B

4 5 S.

.... .......

K(!
9438 Clias & s a v s «e A t l Coaet Bine
^4^2 9 2 7e C l i e s i b O h i o g O s s e r A . . / t l 9 0 8 A-O
75 78 85*4
A-O
9 ^ 4 I0 3 34
1 s t c o n s o l g 5 s ............................1 9 3 9 W l-N
96

A s/e Low

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

J -ti

Cen K K <fc B o f (4a col fz os 1UIS7

C e n t V e r m o n t 1 st g u 9 4 s.elH 2 0
F -A
J . J

IVeetc’s
Range or
L a s t S a le

.............. 1 0 4

C e n t P a c ific

J- J
F -A
J- J
N

W k kk

-k

J - J i* 7 t»*4 Sale
R ep u b ol Cuba us exten deb t.. M-S 1 101 Sale 100*2
li s o! M ex ico s 1 g us ot 1HH!1 Q . J
90**8 96*2 9 G * o
91*8 92
Gold 4s of 1904.............. 1954 I - D
9 1 *4
t v liege a re p r
S ta te

B O IS O S
N . Y . ST O C K

104

Im p erial Japanese G o vern m ’ i
i o : i i . * *2 * c t l s f u l l p d . 1 9 2 5
2 d s e r i e s 4 *2 S c t f s l u l l p a i d .
i i l o a n 4 s c t f s f u l l p a i d . . 1 ' . '3 1

PANES

1 0 2 34

4 < o v e i*n m e n t

x

KOlJ It

a Due Apr

eD ueM ay ^ D u e j ’ue /tUue j ’ly

/c iju b Aug

oU u eoct

101
3

10T)

J ’l y ’ 0 7
A u g ’07

100*2

103
O c t ’u7
1 0 7 *2 A u g ’0 7
58
6 1 *v
1 0 8 34 J ’ l y ’ 0 7
9 3 *2 J ' i y ’0 0
109
J ’ l y ’ 0 i>
1 0 7 *2 P e b ’0 6
9 0 *2 S e p ’ 0 6
1 0 3 * 4 O c t ’ 0 (5
110*2 N o v ’0 6
6 4 *4 S e p ’07
lo o
J a n ’0 7
72
S e p ’ < )’,
79
79
D e c ’9

p O u e lso v

. . . ’ 100

108*4

73
I* l o o
103

85
113
1 1 3 **

50

1 0 7 *2 H O
58
89
1 0 8 34 1 1 4 * 2

0 - 1 *4
94
lo O
100
67
8 3 *4
79
85

a Option Sale

New York Bond Record— Continued— Page 2

990
B O N D :2J. Y . S T O C K E X C H A N G E
W k k k E n d in g Oc t 18

ce
F rid a y
Oci 18

C hic R o ck l & Pac—(C o n )
Clioc Ok. & G gen g 5s .01919 J-J
Consol gold o s............. 1952 VI-N
K e o k db L>«-sM 1st 5s___ 192:-' A-O
Chic > t l & N O
See 111 Cent
Chic St L <fc P itts See Penn G<
Chie St P M & O con 6 s ...1930 J-I
Cons 6s reduced to 3 48.193' J I)
Oh S t P & M inn la t g 6s 191« M-N
N o r W isconsin Is t6 s ...l9 3 < J-J
St P & S C ity 1st g 6s__ 191! A-O
Chicago T e r Tran s g 4a...194'! J-J
Coupon o t t ................ .............
C h ic * W est Ind geng689l9:S2 4-M
Consol 50 year 4 s........... 195'. J . J
Chic & W Micju bee P ere Marq
Choc o & G u ll See C R I & P
Cln H <fe L> 2d gold 4 4 s . .. 1987 J-J
Cm U & 1 1st gu g 5 s ...1941 VI- N
C F in d & F t W Jst gu 4s g .’ v:3 M-N
Cin I & W 1st ira g 4 s .1953 J J
In d D ec & W 1st g 5 s ...1935 J-J
1st gu ar gold 5s........... 1935 J-J
O I St L <fc < bee C C O & St l
Gin S & <J bee O C C S t L
C learfield & Mah See B H i - P
C lev C m C & St L gen a 4s 1993 J-D
C airo D lv 1st gold 4s___ 1939 J-J
Cln W cfe M D iv 1st g 48.1991 J-J
S t L D lv 1st col tr g 4s.. 1990 M-N
R eg istere d ................... 199*) Vl-N
Spr «fe Col D iv 1st g 4 s..1940 M S
W W V a l D lv 1 s tg 4 s . . .1940 J J
O I S t L & C consol 6s.. 1920 M-N
1st gold 4s........... ......fcl936 - f
R e g is te re d ............. &1936 -F
Oln s & Cl con 1st g 5s. .192?' -J
3 O O <& 1 consol 7s........ 1914 J-D
Consol sink tund 7s___ 1914 J-D
G en eral consol gold 6s. 1934 J-J
R egistere d ................ 1934 J-J
In d B l cfe W 1st pret 4 s.1940 A-O
O In d <fe W 1st pf 5 s ...itl9 3 s H J
P e o cfe East 1st con 4 s...I9 4 t A O
In com e 4s.....................1990 A pr
C lev <)b M a rietta bee P en n Ri-t
C lev & P itts bee Penn Co
Col M idland 1st g 4s........ 194 J-J
Colorado & Sou 1st g 4a ...192 P A
B e iu n d & e x t 4 4 s ........ 1935 M-N
CoiLLUj <fe u re e n v s t* So R y
Coi <fe h oo k Val See H ock Va.
Col & T o l bee H o ck V a l
Col Conn & T erm See N cfe W
Conn & Pas R iv s 1st g 48.1943’
t vak <fe G t So bee C M <fe St P
X ’ alias cfe W aco See M K cfe i
D el la c k & W estern 7 s ...1907 M-S
M o r n s * Essex Is t7 s ...l9 1 4 M-N
ls to o n s o l guar 7a.......1915 J-D
R eg istere d ................191 & J-D
1st r e f gu g 3 *28..........200t J-D
N Y Lack & W 1st 6 s...l9 2 J J-J
Construction 5s..........1923 F A
T erm cfe im p rove 4s___ 1923 M-N
W a rren 1st re f gu g 3 48.2000 F-A
D el cfe Hud 1st Pa D iv 7 s .1917 M S
R eg istere d ................... 1917 M S
10-yr oonv deb 4s..........1916 J-D
JUb & Sus con v 3 'us.......1940 A O
Kens cfe Saratoga 1st 7a. 1921 M-N
D el R iv R R B rid ge See P a R R
D en v <fe R G r 1st con g 48.1936 J-J
Consol gold 4 4 s ............. 193t> J-J
Im p ro vem en t gold 5 s ...l9 2 s J-I»
R io U r Juno 1st g u g 5 s .l9 3 l' J D
R io g r So 1st gold 4 s . ...1941 J J
G u aranteed................. 194i J J
B io G r W est 1st g 4S....193V* J-J
M g e and col trust 4sA .194! A O
U tah Cent 1st g u g 4s <xl917 A-O
Des M o i <fc F t D See M <fe St i
D ee M oi Un R y 1st g 5 s ..1917 M-N
D et & M ack 1st lien g 4a. 1995 J-D
Gold 4a.............................1995 J-D
D etro it Southern—
Ohio Sou D iv l e t g 4 s...1941 M-S
D u i cfe iro n R a n ge l s t 5 s . . 1937 A-O
R eg istere d ...................... 1937 A-O
2d 6s.............................1 9 1 6 J-J
Dul Short L in e See N o r P ac
D o l Mo Shore & A t l g 5 s..1937 J-J
L 'a a t o f M in n bee S t P M <fe M
jLuajst T en V a cfe Ga See So Ry
E lg in Jol & East 1st g 5s. 1941 M-N
E lm Cort cfc N o See Leh cfe N Y
E r ie 1st ex t gold 4s_____ ..1947 M-N
2d e x t g o ld S s ..... ............ 1919 M S
8d e x t gold 4 *<28...............1923 M-S
4th e x t gold 5s................ 1921 A-O
6th e x t gold 4s................ 192s J-D
la t consol gold 7s........... 192( M-S
1st consol g fund 7s.......192o M-S
E rie IS t con g 4s p r io r ..199 J-J
R eg is te re d ................... 199o J-J
1st cousoi gen lien g 4 s..l99t J-J
R eg istere d ................... 199t J-J
P en n coll tr g 4s........... 1951 F-A
60-year co n v I s A ........ 1953 A O
do
Series B ...196 8 A-O
BuB N Y & E rie 1st 7 s ..191 J-D
Bull cfe S W gold 6s........ 190s J - J
Chic & E rie 1st gold 5 s..1982 M-N
C lev <fc Mahon Val g os. 103,' j -J
J ell R R 1st gn g 5a___ a l90; A-O
Dong D ock consol g 6 s..1936 A-O
Coal cfe R R 1st cur gu 6S.192-. M-N
D ock cfc im p la t cur 6s.. 191; J -J
N 7 cfe Green L gu g 5s. 1946 M-N

K ia

Weetc's
Ranqe or
Last Sale

Ask Low
109
111
101
.

101

H iqh
N o v ’ Oti
M ay’ OP
Sep ’0 1

1264 O c t ’ 07
93 D e c ’ o3
131*4 F e b ’O'/
12934 M a r’o4
110 O c t ’ (*7
110»4 .
9734 A p r ’ i 7
109*4 M ay’07
113*4 H 5
97 78 A p r ’07
92 .......
126^.

11138115

113
102

101*4 •

Oct. ’00
J’ ne’ 07

83 Jan ’ 07
1 04 4 F e b ’ 07
107 4 D ec 02

Kange
S ince
J a n u a ry
Low
101

103

125

131

1314 1*3*1* >4
l i o " i*20*‘I

9734 9734

97 109*4
1094 114
9778 98

102

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

964
97
9!i3g Jan ’ (>7
95 Sep ’ 07
92 Oct ’ 07
*92*‘ " I " !
91 O c t ’07
99J4 K eb ’ 05
98 Sep ’06
*88 .
105 J a n ’04
lo i 'i .
98 4 Sep ’ 07
98•» .
97 .
984
9 84
109 J’n e’ o7
115s* 116*8
116 *2...

9 7 -d 99
96
994
109 low
116 4 1 1 8 4

I"I" i'29i8 127

127

9 6 ^ 8ale

J ’l y ’ 07

96

102

9938 99ag

t'6
93
91

98
983j
97

132

. . . . 95 104 4 N o v ’ 01
* ........ 95
88
8 8 *4 ........
46
45 Sale
........ 62
84 “e Sail
_____ 84

118
118

61
84
95

61
744
83<% 94 4
95
96

1024 M ay’ 07
117 4 A u g ’o7
l H 'a S e p ’ 07
127 J ’ ne’05

10141044
117 4 117

118*9.
107 .
*9 7 4 .

121381213s.

119 4 1194
108 Oct ’07
97 J ’l y ’ 07
102 F e b ’03
133 F e b ’ 06
149 A u g’ Ol
94a4
93
93 Sale
8 9 4 Halo
894
90 4
126 ........ 1 3 3 4 D e c ’ 06

1 1 9 4 1 2 2 ',
107 l l l w ,
97
fc7

9334 93*4

92
973<
1024102 4
104\ 106 S.

93

94

102 4 J a n ’ 07
’ " I I " *104* 105 *2 F e b ’07
109 A la i’05
76 D e c ’06
89 J a r ’05
*9 0«* .
90=8 O ct ’07
87 s4 F e b ’ 07
97 J a n ’ 02
91
110
92
89

110

90*a 109*4
874110

884
87*4

S e p ’ 04
M a r’ o7
A p r ’ 07

86 O ct ’06
. 1024 107 A u g ’ 07
112 4 F e b ’ 06
J ’l y ’ 07

1103,i J ’ ne’ 07
1074 J a n ’ 06
107 4 J ’ ne’ 07
103 4 M ay'o7
108 J ’ l y ’ 07
100 J ’ ne’ 07
126
125
133 F e b ’06
95
9 4 4 ...... . 94^8
9n*aO ct ’06
74
76
’ *74** Sale
85 4 F e b ’ 07
79 Oct ’ 07
77
83
63 Sale
68
68
66 Sale
66
66
1174 J ’l y ’ 07
104*8 F e b ’06
112 ........ 112
112
108 ........ 1 164 Jan ’0
9 8 » , ........ 101 A u g ’ o7
123
US
118 S e p ’ 06
lo 9 7ti Oct ’ 05
121 4 D e c ’06

........ 104
• 104 .......
* ' 9 4 .......
* 1 0 2 4 ......
*95 .......
120 126

..... 1 02 4

101 O ct ’ 07
69 4 60 4 60 Oct ’ 07
104 Sale 102 4
104*4
97
9 7 4 ........ 97
100 A p r ’ 07

........ 81
103 4 Sale

1014
, 118
85

105
614
864
101
107*4
102
98

95
87*4

92
92 4
107

1114

110

112

110*4 11034
107 4
1034
108
100
125

109
1 "3 4
108
1004
12a4

9 1 " " 9*94

*7*4 " * 8*8
854
79

854
914

68 Io334

66
87
1164 1204

iio*4 ii*9"
io’0 4 iof"
!23

130

E rie— ( Con )
N V su s & W 1st r e f 5s.l937 J-J
2d sold 4 4 s ..................1937 F-A
G eneral gold 5s........... 194o F-A
Term in al 1st gold 5 s ...1943 M-N
R egis $5,000 ea ch ...1943 M-N
M i d R R o f N J 1st g 6s. 1910 A-O
W ilk <fc Ea 1st gu g 5s. 1942 J-D
^v<fc Ind ls tc o n g u g 6 s ,.1 9 2 6 J-J
E rie <fe Pitts .S e»P en n C o
E van s <fc T H 1st cons 6 s.1921 J-J
1st general gold 5s........ 1942 A O
M t V ernon 1st gold 6s..1923 A O
S o il Co Branch 1st g 5 s .1930 A-O
L 'a rg o & So bee Ch M <fc St 1’
I lin t & P ere M See P ere M ar
Fla C & P en in See Sea A ir Line!
Fort S t U D Co 1st g 448.1941 J-J
Ft W & Den C 1st g 6 a .... 1921 J D
F t W cfc Rio G r 1st g 4s ... 192s J J
1 ' al H a r <fe S A See So Pac Co1
' T alH<fe H o f 1882 1st 5s. 1913
G eorgia & A la See Sea A L in e
Ga Car & N o r See Sea A Lin e
G eorgia Pacitio See So Ry
ilia V G & N o r See So Pac Co
G ouv & O sw egat See N Y Cent
Grand Rap & Ind Nee Penn R R
G ra y’ s P t T erm See St L S W
G t N o r—C B & Q coll tr 4s 1921
Registered . A.................. 1921
G reen b rier R y See Clies & O
G ulf & S I la t re f & t g 5a 61952
an & St J o See C B <fe Q
ousatom c See N Y N H <fe H
H ock V al 18tconsol g 4 4 s . 1999 J -J
R eg istere d ...................... 1999 J J
Col <& H V 1st e x t g 4 s ..1948 A-O
Col <fe T o l 1st ex 4 s .......1955 F -A
H oust E & W T e x See So Pac
Houst & T ex Cen See So P ac Co
llin ois C entral 1st g 4 s ..1951 J-J
R egistere d ___ ________ 1951 J-J
1st gold 3 4 a ................... 1951 J-J
R egistere d ................... 1951 J-J
E xtended 1st g 3 4 's .......1951 A O
1st gold 38 s te r lin g ........ 1951 M-S
Coil T ru st gold 4s..........1952 A-O
R eg istere d ................... 1952 A-O
L N O & T e x gold 4a ...1 9 5 3 ! M-N
R egia tered................... 1953 M-N
Cairo B ridge gold 4s___ 1950 J-D
Iio m a v D iv & T e rm g3 48.1953 J - <1
M iddle D lv re g 5s..........1921 F A
Omaha D iv 1st g 3s.......1951 F A
S t Louis D iv & te rm g 3s. 1951 J J
R egia tered ................... 1951 J -J
Gold 3 4 a ..................... 1951 J -J
R eg istered ................ 1951 j - J
S prin g D iv 1st g 3 4 s ...1951 J-J
W estern Lin es 1st g 4 s..1951 F A
B e llev <fc Car 1st 6s.......1923 J-D
Carb <fc Sliaw 1st g 4 s ...1932 M-S
Chic St L & N O g 5 s ...1951 J-D
R eg istere d ................... 1951 J-D
Gold 3 4 s ...................... 1951 J-D
R eg istere d ................ 1951 J-D
Meinph D iv 1st g 4 s ...1951 J-D
St L Sou 1st gu g 4s. ..,1931 M-S
Ind Bl <fc W est SeeC C C cfe St L
in d 111 <fe la la t g 4s........ 1950 J -J
ln t«fe G reat N o r 1st g 6 s..1919 M-N
2d gold 5s........................1909 M-S
3d gold 4s........................1921 M-S
Iow a Central l8 t gold 5a.. 1938 J-D
Gold 4a.............. ............. 1951 M-S
Jetterson R R See E rie
al A cfe G R See L 8 & M s
an <fe M ich See T o l & O C
K C F tS & M
See St Lcfe S F
K C <& M R <fe B See S t L cfe S F
Kan C <fe Pacific See M K cfe 11
Kan C ity Sou la t gold 3 a ..1950 A-O
R egistered ...................... 195o A-O
K en tu cky C ent See L cfe N
Keok <fc Des M o See C R I & P
K n o x v ille cfe Ohio See So Ry
I ake E rie <fe W 1st g 5 s . . 1937 J-J
t j 2d gold 5s.....................1941 J-J
N o rth Ohio 1st gu g o s ..1945 A-O
L Slio cfe M ich S See N Y Cent
Leh V al N Y la t g u g 4 48.1940 J-J
re g ia te re d ...................... 1940 J -J
L eh igh Val (P a ) cona g 4a.2003 M-N
Len V T e r R y la t gu g 5 s.1941 A-O
R egistere d ...................... 1941 A-O
Leh V Coal Co 1st gu « 5a. 1933 J-J
Leh cfe N Y la t gu ar g 4a.. 1945 M-S
R eg istered ...................... 194f M S
E l C cfe N 1st p f 6s -----1914 A-O
Gold guar 5s................1914 A-O
Leh cfe Hud R See Cent of N J
Leh cfe W ilkesb See Cent ot N J
L eroy cfe Caney V a l See M o P
L o n g Dock See Erie
L on g Is l’ d—1st con g 5s./il931
1st consol gold 4s........ /tl931
G eneral gold 48.............. 1938 n
F e rry gold 4 4 s .............. 1922 M-S
Gold 4s................... ........ 1932 J-D
Unified gold 4 s .............. 1949 M-S
D ebenture gold 5s..........1934 j- D
G uar re f gold 4s.............1949 M-S
B k lyn & M ont la t g 6s..1911 M
1st o s............................ 1911 M-S
N V BcfeM B la t c o n g 5 a 1935 A-O
N Y cfe R B 1st g 5s.......1927 M-S
N o r Sh B la t con g gu5s ol932 Q-J
L o u isian a cfe A rk 1st g 5s. 1927 M S

H

101
60
102 V,
97

100

Range
Since
/anuary 1

.‘ ieeic’s
Ranqe or
Last Sale

Low
Hiy/i
107
1084 J ’ l y ’ 07
9 6 4 1004 D e c ’ Ou
96
97 4 96
1103s Ma>’ 07
‘ 1*07*

Low
108

tiia

H ig h
1104

*•96*

96 103
I I O 3^ 1104
lOO *2 104*8
.05 4 105 4

100 4 Oct ’ 07

io i*

1 0 5 4 A p r ’ 07
116
A p r ’ Ob

116
100
114
106 4

105 Sal«j
7 7 4 78

91 Sale
♦ 9 2 4 ........
98

984

99
98

Sale
.......

*97
"99*

75

J ’ ne'Oi
O c t’o:
A p r ’05
F e b ’ 06

105 M a r’ 9S
1('5
106
78 4
78 4

........ 1134
94 Sale
60
65
........102 4

116
106*8

105
78

112
S7

924

92 4

9^4 1 0 3

904
92 4

934

894 984
88*8 9 6 4

92 4

99 7aSep ’07

93

10 2 4

99
99 99 O ct *07
9S34 N o v ’ 116
99 A p r ’ 07

99
99

105 4
99

99

99

04 J ’l y ’ 07
107’4 A p r ’ 07
9 1 4 Sep ’ o;
95 4 J ’ly 'O t
99 4 J’ ne’ 06
70 Oct ’04
97
97
98 M a y'o '
99 O ct ’ 07
97 M ay'o7
10234 Jan ’ t 7
89 M ay’o 7
123 Muy’Oli
7 8 4 A p r ’06
7834 F e b ’ 07

104 104
10738 1073s
9 1 4 100 4

82 4 Oct ’U'
101 4 Get ’99
100 N o v ’OO
97s« A u g ’ 07
22 D e c ’05
97 M a r’ 07
118 4 A p r '07
11934 M a r’ 04
93*8 May’04

8 2 4 *8 9“

93 4 May’ 07
14 Sep ’ u7
94
94
60 Oct ’ O'.

102*8 102*8
75

75

97
«8
98
97
102*4
89

102*4
98
103 4
97
!92*4
91

78*4

78*.

97*4 102
97
97
11841184

98 4 100 4
97
97

98 4 S e p ’ 07
97 M a r’07

984.
95 .

116
100

26

9 3 4 100
111 115 4
99*,
94
79
«<>
101 111
8a
73

K

68
63

O ct ’ 07
Oct ’01

112
107
110

A u g’ 07
J ’ ne’ OV
A p r ’O

111 114
1064 1074
110 1104

.1064 106 4
106 M ay’
95 Oct ’ 06
109*4 .
112 4 A llg ’ u
109 4 Oct ’ 9
100
.108 4 loO
9538 I ’ ne’ O

104*4 107^
1O6 106

68

684

.110

1064.

994 .

109
89
83
92
102
U9 4
102 4

674

73

i 1*2 4 i*l*3 4
i o i i " i '124
95 \ 9634

113 4 J a n ’06
1054 Jan ’0

110

Sep ’ O'

89
102
994
84
110
92

Sep ’ 07
N o v ’ O.
Oct ’0
Sep ’ o7
J ’ ne’ O-l
92

Sale
.......
........ 99j4 Sep ’ 07
........ 110*4 N o v ’06
105 A p r ’ O
109 N o v ’ Oo
102 Sep ’ o'

110
89

1144
99

8*4" *85*4
"92** * 9 9 4

’ 99*4io24
i o s " 1*094
ib o ” i ’0’3 4

U O J lO s—C o n tin u ed on .Next I’ a ite.

10 7 4
73 4
139*4
loO

100

F e b ’07
105 105
O ct ’01
80
87
A p r ’ o7
106 316 1014110*4
D e c ’ 00
J ’ l y ’ 07
102 104
D e c ’ 06

116 4 M ay’ 07
93 4 M a r’ 06

P ric e
f r id a v
Oct

I

95
7234

61
84*8
F e b ’ 07

o price Friday; latest bidand asked this week, o Dae Jan




105*4

>-3
83
D-4 4 105

iH l« iU K L liA M iO ln
(jinx and 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 U Gas 1st con g 5 s.1945
Buttalo Gas 1st g 5s..........1947
Consol Gas con v deb 6 s .... 1909
D e tro it C ity Gas g 6s........ 1923
D e t Gas Co con 1st g 5 a ...1918
Ed E l i l l Bkn See K Co E Lcfc P
Ed E i l l bee N Y G & E L H c f c P
Eq G L N Y 1st con g 6 s..1932
Gas cfe Elec B erg Co c g 6a. 1949
y e n K lec tn c deb g 3 4 s .. 194
10-yr g d e b 5s (su bscrip) 191
ft r K«i|' G i. (Jo 1st g o s . . . 1915
H u dson Co Gas 1st s 5 s.. 1949
K a n C ity (M o ) Gas 1st g 5s 1922
K in g s Co E l L & P g 5 a ... 1937
Pu rchase m oney 6 s ..„ „ .a 9 9 7
Ed El 11 Bkn ls tc o n g 4 s 1939

H ig h

B O M )>
N. Y. STOCK E X C H A N G E
W eek E n d in g O c r 18

fVoi.. lixxt ,.

1*16** i*17*

(<n.i and E le c tr ic L ig h t
Lac Gas L o f S t L 1st g 5s.el919
Ret and e x t 1st g 5s.......1934
M ilw au kee Gas L 1st 4 s ..1927
N Y G E L H & P g 5 s ...1948
Purchase m oney g 4 s ... 1949
Ed E l 111 1at con v g o s ..1910
1st consol gold 58........ 1995
N Y c& yia l IxfeP ls tc o n g 5sl930
N Y & Rich Gas 1st g 5s. 1921
Pat cfe Pas G cfe E con g 68.1949
Peo Gas cfe C 1st con g 68.1943
Refun din g gold os.......... 1947
C h G - L c fe C k e ls tg n g 5 a 1937
Con G C o o f Ch l s t g u g 5 s . ’36
M u Fuel Gas 1st gu g 5s. 1947
Syracuse L ig h tin g 1st g 6 s.’ 51
Trenton G & E l 1st g 6 s ..1949
W estch ester L ig h t ’ g g 5s. 1950

b Due Feb d Due Apr

e Due May A Due J’ly

Q-F 1014 Sale
A O ........ 100
M-N
92
95
J -D
F-A ’........ 78*4
M-S
J -J
F -A ........ 9 0 4
M-N ........ 96
M S
A-O
M-S ........ 98
9934
J-J
J-D
99 .......
M-N
J-D *95
M-s
J-D

tc Due Aug

....

1014 101*4 16 10 0 4 10 5 4
l o l 4 J’ ne’ o7!
10041024
91 4 Jan ’07
914 914
95 Oct ’ o7l
94 41 0 3 4
77
844
79 4
79 4
100 4 A u g ’ o '’
99 101
113*4 J ’ ne'06
95 A p r'O
95 ’ *9 9*"
103 N o v ’ 05
104*4 N o v ’ oa
! 1 6 4 J ’ ne’ OI
100 103 4
100 A u g ’O/'
luO 1064
100 J’ ly '0
1 0 C 4 108
1014 M » y ’ o'i
100 J’ ne’07

1164 1194

10H 100

110 M »y'05
1014 F e b ’ 07

• Due Oat a D a* Deo

1014103

1 0 »tion

tjW* >

O c t.

New York Bond Record—C o n t i n u e d —

1 9 1 90 7.| 1 •

H O S l)>
N. Y . STOCK E X C H A N 8 K
W e k k Enihni. o c t 18

P ric e
fY id a v
Oct 18

H’eelc’s
Range or
Last sale

H tg li
i lia
Ash Low
L o u ia v & N a s liv Ren g 68.1930 J-D ........ 117
115 S e p ’ 07
111
(iol<1 5s............................ 1937 M-N 111 s a lt 111
9534 Sale
U nified gold 4s.............. 1940 J-J
9534
96
1011* J ’ly ’06
K eg istered ................... 1940 J-J
107 D e c ’05
Sink tund gold 6s........... 1910 A-O
106 A u g ’ 07
Coll tru st gold 5s........... 1931 M-N 105
903, Oct ’0^
5-20-yr col t r deed g 4 s.1923 A- 0 ........ 91
E H & N ash 1st g 6s___ 1919 J -D I l l ' s ........ 113 n M av’ O
L Cin <& L e x srold4 *28...1931 M-N ■103*«....... 109 M a r’O
1257s M ay’ o7
N O <fc M 1st gold 6s ___ 1930 J-J ........ 124
122*4 M a r’ 06
N O (4 M 2d gold 6s .......1930 J-J
107*4 A u g’ 06|
Pensacola D iv gold 6 s ...1920 M-S
117 M ay’ 07
S t L D iv 1st gold 6s.......1921 M-S H I S .
62*3 A u g ’O
2d gold 3s.....................1980 M-S
116 J ’ l y ’ u6
A t l K n ox <fc N o r 1st g 5 al9 46 J-D
10812 Jan ’06
H en d er B d g e ls t s f g 6s. 1931 M-S
93 Sep ’ o7
K en tu ck y Cent goid 4s.. 1987 J-J
108 J’ l v ’06
L<fcN <fe M & M l8 tg 4 '-2 8 1945 M-S
88
88
8S
L & N -S o u t h M loint 4 s .1952 J J
113*2 M a r’07
N Fla & 8 1st aru sr 5 s ...1937 F-A
N & C B d g e g e n gu g 4 *1281945 J -J
112 J a n ’ 07
P en s <fc A t l 1st gu g 6 s ..1921 F A
107*2 111 May’o7
S & N A la con gu g 5s.. 1936 F-A
97 M ay’ 06
L <fc Jett B d g e C o g u g 4 s ..l9 4 C M-S
L N A & Ch See C I ifc L
ahon Coal See L S & M S
8534 Oct ’ 07
anhattan R y consol 4 s.1990 A -0
104 A p r ’ 05
R eg istere d ................ 1990 A -0
M etropol E l 1st g 6s___ 1908 J-J 101
M c K ’ pt <fc B V See N Y Cent
M etropolitan E l See Man R y
77
78*2 77
77
M ex Cent consol gold 4 s..1911 J -J
13
13 Sale
15
l e t consol incom e g 3s.al9 39 J’iy
10*2 Sale
10*2
10*2
2d consol incom e g 3 s ..01939 J’ly
Equ ip & coll gold 5s.......1919 A-O
90*8 J ’ ly ’ 01
M ox In tern at 1st con g 4 s.1977 M-S
105 M ay’ OO
M ex N o rth 1st gold 6s___ 1910 J-D
M id i Cent See N Y Cent
M id o f N J See Erie
M il 1, S <fc W See Chic & N W
M il <fc N o rtli See Ch M & St P
130 M a r’07
M inn & St L 1st gold 7 s ..1927 J-D
Io w a E x 1st gold 7s.......1909 J -I) 103 *2 105 105 A p r ’07
118 Jan ’ 07
P a cific E x 1st gold 6s. ..1921 A -0
113*4 M a r’ 05
South W est E x l s t g 7s. 1910 J-D
. 107 103 A u g ’ 07
1st consol gold 5s........... 1934 M-N
86 A u g ’07
, 83
1st and refund gold 4 s ..1949 M-S
97 A p r ’ 06
96
D es M ifc F t I> 1st gu 4 s... ’ 35 J-J
M in n
S t L gu See B C R & N
98 J ’ ne’07
93
99
M S t P & S S M con g 4 in t gu ’ 38 J-J
102 J ’ ne’07
M S S M & A 1st g 4 in t gu 1926 J-J
M inn Un See S t P M <fcM
95
95
95 Sale
M o Kan & T e x 1st g 4 s ...1990: J-D
HO
81*4
81
2d gold 4s...................... 0 i 99o F A
10 1
Sale 101
1st e x t irold 5s................ 1944 M-N iO l
79 *2 79
79
1st & refu nd 4s.............. 2004 M-S
Gen s I 4*28................. 1936 J -J
84-s 8434 O ct ’ 07
?-2 Oct ’« 7
81
St L D iv 1st re f g 4s___2001 A-O
104*2 J a n ’ 07
D al & W a 1st gu g 5 a ... 1940 M-N
v A p r ’07
........ 92
Kan C <fc Pao 1st g 4 s ... 1990 F A
1017e 1017*
Mo K & E 1st gu g os...194V A-O 102 . . . .
102 A u g ’ u7
M K & Ok 1st gu 5s.......1942 M-N 101 . . . .
10 L
lu l
99*4 101
M K & T o t T 1st gu g 5 s .l9 4 i M-S
105 A u g ’ 07
SherSh & So 1st gu g 58.1943 J D
10i' O ct ’ 07
Tex«fc O k la ls t g u g 5 s ... l9 4 3 M - S . ........ . . .
116*4 Sep ’ 07
M o P acific 1st con g 6 s ...1920 M - N " ........115
98
98
98
T ru s t gold 5s stam ped.ol917 M-S
107*2 F e b ’ 06
R e g is t e r e d ................ al9 1 7 M-S
27
97
98
97 Sale
1st coll gold 5s........... ...1920 F-A
86 A u g ’ 07
40-year trold loan 4s.......1945 M-S ........ 84
95*2 97*2 97 *i M ay’ 07
3d 7s extd at 4% .............1938 M-N
90 J ’ ne’ 7
Cent B r R y 1st gu g 48.1919 l! -A ........ 92
90 Sep ’ 07
Cen Branch U P 1stir4 s. 194* J - 1>
110 M ar’ 05
L e ro y & C V A L 1st g 5s 1926 J-J
... 98 A u g ’ 07
96*2
P a c R of M o 1st ex g 4s. 1938 F-A
... U 6 *« M a r’07
2d extended gold o s ...1938 J-J
8 t L I r M & Sgen con g 5sl931 A-O 10634 Salt 1(6*2 107
109*2 J’ ne’ O?
Gen con stam p gtd g 5s 1931 A-O
85 0 « t ’07
81
■Unified <fc re f gold 4 s ..1929 J-J
87*2
88*4
87*2.
R lV <fc G D iv 1st g 4 s..1933 M-N
107*2 A p r ’Oi
V erd i V I & W 1st g 5 s.1926 M-S
98 D e c ’ 06
M ob J & K C 1st cons g5s.l95:< J-J
117*2 U 7
M ob <fe Oluo n ew gold 6 s..1927 J-D 117
122 D e c ’t’ 5
1st extension gold'6s..A1927
83 A u g ’07
G en eral gold 4s.............. 1938
M ontgom D iv 1st g 5 s..1947 F-A
92*2 A u g ’ 06
S t L & Cairo coll g 4 s..el9 3 0 Q-F
101 N o v ’04
Guaranteed g 4s..........1931 J-J
M & O coll 4s See Southern
M ohaw k & M ai SeeN Y C<fc H
M onongahela R iv See B tfc O
M ont Cent See St P M & M
M organ ’ s La & T See S P Co
M orris & Essex See D el L <fc W
ash Chat <fc St L i s t 7 a . 1913 J-J 112 115 112V» O c t ’ 07
1st consol gold 5s........ 192* A-O 108*a....... 108*2 * 08*2
109 ....... 116 *2 M ay’ Oi
Jasper Branch 1st g 6a..1923 J-J
M cM M VV & A1 1st 6 s..1917 J-J 109*4....... 117*4 M ar'05
T & P Branch 1st 6s___ 1917 J-J 108 ....... 113 J ’ l y ’ 04
Nash F lo r & S lief See L & N
89% J ’ l y ’07
N a t o f M ex prior lien 4*28.1926 J-J
1st consol 4s...................1951 A-O
80 Oct ’ 07
77*a 81
N e w H & D See N Y N H <fc H
N J Ju ne H R See N Y Cent
N e w & Cin Bdge See L o u & N
N 0 <fe N E prior lien g 6s i>1915 A -0
N Y Bkln <fe M an Bch See L I
88*4 Sale
N Y Cent & H R iv g 3 ^ s . 1997 J-J
83
88*4 25
R eg istere d ................... 191)7 J-J
88 ...... . 88 Sep '07
D eben g 4s.....................1934 M-N
93 Sale
93
93
L a k e Shore coU g 3 ‘a s ... 1998 F-A
79
79
*0
79*2
R eg is te re d ................... 1998 F-A
77
....... 79
77
78*2
M ich Cent coll g 3 ‘as___ 1998 F-A
78 *»
78 *a Sait
R eg istere d ................... 1998 F-A * ........ 80
8434 Jan *«7
Beecli Creek 1st gu g 4s. 1936 J -J
.. . . 99 102 F e b ’07
R e g is te re d ................... 1936 J -J
102 Mar*04
2d gu gold 5s.............. 1936 J -J
Beech Cr E x t 1 s t « 3 >28 61951 A -0

M

u

N

102*2 10^*2

Range
Since
J a n u a rit 1
Low
114*8
108
95

H in ti
117
im
I O l 7,

i o ;>*2109
9()a4 98
112 113'
121

125 7e

117 120
82*2 72*2
93

97=8

80
92
113*2 113*2
112 112
109*f. I l l

94*2 1005g

ibo *4ib*3*2
76
13
10

86
273(
21

P a g e

s

iiO N O *
N . Y. S T O C K E X C H A N G E
W e e k E n din g O c t 18

991

P ric e
P rtv a ij
Oct 18

HeeK'n
Range or
I. an1 so,I*

Low
H ig h
Low Hig/i
N Y Cent & H R—( Continued 1
C a r t * A d l s t g u g 4 s ... 1981 J-D
Gou v & Os w e ls t g u 1r 5s 1942 J -l)
9734 ........ 97 *2 M a t’OC
Moll & Mai 1st gu sr 4s.. 1991 M-S
9 7 *2 9 7 *2
105 o c t '02
N J June R gu 1st 4 s ...i9 8 ( F -A
N Y <fc H arlem g 3*28...2000 M-N
101 *2 J ’ ly *<•t
i ’10 4 i Vi
N Y <fc N o rth 1st g 5s. ..192 A-O 107*2........ 110*2 M ay’ 07
N Y & P a 1st con gu g 4 s 1993 A-O
101*4 Dec
N o r & M o n t 1st gu g 5s.1916 A O
137 N<v
fi n e C reek reir n u a r6 s.l9 3 2 J D
106*2 106 \
106*2 1 14
R W & O con Is te x t5 s ./ tl9 2 2 A-O 1065a
103 A u g ’ O
103 103
O sw e & R 2d gu g 5 s ...e l9 1 I F-A
R W * O T R 1st gu g 5 s.1918 M-N
106*8 O ct ’ (
Rutland 1st con a 4 *28.. 1941 J J
94 M ay’07
94
95
Og«feLCham let,g u 4 s gl9 4 8 J-J
94 M ay’07
94
95
Rut-Canad 1st gu g 4s. 1949 J -J
122 J a u ’01
St L a w <fc A d ir 1st g 5s. 1996 J-J
2d gold 6s.................... 199f A-O
103
103
103
U t i c a * Blk R iv g u g 4 s . 1922 J-J ........ 103*2 103
90
96
91
92 >s 90
90 *•
LaKe Shore gold 3*as___ 199 J-D
90 .......
9 1 O ct ’ 07
91
94
R eg is te re d ................ 1997 J-D
89
90
89 99 >2
8 8 *2 ......
D ebentu re g 4s........... 1928 M-S
89 ‘‘s Sale
25-year g A n ................1931 M-N
«9*8
90S. 124 88 93*4
.......
110
K a A tfc G R l e t g n c 5s. 1938 J -J
108 ....... 109
109
109 109
Mahon C’ l R R 1st 5 s ..1934 J -J
P itts <fe L Erie 2d g 5s.al92K A-O 103 ....... 107 *2 N o v ’06
120*2....... 139 J a n ’ 03
P itts M c K & Y l s t g u 68.1932 J -J
2(1 gu ar 6s .....................1934 J -J 118*2.......
110 .......
McKees<fc B V l s t g 6s 1918 J-J
104 Dec ’ 06
M ich Cent 1st consol 6 s.1909 M-S
118 *-4J ’l y ’06
5s...................................1931 M-S 10934
119 J’ ne’ 06
R e g is te re d ................1931 -M
96
100s4 Jan ’ 0
4s...................................1940
-J
106 *2 N o v ’ OO
R eg istere d ................ 1940 J-J
94*2 D e c ’ 06
J L & S 1st g 3*28..........1951 M-S
92 *2 M ay’ 07
92 *2 " 94 "*a
1st g 3*28 ........................1952 M-N
B at C & Stur 1st gu g 3 s .1989 J-D
97*
97*4
9 7 ‘a
N Y C h i c * St L 1st g 4 s 1937 A-O
97*8 103*3
102 *4 M a r’ i
102*4 102*4
R eg istere d ................... 1937 A O
100
99*2 105
W e s t Shore 1st 4s g u . . . 2361 J -J
100
99 78 100*..
R eg istere d ................ ^.2361 J-J
98*2 103*4
N Y <fe G reen w L a k e See Erie
N Y tfc H a r See N Y C & Hud
N Y Lack * W See D L <fc W
N Y L E & W See E rie
N Y & L o n g Br See Cent o f N J
N e w Y o rk N e w H a v & H a rt—
113 Oct ’ 07
113 113
Housatonic R con g 5 s..1937 M-N 113
N H <fc D erb y con c y 5S.1918 M-N
N Y & N o rth See N Y C * H
94
9434
94*2 95
N Y O & W r e f l s t g 4s. ..91992 M-S
92 101*4
101*2 J’n e’Ot
R eg is $5,000 o n ly........ i/1992 M-S
N Y & Pu t See N Y C & H
N Y & R B See L o n g Island
N Y S i& W See E rie
N Y T e x & M See So P a c Co
100
100 100
N o r & South 1st g 5s........ 1941 M-N *100 ....... 100
126 130
N o r f & W est gen g 6s .......1931 M-N 123*8....... 126*2 J ’n e’07
129 129
In ip rove m ’ t & e x t g 6s.. 1934 F-A 123*8....... 129 J’ ne’o7
........129
127*4 O ct ’ 06
N e w R iv e r l s t g 6s.......1932 A -0
92
92
92 Sale
9934
H & W K y 1st con g 4 s .1996 A O
91 Sep ’ 0
91
R eg is te re d ................... 1996 A-O ........ 91
87 O ct ’ 07
96 *«
D i v ’l l s t l & gen g 4 s ... 1944 J-J ........ 86
S6
Pocah C & C Joint 4 s ..1941 J-D ........ 86°g 86
91*2
109*2 F e b ’ 05
C C & T 1st gu g 58........ 1922 J-J
92
92 Sep ’ 0
Scio V & N E 1st gu g 48 1989 M-N
' 99*^
N o rth Illin o is Sec Clii & N W
N o rth Ohio See L E rie & W
98 Sale
98
99
96 102*4
N o r Pac— P r io r lien g 4s. .1997 Q J
9S34
9834
96 102
R eg istere d ................... 1997 Q-J
68
69 S6ts34 Sale
G eneral lien gold 3s___ »2047 Q-F
6 5 ^ 74*4
70
M
ay’
07
65*8........
70
71
R e g is t e r e d ................a2047 Q-F
927b ........ 9034 Jan ’ 07
S t Paul-D ul D iv g 4s___ 1996 J-D
9o34 9534
Du 1 S hort L l s t g u 5 s ..1916 M-S
C B 4 Q coll tr 4s See G t N or
116*2 S e p ’ 0
St P & N P gen g 6s ___ 1923 F-A
132 J ’ l y ’ 99
R eg istered c ertific’ 8..1923 Q-F
117*4 J ’ly ’ o7
St Pau l & Dul 1st 5s___ 1931 F -A 104 .
117*4 117*4
99*3.
2d 5 s .............................1917 A-O
100 10834
98 *2 O ct ’ 06
1st consol gold 4s........ 1968 J-D
93 M ay’Ot
W ash Cent 1st g 4 s ........ 1948 Q-M
N o r Pac T e r Co 1st g 6s. .1933 J-J 109 114 11358 M ay’ 07
1135b 1133
N o r R y Cal See So Pac
N o r W is See C St P M & O
N o r & M o n t See N Y Cent
/ \ I rid & W See C C C & St L
' 'h io R i v R R See ba it & O
O re & Cal See So Pao Co
O re R R & N a v See Un Pao
Ore Short L in e See Un Pao
O sw ego & Rom e See N Y C
O C F & St P See C & N W
ac Coast Co 1st g 5s___ 1946 J-D 102 103
103
103
102 109
ac o f M issou ri See M o Pac
Panama 1st s fund g 4 *2S.. 1917 A-O 104 ....... 10234 J ’l y ’ 07
10234 103
104
104
Penn R R 1st real est g 48.1923 M-N
IO L
104
111 *2 Sep ’ 04
Consol go ld 5s................ 1919 M S
Consol gold 4s................ 1943 M-N 100 ....... 106 Ausr’O:
93 Sale
C o n vertib le g 3*28......... 1912 M-N
93
93\
C on vertib le g 3*28..........1915 J-D
88*2 Hale
88%
89*<87 *2 95
A lle g V al gen gu g 4 a ...1942 M-S
99 J ’ne’ 07
99
99
9 5 *a ......
D R R R & B ge 1st gu 4s g . ’ 36 F-A
97*2.......
107 *2 Oct ’ Ol
P h i l a B a l * W l s t g 4 s.. 1943 M-N
10'2 J a n ’03
Soil B ay * So 1st g oa.,.1924 J-J
Suu <S> L e w is 1st g 4 s ...1936 J -J
110*3 Sep ’ 04
U N J R R & Can gen 4 s.1944 M-S
101 107
Penn Co— G uar l s t g 4 *28.1921 J-J ........ 104
104 O ct ’07
R eg istere d ................... 1921 J-J ........ 104
101 105*4
11)3 7s J ’ly ’ 07
83*4........ 90*a J ’ ne’ 06
G uar 3 *28 coll tru st r e g .1937 M-S
83
84
Guar 3 *28 coU tr ser B...1941 F-A
82*4 87*2 84 M ay’ o7
T r Co c e r tif’ a gu g 3 *28.1916 M-N ........ 96
94 J ’ l y ’ o7
93*4 06
82*4 87
G u 3*28 t r ctfs C .............1942 J -D
89 Oct ’ 06
G 3 *28 tr ctfs D .............1944 J -D
82 >4........ 90*2 M ar’ 06
97*2 J a n ’ 07
Guar 15-25y ar g 4 s___ 1931 A -0 ........ 96
97*9 9 7 *a
110 J a n ’ 06
Cl <fc M a r 1st gu g 4 *38..1935 M-N
Cl <fe P gen g u g 4 *28 ser A . ’42 J-J
108*4 A u g ’ 03
Series B........................1942 A-O
S eries C 3*28................ 1948 M-N
98*3 D ec’05
96 Jan '04
S eries D 3*28................ 1950 F-A

100<410034

100

130
105
118

130
105
118*2

103" i i o '*2
87
94
96
102

99
102*s

94
9834
80
88
100*2 105
79
86
82
8s *8
82
87
104 *2 104*2
5*2 95*2
10 i >2 112
102 107*4
97 106*2
i04 105
100*8 107
115:<8l-0
97*2 105
9 7 " i ‘0 5"
86
90
97>a 98
90
9634
90
9^*2
98 10134
116 117*4
106*2 114
109*2110*4
80
88**
85
92 >2
117

124

83
94
102*2108*2

Jian<f3
M nce
Jn.nuant 1

10034

116*2l 2234

100

100

P

112*2118^3
108*2 116
116*2116*2

98*4 102*4
78*u 87*2

93
99
88*2
87
78*a 87*4
84*4 8434
102 102*4

9034100*4

.H lJ S C E L l CNEOlfS* B O N U S — C o n tin u ed on N e x t P a g e
C o a l am i Ir o n
Col F & 1 Co gen s 1 g 5 s ..1943
C o n vertib le deb g 5s ___ 1911
Col Fu el Co gen gold 6s. 1919
G r R iv Coal & C 1st g 6sl919
O learf Bit Coal 1st s 14 s ... 1940
Col In d u lstcfe coll 5s m i.. 1934
C on tin ’ ta lC l s t s r g u 5 s g.1 9 5 2
J e t t * C lear C & I l s t g 5 s .1926
K a n & H C d k C 1st s f g 5 s.l9 5 1
P lea s V al Coal 1st g s F 5 s . 1928
Sunday C rten Co g 5 s___ 1944
T en n Coal gen 5a.............1951
Tenn D iv 1st g 6s .......al917
B irin D iv ls tc o n s o l 6a..1917
Cali C M Co 1st gu g 68.1922
De B arC A I Co gu g 68.1910
V a lr o n C o a l& C o ls t g 5 s.l9 4 9
V io to r F u e l 1st s f 5s........ 1953

l'e le g r a p h a n d T e le p h o n e
85 Oct *07
85 100i« A m T e le p & T e l coll t r 4s 1929 J - J
87 A p r ’ 07 : : : : 87
Comm Cable Co 1st g 4 s ..2397 Q-J
87
M e t T <fc T 1st a f g o s .......1918 M-N
107 *3 O ct ’04
102ag A p r ’ 06
M ich . State T elep. 1st 58.1924 F-A
95 A p r ’ 02
N Y & N J T e l gen g 5 s..1920 M-N
47 Sale
47
49 419 '4 7" '76*4 W est Union col tr cur 5 s .l9 3 f' J-J
Fd and real est g 4 *28...1950 M-N
107ag D e c ’ 04
107 M ay’ 97
M u t Un T e l s fund 6 s...1911 M-N
105*3 D e c ’ 06
N o r t h w T e l g u t 4*28 g . . 1934 J-J
105 O c t '00
H a n u ta c tu rin x Si lo tlu it n u .
........ 75
78 * F e b ’ 07
78
78*3
........ 86*2 89 O ct ’ 07
Am C o tO il e x t 4*28..........191.") Q-F
86
95
101
101 Sale 101
" f 100 106*2 Am llid e < t L 1st s 1 a 6 s . .191.’ «i101 106 *a A m e r Ic e Secur deb it 6s.. 19-5 A-O
IO IH i ........ 102 O ct ’07
102 D e c ’03
Am S pirits M tg ls i a t.»..191
.i t
101 100 F e b ’07
Am Thread 1st col tr 4 a ... 191! 1.1 -I
ib o ” i b o ”
85
85*, "20 85
98
A m Tobacco 40-yr g 6 s .... 19 44 A-O
88
93*2 F e b ’07,
48......................................!»r> F "
93% 93*2
* N o price Friday; la test bid and asked. a D u eJ a n 6 D u e F e b c D u e M a r d D u e A p r h D ue j ly ic Due -...({




F-A
F A
M-N
A -0
J-J
F-A
FA
J-D
J -J
J -J
J-J
J -J
AO
J-J
J-D
F-A
M-S
J -J

781s J ’l y ’ 07
96*2 J 'n e’ 06
104 F e b ’07
99*2 97 F e b ’ 07
105 ^ J ’ ly ’ 03
97 Oct ’ 07
95
91*u
91*..
90*3 91
104 A p r ’ 07
103 J ’i y ’ 04
85 7s 86k
-<al<
7 /*2
95
85
00 .^ale
6 ' ''ale
ol,

78**
• ••
....
....

1
....

?4*3
86*2 22
S.!
84*2 4b
79 J ’ ly ’ 0,
96 Oct ’ 07
86*2 Oct ’ 07
90
96 431
60
62 314

90
...-

104
98

104
98

97
91
104

i'0'3 1
100*4
104

84 >2 93
83
91*4
79
89
96 103*i
8 6 *2 93
90 1 103<
60
79 H

,< .(.Id .\0v </Due D ec » Option s a i«

99*2
JN. V. S T U C K E X C H A N G E
W rick k n d iv h o c i 18
Pen n C o —( Lu/tltnueuj
E rie As P itts g u g o H iS B.1940 J.
Series C ........................ 1940 j
G r K * I ex 1st gu g 4 Has 1941 j
P itts F t W <fe C 1st 7 s ...191*2 j
Ida7a.............................. 1912 j
3d 7s........................... «.1912 a
P u ts i cv; Ash 1st con 5s. 192
P C C «& S t L g U 4 %s A ...1 9 4 0 a
Series 15 gu a r.............. 1942 a
series C gu a r.............. 1942 ji
Series D 4s gu a r..........194.0 vi
S eries E 3 Hi Kuar g ___ 1949 f
S eries 1< 4s g u a r ........ 1953 j
C S t L iS i P 1st eon g 5a. 1932 aPensacoiu ite A l l bee L & Nash
Peo <fc K ast bee C C O <fc S t L
P eo <fe P elt Un 1st g 6s___ 1921
2u gold 4 HlS................... t>1921 U
P ere M a rij—OJitVj W M 5s 1921 j
il lin t tfc P M g 6s.............1920 a
1st consol gold 5s........ 1939 ivt
P t H u ron D iv l s t g o s . 1939 a
Sag Tu s <k i l 1st gu g 4s. 1931 [0
P h il’l i <is W See P en n R R
P h iia & H ea din g cons 7 s .1911 J-D
P itts Cm <fc S t L See Peun Co
P itts C le ve <& T o l bee H O iO
P itts F t W <te Ch bee Pen n Co
P itts M c K e e s & V beeN Y Cen
P itts Sli <& L K 1st g 5 s ...1940
l e t consol gold 5s........... 1943
P itts & W est bee B & O
J > eaduig Co gen g 4s.......1997
R eg istere d ................... 1997
Jersey Cent coll g 4 s . . .1951
Keneselaer <k Sar bee D <fc i i
Rich & Dun bee South K y
Rich & M eek bee Southern
B io G r W est bee D en <& Kio G i
Koch & P itts bee B K & P
Home W at & O g bee N Y Cent
R u tland bee N i ' Cent
C a g T u s & H bee P e r e M arq
O t Jo <te G r Is l 1st g 4 s ... 194'i
S t L & Cairo See Mol» <fc Cine
St L <fc iro n M ou nt bee M P
8 t i K C Jc N bee W abash
tit U M Br bee T K it A of St L
8 t L o u is & S an Francisco—
G en eral gold 6s.............. 1931 j
G en eral gold 5a.............. 1931 j
a t Li ite S F R K eona g 4 s .. ’ 96 j
Southw D iv 1st g 5 s ..1947 aR efu n d in g g 4s........... 1951 j
5-year gold notes 4 “a--190a j
S tL M & S o E a 8 t g u 4 H ig l9 0 9 j
K C F t S <fc M c o u g 6a.. 1928 fj\.
K C F t S & M K y ref g 4s 1930 a
K C <te M it & B 1st gu 5s. 1929
O z’ r k & Ch C 1st g u o s g.1913
St .Louis So See Illin o is Cent
8 t 1. S W 1st g 4a bd c tls .l9 S 9 M2d g 4s Inc bond c t fs ...p l9 8 9 j
Consol gold 4s................ 1932 j
G ra y’ s P t T e r l s t g u g 5 s 1947 j
8t P a u l & D a l bee N o r P a cilic
8t P a u i M <fc M an 2d 6 s ...1909 a
1st consol gold Us........... 1933 j
R eg istere d ................... 1933 J
Reduced to gold 4Has..l933 J
R eg istere d ................ 1933 j
Dakota e x t gold 6s........ 1910 m
M ont e x t 1st gold 4s___ 1937 J
jttegistered.................. 1937 j
K M m n 1st d iv i s t g 5 a . . l 9 0 s a
N o r D ir 1st gold 4s___ 194s A
M inn U nion 1st g 6s___ 1922 J
M o n tC l a t g u g e s ........ 1937 J
R eg istere d ................... 1937 J
1st guar gold 5s..........1937 j
W iiiifc S F 1st gold 5 s..1938 J
St P <fc N or Pao bee N or Pac
S t P <fc S’ x C ity SeeC S t P M dfcO,
8 A <&A Pass 1 s tg u g 4 s ... 1943
8 F e P res & P li 1st g o s . . . 1942
a F «fc N P 1st sink t g 68.1919
8a v F <fc W est bee A t l Coast L
acioto V a l «te N K See H orde W
Seaboard A ir L in e g 4s ...1950
C oll tr refu n d g 5 s ........ 1911
A tl-B irin 3 0 -y rlst g 4s.el933J.M
Car Cent 1st con g 4 s ...1949 J
F la Cen <fc Pen I s t g 5 s . l 9 1 t J
1st land gT ex t g 5s ...1 9 3 o j
Consol gold 5s.............1943 J
Ga & A la K y 1st con 5s 01945 J
lia Car & N o l s t g u g 5a 1929 J
seab & Koa 1st 5s..........1926 J
Slier S lir <fc So bee M K <fc T
8ii Sp Oca & bl See A t l Coast L
8o Car & Ga See Southern
8o u th ern P a cilic C o G old 4s (C en t P a c coll).fcl94 9 J
K e g is t e r e d ................ fcl949 J
C ent P ac 1st re f gu g 4s 1949 F
K e g ia le re d ................... 1949 F
M o r tg u a r g o ld 3 “i s . . *1929 J
Th ro u gh S t L 1st g u 4s ’ 54 A
G al lia r & S A 1st g 6 s ..1910 F
i l e x * P a c l s t g O s ___ 1931 MlG ila V G & N la tg u g u s .1 9 2 4 M
llo u s K <fc W T 1st g 58.1933 M
1st gu ar 5s re d ..........1933 MB & T C lM t g 5 s in t g u ..l9 3 7 J
Consol g 6h in t g u a i,..1 9 1 'j AGen Hold 4s in t g u a r..1921 A
Wacoifc.M W d i v l s t g O s ’ 30 VI
A «te X W 1st jru a 5 » ___ 1941 J

New York Bond Record—Concluded—Page 4
P ric e
F rid a y
Oct 13

BONUS
N. Y . S T O C K E X C H A N G E
W ef.k E nd in h O c t 18

Week's
Uanye or
Last Sale

liit l
88

ASH liOw
h ia h
........ 92 A p r ’ 07
9a34 Al>i ’ <*4
108 S e j*’ 06
127=8 ()c t ’ 02
119 J"’ ne’ 0tf
119 A p r ’ 04
M » y ’ 05
■107 ........ l i n
........10SS. 107*, J ’l y ’ 07
107 k J ’ly ’ 07
112 H>
100^4 M a r’ 07
91 F e b ’ 07
i l ‘6’ ’ Sep ’ 07
104 ^

.

, 110

123 *« Jan ’06
100*4 D e c ’ 03
109 A p r ’02
112 H>A u g ’ 07
1003t A p r ’ 07
106 Hi Sep ’ 06

107 *t« 109 *v
106a4 109*4
100»4
91
110

116 Hi

I0 a4 U S
0034 10034

115*2M ar’ 06

120
98
93

Sale

”8 9 " " I I I '

90

M a r’ 06
J ’ ly ’ 97

92Hj
91
95a4 M ay’07
89
89

82

J’ ne’ 07

91
98\
9534 9534
89
96 Hi

90

92 Hi

118 O c t ’07
11734 123Hi
105
105H2 20 105 110 Hi
91 F e b ’ 07
91
93
102l4 A u j{’05
74*-i
75 Hi
Sale
74 *y " 82*9
........ 98 N o v ’ 06

’ ........ 118
105 .......
74
96

70 *» Sale
........

94*«

11 6 A u g ’07
693*
72
96 Hi Sep ’ 07

116 119
74 Hi 8234
96H »

97 Hi

89 Sale
88 Hi
39
70
........ 73 Hi 70
68 Sale
68
69*4
101*6 A p r ’ 07

88 Hi 95
71
83
68
79
i O l 's l O l ^

100s4 ........ 1 0 3 W n e ’ 07
123‘g 126 Hi 130 J ’ne’ u7
154 i> e c ’ OU
105 ........ 105 Hj J ’ l y ’ 07
l i d * * A p r ’01
i04*a " " " 10.4 A u g ’07
96H> Oct ’ 07
100*4 Oct ’ 06J
100 *» Sep '07
98a4 .

103
130

'112
125

124 M ay’07
125 A u g ’07
136*4 M ay’06
107 108** l l 5 Hi M ay’ 07
115 Hi D e c ’06
T 0 8 H i...
80

81
102
llo

64 Sale
95
95*>j
........
107

83
Sep ’07
o c t ’05

64
65
95
95
88 J a n ’ 07
96*q M a r’ 06
107*4 A u g ’ u6
109 Hi M ar’ 06
106 M ar'o7
110 J a n ’05
106 M a r’o7

........

86

82 7s
84
84 J’ ne'o7
93
93 *9
*9238 * 93’
933g J ’ ne’ 07
" 8 1 " *8 4 '
81
82
9034 J’ ne’07
1C-3 H» A p r ’ 07
101 Sail 1, 104
io4
106*4 J ’l y ’ OC
........ 108
103 ....... . 107*4 F e b ’ 05
104 A u g ’ 06
ioSaiiii" 110 S e p ’ 07
10s ....... 1113*) J a n ’ 07
...... 87 Hi 87 Oct ’ 07
116 i> «o ’ 06
109 Hj F e b ’ 06

105=8
131

105*9 iy'b'*i
i'04’’ i’w7*4
96*al00H»

io 'o ^ io i^ e
130

131 Hi

i ‘1'2” il5 *-j

80
102

87
108*4

64
82»,
9 4 \ lOOHi
88
8J

106

1o 7j4

i 'o’ti” ioii

8 IH2 90*9
84
88
92 100%
9 3 \ 99
81
86
9034 98*«
103 105*9
104 106:,4

109*4 111*9
111 112
87
94 V

Southern Pac Co—( Continued)
M organ ’ s La ifc T 1st 7s. 1918 A-O
1st gold 6s ................... 1920 J'-J
N o o f Cal gu ar g 5s........ 193" A-O
O re <fc Cal 1st guar g 5s. 1927 J-J
So P of A r gu 1 s tg 6 s . ..c l 90 J -J
1st guar g 6s .............«1910 J -.r
So Pacilic o f Cal—
l s t g 6sseries K & F ...1 9 1 2 A O
1st gold 6s ................... 1912 A-O
1st con gu ar g 5s........ 1937 .M-N
S P ac o f N M ex 1st g 6S..1911 J-J
So P a c Coast ls tg u 4 s g _ 1 9 3 7 J -J
T e x & N O S a b D iv ls t g6 s.l912 M-S
Con gold 5s..................1943 J-J
o P a c U K 1st r e f 4s........ 1955 J-J
Southern—1st con g 5s___ 1994 J-J
K eg istere d ................... 1994 J -J
M o o & o lu o coll tr g 4 s ..1938 M-S
M em D iv 1st g 4 *2-58... 1996 J-J
S t Lo u is d iv 1st g 4s___ 1951 J-J
A la Cen R 1st g 6s........ 1918 J-J
A t l & D a n v 1st g 4s.......1948 J-J
2d 4 s ............................ 1948 J-J
A t l & Yad 1st g gu ar 48.1949 A-O
Col & G re en v 1st 6a.......1916 J-J
i i T V a & Ga D iv g 5 s ..1930 J-J
Con 1st gold 5s........... 1956 M-N
E Ten reor lien g 5a.......1938 M-S
Ga M idlan d 1st Ss......... 1946 A-O
G a P a c K y 1st g 6s........ 1922 J-J
K n o x <fe Ohio 1st g 6s. ..1925 J-J
*to b & B ir prior u e n g 5 s 1945 J-J
M o rtga g e gold 48........1945 J-J
R ich & Dan con g 6s___ 1915 J-J
D eb 5s stam ped........... 1927 A-O
R ich & 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 M-S
Series D 4-5s...............1921 M-S
S eries E 5s................... 1926 M-S
G en eral 5a................... 1936 M-N
G uar stam ped..........1936 M-N
W O * W 1st cy gu 4 s ..1924 F-A
W est N C 1st con g 6s. .1914 J-J
S <& N A la Set1 L <fc N
Spok Falla <fc N o r 1st g 6 s.1939 J-J
' I 'er A o f S t L 1st g 4 Has.. 1939 A-O
X 1st con gold 5's___ 1894-1944 F-A
G en refu nd 8 t g 4s ........ 1953 J-J
S t L M B g e T e r g u g 5s. 1930 A-O
T e x & N O See So P a c Co
T e x Jfc Pao 1st gold 5s.......2000 J-D
2d gold inc 5s................ 02000 Mar
L a D iv B L 1st g 5s.......1931 J .J
W M in W <&N W la t gu 5s ’ 30 F -A
T o l (H O C 1st g 5s.............1935 J-J
W estern D iv 1st g
1935 A O
G en eral gold 5s.............. 1935 J-D
K a n & M 1st gu g 4s___ 1990 A-O
T o l P & W 1st gold 4 s .... 1917 J-J
T o l S t L <fc W pr lien g 3 *as. 1925 J-J
50-year gold 4s.............. 1950 A-O
T o r H am & B u lT ls tg 4s./il946 J-D
later & D el 1st con g 5a 1928 J-D
1st refu nd g 4s..........1952 A-O
U n P a c K R * 1 g r g 4s ...1947 J-J
K eg istere d ................... 1947 J-J
20-yr con v 4s (su bscrip)..’ 27 J-J
O re R y <fc JSav con g 4 s .1946 J-D
O re Short L in e 1st g 6a .. 1922 F-A
1st consol g 5s............. 1946 J-J
G uar refu nd 4a........... 1929 J-D
R e g is te re d ................ 1929 J-D
U tah
N o r 1st 7a........ 1908 J-J
G old 5s......................... 1926 J -J
U ni N J R R <fc C Co See P a R K
Utah C entral See R io G r W es
Utah 6c N o rth See Un Pacific
U tica & B lack R See N Y Cent
andalia consol g 4 s ___ 1955 F A
era Cruz & P l s t g u 4 *9B l934 J -J
V e r V a l i i i i l <fc W bee M o P
V ir g in ia M id See South R,v
Va
S ou thw ’ l 1st g u 5s. 2003 J-J
abash 1st gold a s.......1939 M-N
2d gold 58................ 1939 F-A
D ebentu re senea A .......1939 J -J
Series B ........................1939 J -J
C ertificates of dep osit___
1st lien equix> s Id g os. .1921 M-S
1st lien 50 y r g term 4s. 1954 J.J
1st r e f and e x t g 4a ___ 1956 J -J
D et & Cli E x t 1st g 5 s..1941 J-J
Des M om D iv 1st g 4a..1939 J-J
Om D iv 1st g 3*as..........1941 A-O
T o l & Ch D iv 1st g 4 s ...1941 M-S
S t CUas B rid ge la t g 6s. 1908 A-O
W’ ab Pitta T erm 1st g 4s. 1954 J-D
2(1 gold 4s........................1954 J-D
W a rren see D el L a c <fc W est
W ash C ent bee N or Pac
W ash O <fc W See Southern
W ash T e rm l 1st gu 3HiS.. 1945 F-A
W est M aryland 1st g 4 s ...1952 A-O
Gen ifc conv g 4 s ........... 1952 A-O
AV V a C ent <fc P 1st g 6s 1911 J - J
W e s t N Y <fc P a 1st g 5 s..1937 J-J
G en gold 3-4s..................1943 A-O
In com e 5s.....................J1943 Nov
W est N o Car see so u tli R y
W h ee l’ g <fc L E 1st g 5 s ...1926 A-O
W h ee l D iv 1st go ld _5 s ..l9 2 8 J-J
E xtend s im p go ld 5 a ...1930 F-A
R K la t consol 4 s............ 1949 M-S
20-year equ ip s f 5a ...1922 J-J
W ilk es & E ast See E rie
W il <fc Sioux. F See S t P, M & M
W is C e n t 50-yr 1st gen 4s 1940

U

[V o l

P ric e
FY iaaii
Oct 18

Week’s
Mange or
Last sa le

Manye
Since
J a n u a ry 1

Hid
A sk Low
H ifih
*1 11*9........ 127 S e p ’ 06
*110 .......... 116 N o v ’ 06
112 F e b ’ O'.
99
1003g J ’ l y ’ 07
101*9 103*9 104 A p r ’ 07
104*4 F e b ’ 07

Low M iy h
112 112
98 101
1O3Hj 104
104*4 104%
107

107 A p r ’07
114Hs I>ec’ 04
116 M av’ O'
104 M a r’ 07
. . . 10s
83*4 naie
98 , 6 Sale
79
106
80

85*
”89

107

1V6” ilB * *
103% i0 4

107 Hi F eb ’07
104 Sep ’ 06
88Hj
8-1 >4
9876 100
114 N o v ’ 06
7H Sep ’o7
113 *9 M ay’ u7
84 Sep ’ 07
113 Jhu ’ 06
96 J ’ ue’Ou
92 J ’ ne’Ot

10/Hi 107*9
S7a4 95
987g 11334
94
113*9 116
94*4

111 F e b ’ 07
110*8 Z’ly ’O',
112 Oct ’ 07
110 *9 J’ ue’ 07
, 68
05 Sep ’07
114 A u g ’ 07
113
117*4 M ay’ 07
1163b A p r ’06
96 o c t ’0;i
........ 89
........ 110
109*4 A u g ’ 07
99*9 Oct ’ O'i
98 Hi......
98 F e b ’05
105 A u g ’ 07
11.2 Oct ’06
108*9 Dec ’ 06
113 D ec ’05
103
103
107 M ay’07
90 Hi 90 H, Jan ’ 07
110 106 Hi feep ’ 07

111 111
110% ll* l%
112 117%
110HilJ4
05
69*4
113*4 U 9 %
110 118%
109*, 113
99*9 103
104

106*8

103 111
107 110
94% 96*8
100 Hi 109*9

.................. 117 J ’ l y ’OO
102 H j........I l l
J ’l y ’07
107 ........I U l H i J ’ ne’ 07
90 A u g ’07
102*9........ I l l
D e c ’ 06

ll>8 111
11x % 117
90
94

110*4 111
92 N o v ’ 06
110 M a r’ 06
106 *9 N o v ’04
10734 A u g ’ O.
111 M ay’ 04
102 M a v’07
8734
........ 87 \ 87 34
S3 A u g’07
eo
»7
32 O ct ’ 07
81 *4 83
70
70
70 Sale
95 D e c ’ Ol
102
102
102 lu4
........ 93 Sep ’ Oc
99*4
98
98 Sale
9034 Sep ’ O'i
S4*g
85*4
81 Hi Sait
93*9
93 H
9-,
115-9...... 116** Oct ’ 07
108 Sale 107?» 108
86*9
o7 H
8 6 Hi Sale
84 7e ........ S7n4 M a i’ o7
lO i
...... 103Hi F e b ’07
104 ....... 105*9J’l y ’ 07

110*< 118%

110*4 Salt
1........ 80

V

W

LXXXV.

io7% 111
100% 102 Hi
87% 97
89
87*9
82
102

110

96 *4 102 %
96% 101%
84*8 93
93H| 99 H»
114*9126
107*4 114
8534 94%
87% 87%
103 103 Hi
105 H2105 %

94*9 94*9

94 Hi
94 H,
s Sep ’ 00

104 111**
104 Oct ’07
105 114
107*,
........ 107 H, 107
94 105 *a
94 Oct ’ 07
........ 96
90
90
90 j ’ ne’ o7
44
44
76*9
44
57 Hi 75
62 J ’ne’ O.
LOI
102
102 M a i’07
93 M a i'O t
50 114 47
07*3
47
47 Sale
104 109
104*8........ lo o Oct ’O'
97 N o v ’ 04
80
h'eb’ 07
80
80 *«
96% J ’ ne’ o.
96% 96%
lo o May’07
100 102
........ 66 H 66^4 Oct ’ o '
65 *t, 80
is
Sale
18
18 H
18
324

08
49

101

... .

87
68
49

87*9 J ’l y ’ O
Sale
6.8
68*-.
o£uc
49
49
106
106 *s A u g ’06
112 H 112 O c t ’ Oi
87
8934 J ’ ue’ o '
34 F e b ’O’i

i l l " i'16%
89% 93%
34
34

105 A u g ’ OI
110 D e c ’ 06
111*9 A u g’ 05
76 H, 70 O ct ’ 07
104 O ct ’ 07
80

81

87%
82%
68

8034 13

105

108

76
104

87 *3
104

80

89

A il.^ C E I/ L A N K ()U p > U tl.N O S —C o n c lu d e d .
rUuniiliiel 11ring & iuriusirinl
Beth S teel 1st ex t s f 5 8 ..l9 ’i C' J-J
Cent -Lieather 20-year g 6s.i92i> A-O
C o n solT ooa ccooO -yrg 4s . 1951! F-A
D lstn Sec Cor conv 1st g 5 s.’ 27!A-O
In t Pap er Co 1st con g 6s. 1918 F-A
Consol conv s f g 5s.......19351 J - J
In t s t Pum p 10-yr conv. 6s ’ 13 J-J
K m clcer le e (C lu e) 1st g 5 s.’ 2h A-O
Lack aw Steel 1st g 5s___ 1923 A-O
N at Starch M fg C o l st g Os 1920 M-N
N a t S ta icli Co s r deo 5.S..192C J-J
R ep u b I< & S ls t & c o lt r o s . 1934 A -O
U is Leatn Co 8 t d e b g 6 s . . l 9 l : ;
U S iteaity<fc I c o n v d e b g 5 s ’ 24 J -J
U S s teel Corn— ( coup . d I96i! M-N
Sf 10-60 y r os. ( r e g ..dIO 'J:' M-N
V »-C a r Cliem col ir 5s g . . l 9 l ‘z A-O
W e s tins house E & M 8 f 5s ’ 31 J-J

1X3 A u g ’06
it»
82
85 *.j 119 82
03
79
63 Oct ’ 07
09
90
09
72
101% 108*9
10C>34 10534
s7
92
87 Sep ’ 07
97 106
97 A n g ’ 07
97*9 Oct ’ 05
89 *i Sale
89 *9 102
8 9 '9
90
82
84
........ 80
83 Ha Au g'07
70
7.0
70 A p r ’ 07
wo
97
" 9‘i "
90 O ct ’ 07
102% 106*4
103 % ........ 103% Sep ’ 07
76
9o
........ 75
76 O c t ’ O,
91%
92
90*9 99 34
91 Hi Hale
89
90 ^
89
99 H,
97
99
97% A u g ’07
" " " ” 95'
84%
86
84% 97 *v
8434 Sale
82 % Sale
........ 6<1
69 Pale
105 100
____ _ >"'6*9
........ 97

* N o price Friday; latest bid and asked this week,




a

D ua Jan

M isc e llan e ou s
A dam s E x col tr g 4 s ........ 1948 M-S
A m t>S C o o f W V a g o s ___ 1920 M-N
B ’ k l’ n F e r r y C o - ls t c o n s g 5 s ’48 F -A
C lu c J c & S t V ard col g 5 s.l9 1 5 J-J
l)e t J1 ifc M ld g r in com es.. 1911 A-O
In t M ercan M a riu e 4 His..1922 A-O
in t N a v ig a tio n 1st s f 5 s.lif2 2 F-A
M an Bch H. &; D gen g 4 s ..1940 M-N
N e w p N e Ship & D U 5s d l 9 ‘J0 J - J
N Y D ock 50-vr 1st g 4 » . . 1951 F-A
P ro vid en c e Sec deb 4s___ 1967 M-N
P ro vid en t Loan S o c4 % s.l9 2 1 M-S
S t J o s e p h S t k Y d s ls t 4 % s .1930 J-J
St L T e r Cupplea S tat’ n <&• Proi.
Co 1st g 4 Has 5-20 y e a r ..1 9 1 1 J*I>
3 Yu b a W a t Co con g 6s.. 1923 J -J
Sp V a l W at W ork s l a t 6 a .l9 0 t M-S
U 8 Ked<fc R e f 1st s f g 6S.1933 . . . .

b Due Feb

il Due A u r

i llu e Ma;

8 8 'i
1 88% 103
........ 89%
100% J ’ ne’ 02
" i s ” " " I . 41 O c t ’ 06
103
101 M ay’OV
i o i " io i"|
70 Sep ’ 06
65 Hi
66H. " i i ” 54” " 70%
I " " I 84
85
80%
85% J ’ ly ’ 07
•88

a D u e J ’na

........
80

87H
86

” ” ” "9 0 "

87%
87 H,
85 O ct ’ 07
99 M ay’ 06
100% Sep ’ 05
112 J ’ l y ’ 04
113% J’ l y ’ 00
90 A u g ’ 07

& Da* J'tr

b

Dm S

ot

6

87*9 95 -*
84% 90
1
i

....

80 " V S

1

OHTOAG-O STOOK EKOTIA.AT

Stook Record—Daily, Weekly and 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
October 12
“=150
3
*1312
1612
*2
* ____
*40
*75
*
*5812
* __
*21
*58
*70
*28
*90
*25

Monday
October 14

160
150
3
3
131? *
16
161?
*214
3
17 * ____
45
*40
79
*75
20
*15
____ * ____
40 * ____
221?
5914 *58
79
76
281"
2S
*90
94
*25
29

Tuesday
October 15

150 *140
3
3I4
131" *11
1012 16-34
*2
3
16 * ____
4j
*40
79
*75
191?
62 * __
40 * ____
2212
60 *
78
76I4
28
2S
94
*90
29 * ____

Wednesday
October 16

____ *140
31?
*3
131" *
1634
16
*2
3
16 * ____
*40
44
*75
79
20 *
*
62
40 *
221" *
571? ____
78
78
28
*28
*90
94
____
30

35g
312 31312 3r’S
441"
44
4312 441"
4418
* ____ 139 * ____ 139
* ____ 125
123 * ____
5638 b‘/U
5714 6714 551?
* ____ 100
9914 9914

3-->8
3*8
44!fj
44
139 * ___
125 * __
____
66
99I4

*
*161
*44

35
104
48

*
*161
45

35
104
45

*
*161
*45

35
104
49

*
*101
____

*1
*5
*138
37

Us
6
145
37
107
10512
122
40

*1
*5
*138
37
*105
105
122
*39

U«
6
145
37
107
106
12214
40

*1
*5
*13812
*35
105
*105
12112
*39

11*
6
145
37
105
1061?
12234
401?

*1
*5
*138
*
104U
*105
121
*39

*105
122
*39

Thursday
( ober 17

Friday
October 18

*38
86
100.1i
*130
94
*114
9
*23

39
87
101
138
94
ll2
9
24

671?
1081*
70
120

*66
108
*60
*115

*38
87
10012
133

39
*38
87
861g
100.i4 100o8
133 *130
94
*93
*il"4
1>!> *114
Sr>8 9
884
*23
24
22

Feb’06

BONDS
C H IC A G O S T O C K
EXCHANGE
Week ending Oct 18

Lowest

j

Inter­
est
Period

P rice
Friday
Oct 18

Week98
Range or
Lust Sale

Range- for Previous Year
(1906)

Highest

Lowest

Highest

io r
10(1
100
100
10(1
100
100
100
100
100
100
100
100
100
100
100
100

150 Mch IS 205 A p r s
3 O ct 12
5 Jan 24
10 O ct 17
16 A p r 6
15 Mch 14
461" Jan 2
6U A p r 3
212 Oct
14 A p r 23
19UJan 9
45 Sep 2C
65 Jan 16
87 ,lan 17
78~s O ct 10
21 Sep 12
28 Jan 24
60 Sep 14
72 Jan 15
341" A p r 10
47 J ’ly 16
20 Sep 11
251" Jan 25
58 A p r 24
66 J ’ly 17
75 Mch 14
90 Jan 4
28 Mch 25 34 Jan 15
95 A p r 3
99 M a y l8
20 Mch 19 35 A p r 3

140 Sep
5 Dec
15 Dec
393.1 J ’ly
4 J ’ly
12i2 M a y
541? Jan
85 O ct
25 Oct
651? Oct
25 Mch
231" •I’ ly
60 M ay
891" A p r
27 M ay
97 Dec
23 A p r

200 Jan
731 Jan
2838 Jan
59 May
1314 F e b
461.1 Mch
68i2 F eb
9312 F eb
30 J ’ne
7212 N o v
85 Mch
2812 F eb
681? Mch
99 J ’ne
3534 N o v
102 J ’ ne
60 F eb

100
100
100
100
100
100

31" O ct 11
7U A p r 11
4134 Oct 18
60 A p r 10
129 Jan 7 140ls Sep 9
120 A u g 20 130 A p r 24
55 O ct 18
801? Jan 14
99 Oct 5 109 Jan 7
30
34 A p r 20
40 J ’ne 8
10412 Sep 7 111 F e b 8
45 O ct 3
54 Jan 8
165 F e b 27 165 F eb 27

6 J ’ ne
51 J ’ly
115 Feb
1281? Dec
54 Jan
101 Jan

117s Jan
72 Jan
130 N o v
136 Jan
81 N o v
112 N o v

36
106
55

Jan
O ct
M ay

40 F eb
11312 J ’ne
64 F eb

1
6
136
481"
101
103
118
4112

F eb
Mch
Nov
J ’ly
Dec
Apr
M ay
J ’ne
Sep

1 Mch
7 Jan
165 F e b
63 F eb
139 Jan
118 Jan
147 F eb
7184 Jan

100
100
100

100
100
100
100
10(1
100
100
100

26U July’07
68
66
65
66
651$ 66I2 1,434 N a tio n a l B iscu it_____ 100
67'8
10612 107
524
1081" 107 108
1061? 10612
D o p r e f_____
___ 100
Last Sale 70
69 *
Sep’07 ____ N a tio n a l C arbon ___
69
100
118 *115
I/ist Sale 118
0 c t’07 ____
Do p r e f..
______ 100
584
May’05
Last Sale 991* July’06
100
39
*38
39
39
39
70 Sears-Roebuck e o m .. 100
38
39
85^4 86
86
208
100
S6I2 86
85
851"
D o p r e f . . ______
101
100 101
100 1001" IOOI4 1003.| 8,323 S w ift & C o ____________ 100
133 *130
133 133 *130
135
25 Th e Q uaker Oats C o . 100
94
40
*93
94
*93
94
D o p r e f____________ 100
9312 94
200 U n it B ox Bd & P Co. 100
*1
II4
1
1
1‘ ?
1‘4
91S
85*
834
834
9
Sl2
834 2,488
D o p r e f____________ 100
*2 1
2234
22*4 *23
110 W estern Stone _______ 100
24
Mining
32io
Jan’07
50
10
N o v ’06
16
Slay’07
2U
Last Sale 4
N o v ’06 ____ H u b b a rd -E llio tt_____

Chicago Bond Record

Range for Year
1907

STO CKS
C H IC A G O S T O C K
EXCHANGE

R ailroads
____ *140 150 *140
150
50 Chicago C ity R y ____
___
*3
4
*3
31"
235 Chicago & O ak P a rk
10
10
131"
*10
16
5(
___
Do p r e f.
2 ,S1( Chicago S u b w a y____
17
1512 1612 15I4
16
Last Sale 212
3
0 c t’07 ____ Chic U nion T ractio n
IMSl Sale 18
16
July’07 ____
Do p ref
____
44
Last Sale 45
0 c t’07 ____ Kans C ity R y & L t .
Last Sale 78?s 0 c t ’07 ____
79
Do p r e f _________
20
Last Sale 22
Sep'07 ____ M etropol W S E l e v . .
62
Last Sale 62
0 ct’07 ____
D o p r e f _________
____ N o rth Chicago Street
Last Sale 46
40
July'07
Last Sale 21
0 c t’07 ____ N o rth w estern E le v 2212
____
Last Sale 60
Sep’07 ____
D o p r e f_________
76
77
78
77
77
184 South Side E levated .
*27
28
200 Streets W Stable C L
*2712 28
Last Sale 97
94
July’07 ____
D o p r e f _________
____
Last Sale 33
July’07 ____ W est Chicago S treetM iscellaneous
710 A m erican Can35s
3^
3°8
___
3%
3?s
4134
44
720
44I4 *4 312 ____
D o p r e f___ __ _____
Last Sale 14018 Sep'07 ____ A m erican R a d ia to r139
Last Sale 123
125
Gct’07 ____
Do p ref _________
____
56
56
239 A m e r S h ip b u ild in g ..
55
55
15
*98
9914 ____ _
D o p ref- _ ________
38
A pr’07
Last Sale 35
35
Sep’07
B ooth (A ) & C o _____
Last Sale 104l2 Sep’07 ____
104
D o p re f _______
____ *44
160 Cal & Chic Canal & D .
50
45
45
165 Mch’07
16
Mch’06
__ Chic B rew ’g & M a lt’ g.
Last Sale 1
July’07
11*
6
Last Sale 51$
A ug’07 ____
D o p r e f.
________
____ Chicago E d is on .
145
Last Sale 13712 0 cf0 7
___
34
34
*34
371"
183 Chic P n cu m a tlc T o o l.
37
104I4 *100 104i2 103
103
36 Chlcago T ele p h o n e ___
211 Chic T it le & T ru s t.
104
104
105U 105 105
122
12012 12112 11912 12012
495 D iam ond M a t c h .. . .
39
455 Illin ois B rick ____ __
39
39 3834
80

66I2 67*?
66;i4
108
10S 108
*
69 *
*U 7
118 *115

Sal/es
o1 the
Week
Shares

1 Jan 9
5 A u g 22
129 Mch21
34 O ct 18
103 O ct 18
IO2I4 Mch 16
119U Jan 24
39 A u g 17

1 Jan 9
612 J ’ne 5
149 A p r 3
51 F e b 8
1341" A p r 4
1121" M a vl3
12912 M a yl5
57 M a y 2

ATq
21"
25
65 O ct
IO6I2 Oct
70 A p r
107 A p r

27
17
86 Jan 14
17 117«4 Jan 7
18
84i4 Jan 11
9 120 Jan 17

21
62 M ay
11312 Jail
78 Jan
112 Dec

23 Mch
79i2 D ec
119 O ct
95 Mch
122H Mch

34?x A u g 28
57 Jan 10
85 O ct 18
95 Jan 26
100 O ct It) 1131" Jan 16
132 Sep 25 173i2 M a y 3
9312 O ct 16 102*4 Jan 1G
214 A p r 8
1 Jan 2
6 Jan 2
1234 A p r S
22 O ct 15
30 F eb 14

50 A u g
921.1 N o v
lO lU Jan
115 M a y
99U Dec
3.1 Dec
5U Dec
28 Dec

63if> Deo
99 Sep
11912 Sep
1521? Jan
10634 F eb
234 Jan
1714 Jan
42 Mch

321" Jan 24

321" Jan 24
14*4 Mch
141,. Mr-h
Jan 22
312 J ’ly

20

4*8Oct

Chicago Banks and Trust Comnanies
B'ds
Sold

Range
for year
1907

N AM E.

Outstand­
ing
Stock
t

Surplus
and
P ro tits
t

Dividend Record
In
1905

In
1906

Per­
iod.

Last Paid
%

Bankers N a tio n a l _______ §2,000,000 $1,263,311
8
8
Q-J O ct ’07, 2
High C alu m et N a t i o n a l _______
An. Dec ’OC, 6
100,000
32,865
5
5
122.454
J-J J u ly ’07. 5
Chicago C it y _____________
500.000
10
10
100 Mch’07
Q-J O ct ’07, 3
100 100
12
12
___
t>3,000,000
C om m
ercial
N a t i o n 4,233,317
al
C on tin en tal N a t i o n a l ___ 4,000,000 3,065,021
8
8. Q-J O ct ’07, 2
J - J t ----- 101i2 100 Sep’07
100 102
C ook Co S tate S a v in g s. _
50,000
9,777
6
Q-J O ct ’07, H2
6
J - D ____
100 May’07
Corn E xch an ge N a tio n a l 3,000.000 4,764.477
12
12
Q-J O ct ’07. 3
100 100
_
J - J
103 A pr’04
Q-J O ct ’07. 112
200,000
37,451
6
D re x el S ta te ____________
6
J - D
"55
356,072
Q-J Oct ’07. 2
55 Aug’07
55
*61 ’ Drover.> D ep N a tio n a l___
600,000
8
8
Q-J O ct '07, n 2
200,000
33,011 ____
3
E n glew o od S ta te ________
J - J 100 Sale
100
100
1 100 100
500,000
F ed era l N a tio n a l________
84,215 Began busine ss
Oct 16 1905
8,000.000 7,459,763
A - O t....
98
12
12
98i4 98
1
98 101
Q-J O ct ’07! 3
First N a t i o n a l_________
F - A t — . 100
963; Jan’06
First N a t E n g lew o o d ____
150,000
10
10 + 10 Q-J Oct ’07. 2I2
155,396
A - O j ....
98
631.541
Prlv ate Ba nk
Forem a n Bros B ’ k ’ g C o .
500,000
Q-J O ct '07. 2
A - O
87" F e t 06
386.439
6
F o rt D earborn N a tio n a l. 1,000,000
6
J - J
J-J July ’07, 212
500,000
H a m tlton N a t i o n a l - ___
181,898 _
H ibern ia n B ’ k ’ g A ssn ___ 1,500,000 1,123,683
8
Q-J O ct '07, 2
8
J - J $75
200,000
111,893 ____
. . ...
19
75i2 7Si2 76%
.. .
7512 8158 K a sp a r S ta te B a n k ______
____ M onroe N a tio n a l________
M - N . . . . ____
79 Nov'04 ____
300,000
53,623 ____
3
Q-F Aug '07, 1
M - S
80 A p r’04
250,000
81,392
M u tu al B a n k . . ________
. . - Jan. Jan ’ 07. 412
N a t Bank o f R e p u b lic ___ 2,000.000 1,227.139
6
6
Q-J O ct ’07. 2
M - s t — . 9SI4 9S12 0 c t’07
1,500,000
384.302 Began busine ss
99 10234 N a tio n a l C it y ____________
Feb 5 1907
J - I)
90 Dec'06
N a tio n a l L iv e S to c k ____
1,000,000 1.388,398 12 + 3 12+3 Q-J O ct '07, 3
961g 96's Sep’07
M - N
200,000
56,367 Began busine ss
Dec 8 1906
*95* *9*94 N o rth A ven u e S ta te ____
A - O t—
93
96
95 June’07
50,000
6,011
6
Q-J O ct '07, l i 2
95
N o rth Side S ta te Savings
6
35,250
Q-J Oct '07, I I 2
100,000
6
O akland N a tio n a l_______
6
90
J - J t.~ .
90
90
1
933S Pra irie N a tio n a l
250,000
69,148
88
____
Feb
16 M ay’05
Q-J Oct '07, 2c
(500,000
56,071 ’ *8*
(738
P ra irie S ta te _____________
250,000
15.019 Began busine ss
July 3 1906
R a ilw a y E x c h a n g e ______
tS45g
87
F - A
Q-J O ct '07, II 2
85
8514
200,000
75,523
4
5
3
84l2 907s South Chicago S a v in g s ..
81
J - J tso
SO 0 e t’07
85
80
300,000
100,375 Orga nized Oct 12 1906
S e c u r i t y ____ ___________
____ S ta te Bank o f C h ica go ___ 1,000,000 1.123.423
90
J - J t~ ~
90 Dec’06
8
Q-J O ct ’07. 2
8
____ ____
J - J
152.340 None ____
J-J J ’ly ’07, 3
250,000
S tock Y a rd s S a v in g s ____
____
____ M-N May ’07, 3
79 A uV66
A - O
200,000
42,316 ____
U nion B ank o f C h ic a g o ..
59,488 None
M - N ____
75 F eb '07
200,000
6
Q-J O ct ’07, II2
*75* *7*5*' U nion S tock Y a rd s S tate
8
A m erica n T ru st & S avgs. 3,000,000 2,569,558
8
Q-J O ct '07, 2
89
8934 47
92
M - S
Q-J O ct '07, 134
990,953
7
89
C entral Tru st Co o f 111___ 2,000,000
612
89i2 Sale'
___ ___________
M - N t.„.
95
7(96,536 . . 90
»500,000
9lh 90 A u g’07
Chicago S av B k & T r ____
J - D
1001"Mch’00
6
Q-J Oct ’07, U 2
6
Chicago T it le & T r u s t___ 5.000,000 x l ,220,313
M - S t94~ ____
94 Sep’07
*94* *9*7* Citizens Tru st & Savings
6,981
50,000
____
M - N *96
98 July’07
98
10
600.000
Q-J O ct '07, 212
98
543,505 5 + 5
Colonial T ru st & Savings
4.80s Series F ___________ M - N *98
98 Sep ’071____
Q-J O ct ’07, U2
200,000
89,643
6
6
D rovers T ru st & Savings
Pen Gas L & C 1st 6 s ..1943 A - O
115i2J'ne’07l____
1,500,000
Orga nized Apri 1 3 1907
41,071
11512 11512 F a r we 11 T ru st C o ________
R efu n d in g g 5s____ 1947 M - S t97* 98
____ ____ ___________
98 0 c t’07
98 102l2 First T ru st & S avin g s___ 2,000,000 1,214,643 ____
Chic Gas L & C 1st 5s 1937 J - J t io o
101
IOOI4 100i4 ' 1 6
347,256 Began busine ss
Feb 4 1907
9912 10134 H arris Trust & S a v in g s .. 1,250,000
Consum G a s 'ls t 5s_1936 J - I> t — . 100
101 Apr’ 07
101 102
Illin o is Trust & S avin gs. 5,000,000 7,982,228 12+4 12 + 4
<l O ct '07, 4
M u t’ l Fuel Gas lst5: l 947 M - N
Q-J O ct '07, 113
1031” Feb’06 : : : :
200,000
K en w ood T ru s t & S a v gs.
36,288 ____
South Side E le v 4HS-1924 J - J 1971*2 Sale
_
____ Q-J Oct '07. 1
30.492
8 ’ 97* 1001's L a k e V iew Tru st & Savgs
200,000
97
971*
S w ift & Co 1st g 5 s ..-1914 J - J t : „ .
12
Q-J O ct ’07. 3
991"
12
991* Oct’()7
9978 10218 M erchants’ Loan & T r Co 3,000,000 4,490.283
U nion E l (L o o p ) 5s. ..1 9 4 5 A - O t — .
6
Q-J O ct ’07, l l j
9S
6
9812 Oct’Or
750,000
355,601
95 100
M etropolitan T ru st & Sav
U n io n P a cific co n v 4 s .1911 M - N ____ _
8
Q-J O ct ’07. 2
8
114 N o v ’04
N o rth ern T ru st C o _______ 1,500.000 1.912,892
_
U n ited B o x Board 6s_____
i—
71 *
71I4 Sep’07
'65* 75
N o rth w est Tru st & Savgs
200.000
40.937 Orga nized July 28 1906
W e s t Chic St 1st 5s___ 1928 M - N t . —
80
63,090 ____
J J J ’ly '07, 3
90
200,000
90 May’07
85
Peo p les Trust & S av in g s.
Tu n nel 1st 5s........... 1909 F - A
8
68i» Sep’05
1S5.701
"s *
Q-J O ct ’07. 2
P u llm an Tru st & Savings £700,000
D ebentu re 6 s ..
1914 J - I) ____
6
566.508
8
Q-F Aug '07, 2
73 June 07
500.000
*73* *73 ’ R o y a l T ru st C o _________
Consol g 5 s ..............lo a f, M - N ____
4.244 Incorporate d M arch 1905
70
78
200,000
73 June'07
Stockm en ’ s Tru st & S a v .
____
____
W es D lv C lty R y 4 J4sl932 .1 - J
87 Dec’06
Union Tru st C o __________ 1,000,000 1.031,808 ____
W estern Stone Co 5s. .1909 A - O ----- ----23,127 Forme rly Jen tilng s R E L & T r
9612 Jan’06
----- ----- U n ited vStates____________
200,000
315,084
6
W estern Tru st & Savings 1,000,000
6 + 1 Q-J Oct 07. Ha
N o te .— A ccrued Interest must be added to all Chicago bon d prices
34,462 Began busine ss
Sept 5 1905
200 000
W est Side T r & Sav Bank
26,150 ----200,000
6_ Q-J O ct ’07. llj
W oo d la w n T r & Sav B k . .
*
Bid and asked prices; no sales w ere m ade on this d a y. q D ivid en d s are paid Q -J. w ith e x tra paym en ts Q -F .
(i Includes special d ivid en d o f 30 %
paid D ec. 18 1906. t N o price F rid a y ; latent price this w eek,
a Due D ec. 31.
b Due June,
c C apital Increased .Tan. 1 1907 from $250,000, a cash
d ivid en d o f 3 0 % being declared and to be taken as pa rt pa ym en t fo r new stock,
b Due J u ly,
k C apital Increased from $300,000, a stock divid end
of 33 1-3 % being declared In p a rt pa ym en t therefor, n C apital and surplus to be increased.
o Capital increased from $2,000,000 and $2,000,000 added
to surplus. T A u g. 22 for n ational banks and A u g . 20 1907 for S tate Institutions, x A s o f J u ly 1 1907.
A m erica n Biscuit 6 s ..1910
A m e r S tra w b ’d 1st 6s.l911
Cass A v e & F G (St L ) —
5s____________________ 1912
Chic Board o f T rad e 4sl927
Chic Consol B r& M lt 6s____
Chic Consol T r a c 4 *^ s.l939
Chic E dison —
D ebenture 6s_______ 1913
1st gold 5s________ ftl926
Chic A u d itoriu m 1st 5sl929
Chic D ock Co 1st 4s__1929
Ohic N o Shore E lcc 6s. 1912
Chic & M il E iec R y 5s. 1919
Chic Pneum T o o l—
1st 5s..................... 01921
Chic R I & P R R 4 s . . 2002
Co 11at Trust g 5s___1913
C om m on w ealth E le c t—
5s............................. 61 943
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 Ice 1st 5 s .1928
La k e S treet E l—
1st 5s_______________1928
In com e 5 s ..
_
1925
M etr W Side E l—
1st 4 s ...................... 1938
Extension g 4s.
1938
N o rth Chic St 1st 5 s .. 1909
1st 5s......................1916
R efu n d in g g 4 ^ s ..1931
N o Chic C lt y R y 4 ^ s l9 2 7
N o rth W estern E l—
1st 4 s . . . ................. 1911
Ogden Gas 5s_________ 1945
Pea rson s-T a ft 5s------- 1916
4.40s ............. ..................




Bid

F - A
J - J

Ask Low

High No. Low

BOSTON STOCK EX 0 H 4 NOT—Stock Record. Daily, Weekly and Y early
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
Saiur day
Octobc r 12

Monday
October 14

Tuesday
October 15

Wednesday
Octobcr 16

Thvrsdati
October 17

F r i ay
Octobcr 18

Week
Shares

R ailroads
80
1,025 A tc h T o p & Sant? F e.100
80
80
80
SOU 80'4
80
80
8214 SOig 81lg
81
____
____
25
*85'.i
86'-i
8719
8614
85I4
851.1
*.8514
*871.1 88I4 *S6l2
249 B oston & A lb a n y ------100
199%
199
199 199% 199'g 200
199 199
198 199
199 199
437 Boston E le v a te d ------- 100
124
125
12434 125
124 125
126 127
125 125
129 129
____
100
31 Boston & L o w e ll205
*
____
205
*
____
210
210
*200 210
*200
310 Boston & M aine - --100
140
140
140 140
140 140
141 141% 141 14134 140 141
D o p r e f____________ 100
Last Sale 155
0 ct’07 ____
Last Sale 297% Sep’07 ____ Boston & P r o v id e n c e -100
* ____ 297 * ____ 297 * ____ 297 ** _ 297" ’
Last Sale 133t Sep’07 ____ Boston Suburban E l Cos.
10
10
*8
12
12
*8
*8
” *8
A uk ’07 ____
Last Sale 50
52
* ____
52 * ____
52 * - ___
52 * ____
200 Boston & W o r E lec Cos-*
____
1734
18
*
____
*
____
18
17
* ____
183g
18
183g * ____
D o p r e f_______ _______
10
60
597g 59'g
60
* ____
60
——— 60 * ____ 60
60 * ____
130
58 Chic June R y & U S Y -1 0 0
130
130
131
135
*133
*133 135
D o p r e f ___________ 100
____
11
104* 104 " ____ ____ ____
104 104
Oct’07 ____ Con & M ont Class 4 ..1 0 0
Last Sale 170
____ Conn & Pass R i v p r e f- 100
Last Sale 152 Juiy’07
Connecticut R iv e r ___ 100
8ep 07
Last Sale 245
143 F itch b u rg p re f _______ 100
121
121
120 120
120 120
121 121
120 122 *120 122
10
Ga R y & E le c tric ____ 100
____
*
*
____
80
78
78
*
____
SO
* ____
SO
80
*75
80
D o p r e f_______
__100
*
Sep’07
Last Sale 80
80
SO
*
Sep’07 ___ M aine C entral_______ 100
I.ast Sale 190
480 Mass E lectric Cos____ 100
10
10
10
1012 10
10
11
11111
11 * ____
11
D o p ref
________ 100
408
39
39
39
391»
41
*40
4112 39
41
42
43
41
Last Sale 1934 Mch’07 ____ M exican C entral_____ 100
*151g 161g *151i 161j *1512 16U
13934 13934 1.335 N Y N H & H a rtfo rd -1 0 0
13934 140
1393.1 140
1397s 140
140 140
140 141
100
Last Sale 152 May 07 ____ N orth ern N H ___ __
A pr’07 ____ N o rw ich & W o r pref-100
Last Sale 222
_
____
21 O ld C o lo n y ___________ 100
176 176
176 176
176 176 *176
175 175
Last Sale 10% 0 c t’07 ____ Pere M a r q u e t t e . ____ 100
*12
*12
100
D o p r e f____________ 100
30
*29
30
*29 30 ’ " *29
3 0 ‘ *29
" 29" 29"
Sep’07 ____ R u tla n d p r e f_______ ,100
Last Sale 35
Aug’07 ____ S eattle E le c tric _______ 100
Last Sale 82
82
* i ___
82 * ____
82 * ____
D o p r e f___________ 100
____
____
3
92
92
93
93 *
*
93 *
119 1217s H 9I2 12034 116% 119% 116,4 1211s 117 1173g 114% 117% 2,398 U nion P a c i fi c ________ 100
D o p r e f . . _______ 100
0 et’07 ----Last Sale 81
*811.1 8214 *8012 81% * 791, SOI; *S0ig Sllg
Sep’07 ____ V erm o n t & M a s s .. -.1 0 0
Last Sale 157
66 W e s t End S t_________ 50
83
83
83 " *83* 8 3" * ____ 83
*83’
*83* 83
*111- *83*
121
D o p r e f____________ 50
99
99
99
99
99
99
99
*98
98
99
98
99
Sep’07 ____ W ore Nash & Roch__100
Last Sale 140
Miscellaneous
550 A m er A g rlcu l C h em -.100
12
1419 1419
11
16
*14
D o p r e f - ___ - -.1 0 0
275
74
78
*78~ *78*
7S
771 !
78
77% 78
77
41,
4
434
4%
4% 2,228 A m er Pneu S e rv ic e -. 50
5
511
5
5I4
5
514
5
D o p ref
______50
455
11
11%
1112 12
H I , 12
12
1119 12
12
12
1214
10434 4,194 A m e r Sugar R e fin ____ 100
105 10512 10419 IO6I4 104% 105'g 102
103 1041,; 105 105
D o p r e f____________ 100
289
116
115
116 116% 116% 1161, *11634 118
116 116
116 117
2.868 A m er Telep & T e le g --1 0 (
101
102
101 10234 IOU2 102
101 102
ICOI2 10219 101 102
200 Am erican W o o le n ____ 10C
16'4
*151» I 6I9 16
16
1512 I 0I9 16'4
1611 16'j
1512 16
801
79%
D o p ref ___________IOC
80
80
80
80
81
82
8212 8012 8219
82U 83
____
Boston L a n d _________ 10
Last
Sale
Scp’07
3%
4
* ____
4U
4
*3
4
*3
*3
88 Cum berl T elep & T e l - 100
99
99
*98% 100
*99 100 * *99 IOOI2 9819 9812 *9812 100
250 D om in ion Iron & S t _____
____
14U 14U
173g 173g ____
16% 17
300 East Boston L a n d _______
* 4% ____
43i
434 *412
5
4~g
5
5
*319
5
5
129 Edison E lec Iliu m ____ 10<
200
200
19812 201
201 201
20019 20012 ZIPS 198
201 201
924 General E lec tric _____ 101
110
111
110
112
112%
112
11419
112
113
112
114
114
4619 3,096 Massachusetts Gas CoslOti
46 >4 46%
45U
4619 47
4612 47
47
48
47U 48%
429
D o p r e f _______ - 100
78%
79
79
79
80
SO
80
80
8019 8OI9 80
*79
139 M ergenthaler L in o ___ 100
205
204 20412 204 204'2 205
205 205
*206 " 208
208 208
*119
23g
10 M exican Telephon e _ . 10
l s4
2% * ____
134
* ____
23g * ____
23g
134 * ____
Last Sale 67
Sep’07 ____ N K C otton Y a r n ____ 100
* ____
60
* ____
60 * ____
60
D o p r e f____________ 100
* ____
Oct’07 ____
Last Sale 81
* ____
80 *1111 80
80
10 N E T ele p h o n e___ ..1 0 0
106
106 106 *
107
* ____ 107% * ____ 10*7* *
107 *
528 Pullm an C o___________100
150
151
151 154I4 150 152
151 153
154 155
153 155
*919
934
20 R eece B u tto n - H o le .. 10
*93,
*912 93;
91,
97g
934 *919 10
*934 97g
100 10012 100 1001-> 100% 100% 1,652 S w ift & C o ____________ 100
10012 101
*101 IOII4 IOOI2 101
10 T o rrin g to n Class A"___ 25
*2119
* 2119
21% 2U 2 *2 U 2 ____ *21% ____
*2119
30
D o p r e f____________ 25
*2 619 ____
*2619
26'4 26%
2619 *2619 *2619
*26!2
100 U nion Cop L ’d & M ’g . 25
2
2
*1%
I I 9 *138 " 2"
*
II9
*2*"
*U4 ~~2~ * ____
1,734 U nited F r u it_________ 100
109 110
109% 110
109 11019 10s 111
110 111
110 113
2,794 Un Shoe Mach C o r p .. 25
38
37% 38
36
3712 37
3719 3719 3612 373g
3612 37
____
475
D o p r e f ___________25
*25
2514 2519 25I4 2519 ____
24% 25
25
25
26,044
23
22'g
U S Steel C orp_______ 100
22%
2
3
1
->
22lg
23
"2319
23
23%
23
23% 241g
D o p r e f____________ 100
82
S23.i 81%
83% 4,516
8112 83%
8312 843g 82% S319 8212 83ig
____
100 W est T ele p & T e le g -.lO O
*4
*4
5
412 412 *419
5
*419
5
5
’ *4%
60
60
5
D o p r e f________ -.1 0 0
*60
65
*60 “ 65
*60
* ____r 61
65
*60 “ 65
20 W estin g E l & M f g . . . 50
57%
57%
D o p r e f____________ 50
May’07
Last Sale 76
M in ing
240 A d ven tu re Con_______ 25
2
1
1
134 *11,
Vz
1’ 2
Us
1%
* 11.1 134 *114
545
26
21'
23
25
27
27
28
27
27
28
27
28
67,770
497g
487g
5034
45
A m a lga m ated Copper 100
54%
52l.i 53%
48?g 541g
52
52% 541.1
21% 2,165 A m Zinc L ea d & S m ._ 25
21
2214 2134
241"
23
23% 2319 23
24
24
25
218 A nacon da ___________ 25
30% 3019 ?S3g 2S12 26
28'4
29"g 29%
31
31 “
31
31
3
3
3'g
3% 1,615 A r c a d ia n _____________ 25
312 319
3
3
31.1 314
312 319
1,921 A rizo n a C o m m e rc ia l.. 25
734
RI4
8
8
8%
9
919
9
10
9
10
912
150 A r n o ld ________________ 25
.55 *.40
.65
.50 *.40
1,
% .40
.60 *.40
.40 *.40
1,
“
Last Sale
Aug’07 ____ Ash B e d ------------------- 25
- j2,677 A t la n t ic _______ _______ 25
7
6%
712
7i2
6%
” 7" *7% ■'61% "*7 " ” r
7%
31] 10,176 Balaklala tem p c e r tfs ____
3%
4
41g
4
3%
3M
4lg
4%
3%
414
3”s
434
5.330 Bingham Con M in & S 50
434
5
4-% 5
519
5
5I4
51"
5
, 5I4
____ Bonanza (D e v C o ) ___ 10
.35
Sep’07
.40
Last
Sale
.40
*.35
.40
*.35
*.35
*.35 “ .40
6,930 B ostonC onC& G (rets) £1
11
1133 12
11
11
117S 10
1212
1214
10
1112 12
10
1012
11 17,585 B u tte C o a lition _______ 15
10
10ig 10%
12
10
11%
11
11'1 11%
2,680 Calum et & A r iz o n a .- 10
94
91
92
93
9419 90
95
92
90
92
93
92
600
605
198| Calumet & H e c la ------25
600 602
600 603
602 605
602 610
600 605
16
17
406; C enten nial____________ 25
18
*17
18
18
191"
1S12 18
19
19
19
.32
.32
5501 Cons M ercur G o ld -----1
.36
.33
.33
.35
.35 *.33
,3S *.35
.39
*.35
441.1
47 30,0521Copper R a n ge Con Co-100
493.1 4514 467s
5014 46
50
5II4 48
521»
51
910
10
3,255 D a ly -W e s t____________ 20
97g 10
9%
934
93.1 10
10% 10%
10% 11
____
50 D om inion C o a l _______ 100
41% 41%
Aug’07 ____
D o p r e f____________ 100
Last Sale 98
____
0
c
f0
7
Last
Sale
E lm R iv e r ____________ 12
*1
*1
1%
llg
*1
*1
1>8
I'g
1>4
6 '2 634
7
7
2,475 F r a n k lin ...................... 25
6I9 7
634 63.,
tt
619 7
7
501 G ranby C on solid ated . 100
72
75
80
*75
80
80
80
80
SO
80
85
80
4,114 G reene-Cana tem ctfs ____
67g
67g
7
6%
7
634 7
63_i
6" 1
7
7
3
3
50 G uanajuato Consol___
5
3,348 Isle R o y a le (C o p p e r). 25
1219 131.1 13
13
13%
13%
*1312 *1*3*% 13
14
13
1312
91, 2,314 L a Salle C opper_______ 25
9
9'9
9
9
912
9lg
9
9%
9*4
9%
9>4
3
1,120 Mass Consol_________
3
25
3
3'4
3%
3
3
3
31.1 319
312 319
____ M a y flo w e r ........... ........25
0ct'07
I.ast Sal' I9
.60
.60 *.40
.60 *.40
*.40
.60 *.40
73.,
816 M exico Cons M & S ___ 10
734
8U
8
834
712 S
734 734 *7 l2 784
8
7
1,013 M ic h ig a n _____________ 25
7
734
7
7
7'g
7
7
7
7
7%
7
40
37
1.637 M oh a w k_______________ 2i>
40
42
41
41
42
42
40i4 42
43%
43
1%
2
840 Montana Consol C & C 10
II9
1%
* ll2
*134
2
1>2
1%
13.)
1%
7
1,925 N e v a d a C onsolidated6%
5
8
77g
8
8
7%
7's
714
’ s”
8
8
36
20.591
33
N o rth B u tte __________15
3534
40
35
36%
39%
39%
38
39% 40
3812
3i
*1,
I9
500
I9
I9
*12
%
*U
.60
1 *.40
*2
19% 3,375 Old D o m in io n ________ 25
18%
1934 2014
19
19%
19 * 1919
1934 20I4 1912 20
82
80
996 O sceola________________ 25
80% 82
8219 85
84
83
83
83
82
85
9
9
9%
9'4 2,341 P a rro t (S liver & Copp) 10
10
10
10
9>g
10
9
10
934
____ Ph oen ix Consolidated 25
0 c t’07
Last Salt 1
1
1 *.30
1 * ____
1 *.30
*- -74
1.296
73
73
72
7219 7219 7212 73
72
74
7312 72
2%
2% 1.020 R h od e Is la n d ------------ 25
219 219
3
*212 23.; *219
234 *2%
212 2%
2
3,520 Santa Fe (G old & Cop) 10
2
2
2“
1%
2
214
2lJ
2
214
214
*2'g
7% 7,900
7%
7%
714
8
7I4
712 7%
7%
77g
712 Slg
542 T a m a r a c k ----------------25
57
55
55
58
60
60
6OI4 61
62
62
60'.! *55
12
4,422 T r in it y ............. ..........25
11% 113,
1112
11
12
1134
11% 1U2 11
11
11
14
14
12
15
215 U n ited C opper---------- 100
50
15
15
40
36
5014 50
*37
2Slg
28%
800
253g 28
D o p r e f_____ j _____100
*70
78
8'» 1.695: U nlted StatesC oal& O il 25
8%
S34
8%
812 834 ‘ *8% *.8%
8<S " 9”
’ *8*4 *834
3434 4,419 U S S m elt R e f & M in . 50
343, 35i2 35
34% 3434 33'2
351«
35
3412 35
35
35% 4,261
3434 351g 3434 35
34%
D o p r e f____________ 50
35%
35
35% 3614 35% 36
283j
29 10,419 U tah C on solid ated___
SOI 9 28
25%
30%
5
30
30
29
3119 32
31
334
37.3 3 9-16 3 9-16 1,221 V ic t o r ia _______________ 25
4
4
334
334
4
334
334
37s
_ .
Last Sale 1.06'4JUly 07 ____ W as h in gto n ___________ 25
3
3
1,825 W in o n a _______________ 25
3
3
3
” 2% " 3"" "'2 %
3"
* ’ 314 ■312 ” 2%
92% 95
94
667
93
96
95
97
97
98
98
95
95
50
*.75
.90
3i
.90
*.80
.90
*.75
3
4
*.80
*.80
.95
.90
c Before pay’ t of assess’ ts called In 1907. * Bid and asked prices, d New stock, e Ass’ t paid, h Ex-rights




Range ior Previous Yeai
(1906)

Range lor Year
1907

S TO C K S
B O STO N STO CK
EXCHANGE

Highest

Lancest

Highest

86% J ’ly
O ct 15 107io Jan
x97% D ec
O ct 15 1013s Jan
D ec
239
O ct 11 240 Feb
O ct 16 152 Jan 2 147 A u g
200 J ’ ne 19 231 Jan 7 231) D ec
140 O ct 15 170 M a y 1 160 D ec
155 O ct 4 165 Jan 3 164 O ct
301 Feb 25 299'2 Dec
15 F eb 16
13 N o v
8 J ’l y 1
65 Jan 15
63 Jan
50 A uk 8
2884 Jan 2
25 Jan
17% O ct 18
72'2 Jan
80 Jan 23
5'J34 O ct 7
130 O ct 17 160 Jan 17 156 Oct
O ct 11 120 Jan 2 117'2 J ’ly
187% N o v
O ct 11 188 F eb i;
J ’ly 17 156 Mch 11 158 O ct
285 O ct
Sep 14 280 Jan t
J ’ne 15 135 Jan 9 132 O ct
95 Jan
J ’ne 1 114 Mch22
89 D ec
88 Mch 7
Sep 6
A u g 17 198 Jan 11 197 Mch
17 Jan
26l2 Ja.11 9
O ct 17
59'9 Jan
71% Jan 9
O ct 16
21% A u g
2584 Jan 2
1934 Mch 9
139 Sep 26 19OI2 Jan 2 190 J ’ly
152 M a y 23 160 Jan 8 155 Sep
222 A p r 23 226 F eb 2 228 J ’ly
175 O ct 9 20014 Jan 7 198 Dec
52 Jan 1G
53 Sep
5 J ’ly 31
50 Jan
57 Jan 18
27 Sep 13
47% N o v
45 Jan 24
26 J'n e 5
94 Jan 21
65 Jan
82 A u g 7
95 Jan
__ O ct 17 103 Jan 7
92
11419 O ct 18 18219 Jan 7 139% M ay
93 “ Jan 15
91 M ay
79% Sep 10
150% J ’ly 22 170 Jan 30 170 Sep
95 Jan 25
92 D ec
83 O ct 10
98 O ct 14 110 Mch 4 107 Sep
140 Aug28 147 Jan 15 150 F eb

11019 Sen
105% Jan
25 71.. Feb
16 ) Jan
240'9 A p r
I 8OI9 A p r
175% M ay
314% A p r
27% F e b
75 Feb
3919 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
28% Dec
207I4 Jan
163 F e b
233'9 Mch
210 Jan
53' 2 O ct
65 O ct
64 Jan
99 Oct
106 Feb
195 Sep
99% J an
178 A p r
101 Jan
116% A p r
150% F e b

21 J ’ ly
90 Dec
10% Dec
26 A u g
128 M ay
130 Dec
128 J ’ly
28 N o v
10034 D ec
33- Jan
115 J ’ly
213i N o v
5% Jan
225 Dec
157 Dec
44 M ay
84'9 Dec
190 Mch
3 Jan
27 Mch
80 Mch
126 Dec
180 Dec
9'2 Jan
10134 J ’ne
22'4 D ec
25 J ly
J ’ne
103% M ay
z60'9 Dec
28% D ec
3234 J ’ly
99 J n e
8 Nov
79 N o v
7334 O ct
75 N o v

34 Jan
102 Jan
29 Mch
46 A p r
1567s Jan
141 Jan
144% Jan
4734 Jan
110% F eb
41, J n e
11834 Mch
34 A p r
10 A u ?
250 Jan
184 O ct
6434 J ne
90 Sep
210 D ec
534 Sep
60
90% N o v
141% A p r
26819 N o v
11 Dec
120 Sep
23 F e b
27'9 N o v
5'g D ec
I I 334 M a y
867s F e b
32% J iy
50% O ct
113'g F e b
17% Jan
98% Jan
86 F e b
98 Jan

41, D ec
3119 J ’ly
9219 J ’ly
8% A u g
571, M ay
2lg J ’ly

8I9 O ct
55I4 g e e
118 F e b
d45 D ec
74 F eb
15i4 N o v

7g~J ’ne
.90 Sep
1034 M ay

2'4 D ec
134 J ’ly
2gl4 Jan

25 J ’ly
.45 M ay
20% Mch
25 J’ ly
107 J ’ly
675 M ay
i7 i2 J ’ly
.35 D ec
6634 J ’ly

497g F eb
.90 O ct
35% O ct
42 O ct
184 D ec
900 D ec
40!g D ec
.70 Jan
861. Jan

61% O ct
113 N o v
1% J ’ly
14% M ay
131 D ec

84
122
31?
26%
140

80
85%
198
124

O ct 18
u
74 O ct 18
4 Sep 11
10 Sep 16
102 O ct 18
115 O ct 18
100% O ct 14
15U O ct 14
79>4 O ct IS
3 Mch 28
98% O ct lc
14l2 O ct 15
4*4 O ct 16
198 O ct 15
110 O ct 17
45% O ct 18
78% O ct 18
199 Jan 2
1^4 Sep 9
46 J ’ne 3
SO O ct 8
106 O ct 17
150 O ct 17
x9% A p r 5
100 O ct 16
20 J ’ne 13
24% M a y 8
1 O ct 5
103?4 Mch 11
36 O ct 17
24% O ct 14
22 % O ct 16
8II4 O ct 18
41, O ct 15
60 Sep 9
5712 O ct 18
76 M a y 6

26 Jan 8
95 F eb 7
1434 Jan 8
33 Jan 8
I 37I4 F e b 11
13134 Jan 16
1341, Jan 2
36U Jan 7
1021" Jan 8
4 " Jan 15
115 Jan 10
25 F eb l!)
9I4 Jan 3
230 Jan 7
162 Jan 24
66% Jan 16
861o A p r 20
215 Mch 1
434 Jan 19
75 J ’l y 29
90 Jan 12
126 Jan 7
182 Jan 7
11 Jan 10
113 Jan 16
2219 Jan 12
2719 J ’ly 26
6'g Jan 24
117 Sep 6
69 Jan 2
29 Jan 4
503* Jan 7
10734 Jan 7
9 Jan 12
82 Jan 17
78I9 Jan is
80 F e b 28

6U F eb 20
1 O ct 18
7414 Jan 14
27 O ct 16
45 O ct 18 121 Jan £
53 Jan 22
21 O ct 17
75 F e b ic
26 O ct 18
153s Jan 16
3 O ct 12
734 O ct 17
28i2 M a y <>
2 Jan 7
.35 Sep 28
11, Jan 9
12 May29
VU 28
60
22 " A
F’ eb
6I9 O ct 14
12l9Apr 4
314 O ct 18
37 " Jan 1•
4% O ct 16
.35 Sep 13 .80 Jan
3314 Jan
10 O ct 12
10 O ct 15i 39ig Jan 7
____8
90 O ct 14 198 Feb
eoov Sep 13 1000 F eb 15
16 O ct 18! 47 F e b 18
.32 O ct IS .52 Jan 19
.uo Jan 14
44I4 O ct 18 105
912 O ct 17 i 20I9 Jan 23
41% O ct 15: 70U Mch 2
98 Aug23| 114 " J a n 12
4ig Jan 10
llg O ct 8
6 O ct 16 2914 Mch 1
72 O ct 1« 151 F e b 8
175g A p r 8
612 O ct 18
514 Jan 11
234 AuK 16
1219 O ct 16 3619 Jan 14
30 " F e b 8
9 Sep 13
914 Jan 10
3 O ct 15
134 Jan 24
.50 A p r 5
1514 Jan 24
*719 O ct 15
24i2 Jan 15
7 ‘ O ct 12
9GU Jan 14
37 O ct 18
31J M ay 7
I 7-16 Sep 12 i
6% O ct is! 20U Jan 16
33 O ct 18 120 “ Jan 5
219 Jan 4
% Sep 2o|
18i2 O ct 18 63 " Feb 14
80 O ct 181 181 f e b 21
9 O ct 14) 35 Jan 14
e3 Jan 26
1 Jan 5
F eb 6
72 O ct 15
ei234
Jan 15
219 O ct 10
71,...Jan- 8
134 Sep 28;
.
>
*
»*
*
Tan 17
24% Jan
7's O ct 17
55 O ct 17 170 Jan 14,
11 Sep 10j 4214 Jan 24
7714 Mch 71
12 O ct 17
91 M a y 1
25% O ct 17
13i4 Jan 22
8I9 O ct 12
70 -Ta" ° '
3319 O ct IS
4 9 -----,
3419 O ct 18
79 Jan 14
25% O ct is
3 9-16O ct 18, 11% F eb 27
319 Mch 6
1 M ay 11
14 Jan 23
2% O ct 15
93 O ct 18 198 F eb 11
3j Sep 161
a Ex-div. and rights.

Feb
Mch
D ec
Sep
D ec

4% Jau
15% J ’ly

7% Jan
293g Jan

6% J ’ly
.40 J ’ne
13 N o v
10% J ’ne
54% Mch
1% Dec
11 Jan
743, Meh
70 J ’ly
33 J ’ly
93 Mch
2234 J ’ly
60 M ay
80 J ly
314 J iy
1% J 'ly
534 Jan
to J ’ne
734 J ’ne
57% May88 Jan
9% Sep
51 Mch
43 Mch
52'. J ’ne
57g N o v
60 Jan
4 J ’ly
131 Jan
.70 J ’ ly

12% Jan
11, Jan
143, D ec
22% Dec
85 D ec
719 F eb
233g O ct
117% O ct
2'g D ec
663, O ct
151 D ec
48 Jan
25* D ec
114 Jan
9i8 D ec
53g N o v
1S7« N o v
122 Jan
2019 D ec
78 * F eb
111 F eb
I 4S0 M cb
66 Jan
47% Sep
693, Jan
9% Meft
2*- D ec
i;>% O ct
190 D ec
2*4 D ec

6 E x -s t o c k

dividend ,

Boston Bond "Record.

O c t . 1 9 1 9 0 7 .]
suM<e>

P rice
F rid a y
Oct 18

BO STO N STO CK E X C H ’G h
W kk k KNI)IN<i OCT 18
A m B e ll T ele p h o n e 4 » ___ 1908 J -J
A m T e le p & T e l coll tr -Is. 1929 J -J
A m W rit P a p er 1st s 15s u 1919 J -J
A tc li cis N eb ra sk a 1st 7 s .. 1908 M-S
A tcn T op & S Ke sen g 4 s .. 1995 A -O
A d ju stm en t g 4s___ J ’ ly 11)95 S ot
stam ped
..........J ’ly 1995 M-N
Boston Hiiect L ig h t 1st 6s. li>08 M S
Consoi 6s........................13+24 M-S
Boston & L o w e ll 4S..........It) 1C J -J
Boston cfc M ain e 4 %s........ 1944 J-J
Boston Term in a l 1st 3*28.1947 F-A
Bur dc M o R iv ex ‘i s ..........1918 J -J
N on -exem pt 6s........... ..1918 J -J
S in k in g fund 48............. 1910 J-J
B u t t e * Boston 1st 6s___ 1917 A -0
Cellar Hap tfc M o K 1st 78.11*10 M-N
ad 7 s ................................1909 j-r i
Cent V erm t 1st g 4 s ..M a y l9 ‘i O q - f
C B & Q Io w a D iv 1st 5 s .1919 A-O
Io w a D iv 1st 4 s .............1919 A-O
D ebentu re 5s.................1913 M-N
D en ver lis t e n 4s........... 1922 F-A
N ebraska E x ten 4 s .......1927 M-N
B & 8 W s t 4s................1921 M-S
Illin o is D iv 3% s............. 1948 J -J
Join t bonus Sec U t N o rth ern
Olno j c Hy ite Stic Yds 6« .1916 J-J
Coll tru st refu n din g * 4sl940 A-O
Ch M il & S t P Dub D 6 s ..1920 J -J
Ch M & S t P W ls V d iv 6slt>20 J -J
Chic at N o M icn 1st gu S i . 193 l M-N
Chic & \V M ich gen 5 s .... 1921 J-D
Concoru <fc M ont cons 4 s .. 19vu J -I)
Conn & Pass K 1st g 4 s... 1943 A-O
C u rren t R iv e r 1st 5a........ 1927 A-O
D et G r Rap <fc W 1st 4 » ... 1046 A-O
Dom inion Coal 1st s f 5 s ..1940 M-N
F itch bu rg 6 s ..................... 190s M-N
4 s ................................... 1915 M-S
4 s ................... ................1927 M-3
F rem t Ellc<te M o V 1st 6 s..1933 A -O
U nstam ped 1st 6s..........1933 A-O
G t N or C B * y coll tr 4s 11)21 J-J
R eg istere d 4s___ ^.......... 1921 <4-J

Uui
A M Low
98 Sale
98
8o** Sale
80
W t
104
94%
85
88
82
85%

84% .

88

Range
Since
Ja n u a ry 1

Week’s
Range or
Last Sale
H ig h
98%
80 V
Sep ’ 07
M a r'06
93
Oct ’ 0
J ’n e’07

110 Keu ’ l 14
101 S e p ’ 06
114 M a r’06
112 *2 Jan *03
104
104
102 Sep '05
99% Oct ’06
100 J ’ ne’ Ol
123 *4 N o v ’ o 6
111 % J ’ly ’05
85
85
1J103 O ct ’07
98 O ct ’ 07
1100% M ay’ 07
97 7g J’ ne’ o7
102% J’ ne’ OS
97% M ay’uT
US8 o c t ’ 07

10034 Sale 100
100*4
90 ...... . 90 Sep ’ 07
122 A p r ’ l>6
126 F eo'0 5
........ 98*2 97 *2 J ’l y ’ 07
99 *2........ 99 O ei ’07
99 M a r’07
112*4 .Ja n ’ 03
104 N o v ’ 06
89 M a r’07
93 A u g’ 07
98 A p r ’O/
103 *g A p t ’ 05
100 M ay’ 07
128 S e p ’ 07
140 A t »r ’ 05
90
93
90% Sate
91*4 Sep ’ 07

995

ISON Oft
B O S T O N S T O C K E X C H ’G E
W k k k E n d in g O c t 18

Low H ig h
96*4 98%
79
90*4
H81 1J83

P ric e
F r id a y
Oct 18

Illin o is S teel deben 5s___ 1910 J-J
N o n -con vertd eb en 6 s ...1913 A-O
l a FaliStfeSioux C is t 7s.. 1917 A-O
Kan C C lin & Spr 1st 5 s ... 1925 A-O
94;<k 1101% K an C F t S & G u ll 1st 7 s.. 1908 J-D
li a s C F t S cott & M 6 s___ 1928 M-N
H87% 92
85% 9134 K an C M & B gen 4s..........1934 M-S
A ssen ted incom e 5s.......1934 M-S
Kan C & M H y & B r 1st 5sl929 A-O
M ain e Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s .....................1912 A-O
Maro Hough & Ont 1st 6s. 1925 A-O
104 107% M exican Central cons 4 s ..1911 J -J
1stcons m e 3s..........Jan 1939 J ’ly
I'd cons m e 3s..........Jan 1939 J’ ly
M ich T e le p ls t 5 s .............. 1917 j - J
M in ne Gen E le c con g 5s 1929 J-J
N e w E n g Cot Yarn 5s___ 1929 F-A
N e w E n g T ele p h 6s..........1908 A-O
82% 90
5s
................ ..........1915 A-O
HI 03 11103
5 s......................................1916 A-O
98 100 Hi
"E10011100% N e w E n gla n d cons g 5s... 1945 J-J
Boston T e rm 1st 4s.......1939 A-O
97% 99a,
N I j J H & I I con deb 3 *281956 J-J
f *2 97% Old Colony sold 4 s _______ 1924 F-A
U88
91*2 O reg H y <fc N a v con g 4 s..1946 J-D
O reg Sh Dine 1st g 6s.......1922 F-A
100 102*9 Ropub V a lle y 1st s f 6 s ... 1919 J -J
Rutland 1st con gen 4% s.l941 J-J
90
95
Hutland-Canadian 1st 4sl94 9 J-J
Savannah Klee 1st cons 5s. 1952 J-J
S eattle E lec 1st g 5s........ 1930 F-A
97 % 100
T e r r e H a u te E l e c g 5s___ 1929 J-J
99 102
T o rrin g ta n 1st g 5s..........1918 M-S
99
99
U nion P a c H R & 1 g r g 4 s.1947 J-J
•^0-year coh v 4s.............. 1927 J-J
UimtMi F ru it con v gen 5s. 1911 M-S
89
90
U S Steel Corp 10-60 y r 5s. 1963 M-N
93 100
W est En d S treet R y 4s___ 1915 F -A
98
98
Gold 4*28......................... 19U M-S
G old deDenture 4s..........1916 M-N
100 100
G old 48............................ 1917 F-A
128 128
W estern T ele p h & T e l 5s. 1932 J-J
«8*4 97*4 W isconsin C ent l e t gen 4sl949 J -J
W isconsin. V a lle y lsu 7 s..1909 J-J
90% 96

N o t e — B uyer pays accrued in terest in a ddition to the purchase price tor a ll Boston Bonds.

Range
Since
J a n u a ry 1

Week’s
Range or
Last Sale

Low High.
98 *2 »8 %
96 *2 100%

R id

A sk Low
H igh
98*2 J ’l y ’ 07
96 *2
96%
122 *4 N o v ’ O-i
95 Oct ’ 07
100 *2 A u g’ 07
113*2314 113*4 113 >4
94 *2 D e c ’ 06
89 sep ’ 07
99 M ay’ 07
113% N o v ’ 06
101*4 Sep ’ 00
118 Maj ’ 04
76% Sex> ’ 07
26 *2 Oct ’ 06
17% A u g ’ 05
'9 6 Ha " 97

92

101

1176% 85%

102 *2 A u g ’ 04
95*4 O ct ’ 0 7
99 O ct ’07
100% J a n ’ 07

94*4

1U9

" 9 5 ” 9*8%
100 *« 100%
113*4 120

94% 100%
99 100
100% 100%

U90
1J90
101% Sep ’ 06
1102% Jan ’ 05
11121% M a r’ 06
102 A u g ’ o7
107% N o v ’05
102 M a i’ 02
98% M ay’ 06
98%
98**
97 A p r ’ 07
99% N o v ’ 06
99% J ’l y ’ 07
H87% Sop ’ 07
I 15 Sep ’ 07
1(94 *2 O ct ’ 07
100 >2J a n ’ 07
101% A p r ’ 07
102% J an '06
99 *2 M ay’ 07
87 O ct ’ 07
1194*2 Sep ’05
109% A u g ’ 05

111

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

1190

98
97

106%

105
97

10*’i% *|102

1187^1187%
107 115
1[9-%1!99%
100‘-j 100%
1 0 1% 102
99% 100%
S3
99

11 F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Eecord, Daily, Weekly, Yearly
Share Priced—No? Per Centum Prices
Saturday
Oct 12

87

87

M onday
Oct 14

'W

'*86'

*10

......

10*2 10's
'4 7

47*2

26% ^7
8%
8 7t
*3 ........
*5%
6
75
76
57
58
16

58%
*37
7 1io
17*8
43%

15

5SJ4
38
7*4
18
44%

3a
38
48*4 49
75% 77

10*2
47
47
26*2 *7*2
8% 81%6

75 %
58

6 *9
77
5K%

%

*% *

58%<j

6 8 "i
374,

7 **
17 S
4 .i%
40
*35
40
76

7% *

18

44*4
40

37
40
77%

Tuesday
Oct l a

Wedneana$
Oct 16
w
o
t-i
M
a

86
*10

T hursd ay
Oct 17

13

84
12
30
10%

46
26
8%
SK i
8*2
3
*15
4%
0
6
75% 77
74
65% 67
54%
%
%
!% e
5 S 3 i 6 5 8 1 1 i 6 571%,)
*36
3 6 %
3 f . -4
7
6%
7 % «
1 7 i
17*2
16
41%
4 3 * 4 44%r,
40
*37
*3 8
38
*35
48
45*2
46*2
70
7 o%
76
*23
25
..............

46
26 *v
8*9
3
17
0
76
5534

12

8%

S3

5*9
77
57%

5
7 5 *2
56

5
77%
68

5 8 -4 6 8 " *
3 7% 37%
7 *8 7 % ft
17 v
17%
4 3 '4 4 4 %
3 8 15io 3 8 l a it5
37
*35
49
49
7 6*4 7 7

58%
*3 6 *2
7% c
,1 7 -2
' 4 3 s,
*37
38
4 * *8
75%

6 « 't

-6

7 6 *2
67*4
l o 18

84
la

10*s 10%
46% 46%
25% 27%
8*9 8*9

37
7% n
17
45
39
38
49
77*4

F rid a y
Oct IS

83
*11
*23
10%

84

10 % 10 %
*4 6 % .......
26% 27

Sales
A C T IV E ST O C K S
or the
Week ( F o r Bonds and In a ctive
Stocks see below )
Shares

* 4 6 % .........
26^4 2 6 %

68 >
3/
17i*
44*2
39
37
47
75%
25

B a lt im o r e
Con. Gas E l. L . & P o w .1 0 0
D o p r e t........... ......100
563 N o rth ern C e n tr a l........ 50
10 1Seaboard (n e w )............. 100
......
Do 2<1 p r e f........... 100
697iU nited R y & E le c tr ic .. 50
176
,826
182
300
615
,371
,218
,740
,7 68
58
,875
,950
,053
20
50
,232
,531

P H IL A D E L P H IA

P H IL A D E L P H IA

Bonds

P 11 & Read 2d 5s ’ 33. A-O
Con M 7s 1911.......J-D
Con M 6s g 1911___ J-D
E x Im p M 48 g ’4 7 .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 H y 1st 5s 1930.
Rocli lty & 1j con 5s ’ 54J -J
U T r a c In d gen 5s’ 19.J-J
U n lty s T r ctfs 4s’ 49J<£J
U n ited R y s I n v 1st coll tr
S f 6s 1926.............. M -N
U T r a c P i t gen 5s ’ 97 J-J
W elsbach s f 5s 1930. J -D
W lks-B GtfcE con5s’55J-J
B A L T IM O R E
In a c t iv e S to c k s
A la Cons Coaiifc Iron . 100
P r e f ......................... 100
A t l a n t a * C h a rlo tte ..100
A tla n Coast L in e H R. 100
A tla n Coast L (Conn)lO O
Canton C o................. 100
Cons Cot D uck C o rp ...50
P r e fe r r e d ................. 50
G eorgia Sou<fe F l a . . .100
1st p r e f................... 100
2d p r e f.....................100
G-B-S B r e w in g ..........100

63*-.

20
"5 "
’ 14 H

39
’ 86 *t
""%
8 *9

>B id and aaked; 110 sales on this day.




K x-righta.

98
101
112*91113*9

101% 102

90 *s
105
55

101

106*3 107*2
i0 5 * 4

95
60
104
105

95*2

65

97*4
i03**i
112"

101*9
94
65'’,
100*

| 47.30 paid,

95 S
94*4
97*4
66

33*9 Jan 15
80 M ay 2 9
83 O ct 18
12 O ct 17
28 J ’ne^7
1 0 % 0 c t 17

H igh est
35 Jan 9
85 Jan 10
97 Jan 26
2 0 *4 J an 7
48 Jan 7
15 J ’ne 27

Lowest

H ighest

35 *9 Dec 41 J’ ne
80 Oct 90 J’ne
97 J ’ly 11; *4 Dec
22 Dec 32 J an
48 Dec »62 ‘2 J an
13 D ec 19 Jan

Philadelphia

I n a c t iv e S to c lts
A lle g h e n y V a l p r e f___ 5(!
A m erican C em en t.......50
A m e r P ip e M fg ........100
B e ll T eieu tio n e........... 50
Cam bria f i o u .............. 50
C entral Coat
Coke. 100
Consol T r a c of N J ...100!
Diamond S ta te S t e e l..10!
P r « ! e r r e d ................. ] t
Easton Con K ie c tn c t>.50
K leo S torage B a tt___ lo o
P r e fe r r e d ................ 100
F t W a y n e &\V V .......100
G erm antow n Pass.......50
Indianap olis S t..........100
In dian a Union T r ---- 100
In su ra n ce Co o f N A . .10
In t e r Sm P o w & Cbem.50
K ey sto n e Telephon e ..50
P r e fe r r e d ................. 60
K ey st on e W atch Case. 100
L it B roth ers ................10
L it t le S ch u y lk ill..........50
M ln eh ill <fc Schuyl H ..5 0
N H a v e n Iro n & S te el. 6
N o rth ern C e n tra l........50
N o rth P e n n s y lv a n ia ..50
P en n sylva n ia S a lt.......50
P en n sylva n ia S te e l..100
P r e fe r r e d ................100
P liila Co (P it t s ) p r e f...50
P h il German it N o r r is .50
Ph ila T r a c tio n .............50
R a ilw a ys G en era l...... 10
Susqueli Iron & S te e l. . 6
T id e w a te r S te e l..........10
P r e fe r r e d ................. 10
Tonopali M in in g of N e v l
U m ou T r ot In d ........ lo o
U n ited N J R K < fcC ..100
U n it T ra c P itts p r e l..50
W a rw ick Iron & S te e l.lo
W est Jersey <fc S eaSh .50
W estm orelan d Coal....50
W ilk e * G a s * E le c ..100

49
4 i* j

Lowest

Range lo r P rev iou s
Year (1 9 0 6 )

A m erican R a ilw a y s ___ 50 4(7 Oct 18 51 Jan 2 50 *4 Sep
Cam bria S t e e l.............. 50 25% O ct 16 47% Jan ^4 30% Jan
E le c tr ic Co of A m e ric a 10
8% O ct 15 11% Jan 14 11 M ai
G en A sp h a lt t r c t l s ___ 100
6 Nov
3 O ct 3
8 J an 25
Do p rel t r c t f s ___ 100 18 o c t 9 36 J an 26 31 Dec
L ake S uperior C orp ___ 100
4 5s O ct 18 16 Jan 8 14% N ov
L eh igh C <fc N a v tr ctfs. 50 74 Oct 18 103 Jan 7 1U0 Dec
L eh igh V a lle y .............. 50 6234 A u g 16 7.->% Jan 5 65 May
M arsden Co................... 100
2 % J an 7
OCt
% Sep 12
P en n sylva n ia H R ........ 50 57% « A u g 15 70‘ % r Jau 8 61% J ’ly
P h ila delp’ aCo ( P it t s b ). 50 36j4 OCt 17 48 w J an 4 47 A p r
it A pr 4
Philadelph ia E le c tr ic *. 25
6 % Dec
6 % Oct 18
P h ila R apid T r a n s itd .. 50
sep 6 §26% May ti cl 9 ‘4 Dec
H e a d in g ........................ 50 4 1*« Oct 18 69 >>. Jau 7 5 6 Si -Min
Do 1st p r e l........... 50 3S1%« O ct 10 45% Jau 14 43% A p r
Do 2 d p i e f............. 50 3b "2 A u g 15 47 .) ail 14 44% Ma\
U nion T r a c to n ............. 50 41 Sep 12 60% •jan ‘-’ 2 5 8 's Dei
U nited Gaa Im p t.......... 50 70 O ct 1 £ 96 *s J an 6 US 1 >2 Maj
W elsbach C o ................ 100 25 M ay 2 4 30 Keb 18 25 Dec

P H IL A D E L P H IA

A1 V a l E e x t 7s 1910 A-O
A l t & L V E l e c \ *2S’ 33.F-A
A n iH y s c o n v a s 1911.J-D
A t l C ity 1st 6s g ’ 1 9 .M -N
Balls T e r 1st 5a 1926. J-D
B e r g * E B r w 1 st 6s’2 1 J-J
B ethle Sti*d 6s 1998.Q-F
C l i o c * M o ls t o s 1949 J-J
Ch Ok ifc G gen 5 s ’ 19 J-J
Col St R y 1st con 5s 1932
Con T ra c of N J 1st 5 s.’ 33
E 6c A 1st M 5s 1920 M -N
E lec <k P eo T r stk tr ctfs
Eq I I G as-L 1st g os 1928
H & B T o p con 5s ’ 25 A-O
In dian apolis R y 48.1933
20*4 In te rs ta te 4s 1943 ..F - A
Leh igh N a v 4*28 ’ 14.Q-J
H R s 4s g .......1914.Q-F
Gen M 4%s g. 1924.Q -F
L eh V C 1st 5s g '3 3 ..J-J
Leh V ex t 4s 1st 1948. J-D
2d 7s 1910.............. M-S
Consol 6s 1923.......J-I>
A n n u ity 6s .............J-D
Gen cons 4s 2003.M -N
L eh V T ran con 4s ’35J-D
N e w Con Gas 5s 1948 J-D
N e w a r k Pass con 5s 1930
N T P h & N o 1st 4s '39 JXJ
In com e 4s 1 9 3 9 ...M -N
N o O liioT ra c cou5s’ 19.J-J
P en n gen 6s r 1910.. V a r
Consoi 6s r 1919... V a r
Penn <fc M d Steel con 6s.
P a & N Y Can 5s ’ 39.A-O
Con 4s 1939........... A-O
8% P en n S teel 1st 5 s ’ 17 M -N
P eo p le’ s T r tr certs 4s ’ 43
p Co 1st<fc col tr 5s’ 49 M-S
Comfc c o lt r Os 1951M-N
6*2 plu l E lec gold tru st ctfs.
62*2
Tru st certifs 4s.............
P <Vs E g e r M 5 g ’ 2 0 .A-O
Gen M 48 g 1920..A<fcO

Range to r Year
1907

B onds
A n acostia & P o t 5s..........
A t l & Ch 1st 7 ... 1907 J-J
A tla n C L R R 4 sl9 5 2 M -S
A t l Coast. L (C t)c tfs 5s J-D
C tfs o f inuebt 4 s ___ J-J
5-20 v r 4s 1925........ J-J
B alt C P ass 1st 5s ’ 11 M -N
B alt F u n dg 5 s.1916 M -N
E x ch an ge 3%s 1930 J-J
B ait <fc P 1st 6s m 1’ 11 A-O
B alt T r a c 1st 5s . . ’29 M -N
N o B a lt D iv 5s 1942 J-D
C en t’ l R y co n 5 sl9 3 2 M -N
E x t & Im p 5 s.l9 3 2 M S
Clias C ity R y 1st 5s “23 J-J

B id

\Ask

B A L T L tlO itE

54 Jan
39% N o v
12 7a N o v
14 Jan
48 Jan
23*4 Jan
i l 8 Jan
86 J ’ ne
3i% e Jan
73*%(i Jan
an4 -j -Mar
9% 0 Oct
v 0 1J4 Jan
83 J an
I7*%0 Jan
51 Jau
0 1 Aug
101 Feb
32 M a r
11iu

A sk

114*91117
10*V 110
105

Chas B y G <k E l 5s ’ 99 M-S
........
Cliarl C & A ex t 5 s.’09 J -J 10 U
2d 7s.............. 1910 A-O
C ity & Sul) 1st 5s. . ’22 J-iJ lbr,'v
C i t y * S u b (W a s )ls t d s ’48
98 100
Coal tfe I H y 1st 5 s ’ 20F-A
lup
C o l& G rn v lst6s,1916J-.) lo 7
109
98
Consol Gas 6 s ... 1910 J-D 102 H 103*4
95*v
5s.....................1939 J-D 107 *i 108 %
78
Ga <fc A la 1st con 5s ’45 J-J
98
100
G a Oar & N 1st 5s g ’ 29 J -J
100
99
67
G eorgia P 1st 6 s .. . ’ 22 J-J 110
113
GaSo <fc F la 1st 5s 1945.J -J 104
105
66 *1 67
G-B-S B rew 3-4s 1951M-S
44*4 45
2d incom e 5s 1951 M -N
17*9 18*9
K n ox v T r a c 1st 5s '28 A-O
9J
U)1
L a k e R E l 1st gu5s’42M-S 108 *■_• ........
MemiJhis S t 1st 5s’ 45 J-J
M e tS t(W a s h )ls t5 s ’ 25F A 100
101
M t V e r Cot D uck 1st 5s.
74*4 74*u
N p t N & O P 1st 5s’ 38 M -N
G en eral 5s___1941 M-S
N o rfo lk St 1st 5 s ’4 4 ..J-J 100
N o rth C ent4% s 1925 A-O 100
Series A 5s 1926___ J -J 105
no
25
Series B 5s 1926___ J-J
105
11U
20
P itt U n T ra c 5s 1997.J-J 101 *4 103
90
Poto V a l 1st 5s 1941..J-J
70
Sav F la & W est o s ’ 34 A-O
3
Seaboard A L 4 s 1950 A-O
65
*65%
Seab & Roan 5s 1926.J-J
97
South Bound 1st 5 s ..A O
99
100 '
U E l L & P ls t4 % 8 ’ 29 M -N
85
90
8*7" 88
Un H y & E l 1st 4 s ’49 M-S
81 *2 82
100
In com e 4s 1949...... J-D
4/
48
75
" i f
F u n d in g 6s 1936...J -D
75
76
75
V irg in ia M idlan d—
77
102 102*9
2d series 6r 1911...M -S 105
107
109
3d series Os 1916..M -S 104
90
92
4th ser 3-4-5s 1921.M-S 104
5th series 5s 192S.M-S 101
i o i " ib*7* V a (S ta te) 3s n ew ’ 32.J-J
90
85
110*9 114
Fund debt 2-3s 1991. J-J
90
85
108 110
W est N C con 6s 1914 J -J 106
108
107
W e s V a C & P l s t 6g ’ l l J-J 102
109
103
lo t)
W il & W eld 5 s ..1935.J-J 107
109

f $16 paid. * $10 paid, i $35 paid, a Receipts, b $25 paid,

e $S0 paid.

d$42>apaid.

THE CHRONICLE.

990

[V o l .

lxxxv.

Industrial and Miscc
Consol R u bber T lre_-1 0 0
P referred ________ ’ .100
Debenture 4s 19 5 1 A & 0
TR A N S A C T IO N S A T T H E NEW Y O R K STOCK E X C H A N G E
Cons Steam ship Lines 100
D A IL Y , W E E K L Y A N D Y E A R L Y .
Coll tr 4s 1957. .. J & J
Cons S torage B a tt’ y__1 00
Corn Prod R e f See Stock
Railroad,
eCrucible S te el_______ 100
U . S.
Slate
&c..
Week ending
e P r e fe r re d ............. .100
Bonds
Bonds
Bonds
Shares I P a r value
Oct. 18 1907
tD iam ond M atch C o.100
Dom inion C opper(n ew ) 10
637,4281 $55,565,300
S I,160,000
Saturday ..
Douglas C opper________ 5
1,659,500
773,690; 70,059,250
Monday . . .
Econ’y L t & P (J o liet, 111)
Ferry Companies
$23,500
1,639,500!
675,330! 62,109,000
Tuesday___
1st M s f g 5s 1956.J-D
10,000
1,858,500:
1,005.801, 90,377,600
Wednesday
E lectric B o a t________ 100
B rooklyn F e rry stock 100
3
11«
1,489,000;
876,583: 78,897,150
Thursday...
P referred _________ 100
20,*>00
B & N Y 1st 6s 1911J-J §95 101
2,091,000
1,077,4671 94,709,200
F r id a y ____
Electric V eh icle______100
70
62
________________________ __ _
---------N Y & E R F e rry stk.1 00
75
Preferred _________ 100
65
.
5,046,299 S451,717,500l $9,897,500 $1,927,000 $53,500
1st 5s 1922--------- M -N
T o t a l______
Em pire S teel_________ 100
----------------------------------------- N Y & H o b 5s M ay'46 J-D §95 100
Preferred _________ 100
H o b F y 1st 5s 1946M-N §100 104
Jan. 1 to Oct. 18
Week ending Oct. 18
Sales at
eF ederal Sugai o f N Y 100
N Y & N J 2d 5s 1 9 4 6 ..J -J '§100 105
New York Stock
e P r e fe r r e d _________ 100
10th & 23d Sts F e rry .1 0 0
30 40
1906
1906
1907
Exchange
eGeneral Chem ical___ 100
1st m tge 5s 1 9 1 9 ._J-D
§65 75
e P r e fe r r e d _________ 100
eU nion F e rry s t o c k ..100
25 30
168,644,160
237,673,466
5,046,299
4,261,668
Stocks— No. shares___
G old H ill C opper________ 1
e ls t 5s 1920_______ M -N
85 90
$14,422,062,525
.$20,923,543,950
$368,714,300
$451,717,500
Par va lu e__________
Greene Cananea_______ 20
$405,600
$27,800
Bank shares, par_____
Greene Con C opper____ 10
Short-Term N otes
Bonds.
Greene Consol G o ld ___ 10
$1,592,000 A m C lg s e r A 4 s ’ 1 1 . . M-S
$30,000
$624,300
$53,500
Government bonds___
Greene G o ld -S ilv er____ 10
§87 91
49,777,300
58,661,050
677,500
1,927,000
State bonds__________
G uggenheim h x p lo r’n 100
Ser B 4s Mch 1 5 '12M S
§84 86
508,081,900 A m T e l & T e l g 5s TO J-J §95i2 93
303,761,400
10,749.000
9,897,500
R R . and mis. bonds..
eH ackensack W a te r Co
R e f g 4s ’ 52 op ’ 1 2 - - J-J
A tla n Coast L 5s ’ 1 0 .M-S §93^4 94I4
$568,334,950 Ches & O hio 6s J ’e 28 ’08 §981^ OS's H a ll S ignal C o________ 100
Total bonds_______ $11,878,0001 $11.456,5001___ S354,163.000l
6s, July 1 1910____ J-J
§991? 99»4 H a va n a T o b a cco C o . -100
D A IL Y T R A N S A C T IO N S A T T H E BOSTON A N D P H I L A D E L P H IA
P r e fe r re d ___________ 100
Ch R I & P a c 4 H s ’0 8 A -0
§9812 98?8
EX C H A N G E S
1st g 5s June 1 ’22_J-D
Chic & W In d 5s ’ 1 0 .F & A
§97i2 98U
H ecker-Jones-Jew ell M ill
Cln H a m & D 4 H s '08 M-S
70 76
1st 6s 1922______ _ .M - S
C C C & St L 5s, June ’ 11 §9612 97
Philadelphia
Erie 6s, A p r 8 1908_______
§95?8 963^ H e r’ g-H a ll-M a r, n ew .100
Week ending
In terb R T g 4s 1908 M -N
§9534 96>4| Hoboken Land & Im p 100
Listed
Bond
Listed V nllsted
Oct. 18 1907
c5s 1910___________ M -N
5s Mch 1910_______ M-S
§91 92
shares
sales
shares
shares
H ouston OH_________ 100
K a n C So g 5s A p r ’ 12. J-J
§90 95
Preferred _________ 100
L ack Steel g 5s 190 9.M-S
§94 95I4
19,571
Saturday____________ i 28,588:
14,016
$ 21,000
Hudson R e a lt y _______ 100
5s g 1910_________ M -S
§90 92
32,500
18,096
Monday_____________ | 42,994
16,966
L a k e Sh & M So 5s'10 F -A
§97>4 97&S eln gerso ll-R a n d c o m .100
14,733
T u esd a y ____________ 31,301
12,945
23.000
ePreferred ________ 100
Lou & Nash g 5s ’ 10-M -S
§971.4 9734
25,348
52.000
Wednesday__________' 40,3301
23,395
M ich Cent 5s 1910___ F -A
§96i2 9 6 7 g In tern a t’ l B an k’ g Co.100
19,644
30.000
T h u rsd a y___________ 30,019!
17,352
I n t ’n l M er M ar See Stk
Minn & St L g 5s ’ 11 .F - A
§94 97
30.000
44,780
Friday______________ 41,425;
26,094
Mo P a c 5s F eb 10 ’ 08 F -A
§98?g 991* In te m a t’ l N ic k e l____ 100
Preferred _________ 100
N a to fM e x 5se rtjto 07 A -O
§96*4 97
66,258 $288,800 N Y Cent 5s 1910____ F -A
Total
214,6571 110,768 $188,500 142,172
§97% 9758 In tern a tion a l S a lt___ 100
1st g 5s, 1D51______A-O
Penn Co gn 4 34s 1907M -N ____ 100
In te rn a t’ l S ilv e r______100
P a R R 5s Mch 15 ’ 10 M -S §9634
P referred __________100
S tL M S ’east 4J^s ’ 0 9 .J-D
§94 9434
1st 6s 1948........... .J -D
St L & S F g 4 ^ s ’ 0 8 .J -D
§95 96I4
Lackaw ann a S te el___ 100
Sou th ’n coll tr 5 s ’ 09. A-O
§93 96
A weekly review o1 Outside Market will be fouTid on a preceding page.
Lanston M o n o typ e ___ 20
South R y g 5s 1 9 1 0 ..F -A
§85 87
U S R u b b er g 5s '0 8 .M-S §98'% 9918 L a w yers' M tge C o ------100
Street R a ilw a y s
Street R a ilw a y s
Bid Ask W abash 5s, M ay 10 1909
B id Ask
eLeh & W ilkes-B Coal 50
§93 94
P u b S erv Corp N J (Con)
New Y ork C ity
W estln gh E l& M 6s 1910 «98i4 9834 L o rd & T a y lo r --------- 100
____ W h e e l’ 1 & L E 5s ’ 0 8 .F - A
30
J C H o b & Patersn .1 00
P referred __________100
20
28
Bleeck St & Ful F s t k .100
§9534 96i2
eL o rllla rd ( P ) , p r e f . . 100
80
85
4s g 1 9 4 9 .......... M -N
60
61
e 1st m tge 4s 1950.J-J
So J Gas E 1 & T ra c-1 0 0 100 110
M ackay Com panies— See
e B ’ y & 7th A v e stk_-100 190 200
R a ilroa d
Gu g 5s 1953___ M-S §95
Madison Sq Garden__100
e 2d m tge 5s 1914__J-J
98 104
97
____ Chic P eo & St L pref-100
N o H ud Co R y 6 s ’ 14 J-J §103
2d 6s 1919......... . . M - N
Con 5s 1943 See Stock E x c list
____
98 103
5s 192S___________ J-J 5100
eM anhat Beach C o ___ 100
B ’ w a y Surf 1st 5s gu 1924
D eposited sto ck _______
____
E x t 5s 1924____ M -N § 98
e C en t’ L Crosst’n stk__100 200 260
Manhattan T r a n s it____ 20
U nd eposlted sto ck ____
____
P a t C ity con 6s ’ 3 1 .J-D §105 112
M ex N a t Construe p f.1 0 0
e 1st m tge 6s 192 2.M -N 105 115
P rio r lien g4J^s’ 30M & S
90
____
i d 6 s ..1914 o p t A -O §100
M itch ell M in in g........... 10
e Cen P k N & F . R stk 100 130 160
Con m tg g 5s 1930.J&J
55
M onongahela R C o a l..50
So Side E l (Chic)
See Ch Icago list
e Chr’ t ’ r & 10th St stk 100 125 150
In com e 5s, July 1 93 0.- ____
8
Syracuse R T 5s ’ 4 6 .M & S §94
C o l <fc 9th A v e 5s See Stock E x c list
97
P referred ___________ 50
Chic S u b w a y__________100
15 16
T ren t P & H 5s 194 3.J-D §95 100
M ortgage Bond C o___ 100
F t VV & Den Cy std --1 0 0
90 100
D ry D E B & B—
N a t Bank o f C u ba ___ 100
97 101
U n ited R y s o f S t L —
e 1st gold 5s 1 9 3 2 .. J-D
G t N o rth ’n O re-See Stk
E x c list
____ 19
91
65
Com v o t tr c tfs ____ 100
N a tio n a l S u rety ______100
e Scrip 5s 1914____ F -A
N Y N H & H a r tfo r d e P r e fe r r e d ________ 10C
55
N e va d a Cons’ d C opper-5
E igh th A ven u e s t o c k .100 300 350
£8
Con deb 3 K s 1956 J& J § 87
90
95 105
Gen 4s 1934..S e e S t o c k E x c list
e Scrip 6s 1914____ F -A
N o rth ’ n Securities S tu bs.
100 1121< N e v -U ta h Min & S m ._1 0
eN ew Central C o a l____ 20
U n ltR y s San Fran .See Stk E xc list
e 42d & Gr S t F 'y s tk . 100 300 350
P itts Bess & L E _______ 50
*28 34
30
N J T e r D ock & Im p . 100
50
75
W ash R y & E l C o ____ 100
34
42d St M & St N A v e .1 0 0
*68 73
Preferred ___________ 50
67
70
N Y Biscuit 6s 1911.M-S
P referred __________100
e 1st m tge 6s 1910.M -S §95 190
eR allroad Securities Co—
78
N Y M tge & S e c u r ity .100
73
4s 1951 ................. J-D
80
68
2d Income 6s 1915.J-J
111 C stk tr cfs ser A ’52 ____ 85
____ 20
eN ew Y o rk D o ck ____ 100
e W e s t Chicago S t ___ 100
In te r-M e t— See, S tk Exch ange list
Seaboard C om p an y—
e Con g 5s 1936___ M -N
e P r e fe r r e d _________ 100
L e x A v & P a v F 5s See Stk E x c list !
1st p referred _______ 100
50 70
N Y T ra n sp o rta tion ___ 20
M e tio p o l St R y — See Stk E x c list
Com & 2d p ref-S ee B a lt
E x c list
Gas Securities
N in th A ven u e sto ck . .100 130 160
iN lles-B ern-Pond co m .100
Seaboard A ir L in e—
New York
Second A ven u e stoclc.100 130 160
iN iplssin g M ines________ 5
Coll 5s e x t M a y ’ 11 M -S § ____
Cent U nG as 5s g ’ 2 7 .J&J §90
97
ieOntarlo S ilv e r _______ 100
e 1st m tge 5s 1909.M -N 190 100
Con Gas (N Y ) — Sec Stk E x c Hst
§94 100
O tis E le v a to r co m ___ 100
Consol 5s 1948____ F-A
In du strial and Miscei
e M utual G as_________ 100 100 160
I Preferred __________100
e S ixth A ven u e s t o c k .100 115 135
N e w A m sterdam Gas—
90
*50 55
Sou Bou lev 5s 1 94 5..J-J
80
A h m eek M in in g _______ 25
Pittsbu rgh B rew in g___ 50
1st consol 5s 1 9 4 8 ..J-J §80
A llia n ce R e a lt y _______ 100
110 120 ! Preferred ___________ 50
So Fer 1st 5s 1919___ A-O §97
85
N Y & K R G a s 1st 5s’ 44 J-J §90 100
Pittsb u rgh C o a l.S ee Stk
A llls-C h alm crs Co 1st mtg;
Th ird A ven u e— See Stock E x c list
Pope M a n u factu rin g. 100
Consol 5s 1945_____ J-J §85
90
T a r r y W P & M 5s 1928 §80
95
S f 5s ’36 o p t ’ 16___ J-J
§53 60
N Y & R ich m on d Gas 100
32
Y k e rs S tR R S s 1946 A-O §80
85
36
A m erican B o o k _______ 100
150 160 ; 1st p referred _______ 100
N o r Un 1st 5s 1 9 2 7 ..M -N §88
2d p referred _______ 100
85
98
28th &, 29th Sts 1st 5s ’ 96 § 80
A m erican Brass_____ 100
110 120
e S tan dard Gas c o m .. 100
70 100
■e T w en ty -T h ird St stk 100 325 350
eA m erican C an -See Stock
E x c list !P r a tt & W h itn pref.-lO O ;
« P r e f e r r e d ............. 100 100 125
R e a lty Assoc (B k ly n ) 100
Union R y 1st 5s 1942 F -A §95 100
A m erican Chicle C o . .100
1.50 160
R o y a l Bak P o w d pref 100
1st 5S 1930________ M -N §100 105
95
P referred _________ 100
80 90
W estch est 1st 5s ’ 43 J-J §80
Other C itie s
Brooklyn
A m G raphophone comlOO
47 50 jS afety Car H ea t & L t.1 0 0
A m e r L ig h t & T r a c t .100
80
A tla n A v e 5s 1909----A-O §94
98
85
P referred
________ 100
76 85 ;Seneca M in in g ------------25
Singer M fg C o ............. 100
Preferred ________ 100
77
82
Con 5s g 1931______A -O
§93
n o 116
96
A m er H a rd w a re ------- 100
B a y S tate G as_________ 50
95 100
B B 4 W E 5s 1 9 3 3 ..A-O
95 98 IStandard C ord age---- 100
14 A m M a ltln g 6s 1 9 1 4 ..J - [ )
B in gh ’n Gas 5s ’ 3 8 .A & 0 §90
98
A m e r Press A ssoc’n . . l 0 0
94 98 I 1st M g 5s ’31 r e d .A -O
B rooklyn C ity sto ck ___ 10 ISO 190
A d ju s t M 5s A p r 1 1931
B rooklyn Union Gas deb
A m Soda Fou nt c o m . 100
lg 1
Con 5s— See S tk Exch E xc list
S tandard Coupler comlOO
6s 1909 co n v 190 7.M-S
95" 100
Bkln Crosst’ n 5s 1908.J-J
1st p referred _______ 100
7 12
98
Bu ffalo C ity Gas stocklOO
P referred _________ 100
90 100
i
7
Bkn H gts 1st 5s 1941 A-O
2d p referred _______ 100 ____
5
S tandard M illin g C o . .100
1st 5s 1947— See Stock E x c list
Bkln Q Co & Sub See Stk E x c list
A m St Found 6s ’ 35 A & O
§87 90
Con Gas o f N J 5s ’ 3 6 .J-J §87
B k lyn R a p T r a n — See Stk E x c list
A m erican S u rety _____ 50
175 185 I P referred _________ 100
93
Consumers’ L H & P o w —
150
A m erican Th rea d p r e f . . 5
*334 412 ! 1st 5s 1930_______ M-N
« Coney Isl & B k ly n .. 100
5s 1938_____ ____ J-D! §100
1st cons g 4s 194 8..J -J
75
85
A in T o b a c (n ew ) c o m . 100
205 208 ;S tandard O il o f N J__ 100
Elizabeth Gas L t C o . . 100 250
S w ift & C o -S e e Bost Stk
A m er T y p efd e rs c o m . 1 00
35 39
Brk C & N 5s 193 9.J-J 100
Essex & Hudson G a s. 100 105 iT o ’
G r’ p t& L o rS t 1st 6 s .M & N 100
P referred ................ 100
94 98 I 1st 5s 1910-1914...J -J
F ort W a y n e 6s 1 9 2 5 ..J-J
K in gs C E l 4s— See Stock E x c list
30
40
A m e r W r itin g P a p e r . 100
1 112 eTexas& P a cific C o a l.100
Gas & E l Bergen C o . . 100
40
50
Nassau E lec p r e f____ 100
50
65
P referred _________ 100
14i2 16 j 1st 6s 1 9 0 8 ........... A -O
e Gr R a p G 1st 5s ’ 1 5 .F -A §95
100
5s 1944____________ A-O
99
1st s f g 5S'19 o p ’ 09_ J- J
79 81 ;T ltie In s Co o f N Y ___100
Hudson Co G as_______100
90
1st 4s 1951— See Stock E xc list
95 ! Barney & Sm ith C ar.100 ____ 65
Tonopah Min ( N e v a d a ). 1
In dian a N a t &, 111 Gas—
Trenton P o tteries comlOO
N W ’ b g & F la t 1st ex 4 !^s
95
P r e fe r re d ___________ 100
125 140
eB eth l’ m Steel C o r p ..100
id s 11
1st 6s 1908________ M -N
10
20
S tein w a y 1st 6s 192 2.J-J §100
Preferred, n e w ____ 100
Indianapolis G as_____ 50
50
T ro w D ire c to ry _______ 100
Olher Cities
55
e P r e fe r r e d __________100
30l2 60
1st g 5s 1952_______ A -O §90
98 1 Bliss C om pan y c o m . . 50
B u ffalo S treet R y —
125 135 jU nion T y p e w rite r com 100
Jackson Gas 5s g ’ 37. A-O §94
1st p referred _______ 100
1st consol 5s 1 9 3 1 .. F-A §102 105
125 135
99 | P referred ___________ 50
Kansas C ity Gas______100
50
D eb 6s 1917_______ A-O §103
Bond & M tge G u a r___ 100
320 335 t 2d p referred ________ 100,
e L a clede Gas________ 100 n __
130 145 ; U nited Bk N o te C o r p ..50
90 ’ | B ord en ’s Cond M ilk . .100
Chicago C ity R y — See Ch lcatro list
e P r e f e r r e d ________ 100
Preferred -------------- 50
95
99
88M
P referred _________ 100
103 106
Columbus (O ) St R y .1 0 0
L a fa y ’eGas ls t 6 s ’ 2 4 .M -N
30
*4 414 eU n lted C igar M fg ,p f.1 0 0
P referred _________ 100 105 107
45 i British Col C o p p er------- 5
*10 IOI4 U n ited C opper........... 100
L o g & W a b V 1st 6s ’ 25 J-D
20
Colum R y con os— SeePht la list
35 I B u tte Coalition M in ing 15
2 3 | P referred _________ 100
Madison Gas 6s 1926. A-O §10612 110 ; Casein Co o f A m c o m . 100
Crosst’wn 1st 5s ’ 33 J-D §100 105
1 Preferred
N ew a rk Gas 6s 1 9 4 4 ..Q -J 120
62
--------- 100 ____ 75 |U S C a su a lty........... -.1 0 0
G ran d R a p id s R y ____ 100
N ew a rk Consol G as. .100
86
.1 C asu alty Co o i A m e r . 100
125 140 |U S E n velo p e c o m ___ 100
P referred _________ 100
79* 81
e P r e fe r r e d _________ 100
e Con g 5s 1948____ J-D 100 102
Celluloid C o . . ............. 100
120 130
La k e St (Chic) E l— See Ch icago list
Cent Firew ork s c o m ..100
10 15
N o Hudson L H & P o w —
U S S teel C o rp oration —
e L o u ls v St 5s 1 93 0..J & J § 102 104
Col tr s f 5s ’ 51 o p t ’ 11
5s 1938................... A -O §100
P referred ------- - ..1 0 0
60 70
L y n n & Bos 1st 5s ’ 24 J-D §100 102
C entral F o u n d ry ------- 100
134 214
Col tr s f 5s ’ 51 n ot opt
14
e O & In d C N a t& IU .lO O
e N e w O rl R y s & L g t.1 0 0
10
10
U S T i t Gu & ln d em .1 0 0
40
1st 6s 1926________ J-D
P referred _________ 100
8 13
e P r e f e r r e d ________ 100
20
eU tah Copper C o-S ee Stk
55
Gen M g 4 !^ s ’ 35 See S tk E x list P a t & Pas Gas& K lee . 100
D eb 6s 1919 o p ’ 01 M -N
60 70
65
e Con g 5s 1949___ M-S §97 100
Centu ry R e a lt y ......... .100
185 190 iW a terb u ry Co, c o m ..100
N o rth Chic S treet See Ch icago list
90
Chesebrough M fg C o . 100
380 425 i P referred _________ 100
P u b S erv Corp o f N J .l(K )
S t Joseph Gas 5s 1937.J-J §84
8a
90
60
T r ctfs 2 % to 6 % perpet
C ity In v e s tin g C o ____ 100
90 95 IW estch ester & B ron x T it
57
Electric Companies .
I & M tge G u ar_______ 100
93
eClaflin (H B ), c o m ..100
95
Coll 5s g notes ’ 0 9 .M -N §92
jW e? *rn Ic e ___________ 100
N o rth Jersey St R y 100
30
Chicago Edison Co SeeC h ica go list
e ls t p r e fe r r e d ______100
90
64
e K in gs Co L l L & P C o 100 105 110
jW esu n gh A ir B ra k e ___ 50
1st 4s 1948_____ M -N §60
e2d p referred_______ 100
93
60
64
N a r ra g a n (P ro v ) E l C o.50 * ____ 98
Cons T r a c t o f N J . . 100
C ol & H ock C o a l& I p f 100 ____ 76 IW e s t E l & M fg 5s-S e e St
__
N Y & y E l L & P o w C o .l0 0
1st 5s 1933_____ J-D §99 101
1st g 5s 1917_______ J-J
§82
W h ite K n ob M in ______10
45
N e w ’k P a s R y 5s '30 J-J §103 105
50
Preferred ________ 100
55
Col tr 6s O ct 1 9 5 6 ..J-J
97 10H2 j P referred ___________ 1
U nited E lec o f N J . . .100
60
R a p id T ran St R y .1 0 0 230
Consol Car H e a tin g . .100
30 36 W o r th in g P u m p p r e f. 10
1st g 4s 1949__ _ J-D §60
61
Cons R y L g t& R e frig .lO O
1st 5s 1921......... A-O 103
* P e r share.
§ B u yer pays accrued Int.
a E x -righ ts, e Sells on Stk. E x ., but n ot v e r y a ctive. J N e w stock, n N o m in a l, s Sale price.
V o lu m

e

Digitizedc. for FRASER


ot

b u s in e s s

a t,

S to c k :

T e'ejrr & Telephon e
eA m er T e le ? & Cable.100
eCentral & So A m e r . .100
C om m ’l Un T e l ( N Y ) .25
lim p & B a y State T e l 100
F r a n k lin _____________ 100
eG oid & Stock r e le g .100
Hudson R iv e r Teleph 100
eN Y & N J T e le p h ...1 0 0
eN ortliw estern T ele g ..5 l>
Pa cific & A tla n tic _____ 25
Southern & A t l a n t i c . . 25

h ix o a a n e e s

Outside Securities

__

__

__

__

__

__

__
__

Bid Ask
85
75
104l2 111
108
75
45
55
100
110
62
57
90 110
105 112
65
75
93 100

Bid
A
10

A sk
5
18
30
20
2
21g
I8I4 1834
8
11
E x c list
6
ol2
5834
£8
120 122
1?8 2
----6
§98
15
75
2

3
7
52

100

20

85

8

10
11

5712

5712 70
90
97l2
1
78
*634 678
*1?
34
*12
34
iC-Q " 1SS
87
____
____
10
55

100
40

200

§99
3

20

120

48
82
120
E xc
90
80
10
50
5
58
104
35
*11
185
52
125
90
125
Stk E
15

92
5212
9
14
65
103
45
____
7
30
135
__
135
list
100
85

12

55
8
63
107
43

12

190
70
135
100
150
x llst
2212
90

75
2
6
*33*
35s
17
13
*1
l l l«
* ____
8
*261 ■> ___ _
88
92
97 104
145 ____
658
*614
*2 h e 2^18
50
25

100
175
25
6812
*11,
90
*578

____
185
35
81
3
100
6

’28 * 33 *
70
85
247*
*24
* ____ 16'3
E x c list
1*
]8
25
50
2
10
95 101
120 S125
90
97
120 130
400" 42*5 ”
U2 214
27
31
2^4 414
40
50
100 120
4
8
22
25
74
79
422 425
E x c list
99 101
75
85
____
§104
155
145
*83g
85S
____ 15
80
90
36
45
65
70
103 107
103 107
*48
52
*47
51
75
85
10
1012
26
30
220 240
_
30
90 ‘ 95
§105
§105
80
E xc
____
-----

110
110
95

list

35
100

160 170
30
*149
Exc list
1 1-16
1U
H2
1
105 112

__

z E x - d lv .

997

THE CHRONICLE.

O c t . 19 1907.]

a m i R a ilro a d
RAILROAD

GROSS

In te llig e n c e .

EARNINGS.

The following table shows the gross earnings of every STEAM 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 tw o
columns 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 .

ROADS.

A la Great Southern
A la N O & T e x Pac.
N 0 4 N E a s t...
A la & Vicksburg-.
V icksbu rg Sh & P
A la T en n & N o rth . .
k A tch T o p & S Fe_
A tla n ta & Chari___
A tla n Blrm & A t l_ _
A tla n tic Coast L in e
B a ltim ore & O h lo ..
B a n go r & Aroostook
B ellefon te C e n tra l..
B ridgeton & Saco R
But! R o ch & P i t t s . .
B u lfalo & Susq R y .
Canadlan N o rth ern .
Canadian P a c ific ___
Central o fG e o r g la ..
Central o f N J ersey.
Chattan Sou thern . .
Chesapeake & O h io .
Chesterfield & Lane
Chicago & A lto n R y
Chic G reat W estern
Chic In d & L o u is v .
Chic In d & Southern
Chic M llw & St Pau l
Chic & N o rth W e s t.
Chic S t P a u l M & 0 .
Chlc T erm T ran R R
Cin N O & T ex a s P
C incinnati Northern
C lev Cin Chic & St L
Colorado M id la n d .,
h Col & South S y s ..
Col N e w b & L a u r ..
Copper R a n g e _____
C orn w a ll____________
Cornw all & Lebanon
Cuba R a ilro a d _____
D e n v & R io Grande
D e tro it & Mackinac
D e t T o l & Ir o n t Sys
D u lSo Shore & A t l . .
E r ie _________________
E v a n sville & T e r H
F a irch ild & N E . . .
Fon daJoh n s & G lo v
G eorgia R R ________
Georgia South & F l
Grand T r u n lc S y s t..
Gr Tru n k W e s t ..
D et Gr H & M llw
Canada A tla n tic G reat N o rth e rn ____
M on ta n a C en tra l.
T o t a l system ____
G u lf & Ship Is la n d .
H o ek in g V a lle y ____
Illin o is C en tra l____
In ter & G reat N orth
a In tero cea n lc(M ex )
Io w a C en tra l--------K an aw h a & M ic h ..
Kansas C ity S ou th .
La k e Erie & W est’n
L a k e Shore & M Sou
Leh igh V a l l e y .........
Leslcerton & E a s t ..
L o n g Is la n d ________
Louisiana & A rk a n .
Lo u isville & N a s h v .
M acon & B lr m in g ..
M a n istlqu e_________
M aryland & P e n n ..
a M exican C e n tra l..
a M exican In te r n a l.
a M exican R a ilw a y .
a M exican Southern
Michigan Central___
M idlan d V a lle y ____
M ineral R a n g e _____
M lnneap & St Louis
M inn St P & S S M .
M o Kansas & Texa s
M o P a c & Iron M t _ .
Central B r a n c h ..
T o t a l ____________
M obile Jack 4 K C .
M obile & O h io_____
N a sh v Chatt & St L
a N a t R R o f M exico
H ida lgo & N E _ _
Nevaria-Cal-O regon
N e v a d a C entral----N Y Chic & St Louis
N Y O n t & W estern

Current
Year.

Previous
Year.

July 1 to Latest Date
Current
Year.

Latest Grose E a rn .no-.

P rev iou s
Year.

Week or
M o n th .

July 1 to Latest Date.

Current
Y ia r .

Previous
Year.

C urrcn Year.

Previous
Year

9,264,420
4,135,926
488 666
248,516
2,474,261
2,471,386
259,136
95,341
1,519,496
293,568
884,757
272,190
3,057,236
1,257,936
6,780,878
755,960
15522399
I n c . l ,27
Y o rk Cen
1,592,527
2,891,896
Y o rk Cen
4,846
10,179
4,085,996
2,883,510
6,969,506
178,258
78,565
12,078
5,647,125
4,670,790
224,045
10541961
Y o rk Cen
173,612
Island S
215 467
1,326,305
40,222
163,557
11451270
1,182,814
182,654
170,275
72,866
42,952
24,859
315,575
10,251
457,138
23,541
84,751
6,546
71,521
7,233,994
95,971
596,526
315 476
902,250
141,933
728,663
21,306
729,646

8,623,508
3,823,405
509,236
170.679
2,175.481
2,365,287
286,183
115,046
1,257,504
287,518
809,568
243,956
2,528,814
1,058,036
5,911,919
622,106
1M12499
2,600
tral.
1,447,127
2,589,065
tral
4,316
6 256
3,505,125
2,237,090
5,742,215
158,376
61,595
10,926
5,036,627
3,940,867
222,701
9,200,195
tral.
153,691
ystem ,
210,833
1,171,596
38,441
139,458
9,213,736
1,078,549
155,640
151,852
66,689
43,008
25,194
309,475
8,464
473,832
23,807
69,691
6,111
69,158
6,207,829
87,623
581,367
109,740
820.050
122,538
677,168
19.204
693,054

18,033,738
7,940,802
887,151
483,741
4,861,104
4,783,849
493,812
179,477
2,953,191
579,844
1,694,013
548,082
5,925,826
2,435,551
13,912.343
1,493,427
30,122,464
In c .2 A 7

16,352,730
7,407,836
942,475
336,757
4,294,452
4,508,651
530,820
203,399
1,573,277
537,441
1,618,290.
476,981
4,930,182
2,036,751
11,600,8451,185 620
25,519,364
2,500

3,125,305
5,604,623

2,813.405
4,996,116

$
$
— Sec Sout h em R a il w a y
Septem ber
Septem ber
Septem ber
A u g u s t ___
A u g u s t ___
J u n e _____
Ju ly .........
Au gu st ___
A u g u s t ___
A u g u s t ___
Septem ber
A u g u s t ___
2d w k Oct
A u g u s t ___
2d w k Oct
2d w k Oct
1st w k Oct
A u g u s t ___
4 th w k Sep
A u g u s t ___
A u g u s t ___
J u n e _____
1st w k Oct
1st w k Oct
— See N e w
J u n e _____
A u g u s t ___
A u g u s t ___
1st w k Oct
— See Sout
— See N ew
— See N e w
A u g u s t ___
1st w k O ct
A u g u s t ___
J u l y ______
A u g u s t ___
A u g u s t ___
Au gu st ___
2d w k Oct
1st w k Oct
1st w k Oct
1st w k Oct
A u g u s t ___
— See R ock
A u g u s t ___
A u g u s t ___
A u g u s t ___
a— See Sou
1st w k Oct
4 th w k Sep
4th w k Sep
4 th w k Sep
Septem ber
Septem ber
Septem ber
1st w k Oct
A u g u s t ___
Septem ber
2d w k Oct
2d w k Oct
2d w k O ei
A u g u s t ___
A u g u s t ___
— See N ew
— See N e w
A u g u s t ___
A u g u s t ___
Au gu st ___
A u g u s t ___
1st w k Oct
Septem ber
Septem ber
A u g u s t ___
A u g u s t ___
2d w k Oct
4 th w k Sep
4th w k Sep
— See N ew
Septem ber
1st w k Oct
2d w k Oct
1st w k Oct
August ___
2d w k Oct
2d w k O ct
2d w k O ct
A u g u s t ___
— See Sout
A u g u s t ___
2d w k O ct
2d w k Oct
1st w k O ct
J u n e _____
— See N ew
A u gu st ___

244,606
217,153
783,802
382,486
131,095
116,724
138,340
408,347
123,421
3,753
7,506
3,628
7,988,890 7,261,437 15,928,445
361,020
317,426 4,291,954
159.232
117.143
159,232
1,950,997 1,829,254 4,005,186
7,724,307 7,181,040 14,976,210
266,498
212,468
507,336
4,576
4,616
14,975
6,537;
5,110
11,881
210.771
184,121 2,944,995
200,217! 152,733
391,899
208,100’ 186,600 3,008,900
1,500,000; 1,454,000 23,366,451
256,5001 235,100 3 283,050
2,557,130 2,443,068 5,100,786
3,4351
3,210
41,864
2,667,359;2,201,092 5,057,511
9,627
4,823;
2,958
1,067,100
911,557 12,809,426
165,5081 157,488 2,457,680
119,270 | 121,470 1,685,002
Y o rk Cen tral.
4,879,132 4,773,73a 60,548,554
6,439,654 5,942,750 12,404,102
1,190,03711,105,999 2,320,499
34,861:
33,839
479,773
hem R ail w ay.
Yo rk Cen tral
Y o rk Cen jt r a l.
217,701: 216,539
443,600
303,309
269,305 3,856,658
24,047
24,092
41,078
68,496
88,173
88,173
23,467
19,403
44,860
42.287
53,049
83,555
145,268
136,OSS
298,300
456,800
426,400 7,114,099
24,920
28,148
365,895
92,878
80,081 1,295,204
65,048
62,051 1,047,874
5,083,317 4,514,677 10,021,156
Island Slystem .
2,76.8
1,197:
1.375
93.040
84,042
186,186
244,4701 235,892
478,888
thern Rai lw a y.
920,606! 831,691 13,114,303
162,8721 155,786 1.725,765
518,464
47,336
44,445
59,926
59 551
615,458
5,771,52815,108,147 16,364,114
226,528' 214,457
708,509
5,998,056 5,322,604 17,072,623
49,315
675,808
42,4091
685,736
630,680 1,320,675
4,801,554 4,647,543 14,336,409
163.000
198,0001 2,155,000
131,121
127,316 2,064.704
'942,319
66,192
69.555
214,068
208,386
416,699
905,967
678,743 1,753,744
Y o rk Cen tral
Y o rk Cen tral.
3,496,604
6,765,646
57,539
109,300
53,383
In c . 97, 061
In c . 186,
120,446
104.961
238,456
951,920
829,565 13,682,920
12,343
13,894
38,395
4,554
7,485
19,134
32,741
37,438
66,734
3,050,690 1.958,081 6,088,659
169,702 2,523,548
159,859
176,900 1,975 900
183,500
26,950
27,710
352,743
Y o rk Cen tral.
48,021
118,182
363,213
16,001
231 773
13,816
74,565 1,252,061
95,961
297,649
275,201 3,501,252
2,228,414 1,940.862 4.512,949
928.000
914.000 14.771.561
35,000
34,000
540,000
963.000
948.000 15.311.561
133,934
120,751
268,117
hern R a il w a y.
995,211
969,531 1,953,050
309,258
288,049 4,746,258
19,542
19,2011
287,814
8,630
8,204
110,762
6,811
8,361
84,489
Y o rk Cen tral.
845,505! 1,726,403
899,256

759,080
344,818
309,396
6,306
13,932 255
4,061,242
117,143
3,747,957
13,725,886
426,493
13,352
10,058
2,418,680
282,587
2,173,800
21,175,420
3,112,048
4,657,569
41,284
4,129,002
5,821
11,586,094
2,468,535
1,712,283
55,423,053
11,453,660
2,134,540
457,538

411,696
3,483,176
46,672
68,496
37,490
92.760
282,143
6,063,887
336,093
1,131,644
942,680
8,875,702
2,753
169,067
454,441
12,136,347
1,559,655
514,865
573,255
14,653,462
692,188
15,345,650
622,645
1 ,224,131
13,475,939
2,316,000
1,913,267
901 706
398,186
1,368,593

103,659
064
208,709
12,318,543
39,409
32,304
60,776
4,365,623
2,184,917
1.805,900
301,175
152,156
215,945
1,144,518
3,613.916
3,789,217
13.437.349
503,000
13.940.349
235.045
1,879,778
4,149.125
294.045
83,746
61,249

N Y C & H u d R iv e r A u g u s t ___
L a k e S hore & M S A u g u s t ___
L a k e E rie & W est A u g u s t ___
Chic In d & South A u g u s t ___
M ichigan C entral. A u g u s t ___
C leve C C & St L . A u g u s t ___
P eo rla & Eastern A u g u s t ___
C incinnati N o r th . A u g u s t ___
P itts & L a k e E rie A u g u s t ___
R u t la n d _________ A u g u s t ___
N Y Chic & St L . A u g u s t ___
N Y Susq & W e s t .. August ___
N o rfo lk & W e stern . A u g u s t ___
N o rth ern C entral . . A u g u s t ___
N orth ern P a c ific ___ A u g u s t ___
P a cific Coast C o ___ A u g u s t ___
d Pen n — E ast P & E A u g u s t ___
d W e s t o f P & E . A u g u s t ___
Peo ria & Eastern ._ — See N ew
Ph ila B a lt & W a s h . A u g u s t ___
P itts Cin Chic & S tL A u g u s t ___
P itts & L ake Erie — See N e w
R a leigh & C h a riest'' J u n e _____
R a leig h & Southport A u g u s t ___
R ea d in g R a ilw a y .. A u g u s t ___
Coal & Iro n C o .. A u g u s t ___
T o ta l both co ’s . . A u g u s t ___
Rich Fred & P o t ___ J u l y ------K lo G rande J u ne___ J u l y .........
R io G ra n d e S o u th .. 1st w k Oct
R o c k Islan d System A u g u s t ___
e S t L & San Fran A u g u s t ___
f E va n sv & T e r H A u g u s t ___
T o ta l o f all lin es. A u gu st ___
R u t la n d ____________ — See N e w
S t Joseph & Gr 3si_ A u g u s t ___
St Louis & San Fran — See R ock
St Louis S ou thw est. 2d w k O ct
S ea b o a rd A lr L in e ... A u g u s t ___
Sierra R a ilw a y ____ July .........
Southern In d ia n a .. S eptem ber
c Southern P a c C o . . J u l y ______
Southern R a llw a y .. 1st w k O ct
M obile <5c O h io ___ 1st w k O ct
Cin N O & T e x P . 1st w k O ct
A la G reat S ou th . 1st w k O ct
G eorgia So & F la . 1st w k O ct
T ex a s C e n t r a l_____ 1st w k O ct
T ex a s & P a c ific ____ 2d w k O ct
T id e w a te r & W e s t. A u g u s t ___
T o le d o & Ohio Cent A u g u s t ___
T o le d o P e o & W e s t . 1st w k O ct
T o l S t L & W e s t___ 2d w k O ct
To m b ig b ee V a l l e y . . A u g u s t ___
T o r H am & B u ffalo Septem ber
U n io n P a cific S y s t. Ju ly _____
V irg in ia & So W e s t . Septem ber
W a b a s h ____________ 2d w k O ct
W estern M aryland . 2d w k O ct
W Jersey & Seash _. A u g u s t ___
W h eel & L a k e E r ie . 1st w k O ct
AVlsconsin C e n tra l.. A u gu st __
W rljjh ts v & Tcn n ille A ugust
Y a z o o & Miss V a lley Sep te m b e r

V arious F isca l Years.

P e rio d .

A tla n ta & C h arlotte A ir L in e ___
B ellefon te C en tra l_______________
M a n is tlq u e ______________________
M exican R a ilw a y ________________
M exica n S ou thern _______________
N e w Y o rk C en tra l_______________
L a k e Shore & M ichigan South
L a k e E rie & W estern ____ _____
C h icago.In dian a & S ou th e m .
M lch lgan C entral_____________
C leve Cin Chic & St L o u is____
P eo ria & E astern _____________
Cincinnati N o rth ern _________
P ittsb u rg h & L a k e E rie ______
R u tla n d ________________________
N e w Y o r k Chicago & St Louis
N o rth ern C en tra l________________
d P en n — E ast o f P itts & E rie ___
d W e s t o f P ittsbu rgh & E r i e . .
P h ila B altim ore & W ash in gton .
P it t s Cin Chicago & St L o u i s . .
R io G rande Ju nction ____________
Texa s & P a c ific _________________
W e s t Jersey & Seashore________

Mch
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
D ec
Jan
Jan

1 to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
_ to
1 to
1 to
1 to

June
Sep
Sep
Sep
Sep
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Ju ly
O ct
Aug

69,
21,
7,852,
5,839,
13,691,
178
78,
177,
10,726;
9,046,
422,
20,196,

58,233
11,714
,679,453
,388,217
,067,670
158,376
61,595
164,636
,430,335
,482,675
412,476
,325,488

320,192

296,410

3,164 238
2,617 167
40 222
460 832
11 ,451 270
,093 835
2,887 326
2,475 067
1,142 616
619 351
322 561
4,362 356
18 739
. 917 ,146
337 406
1,275 960
12 383
224 6 <5
7,233 ,994
315 486
8,605 662
1,844 023
1.631 ,831
1,943 445
1.477 589
39 ,383
2,147 ,000

,831,997
,351,282
38,441
393,037
,213,736
.773,874
,020,007
,291,693
,050 840
558,808
253,668
,893,012
16,089
875.887
337,415.
,223,00511,541
193,900'
.207,829
252,917
,379,882
,588.050
,501,031
,626,544
,291,337
39 112
,956,29ft

Curren'
Year.
1,452.308
46,365
50,353
5,947,100
1,029,295
64,964,633
29,530,338
3,319,688
1,983,239
18,695 084
17,223,618
1,935,733
659,281
9,995,235
1,966,340
6,915,035
8,781,745
109264013
In c . 7,39
11 ,303,516
21,540,399
542 953
12,756,097
3,959,283

1,652,875

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
M on th ly Summ aries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st

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

Ju ly
Aug
Aug
Aug
Aug
Sept
Sept
S ept
Sept
O ct

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

ro a d s )___
ro a d s )___
ro a d s )___
ro a d s )___
ro a d s )___
r o a d s ).. .
r o a d s ) .. .
r o a d s ).. .
ro a d s ). . .
r o a d s )...

C u r ’nt Year P rev’s Y e a r] In c . or Dec.
15,869,563
10,422,864
10.859.109
10,979,680
15,826,422
10,203,348
10,675.363
10,831,739
13.165.110
10 550,529

13,947,977 4-1,921.586 13.77
9,602,427,
+ 820,437 8.54
10.067.077i
+ 792.032 7.87
10,057,599
+ 922.081 9.16
14.483.145 + 1.343 277 9.27
9,494.861 i
+ 708,487 7.45
9,882,969
+ 792,394 8.02
10,129,558
+ 702,181 6.93
12,153.033, + 1,012,077 8.33
9,860.692:
+ 689,837 6.99

M o n th ly Summ aries.
M onth
Month
M onth
M onth
M onth
M on th
M onth
M onth
M onth
M onth

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

1906
1907
1907
1907
1907
1907
1907
1907
1907
1907

(127
(123
(122
(118
(118
(121
(121
(116
(67
(55

r o a d s ).
roa ds).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).

C u r'n t Y ea r P re v ’s Y ear In c . or Dec
S
184,235
173,212
162 283
180,539
188,130
195,943
183 125
187,069
86,377
56,317

595 170 .746 769
305 162 ,623,883
992 152 555,191
532 164 ,645,009
451 154 ,894,748
,305 165 890,345
,657 161 .235,109
790 163 685,258
190, 79 ,029,051
229; 52 ,172,480

+ 13,488
+ 10,588
+ 9 728
+ 15,894
+ 33,235,
+ 30 052
+ 21,890,
+ 23,384
+ 7,348,
+ 4,144,

7.80
6.61
6.05
9.65
21.45
18.12
13.59
14.28
9.30
7.95

a M exican currency.
6 Includes earnings o f G u lf <5c Chicago D ivision,
c Includes the Houston & Texa s Central and its subsidiary lines in both
years. ii Covers lines d irectly operated, e Includes the Chicago & Eastern Illin ois la both years,
f Includes E va n sville & In d ia n a R R .
h Inclu des
earnings o f Col. A South., F t. W orth & D en ver C ity and all a ffilia ted lines, exceptin g T r in ity & Brazos V a lley R R .
k Includes in both y e a r3 earning*,
ttt D o aver Enid & G u ll R R ., Pecos S y ite m and Santa Fe Prescott & P h oen ix R y .




998

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the first
week of October. The table covers 44 roads and shows
6.99% increase in the aggregate over the same week last year.
F ir s t week o f October.

1907.

.

1906.

Increase.

5
72,866
184,298
182,600
1,497,000
256,500
165,508
119,270
34,861
170,275
303,309
478,700
28 148
92.878
65,048

5
66,688
184,121
164,100
1,482,000
235,100
157,488
121,470
33,839
151,852
269,305
423,400
24 920
86,081
62,051

1 022
18,423
34,004
55,300
3,228
6,797
2,997

920,606

831,691

88,915

42,952
49,315
137,000
134,609
63,699
951,920
149,410
16,001
84,476
297,649
846,000
30,000
182,654
294,759
17,537
8,204
12,078
212,942
1,182,814
24.859
285,632
23,541
83,463
590,786
114.429
141,933

43,008
42,409
165,000
129,980
65,274
829,565
154,222
13,816
71,767
275,201
808,000
29,000
155,640
254,053
18,508
8,630
10,926
209,000
1,078,549
25,194
259,532
23,807
73,055
595,812
104,093
122,538

T o t a l (44 r o a d s i------------------- 10,550,529
N e t increase (6 .9 9 % ) --------------

9,860,692

A la b a m a G reat SouthernC a n a d la n N o rth e rn _______
•Canadian P a c i f i c _________
C en tra l o f G eo rg ia _______ _
C h icago G reat W e s te rn ___
.C hicago In d ia n ap olis <5c L o u is v .
C h ica go T erm in a l T ra n s fe r .
C in eln n a ti N e w O rl & T ex a s P a c
C olora do & S ou th ern ______
D en v e r & R io G ra n d e ____
D e tro it & M a ck in a c________
D e tro it T o le d o & Iro n ton
Du lu th South Shore & A t la n t ic .
• G rand T ru n k o f C a n a d a _______ i
G rand T ru n k W e s t e r n .___ _
D e tro it G rand H a ven & M il. j
C a n a d a A tla n tlc ----------------- j
G eorgia Southern & F lo rid a ----G u lf & Ship Is la n d ------------------In te rn a tio n a l & G reat N orth ern
In tero cea n ic o f M ex ico -----------Io w a C e n t r a l-------------------------L o u is ville & N a s h v ille -------------M ex ica n In t e r n a t io n a l-----------M in era l R a n g e ___________________
M in neap olis & S t. L o u is ----------M in neap olis St P a u l & S S M ___
Missouri P a cific & Iro n M t ______
Central B r a n c h ------------------M obile & O h io ______________* ___
N a tio n a l R a ilro a d o f M e x ic o ___
H id a lg o & N o rth ea stern ------N e v a d a C a liforn ia & O re g o n ___
R io G rande S ou th ern ________ -_
S t Louis S ou th w estern -----------Southern R a ilw a y ------------------T e x a s C e n tra l-------------------------T e x a s & P a c ific ----------------------T o le d o P eo ria & W e s te rn --------T o le d o S t Lo u is & W e s te rn -----W a b a s h ---------------------------------W estern M a ry la n d ------------------W h e e lin g & L a k e E r ie --------------

N et

E a r n in g s

M o n th ly

to

L a te s t

Decrease.
$

5
6,177
177
18,500
15,000
21,400
8,020

2,200

In te r e s t

Roads.
Cuba R a ilr o a d ............. - - A u g
Ju ly 1 to A u g 31_______
C u m berlan d T & T C o .- S e p t
Jan 1 to S ept 30_______
E dison Elec Co (B r o c ’ n) A u g
Jan 1 to A u g 31-.______
F a ll R iv e r Gas W o r k s ..A u g
H o u g h to n Co E lec L t . . . A u g
Jan 1 to A u g 31_______
L o w e ll Elec L t C o rp ------A u g
Jan 1 to A u g 31...........
M in neapollsG en E lec Co A u g

C h a rg es

and

— I n t . , Rentals, & c .—

— B a l. of N e t E ’ngs .—
C u rre n t
P re v io u s
C u rren t
P rev iou s
Y e a r.
Y ea r.
Y ea r. Y ea r.
Roads.
5
5
5
5
M o K a n s & T e x a s - ......... A u g
561,755
484,385
338,483
277,427
J u ly 1 to A u g 3 1 _______ 1,116,649
957,921
708,683
471,628
N e v a d a Cal & O r e g o n ..A u g
3,880
3,275
19,502
14,791
Ju ly 1 to A u g 31_______
7,753
6.584
33,088
25,738
N Y N H & H a rtfo rd —
A p r 1 to June 30_______ 3,760.368
5,525,584 .r2,349,589:rdef302,065
Jan 1 to June 30_______ 7,168,551
7,946,566 *2,698,698
*496,614
J u ly 1 to June 30_______ 14,152,168
14,246,207 *7,249,706 *5,191,286
68,025
74,274
331,459
265,060
N Y O nt & W e s te rn ____ A u g
J u ly 1 to A u g 31_______
138,378
146,659
585,068
531,468
Seaboard A ir L in e _______ A u g
377,590
344,960 *d e f7 9 ,5 2 9 *d e f167,026
J u ly 1 to A u g 31_______
757,867
696 ,378*dcfl95,580*def270,735
T e le d o P eo ria & W estern A u g
24,235
24,771
*136
d e f 736
J u ly 1 to A u g 3 1_______
47,844
48,739 *d ef2 ,9 1 5
def4,153
S e p te m b e r_______________
23,461
23,949
*13,776 5,708
J u ly 1 t o Sept 30_______
71,305
72,689
*10,861 1,555
U S T ele p h C o . ......... - - - A u g
13,883
12,883 '
8,842 7,462
Jan 1 to A u g 31 _______
109,795
103,373
69,312
65,427
* A ft e r a llo w in g fo r o th er in com e received .

STREET R A IL W A Y S A N D TRACTION COMPANIES.
56

6,906
28 000
4,629

Latest Gross E a rn in g s.
N a m e of
Road.

1,575
4,812
2,185
12,709
22,448
38,000
1,000
27,014
40,706
971
426
1,152
3,936
104,265

___

_
335

26,100
266
10,408
5,026
10,336
19,395
733,504
689,837

D a te s .— T h e

-----43,667

t a b le

fo l­

S u r p lu s .

— I n t . , Rentals, & c .— — B a l. o f N e t E ’ngs.—
C u rre n t
P re v io u s
C u rren t
P re v io u s
Y e a r.
Y e a r.
Y e a r.
Y ea r.
5
5
$
$
28,329
24,579
10,085
4,092
56,658
50,825
32,382
11,021
40,423
36,075
157,043
131,184
347,675
293,115
1,302,817 1.191,060
688
613
5,179
2,073
6.478
5 ,7 4 9 .
40,094
24,056
1
698
12,420
12,411
2,237
2,187
4,330
4,296
20,075
20 000
49,696
46,500
529
872
6,581
5,827
7,787
8,148
59,119
51,095
22,142
8,9(!8
6,182
13,427

A lb a n y & H u dson ___
a A m eriea n R y s C o ___
c A u r E lg in & Chic R y
B in gh am ton R y ______
B irm R y L t & Pow er
B ro c k to n & P ly S t R y
Cape B reton r.le c C o .
Central P en n T r a c ___
Chari Con R y G a s& E l
Ch icago He M ilw t lec.
dChlcago & O ak P a rk
C leve P a in esville & E
C le ve Southw & C o l . .
D etroitJackson & C h il
/ D etro it U n ited R y .
D u lu th S treet R y ___
East S t L ou is & Sub.
E l Paso E le c tr ic _____
F t W a y n e & W ab ash
V a lle y T r a c tio n ___
G a lvesto n E lec tric Co
G al-H ou s E lectric Co
H a v a n a E lec tric R y .
H onolu lu R a p id T r &
L a n d C o ___________
H o u g h to n Co St R y . .
Illin ois T ra c tio n C o . .
Jackson Consol T r a c .
Jackson ville Elec C o .
K a n C ity R y & L ig h t
L a k e Shore E le c tr ic ..
L e x & In te r R y s C o . .
M et W e s t Side E le v - M ilw E lec R y & L t Co
M ilw L t H t & T ra c Co
M ontreal S treet R y N a sh vllle R y & L igh 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 l e v . .
O klah om a C ity R y . .
Peek sk ill L ig h t & R R
Pen sacola E lect C o _ .
P o rtla n d R y L t & P Co
P u ge t Sound E lec R y
R io de Janeiro T ra m
L ig h t & P o w e r ___ _
R o ck fo rd <Sc In t e r u r ..
S t Joseph (M o) R y L t
H ea t & P o w e r C o . .
S a o P a u lo T r L t & P .
S avannah E lectric Co
S ch u ylkill 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 i l w a y ___
T w in C ity R a p T r a n .
U n lted 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 C o R y & L t

J a n . 1 to latest da te

C u rren t I P reviou s \ C urrent
Y ea r. I Y ea r.
Y ear.

122,355

lo w i n g s h o w s t h e g r o s s a n d n e t e a r n in g s o f S T E A M r a ilr o a d s
r e p o r t e d th is w e e k .
------ Gross E a r n ’gs— —
------ N et 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 e a r.
Y e a r.
Y e a r.
Y ea r.
Roads.
$
5
$
5
C uba R a ilr o a d ___________ A u g
145,268
136,038
38,414
28,671
Ju ly 1 to A u g 31_______
298,300
282,143
89,040
61,846
C u m berlan d T & T C o .S e p t
503,721
450,583
197,466
167,259
Jan 1 to S ep t 30_______ 4,351,788
3,973,015 1,650,492
1,484,175
E d ison F le e Co (B r o c ’ n )a A u g
14,182
10,935
5,867
2,686
Jan 1 to A u g 31_______
119,150
100,609
46,572
29,805
F a ll R iv e r Gas W tfr k s .a .A u g
33,844
30,435
12,421
13,109
F o n d a Johns & G lo v _ a - - A u g
93,040
84,042
51,757
47,799
J u ly 1 to A u g 31_______
186,186
169,067
111,341
98,791
H o u g h to n Co E lec L t - a . A u g
16.381
15,794
6,567
6,483
Jan 1 to A u g 31_______
152,683
140,460
69,771
66,500
In c 97,061
In c 27,458
L o n g I s la n d .b ___________ A u g
J u ly 1 to A u g 31--------In c 186,064
In c
632
L o w e ll E lec L t C o r p .a - - A u g
23,557
20,581
7.110
6,699
Jan 1 to A u g 31_______
197,915
174,559
66,906
59,243
M in n Gen E l C o .a ______A u g
67,715
60,511
28,324
22,335
M o K a n s & T e x a s .b ____ A u g 2,288,414 1,940,862
900,238
761,812
1,825,333 1,429,549
J u ly 1 to A u g 31_______ 4,512,949 3,789,217
N e v a d a Cal & O re g o n - a - A u g
37,591
27,755
22,247
16,873
J u ly 1 to A u g 31_______
66,958
49,724
37,892
29,902
N Y N H & H a r t fo r d - b —
A p r 1 to June 30........... 14,604,996 13,435,186
4,159,132 3,767,630
Jan 1 to June 30 _______27,275,006 25,588,736
7,329,497 6,821,351
17,751,853 17,261,735
J u ly 1 to June 30........... 55,601,935 52,984,321
N Y O n t & W e s t e r n _ a ..A u g
899,256
845,505
399,484
339,334
J u ly 1 to A u g 31_______ 1,726,403
1,652,875
723,446
678,127
P a c ific C o a st____________ A u g
755,960
622,106
148,233
137,313
J u ly 1 to A u g 31_______ 1,493,427 1,185,620
263,678
251,711
S eaboard A ir L i n e . b ____ A u g 1,326,305 1,171,596
296,480
176,138
J u ly 1 to A u g 31......... . 2,617,167 2,351,282
553,162
416,497
T o l P eo ria & W e s t e r n .b . A u g
105,251
105,176
20,239
24,035
J u ly 1 to A u g 31_______
198,645
204,276
32,960
44,586
S e p tem b er_______________
115,220
109,332
32,237
29,657
J u ly 1 to S ept 3 0 - .........
313,865
313,608
65,197
74,244
37,603
33,798
22,725
20,345
U S T e l e p h C o . b ............. A u g
Jan 1 to A u g 31_______
307,139
288,754
179,107
168,800
W ab ash _ b _______________ A u g 2,602,303 2,505,541
1,028,109
895,956
J u ly 1 to A u g 31_______ 4,912,161
4,780,882
1,778,086 1,642,626
W estern M a r y la n d .a ___A u g
586,416
473,416
y230.689
f/179,841
J u ly 1 to A u g 31_______
1,063,713
934,241
2/389,822
J/352,536
W h ee lin g & La k e E r ie .b .A u g
657,340
561,037
197,291
223,357
Ju ly 1 to A u g 31 _______ 1,242,534
992,129
1 372,565
359,731
W iscon sin C e n t r a l,b ____ A u g
728.663
677,168
263,527
278,670
J u ly 1 to A u g 31 _______ 1,477,589 1,291,337
576,040
518,247
a N e t earnings here g iv e n a rea fter d ed u c tin g taxes,
b N e t earn in gs here given are before d ed u c tin g taxes,
c Figu res revised fo r previou s ye a r so as to accord w ith the n ew classifica­
tio n o f earn in gs and expenses n ow requ ired b y the In ter-S ta te Com m erce
Com m ission.
y F o r A u gu st a d d itio n a l in com e and n et profits from coal, & c., w ere 563,160 this y e a r, a ga in st $28,947 last ye a r, an d fro m J u ly 1 to A u g . 31 w ere
5159,682 this y e a r, a ga in st 552,579 last year.




[V©L. LXXXV.

THE CHRONICLE

5
5
40,178
42,265
270,058 258,097
150.597 131 ,434
20,240
22,011
185,569 160,362
17,327
17,383
23,970
23,468
65,205
75,401
64,437
56,290
97,156
111,117
64,369
64,588
31,707
35 125
75,992
64,371
7,517
125,940
16,758'
192,844
42,130
105,690
33,441
83,586
30,875

A u g u s t ___
J u ly . . .
A u g u s t ___
Wrk O ct 13
A u gu st —
A u g u s t ___
Ju ly ______
A u g u s t ___
A u g u s t ___
A u g u s t ___
A u g u s t ___
A u g u s t ___
S eptem b er
A u g u s t ___
A u g u s t ___
W e e k O c tl2
A u g u s t ___
S eptem b er
J u l y ______
A u g u s t ___
A u g u s t ___
A u gu st —
S eptem b er
A u g u s t ___
A u gu st —
A u gu st —
A u g u s t ___
A u g u s t ___

29,679
25,337
329,600
18,465
34,695
523,641
118.332
59,085
211,468
337,439
100,796
69,630
130,492
46 545
466,748
216,146!
307,487
8,700
146,170
26,732
16 760
21,044
359.347
165,079

28,681
25,694
262,724
16,250
27,679
470,578
102,468
51,546
190,462
319,034
79,970
61,311
111,080
45.125
443,831
194 379
162,622
7,221
116,262
17,473
14,831
15,542
319,617
142.603

2,234,0981
934,557
85,886
1,401,530
83,234
155,327
498,693
475,189
785,400
628,909
192,712
568,891
6284,936
5,168,409
658.911
1,376 762

1,383,584

1,199,874

2,629,219

2,253,979

650,563
1,357,177

622,233
1,319.943

52,881
Septem b er
A u g u s t ___
A u g u s t. . .
A u g u s t ___
Septem b er
S eptem ber
A u g u s t ___
M a y ___
W k O ct 12
1st w k O ct
J u n e ______
Septem ber
S eptem ber
A u gu st —

121,87 6
1,277,572
95,402
700,118
784,391
2,369,374
4,319,257
8,116,336
102.738
226.518

7,632,958
66,678
173,459

a Figures for the month In both years include operations o f the Scranton
R y ., acquired Jan. 1 1906. b Figures are from Feb. 1. c These figures are
for consolidated company, d These are results for main line, f Now In­
cludes Rapid R y. Syst., Sandwich Windsor & Amherstburg R y. and Dtrolt
Monroe & Toledo Short Line R y. h These are early preliminary returns
decrease due to earthquake, fire and strike among employees, Aug. 26 to
Sept. 5 1906.

Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Oct. 5 1907. The
next will appear in the issue of November 2 1907.
------ Gross E a r n ’gs-----C u rren t
Y ea r.
Roads.

Brockton & Plym St R y .A u g
Jan 1 to Aug 31--------Cape Breton Elect C o— A ug
Jan 1 to Aug 31 --------Chic & Milw Elec______ Sept
Jan 1 to Sept 30_______
Cleve Southw & Col____Sept
ja n 1 to Sept 30--------El Paso Elect C os.a----- A ug
Galv-Houston El C o_a --A u g
Houghton Co St R y - a - - A u g
Jan 1 to Aug 31 --------Jacksonville El C o-a --A u g
Jan 1 to A ug 31...........
Orange Co Tract Co bJuly 1 to Sept 30_______
Pensacola Elect C o----- .A u g
P u g e t Sound Elec R y . . . A u g
Savannah Elect C o .a --A u g

P rev iou s
Y ear.

----- N e t E a rn in g s ------

785,400
75,992
o68,891
42,130
99,467
25,337
165,829
34,695
261,631

162,840
97,156
633,542
64,371
482.634
32,048
83,586
25,694
148,683
27,679
207.304

C u rren t
Y ea r.
5
7,623
26,324
11,247
51,134
68,327
459,965
35,499
242,111
8,946
43,323
12,006
61,816
12,331
92.980

P re v io u s
Y ea r.
5
10,433
28.00C1
10,921
62,208
57,291
380,784
30,881
209,846
7,547
34,391
13,182
50,587
10,672
78,976

59,749
21,044
165,079
54,417

37,853
15,542
142.603
59,333

28,119
7,949
62.345
16.619

8.349
5.336
56.40C
25.90S

5
17-Hi;?

83,234

, ?2’5I2

155,327

5
i l ’523

76,671

,£'I!,4S£

O c t. 19 1907 \

------ Gross E a r n ’gs------ ------ -N et 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.
$
$
$
$
United Rys o f St L . a . . -Sept
930,606
884,121 341,723
353,206
Jan 1 to S ep t 30--------- 8,116,336
7,632.958 2,817,320
2,847,285
West Ches (P a ) St R y . b . Sept
12,634
9,474
7 048
5,269
Jan 1 to S ep t 30_______
102,738
66,678
55,321
31,987
W h a tco m Co R y & L t - . A u g
31,696
24,423
14,009
9,103
Jan 1 to A u g 30_______
226,518
173,459
92,058
54,289
a N e t earning's here g iv en are a fte r d ed u c tin g taxes,
b N e t ea rn in g shere g iv en are before d ed u c tin g taxes.

Interest Charges and Surplus.
— In t . , Rentals, & c .— — B a l. o f N e t
C u rre n t
P re v io u s C u rre n t
Y ea r.
Y «a r .
Y ea r.
Roads.
$
$
$
Brockton & P ly m St R y . A u g
1,787
1,844
5,836
14,288
14,629
12,036
Jan 1 to A u g 3 1 :------Cape B reton El C o ---------A u g
4,314
4,250
6,933
Jan 1 to A u g 3 1 ...........
34,214
34,660
16,920
E l Paso E lec C o s.........- - A u g
5,260
4,084
3,686
G a lv-H o u s to n El C o ____ A u g
13,426
11,959
29,897
H o u g h to n Co S t R y ------A u g
3,977
3,912
8,029
Jan 1 to A u g 31_______
31,619
31,301
30,197
Jack so n ville E l C o ______A u g
4,680
3,428
7,651
Jan 1 to A u g 31 _______
30,245
27,016
62,735
O range Co T r a c Co—
J u ly 1 to S ept 30 --------9,120
8,061 £20,211
Pen sacola E lec C o _______ A u g
3,594
3,161
4,355
P u g e t Sound E l R y ------A u g
33,664
26,240
28,681
S avan n ah E lec C o --------- A u g
12,250
11,537
4,369
U n ited R y s o f S t L o u is .- S e p t
232,404
233,006 109,319
Jan 1 to S ept 3 0 - ......... 2,083,730
2,087,352 733,590
W e s t Ches (P a ) S t R y - - S e p t
2,651
2,853
4,397
Jan 1 to Sept 30--------24,048
23,523
31,273
W h a tco m Co R y & L t - . A u g
6,710
3.758
7,299
Janl
to A u g 31......... 51,651
30,358
40,407

E ’ngs.—
P r e v io u s .
Y ea r.
$
8,589
13,371
6,671
27,548
3,463
22,432
9,270
19,286
7,334
51,960
x357
2,175
30,160
14^372
120 200
759,933
2,686
8,464
5,345
23,931

A N N U A L REPORTS.
Annual 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 & Industrial” and “ Street Railw ay” sections.
This index does not include reports in to-day’s “ Chronicle.”
Railroads—
Page. I In d u stria l C om panies— (con.) Page.
A la b a m a & V ick s b u rg-------------- 721
B a la k la la C opper (sta tem en t M a y
A tch is on T o p ek . & S anta F e .915, 938
4 1907)_________________________ 791
A tla n tic Coast L in e Co. o f C o n n . 717 Bem ls Bros. B ag (b a l.s h .N o v .28) 341
A tla n tic Coast L in e R R . (preA . B ooth & C o., C h ica go _______ 791
lim ln a ry s ta te m e n t)-------------- 856 C a liforn ia O il Field s, L t d _______ 281
B a ltim o re & Ohio (p relim , sta te.) 220 Cal. W in e Assn. (b a l. sh. D ec.
B a n go r & A ro o s to o k ____________ 653
3 1 ) _______________ _ .
283
B oston & M a in e----------------------- 859 C entral Coal & C o k e_______ .218, 340
B u ff. R o ch . & P it t s b u r g h ..402, 414 C entral F o u n d ry________ _ _
525
B u ff. & Susq. (p relim , r e p o r t ) . . 525 Ches. & D elaw are C a n a l......... .. 341
C an adian P a c ific ---------652, 716, 726 Chicago R a ilw a y E q u ip m e n t___ 219
C entral o f G eo rg ia ------------ 5 9 5 ,6 0 4 C olorado Fu el & I r o n . .
466
C en tra l R R . o f N e w Jersey------ 785 Consol. C otton Duck (h alf-yea r) 465
Chesapeake & O h i o -----------9 1 5 ,9 4 3
Corn Prod u cts (statem en t to
Chicago & A lto n R R ____________ 857
N . Y . S tock E x c h a n g e )_______ 527
Chicago G reat W e s te rn ------------ 917 Crucible Steel Co. o f A m e r ic a _____920
Chicago In d ia n ap olis & L o u is v . 787 Cu yah oga T ele p h o n e____________ 528
Ch icago M ilw a u kee & S t. P a u l . . 652 .D istillers Securities C o rp _______ 790
C h icago & N o rth W e s te rn ___ 651, 657 Edison E lec. 111. Co. o f B o s t o n .. 724
Chicag >R o c k Islan d & P a c ilic . . 916 ( E .I .) d u P o n t de N em ours P o w .
C hic. St. P a u l M inn. & O m ah a- 717
(rep ort Com . o f C o r p .)_______ 342
Cincinnati H a m ilto n & D a y t o n . 921 E lec trica l Secur. Corp. (h a lf-y r.) 792
C levela n d A k ro n & Colu m bu s. _ 215 E m pire Iron & S te e l____________ 218
C olora do & Southern R y . . 8 5 5 , 868 G alveston W h a r f________________ 341
Cuba R R _________________
___
921 G lob e-W ern ick e (b a l. sh.June 29) 342
D e n v e r & R io G ra n d e_______ 651, 665 G ra n b y Consol. M in ., Sm elt
D e tro it M ack. & M arq. L . G. bds. 463
P o w e r (statem en t Jan. 3 1907) 403
D e tro it T o le d o & Ir o n to n --------- 722
G reat W estern Cereal (bal. sheet
D u lu th South Sh. & A t la n t ic ___ 788
A p ril 30 1907)__________________404
E rie R R --------------------- -.8 5 6 ,9 2 4
In gerso ll-R a n d (sta tem ’ t A p r. 16)465
E v a n s v ille & T erre H a u te
----- 921
K n ick erb o ck er Ic e, C h ic a g o ..
862
G ran d Tru n k o f Can. (h a lf-yea r) 468 L a B e lle Iro n W ork s, W h eelln g .7 2 0
G reat N o rth e rn ------------------------ 916 L a k e Superior C o rp oratio n _______ 866
G u lf & Ship Is la n d ------------------- 860 M ahoning In v e s tm e n t___________ 598
H o ck in g V a lle y ----------------717, 733 M a rs d e n C o ., P h ila d elp h ia ______ 340
Illin o is C e n tra l----------------- 785, 797
N a tio n a l E n am elin g & S ta m p g . 525
Io w a C e n tra l_____________________ 793 N e w Y o r k D o c k _________________ 862
K a n a w h a & M ich iga n ................. 788 N orth ern C a liforn ia P o w e r ............340
Leh igh V a lle y ------------------- 401, 4T0 N o v a S cotia Steel & C o a l...........525
L o u isian a & A rk . (p relim , sta te.) 464 P a cific Coast ____________________ 923
L o u is v ille & N a s h v ille ______856, 929 P a ge W o v e n W ire Fence
466
M aine C e n tra l------------------------- 918 P ittsb u rg h Oil & G a s ..................... 280
M ex ica n C e n tra l---------------------- 793
P itts . T erm . W areh ou se & TransM lnneapolls & St. L o u is ----------- 793
fe r (o ffic ia l statem en t) - _______ 527
M inn. St. P a u l & S. Ste. M a rie . 919 P la n ters Com press_______________ 341
Missouri Kansas & Texas402,716,735 P ly m o u th C ordage C o ___________ 862
N a sh v. C h attan . <Sc St. L o u is —
787 Pope M fg . (b a l. sh. June 3 0 )___ 403
N e w Orleans & N o rth ea stern —
722 R ep u b lic Iro n & S te e l___________ 718
N . Y . N . H . & H a r tfo r d ----------- 858 Seal’s. R oebu ck & C o ____________ 863
N e w Y o r k O n tario & W e s t e r n .. 596 S. S later & Sons (b a l.s h .F e b .27) 342
N e w Y o rk Susqueh. & W estern . 922 S o cie ty A n o n y m e W estlnghou se 597
_ 280
N o r fo lk & W e s te rn _________ 651, 660 Southern C otton O il .
N o rth ern P a c ilic —
--------------916
S ta n d .O il (rep.C om .of C orp .) 216, 350
N o rth w estern P a cific R R ......... - 861;
do
rep ort . . .
.
790
R e a d ln g C o ......... ............ 71 6 ,7 2 9 ,7 8 7
S tan d. O il o f N . Y . (ba l.sh .J a n .'l) 791
St. Louis & San F ra n cisco_______ 917 T ex a s P a cific L a n d T r u s t_________219
S t. Louis S ou th w estern __________861 T o rrin g to n C o ______________________ 792
Southern R y . (p relim in ary state.)464 Union O il C o ____________
I
280
T ex a s C entral - ------------------------ 923 U nited S tates E n velo p e . .
466
T o le d o & Ohio C e n tra l............... 789 U nited S tates Express (h a lf-y r.) 467
T o le d o P eo ria & W e s te rn ........... 406 U n ited S tates G lass_______ ______ 467
U nion P a c ific -------------------------- 916 \U. S. S teel Corp. (h alf-yea r)
. 277
V ick sb u rg Shreveport & P a c ific . 723 ! U n ited States T e le p h o n e ________ 528
W ab ash R R ----- —
---------917 V ic to r F u e l________________________ 474
W ash in gto n C ou n ty (M e.) R y _ _ 723 V irg in ia Iro n Coal & C o k e _______ 809
W h ee lin g & L a k e E r ie -------------- 786 ; V u lcan D etln n ln g________________ 528
W isconsin C entral
------- . 922 i W a lth a m W a tc h (b alan ce sheet
Y a z o o & Mississippi V a lle y .7 8 5 , 804
March 3 1 )_____________________ 528
W a rren Bros. (b a l. sh. Jan. 1 ) . . 528
In d u stria l C om panies—
W ells F a r g o _______________________ 597
A la b a m a Consol. Coal & Ir o n — 217 W elsb ach C o_____________________ 669
A m e r . A g r lc . Chem ical C o --------- 403
W estern U nion T e le g ra p h _______ 919
A m e r . D ist. T e l. Co. o f N . J ------465
W estlnghou se A ir B ra k e ________ 720
A m e r . D ist. T e l. Co. o f N . Y ----- -465 , W estlnghou se M a c h in e __________ 217
A m e r . D y e w o o d (bal. sheet D ec.
: W o lv e rin e Copper M in in g_______ 340
31 1906)------------------------------- -528;
Street Railways—
A m erica n G lu e.............................. .282 A m erica n R a ilw a y s, P h lla ..........789
A m e r . P r in tin g (b a l. sh. June 1 ). 282 |B rooklyn R a p id T r a n s i t - . . 919, 947
A m erica n C e m e n t..........................282 Ch icago U nion T ra c tio n (b a l. sh.
A m erica n H id e & L e a th e r_______ _596 i
M ay 3 1 )_________________________919
A m e r . In v e s t, (bal.sh .J u n e 30).5 9 7 Easton Consol. E lec tric
464
A m erica n L o c o m o t iv e ____ 525, 597 K ansas C ity R y . & L ig h t
339
A m erica n S h ipb u ild in g
_____ _923 N o rth w est. E le v . R R . , C h icago 789
A m e r . S m eltin g & R elin in g 596, 606 P h ila delph ia R a p id Tran sit
718
A m erica n Steel F o u n d ries_______ _720 R a ilw a ys Co. G eneral, P h lla
718
American. T h r e a d - ............... .........525 ~R y . .............
& L ig h t~ Secu rities, B o sto n . 341
A m . T o b . (rep. Com . o f C o r p . ) . . 277 R a ilw a y s Co. G en era l. ............... 601
A ssoc. M erchants (h a lf- y e a r )___ 526
Sao P a u lo T ra m . L t . & P o w e r . . 216
A ssociated O il C o --------------------- 281
U n ited States E n velo p e__________415
W est In d ia E lectric C o., J am aica 215




999

THE CHRONICLE.
Baltimore & Ohio Railroad.

(Report for Fiscal Year ending June 30 1907.)
On subsequent pages will be found the report of President
Murray for the year 1906-07 and also the general balance
sheet in detail.
The comparative statement of operations, earnings,
charges, &c., for four years is as follows:
O P E R A T IO N S , E A R N IN G S A N D E X P E N S E S .
1907-06.
1905-06.
1904-05.
1903-04.
M iles operated .Tune 3 0 .
4,006
4,030
4,026
3,987
Operations—
T o n s freig h t carried a ._ 58,448,265
55,335,102
47,285,183 43.347,193
do
do 1 m ile a . _ .11330133482 10719407836 8933514105 8358S81237
A v . rate per ton per m ile 0.570 cts.
0.560 cts.
0.566 cts.
0.582 cts.
16,145,306
15,518,372 15,403,051
Passengeis c a rried _____ 17,468,320
do
do
1 m ile .723,438,594 682,972,139 705,493,811 657,869,285
A v . rate p er pass, per m..
1.956 cts.
2.006 cts.
1.959 cts.
1.998 cts.
A v . traln -load (t o n s )___
433
420
399
401
Earns, per pass. tr. m ile.
$1,020
$1,001
98.95 cts.
$1,034
E arn in gs per reven ue
freigh t train m ile ____
S2.4699
$2.3528
S2.2611
$2.3338
Gross earns, p er m ile ___
820,529
$19,204
$16,813
$16,322
E a rn in g s -from —
F r e i g h t _________________
Passengers_______________
M a i l ---------------------------E x p r e s s - - -------------- . . .
M isc ella n eo u s___________

$
$
$
S
64.625,947 60,002,204
50,607,087 48,617,104
14,147,117 13,701,698
13,817,141
13,146,449
1,403 9381,405,053
1,394,838
1,385,799
1,450,212
1,529,099
1,232,072
1,266,620
607,708
754,001
638,858
655.109

T o ta l ea rn in gs______ 82,243,922
Operating Expenses—
M a in t. o f w a y , & c--------- 10,542,499
M a ln t. o f eq u ip m e n t___ 13,448,502
C on du ctin g tran sportion 29,380,156
G eneral ex p en ses--------1,508,934

77,392,056

67,689,997

65,071,081

9,330,859
12,514,984
26,198,469
1,470,909

7,852,636
10,037,106
24,543,341
1,377,521

6,839,882
10,530,211
24,777,870
1,480,900

49,515,221
44,710,604
T o t a l e x p e n s e s ____ 54,880,091
P . C. o f ex p . to earnings..
(66.73)
(63.98)
(66.05)
N e t ea rn in gs_________ 27,363,831
27,876,835
22,979,394

43,628,864
(67.05)
21 .442,217

a R ev en u e freig h t o n ly .
IN C O M E A C C O U N T .
1905-06.

1904-05.

1903-04.

N e t ea rn in gs____________ 27,363,831
A d d divid en d s and in t.
and m iscell. r e c e ip ts ..
4,035,016

1906-07.

27,876,835

22,979,394

21,442,217

T o t a l _______________ 31,398,847
249,051
D edu ct n et W ash . B r ___

31,524,569
375,894

3,647,734

2,976,998

2,648,597

25,956,392
441,590

24,090,814
372,437

A v a ila b le In c o m e .. 31,149,796 31,148,675
25,514,802 23,718,377
D educt—
In tere st and re n ta ls ____ 10,828,699 10,558,036
9.978,142
9. 627,851
T a x es ___________________
1,759,795
1,448,364
1,376,885
1, 305,510
4 % d iv . on pref. s t o c k .2,400,000
2,400,000
2,400,000
2400,000
D iv . on com . s to c k ____ (6 )9 ,1 3 0 ,1 9 0 (5 ^ )6 8 5 1 4 7 8 (4 ^ )5 5 9 2 0 4 2 (4)4, 970,482
A d d itio n s & im p ro v ’ t s . .
3,000,000
3,000,000
2,500,000
2000,000
M iscel. im p ro v ’ ts, <Scc___
1,115,672
1,077,975
485,779 427,656
----------------------b b
D iscou nt and com m lss’n
T o t a l _______________ 28,234,356
B alan ce, surplus________ c2,915,440

25,335,853
c5,812,822

22,332.848
c3 ,181,954

20,731,499
c2,986,878

b In 1904-05 this Item , $215,000, and in 1903-04 $842,000, w as charged
to “ p rofit and loss” accou nt, in stead o f b ein g deducted in in com e accou nt
as in previous years.
c T h e differen ce in the surplus as shown here and in the p a m p h let re p o rt
is due m erely to a differen ce in the m eth od o f ch a rgin g the com m on stock
d ivid en d s, the a b o ve m eth od b e in g used fo r the sake o f s im p licity .
GENERAL B ALANC E SH EET JU N E

30.

1907.
1906.
1905.
Assets—
S
$
$
C o s t o f road, in cl. securities p le d g e d ..339,672,194 328,459,256 309,637,204
R o llin g S t o c k _________________________ 47,218.390
48,872,029 49.853,426
M arin e e q u ip m e n t---------------------------1,095,762
1,025,233
809.298
Gas and electric p la n ts________________
711,948
696,928
710,149
R e a l es ta te _____________________________
7,462,337
7,488,560 12,315,833
S ecurities to retire old bonds, & c____
248.425
252,910
259,742
Due b y o th er com panies fo r a d v ’ s ----- 15,817,777
24,291,638
9,778,889
Cash on hand and in b a n k s___________
5,920,138
8,890,730 25,753,046
Due from a gen ts _____________ _________
4,515,182
3,633,987
3,153,164
T r a ffic b a la n c es________________________
1,578,841
1,670,739
1,544,914
9,176,274
3,384,729
Due b y individu als and cos___________ 27,490,340
B onds o f B. & O. C o___________________ 17,829,379
15,433,9551 10,597,332
Bonds o f sudnry com pa n ies-------------5,568,109
3,138,117]
Stocks o f B. & O. R R _________________
1,215,845
1,022,0291
1,000,000
999,000 f 32,951,327
S tocks o f B . & O. Equipment, C o ____
S tocks o f sundry co m p a n ies-------------- 30,231,815
30,128,819J
6,371,072
5,348,930
4,993,370
M aterials on h a n d _____________________
In su ran ce fund and m iscellaneou s---1,480,659
777,965
1,502,176
T o t a l assets................................515,428,213

491,307,100 467,244,597

JLAxtb ilitics __
P refetre d sto c k ......... .............. .............. 60,000,000
60,000,000 59,986,464
C o m m o n sto ck _________________________ 152,174,829
124,580,060 124,272,060
Subscriptions to com m on s to ck -------------------- 10,201,294
----------------Bonds (see " R v . & In d .” S e c tio n )...2 4 9 ,2 9 0 ,4 3 0 246,849,430 234,395,430
G round rent lien s_____________________
1,082,280
1,033,889
897,517
R e a l estate m o rtg a g es___________ _____
20,000
20,000
20,000
O ld bonds and stocks n o t d e p o s ite d ..
12H.901
132,527
143,527
M . R i v . R R . Co. car trust w a r r a n t s ..
119 000
159,000
209,000
Mon on. R iv e r R R . Co. 1st M. b o n d s.
70u',000
700,000
700,000
W . V a . & P ittsb . R R . Co. 1st M _____
4,000,000
4,000,000
4,000,000
S chuyl. R lv . E . S. R R . Co. 1st M ____
5,000,000
5,000,000
5,000,000
Due to W ash. Br. In cl. a n n u ities,-----345,626
1,176,564
556,837
P itts b . & W est, eq u ip m en t tru sts-----55,000
132,000
241,000
P a y -ro lls and unclaim ed w a g es--------3,343,610
3,055,955
2,855,439
T r a ffic b alances________________________
1,715,586
1,236,394
1,110,411
In tere st . . . ___________________________
3,652,321
3,669,641
3,685,602
D i v i d e n d s _____________________________
5,833,221
4,998,129
4,360,388
A c c ’d taxes, and grou n d re n ts ----------32,439
539,692
530,000
B. & O. R e lie f D e p a rtm e n t_____ _____
2,385,111
2,286,382
2,070,602
A u d ite d vouchers aad bills and ac­
counts p a y a b le ______________________
2,817,989
3,317,615 10,909,742
M iscellaneous _________________________
3,002,328
2,394,886
2,165,287
P r o fit and loss_______ •__________________ 19,739,542
15,823,643
9,135,287
T o ta l lia b ilit ie s ............................. 515,428,213 491.307,100 467,244,597
— V . 85, p. 220. 98.

Southern Railway.
(Report for Fiscal Year ending June 30 1907.)
The report of President Finley, together with the balance
sheet, income account, operations and other tables, are pub­
lished on subsequent pages. The comparative tables below
compiled for the “ Chronicle” show the results of opera­
tions of the company for four years.
___

O P E R A T IO N S , E A R N IN G S A N D E X P E N S E S .
1903-04.
X E q u ip m e n t—
1906-07.
1905-06.
1904-05.
1,151
L o c o m o tiv e s ___________
1,536
1,430
1,281
860
P a ssen ger cars-------------995
956
908
36,865
F r e ig h t cars______________
56,225
47,925
41,162
877
1,292
1,233
987
R o a d service cars--------T u g s , barges, co a l b o a ts,
•
•
38
steam ers, & c__________
24
36
35
OVCTCLtiOTlS--7,164
A v e r a g e m iles o p e ra te d .
7,547
7,374
7,199
Passengers c a rried ______ 12,842,914
11,663,550 10,863,440 10,296,238
Pass, carried 1 m ile ____ 599,161,080 549,518,645 545,795,683 486,309,079
2.329 cts.
2.285 cts.
2.413 cts.
R a te per pass, per m ile .
2.451 cts.
20,973,564 20,733,049
23,518,071
* F re ig h t (tons) ca rried - 24,167,048
* F r ’ t (tons) ca r’ d 1 m ile-3816420059 3886314181 3365302765 3218263980
0.934 cts.
0.930 cts.
0.944ctS.
R a t e per ton per m ile ___
0.979 cts.
A v e r a g e tra in lo a d (r e v ­
189.63
194.30
204.23
201.33
enue) , ton s___________
$1,771
$1,834
§1.899
E arn s, p er f r ’t train m ile
SI .971
$0,973
$1,013
S I.030
Earns, per pass. tr. m ile
$1,083
$6,279
S7.274
E arn s, per m ile o f ro a d $7,507
$
S
E a rn in g s —
$
11,314,045
13,259,114
12,471,572
P a s s e n g e r __________- ____ 14,683,005
30,032,416
31,775,326
36,141,547
F r e ig h t___________________ 37,368,095
1,695,673
1,900,916
1,828,962
1,828,345
M a i l _____________________
1,246,109
1,458,632
1,274,319
E x p r e s s __________________
1,677,878
821,534
794,928
881,230
M is c e lla n e o u s ___________
1,100,671
T o t a l _________________ 56,657,994
E xp e n se sC on du etin g tra n sp o rt’n - 23,9 11,599
W a y and stru ctu res____
7 ,6 60, 1 68
M a ln t. o f eq u ip m e n t---9,576,042
G e n e r a l__________________
1,890,738
T a x e s ____________ ______
1,630,735

53,641,439

48,145,108

45,109,777

20,810,940
7.122.355
8,588,451
1.752.355
1,499,037

18,195,504
6,458,859
7,456,736
1,589,615
1,381,801

17,338,941
5,706,356
7,262,988
1,407,296
1,399,885

T o t a l __________________ 44,699,282
39,773,139 35,082,515 33,115,467
P . c. o f e x p . to earn in gs(78.89)
(74.15)
(72.87)
(73.41)
N e t ea rn in gs____________ 11,958,712 13,868,300
13,062,593 .11,994,310
x In clu d in g n arrow -gau ge cars.
* N o t in clu din g c o m p a n y’s freigh t.
IN C O M E A C C O U N T .
1906-07.
1905-06.
1904-05.
1903-04.
R eceipts—
$
$
N e t earn in gs____________ 11,958,712 13,868,300
13,062,593
11,994,310
In c o m e fro m in v e s tm ’ts 1,829,282
1,589,000
1,612,840
1,395,181

$

$

T o t a l __________________ 13,787,994
15,457,300
14,675,433 13,389,491
D e d u c t—
9,853,358
9,290,433
8,952,329
F ix e d charges & re n ta ls. 11,265,616
999,827
773,t 06
Im p r ’ts & betterm en ts536,334
1,056,549
256,'i 63
374,876
M is c e lla n e o u s ___________
232,057
233,369
D iv . on p referred .a (2 3 ^ % ) 1,500,000 (5)3,000,000 (5)3,000,000 (5)3,000,000
T o t a l __________________ 13,534,007
14,228,061
B a la n ce, su rp lu s________
253,987
1,229,239
a F rom th e a ccu m u lated surplus June 30 1907.

13,580,351
1,095,082

12,982,898
406,594

P R O F I T A N D L O S S A C C O U N T F O R Y E A R E N D E D J U N E 30 1907.
B a la n ce a t c re d it o f account June 30 1906________________________ $8,341,744
In c o m e fo r th e y e a r_________________________________________________
253,987
T o t a l ..................... .................... ........................................... ............ $8,595,731
D ed u ct—
S un dry m iscellaneous item s, discount on Southern R a ilw a y Co.
securities- sold and reserves fo r undeterm ined lia b ilities ac­
cru in g p rio r to June 30 1906____________________________________
2,353,568
C red it balance June 30 1907____________ __________________________ a$6,242,163
a F rom the accum ulated surplus June 30 1907 ($6,242,163) as ab ove,
there was paid a d ivid en d o f 1 'A % ($900,000) on O ct. 17 1 9 0 7,m akln g4 %
fo r th e fiscal ye a r ending June 30 1907.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1907.
1906.
1905.
Assets—
$
$
$
Cost o f ro a d ________
________________ 318,243,457 308,776,222 303,242,451
Cost o f e q u ip m e n t --________ __________ 47,796,4''6 48,254,922 36,319,290
Securities p i dged o r held fo r c o n tr o l. 64,095,281
57,870,610
52,965,217
D e v e lo p m ’t & gen. m tg e . bond s____
5,565,000
8,652,000
S ecu rities o w n e d _______________________
3,356,732
5,859,037 4,524,208
M ateria ls and su pplies________________
4,610,815
4,394,400 3,022,076
N e w steel r a il___________________________
3,293,850
2,682,608 1,402,953
B ills receiva b le, d eferred _____________
1,865,421
1,277,996
664,180
In su ran ce fu n d ________________________
547,963
434,955
358,856
S in k in g fu n d s_________________________
1,000
2,050
68,753
Cash on h a n d ---------------------------------9,816,961
4,340,882 3,484,133
Cash in tr a n s it____ _____________________
1,244,454
1,132,596 1,031,384
D u e from agen ts, conductors, & c____
1,827,373
1,475,936 1,077,613
476,467
477,560
D u e fro m U . S. P o s t O ffic e D e p t ____
452,619
D u e from o th er tran sportation c o ’s . 2,557,430
1,612,472 1,362,329
Due fro m In divid u als and co m pa n ies.
1,403,370
1,110,538
584,126
B ill* re c e iv a b le , c u r r e n t.................... ..
2,924,404
44,982
44,777
A d va n ces to su bsidiary com pan ies___
2,613,478
3,116,458
854,274
N e t discount on securities so ld , to be
ch arged o f f __________________________
1,655,537
S u n dry accou nts----------------------------1,291,734
1,067,873
455,720
,T o t a l assets---------------------------------475 ,187,193 452,584,097 411,914,961
L ia b ilitie s —
Com m on s to c k _________________________ 120,000,000
P referred s to c k ________________________ 60,000,000
60,000,000
60,000,000
M o b ile & O hio stock tru st certifica tes. 5,670,200
5,670.200
5,670,200
Fu n d ed d e b t ---------------------------------- 202,349,800 175,631,900 155,062,600
O u tst’ g secur’s o f leaseh old e s ta te s -. 32,358,500
32,358,500
31,924,500
O b ligations fo r steel rails______________
1,056,109
2,667,250
2,176,613
U nm atur^d ob ligation s fo r Ten n .
C entral p rior lien b ond s____________
__________
2,750,000
E q u lp ’t o b liga tio n s. Southern R y ___ 20,577,487
24,033,216
14,986,345
U n m a tu red balance on V irg in ia &
Sou thw estern R y . s to c k ____________
1,493,000
C ertificates o f in debtedn ess------------------------1,750,000
N o r . E a st. R R . o f G eorgia pu rchase. _
107,000
107,000
107,000
R es erve fu n ds-------------------------------4,369,723
3,254,548 2,644,746
T a x e s accrued, n ot d u e _______________
673,225
606,324
556,864
In tere st and rental accrued, n ot d u e .
1,719,131
1,400,616 1,026,452
In tere st and rental due and u n p a id -2,817,680
2,676,809 2,478,394
F r e ig h t c la im s___________________ ______
141,522
127,635
106,743
A u d ite d vo u ch ers..................................
4,084,673
3,132,813 2,534,492
R e s e rv e fo r d ivid e n d s--------------------------------1,500,000 1 ,500,000
U n p aid w a g e s .________________________
2,244,738
2,026,619 1,677,893
D u e o th er tra n sporta tion com pan ies1,217,227
1,158,077
892,855
804,758
843,177
M aterial-! and supplies in tra n sit______
498,320
D ue individu als and com pan ies_______
563,023
120,200
659,646
6,521,874
2,260,714
B ills p a y a b le ................. ............ ............
M iscellaneous accou nts------------------175,359
166,752
’ Vis" 166
P r o fit and lo ss_____________ ___________ a 6 ,242,163
.8,341,744 7,293,133

120,000,000 120,000,000

T o t a l lia b ilit ie s . ................ - ..........-475,187,193 452,584,097 411,914,961
— V . 85, p. 470, 464.

Rock Island Company.
{Report for Fiscal Year ending June 30 1907.)
On subsequent pages we give the balance sheets and profit
and loss accounts of the Rock Island Co. and Chicago Rock
Island & Pacific R R ., through which the operating com­
panies are controlled, as shown in thereport for the last
fiscal year. A statement is also given showing the com­
parative income accounts of all the separate roads of the sys­
tem and also of the entire system for the past two fiscal years




[V o l .

THE CHRONICLE.

1000

lx x x v .

The annual reports of the Chicago Rock Island & Pacific
R y. and the St. Louis & San Francisco R R ., the chief oper­
ating companies of the Rock Island system, are given in the
“ Chronicle” to-day, comparative income accounts of the
two roads being also shown last week. The reports of the
allied companies, the Chicago & Eastern Illinois and Evans­
ville & Terre Haute, are below.
As the Rock Island Company is the owner of the entire
capital stock, except directors’ shares, of the Chicago Rock
Island & Pacific R R . Co., the income of both companies is
included in the following statement:
C O M B IN E D IN C O M E A C C O U N T — R O C K IS L A N D C O M P A N Y A N D
C H IC A G O R O C K I S L A N D * P A C I F I C R A I L R O A D C O .
1906-07.
1905-06.
1904-05.
D ivid e n d on Chicago R o c k Islan d & P a ci­
fic R y . Co. stock ow ned (a gg reg atin g
5 H % In 1906-07; 6 ^ % in 1905-06,
and 7 .8 8 % in 1 9 0 4 -0 5 .)________________ $3,850,858 $4,370,805 $5,481,123
O th er in com e_______________________________
21,560
42,662
28,877
T o t a l in c o m e ____________________________ $3,872,418 $4,413,467 $5,510,000
Deduct—
Expenses and ta x e s ________________________
$48,152
$24,006
$36,519
In t . o n C . R . I. & P . R R . Co. bo n d s______ 3,668,977
3,664,442
3,647,373
_______ (1)489,504(4)1,950,210
D ivid e n d on preferred s to ck ______________
$3,717,129 $4,177,952 $5,634,102
Balance fo r y e a r ___________________ sur$155,289 sur.$235,515def.$124,103
T h e p rofit and loss account o f the R o ck Islan d C o. p rop er shows: Surplus
June 30 1906, $39,272; re ceived as d ivid en d s on stock.ow ned in C. R . I. &
P . R R . C o., $75,000; oth er Incom e, $1,636; expenses and ta xes, $46,561;
sundry .Items n ot ap p licable to surplus o f current ye a r, $299; surplus
June 30 1907, $69,048.
B A L A N C E S H E E T O F RO CK IS L A N D C O M P A N Y J U N E 30.
1907.
1906.
|•
1907.
1906.
Assets—
$
$
| Liabilities—
S
S
Stocks owned..150,014,108 150,005,052 |Com. stock____*96,000,000 96,000,000
Cash...... ...........
21,352
7,927 |Pref. sto c k ____2/54,000,000 54,000,000
Companies and
IUnpaid vouchers
207
Individuals . .
244,735
26,500| and accounts.
211,147
39,272
|Surplus_________
69,048
Total assets.,150,280,195 150,039,4791

Tot.liabilities 150,280,195 150,039,479

x Includes: Issued and held in treasury, $6,397,598.
held in treasury, $4,952,610.— V . 85, p. 470.

y Includes: Issued and

Chicago Rock Island & Pacific Railroad.
(Statement for Fiscal Year ending June 30 1907.)
The income account and balance sheet of this Railroad
Company, which owns most of the stock of the Railivay Com­
pany and common stock of the St. Louis & San Francisco,
and is itself controlled by the Rock Island Company through
ownership of the entire outstanding stock (see Rock Island
Company above) are as follows:
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30.
1907.
1906.
1905.
$
$
$
D iv . on Chic. R . I. & P a cific
R y . Co. sto ck _____________ (5 ^ )3 ,8 5 0 ,8 5 7 (6 )= 4 ,3 7 0 ,8 0 5 (7.88)5,481,123
19,924
19,807
18.919
O th e r In com e________________
T o t a l In com e____________
Deduct—
E x p e n s e s ___________________
In tere st on 4 % bo n d s______
In tere st on 5 % b o n d s______
D i v i d e n d s _________________
Balance fo r y e a r ___________

3,870,781

4,390,612

5,500,042

1,591
2,800,960
868,016
75,000

1,817
2,797,400
867,041
500,000

4,103
2,784,740
862,633
1,950,000

3,745,567
sur.125,214

4,166,258
sur.224,354

5,601,476
d e l.101,434

B A L A N C E S H E E T J U N E 30.
1906.
1907.
1906.
|
1907
Assets—
$
S
| Liabilities—
$
Stocks ow n ed..232,431,380 232,326,032ICapital s to c k ...145,000.000 145,000,000
286,285iGold bonds, 4% 70.067.700 69,938,400
Other Invests.
363,300
874,111 |Cold bonds, 5% 17,364,180 17,342.580
843,304
Cash .
I Unpaid coupons
67,090
192,875
Linterest, not due
756,513
755,287
Surplus________
382,501
257,286

S

Total assets..233,637,984 233,486,4281
— V . 83, p. 1094.

T ot. liabilities 233,637,984 233,486,428

Chicago Rock Island & Pacific Railway.
(Report for the Fiscal Year ending June 30 1907.)
The report of President B. L . Winchell, together with the
income account, balance sheet, & c., will be found on subse­
quent pages. The comparative income account for four
years and comparative statistics were given last week.—
V. 85, p. 916, 653.
St. Louis & San Francisco Railroad.
(Report for the Fiscal Year ending June 30 1907.)
The company's annual report is given at considerable
length on subsequent pages of to-day’s “ Chronicle,” embrac­
ing the remarks of President Davidson, comparative tables
of earnings and operations, and balance sheet for two years
past, &c.
Comparative income account and statistics for four years
were given in the “ Chronicle” last week.— V. 85, p. 922,
917, 531.
Evansville & Terre Haute Railroad.
(Report for Fiscal Year ending June 30 1907.)
President H. I . Miller says:
General Results.— T h e surplus for the y e a r a fte r a ll charges was $465,221belng equ al to 5 % on o u tsta n d in g preferred stock and 10.06% on ou tstan d,
Ing com m on stock.
D u rin g the ye a r Increases In the rates o f p a y o f em pl yees In p ra c tic a lly
all branches o f the service w ere m ade In an am ount a gg reg atin g $60,000
p er annum .
H
Th e w idespread a gita tion fo r a redu ction In passeneer rates has resulted
in the passage b y the In d ia n a L egisla tu re o f a 2-cent la w , effe c tiv e A p ril 10
1907. Th is redu ction w ill create a considerable decrease In the earnings per
passenger and per passenger m ile In ccm parlson w ith fo rm er years.
M aintenance, & c .— T h e ph ysical con d ition o f the p rr p e r ty l>as been w ell
m ain tain ed.
D u rin g the y< a r expen ditu res a gg reg a tin g $57,962 were
au thorized fo r the re-arr; n gem ent and en largem en t o f the freigh t d e p o t,
the constru ction of team tra cks and the p a vin g of d rivew a ys a lon g_th e

O c t . 19 1907.]

1001

THE CHRONICLE

team tracks a t E v a n sville.
T h e constru ction o f a new passenger station
a t E v a n sville was a u th orized, a t an estim ated cost o f $125,000. T h e con­
tra cts h ave been aw arded and a t the close o f the ye a r the w ork Is In progress.
A n estim ated ex pen ditu re o f §15,868 w as au th orized fo r the re-arran gem ent
and en largem en t o f the freigh t d ep o t a t T erre H a u te.
(" A d d it io n s and
Im p ro vem en ts” costing In the a ggregate $145,562 w ere charged to cost o f
p ro p e rty du rin g the y e a r.— E d .)
A n In du strial extension
m iles in
len gth a t Vincennes, In d ., to serve the p ro p e rty reserved b y its B o a rd c f
T r a d e fo r fa c to ry purposes, was au th orized, at an estim ated cost ( f $20,911.
1,698.2 tons o f new 85-lb. stuel rails w ere la id in the m ain tra ck and 98,325 cross-ties and 59 sets o f sw itch-ties w ere renew ed.
16.8 m iles o f main
tra ck w ere re-ballasted w ith gra vel.
14.8 m iles o f w ov en w ire fen ce w ere
con stru cted.
E qu ip m e n t.— E q u ip m en t notes am ou ntin g to 5215,081 h ave been paid.
T h e eigh t locom otives contracted fo r d u rin g the last fiscal y e a r fo r J u ly and
A u gu st d e liv e ry h ave been re c e iv e d , and are Included in the equ ipm ent
accou nt fo r this year.
D u rin g the y e a r there have been sold, broken up
and destroyed 4 engines, 4 passenger cars and 438 freigh t and oth er cars, the
va lu e o f w hich (less s a lv a g e ), $167,560, has been charged to o p era tin g e x ­
penses.
(T h e “ a d d itio n s to eq u ip m e n t” du rin g the ye a r a ggregated $118,500, v iz ., 2 sw itch lo com otives and 6 freig h t lo com otive s, $111,713, and
air-brakes, & c., $6,787.— E d .)
O P E R A T I O N S , E A R N I N G S , & c ., I N C L U D I N G E V A N S V I L L E
IN D IA N A P O L IS .
1906-07.
T o ta l m iles o p e ra te d ___________________
310
Operations—
693,313
Passengers c a rried _____________________
Passengers carried 1 m ile ____ - _______ 25,139,871
R a te per passenger per m ile _________
2.34 cts.
R even u e fre ig h t (tons) c a rried _______
3,075,016
R even u e freigh t (tons) 1 m ile ________ 153.095,366
R a te p er ton per m ile __________________
1.04 cts.
Pass, earns, (a ll) per train m ile _______
$1,066
F reigh t earnings per train m ile --------$2,456
Gross receipts per m ile ________________
$7,304
E a rn in g s—
$
Passengers ____________________________
587,885
F re ig h t _________________ - ............ ........
1,586,342
M a ll, express, & c_______________________
92,588
Gross earn in gs_______________________

2,267,215

1905-06.
310

&

1904-05
310

717,643
721,522
23,527,546 22,171,191
2.49 cts.
2.53 cts.
2,964,833
2,538,953
149.034,776 131,201,728
0.99 cts.
1.06 cts.
$1,056
$1,017
$2,303
$2,608
$6,970
$6,604
S
$
585.218
561,534
1,489,423
1,400,875
89,039
87,730
2,163,680

2,050,147

Expenses—
M aintenance o f w a y , & c _____ ;________ 280,144
226,477
M aintenance o f e q u ip m e n t___________
403,082
308,496
C on du cting tra n sp o rta tio n ____________
386,076
495,538
G en eral_______ _______ __________________
74,307
80,906

188,743
282,797
486,529
80,522

T o ta l expen ses........... ................ ........ 1,143,609
1,111,417
P e r cen t o f expenses to earn in gs______
(50.4)
(51.4)
N e t earn in gs________ :__________________ 1,123,606
1,052,263
O th er In com e___________________________
25,514
24,612

1,038,591
(50.7)
1,011,556
28,244

T o t a l....................................................
Deduct—
I n t e r e s t ________________________________
T a x e s _____________ _______ ______ ______
Im p ro v e m e n ts_________________________
5% on p referred s to ck ___:____________
4% on co m m o n s to ck ___ 1 _______ ___

1,149,120

1,039,800

T o t a l disbursem ents________________
Surplus_________________________________

907,562
1/241,558

1,076,875

580,622
550,281
514,160
103,278
92.284
90,929
_______
42,921
79,286
64,167
64,167
64,167
£159,495 159,495
____________
909,148
167,727

748,542
291,258

x D eclared In S eptem b er 1907, p a ya b le N o v . 1 to stockh olders o f record
Sept. 20. See V . 85, p. 599. and p ro fit and loss account below .
V Th e to ta l surplus June 30 1907 ($1,057,888), as per balance sheet, wras
obtain ed a fte r d ed u ctin g $107,825 fo r ta xes accrued In p rior fiscal years,
now w ritten up to d a te , and $278 fo r m iscellaneous accounts charged off.
F rom this accum ulated surplus w ill be paid the 5 % d ivid en d on the pre­
ferred stock and 4 % on th e com m on stock, ca llin g fo r $223,662, declared
last m on th from the earnings o f the fiscal ye a r 1906-07 and charged again
the same a bove.
G E N E R A L B A L A N C E S H E E T J U N E 'Z O .

New E n terp rises.— T h e in du strial d ep a rtm en t has located d u rin g the y e a r
45 pla n ts and m an u factories a t d ifferen t po in ts, e m p lo y in g In the a ggregate
3,269 m en and costing a p p ro x im a te ly $2,359,000,
P ro p e rty and Franchises— A d d ition s D u r in g Y e a r, A ggregating $3,727,206
(N e t).
New Construction— C om p letion o f E astern Illin o is & St. Lou is R R .
$4,328
A d d itio n s and im p rovem en ts (in cl. $147,178 fo r b a lla s tin g )______ 495,406
A d d ition s to E q u ip m e n t— U n d er eq u ip m e n t trusts— Series C, D
and E, a d d itio n s---------------------------------------------------------- -----983
Series F — 58 lo com otive s. 3 d in in g cars and 3,250 coal c a r s - - . . .3,855,320
Purchased fo r cash— 5 lo com otive s, 6 baggage cars, & c __________
60,743
Less— Car trust notes retired and n o t fu n d ed , eq u ip m en t
d estroyed , & c ---------------------------------------------- ; _______________ $689,573
Roa d.— A h e a v y Increase w as incurred in the expense o f m a in ten a n ce o f
w a y and structures, the average exp en d itu re per m ile o f road ow n ed and
leased h a v in g been $791 50, com pared w ith $511 17 d u rin g the p revious
ye ar. Ties renew ed a veraged , per m ile o f m ain , second and third track ,
324 against 224 fo r the ye a r 1905-06. L in e a l fee t o f stone and concrete
arch cu lverts bu ilt, 91; m iles o f roadbed w id en ed to stand ard w id th , 20
m iles.
W E IG H T OF R A IL I N T R A C K (M A I N , SE C O N D A N D T H IR D ) J U N E 30.
Lines Owned,
56 and
Leased, &c.—
Total.
85-lb. 80-/6. 75-lb. 72-lb. 70-lb. 65-lb. 60-lb. under.
1907 (m iles)______ 1,001.32 181.05 346.12 1.31 17.59 9.59 163.14 252.40 30.12
1906 (m iles)______ 1,000.33 140.92 346.12 1.31 17.59 9.59 163.14 278.65 43.01
T o t a l miles o f n ew ballast 0.99: to ta l m iles on w hich a d d itio n a l ballast
has been p la c e d , 202.15.
H e a v y expen ditu res h ave been m ade in re p la cin g
w ooden bridges w ith h ea vier w ooden structures: also in s tre n g th en in g o th e r
bridges to p ro vid e fo r h ea vier eq u ip m e n t n o w in use. A n a m o u n t equ a l
to the cost o f the o rigin a l structures, or the estim ated cost o f re n ew in g
them in kin d , has been charged to o p era tin g expenses.
100 lin ea l fe e t o f
tim b er bridges w ere replaced w ith steel. 497 lin ea l fe e t o f bridges h ave
been filled .
S T A T E M E N T O F S E C U R IT IE S O W N E D — T R U S T A S S E T S A N D I N T R E A S ­
U R Y — J U N E 30 1907.
Trust Assets Held by Trust. C o. o j America under Agreement Dated July 1 1905.
(Total par value, 811,769,400; book value, $10,578,092.)
■n P a r Value. \
P a r V alue.
Chicago & West. Ind. R R . stk.$l,000,000 |Mo. & 111. Bridge & Belt R y
Belt R y . Co. o f Chicago stock _
240,000] common stock_____________
$14,000
Chicago Un. Transf. R y . stock
80,006 |Ch. & E . 111. R R . com. stock.. 6,408,300
South. 111. & Mo. Bridge stock
10,000|Ch. & E . 111. R R . pref. stock..
161,300
Brazil Block Coal Co. stock- - .
612,3001So. 111. & Mo. Bridge Co. 1st 4s
550,000
154.000
Ev. & T .H . R R , com. stock.. 2,678,1001Miscellaneous________________
Investment Acounts (total par value, $802,914; book value, $677,792).
Par Value. |
Par Value.
Evans. & T. H . R R com. stk. $483,350 |Ch. & West. Ind. R R . cons. 4s
$58,000
Union Transf. R y. notes-----100,6351 Miscellaneous_________________
5,500
Mo. & 111. Bridge & Belt R y .
|Rea est. not used for R R . pur3,000 | poses______ _________ _______
152,429
common stock.....................
In Current Assets (book value, $2,770,267).
C. & E . I. R R . Co. Refunding and Improvement mortgage bonds______ $2,762,000
Miscellaneous securities__________________________________________________
1,268
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 operated June 30- _
958
948
948
Operations—
Passengers carried, N o - _
2,561.398
2,309,306
2.211,662
Pass, c a rr ie d l m ile , N o . 80,371,192 74,736,501
62,787,562
R a te per pass, per m ile .
2.10 cts.
2.14 cts.
2.12 cts
R e v . fr ’ t (ton s) c a rrie d . 11,943,138
10,833,057
9,933,993
do
do
1 m ile 1940963492 1728882891 1488368620
R a te per ton p er m ile ___
0.48 cts.
0.47 cts.
0.462 cts.
E a rn in g s—
Passengers------------------F r e i g h t -------------- -------M ail, express, & c ---------

( Including Evansville & Indianapolis.)
1907.
Cfcwt*o?road........ . 11,185,867
E qu ipm en t______ 4,762,003
Materials on hand109,003
Cash on hand_____
583,588
Due fr’m agts., &c.
143,778
Bills receivable___
67,867
Due from others..
122,127
Bds. & stks. owned 2/890,235
Blalr&Co., Equip.
ment Trust “ C” - _______
Prepaid Insurance.
4,742

1907.
1906.
S
S
11,040,3051Common stock___z3 ,987,383 £3,987,383
4,877,8941Preferred stock__ 1 ,283,333 1,283,333
135,7321Funded debt (see
532,8551 ••Rv. & Indus.”
75.0101 Section) ______
,500,000 9,500,000
241,292
67,807 j Bonded Interest. 238,839
122,210
80,7931Pay-rolls & vouch’s 103,310
*890,2281Equipra’t notes___ .46S.851 1,683,932
|Impts., <fcc., funds
80,590
75,815
111,7131Miscellaneous____
149,670
924,432
_______ I Income account. .
,057,888
1906.

$

|

| Liabilities—

S
1,684,848
9,320,192
332,674

Chicago & Eastern Illinois Railroad.
(.Report

fo r

Fiscal Year ending June 30 1907.)

This company is controlled by the St. Louis & San Fran­
cisco R R .— see report of that company, also report of “ Rock
Island Company,” the parent holding company, on subse­
quent pages of this issue.
President H . I. Miller says in substance:

1,332,932
6,877,727
212,718

1,224,030
7,205,681
234,331

9,928,563

8,423,377

8,664,042

818,994
1,452,005
3,958,430
341,060
280,800

757,746
1,231,288
3,485,609
281,207
264,000

707,485
1,198,179
3,324,247
211,522
250,500

7,512,309
(66.26)
3,825 405
289,246

6,851,289
(69.08)
3,077,274
316,418

6,019.850
(71.46)
2,403,527
148,170

5,691,934
(65.71)
2,972,108
355,542

4,114,651

3,393,692

2,551,697

3,327,650

2 081,699
1,829,462
1,506,468
R e n t a l s __________________
362,785
419,272
264,764
6 % on preferred s t o c k - .
529,842
529,842
499,842
(10)721,780 £(8)577,424 0(5)360,890
N e w con stru ction , & C -.

1,356,778
225,655
409,842
(8)577,424
400,121

P . c. e x p . to e a rn in gs___
N e t ea rn in gs---------------O ther In com e___________

T o t a l _______________
B a lan ce, surplus________

3,696,106
!/418,545

3,356,000
37,692

2,631,964
d cf. 80,267

2,969,820
357,830

x A lso paid 5 % e x tra d u rin g y e a r from surplus earn in gs o f the fiscal years
en d in g June 30 1903, 1904 and 1905, and charged the same to p ro fit and
loss.
V T h e p ro fit and loss surplus June 30 1906, $1,925,077, has been cred ited
w ith the surplus fo r the la te ye a r, $418,546, and o th er Item s, $81,651,
m a k in g a to ta l o f $2,425,274, and has been charged w ith item s a gg reg a tn g
$997,023, viz.: E q u ip m en t, $821,573; taxes, accrued in p rior fiscal vea rs,
$173,857 o th er item s, $1,593. C red it balance June 30 1907, $1,428 250.
B A L A N C E S H E E T J U N E 30.

iO




1,603,016
8,086,593
238,954

11,337,714

1907.
$

O
IO
©
,CD

General.— T h e results fo r the fiscal y e a r w ere as fo llow s: Gross earn in gs
ncreased $1,409,152, or 1 4 .2 % ; o p era tin g expenses increased $606,820,
or 9.2 % , and n et earnings increased $802,332, or 23.9 % . T h e n e t In com e,
a fte r p r o v id in g fo r all fixed charges, w as $1,670,168. b ein g 6 % on p refeired
and 1 5 .8 % cn com m on stock. T i e d ivid en d s paid (6 % on preferred and
1 0 % on com m on stock) called for *1,251,622. le a v in g a surplus fo r the
ye a r o f $418,546, or an Increase o f $380,853.
B on d .*.— Th e funded debt has been Increased $4,122,000, o f w hich $1 ,225,000 w ere Issued to provid e in pa rt fo r prior liens m a tu rin g in D ecem ber
1907 and $2,897,000 fo r addition s and Im provem en ts. Cai tiu st o b liga ­
tion s h ave been paid to the am ou n t o f $1,183,058, le a v in g the n e t Increase
o f funded deb t $2,938,942.
Im provem en ts. — T h e en la rgem en t o f lo co m o tive repair shops and en gin ehouse facilities a t O aklaw n (D a n v ille . I I . ) , authorized on O ct. 11 1906,
a t an ex p en d itu re o f $560,000, was w ell u nder w a y a t the end o f the ye a r,
the total ex p n dlture as o f that d a t e a g g reg a tin g $286,722
T h e constru ction o f a n ew freig h t term in al, w ith engine-house and oth er
fa cilities, at L e n o x , III., contiguou s to St Louis, has co n trib u ted la rg ely
to the sa tisfa cto ry service obtain ed In the h an d lin g o f tra ffic to and from
S t. I.ouis.
Increase in Wages.— T h e rates o f p a y o f p ra c tic a lly all classes o f em p loyees
h ave been Increased d in in g the ye a r, the increase a t the close o f the ye a r
a g g reg a tin g a p p ro x im a tely $300,000 per annu m , or 5.79 %.
Passenger Rates.— T h e w ide spread a gita tion fo r a reduction In passenger
rates has resulted In a 2-c<nt la w , e fle c iiv e on the lines in In d ia n a on A p ril
10 1907, and a sl’n llar en actm en t In Illin o is on Ju ly 1 1907. These redu c­
tion s w ill c eate a cons derable dec -'' se In the ea n lngs per passenger and
p e r passenger m ile In com parison w ith fo rm er years.

4,159,682
69,038,412
1.77 cts.
9,445,731
1538733330
0.468 cts.

Expenses—
M a in t. o f w a y & stru ct’rs3 1,286,615
M a in t. o f eq u ip m e n t___
1,812,551
C on du ct g tra n sp o rta ’n .
3,706,285
G eneral ex p en ses--------371,858
T a x e s ___________________
335,000

T o t a l ............. .17,929,870 17,818,3971 Total ............... 17,929,870 17,818,397
x T h ere has been h eretofore Included in “ cost o f re a d ’ $2,000,000, repre­
sen ting ou tsta n d in g stock o f the E va n sville & In d ia n ap olis R R . , the same
item being carried on the lia b ility side o f the balance sheet under “ comm on
s to c k .”
Th is stock, bein g e n tire ly oNvned b y the E va n sville & T erre H au te
R R . , Is elim in a ted in both years from both sides o f the com bined balance
sheet.
V E xclu sive o f 20,000 shares o f E v a n s v ille & In d ia n ap olis R R . stock
par va lu e
$2,000,000.— V .
85, p.
921, 599.

1903-04.
758

Bonds, stocks and
other investm’tsi 677,792
C. Tr. Co. 1st M.
bds. redemp.ac’tt 1,261,750
Sinking fund_____
888,426
Loans & bills rec.
79,831
M atis & supplies.
953,381
Aeents & cond’rs.
713,977
Co’s & individualsi 521,983
Traffic balances..
69,099
U. S.Governm’ t . .
28,679
Deferred assets___
199,447
Trust Co. of Amer.
trust assets__ zilO.578,092
Blair <fc Co., pro­
ceeds eq’t trustsi
unexpended____
Trcas. securities.. 2,770,267
A dv. for constr’n. 1,743,502
Cash ................... 1,362,845

1907.
1906.
Liabilities—
$
$
50,388,843 Common sto ck ..y\Z ,626,100 13,626,100
Preferred stock..?/ 8, 992.000 8.992,000
683,806 Bonds (see ‘ ‘ R y .&
In d.” Section)--37 ,584,000 33,462,000
Car tru s ts .......... . 8 ,649,463 9,832,521
~ 817,595 Bills payable_____ 1 950.000
400,000
171,329 Inter. & dividends 1 ,134,628
732,433
861,300 Taxes ........ .........
213.431
33,151
839.085 Equipm’nt replac547.634
ment account..
946,687
Additions & improvem t fund . 104,830
27^538
28.837 Pay-rolls, vouch­
ers, &c________ 1 335,732 1,491,189
10,578,092 Income account. - 1 428,250 1.925,077
4,533,250
1.017,163

75,965,121 70,494,471

T o t a l................75,965.121 70,494.471

y Of these $6,408,300 common and $161,300 preferred is treasury stock held in
trust by Trust Co. of Am<'rica. ? O f this $'>,569,600 consists of common and pre­
ferred stock (see’ above); baUr.ce sundry investments.— v . 84, p. 1550.

1002

THE CHRONICLE.

Chicago Great Western Railway.
(Report for Fiscal Year ended June 30 1907.)
The remarks of President Stickney, from the annual re­
port, giving much valuable.information regarding the prop­
erty, and the principal tables of operations, &c., are given on
subsequent pages. Comparative results of operation and
statistics for four years were given last week.— V. 85, p.
917, 721.

[V o l . l x x x v .

o f consolidated debentu re stock bearing in terest n ot exceed in g 4 % per
annum , to th e am ou nt o f £305,000 sterlin g, fo r the purpose o f p a yin g
th e refo r.— V . 85, p. 863, 726.

Pere Marquette Railroad.
(Report {or Fiscal Year ending June 30 1907.)
This report is made by Judson Harmon, Receiver, and
includes those items related to the period prior to the
receivership, which were adjusted'during the year.

General Results.— T h e operations o f the P cre M arqu ette R R . , the La k e
E rie & D etro it R iv e r R y . and the L o n d o n & P o r t S ta n ley R y ., w hich are
covered b y the tables in the re p o rt, show an increase in gross earnings o f
$784,025 and in n et earnings o f $739,767. T a x es decreased $719,101,
m a k in g the " n e t o p era tin g in com e” $1,458,868. “ O ther in c o n e ” decreased
$22,365; in terest pa ym en ts increased $192,265, and rentals decreased $48,932. T h e result fo r the ye a r was a surplus o f $432,222, co n trastin g w ith a
d eficit o f $860,947 in 1905-06, or an increase o f $1,293,169. Th e percen tage
o f expenses to earnings was 70.19, against 73.96 in 1905-06, and the p er­
cen tage o f expenses and taxes to earn in gs was 73.55, or a decrease o f 9.32.
Bonded D eb t.— T h e bonded d eb t w as decreased $479,000 b y the p a ym en t
o f P . M . T ran sp o rta tion Co. 6 % bonds, $20,000, and su n dry oth er eq u ip ­
Im provem ent W o r k - N e w Stock.-— Th e tw en ty -six th annual rep ort shows
m e n t bonds and n otes, $459,000.
an increase in y o u r gross reven ue from t ra ffic o f m ore than $11,000,000
Receiver's Certificates.— D u rin g the y e a r the am ou nt o f re ceiver’s certifi­
fo r th e ye a r, but the effect o f an unusually severe w in ter and o f the en ­
hanced cost o f labou r and m a teria l is shown in th e Increased ra tio o f w ork ­ cates was increased $619,180, n a m ely , from $1,619,180 to $2 238,360, as
fo
llow
s:
in g expenses to incom e. T h e w orks o f im p ro vem en t on d ifferen t sections
J u ly 2 1906— T o p rovid e funds to p a y Interest due Ju ly 1 1906 on
o f th e system , necessary to fa c ilita te the h an d lin g o f tra ffic , has been
the fo llo w in g bonds, v iz : Pere M a rq u ette R R . co llateral
v ig o ro u sly p rosecu ted ,a n d the o u tla y fo r a d d itio n a l cars and lo com otives
trust 4s, consol 4s and re fu n d in g 4s a n d F lin t & P . M . T o led o
w as p a rticu la rly large.
Since the close o f the fiscal ye a r th ere has been
D iv . 1st M 5 s ........... .............. ................ ........ ................ .................... -$419,180
no change in the p o lic y o f y o u r d irectors w ith reference to these m atters;
M
arch
1 1907— Issued as the con sideration , a m o n g o th er things,
In deed, unless the business o f the co u n try has a serious and prolonged
fo r the su rrender o f certain bonds o f the P M. R R . C o., am ou n t­
set-back, and there are no present grounds fo r such an apprehension,
in g to $3,500,000, w ith the unpaid in terest n otes o r coupons
circum stances w ill m ake it necessary to continue these expen ditu res ye a r
issued th erew ith , and in settlem en t o f certain litig a tio n betw een
b y ye a r, but it m a y be on a som ew hat redu ced scale.
the P . M. R R . Co. a n d W m . A . B ra d fo rd Jr. and o th ers_________ 400,000
T o p ro vid e the requisite means y o u r directors w ill a t a fu tu re d a te,
ask you to sanction the issue o f the balance o f the o rd in a ry share capital Less— ta x certificates issued M a y 5 1906 paid and can celed F e b .
1
1907----------------- ----------- ------------------------------------------------------ 200,000
a u th o riz e d , as and when re q u ir e d , but there are sufficient funds in hand
C a p ita l E xp enditu res.— P a ym en ts a g g re g a tin g $1,121,137 h ave been
to m eet a ll im m ediate requirem ents.
m ade from current cash as follow s:
Outlook fo r T ra ffic .— In O n ta rio, althou gh the yie ld o f w h eat was satis­ P rin cip a l o f P u llm a n eq u ip m e n t notes Issued b y the receiver In
fa c to ry , the season has not been an auspicious one fo r o th er crops, and in
pa ym en t fo r n ew box cars purchased d u rin g the y e a r ____________ $239,840
W estern Canada, w here you are m ore la rg ely In terested, the v e r y backw ard
F in a l pa ym en t on o b liga tion s issued b y the re ceiver to p a y fo r
sprin g has resulted In a shrinkage o f p rob a b ly 25 % in the q u a n tity c f
35 lo com otives purchased p rior to receiversh ip ___________________ 200,000
m a rk eta b le w h eat as com pared w ith last autum n
T h ere w ill, h ow ever,
P a id re ceiver o f C. H . & D. R y . on accou nt o f K le y b o lte eq u ip ­
be a considerable Increase in the q u a n tity o f oats and oth er grains, so th a t
m ent notes issued in p a y m e n t fo r eq u ip m en t furnished the Pere
w ith the higher price o f w h e a t, the farm ers o f W estern Canada w ill receive
M a rq u ette under eq u ip m en t trust agreem en t o f A p r il 1 1905____
68,744
in the a ggregate qu ite as much fo r their produce as th e y did last year.
A m o u n t paid to retire su n dry eq u ip m en t trust b o n d s _______________ 479,000
Because o f the la te h arvest, and the consequent d e la y in th e m o vem en t
A d d itio n s and im p rovem en ts to the p ro p e rty, $310,009, less
o f gra in , w e carried to the ports o f L a k e Superior du rin g the m on th o f
credits o f $176,456 represen tin g tracks or structures rem o ved or
S eptem b er o n ly 1,381 carloads as against 4,898 carloads in S eptem d er 1906;
sold, n et a m o u n t_____________________________________________________ 133,553
bu t n otw ith sta n d in g this large fa llin g o ff in th a t class o f traffic, the co m ­
New E q u ip m e n t.— D u rin g the y e a r contracts w ere m ade w ith the Pu lep a ra tiv e w eek ly earnings h ave thus fa r shown no dim in u tion , and we
m
an
C om p an y fo r 4,000 n ew b ox cars (3 6 -foot, 80,000 lbs. c a p a c ity ). T h e
a n ticip a te an e x tra o rd in a ry rush o f grain to the head o f L a k e Superior
d e liv e ry o f these cars com m enced O ct. 24 1906 and was com pleted Fe b . 28
before the close o f n aviga tion .
1907. T h ere were issued in p a ym en t fo r the cars re ceiver's equ ip m en t
Value of lands.— I t Is suggested th a t the d irectors should bring before
th e shareholders the ta n gible valu e o f the co m p a n y’s land assets.
I t is n otes a gg reg atin g $4,346,753, o f w hich $3,661,200 w as fo r the cost o f the
These notes
n ot easy to do this w ith a n y degree a f accu racy, but lt m a y be fa ir ly as­ cars and $685,553 fo r accrued in terest to d a te o f m a tu rity.
are payable In m o n th ly installm ents— the final m a tu rity o f one o f the con ­
sumed th a t, in the case o f y o u r agricu ltu ral lands as sales are m ade and
tracts bein g N o v . 15 1913 and o f the oth er co n trac t Jan. 1 1914.
th e area dercreases, the valu e o f the rem ainin g lands w ill be enhanced,
A tte n tio n is called to the charge o f $1,015,296 to p r o fit and loss on ac­
a n d , as a consequence, the 8,900,000 acres o f the o rigin a l gra n t still unsold
count o f d ep reciation on equ ip m en t.
W hen the receiver took charge
w ill yie ld on the average a price per acre con sid era b ly higher than has
there w ere on hand a p p rox im a tely 2,800 low -c ap ac ity, n on -a ir freigh t cars,
h ereto fo re been re a liz e d . w ith o u t in a n y m anner obstru ctin g settlem ent or
also
a
num
ber
o
f
old
lo
com
otive
s.
N
o
provision
had been m ade b v p re­
d ep rivin g yo u r com pa n y o f the tra ffic a d va n ta g es resu ltin g from the cul­
vious m anagem ents fo r re n ew in g this equ ip m ent or fo r the d ep reciation
tiv a tio n o f lands trib u ta ry to yo u r lines.
therein
Y o u r lands in British Colum bia are o f a d ifferen t ch aracter, th e ir m ain
A ll o f these old cars and engines h ave n ow been condem ned and charged
va lu e being in the stan d in g tim b e r and the possib ility o f large coal deposits,
o ff, and n ea rly all o f them have been scrapped, or sold fo r scrap va lu e, so
alth ou gh there are some areas in the v a lle y s suitable fo r c u ltiv a tio n . D uring
th a t the new ye ar starts w ith the equ ip m en t in excellen t co n d ition .
F u lly
the last couple o f years a considerable dem and has sprung up fo r these lands
70 % o f the freigh t cars liave been purchased w ith in the past fou r years',
and the tim ber, and u ltim a te ly th e y w ill y ie ld a handsom e return.
w hile the rem aind er are in good repair, and w ill be ava ila b le fo r h ea vy
B y the end o f the present season 361 m iles o f canals and ditch es w ill
service fo r m a n y years. T h e ro a d ’ s equ ip m ent Is n ow in a position to com ­
h ave been com pleted In the W estern section o f the irriga tion b lo c k , sufficient
pare fa v o ra b ly w ith that o f a n y railroad in the U nited States.
to g iv e w a te r to a p p ro x im a tely 210,000 acres out o f a to ta l o f 350,000
T ra ck .— -During the y e ar there w ere 16.42 miles o f sid in g and yard tracks
acres to be served in th a t section, and the u ltim a te cost o f the w ork , which
bu ilt and 18.04 miles taken up, a n et decrease o f 1.62 m iles. Th e Chippew a
should be finished n ext year, w ill be in the n eighborhood o f $6 50 per
L a k e Branch (5.46 miles) w as also taken up. Th ere w ere 406 027 crossa cre, in clu ding the ex pen ditu re on the main canal which w ill be a va ila ble
ties used, 277,748 b ein g pu t In main track renewals. 91,014 In ’ side-track
fo r the Central and Eastern sections as w ell. W h ile this expen ditu re
giv es a la rg ely Increased va lu e to the Irrigated lands them selves, the a d ­ renew als and 37,265 used fo r n e w w ork . 66.45 miles o f tiack w ere ballasted
D u rin g the year there w ere 35.5 m iles o f 85-lb. steel rail laid
jou rn in g areas, grea ter in e x te n t, bu t th a t are a bove the ditch es and can­ w ith gra vel.
on m ain line.
n ot therefore be served b y w a ter, are being m a d e a va ila b le and are now
Tw o-cent Passenger F a re T.aw.— F o llo w in g the exam p le o f o th er States,
sellin g a t prices con siderably a b o ve the average o f yo u r sales. Th u s yo u r
M ichigan enacted a tw o-cent passenger fare law In June 1 907 w hich takes
d irectors co n fid en tly believe th a t n ot o n ly w ill the In vestm en t in the itrieffect Sept. 28 1907. I t is hoped that Increased patronage w ill m ake good
ga tio n canals and ditches be p rofita b le, but th a t a large tra c t o f te rrito ry
the substantial loss In e v ita b ly resu ltin g from such large redu ction .
If a
a lo n g the m ain line east o f C a lg a ry, th a t b y reason o f th e u n certa in ty o f
m axim um rate o f tw o cents per m ile p roves in su fficien t to allow a fa ir
th e ra in fa ll w ou ld otherwise have rem ained bleak and u n c u ltiva ted , w ill
return upon the valu e o f the p rop e rty used In the passenger service, It is
be con verted into a pleasing and p rod u ctive district.
expected that the people o f M ichigan w ill m o d ify the law.
Steam ships.— Y o u r steamship lines on both the A tla n tic and P a cific
Chicago C in cin n a ti & L o u is ville R R . Settlem ent.— In the last annual report
oceans have not o n ly been d ire c tly profita b le but th e y are v e r y substantial
m ention w as m ade o f the com m encem ent o f a suit to ohtain the can cellation
con tribu tors to the revenue o f the ra ilw a y b y brin gin g to lt tra ffic that
o f $3,500,000 o f bonds o f the Pere M arqu ette R R . Issued In July 1904
cou ld n ot otherw ise be secured.
to p a y fo r the capital stock o f the Chicago C in cin nati <Se L ou isville R R . Co.
Stock.— W ith the exception o f the discount on the o rigin a l $65,000,000
In A p r il 1907 a settlem ent was reached under a p p rova l o f court by w hich,
o f com m on stock sold n ea rly tw e n ty -fiv e years a go , when fe\y people had
in
consideration o f $400,000 in re ceiver’s certificates, the $3,500,000 o f
fa ith in the u ltim a te success o f the enterprise, the a ggregate o f a ll the
bonds were surrendered and can celed— the Pere M a iq u ette R R . Co. y ie ld ­
c a p ita l stock and securities o f o th er descriptions appearing in the balance
in
g
y claim s it had to the capital stocl: o f the Chicago C in cin nati & Lou is­
sheet has y ie ld ed to yo u r treasu ry cash in excess o f th e ir fa ce va lu e.
G o v ­ villea n
R R . Co. and for a dvan cem ents to th a t com p an y.
ernm ent and m unicipal subsidies, w h eth er in the shape o f constructed
Lease.— On A p ril 15 1907 the lin e from L a w to n to South H a v e n , which
ra ilw a y lines or m o n ey, and the proceeds o f the land sales expen ded on the
was acquired in 1903 from the South H aven & Kastern R y . (33.82 m iles),
p ro p e rty , am ou ntin g in the a ggregate to m ore than $100,000,000, h ave
was leased to th e K a lam a zo o Lake Shore & Chicago R a ilw a y Co. fo r 25 years.
n e v e r been c a p ita lized , nor are th e y included in the balance sheet item
“ ra ilw a y and eq u ip m e n t.”
”
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.
I estim ate th a t there are In a ll u pw ards o f 14,000 people whose in d ivid u a l
1906-07.
1905-06.
1904-05.
h oldin gs do n ot exceed fift y shares.
In o th er w ords th a t p ra c tic a lly one
Miles
operated
June 3 0 -----------2,298
2,333
2,327
third o f the entire ord in a ry share ca p ita l is held b y sm all Investors.
Passengers c a r r ie d ------------------4,579,279
4,366,048
4,034,683
Dividends from L a n d Accounts.— T h e d iv id e n d from land Interest account
Passengers carried 1 m ile ---- 167,061,923
157,485,507
145,810,035
w ill be-th e same in the current y e a r as lt was in the la st, n a m ely , 1 % , in
F.am ings per pass, per m i l e ---2.054 cts.
2.057 cts.
2.141 ets.
tw o sem i-annual in stallm en ts o f ^ % each.
Earn in gs per pass, train n iU e ..
$0.9888
$0.9038
$0.9299
even u e tons c a r r ie d .................
9,538,512
9,289,930
8,354,760
The following resolutions were unanimously adopted, v iz .: RR ev
en u e tons carried 1 m ile ----1,715,405,481 1,624,353,350 1,312,402,547
(1)
T h a t th e agreem ent w ith the S t. M a r y 's & Western O n ta rio R y . Co"
Earn in gs p er re v. ton per m ile - 0.590 cts.
0.597 cts.
0.689 cts.
an d others be a p p rove d , w hich agreem ent p rovid es fo r a lease to this
T o n s per freig h t train m ile ------322.02
311.69
251.37
co m p a n y o f the said ra ilw a y when con stru cted, from S t. M a ry ,s ’ O n tario,
E arn in gs per freigh t train m lle .
$1.89896
$1.85978
$1.7333
t o a connection a t or near the V illa g e o f E m b ro w ith the proposed extension
Gross earnings per m ile ----------$5,599
$5,947
$5,322
o f the Tilson bu rg L a k e E rie & P a cific R a ilw a y leased to y o u r com pa n y,
E arnings—
a distan ce o f abou t 15 H m ile s ,fo r 99 years, on the basis o f a ren ta l o f 40 %
$9 605,899
$9,902,158
$9,049,573
o f the gross earnings, w ith a m inim um ren ta l o f $7,930 per annum , which
3,239,447
3,431,021
P a s s e n g e rs _______________________
3,121.217
represents the Interest a t 4 % per annum on $198,250 first m o rtgage bonds
584,824
M ail, express and miscellaneous
881,016
496,630
t o be Issued at the ra te o f $13,000 per m ile and w ith an option in fa v o r o f
this co m p a n y to purchase the w h o le o f the ca p ita l stock a t a n y tim e w ithin
T o ta l ea rn in gs----------------$13,430,170
$14,214,195
$12,667,420
t w e lv e years fo r $25,000.
Expenses—
(2)
T h a t the agreem ent w ith the N orth ern Colonizatign R ailw ay C o.
M ain tenan ce o f w a y , & c--------$1,627.30S
$1,639,448
$1,715,232
fo r the constru ction o f an extension o f th a t co m p a n y ’s ra ilw a y from Nom lnM a.n tenan ce o f eq u ip m e n t____
1.873,321
1,975,221
1,547,548
lngue to R a p ld e de L ’ O riginal, Q u e., a bout 34 m iles, be ap p roved ; and the
5,640,323
5,563,682
C on du ctin g tra n sp o rta tio n ___
5,843,596
d irectors are h ereb y au thorized to acqu ire the bonds Issued o r to be issued
M arin e o p era tio n s—
________
356,935
460,631
427,996
G eneral ex p en ses—
___________
b y the said com pan y In respect o f such ex ten sion , the in terest thereon, at
365,425
408,153
381.405
4 % p er annum , b ein g gu aran teed b y this co m p a n y .such issue n ot to exceed
$9,977,352
$20,000 per m ile, and to dispose o f consolidated deb entu re stock o f the
T o t a l ex p en ses_______ ____
$9,933,094
$9,915,777
(70.19)
(73.96)
c o m p a n y fo r the purpose o f acqu irin g the said bonds.
P . c. o f expenses to earnings (78.28)
$4,236,843
N e t ea rn in gs-----------------------(3)
A resolu tion p ro v id in g fo r the Issue o f a d d itio n a l consolidated
$3,497,076
S2.751.643
*138,988
d ebentu re stock to an am ount not exceed in g $10,000 per m ile (increasing
A d d oth er in co m e_____________
*161,353
*441,036
the to ta l am ount o f said stock issuable thereon to n ot oVer $40,000 per
$4,375,831
m ile) on account o f the S u d bu ry B ranch , the n ecessity fo r w hich Is e x ­
$3,192,679
$3,658,429
D educt—
plain ed In the annual rep ort.
(V . 85, p. 726.)
$2,578,917
$2,178,955
| P (4 )
A resolution relatin g to the purchase or constru ction o f a d d itio n a l
In tere st on b o n d s _____________ $2,500,612
717,918
ocean steam ships, referred to in the annual rep ort.
(V . 85, p. 726.)
561 794
766,850
59,698
51,782
#■ (5)
A resolution a u th orizing the extension o f th e Moose Jaw branch
In tere st on bills p a ya b le - . . 33,266
117,176
and the constru ction o f a branch line from R e g in a to S askatoon , referred
In tere st on receiver s c e rtfs -----21.730
414,663
477,816
t/1,196.918
to in the annual report.
(6)
T h a t the directors be au thorized to constru ct an extension o f the
$3,215,110
$3,943,609
M oose Jaw branch 100 m iles In a n orth w esterly d irectio n , and a branch
$4 519,376
d if. $22,431
B alan ce, surplus o r d e fic it ------- sur. $432,222
from a point in or near R egin a to a point in, o r in the v ic in ity o f S askatoon,
def.%860,947
about 165 m iles, w h en ever th e y deem lt a d visa b le, and th a t fo r the con ­
* D u rin g the years 1906-07 and 1905-06 n o th in g w as received b y w a y o f
stru ction and equ ipm ent o f the said extension and branch line to dispose
rental from the C. H . & D . R y . C o.; In the y e a r 1904-05 tl.e ren ta l received
o f 4 % consolidated debentu re stock n ot ex ceed in g £4,000 sterlin g per m ile.
and included w ith " o th e r In com e” am ou nted to $321,038.
&F(7)
A resolution relatin g to the acqu isition o f tw o a d d itio n a l lake
V In clu d in g back taxes.
,
steam ships, a n d ion e P a cific Coast steam ship, and au th orizin g the creation

Canadian Pacific Railway Company.
(Proceedings at the 26th Annual Meeting.)
A t the annual meeting held at Montreal on Oct. 2, President
Sir Thomas G. Shaughnessy, in moving the adoption of the
report for the fiscal year ended June 30 1907 (see V. 85,
p. 652, 726) said in substance:




O c t . 19 1907.]

C O N S O L I D A T E D G E N E R A L B A L A N C E S H E E T J U N E 30.
1907
1906.
1905.
Assets—
S
$
$
79,645,072 75,957,006
Franch ise and prop.-, in cl. leaseh old- 83,491,731
6,142,415
5,942,678
Stocks a n d bonds o w n ed _____ ________ 05,946.684
415,550
405,203
396,195
O th e r In v e s tm e n ts .- _________________
400,000
C h ic. Cin. & L o u . R R . settle m e n t___
Due fo r ad va n ces—
424,222
423,4641
F ro m Chic. C in cin nati & Lo u isville
70,000
85,000 S
- 2,293,190
F ro m T o led o R y . & T e rm in a l C o .~
6,509
6,509 J
O th er com pa n ies____________________
858,063
903,598
833,234
M aterials and su pplies________________
391,273
599,076
299,938
Cash on h a n d ___________________________
801,401
797,272
843,616
A gen ts and c o n d u c to is------------------483,802
488,275
Bills co llectib le________________________
491,358
13,500
14,460
13.350
B ills re c e iv a b le ________________ - ______
63,334
P . O . D e p a r tm e n t- -___________________
62,153
26,948
62,521
15,448
62,320
Express com pan ies____________________
787,686
731,181
706,698
D eposits for in terest and d iv id e n d s ..
164,022
49,033
36,756
S un dry persons________________________
589,193
U nearned in t. on Pu llm an n o t e s ____
218,921
683,267
294,795
D eferred assets________________________
504,498
P r o fit and loss June 30________________
2,186,066
1,495,491
T o t a l____ __________________________
L ia b ilitie s —
P e r e M a rq u ette R R . com m on s to ck .
P ere M a rq u ette R R . pieferred stock
I,. E . & D. R y . com m on sto c k --------F u n d .d e b t(in cl.lea sed and a u x. lines)
in 1907, $53,148,293; less ow ned b y
this c o .. $3,175,000)________________
R e c e iv e r ’s certific a te s _________________
E q u ip .o b lig ’ns (in cl.leased & a u x .li’s)
U n p aid vo u ch ers_______________________
U n p a id w a g e s _________________________
B ills p a y a b le ___________________________
M atu red in terest and d ivid e n d s ______
Open accou nts_________________________
D eferred liabilities ----------------- -------E q u ip m e n t renew al a cco u n t-----------C. H . & D . K le y b o lte eq u ip m en t____
T a x e s accru ed --------------------------------In te re s t a c c iu e d _______________________

97,280,528

92,032,349

89,311,101

16,000,000
12,000,000
1.400,000

16,000,000
12,000,000
1,400,000

16,000,000
12,000,000
1,400,000

49.973,293
2,238,360
8,259,553
1,707,139
510.750
609,812
706,393
540.152
376.232
1,670,711
618,692
256,889
412,552

49,993,293
1,619,180
4,708,000
2,088,853
441,094
884.812
707,028
374,069
138,485
305,923
687,436
284,411
399,765

49,127,355

97,280.528

92,032,349

89,311,101

5,165,000
1,313,207
482,249
700,000
789,700
1,261,703
1,032,937
38,951

a Stocks o n ly .— V . 85, p . 794, 655.

Cincinnati Hamilton & Dayton Railway.
(Report for Fiscal Year ending June 30 1907.)
This report is made by Judson Harmon, receiver, and in­
cludes those items related to the period prior to the receiver­
ship, which were adjusted during the year.
Bonded D ebt.— Th e bonded d eb t was decreased $318,000 b y the paym en t
o f equ ip m ent obligation s
Receiver’s Certificates.— R e c e iv e r’ s certificates am ou ntin g to $511,830
w ere Issued to p rovid e funds to p a y interest due Ju ly 1 1906 on th e fo llow in g
bonds: D a yto n & M ichigan R R . consol, m ortgage 5 % bonds, C in cin nati
H a m ilto n & D a yto n R y . 2d m ortgage 4 yz % bonds, Cincinnati In d ian ap olis
& W estern R y . first and refu ndin g m o rtgage4 % bonds, Cincinnati H a m ilton
& D a yto n R y . refu nding m ortgage 4 % bonds, In d ian a D ecatur & W estern
R y . first m o rtgage 5 % bonds.
General Results.-—T h e statistics In this rep ort include the operations o f:
Cincinnati H a m ilton & D a yto n R y ., D a yto n & M ichigan R R , H o m e A v e ­
nue R R . , Cincinnati F in d la y & F o rt W a y n e R y ., Cincinnati In d ian ap olis
& W estern R y .. Columbus F in d la y & N orth ern R R . , B ow ling Green R R . ,
P lq u a & T r o y Branch R R . , and Cincinnati & D a yto n R y .
T h e increase In gross earnings was $548,516, and in net earnings, $185,531.
T a x es decreased $212,837; oth er Income decreased $18,811; interest In­
creased $115,280
and rentals decreased $22,000. T h e resu ltin g d eficit
from the operations o f the ye a r was $861,354, being a decrease o f $286,277
com pared w ith 1905-06. T h e percentage o f expenses to earnings w as
75.80 % , a decrease o f .63 % , and o f taxes to earnings, 3.12 % , a decrease o f
2 .7 4 % ; to ta l, 7 8 .9 2 % , against 82.2 9 % in 1905-06, a decrease o f 3 .3 7 % .
C a p ita l E xpenditu res.— P aym en ts a ggregatin g $348,848 have been m ad e
from the current cash as follow s:
A m o u n t paid to retire sundry equ ipm ent trust bonds ($318,000,
less $68,744 re ceived from receiver o f Pere M arqu ette R R to c o v ­
er th a t com p an y’ s prop ortion o f $108,000 K le y b o lte 4 )^ % equ ip­
m ent n o t e s ) __________________________________________________________ $249,256
A d d itio n s and Im provem en ts to the p r o p e ity (to ta l charges $244,960; credits $145,368, representing tracks or structuies rem oved
or s o ld )_______________________________________________________________
99,592
T ra ck .— 308,200 cioss-tles w ere used in renewals o f main and side tracks.
12,000 yards o f ballast were put under track o f the Indianap olis D ivision ,
and 25,000 yards on the C ln cin natl-Toledo M ain Lin e; also 36,000 yards
on the W ellston D ivision , the larger portion m ade necessary b y unprece­
d en ted floods. 12 m iles on C ln cin natl-Toledo Main L in e, betw een H a m ilton
and T o le d o , w ere re-laid w ith 85-lb. steel rail.
Th is m akes a to ta l o f 144
m iles o f 85-lb. rail now laid between H am ilton and T oled o.
W o r k has been started on the enlargem ent o f T o le d o and L im a yards.
G eneral.— D uring the ye a r air-brakes were applied to 1,716 fre igh t cars,
a t a cost o f $87,895. W in te r and spring floods throughout the Ohio V a lle y ,
and esp ecially In the v ic in ity o f Cincinnati, caused considerable business to
be tem p orarliy d iv e rte d to oth er gate-w ays and railroads.
N e w Industries
located on the line d u iln g the ye a r, and aad ltlon s m ade to those In opera­
tio n , w ill yie ld much a d d ition a l revenue If com m ercial conditions continue
on th e present basis o f a c tiv ity .
B u t this w ill n ot be reflected In earnings
to a n y .m a te r ia l ex te n t until a fter Jan. 1 n ext. T h e y e ar’ s business has
been done w ith o u t ad d ition s to the m o tive p ow er, equ ipm ent and facilities
w hich h ave been in v iew fo r several years and are sorely needed.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1903-04.
1906-07.
1905-06.
1904-05.
1,015
M iles operated June 3 0 . .
1,038
1,038
1,038
Operations—
3,854,186
3,373,965
3,712,073
Passengers c a rr ie d ________ 3,491,402
Passengers carried 1 m . . I l l , 156.333 105,292,814 108,542,089 111,743,547
R a te per pass, per m ile .
1.683 cts.
1.722 cts.
1.762 cts.
1.807 cts.
8,900 507
8,110,541
7,085,560
6,751,387
T o n s freig h t m o v e d ____
R ev en u e ton s one m i l e . . 1031118977 929,657,226 841,386,623 788.094,975
R a te per ton per m ile ___
0.618 cts.
0.638 cts.
0.677 cts.
0.71 ct".
$0.7752
SO.7546
$0.8361
Pass, earns, per train m .
$0.8269
F g h t. earns, per train m .
$2.4542
$2.3701
$1.9759
$2.0409
A v .N o .to n s fg h t. In train
397
371
301
277
E a rn in g s —
$5,616,536
$5,996,802 $5,694,282
F r e ig h t___________________ $6,374,235
1,813,561
1,912,855
2,019,149
1.871,019
P a s s e n g e r _______________
201,455
200,857
199,958
M a l l ................... - ............
201,611
167,341
155,373
E x p r e s s __________________
194,562
163,729
281,135
134,422
M iscellaneous a . . t ------407,432
339,993
$9,048,859
Expenses—
M a in t. o f w a y & s tr u c .. $1,078,613
1,571,756
M a ln t. o f e q u ip m e n t__
3,891,611
C on du ctin g tra n sp o rt’ n .
240,146
G eneral expenses ____ _
T a x e s ___
______
279,458
$7,061,584
T o t a l________ _______
N e t earnings a ___ __ _____ $1,987,275
D educt—
In tere st on bo n d s_______ $2,220,615
In tere st on blls p a y a b le .
201,409
In t . on R e c e iv e r’ s certs.
59,936
R en ta ls, &c.______________
366,669
D ivid e n d on p ref. stock.

$8,519,153

$8,106,145

$8,276,151

$1,143,369
1,404,704
3,640,160
230,907
492,294

$903,936
1,201,603
3 661,326
238,101
316,061

$778,319
1,079,183
3,712,165
215,924
276,135

$6,911,434
$1.607,719

$6,321,027
$1,785,118

$6,061,726
$2,210,425

$2,249,434
103.172
14,075
38S.669

$1,524,744
29,792

$1,068,608

471,807
122,554

353",289
389,238

C O N S O L ID A T E D G E N E R A L B A L A N C E S H E E T J U N E
1907.
1906.

30.
1905.

Franchises and p r o p e rty _________________ 27,330,485 27,125,796 26,821,106
S tocks and bonds o w n e d .________________ 2,054,020
2,003,968 1,957,720
O th er In v e s tm e n ts ________________________
6,453
6,377
6,322
L easeh old estate (leased and aux. lin e s ).16,414,200 16,440,200 16,171,150
Construction, & c ., fo r leased & p r o p . lines 5,257,378
5,255,658]
D ue fro m C C. & L . fo r a d va n ces________
465,886
“
‘
468,760 j- 5,337,793
D ue fro m o th er com panies fo r a d va n ces.
256,757
31,587j
M a teria l and supplies______________________
777,888
835,940
465,018
Cash on h a n d _______________________________
169,299
318,687
706,550
A gen ts and con d u ctors____________________
466,999
558,615
367,189
Bills collectib le
_______________
______________________
293,882
486,580
286,983
B ills receivable
397,700
403,721
P o st-O ffic e D ep a rtm en t___________________
88,485
50,396
50,396
Express com pan ies________________________
11,853
20,946
15,675
D eposits fo r in terest and d iv id e n d s ______
477,433
577,074
516,087
Sundry persons____________________________
9,902
23,083
D eposits to retire consol, sink, f d . b o n d s.
2,595,000 2,595,000
Pere M arqu ette R R . K le y b o lte e q u ip ___
618,692
687,435
D eferred assets ............................... ............ 540,429
574,037
657,417
L ia b ilit y Interest in stocks ow n ed b y
M ich igan Securities C o . . _______________16,570,273 16,570,273 16,570,273
Central Tru st Co. d ep osit to purchase C.
H . & D . 5 % preferred s to ck __________ 8,273,957 8,645,026 8,645,026
T o t a l....... .............. ..................... ..........82,679,271 83,650,055 79,021,509
L ia b ilitie s —
C. H . & D. com m on s t o c k _______________ 8,000,,000 8,000,000 8 , 0 0 0 , 0 0 0
C. H . & D . preferred s to ck ____ __________ 8,000,,000 8,000,000 8 , 0 0 0 , 0 0 0
D . & M . com m on sto ck ___________________ 2,401, ,950 2,401,950
2,401,900
D . & M. preferred s t o c k _________________ 1,211,,250 1,211,250
1,211,250
H o m e A ven u e R R . com m on s to c k ____ 100,
,000
100,000
100,000
Fu n ded d eb t (in clu ding leased and auxili.a ry lin es), $66,369,000 in 1906 and
1907, less ow ned b y this com pa n y,
47,944,000 47,532,000
R e c e iv e r’ s c e r tific a te s ..
. 1,023,660
511,830
R e a l estate m o rtg ag es.
54,000
56,000
G reat Central D ock C o .
22,772
) 2,466,000
2,784,000 2,999,000
. 1,656,827
2,288,663
766,162
U npaid w ages
371,040
331 ,412
335,689
. 2,655,295
3,098,037
2 ,486,S77
. 1,585,927
919,886
527,152
T a x es accrued n ot d u e____________________ .
206,341
231,852
In tere st a ccru ed__________________________
345,598
332,587
Consolidated sink, fu n d bonds m a tu red . . 2,595,000
2,595,000
Open accou nts_________________________ . . .
139,472
185,502
113,712
D eferred l ia b ilit ie s _______________________
542,771
539,998 1,389,741
E q u ip m en t renew al a cco u n t_____________
571,312
349,057
31,441
P r o fit and loss June 30___________________
786,056
1,769,031
3,126,582
.82,679,271 83,650,055 79,021,509
— V . 85, p . 921

653

Missouri Pacific Railway.
(Prelim inary Statement for Fiscal Year ending June 30 1907.)
1906-07.
1905 06.
1904-05.
Gross ea rn in gs------------------- ------------- $48,703,343 $44,566,821 $41,067,282
30,282,405 28,031,891
O p era tin g e x p e n s e s ........... ................ .. 32,515,071
N e t earn in gs.................................... .$16,188,272 $14,284,416 $13,035,391
O th er In c o m e -............... .................. ......
3,283,283
3,558,911
3,037,882
T o t a l in com e-------------------------- -----$19,471,555 $17,843,327 $16,073,273
D educt—
T a x e s --------------------------------------------- $1,483,949 $1,457,924 $1,388,344
In tere st and re n ta ls ___________________
9,060,875
8,936,792
8,191,983
E q u ip m e n t tru st and su n dry ch arges1,228,628
1,119,596
1,060,768
T o t a l . ----------------------------------------- $11,773,452 $11,514,312 $10,641,095
A v a ila b le fo r d iv id e n d s ............... . $7,698,103
$6,329,015
$5,432,178
D ivid e n d s--------- ---------------------------- (5 )3 ,8 9 0 ,8 7 5 (7 ^ )5 8 3 6 3 0 5 (5)3,890,86 7
B alan ce, surplus____________________ $3,807 228
- V . 85, p. 221.

$492,710

$1,541,310

Chicago Union Traction Co.
(Report for Year ending Aug. 31 1907.)
We have been favored with the following statements of
earnings for the several operating companies for the year
ending Aug. 31 1907:
*
N O R T H C H IC A G O S T R E E T R A I L R O A D .
1906-07.
1905-06.
1904-05.
$3,507,014 $3,518,004 $3,245,513
2,392,684
2,185,694
2,117,584

1903-04.
$3,174,514
2,118,478

$1,114,330
21 ,069

$1,332,310
25,172

$1,127,929
22,939

$1,056,036
21,467

. $1,135,399

$1,357,482

$1,150,868

$1,077,503

$697,396
304,871
109,239

$802,313
423,045
35,519

$731,914
380,790
38,164

$746,502
189,802
141,199

T o t a l d ed u c tio n s. ____$1,111,506
$1,260,877 $1,150,868
B alan ce, su rp lu s___ ____
$23,893
$96,605
W E S T C H IC A G O S T R E E T R A I L W A Y .
1906-07.
1905-06.
1904-05.
Gross ea rn in gs___________ $6,850,050
$6,573,964
$5,963,016
O p era tin g expen ses____
4,651,086
4,335,737
3,958,136

$1,077,503

N e t ___________________
O ther incom e .
____

O th er In com e.
D educt—
C h a r g e s _________________
D ep recia tion ___________
Consol. T ra c . Co. d e f ___

1903-04.
$5,523,135
3,802,898

$2,198,964
34,282

$2,238,227
50,404

$2,004,880
45,819

$1,720,237
44,303

T o ta l In com e_________ $2,233,246
D educt—
C h a r g e s ________________
$1,438,090
D ep recia tion
._
___
580,452
Consol. T ra c . Co. d e f___
214,704

$2,288,631

$2,050,699

$1 ,764,540

$1,424,047
797,124
67,460

$1,414,574
555,805
80,320

$1,383,448
432 ,334
248,758

T o ta l ded u ction s . .
$2,233,246 $2,288,631
$2,050,699
B a la n c e _____ . . _ _
C O N S O L I D A T E D T R A C T I O N CO .
1906-07.
1905-06.
1904-05.
Gross earn in gs_________
$1,951,270
$1,833,559 $1,605,798
O p era tin g expen ses____
1,667,869
1,314,409
1,123,301

$2,064,540

1903-04.
$1 ,468,631
1,223,182

N e t e a r n in g s ___ ______
O th e r In com e. _______

$283,401
82,452

$519,150
82,881

$482,497
82,152

$245,449
80,342

T o t a l in c o m e .. ______
D e d u c t io n s _____________

$365,853
689,795

$602,031
705,010

$564,649
683,133

$325,791
715,748

$323,942

$102,979

$118,484

$389,957

D e f i c i t ________________

T o t a l ............................$2,848,629 $2,755,350 $2,148,897 $1,811,134
B alance, sur. or d e f------df. $861.354d/’.$l,147,631 df.% 363,779 sr.$399,293
a Includes $101,924 In 1906-07, $120,735 In 1905-06 and $97,229 in
901-05, which the Receiver treats outside o f gross earnings as special Items
o f “ other In com e.”




1803

THE CHRONICLE

Compare balance sheet in V. 85, p. 919.
Massachusetts Gas Companies, Boston.
(Report for Fiscal Year ending June 30 1907.)
President C. Minot W eld, under date of Boston, Mass.,
Oct. 8 1907, says in substance:

1004

THE CHRONICLE.

Divid end s on Com m on S tock.— D u rin g th e y e a r the tru stees vo te d to set
aside 5750,000 from the accum ulated earnings fo r the pa ym en t o f d ivid en d s
(a t th e ra te o f 3 % per annum ) upon the com m on shares, and o u t o f th a t
sum a d ivid en d o f 1 % was paid on A u g . 1 1907.
(A sim ilar ap p rop ria tio n
w as m ade in 1905-06.— E d .)
" P ro p e rty A c c o u n t.’ ’— Th is includes the fo llo w in g securities:
Shares.
Shares.
2,957
N e w E n g. Gas & Coke C o ____ 175,000 Chelsea Gas L ig h t C o ________
Boston C on solid ated Gas C o . 151,106 Citizens Gas L t . Co. o f Q u in cy
330
1,250
E a st B oston Gas C o __________
8,633 N e w E n g. Coal & Coke C o ___
New E ngla nd Coal & Coke C o .— T h is co m p a n y, organ ized du rin g th e ye a r,
has con tracted fo r three steel steam colliers, each w ith a ca rryin g c a p a city
o f 7,200 ton s, w h ich , lt is e x p ected , w ill be used to ca rry coal from U n ited
S ta tes ports to Boston in the interests o f our va riou s com panies.
T h e N e w E n gla n d Coal & Coke Co. has issued 1,250 shares o f ca p ita l, fo r
w hich the M assachusetts Gas Com panies has paid $125,000. T h e balance
o f the m o n ey w hich the new co m p a n y has spent and w ill spend has been and
w ill be o b tain ed , tem p o ra rily , on the notes o f the N e w E n gla n d Coal & Coke
C o ., endorsed b y the Massachusetts Gas Companies.
New P la n t.— In a d d itio n to the new constru ction m entioned in the last
re p o rt as h a v in g been com m enced b y the B oston C on solidated Gas C o .,
and w hich Is now p ra c tic a lly co m p leted , the Boston Consolidated Gas Co.
has le t con tracts fo r the constru ction o f a new gas pla n t o f 10,000,000 cubic
fee t per d a y ca p a c ity , which w ill be erected in E v e re tt, a d ja cen t to the N e w
E n gla n d Gas & Coke C o .’ s w orks.
D u rin g this y e a r and the previou s ye a r the B oston C on solidated Gas Co.
sold real esta te w hich lt had abandoned fo r m a n u fa ctu rin g purposes
a m ou n tin g to $1,058,337, which was used in p a rt pa ym en t fo r the n ew con ­
stru ction and im p rovem ents.
Operations of Sub C om pa nies.— U n d e r th e provision s o f the so-called
"s lid in g scale” bill, th e Boston C on solidated Gas Co. paid a d iv id e n d c f 7 %
fo r the y e a r en d in g June 30 1907, bu t, h a v in g reduced the price o f gas on
J u ly 1 1906, th e y are en title d to p a y d ivid en d s at the ra te o f 8 % p er annum
In the succeeding ye a r, n a m ely, ye a r en din g June 30 1908.
(C om pare
V . 82, p . 1270, 1324.)
Operations of Sub Com panies D u r in g Y e a r 1906-07.
N e t G ain
A d d ition s to — Gas to Consum ers—
in M eters. Street M a in s . T otal C u b ic F t .
In c .
B o sto n Consol. Gas C o ______6,133
88,184 fee t 3,876,185,000 1 1.53%
Chelsea Gas L ig h t C o _______ 832
8,003 fee t
105,618,000 2 5 .4 6 %
3,807 fee t
113,023,000 2 1 .9 9 %
E a st B oston Gas C o . _______ 659
C itizen s’ Gas L ig h t C o ______ 506
89,807 fee t
19,938,000 62.99%
P ric e o f Gas.— T h e fo llo w in g redu ction s w ere m a d e in the n et price
charged fo r gas b y the constitu en t com panies from J u ly 1 1906 to J u ly 1
1907: B oston C on solid ated Gas C o ., 5c.; Chelsea Gas L ig h t C o ., 5c., and
E a st B oston Gas Co. 10c. per 1,000 cubic fee t.
M A S S A C H U S E T T S G A S C O M P A N IE S — Y E A R E N D IN G J U
1906-07.
1905-06.
In te re s t on bonds, n o tes,'certfs., & c _ .
$24,466
$333,584
D iv id e n d s r e c e iv e d ____________________
1,633,894
1,522,380

N E 30.
1904-05.
$675,218
893,450

T o t a l ea rn in gs_______________________ $1,658,360
D educt—
E x p e n s e s _______________________________
$43,648
I n t e r e s t ________________________________
13,327
D ivid e n d s on p referred shares, 4 % ___
1,000,000

$1,855,964

$1,568,668

$62,575
37,733
1,000,000

$13,192
52,093
1,000,000

T o t a l d ed u c tio n s____________________ $1,056,975
B a la n ce, surplus_______________________
$601,385
Surplus fro m previous ye ars__________
1.074,013
A d ju s t m e n t s ___________________________deb. 12,980 Cred. 151,851

$1,065,285
$1,100,308
$503,383
$755,656
413,123
916,506
$916,506
$1,824,013
750,000

T o t a l . . ________________________ ______ $1,662,418
D iv id e n d on com . shares, 3 % ________
750,000

B a la n ce ................... .......... .............. $912,418 $1,074,013
$916,506
T h e net u n d ivid ed earnings o f the constitu en t com panies from th e opertlon s o f 1906-07 (see the several sta tem ea ts below ) a gg reg a ted $127,309,
a gain st $66,272 In 1905-06 and $85,787 in 1904-05.
B O S T O N C O N S O L I D A T E D G A S C O .— Y E A R E N D I N G J U N E 30.
1907.
1906.
1907.
1906.
$
$
$
$
Gross in com e___ 3,810,342 3,764,070 N e t ea rn in g s ...1 ,1 9 9 ,6 9 4 1,288,963
D educt—
E x p e n s e s _______ 2,625,546 2,492,364
In te re s t__________
18,996
10,908
N e t In com e______1',184,796 1,271,706 D iv id e n d s _______ 1,058,722 1,209,968
50,000
50,000
M lsceil. in co m e.
14,898
17,257 E m p lo y ees’ fu n d
N e t e a rn in g s .l ,199,694 1,288,963

T o t a l _________ 1,127,718 1,270,876
B alan ce, surplus
71,976
18,087

N E W E N G L A N D G A S & C O K E C O . ■ Y E A R E N D I N G J U N E 30.
1906.
1907.
1906.
|
1907.
$
$
$
■I
s
P r o d u c tio n ______2,413,176 2,430,720 Gen. e x p .& m a n .
75,085
68,755
O per. ex p e n s e s .1,739,824 1,729,888 ! T a x es & in s u r..
52,817
48,241
—---- —— ------------- ; In t . on m o rtg ag e
11,120
300,000
N e t inc. f r ’ m o p . 673,352
700,832 , In t. on flo a t.d eb t
8,750
M iscell. In co m e.
19,147
5,026 \D iv id e n d s _______ 525,000
262,500
T o t a l in com e-

692,499

705,858|
T o t a l d ed u c’ s .
|B alan ce, surplus

664,022
28,477

688,?45
17,613

C H E L S E A G A S L T . C O .— E A S T B O S T O N G A S C O ., Y E A R 1906-07.
Chelsea. E . Boston.
Chelsea. E . Boston.

$

Gross In co m e___
E x p e n s e s _______

188,172
128,689

N e t Inc. f r ’ m o p .
M lscell. in com e-

59,483
288

Net

ea rn in gs.

59,771

$

$

170,894 N e t earn in gs___
135,235
D educt—
|I n t e r e s t ________
35,6581 D iv id e n d s _______
3 021
T o t a l__________
35,960 j B alan ce, surplus

$

59,771

35,960

8,205
30,000

22,000

38,205
21,566

25,117
10,843

3,11

C I T I Z E N S ’ G A S L I G H T C O . O F Q U I N C Y — Y E A R E N D . J U N E 30 1907.
$2,844
Gross In co m e_______________ $26,440 N e t earn in gs.
D educt—
E x p en ses____________________
23,723
In te re s t _____
$8,398
N e t incom e fro m o p era ’ s . .
$2,717
T o t a l ________
M iscellaneous in com e_____
127
$8,398
B alan ce, d e fic it.
5,554
N e t earn in gs______________
$2,844
B A L A N C E S H E E T O F M A S S A C H U S E T T S G A S C O M P A N IE S J U N E 30.
1907.
1906.
|
1907.
1906.
Assets—
$
S
| Liabilities—
S
S
Property account.51,430,412 51,322,6571Preferred stock___25,000,000 25,000,000
Cash in banks____
316,937
465,782 icommon stock ... 25,000,000 25,000,000
141,000! Accounts payable.
1,598
22,092
Notes receivable. .
|Pref. div., accr’d . .
83,333
83,333
! Reserve for com.
j dividend............
750,000
750,000
|Surplus___________
912.4J8 1,074,013
T o t a l ............... 51,747,349 51,929,439|

T o t a l .......... ..... 51,747,349 51,929,439

The following balance sheet was furnished to the Massa­
chusetts authorities, but does not appear in the report:
B O S TO N C O N S O L ID A T E D G A S CO. B A L A N C E S H E E T J U N E 30.
1907.
1906.
|
’
1907.
1906.
Assets—
$
$
I Liabilities—
$
8
Real estate............ 5,811,110 6,833,9341Capital stock........ 15,124,600 15,124,600
589,092
Mach., mains, &c. 18,194,569 17,333,655!Notes
751,732
223,430
642,104
650,726| Accounts payable.
223,430
Materials, &c.
301,9831Deposits .......... .....
133,075
370,414
135,483
Cash.d’ ts ree., &c.
39,746|Taxes accrued __
48,523
42,417
64,200
Office furniture___
84,124
82,668 j Employees’ rel’ f fd
35,495
50,000
Profit & loss d e f..
j Stock premiums.. 8,893,265 8,893,265

-I

T o t a l...............25,096,109 25,242.7101 T o t a l............... 25.096,109 25,242,710




[V ol .

lx x x v .

O P E R A T IO N S O F B O S T O N C O N S O L . G A S CO. F O R Y E A R S E N D IN G
J U N E 30, R E P O R T E D B Y P U B L IC A C C O U N T A N T S A S R E Q U IR E D
B Y S L ID IN G S C A L E A C T .
1906-07.
1905-06.
Gas purchased (cu bic f e e t ) ____________________ 2,169,049,300 2,262,654,700
Gas m an u factu red (cu bic f e e t ) ________________ 2,233,726,000 1,725,534,000
T o t a l ____________________________________ ______ 4,402,775,300
Gas sold d u rln g y e a r (cubic f e e t ) _______________ 4,233,255,645
Cost o f gas in h old er, per 1,000 cu bic fee t—
Gas pu rchased________________________________
29.95 cts.
Gas m a n u fa ctu red____________________________
31.30 cts.
31.81 cts.
Gas s o ld _______ _____________________________
Cost o f distrib u tio n m a n a gem en t, & c ______
23.91 cts.
T o t a l cost o f gas so d (ex< h id in g in ter­
est, d ep recla ,n and re s e r v e )________
— V . 85, p. 923, 725.

3,988,188,700
3,929,522,235

55.72 cts.

28.94
34.30
31.73
25.38

cts.
cts.
cts.
cts.

57.11 cts.

Pacific Gas & Electric Co., San Francisco.
(.Report for Year ending June 30 1907.)
. The combined income account of all properties owned and
controlled, including the California Gas & Electric Corpora­
tion, the San Francisco Gas & Electric Co. and properties
directly operated, is as follows:
-------- Y ea r ending J u n e 30 1907-------6 M o s . to
6 M o s . to
Totals fo r
D e c. 31 ’ 06. J ’ne 30 ’ 07.
Year.
$5,435,227 $6,729,172 $12,164,399
3,894,065
3,122,442
7,016,507
t $2,312,785
In t . & sin k. fds. o f subsidiary c o rp ’ns: 1,234,281

$2,835,107
1,263,133

$5,147,892
2,497,414
$2,650,478

$1,078,504

$1,571,974

B on d in t. & sink, fu n ds P a c ific Gas
& E lectric C o ________________________

518,750

491,923

1,010,673

B a la n c e ______I _______________ _________
P referred stock d ivid en d s accrued___

$559,754
300,000

$1,080,051
300,000

$1,639,805
600,000

B a la n c e ------------------------------- r . . .
$259,754
$780,051
$1,039,805
T h e fin al balance a b o ve shown Is eq u iva len t, a fter d ed u ctin g d ivid en d s
a ccru in g on the preferred stock d u rin g the ye a r en d in g June 30 1907, to
m ore than 5 % on the en tire $20,000,000 o f au th orized com m on stock o f
the P a cific Gas & Electric Co. 75 % o f this balance w as earned In the last
h a lf o f the 12 m onths period , the larger earn in gs o f that term reflectin g the
a d v e n t o f m ore n o rm a l cond ition s a t San F ra n cisco. T h e gross earn in gs
o f the San Francisco Gas & t-lectrlc Co. are now p ra c tic a lly as grea t as they
w ere b efo ie the catastrophe o f A p ril 1906. T h e c o m p a n y had In service
J i n . 1 1907 In San Francisco 46,633 m eters and 530 miles o f m ains.
Gas
sales du rin g the 12 months en d in g June 30 1907 w ere 2,253,000,000 cu bic
fe e t.
(See also separate rep ort fo r C a liforn ia Gas & E lec tric C orp oration
a b o v e and “ S treet R a ilw a y ” S ection o f June 1906.— E d . ) .— V . 85, p . 923,
725.

California Gas & Electric Corporation.
(Financial Statement.)
This company, whose capital stock is mostly owned by
the Pacific Gas & Electric Co. (of San Francisco), reports as
follows for the fiscal years ending Feb. 28 1907 and 1906 and
the year ending June 30 1907:
F is c a l Y r . end. F eb 28 -----Increase — 1907.
1906.
A m o u n t.
%
G ro s s e a m ln g s ________ $6,484,243 $4,919,687 $1,564,556 32 %
O per. e x p ., m a in t.,
857,571 3 2 %
taxes, occ................. 3,524,060 2,666,489

Y e a r ending
J 'n e S O ‘07.
$7,186,133

N e t earns, from o per_$ 2,960,183 $2,253,198
O ther in com e________
206,594
152,668

$706,985 31 %
53,926 3 5 %

$3,123,213
232,482

T o t ’1n e t incom e a v a il­
able fo r In tere st____ $3,166,777 $2,405 866
In t e r e s t _______________ 1,691,674
1,538,996

$760,911 3 2 %
152,678 10 %

$3,355,695
1,724,619

B a la n c e _________
S in k in g fu n ds___

$866,870
150,000

$608,233 7 0 %
________ ______

$1,631,076
150,000

$716,870

$608,233 8 5 %

1.481,076

__ $1,475,103
150,000

S u r p lu s __________..$ 1,325 ,103

4,062,920

An authoritative statement says:
I t w ill be n oted that the co m p a n y earned n ea rly tw ice Its In terest charges
in g the tw elve m on th s en d in g June 30 1907. T h e co m p a n y ’s hydro, cetrle gen era tin g station s h ave a ca p a city o f 93,150 h orse-pow er; Its steam
p a nts have a ca p a city o f 39,982 horse-pow er; m a k in g a total electrica l g e n ­
e ra tin g capa city n ow in operation o f 133,132 horse-pow er.
D u rin g the
t w e lv e m onths en d in g June 30 1907 sales o f gas w ere 1.785,000,000 cu bic
fe e t. T h e distribu tion system com prises 637 m iles o f low and high-pressure
m ains and 1,500 miles o f h igh -volta ge transm ission lin es.
F ifty -fiv e thous nd gas m eters and 31.000 fu el gas appliances are in use. T h e c o m p a n y ’s
o perations ex ten d In to 23 co u n ties,w ith m ore than fou r times the area o f the
en tire State o f N e w Jersey, and c o n ta in in g 60 % o f the popu lation o f the en ­
tire S tate o f C aliforn ia.

du

See also separate statement for Pacific Gas & Electric Co.
below.— V. 85, p. 407.

GENERAL INVESTMENT NEWS.
RAILROADS, IN C L U D IN G STREET ROADS.
Albany & Susquehanna RR.— New Director.— Henry E .
Cooper has been elected a director to succeed the late John
Harsen Rhoades.— V. 85, p. 721.
Bloomington Pontiac & Joliet Electric Ry.— Change in
Control.— The Fisher syndicate of Joliet, 111., which controls
the Joliet Plainfield & Aurora R R ., has purchased the con­
trol of this company, and, it is said, will push the extension
of the line, now in operation between Pontiac and Dwight,
20 miles, to Bloomington and Joliet. H . A . Fisher has been
elected President; John K . Newhall, Secretary; and L. D.
Fisher, General Manager and a director, Messrs. Carothers
Folsom and Legg having resigned.— V. 81, p. 1375.
Central of Georgia Ry.— New Directors, & c.— Major R . E.
Steiner of Montgomery and C.' E. Janies of Chattanooga
have been elected to the board to fill vacancies. The official
title of W . D. Beymer has been changed from Auditor to
Comptroller. The board now includes:
Majn; J . F. H anson and S. R . Jaques, .Macon; A le x a n d e r R . L a w to n ,
W A W inbu rn and Joseph H u ll, all o f S avannah; W . C. B ra d ley , C olu m ­
bus; J. G. O gle sb y, A tla n ta ; G eorge B. M cC orm ack. B irm in gh a m ; R o b e r t
’ ■ S 'e ln e r. M o n tg om ery ; and C. K . Janies, C h a tta n oo ga .— V . 85, p 792,
721.

Oc®. 19 1907.]

THE CHRONICLE.

Central Vermont Ry.— Report.— For year ending June 30:
Y ea r—
Gross.
1906-07----- $3,833,088
1905-0 6
3,836,976
— V.85,p.283.

N e t.
$688,381
686,628

Other In c .
$13,840
13 840

Charges.
$700,407
695,952

B a l.,s u r.
$1,814
4,516

Chicago & North Western Ry.— New Director.— E. E.
Osborn has been elected a director to succeed the late A lb ert
Keep.— V. 85, p. 657, 651.
Chicago Union Traction Co.— Time Extended.— The bond­
holders of the several companies are notified that, by order
of the reorganization committee of the Chicago Railways Co.,
the time for depositing securities under the plan of reorgani­
zation (V. 85, p. 529) has been extended to and including
Oct. 31. The Harris Trust & Savings Bank, Chicago, is
depositary, and the Farmers’ Loan & Trust Co., New York
City, sub-depositary.
Foreclosure Proceedings.— The Guaranty Trust Co. of New
York on Oct. 9 filed petitions in the United States Circuit
Court asking the foreclosure, for default of interest on five
notes, aggregating $1,158,287, made by the West Chicago
and North Chicago street railways and Union Traction Com­
pany in the suit brought in 1903 under which the receiver­
ship was granted. Compare V. 76, p. 918. I t is claimed
that the receiver has used funds properly applicable for
interest for improvements. Judge Grosscup will take up
the matter next week. I t is commonly supposed the suits
will not be pressed if a modified reorganization plan is ar­
ranged.— V. 85, p. 863.
Cleveland Lorain & Wheeling Ry.— Report.— The results
for the year ending June 30 were:
Y ear —
Gross.
N e t.
Oth. In c . Charges. 5 % o n P f.B a l.,s u r .
1906-07
$4,608,901 $1,807,935
$3,657 $568,462 $250,000 $993,130
1905-06
3,480,257
935,660
2,936 559,506 250,000 129,090
F rom the balance as a b o ve, In 1906-07. $993,130, there was deducted
$175,008 fo r im p ro vem en ts, le a v in g $818,122 ca rd ed to p ro fit an d loss ac­
co u n t.— V 80, p. 1169.

Cleveland & Pittsburgh R R .— New Stock.— The New Y ork
Stock Exchange has been requested to list $796,250 addi­
tional special guaranteed betterment stock, making the
total listed $8,274,050.— V. 83, p. 687.
Coal & Coke Ry., West Virginia.— Preferred Stock Issued
in Exchange for Bonds and Other Indebtedness.— Secretary C.
M. Hendley, under date of Elkins, W . Va., Oct. 16 writes:
A t the annual m e etin g o f the stockholders held on A u g . 13. a n ew issue
o f preferred stock to the am ou nt o f $10,000,000 w as created, w ith w hich to
reduce the bonded and o th er Indebtedness.
On O ct. 1 the directors. In
a djou rn ed m eetin g, carried out the plan a d o p ted b y the stockh olders. Th e
m o rtg ag e u nder w hich the bonds w ere secured p ro vid ed fo r an Issue o f
$10,000,000; $9,300,000 o f these w eie Issued and sold, o f w hich $6,300,000
h ave been purchased and paid fo r w ith p referred stock. O f this last-nam ed
a m o u n t $5,000,000 h ave been r e t lie d , destroyed and released from the
opera tion o f the m o rtgage
T h e co m p a n y, th erefore, has now ou tsta n d in g
$3,000,000 o f 5 % first m o rtg ag e bonds and $2,000,000 In the trea su iy . O f
the n ew preferred stock created, there h ave been issued and used, in p a y ­
m e n t fo r bonds purchased and in settlem en t o f oth er indebtedness o f the
co m p a n y, $8,881,900.— V . 85, p. 921.

Delaware & Hudson Co.— Application to List Equipment
Bonds.— The New York Stock Exchange has been requested
to list the $10,0Q0,000 first lien equipment 4 ^ per cent
bonds, due 1922, which were offered by Kuhn, Loeb & Co.
and the First National Bank last June (V. 84, p. 1307).—
V. 85, p. 99, 40.
Detroit & Mackinac Ry.— Report.— The results for the
year ending June 30 were:
Y ea r —
Gross.
N e t.
Charges. & c. 5% on P r e f. B a l.,S u r .
1906-07-..$1,31 1,275
$301,182
$248,449
$47,500
$5,233
1 9 0 5 -0 6 ... 1,154,826
281,692
228,935
47,500
5,257
T h e ilem o f "c h a rg e s ” In 1906-07 Included $40,020 fo r constru ction o f
H illm a n branch: In 1905-06, $30,728 p en a lty on back taxes fo r 1902, 1903
a n d 1904. V . 83, p. 1168.

Detroit United Railway Co.— Dividend Omitted.— Owing
to the condition of the money market, the company has de­
cided to apply its surplus earnings to improvements, &c.,
and to omit the November dividend on its $12,500,000 capi­
tal stock. The company’s dividend record has been as
follows: March 1 1901 to May 1 1905, 4% per annum;
Aug. 1 1905 to Aug. 1 1907, 5% per annum, payable quar­
terly. President J. C. Hutchins in a circular says:
A s yo u k n ow , the te rr ito r y w hich the D etro it U n ited R a ilw a y serves has
been d e v e lo p in g a t a rapid ra te, n ecessitatin g large expen ditu res for eq u ip ­
m e n t, Im provem en ts and a ddition s to the p ro p e rty.
T h e present co n d i­
tion o f the m on ey m a rket is such that the co m p a n y is unable to reimburse
Itself through the sale o f Its bonds, at w hat it deem s a reasonable price,
fo r sums p ro p e rly ch argeable to ca p ita l accou nt.
N o tw ith s ta n d in g the
fa c t th at the surplus earn in gs are a p p ro x im a te ly equ al to those o f the p re­
vio u s fiscal y e a r, It is deem ed to be for the best In terest o f the stockholders
to use such present surplus earn in gs In p r o v id in g fo r the Im provem en ts to
w hich reference has been m ade a b o ve.
Y o u r d irectors h ave therefore
d ecid ed to o m it p a y m e n t o f the regu lar q u a rterly d ivid en d a t this tim e.
— V . 85, p. 345.

1005

except on Saturday afternoons, Sundays and holidays, as
indicated chiefly by the following:
Subway Express Service below Grand Central Station
7%
South bound, 7 to 7.30 a. m . . ........ 18% |North bound, 5 to 5.30 p m ______
do
do 8.30 to 9 a. m _______ 7.7% | do
do 6.30 to 6.45 p. m . .16 2-3%
Manhattan Elevated Railway Service below 42d, 34th or 50til Streets.
Sixth A ve.— South bound locals
|North bound, 5 to 6.30 p. m ____16 2-3%
7.30 to 9 a. m _________________16 2-3% |
Ninth Ave.— Northbound, 5 to6p.m.20% |
Third A ve.— South bound, 6 to 8 a.m.
|North bound, 5 to 6 p. m _______ 16 2-3%
914 to 14% | do
do 7 to 7.45 p. m ____
10%
Do. 8.30 to 9 a. m ____________ _____ 2% |
Second A v e .— South bound, 6.15 to
|North bound, 5 to 6.30 p. m __........ 7)4 %
7 a .m _______ _____ ______________21% | do
do 6.30 to 7 p. m _________22%
Do 7 to 8.30 a. m ______________ 7}4 % |
— V. 85, p. 864, 345

Joliet Plainfield & Aurora R R .— Purchase.— See Blooming­
ton Pontiac & Joliet Electric R y. above, and comparfe V. 85,
p. 722.
Lehigh Valley R R .— Sale of Car Trusts.— The company
has sold to Brown Brothers & Co., N ew York, Drexel & Co.,
Philadelphia, and the First National Bank of New York,
jointly, an issue of $2,000,000 4 ^ % car trusts dated Sept. 1
1907 and payable $100,000 each six months to and includ­
ing Sept. 1 1917; denomination $1,000. Interest payable
March 1 and Sept. 1. These obligations were issued against
steel frame box cars, steel gondolas and steel coal cars,
upon which a cash payment of 16% has been made.— V. 85,
p. 410, 401.
Macon (Ga.) Railway & Ligh t Co.— Change in Control.—
W . J. Massee, President of the Bibb Power Co., and other
Macon capitalists, have, it is announced, in connection with
J. S. Collins of Savannah, already a stockholder, purchased
a large part of the interest in the property held by Herman
Myers, Sigo Myers and W . W . Osborne of Savannah, and
J. H . Fall of Nashville, and now control the enterprise.
The management as reorganized is as follows:
O fficers— W . J. Massee, Presiden t; Jacob S. Collins, 1st V ice -P re s id e n t;
M F e lto n H a tch er, 2d V ice-P resid en t; J. W . M cF a rla n d , Gen S u p t.; J. E .
Jau don, S ecreta ry and Treasurer.
N e w D irectors— W . J. Massee, M. F e lto n H a tch e r, F . 13. Stubbs, Jos. N .
N e el, A . T . Sm all and M. H . Massee, M acon; J. C.
W a lk er, M a rsh alville.
O ld D irectors R e m a in in g — Jacob S. Collins an d Jacob Pau lson, S a v a n ­
nah; L eo n S. D u re, T . J. C arling, M orris H a p p and E . G. H a rris, M acon.
D irectors R e tir e d — J. H . F a ll, H erm an M yers, S ego M yers, S. G u thm an,
J. H . H e r tz , H e n ry H orn e and W . W . O sborn e.— V . 81, p . 1100.

McCloud River R R ., California.— New Bonds.— This com­
pany recently filed a new first mortgage on its property to
the Mercantile Trust Co. of San Francisco, as trustee, to
secure an issue of $1,200,000 5% thirty-year bonds.
T h e road ex ten d s from Sisson, C al., to M cC lou d, C al., an d thence to
p o in ts east o f M cC lou d, a to ta l d ista n ce o f, a p p r o x im a te ly , 50 m iles.
It
conn ects a t Sisson w ith the ra ilroa d o f the Southern P a c ific Co.
B efore
the recen t bonds w ere Issued the old bon d s, a g g re g a tin g $316,000, w ere a ll
taken up and fu lly paid and the p ro p e rty re -con vey ed to the railroad com ­
p a n y b y C a liforn ia Safe D eposit & T ru s t Co. o f San F ra n cisco, the trustee
u nd er the fo rm er bond m o rtg ag e. T h e P resid en t and G eneral M a n ag er is
J. H . Queal; V ice-P resid en t, S. O . John son.
O ffic e, Jam es F lo o d B u ild in g,
San Francisco, Cal.

Nashua & Low ell R R .— Extra Dividend.— The company
has declared an extra dividend of 3^ of 1% , payable N ov. 1
along with the usual semi-annual 43^%, to stockholders of
record Oct. 15. The same amounts were disbursed in
November 1906.— V. 83, p. 970.
New Y crk New Haven & Hartford R R .— Debentures.— The
outstanding debentures issued and assumed by the com­
pany are shown by the annual report to have been as follows
on June 30 1907:
Outstanding M aturity
2-Year Notes Outstanding Maturity
Convertible—
1906 (concl.)—
3 4 % datedl906 $11,578,900 Jan. 1'56 5 % _______ ______ $200,000 Dec
22 ’08
do do warrantsl8,421,100 Jan. 1 '56 5 % ----------------260,000 Dec. 24 ’08
4% dated 1893--66,100 April 1 ’08 5 % ....................
450,000 Dec. 29 ’08
Non-convertible—
5 % _____________
500,000 Dec. 31 '08
4% dated 190 4... 5,000,000 Feb. 1 ’ 14
Notes, & c., Dated 1907—
4% dated 1897... 5,000,000 Mch. 1 ’47 2-year 5 % .......... 1,500,000 Jan.
9'09
3)^ % dated 1901. 5,000,000'Mch. 1'47 3-year 5 % .......... 3.500,000 Jan.
9 '10
3 4 % dated 1904.10,000,000 April 1 ’54 3-year 5 % ______
50,000 Jan. 10 '10
4% dated 1905---15,000,000 July 1 ’55 4-year 5 % ______ 2.150,000 Jan.
9'11
4% dated 1906. -.15,000,000 May 1 ’56 5-year 5 % ______
300,000 Jan.
1 '12
2-Year Notes Dated 1906—
5-year 5 % ______ 6,400,000 Jan.
9 ’ 12
600.000 Oct. 20 ’08 European loan4% 27,985,000 A pril 1 ’22
4 4 % ___________
Debentures Assumed—
5 i 4 % ............... 1,250,000 Nov. 15'08
RR.
5 % _____________
500,000 Nov. 15 '08 Naugatuck
5M % ___________
100,000 Nov. 19 *08
3 4 % 1902____22,000,000 Oct.
1 ’30
5 % _____________ 2,000,000 Nov. 22 '08 Hartford St. R y .
5 % . ...................
500,000 N ov. 27'08
4 4 % “ N ” ____
145,000 Jan.
1 '30
5 % _____________
370,000 Dec. 1 '08
4% “ M” -------165,000 Jan.
1 ’30
5 % ................. .
300,000 Dec. 5'08 Consol. R y . (see V. 84, p. 1114)—
5 % _____________
200,000 Dec. 7 ’08
4% dated 1904.2/4,354,000 July
1 ’ 54
4% dated 1905-2/2,350,000 Jan.
1 ’55
5H % __________50,000 Dec. 11 '08
400,000 Dec. 11 ’08 j 4% dated 1905-2/1,341,000 April 1 ’55
5 % ----------------400,000 Dec. 14 ’08
4% dated 1906-2/2,108,000 Jan. 1 ’56
5 % --------- ------250,000 Dec. 2 1 '08| 3 -34 -4% 1905. 1,000,000 Feb. 1 ’30
x Of the Naugatuck debentures, 81,766,000 arc held in treasury.
y Exchangeable for stock. S I.000 In debentures for §500 stock of N . Y . N. H. &
H. R R . See V. 84, p. 1114.— Ed.— V. 85. P 922. 858. i

Great Northern R y .— Merger Approved.— A t the annual
Pennsylvania Company.— Offer to Purchase Notes Due
meeting on Oct. 10 the shareholders ratified the proposition Nov. 1 1907.— Kuhn, Loeb & Co., New Y o r k , announce by
to merge in the company the St. Paul Minneapolis & Mani­ advertisement on another page that th ey are prepared to
toba and other controlled properties. Compare V. 85, p.600. purchase at par and interest to date o f delivery all or any
Hudson Companies.— One Tunnel Nearly Completed.— The part of $10,000,000 of the total issue of $50,000,000 4J^%
tunnel from Christopher St., Manhattan, to Hoboken, it is collateral improvement notes due N o v. 1 1907. The pay­
believed will be ready for traffic on or about Dec. l , o r a ment of this issue was provided for b y the sale of $60,000,000
3-year 5% notes of the Pennsylvania R R . dated Mar. 15
month earlier than was anticipated.— V. 84, p. 1113.
Interborough Rapid Transit Co., New York.— Brooklyn 1907 (V. 84, p. 451, 571).— V. 85, p. 865.
Pittsburgh Cincinnati Chicago & St. Louis Ry.— Consoli­
Extension to Be Opened by Dec. 15.— Chairman W illcox of the
Public Service Commission stated on Wednesday on the au­ dated mortgage 33-i% bonds, series “ E ,” to a total of $580,thority of Messrs. Belmont and Shonts that the subway ex­ 000, have been purchased for the sinking fund and canceled,
tension to the Borough Hall in Brooklyn would be opened reducing the amount listed on the Philadelphia Stock E x­
change from $9,291,000 to $8,711,000.— V. 84, p. 1183, 812.
for traffic not later than Dec. 15.
Increased Service Ordered.— The Public Service Commis­
Rutland R R .— Directors Re-elected.— A t the annual meeting
sion on Oct. 9 ordered the company, beginning Oct. 14, held on Oct. 15 the old board was re-elected. T . C. DeleOct. 25 and N ov. 20, to make material increases in its service van, representing the m inority interest, cast about 13,000
during the rush hours on both subway and elevated lines, of the 70,000 votes. Compare V. 85, p. 795; V. 83, p. 1230.




1006

THE CHRONICLE.

Stephenville North & South Texas RR.— Bonds.— The
Texas Railroad Commission has authorized the company to
issue $322,000 bonds on 20 miles of completed road out of
Stephenville. The road is said to be almost completed from
Stephenville to Hamilton, a distance of about 43 miles. An
extension northerly 30 miles to a connection with the Texas
& Pacific is projected.
In co rp o ra ted In T ex a s In F eb ru a ry last w ith 5250,000 o f au th orized
ca p ita l stock.
B . C. Cage Is P resid en t and James B. G ilm er Is V ic e -P re s i­
d e n t and General M an ager. T h e in corporators w ere:
B . C. Cage, J. M.
Cage, J. D . C age, J. H . Cage, W . S. W a tso n , M arshall Ferguson Mrs. M.
J . C row , a ll o f S tep h en ville, and John Spurlin o f H a m ilto n .

Toledo (O.) Railways & Light Co.— Surplus Earnings Used
for Improvements— Dividend Deferred.— This company, which
paid on its stock (now $13,875,000) 1% semi-annually (2%
per annum) from May 1 1905 to May 1 1907, both inclusive,
has decided not to pay a dividend during the coming month,
as the necessary funds, though earned, have been applied to
improvements. President Everett in a circular says:
T h e past six m on th s h ave been m ore than usually prosperous, and the
surplus earn in gs w ill show considerable m ore than the usual sem i-annual
d iv id e n d , bu t on the oth er hand the grow th in the electric lig h t business
o f this co m p a n y has com pelled it to la rg ely increase Its p o w er fa cilities and
the street ra ilw a y tra ffic has dem anded n ew cars, w hich have been added
d u rin g the past ye a r, and a large am ou nt o f dou b le-tra ck in g and increased
w e ig h t o f rail has been found necessary.
T h e surplus earnings as th ey h ave com e h ave been used fo r these perm a ­
n e n t im p ro vem en ts, so that the o n ly source from w hich this co m p a n y could
p ro p e rly p a y a d iv id e n d a t th ep resen t tim e w ou ld be from the sale o f b o n d s,
u n d er the term s o f the m o rtg a g e, fo r 75 % o f the cost o f the p erm a n en t im ­
p rove m en ts m ade
A s the co n d itio n o f the m o n ey m a rk et is such th at bonds can o n ly be sold
a t an excessve discou n t, it is the opin ion o f the board th a t the p a y m en t o f
a d iv id e n d should be d ela y ed u n til the bond m a rk et becom es m ore fa v o r ­
a b le .— V . 85, p . 795.

Tri-City Railway & Light Co. of Rock Island and Moline,
111., and Davenport, Iowa.— Report.— For twelve months
ending July 31:
Y e a r—
Gross.
1906-07 ......... ........51,736,174
1905-06___________ 1,520,953
— V . 8 5 ,p . 161.

O p e r .E z p .
N e t.
$1,059,411 $676,763
968,423 552,530

B on d In t .
$357,097
__________

B a l.,S u r .
$319,666
_______

Virginian Railway.— Status.— The “ Manufacturers’ R ec­
ord” of Baltimore in its issue of Oct. 3 had a short article
regarding this line and on Sept. 26 quoted President W . N.
Page of Ansted, Va., as saying:
W e are g o in g rig h t ahead w ith the constru ction o f the ro a d . W e h ave
290 out o f 443 m iles iaid w ith tra ck , the w o r k o f con stru ction is proceed in g
w ith o u t d e la y , a n d the w hole lin e fro m D e ep w a ter to tid ew a ter w ill be fin ­
ished b y A p ril o r M a y o f n e x t y e a r .— V . 84. p. 1368.

Western Maryland R R .— New Director.— Edwin Gould has
been elected a director to succeed James Hazen H yd e.—
V. 84, p. 1054
______________________
IN D U S T R IA L , GAS A N D M ISCELLANEOUS.
Amalgamated Copper Co.— Dividend Reduced from 8% to
4% Basis.— The directors on Oct. 17 declared a quarterly
dividend of 1%, payable Nov. 25 1907 to stockholders of
record Oct. 24, thus reducing the regular annual rate (exclu­
sive of extras) from 8% , to 4% , contrasting with—
------------1907—---------P e rc e n t—
1900 1901 1902 1903 1904 1905 1906 F e b M a y A u g N o v .
R e g u l a r ____
6
6
214
2
2
4
6
1^
IK
2
1
1
14
1
'A
14 - E x t r a ......... .. 2
8
7 y2 2 )4
2
2
4 J-S
7
2
2
2
1
T o t a l ________

The Boston & Montana Consolidated Copper & Silver
Mining Co. (controlled), which since January 1906 has paid
regularly every three months $2 a share (8% ) and $10 a
share (40% ) extra, has declared a quarterly dividend of $2
a share and an extra dividend of $4 a share. V. 85, p. 865.
Fall in Price of Copper.— The price of electrolytic copper,
which in July last was reduced from 25 cents to 22 cents,
and in September to 16 cents, and which has since been grad­
ually receding, was reduced on the New York Metal Exchange
on Oct. 17 to \2%@V2y$ cents.
A p p ro x im a te Highest
1894 .............. 9 -1 0 H
1895
9.35-12 K
1896
..
9M -12
1 S 9 7 __________1 0 ^ -1 2
1398 _________ 11 -13 H

and Lowest P ric e s of In g o t
11899 .............. 13H -1 O H
11900
16 -17 H
1 9 0 1 _________ 13 -17
j 1902 __________11 -13 X

C op p er, 1894 to 1906.
1903
____ 12 -1 5 H
____ 12M-15J4
1904
____ 1 4 ^ -2 0
1905
____ 18 -25
1906

The following official statement was issued:
T h e directors o f the A m a lga m ated C opper C o .,in a n iv ln g a t a decision
to reduce the d ivid en d from 52 per share to $1 per share fo r this qu arter,
h ave been go vern ed b y the fa c t th a t the copper m a rk et has been fo r the
past few m on th s in a m ost unsettled co n d itio n . Th e business o f the m an u ­
fa c tu rin g consum er has been so depressed th at o n ly a sm all portion o f the
copper produced has been sold, a n d th a t a t suoh a decreased price that
n ecessarily the earn in gs realized b y the p rod u cin g com pan ies h ave been
a ffe c te d .
I t was deem ed a d visa ble some tim e ago, a fte r thorough consideration
b y the boards o f directors o f the co m pa n ies from w hich the In com e o f the
A m a lga m a ted C o m p an y is d erived , to cu rta il the ou tp u t from the m in es
b y ab o u t 6 0 % o f their n orm a ! p rod u ctio n . So that a t the p resen t tim e
bu t a b o u t 4 0 % o f the regu lar ou tp u t is b ein g m a in tain ed .
T h e o fficers o f those com pan ies report th at the ph ysical con d ition o f the
m in es is the best in their h istory, the results from the d ev elo p m en t w o rk o f
the past ye a r h a v in g been m ost sa tisfa cto ry, and th at th ey h ave on hand
la rge stores o f refined copper. Th e sm elters and reduction w orks generally
are in m ost e x cellen t co n d itio n , and the n orm a l ou tp u t can be resum ed as
soon as the co n d itio n o f the copper m e ta ' m a rket w ill w a rra n t.

Compare editorial remarks on a preceding page and V. 85,
p. 687.— V. 84, p. 865, 724.
American Gas Co., Philadelphia.— Sale of Bonds.— Bioren
& Co. and E. B. Smith & Co. of Philadelphia have jointly
purchased, and are offering at par and interest, a large block
of the company’s $1,500,000 convertible collateral trust 6%
bonds, and have taken an option on the remainder. The
bonds are dated 1907 aad are due Oct. 1 1914 but are subject
to call at 102 and interest on any interest day; also con­
vertible at option of holder into the stock of the company at
$105 per share until Oct. 1 1910.
A bstract of L etter fro m Presiden t M o r r is W . S troud , P h ila d e lp h ia , Oct. 1 1907.
R eferln g to the issue o f $1,500,000 c o n v ertib le co lla tera l tru st 6 % seven
y e a r ;g o ld bonds o f the A m erica n Gas C o., I w ou ld sta te th a t this bond Is




[V

ol. lx x x v

.

the o n ly d irect o b liga tio n o f this co m p a n y, whose o u tsta n d in g c a p ita l,
fu ll paid in cash, am ounts to $1,700,000, on w hich d iv id e n d s h ave been
p aid a t the ra te o f 6 % since 1893. T h e co m p a n y, m o re ove r, has accum u­
lated a surplus o f $685,000, w hich has been in vested in extension s and
b etterm en ts to th e va riou s pla n ts ow n ed b y the com pan y.
Th is issue o f bonds Is m ade fo r the purpose o f p ro v id in g fo r the flo a tin g
d eb t w hich was incurred throu gh the purcnase o f the stocks o f th e P e o p le ’ s
Gas C o., o f P o tts to w n , P a ., the B e lle v ille Gas & E lec tric C o., o f B e lle v ille ,
111., the E ast S t. L ou is Gas L ig h t C o ., o f E a st S t. L ou is, 111., th e K ew a n ee
L ig h t & P o w er Co. and the L ig h tin g & H ea tin g Co. o f K ew a n ee, 111.,
tog eth e r w ith am ounts spent fo r extension s and betterm en ts on the plan ts
p revio u s ly ow n ed b y th e com pan y.
T h e A m erica n Gas Co. owns the stock o f the fo llo w in g gas plan ts: B an gor
( M e . ), P o tts to w n ( P a . ) , C anton (O h io ), Peru (In d ia n a ), R o c k fo rd (111.),
E ast S t. Louis (111.), P o rta g e ( W i s . ) . and the gas and electric plan ts at
B u rlington ( V t . ) , K in gston (N . Y . ) , W au kesha (W is .), and B e lle v ille (111.),
the la tte r du rin g the past six m on th s h avin g been consolidated in to one
corporation w ith the E ast St. Louis Gas L ig h t Co. m entioned a b o v e , u nd er
the nam e o f the St. C la ir Cou nty Gas & E le c tric Co.
(V . 85, p. 44, 164.)
I t also owns the stock o f the K ew a n ee L ig h t & P o w e r Co. and th e L ig h tin g
& H ea tin g Co. o f K ew a n ee, 111., w hich owns the gas, electric lig h t and ice
plan ts in th at tow n .
In a d d itio n to this, it is la rg ely interested in th e
W estern U n ited Gas & E lec tric Co. (V . 81. p. 1052; V . 82, p. 1327), o p er­
a tin g in about fifteen cities and tow n s in the S ta te o f Illin o is, in clu d in g
am ong others A u ro ra . Joliet and E lg in , and Is also interested in the S teuben ­
v ille & East L iverp o o l R a ilw a y & L ig h t Co. o f S te u b en v ille, O h io, and in
the Ohio R iv e r Passenger R a ilw a y Co. o f P en n sylva n ia .
Receipts of A m erica n Gas C o. fo r Y ea r ending D ecember 31 1906:
In com e from a ll sources____ $201,9131N e t in c o m e ----------------------- $197 965
In terest on bonds in treas’ y
30,982 |In tere st on loan s---------------55,677
T o ta l in com e_____________ $232,895|Net earn in gs--------------------- $142,288
General e x p ., ta xes, & c____
34,930 |D i v i d e n d s ------------------------ 101,676
N e t in com e_______________$197,965 | S u r p lu s ___________________ $40,612
I t m ust be borne in m in d th a t in the a b o v e sta tem en t p rofits fo r o n ly
pa rt o f the ye a r are inclu ded from th e fo llo w in g p la n ts , as th e y w ere p u r­
chased du rin g the year: P e o p le ’ s Gas Co. (P o tts to w n , P a . ) , B e lle v ille Gas
& E lectric Co. (B e lle v ille , I I I . ) , E ast S t. Lou is Gas L ig h t Co. (E a st S t.
L ouis, 111.), K ew an ee L ig h t & P o w e r Co. and L ig h tin g & H e a tin g C o. o f
K ew a n ee, 111.
Securities pledged with the M erchants' T ru s t C o. of P h ila d e lp h ia , Trustee, to
secure these Collateral T rust Bonds.
T otal P a r o f .
Pledged.
Issued, shar’ s
Bu rlington (V t .) Gas L ig h t Co. s to c k ________ $1,249,875 $1,250,000
$25
K in gsto n (N . Y . ) Gas & E lec tric Co. s to c k ____
697,500
700,000
100
R o c k fo rd (111.) Gas L igh t & Coke Co. stock 299,750
300,000
50
W estern U n ited Gas & E le c tric Co o f A u ro ra ,
111,, preferred s to c k ___________________________
200,000 ( V . 81,p. 1052) 100
K ew an ee (111.) L ig h t & P o w e r Co. s to c k ______
96,900
100,000 100
L ig h tin g & H ea tin g Co. o f K ew a n ee, 111., s tk .
99,700
100,000 100
St. C lair C ou n ty Gas & E lec tric Co. first con ­
410,000 ( V . 81,p . 1052) . .
solidated m o rtg a g e 5s o f 1957 _______________
A co n serva tive estim ate o f the va lu e o f the a b o ve securities w hich are
sp ecially pled ged to secure this $1,500,000 o f c o n v ertib le c o lla te ra l tru st
bonds is o ver $2,500,000, and the net earnings o f these com panies fo r the
tw e lv e m onths en d in g A u g . 31 1907 is $183,219, show ing a surplus o f
$93,219, or an earning c a p a city o f o v e r dou ble the in terest on these bonds.
T h e constant grow th in p o p u la tio n In the loca lities in w hich these plan ts
are situated gives prom ise o f continu ed in crease in the earn in g p o w er o f
the properties. V . 85, p. 43.

American Locomotive Co.— Payment of Notes Out of Earn­
ings.— The first annual installment, $1,000,000, of the
$5,000,000 5% notes which were issued in 1906, fell due
Oct. 1 and was paid out of current assets at the office of
H arvey Fisk & Sons.— V. 85, p. 597, 525.
American Telephone & Telegraph Co.— Listed in London.—
The London Stock Exchange has listed the company’s $131,551,400 capital stock.— V. 85, p. 923, 724.
American Type Founders’ Co.— Report.— The results for
the year ending Aug. 31 were:
F is c a l
Gross
Interest
Net
7 % on
Y ear— E a rn in g s. Charges. W arnings. P referre d .
1 9 0 6 -0 7 ...
N o t sta ted .
$461,043
$140,000
1 905-06.. .$585,742
$139,829
445,913
140,000
1904-05.434.471
104,956
329,514
127,708
— V . 83, p. 1097.

4 % on
C om m on.
$160,000
160,000
160,000

Balance,
S u rp lu s.
$161,043
145,913
41,806

Automatic Electric Co., Chicago.— Purchase.-— Press re­
ports stated that nearly three-quarters of the shareholders
of the Strowger Automatic Telephone Exchange have
agreed to accept a proposition from the Automatic Electric
Co. to purchase the $5,000,000 stock of the Strowger com­
pany, paying therefor in 6% 20-year first mortgage bonds
(covering the entire property of the Automatic company)
at the rate of $20 in bonds for every $100 of stock.— V. 85,
p. 223.
Batopilas Mining Co.— First Dividend.— The directors on
Oct. 14 declared an initial dividend of 12}4 cents per share,
payable Dec. 31 “ from the earnings of the year 1907” to
holders of record Dec. 24. The stock is $3,925,330, in shares
of $20each.— V. 84, p. 1116; V. 74, p. 1309.
Bergner & Engle Brewing Co .— Payment of Accumulated
Dividends.— W ith the usual semi-annual dividend of 4% on
the $1,523,900 preferred stock, the directors have declared
a deferred semi-annual dividend of 4% , both payable
N ov. 1 to holders of record Oct. 19. This will leave $32 a
share of accumulated dividends on the preferred stock.
Compare V. 84, p. 998
Brooklyn (N. Y .) Ferry Co.— Service to Be Discontinued.—
This company, in receiver’s hands for a year past, owing to
the competition of the Williamsburgh bridgs, on Oct. 13
posted the following notice:
T o the P u b lic— N o tic e is h ereb y g iv en th a t this p rop e rty w ill be u tilized
fo r oth er purposes a t an e a rly d a te, n ecessitatin g the ab a n d on m en t o f these
ferries.
Due notice o f discon tinu ance w ill be g iv e n .
(S ign ed) B roo k ly n F e rry Co. o f N e w Y o rk .
(T h e c ity au th orities h a v in g declin ed the o ffer o f the co m p a n y to sell o u t
fo r abou t $13,000,000, are disposed to look u p o n the present ann oun ce­
m en t as In the nature o f a " b lu ff.”
C om pare V . 69, p. 1102.)— V . 85. p .
2 24,101.

Commonwealth Edison Co., Chicago.— First Dividend of
Consolidated Company.— The directors on Oct. 17 declared a
dividend of 1 ^ % , payable N ov. 1 to holders of record on
that date.— V. 85, p. 724, 163.
Consolidated Steamship Lines Co.— Earnings.— An o ffi­
cial statement says:

T h e n e t earn in gs o f the Consolidated Steam ship L in es to O ct. 1 are su f­
ficien t to pa y a ll tt»e'r fixed charges and bond in terest fo r the y e a r and also
the In terest on the C on solidated Steam ship L in es bonds due Jan. 1
a n d $210,276 o ver, w ith three m o n th s’ earn in gs y etlto come.^whlch w ill be
at lea st $1,000,000 m ore n e t. Com pareRY. 85, p. 056 286
_

O c t , 19 190?.j

General Fire Extinguisher Co., Providence, R. I . — Option
to Subscribe to New Stock.— Shareholders of record Sept. 30
have the privilege of subscribing pro rata at par ($100 per
share) until and including Oct. 31 for S I,000,000 new capital
stock. Subscriptions are payable in quarterly installments
con menoine: Feb. 4 1908 and stock at par of equal amount
will b issued therefor from time to time upon the making
of each payment. “ The entire new stock issue has been
underwritten by the directors, as stockholders, of the com­
pany without expense.” Compare V. 84, p. 341; V. 85, p .471.
Kewaunee (111.) Light & Power Co .— Purchase of Stock.—
See American Gas Co. above.
Marconi Wireless Telegraph Co.— Trans-Atlantic Service
Begun.— Wireless communication across the Atlantic for
news purposes was begun on Oct. 17 between Glace Bay,
Nova Scotia, and Clifden, Ireland.
O v e r 10,000 w ords, It Is sta ted, w ere received and sent the first d a y , a t
the rate o f abou t tw e n ty a m in u te, w ith o u t a n y repetition s b ein g necessary,
Betw een Glace B a y and points in the U n ited States the messages are h an d­
led b y the W estern U nion and Po sta l com panies. T h e wireless charge is
5 cents a word fo r press m a tter and 10 cents a w ord fo r com m ercial business,
to w hich land line charges from po in t o f departure m ust be added . A t Glace
B a y there are fo u r to w eis , 215 fe e t high, and on the tow ers are 24 masts
fo r the transm ission and receip t o f messages. O n ly eig h t o f the masts,
it Is said, w ere in use on T h u rsd a y. T h e stations w ill be opened fo r business
purposes w ith in a sh ort tim e, o f w hich due n otice w ill be g iv e n .—
V . 85, p, 158.

Mergenthaler Linotype Co.— Earnings.— The net profits
for the year ended Oct. 1 1907 were $3,171,571, contrasting
with $2,733,752 the previous year. Dividends at the rate
of 15% per annum (the quarterly .rate being 2 3^% and
extra 5% in December) call for about $1,650,000.— V. 83,
p. 1232.
National Steel Foundry Co., New Haven, Conn.— Not
Included in Sale.— See National W ire Corporation above.—
V. 85, p. 225.
National Steel & Wire Co.— See National Wire Corpora­
tion below, and compare V. 85, p. 866.
National Wire Corporation, New Haven, Conn.— Sale.—
The creditors will meet Oct. 22 to vote on confirming the
sale of the plant to the American Steel & Wire Co. (controlled
by the United States Steel Corporation) for $650,000, which
the trustees say is the best offer they .can get for it. The
“ Iron A ge” of New York on Oct. 10 said:
T h e A m erica n Steel & W ire Co. proposes to operate the p la n t o f the N a
tlo n a l W ire C o rp oratio n , N e w H a v e n , C on n., as soon as the tra n sfer can be
c o m p le te d . T h ere Is n o In ten tion o f ch a n g in g the produ ct o f the N e w H aven
w orks. T h e p la n t, w hich is in ex cellen t co n d itio n , is equ ipped to m an u ­
fa ctu re m a rk et w ires, ga lva n ized w ires, tinn ed m attress, w e a v in g , rope
and p ia n o w ires, w ire rope, nails, barb w ire, fen cin g, w ire fa b ric and w iie
rods. T h e p la n t o f the N a tio n a l Steel F o u n d ry C o., owned b y the pa ren t
co m p a n y , the N a tio n a l Steel & W ire C o., and located a t N e w H a v e n , is
n o t Included in the sale; n eith er has a bu yer been fou n d fo r it .— V . 85, p.
408.43.

North American Company.— New Stock for Subsidiary.—
See Union Electric Light & Power Co. of St. Louis below.
— V . 84, p. 1310.

North Georgia Electric Co., Atlanta.— Receiver Discharged.
— Judge Newman, in the United States District Court at
Atlanta on Oct. 15 directed that receiver Dunlap be dis­
charged, his appointment having been “ im providently
made” by referee Clifford Walker of Monroe, Walton County,
Ga., apparently under the erroneous impression that the
company’s main offices were at Gainesville instead of at
Atlanta, which was out of his jurisdiction. The “ Atlanta
Constitution” of Oct. 16 says:
A lb e r t H o w e ll o f D orsey, B rew ster, H o w e ll
H ey m a n , representin g
E liw o od A lle n e t. al. o f O hio, o rigin a l m o va n ts fo r the re ceiversh ip, a d ­
dressing the C ou rt, stated that his clients and others w ho had m o ved again st
the co m p a n y would be satisfied i f a llow ed to w ith d ra w the o rigin al p etitio n
fo r a re ceiver.
H ollis R a n d olp h , representin g N ls b ett and o th er Ohio
creditors, endorsed Mr. H o w e lls presen tation.
H a rr y A . A lex a n d er,
appea rin g fo r R o e b lin g ’ s Son Co. o f N e w J ersey, ob jected to the w ith ­
draw al o f the p e titio n , but, It w as asserted, had a lrea d y expressed in w r it ­
in g a w illingness to the w ith d ra w a l.— V . 85, p. 656.

Northern Liberties Gas Co., Philadelphia.— New Presi­
dent.— Alfred Fitler Moore was on Oct. 11 elected President
to succeed the late Alexander M. Fox.— V. 71, p. 33.
(J. E .) North Lumber Co., Bond, Miss.— Receivership.—
A press dispatch from Gulfport, Miss., on Oct. 12 said:
C on cern in g the fin an cial em barrassm ent o f the J. E. N o rth L u m b er Co.
o f B o n d , o f w hich S. D . T h a y e r, o f the T h a y e r E x p o rt L u m b e r Co. o f G u lf­
po rt, was appointed re ceiver, the concern is bonded fo r S800.000 and the
v a lid ity o f the m o rtg ag e securing the bonds is to be contested b y the unse­
cured cred itors. Com pare V . 81. p. 512; V . 82, p . 338.

Parke, Davis & Co., Detroit.— New Stock Authorized.— The
shareholders voted unanimously on Oct. 17 to increase the
share capital from $4,000,000 to $8,000,000. $3,500,000 of
the new stock to be distributed as a stock dividend of 8 7 ,
and the remaining $500,000 to be offered to Stockholders
at par— $25 a share. Compare V. 85, p. 923.
People’s Gas Co. of Pottstown, Pa.— Stock Purchase.—
See American Gas Co. above.
Plymouth Bridge Co.— Bonds Called.— Three first mort­
gage bonds numbered 3, 9, 60 and 71, issued under the
mortgage dated
Oct. 1 1894, have been
drawn by
lot for payment on Oct. 1 at the Anthracite Savings Bank of
Wilkes-Barre, Pa., trustee.
Republic Iron & Steel Co.— New Directors.— Leonard T.
Beecher and H . L . Rownd have been elected to the board to
succeed C. A . Baird and A . W . Houston.— V. 85, p. 718, 603.
Standard Milling Co.— Report.— For year ending Aug. 31:
F is c a l Y e a r—
N e t E a rn s .
1 9 0 6 -0 7 ................ §688,572
1905-06
______ 468,150
— V . 85, p. 923.




1007

THE CHRONICLE.

In t . on Bds.
$175,350
179,850

D iv . on P r e f . Stock.
<2 >.4 % ) $172,274
(2 % )
137,795

B a l.,S u r .
$340,948
150,505

Standard Sewing Machine Co., Cleveland.— Decrease of
Capital Stock.— This company on Aug. 31 filed at Columbus,
O., a certificate of decrease in capital stock from $1,400,000
to $1,000,000. Secretary H . W . Corning says:
T h e decrease in ca p ita l stock was th ou gh t to be necessary, Inasmuch as
the co m p a n y did n ot need th e a d d itio n a l ca p ita l. T h e fu ll $1,400,000
has been issued in first, second and th ird p referred and com m on stock Issues
On none o f th em h ave w e been p a y in g d ivid en d s. T h e co m p a n y has Issued
one grade o f n ew stock, com m on , fo r th e $1,000,000 n ew ca p ita l and th e
fo rm er stockh olders’ holdings h ave been reduced to brin g abou t the ch ange.
I d o n ot k n ow w hen w e w ill p a y d ivid en d s. C om p are V . 78, p. 1279.

Strowger Automatic Telephone Exchange, Chicago.—
Terms of Settlement.— See Automatic Electric Co., Chicago,
above.— V. 85, p. 226.
Union Electric Light & Power Co. of St. Louis.— New
Stock.— This company, controlled by the North American
Company, has called a meeting of its stockholders for Dec. 2
to vote on increasing the capital stock from $10,000,000 to
$18,000,000, for the purpose, it is understood, of providing
for the cost of improvements and additions and for the re­
tirement at or before maturity of the $3,000,000 5% collateral
trust notes due Feb. 15 1909. (Compare V . 82, p. 104;
V. 79, p. 2751.)— V. 83, p. 269, 102.
United Copper Co.— Flurry in Stock.— See reports on stock
market on a preceding page.— V. 84, p. 1372, 1363.
United States Express Co.— Dividend Increased.— The di­
rectors on Tuesday declared a semi-annual dividend of $3 per
share, payable Nov. 15 to stockholders of record Oct. 31,
thus increasing the annual rate for the $10,000,000 stock
from 4% to 6% , contrasting with:
D iv id en d Record S in ce 1892.
Year_/ 1892 1893 1894 1895 1896 to 1900 1901 1902 to M a y 1907
1907
P . Ct_1 2
4
2
0
3 y e a r ly
3
4 y e a r ly
N o v ., 3

An official statement says:
T h e directors h ave taken this course n o t because o f the re cen t unreason­
able attack s o f a certain sm all b o d y o f shareholders bu t because the d irectors
h ave becom e convinced .a fte r consultation w ith the shareholders ge n era lly,
that It is the ju d gm en t o f the reasonable and co n s erva tive shareholders th a t
a d ivid en d o f 3 % should be declared a t the presen t tim e.

Eugene G. Kremer, Counsel for the shareholders’ commit­
tee, is quoted as saying:
U n ited States JExpress stock is d ivid ed in to 100.000 shares; o f this th e
A m erica n and A d a m s interests hold 10,000 each. T h e shareholders’ com ­
m ittee represents m ore than 50,000 shares. O utside o f the express com ­
p a n y h oldin gs, then, there are less than 30,000 u naccounted fo r. T h e
ch arter requires a d em a n d o f tw o-th irds o f ail the shareholders to call a
m eetin g.
As a result, there has been no m e e tin g o f the stockholders since
1862, and th a t is w h y , although w e c o n tro l a clear m a jo r ity o f the stock,
w e ca n n o t com pel a recogn ition o f our righ ts. In v ie w o f the fa c t, howe v e i . that m o n e y is closer n ow than it w as tw o m on th s a go . w e are satisfied
w ith the’ 2 %':increase o v e r last y e a r’ s d ivid en d . C om pare V . 85.. p . 467,474.

United States Gypsum Co., Chicago.— Dividend Payable
in Treasury Railroad Stock.— A dividend of 2J/£% is an­
nounced, payable presumably only on the preferred shares,
in the stock of the Erie & Michigan Railw ay & Navigation
Co., comprising practically all of the stock of the railway
company in the treasury of the Gypsum Co. A Chicago
paper says:
T h e ra ilw a y has a ca pita l o f $100,000 (no b o n d s ), and owns a road run­
n ing betw een A la b a ster and T r a v is C ity , M ich ., a distance o f 17 miles, and
three lake steam ers.
I t is stated th a t the earnings fo r the last y e a r w ere
abou t 58,000 n et. T h e co m p a n y has tw o lo co m o tive s.— V . 84, p . 1365,630.

United States Independent Telephone Co., Rochester,
N. Y . — Sale of Jamestown Company.— Jamestown capitalists,
represented by Arthur C. Wade of Jamestown, it is stated,
have arranged to purchase this company’s interest in the
Home Telephone Co. of Jamestown, N. Y . — V . 85, p. 809,
669.
Western United Gas & Electric Co., Aurora, 111.— Stock
Interest.— See American Gas Co. above.— V. 82, p. 1327.
— As is well known, many standard railroad and municipal
securities are selling at the lowest prices that have been
recorded for the past nine years. To show the fluctuations
Lee, Higginson & Co., Boston, have prepared a circular
containing a series of charts which disclose graphically the
fluctuations in prices since Jan. 1 1899, of the bonds of a
number of representative ^railroad companies; the surplus
earnings of each road above fixed charges; the fluctuations,
in prices of New York City 3% bonds due 1924, and Boston
4% bonds due 1936 for a period of ten years; also the
average rate of yield of five selected issues of short-term
notes at the various prices which have ruled at weekly
periods during the seven months ending Sept. 30 1907. It
seems that the average rate of yield of these short-term
notes reached the highest point in August, but the rate of
yield at present prices is higher than at any time prior to
Aug. 1.
— The Philadelphia banking house of Edward B. Smith &
Co., 511 Chestnut Street, is to-day offering American Gas Co.
convertible collateral trust 6s, due Oct. 1 1914, at 100 and
interest. Detailed circular on application. The firm’s New
York office is at 7 W all Street.
— Messrs. Suffern & Son, Certified Public Accountants, at
60 W all Street, New York, have issued a very attractive
circular in pamphlet form, entitled “ Concerning Decisions,”
in which they point out the necessity of obtaining the most
reliable information for making a wise decision.
— The “ Street Railway Journal” of New York has issued
the third annual edition of its “ Dictionary of Electric Railw ay
Material.”

1008

THE CHRONICLE.
e p o rts

a m i

[V

ol. lxxx v

.

Ito c u r a je w ts

THE BALTIM ORE & OHIO R A ILR O A D COMPANY.
E IG H T Y -F IR S T A N N U A L R E P O R T — FO R T H E Y E A R E N D E D JU N E 30 1907.
Office of the Baltimore & Ohio Railroad Company,
Baltimore, M d ., October 10 1907.
To the Stockholders of The Baltimore & Ohio Railroad Company:
The President and Directors submit the following statement of the affairs of the Company for the year ended June
30 1907.
The results from operation on the entire system were:

M ile s .

Percentage
N e t E a rn in g s. o f Expenses
to E a rn in g s.

Expenses.

E a rn in g s .

T h e B a ltim o re & O hio R a ilro a d , In clu din g B a ltim o re & O hio S ou th w estern --------- 4,006.32 $82,243,921 57 $54,880,090 85 $27,363,830 72
2,157,066 75
6,309,002 92
4,151,936 17
C o n trolle d or A ffilia t e d L in es __
____ - __________
. —
----------------- - 455.78

66.73
65.81

- 4,462.10 $88,552,924 49 $59,032,027 02 $29,520,897 47

66.66

G rand T o t a l___ _____

___ __

_ -

_ ------------

-

------

------- ---

The general distribution of the earnings and of the operating expenses of The Baltimore & Ohio Railroad Company
was as follows:
O P E R A T I N G R E S U L T S O F T H E B A L T I M O R E & O H IO R A I L R O A D C O M P A N Y F O R T H E Y E A R E N D E D J U N E 30 1907, I N C O M P A R IS O N
W I T H T H E Y E A R E N D E D J U N E 30 1906.
1906.

1907.
E a rn in g s —

$64,625,946
14,147,116
1,459,212
1,403,937
607,708

$60,002,204
13,701,697
1,529,099
1,405,053
754,001

48
53
41
89
26

_ _ ---------------------------------------

- -

$10,542,498
13,448,502
29,380,155
1,508,934

32
97
40
13
27

$77,392,056 09

$82,243,921 57
Expenses—
F o r M ain tenan ce o f W a y and Structures

Increase ( + ) or
Decrease (— ) .

$9,330,859
12,514,983
26,198,468
1,470,909

67
12
58
48

21
83
63
32

+ $4,623,742
+ 445,418
— 69,886
— 1,115
— 146,293

16
56
99
24
01

+ $4,851,865 48
+ $1,211,639
+ 933,518
+ 3,181,686
+ 38,025

46
29
95
16

$54,880,090 85

$49,515,220 99

+ $5,364,869 86

$27,363,830 72

$27,876,835 10

— $513,004 38

66.73

j

+ 2.75

63.98

The lines included in the foregoing table of operating results, and their respective mileage, aggregating 4,006.32 miles,
appear in detail in table 28 of this report [pamphlet], subject to the exclusion of the
Valley Railroad of Virginia,
Cleveland Terminal & Valley Railroad
Ravenswood Spencer & Glenville Railw ay,
Cleveland Lorain & Wheeling Railw ay,
Ohio & Little Kanawha Railroad,
for which a summarized table follows:
O P E R A T IN G

R E S U L T S O F T H E F O L L O W IN G L IN E S C O N T R O L L E D B Y O R " A F F I L IA T E D I N IN T E R E S T W IT H T H E B A L T IM O R E
O H IO R A I L R O A D S Y S T E M F O R T H E Y E A R E N D E D J U N E 30 1907, I N C O M P A R IS O N W I T H T H E
Y E A R E N D E D J U N E 30 1906.

1907,
M ile s .
E a rn in g s .
V a lle y R a ilro a d o f V irg in ia .
------- --------------------R a ven sw o o d Spencer & Gl n v ille R a i l w a y . _______ - - C levela n d T e rm in a l & V a lle y R a ilro a d - _________ _____
C levela n d L o ra in & W h etlin ir R a ilw a y
-.
—
O h io & L it t le K a n a w h a R a ilro a d _ ------------- -

62.12
32.60
92.72
194.28
74.26
455.78

$187,021
48,141
1,182,485
4,608,900
282,453




Expenses.
25
84
60
94
29

$6,309,002 92

The gross earnings of The Baltimore & Ohio Railroad
Company for the year ended June 30 1907 were $82,243,921 57, an increase over those of the preceding year of $4,851 865 48
Of this increase, $4,623,742 16 was from freight traffic,
the increase in tonnage carried being 3,113,163 tons, with
£fcn average earning per ton per mile of .570 cents, as against
.560 cents in 1906.
The most marked increases were in anthracite coal, 150,199 tons; in bituminous coal, 980,339 tons; in coke, 307,169
tons; ores, 597,293 tons; iron and steel castings and ma­
chinery, 516,771 tons; bar and sheet metal, 59,184 tons;
there were increases in flour and other mill products aggre­
gating 62,945 tons, and in merchandise and miscellaneous
shipments of 458,818 tons, with a falling off in shipments of
grain to the extent of 122,028 tons; in hay, 49,402 tons,
and in pig iron, blooms and rails, 74,542 tons. The increase
in general average of earnings per ton per mile for the year
was one-tenth of one mill.
The increase in earnings from passenger traffic was $445,418 56, with an average earning per passenger per mile of
1.956 cents, as against 2.006 cents in 1906. The number
of passengers carried increased 1,323,014.
There was a decrease in earnings from express traffic of
$69,886 99, which, however, does not indicate a falling off
in the volume of business, but is due to other causes. Mail
earnings decreased $1,115 24, and earnings from miscellane­

N e t E a rn in g s ,
fro m O peration.

$133,960
65,239
916,913
2,800,965
234,857

16
09
13
99
80

$4,151,936 17

$53,061
D e f.17,097
265,572
1,807,934
47,595

09
25
47
95
49

$2,157,066 75

&

C o m p a ris on o f
N e t E a rn in g s
with 1906.
In c . ( + ) or
D ec. (— ) .

Perc'n ta g e
of E xpen
ses to
E a rn in g s.

— $25
— 5,267
+ 36,390
+ 872,274
— 36,271

01
22
94
47
18

71.63
135.51
77.54
60.77
83.15

+ $867,102 00

65.81

ous sources decreased $146,293 01, due mainly to diminished
receipts from elevators at Baltimore and wharves, ware­
houses, dining cars and hotels.
The expenses of operation were $54,880,090 85, an in­
crease of $5,364,869 86, of which amount $1,211,639 46
was in maintenance of way and structures; $933,518 29 in
maintenance of equipment; $3,181,686 95 in conducting
transportation and $38,025 16 in general expenses. The
percentage of expenses to gross e a rn in g s for the year 1907
was 66.73 per cent, as compared with 63.98 per cent in 1906,
an increase <5f 2.75 per cent, occasioned by the very consid­
erable advances (approximating $1,154,000) in wages of
employees; the increase in cost of fuel and other supplies,
and the large expenditures charged to injuries to persons
by reason of the unfortunate train accidents at W oodville,
Ind., and Terra Cotta, D. C. The specific character and
amounts of the operating expenses, in comparison with
those of the preceding year, will be found in table 11 of
pamphlet report.
The General Income Account of the Company shows the
net income of the year, after the payment of interest on the
funded debt, taxes and all other fixed charges, to have been
$17,445,629 82, a decrease from that of the year 1906 of
$618,669 90. Against this net 'income there were charged
dividends of four per cent on the preferred and three per cent
on the common stock, the dividend of three per cent on the
common stock payable March 1 1907 having been charged

O c t . 19 1907. j

THE CHRONICLE.

against the surplus as of June. 30 1906; an appropriation o
$3,000,000 for extraordinary construction expenditures in
the way of additions and improvements made during the
year, leaving as the surplus of the year, to be carried to
the credit of Profit and Loss account, §7,480,384 95.
The Profit and Loss account as of June 30 1906 was $15,823,643 05, and to this has been charged the three per cent
dividend on the common stock paid March 1 1907 and cred­
ited by reason of sundry adjustments S I,000,458 89, in which
is included $634,278 59, increment of Insurance Fund, re­
ferred to on a following page, and $336,486 60, adjust­
ment of accrued taxes relating to prior years, referred to on
next page, making the total to the credit of Profit and
Loss account as o f June 30 1907 S19,739,542 02.
G E N E R A L IN C O M E A C C O U N T O F T H E B A L T I M O R E & O H IO
R A I L R O A D C O M P A N Y ( I N C L U D I N G B A L T I M O R E & O H IO
S O U T H W E S T E R N R A IL R O A D C O M P A N Y ) Y E A R E N D E D
J U N E 30 1907, I N C O M P A R IS O N W I T H T H E Y E A R
E N D E D J U N E 30 1906.
( + ) In c . or
1907.
1906.
( — ) D e c.
$
$
$
Gross E a r n i n g s - . - ........... ..........82,243,921 57 77,392,056 0 9 + 4 ,8 5 1 ,8 6 5 48
O perating: E x p en ses ____________ 54,880,090 85 49,515,220 9 9 + 5 ,3 6 4 ,8 6 9 86
N e t ?:arnings from O peration 27,363,830
Other Incom e—
D ivid e n d a n d In tere st on Se­
cu rities O w n e d _______________ 3,047,182
W estern U n ion Telegra ph Com ­
p a n y A n n u it y ________________
60,000
G eneral In terest and D iscount _
547,208
H ouse R en ts and Miscellaneous
R eceip ts ____________ ______ _
380,625

72 27,876,835 10

— 513,004 38

76

3,048,663 15

— 1,480 39

00
11

60,000 00
181,361 64

____________
+ 365,846 47

53

357,708 81

+ 2 2 ,9 1 6 72

4,035,016 40

3,647,733 60

+ 387,282 80

Gross In c o m e _______ ______ ______ 31,398,847 12 31 524,568 70
Deductions from In co m e—
N e t Earnings, W ashin gton
Branch (In clu d ed In System
375,894 10
E a rn in g s)---------------------------249,050 66
In tere st on Bon ded D eb t, p a y ­
able by B. & O. R R . C o—
T a b le 1 (p a m p h le t )__________10,449,477 80 10 ,170,659 48
G round R en ts and In tere st on
R ea l
h state
M o rtga g es—
T a b le 1 (p a m p h l e t ) __________
117,274 80
122,092 85
Car T ru s t In terest p a ya b le by
B.
& O. R R . C o.— T a b le 1 . . .
12,276 69
21,208 35
Miscellaneous R en ta ls, & c.—
T a b le 1 (p a m p h le t )__________
249,669 77
244,075 80
T a x e s _____________ ______ _______ 1,759,795 44 1 ,448,363 60
Misc. Im p ro vem en ts— T a b le 7_ 1,099,981 09 1 ,066,038 29
T o p o gra p h ica l a n d
R ig h t-o f15,691 05
11.936 51
W a y S urveys and M a p s____

— 125,721 58

13,953,217 30 13,460,268 98
N e t I n c o m e . . . ________ _________ 17,445,629 82 18,064,299 72

— 126 843 44
+ 278,818 32
— 4,818 05
— 8,931 66
+ 5,593 97
+ 311 ,431 84
+ 33,942 80
+ 3,754 54
+ 492 ,948 32
— 618,669 90

F rom this N e t In com e fo r the Y e a r --------------- -------------------- 517,445,629 82
the fo llo w in g am ou n ts h ave been ded u cted—
A p p rop ria tio n fo r C on stru ction , A d d itio n s and
Im p ro v e m e n ts_________________________________ $3,000,000 00
D ivid e n d on P referred S to ck , 2 %
pa ya ble M arch 1 1907_________ $1,200,000 00
D ivid e n d on P referred S tock, 2 %
payable Sept. 1 1907___________ 1,200,000 00
D ivid e n d on C om m on S tock, 3 %
pa ya ble Sept. 1907 ___________ 4,565,244 87 6,955,244 87 .9.965,244 87
Ix ;a vln gS u rp lu s, w hich has been carried to P r o lit and L o s s .. $7,480,384 95
A m o u n t to C redit o f P r o fit and Loss June 30
1906
$15,823,643 05
D edu ct D ivid e n d on C om m on S tock, 3 % paid
March 1 1907____________________________ _____
4,564,944 87 11,258,698 18
A d d S un dry A d ju stm en ts. N e t C redit B a la n ce___________

1,000,458 89

A m o u n t to C redit o f P r o fit and Loss. June 30 1907___

.$19,739,542 02

T h e General Balance Sheet, table 2, shows an Increase In
Capital L ia b ilities o f , ------- --------------------------------------------- $19,834,475 00
exp la in ed as follow s:
T h e a d d itio n a l Com m on Stock authorized
A p r il 13 1906 was $27,750,000, o f which
there have been Issued to subscribers In
shares or scrip, a t par v a lu e ------------------- $27,460,769 00
Com m on Stock has been issued In exch an ge
for T e n -Y e a r G old C o n vertib le D eben tu res.
134,000 00
T o ta l a d d itio n a l Com m on Stock Issued du r­
in g the y e a r ___________________________________$27,594,769 00
T h ere w ere Issued for Im p ro vem en ts , B e tte r­
m ents and Kxtenslons as p rovid ed In the
respective M ortgages securing said bonds:
F irst m ortgage 4 % B o n d s ------------ --------------1,000,000 00
Pittsb u rgh Lake Erie & W est V irg in ia System
4 % Bonds
________ _______ _____________
525,000 CO
a n d u nder the provision s o f the N e w Y o rk D i­
vision a n d T e r m in a l-M o r tg a g e , Its F irst
1,050,000 00
M ortgage 4 % B o n d s___ ______ _______________
T o ta l Issues.................................................. $30,169,769 00
from which d ed u ct—
T e n -Y e a r G old C on vertib le D e­
bentures con verted In to C om ­
mon S t o c k -------------------------- $134,000 0C
A n d Installm ents on subscrip­
tions to the ad d itio n a l Issue o f
$27,750,000 C om m on S tock,
which w ere paid and taken up
last y e a r ................................... 10,201,294 00 10,335,294 00 19,834,475 00

In “ Capital Liabilities Assumed” there is a net decrease
of $82,234 78, the result of further payments on old equipm 'lit trusts of the Monongahela R iver and Pittsburgh and
Western Companies, a reduction in the outstanding unde­
posited old securities and additions in Ground Rent Liens
on property purchased.
The $30,000 00 Ten-Year Gold Coupon 4^>% Notes
which remained outstanding on June 30 1906 have been
retired.
Accrued Taxes and Ground Rents have decreased $507,252 57, due to large payments during the year and the closing
and adjustment of this old account , which has been carrying
estimated payments during a series of years, to a basis of
actual assessments and payments, to be maintained in the
future. The amount carried to the credit of Profit and Loss
by reason of this adjustment was $336,486 60.




1009

“ Capital Assets” show an increase in Cost of Road and
Bonds and Stocks held by Trustees as security for the funded
debt of $11,212,"937 91, consisting of the proportion of con­
struction expenditures of the year charged to Cost of Road,
$4,338,708 57; the transfer to Cost of Road of the cost of
construction of the Mahoning Valley Western and Trumbull
and Mahoning Railroads, aagregating $6,360,287 79, which
had been carried in the account of “ Due by Other Companies
as advances,” together with some adjustments made during
the year, and of additional deposits with Trustees, under
provision of the several mortgages, of securities of sundry
companies acquired during the year“ Real Estate” has decreased during the year $26,222 91,
which represents the differences between the sale and ac­
quisition of certain properties, with some minor adjustments.
“ Equipment” shows a decrease of $1,583,109 46, which
will be found to be fully explained on following pages.
“ Securities Owned” — The ledger value of bonds owned by
the Company, table 5, has increased $4,825,416 09; the
principal increases being in the holdings of your Company’s
own issues of bonds, made during the year account of im ­
provements, as provided in the several mortgages, and the
acquirement of Cleveland Lorain & Wheeling Railway Con­
solidated Refunding Mortgage bonds, $3,050,000 00, taken
in settlement of advances made by your Company for im ­
provements during the past several years; together with
some decreases due to transfer of certain securities to the
Insurance Fund investments, and to the transfer to other
accounts of Chesapeake & Ohio Canal bonds of 1878, of par
value of $500,000 00, which were held as collateral security
for advances made to the. Canal Trustees, of which the
Trustees have redeemed and canceled bonds to the value
of $240,000 00, and the remaining bonds, $260,000 00 in
amount, are yet with your Company as collateral for ad­
vances made.
The ledger value of stocks owned by the Company, table 4,
has increased $297,813 05, due mainly to increased holdings
of your common stock and the purchase of additional stock
of the Staten Island Railway Company and to some adjust­
ments made during the year.
In “ Current Assets” there is a decrease in the item of
“ Due by Other Companies for Advances” of $8,473,861 02
— the principal items of decrease being the reduction of the
accounts against the Mahoning Valley Western and the
Trumbull & Mahoning railroads, which were transferred
to Capital Assets and now appear in “ Cost of R oad” and the
adjustment of the account with the Cleveland Lorain &
Wheeling Railway, in which your Company received the
Refunding Mortgage bonds of that Company, as previously
stated in this report; the foregoing, with some other minor
adjustments involving increases, as well as decreases, make
up the net decrease for the year in this account.
The large increase in the account “ Due bjr Individuals and
Companies,” $18,314,066 56, beyond the fluctuating char­
acter of the items entering into this account, is occasioned
by the advance of $17,042,952 84 by your Company in the
redemption and acquisition of the bonds of the Chicago
Terminal Transfer Railroad Company for the purpose of
protecting the occupancy by your Company of its passenger
terminus in Chicago, pending a judicial determination of the
rights of the parties in interest.
C O N S T R U C T IO N A N D B E T T E R M E N T S .
T h e a ggregate expen ditu res fo r C on stru ction and B etterm en ts
fo r the tw elve m on th s h ave been ___________ ___________ _______ $9,022,768 36
F o r the tw e lv e m on th s ended June 30 1906 th e y w e re __________ 9,050,924 07
A decrease o f ......... .......................... .................... ................ ........

$28,155 71

The detail of the $9,022,768 36 expended is shown in the
statement of “ Analysis of Construction Charges,” table 6,
which gives the character of the expenditures and the points
at wrhich they were made. The general distribution as to
locality was:
N e w Y o r k D iv is io n -------------------------------------------------------------$14,922 11
P h ila d elp h ia D iv is io n ____ _________ _______________________________
564,695 02
B altim o re D iv is io n -------------------------------------------------------------- 3,168,993 05
C um berland D iv is io n _____________________________________________
89,669 11
Shenandoah D iv is io n ---------------------------------------------------------M 3 80
Monongah D iv is io n -----------------------------------------------------------168,715 79
W h e e lin g D iv is io n _______________________________ __________ ______
370,512 97
O hio R iv e r D iv is io n ------------------------------------------------ ----------35,300 29
C o n n ellsv'Ile D iv is io n _____________________________________________
249,142 20
P ittsb u rg h D iv is io n _______________ ______ _________________________ 1,059,184 77
N e w Castle D iv is io n ___________________________ ______ ____________ 1,227,539 82
C leveland D iv is io n -------------------------------------------------------------587,959 14
N e w a rk D iv is io n ................................. ................ ............ ................
666,014 19
C hicago D iv is io n ----------------------------------------------------------------416,772 46
Southw estern D iv is io n ____________________________________________
402,703 64
T o t a l_____ _______________________ _______________________________$9,022,768 36

Which amount was charged:
Capital A cco u n t, Cost o f R o a d ________________________ _________ $4,338,708 57
R a ilro a d s In G eneral A c c o u n t___________________________ _________ 1,684,059 79
In co m e A cco u n t, b ein g the ap p rop ria tio n o u t o f Surplus
In com e o f the y e a r ____________________ __________________________ 3,000,000 00
T o t a l - ................................ ........................................... - ............ $9,022,768 36

In addition to the foregoing, there were charged direct to
the Income Account of the Company during the year the sum
of $1,099,981 09, and to the Railroads in General Account
$220,600 55, the character of such expenditure and the lo­
cality being given in statement of “ Analysis of Miscellaneous
Improvements Charged to Income,” table 7. These im ­
provements were in the nature of substantial betterments
and additions to the property, but were not capitalized, nor
were they considered as properly chargeable as an expense

1010
incident to operation.
cality w as:

THE CHRONICLE
The general distribution as to lo­

P h ila d elp h ia D iv is io n ----------------------------------------------------------B a ltim o re D iv is io n ________________________________________________
C um berland D iv is io n ---------------------------------------------------------Shenandoah D iv is io n _____________________________________________
M on on gah D iv is io n ____________________ i --------------------------------W h e e lin g D iv is io n ________________________________________________
Connellsville D iv is io n _____________________________________________
P ittsb u rg h D iv is io n _______________________________________________
N e w Castle D iv is io n -----------------------------------------------------------C leveland D iv is io n -------------------------------------------------------------N e w a rk D iv is io n ----------------------------------------------------------------Chicago D iv is io n ----------------------------------------------------------------Southw estern D iv is io n ___________________ ______ __________________

$93,268
439,203
23,304
4,004
68,933
23,348
52,551
151,534
14,337
220,099
125,094
5,092
99,807

97
19
92
22
88
71
91
39
02
25
52
94
72

T o t a l__________________________________________________ __________ $1,320,581 64

On the Baltimore & New York Railway the improvements
at Linden Junction and the extension of yard at Cranford
Junction have been completed and additional right of w ay
purchased.
Philadelphia— A new hay warehouse, 80 feet b y 244 feet,
located at Race Street, has been built and put into service.
W ork on the new engine terminal and classification yard
at East Side has progressed; there have been completed coal
tipple, sand house, machine shop, blacksmith shop, boiler
and engine room, store and oil house, two-story trainmen’s
building, two-story yardmaster’s office and ash pit; consider­
able track also has been laid; the 25-stall engine house is
still in course of construction, also a water-treating plant,
interlocking plant, two signal towers, water supply and fire
protection, track laying and filling.
A t Locust Street additional interlocking has been installed.
Darby— A new 15-ton pillar crane has been erected.
Bay View— Signal tower and new interlocking have been
installed.
Between Philadelphia and Baltimore various pieces of
additional right of way have been purchased.
Baltimore— Considerable property has been purchased for
the enlargement and extension of Camden Yard, and for
proposed new line, with elimination of grade crossings, from
Hamburg Street to Curtis Bay Junction.
The construction of the new double 50-stall engine house
at Riverside, machine shop, oil house, coal tipple, sand
house, turn-table, of additional heating, lighting, watersupply and fire protection, together with grading and con­
siderable track laying, has been completed; there are still
under construction some track laying and filling, new elec­
tric interlocking plant and a few small items. The old
buildings are being tom down and the space formerly occu­
pied will be covered with tracks.
Mount Clare— The saw mill, which was destroyed by fire,
has been rebuilt and enlarged; considerable new and addi­
tional shop machinery has been placed in the shops.
Locust Point— The work on new Pier 8, to which allusion
was made in report of last year, progressed and approached
completion, when it was interrupted by accident. Con­
ditions are now nearly ready for resumption of the work.
A new grain belt conveyor has been installed in Elevator C.
Hollofield and Davis— The new double-track improvement
between Hollofield and Davis, a distance of 15,917 feet,
which was referred to in report of last year, has progressed
steadily and is now nearing completion.
A t Brunswick the extension of the present yard has steadily
gone forward, the grading and track work being about 80
per cent completed. This yard, together with an interlock­
ing power plant to be installed, will be finished during the
coming fiscal year. When completed this improvement
will cover an area of 117 acres and will include an eastbound receiving yard of 16 tracks with a capacity of 65 cars
each, a car repair yard with a capacity of 120 cars, an eastbound classification yard of 36 tracks, with a capacity of 65
cars each and an eastbound solid train yard of 4 tracks with
a capacity of 65 cars, -with a gravity hump between the re­
ceiving and classification yards.
Washington— The grading for the joint coach and engine
yards, located north of New York Avenue extended, between
Florida Avenue and Langdon, has been about 95 per cent
completed and about 70 per cent of the tracks has been
laid. The two 25-stall engine houses, machine and black­
smith shop, oil house, store house, signal tower, batterycharging station, boiler house, two-story enginemen’s build­
ing, car repair shop, locker and wash room, building, sand
house and steel coal tipple, are about 98 per cent completed;
there are under construction a four-story store house, power
plant, 150-foot brick chimney, oil house and three bedding,
airing and carpet cleaning sheds. The Rhode Island Avenue
bridge has been completed; also the New York Avenue bridge
to within 10 per cent.
Gaithersburg to Germantown— The double tracking be­
tween these two points, mentioned last year, together with
interlocking at the ends of double track and the construction
of station at Gaithersburg, has been completed.
Bamesville to Dickerson— This improvement, providing
for double tracking between these points, the elimination of
the wooden trestle at Little Monocacy bridge, interlocking
at the ends of double track and new station at Barnesville,
which received notice last year, has been completed.
Orleans Road to Great Cacapon— The extension of the
westbound passing siding from Orleans Road to a point near
Great Cacapon, 6J^ miles, has been completed.
Hansrote to Baird— The extension of third track from
Hansrote to Baird, with additional passing siding at Magnolia,




[V o l.

lxxxv

.

interlocking, switches, etc., at Magnolia and Hansrote, and
water station at Magnolia, have been completed.
E vitts Creek— New interlocking is being installed.
Cumberland— The grade crossing at Old Town Road has
been eliminated.
Keyser— A new car repair shop and new caboose tracks
in the yard have been finished.
W oodford to Webster— The extension of double track has
been completed.
Parkersburg— Terminal and yard facilities.— A new 6-stall
engine house, machine shop, store room and oil cellar, and
considerable track have been completed; there are now
under construction tracks, coal tipple, sand house, single ash
pit, under-grade crossing at East Street and some minor items.
On the Connellsville Division, near Fairmont, the new
bridge over the Monongahela R iver and the approaches to
same, have been completed and put into use.
Wheeling— Passenger and Freight Terminals.— This con­
struction has progressed steadily during the year. The new
line substitutes a 1.3 per cent grade (the ruling grade on the
line between Wheeling and Pittsburgh) for a 3 per cent un­
compensated grade and a curve of 17 degrees, equivalent
to a grade of 3.5 per cent. This work involves the con­
struction of masonry abutments, pier and retaining walls,
excavation for street depression, changes of tracks and street
car tracks, steel work for elevated tracks from Main Street
to Chapline Street, new passenger station, 90 feet by 250
feet, power plant, two umbrella sheds, each of 620 feet length,
and some minor items. The work is well advanced and
should be completed within the year.
McKeesport to Wheeling Junction— The construction of
third and fourth tracks has been somewhat retarded, owing
to the difficulties in obtaining right of way and the necessary
ordinances. A t Braddock a new passenger station, 32 feet
by 120 feet, and freight house, 40 feet by 400 feet, have been
completed.
A t Glenwood additional machinery and tools have been
installed in the power house and shop, the yard has been ex­
tended and additional land purchased for further extensions.
Pittsburgh— Additional property has been purchased for
the T ry Street yard; 33d Street and Liberty Avenue yard;
ore yard, and additional tracks have been laid.
The Glade Run trestle on the Butler Branch of the Pitts­
burgh Division has been replaced with a steel girder and
masonry structure.
Youngstown— Plans have been prepared for an additional
freight house and track facilities at this point, and property
purchased for the purpose.
Akron— A portion of right of way has been purchased for
the proposed new “ Gulch line” near this point. The con­
struction of this line will shorten the distance 5,800 feet,
securing better alignment and grades and eliminating con­
siderable curvature, substituting grades of .3 per cent com­
pensated westbound and .37 per cent compensated eastbound for 1.25 per cent grades in both directions.
Sterling to N ova— The construction of a second track from
Sterling to Nova, a distance of 25.7 miles, with passing
sidings at Sterling and near Homer, westbound siding east
of Lodi, and interlocking and re-arrangement of tracks at
Sterling, with necessary passenger and freight stations,
water supply, etc., has progressed steadily during the year
and is now well advanced, and should be completed during
the next year.
Lorain— 17th Avenue Y a rd .— A new round house, shop
buildings, turn-table, water station, coaling station, ash
pits, etc., extension of present power and lighting plant,
and new car repair yard, have been completed.
Cleveland— The construction of a 10-stall engine house,
machine and blacksmith shop, with 125-foot brick chimney,
boiler and engine room, store and office building and oil
house, trainmen’s and shopmen’s building, sand house, coal
tipple, ash pit, water supply and fire protection, extension
to power and lighting plant and car repair shop, and consid­
erable yard and track work has been completed; there are
now under construction track work, yardmaster’s office,
shaving shed, locker room, carpenter shop and some minor
items. The entire improvement should be completed within
the next year.
Newark— There has been constructed a 25-stall engine
house; also two-story office building, store room and oil
cellar, sand house, coal tipple, 80-foot turn-table with
electric motors for turning it, and new machinery and tools
have been added. There yet remains to be completed the
water supply and fire protection work.
On the line between Columbus and Newark, used jointly
by this Company and the P. C. C. & St. L. R y. Co., addi­
tional third tracks have been constructed between Central
City and Outville, 34,320 feet, and between Summit and Big
Walnut, 32,525 feet. There yet remains to be installed
some interlocking and other work of minor character.
Chicago Junction— A new 25-stall engine house, machine
and blacksmith shop, with 125-foot brick chimney, store
and oil house, sand house, coal tipple and considerable
grade and track work have been completed.
Byers Junction to West Junction— The second main track
has been completed a distance of 7.48 miles, with 2.45 miles
of sidings.
Portsmouth— Additional property is being purchased at
Market and Fourth Streets on which to construct team
tracks and freight house to handle increased freight business

O ct 19 1907.]

THE CHRONICLE.

Mitchell— Additional yard tracks and sidings have been
constructed at this point to provide facilities for the increased
business.
Madeira to O’ Bannon— Second track work and new station
at Loveland have been completed.
During the year new stations have been erected at Ijamsville, Doubs, Gaithersburg, College, Tunnelton, Cameron,
Littleton, Maggie, Holgate, Uniontown, D. C.; Curtin,
Allingdale, Orlando, Hollsopple, Bruceton, Harmony Junc­
tion, Braddock and Loveland, and there are now nearing
completion stations at Mt. Vernon, Cambridge, Sandusky
and Fostoria.
The work of strengthening bridges for heavy power is
steadily progressing, as indicated in the tables.
There were 1,245.14 miles of track ballasted; 77,306.29
tons of steel rail laid of 100 and 85 pounds to the yard,
and 1,942,381 cross-ties used in renewals and construction.
77.11 miles of sidings, 5.01 miles of main track, 33.76
miles of second track, 11.56 miles of third track and 6.89
miles of fourth track were built during the year.
W A S H IN G T O N T E R M IN A L .
This construction has continued without interruption and
steady progress has been made. The expenditures of the
Washington Terminal Company to June 30 1907 aggregate
$12,207,682 30.
The exterior of the Washington Terminal Station, except
cleaning down, pointing and dome roof, is completed; the
interior of the east wing is 96 per cent advanced; the central
section, 90 per cent; the west wing, 60 per cent; the con­
course, 96 per cent; train sheds and platforms, 90 per cent;
express building, 95 per cent; power house, 98 per cent;
tracks, 92 per cent; interlocking and signal apparatus at
K Street, 80 per cent, and at Massachusetts Avenue, 60 per
cent; and the filling for the plaza, 95 per cent. All masonry,
bridge work and filling, tunnel and girder work on both the
north and south approaches have been completed.
I t is expected that train service will commence October
27 1907.
E Q U IP M E N T — LO C O M O TIVE S A N D C A R S.
During the year the following new rolling equipment was
added to your service: 1 Electric Motor, 5 Passenger cars,
250 Freight cars and 1 Service car; the total equipment as of
June 30 1907 being:
L o c o m o t iv e s -------------------------------------------------------------------------------- 1,951
Passenger car e q u lp m e n t-x ------------------------------------------------------------ 1,176
F r e ig h t car e q u ip m e n t-------------------------------------------------- ---------------- 83,500
S ervic e car e q u ip m e n t----------------------------------------------------1___________ 2,964

carried in the following accounts:
B a ltim o re
B a ltim o re
B a ltim o re
A ffilia t e d

,
Locom otives.
& O hio R a ilro a d ............. 1,412
& O hio E q u ip m en t C o . .
249
& O hio S ou thw estern R R .
176
L in e s ..................................
114

-----------------C ars.----------------Passenger.
F re ig h t.
Service
890
59,840
2,080
------ 9,700
___________
188
9,164
627
98
4,796
257

1,951

1,176

as further explained below, and in table
report.

83,500

18 of

2,964

pamphlet

The Baltimore & Ohio Railroad Com pany.

Referring to table 18 (pp. 50 and 51), Eightieth Annual
Report, it will be seen that the entire equipment owned
by the Company in service June 30 1906 comprised:
1,432 L o c o m o tiv e s
907 Passenger cars,
6 E lec tric M otors,
63,975 F reig h t a n d S ervice Cars,
10 Spare Ten d ers,

$48,872,028 68

There have been charged to this ac­
count during the fiscal year—
Through purchase and construction
at Company’s works:
And in course of adjustment of rec­
ords, there have been restored in the
current year:
6,520 00
---------------.

147,737 58
$49,019,766 26

Credits have been made for record
value of:
27 L o c o m o tiv e s , 10 Spare tenders, 17 Passenger
cars and 2,130 F reigh t and S ervice cars ''p u t
o u t o f service” through con d em n ation , w reck,
sale, fire and d estroyed on foreign roa d s_______ $508,760 64
an d fo r d ep reciation o f e q u ip m e n t----------------1,292,615 56
-----------------

1,801,376 20
$47,218,390 06

being the value June 30 1907 of:
1,405 L o c om otiv e s ,
7 E lectric Motors,

890 Passenger cars,
61,920 F reigh t and Service cars.

The amount of reduction of Equipment ($1,801,376 20),
less salvage on equipment “ put out of service,” was charged
to Operating Expenses.
N o te .— 5 Passenger coaches w ere changed to service cars d u rin g the ye ar.
TH E

B A L T IM O R E

& O H IO

E Q U IP M E N T

CO M PANY.

The equipment supplied through this Company during
the year was:
218 F re ig h t cars........... ..................................................................

$214,076 00

making the total equipment supplied to June 30
1907:
249 L o c om otiv e s and 9,700 F re igh t cars....................................15,114,451 50




The Baltimore & Ohio Southwestern Railroad Co.
R e f e r r in g to ta b le 18 (p . 53, E ig h t ie t h A n n u a l R e p o r t ),
it w ill b e seen t h a t th e e n tire e q u ip m e n t in se rv ic e J u n e 30
1906 c o m p ris e d :
184 Locomotives,
194 Passenger cars,
10,254 Freight and Service cars,
$5,262,309 37
I n th e co u rse o f a d ju s t m e n t o f re c o rd s , th e re
h a v e b e e n re sto re d in th e c u r r e n t y e a r :
5 Freight cars and 1 Service car,
630 00
$5,262,939 37
C re d its h a v e b e e n m a d e f o r th e
r e c o r d v a lu e o f:
8 Locomotives, 5 Passenger cars and 470 Freight
and Service cars "put out of service” through
wreck, condemnation, fire, sale, and destroyed
on foreign roads_______________________________$119,933 00
and for depreciation of equipment_____________ 139,232 20
-----------------

259,165 20
$5,003,774 17

b e in g th e v a lu e J un e 30 1907 o f:
176 Locomotives, 188 Passenger cars and 9,791 Freight and Service cars.
N o te .— 1 Passenger coach was changed to service car during the year^
T h e a m o u n t o f re d u c t io n o f E q u i p m e n t ($ 2 5 9 ,1 6 5 2 0 )>
less s a lv a g e o f e q u ip m e n t “ p u t o u t o f s e r v ic e ,” w a s c h a r g e d
to O p e r a t in g E x p e n s e s .
M A R IN E E Q U IP M E N T .
The amount at debit June 30 1906, representing the value of
Marine Equipment, as shown on General Balance Sheet
(page 20) of the Eightieth Annual Report was_____________ $1,025,233 04
There have been charged this account during the year for
construction of the following:
Steam Derrick Lighter An tie tam______________$13,500 00
Open Lighter Glen wood_________ _____________
5,748 65
Hazleton ______________________
5,748 60
Covered Lighter Ravenna_____________________
5,380 65
Car Float 73-B _______________________________
22,000 00
74 B __________________ ____________ 22,000 00
7 5 - P ____ ________ __________________ 21,800 00
Balance of payments on account of:
Open Lighter Connellsvllle___________________
368 00
368 00
Catawba_______________________
“
Bessemer__________ :___________
368 00
“
"
Braddock -----------------------------368 00
“
“
Montana_______________________
368 00
9,086 26
Steam Lighter Ohio___________________________
Purchase of Southern Ry. Co.’s one-half Interest
In Tug Major Brewerton------------------------------3,400 00
Payment on account Car Float 76-P_____________
7,000 00
----------------117,504 16
T otal-------- ---------------------------------------------------------------- $1,142,737 20
There have been credited this account during the
year account sale of:
Barge 52 B ..................................................... $5,575 00
Interest In Float 71-S__________________________
3,400 00
----------------8,975 00
T o t a l-..------- ------------------ -------- ------------ ------------ ------ $1,133,762 20
and there has been credited this account as of June 30 1907,
and charged to Operating Expenses, account of annual
depreciation_______________________________________________
38,000 00
Total value Marine Equipment, June 30 1907__________ $1,095,762 20
being the value of:
14 Steam Lighters and Tugs,
125 Barges, Floats and Scows,

2 Pile Drivers,
1 W harf Boat.

IN S U R A N C E

FUND.

T h e v a lu e o f th e In s u ra n c e F u n d o n Jun e 30 1906 w a s
$724,121 07 a n d th e e s t im a t e d v a lu e a s o f J u n e 30 1907 is
$902,360 0 9 , a n in c re a se f o r th e y e a r o f $178,239 02.
In
a d d it io n to th e o r ig in a l cash a p p r o p r ia t io n o f $250,000 00
m a d e in 1901, th e re n o w a p p e a r s o n th e g e n e r a l b o o k s o f
y o u r C o m p a n y th e in c r e m e n t to th is f u n d since its in c e p tio n ,
$634,278 59, w h ic h a m o u n t h a s b e e n c r e d it e d to P r o fit a n d
L o s s a c c o u n t.
T h e c h a r a c t e r o f th e a sse ts o f th e f u n d , a n d
its in v e s tm e n t, w ill b e f o u n d in ta b le 8 o f p a m p h le t r e p o r t .
R E L IE F

1 E lectric M o to r,
5 Passenger cars,
32 F re ig h t cars,
1 S ervice car,
$140,081 58
T h ro u gh b etterm en ts applied to Passenger C a rs.
1,136 00

37 F re ig h t and S ervice cars,

1011

DEPARTM ENT.

T h e re p o r t o f th e R e lie f D e p a r t m e n t fo r th e t w e lv e m o n th s
e n d e d J un e 30 1907 w ill b e p rin te d f o r d is t r ib u t io n to m e m ­
bers. a s c u s to m a r y .
T h e o p e r a t io n s o f th e D e p a r t m e n t ,
c o v e rin g th e R e lie f, S a v in g s a n d P e n s io n fe a t u r e s , w ill b e
fo u n d in t a b le 9 [p a m p h le t ].
T h e P e n s io n fe a t u r e is e n t ir e ly
m a in t a in e d b y c o n trib u t io n fr o m th e C o m p a n y , a n d n o t b y
.ts e m p lo y e e s .
GENERAL.
T h e o p e ra tio n s o f th e y e a r in d ic a te a c o n t in u a t io n o f th e
g e n e r a l b u s in e ss p r o s p e r it y w h ic h h a s p r e v a ile d t h r o u g h o u t
th e c o u n t r y , th e p a r tic ip a tio n in w h ic h b y y o u r C o m p a n y is
e v id e n c e d in th e in c re a se d v o lu m e o f tr a ffic h a n d le d a n d th e
g ro s s e a rn in g s t h e r e fro m .
T h e e x p e n s e s o f o p e r a t io n h a v e
b e e n la r g e ly a u g m e n t e d b y th e in c re a se d fo rc e e sse n tia l to
th e p ro p e r care o f th e la r g e v o lu m e o f tr a ffic a n d b y in c re a se s
in th e c o m p e n sa tio n o f y o u r e m p lo y e e s , w h o se c la im s h a v e
b e e n m e t in a lib e ra l m a n n e r .
T h e y e a r h a s a lso b e e n m a r k e d b y le g is la tio n o n th e p a r t
o f th e F e d e r a l C o n g re s s , in a re v isio n o f th e A c t f o r th e r e g u ­
la t io n o f c o m m e rc e th r o u g h w h a t is k n o w n a s th e H e p b u r n
B i ll, w h ic h w a s a d o p t e d on Jun e 30 1&06, b e c o m in g e ffe c tiv e
s ix t y d a y s th e r e a ft e r.
U n d e r th is A c t , th e a u t h o r it y a n d
d u tie s o f th e I n t e r -S t a t e C o m m e rc e C o m m is sio n w e re e n ­
la r g e d , a n d t h a t b o d y c h a r g e d w ith th e fo r m u la t io n o f a
u n ifo rm sy ste m o f a c c o u n tin g to b e o b s e r v e d b y a ll p u b lic
c a rrie rs e n g a g e d in in t e r -S t a t e tra ffic .
T h e c o -o p e ra tio n o f th e c a rrie rs , th r o u g h th e ir r e p re s e n ta ­
tiv e a c c o u n tin g o ffic e rs , w a s in v it e d , a n d th ere h a v e b e e n
p u b lis h e d b y th e I n t e r -S t a t e C o m m e rc e C o m m is s io n , a s
e ffe c tiv e J u ly 1 1907, a C la s sific a tio n fo O p e r a t in g R e v e n u e s ,

1012

THE CHRONICLE*

a Classification of Operating Expenses, a Classification of
Expenditures for Road and Equipment (Construction ac­
counts), and a Classification of Locom otive, Car and Train
Miles, to which all carriers will be required to conform, to
the exclusion of other methods, from the above date. The
Commission has also in hand other features of accounting
regulation, which will be published and made effective as
such m ay be determined.
In addition to the above, there has been legislation on the
part of a number of the States which threatens most serious
consequences to the carriers affected thereby. This action
has been mainly confined to a reduction of the charge for
the transportation of passengers to a maximum rate of two
cents per passenger per mile. The States whose action
affects your lines, and the dates such action became effective,
are: Virginia, July 1 1907 (with an exception as to B. & O.
lines), fixing the maximum at 3 cents per passenger per mile;

[V

ol.

lxxx v

.

West Virginia, May 21 1907; Ohio, March 10 1907; Penns; 1
vania, October 1 1907; Indiana, April 10 1907; Illinc's,
July 1 1907. A compliance with the above legislation re­
quired a revision of passenger tariffs and rates, and it cannot
be said at this time with any positiveness to what extent
your passenger earnings will be affected; that the reduction
w ill be considerable admits of no reasonable doubt. In
some sections the incentive to travel m ay afford some pos­
sible compensation, but in others nothing of this character
can be looked for, and the result as a whole is problematical.
*
*
*
*
*
*
The President and Directors take great pleasure in ac­
knowledging the faithful and efficient services of the officers
and employees during the past year.
B y order of the Board,
OSCAR G. M U R R A Y ,
President.

G E N E R A L B A L A N C E S H E E T Y E A R E N D E D JU N E 30 1907.
Com parison with J u n e 30 1906.
C A P IT A L

ASSETS.

Increase.

Cost o f R o a d in clu din g B on ds and Stocks p led ged w ith Trustees
secu rity fo r F u n ded D e b t Issued—

Decrease.

as
$10,542,932 17
670,005 74
$339,672,193 58

H eal E sta te—
$26,255 5 »
32 68
7,462,337 47
711,947 81
E q u ip m e n t—
R o llin g S tock

_ _ _ _ _ _

__

_____

__

15,020 01
1 ,653,638 62-

_______________ $47,218,390 06
70,529 16
48,314,152 26
$396,160,631 12

Securities O w n ed—
Bonds—

________________

2,395,424 15
2,429,991 94

23,397,488 38
..

S tocks—

193,816 20
1,000 00
102,996 85

32,447,660 57
55,845,148
248,425
884,278
6,371,071
CURRENT

95
21 ________________
634.278 5!)
59
1,022,141 28
32

ASSETS.

2,967,142 94
3,450 00

$5,914,377 87
5,759 80
D ue b y o th er com panies fo r advan ces—
B . & O. E q u ip m en t Co __
_ _
_ ------O th er C om panies
________ __
------_ _ _ _ —

_
_____

4.485 00

_ $14,114,451 50
_
1,703,325 91
15,817,777
27,490,340
1,578,841
4,515,182
5,715
590,662

8,473,861 02

41
42
11
16
75
95

18,314,066 56
881,195 01
78,360 4(

91,897 57
9,947 5ft

55,918,657 47
$515,428,212 66

$24,121,112 41
Com parison with J u n e 30 1906.

C A P IT A L

L IA B IL IT IE S .

Increase.

C a pita l S to ck —
P referred ______________________________________________________________________________
C o m m o n _____________________________________ ______________________ ___________________
P a id on subscripticn to a d d itio n a l issue o f $27,750,000 C om m on S to c k --------

$60,000,000 00
152,174,829 00

$27,594,769 00

Decrease.

$10,201,294 00-

$212,174,829 00
F u n ded D eb t—
P r io r L ien T h ree and O n e-H a lf P e r Cent B o n d s -----------------------------------------First M o rtga g e F o u r P e r Cent B o n d s ------------------- -------- — -------------------------P ittsb u rg h Junction and M id d le D lv . P r io r L ie n T h ree and O n e-half P e r CentBonds
Southw estern D lv . T h ree and O n e-half P e r Cent B o n d s-------------------------------r
Ten Y e a r G old Con. D ebentu re F o u r P e r Cent B o n d s ----------------------------------r
P itts . La ke E rie & W . V a . F o u r P e r Cent R e fd g . B o n d s-------------------------------r
N e w Y o rk D lv . and T erm in a l F o u r P e r Cent B o n d s -------------- -------------------------

$75,000,000
73.000.000
13,810,530
45.000.000
140,000
37,339,900
5,000,000

00;
ooL.
00i
00
00j__
00L .
00
249,290,430 00

1,000,000 00

525,000 00
1,050,000 00

134,000 00'

$461,465,259 00

C apital L ia b ilities Issu ed--------------------------------M onon ganela R iv e r R R . Co. First M tge. 5 % B o n d s—
W e s t V a . & P itts . R R . Co. F irst M tge. 4 % B o n d s__S chu ylkill R lv . E . S. R R . Co. F irst M tg e . 4 % Bonds_
Ground R e n t L ie n s --------------------------------------------------R ea l E state M o rtga ges---------------------------------------------Old Bonds and Stocks not deposited under p la n --------M onon gahela R iv e r R R . Co. Car T ru st W a r ra n ts ------P ittsb u rg h & W estern R y . Co. E q u ip m en t T ru s ts -----C apital L ia b ilities A ssu m ed _______________________

$700,000
4.000.000
5.000.000
1,082,280
20.000
128.900
109,000
55,000

00|
00
00!
41
00!
97
00
00

48,391 25
3,626 03.
50.000 00
77.000 00
11,095,181 38
$472,560,440 38

Total
CURRENT

L IA B IL IT IE S .

A ccou nts P a y a b le fo r current exp en d itu res—
A u d ite d V o u c h e r s _____________________________________________________
P a y R o lls and U nclaim ed W a g e s ____________________________________

$2,817,989 04
3,343,610 06

Loan s and Bills P a y a b le ------------------------------------------------------------------------------------------Fu n ds and A ccou nts o f co n trolled com panies—
M isc ella n eo u s___________________________________________________________
$1.4537,502 14
W ash in gto n Branch, Inclu ding a n n u it ie s ----------------------------------345,625 86
T r a ffic B alan ces______________, ----------------------------------------------------------------------------------M atured In terest on Bonds u n p a id -------------------------------------------------------------------------Accrued In terest on funded d e b t ------------------------------------------------------------- --------------D ivid e n d s on Stock unpaid— D ecla red , but n ot d u e ------------------------$5,765,244 87
D ue, but n ot called fo r -----------------------------------------------------------67,975 63
Accrued T axes and Ground R e n ts --------------------------------------------------------------------------R e lie f D ep a rtm en ts_____________________________________________________________ ______________
M isc ella n eo u s..................................................................................- .................................- ..........
T o t a l ....... .................................................................................- .........................................
P r o fit and L o ss--------------------------------------------------------------------------------------------------------

287.655 49

469,625 98

$6,161,599 10
30,000 00
748.359 51
1,983,128
1.715,585
98,862
3,553,458

00
81
56
64

5,833,220
32.439
2,385,110
1,364,825

50
26
52
87

830,938 51
479,192 08
15,773 84
827,843 07
7,248 92

33,094 38

507,252 57
98,728 39!
140,916 63
23,128,230 26
19,739,542 02
$515,428,212 66

3.915,898 97
$24,121,112 42!

The above General Balance Sheet presents an accurate and true statement of the Accounts of the Company as of June30 1907.
H- D. B U L K L E Y ,
Comptroller.




O ct . 19 1907.]

1013

THE CHRONICLE.
THE CHICAGO ROCK IS L A N D & PACIFIC R A IL W A Y COMPANY.

T W E N T Y -S E V E N T H A N N U A L R E P O R T — FO R T H E F IS C A L Y E A R E N D E D JU N E 30 1907.
To the Stockholders:
The Board of Directors herewith submit their report of
the operations and affairs of the Rock Island Lines for the
fiscal year ended June 30 1907.
The results of the operations for the year were as follows:

G ENERAL.

The records of the industrial department show that there
have been located along the Rock Island Lines during the
year three hundred and twenty-seven new enterprises, at an
estimated cost of about eight and one-half millions of dollars.
C ro s s earnings (increase $9,000,561 86, or
These new enterprises are scheduled to employ over eight
17.6 per c e n t )________________________________ $60,238,419 91
O p era tin g expenses (increase $5,977,083 47,
thousand persons.
o r 17.0 p er c e n t )_____________________________ 41,044,142 00
During the past year your company built or made addi­
N e t earnings (increase $3,023,478 39, or
tions to fifty-eight tracks to private industries and four side
18.7 per c e n t )_____ __________________ - v - $19,194,277 91
tracks to coal mines.
O th e r In co m e____________________________________
745,181 71
During the fiscal year 109 locomotives, 95 passenger-train
T o t a l in com e------------------------------------------$19,939,459 62
cars (including 1 passenger motor car), 6,847 freight-train
T a x e s ......... ................ - ______ ___________________ $1,676,038 31
cars, 1 derrick car and 2 other road service cars were received
I n t e r e s t _________________________________________
8,279,300 02
R e n ta ls _________ ______ ___________ ______________
1,233,604 22 11,188,942 55
and placed in service. Details are shown on pages 34,
36 and 37 (pamphlet report).
■Net in com e, a fte r p ro v id in g fo r a ll charges, bein g 11.6 per
cen t on ca p ita l stock ($75,000,000 0 0 )--------------------------- $8,750,517 07
The work of installing automatic block signals has been
D ivid e n d s paid
per cen t on ca p ita l s t o c k )------------------4,116,728 00
pushed, as will be attested by the expenditure of $220,509 58,
Surplu s fo r th e y e a r (increase $2,525,509 5 3 )---------------------$4,633,789 07
as shown on page 19 (pamphlet report), for new and addi­
tional signal and interlocking plants. The greater portion
The increase in gross earnings was disposed of as follows:
of this amount was for the installation of automatic block
Increase in expenditures fo r m aintenance o f th e p rop e rty
(road and e q u ip m e n t)--------------------------------------------------- $1,974,568 87
signal apparatus.
4,002,514 60
In crease in cost o f m o vem en t and a d m in istration ____________
To meet the growing demands of increased traffic, $4,089,L e a v in g In net earnings (33.5 per cen t o f gross in crea se)----3,023.478 39
934 18 have been expended for additional and improved
T o t a l increase in gross earn in gs_____________________________ $9,000,561 86
terminals at various points.
The new freight depots and yards constructed in St. Louis
For comparative income account in detail see table below.
The property of the St. Louis Kansas City & Colorado by the Rock Island-Frisco Terminal Railway Company were
Railroad Company was taken over for operation on October 1 put in operation March 1 1907. The money was provided
1906. The greater portion of the cost thereof was carried jointly by this company and the St. Louis & San Francisco
last year in the general balance sheet as advances for con­ Railroad Company, each company receiving securities o f
the Terminal Company in reimbursement of its advances.
struction and equipment.
$3,000,000 of 5 per cent bonds have been issued by the
The capital stock of The Chicago Rock Island & Pacific
Railway Company outstanding at the close of the previous Terminal Company, and guaranteed jointly by this company
fiscal year was $74,847,600, and has since been increased by and the St. Louis & San Francisco Railroad Company, the
the issue of $6,500 in exchange for a like amount of capital unexpended balance of which is reserved for further addi­
stock of the Burlington Cedar Rapids & Northern Railway tions and improvements.
Joint use of these terminals has been granted to the Chicago.
Company.
The amount of capital stock shown on general balance & Eastern Illinois Railroad Company.
The transfer yard of the Iowa Transfer Railw ay Company
sheet as outstanding June 30 1907 represents:
at Des Moines, la ., referred to in the last annual report,
C a p ita l stock o f T h e Chicago R o c k Is la n d ’ & P a cific R a ilw a y
has been completed and is being operated. The total;
C o m p an y, issued and o u tsta n d in g---------------------------------- $74,854,100 00
C a p ita l stock o f th e B u rlin gton Cedar R a p id s & N orth ern
amount advanced by your company as its one-fifth of the
H a ilw a y C om pan y and R o c k Islan d & P eo ria R a ilw a y
cost of this transfer yard was $6,200, for which was received
C om p an y ou tstan ding, fo r the purpose o f ta k in g up w hich
th ere Is reserved a like am ou nt o f the ca p ita l stock o f T h e
62 shares, par value $6,200, being one-fifth of the capital
C h icago R o c k Islan d & P a cific R a ilw a y C o m p a n y________
145,900 00
stock of the Iowa Transfer Railway Company.
T o t a l au th orized ca p ita l stock o f T h e Chicago R o c k Islan d
The Peoria Railway Terminal Company, a new corpora­
& P a cific R a ilw a y C o m p an y ______________________________ $75,000,000 00
tion, with a capital stock of $1,000,000 par value, has ac­
Of the outstanding capital stock of the Burlington Cedar quired all of the property of the Peoria & Pekin Terminal
Rapids & Northern Railway Company, $5,000 is in the Railway Company, one-half of whose capital stock was
treasury of your company.
owned by your company at the date of rendering the last,
During the year the funded debt increased $15,880,000, annual report. In exchange for such capital stock your
for the details of which reference is made to table below.
company has received one-half of the capital stock of the
The cost of property and franchises increased $18,180,- Peoria Railway Terminal Company, and the latter company
162 06, details being shown in table below. There were also is now operating the property.
expended $4,375,221 38 for additions and improvements
Trackage rights were acquired and trains of The Chicago'
as follows:
Rock Island & Gulf Railway Company have been operated
Right of way and real estate, $323,361; widening cuts and since July 1 1906 over the Ft. W orth & Denver City R ail­
fills and drainage, $322,368; grade and alignment improve­ way Company from Amarillo, Texas, to Dalhart, Texas,.
ments, $116,572; track elevation and depression, $4,240; 82.06 miles. Your company has acquired similar rights and
bridges and culverts, $708,415; ballast, $1,058,509; heavier has operated its trains, since November 25 1906, over the
rails and fastenings, $243,542; telegraph and telephone lines, line of the St. Louis & San Francisco Railroad Company$19,744; fences, road crossings and signs, $15,012; signal from Wichita, Kansas, to Medora, Kansas, 48.07 miles.
and interlocking plants, $220,510; shop machinery and tools,
During the year your company has advanced on account
$904; road department tools, $3,167; freight stations, $74,902 of The Trinity & Brazos Valley Railway Company, for con­
passenger stations, $37,872; combination freight and pass- struction and equipment of that line, $97,415 50, and on*
senger stations, $29,407; other transportation department account of construction of important terminals at Galveston,.
buildings and fixtures, $32,006; road department buildings Texas, $98,016 66.
and fixtures, (credit) $1,128; shops, engine houses and turn­
Legislation by the various States which your lines serve,,
tables, $128,222; fuel stations, $54,208; water stations, respecting rates and operating methods of railroads, has been
$95,114; electric light plants, $704; grain elevators, $97,846; excessive in quantity and severe in character. The Legis­
miscellaneous structures, $47,805; passing tracks, $181,493; latures of five such States have passed laws establishing two*
main tracks, $13,478; house and team tracks, $44,558; cents per mile as the maximum rate of passenger fare, and’
industrial tracks, $127,120; yard and other tracks, $375,271. other laws have been passed by the several States calling;
The line Fordyce to Crossett, Ark., 56.85 miles, was put for serious reductions in freight rates. Doubtless a large
in operation February 1 1907, and the line Tinsman to Eldo­ part of this legislation has been due to misconception of the
rado, Ark., 35.81 miles, on June 23 1907. These two lines actual conditions. A t every opportunity it is the policy
compose what was reported a year ago as the uncompleted of the officers of your company to endeavor to establish
portion of the Little Rock & Southern Railroad, now a part better relations with the people of the various States, and!
of the Rock Island Arkansas & Louisiana Railroad. That to impress upon them the fact that the progress of the sec­
road is laid with 60-pound steel rail and is ballasted with tion of the country traversed by your road, and the continued!
gravel. Standard Rock Island buildings and bridges, in­ prosperity thereof, require candid co-operation between the
cluding a first-class brick depot at Fordyce, Ark., have been railroads and the other business interests. The aim of alii
erected.
must be to promote the welfare of the country, and it is to*
Trackage rights have been obtained over the rails of the be hoped that when the situation is thoroughly understood,,
Louisiana & Arkansas Railway Company and the Louisiana a spirit of mutual co-operation will be the result.
Railway & Navigation Company to carry the line to A lex­
A complete inventory of material, fuel and supplies was
andria, La., and it is expected that the line from Alexandria taken April 30 1907 and the necessary adjustment of the
to Eunice, La., will be operated in October 1907. A t this accounts made.
latter point connection will be made with the Colorado
The accounts of your company at the close of the fiscal
Southern New Orleans & Pacific Railroad (Frisco), from year were examined by Mr. Stephen Little, and copy of his
Houston, Tex., to New Orleans, La., establishing a new certificate appears below. (See pamphlet report.)
through route of importance to the Rock Island Lines.
I t is a pleasure to acknowledge the hearty and necessary
The earnings, operating expenses, taxes, interest, etc., of co-operation of officers and employees.
the operated portion of the Rock Island Arkansas & Louisi­
B y order of the Board of Directors,
ana lines were included in the accounts of your company.
B. L . W IN C H E L L , President.




1014

THE CHRONICLE.

IN C O M E A C C O U N T Y E A R E N D E D J U N E 30 1907 C O M P A R E D W I T H
P R E V IO U S Y E A R .
Increase ( + ) or
T'lf>rrpn qp ( ___\

1906-07.
1905-06.
A m o u n t.
‘ P .O .
A v e r a g e m ile a g e operated 7,780.26
7.218.07
562.19
+ 7 .8
E a rn in g s —
$
$
$
• F r e ig h t ____________ 40,663,972 36 34.695.823 88 + 5,968,148 48
+ 1 7 .2
P a s s e n g e r__________16,449,765 44 13,917,030 64 +2,5 32,73 4 80
+ 1 8 .2
M a il ------------------- 1,356,868 48 1,138,631 15
+218 .237 33
+ 1 9 .2
+208 ,047 67
+ 1 7 .8
E x p ress____________ 1.373,765 79 1.165,718 12
M is c e lla n e o u s ____
394,047 84
320,654 26
+7 3 ,3 9 3 58
+ 2 2 .9
T o t a l ....... ................ 60,238,419 91 51.237,858 05
O pera tin g expenses—
M a in ten an ce o f w a y
and stru ctu res____ 8,754.396
M a in tenan ce o f
e q u ip m e n t ______ 7.184.128
C o n d u ctin g tran s­
p o rta tio n -----------23,420,948
G en era l ex p en ses-. 1.684,668

+ 9,000,561 86

+ 1 7 .6

+ 1 9 .9

55

7.302,489 58

+ 1 .4 51,90 6 97

08

6,661,466 18

+522,661 90

42 19.630,076 17 +3,7 90,87 2 25
95 1.473,026 60
+ 211 ,642 35

T o t a l ----------------41,044,142 00 35,067,058 53

+ 7 .8
+ 1 9 .3
+ 1 4 .4

+5,9 77,08 3 47

+ 1 7 .0

N e t ea rn in gs............... 19,194,277 91 16,170,799 52 +3,0 23,47 8 39
O ther incom e__________
745,181 71 1,015.837 26 — 270,655 55

+ 1 8 .7
— 26.6

T o t a l in co m e----19,939,459 62 17,186,636 78
Ta x es-------------------- - 1,676,038 31
In t e r e s t ------------------- 8,279.300 02
R en tals--------------------- 1,195,927 71
Im p rovem en ts on
leased lin es----------37,676 51

1,631,890 21
7,748.169 72
998,847 67
21.897 14

T o t a l c h a r g e s ...11,188.942 55 10,400,804 74

+ 2 ,7 52,82 2 84

+ 1 6 .0

+ 4 4 ,1 4 8 10
+53 1 ,1 3 0 30
+ 1 9 7 ,0 8 0 04

+ 2 .7
+ 6 .9
+ 1 9 .7

+1 5 ,7 7 9 37

+ 7 2 .1

+ 788 ,137 81

A v a ila b le f o r dividends 8,750,517 07
D iv id e n d s ---------------- 4,116.728 00

6,785.832 04 + 1.9 64,68 5 03
4,677.552 50 — 560.824 50

S u r p lu s ------- ----------- 4,633,789 07
A p p ro p ria te d fo r spe­
c ia l im provem en t and
equipm ent fu n d ____
____________

2,108,279 54

+ 1 1 9 .8

2,108.279 54 — 2,108,279 54 — 100.0

B a la n ce o f su rp lu s cark • ried to credit o f p ro fit
and loss---------------- 4,633,789 07

CONDENSED

+ 2,5 25,50 9 53

+ 7 .6
+ 2 9 .0
— 12.0

_____________ +4.633.789*07

GENERAL

BALANCE

SHEET

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

JUNE

ASSETS„
increase ( + ) or
1907.
1906.
Decrease (— ) .
C a p ita I A ssets—
$
$
$
P r o p e r t y and fran ch ises___ 243,498.!
: 20 221.825.639 16 + 21.672,743 04
S t. Lou is Kansas C ity &
C olorado R a ilro a d C o ___
______
16.804.457 58 — 16,804,457 58
A d d itio n s and im p r've m en ts,
cu rren t y e a r ______________ 4,375,:
+ 882.640 40
38
3,492,580 98
A d v a n c e s fo r constru ction
4,385.?
57
+ 1,030,912 52
and e q u ip m e n t__________
3,354,913 05
R e a l e sta te__________________
639.1
|98
431,230 19
+ 208,719 79
In v e s tm e n t account-— stocks
representin g ownership o f
R o c k Islan d Lines In sun­
d r y p r op e rties___________
1,365,1
+ 228,584 46
00
1,136,583 54
S to ck o f T h e Chicago & A l ­
ton R a ilro a d C o m p a n y . _ 9,605 ,i
+ 24,427 62
49
9,581,542 87
D ep o sit w ith tru stee fo r
purchase o f eq u ipm en t
u n d er In den tu re o f F e b ­
ru a ry 1 1 9 0 7 .. ................ 7,533,550 00
+ 7,5 33,55 0 00
T o t a l ......... ............ ........271,404.067 62 256.626.947 37
F irs t and refu n d in g m o rtg a g e
g o ld bonds held in th e
J.reasury (see c o n tr a )___ 11,250,000 00

+14,777,1 20 25

11,250,000 00

C u rre n t Assets—
9,917,499
C a s h ____________________
S ta tio n agents and conductors:
/D r.$ 2 ,594.072 96
\Cr.
243,612 69
2.350.460
Com panies and in d ivid u a ls:
/ D r.$2,906,185 72
\Cr.
51.504 07
2,854,681
T r a ffic balances:
(D r . $961.472 93
\Cr.
869.487 74
-------------------91,985
E xpress com p an ies________
303,125
U n ite d S tates P o st O ffic e
D e p a rtm e n t_____________
411,369
A d va n ces fo r constru ction ,
eq u ip m en t, e tc ., fu n da ble
854,693
L o a n s and bills re c e iv a b le .
2,217,133
B on ds, e tc ., In trea su ry—
u n p le d g e d _______________ 18,087,795
Stocks
in
trea su ry— un­
p le d g e d ___________________
910.069
A ccru e d in com e from in ­
vestm en ts _______________
155,406
P rep a id insurance-----------156,123
M a te ria l and su pplies------4,356,074
T o t a l..................................

05

9,646,668 76

+ 270 ,830 29

27

2.047,194 32

+ 303,265 95

65

1,767,937 73

+ 1,086,743 92

19
21

43
51

+ 101,193 62
+ 125,510 70

35

291,245 12

+ 120,124 23

62
19

'71

+ 854 ,693 62
+ 1,217.948 48

80

86

+ 3,400,246 94

01

45

— 281,442 44

49
30
74

83
67
18

+ 7,177 66
+7 0 .1 4 9 63
+ 388,005 56

34,666,416 87

27,001,968 71

+7,6 64,44 8 16

653,357 16
E a st S t. Lou is & Suburban
R a ilw a y C o m p an y bonds
>■
r .
T o t a l---------------------

........... ..
653,357 16

C r . 187.438 02

Figu res In bold fa ce d en ote credits.

+84 0 .7 9 5 18

49,725 00

— 49,725 00

C r 137.713 02

+791 ,070 18
--------------------

T o t a l ___________________ 317,973,841 65 294,741,203 06

" •

No.
No.
No.
No.

D ECLARED
105, 2
106, 1
107,
108, 1

D U R IN G

per cen t
p er cen t
p ercen t
p er cen t

paid
paid
paid
p a id

YEAR

ENDED

JUNE

30 1907.

O ctober 1906_____________$1,496,908 00
Janu ary 1907 ___________
748,520 00
A p r il 1907 ______________ 1,122,780 00
J u ly 1907 _______________
748,520 00

T o t a l_______ ___________ ______________ _________ _________________ $4,116,728 00

P R O F IT A N D

LO SS.

B alan ce as o f June 30 1906_____________________________________ $17,202,469 38
Surplus fo r the y e a r ended June 30 1907, as
per in com e account a b o v e ____________________ $4,633,789 07
In tere st p rior to O cto b er 1 1906 on
advan ces b y T h e Chicago R o c k
Islan d & P a cific R a ilw a y Com ­
p a n y to th e S t. Lous Kansas C ity
&
C olorado R a ilro a d C o m p a n y ..$829,587 75
In tere st p rio r to J u ly 1 1906 on ad­
vances fo r S t. L o u is , M o ., freig h t
term in a ls ________________________
67,395 43
--------------- 896,983 18
N e t p rofit fro m o p era tio n o f m ines fo r tw o
38,944 61
years ended June 30 1907____________________
Sun dry lia b ilitie s w ritte n o ff____________________
29,005 98
Less—
$5,598,722 84
D iscount and expenses in con­
n ection w ith first and refu n d ­
in g m o rtgage g o ld bonds issued $2,261,849 71
D ep recia tion on tra ck s, struc­
tures and eq u ipm en t, re m o ved ,
sold o r d es troy ed :
T r a c k s ________
$13,752 55
S tr u c tu r e s ____
42,854 74
E q u ip m e n t ___ 1,356,522 79
1,413,130 08
S un dry u n c ollec tib le accounts
3,088 32 3,678,068 11
w ritte n o ff________________

1,920,654 73

P r o fit and loss as o f June 30 1907 _____________________________ $19,123,124 11

30

1907 A N D

C O M P A R IS O N W I T H P R E V I O U S Y E A R .

L IA B IL IT IE S .
1907.
C a p ita l L ia b ilitie s —
$
C a p ita l sto ck _______________ 75,000,000 00
Fu n ded d e b t . _____________ 174,332,000 00
T h ree -y ea r notes du e J u ly
1 1907____________________ *7,500,000 00
C o lla tera l tru st go ld notes
due A p ril 1 1908________
6,000,000 00
E q u ip m e n t tru st n otes____
7,385,000 00

Increase ( + ) or
Decrease (— ) .
1906.
$
$
75.000,000 00
164,587,000 00 + 9,7 45,00 0 00
7,500,000 00

C u rre n t L ia b ilit ie s —
Pu rchase m o n ey n o te fo r
D erin g Coal C om p an y
sto c k ______________________
U n p a id vouchers and d rafts 2,845,601
2.556,021
U n p aid w a g e s ______________
In te re s t, rentals and d iv i­
dends due J u ly 1_________ 2,788,589
1,075,398
T a x e s accrued (n ot d u e )_ .
In tere st and rentals accrued
1,342,077
(n o t d u e )________________
In tere st coupons du e and
212,065
n ot p resen ted____________
D ivid en d s due and n ot
7,007
called f o r ________________
Bonds m a tu red , n ot pre­
26,500
sen ted --------------------- 150.000
N o tes p a y a b le ----------------In terim certifica tes fo r first
and refu n din g m o rtg ag e
• g o ld b on d s------------------- £3,000.000

________

6,000,000 00
....... ......
1,250,000 00
+ 6 ,1 35,00 0 00

T o t a l_______ ______ _____ 270,217,000 00 254,337,000 00
F ir s t and refu n d in g m o rt­
ga ge g o ld bonds Issued
and held in th e trea su ry
(see c o n tr a )______________ 11,250,000 00

+15,880,0 00 00

_______
11,250,000 00

--------------------

08
30

540,000 00
1,433,603 27
2,047,550 92

— 540,000 00
+ 1,411,997 81
k +508 ,470 38

00
00

2,789,767 37
1,039,372 52

— 1,178 37
+ 36,025 48

14

1,073,047 63

+ 269.029 51
+ 212,065 00

00
07

+ 3,871 82

3,135 25

+ 26.500 00
+ 150,000 00

00
00

+ 3,000,000 00

00

14.003,258 59

8.926.476 96

197,562 25

197,562 25

25,170 00
-------------40,338 61

25,170 00
50,000 00
35,050 30

263,070 86

307,782 55

-44.711 69

T o t a l lia b ilitie s ........... 295,733.329 45 274.821.259 51

+20,912.0 69 94

D eferred L ia b ilitie s —
K eo k u k & Des M oines R a il­
w a y C om p an y— accou nt
e q u ip m e n t------------------W h ite & B la ck R iv e r V a lle y
R a ilw a y C om p an y— ac­
count e q u ip m e n t----------C. C. H en derson , t r u s t e e ..
H o sp ita l fund (em p loy ees’)
T o ta l.

D eferred Assets—
O pen c a rry in g a cco u n ts'In
process o f a dju stm en t:
/ D r. $770,956 26
•IC r .
117,599 10

D IV ID E N D S
D ivid e n d
D ivid e n d
D ivid e n d
D iv id e n d

[Vol.. LXXXY.

+ 5,076,781 63

-5 0 .0 0 0 00
+ 5,288 31

P ro v is io n a l A ccounts—
561,438 27
447,670 28

+ 348,022 35
+ 51,891 57

213,415 92
395,778 71

ECC d T - n t- _r.CPla.C?m.eD.t- Insurance fu n d -------------- Special im p ro vem e n t and
.
eq u ipm en t fu n d —

2,108,279 54

2,108,279 54

T o t a l___________________

3,117,388 09

2,717,474 17

+ 399,913 92

Grand t o t a l lia b ilities
(in clu d in g p rovision ­
a l a cco u n ts)............. 298,850,717 54 277.538.733 68 +21,311,9 83 86
P r o fit and lo ss ......... ............ 19,123,124 11 17,202.469 38
+1.9 20.65 4 73
T o t a l________ __________ 317,973,841 65 294,741,203 06

+23,232,638 59

+ 23,232,638 59

* P a id J u ly 1 1907.

x E xch an ged J u ly 1 1907 fo r first and refu n din g m o rtg ag e go ld bonds.

N O T E . — In sta tin g the assets and lia b ilities o f the com panies fo rm in g the 1Rock Isiand L in es, ^the

b e ^ n ^ lfm incited

it*.a t h c las si flea t ion* o f a m e o f th e Item s In the general balance sheet has been changed du rin g th e p a s t.y e a r T o p re s e rv e ; c om par, sons ^ f i g u r e s
io r last y e a r h ave been re stated to asrree w ith the classification o f th e 1907 figures, hence th e 1906 figures d o n ot aS jee in e v e ry d e ta il w
................
;lshed In the annu al re p o rt fo r th e previous ye a r.
................................................................................./




O c t . 19 1907. J

1015

THE CHRONICLE
S U M M A R Y O F F IN A N C IA L C H A N G E S

Y E A R E N D E D J U N E 30 1907.

RESO VRCES:
Cash on hand June 30 1906 (Including- unexpended balance o f special fund set a p a rt to ,
co m p le tio n and eq u ipm en t o f R o c k Islan d Arkansas & Lou isian a R a ilr o a d )____________
Fu n ded d eb t in creased— See page 20 p a m p h let r e p o r t ______________________________________
E q u ip m e n t tru st n otes increased— See page 20 p a m p h let r e p o r t ______- _________________
N e t cred it to p ro fit and loss a ccou n t___________________________________________________________
Changes in cu rren t accou nts, as fo llo w s:
• • Decrease in Assets—• „ -S to ck s In treasu ry— u n p led ge d _____________________________________________________________
• E . S t. Lo u is & Suburban R a ilw a y Co. bond s____________________________________________

$9,646,668 76
$9,745,000 00
6,135,000 00
$15,880,000 00
1,920,654 73
$281,442 44
49,725 00
$331,167 44

Increase in L ia b ilitie s —
U n p aid vouchers and d r a fts __________________________________________
U n p aid w a ges__________________________________________________________
T a xes accrued (n ot d u e )-----------------------------------------------------------In tere st and rentals accrued (n ot d u e )__________. __________________
In tere st coupons due and n ot presen ted ___________________________
D ivid en d s due and n ot ca lled fo r __________________________________
Bonds m a tu red , n ot presen ted______________________________________
N o te s p a y a b le --------------------------------------------------------------------------In te rim certificates fo r first and refu n din g m o rtg a g e go ld bonds.
H o s p lta l fund (em p lo y ees’) __________________________________________

,411,997
508,470
36,025
269,029
212,065
3,871
26,500
150,000
,000,000
5,288

81
38
48
51
00
82
00
00
00
31
5,623,248 31

Increase in P ro v is io n a l A ccounts—
E q u ip m e n t repla cem en t fu n ds________
In su ran ce fu n d _________________________

$348,022 35
51,891 57

Less:
Increase in Assets—
D u e from agents and cond uctors_____________________
D u e fro m com panies and in d ivid u a ls________________
D u e fro m express c o m p a n ie s _________________________
D u e fro m t ra ffic balances_____________________________
D u e from U n ited States P o st O ffic e D ep a rtm en tL oan s and bills re c e iv a b le ____________________________
A ccru ed Incom e from in vestm en ts___________________
P rep a id In s u ra n c e _____________________________________
M a teria l and su pplies____ , ___________________________
O pen ca rry in g accounts In process o f a d ju s tm e n t-.

399,913 92
5,354,329 67

$303,265
1,086,743
125,510
101.193
120,124
1,217,948
7,177
70,149
388,005
840,795

95
92
70
62
23
48
66
63
56
18

$4,260,914 93
Decrease in L ia b ilitie s —
Purchase m o n ey n ote fo r D erin g Coal Co. sto c k .
In te re s t, rentals and divid en d s due J u ly 1_____
C. C. H en derson , tru stee ------- ---------------------------

$540,000 00
1,178 37
50,000 00
$591,178 37

4,852,093 30

1,502,236 37

T o t a l to be accou nted fo r .
A P P L IE D A S FO LLO W S:
P r o p e rty and franchises (In crea se)-------------------------------------------------------------------------------Less am ount tran sferred from S t. L ou is Kansas C ity & C olorado R a ilro a d Co. to p ro p e rty
and fran ch ises_________________________________________________________________________________

$21,672,743 04
16,804,457 58

A d d itio n s and im p ro vem en ts, cu rrent ye a r (In crea se)___________________________________________
A d va n ces fo r constru ction and eq u ip m e n t______________________________________________________
R e a l e sta te ___________________________________________________________________________________________
In v e s tm e n t account— stocks representing ownership o f R o c k Islan d Lines In sundry
• p r o p e r t ie s ______________________________________________________________________________________ ____
Stock o f T h e Chicago & A lto n R a ilro a d C o---------------------------------------------------------------------R o c k Islan d Im p ro v e m e n t C o.— dep osit w ith trustee fo r purchase o f equ ipm ent under
in den tu re o f Fe b ru a ry 1 1907------------------------- ------------------------------------------------------------A d va n ces fo r constru ction , equ ip m en t, e tc ., fu n d a b le_________________________________________
B on ds, e tc ., In treasu ry— u n p led ge d --------------------------------------------------------------------------------

$4,868,285 46
882,640 40
1,030,912 52
208,719 79
228,584 46
24,427 62
7,533,550 00
854,693 62
3,400,246 94

E X P L A N A T IO N O F C H A N G E S IN F U N D E D D E B T A N D E Q U IP ­
M E N T T R U S T N O T E S D U R I N G Y E A R E N D E D J U N E ^ 3 0 1907.
F u n ded d eb t and eq u ip m e n t trust n otes, June 30 1906:
Fu n d ed d e b t_______________________________ $164,587,000 00
T h ree ye ar n otes, due J u ly 1 1907--------7,500,000 00
C o llateral trust gold n otes, due A p r il 1
1908 _____________________________________
6,000,000 00
E q u ip m e n t trust n o te s ___________ ______ _ .
1,250.000 00
F irs t and refu n d in g m o rtgage bonds is­
sued an d held In the trea su ry -----------11,250,000 00

and has been reduced b y the
redem p tion o f m atu red o b ­
liga tio n s as follow s:
T h e Chicago R o c k Islan d
& P a cific R a ilw a y Com !?•
p a n y ’ s gold bonds o f
1902, m atu red M a y 1
I
1907 ......................... ........$1,494,000 00
C h octaw O klah om a & G u lf
R a ilro a d
C o m p an y
L i eq u ip m e n t tru st n otes
as a b o v e ________________
365,000 0




$17,759,000

$190,587,000

1,879.000 00

in fu n ded d e b t and
trust n o t e s ___________

15,880,000 00

F u n ded d eb t and eq u ip m e n t trust n otes
June 30 1907:
F u n ded d e b t_______ _______________________ $174,332,000 00
T h re e -y e a r n otes, due Ju ly 1 1907--------7.500,000 00
C olla tera l tru st gold n otes, due A p ril 1
6 ,000,000 00
1908_________________________ ___________
7,385,000 00
E q u ip m e n t trust n o te s ____________________
F irs t and re fu n d in g m o rtg ag e gold bonds
11,250,000 00
issued a n d held in the tre a s u r y .-----T o t a l.

__________ ______________

$206,467,000 00

P R O P E R T Y A N D F R A N C H IS E S — C H A N G E S D U R IN G Y E A R E N D E D
J U N E 30 1907.
B alance June 30 1906, as per balance sh eet_________ ______ $221,825,639 16

$3,500,000 0

F o r purchase o f $5,605,000 00
R o c k Island Im p ro v e m e n t
C o m p a n y ’s 4J^ per cent
eq u ip ’ t bonds, series “ B ”
F o r red em p tio n o f m atu red
o bligation s:
T h e Chicago R o c k Island &
P a cific R a ilw a y Com .
p a n y ’s gold bonds o f
1902, series “ E,
m a­
tured M a y 1 1907---------$1,494,000 00
C h octaw O klah om a & G u lf
h, R a ilro a d
C o m p a n y ’s
eq u ip m en t trust notes,
m a tu red as follow s:
A u g u s tll9 0 6 ,
series " B ” . $70,000 00
F e b . 1 1907,
series " B ” . 75,000 00
A p r 1 1 1907,
series " C ” .220,000 00
365,000 00
and has fu rth er been increased
b y the Issue o f T h e Ch icago
R o ck Islan d
P a c ific R a il5 w a y C o m p a n y ’s eq u ip m e n t
* 4 H per cen t go ld n o te s - - ,{]

Brough t forw ard ........................$1,859,000,000
L it t le R o c k B ridge Com­
p a n y ’ s bonds, m atu red
June 1 1907______________
20,000 00
N e t increase
eq u ip m en t

$190,587,000 00

19,032,060 81
$9,917,499 05

B alan ce, cash on hand June 30 1907--------------------------------------------------------------------------------

T o t a l.....................................................T h is has been increased d u rin g the ye a r
b v the issue o f T h e Ch icago R o c k
PW Islan d & P a cific R a ilw a y C o m p a n y ’s
KF first an d re fu n d in g m o rtg ag e gold
bonds, v iz .:
F o r a ddition s, im p rovem en ts
and eq u ipm en t, 1907 fu n d -$ 2 ,500,000 0j0
F o r an equ al am ou nt o f gen ­
eral m o rtgage gold bonds,
issued Janu ary 1 1907, fo r
a ddition s
and
im p ro ve­
m ents, said general m o rt­
gage gold bonds h a v in g
been dep osited w ith trustee
o f first and re fu n d in g gold
W bond m o r t g a g e ____________ 1,000,000 00

19,302,891 10
828,949,559 86

5,900,000 00

1,S59,000T00
$11,259,000 00
^
v 1 .---a >&!
1
6,500,000 00
$17,759,000,00
....

Cost o f a ddition s a n d Im p ro vem en ts fo r y e a r en ded June
30 1906, transferred to p ro p e rty and fran ch ises__________
Changes d u rin g the ye a r;
Add—
Cost o f the p ro p e rty o f the
S t. L ou is K ansas C ity &
C olorado R a ilro a d Com ­
p a n y transferred to p rop ­
e r ty and fran ch ises_______ $16,878,313 50
D isbursem ents in co n n ec­
tion w ith co m pletion an d
eq u ip m en t o f R o ck I . A rkansas & Lou isian a R a il­
road C o m p a n y’s p ro p e rty
(o f w hich $1,509.999 98
w as fo r e q u ip m e n t)_______
2 848,073 41
D isbu isem en ts fo r com ple­
tion o f C h octaw O klah om a
& G u lf R a ilr o a d _________
3,017 63
D isbursem ents fo r addition s
and Im provem en ts to m ines
33,351 18
E xpen ditu res fo r constru c­
tion o f track from T . & P .
Crossing, D allas, T ex a s,
to conn ection w ith H . &
79 14
T . C. R R . , D allas, T e x a s .
E xpen ditu res fo r a d d itio n a l
161,413 87 $19,924,248 7equ ipm en t:
D educt—
----------------------V alu e o f eq u ip m en t d e­
stro ye d , dism antled
or
sold d u rin g the past fiscal
y e a r (exclu sive o f equ ip­
m en t w hich, under m o rt­
gages or eq u ip m e n t tru st
agreem ents, must be re­
placed ) . Such valu e, less
s a lv a g e , w as charged to
o p era tin g expenses an d
p r o fit an d lo s s .................. $1,742,744 34
R efu n d o f excess am ou nts
paid fo r G o w ile & N o rth ­
1,744,086 67
w estern R a ilw a y __________
1,342 33

$3,492,580 98

>

T o t a l ch anges d u rin g y e a r ---------------------------------- 18,180,162 >6
T o t a l Increase in p ro p e rty and fran ch ises___________ _ $21,672,743 04
B alan ce June 30 1907, as per balance s h e e t ........... $243,498,382 20

1016

THE CHRONICLE.

[V o l .

lxxx v

.

ST. LO U IS & SAN FRANCISCO R A ILR O A D COM PANY.
E L 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
To the Stockholders:
The Board of Directors herewith submit their report of
the operations and affairs of the St. Louis & San Francisco
Railroad Company’s Lines (exclusive of the Chicago &
Eastern Illinois Railroad) for the fiscal year ended June
30th 1907.
The results of operations for the fiscal year were as follows:
G ross earn in gs (increase $6,574,410 95, or
20.5 %) _________________________________ _____ $38,621,067 51
O p e ra tin g expenses (Increase $4,327,046 24
or 21.1 % ) ____________________________________ 24,872,579 36
N e t earn in gs (increase $2,247,364 71, or
1 9 .5 % ) ............. .............. ...................... ..
O th er in com e____________________________________

$13,748,488 15
1,540,866 55

T o ta l in com e_______________ - _________________
$15,289,354 70
T a x e s ________ _______________________________
$896,958 13
In te re s t, rentals and o th er fixed ch arges------- 10,233,813 28 11,130,771 41
N e t in com e a fter p r o v id in g fo r all charges,
b ein g equ al to 4 % on the first and second
preferred stock ($21,000 000) and 11.44%
on the com m on stock ($29,000,000)----------D ivid e n d s p aid —
F ou r per cen t on first preferred s t o c k - .____

$4,158,583 29

B alan ce o f surplus carried to p ro fit a n d loss
(increase, $2,169,447 6 6 )____________________

$3,958,841 17

199,742 12

There was a slight decrease in the mileage operated during
the fiscal year,as compared with the previous year, caused
by a re-measurement of line and the taking up of small
sections of useless track.
The average mileage operated during the year was 5,061.72
miles, as compared with 5,068.92 for the preceding year, be­
ing a decrease of 7.20 miles.
The total main track mileage operated at June 30 1907
was 5,064.16 miles, for details of which see statement on
pages 72 and 73. (See pamphlet report.)
The capital stock of the company outstanding at the end
of the fiscal year was $50,000,000, being the same as in the
preceding year, and is composed of
$5,000,000 first preferred.
16.000.000 second preferred.
29.000.000 com m on .

The total funded debt at June 30 1906, in­
clu d in g that o f leased and a u xilia ry lines w a s_______________ $167,440,148 59
T h e n et increase du rin g the fiscal y e a r w a s ---------------------10,080,153 61
M a k in g the to ta l funded d eb t a t June SO 1907_ ______________$177,520,302 20

Statements will be found on pages 19 and 20, showing in
detail the new issues, as well as bonds which have been re­
deemed, and on page 30 the bonds remaining in the treasury
as a cur-rent asset. (See pamphlet report.)
T h e to ta l am ou nt o f eq u ip m e n t bonds and n otes o u tsta n d ­
in g a t June 30 1906 w a s____________________________________
T h e n et Increase d u rin g the fiscal y e ar w a s ----------------------

$8,078,620 97
4,371,859 82

M a k in g the to ta l am ou nt o f eq u ip m en t bonds and notes
ou tsta n d in g a t June 30 1907--------------------------------------- $12,450,489 79

Full details of the amount of equipment notes issued
during the year, as well as of the amount paid during the
year, will be found on page 21. (See pamphlet report.)
A comparison of the assets and liabilities of the company
and its leased and auxiliary lines, at June 30 1907, with the
figures of the preceding year, is shown on the comparative
condensed balance sheet on a following page.
The increase in the franchises and property accounts,
including those of the leased and auxiliary .lines, for the
fiscal year, was $8,214,792 31.
Full details making up this increase are given in state­
ments on pages 22 and 23. (See pamphlet report.)
Liberal expenditures were made during the fiscal year for
additions and improvements to the property, and to its
equipment.
For details of such expenditures, which were charged to
franchises and property, reference is given to statement on
p a g e s 24, 25, 26-and 27, and for details of expenditures for
re n e w a ls of roadway and structures, charged to operating
e ;penses, reference is given to statement on pagj 33.
(See
pamphlet report.)
The various classes of rolling stock added are shown on
statements, pages 41 and 42 (see pamphlet report), and in
addition thereto contracts were placed for 70 freight, 10
passenger and 10 switch locomotives, 87 passenger train
cars and 5,255 freight cars, but deliveries of same could not
be obtained until the last half of the calendar year 1907.
Contract has been let for the construction of new car and
engine shops at Springfield, Mo., to be completed by Feb­
ruary 1 1908 at a cost of approximately $1,350,000.
A new union passenger station at Birmingham, Ala., was
constructed during the year jointly by the lines centering
at that point, and this company, in conjunction with all the
other lines interested, has guaranteed the bonds issued cover­
ing the cost thereof. The interest charge is to be appor­
tioned between the lines using the terminals on the basis of
cars handled.
The station, though not quite completed, was put in
•'noration at July 1 1907, and 4% bonds to the amount of
SI ,190,000 had then b -en is.-med in payment of the property,
cue-sixth thereof, or $198,333 33, being the amount guaran­
t o r ! by thi-; company.
The new freight depots and yards constructed in North
St. Louis by the Rock Island-Frisco Terminal Railway




E N D E D JU N E 30 1907.

Company were put in operation March 1 1907. The money
was provided jointly by this company and The Chicago
Rock Island & Pacific Railway Company, each company
receiving securities of the Terminal Company in reimburse­
ment of its advances.
$3,000,000 of 5% bonds have been issued by the Terminal
Company, and guaranteed jointly by .this company and The
Chicago Rock Island & Pacific Railw ay Company, the unex­
pended balance of which is reserved for further additions
and improvements.
Joint use of these terminals has been granted to the
Chicago & Eastern Illinois Railroad Company.
The Company has acquired, through the proceeds of its
$7,500,000 five-year 5% collateral trust gold notes, dated
January 1 1906, all the capital stock (except Directors’
shares) and all the bonds of Colorado Southern New Orleans
& Pacific Railroad Company. The property of the lastnamed Com pan y has been leased to this Company for the
period of nine hundred and ninety-nine years from April 30
1907. Through the ownership by Colorado Southern, New
Orleans & Pacific Railroad Company of all the stock (except
Directors’ shares'! of The Orange & Northwestern Railroad
Company and of The Beaumont Sour Lake & Western R ail­
way Company, a through line will be in operation from
Houston to Baton Rouge upon the completion of construc­
tion work now in progress. From Baton Rouge to New
Orleans the trains of your Company will be operated into
New Orleans under a trackage agreement with the Illinois
Central Railroad Company and Yazoo & Mississippi Valley
Railroad Company.
The increase in the tonnage carried during the fiscal year
was 2,305,162 tons, or 16.64%, and the increase in number
of passengers carried was 1,194,353. or 19%.
The earnings from operation per mile of road for the fiscal
year were $7,630 03, an increase over the preceding year c f
$1,307 84, or 17%, and is the largest revenue per mile of
road earned by the company in any year.
The percentage of all fixed charges and taxes to net income
for the fiscal year was 72.8%, as compared with 82.4% for
the preceding year and 93.3% for the year 1905. This
shows a healthy growth in the financial strength of the
company.
The industrial department has reported that 338 new in­
dustrial plants, employing over 12.000 men, and costing
approximately $9 ,000,000, have been located on the tracks
of the Frisco lines during the fiscal year.
It is encouraging to note this expansion of industrial de­
velopment going on in the territory tributary to the com­
pany's lines, as it insures, to a large extent, a continued
increase in both freight and passenger traffic.
The crops for the current year in the territory tributary
to the company’s lines are about normal.
The net receipts from land sales and royalties for the fiscal
year were:
S t. Louis & San Francisco R R --------------------------------$371 46
Kan sas C ity F o rt S cott & M em phis R y _______________ 24.929 97 $25,301 43-

This amount was credited to other income in the income
account for the year.
The usual statements showing the income ai d profit and
loss accounts, condensed balance sheet and statistical ex­
hibits, each including the figures of the Chicago & Eastam
Illinois Railroad CV^panv. added to those of this com pan v .
are appended to this report, and show the results o f the
operation of both properties and their financial condition at
the end of the fiscal year. (See pamphlet report.)
The books and accounts of the company at the close o f
th e
fiscal year were examined by :vir. S t e p h e n Little and
copy of his certificate appears below. (See pamphlet report.)
Acknowledgment of the faithful and efficient services
rendered bjr officers and employees during the year is here
made.
By order of the Board of Directors.
A . J. D A V ID S O N ,

President.
ST. LO U IS & SAN FR AN C ISC O R A IL R O A D L IN E S .
IN C O M E A C C O U N T F I S C A L Y E A R E X D ^ D J U N E 3 0 T H 1907, C O M ­
P A R E D W IT H P R E V IO U S Y E A R .
Increase ( + ) rrr
Decrease (— ).
1906-07.
1905-06.
A m o u n t.
P e rC t
.14
A v e r , m ileage o p e r___
5,061.72
5,-068.92
— 7 .20
E a rn in g s—
$
$
$
F r e i g h t _____ _________26,848,664 91 21,955,975 42 + 4 892,689 49
P a s s e n g e r---------------- 9,169.400 43 7,908,644 11 +1,2 60,75 6 32
Mall
_____ ______ 885,662 71
704,415 22
+181 247 49
E x p re ss. . . ___________
998.864 97
882,232 39
+116 .632 58
718,474 49
595,389 42
+123 ,085 07
M iscellaneous _______
T o t a l________

O ct . 19 1907.)

Increase ( + ) or
Decrease ( — ) .
1906-07.
1905-06.
A m ou n *.
P e rC t.
S
S
N e t e a rn in g s _________ 13,748,488 15 11,501,123 44 + 2,247,364 71
+ 19.5
O ther in co m e _________ 1,540,866 55
1,632,659 89
— 91,793 34
— 5.6
T o ta l in c o m e ______15,289,354 70

13.133,783 33

+2,155,571 37

+ 16.4

896,958 13
T a x es........... ............ ..
In te re s t._______________ 5,419,637 54
Rentals and sinking
fu n d ________________ 3,179,293 74
D iv id en d s on trust cer­
tificates, The K a n ­
sas C ity F o rt Scott
M e m p h is R y _____ _
540,400 00
D ivid en d s on trust cer­
tificates, Chicago &
E astern Illin o is H R . 1,094,482 00

943,559 23
5,178,866 90

— 46,601 10
+ 240,770 64

— 4.9
+ 4 .6

3,067,339 57

+111 ,954 17

+ 3 .6

T o t a l ch arges_____ 11,130,771 41

540,400 00

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

1.094,482 00
10,824,647 70

A v a ila b le fo r d lv s . _ 4,158,583 29
D iv id en d s—
4 % on first preferred
stock In 1907 and
4 % on first p re­
ferred and 2 % on
second preferred
Stock In 1906_____

1017

THE CHRONICLE.

...................
+306 ,123 71

309,135 63 +1,8 49,44 7 66

.........
+2.
+ 8 0 .1

G E N E R A L P R O F IT A N D LO SS A C C O U N T A N D A D J U S T M E N T S
T H E R E I N , J U N E 3 0 T H 1906 T O J U S b 3 0 T H 1907.
C redit—
Balance a t cred it, June 30th 1906_________________
$3,470,978 25
Surplus fo r the ye a r en ded June 30th 1907, as
per incom e a cco u n t________________________ ____ $3,958,841 17
M iscellaneous lia b ility accounts, w ritten o f f ___
32,451 57 3,991,292 74
T o ta l C re d it____________ ___________ __________ _________________ 7,462,270 99$
D e b it—
A n n u a l in stallm en t from franchises and p rop ­
e r ty accou nt, on accou nt o f differen ce be­
tw een the cost o f u n d erly in g bonds refunded
and the proceeds o f re fu n d in g bonds sold,
and the com m issions paid th e refo r__________
D iscount on securities sold and exch an ged, and
expen ditu res in conn ection w ith listin g, cer­
t ify in g and issuing n ew b on d s_______________
T a x es on land in N e w M exico and A rizo n a , and
also expenses in conn ection th erew ith (n o t
p a rt o l operated p r o p e r t y )-------------------------D epreciation in value o f buildings torn dow n,
tracks taken up, and equ ip m ent destroyed
and dism antled d u rin g current fiscal ye ar
(b alance o f cost less salvage charged to op er­
a tin g e x p en ses)________________________________
M iscellaneous u ncollectib le accou nts,w ritten o ff

$250,000 00
665,906 34
10,706 50

625,247 55
28,368 25

T o ta l D e b it________ ______ _____________________________________ $1,580,228 64
B a la n c e ------1__________________________________________ _______
5,882,042 35
199,742 12

519,742 12

-320,000 00

— 61.6

S u rp lu s carried to cred­
it of p ro fit and loss. 3,958,841 17

1,789.393 51

+2,1 69,44 7 66

+ 1 2 1 .2

$7,462,270 99

SUM M ARY

OF

F IN A N C IA L

B y Balan ce a t cred it, June 30th 1907______________________ $5,882,042 35

CHANGES

YEAR

ENDED

JUNE

30TH

1907.

RESOURCES.
Cash on hand June 30th 1906________________________________________________________________________
Fu n ded d eb t, In creased______________________________________________________________________________
O u tstan din g securities on leasehold estate (T h e Kansas C ity F t . S co tt &’ M em phis R a ilw a y )
in c re a s e d ________ ______ ___________ ______ ___________________________________________________________
E q u ip m e n t notes outstan ding, in creased____________________________________________________________
S inkin g funds, d ecreased_____________________________________________________________________________
N e t cred it to profit and loss accou nt, in creased__________________________________________________

$3,641,537 21
$9,208,153 61
470,898
4,772,961
7,805
2,411,064

00
82
63
10

$16,870,883 16

Changes in current accounts, as fo llo w s —
Increase in assets—
D ue from a-rents and con d u ctors_____________________
D u e from railroad com panies account t r a ffic ________
D u e from com panies and in d iv id u a ls _________________
D u e from U n ited States P o st O ffic e D e p a rtm e n t___
Securities in treasu ry, u n p ledged— cost o f___________
Securities p led ged as co lla te ra l u nder notes p a ya b le- -cost o fS upplles on h an d ________________________________________
Open c a rry in g accounts In process o f a d ju stm en t___

$371,898 47
105,916-27
394,662 44
55,167 92
2,257,238 44
4,751 ,000 00
685,116 68
81,001 00
$8,702,001 22

Decrease in lla b illtie s In tere st a ccru ed ________

7,066 36 $8,709,067 58

Less—
Increase in lia b ilitie s —
N o te s p a y a b le _____________________
A u d ite d vouchers and p a y-rclls _
In tere st and d ivid en d s, m atu red T a x e s accrued (n ot d u e )_________

$4,828,800
297,753
260,892
16,886

21
50
10
42

$5,404,332 23
Decrease in assets—
A d va n ces account co n stru ction .

89,442 11

3,215,293 24

5,493,774 34

13,655,589 92
$17,297,127 13

T o t a l to be accou nted fo r .
A P P L IE D A S F O LLO W S.
Franchises and p r o p e rty , in creased_____________________________________________________________
L ea seh o ld estate (T h e Kansas C ity F o rt S cott & Mem phis R a ilw a y ), Increaased________
Franchises and p r o p e rty , a u x ilia ry com panies, in creased__________________________________
N e w eq u ip m e n t under eq u ip m en t trusts, in creased_______ ______ ___________________________
S ecu rities under c lla te ra l tru st notes o f 1908— cost o f, in creased________________________
Trustees sin k in g fund accounts, increased_____________________________________________________
S in k in g funds accrued, decreased_________________________________________________________ ______
Im p ro v e m e n t fund (K an sas C ity & M em phis R a ilw a y & B rid ge C o m p a n y ), decreased-

,874,736
,138,449
201,606
,469,308
,225,325
122,927
7,639
2,549

14,042,542 06

B a lan ce, cash on hand June 30th 1907.

$3,524,585

ST. L O U IS & SAN FR AN C ISC O R A IL R O A D L IN E S , IN C L U D IN G C H ICAG O & E A S T E R N IL L IN O IS R R .
IN C O M E A C C O U N T F O R Y E A R

E N D E D J U N E 3 0 T H 1907.
Increase ( + )
1905-6.
Decrease (—
A v e r a g e m ileage o p e ra te d -6,016.59
— 7.20
E a rn in g s —
$
$
$
F r e i g h t ........- .............. ,36,168,856 46 30,042,568 25
+6,1 26,28 8
P a s s e n g e r _______________10,854.248 48
9,511,660 17
+ 1 ,3 4 2 588
M all and e x p re s s - .........
2,194,881 52
1,797,578 20
+397 ,303
740,795 42
623,412 60
+ 117,382
M iscellaneous ___________

1906-7.
6,009.39

T o t a l - . - .....................49,958,781 88
O peratin g Expenses—
M aintenance o f w a y and
stru ctu res _____________ 6,692,721
M ain tenan ce o f eq u ip m en t 6,512,224
C o n d u ctin g t r a n s p o r t s . 17,316,p88
G en eral e x p e n s e s ________ 1,527,952

97
76
82
55

41,975,219 22

157,140 00

157,140 00

.................._ » »

21
31
32
82

T o t a l d iv id e n d s ________

356,882 12

676,882 12

— 320 000 00

S u rp lu s carried to credit of
p ro fit and loss____________ 4,377,386 94

1,827,085 78

4-2,550,301 16

60
82
59
06

+ 1,824,634 37
+ 1,257,008 94
+ 1,615.817 23
+ 236.405 49

T o t a l . . --------- ------------- 32,049,888 10

27,116,022 07

+ 4 ,9 33,86 6 03

N e t e a rn in g s - ........ - ............ 17,908.893 78
Other Incom e ------------ ---------735,631 03

14,859, 197 15
•
998 952 71

(-3,049,696 63
— 263,321 68

15,858,149 86

+ 2,7 86,37 4 95

T ota l net in com e ---------18,644,524 81
Taxes ................................ .
Interest
-------- ------------Rentals and sinking fu nd.
D ivid en d s on trust, c e rtifi­
cates, T h e K .C .F .S . & M . R y
D ivid en d s on trust c e rtifi­
cates, C . & E . I. R R .........

1,231,958 13
7,501,336 11
3,542,079 51

D iv id en d s to stockholders—
F o u r per cen t on first pre­
ferred stock o f S t. Louis
& San Francisco RailR o a d Co. In 1907 and
fo u r p er cen t on iirst
preferred and tw o per
cen t on second pre­
ferred stock In 1906 -_
S ix per c en t on preferred
stock o f the Chicago &
Eastern Illin o is R a il­
road C om p an y to stock-




1,224 ,359 23
7.008 ,328 61
3,486, 612 12

540,400 00

540, 400 00
1.094, 482 00

dividends 4,734,269 06

]99,742 12

1905-6.

G E N E R A L P R O F IT A N D LO SS A C C O U N T A N D A D J U S T M E N T S
T H E R E I N . J U N E 3 0 T H 1906 T O J U N E 3 0 T H 1907.
C redit—
Balance at cred it, June 30th 1906________________ ______________ $5,396,055 45
Surplus fo r the ye a r en ded June 30th 1907____ $4,377,386 94
P rem iu m on general consolidated first m o rtgage
bonds, Issued fo r re fu n d in g p rior liens, less
discou n t on bonds issued fo r im p rovem en ts,
w hich are chargeable a ga in st earn in gs b y p ro ­
vision o f refu n d in g and Im p ro vem en t m o rt­
42,250 00
gage ---------------------------------------------------------71,852 37 4,491,489 31
M iscellaneous lia b ility accounts w ritten o ff-----T o t a l C red it.

1.094,482 00

T o t a l ch arges __________ 13,910,255 75
A v a ila b le fo r

4,868
5,255
15,701
1,291

087
215
,171
547

holders oth er than St.
Lou is & San Francisco
R a ilro a d C o m p a n y____

+7,9 83,56 2 66

1906-7.

Increase ( + ) or
Decrease (— ) .

or
).

+ 7,598 90
+ 493,007 50
+ 55,467 39

13,354,181 96

+556 ,073 79

,503,967 90

+2,230,301 16

519,742 12

-320,000 00

$9,887,544 76

D e b it—
A n n u a l in stallm en t from franchises and p ro p ­
e r ty accou nt, on account o f differences be­
tw een the cost o f u n d erly in g bonds refunded
and the proceeds o f refu n d in g bonds sold,
and the com m issions paid therefor. .............
$250,000 00
D iscount on securities sold and exch an ged, and
expen ditu res in conn ection w ith listin g, c erti­
fy in g and Issuing n ew b o n d s_________________
665,906 34
T a x es on land in N e w M exico and A rizo n a , and
also expen ditu res In conn ection therew ith
(n o t part o f operated p r o p e r ly )_______________
10,706 50
T a x es acciu ed p rior to Ju ly 1st 1906 ___________
173,857 14
D epreciation In valu e o f bu ildin gs torn dow n,
tracks taken up, and eq u ip m en t destroyed
and d 'S 'n an tled , d u rin g cu rrent fiscal year
(b alan ce o f cost less salvage charged to oper­
a tin g ex p en ses)------------------------------------------- 1,448,413 96
Miscellaneous u ncollectible accounts, w ritten o ff
28,368 25
T o ta l D e b it...........................................................
B a la n c e ____________ _____________________________

$2,577,252 1 »
7,310,292 57
$9,887,544 76

B y balance a t cred it, June 30th 1 9 0 7 .._____________________ $7,310,292 57

1018

THE CHRONICLE.
ST. L O U IS & SAN F R A N C IS C O
CONDENSED G E N E R A L BALANC E SH EET

JUNE

Increase ( + ) or
Decrease (— ) .
1906.
Assets—
1907.
C apital A ssets—
$
$
$
+ 6,874.736 84
Franchises and p r o p e r ty .170,544,848 03 163,670,111 19
203,845 69
S tocks & bonds o w n e d - 203,845 69
T o t a l franchises an d
p r o p e r t y - . __________170,748,693 72 163,873,956 88
Leaseh old esta te (T h e
K an sas C ity F t , S co tt
& M em phis R y . ) ______ 51,729,525 06 50,591,075 97
Leaseh old estate (K a n sa s
C ity M em phis & B ir­
m in gh am R R . ) _______ 9,175,875 76
9,175,875 76
Franchises, and p ro p e rty
7,250,273 14
a u x ilia ry c o m p a n ie s .7,451,879 52
Chicago & K astem Illin o is
R a ilro a d Co. p refeired
_ 9,321,550 00
9,321,550 00
stock (cost o f)
Ch icago & Eastern Illin ­
ois R a ilro a d Co. com ­
18,239,237 13
m on stock (co st o f ) ___ 18,239,237 13
N e w eq u ip m e n t u nd er
7,261,925 55
eq u ip m e n t tru sts______ 11,731,234 01
Securities u nder Collate
eral T ru s t N o te s o f
1908 (co st o f ) __________
1,225,325 00
T o t a l ____ ;___________ 279 ,623,320
C u rren t Assets—
Cash in trea su ry________
880,833
Cash in hands fiscal agen ts 2 .373,751
D u e fro m agents and
conductors ___________
1 ,313,563
D u e fro m ra ilroa d com ­
pan ies accou nt t r a ffic .
299,068
Due from com pan ies and
in d iv id u a ls ..,_____ _
2 ,385.149
Due fro m U n ite d S tates
G o v e rn m e n t_______
236,328
Securities in treasu ry un­
4,,107,016
pled ged (cost o f ) ------Securities p led ged as co l­
la tera l
under n otes
p a ya b le (cost o f ) ------4 751,000
Supplies on h a n d ________
2 ,870,441
A d v a n c e s accou nt con ­
864,853
stru ction (fu n dable)

20 265,713.894 43

+ 6,874.736 84
+ 1,138,449 09

+ 201,606 38

+ 4,469,308 46
+ 1,225,325 00
+13,909,4 25 77

16
91

1,091,051 11
2,550,486 10

— 210,217 95
— 176,734 19

31

941,664 84

+ 371 ,898 47

32

193,152 05

+ 105 ,916 27

01

1 990,486 57

+394 ,662 44

35

181,160 43

+ 5 5 ,1 6 7 92

63

1,849,778 19

+ 2,2 57,23 8 44

00
61

2,185,324 9’3

+ 4,751,000 00
+ 685,116 68

65

'954,295 76

-89,442 11

T o t a l_______ _________ 20,082,005 95
D eferred A ssets—
Open c a rry in g accounts
in process o f adju st­
m en t __________________
506,939 72
Trustees sin k in g fu n d
352,456 93
acco u n ts_______________
S in k in g fu n ds---------------87,541 25

11,937,399 98

+ 8 ,1 44,60 5 97

425,938 72

+ 81,001 00
+ 122,927 55
— 7,805 63

324,876 26

+ 115,121 92

T o t a l Assets ________300,652.264 05 278,402,109 39

+ 22,250,154 66

439,998 18

1907

R A IL R O A D L IN E S .
AND

C O M P A R IS O N W I T H T P R E V I O U S 'Y E A R .

1907.
1906.
V ia b ilitie s —
C a pita l L ia b ilities—
$
$
C a pita l S tock—
5,000,000
5,000,000,00
F irs t p re fe rre d ___
16,000,000 00 16,000,000
S econd preferred .
29,000,000 00 29,000,000
C om m on .
F u n ded d e b t ---------------- 123,054,582 20 113,846,428
T o t a l capital stock a n d
bonds ....................... 173,054,582
O u tstan d in gsecu ritieso n
leasehold estate (T h e
K . C . F t .S . & M . R y .
S to ck —
P referred certificates 13,510,000
Fu n ded d e b t__________ 38,295,300
E q u ip m e n t bonds and
n ote s ________________
2,885,202
T o t a l o u tsta n d in g se­
curities on leasehold
PQtfltp fT h p K" O P t
S. & M R
y
54, 690, 502
O u tstan din g securities on
leasehold estate ( K . C .
M . & B . R R . ) ________
Fu n ded d e b t __________
9,247,420
F u n ded d e b t, a u xilia ry
c o m p a n ie s ____________
6,923,000
P r e fe r ’ d stock tru st c e rti­
ficates (C .& R. I . R R . )
9,317,550
Com . stock tru st certifi­
cates (C. & E. I . R R . ) 18,044,500
E q u ip m e n t n otes o u t­
9,565,287
s ta n d in g________ ______

Increase ( + ) or
Decrease (— ) .
$
00
00
00
59

+ 9,208,153 61

20 163,846,428 59

+9,2 08,15 3 61

00
00

13,510,000 00
37,423,300 00

+ 872,000 00

00

*3,286,304 00

— 401,102 00

00

54,219,604 00

+ 470 ,898 00

00

9,247,420 00

_______ ________

00

6,923,000 00

-------------------

00

9,317,550 00

-------------------

00

18.044,500 00

- ............. ........

79

4,792,325 97

+ 4,772,961 82

99 266,390, 828 56

+ 14,452,013 43

00

748, 449 79

+ 4,8 28,80 0 21

18

3,813, 130 68

+ 297,753 50

10
62
81

2,434, 351 00
1,007 483 98
224, 092 39

+ 260.892 10
— 7,066 36
+ 16,886 42

T o t a l____ ______ _______ 13,624,773 71
P ro vis io n a l A ccou n ts—
Sin King funds a ccru e d -295,042 53
Im p ro v e m tn (. fund (K a n ­
sas C ity & M em phis R y .
& B ridge C o . )________
7,563 47

8,227, 507 « 4

+ 5,397,265 87

302 681 97

— 7,639 44

T o t a l________________ 280,842,841
C u rren t L ia b ilitie s —
N o tes p a y a b le ....... ..........
5,577,250
A u d ite d vou chers and
p a y-ro lls_________ _____
4,110,884
In tere st a n d d ivid en d s
2,695,243
m a tu re d _______________
In tere st accrued (n o t due)
1,000,417
T a x e s accrued (n o t d u e ).
240,978

T o t a l.
229,529 38
95,346 88

T o t a l________ _______

30

[Vol.. LXXXT.

302,606 00

10,112 77

— 2,549 30

312,794 74

— 10,188 74

G rand to ta l lla b llitie s -2 9 4 ,770,221 70 274,931,131 14 + 19,839,090 56
3,470,978 25
+2,4 11,06 4 10
P r o fit and loss___________
5,882,042 35
T o t a l____________ ______ 300,652.264 05 278.402,109 39

+22,250,1 54 66

*
$566,304 o f this a m o u n t w as In clu ded in “ Fu n ded d e b t ” o f T h e K . C. F . S. & M . R y . Co. in the June 30 1906 rep ort and the rem a in d er, or
$2,720,000 in “ F t p iip m e * t n otes o u ts ta n d in g ."
N o te .— In s ta tin g the assets a n d liab ilities o f the com pan ies covered b y this rep ort fo r the cu rren t fiscal ye a r, the h oldin gs o f the S t. Lo u is an d
San Francisco R a ilro a d Co. in the bonds a n d ca p ita l stocks o f leased a n d a u x ilia ry lines h ave been elim in a ted , a n d fo r the purpose o f com parison
sim ilar changes h ave been m ade In the 1906 figures. ___
____________________________
_____________________________________________________ ______________________

ST. L O U IS & SA N F R A N C IS C O R A IL R O A D L IN E S , IN C L U D IN G C H IC AG O & E A S T E R N I L L IN O IS R R .
C O N D E N S E D G E N E R A L B A L A N C E S H E E T . J U N E 3 0 T H 1907.
ASSETS.
C a p ita l assets— ■
P r o p e r ty , franchises and trust assets______

.$333,715,929 12

C u rren t assets—
$4,617,429 85
C a s h ____________________ _______ ___________________ ______ ______
D u e fro m agen ts a n d con d u cto rs_______ fD r . $2,053,836 16
]C r .
26,296 24— 2,027,539 92
D u e fro m ra ilroa d com pan ies a c c o u n tfD r . $2,136,932 35
t r a f f i c ___________________________________ IC r .
1,768,765 36—
368.166 99
D u e fro m com pan ies a n d in d iv id u a ls .. J D r. $2,965,154 71
\Cr.
58,022 47— 2,907,132 24
D u e from U n ited S tates G o v e rn m e n t________________________
265,007 29
L o a n s and bills re ceiva b le______________________________________
79,831 43
Secu rities In treasu ry u np ledged— Cost o f ___________________
6,877,284 49
Secu rities p led ged as colla tera l u n d ern o tes p a y a b le — Cost o f
4,751.000 00
S upplies on h a n d _______________________________________________
3,823,822 94
A d v a n c e s accou nt constru ction — F u n d a b le__________________
2,608,356 09
T o t a l cu rren t assets____________________ - _______ I___________ $28,325,571 24
D eferred assets—
O pen c a rry in g accounts In process o f/ D r. $1,400,635 27
a d ju stm en t ____________________________ IC r .
694.248 53
Tru stees o f s in k in g fu n d s __________'____________________________

L IA B IL IT IE S .
C a p ita l lia b ilitie s—
C a p ita l s to ck ____________________________________________________
S tock trust certifica tes_________________________________________
Fu n d ed d e b t ____________________________________________________
E q u ip m e n t n otes o u ts ta n d in g -----------------------------------------

$59,188,600
40,872,050
215,104,302
21.099,952

00
00
20
99

$336,264,905 19
C u rren t lia b ilities—
N o te s p a y a b le ___________________________________________________
A u d ite d vouchers and p a y ro lls _______________________________
In tere st and d ivid en d s m a tu red ____________________ __________
In tere st accrued— n o t d u e --------- ---------------- -------------------T a x e s accrued— n o t d u e_______________________________________

$7,527,250
5,426,557
3.225,943
1.604,344
454,409

00
07
60
87
85

$18,238,505 39
P ro v is io n a l accounts—
S in k in g fu n ds, accru ed ________________________________________
In su ran ce, Im p ro vem en t a n d replacem ent fu n d s--------------

$295,042 53
1,079,139 60
$1,374,182 13

$706,386 74
439,998 18

T o ta l assets___________________________________________________$363,187,885 28

G rand to ta l lia b ilitie s ................... - ...................... .................. $355,877,592 71
P r o fit a n d loss---------------------------------------------------------------7,310,292 57
T o t a l.................................... ........................................... ............ $363,187,885 28

N o te .— In s ta tin g the assets and liab ilities o f the com pan ies co vered b y this rep ort fo r the cu rren t fiscal ye a r, the h oldin gs o f the
San F rancisco R R . C o. in the bonds a n d ca p ita l stocks o f leased a n d a u xilia ry lines h ave been elim in a ted

S t. Lou is &

THE ROCK IS L A N D COMPANY.
F IF 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.
To the Stockholders of The Rock Island Company:
The Board of Directors submit their report of the affairs
of the Company for the fiscal year ended June 30 1907.
The “ Income Account,” “ Profit and Loss Account” and
“ General Balance Sheet” will be found on following pages.
Changes in company's condition during year are as follows:
C A P IT A L STOCK.
Preferred —
J u n e SO 1907.
In hands o f p u b lic......... ...$ 4 9 ,0 4 7 ,3 9 0 00
In trea su ry................. ........
4.952,610 00

J u n e 30 1906.
$48,956,880 00
5,043,120 00

T o t a l ............... ................ $54,000,000 00

$54,000,000 00

C om m on—
In hands o f p u b lic -________ $89,602.402 50
l a trea su ry....... ..............
6,397,597 50

$89,448,802 50
6,551,197 50

T o t a l ____________________ $96,000,000 00

$96,000,000 00

In c . ( + ) or
D e c . (— ) .
+$ 9 0 ,5 1 0 00
— 90,510 00

+$15 3,600 00
— $153,600 00

The increase in stock outstanding represents the acquisi­
tion by the Chicago Rock Island & Pacific Railroad Company




of 1,293 shares of stock of The Chicago Rock Island & Pa­
cific Railw ay Company and 360 shares of common stock of
St. Louis & San Francisco Railroad Company.
Changes in the condition of Chicago Rock Island & Pacific
Railroad Company are as follows:
FU ND ED D EBT.
. . J u n e 30 1907.
4 % G old Bonds (du e 2002) . . $ 7 0 ,067,700 00
5 % G o ld Bonds (du e 1 9 1 3 ).. 17,364,180 00

J u n e 30 1906.
$69,938,400 00
17,342,580 00

T o t a l . . . ......... .................... $87,431,880 00

$87,280,980 00

increase.
$129,300 00
21,600 00
$150,900 00

The $129,300 of 4% Gold Bonds were issued against the
acquisition of 1,293 shares of stock of The Chicago R o c k
Island & Pacific Railway Company. The $21,600 o f 5%
Gold Bonds were issued against the acquisition of 360 shares
of common stock of St. Louis & San Francisco R R . C o m p a n y .
Reference was made in last year’s report to the fact that
The Rock Island Company had acquired a half interest (sub­

O c t . 19 1907.]

THE CHRONICLE.

ject to the pledge thereof under the Refunding and Exten­
sion Mortgage of The Colorado & Southern Railway Com­
pany) in the capital stock issued and to be issued, of The
Trinity & Brazos Valley Railway Company. During the
year in question this company has practically completed
its line of railroad from Fort Worth and Dallas to Houston
and Galveston, Texas.
As The Rock Island Company is the owner of the entire
capital stock, except directors’ shares, of the Chicago Rock
Island & Pacific Railroad Company, the income of both
companies is included in the following statement.
C O M B IN E D

C HICAGO R O C K IS L A N D & P A C IF IC R A IL R O A D CO.
B A L A N C E S H E E T , J U N E 30 1907.
Assets—
.
.
S tock o w n ed ________________ _____________ ...$ 2 3 2 ,4 3 1 ,3 8 0 00
. . . .
O th er in vestm e n ts___________________________
363,299 81
- •
Cash and cash ite m s _________________________
843,304 31
-$233,637,984 12
L ia b ilitie s — •
C a p ita l s to ck _________________________________ $145,000,000 00
F u n ded d eb t—
G old bonds, 4 % (du e 200 2)_______________ $70,067,700 00
G o ld bonds, 5 % (du e 1913)_______________
17,364,180 00
87,431,880 00
U n p aid cou pons____________
$37,090 00
In te re s t accrued (n o t.d u e )__
756.513 33
823,603 33
Su rplu s________________________
382,500 79
-$233*637,984 12

INCO M E ACCOUNT.

TH E

R O C K IS L A N D C O M P A N Y A N D C H IC A G O R O C K IS L A N D &
P A C IF IC R A IL R O A D C O M P A N Y .
D ivid e n d s on T h e Chicago R o c k Islan d & P a c ific R a ilw a y
C om p an y stock o w n ed—
2 % on 699,384 shares, received O ct. 1 1906..$1,398,768 00
700,397 00
1 % on 700,397 shares, received Jan. 2 1907____
% on 700,677 shares, received A pr. 1 1907 1,051,015 50
• 1 % on 700,677 shares, re ceived June 30 1 907 .
700,677 00
^
,
--------------------$3,850,857 50
O th er in com e____________________________________________________
21 560 39

P R O F IT A N D LO SS.
Surplus, June 30 1906________
D ivid e n d on T h e Chicago
R o c k Islan d & P a cific
R a ilw a y C om p an y stock
o w n ed—
2 % on 699,384 shares, re­
ceiv ed O ct. 1 1906______ $1,398,768 00
1 % on 700,397 shares, re­
ceiv ed J a n . 2 1 9 0 7 ______
700,397 00
1 M % on 700,677 shares,
received A p r il 1 1 9 0 7 ..
1,051,015 50
1 % on 700,677 shares, re­
ceiv ed J u »e 30 1907___
700,677 00

T o t a l in com e____________________________________ ______ ______ $3,872,417 89
Less expenses and ta x e s ___________________________
$48,151 78
Less in terest on Chicago R o c k Islan d & P a cific
R a ilro a d C om p an y bonds, v iz .:
4 % b o n d s _______ _______ _______ $2,800,960 00
5 % b o n d s _______________________
868,016 67
-------------------- 3,668,976 67
-------------------- 3,717,128 45
B alan ce lo r current fiscal y e a r _______________________________
Surplus June 30 1906________________________________________

$155,289 44
296,558 48

B a la n c e ___________ _______ _ ______ ___________________________
D ed u ct su n dry item s n ot applica ble to surplus o f cu rren t y e a r

$451,847 92
299 00

Surplus June SO 1907________________________________________

$451,548 92

T o t a l in com e_______________________ 1______
E x p e n s e s ____________________
$1,590 74
2,800,960 00
In tere st on 4 % bond s*______
In tere st on 5 % bond s_______
868,016 67
----------------------

T H E R O C K IS L A N D C O M P A N Y .

$76,636 42
46,561 04

B a la n ce fo r current fiscal y e a r_______________
D ed u ct su n dry Item s n ot a p p lica b le to sur­
plu s o f cu rren t y e a r _______________________

$30,075 38

$3,870,781 47

3,670,567 41

B a la n ce fo r cu rren t fiscal y e a r_______________

200,214 0&

B a la n ce a va ila b le fo r d ivid en d s ___________ .________________
D ivid e n d s to stockh olders—
P a id A u gu st 1 1906_______ ,_______________
$50,000 00
P a id A p r il 12 1907_______________________
25,000 00

$457,500 79'

Surplus June 30 1 907.

$382,500 79

75,000 00

B A L A N C E S H E E T , J U N E 30 1907.
Asscts__
Stocks o w n e d _________________________________ $150,014,108 02
C a s h . .................................................................
21,35167
D u e from com panies and in d ivid u a ls ...........
244,735 51
-$150,280,195 20
L ia b ilitie s —
C a p ita l stock— co m m o n ____ $96,000,000 00
C a p ita l stock— p r e fe r r e d ___ 54,000,000 00
-$150,000,000 00
211,147 07
U n p aid vouchers and accou nts.
Surplus _________________________
69,048 13
-$150,280,195 20

T o ta l In c o m e .____
Expenses and ta x e s .

$257,286 73

$3,850,857 50
19,923 97

O th er in com e_________________

Separate statements of the receipts and disbursements of
each company are shown below:

P R O F IT A N D LO SS.
Surplus June 30 1906 ________________________________
In co m e from divid end s on
Chicago R o c k Islan d &
P a c ific R a ilro a d Com ­
pa n y stock ow n ed —
R e c e iv e d A u g. 1 1906 _ .
$50,000 00
R e c e iv e d A p r il 12 1 9 0 7 ..
25,000 00
$75,000 00
O ther In com e.
1,636 42

1019

CO M B IN E D S T A T E M E N T O F P R O F IT A N D LOSS O F
O P E R A T E D L IN E S AS OF JU N E 30 1907.
C red it—
B alan ce as o f June 30 1906 _________________________________ $23,522,956 88
Surplus fo r th e ye a r ended J u n e 30 1907, as per com bin ed
incom e accou n t______________________________________________
9,476,396 76
S un dry item s o f p r o fit, n ot credited to cu rren t y e a r ’s.incom e
978,177 79
S un dry lia b ilities w ritte n o ff and ad ju stm en t o f accou nts___
100,858 35

$39,271 75

T o t a l C red it_______ ______ _______________ ___________ _________ $34,078,389 78
D e b it—
D iscou n t on securities s o ld , stocks and bonds
exch an ged and expen ditu res in connection w ith listin g and Issuing new bond s___ $2,927,756 05
D ep recia tion on tracks, structures and equ ipm e n t, r e m o v e d , sold or d e s tro y e d __________
D ivid en d s paid out o f surplus o f p rior y e a r s .
223,661 99
R ed u c tio n in book va lu e o f p ro p e rty ac­
counts as expla in ed in d e ta il in reports o f
o p era tin g com pan ies________________________
250,000 00
S u n dry accounts n ot ch arged to cu rren t
y e a r ’s in co m e __________. . . _________________
324,122 73

. . . .
. . . . ,
.................

2,861,544 04
................ ....
.................

. . ..
.

.

.
• ■

299 00
29,776 38

Surplus, June 30 1907.

T o t a l D e b it_______________________________________________
6,587,084 81

$69,048 13

S T A T E M E N T OF

B alan ce,IJu n e 30 1907___________ ______—

C O M B IN E D IN C O M E

AC C O U N T OF

O PERATED

______ _____ $27,491,304 97

L IN E S .

Y E A R E N D E D J U N E 30 1907, C O M PA R E D W IT H P R E C E D IN G F IS C A L Y E A R .

Rock Island Lines.
1907.

1906.

St. Louis <fc San Fran­
cisco Railroad Lines.
1907.

1906.

Chicago & Eastern
Illinois Railroad.
1907.

1906.

Evansville & Terre Haute
Railroad (In c . EvansviUe
& Indianapolis R R .).
1907.

1906.

Average Mileage
Operated____
7,780.26
310.41
7.218.07
5,061.72
310.41
5,068.92
947.67
947.67
Earnings—
F re ig h t_______ S40.663.972 36 $34,695,823 88 $26,848,664 91 $21,955,975 42 $9,320,191 55 $8,086,592 83 $1,586,741 72 $1,489,422 56
Passenger_____ 16,449,765 44 13,917,030 64
9,169,400 43
7,908,644 11
1,684,848 05 1,603,016 06
587,885 04
585,218 46
Mall __________
1,138,631 15
885.662 71
1,356.808 48
704,415 22
110,393 45
53,787 46
110,565 66
54,487 08
E x p r e s s ..........
1,165,718 12;
998,864 97
1,373,765 79
882,232 39
36,464 30
199,960 39
100,364 93
33,511 43
Miscellaneous..
320,654 26j
718.474 49
394,047 84
595,389 42
22,320 93
1,740 74
1,637 12
28,023 18

Total of AH Roads.
1907.

1906.

14,100.06
$78,419,570
27,891,898
2,407,411
2,609,055
1,136,480

13,545.07

54 $66,227,814 69
96 24,013,909 27
72
2,007,399 49
45
2,181,826 87
38
945,807 60

Total .......... $60,238,419 91 $51,237,858 05 $38,621,067 51 $32,046,656 56 $11,337,714 37 $9,928,562 66 $2,267,215 26 $2,163,680 65 $112,464,417 05 $95,376,757 92
Oper. E x ps.—
Matnt. of W ay
& structures. $8,754,396 55 $7,302,489 58 $5,406,107 20 $4,049,093 65
7,184,128 08
Malnt. ot equip
6,661,466 181 4,699,674 36
3,803,210 75
C’ nduct’ g trans­
portation----- 23,420,948 42 19,630,076 17 13,610,703 47 11,742,742 07
1,684,668 95
Gen’l expenses.
1,473,026 601 1,156,094 33
950,486 65

$1,286,614 77
1,812,550 40

$818,993 95
1,452.005 07

$280,143 98
403,081 94

$226,477 20
308,496 48

$15,727,202 50 $12,397,054 38
14,099,434 78 12,225,178 48

3,706,285 35 3,958,429 52
371,858 22
341,060 41

386,075 89
74,307 52

495,537 81
80,906 10

41,124,013 13 35,826,785 57
3,286,929 02
2,845,479 85

Total ______ $41,044,142 00 $35,067,058 53 $24,872,579 36j$20,545,533 12 $7,177,308 74 $6,570,488 95 $1,143,609 33 $1,111,417 68 $74,237,639 43 $63,294,498 28
Net Earnings $19,194,277 91 $16,170,799 52 $13,748,488 15 $11,501,123 44
745,181 71
Other Incom e..
1,015,837 20
1,540,866 55
1,632,659 89
Total income $19,939,459 62|$17,186,636 78 $15,289,354 70 $13,133,783 33
T a x e s _________
In t. and rentals
Im provem 'ts on
leased lines..

$1,676,038 31 $1,631,890 21
8,747,017 39
9,475,227 73

$896,958 13
10,233,813 28

$943,559 23
9,881,088 47

4,160,405 63 $3,358,073 71 $1,123,605 93 $1,052,262 97 $38,226,777 62 $32,082,259 64
289,246 48
25,514 38
2,989,528 06
316,418 82
24,612 09
2,600,809 12
4,449,652 11 $3,674,492 53 $1,149,120 31 $1,076,875 00
$335,000 oo
2,444,484 34

$3,011,274 00 $2,948,533 61
22.734,147 35 21,427,120 82

$103,277 56
580,622 00

Total Charges $11,188,942 55 $10,400,804 74 $11,130,771 41 $10,824,647 70 $2,779,484 34 $2,529,534 26

$683,899 56

$642,564 87 $25,783,097 86 $24,397,551 57

$465,220 75

$434,310 19 $15,044,488 88 $10,674,236 13

37,676 51

21,897 14

Bal. of Income.

$8,750,517 07

$6,785,832 04

D iv id e n d s ____

$4,116,728 00

$4,677,552 50

Bal., Surplus $4,633,789 07
Approprl'd for
special lmpr’t
& equip, fund
Bal. of surplus,
carried to pro­
fit and loss..

$92,284 17
550,280 70

$40,827,586 74 $35,071,787 70

$280,800 00
2,248.734 26

37.676 51

$4,158,583 29 $2,309,135 63
$199,742 12

$1,670,167 77 $1,144,958 27

$519,742 12 $1,251,622 00 $1,107,266 00 ..................... .....................

$2,108,279 54 $3,958,841 17 $1,789,393 51

$418,545 77

$37,692 27

$465,220 75

$434,310 19

$5,568,092 12 $6,304,560 62
$9,476,396 76 54,369,675

I

: ‘ Ji
$2,151,200 80

*
$2,108,279 54 .......................

21,897 14

$42,921 26
'

$4,633,789 07 .......................




$3,958,S41 17 $1,789,393 51

$418,545 77

$37,692 27

$465,220 75

$391,388 93

$9,476,396 76

$2,218,474 71

THE CHRONICLE.

1020

[V o l .

lxxxv.

SOUTHERN R A IL W A Y COMPANY.
T H IR T E E N T H A N N U A L R E P O R T — FO R T H E Y E A R E N D E D JU N E 30 1907.
New York, October 3 1907.
To the Stockholders of the Southern Railway Company:
The President and Board of Directors submit the following
report of the affairs of the Company for the year ended June
30 1907:
IN C O M E S T A T E M E N T .
The income account for the year, as compared with that
for the previous year, is as follows:
M iles o f R o a d O p er., A v e r a g e *

1907.
7,546.86

In c . ( + ) or
D ec. (— ) .
172.88

1906.
7,373.98

$
$
Gross E a rn ’ gs from O peration -56,657,994 39 53,641,438 67
O p e r a tin g E xpen ses & Taxes_44.699.282 22 39,773,139 04

$
+ 3 ,0 16,55 5 72
+4,9 26,14 3 18

N e t E arn in gs from O peration -11,958,712 17 13,868.299 63 — 1,909,587 46
In co m e from O ther Sources___ 1,829,281 47 1,589,000 50
+24 0 ,2 8 0 97
T o t a l I n c o m e - . ......................13,787.993 64 15.457,300 13 — 1,669,306 49
In tere st an d R e n ta ls ___________ 11,265,615 86
O th e r D edu ction s from In com e
232.056 71
T o ta l

9,853,358 49 +1 ,4 1 2 ,2 5 7 37
374,875 67
— 142,818 96

D e d u c t io n s -.......... -.11 .497,672 57 10,228,234 16

+1 .2 6 9 ,4 3 8 41

B ala n ce o v e r F ix e d C h a rg e s .-- 2,290.321 07

5,229,065 97 — 2,938,744 90

D ivid e n d s on P referred S to ck —
N o . 17, 2
% , paid In A p ril
1906; N o . 19, 2 y2 % , paid
1,500,000 00
In A p ril 1907_............... ..
N o . 18, 2 Y- % , paid In O cto ­
ber 1906________________________________

1,500.000 00

B a la n ce o v e r P referred D iv i­
den ds ________________________
Special A p p ro p ria tio n s fo r Im ­
provem en ts,
B etterm en ts,
and Charges n o t to be C api­
ta lized _______________________
B alan ce C arried to C redit o fE
P r o fit and L o s s _______

1,500,000 00 — 1.500,000 00

1,500,000 00

3,000,000 00 — 1,500,000 00

790.321 07

2,229,065 97 — 1,438,744 90

536,334 29

999,827 10

— 463,492 81

253,986 78

1,229,238 87

— 975,252 09

The financial condition of the Company at the close of the
year is shown by the Comparative Balance Sheet, Table 1,
on another page, from which it will appear that the balance
to the credit of Profit and Loss at the close of the year was
$6,242,162 74.
An additional dividend of one and one-half per cent upon
the Preferred Stock:, calling for a distribution of $900,000,
has been declared out of accumulated surplus and will be
paid October 17 1907. This, with the dividend declared in
March and paid in April 1907, makes a total dividend distri­
bution of four per cent for the year.
A statement of the financial operations of the Company
during the year, in the usual detail, will be found in the re­
port of the Comptroller, hereto annexed.
The accounts of the Company have been examined by
Certified Public Accountants, Messrs. Patterson, Teele and
Dennis, and their certificate is made a part of this report.
T H E P R O V IS IO N OF N E W C A P IT A L .
During the year bonds and notes of the aggregate par
value of $32,052,000 have been sold. These additions to
Capital Account are principally responsible for the increase
of $1,412,257 37 shown in the Income Account as the net
increase in Interest and Rentals. The actual net increase
in the Funded Debt by reason of obligations issued during
the year (including $9,821,300 of bonds still in the treasury
of the Company, unsold), as shown by the balance sheet,
was $26,717,900. The details of this are as follows:
New obligations issued during the year were:
Sou thern R a ilw a y C o m p an y F irst C on solid ated M o rtga ge F iv e
P e r C e n t B o n d s____________________________________________________ $1,950,300
Southern R a ilw a y C om p an y Mem phis D ivision F irst M ortgag e
F iv e P e r C ent B o n d s ____________________________________________ _
700,000
Southern R a ilw a y C o m p an y M obile & O hio C o llateral F o u r P e r
C ent B o n d s____ ____________________________________________________
11,000
Southern R a ilw a y C o m p an y St. Louis D ivisio n F irst M o rtga ge
F o u r P e r Cent B o n d s ---------------------------------- ----------------------250,000
Southern R a ilw a y C o m p an y D eve lop m en t a n d G eneral M ortgage
F o u r P e r Cent Bonds, Series A ___________________________________
8,852,000
S ou thern R a ilw a y C o m p an y T h ree Y e a r F iv e P e r C en t N o tes,
due F e b ru a ry 1 1910___________________ 1_________________________ 15.000,000
$26,763,300

Reductions during the year were:
R ich m o n d & D a n v ille E q u ip m e n t S in k in g Fund M o rt­
gage F iv e P e r C ent Bonds, r e tir e d _____________________ _$2,000
C h arlotte C olu m bia & A u gu sta R a ilro a d F irst M o rtga g e
F iv e P e r C e n t Bonds, K x ten d ed , r e tir e d ________________ 22,000
C h a rlo tte sville & R a p id a n F irst M ortga ge S ix P e r C ent
B on ds, r e tir e d _____________________________________________ 21,400
----------

45,400

N e t Increase In Funded D e b t_________________________________ $26,717,900

All of the bonds above described were issued, in pursuance
o f the terms and restrictions of the several mortgages se­
curing them, for the acquisition of additional property and
for improvements chargeable to Capital Account.
Pending the marketing of the bonds mentioned above as
still in the treasury and of additional Development and Gen­
eral Mortgage Bonds which, under the terms of the mortgage,
m ay be issued during the current and subsequent fiscal
years, the $15,000,000 Three Year Five Per Cent Notes were
issued and sold to reimburse the treasury for cash thereto­
fore, and during the remainder of the year, expended for
the enlargement af the existing plant, in the construction
and acquisition of additional tracks, equipment and other




facilities, and to pay for new properties heretofore acquired.
It is contemplated that all of these expenditures shall ultil
mately be cared for in the sale of Development and GeneraMortgage Bonds provided for that purpose.
The capital necessary to complete the various union passen­
ger stations in which this Company is a joint proprietor
with other railroad companies, and which are now under
construction in response to urgent demands of several of
the most important cities of the South, was provided during
the year by the sale, on most satisfactory terms, of capital
obligations of the terminal companies in whose names the
work is being done, such obligations being guaranteed by
the proprietary railroad companies which will use such
union stations and contribute to the interest charge on the
I basis of user. In this way, Southern Railway Company has
joined with others during the year in guaranties on bonds
or notes issued and sold by Gulf Terminal Company of
Mobile, Ala., Birmingham Terminal Company, Charleston
Union Station Company, Chattanooga Station Company,
Meridian Terminal Company and New Orleans Terminal
Company. The proceeds of these guaranteed terminal
obligations will suffice to finance the several undertakings,
for which purpose the issue of securities is strictly limited in
each case.
T H E E X P E N D IT U R E OF N E W C A P IT A L .
The purpose of the policy of establishing the territorial
relations of the Company may now be considered to have been
attained, and the policy of the future would seem to be a
concentration of resources upon building up and strengthen­
ing the established lines in the system on which the possi­
bilities of earnings are no longer problematical. This in­
volves, first of all, the addition of second track and the re­
vision of grades and curvature on the lines now burdened
with the heaviest traffic. Much has been done in this di­
rection, but much more remains to be done.
D O U B L E T R A C K A N D R E V IS IO N O F G R A D E S A N D C U R V A T U R E .

When the construction work now under contract is com­
pleted, Southern Railway will have the following double track:
M ile s A le x a n d ria , V a ., to O ra n ge, V a --------- -------------------------------------------- 78.51
M on roe, V a ., to S y c a m o r e ,V a - _ ------------------- --------------------------------37.40
T h ro u gh G a lveston , V a _____________ ___________________________ ._______
2.26
D a n v lile , V a ., to P elh a m , N . C _______________________________________ ___ 10.20
T w o m iles n orth o f G reensboro. N . C ., to S alisbu ry, N . C ----------------- 52.10
T h ro u gh C h a rlo tte, N . C _________________________________________________
2.87
A sh eville, N . C ., to B iltm ore, N . C -------------------------------------------------2.20
A sh eville, N . C., to C ra ggy , N . C ---------------------------------------------------4.40
_______________________________
41.42
M o rristo w n . T e n n t o K n o x v ille , T en n
C h a tta n oo ga , T e n n ., to O oltew ah Ju nction , T e n n --------------------------14.87
K n o x v ille , T e n n ., to Coster, T e n n --------------- ---------- ----------------------1.94
A tla n ta , G a ., to A u stell, G a ., and A t la n t a B e lt ________________________ 23.58
Betw een Colu m bia, S. C ., and C h arleston , S .C -------------------------------6.11*
Betw een East S t. L ouis, 111., an d N e w A lb a n y , I n d ------------ ------------6.37
W o o d la w n , A la ., to B irm in gh a m , A la _________________________________
2.13
B etw een Tu scu m bia, A la ., and S h e ffie ld , A la _ — - - - - — -----------.97
K an sas C ity Ju n ction , T r e z e v a n t A ven u e, M em phis. T e n n -----------1.88
S pa rta n bu rg to S partan bu rg Ju nction , S. C -----------------------------------2.00
U nion S treet Branch, A le x a n d ria , V a ---------------------------------------------1.14
T o ta l

........................................ - ..........- ............ - ..................................... 292 43

Of this total, there was in service at the close of the year
206.81 miles.
In the construction of this second main track the first
efforts have been directed to those places where the traffic
is densest. Therefore, between points where two or more
lines converge,and heavy traffic is thrown over the line,
double track has been constructed. Such gauntlets exist
between Salisbury, N. C., and Greensboro, N. C., K noxville,
Tenn., and Morristown. Tenn., Atlanta, Ga., and Austell,
Ga., and Chattanooga, Tenn., and Ooltewah Junction. Tenn.
A t Lynchburg, Va., on account of the connections with the
Chesapeake & Ohio and Norfolk & Western railways, to­
gether with the present heavy grades and the difficulty of
getting proper facilities through that city, the new line
around Lynchburg has become a necessity, and the double
track for approximately thirty miles south of that point
is essential for the successful and economical handling of
freight and passenger traffic.
These gauntlets, when they were only single-track lines,
limited the capacity of the Southern R ailw ay,• since prac­
tically all of the traffic handled by the system between the
East and West and the North and South, had to pass over
one or more of the gauntlets, and the maximum capacity of
single-track lines had been reached. N ot only did the effect
of this throttling apply to the gauntlets, but it affected the
development of all of the branch lines and practically the
whole system.
The double track already in service has demonstrated the
wisdom of the policy.
Furthermore, in order to meet the growing demands of
the traffic, there is necessity, after completion of the present
work, for additional second track as rapidly i^s it can con­
sistently be provided. Second main track should be pro­
vided from Orange, Va., on the Washington Division, to
Charlotte, N. C.; of course, the busiest part of this line to be
improved first, so as to get relief quickly. On the line be­
tween Clinton, Tenn., and Knoxville, Tenn., over which a
heavy and increasing volume of coal and other traffic is
moved, and also on the line between Asheville, N. C., and
Morristown, Tenn., there is need for second track. In addi­

O c t . 19 1907.|

THE CHRONICLE

tion to the above, there should be, radiating from all prin­
cipal terminals, double track for a distance of five or ten
miles, so as to facilitate the movement of trains in and out of
the terminals.
W hat has been done to carry out this general policy with
the means available during the past year may be recorded as
follows:
The second main track between Pomona, N. C., and High
Point, N. C., a distance of 11.9 miles, referred to in the last
annual report, was completed, and also double track between
High Point and Spencer, N. C., a distance of 32.3 miles,
was practically completed and in service at the close of the
year, although there is some additional work necessary to
complete ballasting and some of the passing tracks. The
construction work should be entirely finished by October 15
1907. The completion of this work provides 'double track
between Greensboro, N. C., and Spencer, N. C., and gives
a much needed facility. The grades have been reduced from
a maximum of 52 feet to 40 feet to the mile, and the align­
ment has been improved by the elimination of 150 degrees of
curvature. A t the close of the year the benefits from the
improved grades were being derived, and standard freight
engines heretofore handling trains of 1,300 tons are now
handling 1,600 tons. Furthermore, additional economies
have been secured on account of the double track. Freight
trains between Greensboro and Spencer now consume about
o le-third as much time as formerly.
The construction of second main track and revision of
grades and curvature between Winesap. Va., and Sycamore,
Va., at the close of the year were well under way. Within
ninety days the grading should be finished between Durmid,
Va., and Sycamore, Va,, a distance of 30 miles, and this
part of the line should be completed and in service before
January 1 1908. Between Winesap and Durmid, including
the line through the City of Lynchburg, a distance of 6.9
miles, the work is heavy, especially a tunnel of 1,300 feet
in length. When the work between Winesap and Sycamore
is completed, the ruling grades will have been reduced from
a maximum of 74 feet to 48 feet to the mile northbound and
53 feet to the mile southbound. The maximum curvature
of the present line is 10 degrees and of the new line 3 degrees.
The new line eliminates 1,600 degrees of curvature.
Near Galveston, Va., for a distance of 2.26 miles, the
grading for the second main track on revised alignment and
grades is practically completed and the track-laying will be
finished during the early part of the current fiscal year.
This work eliminates much objectionable curvature and ob­
viates the necessity of renewing a viaduct.
The second main track and grade revision between Peyton,
Ga., and Austell, Ga., a distance of 11.56 miles, was com­
pleted in April 1907, with the exception of the double-track
bridge over Chattahoochee River, the masonry for which
was practically completed at the close of the jrear, and the
new structure is on hand ready for erection. The new line
reduces the grade from a maximum of 69 feet to 42 feet to
the mile, and the curvature from a maximum of 8 degrees
to 2 degrees 30 minutes, thereby eliminating 180 degrees of
curvature. The old line had numerous wooden trestles, and
was subject to serious damage from high water, which fre­
quently caused interruption of traffic. The new line has
no trestle work and the dangers from high water have been
eliminated. This double track has materially improved the
t:-ain movement, both for trains between Atlanta and Chattam oga and between Atlanta and Birmingham, and has
effected a considerable saving in train expenses.
On the Knoxville Division there has been completed during
the year double track from Knoxville. Tenn., to Mascot,
Tenn., a distance of 12.25 miles, and from Jefferson City,
Tenn., to New Line, Tenn., a distance of 10.32 miles. The
work between Mascot and Jefferson City, a distance of 14.3
miles, including a new double track bridge over the Holston
R iver, at the close of the year is rapidly approaching comp’etion, and by the middle of October double track should be
in operation for the entire distance between Knoxville and
New Line. The new line eliminates 484 deg/ees of curvature
and overflow by high water. The double track already in
service between these points has greatly aided the operation
o f trains. Heretofore, on account of the large number of
trains handled, it has required an average of about ten hours
for a freight train to make the run between Knoxville and
New Line. W ith the improved facilities this time has been
reduced to about three hours. With the completion of the
work between Mascot and Jefferson City trains will move
with still greater facility and economy.
Between Asheville, N. C.. and Craggy. N. C., a distance
of 4.4 miles, grading for double track is about seven-eighths
completed. This improvement will reduce the maximum
curvature from 9 to 6 degrees. Most of the second main
track will be put into service at an early date. The new track
is constructed with permanent work throughout, including a
concrete viaduct over the French Broad River, and the expen­
sive maintenance of several wooden structures is eliminated.
Between Ooltewah Junction, Tenn., and Citico, Tenn., a
distance of 13.75 miles, the double track work was about
one-half completed at the close of the year. The grades
were reduced from a maximum of 63 to 40 feet to the mile,
and the maximum curvature reduced from 4 degrees 15 min­
utes to 3 degrees.
In order to illustrate more clearly the character of the
work done in the way of revision of grades and curvature




1021

there are attached to this report maps and profiles of the most
important pieces of the work hereinbefore discussed.
C A R O L I N A & T E N N E S S E E .S O U T H E R N R A I L W A Y .
T E N N E S S E E & C A R O L IN A S O U T H E R N R A IL W A Y .

There has been under construction during the year a line
extending from Bushnell, N. C., westwardly along the North
bank of the Little Tennessee R iver to a point on the North
Carolina-Tennessee State line, a distance of 26 miles, with a
maximum grade of one-half of one per cent and 8 degrees
maximum curvature. The grading is completed from Bush­
nell westwardly for a distance of 15.4 miles.
A line is also under construction from Maryville, Tenn
southwestwardly to the Little Tennessee River; thence along
the north bank of Little Tennessee R iver to a point on the
Tennessee-North Carolina State line, joining there with the
line first above described, a distance of 38.8 miles. The
grading on this line has been completed for a distance of
37.4 miles.
Upon completion of this work there will be a continuous
line from Bushnell, N. C., to Maryville, Tenn., a distance of
64.8 miles, the maximum grade of which will be one-half of
one per cent. W ith the completion of this line and by an
extension from Bushnell up the valley of the Little Tennessee
to Franklin, N. C., and there connecting with the Tallulah
Falls Railway, which has recently completed its line through
Rabun Gap to Franklin, a through line could be established
with a maximum grade against the loading of one-half of
one per cent. Such a line would enable the economical hand­
ling of traffic originating in the Knoxville territory and north
and west thereof, destined to the consuming territory of
Georgia and South Carolina, avoiding the necessity of
handling this traffic over the heavier grades via Asheville
and Spartanburg.
E N S LE Y JS O U TH E R N R A IL W A Y .

During the year there has been under construction an ex­
tension of the Ensley Southern Railway, from its present
terminus at Short Creek, Ala., in a general northwesterly
direction to Coal Creek, a distance of 3.39 miles, upon a
maximum grade of 39.6 feet per mile, with a maximum cur­
vature of 8 degrees. This line is known as “ Pratt Consoli­
dated Coal Company's Extension No. 1.” The grading is
completed and track laying has begun, there being at the
end of June about one-half mile of track laid. In addition
to the above line, there is also a spur being built up Coal
Creek, 1.47 miles, extending from the above mentioned line
near its terminus. This spur will have a maximum grade of
1 per cent and a maximum curvature of 8 degrees; the grading
has been completed and track will be laid as soon as the line
is completed to the end of Extension No. 1. Extensive coal
mining operations are being established on both of these
spurs.
M E M P H IS - C H A T T A N O O G A R A I L W A Y .

During the year the construction of the Memphis-Chattanooga Railway, as previously reported, was continued.
This line extends from Chattanooga, Tenn., crossing the
Tennessee R iver at “ The Narrows” and thence through the
Valley of the Tennessee to a connection with the Memphis
Division of Southern Railway at Stevenson, A la., a distance
of 42 miles. Grades on the new line are lighter than those
on the line of the Nashville Chattanooga & St. Louis Railway,
over which trains are now being operated. The grading and
masonry on line from point of connection with Belt Line
near Chattanooga to east portal of Lookout Mountain tunnel
is about 90 per cent completed. The double track tunnel
through Lookout Mountain, 3,500 feet in length, has been
successfully driven and is practically completed, onty the
arching near the portals remaining to be done. Both ap­
proaches of Raccoon Mountain tunnel are out, and the
tunnel excavation is under way. About 25 per cent of the
g-ading from Raccoon Mountain tunnel to Tennessee R iver
crossing has been completed. From Tennessee R iver cross­
ing to the State line all of the grading and masonry has been
done, including that at crossings of Battle Creek, Sequatchie
R iver and Tennessee River, and 1.3 miles of track have been
laid out from South P itt burg, Tenn. Erection of the
bridge over Battle Creek is about completed, and the struc­
tures for Sequatchie R iver and Tennessee R iver crossings
are on the ground ready for erection.
J A S P E R -F R E N C H

L IC K

E X T E N S IO N .

Construction of the line from Jasper, Ind., to French Lick,
Ind., referred to in the previous annual report, has steadily
progressed, and the indications are that it will be in service
during November 1907. The line extends from Jasper in a
northeasterly direction to French Lick, a distance of 24.7
miles. I t has one tunnel, 2,000 feet long, a maximum grade
of eight-tenths of one per cent and a maximum curvature of
six degrees. W ith the completion of this line, a large amount
of traffic now handled over the heavier grades between Huntingburg, Ind., and New Albany, Ind., can be diverted to
the new line and greater economy of handling thereb}' ob­
tained; while an entirely new source of profitable traffic is
expected through the new connection thus afforded with the
Chicago Indianapolis & Louisville Railway.
O K O L O N A - B IG C R E E K

L IN E

IN

M I S S IS S I P P I .

The extension of the Okolona-Big Creek Line in Mississippi
from Vardaman, Miss., to Calhoun City, Miss., a distance of
8.2 miles, reference to which was made in a previous report,
was completed and placed in operation December 12 1906.

THE CHRONICLE.

1022
T E R M I N A L IM P R O V E M E N T S .

During the year substantial additions have been made to
the yards at Spencer, Winston-Salem, and Asheville, N . C.,
Greenville, Branchville and Hamburg, S. C., Meridian, Miss.,
Hamilton Springs, Tenn., Mobile, Ala., and Toccoa, Ga.;
new station buildings have been under construction at High
Point, Reidsville and Salisbury, N. C., Gaffney, S. C-,
Decatur and Birmingham, Ala., and Burkeville, Va.; new
roundhouses and other facilities to care for locomotives have
been added at Monroe, Va., Charlotte and Asheville, N. C-,
Greenville, S. C., and Inman Yard, Ga. There is much more
work of this kind which should be undertaken at an early
date.
P U R C H A S E O F E Q U IP M E N T .

During the year payments, chargeable to Capital Account,
amounting to $3,017,735 47 were made for account of rolling
stock heretofore acquired. Since June 30 1900 the Company
has purchased new rolling stock costing $43,295,663 18,
largely represented by obligations issued under equipment
trusts. Of this total there has been paid during the past
seven years $22,718,176 21, the difference representing the
balance outstanding at the close of the year.
O P E R A T IN G C O N D IT IO N S .

[V o l .

lx x x v .

Attention is invited to the report hereto appended of the
Vice-President and General Manager, giving the customary
details showing results of operation.
T H E IN H E R E N T C O M M E R C IAL S T R E N G T H OF T H E
PRO PERTY.
IN

T R A F F IC .

The remarkable growth of diversified industry in the
South, particularly along the lines of this Company, in recent
years, has created an internal traffic largely local as to its
origin but covering a wide field in its distribution. This has
given the Company a sound basis of independent operation
and a commanding position in its negotiation for traffic from
outer sources.
The extent and diversity of this commercial expansion and
its beneficial effect on the interests of the Company can only
be fully appreciated by close and careful analysis. I t is
fully reflected in the tonnage statistics of the annual reports.
The main facts are that the South now melts more than half
the pig iron and converts into cloth and garment more than
one-fifth the cotton which it produces. Its phosphate beds
have formed the basis for the manufacture of commercial
fertilizer on such a scale as to make the South independent
of outside sources of supply and to add greatly to her agri­
cultural productiveness. The manufacture of furniture has
grown to such proportions as are not exceeded in any other
like section of the country, yet without decrease in the vol­
ume of lumber sent from the South to other markets of this
country and abroad.
The production of coal has, with difficulty, kept pace with
the development of industry, not because of inadequate sup­
ply, but because of restricted transportation facilities.
The cultivation of fruits and vegetables has afforded a
large and increasing flow of that class of traffic to the eager
markets of the East and North.
That this commercial growth will continue along healthy
lines is assured by profitable operation in the past and a con­
tinuing increase in demand. That it must take place in a
large measure along the lines of this Company is certain,
because of the abundant supplies of fuel and raw materials
originating along its rails, and because of the outlet it affords
to all consuming markets. The Company is therefore as­
sured of a continued increase in its internal traffic with
respect to both raw materials and manufactured products.
A single industry, the operation of which will soon begin,
will add one-half million tons to its freight traffic and as
many dollars to its annual gross revenues.
The existing relations with connections by land and sea
are most satisfactory. The conditions of interchange are
such as to justify the claim for increased tonnage on recipro­
cal grounds. Traffic arrangements with steamship con­
nections at Virginia, South Atlantic and Gulf ports afford
the fullest opportunity for the development of the maxima
o' export, import and coastwise traffic. Through service
and a complete package car system operated with chief con­
nections and supported by efficient traffic organizations
guarantee a large increase in the higher classes of traffic.
Reciprocal relations with lines serving the great grain and
grazing sections of the North and West have enabled the
Company to share in a large way in the movement of m eat,
grain and grain products from those sections into the South
and East. The large consuming section served and the
important milling interest located on the lines of this Com­
pany add greatly to its strength in the control of this im­
portant traffic.

The conditions of operation during the past year have been
extraordinary. The investment of new capital in the con­
struction of double track, additional yards and new lines has
increased the fixed charge upon the revenues of the Company
without securing for the moment an immediate corresponding
benefit, a relief which can come only with the completion of
th e new work.
I t is more apparent every day that this
benefit will more than offset such increased fixed charge when
th e new facilities are put in operation, as they will be largely
during the current year.
Great as are the burdens upon the operation of a railroad
to-day by reason of the increased cost of material of all classes
and the unabating expectations of labor, on the one hand,
and legislative reduction of revenue and increased taxes, on
the other hand, the crying need of the railroads of the South
is more track, more equipment, more terminal facilities.
W ith the strategic position and established relations which
Southern Railway Company now has, there would be no
stint in the amount of traffic it could obtain and profitably
handle if it had the facilities necessary to afford to those who
offer traffic the service they demand. During the past
winter there were serious congestions of freight on the lines
of this Company, which were due, almost without exception,
to the failure of the plant to respond to demands which were
made upon it beyond its capacity. While exasperating the
public, congestion rolls up the expense of operation, and both
shipper and carrier suffer.
Some of the most acute causes of the congestion of the
past year will happily not exist another year. The construc­
tion of new double track, now nearing completion, on the
Cincinnati Southern Railway will open for an important part
of Southern Railway traffic the connection over which all
business between its main system and the St. Louis-Louisville lines is moved, a connection which last winter was
paralyzed. The recent completion of the double track on
revised grade in the main line between Spencer, N. C., and
Greensboro, N. C., and the approaching completion of
double track between K noxville, Tenn., and Morristown,
Tenn.— funnels through which large volumes of business are
poured— will be a further relief, a saving in almost every
element of the expense of operation, especially overtime of
IN IN D U S T R IA L O P P O R T U N IT Y .
labor, fuel and hire of foreign equipment. The expected
Southern Railway lines have enjoyed and are destined to
completion before January 1 1908 of the double track
now under construction south to Lynchburg will have a increasingly share in the extraordinary industrial opportunity
which exists in the South. Those lines penetrate a territory
similar effect.
These facts merely serve to illustrate that the problem of whose resources fully justify the rapidly increasing interest
economical operation upon Southern Railway lines under manifested in its economic development and progress. The
existing conditions is the problem of providing additional minerals, timber and soils, all important elements in the best
facilities and of keeping ahead rather than behind the de­ development of the Nation’s wealth, are paramount in the
mands of business. As more facilities are provided, greater Southern country. The promotion of their proper develop­
ment has received the particular attention of this Company,
economies and increased net earnings may be expected.
Apart from congestion of traffic, the expenses of opera­ and the policy pursued in bringing the latent resources of the
tion, of which mention has been made, have been extraordi­ South to the attention of the W orld is redounding to the ad­
nary. To illustrate: during this fiscal year the rates of pay vantage of the railway and the rich territory it serves.
This territory is being covered with new manufacturing
of machinists, boilermakers, blacksmiths, tinners and pipemen, car-men, engineers, firemen, conductors, trainmen, plants (the records show 860 new industrial enterprises com­
operators and maintenance of way employees were substan­ pleted and placed in operation during the year), while the nu­
tially increased, this increase approximating $1,250,000 per merous existing factories established since the organization
annum; while the greater price at the mines, together with of the Company are most successful and are being generally
freight charges paid for coal purchased for the Virginia and enlarged.
Particularly the forests of the South have attracted capital
North Carolina lines from mines on other railroads, added
nearly $250,000 to the cost of fuel in the same period. If for their development. Several hundred wood-working
comparisons are made with the cost of material and plants alone were established in Southern Kail way territory
labor several years ago, the present burden is still more ap­ during the year. The second largest furniture indus­
parent. Since 1898 the cost of bridge timber increased from trial centre in the United States (High Point, N. C .), is lo­
$9 36 to $23 59 prr thousand feet; cross-ties from 28 cents cated on this Company’s tracks; along the lines of the Com­
to 37.6 cents per tie; steel rails from $17 75 per ton to $29 pany twenty-seven new furniture factories began o p e ra tio n s
per ton; fuel coal from 89 cents to $1 37 per ton; the cost of during the year. Manufacturing wood pulp is a recent im­
labor per mile of road has increased from $1,621 67 in 1895 portant industry, from which an entirely new and large
to $2,513 64 in 1905, with a further advance to $3,189 11 volume of traffic may be expected. The abundant supply
of necessary raw material and cheap power is a t t r a c t in g to
in 1907.
On the Southern Railw ay these causes have sometimes the territory capitalists interested in the m a n u fa c t u r e of
produced disappointing results, but the officers believe in the paper, a promising industry from which large traffic may be
property, know its possibilities and, with the loyal co­ ultimately expected. I t is important, however, to remem­
operation of all classes of employees, look forward confidently ber that these industries can be perpetuated only if the sources
of the supplies of raw materials are preserved
The forests
to the future.




O ct . 19 1907.]

of the South are to-day one of its chief assets, and there is
opportunity to preserve them as such for all time. While
other sections, by the indiscriminate cutting of their forests,
have in great measure consumed their supplies of raw ma­
terial for the manufacture of lumber, and of everything in
which wood is used, the South still has great areas in which
the forests have been practically untouched. I t is hoped
that the Southern people will benefit by the mistakes of
others. B y the adoption of a system of intelligent forestry,
the woodlands of the South may be so used as to yield a sub­
stantial immediate profit, and, at the same time be so pre­
served and reproduced as to be a continuing source of wealth
for future generations. The railway companies which de­
pend so largely upon the forests for the material they con­
sume, not to speak of commercial traffic, are fully alive to
these considerations, and this Company is co-operating in all
reasonable ways to preserve this important element in the
inherent strength of its commercial position.
The textile industry of the South is largely confined to the
districts reached by this Company’s lines, and gives promise
of great future growth by the erection of more mills and
enlargements. During the year forty-eight new textile
manufacturing plants were completed and placed in opera­
tion in the territory served by Southern Railway lines. The
electrical power develoments directly tributary to the lines,
and the mining districts supplying cheap coal, make beyond
all peradventure the districts served pre-eminent in the
South for profitable manufacturing.
Co-ordinate with the promotion of the industrial develop­
ment is the practical solicitation of immigration. The
general advertising by this Company of the merits and possi­
bilities of the country has proven an influential factor in
introducing prospective immigrants to the possibilities of
the South.
A line of work has been carried on which tends to very
greatly diversify the agricultural products of the territory,
and to establish the value of Southern lands for a widely
varied husbandry. More skilled methods of agriculture are
greatly increasing the amount and value of farm products, of
which there is direct evidence in the substantial increase of
land values throughout all States traversed by Southern
R ailw ay lines.
R E L A T IO N S W IT H T H E P U B LIC .
As a railway must depend for its prosperity on the confi­
dence and support of the public served by it, the policy of
Southern Railway Company is to merit the confidence and
support of every community which it serves. Efforts are
being made to cultivate closer relations with all the public
and especially with the men in all lines of business who are
most directly interested in the adequacy and efficiency of
transportation facilities, and to bring about a realization on
their part that the Company has a direct and vital interest
in the success of their individual enterprises and in the pros­
perity of their communities. In all the dealings of the Com­
pany with the public, it is the purpose of the management to
cultivate a spirit of co-operation, to deal justly with all the
patrons of the Company on the basis of sound business and
economic principles, and to this end particularly special
efforts have been made to bring about courteous and con­
siderate treatment by all employees of every person trans­
acting business with the Company. These endeavors have
not been fruitless. There is increasing evidence that the
thinking people in the territory served by the Southern R ail­
way appreciate the fact that they can only attain the highest
degree of prosperity if they are served b y carriers able to in­
crease their facilities so as to keep pace with the growing
demand for their service, and the fact that increased trans­
portation facilities are of much more importance to them
than any possible reduction in chai’ges. There is a growing
public opinion among those who actually use the railways of
the South in favor of legislative and administrative policies
that will recognize that a railway company is a business
institution, subject to the same economic laws that control
all other business enterprises, and that it cannot obtain new
capital for the enlargement of its facilities unless investors
can have a reasonable assurance that its income will be suffi­
cient to defray its operating expenses and fixed charges, and
leave a reasonable balance for dividends and surplus.
I t must be recorded, however, that during the year drastic
action was taken by some of the States in which this Com­
pany operates (similar to action taken in many of the other
States of the Union) to reduce the maximum passenger
rates. In the States of Illinois and Indiana, where the inter­
ests of this Company were small in comparison with other
lines, it followed the lead of the lines having most at stake,
and put the reduced rates into effect under protest, reserving
the right to contest them in the future. In the State of
Alabama, where a two and one-half cent rate was established
b y the Legislature, in the State of North Carolina, where a
two and one-quarter cent rate was established by the Legis­
lature, and in the State of Virginia, where a two cent rate
was established by the Corporation Commission, the inter­
ests of this Company were so large, and the effect of the re­
duced rate so hurtful to its revenues, that, by direction of
the Board of Directors, suits were brought in the appropriate
Federal Courts to test the constitutionality of the rates, and
to secure for the property the protection of the Fourteenth
Amendment to the Constitution of the United States.
The disputed rates have been put into effect pending de­
termination of these cases on their merits. This was not




1023

THE CHRONICLE.

done, however, until the record was put into shape to pre­
sent the fundamental questions involved in the Supreme
Court of the United States. The Board has considered it
essential, not only in the interest of the owners of the prop­
erty, but in the interest of the public (whose interest it is that
the railroads shall not be deprived of the means of providing
adequate facilities for the commerce of the country), that the
issues raised by the action of these States, whether invest­
ments in railroad properties are entitled to the same measure
of protection as other property, and whether they can be
deprived, by any form of State action, of the effective pro­
tection of the Constitution of the United States, shall be
finally settled with the least possible delay.
Appended to the Twelfth Annual xveport of Southern R ail­
way Company was one of the last expressions of the luminous
intelligence of our late President, Mr. Samuel Spencer, the
remarkable exposition of the financial necessities of the Com­
pany which served as the foundation upon which the Develop­
ment and General Mortgage was built.
Appended to this report will be found the memorial reso­
lutions adopted by the Voting Trustees and the Board of
Directors of the Company at their joint meeting held imme­
diately after Mr. Spencer’s funeral service.
These two documents should be read together. They are
an honorable monument, and a living inspiration to those
to whom the management of the property has descended.
The acknowledgments of the Board are due to all officers
and employees for the faithful discharge of their duties during
the year.
Respectfully submitted, b y order of the Board,
W . W . F IN L E Y , President.
P A T T E R S O N , T E E L E A N D D P N N IS ,
C ertified P u b lic Accountants.
N e w Y o r k and B oston.
N e w Y o r k . S eptem b er 2 1907.
T o the'Stockholders and Bondholders of the Southern Railw ay Com pany
W e h ave m ade an e x a m in a tio n o f the books and accounts o f the Southern
R a ilw a y C o m p an y fo r the fiscal y e a r en d in g June 30 1907 and h ave verified
the Balan ce S heet a n d In co m e a n d P r o fit and L oss A cco u n ts published
h erew ith .
T h e am ou n t charged to C apital A ccou n ts fo r ex p sn dtu res d u rin g the y e a r
Is, In our opinion , proper.
T h e securities ow n ed h ave eith er been produced or w e h ave o b tain ed cer­
tificates from the variou s Trustees o r D epositories h o ld in g the securities.
T h e va lu a tio n o f the eq u ip m e n t in the B alan ce Sheet Is fu lly born e o u t
b y the ro llin g stock on hand and the p rovision s m ade fo r replacem en t.
T h e m eth od o f a rr iv in g a t the va lu a tio n placed upon the m aterial and sup­
plies on hand has been carefu lly e x a m in ed , and the results reached in fo rm er
in ven to ries ju s tify the present va lu a tio n .
T h e am ou nts due to the C o m p an y from the variou s sources cited in the
Balan ce Sheet are b elieved to be co llectib le, due provision h a v in g been
m ade In the reserves fo r such as are o f dou btfu l realiza tion .
Cash has eith er been cou nted o r certificates o b tain ed from the D eposi­
tories.
A ll kn ow n liab ilities h ave been sta ted , a n d su fficien t reserves ex is t fo r
such as h ave n o t y e t been determ in ed.
T h e charges a ga in st the y e a r’ s In co m e fo r the M a in ten a n ce o f W a y an d
Structures and E q u ip m e n t h ave been, In our o p in io n , su fficien t fo r the u p­
keep o f the ca p ita l.
R e s p ectfu lly su bm itted ,
P A T T E R S O N , T E E L E & D R N N IS ,
C ertified P u b lic A ccountants.

F IN A N C IA L C O N D IT IO N .
C o s t 'o f'R o a d —
T h e Cost o f R o a d on June 30 1907 w a s____________________ $287,425,400 33
T h e Cost o f R o a d on June 30 1906 w a s____________________ 277,958,164 89
N e t Increase d u rin g th e y e a r ____________________________
T h e A d d itio n s du rin g the y e a r w ere as fo llow s:
R e a l E sta te a t various p o in ts____ $895,112 58
Less— R e a l E sta te so ld ___________
11,034 00
---------------- $884,078 58
J asper-French L ic k L in e E xten sion (S t.L o u is
D i v i s i o n ) _________________ ___________________
691,724 94
O k o lon a -B lg Creek L in e in M ississippi________
26,532 57
S teven son , A la ., E x ten sion : From Steven son ,
A l a . , to C h attan ooga, T e n n _________________
1,288,569 11
M a r y v ill" , T e n n ., E x ten sion : F rom M a ry v ille
to W a lla n d , T e n n ________ _________ __________
2.642 11
M iscellaneous N e w Branches and S pu rs_______
334,541 47
A d d itio n a l Y a rd s, E xtension s and Im p r o v ’ ts
89;J,022 61
Second M ain T ra c k and R ev isio n o f L in es—
W ash in gto n D iv is io n ..._____________________
27,916 94
A t la n t a D iv is io n _____________________________
678,912 61
C h a rlo tte D iv is io n -----------------------------------5,031 95
C h attan ooga D iv is io n ____ ■___________________
465,465 18
D a n v ill ■ D iv is io n ________________ _______ _
4,312,126 28
A s h e v lll'1 D iv is io n ____________________________
2,793 40
K n o x v ille D iv is io n ___________________________ 1,071,098 85
15,007 08
St. Louis D i v i s i o n . . . ............... .................... ..
N e w Passenger S ta tio n s________________________
65,886 30
N e w F reigh t S tations & A d d itio n a l F a c ilitie s .
166,927 62
Miscellaneous S ta tion Buildings & F a c ilit ie s ..
90,383 09
N e w Shop B u ild in gs, T o o ls and M a ch in ery at
variou s p o in ts________________________________
695,495 44
Im p ro vem en ts to D ocks and W h a rv e s ________
18,885 44
N e w C oaling and W a te r S tations, R o a d w a y
and O ther B u ild in gs_________________________
173,172 08
In te rlo c k n g and B lo ck S ystem s_______________
35,845 30
N e w S teel Bridges to a ccom m odate h ea vier
p o w er (p rop o rtio n in excess o f r e n e w a ls )___
104,202 67
O verh ead and U n d ergrade Crossings__________
43,834 10
N e t Cost o f Passin g, Side and In du strial
T r a c k s ________________________________________
738,697 39

$9,467,235 44

T o t a l......... .......................... .................. $12,832,793 11
Less— M iscellaneous C red its___________________ 3,365,557 67
N e t Increase du rin g th e y e a r ____________________________

$9,467,235 44

Cost o f E q u ip m e n t—
T h e Cost o f E q u ip m e n t on June 30 1907 w a s ____________ $25,678,535 88
T h e Cost o f E q u ip m e n t on June 30 1906 w a s ____________ 22,681,262 91
N e t Increase d u rin g the y e a r _________________________ _
$2,997,272 97
Th is Increase represents paym en ts fo r n ew
■ ------- ---and a d d itio n a l equ ipm en t, as fello w s:—
49 L o c o m o t iv e s _____________________________
$775,105 86
27 Passenger-Train Cars____________________
193,474 21
2,644 F re igh t-T ra ln Cars_______ _______________ 1,981,557 26
7 R o a d S ervice Cars_______________________
45,098 14
3 B a r g e s ............. ................ .................. ........
22,500 00— $3,017 735 47
Less— F lo a tin g E q u ip m en t s o ld _______________
20,462 50
N e t Increase as sh ow n ____________________________________

$2,997,272 97

1024

THE CHRONICLE.

F u n d ed D e b t—
T h e Fu n ded D eb t ou tstan ding on June 30 1907 (In clu din g
$9,821,300 bonds ow n ed b y the C om pan y as fo llo w s ):
$1,956,300 F irst C on solid ated M o rtga g e o % Bonds,
5,565,0J0 D eve lop m en t and G eneral M o rtga g e 4 % Bonds,
Series A .
300.000 Memphis, D ivisio n F irst m o rtg a g e 5 % Bonds,
1,500,000 M em phis D ivisio n Second M o rtga g e 5 % Bonds,
500.000 K n o x v ille & O hio F irst C on solidated M o rtga g e,
---------------- 4 % Bonds
$9,821 ,300), w a s ________________________________________________$202,349,800 00
T h e Funded D eb t at the close o f the previous ye a r (In clu d­
in g $15,143,000 F irst C on solidated M o rtga g e, D e v e lo p ­
m en t and G eneral M o rtga g e, and D ivisio n a l M o rtg a g e
B onds ow n ed b y th e C o m p an y) w a s _______________________ 175,631,900 00
N e t In crea se d u rin g th e y e a r ___________________________

$26,717,900 00

T h e A d d itio n s d u rin g the ye a r w ere:
Southern R a ilw a y C om p an y F irst Consol.
M ortgage F iv e P e r Cent B on d s----------------$1,950,300 00
Issued fo r the fo llo w in g purposes—
F o r Im p ro vem en ts and B et­
term ents and for the a c­
quisition o f n ew p rop e rty
as p rovid ed fo r In the
m o r t g a g e ____________ ____$1,900,000 00
F o r re tirem e n t o f an equal
am ou n t o f R ich m o n d &
D a n v ille
E q u ip m en t
S in k in g Fuud F iv e P e r
2,000 00
Cent B on ds_______________
F o r re tirem e n t o f an equ al
am ou nt o f C h ailottesv ille & R a p id a n R a ilro a d
F irs t M ortgage S ix P e r
C ent B o n d s ________________
21,000 00
F o r re tirem e n t o f an equ al
am o u n t o f C h arlotte C o ­
lu m bia & A u gu sta R a illo a d F ir s tM o rtg a g ■ F ire
’ j
P e r C en t B on ds, E x ­
ten ded ___________________
22,000 00
F o r re tirem e n t o f an equal
am ou nt o f Franklin &
P itts y lv a n ia
R a ilroa d
F irst M ortgage S ix P e r
. »
C ent B o n d s _____________
4,000 00
Scrip C ertificates fo r bal­
ance due accou nt o f
eq u ip m en t and general
1,300 00
purposes______>._____1____
Southern R a ilw a y C o m p a n y M em phis D iv i­
sion F irst M o rtga g e F iv e P er C ent Bonds,
issued fo r the constru ction o f lin e from
S teven son , A la ., to C h a tta n oo ga , T e n n ., as
p ro vid ed fo r In the m o rtg a g e ------------------700,000
Southern R a ilw a y C o m p an y T h re e -Y e a r F iv e
P e r Cent N o tes tem p ora rily Issued to re im ­
burse the C o m p an y fo r constru ction e x ­
pen ditu res ____________________________________ 15,000,000
Southern R a ilw a y C o m p an y M obile & Ohio
C ollateral F o u r P e r C ent Bonds issued to
acqu ire an equ al am ou nt o f M obile & Ohio
R a ilro a d C o m p an y G eneral M ortgage Fou r
P e r Cent B on ds--------------------------------------11,000
Southern R a ilw a y C o m p an y S t. Lou is D ivi
sion F irst M ortgage F o u r P e r C ent Bonds
Issued fo r Im provem en ts and b etterm en :s
and fo r acqu isition o f n ew p ro p e rty as p ro ­
vid e d fo r in the m o rtg a g e __________________
250,000
Southern R a ilw a y C o m p an y De
velo p m en t and G eneral M ortgage F o u r P e r C ent B on ds,
Series A , issued fo r the fo llo w
ln g purposes:
T o reim burse the C om p an y
fey adva n ces to Subsidi­
a ry L i n e s ________________ $1,694,000 00
F o r im p ro vem en ts and b e t­
term ents and fo r the ac­
quisition o f new p rop e rty

B ro u gl t forward— . . . ______ $1,694,000 00 $17,911,300 00
as p rovid ed fo r In the
m o r t g a g e _____ __________ 5,000,000 00
F o r p rop o rtio n o f eq u ip ­
m ent e x p e n d i t u r e s
charged to C apital A c ­
cou nt ____________________ 2,158,000 00
-------------------- 8,852,000 00
O f w hich D evelop m en t and
G eneral M ortga ge Bonds,
Series A , $5,565,000 w ere
in the Trea su ry o f the
C o m p an y on June 30
1907.
T o ta l A d d itio n s ___________ _________- ............ - .............. $26,763,300 00
T h e R ed u ctio n s d u rin g the ye a r w ere—
R ich m o n d & D a n v ille R a ilro a d E qu ipm ent
S in k in g Fund M ortgage F iv e P e r Cent
Bonds, r e tir e d _____________ __________________
2,000 00
C h arlotte Colu m bia & A u gu sta R a ilro a d
F irst M ortgage F iv e P e r C en t Bonds,
E x ten d ed , r e tir e d ____________________________
22,000 00
C h a rlottesville & R ap id an R a ilroa d First
M ortgage S ix P e r Cent B onds, re tir e d -----21,400 00

N e t D ecrease d u rin g the y e a r ____________________________

00

00

00
■
J-j.

$277,958,164
89
i
$21,997,307 91 683,955 0 0_
22,681,262 91
$30,818,057 311
1,540,442 69i
32,358,500 0(
24.033,216 Oi
$357,031,143 8J.

,

T h e A d d itio n s d u rin g the y e a r w ere—
M iscellaneous E qu ipm ent O b ligation s Issued In part pa ym en t
fo r n ew eq u ip m en t purchased d u rin g the year, paya b le In
m o n th ly .installm ents, fin al p a ym en t due In March 1908
fo r—
4 B aggage, M ail and Express Cars,
25 B aggage and Express Cars,
10 Posta l Cars,
6 Passenger and B aggage Cars,
157 Steel D ouble H o p p er Coal Cars,
72 Steel F la t B o ttom G on dola Cars,
T h e cost o f which w a s . - - . - - -- - - - ___________________
T h e R ed u ction s du rin g the ye a r w ere:
P a y m en ts o f-O b liga tio n s as m atu red , v iz .:
Car T ru st, Series A _____________ ’ ____________
$425,000 00
E qu ipm en t T ru s t, Series B -------------- -------340,000 00
E q u ip m en t T ru st, Series C --------------------- 458.000 00
E q u ip m en t T ru s t, Series D r ________________
354,000 00
E q u ip m en t T ru st, Series E ------------------- 300,000 00
E q u ip m en t C c n tra ct, Series F ----------------85,320 00
E q u ip m en t C o n tra ct, Series G ----------------188,100 00
E qu ipm en t T iu s t, Series H ----------------------450,000 00
E q u ip m en t T ru st, Series K ---------------------280,000 00
E qu ipm en t T ru s t, Series L ---------------------600,000 00
M iscellaneous E q u ip m en t O b lig a tio n s ------538,239 93

97
06
43
10

97
05

$3,455,729 08

$562,930 ; 5

4,018,659 93
S3,455.729 08

T h e tota l eq u ip m en t ob liga tion s o u tsta n d in g on .lun-* 30
1907, a m o u n tin g to $20,577,48o 9 ? .(represents t_nmatur.’ d
balances on co n tra c ts c o v e rln g the lo lio w in g e q u lp rn e m .v iz .:
751 L o co m o tive s.
33,354 F relgh t-T ra in Cars,
, 196 C on vertib le B allast Cars,
/ 45 P a ssen ger-Traln Cars,
10 W o rk -T ra in Cars.
T h e co n tract p ilc e o f w hich w a s -------------------------- ------------- $38,534,157 95
O f w hich there has been p a ld to J u ly 1 1907........... ..............
17.950.670 98
Balan ce unm atu red as s ta te d ------------------------ ----------—

$20,577,486 97

B A L A N C E S H E E T , J U N E 30 1907 A N D J U N E 30 1906.

T O T A L C O S T O F R O A D J U N E 30 1907 _______________________ ________
C O S T O F E Q U IP M E N T —
Cost o f Southern R a ilw a y Eeiulpmcnt to June 30 1906______________________
Trust E qu ipm ent received w ith Pureha'eel Properties released from lien
Cost o f E qu ipm ent charged to Capital during the y e a r . _ _ ------------ ---------Tru st E qu ipm ent received w ith Purchased Pn-perttes . ............... ...........
T O T A L C O S T O F E Q U IP M E N T J U N E 30 1907.
LEASEH O LD ESTATES—
R o a d ______________________________ ___________________
Equipm ent ____________ _______________________ _______

$287,425,400 33
$21,997,307 91
683,955 001
2,997,272 97
25,6< 8.53,> 88
$30,818,057 31
1 ,540,442 69
32.358,500 00
20,577.486 97

T O T A L L E A S E H O L D E S T A T E S (P e r Cor.tra)
Southern R a ilw a y Trust E qu ipm ent (P e r Contra)
T O T A L 'C O S T O F R O A D , E Q U IP M E N T A N D L E A S E H O L D E S T A T E S ____
C O S T O F S E C U R I T IE S P L E D G E D O R H E L D F O R C O N T R O L
P led ged under F irst Consolidated Me i t page (See T a b le 7 ). .
----------------------Pleelged under D evelopm en t and General M ortgage (See T a b le 8 ) . . ---------------...
P led ged cr deposited unc;er various Indentures (T a b le 9 ) - ........... . . . . _____________
Securities unpledged, held fo r control or as m uniments o f t it le - ____ .
_______

T O T A L C A P I T A L A S S E T S _________ ___________________ r ___________ ,___________ __________ M IS C E L L A N E O U S S E C U R IT IE S O W N E D — In Treasu ry U npledged
B I L L S R E C E I V A B L E — deferred but s e c u r e d ---------------------------------------------------------A D V A N C E S T O S U B S I D I A R Y C O M P A N I E S ____________________________________________
IN C O M E A C C R U E D , N O T D U E _________________ ____________________________ _____ __________
IN S U R A N C E P A I D , N O T A C C R U E D _________________________________ ___________ ________
IN S U R A N C E F U N D (P e r Contra) ___________________________________________________________
S I N K I N G F U N D S — U ninvested Balance in hands o f T ru s te e _________ ________________
M E W S T E E L R A I L _____________________ ______ ______ ___________ _____ _________ ______ ______
V E T D IS C O U N T O N S E C U R IT IE S S O L D — to be charged o ff during life o f Securitle
489,752 91 S U N D R Y A C C O U N T S ________________________________________________________________________
C U R R E N T ASSETS—
Miscellaneous Current S e c u ritie s _________________________ ___________________________________
Cash In hands o f Treasurer, Banks and Financial A g e n ts _______________________________
Cash In Tran sit from Agencies -------------- -----------------------------------------------------------------Due from A gen ts and C o n d u c to r s _______________________________________ _____ _____________
Due from U n ited States P o st O ffice D e p a r tm e n t ............. .............................- .................
Due from O ther Tran sportation C o m p a n ie s ---------- ------------------------------------------------Due from In d ivid u als and C om p an ies------------ ---------------------- ------- ------------------------Bills R eceiva b le— C u r r e n t _____________________________________ ______ - - - -------- ---------------14,685,966 52

$428,232,357
1.368,037
1,277,995
3,116,457
290,938
Z ,978
434,954
2.050
2,682,607

..................... .j$366,039,923 IS
$13,306,634
3,003,758
39.153,610
8,631,277

97
06
531
87;
64.095.2&1 43
5.565.000 00

$4,610,815 71
317,231 06

$435,700,204 61
4,928.046 77
$440,628.251138
1.100,432103
1 ,865.420*84
2,613,478*36
163,697161
616104
547,963139

5".
51
6f
95
4',
Oi
7!
0<
81

$452,584,097 22




00
00

N e t D ecrease dur n g the y e a r -----------„ ---,-------------------

C O ST O F R O A D . E Q U IP M E N T A N D S E C U R I T IE S H E L D A S S T A T E D ............
$423,553,753 41
$4,394,400 4 3 _______________ M A T E R I A L A N D S U P P L IE S O N H A N D (See T a b le 21 o f pa m p h let)
284,203 73 _________________ R A I L A N D F I X T U R E S L E A S E D _________ ___________________ _____________________________
4,678,604 l t

00
57
78
91
9'
2i
6;
2£

00

T o t a l R e d u c tio n s _________________________________________

57,870,609 56
8,652,000 00 S O U T H E R N R A I L W A Y D E V E L O P M E N T A N D G E N E R A L M O R T G A G E B O N D S _

$4,491.000
4,340,882
1,132,595
1,475,935
477,559
1,612,472
1,110.537
44,982

45,400 00

N e t Increase In Funded D e b t ------------ ------------------------------ 526,717,900
O u tstan d in g Securities o f L easeh old Estates—
—
T h e O u tstan d in g Securities o f Leasehold Estates on June 30
1907 am ounted t o ____________________________________________ $32,358,500
On June 30 1906 th ey am ou nted t o _________________________
32,358,500
E q u ip m en t O b lig atio n s—
=
E q u ip m en t O bligation s o u tsta n d in g on June 30 1907
am ounted t o _________________________________________________ $20,577,486
T h ere w ere o u tsta n d in g on June 30 1906____________________
24,033,216

J

•

.

COST O F R O A D —
Cost o f S.,uthern R a ilw a y Properties to June 30 1906
A d d itio n s du ring the ye a r (See precedin g page)

$277,958,164 89;-

$13,306,634
407,678
39,066,466
5,089,830

ol. lxxxv

T o ta l R e d u c tio n s-----------------------------------------------------

00

T A B L E 1.— C O M P A R A T I V E

[V

1,000100
3.293.849 51
1,655.537 08
810,189 33
$2,256,300
9,816,961
1,244,453
1,827,372
476,466
2.557,429
1,403,369
2.924,403

0<
11
79
8(
73
57
77
87

22,506,757 64
$475,187,193 21

1025

THE CHRONICLE.

OCT. 19 1907.]

J u n e 30 1907.

L IA B IL IT IE S .

Ju n e 30 1906.

C A P IT A L STO C K —
$ 1 2 0 ,000,000 00
$120 ,000,000 00 _________________ | C o m m o n ___________________________________________________________________________________
60,000,000 00
60,000,000 00 _________________ : Preferred __________________________________________________________________________________
$180,000,000 00
$180,000,000 00
T O T A L -------------------------------- ------------------ ----------------------------------------------------5,670,200 00
5,670,200 00 S O U T H E R N R A I L W A Y M O B IL E & O H IO S T O C K T R U S T C E R T I F I C A T E S .
202,349,800 00
175,631,900 0 0 F U N D E D D E B T (See T a b le 5 ) ____ _________ ____________________________________________
32,358,500 00
32,358,500 O O .O U T S T A N D IN G S E C U R I T IE S O F L E A S E H O L D E S T A T E S (P e r C ontra) _____
E Q U IP M E N T O B L I G A T IO N S (P e r C ontra) —
$212 ,000 00
_________________ I Car T ru s t, Series A _______________________ - ______________________________________________
510 ,000 00
_________________ \ E qu ipm ent T ru s t, Series B ______________________________________________________________
1,145 .000 00
E qu ipm ent Tru st, Series C _____ . . ' ____________________________________________________ _
1,062 ,000 00
E qu ipm en t T ru s t, Series D _____________________________ .
____________________ . . . ____
2,205 ,000 00
E qu ipm ent T ru s t, Series E ____ ____________________________ ____________________________
206 ,190 00
E qu ipm ent C on tract, S e rie s F -------------- -------------- --------------------------------------------Equ ipm ent C on tract, Series G _____ 1____________________________________________________
501 ,600 00
3,600 ,000 00
Equ ipm ent T ru s t, Series H ______________________________________________________________
2,380 ,000 00
E qu ipm en t T ru st, Series K _______________:______________________________________________
8,400 ,000 00
E qu ipm ent Tru st, Series L _____________________________________________________________
355 ,696 97
Miscellaneous E qu ipm ent C on tracts. , i _________________________________ ______________ •_
20,577,486 97
24,033,216 05;
'C E R T I F IC A T E O F IN D E B T E D N E S S , F U N D A B L E I N D E V E L O P M E N T A N D
1.750.000 00
G E N E R A L M O R T G A G E B O N D S __________________________________________ ______________
U N M A T U R E D O B L I G A T IO N S A C C O U N T P U R C H A S E T E N N E S S E E C E N T R A L
2.750.000 00
R A I L R O A D C O M P A N Y P R I O R L I E N B O N D S _________ _ ___________________________
UN M A T U R E D B A L A N C E O F P U R C H A S E P R I C E O F N O R T H E A S T E R N R A I L 107,000 00
107,000 00
R O A D O F G E O R G I A _____________________________________________________________ ______ _
UN M A T U R E D B A L A N C E O F P U R C H A S E P R IC E O F V I R G I N I A & S O U T H W E S T ­
1,493,000 00
E R N R A I L W A Y C O M P A N Y S T O C K ,P A Y A B L E O N A N D A F T E R J U L Y 1 1 9 0 8 ..
14,125 00 U N M A T U R E D B A L A N C E O N R E A L E S T A T E . . . ____________________________ _______ _
7,790 50
10,260 35 U N M A T U R E D B A L A N C E O N H A R T W E L L , IN D ., B R A N C H ________________________
$422,325,201 40 T O T A L C A P I T A L , F U N D E D A N D L I E N L I A B I L I T I E S _______________________________
RESERVES—
.$2,193,756 32 __________________
F o r Maintenance o f W a y ____________________________________________________________________
58,092 67 _________________
F o r M aintenance o f E qu ipm ent _______ _____________________________________________________
68,115 64 _________________
M iscella n eo u s_____________________________________ ___________________________ ‘________________
2,319,964 63!
1,400,616 12 IIN T E R E S T A N D R E N T A L S A C C R U E D , N O T D U E _________________________ _______
606,323 81 T A X E S A C C R U E D , N O T D U E
_____________ ______________________ _____________________
U N M A T U R E D O B L I G A T IO N S A C C O U N T N E W S T E E L R A I L P U R C H A S E D , P A Y
2,667,250 35! A B L E O N A N D A F T E R J U L Y 1 1908__________________________________________________
434,954 79!I N S U R A N C E F U N D ( P e r C o n t r a )______________________ ______ _____________________________
142,367 4 5 jS U N D R Y A C C O U N T S ______________________________________________________ ___________________
1,500,000 O O -R E S E R V E F O R D IV I D E N D N O . 18, 2 H per cent on P referred S toc.k paid in O ct. 190(
C U R R E N T L IA B IL IT IE S —
$2,676,809 32
Interest and Rentals Due and U n p aid , Including am ount due J u ly f ________________
3,132,813 05
A u d ited V o u c h e r s _____________________ __________ __________________________ ______ __________
843,176 67
M aterials and Supplies In tran sit, n ot vouchered _______________________________ ______
2,026,619 41
U npaid W a g es, in clu ding June P a y - R o lls . .,- ________________________________________
127,635 45
F reigh t Claim Au th orities O u t s t a n d in g .._______________________________________ ;________
1,158,077 00
Due O ther Tran sportation C o m p an ies_____________________________________________________
Due In divid u a ls and C om p an ies___________________1_____________ _______ c _________________
120,200 45
2,260,714 29
Bills P a y a b le -------------------------------- --------------- ------------------------------------------------------499,628 77
R eserve fo r U nd eterm ined L ia b ilitie s ____ :-i________________________ . . . . ________ _________
12,845,674 41
8,341.744 26 P R O F I T A N D L O S S (See T a b le 4 ).

$442,563,777 47
$2,412,581 79
694,602 36
59,493 91
3,166,678 06
1,719,130 71
673,224 67
1,056,109 45
547,963 39
167,569 38
52,817,680
4,084,673
804,757
2,244,737
141,521
1,217,227
563,022
6,521,874
655,082

If
3;
8f
7(
8(
21
8'
41
0(

$475,187,193 21

$452,584,097 22

TABLE

$13,259,113
36,141,547
1,906,915
1,458,63?
881,229

85
16
63
29
74

$7,122,355
8,588,451
20,810,939
1 .752,355
1,499.037

17
64
66
48
09

2.— IN C O M E

19,050,577 34
6,242,162 74

ACCOUNT FOR

YEAR

ENDED

JUNE

30 1907, C O M P A R E D

W IT H

YEAR

ENDED

G RO SS E A R N IN G S —
P a s s e n g e r ____________
F reigh t . . . , ___________
M a l l ____ ______________
E xpress _ . i ___________
M isc e lla n e o u s ____ . . .

JU NE

30 1906.

$14,683
37,368
1 1,828
1,677
1 ,100

,005
,094
,344
,878
,671

65
67
80
14
13

$7,660
9,576
23,941
1,890
1,630

,168
,041
,599
737
734

08
88
44
89
93

$56,657,994 39

$53,641,438 67
O P E R A T IN G E X P E N S E S A N D T A X E S M ain tenan ce o f W a y and S tru c tu re s _____
M aintenance o f E q u ip m e n t ______________ .
C on du ctin g T r a n s p o r t a t io n ________________
G eneral E x p en ses____ _______ _____ _____. . .
T a x e s . . _____________________________________

44,699,282

39,773,139 04
$13,868,299 63
$224 ,571
283 .558
iQ35
,600
10 ,000
40 .ooo
6 ,750
101 ,645
341 ,392
5 ,400
68 ,208
14 ,732
323 ,086
28 ,453
48 ,967

•It

50
00
05
00
00
00
00
00
99
00
40
22
67
33
34

$1,589,000 50

N E T E A R N I N G S F R O M O P E R A T I O N ________ ______ ___________ _______________
IN C O M E F R O M IN V E S T M E N T S —
D ivid e n d s on Chicago In d ia n ap olis & L o u is ville R a ilw a y C o m p a n y S to c k _______
D ivid en d s on M obile & O hio R a ilro a d C om p an y S to c k _______________________________
D ivid e n d s on A la b a m a G reat Southern R a ilro a d C o m p an y S to c k _______ ____________
D ivid e n d s on O ld D om inion Steam ship C om p an y S t o c k . . ___________________________
In tere st on Charleston T erm in a l C om p an y B o n d s .,._________________________________
In tere st on S t. Johns R iv e r T erm in a l C om pan y B o n d s ___________ ______ _________
In tere st on Lan caster & Chester R a ilw a y C om p an y B o n d s ______, __________________
In terest and D ivid en d s on G eorgia Southern & F lo rid a R y . Co. Bonds and S to ck
In terest and D ivid e n d s on Sun dry Bonds and S to c k _________________________________
In tere st on U n ited S tates G o vern m en t B o n d s . . __________ ________________ ________. . .
In terest on N orth ern A la b a m a R a ilw a y C om p an y B o n d s ____________________________
In terest on K en tu ck y & In d ia n a B ridge & R a ilro a d C om p an y Bonds ...____________
In terest on M obile & O hio R a ilro a d C om p an y G eneral M o rtga g e B o n d s ___________
In com e fro m S h ep h erd ’ s F e rry , A le x a n d r ia , V a ------------------------------- -----------------N e t In co m e from Compresses and O th er P r o p e r t y ____ ________________________________
M iscellaneous In tere st and C om m issions___________ ____________________________________
T O T A L _________________________ _____________ _______________________ _____ ____________
M IS C E L L A N E O U S D E D U C T IO N S F R O M IN C O M E —
D ivid e n d s accrued on Southern R a ilw a y M obile
O hio S to ck iT r u s t
C e r t ific a t e s _____ _______________________________ _________ ______ Cv.. ___ $226,808 00
M iscellaneous In tere st and C om m issions____________________________________
__________
A ccru ed In tere st on Tennessee Central R a ilro a d Co. and N a s h v ille T e r ­
m inal Co. Bonds J u ly 1 to D ecem ber 1 1905, less n et from operation
E astern D ivision Tennessee C entral R a ilro a d J u ly 1 to D ecem b er 1 1905
_________
O th er M iscellaneous D e d u c tio n s ._______ ________ __________ ____ _____. . . . .
5,248 71

$226,808 00
96,898 76
46,563 08
4,605 83
$374,875 67

$11,
$224 ,571
283 ,630
•103 ,500
12 ,600
10 ,000
41 ,640
6 ,750
104 ,835
368 ,040
5 ,400
77 ,625
15 ,190
323 ,813
12 ,074
25 ,368
214 ,241

232,056 71

N E T IN C O M E F R O M IN V E S T M E N T S A N D O T H E R S O U R C E S

1,597,224
76
$13,555,936 —
11,265,615 93

$15,082,424 46!
T O T A L A V A I L A B L E IN C O_____
ME
9^853,358 49 F I X E D C H E R G E S , IN C L U D I N G R E N T A L S (See T a b le 3)
$5,229,065 97;
$1,500,000 00 ------------- ------1,500,000 00 -----------------3,000,000 00

orfT

$1,829,281 47

T O T A L ................................ ............................................................... ..........
1,214,124 83

50
00
00
00
00
00
00
00
63
00
67
00
34
81
87
65

B A L A N C E O F IN C O M E O V E R C H A R G E S ............................
F R O M W H IC H D E D U C T —
D iv id e n d s N os. 17 (2 H % ) and 19 ( 2 \ i % ) on P referred S to ck .
R es erve fo r D ivid e n d N o . 18 ( 2 ) 4 % ) paid In O cto b er 1906____
T O T A L D I V I D E N D S . . ........... ................ .......................................

$2,290,321 —
07
$1,500,000 00
1,500,000
-00

$2,229,065 97 B A L A N C E O V E R P R E F E R R E D D IV I D E N D S — . ........................................................... I
999,827 10
Special A p p ro p ria tio n s fo r Im p ra ve m en ts, B etterm en ts and Charges n ot to be
C a p it a liz e d _____________________________________________________________________ __________

$790,321

$1,229,238 87.B A L A N C E C A R R I E D T O C R E D I T O F P R O F I T A N D L O S S F O R T H E

$253,986

In tere st and R e n ta ls —

$2,372,000 F ir s t C o n solid ated M o rtg a g e F iv e

T h e In tere st and R e n ta ls fo r th e ye a r ended June 30 1907
w ere .............................................................................................. $11,265,615 86
T h e In tere st and R en ta ls fo r th e y e a r ended June 30 1906
w e r e ................................................................................ ..............
9,853,358 49
N e t In crease du rin g th e y e a r ................................................
T h e Increases du rin g th e y e a r w ere as fo llo w s —
T o the sale o r exch an ge o f—




536,334

YEAR.

$1,412,257 37

$184,623 62
13,652,000 D e v e lo p m e n t and G en tra l M o rt­
ga ge F o u r p er Cent B on ds,
Sreles A ------------------------------800.000 M em ph is D iv is io n F irst M o rtga g e
F iv e per C ent B o n d s __________
250.000 S t. Lo u is D iv is io n F ir s t M o rtga g e
F o u r P e r Cent B o n d s _________
11,000 M o b ile & O hio C o lla tera l Tru st
F o u r per Cent B o n d s__________
15,000,000 Soutuern R a ilw a y C e m p a n v
• • ■
T h r e e - Y e a r F i v e p e r Cent
N o t e 3 ___ ____________ ____ . . . .

512,366 67
48,902 78
23,694 44
726 67
322,733 06

1026

THE CHRONICLE.

T o in c r e a s e d r a t e o f In t e r e s t o n M e m p h is D i v i ­
s io n F ir s t M o r t g a g e B o n d s fr o m f o u r a n d
O n e - H a lf p e r C e n t t o F i v e p e r C e n t ________
T o in c r e a s e in In t e r e s t o n C e r t ific a t e o f I n ­
d e b te d n e s s ________________________________________
T o o n e y e a r ’s in te r e s t on S I , 00 0 .0 0 0 S o u th e rn
R a i l w a y C o m p a n y C o lla t e r a l T r u s t F iv e Y e a r F i v e p e r C e n t B o n d s as a g a in s t te n
m o n th s a n d t w e n t y - n in e d a y s fo r tu e p r e ­
v io u s y e a r __________________________________________
T o in c re a s e in In t e r e s t on E q u ip m e n t T n i s t
O b lig a t io n s (c h ie fly E q u ip m e n t T r u s t L ) ---To
T r a n s y lv a n ia
R a ilr o a d
R e n t a l,
t w e lv e
• m o n th s th is y e a r as a g a in s t s ix m o n th s f o r
’ - t h e p r e v io u s y e a r ________________________________
T o I n t e r e s t o n T e n n e s s e e C e n tr a l R a ilr o a d
C o m p a n y a n d N a s h v ille T e r m in a l C o m p a n y

TABLE

[V o l .

B o n d s , t w e l v e m o n th s th is y e a r as a g a in s t
s e v e n m o n th s la s t y e a r _________________________

lxxxv

.

92,8 8 8 89

2 8 ,915 00
T o t a l In c r e a s e s ________________________________ $1 ,4 9 0 ,2 8 0 84
6 ,4 1 6 67
T h e D e c re a s e s d u r in g t h e y e a r w e r e as f o llo w s —
V ir g in ia M id la n d S e r ia l M o r t g a g e
B o n d s , S eries A , r e t i r e d ___________$24,000 00
A t l a n t a & C h a r lo t t e A i r L in e R e n t a l
d u e t o d e c re a s e in r a te o f i n t e r e s t . 51,5 0 0 00
2,5 2 2 67
S u n d r y n e t d e c r e a s e s __________________

4 ,3 0 5 56
25 2 ,2 0 6 68

T o t a l D e c r e a s e s ________________________________

7 8 ,0 2 2 67

1 2 ,5 0 0 00
•j

N e t In c r e a s e as a b o v e _________________________________________

3 .— S T A T E M E N T O F I N T E R E S T A N D R E N T A L S F O R Y E A R E N D E D J U N E 30 1 9 07, C O M P A R E D W I T H
P e r io d .
1907.

1906.

Y E A R E N D E D J U N E 30 1906
A m o u n t A ccru ed .

Am ount
O u ts tu n a d ln g
J u n e 30 1907

CLASS.

$1,4 1 2 ,2 5 7 37

R a te .
|

1907.

1906.

S o u th e r n R a ilw a y C o m p a n y —
i
1?

1?

1?

1?

1^
5
1?

C _.
_________ ________________ _________ _______
D ..
________ . . _____. . . ___________ _________
E ____________ . . . . _____________
________ . . .

____ _ _____________ ___

K
L.

_____-

__ _______ _______ _______

G e o r g ia P a c ific F ir s t M o r t g a g e _______

______ __

________

______________________

.

“

M o r t g a g e ___ _______________

B_
______ __
_______________
C ________ . . . . . . _____
D .........
.........................
E . . . . . . . ________. . . . . .
F ________________________

1 P,

1

1 •> m o n th s
1?
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1?
“
1?
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1?
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1?
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m o n th s

12

1 P.
1?
1?
1?
1?
1?
1?
1?
1?,
1?
I"
1?
1’

19
1?
19

4%
4 %
4%
4%
4X %
3 « %
3H %
4 «%

1,5 0 0 ,0 0 0
1,0 3 9 ,5 0 0
5 0 0 ,000
2 , 0 0 0 ,000
3 ,1 0 0 ,0 0 0
1 2 ,7 7 0 ,0 0 0
5,6 6 0 ,0 0 0
2 ,00 0 ,000
5 ,9 9 7 ,0 0 0
3 ,3 6 8 ,0 0 0

00
00
00
00
00
00
00
00
00
00

4 %
5%
7%

1 ,000 ,0 0 0 00

$ 2 ,1 7 6 ,2 5 5
29,5 4 5
225,000
2 3 5 ,485

6,000 00
49 4 ,6 3 8
323,813
8 0 0,000
322,733
2 3 6 ,540
16,333
18,406
2 7 ,2 0 0
58,0 1 3
50,740
108.225
8,6 8 4
20,701
173,812
87,845
289,461
9,000
60,000
60,000
52,275
35,000

6%

4 x %
6%

6%

6%

5%
5%
6%
6%
6%
5%
5%
5%
4 'A %

89
34
00
06
00
34
67
00
33
00
00
86
45
50
92
73
00
00
00
00
00

6,000 00
470,944 45
3 2 3 ,086 67
79 5 ,6 9 4 44
2 3 6 ,540
9,9 1 6
35,4 0 6
4 0 ,800
7 6 ,333
6 4 ,900
120,265
11,671
2 7 ,284
14 2 ,900
13.517
57,805
9 ,000
60,000
60,000
53,725
35,000

00
67
66
00
33
00
46
10
97
39
14
73
00
00
00
00
00

120,000 00

120,000 00
155.300 00
638.500 00
339,600 00

120 ,000 00

120,000 00

359,820 00
16 8 ,400 00

359,820
168,400
2,541
20,000
22.5 0 0
24,0 0 0
114,000
66,000
47,5 0 0
88,7 0 0
65,5 0 0
2 4 2,950
151 .860
4 1 ,0 0 0

2 0 ,000 0 (
2 2 ,500 0C

6%

55
3300
00

155,300 0(1
63 8 ,500 00
33 9 ,600 00

6%

1 ,9 0 0 ,0 0 0 00

6

9 5 ,893 32
107,040 00
2 0 ,0 0 0 00

55,9 3 7 77
6 2 ,440 00

12

7 6 ,0 3 3 87

7 3 ,994 59

$1 1 ,2 6 5 ,6 1 5 * 6

$ 9 ,8 5 3 ,3 5 8 49

950.000
1 ,774,000
1 ,3 1 0 ,0 0 0
4 ,8 5 9 ,0 0 0
2 ,5 3 1 ,0 0 0
1 ,0 2 5 ,0 0 0
5 0 0,000
4 ,2 5 0 ,0 0 0
7 5 0,000
1 ,7 0 0 ,0 0 0

5%
5 %
5%
5 %
6%
4%
4X %

9,5 0 0 00

6%

1 P.

1 ,6 5 0 ,0 0 0 00

3%

1?
12
12
1P.

5 ,2 5 0 ,0 0 0 00

12
If!

100,000 00

5%
4%
5%

1 P.

1P
1?
1P
1?
P.
1?

1

1?

4 Yi %
■ iX %
7%

1 , 000,000 00

00
00
00
00
00
00
00
00
00
00
00
00
00
00
43
00
00
00
20
00
00
00
00
00
00
00
00

00
00
67
00
00
00
00
00
00
00
00
00
00
00

7
7
7

1 ,100,000 00

1 P,
1 P.
12

..

12

00
00
00
00
00
00
00
00
00
00
00

00
00
00
00
00
00
00
00
00
00

,,

W ilm in g t o n & W e ld o n R a ilr o a d a n d N o r f o l k & C a r o lin a R a ilr o a d —

212,000
510,000
1 ,1 4 5 ,0 0 0
1 ,0 6 2 ,0 0 0
2 ,2 0 5 ,0 0 0
206,190
501,600
3 ,6 0 0 ,0 0 0
2 ,3 8 0 ,0 0 0
8,4 0 0 ,0 0 0
150,000

17
00
00
78

1 1 4,000
66,000
4 7 ,5 0 0
88,700
65,500
2 4 2 ,950
151,860
41,0 0 0
2 1 ,2 5 0
244,375
31,875
119,000
2,5 0 0
1 8 8 ,000
80 ,017
1,0 5 0
570
13,400
7,958
49 ,500
113,904
28 6 .0 0 0
12,600
26 2 ,5 0 0
40,0 0 0
5.000
25,0 0 0

••
«•

19

00
00
00
00
00
00
00

40 0 ,0 0 0 00

12

“

1?
1?

6 ,5 8 3 ,0 0 0
150,000
1 2 ,5 0 0 ,0 0 0
8 ,0 9 7 ,0 0 0
1 6 ,0 0 0 ,0 0 0
1 5 ,0 0 0 ,0 0 0
5 ,9 1 3 ,5 0 tt

5 0 0 ,0 0 0 00
______

1 P,
1 P,
12
1?,

••
••
••
“
•*
*•

T e n n e s s e e C e n tra l R a ilr r a d —

m o n th s

12

*4

1’
1?
1?
18
\T
1?

1?
1 ?,
1 ?,
1 ?,
1 P,
1 P,
12
1?
12
1 P,
1 P.
1 P,
1?
1 P,
IP.

1 P,

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••
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■■
••
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1?
1?

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1 P.
1 7!

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19

m . 21 d .
m o n th s

8

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•*
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1?

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1 ?,
1 ?,
1 P.
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$ 2 ,3 6 0 ,8 7 9
541 ,912
2 2 5,C0'J
313,302

5%
4%
5%
5%
4 %
4%
4 % *
5%
5%
4 %

$ 4 8 ,1 4 9 ,0 0 0 00
2 0 non non on

20,000 00
29 7,500
30,000
11 9,000
4,000
188,000
78,4 8 7
1 ,050
570
14,600
8,858
4 9 .500
113,904
28 6 ,0 0 0

00
00
00
00
00
72
00
00
00
19
00
00
00

12,600 00
26 2 ,5 0 0
4 0 ,0 0 0
5,000
12,500

00
00
00
00

11,666 66

r

TABLE

TABLE

4 — P R O F IT

TABLE

5 .— F U N D E D

6 .— O U T S T A N D I N G

AND

LO SS A C C O U N T F O R Y E A R

DEBT

JUNE

S E C U R IT IE S

OF

E N D E D J U N E 30 1907.

3 0 , 1907, C O M P A R E D
LEASEH O LD S

W IT H

ESTATES

JU NE

JUNE

(S e e N e x t P a g e . )

30 , 1906.

(S e e N e x t P a g e . )

30 19 0 7 , C O M P A R E D

W IT H

JU NE

30 1908.

A m o u n t O u ts ta n d in g .
P r in c ip a l
D ue.

A tlan ta & Charlotte A ir Line Railw ay—
F ir s t M '1rt<ra?,e P r e fe r e n c e B o n d s , E x t e n d e d __________________
F ir s t M o r t g a g e B o n d s , E x t e n d e d _________________________________
I n c o m e M o r t g a g e B o n d s , E x t e n d e d ______________________________
S to c k __________________________________________________________________
A t l a n t i c & D a n v ille R a i l w a y —
F ir s t M o r t g a g e B o n d s ______________________________________________
S e c o n d M o r t g a g e B o n d s ____________________________________________
G e o r g ia M id la n d R a i l w a y —
F ir s t M o r t g a g e B o n d s ______________________________________________
M o b ile & B ir m in g h a m R a ilr o a d —
P r io r L ie n B o n d s _____________________________________________________
F ir s t M o r t g a g e B o n d s __________________ ___________ _________________
P r e fe r r e d S t o c k ______________________________________________________
N o r t h C a r o lin a R a ilr o a d —
S t o c k ________________ __________ ______________________________________
R ic h m o n d & M e c k le n b u r g R a ilr o a d —
F ir s t M o r t e a ^ e B o n d s _______________________________________________
S o u th e r n R a i l w a y — C a r o lin a D iv is io n —
G e n e ra l M o r t g a g e B o n d s , S o u th e rn R y .- C a r o lin a D i v i s i o n .
F ir s t M o r t g a g e B o n d s , S o u th C a r o lin a & G e o r g ia R a ilr o a d
F ir s t M o r t g a g e B o n d s , S p a r ta n b u r g U n io n & C o lu m b ia R R
F ir s t M o r t g a g e B o n d s , S u m te r & W a t e r e e R i v e r R a i l r o a d . .
F ir s t M orta-age B o n d s , B la c k v llle A ls t o n & N e w b e r r y R R F ir s t M o r t g a g e B o n d s T r a n s y lv a n ia R a i l r o a d __________________
T o t a l as p e r B a la n c e S h e e t .




1910
1910
1910

J u n e 30 1900.

J u n e 30 1907.
T
J.
T
M.

*
fc
&

,T
T
,T
S.

%
4H %
4 «%
7%

fc
&

J.
J.

4%
4%

1948
1948

j

1946

A

O.

3%

1945
1945

T
J.
J.

(V J .
& J.
& D.

5%
4%
4%

T

ft

1948

\r

A N.

4%

1952
1919
1995
1919
1908
1956

j
M.
T
A.
F
J.

ft J.
fc N .
fr
T
o
fe A
fc J.

4%
5%
4%

:

$5 0 0 ,0 0 0
4 ,2 5 0 .0 0 0
7 5 0 ,0 0 0
1 .7 0 0 ,0 0 0

$ 3 ,9 2 5 ,0 0 0 00
7 7 5 ,0 0 0 00

6%

$ 50 0 ,0 0 0
4 ,2 5 0 .0 0 0
7 5 0.000
1 ,7 0 0 .0 0 0

00
00
00
00

~$7i2oo".obb’ 66

$ 6 0 0,000 00
1 ,2 0 0 ,0 0 0 00
9 0 0 ,000 00

‘ ~4>"do” ,b~ob~oo

00

4 ,7 0 0 ,0 0 0

01)

1 ,6 5 0 .0 0 0 00
$600,000 00
1 ,2 0 0 ,0 0 0 00
S o o .o o o 0 0

"

66

2 ,7 0 0 ,0 0 0 00

4 ,0 0 0 ,0 0 0 00

4 .0 0 0 .0 0 0 00

2

>"o"b ,b b b ‘

315.000 00

3 1 5 ,000 00
$ 5 ,0 0 0 ,0 0 0
5 ,2 5 0 .0 0 0
1 ,0 0 0 ,0 0 0
1 0 0 .000
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$ 3 ,9 2 5 ,0 0 0 00
7 7 5 ,000 00

1 ,6 5 0 ,0 0 0 00

,T

5%

00
00
00
00

00
$ 5 ,0 0 0 ,0 0 0
00 .............................
5 ,2 5 0 ,0 0 0
00
1 ,0 0 0 .0 0 0
00
1 0 0 .000
00
9,5 0 0
00
43 4 ,0 0 0
1 1 .7 9 3 ,5 0 0 00
$ 3 2 ,3 5 8 ,5 0 0 00

00
00
00
00
00
00

11 7 0 3 .5 0 0 00
$ 3 2 ,3 5 8 ,5 0 0 00

O c t . 19 1907.1

THE CHRONICLE.
T A B L E 4.— P R O F I T A N D

LO SS A C C O U N T F O R Y E A R

1027
E N D E D J U N E 30 1907.

Balance a t C redit o f this A cco u n t June 30 1906.
A d d — C redit Balance o f In co m e fo r the Y e a r ___

-$8,341.744 26
253,986 78

$8,595,731 04
Less— Sun dry Miscel. Item s, D iscount on So. R y . Co. Securities sold and R eserves fo r u ndeterm ined lia b ilities accruing p rio r to June 30 1906. 2,353,568 30
C red it Balance June 30 1907________________________________________________________________ ______________________________________________________________$6,242,162 74

TABLE 5 — FU N D ED

D E B T J U N E 30 1907, C O M P A R E D W I T H

P r in c ip a l
D u e.

S ou th ern R a ilw a y —
F irst Consolidated M o rtga g e B o n d s. _____________ _____
__ .
___________
_______
D evelop m en t a n t General M o rtga ge B on ds, Series A . .
.
____ . ..
_____
East Tennessee R eo rg a n iza tion M ortga ge Bonds _ _____________________
____ _____
M em phis D ivision F irst M ortga ge Bonus .
_______ _
___________ _
___ _________
M em phis D ivision Second M ortga ge Bands (ow ned b y Southern R a ilw a y C o m p a n y )..
______ __ _ . ________ ______ __
___
A ik e n Branch F irst M ortga ge Bonds . . ____
St. L ;uis D ivision F irst M ortga ge Bonds
___
._
. ...
......
M obils & Ohio C I lateral B on us____ _
___ .
.
._
_
_
___ ______ __________
___ _______
Collateral Trust F iv e - Y e a r B o n d s .. . ___________

1994
1956
1938
1996
1996
1998
1951
1938
1909

L o u is ville ft N ash ville-S outh ern M onon C olla tera l J oin t Bonds—
T o ta l ou tstan ding June 30 1907, $11,827,000. Southern R a ilw a y C o m p a n y’s p ro p o r­
tio n , o n e -h a lf.. _____________
- - - - _____________
_ .
_ ____________ ______
1952
A t la n t ic Tennessee & Ohio R a ilro a d —
First M ortgage B on ds. .
. . .
___
.. .
- ___ . .
.
____ _____ . ____
1913
A la b a m a C entral R a ilro a d —
F irst M ortga ge Bonds
...
. . .
. . . .
. . . ________
__
_ .
1918
A tla n tic & Y a u k in R a ilw a y —
First M ortgage B .nets. ...........
. . . . . . .
___
.
. . . . . . . .
1949
C h a rlo tte C lum bia & A u gu sta R a ilro a d —
F irst M o rtga g e Bonds, E x ten d ed
. ................... ............
1909
Second M ortga ge Bonds
.
...
_______
. . . . .
1910
C olu m bia & G reen ville R a ilro a d —
F irst M ortga ge Bonds _
. . . .
. . . ____
.
. . .
1916
E a st Tennessee V irg in ia ft G eorgia R a ilw a y —
F irst M ortga ge Bonus.
_________ ____ . _________
_ .
1930
Consolidated M ortgage B o n d s----- ------------- ----- . . . . . .
._ _ _ .
........................ ......
1956 «v
G eo rg ia Pa cific R a ilw a y —
F irst M ortga ge B nos
............ .... . .
. . . . . . . .
.
..
.
_ ___
1922
K n o x v ille & Ohio R a ilro a d —
F irst M ortga ge Bonds
..
.
.
. . . . . . . .
1925
F irst C on solid ated M ortgage Bonu (ow ned b y Southern R a ilw a y C om p an y) . ..
1953
R ich m o n d & D a n v ille R a ilro a d —
Con solid ates M ortgage B on us ________________ _____ __________ . __________
1915
D ebentu re M ortga ge Bonds ___ ___
. — .. .............
..... . . .
1927
E q u ipm en t Sinking Fund M ortgage B o n d s ---------------- — -----_
. . ______ V a r. D ates
R ich m o n d Y'ork R iv e r & Chesapeake R a ilro a d —
. . . . . . ----- .
. . .
P'lrst M ortga ge B o n d s___ . . ____ .
1910
Second M^rtgaare B nds. . . .
. ____
_______
_____
____ __________ ______
1910
V irg in ia M idland R a ilw a y —
Serial M ortga ge Bonds, Series
. .....
......... ....
1911
.. B
c . . . . . . . . . . . . .

.....
----- --------- --- .

T o ta l as per Balance Sheet . . . ' ---------

-----

---------

-----

. . — .

-----

...

-------- --------------..

-----

-----

_ ____ .

-------

. ..

______

-------------------------- ------

J.
A.
M
,1.
A.
,1.
.1.
M
A.
K

ft
ft
ft
ft
ft
ft
&
ft
Ar,
ft

A m o u n t Outstanding.

Rate.
J.

o.
S.
,1.
().
J.
.1.
S.
().
i\

J u n e 30 1907.

5%
4%
5 Vo

n$50,105,300
C25.565.000
4,500,000
c 6 ,885,000
1,500,000
150,000
12,500,000
8,097,000
16.000,(»00
15,000,000

5%
4%
4%
4%
5%

J u n e 30 1906.

00 b $48,155,000 00
00 d 16 . i,),uud 00
00
4,500,000 00
00
f<>. 183,000 00
00
1,500,000 00
00
150,000 00
00
12,250,000 00
00
8,086,000 00
00
16,000,000 00
00

ft
ft

J

4%

5,913,500 00

A.

o.

6%

150,000 00

150,000 00

,1.

ft

J

6%

1 ,000,000 00

1 ,0 0 0 ,0 0 0 00

J

5,913,500 00

A.

& o.

4%

1 ,500,000 00

1,500,000 00

J.
A.

ft J.
ft <).

5%
7%

1,039,500 00
500,000 00

1,061,500 00
500,000 00

,1.

ft

.1.

6%

2 , 00 0 ,0 0 0 00

2 ,000,000 00

J.
M

ft
li­ N .

5%
5%

3,106,000 00
12,770,000 00

3,106,000 00
12,770,000 00

J.

fe

J.

6%

5,660,000 00

5,660,000 00

J.
J.

ft
ft
ft
ft

J.
.1.

6%
4%

2 . 0 0 0 , 0 0 0 00

2 ,00 0 ,0 0 0 00

J.
().
S.

6%
5%
5%

J.
A.
M
J.
M

ft
ft

,T.
ft X.

& S.

.

434%

500,000 00

500,000 00

5,997 ,P00 00
3,368,000 00

5,997,000 00
3.368,000 00
2,000 00

400,000 00
500,000 00

400,000 00
500,000 00

M
M
M
M
M
M

ft s.
ft s.
ft s.
ft s.
ft N .

6%
6%
5%
5%
5%
5%

1913

,r.

&

J.

6%

196,500 00

217,900 00

1914

j.

ft

,T.

6%

2,531,000 00

2,531,000 00

& A.

4%

1,025,000 00

1,025,000 00

1924

....

F-

1,900,000 00

1 ,1 0 0 ,0 0 0 00

950,000
1 ,774 ,000
1,310,000
4,859,000

00
00
00
00

1 ,900,000
1 100,000
950,000
1 ,774.000
1 ,310.000
4,859,000

,

00
00
00
00
00
00

$202,349,800 00 $175,631,900 00

& In clu d in g $2,378,000 owned b y the C om p an y, c In clu d in g $5,565,000 ow ned b y th e C om p an y*
e In clu d in g $300,000 ow ned b y the C om p an y. J In clu d in g $400,000 ow n ed b y the C om p an y.

T A B I .E 7.— S T A T E M E N T O F S E C U R I T IE S O W N E D B Y S O U T H E R N
R A I L W A Y C :)., A N D B Y I T P L r iD G C D U N D r iR I T S F I R S T
C O N S O L I D A T E D M O R T G A G 5 A S O F J U N E 30
1907.
N a m e of Security J u n e 30 1907.
R ailroad Bonds—
P a r V alue.
A la b a m a C entral R a ilro a d C o ---------------------- I n c o m e _______ $1,355,275 00
D a n v ille & W estern R a il w a y C o . ______________1st M tge. 5 % .
1,051,000 00
E lberton A ir L in e R a ilroa d C o ---------------------1st M tge . 7 % .
150,000 00
H ig h P o in t. R a n d lem a n , A sh eboro & S ou th ­
ern R a ilro a d C o ----- ---------------------------------- 1st M tge . 6 %
402,000 00
K n o x v ille & O hio R a ilroa d Co. - L ------1st Con. M tge. 4 % .
500,000 00
N o rth Carolina M idland R a ilroa d C o ------------ 1st M tge. 6 % .
801,000 00
P ie d m o n t R a ilro a d C o _________________________ 1st M tse. 6% ..
500,000 00
P ied m o n t R a ilro a d C o _________________________ 2d M tge. 6 % .
500,000 00
Southern R a ilw a y Co. in K e n t u c k y ------------ 1st M tge. 5 % .
3,000,000 00
Sou thern R a ilw a y Co. in M iss issip p i.---------- 1st M tge. 5 % .
200,000 00
W estern N o rth C arolin a R a ilroa d C o — _____ 1st M tge. 6 % .
1,325,000 00
W ash in gto n O hio
W estern R a ilro a d C o ----- 1st M tge. 4 % 225,000 00
Y a d k in R a ilro a d C o ___________ ___________ _____ 1st M tge. 6 % .
615,000 00
T o t a l B o n d s........................- ........................................... - ..........$10,624,275 00
R a ilroa d Stocks—
A la b a m a G reat Southern R a ilro a d C o --------- P r e fe r re d ______ $1,725,000 00 i
A la b a m a G reat Southern R a ilro a d C o --------- O r d i n a r y _____ 4,540,050 00 i
A tla n tic & Y a d k in R a ilw a y C o----------------------------------------999,300 00H igh P o in t, R a n d le nan, Asheboro & Southe n R a ilro a d C o .
212,500 00
M obile & B lrnilngnani R a ilroa d C o __________C o .m n o n --------880,400 00
M obile & B irm in gh am R a ilro a d C o ___________P r e fe r re d ______
20,500 00
N o rth Carolin a M idland R a ilroa d C o . _________________________
787,600 00
O re B elt R a ilroa d C o ____________________________________________
30,000 00
Southern R a ilw a y Co. in K e n tu c k y _________________ ______ —
998,200 00
Y a d k in R a ilro a d C o ..................................................................... 464,450 00
T o ta l S tocks........................................................................... -$10,658,000 00
Other Securities—
•Chesapeake Steam ship C o --------- C a pita l S to c k _______________
■Chesapeake Steam ship C o ------- C ertifica te o f In d eb te d n e ss.
t* .T o ta l O ther Securities

$400,000 00
250,000 00 !
$650,000 00

T o t a l B o n d s, Stocks and O ther Secu rities_______________ $21,932,275 00
T A B L E 8 .— S T A T E M E N T O F S E C U R I T IE S O W N E D B Y S O U T H E R N
R A I L W A Y C O M P A N Y A N D B Y I T P L D G D U N D R IT S D ,.ilo. V E L O P M E N T A N D G SN R A L M O R T G A G E A S O F J T J N ; 30 1907.
N a m e o f S e c u rity .
J u n e 30 1907.
R ailroad Bonds—
P a r V alue.
C arolin a & Tennessee Southern R a ilw a y C o m p a n y— R e g is ­
tered F irst M ortga ge 4 % ________ ______ _______________________
$492,000 00
Cum berland R a ilw a y C o m p a n y— R egistered First M tge. 4 % . .
531,000 Oo
D elta Southr. n R a ilw a y —-R egistered F irst M ortgage 4 % ___. . 1,023,000 00
Tennessee ft C a rolin a ' Southern R a ilw a y C o m p a n y— R eg is­
tered F irst M o rtga ge 4 % _______________________________________
938,000 00
T o ta l R a ilro a d B o n d s .................................................................. $2,984,000 00
Railroad Stocks—
A u gu sta Southern R a ilro a d C o m p a n y ___________C o m m o n _____
A u gu sta Southern R a ilroa d C o m p .m y ................. P referred _____
A u gu sta & Sum m erville R ailroad C o m p a n y -------------------------C arolin a & Tennessee Southern R a ilw a y C o m p a n y -........... ......
C entral T ran sfe r R a ilw a y & Storage C o m p a n y ---------------------C h attan ooira T erm in a l R t l w a y C o m p a n y ....................................




...

. ... .... ......... ....
---------------- ------

-------------------

a In clu d in g $1,956,300 owned b y the C om pan y.
In clu d in g $10,365,000 ow ned b y the C om pan y.

.

D u e.

1921
1926
1931
1936

1916

. . .
__________ ____________ _______

General M ortgage Bonds
C h a rlo tte sville & R a p ld a n R a ilro a d —
First M ortgage B on d s.
------------------ -- . —
W estern N o rth Carolina R a i l r o a d F irst Consolidated M o rtga g e B on ds.
—
W a s h in g to n Ohio ft W estern R a ilro a d —
----------------F irst M ortgage B o n d s --------------

30 1906.

Interest.

CLASS OF BONDS.

D
E
I-

JUNE

$294,800
296,000
49,900
59,400
24,800
59,500

00
00
00
00
00
00

Cum berland R a ilw a y C o m p a n y .................. ................ ................
D a n v ille ft W estern R a h w a y C o m p a n y _________________________
D elta Southern R a ilw a y _________________________________________
G eorgia M idlan d R a ilw a y C o m p a n y . _______ _____________________
N o rfo lk & Portsm ou th B elt L in e R a ilroa d C o m p a n y ___________
R ich m o n d & M ecklen bu rg R a ilro a d C o m p a n y , ._______ ______ _
Sievern & K n o x v ille R a ilro a d C o m p a n y __________________ ______
S tate U n iv e rs ity R a ilro a d C o m p a n y ____________________________
T a llu lah Falls R a ilw a y C o m p a n y ________________ C o m m o n _____
Tallu lah Falls R a ilw a y C o m p a n y ________________ P r e fe r re d _____
T erm in a l R a ilro a d A ssociation o f S t. L o u is _____________________
Tennessee & C arolin a Southern R a ilw a y C o m p a n y ____________

$99,500
367,700
49,500
998,900
7,200
299,400
139,500
16,800
199,500
16,400
205,600
199,500

00
00
00
00
00
00
00
00
00
00
00
00

T o t a l R a ilro a d S t o c k s . . . ------- ------------------------------------- $3,383,900 00
Other Stocks—
A tla n ta T erm in a l C o m p a n y ._______ ______ ______ _________________
A u gu sta U nion S tation C o m p a n y ________________________________
B h m in gh am T erm in a l C o m p a n y ________________________________
Charleston Union Station C o m p a n y _____________________________
C h a tta n ooga S tation C o m p a n y _____________________________ _____
Durham Union Station C o m p a n y ________________________________
G u lf T erm in a l C o m p an y (M o b ile, A l a . ) _________________________
M eridian T e rm in a l C o m p a n y _____________________________________
N e w O rleans T erm in a l C o m p a n y ________ ______ _______________

$25,000 00
24,800 00
2,300 00
24,700 00
24^700 00
8,100 00
2.200 00
4,800 00
998,500 00

T o t a l O ther S to c k s ................................................................. $1,115,100 00
T o t a l Bonds and S to ck s----------------------------------------- $7,483,000 00
T A B L E 9.— S T A T E M E N T O F S E C U R I T I E S O W N E D B Y S O U T H E R N
R A I L W A Y C O M P A N Y A N D B Y I T P L E D G D O R D E P O S IT E D
U N D n R V A R I O U S I N D E N T U R E S A S O F J U N E 30 1907.
J u n e 30 1907.
N a m e of Security.
P a r V alue.
U n d er Southern R y M em phis D ivision F irst and Second M tges.—
M em phis & Charleston R y . C o ------First M tge. 6 % B on d s.
$900,000 00
S heffield M achine W o r k s . ............. . F l i s t M tg e .6 % B o n d s.
75,000 00
M em ph ls-C h attan ooga R y _________ C apital S to c k __________
250,000 00
U n d er Southern R y . St. Louis D ivision First M o rtga g e—
Southern R a ilw a y Co. o f In d la n a F iis t M ortga ge 5 % B on ds 5,000,000 00
Southern R a ilw a y Co. o f In d ia n a S to ck _____________________
999,300 00
U n d er S outhern R y . M obile As O hio C ollateral Tru st In d en tu re—
M obile AcOhlo R a ilro a d Co. G eneral M ortga ge 4 % B o n d s ..
8,097,000 00
T o Secure Southern R y . M obile & O hio Stock T ru s t C erts.—
M obile ft O hio R a ilro a d Co. S to c k ___________________________
5,670,200 00
U n d er Lo u isville & N ash ville-S outh ern M onon Collateral
T ru st In d fn tu re —
Chicago In d ia n ap olis & Lo u isville R a ilw a y Co. (M on on )
P referred S tock, Southern R a ilw a y C o .’s p ro p o rtio n —
o n e-h a lf o f $3,873,400------------------------------------ •----------1,936,700 00
Chicago In dian ap olis ft L o u isville R a ilw a y Co. (M o n o n )
Com m on S lock , Southern R a ilw a y C o .’s p rop o rtio n —
o n e-h a lf o f $9,79'i,9fi0---------------------------------------------- 4,898,450 00
T o Secure Southern R y . F iv e - Y e a r 5 % C oll. T ru st B on ds—
Miscellaneous Secu rities-------------------------------------------------- 26,086,324 60
U n d er N o rth C arolin a R a ilro a d L ease—
U n ited States 4 % B on ds------------------- ------------- --------------135,000 00
U n d er Trust A g re e m e n t, A p ril 20 1906— U n io n B an k ft T ru st
Co. o f N a s 'iv llle , T en n —
Tennessee Central R.allr< a i Co. P r io r L ien 4 % B o n d s____
333,000 00
U n d er A g reem e n t Ja n u a ry 1 1907— T h e E q u itab le T ru s t Co.
o f N e w Y o r k , T ru s te e—
Charleston U nion S tation C om p an y C apital S to c k _________
100 00
T o ta l Bonds and S tocks......................... ............................... $54,381,074 60

1028

THE CHRONICLE.
T A B L E 1 3 — T R A F F I C S T A T IS T IC S , Y E A R

[V

E N D E D J U N E 30 1907 A N D

F re ig h t T r a ffic (Revenue F re ig h t) —

7,373.98
11,663,550
549,518,645
47.11
$13,259,113.85

$18,479,147.59
2,448.59
1.08388
35.14
12.53

$16,870,032.85
2,287.78
1.03073
33.57
12.27

+ 10.11 “

+ 9.03 “
— 0.98 “
+ 10.74 “
+ 1.57 *'
+ 9.54 “
+ 7.03 “
+ 5.16 ‘
+ 4.68 “
+ 2.12 “

+ 2.76 “
— 1.80 “
— 4.44 “
+ 3.39 “
+ 5.27 “
+ 1.03 “
+ 3.79 “
— 1.42 “
+ 2.42 "

23,518,071
3,886,314,181
165.25
$36,141,547.16
$4,901.23
$1.89932
204.23
14.45

«

+ 3.50 “

27,339,377
4,488,915,839
235.90
16.69

28,295,518
4,480,161,286
236.34
17.37

•

+ 2.34%

7,546.86
12,842,914
599,161,080
46.65
$14,683,005.65

$4,951.48
$1.97126
201.33
14.80

E a rn in g s and Expenses—

Percentage o f
Increase ( + ) o r
Decrease (— ).

1906.

24,167,048
3,816,420,059
157.92
$37,368,094.67

A l l F re ig h t (in c lu d in g C om p a ny ’s M a te r ia l H auled F re e ) —

.

1906.

1907.

Passenger T r a f fic —

ol. lx x x v

$55,847,242.26
$7,400.06
$56,657,994.39
$7,507.49
$1.63686
$44,699,282.22
$5,922.90
$1.29137
$11,958,712.17
$1,584.59
$0.34549

— 0.20 “

+ 0.19 “
+ 4.07 “

+ 5.35 "
+ 2.94 ”
+ 5.62 “
+ 3.20 “
+ 3.35 “
+ 12.39 “
+ 9.81 “
+ 9.97 “
— 13.77 “
— 15.75 “
— 15.62 **

$53,011,580.01
$7,189.01
$53,641,438.67
$7,274.42
$1.58374
$39,773,139.04
$5,393.71
$1.17428
$13,868,299.63
$1,880.71
$0.40946

[ • *JE xclu des dining', cafe and special car m ileage.
f-

Percentage
of In c . ( + )
1906.
or D e c. (— ) .
14,841,477
+ 5 .5 0 %
17,503,133
+ 0 .3 5 “
1,525,532
— 8.77 “

Percentage
of In c . ( + )
1906.
or D e c. (— ) .
47,494,446
+ 6 .5 5 %

^
T ra in and
M iles run b y
.Miles run b y
M iles run b y

E n g in e M ile a g e —
v
1907.
passenger tra in s------------ 15,657,396
freig h t t r a i n s ---------------- 17,564,725
m ix ed t i a l n s - - ------------------1,391*711

T o t a l reven u e train m ile a g e ________

34,613,832

33,870,142

+ 2 .2 0 “

M iles run b y w ork tra in s -------------- .---M iles run b y special t r a i n s ____________

1,502,634
74,370

1,666,532
59,005

— 9.83 “
+ 2 6 .0 4 “

T o t a l train m ile a g e ___________________ 36,190,836
M iles run b y h elp in g en gin es ------- -----Miles run b y ligh t en gin es-----------------M iles run by sw itch e n g in e s -------------T o t a l en gin e m ile a g e ________________

35,595,679

+ 1 .6 7 “

713,541
473,539
9,082,447

570,677
437,595
8,268,041

+ 2 5 .0 3 “
+ 8.2 1 “
+ 9 .8 5 “

46,460,363

44,871,992

+ 3 .5 4 "

C a r M ile a ge and Statistics—
M ileage o f loaded freig h t cars------------ 257,858,637 268,964,943
97,062,347
M ileage o f e m p ty freig h t cars-----------•- 80,067,732
M ileage o f caboose c a r s ________________ 17,528,839 17,378,579

— 4.13 “
— 17.51 “
+ 0 .8 6

i ^ T o t a l m ileage o f frelgh t-tra ln c a r s - -355,455,208 383,405,869

— 7 .2 9 “ .

1907.
50,604,362

* M ileage o f passenger cars____________
M ileage o f ba gga ge, m all and express
ca rs........... ...................... .......... J ii_____ 28,301,214

27,408,443

+ 3 .2 6 “

T o ta l m ileage o f passenger-traln cars 78,905,576

74,902,889

+ 5 .3 4 "

4,808,122

5,306,670

— 9.39 “

13.60

14.14

— 3.82*.

5.15

6.01

-- 1 4 31 “
— 6.05 “

M ileage o f w ork -tra ln cars________
A v e r a g e n um ber o f lo ad ed cars in each
freigh t tra in ___________________________
b A v e r a g e num ber o f e m p ty cars in
each freigh t tra in ____________________
A v e ra g e n u m ber o f cars in each
freigh t tra in ___ . ___________ __________
P ercen tag e o f loaded cars In each
freig h t tra in _______ _______________ _ - _
A v e r a g e n um ber o f passenger cars In
each t r a i n ___ ________________________
A v e r a g e n u m ber o f baggage, m all and
express cars In each tra in ____________
A v e r a g e n um ber o f cars in each pas­
senger tra in ___________________________

18.75

20.15

72.54

70.17

+ 3 .3 8 “

2.97

2.90

+ 2.41 “

1.66

1.68

— 1.19 “ |

4.63

4.58

+ 1.09 “

b Includes

* Includes d in in g , cafe and special car m ileage,

caboose cars.

CHICAGO GREAT W ESTERN R A IL W A Y COMPANY.

F IF T E E N T H A N N U A L R E P O R T — FO R T H E Y E A R E N D IN G JUNE 30 1907.

To the Shareholders:
The directors submit the following report:
The operations for the year show the following results:
Gross E a rn in gs____________________________________________________ $9,139,087 16
O p e ra tin g E x p en se------------------------------------------------------------- 6,583,808 06
N e t E a rn in gs____________________________________________________ $2,555 279 10
R a t io o f O p era tin g Expenses to e a rn in g s 72.04 %.
T a x e s _______________________________________________________________
216,000 00
N e t In com e from O peration ------------------------------------------- $2,339,279 10
R e n ta l o f Leased L in e s ---------------------------------- $424,330 15
In tere st on E q u ip m en t Lease W a rra n ts ________
18,831 92
In tere st on L o a n s ________ _______________________ ;- 437,107 28
880,269 35

A D D I T I O N S A N D IM P R O V E M E N T S T O T H E

P E R M A N E N T P L A N T '.

There has been expended during the year for additional
terminals and improvements the sum of $1,391,131 89, as
follows:
A d d itio n a l Term in als and Im p r o v e m e n ts ........... .............. ........
D ouble T r a c k _____________________________________________________
R ed u ction o f Grades and W id en in g e m b a n k m e n ts ___________
Bridges and C u lve rts---------------------------------------------------------E xtension W in ston T u n n el------------------------------------------------N e w B a lla st------------ ----------------------------------------------------------N e w Buildin gs, W a te r S u p ply, e t c _____________________________
N e w R ails, Fasten in gs, e t c ------- ! ________________ _______________
N e w Side T r a c k s _____________________ ___________________________

Surplus o v e r a ll charges p rior to 4 % D ebentu re S to ck ---------$1,459,009 75

Out of this Surplus the Company has made two semi­
annual interest payments of 2% each on the 4% Debenture
Stock, amounting to S I,044,984, and has paid a 23^% divi­
dend on the Preferred Stock A , amounting to $283,422 50.
Following are the usual statistical tables and information
prepared by the Auditor.
By order of the Board of Directors.
A . B. S T IC K N E Y , President.
CHICAGO GREAT W ESTERN R A IL W A Y COMPANY.
NO.

!.— D E T A IL S O F C A P IT A L E X P E N D IT U R E S .
A d d ition s to R o llin g Stock.
A t the da te o f the last A n n u a l R e p o rt the Com ­
p a n y owned R o llin g Stock w hich co s t__________
$8,541,420 13
E x p en d itu res D u rin g the Y e a r 480 B o x Ca>-s (70.U00 lbs. c a p a c it y )____________ $408,452 62
320 S tock Cars (60,000 lbs. c a p a c it y )__________ 229,576 85
100 Fu rnitu re Cars (60,000 lbs. c a p a c it y )------- 102,390 00
12 Cabooses_______________________________________
13,293 24
3 Jordan S p re a d e rs ____________________________
10,322 67
3 Steam S h o vels________________________________
29,823 94
1 L ld g e iw o o d U n lo a d e r ----- ----------------------5,626 74
C o n v e rtin g F la t and Stock Cars to B o x C a r s ..
72,184 76
E lectric L ig h t E q u ip m en t for Passenger C a rs-1,075 59
V a riou s oth er Im p ro vem en ts to E q u ip m e n t___
62,776 30
935,522 71
M a k in g T o t a l C o s t . . . , ........................................................... $9,476,942 84




A d d itio n s to R o llin g S to ck ____________ __________________________

$115,028
3^0,410
83,095
199,826
8,717
62,539
418,130
109,325
24,057

71
85
46
13
33
30
41
94
76

$1,391,131 89
935,522 71
$2,326,654 60

T A B L E NO. I I .— G E N E R A L B A L A N C E S H E E T , C A P I T A L A C C O U N T S ,
J U N E 30 1907.
ASSETS.
C ost o f R o llin g Stock O w n e d ________________ $8,488,654 94
C ostJofjRolllng Stock Purchased on Car Trusts
988,287 90
--------------------- $9,476,9-12 84
Cost o f R o a d , In clu din g T erm in a ls-----------67,341,165 05
Stocks o f P ro p rieta ry C om p an ies--------------- $38,846,428 48
Stock o f Chicago U nion T ra n sfe r C o - - - —
57,274 01
A n equal interest w ith n ine oth er R R . Cos.:
In S t. Joseph U nion D ep o t C o ---------------25,156 53
In M innesota T ran sfe r R y . C o --------------7,000 00
A n equ al in terest w ith eig h t oth er R a ilw a y
Com panies in St. Pau l U nion D epot Co.
103,600 00
A n equal Interest w ith four oth er R a ilw a y
Com panies In Io w a T ra n sfe r R y . C o ----6,200 00
K ansas C ity and St. Joseph E le v a t o r s ........
190,000 00 J9 235 659 02
Bonds and Stocks o f oth er C om p an ies----Balance due on Subscriptions to $2,000,000
D ebentu re S tock, pa ya ble Ju ly 1 1907-.
A c '^ u n t s iR e c e lv a b le --------- ----------------------®

293.627 31
*79,753 _ t
_______
$117,875,020 65

O c t . 11) 1907.]
L IA B IL IT IE S .
4 % D ebentu re S tock issu ed _________________ 526,127,000 00
4 % D ebentu re Stock Scrip _________________
2,489 00
4 % D eben tu re S tock issuable J u ly 1907___
2,000,000 00
Less in T rea su ry _______________________________

$28,129,489 00
2,400 00
$28,127,089 00

5 % P referred S tock A ________________________ $11,372,400 00
Less in T rea su ry _______________________________
35,500 00
11,336,900 00
4 % P referred S tock B Issued _______________ $23,070,706 00
4 % P referred S tock B is s u a b le ______________
54,236 00
Less in T rea su ry _______________________________
C om m on
5 % G old
5 % G old
5 % G old
5 % G old
5 % G old

$23,124,942 00
21,100 00
23,103,842 00
44,465,195 00

S t o c k _______________________ ________
N o tes, due 1908*___________________ $3,342,545 45
4,069,060 54
N o tes, due 1909____________ _______
N o tes, due 1 9 1 0 ............................. .
56,727 27
999,272 70
N o tes, due 1911____________________
N o tes, due 1912____________________
24,242 42

8,491,848
437,926
1,025,000
887,220

5 % E q u ip m e n t Lease W a r ra n ts ____________
B ills p a y a b le ___________ ___________ . . . ________
A d v a n c e s from E a r n in g s ____________________

38
05
00
22

$117,875,020 65

TABLE

NO.

I l l — G E N ERAL BALANCE SHEET
C O U N T S . J U N E 30 1907.

REVENUE

AC­

ASSETSC u rren t
D ue from
Due from
S u p ply o f

A ccounts Receivable—
A g en ts and C on du ctors_______________ $376,093 27
oth er Com panies and In d iv id u a ls ___
917,423 02
F u el and M a teria l on h a n d ___________ 1,185,352 10
--------------------$2,478,868 39
Cash on h a n d ________________________ - ___________
$223,689 14
887,220 22
D ue from C apital A cco u n ts . . . . . _______________
-------------------- 1,110,909 36
$3,589,777 75
L IA B IL IT IE S .
C urrent A ccounts Payable—
Vouchers and Current A c c o u n ts ________________-.$1,441,676 10
U n p aid P a y R o lls _________________________________
445,678 25
U n p a id Coupons___________________________________
8,035 00
-------------------- $1,905,389
R en ta ls an d T a x es accrued n o t d u e ____________
$50,528 61
A ccru ed In te re s t on Lo a n s n o t y e t du e__________
157,483 33
— ---------------208,011
In tere st P a y a b le Ju ly 15 1907 on 4 per cen t
522,492
D ebentu re S to c k ________________________________
Fu nd fo r Im p ro vem en ts and R en e w a ls __________
686,723
B alan ce In com e A c c o u n t June 30 1907__________
267,160

35
94
00
74
72

$3,589,777 75

TABLE

1029

THE CHRONICLE.

I V .— IN C O M E A C C O U N T F O R T H E
30 1907.

YEAR

E N D IN G J U N E

F re ig h t E arn in gs ________________ - _________ ____ ; .$6,333,698 69
Passenger E a r n in g s ____________________________ _ 2,148,219 37
M all E a rn in gs_____________________________ _______
129,687 81
Express E a rn in gs------------------------------------------173,655 89
R e n ta l E a rn in gs___________________________________
23,599 55
M iscellaneous E a rn in gs___________________________
50,186 03
Surplus E arn in gs o f P r o p r ie ta ry L in e s __________
280,039 82
--------------------$9,139,087 16
O p era tin g Expenses and T a x e s __________________
R e n ta l Ch icago T e rm in a ls ________________________
R e n ta l Des M oines T e r m in a ls ..__________________
R e n ta l Dubuque B r id g e _________________________
R e n ta l o f Leased L in e s ___________________________
In tere st on this C o m p an y’s prop ortion as jo in t
ow n er o f the Bonds Issued by:
St. Pau l U nion D ep o t C o ----------------------------M tunesota T ra n sfe r R a ilw a y C o ------------------In tere st on E q u ip m en t Lease W a r ra n ts ________
In tere st on L o a n s -------------------------------------------

$6,799,808 06
$222,629 36
13,500 00
30,000 00
145,180 88
-------------------411,310 24
$5,934 91
7,085 00
18,831 92
437,107 28
-------------------468,959 11

Surplus o v e r a ll charges p rior to 4 per cen t
D ebentu re S tock________________________________ __________ 1,459,009 75

T A B L E V I I I — T R A F F I C A N D M I L E A G E S T A T IS T IC S .
In c . ( + ) or
Passenger T r a ffic —
1907.
1906.
D e c. (— ) .
P . C.
Pass, carried ea rn in g r e v .
1,088,722
— *33,821
1,122,543
3.01
Pass, carried one m ile ____
97,501,157
92,803,690 + 4,697,467
5.06
Pass, carried one m ile per
m ile o f ro a d ____________
119,142
113,402
5.06
+ 5,740
A v e . distan ce each passen­
ger w as ca rried ________
89.56
82.67
+ 6.89
8.33
T o ta l passenger reven u e,
in clu din g m ilk _________ $2,148,219.37 $1,984,402.54 +163,816.83
8.26
A v e r a g e a m o u n t received
from each passenger___
1.84
1.63
+ .22
13.29
A v e r a g e ra te per passen­
ger p er m ile (c e n t s )____
2.06
1.97
+ .0 9
4.57
T o ta l pass, train earnings.$2,451,563.07 $2,254,366.08 +197,196.99
8.75
Passenger train earnings
p er m ile o f r o a d _______ _
2,995.70
2,754.73
+ 240.97
8.75
E arn in gs p er passenger
1.00
train m ile _______________
.96
+ .04
4.17
F re ig h t T r a ffic —
T on s carried o f freig h t
ea rn in g r e v e n u e _______
3,557,838
2,287,435
+270 ,403
8.23
T o n s carried one m ile ____
964,880,466
871,714,113+93,166,353
10.69
T o n s carried one m ile per
1,179,042
1,065,196
+ 113,846
10.69
m ile o f ro a d ____________
A v e r a g e distance haul o f
one t o n __________________
271.20
265.17
+ 6.03
2.27
A v e r a g e am ou nt received
1.82
+ .04
fo r each ton o f f r e i g h t ..
1.78
2.20
A v e r a g e rate per ton p er
m ile (c e n ts )____________
.66
.69
— .03
4.35
T o ta l freigh t earn in gs____ $6,333,698.69 $5,993,374.31 +340 ,324.38
5.60
F re ig h t earnings p er m ile
7,323 64
+ 415.86
7,739.50
o f r o a d ___ ______________
5.68
A v e r a g e earn, per freigh t
tra in m ile _______________
2.02
2.03
— .01
.49
A v e ra g e p a y load to each
fre ig h t train m ile (tons)
308.26
295.08
+ 13.18
4.47
A v e r a g e p a y load to each
5.45
freig h t engine m . (tons)
267.41
253.60
+ 13.81
A v e r a g e n um ber o f tons o f
freig h t per loaded car m .
15.21
14.64
+ .57
3.89
T r a in & E n g in e M ile a ge—
M ileage o f revenue passen­
ger and m ix ed tra in s___
2,452,243
2,348,848
+ 103,395
4.40
M ilea ge o f lo com otives em ­
p lo yed in h elpin g pass­
29,107
+ 6,273 21.55
en ger tra in s____________
35,380
M ileage o f reven ue freigh t
2,954,192
5.95
3,130,103
t r a in s ___________________
+ 175,911
M ileage o f lo com otives em ­
p lo yed in h elpin g freigh t
t r a i n s ____________ ______
300,238
— 23,559
323,797
7.28
11.62
159,343
+ 18,514
M ilea ge o f ligh t e n g in e s ..
177,857
+ 99,407 156.99
M ileage o f w ork tra in s___
. 162,727
63,320
7.57
+ 72,482
957,374
M ileage o f sw itch en gin es.
1,029,856
C a r M ile a ge—
M ileage o f passenger ears.,
A v e r a g e num ber o f pass­
en ger cars p er tra in m ile
A v e r a g e n um ber o f pass­
engers per train m ile ___
M ileage o f load ed freigh t
cars— e a s t ______________
M ileage o f loaded freigh t
cars— w est ____________
M ileage o f em p ty freigh t
cars— east _____________
M ileage o f e m p ty freigh t
cars— west
____________
A v e ra g e n um ber o f freigh t
cars per train m i l e . ____
A v e ra g e num ber o f loaded
cars p er tra in m ile ______
A v e r a g e num ber o f em p ty
cars per train m ile _____
A v e ra g e m ileage operated
du rin g y e a r ____________

12,775,422

12,337,435

+ 437,987

3.55

5.21

5.25

— 04.

.76

40

40

35,270,234

33,766,669

+ 1,503,565

4.45

28,417,550

25,760,373

+ 2,657,177

10.32

7,162,513

8,285,540 — 1,123,027

13.55

14,787,347

16,950,007 — 2.162,660

12.76
4 64

27.36

28.69

— 1.33

20.35

20.15

+ .20

.99

7.01

8.54

— 1.53

17.92

818.36

818.36

____

♦D ecrease due to ta k in g o ff M o to r Train s A u g . 13th 1905 betw een S t.
Pa u l and South S t. P a u l.
T A B L E X I — E Q U IP M E N T O W N E D .
L o co m o tive s o w n e d ________________________________________________________ 259
F re ig h t cars_________________________________________________________________ 7,435
Passenger cars______________________________________________________________
148
Miscellaneous _________________________________________________ _____________ 236

$9,139,087 16
Surplus E arn in gs, as a b o v e , o v e r a ll charge
p rior to 4 % D ebentu re S to ck __________________
Surplus o f p reviou s y e a r s ________________________
Less
D ivid e n d on 5 % P re fe rie d Stock A
fo r the h alf ye a r e n d in g June 30 1906, paid
O ct. 1 1906 ......... .............. .................... ............

$1,459,009 75
$419,979 97

M ile s .
283,422 50
--------------------

136,557 47

Main l i n e . . ........................................................................................
Branch lin es______________________________________________________

$1,595,567 22

T o t a l ......... .............. .......... ...........................................................

T w o S em i-A n n u a l In tere st p a ym en ts o f 2 % each on 4 %
D ebentu re S t o c k _________________________ ______________________$1,044,984 00
2
% D ivid e n d on 5 % P r e fe r ie d Stock A paid A p ril 1 1 9 0 7 ..
283,422 50
B a la n ce to C redit o f In co m e A p co u n t June 30 1907__________
267,160 72
$1 .595.567 22

TABLE

V I.— C O M P A R A T IV E

STATEM ENT OF

$8,573,148 05

$565,939 11

6.60

•Decrease.
TABLE

T o ta ls

........................$6,583,808 06




*42.80
756.97

Branch, W ilso n Junction to C edar F a lls ----------------------------Branch, E den to M a n to rv llle ___________ ,------------ ------------- —
Branch. Sycam ore to D e K a lb — ---------------------------------------

----------714.17
7.48
7.57
5.81
----------20.86

T o t a l ......................................................................................... ..

735.03

M lie s Leased—
St. Pau l to M in neapolis------------------------------------------------------ 10.56
D ubuque to A ik e n ________________ _______________________________ 14.34
Chicago _______________________________ * ___________________________ 10.18
Des M oin es.'_____ ______________ . . . _____________________________
2.70
S t. Joseph to Bee C reek ___________________________________________
8.83
B e v e rly to Kansas C it y -------------------------------- -------------------- 36.72
•--------- 83.33
T o ta l M iles O perated June 30 1907.................... ...............

818.36

M ileage O perated this Y e a r __________________________ ___________ _____ 818.36
M ileage O perated last Y e a r ______________________________________ _____ 818.36

V I I . — C O M P A R A T IV E S T A T E M E N T
EXPENSES.

Y ea r E n d in g
O perating Expenses. J u n e 30 1907.
M a in ten an ce o f W a y
and R en ew a ls........... $840,100 60
M a in ten an ce o f E q u ip ­
m en t ........... .............. 1,263,502 13
F u el fo r L o co m o tive s .. 1,079,702 57
C on du ctin g T ra n sp o rta ­
tion ............... ............ 2,895,288 10
G en eral E xp en ses______
505,214 66

M ile s .
714.17

T h e operated m ileage is as fo llow s:
Main L in e, Chicago to S t. P a u l, v ia O e lw e ln .--------- ----------- 401.59
Main L in e, O elw eln to St. Joseph, v ia Des M o in es----------------289.58
M ain L in e, Bee Creek to B e v e r ly --------------------------------------- 23.00

G RO SS R E C E IP T S .

Y e a r ending
Y e a r ending
Percentage
Receipts—J u n e 30 1907. J u n e 30 1906.
Increase, o f In c .
F re ig h t ............. ............ $6,333,698 69 $5,993,374 31
$340,324 38
5.68
Passengers . * __________ 2,148,219 37
1,984,402 54
163,816 83
8.26
M a i l . ---------------------129,687 81
131,427 38
*1,739 57
1.32
173,655 89
138,536 16
35,119 73 25.35
E x p r e s s ............... ..........
R e n ta ls ............. ..............
23,599 55
31,230 72
*7,631 17 24.43
M is c e lla n e o u s __________
50,186 03
66.745 62
*16,559 59 24.81
Surplus E arn in gs o f p ro­
p rieta ry lin e s ________
280.039 82
227,431 32
52,608 50 23.13
T o t a l . ............... ..........$9,139,087 16

T A B L E X I I — M IL E A G E .
T h e C om p an y owns the fo llo w in g m ileage:

Y ear E n d in g
J u n e 30 1906.

OF

O P E R A T IN G
*21.94 M iles Leased to W a te r lo o Cedar F a lls & N o rth ern R y .
Percentage
Increase, o f In c .

$730,961 11

$109,139 49

14.93

982,709 46
1,011,798 22

280,792 67
67,90 35

28.57
6.71

2,605,326 89
486,859 73
$5,817,655 41

289,961 21
18,354 93

11.13
3.77

$766,152 65

13.17

W ISCONSIN M INNESOTA & PACIFIC RR. CO.
All the stock of the Wisconsin Minnesota & Pacific R ail­
road Company is owned and held in the treasury of the
Chicago Great Western Railway Company.

THE CHRONICLE.

1030
TABLE

X I I I — D E T A IL S O F E A R N IN G S A N D E X P E N S E S .
1907.
1906.
Increase.
A v e r a g e m iles o p e ra te d ------------------271
271
Gross E a rn in g s—
F r e ig h t E a rn in gs....... .........._•__________ $497,730 76 $513,568 09 *$15,837 33
Passenger E a r n in g s ___________________ 164,094 22 164,745 05
*650 83
E x p ress E a rn in gs_____________________
9,582 88
8,830 63
752 25
M a il E a r n in g s _________________________
19,386 40
19,534 13
*147 73
4,270 04
4,404 94
*134 90
R e n ta l and M is c e lla n e o u s____________

[V

$381,878 61 $362,318 97

O perating Expenses—
89 |
T ran sp o rta tion ________________
51
M aintenance o f Cars and L o c o ­
60
m o tives _______________________
36 ;
M aintenance o f W a y . ________
M iscellaneous E xpen ses________
$19,559 64

$313,185 69 $348,763 87
27,802 56
26,689 04

$35,578 18
1,113 52 !

$199,632
M a in ten a n ce o f Cars and L o co m o tive s5 50,989
127,461
3,795
M iscellaneous Expenses*

03 $196,619 14
48,329 31
82
22 112,494 62
54
4,875 90

$3,012
2,660
14,966
*1,080

.8285,383 13 $322,074 83 *$36,691 70
R a t io o f O p era tin g E xpenses to E a rn ­
ings ------------------------ r ----------------

54.94%

3 .9 9 % i

50.95 %

T A B L E X I V .— IN C O M E 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.
F r e ig h t E a rn in gs_______ ................ _____________________$497,730
Passenger E arn in gs____________________________________ 164,094
E xpress E a r n in g s _____________________________________
9,582
M a il E a rn in gs------------------------------------------------------19,386
R en ta ls and M iscellaneous E a rn in gs________________
4,270

76
22
88
40
04
-$695,064 30

C on du ctin g T r a n s p o rta tio n ___________________________ $199,632
M aintenance o f E q u ip m e n t___________________________
50,989
M ain tenan ce o f W a y ___________________ _______________ 127,461
M iscellaneous E x pen ses_______________________________
3,795
T a x e s __________________________________________________
27,802

03
82
22
54
56

In co m e from O p e ra tio n ___________- .................... ........

$2,064,638 58

$1,863,455 72

$201,182 86

$844,658 72

$775,805 69

$68,853 03

218,752 14
169,070 30
13,431 07

207,970 11
143,406 36
16,797 43

10,782 03
25,663 94
*3,366 36

$1,245,912 23

$1,143,979 59

$101,932 64

N e t E a r n in g s ___________________
T a x e s ___________________________

$818,726 35
60,000 00

$719,476 13
52,000 00

$99,250 22
8,000 00

In com e from O p era tio n ________

$758,726 32

$667,476 13

$J1,250 22

61.39 %

*1 .0 4 %

R a tio o f O p era tin g Expenses to
E a r n in g s ____________ • _______
*D e crea se.
T A B L E X V III.

IN C O M E A C C O U N T F O R Y E A R E N D IN G
J U N E 30 1907.

F reigh t E a r n in g s _________________________________ $1,427,587
Passenger E a r n in g s ________________
________ .
423,251
Express E a rn in gs_________________________________
24,847
21,580
M all E a rn in gs_____________________________________
R en ts and M iscellaneous_________________________
9,679
E q u ip m e n t E a rn in gs____________________ _________
157,691

49
83
98
65
11
52
$2,064,638 58

-$409,681 17
285,383 13

$844,658
218,752
169.070
13,431
60.000

C on du ctin g T ran sp o rta tion M aintenance o f E q u ip m e n t.
M aintenance o f W a y _______
M iscellaneous Expen ses____
T a x es ________________________

5695,064 30
In com e from O p e ra tio n _

72
14
30
07
00
-$1,305,912 23
758.726 35

In co m e from O peration fo r the ye a r, as a b o v e ............... ............ $285,383 13
One y e a r’ s interest on F irst M o rtga g e B o n d s ____________________ 231,990 00
Surplus fo r the ye a r o v e r a ll ch arges_____________ ______________ $53,393 13
Surplus o f p reviou s ye ars________________ _______ _______________ 445,845 39

$2,064,638 58
In co m e from O p era tio n fo r th e ye a r, as a b o v e - _
One y e a r’s rental Missouri R iv e r B rid ge , etc__
One y e a r’ s in terest on F irst M o rtga g e B o n d s ._

$758,726 35
$52,079 66
480,000 00

* T o t a l surplus to June 30 1907_____ _________________ ______-$499,238 52
*T h is surplus ($499,238 52) u nd er the o p era tin g con tract belongs to and
has been paid o v e r to the Chicago G reat W estern R a ilw a y C om pan y as
ow n er o f atl the stock o f this co m p a n y, and to th e ex te n t o f such surplus
th e Chicago G reat W estern R a ilw a y C om p an y gu arantees the fu tu re p a y ­
m en t o f th e in terest on th e bonds o f th e W isconsin M in nesota & P a cific
R a ilro a d C om p an y.
T A B L E X V .— G E N E R A L B A L A N C E S H E E T J U N E

30 1907.

Assets, C a p ita l A ccounts—
C ost o f R a i l w a y _____________________________ $11,455,404 49
Cost o f R o llin g S t o c k _________________________
662,987 79

--------------------- $12,118,392 28

L ia b ilitie s , C a p ita l A ccounts—
C a p ita l S to c k ____________________________________
$5,893,400 00
F ir s t M o rtga g e B on ds Issued and Issu ab le___ $6,232,000 00
Less U n issu ed ________________________________
421,000 00

■■

----:-----------------

A cco u n ts P a y a b le _____________________ _________

5,811,000 00
413,992 28

$12,118,392 28
Assets, Revenue A ccountsC a s h _________________________
A cco u n ts R e c e iv a b le _______

$66,394 57
253 62

Surplus fo r th e y e a r o v e r a ll charges.
Surplus o f previou s y e a rs_____________
♦T o ta l Surplus to June 30 1907

$58,110 00
8,264 19
274 00
$66,648 19

■

$226,646 69
1,062,975 86

____

$1,289,622 55

*T h is surplus ($1,289,622 55) u nder the o p era tin g co n trac t belongs to
arid has been paid o v e r to the Chicago G reat W estern R a ilw a y C om pan y as
ow n er o f a ll the stock o f this co m p a n y, and to the e x te n t o f such surplus the
Chicago G reat W estern R a ilw a y C om p an y guarantees the fu tu re p a ym en t o f
the Interest on th e bonds o f the Mason C ity & F o r t D cd g e R R . C om p an y.
T A B L E X I X — G E N E R A L B A L A N C E S H E E T J U N E 30 1907.
Assets, C a p ita l Accounts—
Cost o f R- a d . E q u ip m en t and T e rm in a ls ____________________ $44,623,731 07
O m aha E le v a t o r _________________________________________________
221,692 91
Stocks o f o th er Com p anies_____________________________________
20,000 00
$44,865,423 98
L ia b ilitie s , C a p ita l A ccounts—
C om m on S t o c k _________________________________ $19,205,400 00
P referred S tock, 4 % n on -cu m u la tive________ 13,635,752 00
F irst M o rtga g e, 4 % G old Bonds, due in 1955,
Interest p a ya b le June and D ece m b er------- 12,000,000 00
$ 4 4 ,841,152

A ccou n ts P a y a b le ______________________ ________

T o ta l L e n gth o f T r a c k ------------------------------------------- ----------..3 0 8 .5 M iles
D e ta ils.
iManlcato to R ed W in g , in clu ding F a rib a u lt b ran ch ______________95.7 M iles
T leo W in g to O sage_________________________________________________ 118.2 M iles
,Clay Banks B r a n c h __________________________________________________ 2.9 M iles
W in o n a t o S im pson _________________________________________________ 54.2 M iles
T otal Miles O w n e d ________________________________________________ 271.0 M iles
E Q U IP M E N T O W N E D

(Condensed).

L o c o m o t iv e s __________________________________________________________________ 14
.Cars—
F re ig h t C ars-------------- -------------------------------------------------------------------- 779
Passenger C a r s _____________________________________________________________ 14
M iscellaneous C a r s ------------------------------------------------------------------------6

MASON CITY & FORT DODGE RR. CO.
A ll the stock of the Mason City & Fort Dodge Railroad
Company is owned and held in the treasury of the Chicago
Great Western Railw ay Company.
— The Guaranty Trust Company of New York has issued
a booklet, Number 109, entitled “ When to Buy Bonds.”
On account of the unusual decline in bonds this question is
now of great interest to all investors. The subject is treated
in a broad and comprehensive manner, and a careful study
,of the work should help in deciding whether or not prices
have reached the low point. The argument is largely based
,on the theory that the market movements in investment
securities are determined by the strain upon capital and
predit occasioned by the demands of mercantile business.
Th e booklet will be forwarded upon application.




00
24,271 98

$44,865,423 98
Assets. Revenue A ccou n tsA ccou n ts R e c e iv a b le _______
Cash
_____ _________________

$37,300 61
17,253 37
$54,553 98

L ia b ilitie s , Revenue Accounts— Accrued In terest on B on d s--------A ccou n ts P a y a b le ________________ -

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

T A B L E X V I — M IL E A G E O W N E D .

S ingle T ra c k (see d eta ils b e lo w )---------------------------------------------- 271.0 M iles
S ide and Passin g T ra c k s ____________________________________________ 37.5 M iles

532,079 66

____

$66,648 19
L ia b ilitie s , Revenue A ccou n tsA ccru ed In tere st on B o n d s____
T a x e s A c c r u e d ___________________
A cco u n ts P a y a b le _______________

.

T A B L E X V I I .— D E T A IL S O F E A R N IN G S A N D E X P E N S E S .
1907.
1906.
Increase.
386.25
386.25
A v e r a g e m iles o p e ra te d ________
Gross E a rn in g s—
F re ig h t E a rn in gs _______________$1,427,587 49
$1,328,385 90
$99,201 59
Passenger E a rn in gs____________
423,251 83
391,872 93
31,378 90
Express E a rn in gs_______________
24.S47 98
18,368 39
6,479 59
M a il E a rn in gs___________________
21,580 65
21,999 76
*419 11
R en ta l and JUiscellaneous______
9,679 11
11,868 48
*2,189 37
R e n ta l o f E q u ip m e n t___________
157,691 52
90,960 26
66,731 26

$695,064 30 $711,082 84 *$16,018 54
O perating E xpenses—

ol. lx x x v

$40,000 00
14,553 98
$54,553 98

T A B L E X X — E Q U IP M E N T O W N E D

(Condensed).
L o c o m o tiv e s O w n e d ----------------------------------------------------------------------27
Cars—
F r e ig h t C a r s - ................ .............................................................................. 1,869
Passenger C ars---------------------------------------------------------------------------16
M is c e lla n e o u s _______ _____ _______ _______________________________________
138
T A B L E X X I — M IL E A G E .
S in d e T ra c k (see d etails t x low 1___________________________________378.13
D ou b le T r a c k , Junction to « lv.e.________________________________
1.19
D o u b le T ra c k , Council B1 f f _____________________________________
3.00
S ide and Passin g T ra c k s _________________________ __________ ______ 95.75

Miles
M iles
M iles
M iles

T o t a l - .................................. .................... .........................................478.07 Miles
D e ta ils o f M X l s Owned.
O elw eln , Io w a , to Council B lu ffs, Io w a (fo rm in g , in connec­
tio n w ith th e C hicago G reat W estern lines, p a rt o f a throu gh
line betw een Chicago and O m a h a ) ------------------------ ----------- 259.83 M iles
H a y fie ld , M in nesota, to C la rion . Io w a (fo rm in g a pa rt o f a
th rou gh line betw een M inneapolis and O m a h a ) ----------------- 99.71 Miles
T o t a l mll^s m ain lin e _________________________________________ 359.54 Miles
Branch lines to Leh igh and C o a lv ille ---------------------- ---------------18.59 Miles
T o t a l m iles o w n e d ____________________________________________ 378.13 M iles

— The new banking firm of Winmill & Fish has recently
started business at 20 Broad Street, this city. The partner­
ship is composed of: Robert Campbell Winmill, for six
years connected with the Fifth Avenue Trust Co.; Harry
Van Cortlandt Fish, until lately identified with the Van
Norden Trust Co., and Edward Charles Gude, ten years
Treasurer of the O. J. Gude Co. Messrs. Winmill & Fish
will deal largely in unlisted and inactive stocks and bonds,
negotiate loans, foreign exchange, accept deposits subject to
check, allowing interest thereon, and handle bank and trust
company stocks.

THE CHRONICLE

O c t. i'.l 1907.1
H 'u c

© m

r a j c r i i a l

COTTON.

g r im e s .

Friday Night, October 18 1907.
T H E M O V E M E N T OF T H E C R O P as indicated by our
C O M M E R C IA L E P IT O M E .
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
Friday Night, Oct. 18i/j, 1907.
267,873 bales, against 250,455 bales last week and 215,948
The continued depression in financial circles is inducing bales the previous week, making the total receipts since'
caution in the business world. The metal industries con­ the 1st of September, 1907, 1,248,451 bales, against
tinue to show signs of a re action and copper has further 1,703,733 bales for the same period of 1906, showing a
declined, but in the main prices are pretty well maintained. decrease since Sept. 1 1907 of 455,282 bales.
Everywhere there is a tendency towards increased conserva­
tism.
Tota l.
Thurs.
F r i.
Wed.
Tues.
M on.
R eceipts at—
S a t.
L A R D on the spot has advanced, owing to an increase in
8,030
8,531 51,087
8,799
7,579
7,118 11,030
___
G
alveston
the demand and light offerings. There has been an im­ P o r t A r th u r____
“ 394!
"3 9 4
provement in the export trade of late, principally for account Corp . Chris., &c.
3,437
3,185 ^7;744l
5,115 10,698 11,741
3,558
e w O rlean s____
o f the United Kingdom. City 9
. and Western 9.50@ N
ia,oas?
1,815
3,131
1,134
4,487
1,758
1,614
M obile _________
9,01?
128
5,950
9.60c. Refined lard has also advanced, with a larger volume
2,939
331
231
100
o f business, partly for export. Offerings have continued J a ck so n ville, &c. 12,662
9,574 13,913 10,629 82,800
1 6,497
4,386
4.386
moderate. Refined Continent 9.90c., South American B iu n s w ic k ______
2.387 14,107
2,262
1 ,337
2,055
2,577
3,489
10.75c, and Brazil in kegs 12c. The speculation in lard
G e o r g e t o w n ____
futures at the West has been active. Of late prices have W il m i n g t o n ------ 5,159 8,663 4,472 4~295 2,585 4,985 30,159
3,856 22,899
2,548
2,273
5,039
4,632
4,551
shown some tendency to react, owing to the fall in the N o r f o l k _________
247
247
grain markets and liquidation. But in the main the tone N ’ p o rt N e w s , &c
has been firm , owing to the improved spot trade, investment B o s t o n __________
698 " 6 9 8
::::
a lt im o r e _______
::::
buying, support from packers and the strength of the market B
25
85
‘ '■40
: ::
P h ila d e lp h ia ____
for live hogs.
C L O S IN G J U IC E S O P L A R D F U T U R E S I N C H ICAG O ,
M on.
Tues.
Wed.
T hurs.
F r i.
N cfvem ber d e liv e r y ______9.27 '/& 9.86
9.25
9.25
9.25
9.17 y2
J a n u a ry d e liv e r y -----------9.07
9.00
«.9 5
9.1214 9.05
9 .1 7 *!
9.<10
9.30
M a y d e liv e r y ____________ 9.27
9.22 14 9.17 H 9.1 2 M
D A IL Y

T o ta ls this w eek

37,881

49,920

57,556

39,153

42 087

41.27G 267,87S

The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
last year:

P O R K on the spot has been firm but without quotable
change in prices. Trade has been moderately active. Mess
Stock.
1906.
1907.
$17@$17 75, clear $16 75@.$18 and fam ily $18 75@$19 25.
R eceipts to
Beef has been more firm as a rule, with trade more active
T h is S in ce Sep
S in ce Sep
T h is
October 18.
1906.
1 1906.
1907.
week.
1 1907.
week.
and offerings fight. Mess $9@$10, packet $11 50@$12,
ifamily 814 50@$15 and extra India mess $23@$23 50. G a lvesto n _____ .. 51,087 333,125 150,900 753,314
67,445
241,030
____
_______
___ i. _ _
6,083
Cut meats have been quiet but firm with offerings small. P o r t A rth u r-------___
447
4,832
394
2,269
C orp. Ch ristl, <Scc.
Pickled shoulders 8c., pickled hams llj^ @ 1 2 c ., and pickled N e w O r le a n s ____ 37,744 118,481 62,942 263,852 102,001 120 937
38,266
8,833
26,901
28,177
13,939
45,864
bellies, 14@10 1bs., l l j 's @ 12V£c. Tallow has been moder­ M o b ile- ________
_______
_______
9,017
3,149
en sa co la ________
10 269
ately active and firm. City 6 @ 6 \ {c. Stearines have been PJack
25
331
860
228
so n ville, & c .
strong and active. Oleo 10c. and lard l l @ l l i 4 c . Butter S a v a n n a h ________ 82,800 404,536 73,728 369,620 109.425 112,734
44,803
5,873
18,638
13,584
10,249
r u n s w ic k _______
4,386
has been active and easier; Creamery extras 28 J4e. Cheese CBharleston
9,090
51,055
31,037
63,691
16,220
______ 14,107
_
_______
_______
78
25
has been quiet and firmer; State, f. c., small,"colored or G eorgetow n 144,671 31,968
107,776
43,430
35,244
ilm in g t o n ______ 30,159
white fine, 16c. Eggs dull and lower; Western firsts 21
23c. W
82,952
28,847
N o r fo lk ___________ 22,899
76,341 26,872
25,811
O IL .— Cottonseed has been dull but firm. Prime summer N e w p o r t N e w s .& c
1,082
247
1,066
123
____
_
149,721
87,988
yellow 52@53c. The receipts of seed have been small. N e w Y o r k _______
17
61
3,1-60
1,695
391
Linseed has been dull but firm. City, raw, American seed, B a ltim o re ________
629
2,147
2,922
698
1,575
461
65
180
600
4,307
509
3,639
49@50c.; boffled 50@51e.; Calcutta, raw, 70c. Lard has P h ila d e lp h ia ____
been fairly active and firm with offerings light. Prime
576,675’ 690,350
T o t a l___________ 267,873 1.248,451 371,658 1,703,733
74@76c. and No. 1 extra 54@57c. Cocoanut has b
but strong. Stocks are very small. Cochin 9%@10*3^c.
In order that comparison may be made with other years,
and Ceylon 8@ 8J^e. Olive has been moderately active and we give below the totals at leading ports for six seasons:
firm. Yellow 75@80c. and green 68@70c. Cod has been in
fair demand and steady. Domestic 40@42c. and New­ Receipts at—- 1907.
1905.
1906.
1904.
1903.
1902.
foundland 42® 44c.
a lv e s t o n ___
103,532
150,900
124,890
110,318
51,087
90,538
CO FFE E on the spot has been in fair demand and steady. G
P t. A rth u r,& c.
3,>4
447
6.927
1,984
1,424
2,318
67,634
37 ,744
62,942
44,38495,632
91,803
Rio No. 7, 6’34c -> and Santos No. 4, 8c. West India growths N e w O rlean s.
'J jile_______
8,833
11,487
13,045
14,105
13,939
9,878
have been active and generally firm. Stocks are light. M
Savannah ___
81,526
82.800
71,935
73,728
71,818
49,828
Fair to good Cucuta 8% @ 9 ^ c . The speculation in future B ru n sw ick___
4,386
5,873
8,183
7,188
6,823
6,863
Ac
14,107
9,121
8,042
11,791
9,091
7,773
contracts has been on an extremely small scale, with corre­ Charleston,
14,706
27,095
23,784
W ilm in g to n . .
30,159
31,968
16,366
spondingly narrow fluctuations in prices. In the main,
26,872
22,809
29,240
35,460
1 ,740
25,264
247
rt N . , &c
123
- 197
468
138
629
however, the tone has been easier, owing to liquidation for AN ll’pooth
ers____
851
9,132
10,111
1.928
5,779
5,301
local and foreign account. The depression in financial circles
has also had an adverse influence, while the stagnation of T o ta l this w k . 267,873 371,658 321,919 393,639 324,280 313,874*
the speculation has of itself had a bearish effect.
Since S ept. 1_ 1,248,451 1,703,733 1,935,303 2,250,891 1,580,629 1,952,245.
The closing prices were as follows:
O c t o b e r ------------ 5.80c. I F e b ru a ry _________ 6.05c.
June______________6.25c
The exports for the week ending this evening reach a total
N o v e m b e r ______5.85c. M a r c h ......... ..........6.10c.
J u l y ------------------6.30c.
of 184,502 bales, of which 99,892 were to Great Britain,
D e c e m b e r --------- S.95c. |A p r i l ______________6 15c.
A u gu st___________ 6.35c
J a n u a ry ............... « .0 0 c .| M a y ........... . ..........6.25c.
S ep tem b er_______ «.4 0 c .
18,693 to France and 65,917 to the rest of the Continent.
S U G A R .— Raw has been easier. Refiners show no dis­ Below are the exports for the week and since Sept. 1.
position to make purchases. Larger receipts are expected
shortly. Centrifugal, 96-degrees test, 3.90c.; muscovado, 89
Week ending Oct. 18 1907. From Sept. 1 1907 to Oct. 18 1907.
Exported to—
Exported to—
degrees test, 3.40c.; and molasses, 89-degrees test, 3.05c.
Exports
Refined has been steady. Withdrawals on old contracts
1rom—
Great
Conti­
Great
Conti­
Britain. France. nent. Total. Britain. France. nent. . Total.
have been fairly active, but new business has been dull.
Granulated 4.70c. Teas have been steady with a moderate G alveston ____ 29,863
19J891 49,754 134,643 48,478
78,802 261,925
__
jobbing trade. Spices have been fairly active and steady. PortA rth u r___
Corp.Chrlstl&c
L
Hops have been dull and firm.
New Orleans. _ 12,815 3,921
1,295 18,031
19,670 6,961
41,738;
15,107
8,651 8,651
2,000 4,251
14,902
P E T R O L E U M has been firm. There has been some falling M o b ile...........
8,651
Pen sacola____
300 12,826
6,830 7,048
14,178
300
off in domestic trade, but the demand for export has con­ Fernandlna _. 6,028 6,498
tinued active. Refined, barrels, 8.75c.; bulk, 5.00c., and Savannah ____
5,997 19,250 25,247
30,097 21,903
87,276 I45,27(>
_
Brunswick____
8,629
17,674
26.503
•cases, 10.90c. Gasoline has been active and firm; 86- Charleston____
degrees, 21c., in 100-gallon drums. Naphtha has been Wilmington___ 19,253 . . . . ........ 19,253 47,248
53,701 100,949
1,500
1,950
75
2,025
active and firm; 73@76-degrees, 18c., in 100-gallon drums. Newport News 1,500
Spirits of turpentine has been fairly active and firmer at New Y o rk ____ 14,700 2,277 10,786 27,763 64,564 5,656 57,083 127,303
B o s to n _______
84 8,239
8,155
464
40,593
41,057
563^c. Rosin has been in moderate demand and firm;
B altim o re____
5,365
3,833 9,198
6,263
1,100
12,718
20,381
common to good strained, $4 35@$4 40.
Philadelphia _ _ 2,213
649 2,862
10,833 ........
11,482
649
1
-----TOBACCO.— There has been no increase in the volume
San Francisco.
300
300
of business in domestic leaf, but an improvement in trade Seattle ..........
____
1,178 1,178
. 1,182
1,182
is expected shortly. Prcies have ruled firm. The bulk of Tacoma _____
32
32
Ore.
the crop has been gathered and stored. Havana has been PPortland,
em b in a ........
strong and in active request, but owing to the small supplies, D etroit............ ........
-------........
........
sales have been light. Sumatra firm and moderately active.
T o t a l ______ 99,892 18,093 65,917184,502 379,521 95,697 334,014 809,232
C O PPE R has been dull and lower; lake 122^@12%c.
and electrolytic 12J^@12%c. Lead has been dull and Total 1906____ 125,363 6,952' 92,552224,0R7 48 >.775 109,3’ <> 4Kj y r f ) } 017 383
weak at 4.60c. Spelter has been dull and steady at 5.45c.
In addition to above exports, our telegrams to-mgut also
Tin has been quiet and easier and 32c. for Straits. Iron give us the following amounts of cotton on shipboard, not
has been quiet and steady; No. 1 Northern §19 50@$20 50; cleared, at the ports named. W e add similar figures for
No. 2 Southern $21 75@$22 25.
New York.




13
F a i r _______ _____ cl.75 on
Strict mid fair........ 1.50 on
Middling fair______ 1.25 on
Barely mid fair____ 1.00 on
Strict good mid____ 0.75 on
Fully good mid____0.62 on
Good middling____0.50 on
Barely good mid___0.37 on
Strict middling____0.25 on
Middling
__________ Basis

Strict low m ld .-C 0.30 oft
Fully low mid_____ 0.65 oil
Low m id d lin g ____ 1.00 ofl
Barely low mid____1.25 off
Strict good ord____1.50 off
Fully good o r d .. 1.75 off
Good o rd in a ry ____ 2.00 off
Strict g'd mid. tgd.0.35 on
Good mid. tin ged .. Even
Strict mid. tin g ed ..0.20 off

Middling tin ged ..c 0.30 off
Strict low mid. ting 1.00 off
Low mid. tinged___1.50 oft
Strict g’d ord. tin g .2.00 off
Fully mid. stained. 1.00 off
Middling stained___1.25 off
Barely mid std____1.75 off
Strict low m. stain.2.25 off
Fully 1. m. stained.2.62 ofT
Low mid. stained..3.00 off

The official quotation for middling upland cotton in the
New Y ork market each day of the past week has been:
Oct. 12 to O ct. 18—
Sat.
M id d lin g u p la n d .........................11.70

M on.
12.00

Tues.
11.75

W e d . Thurs.
11.75
11.75

Fri.
11.75

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.
S p o ' M a rk e t
Closed.

F u tu re s
M a rk e t
Closed.

Q u iet S p t s d e c -----S te a d y 30 pts a d v . .
S te a d y 25 pts d e c . .
S tead y - . ------S t e a d y ----------------S t e a d y -----------------

S te a d y --------S te a d y --------S te a d y --------F i r m ____
S te a d y ____ S te a d y ---------




Sales of S p o t and Contract.
C onC on ­
E xp ort sum'n. tract.
283
“ 73
219
1,166
1,100

575
,

Total.

"400

283
400

'46 6
200

" ‘ 73
619
1,300

1,0 0 0

2 575

T H E
b y

c a b le

as

w e ll

as

q u e n tly

th e

a ll

e v e n in g .

and

th e

O F
is

a flo a t,

fo r e ig n
B u t

t o - n ig h t

fr o m

S U P P L Y
te le g r a p h ,

to

a re

fig u r e s
m ake

U n ite d

o l. lxxxv

A ugust—

a re

b rou gh t
to ta l
add

dow n

th e
in

it

--------- @
-------- —

--------- @
-------- —

--------- @
-------- —

--------

--------- @
-------- —
--------- @
-------- —
------ @
------—
@
—

of

th e

conse­

T h u rsd a y

c o m p le te
ite m

s to c k s ,

and

to

—

— 10.65 @10.80 10.67 @
— 10.70 @10.73 10.65 @10.80
— 10.65— 10.70 10.66— 10.68 10.72— 10.73 —
—
—

--------- @
-------- —
------ @
------ —
@
—

as m a d e

F o r e ig n

re tu rn s ,

th e

in c lu d in g

Range
10.78
C lo s in g —
Sept.-—
Range —
Closing —

10.71 @10.80 10.69 @11 15
10.78— 10.79 —
—
—
11.02 @11.15
11.09— 11.10
10.87 ®10.97
10.99— 10.97

10.79 @10.99 10.77 @10.91 10.69 @10.84
10.88— 10.90 10.77— 10.78 10.75— 10.76

’—
—

10.81 @10.99 10.76 @10.96
10.88— 10.89 10.79— 10.80

10.86 ®
--------------- ---------------- ® 1 0 .8 4 —
@
-----10.88— 10.90 10.78— 10.80 10.80— 10.82 10.78— 10.80 —
11.02 @11.13
11.09— 11.10

—
10 86— 10

.8 —

10 9" 10.81 @10.90
— @—

11.00 @11.15
11.08— 11.09

10.91 @10.92
10.93— 10.95

10.72 ©10.84 10.78 @10.90 10.76 @11 15
10.83— 10.84 10.85— 10.87 —
—
—
10.87 @10.95
10.92— 10.93

—
10.83— 10.85

— 10.81®

-------- @

-- ®
®
n ®. .77~

77
?,anKe

Closing
May —
R inge
Closing
J u n e—
Range
Closing
J u ly —
Range
Closing

to - n ig h t,

fo llo w s .

w e e k ’s

w e

S ta te s ,

C O T T O N
as

t h is
th e

(F r id a y ),

10.90— 10.91 11.08— 11.09 10.S6— 10 87 10.80— 10.82

10.81 @10.93 10.76 @ 1 1 1 2
10.87— 10.88 —
—
—
10.96 @11.12 10.77 @10.98 10.76 @10.94 10.76 @10.86
11 07— 11.08 10.84— 10.85 10.81— 10.82 10.84— 10.85

11.00 @ 1 1 .0 3 —
(ffil0 .7 7 —
@ 1 0 .8 3 —
@
--------- @10.90 10.77 @11 03
11.03— 11.04 10.81— 10.83 10.81— 10.83 10.88— 10.90 10.88— 10.89 —
—
—

10.73 @10.98 10.77 @10.91 10.81 @10.91 10.83 @10.94 10.73 @11.07
10.80— 10.81 10.83— 10.84 10.89— 10.90 10.88— 10.89 —
—
—
10.90 @11.07
11.02— 11.03

11.20 @11.33 10.86 @11.33
11.22— 11.23 —
—
—
11.15 @11.30
11.24— 11.25

V IS IB L E

up

fo r

11.06 @11.23 10.91 @11.20 10.98 @11.25
11.29— 11.22 11.00— 11.01 11.22— 11.23

Speculation in cotton for future delivery has not, as a rule,
been active, although there has been considerable business in
December. Indeed, the attention of the trade has at times
been focused on that option. This was because of aggres­
sive manipulation, which has lifted the premium on that
month over January at times to 40 points, as against a
premium last week of 10 points and not so long ago a dis­
count of 10 points.- This exceptional strength of December
is attributed to a sharp demand to liquidate hedges or strad­
dles made during the present year by selling December and
buying January or later months. Roughly speaking, the
near months advanced during the week and the distant
months have receded. The general tendency of much of
the trading has been to buy the near months and sell the dis­
tant ones. Meantime, although killing frost was reported
on three nights during the past week, and on Monday there
was a sharp advance on this account, the weather has since
had comparatively little effect. Killing frost has been of­
ficially reported in seven different States, namely, Mississippi,
Louisiana, Arkansas, Alabama, Tennessee, Georgia and
South Carolina, but, owing partly to a belief among many
that the damage in those States has not been widespread or
very severe, and partly to the disturbed financial situation
and “ cuts” in cotton goods by a large Chicago house, the
frost news has latterly had very little influence. Some pri­
vate reports insist that considerable damage was done,
but such reports have been practically ignored, especially as
o f late the weather throughout the belt has been warmer,
and Texas has not yet been reached by killing temperatures.
Moreover, there is an idea among many that the financial
stringency throughout the country, the South not excepted,
must sooner or later lead to the abandonment of the policy
of holding back for 15 cents, although many farmers in differ­
ent parts of the belt seem to be refusing to market their cot­
ton, at least at present prices. Speculation has been quiet.
This is by no means without its effect on prices, if not in caus­
ing a decline then in tending to check any upward m ove­
ment. A t times, however, the Liverpool market has been
so strong as to exert more or less influence on American quo­
tations. Russians have been buying in the English market,
and reports are rife that the crop in Russian Turkestan,
which last year seems to have approximated 675,000 bales,
has been considerably injured by frost. Also, there are re­
ports that the crop outlook in Egypt and India is not alto­
gether favorable. Latterly, too, there has been some manip­
ulation of January as well as December. So far as the spot
situation is concerned, it has been in the main pretty steady,
practically ignoring the movements of prices for futures,
whether upward or downward. To-day, prices were irregu­
lar, closing with little change, firm spot markets and Decem­
ber manipulation offsetting the bearish factors. Spot cotton
has been quiet and steady. Middling uplands closed at
11.75c., showing no change for the week.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling m ay be delivered on contract, are as follows:

----- @
— 10.74 @ 1 0 .9 0 —
@
— 11.03 @11.08 11.05 @11.11 10.74 @11.11
11.0Z— 11.05 10.80— 10.82 11.02— 11.04 11.04— 11.05 11.05— 11.06 —
—
—

407,433
397,549
731,076

10.96 @11.11 11.09 @11.11 10.71 @11.11
11.08— 11.09 11.02— 11.04 —
—
—

29,548 169,242
31,740 292,801
55,959 182,789

10.71 @10.90 10.82 @11.03
10.80— 10.83 11.01— 11.04

22,473
50,859
20,964

10.87 @11.03
11.02— 11.04

15,749: 55,912
36.0611 70,790
13,006; 45,352

October—
Range
10.75 @
—
Closing 10.75— 10.78
N o v .—
Range —
@
Closing 10.75— 10.78
D ec—
Range
10.86 @10.96
Closing 10.93— 10.94
J a n .—
Range
10.75 @10.85
Closing 10.83— 10.84
F e b .—
Range
10.85®
—
Closing 10.86— 10.87
M a rch —
Ringe
10.81 @10.89
Closing 10.88— 10.89
A p r il—

r T o ta l 1 9 0 7 .. 45,560
£ T o ta l 1906. _ 103,351
fe T o t a l 1905.- 47,508

Week.

6,000
3,000

97,638
18,445
79,943
21,037
17,937
6,938
136,221
29.274

F r id a y ,
Oct. 18.

3,666
” 500
3,000 14.000

4,363
49.000
29,482
10.000
9,024
18,873
13,500
35,000

3.000
4,700
2.000
975
18,873

Thursday,
Oct. 17.

4,606
15.000

Total.

[V

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

Wednesday,
Oct. 16.

473
13,000

5,000

150
3, COO 15.000
6,200 15,762
8,000
3,049

3,740
15.000
2,820

Leaving
stock.

Tuesday,
Oct. 15.

Oct. 18 at—
N e w O rlean s. .
G a lv e s t o n ____
S avan n ah ____
C h a rlesto n -----M obile
N o r f o l k _______
N e w Y o r k ____
O th er p o rts ___

Coast­
wise.

M ond ay,
Oct. 14.

Great
[ GerOther
B rita in . F r a n c e ! m any. F o re ig n

Saturday,
Oct. 12.

On Shipboard, N o t Cleared fo r -

S atu rd ay
M o n d a y ___
Tu esd ay . .
W edn esday
Th ttis d a y .
F r id a y . . .. .

— 10 84 @11

THE CHRONICLE.

103*

fig u r e s
e x p o rts

e x p o rts

o f

F r id a y o n ly .
O ctober 18—
1907.
1906.
1905.
S to c k a t L l v r e p o o l ...............b a le s . 563,000
23 9 ,0 0 0
6 2 4 ,0 0 0
S to c k a t L o n d o n _________ _______ 24,000
16,000
2 4 ,0 0 0
S t o c k a t M a n c h e s t e r _______________
4 2 ,0 0 0
22,000
32,0 0 0

1904.
2 5 2 ,0 0 0
1 5 ,0 0 0
10,0 0 0

T o t a l G r e a t B r it a in s t o c k -------62 9 ,0 0 0
2 7 7 ,000
S to c k a t H a m b u r g __________ _______
18,000
22,6 0 0
S to c k a t B r e m e n ...............................
8 1 ,000
38,000
S to c k a t A n t w e r p ____________ __________ ____ ______________ _
S t o c k a t H a v r e ______________________
8 6 ,000
26,0 0 0
S to c k a t M a r s e ille s __________________
4,000
4,000
S t o c k a t B a r c e lo n a .............. ...........
1 1 ,0 0 0
4,0 0 0
S to c k a t G e n o a . ..................................
19,000
1 5 ,000
S t o c k a t T r ie s t e .................................
34,0 0 0
1,000

27 7 ,0 0 0
33.000
83,0 0 0
4,0 0 0
4 0 ,0 0 0
3,000
5 ,000
1 7 ,0 0 0
9,0 0 0

680,000
17,000
1 9 0,000
________
5 3 ,000
3,000
7 ,0 0 0
14.0 0 0
3,000

T o t a l C o n t in e n t a l s to c k s .............

2 5 3 ,000

1 1 0 ,000

28 7 .0 0 0

1 9 4,000

T o t a l E u r o p e a n s t o c k s -------------I n d ia c o t t o n a flo a t fo r E u r o p e . . .
A m e r ic a n c o t t o n a flo a t f o r E u r o p e
E g y p t .B r a z ll.& c .,a flo a t fo r E u r o p e
S t o c k in A le x a n d r ia . E g y p t ______
S t o c k In B o m b a y , I n d i a .......... ..
S t o c k in U . S . p o r ts ................... ..
S to c k In U . S . in t e r io r t o w n s _____
U . S . e x p o r t s t o - d a y ________________

8 8 2,000
52,000
4 6 9 ,600
58.000
81,000
3 4 0 .000
5 7 6,675
2 9 2 ,930
24.3 7 9

3 8 7 ,000
53,0 0 0
6 1 1 ,625
54,000
88,000
41 6 ,0 0 0
6 9 0 ,350
2 9 1,529
4 1 ,585

9 6 7 .000
8 2 ,000
5 9 6,000
48.0 0 0
7 0 ,0 0 0
4 1 5 .000
91 3 ,8 6 5
4 0 1 ,7 4 3
53,349

4 7 1 ,0 0 0
8 ,000
7 3 9,000
3 2 ,000
9 0 ,000
20 5 ,0 0 0
6 9 2,409
42 2 .2 5 0
5 8 ,0 0 6

T o t a l v is ib le s u p p l y . .............. ..2 ,8 0 6 ,5 8 4 2 ,6 3 3 ,0 8 9 3 ,5 4 6 ,9 5 7 2 ,7 1 7 .6 6 5
O f th e a b o v e , t o t a is o f A m e r ic a n a n d o t h e r d e s c r ip tio n s a re as fo llw o s :—
A m e r ic a n —
L i v e r p o o l s t o c k ----------------- b a le s . 4 7 1 ,0 0 0
173,000
5 4 7,000
20 5 ,0 0 0
M a n c h e s te r s t o c k ___________________
3 4 .0 0 0
18.000
2 9 ,000
8 ,0 0 0
C o n tin e n ta l s t o c k ___________________
157,000
59,0 0 0
250,000
1 1 1 ,000
A m e r ic a n a flo a t f o r E u r o p e ________ 469,600
6 1 1,625
596,000
7 3 9 ,0 0 0
U . S . p o r t s t o c k s _____________________ 5 6 6 ,6 7 5
6 9 0 ,350
9 1 3,865
6 9 2 ,4 0 9
U . S . I n t e r io r s t o c k s . ........................
2 9 2.930
2 9 1 ,5 2 9
40 1 ,7 4 3
42 2 ,2 5 0
U . S . e x p o r t s t o - d a y ________________
2 4 .3 7 9
41.5 8 5
53,349
5 8 ,0 0 6
T o t a l A m e r ic a n ................. ........... 2 ,0 2 5 ,5 8 4 1 ,8 8 5 ,0 8 9 2 ,7 9 0 ,9 5 7
E a s t I n d ia n , B r a z il, & c .—
9 2 ,0 0 0
66,000
7 7 .000
L iv e r p o o l s t o c k _________ ___________
L o n d o n s t o c k ________________________
24,0 0 0
16,000
24.0 0 0
M a n c h e s te r s t o c k s __________________
8,0 0 0
4,0 0 0
3 ,000
C o n t in e n t a l s t o c k s __________________
96,0 0 0
51,0 0 0
3 7 ,000
I n d ia a flo a t f o r E u r o p e ____________
82,0 0 0
53,0 0 0
82,0 0 0
E g y p t , B r a z il, & c ., a f lo a t _________
58,0 0 0
54,000
4 8 ,0 0 0
S to c k in A le x a n d r ia , E g y p t -------8 1 ,0 0 0
8 8 ,000
7 0 ,0 0 0
S t o c k .in B o m b a y , I n d i a __________
340 non
4 1 6 ,0 0 0
41 5 .0 0 0

2 ,2 3 5 ,6 6 5

T o t a l E a s t I n d ia , dec____________
78 1 ,0 1 0
7 4 8 ,000
75 6 .0 0 0
T o t a l A m e r i c a n __________________2 .0 2 5 ,5 8 4 1 ,8 8 5 ,0 8 9 2 .7 9 0 .9 5 7

48 2 ,0 0 0
2 ,2 3 5 .6 6 5

T o t a l v is ib le s u p p l y - ...................2 ,8 0 6 ,5 8 4 2 ,6 3 3 ,0 8 9 3 ,5 4 6 ,9 5 7
M id d lin g , U p la n d , L i v e r p o o l -----6 .5 4 d .
6 .3 3 d .
5 .4 2 d .
M id d lin g , U p la n d , N e w Y o r k . . .
1 1 .7 5 c.
1 1 .5 0 c.
1 0 .4 0 c.
E g y p t, G ood B row n , L iv e r p o o l..
10?-4c.
lO H d .
8Kd.
P e r u l v a n , R o u g h G o o d , L iv e r p o o l
1 2 .0 0 d .
8 .5 0 d .
9 .0 5 d .
B r o a c h , F in e , L i v e r p o o l ------------- 5 1 5 -1 6 d .
5 *4 d .
5 7 -1 6 d .
T ln n e v e lly , G o o d , L i v e r p o o l -------5% d.
5% d.
5M d.
C o n tin e n ta l im p o r t s
Th e

above

220,671 b a l e s ,
o f 740,373
b a l e s o v e r 1904.
o f

crea se

past w eek

1907

fig u r e s f o r
a

g a in

of

b a le s f r o m

show

have

been

50,000

a d e c re a s e fr o m

173,495
1905,

b a le s
and

over
a

4 7 .0 0 0
15,000
2,0 0 0
83,0 0 0
8 ,0 0 0
32.0 0 0
90,0 0 0
20 5 ,0 0 0

665
5 .3 6 d .
1 0 .0 5 c .
8

2 .717

„ .ij5 7 -1 6 a .
b a le s .

la s t w e e k

1906,

g a in

o f

a

de­

88,919

THE CHRONICLE.

O c t . 19 1907.)

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.

Towns.

261,446 291,529

.

693

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
S INCE S E P T . 1.— We 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:
—1----- 1907------------------------- 1906--------S in ce
S in c e
W eek.
Sept. 1.
Week.
Sept. 1.
4,794
16,285
12,879
35,456
_______ 3,907
7,903
2,536
6,117
22
256
200
696
_______
787
6,026
563
5,391
_______
294
2,201
851
2,137
......... - 1,316
3,158
2,318
6,736
7,319
1,755
8,704

D educt shipm ents—
O verla n d to N Y . , Boston, & c ___
763
B etw een In terior to w n s ___ _______
248
In la n d , & e., from South- _______ 1,846
T o ta l to be d e d u c t e d ___ ____ _

43,148

21,102

65,237

2,475
697
10,892

826
206
1,033

2,808
2,792
6,241

2,857

14,064

2.065

11,841

L e a v in g to ta l n et o verla n d .a _______ 10,311

29,084

19,037

53,396

a In clu d in g m o vem en t b y ra il to Canada.

The foregoing shows the week’s net overland m ove­
ment has been 10,311 bales, against 19,037 bales for the
week last year, and that for the season to date the aggre­
gate net overland exhibits a decrease from a year ago of
24,312 bales.
----------1907---------- ------------- 1908------- —
I n S ig h t and S p in n ers’
S in ce
S in ce
7'akings.
W eek.
Sep t. 1.
Week.
Sept. 1.
R eceip ts a t ports to O c t .18__________267,873 1.248,451
371,658 1,703,733
N e t o verla n d to O ct. 18_____________ 10.S11
29.084
19,037
53,396
Southern consum ption to O ct. 18___ 49,000
336,000
47,000
329,000
T o ta l m a rk eted ......... ...................... 327,184 1,613,535
In te rio r stocks In e x c e s s -......... .......... 54,942
212,347
Cam e Into sight d u rin g w e e k ......... 382,126 __________
T o t a l In sigh t O ct. 18_______ __ ___________ _ 1,825,882

m

• ----------------------------------------

N o rth , spinners’ takings to O ct 1 8 -- 30,090

168,855

437,695 2,086,129
195,253
62,991
500,686

-----

52,378

2,281,382
218,476

Movement into sight in previous years:
Week—
Bales. I S in ce Sept. 1—
Bales.
1005— O ct.T20 ..........................441,001 11905— O ct. 20........................ 2,586,717
1904— O ct.* 2 1 ..........................554.950! 1904— O ct. 2 1 . - .............. .--2 ,9 5 8 ,2 4 6
1903— G ct.\ 2 3 -....................... 445,787[1903— O ct 23........................ 2 123,30
1902— O c t .'2 4 ......... ................ 452.44511902— O c t.24...................... -2,773,932




C losing Quotations f o r M id d lin g Cotton on —
S a t’day.

G a lv e s t o n ------N e w O rlean s___
M o b ile __________
Savannah ------C h arleston ----W ilm in g to n N o i f o l k ________
Boston ---------B a lt im o r e ______
P h ila d e lp h ia ___
A u g u s t a _______
M e m p h is ----- _
St. L o u is----- H o u s t o n _______
L ittle R o c k ____

M ond ay . Tuesday. W ed’day. T h u rs d 'y
11%

11%
U %
11 H
11 3-16
11 H
11 3-16

11 M
11%

11%
11 %
11%
11%
11%
11%
11.70

11 Mi

11.75
11 %
11.95
11 5-16
nys
U H
11 7
4
11 %

11%

11 3-16
11%
11 3-16
11 %

1 2.00
11 %

11 %

1 2 .0 0

12.25
11%
11 %
11%
12
H -%

11 >4
11 %
11%
11 %
11%,
11 3-16
11%
11.75

11%
12 00

11 %
11

%

11%

11

%

11%

11%

11 %
11

;■ '

F rid a y .

%

11

%

11%
11 %
11%
11 3-16

11 %

11.75
11 %
12.00
11 7-16
11%

11 %
11%
11%

11 %
11%
L
11 3-16
11 3-16
11%
11.75
11 %

"

12.00

11 7-16
11%
11%
11 %
11 %

N E W O R L E A N S O P T IO N M A R K E T .— The highest,
and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

loAvest

S a t’day,
Oct. 12.

-

324,437 1,307,228

Movement to October 18
1907.M ovement to October 19
1900.
---------------- -------------- ---------------- 1---------------- ---------------- ---------------- ---------------- ---------------Receipts.
Ship- Stocks Receipts.
ShipStocks
Oct.
----------- ---------------- ments.
Oct.
Season.
Week.
18.
Week.
Season.Week.
19.
Week.

832,161 131,486 292,930]

----------- ---- ments.

_

_

186,428

......................... . 2,500
11,595
2,200
2,500
2,0009,821
1,500
3,906
Alabama
"
. . .
12,052
48,999
8,339 13,531
9,341
46,134
8,376 13,623
.............................. 6,431
28,911
7,106
4,325
7,30336,545
6,440
6,863
“
Arkansas __________ _________ 1,800
4,812
1,259
2,700
1,7293,569 •
25
2,921
"
. _ .
4,623
9,191
1,552
8,199
10,10221,545
5,756
21,326
Georgia
..........-2,500
9,861
2,000
3,000
1,88710,701
1,755
1,787
“
.
. . .
8,000
33,777
5,314 16,000
7,975
25,91«
4,249 12,656
“
...
1,092
2,361
7 4,570
7,41520,457
5,584
7,721
••
.
21,028
121,733
18,278 36,806
24,572
1 14,286
19,324 30,075
“
.........
2,615
7,536
1,130
3,687
2,21314,740
1,823
8,243
“
.......... .
5.098
24,803
4,675
3,756
4,06225,430
3,731
4,289
“
.............................. 2,918
6,468
1,924
2,805
2,7928,325
2,-294!
2,494
K en tu ck y, n e t _
204
607
239
15
27254j.
22
35
L o u i s i a n a . . .....
4,142
12,951
3.119
9.868
11,233
46,028
8.690! 12,173
M is s is s ip p i .......
2,447
7,484
1,367
4,889
2,3327,410!
1,561;
4,039
“
..........
3,585
13,293
2 550 6 944
2,5416,810
8261 4,132
“
..........
5,404
17,677
2,708 10,384
2,9279,820
2,249
4,670
“
. . .
...
3,053
10,389
2,505
4,435
4,11912,986!
2,110:
5,503
“
.............................. .................... 3,0719,7212,5294,033
4,25517,609]
3,076
6,249
“
* ____
3,832
10,731
818 8,586
3,7509,715
762
7,269
“
.............................. 3,929
12,031
941 9,031
2,434!7.9 791 1,250
5,386
M is s o u r i ............ ....................
.5,944 15,913
4,794
3,940
11,58430,853
12,879
8,898
North C a rolin a _
451
2,504
450
929
8766,081]
850
1,471
O h io ____________
1,034
7 499
1,226
8,312
l,310j 8,799]
2,024
8.348
South C a rolin a _
1 300
4,633
— . 3,267
1,241!5,282!
1,089
2,482
T e n n e s s e e ______
21,753
53,255
11,049 43,489
21,597]
47,184,1 1,122 23,299
“
______
511
~
971
40
3,012
27!
254]
___________
T e x a s ___________ . . . _________ 183
2,159
222 1,809
1,462110,893
1,345
2,321
“
___________ _____________ 334
3,489
211 1,903|
5,50011,430|
1,100
4,900
“
. ......... .................... 3 415
9,753
2 ,3?9 4,056
6,26429,439
6,004
7,468
. ______________________ 500
2,463
367 1,133
3,000!10,500
400
3,800
..................
49,995
317,404
39,498 58,522
140,567658,533 133,430
53,492
....................................... 684
7,184
710 2,494j
16,000j31,900!
9,800
9p)00
“
“
"

Total, 33 t o w n s - ______ 1 ___________

Eufaula,
M ontgom ery,
Selma,
Helena,
Little Rock,
A lb a n y ,
Athens,
A tlan ta ,
Augusta,
Columbus,
Macon,
Rom e,
Louisville,
Shreveport,
Columbus,
G reenville,
Greenwood,
M eridian,
Natchez,
Vicksburg,
Yazoo City,
St. Louis,
R aleigh,
Cincinnati,
Greenwood,
Memphis,
N ashville,
Brenham,
Clarksville,
;i)alias, ....
Honey Grove,
Houston,
Paris,

bales more than at the same time last year. The. receipts at
all the towns_has been 138,009 bales less than the same week
last year.

October 18—
S h ip p e d —
V ia St. L o u is ____ - V ia Cairo
____ ■_ V ia R o ck Island ____
V ia L o u is ville _ _
_____
V ia C in c in n a ti........
V ia V irg in ia points V ia o th er routes, &c_ ____

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.
Week ending
October 18.

The above totals show that the interior stocks have in ­
creased during the week 54,942 bales and are to-night 1,401

1033

M ond ay, Tuesday, W ed'day, Thursd'y, F rid a y ,
Oct. 14. Oct. 15. Oct. 16. Oct. 17. Oct 18.

October—
R a n g e ______- 10.96 — 11.08-.27
C losin g_______ 10.98 — 11.28-.29
N ovem ber—
R a gn e - .
—
@ — —
@ —
Closing______ 10.72-.75 11.01-.03
Decem ber—
R a n g e ___ ____ 10.72-.83 10.86.07
Closing- . * l - - 10.77-.78 11.06-.07
Ja n u a ry —
R a n ge
10.75-.86 10.91-.08
C losin g_______ 10.81.82 11.08-.09
F e b ru a ry —
—
R a n ge _
- — <ai — -—
C losin g--------- 10.86 — 11.14 —
M a rc h —
R a n g e _______ 10 86-.97 11.0 1 .1 9
C losin g_______ 10.92-.93 11.18-.19
A p r il—
R a n ge
— @ — 11.10 —
C lo s in g ..____ 10.96-.98 11.2 2-.24
M ay—
R a n g e ____ - 1 0 . 9 4-.0 0 1 1.10.28
Closing1 1 . 00-.02 11.26-.28
Ju n e—
R a n ge - — —
@
—
C lo s in g -______ 11.02-.04 11.28-.30
J u ly —
R a n g e ____ _ — @ — — @ —
C lo sin g_______ 11.04-.06 11.30-.32
Ton e—S p o t . ____ __
Nom .
Q u leU
O
p t io y.
n s ______
S tead
S tead y.

11.00-. 12 1 1 . 10-.20 11.13- 20 11.19-.26
11.03-.05 11.18 — 11.18- 20 11.14- 17
—
— ^ -— — @ — — m — —
10 .8 3 .8 4 10.95-.97 10.98- 99 10.92 —
10.75-.94 10.92-.97 10.82- 95 1 0 .8 6 .9 8
10.78-.79 10.90-.91 10.93- 94 10.87-.88
10.75-.95 10.91-.97 10.81- 92 10.85-.96
10.78-.79 10.88-.89 10.92 —— 10.86-.87
— (31 — — (ffi — — (ol 14 — &
10.85-.87 10.94-.96 10.92- 94 10.86-.87
10.84-.05 1 0 . 8 8 -.00 10.85- 99 10.89 .00
10.88-.89 10.97-.98 10.97- 98 10.91-.92
(® — — @ —- — (8) .92
— © —
10.90-.91 10.99-.01 10.97- 98 1 0.91.92
1 1 . 0 0 - .1 2 11.03-.08 10.91- 03 10.92-.05
10.97-.98 1 1.06.08 11.03- 05 10.95-.97

Iff; jif i 1
@ —
— (a) — — : ' ® " — — <® _ _ —
11.99.01 1 1 . 0 8 - 10 1*1.04- 06 10.95-.98
11.04-. 14 — ® — 11.00- 05 10.96 .05
11.01-. 03:11.10-. 12 11.06- 08 10.98-.00
Nom .
Q u l^ f;

Q uiet.
S tead y.

Nom
S te a d y.

Quiet.
Quiet.1'

R E C E IP T S FRO M 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
not 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 out ports.
1 Receipts at the Ports
end’g— j 1907.
Sept.
"
“
"
Oct.
“
"

C' 44,559
13 100,227
20 152,868
27 221,1T2
4!215.94S
11 250.455
18.267,873
1

1906.

1905.

73,061 154,103
139,5211215,738
186,845 244,12-1
275,149 290,585
312,437345,561
345,062,344,925
371,658 321,919
1

Stock ai Interior Towns. Receipts from. Plantains.
1907.
87,945
101,611
313,680
140,440
174,919
237,988
292,930
v.

1906. | 1905.

1907.

100,711 152,6701 52,850
121,033 175,170|113,893
142,464 208.,8011164,937
173,861 250,461 247,872
196,718]320,26;l!250,427
228,538:345,950 313,524
291,529 401,743(322,815
I
• 1:

190$..
77,496
159,843
208,276
306,546
335,294
376,882
434,649

.

171,096
238,138
277,755
332,245
394,361
390,014
377,712

The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1907 are 1,460,798 bales;
in 1906 were 1,898,986 bales; in 1905 were 2,201,869 bales.
2.— That although ;the receipts at the outports the past
week were 267 ,873 bales, the actual movement from'planta­
tions was 322,815 bales, the balance going to increase stocks
at interior towns. Last year receipts from the plantations
for the week were 434,649 bales and for 1905 they Were 377,712 bales.
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 .— Telegraphic
reports to us this evening from the South indicate that' the
weather has been favorable in the main during the week.
Dry weather has prevailed at many points, and where rain
has fallen the precipitation has been light as a rule. L igh t
to killing frosts were reported early in the week in districts
of most of the States. Picking has made good progress on
the whole, but the marketing of the crop continues on a
restricted scale, especially in the Southwest. W e are with­
out any advices from Texas this evening.
New Orleans, L ouisiana .— Dry all the week. The ther
mometer has averaged 63.
Shreveport, L ouisiana .— It has rained on two days the past
week, -the rainfall being eight hundredths of an inch. The
thermometer has averaged 63, ranging from 42 to 84.
Little Rock , A rkan sas .— The weather has been favorable
for gathering and marketing cotton, but receipts at interior
points continue small. The yield also is turning out dis­
appointingly. There has been no rain during the week. A v ­
erage thermometer 56.5, highest 75 and lowest 38.

THE CHRONICLE.

1034

Helena, Arkansas.— Frost on the 14th did little damage.
Cotton is still blooming. There has been no rain during the
week. The thermometer has ranged from 36 to 76, aver­
aging 55.3.
Memphis, Tennessee.— Light frost on the 12th and heavy
frost on the 14th, the latter reported askilling at some points.
Picking and marketing are making good progress. I t has
been dry .all the week. The thermometer has averaged
57.1, the highest being 71.9 and the lowest 39.8.
Montgomery, Alabama.— There has been no rain during
the week. The thermometer has ranged from 38 to 78,
averaging 58.
Selma, Alabama.— There has been no rain the past week.
Average thermometer 56.5, highest 73, lowest 39.
Mobile, Alabama.— H eavy to killing frost occurred in the
interior on Monday, Tuesday and Wednesday, with con­
siderable damage to cotton. Picking and marketing are
making good progress. It has been dry all the week. The
thermometer has averaged 62, the highest being 78 and the
lowest 46.
Madison, Florida.— W e have had no rain the past week.
The thermometer has averaged 63, ranging from 46 to 80.
Savannah, Georgia.— We have had no rain during the
week. Average thermometer 60, highest 78 and lowest 44.
Augusta, Georgia.— W e have had no rain the past week.
The thermometer has ranged from 38 to 77.
Charleston, South Carolina.— It has been dry during the
week. The thermometer has averaged 62, the highest
being 75 and the lowest 44.
Greenwood, South Carolina.— W e have had no rain the past
week. The thermometer has averaged 54, ranging from
40 to 68.
Charlotte, North Carolina.— There has been no rain during
the week. Average thermometer 54, highest 74, lowest 35.
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 em ph is J ______________A b o v e
N a s h v ille ------------------- A b o v e
Shreveport------------------Above
V l l k s b u r g ----------------- A b o v e

zero
zero
zero
zero
zero

Oct. 18 1907
Feet.
o f g a u ge .
5.0
o f g a u ge .
11.0
o f gau ge.
8.3
o f gau ge.
4.9
o f gau ge.
12.5

Oct. 19 1906.
F eet.
8.6

[V

1907.

Cotton Takings.
W eek and Season.

W eek.

V isib le su p p ly O ct. 11___________ 2,585,913
V isible su p p ly S ept. 1___________
A m erica n in sight to O ct. 18____
B o m b a y receipts to O ct. 17-----O ther In d ia ship’ ts to O ct. 1 7 ..
A lex a n d ria receipts to O ct 1 6 ..
O ther su p p ly to O ct. 1 6 .a ------T o t a l s u p p ly ...........................

T o ta l takings to O ct. 18________
O f w hich A m e ric a n ___________
O f w hich o th e r ________________

1906.

1905.

300,000
940,465

330,000
890,602

220,000
644,062

Receipts (ca n ta rs) —

T h is
week.

|?<

T h is
S in ce
week. S ep t. 1.

:

E x p o rt (bales) —
T o L iv e r p o o l_____________
T o C o n t in e n t ____________
T o A m e r ic a _______________

8,750
8,500
7,250
400

24,472 13.000
5.500
18,086
24,868
7.500
2,091
750

29,603
14,011
26,476
1,820

T o t a l e x p o r t s _________

24,900

69,517 26,750

71,910 20,750j 06 042

N o te .— A c a n ta r Is 99 lbs.

5,250
5.750
7.750
2,000

22,616
9,287
28,181
5,956

E g y p tia n bales w eigh abou t 750 lbs.

This statement shows that the receipts for the week were
300,000 cantars and the foreign shipments 24,900 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
Oct. 18 for each of the past 32 years have been as follows:
1 9 0 7 .C -- ___ 11.75
1906____ ___11.75
1900____ ___ 10.00
1904____ ___10.35
1903 _.... ___ 9.80
1902____
8.70
. . . 8.50
1901 - .
1900____ . . . 9.94

1899-C. . .
1898_____ ._
1897______ _ .
1896_____ . .
1895_____
1894_____ . .
1893_____ ..
1892_____ . .

7.38 |1891 _ c ____
5.4411890_______
6.19 1889_______
7.94 |1888_______
9.25|1887_______
5.94 |1886____ ,
8.5 61188 5.. . . .
8.12|1884_______

. 8.44
.10.25
.10.56
. 9.62
9.50
9.31
. 9.81
_ 9.94

1883.C. ____ 10.5
1 8 8 1 ...
1 88 0..
1879___
1878__
1877 . _
1876...

____ 11.50
____ 11.18
____ 10.86
____ 10.00
____ 11.32
____ 10.86

H A N D B O O K FO R D A IL Y C A B L E RECO RD S OF
A M E R IC A N , L A S T IN D IA N , E G Y P T IA N A N D B R A
Z IL IA N CO TTO xN S T A T IS T IC S , &c.— Statistics of the
principal cotton crops of the world are very fully covered
in the “ Hand Book for Daily 'Cable Records,” issued by
Comtelburo, Limited, of London, Liverpool and New York,
a copy of the thirty-seventh annual issue of which has
reached us this week. While keeping up the high standard
set in previous issues, the publishers have still further ex­
tended the scope of the work. New features comprise the
international census of mill stocks, private crop reports,
&c., &c. The book contains, of course, the usual very fuil
statistics of the American, East Indian, Egyptian, Russian
and Brazilian crops, the pages being so arranged that the
daily and weekly figures for this year as received can be
inserted side by side with those for the previous year. The:
b )o k will be found on sale at the office of Comtelburo,
Lim ited, 16 Beaver Street, New York.
JU TE B U TTS, B A G G IN G , E TC .— The market for jute
bagging has continued very quiet during the week, and prices
nominally unchanged at 9%c. for 2 lbs., standard grad's.
Jute butts dull at 3@4c. for bagging quality.




W eek.

Season

_________ 12,342,419
2,291,844
500,686
1,825,882
10,000
49.000
4.000
28.000
44,000
125,000
9.000
45,000
4,364,726 .2,910,105' 4,316,23§
2,806,584 2,638,080
1.558.142
1.139.142
422,000

2,633,089

277,016' 1,683,149
222,0161 1,294,449
55.000 j
388,700

DOM ESTIC E X P O R T S OF C O TTO N M A N U F A C T U R E S .
— W e give below a statement showing the exports of domestic
cotton manufactures for August and for the eight months
ended August 31 1907, and for purposes of comparison like
figures for the corresponding periods of the previous year
are also presented.
M onth ending Aug. 31.

Quantities of Manufactures of
Cotton (colored and uncolored)
Exported to—

1907.

United Kingdom ...... .........yards.
Other Europe_____

____________

Central American States and
British Honduras_____________
Other West Indies and Bermuda.
Chile_________________________

S in ce
T h is
week. Sept. 1.

214.455
169.455
45,000

Season.

a Em braces receipts in E u rope from B ra zil, S m yrn a , W est In d ies , &c.

..

E
1907.

3,021,039

Deduct—
V isib le su p p ly O ct. 18___________ 2,806,584

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 gy p t,
October 16.

.

W O R L D ’ S S U P P L Y A N D T A K IN G S OF C O TTO 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.

1 2 .5

10.4
2.5
25.0

ol. lxxx v

Total values of a b o v e .......... .
Values of Other Manufactures of
Cotton Exported to—

Central

American

States

292,591
8,942
191,730
474,451

219,945
22,386
131,185
926,440

8 mos ending A ug. 31.
1906.

1907.
1,825,164
117,233
864.542
5,381,257

1,914,596
330,807
1,165,491
6,830,064

2,160,666 19,552,023 18.666,663
1,697,383
279,884
1,697,116
1,471,337
199,186
9,137,145 10,289,436
3,076,083
2,033,629
4,460,368 16,002,879 22,054,749
1,767,347
670,753
1,409,659
165,188
23,403
4,732,914
604,394
4,265,358
580,177
7,025,194
7,824,811
311,763
548,965
8,913,622 10,568,338
1,327,617
513,137
2,993,254
4,518,584
816,298
501,118
4.842.594
4.097.510
529,644
551,364
4,807,901 11,542,141 31.839,764 236.351,004
4,520,672
4,016,730
681,706
338,675
490,751
338,927
100,392
11,628
108,617
712,970
8.145
403,209
7,500,440
5,974,758
986,939
658,571
5.135,266
1,189,352 12,136.394
430,801
5,818,721 19,591,439 28,361.196
1,898,493
2,525.661
5,080,225
13,869
804,118
492,361
657,350
215,539
17,529,786 36,795,698 161.990,291 383.007,327
S I,277,524 $2,345,071 S10,926,087 $24,014,686
$.06751
S.0637
$.0627
$.0729

$89,800
1,596
2,744
13,477

$146,286
3,368
8,008
7,152
[73,032

40,263
56.450
38,357
13,777
11,692
64,606
2,985
37,736
26,452
25,408

30,158
22.381
31,773
16,761
8,771
45.382
4,156
21,919
11,423
6,683

$509,921

$437,253

S3,562,479

$3,248,521

$208,754
29,157
295,011

$150,751
44,592
298,245

$1,747,550
206,911
2,272,890

$1,329,241
264,396
2,269,858

and

Mexico _________________________
C u b a _________________ _____ ____
Other West Indies and BermudaSouth America__________________
Chinese E m p ire........ ..................
Japan___________________________
British Australasia........ ..............

1906.

Total manufactures o f ............ | $2,320,367

$637,961
10,026
31,053
60,57:?
753,827

$811,266
27,484
115,069
61,288
768,333

378,543
289,069
281,767
130,0301
70,913
259,537
14,024
236,870
105,864 S.
302,422

193,870
165,282
194,929
112,041
70,368
92,457
125,529
184.855
169,911
155,839

S3,275.912 $18,715,917 $31,126,702

E G Y P T IA N C R O P.— The Alexandria correspondent of
the Manchester (E n g.) “ Guardian” wrote in part as follows
under date of Sept. 30:
T h e turn in the N ile th at last w eek the A c t in g A d v is e r to the M in istry
o f P u b lic W ork s thou ght m ig h t be d eferred , and so re trieve to some e x te n t
the poorness o f the flood, ha», c o n tra ry to e x p ecta tio n , just occurred.
T h e fa ll o f the flood has begun on both the Biue N ile and the A tb a ra .
T h ere is n o Im p ro vem en t n ow to be ex p ected , and the A c tin g A d v is e r re­
ports that to all in tents and purposes the flood is o ver. 1 he basins are
lillin g b u t s lo w ly, the discharge snould liegln e a rly In O ctober; b u t, as is
alw ays the case in years o f low flood , the m an ipu lation o f the basins w ill be
a lo n g and d iffic u lt o p era tio n . T h e area o f fallow land ("s h a r a k l” ) Is
lik ely to be the same as in 1902, a n d . as the present flood is so m uch in ferio r
to that o f 1902, this result m a y be considered h igh ly sa tisfa cto ry. R e p o rts
on the crop from the pla n ta tion s contin u e sa tisfa cto ry, but there is n ot qu ite
the same n ote o f elation as before.
Th e q u a lity In particu lar appears
h ard ly to be all that Is desired.
In fineness and silk im ss o f textu re the
averag e staple so fa r received seems in fe ilo r; but lt Is fa ir to add that l o w er
t-gypt has h ardly y e t begun to send cotton to m a rk et.
N o on e, h ow eve r,
w ould o b ject to a short period o f h u m id ity; that Is the ch ief requ irem en t
to Im prove the sliklness o f the staple, w hich has suffered from the ex trem e
dryn ess o f the season.”
A n o th e r reason fo r the a ppa ren t In ferio rity o f this season’ s E g yp tia n
staple is perhaps m ore serious still than the caprices o f tem p eratu re.
I t Is
to oe feared that the high prices ru lin g fo r co tto n are co n trib u tin g to the
ruin o f much good soil In 1 g y p t. T h e tem p ta tio n to grow co tto n year a fte r
y e a r on the same land is one to w hich the fellaheen succum b w ith m ore
a la rm in g u n a n im ity than e v e r before. O ur A le x a n d ria correspondent
w rites that on one estate w hich he has just visited a cu ltiv a to r w h o, though
a peasan t, Is a rich riian, has fr o w n cotton cu the same lields fo r thirteen
years in succession
T h a t Is w h y fields o f stunted cotton can be seen to-d ay
in districts o f once lo v e ly soil w hich should lo n g a go h ave been_ fe rtiliz e d
w ith grow th s o f lucerne.
“ A c ry in g need o f the co u n try Is ’ ’ he says,
“ a gricu ltu ral Instruction fo r the fellah een . T h e y w ou ld assim ilate it. as
w itness their readiness to p rofit b y exa m ple In the destru ction o f the co tto n
w o .m .
A b o d y o f o p in io n , n a tiv e and ; u ropean . Is gro w in g up In *'.g>pt
to ex ert pressure on the G o vern m e n t to this e n d .”
T h e fust au ction or tne
season has taken place on the S tate D om ains. T h e gin n in g yle.d to da te
up to S ept. 30 is estim ated at a bout 2 % In q u a n tity m ore than at tne co rre­
sp o n d in g da te in 1906.

O c t . 19 1907.]

THE CHRONICLE.

IN D IA C O TTO N M O V E M E N T FROM A L L P O R T S .—
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
October 17.

1907.

Receipts at—

I S in ce
Week, t Sept. 1.
5,000l

1906.
Week.

10,000

49,000

1905.

S ince
Sept. 1.

Week.

36,000

F o r the Week.

S ince
S ep t. 1.

7,000

50,000

S in ce Septem ber 1.

E x p o rts fr o m 5 Great
C on tiB rita in . nent.
B o m b a y—
1 90 7............ ........
1 9 0 6 ... .
1 9 0 5 .____________
C a lcu tta— ■
1907_____________
1905_____________
1905_____________
MadraS—
1907................. ..
1900............ .
1905_____________
A ll oth ers—
1907.....................
1905.....................
190 5

Great
B r ita in

ratal.

1,000
8,000
2,000

1,000

8, too
2,000

C o n ti­
nent.

,000
,000

70.000
64.000
58.000

,000
,000
,000

6,000
3.000
3.000

,000
,000
,000

3.000
3.000
5.000

,000
,000
,000

19.000
24.000
20,0 0 0

94,0001
92,000
83.000

98.000
94 ,000
92.000

1,000

Y,66o

1 ,0 0 0 ;
....................

1,000

T o t a l a ll—
1907............. ........
190 6
1905_____________

1,000

1 ,000

1,000

1,000

4.000

2.000

4,000!
2.000

2,000
12,000
5,000

2,000
12,000
(i,000.

3.000
1.000

4,000|
2,000
9.000

According to the foregoing, Bombay appears to show
decrease compared with last year in the week’s receipts
5.000 bales. Exports from all ports India record a loss
10.000 bales during the week and since Sept. 1 show
increase of 4,000 bales.

Sept
6
3
20
27
Oct.
4
11
18

d.

UH

10 H
10 Va,

@

(a)

@
10 11-16

10'4

©

10 8-16®
10 9-18©

1906

814 lbs. Shirt­
ings, common
to finest.

32s Cop
Twist.

d. s.
12VS 6
12 Ki 6
12 1i 6
@12^ 6

im

6
11^ (i
11H 6

C ofn
M id.
U p l’s

32s Cop.
Twist.

d.
s. d.
8 @ 10 5
7 @ 10 4
6 @10 3
5 @ 10 2

d.
7.51
7.10
6.91
6.60

4
4
3

6.53 9V£
©
6.52 9 13-16©
6.54 9 15-16©
*

©10 I
@10 0
@10 0

d.
9
9
9VS
9K

@
@
@
@

d.
\0%
10%
10J4
10H

8J4 lbs. Shirt­
ings, common
to finest.
s.
6
6
0
6

1054 6
6
11
11
6

Cot'n
M id .
U p l’s

d.
s. d.
4 @9 6
4 @9 6
4 @9 6
4J4@ 9 6

d.
5.41
5.63
5.57
5.06

6
7

6.14
6.45
6.33

©9
@9

8
9

7 ^ @ 9 10

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 184,502 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
T otal hales.
Y O R K — T o L iv e r p o o l— O ct. 14— G e o ig lc , 10,023 u pland.
55 Sea Is la n d ____ Oct. 17— C eltic, 3,920. _______________ . . _ 13,998
T o H u ll— O ct. 12— Idah o, 502 __________________________________
502
T o G lasgow — O ct. 14— A storia , 200__ ________ . . _______ ____
200
T o H a v re — O ct. 11— C allfornle.l.O O O upland, 8 fo r e ig n ____ O c t.
1 " — I<a G ascogne, 1,200 u pland, 25 Sea Islan d, 44 fo r e ig n ..
2,277
T o Brem en— O ct. 16— M a 'n , 4,881.
___________________________
4,881
T o H a m b u rg— O ct. 11— P retoria , 1 ,7 62 ...... ............. .........
1,762
T o A n tw e rp — O ct. 11— Zeeland, 1,335 - . . O c t . 15— St. A n ­
drew , 100 ... ____________ ___ ______ ______ _____________________
1,475
T o Genoa— O ct. 14— M oltke, 1.598
1,598
500
T o V en ice— Oct. 15— G iulia, 5 0 0 .__________________ ____
T o Piraeu s— O ct. 11— Sicilian P rin ce, 25______________
25
T o Ja p a n — O ct. 16— A ra gon ia. S 4 f ______________________
545
G A L W S T O N — T o L iv e r p o o l— O ct. 10— C iv ilia n , 18,603. ..O c t.
15— P o rt F a iry , 3,788______________________________ _____________ 22,391
T o M anchester— O ct. 12— A n selm a de L a rrln a ga , 7,472_______
7,472
T o B rem en — O ct. 11— E u ropa, 4 , 6 1 4 ___O ct. 16-— In ch du ne,
3,500
_____ ______ ________________ ___________________________
8,204
T o H a m b u rg— O ct. 12— W estph alia. 2,450_____________________
2,450
T o B arcelona— O ct. 15— D ln nam are. 5,233_____________________
5,233
T o G enoa— O ct. 15— D lnnam are, 4,004_______________________ _ 4,004
N E W O R L A N S — T o L iv e r p o o l— O ct. 15— M echanician, 8,915
8,915
T o Manchester • O ct. 18— A lba n ia n , 3,900_______
_______ _
3, 00
T o H a v re — O ct. 15— V lrg ln le, 3.921_____________________________
3,921
T o H a m b u tg — O ct. 12— Sandsend, 677____ _____________________
677
T o Genoa— O ct. 12— Prlnclpessa L a e titla , 618_________________
618
M O B IL .— T o B rem en — O ct. 17— Manchunla. 8,651________________
8,651
P E N S A C O L A — T o L iv e r p o o l— O ct. 17— G racia, 6 ,0 2 8 .. . . . .
6,028
T o H a v re — O ct. 15— A p o llo , 6,498___________________________ .
6,498
T o Genoa— O ct. 14— C ltta dl P a lerm o . ■ 250____ O ct. 17—
F e rt, 50____ __________ _____ ______ _______________ ______ _______
300
S A V A N N A H — T o H a v re — O ct. 15— B y la n d s. 5 ,9 9 7 ._____________
5,997
T o B rem en — O ct. 15— K ln gsw o od , 5 ,7 0 4 .___ O ct. 16— H lllb roo k . 7 ,7 9 6 .____ ________________________________________________ 13,500
T o H a m b u rg— O ct. 12— K es to r, 1 0 0 _____________________________
100
T o G oth en bu rg— O ct. 12— K es to r, 100............. ........ ................
100
T o S t. P etersb u rg— O ct. 16— H lllb ro o k , 100____________________
100
T o B arcelona— O ct. 15— M arianne, 4,550________________________
4,550
T o T rieste— O ct. 15— M arianne, 8 0 0 . _________ ___________ _____
800
T o Flu m e— -Oct. 15— M arianne, 100 ______________________________
100
W I L M I N G T O N — T o L iv e r p o o l— O ct. 11— C a rm elln a , 4,628____
O ct. 16— Cardigan , 14,625........... ................................. ................ 19,253
N O R F O L K — T o L iv e r p o o l— O ct. 15— M ariana, 1,500_______________
1,500
B O S T O N — T o L iv e r p o o l— O ct. 14— Iv e rn la . 5 ,5 03____ O c t. 15—
C anadian, 2,352 ___________________________ ________
.
7 855
T o M anchester— O ct. 11— Ib eria n , 3 00________________________ _
300
T o Y a rm o u th — 1O ct. 11— St. G eorge, 29 ____ O ct.
15— St
G eorge, 5 5 ________________________________________________________
84
H A L T I M O R :— T o L iv e r p o o l— O ct. 11— R o w a n m o re , 5,365...........
5,365
T o B rem en — O ct. 15— Cassel, 2,6 33____________________ . 2 , 6 3 3
T o H a m b u rg— O ct. 12— Badenla, 100 . ________________
._
100
T o Copen h agen — O ct. 9— F lo rid a , 1,100_________________________
1,100
P H I L A I ) L P H I A — T o L iv e r p o o l— O ct. 11— N o o rd la n d . 834
.
831
T o M anchester— O ct. 2— Manchester ' xch a n ge, 1,379________
1,379
T o H a m b u rg— O ct. 10— Barcelona, 649
.
_____ _______
(4 9
S E A T T L E — T o Japan — O ct. 15— T a n g o M aru , 1,178_______________
1,1 <8
NEW

T o t a l......................................................................................................... 184,502




Great F rench G er- — O th.E urop e— M e,x.,
B rita in ,
ports, m any. North..South. & c. J a p a n .
N e w Y o r k _____ 14,700
2,277 6,643
1,475 2,123
...
545
G a lv e s t o n _____ 29,863
_____ 10,654
______
9,237
...
...
N e w O rle a n s--.1 2 ,8 1 5
3,921 677
________
618
...
...
M o b i l e . . _______
____
____ 8,651
_______
____
___
___
P e n s a c o la ______ 6,028 6,498
_______
____
300
...
...
S a v a n n a h ______ ____
5,997 13,600
200 5,450
...
...
W ilm in g to n ____ 19.253
_____
____
____
____
___
___
N o r f o l k ________ 1,500
.......
.......
.......
.......
.................
B oston ________ 8,155
______
____
____
____
84
___
B a lt im o r e ______ 5,365
____
2,733 1,100
_______
...
...
P h ila d e lp h ia ___ 2,213
______ 649
________
____
___
___
S ea ttle .............
...................................
.......
.......
. . . 1,178
2,775 17,728

T o ta l,
27,763
49,754
18,031
8,651
12,826
25,24?
19,253
1,500
8,239
9,198
2,862
1,178

84 1,723 184,502

The exports to Japan since Sept. 1 have been 1,514 bales
from Pacific ports, and 545 bales from New York.
Cotton freights at New Y o rk the past week have been as
follows, quotations being in cents per 100 lbs.:
Sa t.
M on.
1'ues.
Ifn i.
L i v e r p o o l________ C.
20
20
20
20
17 @20 17 @20 17 @20
M anchester ------- c. 17 @20
H a v r e ____________ c.
25
25
25
25
B re m e n ___________c.
25
25
25
25
H am bu rg .......... _c.
IS
18
18
18
A n t w e r p ________ c.2 2 ^ -2 5 2214-2522 W-25 22 H -2 5
G hent, v ia A n t __c.
28!^
. 28>£
28 H
28 &
R e v a l, in direct . . c .
30
30
30
30
R e v a l, v ia C a n a l..c .
Barcelona p ro m p t.c.
30
30
30
30
G e n o a ____________ c. 18 @25 18 @25 18fi:25 18 @25
Trieste ___________ c.
32
32
32
32
J a p a n ___________ ..c .
45
45
45
45

Ih v rs .
20
*
17 @ 20
25
25
18
2 2 »,-2 5
28 y2
30

F r i.
20
17 @20
20-22
25
18
22 3^-25
28^
30

30
18 @25
32
45

20
22 >5
32
45

L IV E R P O O L .— By cable from Liverpool we hav e the fol­
a
of lowing statement o£the week’s sales, stocks, & c., at th at port:
Sept. 27.
Oct. 4.
OcL l l .
Oct. 18.
of
49,000
59,000
50,000
o f the w e e k ________ b a les. 32,000
an Sales
O f which speculators took . .
1,000
1,000
4,000
3,000

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 firm for yarns and quiet for shirtings.
The demand for
both home trade and foreign markets is improving. We
give the prices for to-day below and leave those for pre­
vious weeks of this and last year for comparison.
1907.

The particulars of the foregoing shipments for the week*
arranged in our usual form, are as follows:

T o t a l ........... .99.892 18,693 43,607

,000

1,000
8,000

1035

O f w hich ex p o rters t o o k . . . .
1-.000
Sales, A m e r ic a n ....................... .. 26,000
A ctu a l e x p o r t ___________________
9,000
F o r w a r d e d _____________________ 47,000
T o t a l sto ck — sth n a ted _______ 606.000
O f w hich A m erica n — s t - . . 501,000
T o ta l Im p o rt o f the w e e k ______ 34,000
O f w hich A m e r ic a n _________ 27,000
A m o u n t a flo a t_________________ 121,000
O f w hich A m e ric a n __________103,000

3,000
37,000
9,000
75,000
558,000
460,000
36,000
25,000
174,000
151,000

2,000
50,000
5,000
55,000
541,000
445,000
43,000
33,000
224,000
188,000

2,000
45,000
4,000
64.000
563,000
471,000
89,000
8 J 000
260,000
207.000

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:
Sopt.
Market,
12:15
P .M .

Saturday.
1
}
J

Quieter.

Monday.

Tuesday.

Wed'day.

Thursday.

Friday.

Good
Inquiry.

Far
business
doing.

Easier

Good
inquiry.

Fair
busn ess
doing.

M ld.U pl’ ds

6.54

6.51

6.60

6.49

6.53

6.54

Sales _____
Spee.&exp.

6,000
500

10,000
1,000

8,000
500

10.000
1,000

10,000
1,000

8,000
1,000

Steady at
4 points
dccline.

Steady,
un­
changed.

Quiet at
Futures.
Market
1 2@3 pts.
opened
j
decline.
Market,
4
P . M.

Firm at
3 @ 4 pts.
advance.

1 Steady at B’lv st'y at
^ 3®4^
@4.Vi
J pts. dec.
pts. adv.

Steady at
IV , pts.
advance.
Easy at.
m m 'A
pts. dee.

Steady a t
I @ 2 pts.
decline.

S t'y at 4}4 Quiet at I S tea d y a t
pts. dcc. to pt. dec. to 2 '4 © 6
2Hpts.adv. 4J^pts.adv. pts. a d v .

The prices of futures at Liverpool for each day are given
below. Piices are on the basis of uplands, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.

Cct. 12
to
Oct. 18.

Sat.

Mon.

d.

0 00

Wed.

Tbtirs.

Fii.

12 M 4 12,>4 4 12H 4 12J.ii 4 12 X
4
p.m. p.m. p.m p.m. p.m. p.m. p.m. p.m. p.m. p.m .

12 M 12 V*
p.m. p.m.

d.

Tsies.

Thus'. 6 06 menas G 6-100tf.

ti.
10!^
05
98 A
90
93 A
9a
93
94
93 A
93 M 92
93 A 92
92
91
d.

O c t .- N o v .
o oo y.
N o v . D e c . : : : : > 04
D ec.-Jan
02
J an .-Feb
5 89^.
.') 89 Vi
M ch .-A p
5 89
A p '.-M ay. : : : : 5 89
M ay-Jun e
5 88 a
5 88 Yi
June-July
July-Aupr_
5 87

12 A
00 w
99 A
97
94.1^
94 Vi
94

d.

18
13
06
03 A
01

d.

09
03

96

93 A
5*1
00 A 90 A
00
90
99
89 A
99 'A 89
98 A 88 A
97
S7A

d.
09
03
96
93 A
91
90
88 A
88
87 A
80 A
85

d.

d.
a.
20 A 2i A
11
14
9S
99
01
05
95 ’ 95 A 97 A 00 A
91 A 02
93 A 90
90
91
91 ^ 94
87 ’•'J 88 A 89 A 92
86 A 87 A 88 A 91
85 A 80 A 87 A t>0
86
88
84 A 85
85
H2A{H2A 83
j
d. I <t.

11A 13 •<! 10
05 A 07 A 08
97

94 A
01 A
90 A

88
87

VGA
85
83 A

BREADSTUFFS.
Friday, Oct. 18 1907.
Prices for wheat flour have ruled firm, and many grades
have advanced. The rise has been to a large extent merely
nominal, however, as manjr buyers have withdrawn from the
market. The sales in the main have been to fill immediate
requirements. The reactionary tendency of the grain
markets has encouraged dealers to hold aloof from the flour
market. Export trade has been stagnant here. A t th
principal centres of the Northwest business was active ear
in the week, but of late it has fallen off, owing to the high \r
prices asked. R ye flour and corn meal have been dull
and firm.
W heat has declined, a fact which is to be attributed largel y
to two things, namely, some sympathy with the disturbe
financial situation and profit-taking in the various markets
of the world. All have latterly declined rather sharply.
The impression is that in a technical speculative sense they

1036

THE CHRONICLE.

[V

ol. lx x x v

.

E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T­
have become to a certain extent “ over-bought.” That is to
say, the trend everywhere for some weeks past, both at home TO N A N D P E T R O L E U M .— The exports of these articles
and abroad, has been to buy for an advance, and the long during the month of September, and the nine months, for
interest has thus become so congested almost everywhere
that it only required the disturbing incidents in W all Street the past three years have been as follows:
to precipitate a large selling movement with the inevitable
1905.
Exports
1907.
1906.
result in such circumstances of a very noticeable decline in
prices. A t home and abroad this drop in quotations has United Slates. September.; 9 Months. September 9 Months. September. 9 M onths.
amounted, roughly speaking, to from 2 % to 5 cents per
Quantities.
bushel, Northwestern prices showing the most weakness Wheat ..bush 9,598,235 44,629,170 11,104,065 34,657,867 2,102,109 3,946,774
and New York and Berlin the least. Reports of rains in Flour ...b b ls 1,206,414, 11,061,573 1,524,468 10,221,373 1,150,887 6,363,256
India at one time had some effect, as they are said to have Wheat * . bush 15,027,098' 94,406,248 17,964,171 80,654,045 7,281,100 32,581,426
been badly needed. Depression at the Northwest, where Corn____bush| 2,818,348 69,927,777 3,321,060 83,809,336 5,697,112 82,752,212
the stringency of money has been felt to some extent, has
Total bush 17,845,446 164,334,025 21,285,231 164,463,381 12,978,212 115,533,638
also reacted on other markets. Y e t it is a fact of no slight
S
$
$
$
Values.
i
$
$
interest that the export demand has much of the time con­ Wheat
& flour 14,651,02.8 83,780,726>14,644,623 69,509,365 6,914,922 32,480,804
tinued on a large scale. And the future seems to hold out Corn & mealj 2,092,943 40,206,5711 1,964,719 44,457,770 3,545,483 45,782,010
221,454
722,454
5,773
676,793
166,355
R y e ________ !
147,274
hopes that this demand will continue, as the world’s crops, Oats
1,244,344
387,121
9,545,160 1,481,430 4,811,145
& meal
81,250
392,987 4,824,302
872,053 3,710,646
as near as can now be gathered, show a sufficient decrease B a r le y ______
583,046 2,120,284
to make it at least possible, if not probable, that the shortage
Breadstuffs 17,555,541 128,074,379 17,953,223 129,013,390 12,980,243 87,006,065
will have to be made up partly by purchases in this country. Provisions— . 12,378,827 138,375,119 15,960,928 147,309,010 12,800,265 122,544,686
Cattle,
o g s ..1 2,181,831 26,534,775 2,469,348j 29,894,891 3,110,117 30,779,289
In America, moreover, the crop is also over 100,000,000 C ottonh______
24,285,553 262,780,166 25,264,325 205,230,440 32,689,656 220,280,081
bushels smaller than that of last year. The world’s ship­ Petroleum ,&c( 7,060,889 62,763,063 6,648,013] 60,478,369 7,397,468 57,293,634
ments have continued large, but they are regarded as proving
Total value 63.462,641 618,527,502 67,737,837 571,926,100 68,977,749 517,903,755
the anxiety of importing markets to secure supplies as much
1
1
1
i
as anything else, and but for the nervousness in regard to the
* Including flour reduced to bushels.
stock market might have had but momentary influence.
Note.— All of the above figures are based on the monthly preliminary returns
Under the circumstances, however, they have contributed Issued by the Bureau of Statistics, and cover about 97% of the total exports.
to some extent to bring about the decline which has occurred.
The aggregate exports from the United States of wheat
Latterly, too, some falling off in the export demand has been and wheat flour, expressed in bushels, for the nine months
noticed. To-day a further sharp decline occurred, owing to from Jan. 1 to Sept. 30, inclusive, have been as follows for
renewed depression in the stock market, bearish cables, a four years:
lessened export demand, liquidation and bear raiding.
1907.
1906.
1905.
1904.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N N E W Y O R K .
S a t. M o n . Tues. W ed. T hurs.
F rl
115
114*$ 113% 111% 108 % .
N o , 2 red w in te r___________ _______ -115
D ecem b er d e liv e ry In e le v a t o r____ 116% 117 X 117% 116 % 113% H I M
M a y d e liv e ry In e l e v a t o r __________117% 117% 117% 116% 114% 113
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N C H IC A G O .
Sa t. M o n . Tues. Wed. T hurs.
F r l.
D ecem b er d e liv e r y in e le v a to r ------105% 105% 105% 104% 102% 101
M a y d e liv e ry in e le v a t o r ___________ 110% 111% 111% 110% 108% 106 %
J u ly d e liv e ry in e le v a t o r ___________ 102% 101% 102% 103
101% 100%

PR.Indian corn futures advanced early in the week, owing
to unfavorable husking returns, an increased cash demand,
partly for export, moderate receipts, commission-house
buying and covering of shorts. The cables from Liverpool
have been strong as a rule and the receipts at the West
have been moderate. It is contended by some that the
export trade would be on a large scale if suitable corn could
be procured. Of late, however, the market has re-acted,
owing largely to the setback in wheat. There has been
liberal realizing at times and more or less short selling,
though the moderate receipts and the small contract stocks
at Chicago tend to restrict bearish operations. To-day prices
were lower on the depression in wheat liquidation, selling
by interior operators and bearish pressure.
CORN
Tues.
76
76%
72%

IN N E W YO R K
W e d .T h u rs .
F rl
74%
73%
72 %
76
73%
72%
72.
70%
69%

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S
Sa t. M o n . Tues.
D ecem berdeli v e r y ln e le v a t o r . . . ___ 6 2 %
63%
63%
M a y d e liv e ry in e le v a to r____________ 62 %
64
64 %
J u ly d e liv e ry In e le v a t o r----------------62 %
6 3%
63%

I N C H IC A G O .
Wed. T h u rs .
F ri
62%
61
60
63%
62%
6 1%
62%
6 1%
61

D A I L Y C L O S IN G P R I C E S O F N O .2 M I X E D
S a t. M o n
Cash c o m _____________________________ 76
76
D ecem ber d e liv e ry in e le v a to r ------- 7 4 %
76%
M a y d e liv e iy in e le v a t o r ----------------7 0 %
7 2%

Oats for future delivery in the Western market have been
dull and the changes in prices have not been very marked.
For a time the tone was stronger with other cereals. Then,
to o , the proportion of contract oats in the arrivals at Chicago
continues exceedingly small. Commission houses bought to
some extent and there was more or less covering for a time.
When wheat and corn re-acted, however, oats followed.
The shipping demand at the West has fallen off very notice­
ably of late. Leading bulls are understood to have liqui­
dated to some extent. The dulness of the speculation has
helped to bring about a reaction. To-day prices declined,
owing to the break in wheat and liquidation.

Whent, bushels-.......................... 44,629,170
Flour, reduced to bushels............-49,777,078

34,657,867
45,996,178

3,946,774
26,634,652

9,763,722
40,715,457

Total bushels-...........................94,406.248

80,654.045

32,581.426

50,479,199

The statement of the movement of breadstuffs 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—

Corn.

Wheat.

Flou r.

Oats.

Rye.

Barley.

bbls.imibs. bush. 60 lbs. bush. 56 lbs. bush. 32 U>s. bushASlbs. bu. 56 lbs.
108,319
627,161
691,566
3,052,077
2,179.347
Chicago____
182,159
46,800
873,762
207.000
332.000
409,600
74,050
Milwaukee..
f 653,804
42,859
23,554
125,316
2,940,586
D uluth*____
217,500
71,£10
123,430
1,335,860
Minneapolis.
7*7,150 1,284,980
1,000
3,000
201.000
130.500
T o le d o _____
73.000
12,800
45,249
246,511
D etroit_____
" 4 ,800
" 4 ,280
120,541
1,199
40,333
122,257
Cleveland___
132,600
9,162
464,394
592,900
782,650
61,735
St Louis___
77,000
10,000
19.000
220.500
23,300
426,800
574.000
73,000
105,000
Kansas C ity.
564,743
507,394
602,253

6,483,539
6,936,167
6,552,048

5,098,813
3,187,392
2,645,771

Since Aug. 1
1907....... 3,811,521
1906_____ 5,163,382
1905_____ 4,S30,103

63,353,426
67,392,886
70,341,591

46,239,765
39.158,091
38,721,890

Tot.wk ’07
Same wk. ’06
Same wk. ’05

4,875,569 3,654,587
5,534,938 2,275,85S
6,823,970 3,853,177

291,950
251,765
305,697

57,430,597 18,107,585 2,069,017
54,679,299 14,099.739 1,476,529
68,411,258 21,333,984 2,220,174

♦Two weeks.

Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 12 1907 follow:
Receipts at—
New Y o r k _______
Boston___________
Portland, M e_____
Ph iladelph ia ........
Baltimore_________
R ich m on d_______
New Orleans*____
Newport News____
Norfolk___________
G a lvesto n _____ .
Mobile______ ______
Montreal. _______
Total week_____
Week 1906_______

Flour,
bbls.
146.741
44,898

Wheat,
bush.
1,135,600
104,766
80,000
71,972
384,543
69,661
254,035
23,042
4,355
18 993
247,000
4,736
79.S96
3,785
486,000
3,400
894,259
21,753

390,294
403,634

3,689,141
2,971,333

Com,
bush.
147.275
172,483

Oats,
bush.
631,500
100,204

91,602
78,105
34,108
48,000

135,348
57,169
43,612
81,000

104,000
500
7,861

........ 36,771

13,131

683,934
1,254,351

1,085,604
1,061.071

68,231
239,075

Barley,
bush.
55,100

Rye,
bush.
28,275
927
" ' Ӥ66
68,864

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

------------

98,866
31,214

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

1
D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R K .
Sa t.
M on.
Tues.
W ed.
T h u rs.
F r i.
M ix e d , 26 t o 3 2 l b s - - 56
55%
56
56
56
56
W h ite clipp ed, 32 to
34 lb s _______________ 63-64% 63-64 % 63-64% 63-64% 63-64% 62% -64

Total receipts at ports from Jan. 1 to Oct. 12 compare as
follows for four years:
Receipts ol—
1907.
F lo u r __________________ bbls. 15,010,778

1906.
13,420,900

1905.
9,552,097

1904.
13,553,520

D A I L Y C L O S IN G P R I C E S O F N O 2
Sa t.
D ecem ber d e liv e ry In e le v a to r _______ 55
M a y d e liv e ry .in e le v a to r----------------5 6 %
Ju ly d e liv e ry in e le v a to r____________ 51%

W heat.........
Com _________
Oats_________
Barley -------R y e ------------

........ -bush. 86,728.505
........... ......... 74,888,514
..................... 43,628,285
..................... 3,697,736
....................
1,569,772

79,210,003
80,086,174
64,663,117
1,164,526

26,483,330
79/196,123
51,687,724
6,651,134
912,268

33,266,241
43.462,752
37,680,295
2,683,019
669,865

Total grain.........................210,512,842

228,745,616

165,230.579

117.761,982

M I X E D O A T S I N C H IC A G O .
M o n . Tues. W ed. T hurs.
F r l.
55%
55%
5 4%
53%
53%
57%
57
56%
55%
55%
50%
50%
50%
4 9%
49%

The foliowing are closing quotations:
FLO U R.
L o w grades, w in te r ____ $4 00 @S4 501 K ansas stra ig h ts----------$5 10 @$5 25
S econd clears___________ 3 30 @ 3 351 Kansas clears___________ 4 50 @ 4 80
C le a r s ___________________ 4 50 @ 4 75 Blended p a ten ts________ 6 20 ® 6 60
S t r a ig h t s _______________ 5 00 @ 5 10! R y e flo u r________________ 5 00 @ 5 50
P a te n t, sp rin g____ - ___ 5 90 ® 6 65 |B u ck w h eat f l o u r _______
N o m in a l.
P a te n t, w in te r__________ 5 25 @ 5 50 I Graham flo u r___________
N o m in a l.
___ I Corn m e a l________________ 3 85 ® 4 30
Kan sas p a t e n t s ________
___ i
G R A IN .
Corn, per bush.—
c.
W h e a t, per bush.—
c
N o . 2 m ix ed , n e w --------- f.o .b .? 2 %
N . D u lu th , N o . 1................... 120%
N o . 2 y e llo w , n e w --------- f.o .b .7 3
N . D u lu th , N o . 2 ......... f.o .b .1 1 7 %
N o . 2 w h ite, n e w -----------f.o .b .7 3 %
R ed w in te r ,N o . 2 ------- f.o .b .1 0 8 %
H a rd
“
“
_______ f.o.b.113 R y e , per bush.—
N o . 2 W estern __________
91
O ats, per bush.—
State and Jersey_______ N o m in a l.
N a tu ra l w h ite __________
60 ^
B a rley— M a l t i n g ______118% @ 125%
m ix ed _________
56
“
w h ite , c lip p e d .6 2 % @ 6 4
F e e d in g ________________ N o m in a l.




3,621.796

The exports from the several seaboard ports for the week
ending Oct. 12 1907 are shown in the annexed statement:
Exports from—
New Y o rk ...........
Portland, M e____
B oston __________
Ph iladelph ia____
Baltimore...........
New O rleans____
Newport News. . .
Galveston............
Mobile___________
M ontreal............
Norfolk__________

Wheal,
bush.
731,901
80,000
295.829
413,197
324.000
172.000
79,896
257,500
726’,824

Total week____3,081,147

Com ,
bush.
30,210

F lou r,
bbls.
50 754

Oats,
bush
15,215

50,731
76.843
84,694
2,094

41,955
61,768
13.118
28.591
4,736
3,228
3,400
19,752
3,785

__

203.469
500

148.541 231,087
,303,751 149,345

Rye, Barley,
bush.
bush.
17,350

----

50
507

” "825
........
16,597
156,737

17,350

......

12,185
........
12.185
24,867

Peas
bush
2,730

___
_
7,323
___
----___
........
io , o a
15 311

1037

THE CHRONICLE.

O c t . 19 1907. J

36-in., 7%c.; Clover, 7c., and A . C. A . tickings, 13c. These
represent reductions of lc. to l% c . per yard from agents’
prices, which still remain in force, and at which figures
-------- Flour--------------------Wheal-----------------------Corn----------Since
Since
Since
stocks will have to be replenished during the next thirty or
July 1
July 1
Week
July 1
Week
Week
sixty days unless some change should be made in the mean­
Oct. 12.
Oct. 12.
1907.
1907.
Exports )or week and Oct 12.
1907.
bush.
bush.
bush.
bbls.
bush.
since J uly 1 to—
bbls.
time. Few orders have" been booked at first hands during
254,219 5,719,795
United K in gdom .. .138,118 1,656,135 1,519,584 21,659,906
the week, and some cancellations have been received of
Continent___
. 39,670
727,598 1,560,063 13,764,111
153,428 S,750,100
141,079
25,302
230,003
149,937
So. & Cent. A m e r. _ 26,401
goods which should have been delivered as far back as last
405,934
1,500
14,512
514,703
West I n d ie s . ____ . 26,790
16,300
July. Shipments have been maintained on a heavy scale,
28,202
B rit. N o . A m . Cols
17,549
9,902
150,592
21,735
1,080
108
Other countrie s___
however, and mills continue well sold ahead. There have
been still further sales of goods at second hands at conces­
448,541 15,172,639
T o t a l___________ .231,087 3,187,811 3,081,147 35,603,131
sions, notably by converters who have found themselves
Total 1906........ . .149,345 3,120,015 1,879,513 28,636,151 1,303,751 10,513,151
The visible supply of grain, comprising the stocks m gran- with more goods than they required for immediate needs
ary at the principal points of accumulation at lake and sea- and who have felt the effect of the tight money market.
Four-yard sheetings have been sold at reductions, but heavy
board ports Oct. 12 1907, was as follows:
goods have remained steady. Manufacturers of colored
Corn,
Wheat,
Oats,
Rye,
Bariev,
goods have been unable to catch up on orders, and all ship­
bush.
bush.
bush.
bush.
bush.
New Y o rk . ............... 1,557,000
110,000
430,000
19,000
24,000
ments are being comfortably taken care of. The call for
“
afloat_______
______
linings has been fair but not active. New buying of prints
Boston ______ _________
172,000
71,000
5,000
28,000
139.000
559,000
Philadelph ia__________
has been quieter, but agents have orders for three months
82,000
246.000
Baltimore_____________
677,000
96,000
on their books. Ginghams continue very scarce. Standard
New O rleans...............
420.000
180,000
145.000
G alveston ...... ..........
692,000
134,000
gray goods are slightly lower, but print cloth regulars remain
Montreal_____ _________
286,000
114,000
87,000
20,000
steady at 5}4c.
T o ro n to .......................................
4,000
B u ffalo________________ 1,626,000
321,000
904,000
22,000
257,000
W O O L E N GOODS.— There has been continued duplicate
afloat_______
ordering of men’s wear light-weight woolen and worsted
T o le d o ...... .............
1,477,000
223,000
494,000
8,000
afloat_______
______
goods, and the position of the market is much more satis­
D etro it_____ _____ ____
461,000
118.000
57,000
70,000
2,000
factory than appeared probable a little while ago. Of
afloat.... .................... .
289,000
Chicago.........................11,340,000
316,000
347,000
course, so far this business has not been on a large scale,
afloat_______
______
but it is expected to increase from this time on. The lines
Milwaukee...... ............
444,000
172,000
163,000
17,000
16,000
afloat.............................
which proved most popular during the initial buying period
Fort W illiam ...... ......... 1,168,000
are still the most sought after, and, generally speaking,
Port Arthur___________ 2,054,000
Du lu th________________ 4,690,000
44,000
426,000
88,000 2,112,000
worsteds are outranking woolens. Low grades of the latter,
______
afloat_______
however, are selling well. A particularly gratifying feature
66,000 1,573,666
Minneapolis...... ........... 4,009,000
1,734,000
166' 000
72,000
of the situation is the improvement noted in collections,
St. Louis...... ................ 3,438,000
269,000
6,000
2,000
afloat...........
..........
which should have a good effect generally. For fall the de­
Kansas City...... ...........4,015,000
89,000
126,000
mand for browns continues, and these are being sold so far
343.000
Peoria_________________
2,000
1,090,000
28,000
Indianapolis........ .........
558,000
101.000
98,000
forward into next year that they are again likely to figure
On Mississippi R iv e r ............. .......
prominently in the fall lines. Overcoatings continue very
On L a k es_____________ 1,639,000
1,063,000
139,000
741,000
On Canal and R iv e r ...
728,000
29.000
12,000
94,000
dull and little improvement is looked for until some colder
weather sets in. Spring buying of dress goods is proceeding
Total Oct. 12 1907..42,012,000
4.332.000
6.165.000
905.000 4.842.000
Total Oct. 5 1907.-43,597,000
3.847.000
6.155.000
804.000 4.133.000
in quite a satisfactory manner, and orders for serges are ex­
3.680.000
Total Oct. 13 1906..36,301,000
8.607.000 1.550.000 2.265.000
ceptionally good. A t the same time voiles and Panamas
Total Oct. 14 1905.-23,614,000
4.432.000 22.614.000 1.516.000 5.562.000
4.199.000 23.788.000 1.518.000 5.565.000
Total Oct. 15 1904..23,419,000
are not being neglected. There is still a good fall business
8.412.000
7.889.000
Total Oct. 17 1903..22,295,000
961.000 4.889.000
being transacted and broadcloths, particularly in navy blue,
Total Oct. 18 1902..27.654,000
2.231.000
7.755.000 1.040.000 3.089.000
are selling well.
F O R E IG N D R Y GOODS.— In imported woolen and
worsted dress goods, voiles are in best demand, trade gen­
erally being satisfactory. Silks are rather better but ribbons
T H E DRY GOODS TRADE.
are quiet. Linens remain very firm, and burlaps are steadier
New York, Friday Night, Oct. 18 1907.
with stocks still small.
The principal feature of interest in the cotton goods Importations and Warehouse*Withdrawals of D ry Goods.
market during the past week was the announcement by a
The impottations and warehouse withdrawals of dry goods
large Chicago jobbing house that it was willing to receive
orders for prominent lines of bleached and other goods at at this port for the week ending Oct. 12 1907 and since
prices ranging from 9 to 15% below those at which the same Jan. 1 1907, and for the corresponding periods of last year,
are as follows:
goods were being offered by manufacturers and agents.
K
K
§
£
While this was immediately followed by statements declar­
ing that agents’ prices remained the same as heretofore,
CD CO
o 'd
2.
5? *
St P #
P
and that there was no change in contemplation, yet it has
undoubtedly intensified the feeling of indecision as to the
immediate future, and has resulted in the cancellation of
many orders for goods where delivery of these was overdue.
Other Western jobbers have felt it incumbent upon them to
meet the reduction, and it is more than probable that,
rather than lose business, Eastern jobbers will shortly follow
suit. A t the same time there «as been much criticism of the
move, and there is a difference of opinion as to the purpose
of the cut. Manufacturers are still well booked ahead and
continue very firm in their ideas. The primary cotton goods
market generally is very steady, but new business has been
small, owing to the continued re-selling of goods by secondhands at concessions from agents’ prices. The stringency
in the money market is principally responsible for this,
and the latter is being very closely followed. Export busi­
ness remains very dull, and inquiries from China are merely
being made to keep in touch with affairs and are much too
low to attract business. The woolen and worsted goods
market has been quiet but steady.
The destination of these exports for the week and since
July 1 1907 is as below:

8,304
2,418,275
411,920

4,232,655
7,002,311
5,112,705
3,301,342
2,230,222

104,397,208

....... ....................
8,091 2,189,153
456,761
119,286,575

AND
SINCE J A N .
1 1907 AND 1996.
Week E n d in g
Oct. 13 1906.
Since Jan. 1 1906.
Pkgs.
Value.
Pkgs.
V alue.
$
3
12,261,986734
182,71937,848
11,437,945
2,455
753,434
116,786
35,978,451
1,549
793,484
60,224
30,798,911
1,751
407,004
74,696
15,633,821
12,129,3881,815
281,634121,866
10,548,080

M ARKET.

13,202
22,484
9,167
15,056
184,836

Total

THE

137,802
193,930
108,511
119,586
109,095

126,276,443

21,879,235
104,397,208

IM PO R TS E N TE R E D
FOR C O N S U M P TIO N
FOR THE WEEK
Week Ending
Oct.
112 1907.
Since Jan. 1 1907.
Pkgs.
ValuePkgs.
Value.
Manufactures o f—
$
S
W o o l .............................. .................... ....................
737176,27242,110
750,930
126,060
40,070,723
C o tto n ------ ---------------- 2,595
S i l k . ......... ....................
1,362
684,477
71,848
38,150,822
F la x --------1,271326,691
72,011
16,673,656
M is c e lla n e o u s .................................. ....................
2,126250,783144,732

488
615
199
536
5,827

656,665

244,745
411,920

W A R E H O U S E W IT H D R A W A L S
TH R O W N
UPON
Manufactures o f—
W o o l -------- ---------------388120,533 13.858
4,400,304
C o tto n .......
763249,491
28,031
9,057,984
S i l k ................................
228 118,311
9,667
5,180,048
F la x ............
599147,274
19,485
4,857,481
Miscellaneous ________
3,19684,175
111,253
2,997,002

3,087,199

668,924
2,418,275

4,762,827
7,157,026
5,112,089
3,705,671
2,593,365

7,665
8,304

IM PO R TS
E N TE R E D
FOR
W AREHOUSE
D U RIN G
SAME P E R I O D .
Manufactures o f—
W o o l ..........
422145,193
14,135
5,387,228
236
70,650
15,335
C o t t o n - .....
782 294,244
30,733
10,290,364
631
190,702
22,757
S i l k ............ .................... ....................
209109,32610,723
5,571,697
182
111,038
9,172
F la x ................................
458 126,371
21,651
5,753,227
465
101,934
16,422
Miscellaneotis ............. ....................
3,808136,78997,291
3,768,0811,110
90 260 148,540

127,728,186

23,330,978
104,397,208

15,969

624,146

212,226
411,920




145,779,194

2,982,859

564,584
2,418,275

239,940

The value of these New York exports since Jan. 1 has been
$8,815,168 in 1907, against $13,805,302 in 1906.
The new prices named by Marshall Field & Co. at which
they are willing to accept business are as follows: Hope
bleached, 8% c.; Lonsdale, 4-4, 10c.; Fruit of the Loom, 4-4,
103-ic.; Hill, 4-4, 9}£c.; Chapman X , 8J4 C.; Indian Head,

26,492,619
119,286,575

2,624
8,304

2,595

10,042

22,377
1,661
12 355
4 4 ’ 699
14.377

639,055

10,928

146.801

12

737
41
500
827
311

2,908,927

30,770,597
119,286,575

......................................................... 3,613

3,946

18,380
1,916
10,723
37,279
21,538

m a r k e te d - ......... -13,265

150,057,172

T o ta l

30

634
24
279
581
120

Total

611,294

174,533
456,761

W est In d ie s----------------------------------------M ex ico
................... .......... ............ ..............
C entral A m e r ic a - .................................. ........
South A m e ric a ---------- •____________________
O th er C ou n tries---------- -------- ------ ----------

Total w ith d ra w a ls ....... .................... 5,174719,774182,294
Entered for consum ption-- 8,091
2,189,153
456,761

3,001,076

5,679 811,923
8,091
2,189,153

d * rl<ra - - r ..............................................................

--------1906.-----Since
IFerfr. J a n . 1.
34
1 165
.
l ’ l63
...
81 781
133
9,384
______
40,936

_____
for consum ption .-

Total Im p o rts - ............. -13,770

------- 1907.------S in ce
J a n . 1.
1,446
1,066
18,629
6 -068
25,810

New Y ork to October 12—
Week
G reat B rita in _______ ______________ _________
55
O th er E u ro p ea n ____ _______________________
22
C h in a ............................................................... 481
An d l? .----------------------------- - ................ - ............
A t a b la ............. ............................................... 1,390

Total
Entered

D OM ESTIC CO TTO N GOODS.— The exports of cotton
goods from this port for the week ending Oct. 12 were 3,613
packages, valued at $263,786, their destination being to the
points specified in the tables below.

103h

THE CHRONICLE.
annually at the City Comptroller’s office.

S ta te

,4 i* »

O it y

lxxxv

.

Under the ordi­

B s w t m e w t . nance providing for these bonds, they are to be taken by the

News Items.
Alabam a.— Special Session of Legislature.— Governor
Coiner has issued a call for an extra session of the Legislature
to convene 12 m. N ov. 7. The proclamation is a v e ry
lengthy one and in the main urges additional legislation
directed against the railroads.
Connecticut.— Vote.— We are advised that the vote cast
at the election held Oct. 7 on the proposed amendment in
the form of a general revision of the State Constitution
(V . 85, p. 958) was 15,597 “ for” to 20,054 “ against.”
New Jersey.— Legislature Adjourns.— The Legislature of
this State adjourned at 3:15 a. m. Oct. 12. This session, it
is stated, is the longest in the history of the State. Prior to
adjournment the bill providing for a Public Utilities Com­
mission was defeated, owing to a split on the question of
giving the commissioners appointed under the A c t the
power to regulate rates, which the Democrats sought to in­
corporate in the measure.

Bond Proposals and Negotiations tliis
have been as follows:
Altus, Greer County, Okla.— Bond Election.— Reports
state that an election will be held N ov. 5 to vote on the ques­
tion of issuing $50,000 water-works bonds.
Anderson County (P. O. Clinton), Tenn.— Bond Sale.—
On Oct. 5 the $100,000 4J/£% coupon road bonds described
in V. 85, p. 745, were awarded to the Harris Trust &, Savings
Bank of Chicago. Maturity on Oct. 1 as follows: $5,000
yearly from 1917 to 1921 inclusive, $10,000 yearly from
1922 to 1926 inclusive and $5,000 yearly from 1927 to 1931
inclusive.
Arlington Heights, Hancock County, Ohio.— Bond Offer­
ing.— Proposals will be received until 12 m. N ov. 12 by
J. W . Evans, Village Clerk, for $1,226 27 5% Maple Avenue
curb and gutter construction assessment bonds. Denom­
ination $245.26. Date N ov. 1 1907. Interest semi-annual.
Maturity one bond yearly on N ov. 1 from 1908 to 1912
inclusive. Certified check for 5% of the amount of bonds
bid for, payable to the Village Treasurer, is required. Pur­
chaser to pay accrued interest.
Bedminster Township School District (P. O. Gladstone),
Somerset County, N. J.— Bond Sale.—?-'This district recently
awarded an issue of $23,000 43^% serial school-house bonds
to the First National Bank of Somerville at par. Denomi­
nation $2,000, exceot one bond for $1,000. Date Oct. 1
1907. Interest semi-annual.
Bells School District (P. O. Bells), Grayson Oouuty, T ex .—
Bonds Not Sold.— Up to Oct. 11 no sale had yet been made
of the $12,000 5% 5-40-year (optional) coupon brick-schoolhouse bonds registered by the State Comptroller on Sept. 5
(V . 85, p. 746) and offered on Sept. 25.
Birmingham, Jefferson County, A la .— Bond Election P ro ­
posed.— W e are informed that this city purposes to call an
election to submit to the voters the question of issuing
$400,000 sewcsr bonds.
Boston, Mass.— Bond Sales.—-The following loans were
issued by the city of Boston during the month of September:
534.000
204.000
75,000
5.000
2.000
2.000
3.000
3.000
1.000

(V o l .

4 % school-bulldings and land bonds m a tu rin g in J u ly 1937.
4 % sew erage loan m a tu rin g in Ju ly 3937.
4 % W a rd B u ildin g fo r measles bonds m a tu rin g In Ju ly 1927.
4 % Bath H ouse, T tn e a n Beach, bonds m a tu rin g in J u ly 1927.
4 % Bath House, D e w e y Beach, bonds m a tu rin g In J u ly 1927.
4 n f ngine-hou se-addltlon bonds m a tu rin g in Ju ly 1927.
4 % First S treet playgrou nd bonds m a tu rin g !n J u ly 1927.
4 % Charlestow n Pla ygrou n d bonds m a tu rin g in J u iy 1927.
4 % F ra n klin F ie ld , L o ck er Buildin gs, bonds m a tu rin g in J u ly 1927.

Tax Loan Fund.
Campbell County (P. O. Jacksboro), Tenn.— Bonds Not
Sold.— No award has yet been made of the remaining $50,000
of the $100,000 10-30-year (optional) coupon road bonds
mention of which was made in V . 85, p. 615.
Campbell Union High School District. Santa Clara County,
Cal.— Bond Sale.— On Oct. 8 the $5,000 5% 10-19-year (ser­
ial) gold coupon high-school bonds described in V. 85, p. 746,
were awarded to the Bank of Campbell at 104.15 and ac­
crued interest— a basis of about 4.605%.
Carterville, Jasper County, Mo.— Bond Sale.— On’ Sept. 26
$19,000 534 % 10-20-year (optional) public-sewer bonds
offered on Aug. 1 were awarded to the First National Bank
of Carterville at par. Denomination $1,000. Date July 1
1907. Interest semi-annual. These securities were offered
without success as 4s (V. 85, p. 114) on June 20.
Charleston, Charleston County, S. C.— Bond Offering.—
Proposals will be received until 12 m ., N ov. 16 by the C ity
Treasurer for $850,000 4% coupon refunding bonds. Bids
are requested as follows:
F o r the purchase o f all o r a n y p o rtio n o f $850,000 4 % 30-year coupon
refu n d in g bonds, p a ym en t to be m ade In b o n d sm a tu rin g J anu ary and Ju ly
1909, w ith all coupons fa llin g due subsequent to J u ly 1 1907 attach ed th e re­
to; a n y prem ium bid to be p a ya b le in cash. S ettlem en ts to be m a d e
J u ly 1 1907.
For the purchase o f a ll o r a n y po rtio n o f $850,000 4 % 30-year coupon
re fu n d in g bonds, p a ym en t to be m ade In cash: said bonds, h ow eve r, to be
issued upon can cellation o f sim ilar am ounts o f the 4 % coupon ben ds fa llin g
due Jan. 1 or J u ly 1 1909, w hich m a y be h e ld b y the c ity , or which m a y be
purchased b y It.

Tenders are alsp requested for the sale to the city of all
or any part of the $850,000 4% coupon bonds now out­
standing and maturing Jan. 1 or July 1 1909; all coupons
falling due after July 1 1907 to be attached. Payment to
be made in cash.
Interest on the new bonds will bo payable Jan. 1 and July 1.
Successful bidder to deposit a certified check or surety bond
for 5% of the amount of bid awarded to him. These bonds
are exempt from State, county and city taxes, and in the
hfends of banks in Charleston exempt their shareholders
from all taxes to the extent of the holding, as is now the case
with 43^% Brown State bonds. Bonds arc ready for im­
mediate delivery.
Cincinnati School District (P. O. Cincinnati), Hamilton
County, Ohio.— Bond Sale.— On Oct. 14 the $250,000 4%
40-year coupon public-school-improvement bonds described
in V. 85, p. 747, were awarded to Seasongood ifc Mayer of
Cincinnati at par and accrued interest. There were no other
bidders.
Clallam County School District No. 3, W ash.— Bond
Offering.— Proposals will be received until 2 p. 111. Oct. 29
by A . R . Pringle, County Treasurer (P. O. Port Angeles),
for $3,500 warrant-refunding bonds. Authority election
held Sept. 21 1907. Interest (rate not to exceed 5 % ) pay­
able semi-annually at the County Treasurer’s office. Ma­
turity twenty years, subject to call after one year. Certi­
fied check for 1% of bonds is required. Bonded debt at
present, $2,233 38. Assessed valuation $70,989.
Claude Independent School District (P. O. Claude), Arm­
strong County, Tex.— Bond Sale.— This district has disposed
of the $15,000 5% 15-40-year (optional) school-house bonds
registered by the State Comptroller on Sept. 6 (V'. 85. p. 747)
to the State School Fund at par and accrued interest .
Clay Center, Clay County^ Kan.— Bond Sale.— On Oct. 11
the $25,000 4% eleetric-light-plant bonds, a description of
which was given in V. 85, p. 880, were awarded $10,000 to
the Farmers’ State Bank of Clay Center at 94.59 and $15,000
to D. H . Myers of Clay Center at 93. Bids were also re­
ceived from Win. Hocking at 92.91 and the C. G. Strean
Investment Co. of Kansas City at 88.
Claysville, Washington County, Pa.— Bond Sale.— On
Oct. 4 $5,700 5% bonds offered on Sept. 28 were awarded to
local bidders as follows; $1,000 at 102, $500 at 101 and $4,200
at par. Denomination $500, except one bond of $200.
Date Oct. 1 1907. Interest semi-annual. Maturity part
yearly on Oct. 1 from 1908 to 1912 inclusive.

Bowling Green, Wood County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. Oct. 21 by Alex. W il­
liamson, City Clerk, for $4,600 4% coupon refunding bonds.
Authority Section 2701, Revised Statutes, and an ordinance
passed by the City Council on Sept. 4. Denomination $500,
except one bond of $600. Date Sept. 1 1907. Interest
semi-annually at the City Treasurer’s office. Maturity $500
each six months from March 1 1914 to Sept. 1 1917 inclusive
Cleves, Hamilton County, Ohio.— Bond Sale.— On Oct. 7
and $600 on March 1 1918. Certified check for $100 is re­ the $2,500 5% 10-year coupon sidewalk bonds described
quired. Accrued interest to be paid by purchaser.
in V. 85, p. 747, were awarded to W . R . Todd <fc Co. of
Brandon School District No. 129 (P .O . Brandon), Man.— Cincinnati at 102.52 and accrued interest— a basis of about
Debenture Offering.— Proposals will be received until Oct'. 23 4.682%.
by J. B. Beveridge, Secretary-Treagurer, for $49,000 5%
Collin County Common School District No. 123, Tex.—
debentures. Date July 1 1907. Interest annual. Maturity Bonds Registered.— On Sept. 23 $1,240 5% 15-20-year
thirty years. Accrued interest to be paid by purchaser.
(optional) school-house bonds were registered by the State
Breckenridge, Wilkin County, Minn.— Bond Offering.— Comptroller.
Proposals will be received until 8 p. m. N ov. 4 by J. D.
Collins, Covington County, Miss.— Bonds Defeated. —
Jones, City Clerk, for $23,280 64 5% refunding bonds.
Reports state that the proposition to issue the $5,000 lightMaturity fifteen years.
and-water-plant-extension bonds mentioned in V. 85. p. 747,
Bucyrus, Crawford County, Ohio.— Bond Sale.— On Oct. 1 was defeated at an election Sept. 24.
$11,500 4% street-paving bonds were disposed of to the Sink­
Colorado.— Bonds Not to be Offered at Present.— We are
ing Fund Trustees at par. Denomination $500. Date
Oct. 1 1907. Interest semi-annual. Maturity part yearly advised that the $900,000 3% 20-year coupon funding
bonds described in V. 85, p. 615, will not be offered for sale
on Oct. 1 from 1908 to 1917 inclusive.
until after the Auditing Board, which is now in session,
Buffalo, N. Y .— Bond Issue.— Pursuant to Section 105 of finishes the checking of the bills.
the City Charter, the Mayor and Comptroller are authorized
Comanche, Comanche County, Tex.— Bond Sale. This
to issue $21,528 36 4% Department of Public Works bonds
dated Oct. 1 1907 and maturing Oct. 1 1908. Interest semi- * city recently awarded the $11,000 additional-high -school,.




Oot . 19 1907. J

THE CHRONICLE.

$6,000 sewerage and $5,000 additional-water-works 5% 2040-year (optional) bonds voted on Sept. 23 (V. 85, p. 959) to
J. B. Oldham of Dallas at par. Purchaser to pay all ex­
penses. Denomination $1,000. Interest annual.
Commerce, Hunt County, Tex.— Bonds N ot Sold.— No
sale was made on Oct. 7 of the $16,000 4*^% 20-30-year
(optional) coupon water-works bonds described in V. 85,
p. 819.
Compton, Los Angeles County, Cal.— Bonds Authorized. —
On Aug. 6 the Board of City Trustees passed an ordinance
providing for the issuance of the $50,000 5% 1-40-year (serial)
coupon street-improvement bonds voted on July 9. Denomi­
nations $1,000 and $250. Date Sept. 2, 1907. Interest
semi-annually at the City Treasury.
Coram School District, Shasta County, Cal.— Bond Sale.—
On Oct. 7 the $8,000 6% 1-16-year (serial) school-house
bonds mentioned in V. 85, p. 880, were awarded to the Bank
o f Anderson at 101.625. Denomination $500. Date Sept.
3 1907. Interest annual.
Covington, Newton County, Ga.— Bonds Voted.— The
election held Oct. 9 resulted in favor of the propositions to
issue the $55,000 water-works-and-sewerage-system-con­
struction and the $5,000 public-school-adddition 5% 30year bonds dated July 1 1909, mentioned in V. 85, p.747.
The vote was 140 “ for” to 7 “ against” .
Crafton School District San Bernardino County, Cal.—
Bond Sale.— Local papers report the sale of $5,000 bonds of
this district.
Crawford County, (P. O. Bucyrus) Ohio.— Bond Sale.—
On Sept. 6 the $50,000 5% coupon Road District No. 1
bonds described in V. 85, p. 542, were awarded to the New
First National Bank of Columbus at 105.21. Maturity on
Aug. 1 as follows: $17,000 in each of the years 1919 and 1920
and $16,000 in 1921.
Dalhart Independent School District (P .O . Dalhart), Dal­
lam County, Tex.— Bonds Registered.— W e are advised that
the $25,000 5% 20-40-year (optional) coupon brick-schoolbuilding bonds described in V. 85, p. 615, were registered by
the State Comptroller on Oct. 12.
Delaware County (P. O. Delawara), Ohio.— Bond Offering•
— Proposals will be received until 1 p .m . Oct. 31 by the Board
of County Commissioners, M. Meredith, Stephen Potter and
J. L. Edwards, for $184,780 4J/<j% road-improvement bonds.
Authority Sections 4670-19 and 22b, Revised Statutes.
Denominations $1,000 and $239. Date Sept. 1 1907. In t­
erest semi-annually at the County Treasurer’s office. Maturitj'- $9,239 each six months from March 1 1908 to Sept. 1
1917 inclusive. Certified check on some bank in Delaware
County, made payable to the County Auditor, is required.
Purchaser to pay accrued interest. These bonds were offered
as 4s on Oct. 10 (V. 85, p. 959) but no award was made on
that day.
De Pere, Brown County, W is.— Bond Offering.— Proposals
will be received until 4 p. m. N ov. 2 by M. J. Maes, C ity
Clerk, for the $6,000 5% coupon water-works-extension
bonds mentioned in V. 85, p. 959. Authority Section 926,
Chapters 11 and 13, Laws of 1898. Denomination $300.
Date N ov. 15 1907. Interest annually on Jan. 15 at the
First National Bank in Chicago or the National Bank of
De Pere, in De Pere, or the State Bank of De Pere, in De
Pere. Maturity $300 yearly on Jan. 15 from 1909 to 1926
inclusive and $600 on Jan. i5 1927.
Dover, Morris County, N. J.— Bonds Voted.— A t an elec­
tion held recently this town authorized the issuance of $35,000 school-building bonds. Denomination $500.
East Waterloo Independent School District (P .O . Water­
loo), Iow a.— Bond Sale.— This district, it is stated, has
awarded an issue of $18,000 4J^% refunding bonds to Geo.
M. Bechtel & Co. of Davenport for $18,100.
Eddy County (P. O. Carlsbad), N. Mex.— Bond Offering.—
Proposals will be received until 12 m. Oct. 23 by W . R.
Owens, Probate Clerk, for $22,000 6% coupon Pecos River
bridge-building bonds. Authority Sections 349 to 364 in­
clusive, Chapter 83, Laws of 1891. Denomination $1,000.
Date Oct. 1 1907. Interest semi-annuallv on Jan. 1 and
July 1 at Kountze Brothers in New York City. Maturity
thirty years, subject to call after twenty, years. Certifiedcheck for $2,000 is required. Bonded debt, including this
issue, $129,801. Assessed valuation for 1907 $2,505,835.
Edgefield County (P. O. Edgafield) So. Car.— Bonds N ot
Yet Sold.— We are advised under date of Oct. 10 that this
county is still in the market with the $20,000 6% 20-year
Dean or Pine Grove Township and the $20,000 5% 30-year
Johnston Township coupon railroad-aid-construction re­
funding bonds offered but not sold (V . 85, p. 615) on July 27.
El Paso, Woodford County, 111.— Bond Offering.— Propo­
sals will be received until 10 a. m. Oct. 26 by the City Hall
Committee, Omer North, J. S. Welch and W . H . Render,
at the office of the City Clerk, for the $6,000 5% coupon
city-hall construction bonds mentioned in V. 85, p. 748. De­
nomination $500. Date N ov. 1 1907. Interest annually at
City Treosurer’ s office.
Maturity $500 yearly beginning
N ov. 1 1S08. Certified check for $500, payable to the Mayor,
is required.




1039

Ephraim School District No. 2 (P. O. Ephraim), Sanpete
County, Utah.— Bond Offering.— Proposals will be received
until 2 p. m. Oct. 21 by the Board of Trustees for $25,000
5% coupon bonds. Denomination $500. Interest semi­
annually at the Bank of Ephraim
Maturity twenty years,
subject to call after five years. Certified check for $500 is
required.
Fairfield, Solano County, Cal.— Bonds N ot Sold— Bond
Offering.— No sale was made on Sept. 30 of the $20,000 5%
1-40-year (serial) gold sewer-system bonds described in
V. 85, p. 918, 819. Proposals are again asked for these
securities and will be received, this time, until 8 p .m . Dec. 4.
Date of bonds Oct. 1 1907.
Fairfield School District, Solano County, Cal.— Bond Sale.
— On Oct. 7 $18,000 5% 1-18-year (serial) gold coupon
school-building-and-improvement bonds were awarded to
R . D. Robbins for $18,161— the price thus being 100.894—
a basis of about 4.882%. Denomination $1,000. Date
Aug. 5 1907. Interest annually on March 4 at the County
Treasury.
Farmville, Pitt County, No. Car.— Bonds Not Sold.— No
sale has yet been made of the $5,000 5% 30-year railroadaid-construction bonds offered on Sept. 25. See Y . 85,
p. 483, for a description of these securities.
Fruita, Mesa County. Col.— Bond Offering.— Proposals
will be received up to and including N ov. 1 (postponed from
Oct. 15) by I. H . Whittemore, Town Clerk, for $25,000 6%
water-works-completion bonds.
Denominatioa $1,000.
Date Oct. 1 1907. Interest semi-annually at the Town
Treasurer’s office or at Kountze Bros., in New York City.
Maturity Oct. 1 1922, subject to call after Oct. 1 1917. Cer­
tified check for 2J^% of the bonds bid for, payable t® the
Town Treasurer, is required.
Grand Marais, Cook County, Minn.— Bond Offering.— Pro­
posals will be received until 10 a. m. to-day (Oct. 19) by
Chris. Murphy, Town Clerk, for $1,000 6% town-hall-construction bonds. Denomination $500. Interest semi-an­
nual. Maturity ten years.
Green Bay, Brown County, W is .— Bond Sale.— A bid at
par and accrued interest,less $250 for blank bonds, attorney’s
fees and other expenses, submitted by the Harris Trust &
Savings Bank of Chicago for the $17,000 4J^% coupon
street-improvement and school-house bonds offered on Oct. 8
(V. 85, p. 881), was accepted. A bid-was also received from
A . B. Leach & Co. of Chicago at par.
Bonds Not Sold.— No bids were received for the four
issues of 43^% coupon sewer bonds aggregating $32,000,
offered on the same day.
We are advised, however, that
these securities will be taken b y local banks at par and
accrued interest.
Greenfield, Highland County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. N ov. 15 by D. R .
Cowman, Village Clerk, for $4,500 4% additional-cemeteryground-purchase-and-improvement bonds. Authority Sec­
tion 2835, Revised Statutes, as amended March 26 1906.
Denomination $500. Date Nov. 5 1907. Interest semi­
annual. Maturity N ov. 5 1930. Certified check for 10%
of bonds bid for, payable to the Village Treasurer, is re­
quired. Accrued interest to be paid by purchaser.
Greensboro, Guilford County, No. Caro.— Bonds Voted.—
According to reports an election held Oct. 8 resulted in favor
of a proposition to issue $125,000 funding bonds. The vote
was 339 to 8.
Greenwich, Huron County, Ohio.— Bond Sale.— On Oct. 14
the $4,700 5% 1-10-year (serial) Main Street improvement
(village’s portion) bonds offered on that day (V. 85, p. 820)
were awarded to the First National Bank of Greenwich at
102.638 and accrued interest— a basis of about 4.454%.
Following are the bids:
F irst N a t.B a n k , G reenw lch $4,824 00 |W. A . K n a p p G re en w ich . .$4,727 79
Denison & F a rn sw o rth , C l’ v 4,764 4 0 1H a y d e n , M iller
& C o.,
J. S. B d b o u t _______________ 4,745 0 0 1 C le v e la n d ________________ 4,717 00

Gulfport, Harrison County, Miss.— Bond Offering.— Pro­
posals will be received until Oct. 25 by N. D. Goodwin, C ity
Clerk, for the following bonds, which were offered without
success as 5s (V. 85, p. 54) on July 2:
$18,000 6 % school bonds.
|$10,000 6 % w a te r bonds.
4,000 6 % ja ll-con stru ctlon bonds. | 10,000 6 % sew er-exien slon bonds.

Denomination not less than $100 or more than $1,000.
Interest annual. Maturity “ not later than tw enty years.”
Certified check for $1,000 is required.
Harrisburg, Dauphin County, Pa .— Bond Offering.— Pro­
posals will be received until 10 a. m. Oct. 26 by Henry W .
Gough, City Comptroller, for $400,000 4% coupon bonds.
Denominations $100, $1,000 or $5,000, at option of pur­
chaser. Date March 1 1906. Interest semi-annual. Ma­
turity $50,000 March 1 1911 and $14,000 yearly 011 March 1
from 1912 to 1936 inclusive. Certified check for 2% of
bonds bid for, payable to the City Treasurer, is required.
Bonds to be delivered 011 or about Dec. 2 1907. These se­
curities will be certified to as to their genuineness by the
United States Mortgage & Trust Co. of New York City and
their legality approved by John G. Johnson of Philadelphia,
whose opinion to that effect, or duplicate thereof, will be
delivered to purchaser. Accrued interest to be paid by
successful bidder. These bonds were offered without success
as 3V<>s (V. 84, p. 885) on Feb. 28.

1040

THE CHRONICLE.

Haskell County (P. O. Santa Fe), Kan.— N o Bond Election.
— W e are informed that this county does not propose to call
an election to vote on the proposition "to issue the $60,000
railroad-aid-construction bonds mentioned in V. 85, p. 748.
Haskell Independent School District (P. O. Haskell),
Haskell County, Te x .— Bonds Registered.— The State Comp­
troller registered $15,000 5% 10-40-year (optional) schoolhouse bonds on Oct. 9.
Bond Sale.— An issue of $10,000 5% 10-40-year (optional)
school-house bonds was recently awarded to the State
School Fund at par and accrued interest.
Hettinger County (P. O. Mott), No. Dak.— Bonds Voted.—
Bond Offering.— An election held recently resulted in favor
of a proposition to issue $20,000 5% funding bonds maturing
Dec. 1 1917. The vote was 108 to 75. Proposals for these
bonds will be received until N ov. 4.
Hobart, Kiowa County, Okla.— Bond Sale.— This city has
awarded the $25,000 water-works-extension, the $25,000
sewer and the $15,000 street-improvement 6% coupon
bonds dated Oct. 1 1907, offered on July 18, to R. J. Ed­
wards of Oklahoma City. See V. 85, p. 116, for description
of these securities. ✓
Houghton, Houghton County, Mich.— Bonds Awarded in
Pa rt.— Of the $50,000 10-year West Houghton sewersystem bonds voted on May 6, $28,000 (not $25,000 as at
first reported) were awarded at par as follows: $25,000 to
John Nuveen & Co. of Chicago and $3,000 to the “ Croation
Cemetery Co., Calumet, Mich.” Securities are dated Sept. 3
1907. Interest semi-annual. W e are advised that the
remaining $22,000 bonds will not be issued.
Ishpeming, Marquette County, Mich.— Bonds Refused.—
W e are advised that the $35,000 5% water-main and pumphouse construction bonds awarded in August to Mason,
Lewis & Co. of Chicago (V. 85, p. 543) have been refused by
that firm. The bonds are now being offered to local people
at par.
Islip Union Free School District No. 1 (P. O. Bay Shore),
Suffolk County, N. Y .— Bids.— The following bids were re­
ceived on Oct. 10 for the $25,000 coupon or registered
school-building-addition bonds awarded on that day (V. 85,
p. 960) to N. W . Harris & Co. of New York City at 100.122
and accrued interest for 4.75s:
N . VV. H arris & C o., N e w Y o rk (fo r 4 .7 5 s)_______________________ $25,030 50
F erris & W h ile , N e w Y o r k (fo r 4 .8 5 s )____________________________ 25,053 00
A . B . Lea ch & C o.. N e w Y o r k (fo r 5 s )------------------------------------ 25,100 00
W . J. H a yes & Sons, C levelan d (fo r 5 s )__________________________ 25,007 00
S A . K e a n , Chicago (fo r 5 s )_______________________________________ 25,000 00

Janesville, Rock County, W is.— Bonds Authorized.— The
Common Council recently authorized the issuance of North
Academy Street special assessment improvement bonds.
Johnstown, Weld County, Colo.— Bond Election.— The
Town Board has called an election N ov. 19 to submit to the
voters the question of issuing $20,000 water-system-construction bonds.
Kalamazoo, Kalamazoo County, Mich.— Bonds Awarded
in Part.— Of an issue of $155,000 4% % coupon bonds re­
cently offered by this city, $91,500 have been awarded to the
Board of Bond Commissioners at par and accrued interest.
Kearny, Buffalo County, Nebraska.— Bond Election.— An
election will be held Oct. 15 to vote on the question of issu­
ing $100,000 water-system bonds.
Kearney (P. O. Jersey City), N. J.— Bond Offering.— Pro­
posals will be received until 8 p. m. Oct. 30 by the Town
Council for the following bonds:
$23,000 5 % fire-d ep a rtm en t bonds. M a tu rity tw e n ty years.
62,000 5 % school bonds. M a tu rity tw e n ty -fiv e years.
150,000 5 % im p ro vem e n t bonds. M a tu rity $30,000 y e a r ly ,
six years from d a te.

b egin n in g

Certified check for $5,000 is required with each bid.
Burton E. Canfield is Town Treasurer.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Kenmore, Erie County, N. Y . — Bond Sale.— On Oct. 7
$33,660 improvement, $6,000 water and $3,000 gas 5%
1-30-year (serial) bonds offered on Aug. 31 were awarded to
W . N. Coler & Co. of New York City for $42,662 50— the
price thus being 100.005. Date Sept. 1 1907. Interest
semi-annual.
Kent, Portage County, Ohio.— Bond Offering.— Proposals
will be received until 12 m., Oct. 31 , by T. A . McMahon,
Village Clerk, for $15,000 5% coupon Franklin Avenue, Erie
Street and Portage Street paving assessment bonds. De­
nomination $1,500. Date Oct. 21 1907. Interest annual.
Maturity $1,500 yearly on Oct. 21 from 1908 to 1917 inclu­
sive. Bid must be made on a blank form furnished by the
Village Clerk and accompanied by a certified check for $500,
made payable to the Village Clerk. Purchaser to pay ac­
crued interest and furnish printed bonds.
Knox County (P. O. Edina), Mo.— Bonds Defeated.— An
election held recently resulted in the defeat of a proposition
to issue court-house bonds.
La Crescent School District (P. O. La Crescent), Houston
County, Minn.— Bonds Authorized.— On Oct. 5 the Directors
of this district authorized the issuance of $1,500 bonds at not
exceeding 6J^% interest.
Lake County (P. O. Painesville), Ohio.— Bond Offering.—
Proposals will be received until 12 m. N ov. 4 by the Board




[V

ol. lxxx v

.

of County Commissioners for $200,000 4% coupon court­
house and jail-construction bonds. Authority Sections 871,
872 and 875 Revised Statutes. Denomination $500. Date
Sept. 1 1907. Interest semi-annually at the County Treas­
urer’s office. Maturity $2,500 each six months from March
1 1909 to Sept. 1 1914 inclusive; $3,000 each six months from
Mar. 1 1915 to Sept. 1 1919 inclusive; $4,000 each six mdnths
from Mar. 1 1920 to Sept. 1 1924 inclusive and $5,000 each
six months from Mar. 1 1925 to Sept. 1 1934 inclusive.
Certified check for 5% of the amount of the bid, payable to
the County Treasurer, is required.
Lansing, Ingham County, Mich.— Bond Offering.— Pro­
posals will be received until 7.30 p. m. Oct. 21 by Myles F.
Gray, City Clerk,for $12,700 Moores Park and Bradley,
Barnes, Sparrow and Smith avenues sewer-construction
bonds. Date N ov. 1 1907. Interest (rate not to exceed
5 % ) annually on Dec. 1 at the City Treasurer’s office.
Maturity on Dec. 1 as follows: $4,700 in 1908 and $4,000 in
the years 1909 and 1910. Certified check for $25 is required.
Lawrence, Essex County, Mass.— Temporary Loan.—
Dispatches state that this city recently negotiated a tempo­
rary loan of $50,000 in anticipation of taxes with Blake
Bros. & Co. of Boston at 5.74%.
Leflore County (P. O. Greenwood), Miss.— Bonds Author­
ized.— It is stated that the Board of County Supervisors has
authorized the issuance of $60,000 bridge-construction and
$40,000 road-building 5% 25-year bonds. Denomination
$500.
Lemberg School District (P. O. Lemberg), Sask.— De­
benture Offering.— Further details are at hand relative to the
offering on O ct.- 29 of the $10,000 6% gold coupon brick
school-building-coustruction debentures mentioned in V. 85,
p. 881. Proposals for these debentures will be received by
Dr. H . E. Knoke, Secretary Treasurer, until 8 p. m. on that
day. Date Oct. 5 1907. Interest annually in December at
the Union Bank of Canada in Lemburg. • Maturity part
yearly on Dec. 5 from 1908 to 1927 inclusive. Certified
check for $500, payable to the Secretary-Treasurer, is re­
quired.
Lewiston, Nez Perce'County, Idaho.— Bonds Voted.— The
election held Sept. 21 resulted in a vote of 182 to 53 in favor
of the proposition to issue the $57,300 5% 10-20-year (op­
tional) water-system-extension bonds mentioned in V. 85,
p. 749.
Lima, Ohio.— Bond Sale.— On Oct. 1 $5,319 Elizabeth
Street and $2,983 West Street 5% paving bonds were awarded
to the Sinking Fund Trustees at par. Denominations
$531 90 and $298 30. Date Oct. 1 1907. Interest annu­
ally on Jan. 1. Maturity one-tenth yearly on Jan. 1 from
1908 to 1917 inclusive.
Lineville, Clay County, Ala.— Bonds Voted.— B y a vote
of 112 to 0 this place on Sept. 24 authorized the issuance of
$8,000 5% 20-year school bonds.
Lockney Independent School District (P. O. Lockney),
Floyd County, Tex.— Bond Sale.— The issue of $3,000 5%
5-20-year (optional) school-house bonds registered by the
State Comptroller on Aug. 14 (V . 85, p. 484) was recently
purchased by the State School Fund at par and accrued
interest.
Lockney Independent School District (P. O. Lockney),
Floyd County, Texas.— Description of Bonds.— We are ad­
vised that the $3,000 5% 5-20-year (optional) school-house
bonds registered by the State Comptroller on Aug. 14 (V . 85,
p. 484) are in denomination of $500 and are dated June 18
1907. Interest annual.
Lometa Independent School District (P. O. Lometa),
Lampasas County, Tex.— Bonds Registered.— On Oct. 10 an
issue of $10,000 5% 20-40-year (optional) school-house bonds
was registered by the State Comptroller.
Los Angeles, Los Angeles County, Cal.— Bond Election
Postponed.— We are informed that the election to vote on the
question of issuing tho $300,000 fire-department-improvement bonds mentioned in V. 85, p. 748, was not held Oct. 10.
Our informant adds that an “ election m ay be held in De­
cember.”
Louisville, Jefferson County, K y .— Temporary Loan.—
Local papers state that this city on Oct. 7 negotiated a loan
of $50,000 with the Southern National Bank of Louisville
at 6% interest. Loan matures next February.
Lynden School District, Santa Barbara County, Cal.—
Bond Sale.— On Oct. 7 the $2,750 5% 1-year school bonds
offered on that day (V. 85, p. 680) were awarded to the
Central Bank of Santa Barbara at par and accrued interest.
This was the only bid received. Denomination $250. Date
Aug. 5 1907. Interest annual.
Macon, Bibbs County, Ga.— Bond Election Proposed.—
Local papers state that an election will be held in the near
future to vote on a proposition to issue bonds for a new
grammar school, public park, street-paving and the enlarge­
ment of the water-works and fire deDartment.
Madison, Morgan County, Ga.— Bonds Voted.— Reports
state that an election held Oct. 7 resulted in favor of a pro­
position to issue $50,000 water-works, sewerage and electriclight-system-improvement bonds.
Marion, Marion County, Ohio.— Bonds Authorized.— On
Sept. 16 the City Council passed ordinances providing for the

(J o

t

. 1 9 1 9 0 7 .]

THE CHRONICLE.

issuance of $2,500 4% coupon ditch-construction bonds.
Denomination $500. Bonds to be dated not later than N ov.
1 1907. Interest semi-annually at the City Treasurer’s o f­
fice. Maturity $500 yearly on March 1 from 1909 to 1913
inclusive.
Marshall, Harrison County, Te x .— Bonds Not Sold.— We
learn upon inquiry that up to Oct. 14 the city had not yet
disposed of the $60,000 5% 10-40-year (optional) coupon
sidewalk-paving bonds offered on Sept. 10 or the four issues
of 5% 40-year improvement bonds, aggregating $85,000,
offered on Sept. 25. See V. 85, p. 617 and 749, for descrip­
tion of these securities.
Medicine Hat, A lta.— Debentures Not Sold.— No award has
yet been made of the four issues of 5%c oupon debentures
aggregating $65,000, offered on Sept. 23. For description
of these securities see V. 85, p. 677.
Melita, Man.— Debenture Offering.— Proposals will be re ­
ceived until 6 p. m. N ov. 4 by W . F. Thomas, Secretary Treasurer, for $5,000 5% street-improvement debentures.
Interest annual. Maturity twenty years.
Mercer County (P. O. Celina), Ohio.— Bond Offering.—
Proposals will be received until 10 a. m. to-day (Oct. 19) by
T . A . Weis, County Auditor, for $14,000 4J^% coupon
Romer and Jones Road pike-improvement bonds. Author­
ity Title 7, Chapter 8, Revised Statutes, as amended. De­
nomination $500. Date N ov. 1 1907. Interest semi­
annual. Maturity on N ov. 1 as follows: $2,000 in 1908 and
$3,000 yearly from 1909 to 1912 inclusive. A cash deposit
of $100 is required.
Milford Center, Union County, Ohio.— Bond Sale.— On
Oct. 12 the $19,700 5% coupon street-improvement assess­
ment bonds described in V. 85, p. 820, were awarded to C. S.
David for $19,837 13 (100.697) and accrued interest. A
bid of $19,709 85 was also received from S. A . Kean of Chi­
cago. Maturity one bond each six months from March 1
1909 to March 1 1928 inclusive.
Milwaukee, Milwaukee County, W is.— Bonds Proposed.—
An ordinance providing for the issuance of $250,000 Tw entySeventh Street viaduct-completion bonds is before the
Board of Aldermen.
Monongahela School District (P. O. Monongahela), Wash­
ington County, Pa.— Bonds Proposed.— According to reports
this district will shortiy issue $52,000 school-building bonds.
Monroe Union Free School District No. 1 (P. O. Monroe),
Orange County, N. Y .— Bond Sale.— On Oct. 15 the $40,000
5% school-building bonds, a description of which was given
in V. 85, p. 882, were awarded to N. W . Harris & Co. of
New York C ity at 102.688 and accrued interest. The bids
were as follows:
N . W . H a rris & C o .,N . Y . $41.075
A . B . Lea ch & C o .. N . Y - _ 41,044
E dm u n d S eym ou r & Co..
N e w Y o r k _______________ 40,760
F erris & W h ite , N . Y ____ 40,710

2 0 1M erch an ts’ B a n k . M iddleOOj
t o w n ____________________ $40,050 00
I W . J. H a yes <5c Sons, C le v . 40,012 00
001 Goshen
Savings
B an k,
8 0 1 Goshen, N . Y -------------Par

Maturity $1,000 yearly on Jan. 1 from 1915 to 1954 in­
clusive .
Montgomery, Montgomery County, A la.—Bonds A u ­
thorized.— According to local papers a bill providing for the
issuance of $2,000,000 refunding bonds has been passed by
the City Council.
Murray School District No. 7 (P .O . Murray), Cass County,
Neb.— Bond Sale.— On Oct. 8 $1,800 6% 3-year school
bonds were awarded to C. C. Pormle for $1,870— the price
thus beingl03.888— a basis of about 4.958%. Date Sept. 10
1907. Interest annual.
Nampa, Canyon County, Idaho.— Bond Offering.— Pro­
posals will be received until 8 p .m . Oct. 21 by Claude Duval,
City Clerk, for the $27,000 paving and $6,000 water-works
6% coupon bonds voted on Sept. 10. Denomination $1,000.
Date Jan. 1 1908. Interest semi-annually at the City Treas­
urer’s office or at the Chase National Bank in New York
City. Maturity twenty years, subject to call after ten
years. Bonds are exempt from taxation.
Nashville, Davidson County, Tenn.— Bonds Voted and
Defeated.— The election held Oct. 10 resulted in favor of the
proposition to issue the $200,000 water-main-extension
bonds and in the defeat of the propositions to issue the $400,000 30-year electric-light-plant-improvement bonds at not
exceeding 6% interest and the $50,000 4 3^% sidewalk-construction assessment bonds, mention of which was made in
V. 85, p. 821. The vote was 2,185 “ for” to 738 “ against.”
the first issue, 923 “ for” to 1,407 “ against” the second issue
and 1,659 “ for” to 1,781 “ against” the third issue.
Neenah, Winnebago County, W is.— Bond Offering.— Pro­
posals will be received until 12 m. N ov. 5 by J. P. Keating,
City Clerk, for $20,000 coupon water-works funding bonds
at not exceeding 5% interest. Authority Section 959-4,
Chapter 41, Revised Statutes of 1898. Interest semi-annual. Maturity $2,000 yearly on Jan. 1 from 1919 to 1928
inclusive.
Negaunee, Marquette County, Mich.— Price Paid for
Bonds.— The price paid for the $10,000 5% 15-year electriclight and street improvement bonds awarded on Oct. 1 to
local parties (V . 85, p. 961), was par. Denomination $500.
Date Oct. 1 1907.
New Bern, Craven County, No. Car.— Bonds Voted.— The
election held Oct. 8 resulted in a vote of 368 to 34 in favor
of the proposition to issue the„$50,000 5% 30-year street®




1041

improvement bonds mentioned in V. 85, p. 750. Date of
sale not yet determined.
New Castle, Lawrence County, P a.— Bond Offering.—
Proposals will be received until 8 p. in'. Oct. 28 by A E.
Rhodes, City Clerk, for $35',000 4J^% coupon sewer-construction bonds. Denomination $1,000. Date Oct. 1 1907.
Interest semi-annually at the office of the City Treasurer
Maturity Oct. 1 1927, subject to call after Oct. 1 1917. Bonds
are exempt from taxation. Accrued interest to be paid by
purchaser. These securities were offered as 4s without
success on July 29. See V. 85, p. 484.
North Bergen Township School District (P. O. Jersey
City), Hudson County, N. J.— Bond Offering.— Proposals
will be received until 8 p. m. Oct. 22 by the Board of Edu­
cation for $17,500 5% coupon school bonds. Denomination
$1,000, except one bond of $500. Interest semi-annual.
Maturity $1,000 yearly from seventeen years to thirty-three
years inclusive and $500 thirty-four years from date of issue.
Certified check for $1,000, payable to the Board of Education,
is required. George P. Christmann is District Clerk.
North Dakota.— Purchases by State.— The following bonds
were purchased at par by the State of North Dakota with
endowment fiunds of educational institutions during the
months of July, August and September. The items marked
with an asterisk (* ) have been previously recorded in these
columns.
A da m s Special School D istrict N o . 128, W a ls h C o u n ty .— $6.3(W 4 %
school bonds, da ted J u ly 1 1907 and m a tu rin g J u ly 1 1927.
B ackoo .School D istric t N o . 57, P em b in a C o u n ty .— $2,000 4 % school
bonds, da ted A u g. 1 1907 and m atu rin g A u g. 1 1917.
B a r tle tt S chool D istric t N o . i, R a m s ey C o u n ty .— $4,000 4 % school
bon d s, d a ted A u g . 1 1907 and m a tu rin g A u g . 1 1927.
B lo o m in g Valles^ School D istric t N o . 17, M cL ean C o u n ty .— $1,95 4 %
school bonds, da ted J u ly 1 1917 and m a tu rin g J u ly 1 1927.
Buchanan School D istrict N o . 11|,* Stutsm an C o u n ty.— $11,000 4 %
school bonds, da ted J u ly 1 1907 and m atu rin g J u ly 11927.'
Carrington Special School D istrict N o . 10, Foster C o u n ty.— $4,000 4 %
school bonds, da ted M a y 1 1907 and m atu rin g M a y 1 1917.
Casselman School D istric t N o . 16, M cL e a n C o u n ty.— $3,500 4 % sch ool
bonds, dated A u g . 1 1907 and m atu rin g A u g. 1 1917.
C h a tfield School D istric t N o . 39, B ottin ea u C o u n ty .— $1,800 4 % school
bonds, d a ted A u g . 1 1907 and m a tu rin g A u g . 1 1917.
C it y o f D ickinson, S tark C o u n ty .*— $26,000 4 % fire and w a te r bonds,
d a ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
C ity o f D ra y to n , P em b in a C o u n ty .— $4,500 4 % sew er bonds, da ted
A u g . 1 1907 and m a tu rin g A u g . 1 1927.
C ity o f H a r v e y , W e lls C o u n ty .— $10,000 4 % w ater-w orks bonds, d a ted
J u ly 1 1907 and m atu rin g $1,000 y e a r ly on J u ly 1 from 1917 to 1926 in
elu sive.
C ity o f J a m esto w n *.— $20,000 4 % C ity H a ll bonds, d a ted June 1 1907
and m atu rin g $1,000 y e a r ly on June 1 from 1908 to 1927 inclusive.
C ity o f L a k o ta , N elson C ou n ty.— $3,000 4 % refu n din g bonds, d a ted
J u ly 1 1907 and m atu rin g J u ly 1 1927.
Coal V a lle y School D istric t N o . 118, W a r d C o u n ty.— $2,200 4 % school
bonds, dated J u ly 1 1907 and m atu rin g J u ly 1 1927.
Crooked L a k e School D istrict N o . 26, M cL ean C o u n ty.— $500 4 % school
bonds, da ted J u ly 1 1907 and m a tu rin g J u ly 1 1922.
D riscoll School D istrict N o . 36, Burlt-lgh C o u n ty .— $4,500 4 % school
bonds, da ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
D ym on d School D istric t N o . 89, W a rd C ou n ty,— $1,000 4 % sch ool bonds,
da ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
Erie School D istric t N o . 52, Cass C o u n ty.— $2,000 4 % school bonds,
da ted A u gu st 1 1907 and m a tu rin g A u gu st 1 1927.
F o o th ills School D lrtric t N o . 107, W a rd C o u n ty.— $650 4 % school b o n d s ,
da ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
G alesburg School D istric t, T r a ill C o u n ty.— $8,000 4 % school bonds,
d a ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
G len ila School D istrict, C ava lier C o u n t y — $8,500 4 % school bonds,
da ted Ju ly 1 1907 and m atu rin g J u ly 1 1927.
G opher School D istric t N o . 4, T o w n e r C o u n ty.— $3,500 4 % school bonds,
d a ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
H e rz School D istric t N o . 38, M orton C o u n ty .— $400 4 % school bonds,
d a te d A u g . 1 1907 and m a tu rin g A u g . 1 1917,
H igh la n d School D istrict N o . 27, B u rleigh C o u n ty .— $1,200 4 % sch ool
bonds, dated J u ly 1 1907 and m atu rin g J u ly 1 1927.
James R iv e r V a lle y School D istrict N o . 1, D ick e y C o u n ty .— $1,000 4 %
school bonds, d a ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
K lu n d t S chool D istrict N o . 14, L o g a n C o u n ty .— $3,500 4 % school bonds,
da ted J u ly 1 1907 and m a tu rin g J u ly 1 1922.
Leon ard School D istric t, R o le t t e C o u n ty .— $15,000 4 % school bonds,
da ted J u ly 1 1907 and m a tu rin g J u ly 1 1927.
L ew is School D istric t N o . 8, T o w n er C o u n ty .— $3,850 4 % school bonds,
d a ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
L o ga n School D istrict N o . 8, E m m ons C ou n ty.— $1,400 4 % school bonds,
dated J u ly 1 1907 and m atu rin g J u ly 1 in th e years 1919, 1922 and 1925.
M andan Special School D istrict. M orton C o u n ty .— $8,000 4 % school
bonds, d a ted A u gu st 1 1907 and m atu rin g A u gu st 1 1927.
M edicine H ill School D istrict N o . 54, M cL ean C o u n ty.— $850 4 % sch ool
bonds, dated J u ly 1 1907 and m atu rin g J u ly 1 1927.
M ekenock School D istrict N o . 56, Grand Forks C o u n ty.— $1,950 4 %
school bonds, da ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
M ercer School D istric t N o . 56, M cL e a n C o u n ty .— $2,000 4 % school
bonds, d a ted A u g . 1 1907 and m a tu rin g A u g . 1 1922.
M erkel School D istric t N o . 3, K id d e r C o u n ty .— $800 4 % school bonds,
d a ted A u g . 1 1907 and m a tu rin g A u g . 1 1927.
M ille r School D istric t, L o ga n C ou n ty.— $600 4 % school bonds, d a ted
J u ly 1 1907 and m atu rin g J u ly 1 1927.
M ilr o y School D istric t N o . 22, M c H e n ry C o u n ty.— $3,000 4 % school
bonds, dated J u ly 1 1907 and m atu rin g J u ly 1 1917.
M oscow T ow n sh ip, C a va lier C o u n ty .— $1,000 4 % refu n din g and road
bonds, da ted J u ly 1 1907 and m atu rin g J u ly 1 1912.
P a n d ise T o w n sh ip .— $2,000 4 % ro a d -im p ro vem e n t bonds, d a ted J u ly 1
1907 and m a tu rin g J u ly 1 1913.
Pleasan t V a lle y School D istrict N o . 35, W e lls C ou n ty.— $2,500 4 % school
bonds, da ted A u gu st 1 1907 and m a tu rin g A u gu st 1 1917.
R o o s e v e lt School D istrict N o . 42, M orton C o u n ty.— $1,000 4 % school
bonds, da ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
Roseglen School D istrict N o . 53, M cL ean C o u n ty.— $1,000 4 % sch ool
bonds, dated J u ly 1 1907 and m atu rin g J u ly 1 1917.
R u g b y School D istric t, P ierce C o u n ty .— $5,000 4 % c it y bonds, d a ted
J u ly 1 1907 and m atu rin g J u ly 1 1927.
R u te r School D istric t N o . 31, M cL ean C o u n ty .— $700 4 % school bonds,
da ted J u ly 1 1907 and m atu rin g J u ly 1 1922.
Sam pson School D istrict N o . 9, P ierce C o u n ty.— $2,000 4 % school bonds,
dated J u ly 1 1907 and m atu rin g J u ly 1 1922.
Sandoun T ow n sh ip, R an som C o u n ty .— $500 4 % refu n din g bonds, da ted
J u ly 1 1907 and m atu rin g J u ly 1 1913.
Sarles Special School D is tric t.* C ava lier and T o w n er Counties.— $10,000
4 % school bonds, d a ted Ju ly 1 1907 and m atu rin g J u ly 1 1927.
Saunders School D istrict N o . 49, M orton C o u n ty.— $1,000 4 % sch ool
bonds, da ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
School D istrict N o . 19, W illia m s C o u n ty .— $800 4 % school bonds, "date
A u g . 1 1907 and m atu rin g A u g . 1 1917.
S to rlle School D istric t, C a va lier C o u n ty.— $900 4 % school bonds, d a ted
J u ly 1 1907 and m atu rin g J u ly 1 1927.
Swede School D istric t, L a Moure C o u n ty.— $700 4 % school bonds, da ted
J u ly 1 1907 and m atu rin g J u ly 1 1917.
T h u rsby B u tte School D istrict N o . 37, M cH e n ry C o u n ty.— $5,000 4 %
school bonds, d a ted J u ly 1 1907 and m atu rin g J u ly 1 1927.
V ic to ria School D istric t N o . 7. M cL ean C o u n ty.— $3,000 4 % sch ool
bonds, d a ted J u ly 1 1907 and m atu rin g J u ly 1 1917.
V ic to r S chool D istrict N o . 12, T o w n er C o u n ty .— $6,150 4 % school bonds,
d a ted J u ly 1 1907 and m atu rin g J u ly 1 1927.

THE CHRONICLE.

1042

V i l l a g e o f S heldon , R an som C o u n ty .— $3,500 4 % w ater-w orks bonds,
d a ted J u ly 1 1907 and m a tu rin g J u ly 1 1927.
W illia m s S chool D istric t N o . 22, K id d e r C o u n ty .— $700 4 % school bonds,
d a ted A s g . 1 1907 and m a tu rin g A u g . 1 1927.

Norwalk, Fairfield County, Conn.— Bids Rejected.— The
following bids, both of which were rejected, were received
on Oct. 10 for the $35,000 4% 20-year coupon (with priv­
ilege of registration) sewer-construction bonds described in
V . 85, p. 882:
B lo d g e tt, M e r r itt& C o .,B o s to n .93.81 [H in ck s Bros. & C o ., B rid ge p ’t.93.00

Norwood, Hamilton County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. N ov. 14 by W . E.
Wichgar, City Auditor, at the office of J. A . Stewart, Room
712, Traction Building, Fifth and Walnut Streets, Cincinnati,
for the following assessment bonds:
$4,457
1,545
4,477
3,829
3,000

31
43
84
42
50

5%
4M
4 i4
4K
AM

Section A v e n u e im p ro vem e n t bonds.
D a te O ct. 29 1907.
% R o se A v e n u e im p ro vem e n t bonds.
D a te O ct. 15 1907.
% R o lsto n A v e n u e im p ro vem e n t bonds. D a te O ct. 29 1907.
% L a w n A ven u e Im p ro vem en t bonds.
D a te O ct. 29 1907.
% Elsm ere A ven u e im p ro vem e n t bonds.
D a te O ct. 15 1907.

Interest annual. Maturity one-tenth of each issue yearly.
Certified check for 5% of the amount of bonds bid for, pay­
able to the City Treasurer, is required. Accrued interest to
be paid by purchaser. The amount of bonds to be offered
will be reduced by any assessments paid in cash prior to the
date of sale.
Bond Sale.— Reports state that on Oct. 10 the $3,654 78
4 M % Park Avenue sanitary-sewer assessment bonds were
awarded to W eil, Roth & Co. of Cincinnati at par and the
$34,000 4% 30-year water-works bonds were awarded to the
Western German Bank of Cincinnati for $34,090—-the price
thus being 100.264. See V. 85, p. 750, for description of
these securities.
Oklahoma City, Oklahoma County, Okla.— Bond Offering.
— Further details are at hand relative to the offering of the
$200,000 5% water-works and the $50,000 5% sewer bonds
mentioned in V. 85, p. 961. Proposals for !}hese bonds will
be received until 2 p .m . Oct. 25 by George Hess, City Clerk.
Authority, vote of 4,937 to 1,265 cast at election held Sept.
17. Denomination $1,000. Interest semi-annually in New
Y ork City. Maturity thirty years. Certified check on an
Oklahoma City bank or New York or Chicago Exchange for
3% of the amount of bid, is required. Official advertise­
ment states there has never been any default in the payment
of any of the obligations of the city.
Omaha, Douglas County, Neb.— Bond Election.— In addi­
tion to the propositions to issue the $50,000 paving-intersection, $50,000 park-system and $49,000 sewer bonds to be
submitted to a vote of the people N ov. 5 (V. 85, p. 750),
reports state that propositions to issue $3,500,000 municipalgas-plant, $500,000 school-building and $30,000 fire-enginehouse bonds will also be voted on.
Osceola Special School District (P .O . Osceola), Mississippi
County, Ark.— Bond Offering Postponed.— The offering of
the $25,000 6% 20-year coupon school-building bonds
which was to have taken place Oct. 15 (V. 85, p. 961), has
been postponed until Oct. 29.
Palestine, Anderson County, Tex.— Description of Bonds.
— W e are informed that the $50,000 4% 10-40-year (optional)
street-paving bonds dated Jan. 2 1908, voted on Aug. 20
(V . 85, p. 617), are coupon in form and are issued under
authority of Chapter 49, Acts of the Legislature of 1899.
Denomination $500. Interest semi-annually in Austin, at
the City Secretary’s office in Palestine or at the Park National
Bank in New Y ork City.
Pana Township High School District (P. 0. Pana),
Christian County, 111.— Bond Sale.— On Oct. 15 the $50,000
5% coupon high-school-construction bonds described in
V. 85, p. 961, were awarded to the Harris Trust & Savings
Bank of Chicago at 103.06 and accrued interest. The bids
were as follows:
H a rris T r . & S a v .B k ., Chic. $51,530
A . B. Lea ch & C o., C h ic .- 51,525
F irs t N a t . B a n k , C h ica go . 51,525
H .N .S c h u y le r S. B k ., P a n a 51,465
Farson * Son C o., C hicago 51,191

OOlJohn N u veen & C o., Chlcago_$50 775
0 0 1M a cD o n a ld ,M cC o y& C o.,C h ic. 50,680
00 |L it t le & H a y s ln v .C o ., S t. L . _ 50,651
00 i E m ery .A nderson & C o .,C le v e . 50,375
5 0 1R . K le y b o lte & C o., C h ica g o . 50,270

Maturity $3,000 yearly on Oct. 15 from 1912 to 1926 in­
clusive and $5,000 on Oct. 15 1927.
Pascagoula, Jackson County, Miss.— Bond Offering.—
Proposals will be received until 7:30 p. m. N ov. 5 by the
Mayor and Board of Aldermen for $20,000 5% bonds. Cer­
tified chrck for $500 is required. W. M. Watkins is City
Clerk. These bonds were offered but not sold (V. 85, p.
617) on Aug. 6.
Passaic Township School District, Morris County, N. J.—
Bond Election.— I t is reported that an election will be held
Oct. 26 to vote on the question of issuing $10,000 schoolhouse and $3,000 school-addition bonds.
Pekin, 111.— Bond Offering.— Proposals will be received
until 7 p. m. Oct. 21 by J. H . Soldwedel, City Clerk, for
$53,000 4^2% refunding bonds.
Polk County Drainage Districts Nos. 69 and 70, Minn.—
Bonds Proposed.— Application has been made to the State of
Minnesota for a $6,700 4% loan.
Pontiac, Oakland County, Mich.— Bond Sale.— According
to local reports $25,000 water and $10,000 sewer 5% bonds
were recently awarded to Otis & Hough of Cleveland. In ­
terest semi-annual.
Pope County (P. O. Glenwood), Minn.— Bond Sale.— On
Oct. 11 the $10,000 ditch bonds described in V . 8 5 ,-p. 962,
were awarded to TJ. M. Stoddard & Co. of Minneapolis at




[V

par for 6% bonds maturing N ov. 1 1917.
1ollows:

ol. lxxx y

.

The bids were as

U .M .S to d d a rd & C o.,M in n .(6s) . a p a r ] M in nesota L .& Tr.C o .,M in n .(6 s) _«p a r
U n io n In v . C o., M in n . (6 s )____ b p a r| C a le d o n ia ln v .C o .,S tP a u l(fl3 < is )--p a r
a Bonds to m atu re N o v . 1 1917.
c “ A n d $250 com m ission .”

6 Bonds to be d a ted Jmly 1 1907.

Port Huron, St. Clair County, Mich.— Bond -Award.— The
following award was made on Sept. 30 of the $19,740 (not
$20,000 as reported in V. 85, p. 962) 5% public-improvement, general-road, sewer, bridge and sidewalk bonds dated
Sept. 28 1907, offered on that day:
$16,720 aw arded to S. J. M cF a rla n d as fo llow s: $2,200 due 1908, fo r $2,211:
$2,200, due 1909, fo r $2,220 90; $2,200, due 1910, fo r $2,230 58;
$1,500, due 1909, fo r $1,514 25; $720, due 1909, fo r $725 84; $900,
due 1909, fo r $908,55; $3,000, due 1908 fo r $3,014 40; $2,000, d u «
1909, fo r $2,019; a n d $2,000, due 1910, fo r $2,027 80.
2,000 aw arded to H erm a n S tu m m el as fo llow s: $1,000, due 1909, fo r
$1,010; and $1,000, due 1910. fo r $1,015.
1,020 due 1909, a w arded to G eo. W . M oore a t par.

Prague, Lincoln County, Okla.— Bond Election.— The elec­
tors of this town will vote Oct. 21 on a proposition to issue
$30,000 5% 20-year water-works bonds.
Preble County (P. O. Eaton), Ohio.— Bond Sale.— On Oct.
12 the four issues of 4% ditch bonds, aggregating $1,610,
described in V. 85, p. 962, were awarded to the Preble County
National Bank of Eaton at par and accrued interest. This
was the only bid received.
Putnam County (P. O. Carmel), N. Y .— Bond Sals.— Oa
Oct. 2 this county issued $16,000 43^% coupon highway
improvement bonds. Interest February and August at the
First National Bank of Brewster. Maturity $2,000 yearly
on Aug. 1 from 1908 to 1915 inclusive.
Raleigh, Wake County, N. C.— Bonds Defeated.— The
election held Sept. 26 resulted in a vote of 87 “ for” to 483
“ against” the proposition to issue the $100,000 im provem ent
bonds mentioned in V. 85, p. 618.
Richmond, Henrico County, V a.— Bond Offering.— E d­
ward J. Warren, City Auditor, is offering at par and accrued
interest an issue of 4% registered bonds. Denomination
$100 or multiples thereof. Maturity Jan. 1 1941. Bonds
are exempt from city taxes.
Ripley, Lauderdale County, Tenn.— Bonds Not to be ReOffered at Present.— We are advised that the $7,500 bonds,
the unsold portion of the $15,000 6% 10-20-year (optional)
street-improvement bonds mentioned in V. 85, p. 618, will
not be re-offered until next spring.
Rochester, Beaver County, Pa.— Bond Offering.— Pro­
posals will be received until 7:30 p. m. N ov. 1 for $35,000
4J^% bonds
Denomination $1,000. Interest semi-an­
nually on May 1 and N ov. 1. Bonds are “ payable after N ov.
1 1923” and are exempt from taxation. Certified check for
$100, payable to the Secretary of the Town Council, is re­
quired. James W . Doncaster is Secretary and William A .
McConnel is attorney for the borough.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Rockford, Winnebago County, 111.— Price Paid for Bonds.
— We are advised that the price paid for the $39,100 4%
20-year refunding bonds awarded on Oct. 7 to the Harris
Trust & Savings Bank of Chicago (V. 85, p. 962), was par.
Denomination $1,000, except one bond of $100. Interest
semi-annual.
Saginaw, Saginaw County, Mich.— Bond Offering.— Pro­
posals will be received until 2 p .m . Oct. 21 by W m . Seyffardt
City Comptroller, for $10,000 4% sidewalk bonds. Denomi­
nation $1,000. Date Oct. 22 1907. Interest semi-annually
at the City Treasurer’s office in Saginaw or at the current
official bank of Saginaw in New York City. Maturity $1,000
yearly on Oct. 22 from 1908 to 1917 inclusive. Bonds are
free from all taxes. Certified check on some Saginaw bank
or a New York draft for 2% of bonds bid for, payable to the
City Treasurer, is required. Purchaser to pay accrued int­
erest.
St. Bernard (P. O. Cincinnati), Hamilton County, Ohio.—
Bond Offering.— Proposals will be received until 12 m. N ov.
18 by George Schroeder, Village Clerk, for $6,118 80 (amount
subject to be reduced by cash payments of assessments
before bonds are issued) 5% Sullivan Avenue improvement
assessment bonds. Authority Section 95, Municipal Code.
Date Sept. 28 1907. Interest annually at the Citizens’ Bank
in St. Bernard. Maturity part yearly on Sept. 28 from 1908
to 1917 inclusive. Accrued interest to be paid by purchaser.
St. Paul, Ramsey County, Minn.— Bond Sale.— W e a r e a d ­
v is e d t h a t th e $50,000 c o u p o n fire -s ta tio n a n d th e $50,000
w a t e r -w o r k s -e x t e n s io n 4% 3 0 -y e a r b o n d s d e s c r ib e d in V . 85,
p . 883, h a v e b e e n a w a r d e d to lo c a l in v e s to r s a t p a r and
in te re s t.

Saint Paul, Howard County, Neb.— Bond Offering.— Pro­
posals will be received until Oct. 26 by S. W . Jackson, City
Clerk, for $18,000 5% coupon electric-light and power-plant
bonds. Authority Section 8504 of Cobbey’s Annotated
Statutes of 1893. Denomination $1,000. Date Nov. 1
1907. Interest semi-annually at the Nebraska Fiscal
Agency in New York City. Maturity twenty years, subject
to call after five years. Certified check for $100, payable to
the City Clerk', is required. Bonded debt, including this
issue, $37,000. Assessed valuation 1907, $213,945.
__

O ct . 19 1907.]

1043

THE CHRONICLE.

Salem, Mass.— Bond Offering.— Proposals will be received
until 7 p. m. Oct. 21 by W . A . H ill, City Treasurer, for
1100.000 4 ^ % high-school bonds dated April 1 1907.
Interest semi-annually at the Merchants’ National Bank of
Boston. Maturity $5,000 yearly on April 1 from 1908 to
1927 inclusive. Official advertisement states that the
legality of these bonds has been approved by Story, Thorn­
dike, Palmer & Thayer and the City Trust Co., both of
Boston, who will certify as to their genuineness and legality.
Bonds Authorized.— Reports state that the Executive
Council on Oct. 9 passed an ordi- nance providing for the
issuance of $200,000 bonds for the construction of a battal­
ion armory.

named in bid) to be payable semi-annually at the Sea Cliff
Bank in Sea Cliff. Maturity $500 yearly beginning five years
from date. Certified check for 10%, payable to the “ Village
of Sea Cliff,” is required. Bonded debt, including this issue,
$47,500. Assessed valuation $1,317,156.

San Mateo School District (P. O. San Mateo), San Mateo
County, Cal.— Bond Sale.— On Sept. 3 this district awarded
$40,000 4J/£% 1-20-year (serial) school-building bonds dated
Sept. 2 1907 to the First National Bank of San Mateo County
in Redwood City at par. Denomination $1,000. Interest
semi-annual.

$5,400 4 )4 % coupon M ain S treet Im p ro vem en t assessm ent bonds.
M a­
tu rity p a r each six m on th s fro m S ept. 1 1908 to S ept. 1 1917
In clu sive.
1,200 4^£ % coupon M ain S treet im p ro vem e n t (v illa g e ’ s p o rtio n ) bonds.
M a tu rity p a rt each six m on th s fro m S ept. 1 1908 to S ept. 1
1910 in clu sive.

Santa Ana School District (P. O. Santa Ana), Orange
County, Cal.— Bonds Defeated.— The election held Sept. 25
resulted in the defeat of the propositions to issue the $37,500
public-school and the $12,500 high-school-land bonds men­
tioned in V. 85, p. 302.
Santa Monica, Los Angeles County, Cal.— Bond Offering.
-—Proposals will be received until 5 p. m. Oct. 21 b y J. C.
Hemingway, City Clerk, for the following bonds voted on
Sept. 27:
8150.000 5 % bonds fo r the bu ildin g’ o f a sep tic ta n k ’ and w b a if a t the fo o t
o f C olorado A v e n u e fo r the p rop er disposal o f sew age.
10,000 5 % In cin era to r bonds. A u th o rity , v o te o f 447 “ fo r ” to 180
“ a g a in st.”

Denomination $1,000. Date N ov. 1 1907. Interest
semi-annual. Maturity forty years. Certified check for
2% of the amount of bonds bid for, payable to the “ City of
Santa Monica” , is required.
Sea Cliff, Nassau County, N. Y . — Bond Offering.— Pro­
posals will be received until 8 p. m. Oct. 23 by G. Griffith
Clapham, Village Clerk, for $2,500 gold coupon shore-frontpurchase bonds. Denomination $500. Interest (rate to be

Shelby, Cleveland County, N. C.— Bonds Not Yet Sold.—
Up to Oct. 9 no award had yet been made of the $100,000
coupon water-works and sewerage bonds at not exceeding
5% interest, offered without success (V. 85, p. 618) on Sept.2.
Shiloh, Richland County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. Oct. 25 by P. Y . Barnes,
Village Clerk, for the following bonds:

Denominations $100 to $500. Date Sept. 1 1907. In t­
erest semi-annually at the village treasury. Bonds are
exempt from taxation. Certified check for 10% of bid,
payable to the Village Council, is required. Bonded debt
this issue. Assessed valuation for 1907, $193,080.
Soper Lake Drainage District (P. O. Vandalia), Fayette
County, 111.-—Bonds Awarded in P a rt.— This district has
awarded $3,784 6% coupon (with privilege of registration)
drainage-works-and-ditch-construction bonds dated Oct. 15
1907 to local investors at par. These securities are part of
an issue of $16,960, the remainder of which will be offered for
sale in about sixty days by Albert & Matheny, attorneys for
the district. Denomination $500. Date, day of issuance.
Interest annually on March 1 at the Bank of Patoka, Patoka,
111. Maturity part yearly from 1912 to 1920 inclusive. *$5®
South Cannonsburg School District (P. O. Cannonsbuxg),
Washington Cornty, Pa — Bond Sale.— On Oct. 5 the $11,000 5% school-building bonds offered on that day (V. 85,
p. 963) were awarded to the First National Bank of Cannons­
burg for $11,025, the price thus being 100.227.
South St. Paul School District (P. O. SoutlTStJPaul),
Dakota County, Minn.— Bond Election Proposed.— The
Board of Education is considering the advisability of calling

MEW LOANS.

N EW LOANS.

^ 3 5 ,0 0 0

^ 7 5 ,0 0 0

____ N EW LOANS.
^ 2 3 5 ,0 0 0

BOROUGH OF ROCHESTER Borough of Torrington, Conn. Town of Kearny, Hudson Co.,
B E A V E * CO ., PA.,

454% BONDS.
T h e Borou gh o f R o ch ester, in th e C ou n ty o f
B e a v er and S ta te o f P en n sylva n ia , w ill receive
bids u ntil N o v e m b e r 1st, 1907, at 7.30 p. m ., fo r
th e sale o f $35,000 o f bonds to be Issued b y the
borou gh afo resa id , in den om in ations o f $1,000
each , In terest a t fo u r and on e-h alf per cen t (4 H % )
p a y a b le sem i-ann u ally on the first d a ys o f N o v e m ­
ber and M a y o f each y e a r, and free fro m ta x .
Assessed va lu a tio n o f said borough is $2,898,636.
T h e ,t o ta l Indebtedness, Inclu ding the $35,000 Is
$70,100. E v e r y bid m ust be accom pan ied b y a
ch eck, certified , p a ya b le to the S ecre ta ry o f the
T o w n Council o f the B orou gh o f R och ester fo r
$100. Bonds p a ya b le a fte r N o v e m b e r 1st, 1923.
F o r a n y fu rth er in form a tion , address Jam es W .
D on ca ster, S ecreta ry, R o ch ester, P a .
W IL L IA M A . M cC O N N E L, A tty .
B e a v e r, P a .

^ 5 9 1 ,0 0 0

City of Minneapolis, Minn,,

4&% BONDS.

NEW JERSEY,

Sealed proposals w ill be received b y th e W a rd e n
o f th e B orou gh o f T o rrin g to n u n til th e 21st D A Y
O F O C T O B E R , 1907, a t seven o ’clo ck , p. m ., fo r
the purchase o f $75,000 fou r and on e-h a lf per cent
coupon bonds o f the B orough o f T o rrin g to n , Conn.
to be Issued In accordan ce w ith the provision s
o f a resolu tion o f the G eneral A ssem b ly o f the
S ta te o f C o n n ecticu t, passed a t th e J anu ary
session, 1907, en title d
R esolu tion A u th o riz in g
the B orough o f T o rrin g to n to Issue B o n d s.”
Said bonds w ill be dated N o v e m b e r 1st, 1907,
and m atu re N o v e m b e r 1st, 1927, w ith Interest
p a ya b le sem i-ann u ally on th e flrst d a y o f M a y
and o f N o v e m b e r In each ye a r, a t the ra te o f fo u r
and one-h alf per cent per annum , a t the o ffice
o f the Treasu rer o f said Borough.
E ach bid m ust be accom panied b y a certified
check fo r tw o p er cen t o f the par valu e o f the
bonds bid fo r. Said bonds to be d e liv ered to the
successful bidd ers a t such tim e and place as m a y
be agTeed upon.
T h e rig h t Is reserved to re ject a n y and a ll bids.
N o bid less than par w ill be considered.
WM. H. D AYTO N,
W a rd en .
T o rrin g to n , C on n., S ept. 1st, 1907.

Fire, School and Improvement Bonds.

SC H O O L AND PARK BONDS.
Sealed bids w ill be received b y the C om m ittee
on W a y s and Means o f the C ity Council o f the
C ity o f M in neapolis, M in nesota, a t the o ffice o f
th e undersigned, T H U R S D A Y .O C T O B E R 2 4 T H ,
1907, A T 2 O ’ C L O C K P . M ., fo r the w h o le or
a n y pa rt o f the $441,000 00 School bonds and
fo r th e w h o le or a n y pa rt o f $150,000 00 P a rk
bonds.
Said bonds bear Interest at the rate o f fo u r (4)
per cen t p er annum , p a ya b le sem i-ann u ally,
d a ted Ju ly 1, 1907, and pa ya ble J u ly 1, 1937.
T h e riffht to re ject a n y o r all bids Is reserved.
A certified check fo r tw o (2) per cent o f the
p a r va lu e o f the bonds bid fo r, m ade to C. S.
H u lb ert,
C ity
Treasu rer,
m ust
a ccom pa n y
each bid.
C ircu lar con ta in in g fu ll particu lars w ill be
m a iled on a pplica tion .
D A N . C. B R O W N ,
C ity C om p troller.

HEW

YORK CITY

Sealed proposals w ill be re ceived b y the T o w *
Council o f the T o w n o f K e a r n y , H u dson C o u n ty,
N e w Jersey, a t the T o w n H a ll, O cto b e r 30th,
1907, a t 8 p . m . fo r the purchase o f the fo llo w in g
b onds:
_
$23,000 Fire Departm ent Bonds, payable 20 years
from date, 5 % interest.
62,000 School Bonds, payable 25 years from
date, 5 % interest.
150,000 Im provem ent Bonds, payable $30,000?annually, beginning 6 years after d ate,i5 %
interest.
Total Indebtedness with these'is»
Q
„ s u e s ........................................ $942,813 61
Total Sinking Fund
.
.
114,441 08
Net Indebtedness

.

.

.

.

$828,372 53

T a x Valuations 1907
.
$13,945,150 00
Each bid m ust be accom pan ied b y a certified
check fo r $5,000.
T h e T o w n Council reserves the rig h t to re je c t
a n y or all bids.
F o r fu rth er In form ation , If d esired, address
B U R T O N E . C A N F IE L D ,
T o w n T reasu rer.

B ON D S T O Y I E L D A lb e rt K le y b o lte & C o .,
4 .5 0 % to 6%
409 W a ln u t Street,

O ur n ew 10-page circu lar, d escribin g n e a rly
fo rty Issues o f

Municipal, Railroad and Public Utility
Corporation Bonds
Is n ow re a d y for d istrib u tio n . W e suggest a
personal In terv iew .
A S K FO R C I R C U L A R N O . 846F.

E. H ROLLINS & SONS.
21 Milk St., Boston, Mass.
C H IC A G O

DENVER

S A N F R A N C IS C O

B L A C K S T A F F & CO.
INVESTM ENTS

4&% T A X EXEMPT

1332 Walnut Street
P H IL A D E L P H IA

BONDS

LIST OF SPECI ALTIES ON REQUEST

C IN C IN N A T I, O.

Municipal,
County, State,
an d H ig h -G r a d e P u b lic
Securities

Service

Correspondence Solicited

MUNICIPAL AND RAILROAD

BONDS.
L IS T

ON A P P L I C A T IO N .

SEASONGOOD & MATER,
m ercantile L ib ra ry b u ild in g ,
C IN W V N A T I.
K H r a b lN h .il 1 & S 5 .

Knickerbocker Audit Co., H. C. Speer & Sons Co.
T. W. STEPHENS <fc 00.,
2 W A L L ST., N E W Y O R K




45 W i l l i a m Street.
CHAS

G R IS W O L D B O U R N E , President
Telep h o n e CoDneetlons

First Nat. Bank Building’, Chicago

C IT Y C O U N TY
AND T O W N S H IP

BOM O S

J21M Q i

THE CHRONICLE.

1044

[V o l .

lxxxv

.

York City. Maturity Dec. 1 1937, subject to call after Dec.
1 1917. Certified check or certificate of deposit for $1,000,
payable to the Town Treasurer, is required.
Toledo, Lucas County, Ohio.— Bond Election Proposed.—
A proposition to call an election to submit to the voters of
this city the question of issuing $150,000 Boulevard bonds
is before the City Council. We are informed, however, ttyat
no action will be taken on this proposition for some time.
Bonds Authorized.— The C ity Council on Sept. 16 passed
ordinances providing for the issuance of the following bonds:

an election to submit to the voters the question of issuing
$45,000 school-building bonds.
Speers School District (P. O. Speers), Washington County,
Pa.— Bond Sale.— This district recently disposed of an issue
of $15,000 bonds.
Stonewall School District No. 108 (P .O . Stonewall), Man.
— Debenture Offering.— Proposals will be received until to­
day (Oct. 19) by James E. Turner, Secretary-Treasurer, for
$18,000 5% debentures. Denomination $900. Maturity
twenty years
Summit Union School District, Siskiyou County, Cal.—
Bond Sale.— On Oct. 9 $9,000 school bonds were awarded, it
is stated, to W . F. Johnston of Los Angeles for $9,239 60.
Sunnyside School District, Siskiyou County, Cal.— Bond
Sale.— Reports state that the Board of County Supervisors
on Oct. 9 awarded an issue of $5,000 school bonds of this
district to the Los Angeles Trust Co. of Los Angeles at 100.50.
Tecumseh, Lenawee County, Mich.— Bonds Voted.— An
election held Sept. 23 resulted in favor of a proposition to
issue $29,000 sewer bonds.
Terre Haute, Vigo County, Ind.— Bids Rejected.— A ll bids
received ©n Sept. 30 for the $100,000 4% 10-20-year (op­
tional) coupon bonds described in V. 85, p. 823, were re­
jected.
Bond Offering.— Proposals are again asked for the above
bonds and will be received, this time, until 4 p. m. Oct. 21,
by Chas. R . Duffin, City Comptroller. Denomination $1,000.
Date Oct. 1 1907. Interest semi-annually at the Hanover
National Bank in New York City. Certified check for $1,000
is required. Purchaser to furnish bonds.
Texarkana, Bowie County, Tex.— Bonds Authorized.— It
is stated that the City Council on Oct. 7 authorized the issu­
ance of $20,000 street-improvement, $10,000 concrete-bridge
and $10,000 sewer-system-ext£nsion bonds.
Thermopolis, Fremont County, W yo.— Bond Offering.—
Proposals will be received until N ov. 18 by the Town Coun­
cil at the office of F. C. Hank, Town Clerk, for the $50,000
6% coupon water-works bonds voted (V. 85, p. 823) on Sept.
17. Denomination $500. Date Dec. 1 1907. Interest
annually on Jan. 1 at the Chemical National Bank in New

$1,471 28 5 % cou pon S ew er N o . 989 constru ction assessment bonds.
D e­
n om in ation 5400, ex cep t one bond o f $271 28. M a tu rity
$271 28 on March 10 1908 and $400 each six m onths from
S ept. 10 1908 to S ept. 10 1909 In clu sive.
1.106 21 5 % coupon S ew er N o . 990 constru ction assessment bonds.
D e­
n om in a tion $300, ex cep t one bond o f $206 21.
M a tu rity
$206 21 on M arch 10 1908 and $300 each six mdtaths from
S ept. 10 1908 to S ept. 10 1909 In clu sive.

The above bonds are dated Sept. 10 1907. Interest semi­
annually at the City Treasurer’s office.
Bonds Authorized.— On Sept. 30 the City Council passed
ordinances providing for the issuance of the following bonds:
$1,755 97 5 % coupon a lley -lm p ro vem en t N o . 27 assessm ent bonds.
D e­
n om in a tion $180, e x cep t one bond o f $135 97.
D ate O ct 1
1907.
M a tu rity S135 97 on M arch 1 1908 and S180 each
six m on th s fro m S ept. 1 1908 to S ep t. 1 1912 inclu sive.
641 99 5 % coupon Bush S treet p a v in g N o . 2 assessment bonds.
D e­
n om in a tion $65, e x cep t one bond o f $56 99. D a te S ept. 1
1907. M a tu rity $56 99 on M arch 1 1908 a n d $65 each six
m on th s from S ept. 1 1908 to S ept. 1 1912 in clu sive.
3,626 45 5 % coupon N o rth T w e lfth S treet p a v in g N o . 1 assessment bonds.
D en om in a tio n $370, e x cep t one bond o f $296 45. D ate
O ct. 8 1907. M a tu rity $296 45 on M arch 8 1908 and $370
each six m on th s fro m S ept. 8 1908 to S ept. 81912 In clu sive.

Interest semi-annually in March and September at the
City Treasurer’ s office.
Toppenish, Yakima County, W ash.— Bonds Voted.— This
city on Oct. 7 authorized the issuance of $4,000 town-hall
and $2,000 street-improvement 10-20-year (optional) bonds
at not exceeding 6% interest. The vote was 68 to 20.
Torrington, Litchfield County, Conn.— Bond Offering.—
Proposals will be received until 7 p. m. Oct. 21 by Wm. H .
Dayton, Borough W arden, for $75,000 4 j^% coupon bonds.
Authority a resolution of the General Assembly passed at the
January session 1907. Date Nov. 1 1907. Interest semi-

MISCELLANEOUS.

IN V E S T M E N T S .

‘VVE A R E IN V E R Y G R E A T N E E D
o f telep h o n e girls” , w alls a m an u al o p era tin g co m p a n y, in a le tte r to us.

“ Can yo u a d vise us

w h ere yo u h a v e re c e n tly replaced m an u al boards w ith a u to m a tic so th a t w e can get In touch
w ith th em

Investment Securities

‘ W E MUST H 4 V E G IR L S
fr o m som ew h ere.”

HUNT, MANN & SALTONSTALL
60 S T A T E S T R E E T
BOSTON

W e sy m p a th ized w ith th e co m p a n y, t o ld them w h ere w e th o u gh t th e y m ig h t

b e a b le to g e t som e girls; bu t w e su ggested the

A U T O M A T I C S Y S T E M AS T H E S O L U T IO N
o f th e ir prob lem , w hich is becom in g a com m on one a m o n g m an u al com pan ies.
cou ntered it yet?

H a v e you en­

W h en yo u d o , rem em ber th a t th e A u to m a tic dispenses w ith girls, saves m o n e y ,

m akes m o n e y , and giv es th e best service.

A u to m a tic eq u ip m en t has been a d o p ted In th e fo llo w ­

R. L. DAY

& CO.,

in g cities:
M a rla n a o, Cuba.
M a rio n , In d .
M e d fo rd , W is.
M ia m isb u rg, O hio.
M t. O liv e , 111.
N e w B e d fo rd , Mass.
O a k la n d , Cal.
O cean P a rk , Cal.
O m ah a, N e b .
P e n tw a te r , M ich.
P o n tia c , 111.
P o r tla n d , M e.
P o rtla n d , O re.
P rin c e to n , N . J.
R ic h m o n d , In d .
R iv e rs id e , Cal.
R o ch ester, P a .
R u s h v llle , In d .

D e n v e r, Colo.
D o w a g ia c , M ich.
E l P a so , T ex a s.
E m au s, P a .
F a ll R iv e r , Mass.
G rand R a p id s , M ich.
H a stin gs, N e b .
H a v a n a , Cuba.
H a z le to n , P a .
H o lla n d , M ich.
H o p k in s v ille , K y .
H o u s to n , T e x .
Jonesboro, A r k .
L a k e B en to n , M inn.
L e w is to n , M e.
L in c o ln , N e b .
L o s A n g eles. Cal.
M an chester, Io w a .

A b e rd e e n , S. D .
A k ro n , O h io.
A lle n to w n , P a .
A u b u rn , M e.
A u b u rn , N . Y .
B a t t le C reek, M ich.
B e a v e r F a lls, P a .
B e llin g h a m . W ash .
B e rk ele y , Cal.
B illin g s , M on t.
B u tte , M on t.
C a d illa c, M ich.
C h a m p a ign , 111.
C h icago, 111.
C lebu rn e, T ex a s.
Colum bus, Ga.
Colum bus, O h io.
D a y to n , O h io.

San D ieg o , Cal.
San Francisco, Cal.
S an ta M on tca, Cal.
S askatoon, S ask., Can.
S iou x C ity , Io w a .
Sou th B end, In d .
S pok an e, W ash .
S t. M a r y ’s, O h io.
T a co m a , W ash .
T o ro n to Ju nction , Can
T r a v erse C ity , M ich.
U rb a n a , Ilin o ls .
V a n W e r t , O h io.
W a lla W a lla ,W a s h .
W au sau , W is.
W e s te rly , R . I .
W ilm in g to n , D el.
W o o d s to c k , N . B .,C a n .

A U TO M A TIC ELEC TR IC CO,
Van Buran and Morgan Streets

CHICACiO, U .S .A .

BANKERS,
35 Congress Street,
BOSTON.

37 W all Stree
NEW YORK.

New York City Bonds
E X E M P T FR O M STATE, COUNTV
A N D C IT Y TA X E S

Blodget, Merritt & Co ,
BANKERS,

60 State Street, Boston
36 N A S S A U S T R E E T . H E W Y O R K .
s t a t e

BARROW, WADE, GUTHRIE & CO
CERTIFIED PUBLIC ACCOUNTANTS.
(Neur York and Illino is.)

SAN FRANCISCO,
787 M arket Street.




,

b o n u s

.

AND CORPORATION

BONDS.

NEW YORK,
CHICAGO,

s T r a i i .r o a p

MacDonald, McCoy & Co.,
MUNICIPAL

1-81 La Salle Street, Chicago.

Broad Exchange Building,
2 6 Broad Street.

Monadnock Block.

. c r r r

NEW ORLEANS,
Hibernia Bank Bldg.

LONDON ENGLAND,
18 S t Sm ithin’8 Lane, E. C., Cable, “Adorjeat.

BONDS

COUPONS

w iT w o u r
with st«el-ol ite borders, or iithoKrap&e.l. or part­
ly printed from type. I f the latter, then can be

D E L IV E R E D

IN F E W

DAYS

Certificates engraved tn best manner, or partly
llthotrr;n> «ci and p«r*cy printed

A LBE R T B. KING & CO.,206 Braadway, N .Y ,

O or. 19 1907. j

1045

THE CHRONICLE.

annually at the office of the Borough Treasurer. M aturity
N ov. 1 1927. Certified check for 2% of bonds bid for is
required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.

for $35,531 76 4% 10-year gravel-road bonds offered on that
day by the County Treasurer.

Watertown, Middlesex County, Mass.— Note Offering.—
Reports state that proposals will be received until 3 p. m.
Oct. 22 by Charles W . Stone, Town Treasurer, for the dis­
count of $50,000 notes issued in anticipation of taxes. De­
Upland, Franklin County, Neb.— Bonds Defeated.— The nomination to suit purchaser. Maturity April 20 1908.
election held Sept. 24 resulted in the defeat of the proposition
West Bend, Washington County, W is.— Bonds Voted.—
to issue the $10,000 6% 5-20-year (optional) water bonds An election held recently resulted in a vote of 255 to 42 in
mentioned in V. 85, p. 752.
favor of a proposition to issue $25,000 water-works bonds.
Upland School District, San Bernardino County, Cal.—
White River School Township, Johnson County, Ind.—
Bond Offering.— Proposals will be received until 11 a. m. Oct. Bond Sale.— Of the $32,000 4% coupon school-building bonds
28 by the Board of County Supervisors for $30,000 5% gold offered on Sept. 20 (V. 85, p. 753), $22,000 were awarded to
coupon (with privilege of registration) school-house and lot- the Franklin National Bank of Franklin at 102 and $10,000
purchase bonds. Authority Sections 1880 to 1888 inclusive, were awarded to local investors. Maturity $2,500 each six
Political Code. Denomination $1,000. Date Sept. 23 1907. months from Feb. 15 1908 to Aug. 15 1913 inclusive, $1,000
Interest annually at the County Treasurer’s office in San on Aug. 15 1914 and $1,000 on Feb. 15 1915.
Bernardino. Maturity $2,000 yearly on Sept. 23 from 1917
Wildwood, Cape May County, N. J .— Bonds Not Sold.—
to 1931 inclusive. Bonds are tax-exempt. Certified check
W e are advised that the $65,500 municipal-improvement
for 5% of bid, payable to the Chairman Board of County
bonds offered on Oct. 15 were not sold. For description of
Supervisors, is required. Total debt, this issue. As­
these securities see V. 85, p. 885.
sessed valuation for 1907, $609,060. Charles Post is County
Winston-Salem, Forsyth County, N. C.— Price Paid for
Clerk and ex-officio Clerk of the Board of County Supervisors.
Utica, Oneida County. N. Y .— Bond Offering.— John J. Bonds.— W e are advised that the price paid for the $85,000
street-improvement, $35,000 water-main-extension and the
Bannigan,City Treasurer, will offer at public auction at 12 m.
$30,000 sewerage-system-improvement 5% 30-year coupon
Oct. 25 $8,000 4% public-improvement bonds.
Denomi­
bonds recently awarded to the Wachovia Loan & Trust Co.
nation $1,000. Date Oct. 15 1907. Interest semi-annual.
of Winston-Salem (V. 85, p. 965) was 100.25 and accrued in­
Maturity $1,000 yearly on Oct. 15 from 1927 to 1934 inclu­
terest.
sive.
The successful bidder will be requred to deposit a
Yonkers School District (P. O. Yonkers), Westchester
certified check on a national bank o f New York State bank
or trust company, and payable to the City Treasurer, for 1% County, N. Y .— Bond Sale.— On Oct. 10 $109,000 4 V£% regis­
tered school-building bonds were awarded to N. W . Harris
of the amount of bonds bid for.
Bonds Awarded in Part.— Local papers report that of the & Co. of New York City at 105.561 and accrued interest.
$145,000 school-building and the $95,000 delinquent-tax 4% Following are the bids:
registered bonds offered on Sept. 3 (V. 85, p. 486), $15,000 N . W . H a rris & C o., N . Y ___ 105.561 j R . L . D a y & C o., N e w Y o rk .1 0 2 .0 S 9
K o u n tz e B ros., N e w Y o r k ___ 103.57 |B lo d g et, M erritt & C o., Bos_.101.53
of the former issue, maturing $7,500 on May 1 in each of W
a d s w o rth & W rig h t, N . Y .1 0 3 .1 3 |O ’C on n or & K a h ler, N . Y ___ 100.83
the years 1908 and 1909, were awarded on Oct. 15 to Mrs.
Authority Chapter 543, Laws of 1899. Date Oct. 1 1907.
S. B. Eagan of Buffalo at par and accrued interest.
Interest semi-annual. Maturity $10,000 yearly on A p ril 1
Warren Township, Huntington County, Ind.— Bonds N o from 1957 to 1966 inclusive and $9,000 on April 1 1967.
Sold.— Reports state that no bids were received on Oct. 10 Bonds to be delivered Oct. 25 1907.

INVESTMENTS.

MISCELLANEOUS.

H. W. N O B L E & COMPANY,
D e t r o it ,
N ew Y ork,

P h il a d e l p h ia .

M U N IC IPA L

O F F IC E

OF

TH E

ATLANTIC MUTUAL INSURANCE COMPANY.

AND

N e w Y o r k , J a n u a ry 3!2d, 1907.

PU C LIC SER VIC E C O R P O R A TIO N
T .c Trustees, In conform ity w ith the Charter o f the C om p a ny , su bm it the follow ing statem ent o f Its affa irs
on the 31 st o f Decem ber, 1906.

BONDS.
Perry, Coffin & Burr,
INVESTMENT

BONDS

(>0 State Street,

Prem iu m s on M a rin e R isks fr o m 1st J anu ary, 1906, to 31st D ecem b er, 1906_______
Prem iu m s o il Policies n ot m arked o il 1st Janu ary, 1906_______________________________

$3,190-,241 07
582,191 98

T o t a l M arin e P rem iu m s_____________________________________________________________________

$3,772,433 65

Prem ium s m arked ofT from 1st, Janu ary, 1906, to 31st D ecem ber, 1906___________ $3^081,714 32
In tere st re ceived du ring the y i n 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 S3
Losses paid du ring th e y e a r w h ich w ere estim ated in 1905
and p reviou s y e a r s ------------------------------------------------ $309,817 14
Losses occu rred, estim ated and p aid in 1906______________1,009,224 32 $1,319,041 46
Less S alv ag es_______________________ $107,176 57
R e -ln s u r a n c e s ......... ........................
150,190 74

BOSTON.

E R V IN

& COMPANY,
BANKERS,

Member* ^New ^ ortc Stock Exchange,
I Philadelphia Stock Exchange,
B O K T tS

FOR

L W E S T M E B rr,

43 Exchange Place,
New York

Drezel Building,
Philadelphia,

F. B. SHERM AN & CO.
M C N IC IP A l
A N .»

)

205 La Salle Street. CHICAGO

IN V E S T M E N T BONDS
liifltn n p o u reqneMt.

Denison & Farnsworth,
BOSTON
C L E V E L A N D an d P H I L A D E L P H I A .




Retu rn s o f P rem iu m s________________________________________________________
$62,411 11
Expenses, in clu ding o ffic e rs ’ salaries and clerks’ com pensation, sta ­
tio n e r y , newspapers, a d vertisem en ts, e t c ____________________________
$344,098 27
T h e C om p an y lias 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 tock , C ity , Bank and o th er S ecu rities______
Special deposits in Banks and T ru s t C om p an ies_________________________________________
R ea l E s ta te corn er W a ll and W illia m S ts., and E x ch an ge P la c e ______$4,299,000 00
G U ier R e a l E sta te a n d claim s due th e C o m p a n y ________ _______________
75,000 00i
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 Day losses u nder p olicies p a ya b le in fo reign

$3,697,108 00
700,966 67
4,374,000 00
1,191,974 88

271,142 54

Cash In b a n k ___________________________________________________________________________________

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 p er cent in terest on th e outstan ding certificates o f p rofits w ill b e p a id to the
holders th ereof, or th e ir legal representatives, on and a fte r T u esd ay th e F ifth o f Febru ary n e x t.
T h e outstan ding certificates o f th e issue o f 1901 w ill be redeem ed and paid to th e holders th e reo f,
cr th e ir legal representatives, on and a fte r T u esd ay th e fifth o f Febru ary n ext, from w hich date
all interest thereon w ill cease. T h e certificates to be produced 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 p er cent is declared on th e net earned prem ium s o f th e C om p an y fo r the
ye ar endinT 31st D ecem ber, 1906, fo r w hich, upon a p p lica tion , certificates w ill b e Issued o n and
a fte r Tu esd ay the seventn o f M ay n ext.
B y o rd er o f the B oard,
Q. S T A N T O N FLOYD-JONtJt&, 8 ec «eta ry .

BONDS

CORPORATION )

257,367 31
$1,061,674 15

G U S T A V A M S I NO K .
F R A N C I S M. B A C O N ,
7O H N N . B E A C H ,
W I L L I A M B. B O U L T O N ,
VERN O N H. BROW N,
W A L D R O N P. B R O W N ,
JO SEPH H . G H A PM A N ,
G E O R G E C. C L A R K ,
C L E V E L A N D H. DODGB,
C O R N E L IU S E L D E R ? ,
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. H ARD ,
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 ,
LE AN D E R N. LO VELL,
GEORGE H. M ACY,
C H A R LE S H. M A R S H A L L ,

W . K . H. M OOR®,
N IC H O L A S P . 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 K R ,
D O U G L A S R O B IN S O N ,
G U STAV H. SCHW AB,
W I L L I A M A , 85PKOTJT.

A . A . R A V E N , President.
C O R N E L I U S E L D E R T . V lc e -P ra M e rtl.
J A M E S L . L I V I N G S T O N , 2d V tce-PrestO m *.
S A N F O R D E . O O B B , 3rl V ice-Prestd en h
C H A R L E S E . F A Y . 4th V ice-Presiden t.

1046

THE CHRONICLE.

[V

ol. lxxxv

.

JEmst (tnmp antes.
MercantileTrust Co. C ITY T R U S T CO. O L D
M em ber

St, L c u ls , M o
S t. Lou is C learing H ouse

50 S T A T E

A sso cia tio n

W M . M A F F IT T Treasu rer

Commenced business Nov. 18, 1899
RESOURCES

N o v . 16.1899
$1,667,051 19
N o v. 16, 1900
$4,429,448 02
N o v . 16, 1931
$11,780,418 95
Nov.

L

16.

1902
$21,882,734 64

N o v.1 6 ,1903 821,753,471 73
Nov. 16,1904 $26,508,716 93
|

Nov. 16, 1S05 $27,292,163 57
Nov. 16, 1903, $27,984,599 63

The I roof of Good Service is Constant Growth

CENTRAL
T R U S T COM PANY
OF ILLINOIS,
CHICAGO

Capital, - * « ■=
Surplus and Profits

$ 2 ,000,000
900,000

C H A R LE S G . UAW 'ltS, President.
W . IR V IN G O SBO RNE. Vice-President,
A . U U R L A U ii, Vice-President.
W IL L IA M R . D A W E S, Cashier.
L . D. SK IN K Kit, Asst. Cashier.
W IL L IA M W . G ATES. Asst. Cashier.
A . G. MANG, Seerctary.
M A jLCOJ^M MeDOVV^xX, Asst Secretary.

B A N K IN G , SAVINGS A N D
DEPARTMENTS.

Capital & Surplus, ** ° $4,000,000
T ran sacts a General T ru st and
Banking Business
In tere st A llo w e d on D eposits Subject to CheckA cts as Trustee under Railroad and oth er M ort­
ga g es; also as A g e n t fo r the R eg isterin g
and Tran sfer of StockA legal D ep o sita ry for Court Funds, and au th or­
ized t o a ct as E x ecu tor, G uardian, 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 s 2d.
G eorge E . K e ith ,
O rlan do H . A lfo rd ,
G ardiner M . Lane.
F . L o th ro p Am es.
A rth u r L y m a n ,
John S. B a rtle tt,
M a x w ell N orm an,
Charles E . Cotting.
R o b e rt T . P a in e 2d.
A lv a h Crocker,
A n d rew W . Preston,
L ivin g sto n Cushing.
R ich a rd 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 lgginson ,
H en ry O. U n d erw ood,
H en ry C. Jackson.
W . Sew ard W ebb.
S id n ey W . W inslow .

AND

B O S TO N

T he T rust Company
of N orth America
503-505-507 C h estn u t S t., P h ila d elp h ia .
C A P I T A L ..........................................$1,000,000
A D A M A . S TU L L . President.
H E N R Y G. B R E N G L E , 1st Vlee-Pres. & Treasurer.
JOS. S. C L A R K , 2d Vice-Pres., Superv'g Trust Dept.
CHAS. P . L IN E A W E A V E R . Sec. & Asst Trust Officer
DIRECTORS.
Henry G, Brengle,
J. Levering Jones,
James Crosby Brown, Malcolm Lloyd,
John CadwaJader,
John Mcllhenny,
E. W . Clark Jr.,
Richard Wain Melrs,
Eckley B. Coxe Jr„
Clement B. New bold.
Edwin S. Dixon,
John W . Pepper,
Eugene L. Ellison,
W liam F. Read,
Joseph C. Fraley.
Frank Samuel.
Harry C. Francis.
Adam A. Stull,
Ilenry L. Gaw, Jr.,
Edward D. Toland,
Howard S. Graham,
Joseph R . Wainwright,
Samuel F. Houston.
William D. Wlnsor.




M ASS

Transacts a General Trust
Banking Business.

and

Interest Allow ed on D eposits Subject to Check
Acts as Trustee under Railroad and other
M o rtgages anti is authorized to act as Executor,
G uardian, Adm inistrator and Trustee.

Capital - *- - ■
Surplus (Earned)

$ 1,000,000

2 ,000,000

C H A R L E S E . R O G E R S O N , Presiden t.
J A M E S L O N G L E Y , V ice-P resid en t.
W I L L I A M C. W I L L I A M S , V ic e -P re s ’t.
G . E . G O O D S P E E D , Treasu rer.
W . L . W H I T N E Y , A sst. Treasu rer.
H E N R Y A . F E N N , S ec.& M g r.S a fe D . D t .
H . D . H E A T H F I E L D , A ssistan t Sec.
F . J. B U R R A G E , A ssistan t Secretary.

Girard Trust Company*

P H IL A D E L P H IA .

BOSTON, MASS.

Capital and Surplus,

= $7,000,000

T R A N S A C T S
A GENERAL
B A N K IN G
B U S IN E S S .
ALLO W S
I N T E R E S T
ON
D A I L Y
B A L A N C E S
S U B J E C T
TO
CHECK.
TRUSTEE
UNDER
M ORTGAG­
ES.
TRANSFER
AGENT.
R E G IS T R A R .
B O A R D O F D IR E C T O R S :
T . J e f f e r s o n C o o u d g e J r .....................Chairm an
H e n r y S. H o w e ,
Gordon A b b o tt,
W a lte r H u n n ew ell,
O liv e r A m es,
C. W . A m o ry ,
Thom as L . Liverm o re,
Charles s. -uellen,
Charles F. A y e r ,
G eorge v. L . M ey er,
Samuel Carr,
Lau ren ce M in ot,
B. P . Clieney,
H i, liard Olney,
T . Jefferson Coolidge,
R o b e rt J. P a in e, 2d,
Charles E. Cutting.
P h ilip L . S altonstall,
P h ilip D ex ter,
N a th a n iel T h ayer,
E ben S. Draper,
Lu ciu s T u ttle.
F red erick P . Fish,
Stephen M. W eld ,
R eg in a ld Foster.
Charles W . W h ittie r.
G eo rge P G ardner,
R o b ert F . H e rric k ,

BOSTON, MASS.

T rust Company

C A PITA L and S U R P L U S ,$10,000,000.

E . B . M O R R IS , Presiden t.
VV. 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 ice-P res. and Treasurer.
E D W A R D S. P A G E , S ecretary.
MANAGERS:
E fflIn gh am B . M orris,
C. H a rtm a n K u hn.
John A . B row n Jr.
James S peyer,
A ugustus D . J u lllla rd
B enjam in W . Richards
E d w a rd J. B erw ind ,
John B G a rrett,
R a n d a l M organ ,
W illia m H . Jenks.
E d w T . S totesbu ry,
W illia m H . Gaw ,
Charles E . In gersoll.
Francis I . G ow en,
John S to ry Jenks Jr.
G eo. H.. M cFadden ,
H en ry B. C oxe.
H e n ry T a tn a ll.
E . C. Felto n .
Issac H . C lothier.
Th os. D e W It t Cuyler
N. E. Cor. Broad and Chestnut Streets.

COLONY
TRUST

The NEW ENGLAND
Boston Safe Deposit TRUST COMPANY,

TRUST

C H A R T E R E D 1836.
Acts as Executor, Adm inistrator. Trustee.
Assignee and Receiver.
Financial Agent fo r Individuals or
Corporations.
Interest Allowed on Individual and
Corporation Accounts.
Acts as Trustee of Corporation Mortgages.
Depositary under Plans of Reorganization.
R egistrar and Transfer Agent.
Assum es entire charge of Real Estate.
Safes to Rent in Burglar-Proof Vaults.

BO STO N . M ASS-

B U N K E R H IL L B R AN C H :
C ity Square, C H A R L E S T O W N M A S S.

Capital and Surplus, $9,500,000
F E S T O S J .W A D E ,
Presiden t.

S TR E E T .

C A P I T A L , §1,000,000

SURPLUS

$1,000,003

Safe D eposit V au lts
Authorized to act as executor and to receive and
noid money or property in trust, or on deposit from
Lksurta ot L a w or Equity, Executors. Administrators,
\ss-gnees. Guardians, Trustees, Corporations ana

individuals.
Also acts as Trustee under Mortgages and as Tram fet
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Cheek.
OFFICERS.
O A V ID R. W H IT N E Y , President.
C H A R L E S H . DALTO-S. Vice-President.
CH A R LE S F CH O ATE , Vice-President.
F R A N K L IN H A V K N , Vice-President.
JAMES R . H O O PE R , Actuary.
H E N R Y N . M A llR . Secretar- .
• • •
F R E D K W . a L L E N . Asst.Sec-fcTrea*.
'JLHOMAS E. E A T O N , Asst. Treasurer.
..............
F R A N C IS R . JE w E Ti?. Trust calcar
BOARD Oh' D lK E C IO R o
William Endicott, Cnairman.
Walter C. Baynes,
i'rederreK P- Fish.
Morris Gray.
Alfred Bowdltch.
Franklin Haven,
Charles F. Choate,
James J'. Hooper,
Alexander Coctirane,
Edmund D Co;tman.
James M. Prendergast.
George 8. Silsbee.
r . JeUerson Cooiidge.
Lawrence M. stocKton.
Charles H . Dalton,
Natnamei Tiiayer,
George Dexter.
George NV'rcgiesworth,
Philip Dexter,
David R. Wnitnev.
W illiam Farnsworth. '

Mississippi Valley Trust Co.
Fourth & Pine Sts., St,Louis
C A P IT A L , S U R P L U S
Knn m n
and P R O F I T S ) * a ' OUtJ>U O U G E N E R A L F IN A N C IA L A N D F ID U C IA R Y
BUSINESS TR A N SA C T E D
DIRECTORS
D. R . Francis
R. J. O’ Reilly,M D
August Gehner
Henry W , Peters
S. E. HolSnan
H. Ciay Pierce
Chas. H. H uttig J. Ramsey Jr.
Breckin’ge Jones James E. Smith
W . J. MoBride
Robt. IL Stockton
Nelson W. McLeod Julius S. Walsh
Saunders Norveli Holla Wells
W m. D. Orthwein
OFFICERS
J U LIU S S. W A L S H . Chairman of the Board
B R E C K IN R ID G E JONES. President
JOHN D. D A V IS , Vice-President
SAM U E L E. H O FFM A N , Vice-President
JAMES E. B R O CK, Secretary
H U G H R. L Y L E , Asst. Secretary
H E N R Y C. IBBO TSO N. Asst. Secretary
C. H U N T T U R N E R Jr.. Asst. Secretary
L O U IS W . F R IC K E , Asst. Secretary
F R E D E R IC K V IE R L IN G . Trust Officer
H E N R Y SEM PLE AMES. Asst. Executive Officer
C H A R LE S M. P O L K - Asst. Trust Officer
W IL L IA M G. L A C K E Y , Bond Officer
W M . McC. M A R T IN , Asst. Bond Officer
TOM W . B E N N E T T , Real Estate Officer
GEO. KXNG SLAND , Asst. Real Estate Officer
C. W . M O R A TH , Safe Deposit Officer

John I. Beggs
W ilbur F. Boyle
James E. Brock
Murray Carleton
Charles Clark
Horatio N. Davis
John D. Davis
Aug. B. Ewing

W

isc o nsin

T

rust

C o ,,

M IL W A U K E E ,
Capita',
Surplus,

- - - - - - - - -

$500,000
100,000

Maryland Trust Co.
B A L T IM O R E ,

CAPITAL,

$2 ,000,000

D IR E C T O R S
Josiah L . B lackw elL
G rier H ersh,
G . C lym er Brooke,
G eorge C. Jenkins,
H . C arroll Brow n,
Joshua L eve rin g .
John VV. 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 ougla- M. W vile.
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 resld eM
L . S. Z I M M E R M A N ____ 2d V lce-P rest.
C A R R O L L V A N N E S S ........... Treasurer
J E R V I S S P E N C E R J r . ..A s s t . Treasure
I V A N S K I N N E R ........... A sst. S ecretary

NOW R E A D Y .
F IN A N C IA L R E V IE W .
1907
ISSUE.
320 Fayes.
P R IC E , T W O D O LLA R S.

Transacts a General Trust Co Business.

Commercial & F in ancial Chronicle,
76j^ Pme Street, New iiork.

Buys and Sells
High Grade Investment Bonds.

William D, Marks, Ph. B.O.E.

OFFICERS.
O LIV E IJ C. F U L L E R , President.
F R E D E R IC K K A 5 S E N . Vice-President
G A R D N E R P . S T IC K N E Y . Treasurer.
• • •
' FR E D - C BEST. Secretary
R . L . S M ITH . Ass't Secretary

Consulting Engineer and Statistician.
GAS W O R K 8
E L E C T R IC L I '» H T W O R K S .
E L K C T R lu R A I L W A Y S , O IL M /l’O R CARS.
6 2 3 P a k R o w lild g .
N e w %o r k C l t f ,
E x p e r ie n c e d In M u n ic ip a l C au se*.