Full text of Commercial and Financial Chronicle : October 26, 1907, Vol. 85, No. 2209

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INCLU D ING

Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)

SATURDAY, OCTOBER 26 1907.

V O L . #5.
'Q h a

C h r o n ic le .

1907.

Terras of S u b s c r ip tio n — P ay ab le in A d v a n c e
F o r One. Y < n r ..................................................................................................... $ n 00
.For Six M o n th s .............................................................................................—
(> 00
E u r o p e a n S u b s c rip tio n (in c lu d in g i>ostage)............................................... 13 01)
F hiropean S u b s crip tio n six m o n th s (in p lu d in g p o s t a g e ......................... 7 50
A n n u a l SuoM-riptii.ji in Londo n (in c lu d in g p s tag e )..............................£ 2 14 s.
S ix M o n tlis S nb srrrp tii.n in L o n do n (in c lu d in g p o s ta g e )^ .....................£ 1 11 s.
•C anadian . a jsc:-iption U n e lu d in g p o stag e) .......................... ................... $11 50
S u b s c rip tio n in c lu d e s fo llo w in g S u y p le m 'n ts —
B ' x k A xnQ roT .A T ioy (m o n th ly l
j S t a t e a n d C it y (sem i-annually)
R a i l w a y a m > I n d u s t r ia l (q u a rte rly ) | S t r e e t R a i l w a y (3 tim e s yearly )

T erm s of A d v e rtisin g — Per In c h S pace
"T ran sien t m a tte r pe r in c h space (14 agate lin e s ) ........................................
r T w o J liu illis
(< tim e s )..............................
p „ ;r .
r,„_,la ) Three M o nth s (13 tim e s ).............................
S ta n d in g l.u s .n e * C ards •• g lx M o llth s
(20 tim e s )..............................
' T w e lv e M o n th s (52 tim e s ).............................

$4
22
29
50
87

20
00
00
00
00

C H I C A G O O F F I C E —P . B a rtle tt, 513 M o n a d n o c k B lock; Tel. H a rr is o n 4012.
L O N IM >X O F F I C E — E d w a rd s & S m ith , 1 D ra p e rs’ G ard en s, E . C.
A V B L .I., A i m
P . O . Box 9 3 S .

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

P u b lis h e d every S a tu rd a y m orn in x h y W I L L I A M B . D A N A C O M P A N Y .
"W illia m B . D a n a , P r e s id e n t Ja c o b S eibe rt J r . , Vice-Pres. a n il Seo.; A r n o ld
G . D a n a , T reas. A ddresses ot a ll, Office of th e C om pa n y.

CLEARING H OU SE RETURNS.
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
$3,329,096,289, against $3,10.5,685,487 last week and
$3,195,a31.779 the corresponding week last year.
Clearings— Retuihs bn Telegraph.
Week ending October 26.

! Per
j Cent.

1907.

1900.

S t. L o u is ______________________________
New Orleans _. ■
.........................................

$1,732,450,406
142,791,879
126,952,824
27.038.07!
224,965,578
60,614.458
17,283,184

$1,739,622,224
139,774,472
124,906,492
22.363,163
185.224,912
50.986,578
20.322.316

— 0.4
+ 2.2
+ 1.6
+ 20.9
+ 21.5
+ 18.9
— 15.0

Seven cities, 5 day-s_______ ________ . .
O ther cities, 5 days_____________ _______

*2,332,103,000
442,019,768

$2,283,200,157
400,000,850

+ 2.1
+10.5

Total all cities days...........................
A ll cities, 1 day________________________

$2,774,122,828
554,973.461

$2,083,201,007
512,330,772

+ 3.4
+ 8.3

Total all cities for week_____________

$3,329,096,289

$3,195.531,779

+ 4.2

New* Y 'ork........................................
B o sto n _____ ________________ ________
P hiladelphia................................ ..............
Baltimore____________ _________________

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 we 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. 19, and the results for the corresponding
week in 1906, 1905 and 1904 arc also given. Contrasted with
the week of 1906 the total for the whole country shows a
loss of 4.8%. Outside of New York the increase over
1906 is 6.9%.
Week ending October II).

Clearings at—
1907.

1900.

1905.

1904.

l©
\;

$
$
$
%
$
1,815,208.073 2,054,023.101 — 11.0 1,771,998.977 1,883.097.074
137.187.031
140,154.098
151.860.091
102,200,152
— 0.4
48.124,832
+ 3.0
52,100,189
.50,452,201
48.705.122
24.800.540
28.720,502
+ 0.8
30,197,280
30,441,662
0.082,788
7.115,522
10.010,857
7.959,520 + 25..S
4,287.783
5,089,163
0,170,158
0.941,182 — 11.1
4.479,204
5,058.502
5,551,029 + 1 1 .1
0.185.770
3,187,327
•'i.198.940
+ 4.7
3,582,730
3,7.50,720
1,852,760
2.298.371
1,910.829 + 19.9
1>:?8,5?2
1.289,400
2,033,0.34 + 34.4
1.950,917
2.732,237
1,037,010
1,103,021
1 573,017
1,317,284 + 19.5
1.100.740
— 9.9
1,103.330
1,422,540
1,282,278
878,357
1,024,580
1.174,204
+ 0.5
1,1»0.473
837,744
1,031.380
992.138 + 28.3
1,273,130
003,982
+ 4.4
500,108
095,775
726,503
520,400
442.100
501.000
500,300 + 10.8
401,008
430.153
488.6S7 + 34.2
655.640
303.199
102,150
472.185
+ 9.0
514,072
431,714
2X2.519
— 5.9
238,928
265,905
_______
+ 8.3
1.1407351
1,052.7* 1
.............
890,771 Not included in total

Total M id dle..' 2,088,343,775 2.331,575,080




In c. or
Dec.

2,024,537,072 2,120,922,101

NO. 2209.
Week ending October 19.

Clearings at-

PUBLISHED W EEKLY.

New Y o rk ______
P hila delphia ____
P ittsburgh..........
B a ltim o re ...........
Buffalo_____ ____
____
A lbany__
Washington ___
R ochester______
.Scranton_______
"Syracuse . ...........
H e ad in g ........... .
W ilm ing ton _____
Wilkes-Barre
Wheeling
.
E r i e ____________
Bingham ton
<’hester ________
G reensburg_____
F r a n k lin ............
H a rrisb u rg .........
Y o r k ...................

State and City Section (semi-Annnai^
Street Railway Section (Th^|aTimes
£?

1900.

Inc. or
Dec.

1905.

1904.

$
$
$
%
$
Boston _ ______
187,389,991
— 7.4
173,547,048
163,021,44,r 145,139,237
P rovidence_____
10.818,800
9,375,500 + 15.4
11,053,800
11.423 900
H a rtfo rd _______
3,480,753
3,508,105
— 0.8 1
2,890,983
2,524,267
+3.3
New Haven ____
2,072,557
2,587,003
2,29O,09f
1,893,679
Springfield.
__
1,999.83s
2,003,1(2
+ 9.0
2,182,818
1,672,449
P o r t la n d ______
1,923,079
2,334,037
1,907,073 + 22.4
1.933,965
W orcester______
1,875,662
— 1.5
1,621,30!
1,903,508
1.707,630
Fall R iv er______
1,320.581
1,441.052
— 8.4
954,381
647,607
750,980
1.121,870
777.077 + 44.4
New Bedford____
547,711
L o w e ll__________
529,129 + 13.3
599,522
529,606
535,059
398.714
455,848 + 11.2
H olyoke_______
507,110
470.542
200,461,364 211,878,108
Total New Eng
— 5.4 | 188,041,555 168,556,046
269,612,170 , 220,729.718 + 18.9 206,410,005
Chicago .
_____
185,238,547
27,900,000
+ 1.4 1 25,138,150
C in c in n a ti______
27.503.250
22.553.900
19,096,306
+ 2.0
Cleveland . . -___
19,188.180
16,333,121
13,570.793
13,898,663
15,116,355
13,430,902 +12.6
D etroit__________
10.812,900
13,127,986
8.804,068
Milwaukee ___ .
10,943,278 : + 20.0
8.824,793
0,905,550 i +10.1
Indianapolis . . .
7,670,000
7,292.067
6.200,634
4.988,800 + 18.3
C o lu m b u s ______
5.900,600
4,962,600
4.383,200
4,220,379
4,120,887
+
2.3
T oledo__ ____ .
3.962.543
3.189,232
3.654,708
2,651,400 ! +37.8
| P e o r ia ______
3,189,146
3.359,735
2.331,114 + 14.1
2,659,961
1 Grand R a p id s __
2,416,370
1,899,876
2,020,860
D a v t o n ________
— 3.2 i
2,088,198
1,695,670
1.520,46.5
2.301,829
1,903,965 +20.9
Evansville _____
1,463,146
1.313.099
1.131,696
992,620 + 14.0
j K a la m a z o o _____
910.584
785,000
1.001,408
957,179
+ 4.0
| Springfield______
75)9,611
784,832
840,919
816,062
+3.0
| Fort W a y n e ____
771,287
! A k r o n __________
927,000
093,692 +33.6
(500,500
546.500
745,911
037,157 + 17.1
I Lexingto n ______
661,666
489,310
729,336
585,886 + 24.5
Rockford ______
537,420
472,738
723,711
542,812 +33.3
| Y o ungsto w n ____
565,115
509.429
604,162
486,742 + 24.1
! Canton ________
.387,238
449,701
— 2.5
i B loom ington____
482,348
494,501
40ti, 167
374.955
567,910
434,804 + 30.0
| South B e n d .. .
372,272
480,394
415,533 + 15.0
Springfield, O . . .
385,420
373,917
452,960
410.060 + 10.5
| Q nlncv__________
381.746
288.831
397,401
+ 7.9
368,222
Mansfield_______
312,839
192,613
519,637
358,380 + 45.0
] Decatur _______
315,060
272,208
273.417
306,720 — 10.9
j Jacksonville, 111.
275,352
210,727
242.000
220,000 + 10.0
I Jackson . . . _____
200,000
248,313
123,193 + 19.3
146,953
I A nn A rbor______
107.435
108,793
Tot. Mid.W est. 384.14S.317 331,094.865 + 15.8 303,555.873 268.483.101
+
1.0
47,059,740
i San Francisco__
47,513,938
39,398.648
29,904,020
11,293,463 + 10.0
12,485,702
9.881,730
j Los Angeles____
6.042.554
— 7.2
10,868,065
7.543.800
: Seattle . ...... ..
11,714.448
5.159.200
9,191.239
,5,535,821
6.795,198 +35.3
Portland
4.018,657
6,488,208
+5.9
3,984.000
0,873,311
Salt Lake C ity __
3.687,509
3.938,159
5.043,333 + 31.9
Snokane________
7.444,898
2,892,25.5
3,009.170
T acom a________
5.397,725
4,770,818 + 13.0
2.900.248
3.576,134 — 31.0
2,446,870
O a k lan d ________
931,140
1,414,654
1.198,003 + 18.0
Helena ________
.564.81,5
740.450
,832,699
027,182 +32.8
Fargo __________
078,123
406,722
543.489 + 20.9
690,000
Sioux F a lls _____
317,764
+
122.2
318,012
706,606
San Jose__
.............
654,023 Not Included in total
j S to c k to n .........__
+ 5.8
76,030,300
105,865,713
100.034,088
57.365,207
Total P acific..
27,94,5,127
31.237,071
39,933,752
i Kansas C i t y ____
23,594,015
24.559,470
28,347,380 + 33.3
37,790,911
j Minneapolis_____
22.137.413
9.513,167
13,449,940
11.307,171 + 18.3
1 O m a h a ___
8.182,211
7.040,845
9.407,420 + 10.2
10,928,537
St. Paul .............
7,038,520
7,330,317
10.015,437
7,403,455 +34.2
; Denver__________
5,571,754
4,935.878
5.709,615
4.578,585 + 24.7
j St. JoseDh______
4,186,078
2,636,713
2,794.850 + 14.0
3.187,000
j Des M o in e s ____
2.101,982
1.864,154
2,551.603
2,221,701 + 11’§
Sioux C ity ______
1,342,619
— 4.3
1,329,888
1.388.978
1 L in c o ln ________
1.072.279
1,192,065
1,073.294 + 11.1
D avenport______
773.308
1,081.053
1,540,983
1.027.478 + 50.0
| W ic h ita ________
1.029.578
052,099
1,089,151
■ 929,558 + 17.2
: T o n e k a ________
1,040,771
+
10.7
853,303
770,884
776.718
j Colorado Sw ings
526,485
•580.304
505,310 + 53.0
868,586
' Cedar Rapids. .
494.018
744,9X7
589.590
.539.075 +38.0
i Pueblo _________
+35.1
452,674
335.007
241,145
i Fremont ..........
169.559
104,047,883 + 26.5
91.369,525
131,638.498
T ot. oth.W est.
78.197.911
01.369.355 + 25.0
76.693,064
55.852.441
1 S t. L ou is_______
59.141.349
25,760,915 — 26.3
i New O rle an s..
19,000,945
10.877,901
19.511.010
— 5.0
17,359,925
i Houston ........
16,390,177
11.034,180
9.232.710
+ 7.1
12.999,581
13.924,973
11.987.891
| LoulsvlUe ........
11,495.216
10,169,500 — 21.9
7,945.000
Galveston ______
7.370.000
6.818.500
8.443.842 — 14.5
7,253.400
5,002.703.
5.928,249
I Savannah______
+ 9.0
0,043.591
3.857,09.5
1 Atlanta _______
0,587,727
4.076.985
f*
12.S
5.97K. 191
6,742,190
4,882.944
4.921,096
i Richmond
5,580,780 + 19.9
7,031.795
0,088,021
! M em nhls_______
6,639.262
4,599,515 + 13.1
2,939.3.50
2.502.191
5,203,278
Fort W o rth __ .
+
4
9.7
3,485.321
2.724,59
n
3.207,119
1 Nashville ______
6,242,681
+ 4.0
2.805,232
2,127,702
I N o rfo lk _____ _
2,980,242
2,263,903
2,716.159 +55.2
2.224.007
4,215,626
I Augusta _______
3,000,102
+ 8.2
2.195.990
1,548.193
2,376,394
1,868.6541
Birmingham . . . .
2.023.339 — 30.3
1,410,494
1,117.681
Mobile
1,802.070 + 14.0
I .'759,381
2,054,433
1.009,56'
Charleston..........
1.334.72s
1,633.978 + 15.5
1,886,997
Little R ock_____
1.388.52' *
881,195
1,440.9X7
+ 8.8
1,567,351
1.352.42"
; Chattanooga
1.239.99!'
1.425.001
+
10.3
1,057.817
1.432.22
; Knoxville . ..
785.486
1,239,059 + 19.8
1,484.453 j
1.200.001
! Jacksonville .
795,809
1,004.796
1,001,072
+ 6.3
' M a c o n ................
695.881,350,087!
1.057.207 + 27. V
..........
Oklahoma
351,141
361.51' |
j Beaumont _____
500.468'
340,000! + 47.2
Total Southern; 195.237.820| 181.547.828i + 7.5; 146.227.43- j 146.211.4(2
Total a ll. ......... 3.105,085,487, i .200,777,858: — 4.8 2,829.701.76? 2.839.384.747
Outside N. Y ._ |1,290,417,414110.20.754.757; + 6.9 1.057,702,79^ 9.56.287.673
Canada—
24.497,232
33,165,087
28.39.5.101
20.780,4.50: + 23.8
Montreal . . . ____|
19.273.022
23.015,94:.■
24,870,342
Toronto . ______ j
22.697,2361 + 9.6
6.878.956
9.704.14?!
12,214,472:
10,190,340 + 19.9
W in n ln e g .______ '
1.704.924
2.160.1.50
4.477.522
Vancouver______ j
2,009,507 + 71.0:
2.407.014
2.070.451
3,286.280
O t t a w a ...............i
2,322.308 + 41 ..5
1.900.000:
1.968.167
Halifax ...........-.[
2.004,4231
1.709.002 + 13.3
1.620.06.5!
1,641.414
Quebec................. i
2,350.065
1.554.408 + 51.2;
1.500.840!
1.336.822
Hamilton
1.839,898
1,506,105 + 17.5 ■
803.262]
747.44.';
1,276,343
+ 8.0
1.181,184
Victoria --.........!
1.229.9051
1.110.087
+ 4.4!
St. Jo h n ...............i
1.170.659
1,128,700;
1.062.475)
887.111
Ix m d o n ________ J
1,047,080 + 25.7;
1.316,4791
Calgary ............ *|
1.200.35,X
1,024,960 + 17.< j
------ j
E dm onton______ I
645.7711 + 28.9!
832.532
Total C anada.'
74.521.741! + 20.81 74,674.403
62.452.S42
90.016,4001

1018

THE CHRONICLE.

“R A ILW A Y AND INDUSTRIAL” SECTION.
A new number of our “Railway and Industrial”
Section, revised to date, is sent to our subscribers to
day. The editorial discussions in the same embrace
the following topics: “Freight-Car Movement” and
“Estimating Undivided Profits.”
THE FINANCIAL SITUATION.
Our bankers have been confronted with a highly
serious and demoralizing financial condition the cur
rent week. They have struggled with it, and by ven
turing their millions they have saved the city from a
most disastrous panic. We thank them for their
generous and beneficent work. This state of discredit
has been the fruit of great heedlessness in handling the
country’s industrial affairs— a sure attendant upon
arrogance and lack of humility in any individual
directing such work. “Wisdom is ofttimes nearer
when we stoop than when we soar.” It has been
aided, too, by speculation, which always accompanies
a term of rapid progress/ and not infrequently leads to
and enters upon desperate expedients, in case of harm
feared from sudden suspended vitality in business,
seen to be approaching. Furthermore, it has been
aggravated in that it followed closely in the wake of
the country’s most notable progressive era, in which
all the elements, so abundant among our undeveloped
resources, one after another came into action. We
give a detailed record of the week’s events relating to
this liquidation in our department (pages 1058 to 1062)
devoted to “Banks, Bankers and Trust Companies.”
It will be of interest to note what an array of forces
has been at work bringing us into the present pre
carious situation. All our staple surplus products
have, been in such demand that it has seemed as if the
requirement of Europe for what we had to sell was
limitless; that the more we raised the more the outside
world wanted, and at good prices. This view has
taken full possession of the minds of the wage earners
of every country in the older world. As a consequence
population in the United States has increased rapidly—
almost beyond calculation; it is hardly too much to
say that immigrants have come in swarms. This, to be
sure, has its unfavorable side, but as a potential part
of our surpassing progress, no agency has held so im
portant a place. The larger body of the new arrivals
went to the West—sections that were just ripe for
them. There they found not only Government lands
open to occupancy, but even cultivated lands, in good
farming districts, rich, cheap, and under production,
offered for sale. Consequently in very many cases
the newcomers bought these farms and the old owners
moved further west to open up other lands, perhaps
already in their possession, and to build new homes to
sell again whenever a new flow of buyers appeared.
In some such way or after this fashion the great
speculation in Western lands was begun and carried on.
Next in order came the large increases in the sur
pluses of our crops, which Europe seemed to be hungry
for. It would appear that we stimulated the European
demand in some measure by buying as well as selling
in those days, for it has always been a feature that
when we begin a term of activity and material progress
it becomes the signal for, and soon proves to be, the start
of a like movement abroad. So it turned out in this case;
for it was not long before it was found that European




[V o l .

lxxxv

.

cotton spindles were also on the increase. That con
dition in turn brought an added demand for our cotton.
The truth is, that crop had for years been cultivated
at a loss except upon the best lands. Hence in the
meantime the amount of production depended almost
wholly upon weather conditions. The added con
sumption not only led to larger acreage, but the bigger
crop brought higher prices, and since then nothing
has paid better than raising cotton. Thus the circle
of productive work went on widening. Next to be
noted as buoyant features were the iron market and
railroad work, for enlarged crops mean enlarged earn
ings, and increased earnings quickly find their way
into so many industries that it is no surprise that all
allied trades soon had a share in the same buoyancy
under the same stimulating influences.
Nothing could withstand this rising tide of business
expansion. Added to the forgeoing were the immense
net favorable balances, results which our trade with
the outside world piled up in the face of all the people.
Beginning with 1898, when the annual net merchandise
values reached 620^4 millions of dollars, the corre
sponding total has kept at marvelously high figures.
The last four years ending with 1906 it averaged over
450 million dollars. Hence, beginning with 1898,Jour
gold holdings, besides retaining our entire gold pro
duction, added 262 million dollars by import.
But the seeds of dissolution had been sown before 1906
had begun. What built up and supported such a
thriving trade condition was the only nutriment that
could have ensured its further growth. We have seen
how it grew, and only as it grew could its life be pro
longed. It was fed on capital. There came a time
when a new ruler entered upon his career. His one
idea seemed to be to expel capital and to ostracize
capitalists. He made his laws so rigid that mobile
wealth, only used to fair play, took flight. Conse
quently to-day we are lying on our backs, tended and
cared for only by these same men of wealth, who have
been pursued as if they were criminals, while our ruler
on his way home from his hunting expedition (no one
has a criticism for that) finds no time to send a word
of sympathy to his suffering subjects, but has plenty
of time in his self-righteous way to give utterance to
a mass of platitudes which no one ever disputed.
We are glad that we write at the close of the week
and not at the middle of it, when the crisis was at itsmost disturbing point. Day by day events have been
making history fast. In the meantime our Clearing
House institutions have established a good record for
themselves. That was expected. But when we re
member the great mass of institutions which have
been organized since our term of prosperity began,
and the rapidity of their growth, it is a surprise to
find so few weaknesses developed. As a rule, good bank
methods have been observed. Nothing could be more
assuring than the way the situation is gradually
righting itself. The strain has been tremendous. We
think this week’s developments warrant the conclusion
that, as a whole, our financial institutions are at the
core sound and healthy. It seems also correct to say
that they hold a body of assets possessing worth and
intrinsic merit. Any impression that they are loaded
down with a lot of rotten securit ies .or worthless paper
is utterly without foundation. The action of the
Clearing House proves conclusively the truth of this

O c t . 26 1907.J

THE CHRONICLE.

statement. Our financiers, headed by Mr. J. P.
Morgan, deserve great credit for the able way they
have handled a most trying state of things, and for the
aid which, through their efforts, has been extended to
embarrassed institutions. But it must always be
remembered that such aid carries with it as an indis
pensable preliminary the possession of abundant and
sound assets on the part of the institution needing
help. Neither the Clearing House nor these financial
leaders are advancing money on unsubstantial col
lateral. They would be merely inviting their own
ruin if they did. The very fact, therefore, that aid
has been extended is itself evidence that the aid was
deserved. Another highly encouraging circumstance
is that the trust companies are now standing together
just as the banks have long been bound together in
the Clearing House. It should be noted, too, that this
trust company movement is in charge of the executive
officials of the strongest and most esteemed companies,
like the Union Trust Company, the Farmers’ Loan &
Trust Company, &c., &c. If the movement were
engineered by the smaller or weaker concerns it would
of course, carry no potentiality whatever.
The confidence, therefore, with which the situation
is regarded as the week closes appears fully justified.
This does not, of couise, mean that there may not
be a few more suspensions of one kind or another, for
that would be merely a natural concomitant of such
an acute state of things as at present exists. It may
be, too, that among these there will be some worthy
but unfortunate institutions, for it is absolutely im
possible to give shelter to every wayfarer or to protect
and fortify every point. The effort, naturally, will be
directed to upholding and sustaining the city’s financial
institutions as a whole. That is what has been accom
plished , and the task will prove less difficult with each
succeeding day that the effort is kept up and impair
ment of strength or condition avoided. Considerable
importance, furthermore, deserves to be attached to
the sound state of mercantile trade. Some contrac
tion in the volume of general business is inevitable
after such a series of events as we are now experiencing,
but apart from the involvement of two or three
prominent concerns there appears to be little evidence
■of weakness anywhere. It should, likewise, be remem
bered that we have just harvested our crops and that
these, though not of the extraordinary magnitude of
the crops of last season, are yet very abundant, thus
assuring continued prosperity to our agricultural in
terests , upon which so much depends. There is really
no serious element of weakness anywhere except in our
security markets. There it will not be easy to restore
confidence very readily, and yet, even in that direc
tion, there is a safeguard against further depression
which should by no means be ignored. For is it not
true that prices have reached a level so low as to dis
count every possible adverse happening that may over
take the country during the next sixteen months?
Finally, the administration at Washington is un
doubtedly alive to the needs of the situation, as is
made plain by the action of Secretary Cortelyou all
through the present week. Altogether, there is good
reason for viewing the future with much hope.

1010

were represented at the gathering, and the discussions
naturally developed a wide diversity of views. Many
of the addresses delivered furnish food for thought.
The remarks of President Nicholas Murray Butler of
Columbia University concerning the operation of the
Sherman Anti-Trust Law, and his statement that
nothing is necessarily to be feared from a corporation
because of its size, show a true understanding of the
situation; and the address of Mr. Isaac N. Seligman
of this city was in excellent tone and temper, though
we cannot accept all of his suggestions or agree with
him in some of his conclusions. As for the address
of Charles G. Dawes, formerly Comptroller of the Cur
rency, and now President of the Central Trust Company
of Illinois, his explanation and analysis of the situation
furnishes, it strikes us, a true clue to the causes re
sponsible for our present troubles, and which have led
up to the pass in which the country finds itself to-day.
It is noteworthy, however, that this conference, ap
parently so well attended, and dealing with perhaps the
most important problem in our political and economic
life to-day, has attracted very little attention and ex
cited hardly any qpmment—at least here in the East.
There have been suggestions galore for dealing with
the problem, some novel and some hoary with age;
but no one apparently seems to care anything about
them. The reason is perfectly plain. The public is
tired of the turmoil, the din and the agitation which
has been kept up so incessantly and for so long a time.
During the last two or three years we have been doing
nothing but stirring up things. We have been ex
ploring muck heaps and naturally found the mess un
savory. We have treated the resulting disclosures as
if they reflected normal instead of abnormal conditions
as if they were the rule instead of the exception to
the rule. We have consequently been giving heed to
suggestions which, far from being intended merely to
remove evils and correct abuses, would have as their
inevitable effect the subversion of the whole existing
order of things. The National Legislature has done
considerable new legislation and has given more or
less earnest consideration to measures of a yet more
drastic type and which, according to common report,
are to be urged anew upon its attention at the coming
session of Congress. The State legislatures have fol
lowed in the foosteps of this Federal prototype and
have gone it one better. The statute books are loaded
up with new trust laws, railroad laws, acts for curbing
corporations and for harassing and embarrassing
capital, and for hunting down men of wealth as if the
enterprises in which they were engaged were criminal
and should be exterminated instead of encouraged.
Now we have reached a point where the whole thing
is beginning to pall upon us. The financial distur
bances, too, with which we are now confronted are
opening our eyes to the folly and the dangers involved
in the heedless course we are pursuing. The feeling,
therefore, is,the time has arrived for letting up in the
movement. Certainly there is no need or occasion for
further legislation. There is already' too much of it
on the statute books. It would no doubt be beneficia
to remove some of the laws so hastily enacted duiing
the last two or three years. But what is needed above
everything else is rest—time for recuperation and ts
There has been a four-days’ conference this week regain our self-possession, so that sure recognition may
at Chicago on the trust question under the auspices of be given to the fact that out industiial agencies of
the National Civic Federation. All shades of thought to-day tend to the uplifting of society, not to its pulling




1050

THE CHRONICLE.

down. If there is crime anywhere, let it be ferreted
out and let the offenders be punished. But let us pro
ceed as in a police court, in an orderly manner, with
a view to wOrking real correction and not to promote
sensationalism or the making of political capital. Let
us also never forget that such crimes are not typical
of our industrial condition any more than the crimes
which crowd the calendars of the police courts are typi
cal of social conditions. They are simply the excrescen
ces; the body itself remains normal and healthy.
There is absolutely no occasion for any radical departure
in the fundamental principles upon which our indus
trial and economic life has been carried on since the
foundation of government. Under that order of things
the country recently attained a state of prosperity
never before equaled in this or any other country or at
any period in the world's history. All classes of so
ciety, too, have shared in the progress and develop
ment. Particularly is this true of the wage-earners,
whose welfare is properly the solicitude of the whole
community. They are enjoying all the comforts and
benefits of the world’s inventions and discoveries and
are obliged to work less hours for better pay than at
any previous time. We repeat, therefore, that what is
needed to-day is rest and peace and quiet. We need
relief from the action of our legislators and Government
officials, and we need relief also from the so-called
reformers and other well-meaning persons, who seek for
perfection everywhere except in their own hearts.
The customary annual review of the world’s cotton
supply and consumption prepared by Mr. Thomas R.
Ellison of Liverpool was made public in that city on
Tuesday of the current week. We have received all
the data it contains by cable and give the same to our
readers in detail on pag3 1056. These figures are for
the season ending Oct. 1 1907, and they show that the
takings of cotton by the mills both in Great Britain
and on the Continent were largely in excess of 1905-06
or any earlier year. The increase in takings over the
previous season is found to have been more than one
million bales. Consumption likewise increased, but
much less in amount than the takings, the year’s total
having been 9,352,000 bales of 500 lbs. average net
weight, which is an increase over the preceding season
of 326,000 bales, and therefore also a record aggre
gate.
But the most interesting and important feature of
this review is the position of the mills as regards the
excess in supply of the raw material—that is, the in
creased stock on hand at the close of the season.
In this particular it appears ^that the spinners entered
the coming year Oct. 1 1907-08 unusually well fortified
against a short supply of the raw material early in the
season. It seems that the combined stocks of all kinds
of cotton carried over into the new season by European
mills, according to Mr. Ellison, reached the phenomenal
total of 1,456,000 bales of an average net weight of
500 lbs. That would appear to be a conservative
statement of the situation, judging from the fact that
the International Federation’s Census as of Aug. 31
(a date only one month earlier than the figures under
review cover) made the stocks nearly 1,900,000 bales
of 500 lbs. each. It is of course only by comparison
with previous years that the present position of spin
ners is clearly realized. At the clqse of 1905-06 and
1904-05 the amounts carried over were large, reaching




[V o l .

lxxxv

.

in each case between 800,000 and 900,000 bales; but
prior to those seasons three or four hundred thousand
bales in hand at the end of the year was the rule.
When we contrast , therefore, the past with the 1,456,000 bales now on hand (an amount equal to nearly two
months’ consumption), the real strength of the mills
becomes apparent.
Turning to Mr. Ellison’s estimate of requirements
for the current season (1907-08, Oct. 1 to Sept. 30)*
we notice that he states it as his opinion that Europe
and the United States (including amounts shipped
from this country to Japan, Canada, &c.) will need
15.200.000 bales of ordinary weights, equaling 14,890,000 bales of 500 lbs. each to cover consumption and
leave mill stocks at the close as they were at the open
ing of the season. This estimate is based on an increase
in consumption in the countries mentioned in 1907-08
of 188,000 bales of 500 lbs. each. This estimate of
increase in consumption is cast upon conservative
lines. We are inclined to think it may have to be re
vised somewhat before the season has progressed far.
The business outlook in the United States does not
seem just now to warrant any increase in cotton con
sumption this season. On the Continent of Europe it
is probable that more cotton will be consumed in the
coming months than in last season, but it is likely that,
the easing up in Great Britain, of which there is already
some evidence, will offset the Continent’s increase.
On the other hand, it is a fact that the spinning ca
pacity of mills in Europe was increased to the extent of
2.300.000 spindles in 1906-07, and of this gain 2,000,000 spindles was in Great Britain. While this in itself
is a very fair augmentation of capacity, considerable
further expansion is already under way or in contem
plation. From Continental delegates to the Atlanta
Conference, we learned that additions of 4 or 5 million
spindles are planned on the Continent, and it is oil
that and other information gleaned from well-informed
foreign spinners that a probable increase in consump
tion on the Continent is based. In Great Britain
cotton mill building is also in progress, and recent com
pilations indicate that work is under way in installing,
or preparing to install, some 4 million spindles, of which
about 2% will be devoted to American cotton and the
remainder to the Egyptian variety.
As bearing further upon the matter of consumption,
some recent developments with regard to cotton it
self may possess more than passing interest. We noted
last week that, contrary to the usual trend of events,
the first killing frosts were ineffective as a stimulant
to prices this season, and further frosts since have been
equally without force. In fact, the course of prices
has been downward rather than upward, financial
conditions undoubtedly assisting somewhat in that
decline. For reasons already stated—large stocks of
cotton on hand—spinners have shown no disposition
to purchase freely; but notwithstanding this, visible
stocks have not accumulated rapidly, owing to the
small movement of cotton from the Southwest, the re
sult of the holding movement being maintained there.
There are those who believe that this holding move
ment will eventually be a success, and spinners be forced
to pay the fixed price demanded; but they fail to re
member it is always the case that in such carrying
movements the load gets heavier fast as the season
progresses. .

OCT. 26 1907.]

THF CHRONICLE.

There was no change in official rates of discount by
any of the European banks this week; unofficial or
open market rates were, compared with last week,
of 1% higher at London and
of 1% lower
at Paris, at Berlin and at Frankfort. There seemed
to be some expectations on Wednesday that the Bank
of England would raise its rate of discount on account
of the exchange situation at New York; the failure of
the Bank to take such action, however, caused a sharp
rise in consols on Thursday, but these issues closed at
a recession from the best prices of the day. Americans
improved on the favorable reports from this centre
until the news came of the unsettling decline in our
market, when the tone grew easier. At Continental
cities, and especially at Berlin, confidence was felt
regarding the outcome of the troubled situation
here.

1051

sixty to ninety-day endorsed bills receivable and for
prime four to six months’ single names.

The Bank of England rate of discount remains un
changed at 4*^%. The cable reports discounts of
sixty to ninety-day bank bills in London at 5%. The
open market rate at Paris is 33^@ 3^% and at
Berlin and Frankfort it is 5%. According to our
special cable from London, the Bank of England
gained £96,876 bullion during the week and held
£34,773,314 at the close of the week. Our correspon
dent further advises us that the gain was due largely
to receipts from the interior of Great Britain. The
details of the movement into and out of the Bank
were as follows: Imports, £23,000 (wholly bought in
the open market); exports, £265,000 (of which £100,000 to Constantinople, £50,000 to Holland, £50,000
to Batavia and £65,000 French coin sold in the open
The feature of the statement of the New York Asso market), and receipts of £339,000 net from the interior
ciated Banks last week was an increase in cash much of Great Britain.
in excess of that which was estimated; this gain was
due to Contributions almost wholly by two of the insti
The foreign exchange market was lower and almost
tutions. The statement showed an important in without support during the greater part of the week.
crease in surplus reserves, as the result of the cash The high rates for money dominated the situation
gain and also of the contraction in reserve require bankers were indisposed to buy even at the concessions
ments through a decrease in loans. Because of this that were offered, preferring to employ their funds in
exhibit and also for the reason that the monetary situ the loan market, and holders were unwilling to sell at
ation was more composed in consequence of the im the low rates unless they were forced to make the sac
proved bank conditions, which were due to the elimi rifice. Those who required exchange for remittance
nation in the previous week of deranging factors and appeared to be in almost daily expectation of favorable
the reorganization of some of the more important in opportunities to procure bills through a decline in rates
stitutions, money rates were normal on Monday. for money, and they deferred their purchases so long
The development of new and somewhat unexpected as was possible, and then resorted to cables, which will
deranging factors in the trust company situation on account for the exceptional activity and comparative
the following day and thereafter precipitated a severe strength in this class of exchange. There was scarcely
crisis and money ruled not only at excessively high any demand for long sterling, there being no object in
rates but it was at times unobtainable even at these buying such bills, while short was obtainable on more
figures, while lenders for fixed dates generally with advantageous terms, and for a like reason there was
held their offerings. At the close of the week the only a slight inquiry for commodity bills; therefore
outlook appeared more encouraging, owing to the sub these drafts, when offered, were sold at important con
sidence of runs upon the larger trust companies, but cessions. Moreover, there were quite confident ex
embarrassments of smaller concerns and continued pectations that, as the result of the efforts of Southern
stringency in money, notwithstanding the relief ex^ bankers to induce planters to liquidate their loans on
tended by private bankers and through the increase of cotton, there would soon be a liberal expor t movement
Treasury deposits in local banks, had more or less of of the staple, and consequently a large supply of cotton
an unsettling effect upon the situation. Two pools, bills; indeed, there were indications that the high rates
one of 25 million and another of 10 millions, were sub for money were already contributing to the withdrawal
scribed to during the week by prominent private bank of cotton from the warehouses for export.
ers for the relief of the market; this money was directly
There was a shipment of $1,500,000 gold to Germany
loaned on the Exchange.
on Tuesday, the engagement of which was effected
Money on call loaned at the Stock Exchange during last Saturday. Its destination was, presumedly,
the week at 125% per annum and at 5%, averaging Hamburg, for the relief of the situation at that centre.
about 40%; banks and trust companies quoted 6% The shipment was said to have been made on special
as the minimum. On Monday loans were at 9% and order; this was probably true, for exchange rates were
at 5% with the bulk of the business at 7%. On such as not to justify the export. Early this week it
Tuesday transactions were at 70% and at 6% with the was reported that the shippers had been advised that
majority at 40%. On Wednesday loans were at 125% no more of the metal would be needed; indeed, none
and at 6% with the bulk of the business at 50%. could have been exported, except at a heavy loss, be
On Thursday transactions were at 100% and at 6% cause of the decline in exchange rates.
with the majority at 20%. On Friday loans were
The market was unsettled and lower on Saturday of
at 75%—though a small lot loaned at 100%;—and at last week, influenced by offerings of bills against pur
6% with the bulk of the business at 50%. Time chases of stocks for London account, and, compared
loans on good mixed Stock Exchange collateral with the previous day, long fell 15 points to 4 8210@
were nominally quoted at 6}4@7% for sixty days to 4 8215, short 10 points to 4 86@4 8610 and cables 15
four months and 6% for longer periods; no business points to 4 8675@4 8680. On Monday-there was a
was reported because of the absence of offerings. sharp decline of 15 points in long to 4 8155®4 8160,
Commercial paper was also nominal at 7@73^% for of 45 points in short to 4 8560@4 8565 and of 35 points




I05*i

THE CHRONICLE.

in cables to 4 8640@4 8645. On Tuesday long fell
.55 points to 4 81@4 8105, short 35 points to 4 8525@
4 8530 and cables 20 points to 4 8620@4 8625. On
Wednesday short declined 15 points to 4 8510@4 8520;
long and cables were unchanged. On Thursday long
fell 50 points to 4 8 0 @ 4 80%, short 60 points to
4 843^@4 84% and cables 30 points to 4 8590@
4 8620. The market was unsettled on Friday, owing
to dear money, and long fell 150 points, short 125 and
cables 145 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Mon , Tues.,
F rl.,
Wed., j Thurs.\ F rl.,
Oct 18. Oct 21. Oct. 22 Oct. 23. Oct. 24,\Oct. 25
f 60 days
Brown
Bros. & C o .. _ _ Sight. .
Baring
J 60 days
& C o____________ -.1 S ig h t..
Bank British
J 60 days
North America__ -_i S ig h t..
Bank of
160 days
Montreal________ . -\Sight..
Canadian
J 60 days
S ig h t..
of Commerce _.
Heldelbach, Iekelj 60 days
h e lm e r& C o .. . . . _\Slght _ _
La/ard
j 60 days
Freres ................. . . I S ig h t..
Merchants’ Bank
J 60 days
of Canada . .
..\ Sight_.

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

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

82 ^
86)4
83
87
83
87
83
87
83
87
82H
86^
8234
8634
83
87

8234
86 ^
83
87
83
87
83
87
83
87
82^
86^
8234
86H
83
87

823^
8634
83
87
83
S7
83
87
83
87
82^
8634
82
8634
83
87

82J4
86 34
83
87
83
87
83
87
83
87
82J4
863^
82 34
86 y2
83
87

8134
86
82
86
82
86
82
86
82
86
81 H
86
8134
86
82
, 86

The market closed on Friday at 4 79@4 80 for
long, 4 8334@4 83% for short and 4 84^@ 4 85 for
cables. Commercial on banks 4 77^ @4 78 and docu
ments for payment 4 77%@4 78. Cotton for pay
ment 4 77%@4 773^, cotton for acceptance 4 7 7 ^ @
4 78 and grain for payment 4 78%@4 7 8 •
The following gives the week’s movement of money
to and from the interior by the New York banks.
Week ending Oct. 25 1907.
Currency
Gold

...........
— ........... . . ____________________ ____

Total gold and legal-tenders______

Shipped by
Received by
N . Y . Banks. N . Y . Banka.

Net Interior
Movement.

81,718,000
472,000

$18,410,000 Loss $13,098,000
3,094,000 Loss
2,622,000

S5,190,000j

321,510,000 Loss $10,320,000

With the Sub-Treasury operations the result is as
follows.
Week ending Oct. 25 1907.

Out oj
Banks.

Into
Banks.

Net Change in
Bank Holdings.

B ank’s Interior movement, as above.
Sub-Treasury operations...................

$5,190,000
53,100,000

$21,510,000 LOSS $10,320,000
32,100,000 Gain 21,000,000

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

$58,290,000

$53,610,000|Galn $4,680,000

The following table indicates the amount of bullion
in the principal European banks.
Oct. 25 1906.

Oct. 24 1907.
Bank oj

Gold.

Silver.

Total.

Gold.

Silver.

Total.

£
f
£
!
£
. . . 28 ,429,264
34,773, 314 28 ,429,264
England ._ 34,773.314
France___ 111,401.754 37,571 ,233 148,972, 987112 ,832,381 41,271 963154 104,344
8,770 ,000 40,419 000; 30 ,233,000 8,500 ,000 35} 733.000
Germany - 31.649.000
R u s s ia ___ 124,369,000 5,534 000 129,903 000 111 ,638,000 4,966 ,000 116 604.000
Aus.-Hun. 45.298.000 11,772 .000 57,070, QOO; 46 ,778,000! 11,793 000 58 ,571,000
S p a in ____ 15,578,000; 25,545 000 41,123, 000! 15 309.000 24,188 000 39 ,497,000
Italy,_____ 35,565,000: 4,76 ,800 40,332, SOOj 30 172.000 3,739 000 33 ,911,000
6,633,000, 5,115 .000 11,748 0001 5 530,300! 5,561 ,500 11 091,800
NethTds .
1,688 ,667 5 066.000
3,241,333' 1,620 667 4,862 ,0001 3 377,333
N at.Belg..
3 ,877,000
...
4,244, 000 3 877.000
Sweden ._
4,244,000!
T it . week 412.752,401,100.683,700 513,448,101 388,176,278:101,708,130 489,884,408
P^-ev. week 409,236,47K100,086,594 509,323,072,380,128,507 101,759,527 487,888,034

EUROPE AND THE NEW YORK MARKET.
The extraordinary situation which has developed
on the American financial markets of this week should,
for many reasons, converge attention on the situation
of foreign markets in more or less close relation to our
own. There have been times—notably on such occa
sions as the panics of 1890 and 1873— when foreign
markets themselves were under such stress of trouble
+hat they not only were unable to help out New York,
but were actually a drag upon us through the necessity
vvhich arose for them to withdraw from our market
money loaned here for European account or invested




[V o l .

lxxxv

.

in American stQcks. Even in 1893, it will not have
been forgotten, although London passed through
that general crisis with comparative composure,
nevertheless its sales of stocks on the New York Ex
change were so numerous in volume, especially in the
early stages of that prolonged period of distress, as to
crush our financial market and cause an out flow
of gold which presently crippled both our banks and
our Treasury.
The first point to notice in this connection, when
surveying the present state of things, is that our situ
ation as regards Europe is very different, and in all
respects more favorable, than it was in the years re
ferred to. Whatever may have been our market’s
excesses during the past half dozen years in borrowing
European capital to sustain Wall Street operations,
the fact is now well established that these heavy
obligations have for the most part been paid off in the
course of our market’s prolonged liquidation since last
December. No floating debt at all comparable to that
of 1893 stands against us in the market for interna
tional exchange; the very fact that, during the present
crisis and the preliminary weeks, sterling exchange
has at no time risen above parity, and has for most
of the time remained strongly in favor of this country,
shows what the situation actually is.
Such a state of the international market properly
draws attention to the question how far New York
may rely upon Europe for facilities of credit. This
question must at all times more or less depend on the
state of affairs.in New York itself; at times this week
there were evidences of what was called a deadlock of
international exchange—meaning that European in 
stitutions were at the moment too uncertain as to
what was happening to make advances under any
conditions. Such a state of things, except in outright
and formidable panic, can never long continue. It
will be recalled that a similar and much more alarming
deadlock in exchange which existed on the markets
during July 1893 was broken at the very hour when
the New York situation seemed to be the darkest,
when currency was at a premium in W all' Street,
when cash payments by very many banks were par
tially held up, and when complete demoralization of
credit apparently prevailed. That was the moment
when the blockade of foreign exchange was broken so
effectively that within six weeks something like forty
million dollars gold arrived in New York from Europe
—the first engagement terminating almost instantly
that very serious panic episode.
It will be asked, In what position do the foreign
markets stand to-day in regard to possible relief for
the American situation? Not very long ago an un
favorable answer must have been made to such an
inquiry. At the close of last July the Bank of Eng
land’s ratio of reserve to deposits stood at the lowest
figure for that date in several years, and, what was
more, it was felt that London was confronted with
peremptory gold demands from so many quarters
that a serious weakening of its gold reserve would be
inevitable. In that week the actual gold stock of the
bank stood nearly $5,000,000 below the figure reached
at that date in either 1906 or 1905, and outstanding
loans were very much greater than on either of those
two periods. H o w t greatly the present situation dif
fers from what then prevailed may be judged from the
fact that last Thursday’s statement showed the bank’s

O c t . 20 1907. |

THE CHRONICLE.

ratio of reserve to be not only 103^ % above this week
in 1906, but actually in excess of the figure reported at
the close of October in any year but one since 1901;
the actual ratio, 4734%, being far above the 40%
traditionally deemed the conservative line of safety.
As for the actual gold stock of the Bank last Thursday,
it stood $31,000,000 above what was reached in this
weekayear ago,and far exceeded the showing of all the
past five years, except for the one year of plethora, 1904.
This position has been attained, as most people are
aware, through the stubborn maintenance, since early
in the season, of the unusually high Bank of England
rate of 4 ^ % , which had the effect of attracting gold
and discouraging excessive credit operations on the
London market at a time when emergency had not
yet arisen. When one turns to the Continent, it will
be seen from the statements of the greater banks that
Paris is in a reasonably strong position, while Berlin
has passed through the season with vastly less of dis
turbance than was confident ly predicted only a few
months ago. The Bank of France, although holding
some seven million dollars less in gold than it held
at this date in 1906, and although its loans and out
standing circulation are somewhat increased as com
pared with a year ago, nevertheless makes a better
showing than in October of any other recent year.
The Bank of Germany, thanks to its system of emer
gency credit notes, has been able to sustain what
seemed for a time to portend a violent strain in the
October settlements.
The probability is, so far as concerns this market,
that relief measures such as may arise will converge
on London rather than on the Continent, the situation
being apparently that Paris is prudently providing
Berlin with the requisite resources. This very fact,
however, operating, as it has done, to divert from
London the strain once expected from a disturbed
situation at Berlin, leaves the English market in a
vastly stronger position for providing whatever, if
anything, may be necessary for New York.
THE NORTHERN PACIFIC AND ITS GROWTH.
The impression which study of the Northern Pacific
Railway report chiefly leaves upon the mind is of the
almost boundless growth of the business of the system
and of the tributary territory. The further addition
to gross earnings during the twelve months under re
view was $7,311,356. This followed an increase in
1906 over 1905 of $10,500,590; and consequently in
the two years gross earnings of this property have risen
no less than $17,811,946. In other words, gross rev
enues in these two years have advanced from $50,722,886 to $68,534,832, the addition being over 35%. The
present is the eleventh annual report of the company,
which means that eleven years have elapsed since the
reorganization of the old Northern Pacific property.
In the twelve months ending June 30 1896 (the fiscal
year immediately preceding the organization of the
pew company) the aggregate of the gross earnings was
only $19,863,159. The advance from this figure to
the $68,534,832 total of the late year obviously reflects
marvelous progress. The length of road operated has
of course increased in the interval, the mileage June 30
1907 being 5,448 miles, as against 4,345 miles on Sept. 1
1896. But it will be observed that while the addition
here has been only 25% (and the new mileage ob
viously must possess only a light traffic), the increase




1053

in gross earnings for the eleven years has been about
ten times as much, or almost 250%.
The company’s new capital requirements are also
getting to be very large, and this, likewise, is indicative
of the growth and development in progress—the great
expansion in traffic which calls for additional facilities
to handle it and the building of additional road to
make accessible contiguous territory and thus ensure
still further growth. The charges to capital account
during the twelve months aggregated no less than
$21,945,582, of which $11,178,163 was for new equip
ment alone. The company is also aiding in the con
struction of certain new lines, among the most im
portant of these being the Portland & Seattle Railway,
which is being built jointly by the Northern Pacific
and the Great Northern Railway companies, and
which embraces a road from Portland, Oregon, to
Spokane, Washington, with a branch to Texas Ferry,
Washington, where connection is made with the line
owned jointly by the Northern Pacific and the Union
Pacific. To this company the Northern Pacific had
advanced altogether $17,095,918 up to June 30 1907,
all but $5,601,023 of which was advanced during the
late twelve months. The Northern Pacific has also
made advances of $2,234,378 to the Clearwater Short
Line Railway Company and of $311,144 to the Big
Fork & International Falls Railway Company, making
altogether $19,641,441 that has been loaned to these
companies. The funded debt of the company is being
increased in only a small way from year to year, the
net increase in the amount outstanding the last twelve
months having been only $357,563. During the pre
ceding year the increase was $869,963 and the year
before $876,963. This makes for the three years to
gether but little more than $2,000,000.
The company has now arranged, as will be recalled, for
the raising of a large amount of cash t hrough the issue of
new stock. Last January the shareholders authorized
$95,000,000 new stock, of which $93,000,000 was offered
shareholders at par. The proceeds of the new stock
will go to reimburse the treasury of the company for ex
penditures already made and to provide for necessary
construction, extensions and acquisitions in the future.
Payments for the new stock extend over a consider
able period of time, 5% having been payable February
1 >7'A% April 1, and the remainder in installments of
123^% each on July 1 and October ! 1907, and the first
days of January, April, July and October 1908 and Jan
uary 1909—with the privilege of anticipating payments
up to and including Oct.1907. To June 30 1907 $14,721,100 had been received on account of the subscriptions.
This, of course, was not sufficient to take care of the
new capital requirements of the year, and hence the
balance sheet shows that holdings of cash were con
siderably reduced during the twelve months. A year
ago, when the amount was of unusual proportions, the
total of the cash on hand and in banks was $21,978,646.
For June 30 the amount, while still large, is only
$11,899,998. As nearly $80,000,000 is still due on the
new stock subscriptions, it is hardly likely that the
management will be worried about needed supplies of
cash for a considerable time to come.
It is interesting to note how important are the addi
tions being made to the company’s facilities— at once
indicative of the growth in traffic and of what is being
done to make provisions for the same. For instance,
the net addition to the number of locomotives during

1 0 .^ 4

THE CHRONICLE.

the twelve months was 250, an increase of 25%, and
.as these new locomotives are of the largest capacity,
fhe ratio of increase in hauling power was still greater.
In the case of the freight equipment there was a net
addition of 6,223 care, an increase of 17 2-10%, while
the addition to total capacity was over 25%, the cars
being of large size. An addition of 25% in both loco
motives and tonnage capacity in a single period of
twelve months obviously marks a very decided expan
sion. Moreover, the report tells us that , besides the
equipment shown to be on hand June 30 1907, 52 more
locomotives are due on contracts and will be received
by the end of the year, and also 1,692 cars of various
descriptions.
The large capital expenditures which are being made
lhad one other effect. Combined with the attention
given to operating details, they are promoting a high
degree of efficiency and economy in operations. We
notice that in the late year there was a further addition
to the train-load of 24 tons, bringing the average up
(including both company freight and revenue freight)
to the high figure of 492 tons. The freight trains
■earned $3 01 per mile run, as against only $2 85 per
mile the previous year. This was mainly the result
of the increase in load, though in small part it followed
from a higher average rate received per ton per mile.
This latter increase, however, still left the average
receipts per ton per mile only 8.66 mills—the compari
son being with 8.28 mills in the year preceding. It is
pointed out in the report that the slight advance in
the average per ton mile followed entirely from a larger
proportionate amount of high-class freight and a
shorter average haul, and was not due to any increase
in actual rates.
Though the trains earned considerably more gross
per ton mile, the net earnings per train mile fell off
from $1 38 to $1 33. This brings into view the unfa
vorable conditions under which the road was worked
during the twelve months. It suffered from causes
common to the whole railroad world, such as higher
wages, increased cost of fuel and many other supplies,
anti a volume of business that overtaxed the capacity
of the line at various points, all adding to the expense
of maintaining and operating the road; but it also suf
fered from causes of a special nature, namely the ex
treme severity of the winter, which, in the territory
traversed by the lines of the systm, has had few paral
lels. The report tells us that from Nov. 18 1906 to
March 18 1907 the snow and cold weather in Minnesota
. and Montana affected seriously the movement of all
business, both on the main line and branches. The
movement of trains was interfered with seriously dur
in g this period for about 100 days, it is stated, and in
North Dakota for over 60 days there was practically
• no freight moved except fuel and supplies that were
moved l>ehind snow-plows. The report also says that
between Nov. 13 1906 and Feb. 23 1907 there were
serious washouts at various points in the State of
..Washington which prevented the running of through
. trains between Spokane and Puget Sound and Portland
i for a total of 25 days. Furthermore, during a consid
erable portion of the winter the snow and bad track
,.,011 this part of the railroad made the movement of
drains very difficult.
With such the conditions under which operations had
to be carried on, it is no surprise to find that the greater
• part of the large increase in gross earnings which oc-




jV O L .. L X X X V .

curred during the twelve months was consumed by
augmented operating expenses. ./The addition to gross
duiing the twelve months, we have already seen, was
$7,311,357. The gain in the net was only $742,472.
and $185,679 of this went to meet higher taxes, leav
ing the actual gain in net only $556,793. However,
with charges for interest and rentals only very little
above those of the previous year, the income showing
for the twelve months was strikingly favorable, as has
been the case in all recent periods in the company’s
history. Adding income from investments, the amount
available on the year’s operations, after providing for
fixed charges, was no less than $23,473,929, while the
call for the 7% dividends paid on the $155,000,000 of
full-paid stock outstanding was only $10,850,000. The
surplus remaining after provision for the dividends,
namely $12,623,929, was transferred to the credit of
profit and loss, and then $5,926,753 of it was appro
priated for depreciation of equipment, or, rather, to
reduce the book value of the same.
We notice that previous appropriations out of earn
ings, representing expenditures made for additions to
and betterments of the company’s property, have now
been transferred to capital account, and a correspond
ing amount credited to profit and loss. These expendi
tures for the period prior to June 30 1906 had aggre
gated $18,162,598. As these expenditures enhanced
the value of the Northern Pacific estate, it was decided
to transfer to capital account the amount of the same.
With this $18,162,598 credited back, and with the sur
plus on the operations of the past twelve months
(above the dividend payments) also credited to profit
and loss, the balance at credit of profit and loss June
30 1907 amounted to no less than $44,595,707, even
after charging off the $5,926,753 already referred to
for depreciation of equipment.
THE CHICAGO BURLINGTON & QUINCY AND
INCREASING EXPENSES.
: In our review of the annual reports of the various
railway companies we have had many noteworthy in
stances of increases in expenses, indicating the diffi
culties under which the managements labor by reason
of the higher operating costs; but the Chicago Burling
ton
Quincy in its annual report furnishes the most
striking case of the kind which has yet fallen under
our notice. In reviewing the Burlington & Quincy
report for the previous fiscal year, we directed atten
tion to the large augmentation in the expenses then
shown and ascribed it in chief part to extra heavy
outlays for improvements and betterments, a view
which the heavy maintenance outlays seemed to sup
port. But obviously outlays of this description are
not likely to continue increasing indefinitely, and it
does not seem probable that the further augmentation
in expenses in the late year can be explained in the
same way. In view of the simultaneous increases in
the expenses of other roads, the more reasonable
supposition is that the augmentation has followed
from the causes common to the whole railroad system,
namely the advances in wages and the enhanced cost
of everything entering into the operating accounts,
more particularly fuel, materials and supplies. At all
events, whatever the explanation, the fact is that a
tremendous expansion in the gross revenues of the
lines of the Burlington & Quincy system the last two
years has brought with it no addition to the net. In

O c t . 26 1907.]

THE CHRONICLE.

other words, as far as the figures in the report are con
cerned, this unexampled growth in traffic has been
unproductive of additional net.
During the late twelve months gross earnings moved
up in the sum of $8,326,580. Net earnings gained only
$885,235. Moreover, of this latter, increased taxes
consumed $793,910, leaving the actual improvement
in net earnings, as the result of the $8,326,580 addition
to gross, no more than $91,325. In the previous year
there had been an increase of $8,173,625 in the gross,
with an actual loss in net of $1,059,684, which loss
was raised still further to $1,234,574 by the fact
that the company was obliged to pay out $17^,890
more for taxes. Combining the twT
o years, therefore,
the result is that while gross earnings have moved up
from $65,973,045 in 1905 to $82,473,251 in 1907, net
income above expenses and taxes in the same two
years has declined from $21,872,713 to $20,729,464.
Taxes alone in the two years have increased, roughly,
$1,000,000, or over 50%, the company in 1906-07
having been obliged to pay out in taxes $2,838,800 as
against only $1,870,000 in 1904-05. The ratio of
expenses (including taxes) to gross earnings* for 190607 was no less than_74.87% as against but 66.85%
in 1904-05.
Yet the property is each year being operated with
increasing efficiency. As an indication of what is
being done in that respect, wT
e bring'forward the fol
lowing little tabular statement given in our article of
the previous year, adding the figures for 1907. It is
proper to state that the statistics are complete only
for the last five years. For the earlier two years they
are quite imperfect, but we give what we have been
able to get or make up from the pamphlet report,
since it is only by thus carrying the comparison back
that a proper idea can be gained of the improvement
which has been effected in the interval since then.
Tons of
Revenue
Tons M oved
Y e ar.
Freloht.
One M U e.
11)06-7..25,530,631
7,169,879,492
1905-6.-23,627,716 6,347,902,891
190 4- 5..20 .90 1,00 8 5,241,159.515
1903-4 . .2 0 ,6 3 4 ,0 2 4 5,207,483,649
1902-3.-20,049,276 4.931,185.014
1901-2........................
4,001,631,245
1 900- 1.. .................a 3 ,350,000,000

Average E a m ’s
Rate
M ile s R u n
Trainper
per ton
bv T rain s. L o a d , m ile r u n . m ile.
18,410,855 389.44 $3.07
7.9 m ill
17,394,484 364.94
2.94 8.1
“
16,052,182 326,51
2.73 8.4 “
18,760,861
277.57
2.38 8.6 “
18,545,775 265.89
2.31
8.7 “
18,324,905 218.37
1.96 8.96 “
19,168.750 C180.00
.............................

a I n p a r t e s tim a te d .

The foregoing statement deserves careful study.
The Burlington & Quincy came into the joint control
of the Great Northern and the Northern Pacific in
1901. In the year ending June 30 1901 the road
moved, roughly, 3,350,000,000 tons of freight one
mile. For 1906-07 the revenue tonnage transported
one mile aggregated 7,169,879,492 tons. In the six
years, therefore, the addition has been almost 4,000
million ton miles, the increase being overl00%. This
shows how beneficial has been the alliance with these
two other roads. But the most remarkable fact is
that while six years ago, in 1900-01, it was necessary
for the freight trains to run 19,168,750 miles in order
to move 3,3:>j ,uu *,uOO tons of freight one mile, in
19064)7 the train? *^ove<i 7.169.879,492 tons one mile
by running only 18,410,855 miles. In a word, the
trains moved nearly 4,000,000,000 tons more of freight
one mile, with an actual reduction in the miles run.
The meaning of this, of course, is that each train hauled
correspondingly more tons of freight—that is, carried
a greatly increased load. As a matter of fact, there
has been an increase in the train load in every one of
the last six years, the further addition in 1907 alone
having been over 24 tons. As nearly as we can esti




1055

mate from the statistics in the report, the trains in
1900-01 hauled an average of only 180 tons. In
1901-02 the average was increased to 218 tons; in
1902-03 to 265 tons; in 1903-04 to 277 tons; in 1904-05
to 326 tons; in 1905-06 to 365 tons, while now for
1906-07 the average load is 389 tons, these figures
covering revenue tonnnage only.
Another striking fact brought out by the statement
above is that with each succeeding year the average
rate received is being reduced. There are no statis
tics available to show what the company realized per
ton mile on its freight traffic in the earliest year given
in the table, namely 1900-01, but in 1901-02 it was
still receiving close to 9 mills per ton mile. In 1906-07,
on the other hand, the average was only 7.9 mills.
Nevertheless— and here we have a renewed illustration
of the fruits of the economy in operation—the trains
have prodigiously increased their revenues per mile
run. We do not know what the trains earned per mile
in 1900-01; in 1901-02 they realized only $1.96 cents
per mile; in 1906-07, on the other hand, they earned
$3.07. In brief, notwithstanding the lower rates re
ceived, the trains are earning now considerably over
a dollar more for every mile run than they did only
five years ago.
The great increase in expenses to which we directed
attention at the outset has occurred in face of this
striking development of operating efficiency. It
should be added that,owing to this increase in expenses,
the trains, at least during the last two years, have
sustained a considerable reduction in the net earnings
per train mile. Combining for this purpose the passen
ger train service with the freight train service, since
expenses are not apportioned to the two classes of
trains, it is found that the trains in 1906-07 earned
net only 62 cents per mile run against 63 cents in
1905-06 and 72 cents per mile run in 1904-05. Alto
gether we have here a noteworthy illustration, going
to show how an important railroad system has been
doing a rapidly expanding business and giving the
whole of the benefits to the communities served. It is
immaterial whether the additional money represented
by the increase in expenses went to pay for improve
ment and betterment work or to meet increases in
expenses in the ordinary way. In either event it
passed out of the hands of the railroad and went in
large part to the labor employed in doing the work.
At the same time, as we have seen, the road’s patrons
got their service at a greatly reduced figure, as is evi
dent from the decline in rates. Finally (not by choice,
of course, but by compulsion) the company is paying
to the public authorities in the civil divisions through
which it runs almost $1,000,000 more in taxes than it
paid only two years ago.
Fortunately the income strength of the company
has been such that it has been able to bear or to assume
these added burdens and yet show ample net to pay
charges and dividends, with a large surplus left over.
JL'he company a few weeks ago raised its rate of
dividend distribution from 7% per annum to 8%.
When the Northern Pacific and Great Northern took
over the Burlington & Quincy they issued their joint
collateral 4% bonds in exchange for the stos:< aaquired on the basis of $200 in bonds for $100 in
As the Burlington & Quincy has been paying onlv 7%
dividends, while the bonds called for the equivalent of
8%, the joint owners were obliged to nake up thin

1056

THE CHRONICLE.

difference of 1%. With the dividends on an 8% basis,
such will no longer be the case. Furthermore, an
extra dividend of 6% was also paid October 1, this
being to represent the 1% difference for the six years
during which the joint owners have controlled the
property, so that now the payments on the bonds and
the acquired stock have been entirely equalized.
The income statement has always been made up so
as to show interest in full on the collateral bonds
(rather than the dividends on the stock represented by
the same) and on that basis the late year’s results leave
a surplus above the dividend and interest requirements
in the sum of $4,320,333. This last is equal to nearly
4% additional on the $110,839,100 of Burlington &
Quincy stock outstanding. In other words, almost
12% was earned on the stock, as against the 8% that
has been allowed for the same. This surplus of $4,320,333 also went into the property for the improve
ment of its physical or financial condition, and in the
end the benefits will also accrue to the public.
It is important to note, however, that no such out
come would have been possible had the company been
called upon, like other large systems, to meet heavily
increased charges. The company in the years imme
diately preceding made only relatively small additions
to its funded debt, and in the year under review there
was an actual decrease in the outstanding funded
debt in the sum of $5,482,000, due mainly to the fact
that $5,000,000 Kansas City St. Joseph & Council
Bluffs 7% bonds which fell due were paid off. With
no additions to debt, fixed charges have been kept down;
The company has long been noted for its large sinking
fund contributions and during 1906-07 the payments
into these funds aggregated $1,533,226, of which
$709,310 was paid directly from earnings, and the
remaining $823,916 represents the accumulation of
interest on the bonds held in the fund. The total
amount at the credit of the sinking funds on June 30
1907 was $27,590,565. In addition there was at the
same date a profit and loss credit of $14,328,492, a
credit to income account of $47,023,299, while
$10,000,000 stood to the credit of the renewal fund,
representing appropriations of earnings made for the
benefit of this fund. Altogether, the balance sheet,
therefore, shows credits of surplus or earnings in the
huge sum of $98,942,355.
The company’s capital expenditures in 1906-07
aggregated $7,526,210, and in addition, as we have
already seen, funded debt was reduced by $5,482,000.
There has also been an increase in certain of the in
vestments. The effect of these various transactions is
seen in a reduction in the amount of cash on hand from
$14,423,240 on June 30 1906 to $6,316,092 June 30
1907, and in the appearance among the liabilities of
bills payable for $2,000,000.
COTTON CONSUMPTION OF EUROPE AND THE
WORLD.
Mr. Thomas R. Ellison’s “Annual Review of the
Cotton Trade” was issued in Liverpool on Tuesday
of the current week, and by cable we have received all
the interesting data contained therein, including the
usual estimate of consumptive requirements for the
new season. As of greatest importance, we first give
the takings of cotton by European mills in actual bales
and pounds for the year 1906-07, appending for pur
poses of comparison the figures for 1905-06 and 1904-05:




[V o l .

Oct. 1 to Sept. 30.

For 1906-1907.

T ak in g s b y s p in n e rs____ b a le s .
A v erage w e ig h t of b a le s___ lb s .

For 1905-1906.

T ak in gs b y spin n ers____ b a le s .
A verage w eight of b a le s___ lb s .

For 1904-1905.

T akings b y spin n ers____ b a le s .
A v erage w e ig h t of b a le s ___ Ib s .

Great B r it a in .

lxxxv

C on tin en t.

Total.

1*,283,000
4.014.000
6.269.000
486.2
499
478
2 .003.046.000 2.996.376.000 4.099.422.000
5.437.000
# ,269,000
3.832.000
483.2
477
492
1.885.398.000 2 .593.435.000 4.476.833.000
5.600.000
• ,*74,000
3.774.000
494.6
487
506
1.909.396.000 2 .727.137.000 4.626.633.000

The statistics as cabled from month to month have
indicated that the takings by European spinners in the
past season were appreciably greater than in the pre
vious similar period, and this is confirmed by the an
nual compilations. In Great Britain the takings of
cotton by the mills, as stated in ordinary bales, ex
hibits a gain of 182,000 bales, but the absorption by
Continental spinners for the same period has increased
832.000 bales. Consequently, for the whole of Europe
the aggregate takings show a gain of 1,014,000 bales
as compared with the previous season, and the excess
over 1904-05 is seen to be 909,000 bales. The bales
given in the above table are, as already stated, of ordi
nary weights; the average weights of the various
growths contained in the foregoing for 1906-07, as
cabled to us, .are as follows: American, 490 lbs.; Egyp
tian, 723 lbs.; East India, 400 lbs.; Brazilian, 241 lbs.;
Smyrna, 400 lbs., and West Indian, &c., 317 lbs. In
1905-06 the weights were: American, 487 lbs.; Egyptian
725 lbs.; East Indian, 400 lbs.; Brazilian, 266 lbs.;
Smyrna, 400 lbs., and West Indian, &c., 236 lbs.
Consumption has further increased, but not, of
course, as largely as has takings, and consequently
stocks of raw material held by the mills at the close of
the season record a considerable excess over a year ago.
The mills of Great Britain show a gain in consumption
over 1905-06 of 118,000 bales of 500 lbs. average net
weight, or 2,269 bales per week, and on the Continent
consumption increased 208,000 bales, or 4,000 bales
per week, making a total augmentation for Europe of
326.000 bales, or 6,269 bales of 500 lbs. average net
weight per week. To indicate clearly the relations
existing between different years, we bring together in
tabular form the takings, consumption and stocks,
all reduced to bales of 500 lbs. each, as follows:
B ales of 500 lbs. each.

1906-07.

1906-06.

1904-05.

Great B r it a in —
67\000
256,00*
253,000
S to c k O c to b e r 1 (b e g in n in g o f y e a r)-------D eliveries d u r in g y e a r__________________________ 4,006,000 3 ,77 1 ,0 ** J . 819,000
T o ta l s u p p ly fo r year
------------ — 4.259.000 4 ,0 2 7 .*0 * 3.876.000
T o ta l c o n s u m p tio n fo r y e a r—
--------- 3.892.000 3,774,000 3.620.000
256.000
263,00*
S to c k O c to b e r 1 (end o f year) -----------367.000
C ontinent—
621,00*
315.000
S to c k O c to b e r 1 (b e g in n in g of year) ................
556.000
D eliveries d u rin g y e a r ------------- ------- 5,993,000 5,187 .*00 5.454,000
T o ta l s u p p ly fo r y e a r . ---- ---------- 6.549.000 5,808 .*00 5.769.000
C o n s u m p tio n d u r in g y e a r................................. 5.460.000 5,252.000 6.148.000
S to c k O c to b e r 1 (end o f y e a r )............................ 1,089,000

556,000

621,000

The totals for the whole of Europe for the three
years are as follows (in bales of 500 lbs.):
A ll E urope.

1906-07.

1905-06.

1904-05.

809,000; 877,000
372.000
D eliveries d u r in g the y e a r______________________ 9 ,999,000 8,958,00ft 9.273.000
10808000 9,835,000 9.645.000
9,352,000 9,026.000 8.768.000
1,456,000

809,000

877,000

It is to be noted that the stock of cotton at tke mills
on Oct. 1 was greatly in excess of the amount carried
over in 1906 and even more largely ahead of any
earlier year.
Our cable also gives the average weekly consum ption
(in bales of 500 lbs.) as below:

C o n sum p tio n per Week.

1057

THE CHRONICLE

O c t . 26 1907.1

1906-07. |1905-06.

1904-05.

74,846
105,0001

72,577
101,000

69,615
99,000

179,846j

173,577

168,615

The data presented above covers, of course, only
Great Britain and the Continent; to arrive at an idea
of the world’s consumption, it is necessary, therefore,
to include returns for the United States, India, Japan,
Canada, Mexico, &c., which we have done below.
For the United States our Annual Crop Report, issued
in September, fully set forth the results, and they indi
cated a moderate increase in consumption during the
season. In India the cotton-manufacturing establish
ments, according to the information at hand, have
apparently used more cotton during the past season,
and the same is true of Japan. For other countries
we have as yet no later information than that upon
which we based the estimate given in our crop report.
Bringing together the results for Europe, India and the
United States, and adding the total for Japan, Canada,
&c., we practically cover the wT
orld—at least that part
of it from which any reliable data are obtainable.
Below we give these returns combined for ten
years, in bales of the uniform weight of 500 lbs.:

each source of supply will be called upon to contribute
to the season’s consumptive requirements. In other
words, he is of the opinion that 15,200,000 bales of
ordinary weight will be necessary in order to leave
mill stocks unchanged.
Mr. Ellison’s estimate of the number of spindles in
Europe, America and India during 1907 has also been
received, and we give it below, adding for purposes of
comparison the figures for previous years:
S pind les

1907.

G re a t B r i t a i n ___ _______
C o n t in e n t ....................... ..
U n ite d S t a t e s . ___ ______
E a s t I n d i e s .____________

52,000,000
35.800.000
25.924.000
5,400,000

1906.
50,000,000
35.500.000
24.781.000
5,200,000

1905.
48.500.000
35,000,000
24.073.000
5,250,000

1904.
47.500.000
34.600.000
23.214.000
5,200,000

T o ta l___________________ 119,124,000 115,481,000 112,823,000 110,514,000

RAILROAD GROSS AND NET EARNINGS
FOR AUGUST.
Our compilation of the gross and net earnings of
United States railroads for the month of August will
be scrutinized chiefly with a view to seeing how in
creasing expenses are affecting net results, interest
chiefly converging on that point. In that particular
the showing is like that of the months immediately
W o rld ’sCon- Great
ContiU nited
A ll
preceding, except that the feature of increased ex
s u m p tio n . B r it a in .
nent.
States.
I n d ia .
Others.
Total.
1 8 9 7 - 9 8 ...3 ,4 3 2 ,0 0 0 4,628,000 2,962,000 1,141,000 725,000 12,888,000
penses is further emphasized. Gross earnings con
1898- 99 - ..3,51 9,0 00 4,784,000 3,553,000 1,314,000 845,000 14,015,000
1 8 9 9 - 0 0 ...3 ,3 3 4 ,0 0 0 4,576,000 3,856,000 1,139,000 868,000 13,773,000
tinue to improve in a satisfactory manner, and for
1900-0
1
3,269,000 4,576.000 3,727,000 1,060,000
784,000 13,416,000
1 9 0 1 - 0 2 ...3 ,2 5 3 ,0 0 0 4,836,000 4,037,000 1,384,000
905,000 14,415,000
the
month of August the addition over a year ago is
1 90 2- 03 .- .3,18 5,0 00 5,148,000 4,015,000 1,364,000
766,000 14,478,000
1 9 0 3 - 0 4 ...3 ,0 1 7 ,0 0 0 5,148,000 3,909,000 1,368,000
869,000 14,311,000
$16,735,273. But owing to the larger operating cost
1 9 0 4 - 0 5 ...3 ,6 2 0 ,0 0 0 5,148,000 4,310,000 1,474,000
990,000 15,542,000
1 9 0 5 - 0 6 ...3 ,7 7 4 ,0 0 0 5,252,000 4,726,000 1,530,000 1,047,000 16,329,000
only $779,119 of this improvement has been carried
1 9 0 6 - 0 7 ...3 ,8 9 2 ,0 0 0 5,460,000 4,950.000 1,600,000 1,096,000 16,998,000
According to the above, the world’s consumption forward as a gain in the net. In ratio the gain in
advaneed to 16,998,000 bales of 500 lbs. each in 1906- gross for the month is 13.06% and the gain in the net
07, or a gain of 669,000 bales over 1905-06, and records 1-74%.
an excess of 1,456,000 bales over 1904-05.
August.
Jan u a ry 1 to August 31.
(86 roads.)
The cotton goods trade of Great Britain, as indi
(86 roads.)
1907.
1906.
In c. or Dcc.
1907.
1906
1 In c. or Dec.
cated by the export returns, has been very satisfactory,
S
S
■S
S
$
$
. 144,913,337 128,178,064 + 16,735,273 1067294,105 936,737,512 +130,556,593
almost all countries having taken larger supplies of Gross
Exp . . 99,284,233 83,328,079 + 15,956,154 755,806,030 643,646,3831+112,159,647"
goods than in 1905-06, and the aggregate shipments
N et. 45.629,104 44,849,985
+ 779,119 311,488,075 293,091,129 +18,396,946
to all quarters are the heaviest on record. The results
The improvement in the gross was made in face of
in detail will be found in our cotton department.
a
falling
off in the cotton traffic in the South and a
Our cable also states that Mr. Ellison estimates
contraction
in the grain and live-stock traffic in the
that Europe and the United States (including amounts
West.
As
it
happened, too, both the cotton traffic
shipped from this country to Japan, Canada, &c.)
and
the
Western
grain traffic had shown a decrease
will in 1907-08 require for consumption 15,200,000
in
August
last
year.
Net results, however, were
bales of 489.8 lbs. average weight, making 14,890,000
much
better
at
that
time,
our statement for August
bales of 500 lbs. each, against 15,023,000 bales of
1906
having
shown
$14,691,092
gain in gross, or
489.3 lbs. average weight, equaling 14,702,000 bales
11.95%,
and
an
increase
of
$5,355,143,
or 12.53%, in
of 500 lbs. each in 1906-07. In Mr. Ellison’s estimates
the
net.
The
following
gives
the
gross
and
net totals
the amount needed from America is placed at 12,500,for
a
series
of
years
past:
000 bales, 1,300,000 bales are required from India,
950,000 bales from Egypt and 450,000 bales from other
Gross Earnings.
Net Earnings.
sources of supply. This would seem to indicate that
,
Year
Increase or
Year
Year
i
Year
Increase or
|Preceding.
Given.
Decrease, j Given.
Preceding.
Decrease.
he is of the opinion that consumption in Europe and Avg.
S
| 52,240 ,197 55 319,9911 — 3,079,794 17,418,959 19,023,398 — 1,604,430
for the United States, Canada, &e., will be about 1896
66,842 ,723 58 687,815' + 8,154 908 24,228,620 19,592,16
1897
+4,636,451
| 77,846 913 76 324 949i + 1,521,964 27,942,601 28,189,822!
— 247,221
188,006 bales of 500 lbs. each greater than in the 1898
81,952 ,795 70 965,451: + 10,987,344 29,730,968 25,200,009! + 4,530,959
1899
| 92,067 ,423 85, 191,125’ + 6,876,298 33,216,118 31,032,360: + 2,183,758
season just closed. The estimate of requirements and 1900
1901 I 108,575 ,332 96 440,678! + 12,134,654 40,548,771 34,210,061! + 6,338,710
1902 : 105,390 ,629 102, 111,4^8
+ 3,279,201 35,928,409 37,776,146 — 1,847,737
consumption in detail is as follows:
121,050 ,739 105 267,4461 + 15,783,293 41,282,319 35,747,474' + 5,534,845
1903
I
E sitm ated. j A c tu a l.
1907-08. 1 1906-07.

A c tu a l.
1905-06.

Requirements— O rd in a r y bales—
Bales.
! B ales.
Bales.
A m e r ic a n ________________________________ 12,500,000 12,432,000 11,967,000
E a s t In d ia n
___ - _______
1,300,000 1,299,000 1,288,000
E g y p tia n
.
______ . .
____________
950.000
871,000
815.000
S u n d rie s . . .
___________
450.000
421,000
459.000
T o ta l re q u ire m e n ts ___________________ 15.200.000 15,023,000 14.529.000
A verage w e ig h t .
_ _ ___
489.8!
489.3
484.3
R e q u ire m e n ts , bales, 500 lb s _____ ______ 14.890.000 14,702,000 14.072.000

Our readers should of course bear in mind that
these figures are not intended to be estimates of the
yield in Yarious countries, Mr. Ellison confining him
self to indicating the extent to which, in his belief,




1904
+ 155,892 43,168,250
119,821 ,635 119 665,743
1905 i 125,099 ,694 114, 112,603! + 10,987,091 43,201.744
1906
137,589 ,560 122, 898,468 + 14,691,092 48,074,911
1907 ; 144,913 ,337 128, 178,064 + 16,735,273 45,629,104
J a n . 1 to Aug 31.
1896 ' 393,203 ,060 383,
1761 + 9,929 ,884116 931,633
,045j +13,748 ,034 132 236,014
1897 ! 423,330 079 409,
312| +46,255 ,8891170 ,052,977
1898 ; 537,835 201 491,
+ 44,296 ,444 164 ,647,998
1899 , 516,901 578 472,
+ 72,250 ,534 204 436,624
1900
638,873 653 566,
1901 | 669,521 144 605,
+ 64,391 ,529 229 .445,062
663,069 452 622,
1902
+ 40,627 ,653 214 936,275
+ 101,524 .83S243 900,572
774,778 127 673
1903
1904
— 13,803 ,573239 210,616
804,883 344 818,
1905
860,301. 394 798,
+ 61,513 ,633 254 877,958
1906
999,415, 344 882,
+ 116,801,,887813 436,359
1907 1,067,294 105 936,
+ 130,556 ,593311 488,075;

40,913,469 + 2,254,781
40,480,712 +2,721,032
42,719,768 + 5,355,143
44,849,985
+ 779,119
,390,9111 +2 540,722
,328,688+11, ,907,326
,008,627 + lo , ,444,350
,32S,!-09+17, ,319,189
,439,8 0 +23, 996,794
,778,641 +31 666,421
,847,797 +8, 088,478
,609,764 +30 290,808
144.0S7;— 19 ,933,471
,764,943i + l ,,113,015
052,152 +5U, ,: 4,207
091,129+18, 9 .946

Note.— In 1896 the number of roads Included for the m onth of Augusi was 127
in 1897, 135;In 1898, 138;In 1899, 113;In 1900, 129;In 1901, 116:In 1902, xOj; la
1903, 114; in 1904. 100; In 1905, 95; In 1906, 91; In 1907, 86. We no longer Include
the -Mexican roads or the coal-mining operations of the anthracite coal roads In our
totals.

THE CHRONICLE

1058

The part played by increasing expenses is strikingly
revealed in the case of the returns of the separate
roads. Many systems with large gains in gross have
either only very small increases in the net or a positive
loss. In the following table we show all changes for
the separate roads for amounts in excess of $30,000,
whether increases or decreases. It will be observed
that while there is only one road with a decrease
running above that figure in the case of the gross,
there are fourteen of such decreases in the case of
the net. Southwestern roads constitute conspicuous
instances where increases in gross have been attended
with decreases in the net. Thus the Atchison Topeka
& Santa Fe, though having added $727,453 to its gross,
has sustained a loss of $538,389 in the net, and the
Rock Island system, with $610,498 gain in the gross,
has $225,040 decrease in the net. The Southern Pa
cific, [with $2,035,778 gain in gross, has $77,064 loss in
net.
P R IN C IP A L

CHANGES

IN

GROSS

Increases.
P e n n s y lv a n ia (2 roads) . . i / $ 3 , 682,500
S o u th e rn P a c ific __________ 2,035,778
839,725
C a n a d ia n P a c itic .
787,998
U n io n P a c ific ____________
S t L o u is & S a n Francisco
729,923
727.453
A tc h is o n T o p e k a & S F e .
R o c k Is la n d S y s te m ____
610,498
2:580,871
P h ila d e lp h ia & R e a d in g .
568,640
E rie . _______ ______________
543.267
B a ltim o re & O h io _______
N o r fo lk & W e s te rn _____
528,422
466.267
C hesapeake & O h io _____
459,128
L o u is v ille & N a s h v ille ___
380,175
S o u th e rn R a ilw a y _______
347,552
M issouri K ansas & Texas
D e n v e r & R io G r a n d e ___
340,698
300,251
Illin o is C e n tr a l___________
248,192
G ra n d T ru n k (4 roads) -.
227,224
K ansas C ity S o u th e r n ___
199,900
N o r th e rn C e n tra l________
Seaboard A ir L in e _______
154,709
145,400
P h ila B a lt & W a s h ______
133,854
P acific C o a st_____________

E A R N IN G S

AUGUST.

IN

A tla n tic C oast L in e ______
C e n tral of N ew Je rse y ___
W estern M a r y la n d _______
B u ffa lo R o c h & P it t s ____
S t L ouis S o u th w e s te r n ..
L o n g I s la n d _____________
W a b a s h ___________________
W h e e lin g & Lak e E r ie ___
W est Jersey & Sea S hore
Y a z o o & Miss V a lle y ____
C in N ew O rl & Texas P a c
R ic h Fred & P o to m a c ___
M o b ile & O h io ___________
H o c k in g V a lle y __________
B a n g o r & A ro o s to o k ____
N Y O n ta rio & W esternC e n tra l o f G e orgia_______
W isc o n s in C e n tr a l_______
V ir g in ia S o u th w e s te r n --

121,743
$114,062
113,000
112,969
102,469
97,061
96,762
96,303
82,200
66,962
65,455
59,676
55,976
55,056
54,030
53,751
52,575
51,495
33,555

T o ta l (46 r o a d s )_______ $16,523,525
Tiprrpn <tp?
$33,878

M in n S t P a u l & S S M - - .

x These figures are fo r th e R a ilr o a d C o m p a n y ; th e C o a l & Ir o n C o m p a n y
re ports a n increase of $646,420.
V These figures cover lines d ir e c tly ope rate d east a n d w est of P itts b u rg h
a n d E rie .
T he gross on E a s te rn lines Increased $2,409,900 a n d o n W estern
lines $1,272,600.
P R IN C IP A L

CHANGES

P e n n s y lv a n ia (2 ro a d s )___
P h ila d e lp h ia & R e a d in g - .
C hesapeake & O h io _______
N o r fo lk & W e s te rn _______
L o u is v ille & N a s h v ille ____
M issouri K ansas & T exasW a b a s h ____________________
Seaboard A ir L in e ________
C a n a d ia n P a c ific _________
K a ns as C ity S o u th e r n --E r i e ________________________
G ra n d T ru n k (4 ro a d s )___
C ln N e w O rl & Texas P a c .
W e s t Jersey & Sea Shore .
B u ffa lo R o c h & P itt s ______
N Y O n ta rio & W estern ._
W estern M a r y la n d ________
D e n v e r & R io G r a n d e ____
C e n tral o f G e orgia ________
N o rth e rn C e n tra l__________

IN

NET

Increases.
Z/$876,700
£222,311
213,340
212,006
153,604
138,426
132,153
120,342
107,696
100,761
88,598
74,458
74,097
61,900
60,287
60,150
56,848
49,844
41,648
$32,200

E A R N IN G S

IN

AU G U ST .

V ir g in ia & S o u th w e s te r n .

171CTCCLS6S'
31,769

T o ta l (25 ro a d s )............ .$ 2 ,9 0 9 ,1 3 8
DCCT6CIS6S.
$538,389
258,243
232,917
225,040
184,985
175,025
122,139
77,064
75,590
64,794
41,980
37,564
31,300
30,368

A tc h iso n T o pek a & S F e . .
U n io n P a c ific ____________
Illin o is C e n tr a l___ ________
R o c k Is la n d S y s te m ______
S o u th e r n R a ilw a y ________
S t L ou is & S a n F ra n c is c o .
M in n S t P a u l & S S M ____
S o u th e rn P a c if ic __________
C e n tra l o f N ew Je rse y ____
T o le d o & O h io C e n tr a l___
M in n e a p o lis & S t L o u is ___
C o lo rad o & S o u th e r n ______
K a n a w h a &. M ic h ig a n ____
E v a n s v ille & Terre H a u te
T o ta l (14 r o a d s ).

$2,095,398

x These figures are for the R a ilr o a d C o m p a n y ; th e C oal & Ir o n C o m p a n y
re ports a n Increase of $80,176.
V These figures cover the lines d ir e c tly ope ra te d east a n d w est of P it t s 
b u rg h a n d E rie . The n e t o n E a s te rn lines increased $359 600 a n d o n the
W e s te rn lines $517,100.

When arranged in groups it is found that every
group records a larger total in the gross, but that three
of the seven groups have sustained a decrease in the
net, per the following:
SUM M ARY B Y G R O U P S.
Section or
Group.
August.
Trunk Lines (8)
A n th Coal (4)
East * Mid (13)
Mid West (10)
N W & N P (11).
S W & SP (14).
Southern (2 6 )..

Net Earnings.

Gross Earnings.
1907.
$
42,846,031
7,814,572:
6,830,716!
7,657,683!
17,715,392!
37,784,115!
24,264,828i

1906.

1907.

1906.

$
8
1
37,706,670 13,839,472 12,677, 847!
7,037,654' 3,234,490; 3,047, 908!
6,017,825i 2,496,861; 2,264, 873
7,220,420| 1.842,574; 2,218, 861
15,877,199 6,529,961
6,857, 834
32,605,659 11,455,061 12,222, 228!
21,712,637 6,230.685! 5,560, 434

Total ( 8 6 ) ... 144,913,337:128,178,064 45,629,104; 44,849,'
5,951,571
4,484,036
1,684,093! 1,111,
Mexican (5) . . .

In c X + 'jo rD e c — )
I %
+1,161 625 9.16
+186 ,582, 6.12
+231,98810.24
— 376,28716.96
— 327,873 4.78
— 767 ,167| 6 28
+670,25112.05
+779 ,119! 1.74
+ 572 ,91751.56

J a n . 1 to Aug 31.
Trunk Lines (8) 308,794, 660!276 ,770,297
A n th Coal (4 ).. 56,692 3971 49 ,296,759
East & Mid (13) 44,462 ,357! 38 ,780,394
Mid West (10)_ 58,137, 636! 52 ,890,713
N W & N P (11) 127,383, 507 110 ,497,862
SW & SP (14). 283,908 ,011235 ,623,569
Southern (2 6 ).. 187,915 ,537,172 ,877,918

,251,985!
,533,799'
375,959
,457,538
528,989;
032,674
307,131

T otal(86)___ 1067294, ,105936, 737,512
Mexican ( 4 ) ___ 45,453, 671: 38, ,976,893

,488,075293 091,1291+ 18,396 ,946 6.27
,265,934, 12 747,538! + 1,518, 396,11.91




81 836,739; + 4,415 ,240! 5.39
17 .978,756 + 3,555 ,043 19.77
+ 296 ,205 2.67
11 079,754,
15 071,151! + 1,386 ,3871 9.20
43 172,663; + 1,356 ,326 3.14
75 776,896' + 10,255 ,77813.53
48 175,170! — 2,868 ,039 5.95

[V o l . l x x x y .

Besides the roads which furnish returns of gross
and net, there is, as heretofore, quite a considerable
number—comprising, too, some quite important com
panies—which give out figures of gross only. Starting
with the total of the gross in the foregoing, we add on
these other roads in the table we now present.
R O A D S R E P O R T IN G
A u g u st.

1907.

GROSS B U T N O T N E T .
1906.

Increase.

Decrease.

S
$
$
R e p o rte d a bove (86 ro a d s ). 144,913,337 128,178,064 16,735,273
A la N ew O rl & Texas P ac—
269,676
14,333
255,343
N ew O rle an s & N o r th E a
128,414
1 19,362
9,052
A la b a m a & V ic k s b u rg —
138,309
12,364
125,945
V ic k s Shreve & P a c ific . .
152,733
200.217
47,484
B u ffa lo & S u s q u e h a n n a —
856,090
792,647
C hicago G re a t W e s te rn ____
547,096
547,012
C hicago I n d ia n a p & L o u is v
170,679
248,516
77,837
C hicago I n d & S o u th e rn . . .
5,942,750
496 904
C hicago & N o r th W estern .
6,439 654
1,105,999
1,190.037
84,038
C hic S t P a u l M in n & O m a h a
144 083
12,632
156,715
C hicago T e rm in a l T ran sfer.
115,046
95,341
C in c in n a ti N o r th e r n _______
2,365,287
106,099
2,471 ,386
Cleve C in C hic & S t L o u is . .
______
286,183
259,136
P e o ria & E a s te rn ________
64,441
367,288
D e tro it T oledo & I r o n t o n . .
431,729
13,754
168,012
Georgia S o u th & F lo r id a ___
181,766
757,105
5,525,984
4,768,879
G rea t N o r t h e r n ____________
230,216
18,194
248,110
M o n ta n a C e n tr a l________
603,000
614,000
In te r n a t & G rea t N o rth e rn
488,666
509,236
L a k e E rie & W e s te r n ______
312,521
4,135,926
3,823,405
L a k e Shore & M ich S o u t h . .
1,448
13.903
12,455
M acon & B ir m in g h a m ____ _
298,780
2,474,261
M ic h ig a n C e n tra l___________
2,175.481
70,642
43,096
113,738
M id la n d V a l l e y ____________
497,000
4,116,000
4,613 000
M issouri P acific & Ir o n M t .
31,000
160 000
191 ,000
C e n tral B r a n c h ______. . .
13,183
133,934
120,751
M o bile Ja c k s o n & K a n C ity
640,912
9,264,420
8,623,508
N Y C e n tral & H u d s o n R iv
809,568
75,189
N Y C hicago & S t L o u is ___
884.757
5.911 ,919
868,959
N o rth e rn P a c i f i c ___________
6,780,878
1,257,504
1,519,496
261 ,992
P itts b u r g h & L a k e E r ie ___
287 518
293,568
6,050
R u t la n d —
_______________
42,965
41 ,361
1 ,604
S ierra R a ilw a y _____________
140,053
19,952
S o u th e rn I n d i a n a __________
160,005
1,119 350
137.380
1,256,730
Texas «fc P a c if ic ........... .........
62,063
17,437
T o ro n to H a m ilto n & B u ff...
79,500
T o ta l (121 r o a d s )________ 197,288,033 175,726,323 21 ,703,559
___________ 21,561,710
N e t increase (1 2 .2 7 % )

$

63,443
84

____
19,705
27,047

11,000
20,570
_______

141,849

In this way the amount of the increase in the gross >
it will be seen, is brought up to $21,561,710, the ratio
of gain being 12.27%. Last year the improvement in
the gross on the same basis was $19,356,923, or 12.11%.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.’S.
— The public sales of bank stocks this week aggregate 150
shares and were all made at the Stock Exchange. Fourth
National Bank stock sold at 185, an advance of 7 points over
the price paid at the last previous sale and National City
Bank stock at 250—no change from last week’s quotation.
Two lots of trust company stock, amounting to 60 shares,
were sold at auction.
S hares. B A N K S — New Y o rk .
Low . H ig h . Close.
*125 C ity B a n k , N a tio n a l.............. 250
250
250
*25 F o u r th N a tio n a l B a n k ______ 185
185
185
T R U S T C O M P A N IE S — New York.
50 A sto r T rust C o _______________ 300
300
300
10 F id e lity T ru st C o ____________ 205
205
205

L ast previous sale
O c t. 1907— 250
O c t. 1907— 178
F irst sale.
F irs t sale.

* S o ld a t th e S to c k E x ch a n g e .

— New York banking affairs have continued throughout
the past week to command anxious attention, the embarrass
ment and reorganization of the Mercantile National Bank a
week ago having proved to be the forerunner of wholesale
changes and disclosures in metropolitan financial circles.
Sensational events have been succeeding each other with
such great rapidity—each day bringing some startling de
velopments of far-reaching importance— that the Mercantile
has since early in the week been relegated to the back
ground, its place in public interest being taken by several
others of the city’s financial institutions. Foremost among
the announcements on Sunday and Monday were the resig
nation, of Charles W . Morse from all local banking institu
tions with which he was in any way identified and the with
drawal of Edward R . Thomas and Orlando F. Thomas from
most of their banking connections. These two incidents
directly resulted in the reorganization of the executive
managements of a number of the banks. Monday afternoon,
after the close of business, there came the news that the
National Bank of Commerce had given notice that after
Tuesday it would discontinue clearing for the Knickerbocker
Trust Company, and it was also announced that Charles T.
Barney, the company’s President, had resigned. Tuesday
the Knickerbocker Trust, after paying to clamorous deposi
tors about (according to reports) $8,000,000, was forced to
suspend. The stock market, which the previous day had
shown much strength and a decided recovery in prices under

O c t . 20 1907.]

THE CHRONICLE.

the drastic action of the Clearing House in restoring confi
dence in the situation of the banks, now became panicky,
some of the leading stocks opening five and six points lower
than at the close on Monday, and under continued declines
utter demoralization ensued. In the afternoon the Stock
Exchange firm of Mayer & Co. was unable to meet its engage
ments and made an assignment . Consternation was created
by a speech of President Roosevelt at Nashville saying that
lie doubted that his policies had “any material effect in
bringing about the present troubles, but if they had it would
not alter in the slightest degree my (his) determination that
for the remaining sixteen months of my (his) term these
policies shall be persevered in unswervingly.”
Wednesday, on reports in one of the morning
papers that there had been a consultation
the
previous night with reference to the affairs of the Trust
Company of America, which, like the Knickerbocker Trust,
ranked among the city’s largest trust companies, a run on
that institution began which continued through that and
the two succeeding days, but which, with the aid
and co-operation of Mr. J. P.
Morgan and other
financial interests, has been successfully met.
On
Wednesday, too, a most disturbing situation was
reported from Pittsburgh— the different Westinghouse
interests being in financial difficulties, and receivers being
subsequently appointed for the Westinghouse Electric Manu
facturing Company, the Westinghouse Machine Company,
the Nernst Lamp Company, and the Securities Investment
Company, the latter purely a Westinghouse concern (it being,
according to report, practically owned by George Westing
house), which had made advances to the other companies.
— see particulars in our Investment News Department.
The same day, at the request of the Pittsburgh Clearing
House, the Pittsburgh Stock Exchange suspended business.
The Exchange also remained closed Thursday and Friday.
Wednesday afternoon the Iron City Trust Co. of P itts
burgh was placed in the hands of receivers. Some of the
uptown New York City institutions also experienced a run
on Wednesday, but these did not develop importance until
Thursday, when the Hamilton Bank and the Twelfth Ward
Bank were obliged to close their doors and the Empire Citjr
Savings Bank on 125th Street (which had its current account
with the Hamilton Bank) was forced to announce that it
would exercise its privilege of requiring sixty days’ notice
for the withdrawal of deposits. There were also very exten
sive withdrawals from the Lincoln Trust Company and the
Fifth Avenue Trust Company, which continued Thursday
and Friday, without, however, causing embarrassment to
these institutions. The Dollar Savings Bank in the Bronx
was the scene of a run on Wednesday, which continued on
the following* days. A run on the Harlem Savings Bank
began on Thursday. This also continued yesterday, when,
it was decided to enforce the requirement of sixty days’
notice of withdrawal.
Aside from the decision of Secretary Cortelyou to assist
the banks to the extent of §25,000.000, several other meas
ures of relief were contributed on Thursday which did much
toward bringing about a restoration of confidence. . These
included a loan to the stock market of 825,000,000 from a
money pool headed by J. P. Morgan & Co., the report that
John D. Rockefeller had placed the sum of S10,000,000 at
the disposal of the Union Trust Company for'the purpose of
aiding the trust company situation, and the announcement
that Mr. Rockefeller was prepared to make further large ad
vances should the occasion require it. Before this action,
call money on the Stock Exchange had touched 100%, and
the day before had been up to 125%.
Several additional suspensions of more or less consequence
were reported yesterday (Friday). The most important of
these was the closing of the Union Trust Company
of Providence, after an all-day run Thursday. Here in this
city the United States Exchange Bank, a HarJem institution,
failed to open its doors and the International Trust Company,
another local institution, likewise decided to keep its doors
closed, including its Brooklyn branches, formerly known as
the Brooklyn Bank. The Borough Bank was still another
Brooklyn institution which suspended, and similar action
was taken by the First National Bank of Brooklyn, the Jen
kins Trust Company and the Williamsburgh Trust Company,
both of that Borough. Nevertheless, the tone yesterday in




I0o9

financial circles and on the Stock Exchange was distinctly
better. The formation of another money pool to check
money stringency (call money on the Stock Exchange got as
high as75@100%) did much to promote a feeling of confi
dence. This pool was for $10,000,000 and was formed at a
conference called ;'or tv. •> o’clock in the afternoon by J. Pierpont Morgan. Announcement was al=o ui.de yesterday
that the Union Dime Savings Bank, at 32d Street and Broad
way, had decided to enforce the sixty-day notice of intention
to withdraw. A run, is is stated, was started yesterday on
the Riverside Bank.
Following the reorganization of the Mercantile last week
the New York Clearing House on Saturday and Sunday
extended its investigations to other quarters, two of the
institutions being the National Bank of North America and
the New Amsterdam National Bank, with which Mr. Morse
had been prominently connected. At the conclusion of the
examination of these banks a statement reporting their
solvency was issued as follows:
A c o m m itte e o f th e C le a rin g H ouse has e x a m in e d certain b a n k s o f th e
associatio n t h a t ha v e been u n d e r c ritic ism a n d finds th e m so lv e n t. T h e
C le a rin g H ou se C o m m itte e has d e cid e d to re nd er th e m such assistance to
m ee t th e ir d e b its as th e c o m m itte e m a y t h in k necessary.

A fund of $10,000,000 was thereupon pledged, to be used
in extending such aid to the Mercantile, the New Amsterdam
and the National Bank of North America as the Clearing
House might determine to give. It had previously (on
Friday of last week) been voted by the Clearing House Com
mittee to afford the Mercantile any cash which might be
needed for its relief, a fund of $1,800,000 having been pro
vided for in subscriptions of $200,000 from nine banks; on
that day (Friday) the Mercantile’s debit balance at the
Clearing House amounted to $724,000, and about $400,000
of this was paid by the Clearing House; on the following day
the sum of $900,000 was advanced to the Mercantile by the
Clearing House, and on Monday the bank was assisted to
the extent of $1,903,000. On Tuesday the bank required
no assistance to meet its debit balance of less than $500,OOO.
The Clearing House was not obliged to assist the National
Bank of North America, the directors of this institution, on
their own initiative,it is said,raising $1,750,000 on Monday,
to apply toward the debit balance of that day. In the case
of the New Amsterdam, about $100,000 of its debit of $198,000 was met by the Clearing House on Monday and on
Tuesday the Clearing House paid, according to report,
$300,000 of its debit of $340,000. ‘
It was stated that the several banks were able to meet
their balances on Wednesday, and the Mercantile on Thurs
day, it was said, had a small credit balance. No figures as
to clearings balances were available during the latter part
of the week.
It is stated that the Heinze, Morse and Thomas with
drawals from the various institutions were insisted upon
before any support from the Clearing House would be forth
coming. The announcement of the resignation of Mr. Morse
(who was Vice-President of both the Bank of North America
and the New Amsterdam National) from his financial inter
ests was made in the following statement by Mr. Morse’s
counsel, Philip J, Britt, late on Saturday:
O w in g to m y co nn e ctio n w ith th e affairs o f th e M e rc an tile N a tio n a l B a n k
a n d th e s e e m in g ly d is tu r b e d c o n d itio n o f th e p u b lic m in d , I ha v e de te r
m in e d , w ith o u t th e s lig h te st sug gestion or s o lic ita tio n o n th e p a r t o f a n y
on e , t h a t m y re sig n atio n fro m th e v a rio us b o ard s o f directors o f th e o th e r
b a n k s w ith w h ic h I a m associated m ig h t be for th e best interests o f the
de positors, stock h olde rs a n d others in terested in those b a n k s . A c c o rd 
in g ly I hav e th is d a y ten dered m y re sig n atio n as a d ire c to r in a ll o f th e
b a n k s in w h ic h I h a v e been se rv ing as director.

Besides his connection with the National Bank of North
America and the New Amsterdam National Mr. Morse was
a director of the Garfield National, the Fourteenth Street
Bank, the New York Produce Exchange Bank, the Mercan
tile National and the Van Norden Trust Company. His
largest banking interest is said to have been in the National
Bank of North America. W ith his retirement as VicePresident of that institution, the announcement was made
on Sunday of the resignation of Alfred H. Curtis as Presi
dent and the election on Monday of William F. Havemeyer
to the presidency, Mr. Curtis becoming Vice-President.
On Thursday A. B. Boardman and Henry P. Booth were
elected directors of the bank, to take the places of Mr. Morse
and Charles T. Barney, resigned.
The transfer of the Thomas interests in the Consolidated
National Bank brought about a change in the presidency of
that institution, William O. Allison being chosen to succeed
O. F. Thomas in that office. The latter’s holdings, it is

1000

THE CHRONICLE.

understood, were sold to Mr. Allison and Cashier Thomas J.
Lewis, who were already large stockholders. Mr. Lewis
was on Monday elected to the vice-presidency and to a place
on the directorate.
The Hamilton Bank of this city, located on 125th Street,
of which E. R . Thomas was President and O. F. Thomas a
director, is another institution which has figured in the events
of the week, through the resignation of these interests. The
directors elected William R . Montgomery President to suc
ceed E. R . Thomas and chose W . L. Ward, of the Russell,
Burdsall & Ward Nut & Bolt Works, to the directorate.
Mr. Montgomery, who was formerly Vice-President, made
the following announcement with his accession to the presi
dency:
E . R . T hom as so ld a la rg e p a r t o f his h o ld in g s to m y s e lf a n d a s y n d ica te
o f u p to w n business m e n , of w h o m I a m th e h e a d , several m o n th s ago. W e
h a v e la te ly com p le te d th e purchase o f th e ba la nc e of the T hom as stock
a n d sh a ll ta k e over im m e d ia te ly th e activ e c o n tro l of the b a n k .
I w ish to
a d d t h a t d u r in g M r. T h o m a s ’s a d m in is tr a tio n he a t no tim e ow ed th is b a n k ,
d ir e c tly or in d ir e c tly , one d o lla r , n o r does he a t th is tim e .

The Mercantile National, having last Saturday given
notice that it would after Monday, October 21, cease to clear
for the Hamilton Bank, the latter thereafter paid its checks
over its own counters. On Wednesday the Hamilton was
subjected to a run all day, and when this continued on
Thursday the institution closed its doors, the following
notice being posted at the entrance:
T his b a n k is a b s o lu te ly so lv e nt. I n jus tic e to a ll de positors, i t has sus
p e n d e d p a y m e n t u n t il p u b lic confidence in b a n k in s titu tio n s is restored. •

In the Mechanics’ & Traders’ Bank President David A.
Sullivan announced the resignation of E. R . Thomas as
Vice-President and director and the resignation of O. F.
Thomas from the board.
Although advices a week ago seemed to indicate that
Comptroller William A. Ridgely had accepted the presi
dency of the Mercantile National, later events proved the
announcement to have been erroneous. Mr. Ridgely on
Saturday declined the offer. Seth M. Milliken, a director of
the institution, and senior member of the firm of Deering,
Milliken & Co. of New York, was elected to the head of the
institution on Sunday. Gerrish H. Milliken, son of the new
President, was elected a Vice-President and director, and
William Skinner was elected a Vice-President. On Mon
day a meeting of the Mercantile’s directors was held, when
the resignation of the following directors, representing the
Heinze-Moi’se-Thomas interests, were accepted; Stanley
Gifford, Charles W . Morse, Max H. Schultze, O. F. Thomas,
Edward R . Thomas, Chester Glass and F. Augustus Heinze.
The places of five of these retiring members were filled by the
election to the board of George H . Sergeant, of Sergeant &
Co.; James E. Nichols, of Austin, Nichols & Co.; F. W .
Wool worth, Charles E. Perkins, and H . A. Hatch, of Deer
ing, Milliken & Co. On Tuesday two more members were
elected to the board in the persons of Samuel W . Bowne, of
Scott & Bowne, and John G. Luke, President of the West
Virginia Pulp & Paper Company. One accomplishment of
the new management, it was announced on Tuesday, was
the arrangement made for the payment of $900,000 of the
$1,300,000 loans to its directors.
— The difficulties of the Knickerbocker Trust Company,
which closed its doors on Tuesday after paying $8,000,000
to depositors, were precipitated, as stated above, by the
announcement that the National Bank of Commerce had
signified its intention to cease to act as that company’s
Clearing House agent after Tuesday. The announcement
that Charles T. Barney had resigned the presidency of the
institution followed. These announcements appeared in
the papers on Tuesday morning, together with accounts of
conferences on Monday night between A. Foster Higgins,
the newly elected President of the Knickerbocker, and J. P.
Morgan, and other trust company and bank representatives
— first at Mr. Morgan’s house and later at Sherry’s. These
conferences drew forth the following statement from a
committee of directors of the trust company, as published
in the New York "Times” :
I n view of th e fa ct t h a t th e p o sitio n o f M r. B a rn e y , P re siden t o f the
c o m p a n y , has becom e g re a tly ex te n d e d , a n d a lth o u g h he ha d n o loans
w ith th e K n ick e rb o c k e r T rust C o m p a n y , a n d because of his c onn e ction
w it h M r. Morse a n d th e Morse co m p a nie s , th e directors d e c ld fd t h a t the
best interests of th e c o m p a n y w o u ld be served b y his w ith d r a w a l, he has
resign d as Preside n t a n d w ill resign as direc to r, a n d w ill also resign as
d ire c to r of th e N a tio n a l B a n k o f C om m erce.
I n view of th e fa ct t h a t th e K n ick e rb o c k e r T rust C o m p a n y w ill hereafter
c le a r fo r Itself, It was deem ed a d v is a b le to o b ta in g u a ra n tie s of a d d itio n a l
cash if th is
i >uld be needed. These c n a ra n tle s hav e bef n since glv< n a n d
th e K n ic k rbocker T ru t C o m p a n y w ill b"? a m p ly prepared to m ee t a n y
e x ig e n c e s w h lc ^ m a y grow o u t of th e c han g e in the n u t h o d s of cl arln g.
T he K n ick e rb o c k r T rust C o m p a n y has in its v a u lts to-n ight $8,000,000
a n d m ore w ill be fo rth c o m in g Im m e d ia te ly u n d e r the g u a ra n tie s w hic h
h a v e been g iv e n . If th is becom es necessary.




[V o l .

lxxxv

.

Notwithstanding this statement , the calls of the depositors
reached such a magnitude that the Knickerbocker found:
itself unable to raise a fund sufficiently large for the needs
of the occasion. It seems also to be true that on investiga
tion the condition of the institution proved less satisfactory
than had been supposed, making financial interests unwilling
to assume the burden of carrying it through. At its main
office at 66 Broadway, and its several branches, the bank
met the calls of depositors up to one o’clock Tuesday, at
which time it was obliged to close its doors. The day’s
developments alsojled to a conference of trust company repre
sentatives at the Downtown Club to consider measures
towards restoring confidence. It was noted, however, that
at this conference some of the strongest institutions, like the
Union Trust, the Farmers’ Loan & Trust, the United States
Trust and the Central Trust, were not represented. The con
ference of the trust companies the next day, in which these
important institutions all took part, was entirely successful,,
as noted below. The Knickerbocker’s doors have remained
closed since then. Temporary receivers for the company were
appointed yesterday, upon the application of AttorneyGeneral Jackson. These receivers are Otto T. Bannard,
President of the Trust Company of New York; Ernst Thalmann, of Ladenburg, Thalmann & Co.; and Henry C. Ide.
The Knickerbocker Trust was organized in 1884 and re
ported a paid-in capital of $1,200,000, with surplus and
profits of nearly $6,000,000. The company’s depositson August 22 last were $62,114,996. Its stock has alwayscommanded a high figure, and the quotation last week
was $1,100 bid and $1,200 asked. In addition to its
main office at 66 Broadway, it had branches at 34th Street
and Fifth Avenue, 100 West 125th Street, and Third
Avenue and 148th Street. About a year ago the company
purchased the site of the old Consolidated Stock Exchange
building at Broadway and Exchange Place, paying about$1,750,000 for the same. It had also completed plans for
the erection of a 22-story building on the plot, at an esti
mated cost of $1,700,000. Former President Charles T_
Barney transferred to the company on Wednesday real estate
in the vicinity of 49th Street and Broadway. This was done
to secure a loan of $300,000 made by the trust company toRogers & Gould, in which Mr. Barney is a special partner.
The loan is said to have been made upon American Ice col
lateral, and it was owing to the decline in these securitiesthat additional security was sought. Another parcel of
real estate at Amsterdam Avenue and 184th Street was
said to have been transferred by Mr. Barney on Thursday
to the National Bank of North America as additional col
lateral for a loan.
— On Wednesday, the day following the closing of the
Knickerbocker Trust Company, the Trust Company o f
America, at both its main office, 37 Wall Street, and its
Colonial Branch, 222 Broadway, was subjected to heavy
withdrawals, the company successfully meeting all demands
upon it. Up to the usual time of closingit paid out, it is stated,,
almost $12,000,000 to depositors. Despite the reassuring;
statements on Thursday, after Wednesday’s conferences of
trust company presidents at the office of J. P. Morgan & Co.,.
and the announcement that the Secretary of the Treasury ..
George B. Cortelyou, had directed the placing of Govern
ment money in the city’s banks to the extent of $25,000,000,
there was a continuance of the demands on that institution,
but the company met all calls. The withdrawals on Thurs
day amounted to about $9,000,000, and further large amounts
were paid out on Friday.
The first intimation to the public that the company was
likely to be called upon to meet extraordinary demands came
in the form of a sensational s t a t e m e n t published in one of the
daily papers on Wednesday, and which has been severely
criticized because presenting an alarming view of the situa
tion for which there appeared no warrant. There had been
rumors that C. W . Morse and Charles T. Barney were heavy
borrowers from the Trust Company of America, but it was
announced that examination revealed the fact thatMr. Morse
had no loans whatever with the Trust Company of America,
and that the only loan which Mr. Barney had amounted to
$175,000, and this was amply secured.
Stringent measures were taken on Wednesday and Wednes
day night to endeavor to curtail the anxiety created during,
the week. Conferences in which J. P. Morgan was a notable

©WE* 2G 1907. j

THE CHRONICLE

10 6 1

figure, and which were attended by Secretary of the Treasury
— The Borough Bank of Brooklyn, capital $200,000, is
Cortelyou, were held, with the idea of seeking to furnish the another institution which failed to open its doors yesterday.
assistance necessary to carry the trust company through the President Howard Maxwell of the institution, is President
unusual situation in which it was placed, and to obtain a of the International Trust Company of Manhattan Borough,
restoration of confidence. An important action taken at one which, as noted above, suspended yesterday. The state
of these conferences held at Mr. Morgan’s office was the ap ment issued by this institution is as follows:
u n u s u a l d e m a n d s of depositors d u r in g th e p a s t few d a y s , a m o u n t 
pointment of a committee of five, to which applications for in g“ The
to a b o u t $ 1,500,000, ha v e e x ha usted th e b a n k ’s s u p p ly of cash.
U n
assistance from trust companies might be referred. The an able to o b ta in currency to m eet d e m a n d s fo r cash. It was de cid ed to suspend
p a y m e n t, as being th e best course to pursue fo r th e p ro te c tio n of a ll dtposlnouncement concerning this action was made in the follow tors. The B a n k in g D e p a rtm e n t Is expected to m a k e a com plete e x a m in a 
t io n of th e b a n k a t once. W h e n it is fin is h e d , a c om plete s ta te m e n t o f its
ing statement:
t
c o n d itio n w ill be m a d e .”
A m e e tin g of th e preside nts o f tru s t com pa nies w as h e ld a t the office of
The bank’s deposits September 28 were about $4,000,000.

Messrs. J . P . M o rg a n & C o ., 23 W a ll S tre e t, o n O c t. 23 1907. J o h n A .
S te w a r t, C h a ir m a n of th e U n ite d S tate s T rust C o ., w as in th e ch air. A fte r
■discussing' th e s itu a tio n it was de cid e d t h a t a c o m m itte e of five sh o u ld be
a p p o in te d , sim ila r In its c harac ter to th e C lea rin g H ouse C o m m itte e of th e
b a n k s , to w h ic h a p p lic a tio n fo r assistance fro m tru s t com pa nies m a y be
referred; a n d t h a t th is c o m m itte e sh o u ld have pow er to call fo r In fo rm a tio n
fro m the va rious tru s t c o m pa nies a n d to report to m eetings of th e presi
d e n ts , to be he ld fro m tim e to tim e , or a t a fixed tim e w hic h m ig h t hereafter
be agreed u p o n , th e re sult o f a n y in v e s tig a tio n , a c c o m p a n ie d b y a d v ic e as
t o w h a t h a d be tter be d o ne in th e m a tte r.
T he fo llo w in g c o m m itte e w as th e n a p p o in te d b y M r. S te w art: E d w a rd
K in g , P re sid e n t of th e U n io n T rust C o m p a n y ; E d w in S. M a rs to n , P re sid e n t
o f th e F a rm e rs’ L o a n & T iu s t C o m p a n y ; J . N . W a lla c e , P re sid e n t of the
•C e ntra l T ru st C o m p a n y ; J . W . C astles, P re sid e n t of th e G u a r a n ty T rust
C o m p a n y ; J o h n I . W a te r b u r y , P re sid e n t of th e M a n h a tt a n T rust C o m p a n y .
I t was u n de rsto o d t h a t M r. J o h n A . S te w a rt a n d M r. J . P ie rp o n t M o rga n
w ill a c tiv e ly co-operate w ith th e c o m m itte e .

— The Williamsburgh Trust Company, in the Williamsburgh district of Brooklyn Borough, shut its doors yesterday,
temporarily, it is stated, owing to the lack of ready cash.
The concern is a Jenkins company, Frank Jenkins being
at the head of the institution. The company’s capital
amounts to $700,000 and its deposits in the last report (in
August) were over $8,000,000.
— The First National Bank of Brooklyn, of which J. G.
Jenkins is President, suspended payment yesterday after
Other features of an encouraging nature were the an noon. The bank has a capital of $300,000, and a month ago
nouncement, previously mentioned, that Mr. Cortelyou had had deposits of three and a half million dollars. It is a
■ordered the placing of $25,000,000 in the city’s banks, and member of the New York Clearing House; its closing is at
the statement that the assets of the company had been ex tributed to the suspension of the Williamsburgh Trust Com
amined and found good in every way and, further, that it pany, for which it cleared.
had been agreed upon by the other companies to stand by
— The Jenkins Trust Company, with $500,000 capital,
the Trust Company of America. The company, which re also suspended business yesterday. John G. Jenkins Jr.
cently consolidated with the Colonial Trust Company, moved is President of this institution. The August statement
into its new Wall Street building only a few weeks ago. It gave the deposits as $4,391,072.
reported a combined capital, surplus and profits of over $12,— The Union Trust Company of Providence, R . I., one of
000,000, of which $2,000,000 represents capital. The de
that city’s largest financial institutions, suspended payment
posits at the date of the last call were a little above $64,000,Up to the closing
3resterday after a run the previous day.
000.
hour Thursday the company had satisfied all demands
—As already stated, a Stock Exchange failure occurred on made upon it. The institution announces that it expects
Tuesday in the assignment by Mayer & Co. of 11 Wall Street to resume Monday. On June 29 last the company showed
to William F. Goldbeck, a member of the law firm of Alex total resources of $28,238,336 while deposits were $25,ander & Colby of 120 Broadway. The decline in Delaware 465,626. The capital and surplus are $500,000 and $2,& Hudson stock, in which the firm is said to have been 250,000, respectively. J. Edward Studley is President of
heavily interested, is ascribed as the principal cause of the the institution and Marsden J. Perry is First Vice-President.
■concern’s difficulties. Delaware & Hudson stock after the Cornelius S. Sweetland, Third Vice-President, has been
-assignmentdropped as low as 126J£. Lastweek itsold at 150. appointed temporary receiver.
In a statement given out by the assignee on Tuesday and
— The Industrial Trust Company, another large Provi
printed herewith, the liabilities are placed at approximately
dence institution, was also reported to have experienced
$ 6 ,0 0 0 ,0 0 0 .
large withdrawals yesterday. The company has a capital
N o d e fin ite a n d d e ta ile d s ta te m e n t of th e firm ’s c o n d itio n c an be m a d e
of $3,000,000, surplus and profits (according to its last
b y th e assignee u n t il a fte r a n in v e s tig a tio n of th e books a n d a c c o u n ts,
n o w u n d e r w a y , Is c o m p le te d . T he m em b ers of the firm t h in k t h a t the
statement) of over $5,000,000 and deposits of about $43,assets are m ore th a n su fficie n t to cover th e lia b ilitie s .
W h e n th e slu m p In
th e stocks cam e a n d th e m o n e y m a rk e t su d d e n ly tig h te n e d , th e firm fo u n d
Its e lf u n a b le to bo rrow , a n d it w as deem ed best to m a k e a n a ssign m en t.
T he lia b ilitie s are a p p ro x im a te ly $6,000,000. T he assets u n d e r n o rm a l
c o n d itio n s w o u ld be largely excess of th is a m o u n t.
I u n d e rs ta n d the
In deb te dn ess is large ly secured.
T he cause of th e fa ilu re w as the a cu te s h rin k in g in v a lu e of stocks.
D elaw are & H u d s o n w as responsible to a very great e x te n t.
M r. M ay er
a n d th e firm he ld 39,000 shares of D elaw are & H u d s o n . T his security
d e c lin e d n in e p o in ts In a short p e riod o f t r a d in g o n th e S to c k E x ch a n g e .
O th e r stocks h e ld b y th e firm <declined In v a lu e , a n d re ad y m o n e y becam e
n ecessary.
B u t re a d y m o n e y c o u ld n o t be o b ta in e d in tim e .

The firm was formed in June 1906 and is composed of
Marcus Mayer, George R . Leslie and Abraham B. Baylis.
The two last named are members of the Exchange. Edward
G. Benedict was appointed receiver of the firm on Wednesday.
—The United States Exchange Bank, located at 23 West
125th Street, also failed to open yesterday. The institution
is a small one, with deposits August 22 of $641,548. It
began business about two years ago with $100,000 capital.
The notice of its closing was as follows:
“ I n consequence o f th e c losing of o th e r b a n k s a n d th e
l o r cash , we have de cid ed to re m ain closed for to-d ay .
fe c tly s o lv e n t, b u t these are e x tr a o r d ln a iy tim e s a n d we
■extraordinary measures to p ro te c t b o th ourselves a n d o u r

unusual dem and
T he b a n k Is per
h a v e to resort to
d e p o sito rs.”

Bank Examiner A. T. Campbell took charge of the bank.
—The International Trust Company of this city (206
Broadway) failed to open yesterday, the following notice
being posted on its doors:
" O n a c c o u n t of th e large w ith d ra w a ls of cash w ith in th e p a st few d a y s ,
A n d o u r In a b ilit y to procure c urren cy , th is c o m p a n y Is c o m p e lle d , fo r the
benefit of Its d e positors, to suspend p a y m e n t u n t il such tim e as m a tte rs
sh a ll r e a d ju s t them selves a n d confidence Is re sto red .’

The company began business on the 1st inst. and on the
11th inst took over the assets of the Brooklyn Bank, the
latter being placed in voluntary liquidation. The several
offices of the Brooklyn Bank have been operated as branches
of the International Trust Company, and these branches
were likewise closed yesterday. The company was organ
ized, it was stated, with a capital and surplus of $500,Crt)0
■each.




0 0 0 ,0 0 0 .

Later advices stated, too, that the following were likewise
called upon to meet demands out of the ordinary: the Provi
dence Institution for Savings, the High Street Bank, the
Mechanics’ National Bank and the National Exchange Bank.
The New England Trust Company of Providence, which
has a paid-in capital of $140,000 and deposits (Aug. 22) of
$374,060, has required of depositors the ninety-day notice
of intention to withdraw.
— As already narrated, several incidents occurred in Pitts
burgh on Wednesday indicating the existence of financial dis
turbances in that city, too. Among these occurrences were
the appointment of receivers for the various Westinghouse
concerns, the closing of the Pittsburgh Stock Exchange and
the appointment of receivers for a small trust company.
The suspension of business on the Pittsburgh Exchange was
made at the request of the Pittsburgh Clearing House Com
mittee, which issued the following statement concerning
the action:
T he Clearing-H ouse C o m m itte e , o n b e h a lf of th e A sso c iatio n , begs to
a n n o u n c e to the p u b lic t h a t , ow in g to th e h e a v y llc ju ltfa tlc n of stocks,
n ec essitating a n unnecessary sacrifice of v a lu e s , i t has requested t h a t th e
S to c k E x ch a n g e suspend Its o p e ra tio n s for th e presen t. T he c o m m itte e also
desires to say t h a t It has received no a p p lic a tio n fo r a id fro m a n y b a n k in g
In s titu tio n ; b u t sh o u ld such a p p lic a tio n be m a d e it Is prepared ti take im m e 
d ia te a c tio n to p ro te c t th e Interests of th e c it y , a n d no a la r m need be fe lt.

The Exchange remained closed on Thursday and Friday.
— The Iron City Trust Company of Pittsburgh, which is
said to have handled much of the business of the Westing
house Electric Company, was on Wednesday placed in the
hands of William I. Abbott, President of the company, and
H . S. A. Stuart, as receivers. Formerly the United Realty
Trust Company, the institution changed its name in 1903 to
the Iron City Trust Company. It had a capital of $2,000,000,
its surplus and profits Aug. 22 being stated as $770,824.
The deposits then were given as $2,033,691.

1062

THE CHRONICLE.

— Dispatches from Goldfield, Nevada, on Thursday stated
that a three days’ holiday had been proclaimed by the
Governor of Nevada, and that accordingly all the banks
were closed. This announcement followed reports of banking
difficulties at Goldfield and Reno. At the first-named place
there had been a run on the loth inst., according to the
Denver papers, on the bank of John S. Cook & Co., but
which was successfully met. On the 23d it was announced
that the Nye & Ormsby County Bank of Goldfield, Reno,
Carson City, Manhattan and Tonopah, had decided to close
for three days “in order to secure sufficient money to prepare
for any run.” On the same day, the 23d inst., the State
Bank & Trust Company of Carson City, with branches at
Goldfield, Blair, Manhattan and Tonopah, closed its doors.
It is stated that the action was due to the company’s in_
ability to realize on stocks placed as security for a loan
made to the L. M. Sullivan Trust Company, which latter is
in process of liquidation.
— Another incident of moment during the week was the
resignation on Monday of Luther W . Mott, New York State
Superintendent of Banks. Mr. Mott’s appointment by
Governor Hughes was made only two weeks ago, and on the
15th inst he assumed the duties of the office. In his resignation,
Mr. Mott pleaded ill-health as the reason for his action, and
it is also thought that further reason existed in the local
banking troubles. It is stated that, though he was VicePresident of the First National Bank of Oswego, of which
his father is President, he has had but eight years’ business
experience.
Mr. Mott’s successor as Bank Superintendent is Clark
Williams of New York, who was appointed to the office on
Wednesday and almost immediately entered upon the duties
connected with the office. The new Superintendent was
Vice-President of the Columbia Trust Company of New York,
organized in 1905. Prior to that time he had for eleven
years been identified with the United States Mortgage &
Trust Company, having entered the employ of that institu
tion in 1894 and served successively as Assistant Secretary,
Assistant Treasurer, Treasurer and Vice-President.
— At a meeting of the board of directors of the Lincoln
Trust Company held at its office yesterday afternoon, Mr.
Louis Stern was authorized to make the following statements:
Mr. Stern says: “ The directors of the Lincoln Trust Com
pany are justified in stating that the company is in a position
to meet every demand that may be made upon it, and that
the company is in a stronger position to-night than any day
this week. Furthermore, that the withdrawal of funds has
been less day by day.”
— The Van Norden Trust Company, at Fifth Avenue and
60th Street, this city, claims the distinction of having the
largest reserve of any trust company in New York. On the
morning of October 25 it reported a cash reserve on hand
and in banks of 48%. It was one of the first trust com
panies to advocate and maintain a large reserve, its average
during the year 1905 amounting to 25%. During 1906 the
average cash reserve was 28%; from Jan. 1 to Oct. 22 1907
it was 34%; on Oct. 23, 35%; Oct. 24, 46%, and on Friday,
the 25th, as stated above, 48%.
— Prompt action was taken by the Houston Clearing
House on the 17th inst. toward preserving confidence in the
city’s banking institutions after the announcement of the
assignment of the private bank of T. W . House, to which
we referred last week. The Association caused to be issued
a statement in which it was declared that all the banks
would act as a unit in protecting the interests of the city
and the members of the Clearing House. The statement in
its entirety reads as follows:
To the PublicThe assig n m e n t of th e p r iv a te b a n k o f T . W . H ouse Is de e p ly de plored
b y us. T his a ssign m en t does n o t affect a n y o th e r b a n k In H o u s to n .
E v e ry b a n k t h a t Is a m e m b e r o f th e H o u s to n C le a rin g H ouse A sso c iatio n
is In line c o n d itio n — no a p pre hen sio n need be fe lt b y the p u b lic concern in g
a n y of th e m .
T hey are a m p ly able to m eet a ll d e m a n d s u p o n th e m .
A
large p o r tio n of th e w e a lth of th e business c o m m u n ity Is represented on
th e ir directories, a n d th e b a n k s w ill a c t as a u n it in p ro te c tin g the Interests
of th e c ity a n d th e m em b ers of th e C learin g H ouse.
F IR S T N A T IO N A L B A N K ,
C O M M E R C IA L N A T IO N A L B A N K ,
P L A N T E R S ’ & M E C H A N IC S ’ N A T I O N A L B A N K ,
H O U S T O N N A T IO N A L B A N K ,
SO U T H T E X A S N A T IO N A L B A N K ,
M E R C H A N T S N A T IO N A L B A N K .
U N IO N B A N K & T R U S T C O M 'P A N Y ,
A M E R IC A N B A N K & T R U S T C O M P A N Y ,
N A T IO N A I C I T Y B A N K ,
L U M B E R M A N 'S N A T IO N A L B A N K .

The ^.ssigninent was




ade by Mr House on the 17th inst,

[V o l .

lxxxy

.

the assignees being W . D. Cleveland, W . B. Chew and J. S.
Rice. The action, Mr. House stated, “ was necessitated by
conditions due primarily to the general stringency of the
money market, and to the further fact that so much of my
estate consists of real estate, which, although of the highest
and most productive quality, in stringent times cannot be
considered a quick asset.” The bank at the time of its
suspension, had deposits of Harris County amounting to
$138,000, which it is said are secured by a bond of $750,000.

pto nctavyiifo m mcvcia i u ng its lii^cws
(F r o m our o w n C orrespo ndent.)

London, Saturday, Oct. 12 1907.
After the marked recovery in consols and other high-class
securities last week there has been a reaction this week,
and the Stock Exchange is once more gloomy. The osten
sible cause of the set-back is difficulties encountered in France,
Belgium, Holland and Switzerland. The cause of the losses
unquestionably is to be traced to the heavy fall in American
securities, and more particularly to the heavy fall in copper
and in copper shares. In the four countries named there
has for a considerable time past been a rather reckless specu
lation in many securities. In France and Belgium the specu
lation has been most largely in copper shares and diamond
shares. In Amsterdam there has also been a large specula
tion in American securities of all kinds. The long-continued
depression in New York and the inability of both operators
and bankers to form any definite opinion as to when it may
be expected to come to an end caused bankers and com
mission houses to call upon operators either to take up the
stocks they have bought or to close their accounts. The
closing of the accounts has produced several small failures;
the most possible has been made of these small failures by
the “bears,” who have suddenly become aggressive once
more. Last week the discovery that there has been a “bear”
account in consols led to a sharp rise and to a cornering of
the “bears.” The “bears,” both in this country and on the
Continent, are now turning the tables on their opponents
and are driving down securities of all kinds.
There appears to be no doubt that the difficulties on the
Continent are grossly exaggerated. There annears also to
be little room for doubt that the reported elling on Conti
nental account is much exaggerated. fherj is “bear”
selling unquestionably; but that there is much selling by
actual holders is not believed by those in the best position
to know the facts. As it happened, the “bear” attack began
just as the fortnightly settlement on the London Stock Ex
change commenced. The settlement has gone on most
easily. No difficulties are anticipated of any magnitude,
and the account open for the rise is found to be very small.
It is not easy to see, therefore, what grounds the “bears"
have for anticipating much success by operating in London.
Possibly they count upon greatest success on the Continent,
but think it necessary to make London nervous so as to aid
their operations on the Continent. Meanwhile money is
more plentiful and cheaper than anybody ventured to hope
a little while ago. The savings of the country for years past
have been very large, and as far as human foresight can go
peace is assured.
English Financial Markets—Per Cable.
The daily closing quotations for securities, <fcc., at London
as reported by cable have been as follows the past week:
London,
Tues.
M o n.
Week ending Oct. 25.
Sat.
28 7-16
Silver, per oz.......................d. 27 11-16 2 8 4
Consols, new, 2)* per cents... 83 1-16 83 3-16 83 4
For account. _______ . . 83 3-16 83 5-16 83%
French Rentes (tn P a r .) ..fr . 94.174 94.174 94.174
7S4
Russian Imperial 4s............... 7 54
754
New 5s___
_____________ ■88 J i
884
884
45
46
Amalgamated Copper Co____ 48
6 Anaconda Mnlng Co______
55i
54
54
80}*
Atchison Topeka & Santa Fe 81 Si
814
89
Preferred_________________ 88
89
87
Baltimore & O hio___________ 87)*
8654
____
Preferred_____ ___________ 8 5 4
854
162)*
Canadian Pat ific____________ 161
162)4
Chesapeake & O hio_________ 2 9 4
2954
30
Chicago c.rrat Y v rsem ---- 754
74
74
Chicago Milw. & St. P a u l... 115
115
1144
Denver & R io G rande com . 2 0 4
20
1 84
Preferred---- -------- 6 5 4
64
654
Erie, common. ........... ..
195*
20
194
First preferred — i ----- 42
42
414
Second preferred . ----- 3 1 4
31
31
Illinois Central---------- 132
133
133
Louisville & Nashville----- 102
102
101 4
Mexican Central . ------- 15
16
16
Mo. Kansas & Texas, c o m .. 28
28
27
65
65
644
___
National R R . of Mexico____ 4 5 4
454
N. Y . Cent. & H ud. R iv e r.. 104
104)*
103 4
N . Y . Ontario & Western _. 31
30 4
304
69
Norfolk & Western, common 69
694
80
80
Northern Pacific____________ 120
120
a Pennsylvania. ___________ 59?* ! 5 9 4
594
a Reading C o . . ---------- 43 Si
424
434
____
a First preferred__________ 40
39M
____
38
a Second preferred........... 3 8 4
‘ ____
Rock Island Co______ _____ 1 54
154
72)*
7254
Southern Pacific -................... 72 Si
Southern R y ., common_____ 1 24
124
1 34
47
Preferred
........ 46 V*
■
» 4
117«
117%
Union Pacific, common_____ 1184
82
)*
84
Preferred.
....... ............ 82)*
U . S. Steel Corp., com m on.. 23 4
23 H
2354
84)*
85
8554
94
9
94
16
1 64
1 64
Extended 4 s _____________ 49
484
a Price per share. b £ sterling.

Wed.
Thurs.
F tI.
28 4
284
28)4
82 13-16 83
82 15
82 15-16 83,4
83 194.30
94.27)* 94.50
75
7454
75)4
____
885*
884
47
49)*
48)4
54
6)4
54
78
784
784
87J4
87)*
87)*
8 4K
83)*
84 Si
85)*
854
854
160H
162)4
1624
28
29
29
8
8
74
110
112
1104
20
20
194
61
65
614
184
184
194
40
404
414
29
29 S4
294
131
132
130
101
100
101
15)*
1 54
154
26
264
254
63
584
584
45)*
454
454
1025*
103)*
104)*
29 Si
294
294
(6
63
60
80
80
80
115
115
111
59
60
60
404
404
. 40
38
384
384
374
374
374
15
1 54
154
70)*
70)4
6954
13
13
1254
41*
444
434
1114
113 Si
11254
824
82)*
775*
244
22)*
234
87
855*
84 »4
94
94
94
16
16
164
45
47
47

O c t . 26 1907.]

THE CHRONICLE.

D IV ID E N D S.
The following shows all the dividends announced for the
uture by all large or important corporations:
Dividends announeed tkis week are printed in italics.
Name oi Company.
Railroads (Steam).
Atchison Topeka & Santa Fe, c o m m o n ..
Atlantic Coast Line R R . preferred_____
Baltimore & Ohio—
I- Washington Branch R R ____________
Central of New Jersey (q uar.)__________
Erie, first preferred____________________
Second preferred______
Evansville & Terre Haute, common____
Georgia Southern & Florida, first p r e f ...
Second preferred____. . ____
_____
Great Northern (q uar.)_________________
E xtra (e)____________________________
Missouri Kansas & Texas, preferred____
Nashua & Lowell------- ------__________
E xtra _______ - _____
Norfolk & Western, common____________
Northern Paclfie (quar )_ ____________
Reading, second preferred_____________
Richmond Fred. & Potomac, guaranteed_.
Rome Watertown & Ogdens., guar.(qu.)
Street Railways.
Cape Breton Electric Co., preferred____
Columbus (O.) R y ., pref. qua r.). _____
East St. Louis & Suburban, pref.(quar.)
Georgia Railway & Electric, pref (guar.).
M llw .Elec.R y.A L t., pf.(qu.) (No. 3 2 ) ..
Montreal Street R t . (quar.). ___________
Ohio Traction, preferred (q u a r )________
Philadelphia Company, common (quar.)
Twin City R a p. Tran., M inn., com. (qu.)
West Penn Rys., pref. (quar.) (No. 9 ) ..
Banks
America■
’ Exchange National___________
Bowery (quar.) _________________________
City, N ational___________________ _____ _
Fourteenth Street (quar.)________________
Germania ______________________________
Lincoln Natlonal (quar.). - - -........... .
Mount Morris (quar.) (No. 33)__________
Nassau (No. 109)_______________________
Pacific (q u a r .).................— ....................
Trust Companies.
Broadway . --------- ---------Farmers’ Loan & Trust (quar.)__________
Ham ilton, Brooklyn (quar.).- ...............
Kings County, Brooklyn (quar.)________
Lawyers' Title Insur. & Trust (q ua r.)___
Nassau, Brooklyn (quar.)______________
Miscellaneous.
Amalgamated Copper (q ua r.)__________
American Caramel, common (q uar.)____
Common (extra).......................
A m erican District Telegraph of Note York
Amer.Graphophone, pref. (quar.) (No.50)
American Light & Traction, com. (quar.).
Pref erred (quar.)_______ .
.....
American Locomotive, c&mmon (quar.)___
Casein Co., pref. (quar.) (No. 30)_______
Central D ist. & Printing Teleg. (q uar.).
C la flln ( H .B .) , first preferred (q u a r .)...
Second preferred (quar.)____________
Commonwealth— Edison _ _____ ______
Computing Scale Co. (q u a r .)___________
Consolidation Coal (q uar.)----------Distillers’ Secur. Corp. (quar.) (No. 20).
d u'P ont (E . I.) de Nem .Pow., com .(qu.)
Edison Elec. 111., Boston (quar.) (N o.74)
Electrical Securities Corp., pref. (No. 6 )_.
Electrtc Bond <fc Share, pref. (q uar.)____
Federal Sugar Refining, pref. (q u a r .)..
Hecker-Jones-Jewell Milling_____________
International Nickel, preferred (q u a r.)..
In t. Smokeless Pow.& Chem., pref.(qu.)
Internat. Steam P um p, pf. (qu.) (No.34)
Kansas City Stock Yards ( q u a r .) ______
Lord it- Taylor, common (quar.)_____ ____
Massachusetts Gas Companies, common.
Preferred . . ................... ........................
Michigan State Telephone, pref. (q uar.).
Montreal L t. H t. & P . (quar.)(N o. 26)._
New England Colton Yarn, pref. (q u a r.)..
N ewEngland Telep. & Teleg. (q u a r.)____
New River Company, preferred (q uar.).
Pacific Coast Co., common (quar.).........
First preferred (q uar.)_____ __________
Second nreferred (auar.)----------Pennsylvania Steel, preferred---------Pressed Steel Car, pref. (quar.) (No. 3 5 )..
Procter & Gamble, common (q u a r.)___
P ullm an Company (quar.) (No. 164)____
Standard Milling, preferred ________
Tennesse Coal, Iron & R R ., com.(quar.)
Preferred (q uar.)........... .....................
United Bank Note Corp., common (quar.)
United Electric Securities, preferred____
U . S . Bobbin & Shuttle, common (quar.).
Common (extra)____
Preferred (quar.)_____
U.S.Cast I.P ipe& F dy.,eom .(qu.) (No.9)
Preferred (quar.) (No. 28)___________
United States Express (No. 148) . . .
U . S. Realty & Improvement ( q u a r .)..
United States Rubber, first pref. (quar.)
Second preferred (quar.)............. ..........

Per
Cent.

When
Payable.

3
2X

Dec.
Nov.

6
2
2d
2d
4
X
X
lH
IX
2
*X
J*
2 X
IX
2
*X
IX

Nov.
Nov.

3
IX
IX
IX
IX
2X
IX
IX
IX
IX

2 Nov.
10 Nov.

8
2

to
to

Dec. 2
Nov 10

to
1 O ct. 17
Oct.
llO c t. 18
to
Nov
Sept. 18
to
O ct.
Oct, 11
to
Nov.
Nov.
lj.Sept. 21
to
O ct.
Nov
11'Nov. 1
to
Nov.
Nov. 11 Nov 1
to
Nov.
Nov.
1 O ct. 16
to
Nov.
Nov.
1 Holders of rec. O ct.
Nov.
9'O ct. 20
to
Nov.
Nov
l 1Holders of rec. Oct.
Nov.
1 Huxders of rec. Oct
Dec. IS Holders of rec. Nov.
Nov.
to
1 O ct. 13
Nov.
Nov
9 Holders of rec. O ct.
Nov
1 O ct. 28
to
O ct.
Nov. 15 Nov. 1
to
Dec.
■
Nov.
1 Holders of rec. Oct.
Nov.
lj Holders of rec. Oct.
Nov.
1 Holders of rec. O ct.
O ct. 20 O ct. 16
to
O ct.
O ct. 31 Holders of rec. Oct.
Nov.
1
Nov.
1 Oct 26
to
O ct.
Nov.
1 Holders of rec. O ct.
Nov 15 Holders of rec. Nov.
Nov.
1 Oct. 26
to
Nov.

31
3
8
5
21
10
10
3
15
8
15
15
30
1
22
31
1
23
15
15
20
19
31
1
1
1

5
3
4
2X
10
4
4
4
2

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

1 Holders of rec.
1 O ct. 29
to
1 Oct. 25
to
1 O ct. 29
to
1 O ct. 22
to
1 Holders of rec.
1 O ct. 22
to
1: Holders of rec.
1: O c t. 23
to

Oct.
Oct.
Oct.
O ct.
Nov.
O ct.
____
O ct.
Oct.

3
10
> x
3
3
2

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

6 jOct.
l|Oet.
1 O ct.
1 O ct.
1 O ct.
1 O ct.

Nov. 6
Nov. 1
Oct. 31
O ct. 31
Nov. 1
Nov. 1

Nov.
1
Nov.
IX
X Nov.
Nov.
1
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
2
Oct.
2
Nov.
IX
Nov.
IX
$1 25 6 Nov.
Nov.
IX
Oct.
IX
O
ct.
IX
Dec.
IX
2 X Nov.
2 X Nov.
Nov.
IX
Nov.
IX
O ct.
12
Nov.
IX
Nov.
4
Nov.
IX
Nov.
IX
Nov.
2
Dec.
$1
Dec.
$2
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
Nov.
IX
3 X Nov.
Nov.
IX
3
Nov.
2
Nov.
I X O ct.
Nov.
1
2
Nov.
1
N ov.
$3.50 Nov.
Nov.
$1
Nov.
$1
$1.75 Nov.
Dec.
1
Dec.
IX
Nov.
3,
l\i Nov.
2
Oct.
Oct.
IX
Nov.
3
Washington (D . C .) Gas Light (quar.)____
2 X Nov.
W orthington (Henry R .), preferred____
S X Nov.

2S
27
27
26
16
29

to
to
to
to
to
to

25
31
31
31
3
24
31
31

25 Oct. 25
to
Nov. 10
1
1
15 Nov. 5
to
Nov. 15
15 Holders of rec. Nov. .1
1 O ct. 25
to
Oct. 31
1 O ct. 25
to
O ct. 31
26 Nov. 9
to
NOV. 26
11 Nov. 1
Nov. 10
to
31 O ct. 25
to
O ct. 31
Nov. 1
l|O ct. 24
to
IjO c t. 24
Nov. 1
to
1 O ct. 22
to
Nov. 1
1! Holders of rec. Nov. 1
31 'O c t. 26
to
Oct. 31
____
26;Sept. 26
to
14 Holders of rec. Dec. 4
1 Holders of rec. O ct. 15
1 O ct. 26
Nov. 13
to
1 O ct. 17
Nov. 1
to
1 Oct. 29
to
Oct. 31
30
O ct. 30.
1 O ct. 11
Nov 31
to
15 Holders of rec. O ct. 31
Nov.
1 Oct. 22
to
1
1 Holders of rec. Oct. 17a
Nov. 1
1 O ct. 26
to
2 Holders of rec. Nov. 12
2 Holders of rec. Nov. 12
to
Nov. 2
1 O ct. 21
15 Holders of rec. O ct. 31
1 O ct. 23
to
O ct. 31
15 Nov. 1
to
Nov. 14
1 Holders of rec. O ct. 16
1 O ct. 18
to
Nov. 6
1 O ct. 18
to
Nov. 6
1 O ct. 18
to
Nov 6
1
Oct. 20
27 Nov. 7
to
Nov. 26
15 Holders of rec. Oct. 31a
15 Holders of rec. Oct. 31
31 O ct. 25
to
O ct. 31
N ov. 3
1 O ct. 11
to
Nov
1 O ct. 11
to
3
15 Nov. 2
to
Nov. 15
1 Holders of rec. O ct. 22
1 O ct. 20
O ct. 31
to
1 O ct. 20
Oct. 31
to
1 O ct. 20
Oct. 31
to
2 Nov. 10
Dec. 1
to
*> Nov. 10
Dec.
1
to
15 Nov. 1
Nov. 15
to
1 O ct. 22
Nov
to
1
31 Holders of rec. Oct. 15a
31 Holders of rec. Oct. 15a
15
1 O ct. 16
O ct. 31
to
1 O ct. 22
Nov.
to
1

a Transfer books not closed, b Also declared a dividend a t rate of 8 % per annum
tor period from Sept. 10 to Nov. 1 1907 on Chicago Edison stock subscription receipts
first Installment paid, d Payable in dividend warrants: also 2 % declared on second
preferred, payable to holders of record A pril 10 1908. e From properties held by
X^ake Superior Co.

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction;
By Messrs. Adrian H . Muller & Son:
StocJos
E s t.o fB ra d ls h Jo h n s o n _ $ 8 5 p e r sb
A stor T rust C o _______ _________ 800
P o r tla n d C o p . M ’g O o .l& c .p e r sh.
N e v a d a C o p p e r M ’g & S m e ltg .
C o ., $5 e a c h ---- 38c. per sh.
200 M c K in le y - D a r ra g h - Savage
M in e o f C o b a lt, L t d . , $1
e a c h ..... ...................... 60c. per s h .
50
50
100
100




Breadstuffs Figures Brought from Page 1099.— The state
ments 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—

Books Closed.
Days Inclusive.

Stocks.
200 B o n a n z a & B e lt C o p. C o . $32 lo t
20 U ta h A pe x M in in g C o . $2 per sh.
10 F id e lit y T ru s t C o. of N . Y . . 2 0 5
B onds.
$2,000 M ississippi G lass C o. 1st
6s, 1924_______ __________ 90

1063

Flour.

Wheat

Corn.

Oats.

Barley

Rye

bbls.lVtilbs. bush. 60 lbs bush. 56 lbs. bush. 32 lbs. bush.49.lbs. bu 5 lbs.
C hicago____
176,964
2,272,014
589,S56
710,192
2.742,216
109,542
M ilw aukee..
78,750
255.000
37,800
118,000
424.000
818 400
D u lu th ..,___
153,250
10,342
2 813,523
130,073
761,671
44,417
Mlnneapolis.
1,926,406
126,800
705,530 1,262.500
61,850
T oledo_____
59,000
115.000
3,000
157.500
D etroit_____
* 3*700
46,683
129,346
43,272
Cleveland___
1,443
6,100
125,389
**2*966
192,028
S t Louis___
427,952
58,225
437,195
**3*666
649,600
122,200
Peoria
27 000
506.000
378.500
68,000
12,000
Kansas C ity .
808.000
119.000
106.000
Tot ,wk.’07
Same wk. ’06
Same wk. ’05

472,332
658,371
561,017

7,844,834

4,429,28S
3,644,382
2,450,186

Since A ug. 1
1907......... 4,283,853
1906_____ 5,821,753
1905
5,391,120

70,332 946
74,635,033
78.186.42S

50,669,053
42,802,473
41,172,076

6,959,520

5,058,517
5,882,996
6,789,543

3,745,923
2,654,560
3,302,728

271,609
255,640
266,532

62,489,114 21,853.508 2,340,726
60,562,295 16.754,299 1,732,169
75,200,801 24,636,712 2,486,706

Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 19 1907 follow:
Flour,
Wheat,
Receipts at—
bbls.
bush.
New Y o r k .............
157,791 1,069,400
48,396
B o sto n ___________
21,467
Portland, Me_____
2,999
182,686
92,823
P h ila d e lp h ia _____
356,078
B a ltim o re ............. '' 65,519
197,333
R ic h m o n d _______
4,994
36,688
12,645
179,500
New Orleans * ____
Norfolk...................
5,000
Galveston_________
______
413,600
M o b ile ...............
5,372
Montreal__________
31,551
904*936
Total week.........
Week 1906_______

427,090
475,237

3,361,088
2,444,817

Corn,
bush.
117,175
153,379

Oats.
bush.
528.000
77,054

202,022
187,920
105,572
65,000

1*49*154
46,628
22,454
55,500

Barley,
Rye,
bush ■
bush.
35,100
36,000
2,24l
*7*666
28,620
1.000
______

96,000
165",732

53*029

1,092,800
1,486,764

931,819
1,349 749

::::::
66,961
30,990

43,000
279,990

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

Total receipts at ports from Jan. 1 to Oct. 19 compare as
follows for four years:
Receipts o}—
1907.
F lo u f ............................... bbls. 15,437,868

1906.
13,896,137

1905.
9,998,907

1904.
13,854,691

W h e a t- ./_____________ bush. 90,089,593
C om ................... ........................ 75,981,344
O a ts ........................................... 44,560,104
Barley ............................... ..
3,740,736
R y e ....................................... ■_ 1,636,733

81,654,820
81,572,938
66,012,866
3,901,786
1,195,516

28,909,577
80,431,004
54,153,684
7,144,465
944.279

33,730,744
44,167.029
38,642,601
3,299,649
716,215

Total grain______________ .216,008.510

234,337,926

171,583,009

120,556,238

The exports from the several seaboard ports for the week
ending Oct. 19 1907 are shown in the annexed statement:
Wheat.
bush.
947,178
182,686
152,902
248,000
430,000
232.000
400,000
______
988,998
______

Flnur,
bbls.
67,935
2,999
20,862
63,205
51,377
4,021
6,615
5,372
13.682
5,000

Oats
bush.
37,040

597,658 241.068
Total week____3,581,764
Week 1906______ 2,906,687 1,738,939 212,634

40,854
107,139

Exports pom —
New Y o r k ...........
Portland, Me____
B o sto n __________
P h ila d e lp h ia ____
Baltim ore_______
New O rle an s____
Galveston_______
Mobile___________
Montreal________
Norfolk__________

Corn,
bush.
14,522
128,704
76,100
97,328
146,434
69,570
65" 000

Rye, Barley,
bush.
bush.
.........................

Pea ,
bush
2,910

......................
____ 115,392

3,000
16,837

460
3,354

The destination of these exports for the week and since
July 1 1907 is as below:
— --- Flour------------ WhealSlnce
Since
Week
J u ly 1
Week
J u ly 1
Exports lor week and Oct. 19.
1907.
Oct. 19.
1907
since J u ly 1 to—
bbls.
bbls.
bush.
bush.
United K in g d o m ...118,551 1,774,686 1,245,943 22,905,584
C o n tin e n t............
69,232
796,830 2,334,462 16,098.573
So. & Cent A m e r .. 12,121
242,124
1,359
142,438
W est In d ie s _______ 40,381
446,315
16,300
B rit. No. A m Cols.
783
18,332
Other countries____
150,592
21,735

— Corn----- —
Since
J u ly 1
1907.
bush.
6,179.817
8,817,296
151,397
523,551
28,334
9,902

Week
Oct. 19.
bush.
460,022
127,196
1,460
8,848
132

T o ta l................... 241,068 3,428,879 3,581,764 39,184,895
597,658 15.770,297
Total 1906 ......... -..212,634 3,332,649 2,906,687 31,543,208 1,738,939 12,252,090

The visible supply of grain, comprising the stocks in granary at the principal points of accumulation at lake and seaboard ports Oct. 19 1907, was as follows:
Wheat,
bush.
New Y o rk ....................... 2,035,000
afloat_______
______
B o sto n ________________
74,000
P h iladelp h ia............... ..
579,000
583 000
Baltimore_____ ________
New O rleans__________
432,000
Galveston_____________
808,000
M ontreal-'____________
473,000
T oron to______________
______
Buftalo........................... 1,954,000
T o le d o ........................... 1,370,000
493.000
D e tro it................... ........
C hicago.......................... 10,355,000
M ilw aukee____________
677,000
Fort W illiam ................. 1,247,000
Port A r t h u r ................. 2,090,000
D u lu t h ........................... 4,966,000
M inneapolis___________ 3,471,000
St. Louis......................... 3,273,000
Kansas C ity ___________ 3,632,000
Peoria_____ ___________
______
Indianapolis___________
480,000
O n Mississippi River.....
......... ..
O n L akes_____________ 3.407,000
O n Canal and R iver—
513,000
Total
Total
Total
Total
Total
Total
Total

O ct.
O ct.
O ct.
Oct
O ct.
O ct.
O ct.

19
12
20
21
22
24
25

1907..42.912.000
1907 . 42,012,000
1906..37.165.000
1905..27.207,000
1904..24,655,000
1903.-22,484,000
1902.-29,918,000

Corn,
bush.
106,000

Oats,
bush.
354.000

Rye,
bush.
24,000

36.000
145.000
216.000
155.000
88.000
92,000

**2.666
151.000
221.000
215.000

122,000

897.000
222.000
187.000
188.000
201,000

83,006
4,000
395.000
499 000
37,000
316.000
189.000

49.000
180,000
52.000
72.000
314 000
115,000

461.000
1.939.000
276.000
118.000
1.143.000
103,000

1,064*,odd

26,000
129.000
8.000
67.000
407.000
17.000

. 424*666

108,000
72,000
6,000

1.484.000
1.974.000
2,000

6.530.000
6.165.000
9.088.000
25,270,000
24 435,000
7.622.000
7.835.000

"2*666

*7*666

19*606
21,000

1,527,000
162,000

1,000,000
905,000
1.485.000
1.565.000
1.651.000
1.020.000
1.153.000

5,623,000
4,842,000
2,795,000
5,524,000
6,052,000
5,052.000
3,102,000

24,000
4.379.000
4.332.000
3.739.000
3.802.000
3.440.000
7.324.000
2.488.000

Barley
bush,
15,000

10<U

Statement of New York City Clearing-House Banks.—
The following statement shows the condition of the New
York City Clearing-House banks for the week ending Oct. 19.
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 om.lt tico ciphers (00) In all cases.
Banks.
00s omitted.

[Vol. lxxxv.

THE CHRONICLE.

Capital.

Loans.

Surplus.

S
3,266,0
4,735,0
3,112,7
2,388,0
3,172,5
1,334,0
34,109,6
5,563,3
1,031,3
910,8
383.9
3,220,0
1,193,5
3,206,9
16,496,8
1,188,5
247,6
408,0
342,2
1,098,5
10,713,3
5,265,5
205,9
1,191,0
2,210,9
6,184,0
1.213,3
4,047,0
17,099,0
206,8
3,863,0
2,221,0
26,200,2
2,815,6
680,0
786,3
659.8
12,064,2
1,958,2
155,0
898,0
2,191,2
1,459,3
423,7
1,294,0
596,0
2,993,0
254,0
2,401.5
1,895,9
678.2
2,223,0
890,4

S
851,0
2,232,0
1,113.0
2,198,0
2,250 9
116,0
2,100,0
1,867,6
328,0
532,8
65,1
1,709,0
250,0
1,136,8
10,320,7
557,1
611,4
955,0
75,2
1,576,5
6,908,6
336,3
561,9
648,0
165,4
4,489,0
419,3
1,540,0
2,635,0
124,1
1,443,0
246,0
457,7
817,8
90,0
393,1
196,1
1,592,3
770,0
715,0
430,2
896,5
335 0
240,6
999,5
319,0
1,328,0
499,0
478,5
235,9
314.3
122.0
651.4

$
%
15,102,0 27.2
26,400,0 26.3
16,489,2 25.6
19,098,0 24.0
20,343,6 26.6
6,264,0 23.1
126,805,4 28 5
28,378 0 26.1
6,128,9 22.1
5,609,5 25.5
1,905,5 23.5
18,764,0 20 2
5,619,8 25.6
18,893 1 22.9
103,998,9 25.7
11,349,4 15.3
2,617,7 32.8
5,306,0 25.6
1,907,1 27.8
13,083,2 20 4
61,588,0 28.6
21,521,7 26.0
3,765,0 20.3
6,948,9126.4
10,762,0 22.0
40,967,0 26,0
10,323,6 15.8
21,904,0 25.4
70,539,0 25.7
1,256,2 26.3
19,703,0 26.9
9,123,0 27.0
84,490,4 31.5
13,800,0 26.3
3,530,0 21.8
5,583 ,S 21.1
3,531,0 24.2
53,925,5 25.3
10,043 9 27.2
3,941,0 22.0
5,616,6 23.7
13,047,8 23.6
7,069 9 25.3
2,909,0122.8
8,867,6 25.8
4,048,0 22.6
17,645 0 24.4
3,241.0 23 2
10,970,8 26.2
7,533,5 28.2
4,945.0 20.0
15.179,0 15.4
7,261,8 21.3

Banks.
New York
Sept.2 1 ..
Sept .2 8 ..
O ct. 5 . .
O ct. 1 2 ..
O ct. 1 9 ..
Boston.
Sept .2 8 ..
O ct. 5 . .
O ct. 1 2 ..
O ct. 1 9 ..
Phila.
Sept .2 8 ..
O ct. 5 . .
O ct. 1 2 ..
O ct. 19—

Capital.
and
Surplus.

Specie.

Loans.

$
293,498,3
293,498,3
293,498,3
293,498,3
293,498,3

Legals. Deposits, a
i
70,264,5
70,637,1
69,607,2
62,608,6
62.257,2

*
1057,023,6
1055,193,7
1036,703,3
1026,047,8
1025,711,4

*
50,658,4
50,638,5
50,657,8
51,001,8
51,612,4

$
1,577,612,0
1,402,951,91,784,941,4
1,611,351,9
1,815,268,1

18,345,0
17,946,0
17,812,0
18,362,0

4,097,0
3,690,0
3,811.0
4,019,0

208,227,0
214,777.0
213,339,0
224,242,0

8,327,0
8.260,0
8,222,0
8,170,0

127,668,5
163,712,*
149,236,3
173,547,0

252,195,0
252,902,0
251,288,0
254,796,0

13,671.0
13.678,0
13,634,0
13,741,0

130.307,7
151,121,4
135,444,3
151,860,1

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

189,076,0
190,318,0
190,828,0
191,670,0

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

223,905,0
224,270,0
222,986,0
222,037,0

55,392,0
54,652,0
53,609,0
55,612,0

a Including for Boston and Philadelphia the Item “ due to other banks” and alsoGovernment deposits. For Boston these Government deposits amounted on
October 19 to $4,885,000; on October 12 to $4,772,000.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Oct. 19, also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S AT N E W Y O R K .
For the week.

1907.
$3,157,450
11,031,380

$2,710,920
11,564,357

*2,621,050
12,430,798

T o t a l...................................
Since January 1.

$14,788,830

$14,275,277

$15,052,448

B ank.

Capi
tal

Sur
plus.

N. Y C ity.
Boroughs of
$
M an.& B r'x .
$
$
183,6 1,041,1
100,0
W ash. H ’g’ts
149,5 1,169,3
200,0
Century ___
115,6 1,300,8
100,0
Chelsea Exch
100,0
454,3 4,115,7
C o lo n ia l____
470,0 5,812,0
300,0
C olum b ia ___
Consol. N a t. 1,000,0 1,114,7 4,941,0
200,0
149,5
885,8
F id e lit y ____
H am ilton _.
288.7 5,723,3
200,0
680,4 4,085,9
Jefferson--500,0
235,3 2,219,6
250,0
M t. M orris..
297,1 3,193,8
200,0
M u tu a l_____
19th W a r d ..
300,0
480,3 3,339,6
100.0
372,6 3.520,0
Plaza _____
230,5 2,450,0
la t h W a r d ..
200,0
100,0
182,7 1,622,9
23d W ard . .
912,4 8,752,5
Union Exch.
750.0
400.3 3,449,3
100.0
Yorkville . . .
Coal & 1. Nat
500,0
625.5 4,782,0
200,0
New NethTd
211,8 1,305,0
858,9
200,0
128,0
B a tt.P k .N a t.
Boronnh o’
;
Brooklyn.
179 4 3,682,7
Borough
200,0
416,0 2,017.9
150 0
Broadway . .
7o9,5 4,007,1
Mtrs.’ N a t.
252.0
897,3 11.190,2
Mechanics’ . . 1,0 .0,0
Nassau N at.
928.5 6,020,0
750.0
N at C i t y ...
621,6 3 273,0
300,0
North S>de__
218.2 1.808.2
100.0
Jersey City.
400,0 1,179,2 4,332,9
F'rst N a t . . .
721,1 2,076,0
H u d .C o.N at.
250,0
200.0
348.3 1.911,2
Third N at’l.
Hoboken.
220.0
590,7 2.325,8
First N a t__
202,4 1,763,2
125,0
Second N a t.

I.egal
Tender
Specie.
and
Bank
Notes.

Clear
ing
Agent.

The following is' a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 19 and from Jan. 1 to date.
E X P O R T S F R O M N E W fY O R K F O R T H E W E E K .
1907.

41,5
13,7
303,1
248,2
248,0
129,0
24,0

244,1
213,5
159,0
587 5
517,0
308,0
125,9

349,6
140,7
527,3
587,7
1,054,0
588,0
41,0

137,6 4 199 3
41,8 2,662,6
135,7 4,030,4
159,4 11,711,7
•5,835,0
90,6 3,819,0
218,6 1,960,1

173,6
104.0
41,1

280,1
80,0
89,7

2,13o,l
228,2
356,2

177,0
195,8
20,9

5,530,8
2,216,3
1,964,1

124.9
70,0

16,1
55,4

149,7
81,7

68,4
100,5

1,983,0
1.736.6

$
936,5
1.093,3
1,509.1
4,831.1
6,028,0
3,510,0
788,5
6,902,9
3,824,5
2,574,2
3,093,6
5,194,0
3,773,0
2,733,0
2,080,9
7,663,5
3,994,5
4,889,0
1,096,1
712,3

Total O ct. 19 9.547,0114737,6 110776.7 4,813.0 6,450,1 11.032,8 4,202,2 115632,9
Total O ct. 12 9,847,0'14»49,8 114766,8 6,317.3 6,776,0 12.521,3 4,191,1 121221.1
Total Oct 5 9.847,0! 14849,8 114765,9 5,219,3 6,371,2 12,59b,5 4,504.2 120925,8




1904.
$10,885,091
385,191,802
$396,076,893

The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 19
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S A N D IM P O R T S O F S P E C IE AT N E W Y O R K .
Exports.
Week.

South America...................................
All other countries_________________

Imports.

Since J a n . 1

Week.

Since J a n . 1

$12,877,335
15,631,499
1,615,083
882,155
15,000
$3,500
972
2,198,386
1,500,000

$8,135
2,018
11,406
1,001

$2,596,116
717,238
1,155.297
790.290
490,2752,192,432
284,240

$4,472 $34,449,458
5,470
5,895,984
12,360 38,123,822

$22,560
4,438,796
641,758

$8,225,888
91.494.48S
15,691,267

$1,271
27,448

$88,168
2,270
427
146,848
1,646,593
703,911
22.154

828,71
90.205
49,556

$2,670,371
1,946,983
3,649,330

Silver

West Indies____________ _____ _____
$
$
101,9 _
61,3
95,2
99,5
130,5
491.2
204,0
295,0
100.0
188,8
_____
69,5
78,4
843.9
183,3
95,3
58.9
222,0
1,3
133,2
860,0 1,051,0
_____
198,0
145,0
77,4
301.9
_ ^ _
541,1
85,0
159,2
70,0
594,0
10,0
80,3
_____
71,0

1905.
$13,422,697
419,955,793

Total 42 weeks___________ $511,013,472 $502,013,757

Other
Net
Banks, Deposits.
tkc.

$
60,3
80,1
52,2
422,8
250,0
58,8
54,5
248,2
213,1
107,0
257,4
436,6
211,0
226,0
175,5
275,0
351 7
234,0
6,5
35,1

1906.
$12,608,472
489,405,285

j

$12,234,685
498,778,787

Total 1 9 0 5 ....................................

$
15,7
11,6
97,3
111,1
321,0
368,6
8,2
303,3
9.8
114,5
14.3
40.1
328,0
38,0
62,9
587,6
45,0
620,0
68.5
114,4

$13,109,423

Total 42 weeks___________ $696,432,003 $612,379,313 $564,862,834 $483,500,205-

Qold.

Deposit with

$2,120,51010,988,913

$153,214,622 $130,439,106 $114,102,649 $90,558,628
543.217,381 481,940,207 450,760,185 386,941,577
General Merchandise_______

Total 1907.......................................
Loans
and
Invest
ments

1904.

1905.

1906.

D ry Goods__________________
General Merchandise_______

a Total United States Deposits Included, $34,-150,100.

We omit two ciphers (00) In all cases.

Clecrtngs.

$
S
1097,579,0 202,396,5
1100,351,5 198,807,9
1089,068,4 192,216,7
1083,401,91198,558,8
1076,846,3 205,353,3

T o ta ls ______ 129,400,0 164,098,3 1076,846,3 205,353,3 62,257,2 1025,711,4 26.0
a

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Oct. 19, based on average daily results.

Circu
lation.

§

$
16,876,0
23.600,0
16,029,1
20,230,0
20,186,3
7,434,0
149,190 7
28,709,5
6,073,5
7,998,6
2,251,6
15,957,0
5,362,6
27,402,2
130,082,7
18,423,9
2,783,3
5.440,8
2,271,8
15,011,6
53,290,4
21,817,0
3,850,8
7,415.5
11,020,3
35,728.0
10,671,2
25,153,7
69,289,0
1,200,6
19,826,0
8,669,0
91,588,7
14,103,0
3,390,0
6,112,6
3,776.8
50.723,1
9,400,7
3,524,3
4,562,3
12,508.8
7,475,1
2,978,9
9,229,7
3,821,0
15,810,0
3,866,0
12,795,4
6,250,4
4,447,4
14,290,0
6,945,4

Legals. Deposits, a Re
s’ rve

We omll two ciphers (00) In all these figures.

00
h1C°:o
1CO
1TJ*

5
$
2,000,0
2,991,2
Bank of N . Y ._
2,050,0
3,040.9
M anhattan Co.
2,000,0
Merchants’ ____
1,021,8
3,723,5
3.000,0
Mechanics’ ____
4,544,6
1,500,0
A m e ric a ______
1,000,0
483,0
P h e n ix _______
City __________ 25,000,0 23,582 0
5,640,8
3,000.0
Chemical______
600,0
526,6
Merchants’ E x .
2,406,5
G allatin .............
1.000,0
153.2
300,0
B utch. & Drove
2,000,0
943,3
Mech.&Traders’
500,0
716,5
G ree nw ic h ____
5,020,2
5,000,0
Amer E xch___
Commerce_____ 25,000,0 14,928,1
5,043,6
3,000,0
M e rcantile____
500,0
798,9
Pacific ________
1,051,1
450,0
C hatham ______
470,2
200,0
People’s ______
2,000,0
2,207,6
North America.
3,000,0
8,671,6
H a n o v e r...........
2,550,0
1,127,2
Citizens’ C e n t..
365,4
500,0
N a s s a u ......... .
1,586,2
Market & F u lt’n . 1,000,0
Metropolitan . .
2,000,0
979,9
4.993,3
3,000,0
Com Exchange.
750.0
1,215,9
Oriental _______
7,206,4
1,500,0
Tmp. & Traders’
3,000,0
P a r k __________
8,934,8
250,0
123,6
East River____
3,000,0
F o u r t h _______
3,228.1
2,005,4
500,0
Second _______
10,000,0 19,682,9
First .............
2,000,0
1,151,0
Irving N at. E x .
250,0
784,9
Bowery ..........
500,0
578.9
N Y . C o u n ty ..
607,4
750,0
German -Amer.
5,000,0
4,641,0
C h a s e ..______
100,0
1,859,9
Fifth Avenue. .
866,4
200,0
German E x c h ..
200,0
960,5
G e rm a n ia _____
500,0
1,584.7
Lincoln _______
1,000,0
1,368,5
G a r f ie ld ..____
462,4
F i f t h .................
250.0
1,000 0
1,765,1
M etropolis____
200,0
807,3
West Side_____
1,000 0
1,434,3
Seaboard...........
701,4
300,0
1st N at., Bklyn.
1,000,0
2,360,0
L ib e rty ____:...
656,2
N. Y . Prod. Ex.
1,000,0
1,000,0
206,6
New Amsterd’m
1.000,0
751,3
State . . ______
416,2
1,000,0
14th Street____

Specie.

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:

$926,800 $36,643,020
3,654,000
10,278
286.086
520
7^605
14.786

Total 1907____________________ _
Total 1906.......................................
Total 1905.......................................

$927,320 $40,615,835
409,295 40,420,484
744,555 28.723.424

Of the above imports for the week in 1907, $6,475 were
American gold coin and
— American silver coin. Of
the exports during the same time $3,500 were American
gold coin a n d ______ were American silver coin.

Ranking ancl if iimuclal.
We shall be pleased to mall investors copies ef the n in th
edition of our 10 -page circular describing 06 Short-Term Notes
and Collateral Trust Bonds with approximate market prices.

Spencer Trask & Co.
W IL L IA M

M

A N D P IN E STS..

o f f a t

-

&

-

W

N EW Y O R K

h i t e

Members New York Stock Exchange.
5 NASSAU STREBT.

DEALERS
Commission

IN

H A M O V B K BAN K B U IL P IN Q

IN VESTM EN T

S E C U R IT IE S .

Orders Executed for Cash O nly.

O c t . 26 1907.1

1065

THE CHEONICLE.

Transactions in the railway bond market have increased
day by day until they have reached a total of nearly five times
the recent average.
As in the stock market, there has been a rally from the low
Wall Street, Fridayr Night, Oct. 25 1907.
The Money Market and Financial Situation.— The security est prices recorded, but many issues show a net decline of
markets have been in a demoralized condition throughout 2 to 5 points or more.
United States Bonds.— Sales of Government bonds at the
the week. There was a recovery in stocks .on Monday
.-averaging between 1 and 3 points, based on the more hopeful Board include $10,000 2s coupon, 1930, at 105, $4,000 2s
outlook in the local banking situation that had developed regis., 1930, at 105, $10,000 3s regis., 1908-18, at 102, and
over Sunday, but this advance proved to be very ephemeral, $2U,000 4s regis., 1925, at 119% to 120. The following are
and the decline which followed was the most sweeping in the daily closing quotations; for yearly range see third -page
recent years. Call loan rates advanced to 100% on Thurs following._________________________________ ________________
day, and some large loans were made at even higher rates.
Interest
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
The situation, however, was relieved during the afternoon
24
21
22
23
25
19
Periods
session of the Stock Exchange on that day, when offerings to
*104% *104% *104}*
1930 _____ ____registered Q — Ja n *104 % *104% 105
the amount of $25,000,000 at 10% were made by a promi 2s,
*104% *104}*
105
*105
*105
2s, 1930______ ______ coupon Q — Jan *105
nent banking house, apparently just in time to prevent more 3s, 1908-18--. ____registered Q —-Feb *101% 102 *101% *101% *101% *101%
3s, 1908-18... ______ coupon Q— Feb *102% *102}* *102}* *102}* *102}* *102 %
disastrous results.
3s, 1908-18--. .small coupon Q— Feb *101}* *101}* *101}* *101}* *101}* *101%
It is believed that so far as Wall Street is concerned the 4s, 1925 _____ ____ registered Q— Feb *120}* *120% *120}* *120 % 119}* *119*122
*122
*122
*122 -.
*122
1925______ ___ ..c o up o n Q— Feb *122
crisis has passed, and that the result will be a gradual return 4s,
*105
*105 J
*105
*105
*105
2s, 1930.Panam a Canal regis Q — Nov *105
to normal conditions. It is well known that large and im 
portant sections of the country are generally prosperous as a
* This Is the price bid a t the morning board; no sale was made.
result of recent harvests and the high prices now obtained
Railroad and Miscellaneous Stocks.— Almost unpreced
for practically all agricultural products, for which there is a ented weakness prevailed in the stock market from Monday,
good foreign demand.
when, as noted above, there was a momentary recovery from
The financial situation abroad has changed but little. the preceding low prices, until late on Thursday, when relief
The Bank of England reports an increase in gold holdings came to the money market. On this relief there was a
.and a somewhat smaller percentage of reserve. The latter reaction which carried shares traded in up from 1 to 5 points.
has been exceeded but twice, however, at a corresponding
To-day the market has been irregular. It opened with a
date since 1898. The Bank of France and Imperial Bank of firmer tone on a better feeling in London, but soon was
Germany also report an increase in gold on hand.
confronted by money market conditions not favorable to a
The open market rates for call loans on the Stock Exchange continued advance, and prices wavered. In the announce
during the week on stock and bond collaterals have ranged ment near the close that the syndicate headed by Mr. Morgan
from 5 to 125%. To-day’s rates on call were 6@75%. had $10,000,000 additional funds to loan at market rates,
Prime commercial paper quoted at 7@ 7%% for endorse stock rallied sharply and closing prices were generally from
ments and 7@ 7%% for best single names.
2 to 8 points above the lowest
The Bank of England’s weekly statement on Thursday
Among the exceptional features of the railway list are
showed an increase in bullion of £96,876 and the percentage Delaware & Hudson, which declined from 148 to 126%,
of reserve to liabilities was 47.21, against 49.39 last week.
Northern Pacific which dropped 18% points, Union Pacific
The discount remains at 4 % % , as fixed Aug. 15. The nearly 18 points, Reading 16 points, St. Paul nearly 14, and
Bank of France shows an increase of 15,000,000 francs in Great Northern nearly 12 points.
gold and a decrease of 725,000 francs in silver.
Of the industrial stocks', Westinghouse Electric & Manu
N E W Y O R K C IT Y C LE A R IN G -H O U S E B A N K S .
facturing declined from 110 at the close last week to 34% on
Thursday, on the appointment of receivers for the company.
Differences
General Electric declined from 113 to 89%, New York Air
from,
1906.
1905.
1907.
previous week.
Oct. 21.
Oct. 19
Oct. 20.
Brake from 93 to 60% and American Ice Securities from
25 to 8%. On the other hand, the copper stocks and
S
$
$
S
!-A
115,972,700
129,400,000
119,150,000
United States Steel issues have been relatively steady.
C a p ita l...................—
140,160,800
104.098.300
155,170,800
S urplus.........................
For daily volume of business see page 1073.
Loans and discounts.. 1,076,846,300 D e c . 6 , 555^600 1,082,358,500 1,026,090,100
The following sales have occurred this week of shares not
54,680,500
51,012,400 Inc.
C irculation___________
610,600
46,471,700
336,400 1,062,332,600 1,023,859,400
Net deposits__________ *1,025,711,400 Dec.
represented in our detailed list on the pages which follow:
193,101,300
205.353.300 In c. 6,794,500 200,395,700
Specie ............... ..........

S S a w fe t v s 7

( S a m ite .

Legal te n d e r s - ._____

62,257,200 Dec.

351,400

71,388,400

75,386,700

Reserve held________
25% of deposits______

267,610,500 In c.
256,427,£>50 Dec.

6,443,100
84.100

271,784,100
265,583,150

268,548,000
255,904,850

Surplus reserve____

11,182.650 In c.

6,527,200

6,200,950

12,583,150

*$34,450,100 United States deposits lncludedl against $33,4S7,600 last week and
$26,369,000 the corresponding week of 1900. W ith these United States deposits
eliminated, the surplus reserve would be $19,795,175 on October 19 and $13,027,350
o n October 12.
Note.— Returns of separate banks appear on preceding page.

Foreign Exchange.— The market was unsettled and lower
this week, influenced chiefly by dear rates for money, which
tended to limit the inquiry; the closing was quite weak.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 81%@4 82% for sixty-day and 4 86@4 86% for
sight. To-day's (Friday’s) actual rates for sterling exchange
were 4 79@4 80 for long, 4 83%@4 83% for short and 4 843^2
@4 85 for cables. Commercial on banks 4 77%@4 78 and
documents for payment 4 77%@4 78%. Cotton for pay
ment 4 77%@4 77%. Cotton for acceptance 4 77%@4 78
and grain for payment 4 78%@4 78%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21%@5 20% for long and 5 19%@5 18% a for short.
Germany bankers’ marks were 93% @93% for long and 94%
@94J4 for short. Amsterdam bankers’ guilders were
40.14@40.16 for short.
Exchange at Paris on London to-day 25 f. 12c.; week’s
range 25 f. 13. high and 25 f. 12c. low.
The week’s range for exchange rates follows:
-LongSterling, AcluaXH lg h ........... 4 8210
@4 8215
@4 80
L o w ______ 4 79
Paris Bankers’ Francs—
H ig h ...........5 20%
@5 20
L o w . .........5 21%
@5 20 %
Germany Bankers' Marks—
H ig h ........... 94%
@ 94%
L o w ........... 93^
@ 93%
Amsterdam]Bankers’ Guilders—
H ig h ................................................
L o w ................................ ................
Less:
Plus:

a 1-16 of 1 % .

-Cables—

-Short14 86
14 83%

@4 8610
@4 83%

15 17%
15 19%

@5 16 % a
@5 18%a

14 8675
14 84%

@4 80
@4 85

! 94 13-16d @ 94 13-161
I 94%
@ 94%
|
40%
40 14

d 1-32 of 1% .

@ 40 5-16
@ 40 16

h 3-32 of 1 % .

k 1-16 of 1% . x 1-32 of 1% . 1/3-32 of 1 % .
The following were the rates for domestic exchange on
New York at the under-mentioned 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 R'ancisco, par.
State and Railroad Bonds.— Sales of State bonds at the
Borad, $25,000 Virginia 6s deferred trust receipts at 23.




STOCKS.
Week ending Oct. 25.
Balaklala C o p p e r- ____
Bethlehem Steel Corp___
Preferred___ ______
Cent & So Amer Teleg-.
Chic U n Trac tr rects___
Clev Lor & W heeling___
Col Fuel & Iron, pref___
Comstock T u n n e l______
General Chemical, pref- G t Northern subscript’ns
70% paid-...................
Hocking Valley, common
Homestake Mining
Knickerbocker Ice (Chic)
New York D ock. _____
Preferred . _ ______
N Y & N J Telephone___
United Cigar Mfrs, pref.
U S Leather, pref______

Sales. |
for j
Week.'

Range for wek.
Lowest.

Range since J a n . 1.
Lowest.

Highest

3,325 $ 3 % Oct
1,100 9 Oct
700 29 Oct
130104}* Oct
500 l% O c t
100 90 Oct
110 30 Oct
1,800 20C. Oct
100 85 Oct

24
22
24
23
21
23
21
22
23

$4}*Oct
ll% O c t
31 Oct
114 Oct
l% O c t
90 Oct
31 Oct
21c. Oct
85 Oct

22 $3
9
25
21 29
22 104}*
21
1%
23 85
26 30
22 20c.
23 85

7,090101 Oct
100 74 Oct
750 54 Oct
200: 20 Oct
200 25}*Oct
55; 69% O ct
400 85 Oct
900 65}* Oct
200; 87 Oct
1

24
25
23
22
22
21
25
23
25

113 Oct
74 Oct
70 Oct
30 Oct
26 Oct
69% O et
89 Oct
77 Oct
88}* O ct

21
25
19
22
22
21
25
19
24

Highest.

July
O c tiS ll
Aug 20% Jan
Oct 65
Jan
May
Oct 143
Oct 3% May
Mch
Mch 95
Oct 85% Ja n
Oct 50c. Ja n
Oct 102% Feb

Oct 130% April
101
74
Ja n
Oct 115
54
Oct 85
Feb
Oct 69% Jan
20
Ja n
25}* Oct 42
O ct
69
May 71
Ja n
Oct 115
85
65% Oct 94% Jan
87
Oct 114
July

Outside Market.— Following last week’s slump in United
Copper the “ curb” received another set-back this week,many
of the leading issues recording sensational losses. The de
pressing influence was the unfavorable bank situation, which
led up to stringent money conditions and enforced liquida
tion. The interest in the market shifted from United Copper
to Consolidated Steamship securities. News of important
changes in the management and rumors of a possible reor
ganization of the Consolidated Steamship Lines accentuated
the weakness and some $11,000,000 of the 4% bonds changed
hands. The price dropped from 18 to 12, and on Thursday
broke to 9% . To-day trading quieted down somewhat and
it rallied to 12%, closing at 12%. The stock sold down
from 1% to 9-16 and closed at 1. Standard Oil, after an
advance from 402 to 414, dropped to 390, the lowest price
in years. A recovery to-day carried the price to 400.
American Tobacco also lost heavily, moving down from 205
to 180, with a subsequent improvement to 195. Guggen
heim Exploration rose from 120 to 127%, then sank to 116.
Chicago Subway from 16% sold down to 12, with the close
at 13. Copper stocks shared in the general decline. United
Copper common from 10% moved down to 7, closing a t7 % .
The preferred advanced from 25% to 29, sank to 21%, sub
sequently recovering to 25. Boston Consolidated Copper
went up over a point to 11%, then back to 10 and sold to-day
at 10%. Butte Coalition advanced from 10% to 11%, with
the close at 11%. Davis-Daly Estates rose from 3% to
4% , easing off finally to 4. Trading in Greene Cananea was
heavy, the price sinking from 6% to 5%. The close to-day
was at 5%.
Outside quotations will be found on page 1073.

New York Stock Exchange—Stock Kecord, Daily, Weekly and Yearly
O C C U P Y »N<8 1 OCKS— H IG H E S T A N U LO W E ST S A L E P R IC E S .
Monday
October 21

Saturday
October 19

7834
78% 79%
; 8S34 8634 86%
68
65% 67lg
8434
83%
84
84
83%
*81
39%
38% 39%
*
75 *
155% 15614 156%
62
*58
*59
160
*158 162
29
29
29%
* 12%
* 12% 15
♦
50 *
7% " ’ 7'4
"'7 %
*56
*58
65
*33
*33%
35
9%
9-% 10
11034 112% 111%
14034
1403a 141
102
*101 107
123% 125% 1223.
137% 138l4 137
*195 205 *190
119%
*119 122
*150 170 *150
4 *
25
*15
*15

_

__

_

53%
*90
19%
47%
*36%
146
440
18
*60
*38
*61’
*13
187g
40
30
*65
*80
116%
45
*25"
*

__

55
95
1934
4734
37%
146
440
19
65
40
8
16
19
40%
30
75
90
118
46

_
95

55
*90
19%
4734
35%
146
435
19lg
63
38%
* 6%
*13
19%
40
30
*65
*80
117
45

*

7%
*25

__

75
*1111 80" *
12934 130
130
8
6%
734
1834
17
18
1234
12%
12
38
*35
*35
*68
*68
75
23
23
231’
52
51%
51
* 12%
*12
15
*30
*30
45
50
*30
*30
99 . 98%
98
111 114 *110
*30
*30
35
1434 15%
15
3334 3334 33%
*69
75
*69
75
78
77
116
117 120
2634
2534 26%
607g
60%
60
521
52% 53%
110 114
115
*
44% *
*131, 1512 *13%
100% 1013g
99%
27
27% 27%
*80
91 *
*51
65
*51
139 139
139
29% 29%
29%
66%
*66
68
*77
*77
81
115% 116% 1163a
1001’ 102% 102%
79% 79% *74
*85
*85 100
*85
*85 100
1153s 116% 115%
*62
*62
68
*80
90
*80
84
82-% 84%
*73
77
*73
*73
76
*71
15%
15
15%
42%
44
*41
64
*58
*58
3034
31
31
*14% 15% *11
33%
*32
35
70%
69li 7Cm
1071’ 1071? 1061g
12
123S 12%
46
45
45
21%
21
21%
35
*28
*27
12% 12% * 11%
21%
21% 21%
*38% 3934 35
*8334 86
83%
112% 115% 114%
80
80
80

._

__

Tuesday
October 22

Wednesday
October 23

Thursday
October 24

Friday
October 25

TWO

P A < iE S

STOC K S
N E W Y O R K STOCK
EXCHANGE

sales o
the
Week
Shares

R a ilro a d s
tc h T opek a & S a n ta Fe
99.450
7234 75
72
76
80%
75% 79
73% 76%
D o p re f____________
4,230
85% 86184
83
83% 86
86
85
88
5,450 A tla n tic C oast L in e R R . .
62
66
65
66
66%
65
70
68
68%
30,570
a ltim o re & O h io ----79% 82
78% 81
78
84%
8I I 4
81
85%
Do
p re f____________
300
82
*75
84
80
80
*81
84
83% *81
75,450 B rook lyn R a p id T ra n s it- .
32% 35
35%
41%
3534 3934 34% 3634 30
B u ffa lo & S usqu e, p r e f___
75 *
75
75 *
75 *
75 *
13,802 ( 'a n a d ia n P a cific -----153 156
155% 157
154% 157
160% 155 157
V 'a n a d a S o u th e rn _______
621, *58
62
*59
62
*58% 63
62
*59
355 C e n tral of New Jersey ____
160 §15734 158 §155 160 >155 165 *155 160
2634 281’
26% 27% 12,435 C hesapeake & O h io _______
27% 28%
28% 28%
30
500 C hicago & A lto n R R _____
*10
11
11
*10
15
12
13
13
15
D o p re f________________
50
734 7,515 C hicago G reat W estern
734
7%
7%
7%
7%
7%
7%
714
D o 4 % d e b e n tu re s ___
*50
60
62
62
*56
*51
*45
65
65
D o 5 % pref “ A ” ______
1,230
29
28
31
28% 33%
27
28
30%
35
D o 4 % pref " B ” ______
2.010
934 10
9%
934 10
9%
9%
9%
934
100% 107% 100% 103% 129,320 C hicago M ilw & tit P a u l . .
11334 106 11134 106 108
D o p re f________________
140 140
1,125
14034 140% 140% 140 140 *140 145
D o com ctfs 25 % paid
250
*90 105
§90
90
*90 100
104 104
103
D o pref ctfs 25 % paid
6.673
115 116
12234 124% 124% 119% 12134 115 120
21,312 C hicago & N o r th W estern
134 136% 130 135
131% 133
139% 135% 138
D o p r e f________________
400
185 185
195 195
191 195
205 *195 205
2,859 C hic S t P M in n & O m a h a
107 107
107 112
115 115% 110 113
121
D o p re f________________
170 *150 170 *150 170 *150 170 *140 170
C hicago 'le r m ln ’l T ransfer
5
5 *
5 *
5 *
5 *
D o p re f________________
*15
25
*15
25
*15
25
*15
25
25
C hicago U n io n T r a c t io n ..
D o p r e f___________ _____
50%
2,700 C leve C in C h ic & S t L ____
50
501’
50% 51
50
52
52
56
D o p r e f_________________
*90 108
*88
95
*90
95
*90
98
95
6,180 C olorad o & S o u th e r n ____
19
18
18
18
18% 19l4
201,
19% 1934
D o 1st preferred______
3,520
4434 46
45
43
46
*46
47
4 7<8 45
D o 2d preferred______
3134 3134 2,270
33
33
36%
31% 32
35
36%
elaw are & H u d s o n ____
126% 129% 33,8051
128 135
127 133
138 145
148
elaw are L a c k & W e s t’n
400
400 400 *395 410 *390 410
425 425
435
D
en
v er & R io G r a n d e ____
6,461
18
18%
1834 19%
18% 19
17% 19%
201’
D o prer________________
1,745
56
58
56
61%
59
59
§63
63
63%
D
e
tro
it U n i t e d ___________
700
37
37
37
35
*31
33
*35
38%
39%
200 D u lu th ^ o bhore .& A tla n
*7
8
8
* 6%
*6
7
8
7
8
D o p re f_____________ _
600
17
12% 12%
13
13% *13
12% 13
17
16% 1834 17
19
19%
18% 19
17% 18% 21,100 prle_______________________
J
D o 1st p re f________
3,000
37
38
38% 40
39% 40
40%
37% 38
D o 2d p re f________
2,200
27% 28%
30lg
27% 28%
27% 28%
28% 30%
E
v
a
n
sv ille & le r re H a u te
*65
75
*65
75
*65
75
*65
75
75
D o p re f________________
*80
90
*80
90
*80
90
90
90
*80
108 11534 10934 113% 89,137 G reat N o rth e rn p re f______
11934 112% 117% 112 115
1 e m p ctfs for ore p r o p .
4334 39
40% 25,980
42
37
46
39
43
47%
Green B ay & W .d e b c tf A
Do
deb c tf B
62
634
634
634
6%
6
7%
7%
a v a n a E le c tric ________
*22
*25%
* 21%
*25
D o p re f____________
95
95 *
95
95 *
95 *
*67
400 H o c k in g V alle y tr r c c ts ..
74
74
75
uo
p re f____
80
75
*60
80 *
75 *
*70
80
llln o is C e n tra l___________
4,400
124% 127
130
125 126
121% 124% I l 8 123
n
te
rboroM
etrop
olItan .
10.160
5%
6
6%
4%
6%
7
8
7%
5%
D o p r e f _____________
5.800
15
16
18% 19
15% 16
15
17%
19%
1,630 Io w a C e n tr a l_____________
1234
§13
13
12
13
13
13I4 *1134 12%
D o p re f________________
*34
*33
37
38
*34
38
*35
38
38
C F t S & M , t r cts pref
*65
75
*65
75
75
74
*68
75
*67
ansas C ity S o u t h e r n ..
4,150
22
21% 221’
22
22% 20% 2134 21
231’
D o p re f____________
4934 5,705
48
49%
48
52%
49
50
48
49%
ake E rie & W e s te rn ___
200
*12
12
12
*12
15
11% 11%
15
15
D o p r e f ____________
100
*30
45
41
*30
40
40
*35
45
45
L o n g I s la n d _______________
*30
50
50
50
*35
*30
50
*30
50
9234 94% 19,350 L ou is v ille & N a s h v ille ___
95% 97
100
99%
93
97
97
a n h a t ta n E le v a te d ___
8.809
108
100%
103%
105
102
108%
112
108
115
e tro p o lita n S tre e t____
100
35 * .
*20
35
30_ 30 *
35
35
8.150 M e xican C e n tra l_________
1434 14%
14% 15%
14% 1534 143g 15%
15%
M
in
n e a p o lis & S t L o u is - .
1,500
31%
31%
32
32
32
32
31% 31%
33%
D o p re f________________
*69
75
75
*69
75
*69
75
*69
75
6!r% 63
60
5,085 M in n S t P & S S M a rie ___
70
76
*63
69
67
77%
D o p r e f________________
2,340
111 111
110 IIO I4 111 111
116% 112% 116
24 25I4 22% 25%
23% 25% 29,435 M o K a n s a s & T exas______
27%
25% 26I4
D o p re f________________
3,730
54% 58%
55%
M % 56
55
58% 59%
6 Ug
20,970 M issouri P a c ific ___________
52% 54
8
52%
5538
49% 51
52% 54
ash C h a tt & S t L o u is .,
300
115 *112 118 *108 115 *108 116 *108 115
• l i a t of M ex, non-cum p f .
44%
44% *
441’ *
44% *
44% *
D o 2d p re f__________
U *’ *13% 15% *13% 15% *13% 15% *13% 15%
98% 100%
96% 10014 9812 IOOI4 135,899 N Y C e n tra l & H u d s o n ..
97% 100%
101%
N
Y
C
hic & S t L o u is ____
2,900
26
25
23
30
22
23
21
27% *22
D o 1st p re f____________
90
95 *
95 *
95 *
98“ *
D o 2d p re f____________
990
50
49
51
46
46
50 .
60
51
51
1,650 N Y N H a v e n & H a rtfo rd
134% 135% 133% 136
134 134
138 138
139
6,700 N Y O n ta rio & W e s te r n ..
28%
281’
28
28
29
29%
28
29%
3014
N o rfo lk & W e s te rn _______
60
12.550
62%
6634
58
59%
60
63%
56
67%
D o a d ju s tm e n t p r e f ..
85
*70
*65
81
*70
80
80
80
*75
119
109% 11634 108 111% 100% 11034 102 10634 186,283 N o rth e rn P a cific __________
D o subscrip re cts____
95% 98%
9214 96% 26,630
104
97 101
91% 97
a cific C oast C o__________
84
100
84
*70
*78
84
84
80
*78
*78
D o 1st p re f________
*85 100
*85 100
*85 100
100
*85 100
D o 2d p re f_______
*85 100
*85 100
*85 100
100
*85 100
117% 113% 116% 113% 11534 114 115% 114% 115% 254,461 P e n n s y lv a n ia ______________
2,180 P ltts b C in C h ic & S t L ___
52% 53
55
62
51
58
53% 531g
68
D o p re f_______________
1,000
70
70%
70
72
*80
90
69% 70
90
73
79 762,750 I ) e a d l n g _______________
83%
70% 79%
76% 801’
86%
78
-lA;
1st p r e f____________
300
*70
75
74
74
73
73
73
7/ 2 73
2d p re f____________
72
72 *
*.
76
1434 1514
1438 15% 19,255 R o c k Is la n d C o m p a n y . 1534
15
15%
14% 15%
D
o
p r e f_______________
6,650
34
36
41
40% 4214 39
34% 39%
44
S t L & S an F r, 1st p r e f ..
65
64
*55
64
*57
65
66
*58
*55
D o 2d p r e f___________
28
4,030
30%
28
28
27% 30
30% 30%
31%
St L o u is S o u th w e s te r n ..
15
*10
*11
15
*10
15
*10
15
15
D o p re f_______________
29
4,100
32
27
32% 3334
31
26% 30
35
S o u th e rn P a cific C o ____
683g
66
68%
160,015
65%
63%
67
69%
73%
71%
D o p re f-----------6,590
100 102% 100% 102
105% 106% 104 105
107
1234
12
12
12% 15,950 S o u th e rn v t r cfs stam pe d
12% 1234
11
12%
13
D
o pref
do
42%
2,900
41
41%
43
4114
37%
43%
46%
43
1914 8,200 r| 'ex as & P a c ific ________
18
19% 2034 18% 20%
21% 2134
22%
253g 253S *25
1.455 1 hird A v e n u e (N Y ) ___
26
26%
30
25% 28
35
14
400 T oledo R a ilw a y s & L ig h t
13% 14
12% 12%
* 12% 13% *11
15
1,800 Toledo S t L & W estern___
19%
*19
21
21
20
20
21%
21% 21%
D o p re f_________________
2.860
33
32
3634
35
31%
36
*33
31%
38%
6,750 T w in C ity R a p id T r a n s it.
75% 77
82
75
84%
79U
83
74% 82
n io n P a c if ic ________
117% 108% 115% 107% 110% 100 110% 104% 109% 833.490
D o pref ___________
1,590
80
80
80
80
75
80
80
80
77%

A
B

__

__

__

__

___

__

__

..

D
t

___

_ __
__
__
__
__

__

__ ____ h
__
__ __ __

i

___
___ K

L

_

M

..

.

„

___
___

__

___

___

P

__ __

..

__

___

_...

U

Range iot Year 1907
On basis oi 100-share !ol-

Ranrr -or /■
‘retwus
Year (1906).
H tohesi.

Higticxi
O c t 24
83 O c t 2i
62 O c t 25
78 O c t 24
80 O c t 24
30 O c t 24
83 F e b 10
153 O c t 23
58U O c t 17
160 O c t 18
26% O c t 25
big A u g 14
48 Sep 16
7 O c t 1*.
64 A u g iy
27 O c t 24
858 O c t 14
100% O c t 24
140 O c t 23
101% O c t 15
115 O c t 24
130 O c t 24
185 O c t 25
107 O c t 24
160 J a n 1^
3% O c t 7
< Mch27
2% A u g 17
11% M ch 14
50 O c t 24
92 Sep 20
18 O c t 26
43 O c t 25
. 3134 O c t £5
126U O c t 20
*00 O c t 23
17% O c t 24
56 O c t 25
33 O c t 15
6% O c t 17
1212 O c t 24
lb l’ O c t 231
37 O c t 23
27% O ct 24
90
108
37

Apr 4
O c t 24
O c t 25

6 O c t 25
241’ O c t 14
72 A p r 1
74 O c t 24
7714 Sep 18
118 O c t 25
4% O c t 22
15 O c t 22
12 O c t 18
30% M ch 25
70 J ' u e l l
18 M ob 14
45 M c li2i
11% O c t 25
40 O c t 11
45 J ’ly 23
92^4 O c t 25
10078 O c t 25
30 O c t 22
1438 O c t 25
31)2 O c t 23
76*2 A u g 9
60 O c t 23
110 O c t 24
22% O c t 24
54% O c t 24
48 O c t 24
168 O c t 11
44% O c t 14
15 A u g 15
9612 O c t 24
21 " O c t 25
92 O c t lo
46 O c t 24
13378 O c t 24
28 O c t 23
56 O c t 24
78 O c t 12
100% O c t 24
91% O c t 24
79*2 O c t 19
90 Sep 28
11378 O c t 22
51 O c t 23
6912 O c t 25
70*2 O c t 24
73 O c t ?2
73>4 O c t 14
I43g O c t 24
34 O c t 25
58 O c t 7
2712 O c t 24
15 O c t 16
2612 O c t 24
63% O c t 24
100 O c t 24
11 O c t 24
37% O c t 24
18 O c t 25
25 O c t 16
11% O c t 16
20 O c t 24
3112 O c t 24
7414 O c t 23
100 O c t 24
75 A u g 14

853s Ma\
7
12 t<*8 Dec
5 131% J ’ly
5 10534 May
10
91 O ct
7
71 J ’ly
83 J a n
8
4 15538 M aj
14
65% J ’ne
2 204 May
5
51% Nov
f
25% Sep
5
70 Dec
16 J ’ne
?
25
79% Sep
70 Dec
14
247g N ov
5
14 .1461’ Dec
5 *160 Dec
14
15
10 192 A pr
A ug
10
J ’ne
s
19 175 N ov
9341 A pr
21
25 D
11
3
3% I'lay
9
11% J iy
89 Dec
7
7 110 J ’ly
291, J a n
9
66% A p r
i
43 Ma>
8
2 189 May
24 43734 May
36% Ma>
7
83 O ct
10
10
79% Dec
5
16 J i y
32 A p r
4
38% M a j
5
7434 Dec
7
62% A p r
7
68 Dec
80 J ’ly
92 A p r 5
1893j J a n 2 C178 Dec
7034 Dec
85 J a n 5
811, N ov
113j O ct
14i’ J a n 17
33% J a n
47 " J a n 3
77U J a n
861’ J a n 4
114 " M c h 6
921’ N ov
94 J a n 5
164 “ May
172 J a n 3
33% J ’ne
39 J a n 23
703g J ly
75% J a n 7
28% J a n 4
24 J ’ly
48 J iy
51 J a n 7
77 O c t
80 J a n 10
22% J ’}y
3034 J a n 5
6134 J a n 8
49 J iy
28i , J a n 12
27I’ J ’ly
75 Sep
671^ A p r 26
611.1 O c t
671’ J a n 9
145% J a n 5 136% May
146 F e b 13 140 Sep
107 J a n 23 103 J ’ly
18% M ay
27% J a n L
58% Dec
59 J a n 15
90 A p r
90 J a n 24
140% J a n 3 134 Dec
168 J a n 3 1631’ A p r
29 M ay
44% M ch 1
64% A p r
72% J a n t
85% M ay
9234J a n l
147 J a n 8 133 M ay
36 A p r
593« J a n 9
I 8I4 J ’ne
27 F eb 14
13434 J a n 10 126 N ov
59 Mch
63i’ J a n 7
110 " J a n 16 111 A p r
80 M ay
9134J a n 7
189 J a n 9 1891’ Dec
433J M ay
483* J a n 5
84 Feb
9 2 i4 Ja n 5
89% A p r
901’ J a n 10
1891’ J a n 7 179% M ay
134 F e b 13
124% J a n 7 103 J a n
105 J a n
125 M ch 8 105i» J a n
141% J a n 8 1221’ J ’ly
75 May78 J a n 22
105% J a n 5 100 M ay
139‘s J a n 7 112 May
92 J a n 7
89 Sep
90 A p r
94 J a n 8
30% J a n 5
221’ J 'ly
64% J a n 5
60 " J ’ly
60 F eb
70 J a n 11
48% J a n 5
40i« J ’ly
201’ M ay
251’ J a n 7
4834 M ay
621’ Feb 15
61 M ay
96% J a n 14
118% J a n 14 116 J ’ly
31% N ov
34 J a n L
93% Dec
94i’ J a n 5
28 M ay
37% J a n 7
123 J a n 8 121 N ov
25% Dec
29 J a n 7
333., J a n f
25% J ’jy
43 J iy
547s A p r 12
1081’ J a n 7 102 Dec
183 J a n 6 138% May
911’ M av
96 M ay 2

IOSI4 J a n
101% J a n
133>«Jan
122 J a n
94% J a n
83% J a n
853| Feb
195% Jan
« 5 % Ja n
219% Jan
56 J a n
271’ J a n
6 9 “Jan
18 J a n
79 F eb
713- F e b
261- J a n
157:-> J a n
1651’ J a n
___ J a n
149 J a n
205 J a n
234 J a n
170 J a n
165 J a n
•'■■s, F eb
25 J a n
b^A pr
19% J a n
9278 J a n
l08i2J a n
38% J a n
691•>J a n
58I2 J a n
227% J a n
ilO ‘ J a n
42%J a n
83% J a n
80is J a n
1 9 l,J a n
39 J a n
44i4J a n
75%J a n
67 J a n

2
lil

1101’ S ep
106 J a n
167% J a n
1251)1 S ep
991 , J a n
94% J a n
87 F e b
2011" Dec
70% J a n
239% M a y
65% A u g
353s O c t
77U O c t
23% J a n
861’ J a n
80 J a n
39*% J a n
199% Dec
218 A u ff
240 J a il
270 M ch
198 J a n
202 J a n
18% J a n
4234 J a n
133, Feb
471’ M ch
109% J a n
118 J a n
41 O c t
731s F e b
59 D ec
23434 N o v
560 M a y
51% J a n
9 U ,J a n
102 “ F e b
227g J a n
45 J a n
50% J a n
83 J a n
763g J a n
76 J a n
94 A u g
348 F e b
85 Dec
921, J a n
23% J a n
53 A u g
9734 M a y
99% J|n ®
1841’ J ne
55% M a y
87% M a y
3434 J a n
6334 J a n
84% F e b
37% J a n
71 J a n
44% J a n
5y21, J a n
8i34 J a n
1561, J a n
162 " J a n
127 J a n
291, D ec
84% J a n
IOOI4 J a n
164 M ch
18334 J a n
43% N o v
76 N o v
10634 J a n
1491, J a n
59% Dec
30 Dec
156I4 J a n
731, A p r
1207g J a n
92 D ec
2047;; J an
57% J a n
97% O c t
96 J * n
232% F eb
142 J 'n e
106 J a n
135 M a y
147%J a n
87 J a n
109 A u g
*164 J a n
96 J a n
102 J a n
32% N o v
6934 A u g
7234 A p r
51% F e b
27% J a n
63% Sep
97% Sep
120% J 'n e
42% J a n
103 J a n
40% O c t
rl39% J a n
36 J a n
40% J a n
59% J a n
122% J a n
195% Sep
991* J a n

BANKS AND TRUST COMPANIES— BR O K ER S' QUOTATIONS.
Ask

Ask
B id
B anks.
255
O rie ntal H__ 250
160 P acific H___ 230
250
New York.
____ P a r k _______ 420
430
A e t n a .......... 200
290
P eople’s 1L- 300
220
A m erica U .. 510
158
210 iP h e n i x ____ 150
500
220
A m er l'xcfc.
____
570
175 iPlaza 11.
1200
525
B a tte ry P a rk 122
220 |Prod E x ch T 160
300
168
Bowery V . . . 310
250
250
[Riverside
11.
265
165
B ro nx Horol] 300
360
340
300 jSeaboard —
235
190
B u tc h ’s& D r 150
405 (S e c o n d ____ 700
170 .............. yj| —
C entury ___ 170
400*"
375
:19
thW
ard
H
475
(State
H____
....
160
Chase_______ 225
-—
^
:North A m erl 200
225 il 2th W a rd 1
145
C h a th a m ___ 310
--- —
| 16.
190
1
2
3d
W
a
r
d
ll.
175
190
Chels’a E x c T 200
IIS ta te b a n k s, a E x -dlvldend a n d rights. 6 New stoc*
t Ex-rights, i Less th a n 100 shares
* B id a n d asked prices: n o sales were m a d e on th is d a y .
h 1st ln s ta l’m t p a id ,
n Sold a t p riv a te sale a t th is prie>
t Sale a t S tock E x cha n ge or a t a u c tio n th is w eek, c E x beneficial Interest In ore properties.
B a nk s

B id




Ask

BanksC h e m ic a l___
Citizens' Ctrl
220 C i t y ..............
525 C oal & I r o n .
230 CoIonlalTf—
132 C o lu m b ia If.
325 C o m m e r c e ..
C o n s o lid a t’d
160 1C opper ____
185 |C o m E xch U
____ D iscou n t H.
320 I I'a st R iv e r .
F id e lity H__

Bid
390
140
T250
230
700
500
164
160
175
280
150
135
180

Ask
400
145

B id
Ask
B a nk s.
F ifth A v e il. 3700 4000
____
F i f t h _______ 340
630
F irst ............ 615
300
14 th S treet 11 225
____
F o u r t h ____ r 185
355
G a lla tin ____ 340
____ 525
G a rfie ld ___
1421’
G erm anA m U 135
____
G e rm an ExU 500
500
G e rm a n ia 1:
Greenw ich 11 275
290
H a m ilto n U. ____ ____
500
H a n o v e r ___ 480

B id
B a nk s.
Im p & T rad 500
In te rb o ro U . 155
Ir v in g N Ex 185
Jefferson Tf.. 205
L lb e r t y --L in c o ln ____ 1100
M a n h a tta n 11 290
M ark e t & F u l 255
M echanics’ . 225
M ech& T ra H 160
M e rc a n tile .. 125
Merch E x ch 175
M erchants’ . 150

Ask
520
165

iS 1

Banks.

B id
390
150
240
280
200
loC
200
1200
290

jNew York Stock Record— Concluded— Page

O c t . 26 1907.]

ST O C K S—H IG H E S T A N D U ) WEST S A L E P R IC E S .
Saturday
October 19
*14
*25
*914
15%
*G
15%
10
1212
*33

20
27
934
16
7l2
153s
10
13
38

Monday
October 21
*14
*25
*912
1512
*6
*15
*9
*1212
*33

Tuesday | Wednesday
October 22
October 23

*12%
17
*12% 17
30
24
20%
26
10
9%
9
9U
17
15% 16
15%
6%
7l2 *6
7%
18
*15
*1512 18
12
12
8
*9
14
*12
*12
14
38
30
30
*28

Thursday
October 24

15
24
9
163g
6%
18
9%
14
38

Sates

Friday
October 25

14
14
*11
22
221,
20is
8%
9%
9
15
16
15
6
6%
*6
13
15% *13
*8
10
*8
11% 12
11%
30
30
28

14
221"
9%
1534
7
15
10
12%
28

STOCKS
N E W Y O R K STOCK
EXCHANGE

Week
Shares

Range 1or Year 1907
(Axoto ur
Lowest.

100
1.650
3,050
5,565
1,200
800
600
620
1,000

U n it R y s I n ' ’t of S a n F ra n !

\\la b a s h _________________
»V
D o pref ................
W h e e lin g & L a k e E r ie ___
D o 1st p re f____
____
D o 2d p re f____________
W isc onsin C e n tr a l________
D o p re f_______________
In d u s trial& M isc ellan eou s
*150 190 *150 190
165 165
165 165
600 A d a m s E x press__________
165 165
165 165
*6
6
6%
6%
6
6
5
514 2,400 -o\-llis-Chalmers____ ____
6%
5%
514
5%
1538 15%
15
15
14% 14%
14% 14%
14% 14%
D o p re f____________
15
1,720
1678
4334 46
44% 4534 J4134 46
4312 4612 4434 47Js
44% 4714 381,150 A m a lg a m a te d C o p p e r____
13
13
10
12
10
15
13
§1314 1314
IOI4 11
13
2,520 A m e r A g r ic u ltu r a l C h e m .
* ____
______
95 * ____ 95 * . _ . _
D o p r e f_______ _ . _
95 * ____ 95 * ____ 95 * . . _ 95
934 10
10
11
11
10
10
9
9
8
9
2,050 A m e ric a n B eet S u g a r____
8%
* ____ 76 *---. 76 * ____
______
D o p r e f________
_ __
76 * ____
76 *
76
76 * ____
4
4
4
*3%
4
4
3%
3
4
1,600 A m e rica n C a n ____
3%
334 *3%
4234 4312 40% 42%
42% 42%
D o p r e f________________
40
40
40
41
37% 3914
5,000
2834 29%
2734 28%
28% 28%
25
21,710 A m e ric a n C a r & F o u n d ry
27% 28
28I4 25% 27
83
84
D o p re f_______ _____ __
83
85
79% 82
82% 86%
82
82%
4,120
83% 84
29l4 30
29I4 2934 27% 2934 26% 27
9,270 A m e ric a n C o tto n O il_ _ _
24% 27
23
25
*70
85
*70
D o p r e f. . . . ____ __
*70
85
*70
85
85
*70
85
85
*70
*182 195 *185 195
182% 182% *175 195
175 175 *175 195
200 A m e ric a n E x press________
*4
41,
4%
5
3%
3
3%
3
314
3%
314 2,450 A m e ric a n Grass T w in e ___
314
234 3
*234 3% *234 3%
* 2%
*234- 334
300 A m e rica n H id e & L e ather
334 *234 334
13
D o p r e f___
___
13
13
13
*13
16
12% 13
10
12
1,750
11
11
20
20
20
15
9
13
8% 11
9% 10% 19,230 A m e ric a n Ice S e c u r itie s ..
9
11
*7
*71" 10
10
*6
*6
10
10
6%
6%
100 A m e ric a n L in see d_______
* 6% 10
D o p re f________________
*17 " 25
*17
25
§17
*17
17
18
*16
18
1
20
*17
41% 43%
45
451"
4134 36% 39% 16,500 A m e ric a n L o c o m o t iv e ___
43
45
44I2 45
39
D o p r e f . . ___
91
95
95
91
88
88
89
91%
90
2,000
*89
91
88
4
*31"
*312 4
*31■
> 4
A m e ric a n M a lt C o rp ______
*31"
4
4
4
*3
*3
20
D o p r e f______^ ________
*17
18
18
20
*18
17% 17%
17% 17% *’ '400
17% 17%
____ *69
80
*60
*75
80
80
*70
80
60
70
050 A m e r Sm elters Sec pref B
63% 65I4 66I4 70
63
6538 69% 64% 69%
66% 70 289,310 A m e r S m e ltin g & R e fin in g
68%
D o p re f____ __
. _ __
83»4 84
8512 88I4 85% 87I4
83
86
83% 85%
83% 86
9,325
*150 175 *150 175 *150 175
150 150 *150 175 *150 175
100 A m e ric a n S n u tl___________
D o p re f________________
*75 100
*75 102
*75 102
75
75
300
*50 102
*50 102
§5%
512 534
5
5%
5%
2,310 A m e ric a n Steel F o u n d rie s
5% *5%
6
5%
518
5%
D o p re f__________ . .
281.1 2814 28
28
24% 26
27% 28
23
23%
23% 25
1,835
103% 104
10334 10534 102% 105
100 10334 97 102% 100 104% 32,636 A m e rica n S u g a r R e fin in g .
*110 112
D o p r e f . ____ __ ______
112 112
108 112 *106 112 §110 110
110 110
625
100 100 *100 101
98 100
99 100
1,020 A m e ric a n T eleph & Teleg
94
94
*94
18
70
70
64
6912 70
65
60
67%
7,130 A m e ric a n T o b a c (n e w ). pf
63
60
65
61
15
15%
15
15%
15% 15%
11
15%
15% 3,610 A m e ric a n W o o le n ________
15
15
15
D o pref . . .
*77
79
72
77
78
75% 76%
75
3,100
69% 7134 70% 73
271■
> 25% 28%
2912 2534 28
26
25% 2634 27
28% 3OI4 44,945 d A n a c o n d a C o p p e r Par% 25
*4
d
B
a to p lla s M in in g P a r $ 2 0
4%
5
4
3
4‘
414
5
4%
2,901,
4%
3%
3%
___
*85 100
L>rooLlyn U n io n G a s ____
*85 100
*84 100
*84 100
*82 100
*82 100
10
10
*7
*7
*6
*6
10
10
10
6
*6
200 JD ru n s w ic k D o c k & C I m p
6
*27% 33
27
27
§30
*20
30
33
*20
110 B u tte ric k C o __________
*20
33
33
15
1512 14% 15
14% 16%
13^4 1412
14% 15
13% 1334 4,675 / 'e n tr a l L e a th e r__________
D o p r e f___
___ __
77
78
77%
76
76%
78i4 76
77%
3,870 Vv
75
76I4 7434 76
15
1512
1512 1612
15
15%
15
153s
14% 15%
15
15% 13,325 C olorad o F u e l & I r o n ____
*17
18%
1834 *16
18l2 20
18
19
2,200 Col & H o c k C oal & i r o n . .
19
18
*15
16
85% 8512 86I4 8912 82
82% 84
87
80% 15,585 C o n so lid a te d Gas (N Y ) _ .
74
80
83
10
10
10
10%
9% 10%
834
914
8I4 3,437 C orn P ro d u c ts R e f in in g ..
8
8%
9%
D o p r e f__________
56
57
5812 59I4 *5612 63
58% 60
50
52
55
5314 3,800
43% 4434
40
43
46
43
4034 42
4412 47
421"
14,400 D istille rs' S ecurities C o rp .
40
* ____ 95
*
____
85
85 *- - 95
85 * ____
100 F ederal A lin in g & S m e lt’g
80
S5 *
D o p r e f.
_______
*54
70
58
58
57
57
57
57
1,100
57
51% 53
47
110 11012 11012 113
105 110%
S9% 105%
27,450 G eneral E le c t r ic _________
97 100% 101 105
*72
85
75
75
70
75
65
65
1,010 G r a n b y Cons M S & P ___
60
70
60
65
#45S
412
434 434 *434
512
5
*4
300 1 n t M er M a rin e s tk tr
p r e f______________
12% 1314
12
*1212 1312
12
13
*12% " l 2' ‘12"
1,400 J- D o
12% ‘13%
12 " 12
10% 11%
10% 10%
11% 1234
9% IOI4 7,090 In te r n a tio n a l P a p e r______
9% 10%
D
o
p
re
f________________
*65
67
6434
2,110
G6!2 6612 65
6678 64% 65
63
65
65
38
383g 38
40
*35% 40
600 In te r n a t io n a l P o w e r_____
*15
16
16
18
10
*15
8
5,660 In te r n a t S te am P u m p ___
18
10% 12
10
9
D o p r e f________________
*60
63
*60
63
*59
50
64
1,450
57
60
54%
55
51
53% 5412 4912 53
48
43
51
47
6,650 M a c k ay C o m p a n ie s _______
41
43
40
43
D o p re f_______ _________
54
54
53
50
53%
53
53
3,150
53%
51
50% 53%
53%
65
65
6614 68
64% 66
63% 6414 581•> 64
60
6OI4 3,000 \T a tio n a l B is c u it________
Do
p re f____________
•■10612 1071" * 100% 112 ♦
112 *
112
100 ^
103 103 * ____ 112
*8
834 ' 8%
884
834
8
914
884
9
1,675 N a t E n a m e i’g & S ta m p ’g
*8
834
8
D o p r e f____________
*70
82
*72
82
*70
*72
82
82
82
82
*70
*7)
37% 3712 38% 4134 37
36
3734 35
40%
14~,420 N a tio n a l L e a d ___ _________
3834 35
37
D o p re f____________ __
90
§89
*88
89
85
80
86
82%
80
80
80
2,875
81
6%
61"
0%
6
7
6%
6I4
634 684 2,200 N ew house M & S_.Par$10
63j
634
6%
9034 85
91
88
84% 85
70
70
78%
60% 70
65
7,662 N ew Y o rk A ir B r a k e ____
5034 53
50
53
48% 50
43% 48
4,540 N o rth A m e ric a n C o. new
44% 46
44
45
20
2034 20
21
21
21
§21
21
20
20
1,750 p a c i f i c M a i l ________ . . .
20
20
1 eo ple’s Gas-L & C (C hic)
7934
79% 8012 75
74
79% 79%
75%
75
721» 75121,350
73
* 71o 9
834 9%
9
8
8
*7U
800 P itt s b u r g h C oal Co ______
8%
*812
8%
8%
D o p r e f________________
42
46
39
41
4414 46
383s 40
3,300
451S 46%
38% 39
16% 19U
16% 17%
1634 1714
18
18
1912 19%
9,705 Pressed Steel C a r__________
16% 1734
D o p r e f________________
69
70
67
69
70
68% 69%
69
68
69
1,646
69
§67
51-15 145
146 150 §150 150
148 148
139 140
1,561 P u llm a n C o m p a n y _______
137 143
24
27
24
28
27%
4,200 I » a i l w a y Steel S p r in g ___
25
23%
21% 24%
23
2712 28
-LV; D o p r e f____________
75
75
76
76 *
78 * ____
75 * ___ 7-5 *
75
15^4 1612
15% 16%
12
14114% 16
15
13
8,525 R e p u b lic Ir o n & S te el____
13%
13
D o p r e f________________
63
52
63l2 62l2 6334 59
62%
54
58
13,755
50% 55%
53
32% 34
33% 35
4,900 O loss-S heffield S te e l& lr n
3312 3312 34
34
29
26
31
32%
____
_
*3
D o p re f______________
*83
90
90
*80
90
90
*80
*80
*135 145
134 135 *134 140
’ 600 T enn C oa l, Iro n & R R ___
135' 135 ” 135 135
(iTennessee
C oppe r P a r$ 2 5
19% 19%
1,200
*1714 20
*17
20
19% 19U
19
*17* *19’
19
*55
68
55
600 Texas P a cific L a n d T r u s t.
55
*55
55
55
55
65
*45
45
55
____ _
6
*414
200 | I n io n B a g & P a p e r ____
4%
4%
4
4
____
D o p r e f____________
50
50
1,300 ' J
49% 50
48
49%
47% 48
49% 5 0 ’
7,170 U S C ast I P ip e & F o u n d r
2012 2*1 *
17
18%
17% 20%
203s 20%
17
19
17% 18%
D o p r e l___________ _____
64i2 65
651*
3,455
65
49% 55
50
50
65
65
52
55
*85
180 U n ite d S tates E x press___
*82
U2
92
80% §85
*70
90
§80
80
*83
92
x40
40
1,900 U S R e a lty & Im p r o v e m ’t
40
44
41
41
38
38% *31
*31
37% 37%
200:
U S R e d u c tio n & R e fin in g
*5
9
9
9
10
*5
9
*5
*5
7
1
.1
*5%
7%
D o p r e f____
________
25
1,200
26
25
§22% 22%
20
*23
20
25
27
23% 23%
3,700 U n ite d S tates R u b b e r ___
19i2 20t2
18%
18
18
19
19
19
17
16
17
17lj
D o 1st p r e f____________
76i2 79
4,289
76
77% 77%
7234
74
74
72% 73%
75
68
50
D o 2d p r e f____________
310
49% 491■
> *45
43
51
*45
51
§43
48l2 4812 50
24%
22
23%
22
24
23% 243g 523,655 U n ite d S tate s S te e l______
21% 23
22% 2234 23
D o p r e f____________ _ .
81% 8414 81% 83%
82% 857jj
813S 83%
82
81% 8234
83% 221,462
2,770 (JU tah C o p p e r___P a r $10
13
14%
15U
15
15
13% 15
15
13% 13%
1534 16
4,100 V irg ln ia - C aro lln a C h e m . .
18
*16
14% 15
15
14% 1434
14
~ih~ Ye”
D o p r e f____ _____ ______
86
85
1,100
85
*86
83
86
84
81
93
79% 82
81
40
32
1,460 V ir g in ia Ir o n C oal & Coke
§40% 40%
371- 37%
40U 4012 40
32
31
35
______ \V/ells F argo & C o _____
►225 300 *225 300 *220 300 *220 300 *220 300 *220 300
estern U n io n T eleg . _
67
66
6534
68
1,820
67
67
6618 67
661- 65
66
67
72
98
109 110
34% 66
41,835 W e s tin g h ’se E l& M fg assen
46
43
10212 106
39
49
►____ 160 * ____ 160
1 D o ls t n r e f ____________

1067

2

14 O c t
20% O c t
81s O c t
15 O c t
6 O ct
13 O c t
8 Oct
11% O c t
28 O c t

Range tor Previous
Year (1906)

Highest.
24
25
9
24
24
24
23
24
25

Lowest.

62 J a n 7
7118 J a n 7
181"J a n 6
381" J a n 7
1634 J a n 7
3734 J a n 5
2134 J a n 10
25% J a n 12
5 i% J a n 7

§150 A u g 1< 330 J ’n e 20
4 A u g le
16% J a n f
433, J a n 3
14% O c t 24
a-4134 O c t 24 121% J a n 6
10 O c t 22
253s J a n 8
82% A ug 30
95 F e b 20
8 O c t 24
231" J a n 7
75 M ch 5
80 J a n 21
3 O c t 24
710 A p r u
601" A p r 10
377s O c t 25
4514 J a n 14
25 O c t 24
79% O c t 23 103 J a n 12
23 O c t 25
361" J ’ly 27
82 O c t 3
90 “ J a n 21,
175 O c t 24 247 J a n 5
8% J a n i i
3 O c t 22
234 O c t 22
6% J a n 16
10 O c t 24
301, J a n 7
8% O c t 23
88‘ Jan 2
638 O c t 24
19% J a n 10
17 A u g 26
36 J a n ;
36% O c t 25
7534 Feb 15
88 O c t 22 1111, J a n 21
2% J 'n e lO
§71; A p r 2
17% O c t 16
40 F e b 21
93% J a n 7
60 O c t 24
61% O c t 18 z l 55 J a n 7
8134 O c t 18 117s8 J a n 7
160 O c t 23 205 J a n 18
75 O c t 23 102 J ’ue 7
5 O c t 23
103,) J a n 6
471, J a n 7
23 O c t 25
97 O c t 24 137% Feb 13
108 O c t 22 131 J a n 2
94 O c t 24 133 J a n 4
983,, J a n 5
60 O c t 23
11 O c t 22
36% J a n 7
69% O c t 24 102?8 J a n &
$25% O c t 18 30234 F e b 16
$3 O c t 23
¥9% M ay 13
99% Sep 26 125 M a y 1
I 41, J a n 4
6 O c t 24
49% J a n 3
27 O c t 21
1338 O c t 12
40 F e b 15
73 O c t 14 102 F e b «
14% O c t 24
57% J a n 8
16 O c t 24
2838 A p r 5
74 O c t 25 140% M ch 1
2434 J a n 22
8 O c t 24
50 O c t 25
88 J a n 28
40 O b t 23
78 F e b 13
82% O c t 10 163 J a n 16
97 J a n 14
47 O c t 24
89% O c t 23 I 63 J a n 22
60 O c t 24 152 F e b 13
4% O c t 9
7% M a y 2
11% O c t 9
24 A p r 25
9% O c t 24
18% J a n 7
63 O c t 25
81 F e b 11
5034 J a n 15
38 O c t 11
41 J a n 7
8 O c t 23
50 O c t 23
81 J a n 14
40 O c t 24
75% J a n 24
50 O c t 23
71 J a n 24
58% O c t 24
86% J a n 15
103 O c t 24 11738 M ch 5
153s J a n 5
8 O c t 18
§78 O c t 10
87 F e b 15
35 O c t its
76% J a n 7
80 O c t 23 103 J a n 5
*584 O c t 17 $203,, A p r 18
60% O c t 24 141% J a n 7
8934 J a n 4
43% O c t 23
20 O c t 22
41i 2J a n 5
721-O c t 24
98% J a a 4
16% J a n 15
734 A u g 19
60% J a n 4
3S% O c t 24
161-O c t 22
57 J a n 10
67 O c t 23
99% J a n 24
137 O c t 24 181% J a n 8
21% O c t 24
571, J a n 10
75 O c t 18
991" Feb 15
41 J a n 7
12 O c t 23
50% O c t 24 , 100 J a n 7
7734 J a n 7
26 O c t 24
83 O c t 18 107 J a n 11
130 M ch 26 162 J a n 4
$17 O c t 25 S531, M ch ]
45 O c t 24
85 J a n 17
8is J a n 15
4 O c t 24
47% O c t 25
61 J a n 7
491" J a n 5
17 O c t 23
89 “ J a il 15
49% O c t 23
§80 O c t 25 §117 J a n y
901" J a n 4
37% O c t 25
30% J a n 28
7% O c t 25
68 J a n 7
20 O c t 25
16 O c t 25
52% Feb 16
68 O c t 25 109% J a n 7
78% J a n 7
48% O c t 19
50% J a n 7
21% O c t 23
81% O c t 18 10734 J a n 7
$13 O c t 22 S39i"M ch 4
3988 J a n 7
14 O c t 25
7 9% O c t 24 108 J a n 9
97 J a n 22
31 O c t 24
250 M ay 7 300 J ’ne 3
85 J a n 10
65 O c t 18
34% O c t 23 154 J a n 2
§145 A nr 261 §160 May23

50 A pr
55 A pr
18 Dec
361, Dec
16 “ A p r
36 May
21% O ct
23 M ay
44 J ’ly

1 H 1 gnest.
98 J a n
93% J a n
26% J a n
53% Feb
2184 Feb
481" Feb
291, Feb
33 J a n
64 J a n

§240 J ’ne §300 A u g
273£ J a n
16 J ’ly
40 Sep
67 J a n
923S j ’ly
118% Feb
20 J ’ly
34% J a n
90 Dec
102 J a n
20% May
35 J a n
89%
Jan
82% O c t
”471, J a n
*3234 J ’ly
981" J ’ly
105 " J a n
28 M a j
44% J a n
90 D ec
95 J a n
215 A p r 272 A u g
1134 J a n
7% May
5% N o v
10 ’ J a n
24 “ N ov
43 J a n
35I4 J a n
94% Sep
1634 Dec
29% J a n
35 D ec
53% J a n
781" J a n
5334 May
120% J a n
1081" Dec
“ ____
____
..
" 9 2 % Dec "16134 J a n
1381" Alay 174 J a n
130 J a n
112 Dec
200 J ’iy 220 J a n
100 Dec
107 J a n
15% J a n
934 N ov
53% J a n
40 Alay
127% May 157 J a n
1281" Dec
140 J a n
130 J ’ly l 445o J a n
109 J a n
96 J ’ly
48 J a n
28 N ov
l ] 03g J a n
101 J ’ly
223% M ay 300 F eb
____
1051" N ov 178 J a n
2134 A p r
13% J ’ly
40 A p r
70 M a y
3334 Dec
49% J a n
107% J a n
9834 Dec
83% J a n
40% M ay
30% N o v
17 M ay
18134 J a n
130% A pr
28 A p r
18% J ’ly
741, Alay
8534 A p r
5 1 “ Jan
74% Sep
138 J a n
199 J a n
112% J a n
91 J ’ly
184 O c t
*156 Dec
____
____
" l 6% Sep
80 Dec48 Sep
28 J a n
7a J a n
____
____
62 M ay
113% J a n
12 May
82 Sep
66 Alay
100% J ’ne
____
’ 133 J ’ly
871, Nov
2834 J ’ne
88 J ’ly
1314 M ay
5 0 , J ’ly
43 Alay
95 Ala>
180 Dec
44 Alay
9734 J ’ly
2214 M ay
91 M ay
68% J ’ly
104% O ct
129 J a n
____
60 May
5% Sep
52 O ct
431, M ay
83% Dec
109 M ay
75 A ug
24 Mch
60 M ch
38 J ’ly
r 10434 J ’ly
75 M ay
32% J ’ly
9884 J ’ly

___ _
" 26% J a n
90 J a n
r 95 J a n
60 M a y
92 M a y
____
" 79I0 Dec
1181" O c t
18U J a n
88% M ch
958^ J a n
106% J a n
'l e i k i J a n
107 J a n
511, J a n
103 " J a n
18% N o v
62% J a n
64% J a n
105 F eb
270 N o v
6234 J a n
107 J a n
4134 Dec
HOI" J a n
971, J a n
113 “ A p r
{166 N o v
____ ____
88 O c t
15%J a n
84 J a n
53 J a n
96% J a n
138% J a n
941, J a n
40% J ’ne
84 J ’ne
591" O c t
*115 J a n
xH7h ^
5OI4 O c t
113%J a n

58 J a n
31 J ’ly
l o i J ’ly 117% J a n
93 D ec
38 May
233 Alch 305 O c t
94% J a n
z 8334 Dec
148 A ug 176 J a n
162 N ov 1 1K8 J a n

BANKS AND TRUST COMPANIES— B A N K ER S’ QUOTATIONS
B anks.
U n io n Exc U
U S E x ch H.
W a s h l i ’htsli
W es t S ld e ll.
Y o rk v ille 11-

B id
210
230
600
400

Ask
220

B anks.
Brooklyn.

1F i r s t _______
425 |Hoine B ’nk"
M a n ufa ctrs’
jM echanlcs’ *
jM ontank____
iN a s s a u ____
N at C ity ...
N orth Side T
____ ProspectPk*
(T erm inal. .1

B id

B id
Ask
T rust C os.’
I N Y C ity .
t300
j A s t o r ..........
400
420
B ow l'g G r ’n 400
270
155
B roadw ayT r 145
____ C a r n e g ie ___
____ 190
310 C entral T r’st 165.) 1 '60
____ C o lu m b ia . . 200
207
2/0
210
C om m ercial 200
310
125
C o m m o n w ’h 100
370
E m p ir e ____ 34 5
403
K qu ltable T r 375
155
Farm Lo& T 1180 1200

Ask

Bid
T rust C o’s.
Fidelity_____ f 20 5
F ifth A v T r. 400
275
iG u a rn n tv Tr 475
iG u ard ian Tr 210
H u d s o n ___
85
; K nlcU ’b ’ker
i Law V I & T r. 230
L inco ln T r . . 305
M anilaL tan .
M e rc a n tile .. 825
M etropolitan 550
; M orton Tr'st 650

Ask
Bid
115
195
180
97 j 1000
500 iN cu Y o rk 11 tiO 1 (.30
400
220 Stanu;.i'iJ T;
415
95 T itle (J u & jl' i 400
____
___J Tr Co of A m
250
U n ion T iu ^t 12.50’ 1300
US Mt^ocTr 410
425
315
430
U n it S ta te s. 1125 1175
875 1V a n .V d e n 'i 1 340
____
575 1W ashing ton 400
700 W n ' V ^ r . . . 185
200
As!: j 1ru st Co’ s
M u t u a l ____
500 j i l u t A li.'n c i

[ T rust C o’s.
1 Brooklyn.
B rook lyn Ti
iO itiz e n s '___
F la tb u sh . .
F r a n k lin ___
iL a m ilto n . .
i o m e _____
J e m a ils ____
K ings C o ___
L Isl L& 1
N a s s a u ___
P eople’s ___
K v ilila m s b ’*r

Bui

Ask

390
130
250
____
300

410
140
275
290
320
160

225
400
2:0
160
-jCO
475
B rooklyn.
240
290
310
300
230
260
330
B orou gh 1T-- ____
____ 325
B roa dw a y U . 450
160
....
--340
* Hid a n d asked prices; no sales on th is d a y . {L e s- it.ian 101) shares, t i x - r l j a t j . ONew stock. c E x - dlv id en J a •; •t rights. e /\ ow quoted doi!a rsp ersh are.
‘ Sale a t S tock E x chan ge or a t a u c tio n ta is week. sTru3t Co. c e r ti.ic a tw . n' Liaaks :n a .% e i '.vlt'i .1 p a r a T a i .i if: > are S ta te banks.




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
O C C U P Y IN tJ

BOND?*

Jhrice
F r id a v
Oct 25

N . Y . STOCK E X C H A N G E
W e e k E n d in g O ct 25
Li. !S * » o v e r n m e n l
V 8 2b consol re g iste re d .d \930
XT S 2s consol coupon ___ til9 3 o
U 8 3s re g is te re d ______ .A:191>U S 3s co u p o n ................... fciaii?
XJ S 3s reg sm a ll b o n d s ..M 9 1 8
U 8 3s cou sm a ll bonds..K1918
U S 4s re giste red....... .....1 9 2 5
U 8 4S c o u p o n ..................... 1925
U S P a n C un 10-30 y r 2s.fcl93<
P h ilip p in e isla n d s 4s. 1914-34
P u b w k s a n d im p re ? 4s 1935
P u b w k s a n d im p r e g ... 19345
H orpisni (G o v e rnm e n t
I m p e r ia l Ja p a n e s e G o v e rn m ’t
ioan 4 4 s ctfa fu ll pd.1925
2d series 4 4 s ctfs fu ll paid.
& loan 4s ctfs fu ll p a id ..1931
R e p u b of C u b a os exten d e b t..
U M ol M exico s f g 5s of 1S99
G o ld 4s of 1904................ 1954
S t a t e a n d C ity S e c u r itie s
A la u a m a c u rr fu n d 4 s ___ 192(1
D is t of C o lu m b ia 3-65s___ 1924
L o u is ia n a new consol 4 s ..1914
N Y C ity —T em porary receipts
for 4 ‘-2 Corp S to c k ........ 1957
for 4 4 % assessm t b o n d s .. ’17
£)o rtli C a rolin a consol 43.1910
6a......................................... 1919
So C a ro lin a 4 4 s 20-40....... 1933
T en n new settlem en t 3 s ..1913
V ir g in ia tu n a debt 2 - 3 s ...l9 9 l
6s deferred B ro w n B ros ctfs.

Q-J
y-J
<i-E
Q-F
Q-F
y-F
Q- f
0-F
Q N
W F
Q-S
Q-F

F-A
J- J
J- J
M-S
Q-J
J-D
tT

B id
A sh.
1044105 4
104 4 1 0 5 4
1 0 lB4 102 4
102 4 103

Week's
R ange of
Lart Sale

F O I 'K

Jiange
bince
So
-»!* J a n u a r y 1

H ig h Ao //OW Hxnh C e n t of G a R R —( V on )
4 104 4 1055,.
3tl pref incom e g os stam ped.
105
l o 104 4 106 4
105
C lla tt l>iv pur xnon n 4s 1951
10 t"2
102
M ac <fe N or D iv 1st g 5s 1946
102a4
O c t ’(>7
102 104
M id u a & A t l D iv 5 s ... 1947
_____
J ’ne’OV
M obile D iv 1st g os___ 1946
.........
O ct ’Oo
Jeu R K & H a ! (ia col g 5s 19*7
20 1194 130s4 C en t ot N J ge n ’l gold 5s. 1987
120
O ct ’07
R e g is te re d ................../il98<
124j4 ISo'V
O ct ’06
A m D ock & Im p gu 5s. 1921
......
__. . .
M ay’06
Le & H u d R gen g u g 5s 1920
___
Leh & W ilk s B Coal 5s. 1912
C.nn ftv T s n a r i 'a S ___ £/1910
N Y & Ix ju g B r gen g 4s 1941
C ent P acific bee So Pacific Co
C e n tV e rm o n t 1st g u 94s.el920
8334
83->t 521 8334 9 4 ^ Chaa tic s a v bee A t l Coast L in e
84
87 S 120 M
92 7p d i e s <fe O hio g 6a ser A . . / i 1908
7 6 7s
7 9 7s 98 7 5 4 *5
G o ld 6s.............................ol9 11
99
101
6t 98*4 10334
1st consol g 5a____ 1 ....... 1939
99
9 6 4 O ct ’07 . .. 96
R e gistered................... 1939
92 O ct ’07
9 1 4 95
G eneral gold 4 4 s ........... 1992
ices 0 it the I ami of $5 to a .
R egistered................... 1992
C raig V alle y 1st g 5 s ... 1940
111 M a r ’02
R & A D iv 1st con g 4s. 1989
117 4 J ’n e ’Otf
2d consol g 4 s.............. 1989
W a rm Si»r V a l 1st, fir 5s. 1941
105 4 D e c ’04
G re e nb rie r R y l s t g u g l s ’40
103
1 0 5 4 433 10278 10734 C lue & A lt R R ref g 3 a ... 1940
102
103 -453 101 1o 3
KaiLw ay 1st lien 3 4 s .. 1950
100 4 I 004
100 4 A p r ’07
R egistered............ ...... 1950
126 M a r ’07
126 126
C hic B u rl cfc O — D euv D 4s 1922
......... .........
120
Illin o is u i v 3 4 s ............ ,1949
9 2 4 O ct ’07 ___ 9 1 4 96
R eg iste re d ..................... 1949
1(34 9634
1949
93 4 M ay’07
23
23
25 20
Io w a D iv s in k fu n d 5s. 1919
304
S in k in g fu n d 4s............ 1919
N e b ra sk a E x ten sion 4s 1927
Registered..-................. 1927
S outhw estern D i v 4 a ... 1921
J o in t bonds bee G re a t N o rth
D e b e n ture 5s................... 1913
H a n & S t J o s consol 6s.. 1911
84
84
1 8 1 4 91
C lue & E 111 ref & im p g 4s 1955
92
95
150 92 102 4
1st s f c ur 6s................... 1907
94 O ct ’07
9334 10134
1st consol g '6 s................. 1934
87 4 O ct ’07 . . . . 86
924
G e neral consol 1st 5s___ 1937
86 A p r ’07
86
86
R e gistered..................... 1937
77
82 <1 ’ 42 77
92 4
C hic & In u C R y 1st 5s. 1936
81
90 417 81 1084 C hicago & E rie See E rie
99 5g 101 ^ 167 97 102
Clue I n & Lo u is v ref 6 s ... 1947
101 J ’l y ’07 ___ 99 101
R e fu n d in g gold 5 s......... 1947
98=8 M ay’07
L o u is v N A <fe Ch 1st 6s 1910
9 8 5s 98 *b
96 F e b ’07 ___ 96
96
C hic M il & S t P te rm g 5a 1914
9 8 4 N ov'04
G e n era l g 4s series A ..« 1 9 8 9
94 N 0V O 6
R egistered................... el989
93 M ay’07 ___ 91
93
G e n era l g 3 4 s series B .e l9 8 9
C hic & L S u D iv g 5s___ 1921
844
87
43 8 4 4 9 S T8
C hic <fc M o R iv D iv 5 s ... 1926
C hic & P ac D iv 6 s . . . . . . . 1910
1327g J a n ’06
C hic & P W 1st g 5 s .... 1921
112®8 J a n ’04
D a k & G t So g 5s
1916
......... .........
114°8 N ov ’()5
1924
F a r & S o u assu g 6s
_
99 4 M a r’06 ___
H a s t <fc D D iv 1st 7s....... 1910
......
79
79
1910
3 78 4 89 4
94 J ’l y ’07 . . . . 94
94
I & D E x te n 1st 7s......... 1908
LaC rosse & D 1st 5s___ 1919
M in e r a l P o in t D iv 5 s ... 1910
88
90H 53 88
So M in n D iv 1st 6s....... 1910
934
88 7s O ct ’07 . .. 8 8 7a 92 4
S o uth w e st D iv 1st 6 s ... 1909
95
96*4 131 95 IOC, =4
W is & M in n D iv g o s . .. 1921
5 94 1 0 1 4
95 7s
9 5 78
M il <fc N o 1st M L 6 s ... 1910
120 O ct ’01
1st consol 6s................ 1913
84 O c t ’07
90
C hic & N o r th w cons 7s___ 1915
84
85
Stf *1*3 85
96
E x te n s io n 4 s.........1886-1926
84
80 ^ 37 84
9034
R e g iste re d ...........1886-1926
89 O ct ’ 06 . . . . ......... .........
G e n era l gold 3 4 s ........... 1987
1057s E e b ’07 .... 10578 105 7g
R e g is te r e d ..................* 1987
S ink in g- fun d 6a
1X7H 1929
109 A p r ’05
i0 9 34 J ’ne’07
R e gistered...........1879-1929
10934 113*8
116 M ay’06
S in k in g lu n d 5 a .;. 1879-1929
1 1 3 4 N o v ’06
R egistered_____ 1879-1929
1 19 4 M a r’04
D e b e n tu re 5 s . . . . . . . . . . . 1909
88 >4 O ct ’07
R e gistered................... 1909
8 8 4 94
100 N o v ’04
D e b e n tu re 5 s . . . . . . . . . . . 1921
R e g iste re d................... 1921
S in k in g fu n d deb 5 s .... 1933
R eg iste re d................... 1933
N o r th I llin o is 1st 5 s ... 1910
O tt C F & S t P a u l 1st 5s 1909
W in o n a & S t P e t 2d 7s. 1907
3 4. M ay’07
M il L S & W est 1st g 6s 1921
112 1 1 8 4
11E x t & I m p s fu n d g 5s 1929
102 1 0 3 4
103 4 F e b ’07
A s h la n d D iv 1st g 6s. 1925
103 A p r ’97
124 A p r ’06
M ic h D iv 1st g 6s........ 1924
In c o m e s ....................... 1911
118 J ’n e’07
118 1 2 3 4
C hic R o c k Is ! & Pac 6 s .. 1917
R e g istered ................... 1917
9 2 x4 A u g ’07 . ... 8934 96®g
G e n e ra l gold 4s.............. 1988
R e g iste re d ................... 1988
101 9 9 4 1 0 2 4
9 9 4 101
R e fu n d in g g 4 s ............ 1934
6 99 105 4
100^4 10034
C oll t r u s t S e n e s H 48 .. 1910
10034 M »} ’07 . . . . 10034 10034
J 4 s............................... 1912
1915
1916
O 4 s................................ 1917
1918
C h ic R I <fc P ac R R 4 s.. 2002
116 116
116 M a r’07
R e g is t e r e d .................. 2002
9 3 4 102 '*36 9 8 4 1 1 1
C oll tr u s t gold 58....... 1913
.....
113 A p r 'l
60
B u r Ced R <fc N o r th e rn
60 O ct ’07
90
Con 1st & col tr g 5 s.. 1934
86
88 May’07
90
R eg iste re d ...........
70 J ’ne’07
70
76
1934
C R I F & N W 1st g u os.1921
6 6 4 A u g ’c)7
6 6 4 7434
SI & S t L 1st g u g 7s. 1927
50
65
50 J ’l y ’07

Low
105
105
102
102 4
107
102 4 " I . . ' 104 4
119 123
1194
122 124
i.24:lj
105 106
! 05 4
108 4 ......... 111

j
4
i
j

84 Sale
84 4 bale
77 Sale
99 4 bai*;
......... 97
......... 93
hese a re p r

J- J
E-A
J- J
M-N 104 4 Sale
iv.-N 103 bale
J -J
A-O
J-J
J- J
J- J

R a il r o a d
So R y
A lala bbaamMaidCle nbeet Abeet Coast
L in e

A lb a n y & Suso bee D el <& H u g
A lle g h e n y Vra lle y See P e n n R R
A lle g & W est bee B utt R & P
S I ........
A n n A rb o r 1st g 4s......... A1995 Q-J
92 Sale
A tc h T & 8 Fe— G en g 4 s. 1995 A-O
R eg iste re d .........................1995 A-O
y 3 7s .......
A d ju s tm e n t g 4 s ...........ft.1995! Nov
R e g is te r e d ..................?tl995i Nov
78 Sale
S ta m p e d .......................A1996 M-N
C o n v g 4a.......................... 1955 J-Dl 84 Sate
9 9 cs Sale
10-year conv g 5 s .........1if 17 J-D
D e b e u lu re s 4s S e rie s E . 1908 F-A
se ries G ..........................1909: F-A
Series H .........................1910 F-A
Series 1.......................... 1911 F-A
Series K ............. ........... 1913 F-A
E a s t O k la D iv 1st g 4 s ..1928 Wl S
A t l K n o x <fc N bee L <fc N
80 Sale
A tla n tic C oast 1st g4 s.A 19 5 2 M-S
C harle s <fe S av 1st g 7 s ..1936 J-J
8a v F <fc W 1st gold 6 s ..1934 A-O
1st gold os..................... 1934 A-O
A la M id 1st g u gold os ..1 9 2 s M-N
B ru n s & W 1st g u g 4s .. 1938 J- J
L * N coll g 4 s .............. 01952 M-N
S il Sp O c aifc G g u g 4 s ..1 9 1 8 J - J
A t l a n t i c * D un v bee S o uth Ry
A u s tin & N VV bee Sou Pacif.11
8 8 4 Sale
a i t * O l n o p r i o r lg 3 48.1925 J- J
R e gistered................ /t 1925 Q-J * ......... 88
. . . . 96
G o ld 4 s ............................>11948 A-O
R e g is te r e d ..................A 194b y-J
P itt s J uno 1st gold 6 s ...1922 j -J
P Jun < fc M D iv I s t g 3 4 s l9 2 5 .M-N * 83 4 ........
8a Sale
P L E * W V a S y s r e f 4sl941 M-N
S o u tliw U iv 1st g 3 4 s . . . 1925 J- J ......... 86
R e g is te r e d ................../il9 2 5
M o n o n U iv 1st g u g 5 s ..1919
C en O h io R 1st c g 4 4 a . .l9 3 i i M S
Cl Lor
W con 1st g os 1933 A-O * 1 0 7 14 .
O h io R iv e r R R 1st g 5s. 1936 J-D
(general gold 5s............ 1937 A-O
P itts C lev ifc T ol 1st g 6s 1922 A-O
P i t t s * W est 1st g 4 s ...1917 J - J
S ta t I s i R y 1st g u g 4 4 s 1943 J-D
B a i Creek <\
c s bee M ic h C ent
Beecli Creek bee N Y C & H
B elle v & C ar bee Illin o is Cent
B k ly u & M o n ta u k bee D on g I
B r u n s & W est bee A t l Coast L
B uffalo N Y <& E rie bee E rie
B uffalo R & P gen g 5 s ...1937 M-S *103
A ll & W es t 1st g 4s g u .,1 9 9 8 A-O
C l & M a li 1st g u g 5s___ 1943 J - J
R o c h <fc P itt s 1st g 6s. ..1921 F-A * 1 1 4 4 .......
......... 120
Consol 1st g 6s.............1922 J- 0
B u ffalo & S o u th w e st bee E rie
Butt & Susq 1st ref g 4 s.dl9 51 J - J ......... 91
B u r C R & X bee C R I <fc P
9 9 »a Sale
ian a d a S o u th 1st 5a........1908 J- J
-<2d 6s ................ ................1913 M-S ......... 101 4
R e g is t e r e d ................. 1913 M-S
C a rb & S h a w n bee 111 C ent
C a ro lin a C en t bee Seab A ir L
C a rth ag e & A d bee N Y C & H
Ced R I a F & N
bee B C R<& N
C en B ra n c n R y bee M o P ac
■Cent of G a R R 1st g 5 s..jj1 94 5 F-A
Consol g old 5s..................1945 M-N
102*4
R e g istered ..................... 1945 M-N
1 st pref incom e g 5s___ p l9 4 5 Oct
: "75
S ta m p e d ............................
65
2a prei incom e g 5 s ....jjl9 4 5 O ct
S ta m p e d ............................
60
3a prei incom e e os___ p l9 4 5

B

n

C

.

iV ll.s C E D l.A N E O U S
S tr e e t li a iH v a y
B ro o k ly n R a p T r g 5s........1945
1st re fun d conv >r 4 s___ 2002
B k C ity 1st con 5 s .1916.1941
B k V Co & 8 con g u g 5 s .1941
B k ly u Un E l 1st g 4-5S.1950
S tam ped i:u ar 4-5s___ 1950
K in g s Co E l 1st g 4s___ 1949
S ta m p e d g u a r 4 s .........1949
N a ssa u E lec gu g 4 s ___ 1951
C o n n Ry<& L lsldfc ref g 4 4 s ’51
S ta m p e d g ua r 4 4 s ........ 1951
D e n (Jon T r Co 1st g 5 s ...l9 3 :>
D e t U n ite d 1st con g 4 4s. 3V
H a v .u ia Klee consol g 5s. 1952
In te r- M e t coll 4 4 s ............ 1956
I n t e r n a l T rac coll tr 4 8 ..1 9 4 J
lio u m Kv Co 1st con g 5 s..1 9 3 u
M a n ila Eleo 1st & coll 5s. 1953

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

9 5 4 90
67 Sale
101
95 7s Sale
984
7934

* 9734.
82
50 4 Salt-

*J (o pric e F rid a y ; la te st price th is week.




BONDS
N. Y STOCK E X C H A N G E
W e e k ENnnrn O ct 25

9 5 4 O ct ’07
66
73
9 9 78 1 0 0 4
95V
9 5 7s
98 O ct ’07
98 Sep ’07
87 E e b ’07
79 34
80
8,' Sep ’07
9 8 4 M av’07
974
97 4
95 J ’n e’OO
»5 A u g ’07
<>04 J ’neV 7
5o4
58
69 4 J ’ly ’07
109 M a r’98
98 M ay’06

a D u eJan

d D ue A pr

SYice

h’riiia y
Oct 25
a tu
Asti
......... 42 S
j'i'i
j -j ' 98 ' i ’04 ’
.........106
j -j
106 .........
j -j
VI- N
J- J i'lS i” Sale "
y-J 1 17 .........
105 4 _____
j -j
j -j
:.[-N
98
Q-M
M-S

'lOov.....

Week's
Kanue or
L a s ' sal-t
Low
H iq
V, Aug'O?
93 J ’n e ’OO
115 4 D e c ’oi
115 N ov’O.’
115 4 A un’Oi
95 O ct ’0;
119
M 9 lj
1177g Oct ’07
lu 7 A n g ’07

88

Q-F

b’ange
bince
la n 'ia r y 1
Low
45

66

a5 10 8
111* 126 4
1 l 7 sg 126
,0 6 ', 1 1 1

A u g ’o
t'S

9>34 100 4
9 /4 10 1

M ay’O"

85

89 7»

100
A-O
A-O 102 103 4
M-N i.08 Sale
M-N
93 4 Sale
M-S
M-S
J- J
J -J ......... 95
J- J
M-S
.........
M-N
A-O *69*'
J- J ......... 60
J- J
F-A * 9 6 ^
J- J ......... 83
J- J
" 9 7 " ’ *98“
J- J
A-O * 1 0 3 4 .........
. . . . 98 Vi
A-O
.... luo
VI-N
M-N
M-S

9934 O ct ’O’
102 O ct ’07
108
109
116 J ’n e’OO
93 4
96
104 M ay’Ob
112 F e b ’od
92 4
93 -j
90 J ’n e ’u?
1134 i<eU’0a
y;ia4 F e b ’oti
76 J ’l y ’Oi
58
60
«il 4 M ay’05
9056 O ct ’0 ,(
88\ O ct ’07
90 Sep ’Ou
97 4
98
106 M ay’OT
9&34 O ct ’“
98 4 O ct ’ 0
101 4 D e c ’06
90 O ct ’07

99 4 105
102 107
.0 8 116

M-N * 1 0 0 4 .....
M-S .........103
J - J ......... 92
J-D * 1 0 1 4 .......
. . . . 122
A-O
— .1 0 7
M-N
M-N
J-J

100
liio 4
92
102
126
108
1 18 4
106

99 104
Io 5 4 l 0 9
92
92
1 00 41 03
125 4 1-8 4
1O3 1 1 7 4

....

93 •<» io o a4
9 178 100 4
9>
92 4
75'*, 80
58
7 6 s*
96 \ 1 0 0 4
8 7 ^ t*24
974103"
106 106
98\ 104
9 8 4 lO'-i
90**

O ct ’07
J ’l y ’07
A p r ’o7
102
S e p ’07
108
F e b ’ 06
O c t ’07

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

119 O c t ’07
......... 124
lu 5
106 107 4 105
1 0 2 4 O c t ’O s
101 O c t ’07
101 O c t ’O.
104 4 O ct ’06
»9 J ’i y ’OV
1154 O ct ’ 00
105
109 A u g ’O /
*106
104 A u g ’07
1063* 1*»6j4
106 109
106 J ’ne’07
137 4 J ’l y ’99
102
102 S a it 102
100 4 J ’ly ’u
182 4 A p i ’06
103 ....... 106 4 J ’ly ’07
1 0 1 4 Sep ’Oi
102 1 0 4 \ 102 S, O ct ’07
102 4 A ug 07
106 A u g ’07
*105 .
10678 F e b ’O
*1 0 4 58 .
107 J ’n t ’u
115 ......... 116 O ct ’07
95 ....... . 9 * 34 bep ’07
95 ........ 97 Sep ’07
* 91 ....... . 92 4 O ct ’07
* 88 4 ....... . 95 F e b ’07
106 ........ 107 J ’ne'07
1064 J ’n e ’07
104 4 ........ 10< 4 O ct \>7
1 0 7 4 J ’n e’06
i o o ‘4 Sale I 0 0 4 10034
9 9 4 J ’ne’07
10134 1013,
103 J ’n t ’07
1 10 4 Sep ’07
117 E e b ’ 06
* 1 0 0 s6 ....... 105 4 D e c ’05
* 98 4 ....... lO O ^ M a y W
*102 ....... lOO'g A u g ’07
*117
....... 118 O c t ’O?
......... 110 113 4 M ay’07
'1 1 7 . . . . 142 4 F e b ’02
*117
12b 4 F e b ’06
*100
109 bep ’03
114
*114 115 114
116 4 M a r ’07
95 4 Sale
95 4
92 S e p ’O*
83
83 Sale
97 J ’l y ’04
92 4 N o v ’06
90 4 J a n ’07
93 M ay’01
9034 E e b ’07
85 ....... . 84 A u g ’07
59
65
69 78 Sale
79 Dec ’05
76
78
76 Sale

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

1 0 8 4 Sep ’07
l 2 0 4 M a r ’03
111 N o v ’05

10i=s.....

ibu4
105"

90**

106

113 4

119
105
ili2
100
100

1264
U14
105
1<;04
107

Sb^s 93 *4
109*’
104
106
106

.
.

Uri " iij9*‘

_
.
.
.

.

1*134
105^8
112
10634

100 4 100 4
106 4 1 08 4
I 0 1 4 103
102 1 ko 34
1 02 41 04
106 H O 3*
1064 1**7
107 1 1 1 4
116 121
9 s 34 102
97 104
H2 4 98
:5
95
106 107
,1064 106 4
1 04 4 107

106

*io*2*i

98 101
10 134 107
103 103
1 1 0 4 H 4 34

1 004 1 0 2 4
100 78 10 1 4
118 12334
113 1 1 3 4

114 117 4
116 4 116 4
94 100 4
92
9934
83
91»*
904

904

9034 '9 6 4
8*
90
59
77
'7 6 * ' " 9 1 4
1084119

— C o n tin u e d on N e xt F a ite .

954107
66
9 . ®8
9941034
9 5 4 101 4
98 108
98 104
87
89
79s4 8 8 4
79
86
984102 4
97 4 98 >,
85
K >4
504
68

^ 5

864
93
82
73

t jD u e M a y

S tr e e t R a i l w a y
M et S t R y ge n col t r g 5 s .l9 9 7
R e f g 4 s............................. 2002
B w ay & 7 th A v 1st e g 5s 1943
C oi& 9th A v 1st gu g 58.1993
Lex Av<& P E 1 s tg u g 5 s 1993
T h ird A v e R R con g u 4s 2000
T h ird A v e R y 1st g o s ..1937
M et W 8 E l(C h ic ) I « t g 4 s .l9 3 8
M il E l R y & L 30-yr g 5 s .1926
M in n S t R y 1st con g 5 s.. 1919
N O ri R y <fe L t se n 4 4 s -.1936
S t J o s R y L t H & P 1s t g 58 ’37
-'t P a u l O ily C ab cou g 58.1937
U n d e rg ro u n d of L o n 5 s ... 1908
U n ion E l (C hic) 1st g 5 s ..1945
U n ite d R R s S an F r s f 4 s .1927
U n ite d Kys S t L 1st g 48.1934
W c h ic S t 40-yr con g 5 s .1936
y D u e j ’ne

A D no J ’ly

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

/c D u e A u g

95

101
73
100
103
1074
504
105
93 4
109
107 4
90 4
103 4
1 10 4
644
. lo o
72
70
79
80
99

.........102
100 105
.........105
60 4 Sale
105
.
.
.
.
.
.
.
60
.........

« D u e O ut

J ’l y -07
A u g ’07
1004
O ct ’u7
A u g ’07
55
105
J ’ly ’06
J ’l y ’Oi)
F e b ’06
Sep '06
O ct ’Oti
N o v ’06
S e p ’07
J a n ’07
S e p ’07
O ct ’07
D o c ’97

pD ueN ov

...IllO O
. . . 73
3 100
....1 1 0 3
1074
1021 5 0 4
6 105

108**
85
113
1134
HO
89
1144

6 4 4 *4
lot) 100
67
83 4
79
86
* O p tio n calc

O o r . 26 1907.]

N ew Y o rk Bond

BONUS
N . Y . STOCK E X C H A N G E
W e k k E n d in g o c t 25

P rice
F r id a y
Oct X5

Ask
C h ic R o c k i <fc P ac— (C on )
Choc O k <fe G gen g 5s .01919 J J
C onsol gold 5s.............. 1952 M-N
. 100
K eo k <fc i)*a M 1st 5s___ 1923 A-O
C h ic ' ' t L & N O
See 111 Cent
C h io S t L & P itts See P enn Cc
O hio S t P M & O con 6 s ...193(1 J —1 '1 2 6 % .
C ons 6s reduced to 3 V s. 193* J 1)
C h S t P & M in n l s t g 6s 191'- M-N
N o r W isconsin 1st 6 s ...1 93 0 J J
S t P & S C ity 1st g 6 s ...1919 A O
C hicago Ter T ran s g 4 s ...1941 J J
C oupon o i l .................................
C hic <fc W e s t I n d gen g 6s <?19:!‘z y-M .........113
Consol 50 year 4 s ............ 1952 j . J *92 .......
C hic <fc W M ie n see P ere M a n i
Choc O & G u lf See C R I & P
C in H & D 2d gold 4 V s ...1937 j J
G in D & I 1st g u g 5s. ..1941 •VI N '1013* .
C Find<& F t W 1“it gu 4s g.’23 M N
C in 1 & W 1st r u g 4 s .l9 5 3 J J
I n d D ec & W 1st g 5s. ..1935 J J
1st g u a r gold 5s............ 1935 J J
C I S t L <te < btee C C C <fc S t L
C in S A C See C C C S t b
C lear lield & M a li See B R A i
C lev C in C & S t L gen g 4s 1993 J-D
Cairo D lv 1st gold 4s___ 1939 J-J
C in W & M D iv 1st g 4 s .l9 9 i J - J
90>< Sale
S t L D lv 1st col tr g 4 s ..1999 M-N
R egistered..................... 1990 ii-N
8 p r «fe Col D iv 1st g 4 s ..1940 M-S
W W V ai D iv 1st g 4s.„194t)i J J
C 1 S t L & C consol 6 s ..l9 2 t M-N *1 04 14 .
*98*4 .
1st gold 4s................... fcl93‘j
"a7 4 .
R e g is te r e d .............. *1930
C in S«fe C l con ls t g 5 s ,.1 9 2 S
0 C C A I consol 7 s......... 1914 J-D
Consol sin k fu n d 7 s ___ 1914 J-D
G eneral consol gold 6s. 1934 J- J
. 129V
R egistered................. 1934 J-J
I n d B l & W 1st pret 4 s .1940 A-O
O I n d <fe W 1st pf 5 s ...((1938 y-J
88^
Peo <fc E ast 1st con 4 s ...1 94 0 A-o
45
In co m e 4 s.......................1990 Vp.
C lev <£> M a rie tta See Pen n K h
C lev <fc P itts See P enn Co
......... 62
Col M id la n d 1st g 4 s......... 1947 J - J
83 Sale
Colorado <fc son 1st g 4 s ...1929 F A
R e iu n d & ext 4 V s ......... 1935 M-N ......... 84
Oolum <fc t>reenv bet So R y
Col cfc H ock Val See H ock Vai
Col & T ol See H o c k V a i
Col C on n <fc T erm See N & VV
C onn <fc Pas R iv s 1st g 4s. 1943
I \ak & G t So See C M & S t P
I Dallas & W aco See M K & i
Del L ack <8> W es tern 7 s ...1907 M-S
M o m s & Essex 1st 7 s ...1914 M-N -117
1st consol g ua r 7s....... 1915 J-D ■118
R egistered..................1916 J-D
1st ref g u g 3 V s...........200ii J-D
118
N Y Lack & W 1st 6 s ...1921 J- J
107
C o n struc tio n 5s...........1923 F A
T erm & im p r o v e 4 s ....1 92 3 M-S
W a rre n 1st ref g u g 3 4*8.2000 F-A
Del <fc H u d 1st P a D iv 7 s.l9 1 7 M S
R egistered..................... 1917 M-S
90 Sale
10-yroonv deb 4s...........1916 J-D
85 8a io
A lb & S us conv 3 V s....... 1946 A-U
Rent* <fc Saratoga 1st 7 s .192] M-N
D el R iv R R B ridg e See P a R R
93
Denv<fc R G r 1st con g 4 s .1936 J- J
Consol gold 4 V s.............. 1936 J-J
Im p ro v e m e n t gold 5 s . . . 192*
R io G r J u n c 1st gu g 58.1939
R io gr So 1st gold 4 s ....l9 4 <
G u a ra n te e d ................... 194o
91
R i o G r W est 1st g 4 s ....1 9 3 9
M g e a n d col tru st 4 sA .1949 A O
”9*i'
U ta h C en t 1st gu g 4s a l9 1 7 A-O
Des M oi <fc F t D See M <fc s t L
Des Moi U n R y 1st g 5 s ..1917 M-N
Det & M ack 1st Ueu g 4 s .1995 J-D
Gold 4s............................... 1995 J-D
D etroit S o u th e rn —
O h io Sou D iv 1st g 4 s ...1941 M-S
D a l <fc Iro n R a n g e le t o s . . 1937 A-O
102 V
R egistered.........................1937 A-O
2d 6 s ................................. 1916 J- J
D u l S hort L in e See N o r Pao
D a i So Shore & A t l g 5 s ..1937 J- J
f ast of M in ii see S t P M <fc M
ja s t Ten Va <tf G a See So Ry
E lg in Jol<fc East 1st g 58.1941 M-N
E lm C ort tfc Mo See L e h & N Y
E rie 1st ex t gold 4s............ 1947 M-N ........ 104
2d ex t gold 5s................... 1919 M-S
8d ex t Bold 4 Vs................ 1923 M-S
4tli ext golu 5s..................192ti A-O
6 th e x i gold 4 s................. 192b J-D
1st consol gold 7 s............ 1920 M-S .........126
1st consol g fun d 7s....... 1920 M-S
E rie 1st con g 4s prior..199(i J-J
: : : : : : ' 94‘v
R egistered..................... 1996 J-J
i s t Tonsol gen lien g 4 s ..1996 J- J
"70 Vi Sale"
R egistered..................... 1996 J-J
P e n n coll tr g 4 s............ 1951 F-A » ........ 78
50-year conv 4-* A ......... 1953 A -( • ........ 64
do
Series B ..,1 9 5 a A-O -......... 60
Balt N Y<fc E rie 1st 7 s ..1916 J-D 112 .......
Burt <& S W gold 6s......... 190* J - J
C lue <fc E rie 1st sold 5 s ..1982 M-N
112V
Clev <& M ahon V al k 6s.193b J J -108
Jett R R 1st gu g 5 s ....a l9 0 9 A-O *98% .
L o n g D ock consol g 6 s.. 1935 A O
122 .
Coal & R li 1st c u r gu 6s. 1922 M-N
D ock & im p 1st cur 68..1913 J - J
N Y * G reen L g u g 6s. 1946 M-N

I

Wteie‘ 1
R a nge or
La*t Sale

R ange
Since
Jan ua ry J

Low
H ig h
109 N o v ’06
111 M ay’06
101
10

Low H ig h
101 " i'0 3 "

126 4 O c t ’0
93 D e c ’t)3
13 m F e b ’07
12934 M a r ’04
112
112
97*4 A p r ’u7
109 >4 M ay’07
11478 1147f
97 7a A p r ’07
113
102

125

iV o ”
97%
97
109V
977.

i ‘2 0^
9734
109V
H 4 ’g
98

102

1 0 5 14

83 J a n ’07
9 8V
98*4
107 V D ec '02

83
83
98 V 105

96V O c t ’07
9f)3g J a n ’*>7
95 Sep ’07
90 V
90*,
91 O ct ’07
993< K eb’05
98 Sep ’06
105 J a n '04
98 V Sep ’07
98 V O ct ’07
109 J ’ne’u7
1155* O c t ’07

95 102
99% 99%
95
98 >v
9 0 V 983<
91
97

97*9 99
95
99V
109 109
115 V 1 1 8 V

127

127

J ’l y ’07

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

88 V
89
45 O ct ’07

95
72%

59
83
95

74V
94 V
95

61 \
8 4V
F e b ’07

102 V M ay’07
118
118
117 V S e p ’07
127 J ’n e’05

101V 104V
117V 118
121% 121%

115
115
108 O ct ’07
90
90
102 F e b ’03
133 F e b ’06
149 A ng’01
89 V
94
^6
90
1 3 3 V D e c ’06

115
107
90

93V
93V
102 V J a n ’07
105 V F e b ’t)7
109 M a r’05
76 D e c ’06
89 J a r ’05
90
90
8 7 34 F e b ’07
97 J a n ’02

92
97*4
1 02V 102 V
104% 105 *..

110
92
89

Sep ’04
H a r ’o7
A p r ’07

122*4
lllv
97

89 *12109 *4
85 110

10

88% 95
87% 87%

92
89

92
92 V

86 O c t ’06
107 A u g ’07
112 V F e b ’06

107

111V

110

110

112

J ’ly ’07

I 1034 J ’ne’07
107 V J a n ’06
107 S) J ’n e’07
103 V M ay’07
108 J ’l y ’07
00 J ’ne’07
25 O c t ’07
33 F e b ’06
89
94V
9i< V O ct ’06
70 V
74
85 V F e b ’07
79
79
65
65
62
62 V
117 V J ’l y ’07
104°8 F e b ’06
112 V 112*4
116 V J a n ’0
101 A n g ’ 07
123 O c t ’07
118 S e p ’06
1<‘9 V O ct ’05
121 V D e o ’06

.........101% 100
101
......... 60
60 O ct ’07
97 Sale
94% 104
♦97 V ......... 97
97
....................100 A p r ’07

M-S
J-D
F A
J-D

110%110%
107 V 109
103 V 1<*3 V
108 108
100 100%
125 129 V
89”

99V

70 V
86V
79
65
62
116V

*88*
8 5V
91V
103%
87
120V

i l O V 119”

io o v i o i ”
123

180

BONDS
N . Y . STOCK E X C H A N G E
W e e k E n d in g O c r 25

Price
tY id a v
Oct <!5

E rie — (C o n )
N V S u s & W 1st ref 5s. 1937 J- J
2d gold 4 V s................... 193 F-A
G e n eral gold 6s............ 1940 F-A
T e rm in al 1st gold 5 s ...1943 M-N
R e g is 95,000 e a c h ...1 94 3 M-N
M id R R o f N J 1st g 6 s .1910 A-O
W ilkcfc E a 1st g u g o s .1 9 4 ‘2 J-D
i£v & In d Is t c o n g u g 6 s ..l9 2 6 J- J
E r ie & P itts See P e n n Co
E v a n s <fc T H 1st cons 6 s .1921 J - J
1st general gold 5s......... 1942 A-O
M t V ern o n 1st gold 6 s .. 1923 A-O
S a il Co B ra n ch 1st g o s .1930 A-O
L 'arg o & So See C h M & S t P
r lin t & Pere M See Pere M ar
F la C & P e n ln See Sea A ir L in e
F ort S t U D Co 1st g 4 V s .1941 J- J
F t W & D e n C 1st g 6 s .... 1921 J-D
B't W & R io G r 1st g 4 s ... 1928 J - J
/ ■
*a l H a r & S A See So P ac Co
' * a l H & H of 188 21 st 58.1913 A-O
G eorgia & A la See Sea A L in e
G a C ar <fc N o r See Sea A Lin e
G eorgia P a cific See So R y
G ila V G & N o r See So P ac Co
G o u v & O sw eg at See N Y Cent
G r a n d R a p <fc I n d See P e n n R R
G ra y ’s P t T erm See S t L S W
G t N o r—C B & Q coll t r 4s 1921
R egistered, h,................... 1921
G re e nb rie r R y See Ches & O
G u l f & S I l s t r e f & t g 5 s 61952
an & S t J o Stfi C B & Q
ousaton ic See N Y N H & H
H ock V a l ls t c o n s o lg 4 V s .l9 9 9 J - J
R eg iste re d ........................ 1999 J - J
C ol & H V I s t e x t g 4 s .. 1948 A-O
C ol & T ol 1st ex 4 s ....... 195? F-A
H o u s t E & W T ex See So Pac
H o u s t A T ex C en See So P ac Co
I llin o is C e n tra l 1st g 4 s .. 1951
x R eg iste re d ..................... 1951
1st gold 3 V s..................... 1951
R eg iste re d ..................... 1951
E x te n d e d 1st g 3 V s....... 1951
1st gold 3s s te rlin g ......... 1951
C oll T ru s t gold 4s...........1952
R eg istered..................... 1952
L N O & T ex gold 4s ...1 9 5 3
R eg iste re d ..................... 1953
C airo B ridg e gold 4s___ 1950
L o ttisv D iv & T e rm g3 Vs.1953
M id d le D iv r e g 5 s ...........1921
O m a ha D iv 1st g 3s....... 1951
S t L o u is Div<fcterm g 3 s.l9 5 1
R e gistered ..................... 1951
f^old 3 V s....................... 1951
R eg iste re d ..................1951
S p rin g D iv 1st g 3 V s ...1951
w e s te rn L in e s 1st g 4 s ..1951
B ellev & C ar 1st 6s....... 1923
C arb & S h a w 1st g 4 s ... 1932
C hic S t L & N O g 5 s ...1951
R e g iste re d ..................... 1951
G o ld 3 V s.........................1951
R egistered..................1951
M ernph D lv le t g 4 s ..,1 9 5 1
S t L Sou 1st g u g 4s___ 1931
In d B l & W es t See C C C & S t L
I n d 111 & l a 1st g 4 s......... 1950
I n t & G re a t N o r l s t g 6 s ..1919
2d gold 5s.......................... 1909
3d gold 4s.......................... 1921
Io w a C e n tra l 1st gold 5 s .. 1938
G old 4s............................... 1951
J eflerson R R See E rie
a l A & G R See L S & M S:
an & M ic h See Tol & O O
K C F t S & M See S t L & S F
K C & M R & B See S t L & S F
K an C & Pacifio See M K <fc T
K an C ity S ou 1st gold 3 s .. 1950 A-O
R egistered ........................ I96 0 A-O
K e n tu c k y C e n t See L & N
Keok <fc Des M o S e e C R I & P
K n o x v ille & O hio See So R y
| ake E rie & W l s t g 5 s .. 1937 J- J
L j 2d gold 5s.......................1941 J - J
N o r th O hio 1st. g u g 5 s .. 1945 A-O
L Sho & M ic h S See N Y Cent
Leli V a l N Y 1st g u g 4 V s .1940 J - J
re g is te re d ........................ 1940 J - J
Le h ig h V al (P a) cons g 4 s .2003 M-N
Leh V T er R y 1st g u g 5 s .1941 A-O
R egistered........................ 1941 A-O
Leh V Coal Co 1st g u g 5s. 1933 J-J
Leh & N V 1st g ua r g 4 s. .1945 M-S
R egistered.........................194; M-S
E 1 C & N 1st p f 6 s ....... 1914 A-O
G old g u a r 5s..................1914 A-O
Leh & H u d R See C en t of N J
Leh & W ilk e sb See C en t of N J
Leroy & C aney V ai See M o P
L o n g D ock See E rie
L o n g I s l’d—1st con g5s.ft.1931 Q-J
1st consol gold 4 s......... A1931
G e n era l gold 4s................ 1938
F erry gold 4 V s................ 1922 M-S
Gold 4s............................... 1932 J-D
U u itied gold 4 s ................19491M-S
D e b e n ture gold 5s...........1934 J-D
G u a r ref gold 4 s.............. 1949 M-S
B k ly n & M o n t l s t g 6 s . . 1911 M-S
l s t 5 s ............................... 1911 M-S
N X B & M B l s t c o n g 5 s 193b A-O
N Y A R B 1st g 5 s ....... 1927 M-S
N o r S liB Is t c o n g g u 5 s o l9 3 2 y-J
L o u is ia n a & A r k 1st g 58.1927 M-S

H

'.Veelc’f
R a ng e or
Last Sale

R ange
S ince
Jan u a ry 1

H ig h
Hid
Ask Low
......... 107
108 V J ’ly ’(>7
100V D e c ’Oii
94 *.j
95 S
» ” ! ” ! ‘ 96
110% M ay’07
i o i ” ” .”

Low
108

94 V 193
110% 110 V

IOOV O ct ’07
105 V A p r ’07
116 A p i ’Oli

00 *u 104%
05 V 105 V

116 J ’n e‘07
100 O c t ’tr,
114 A p r ’05
106 V F e b ’06

" " " 104
*77 V . . . .

84

Sale

98

98 V

98
‘ 98

Sale

104
*92*

.........

97

”98 “ Sale
84
76

110

105 M a r’98
105 O ct ’07
78 V O ct ’07

.........113V
94 S&lb
......... 65
.........102%

116
100

116
106%

105
78

112
87

92 V O ct ’07

92 V 103

83 V
91 6 7t
92 V O ct ’07

83V
ds%

98

98

102 V

93
99

103%
99

99

99

98

98
99
99 O ct ’O'!
98% N ot ’oi
99 A p r ’07

98%
96V

104 J ’l y ’07
107% A p r ’07
91V Sep ’01
95 Si J ’l y ‘Oti
99 V J ’ue’06
70 Oct ’04
97 O ct ’07
98 M ay ’oV
98
99
97 M a y ’07
10234 J a n ’o7
89 M ay ’u7
123 M ay’99
78 V A p r ’06
78% F e b ’07

104 104
107% 107%
91*4 10<?%

82 V O ct ’07
1 0 1 V O ct ’99
100 N o v ’OO
97% A u g ’,07
122 D e c ’05
97 M a r’07
118*4 A p r '07
119a4 M a i ’04
93% M ay’04

82 V *89**

98V
98**,
97 M a r ’07

98V .
95 .

H igh.
110V

97
98
98
97

102%
98
103 V
97
10234 102 %
89
91
78%

78%

97% 102
97
97
118 V 118%

3
. ..

98 V 100%
97
97

93 V M ay’07
93% 100
114 Sep ’07
1 1 1 115V
94
94
2 94
99%
60
60
2 60
79
1 0 1 V 1 0 1 V 10 101 111
75 O ct ’07 . . . 73
85

K

U

68

67
63

6SV
O ct ’ 00

.1 1 0

112
107
110

A u g ’O'
J ’ne’O’
A p r ’o

111 114
106 V 107%
110 110%

5
106V
5 M a y ’d
i O ct ’06
112V A u g ’o ,
109 V O ct ’99
100 O c t ’07
90% J ’ne’o7

104% 107%
106 106

1 0 6 V 107
• 1 0 9 V .......

67

73

112V i ” 3 V
io n ” i l 2 V
96% 96%

113 7g J a n '06
105 V J a n ’Oi

•9 9 V

.1 09

109%

109*4

109% 114%

89
N o v ’06
O ct ’O'
Sep ’o7
J ’nt>’04
O c t ’07

8*9** *9*9**

92

89
102
99 V
84
110
92

102

99^
110 V
106
109
102

Sep ’07
N o v ’06
A p r ’o,
N o v ’Ot
Sep ’0

*89

’.........
99V .

95%
"9*3
99% 102%
105*' 109%
10*6" *1*03%

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

101 107%
60
73 V
94 *4 139%
97 190
100 100

105 F e V O ^
108
61 V O ct ’Oi”
80
......... 81
86 V A p r ’ti7
96
103% 432 96
100 Sale
f a
107% D e c ’ 00
102
M-N * 1 0 1 V ........ 102 J ’l y ’07
A-O
98 D e c ’06
AO
A-O .........118
116*2 M ay’07
J- J
....... . 85
9 3 V M a r ’06

N o price Friday; la te st bidand asked t h u week, v D u e J a n




132

104 V N o v ’01

.H lS C K L I.A !M £ O ll!4
m m E le c tr ic L ig h t
A tla n ta u l Co 1st g o s ... 1947
B k ly n U G as 1st con g o s .1945
B uttaio (ia s 1st g 6s...........1947
Consol Gas conv deb 6s . 1909
D etro it C ity U h« v 5s......... 192a
D e t Uas Co con 1st g 5 s .„ 1 9 1 8
K d E l l l l H k n 6 e e K O o E L < fc P
K d E l i i SeeH Y l i & E L H & P
1st con * 6 s .. 1932
Gas «ii Elec B ert Co c g 5s. 1949
G eu Electric deb v 3 V s.. 194
1 0 .y r g d e b 6 « ts u b s c ilp ) 1917
9 r R a p u l. Co i s i u 6s. ..1915
H a d s o n i o«-»as 1st u 6 s .. 1949
K a n City 1M 0)H as l s t g 5s 1922
K in g s Co El L <fc P g o s ... 1937
P urcha se money 6a......... *997
Kn Kl II Bki> 1->t con u 4s 1939

131

131V131V

Oct. >00
J ’n e’07

1069

R e c o r d — C o n t in u e d — P a g e 2

105
87
110><
104

( ia n a n d E le c tr ic L lirh t
L ac G as L o f S t L l s t g 5 s.e l 919
Ret and e x t 1st g 5s....... 1934
M ilw a u k e e G as L 1st 4 s .. 1927
N Y G E L H & P g o s .. .1948
P urchase m oney g 4 s ... 1949
Ed E l 111 1st conv g 5 s ..1910
1st consol gold 5s......... 1995
N Y < f e Q E lL & P l8 tc o n g 5 s l9 3 0
N Y & R ic h Gas 1st g os.1921
F a t <fc P as U & E con g 5s. 1949
Peo G as & C 1st con g 68.1943
R e fu n d in g gold 5s...........1947
C h G - L & C k e ls t g u g 5 s 1937
Con G C oof Cll ls t g u g 5 s .’36
M u F ue l G as l s t g u g 5s. 1947
S yracuse L ig h tin g 1st g 68.’51
Trenton G & E l 1st g o s ..1949
W estchester L ig h t ’ s e 5s. 1950

6 D u e Feb d D a e A p r « D u e M ay h, D ue J ’ly

Q-F '101 V .....
A O
-100
M-N
J -D
90 Sale
F-A *76
M- S
90 "e’s "
J- J
F-A
”9*0 %
M-N
M-S
A-O
MS
J- J
J D
v ......
M-N
J-D
M-8
J-D

ioov 100V
101 v J ’n e ’ 07
91 v J a n '07
9o
70

95
76

io o v A n g ’07
113*, J ’u e 0 6
95 A p r'O /
103 N o v ’05
104% N ov’ 05
116** J ’ne’07
190 A u g ’07
100 J ’ly *01
lt'O
100
100 J ’ne'07
110 Mav’06
101 Vi F e b ’o7

fc D uo A ug a D a e O ut j D M b w

100 V 105%
100 V 102%
91V 91 V
193%
84%
95

99

116V
100.
100
IOC
100

1 1"%
198%
106%
108
100

. . . 101 v ip * *
« 0 » « le
>*1M

1070

New York Bond Record-Continu^d—Pase 3
HUM)!'

W'*k?s

tr ic e
f r id a v
Oct V5

N . Y . STOCK E X C H A N G E
W e b k tND IN h O ct 25

R a ^e or
Last Sale

tta n je
, Since
Jan ua ry 1

B ia
Ash Low
H ig h
Low H iy n
117 115 S e p ’07
1 1 4 4 117
L o n is v & N a sh y gen g 68.1930 J-D 114
G o lil os............................... 1937 M-N *110 .......
9 5 1<
93
Saic 93
U n ifie d gold 4 s_________ 1940 J - J
93 lO l^g
1011? J ’l y ’06
R eg iste re d ..................... 1940 J - J
107 D e c ’05
S in k lu n il gold 6s............ 1910 A-O
. 105
105
1054
x06 109
C oll tru s t gold 5s.............1931 M-N
91
90s, O ct ’07
6-20-yr col t r deed g 4 s .1923 A- 0
9034 98
.
E H & N a s h 1st g 6 s . . . .1919 J-D
112 113 Hi
109 M a r ’05
L t ’tiiifc Lex srold 4 4 8 . ..1931 M-N
1254 M ay ’07
N O & A1 1st sold 6s___ 1930 J-J ' ......... 124
121 125 7e
122 M ar*06
N O * M 2d gold 6s....... 1930 J-J
107 4 A u g ’06
P ensaco la D i r gold 6 s ...1 9 2 0 M-S
S t L D i r 1st gold 6s....... 1921 M-S i*0»" " I " 117 M a y ’07
117 120
6 2 4 A u g ’O
2d gold 3s.......................1980 M-S
62 4 72 4
116 J ’l y ’ >6
A t l Knox & N o r 1st c 5s l 946 J
1084 J a n ’Ob'
H e n d e r B d g e ls t s f g 6s. 1931 M-S
v'3 Sep ’o7
K e n tu c k y C ent sold 4 s ..1987 J - J
93
9 7 58
108 J ’l y ’06
L & N & M <fe M 1st g 4 4 a 1945 M-S
88 \ 88 O ct '07
L & N - south M |omt 4 s .1952 J J
80
92
1
1
3
4
M
a
r’07
F-A
N Fla & 8 1st gu e 5 s ...1937
113 Ha 1134
N & C B d g e g e n g u g 4 4 s l9 4 f J - J
112 J a n ’07
112 112
P e n s & A t l 1st g u g 6 s ..1921 F A
111
MayV-7
8 <fc N A la con g n g 5 s.. 1936 F-A
1 0 J4 1 H
97 M ay’06
L <& Jet) Bdge Oo g u g 4 s ..1945 M-S
L N A & Oh t o C I & L
ahon Ooal See L 8 & M B
6 92 100% '
92
92
.. 96
a n h a tta n R y consol 4S.1990 A-O
104 A p r ’05
R egistered..................1990 A-O
1 ioo>4 ib*S4
. 99
1014 101*4
M e tropol E l 1st g 6s___ 1908 J - J
M c K ’ptcfe B V See N Y C ent
M e tro p o litan E l See M a n R y
45 75
73
75
77
77
86
M ex C e n t consol gold 4 s ..1911 J - J
12 4 Sale
12
1 3 4 98
1st eonsol incom e g 3 s .a l9 3 9 J ’ly
lo
10
. 10
84
2d consol incom e g 3 s ..a l9 3 9 J ‘ly
8 4 21
E q u in & coll gold 5s....... 1919 A-O
9058 J ’l y ’01
M ex Irite rn a t 1st con g 4 s .1977, M-S
105 M ay’OO
M ex N o rth 1st gold 6s___ 1910 J D
M ic h O ent See N Y O ent
M id o t N J See E rie
M il L 8 <fc W See C hic & N \Y
M il & N o rth See C h M & S t P
130 M a r’07
130 130
M in n <fc S t L 1st eold 7 s ..1927 J-D
105 A p r ’07
105 105
lo w * E x 1st gold 7 s........1909 J-D 103 4 1 0 5
118 J a n ’O.
P a cific E x 1st gold 6 s ...1921 A-O
118 1 1 8 4
1134 M a r ’05
S outh W est E x l 8t g 78.1910 J-D
103 A u g ’0~
1st consol gold 5s............ 1934 M-N " ■ " I I W
i 6T " i l 0 4
86
A
u
g
’O
94
1st and re fun d gold 4 s ..1949 M-S
97 A p r ’06
D es M & F t D 1st g u 4s.. . ’35 J- J
M in n &> S t L gu See B C K & N
98
J
’ne’07
99
M StP<fc S S M c o n g 4 i n t g u ’38 J- J
96
99
102 J ’n e’07
M S S M & A 1st g 4 in t g u 1926 J- J
102 1 0 2 4
M in n U n See S t P M & M
I
95 4
94 Sale
M o K a n & Tex 1st g 4 s ...1 99 0 J-D
93
9834
81 L4
75 Sale
75
88
2d gold 4s........................ 9x990 F-A
O c t ’07
1 st ex t gold 5s..................1944 M-N .........i o j
10P4105
• O c t ’o7
1st <fc re fu n d 4s................20i)4 M-S ......... 79 4
79
86
:
82
G e n s f 4*28................... 1936 J- J
82
8.-4
O ct ’o7
82
87
8 t L D ir 1st ref g 4 s___ 2001 A-O ' ......... 81
1 0 4 4 J a n ’07
D a l & W a 1st g u g 5s. ..1 94 0 M-N
1 044 1 0 4 4
K a n C & Pac 1st g 4s. ..1 9 9 0 F-A '”8 5 ” : : : : : : 95 4 A p r ’07
5 4 95 S,
102
10 i 4 1 1 2
M o K & E 1st g u g 5 s ...1 94 2 A-O *10134 ......... 102
M K & O k 1st g u 5s....... 1942 M-N *101 ......... 102 A u g ’'j7
102 107 4
98j4
99
9S34 Sale
M K <fe T of T 1st g u g 6 s .l9 4 M S
97 1 0 6 4
105 A n g ’O?
S lier Sh <fe So 1st g u g 58.1943 J-D
104 l(i5
100 4 O c t ’0 /
T e x * O k la ls t g u g 5 8 ...1 9 4 3 M S
100 4 1 0 7
116 4 sep ’07
. 115
M o P acific 1st con e 6s ...1 9 2 0 M-N
. 98
T ru s t gold 5s s ta m p e d .a l9 1 7 M-S
95 >2 105
107 4 F e b ’06
R e g is te r e d ..................a l9 1 7 M-S
96
96
9*6*" ib*5 "
1st coll gold 5s..................1920 F-A ......... 98
« 6 A u g ’07
40-year sold loan 4s....... 1945 M-S ......... 84
86
90
9 5 4 9 7 4 97 4 M ay’07
9 7 4 98
3d 7 s e x t d a t 4 % .............. 1938 M-N
90 J ’n e ’"7
90
9634
Cent B r Ky 1st gu g 4s. 1919 ¥ A
90 Sep ’07
Cen B ranch U P ls t c 4 » .1 9 4 * J D
90
9^4
110 ftlar’05
Leroy <fc C V A L 1st g 5s 1926 J - J
98 101a4
Pac R of M o 1st ex g 4s. 1938 F-A * 95 4 ......... 98 A u g ’07
11 6 4 M ar'07
*
115
116 1 1 7 ‘4
2 d extended gold 5 s ...1938 J - J
1 06 14 106% 107
1064114
8t L I r M & Sgen con g 5sl931 A-O *
109 4 J ’n e’O?
lU941Ioi4
G e n con stam p gtd g 5s 1931 A-O
83
”83” 83
U m lie d <fc ret gold 4 s ..1929 J - J
80
884
87 4 Sale
874
874
85
92 4
R i r & G D i r 1st g 4 s ..1933 M-N
107 4 A j>r’0t>
V erd i V I & W 1st g 5s. 1926 M-S
98 D e c ’ 06
M o b J <fe K O 1st cons g 58.1953 J- J
1 7 4 O c t ’07
117 124
M ob & O hio new gold 68..1927 J D
122 D e c ’05
1st extension gold 6 s ../il9 2 7
83 A u g ’07
83
94
G e n eral gold 4s................1938
102 4 O c t ’07
M o n tg o m D i r 1st g 5 s .. 1947 F-A
1024108*9
92 4 A u g ’06
78
S t L & C airo coll g 4 s..e l9 3 0
101 N o v ’04
G u aran te e d g 4 s ...........1931
M & O coll 4s See S outhern
M o haw k & M a i See Si Y C & H
M onongahela R i r See B & O
M ont O en t See S t P M & M
M o rgan’s L a & T See S P Co
M orris & Essex See D el L & W
1124 1124
1124118=8
\] ash C h a t& S t L 1st 7s. 1913 J J ......... 115
108 4 116
I * 1st consol gold 5s......... 1928 A-O 1 0 8 4 ........ 1 0 8 4 1 0 8 4
Ja s p e r B ran ch 1st g 6 a ..1923 J- J 109 ....... . 116 4 M ay’Oi
11641164
M c M M W & A 1 1st 6 s ..1917 J- J 1 0 9 4 ........ 117 4 M a r ’05
1 T & P B ra n ch 1st 6 s ....1917 J J 108 ......... 113 J ’l y ’04
'Nash Flor & sh e f See L & N
8934 J ’l y ’07
‘N a to r M ex p rior lie n 4 4 s . 1926 J- J
9841024
80 O c t ’07
1st consol 4 s .................... 1951 A O
78 4 8 7 4
N ew H & D See Si Y N H <fe H
!N J J u n c H R See N Y Oent
;N e w & O in B dge A e ^ L o u & N
N O <fc N E prior lie n e 6s j?1915 A-O
N Y B k ln <fe M a n B c h See L I
873* Sale
8 7 4 94 s8
N Y C en t <fc H K ir g 3>23.1997 J - J
87 4
88
93
88
88
R egistered..................... 1997 J- J *88 .......
93
99
93
93
D e b e n g 4 s.......................1934 M-N ......... 94
794
.Lake Shore c o llg 348--.1998 F-A . . . . . . 80
784 884
784
77
87
77 O c t ’07
R egistered..................... 1998 F-A ......... 80
75
78
75
874
M ic h C en t coll g 3 4 s ___ 1998 F-A ......... 79
R eg iste re d ..................... 1998 F-A *77 .... , 84*4 J a n ’u7
102 F e b ’07
Beech Creek 1st g u g 48.1936 J - J ......... 100
10 'I 1024
102 M a i ’04
R e g iste re d .....................1936 J - J
2d gu gold 58................1936 J - J
Beech O r E x t 1st u 3 4 s 61951 A-O

110

111

108 m 3*

113-aMay'O

'1114

M

12 2734

1..... 8434

95^

954

115•*«,120

A
TJ

S84

8434 84*4

A 1 I8 C E L 1 I N E O U s i

tUfC* ur~

i net
A rc ay
Oct 25

N. Y. STOCK E X C H A N G E
We
E n d in g O ct 25

lxxxv.

tt eeK'a
R ange or
Last Sale

R ange
Since
Jan ua ry 1

B ia
Low
H ig h
N Y C en t <fe H xi—( C on tin ued >
Low JiigtK
C art <fc A d 1st gu g 4 8...1 98 1 J-D
G o u r & O sw e 1st g u g 5s 1942 J-D
9734 .
loll <fc Alai 1st g u g 4 s .. 1991 M-S
9 7 4 M a r ’o
**9*7*4 ”9*74
103 u c t '02
X J J u n o R gu 1st 4 a- ..1986 F A
101 4 J ’l y ’06
N Y & H a rle m g 3 4 s . ..2000 M-N
110 4 May'o7
N Y <fc N o r th 1st g 5 s ...1 9 2 7 A-O *10*74 '
i ’l*0 4 i V i ”
N Y <fc P u 1st con gu g 4 s 1993 A-O
1014 Dec
N o r & M o n t 1st g u g 58.1916 A O
137 N ov ’9
t'm e cre e k reg a-uar 6a. 1932 J D
R W lfe O c o n ls te x t5 s ./i,1 9 2 2 A-O T 0 6 5s ....... 1 0 6 4 O ct ’0
1064 114
103 103
103 A u g ’07
Oswe & R 2d g u g 5 a ...e l9 1 5 F-A
R \V& O T R 1st g u g 58.1918 M-N
106 4 O ct ’03
tin tla n d 3 st con n 4 4 s .. 194 1 J J
95
94 M a y ’07
O g & L C h a n i ls t g u 4 s g l9 4 8 J- J
95
94 M ay’07
Rut-C anad l s t g u g 4 s .1949 J -J
122 J a n ’Oti
S t I ^ w & A d ir 1st g 5s.199^i J- J
2d srold 6s_____________ 199'! A
103 O ct ’07
103 103
U tic a & B lk R i r gu g 4 s .l9 2 2 J -J
90 Oct ’07
90
96
Lalte Shore gold 3 4 s ___ 1997 J -D
91 O ct ’07
91
94
R e gistered..................1997 J-D,
884
9o
88 4 __ _
D eb en ture g 48............ 1928 M-S
884 994
86 Sale
85 >2
89 7s
85 4 93 4
25-year g 4 s ................. 1931 M-N
K a A tfc G R 1st g u c 5s. 1938 J -J '110 .......
109 O ct ’07
109 103
M a hon C’l R R 1st 5 s .. 1934 J -J
107 4 N o v ’06
P itts <fa L E rie 2d g 5s.ol92)< A-O
139 J a n ’ 03
P ittsM cK < fc Y l s t g u 6s. 1932 J - J
2d g u a r 6a.......................1934 J -J
McKees<fe B V l s t g 6s 1918 J -J
104 D e c ’ 06
M ic h C en t 1st consol 6 s .1909 M-S
1 18 4 J ’l y ’06
5s...................................... 1931 M-S 1 0 9 34
119 J 'n e ’06
R e gistered..................1931 Q-M
96
10034 J a n ’0
4 s...................................... 1940 J- J
106 4 N o v ’OO
R egistered..................1940 J-J
”88*
94 4 Dec ’ 06
J L & S 1st g 3 4 s ...........1951 M S
92 4 M ay’07
924 944
1st g 3 4 s .......................... 1952 M-N
B a t C & S tu r ls t g u g 3 s . 1989 J-D
9 7 4 O ct ’0*7
*9*7*4 1*0*3 4
9 7 ‘ 4 ____
.N Y C h ic & S t L 1st g 4 s 1937 A-O
102 ‘4 M a r’i'7
Registered.....................1937 A-O
0 2 4 1024
99 4 105
i 9 -4 10034
W e s t &hore 1st 4a g u . . . 2361 J- J 100 Salt>
984103 4
984
9 a 7*
R egistered.....................2361 J- J .........100
X Y cfc Green w Lake See Erie
N Y & H a r See N Y C * H u d
N Y L a ck & W See D L 4 W
N Y L E & W See E rie
N Y & Long Br S'ee Cent of N J
New York N e w H a r <fc H a rt—
113 O c t ’07
|L13 113
H o u sato n ic R con g 5 a ..1937 M-N 113
N H & D erby con cy 5a.l9 18 M-N
N Y & N o r th See N Y C <fe H
94
94'• 20 92 101 4
N Y O & W ref 1st g 4s..firl992 M-S
1 0 1 4 J ’n e ’O'
R e g is §5,000 o n ly ......... ^1992 M-S
N Y & P u t See N Y C <fe H
N Y & R B See L o n g Isla n d
N Y S & W See E rie
N Y Tex tfc M See So P ac Co
100 O ct ’07
100 100
N or & S o u t li ls t g 5 s ......1 9 4 1 M-N
126>2 J ’ne’07
12C 130
N ort & W eat gen g 6a....... 1931 M-N * !2 8
129 129
Im p r o r e m ’t & ext g 6a .. 1934 F-A 12a -2......... 129 J ’n e’o7
.. 129
1274 O ct ’06
N ew R ir e r 1st g 6s....... 1932 A-O
4 Sale
99**
MO
91 Hi
N <fe W R y 1st con g 4 s .1996 A-O
91
91 S e p ’o
.. 91
R e g iste re d ..................... 1996 A-O
- 87>* 87 O c t ’07
964
D i r ’l 1st 1& ge n g 4 s . . . 1944 J - J
Sale
78
79
914
Pocah C & C )o in t4 s .,1 9 4 1 J -D
109 4 F e b ’05
C O <fc T 1st g u g 5s.........1922 J- J
92
92
92
99 4
Scio V <fe N E 1st g u g 4s 1989 M-N
N o r th Illin o is See C hi <fc N W
N o rth O hio See L E rie &, W
93s* 1024
95 Sale
N or Pac— P rio r lie n g 4 s ..1997 Q J
9834 O ct ’O"
96 102
R egistered.....................1997 Q-J
65 4 74 4
67 4
69
G e neral lien gold 3s___ «2047 Q-F ’ 68** Sale
70
71
6 5 4 ....... . 70 M ay’o
R e g is te r e d ..................a2047 Q-F
9 2 ’, ....... . 96 s4 J a n ’0
9534 9S3*
S t P aul-D ul D i r g 4s___ 1996 J -D
D u l S h o rt L 1st g u 5 s ..1916 M-S
C B & y coll t r 4s See G t N o r
116 4 Sep ’07
S t P & N P gen g 6s___ 1923 F-A
1 1 6 4 12234
132 J ’l y ’99
R egistered c e r t ifie s ..1923 «-F
117^4 J ’ly ’o7
S t P a u l & D u l 1st 5 s ....1931 F-A 104
1174 1174
100 O ct ’o7
2d 5 s ............................... 1917 A-O
100 1084,
98 4 O ct ’ 06
1st consol g o ld 4 s ......... 1968 J-D
93 M ay’Oo
W a s h C en t 1st g 4 s ......... 1948 Q-M
1135e M a j’O
N or Pac T er Co 1st g 6s. .1933 J -J
113=e 1134
N o r R y C ai See So Pac
N or W is See C S 1 P M & 0
N o r cfc M o n t See N Y C en t
/ i In d <fc W See C C C & S t L
" 'h io R i r R R See B alt & O
O re <fc O al See So Pac Co
o r e R R & N a r See Un Pac
Ore S hort L in e See U n Pac
O sw ego & R om e See N Y C
0 O F & S t P See O & N W
102 109
102
.1 03
|_>ac C oaat Co la t g 5a___ 1946 J-D
102 4
1 ac of M isso u ri See M o Pac
10234>103
P anam a la t s fu n d g 4 4 s .. 1917 A-O 104
102:,4 J ’ly ’07
101 104
104 O ct ’07
P enn R R 1st re al est g 4 s .l9 2 3 M-N
1114 Sep ’04
C ob sol gold 5s..................1919 M-S
Consol gold 4s.................1943 M-N 100 ....... . 106 A u g ’03
8841004
90 Sale
C o n re r tib le g 3 4 s ...........1912 M N
884
93 4
83 4 95
C o n re rtib le g 3 4 s ...........1915 J-D
8 i 4 Sale
83 4
8 8 Jfi
99
99
A lle g Y a l gen g u g 4 s ...1 9 4 2 M-S ' 95 4 ....... . 99 J ’ne’u?
D R R R & B g e l s t g u 4 s g . ’36 F-A ' 9 7 4 ....... .
107 4 O ct ’Oi
P liiia B al <fc W 1st g 4 a ..1943 M-N
102 J a n ’03
dod B ay & So 1st g 6s . . . 1924 J j
S u n < i L e w is 1st g 4 s . ..1 9 3 6 J - J
1 1 0 4 Sep ’i>4
U N J R R & C an gen 4 s .1944 M- S
104 O c t ’07
101 107
P enn Co— G u a r 1st g 4 4 s . 1921 J -J .........104
l.) 3 7fc J ’l y ’o7
R egistered.....................1921 J - J
101 105 4
.........104
G u a r 3 4 a coll tru s t r e g .1937 M-S
8 3 4 ......... 90 4 J ’n e’06
G u a r 3 4 s c o ll tr ser B ...1 9 4 1 F A ......... 87 >2 84 M a y ’i»7
84
93
93
T r Co c e rtif’s g u g 3 4 s . l 9 i 6 M-N ......... 96
96
»9 O c t ’06
G u 3 4 s tr ctfs C .............. 194 2 J -D ......... 87
G 3 4 s tr ctfs D .............. 1944 J D
8 2 4 ......... 90 4 M a r’06
88
88
G u a r 15-25 y a r g 4 s ....1 9 3 1 A-O ......... 85
97 4
110 J a n '05
C l <fc M a r 1st gu g 4 4 s .. 1935 M-N
1 08 4 A u g ’03
Cl & P g e n g u g 4 4 s s e r A . ’42 J- J
Series B .......................... 1942 A-O
9 8 4 D e c ’06
Series C 3 4 a ..................1948 M-N
96 J a n '04
Series D 3 4 s ..................1950 F-A

100M100»*

93*8 984

• 93

B O M I)8 — C o n tin u e d on N e xt P n ite

T e le g r a p h a n d T e le p h o n e
C o a l a n d Ir o n
85 O ct ’07
Col F <fe 1 Co gen s 1 g 5s. .1 94 3 F-A
85 1 0 0 4 A m T elep <fc T el coll t r 4s 1929
C om m C able Co 1st g 4 s ..2397
87
87
87 A p r ’07
C o n re r tib le deb g 5a___ 1911 F A
M et T & T 1st s f g 5 s....... 1918
C 01 F ue l Co gen gold 6 s .1919 M-N
107 4 O c t ’04
M ic h . S ta te Telep. 1st 5 s .1924
102*8 A p r ’06
G r R ir Coal <fe C 1st g 681919 A O
N V & N J Tei gen g 6 s ..1920
C learf Hit Coal 1st 8 1 4s...1 9 4 0 J-J
95 A p r ’02
41 Sale
229 41
76l4 W est U n io n col tr c u r 5s. 1938
41
47
C o l l n d u l s t i coll 5s u u .,1 9 3 4 F-A
F d a n d real est g 4 4 s . . . 1950
C o n tin ’t a lC l s t s I g u 5a g .1 9 5 ‘2 F-A
107% D e c ’04
M u t U n T el s fu n d 6a. ..1911
Jetl & C lear C & 1 1st g 5s. 1920 J-D
107 M ay’97
N o r th w T e l g u f 4 4 s g . . 1934
K a n & H C & C 1st s f g 5 s.l9 5 1 J - J
1 0 5 4 D e c ’06
105 O c t ’00
Pleas V al Coal l s t g s f 58.1928 J - J
H a iiiit n c t n r in g
In d u s t r ia l
, 75
78 F e b ’07
78 7 8 4
B tm d ay C r e-t Co g 5 s — 1944 J- J
A m C ot O il ex t 4 4 s ...........1915
86 95
. 8 6 4 89 O c t ’07
T eun Coal gen 5 s......... ...1 9 5 1 J - J
Am H id e <fe L 1st 8 l g 6 s ..1919
101 O ct ’07
. 101
100 1 0 6 4
Tenn D i r la t g 6s....... <zl917 A O
100
.1 00
B ir m D i r 1st consol 6s. .1917 J- J
102
100 106 *2 A m e r Ic e S ecur deb g 6 s .. 1926
A m S p irits M fg 1st g 6 8 .. 1916
102 D e c ’03
• Cali C M Co 1st g u g 68.192*2 J D
A m T hread 1st col tr 4a ...1 91 9
. ib i* 100 F e b ’07
100 100
De BarC<fc I Co g u g 6 s .1910 F-A
A m Tobacco 4 0- rrg 6a-- 1944
85
85
85
98
. 88
V a lr o n Coal <feCo 1st g 5s. 1949 M-S
48..................... ................... 1951
93 Hi F e b ’07
V ic to r F u e l 1st s f 5 s.........1953 J - J
93 4 93 4
* K o p n c e F riday ; la te st bid and asked. « D a e J a n frD n e F e b c D u e M a r d D a e A p r h D a e J ’ly fc D u e A u g »




[V o l .

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

7 8 4 J ’l y ’07
96 Hi J 'n e ’06
104 F e b ’07
......... 99 4 97 F e b ’07
............ 105 4 J ’l y ’o3
......... 94
97 O ct ’07
......... 90
89
90
__ _ ...... 104 A p r ’07
103 J ’l y ’04

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

......... 7 6 4
......... 95
......... 85
87 Sale
57 Sale

83 7e 8 5 4

D ue o c i

784
*104
98
2

1
85 4
854
13
80
83
79 J ’l y ’07
96 O c t ’07
8 6 4 O ct ’07
85
90H. 623
60 9281
65

pD aeW oT jD u e ix *

90
104
98

....

*97 103
89 1004
104 104
.........

8 4 4 02
80
914
89
79
96 1 0 3 4
8 6 4 98
85 110*4
55
794

* O p t ta a S a i*

BOfNL».«>
N . Y. STOCK E X C H A N G E
W bk k E k d in g OCT 25

Price
F r id a v
Oet 25

Hta
t e u n <jo—( L o n lin u e a j
E r ie & P itts g u g 3 Vs B .1940 J - J *88
Series C .......................... 1940 J - J
G r K & I ex 1st
194J J - J
P itt s F t W Ac C 1st 7 s ...1912 J- J
2 (17s.................................1912 J - J
3d 7s............................. A.1912 A-O
P itts Y& Asli 1st con 5s.l9i!'i M-N
P C C & S t B g u 4 Vs A . . . 1940 A-O
108 V
Series B g u a r ...........‘. ..1 9 4 2 A-0
Series C g u a r................1942 M-N
Series D 4s g u a r ...........1940 M-N
Series E 3 V g u a r g ___ 1949 F A
Series F 4s g u a r ......... 1953 J-D
C S t JL <fe P 1st con g 5 s .l9 3 2 A-O
Pensacola <fc A t l See L <fc N ash
•Peo Ac ii.ast See C C C Ac S t B
Peo*fe Pek Un 1st g 6s ___ 1921
2«i goiil 4 Vs.....................6(1921
Pere Alarq—Olid* W M 5s 1921 J -D
F lin t & P M g 6s.............. 1920 A O
1st consol gold 5s......... 1939 (V5-N
P t H u ro n B iv 1st g 5 s .1939 A-O
Sag I'usifc 11 l s t g u g 4 s .1931 F-A
.P hil B <fc W see P e n u K it
P lu ia efe B e a d in g cons 7 s .1911 J-D
P itts C m <fc S t B See P en n Co
P itts Cleve & T ol see B <fc O
P itt s F t W Ac Cli See P enn Co
P itts M cK ees Ac V SeeN V C e n
P itts S li Ac B E 1st g 5 s ...1 94 0 A-O
1st consol gold 5s............ 1943 J- J
P itt s Ac West, nee B & O
L> eadu ig Co gen g 4s....... 1997 J - J ‘ 89 Sale
1-V R egistered..................... 1997 J-J
Jersey C e n t coll g 4s. ..1951 A O *90 ” 1”
Rensselaer Ac Sar See 1) & H
R ic h Ab l>an See S o uth By
R ic h Ac .Meek see S outhern
R io bir W est See B en As liio Gr
R och Ac P itts See B R <fc P
R om e W a t * O g See N Y C em
R u t la n d nee N Y C en t
^ a g i ’us & H See Pore M ara
O t J o i f c U r Is l 1st. g 4 s...1 94 c J-J * ......... S5
S t B<fc Cairo See M ob Ac Ohio
8 t B <fc Iro n A lo u n t se-e M P
S t B K C Ac N See W abash
S t B M B r see T R lt A ol S t 1.
S t B o u is & S a n Francisco—
G e neral goiu 6s................1931 J- J
G e neral gold 5a................193! J- J
100
S t B <fc S F R B cons g 4 s .. ’96 J- J
S o uthw B iv 1st g 5 s ..1947 A-O
R e tu n d iu g g 4 s............ 1951 J J
71
5-year gold notes 4 V-- 190s J -D •96
S t B M & So E a s t g u 4 V gl90 9 J-D
K C F t S Ac Ai con g 6s .. 192* M-N
69*3.
K C F t IS Ac A1 By ret g 4s 1936 A-O
K C & M R & B 1st gu 5s. 1920 A O
O z ’rk«fc O il C 1st g u 5 s g.1913 A O
8 t B ouis So See Illin o is C ent
8 t B S W 1st g 4s Ud ctis.1939 M-N ......... 89
2d g 4s in c bond ctls...2>1989 J- J
........ 73S
Consol gold 4s................. 1932 J-D
65 Sale
G ra y ’s P t Ter 1st g u g 5s 1947 J -D
8 t P a u l <Jb B u i See N o r Pacitic
8t P a u l M <fc Alan 2d 6s . . . 1909 A O •1 0 0 ^ .
1st consol gold 6s.............1933 J- J
R e gistered..................... 1933 J- J
R educed to gold 4 “a s ..1933 J - J ■103' ;
R egistered..................1933 J - J
D ak ota ex t gold 6s......... 1910 M-N 1104*5 ‘
M o n t ex t 1st gold 4s___ 1937 J-D
R e gistered..................... 1937 J-D
E M i i i n 1st d iv 1s t g 5 s..19 0b A-O
98% .
.Nor B iv 1st gold 4 s ....1 9 4 6 A-O
M in n U n io n 1st g 6 s ....1 9 2 2 J - J
M o n t C 1st g u g es......... 1937 J - J ’125 . . .
R e g iste re d ..................... 1937 J - J
le t g u a r gold 5s...........1937 J - J i o i - ' i o s s
W i ll <&> S F 1st gold 5 s..l9 3fc J-D
8 t P Ac N o r Pac see N o r Pac
S t P <b S ’x C ity 6’e e C S t P A1 tfcw
3 A & A Pass 1st g u g 4 s ... 1943
80
8 Fe Pres Ac P h 1st & o s ...1042
8 F «fc N P 1st s in k t g 5s. 1910
S av F & W es t See A t l Coast B
Scioto V al Ac N E See N o r <fc Wi
Seaboard A ir B ine g 4s ...1 0 5 0 A-O
63 Sale
C oll tr re lu n d g 5 s .........1911 M-N ......... 96
A tl- B irm 3o-yrist g 4 s.el933 M-S ......... 84
C ar C e n t 1st con g 4 s ...1940 J-J
F la C en Ac Pen 1st g os. 191s J J
. 107
1st la n d gr ext g 5 s . ..1 9 3 0 J- J
Consol gold 5s......... ...1 9 4 3 J-J
G a Ac A la B y 1st con 5 so l9 4 5 J - J
G a C ar Ac N o 1st gu g 6s 1929 J - J
105
Seab & R oa le t 6s...........1926 J - J
Slier S h r <fc so nee Al K Ac T
S il Sp o c a Ac g See A t l C oast L
80 Car Ac G a See S outhern
S o u th e rn P a cilic Co—
G o ld 48 (C ent P ac coll), fcl 949 J-D
76 Sale
R e g is te r e d ..................£1940 J -D
C en t Pao 1st re l g u g 4s 1949 F-A ”91 ” Sale
R e g iste re d ..................... 1040 F-A
M o rt g ua r gold 3 ^ s ..f c l929 J- D ......... 84
T h ro u g h S t L 1st g u 4s ’54 A-O
G a l B a r & S A ls t g 6 s . . l 9 1 o F-A
M ex <fc Pac 1st g 5 s ....1 9 3 1 M-N ’ 102 105
G ila V G & N ’ I s t g u g 5 s .l9 2 4 M-N .........108
H o u s & Ac W T 1st g 58.1933 M-N >101 .......
l e t g u a r 5s re d ...........1933 M-N
H & T C 1st g 5s m t g u ..l9 3 7 J - J ......... I l l
Consol g 6s in t g u a r ...1912 A O *10S .........
G e n pold 4s in t g u a r ..1921 A-O ♦......... 87
W a c o * N W d iv 1 s tg 6 s ’30 M-N
A <fc N W 1st gu tr 08....1 9 4 1 J - J

n

Weekfs
R ange or
Last Sale
Low
Hmh
92 A p r ’07
98*4 A p r ’04
108 Sep ’06
127% O ct ’02
119 J ’n e’06
119 A p r ’04
116 M ay’05
107*4 J ’l y ’07
107 *4 J ’ly ’07
112 V J iie'05
100*4 M a r’07
91 F e b ’07
110

S e p ’07

123 V J a n ’05
100% D e c ’O.i
109 A p r ’02
112 ^ A u g ’07
100% A p r ’()7
106*2 Sep ’06

120
98

82

Low
92

Hign.

107 *g 109 V
10634 109*^
98
91

10034
91

110

116V

U 0 34 115
10 J 34 100;<4

M a r ’06
J ’iy ’97

86 v.
92 v.
9534 M ay’o7
90
90

J ’n e’07

S6V 985<
9534 9534
89
96 V

90

92 V

118 O c t ’07
I o5 O c t ’07
91 F e b ’u7
102 J4 A u g ’05
71
74
98 N o v ’06

11734 123V
105 110 V
91
93

I 16
69

116 119
74 V 8234

A u g ’07
70*8

*7l " ”82 V

9 6 1a Sep ’07

96 V 97V

87 >a
87 V
70 O c t ’0?
05
67
101*8 A p r ’07

87 V 95
70
83
65
79
101 V 1 0 1 V

1 03 \ J’n e’07
125
125
134 D e c ’ 06
104
104
116*« A p r ’01
104 A u g ’07
96 V O ct ’07
100*4 O ct ’06
100 s Sep ’07

103
125

105%
131

104

108V

124 M ay’07
125 A u g ’07
136*4 M ay’06
115 V M ay’07
115 V D e c ’06
80
102
110

80*,
S e p ’07
o c t ’05

63
95

64
O ct ’07
J a n ’07
u6 V M a r ’oO
10/ *4 A u g ’ 06
109 V A iar’06
106 M a r’o7
110 J a n ’05
106 M a r ’07

75
84
84 J ’ne'o7
91
93
93% J ’n e ’07
82
82
9 o ®4 J ’n e’07
103 V A p r ’(/7
104 O c t ’07
106 ^ J ’iy ’06
107 V F e b ’05
104 A u g ’06
110 Sep ’07
111 *8 J a n ’07
87 O ct ’07
116 Dec 06
109 V F e b ’06

ft la n u t n c t u r in g >St In d u s t r ia l
B e th Steel 1st ex t s f 5 s .. 19-6 J-J •
95
96 A u g ’06
101
C e n t i-iCiitlier 20-year g os. 1926 A-O
81 V Sale
80
83
66 Sale
Consol Tobacco 50 y r g 4s.1951 F-A
66
6 6 V 19
62 Sale
D is til Sec Cor conv 1st g 6 s .’27 A O
60
70 203
I n t Paper Co 1st cou g tie. 1918 F-A 105 S alt 105
106
9
Consol conv s f g 5s....... 1935 J-J
►« V 87 Sep ’07
I n t S t P u m p 10-yr conv. 6s ’13 J-J . . . . . . 95
97 A u g ’07
K n ic k e r Ice (C h ic ) 1st g 5 s .’2t> A-O
. . . . . . 97 V O ct '05
L a ck a w steel 1st g 5 s ....1 9 2 3 A O
8^*4 89*4
8 .'s«
1
SO
N at sta rc h M tg Co 1 st g 6s 1920 M-N
83 V A u g ’07
N a t M a rc h Co s 1 deb o s . . 11*26 J - J
70 A p r ’07
R e p u b l & S le t & c o ltr 5 s .l9 3 4 A O
93
90 O c t ’07
U a BeaUi Co s td e u g 0 » ..1 9 1 3 M-N 103*8
103V Sep ’07
U S Jttealty & 1 conv deb g 5 s ’24 J - J
76 O c t ’O.
70
U s >teei Corp— ( coup ,dl96.'i M-N *8*9” Sale
86
92 ■•MK8
s t IO -60 y r o s . ( reg . . a 19 ;r< M N
88V
89*,
» 7 V A ug 07
Va-Car Ch> in col tr 5s g ..l9 1 '_ A O
95
W ea tin g h o u se E«fc .>1 8 15s *31 J J
60
85 , 10,
58 Sale
• H o price F riday ; ia te « t bid a n a a * k « l th is iroeJt.

JSONDl«>
N. Y . STOCK E X C H A N G E
W e s k E n d in g O ct 23

R ange
Since
Jan ua ry 1

104 107*4
96 V 100 V
100*6 101 V
130

131V

1 1 2 " 115 V

80
102

87
108*4

63
823i
9 4 3&100 V
88
89

L06

1073«

ioe” ibe"

76
90 V
34
88
91 100%
93*8 99
81
86
90*4 98 V
103 105 *s
L04 106:,4

109*4 H I V
111 112
87
94 7„

illl.^ K l.L A M iO l'S




1071

New York Bond Record— Concluded— Page 4

O c t . 26 1907.JI

99
80
5 6V 79
90
60
lo l^ f, 108 V
92
h7
97 106
89 V
82
70
1*0
102\
.6
86
«8 V
97
50

a U a o Jo o

102
84
70
97
106*4
96
99*4
99 S.
99
97 s

S o uthern P ac Co— ( C o n tin u e d )
M o rg a n ’s B a & T 1st 7 s .1918
le t gold 6s.....................1920
N o of Cai g u a r g 5 s.........1938
O re & C al 1st g ua r g 5 s .1927
So P of A r g u 1st g 6 s .. .c l9 0 9
1st g ua r g 6s.............. c l9 1 0
So Pacific of C a l—
le tg O e s e rie s E<fc F ...1 9 1 2
1st gold 6s..................... 1912
1st con g u a r g 5s......... 1937
S P a c o f N M ex 1 s t g 6 s ..1911
So Pac 'Joast 1st gu 4s g.1937
T e x & N O S a b D iv ls t g 6 s.l9 12
Con gold 5s................... 1943
0 P ac R R 1st re f 4 s......... 1955
S o u th e rn —1st con g 5s___ 1994
R e gistered..................... 1994
M o b & O hio c o U tr g 4 s ..1938
M em D iv l s t g 4V-5S...1996
S t B ouis d iv 1st g 4 s___ 1951
A la C en R 1st g 6s......... 1918
A t l <fc D a n v 1st g 4s....... 1948
2d 4 s ............................... 1948
A tl An Yad 1st g g u a r 4 s .1949
Col & G re e n v 1st 6s....... 1916
E T V a <fe G a D iv g 5 s ..1930
Con 1st gold 5s............ 1956
E Ten reor lien g 5s....... 1938
G a M id la n d 1st 3s.......... 1946
G a Pac R y 1st g 6s.........1922
K n o x <fc O hio 1st g 6 s ...1 9 2 5
iLobcfc B ir p rior uen g 5s 1945
M o rtg age gold 4 s........ 1945
R ic h ifc D a n con g 6s___ 1915
D eb 5s stam pe d ............ 1927
R ic h <fc Aleck 1st g 4 s ...1948
So C ar <fc G a 1st g-5s___ 1919
V ir g in ia M id ser C 6 s ...1916
series B 4 - 5 s..............1921
Series E 5s..................... 1926
G e n eral 5s..................... 1936
G u a r stam ped...........1936
W O Ac W 1st cy g u 4 s ..1924
W es t N C 1st con g 6 s ..1914
S As N A la See B <fe N
Spok F a ils <fc N o r 1st g 6s. 1939
' f'e r A of S t B 1st g 4 V s ..1939
1 1st con gold 5s___ 1894-D)44
G e n re fu n d s t g 4S.........1953
S t B Al B ge T er g u g 5s. 1930
Tex <fe N O See so P ac Co
Tex * P ac 1st gold 5s....... 2000
2d gold in c 5s..................q2000
B a B iv B B 1st g 5 s....... 1931
W A lin \V<fc X W i s t g u 5s ’30
T ol <fc O C 1st g 5s.............. 1935
W estnrn D iv 1st g o s ...1935
G e n era l gold 5s................1935
K a n Ac. Al 1st g u g 4 s___ 1990
i'o l P Ac, W 1st gold 4 s___ 1917
T ol S t B & W p r l ie n g 3 V s .l9 2 o
50-year gold 4 s................ 1950
T or H a m & B utt 1st g 4 s ./il9 4 6
lster <fc D el 1st con g 5s 1928
1st re fu n d g 4s...........1952
U n P ac R R & 1 g r g 4s ...1 9 4 7
R egistered..................... 1947
20-yr conv 4s (subsc rip)..’27
Ore R y Ac N a v con g 4s. 1946
O re S h o rt B in e I s t g 6 s .. l9 2 2
1st consol g 5s.............. 1946
G u a r re lu n d 4 s ............ 1929
R e g is te re d ................. 1929
U ta h <sc JMor 1st 7s......... 1908
G o ld 5 s .. . . . . . . . . . . . . . . . 1 9 2 6
U n i N J U R & C C o See P a R R
U tah C e n tral See R io G r Wes
U tali Ac, N o r th See U n Pacitic
U tica & B la ck R See N X Cent
' a n d a lia consol g 4 s ___ 1955
era C ru z < fc P ls tg u 4 V s l9 3 4
Y e r V al in d <fc W See M o P
V ir g in ia M id See S o u th R y
Va Ac S o u th w ’t 1st g u 58.2003
abash 1st g o ld 5 s ....... 1939
2d gold 5s..................1939
D e b e n tu re series A ....... 1939
Series B .......................... 1039
Certificates o l deposit___
1st lie n e q u ip s fd g o s ..1921
1st lien 50 y r g te rm 4 s .1954
1st re ! a n d e x t g 4s ___ 1956
Detdfc O il E x t 1st g 5s. .194]
D es M o m D iv 1st g 4 s ..1939
Oin D iv 1st g 3 V s ...........1941
Tol & C h D iv 1st g 4 s ...1 94 1
S t Chas B ridg e 1st g 6s. 1908
W a b P itts T erm 1st g 4s. 1954
2a gold 4s.......................... 1954
W a r ru n See D el Bac Ac, W est
W a sh C e n t See N or Pac
W a sh O Ac W See S o uthern
W a sh T e rm l le t g u 3 V s.. 1945
W e s tM a ry la n d I s t g 4 s . . . l 9 5 2
G e n Ac conv g 4 s ............ 1952
W V a C e n t & P 1st g 6s 1911
W est N XAc P a 1st g 5 s ..1937
G e n gold 3-4s................... 1943
in c o m e 5 s.......................<fl943
W est N o Car b w S outh B y
W he ei’g & B E 1st g 5 s ...1 9 2 6
W he el D iv 1st gold 5 s ..1928
E x td n & Im p gold 5 s ...1 9 3 0
R R 1st consol 4s..............1949
20-year eq uip s f 5s ...1 9 2 2
W ilk e s Ac E a st See E rie
W ii Ac Sioux. F See S t P M & M
W is C e n t 50-yr 1st sen 4s 1940

U

Price
F r id a y
Oct 25

Rang*
Since
Jan u a ry 1

H ig h
Ask- Low
127 Sep ’06
116 N o v ’06
112 F e b ’07
100*8 J ’i y ’07
. 103 V 104 A p r ’07
104 V F e b ’07

B id
A-O
J- J
A-O
J- J
J- J
J- J
A-O
A-O
M-N
J- J
J- J
M-S
J- J
J- J
J- J
J- J
M-S
J- J
J- J
J- J
J- J
J- J
A-O
J- J
J- J
M-N
M-S
AO
J- J
J- J
J- J
J- J
J-J
A-O
M-N
M-N
M-S
M-S
M-S
M-N
M-N
F-A
J- J

WeeVs
R a ng e or
Last Sale

107
114 V
116
104

Low M iffk

A p r ’07
D e c ’04
M ay’07
M a r ’07

112
98
103 V
104V

112
101
104
104%

107

107

116 116
lOSSa 104

107 V F e b ’07
104 Sep ’06
88 V
91*4
98 V
114 N o v ’06
79 Sep ’07
79
113 V M a y ’w7
'7 8 V 84 Sep ’07
113 J a n ’06
96 J ’ue’06
92 J ’n e’06

107 V 107 V

111 F e b ’07
110^ .T’l y ’o:
112 O c t ’07
110*2 J ’ne’07
65 Sep ’07
. 68
114 A u g ’07
1173i M ay’07
115*8 A p r ’ 06
96 O ct ’05
......... 89
110
109*4 A u g ’07
99 V O ct ’07
*98 V .......
98 F e b ’05
105 A u g ’07
112 O c t '06
108 V Dec ’Oo
113 Dec ’Oi)
103 O ct ’07
107 M ay’O,
90 V 9 6V J a n ’07
10‘j V sep ’07
. 110

111 111
110=8 113*g
112 117*4
110 V 1 14
65
69*4
119*4
116 118*4

82 V 84
92 V Sale
105

S3” ” 95”
91*4 113*4
79” ”94“
113 V 116
SO
94*4

. 113

.....

109*4 113
99 V 103
104

106 V

103
107
94*4
106 V

111
110
96 V
109 V

J- J
A-O *101 ........
F-A
J- J
A-O i b 2 ‘ m r .

117 J ’l y ’00
ill
J ’l y ’07
1 i l V J ’n e’07
90 A u g ’07
111 D e c ’06

J-D 109 110
Alai
J J
F-A
J- J
A-O
J-B
A-O ......... 86
80 SaltJ- J
J- J
....... - 82
A-O ......... 68
J-D
J-D 102 104
A-O
96 V Sale
J- J
J- J
80 *8 Sale
J- J
J-B ......... 04.
F-A i 13 Sale
J -J ......... 108
J-D
77 Sale
J-D •8 4 7s ....... .
J- J
J -J ‘104

110V 118*4
110 V 111
92 N o v ’06
110 M a r’06
106 V N o v ’04
108
10s
107*4 111
111 Alay’04
102 Alay’07
i'0'6 v i'0'2 v
87*4 O ct ’07
8 7*4 97
80
80
80
89
81
81
81
87 V
66
69
66
62
95 D e c ’Ob
102 O ct >07
102” iV6“
93 Sep ’ 06
98
96
96 102 V
96*4 Sep ’0 .
96*4 101V
78 h
84
78
93
92
92 V
92 V 99V
113
113
113 126
107 V 114
107 V 107 \
75
86 H, 18,
75
9434
8734 M a r’o7
87*4 « 7 34
iOO
100
100 103 V
105 V J ’l y ’07
105 V 1 0 5 V

V

F-A
J- J

W

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

F-A
A-O
A-O
J- J
J-J
A-O
Nov

108 111
111*4 117
90
94

94 V O c t ’07
98 Sep ’06

94 V 94V

O ct ’07
104 111V
105 V 72 104 114
O ct ’07
94 105 V
90 90
J ’ne’o7
*40
O c t ’vi7
44 7 6 V
J ’n e’O
57 V 76
101 102
M a i ’07
M a i ’06
42” ’ *6*7 V
42 Sale
46 V
104
104 109
‘104 V ....... .
N o v ’O-i
F e b ’o7
80” ‘ 80 V
96*8 J ’n e ’o'i
96*8 9 6 V
100 M ay’07
100 102
65 V 80
........ 66 V 66*4 O c t ’o7
15
1734 166 15
3 2V
16 Sale
100
104
94

111
75

....... .
Sale
96

69
47
106

A-O ■104
J- J
F-A
M-S
J- J
74

87 V J ’l y ’07
65
68
50
65
106 V A u g ’06
112 O c t ’0
89*4 J ’n e’o7
34 F e b ’07
105
110
111V
76
104

SsXt

74

87
65
49

111 115V
89*4 »S**
34
34

A u g ’07
D e c ’ 06
A u g ’05
O ct ’07
O c t ’07
80

87*4
82 V
68

i.05

108

7u
104

8 7V
104
89

32

B O N U S —C o n c lu d e d .
iH iitc e lia iie o us
A d a m s E x col tr g 4 s....... .1948 M-S
88 Sale
A m S S C o o f W V a g 5 s___ 1920 M-N
B ’k l’n F e r T y C o ls tc o n s g 5 s ’48 F-A *26
C hic J c Ac S t Vard col g 6s. 1915 J - J
103
D etA l <fc Al id g r in co m e s.. 1911 A O
I n t M ercan M a rin e 4 V s .. 1922 A-O
55 V Sale
i n t N a v ig a tio n 1st s f 58.1922 F-A ♦
84
M an B 011 t l Ac B gen g 4 s .. 1940 M-N
N e w p N e S h ip <fc D I)5 8 c tl9 9 0 J -J
97
N Y Dock 50-yr 1st g 4s. .1961 K-A
87 Hi
85
P rovidence Sec deb 4s___ 1957 M-N
______
P ro v id e n t Boan S o c 4 V s .l9 2 1 M-S
St J o s o p h S tk Y d s ls t 4 V s .1930 J- J
S t B Ter C u p p le s S ta t’ncS- P rop
Co l s t g 4 Vs 6-20 y e a r ..191 < J-I)
S Y u b a W a t Co con g 6 s ..1923 J - J
-*p V al W a t W ork s 1st 6s. 1906 M-S
U S Red & R ef 1st s f g 6s. 1931
........ 83 V

fc D u e F e b

d Bue A p r

«D ueM »y

p D u e J 'n e

88
88
100*4 J ’n e ’02
41 O c t ’06
101 M a y ’07
70 Sep ’ 06
6 T. ’4
67
85 V J ’ l y ’07
60 F e b ’ 02

A O u * / 'i y

87 V O ct ’07
O c t ’07
99 M ay’06
100 V Sop ’06
H5

112 J ’ly ’04
113 V J ’l y ’00
90 A u g ’07
p D u e Now

88

103

101

101

56

70S
85%
87 V
8 4V

80

96

c O p f to n t a te

CHICAGO STOCK EXOHANGrE—Stoak Record—Daily, Weekly and Yearly
STOCKS— H IG H E S T A N D LO W E S T S A L E P R IC E S
Saturday
October 19

Monday
October 21

Wednesday
October 23

Tuesday
October 22

Thursday
October 24

Friday
October 25

Sales
of the
Week
Shares

ST O C K S
C H IC A G O S T O C K
EXCHANGE
R a ilro a d s
C hicago C ity R y _____ 100
C hicago & O a k P a rk - 100
D o p r e f____ _______ 100
C hicago S u b w a y
___100
C hic U n io n T rac tlo n .1 0 0
D o p r e f_________ .100
K a n s C ity R y & L t .,1 0 0
D o p r e f .. ________ 100
M etropol W S E le v ___ 100

66
66
66
106is 106l2 IO6I4
60
69
*60
*112 116 *____

661?
6412
107
106i2
60
*55
118 *100

0 c t’07 _
0 c t’07
Oct’07
14
5.031
0 c t’07 ____
July ,07
45
160
____
Oct’07
Sep’07
53
267
Ju ly ’07
N o r th C hicago Street-100
2112
21 N orthw e ste rn E le v ___ 100
Sep’07
D o p r e f. _____ -.100
75 •
57 S o u th Side E le v a te d . . 100
28
100 Streets W S ta b le C L .1 0 0
Ju ly ’07
D o p r e f. . _______ 100
____ W est C hicago S t r e e t .. 100
Ju ly ’07
M iscellaneous
334
31?
3
334 *314
334 l . r
3<J!
A m erican C a n ________ 100
40
43
40
*35
42
3912 40
140 * ___ 140 * ____ 140
140
*130
A m erican R a d ia t o r . .1 00
125 *
125
Last Sale 123
0 c t’07
56
54
50
51
51
51
. 8.9 A m e r S h ip b u ild in g ___ 100
54^8
100 * ___
10U
100
*97
4
D o p r e f . ___ ______ 100
38
35
Last Sale 35
35 *
Sep’07
B o o th (A) & C o _____ 100
104 *100 104
Last Sale 1041o Scp’07
D o p r e f____________ 100
45 * ___
45
*40
45
45
45
300 C al & C hic C anal & D .1 0 0
165 Mch’07
Mch’06
16
1
*1
40 C hic B rew ’g & M a lt’g ____
ll«
*1
15S *1
1>8
6
6
*5
6
*5
5
5
400
D o p re f________ ______
Last Sale 1371(> 0 c t’07
C hicago E d i s o n . . ___ 100
145 *13812 145
34
30
30
27
30l2 22
25
889 C hic P n e u m a tic T o o l.100
105
100 100
100 100
97
103
149 C hicago T elep hon e___ 100
103
100
100 100
100
308 Chic T itle & T r u s t. .100
119 m 116 117
T12
112 117
114
953 D ia m o n d M a tc h ______100
39
37
37
37
. ...1 0 0
35
36i2 35
589 Illin o is B r ic k .
3II 4
80
Feb’06
41
Aug*07
21*
J ’ne’07
Last Sale 26I4 Ju ly ’07
661?
66
66
60
1,294 N a tio n a l B is c u it_____ 100
5818 6412 59
104 106 *103
104
D o p re f____________ 100
106i2 104 106
360
65
60
100
*56
100
115
100 100
100
D o p re f___ __ ______ 100
175

36
3712
84-5,1 84U
10034 IOOI4
133 *130
92
94
1
1*2
8?s
8I4
*
___
223,|

35
371?
843.
8312
92i2
101
132
130
*
___
92
1
1
85S
712
223,] * ___

35
35
841?
80
100i2 87
130
94
90
llg
8
8I4
*
___
223,,

*140 150 *140
*3
31ft
*3
10 * .
* ...
151?
*6
15lg
*134
m
3
16 * ___
*-*■40 *
40
*75
*75
79
* ___
20 *
* ___
60
55
*
___
* ___
40
* ___
221* * ___
* ____
571? * ___
*76
77
77
*2712
*2712 28
*90
94 * ___
* ___
28 * ___

150 *140
4
*3
11
*8
I 6I4
13l2
*134
21?
16 * ___
44 * __
79
*75
20 * ___
55
55
*
___
40
221-> * ___
57U * ___
*76
77
28
2712
94 ♦____
28 * ____

334
4
3'S
3?8 3'f
42 j 43^4
42
*4112 43
140 140 * ___
139 139
*
«
.
.
.
125
125
56
56
5412
56
55
*
___
100
100
*9712 100
*
*100
* ___

* ___
*100
*45

35
104
50

*1
*5
*13812
3414
*102
10312
11912
*3812

*1
lift
6
*5
145 *13812
35
*33
105 *102
10312 10312
11912 119U
39
39

3512
8434
IOOI4
*130
*92
*1
S's
* ____

35
104
45

*30
*100
45

1
U«
6
*5
145 *13812
35
34
105 *100
103
104
1197s 117
3834
39

150
4
10
15
21?
16
45
79
20
57
40
221;.
571?
78
271?
94
271?

150
Last Sale
Last Sale
4
10
Last Sale
13
11
1314
Last, Sale
21?
16
Last Sale
45 * ____
40
79
Last Sale,
20
Last Sale
55
55
* ___
40
Last Sale
2212 221* ____ ____
* ..
Last Sale
5712
75
75
75
75
____ ____
*2712 28
* ___
94
Last Sale
* ___
Last Sale
28
*140
*3
* ___
11
*134
* ____
* .
*75
* ____

35
82
95*4
...
90
8
2234

150
319
10
12
21?
18
*40
78'8
22
*50
46
*20
60
*70
*26
97
33

9912 Ju ly ’06
*34
37
195
80
79
741
8512 9112 29,528
125
125
89
92
92
345
*1
11» 1,304
2.608
734
SI4
734
8
Last Sale 22
Oct’07

80
81
83U 88
130 130
91
92

321*
10
16
Last Sale 4

S ears-Roebuck c o m ..1 0 0
D o p r e f____________ 100
S w ift & C o ............ .........100
The Q u a k e r O a ts C o . . 100
D o p r e f ___________ 100
W estern S t o n e _______ 100

Nov’06
May*07

Inter
est
Period

Price
Friday
Oct 25

Week's
Range or
Last Sale

Lowest

Highest

Lowest

Highest

150 M ch 1!) 205 A p r 8
3 O c t 12
5 J a n 24
10 O ct 17
16 A p r 6
11 O c t 23
4fil2 J a n 2
21* O c t 4
6>4 A p r 3
14 A p r 23
19U J a n 9
40 O c t 19
65 J a n 16
78‘* O c t 10
87 J a n 17
21 Sep 12
28 J a n 24
72 J a n 15
55 O c t 21
3412 A p r 10
47 J ’ly 16
20 Sep 11
25i2 J a n 25
66 J ’ly 17
58 A p r 24
90 J a n 4
75 M ch 7
34 J a n 15
2712 O c t 22
99 M a y l8
95 A p r 3
35 A p r 3
20 M ch 19

140 Sep
5 Dec
15 Dec
3934 J ’ly
4 J 'ly
1212 Mav
54i2 J a n
85 O ct
25 O ct
651* O c t
25 Mch
2312 J ’ly
60 M ay
N9>* A p r
27 M ay
97 Dec
23 A p r

200 J a n
7*.; J a n
28% J a n
59 M a y
I 3I4 Feb
46I4 M c h
68i2 F e b
9312 F e b
30 J ’ne
721, N o v
85 M ch
281" F e b
6812 .Mch
99 J ’ne
3.534 N o v
102 J ’n e
60 F e b

7I4 A p r 11
3 O c t 24
60 A p r 10
3912 O c t 25
129 J a n 7 1401s Sep 9
120 A u g 20 130 A p r 24
50 O c t 24
801- J a n 14!
99 Oct 5 109 J a n 7
30
40 M ch 28
40 J ’ne 8
34 A p r 20
104i2 Sep 7 111 F e b 8
45 O c t 3
54 J a n 8
165 F e b 27 165 F eb 27

6 J 'n e
51 J ’ly
115 Feb
128l2 Dec
54 J a n
101 J a n
17 Feb
36 J a n
106 O c t
55 M ay

117* J a n
72 J a n
130 N o v
136 J a n
81 N o v
112 N o v
311* D ec
40 F e b
1131c J ’n e
64 F e b
175
161" F e b
1 M ch
7 Jan
165 F e b
63 F e b
139 J a n
118 J a n
147 F e b
7134 J a n

16 Feb
1 Mch
6 N ov
136 J 'ly
48'2 Dec
101 A p r
103 May
118 J ’ne
41!2 Sep

1
5
129
22
97
100
112
35

Jan 9
A u g 22
M ch 21
O c t 25
O c t 25
O c t 24
O c t 24
O c t 24

1 Jan 9
612 J ’ne 5
149 A p r 3
51 F eb 8
134i2 A p r 4
112i2 M a y l3
129i2 M a y l5
57 M a y 2

41
21*
25
58ig
104
60
100

Jan
F eb
Oct
Oct
O ct
Oct

23
5
24
23
21
24

4ft J a n 11
21? J a n 23
27 M ch 4
86 J a n 14
11734 J a n 7
84ij J a n 11
120 J a n 17

21 J ’ne
62 May
113i2 J a n
78 J a n
112 Dec

80 F e b
48 Sep
212 F e b
23 M c h
791* D ec
119 Oc*
M ch
122l2 M ch

34?x
79
83U
125
90
1
6
22

A ug
Oct
Oct
Oct
Oct
Jan
Jan
Oct

28
25
24
25
23
2
2
15

57 J a n 10
95 J a n 26
11312 J a n 16
173i2 M ay 3
10234 J a n 16
214 A p r 8
1234 A p r 8
30 F eb 14

88's J ’ly
50 A u g
92li N ov
101t4 J a n
115 M ay
99M Dec
3.1 Dec
514 Dec
28 Dec

9312 M a y
631* D ec
99 Sep
1191* Sep
152l2 J a n
106*4 Fet»
234 J a n
1714 J a n
4'4 MCH

321* J a n 24

3219 J a n 24

161.4 A n r 15

20

2934 J ’ne
734 J ’ly
1414 Mch
312 J 'ly

44^4 F e b
1414 M ch
20^8 N o v
43sOct

J a n 22

1

797s Feb
46

Chicago Banks and Trust Comoanies

Chicago Bond Record
BONDS
C H IC A G O S T O C K
EXCHANGE
Week ending Oct 25

Range )or Previous Year
«S0fi)

Range /or Year
1907

B'ds
Sold

NAM E.

Range
p r year
1907

Outstand
ing
Stock
t

Surplus
and
Profits
t

Dividend Record
In
1905

In
1906

Per
iod.

Last P a id
%

8
8
Q-J O c t ’07. 2
B ank e rs N a t i o n a l _______ $2,000,000 $1,263,311
5
5
An. Dec ’06. 6
32,865
100,000
High C a lu m e t N a t i o n a l _______
10
122.454
10
J-J J u l y ’07, 5
C hicago C it y _____________
500.000
12
12
Q-J O c t ’07. 3
100 100
o m m e rc ia l N a t i o n a l ___ 03,000.000 4,233.317
mmmm . . . . 100 Mch’07 . . . .
8
8
Q-J O c t ’07, 2
o n tln e n ta l N a t i o n a l ___ 4,000,000 3,065,021
6
Q-J O c t '07, U r
9,777
6
50,000
100 102
Cook Co S ta te S a v in g s ..
J - J . . . . 101l2 100 Sep’07
12
12
Q-J O c t ’07, 3
100 100
C o m E x ch a n g e N a tio n a l 3.000,000 4.764,477
J - D . . . . ____ 100 May’0? ____
6
37,451
6
Q-J O c t ’07. 1I 2200,000
. . . . . . . . D rexel S ta te _____________
J - J . . . . ____ 103 A pr’04
356.072
8
Q-J O c t ’07, 2
8
600,000
55
55
55 A ug’07 ____
61
Drover-j D e p N a tio n a l—
J -D
33,011 _____
3
Q-J O c t ’07, 1>*
200,000
E n g lew o o d S ta te ________
Oct 16 1905
84.215 Began busine ss
100 100
500,000
F ederal N a tio n a l________
97i8 100 Oct’07 . . . .
J - J t.—
12
Q-J O c t ’07. 3
12
98 101
98 Oct’07 . . . .
A - O f — . 98
F irst N a t i o n a l ___________ 8,000,000 7,459,753
10
155.396
10+10 Q-J Oct ’07. 21j
150,000
....
9634 Ja n ’06 ____
First N at E n g le w o o d --98
F - A I --631.541
Prlv ate Ba nk
____
500,000
. . . . . . . . F o re m a n Bros B ’k ’g Co_
98
A -Q ....
Q-J O c t '07. 2
386.43!)
6
6
--- F o rt D e a rb o rn N a t io n a l. 1,000,000
—
87 Feb’06 --A - O --- --J-J July ’07. 21t
181.898 . . . .
j . j
500.000
. . . .
H a m ilto n N a tio n a l---Q-J O c t '07, 2
1,500.000 1,123.683
8
8
H ib e rn ia n B 'k ’g A ssn —
__ .
_____
. . . ----- . . . .
111.893 . . . .
200,000
b
7412 8158 K a s p a r S ta te B a n k . . .
J - J
7312 75
7412
7412
Q-F Aug ’07, 1
53.623
3
300,000
79 N ov’04 ____
. . . . . . . . M onroe N a tio n a l---M- N . . . . . . . .
_
Jan
’07, 41*
_
_
Jan.
81,392
250,000
80 A p r’04 ----- --- M u tu a l H a n k ---------M - S --- --Q-J O c t ’07, 2
’ 6’
” 6
2,000.000 1,227,139
N a t B a n k of R e p u b lic —
Feb 6 1907
1,500,000
384,392 Began busine S3
9712
10234
M - S ....
9712 97l2
N
a
tio
n
a
l
C
ity
____________
9712
2
1,000,000 1,388.398 12+3 12+3 Q-J O c t ’07, 3
. . . . N a tio n a l L iv e S to c k --J - D X--88i2 90 Dec’06 ____
Dec 8 1906
200,000
56,367 Began busine ss
95
9618 Sep’07 ____
98i4 N o r th A v e n ue S ta te ..
M- N . . . .
Q-J O t t ’07, l l j
6
50,000
6,011
6
____
N
o
r
th
Side
S
ta
te
S
avings
95
June'07
95
96
A -O ....
93
Q-J
O c t ’07. 1>2
6
100,000
35.250
6
O a k la n d N a tio n a l----. . . .
. . . . . . . . . .
... .
250.00U
69.148
90 0 c t’07 . . . .
90
88
933g P ra irie N a tio n a l__________
J - J ....
Q-J
O c t '07. 2c
das
1.500,000
"
s
'
.
.
.
.
____
j
56,071
16
May’05
P
ra
irie
S
ta
te
_____________
....
Feb
July 3 lti06
250,000
15,010 Began bu Ine bS
R a ilw a y E x c h a n g e ---Q-J O ct ’07, li»
5
4
200,000
75.52:
5
84
9078 S o u th C hicago S a v in g s ..
83
84
8412
F -A
84
4
300,000
100.376 Orga nlzed Oct 12 1906
80
80
80
85
S e c u rity ------- ------J - J $80 Sale
Q-J O c t ’07, 2
8
8
1,000,000 1,123,423
90 Dec’06 --90
--- --- S ta te B a n k o f C h ica g o —
N o r th C hic S t 1st 5 S ..19 09 J - J
152.340 None ______ J-J J ’ly '07. 3
250,000
S to c k Y a rd s S a v in g s --1st 5s..........................1916 J - j
M-N
.
.
.
.
.
.
.
.
May '07, 3
____
42.316
200.000
U n io n B a n k of C h ic a g o ..
79 Aug’06 ____
....
R e fu n d in g g 4 H S ..1 9 3 1 A - O
6
Q-J O c t ‘07. 11*
59,488 None
200,000
75
U n io n S to c k Y a rd s S ta te
75
75 Feb’07 ____
N o C hic C ity R y 4 J4S1927 M - N ____ ____
Q-J O c t ’07. 2
8
8
2.509.558
3.000.000
A
m
e
ric
a
n
T
rust
&
S
a
v
g
s
.
N o r th W estern E l—
7
Q-J O c t '07. 1*4
5*2
990,953
29
87 Sale
C e n tral T rust Co of 111___ 2,000.000
88
92
87
89
1st 4s.......... ............... 1911 M - §
. .. .
H96.536
n500,000
C hicago S a v B k & T r____
19
80
80
82
95
80 Sale
O g d en Gas 5s_________ 1945 M 6
6
Q-J
11,220.313
Oct '07. 11*
____
5,000,000
C
hicago
T
itle
&
T
ru
s
t___
....
Pearsons-T aft 5s______1916 J - D . . . . . . . . 100l2Mch’06
------. . . . . ____ _
6.981 _____
. .. .
50.000
C itizen s T rust & Savings
94
94
94 Sep’07
97
4.40s ................................... M - S
10
543.505 5 + 5
Q-J O c t ’07, 2i2
600.000
98
96
98 J u ly ’07 ____
98
C o lo n ial T rust & Savings
4.60s Series E ___________ M - N
....
6
6
89,643
Q-J
O
c t ’07. 11*
____
200.00°
____
D rovers T rust & Savings
98
98 Sep ’07
4.80s Series F ___________ M - N
....
Orga nlzed Apri 1 3 1907
41.071
1.500.00)
11512 1151* F arw ell T rust C o ________
ll& i2J ’ne’07
P eo Gas L & C 1st 6 s ..1943 A - O . . . . 114
... .
. . . .
. . . . . .
1,214.643
. .. .
2.000.000
1
102i2
98
.
.
.
.
98
98
F
irst
T
rust
&
S
a
v
in
g
s
___
M
98
R e fu n d in g g 5s____ 1947
S
347.256 Began busine S3
Feb 4 1907
99l2 IO4A4 H a rris T rust & S a v in g s .. 1.250.000
100
ir o i4 16
C hic Gas L & C 1st 5s 1937 J - J . . . .
98
Q O c t •07, 4
101 102
Illin o is T rust & S a v in g s . 5.000.000 7,982,728 12 + 4 12+4
C on sum Gas 1st 5 s .1936 J - D . . . . IOOI4 101 A pr’07 . . . .
_____
36,288 . . . .
200.000
Q-J O c t ’07, Us
10312 Feb’06 ____
K enw ood T rust & S av g s .
M u t ’l F uel Gas Ist5 sl9 4 7 M - N . . . . 100
_____
30.4P2 . . . .
200.000
Q-J Oct ’07, 1
97 100i2 Lak e V iew T rust & Savgs
8 o u th Side E lev 4 ^ s . l 9 2 4 J - J
9712 9712 0 c t’07 ____
12
12
Q-J O c t ’07. 3
5
99 1021g M e rc h a n ts’ L o a n & T r Co 3.000,000 4.490.2. 3
99
99
100
S w ift & Co 1st g 5s___ 1914 J - J 97
355.601
750.000
6
Q-J O c t '07. I 1*
6
95 100
M e tro po litan T rust & S av
9812 0ct'07
U n io n E l (L oop) 5s___ 1945 A - O . . . .
98
8
Q-J O c t 07. 2
8
. . . . . . . . N o rth e rn T rust C o ............ 1,500.0c' 1.912.892
114 Nov'04 . . . .
U n io n P acific conv 4 s .1911 M - N . . . . __.
40,937
200,000
28 1006
.
Orga
July
____
nlzed
...
65
75
N
orthw
e
st
T
rust
&
Savgs
* ....
71l4 Sep’07
71
U n ite d B ox B oard 6s______
200,000
63 ,09d __
J J J ’ly 07, 3
85
90
90 May’07 ____
Peoples T rust & S a v in g s .
80
W e s t C hic S t 1st 5 s . . . 1928 M - N
185.701
8
**8’ Q-J O c t “07. 2
68l2 Sep’05 ____
. . . . P uH :n an T rust & S avings Jfc700,0o0
T u n n e l 1st 5s_______ 1909 F - A ____ . . . .
500 000
8
Q-F Aug '07. 2
566.508
6
73 June’07 . . . .
73
....
D e b e n tu re 6s_______ 1914 J - D
R o y a l T rust C o _________
200.000
4,244 Incor porute d M arch 1905
70
73 June’07 . . . .
78
S to c k m e n ’s T ru st & S a v .
C onsol g 5s_________ 1936 M - N ____ . . . .
. . . . . . -- ....
....
87 Dec’06 . . . .
U n io n T rust C o __________ 1,000 .OtX) 1.031,80;
W es D lv C lty R y 4 J^sl 932 ,T - J . . . »
200.0O0
23,12< iForme rlv Jen nlng s R E L A T r
--- --- U n ite d .States_______ - —
W e s te rn S tone Co 5 s. .1909 A - O --- --9612 Ja n ’06 --315.084
6
6+1 Q-J O c t 07. U*
W estern T rust & S avings 1.000.000
Sept 5 1905
200 000
34.482iB«ran busine SB
W est Side T r & Sav B a n k
N ote.— A ccrued Interest m u s t b e a d d e d to All C hicago bo n d prices
Q-J O c t *07, ll|
2(H) .000
6
26.150 . . . .
W o o d la w n T r& S av B k . .
Q D iv id e n d s are p a id Q -J. w ith ex tra p a y m e n ts Q F .
a Irn
* B id and asked prices; no sales were m ade on th is d a y .
b Due Ju n e ,
c C a p ita l Increased J a n . 1 l » 0 7 fr<*m * 2^
p a id Dec. 18 1906. ‘ t N o price F rid a y ; latest price th is w e e k .' a ~
D ue Dec. 31'.
d iv id e n d of 3 0 % being declared a nd to be tak e n as p a rt p a y m e n t for new stock,
b D u e J u ly ,
fc C a p ita l Increased from *300.000, a t c
®
o f 33 1-3 % being declared In p a rt p a y m e n t therefor, n C a p ita l a n d surplus to be Increased.
o C a p ita l Increased from 52,000.000 a n d *<:,ouo,ww a a a e a
to surplus,
t A u g . 22 for n a tio n a l banks a n d A u g . 20 1907 fo r S ta te In s titu tio n s . * As of J u ly 1 190"
B id

A m e ric a n B iscu it 6 s ..1 91 0
A m e r S tr a w b ’d 1st 6 s. 1911
Cass A ve & F G (S t L ) —
5s.................................. 1912
C hic B oard of T rade 4sl927
O hlc Consol B r& M lt 6s____
C hic Consol T rac 4 >^s-1939
C hic E d is o n —
D eb en ture 6s_______ 1913
1st gold 5s.............. 711926
O hlc A u d ito r iu m 1st 5sl929
C h ic D ock Co 1st 4 s ..1929
C hic No Shore E lec 6 s .1912
0 ? lc & M il E lec R y 5S.1919
0 1 c P n e u m T ool—
1st 5 s ................. ..0 1 9 2 1
C hic R I & P R R 4 s . . 2002
C o lla t T rust g 5s— 1913
C o m m o n w e a lth E lec t—
5s................................ 61943
Illin o is T un ne l 5s____ 1928
K a n C ity R y A L tC o 5s 1913
K n lc k 'b ker Ice 1st 5s_1928
L a k e Street E l—
1st 5s_______________ 1928
In c o m e 5s___________ 1925
M e tr W Side E l—
1st 4s.............. ...........1938




F - A
J - J

Ask Low

High No. I jOxd

S

OCT. 26 1907.]

Volume of business at Stocfc fixc'iansres
TRAN SACTIONS AT T H E N E W Y O R K STOCK E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .

Week ending
Oct. 25 1907
S atu rd a y ___________
M o n d ay ____________
Tuesday____________
W ednesday________
Thursday___________
F rid a y _____________

Shares
451.375
830,414
1,369,392
909,142
985.241
620,990

1073

THE CHRONICLE

Par value

Railroad,
&c..
Bonds

S39.814.375
75,531,750
120,990,700
80.285.600
87.993.600
55,749,300

$ 1,441,500 i
2.307.5001
2.734.5001
3,334,500
3,508.0001
3,704,200

State
Bonds

$201,000

568.000
619,500
1.002.500
1.503.500
898.000

V . S.
Bonds
$10,000
4,000
10,000

20,000

Telegr & Telephone
eA m er Teleg & C a b le .100
eC entral & So A m e r_ .1 0 0
C o m m ’l U fl Tel ( N Y ) . 25
E m p & B ay S tate Tel 100
F r a n k l i n ................... ..1 0 0
eG old & Stock Tel eg .100
H u dso n R iv e r Teleph 100
eN Y <Sc N J T e le p h ... 100
eN orthw estern T eleg. .5 0
Pacific & A t la n t ic ______25
S o uthern & A t la n t ic ..2 5

B id
70
103
108
68
40

Ask
82
112

100

110

55
95
105
62
90

78
50
60

110

112
75
100

Ferry C om pan ie s

2
1
B rook lyn Ferry stock 100
595 101
B & N Y 1st 6s 1911J J
60
70
5,166,560 $460,365,325! 817.030,200 $4,792,500' $44,000' N Y & E R Ferry stk .1 0 0
Total.
65
75
1st 5s 1 9 2 2 ...........M-N
N Y & H o b 5s M ay 46 J-D 595 100
J a n . 1 to Oct. 25
Week ending Oct. 25
Sales at
H o b F y 1st 5s 1946M-N 100 104
New York Stock
N Y & N J 2d 5s 1 9 4 6 ..J - J 100 105
1906
Exchange
1907
30
40
10th & 23d Sts Ferry-100
75
1st m tg e 5s 1 9 1 9 .-J-D 565
242.869,
5,196,441
171,810,720
5,166,560
Stocks— No. shares___
20
e
U
nion
F
erry
s
t
o
c
k
..
100
30
Par v a lu e __________ $460,365,325 $442,183,475 514,882,427,850 $21,365,727,
80
88
e ls t 5s 1920............ M-N
$411,
55,500
$333,600
$15,000
S an k shares, par_____
Bonds
Short-Term
Notes
$668,300
$1,619,
S44.U00
$27,500
Government bonds__
59,672,
1,011,700
54,569,800
4,792,500
■State bonds__________
91
A m C lg ser A 4s ’11 ..M - S 587
320.791,600
517,430,
17,030,200
9,348,500
jR R . and raise, bo nd s..
87
Ser B 4s M ch 15 ’12M S 584
93
A m T el & T el g 5s '10 J-J 591
$376,029,700)
$578,722,650 A tla n C oast L 5s ’1 0 .M-S 591
Total b o n d s _______ $21,866,7001 $10,387,700
93
98
Ches & O h io 6s J ’e 28 ’08 596
D A IL Y TRAN SACT IONS AT T H E BOSTON A N D P H IL A D E L P H IA
97
6s, J u ly 1 1 9 1 0 ____ J-J 595
EXCH ANGES
9812
Ch R I & P a c 4 Ms ’08 A-O 597
C hic & W In d 5s ’1 0 .F & A 5 9 4 l2 96*2
70
Cin H a m & D 4 J 4 s ’08 M-S
77
Philadelphia
C C C & S t L 5s.-June ’11 59212 941 2
Week ending
96
Erie 6s, A p r 8 1908_______ 594
Unlisted
Bond
Bond
Listed
Listed I Unlisted
Oct. 25 lil07
In te rb R T g 4s 1908 M-N 594
96
sales
shares
sales
shares
shares
shares
91
5s M ch 1910............ M-S 587
92
K a n C So g 5s A p r ’1 2 . J-J §89
10,341
16,714
$27,900
$14,000
19,490
f-aturday___
19,398i
94
L a c k Steel g 5s 1 9 0 9 .M-S 591
20,132
65,000
16.487
11,306
40,496
50,500
M onday____
92
5s g 1910.............. .M -S 589
18,245
56,494!
25,091
30.000
41,189
60,900 L a k e Sh & M So 5s’10 F-A
T uesday ___
9614
12,390
66.500 Lou & N ash g 5s ’10.M -S 595'4
18.5S2
38,987
38,730
81.000
Wednesday.
592t4 94
22,134
14,987
163,000
49.500 M ic h C ent 5s 1 9 1 0 . . . F-A 59214 93
50,912
48,501
Thursday . .
8,721
75,0001 26,042
63,700 M in n & S t L g 5s ’11-F-A 590
38,701
20,484
Friday_____
95
M o P a c 5s F eb 10 ’08 F-A 5971s 98*2
$413,500) 194,341
75,9901 $333,800 N a to fM e x 5se tjto 07 A-O 59612 97
Total.......................1244,761- 119,492
N Y C ent 5s 1910____ F-A 59514 96U
P a R R 5s M ch 15 ’10 M-S 59314 9334
S tL M S ’east 4 J^ s ’0 9 .J-D 592lo 9314
95
S t L & S F g 4 ^ s ’0 8 .J-D 590
S o u th ’n coll tr 5s ’0 9 . A-O 590
96
A weekly review o1 Outside Market will be found on a preceding page.
80
S o u th R y g 5 s1 9 1 0 - .F - A 575
U S R u b b e r g 5s ’0 8 .M-S 59734 98*2
Street Railways
Street R a ilw a y s
B id Ask W a b a sh 5s, M ay 10 1909 591
B id
Ask
94
P u b Serv Corp N J (Con)
90
New York C ity
W e s tln g h E l& M 6s 1910 585
____ W h e e l’l & L E 5s ’0 8 .F - A 5 90
30
J C H o b & Patersn-100
28
20
\Bleeck S t & F u l F stk .1 0 0
93
62
80
84
60
4s g 1 9 4 9 ...........M-N
e 1st m tge 4s 1 9 5 0 .J-J
So J Gas E1& T rac .1 0 0 100 106
e B ’y & 7 th A ve s t k . .100 190 200
R a ilr o a d
98 104
G u g 5s 1 9 5 3 . . . M-S 595
97
e 2d mtffe 5s 1 9 1 4 ..J- J
____ C hic Peo & S t L p re f.1 0 0
N o H u d Co R y 6 s ’14 J-J 5103
Con 5s 1943 See Stock Exc list
98 103
____
5s 1 9 2 8 . . . ______J-J 5100
B ’w ay S urf 1st 5s gu 1924
D eposited sto ck _______
E x t 5s 1924____ M-N 5 98 ____
e C ent’l Crosst’n stk - .lO O 200 260 i
U n de poslted s to ck ____
P a t C ity con 6s ’3 1 .J-D 5105 112
9 0"
P rio r lien g4 H s ’SOM &S
e 1st m tge 6s 1 9 2 2 .M-N 105 115 i
____
2d 6 s . .1914 o p t A-O 5100
55
« Cen P k N & K R stk 100 130 160
C on m t g g 5s 1 9 3 0 .J & J
So Side El (Chic)
See Ch icago list
e C h r’t ’r & 10th St stk 100 125 150
In co m e 5s, J u ly 1 9 3 0 ..
’ ’s’ "
Syracuse R T 5s ’46-M & S 590
95
12
-Col & 9t h A ve 5^. See Stock E xc list
C hic S u b w a y _________ 100
13
T rent P & I I 5s 1943, J-D 595 100
F t W & D en Cy s t d .,1 0 0
85
D ry D E B & B —
95
95 100 I U n ite d R y s of S t L—
G t N o r th ’n Ore-See S tk E x c list
e 1st gold 5s 1 9 3 2 ..J- D
19
91
15
»5
C om v o t tr c tfs ____ 100
e Scrip 5s 1914____ F-A
N Y N H & H a rtfo rd 53
58
e P r e fe r r e d ________ 100
E ig h th A venue s t o c k .100 300 350
85
Con deb 3}^s 1956 J & J
90
95 105 !
Gen 4s 1 9 3 4 ..See Stock E xc list
e S c ilp 6s 1914____ F-A
N o r th ’n Securities S tu b s . 100 112l2
U n itR y s S a n F ra n See S tk Exc list
9 42d & G r S t F ’y stk .1 0 0 300 360
30
P ltts Bess & L E _______ 50 *25
30
50
33
75
W
a
sh
R
y
&
E
l
C
o____
100
42d S t M & S t N A v e . 100
73
Preferred ___________ 50 *68
68
73
95
e 1st m tge 6s 1 9 1 0 .M-S $90
Preferred _________ 100
e R a ilro a d Securities Co—
80
68
73 i
4s 1 9 5 1 ................ .J - D
2d Incom e 6s 1 9 1 5 .J-J
111 C stk tr cfs ser A '52 --- 85
ange
list ; e W es t C hicago S t ___ 100
20
28
In ter-Met— See S tk Hxch
Seaboard C o m p a n y —
Le x A v & P a v F 5s See S tk E xc list - e Con g 5s 1936___ M-N
50
1st preferred_______100
54
M e tropol S t R y — See S tk Exc list ■
C om & 2d pref-See B a lt E x c list
Gas
Securities
N in th A venue s t o c k .. 100 130 160 !
Seaboard A ir L in e —
New York
Second A ven ue s t o c k .100 130 160 1
C oll 5s ex t M a y ’ 11 M-S 593
95
95
e 1st m tge 5s 1 90 9.M-N $90 100 I C ent U n G a s 5s g ’2 7 .J & J 585
9S
Con Gas (N Y ) — See S tk E xc l ’st
Consol 5s 1948____ F-A 594
In d u s tria l a n d Miscel
o S ix th A venue s t o c k .100 115 135 j e M u tu a l G a s_________ 100 ral20 140
90
New A m sterd am Gas—
80
Sou B oulev 5s 1 9 4 5 ..J- J
A hm e ek M in in g _______ 25
«45
____
1st consol os 1 9 4 8 ..J - J 580
85
So Fer 1st 5s 1 9 1 9 ...A - O 597
A llia n c e R e a lt y _______ 100 110 " 120
N Y & l- R G a s 1st 5s’44 J-J 585
T h ird A v e n ue— See Stock E xc list
95
A llls-Chalm ers Co 1st m tg
90
Consol 5s 1945______J- J 580
T arry W P 4 M 5s 1928 J80
95
s f 5s '36 o p t ’ 16___ J-J 550
58
85
N Y & R ic h m o n d Gas 100
32
Y k e is S tR R S s 1946 A-O 580
36
A m erica n B o o k _______ 100 145 160
85
N or U n 1st 5s 1 9 2 7 ..M -N 585
28th & 29th Sts 1st 5s ’96 5 80
95
A m erica n B rass_____ 100 110 120
e S ta n d a rd Gas c o m . . 100 ?t60
90
e T wenty-Third S t stk 100 325 350
eA m erican Can-See Stock E x c liste P r e fe r r e d ________ 100 ra85 110
U n io n R y 1st 5s 1942 F-A 595 100
A m erica n Chicle C o . .1 0 0 140 160
95
1st 5s 1930________ M-N 5 98 104
W estchest 1st 5s ’43 J-J 580
75
Preferred _________ 100
85
Other C ities
Brooklyn
A m G rap h o p h o n e com lOO
4534 50
A m e r L ig h t & T ract-100
98
____ 85
70
80
A tla n A ve 5s 1909___ A-O 594
Preferred ________ 100
78
96
Preferred _________ 100
Con 5s g 1931_____ A-O 593
85
A m e r H a rd w a re ______100 110 115
B a y S tate G a s_________ 50
95 100
B B & W E 5s 1 9 3 3 ..A - 0
95
is
h A m M a lt ln g 6s 1 9 1 4 .-J- D
98
B ln g h ’n Gas 5s ’3 8 .A & O 585
92
B rook lyn C ity sto ck ___ 10 175 185
A m e r Press A ssoc’n .- lO O
94
98
B rook lyn U n io n Gas deb
Con 5s— See S tk E xch Exc list
A m S oda F o u n t c o m . 100
>8 1
___
6s 1909 conv 1 9 0 7 .M-S
90 100
B k ln Crosst’n 5s 1908. J-J
98
1st preferred_______ 100
7
12
B uffalo C ity Gas stocklOO
____
B k n H g ts 1st 5s 1941 A-O
90 100
2
5
2d preferred_______ 100
5
1st 5s 1947— See Stock E x c list
B k ln Q Co & S u b See S tk Exc list
89
A m S t F o u n d 6s ’35 A & O 585
B k ly n R a p T ra n — See S tk E x c list
Con G as o f N J 5s ’3 6 .J- J 587
93
A m erican S u re ty ______50 175 185
150
C
onsum
ers’
L
H
&
P
o
w
—
e Coney Isl <Sc B k l y n . . 100
412
A m e rica n T hread p re f. . 5
*33.1
5s 1938..................... J-D 5100
1st cons g 4s 1 9 4 8 ..J-J
7 5 ' 85
. . . . A m T obac (new) c o m . 100 185 195
B rk C & N 5s 1 9 3 9 .J-J 100
. . . . E lizab e th Gas L tC o .- lO O 250
A m e r T ypefders c o m . 100
34
37
G r ’p t& L o rS t 1st 6 s .M & N 100
Essex & H u dson G as.1 00 105 f i o "
Preferred __________100
94
98
K in g s C E l 4s— See Stock E x c lis t " F ort W a y n e 6s 1 9 2 5 ..J- J
30
40
A m e r W r it in g P a p e r.1 0 0
1
1>2
Gas & E l Bergen C o . . 100
Nassau Elec pref--- 100
45
50
50
65
Preferred __________100
9
12
e G r R a p G 1st 5s ’1 5 .F-A 595
5s 1 9 4 4 ....................A-O 100
99
1st s f g 5 s l 9 o p ’09_J-J
79
81
H u dso n Co G a s _______ 100
90
1st 4s 1951— See Stock E x c list
95
B a rn ey & S m ith C a r .100 ____ 65
In d ia n a N a t & 111 G as—
95
N W ’b g & F la t 1st ex 4 H s
P re fe rre d ___________ 100 125 140
1st 6s 1 9 0 8 ............ M-N
S te in w a y 1st 6s 1922.J-J 595 102 "
10
20
e B e th l’m Steel C o r p ..1 0 0
llig 14
In d ia n a p o lis G a s______50
50
55
Other Cities
e P re fe rre d _________ 100
273S 60
1st g 5s 1952............ A-O 590
98
B uffalo Street R y — „
Bliss C o m p a n y c o m . . 50 125 135
1st consol 5s 1931 ..F - A 5102 105
Jackson Gas 5s g ’3 7 . A-O 594
99
Preferred ___________ 50 125 135
50
K ansas C ity G a s_____ 100
D e b 6s 1917............ A-O 5103
B o n d & M tge G u a r ___ 100 315 325
. . ioo"
e Laclede G a s________ 100
C hicago C ity R y — See Ch Icago list
B o rd e n ’s C o n d MUk-.lOO; 125 140
95 100
e P r e fe r r e d ________ 100
C o lu m b u s (O) S t R y .lQ O
75 100
Preferred _________ 100 100 105
30
L a fa y ’eG as 1st 6s’24_M-N
Preferred _________ 100 105 107
45
B ritis h C ol C o p p e r______5
*4
4*4
L o g & U Ta b V 1st 6s ’25 J-D
C o lum R y con 5s— SeePhl la list
20
35
B u tte C o a litio n M in in g 15 *1 1
1H 2
M adison Gas 6s 1926-A-O 510612 110
C ro s sfw n 1st 5s ’33 J-D 5100 104
Casein Co of A m c o m . 100
2
3
69
61
G ra n d R a p id s R y ____ 100
N ew ark Gas 6s 1 9 4 4 ..Q - J 120
....
Preferred _________ 100 . . . . 75
79
81
N ew ark C onsol G a s . .1 00
P r e f e r r e d ___ ______ 100
86
C a su a lty Co of A m e r .100 125 140
L a k e S t (Chic) E l— See Ch Icago list i e C o n g 5s 1948____ J-D 100 102 ' C ellu loid C o ___________ 100 105 117
e L o u lsv S t 5s 1 9 3 0 .. J & J 5102 104 |No H u dson L H & P o w —
C en t F irew orks c o m . . 100
10
15
....
L y n n & Bos 1st 5s ’24 J- D 5100 102 j 5s 1938.....................A-O 5100
60
Preferred __________100
70
14
e New O rl R y s & L g t.1 0 0
e O & ln d C N a t& Ill_ 1 0 0
...
8
C en tral F o u n d r y ______100
2
1
e P r e fe r r e d ____
100
10
45 | 1st 6s 1 9 2 6 ............ J-D
35
20”
Preferred __________100
8
13
G en M g 4 J^s ’35 See S tk E x list P a t & Pas Gas& E lec.1 00
55
65
D eb 6s 1919 o p ’01 M-N
60
70
N o rth C hic Street See Ch icago list 1 e Con g 5s 1 9 4 9 ...M - S 597 100
C en tu ry R e a lt y _______ 100 185 195
P u b Serv Corp of N J . 100
S t Josep h Gas 5s 1937 .J- J 584
90
85
yo
C hesebrough M fg C o . 100 380 425
T r ctfs 2 % to 6 % perpet
59
85
56
95
C ity In v e s tin g C o ____ 100
Electric
Companies
____
C oll 5s g notes ’0 9 . M- n 590
92
leClaflln (H B ) , c o m . .1 00
95
____
N o rth Jersey S t R y 100
,C hicago Edison Co See C h ic a g o list I e ls t p r e fe r re d ______100
30
90
1st 4s 1948..........M-N 562
___
64" e K in g s Co ;:l L & P C o 100| u90
95 I e2d preferred_______ 100
93
C ons T ract of N J . .100
60
X arra g an (Prov) E l C o .50 * ____ 98
61
76
Col & H o c k C oal & I p f 100
1st 5s 1933---- J-D 595 100
N Y & Q E l L & P o w C o .l0 0
92
45
1st g 5s 1917............ J-J $82
N e w ’k P a s R y 5s '30 J-J 5102 104 ! Preferred --------100
40
60 | Col tr 6s O c t 1 9 5 6 ..J - J
97 1011;
____ U n ite d F.lec of N J . . . 1 0 0
..
R a p id T ran S t R y .1 0 0 230
50
30
36
Consol C ar H e a t i n g . . 100
1st 5s 1921..........A-0 1 103
I t £ 4s 1949..........J- D 1 560
--61
* P er share. J B uy e r pays accrued In t
a Ex-rights, e Sells on Stk. E x ., b u t n o t very active. I New stock.




Outside Securities

Industrial and Misce
B id
A sk
5
C onsol R u b b e r T ire-.100
i
10
18
Preferred _________ 100
35
25
D eb enture 4s 1 95 1A & 0
1
Cons S te am sh ip Lines 100
1*4
103f 105g
C oll tr 4s 1957____l&.)
11
Cons Storage B a tt ’y__100
8
lis
t
Corn P ro d R e f See Stock E x c
6
OI4
eCruclble S teel_______ 100
58
5812
e P refe rre d _________ 100
e D la m o n d M a tch Co-100 S112 S114
13„2
D o m in io n Copper (new) 10
5
D ouglas C oppe r________ 5
7
E con'y L t & P (Jo lie t, 111)
1st M s f g 5s 1 9 5 6 .J-D 598 100
15
20
Electric B o a t________ 100
75
8T
Preferred __________100
2
Electric V ehicle______100
3
lS
Preferred __________100
IS
7
E m pire S teel_________ 100
50
55
Preferred __________100
.100
ePreferred .
50
65
85
95
eP refe rre d__________100
Gold H ill C oppe r________ 1
78 1
534
*55g
Greene C a n a n e a ____ ,..2 0
Greene Con C oppe r____ 10
* l2
Greene Consol G o ld ___ 10
34
*12
Greene Gold-Silver____ 10
h
G u ggen he im E x p lo r’n 100 110 130
~Iackensack W a te r Co
85
90
R e f g 4s '52 op ’1 2 . . J-J
30
42
H a ll S ig n a l C o ________ 100
8
H a v a n a T obacco C o . . 100
3
14
10
Preferred .................. 100
55
65
1st g 5s J u n e 1 ’2 2 .J- D
Hecker-Jones-Jewell M ill
1st 6s 1922.............. M-S 100 103
40
45
H er'g-H all-M ar, n e w .100
___H oboken L a n d & Im p lO O 200
e5s 1910___________ M-N 599
H ou ston O il.................100
212 313
15
25
Preferred _________ 100
H u dson R e a lt y _______ 100 120 135
41
agersoll-Rand c o m -100
....
8212
ePreferred ________ 100
I n t e m a t ’l B a n k ’g C o . 100 120 135
I n t ’n l M er M a r See S tk
E x c list
In t e m a t ’l N ic k e l____ 100
95 ’
85
85 ;
Preferred _________ 100
75
12
In te r n a tio n a l S a lt___ 100
9
1st g 5s, 1951.......... A-O
35
4 53
In t e m a t ’l S ilv e r______100
5
8 ,
63
58
Preferred __________100
1st 6s 1948________ J-D 104 107 3
L a c k a w a n n a S teel___ 100
30
35
L a n sto n M o n o ty p e ___ 20 * . . . 11 1
Law yers' M tge C o ____ 100 185 190
52
70
.1 0 0 125 135
Lord & T a y lo r.
.1 0 0
90 100
P r e f e r r e d ___
125 150
S tk E x llst
M ack ay Com panies221a
M adlson Sq G a r d e n ..100
15
90
2d 6s 1 9 1 9 ............. M-N
75
2
6
fa n h a t B each C o ___ 100
*23g
M a n h a tta n T ra n s it____ 20
212
13
Mex N a t C on strue p f.1 0 0
17
*5S
M itch ell M in in g _______ 10
*4
M o non gahela R C o a l. .5 0 *
Preferred ___________ 50 *24
2412
92
Mortgage B o n d C o___ 100
88
____ 103
N a t B a n k o f C u b a ___ 100
N a tio n a l S u re ty ______100 145 ___ _
N e v ad a C ons’d C o p p e r .5
*61g
6I4
*23g
N ev-U tah M in & S m . . l 0
2la
50
eNew C e n tral C o a l____ 20
25
N J Ter D ock & I m p . 100
N Y B isc u it 6s 1911 .M -S 100‘
N Y Mtge & S e c u rity . 100 175 185"*
eNew Y o rk D o c k ____ 100
26U 3 7
eP refe rre d_________ 100
68I4 ____
2
N Y T ra n s p o rta tio n ___ 20
*1
Niles-Bern-Pond c o m . 100
75 100
N lp issln g M in e s___
6I4
*6ig
eO n tarlo S ilv e r_______ 100
2
3U
O tis E le v a to r c o m ___ 100
30
____ 82
P r e f e r r e d ___ i._____100
P itts b u rg h B re w in g ___ 50 *2 3
Preferred ___________ 50 * ____ 45
P itts b u rg h C oa l.S ee S tk E x c list
P ope M an ufacturin g- 1 00
h
«2
1st preferred_______ 100
25
CO
2d preferred_______ 100
10
2
P r a tt & W h lt n p r e f . . 100
90
97
R e a lty Assoc (B k ly n ) 100 120 130
90
R o y a l B a k P o w d pref 100
97
S afety C ar H e a t & L t.1 0 0 100 130
Seneca M in in g __________25
Singer M fg C o ________ 100 400 " 425
S ta n d a rd C ord age___ 100
2U
1*4
1st M g 5s ’31 re d .A - O
26
29
A d ju s t M 5s A p r 1 1931
212 4
S ta n d a rd C oupler comlOO
40
50 ?
Preferred __________100 100 120
S ta n d a rd M illin g C o . .1 0 0
4
8 j
Preferred _________ 100
17
23 )
1st 5s 1930_______ M-N
74
79 )
S ta n d a rd OH of N J . . 1 0 0 390 395 .1
S w ift & Co-See B ost S tk E x c lis t ’
1st 5s 1 91 0 - 1 9 1 4 ...J - J 5 99 101 5
eTexas& P a cific Coal-100
85 ‘
75
1st 6s 1908............A - O 5104
...»
T itle In s Co o f N Y . . . 1 0 0 145 155
T o n o p ah M in (N evada)
*8
8 't
T ren to n P otte ries com lOO ____ 15
60
Preferred, n e w ____ 100
75 i
T row D ire c to ry _______ 100
36
45 .
65
U n io n T ype w rite r com lO O
70
1st preferred_______ 100 100 105
2d preferred________ 100 100 105 |
U n ite d B k N o te C o r p ..5 0 *45
51 j
Preferred ___________50 *45
50 !
eU n ite d C igar M fg,pf-100
68
75 '(
:d C oppe r_______ 100
714 8 ;
24
28 :
220 240 !
U S E n v elope c o m — 10
30
eP refe rre d--------10
90 '95
U S Steel C o rp o ra tio n —
Col tr s f 5s ’51 o p t ’1 5108 1091J
C ol tr s f 5s ’51 n o t op 5108 10913
95
U S T it G u & ln d e m .1 0
80
E x c lis t ;
) ____ 35
____ 100 1
Preferred
t
160 170
20
W estern Ic e ___________
24
*130 134
W e s tln g h A ir B r a k e ..
t E x c lis t:
0 1 1-1<
11
0
1
1^
0 105 112
n N o m ln a l.

j Sale price.

x E x - d lv .

BOfcTON STOCK EXGB&N3-S—Stock Record, Daily, Weekly and Yearly
S H A R E P R IC E S— N O T P E R C E N T U M P R IC E S
Saturday
October 19

Monday
October 21

Tuesday
October 22

Wednesday
October 23

Thursday
October 24

Fri'iav
October 25

Sales
0/ the
Week
Shares

STO
S
BOSTON
. OCK
EXCHANGE

Range ]or Year
1907

Highest

Range 1or Previous Yeat
(1906)
Highest

R a ilro a d s
8 6 I 4 J ’ly
73 O c t 25 1071" J a n 7
110% Sep
516 A tc h T op & S a n ta Fe- 100
73
73%
753j 763S 74
7 5 I4
80
8 OI4
77i8 77%
7938 79%
84% O c t 23 1 0 1 8 3 J a n 8 197% Dec
105% J a n
74
8
5
8
4
8534
85
85
8
1
%
845s
8
6
U
8
6
I
4
* 8 6 % 871- *8712 8 8 I 2
Dec 2571; Feb
283 3 o sto n & A lb a n y ____ 100 198 O c t 11 240 F eb 7 239
198 200
198
199
1991s 199l8 199!8 19918 199 19912 199 199
381 B oston E l e v a t e d ____ 100 119 O c t 25 152 J a n 2 147 A ug 160 J a n
120 123
119
120
124 124
123 124
124 124
124 124
30 B oston & L o w e ll______100 200 J ’ne 19 231 J a n 7 230 Dec 246% A p r
____ 208
2 10
*200
____ * 2 0 0
2 10
205 205 *207 210 * 2 0 0
160 Dec
13S O c t 24 170 M a y 8
180% A p r
187 B oston & M a in e ___ ._10<
139
140
138 139
139 140
13812 140
140 140
140 140
150 O c t 22 165 J a n 3 164 O ct
175% M ay
D o p re f____________ 1 0 0
4
150 150
2991*
Dec 314% A p r
.
e
294%
J
’ne21
301
F
e
b
25
3
o
sto
n
&
P
ro
v
id
e
n
c
e
.
100
Last
Sale
297lV Sep’07
*1111 297 "
297
*1111 297 " *1111 297 ~ *
15 F e b 16
13 Nov8
J ’ly 1
21% Feb
B oston S u b u rb a n E l C os.
Last S alt 1334 Sep’07
*8
10
*8
10
*8
10
*8
10
65 J a n 15
50 A u g 8
63 J a n
75
F eb
Last S alt 50
A ug’07
*
52
*
52
*
52
*
52
2884 Ja n
2
25 J a n
39% A p r
I 7 I4 O c t 22
1734 *
1734 ” 25 B oston & W o r E lec C o s ..
*
1734
*
18
1712 * ____
17 14
17% *
80 J a n 23
72% J a n
90 A p r
5934 O ct
7
D o p re f_______ . _ ____
60
60
*
60
3
*
60
*
60 *---- 60
* ____ 60
182 J a n
81 C hic J u n e R y & U S Y .1 0 0 130 O c t 17 160 J a n 17 156 O c t
130
136 130
133 133 *129 131 *129
*130 133 *131 133
Jan 2
127 J a n
H 7 i 2 J ’ly
D o p re f____ _______ 100 100 O c t 25 1 2 0
20
10 0
10 0
Con & M o n t Class 4__100 170 O c t 11 188 F eb 13 18734 Nov- 190 M ch
Last Sale 170
0 c t’07
163 A p r
158 O ct
C on n & Pass R i v p r e f. 100 152 J ’ly 17 156 M c h ll
Last Sale 152 July ’07
298 A p r
285 O c t
C o n ne cticu t R iv e r ___ 100 245 Sep 14 280 J a n 8
Last Sale 245
Sep’07
145 J a n
’ 291 F itchburg' p r e f _______ 100 120 J ’ne 15 135 J a n 9 132 O c t
12 0
12 0
12 0 12
120_ 121
1201*2 12*1 * 120* 1201* 120' 121" 1 2 0
114
Mch22
107 A p r
675
J
’ne
1
95
J
a
n
G
a
R
y
&
E
le
c
tric
____
100
50
*75
78
*75
78
*75
78
*75
78
78
78
88
M ch 7
95 J a n
89 D ec
73 O c t 25
D o p r e f . . ________ 10(;
125
"73"
Vs’ "
76
76
*70
80
M ain e C e n tra l________ 100 190 A u g 17 198 J a n 1 1 1 197 Mch 200 D ec
Last Sale 190
Sep’07
23
J ’ne
201*
J
a
n
9
17
J
a
n
9
O
c
t
22
’
590
1
0
0
Mass
E
lec
tric
Cos____
9
9
10
10
* ____
10
9
9
9
9
912
912
7 1 1 " Jan
9
75 J ’na
59% J a n
38 O c t 22
D o p re f___
______100
765
38
38
*
38
39
40
38
39
38
38
39
39
21% A ug
1934 Mch 9 2 5 3 4 J a n 2
28% Dec
M exican C e n tra l______100
Last Sale 1934 Mch 7
*1514 I 6 I4 * 1 5 1 4 16% *1412 1512 *1412 151*
2,727 N Y N H & H artford -1 0 0 135 O c t 23 1901" J a n 2 190 J ’ly 207% J a n
135 137
135
137
135 140
138 13914 138 140
139 140
155 Sep
152 May23 160 J a n 8
163 Feb
N o rth e rn N H ____ ..1 0 0
Last Sale 152 May’07
N orw ich & W o r p r e f. 100 222 A p r 23 226 F e b 2 228 J ’ly 2331* M ch
Last Sale 222 A pr’07
198 D ec 2 1 0 J a n
____ *177
~~78 O ld C olon y . ________ 100 175 O c t 9 2 0 0 1 4 J a n 7
--____ *176
I 7 6 I4 176l4 *176
*175
____ 176 176
5 J ’ly 31
53 Sep
52 J a n 16
53% O c t
Pere M a rq u e tte _______ 1 0 0
Last Sale IOI4
0 c t’07
____ *12
*12
____
*12
____ *12
50 J a n
65 O c t
57 J a n I 81
27 Sep 13
D o p r e f. __________100
’ 610
*29
30
29
30
*29
30"
28
29
*29
30
27
28
64 J a n
45 J a n 24 1
26 J ’ne 5
471* N ov
1 0 R u t la n d pref_______ .100
30
30
65 J a n
99 O ct
94 J a n 2 1
82 A u g 7
S eattle E le c tric _______ 100
Last Sale 8 2 " " Aug’07
" "j
106 F eb
95 J a n
90 O c t 21 103 J a n 71
D o p re f____________ 100
* ____ 90
90
90 * - - .. 90
105% 1 0 7 1 4 2.816 U n io n P a c if ic ________ 100 1001* O c t 24 1821" J a n 7 ; 1391* May 195 Sep
11334 11434 11434 11634 IIO I 4 1141* io s " 1 0 9 % 1 0 0 1 * n o
9984 J a n
93 ” J a n 15
91 M ay
79% O c t 23
801?
95
7 9 I4
7914 8053 803s *7912
*791* 8012 *79l2 S012 8 OI4 8 OI4
178 A p r
170 Sep
V e rm o n t & M a s s ____ 100 150% J ’ly 22 170 J a n 30
Last Sale 157
Sep’07
101 J a n
95 J a n 25
92 Dec
80 O c t 25
82
8214 80
80
’ 713 W est E n d S t _________ 50
¥ 2 ' ¥ 2”
*8234 83 ' ~8 2 ~ ¥ 2 ” "82* ¥ 2”
116% A p r
M ch 4 107 Sep
96 O c t 24 1 1 0
D o p re f____________ 50
99
283
99
99 * ____ 99
98l2
98i2
99
991*
9878 9878 96
150% F e b
W ore N a sh & R o c h ._ 1 0 0 140 A ug2 8 147 J a n 15 150 F eb
Last Sale 140
Sep’07
M iscellaneous
34 J a n
26
J
a
n
8
2
1
J
’ly
10
O
c
t
23
490
A
m
e
r
A
g
ric
n
l
C
h
e
m
._
1
0
0
10
11
1018
12
1312 1312
102 J a n
95
F eb 7
90 Dec
74 O c t 18
D o pref ___________ 100
"75’ "7 5 ” *75"
269
"75"
77
78
74
77
78
78
■7712 77%
1434 J a n 8
29 M ch
101* Dec
4 Sep 11
4
412
418
418 4,955 A m e r P n e u S e r v ic e .. 50
434
5
4 I2
4 I2
4
412
* 4 14
5
33
Jan 8
46 A p r
26 " A ug
91* O c t 25
934 11
1.205
912
10
11
11
1112 1112 U % 12
1118 l l l 2
128 M ay 156% J a n
98 ' O c t 24 1 3 7 1 4 F e b 1 1
98 10212 1 0 1
7.669 A m e r S u g a r R e fin ____ 100
10 3 3 4
10334 104
104U 10512 103 105
10012 103
141 J a n
130 Dec
D o p re f____________ 100 109 O c t 25 1 3 1 8 4 J a n 1 6
902
109
110
113 115
110 110
10 9 12 1 1 0
111 113
114U 115
144% J a n
94% O c t 24 134i» J a n 2 128 J ’ly
9.530 A m e r Telep & Teleg__100
96
99
94% 98
98 100
100 IOU 2 IOOI4 10134 98 101
4734 Ja n
3 6 1" Jan
7
28 N o v
15 O c t 24
260 A m erica n W o o le n ____ 100
15
1512
1512
151* 16
153S 1512' 15
*15
161* *1512 16
IIO 84 F e b
1 0 0 8 4 Dec
69 O c t 24 1021" J a n 8
69
7212 71
D o p r e f .. _______ 100
2,517
72
72
76
78
79
77
7814 75
78
4 1 * J ’ne
4
“
J
a
n
1
5
33j
J
a
n
3
M
ch
28
1 0 0 Boston L a n d ___ . 10
*3
4
4
4
*3
4
*3
4
4
*3
4
* ____
Ja n 10
1 1 8 8 4 M ch
115 J ’ly
98 O c t 25 1 1 5
60 C um b erl Telep & T e l. 100
99
99
98
99
*981* 100
*9812 100
*981* 100
*9812 100
34 A p r
2 13 4 N ov
25 F e b 19
121" O c t 25
300 D o m in io n Iro n & S t _____
12 12
12 12
10 A u g
9 14 J a n
3
5% J r a
3l2 O c t 23
458 45g
4 I4
185
*4
412 *
31*
412
412 412
* 4 12
5
225 D o? 250 J a n
195 198
35-.S E d is o n E lec I li u m ____ 100 195 O c t 24 230 J a n 7
200 201
200 200
199 200
19712 19712
19712 198
184
O ct
162
J
a
n
24
91
O
c
t
23
157
Dec
General
E
le
c
tric
_____
100
1
0
1
1
s
1
0
2
3.546
98% 101
106 112
91 106
110 11018 111 113
6434 J ’ne
6 6 % J a n 16
43 O c t 24
44 M ay
43
44
43
4384
7,306 M assachusetts Gas CoslOO
45% 46
45 , 4534 43
45
45
4512
90 Sep
861" A p r 20
841* Dec
78 O c t 24
78
78%
919
79
79
79
79
78
78U
79
7912
7812 7812
190 ” Mch 210 D ec
196 198
190
195
657 M ergenthaler L in o ___ 100 190 O c t 25 215 " M ch 1
195 198
205 205N 200 206
*205
5 3 4 Sep
434 Jan 19
3 Jan
134 Sep 9
*112
i34 *112
Last Sale 134
M exican Telephone
10
0ct'07
134
l s4 *1
134 *1
60 N iiv
27 Mch
46 J ’ne 3
75
J ’ly 29
Last Sale 67
N E C o tto n Y a r n ____ 100
Sep’07
* ____ 60 * ____ 60 * ____ 60 * ____ 60
90%
N ov
9
0
J
a
n
12
80Mch
80
O
c
t
8
D o p r e f . _ ________ 100
“ 90
80
*
78l2 80
80 * ____ 80 * ____
80
* ____ 80 * ____
1411" A.pr
126 Dec
104 104
104
104
48 N E T elephone_______ 100 104 O c t 24 126 J a n 7
105 106 *105 lO® * --- 105
* ____' 106
2681"
N
ov
ISO
Dec
182
J
a
n
7
1
4
0
O
c
t
24
P
u
llm
a
n
C
o___________
140
147
100
140
142
1,171
149
150
147
148
148
150
148 150
9 1* Jan
1 1 ' D<*>
11
Jan 10
x9% A p r 5
*912 934 *912 10
55 Reece B utto n - H o le __ 10
912
9%
. *912
934
*914
934 * 9 1 2 10
J a n 16 1 0 1 3 4 J ’ne 120 Sej,
85 O c t 24 1 1 3
85
89
6,137 S w ift & C o . . ________ 100
86
88
86
95
93 100%
IOOI4 IOOI4 IOOI4 1003.
23 Feo
22U D ec
20 J ’ne 13 221" J a n 1 2
2112 * 2 1
1 0 T o rrin g to n Class A ___ 25
2U« *21
2 112
2112 2112 *21
2112
*2112 --- *21
2 7 1 " N ov
25 J ’ly
24% M ay 8
271" J ’ly 26
Last Sale 2 6 I 4
D o p re f____________ 25
____
____ *26
« J _ *26
0 c t’07
*2 6 1 2 ____ *26
2 J ’ne
5% Dec
6 ?g J a n 24
1 O ct 5
U n io n C op L ’d & M ’g . 25
Last Sale 112
0ct'07
*1 U ' 2
IO3 I4 M ay 1133s M a y
Sep 6
2,302 U n ite d F r u it _________ 100 10212 O c t 24 1 1 7
109 10934 108 10912 104k 108
102i2 106
103
105
10912 1 1 0
8 6 % F eb
69 J a n 2 a;60i* Dec
36 O c t 17
3912 4034 37
6,475 U n Shoe M a c h C o r p .. 25
3712 3712
40
3612 3712 36
38
3812 39%
28% Dec29
J a n 4i
32% J 'ly
24% O c t 14
D o p re f____________ 25
2512 2512 25
875
25
25
25
25
25
25
25
25“4 25
50% O c t
503g Jan
7 J 3 2 3 4 J ’ly
22 O c t 23
22% 2?34 22
22-34 22lg 23
233S
24l4 16,950 U S Steel C o r p ______100
23
2 4 I4
2212 22%
99 J ’ne 113% F e b
7
8 II 4 O c t 18 1 0 7 8 4 J a n
D o pref____________ 100
82
8234 81% 8338 8234
83% 6,310
8234 8512
82
83%
82
82%
1 7 1 * Jan
9
Jan 12
8
Nov4 I2 O c t 15
1 0 0 W es t Telep & Teleg-_100
412
*4
5
*4
6
*4
5
4 I2
412 *
82 J a n 1 7
79 Nov981* J a n
55 Oct 25
eo
D o p re f____________ 100
12
"“55’
'5 6 '
60
'60
60- *
*60
62 * ____
* ____ 65
781" J a n is
7 3 3 4 O ct
8 6 " Feb
5712 O c t 18
W e s tin g E l & M f g . . . 50
Last Sale 5712
0ct'07
80 “ F e b 28
75 Nov98 J a n
76 M a y 6
D o pref _________ 50
Last Sale 76
May’07
Mining:
8 1 * Oct
6 1 " F e b 20
4 1 * Dec
.95 O c t 25
1,740 A d v e n tu re C o n _______ 25
1
1
.95
1
1
1
H2
1
1%
112
1% *1
7 4 % Ja n 14
5 5 1 J D ec
3 ii* J ’ly
20 O c t 21
20
20
1,786 A llo u e z___ __________ . 25
20
20
2134 20
20
21
22
20
2 112 20
118 F e b
9 2 % J ’ly
x42% 46
4 4 14
47% 53,903 A m a lg a m a te d C opper 100 £421* O c t 24 1 2 1 J a n 5
44
4534
44% 46
4334 4612 44% 4712
< /4 5
Dec
53
Jan 22
8% A ug
20
20
660 A m Z in c L e a d & S m ._ 25 x20 O c t 23
21
211* *1934 21
*20
20
21
22
74
F eb
75
F e b 16
57% M ay
26 O c t 18
28 ’ 28
171 A n a c o n d a ___________ 25
2 9 " ' ¥ 9”
2634 2634 27% 2833 27
2734 26% 27
15 14 Nov
15 % Jan 16
234 O c t 25
2 % J ’ly
234
3
273
3
2,357
3
3
3
3
3
312
3
3
281* M ay 6
734 O c t 17
1,280 A riz o n a C o m m e r c ia l.. 25
9
9
8i2
9
8
8
734
8
8
9i2
8
8%
2 “ Jan
7
2*4 Dec
% J ’ne
.35 Sep 28
10 0
.60
.40
.40
.60 *.40
.6 0 *.4 0
.60 *.40
*.4 0
.60 * .40
134 J ly
U2 Ja n 0
1* May29
.90 Sep
Last Sale 12
A ug’07
28%
Jan
22
F
e
b
28
1034
M
ay
6
i
2
O
c
t
14
A
t
la
n
t
ic
_______________25
l’i
i
o
8
8
7l2
7i2
712
7 12
712
8
712 9
*7
71*
121* A p r 4
3 O c t 24
334 4
3
3%
3i8
338 8,743 B a la k la la te m p ce rtfs--3% 312
3%
414
312 31*
3 7 " J a n 14
49% Feb
4% O c t 16
25 J ’ly
5 14
5i2
5 1*
51* 4,154 B in g h a m Con M in & S 50
434
534
5 12
5i2
5 I4
6
5%
512
.35 Sep 13 . 8 0 J a n 1 7
.45 M a y .90 O c t
1,300 B o n a n z a (D e v C o )-- 10
.40
.40
.40
.40
.40
.40 * .35
.40 *.3 5
*.3 5
.40 * .35
358g O c t
3 3 14 Ja n
5
20% M ch
9 3 4 O c t 24
9 34
11
10
10 12
5,124 B o sto n C o nC & G (rets) £1
11
1134
11
1112
11
I 2 I4
IOI4 1 0 1 *
42 O c t
3 9 % Jan
7
10
O
c
t
15
B
u
tte
C
o
a
litio
n
----15
25
J ’ly
14,649
11
1138
101*
11%
I
lls
113g
1 1 %
1112
11
113s
10l8 1012
184
Dec
198
F
eb
8
89
O
c
t
24
1
0
7
J
’ly
89
92
9012 9 4
91
94
2.205 C a lu m e t & A r iz o n a .. 10
92
96
92
95
90
90
535 O c t 24 1000 F e b 1 5
675 M ay 900 Dec
535 565
228 C a lu m e t & H e c la --- 25
550
561
590 600
565 590
590 600
595 600
40% Dec
1 7 % J ly
47
F
e
b
18
16
O
c
t
18
25
C
e
n
te
n
n
ia
l---------161*
1612
605
17
17
17
1734
16l2
17
17
18
15
15
.7 0
Jan
.35 " Dec
1 .25 O c t 21 .52 J a n 1 9
2.500 Cons M ercur G o ld --.25
.25
.25
.25
.25
.25 * 2 5
.25
.25
.30 .32
861* J a n
0 0 8 4 J iy
4 4 1 4 O c t 18 105
Ja n 14
4412 4634 451*
4634 17,765 C opper R a n g e C on C o . 100
45
4 7 I4
45
46
46
4712
45
4612
14 Mch
2
1
U N ov
9ls
O
c
t
23
201"
J
a
n
23
D
aly
W
e
st____________
20
1
0
1
0
91
2
10
1
,
0
2
0
9l8
9l2
912
9i2
9 12
10
9i8
912
84 F eb
41% O c t 15
701" M ch 2
61% ° ct
D o m in io n C o a l----- 100
Last Sale. 41% O c t’07
113 Nov- 122 M ch
98 A u g 23 114 - J a n 1 2
I jOsI Sale 98
0 c t’07
ll*
J
iy
3% D ec
4
%
J
a
n
1
0
1
O
c
t
19
1
'4 6 6
1
118 *
1
1
*1
lls
1
1
*1
118
14% May
26% Sep
2 9 1 4 M ch 1
6
O c t 16
6 I4
61? 1.871 F r a n k lin _______________ 25
618
612
6 I4
6%
634
76l2
634
7
7
131 Dec
140 D ec
151
F
e
b
8
65
O
c
t
24
G
ra
n
b
y
C
o
n
s
o
lid
a
te
d
.
100
65
70
65
65_
70
70
373
72
7S
73
73
*75
--1 7 % Apr 8
5 1 4 O c t 24
5%
6
5 I4
5=8
37,471 Greene-Cana te m c tfs--5i2
6
634
6%
6i3
634
578
6 I4
4 1* Jan
7 % Jan
5 14 J a n 1 1
2 3 4 A u g 16
G u a n a ju a to C onsol—
5
Last Sale 3
0 c t’07
15% J ’ly
293g J a n
3 6 1 * J a n 14
111*
O
c
t
24
Isle
R
o
y
a
le
(C
o
p
p
e
r).
25
2",040
13
13%
13 3 4
13 3 4
13
1312 1U2 13
13
131*
1334 14%
3
0
‘
F
e
b
8
8
O c t 25
8
8 % 3.197
9
9
812 Sl2
9
91S
8i2
9is
9
9
9 14 J a n 1 0
6% J ’ly
12% J a n
3 O c t 15
*212 3
*234 3
3
3
310 Mass C on sol---------25
* 3 14
31*
1 3 4 J a n 24
.40 J ’ne
1 1 * Jan
.50 A p r 5
M ayflow er ___________25
Last Sale 12
O ct’07
.60
.60 * .40
.60 *.4 0
*.4 0
.60 *.40
13 N ov
1 4 3 4 Dec
f>34 O c t 24
15U J a n 24
634
7
634
7
3.082 Mexico Cons M & S ___ 10
7
8
734
734
714
7U
734
734
1034 J ’ne
2 4 1 * J a n 15
221* Dec
6 8 4 O c t 19
7 I4
7 I4
1.250 M ic h ig a n ....................... 25
7
712
7
718
634
7%
7i2
734
712
712
9 6 i; Ja n 14
54% Mch
85 * D ec
37 O c t 18
39
40
2,586 M o h a w k ------------ 25
371} 38
38
38
38lg 39
38
39
37
39
3 1 , M ay 7
1% Dec
7 1 * F eb
1 % O c t 22
* ll4
11,
* ll4
13g * 1 1 4
250 M o n ta n a C onsol C & C 10
____
1%
1*8
112
1>2
*13s
1%
o o u Ja n 16
11 Jan
23% O c t
6 I 4 O c t 25
5
612
684
6 I4
61- 3,813 N e v a d a C onsolidated638
638
638 634
612
7is
612 6%
7484 Mch 117% O c t
30 O c t 24 120 ” J a n 5
3134
3512 24,200 N o r th B u tte __________15
3 3 14
3512 363g
33
35ig 3134 3312 30
34
3514
2 1* Jan
4
70 J ’ly
2% Dec
1 * Sep 20
*1*
34 *.40
2 0 0 O ld C o lo n y ---- ----- 25
.75
.75 *.40
*12
34
*12
34
12
12
6 3 " Feb 14
6634 O c t
33 J ’ly
18 O c t 24
3,753 O ld D o m in io n ________ 25
18
19
1834 20
I 8 I2
19
18 1* 19
I 8 I 2 191*
183S 19
93 Mch 151 Dec
71 O c t 25 1 8 1 F e b 2 1
1.094
71
76
75
75
80
80
80
80
80
80
80
80
35
Ja n 14
48 J a n
834 O c t 24
2 2 3 4 J ’ly
1.340 P a rro t (S ilver & C opp) 10
884
9
0
9
9
9
9
9
9
9 I4
91$
914
e3 J a n 26
2% Dec
1
Jan 5
60 May
P h o e n ix C o nsolidate d 25
Last Sale 1
1 * .3 0
0 c t’07
1
*.3 0
1 *.3 0
1 *.3 0
70 O c t 24 148 F e b 6
80 J ’ly 114 J a n
"964
70
73
7012
74
73
73
73
73
73
73
75
75
9 % Dec
2 O c t 24 el234 J a n 1 5
314 J'ly
1,390 R h o d e Is la n d _______ 25
2 I4
212 *2
2
2 14
2U
2 I4
21*
212
2l2 2i2 * 2 1 4
7 12 Jan
8
538 N o v
1 3 4 Sep 28
1% J ’ly
134 2
*13j
2
134 2
134
178
1 78
1 78 2 , 1 2 0 S a n ta Fe (G old & Cop) 10
178
178
243^ J a n 1 7
1 S% N o v
534 J a n
7% O c t 17
7%
8
8
81*
8
8 I4
8 I4
812 6,856
73g 9
.
7 14
7l2
122 J a n
170 J a n 1 4
51
O
c
t
25
90
J
’ne
385
T
a
m
a
r
a
c
k
____
_______
25
53
54
541*
541
2
51
53
56
56
55
55
56
56
201* D ec
42U J a n 2 4
734 J ’ne
10% O c t 23
l l l 2 12
10% H I 4
III4
1 1 % 4,384
I I I 4 11%
111" 12
1112 12
78 ‘ F eb
7 1 * O c t 23
7 7 1 4 M ch 7
57% M ay
ft
Q
570 U n ite d C oppe r________ 100
8
SI4
8
8
10
10
712
712
81* 11
H I Feb
22
"
O
c
t
22
91
M
a
y
1
88
J
a
n
1,330
D
o
p
re
f..........
..........100
25
25
22
26*i
*28
35
25
27
14% M ch
73
4
O
c
t
25
1
3
1
4
J
a
n
2
2
9 I 4 Sep
' ¥ ' 2.530 U n ltedS tatesC o a l& O ll 25
8
8
834 i 8
’ *8* * ¥ ’ " 7 3 4
8l2
9
81*
812
66 J a n
2434 O c t 24
70 J a n 2
51 Mch
2434 27
571s 29
2512
26% 14,312 U S S m elt R e f & M in . 50
31
3212 28
2912
3134 3312
47%
Sep
4
3
Mch
27%
O
c
t
25
4
9
J
a
n
7
12.582
2934 31
27%
2834
28
2984
32
34
D o p r e f____________ 50
31
3212
34U 341*
6984 Ja n
52% J 'n e
25% O c t 18
79
Jan 14
5
2612 2734 26% 2812 27
2914 9.872 U ta h C o n so lid a te d —
27%
26
27
271* 2912 27
9 1 4 M ch
5%
N
ov
3i
2 O c t 25
1 1 % F eb 27
960
V
ic
t
o
r
ia
..........................25
4
4
3%
3%
312
4
3%
3%
3*8
3%
35s
3%
21* Dec
60 J a n
1 M ay 11
3 1 " Mch 6
I.ast Sale I.O 6 I 4 Ju ly ’07
18% O c t
4 J ’ly
*>8 O
u cc t 115
0 ] 14 ‘ J a n 23
2%
3
3
3
3
*580
*212 3
*318
312
3I4 334 *3%
3
3
312
190 Dec
131 J a n
93
O
c
t
118i
8
198
F
e
b
11
Fet>
1
1
286
S3
95
95
97
94
95
95
95
93
96
94
94
23j Deo
.70 “J iy
22
1* Oct,
22
1?
O c t 22!
3:<r>
%« J a n 22
.<»
.70
.75 I
12
1
a Ex-dlv. and rights, b Ex-stock dividend.
c Before pay t ot assess’ts called in 1907. * B id and asked prices’ d New stock, je Ass’t paid, h Ex-rights




O c t. 26 1907.]

1075

Boston Bond Record.

I>W > l>>
B O S T O N STOC' k K X C H ’t f t
W e e k b.NDINd OCT 25

•Price
FrULaxj
Oct *5

Mange
Since
Jan ua ry 1

W'eelc’s
R ange or
Last Sate

B O> D>
B O S T O N S T O C K E X C H ’G E
W e e k E n im n o o c t 25

H id
ASK
J- J
A-0
A-O
A-O
’ Yv !'3 % ii6 i%
J-D
M-N 112 Sale
1J87% 92
M-S
85% 91*4
B oston E le c t L ig lil 1st 6s. 1908
M-S
K a n C & M R y & B r 1st 5 sl92 9 A-O
Consol 6 s.......................... 1924
110 F e b ’ 04
M a in e C ent cons 1st 7 s ...1912 A-0
101 S e p ’06
114 M a r ’ 06
.................. M ara H o u g h <fc O n t 1st 6s. 1925 A-O
Boston T erm in al 1st 3*28.1947
A-O
112 Hi J a n ’03
B u r <fc M o R iv ex 6s...........191*
104 107*8 M e x ic an C e n tral cons 4 s ..1911 J - J ......... 75
................... 104 O c t ’07
102 S e p ’05
J ’ly
S in k in g fun d 4 s.............. 1910
7 97*2 9 7 *2
97*2
97 H,
J ’ly
B u tte <jfc B oston 1st 6s___ 1917
AIicii T e le p ls t 5 s ................1917 J- J
100 J ’n e’01
Cedar R ap <fc M o R 1st 7 s .1916
M in n e Gen Klee con g 5a 1929 j . J
1 2 3 14 N o v ’06
2d 7 s .................................. 1909
N e w E n g C ot Y a rn 5s___ 1929 F-A
94 .........
i n * 8 JM y ’05
C en t Verrnt 1st g 4 s ..M a y 1920
......... 84
13 82 Hi 90
A-0
83
85
C B & <4 Iow a D iv 1st 58.1919
5 s ........................................1915 A-0
1J103 O ct ’07
IT103 H103
Io w a D iv 1st 4 s .............. 1919
fis......................................... 19 It: A-O
98 100V
98 O c t ’07
D eb en ture 5s................... 1913
1100 Hs M ay’07
1100*81100% N e w E n g la n d cons g 5 s ... 1945 J - J
D en v er E x te n 4 s............ 1922
Boston T erm 1st 4 s....... 1939 A-0
9 / 7e I ’ue’07
9 7 78 99\
N e brask a E x te n 4 s ....... 1927
N Y N H & H con deb 3*28195(5 J- J
88 Sale
102% J ’ne’06
B & S W s t 4 s................. 1921
97*2 M ay’07
97*2 *97*2 O ld C olony gold 4 s ............ 1924 F-A
Illin o is D iv 3 “as.............. 1949
H88 O c t ’07
U88
91 Hi Oreg R y <fc N a v con g 4 s ..1946 J-D
J o in t bonds See G t N o r th e r n
F-A
Ohio j o R y «fc S tk Yds 5s .1913 J-J 100»4 Sale 100
100*4 1! 100 102 Hi R e p u b V a lle y 1st s f 6 s ...1 91 9 J - J - ......... — •
C oil tr u s t r e lu n d in g g4sl94(J A-(X _____ 90
22 90
R u tla n d 1st con gen 4H28.1941 J - J
90
90
95
C h M il <fe S t P D u b D 6 s ..l9 2 U J - J
R utlan d - C a n ad ia n 1st 4s 194 9 J- J
122 A p r ’06
Oil M <fe S t P W ls V d iv 6sl92() J - J .
S a v a n n a h Klee 1st cons 5s.l 952 J- J
126 F e 0 ’05
C hic ds N o M ie n 1st g u 5 s .1 9 3 j M-N
F-A ......... 98
97>a J ’l y ’07 . . . . 97*2100
C hic <fe W M icli gen os___ 1921 J-D*
T erre H a u te E lec g 5 s,,... 1929 J-J
99** Sale
99*4
99 102
9 9 14
Concord & M o n t cons 4 s ..1920 J-I)
T o rrin g to n 1st g 5 s . . . 1...19 18 M-S
99
99
99 M a r ’07
C on n & Pass H le t g 4 s ...194:? A-U
U n io n Pao R R & l g r g 4 s . l 9 4 7 J - J
112*4 J a n ’03
....................
C u r re n t R iv e r 1st 5s.........1927
20-year conv 4 s................1927 J - J
................... 104 N o v ’06
D e t G r R a p <fc W 1st 4 s ... 1946 i 4
U n ite d F r u it conv gen 5s. 1911 M-S 103 107
89
90
89 M a r ’07
D o m in io n Coal 1st s f 5 s ..l9 4 l» M-N
U S Steel Corp 10-60 y r 5s. 1963 M-N 1T887s Sale
93 A ug’07
93 100
F itc h b u rg 5 s ....................... 190,- M N
W est E n d Street R y 4s___ 1915 F-A
98 A p r '07
98
98
4 s ........................................1915 M-S,
G o ld 4*2S............................1914 M-S
103% A p i ’05
4 s ....................................... 1927 M-S
M-N
100 M ay’07 . . . . 100 100
F r e m t E ik & M o V l s t 6 s.. 1933 A-O
G o ld 4s............................... 1917 F-A
L28 128
128 S e p ’07
U n stam p e d 1st 6s...........1933 A O
W estern Teleph & T el 5s. 1932 J- J ......... 85
140 A j . i ’05
S t N o r 0 B & <4 coll tr 4s 1921 J - J
84 Sale
83*2 <190% 60 83*2 9 7 14 W isc o n s in C e n t 1st gen 4 sl94 9 J - J
B egisterea 48.................... 1 921 Q-J
W isc o n s in V alley 1st 7 a..1909 J- J
90% 96
>91*4 Sep ’07

A m B e il T elephone 4»___ 1908
A m Telep & T el coll tr 48.1921'
A m W r it Paper 1st s 15s u 1919
A tell <fc N ebraska 1st 7 s ..1908
A te n Top & S F e g e n g 4 s ..1995
A d ju s tm e n t g 4 » . . . . J 'i y 1990

Ja>w
H ig h
96*4
98
78-j,
79^
V I
Sep ’07
104 M a r’06
‘ f l i " “93" 93% 1194%
70 ......... 88 O ct ’07
65
85% J ’n e’07

Ht

J -J
J- J
J- J
M-S
A-O
Nov
M-N
M S
M-S
J- J
J- J
F-A
J- J
J- J
J- J
A-O
M-N
J-I)
Q-F
A-O
A-O
M-N
F-A
M-N
M-S
J- J

11

ASH

9 6 'a Sale
79 Sale

A v Ia >w

H ig h
9 6 14 98%
7 8 7s 9 0 14
1181 H8a

14V
26

Illin o is Steel deben 5s___ 1910
N on-convertdeben 5 s ...1 91 3
l a F a ils tfcSioux C i s t 7 s.. 1917
K a n C C lin & S pr 1st 5 s ... 1925.
K a n C F t S & G u lf 1st 7 s.. 1908
K a n C F t Scott & M 6 s .... 1928
K a n C M & B pen 4s...........1934

N o t e — B uyer pays accrued in terest in a d d itio n to the purchase price for a ll Boston Bonds.

WeeK’s
R ange or
Last * a le

Ko.nge
•>nice
Jan u ary 1

Low
Htyh
98*2 J ’ly ’07
96 '2 • »<•! ’07
12 *4 NovM
SIS Oct '07
100 '2 A u k ’O .
112
113*s
9 4 Hi D e c ’06
89 Sep ’0
9:) MaV’07
113% N o v ’06
101*4 Sep ’oil
118 M >i\’04
76% Sep ’i/7
2 6 Hi O ct ’0>>
1734 A u g ’05

Low H iffft
98*2 t'8H»
>J6 H« 10034

tr ic e
F r id a y
Oct *5

102 *2 A u g ’04
94*2
94 *v
99 O ct ’07
100*8 J a n ’07

‘i i

95
98 *4
100*8 luO
112 120
MO
99

92
101

U76% 85Hi

3

94*2 100 *8
99 100
100*8 IOO *8

4 88 106%
88.
88
101 >2 Sep ’06
ii0 2 7e J a n ’05
1121% M a r’06
102 A u g ’o7 . . . . 102 103
107*2 N ov ’05
102 M a i’02
98 *2 M ay’06
98 *8 O ct ’07
9 3 " i'0'5"
97
97
97 A p r ’O?
99Ha N ov’06
lb o % <1102
99% J ’ly ’07
H87Hi1|87%
U87*2Sep ’07
107 115
1 1r> Sep ’07
5 11S878 li9 9 7»
1188% 1190%
100 '.j J a n ’07
100*2 100 H»
101\ 102
10134 A p r ’07
1 0 2 % J a n 06
99*c 100 Hj
99 *2 M ay’07
99
84
84
" 3 83
1194*2 Sep ’05
109% A u g ’05

" N o price F r id a y ; late st bid a n d asked.

11 F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a r e P ric e * — Not H er C e n tu m P ric e s
S a tu rd a y
Oct 19

•1 0 V
10

15
10V

M o na a y
Oct 21

'1uesaay
Oct 22

84
84
•1 0 V ....... J
10

10V

Wednesday
Oct 23

82
•9 %
10

10

9%

83
1 1V

46
46
27
27 V
S^ia
8V

46
46
25 V 26V
8 V 8°i«

46
46
2 4 V 2534
a
8v

6
*4 V
72 V 74
63% 54--.

4%
4 34
76
74
54 V 55%

4V
4V
74
76
50 V 54V

*5
71V
60V

5V
73
62

57
58 5 7 1ia
57 v 58 V
37
37 36 Hi
36% 3 6 3,
7
6*1*
7V
7V
6V
] 6 % 17 V
16s
17
16V
42
39% 41%1 38 t
43 V
*37
39
3*>11io3fr11i6 *36 V
*36
38
48
46
"46 V 47 7j
46
71% 74V
7 0 V 72%
7 0V

67%
37

PHILADELPHIA

Bid

I n a c t iv e S to c k s
A lle g h e n y V a l p r e f___ 5(1
A m e rica n C e m e n t....... 61
A m e r P ip e M fg ........ lo u
B e ll T elep ho n e............ 5(j
48 V
C a m bria I r o n ................50
44 V
C en tral Coal & C oke. 100
Consol T rac of N J ...1 0 0
D iam o n d S tate S te e l.. 10
P r e fe r r e d ................... lo
E a sto n Con E le c tric ti.5i^
E lec Storage B a tt-- 100
P re fe r re d ..................100
1ft W a y n e & W V ....... lo o
G e rm a n to w n P ass....... 5(1
In d ia n a p o lis S t ......... .100
I n d ia n a U n io n T r ___ 100
In s u ra n c e Co ol N A . . 10
I n t e r Sm Pow & Cbem.50
K eyston e T elephone ..50,
P r e fe r r e d ................... 50
K ey stoneW atchC ase.1 00
L it B ro th e rs................. 10
14 V
L ittle S c h u y lk ill...........50
M in e h ill & S c h u y l H ..5 0
N H a v e n Ir o n & s t e e l.5
N o rth e rn C e n tr a l.........50
N o r th P e n n s y lv a n ia . .50
P e n n s y lv a n ia S a lt ___ 50
P e n n s y lv a n ia S te el, . i o i ?
P re fe r re d ..................io o
P h ila Co (P itts ) p r e f...60
38
P h il G e rm a n <fc N o rris.5 0
P h ila T ra c tio n .............. 50 *86*
R a ilw a y s G e n e ra l....... 10
8 n sq u e li Iro n & S te e l..6
T id ew ate r S te e l...........10
P r e fe r r e d ................... 10
T onopah M in in g of N e v l
U n io n T r of I n d ......... 100
U n ite d N J R R < fc C ..1 0 0 238*
U n it T rac P itts p r e f..60
W a rw ic k Iron<fc S te e l.10 “ 6*V
W e s t Jersey & S e a S h .6 0
W e s tm o re la n d C oal....5 0
W llkw * Ohs <t E le c .,100

Ask

80

10

•4 5 V 46 V
26
-J6V
8 V 8n ie

67% 58
3V
•3 6
6%
7
17
17
41*ie 42% *
3«
*36
37
35
4 5 V 46 V
70V 71*4
25

T h u rsd ay
Oct 24

6 34

16V
40
38 V
34 V
46 V

Friday
Oct 25

80V

8%

9%

9V

•45
22
7%

46
25
8V

•46
23%

5
•4 V
7i
74
52
49
5634
*35
65io
16
35%

573,
3'i
61818
16%
39 V

33
46%
66V

33 V
4634
72

7 i 34

8

72
60
•%
57
35

6%

16V
37
32 V
46V
69 V
*23

P H IL A D E L P H IA
B onds

81
9V

B id

A sk

97

114

ioiv

P H I L A D E L P H IA
P h & R e a d 2d 5s ’3 3 .A-O
Con M 7s 1911....... J-D
C on M 6 s g l9 1 1 ___ J-D
E x I m p M 4s g ’4 7 .A-O
T e rm in a l 5s g l9 4 1 .Q - F
P W & B Col tr 4s ’21. J-J
P o rtla n d R y 1st 5s 1930.
R ocli Ry<fc L con 5s ’54J -J
U T rac I n d g e n 5 s ’1 9 .j- j
U n R y s T r e lls 4s’49J<fcJ
U n ite d R y s I n v 1st coll tr
s f 6s 1926................M-N
U T rac P it gen 5s ’97 J-J
W eis bach s f 5s 1930. J-D
W lk s - B G & E con5s’55J-J

B A L T IM O R E
In a c tiv e S tocks

10634

ib*7"
94 V
65
97 V

95
*93 V
94 V
64

A la C ons Coal& Iro n .1 0 0
P r e f ............................ 100
A t l a n t a * C h a rlo tte ..100
A t la n Coast L in e R R . 100
A t la n C o a s tL (C onn)lO O
C a nto n Co................... 100
C ons C ot D u c k C o r p ...50
P r e fe r r e d ................... 50
G e orgia S ou & F la . . . 100
1st p r e f..................... 100
2d p r e f ...................... 100
G-B-S B r e w in g ...........100

B onds

A n ac o stia & P o t 5s...........
A t l & C h 1st 7 ...1 9 0 7 J-J
A t la n C L R R 4sl95 2M - S
A t l Coast L (C t)ctfs 5s J-D
Ctfs of in d e b t 4 s___ J-J
5-20 y r 4s 1925.........J-J
B a lt C P ass 1st 5s ’11 M-N
B a lt F u n d g 68.1916 M-N
E x c h a n g e 3 V s 1930 J-J
B a l t * P l s t 6 s m l ’l l A-O
B a lt T rac 1st 5 s ..’29 M - tf
N o B a lt D iv 5s 1942 J-D
C e n t’l R y c o n 5 s l9 3 2 M-N
E x t& Im p 58.1932 M S
C h a s C lty R y 1st 5s ’23 J- J

B id

R ange lor J^reviout
Y e a r (1 9 0 6 )

H ighest
33 V J a n 15
80 M ay 2 9
80 O c t 24
12 O c t 17
28 J ’ne27
8% O c t 24

35
85
97
23V
48
15

46 V
243<
8
4
17
4V
73
52
1
57 V
35

«

I $7.60 paid,

B a lt im o r e
Con. G as E L L. & P o w .1 0 0
D o p re f................... 100
544 N o rth e rn C e n t r a l......... 50
Seaboard (n e w ).............. 100
D o 2d p re f............ 100
2,385 U n ite d R y & E le c tr ic .. 50

Jan 9
J a n 10
J a n 26
Jan 7
Jan 7
J ’ne27

P h ila d e l p h i a
16 A m erican R a ilw a y s ___ 50 46 O c t 18 51 J a n 2
19,774 C a m b ria S te e l................ 50 22 O c t 24 47 V J a n '24
3.895 E le c tric Co of A m e r ic a 10
7% u c t 24 11% J a n 14
G e n A s p h a lt t r c t f s ___ 100
3 O ct 3
» J a n 25
D o pref t r c t f s ___ 100 18 o c t y 30 J a n ‘25
133 Lake S u p e rio r C orp___ 100
4 V O c t 22 16 J a n 8
3,242 L e m g h C & N a v tr ctfs. 50 71 O c t 24 U>3 J a n 7
19,219 L e h ig h V a lle y ................ 50 49 O c t 24 7 n % J a n 5
M a rsden C o.....................100
% Sep 12
2 V J an 7
10*349 P e n n s y lv a n ia R R ......... 50 5 6 3.j O c t 24 70iVe J a n 8
‘225 P liila d e lp ’aC o (P it ts b ). 50 3 5 o c t 25 4 8 J a n 4
61516 26,351 P h ila d e lp h ia E le c tric * . 25 65i6 O ct 24
9 A pr 4
16% 5,087 P liila R a p id T ra n s itc t.. 50 214% Sep 6 226 %
JilKx
397ie 57,071 R e a d in g .......................... 50 35% O c t 24 OO'VJan ?
15
D o 1st p re f............ 50 3 d iii0 O c t 22 4 5 % J a u 14
33
1,911
D o 2 d p i e f .............. 50 32 V O c t 25 47 J a n 14
47
4,158 U n io n T r a c to n .............. 50 44 Sep 12 60% J a n 22
70 7t 46,472 U n ite d G as I m p t ........... 50 66 V O ct 24 96 V J a n
25
W elsbacli C o ..................100 25 May 2-1 30 F e b 18

A l V a l E e x t 7s 1910 A-O
A lt & L V E le o 1 Vs’33.F-A
A m R y s c o n v 5 s 1 91 1.J-D
A tl C ity 1st 5s g ’1 9 .M-N
B alls T er 1st 5s 1926. J-D
Berg& E B r w 1 st 6s’2 1 J-J
B ethle Steel 6s 1 99 8.Q-F
C hoc & M e 1st 5s 1949 J-J
C h O k & G gen 5s ’19 J-J
Col S t R y 1st con 5s 1932
C o n T r a c o f N J 1st 5 s .’33
9934
E & A .ls t M 5s 1920 M-N
E lec & Peo T r stk tr ctfs
89
E q I I Gas-L 1st g 5s 1928 104V
H & B Top con 5s ’26 A-O
In d ia n a p o lis R y 4 s .1933
In te rs ta te 4s 1943 ..F - A
L e h ig h N a v 4 V s ’14.Q-J 101
R R s 4s g ....... 1 91 4.Q-F
G e n M 4 Vs g . 1924.Q-F
Leh V C 1st 5s g ’3 3 .-J-J 106
Le h V ext 4s 1st 1948. J-D
2d 7s 1910................M :s 1*05*
Consol 6s 1923....... J-D
A n n u ity 6 s.............. J-D HO*
84 V
G e n cons 4s 2 0 0 3 .M-N
L e h V T ran con 4 s ’35J-D *60*
N e w C on G as 5s 1948 J -D 104
N e w a rk Pass con 5s 1930 101%
N Y P h & N o 1st 4s ’39 J-J
In co m e 4s 1 9 3 9 ...M-N
N oO h io T ra c con5s’ 19.J-J
P e n n gen 6s r 1 9 1 0 ..V a r 102 V
C onsol 5s r 1 9 1 9 ...V a r
P en n & M d Steel con 6s.
P a & N Y C an 5s ’3 9 .A O
C on 4s 1939............ A-O
8 V P e n n Steel 1st 5 s ’17 M-N
People’s T r t r certs4 s ’43
P Co lsufc col tr 5s’49 M-S 101V
C o n & col t r 5s 1951 M-N
P h il E lec gold tru s t ctfs.
91
T ru s t certifs 4 s..............
63 V
P & E gen M 5 g ’20. A-O
G e n M 4 8 gl9 2 0 ..A < fc O

« B id a n d asked; no *ales on th is day. <] Ex-right*.




82

■Hanye lo r Year
19U7

Sates
A C T IV E S T O C K S
o1 the
Week ( F o r B o n d s and, In ac tiv e
Stocks see below)
fshares

A sk |

H ighest
35 V Dec 41 J ’n »
80 Oct 90 J ’n e
97 J ’ly 11; V D eo ;
22 Doc 32 J a n *
48 Dec 62 V •>a n
13 Dec . 19 J a n I
50% Sep
30% J a n
11 May
6 N ov
31 Dec
14V N ov
100 Dec
65 May
*716 Oct
61% J ’ly
47 A p r
6% Dec
c l 9 V Dec
" 56s,
43% A p r
44% .iluj
5 8 V Dec
118IV May
25 Dec

t $15 p u d . * $10 paid, i *35 paid, a Receipts, b $25 p a id

c $30 pa id ,

4?i% 8 J a n

51
65
101
32

Jan 1
A ug
F eb .
M ar
A sk

B id

IS A L T l.tim C E

114 V U 7 V Clias R y G & E l 5s ’99 M-S
109
C hari O & A ex t 5 s .’09 J-J
io i”
2d 7s................1910 A-O
9934
C ity & S u b l s l 5 s ..’22 J-D
C ity & S u b ( W a s )ls t 5 s ’48
97V
C oal & I R y 1st 58 ’20F-A
C o I« fc G rn v ls t6 s .l9 1 6 J- J
”95**
C onsol G a s 6s. ..1 9 1 0 J-D
5s.......................1939 J-D
Ga<fc A la 1st con 5 s ’45 J-J
G a C ar & N 1st 5s g ’29 J-J
65
G eorgia P 1st 6 s . . . ’22 J-J
G a S o d i F la 1st 5s 1945J-J
G-B-S B rew 3-4s 1951M-S
2d incom e 5s 1951 M-N
K nox v T rac 1st 5s ’28A-0
L a k e R E l 1st gu5 s’42M-S
M e m p h is S t 1st 5s’45 J-J
M e tS tlW 'a s h )ls t5 s ’2 5 F A
M t V e r C ot D u c k 1st 5s.
N p t N & O P 1st 5s’38 M-N
G e n e ra l 5s___ 1941 M-S
N orfolk S t 1st 5 a ’4 4 ..J-J
N o r th C e n t4 Vs 1925 A-O
Series A 5s 1926___ J-J
Series B 5s 1926___ J-J
P itt U n T rac 5s 1997. J-J
Poto V a l 1st 5s 1 9 4 1 ..J-J
S av F la & W es t 5 s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab <fc R o a n 6s 1926. J-J
97
S o uth B o u n d 1st 5s..A-O
U E l L & P l s t 4 Vs’29 M-N
87
U n R y & E l 1st 4s ’49 M-S
In co m e 4s 1949....... J-D
F u n d in g 6s 1 9 3 6 ...J-D
V ir g in ia M id la n d —
102
2d series 6s 1 9 1 1 ...M -S
3d series 6s 1 9 1 6 ..M-S
'*9*6*
9a
4 th ser 3-4-63 1 9 2 1 .M-S
5 th series 5s 1 92 6.M-S
Va (S tate) 3s n e w ’3 2 .J-J
F u n d d e b t 2-3s 1991 .J-J
110V
108
W e s t N C con 6s 1914 J-J
W e s V a C & P l s t 6 g ’l l J-J
W il & W e ld 5 s ..1935. J J

101

\
’ 54 J a n
3 9V N o v .
12% N o v
14 J a n *
48 J a n j
2 3 *4 J a n I
118 J a n '
86 J ’ne*
3 15ie J a n , ,
73l l ie J a n
a54 -j M a r
9%e O c t j
534V J a n 1
83 J a n

106 V

... .

107 V
98
98
102
41V
16

102%
99
99
110
103

j

42 V
18

!
j

io*8%

ib?"
7a

.......

*74" |

102%:

101 V
63 V

65

102

8034 81
43 V 44
74
73

!
,
)

89

.

102

i*02*v

d $42 V paid

1076

[Vo l . l x x x v .

THE CHRONICLE.

In v e s tm e n t a n d

ila ilr o a d

RAILROAD

GR O S S

in te llig e nce .

E AR NI NGS .

The following table shows the gross earning3 of every STEAM railroad from which regular weekly or monthly returns
dan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We a l l a supplementary
■tatem.ent to show the fiscal year totals of those roads whose fiscal year does not be^in with July, but covers some other
period. T h e r e t u r n s o f th e stree t r a i l w a y s a r e b r o u g h t to g e th e r s e p a r a t e ly o n a s u b s e q u e n t p a q e .
Latest Grosr E arn in v c
IVrek nr
M o n th .

Latest Grosi E a r n no

J u ly 1 to Latest D ate

C urren
Y 'a r .

Week or
M o nth.

Curren.
Year

A la Great Southern — Sec S o u t'h e rn R a l w ay
A la N O * Tex Pac
2-17,153
244,606
N O & N E a s t___ Septem ber
110,724
131,095
•A la * Vlcksburp-_ S <ptcm ber
123,421
138,340
'Vicksburg- Sh & P S eptem b er
3,753
3,028
A la Term & N o r t h . . A u g u s t —
k A tc h Ti p & S F e . A u g u s t ___ 7 .98 8,SOU 7.261 .43,
363.539
387,900
A t la n t a & C h a ri— J u l y ---159.232
117 143
A tla n B irm & A t l . . J u l y ______
A t la n t ic C oast L in e A u g u s t ___ 1,950,997 1,829,254
B a ltim o re & O h io .- S eptem ber 7,465,051 7,077,897
266,498
212,468
B a n g o r & A roostook A u g u s t ___
4,576
4,616
B ellefonte C e n tral- . Septem ber
5,110
6,537
B ridg eto n & Saco R A u g u s t ___
184,121
205,258
B u ff R o c h & P i t t s . . 3d w k O c t
152,733
200,217
B uffalo & Susq R y . A u g u s t ___
221,500
230.700
C a n a d ia n N o r th e rn . 3d w k O ct
C a n a d ia n P a c ific ___ 3d w k O ct 1.544.000 1,528,000
281,400
235,200
C e n tralo f G e o r g ia .. 2d w k O c t
C entral of N Jersey . A u g u s t ___ 2,557,130 2,443,068
2.574
2,227
C h a tta n S o u th e r n . _ 1st w k O c t
Chesapeake & O h io . A u g u s t ___ 2,667,359 2,201.092
4,823
2,958
Chesterfield & L a n r A u g u s t ___
911,557
Chicago & A lto n R y J u n e _____ 1,067,100
161,872
189.386
C hic G reat W estern 2d w k O ct
114,972
119.037
C ’n ic In d & L o u 's v . 2d w k O ct
C hic In d & Southern — See New :Y o rk Cen tral.
Chic M llw & S t P a u l J u n e ______i 4,879,132 4,773,732
C hic & N o r th W e s t. S eptem b er 6,525,120 6,097,226
C hic S t P a u l M & O . A u g u s t ___ 1,190.037 1,105,999
32,347
36,391
Chic T erm T ran R R 2d w k Oct;
C ln N O & Texas P — See Sout; hern R a il w ay
C in c in n a ti N orthern — See New Y o rk Cen tra l
Clev C ln Chic & St L — See New Y o rk Cen tral.
217.701
216.539
C olorado M i d la n d . . A u g u s t ___
305,661
276,364
h Col & S o u th Sys _ . 2d w k O ct
24,092
24,047
Col N ew b & L a u r ._ A u g u s t ___
68,496
88,173
C opper R a n g e _____ J u ly ________
23.467
19,403
C o rn w a ll____________ A u g u s t ____
42,287
53,049
C ornw all & Lebanon A u g u s t ___
136.038
145,268
C u b a R a ilr o a d _____ A u g u s t ____
423,400
472.000
D e n v & R io G rande 3d w k O ct
22,583
23.81
D e tro it & .M ackinac 2d w k O ct
89,290
88,767
D e t T ol & fr o n t Sys 2d w k O ct
63,108
60,639
D u l So Shore & A t l . 2d w k O ct
E r ie _________________ A u g u s t ____ 5,083,317 4,514,677
E v a n s v ille & Ter H — See R ock Is la n d S y ste m .
1,1971
1,375
F a irc h ild & N E ___ A u g u s t ____
93.040
84,042
F o n d a J o h n s & G lo v A u g u s t ___
244,4701 235,892
Georgia R R ________ A u ir u s t ____
Georgia S o u tli & F! a — See Sou thern R a i iw a y .
935,632
851,0931
G r a n d T ru n k S y s t.- 2 d w k O ct
140,744
126,597
G r T ru n k W e s t ..j 1st w k O ct
35,545
30,673
iD e t G r H & M llw jls t w k O c t
41,944
49,112
C a n a d a A t la n t ic . 1st w k O ct
5,771,528 5,108,147
G reat N o r th e rn ____ S eptem b er
14,457
226,528)
M o n ta n a C e n tra l. Septem ber
T o ta l s y s t e m ..r . S eptem ber 5,998,056 5,322,604
45,079
40,520 j
G u lf & S h ip Is la n d . 2d w k O ct
6 85 ,736j 630,680
H o c k in g V a lle y ____ A u g u s t ___
4,901,554 4,647,543
Illin o is C e n tra l____ S eptem b er
152.0001 209.000
In te r & G reat N o rth 3d w k O ct
131,121; 127,316
a Interoceanlc(M ex ) 2d w k O ct
68,150
63,821
Io w a C e n tra !_______ 3d w k O ct
208.386
214,068
K a n a w h a & M i c h .. A u g u s t ___
900,9461 681,291
K ansas C ity S o u t h . S eptem b er
L a k e Erie & W es t’n — See New Y o rk Cen tra l
L a k e Shore & M Sou — See New Y o rk Cen tral.
L e h ig h V a lle y ______A u g u s t ____ 3,496,604
57,539
53", 383
- L e x in g to n & E a s t . . A u g u s t ___
In c . 97, 061
L o n g Is la n d ________ A u g u s t ____
120,446
104,961
L o u is ia n a & A r k a n . A u g u s t ___
922,030
996,240
L ou is v ille & N a s h v . 2d w k O c t
13,894
12,343
M acon & B lr m ln g .. Septem ber
4,554
7,485
M a n is tlq u e _________ Septem ber
32,741
37,438
M a ry la n d & P e n n . . A u g u s t ___
a M exican C e n t r a l.. A u g u s t ___ 3,050,690 1,958,081
169,702
159,859
a M exican In t e r n a t . 2d w k O ct
133,300
141,700
a M e xican R a ilw a y . 1st w k O ct
22,142
22,933
a M exican S o u th e rn 1st w k O c t
Y o rk Cen tral.
M ichigan C e n tral___ — See New
48,021
118,182
M id la n d V a lle y ____ Septem ber
15,388
14.468
M in eral R a n g e _____ 2d w k O c t
74,399
89,428
M in ne ap & S t L o u is 3d w k O ct
291,493
300,892
M in n S t P & S S M . 2d w k O ct
M o K a n s as & Texas A u g r u s t___ 2,288,414 1,940,862
909.000
973,000
M o P a c & Iro n M t . . 3d w k O c t
36,000
36,000
C e n tra l B r a n c h .. 3d w k O ct
945.000
T o ta l_____________ 3d w k O ct 1.009.000
133,934
120,751
M obile J a c k & K C . A u g u s t ___
M obile & O h io ______— See S out hern R a il w a y .
969,531
995,211
N a s h v C h a tt & S t L A u g u s t ___
288,049
309,327
o N a t R R o f M exico 2d w k O c t
19,201
19,542
H id a lg o & N E - . 2d w k O ct
8,630
N evada-C al O regon 1st w k O c t
8,204
6,422
8,057
N e v a d a C e n tra l____ A u g u s t ____
N Y C hic & S t L o u ls j— See New Y o rk Cen tral.
N Y O n t A W estern A u g u s t ___
845,505
899,256

783,802
382,486
408,347
7,506
15,928,445
387,900
159,232
4,005,186
22.441,261
507,336
14,975
11,881
3,150,253
391,899
3,239,600
24,910,451
3,564,450
5,100,786
44,438
5,057.511
9,627
12,809,426
2,619,552
1,799,974

759,080
344,818
369,396
6,306
13,932 255
363,539
117.143
3,747,957
20,803,783
426,493
13,352
10,058
2,602,801
282,587
2,395,300
22,703,420
3,347,248
4,657.569
43,511
4,129,002
5,821
11,586,094
2,657,921
1,831,320

60,548,554 i)5,423,05o
18,929,222 17,550,886
2,320,499 2,134,540
489,885
516,164

443,600
4,162,319
41,078
88,173
44,860
83,555
298,300
7,586,099
389,712
1,584,494
1 ,095,610
1?,021,156

411,696
3,759,540
46,672
68,496
37,490
92,760
282,143
6,487,287
358,676
1,220,410
1,001,938
8,875,702

• 2,769
186,186
478,888

2,753
169,067
454,441

4,049.9351 2,987,440
1,866,509 1,686,252
554,009
545,538
615,199
664.570
16,364,114 14,653,462
692,188
708,509
17,072,623 15,345,650
667,724
716,328
1,320,675 1,224,131
14,336,40* 13,475,939
2,307,000 2,525,000
2,064 704 1,913,267
965,527
1,010,467
398,186
416,699
2,654,690 2,049,884
6,765,646
103,659
109,300
In c . 186, 064
238,456
208,709
14,679,160 13,240,573
38,395
39,409
19,134
32,304
66,734
60,776
6,088,659 4,365,623
2,523,548 2.1.84.917
2,117,600 1,939,200
375,676
323,317
363,213
152,156
247,263
221,621
1,341,489 1.218.917
3,802,144 3,905,409
4,512,949 3,789,217
15.744.561 14.346.349
576,000
539,000
16.320.561 14.885.349
268,117
235.045
1,953,050
4,746,258
287,814
110,762
14,726

1,879,778
4,149.125
294.045
83,746
12,926

1,726,403

1,652,875

N Y C 4 H u d R iv e r
Lak e .Shore & M S
L a k e E rie & W est
Chic I n d & S o u th
M ic h ig a n C e n tra l.
Cleve C C & S t L .
P eorla & E astern
C in c in n a ti N o r th .
P ltts & L a k e Erie
R u t l a n d _________
N Y Chic & S t L .
N Y Susq & W e s t ..
N o rfo lk & W e s te r n .
N o rth e rn C en tral . .
N o rth e rn P a c ific ___
P acific C oast C o ___
d P e n n — E a st P & E
d W e s t of P & E .
Peoria & E astern . .
P h lia B a lt & W a s h .
P itts C in C h ic & S tL
P itts <fc Lak e Erie
Raleltrh & C h a rie st.
R a le lg h & S o u th p o rt
R e a d in g R a ilw a y __
Coal & Iro n C o . .
T o ta l b o th co’s . .
R ic h Fred & P c to m
R io G ran d e J u n e ___
R io G ran d e S o u t h ..
R o c k Is la n d System
e S t L & San F ran
T E v a n s v & Ter H
T o ta l of a ll lin e s.
R u t i a n d ____________
S t Joseph & G r I s i . .
St L ou is & S an Fran
S t L o u is S o u th w e s t.
S e a b o a rd A lr L in e ...
Sierra R a i l w a y ____
S outhern In d ia n a . .
c S o u th e rn P ac C o . .
S o u th e r n R a i 1w ay . .
M obile & O h i o . . .
C ln N O & T e x P .
A la G reat S o u th .
G eorglaSo & F la .
T exas C e n tra l_____
Texas & P a cific ____
T id ew ate r & W e s t.
T oledo & O h io Cent
T oled oP eo & W e s t.
Toledo S t L & W est
T om bigbee V a lle y ..
T or H a m & B uffalo
U n io n P acific S y s t.
V irg in ia <5e So W e s t.
W a b a s h ____________
W estern M a ry la n d .
W Jersey & Seash . .
W h e e l & L a k e E r ie .
W isconsin C en tral- .
W rig h ts v & T ennille
Y a z o o & Miss V alley

A u g u s t ___
A u g u s t ___
A ugust —
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 ___
A u g u s t ___
A u g u s t ___
A u g u s t ___
A u g u st ___
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 ___
A u g u s t ___
— See New
A u g u s t ___
S eptem b er
— See New
J u n e _____
Septem ber
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 ___
2d w k O c 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 ___
— See New
A u g u s t ___
— See R ock
3 d w k O ct
A u g u s t ___
A u g u s t ___
Septem ber
A u g u s t ___
2d w k O ct
24 wlc O ct
2a wlc Oct
2d w k O ct
2d w k O ct
2d w k O ct
3d w k O ct
A u g u s t ___
A u g u s t ___
2d w k O ct
3d w k O ct
A u g u s t ___
Septem ber
A u g u s t ___
S eptem ber
3d w k Oct
3d w k O ct
A u g u s t ___
2d w k O ct
A u g u s t ___
A u g u s t ___
S e p te m b e r

.In1y 1 to Latest D ate

Pretiou~
Yrar.

9,264,420 8,623,508
4,135,926 3,823,405
509.236
488 666
170,679
248,516
2,474 261 2,175.481
2,471,386 2,365,287
286,183
259,136
115,046
95,341
1,519,496 1,257,504
287,518
293,568
884,757
809,568
272,190
243,956
3,057,236 2,528,814
1,257,936 1,058,036
6,780,878 5,911,919
755,960
622,106
15522399 131124913
In c. 1 ,27 2,600
Y o rk Cen tral.
1,592,527 1 .447,127
2,906,098 2,532,102
Y o rk Cen tral
4,316
4,846
8,118
10,099
4,085,996, 3,505,125
2,883,510 2,237,090
6 969,506 5,742,215
129,297
188,973
63,900
78,587
13,948
13,714
5,647,125 5,036,627
4,670,790 3,940,867
224,045
222,701
10541 961 9,200,195
Y o rk Cen tral.
153.691
173,612
Is la n d S ystem
208,591
246,439
1,326,305 1,171.596
42,965
41,361
163,557
139,458
11690 965 9,655,187
1,204,269 1,140,498
169,855
190.972
160.626
176,401
67,388
73,143
43.008
43.177
29.332
26,049
336,113
328,040
8,464
10,251
473,832
457,138
27.197
28,422
77.230
89.272
6,111
6.546
69,158
71,521
7,008,513 6,220,520
87,623
95,971
571,967
580,089
102,033
128,625
820,050
902.250
122,506
126.693
677,168
728.663
19.204
21,306
693,054
729,646

P erio d.

V arious F isca l Years.
A t la n t a & C h a rlo tte A ir L in e —
B ellefonte C e n tra l-----------M a n is tiq u e _______________________
M exican R a ilw a y ------------M e xican S o u th e r n -----------New Y o r k C e n tra l-----------L a k e Shore & M ic h ig a n S o uth
L a k e E rie & W e s te rn _________
C hicago I n d ia n a & S o u t h e m .
M lc h lg a n C e n tra l_____________
C leve C ln C hic & S t L o u is --P eoria & E a s te rn _____________
C in c in n a ti N o r t h e r n .._______
P itts b u r g h & L a k e E rie ______
R u t la n d ------------------N ew Y o r i C hicago & S t L o u is
N o rth e rn Cerrtitd________________
d P e n n — E a st of P itt s & E rie ___
d W e s t of P itts b u rg h & E r i e . .
P h lla B a ltim o re & W a s h in g to n .
P itts C ln C hicago & S t L o u is ___
R io G ran d e J u n c t io n ____________
Texas & P acific].________________
W e s t Jersey & Seashore________

Mch
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ja n
Jan
Jan
Jan
Jan
Dec
Ja n
Ja n

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

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

J u ly
Sep
Sep
O ct
O ct
Aug
A ug
A ug
A ug
Aug
A ug
A ug
Aug
Aug
A ug
A ug
Aug
Aug
A ug
A ug
Sep
A ug
O ct
A ug

31
30
30
7
7
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
30
31
21
31

C urrenYear

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. 2,47

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
11,600,845
1,185 620
25,519,364
2,500

3,125,305
8,510,721

2,813,405
7,528,218

58,233
(>9,80''
19,832
31,163
7,852,156 6.679.453
5,839,649 4,388,217
13,691,805 11,067,670
287.673
367,231
125,495
157.152
178,584
191.609
10,726,285 9,43(1,335
9,046.962 7,482 675
412.476
422,798
20,196,048 17,325,488
320,192
3,410,
2.617,
83,
460,
23,142
17,298,
3,078
2,651,
1,215,
662
348
4,690
18
917
365
1,365
12
224
14,242
315
9,185
1,972
1.631
2,070,
1 477
39
2,147,

296,410
,040,588
,351,282
79.802
393,037
.868,923
,914,372
.789,862
,452,319
,118.228
601,816
283.000
,229,125
16,089
875,887
364,612
,300 235
11,541
193,960
,428.349
252,917
,951,849
,690 083
,501,031
,749.050
,291,337
39 112
,956,296

C urren'
Year

Previous
Year

1,840.208
46,365
50,353
6,088,800
1,052,228
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
24,446,498
621 540
13,084,141
3,959,283

1,693,312
41 337
83 434
5,435,800
960,945
59,231,954
28,014,933
3,467,854
1.483,020
16,913.595
15.871,169
1,992,376
679.160
9,620,433
1,805,308
6.504,290
7.512,545
95,346,213
2,800
10,326,816
21 ,680,777
496.220
10,832,61 4
3,671,583

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
M o n th ly Sum m aries.
1st
2d
3d
4 th
1st
2d
3d
4 th
1st
2d

week
week
week
week
week
week
week
week
week
week

Aug
A ug
A ug
A ug
S ept
S ept
S ept
S ept
Oct
Oct

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

ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____

M o n th ly Sum m aries.

C u r ’n t Y ear Prev’s Year In c . or Dec.
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
10',889', 698'

9,602,427
10.067.077
10,057,599
14.483.145
9,494,861
9,882,969
10,129,558
12,153,033
9,800,692
10,354 093

+ 820,437
+ 792,032
+ 922,081
+ 1.343 277
+ 708,487
+ 792,394
-f-702,181
+ 1,012,077
+ 689,837
4* 5 35 ,60a

8.54
7.87
9.16
9.27
7.45
8.02
6.93
8.33
6.99
5.17

M o n th
M o n th
M o n th
M o n th
M o n th
M o n th
M o n th
M o n th
M o n th
M o n th

D ec
Jan
Feb
M ch
A p ril
M ay
Jun e
J u ly
A ug
Sep

1906 (127
1907 (123
1907 (122
1907 (118
1907 (118
1907 (121
1907 (121
1907'(110
1907 (121
1907 (55

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

C u r’ nt Y ear Prev’s Year In c . or Dec.
$
184,235.595
173.212.305
162 283 992
180,539,532
188,130,451
195.943.305
18 i 125,657
187,069,790
197.288,033
56,317 229

$
170,746 760
162,623.883
152 555,191
164.645 009
154,894,748
165 890,345
161,235.109
163 685,258
175,726,323
52,172,480

i
+13 488 826
+ 10,588.422
+ 9 728 801
+ 15,894.523
+ 33,235.703
+ 30 052 960
+ 21.890,548
♦ 23.384,532
+ 21 .561.710
+ 4,144,249

7.90
6.51
6 OS
9.65
21.45
18.12
13.59
14.28
12.27
7.95

a M exican currency. 0 In clu des earnings of G u if & C hicago D ivision,
c In clu d e s tlio H o u sto n & Texas G e.itral a n J Its s u o * iila r y liu o i in b o tk
years, d Covers lines directly operated, e In clu des th e C hicago & E astern Illin o is la Doth years. / In clu des E v a ru v llio <fc In d ia n a rtrt.
n in c iu u * «
la rn in g s o ' Col. & S o u th ., i t . W o rth & D en v er C ity a n d a ll a ffilia te d lines, ex cepting T r in ity (c Brazos V alley IV** k In clu d e * la b o th years s a r n i n f i
kt D en v er E n id & G u lf R R . , Pecos S ystem a n d S a n ta F e P rescott da P h o a n lx R y .




THE CHRONICLE

O 0 T . 26 1907.J

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second
week of October. The table covers 44 roads and shows
5.17% increase in the aggregate over the same week last year.
Second week of October.
A la b a m a G re a t S o u th e r n _______
B u ffa lo R oc hester & P itts b u rg h
C a n a d ia n N o r th e r n ______________
C a n a d ia n P a c ific ..... ......................
C e n tra l of G e o rg ia _______________
C hicago G re a t W e s te r n _________
C hica go In d la n a p & L o u is v ille ..
C hicago T e rm in a l T ran sfer______
C ine N e w O rl & Tex P a c ific ____
C o lo rad o & S o u th e r n ____________
D e n v e r & R io G r a n d e ___________
D e tr o it & M a c k in a c ______________
D e tr o it T oledo & I r o n t o n ______
D u lu t h S o u th Shore & A t la n t ic .
G r a n d T ru n k of C a n a d a _______
G r a n d T ru n k W e s te r n _______
D e tro it G ra n d H a v e n & M il
C a n a d a A t la n t ic _____________
G eorgia S o u th e rn & F lo r id a ___ _
G u lf & S h ip I s la n d _______________
In te r n a tio n a l & G re a t N o rth e rn
In te ro c e a n ic of M e x ic o _________
Io w a C en tra]...................................
L o u is v ille & N a s h v ille ___________
M e xican In te r n a t io n a l__________
M in e ral R a n g e ___________________
M ln n e a p lis & S t L o u is __________
M in n S t P a u l & S S M ............ ..
M issouri P acific & Iro n M t n ____
C e n tra l B r a n c h _______________
M o b ile & O h io ___________________
N a tio n a l R R o f M e x 'co __________
H id a lg o & N o rth e a s te rn ______
N e v ad aiS C allfo rn ia & O regon ._
R io G r an d e S o u th e r n ___________
S t L o u is S o u th w e ste rn __________
S o u th e rn R a ilw a y _______________
Texas C en tra]____________________
T exas & P a c i f i c . . ______________
T oled o P e o ria & W e s te r n _______
T oled o S t L ouis & W e s te rn ____
W a b a s h ____________________ ______
W e s te rn M a r y la n d _______________
W h e e lin g & L a k e E rie ___________
T o ta l (44 ro a d s )____
N e t ln c g a s e (5 .1 7 % ).

1907.

1906.

Increase. Decrease.

S
73,143
210,771
208.100
1,500,000
281,400
161 ,872
114.972
36,391
176,401
305,661
456.800
23,817
89,290
63.108

$
67,388
184,121
186,600
1,454,000
235,200
189,386
119,037
32,347
160,626
276,364
426,400
22,583
88,767
60,639

4,044
15,775
29.297
30,400
1,234
523
2,469

935,632

851,093

84,539

43,177
40.520
163,000
131,121
69,555
996,240
159.859
14,468
95,961
300.892
928,000
35,000
190.972
309.327
19.542
7,764
13,714
215,467
1,204.269
26.049
315,575
28.422
84.751
596,526
135,476
126,693

43,008
45,079
198,000
127,316
66,192
922,030
169.702
15,388
74.565
291.493
914,000
34.000
169.855
288.049
19,201
7,097
13,948
210,833
1,140,498
29.332
309.475
27.197
69,691
581,367
109,740
122,506

169

10,889,696 10,354,013

$
5,755
26.650
21.500
46,000
46,200

3,805
3,363
74,210
21,396
9.399
14,000
1 .000
21,117
21,278
341
667
4.634
63,771
6,100
1,225
15,060
15,159
25.736
4.187
621 .003
535,685

S

27,514
4,065

4,559
35,000

9,843
920

234
3,283

— Gross E a rn 'o s ---- ---- Net E a r n in g s
C urrent
P re v io us
C urren t
P re v i is }
Y e ar.
Y e ar.
Y e ar.
R oads.
S
$
$
C u b a R a ilr o a d ___________ A u g
145,268
136,038
38,414
J u ly 1 to A u g 31_______
298,300
282,143
89,040
D e n v e r & R io G r a n d e .b A u g 2,120 262 c l,7 7 9 ,5 6 4
731,091
J u ly 1 to A u g 3 1 ............ 4,147,599 c3,434 087
1,472,491 Cl ,198,007
D e tro it & M a c k in a c - a ___ A u g
119,432
113,590
30,364
20,519
J u ly 1 to A u g 3 1 _______
229,182
211,674
49,931
39,782
D u l So Sh & A t l . b _______ A u g
333,139
303,711
103,726
123,916
J u ly 1 to A u g 3 1 _______
663,051
587,435
210,573
234,756
E r le .a ---------------- A u g 5,083.317
4 ,514,677
1.438,140
1,34 9,5 4?
J u l y 1 to A u g 3 1 _______ 10,021,156
8 ,875,702
2,951,127
2,655,16?
1,375
F a irc h ild & N o r th e a s t- b .A u g
1,197
def.69€
de f. 1,525
J u l y 1 to A u g 3 1 ..........
2,769
2.753
d e f.1,294
d e f.191
F o n d a J o h n s & G lo v .a .- A u g
93,040
84,042
51,757
47.7S9186,186
J u ly 1 to A u g 3 1 _______
169.067
111,341
98.791
Georgia R R . a ---------A u g
244,470
235,892
38,263
51,291
J u ly 1 to A u g 31_______
478,888
454,441
57,678
94.826
G ra n d T ru n k of C a n a d a —
G ra n d T ru n k R y ______A u g 3,146,192
2,956,885
996,659
932,908
J u ly 1 to A u g 31_______ 6,242,259
5,728,356
1,861,923
1,738,800
G r a n d T ru n k W e s t’n . A u g
595,173
540,181
126,042
99,763
J u ly 1 to A u g 3 1 _______ 1,134,381
1 ,020,506
182.007
151,836
D e tr o it G r H a v & M il.A u g
191,740
187 847
57.425
72,997
J u l y 1 to A u g 31 _______
357 687
362.067
78,351
136.261
C a n a d a A t la n t ic ____ A u g
209,259
200,013
37,472
46,718
J u ly 1 to A u g 31_______
408.298
380.073
53,531
82,242
G u lf & S h ip Is la n d , . a . A u g
215,633
201,242
51,289
51,072
J u ly 1 to A u g 31_______
437,628
394,224
117,945
89,097
H o c k in g V a lle y . a ----- A u g
685,736
630,680
252,735
252,814
J u ly 1 to A u g 31_______ 1,320,675
1,224,131
468,524
456,851
Illin o is C e n t r a l.a ________ A u g 4,786,501
981,306
4,486,250
1,214,22a
J u ly 1 to A u g 3 K ______ 9,434,855
8,828,396
2,090,606
2,373,621
In te ro c e a nic o f M e x ic o .A u g
617,407
535,428
151,295
126,455
J u ly 1 to A u g 31_______ 1,223,171
1,117,189
293.693
263.714
Io w a C e n t r a l.a __________A u g
259,893
256,207
ft78,081
7S74.620
J u ly 1 to A u g 3 0 _______
505,504
491,032
ft l4 1 ,531
7U26.366
K anaw ha
& M ic h .a .- A u g
214,068
208,386
22,292
53,592
J u ly 1 to A u g 31_______
416,699
398,186
52,524
100,502
681,291
K a nsas C ity S o u t h .a ____ Sep
900,946
217,163
331,009
J u ly 1 to Sep 3 0 _______ 2 654,690
2,049,884
966,298
676,835
L a k e C h a m p la in & M o ria h , b—
39,144
61,333
J u ly 1 to S e p t 3 0 _______
19.206
e L e h ig h V a lle y - b _______ A u g 3,496,604
1,473,817
J u ly 1 to A u g 31............ 6,765,646
2,841,538
L e x in g to n & E a s t ’n . b - . A u g
57.539
53,383
19,358
22,03#
J u ly 1 to A u g 3 1 _______
109,300
103.659
38,647
45,071
I n c 97,061
L o n g I s l a n d . b --------- A u g
In c 27 ,458
J u ly 1 to A u g 3 1 . ______
I n c 186,064
In c
632
120,446
L o u is ia n a & A rk an sas a A u g
104,961
47,011
34,717
J u ly 1 to A u g 31_______
238.456
208,709
93,780
69,616
L o u is v & N a s h v .b ____ A u g 4,426,453
3,967,325
1,202,573
1,356,177
J u ly 1 to A u g 31............ 8,552,490
7,670,847
2,390,967
2,290,151
M a n ls t lq u e .b ___________ S e p t
4.554
7,485
def5.699
d e f 256
J a n 1 to S e p t 3 0 _______
50.353
83,434
def7.288
28,844
M a ry la n d & P e n n a . a ___A u g
37,438
32,741
14,999
12,752
J u l y 1 to A u g 3 1 _______
66,734
60,776
22,090
21,160
M exican C e n tra l________ A u g 3,050,690
1,958,081
802,394
289,309
J u ly 1 to A u g 31............ 6,088,659
4,365,623
1,691.822
917,046
M exican I n t e r n a t io n a l..A u g
789,073
677,614
244 962
247,064
J u ly 1 to A u g 31_______ 1,557,603
1,267.192
473,393
411,201.
M in eral R a n g e .b ............ - A ug
76,294
68.217
21,720
24,038
148 633
J u ly 1 to A u g 3 1 _______
44,573
132,277
36,802
M in n & S t L o u is .a ____ A u g
346,009
Zcl08,874
fcl50,854
347,939
J u ly 1 to A u g 31_______
708 823
666,514
fc272.856
k2 39,227
M in n S t P & S S M .b - .- A u g 1,021,935
490,396
1.055.813
368,257
J u ly 1 to A u g 31_______ 2.116,825
2,138,789
774,692
1,029,623
M o K a n s & T e x a s .b --- A u g 2,288,414
761,812
1,940,862
900,238
J u ly 1 to A u g 3 1 _______ 4,512,949
3,789,217
1,429,548
1,825,333
M issouri P acific s y s t.b - - J u ly 4,112 561
3,861.349
1,233,128
1,110,918
N ash C h a tt & S t L - b ___ A u g
995,211
969.531
211,031
196,504
J u ly 1 to A u g 3 1 . .......... 1.953,050
1,879,778
439,056
420 ,67.5
N a t R R of M exico______A u g 1,406,976
1,230,406
427,58©
463,557
J u ly 1 to A u g 3 1 _______ 2,812,701
2,418,448
856,33?
912,450
H id a lg o & N o r’east’n .A u g
87.425
82.507
21,885
20,770
J u ly 1 to A u g 31_______
172.589
168,713
37,865
48,022
37,591
N e v a d a C al & O regon . a . A u g
27 755
16,873
22,247
66.958
J u ly 1 to A u g 3 1 _______
49,724
29,902
37,892
8,057
N e v a d a C e n tra l, b ..........-A ug
6,422
575
2,612
14,729
12,926
J u ly 1 to A u g 31_______
398
731
N Y O n t & W estern . a . . A u g
899.256
845,505
399,484
339,334
J u ly 1 to A u g 3 1 _______ 1,726,403
1,652,875
723,446
678,127
272.190
N Y S i s q & W e s te r n , a .- A u g
243 956
54 917
75,206
548.082
476,981
J u ly 1 to A u g 3 1 _______
145 440
140,517
2.528.814
N orfolk & W e s t e m .b - .A u g 3,057,236
947,668
1,159,675
J u ly 1 to A u g 3 1 _______ 5,925,826
1,833,645
4,930,182
2,277,982
364,276
N o rth e rn C e n tra l b ____ A u g 1.257,936
1,058.036
332,07®
J a n 1 to A u g 31 ............ 8,781,745
7,512,545
1.723,892
1.740.782
P e n n s y lv a n ia — Lines d ir e c tly o p e ra te d —
E a s t of F itts & E r ie .- A u g l5 ,522,399 13.112,499
5,200,670
4,841,07®
J a n 1 to A u g 31_______ 109,264,013 95,346,213 29,589,824 2 8,5 13 ,82 *
W e s t o f P & E rle A u g
In e 1,272,600
In c 517,100
J a n 1 to A u g 31_______
In c 7,392,800
In c 1,608,500 __
P h lla B a lto & W a s h .b . A u g 1,592,527
1,447,127
451,626
465,S2«
J a n 1 to A u g 3 1 ............ 11,303,516 10,326,816
2,247,320
2,596,028
P itt s C ln C h ic & S t L-a--Sep 2,906,098 2,532.102
842,894
850.475
J a n 1 to Sep 3 0 . ..........24.446.498 21,680.777
5 ,771,169
5 ,4 1 2 3 0 1
R a le ig h & S o u th p o rt- a - S e p t
10,099
8.118
1,687
1,048
J u ly 1 to S ept 3 0 _______
31,163
19 832
7,843
3,728
R e a d in g R a ilw a y Co—
Philft & R e a d i n g - b ...A u g 4,085,996
3.505 125 1,589,285
1,366,974
6.679 453
J u ly 1 to A u g 31.
7,852,156
3,122 325 2.577,625
190,407
C oal & Iro n C o .b - - .A u g 2,883,510
2,237,090
110.231
J u ly 1 to A u g 31. . . . . 5,839.649 4.388.217
337.823
129,928
1,779.692
T o ta l b o th co’s . b ____ A u g 6,969.506
5,742,215
1,477.205
J u ly 1 to A u g 31_______ 13,691,805 11.067.670 3,460.148
2 ,707.545
126,142
R e a d in g C o ___________ A u g
_________
________
127,455
256,791
J u ly 1 to A u g 31 _______
________
________
259.724
T o ta l a ll co’s __________A u g
_________
________
1.905.834
1,604,660
3 .716,939
J u ly 1 to A u g 31_______
________
________
2,967,268
R ic h Fred & P o t o m a c ___A u g
188,973
129.297
54,925
27,002
J u ly 1 to A u g 31_______
367 231
287,673
82.73®
109,379
r
a
l9 ,l7 «
R io G r a n d e J u n c t i o n , . . A u g .
78.587
63,900
W23.576
D ec 1 to A u g 3 1 ............
621.540
496.220
n l8 6 ,4 6 0
W148.855
21.681
R io G ran d e S o u . b ----- A u g
52.996
51,158
15,295
J u ly 1 to A u g 3 1 ............
112,155
101,616
39,740
43.817
1,758 600
R q r k in lan d s y s te m .a .- A u g 5 647.125
5,036 627 1,533,560
J u ly 1 to A uir 3 1 .......... 10,726.285
9.430,335 2.629.350
3.033.177
S t L o u is & San F r a n .a A u g 4.670.790
3,940 867 1,246.813
1.421 838
J u ly 1 to A u g 3 1 ............ 9 046.962
7,482 675 2 358 761
2.560,885
70,710
E v a n s v & T H a u t e .a .A u g
224.045
222 701
101 073
126.060
J u ly 1 to A u g 31............
422.798
412.476
169.306
T o ta l a ll lin e s .a _______ A u g lO 541.961
9,200.195 2 851 083
3,281,512
J u ly 1 to A u g 31............ 20 196 048 17,325,488 5 ,114,172
5 763.368

8.02J

85,418

Net Earnings Monthly to Latest Dates.— The following
shows the gross and net earnings to latest dates of all STEAM
railroads furnishing monthly statements. The compilation
includes every road from which we can get returns of this
character, and in that form is given once a month. Early
returns are published from week to week, as soon as issued,
but for the convenience of our readers all the roads making
returns are brought together here in the week in which we
publish our monthly article on net earnings— say about the
20th of the month.
---- Gross E a rn 'o s---- ---- Net E a rn in g s ---C urren t
Previous
C urren t
Previous
Y e ar.
Year.
Y ear.
Year.
R oads.
$
$
$
$
A la G t S o u th e r n — See u n d e r S o u th e rn R y system be low .
A la b a m a T enn & N o r ..A u g
3.753
3.628
1,776
2,014
J u ly 1 to A u g 3 1 _______
7,506
6 306
3.723
3,261
A tc h T op & S a n ta F e .b - A u g 7,088,890 C7,261,437 tf2,384,461cd2.922,850
J u ly 1 to A u g 3 1 ............ 1 5,9 28 ,445C13,932.255 d4 ,9 75 ,32 1cd5 ,398.040
159.232
32,008
A t l B ’h a m & A t la n t ic .a ..J u ly
117.143
40,372
387,900
363.539
A t l & C h a ri A ir L in e .a ..J u ly
105.585
124.493
M ch 1 to J u ly 3 1 .._____ 1 .840,208
1,693.312
468.674
440.364
1.829.254
A t la n t ic C oast L ln e . a . -A ug 1.950.997
219.248
235.270
3.747,957
524.233
J u ly 1 to A u g 3 1 . . ____ 4.005.186
644,610
B a ltim o re & O h io , b --- -Sep 7,465.051
7.077,897
2,432.135
2,665.935
22,441 .261 20,803.783
7 399,051
7,535 406
J u ly 1 to Sep 3 0 . .
266.498
B a n g o r & A ro o sto o k- b - A u g
212,468
80.719
73 820
507.336
____
153
458
426.493
J u ly 1 to A u g 3 1 . .
139.202
4.576
4.616
1 .207
1.460
B e lle fo n te C e n tra l- b ___ . Sep
46.365
41.337
8.081
J a n 1 to Sep 3 0 . . ____
13,698
B o sto n Revere Beach & L y n n .. b—
295.584
58,438
J u ly 1 to S ept 3 0- .
298,442
50.020
645.372
J a n 1 to S ept 3 0 . . ____
638.873
80.023
68.199
6.537
B rid g e & Saco R iv e r , b- -A ug
5,110
2.992
2.438
11 881
4.451
10.058
J u ly 1 to A u g 3 1 . . ____
5.464
856.591
B u ff R o c h & P it t s , b ___ -A ug
743.622
293,251
353,538
J u l y 1 to . A u g 31 .
1,713.218 1.303.714
736.298
483.583
C a n a d ia n N o r th e rn ____ -Aug
835,600
594.900
216,400
192,100
J u ly 1 to A u g 3 1 . . ____ 1,859,900
1,198.700
398,000
578,400
C a n a d ia n
P a d fie. a --- -Aug 7,010.177
6,170,452
2,462.579
2.570,275
J u ly 1 to A u g 3 1 . . --- 14,018.451 12.138.420
5.077,128
4.834.390
/949.512
C e n tral of G e orgia .a - - .-Aug 1,002,087
216.738
/1 75,090
J u ly 1 to A u g 3 1 . . --- 1,974,180 f l .903.448
437,190
/■370.390
2 .443.068
C e n tra l of New J e r . b . . .A u g 2.557.130
1,266.394
1,190,804
2 ,346,164
J u ly 1 to A u g 3 1- . --- 5.100.786 4 ,657,569
2,374.180
13,509
C h a tta n o o g a S o u th e r n .a A u g
de f 832
14,300
2,482
29 381
30.384
d e f 615
J u ly 1 to A u g 31. . --3,524
C hesapeake & O h lo .b - ..A u g 2,667.359
2,201,092
1,060.805
847,465
1,567.061
J u ly 1 to A u g 3 0 . . ____ 5,057.511
4.129.002
1.914.106
4,823
1.340
2.958
C hesterfield & L a n c .b - .-Aug
1 ,355
9,627
2.314
J u ly 1 to A u g 31 .. . . .
5.821
3.141
J u n e 1,067.100
300.835
911 .557
385,846
C hicago & A lt o n , a
J u ly 1 to J u n e 3 0 .. . . ..1 2 .8 0 9 426 11.586.094 4,415,974
3.413,010
749.096
C h ic G re a t W e s t e r n .b ...M ay
720,365
199.699
185,720
J u ly 1 to M a y 3 1 . . ____ 8,740.988
8 ,126.926
2,377.008
2.340.197
499.134
C hic In d & L o u is v .a .. J u ly
507.156
193.714
182,458
C h ic T erm T ran sfe r, b . J u n e
142 229
145.510
62.737
60.183
J u ly 1 to J u n e 3 0 ..
1.716.487
1,731 ,200
615,160
660,862
C ln N O & T P — See u n d e r S o u th e rn R y S ystem below .
216 539
C o lo rad o M ld la n d - a .. . -Aug
217.701
61 791
44.646
J u ly 1 to A u g 3 1 ..
411 .696
112 158
443.600
107.560
C olorad o & S o u t h 'n .b . -Aug 1.114.774 f l .100.083
<•375,096
337.532
J u ly 1 to A ug 3 1 . .
717.291
2.3(15 018 C2.114.544
C691 .855
4.991
C o lu m b N cw b & Lau a . A u g
24.092
24.047
5.892
J u ly 1 to A u g 3 1 . . --46.672
d e f 85
9.876
41 .078
88.173
68,496
C oppe r R a n g c .a ------ J u ly
31 .766
45.684
-Aug
23.467
10.866
19.403
13.370
Corn w a ll.a .................
44.860
26 454
J u ly 1 to A u g 3 1 . . --37 490
20 352
42.287
C o rn w a ll & L e b a n o n , b A u g
53.049
20,357
29.488
83,555
39.156
J u ly 1 to A u g 3 1 . . --92,760
51.971




1077

1078

----Gross E a rn 'g s ---- ---- N e t E a rn in g s --C urren t
P re v io us
C u rre n t
P revious
Y e ar.
Y e a r.
Y e a r.
Y e ar.
$
Roads.
$
?
$
67,935
153.691
78,827
173,612
S t Jo s & G r Island-b-- A u g
122,818
140,422
320,192
296,410
J u l y 1 to A u g 31-- ____
293,209
833,804
316,576
936,273
S t L o u is S ou W e s te rn - b A u g
478,842
589,625
1,566,548
J u l y 1 to A u g 3 1 . . ____ 1,795,839
176,138
296,480
1 ,171,596
S e a b o a rd A ir I . i n e . b --- .A u g 1,326,305
2,351,282
553,162
416,497
J u l y 1 to A u g 3 1 _ . ____ 2,617,167
58,836
51,658
136.759
121.421
S o u th e r n In d ia n a b ____ M a y
523,348
624,133
1,323,449
J u l y 1 to M a y 31-- ____ 1,506,137
3,635,634
3,558,570
S o u th e r n P a c if ic .a ---- A u g l l ,690,965 9 ,655,187
7,040,653
7,011,157
J u l y 1 to A u g 3 1 __ ____ 2 3.142.236 18.868,923
1,119,138
4,643,765
934,153
S o u th e r n R a ilw a y , a . . . .A u g 5,023,940
2,055,880
9,123,560
1,740,253
J u l y 1 to A u g 31-- ____ 9,909,141
908,117
852,141
255,027
274,084
M o b lle & O h io ________ A u g
503,451
1,656,492
525,687
J u ly 1 to A u g 3 1 . . ____ 1,805,210
110,136
765,527
700,072
184.233
. C in N O & T ex P.a----Aug
332,717
283,590
1,439.660
J u l y 1 to A u g 3 1 . . ____ 1,536,005
363,604
45,495
71,239
335,331
A la b a m a G t S o u t h .a . -A ug
117,974
139,323
727.172
654.093
J u ly 1 to A u g 3 1- . ____
28,603
189,881
166,168
22.493
G e o rg ia S ou & F la ^ a . J u n e
393,134
425,286
1,944,945
J u l y 1 to J u n e 3 0 . . ____ 2,273.342
34,394
76,611
28,106
104,310
T exas C e n t r a l.a .
__ -Aug
48,204
60,997
195,018
144,310
J u l y 1 to A u g 3 1 . . ____
10,251
8,464
1,936
1,354
T id e w a te r & W e s t e r n .b .A u g
18,739
2,943
2,576
16,089
J u l y 1 to A u g 3 1 . . ____
142,147
206,941
473,832
T o l & O h io C e n t r a l.a ..-Aug
457,138
875,887
298,887
356.548
J u l y 1 to A u g 31-917.146
115,220
109,332
32,237
29,657
T o l P e o ria & W e s te rn b- S ept
313.865
65,197
74,244
J u ly 1 to S ept 3 0 - . ____
313,608
406,985
39123,931
P121.973
400,566
T o l S t L & W e s t e r n .a ..-Aug
742,080
P198.670
J u l y 1 to A u g 3 1 . . ____
740,138
P213.660
6,546
2,040
1,846
T o m b lg b e e V a lle y _____ -Aug
6,111
11,541
3,316
3,646
J u l y 1 to A u g 3 1 . . ____
12.383
2,789,966
6,220,520
3,048,209
t ln l o n P a c ific .a -- - .-Aug 7,008,513
fr
J u l y 1 to A u g 3 1 . ._____ 14,242,507 12,428.349 5,831,949
6,169,590
113,989
80.432
45,876
14,107
V ir g in ia & S o u h t w .b - ..-Aug
219,515
165,294
88,441
____
43.091
J u l y 1 to A u g 31
2,505,541
1,028,109
W a b a s h _ b ---- .-Aug 2,602,303
895,956
4,780,882
1,778,086
1,642,626
J u l y 1 to A u g 3 1 . . ____ 4,912,161
427,061
W e s t J e r & S e a s h o r e .b .A u g
902,250
820,050
488,961
3,671.583
918,455
1,243,455
J a n 1 to A u g 31 . . ____ 3.959.283
586,416
473,416
Z/179,841
j/236.689
W estern M a ry la n d . a . ..-Aug
J/352,536
934,241
J u l y 1 to A u g 3 1 ___ ___
1,063,713
j/389,822
561,037
657,340
197,291
W h e e lin g & L a k e E r ie .b .A u g
223,357
372,565
J u ly 1 to A u g 31-_ ____ 1.242,534
992,129
359,731
278,670
728 663
677,168
263,527
W is c o n s in C e n t r a l.b --- -Aug
1,291,337
518,24
J u l y 1 to A u g 3 1 __
1,477,589
576,040
s21,306
S19.204
W r ig h t s v & T e n n llle . b .A u g
4,370
5,013
S39.383
539,112
8,214
12,576
J u l y 1 to A u g 3 1 . . ____
741,737
674,775
de f.3 ,97 3
4,261
Y a z o o & Miss V a lle y . a ..-Aug
1,263,242 de f.1 6,1 03 de f.8 1,2 28
J u l y 1 to A u g 3 1 . . --- 1,417,354
a N e t earnings here g iv e n are a fte r d e d u c tin g tax es.
b N e t earnings here g iv e n are before d e d u c tin g tax es.
c Figures revised fo r pre v io us y e a r so as to accord w ith th e n ew classifi
c a t io n of earnings a n d expenses n o w re quire d b y th e In te r- S ta te C om m erce
C o m m issio n .
d T he c o m p a n y n o w In clu des earn in gs o f th e D e n v e r E n id & G u lf R R . ,
P ecos V a lle y system a nd S a n ta Fe P re sco tt & P h o e n ix R y . In b o th years.
F o r A u g . taxes a n d re ntals a m o u n te d to $ 23 3,2 70 ; a g a in st $189,364 in 1906;
a fte r d e d u c tin g w h ic h , n e t for A u g . 1907 w as $ 2,1 51 .1 91 , a g a in s t $2,733 486
l a s t y e a r.
F o r p e riod fro m J u l y 1 to A u g . 31, tax es a n d re n ta ls were
$480,980 in 1907, a g a in s t $378,476 In 1906.
e N o c o m p a ra tiv e figures are g iv e n , o w in g to new classification ordered
b y In te r- S ta te C om m erce C o m m issio n .
F o r A u g u s t tax es were $94,300
a n d for pe riod fro m J u ly 1 to A u g . 31 were $188,600.
f Figures here are o n th e o ld basis of a c c o u n tin g — n o t th e n e w , or InterS ta te C om m erce C o m m issio n , m e th o d , as th e la tt e r a d m its o f n o c o m p a ri
s o n w ith prev ious y ea r.
h F o r A u g . 1907 a d d it io n a l in co m e w as $ 8,6 26 , a g a in s t $ 6,7 09 , In 1906,
a n d fo r pe riod fro m J u ly 1 to A u g . 31 w as $17,676 in 1907, a g a in s t $11,432
la s t year.
k F o r A u g . 1907 a d d it io n a l In com e w as $13,575, a g a in st $15,105 in 1906,
a n d fo r pe riod fro m J u l y 1 to A u g . 31 w as $26,940 in 1907, a g a in s t $35,351
la s t year.
n These figures represent 30 % o f gross ea rnings.
V F o r A u g . 1907 a d d itio n a l In com e w as $1,0 54 , a g a in s t $588 in 1906, a n d
fo r p e riod fro m J u ly 1 to A u g . 31 w as $1.615 In 1907, a g a in s t $1,009 in 1906.
s In c lu d e s $85 o th e r in co m e fo r A u g . 1 90 7, a g a in s t $418 In 1906, a n d for
eriod fro m J u l y 1 to A u g . 31 in clu d e s $187 in 1907, a g a in s t $869 la s t year;
e g ln n in g J u ly 1. th e earnings of th e D u b lin & S o uthw estern R R . are in 
c lu d e d In b o th years.
V F o r A u g u s t a d d it io n a l In com e a n d n e t profits fro m coal, & c., were $63,160 th is y ear, a g a in s t $28,947 la st y e a r, a n d fro m J u ly 1 to A u g . 31 were
$ 15 9,6 82 th is y e a r, a g a in s t $52,579 la s t y ear.

E

Interest Charges and Surplus.—The following roads, in
additionto their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
—I n t . , R entals, & c .—
— B a l. of N et E 'n g s .—
C urren t
P re v io us
C urrent
P revious
Year.
Y e a r.
Y e ar.
Y e ar.
$
$
$
t
68,276
12,443
11,341
62,479
139,144
14,314
126,660
12.542
904
303
300
1 160
2,727
10.971
2,700
5 381

R oads.
B a n g o r & A ro o s to o k ___ -A ug
J u ly 1 to A u g 3 1 .. _____
B e lie f on te C e n tr a l______ . S ep
J a n 1 to S ep 3 0 .. _____
B o s to n R evere B each & Lynn16,394
*4 9,3 10
J u l y 1 to S e p t 30
17,182
*4 0,6 50
48.235
47,906
*4 8.5 05
J a n 1 to S ept 3 0 .. _____
*3 4,5 44
593
543
2,399
1,895
B rid g e to n & Saco R iv e r .A u g
1,086
1.186
4,278
J u l y 1 to A u g 3 1 ..
3,365
613,750
6576,783
6652,644
C e n tra l o f N e w Je rse y . - A ug
614,021
1,271,180 61.129.091 61,103,000
J u l y 1 to A u g 3 1 .. _____ 1,217,073
172,907
5,572
26,792
C h ica g o G r e a t W e s te r n . M a y
180,148
454,134
1,886,063
418,177
J u l y 1 to M a y 3 1 .. _____ 1,958.831
39.744
36.971
4.902
24.820
C o lo ra d o M i d la n d ___ _ - A u g
J u ly 1 to A u g 3 1 .. _____
77.029
74.050
30.531
38 108
C o lo r a d o & S o u t h e r n .. - A u g
200,248
c l 26 849
C l97 257
170.110
C306.111
405,831
352,479
J u ly 1 to A u g 31_.
C275.301
8,437
23.329
'C o p p e r R a n g e __________ . J u l y
8,437
37,247
3,638
'C o rn w a ll & L e b a n o n ._ - A ug
4,285
*1 7,6 07
25,203
7,261
8,461
43.510
J u l y 1 to A u g 3 1 .. _____
*3 2,2 89
28.329
4,092
24,579
■Cuba R a ilr o a d __________ .A u g
10,085
56.658
32,382
11,021
J u l y 1 to A u g 3 1 .. _____
50,825
291 .066
(*418.896 • <1401 806
322.970
D e n v e r & R io G r a n d e . -Aug
635.897
581,270
0900,715
(2699.221
J u l y 1 to A u g 3 1 ..
94,926
92,561
18,505
D u l So Sh & A t l ________ -A ug
39,310
185,993
192 257
36,532
62.842
J u l y 1 to A u g 31-.
051,983 * d e f2 1,878
061,403
G e o rg ia R R --------- - A ug
*499
0113,159 0103,966 *de f54 ,2 13 *de f7 .9 4 2
J u ly 1 to A u g 3 1 .. . . . . .




(V o l . l x x x v .

THE CHRONICLE.

— I n t . , R en tals, & c .— — B a l. of N et
C u rre n t
P re v io us
C urren t
Y e a r.
Y e ar.
Y e ar.
$
$
$
79,879
62,010
1248,880
153,935
125,366
*444,090
21,176
23,957
*2 2,5 52
43,074
43 203
*38,980

E ’n gs.—
P revio us
Y e ar.
$
*193,945
*352,096
*30,140
*58,320

R oads.
H o c k in g V a lle y ................A u g
J u ly 1 to A u g 31_______
K a n a w h a & M ic h ig a n . . A u g
J u l y 1 to A u g 3 1 ............
L a k e C h a m p la in & M o ria h —
J u ly 1 to S e p t 3 0 _______
1,950
1,050
*1 8,2 72
*7,101
M a ry la n d & P e n n a ______A u g
3,988
3,959
11,014
8,791
7,977
8,266
14,113
12,896
J u ly 1 t o A u g 3 1 _______
M in e ra l R a n g e ___________ A u g
11,955
12.329
*9 ,86 4
11,709
J u ly 1 to A u g 3 1 _______
24,591
24,592
*1 3.6 54
*20,178
M o K a n s & T exas_______ A u g
561,755
484,385
338,483
277,427
J u l y 1 to A u g 3 1 _______
1,116,649
957,921
708,683
471,628
N a s h C h a t & S t L ______A u g
153,293
149,469
57.73S
47,035
J u ly 1 to A u g 3 1 ............
308,914
298,938
130,142
121,737
N e v a d a C a l & O re g o n .- A u g
3,880
3,275
19,502
14,791
J u ly 1 to A u g 3 1 _______
7,753
6.584
33,088
25,738
N Y O n t & W e s te r n ____ A u g
68,025
74,274
331,459
265,060
J u l y 1 to A ug 31 _______
138,378
146,659
585,068
531,468
N o r fo lk & W e s te rn .......... A u g
429,540
367,429
730.135
580,240
J u ly 1 to A u g 3 1 _______
852,747
729,636 1,425.235 1,104,009
R e a d in g C o ______________A u g
887,500
885,478 1,018.334
719,182
J u ly 1 to A u g 3 1 ............
1,775,000 1,770,956 1,941,939 1,196,313
R io G r a n d e J u n c t io n ____ A u g
8,333
8,333
15.243
10,837
D ec 1 to A u g 3 1 _______
74,998
74.998
111.462
73,857
R io G ra n d e S o u th e r n ___ A u g
18,172
18,101 *def2,871
*3,592
J u ly 1 to A u g 3 1 _______
36,627
36,255
*6 ,97 2
*11,268
S t Jos & G r I s la n d ______A u g
21,521
21,289
57,306
46,646
43,042
42,580
97,380
80,238
J u ly 1 to A u g 3 1 _______
S eaboard A ir L in e ............ A u g
377,590
344,960 * d e f7 9 ,5 2 9 * d e fl67,026
J u ly 1 to A u g 3 1 _______
757,867 6 9 6 ,37 8*d efl9 5,58 0*de f2 70 ,73 5
Texas C e n tra l___ _______ A u g
2,583
2,583
25.523
31,811
J u ly 1 to A u g 3 1 _______
5.166
5,166
43,038
55,831
T oledo & O h io C e n tra l- A u g
38,795
33,745
*126,406
*174,205
• J u ly 1 to A u g 31-______
80,006
72,003
*246,158
*286,274
T eledo P eoria & W estern S ept
23,461
23,949
*1 3,7 76
5,708
J u ly 1 to S ept 3 0 _______
71,305
72,689
*10,861
1,555

a Charges here In c lu d e ro a d re n ta l (p aid b y lessee) a n d o ther d e d u c tio n s .
6
In c lu d e d In fixed charges are ex pe nd itures fo r re n e w als,ad d itio n s a n d
im p r o v e m tn ts a m o u n tin g to n il for A u g . 1907, a g a in s t $77,566 in 1906,
a n d from J u ly 1 to A u g . 31 were $222,180 in 1906.
c A fte r a llo w in g fo r m iscellaneous charges a n d cred its to Incom e .
d These figures are a fte r a llo w in g fo r o th e r Incom e a n d fo r d isc o u n t a n d
ex change. T he sum of $10,000 is d e d u c te d every m o n th fro m surplus a n d
placed to th e credit o f th e renew al fu n d .
x A fte r a llo w in g fo r o th e r in c o m e received.

Miscellaneous Companies.

R oads.
B u ffa lo G as C o ___________J u ly
O c t 1 to J u l y 3 1 _______
C u m b e rla n d T & T C o . S ept
J a n 1 to S e p t 3 0 ------C u y a h o g a T elephone C o .S e p t
J a n 1 to S e p t 3 0 _______
E d is o n F.lecCo (B ro c ’ n )a A u g
J a n 1 to A u g 31_______
F a ll R iv e r Gas W o r k s .a .A u g
J a n 1 to A u g 3 1 _______
H o u g h to n Co Elec L t .a - A u g
J a n 1 to A u g 3 1 _______
K ey sto n e T eleph Co .a - A u g
J u ly 1 to A u g 3 1 _______
L ow e ll Elec L t C o r p .a - .A u g
J a n 1 to A u g 3 1 -----M ex T e lrp h & Teleg Co a A u g
M ch 1 to A u g 3 1 _______
M in n G e n E l C o . a ---- A u g
J a n 1 to A u g 3 1 -----P acific C o a s t____________ A u g
J u ly 1 to A u g 3 1 -----P itts b u rg h C oal C o ______S ept
J a n 1 to S ept 3 0 _______
P o c a h o n ta s C o ll’s C o ___ M a y
J a n 1 to M a y 3 1 _______
U S T eleph C o . b -------A u g
37,603
J a n 1 to A u g 31----307.139
V ic to r F u e l C o ___________ A u g
227,616
J u ly 1 to A u g 3 1 _______
456.178

arn'gs---Previous
Y ear.
$
_______
450,583
3,973,015
62,269
524.207
10,935
100,609
30 435
222,208
15,794
140,460
78.786
157,941
20,581
174,559
_______
180,806
60,511
501,721
622,106
1,185,628

_______
33,798
288,754
210.729
398,488

---- N et E g
C urren t
P revio us
Y ear.
Y e ar.
$
$
15,096
13,380
C256.401
277.800
197 466
167,259
1,650 492
1,484,175
29.850
28.783
272.597
226,184
5.867
2,686
46,572
29,805
12,421
13,109
88,996
83,588
6,567
6,483
69,771
66,500
42,097
34.232
68,346
83,703
7.110
6,699
66.906
59,243
14,611
83'. 153
88,934
22,335
28,324
236.610
274.359
137,313
148.233
251,711
263,678
418.333
525.381
3,714,408
4,207,365
25,171
13,900
139,297
86.078
20,345
22,725
179.107
168.800
47,613
50,379
95,050
87,617

a N e t earn in gs here g iv e n are a fte r d e d u c tin g tax es,
b N e t ea rn in gs here giv en are before d e d u c tin g taxes.
c Decrease d u e to expenses Incu rre d in c o n n e c tio n w ith G as C o m m issio n
in v e s tig a tio n , Increased taxes a n d Increased price fo r coal o il, &c.
g These figures are in M e x ic an c u rre n c y .

Interest Charges and Surplus.
— B a l. of Net E ’ngs.—
— I n t . , R entals, & e.—
C urren t
C urrent
P revious
P re vio us
Y e ar.
Y e a r.
Y e a r.
Y e ar.
R oads.
$
$
$
$
36,075
C u m b e rla n d T & T C o . . S ept
40,423
157,043
131,184
293,115
J a n 1 to S ept 3 0 . .
347.675
1.302,817
] .191.060
17,868
18,437
C u y a h o g a T elephone C o . S ept
11.413
10,915
153,312
J a n 1 to S ept 3 0 . .
165,911
106.686
72.872
613
688
E d is o n Elec Co (B roc’n) A u g
2.073
5.179
5,749
6,478
J a n 1 to A u g 3.1._
24,056
40,094
1
698
F a ll R iv e r Gas W o r k s -- A ug
12,411
12.420
1,963
4,985
J a n 1 to A u g 3 1 ..
78.603
87.033
2,237
2,187
H o u g h to n Co Elec L t . . -A ug
4,296
4,330
20,075
20 000
J a n 1 to A u g 3 1 ___
46,500
49.696
529
5,827
L ow e ll Elec L t C o rp ____ A u g
872
6,581
7,787
51,095
J a n 1 to A u g 3 1 . .
8,148
59,119
22,142
13.427
M ln n e a p o llsG e n Elec Co A u g
8,908
6,182
153.471
165.062
J a n 1 to A u g 3 1- .
71.548
120.888
167,141
230.085
P ltts b u rg h C oal C o ______ S ept
295.296
251,192
2,098.316
J a n 1 to S e p t 30-2,307,801
2,109.049
1 ,406.607
4,904
fl6 ,5 5 6
P o o a h o n ta s C ollieries— .M a y
de f.6 56
/■20.267
52.426
J a n 1 to M ay 3 1- .
T83.475
2.603
/■86.871
7,462
8,842
13,883
U S T eleph C o ------- -A ug
12,883
65.427
69.312
J a n 1 to A u g 31109,795
103,373
*41,066
*34.964
V lc to r F u e l C o .............. -A ug
19,404
19.886
*69.671
*70.537
J u l y 1 to A u g 8 1 .
38 829
37.056
■
f In c lu d e s sin k in g fu n d a n d preferred stock d iv id e n d .
* A fte r a llo w in g fo r o th e r in com e received.

O c t . 26 1907.]

Street Railway Net Earnings.— The following table gives
the returns of .STREET 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 the9e 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 m 'g s ---C urrent
P revious
Y e ar.
Y e ar.
$
$

---- N et E a rn in g s — — C urren t
P revious
Y e ar.
Year'
$
$

R oads.
A lb a n y & H u d s o n , b —
85,788
81,700
J u ly 1 to A u g 31............
A u r o ra E lg in & C h ic ____ S ept
139,193
125,850
J u ly 1 to S e p t 30 _______
442,043
393,083
C e n tra l P e n n a T rac t C o .S e p t
63,196
58,135
J a n 1 to S e p t 3 0 _______
561,889
507,149
C le v P a in e s v & E a s t.a - S e p t
29,370
29,411
J a n 1 to S e p t 3 0 _______
222,082
207,636
D u lu t h S t R y C o . b ____ S e p t
74,398
67,763
J a n 1 to S ept 30............
625,672
570,470
E a s t S t L o u is & S u b ’n . . S e p t
199,211
177,762
J a n 1 to S e p t 3 0 _______ 1,575,973 1,414,945
N o r O h io T rac & L t Co .S e p t
185,341
163,289
J a n 1 to S e p t 3 0 - _ _ ,.- 1,459,784
1,293,351
R o c h e ste r R a ilw a y - b —
J u ly 1 to S e p t 3 0 .......... ..
740,770
645,863
J a n 1 to S ept 30_______ 1,945,187 1,681,601
S ao P a u lo T ra m L & P .S e n t
177,581
159,152
J a n 1 to S ept 3 0 ............ 1,534,758 1,479,081

32,654
66,859
221,337
15,982
117,935
12,075
103,833
38,959
316,048
105,507
744,737
89,168
627,199

26,103
62,561
202,166
9,230
71,833
14,682
97,281
32,565
272,544
93,360
710,335
75,323
528,181

318,642
779,019
114,093
996,383

259,007
673,020
103,806
969,065

a N e t earn in gs here giv e n are a fte r d e d u c tin g taxes.
b N e t earnings here g iv e n are before d e d u c tin g taxes.

Interest Charges and Surplus.
— I n t . . R en tals, & c .—
C urren t
P revious
Y ear.
Y e ar.
$
$

R eads.
A lb a n y & H u d s o n —
J u ly 1 to A u g 3 1 ............
18,083
A u r o r a E lg in & O h lc - .- S e p t
24,654
J u ly 1 to S e p t 80_______
79,149
C leve P a in e sv & E a s t’n .S e p t
6,796
J a n 1 to S ept 30.,______
68,664
D u lu t h S t R y C o .- ____ S e p t
17,922
J a n 1 to S ept 30-..........
159,808
N o r O h io T rac & L t C o - S e p t
43,279
383,160
J a n 1 to S ept 3 0 . ..........
R oc h e ste r R a ilw a y —
J u ly 1 to S ept 3 0 _______
107,392
J a n 1 to S ept 3 0 _______
359,826

— B a l. of N e t E ’ngs.—
C urrent
P revious
Y e ar.
Year$
$

17,583
24,772
74,651
7,108
62,530
17,860
158,645
40,597
361,599
107,389
300,896

14,571
42,205
142,188
5,279
40,169
21,037
156,240
45,889
244,039
1211,944
z428,865

8,520
37,790
127,515
7,574
34,751
14,705
113,899
34,726
166 ,58 2
2154,363
1381,280

x A fte r a llo w in g fo r o th e r incom e received.

ANNUAL REPORTS.
Annual Reports.— The index to annual reports is omitted
this week because of the publication of the “Railway and
Industrial” section, which contains references to the reports
of the principal steam railroads and industrial companies
printed in the “ Chronicle,’' not including to-day’s issue.
Northern Pacific Railway.
(Report for Fiscal Year ending June 30 1907.)
The report of President Howard Elliott will be found on
subsequent pages, together with the income account, profit
and loss account, balance sheet and traffic statistics. Com
parative traffic statistics for four years and condensed bal
ance sheet for two years are given below. The comparative
income account for four years was given in the “ Chronicle”
of Oct. 12, page 916.
O P E R A T IO N S .
E q u ip m e n t—
1906-07.
1905-06.
1904-05.
1903-04.
Locom otives .................1,255
1,005
915
913
Passenger cars................ 893
808
749
721
F re ig h t c ars .......................
42,320
36,097
35,135
32,258
-Miscellaneous cars..........
6,129
4,046
3,316
3,503
Operations—
Average m iles operated 5,444
5,401
5,315
5,262
Passengers carried - - 6,953,424
5,920,280
5,142,891
5,119,539
Passengers c.arrkd 1 m lle 7 2 2 ,745,259 659,050,227 488,522,472 483,650,266
R a te per pass, per m ile2.26 cts.
2.09 cts.
2.23 cts.
2.21 cts.
R e v e n u e freight c a r r itd - 16,741,470
15,356.312
13,036,789
13,283,477
do
do
1 m ile - .5504444098 5245260080 4359664201 3685672000
R a te per to n per m i l e . .. _ 0.866 cts.
0.828 cts.
0.832 cts.
0.880 cts.
Pass. ea rn , per m ile o f
road (average m ile s ). .
$3,526
$3,007
$2,460
$2,429
F re ig h t earns, per road
m ile (average m ile ) ___
$8,890
$8,154
$6,935
$6,271
Gross earnings per road
m ile (averag e)............
$12,590
$11,335
$9,543
$8,841
O p e ra tin g ex pinses per
roa d m ile (a v e r a g e )..
$6,919
$5,757
$5,044
$4,605
T o ta l rev. tra in m ile a g e . 22,454,823 21,155,338
18,681,409
17,514,744
A verage N o . tons rev.
fre ig h t In t r a i n . ..........
407
400
366
339
Tons per tr a in , c o m p a n y
__a n d c o m m e rc ia l---492
468
428
403
B A L A N C E S H E E T J U N E 30.
1907.
1906.
|
1907.
1906.
Assets—
$
*
| Liabilities—
$
$
Nor.Pae.estatea311.575,9Sl -84,619,170 Common stock. 155,000,000 155,000,000
E q u ip m e n t____ 37,138,636 31,887,226 Subseript’n rects.
Coil, with trust’s
I is'd for new stk. 14,721,100
______
No. Pac.-Gt.
Mortgage de bt-.281,530,500 280,551,100
Nor.joint bds.109,114,310 109,113,910 , Bonds of other
Sinking f u n d . . .
1,618,329
1,682,151!
eo’s assumed- 12,785,876 13,407,313
Cash ................. 11,899,998 21,978,646 Pay-rolls,
maAcc’ts reeeiv’bie 6,705,965
4,625,693:
terial. vouehB'lls receivable.
25,045
42,428
ers. dec______ 10,385,971
6,518,781
M at’l on h a n d ., 5,889,931
3,465,331 Taxes accrued..
1,538,391
1,105,544
Treas. securitiesM6,433,750 12,980,878 In t. on bo nd s.. 1,678,276
1,696,621
cConstr’n advs.
I D iv id e n d s......... 2 714 354
2 714,519
to other roads 19,641,441
5,601,023 I Reserve fu n d s .. 6,309,767
6,836,219
B ett.& equlp.fd.
----59,005 Insurance fun d . 2,120,460
2,000,000
L ’s’d to Man’t ’a 7,000,000
7,000,000 I,iquida’n fun d .
65 499
15,039
Coll.with trustee
Profit and loss.. 44,595,707 19,936,979
S t. P.-Duluth
D iv . bonds—
1,405,774
1,497,485
Insurance fun d .
2,120,460
2,000,0001
Land departm’t 2,876,275
3.229,169,
T o t a l.............533,445,901 489,782,115 !

T o ta l..............533,445,901 489,782,115

a N o rth e rn P acific estate J u n e 30 1907 in c lu d e s . In a d d itio n to n e t cost o f
new m ile a g e , im p ro v e m e n ts , re al estate , & e., since J u n e 30 1906, $8,794,-




1079

THE CHRONICLE.

213, the cost o f a d d itio n s a n d b e tte rm e n ts p rio r to J u n e 30 1906, $18,162,598, transferred to c a p it a l a c c o u n t d u r in g th e fiscal y ear 1906-07. See
p r o lit a n d loss a c c o u n t o n page 1090.
b These consist of th e fo llo w in g bo nd s a n d stocks:
P a r V alu e. Book V a lu e .
N o rth e rn P acifio general lie n b o n d s ____ _____________
$704,000
$534,283
N o rth e rn P acific p rio r lie n b o n d s ___________ _________
1.,552,000
1,553,472
N o rth e rn Pacific-G reat N o rth e rn jo in t b o n d s ______ 1,504,000
1,498,695
S t. P a u l- D u lu th D iv is io n b o n d s _____________- , ____
361,000
361,000
N orthw e ste rn Im p ro v e m e n t C o. b o n d s .___________
7,000,000
7 ,000,000
N orthw e ste rn Im p ro v e m e n t C o. s to c k _____________
2,775,000
2,775,000
W a s h in g to n C e n tra l R y . C o. b o n d s ___ ______________
315,000
291,375
W a s h in g to n C e n tra l R y . s to c k _____________ _________
1,000,000
221,279
C learw ate r S h o rt L in e R y . s to c k ____________________
2,127,200
2,127,200
La k e S upe rior T e rm in a l & T ransfer R y . s t o c k - 51, 400
11,601
S t. P a u l U n ion D e p o t Co. s t o c k ______________________
f>9,850
59,850
c C o n stru ctio n advances in 1907 were: T o P o r tla n d & Seattlie R y . C o .,
$17,095,918; C learw ater S hort lin e - J o in t L in e , $2,234,378; B ig F o rk &
In te r n a tio n a l F a lls R y . C o „ $311,144.— V , 85., p . 922, 910,

Chicago Burlington & Quincy Railroad*
(.Report for the Fiscal Year ending June 30 1907.)
The annual report of this company for the fiscal year
1906-07 is given on subsequent pages, embracing the remarks
of Mr. George B. Harris, the President, and the balance
sheet and income aceount.
The results for four years are given below;.
O P E R A T IO N S A N D F I S C A L R E S U L T S .
fIn c lu d in g Narrow-Gauge J
1906-07,
1905-06.
1904-05.
1903-04.
M iles operated J u n e 3 0 . .
.9,134
8*927
8,879
8,821
E q u ip m e n t—
E n g in e s _________________
1,604
1,468
1,361
1,383.
P assenger e q u ip m e n t___
1,219
1,241
1 , 1-U>
1,148
F re ig h t c ars________ _____
51,662
50,743
48,8(591
49,217
W o r k e q u ip m e n t___ .___
6,866
jS,543
6 ,44 4/
Operations—
<v
Passengers carried (N o .) 16,767,220 15.494,723
14,929,073 14,098,053
(rev.) 1 m ile ____ '.9 0 0 ;i0 7 ,3 1 8 801,883,902 810,793,257 682.352.16&
----- c ts.
1.3# ipi <3
—9 19 ptc
R a te per pass, p e r m i le .
2
,0 7 c ts .
2,05
F r ’t (rev.) carr. (tons)-- 25,530,631
23,627,716 20,901,008
2 0 ,6 34 .0*4
T ons freight 1 m ile _____ 7169879492 6347902891 5241159515 5207483649
R a te p e r to n per m ile ___
0.79 cts.
0,84 c ts .
0.86 ctfc0.81 c ts .
$1.44
$1.36
$1.40
t a r n , per pa ss, tra in m _
S I . 49
E a rn , pe r f r ’t tra in m ite .
$3.07
$2.7*5
$2.38
$2.94
365
326
278
A v e r, train - loan <rev<l~ 389
E a rn in g s — ■
$
F r e i g h t ______.____ 56,516,689
5 1,168,339
43,8 ^3,8 93
4 4 ,6 ll,9 9 7
P a s s e n g e r _______________ 18,666,973
15,898,243
14,494,57316,409,104
6,210,989
6,081,622
M a il a n d m isc e lla n e o u s . 7,289,589
6,569,228

J

T o t a l ..............................
O perating E xpenses—
M a in , o f w a y , &c_______
M a in t. o f e q u ip m e n t___
C o n d u c tin g tra n s p o rta ’n
G e n e r a l_________________
T a x e s ___________________

82,473,251

7 4,146,671

65,973,045

65,228,192

14,445,867
14,725,632
25,224.272
4,509,217
2,838,800

11,312,712
13,639",941
22,354,707
4,156,282
2,044.890

3 ,09 0,4 99
9 ,788,194
19,352,056
3,999,583
1,87 0,0 00

10,277,275.
8,376,602
20,266,481
3,751,835
1,906,649

53,508,532 44,100.332
44,578,942
T o t a l ________ _________ 61,743,788
(68.3
P . c. ope r. e x p . to e a rn s .
(74.9)
(72.2)
(66.8)
20.649.250
N e t e a r n i n g s . . , ________ 20,729,463
20;,638,139 21,872,713
I N C O M E A O O O UNT..
1906-07.
1905-06.
1903-04.
1904-05.
Receipts— 1
S
$
S
$
20.649.250
N e t e a r n in g s .................... 20,729,463
20,638,139 21,8*72,713
302,202 d e b .204,116
O th e r in c o m e ____ ..._____
443,262
410,682
T o t a l ____ ____________ 21,172,725
Dedttct— In te re s t on b o n d s _______
7,308,208
S in k in g f u n d s .,_____ _____
709,310
_______
O th e r c harges___________
I n t . o n N o . P ac.-G t.SJor.
b o n d s ________________
8,609,040
7 % d iv id e n d o n stock
he ld by p u b lic ________
225,834

21.,048,821

22,174,915

20,445,134

7,353,951
721,954
230,486

?,431,004
722,483
216,650

6,908,500'
721 ,71 7

8,608,968

S ,6 0 8 ,9 1 »

8 ,60 8,0 82

225,890

225,943

226,667

T o t a l _________________ 16,852,392
17,141,249
17,204,990
16,464,966
B a lan c e , s u r p lu s ________
4,320,333
3,907,572
4,969,925
3,980,168C O M P O S I T E B A L A N C E S H E E T J U N E 30,
1906.
1905.
1907.
Assets—
$
$
$
C ost o f roa d a n d e q u ip m e n t___________345,281,500 337,755,290 327,940,524
S ecurities o f c ontrolled ro a d s _________
4,156,740
4,125,125
4 ,065,243
9,603,387
S u n d r y in v e s tm e n ts ___________________ 14,190,912
9,665,515
6,013,344
M aterials a n d s u p p lie s________________
4,984,451
4,810,455
15,304,635
S in k in g fu n d s ___________________________ 17,262,788
16,276,243
S u n d r y a v aila b le securities____ ______
461,800
525,600)
562,400
A c co u n ts a n d bills receivable__________
_______
1,885,840
9,297,517
C ash o n h a n d ________________ _______ _
6,316,092
14,423",240
T o ta l assets_____ -__________________ 393, 683,176 387,730,136 373,495,330
L ia b ilitie s—
C a p ita l s to c k __________________________ 110, 839,100 110,839,100 110.839.100
B o n d s (see “ R y . & I n d u s .” S e c tio n )-168 ,690,000 174,172,000 170.512.100
63,370
66,721
66,767
C oupo ns u n p a id _________________ -____
140,894
145,174
R e lie f d e p a rtm e n t f u n d _______________
129,256
Fire Insurance f u n d ___________________592,500
509,470
609,158
2,344,692
In te re st d u e J u ly 1 ....................... ...........
2 176,343
2,255,543
B ills p a y a b le ____________________________
2 000,000
6,030,906
Vouchers a n d pay-rolls________________
7 387,359
4,638’,278
S u n d r y c u rre n t a c c o u n ts______________ 2 842,883
1,501,496
S in k in g fu n d s .............................................. 27 590,565
26,057,339 24,559,979'
R e n e w a l f u n d _________________________ 10 000,000
1 0 ,0 0 0 ,0 0 0
10,000,000
36,564,252
In c o m e a c c o u n t________________________ 47 ,023,299 41,649,537
14,334,904
P ro fit a n d lo ss.............................. ............. 14 328,492
13,408,063
T o ta l lia b ilitie s .....................................393,683,176 387,730,136 3 73 ,49 5,3 30
— V . 85, p . 721, 599.

Wisconsin Central Railway.
{Report for the Fiscal Year ending June 30 1907.)
The remarks of President W . A. Bradford are given in full
on subsequent pages.
Below are comparative statements for four years:
O P E R A T IO N S , E A R N IN G S , E X P E N S E S , E T C .
1906-07.
1905-06.
1904-05.
1,018
977
977

Miles operated J u n e 3 0 .-

1903-04.
97?

To^tal tons c arrie d............
4,397,462
4,343,279
4,213,618
3,944,020>
T ons carried 1 m ile _____ 809,246,821
804,040,467 740,632,329 7 41,324,938
A v . rate per to n per m ile
0.693 c ts.
0.661 c ts.
0.666 c ts.
0.643 c ts.
A v . re v . tons per tr. m ile
308.19
325.46
317.45
308.02
E a rn s, per fr’t tra in m ile
$2.14
$2.15
$2.12
$1.98
N o . o f passengers carried
1,456,856
1,235,596
1,164,869
1,159,904
N o . pass, carried 1 m ile . 78,035,864
70,100,795
67,058,539 65.037,771
A v . earn s, per pass. p . m .
2.00 cts.
2.02 cts.
2.00 c ts.
2.07 c ts.
A v . earns, p . pass. tr. m . 103.47 cts.
99.55 cts.
95.73 c ts.
94.51 cts.
Gross, earns, per m ile ___
$7,442
$7,285
$6,807
$6,6 18
E a rn in g s —
$
$
$
$
F r e i g h t _________________
5,610,733
5,317,237
4,936,220
4,765,605
Passengers-.....................
1,627,492
1,481,174
1,406,126
1,405,783
M a il, express & m lscell338,954
320,165
308,538
294,789

Total ..

7,577,179

7,118,576

6,650,884

6,466,17*

]0«o

THE CHRONTCLE
1906-07.

$

1905-06.
$

1904-05.

$

1903-04.

Expenses—
M a in t. of w a y & s t r u c ..
M a in t. o f e q u ip m e n t-C o n d u c tin g tra n s p o rta ’n
G e neral expenses-----

843,192
812,851
2,858,994
215,056

859,723
805,666
2,618,434
258,653

866,203
776,650
2,466,141
265,343

737,205
709 160
2,629,144
266.931

T o t a l __________________
? . c. of e x p . to e a rn s—
B a la n c e , n e t e a rn in g s ___.
O th e r in c o m e ___________

4,730,093
(62.43)
2,847,086
35,127

4,542,476
(63.81)
2,576,100
85,107

4,374,337
(65.77)
2,276,547
42,837

4,342,440
(67.16)
2,123,737
51,196

T o ta l n e t in c o m e ---- .
D educt— ■
Taxes acc ru e d --------In te re st o n b o n d s ----R e n ta ls a c c ru e d ------M is c e llan e o u s ___________

2,882,213

2,661,207

2,319,384

2,174,933

313,283
1,119,273
378,556
7,645

289,678
1,138,234
376,826
54,280

264,351
1,127,239
370,347
1,604

252,213
1,127.445
369,840
1,188

T o t a l __________________
1,818,757
S u r p l u s ...............................a l , 063,456

1,859,019
802,188

1,763,541
555,843

1,750,686
424,247

a T he p ro fit a n d loss a c c o u n t w as charged d u r in g 1906-07 w ith $60,000
reserved to retire Series E e q u ip m e n t tru s t b o n d s m a tu r in g J u ly 1 1907 a n d
o th e r ite m s for p r e m iu m a n d s in k in g fu n d s , ag g re g ating $33,238, a n d
credited w ith s u n d ry a m o u n ts to a to ta l of $19,000, m a k in g the a c c u m u la te d
su rp lu s J u n e 30 1907 $ 1,852,377, a g a in s t $863,160 in 1906.
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1906.
1907.
A sscts—■
$
$
51,518,910
R o a d a n d se curities___________________ 54,327,922
5,167,513
E q u i p m e n t ____________________________
5,108,823
113,811
M a te ria l in p riv a te tra c k s ---------2,585,020
2,586,279
C o m p a n y ’s stock in tre a su ry __________
198,413
239,161
Stocks a n d bo nd s o w n e d ----------78,038
78,038
Trusteed _______________________________
'
594,972
S in k in g f u n d ___________________________
392,797
396* 861
Reserve a n d im p ro v e m e n t fu n d s ____
2,443,622
Reserves a n d fu n d s for c o n s tr u c tio n , _
595,847
549,350
L a n d d e p a r tm e n t_____________________
31,915
U n ite d S tate s P ost O ffic e ____________ 1
522,347
1 ,604,3311
F u e l, sup plies, & c---------------- ^
382,525
A ge nts a n d c o n d u c to rs _______________ I
322,101
[
In d iv id u a ls a n d c o m p a n ie s --------J
609,216
C a s h _______________ ___________________ _ 1,717,668
57,317
M is c e lla n e o u s _________________________
50,529
T o ta l assets_________________________ 66,705,459
L ia b ilitie s —
C o m m o n s to c k _________________________ 17.500.000
Preferred s t o c k ._______________________ 12.500.000
B onds (see “ R y . & I n d . ” S e c .)_______ 31,929,795
C o n stru c tio n lo a n s ---------------82~500
R e a l estate m o rtg a g e s________________
V ouchers a n d pay-rolls------------ 1
f
In d iv id u a ls a n d c o m p a n ie s __________1,782,3511
In te re s t o n fu n d e d d e b t, accrued- - Tj
1
E q u ip ., & c., re p la ce m ’t & renew , fd s .
141,649
L a n d d e p a r tm e n t----------------741,118
M a in t. a n d ln s u r ., & c., reserves--175,669
1,852,377
P ro fit a n d loss_________________________
T o ta l lia b ilitie s _____________________
-V. 85, p . 922. 532.

66,705,459

1905.
$
48,994,131
5,227,513
126,069
2,585,020
63.743
505,161
401,373
254,719
520,327
31 ,917
542,527
335,763
288,718
906,557
53,702

65,567,868

60,837,241

17.500.000
12.500.000
30,846,485
1,199,000
123,500
757,903
162,472
573,201
134,316
549,350
258,480
863,160

17.500.000
12.500.000
27,588,175
500,000

65,567,868

698,272
224,512
551,592
88,407
520,327
166,312
499,643
60.837,241

Mexican Central Railway.
{Report for Fiscal Year ending June 30 1907.)
Operated M ile a g e .— D u r in g the year the fo llo w in g a d d itio n s to m a in lin e
a n d side-track m ik a g e were m a d e : S a ltillo E x te n s io n , P a red on to S a ltillo ,
47.06 m iles; side-tracks, 17.85 m iles.
T he average o pe ra te d m ileage used
for sta tls tip a l purposes was 3,194.74. T his differs from the t o ta l m ileage of
J u n e 30 1907 because the S altlllo - P a re do n lin e was n o t ta k e n In to ope ra tin g
a cc o un t u n t il S ept. 2 1906.
S ubsid y F u n d . — T he M e xican G o v e rn m e n t s u b sid y tru s t fu n d In hands
o f B oston Safe D eposit & T ru st C o ., trustee, consisted on J u n e 30 1907
of $1,186,000 p a r v a lu e p r io r ity m ortga ge 5 % bo n d s, a t cost, $1,297,384;
cash, $213; to ta l, $1,297,597.
D u r in g th e y ear $1,450,000 p r io r ity m o r t 
gage 5s, w h ic h cost $1,586,178, were w ith d ra w n fro m the fu n d a n d so ld for
$ 1,450,000, on a cc o un t o f de ficit fo r year.
Renewals, Improvem ents, & c.— The n u m b e r o f ties renew ed d u r in g the
year w as 1,091,946, com pared w ith 1,023,349 ties In 1905-06; 9,181.9 tons
or 77.91 m iles o f new 75-lb. ra il were la id , as c om pa red w ith 5,540.67 to ns.
P e rm a n e n t b a lla s t eq u a l to 80.64 m iles o f f u ll b a lla s t a n d 13.21 m iles o f h a lf
b a lla s t was d is trib u te d , c om pared w ith 26.27 a n d 40.66 m iles re spectiv e ly.
T e m p o rary bridges, aggre gating 6,534 feet in 1 n g th , were re place d w ith
p e rm a n e n t structu res, again st 5,188 feet In 1905-06.
W e expended $106,462 (M exican currency) in e q u ip p in g locom otiv e s
a n d $327,062 in p r o v id in g s ta tio n a ry a pplian c es for b u rn in g fui 1 o il, c o m 
pared w ith $142,584 a n d $149,458 respectively in 1905-06. R e s u lts of b u r n 
in g oil as fu e l show a large s a v in g over coal.
O n J u n e 30 1907 the M exican
C e n tra l h a d 150 locom otiv e s eq u ip p e d for b u rn in g oil as fu e l, In c lu d in g 60
new locom otive s a dde d d u rin g the year.
I n a ll 60 locom otive s, 2,142 freight cars a n d 29 passenger cars were adde d
to the e q u ip m e n t d u rin g the y ear, a t a t o ta l cost o f $3,900,635, U . S. c u r
rency .
V alue of M e x ic an D o lla rs .— T he average price re alize d in U . S. currency
for M e xican d o lla r s re m itte d d u rin g the year fro m M exico to th e N ew Y o rk
office was 50.11 cents.
General Results.— T he gross earnings on freight Increased o n ly $51,553
over th e previous year. This s m a ll increase Is due to serious w ashouts
d u rin g the ra in y season In A u g u st a n d S eptem b er 1906, a n d to a serious
strike In the m e c h a n ic a l shops d u rin g the sam e pe riod.
The passenger earnings Increased $2,500,247, or 47.17 % . T his enorm ous
Increase is due p a r tly to a large b u t expected increase in passenger tra v e l,
b u t it Is es tim a te d t h a t m ore th a n $1,000,000 is d u e to a system of c oll. c tin g
tickets a n d cash fares by tra in a ud ito rs in ste ad of b y co n d u c to rs, w hic h was
in a u g u ra te d in the fa ll o f 1906, a nd has been e x ten ded over every passenger
tra in on th e system d u rin g the fiscal year.
C onstruction.— T he c o ns tructio n of th e extension of th e G u a d a la ja r a D i v i 
sion , fro m T u x p a n to the P acific coast a t M a n z a n illo , w h ic h was de lay e d by
a disastrous flood In O ctob er 1906, is now progressing r a p id ly .
I t w ill be
a t least J u ly 1 1908 before this road Is op< n for business.
The bran c h 22.22 m iles in le n g th from O c o tla n to A to to n llc o on the
G u a d a la ja r a d iv isio n w as c o m p le te d , a n d a d d e d to operated m ileage J u ly 1
1907. The ex tension from M arfll to G u a n a ju a to , 4.7 m ile s, w ill be c o m 
ple te d before Ja n * 1 1908, a n d It Is expected th a t th is direct en trance in to
the im p o r ta n t c ity of G u a n a ju a to w ill re sult In great benefit to the ra ilw a y .
C o n trac t was If t a n d c o nstructio n begun on the first 50 kilom eters of the
short lin e from T a m p ic o to the C ity of Mexico a b o u t M ay 1 1907.
T he ph y sic al c o n d itio n of the p ro p e rty has gre atly im p ro v i d d u rin g the
fiscal y e a r, d ire c tly due to th e Increased a m o u n ts exp n d e d u p o n m a in te 
nan ce of w a y a n d struc tu res, $3,995,497 M e xican c u rr tn c y charged direc tly
In to operations a nd $2,614,649 M e xican currency charged off In general in 
com e a cc o u n t for be tterm ents a n d Im p ro v e m e n ts.
Betterments a n d Im provem ents Charged to Incom e D u r in g the Years E n d in g
J u n e 30 1907 a n d 1906.
v
1907.
1906.
I
1907.
1906.
$
$
I
$
$
474,594
2 5 4 ,8 5 9 1R a il fa ste n in g s- . 126,316
8,773
G r a d i n g -----B a l l a s t ................. 308,359
154,7351 Bridges & c u lv ’ts 724,436
289,701
Cross-ties-----65,598
39,974 |B ldg s. a n d shops 401,259
258,695
140,696] M iscellaneous- -. 278,548
239,776
R a lls . . . ............ 235,539
T o ta l, M e xican c urren cy _______________________________2,614,649 1,387,209
E q u iv a le n t in U . S. c urren cy ____________________________ 1,315,430
695,546
Increases in Wages a n d R ates.— A ll lines of business In M exico are exceed
ingly prosperous, a n d th is prosperity has caused a c o n s ta n tly increasing d e 
m a n d for la b o r a n d a c onsequent rise in w ages,
i t has been n( cessary d u r 
in g the fiscal y ea r to increase the p a y of a lm o s t a ll classes of em ployees.
T his increase has a m o u n te d to as m u c h as 33 1-3% in Im p o r ta n t classes o f
em ployees, a n d has prev en te d us fro m In creasing the n e t earnings p ropor
tio n a te ly to th e gross earn in gs. T o offset th is Increase in w ages, a c a re fu lly




[Vo l . l x x x v .

considered a p p lic a tio n for a m od erate increase in rates w as d ra w n n * d filed
for the necessary a p p ro v a l of the F ed eral G o v e rn m e n t of M exico. P a rt o
the requested increase has been g ra n te d a n d p u t In effect o n A u g . 9 1907
w hile o ther rates are s till u n d e r discussion.
The proposed increases, w h e n
eff’ c tiv e , w ill give th e c o m p a n y a s u b s ta n tia l Increase In n e t revenue w h ic h
w ill <n a b le It to c o n tin u e th e p e rm a n e n t im p ro v e m e n t a n d e q u ip m e n t o f
its lin e .
C la ssifica tio n of Tonnage.
Live
A g ric u l.
A ll
Other
M erch •
F is c a l
Forest
M in .P r o d . &. MiscelOres.
Year— Products. Products. Stock, & c.
3 .0 9 %
3 0 .0 9 %
1 0 .9 8 %
2 2 .0 7 %
2 4 .4 8 %
1906-07____ 9 .2 9 %
3 .4 8 %
2 7 .0 8 %
1905 0 6 ____ 9 .9 7 %
2 1 .4 2 %
2 7 .9 2 %
1 0 .1 3 %
2 7 .4 4 %
3.81 %
9.34 %
1904 0 5 ____ 1 0 .9 8 %
2 1 .8 9 %
26.54 %
3 .7 5 %
27.54 %
1 0 .4 5 %
2 1 .6 2 %
2 6 .7 8 %
1903-04____ 9 .8 6 %
E A R N IN G S A N D E X P E N S E S
(M E X IC A N C U R R E N C Y ).
1906-07.
1905-06.
1904-05.
3,203
3,155
3,154
M iles operated (average)--------E a rn in g s —
$21,576,897 $2«,238,211
F re ig ht _____________________ _______ ..$ 2 1 ,6 2 8 ,4 5 0
P assenger_______________________________
7,800,269
5,300,022
4,530,462
E x tr a baggage- _____________________ _
83,994
71,513
67,796
E x p r e s s ________________ _______ -...........
1,072,442
820,234
682,485
T( le g ra p h _______________________________
37,675
34,042
30,337
M is c e lla n e o u s _________________________
613,365
574,098
§48,408
T o ta l ea rnings- ..................................- $ 31 ,23 6,1 95
Expenses__
M a in te n a n ce o f w a y a n d s tr u c tu r e s .. $3,995,497
M a in te n a n ce of e q u ip m e n t___________
5,162,735
T ra n s p o rta tio n expenses______________ 11,489,193
G eneral expenses.......................................
1,422,753

$28,376,806 $ *#,097,699
$3,245,878
4,063,393
11,053,244
1,448,130

$8,008,792
3,309,721
9,792,049
1,488,615

T o ta l expenses.....................................-$22,070,178 $19,810,645 $17 ,599,176
N e t earnings (M exican c u rre n c y )--- S 9,166,017
$8,566,161
$8 .498,523
$4,287,862
$4 ,118,173
N e t earnings in U . S. c u rre n c y ___ . . . $4,604,456
(67.44)
P e r cent of expenses to e a rn in g s______
(70.66)
(69.81)
I N C O M E A C C O U N T ( U N IT E D S T A T E S C U R R E N O Y ).
1905-06.
1904-05.
1906-07.
$4,287,862
»4 ,118,173
N e t e a rn in g s____________________ ______ $4,604,456
139,325
140,675
I n t . c o ll c tt d on T a m p ic o H a rb o r bd s.
137,975
19,972
________
N t In com e of C o a h u ila & P acific R R .
29,796
M iscellaneous interest, <Scc--------------T o ta l n et In co m e ____________________ $4,742,431
D educt—
T am p ic o H a rb o r Co. r e n t a l___________
$160,124
In te re st on b o n d s .____________________
3 ,014,566
In te rest on g o ld n otes__________________
1,312,648
252,988
D isco u n t & expense on 5 % g o ld notes
100,638
A c c o u n ts, & c., charged o ff---------B e tte rm e n ts a n d Im p ro v e m e n ts n o t
charged to op ra tin g expenses______ 1,315,431
36,991
M iscellaneous in tere st________________
Cane, lla tio n of b o nd in te re st_________
5,948
O pe r. de ficit C o a h u ila & P acific R R . .

$4,476,955

$4,258,848

$161,746
3,250,060
702,523
105,465
142,775

$163,979
8,222,425
497,332

695,546

270,510
83,912
800,000

T o ta l d e d u c tio n s ____________________ $6,199,334
B a ia n c e , d e fic it_____________________ $1,456,903
A d d — W ith d r a w n from s u b sid y f u n d . $1,450,000
B a lan c e from previous y e a r -------- sur.208,130

$5,058,115
$581,160

$5,219,558
$960,710
$750,000

$1,000,000

181,400

d e f.210,710

$750,000
T o ta l- .............. ............................... .........$1,658,130
$789,290
B a ia n c e _______________________________sur.$201,227 s u r .$208,130 d f . $210,710
B A L A N C E S H E E T J U N E 30.
1805.
1906.
1907.
$
Assets$
$
C o n struc tio n a n d e q u ip m e n t__________184,721,916 180,137,397 174,932,775
1,489,175
1,420,587
T reasury securities____________________ x\ ,795,741
1,081,639
1,500,803
2,391,769
M a teria ls, fu 1, &c____________________
B o sto n Safe D eposit & T rust C o .,
2,991.706
*,981,398
trustee sub sidy f u n d _______________
1,403,302
144,001
222,269
B onds h e ld by Me-x. G o v . as g u a ra n ty
144,001
1,943,382
1,971,057
T a m p ic o H a rb o r Co. b o n d s ___________
1,915,707
M e xican P acific R y . —
2/7,000,00*
C a p ita l stock, a t p a r ________________ 2/7,000,000
4,750,000
1st M . 5 % bo nds, $5,000,000, a t 95
4,750,000
204,622
M e xican N a tio n a l C o n stru c tio n C o___
zZ04,655
B ria r H ill Collieries $495,000 1st M .
247,50#
6 % , cost________________ _____________
247,500
350,136
D eferred accoun ts, & c________________
2,006,814
1,583,807
972,264
A ccounts re ce iva ble ___________________
1,370,463
1,958,292
2,299,334
Cash In b a n k a n d in h a n d _____________
1,075,506
210,710
In c o m e a c c o u n t________________________
_______
T o ta l assets_________________________ 209 ,027,375 204.300,819 187,092,033
L ia b ilitie s —
48,600,100
59,126,100
S t o c k __________________________________ 59 127,100
B on ds (see " R y . & I n d . ” S e c tio n )____ 106 ,070,963 116,172,463 116,296.665
14,652,238
G o ld n o te s( V . 81 ,p .7 2 6 ;V .8 2 ,p . 1 49 7). 30 045,115
2.057,392
1,482.680
Car a n d lo c o m o tiv e n o t e s ---------4 410,312
700,000
335,00*
N o t e s ---------------------------2.611 ,535
3,764,678
S u n d ry accounts p a y a b le ---- ----- - 3 929,824
1,800,397
2 252,850
1,987,842
In te rest a n d re nta ls a ccru ed, & c---M a n z a n illo extension— balance du e on
purchase of $5,000,000 1st M . bonds
108,422
2,92 8,8 4*
M <lxcan P acific R y . a t 95-------4,087,103
M exican G o v ern m en t s u b s id y ------1 403,302
2,991,706
465,842
770,760
644,139
E q u ip m e n t renew al f u n d ----------53,000
7,500
B onds a n d notes c a lle d ------------7,00#
201,227
208,13#
In c o m e a c c o u n t-------------------

11.020.000

T o ta l lia b ilitie s ..................................... 209,027,375 204,300.819 18r.092,033
x $1,002,000 consol. M . 4 % bo nds a t cost, $700,403; $925,000 6 % p r io r ity
bonds a t cost, $925,000; $800,000 consol. Incomes a t book v a lu e . $109,963;
$287,500 c a p ita l stock a t m a rk e t v a lu e , $60,375; t o ta l, $1,794,741.
On
J u n e 30 1906 there was also in clu d e d in "c o n s tru c tio n a n d e q u ip m e n t”
a cc o u n t $3,212,500 c a p ita l stock o f th e c o m p a n y a t p a r, w h ic h . It w o u ld
seem, m u s t be s im ila rly in c lu d e d in the corresponding ite m as o f J u n e 30
1907.— E d .
V A cq u ire d In exchange for stock of this c o m p a n y .
z A ll the c o m m o n stock a n d 69,552 preferred shares, to ta l cost $704,655,
l(*ss p ro p erty sold to M exican Pacific R y ., $500,000; b a la nc e , $204,655.—
V . 85, p . 922.

Interborough Rapid Transit Co.
(Report for Year ending June 30 1907.)
The earnings for the year ending June 30, including the
subway division, compared with the preceding year, and also
with the fiscal year 1904-05, during which the subway was
operated for 8 months and 5 days only, were as foliows:
1906-07.
N o . passengers carrie d ___________449,287.884
Gross e arn in g s_________ __________ $22,363,802
O p e ra tin g expenses_____ _________
9,593,331

1905-06.
395,716,386
$19,695,594
8,400,823

18(4-05.
(?)
$16,837,370

N e t e a rn in g s....... .....................$ 1 2 ,7 7 0 ,4 7 1
O p e ra tin g percentage............ .........
(42.89)
O th er in co m e _________ ______ _____
815,832

$11,294,771
(42.65J
715,503

$8,439,986
(43.93)
491,040

N e t In c o m e _______ ______________ $13,586,303
In te re s t a n d r e n ta ls ______________$4,375,894
T a x e s ..................................................
1,377,965
7 % on M a n h a tta n s to c k __________ 4,116,000

$12,010,274

$9,931,026
$2,443,371
$3,586,823
1,203,7
34
1,390,560
J3,864,000
, 864,000

B a la n c e fo r d iv id e n d s --------$3,716,444
D iv id e n d s ...................................
(9)3,150,000 (8 X ) 2,887,500

(6HM.362.j0 0

$281,391

$*7,421

S u rp lu s for y e a r_____________ _
-V. 8 5 , p . 1 0 0 5 .8 6 4 .

$566,444

l

7.397,384

$3,168,891

THE CHRONICLE

O c t . L' 6 1907.)

Pacific Coast Company.
(Report for Fiscal Year ending June 30 1907.)
Extracts from the report of H. W. Cannon, President
and Chairman of the board, and J. C. Ford, Vice-President
and General Manager, will be found on another page.
Statistits.— The earnings and expenses, income account
and balance sheet have been as follows:
E A R N I N G S A N D E X P E N S E S F O R Y E A R 1906-07.
Gross
Expenses
N et
ea rnings.
a n d taxes.
ea rnings.
D e p a rtm e n t—
$
$
$
P a cific C oast S te a m s h ip C o ________ .
3,872,860
3,717,949
154,912
R a il lin es—
P acific C oast R y . C o ________________
240,206
176,380
63,826
C o lu m b ia & P u g e t S o u n d R R . C o . .
637,311
316,597
320,714
C oal d e p a r t m e n t .. _____ ___________
2,441,639
1,624,338
817,301
L u m b e r , g r a in , re nta ls a n d m isc e l___
214,479
73,738
140,741
T axes a n d g e n e ra l____ . _______ _____
77,614 d e f.77,614
T o t a l ____________________________ . .
7,406,495
5 ,986,616
1,419,879
IN C O M E A C C O U N T — A L L C O M P A N IE S .
1906 07.
1905-06.
1904-05.
1903-04.
$
$
$
$
Gross earnings ______ __ . 7,406,495
6,308,413
6,199,276
5,902,973
O p e r. ex p. a n d tax es- . .
5,986,616
4,935,994
4,866,161
4,717,944
N e t e a rn in g s ________ .
G e n . in te re s t, & c ______

1,419,879
69,794

1,372,419
82,963

1,333,115
27,624

1,185,029
45,432

T o ta l n e t In c o m e ____ .
1,489,673
D ed uct—
In te re s t on b o n d s ___
250,000
8,091
Im p r o v ’t , e q u ip m ’t , &c
24,491
“ E x h a u s tio n f u n d ” ___
D iv id e n d on 1st p r e f___ .( 5 % ) 7 6 ,250
do
on 2d p re f___ (6 % ) 240,000
do
on c o m m o n . (6 % )4 2 0 ,000

1,455.382

1,360,739

1,230,461

240,767
5,110
17,720
(5)76,250
(6)240,000
(6)420,000

222,300
10 793
18,400
(5)76,250
(5)200,000
(5)350,000

222,300
9,343
19,454
(5)76,250
(5)200,000
(5)350,000

T o t a l __________________
1,018,832
999,847
877,743
877,347
B a la n c e , s u r p lu s ________
470,841
455.535
482,996
353,114
C O N D E N S E D B A L A N C E S H E E T J U N E 30- - A L L C O M P A N I E S .
1907.
1906.
1905.
Assets—
$
$
$
P ro p e rty (Including: stocks a n d bonds
of p ro p rie ta ry c o m p a n ie s )__________ 18,736,725
18,042,718
18,143,217
B o n d s a n d stock In tre a su ry __________
__________
389,200
Cash (lncl. de p o sit w ith tru s te e )______
880,469
1,416,896
309,973
C o a l a n d lu m b e r ag e n ts _______________
804,129
620,229
491,970
C om pa n ie s a n d in d iv id u a ls ___________
360,293
699,480
79,953
M a te ria ls a n d s u p p lie s________________
772,087
542,625
398,075
M iscellaneous a c c o u n ts _______________
6,219
5,661
9,291
T o ta l a s s e ts _________________________ 21,559,922
L ia b ilitie s —
S to c k (see “ R d . a n d I n d . ” S e c tio n ).. 12,525,000
F irs t m o rtg a g e b o n d s _________________
5,000,000
D u e cos. a n d In d iv id u a ls ______________
16,914
U n p a id v ouche rs_______________________
182,451
U n p a id pay- roll?_______________________
149,061
In te re s t on b o n d s_____________________
20 ,833
Taxes a c c ru e d _________________________
13,020
“ E x h a u s tio n f u n d ” fo r coal la n d s ____
107,803
E m p lo y e e s h o s p ita l f u n d _____________
27,162
S u rp lu s fu n d o f proprietary’ c o m p a 
nies deposited w ith P a c. C oast C o _ .
499,755
P ro fit a n d lo s s _________________________
3,017.923

21,327,609

19,821,679

12,525,000
5,000,000
26,516
83,641
121,480
20,833
16,550
84,500
23,036

12,525,000
4,446,000
125,099
108,398
137,312
. 18,525
19,675
151,354
20,761

822,492
2,603,561

107,589
2,161,965

F* T o ta l lia b ilitie s _____________________
— V . 85, p . 923 .

21,327,609

19,821.679

21,559,922

Allis-Chalmers Company.
(Report for Fiscal Year ending June 30 1907.)
President W . H . Whiteside, under date of Milwaukee,
Wis., Oct. 1 1907, says in substance:
O perations.— 'The p a st year has been m a rk e d b y a very consid erab le i n 
crease In the sale o f the p ro d u c ts o f the e le ctrical a n d steam tu rb in e d e p a rt
m e n ts , in c o n n e ctio n w ith th e sale of o u r o ther p ro d u c ts to re g u la r as wel
as to m a n y new custom ers.
P ro b a b ly th e m o st im p o r t a n t w ork w hic h has been b r o u g h t to a c o m 
m ercia l c o n s u m m a tio n has been In th e d e v e lo p m e n t o f o u r steam -turbine
u n its .
Sizes ra n g in g fro m 500 to 7,500 K .W . have been co m p le te d a nd
tested, a n d , n o tw ith s ta n d in g o u r recent a d v e n t in to this tie ld, o ur sales
hav e a lre a d y reached n e a rly 100,000 K . W . n o rm a l c a p a c ity , a n d c om pared
w ith the prev ious year show in orders booked an increase o f $800,000.
Orders to A u g . 1 1907 for the h o r iz o n ta l, tw in - ta n d e m a n d double-acting
ty p e o f gas engines, ra n g in g In c a p a c ity from 500 to 5,000 horse-power,
aggregate 189.360 horse pow er. O n e n o ta b le c o n tra c t covers th e e le ctri
fication o f a steel p la n t re q u irin g gas engine electrical u n its of an aggregate
c a p a c ity a p p ro x im a tin g 60.000 horse pow er. A n o th e r fo r tra c tio n (street
ra ilw ay ) purposes is the largest in s ta lla tio n In A m erica o f electrical u n its
d rive n by gas engines to operate on producer gas; the e q u ip m e n t Includes
three h o riz o n ta l tw ln- tan de m gas engines of 1,500 horse pow er each, direct
connected to 1,000 K . W . , 3-phase, 25-cycle a lte rn ato rs of our m a n u fa c tu re .
A lth o u g h we have b u t re ce ntly un d e rtak e n the m a n u fa c tu re of h y d ra u lic
tu rb in e s , we p la c ed in operation d u rin g the year ten c o m plete h y d ro 
electric p la n ts , h a v in g a co m b in e d o u tp u t of 105,000 horse pow er, a nd it is
g ra tify in g to report d u p lic a te orders from the largest com panies interested
in these p la n ts .
The air-brake d e p a rtm e n t was organized a b o u t J u ly 1 1906 to e x p lo it
the sale o f Christensen air-brake e q u ip m e n ts , u n d e r an a rran gem e nt w hereby
y o u r c o m p a n y possesses the exclusive p a te n t rights to m a n u fa c tu re a n d
se ll these a ir brakes to urb a n a nd in te ru rb a n electric ra ilw ay s. A reason
a b le degree o f success has a lre a d y rew arded o u r efforts to establish o u r
selves In this fin e of business.
N o tw ith s ta n d in g th e large In roads m a d e b y th e steam tu rb in e a n d gas
en gine, our Corliss engine business continues in steady v o lu m e , p a rtic u la rly
fo r the m e d iu m a n d s m a lle r sizes. W e have also ju s t c om pleted the largest
ilo u r m ill ever constructed in C a n a d a , h a v in g a d a ily c a p a c ity of 4,500
barrels, the m ill being e le c tric a lly d riv e n and p ro d u c in g flour o f the best
q u a lit y w ith in ten hours after tu r n in g on the w h e a t.
O u r com m ercia l
po sitio n in the saw -m ill tra d e has been f u lly m a in ta in e d . N ever before
has such a c tiv ity been w itnessed in th e d e v e lo p m e n t o f m in in g , a n d , as
u s u a l, m o st o f la s t y e a r’s im p o r ta n t orders for m in in g m a c h in e ry were
placed w ith us. O u r sales of rock crushers a n d c em ent-m aking m a c h in e ry
exceeded those of a n y previous year a n d represent 50 % of th e c o u n tr y ’s
t o ta l business In these lines.
F oreign orders booked show an Increase of 4 5 % over the previous fiscal
pe rio d. A rran ge m en ts hav e been conc lu d e d d u rin g the pa st year for a
m ore sy ste m atic and energetic e x p lo ita tio n of o u r produc ts in foreign
c oun trie s, p a rtic u la rly J a p a n . C h in a a nd S o uth A m erica.
F in a n c ia l R esults.— The results for the year have n o t been as satisfactory
as ex pected, due to a c o m b in a tio n of circum stances beyond o u r c o n tro l,
in c lu d in g the general strike of m olders th ro u g h o u t th e c o u n try ; the fa ilure
o f contractors to co m p le te b u ild in g s on tim e ; the de lay e d de liv ery of e q u ip 
m e n t for the new shops, a nd the large exp-nse c o n tin g e n t u p o n the o rg a n i
za tio n o f the new p la n t a n d necessary d e v e lo p m e n t of new lines of m a n u 
fa cture . O n th e o ther h a n d , such im p ro v e m e n ts in m ethod s have been
effected t h a t w ith an Increase to over 9,000 in the n u m b e r o f w o rk m e n ,
being m ore th a n 38 % for the y ear, th e rate of p ro d u c tio n per em p loye e per
a n n u m Is n o w over $2,000.
B e g in n in g w ith the la s t q u a rte r o f the year m ost of the adverse co n d itio n s
h a d been overcom e a n d the c o m p a n y entered an era o f ste a d ily Increasing
n e t ea rn in g s, w hich have c o n tin u e d d u rin g J u ly a nd A u g u st o f th is year.
T his Im p o r ta n t re su lt, w ith the before-m entioned d e v e lo p m e n t a nd gro w th,
th e e m in e n t position of y o u r c o m p a n y In m a n y lines a n d the large v o lu m e
o f orders on h a n d , aggre gating over $15,478,000 on J u n e 30 1907, is evidence
o f fu tu r e prosperity .




10S I

C O N S O L .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 I N G J U N E 30
1906.
a $ 6 4 8 ,1 6 l
$754,928
281,655

1907.
P ro fit o n o p e ra tio n s________________________________ o $ 1,226,242
Charges fo r m a in te n an c e a n d renew als___________
$854,503
D e p re c ia tio n _________________________________________
253,988
In te rest on bo n d s, loan s a n d notes p a y a b le _______
505,049
T o ta l charges_____________________________________
O p e ra tin g de ficit for the y e a r_____________________
T o ta l su rp lu s previous y e a r________________________
E x p e n d e d in th e d e v e lo p m ’t o f new lines of m ’f ’re

$1,613,540
$387,298
157,481
__________

B a la n c e , as pe r b a la n c e sheet_______________ def.$229,817

$1,036,583
$388,422
348,289
b l9 7 ,6 1 3
s u r.$ 1 5 7 ,4 8 l

a T he pro fit on operations was o b ta in e d a fte r d e d u c tin g expenses of
m a n u fa c tu rin g a n d se llin g , in terest, div id e n d s o n preferred stock of th e
B u llo c k E le c tric M a n u fa c tu r in g C o ., a n d p rov ision fo r d o u b t fu l accoun ts,
b This ite m of $197,613 w as expended in th e d e v e lo p m e n t o f new lines
o f m a n u fa c tu re p rio r to J u n e 30 1905, th e a m o u n t o f w h ic h is n o w carried,
as a n asset to be charged to fu tu r e o p e ra tin g expenses.
BALANCE SHEET JU N E

30.

1907.
1906.
1906.
1907.
Assets—
$
I L ia b ilitie s —
$
$
$
P la n t ,
good
jP re f. s t o c k . . -16,150,000 16,150,000
w ill, & c____ 37 ,028,121 34,401,753 C om . s to c k ___ 19,820,000 19,820,000
BUL& accts.rec 4 ,650,098
4,449,185 lstM 5 s o u ts t’g l0 ,4 5 6 ,0 0 0 ___ ,_______
W o rk In pro g 
B ullo ck M fg.C o.
ress ,
m er
o u ts t’g stk-2/1,170,600
1,170,500
c handise, &c 8 ,739,354 5,437,121 A c cts. p a y a b le 2,815,226 1,559,418
D e v e lo p m ’t &
! N otes p a y a b le 24,873,432
6,4 6 0 ,COO
p a te n t acct- 1 ,115,742
662,322 I D eprec. reserve 1,293,822 1,039,835
157,481
D isc’t & com .
S u rp lu s _______
____ ____
on b o n d s ___ 2 ,614,000
U n p 'd b ’d s u b z l ,057 ,920
C a s h __________
889,828
1,151,153
255,700
Secur’s owned
254,200
229,817
P ro fit & lo s s ..
T o t a l...........56,579,080 46,357,234 j

T o ta l_______ 56,579,080 46,357,234

x Since p a id .
V In c lu d e s $1,170,000 preferred guaran te ed 6 % per a n n u m ; also $600
c o m m o n , th e re m a in in g $1,499,400 c o m m o n be ing ow ned b y th e AllisC halm ers Co. a n d de posited u n d e r its m o rtg a g e o f 1906.
z P a r tly secured by th e deposit of trea sury or sy n d ica te b o nd s to th e
a m o u n t of $3,457,000.— V . 8 5, p . 795, 655.

Federal Mining & Smelting Company.
(Report for Fiscal Year ending Aug. 31 1907.)
The report, signed by Secretary F. J. Kilner, shows;
S T A T IS T IC S F O R

Y E A R S E N D I N G A U G . 31.

1906-07.
T ons m in e d , t o t a l . . . _____________
888,950
Concentrates a n d s h ip p in g o re ___
130,373
M e ta l c o n te n ts— L e a d , in to n s ___
59,746
S ilv e r, in ounces___________________ 3,689,298

1905-06.
874,332
130,855
63,029
3,920,884

1904-05.
664,830
85,205
44.137
2,689,867

N e t e a rn in g s____ ______ ___________ $2,532,250
D iv id e n d s on preferred s t o c k ____ (7)839,022
D iv id e n d s on c o m m o n stock
(18) 1,078,719
D e v e lo p m e n t a cc o un t w ritte n o ff.
300,000

$2,685,300
(7) $803,650
(1 4 ^ )8 4 3 ,8 0 6

$1 ,242,698
$699,016
(9)389,879

$1,037,843
484,241

$143,802
340,439

S u rp lu s fo r y e a r____________________
S u rp lu s for previous y e a r_________

$314,509
1,522,084

T o ta l s u r p lu s ____________________ $1,836,593
$1,522,084
$484,241
N ote.— D iv id e n d s on c o m m o n stock were p a id d u r in g th e la te fiscal year
as follow s: 1st, 2d a n d 3d quarters a t rate of 5 % , 4 th q u a rte r a t ra te of
3 % — a to ta l of 18 % for th e year.
B A L A N C E S H E E T A U G . 31.
1907.

1906.
1907.
1906.
Liabilities—
$
$
P ro p e rty ............_18,74$1,9S1 18,79*8,998 Common stock___ 6,000,000 6,000,000
Material and sup
P I. stk. (7 % cum.) 12,000,000 12,000,000
plies.................
125,384
60,109
Acc’ts payable____
290,803
294,577
Acc’ts receivable-.
409,46S 419,273
D iv ’ds payable___
389,542
449,454
Cash ____________ 1,240,105 1,117,965 R es. fund (legal) . .
_______
130,230
S u r p lu s __________ 1,836,593 1,522.084
Total ................20,516,938 20,396,345

Total ................20,516,938 20.396.345

New directors, see a subsequent page.— V. 85, p. 407.
International Paper Company.
(Report for Fiscal Year ending June 30 1907.)
President Hugh J. Chisholm under date of Corinth, N. Y .,
Oct. 23 1907 says:
T he increase in th e cost o f m a n u fa c tu r in g th e c o m p a n y ’s p r o d u c t I*
m a in ly d u e to the Increase in th e cost o f w ood a n d la b o r. T he percentage
of increase In b o th these ite m s fo r th e p a st fiscal y ear w as v ery large , a n d
fu lly a cc o un ts fo r th e re d u c tio n in th e c o m p a n y ’s n e t earn in gs.
T he d e m a n d fo r p a p e r is now fu lly e q u a l to th e p r o d u c tio n , prices arc
m a te ria lly highe r th a n d u r in g th e large r p o r tio n o f th e p a s t y e a r, a n d In d i
catio ns fo r th e present fiscal y e a r are m ore p ro m is in g .
T he p o lic y of the c o m p a n y In kee ping th e p h y sic al c o n d itio n o f th e
la n ts a t a h ig h s ta n d a rd has been s te a d ily m a in ta in e d ,s u c h e x p e n d itu re s
a v ln g been charged In to o p e ra tin g a c c o u n t.
The p la n t a c c o u n t has In 
creased $2,375,896 d u r in g th e p a st fiscal y e a r, th is a m o u n t In p a r t covering
new h y d r a u lic d e v e lo p m e n t a n d th e c o n s tru c tio n of new m ills a n d a d d itio n s
to e x istin g m ills , w ith th e necessary e q u ip m e n t. A t th e P a lm e r ’s F a lls
M ill, o n th e H u d s o n R iv e r , th e c o m p a n y has b u ilt a new p a p e r m ill a n d
co m p le te d th e In s ta lla tio n of a d d it io n a l m a c h in e ry w h ic h w ill a d d between.
70 a n d 80 tons o f p a p e r per d a y to th e p r o d u c t o f t h a t m ill.
These new
m a ch in e s are n o w ru n n in g . A t L iv e rm o re F a lls , M e ., there Is com p le te d
a n d in o p e ra tio n a new 100-ton g ro u n d w ood m ill w ith a n h y d r a u lic d e 
v e lo p m e n t of betw een 7,000 a n d 8,000 horse-power.
I n a d d it io n there is be ing in sta lle d a t th e O tis M ill (M aine) a new
s u lp h ite m ill h a v in g a d a lly c a p a c ity of fro m 60 to 70 to n s . T he c o m p a n y
has also la id p la n s fo r a new g ro u n d w ood p la n t a t th e W ild e r M ill, a t
O lc o tt F a lls , V t . , a n d has p a r t ly co m p le te d th e necessary h y d r a u lic d e 
v e lo p m e n t o f 12,500 horse pow er.

E

E A R N IN G S , E X P E N S E S A N D C H A R G E S .
3 903-04.

1906-07.
$
Gross in c o m e ______________ 21,841,486
C ost of raw m a te rials .
m a n u f a c tu ri n g , & c____ 19,000,016

21,837,816

1904-05.
$
20,908,666

20,304,514

18,679,290

17,640,198

17,150,531

N e t ________________________ 2,841,470
T axes, insurance a n d i n t . 1,217,853

3,158,519
1,172,978

3,268,468
1,130,350

3,153,983
1,092.323

B a la n c e ________________ 1,623,617
D lv s . o n pref. sto c k , 6 % _ 1,344,402

1,985,541
1 ,344,402

2,138,118
1,344,402

2,061,660
1,344.405

S u rp lu s fo r y e a r___
279,215
P re v io us su rp lu s __________ 6,661,285

641,139
6,020,147

793,716
5,976,431

717,258
5,259,173

6,940,500
75,000

6,661,286
............

6,770,146
750,000

5,976,431

D e d u c t d is c o u n t o n b o n d s
S u rp lu s J u n e 3 0 _______

6,865,500

6,661 286

6,020,146

5,976,431

1905-06.

1082

THE CHRONICLE.

B A L A N C E S H E E T .P U N E 30.
1907.
1906.
Assets-—
$
$
43,291,874
M ill p la n ts a n d w a ter pow e rs___________ 4'5,667,771
4,126,523
W o o d la n d s - — ______________________"____ 3,769,501
8,088.426
S ecurities o f s u n d ry c o rp o ratio n s______10,325,130
' 308,476
S in k in g f u n d ____________________________
486,509
6,000
P a t e n t s ___________________________________
_______
33,653
F u r n itu r e a n d fix tu re s__________________
28,948
1,244,455
C a s h _____________________________________ 1,047,335
6,169,625
A c co u n ts a n d notes re ce ivable________ 4,684,298
In v e n to rie s of m erch an dise o n h a n d
4,741,253
L ia b ilitie s—
C o m m o n s to c k ___________________________17,442,800
P referred s to c k _________________________ 22,406,700
B o n d s ________ ______ _____ ______ _______ 18,728,000
N Qtes a n d accoun ts p a y a b le ___________ 3,848,842
A c crued in te re st, taxes a n d w a te r rents
n o t d u e _____________________________ 278,972
S u r p lu s ___________________________________ 6,865,500

42,624,180
4 ,19 1,1 58
7,670,295
150,000
8,000
33,732
861,725
5,225,959
4,770,011

68,010,285

65,535,060

17,442,800
22,406,700
17,811,000
3,405,247

17,442,800
22,406,700
17,866,000
1,446,609

283,252
6,661,286

352,804
6,020,147

68,010,285

65,535,060

Standard Milling Co.
(Report for Fiscal Year ending Aug. 31 1907.)
The results for the year ending Aug. 31 1907 compare with
those of previous years as follows:
1906-07.
S ta n d a r d M illin g C o ____
$46,973
N . W . C o n . M illin g CO-239,408
H . J . J . M . C o ___________
373,452
D u l. S u p . M ills C o______
44,402
S o u th - W e st. M illin g C o . loss 15,662
N e t p ro fits ____________
In te re s t o n b o n d s _______

$688,572
175,350

1905-06.
$126,010
89,299
243,453
9,388
-----

1904-05.
$102,704
92,430
268,668
loss 72,056
------

$468,150
179,850

1903-04.
$116,790
488,796
425,409
53,218
------

$391,746
180,209

$1,084,213
169,839

B a la n c e _______________
$513,222
$288,300
$211,537
D iv . preferred s t o c k .(2 K % ) 172 ,274(2 % ) 137,795(2 % ) 137,757
In s u ra n c e f u n d __________
_______
_______
_______

$914,374
(1 % )68,867
25,000

[V o l .

lxxxv

.

ensuing year would be the greatest in the history of the com
pany, and that the stockholders would have every reason to
expect a larger share in dividends. The annual report was
adopted, the minority shareholders voting against it.
New Director.— Martin Erdmann of New !<Tork has been
elected a director to succeed J. B. Thayer.— V. 85, p.943, 913.
Chicago Peoria & St. Louis R y.—Report.— For year end
ing June 30:
F is c a l
Gross N et
Other
Y e ar—
E a rn in g s .
E a rn in g s . Incom e .
1906 07 ____________ $ 1,685,856
$257,406 $3,325
1905 06 ____________ 1,670,072
l‘39,032 15,500
— V . 84, p . 1551.
)

Charges
& Taxes.
$230,357
232,805

B a lan c e,
S u r . orD ef.
s u r .$30,374
d e f. 78,273

Chicago St. Paul Minneapolis & Omaha R y .— New Officers.
— W . A. Gardner has been elected a director to succeed the
late Albert Keep; also President of the company, to succeed
Marvin Hughitt, who becomes Chairman of the executive
committee. T. A. Polleys has been made Secretary, in place
of E. D. Woodman, resigned.— V. 85, p. 717.
Cleveland & Pittsburgh R R .—Listed.—The New York
Stock Exchange has listed §796,250 additional special guar
anteed betterment stock, making the total amount listed
$8,274,050. The additional stock represents new equipment
($242,675), second track, storage and track elevation ($378,329), right of way and station grounds ($163,571); remainder
for various purposes.
E a rn in g s for S ix M o n th s E n d in g J u n e 30 1907.
Gross e a rn in g s____________ $ 5 ,1 9 3 ,4 6 9 [R e n ta ls (n e t)_________________ $147,809
O per. exp. aria ta x e s ______ 3,743,4301 D iv id e n d f u n d ----------- 543,045
N e t e a rn in g s_______________ 1 ,4 5 0 ,0 3 9 1
-------D educt—
j
T o ta l d e d u c tio n s --------$892,181
In te re s t on b o n d s ________
$195,827 |B a lan c e , s u r p lu s ____________ $557,858
F u n d for m a in t . of o r g 'n . .
5,5001
— V . 83, p . 687.

Delaware & Hudson Co.— Equipment Bonds Listed.—The
New York Stock Exchange has listed the $10,000,000 first

B a la n c e , s u r p lu s ______
$340,948
$150,505
$73,780
$820,507
lien equipment 43^% bonds due 1922 which were offered
B A L A N C E S H E E T A U G . 31.
1907.
1906. by Kuhn, Loeb & Co. and the First National Bank last June
1907.
1906.
Llabililies—
$
S
Assets—
$
(V. 84, p. 1307). These bonds were issued on account of
Preferred stock___ 0,900,000
6,900,000
P lant, trade marks,
good-will, &c___ 7,875.444 7,862,869 Common stock __ 4,600,000
4.600,000 the following new equipment, which cost $12,083,000, viz.:
45,195
219,523 First mtgc. bonds.a3,567,000 3,837,000
Cash _____________
6,000 co m p o site h o p p e r coal cars o f 85.000 p o u n d s c a p a c ity .
59,450
60,200
Bills receivable___
85,000
120,000 Interest accrued..
1,500 steel u n d e rfr a m e p la tf o r m cars, c a p a c ity 40 tons.
Insurance reserve.
258,112
208,867
Accumulated earns.
2,900 steel u n d e rfr a m e b o x cars of 60,000 p o u n d s c a p a c ity .
flue from sub-cos 1,776,418 1,378,032 Surplus earnings
Earnings.— For half-year ending June 30 1907:
Net available assets
a c c o u n t 1.S92.097 1,541,466
a t branches____
383.236
357,1391Miscellaneous
15,801
14,966 C oal a n d
— R a ilr o a d O perat'ns—
Interest
T otal
In vestm en ts_____
*52.500
179,500:
Sales D e p t.
P e n n .D iv .
N .Y .D iv .
on Invest.
o f a ll.
Insurance fun d ___ *533,112
483,867!
Gross rec’t s . . $ l 1,017,965 $2,902,435
$6,410,526
________
_______ _
Miscellaneous____
183,196
127,2291
N e t In c o m e ..
525,019
1,138,928
z888,15S
$562,970
$3,115,070
Seciir. covered by
Less Interest p a id o n $5,000,000 7 % m tg e . a n d $14 ,00 0,00 0 4 %
1st mtge. bonds. J6.358,358 6,209,340;
de b e nture b o n d s ____________________________ __________________ r —
455,000
S inking fun d _____
______
225,0001
B a la n c e , su rp lu s , f o r d lv id e n d s , <Scc_____________________ ________ $2,660,070
T o t a l__________17,292,460 17,162,499 j T o t a l__________ 17,292,460 17,162,499
x A fte r d e d u c tin g “ re n ta ls , $ 1 ,2 5 8 ,5 4 6 ,” as w ell as o p e ra tin g expenses,
a .Authorized issue, $6,250,000; Issued, §6,115,000; held in treasury to’take up out
$4,263,827.
standing H . J . J . M. Co. and N . YV. C M . Co. bonds, $2,278,000; canceled (sinking
Balance Sheet, &c.— The balance sheet of June 30 1907
fund ), $270,000; balance outstanding, $3,567,000.
ft 5 % debenture bonds Northwestern Consolidated Milling C o., $48,000; Ellicott
shows outstanding $42,399,500 capital stock, against $40,Warehousing Co. stock, $4,000; miscellaneous, $500.
989,000 on Dec. 31 1906; secured loans, $7,000,000, and un
A; Cash, $131,112; securities, $402,000
x (1) Hecker-Jones-Jewell Co. of N. J 1st M. 6s, $1,052,000 (out of $2,500,000),
secured loans, $1,000,000, and bills and accounts payable
a t par; pref. stk.. $1,000 (total a m t.), at par; com., $998 (out of S I,000), at par.
(other than audited pay-rolls and vouchers), $2,992,843.
(2; $999,000 Hecker-Jones-Jewell Milling Co. of N . Y . (out of $1,000,000), valued
a t $3,533,907.
The stocks owned June 30 1907 were valued at $28,280,177,
(3) Northwestern Consol. Milling Co. pref. stock, $897,450 (total issued), a t par,
as against $23,162,650 Dec. 31 1906, the shares of the United
common stock, $1,145,900 (total issued), valued at $229,090.
(4) Duluth-Superior Milling Co stock, $250,000 (total am ount), a t par.
Traction Co. of Albany, representing $12,434,640, contrast
(5) Southwestern Milling Co. stock. 1,000 shares (total a m t.', valued a t $383,913.
ing with $7,419,641 (par value $4,999,600) last December.
<6) Hecker Cereal Co. stock, $10,000, at par.— V 85, p 1007.

The holdings of Albany & Susquehanna bonds have also been
increased from $555,000 (par) to $3,353,000 through conver
sion of said bonds for D. & H. stock on the basis of $1,000 in
bonds for $500 in stock, which accounts for the in 
R AILRO A DS, IN C LU DIN G STREET ROADS.
crease above shown in the amount of stock outstanding.
Alabama Great Southern R R .—Report.— The results for The new obligations above noted, it appears, were occasioned
the year ending June 30 were:
mostly by the trolley purchases already announced, and have
Y e a r—
Gross.
N et.
O th. in c . Charges. D iv id e n d s. B a l.,s u r .
nothing to do with the important coal land acquisitions
1906-07____ $4,168,478 $761,924 $55,038 $403,285 (6)$202,821 $210,856
understood to have been made in recent months by friendly
1905-06____ 3,774,620 712,754 53,309
367,598 (6) 195,053 203,412
1904-05____ 3,308,300
601,325
51,226 327,567 (6) 185,437
139,547
interests, but independently of the company.

G E N E R A L IN V E S T M E N T

NEW S.

— V . 84, p . 1051.

Atlanta Birmingham & Atlantic R R .— President Atkinson
also the General Manager.— President Atkinson has taken
over also the duties of General Manager. George Dole Wadley will continue as Vice-President.— V. 85, p. 39.
Brooklyn Rapid Transit Co.—Livingston Street Route
Opened.— The company began on Monday the operation of
cars through Livingston Street, which was recently widened
to afford relief during rush hours to the traffic congestion in
Fulton Street. The route extends from Flatbush Avenue to
Court Street, 8 blocks.
New Elevated Structure.— Application was recently made
to the Public Service Commission for permission to build a
four-track elevated road along the Flatbush Avenue Exten
sion to the new Manhattan Bridge. The extension will
cross the Myrtle Avenue line overhead and connect with the
present tracks on Flatbush Ave. Besides the four-track line
the plans include the construction of additional elevated
tracks affording connection with the Myrtle Ave. line.
The extensions it is stated, will cost about $8,000,000.
Work has been going on for some time past.— V. 85, p. 947.
Central of Georgia R y .— Mr. Thorne’s Interest Sold.— Oakleigh Thorne, President of the Trust Company of America
(see a previous page), when questioned on Oct. 22 concerning
his interest in this road, the entire stock of which was pur
chased last spring by himself and Marsden J. Perry (V. 84,
d . 1550), is quoted as saying:
“I am not in that any more;
I have sold it.”— V. 85, p. 1004, 792.
Chesapeake & Ohio R y .— Dividend Prospects.—At the
annual meeting in Richmond on Oct. 22 President Stevens,
it is reported, said that, judging from the earnings of the
road for the last several months, the net earnings for the




A t th e Insurance in v e s tig a tio n In A lb a n y o n O c t. 22 a n d 23, th e te s ti
m o n y giv e n show ed t h a t the c o m p a n y o n M arch 11 a n d J u n e 7 o b ta in e d
loan s fro m th e M u tu a l L ife In s u ra n c e C o ., w h ic h are now o u t s ta n d in g ,
in c lu d in g $2,400,000 d u e b y th e D el. & H u d . Itself a n d 51,600,000 d u e by
th e N o rth e rn N ew Y o rk D e v e lo p m e n t C o .. a c o m p a n y In corporate d In 1904.
Its en tire $10,000 stock be ing ow n ed b y th e D . <5c 11. T he last n am e d lo a n
Is secured b y de p o sit o f $1,920,000 b o n d s of th e H u d s o n V a lle y (E lectric)
R R . a n d Is g u a ra n te e d b y the D . & H . — V . 8 5 , p . 1005, 99.

Georgia Southern & Florida R y.— Report.— The earnings
for the year ending June 30 1907 compare as follows:
F is c a l
Gross
N et
Other
I n t . on
D iv id e n d
B a l.,
Y e ar—
E a rn in g s . E a rn in g s . Incom e. B o n d s, A c . P a id .
S u r p lu s .
1906-07
$2,273,345 $393,135
$15,580
$290,440
$88,400
$29,875
1905-06
1,944,946
425,286
18,579
283,706
77,560
82,599
1904-05
1,714,703
402,317
17,593
284,233
77,560
58,117
D iv id e n d s in c lu d e 5 % ($34,200) in each y e a r on first preferred stock a n d
5 % ($54,200) in 1906-07 on second p re fe rre d , a g ain st 4 % ($43,360) In
1905-06 a n d 1904-05.— V . 83, p . 1170.

Illinois Central R R .— Annual Meeting Adjourned until
Dec. 18.—The annual meeting, which was held at Chicago
on Oct. 16, has been adjourned by agreement until Dec. 18.
Ex-President Fish and associates on Oct. 14 obtained a tem
porary injunction restraining the voting of the 286,731 shares
of the stock owned by the I nion Pacific interests on the
ground that the IT, P. is engaged in attempting an unlawful
combination. This injunction was modified Oct. 15 so as
to permit the shares in question to be voted on condition
that, in case the result of the election was affected thereby,
the meeting should be adjourned until December to permit
the adjudication of the right of Mr. Harriman to vote the
aforesaid stock. It was announced on Monday that, without
awaiting the completion of the official count, the adjourn
ment of the meeting had been agreed to. Compare Union
Pacific R R . below.— V. 85, p. 785,793, 797.
Illinois Tunnel Co., Chicago.— Lease of Telephone System
Reported Off.— The proposition to lease the company s Chi

O c t . 2G 1907.j

THE CHRONICLE.

cago telephone system to outside interests, it is understood,has
been dropped, and the company, it is stated, will undertake
to develop the business itself.— V. 84, p. 1431.
Louisville & Nashville R R .—Called Bonds.— In our ad
vertising columns will be found the numbers of $75,000
Evansville Henderson & Nashville Division bonds which
have been called for payment at the company’s office, No.
71 Broadway, at 110 and interest on Dec. 1.— V. 85, p. 929,
915.
Mobile & Ohio R R .— Report.— The results for the year
ending June 30 were:

1083

panies outside the Union" Pacific-Southern Pacific system
(compare V. 84, p. 932, 1184), the shares of this holding
company to be the object of the aforesaid distribution,and
thus segregating the outside holdings from the system
proper.— V. 85, p. 922, 916, 865.
Wichita Falls & Northwestern R y .— Bond Issue.—A mort
gage has been filed to the commonwealth Trust Co. of St.
Louis to secure an issue of bonds amounting, it is said, to
$640,000. Compare V. 85, p. 922, 602.

IN D U ST RIAL, GAS AND MISCELLANEOUS.
Adventure Consolidated Copper Co., Michigan.— Jlssessment.— An assessment of $1 per share has been cailed,
payable Nov. 26, on the 100,000 shares of $25 each, on which
$20 has heretofore been called up. Transfer books will
From the balance as above were paid dividends amounting close Nov. 16 and reopen Nov. 27.— V. 84, p. 104; V. 82, p.
td $301,030 (5%) in 1906-07 and 1905-06, against $242,824 162; V. 79, p. 787.
(4%) in 1904-05, leaving a balance of $420,209 in 1906-07,
Allis-Chalmers.—Report.— See “Annual Reports.”
against $192,660 in 1905-06 and $165,271 in 1904-05.— V.
Monthly Earnings.— Supplementing the aforesaid report
84, p. 996.
President Whiteside submits the results for the last quarter of
Norfolk & Southern R y.— New Securities, &c., Authorized. the fiscal year ended June 30 1907; also the results for the
— The shareholders on Oct. 23 ratified the proposition to quarter ended Sept. 30 1907.” These figures, he says,
make a first and refunding mortgage for $25,000,000, to sell “show steady and substantial improvement since April 1907,
certain of the bonds secured thereby and certain amounts of at which time the company first began to receive benefits
the common and preferred stock; also to execute an equip from the newly developed lines of machinery built in its
ment trust mortgage.” See V. 85, p. 922.
enlarged West Allis plant, provided therefor; the net earnings
Northern Pacific R y.— New General Manager.— George T. in excess of all fixed charges for that period (of six months)
Slade, son-in-law of J. J. Hill and recently Superintendent have been $489,268.”
Q uarter ended J u n e 30 1907.
Quarter ended Sept. 30 1907.
of the Great Northern R y., has been made General Manager
A p r il.
M ay.
Jun e .
J u ly .
A ugu st.
Sept.
of the North. Pac. to succeed Harry J. Horn, who resigned. Gross p r o fit____ $228,660
$268,893 $282,724 $270,451 $289,745 $292,640
Mr. Slade, it is stated, will have charge of the eastern divi G e n .& s e ll’g e x p .?
b o n d i n t ., & c . 191,261
199,475
189,183 189,449
188,045
186,432
sions, the general operation of the road remaining in charge
N e t p r o fit____ $37,399 $69,418 $93,541
$81,002 $101,700 $106,208
of C. M. Levey, Third Vice-President.— V. 85, p. 922, 916.
Cross P ro fit.
N et P ro fit.
Pennsylvania R R .— New Director.— Percival Roberts Jr. Q u a rte r en de d J u n e 30 1907_______________________ $780,277
$200,358
852,836
288,910
of Pennsylvania has been elected a director to succeed Q u a rte r e n d e d S e p t. 30 1907____________ __________
Alexander M. Fox, deceased.
H alf-year en d e d S e p t. 30 1907_______ '.......... ...$ 1 ,6 3 3 ,1 1 3
$489,268
M r. R o b e rts Is a c ap ita lis t; a g ra d u a te of H a v e rfo rd College, class of 1876;
New Directors.— In August the directorate was increased
a d ire c to r of th e P h ila d e lp h ia N a tio n a l B a n k a n d of th e L a n d T itle & T rust
from fifteen to eighteen members. Charles MacVeagh of
C o.; a n d a m e m b e r of the A m e ric a n S ocie ty o f C iv il E ngineers a n d the
A m e r ic a n I n s tit u te of M in in g E ngineers a n d the A m erica n S ociety of
New York, who was the new man put in the class whose
M e ch an ica l E n gineers.
H is residence is N a rb e rth , P a ., a n d his office is in
terms expired this year, was re-elected at the annual meeting
th e A rc a d e B u ild in g , P h ila d e lp h ia .— V . 85, p . 865, 794.
Philadelphia Co. of Pittsburgh.— Application Denied.— on Oct. 24. The other new members of the directorate are
Attorney-General Todd of Pennsylvania on Thursday denied Alexander F. Banks of Chicago and Herman W . Falk of
the application of the city authorities of Pittsburgh for per Milwaukee.— V. 85, p. 795, 655.
American Ice Securities Co., New York.— Time Loan.—
mission to bring quo warranto proceedings in the name of the
The Knickerbocker Trust Co., which closed its doors this
State to forfeit the company’s charter.
>
week (see a previous page), has among its notes and accounts
T he a p p lic a tio n has been p e n d in g since J u ly la s t, m a n y charges being
m a d e , a m o n g others t h a t th e c o m p a n y is a n u n la w fu l m o n o p o ly of th e h e at,
receivable a time loan understood to amount to $1,500,000
lig h t , pow er a n d tra c tio n properties of P itts b u rg h .
I t was state d t h a t the
or $1,700,000 to this company. This loan was investigated
c o m p a n y was o rig in a lly in corporate d (in 1871) u n d e r th e n a m e of th e E m p ire
C o n tra c t Co. u n d e r A c t of th e L e gislature a p p ro v e d M a rc h 22 1871; t h a t
and reported to be perfectly good, being secured by deposit
u n d e r th e C o n s titu tio n of 1874 n o c o m p a n y prev iously in corpora te d ha d
of securities covering “the ice business in Philadelphia.
pow er to tra n sa c t a n y business o ther th a n ha d in good fa ith been previously
carried o n by it , a n d t h a t , therefore, th e c o m p a n y , h a v in g confine d its e lf
(Another account says real estate New York and Phila
to th e c o n s tru ctio n of railroads prio r to 1874, c o u ld n o t thereafter tran sa c t
delphia) .” — V. 85, p. 795.
o th e r k in d s of business.— V . 85, p . 531. • • • •
American Light & Traction Co.— Earnings.— The results
Southern R y .— Agreement with Alabama Regarding Rates.
—The officials of the company and Governor Comer of the for the 9 months ending Sept. 30 were:
Net
P re f. D iv .
C om m on
B a l.,
State of Alabama on Oct. 21 reached an agreement under N in e E a rn s .fro m Other
o s.
S u b . Cos. Incom e.
P ro fits.
(4 >/£%).
D iv id e n d .
S u r p lu s .
which the litigation brought by the Southern Ry. and its M
1 9 0 7 ..$ 1 ,5 2 1 ,3 5 6 $174,778 $1,663,134 $640,629 (4 M %) $287,330 $735,175
allied lines, the Mobile & Ohio and Alabama Great Southern, 1 9 0 6 .. 1,387,534 137,437 1,488,972 639,405 ( 3 H % ) 236,363 613,204
N ote.— F ro m th e surplus fo r th e la st n ine m o n th s in 1907 was d e d u c te d
in the Federal courts attacking the 2J^-cent passenger rate $504,500
fo r "re c o n s tru c tio n reserve f u n d , ” le a v in g a surplus o f $230,675,
and other laws passed at the recent session of the Legis a g a in st a surplus of $109,354 fo r th e c o rre spo n din g pe rio d o f th e prev ious
y
e
a
r.—
V
.
85, p . 158, 533.
lature will be dismissed.
American Telephone & Telegraph Co .—Listed.— The New
T he agreem ent pro v id es t h a t th e roa d m a y charge 2 % cents a m ile for
passengers a n d th e sam e freight ra te It is a llow ed to charge In Georgia on
York Stock Exchange has authorized the listing from time
110 c o m m o d itie s , w h ic h is 2 5 % h ighe r th a n th e s ta n d a rd Georgia rate.
to time, but prior to July 1 1908, of the $21,925,200 addi
M ileage books m a y , how ever, be issued a t the rate of 2 H cents fo r 1,000 or
2,000 m iles, a n d fa m ily books of 500 m iles a t 2 i t cents a m ile . T he c o m 
tional capital stock which was offered at par to shareholders
p a n y re tains th e rig h t to a p p ly to th e R a ilr o a d C o m m issio n a fte r six m o n th s
of record June 15 1907 (V. 84, p. 1369; V. 85, p. 101), making
t r ia l to ha v e a n y rate raised w h ic h sha ll hav e been fo u n d to be too low .
the total amount listed and to be listed $180,587,000. The
I f th e C om m ission refuses to d o th is , th e ro a d w ill ha v e th e r ig h t to go in to
th e courts.
company intends to apply the proceeds of the new issue,
The S o u th e rn is assured such im m u n ity fr o m th e le g is latio n of th e special
which was to be full paid on Oct. 25, for improvements,
session ordered to be c onvened o n N o v . 7 as th e G o v e rn o r a n d th e R a ilr o a d
C om m issioners can give it.
extensions, &c., about as follows:
T he L o u is v ille & N a sh v ille on W e d ne sd a y
refused
to accept the
F is c a l
Gross
N et
Other
F ix e d
C a r trusts, B alance
Year—
E a rn in g s . E a rn in g s .
Incom e.
Charges.
I m p ,&c. fo r Stock,
1906- 07 ..$10 ,7 59 ,51 9 $3,116,432 5123,430 §1,905,969 $612,654 $721,239
190 5- 06 ..
9,445,928 2,900,493
124,810 1,815,485
716,128 493,690
1 90 4- 05 ..
8,267,602 2,616,716 127,336
1,754,725 581,232 408,095

c o m p ro m ise , b u t w ill c o n tin u e to oppose th e law s la te ly enacted In the
c o u rts, a lth o u g h It is t h o u g h t lik e ly t h a t o ther ro a d s m a y follow th e ex a m p le
o f th e S o u th e r n .
C o m pa re re p o rt, V . 85, p . 1023.— V . 85, p . 1020, 999.

Stephenville North & South Texas Ry., Stephenville, Tex.
— New Enterprise—Bond Issue.— This company, which has
completed 20 miles of railroad out of Stephenville, Tex.,
and shortly expects to be operating its entire line from Ste
phenville to Hamilton, Tex., about 43 miles, has made a
mortgage to the Commonwealth Trust Co. of St. Louis, as
trustee, to secure an issue of 30-year 5% bonds of $500 each,
dated Oct. 1 1907 and due in 1937, but subject to call in 1917;
interest payable semi-annually in St. Louis.
O f these b o n d s $322,500 are o u ts ta n d in g , re presenting 20.23 m iles of
trac k ; " fu r th e r a m o u n ts w ill be Issued in near fu tu r e , increasing en tire Issue
u p to a b o u t $80 0,0 00 .”
A u th o riz e d c a p ita l sto ck , $250,000; o u ts ta n d in g ,
$ 43,000. P re s id e n t, B . C. Cage; Vlce-Pi’e sid en t a n d G eneral M a n ag er,
J a s . B . G ilm e r; Secretary a n d T reasurer, J . M . C age, S te p h e n v ille , Tex.
C o m p a re V . 85, p . 1006.

N ew E n g la n d S tate s a n d
I W estern S ta te s ____________ $3,000,000
C a n a d a __________________$2,500,0001 S o u th e rn & G u lf S t a t e s .. 1,500,000
M id d le S ta te s ______________ 6 ,0 0 0 ,0 0 0 1In s tr u m e n ts a n d long-dlsM id d le W e s te rn S ta te s ___ 6 ,0 0 0 ,0 0 0 1 ta n c e lin e s _______________ 3,000,000

Earnings.— For half-year ending June 30 1907:
Revenue (S ix M o n th s).
|
D isbursem ents (S ix M o n th s ).
$912,570
d iv id e n d s _______________ $5,685,090 |Expenses o f a d m in ls tr a ’n
R e n ta l.o f In s tr u m e n ts ___
2 ,4 7 8 ,4 9 7 1In te re st a n d ta x e s _______
3,619,792
T elephone tr a ffic ________
4,228,560) Telephone tr a ffic ________
2,336,446
R e a l e s ta te _______________
37,541 D iv id e n d s p a i d ___________
5,262,056
In t e r e s t .__________________
1,535,531
----- --------------- 1 T o ta l d is b u r s e m e n t s ..$12,130,864
T o ta l___________________ $13,965,219 |Revenue b a la n c e _________ $1,834,355

Securities Owned.— The securities of subsidiary and allied
companies owned by the American Telephone & Telegraph
Co. on June 30 1907 aggregated at par $220,338,024, of which
$91,391,750 were pledged to secure outstanding bonds and
$128,946,274, were unpledged, viz.:
S tocks p le d g e d ................... $89,400,750 |Stocks u n p le d g e d _______ $127,272,274

B o n d s p le d g e d ___________
1 ,9 9 1 ,0 0 0 1B o n d s u n p le d g e d -----1 ,674,000
Union Pacific R R .— Distribution of Investments.— Touching —
V . 85, p . 1006, 923.
the talk of a possible distribution to the shareholders from
New
Director.—
American
Type
Founders
Co.—
Ernest
L.
treasury investments, President Harriman is quoted as
Conant has been elected to the board to fill a vacancy.—
saying:
V. 85, p. 1006.
T his Is n o t the tim e to discuss m a tte rs n o t o f Im m e d ia te a n d Im p e rativ e
Im p o rta n c e . T he In v e s tm e n t w orld is, a n d m u s t be , ta k e n u p In o ther
Bergner & Engel Brewing Co.— Payment of Accumulated
d ire c tio n s.
Dividends.— The payment of the deferred dividend of 4%
I w ill n o t d e n y t h a t th is m a tte r has been discussed fo r som e t im e , a n d
th e re Is no q ue stio n t h a t the U n io n Pacific Is In p o s itio n to m a k e a v a lu a b le
recently declared, payable Nov. 1, will, we learn, leave
d is tr ib u tio n to Its hold ers If it shou ld prove desirable to d o so a t the proper
$28, not $32, a share of'accumulated dividends on the pre
tim e . The w hdle m a tte r w ill be settled on a proper basis, w h e n th e tim e
ferred stock. Compare V. 84, p. 998.— V. 85, p. 1006.
comes; b u t th is Is n o t th e tim e to discuss It.
The plan, it is commonly believed, will involve the formaCentral Leather Co.—Court Approves Modified Consolida
(ii of a holding company to take over the $28,123,100 tion Plan.— Vice-Chancellor Emery at Newark on Saturday
c(k of the Illinois Central and the stock of other com last approved the modified consolidation plan submitted by




1084

THE CHRONICLE.

[Voi>.

LXXXV

General Electric Co.— Status.— The statement is con
firmed that the company has not a note outstanding and.
has no current obligations other than monthly bills, while
its cash deposits in the bank exceed $8,000,000, placing the
company in the strongest financial position it has been in
in years.
The subsidiary security holding companies, it is stated, are
also all right, the largest holding company being entirely
free from debt and well supplied with cash.— V. 84, p. 1370,
1251.
Chicago Pneumatic Tool Co.—Earnings.— The results for
Kinloch Long Distance Telephone Co. of St. Louis.
the three and the nine months ending Sept. 30 were:
Dividends Suspended.— This company announces that,
N et D epreciat’n , B o n d S in k in g
D ivi- B alan ce,
owing to the necessity of applying its net earnings to
3 m os.—
P rofits.
E tc .
Interest. F u n d .
dends.
S u rp lu s .
(1 % )$6 4,4 89
$73,939
1907________ $219,757 $40,079 $28,750 $12,500
improvements, the sale of bonds being inadvisable in the
190 6
254,069
36,602
28,750
12,500
(1 %) 61,088 115,129
present condition of the money market, the quarterly divi
9 m os.—
190 7
$727,285 $148,712 $86,250 $37,500 (3 % )$ 1 9 0 ,0 6 4 $264,759
dend of 1}4%> Paid regularly since, 1899, will be omitted
1906.......... 711,552
107,344 86,250 37,500 (3 % ) 183,263 297,195
this month. A circular says:
l
The total surplus Sept. 30 1907 was $1,143,168.— V. 85,
The c o m p a n y is in stron g fin a n c ia l c o n d itio n a n d its s u rp lu s e a rn in g s
p. 470.
a p p lic a b le to d iv id e n d s a fte r p a y m e n t of a ll interest charges exceed 7 % per a n n u m o n Its o u ts ta n d in g stock. N e t earnings a fte r p a y in g In te re s t
Cleveland & Buffalo Transit Co.— Extra Dividend.— The on the bonds were m ore th a n $40,000 in excess o f la s t y e a r, or an increase
29% .
The n u m b e r of telep hones In service has increased 4 ,9 3 9 , o r
directors have declared the regular quarterly dividend of of
over 2 5 % , d u rin g th e tw elve m o n th s e n d e d S e p t. 1.
(A b o u t tw o years
\yi% and an extra dividend of 1% on the $1,000,000 capital ago th e K in lo c h T elephone C o. of S t. L o u is was absorbed . T he b o n d e d
t of th e tw o com panies Is a b o u t $ 3,5 00 ,0 00 .— E d .)
C o m p a re V . 81
stock, both payable Nov. 1. President Bradley is quoted as dp e. b511,
158.
saying that an extra dividend of 1% will probably be declared
Laurentide
Pulp
&
Paper
Co.,
Grand
Mere,
Province of
as usual in January.— V. 84, p. 1370.
Quebec.— Description of Plant.— See “ Electrical World” of
Consolidated Steamship Lines.— New President—Other New York for Oct. 19.— V. 83, p. 440.
Changes Probable.— The withdrawal of this company’s pro
Merchants’ Manufacturing Co., Fall River.— Stock Divi
moter, Charles W. Morse, from the directorate of several dend.— The shareholders voted Oct. 23 to issue $400,000 new
New York banking institutions, and the failure of the stock as a 50% stock dividend, making the total stock $1,Heinzes, who were also interested in the flotation of this 2 0 0 ,0 0 0 .
company, was the beginning of the bank troubles, which are
Monongahela Water Co., Pittsburgh.— Dividends— Possi
fully dealt with on preceding pages of this issue of the
“ Chronicle.” While the company and its subsidiaries have ble Purchase by City.— This company, which last spring
not, it is asserted, a heavy floating debt,and although the omitted its April dividend after having paid regularly 8%
combined earnings, it is stated, indicate for the year a per annum in quarterly installments for some twenty-five
considerable surplus over all charges, the bonds of the Con years, made on Oct. 15 a quarterly distribution of 1% ,
solidated Steamship Lines secured by the shares of the con being the same amount as paid last July. The capital stock
trolled properties sold on Thursday down to 9 % % , and it is is $2,600,000; par of shares, $25.
b u rg h on O c t. 1 J u d g e R . S . F ra z e r in C o u rt N o . 1 h a n d e d d o w n
understood that some radical changes in the organization an Aot pPinitts
io n s u s ta in in g th e rig h t of the c ity to have appraisers a p p o in te d
and methods of operation, if not in the financial status of w ith a v iew to p u rc h a s in g the p la n t un d e r the agreem* n t o f 1885. J u d g e
M a c farla ne on O c t. 2 dt cide d t h a t the a p p ra isal m u s t In clu d e franchise as
the enterprise, are likely. It was announced yesterday that w
e ll as p h y s ic a l p ro p e rty . T he appraisers are D . B . O liv e r , W . G . W ilk in s ,
C. M. Englis has succeeded Calvin Austin as President of S. S. M e h a rd , W . S. W a ts o n a n d W illia m M c C on w ay . T he c o m p a n y has
th
priv ile g e o f a p p e a lin g from th e ir fin d in g . C om pare V . 8 0, p . 1061;.
the parent company, and that the operating companies, V .e 84.
p . 935, 999, 1252.
their boards of directors having been reorganized, would in
Muncie
Pulp Co.— Notice to Bondholders.— The Farmers’
future each have its own cashier and handle its own funds.
Loan & Trust Co. gives the following notice:
Compare V. 85, p. 286, 656, 1006.
H old ers of b o n d s or c oupons o u ts ta n d in g u n d e r th e m o rtg a g e to th e
Detroit (Mich.) Stove W orks.— New Stock.— This com F a rm e rs’ L o a n & T rust C o. a n d A sb u ry L . K e rw o o d , as trustee s, d a te d
1 1889. are hereby n o tifie d to p ro d u c e th e ir b o n d s a n d coupon s to t h e
pany, originally incorporated in 1866, being, it is said, Juunndee rsign
ed on or befeire N o v . 9 1907 in ord er to secure p a rtic ip a tio n in t h e
fu
n
d
o
f $16,200, d is tr ib u ta b le by lt u n d e r orders of the U n ite d S ta te s D is 
“ Detroit’s oldest stove enterprise,” on Sept. 29 filed at
tr ic t C o u rt for the S o u th e rn D is tr ic t o f N ew Y o r k In th e m a tte r of M uncleLansing, Mich., a certificate of increase of capital stock to P u lp C o ., b a n k r u p t .— V . 81, p . 1853.
$3,500,000, of which $2,000,000 is common and $1,500,000
Nernst Lamp Co.— Receiver—Bond Issue.— See Westingis 6% cumulative preferred.
house Electric & Manufacturing Co. below.
O f th e stock as so increased $1,800,000 c o m m o n a n d a ll the $1,500,000
New England Cotton Yarn Co., Boston.—Earnings)—
preferred is o u ts ta n d in g . P a r o f a ll shares, $100. N o b o nd ed or m ortgage
d e b t.
D iv id e n d rate o f c o m m o n stock " 6 % or m o re .”
O w ns in fee stovePresident Weld on Oct. 22, in announcing the usual preferred
m a n u fa c t u r in g p la n ts a t D e tro it a n d w arehouses in C hicago. P re siden t,
dividend, stated that the net profits for the year ending
W . T . B a rb o u r; Sec. a n d T reas., G . B . G u n d e rso n . A m o n g th e other
sha re h o ld e rs are: M rs. E lla T efft B a rb o u r, M . B . M ills , Charles B .
Sept. 30 1907 amounted to $1,498,000, contrasting with
W a r r e n , L a fa y e tte C ro w le y , o f D e tro it; a n d W . G . H e n ry o f C hicago.
$914,000 in 1905-06 and $510,000 in 1904-05.
Three
Edison Electric Co. of Los Angeles, Cal.— Earnings.— months ago the directors set aside $234,000 to provide for
E. H. Rollins & Co., who are offering at 98 and interest the first four quarterly dividends on the common stock,
$100,000 of the company’s $10,000,000 “first and refunding at the rate of 6% per annum from Sept. 3 1907 to June 1
mortgage” 5s dated Sept. 1 1902, report:
1908, both inclusive. The 6% yearly on the preferred shares
calls for $120,000, and interest and sinking fund of 1st mtge.
E a r n in g s for Y ears ending J u n e 30.
Gross
O perating
N et
F ix e d
B alan ce, 5s for about $270,000.
The net profits for the half-year
earnings.
expenses.
earnings.
charges.
surplus.
$841,560
$1,147,733
$527,689
$620,044 ending March 31 were $587,000; for quarter ending June 30,.
1 906-07___________ $1,989,293
1905-06___________ 1,494,500
606,739
887,761
348,496
539,265 $471,000; for quarter ending Sept. 30, $440,000; total year,
1 904- 05___________ 1,083,812
495,214
588,598
260,729
327,869
$1,498,000. See V. 85, p. 349, 225.
In c lu d e d in th e fixed charges fo r th e year e n d (d J u n e 30 1907 is interest
Northern Westchester Securities Co.— Additional Fran
o n a p p ro x im a te ly $3,000,000 Invested in the in it ia l w a te r pow er d e v e lo p 
m e n t on th e K e rn R iv e r n o w be in g p la c e d in o p e ra tio n . T he c o m p a n y ’s
chise.— On Oct. 19 1907 the municipal authorities of the
pveferred a n d c o m m o n stocks receive 5 % d iv id e n d s .
“ O n ly $267,000
town of Yorktown, Westchester County, N- Y ., granted to
m o re bo nd s c an be issued u n d e r th is m o rtg a g e , a nd these w ill be issued
d u r in g th e y e a r 190 7.”
C om pare V . 82, p . 932.— V . 85, p . 796, 603.
this company’s subsidiary, the Northern Westchester Light
Erie County Electric Co., Erie, Pa. — New Bonds.— The ing Co., a franchise for both gas and electricity, covering the
shareholders on Oct. 19 authorized an issue of $1,000,000 6% town of Yorktown.— V. 85, p. 221.
consolidated 1st M. gold bonds of $1,000 each, of which
Ogilvie Flour Mills Co., Montreal.— Report.— For years
$800,000 will be reserved to retire at or before maturity the ending Aug. 31:
underlying bonds, viz.: $200,000 Edison Elec. Lt. & Power
F is c a l
T rad in g
I n t . on
7 % on
D iv id e n d
B a la n c e ,
Co. 1st M. 6s due 1943 and $500,000 old Erie County Elec
Year.
profits. 1st M . 6s. P re f. stk..
on common.
sturplus.
1906-07.............. $630,686
$60,000
$140,000 (10 H % )$ 1 3 1 ,250 $299,436
tric 1st M. 4s due Jan. 1 1952. Capital stock authorized, 1905-06..............
235,262
60,000
140,000
(7 % )
87,500 d e f.52,237
$250,000; outstanding, $134,300; par of shares, $100. Presi
T o the su rp lu s a bove show n fo r 1906-07, $299,436, there was adde d th e
dent, Chas. H. Strong; Secretary, S. C. Walker; Treasurer, profit a n d loss s u rp lu s o f A u g . 31 19 0 6 , $19 8,3 71 , m a k in g t o ta l o f $497,807,
a
n
d there was th e n transferred to officers' pe nsion $10,000, to p ro p e rty
T. G. O ’Dea.— V. 77, p. 300.
reserve a c c o u n t $100,000, to “ rest a c c o u n t” $239,000, le a v in g b a la n c e o l
Federal Mining & Smelting Co.—Report.— See “Annual $148,807 to be carried fo rw a rd .— V . 81, p . 563.
Reports” on a preceding page.
Peters Shoe Co., St. Louis.— New Stock.— The share
New Directors.— Henry E. Cooper and Jas. M. Satterfield holders will vote Dec. 16 on increasing the capital stock from
have been elected to the board to succeed H . G. Knowles and $1,250,000 to $1,750,000. Compare V. 83, p. 1174; V. S2r
T. O. Callender.— V. 85, p. 407.
p. 51.
Phoenix Consolidated Copper Co., Michigan.— .4ssessFisheries Company, Philadelphia.— Receivership.— This
company, having had a bad fishing season, and being tem ment.— A circular states that the assessment of $1 50 per
porarily short of funds, on Oct. 19, through its Vice-President, share levied last January on the 100,000 shares of $25 e a c h
Robert R . Haydock, applied to the United States Circuit ($12 previously paid) has been more than half met, reducing
Court at Trenton, N. J., for the appointment of receivers. the floating debt to $42,934.
On Oct. 24 temporary receivers were announced as follows:
The d e lin q u e n t shareholders by p a y in g in f u ll w ill m a k e possible th e d is 
o f th e entire flo a tin g d e b t a n d p e rm it d r illin g “ fo r the purpose o f
Orlando J. Delaney, Moorestown, General Manager of the cloharge
c a tin g c e rtain copp' r- b ia iin g beds t h a t are k n o w n to exist on the la n d s
company, and Judge Garret D. W. Vroom of Trenton. o f the c o m p a n y w h ic h m a y offer e n c ourage m en t fo r fu tu r e o p e ra tio n s.
Besides $493,000 first mortgage bonds, there are outstanding — V . 84, p . 163.
Republic Iron & Steel Co.— New Officers.— T. W . Guthrie
bills and accounts payable, &c., to a total of $432,500..
Several months ago the company’s plant at Promised Land, of Pittsburgh, formerly assistant to the President, has been
Long Island, N. Y ., suffered seriously from fire.— V. 84, elected President of the company. John A. Toppings
who retired as President, has been made Chairman of thep. 1370.
the company, which provides that the unexchanged preferred
stock of the United States Leather Co. shall receive per $100
share $50 in bonds and $50 in preferred stock of the Central
Leather Co. to represent the principal and have the option
of accepting $23 50 common stock in full for unpaid accrued
dividends or to pursue their claim fe for unpaid dividends at
law. Compare plan, V. 79, p. 2751; V. 85, p. 866, 286, 101.
The stockholders of the two companies will formally vote
on the matter shortly.— V. 85, p. 866, 286.




1085

THE CHRONICLE

Qov. 26 1907.]

board of directors, and, it is announced, will continue to be
the active executive officer, with headquarters in this city.
— V. 85, p. 1007, 718.
Rochester & Pittsburgh Coal & Iron Co.— Called Bonds.—
Eleven Helvetia property purchase money mortgage bonds
have been drawn for payment Nov. 1 1907 at 110 and interest
at the Central Trust Co.— V. 85, p. 603.
Societe Anonyme Westinghouse.— Notes Withdrawn.— See
Westinghouse Electric & Manufacturing Co. below.— V. 85,
p. 597, 737.
Southern States Land Co.— Called Bonds.— Twenty first
mortgage bonds were payable on Oct. 1 at $512 50 per bond,
w ith accrued interest, at Knickerbocker Trust Co., New
Y o rk .— V. 84, p. 1057.
Southern Steel Co., Gadsden, A la.—Bankruptcy Petition.—
An involuntary petition in bankruptcy was filed in the Fed
eral Court at Birmingham, A la., on Thursday by the Birming
ham Coal & Iron Co., the Sayre Mining & Manufacturing Co.
and the Cahaba Coal Co., creditors of the company.
T he p e titio n alleges t h a t th e c o m p a n y has a d m itt e d in w r itin g Its in a b llty
t o p a y its de b ts, a n d has been In solvent fo r six m o n th s , a n d asks t h a t It be
a d ju d g e d a b a n k r u p t a n d t h a t receivers be a p p o in te d .
V ice-P resident S ch u le r is q u o te d as sa y in g t h a t the c o m p a n y is “ a b u n 
d a n t ly so lv e n t, a n d if the creditors are p a tie n t a n d w ill co-operate w ith us
a l l debts of th e c o m p a n y w ill be p a id a n d th e c o m p a n y p u t ba c k on its
f e e t ."
H e also says the ope ration of the p la n ts w ill go on u n in te r ru p te d ly ,
a t t r ib u t in g th e e m b arrassm en t to th e t ig h t m on ey m a rk e t in th e E a s t,a n d
o th e r causes.
Moses T a y lo r of K e a n , V a n C o rtla n d t & C o ., o f th is c ity , P re sid e n t of
t h e c o m p a n y , gave o u t a sta te m e n t sa y in g t h a t his firm does n o t h o ld a n y
o f t h e s to c k ,a n d t h a t he pe rson ally Is n o t a large s to c k h o ld e r,h a v in g been
■chosen as P re sid e n t a year ago as the result of a clash betw een tw o faction s,
a n d i t was u n de rsto o d a t th e tim e th a t he was to fill th e office o n ly te m p o ra r
ily .
T he s ta te m e n t says: “ K e a n , V a n C o rtla n d t & Co. ho ld th e first m o rt
gage bo nd s o f th e c o m p a n y . T he c o m p a n y w ill resum e, w e ex pe ct, a t some
'fu tu re d a te , a fte r this s itu a tio n has stra ig hte ne d itself o u t.
W e are n o t re
sp o n sib le for th is In v o lu n ta r y p e titio n in b a n k r u p tc y . T he creditors hav e
.do ne I t . ”

The company, it is stated, has recently commenced op
erating its fifth open-hearth steel furnace and expected
shortly to complete the sixth furnace.— V. 84, p. 106.

Waters-Pierce Oil Co.— State Receiver.— The Court of Civil
Appeals of Texas has affirmed the order made by Victor L.
Brooks appointing Robert F. Eckhart as State receiver.
Federal Judge Bryant, who also appointed a receiver, an
nounces that he will relinquish jurisdiction in favor of the
State receiver, who will assume possession. Governor
Campbell on Oct. 20 received a letter from H . Clay Pierce
making an appeal to be re-admitted to business in the State.
Compare V. 84, p. 1373.— V. 85, p. 227.
Western Union Telegraph Co.— Increase in Wages.— A gen
eral advance in wages is announced to employees who have
remained at work during the strike, doing away with the
bonus recently allowed to them. Under the scale the wages
are graded according to the individual merits of the operators
and their classification, first-class operators being advanced
from $19 80 a week to $21. The company states that the
strikers are gradually returning in all the three districts of
the system. An increase of 10% in wages was also granted
on March 1 last. Compare V. 85, p. 416.— V. 85, p. 919,867.
Westinghouse Electric & Manufacturing Co.— Temporary
Receivers Appointed.— It was announced on Wednesday that,
owing to the embarrassment of the Westinghouse financing
company, the Security Investment Co., a temporary receiv
ership would be necessary for the Westinghouse Electric &
Manufacturing Co., the Westinghouse Machine Co. and the
Nernst Lamp Co. Accordingly, later in the day on appli
cation of H . H . Westinghouse of New York (a brother of
President George Westinghouse) and the Atha Steel Casting
Co. of New Jersey, Judge Nathaniel Ewing in the United
States Court at Pittsburgh appointed receivers as follows:
W estin g ho use E le c tric & M a n u fa c tu r in g C o.— V ice-President E . M .
H e rr, T . H a r t G iv e n , P re sid e n t o f th e F a rm e rs’ D e p o s it B a n k , a n d H . S. A .
S te w a r t.
W es tin g h o use M a c h in e C o.— V ice-P resident E . E . K e lle r, W illia m M e
C o n w ay , P re sid e n t of th e M c C o n w ay & T o rle y C o ., a n d W . H . D o n n e r,
P re siden t o f th e U n io n Im p ro v e m e n t Co.
S ec urity In v e s tm e n t C o.— T he F id e lity T itle & T rust Co. of P itts b u r g h .

On Oct. 24 Judge Ewing placed the Nernst Lamp Co. (V.
85, p. 157), which, it appears, has outstanding $1,400,000 of
Topeka (Kan.) Edison Co.— Earnings.— E. H. Rollins & 5% sinking fund bonds and $3,000,000 stock, in the hands
Sons, in offering a block of bonds at 95and interest, report:
of W . P. Uptegraph (private secretary to George Westing
E a r n in g s for Y e a r ending J u n e 30 1907.
house), as receiver.
G ro s s re ce ip ts_______________ $164,035 |B o n d in te re s t__________________ $35,000
President George Westinghouse issued the following:
N e t e a rn in g s------------(56,349 |B a lan c e , s u r p lu s ______________31,349
C o m p a re b o nd offering V . 81, p . 844, 9 01 .— V . 8 4, p . 275.

• •

Trenton Potteries Co.— No Dividend Declared Oct. 17.—

Under date of Oct. 24 we are informed that the usual pre
ferred dividend (2% quarterly) was not declared at the Octo
ber meeting, held on the 17th inst., “action postponed.”
Eight per cent per annum was paid on the S I,250,000 pre
ferred from April 1900 to July 1907, both inclusive.— V. 76,
p. 483.
Union Carbide Co., Richmond, Va.— New Stock.— The
shareholders will vote Nov. 4 on increasing the capital stock
irom $6,000,000 to $14,000,000; par value of shares, $100.
Geo. O. Knapp is President.
A meeting of the shareholders was called for April 2 1907
to amend Art. 2 of the certificate of incorporation increasing
the company's powers as shown in advertisement in “ Rich
mond Dispatch” of March 19.— V. 78, p. 233.
United Electric Light Co., Springfield, Mass.— The com
pany has petitioned the Board of Gas and Electric Light Com
missioners for leave to issue additional stock to realize
$750,000 to retire floating debt and pay for improvements.
During the fiscal year 1905-06 the stock was increased from
$800,000 to $1,000,000.— V. 84, p. 936.
United States Bobbin & Shuttle Co., Providence, R. I . —
Extra Dividend.—An extra dividend of 1% has been declared
on the $1,200,000 common stock, payable Nov. 1, alongwith
the usual quarterly distribution of 1%, to holders of record
Oct. 19. The regular quarterly payment of 1% % on the
$800,000 preferred stock has also been declared payable
Nov. 1. There are no bonds outstanding.— V. 75, p. 1209.
United States Leather Co.— Modified Consolidation Plan
Approved.— See Central Leather Co. above.— V. 85, p. 104.
United States Reduction & Refining Co.—Report.— The
results for the year ending July 31 are as follows:
F is c a l
Gross
N et Interest
Y e ar.
income.
income, on bonds,
$159,000
1900-07_____________ $527,778 $394,531
1905-06_______ ______ 701,333 581,202
167,750
— V . 84, p . 276.

P ref.
d iv .i6 % )
$236,748
236,748

B alance,
surplus.
d e f.$1,217
s u r .176,704

United States Realty & Improvement Co.— Earnings.
‘ *.T m ¥rnnl r\f

A' f Y l m m n i o 1 n n l l o t i j i ”

\T/

York had the following for the company and its subsidiaries:
C onsolidated Incom e A ccount for
In te re s t re ce iva b le .............. $109,346
In c o m e fro m in v e s tm e n ts .
733,041
P r o fit o n b ld g . c o n tra c ts . .
372,936
P ro fit on sale of real estate
125,238
‘R e a liz a t ijn of carry in g
chargee on real estate” .
159,942

5 M o n th s ending Sept. 30 1907.
Gross I n c o m e ______________$1,112,720
E xpenses o f m a na g e m e n t154,966
N e t in c o m e ___________ _
In te re st & s u b sid . d lv t d ’s .

$ 957,754
285,098

B a la n c e ..............................
T o ta l .................................$1,500,503 D e d u c t q u a rte r ly d iv id e n d
Less c harg es..........................
387,783

$672,656
242,442

G ross In c o m e ........................$1,112,720
S u r p l u s . . .......... ...............
A d d — U n re allzrd profits a cc o un t:
S u i ld i n g profits o n b u ild in g s be ing erected b y th e c o ’y for it s e lf ..

$430,214

T o ta l p ro fits............................................................................ ................. ..
T h e c o m p a n y has n e a rly $700,000 cash on h a n d .

$481,447

51,233

The balance sheet of Sept. 30 1907 shows bills payable of
$1,440,000, contrasting with $900,000 on April 30 1907 and
$2,650,000 on April 30 1906.— V. 84, p. 1180, 698.




W h e n th e * P itts b u rg h C le a rin g H ouse C o m m itte e , a fte r a f u l l in v e s tig a 
tio n a n d conference w ith m e , c o n c lu d c d t h a t , a lth o u g h th e W es tin g h o u se
E le c tric & M a n u fa c tu r in g C o. a n d th e W e s tin g h o u se M a c h ine Co. were
s o lv e n t, receiverships were a d v is a b le as th e best m ean s o f p r o te c tin g th e
interests o f a ll concerned, i t w as c le a rly o u r d u t y to fo llo w th e ir fr ie n d ly
a d v ice . .The necessity for the receiverships is d u e so le ly to the a cu te fin a n 
cia l strin gen cy a n d consequent)*inability to renew o u r m a tu r in g p a p e r.
B o th the E lectric a n d the M achine com panies are so lv e n t, a n d are d o in g
the largest a n d m o s t sa tisfa c to ry business in th e ir h is to ry , a n d each c o m 
p a n y is e a rn in g lib e ra l d iv id e n d s o n its stock , a n d has q u ic k assets s u b 
s ta n tia lly e q u a l to its lia b ilitie s .
I m o s t c o n fid e n tly believe t h a t every
cred itor o f each c o m p a n y w ill be p a id in fu ll, a n d t h a t , w ith wise m a n a g e 
m e n t, u n d e r the d ire c tio n of the receivers a p p o in te d b y the C o u r t, the p r o p 
erties w ill soon be restored to the stock h olde rs.
T he loans to the S ecurities In v e s tm e n t C o. a n d m y s e lf are secured b y
the stocks of the W estin g ho use m a n u fa c tu r in g c o m p a n ie s , chiefly stock of
the E le c tric a n d M a c hine co m p a nie s , the su d d e n de clin e in the m a rk e t
v a lue of w hic h on M o n d a y a n d T uesd ay o f th is week has m a d e lt im possible
fo r us to m a rg in our lo a n s.
I stro n g ly a dvise a ll holders of such loan s to
h o ld th e ir co lla te ral, the v a lu e of w h ic h I a m c o n fid e n t w ill in tim e be
sufficien t to p a y the loan s. A p o lic y o llp a tle n c e a n d forbearance is w h a t
the s itu a tio n requires.

Compare “Annual Reports” , &c., in V. 85, p. 155, 156,157.
Regarding the Security Investment Co. (compare V. 79,
p. 504) the following has been published:
T he S ec urity In v e s tm e n t C o ., org an ized five or six years ago w ith a
c a p ita l stock o f $6,000,000 (a P itts b u rg h a u th o r ity as late as 1906 state d
the a m o u n t as $3,0 00 ,0 00 , p a r o f shares $50— E d .) , a ll o f w h ic h is ow n ed
b y M r. W es tin g h o u se . T he c o m p a n y has been a cc usto m ed to tak e securi
ties o f c orporation s to w h ic h the m a n u fa c tu r in g c o m p a n ie s hav e sold a p p a 
ra tu s , p a y in g the m a n u fa c tu r in g c o m pa nies in cash , a n d itse lf n e g o tia tin g
the sale of such securities.
I n a d d itio n the In v e s tm e n t c o m p a n y h a d been
a de p o sitary for a c onsiderable p o r tio n o f M r. W e s tln g h o u se ’s pe rsonal
h o ld in g s of stocks o f his ow n a n d o th e r co m p a nie s , a n d has been th e
m e d iu m th ro u g h w hic h M r. W estin ghouse has n e g o tiate d m a n y o f his loans
w ith these securities as c o lla te ral. D irecto rs in 1906: P re siden t G eo.
W e s tin g h o u se , VIce-Pres. Geo. C. S m ith ; Sec. a n d Treas. W . D . U p te 
g ra p h , H . H . W e s tin g h o u se , George B . G o rd o n , W a lte r C . K e rr a n d E . E .
K eller.

Withdrawal of French Company's $4,000,000 Collatera
Notes.— A press dispatch from Paris on Oct. 24 said:
T he d a y ’s fe ature w as th e Societe Generale's a n n o u n c e m e n t of th e w it h 
d r a w a l of th e 5 % c o lla te ra l notes of th e Societe A n o n y m e W e s tin g h o u s e
(see V . 85, p . 738, 597, 598.— E d .) , of w h ic h it h a d u n d e rta k e n to la u n c h
20,000,000 francs.
T he B ourse Generale h a d a lre a d y a d v a n c e d 14,000,000
francs to th e W estin g ho use Interests o n expected sales. T he W es tin g h o u se
issues ha v e h a d enorm ous sales o n th e C o n tin e n t.
(A n o th e r d is p a tc h
states t h a t n o t o n ly hav e the notes been w ith d r a w n , b u t t h a t sub sc ription s
therefor are be in g re tu rn e d .— E d .)

Earnings.— For the six months ending Sept. 30
M a n u fa c tu r in g
P ro fits.
A p r i l . .......... $570,990
M a y ............
677,797
J u n e ________
457,038
J u l y ----428,422
A u g u s t ____
356,852
S ep te m b e r .
332,217
T o ta l

...$ 2 ,8 2 3 ,3 1 6

1907:

Other
T otal
Interest, B alan ce for
Incom e. Incom e . D e p n c 'n , & c. D iv id e n d .
$112,920
$683,910
$256,989
$426,921
42,918
720,715 327,812 392,903
81,433
538,471 285,413 253,058
106,064
534,486
229,660
304,826
714,452
1,071,304
744,671
326,633
129,611
461,828
223,375
238,453
$1,187,398

$4,010,714

$2,067,920

$1,942,794

Russian Contract.— A press dispatch from St. Petersburg
on Oct. 24 said:
R u m o r s ha v e been c u rre n t t h a t th e c o m p a n y w o u ld lose m o n e y o n its
S t. P etersburg street ra ilro a d c o n tra c t, ag g re g ating $ 5,0 00 ,0 00 , p a r tic u 
la rly o n a cc o u n t of fines, said to a m o u n t to $500,000, Im posed u o p n lt b y
th e m u n ic ip a l a u th o ritie s for c o n s tru ctio n delays; b u t th e offic ials o f th e
c o m p a n y to-day de nie d th is , a n d said th e fines w o u ld aggregate less th a n
5 % , in ste ad o f 1 0 % , a n d t h a t th e y expected t h a t m o s t o f t l u m w o u ld be
re m itte d a t th e tim e o f th e fin al s e ttle m e n t. T he c o m p a n y has received
betw een 50 % a nd 60 % o f th e c o n tra c t price, a n d th e b a la n c e Is p a y a b le
on c o m p lftio n of th e c o n tra c t, w h ic h Is expected to tak e pla c e w ith in a
m o n th ,a n d it is c la im e d t h a t th e c o m p a n y has en ou gh cash in sig h t to fin ish
th e w o rk .— V . 85, p . 809.

Westinghouse Machine Co.—Receivership.— See Westing
house Electric & Manufacturing Co. above.— V. 85, p. 217.

1086

| Y o i. 1X X X Y .

THE CHRONICLE.

Itc p o r ts a n ti Q o c u m c n ts
CHICAGO B U R LIN G TO N & Q U IN C Y R A ILR O A D COMPANY.

FIFTY-THIRD ANNUAL R E P O R T — FO R THE Y E A R E N D E D JU N E 30 1907.
Increase ( + ) or
Chicago, July 1 1907.
1906.
1907.
Decrease (— ).
Total T rain s.
To the Stockholders of the Chicago Burlington & Quincy Rail M ileage of F re ig h t a n d P a s
31,993,186
+ 2,041,845
34,035,031
senger T ra in s ____________
road Company:
E a rn in g s fro m F re ig h t a n d
Passenger T ra in s ________ $71,627,225 58 $79,829,529 15 + $8 ,20 2 ,30 3 57
The railroads and properties of your company were leased,
a rn in g s pei T ra in per M ile
$2.24
$2.35
+ $0.11
taking effect October 1 1901, to the Chicago Burlington & EE xpenses
pe r T rain per M ile
$1.61
$1.73
+ $0 .1 2
Quincy Railway Company, and since that date have been N e t T raffic E a rn in g s per
T
ra
in
pe
r
M
ile
__________
$0.63
$8.6
2
—
$0.01
operated by that company. For purposes of comparing
results of operation with previous years, this report is made,
CAPITAL STOCK.
as heretofore, by .the Railroad Company.
The Capital Stock of the Chicago Burlington & Quincy
E A R N IN G S & E X PE N SES OF A LL ROADS OPERATED Railroad Company at the date of the last report
& CO N TROLLED , FOR Y E A R S E N D E D JU N E 30.
P e r C e n t.
1906.
69.0 $51,168,338
22.1
16,409,104
3.2
2,349,844
2.0
1,456,990
3 .7
2,762,393

63
36
14
21
35

G R O S S E A R N IN G S .
1907.
P e rc e n t.
F r e i g h t _______ __________ _______ $56,516,689 28 68.5
P a s s e n g e r ....................................... 18,666,973 13 22.6
M a l l _______________ ___________ 2,412,206 56
2.9
E x p re s s ____________ _____________
2,000,149 34
2.4
M is c e llan e o u s ............. .................2,877,232 60
3.6
$82,473,250 91 100.0

100.0 $74,146,670 69
O P E R A T IN G E X P E N S E S .
30.2 $22,354,706 72
13,639,941 58
18.4

30.6
17.9

15.2
5.6

$25,224,271 77
. 14,725,632 48
M a intenance of R o a d a n d S tru c
. 14,445,866 77
11,312,711 61
.
4,509,216 83
4,156,281 94

17.5
5.4

.$58 ,90 4 ,98 7 85
.$23,568,263 06
.
2,838,799 54

71.4
28.6
3.4

69.4 $51,463,641 85
30.6 $22,683,028 84
2.8
2,044,889 78

27.8 $20,638,139 06 In c o m e fr o m O p e r a tio n ________ $20,729,463 52 25.2
1906.
1907.
$20,638,139 06 In c o m e fro m O p e ra tio n _______________________ $20,729,463 52
A dd—
In c o m e fro m Securities ow ned a n d o th e r In410,682 54
com e a n d In te r e s t____________ _____________
443,262 16
$21,048,821 60

$21,172,725 68
Charges—$7,353,951 33 In te re st o n B o n d s _____________________________ $7,308,208 59
721,953 49 S in k in g F u n d s _____________________ ___________
709,309 92
230,486 48 O th e r C harges_________________________________
________ —

$8,306,391 30
$12,742,430 30

T o ta l c h a rg e s !................................................... $ 8,017,518 51
B a la n c e ..................... ............................-______ $13,155,207 17

D iv id e n d s o n stock o f th e C hicago B u r lin g 
t o n & Q u in c y R a ilr o a d C o m p a n y n o t de
posited as c o lla te ral for N o rth e rn P acific
G re a t N o r th e rn J o in t C. B . & Q . C o lla te ra l
$225,890 00
B o n d s ___________ _________ _ _______________
In te re s t fo r th e y e a r o n N o r th e rn PacificG rea t N o rth e rn J o in t C . B . & Q . C o lla te ra l
8,608,968 00
B o n d s a t 4 p e r c e n t _________________________
5,834,858 00
$3,907,572 30

8,609,040 00

S u rp lu s ..................... ........................................ - $4,320,333 17

During the year the Chicago Burlington & Quincy Rail
way Company paid, as rental, dividends at the rate of
seven per cent per annum on the stock of the Chicago Bur
lington & Quincy Railroad Company. The dividends upon
the stock of the Railroad Company deposited as collateral
security for the Northern Pacific-Great Northern Railway
Companies Joint C. B. & Q. collateral four per cent bonds
were, for the convenience of all concerned, applied directly
to the payment of the interest on these bonds, as shown
above.
STATISTICS OF F R E IG H T & PASSENGER TRAFFIC
ON A LL ROADS, O PERAT ED AND CONTROL
LE D FO R Y E A R S E N D E D JU N E 30.

T o ta l______________________
M ileage o f L o a d e d F re ig h t
C a r s __________________ _
Mileage of E m p t y F re ig h t
C a r s .............. ...........
T o ta l C a r M ile ag e .
T ons o f R e v e n u e F re ig h t
!
C arried ___________
T ons o f C o m p a n y F re ig h t
C arried _________________ .
T o ta l___ -________________

1906.
16,000,347
1,394,137

1907.
17,029,144
1,381,711

Increase ( + ) or
Decrease (— )
+ 1,028.797
— 12,426

17,394,484

18,410,855

+ 1 ,016,371

384,368,634

408,200,650

+ 23,832,016

157,006,719

148,606,023

— 8,400,696

541,375,353

556,506,673

+ 15,431,320

23,627,716

25,530,631

+ 1,902,915

6,683,180

7,204,369

+ 521,189

30,310,896

32,735,000

+ 2,424,104

T ons of R ev e nu e F re ig h t
O n e M i l e . . . ..................... . 6,347.902,891
7,169,879,492
J-S21,976.601
T o ta l Tons O ne M ile _____ 7 320,422,340 8,189,892,103
+ 869,469,763
E a rn in g s
fro m
F re ig h t
T r a f f i c ..............................$ 5 1 ,1 6 8 ,3 3 8 63 $56,516,689 28 + $5,348,350 65
A ll Cars H a u le d per F re ig h t
T rain M ile _____ _____ : . . .
31.12
30.24
— 88
T ons R e v e n u e F re ig ht
364.94
389.44
+ 24.50
H a u le d per T r a i n . ! ______
Tons
R evenue
F re ig h t
H a u le d per L o a d e d C a r .
16.52
17.56
+ 1.04
E a rn in g s oer F re ig h t T ra in
M i l e . . . ' ________ ________ _
$2.94
$3.07
+ $0.13
E a rn in g s per T on per M ile .
$0.0081
$0.0079
— $0.0002
Passenger T raffic.
M ileage of Passenger T rain s
14,598,702
15,624,176
+ 1,0 25 ,4 74
N u m b e r o f Passengers C a r
ried ................ -.............
15,494,723
16,757,220
+ 1,262,497
Passengers C arried O ne M ile 801,883,902
900,107,318
+ 98,223,416
E a rn in g s o f Passenger
T ra in s _____________ ______ $20,458,886 95 $23,312,839 87 + $2,853,952 92
E a rn in g s
pe r
Passenger
T ra in M ile _______________
$1.40
$1.49
+ $0.09
E a rn in g s pe r Passenger per
M ile .......................................
$0.0205
$0.0207
+ $0.0002




There have been no changes during the year.
FU N D ED DEBT.
The Funded Debt of the Chicago Burlington & Quincy
Railroad Company at the date of the last report
w a s ........................................................................................................ .$17 4,1 7 2,0 00 00

The additions.during the year were as follows:
B . & M . R . R R . In N e b .C o n s o li
d a te d M o rtg age 6 pe r cent
B o n d s of 1 9 l8 so ld _____ _____
The re d u c tio n s d u r in g th e
y e a r were as follow s:
Purchased fo r S in k in g F u n d s
a n d canceled—
C. B . & Q . Io w a D i 
v is io n 4 per cent
B o n d s of 1919. .-$189,000 00
C . B . & Q . Io w a D i
v ision 5 per cent
B o n d s of 1 9 1 9 ...
41,000 00
C. B. & Q. N e bra sk a
E x te n sio n 4 per
cent
Bonds
of
1927 _____________ 286,000 00
T ark io V a lle y R R .
7 per cent B o n d s
11,000 00
of 1920___________
N o d a w a y V a il. R R .
7 per cent B o n d s
of 1920...................
10,000 00
P a id a t m a tu r ity :
K . C. S t. J . & C. B .
R R . 7 p e r cent
B o n d s o f 1907___

$55,000 00

$537,000 00

5,000,000 00

5,537,000 00
5,482,000 00

$225,834 00

T o ta l................................ -.................................... $8,834,874 00

D E S C R IP T IO N —
F reight T raffic.
M ileage of F re ig h t T r a in s ..
M ileage of M ix ed T ra in s___

w a s . . ............................ ....................... . . ............................................... $110,839,100 00

T o ta l F u n d e d D e b t o f th e C . B . & Q . R R . Co. on J u n e 30
1907....... ...................... .....................................................................$168,690,000 00

CONSTRUCTION AND EQUIPM ENT.
Expenditures for Construction during the year ended
June 30 1907 on the Chicago Burlington & Quincy Railroad
anfl Branches, on Lines East of the Missouri River, were
as follows:
N e w Lin e— C e n tra lia , 111., to H e r r in , 111. (com 
pleted) __________________________________________ ___$56,265 47
R e d u c in g GradeSs In Illin o is _______________________
93,412 25
A b in g d o n , 111., to A v o n ., 111., g rade re d u c tio n
a n d change of l i n e . ----------------------- -- 116,873 79
C e n tra lia , 111., a d d itio n a l tra c k s __________________
54,807 88
C hristo phe r, 111., a d d itio n a l tra c k s -----------74,132 91
G a le sburg , 111., new y a r d ________________________ ___155,407 71
G a le sburg , 111., tie-treating p l a n t -----------67,955 49
H a rle m . M o ., new ele v ato r a n d a n n e x ----------- 342,060 56
H a w th o rn e , 111., a d d itio n a l y a rd fa c ilitie s ----- -- 157,615 99
M u rra y s, M o ., new y a r d --------------------- -- 217.476 08
S t. Jo se p h , M o ., R e c la m a tio n w o r k ----------59/843 86
W a ld r o n . M o ., cut-ofT t r a c k .---- ----------62 852 23
N ew side a n d passing tra c k s_____________________ ___334,969 18
N ew b u ild in g s and w aterw orks----- --------- -- 114,118 2<
M iscellaneous c o n s tr u c t io n _______________________
4,167 <!9
Less cred it fo r la n d so ld .

$1,911,958 96
316,054 77
-$1,595,904 1&

On Lines and Branches West of the Missouri River:
N ew L in e — F ra n n le , W y o ., to W o r la n d , W y o .
$785,112 79
(com pleted) ________________________________
N ew Lin e— L in c o ln , N e b ., to M ilfo rd . N e b ., In 
91 ,866 53
c lu d in g new y ard a t L in c o ln ___________________
161,943 50
N ew Lin e— W o r l a n d , W y o . . to K ir b y , W y o .
90,922 15
1 N ew L in e— N e w ark . N e b ., to B rid g ep o rt Neb35.230 29
A s h la n d , N e b ., a d d itio n a l f a c ilit ie s .--------69,985 00
| D e n v e r, C o l., la n d for a d d itio n a l fa cilitie s----51.315 59
E c h e ta , W y o ., new r e s e r v o ir ----- ----------i E d g e m o n t, S. D . a d d itio n a l fa cilitie s— .- — - . 33,341 24
31 563 03
: G ib son N e b ., engine house a n d a d d itio n a l trac k
31 674 98
, N o rth P la tte ,N e b . .la n d for a d d itio n a l fa c ilitie s .
■<<46 i:- j .4
| New side, a n d passing tra c k s -------------- —
1 New b u ild in g s _____________________________________
93,704 04
I New b a lla s t________ ____________________________ 21,799 91
; M iscellaneous c o n s tr u c t io n ------------------

ir,t:,isr ,tv
2 ,094,805 36

T o ta l.............. .............................-..........................................................$3,690,709 55
A d d balance a t D e b it o f P re m iu m a n d D isco u n t o n B o n d s sold
9,679 92
a n d p u rch as e d ----------------------------------------T o ta l a m o u n t charged C o n stru c tio n A c co u n t d u r in g th e y ea r.$ 3 ,7 0 0 ,3 8 9 47
C ost o f N ew E q u ip m e n t p a id for d u r in g the year a n d charged
E q u ip m e n t A c c o u n t . . ................. -.................................................... 3,825,8-0 »4
T o ta l................................... —

....................................................- - . $ 7 , 5 2 6 ^ I o l l

Expenditures for Construction during the year on the
standard and narrow-gauge roads controlled by the Chicago
Burlington & Quincy Railroad Company were as follows:
N ew S ide a n d P a ssing T rac k s......................................... ?]
N ew B a lla s t ..................... -.................................................. 4 9 .435 \\
M iscellaneous c o n s tr u c tio n ..............................................
-J
T o ta l............ ............................................................... ........................

$89,426 40

O tri. iM 1007.)

H'*7

THE CHRONICLE.

EQUIPM ENT.
There were added during the year to the C. B.& Q .R R . Co.
"'Locomotives'. - .'.___: _____ __________ _____________________'. J . . ___________
136
D in in g a n d M ilk C a rs_______ ______ r __________________ _ . _________________
19
R efrigera tor C a r s .____ L.
_____ . . . ' . ____________________________ ____
18
"Stock ('a re ____ , ______________________________________________________________
712
« O o a lC a r s .. . : ___________ . -_____________________________________________ 1 ,000
■Other Carv! in C o m p a n y S ervice__________________________ _____________ ___
9

The Equipment of the Chicago Burlington & Quincy Rail
road Company on June 30 19u7 was as follows:
L o c o m o tiv e s____ ______________________ ,___
________ . . .
.Passenger E q u ip m e n t —
Passenger a n a C o m b in a tio n C a rs. _ . . . .......................... ..
Baggage,,-M a il a n d E xpress C a r s _________________________
O th e r Passenger C a rs . -___________________________ : __________

1,604
862
290
67
------

.F re ig h t E q u ip m e n t —
B ox a n d F u r n itu re C a rs_____________________________________ 25,849
R efrig e ra to r C a rs _________ •.___ _____ ______ _______________
. ] ,745
S to c k C a rs_____________________________________________________ 7,661
C.ial Cars . .
'______ _ . J ___ •_...._______________ ______ _____12,953
I-'Iat C ars
__________________________ ____
_______
2,742
Ore Cars : tL-i t _____ __________ _______ .
...................... .___ _
82
W a y C ars. _•______ ________________ ______________________ . . . .
613
O tn e r F re ig h t Cars . . .. . .
17
"W o rk E q u ip m e n t —
S te a m S ho v elS . . .......... ....... ......
S te am C ranes a n d IlerricU s
O th e r W o r k C a r s . ____________ . . . . . . . .

6,866

G ra n d T o ta l C a r s ......... .......... . . ______ . . . . . ______________________
G r a n d T o ta l C ars a n d L o c o m o tiv e s ..’

59,747
61,351

._

00

79

40
17
00

$393,683,176 22
1.219

....
.....
22
................
21
__
6.823
--- -—

.

C O M P O S IT E G E N E R A L B A L A N C E S H E E T
J U N E 30 1907.
Assets—
Cost of R e a d a n d E q u i p m e n t ......................... ..
$345,281,500
Cost of In v e s tm e n ts in C o n tro lle d R e a d s —
■ !
D a v e n p o rt R o c k Is la n d & N o r th w R y . C o . $1,880.128 34
N arrow -G auge R a ilr o a d s _____ . . . ___________ 2,276,611 45
— — ----- :--4,156,739
S u n d r y In v e s tm e n ts .
......... ............ .........:___ ______: 14,190,91 2 18
T iustees o f S in k in g F u n d s show in g the cost o f uncanceled
securities a n d cash a w a itin g in v e s tm e n t, he ld in SinkingF u n d s ..............
. . . . . ____________ ___________
. . 17,262,788
M a te ria l a n d S u p p lie s _____ ________
________
f,
6,013,344
S u n d r y A v a ila b le S e c u r itie s ..
.
..
461,800
Cash o n h a n d
_____________________________ ___ _
____3,316,091 62

G E N E RA L REM A RK S.
The length of road operated and controlled on June 30
.1907 was 9.134 miles against 8,927 miles on June 30 1906,
.and the average for the year 1906-07 was 9.122 miles against
.tin average of 8,896 miles in 1905-06.
The Gr'os- Earnings per mile were $9,041 14 in 1906-07,
against $*,384 83 in 1905-06. The Operating Expenses, in
cluding Ta-Vrs, per mile in 1906-07. were.$6,768 67, against
$6,014 90 in 1905-06. The percentage of Operating Ex
penses, including Taxes, to Gross Earnings, 1906-07. was
74.87. against 72.17 in 1905-06.
The number of revenue tons moved one mile increased
12.95 petf cent, a# compared with 1905-06, and Freight
Earnings increased 10.45 per cent. Passengers carried one
mile increased 12.25 per cent and Passenger Earnings in
creased 13.76 per cent . The percentage of Operating Ex
penses to Gross Earnings increased 2.01 per cent.
The total amount at the credit of Sinking Funds on June 30
1906 was $26,057,339 13. This amount was increased
■during the year by the sum of $1,533,225 74, of which
$709,309 92 was paid directl_v from the earnings of the year,
and the remainder, $823,915 82. was the accumulation of
interest on bonds held in the Funds. The bonds purchased
'for the Sinking Fund during the year amounted to $1,542,
.500 00. of which $537,000 00 were canceled and $1.005,500 00
remain, uneaneeled in Sinking Fund Investments.
During the year the construction of a line from Frannie,
Wyo.. to Worland, Wyo., 91 miles, was completed and
opened for traffic. An extension.of this line from Worland,
Wyo., to Kirby, Wvo.. 20.45 miles, is under construction
:and will be opened in September 1907.
For further details relating to the affairs of the company ,
reference is made to the report of the General Auditor.
Bv order of the Board of Directors.
G E O RG E B. H A R R IS , President.
For the purpose of showing the Assets and Liabilities of
both the Railroad and Railway Companies in the same form
.-as has been heretofore used in the reports of the Railroad
•Company, the General Balance Sheet and Income Account
.Statement have been made in composite form.

L ia b ilitie s —
C a p ita l S tock
_________________ ___________________ ,.$110,839,100 00
F u n d e d D e b t ____________________________________________________ 168 690,000 00
M a tu re d C oupo ns, n o t p r e s e n t e d ________ . . . .
66,721 00
C o u p o n In te re st to m a tu re J u ly 1 1907
.. .
2,176,342 50
B ills P a y a b le ________________________ _____
..
2,000,000 00
U n p a id V ouchers a n d P a y - ro lls. _
_ _________ ___ 7,387,359 15
129,256 01
R e lie f D e p a rtm e n t F u n d ______ ____ _____ _ _________ . . . .
F ire In su ra n ce F u n d . __________________ ________ _
____
609.158 36
S u n d r y A c co u nts B alan ce
...
_
..... .
2.842,883 19
R e n e w a l F u n d ___
.
....................... . . .
_
.
10,000,000 00
In c o m e A c c o u n t ___ ___________________________________ _. .
47,023,298 87
....... ........... ...... ............... ..................... ............
14,328,492 27
P ro fit a n d Loss
S in k in g F u n d s , show ing the t o ta l of p a y m e n ts to a n d accre
tions of S in k in g F u n d s for—
C. B. & Q . 4 a n d 5 per cent B o n ds of 1919
(Io w a D iv is io n ) .____________________ ____ •..$5,574,008 50
C. B . & Q. 4 per cent B o n d s of 1921_______ 1,962,019 95
C. B . & Q . 4 per cent B o n d s of 1922 (D e n 
ver E x te n s io n )_________________ ____________ 3,556,181 95
C . B. & Q . 4 per c ent B o n ds of 1927 (N e
braska E x tension)
_______________________ 4,733,285 86
B. & M . R . R R . In N ebraska 6 per cent
B o n ds of 1918 . . _________________________ 7,535,580 17
B. & M . R . R R . in N e braska 4 pe>- cent
B o n d s o f 1910_«y____________ _ .______ _
3,309.656.4*8
R e p u b lic a n V a lle y R R . 6 per cent B o n d s of
1919
....
545,967 94
L in c o ln <S- N orthw e ste rn R R
7 per cent
352,864 02 .
B o n d s of 1910_____________________ . . ....
N o d a w a y V a lle y R R . 7 per cent B o n d s o f
-;
1920
........................ .. ........... . . .
10,000 00
T ark io V alle y R R . 7 per cent B o n d s of 1920
11,000 00— 27,590,564 87
$393,683,176 22
C O M P O S IT E

IN C O M E A C C O U N T .

D ebit—
O p e ra tin g Expenses
Taxes _______ ______ _____________________

858,184,494 99
2,814,057 06
--- -— r-— ~
$60,998,552 05
In te re st on B o n d s— C .B .& Q . a n d B ranches $7,308,208 59
Cash p a id to S in k in g F u n d s —
C . IB & Q 4 a n d 5 per cent
B o n a s of 1919 . . . . .
$232,530 00
C . B. & Q . 4 per cent B ones
of 1921. ______ ______
43,000 00
C . B . & Q . 4 per c en t B o n o s
of 1922....... ......................
79,680 00
C . B & Q . 4 per cent B o n d s
•
•I
of 1927__________________
293,629 92
B . & M . R R R . in N ebraska
.
4 p e rc e n t B o n d s o f 1910
33,470 00
L in c o ln & N o rth w e ste rn R R
. , t ...
7 p e rc e n t B o n d s of 1910
6,000 00
N c d a w a y V alle y R R . 7 per
c en t B o n d s o f 1920.
10,000 0(1
T ark io V a lie v R R . 7 per cent
B o n d s of 1920
11.000 00— 709,309 92
D iv id e n d s —
O c to b e r 1 1906
$1,939,684 2.5
1
J a n u a i y 1 1907
. . 1,939,684 25
A p r il 1 1907
. ... .
1.939,684 25
i ’• , - :
,
J u ly 1 1907.
. . 1,939,684 25— 7,758.737 00
-- —--- —
15,776(255 51
B alan ce a t cred it Of Tncome A c c o u n t.
.........
47,023,298'87
S I 23,798.106 46
Credit—1
J u n e 30 1906, B a lan c e a ■per A n n u a l R e p o r t 1905-06........... $41,049,536 94
F re ig ht E a rn in g s
$56,018,683 51
Passenger E a r n in g s .. . _ . . .
_____ 18,478,170 52
M iscellaneous E a rn in g s .
.
.
7,208,447 27
---------- i . _ .
81,705 ,307 83
In c o m e on Securities ow ned a n d o th e r In c o m e a n d I n t .
443,262 16
$123,798,106 43
N ote.— The figures on these pages cover th e ro a d s actua lly - o p era ted b y
th e C . B. & Q . R y . C o ., th ro u g h lease, w hereas th e figures on prev ious page
cover also roads c o n tro lle d th ro u g h ow nership o f sto ck . •

NORTHERN PACIFIC R A IL W A Y COMPANY.

ELEVENTH ANNUAL REPORT- FOR THE FISCAL Y E A R E N D IN G JU N E 30 1907.
Office of the Northern Pacific Railway Co..
St. Paul. Minnesota.
October 7 1907.
To tin Stockholders of the Xorthcrn Pacific Railway Company:
The following, being the Eleventh Annual Report, shows
the result of the operation of your property for the fiscal
year ending June 30 1907:
INCOME ACCOUNT.
F a •>I uv :
r trtg* i
IM ”'eiigt-r
M a ll. Express a n d
la:'eoiis

Mlsc**l

T otals

Increase, or
1906.
1907.
Decrease.
$4 4 ,041 ,466 51 $48,395,878 04 $4,354,411 53
14,368,221 39
16.924.187 71
2,555,966 32
2.813,787 78

3.214.766 45

400,978 67

$61,223,475 68 $68,534,8:12 20 $7,31 1,356 52

Per rn'le (average).
$11.335
$12,589 82
$1,254 53
•O p e ra tin g Expenses:
C o n d u c tin g T ra n s p o rta tio n 515,673,348 43 $20,887,230 05 $5 ,2 13 ,8 8 1 62
M ain ten an ce of E q u ip m e n t
5,944,119 08
5,542.208 53
401 910 55
M ain ten an ce at R o a d a nd
S truc tures
7.493.729 90
9.145,546 92
1 ,651 .817 C2
General Expenses
1.984 234 90
2.089,331 17
105,096 2 /
T otals, ..-

____ >______ $31 .095.432 31 $37,664,316 67

P er cent of Gross E a r n in g s .
P er m ile (average) . . .
.N e t K a 'n fn r.'




5 0 .8 %
$5,757 20

5 5 .0 %
$6,918 92

$30,128,043 37 $30,870,515 53

$6,568,884 36

P er cent of Gross
Per m ile (a v e rag e ). .
Less T a x e s .
....... ...............
Per cent o f Gross E a rn in g s
Per m ile (av e rag e ).

1906.
49.2 %
$5,578 09
2,213,040 00
3.6 %
$409 7-1

1907.
45.0 %
$.*> 670 90
2.398.719 00
3.5 %
$440 64

L e a v in g
____
.
$27,915 003 37 $28,471 796 53
■
A dd:
D iv ld e n d s a n d interest on
securities a n d Interest
o n d e posits
. .
1 ,719.346 20
2.338 324 41
D ed uct:
Interest on bo nd s
Interest a n d com m ission
on new «tock sub scrip
tlon s
’'e n t a ls c f leased lines
D .v ld e n d s on stock
T o ta ls
S u rp lu s fo r the ycai

4 .2 %

$92 81
185,679 00
0 .1 °,,
$30 90
$556,793 16

618,978 21

$29,634,349 57 .$30,810 120 94 $1,175,771 37
$6,986.1 40 00

S7,01 5,995 0 1

$29,855 01

159 ,727 20
160 469 30
10.850,000 00

159,727 20

160,469 30
10,850,000 00

$17,996,609 30 518,186 191 51

$189,582 . .

929 43

$986,180 16

$11,697,740 27

Less a m o u n t a p p ro p ria te d foi
d^pr< e la tio n o f e q u ip m e n t
$2,000,000 00
Le s a m o u .t a o p ro p rla te d for
the I
uranee F u n d
1 ,081,980 16
T o ta l a p p ro p ria tio n s

Decrease.

$3,081 .980 16

$5,926 .753 on $3,926,753 oo

1.081,980 16
$5,926,753 00 $2,844,772 84

$8,555,760 11 $6,697,176 43 $1,858,583 68
4.2 % j N e t su rp lu s for th e year
$1,161 72
(Black face denotes decrease.)
Note, —-In the report for 1906 there was show n a d e d u c tio n of $3,000,000
$742,472 16
a p p ro p ria te d from Incom e for a d d itio n s to a n d b e tte rm e n ts of <xlfitlng llr.es.

1088

THE CHRONICLE.

S u c h charges h a v in g been tran sferred to C a p ita l A c c o u n t, as show n b e low ,
th is d e d u c tio n is o m itte d in the c o m p a ra tiv e s ta te m e n t abov e.
T he a m o u n t d e d u c te d in 1907 for d e p re c ia tio n o f e q u ip m e n t has been
charged d ire c t to P r o iit a n d Loss a n d n o t to In c o m e A c c o u n t, b u t it is
show n a bove fo r purpose o f com pa rison .

M ILEA G E O PERAT ED.

T o ta l a d d it io n s ________________________________________________________

M ile s .
2.77
3.36
8 17
4.41
1.06
1.50
21 27

Deductions: Track taken up on—
C o k ed ale B ra n c h , C oal S p u r to C okedale, M o n t a n a ----------2.19
C orrections by re - c h a inin g ________________________________________ .01
T o ta l ded u c tio n s ______________________________________________________

2.20

A verage m ilea ge o pe ra te d d u r in g th e y e a r---------------- ..5 ,4 4 3 67

E ARN IN G S.
B U S IN E S S .

including 103 sleeping cars owned jointly with the Pullman
Company, a net increase of 85. The number of each kind
of car owned is shown in table on page 38, pamphlet report.
F R E IG H T

E Q U IP M E N T .

-1906----N u m  C a p ac ity
( T ons).
ber.
650,335
B o x ............ ............. .2 0 .8 5 7
12,835
F u r n itu r e ________
511
17,715
R e fr ig e ra to r_______
709
140
6
F r u it _______________
52,495
S t o c k _____________ 2,027
237,307
F la t ......................... .. 7,486
2,160
O i l_________________
133
121,920
C o a l _______________ 3 421
B a lla s t a n d ore___
947
36,725

----- 1907----Num - C a p ic ity
(T on s).
bcr.
855,118
25,010
12,395
493
891
22,680

T o ta ls ............ ...3 6 , 0 9 7
P erce nt of Increase ____
A verage c a p a c ity
per c a r__________ ____

1,131,632
_______

42,320 1,422,503

31.3

33.6

2,254
8,747
77
3,989
859

N u m  C a pac ity
(Tons'!.
ber.
4,153
204,783
440
18
182
4,965
6
140
227
6,970
1,261
47.763
56
850
568
30 290
88
2,470

59.465
285,070
1,310
152,210
34,255

6,223
1 7 .2 %

290,871
25.7 %
2.3

In addition to equipment shown as on hand June 30 1907,
the following are due and will be received by the end of
the year:
L o c o m o tiv e s__________________________________________ ______________________
52
Passenger-train cars_______________________ •_----------- ------------28
Frcsight cars________________________________________________________ ______..1 ,5 3 7
Cabooses ___________________________________________________________________
100
Miscellaneous ______________________________________________________________
27
T o ta l_________________________ ______ ______ _______ ______ _________________1,744

Freight earnings were $48,395,878 04, an increase of $4,354,411 53, or 9.9 per cent over the previous year.
5,504,444,098 tons of revenue freight were moved one mile,
an increase of 259,184,018 tons one mile, or 4.94 per cent
over the previous year.
The rate per ton mile increased from .00828 to .00866.
This increase is due to a larger relative tonnage of high-class
freight and a shorter average haul, and not ,to an increase
in rates.
The revenue train-load increased from 400.47 to 406.77
tons.
PASSEN GER

.

N ote.— F igures in black face d e n o te decrease.

N e t a d d itio n s ________________________________________________ ■
------19.07
M ileage operated J u n e 30 1906_______________________________________5,429.25
M ileage o perated J u n e 30 1907------------------------- ----- .5 ,4 4 8 .3 2

F R E IG H T

lxxxy

Comparative statement of number and capacity of freight

Changes have taken place in the mileage operated during
the year as follows:
There were added—
C o lo rad o S treet L in e In S e a ttle , transferred to M a in L in e --------F o n d d u L a c B ra n c h , M in n e so ta, e x te n d e d from F o n d d u L a c westS u n n y s id e B ra n c h , e x te n d e d S u n n y sid e to G ra n d V ie w , W a s h in g to n
E lk h o r n B ra n c h , M o n ta n a , Q u e e n ’s S 'd ln g to E lk h o r n , transferred
to ope rate d m ile a g e ----------- ------ -------------- -------T ac o m a T id e F la t B ra n c h , W a s h in g to n , c o n s tr u c te d ............... .........
S n o q u a lm le B ra n c h , W a s h in g to n , e x ten ded N o r th B e n d to S a l l a l . .

[V o l .

D E P R E C IA T IO N

O F E Q U IP M E N T .

The Equipment Account of the Company represents the
fair value of all equipment belonging to the Company on
June 30 1907, after making full allowance for depreciation
in accordance with the principle laid down by the InterState Commerce Commission. The charge of $5,926,753
is arrived at by computing the depreciation to June 30 1907
of all equipment owned by the Company on September 1
1896 and purchased and built since then.
B alance to d e b it J u n e 30 1906_______________ _____ _______...5 31 ,8 87 ,22 5 79
New e q u ip m e n t purch ase u or b u ilt sin ce---------------- 11,178,163 28

B U S IN E S S .
Less a m o u n t w ritte n off fo r d e p re c ia tio n --------- -------

543,065,389 07
5,926,753 00

Passenger earnings were $16,924,187 71, an increase of
537,138,636 07
$2,555,966 32, or 17.8 per cent over the previous year.
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S .
Mail earnings were $1,038,056 10, an increase of $127,847 40, or 14 per cent.
The charges for Maintenance of Way and Structures were
Express earnings were $1,229,764 11, an increase of $263,- $9,145,546 92, an increase of $1,651,817 02, or 22.04
499 01, or 27.3 per cent.
per cent.
The total earnings for persons and property carried on
The property was well maintained and improved, as shown
passenger trains were $19,192,007 92, an increase of $2,947,- by the following:
312 73, or 18.1 per cent over the previous year.
PERM ANENT W AY.
The number of passengers carried was 6,953,424, an in
ew second trac k la id w ith 85 p o u n d rail ___________ _________
70.39 m iles
crease of 1,033,144 over the previous year, and the number N
M a in line re-lald w ith new 85-pcund r a il............ ............... ...... ..
385.05
24.74
of passengers carried one mile was 722,745,259, an increase S econd tra c k re-laid w ith new 85-pound r a il-------------N ew th ir d tra c k la id w ith new second- quality 72 p o u n d ra il
; .58
of 63,695,032, or 9.66 per cent.
S id in g s a n d spu r trac k s c o n s tr u c t e d --------------------154.43
The miles run by passenger trains were 8,922,675, an in T rack b a lla s te d ___________________ _____ ____________ _____ _______
98.58
E m b a n k m e n t w id e n e d ____________ ______________________________
24.34
crease of 864,954, or 10.73 per cent.
Cross-tie renew als, m a in lin e ------------ -------- ------- 1,162,753
ties
The rate per passenger per mile was .0226 and .0209 last Cross-tie renew als, b ran c h l i n e s ___________ ___________________ 623,712
b e r bridges replaced b y p e rm a n e n t structu res a n d e m 
year, an increase of 8.13 per cent. The lower rate for the T im
b a n k m e n ts , 127, e q u a l t o ____________________________________
5.13 m iles
year ending June 30 1906 was due to the large amount of T im b e r bridges r e n e w e d _______________________ — :-------- 39
im b e r culv erts replaced In p e rm a n e n t f o r m . ------------340
low-rate travel to the Portland Exposition. There has been TNew
stock fence c o n s tr u c t e d ___ _____ __________________________
318.86 m iles
no increase in rates.
21.5
N e w snow fence c o n s tr u c t e d --------- ------------ ---- B R ID G E S

O PERAT IN G EXPEN SES.
M A IN T E N A N C E O F E Q U IP M E N T .

The charges for maintenance of equipment were $5,542,208 53, a decrease of $401,910 55, or 6.76 per cent.
All equipment in service was maintained in good condition.
L O C O M O T IV E S .
T o ta l n u m b e r of engines o n a ctiv e list J u n e 30 1906.............. ....................1,005
A d d itio n s :
P u rc h a se d , P acific ty p e passenger lo c o m o tiv e s .------ -----2
M ik a d o ty p e freight lo c o m o tiv e s___________________ 75
P ra irie ty p e fre ig h t lo c o m o tiv e s____________________ 130
Ten-whee! fre ig h t lo c o m o tiv e s____________ ______ _
10
Six-wheel sw itch lo c o m o t iv e s .._______ _______ _____ 37
‘-- 254
1,259
D e d u ctio n s:
S o ld scrapped or d is c a rd e d ___ ______ ______________________ __________

4

T o ta l n u m b e r o n a ctiv e list J u n e 30 1907_____________ ______ ..1 ,2 5 5

In addition to the 4 locomotives on active list sold or
scrapped, there were 4 locomotives sold or scrapped from
the superannuated list, leaving 37 still on that list.
H A U L I N G C A P A C IT Y .

The capacity of all engines on active list as compared with
last year is shown approximately by the following statement
of total weights:
Num ber.
1,005
254

Total W right Total W eight
on D rivers.
of E ngine s.
122.341,073
166,047,287
41,973,650
53,032,050

During the year 167 bridges were replaced and 4 eliminated
by line changes and abandoned; 40 were replaced by timber
structures, and 14 permanent and 113 timber structures
were replaced in permanent form as follows:
R eplaced b y e m b a n k m e n t _______ 108 bridges, 22,676 lin e a l feet
R e p lac e d b y p la te girders a n d
I- b e a m s------------------- 16
“
1,571
R e p la c e d by steel trusses_____. . .
3
“
2,842
T o t a l .............................................. 127
B R ID G E S AS T H E Y

“

27,089

E X IS T J U N E

“

“ = 5 .1 3 m ile s
30 1907.
A ffgreguteLrngth.

N o. I.in e .il Feet. M ile s
S teel, iron a n d stone p e rm a n e n t b r id g e s _____ -- -- 445
63,1 14 11,95
T im b e r a n d c o m b in a tio n iron a n d tim b e r s tru c tu re s .2,615 399,473 75.66
T o ta ls ..... ........................................................................ . . . 3 , 0 6 0

462,587

87.61

The total length of timber structures replaced by steel
bridges, embankments, or in other permanent form July 1
1885, when the work was commenced, to June 30 1907, is
108.89 miles.
There are now under construction 14 steel bridges, and a
3,700-foot steel viaduct at Valley City.
Of the bridges, the most important is the one crossing the
St. Louis River at Duluth. To meet the requirements of
the Government, enlarged draw spans had to be built, one
425 feet long and one 479 feet long.
B U IL D IN G S .

Additions to the shops of the Company at Brainerd, Liv
ingston and South Tacoma were authorized and contracts
1,259
164,314,723
219,079,337
let early in 1907. This work is now well under way, and
S l i d , scrapped or discarde d , fiscal y e a r.
4
390,550
433,550
the buildings will be completed this autumn and new tools
installed in the early winter.
A ss ig n m e n t J u n e 30 1 9 0 7 . . . ...................
1,555
163,924,173
218,645,787
N e t in c r e a s e _____________________________
250
41,583,100
52,598,500
On account of the large number of new engines, 163 addi
P erce ntage of increase___________________2 4 .8 7 %
3 3 .9 9 %
3 1 .6 8 %
tional stalls for the proper housing of engines were authorized,
P A S S E N G E R E Q U IP M E N T .
and all of this work will be completed this autumn.
The following important buildings were completed and
On June 30 1906 the Company owned 808 passenger-train
cars, including 78 sleeping cars owned jointly with the Pull put in operation:
man Company; on June 30 1907 893 passenger-train cars,
Butte.— Brick passenger station.

A ssig n m e n t J u n e 30 1906..........................
A d d e d d u r in g fiscal y e a r ...........................




O c t . 26 1007. |

1089

THE CHRONICLE.

Spokane.— Second story and 252-foot extension of freight
house. Brick baggage and express buliding, 40x100 feet.
North Yakima.— Brick freight house, 50x368 feet.
• Seattle.— Brick out-bound freight house, 50x600 feet.
Brick extension to in-bound freight house, 50x400 feet.
At St. Paul a two-story brick freight house, replacing a
wooden house, is under construction, 48x460 feet; will be
finished November 1. The second story will be used as an
extension for the general office building.
YARDS.

Duluth.— The additions to the Duluth yards, mentioned
in the last annual report, have been completed and the yard
put in operation.
Dilworth, Minnesota.— The large new terminal at Dilworth,
four miles east of Fargo, will be ready for operation before
winter.
Laurel, Montana.— The grading for the new yard at that
point is being done, and contracts have been let for the round
house and other facilities.
CHARGES TO CAPITAL ACCOUNT.
Upon requisition of the Executive Officers, approved by
the Board of Directors, expenditures have been made during
the past fiscal year for:
R e a l E s ta te , R ig h t of W a y a n d T e rm in a ls---------------5954,268
B ran che s, I.in e C hanges, G rad e R ev ision s a n d Second M a in
T r a c k ________ ________________________________________________
6,082,23a
A d d itio n s a n d B e tte rm e n ts _____________________________________
3,730,916
N ew E q u ip m e n t —
L o c o m a tiv e s _____________________________________ 54,107,774 32
Passenger C ars- ________________________ __________
850,656 40
F re ig h t C a r s . __ ______________ _____ _______ ______ 6.219,732 56
----------- - 11,178,163

95
09
85

28

T o ta l for th e y e a r___________________ ____ ___________________ $21,945,582 17
P rio r to .June 30 1906 ex p e n d itu re s were m a d e for su n d ry
A d d itio n s to a n d B ette rm en ts of the C o m p a n y ’s p ro p e rty
o u t o f the surplus revenues a n d charged to In co m e
A c c o u n t.
As these e x p e n d itu re s enhanced the v a lue of
th e N o rth e rn P a clllc E s ta te , It has been de cid ed to tra n s 
fer to C a p ita l A c c o u n t the a m o u n t of <am e, v i z ------- 18,162,597 90
T o ta l charges to C a p ita l A c c o u n t- ....... ...................... ........... 540,108,180 07

In addition to the above amount added to the cost of the
Northern Pacific Estate, large advances have been made to
sundry companies, as follows:

On July 1 1907 this Company sold all of its property to
the Northern Pacific Railway Company, and from and
after that date the property will be operated as a part of the
Northern Pacific System.
M IN N E S O T A & IN T E R N A T IO N A L R A I L W A Y C O M P A N Y .

Seventy per cent of the stock and all of the indebtedness
of the Minnesota & International Railway Company are
owned by your Company.
There has been no change in the amount of the stock or
bonds during the year.
The number of miles operated, 174.29, is the same as for
the previous year; and the results for the year ending June 30
1907 are as follows:
Gross E a rn in g s _________________ _________________; ____________ ______ 5644,213 54
O p e ra tin g E x pen ses______________________ __________________________ 369,058 97
L e a v in g N e t E a r n in g s ___________ 1_________________ _______ _____ 5275,154 57
D e d u c t T a x e s ._____________________________ ______ __________________
26,608 87
N e t O p e ra tin g In c o m e ____________________________________________ 5248,545 70
A d d In te re st o n D eposits, e tc _______________ ______________ ________
19,918 15
In te re s t o n M o rtg age D e b t _________________________________________

5268,463 85
107,250 00

S u r p l u s ________________________________ ___________________________ $161 ,213 85
Im p ro v e m e n ts a n d B e tte rm e n ts _____ ___________________ __________
5,539 03
B alan ce fo r th e y e a r____________ _______________________ __________ 5155,674 82
B IG F O R K & IN T E R N A T IO N A L F A L L S R A I L W A Y C O M P A N Y .

'Phis Company was incorporated to build from the terminus
of the Big Fork & Northern Railway (leased to the Minnesota
& International Railway Company), on the Big Fork River,
to International Falls, Minnesota, on the so.uth bank of
Rainy Lake River, a distance of 34 miles. This road will
be completed and put in operation in the autumn of 1907.
In connection with the Minnesota & International and the
Northern Pacific, this road will form a through line between
the Head of the Lakes, the Twin Cities and International
Falls, on the Canadian boundary. A t this point large water
power is being developed and lumber and paper mills are
being constructed. Up to June 30 1907 the Northern Pacific
Railway Company had advanced for the construction of
this road $311,144 17.

JOIN T LIN E S W IT H THE U N IO N FACIFIC R A IL W A Y
COMPANY.
The railroad mentioned in the last annual report between
T o t a l ..........-...................................... ................................................. 519,641,440 61
Texas Ferry, Washington, on the Snake River, and GrangeIn order to reimburse the Treasury of the Company for ville, Idaho, is still under construction.
The road between Texas Ferry and Lewiston, Idaho,
expenditures already made (outside of the proceeds of Prior
Lien Bonds available and Net Moneys of the Land Depart 72.3 miles, is being built under the direction of the Union
ment), and to provide for necessary construction, extensions Pacific Railroad Company. Most of this railroad is finished,
and acquisitions in the future, at a meeting of the Stock but the bridge over the Snake River at Lewiston will not be
holders duly called for that purpose, held on the seventh completed until late in 1907.
The road between Culdesac and Orangeville, Idaho, 55
day of January 1907, it was:
“Resolved, That the capital stock of this corporation miles, is being constructed under the direction of the North
be, and the same hereby is, increased by Ninety-five ern Pacific Railway Company. Eighty per cent of the con
struction work was completed at the close of the fiscal year,
Million Dollars ($95,000,000)” ;
and it is expected that the road will be finished by the end
and it was further
“Resolved, That of the said increase of stock, the of 1907. Up to June 30 1907 the Northern Pacific had ad
right to take (as and when hereinafter provided) nine vanced for the construction of this road $2,234,378 57.
hundred and thirty thousand (930,000) shares be offered
PORTLAND & SEATTLE R A IL W A Y COMPANY.
for subscription, at par, in proportion to their respect
ive holdings, to all holders of this Company's now
As stated in the last annual report, this Company is owned
outstanding stock, as recorded at the close of business jointly by the Northern Pacific and the Great Northern
on December 31 1906” ;
Railway Companies, and is building a road from Portland,
and other resolutions necessary to provide the details of the Oregon, to Spokane, Washington, with a branch to Texas
subscription were passed.
Ferry, Washington, where a connection is made with the
In accordance with the said resolutions, subscriptions to line owned jointly by the Northern Pacific and the Union
this new issue of stock have been received, and payments Pacific. The road between Kennewick and Vancouver,
made in installments on the respective dates provided in the 220.6 miles, is rapidly approaching completion, and track
resolutions.
should be laid the entire distance by January 1 1908. The
The amount received on subscriptions prior to June 30 1907 large bridges over the Columbia ••ml Willamette Rivers are
is, as shown by the Balance Sheet, $14,721,100 37.
well under way and should be c mpleted by June 1908.
These subscriptions receive interest at the rate of 7 per cent The road between Pasco and Spo1 e, 145.1 miles, and the
per annum.
branch to Texas Ferry, 40.6 i
should be completed in
the summer of 1908. The totu
i ge from the connection
CAPITAL STOCK AND DEBT.
with the Northern Pacific in Spo in -to toe connection with
There was no change in the Capital Stock of the Company the Northern Pacific near Ponlane, and the branch to
during the year.
Texas Ferry, will be 415.1 miles.
As shown by statement in the Report of the Comptroller,
the bonded debt of the Company increased $357,563 32.
D OU BLE TRACK, G R A D E R EV ISIO N S AND L IN E
CHANGES.
P R O P R IE T A R Y COMPANIES.
W I S C O N S IN .

P o r ta n d & S ea ttle R a ilw a y C o m p a n y ------------------- §1 7,095,917 87
C lea rw a te r S h o rt I.in e R a ilw a y C o m p a n y ------ -------2,234,378 57
B ig F o rk & In te r n a tio n a l F a lls R a ilw a y C o m p a n y - .----311,144 17

W A S H IN G T O N & C O L U M B IA R I V E R R A IL W A Y C O M P A N Y .

The miles operated by this Company are the same as the
last fiscal year, namely, 168.86, and the property has been
maintained in a satisfactory condition.
The results for the fiscal year ending June 30 1907 were
as follows:
Gross E a rn in g s . ________________ _____ _____ _________ -............... . . 5450,714 62
O p e ra tin g K x p e n .se s___----- ----- ------------------------- 223,398 95
L e a v in g N e t E a r n in g s ..... ......................................— ........................ $227,315 67
D e d u(it T ax es____________ __________ _______ ______ __________ _______
28,350 00
N e t O p e ra tin g I n c o m e . . ____________________________ _____ _______ $198,965 67
A d d 1nterest on D e p o s its, e tc ____________________ _________ -.............
9.003 24
D e d u c t In te re st on F irs t M ortgage B o n d s .----- --------- -

*207,968 91
104,800 00

S u rp lu s
------------------------------------ --------- $103,168 91
tfm pro v e m en ts a n d B e t t e r m e n t s ... ........................................... 158
B a lan c e fo r th e y e a r------------------ ------------------ 5103,010 82




Central Avenue Wye to Fourth Street, Superior, 4.1 miles.—
Second main track and revision of present grade 0.75 per
cent to 0.5 per cent west-bound. Work begun in June 1907
and will be completed in fall of 1907.
Superior to Central Avenue, 3.9 miles.— Second main track.
Work was begun in May 1907, and should be completed in
fall of 1907.
M IN N E S O T A .

St. Paul to St. Cloud.— On July 1 1906 the Northern Pacific
Railway Company began operation of the railroad of the
Great Northern Railway Company from Northtown Junction,
just north of Minneapolis, to East St. Cloud, making, in con
nection with its own railroad, a double track from St. Paul
to St. Cloud, 74 miles. Upon this piece of track 15.39 miles
of new 85-pound rail were laid in the fiscal year ending
June 30 1907.

109 V

THE CHRONICLE.

Wadena Junction to Lake Park.— The work of double
tracking and revising grades on this part of the road was
begun in April 1906 and will be completed in the fall of 1907.
This piece of work is 54.1 miles long, reducing distance 616
feet, curvature 131 degrees, rise and fall 176 feet and grades
to 0.3 per cent west-bound and 0.3 per cent east-bound.
Lake Park to Glyndon.— Work of double-tracking on new
location was begun in May 1906 and will be completed in
1908. It increases distance 2.3 miles and curvature 120
degrees and reduces rise and fall 168 feet. East-bound
grade reduced from 0.9 per cent to 0.3 per cent. West
bound grade reduced from 0.75 per cent to level.
Glyndon to Moorhead, 8 miles.— This portion of the road
was double-tracked without change in grade or alignment.
The work was completed late in the fall of 1906.
NORTH

DAKOTA

Haggart to Casselton, 14.5 miles.— Double-track without
change in grade or alignment; work was completed in the
fall of 1906.
Casselton to Wheatland, 6.5 miles.— This double-tracking
is being done in connection with cutting down Buffalo Hill.
No change will be made in grade or alignment, and work
will be completed this fall.
Wheatland to Buffalo, 11.2 miles.— A new track on revised
grade is being constructed for west-bound trains. Present
track and grade will be used for east-bound business. The
surplus material taken from cut is being used as filling for
double-track work between Casselton and Wheatland.
Work was begun in May 1906 and will be completed in 1908.
This revision will reduce the west-bound grade from 0.8 per
cent to 0.4 per cent.
Alta to Berea, 9.4 miles.— This new line runs north of Valley
City, North Dakota, and when built will give an alternate
line for heavy freight and fast passenger trains, with maxi
mum grades'Of 0.3 per cent in each direction. The present
line through Valley City, with grades of 1 per cent eastbound and 1.2 per cent west-bound, will be continued in
operation. This piece of work is now under way and will
be completed in 1908. Reduced curvature 276 degrees,
distance 0.66 mile and rise and fall 290 feet.
MONTANA.

' Livingston to M uir, 11.5 miles.— This work is now under
way and will be completed this year, and will provide a
double-track between Livingston and the east end of the
tunnel on the Bozeman Mountain. The distance will be re
duced 1,142 feet and the curvature 642 degrees. West
bound grade will be reduced from 2.2 per cent to 1.8 per cent.
Maximum curves reduced from 8 degrees to 3 degrees east
of Muir.
West.End to Bozeman. 11.8 miles.— A second main track
parallel! to present main track is now under construction
without change of grade or alignment, and will be completed
in 1908. These two pieces of work will permit double-track
operation between Livingston and Bozeman, except through
tihe tunnel.
Garrison to Missoula, 69.1 miles.— Various line changes
and grade revisions now in progress in connection with the
second track work will shorten the present line 5.2 miles,
Will reduce the curvature 2,880 degrees and rise and fall
120 feet. The east-bound grade from Turah to Garrison,
59.7 miles, will be reduced from 0.8 per cent to 0.4 per cent,
and between Missoula and Turah, 9.4 miles, from 0.8 per
cent to 0,3 per cent. Maximum curves reduced from 11
degrees to 3 degrees. Work will be finished in 1908.
St. Regis to Paradise, 21.8 miles.— This is an alternate line
to eliminate mountain grades of 2.2 per cent east and west
bound over Evaro Hill. After contemplated line and grade
revisions have been made between De Smet and St. Regis,
now operated as a branch line, east-bound grade will be re
duced to 0.3 per cent and west-bound grade to level between
Turah and Paradise. Work will be completed in 1908.
White Pine H ill, 28.4 miles.— This change of line, which
was begun in April 1907, will reduce grades from 1 per cent
east-bound and west-bound to 0.3 per cent east-bound and
level west-bound. The distance will be increased 1.3 miles
and curvature 33 degrees. Rise and fall will be reduced
558 feet. Work will be completed in 1908.
Noxon Hill grade revision, 5 miles.— This work was begun
in July 1905 and will be completed this fall. The saving in
distance will be 722 feet, curvature 199 degrees and rise and
fall 74 feet. The grades will be reduced from 0.8 per cent
east and 1 per cent west-bound to 0.4 per cent in each direc
tion.
Heron H ill grade revision, 1.75 miles.— This work was be
gun in September 1906 and was completed in 1907. Dis
tance was increased 48 feet. The saving in curvature was
11 degrees 36 minutes and in rise and fall 26 feet. The west
bound grade was reduced from 1 per cent to 0.5 per cent.
Cabinet H ill grade revision, 9 miles.— This line and grade
revision will reduce distance 234 feet and curvature 229 de
grees. The east-bound grade will be reduced from 0.8 per
cent to 0.4 per cent. Work was commenced in July 1905
and will be finished this fall.

[V o l .

lxxxv

.

to 0.25 per cent south-bound and 0.28 per cent north-bound
was authorized April 15 1907. Should be completed this
year.
Kalama to Vancouver, second main track and revision, 29.9
miles.— Contract for the building of second track and im
proving line and grade of present track, including raising
grade to an elevation of 6 feet above high water of 1894,
was let June 18 1907, work to be completed in the fall of 1908.
This work will reduce the distance 358 feet, curvature 329
degrees and rise and fall 98 feet.
During the fiscal year ending June 30 1907 there were
moved on the important pieces of work under construction
on the Northern Pacific road—
7,999.011 c u b ic y ard s of e a rth ,
1,183,117
"
"
“ ha rd p a n , e tc .,
1,714,035
“
“
“ solid rock.
T o ta l n u m b e r of c u b ic y ard s o f m a te ria l m o v e d ________________ 10,836,163

On the Portland & Seattle Railway during the
same period there were moved—
3 175,198 c u b ic y ard s of e a rth ,
4,031,720
..................... b a rd p a n , e tc .,
5,311,019
..................... solid rock.
T o ta l n u m b e r of c u b ic y a rd s o f m a te ria l m o v e d -------------- 12,517,337
G r a n d t o ta l of m a te r ia l m o v e d on c o n s tru c tio n w o rk o n the
P o r tla n d & S ea ttle a n d N o r th e rn P a c i f i c . . --------------- 2 3,414,100

*

G EN ERA L.
The expense of maintaining and operating the railroad
increased very largely, due to higher wages, to increased
cost of fuel and many other supplies, to the unusually severe
winter and to a volume of business that overtaxed the ca
pacity of the road at various points.
Between November 13 1906 and February 23 1907 serious
washouts occurred at various points in the State of Wash
ington which prevented the running of through trains be
tween Spokane and Puget Sound and Portland for a total
of twenty-five days. During a considerable portion of the
winter the snow and bad track on this part of the railroad
made the movement of trains very difficult.
From November 18 1906 to March 18 1907 the snow and
cold weather in Minnesota, Dakota and Montana affected
seriously the movement of all business, both on the main line
and branches. The movement of trains was interfered with
seriously during this period for about one hundred days,
and in Ncrth Dakota for over sixty days there was practically
no freight moved except fuel and supplies that were moved
behind snow-plows.
The operation of the Chicago Burlington & Quincy R ail
road Company during the past fiscal year has been very satis
factory. The Chicago Burlington & Quincy Railway Com
pany has collected the dividends on the shares of stock owned
by your Company, and has paid the interest on the joint
bonds.
The Report of the Comptroller gives further details of the
transactions of the Company.
By order of the Board of Directors,
H O W A R D ELLIOTT,
President.
INCOM E ACCOUNT
F O R T H E F I S C A L Y E A R E N D I N G J U N E 30 1907.

To

D r.

O p e ra tn g E xpenses—
C o n d u c tin g T ra n s p o rta tio n ________ ______ $20,887,2311 05
5,542,208 53
M a in te n a n c e of E q u ip m e n t _______ _______
M a in te n a n ce of R .ad a n d S tr u c tu r e s ____
9,145,540 92
G e neral E x pen ses_________________________
2,089,331 17
------------- $37,664 ,316
Taxes —
S ta te a n d C o u n t y _____________________________________________ 2,398,719
In te re st a n d R e n ta ls —
In te re s t o n M o rtg age D e b t _______________ $7,015,995 01
In te re st a n d C o m m issio n on N e w S tock
S u b s c r ip t io n ................................................
159,727 20
R e n ta ls of Leased L in e s _________________ _
160,469 30
------------7,336,191
D iv id e n d s —
Nos. 36, 37, 38 a n d 39................... ........................................... 10,850,000
B a lan c e carried to c re d it of P ro fit a n d Loss b e lo w ----- 12,623,929

67
00

51
00
43

$70.873,156 61
By
C r.
Gross E a rn in g s —
F re ig h t ________________ _____ ___________ _$48,395,878 04
Passentrer___________________________________ 16,924,187 71
M a ll, E xpress a n d M iscellaneous________
3,214,766 45
----------- — $68,534,832 20
D iv id e n d s a n d
In te re st o n
Securities
o w n e d , a n d In te re st o n D e p o s its ------2,338,324 41
$70,873,156 61

PROFIT

AND

LOSS ACCOUNT

JUNE

30 1907.

To
A p p r o p ria tio n fo r D e p re c ia tio n o f E q u ip m e n t ---------- $5,926 753 00
B alan ce of S u n d r y A c co u n ts w r itte n ofT---------------201,046 70
B a la n c e ................................................... -........................................... 44.595.707 03
$50,723,506 73
B i n alan ce to c red it J u n e 30 1906 as per A n n u a l R e p o r t ..........$19,936,979
A d d itio n s a n d B e tte rm e n ts p rio r to J u n e 30 1906 transferred to C a p it a l_________________ ________- _______ _______ 18,162,597
B a lan c e o f In c o m e for y ear e n d in g J u n e 30 1907 b r o u g h t
_ „
d o w n ................................................................................................... 12.623,929

40
90
,,
43

$ 5 0 .723,506 73

W A S H IN G T O N .

Auburn fo Meeker Junction, second main track, 7.5 miles.—
Double-tracking and revising grades on present main track




B y B alance to c re d it o f P ro fit a n d Loss as
per B alance S h e e t-----------------------$44,595,707 OS

C A P IT A L

NORTHERN

ASSETS.

P A C IF IC

R A IL W A Y

.
.

BALANCE

L IA B IL IT IE S .

C O M P A N Y — GENERAL

C A P IT A L

.

.

SHEET

JU N E

30

1 9 0 /.

_____

CAPC o m m o J K i
N O R B a S V 4 ? i ^ t I t 3 ™ e EiQ '.l» 0 « ...................................................................................................................................................................................................... $284,619.170 12
Additions and betterments to June 30 1 9 0 6 ...................................................................................................................................................................................... .-..................... ...................... ...................... 18,162.597 90

Is s u e d

$461

>26 1 ,600

.. .

37

..

....... $215,226,000
.....................

00

Capital S to c k ............. .........

. ________________________________________—

~ ................. ...................... ......................
Subscription Receipts Issued for New

i07 ,bio,0 0u

oo

—

-

107,613

T o w h ic h ra d d - O jU n e 3 ( ) 1 9 0 G .......................................................................................................................................................................................................- - - - - - .—
- ...... $302,781,768 02
^ - fo r
Li? n B o n d s. . _ ... ...................... ...................... " ’ “ S 'Ito J o O 00
New mil- age, grade revisions and second track constructed since. $6,082,233 09
Less Bonds Canceled
---------- ---------- $105,979,500 00
Real estate and terminals purchased since-__________________________________________________________________________________________
954,268 95
fu n e ra l T irn Bonds
.
_____ _____________- 60,000,00
3,730,916 8o
St paul Duluth D iv is io n 'B o n d s ..............
Additions and betterments sin ce............................................................................................................................................................................. A ... ...................... ...................... ......................
------------------------------------------------- 10 ’ <t)7’418
Less Bonds C a n c e l.d ............. ...................... ...................... ......................
2,303,000 00
'
$313,549,186 91
Northern Pacific-Great Northern Joint B o n d s — Total Issue
Less~ .
Less Great Northern Railway C o m p a n y ’s p r o p o r tio n
$1,645,132 32
Net proceeds of Land D e p a r t m e n t ....................................................................................................................................................... ...
Sale of sundry p r o p e r ty - ._______________________________________________________________________________________________ . . . ______________- ___________ 299,479 08
Balance of premium
on sale and exchange of securities ------------------------------------------------28,595 00
-------------------------------------- 1'073,^06_40 ------------------ 0 a p i t a l L i a b i l i t i e s

ASSETS.

-

-

-

-

-

T o t a l $ 4 6 7 ,8 5 3 ,0 2 9

29

CURRENT

.

LIA B IL IT IE S .

’

’

$311,575,980 51
E Q U IP M E N T :
Balance of this account June 30 1906 ------------------------------------------------------------- -------- ---------- ---------- $31,887,225 79
New equipment purchased or built sin ce— * ---------------------------------------------------------------- —
11,178,163 28
Indebtedness of other Companies assumed by Northern Pacific Railway C o m p a n y :
$43,065,389 07
St paul & Northcrn Pacific Railway Company G> neral Mortgage B o n d s --------$8,021,000 00
Loss amount written oil for d e p re c ia tio n .............................................................................................................. ..........
.............
5,926,753 00
Western
R ail oad of Minnesota First Mortgage B o n d s .....................
..................................................
37,138,636 07
St. Paul & Duluth Rail oad First Mortgage B o n d s .. - ............................. ...................... ......................
1.000,000 0
.
2,000,000 00
PROPERTY
LEASED
TO P R O V IN C E
OF M A N IT O B A :
St. Paul & Duluth R ail oad S cond Mortgage B o n d s
Value of road and a p p u r te n a n c e s ----------------------------------------------------$8,812,612 94St. Paul & Duluth R ail oad First Consclldat* d Mortgage Bonds.
-------i 1 .000.000 oo
Value Of e q u ip m e n t---------------------------------------------------------------- 'V A li S! T a y lo r’s FU1 & Lake S up'rior R R . Bonds (guarant. td by S t.P . & D u L R R .C o .)
210,000 00
_
Value of m aterial and s u p p lie s ----------------------------------------------------- -30,453 06 Duluth Short Line Railway Bonds (guarant <d by St. Paul & Duluth R R . Co.) 500,000 0 .
................................ ? ’2 V «^o a n R
Minneap 11s & Duluth Rail oad Mortgage B o n d s .. ...................... ...................... ......................
^
.
CASH
IN HAN DS OF T R U S T E E S OF S IN K IN G
F U N D S . ------------------------ ________------ ..---1.818,329 06
PaUV & Duluth Railroad Car Trust N o te s --------- ---------- ---------3 6 -276 00
S E C U R IT IE S IN HANDS OF T RU ST E E of St. Paul Duluth Division Bonds as ccll"ter 1
1,405,773 89
........ ...................... ...................... ...................... ...................... —
COST OF S E C U R IT IE S IN HAN DS OF TRU ST EE of Northern
Paciflc-Great Northern
C a p it a l L ia b ilitie s A s s u m e d
1 2 ,< O 0 ,O ib U U
joint bonds as collateral (1,076,130 shares C. B. & Q. R R . capital stock — Northern
r
------Pacific Railway Company one-half owner) — ............................................................. ... ...................... ...................... ...................... ......................
" 'o t a l $ 4 8 J

CURREN

..

-

„

.

.

2,120,460

43

14

48

6 5 ,5 9 2 ,8 7 2

2,876,275

$ 5 3 3 ,4 4 5 ,9 0 1

20
AND

LO SS.

jr x t u r x i.

30 1907, as per s ta te m e n t ... ...................... ...................... -.................... ...................... ^

P R O F IT
June
-

. . .

’

$ 6 3 3 ,4 4 5 ,9 0 1

-

43

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

^

. _r

00

$10,385,970 7o
PAY
RO LLS, VOUCHERS
AND
M IS C E L L A N E O U S
A C C O U N T S ................
CASH A SSE T S:
M S 1 I,
T A X E S ACCRUED
ON R A IL W A Y
(partly e s tim a te d ) ............ ...................... ......................
1,.>38,390 94
Cash on hand and in b a n k s ................................................................ ................ ...................... ...................... ...................... ...................... ...................... ...................... $11,899,998 16
IN T E R E S T
ON M O R T G A G E
DEBT:
Accrued
.................. ...................... ...................... ...................... __________________________ ...................... oAccounts R e e fIv a b le ........................................................................ •_................. — ............... ...................... ...................... ...................... _____________$«.705,965 .58
Bills R e c e iv a b le ------------------------------------ ----------- ---------- -’
G 731 010 61
M ature d, including: interest due July 1 1907 -------1,136,274
j ,678,275 01

-

A ssets ---------- ----------

T o ta l

Balance

5,889,931 12
D IV ID E N D S U N P A ID :
. nn
Material on h a n d . .................................................................. -...... ...................... ; .................... ......................
Common Stock dividend No. 39, due Aurust 1 1907 ........ $-." 1- .500 oo
1.8-»4 o0
^
T REASURY
S E C U R IT IE S :
noo
Unpaid dividends St. Paul & Duluth Railroad C o m p a n y ...
$704,000 Northern Pacific Railway General Lien B o n d s . ...................... ......................
$.>34,283 11
■
—
-,714,30-1
1.552.000 Northern Pacific Railway Prior Lien B o n d s .. - 1.658,471 54
RESERVE FU N DS:
r, -ion 766 86
1.504.000 Northern Pacific-Gn at Northern Joint B o n d s ......................
1 >498,695 37
im provem ents and for replacement of e q u ip m e n t, e tc ..................... ...................... ...................... ......................
361,000 St. Paul Duluth Division B o n d s .- __ _________________________________________________________________
3? 1 ’000 00
---------- _
T o ta l
a Z,X }£ o , iod
Jo
7.000.000 Northwestern Im pro ve m en t Company B o n d s _
2.775.000 Northwestern Im pro ve m en t Company S to c k — ................... ...................... 2,77o,000 00
. 315,000 W ashington C ential Railway B o n d s ___________ * ___________
“ O l.J ^ o O O
1.000.000 W ashington Ce ntral Railway S t o c k ___________
221,279 94
2,127,200 Cl< aiwater Short Line Railway S t o c k .. _ .......... 2,127,200
00
r r k ,Kr,T,T-wr»'lPTffT
T TAUTT TTTF!5?
51,400 Lake Superior T erm inal & Transfer Railway S to c k -------- l l ’?91 99
.
C O N r lN G E I'iT
.L lA B Iljil If id .
00 1A
« , 0 4f0 , 0
59,850 St. Paul Union Depot Company S to c k ..................... ...................... ...................... 59,8o0
...................... ...................... ......................
1 6,4 33 ,75.> 96
IN S U R A N C E
FUND.
$-,1-0,400 .0
C O N S T R U C T IO N
A D V A N C E S TO R A IL W A Y
C O M P A N IE S :
L IQ U ID A T IO N
FUND:
, ^
Portland & Seattle Railway C o m p a n y .................................. ...................... Reserve for possill
liabilities In connection with purchase of property of N o r th e rn
2 ’2 3 4 ’?^
'11
Pacific R R . Co. and St. Paul & Duluth Railroad C o m p a n y . ____ ...................... ...................... -___________ <>5,498 »7
Clearwater Short Llne-Jrint L i n e . - . . - ______ __________________________
Big Fork & In te rn a tio n a l Falls Railway C o m p a n y .............311,144 17
a 9 i6 4 1 i440 6 l
T o ta l
2 ,1 8 5 ,9 5 9
07

Current

IN S U R A N C E F-UND A S S E T S :
Cash, B onds, e t c . ......... ...................... ...................... ...................... -.................... ...................... ......................
LAND
DEPARTM ENT:
Balance of Land D epartm ent

v




1091
THE CHRONICLE.
O c t . 20 1907.1

109-2

THE CHRONICLE.

NORTHERN

PACIFIC

R A IL W A Y — PASSENGER,

F R E IG H T

[V o l .

AND

M ISCELLANEOUS

Passengers,
M ile s , Tons,
etc.

Passengers, j
M ile s , Tons, :
etc.
j

A m o u n t,
Rate, etc.

.

STATISTICS.

J u n e 30 1906.
5,401.14

Average M ile ag e fo r the Y e a r-

lxxxv

J u n e 30 1907.
5,443.67

A m o u n t,
Rate, etc.

P er

Decrease.

Passenger T raffic—
■'Number o f passengers c a r r i e d _______________________________
5 ,920,280 ............................
6,953,424
1,033,144 17.45
N u m b e r of passengers carried one m i l e _____________________
659,050,227 ________________
722,745,259
63,695,032 9.66
A v e rag e m iies trav e led by each passenger _________________
111.3 _______________ _
103.9
$13,791,339 57 _______________$16,330,874 62 $2,539,535 05 18.41
T a r iff passenger e a rn in g s______________________________________
2,861,133 30
2,453,355 62
O t h e r passenger d e p a rtm e n t e a rn in g s_______________________
407,777 68 16.62
19,192,007 92 2,947,312 73 18.14
'T o ta l passenger d e p a rtm e n t earnings ______________________
16,244,695 19
■Average a m o u n t p a id by each passenger __________________
2.35
2.33
.02
.0226
-Average rate per passenger per m ile _______________________
.0209
.0017
fa s s e n g e r d e p a rtm e n t earnings per m ile of roa d (average
m ileage) _____________ _ ______________________________________
56
3,007 64!
3,o
517.92 17.22
'Freight T raffic —
N o . tons revenue fre ig h t c a r r ie d _____________________________
15,356,312 ________________
16,741,470
1,385,158 9.02
N o . tons revenue fre ig h t carried one m i l e _________________
5,245,260,080 ________________ |5,504,444.098
259,184,018 4.94
A verage distan c e h a u l of one t o n ____________ _______________
341.6
3.75
T a r iff fre ig h t earnings -____________ ___________________________
$43 ,43 1”,781 6 1 !____________ . $47,668,243 59i$4,236,461 98
9.75
O th e r freig h t earnings ___________ ____________________________
609,684 901_________
?27,634 45
117,949 19.35
T o ta l fre ig h t e a r n in g s _________________________________________
44,041,466 51 _________
48.395,878 04 4,354,411 53 9.89
A v e rag e receipts fro m each tb n o f fr e ig h t ________________
2 . 8 ;|
.02
2.83]_________
.71
A v erag e receipts per to n per m ile re venue fr e ig h t_________
.0086C
.00038 4.59
.008281_________
T o ta l freight earnines per m ile of roa d (average m ile a g e ).
8,154 11!_________
8,890 30
736 19 9.03
Total T ra in T raffic —
lea rn in g s from fre ig h t a n d passenger tr a in s _________________
$60,286,161 7 0 !_______________$67,587,883 9 0 '$7 ,3 0 1 .724 26 12.11
TfTarnlngs pe r tr a in m ile ____________ T_________________________
" . 85 |_______________
3.01!
16 5.61
F xpcnses per tra in m ile _______________________________________
1.4 7 !_______________!
1.6SI
.21 14.29
iV e t traffic earn in gs per tra in m ile __________________________
1.381---._________ I
1.33
..................... 3.62
T ra in a n d C a r M ile age —
M ileage of revenue passenger tr a in s _________________________
864,954 10.73
8,057,725
8,922,075 _
Mileage of locom otives em p loyed in " h e lp in g ” passenger trains
120,927 30.69
393,97^
514.901:.
P ercentage o f “ h e lp in g ” to revenue tra in m ile a g e ____________
4.89
5.77 % L
.8 8 % ____
M ileage o f revenue m ix e d t r a i n s ________________________________
849,03;
_________ 11.56
750,859:
M ileage o f revenue freig h t trains _______________________________
12,248,582
532,707 4.35
12,781,289
M ileage o f locom otives em p loyed in " h e lp in g ” m ixed and
fr e ig h t train s ___________:_______________________________________
2,843,368 _
2,097,91.7 4 ,4 5 5 35.53
Perce ntag e o f " h e lp in g ” to revenue tr a in m ile a g e _____________
21.0 1 % .
16.02 %
4 .9 9 %
‘ T o ta l revenue tra in m ileage , ____________________________________
21,155,33?
22,454,823:.
1,299,485 6.14
M ileage o f non-revenue t r a i n s _____________________________ _____
1,229,736
2,412,726 _
1,182,990 96.20
M ileage o f passenger c a r s ________________________ ._______________
59,298,843
62,717,222 .
3,418,379 5.76
A v e ra g e N o . o f passenger cars in t r a in ____________________ •_____
2.70
6 .4 ? :.
6.66
.18
A verage N o . o f passengers in tra in ____________________________
73.99
7 4 .7 1 1.72
.97 __________
A verage N o . o f passengers in each car ________________________
11.52
.41 3.69
_________
M ileage of loaded freight cars____________________________________
303,188,190
309 ,504,759 .
6,316,569 2.08
_________
M ileage of e m p ty freight c ars_____________________________ ______
82 ,714,785:.
112,170,155
26.26 29,455,370
M ileage of loaded a n d e m p ty fre ig h t e a r s _____________________
415,358,345
392 ,219.54415.57 23,138,801
.A v e rag e N o . of loaded freight cars in tra in ___________________
2 2 .8 7 1.
23.15
1.21
.28
A verage N o . of e m p ty freig h t cars In tra in ___________________
8.56
6 .1 1 ’.
2.45
28.62
■
A verage N o . of freig h t cars in t r a i n ____________________________
31.71
28.981.
8.61
2.73
IP ereentage o f e m p ty cars to to ta l cars in t r a i n _______________
27.01 %
2 1 .0 9 % .
.92 %
A v e r a g e N o . tons re venue fre ig h t In tra in ____________________
406.77 _
400.47
6.30 1.57
17.30
A verage N o . tons re venue fre ig h t in each loa de d c a r ________
17.78 _
.48 2.7
C o m p a n y fre ig h t, tons c a rrie d ___________________________________
879,679 _
3,919,926
959,753! 24.48
C o m p a n y fre ig h t, tons one m ile ________________________________
1.156 210,616!.
881,254,038
274,956.578 31.20
T o n s per tr a in , c o m p a n y a n d c o m m e rcia l_____________________
492,21 _
467.76
24.45 5.23
20.21
T o n s per loaded car, c o m p a n y a n d c o m m e rc ia l..... ......................
21.52;
1.31 6.48

11.11

I

4

W ISCONSIN CENTRAL’ R A IL W A Y COMPANY

E IG H T H ANNUAL R E P O R T — FO R TH E FISCAL Y E A R E N D IN G JU N E 30 1907

To the Stockholders of the Wisconsin Central Railway Company:
The following report of the operations of the company for
the year ending June 30 1907 is submitted:
G R O S S E A R N IN G S .
'F ro m f r e ig h t - .......... ............. ...................... ............................................$5,610,732 98
P r o m passengers __________________________________________________ 1,627,492 43
F r o m m a ll,e x p re s s a n d miscellaneous]___________________________
338,953 25
T o t a l- ............................................. .................................... .................... $7,577,178 66
O p e ra tin g expenses (62.43 per cent o f the gross e a r n in g s ) ____ 4,730,093 01
N e t earn in gs- .......... ............. ..............................................................$2,8 47 ,0 85 65
'O th e r In co m e _______________________________________________________
30,404 24
T o ta l................... ................................................................... ............... .$ 2 ,8 77 ,4 89 89
A c crue d ta x e s ___________________ __________ ________________________
313,283 37
B a l a n c e _________________________________________________________ $2,564,206 52
A c c iu e d re n ta ls _______________ ____c _______________
$378,555 46
A c cru e d Interest on b o n d s ________________________ 1 ,122,195 39
T o ta l fixed charges_____________________________________________

1,500,750 85

S u r p lu s ________________________________ _______________________ .$1,0 63 ,4 55 67
863,159 99
S u rp lu s b r o u g h t forw ard fro m last y e a r ________________________
T o ta l S u rp lu s J u n e 30th 1907 _________________________________ $1,926,615 66
S u n d r y C re d its ___________ ________ ______________ _____ ______ ______
19,000 op
T o ta l C re d it to P ro fit a n d Loss A c c o u n t ____________________ $1,945,615 66
- A ppro priations fro m abov e—F o r re d e m p tio n of M . & S. E . D iv is io n F irst
M o rtg age B o n d s _________________________________ $5,250 00
R eserved to retire Series E E q u ip m e n t T rust
B o n d s , m a t u iln g J u ly 1st 1907________________ 60,000 00
P re m iu m p a id In purch ase o f W . C . R R . F irst
Series B o n d s _____________________________________ 27,988 58

I

-----

’T o ta l D e b it to P ro fit a n d Loss A c c o u n t___________ ____________

93,238 58

N e t.S u r p lu s to be carried fo r w a r d __________________________$1,852,377 08
M IL E S O F R O A D .
T h e lin e of ra ilro a d fro m O w en S ta tio n to L a d y s m ith w as opened
for o p e ra tio n on A u g u s t 6 th , a distan ce o f 45.31 m iles, re su lting
in a t o ta l average o perated m ileage fo r th e e n tlie year o f __________1,018.23
C A P IT A L S T O C K .

The capital stock issues at the end of the fiscal year re
mained the same as shown for the previous fiscal year.
FUNDED

DEBT.

The following changes in funded debt have occurred during
the vcar:




Obligations Issued—
v
Superior a n d D u lu th D iv is io n a n d T e rm in al F irst M ortgage
B o n ds _ j ---------------- -------- --------------------$1,783,000 00
Obligations Retired—
M arshfield & S o utheastern D iv is io n B o n d s ________ $5,000 00
(A m o u n t re m a in in g o u ts ta n d in g , $417,000 00)
W . C . R R . F irst Series B o n d s _______________________614,000 00
(A m o u n t re m a in in g o u ts ta n d in g . $42,000 00)
E q u ip m e n t T rust B on ds of 1902 p a id J u ly 1st 1906_ 60,000 00
Reserve created in P ro fit a n d Loss A c c o u n t for
p a y m e n t d u e J u ly 1st 1907_____________________ 60,000 0 J
(A m o u n t o u ts ta n d in g , n o t prov id e d
for,
($295,000 00)
E q u ip m e n t C o n tra c ts of 1905......................... ..
........ 60,690 00
T o ta l O b lig a tio n s re tir e d ............ ................................... ..................

799,690 00

N e t Increase In fu n d e d d e b t _______ ____________________________
$983,310
T he t o ta l fu n d e d d e b t J u n e 30 1907 w a s _____________________ $31,929,795
‘‘R e a l E s ta te M orgtages” show n in previous r e p o r t _______ $123,500
W ere re duced d u rin g th e y e a r________________________________
41,000
L e aving balance o u ts ta n d in g o f ............ ....................................

00
00
00
00

$82,500 00

There are available for Additions, Betterments and Im 
provements, Wisconsin Central Railway First General Mort
gage Bonds to the par Value of $795,350 00, released from
the reserve created for the acquisition (if underlying securi
ties through the purchase and cancellation of such securities.
This will be further increased by the sum of $46,200 00 when
the remainder of Wisconsin Central Railroad First Series
Bonds are acquired or mature.
There still remains in the reserve created the sum of
$1,564,200 00 for the acquisition of the remianing out
standing underlying obligations.
LAND

DEPARTM ENT.

T he gross la n d sales of the L a n d D e p a rtm e n t for the
year were 3.216.43 acres fo r _______ _______ _________ .$ 20 ,33 0 07
Less c a n c e lla tio n s ____________ ______ -...............................
1 ,0 8 1 0 3
--------- $19,249 04
The average^ale price per acre b e in g ----------- ----- -------6 32
T im b e r sales a m o u n te d t o _______________ - _________ ___________ 214,031 67
T ow n lo t sales a m o u n te d t o . --------- ---------------375 00
The ro y altie s a'-cnaed d u r in g th e y ia r from Iron ore m in e d from
th e c o m p a n y ’s la n d a m o u n te d t o .
.
____________________
81.588 36
T he gross easfi receipts fro m la n d s , le t* , tim b e r, ro y a ltie s, d e 
ferred p a y m e n ts . Interest o n deferred p a y m e n ts , rents, & c..
w ere.................................... ........... .................. ....... ............... ........... 244,036 02
The expenses of the L a n d D e p a rtm e n t, in c lu d in g taxes a n d the
cost of c arin g fo r th e p r o p e r ty , w ere. _________________ ________
77,800 90
T he t o ta l n u m b e r o f acres,rem aining in the g ra n t oruthe 3 0 th of
„
J u n e 1907 w a s _______ _______ ______ - ------------ ------ --- 438.134.61
N u m b e r of acres u n d e r c o n tra c t o f f a le ___________________________
13.5*1.05
N u m b e r of acres u n so ld . .
___________
____ _______ ___ 424.603.56
The la n d t im b e r a n d te w n lets tales Increased_________________ 697 48

O c t . 26 1907.]

1093

THE CHRONICLE.

C O M P A R IS O N

O F E A R N IN G S A N D E X P E N S E S O F T H E Y E A R S
E N D I N G J U N E 3 0T H 1900 A N D 1907.
Increase In earnings o n general fr e ig h t____________________________ $354,489 26
Decrease In earnings o n iron o re ____________________________________
60,992 92

T o ta l increase in freig h t earn in g s________________________________ $293,496 34
Increase in passenger e a rn in g s_____________________________________ 146,317 90
Increase in m a il, express a n d m iscellaneous e a rn in g s ____________
18,788 19
Increase in gross earnings (6.44 per c e n t ) ____________________ .$458,602 43
Increase In expenses (4.13 per c e n t ) _________________________ . 187,616 49
. 270,985 94
Increase in n e t earnings (10.52 per c e n t ) ______________________
Increase in t a x e s __________:_______________________________________ .
23,604 62
Increase in re nta ls ______________________________________________
1,729 16
Decrease In Interest o n b o n d s ____________________________________ .
16,038 59
P A S S E N G E R E A R N IN G S .
1907.
1906.
1905.
Passenger e a rn in g s _____________ $1,627,492 43 $1,481,174 53 $1,406,126 23
N u m b e r o f revenue passengers
1,456,856
1,235,596
1,164,869
c a r r i e d _____________ _____ i ___
N u m b e r o f revenue passengers
78,035,864
70,100,795
carried one m ile _______________
67,058,539
N u n b e r of revenue passengers
carried one m ile per m ile of
76,713
71,748
68,634
r o a d ___________________________
A verage distance c arrie d _______
53. 56 m iles
56.73 m iles 57.57 m iles
A verage rate per revenue pa s
senger per m ile _______________
2.00 cents
2.02 cents
2.00 cents
E a rn in g s per passenger tra in
m ile ____________________________ 103.47 cents
99.55 cents
95.73 cents
F R E IG H T E A R N IN G S .
F re ig h t e a r n in g s ._ _ _ ___________ $5,610,732 98 $5,317,236 64 $4,936,219 56
N u m b e r of tons revenue rfrelght
4,397,462
c a r r ie d ________________________
4,343,279
4,213,618
N u m b e r of t in s of revenue
re ig ht carried a n average of
one m ile _______________________ 809,246,821
804,040,467
740,632,329
N u m b e r o f tons of revenue
freight carried one m ile per
822,935
758,037
m ile of r o a d ___________________
795,532
185.12 m iles
175.77 m iles
A verage distance h a u le d ............ 184.03 m iles
$1.2242
A verage rate per to n c a rrie d ___
$1.2759
$1.1715
.661 cents
.666 cents
Average rate per t o n per m i l e . .
.693 cents
$2.15
$ 2.12
E a rn in g s pe r freight tra in m ile .
S2.14
325.46
317.45
Average tons per fre ig h t t r a i n . .
308.19
16.21
15.59
16.37
Average tons per lo a d e d c a r____

The previous annual report made mention of certain im 
provements at Manitowoc largely affecting this Company’s
property. The work has progressed satisfactorily during the
year.
Work on the elimination of the old viaducts on the Ash
land Line, mentioned in the last report, has been prosecuted
to completion in respect to the Silver Creek viaduct, the new
structure being now in operation. The work in respect to
the other replacement has been contracted for and is being
vigorously prosecuted. When completed this work will
enable the Company to handle the iron ore and other traffic
in larger train loads, through the use of larger power.
On April 25th of this year the Company suffered the loss
of its large freight depot at Minneapolis, together with con
tents. The loss was covered by insurance to the extent of
about fifty per cent and of the balance $20,000 00 was
charged to Operating Expenses in this fiscal year.
The growth of the Company’s traffic at Minneapolis re
quires an enlargement of the facilities as they formerly
existed, and contracts have been let for the construction of
a reinforced concrete freight station 66 feet wide at the
north end, 98 feet wide at the south end, 417 feet long and
four stories high, with the south end fronting on Hennepin
Avenue, the principal commercial street of the City, a via
duct to the second floor will extend from Hennepin Avenue
to First Avenue north. W ith the necessary brick paving,,
track changing, etc., the cost is estimated at $180,000 00.
These enlarged facilities will make ample provision for the
prospective increase in the Company’s traffic at that point.
NEW

L IN E S .

Work under the contract entered into for construction of
line from Ladysmith to Superior and Duluth has been prose
cuted vigorously and at this time a large proportion of the
During the year 4,884 tons of new steel rails (85 pounds to clearing, grubbing, grading and pile-driving is completed
the yard) were laid, releasing 3,848 tons of lighter height.
and ready for track laying. Some heavy grading is still in
The property and equipment has been well maintained progress and will require the balance of this season to com
and the expenditures for Main and Branch Lines, not in plete. Ten miles of track have been laid and the work will
cluding the Ladysmith Branch, which was opened for traffic be continued as rapidly as the grade becomes available.
during this fiscal year, were:
Steel bridges have been contracted for and are being
F o r M a in te n a n ce of W a y a n d S tru c tu re s ___ '_______ $967 91 per m ile of road
placed as rapidly as the track reaches their respective loca
R epa irs per L o c o m o t iv e ________________________ 1,539 06
tions.
•' Passenger C a r_____________________
654 10
"
“ F re ig h t C a r ________________________
44 25
After prolonged negotiations a franchise for entrance into
T he reserve for m a in te n a n c e , im p ro v e m e n t a n d insurance a t the
the City of Duluth has been secured and the contracts for
e n d of the year a m o u n te d t o _____________________________________ $229,712 92
construction are now executed and work is under progress.
a n increase of $41,326 87 over the a m o u n t of th e fu n d a t the e n d
Railroad crossing contracts have been made, as well as
of th e prev ious year.
contract for the use of the Northern Pacific bridge crossing
T he credit to E q u ip m e n t R e n e w a l F u n d a t the b e g in n in g of the
year w a s-------------------------------- --------------- $134,316 46
the St. Louis River.
T he v a lu e of e q u ip m e n t destroyed d u rin g the year charged to
repairs a n d cred ited to th is fu n d w'as_____________________ ______

61,633 79

Statements and statistics relating to the business of the
Company, as well as a balance sheet showing the condition
of the Company at the end of the year will be found at
tached. Reference is made to these for more particular
information. (See pamphlet report.
BP
L e a v in g a balance In th e E q u ip m e n t R e n e w a l fu n d a t the
By order of the Board of Directors.
l
close of the liscat y ear o f____________________ __________________ $47,605 25
W . A. B R A D FO R D ,
IM P R O V E M E N T S .
r^VPQ'tfl PYlf
The charges to Improvement Account during the year
Milwaukee, October 8th, 1907.
amounted to- $396,860 85 held subject to reimbursement
from proceeds of bonds and are shown in detail on page 17
[Tables of Comparative Statistics are given on a preceding
(see pamphlet report).
page under “Annual Reports.]
M a k in g a to ta l c re d it to th e fu n d o f ____________________________ $195,950 25
D u rin g the y ea r2 B ox Cars were re b u ilt a t a cost o f. $1,119 54
a n d 200 B ox Cars m e n tio n e d in prev ious re port as
purchased w ith th is f u n d ........
...................................147,225 46
— -- —
148,345 00

THE PACIFIC COAST COMPANY.

EXTRACTS FROM THE R E P O R T FOR THE Y E A R E N D IN G JU N E 30 1907.
To the Stockholders of The Pacific Coast Company:
There has been no change in the funded debt or share
capital.
Results of operation for the year, as a whole, have been
fairly satisfactory.
The gross earnings increased $1,098,082 26. The operat
ing expenses increased $1,050,622 21. The net earnings
' increased $47,460 05.
The small increase in net, as compared with the large in
crease in gross earnings, is on account of increased cost of
materials, supplies and labor.
The expense of upkeep of the ships of the Pacific Coast
Steamship Co., charged to operating expenses, was $480,318 78, as against $290,811 06 for the previous year; the
gross earnings of steamships increased 7 per cent; wages of
. steamship employees, including longshoremen, increased
30.5 per cent, and the average cost of material and supplies
is estimated to have increased 15 per cent. Cost of fuel in
creased nearly 22 per cent.
Labor conditions on the Pacific Coast for some time past,
from an employer’s standpoint, have been unsatisfactory.
The city of San Francisco has not recovered from the
effects of the earthquake and fire as rapidly as was expected
at the date of our last report.
Sales of real estate were not so extensive as during the
preceding year. Several lots, however, were disposed of at
satisfactory prices.

Steamers “ Queen” and “ Senator” are still laid up at San
Francisco on account of repairs that should have been com
pleted more than six months ago. Repairs to other ships
have also been seriously delayed. The delay is on account
of strikes.
There was expended and charged to property account
$1,178,676 10 in partial payments for construction of steam
ships “ President” and “ Governor” and steam schooner
“ Delhi.”
There was also expended and charged to property account
$53,506 93, account re-purchase of SS. “ Montara” from the
Japanese Government, bringing the vessel from Yokohama
to Seattle and refitting her for service.
There was expended for repairs of fleet and charged to
operating expenses $480,318 78, as against $290,811 06 for
the previous year. Ordinary repairs and renewals cost,
$116,772 34, extraordinary repairs $363,546 44.
The new steamer “ President” was delivered to your Com
pany at Camden, N. J., March 11, sailed from Philadelphia
March 19 and arrived at San Francisco May 8 1907. The
vessel has since been in operation on the Nome route, and!
between Seattle and San Francisco, giving excellent results.
The SS. “ Governor” is now on her way to the Pacific
Coast and will not be delivered until after the close of the
fiscal year.
On account of the importance of the coal business, it be
came necessary to charter two colliers, the “ Eureka” and
“ Meteor.” W ith the approval of your directors these ships
P A C I F I C C O A S T S T E A M S H IP C O M P A N Y .
and collier “ Tampico” were purchased from the Globe Navi
The increase in gross and the decrease in net earnings, as gation Company on July 1 1907, partially on time, the de
previously explained, are on account of increased cost of labor ferred payment of $500,000 being payable in eight equal
*• and supplies.
annual installments of $62,500, bearing 5 per cent interest.




1091

THE CHfiONICLE.

't hese .ships were built under special survey of the American
Bureau of Shipping and Bureau Veritas, and are rated for
ocean service A1 for twenty years. The vessels have a sea
speed of eight knots per hour. On account of the cheapness
of operation and large carrying capacity on a small con
sumption of coal, these steamers are satisfactory freighters
for coast wise service.
R A IL LIN E S
C O L U M B IA

& P U G E T S O U N D R A IL R O A D .

The gross earnings increased 20.3 per cent, operating ex
penses increased 36.5 per cent and net earnings increased
7.S per cent. The operating expenses increased on account
of repairs arid renewals of locomotives and cars. Two large
engines were overhauled, and a number of old cars partly
rebuilt. Repairs of roadway and track were increased on
account of repairing washouts, ballasting roadbed and riprapping embankments. Three new steel bridges have been
ordered; one for Black River and two for Cedar River.
Concrete abutments are now being prepared for same.
These bridges were provided for in contract with the Chicago
Milwaukee & St. Paul Railway Company mentioned in last
vear’s report.
P A C IF IC COAST R A IL W A Y .

[V o l .

lxxxt

.

C O M M E R C IA L E P IT O M E .
Fridar/ Nig/d. Oct. 25 190-7..
The tendency toward caution in trade- is naturally some
what more pronounced, as the result «>£ the events in Wall
Street. Copper and various other commodities have de
clined. Retail trade is still active. Gmrter conservatism,
however , is apparent everywhere.
LA R D on the spot has declined, owing to a sharp fall in the
price of futures at the West, a weaker market- for hogs, the
depression in the grain markets .and the unfavorable financial
situation. Trade has been dull at the dediisne. Export busi
ness has been at a standstill. Western 9@ 9.25c. and City
9.20c. Refined lard has also dedined for the reasons given
above. Trade has been dull. Refined Continent 9.50c..
South America 10.50c. and Brazil in kegs 11.70c. The spec
ulation in lard futures has been active at declining prices.
The principal factor in the depression has been the sensa
tional financial developments. Liquidation has been heavy
and bears have sold aggressively for a decline. Packers
have given support at times, but it has had little effect.

The gross earnings increased 1.6 per cent, operating ex
panses increased 4 per cent and net earnings decreased 4.5
per cent. Increased expenses were on account of repairs
D A I L Y C L O S I N G P R I C E S O F L A R D F U T U R E S I S CHICAGO.
of roadway and track, renewals of rail and repairs of build
Sat.
Mon. Tties.
Wed. Thurs. Fri.
ings and fixtures. Maintenance of equipment and cost of N o v e m b e r d e liv e ry ..........9.20
8.90
8.47 J-i S .40
8 .4 2 >£
s.4 0
S.52.K
&.50
conducting transportation decreased. Repairs of roadway J a n u a r y d e liv e ry ________ S.&7J-S 8.87 34 8-70
M a y delivery-__________ -.9.15
9.00
8.80
8 .5*
ifr.S5
8.65.
and track were large on account of excessive rains in Cali
P O RK has declined, owing to the decline in other provi
fornia last winter; also on account of continuation of the
policy of improving the physical condition of the property. sions resulting from the financial disturbances and weakness
Lumber yards and grain warehouses on the line of the Pacific in live hogs. Trade has been moderately active at the de
Coast Railway show an increase in both gross and net earn cline. Mess $17@$17 50, clear $16 50(5;$17 75 and family
$18 75. Beef has been steady with trade quiet. Mess $9(5
ings.
$10. packet $11 50(5 $12. family $14 50@$15 and extra In 
COAL D EPA RT M EN T .
The gross earnings increased $663,151 17. operating ex dia mess $23@$23 50. Cut meats have been dull but gen
penses increased $428,932 94 and not earnings increased erally steady, owing to small offerings. Pickled shoulder
8c., pickled hams 11
12c. and pickled bellies, i4(<>10 lbs..
$234,218 23.
All intfes were operated continuously during the year. 11H (5>12^ 2 C• Tallow has been quiet and steady with offer
Total nuii Joi of employees increased from 1,129 to 1,217. ings light; City 6@6J£c. Stearines have been quiet with
Total o u tp u t 888,922 tons, an increase of 219,609 tons. oleo steady at 10c. and lard 10*4(5 103^c. Butter has
A larger out; %t could have been mined and disposed of had been quiet and easier; Creamery extras 28c. Cheese has
more men been available. Cost per ton at mines increased been quiet and steady; State, f. c.. colored or white, fine.
$.076 on account of higher wages and increased cost of ma 16c. Eggs have been quiet and firm; Western firsts 22@24t‘.
O IL .—Cottonseed has been dull and easier, owing to a
terial and supplies.
All coal depots show substantial increases in gross and net decline in the raw material. Prime summer jrellow 51e.
earnings, with the exception of Juneau, where there is a Linseed has been steady wth a fair demand for small lots.
slight decrease, owing to shortage of stock during a portion City, raw, American seed, 49@-50c.; boiled 50(5}51 c.: and
Calcutta, raw, 70c. Lard has been moderately active and
of the year.
In addition to coal mined, the sales of foreigu coal during steady; prime 74(5 76c. and No. 1 extra 54(5 57c. Coeoanut
the fiscal year amounted to 122.785 tons, and 15,456 tons has been dull but firm, owing to the smallness of supplies.
of domestic coal from outside mines, anti 11.1(50 tons of coke Cochin 9 j^(a 10}^c. and Ceylon 8;.! s(5 8}4c. Olive, has been
moderately active and steady; yellow 75(5 SOe. and green
were also sold.
All mines are in good physical condition. Total amount of 68(5 70c. Cod has been in fair demand and steady; domestic
42(5 43c. and Newfoundland 44(5:45c
coal developed at close of fiscal year, 2,255,000 tons.
COFFEE on the spot has been dull and easier. Rio No. 7.
The general condition of affairs on the Pacific Coast con 6Y\c. and Santos No. 4. 7%(548c. West India growths have
tinues favorable for the operations of your Company, with been quiet and steady. Fair to good Cucuta 8% @ 9!^c.
The speculation in future contracts has been on a large scale,
the exceptions noted in this report.
but this has been at the expense of prices,which have fallen,
H. W . C A N N O N ,
owing to liquidation as a result of the financial disturbances.
President and Chairman oj the Board. Local and Wall Street longs have sold freely at times and
J. C. F O RD ,
Europe has also been a seller. The European cable advices
Vice-President and General Manager.- have been of a bearish tenor.
The closing prices were as follows:
[Tables of comparative statistics are given on a preceding
page under “Annual Reports.”]
O c to b e r - . ---- 5.45c. |F e b ru a ry _____
5 .70c. iJ u n e
5 .8 5 c.
— Finley Barrell & Company, one of the leading stockbrokerage houses of Chicago, with branch office at 74 Broad
way, New York, are enlarging their office quarters in the
Monadnock Block by the addition of the room on the ground
floor just vacated by the Postal Telegraph Company, which
is immediately across the hall from their customers’ and
operating room. The private offices of Mr. Barrell and Mr.
Babcock, partners, will be in this new addition, and the
bond department will be here. It is the intention of Finley
Barrell & Company to expand this portion of their business,
and to this end they will employ an experienced bond
buyer and salesman to manage this new department.
-^-The Phillippine Government has purchased for the ac
count of the Postal Savings Bank of the Philippine Islands
$100,000 Philippine Railway Co. first mortgage guaranteed
4% g°ld bonds. The purchase was made of William Salo
mon & Co. by the Bureau of Insular Affairs, acting for the
authorities of the Philippine Government. The purchase
price was 95.
The bonds will be held as an investment by
the Postal Savings Bank, which is operated by the Philippine
Government in connection with the post-office upon a plan
similar to the British Postal Savings Bank.
— L. Hamill. for several years a bond salesman for Wm.
Salomon & Company, has been appointed manager of the
new Chicago branch office of Bhike & Reeves, bond brokers.
34 Pine Street, New York. Mr. Hamill has taken an office
at 240 La Salle Street in the Counselman Building.
— An interesting table of bonds which have sold at their
lowest prices on record for year 1907 during the weeks
ending Oct. 11 and 18 has been issued by Messrs. Knauth.
Nachod '& Kuhne. 15 William St.




N o v e m b e r ---- 5.50c. j M a r c h ____
D e c e m b e r ___
- 5.65c. A p ril
J a n u a r y ------ 5.65c. |M ay

-

5 .7 5 c .! J u ly
—
5.90c.
5 .8 0 c .; Autrust
.
5.95c.
5.85c. i S e p te m b e r ----- 6.00c.

SUGAR.— Raw has been steady with trade dull and offer
ings light. Centrifugal, 96-degrees test, 3.90c., muscovado,
89-degrees test,3.40c., and m o la s s e s , 89-degrees test. 3.05c.
Refined has been steady. There have been moderate with
drawals on old contracts but new business has been stagnant.
Granulated 4.70@,4.90c. Spices have been quiet and firm.
Teas have been in moderate demand from interior dealers
with prices firm. Hops have been quiet and steady.
PETROLEUM has been firm and in active demand for
export and domestic account. Refined barrels 8.75c., bulk
5c. and cases 10.90c. Gasoline* has been active and firm:
86 degrees 21c. in 100-gallon drums. Naphtha has beey
moderately active and firm; 73(5 76 degrees 18c. in 100gallon drums. Spirits of turpentine has been fairly active
and steady at 56(5;56V£c. Rosin has been quiet and easier;
common to good strained $4 30
TOBACCO.— Prices for domestic leaf have ruled firm.
Trade has continued on a moderate scale as a rule, d e s p i t e
the recent belief of many that the indications were for a
considerable increase in business. The financial d i s t u r b a n c e s
have naturally had a restraining influence on buyers i n this
market. Sumatra has been in moderate demand at firm
prices. Havana has been quiet but strong, with the o f f e r i n g s
very small.
COPPER has been dull and easier; lake 1 2 MCa'1 2 and
electrolytic 11.87,H>@ 12}-c. Lead has been quiet and easy
at 4.50(5 4.00c. Spelter has been quiet and easy at 5.40(5
5.45c. Tin has been dull and weaker at 3094c. f(W’ Straits.
Iron has been quiet and easier. No. 1 Northern $19 50(5 $20;
No. 2 Southern $21 75(5 $22 25.

O c t . 2« 1907.]

1095

THE CHRONICLE.
COTTON.

O n S h ip b o a rd , N o t Cleared for

Friday Night, October 25 1907.
TH E MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
weak ending this evening the total receipts have reached
315,986 bales, against 267,873 bales last week and 250,455
halos the previous week, making the total receipts since
the 1st of September 1907, 1,584,437 bales, against 2,158,482
bales for the same period of 1906, showing a decrease
since Sept. 1 1907 of 594,045 bales.
Receipts a t —

M on.

S a l.

G a lv e s to n ____ __ 11,787
P o rt A r t h u r . .
----C o rp . C h rist!, &:■
\
Tew O r l e a n s . . . .
8,968
M obile _________
1,416
P ensacola
.....
J a c k s o n v ille , &c.
28
S a v a n n a h ......
1-1,756
B ru n sw ic k ____
C h a r le s t o n _____
2,217
G eorge tow n
W ilm in g to n
5,763
4,370
N o r fo lk _________
N ’p o r t N ew s, &c.
______
N ew Y o r k ____
_____
B o s t o n _______
B a ltim o r e ___ 1___
P h ila d e lp h ia ____
---T o ta ls th is week.

49,305

9.141

Tiles.

W ed.

15.824

11,043
______

T hurs.

F rt.

11,279
5,753
______

11,875
995
______

9,293
______
_ _
9,145
2,821
______

391
13,888

21,192

15,584

12,0-13

3,571

3,223

10,156
5,444

5,583
6,211

1,444
_
3,394
3,167

1,702
_
3.328
3,516

30

77

4
_____
----

69,134

47,579

41,852

10,365
2,870

39
_
---55,826

1907.
T his
week.

G a lv e s to n __
66,766
P o rt A r t h u r
C orp us C hrist! &c
140
New O rle ans
58,842
14,761
M obile _______
P ei s ic o la
419
Ja c k s o n v ille , &C.
S a v a n n a h ____
91,378
B ru nsw ick
4,618
C ha rle ston
15,637
Georgetow n
W ilm in g to n
"34,723
N orfolk
27.147
N e w p ’t N ew s, &c.
169
N ew Y o r k ___
B oston .........
43
B a ltim o re
1,227
P h ila d e lp h ia
107
T o ta l - -

1906.
T his
week.

S ince Sep
1 1907.

399,891 172,991
6,817
' 2,418
1,569
177,323 91,703
60.625
9.389
10,269
7.770
1 .279
203
495.914 88,363
9,641
49,421
79,328
8,518
105
179.394 25.701
103.488 31,392
1,235
434
2.802
616

f

S ince S ep
1 1906. j

66,766

^ 1 49
7.210
906
_____

149
58,84 2
14,761

13,915
4 ,61 S
3,480

"4 1 9
91,378
4,618
15,637

6,4 9E
4 ,43Si
169

34,72 3
27,147
169
______
4.S
1,227
107

11221
----

5 2 ,29< 315,986

4S7

Stock.
•*
1907.

926,3051
89,323
_______
12,900,
6,401!
_______
355,555
153.625
4 7 .6 5 5 1 40,179
10,919:
_______
431|
_______
457,983
143,033
28.279
17,302
59.573
28,632
_______
183!
133,477
57,079
114.244’
29.799
______
1,082;
_______
151,745
61
4,914
2,634;
3,136
700
7,547

315,986 1,564,437 454,749 2,158,482

726,314

1906.
301,160
156.033
30,845
142,925
11,668
19,642
49,380
40,720
98,882
1,798
5,013
3,695
861,761

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts a t —L

1007.

I

1906.

1905.

1904.

1903.

G a lv e s to n
Pt. A fth u r , &c
N e w O i le a n s .
M obile
S a v a n n a h ___
B ru nsw ic k . ;
C h a ilc s tc n .& c
W ilm ln g ’n .& c
N o rfo lk
N ’p o rt N ., &c
A ll others-

66,766)
149
5 8.842
14,761
9 1 ,3 /8 !
4,618
15,637!
34,723
27,147
.6 9
1,796 j

172,991
8,386
91,703
9,389
88,363
9,641
8,623
25,701
31,392
8,560

105,834
9,996
47,607
9,991
58,057
4,822
6,823
18,359
22,053
169
8,749

109,022
1,217
100,231
14,715
91,005
2,560
12,875
20,827
31,048
279
12,539

145,364
3,327
92,771
16,436
64.174
7,368
13,581
24,215
23,200
162
8,354

92,266
2,107
93,960
11 ,170
47,322
3,107
13,235
14,315
16,548
204
10,497

T o ta l th is w k .

315,986 j

154,749

292,460

396,318

398,952

364,731

. . . . . .

1902.

Since S e p t. 1. :,56 4 ,4 3 7 2,158,482 2,227,763 2,647,209 1,979,581 2,256,976

The exports for the w< ek ending tl is evening reach a total
of 188,102 bales, of which 52.160 were to Great Britain,
27,033 to France and 58,^09 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.

Exportt)
from—

Wcek aiding Oct.ib 1907.
Exported to—
Great
Conti
Britain. h'r'iuc nent.

Total.

Galveston . . . 22,830 10,042 7,526 40,404
_____
Port Arthtir__
Corp.Chrlstl.&c
....
7,000
New Orleans .
58 7,058
_____
____
M o bile.............
4____ ____
l ’ensacola.___
Fernandina
Savannah ____
10,377 20,145 30,522
B ru n s w ic k __
Charleston.
10,650 10,650
W ilmington .
6,014 12,936 19,550
Norfolk
__
36
36
Newport News
New Y o rk ___
5,993 15.494
0,501
Boston ______
95 9,264
9,109
B a ltim o re ____
200 3.135
2,935
Philadelphia
719
1,189
470
P ortland, Me
San Francisco
800
800
S e a t t le ___'___
.........
.........
Tacoma
' - ..III
Port land, Ore
Pembina
iin
Detroit.-.!.'-. .
Total . . . . . . .

52,160 27.033 58,909 138.102

Total 1 9 0 6 ,... 136,261 29,434 104,688 270,383
1
|

From Sept. 1 1907 to Oct.
Exported to—
Great
Hritain. Franco.
157,479 58,520

Conti
nent.

5 1907.

Total

86,328

302,327

125 .1 3,838
3,410 66,790
4,200 38,079
2,000
2,000
800 22,100
20,000 23,067
•- ^ ^ «- 11,300
60,000
----

139,787
22,533
104,954
26,632
18,079
6,732
140,445
29,978

32,005 30,535 237,174
51,135 39,925 362,550
28,228- 40,289 229,667

489,140
499,211
713,560

7,523
27,350
4,892

2,829
10,154
4,690

2,888
14,981
13,860

473
10,895
10,437

11,400
3,067
3,500
22,000

6,600
800
7,000

3,300
■
2,800
25,000

■‘
4,200
6,000

T o ta l 1 9 0 7 .. 79,732
T o ta l 1906. . 117,013
T o ta l 1 9 0 5 .. 57,292

32,073
65,185
28,664

62,829
89,292
75,194

15,105
8,651
300

49,055
14,902
14,178

Speculation in cotton for future delivery has not been
active as a rule, owing to the absence of the outside public,
but within the limits of a professional market the pressure
to sell has been so great that prices have1declined sharply.
This was due very largely to the momentous events in Wall
Street . The occurrences there and the high rates for money ,
moreover, will, it is supposed, bring about a larger.marketing
of cotton at the South, and, indeed,'the Farmers'Union of
Texas has announced that it has no further funds wherewith
to make advances on the cotton crop. The inference gen
erally drawn from this is that interior holders in Texas
will be obliged to sell as a result of pressure from the banks.
As yet, it is true, the Southern spot markets do not seem
to reflect any greatly increased amount of liquidation,and
spot quotations remain at a considerable premium above
futures. But aside from the demand to fill contracts for
October shipment the demand for the actual cotton at the
South is said to be but moderate;, and when .the October
export contracts have been filled the general expectation is
that the aloofness of domestic spinners and the financial
stringency will make themselves more distinctly felt.
Moreover, the weather during the past week has been in the
main favorable. As a matter of fact, it has been favorable,
with brief interruptions, for a considerable period, and the
conviction is deepening that there is going to bo ,no scarcity
of cotton during the present season. On he contrary,
the opinion is widely prevalent that supples will be more
than ample, and that, what with the financ i pinch and some
reaction in trade on the one hand and the duluess of specu
lation on the other, the line; of least, resistance, foy prices
will be towards a lower plane: During the week December
manipulation was at one time very active and successful.
the premium over January on Wednesday reaching 42.
points, and January has also at intervals shown a strength
which suggested the possibility that the bull deal in Decem
ber might be extended to that month. But the extremely
high rates for money finally put what looked like the quietus
on the December affair, and on Thursday th e . premium
dropped to 20 points, though there are not .wanting those
who believe there may still be a somewhat extended, short
interest in the December option against purchases of Janu
ary made some time back. To-day prices at first advanced
on the misunderstanding of the ginners’ report. It gave at
first without explanation the total ginned up to Oct. IS
as 4,089,338 bales, .‘against 4,931,621 bales for the. same time
last year. Some time later it was explained, however, that
69 counties were missing from this year’s returns. As these
counties last year ginned 320,123 bales, the explanation
gave this season’s figures a different aspect and prices re
ceded. Most of the loss was recovered towards the close,
however, on covering of shorts. Spot cotton here has been
dull and weak. Middling uplands closed at 10.95c., a de
cline for the week of 80 points.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as:follows:
F a i r ______ _______cl .75 on
Strict m id fair.........1.50 on
Middling fair...........1.25 on
Barely mid fair____ 1 .00 on
Strict, good m id ____0.75 on
Fully good m id ____0.62 on
Good m id d lin g .__ 0.50 on
Barely good m id __ 0.37 on
Strict m iddling____0.25 on
Middling
................. Basis

Strict low m ld -.c 0.30 of! Middling tlnged_-C0.30 off
Fully low m id _____0.65 013 Strict low m id. ting 1.00 off
L'iw m id d lin g ___.1.00 oi Low m id. tinged. ..1 .5 0 off
Barelv low m id ____1.25 off strict g’d ord. U ng^.OO off
Strict good ord ____1.50 off Fullv m id. stained. 1.00 off
Fully good o r d .. 1.75 off Middling stained___1.25 off
Good o rd in a r y ____2.00 off Barely m id std:_ _ 1.75 off
Strict g’d m id. tgd.0.35 on Strict, low m . s ta in .2,25 off
Good m id. tin g e d ..
Even Fully 1. m . stain ed .2.62 off
Strict m id. tin g e d ..0.20 offiLow m id. s ta in e d ..3.00 off

The official quotation for middling upland c.otton fn the
20,929
2.000
0.830

6,96 i
4,251
7,048

36,097 32.280
8.829
47,248
1,950

6,014

74,065
49,762
9,198
11,552
1

o.GoO
1,400

.........

..I...

.........

431,940122,730
617,036 138,773

107,421 175,798
17,674 . 26,503
10,650
10,650
6:;,637 120,499
2,061
111
03,076
559
12,918
1,119
1.100
1.182
32

142,797
50,321
23,516
12,671
1
1.100
1,182
32

" .III

-.........

392,923

947,593

561,957 1,317,706

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.




N ew O rle a n s .
G a lv e s to n
S avannah .
C ha rle ston ___
M o b i le ________
N o r f o l k _______
N ew Y o r k ___
O th e r p o r ts ___

I-.ca.vUig
stock.

C ther
Coast-1
F ore ign , wise. i Total.

Ger
m an!/.

T otal.

9,678

The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared w ith
last year: .
itecftpts to
Octobcr 25.

Great
B r ita in . F ra n ce

Oct. 19 to Oct. 25—
M id d lin g u p l a n d ___

S a(.
11.75

M on.
11.60

Tues.
11:45

W e d . Thurs.
n .30 11.10

F rj.
10.95

N EW Y O R K QUOTATIONS FOR 32 Y E A R S
1907 C. 10.95 1899
1906 ........... 10.95|1898
1905 _______10.65 |1897
1904- ____
10.05| 1896
1903
1 0.20! 1895
19028.70 i 1894
1901
____ 8.3811893
1900
- ____ 9 .44|1892

C.......... 7.31
_______ 5.44
....... ..
6.06
..
- 8.00
_______ 8.56
_______ 5.81
8.31
8.31

1891.c . . . . . 8.44
1 8 9 0 .. _____ 10.12
1889._ . . . . . 10.50
1 8 8 8 .. . . . . . 9.81
1887... .
. 9.62
1886
... - 9.25
1885, ____ j.i'9.81
1884- I ____ 9.75

1 8,8 3.c.- ,- .1 0 .6 2
1 8 8 2 . . ; . - : 10.88
1 8 8 1 - - - .., 11.62
1 8 £ 0 .. . . -11.12
1879 ______ 11.38
1878
. 9.68
1 8 7 7 ..,____ -11.31
187 6.
10 94

M ARKET AND SALES AT NEW YORK,.
S pot M a r k i t
Closed.
S a t u r d a y ..
M onday.
T uesday . .
W e d n e sd a y
T h u rs d a y .
F r i d a y ___

\
j

F u tu re s
M a r k it
Closed.

S t e a d y ___ . . . ______'S te a d y :.'- ,—
Q u ie t 15 p t s d e c . . . S t e a d y ..........
Q u ie t 1 5 p tsde e ...... S te a d y - - .—
S te a o y 15 p ts d e c
S t e a d y .-- —
S te a d y 20 p ts d e c - - S te a d y - .- .
S te a d y 15p i ? dec .^ F - irm
j ’ '
\*

Sales

S pot a n d Co ntract.

• CahE xport sum 'n .
.

457

l'.ioo
Z, 200

10

2.1*00

1.567
1 ----

Con
tract.

r.ioo

Tcta
457

1 ,100
1,100

900
100

2,21(*
900
100

2.100

5.8 67

THE CHRONICLE.

lxxxy

.

287,870 340,277
336,618 1.643,876
1,061,836 159,161 362 ,728
228 ,959
T otal, 33 to w n s ....... ......

2,354 3,647
7,127 15,734
6,074 7,665
6,0968804,568
34,887
8,750 25,918
12,397
1,475 2,008
34,453
6,129 15,064
28,487
6,179 9,572
137,451
19,018 34,222
18,311
2,157 9,657
29,547
3,892 4,514
11,803
3,536 2,436
374148 7
57,480
9,802 13,823
9,910
2,000 4,539
9,540
1,396 5,466
13,420
2,700 5,570
17,556
3,404 6,669
22,130
2,905 7,865
13,385
2,029 8,910
11,411
1,815 7,003
41,478
10,916 8,607
6,6377051,322
12,518
8,112 10,255
6,3708682,702
681,359
17,120 40,354
348263 524
11,8917852,534
15 5511 4,660 4,361
34,984j
5,457 7,523
12,432]
2,044 3,688
794,0121133,548 55,423
46,949
15,922 8,127
11,916
55,372
43,421

Week.

A l a b a m a ______
1,91513,520
1,887
2,528
2,095
"
_ _ ...... ...................... 11,731
60,730
9,937 15,325
9,238|
“
........
, 6,00034,911
5,325
5,000
6,876
Arkansas _____
3,0268.544
324
5,402
2,527
“
7,394
16,585
2,750 12,843
13,342
_____
2,00011,8641
1,500
3,500
1,696
Georgia
••
................................. 7,000
40 7771
5,500 17,500
8,537;
“
................................ 1,6564,01*71
548
5,678
8,030;
“
...........
21,561
143,2941 14,329 44,038
23,165
“
...
4,22511 ,761
1,325
6,587
3,571
“
................................. ...................... 4,98329,786
4,125
4,6144,117
_____________ 3,0189 ,4 8 6 : 2,628
3,195
3,478
100707!
65
50
120
Kentucky n e t ____________
L o u is ia n a ______
4,953
17,9041
2,360 12,461
11,452
M is s is s ip p i _____
.. 3,08310,567!
3,302
4,670
2,500
••
______
4,00017,293!
3.400
7,544
2,730
“
______ 4,940
22,6171
4,374 10,950
3,600
“
...........
3,88214,271!
2,653
5 664
4,570
“
______
. . . 4,68214.4031
2,469
6,246
4,521
_____ _____________ 4,591
15,322
1,824 11,353
3,670
"
“
_____
3,171
15,202
1,832 10.370
3,432
12,12828.041 | 10,959
5,1091
10,625
M i s s o u r i ______ . . . .
North C a ro lin a _
4182,9221
500
847
556
O h io _____________
.
.. 2,91510,414
1,471
9,756!
3,719
South Carolina _
1,220
5,853!
_______
4,487j1,088
TenneseC--- . . .
.
37,26490,519' 18,346
62,407!
34,175
“
______ . . . .
763
1.734J ______
3,775
94
T exas .................... ...................... ...................... 2002,359
lJ>0
1,859 998
'•
.................... ...................... 5,6899,1781
4,712
2 .88 0 1
4,121
“
___________
.4,00013,753
3,000|
5,056
5,515
“
____________
_
.3,8966,359!
3.427|
1,602
1,932
.................... ...................... 48,052 365,456
40,359 66.215
135,479
“
“
.................... ...................... 4,5031 1 ,687j
3,780j
3,217
15,049

1006.
• ■

E u fa u la ,
M o ntgom ery,
I.Selma,
1H<lena,
Little R oc k ,
|A lb a n y ,
A thens,
(A tla n ta ,
A u g u sta ,
C olum b us,
M acon,
R om e,
.L o u is v ille ,
Shreveport.
C olum b us,
Greenville
Greenw ood,
M eridian,
N atchez,
{Vicksburg,
IYazoo c ity ,
St. Louis,
R ale ig h ,
C in c in n a ti,
Greenw ood,
M em phis,
N a shville,
B renham ,
C larksville,
D allas,
Honey Grove,
H ouston,
Paris,

---------- mcnts.

Ship- Slocks.
Receipts.
O c t . ----- ments.
Season.Week.
25.Week, i
Receipts.

Movement to October 25

1907.Movement to Octobcr

26

, Ship- Stocks
Oct.
Season.Week.26.

AT THE IN T E R IO R TOWNS 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.

—

A p ril—

Range —
@
— 1 0 .6 3 @ 1 0 .6 5 —
@ 1 0 .5 2 —
@
------- @ 1 0 .3 1 —
@
— 1 0.3 1@ 1 0.6 5
Closing 10.63— 10.65 —
—
— 10.45— 10.48 10.26— 10.28 10.23— 10.25 10.2 3 — 10.24 —
—
—
S e p t.—
Range —
@
---- @
----- @
—- —
@
--- @ —
@
--- @
—
Closing —
—
--- —
----- —
----- —
----- —
----- —
----- —
—

10.14@10.39 1 0 .1 4@ 1 0.7 3
10.30—
--- ---------10.23@10.39
10.30— 10.31
10.47 @10.60 10.31 @10.42
10.52— 10.54 10.32-^-10.33

1 0 .5 5 @ 1 0 .6 0 —
@ 10.42 10.30 @10.41 —
@
— 10.3 0@ 1 0.7 1
10.57— 10.58 10.38— 10.40 10.32— 10.34 10.30— 10.32 —
—
—

—
—

10.25@10.44 10.17@10.44
10.34— 10.35 10.31— 10.32

-

Range —
@ 1 0 .7 8 —
@
'
Closing 10.75— 10.76 10.66— 10.68
\May—
Range
10.74@10.79 10.68@10.76
Closing 10.74— 10.75 10.69— 10.70
\
Ju n e —
Range —
@ 1 0 .7 1 —
@
—
Closing 10.70— 10.71 10.66— 10.68
J u ly —
Range 10.70@10.73 10.65@10.72
Closing 10.70— 10.71 10.64— 10.65

10.35@10.47
10.39— 10.40
10.52@10.65
10.57— 10.58

— 1 0 .3 8 @ 1 0 .7 8
10.27— 10.29 —
— —
@
10.31— 10.33
@
---@ 1 0 .3 8 —
@
10.52— 10.54 10.35— 10.37

1 0 .1 7@ 1 0.7 9
—
—

10.10@10.39 10.1 0@ 1 0.8 2
1 0.2 4 — 10.25 —
—
—
10.20@10.38
10.29— 10.30

10.26 @ 1 0 .3 7 —
@
— 1 0.2 6 @ 1 0 .8 0
10.28— 10.30 10.23— 10.25 —
—
—

—
@ 1 0 .8 0 —
@10.75 10.50 @10.51 10.32 @10.35
0.77 — 10.78 10.6 3 — 10.65 10.50— 10.52 10.32— 10.34
•
10.76@10.82 10.~64@10.78 10.43@10.58 10.29@10.41
10.76— 10.77 10.65— 10.65 10.50— 10.51 10.34— 10.35

10.62@10.78 10.40@10.58 10.25@10.36 10.15@10.35 lo.03@ 10.40 1 0.0 3@ 1 0.8 2
10.62— 10.63 10.48— 10.49 10.30— 10.31 10.25— 10.26 lo .18—
— —
—
—
10.77@10.82
10.77— 10.78

11.14@11.19 10.98@11.15 10.80@11.00 10.60@10.75 10.38@10.69 10.24@10.63 t 0 .2 4 @ ll .19
11.17— 11.18 11.00— 11.01 10.88— 10.89 10.65— 10.66 10.45— 10.47 10.43— 10.45 —
—

1 0.0 3@ 11.03
—
— !

-

11.01 @ 1 1 .0 3 —
@
---------- @10 80|10.54@10.55 10.50@10.53 10.03 @10.19
11.03— 11.05 10.86— 10.88 10.78— 1 0 .8 0 il0 .5 2 — 10.54 10.33— 10.35 10.21— 10.23 —

10.09@10.29 1 0 .0 9@ 1 1.0 3
10.23— 10.26 —
—
— i
10.83@11.00 10.72 @10.90 10.60@10.65 10.23@10.50
10.84— 10.86 10.77— 1 0 .7 8 jl0 .5 0 — 1 0 .5 2 jl0 .3 1 — 10.33

Oct.—
Range
Closing
N o v .—
Range
Closing
D ec .—
Range
Closing
J a n .—
Range
Closing
F e b .—
Range
Closing
M a rc h —
Range
Closing

10.98 @11.03
11.02— 11.03

M onday,
Oct. 21.

Tuesday,
Oct. 22.

Wednesday.
Oct. 23.

Thursday,
Oc«. 24.

F r id a y ,
Oct. 25.

TFeefc.

FU TU RES.— The highest, lowest and closing prices at
New York the past week have been as follows:

Saturday.
Oct. 19.

[Y © l .

—

109G

THE V IS IB L E SU PPLY OF COTTON to-night, as made
! § !
«s"2 - ^V - S3? - J - i I . ?
io
5 =!;=§!; .®g 'lip by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
c | m * c Os i f
quently- all foreign figures are brought down to Thursday ___________ |_KSdcK
S S JX O C
___
•evening.
But to make the total the complete figures
for to-night (Friday), we add the item of exports
The above totals show that the interior stocks have in 
from the United States, including in it the exports of creased during the week 69,798 bales and are to-night 22,451
Friday only.
bales more than at the same time last year. The receipts at
October 25—
1907.
1906.
all the towns has been 107,659 bales less than the same
1905.
1904.
568,000
S to c k a t L iv e r p o o l________ b a le s .
661,000
303,000
251.000
week last year.
S to c k a t L o n d o n _________________
21,000
16,000
21.000
15,000
S to c k a t M a n c h e s te r_____________

T o ta l G reat B r ita in s to c k ______
S to c k a t H a m b u rg ’________________
S to c k a t B r e m e n _________________
S to c k a t A n t w e r p _________________
S to c k a t H a v r e ____________________
S to c k a t M arseilles________ ! _______
S to c k a t B a r c e lo n a _______________
S to c k a t G e n o a ____________________
S to c k a t T r ie s te ___________________
T o ta l C o n tin e n ta l stocks_______
T o ta l E u ro p e a n sto ck s _________
I n d i a c o tto n afloat for E u r o p e ___
A m e ric a n c o tto n afloat for E uro pe
E g y p t,B ra zil,& c ..a flo a t for E u ro p e
S to c k in A le x a n d ria , E g y p t ______
S to c k In B o m b a y , I n d i a ..... ...........
S to c k in U . S. p o r t s _______________
S to c k in U . S. in te rio r to w n s ______
U . S. exports to-day.........................

37,000

21,000

33.000

12,000

626,000
18,000
129,000

288.000
22,000
85.000

715.000
17.000
199.000

102,000
4,000
11,000
18,000
34,000

7o"666
4.000
4.000
32.000
1.000

67",666
3.000
3.000
14.000

330.000
33.000
126.000
4.000
56.000
3.000
5.000
17.000
9.000

218,000

305,000

316,000
942,000
73,000
414,765
54,000
104,000
327,000
726,314
362,728
30,320

2 .0 0 0

506,000 1,020,000
49,000
68,000
106,170
599,000
63,000
50,000
106,000
86,000
390,000
378,000
861,761
943,227
340,277
456,802
34,471
63,146

253,000
583,000
8,000
772,000
37,000
106,000
190.000
727,793
488,779
42,811

T o ta l v isible s u p p ly ____________ 3,034,127 3,016,679 3,664,175 2,955,383
O f th e a b o v e , to ta ls o f A m e ric a n a n d o ther de scriptions are as follow s:
A m erica n —
L iv e rp o o l stock s----------b a le s . 472,000
184,000
580,000 251,000
M anch ester s to c k _____________ . . .
29,000
17,000
30,000
10,000
C o n tin e n ta l stock s_________ t _____ 222,000
161,000
270,000 172,000
A m e ric a n afloat for E u r o p e _______ 414,765
666,170
599,000 772,000
U . S. p o r t stock s............................. .
726,314
861,761
943,227 727,793
U . S. in te rio r stocks.....................
326,728
340,277
456,802 488,779
U . S. exports to - d a y _______________
30,320
34,471
63,146
42,811
T o ta l A m e r ic a n ________________ 2,257,127
E a s t I n d ia n , B r a z il, & c .—
L iv e rp o o l s to ck _______________ 96,000
L o n d o n s t o c k _____________________
21,000
M anchester s to c k _________________
8,000
C o n tin e n ta l sto ck s________________
94,000
I n d ia afloat for E u r o p e __________
73,000
E g y p t, B ra z il, & c., a llo a t ________
54,000
S to c k in A le x a n d ria , E g y p t .......... 104,000
S to c k in B o m b a y , I n d i a . ............
327,000

2,264,679 2,942,175 2,464,383

T o ta l E a st I n d ia , & c.................- 777,000
T o t a l A m e r i c a n _______ _______ .2 ,2 5 7 ,1 2 7

752,000
722,000 491,000
2,264,679 2,942,175 2,464,383

67,000
16,000
4,000
57,000
49,000
63,000
106,000
390,000

81,000
21,000
3,000
35,000
68,000
50,000
86,000
378,000

52,000
15,000
2,000
81,000
8,000
37,000
106,000
190,000

T o ta l visible s u p p ly ____________ 3,034,127 3,016,679 3,664,175
3,664,175 2,955,383
2,955,383
M id d lin g U p la n d , L iv e r p o o l______
l_____
6 .19 d.
66.12
.12d.
d.
5 .7 1 d.
5 .32
5 .32d
d.
M id d lin g U p la n d , N
New
ew Y o r k _____
10.95c.
10.65c.
10.65c.
10.65c.
9.95c.
9.95c
E g y p t , G ood B ro w n , L iv e r p o o l._
l. .1
1 0 ll- 1 6 d .
110>^d.
0 ‘^ d .
88 77-16d.
16d. N
N oom
m in
inaa
P e r u v ia n , R o u g h G o o d
d,, L iv e rp o o l
12.00d.
88 .5
.500dd..
99.0
.000dd.. 10.75d10.75d
B ro a c h , F in e , L iv e r p o o l_________
5 JJ4d
^d.
5% d.
9-16d
5%5^gd
d5 9-16d
T in n eevvet lly , G o o d , L iv e r p o o l_____
59-16d. 5?/jjd. 5 54 d .5 ^ d . 5 ^ d .
5%5d^d

Continental imports past week have been 163,000 bales
The above figures for 1907 show an increase over last week
of 227,543 bales, a gain of 17,448 bales over 1906, a de
crease of 630,048 bales from 1905, and a gain of 78,774
.hales over 1904.




O V ER LA N D MOVEMENT FOR THE W E E K AND
SINCE SEPT. 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:
October 25—
Week.
S h ip p e d —
V ia S t. L o u is ---------------- ..1 0 ,9 5 9
V ia R o c k I s l a n d ----------

239

V ia C in c in n a ti . . --------- _ __ 1,193
V ia V ir g in ia p o in ts ___
. . 2,610
V ia o th e r rou te s, & c.
_____ .
3.697

S ince
S ept. 1.
27,244
12,624
495
7,954
3,394
5,768
11,016

IFeefc.
10,916
3,551
344
638
1 ,743
2,011
8,313

S ince
Sept. 1.
46.372
9.668
1,040
6,029
3,880
8,747
17,017

T o ta l gross o v e r la n d _________ ..2 5 ,3 4 7
D educt shipm ents—
O v e r la n d to N . Y . , B o sto n , & c. -. 1,377
Betw een in te rio r to w n s ________
261
I n la n d , <5ce., fro m S o u t h _____ -- 1,694

68,495

27,516

92,753

3,852
958
12,586

587
483
490

3,395
3,275
6,731

17,396

1,560

13.401

L e a v in g t o ta l n et ov e rla nd a ____

51,099

25,956

79,352

a In c lu d in g m o v e m e n t b y ra il to C a n a d a .

The foregoing shows the week’s net overland move
ment has been 22,015 bales, against 25,956 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
28,253 bales.
------ 1907-----1906---Since
I n S ig h t a n d S p in n e rs ’
Since
T akinos.
Week.
S ept. 1.
Week.
Sept. 1 •
Receipts at p o rts to O c t. 2 5 _________ 315.986 1,564,437
454,749 2,158.482
79,352
N e t o v e rla n d to O c t. 2 5 ................... ..
22,015
51,099
25,956
S o u th e rn c o n s u m p tio n to G e t. 2 5 —
49,000
385,000
376,000
47,000
T o ta l m a r k e te d ____________________ 387,001
In te r io r stocks in excess_____________ 69,798

! ,000,536
282,145

C am e in to sig h t d u r in g w e e k ---- 456,798 ................
T o ta l I n s ig h t O c t. 2 5 . . . ................................ 2,282,681
N o r th s p in n e rs 'ta k in g s to O c t. 2 5 . . 46,325

215,180

527,705 2,613,834
244.001
48,748
576.453
38,949

2 , 857,835
257,425

Movement into sight in previous years:
Week—
1905— O c t.
1904— O c t.
1903— O c t
1902— O c t.

B ales. | Since S ept. 1—
2 7 . ..........................411,734 11905— O ct. 2 7 . . .
2 8 . ....................... .535,261 |1904— O ct. 2 8____
3 0 . . .......................521,047! 1903— O ct. 30 --31 ............................443,591 I 1902— O ct. 31 ---

B ales
, 998,451
, 493.507
. 644,353
, 217,573

O c t . 26 1907 j

QUOTATIONS FOR M ID D L IN G COTTON AT O T H E R
M ARK ETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
October 25.
G a lv e s t o n ___
N ew O rle a n s ___
M o b i le _________
.S a v a n n a h ___ .
C ha rle ston . .
W ilm in g t o n ____
N o r fo lk - - ___
B o sto n -----B a ltim o re ___
P h ila d e l p h ia ___
A u g u s t a . ---____
M e m p h is
S t L o u is
- _
____
H o u s to n
L it t le R o c k ____

C losing Q uotations for M id d lin g Cotton onS a t day.
11 %
1 1%
11%
11 3-16
11 3-16
11 3-10
11 %
11.75
11 %
12.00
11 5-16
1 1 58
11 %
11 %
ii %

M o nd ay . Tuesday. W ed'day. Thursd y. F r id a y .
11 %
11 Mi
11%
ll %
n %
11 %
11%
11.75
11 lA
11.85
11 3-16
11 7-16
1 1%
1 1%
U %

11 %
11 %
11 3-16
10 15-16
10 % @ %
11
11 %
11.60
11 Vi
11.70
11
11 7-16
11 Vs
11 %
11

t i%
11
11
10 Ml
10 %
10 %
10 13-16
11.45
11 %
11.55
10%
11 5-16
ii %
11 %
10%

11 Vi
10%
10 %
1 0%
10%
1 0%
10%
11.30
1 1%
11.35
10 %
11%
11%
11
10%

11%
10%
10.11-16
10 %
10%
1 0%
11.10
11
11.20
1 0%
11
11
10%

NEW O RLEAN S OPTION M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t'd n y , M o n d a y , T uesdayt W ed'day
O ct, 2 3.
Oct. 19. Oct. 21. Oct. 22.
October—
R a n g e _______
C lo sin g _______
November—
R a n g e _______
C lo sin g _______
December—
R a n g e _______
C lo sin g _______
Jan u a ry —
R a n g e _______
C lo sin g _______
Fe b rua ry —
R a n g e _______
C lo sin g _______
M a rc h —
R a n g e _______
C lo sin g _____
A p r il—
R a n g e _______
C lo sin g _______
M ay—
R a n g e _______
C lo sin g _______
J une—
R a n g e ___
C lo s in g _______
J u ly —
R a n g e _______
C lD sln g ............
Tone—
S p o t __________
O p t i o n s ______

T liursd'y, F r id a y ,
Oct. 24. Oct. 25.

11.08-.10 10.98- 02 1 0 .8 5 .9 1 10.70- .91 10.57-.60 10.40-.62
11.07-.09 10.95- 00 10.92 — 10.68- .70 10.64 — 10.45 —
— @ — — @ — — @ — — @ — 10.31 — — @ —
10.83-.85 10.78- 80 10.53-.55 10.34- .36 10.32 — 10.30 —
10.78-.82 10.63- 79 10 38 .59 10.24- .37 10.17-.36 10.10-.35
10.79-.80 10.65- 66 10.51-.52 10.32- .33 10.27-.28 1 0 .2 5 .2 6
10.77-.82 10.62- 77 10.37-.58 10.23- .38 10.17-.36 10.07-. 33
10.78-.79 10.64- 65 1 0.5 0 .5 1 10.31- .32 10.27-.28 10.24-.25
— @ — — ® — — @ — — @ — — @ .30 — @ —
10.78-.80 10.64- 66 10.50-.52 10.31- .33 1 0 .2 9 .3 1 1 0 .2 5 .2 7
10.83-.86 10.66 82 1 0 .4 2 .6 4 10.28- .40 10.21-.40 10.13-.37
1 0 .8 3 .8 4 10.69- 70 1 0 .5 3 .5 4 10.35- .36 10.31 .32 10.30-.31
— @ — — @ — — @ — — <34 — — @ — — @ —
10.85-.87 10.71- 73 10.55-.57 1.0.36- .38 10.33-.35 10.30-.32
10.88-.90 10.71- 82 10.50-. 68 10.34- .45 10.27-.44 10.18-.41
10.87-.88 10.75- 76 10.60-.61 10.40- .41 10.36-.38 1 0 .3 4 .3 5
— @ — — @ — — @ — — @ — — @ — — @ —
10.87-.89 10.76- 78 10.61-.62 10.41- .43 10.38-.40 10.35-.37
— @ .92 « _ — @ — 10.42- .49 10.37-.50 10.25-.35
1 0 .9 0 .9 2 10.78- 80 10.63-.65 10.43- .45 10.42-.44 10.38-.40
Q u ie t.
S te ad y .

Q u ie t.
S te a d y .

Q u ie t.
S te a d y .

Q u ie t.
S te ad y .

Q u ie t.
Q u ie t.

S te a d y .
F ir m .

W E A T H E R REP O RT S BY T E L E G R A P H .— Our tele
graphic reports from the South this evening indicate that
the weather has been favorable as a rule during the week.
Over a considerable section the weather has been dry, and
elsewhere the precipitation has been light or moderate in the
main. Picking has made good progress, but the movement
of the crop continues on a restricted scale, owing to the
holding policy being pursued.
Galveston, Texas.— Except for a rain of one and one-half
inches at Huntsville on one day of the week, the precipitation
over Texas has been light and unimportant. The weather
has been most favorable for picking.
Abilene, Texas.— Rain has fallen to an inappreciable ex
tent on one day of the week. Average thermometer 71,
highest 80, lowest 54.
Corpus Christi, Texas.— It has been dry during the week.
The thermometer has averaged 71, ranging from 64 to 78.
Cuero, Texas.— We have had rain on one day during the
week. The rainfall reached seventy-nine hundredths of an
inch. The thermometer has ranged from 60 to 75, averag
ing 67.
Dallas, Texas.— It has been dry all the week. Average
thermometer 67, highest 85, lowest 52.
Fort Worth. Texas.— There has been no rain during the
past week. The thermometer has averaged 67, the highest
being 78 and the lowest 56.
Huntsville, Texas.— We have had rain on one day during
the week, the rainfall being one inch and fifty-seven hun
dredths. The thermometer has ranged from 54 to 78,
averaging 64.
Kerrvitle, Texas.— We have had no rain during the week.
Average thermometer 62, highest 82, lowest 48.
^ Lampasas, Texas.— We have had no rain during the week.
rl he thermometer has averag-d 61, the highest being 78 and
the lowest 53.
Longview, Texas.— It has been dry all the week. The
thermometer has averaged 65. ranging from 50 to 79.
Palestine, Texas.— We have had rain on one day during
the week, the rainfall being six hundredths of*an inch. The
thermometer has averaged 65. the highest being 80 and the
lowest 56.
Paris, .Texas.—There has been no rain the past week.
The thermometer has averaged 66, ranging from 53 to 84.
San Antonio, Texas.— We have had rain on one day during
the week, the rainfall being thirty-two hundredths of an inch.
The thermometer has ranged from 60 to 82, averaging 68.
Lulin-j, Texas.— It has rained on one day of the week,
the rainfall being eighteen hundredths of an inch; now clear.
Average thermometer 65, highest 79, lowest 60.




1097

THE CHRONICLE.

New Orleans, Louisiana.— There has been rain on three
days of the week, the precipitation being ninety-three hun
dredths of an inch. The thermometer lias averaged 71.
Shreveport, Louisiana.— We have had rain on two days
during the week. The rainfall reached twenty-one hun
dredths of an inch. The thermometer has ranged from 55
to 81, averaging 68.
Vicksburg, Mississippi.— It has rained on one day during
the week, the rainfall being one hundredth of an inch. The
thermometer has averaged 68, ranging from 55 to 81.
Helena, Arkansas.— No rain has fallen since the 8th of the
month. Fine picking weather. Average thermometer 64.7r
highest 80, lowest 50.
Little Rock, Arkansas.— The weather continues favorable
for gathering crops, but the movement from plantations is
very small. We have had no rain during the week. The
thermometer has averaged 65.5, the highest being 80 and
the lowest 51.
Memphis, Tennessee.— Excellent weather for maturing
and gathering cotton. Picking and marketing are progress
ing aetively. We have had no rain during the week. The
thermometer has averaged 64.9, ranging from 50.7 to 77.2.
Mobile, Alabama.— Fine weather in the interior and cotton
picking and marketing have progressed well. River;-! are
at a very 'low stage. Rain has fallen to an inappreciable
extent on three days of the week. Average thermometer 70,
highest 84, lowest 56.
Montgomery, Alabama.— Picking and marketing are going
on rapidly but the recent decline has caused many to store
cotton rather than sell. There has been light rain on two
days during the past week, the precipitation reaching thirteen
hundredths of an inch. The thermometer has averaged 67,
the highest being 83 and the lowest 49.
Selma, Alabama.— We have had rain on one day during
the week, to the extent of five hundredths of an inch. ' The
thermometer has averaged 65, ranging from 47 to 78.
Madison, Florida.— We have had no rain during the >veek.
Average thermometer 69, highest 86, lowest 50.
Savannah, Georgia.— There has been no rain the past week.
The thermometer has averaged 65, ranging from 53 to 80.
Charleston, South Carolina.— We have had no rain during
the week. The thermometer has averaged 63, the highest
being 78 and the lowest 53.
Greenwood, South Carolina.— It has been dry all the week.
Average thermometer 60, highest 73, lowest 47.
Charlotte, North Carolina.—There has been no rain during
the week. The thermometer has averaged 57, ranging
from 37 to 75.
Ardmore, Indian Territory.— The weather has been favor
able for gathering the crop, but farmers have been selling
slowly since the decline in prices set in. Merchants, how
ever, are free sellers. In the section southeast of Ardmore
there are complaints of boll weevils destroying late small
bolls.
IN D IA COTTON MOVEMENT FROM ALL PORTS.—
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 24.
Receipts a t—
B o m b a y ____________

1907.
Week.
12,000

61,000

Great
C o n ti
B r ita in . nent.
Bom bay—
1907_____________
1906_____________
1905_________ . .
C a lc u tta —
1907_____________
1906_________ . . .
1905_____________
M a dras—
1907_____________
1906_____ ______
190 5 . _ _________
A ll others—
1907_____________
1906_____________
1905_____________
T o ta l a ll—1907_____________
1906_____________
1905_____________

Since
Sept. 1.

Week.
14,000

F o r the Week.

E x ports from —

1905.

1906.

S ince
Sept. 1.

50.000

Total.
2,000
20,000
18,000

1,000

1,000

--------

--------

1,000

4,000
1 ,000
1,000

5,000
i ,000
1,000

--------

5,000
2,000
3,000

1,000
i ,000
1,000

11,000
23,000
21,000

—

1,000
. . . .

13,000

S ince
S ept 1.
63,000

S ince September 1.
Great
B r it a in .

2,000
19.000
17,000

1,000
1,000

Week.

C o n ti
nent.

Total.

72,000
82,000
67,000

72,000
84 ,000
76,000

5,000
4,000
2,000

6,000
4,000
3 ,00 0

1,000

7.000
4 ,000
6.000

8,000'
4,000
6,000.

5,000
2,000
3,000

3,000
1,000

21,000
25.000
29.000

24,000.
26,000
29,000

12,000
24,000
22,000

5 000
3,000
10,000

105,00(
115,000
104,000

110,000
118 ,000
114,000

2,000
9,000
1 ,000

.

E LLIS O N ’S ANNUAL COTTON R E V IE W FOR TH E
SEASON OF 1906-07.— In our editorial columns will be
found an article in which we give the figures from Mr. E lli
son’s annual review of the European cotton trade for the
season of 1906-07 as received by us this week by cable.
CENSUS BU REA U R E P O R T ON COTTON G IN N IN G
TO OCT. 18.— The Census Bureau issued on Oct. 25 its
report on the amount of cotton ginned up to Oct. 18 from
the growth of 1907, as follows:
T he fa ilu re of th e teleg rap h com panies to d e liv e r teleffram s from 6 9 c oun tie s
c oncern in g th e q u a n tit y of c o tto n g in ne d to O c t. 1 8 m ak es it im p o ssib le t o
p u b lis h a c o m p le te re port to-day.
E x c lu s iv e o f th e u n re p o rtc d coun ties
the re port shows 4,089,338 ba l -s grinned from th e g ro w th of 1907 to O c t. 18.
The u n re p o rte d coun ties ha v e 2,247 activ e ginneries a n d g in n e d 320,123
bales to O c t. 18 1906. The to ta l q u a n tit y g in n e d la st y ear to O c t. 18 was.
4 ,9 3 1 ,6 2 i bales. There were g in n e d In the c o rre sp o n d in g tim e in 1905.
4 ,99 0.5 66 bales a n d In 1904 6,417,894 bales.

1098

[Vox.,

THE CHRONICLE.

W O R L D ’S SU PPLY AND T AKINGS OF COTTON.—
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.
Cotton T akings.
Week and Season.

1906.

1907.
Week.

V isib le s u p p ly S e p t. 1 ___________
A m e r ic a n in s ig h t to O c t. 2 5 ____
B o m b a y receipts to O c t. 2 4 ____
O th e r I n d i a s h ip ’ts to O c t . 2 4 ___
A le x a n d r ia receipts to O c t. 2 3 . .
O th e r s u p p ly to O c t. 2 3 .a ______

Season.

2,806.584

. .

.

Week.

S eason .

2,633,089

.

2,291.844
2,282,681
61,000
38.000
176,000
53.000

576,453
14.000
4,000
47,300
10.000

1 ,784,156
2,857,835
50.000
34.000
166,000
76.000

3,344,383

4,902,525 3,284,842

4,967,991

3,034,127

3,034,127 3,016,679

3,016,679

268.163
196,863
71,300

1 ,951,312
1,491,312
460,000

456,799
12,000
10,000
51,000
8,000

lx x x t

.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
'
Great F re nch Ger- —
B r it a in , ports, m a n y .
N e w Y o r k ______9,501
______
2,749
G a lv e s t o n ______22,836 10,042
2,931
......................
N e w O r le a n s .. . 7,000
S i v a n n a h ______ ____ 10,377 18,595
C h a ile s to n ______ ____
____ 10,650
W ilm in g t o n - .- . ____
6,614 12,936
N o r f o l k ________
____
36
B o sto n ________ 9,169
______
____
B a lt i m o r e _____ 2,935
____
100
P h i la d e l p h i a .- .
719
139
S an F r a n c is c o .. ____
____
____
T o t a l .............. 52,160 27,033 48,136

O th.E urop e—
M e x .,
N o rth . S outh & c. J a p a n .
750 2,444
50 . . .
4,595
...... ...
38
-----20 . . .
1,550
______
____
—
____
_____
- ...
... ...
...
...
____
____
95 ____
100
....
... ...
331
________
... ...
____
____
___ ___800
7,364

2,444

165

T otal.
15,494
40,404
7,058
30,522
10,650
19,550
36
9,264
3,135
1,189
800

800 138,102

The exports to Japan since Sept. 1 have been 2,314 bales
from Pacific ports, and 545 bales from New York.

D educt—
310.256
222.256
88,000

1.868.398
1.361.398
507,000

a Em braces-receipts In. E u ro p e fr o m B r a z il, S m y r n a , W e s t In d ie s , &c.

A L E X A N D R IA

RECEIPT S

AND

SHIPMENTS.

A le x a n d ria , E QV pt,
October 23.

1907.

1906.

Receipts (cantars)
T h is w eek - _ ___ __
S ince S e p t. 1___________

380,000
1,319,606

350,000
1,243,243

S ince
T his
week'. S ept. 1.

T his
Since
week. Sept. 1.

E x p o rt (b ales)—
To
To
To
To

L iv e r p o o l___
____
M a n c h e s te r____ __
C o n tin e n t . - _______
A m e r ic a _______________

T o ta l exports

8.750
6.750
7.750
800

_______ 24,050

N o te .— A e a n ta r is 99 lb s .

1905.
270,000
913,376

Since
T his
week. S ept. 1.

9.000
7,750
7.000
750

38,675
21,877
33,538
2,590

7.250
400

27,879
9,187
35,428
6,313

93,599 24,500

96,680

12,900

78,807

33,127
24,986
32,570
2,916

5.250

E g y p tia n bales w eigh a b o u t 750 lbs.

JUTE BUTTS, BAGGING, ETC.— The market for jute
bagging has been very quiet during the week, and prices
nominally unchanged at 9 ^ c . for 2 lbs., standard grades.
Jute butts dull at 3@4c. for bagging quality.
M ANCH ESTER M A RK ET .— Our report received by
cable to-night Jrom Manchester states that the market
fs steady for yarns and quiet for shirtings. Spinners are
considered to be well under contract.
We give the
prices for to-day below and leave those for previous weeks
of this and last year for comparison.

L IV E R P O O L .— By cable from Liverpool we have the following statement of the week’s sales, stocks. &c., at that port:
Oct. 11.
59,000
4,000
2,000
50,000
5,000
55,000
541,000
445,000
43.000
33,000
22-1,000
188.000

Oct. 4.
Sales o f th e w eek ______ b a le s . 49.000
O f w h ic h spe culators took -.
1,000
3,000
O f w h ic h exporters t o o k , .
Sales, A m e ric a n _____
37 ,000
A c tu a l export. _________
9,000
75,000
F orw a rd ed -- - - - ___
O f w h ic h A m e ric a n — E s t . ..4 6 0 ,0 0 0
36,000
T o ta l Im p o r t of the week
25,000
O f-w hich A m e r ic a n ___
A m o u n t a f l o a t _________ -174,000
151,000
O f w h ic h A m e r ic a n _____

Spot.
Market,
12:15
P .M .

Saturday.

Monday.

Tuesday.

Wed’day.

Thursday.

Friday

Small
inquiry.

Easier.

Good
demand.

Quieter.

Moderate
demand.

Moderate
demand

1
j

M id .U p l’ds

6.49

6.39

6.35

6.17

6.14

6.19

S a le s _____
Spee.&exp.

4,000
300

10,000
1,000

10,000
500

8.000
1,000

7,000
500

7,000
500

Quiet at
3% points
decline.

Quiet at
2@3 pts.
decline.

Steady at
Futures.
Market
1 4@5 pts
decline
opened, j
Market,
4:30
P . M.

1 B’lyS st’dy Easy at
\ at 6@7
3% @ 10%
j pts. dec.
pts. dee.

8X lbs. Shirt Cot’n
ings, common \M id.
to finest.
U p l’s

Sept
13
20
27
O c t.
4
11
18
25

32s Cop.
Twist.

d.
d.
10 % @ 1 2 *
10H
@ 12H
10 11-16 @12%

s.
6
«
6

d.
s. d.
7 @10 4
<> @10 3
5 @10 2

d.
7.10
6.91
6.60

d.
9
9H
93/g

10%
®
10 9-16©
10 9-16®
10 7-16(6,

6
6
C
6

4
4
3
2

6.53
6.52
6.54
6.19

9%
@
9 13-16(2
9 15-16®
9 15-16®

11%
11 %
11%
n%

@10
@10
@10
@10

1
0
0
0

@
ffi
@

8}i lbs. Shirt
ings, common
to finest.

d. s. d.
s. d.
6 4 @9 6
10 K, 6 4 @9 (i
10% 6 4% @ 9 6
10*4
11
11
11

6
6
6
6
•

6 @9 8
7 (5,9 9
7% @9 10
7% @9 10

Cot’n
M id .
Vpl's
d.
5.63
5.57
5.66
6.14
6.45
6.33
6.12

S H IP P IN G N E W S.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 138,102 bales'. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
Total bales.
Y O R K — T o L iv e rp o o l— O c t. 21— V ic to ria n , 4 ,9 5 6 --- O c t.
7,490
23— A r a b ic , 2 ,5 3 4 _________________ ________________________* . . .
T o M a n ch ester— O c t. 19— T hespis, 1.317 u p la n d , 244 Sea Is la n d 1,561
T o G lasgo w — O c t. 18— C o lu m b ia , 4 50____________________________
450
T o B re m e n — O c t. 22— H a n n o v e r, 1 ,54 7____ O c t. 23— Barbarossa, 1 ,2 0 2 _________________________________________ _____________
2,749
T o A n tw e r p — O c t. 19— -Finland, 7 50----------------------750
T o G enoa— O c t. 18— K o n lg A lb e rt, 1,544; L u is la n a , 5 0 0 ---2,044
T o N a p le s— O c t. 18— K o n ig A lb e r t, 300____ O c t. 23— R e p u b 
lic , 100
____________ _______________________ ______________ , r -400
T o C ha m p e rlco — O c t. 21— D u n o tt a r C astl \ 5 0 ------------50
G A L V E S T O N — T o L iv e r p o o l— O c t. 18— Ik b a l, 1 2,5 70 ____ O c t. 1!)
— J u s t in , 6 .38 7 ____ O c t. 23— G regory, 3 ,8 2 9 .......... .................... 22,786
T o G lasgo w — -Oct. 19— R a m o re H e a d , 5 0 --------------- ---50
T o H a v re — O c t. 23— M o n o m o y , 1 0,0 42 _________________________ 10,042
T o B re m e n — O c t. 19— P e n rith C astle , 2 ,9 3 1 ____________________
2,931
T o A n tw e r p — O c t. 19— P e n rith C astle, 1,07 0 ____ O c t. 23 —
M o n o m o y , 2 00-------------- ------------------- ------ 1,270
T o R e v a l— O c t. 19— R a m o re H e a d , 2 ,77 5 ___ _______ ___________
2,775
T o R ig a — O c t. 19— R a m o re H e a d , 550___________________________
550
N E W O R L E A N S — T o L iv e rp o o l— O c t. 25— A le x a n r a n , 7,00 0 -7,000
T o A n tw e r p — O c t. 19— P riestfie ld, 38------------------ -—
38
T o V era C ru z— O c t. 19— C ity of M exico, 2 0 ______________________
20
S A V A N N A H — T o H a v re— O c t. 22— S p rin g o u r n , 10,377. ____ 10,377
T o B re m e n — O c t. 18— Teesbridge, 7 ,8 2 0 --- O c t. 21— C ayo
G it a n o , 10,475................... ...................... . . ........................................... 18,295
T o H a m b u r g — O c t. 22— S p- ln g b u rn , 300------------- -----300
■ T o R e v a l— O c t. 21— C a y o G ita n o , 100--------------------100
T o N o rrk o p in g — O c t. 18— Teesbridge, 400 — ---- ---------400
T o G o th e n b u rg — O c t. 22— S p rin g b u n . 950___________ __________
950
T o C h ris tia n ia — O c t. 22— Sp ln g b u in , ’ 0 0 ----------------- 100
C H A R L E S T O N — T o B re m e n — O c t. 19— A lb '
in.6fsn__ ............ 10,650
W I L M I N G T O N — T o H a v re — O c t. 18— T U m a s W a y m a n , 6 611
6,614
T o B re m e n — O c t. 19— K in g George, 12,d.>o_________________ —
12,936
N O R F O L K — T o H a m b u r g — O c t. 15— P a lla n z a , 3 6 -------------- .
36
B O S T O N — T o L iv e r p o o l— O c t . 18— S ag am ore, 1,22 8 --- O c t. 22—
W in ifr e d ia n . 7 ,9 4 1 ____________________ _______________________ 9,169
T o Y a r m o u th — O c t. 17— P rin ce A r t h u r , 4 5 --- O c t. 18— P rin ce
George ,5 0 -- ----- ------------------ ------ ---------- I —
95
B A L T I M O R E — T o L iv e r p o o l— O c t. 18— T e m p ie m o re , 2 ,9 3 5 _______
2,935
T o B re m e n — O c t. 18— H a n n o v e r, 100------------------- 100
T o A n t w e r p — O c t. 18— B a rnesm ore, 100--------------- n —
100
P H I L A D E L P H I A — T o L iv e r p o o l— O c t. 18— F rie s lan d , 7 19 _______
719
T o H a m b u r g — O c t. 17— M a rq u e tte , 139-------------------139
T o A n tw e r p — O c t. 17-^-Marqu< tte , 3 31 --- ------ ----------331
S A N F R A N C I S C O — T o J a p a n — O c t. 24— M a n c h u ria , 8 0 0 -------800

NSW

T o ta l b a le s.................................................................................................... .1 3 8 ,1 0 2




Quiet at
6@7 pts.
decline.

Irreg. a 1 St’ y ,unch.,
2@4 pts to 2 pts
decline.
advance

Steady at Feverish at St’ y, unch.
3@5 %
to 2 pts.
10@ 18
pts. dec.
pts. dec. pts. adv.

Feverish,
4% @7
pts. dec.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis: of uplands, good ordinary
clause, unless otherwise stated.
The prices are given in pence a n d lOOths.

32s Cop
Twist.

Oct. 25.
49,000
2,000
1,000
42,000
6,000
79,000
568,000
472,000
90 000
65,000
242,000
193,000

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:

1906

1907.

Oct. 18.
50,000
3,000
2,000
45,000
4,000
64,000
563,000
471 ,000
89,000
81,000
260,000
207,000

Oct. 19
to
Oct. 25

October _Oct.-Nov-

N ov.-D ec.
D e c .- Ja n .
J a n .- F e b .
F eb.-M ch.
M ch.- A pr.
Apr.- M a y
May- J u n e
June- J u ly
J u ly - A u g .
A ug.- S ep .

t

Sat.

12%
p .m .
d.
___ _

______
______
--------

Mon.

Thus: 6 1 4 means 6 14-100rt.

T ues.

W ed.

Thurs.

Fri.

\2V> 1 2 K 4 % !l2 %
4 % 1 2 % ' 4 '*> 12Y* 4 % 12 H 4 %
p .m . p .m . p .m . p .m . p ;m . p .m . p .m . p .m . p .m . P .m , p .m .
d.
d.
6 14 % 06 ^
6 07
00 %
5 98
:)2
5 93 % 88
5 89 M 8 4%
5 8 7 % S3
5 85 % 51
5 8 4% ; SO
') 8 3 % 7 9
■
> si % n %
5 79
74%

d.
04
98%
90
86%
8 3%
82
80 M
79 %
78 %
77%
75 H

d.
02%
96
87 %
83
80
79
77
76%
75
74%
72

d.
01
94%
86
8 1%
78 %
77
75%
74%
73%
72
0%

d.
87
81
7 3%
70
68
67
66
6 5%
65
64
52%

d.
83
78%
71
68
66
65
63%
63
6 2%
61 %
6 0%

d.
83%
8 0%
73
7 0%
68%
68
67
67
66
65%
64

d.
83
7 9%
71
68%
66%
66
65
64%
64
63%
62

d
89
85%
76%
73
70%
69 Y
68%
68
67%
67
64%

d.

78%

75
66
63
61
60
59
59
58
57%
55

|

BREADSTUFFS.
Friday, October 25 1907.
Prices for wheat flour have been somewhat easier, owing to
the decline in wheat, but the changes have not been very
marked. At the lower prices, however, some increase in
trade has taken place, though as a rule buyers show no dis
position to replenish depleted stocks, the demand being
largely to supply immediate needs. Export business has
been on a snnall scale, though the clearances from the sea
board of late have shown some increase. At the Northwest
some improvement in trade has taken place and it would
doubtless have been greater but for the tightness of money,
which has tended to restrict dealings there as well as here.
Rye flour and cornmeal have been quiet and steady.
Wheat, like everything else, has felt the effects of the up
heaval in Wall Street and also liquidation on a large scale,
both here and at the West. Rallies have occurred at times,
however, so that tuu net decline for the week is not very
great. uouDtless it would nave been greater but for the
persistence of the export demand. Flurries in Wall Street
do not rub out the fact that there is believed to be a con
siderable shortage in the w o r l d ’s wheat crop, in some cases
estimated at as high as 200,000,000 bushels. According to
foreign advices, drought continues in India, Bulgaria, Aus
tralia and Russia. In Southeastern Russia the outlook is
said to be serious. In Australia the reports are to the effect
that the crop is deteriorating. The Russian Government,
it is stated, has, however, abandoned the idea of levying
an export duty from a fear that it would give America and

g o t . 26 1907.]

THE CHRONICLE

Argentine control of importing markets. Moreover, the
weather has been more favorable in Argentine and the sur
plus available for export is estimated at 140,000,000 bushels,
a fact which has not been without a certain depressing effect
in this country. The world’s shipments have been large also
and foreign markets, partly on this account, but chiefly in
sympathy with lower prices on this side, have declined.
The mainspring of the markets on this side, however, has
been the financial disturbance in Wall Street. Yet, in spite
of it, export sales have been reported in this country of
700,000 to 800,000 bushels a day, and of late the Continental
markets have rallied in the face of an increase in the world’s
available supply for the week of 4,301 ,000 bushels, against
an increase in the previous week of only 1,967,000 bushels
and in the corresponding week last year of 3,930,000 bushels.
Reports too about the winter wheat in this country have
been more favorable and the outlook now is for an acreage
nearly as large as last year, whereas at one time it was
expected that there would be a considerable reduction in the
area. Just now the opposing factors in the situation are the
financial situation., on the ore hand and the persisient ex
port demand on the other. The “ London Statist” is quoted
as saying that this country would reach its entire exportable
surplus by the first of January, presumably meaning that all
we have to spare to foreign markets will be taken by that
time. To-day prices advanced for a time. The financial
situation was considered more favorable. Shorts covered
and there was more or less new bujang. The export demand
was active.
Before the close liquidation was resumed
and prices receded.
D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN N E W Y O R K .
S at. M o n . Tues. Wed. T hurs. F r i.
N o . 2 red w i n t e r , .......... ...................... 112 % 1 12 % 1 09 % 1 11 % 1 07 % 108%
D ec em b er d e liv e ry In e le v a to r. ..1 1 4 % 1 13 % 1 1 1 H 1 12 % 1 10 % 110%
M a y de liv ery In e le v a to r___________ 1 15 % 1 15 % 1 12 % 1147-6 1 12 % 113%
D A I L Y C L O S I N 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 .
S a t. M o n . Tues. W ed. T hurs. F r i.
D ecem b er de liv ery In e le v a to r____ 104% 102 %
9 9 % 1 01 %
9 8%
99 %
M a y de liv ery In e le v a t o r ............ . . 1 0 9 % 108% 1 05 % 108% 105 % 1 06 %
1 01 % 1 00 % 100%
J u l y d e liv e ry in e le v a to r...................102% 102% 100

Indian com futures have declined rather sharply, owing to
the disturhing financial developments and heavy liquidation,
especially at the West, where the trading has been active.
Then, too, bears have taken the aggressive at times and
uncovered stop loss orders. The cash demand has fallen
to small proportions. The market has also felt the effect
of hedge sales against the new crop. At times there have
been rallies on reports of disappointing husking returns and
•covering of shorts, but as a rule they have been brief. To
day a rise took place at first on a rally in wheat, higher
cables, moderate receipts, covering and new buying. Later
on, however, prices reacted on liquidation.

1099

T H E D RY G O °D S T RA D E.
New York, Friday Night, Oct. 25 1907.
As might have been expected, the demoralization existing
in the local financial situation has been the overwhelming
influence in the cotton goods market during the past week,
and has resulted not only in a considerable diminution of
business, but also in materially lower prices. The latter
have mostly been named by second hands, who were forced
to liquidate their holdings for financial reasons, or who deemed
it advisable to lessen their stocks; but in some instances first
hands sought to dispose of goods which had been canceled
on account of late delivery at lower prices than they would
have accepted a week ago. The number of cancellations has
considerably increased, and cases have been reported where a
delay of two or three days beyond the promised time of de
livery has been considered sufficient justification for refusing
goods. Local jobbers have announced radical cuts in brown
and bleached goods, following the action of Marshall Field &
Co. last week, and as these are now generally below agents’
prices, it is presumed that the latter will follow suit in the
near future. In some directions, however, mills are so well
sold up that such a course is not deemed probable unless un
expected cancellations develop. On the whole, it may be
stated that the action of the dry goods market during the
week disclosed a generally sound state of affairs in view of the
conditions of panic appearing in other directions. There
has been rather more interest shown by exporters, and, with
prices tending towards a lower level, a renewal of demand
from China some time in December would not be surprising.
The woolen and wor^tjd goods market has been equally af
fected by the financial situation durirg the week, and cancel
lations have been much m< r numerous.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Oct. 19 were 2,715
packages, valued at $205,247, their destination being to the
points specified in the tables below:
------ 1907-----S ince
J a n . 1.
1,448
2,290
18,629
6 ,068
25.810
3,946
18,947
1,971
11,012
37,649
21,746

New York to Oct. 19—
W eek.
9
G rea t B r it a in _______________ .
O th e r E u r o p e a n . _____________ ____
1,224
C h i n a ___ _____- _
_ _ . __
In dia- - _________
A r a b i a _________________________
A fric a _______ .
-. _______
W e s t In d ie s ____________________ ______
567
M e x ic o ____
______ - ____ _ _____
55
C e n tral A m e r i c a __________ _____
28!)
S o u th A m erica
. . _ ______ _____
370
O th e r C o u n trie s ________________ _____
208
T o ta l_____

- ____

____

..

- . 2,715

149,516

------ 1906-----S ince
Week.
J a n . 1.
1,216
51
1,169
6
81,781
9,384
40,936
10,064
22
550
22,927
3
1 ,664
12,656
301
2,275
46,974
606
14,983
3,814

243,754

The value of these New York exports since Jan. 1 has been
S9.020.415 in 1907, against $14,010,415 in 1906.
The reductions announced by New York jobbers have
D A IL Y C L O S IN G P R IC E S O F N O . 2 M I X E D C O R N IN N E W Y O R K .
amounted to about %c. to lf^c. a yard on brown and
S a t. M o n . Tues. W ed. T hurs. F r i.
bleached goods, and even at the lower levels established the
C ash c o r n . . . ................... ...................... 73
72%
70%
71%
70%
71
demand has been very small. Buyers have been too busy
D ecem ber de livery ia e le v a to r____ 73
73
71
71
70%
70%
M a y de liv ery In e le v a t o r .__________ 70
69%
68%
68%
68
67
looking after their financial requirements to enter upon new
commitments, except in a few instances where it was neces
D A I L Y C L O S I N G P R I C E S O F C O R N F U T U R E S I N C H IC A G O .
sary to secure goods for filling in purposes, particularly as
S at. M o n . Tues. W ed. T hurs. F r i .
D ecem b er de liv ery in e le v a to r____ 6 0 %
59%
57%
58%
57
57%
there is a general feeling that the retail djm and will fall off
M a y de liv ery in e le v a to r............ ...... 62
60%
59%
60%
59%
59%
considerably until more settled conditions prevail. It was
J u l y de livery in e le v a to r................... 6 1 %
60%
59
59%
59
58%
fairly generally expected last week that New York jobbers
Oats for future delivery in the Western market have de would follow the lead of Chicago in lowering prices, rather
clined with other cereals. The trading has been quiet as a than run the risk of losing business, but thtir action was un
rule, but there has been enough liquidation from one source doubtedly hastened by conditions in local banking circles.
or another to bring about materially lower prices. The Colored cottons are so well' sold up that prices on these re
cash trade has been dull and at times the receipts of contract main generally firm at first hands, and cancellations have not
oats at Chicago have increased, though the movement is been numerous. Linings have been lowered
are only in
still of small proportions and contract stocks remain light. small request. Prints and ginghams have le ld steady, but
But the happenings in financial circles have overshadowed business has been smaller. Export business in prints, how
everything of a bullish nature in the situation. To-day ever, continues. Print cloth, regulars, remain nominally un
prices advanced early on an improved financial situation, changed at 5J^c., but gray goods have declined under the in-a rise in wheat and corn, and covering of shorts; but later fiuence of re-selling by converters.
•on renewed liquidation caused a reaction.
W OOLEN GOODS.— In men’s wear woolens there has
been a marked falling off in the volume of duplicate orders,
D A IL Y C L O S IN G P R IC E S O F O A T S IN N E W Y O R K .
attributed largely to the financial disturbances; current' dupli
S at.
M on.
Tues.
W ed.
T hurs.
F r i.
M i x e d . 20
cating is very small, being confined chiefly to higher grade
t,o32lbs.
55%
55%
54%
54
53%
53%
woolens and lines that clothiers have found successful.
W h i t e
c lip p e d .
Fairly large repeat orders for staple worsteds were received
32 to 34
early in the week, but lately this business has decreased m a
lbs. . . . 03-64%
63-64%
62-63%
61 %-63
61-02%
57% -59%
terially. Reports of cancellations of men’s wear woolens
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 O A T S I N C H IC A G O .
are more numerous, and it is stated that goods purchased
S a t. M o n . Tues. W ed. T hurs. F r i.
some time ago are being returned in considerable quantity.
D ec em b er d e liv e ry In e le v a to r--- 5 3 %
53%
51%
51%
50%
50%
Selling agants are much concerned over monetary condtions,
M a y de liv ery In e le v a to r................... 5 5 %
55%
53%
53%
52%
53%
* ily d e liv e ry in e le v a t o r . ................4 9 %
49
48%
48%
48%
4 8%
especially regarding obligations falling due Nov. 1. Staple
and fancy worsteds, woolens and manipulated fabrics show
The following are closing quotations:
an advancing tendency for fall, 1908, and sales agents are now
FLOUR.
busy selecting lines for that season. Dress goods are quiet.
L ow grades, w in te r ____ $4 00 @$4 50 ' K a n s as s tra ig h ts ............. $4 90 @$5 10
Second clears................... 3 30 @ 3 3 5 1K a nsas clears................... 4 50 @ 4 80 There is some duplicating and considerable cancellation also,
C le a r s --------------- 4 50 @ 4 75; B len de d p a te n ts __________ 6 00 @ 6 40 in fact to a greater extent than in the men’s wear market.
S tra ig h ts ------- ----- 4 90 @ 5 00 i R y e f l o u r . . . ........................ 5 00 @ 5 50
P a te n t, s p r in g -------- 5 75 @ 6 45 j B u c k w h e a t f l o u r _______
N o m in a l. This development is causing more or less uneasiness, but it
P a te n t, w i n t e r . . ............ 5 1 5 ® 5 3 >! G ra h a m flo u r......................
N o m in a l. is felt that the situation may soon adjust itself on a more
K a n s as p a t e n t s ..............
......@ ____ |Corn m e a l........................... 3 85 @ 4 30
satisfactory basis. Broadcloths are less active than recently;
G R A IN .
fancy goods of this description, however, are still experienc
W h e a t , per b u s h .—
c
j C o m . per b u s h .—
c.
ing a fair demand, while wool plaids are increasing in favor.
N . D u lu t h , N o . 1..................... 1 18 % !
N o . 2 m ix e d , n e w ............. f.o .b .7 1
N . D u lu t h , N o . 2 ..........f .o .b .1 1 5 %
N o . 2 y ellow , n e w ............. f.o.b.7 1
FO RE IG N D R Y GOODS.— Woolen and worsted dress
R e d w ln te r.N o . 2 ..........f.o .b .l< > « %
N o . 2 w h ite , n e w ............... f.o .b .7 1 %
goods are in lighter demand. There is also less activity in
H a rd
"
“
--- f.o .b .1 1 2 % R y e , per b u s h .—
O a ts , per b u sh .—
N o . 2 W e s te rn __________
89
ribbons for spring. Linens show little change, but continue
N a tu ra l w h ite } . . ----- 56
(a 57 %
S ta te a n d Jersey _______ N o m in a l.
strong, owing to the limited supplies available. Silk piece
m ix e d ----- 53%
B a rle y — M a l t i n g .......... 110
@115
w h ite , c lip p e d .5 7 %<§>59%
F e e d in g ________________ N o m in a l.
goods are quiet and prices show irregularity, with a lower
tendency in some lines, due to large sales,at first hands at
reductions. Burlaps rule steady.
•l^or other tables usually given here, see page 1063.




1100

THE CHRONICLE.

[V o l .

lxxxv

.

C on dition of P erm anent A g ric u ltu ra l a n d M e ch an ics College F u n d .

g W E

AUfi

C» ty D s w n v r E N T .
N ew s Ite m s .

Cash on h a n d , A u g . 31 1907____________________________________
S ta te b o n d s , 3s,
“
___________________
535,000 00
S tate b o n d s , 7s,
“
___________________
174,000 00
■
— -----------‘
T o ta l P e rm a n e n t A . a n d M . College F u n d , A u g . 31 1907___

$7,634 38
209,000 00
$216,634 38

C o n d itio n of P erm an en t B lin d A sy lu m F u n d .
North Carolina.— Committee Solicits Deposits of Defaulted
$6,443 20
State Bonds.— The committee of North Carolina bondholders, Cash on h a n d A u g . 31 1907____________________________________
ta te b o n d s , 3s,
“
___________________
$20,000 00
composed of John G. Carlisle, Henry H. Melville and L. E. SS ta
te b o n d s , 4s,
“
___________________
57,000 00
Whicher, state in an advertisement on a preceding page that S ta te b o n d s , 5s,
“
___________________
49,500 00
------------- $126,500 00
arrangements have been made for the enforcement of de L a n d note s, 10s, A u g . 31 1906____________ ____
$1,032 94
faulted issues of special tax bonds of this State. The object L a n d notes, 5s,
“
___________________
14,157 69
___________________
34,502 44
“
of this committee is to effect the same result attained in the L a n d n otes, 3s,
------------49,693 07
case of South Dakota against North Carolina in 1904, when
G ra n d t o t a l................................................ ....................................
$182,636 27
judgment was obtained on a number of bonds donated to the
former State. By the donation of a substantial amount of
C o n d itio n of P erm anent D e a f a n d D u m b A s y lu m F u n d .
these special tax bonds, the proper plaintiff has been consti C ash o n h a n d , A u g . 31 1907_________ _______________________ . . . .
$12,325 05
“
.................................
$22,000 00
tuted in the present case. The proposition of the bond S ta te b o n d s , 3s,
S ta te b o n d s , 4s,
“
___________________
18,000 00
holders is to release the State from the payment of the accu S ta te b o n d s , 5s,
___________________
35,000 00
“
“
_______________ ___
6,000 00
mulated interest, which now amounts to more than twice the S ta te b o n d s , 7s,
------------81,000 00
principal, and to accept a new 4% bond for the principal.
$1,525 58
L a n d notes, 10s A u g . 31 1906_________________
L a n d n otes, 5s,
“
___________________
41,051 00
Texas.—Condition of State Funds.— The investments of the L a n d n otes, 3s,
“
___________________
50,417 08
------------92,993 66
State Permanent School Fund of Texas aggregated on Aug.
31 1907 $14,508,137 98, of which $246,797 45 consisted of
G r a n d t o t a l________ ______ _______ ___________ _________________
$186,318 71
cash and $14,261,340 53 of various investments. This is
The figures for the fiscal year Aug. 31 1906 were published
entirely independent of the land notes and the land leases in the “Chronicle” Nov. 10 1906, page 1186.
held, and which constitute by far the largest asset of the
fund. We have been unable to obtain a statement of these
land notes and leases, owing to the fact that the report of
B o n d P r o p o s a ls a n d N e g o tia tio n s this w-rok
the State Treasurer, which usually contains these figures,
is not to be published this year. On Aug. 31 1906 the land bave been as lollows:
notes were given as $27,484,770 and the land leases $6,766,Allentown School District (P. O. Allentown), Lehigh
551.
County, Pa.— Bond Sale.— On Oct. 21 the $40,000 4%
In the table which follows we show the details of the in coupon building bonds described in V. 85, p. 958, were
vestments as of Aug. 31 1907 and the land notes and land awarded to local investors for $40,397 66, the price thus
leases as of Aug. 31 1906:
being 100.994.
S ta te b o n d s , 3s_______ _______ ______ ______________ ______________ S I ,625,000 00
Alpine Independent School District (P. 0. Alpine), Brews
S ta te b o n d s , 4s___________________________________________________
229,500 00
ter County, Texas .— Bond Offering.— Proposals will be re
S ta te b o n d s , 5s___________________________________________________
752,700 00
S ta te b o n d s , 7 s___________________________________________________
80.000 00
ceived until Nov. 18 by J. D. Jackson for the $20,000 5%
C o u n ty b o n d s , 3s________________ ___ ;___________________________
1,288,450 00
school bonds. Authority, Section 154, Chapter 124, Laws of
C o u n ty b o n d s , 3 H s ____________________________________________ _
431,250 00
C o u n ty b o n d s , 4s________________________________________________
4,007,852 00
1905. Denomination $1,000. Date Oct. 1 1907. Interest
C o u n ty b o n d s , 4 H s _____________________________________________
263,300 00
semi-annually in Austin, Texas, or in New York City. Ma
C o u n ty b o n d s , 5s____________________________________ ___________
1,288,247 00
C o u n ty b o n d s , 6s________________________________________________
265,680 00
turity forty years, subject to call after ten years. Certified
8,200 00
C ity a n d school d is tric t b o n d s , 3 H s ____________________________
check for $500 is required. Bonded debt, this issu?. As
C ity a n d school d istric t b o n d s , 4s___ ___________________________
839,300 00
C ity a n d school d is tric t b o n d s , 4 H s ____________________________
124,547 55
sessed valuation, $4,981,165.
C ity a n d school d istric t b o n d s , 4 % s ____________________________
5,500 00
Anderson County (P. O. Clinton), Tenn.— Bond? Sale.—
C ity a n d school d is tric t b o n d s , 5 s _ _ ____________________________
1,404,296 98
C ity a n d school d istric t b o n d s , 6s_______________________________
44,200 00
On Oct. 5 the $100,000 4}^% ll-25*year coupon road bonds
B o n d s of H o u s to n & Texas C e n tral R R _______________________ 1
dated Oct. 1 1907 and described in V. 85, p. 745, were
B o n d s o f G alv es to n H a r. & S an A n to n io R y ________________ (• 1,603,317 00
B o n d s of W a s h in g to n C o u n ty R R ____________________________ I
awarded to the Knoxville Banking & Trust Co. of Knox
B o n d s of Texas & N ew O rleans R R ___________________________ j
ville at par.
T o ta l In v estm e n ts A u g . 31 1907______________________________$14,261,340 53
Asheboro, Randolph County, N. C.— Bonds Not Sold.—
U n in v e s te d cash A u g . 31 1907_______________________________
$246,797 45
Up to Oct. 24 no award had been made of the $5,000 5%
L a n d Notes a n d Leases A u g . 31 1906.
coupon bonds offered on Oct. 1. See V. 85, p. 817.
L a n d no te s, 10s_________________________________
$10,634 07
Auburn, Me.—Bond Sale.— An issue of $25,000 4% 20L a n d n otes, 8s___________________________________
235,522 86
year reservoir bonds was recently awarded to local citizens
1,362,807 00
L a n d n otes, 5s________________ __________________
L a n d notes, 4s___________________________________
46,259 34
at par and accrued interest. Denomination $1,000. Date
L a n d notes, 3s___________________________________ 25,829,547 14
July 1 1907. Interest semi-annual.
------------- $27,484,770 41
L a n d leases a t 3c. pe r a c r e ____________________ $4,875,434 00
Baltimore, M d.—Bond Election.— This city on Oct. 10
L a n d leases a t 3 l-6c. per acre ________________
11,520 00
L a n d leases a t 3 H c . per a c r e __________________
218,168 00
passed an ordinance providing for the submission to a vote
L a n d leases a t 3 H e . per a c r e ______________. . .
695,931 00
of the people at the general election on Nov. 5 of the question
L a n d leases a t 3 K c . per acre__________________
9,920 00
of issuing $1,000,000 park-extension and improvement bonds.
L a n d leases a t 4c. per acre____________________
379,544 00
L a n d leases a t 4 H e . per a cre__________________
3,840 00
Interest (rate not to exceed 4%) payable Jan. 1 and July 1.
L a n d leases a t 4 H e . per a c re __________________
10,907 00
Maturity Jan. 1 1958.
640 00
L a n d leases a t 4 % c . per a c r e ..'_______________
L a n d leases a t 5c. per acre ____________________
551,069 00
Batavia, Clermont County, Ohio.— Bond Sale.— Of the
L a n d leases a t 5 H e . per a cre__________________
970 00
L a n d leases a t 6c. per acre ____________________
6,688 00
$5,721 21 434 % coupon sidewalk assessment bonds offered
L a n d leases a t 7c. pe r acre ____________________
1,920 00
on Oct. 7 (V. 85, p. 745), $4,038 12 were awarded to Elisha
------------6,766,551 00
Hawkins for $4,048 12—the price thus being 100.247—and
‘
G r a n d t o t a l ....................................... ............................................ ..$ 4 8 ,7 5 9 ,4 5 9 39
$448 68 were awarded to the Sinking Fund Trustees. The
The uninvested cash on hand August 31 1907 was $246,- remainder of this issue was paid in cash by property owners
797 45.
prior to the date of sale.
There are several other permanent funds carried by the
Bayonne, Hudson County, N. Y . — Bonds Authorized.— The
State of Texas which, while not of such importance as the City Council on Oct. 22 passed a resolution providing for the
State Permanent School Fund, may yet prove of interest. issuance of $625,000 funding and school-building bonds at
The condition of these funds on Aug. 31 1907 we give below not exceeding 5 ^ % interest.
without comment. The land leases and land notes, for rea
Beaver City, Furnas County, Neb.— Bonds Not Sold.— No
sons already given, are of date Aug. 31 1906.
bids were received on Oct. 15 for the $25,000 6% 5-20-year
(optional) water-works bonds described in V. 85, p. 879.
C o n d itio n of the P e rm a n e n t U n iv ersity F u n d .
C ash o n h a n d A u g . 31 1907______________________________________
$2,214 88
Belle Plaine, Scott County, M inn.—Bonds Voted—Bond
S ta te b o n d s , 3s
“
____________________
$216,000 00
Offering.— An election held Oct. 14 resulted in a vote of
S ta te b o n d s 5s
“
____________________
359,900 00
------------- 575,900 00
168 to 55 in favor of a proposition to issue $10,000 5%
L a n d note s, 10s, A u g . 31 1906 ________________
$1,544 28
water-works bonds. Denomination $500. Date Nov.. 1
L a n d note s, 5s
“
________________
50,216 35
------------51,760 63
1907. Interest semi-annual. Maturity part yearly from
Leases a t 2c. per acre, A u g . 31 1 9 0 6 --------$179,874 00
two to twelve years. Proposals for these bonds will be re
Leases a t 3c. pe r acre,
“
___________
358,333 00
Leases a t 4c. per acre,
"
___________
61,440 00
ceived until 8 p. m ., Nov. 4, by J. E. Townsend, Bor
Leases a t 4 H e . per acre,
“
___________
119,040 00
ough Clerk.
Leases a t 5c. per acre,
“
___________
390,909 00
Leases a t 7e. per acre,
“
___________
745.920 00
Bellevue (P. 0. Newport), Campbell County, K v .— Bond
Leases a t 8c. per acre,
“
___________
16,000 00
Election.— The Mayor and Board of Town Council have
------------1,871,516 00
called an election Nov. 5 to submit to the voters the question
G r a n d t o t a l____________________________________________________ $2,501,391 51
of issuing $30,000 4% Fairfield Avenue reconstruction
C o n ditio n of P erm anent O rp h an A s y lu m F u n d .
bonds.
Cash o n h a n d A u g . 31 1907________________ _______ _____________
$7,793 00
Benson School District No. 9 (P. O. Benson), Douglas
S ta te b o n d s , 3s,
“
____________________
$15,000 00
S ta te b o n d s , 4s,
“
____________________
30,000 00
County, Neb.— Bonds Voted— Bond Offering.— An election
S ta te b o n d s , 5s,
"
____________________
62,700 00
held Sept. 23 resulted in a vote of 53 to 4 in favor of a propo
S ta te b o n d s , 7s,
“
.............................. ..
12,000 00
------------119,700 00
sition to issue $8,000 5% 20-year school-building bonds.
L a n d notes, 3s, A u g . 31 1 9 0 6 ___________________
$42,163 00
Interest semi-annual. Proposals for these bonds will be
L a n d n o te s , 5s,
“
___________________
16,097 61
------------58,260 61
received until 8 p. m. Nov. 16: F. S. King is President of
the Board of Education.
G r a n d t o t a l ______________________. . . . . . . . _____ . . . . ________$185,753 61




O c t . 2G 1 9 0 '<.j

Bisbee School District No. 2 (P. O. Bisbee), Cochise
County, Ariz.— Bond Offering.— Proposals will be received
until 1 p. m. Nov. 1 by I. W . Wallace, Clerk Board Trustees,
for $18,000 5% bonds. Denomination $1,000. Maturity
$2,000 yearly for nine years.' Certified check for 10% of
the amount of the bid, payable to J. N. Gaines, County
Treasurer at Tombstone, is required.
Bloomfield, Essex County, N. J . —Bond Sale.— This town
recently disposed of at private sale the $59,500 schoolbuilding-addition and lot-purchase bonds mentioned in
V. 85, p. 746.
Breckenridge, Wilkin County, M inn.—Bond Offering.—
Further details are at hand relative to the offering on Nov. 4
of the $23,280 64 5% coupon refunding bonds mentioned in
V. 85, p. 1038. Proposals for these bonds will be received
until 8 p. m. on that day by D. J. Jones, City Clerk. De
nomination $1,000. Date Sept. 21 1907. Interest semi
annually at place designated by purchaser. Maturity Sept.
21 1922. Certified check for 10%, payable to the “ City of
Breckenridge,” is required. Total debt, including this issue,
$59,058 64. Assessed valuation 1906 $381,498.
Buffalo, N. Y .—Bond Issue.— The issuance of a $43,913 10
4% 20-year judgment-funding bond has been authorized.
Date of bond Nov. 1 1907. Interest semi-annually at the
City Comptroller’s office. Under the terms of the ordinance
providing for this bond, it is to be taken at par by the
Tax Loan Fund.
Canton, Madison County, Miss.—Bond Sale.— This city
recently awarded the $50,000 5% coupon sewer-construction
bonds, bid for which were rejected on Sept. 1 (V. 85, p. 676),
to John Nuveen & Co. of Chicago.
Canyon County (P. O. Caldwell), Idaho.—Bond Sale.—
On Oct. 17 the $44,000 coupon bridge-building bonds de
scribed in V. 85, p. 746, were awarded to MacDonald, McCoy
& Co. of Chicago for $45,190 (102.704) and accrued interest
for 53^s. Maturity $4,400 yearly, beginning ten years from
date of issue, all bonds being subject to call after ten years.
Carberry, Man.— Debenture Offering.— Proposals will be
received up to Nov. 1 for $8,000 fire, $2,000 town-hall and
$1,500 local-improvement 5% debentures dated July 22 1907.
Maturity part yearly for twenty years. Geo. Balfour is
Secretary-Treasurer.
Carrollton, Greene County, 111.—Bond Offering.— The
Greene County National Bank of Carrollton, acting as agent
for this city, is offering for sale $5,000 5% bonds. Denomi
nation $500. Date Nov. 1 1907. Maturity $1,500 onNov. 1
in each of the years 1908 and 1909 and $2,000 on Nov. 1
1910. J. C. Bowman is Mayor and B. W. Greer is City Clerk.
Carthage, Jasper County, Mo.— Bond Offering.— Propos
als will be received until 5 p. m . Oct. 30 by H. M. Boggess,
City Treasurer, for the $220,000 4}^% coupon municipalwater-works-plant-construction bonds mentioned in V. 85,
p. 237. Authority, vote of 1146 to 274 cast at election March
12 1907 and Section 6353, Chapter 91, Article 13, Revised
Statutes 1899, as amended by the Session Acts of 1901,
page 83. Denomination $500. Date July 15 1907. Inter
est semi-annually at the Mississippi Valley Trust Co. of St.
Louis. Maturity July 15 1927, but subject to call: $50,000
after July 15 1912, $75,000 after July 15 1917 and $95,000
after July 15 1922. Certified check for $500, payable to the
City Treasurer, is required. Official circular states there is
no litigation or controversy pending or threatened affecting
the corporate existence, boundaries of city, title of the of
ficers to their respective offices or the validity of these
bonds, and that the city has never defaulted in the payment
of principal or interest. Purchaser to pay accrued interest
and cost of lithographing, printing and delivery of bonds at
Carthage.
Cedar Hill Independent School District (P .O . Cedar Hill),
Dallas County, Texas.— Bonds Not Sold.— No bids were re
ceived on Oct. 21 for $10,000 5% 10-40-year (optional)
brick-school-building bonds offered on that day. Denomi
nation $500. Date May 25 1907.. Interest annually on
Jan. 1 in Austin, New York City or Dallas. Bonds are
exempt from taxation.
Chagrin Falls, Cuyahoga County, Ohio.— Bond Sale.— On
Oct. 12 the $18,000 5% coupon sewer (village’s portion)
bonds maturing $500 each six months from April 1 1912 to
Oct. 1 1929, inclusive, were awarded to the Chagrin Falls
Banking Co. of Chagrin Falls for $18,721—the price thus
being 104.005; and the $40,000 sewer-assessment and the
$2,500 sewer 5% ’ 1-10-year (serial) coupon bonds were
awarded to Otis & Hough of Cleveland for $42,918—the
price thus being 100.983. See V. 85, p. 746, for a descrip
tion of these bonds.
Charleston, Kanawha County, W. Va.— Bond Offering
Postponed.— The offering of the $18,000 Elk River bridgecompletion, $16,000 Keystone bridge-construction, $5,000
cemetery-fund, $65,000 street-paving, curbing and sewering,
$25,000 funding certified certificates, $2,000 horses, wagons
and harness-purchase, $5,000 Brook Avenue improvement,
$5,000 fire-station and city-building-improvement and $29,000 funding 4 ^ % 10-34-year (optional) bonds, which was
to have taken place Oct. 17, has been postponed until 7:30
a. m. Oct. 28. Authority Section 8, Article 10, Constitu
tion of West Virginia; Chapter 141, Acts of the Legislature
of 1872-73, and Chapter 51. Acts of the Legislature of 1905.
For other details of bonds see V. 85, p. 880.




1101

THE CHRONICLE.

Cincinnati, Hamilton County, Ohio.— Bonds Not Sold.—
No bids were received on Oct. 22 for the $257,000 4% 30-year
coupon Gilbert Avenue viaduct bonds, the $300,000 4% 50year coupon park-extension bonds and the $25,000 3.65%
40-year coupon Gest Street funding bonds described in V. 85,
p. 959.
Bond Sales.— The following bonds have been purchased
by the Sinking Fund since the beginning of August:]
August.
$800
3,600
20.000
4,000

00
00
00
00

4%
4%
4%
4%

3,500 00 4 %
13.000 00 4 %
5,800 00 4 %
600 00 4 %
2,840 90 4 %
3,328 70 4 %
5,271 00 4 %
611 70 4 %
3,630 10 4 %
2,726 80 4 %
1,219 70 4 %
15,162 40 4 %
13,368 00 4 %
1,030 20 4 %

50-year park-extension bo nd s d a te d J u ly 25 1907.
2-year D eer Creek re ta in in g w a ll bonds d a te d J u ly 25 1907.
10-year m ain-hospital-repair bonds d a te d J u ly 25 1907.
30-year fire-departm ent-im provem ent bo nd s d a te d A u g . 15
1907.
50-year police- de partm e n t- im prov e m en t bonds d a te d A u g . 15
1907.
30-year M c L e an A v e n u e sewer bonds d a te d A u g . 20 1907.
10-year street- im provem ent (c ity ’s p o rtio n ) bonds d a te d
Sept. 30 1907.
1-5-year (serial) M a n sion P la c e sewer assessment bonds
d a te d J u ly 27 1907.
1-10-year (serial) S em in o le S treet assessment bo nd s d a te d
A u g . 5 1907.
1-10-year (serial) B etts S treet assessment bonds d a te d A u g .
10 1907.
1-10-year (serial) B e ld are A v e n u e assessment bo nd s d a te d
A u g . 9 1907.
1-10-year (serial) H o lm e s A lle y assessment bonds d a te d A u g .
10 1907.
1-10-year (serial) Jessam ine Street assessment bo nd s d a te d
A u g . 13 1907.
1-10-year (serial) H a ls te a d Street assesmsent bo nd s d a te d
A u g . 13 1907.
1-5-year (serial) P a rk so n P la ce sewer assessment bo nd s
d a te d A u g . 15 1907.
1-5-year (serial) W est S ix th S treet sewer assessment bonds
d a te d A u g . 19 1907.
1-5-year (serial) E a ste rn A v e n u e sewer assessment bonds
d a te d A u g . 22 1907.
1-5-year (serial) R a v in e S treet sewer assessment bonds
d a te d A u g . 22 1907.

September.
1,852 00 4 % 1-10-year (serial) Law rence A lle y assessment bo nd s
S ept. 16 1907.
454 40 4 % 1-5-year (serial) H a tm a k e r Street sewer assessment
d a te d A u g . 14 1907.
2,691 50 4 % 1-10-year (serial) P o p la r Street assessemnt bo nd s
S e p t. 15 1907.
2,820 20 4 % 1-10-year (serial) B u rn e t A v e n u e assessment bonds
Sept. 16 1907.
3,136 80 4 % 1-10-year (serial) B e lm o n t A v e n ue assessment bo nd s
Sept. 16 1907.

d a te d
bonds
d a te d
d a te d
d a te d

October.
90.000 00 3 .6 5 % 20-year refuse-disposal bonds d a te d J u l y 15 1907.
23.000 00 4 % 30-year lire-departm en t- lm p rov em e nt bonds d a te d J u l y 18
1907.
790 00 4 % 1-10-year (serial) B u d d S treet assessment b o nd s d a te d S e p t.
16 1907.
5,581 90 4 % 1-10-year (serial) S h illito Street assessment bo nd s d a te d S e p t.
16 1907.

Coeur d’Alene, Kootenai County, Idaho.— Bond Award.—
On Sept. 30 the $40,000 6% coupon city-hall-construction
bonds voted on Aug. 26 were awarded to S. A. Kean of Chi
cago at 103.10. Denomination $1,000. Date Oct. 1 1907.
Interest January and July at the Coeur d’Alene Exchange
National Bank. Maturity Oct. 1 1927, part subject to call
after ten years. Bonded debt, this issue. Floating debt,
$4,000. We are advised that up to Oct. 14 the bonds had
not been delivered to Mr. Kean.
Corona, Riverside County, Cal. —Bonds Authorized.— The
City Trustees have adopted the resolution authorizing the
issuance of the $50,000 street-improvement, $5,000 outfallsewer, $20,000 city-hall and $3,000 steam-roller bonds
mentioned in V. 85, p. 959.
Decatur County (P. O. Leon), Iowa.— Bond Offering.—
Proposals will be received until 12 m. Nov. 1 by E. G. Mon
roe, County Treasurer, for $49,000 4% court-house-construction bonds. Denomination $1,000. Date April 1 1907.
Interest semi-annually at the County Treasurer’s office.
Maturity April 1 1917, $25,000 being subject to call after
April 1 1912. Official circular states there is no litigation
or controversy pending or threatened concerning the validity
of these bonds, the boundaries of the municipality or the
titles of the officials to their respective offices, and that no
previous issues have ever been contested; also that principal
and interest have always been promptly paid. Assessed
valuation for 1905, $4,228,355. Real valuation (estimated),
$17,000,000.
Dover School District (P. O. Dover), Morris County, N. J.
— Bond, Election.— It is stated that an election will be held
Oct. 29 to vote on the question of issuing $30,000 high-school
building bonds. These securities, if authorized, are to be
issued in addition to the $35,000 43^% high-school-building
bonds voted May 7 (V. 84, p. 1320), which amount was found
to be insufficient.
East Waterloo Independent School District (P. O. Water
loo), Blackhawk County, Iowa. — Price Paid for Bonds.— We

are advised that the price paid for the $18,000 4J^% 5-0-1.
year (optional) school funding bonds recently awarded to
Geo. M. Bechtel & Co. of Davenport was par and not
$18,100 as reported in last week’s issue. Denomination
$1,000. Date July 1 1907. Interest semi-annual.
Elizabeth City School District (P .O . Elizabeth City), Pas
quotank County, N. C.—Bonds Awarded in Part.— Of the

$20,000 5% coupon graded-school bonds offered on Oct. 1
(V. 85, p. 819), $6,500 have been disposed of at 101 and
$3,000 have been disposed of at par, as follows: $8,000 to Dr.
O. McMullen, $1,000 to W . C. Glover and $500 to Fred.
Whitehorse, all of Elizabeth City'. We are advised that
arrangements are being made with a local bank to take the
balance of these bonds at par. Maturity, one-twentieth
yearly after ten years.

I M>->

THE CHRONICLE

Essex County (P. O. Salem), Mass.—Loan Offering.— Pro
posals will be received until 1 1 a. in., Oct. 28, by Moody
Kimball and James C. Poor, County Commissioners, for
$.50,000 highway-improvement notes dated Nov. 1 1907 and
maturing March 1 1908. Rate of interest to be named
in bids.
Essex County (P. O. Newark), N. J . — Description of Bond.
— We a^e advised that the $25,000 4% court-house bond
recently awarded to the Prudential Insurance Co. of Amer
ica at par (V. 85. p. 959) matures in forty years. Interest
semi-annually in February and August.
Eugene, Lane County, Ore.— Bonds Voted.— By a vote of
598 to 175, this city on Oct. 14 authorized the issuance of the
$300,000 5% water-works-plant-purehase bonds mentioned
in V. 85, p. 959. Details of bonds and date of offering not
yet determined.
Eupora, Miss.— Bond Sale.— This place has awarded the
$10,000 6% coupon school bonds offered on Oct. 1 to the
Eupora Bank of Eupora at par. Denomination $500.
Date Nov. 1 1907. Interest semi-annually at the Bank of
Eupora. Maturity Nov. 1 1927. Bonds are tax-exempt.
Fort Bend County (P. O. Richmond), Tex.— Bonds Not
Sold.— No award was made on Oct. 14 of the three issues
of 4% 5-40-year (optional) bonds aggregating $110,000,
described in Yr. 85, p. 880.
Fort Pierre, Stanley County, S. D .— Bond Offerings.— Pro
posals will be received until 8 p. m. Oct. 31 by M. A. McMil
lan, City Auditor, for $10,000 court-house bonds at not ex
ceeding 6% interest. Authority Sections 1394, 1395 and
1396, Political Code of 1903. Denomination $100. Interest
semi-annual. Maturity fifteen years. Deposit of $1,000 is
required. Bonds to be delivered one day after date of sale.
Proposals will be received until 8 p. m. Jan. 20 by M. A.
McMillan, City Auditor, for $9,000 municipal-water-workssystem bonds at not exceeding 5% interest. Denomination
$500. Interest semi-annually at the American Trust & Sav
ings Bank of Chicago. Maturity twenty years. Deposit
of $500 is required.
Grand F 11s (P. 0. Big Falls), M inn.—-Bonds Not Sold.—
Up to Oct. 9 no award had yet been made of $1,500 bridge
Londs at no exceeding 6% interest offered on Oct. 1.
G rind R pids, Kent County, Mich.— Bond Sale.— On
Oct. 14 the $^50,000 4% % 25-year coupon Grand River
flood-protection bonds described in V. 85, p. 960, were
awarded to Estabrook & Co. of Boston at 103.29— a bas's
of about 4.285%. Following are the bids:
E s ta b ro o k & C o .. B oston
103.29 (H a rris T r. & S. B ., C h ica g o - .101.91
N . W . H alsey & C o ., C h ic ___102.479| K o u n tz e B ros., N ew Y o r k ___ 101.65
B lo d g e tt. M e rritt & C o ., B os_102.28 I M ic hig a n Tr. C o ., O r. R a p id s . 100.6,39
A . B . Leach & C o ., C h ica g o , _102.06 ! E m e r y . A n derso n & C o .. ClevlOO.51

Bonds Not Sold.— No sale was made of the $153,000 streetimprovement and the $9,000 sewer-construction 4)^% 3-5year (serial) coupon bonds offered on the same day.
A bid was received from R . L. Day & Co. of Boston for
$413,006 40 (100.244) for these two issues of bonds, together
with tf’e $250,000 issue above, aggregating altogether
$412,000.

Greensburg, Westmoreland County, Pa.— Bond Offering.
— Proposals will be received until 8 p. m. Nov. 4 for $50,000
4% permanent-street-improvement bonds. Denomination
$1,000. Interest semi-annually on April 1 and Oct. 1.
Maturity thirty years, subject to call after ten years. Bonds
are exempt from State tax. Certified check for $1,000 is
required. David P. Hudson is Borough Treasurer.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Greenville, Pitt County, N. C.— Bond Offering.— Proposals
will be received until 8 p. m. Nov. 4 by the Board of Alder
men for $75,000 5% coupon school, sewerage and street-improvement bonds. Authority, election held on May 7. De
nomination $500. Date July 1 1907. Interest semi-annu
ally in Greenville or New York. Maturity July 1 1937.
Certified check for $1,500, payable to J. C. Tyson, Clerk, is
required.
Greenville, Darke County, Ohio.— Maturity of Bonds.—
The $26,500 4% coupon Greenville Creek bridge-construetion
(city’s portion) bonds to be offered at 12 m. Oct. 30 mature
on Sept. 1 as follows: $1,500 yearly from 1908 to 1924 in
clusive and $1,000 in 19,:>. See V. 85, p. 960, for details
of bonds and terms of offering.
Hamilton, Butler County, Onio.— Bond Sale.— Oa Oct. 12
the $12,075 81 ‘ty-f/o coupon Main Street improvement asse&sment bonds maturing part yearly on Aug .1 from 1908 to
1917 inclusive, described in V. 85, p. 748, were awarded tr
W. R . Todd & Co. of Cincinnati for $12,125 81 (100.414)
and accrued interest.
Bonds Not Sold.— No sale was made of the three issues of
4% improvement bonds aggregating $42,300 offered on the
same day.
Bonds Authorized.— On Oct. 15 the City Council passed an
ordinance providing for the issuance of $‘20,000 4 }4% 20-year
coupon electric-light-plant-improvement bonds.
Denom
ination $500. Date Oct. 1 1907. Interest semi-annual.2
Hammond, Lake County, In d .— Bond Sale.— Of the $13,000 6% gold coupon refunding water bonds offered on Oct. 10




[V o l.

l x x x v

.

(V. 85, p. 881), $9,000 were awarded to Chas. H . Freiderieii
and $4,000 were awarded to the First National Bank of
Hammond. The price paid was par. Maturity June 13
1908.
Henry County (P. 0. Napoleon), Ohio.— Bond Sale. On
Oct. 19 $7,200 414% ditch-construction bonds were awarded
to the Citizens’ State Bank of Napoleon at par. Denomina
tion $800. Date Nov. 1 1907. Interest semi-annual.
Bond Offering.— Proposals will be received until 6 p. in .
(Oct. 26) to-day by F. J. Beck, County Auditor, for $5.000Napoleon Township and $1,500 Liberty Township 4
coupon bonds. Denominations $1,000 and $500. Date
Nov. 1 1907. A deposit of .$500 is required.
Hildreth, Franklin County, Neb.— Bond Offering. Pro
posals will be received until 8 p .m . Nov. 25 by A. L. BeckVillage Clerk, for the $10,000 6% coupon water-work—co11 struction bonds voted (V. 85, p. 748) on Sept. 12. Authority
Section 8726, Article 5 , Chapter 37, Laws of 1903, as amended
by Chapter 30, Laws of 1905. Denomination $500. Date,
day of delivery. Interest annually at the Franklin County
Bank of Hildreth. Maturity twenty years, subject to call
after five years. Certified check for 5%, payable to the
Village Clerk, is required. Bonded debt, this issue. As
sessed valuation 1907, $58,965 44.
Hillsboro, Montgomery County, 111.—Bond Sale. On
Sept. 1 $1,000 6% 5-10-year (optional) water-works bonds
were awarded to the Hillsboro National Bank of Hillsboro
at par. Denomination $500. Date Sept. 1 1907. Interest
annual.
Homestead, Allegheny County, Pa.— Bond Offering.
Proposals will be received Until 7:30 p. m. Nov. 4 by Andrew
Hill, Borough Clerk, for $25,000 4% coupon refunding bonds .
Denomination $1,000. Date Nov. 1 1907. Interest semi
annually at the First National Bank in Homestead. Matur
ity Nov. 1 1927. Bonds are exempt from taxation. Certi
fied check for $1,000, payable to the “ Borough of Home
stead,” is required.
Huckabay Independent School District (P. O. Huckabay), Erath County, Tex.— Bond Sale.— This district iv

cently awarded the $3,500 5% 5-20-vear (optional) schoolhouse bonds registered by the State Comptroller on Aug. 2(5
(V. 85, p. 748), to the State School Fund at par and accrued
interest.
Jackson, Jackson County, Mich.— Award Postponed. We
are advised that the bids received on Oct. 7 for the $45,0004% refunding public-building bonds described in V. 85..
p. 881, have been referred to a committee and no report has
as yet been made.
Kenedy Independent School District (P. O. Kenedy)„
Karnes County, Texas.— Bond Offering.— Proposals will be

received until 12 m. Oct. 30 by S. iM. Hubbard, President
School Board, for the $12,000 4% school-house bonds regis
tered by the State Comptroller (V. 85, p. 426) on Aug. 5..
Denomination $500. Date July 1 1907. Interest annually
on Feb. 1. Maturity forty years, subject to call after three
years. This district has no debt at present. Assessed valu
ation for 1907 $425,000.
Kimball, Kimball County, Neb.— Bond Election Proposed
— The Village Board of Trustees has been petitioned to call',
an election to submit to the* voters a proposition to issue$17,000 water-works bonds.
King County School District No. 112, Wash. Bond Sale.
—According to reports the State Board of Finance recently
purchased $1,100 bonds of this district.
Knoxville, Knox County, Tenn.— Bonds Authorized.
Local papers report that an ordinance providing for the issu
ance of $60,000 6% paving (city’s portion) bonds has been
passed by the City Council. Denomination $500. Interest
semi-annual. Maturity part yearly from one to three years
inclusive.
Lansing, Ingham County, Mich.— Award P o *tp o n e < lNoaction will be taken on the bids received on Oct. 21 for the
$12,700 Moores Park and Bradley, Barnes, Sparrow and
Smith avenues sewer-eonstruction bonds, at not exceeding 5%
interest, described in V . 85. p. 1040, until Oct. 28.
Lawton School District (P. O. Lawton i, Comanche
County, Okla.— Bonds Voted.— Bond Offering.— An election

held Sept. 17 resulted in a vote of 1,097 to 163 in favor of a.
proposition to issue $25,000 5% school-house bonds. Ma
turity twenty years, subject to call at option of the Board
of Education. Proposals for these bonds will be received
any time. A. J. Burton is District Clerk.
Lewiston, Nez Perce County, Idaho.— Bond Offering.
Proposals will be received until 8 p. m. Nov. 11 by Jno. LNickerson. Comptroller, for the $57,300 5% water-system‘xtension bonds voted, as stated in last week s issue, on Sept.
21. Interest January and July. Maturity twenty years,
subject to call after ten years.
Lorain. Lorain County, Ohio.— Bonds Authorized. On
Sept. 16 the City Council passed ordinances providing for
the issuance of the following bonds:
$90,000 4 Vi % c o u p o n P e n fitld A v e n ue p a v in g bo nd s.
D e n o m in atio n )
51,000.
M a tu rity S4.000 on M arch 15 a n d *.">.000 on S ept.
15 each year from 1909 to 1918 In clu siv e.
2,500 4 Vi % c oupon hose-house-site-purchase b o n d s. D e n o m in a tio n S->00.
M a tu r ity S ept. 15 1913.

Bonds are dated Oct. 15 1907. Interest March 15 and
Sept. 15 at the Chase National Bank in New \ork CStv.

O C T .2 6 1 9 8 J .J

THE CHRONICLE.

W McCauUey Independent School District (P. O. McCaulley),
Fisher County, Texas.— Bonds Awarded in Part.— Of an
issue of $7,000 5% 20-40-year (optional) coupon school
bonds offered on Sept. 22, $2,000 have been awarded to
Chas. Schriner of Kerrville at 103.80— a basis of about
4.705% to the optional date and about 4.786% to full ma
turity. Denomination $1,000. Date July 1 1907. Interest
annual.
Magnolia, Pike County, Miss.—Bond Sale.— On Oct. 15
the $25,000 5% school-building and refunding water-works
bonds, a description of which was given in V. 85, p. 820,
were awarded, it is stated, to C. H . Coffin of Chicago at
103.004. Maturity $100 yearly on Jan. 1 from 1909 to 1927
inclusive and $23,100 o» Jan. 1 1928.
Medina, N. Y .—Bond Offering.— Proposals will be received
until 8 p. m ., Oct. 30, by B. W . Eckert, Village Clerk, for
the following bonds:
512,000 outlet-Bcw er-constractlon b o n d s . M a t u r it y $1,000 y e a rly o n J u ly
15 f lb m 1912 to 1928 In clusive.
30,000 v illage- hall- constructlon b o n d s. M a tu r ity $2,000 y ea rly o n J u ly 15
fr o m 1912 to 1926 in clu sive .

Denomination $1,000. Interest (rate not to exceed 5%)
payable annually on July 15. Certified check for 5% of
the bonds, payable to the Village Treasurer, is required.
Mercer County (P. O. Celina), Ohio.—Bond Sale.— On
Oct. 19 the $14,000 4J^% coupon Romer and Jones Road
pike-improvement bonds described in V. 85, p. 1041, were
awarded to the Commercial Bank Co. of Celina for $14,040 40
—the price thus being 100.288. A bid was also received
from W . R . Todd & Co. of Cincinnati for $14,010. Maturity
$2,000 Nov. 1 1908 and $3,000 yearly on Nov. 1 from 1909
to 1912 inclusive.
Middletown, Butler County, Ohio.— Bond Sale.— On Sept.
27.the $1,407 60 4% 1-10-year (serial) East Third Street im 
provement assessment bonds offered on Sept. 16 (V. 85, p.
544) were awarded to the Merchants’ National Bank of Mid
dletown at par and accrued interest.
Bond Offering.— Proposals will be received until 12 m. Oct.
29 by N. G. Oglesby, City Auditor, for $13,310 4% coupon
Third Street, Sutphin Avenue and Sorg Street improvement
(city’s portion) bonds. Authority Section 2835, Revised
Statutes. Denomination $665.50. Date Nov. 1 1907. In 
terest semi-annually at the National Park Bank of New York
City. Maturity $1,331 yearly on Nov. 1 from 1908 to 1917
inclusive. Certified check for $100, payable to W . T. Harri
son, City Treasurer, is required.
Midland, Midland County, Mich.—Bond Sale.— On Oct. 2
$2,500 3-4-year (serial) iron-bridge-building bonds were
awarded to the People's Savings Bank of Midland at 100.60
for 4 ^ s . Purchaser to pay for the printing of bonds and
attorney's fees. Denomination $1,250. Date Oct. 2 1907.
Interest semi-annual.
Milford, Mass.— Bond Sale.— An issue of $45,000 53^%
1-year coupon bonds dated Nov. 1 1907 was awarded
on Oct. 23, to the Milford Savings Bank at par.
Milford, New Haven County, Conn.—Bond Offering.— This
town is offering at private sale an issue of $83,000 4% coupon
bonds. Securities are dated Oct. 1 1907 and mature Oct. 1
1932. Interest semi-aunual. Sanford Hawkins is Town
Treasurer.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Minneapolis, M inn.— Bonds Not Sold.— No award was
made on Oct. 24 of the four issues of 4% coupon bonds,
aggregating $591,000, offered on that day. See V. 85, p. 881,
for description of these bonds.
Monessen, Westmoreland County, P a.— Bond Offering.—
Proposals will be received until 8 p. m . Nov. 7 by J. E. Pitt
man, Borough Clerk, for the $75,000 4^£% street-paving
bonds voted (V. 84, p. 1386) on June 1. Denomination
$1,000. Interest March 1 and Sept. 1. Maturity $10,000
on Sept. 1 in each of the years 1916, 1922, 1927, 1934 and
♦ 1935 and $25,000 on Sept. 1 1936. Certified check for $500,
payable to the Borough Clerk, is required.
Monessen School District (P. O. Monessen), Westmore
land County, P a.—Bonds Not Yet Sold.— Up to Oct. 18 no
award had yet been made of the $40,000 4*4% gold coupon
school-building and refunding bonds offered but not awarded
(V. 85, p. 821) on Sept. 10.
Monongahela School District (P .O . Monongahela), Wash
ington County, Pa.—Bond Offering.— Proposals will be re
ceived until 12 m . Nov. 5 by John P. Norman. Secretary
Board of School Directors, for the $52,000 4 ^ % coupon
school-building bonds mentioned in Y . 85, p. 1041. De
nomination $1,000. Date Dec. 1 1907. Interest semi
annually at the First National Bank of Monongahela. Maturity $2,000 yearly on Dec. 1 from 1910 to 1935 inclusive.
Bonds are exempt from State tax. Certified check for $500
is required.
Montgomery County (P. O. Dayton), Ohio.—Bonds Not
Sold.— No bids were received on Oct. 17 for the $20,000 3-6year (serial) casualty-bridge and the S13,000 ditch 4%
bonds described in V. 85, p. 821.
Nassau County (P. O. Mineola), N. Y .— Bonds Authorized.
— The County Commissioners on Oct. 21 authorized the
issuance, of $250,000 5% gold road-improvement bonds.
Denomination $1,000.




1103

New Orleans, Orleans Parish, La.— Bonds Not Yet Sold.—
LTp to Oct. 21 no award had yet been made of the $175,000
to $200,000 4% 10-20-year (optional) coupon school-teachers’-salary bonds offered but not sold (V. 85, p. 677) on Aug.
27.
New Philadelphia, Tuscarawas County, Ohio.— Bond
Offering.— Proposals will be received until Nov. 16 for
$3,200 bonds. These securities are part of the four issues
of bonds, aggregating $18,200. offered without success
(V. 85, p. 677) on Aug. 31.'
Bond Sale.— Of the four issues of bonds, aggregating
$18,200, offered but not awarded on Aug. 31 (V. 85, p. 677),
we are advised that $15,000 have been disposed of at pri
vate sale.
North Bergen Township School District (P .O . Jersey City
Hudson County, N. J . — Bonds Not Sold.— No bids were re
ceived on Oct. 22 for the $17,500 5% coupon school bonds
described in V. 85, p. 1041.
Norwood, Hamilton County, Ohio.— Bond Sale.— On
Oct. 10 the $3,654 78 4J^% coupon Park Avenue sanitarysewer-assessment bonds maturing part yearly on Sept. 3
from 1908 to 1917 inclusive, were awarded to Weil, Roth &
Co. of Cincinnati at par and accrued interest, and the $34,000
4% 30-year coupon water-works bonds were awarded to the
Western German Bank of Cincinnati for $34,090—the price
thus being 100.264. We are not advised as to what dispo
sition was made of the $15,000 4% 20-year sidewalk-improvement (city’s portion) bonds offered on the same day. For a
description of these securities see V. 85, p. 750.
Osceola Special School District (P. O. Osfeola), Missis
sippi County, A rk.— Bond Offering.— Fur their details are at
hand relative to the offering on Oct. 29 of the $25,000 6%
coupon school-building bonds mentioned in V. 85, p. 1042.
Proposals for these bonds will be received until 12 m. on that
day by L. A. Morris, Secretary Board of Education. De
nomination $500. Bonds to be dated day of sale. Interest
annually at place designated by purchaser. Maturity
twenty years. Bonds are exempt from taxation. Certified
check for $500, payable to the Secretary, Board of Education,
is required. Bonded debt, this issue. No floating debt.
Assessed valuation for 1906 $870,599.
Pawhuska, Okla.— Bond Sale.— On Oct. 7 the $60,000
water-works and the $40,000 sewer 6% 30-year coupon bonds
dated Oct. 1 1907, described in V. 85, p. 882, were awarded
to W . W . Cook & Son of Junction City at par.
Pekin, Tazewell County, 111.— Bond Sale.— On Oct. 21 the
$53,000 4J^% 20-year refunding bonds offered on that day
(V. 85, p. 1042), were awarded to George Herget & Sons of
Pekin at par. There were no other bidders.
Phoebus, Elizabeth City County, Va.—Bids Rejected.—
All bids received on Oct. 10 for the $20,000 5% 30-year cou
pon street-improvement bonds dated Sept. 1 1906, described
in V. 85, p. 882, were rejected.
Pierre, Hughes County, So. D ak.— Bond Sale.— This dis
trict recent!y awarded $35,000 5% sewer bonds to the State
of South Dakota at par. Denomination $1,000. Date
Aug. 1 1907. Interest semi-annually in January and July.
Maturity twenty years, subject to call at any time.
Plankinton, Aurora County, S. D .— Bonds Not Sold.— No
sale was made on Oct. 14 of the $6,000 5% 20-year refunding
bonds described in V. 85, p. 883.
Plumas County (P. O. Quincy), Cal — Bond Sale.— On
Oct. 17 the $100,000 4% gold coupon bridge and highway
bonds described in V. 85, p. 883, were awarded to the State
of California at par and accrued interest. This was the only
bid received. Maturity on Oct. 1 as follows: $40,000 in 1917,
$20,000 in 1922, $20,000 in 1927 and $20,000 in 1932.
Quincy, Logan County, Ohio.— Bond Sale.— On Oct. 21
the four issues of 6% sidewalk-construction assessment bonds
aggregating $1,563, described in V. 85, p. 962, were awarded
to P. E. Coffman and J. S. Ivneisby at 101.055 and accrued
interest. Following are the bids:
P . E . ColTman a n d J . S.
I W m . E . M c H u g h ,S p * g l'ld $ l ,579 00
K n e i s b y ............................a $ l,5 7 9 50 D . E . M ln n e a r______ ______ a l,5 6 3 00
-----(A . F . P r a k e l........................_ a l,5 6 3 00
a A n d accrued Interest.

Maturity, one bond of each issue each six months from
March 1 1908 to Sept. 1 1912 inclusive.
Rainier School District No. 14 (P. O. Rainier), Thurston
County, W ash.—Bond Sale.— Reports state that $3,000
bonds of this district have been awarded to the State Board
of Penance.
Rhyolite School District (P. O. Rhyolite), Nye County,
Nev.— Bond Offering — Proposals wll be received until 10
a. m. Nov. 1 by P. A. Busch, Clerk Board Trustees, for $20,000 8% coupon school-building construction and refunding
bonds. Authority, election held Sept. 23. Denominations
$1,000 and $500. Date Nov. 15 1907. Interest semi-annually at the County Treasurer’s office in Tonopah. Ma
turity twenty years, subject to call after ten years. Certi
fied check for $500, payable to the Clerk School Board, is
required. Assessed valuation $500,000. Bonded debt, this
issue. Floating debt, $2,000.
Richmond Union School District (P. O. Martinez), Contra
Costa County, Cal.—Bond Offering.— Proposals will be re

1104

THE CHRONICLE.

ceived until 10 a. m . Nov. 5 by L. N. Buttner, County
Treasurer, for the following bonds:
$85,000 5 % g o ld high-school b o n d s . In te re s t se m i- ann ual. M a t u r it y
$2,000 y e a rly o n N o v . 4 fr o m 1908 to 1912 In clu siv e a n d $3,000
y e a rly on N o v . 4 fro m 1913 to 1937 In clu siv e. These b o n d s
were supposed to ha v e been sold o n A u g . 12, b u t th e re p o rt was
a n error.
35,000 5 % g o ld
gram m ar-school b o n d s . In te re s t a n n u a l. M a t u r it y
$1,000 y ea rly o n N o v . 4 fro m 1908 to 1942 In clu siv e.

Denomination $1,000. Date
check for 5% of bid is required.

Nov.

4 1907.

Certified

Rochester, Monroe County, N. Y . — Temporary Loan.— On
Oct. 22 $100,000 eight-months’ water-works-improvement
fund notes were awarded to the Rochester Savings Bank of
Rochester— $50,000 at 5.75% interest and $50,000 at 5.80%
interest. A bid was also received from the Broadway Savings
Institution of New York City for $10,000 notes at 6% interest.
Rutherford County (P. O. Rutherfordton), N. C.— Bond
Offering.— Proposals will be received until 12 m. Nov. 4 by
Charles M. Lynch, Chairman Board of County Commis
sioners, for $27,000 refunding bonds at not exceeding 5%
interest. Authority Chapter 787, Public Laws of 1907.
Denomination $500. Date Jan. 1 1908. Interest annually
at Rutherfordton. Maturity Jan. 1 1918. Certified check
for $500, payable to the chairman, Board of County Com
missioners, is required. Purchaser to furnish blank bonds.
Rye, Westchester County, N. Y . —Bond Offering.— Pro
posals will be received until 8 p. m . Nov. 6 by George L.
Henderson, Village Clerk, for $300,000 sewer, $125,000 street,
$40,000 fire, $15,000 public dock and $3,000 water-extension
gold bonds at not exceeding 5% interest. Authority, elec
tion held June 11 1907. Maturity part of each issue due
yearly from five to thirty years from date. Certified check
for 23^% of bid, payable to the Village of Rye, is required.
The official notice of this bond offering vrill be found among
the advertisements elsewhere in this Department.
Saginaw, Saginaw County, Mich.— Bond Sale.— On
Oct. 21 the $10,000 4% 1-10-year (serial) sidewalk bonds
described in V. 85, p. 1042, were awarded to local investors
at par.

NEW LOANS.
0 3 0 0 ,0 0 0




lxxxv

.

Saint Bernard (P. O. Cincinnati), Hamilton County, Ohio.

— Bonds Not Sold.— No bids were received on Oct. 22 for
the $5,500 4% 30-year street-improvement and eidewalkconstruction (village’s portion) bonds described in V. 85.
p. 821.
Salem, Columbiana County, Ohio.— Bonds Authorized.—
Local papers report that the City Council on Oct. 15 passed
a resolution providing for the issuance of $2,600 city-liallrepair bonds.
Salisbury, Rowan County, N. C.— Bond Offering.— Pro
posals will be received until 8 p .m . Nov. 7 by A. H . Boyden.
Mayor, for $100,000 5% coupon street and general-im prove ment bonds. These securities are part of $300,000 author
ized at the election Oct. 1 (V. 85, p. 963) and are issued in
accordance with an Act of the General Assembly of 1907.
Denomination $1,000. Date day of sale. Interest semi
annually at the National Park Bank of New York City.
Maturity $50,000 in thirty-five years and $50,000 in fortyfive years. Bonds are exempt from taxation. Certified
check for $1,000, payable to the City Treasurer, is required.
Official advertisement states there has never been any
default in the payment of principal or interest.
Sea Cliff, Nassau County, N. Y .— Bond Sale .— On Oct. 23
the $2,500 gold coupon shore-front-purchase bonds described
in V. 85, p. 1043, were awarded to the Sea Ciiff Bank of
Sea Cliff at par for 5s. Bonds are dated Oct. 23 1907 and
mature $500 yearly on Oct. 23 from 1912 to 1916 inclusive.
Seattle, King County, W ash. —Bond Issue.— The issuance
of $39,100 92 7% Local Improvement District No.. 1,380
assessment bonds has been authorized. Denomination $100,
except one bond of $92. Interest annual. Maturity on or
before five years. Under the ordinanco providing for these
bonds they are to be taken by John Otteeen and C. M.
Jensen, contractors, for the improvement of Lander Street
et al.
Bonds Not to BeOffered at Present.— We are informed that
the $75,000 5% 20-year warrant funding bonds voted on
Aug. 20 (V. 85, p. 618) “ will not be issued nntil March 1908
and then only when authorized by a vote of tUe entire city .’

NEW LOANS.

NEW L O am s

§ 4 8 3 ,0 0 0

j| 2 3 5 ,0 0 0

CITY OF SHEBOYGAN, WISCONSIN R Y E V I L L A G E
BONOS
Sealed proposals w ill be received b y the
M a y o r a n d C ity C le rk , a t th e office o f th e C ity
C lerk of said C ity , u n t il 2 O ’C L O C K P . M . On
N O V E M B E R 1 5 T H , 1907, a n d opened a t t h a t
tim e , fo r the w h o le or a n y p a r t o f $360,000 00
of general lia b ility bonds o f the C ity o f S he
b o y g a n ordered Issued a n d
so ld un d e r th e
o rd inan ce o f said C ity , e n title d A n O R D I N 
A N C E to p ro v id e for the issue o f bonds to the
a m o u n t o f $360,000 00 to be
c a lle d W a te r
W o rk s B onds o f the C ity o f S he b o y g an fo r th e
purchase of th e W a te r W o rk s P la n t o f th e
C ity W a te r C o m p a n y o f th e C ity o f S h e b o y g a n ,
a n d th e extensions o f such w a te r w o rk s , u n d e r
th e a u th o r ity of Section 926-11 o f th e R ev ise d
S ta tu te s o f W isconsin o f 1898, a n d S ection 943
o f said S ta tu te s , a n d the law s a m e n d a to r y of
said sections a n d un d e r a nd p u r s u a n t to the
C ity C h a rte r of the C ity o f S h e b o y g an , a n d the
la w s a m e n d a to ry there of, d u ly passed O c to b e r
7 th , 1907, s u b se q u e n tly a p p ro v e d a n d p u b lis h e d
as required b y la w .
S aid B onds to bear d a je O c to b e r 1st, 1907,
a n d w ill consist o f 300 b o n d s, o f th e d e n o m in a 
tio n o f $500 00 each, n u m b e re d fro m one to
three h u n d r e d , a n d of 210 b o n d s, o f th e d e n o m i
n a tio n of $1,000 00 each, n u m b e re d fro m three
h u n d re d one to fiv e h u n d re d te n , p a y a b le as
follow s:
C o m m e n c in g w ith n u m b e r on e, $18,000 00 on
O c tob er 1st, 1909; a n d $18,000 00 O c to b e r 1st,
o f each a n d every year th e re afte r, to a n d I n 
c lu d in g the year 1918;
a n d $20,000 00 on
O c to b e r 1st, 1919, a n d each a n d every year
there after, to a n d In c lu d in g O c to b e r 1st, 1927.
S aid bonds sh a ll bear Interest a t the rate o f
five per cent per a n n u m , p a y a b le s e m i- a n n u a lly
on th e 1st d a y of A p r il a n d O c tob er; In te rest
a n d p rin c ip a l p a y a b le a t F irs t N a tio n a l B a n k ,
C h ica g o , 111.
S aid bo nd s w ill be c o u p o n b o n d s, in fo rm
heretofore p ro v id e d in the said o rd in a n ce m a k in g
provisions for th e ir Issue.
The C ity , h a v in g heretofore entered in to c o n 
tra c t w ith the C ity W a te r C o m p a n y for the p u r 
chase o f its entire w a te r w orks sy ste m , has m a d e
provisions for the Issuing and sale o f said bo nd s
to en able the c o m p le tio n o f th e purch ase of
said w a ter w o rk s, for m u n ic ip a l purposes, a ll as
p ro v id e d b y la w .
. .
The rig h t to reject a n y a n d a ll bid s Is reserved;
proposals s h o u ld be endorsed "P ro p o s a ls for the
purchase o f W a te r B o n d s ,” a n d s h o u ld be a d 
dressed to “ T he M a y o r a n d C ity C le r k ” ; cash
or certified check, certified to or ap p ro v e d b y
a n y N a tio n a l B a n k , enclosed In a se parate e n 
v e lo p e , p a y a b le to th e “ C ity T reasurre o f S he
bo y g a n , W is c o n s in ,” for three per c e n t o f th e
p a r v a lu e o f the bonds b id for m u s t a c c o m p a n y
each b id .
I n case o f d e fa u lt on p a rt o f th e
b id d e r or bidders to p a y for th e bonds on or
before D ecem ber 1st, 1907, n o tic e of th e accep
tance of th e b id or bids to be m a ile d to th e
address of such bidders w ith in five d a y s a fte r
such acc epta nc e, such check , checks o r cash
s h a ll be forfeited to th e C ity as liq u id a te d d a m 
ages. N o b id for less th a n p a r a n d accrued In 
terest can be accepted . A n y fu r th e r In fo r m a 
tio n on a p p lic a tio n .
B y order o f the C o m m o n C o u n c il.
D a te d O c to b e r 1 7 th , 1907.
T H E O . D I E C K M A N N , M a y o r.
............... -JOEL* M. S T B I M L E , Cl*y C lerk.

[V o l .

BONDS.

Sealed proposa ls, addressed to George L . H e n 
derson, C lerk o f th e V illa g e o f R y e , R y e , W e s t
chester C o u n ty , N ew Y o r k , w ill be received on
or before W E D N E S D A Y , N O V E M B E R 6, 1907,
a t 8 o ’c lock in the e v e nin g, fo r th e purch ase of
th e bo nd s o f th e V illa g e o f R y e , to be issued In
a m o u n ts a nd k n o w n as follow s:
" F ir e B o n d s ” ________________________ _______ $40,000
‘‘P u b lic D o c k B o n d s ” _____________________ 15,000
“ S treet B o n d s ” ______________________._______ 125,000
“ Sewer B o n d s ” _____________________________ 300,000
F o r w a te r e x te n sio n ________________________
3,000
to c o n ta in th e u su a l gold a nd s in k in g fu n d p ro 
v isio n s, to m a tu r e t h ir ty (30) years from d a te
o f th e ir Issue, a c c u m u la tio n of sin k in g fu n d to
begin five (5) years fro m d a te o f th e ir Issue.
T he B o a rd o f Trustees reserve th e rig h t to
re ject a n y o r a ll o f th e said b id s.
F o r l u l l p a rtic u la rs a p p ly to
G E O R G E L. H E N D E R SO N ,
C lerk .
R y e , New Y o rk .
D a te d R y e V illa g e , O c to b e r 16 1907.

# 5 0 ,0 0 0

Town of K earn y Hudson Co.,
N E W JERSEY,
Fire, School and I mprovement Bonds.
Sealed proposals w ill be received by the rJ*ow»
C o u n c il o f the T o w n of K earny, Hudson C o u n ty ,
N ew Jersey , a t the Town H all, O c to b e r 3 0 th .
1907, a t 8 p . m . fo r the p u ic h a a e o f the fo llo w in g
b o n d s:
*■ Stf

$23,000 Fire D epartm ent Bonds, payable 20 year>
from date. 5 % interest.
yiS
62,000 School Bonds, payable 25 years from
date, 5 % interest.
150.000 Im provem ent Bonds, payablci$20,000fannually. beginning 6 years alter date.&5%
interest.
.........
_ m MI
Total Indebtedness w ith these is=
s u e s .......................................... $042,813 61
Total Sinking Fund
.
.
114,441 #8
$828,372 53

Net Indebtedness

Tax Valuations 1907
,
$13,945,150 00
E a ch bid m ust be aeoompanlcd by a certified
check for $5 ,000.
The T o w n C o u n c il reserves the right to reject
a n y or all bid s.
F o r fu r th e r in fo r m a tio n , If dcs'nfxl, address
B U R T O N K . 0 A N F IE L D .

Town Treasurer.

Borough of Greens burg
W E S T M O R E L A N D CO., PA.

A lb e r t

IM P R O V E M E N T BONDS.
T he B o ro u g h of G ree nsb urg , W e s tm o r e la n d
C o u n ty , P a ., w ill receive sealed bids u n t il
8 P . M . N O V E M B E R 4 , 1907, fo r $50,000
B o ro u g h Im p ro v e m e n t B o n d s , each b o n d of th e
d e n o m in a tio n o f $1,0 00 , b e a rin g in terest a t 4 %
per a n n u m , p a y a b le se m i- a nn ua lly on th e first
d a y o f A p r il a n d O c to b e r.
B onds free o f S ta te
t a x , p a y a b le In 30 years, a n d re deem able a fte r
10 years.
Issued to p a y cost o f p e rm a n e n t
street im p ro v e m e n ts . C ertified check fo r $1,000
re quire d w ith each b id .
C o u n c il reserves rig h t
to reject a n y a n d a il b id s. Assessed v a lu a tio n ,
$9,280,450; bonds Issued b y C o u n c il, $129,200.
D A V I D P . H U D S O N . T reasurer.

K le y b o lt c

409 W a l n u t

&

C o .,

Street,

C I N C I N N A T I , O.

Municipal,
County, State,
and H ig h -G ra d e P u b lic
Neenrltlee

Service

Correspondence Solicited

B lo d g e t ,

M e r r it t

&

C o

Cuban Securities
A S P E C IA L T Y

60 State Street, Boston

FRANCKE THOMPSON & ROBB

3H NASSAU STKKKT, N KW YOKK.

MemberB N. Y. Stock Exchange

STATE

B RAN C H OFKICE

Bristol BiilldlnK, 5<h Ave. and 4‘j d St.
Telephone 16% Bryant

rIT T *

R l lI . R O A n

M IN IM .

E w tabJW hed l g £ £ .

43 Exchange Place
Telephone 1348 Broad

,

BANKERS,

H .

C .

Speer

&

^ons

C o.

First Nat Bank BuiJdfug, Chicago
CITY COUNTY
AND TOWNS MM*

B O N D S,

O ct 26 1907.}

1 'A\5

THE CHRONICLE.

interest. These bonds were offered on Sept. 15, bn i all
bids received on that day were rejected. See V. 85, p. 883.
Syracuse, Onondaga County, N. Y .— Bond Sale.— On Oct
15 the $160,000 4J^% 1-10-year (serial) registered localimprovement bonds, bids for which were rejected on Oct. 8
(V. 85, p. 964), were awarded to Kountze Bros, of New York
City at 100.23.
Terre Haute, Vigo County, Ind. — Bond Sale.— On Oct. 21
the $100,000 4% 10-20-year (optional) coupon generalpurpose bonds described in V. 85, p. 1044, were awarded to
the Terre Haute Trust Co., United States Trust Go., First
National Bank and Terre Haute Savings Bank, all of Terre
Haute, at their joint bid of 100.70 and accrued interest.
The other bids were as follows:

Sheboygan, Sheboygan County, W is.— Bond Offering.—
Proposals will be received until 2 p. m . Nov. 15 by Theo.
Dieckmann, Mayor, and John M. Steimle, City Clerk, for
$360,000 5% coupon bonds for the purchase and extension
of the plant of the City Water Company of Sheboygan. A u
thority Sections 926-11 and 943, Revised Statutes of 1898.
Denominations: three hundred bonds of $500 each and two
hundred and ten bonds of $1,000 each. Date Oct. 1 1907.
Interest semi-annually at the First National Bank of Chi
cago. Maturity on Oct. 1 as follows: $18,000 yearly from
1909 to 1918 inclusive and $20,000 yearly from 1919 to
1927 inclusive. Cash or a check certified by any National
bank for 3% of bonds bid for, made payable to the “ City
Treasurer of Sheboygan, W is.,” is required. Bonds to be
delivered on or before Dec. 1 1907.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
South Omaha, Douglas County, Neb.— Bonds Authorized.
— Reports state that the City Council on Oct. 14 passed
ordinances providing for the issuance of $48,000 West Q
Street paving bonds and $1,650 G Street paving bonds.
The former issue will be in denominations of $1,000.

Breed & H a rris o n , C l n . .$ 1 0 0 ,276 5 0 | W . R . T o d d & C o ., G in ...$ 9 6 ,000 00

Union (P. O. Weehawken), Hudson County, N . J.— Bond
Offering.— Proposals will be received until 8 p. m . Oct. 28
by the Town Council for $15,000 5% gold Bullsferry Road
improvement bonds. Authority an Act of the Legislature
approved May 6 1907. Denomination $100 or $500. Date
Nov. 15 1907. Interest semi-annual. Maturity $3,000
yearly on Nov. 15 from 1908 to 1912 inclusive. Emil Bautz
Jr. is Town Clerk.
Union, Monroe County, W . V a.— Bond S a l e . — On Oct. 5
the $5,500 6% coupon water-works-system-eonstruction
South St. Paul School District (P. O. South St. Paul), bonds described in V. 85, p. 752, were awarded to H . P.
Dakota County, Minn.— Bond Election.— On Oct. 29 this Tracy of Uflion at par. Maturity $500 yearly on Oct. 15
district will vote on the propositions to issue the $30,000 from 1922 to 1932 inclusive, unpaid bonds being subject to
school-building and $15,000 school-alteration bonds men call after Oct. 15 1922.
tioned in V. 85, p. 1043.
Union Hill (P. O. Weehawken), Hudson County, N. J.—
Stringer, Jasper County, Mis3.— Bonds Proposed.— There Bond Sale.— On Oct. 16 $5,000 4 ^ % fire-house-constriiction
bonds dated Oct. 16 1907 were awarded to the Weehawken
is talk of issuing school-building bonds.
Struthers, Mahoning County, Ohio.— Bond Offering.— Trust Co. of Weehawken at par and accrued interest. De
Proposals will be received until 12 m . Nov. 2 by L. S. Creed, nomination $500. Interest semi-annual. Maturity part on
Village Clerk, for $5,000 6% street-resurfacing-and-improv- Oct. 16 in each of the years 1911 and 1912.
Waltham, Middlesex County, Mass. —Bond S a l e . — On
ing bonds. Authority Section 2835, Revised Statutes.
Denomination $500. Date Nov. 15 1907. Interest annual. Oct. 5 the $15,000 4 X
A % 1-15-year (serial) coupon buildingMaturity $500 yearly on Nov. 15 from 1908 to 1917 inclusive. loan bonds described in V. 85, p. 884, were awarded to
Certified check for 10% of bonds bid for, payable to the Denison & Farnsworth of Cleveland and Boston at 101.381
Village Treasurer, is required. Purchaser to pay accrued and accrued interest.

IN VESTM EN TS.

N EW LOANS.

BONDS

F O R SALE

To w n of Milford,Conn.,
Offers at Private Sale

# 8 3 ,0 0 0
4 % C O U P O N BONOS
D a t e d O c t, 1, 1 » 0 7

D ue Oct

1 ,1 9 3 2

I n t e r e s t p a y a b le s e m i- a n n u a lly

TO

4 .5 0 %

YIELD

to 6 %

IN VESTM EN TS.

HUNT, MANN & SALTONSTALL

O ur new 10-page circular, describing nearly
forty Issues of

In v e stm e n t S ecurities

Municipal, Railroad and Public Utility
Corporation Bonds

60 S T A T E S T R E E T

Is now ready for distribution. W e suggest a
personal Interview.
A S K FOR C IR C U L A R NO. 846F.

E. H ROLLHVIS & S O N S .
21 Milk St., Boston, Mass.
CH IC A G O

DENVER

SAN FRAN CISCO

BOSTON

H. W. NOBLE & COMPANY,

F o r fu rth e r p a rtic u la rs address

SANFORD HaWKINS, 7own

Ir e a B u r tr

ERVIN & C O M P A N Y ,

N ew Y o rk,

MUNICIPAL

BANKERS,
T elephone:
4304 B ro a d .

C able Address:
“ K a h le r ,” N . Y .

O’C O N N O R & K A H L E R
B A N K E R S

FOR

Drexel Building,
Philadelphia.

NEW MUNICIPAL L0Ay S F. B. S H E R M A N 8c CO.
City of Schenectady, N. Y ., 20-yr 43^%.
City of Gloversville, N. Y ., 40-yr. 4%.
City of Camden, N. J., 30-yr. 4 % % .
Village of Kenmore, N. Y ., (part of
Buffalo) 4.65%.
N ew c irc u la r rrlvlng- d e ta ils o f these a n d o th e r
a ttr a c tiv e m u n ic ip a ls se nt on a p p lic a tio n .

M U N IC IP A L

)

AND

PUCLIC SERVICE C O R P O R A TIO N

BONDS.

IN V E S T M E N T

43 Exchange Place,
Hew York

49 Wall Street, Kew York.

AND

$Now York Stock Exchange,
em r» ^p^1}a(^e|p^a stock Exchange,
BONDS

D e t r o it ,
P h il a d e l p h ia .

Perry, Coffin & Burr,
NVESTMENT

BONDS.

60 State Street,

BONDS

BOSTON.

CORPORATION )

205 La Sail* Street. C H I C A G O

B L A C K S T A F F & CO.

BARROW, WADE, GUTHRIE & CO

IN V E ST M E N T S

CERTIFIED PUBLIC ACCOUNTANTS.

1332 W alnut Street

(New York and Illinois.)

P H IL A D E L P H IA

NEW YORK,

LIST OF SPECIALTIES ONREQUEST
BONDS

COUPONS

W ITHOUT
w ith steel-t lHte oord*rs. or lith o g ra p h e d , or p a rt
ly prin ted from type
I f th e latter, then can be

D E L IV E R E D

IN F E W

DAYS

Certificates e r« ra v e d In best m anner, or partly
lit.hogra»o«f* and partly printed

ALBERT B. KI1CG & CO.,206 Braadway, If.Y




CHICAGO

Broad Exchange Building,
26 Broad Street.

,

SAN FRANCISCO

Monadnock Block.

,

787 Market Street.

NEW ORLEANS

,

Hibernia Bank Bldg.

LONDON, ENGLAND.
18 8t, Swithin’8 Lane, E. CL, Cable, “ Adorjest.’

1106

Watertown, Middlesex County, Mass.— Temporary Loan.
— On Oct. 22 this town negotiated a loan of $50,000 in an
ticipation of taxes with the Worcester North Savings Insti
tution of Fitchburg at 5.70% discount. Loan matures
April 20 1908.
Wellsville, Allegany County, N. Y .— Bond Offering —
Proposals will be received until 7 p. m ., Nov. 4, by F. M.
Leonard, Village Clerk, for $21,117 31 bonds at not exceeding
5% interest. Authority, election held Sept. 10 1906.
Denomination $850, except one bond of $717 31. Date
Sept. 1 1907. Interest semi-annually at place designated
by purchaser. Maturity $717 31 on Sept. 1 1908 and $850
yearly on Sept. 1 from 1909 to 1932 inclusive. Certified
check for $500 is required. Official circular states there is
no litigation or controversy pending or threatened affecting
the validity of these bonds, and that there has never been any
default in the payment of principal or interest. Purchaser
to pay accrued interest.
White Cloud, Newaygo County, Mich.— Bond Sale.— An
issue of $8,000 5% village-hall bonds was recently awarded
to the First State Bank of Newaygo. These bonds take the
place of the $8,000 5% 5-20-year (serial) village-hall bonds
awarded on May 3 to Otis & Hough of Cleveland (V. 84,
p. 1326), which sale was never consummated.
White Plains, Westchester County, N. Y .— Bond Offering.
— Proposals will be received until 8 p. m . Nov. 7 by the
Board of Village Trustees, John J. Brown, President, Peter
Paulding, Clerk, for the following loans:
$50,000
19,000
8.000
9.000

[V ol .

THE CHRONICLE.

$17,000 00 5 % fu n d in g b o n d s .
M a t u r it y tw e n ty years, su b je c t to c a ll
a fte r t e n years.
50,576 89 5 % P a v in g D is tr ic t N o . 1 assessment b o n d s .
M a t u r it y onete n th y e a rly o n N o v . 1 fro m 1908 to 1917 in clu sive . A m o u n t
o f b o n d s to be Issued w ill be reduced by a m o u n t of assess
m e n ts p a id b y p r o p e r ty ow ners p r io r to th e d a te of sale.

The above bonds are dated Nov. 1 1907. Interest annu
ally at the Nebraska fiscal agency in New York City or at
the City Treasurer’s office in York, Nebraska. Bid must
be made on each issue separately and accompanied by a
certified check for 2% of bid.
Youngstown, Ohio.— Bond Offering.— Proposals will be
received until 2 p. m. Nov. 11 by W m . I. Davies, City
Auditor, for Jthe following bonds:
$4,500 5 % stree t- lm prov em e nt (c ity ’s p o r tio n ) b o n d s .
M a tu r ity $1,000
y ea rly o n O c t. 1 fro m 1909 to 1912 In clu siv e a n d $500 on O c t. 1
1913.
325 5 % crem atory -o peratlon b o n d s .
M a tu rity O c t. 1 1909.
25,950 5 % R iv e r V ie w Sewer D is tr ic t b o n d s .
M a tu r ity $5,190 y e a rly o n
O c t. 1 fro m 1909 to J913 in clu siv e .
5,870 5 % E m m a , V in e a n d L a n s in g Streets sewer b o n d s . M a tu r ity
$1,174 y ea rly o n O c t 1 fro m 1909 to 1913 In c lu siv e .
5,050 5 % side w alk - con structlon b o n d s . M a tu r ity $1,050 y e a rly o n O c t .l
fro m 1909 to 1913 In clu siv e .

Denomination $1,000. Date Nov. 1 1907. Interest semi
annual. Certified check on a State or National bank or
trust company for 5% of bid is required.
Wolseley, Sask.— Debentures Not Sold.— No sale has yet
been made of the $18,000 5% debentures offered on Oct. 1.
See V. 85, p. 824.
Worth County (P. O. Northwood), Iow a.— Bond Sale.—•
On Oct. 9 $15,000 5% % 1-10-year drainage bonds were

The above bonds are dated Nov. 18 1907. Interest semi
annually at the office of the City Treasurer. Each bid must
be made for each block of bonds separately and must be ac
companied by a certified check on a national bank, payable
to the City Auditor, for 2% of the amount of each block bid
for. Purchasers must be prepared to take the bonds not
later than Nov. 18, the money to be delivered at one of the
banks in Youngstown or at the office of the City Treasurer.

M IS C E LLAN E O U S .

M ISC ELLAN EOU S.
CasuV p^ 8
nd$ 12,000,000

© Ii* (U n ia t C n m p m ttr o f A n t m r a
37-43 W A LL S TR E E T,
NEW YO R K

.

awarded to the Worth County State Bank. Denomination
$500. Date Oct. 1 1907. Interest May 1 and Nov. 1.
Yonkers, Westchester County, N. Y .— Bond Offering.—
Proposals will be received until 12 m ., Oct. 30, by John H .
Coyne, Mayor, for $20,000
public-building and dock
bonds. Authority, Chapter 622 of the Laws of 1906, passed
May 24 1906. Date Nov. 1 1907. Maturity $10,000 on
Nov. 1 in each of the years 1917 and 1918. Bonds to be
delivered Nov. 1 1907.
York, York County, Neb. — Bond Offering.— Proposals will
be received until 12 m. Nov. 7 by George S. Newman, City
Clerk, for the following bonds:

5 % sid e w a lk assessment certificates maturing- N o v . 1 1912.
5 % current- Indebtedness b o n d s m a tu r in g N o v . 1 1937.
4 % aewer re fu n d in g b o n d s m a tu r in g N o v . 1 1937.
4 % aewer b o n d s m a tu r in g N o v . 1 1937.

C o lo n ia l B ra n c h
222 B ro a d w a y.

lx x x y

T it l e

9 5 G resha m S t . ,
London,

E. C.

guarantee
a n d T R U S T COMPANY
176 Broadway. New York.
17S R e m u n Street. Brooklyn.
196 Montague Street, Brooklyn Banking

D evi.

ttxa m in es <£r gu a ra n tees R e a l Estate Titles,

PAYS

I N T E R E S T ON

DEPOSITS

EXECUTES T R U S T S OF E V E R Y

L o a n s M o n e y on B o n d and M ortgage.

DESCRIPTION

ISSUES L E T T E R S OF CREDIT P A Y A B L E
THROUGHOUT THE

WORLD

IlIiiio is T r iis i& S iiv m ijs B a n lv
C H IC A G O

Capital and Surplus,

- - - $12,800,000.

Pays Interest on Tim e Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General T rust Business.
CORRESPONDENCE

H

arris

T

rust

& S

(O rg a n ize d a s N . W. H a r r is & Co. 1882.

fu r n is h e s M o rtg a g e s to In v e s to rs .
Receives D ep o sits su b ject to check, a llo w in g
In terest.
Does a ll T ru st C o m p a n y Bu sin ess.

INVITED

avin g s

B

FINANCE COMMITTEE.
In Charge of Banking Interests
R D W A R D T. B E D F O R D .
CLARENCE H. K E LS E Y .
E D G A R L . M ARST ON.
W IL L IA M H . N IC H O L S .
JA M E S H . O L I P H ANT.
C H A R L E S A. P E A B O D Y .
JA C O B H. S C H IF F .
JA M E S 8 P B Y E H .
E D W A R D O . ST A N LE Y
CLA REN C E H . K E L S E Y . President.
P R A N K B A IL E Y Vice President.
E D W A R D O . S T A N LE Y, Second Vice President.
Manager Banking Department.
CLINTON D. B U R D IC K Third Vice President.
J . W R A Y C LE V E L A N D , Secretary.
A R T H U R T E R R Y , Treasurer.
P R A N K L. SN IF F E N Manager Brooklyn Banking
Department.

HAN D-BOOK

ank

In c o r p o r a t e d 1907.)

Capital and S u rp lu s, $ 1 ,5 0 0 ,0 0 0

Railroad Securities
JULY, 1907, EDITION.

Special facilities for Reserve Accounts of Batiks, Individuals, Firms
and Corporations. Complete equipment for handling Affairs of Trust

Bonds for* Investment

Price ot S in g le Copies,

.

.

.

To Su b scrib e r* o i th e C h ro n ic le ,

S i OO
-

Correspondence I n v i t e d

M A R Q U E T T E BUI LDI NG,




CHICAGO

Commercial & Financial Chronicle,
Pine Street, cor. Pearl Stro«it, New York
Full text of Commercial and Financial Chronicle : October 26, 1907, Vol. 85, No. 2209

FRASER
