Full text of Commercial and Financial Chronicle : September 7, 1907, Vol. 85, No. 2202

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VOL. 85.

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SEPT. 7 1907.

NO. 2202.

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

C L E A R IN G S —FOR A U G U S T , S IN C E J A N U A R Y 1 A N D
August.
Clearings at—
1907.

S
$
New Y o rk ___________
,890,490,490 8,833,201,096 - 1 2 . 0
Philadelphia________
579,382,953
605,267,750
— 4.3
Pittsburgh__________
220,149,169
206,185,063
+ 6.8
Baltim ore___________
122,377,375
111,926,118
+ 9.3
B u ffa lo _____________
36,018,637
33,664,159
+ 7.0
W ashington________
23,776,054
20,133,329 + 18.1
Albany______________
24,838,328
24,189,125
+ 2.7
Rochester___________
13,918,659
14,505,832
— 4.0
Scranton____________
9,450,800
8,629,416
+ 9.5
Syracuse____________
9,385,872
6.502.928 + 44.3
Reading_____________
5,669,497
+ 5.7
5,365,863
Wilmington_________
+ 6.0
5,687,137
5,364,653
W ilkes-Barre_______
4,933,405
4,459,303 + 10.6
Whee lng ___________
4,265,644
4,553,336
— 6.3
E r ie ________________
2,512,882 + 16,2
2,920,618
C h ester_____________
2.268.929
+ 0.1
2,270,518
Greensburg_________
2,018,670
— 6.2
1,893,066
Binghamton .
+ 2.4
2,039,500
1,992,100
Franklin
1,116,174 + 13.0
1,261,369
Frederick____________
774,510
797,944
— 2.9
H arrisburg*_________
4,502,675
3,718,206 +21.1
Y o r k .......................
3,275,811 N ot Included in total
Total Middle______
961,503,601 9,894,654,670 — 19.5
+ 0.4
Boston _____________
629,123,634
626,569,177
Providence__________
30,678,300
28,583,100
+ 7.3
H a rtfo rd ____________
15,039,550
+ 6.6
14,112,230
New Haven__________
9,834,926
9,639,204
+ 2.0
P o rtla n d ____________
8,326,216
8,699,458
— 4.3
Springfield________ __
6,876,721 + 19.8
8,238,150
+ 9.4
W orcester___________
6,045,797
6,614,628
Fall R iver___________
3,868,798
3,204,835 +20.4
+ 8 ,2
New Bedford________
2,744,231
2,535,474
+
14.3
L o w e ll______________
2,288,715
2,002,392
+ 5.8
Holyoke_____________
1,997.114
1,878,428
Total New England
710,146,816
+
1.2
718,754,262
990,647,987
886,828,954 + 11.7
Chicago_____________
Cincinnati___________
112,669,750
104,187,250
+ 8.1
C leveland___________
79,397,761
67,835,185 + 17.0
Detroit______________
55,893,031 + 18.0
65,957,576
38,619,921 + 18.7
M ilw au kee__________
45,857,324
Indianapolis________
35,172,835
30,803,903 + 14.2
Columbus___________
24,000,000
21,662,200 + 10.7
21,348,714
T o led o ______________
17,802,545 + 19.9
+ 5.6
P e o r ia ______________
10,993,127
11,610,493
9,590,137
+ 6.9
Grand Rapids_______
10,248,718
+ 8.3
D a y to n _____________
7,967,080
7,358,823
E v a n s v ille __________
8,644,809
7,650,247 + 13.0
4,665,254
3,704,286 +25.9
K alam azoo_________
Springfield, 111______
3,174,797
+ 5 .5
3,349,365
I w t W a y n e________
3,336,487
3,373,998
+ 1.1
A k r o n ______________
3,200.000
2,448,149 +30.7
2,426,794 +21.2
Lexington __________
2,940,949
+ 9.3,
Rockford ___________
2,315,977
2,531,886
Youngstown________
3,027,972
2,260,525 + 33.9
— 4.2
Canton______________
2,118,851
2,030,071
+ 5.0
South Bend_________
2,189,613
2,298,386
1,632,317 + 33.1
Springfield, Ohio____
2,173,211
+8.8
Decatur ____________
1,618,219
1,761,717
+ 8.0
1,493,047
Mansfield____________
1,612,420
Bloomington________
1,437.425 + 25.3
1,801,278
1,373,754 + 31.8
Quincy______________
1,810,966
— 9.9
1,074,174
1,192,838
Jacksonville, 111_____
Jackson _____________
1,455,989
958,278 + 51.9
Ann Arbor___________
494,563 + 11.3
550,611
In
total
Not
Included
Adrian _____________
Total Middle W est.
453,181,294 1,293,401,293
188,465,610
San Francisco_______
183,343,979
46,526,284
46,197,179
Los Angeles_________
38,836,524
Seattle _____________
42,436,389
22,581,906
P o rtla n d ____________
30,497,489
20,897,292
Salt Lake C ity_______
27,234,866
24,531,294
17,760,308
Spokane_____________
16,178,597
Tacom a_____________
20,835,510
3,380,807
Helena _____________
4,085,297
1,832,582
Fargo ______________
2,073,135
1,687,722
Sioux F a lls _________
2,029,106
Oakland*.... ..............
15,663,586
10,030,574
1,748,581
San Jose*____________
2,225,892
383,593,349
357,818,527
Total Pacific______
Kansas C it y ________
144,359,372
111,506,128
67,648,092
83,193,612
Minneapolis...... .........
40,110,187
Omaha______________
47,054,730
34,003,157
St. Paul.....................
37,077,571
Denver______________
28,588,950
33,137,519
St. Joseph___________
20,097,003
22,014,183
9,668,842
Des Moines_________
12,298,542
Sioux C ity___________
6,735,761
8,041,615
5,227,970
W ich ita .....................
5,521,817
Davenport___________
3,675,943
3,955,207
3,316,233
4,034,630
Topeka _____________
Colorado Snrlngs____
2,765,597
2,819,429
1,976,825
Cedar R a p id s_______
2,608,877
Pueblo . _ .................
2,083,859
2,296,623
1,307,462
Fremont __........ .......
2,127,824
L in c o ln *______ _____
4,771,385
4,729,265
Total other W e s t..
338,712,009
410,541,551
224,124,245
St. L o u is_______
249,994,955
66,539,659
New Orleans________
65,008,248
49,337,698
L o u is v ille ___________
55,042,952
37,079,372
H ou ston ____________
45,951,581
24,789,000
Galveston ............... .
23,481,000
23,190,551
Richmond __________
24,934,496
15,566,402
A tla n ta ........ ............
16,727,601
15,223,797
Savannah ___________
12,008,009
Mem phis____________
14,259,137
12,466,251
12,575,924
Nashville ___________
17,249,238
11,555,652
Fort W orth_________
14,891,880
N o rfo lk _____________
9,236,492
10,007,223
7,759,090
8,634,561
Birmingham________
7,116,892
5,994,880
M o b ile........ ..............
7,165,742
5,580,575
Chattanooga ...........
7,027,809
5,414,928
K n o x v ille ___________
4,937,286
5,991,950
Jacksonville________
Augusta ____________
4,402,697
4,681,538
4,864,014
4,084,462
Little Rock__________
Charleston___________
4,053,632
3,791,338
M a co n ______________
1,898,915
2,166,918
1,867,474
1,684,991
Wilmington, N .C ____
1,792,721
Beaumont __________
2,126,798
1,121,964
1,098,827
Columbus, Ga_______
3,702,421
Oklahoma___________
2,787,185
N ot included
Columbia____________
N ot Included
V aldosta____________
Total Southern____
608,830,381
554,261,370
Total all___________ [ n 536.404.438 13,148.993,885
Outside New Y o rk .j 4 645,913,948 4,315,792,789

Inc. or
Dec.
62,105,266,883
4,950,037,791
1,887,046,388
998,439,574
293,736,290
210,830,370
247,383,216
126,534,925
77,103,699
72,175,368
48,771,324
47,847,453
41,500,170
36,412,185
24,328,030
18,142,053
19,475,384
18,801,600
9,685,827
6,854,444
37,335,015
___ 7,134,751
71,240,372,974
5,724,055,845
266,938,400
129,976,094
88,347,282
65,987,224
72,655,722
57,014,412
36,860,765
25,349,693
18,008,689
17,404,132
6,502,598,258
8,289,301,790
954,459,950
611,852,307
478,981,809
370,355,011
279,331,841
193,802,500
147,998,930
96,641,612
83,297,207
72,127,995
70,727,672
35,900,345
28,597,708
27,903,874
24,557,044
23,053,553
22,604,283
26,265,960
19,185,273
I,7456,334
15,299,838
13,269,661
12,757,209
16,715,385
15,798,585'
8,857,194
II,422,615
4,823,581
11,973 347,066
1,520 979,588
422 <462,253
327 $76,911
244 ,385,697
209 698,380
192 967,727
162 442,166
30 837,975
17 ,524,581
15 ,456,522
106 ,347,587
___ 16 ,593.836
3,144 731,800
1,066 904,172
706 ,497,579
373 ,878,995
301 ,876,565
265 665,397
199 059,312
103 410,539
75 ,331,393
46 275,281
38 ,134,696
33 ,615,508
23 ,564,130
23 168,735
19 ,501,795
11 .605,652
43 ,954,913
3,288,489,749
2,114,924,258
626,636,936
457,235,033
371,842,274
225,260,000
213,371,049
165,288,070
122,376,630
155,999,085
136,174,668
125,336,555
91,525,863
77,013,539
57,142,988
49,635,588
55,186,473
53,138,441
50,327,000
46,500,804
44,236,497
21,915,672
15,105,501
17,464,422
11,421,749
34,622,500
5,339,681,595
101,489,221.442
39,383,954,559

1906.

|Inc. or
I Dec.

1904.

$
S
%
69,182,071,103 — 10.2 1,290,274.391 2,175,188,935 - 3 b .7 1,660,177,458 1,179,331,611
5,095,797,952
— 2.8
121.487,176! 146‘ 859,743 — 17.3 131,410,392 107,878,986
+ 6 .5
35,239,583
45,524,752
+ 6.4
1,773,004,873
41,986,665
44,718,173
+ 8.0
22,127,660
952,297,594
24,701,196
23,125,009
26,699,404|
+ 4.8
5,251,900
+ 2 .5
5,886.872
6,714,227
258,672,371 + 13.6
6,879,567
+ 5.2
3,397,234
3,916,400
4,063,111
195,633,555
+ 7.8
4,274,704
4,302,009
5,152,526 — 11.6
3,397,659
182,895,861 + 35.3
4,555,900
—
4.1
2,809,500
3,115.437
132,503,401
— 4.5
2,431,935
2,331,153
1,722,971
2,05.5,441
+ 5.3
1.441 ,S92
69,330,318 + 11.2
1.952,398
1,283,367
965,045
56,772,823 + 27.1
1,877,953
1,185,945 + 58.4
1,078,221
44,277,611 + 10.1
907,238
1,167,368
1,042,681 + 12.0
1,011,192
880,478
1,050,011
44,539,696
+ 7.4
1,171,771 — 10.4
800,065
812,903
1,039,448
36,281,765 + 14.4
907,895 + 14.5
697,237
829,562
850,199
972,115 — 12.5
+ 3 .6
35,136,660
503,817
508,400
557,847 +22.0
21,067,309 + 15.5
680,738
339,922
430,511
18,147,064 — 0.03
518,964
459,552 + 12.8
365,001
325,242
17,605,006 + 10.6
493,212 — 30.4
343,476:
398,000
369,800
17,924,700
+ 4.9
349,100 + 16.9
408,300!
262,931
165,521
231,914 +00.0
9,710,502
—0.3
276,441
6,618,062
+ 3 .6
15,388,992
702',910 +46.9
1,032,870
N ot Included In total
,367,705,746
78,150,288,206
1,512,521,677 2,417,125,679 +37.4 1,885,886,
104,589,828
135,495,904 — 13.9 118,589,
5,464,170,317
+ 4 .8
116,721,608
5,040,200
+
8.4
6,097,
258.874,500
5,533,300
+ 3.1
5,998,400
2,595,677
2,821,224
— 1.4
2,612,
121,714,840
+ 6.8
2,782,738
2.210,662
1,808,437
2.701,
82,211,335
+ 3 .5
+ 7.5
1,871,751
— 7.2
1,426,874
+ 2.3
1,760,141
64,513,758
1,633,669
1,565,
+
21.6
1,212,244
62,462,207 +16.3
1,339,662
1,243,
1,628.060
+ 9.4
979,224
53,014,403
1,144,896
+ 7.5
1,288,
1,252,861
31,176,943 + 18.2
566,
600,479 +39.0
518,548
834,447
21.755.685 + 16.5
476,
— 2.8
347,278
482,760
469,239
16.598.686
+
19.3
382,
367,703
+ 8 .5
347,240
414,387
430.652
+ 0.9
377,
16.20S.3o7
+ 7.4
374,694
377.886
6,192,700,981
+ 5.0
133,985,046 151,708,737 — 11.7 135,902,234 119,718,890
7,222,372,123 + 14.8
214,782,240 179,533,261 + 19.7 183,756,886 163,581,905
22,005,300
874,817,900
+ 9.1
19,134,650
— 1.7
23,398,200
23,001,650
15,393,587
542,146,231 + 12.9
14,430,628
14,614,526 + 16.3
16,990,093
9,140,979
434,506,177 + 10.2
11,353,808
10,605,284 + 12.0
11,770,608
315,986,120 + 17.2
7,239,421
7,322,764
7.524,577 +24.4
9,361,693
5,633,727
236,654,517 + 18.0
+
4.1
6,240,635
6,242,160
6,499,899
3,876,200
4,040,700
180,210,100
+ 7.5
5,825,000
4,345,800 + 34.0
3,342,877
139,401,515
+ 6 .2
4,024,550
3,360,953 + 11.7
3,753,643
98,572,559
— 2.0
2,941,465
2,864,011
2,595,530
2,291,907 + 13.3
77,022,611
1.561,725
+ 8.1
2,064,926
1,953,558
1,813,971 + 13.8
65,520,310 + 10.1
2.700,186
— 8.5
1,496,764J
1,566,140
1,712,056
58,170,184 +21.6
1,103,915
1,197,909
1,627,486
1,247,617 +30.5
30,776,932 + 16.6
647,052
585,546
921,014
757.958 +21.5
27,899,204
738,871
+ 2.5
613,763
645,901
640.538
— 0.,
26,175,775
637,441 + 16.2
+ 6.6
811,781
740,616
541*000
19,108,480 + 28.6
386,100
492,476 + 50.3
740.000
490,278
471,652
22,871,556
+ 0 .8
457,301 +22.8
581,754
389,684
367,871
19,617,4121 + 15.2
515,059
465,140 + 10.8
458,579
384,74»1
22,401,d o + 17.2
811,658
492,615 +64.8
522.717
16,607,377 + 15.5
373,316
524,321 + 12.2
588,408
305.841
14,905,527 + 17.1
349,534 + 30.1
454,473
312,226
13,365,742 + 14.5
303,470f
425,940
321.958 + 32.3
363.717
289,071
11,343,895 + 17.0
338,913 + 18.0
400.000
179,843
11,832,196
208,373
+ 7.8
378,221 + 16.7
441.538
398,954
+ 8 .6
402,060
15,388,538
371,911
319,426 + 16.4
13,113,248 + 20.5
+39.0
230.000
273,448
278,030
386,535
— 0.4
9,200,854
281,832
— 3.7
280,182
216,679
215,795
+ 3.7
8,308,691 +37.5
205.000
186,935
238,000
246,705
305.841
4,322,901 + 11.6
65,000
84,143 + 15.9
97,485
N ot lncuded In total
10,532,570,358 + 13.7
263,588,369 + 17.0 284.388,418 244.380,235
308,418,337
32,877,505
1,184,264,403 + 28.4
44,000,000 — 10.8
39,229,724
39,122,829
— 3.4
377,065,980 + 12.0
9,016,772
8.324,919^
5,716,521
8,705,448
+ 7.3
305,643,183
4,286,072
7,809,066 + 16.5
9,093,864
4,995,181
167,721,613 + 45.7
3,416,103
4,514,523 +24.5
5,629,801
3.873,803
179,135,274 + 17.1
2,181,761
5,082,411
3,747,098 +35.6
4,069.078
1,938,414
136,470,889 + 41.4
3,734,337 + 35.2
5,050,652
2,808.636
1,907,6ft'
127,674,802 +27.2
3.111.51W
3,436,866 +28.0
4,399,456
— 6.4
955,81
25,959,835 + 18.8
895,664
888,473
831,751
346,11
15,926,184 + 10.0
415,174
— 3.9
431,882
458,357
236,00
11,948,266 +29.4
440.000
303,253 + 45.1
247,080
62,072,772
1,982,729
3,420,949 — 42.0
4 .675,998
425.000
376,108 + 13.0
53,922,034
2,531,810,229 +24.2
67,907.063
81,679,327
81,286,010
— 4.8
22,910,116
837,109,550 +27.5
23.504,740
23,601,270 + 29.3
30,509,76.6
13,862,959
583,035,014 + 21.2
13.766,147
17,027,872
13,963,648 +22.0
7,326,156
328,054,225 + 14.0
7.700,170
8,132,587 + 29.4
10,522,889
6,881,231
256,655,123 + 17.6
5,415,780
8,158,514
6,449,848 +26.5
220,206,122 +20.6j
5,442.786
4,316,807
6,189,945
+ 9.5
6,779,770
174,403,061 + 14.l!
3,689,328
4,731,652
+4.4
4,479,251
4,675,798
91,685,506 + 12.8
2,000,00i'
2.057,865
2,500,000
2,100,000 + 19.0
1,381,21
62,264,932 +20.9
1,136,799
1,893,642
1,524,500 +24.2
38,541,365 +20.1
1,047,685
— 0.2
1,009.872
1,052,844
1,050,940
844,867
35,615,598
-*-7.1
933,268
867,576 — 18.2
710,097
29,594,681 + 13.6
406,046
691,202 + 22.3
847,458
845,248
+ 0.2
24,227,073
— 2.7
565.790
600,000
429,139
601,000
19,283,043 +20.1
427,755
404,443 + 26.9
331,602
513,060
16,180,242 +20.6
438,402 + 17.9
319.790
517,011
9,578,167 + 21.2
236,172
271,339 + 76.3
*25*1*952
474,347
1.216.086 — 14.0
17,286,673
1,045.807
2,726,453,702 +20.6
72,103,690 + 22.2
66,748,274
66,032,867
87,825,761
1,936,835,642
46,910,250 + 12.9
+ 9.2
52,942,194
46,653,816
53,483,807
622,200,763
15,406,712 — 14.8
+ 0.7
12,195,010
13,129,804
14,016.306
— 4.9
12,046,391
436,107,738
11,207,244
+ 4.8
11,460,094
10,697,093
10,096,622 + 18.9
284,276,008 + 30.8
9,566,400
9,857.412
12,000,000
191,302,000 + 17.8
6,160,000 — 2.0
4,528,500
5,260,000
6.039.000
4,592,854
199,856,436
4,415,646
+ 9.8
+ 6.8
5,043,223
3,873,486
145,389,064 + 13.7
3,002,747 + 10.5
1,983,636
2,628,050
3,316,403
133,780,194
4,043,094
3,418,785 — 16.9
2,839,099
— 8.5
5,299,065
2,750,406
2,374,160
155,425,185
+ 6.3
+0.4
2,523,855
3,160,048
3.067,934
2,798,601
140,854,100
— 3.3
3,730,533
+ 33.3
2,688,912
1,328.269
92,262,834 + 35.8
3.400.000
2,420,974 + 40.4
1.915,752
1,265,872
76,402,692 + 19.8
2,159,241
1,797,123 + 20.2
1,355,788
1,179,528
64,293,005 + 19.8
1,693,280
1,569,416
— 7.9
1,292,525
52.309.262
1,396,184 — 13.6
1,181,733
+ 9.2
1,206,505
674*433
43,968,902 + 13.0
1,259.93S
753,188
930,965 + 36.8
1,159,956
48,308,699 + 14.2
1,549,339
1,014,103
1,338,483 + 15.8
625,257
1,147,179
41,884,768 + 18.4
1,102,175
995,122 + 15.3
1,189,726
879.322
49,584,956
1,877,931
— 7.4
950,000
+ 1.5
586.733
39,188,091 + 18.7
924,100
640,403
811,237 + 12.7
674,443
830,000
729,887
43,285,909
+ 2.2
723,159 + 14.8
363,305
504,302
18.165.263 + 20.6
451,595
452,604 + 11.4
17,497,730 — 13.7
273,912
13,155,152 +32.8
450',000
351*.309
360",000 + 25.0
10,589,324
+ 7.9
26,790,557 + 29.2
740.323
560,229 +81*4
Not Included In total
Not included In total
4,886,714,2741 + 9 .3
116,562,216
+ 7.0 116,800,577
129,674,934 120,647,119
105,020.536,850
-3.4 2,253,804.765 3.106,790,670 — 27.5 2.537,612.595 1,968,310.925
877,455,140 788,979,314
35,838,463,647; + 9 .9
963,530,374 931,601,735

•N o t Included In totals for month ana eight months; comparison incomplete.




Week ending August 31.

E ight Months.
In c. or
Dec.

FOR W E E K E N D I N G A U G U S T 31.

13^** Table Clearings by Telegraph and Canadian Clearings on Page 577-

THE CHRONICLE.

550

THE F IN A N C IA L S IT U A T IO N ,
The money market, according to our forecast last
week, received a double relief. Strange as it may
seem, this relief has developed so as to turn out almost
wholly sentimental. First of all was the promise of
Secretary Cortelyou to give the market 5 million
dollars out of the Sub-Treasury each week, the plan
including the putting of the money at points where the
need was greatest, providing, however, for the con­
cealment of the amounts distributed to the selected
localities. The concealment has been so effectively
managed that any attempt to follow the movement
through the ordinary channels of Government dis­
bursements has been only in small part successful.
Faith says it has gone out according to the promise;
sentiment responds— time money is a trifle easier;
the market reporter echoes it was, but as “ the easier”
is in good part sentimental, we may term it fitful, and
it may not last the week out.
A second source stimulating confidence for the time
has been the proposed New York City bond sale.
As all know, the opening of the bids has not taken
place yet; they are not to be opened until Tuesday of
the coming week; and although there have been many
favorable rumors afloat as to the outcome, not one
really authentic fact has been traced so far as to have
been treed. A person commanding large capital in
Europe and America, whose name suggests success
in such matters, and who has often been sought as
especially capable for wisely handling threatened
financial dislocation, has been named as being at the
head of an important subscription for the bonds.
The rumor, however, is without authoritative con­
firmation, though it is quite generally believed. Yet
whether true or not, the gods have clearly declared
that the loan is to be a pronounced success; that Europe
is to have a large share in it, and the public has full
faith in that outcome. We should not forget, how­
ever, that the base of our trials is the bad name that
has been given our securities. As yet this defect re­
mains, and the threats which are being poured out
almost incessantly by the originators of the taint keep
up a constant friction, forcing confidence to the boil­
ing point. I f affairs could only be left a little while
to cool off, the beginning of a better hope might be
assumed. In the meantime we must be satisfied if
elation rises only to the sentimental stage and wavers
at that.
A further improvement has been in a decidedly
more confident feeling in Europe, including a better
demand for our finance bills, and later a reported
lively boom in our New York City bond sale at presentadvertised. As a feature of this new demand from
the other side of the Atlantic is the opportunity it
affords for the sale of the better class of railroad notes,
which for a time tended to modify somewhat the
strain here. Other notorious movements are claimed
to be in prospect. It has been announced that the
President is to leave Oyster Bay for Washington
September 25 and start September 29 on a lecture tour
over the West and South. Some say the President is
a little scared about the political and business outlook.
There is nothing of that kind in the movement. Mr.
Roosevelt is still as bold as ever, and nothing of the
nature of disquietude has entered his thought. Has
he not said that depression is a plot of malefactors of




[V o l .

lxxxy.

great wealth? As we must admit he knows his charge
to be true, or he would not have asserted it, and as the
people enjoy seeing a President on parade, and no one
is better equipped than he for such a triumphal
march, it is believed by his followers that it will prove
an excellent step, sure to give an enthusiastic start to
the fall Congressional campaign. No change in the
character of his speeches is possible; they will bear the
same spirit they always exhibit; they will look both
ways, or, as he says, breathe slaughter to the
naughty ones and nothing but sweetness to the
goody ones.
The stock market has been behaving again as has
been its habit for many months past. It is still in a
hesitating state— one-half of a day or one-half of a
week taking an upward course, with the other half of
the day or week reversing the movement— going down
at about the rate the advance took. Sometimes the
tide is even-longer before its turn. Things have gone
so low that it seems as if there should be a proportion­
ate revival; but if there is a start that way, it is brief
at best, and then comes the opposite dip. Thursday
afternoon, however, there was a very peculiar spasm.
Probably knowledge of the dividend by the Chicago
Burlington & Quincy having become known, the mar­
ket of itself started upward, setting the shorts on a
quick pace to cover so that prices went up with a bound.
Several unfavorable events were also incidents of the
day, but they seemed to have almost no influence.
Among these was the failure of a large Stock Exchange
house interested in grain as well as in stocks; but for the
time being, hardly any notice was made of it. Friday
the market con tinued to ad vance moderately. The truth
is no one can tell what is in store for our poor suffering
security prices. Many investors have already lost much,
and, not knowing what Mr. Roosevelt may do or say
next, are getting extremely nervous, afraid if they
hold on much longer they may see the little of value
left vanish. This is the reason why operators get so
shy as soon as the market wavers or stops going up.
It is a case in which the commanding cards are all
against the investor, for if the President carries out
his purpose of forcing the enlargement of the commerce
clause of the Constitution, no appeal to the courts
to save vested rights has a chance of success. Pos­
sessing the authority to appoint judges, and the au­
dacity to stigmatize them if they do not do his bidding
in their decisions, and a will that tolerates no freedom
of thought or action, owners of railroad properties
and other corporations must wait for a turn in affairs
or an appeal to the country to save what they have
earned by industry and economy— for the securities
have their old-time value and it will return to those
who hold on. Confiscation is not a card that can be
played successfully in this country.
Under the new policy adopted by the Secretary of
the Treasury the volume of the relief, and the
manner, and the locality of the banks desig­
nated for its reception, have been, as already indicated,
largely conjectural. In the absence of immediate re­
sults the only available record of the volume of new
deposits of public funds has been the daily s t a t e m e n t
of the operations of the Treasury; they failed t o dis­
close any increase during the seven business days
beginning August 26, when the Secretary’s relief measure

S e p t . 7 1907. |

THE CHRONICLE.

was announced, and ending September 3, in which
period, presumedly, the Treasury Department was
engaged in the apportionment of the funds prepara­
tory to their distribution. On September 4, though,
there was an augmentation of $1,348,393 in such de­
posits compared with those reported on August 29;
this increase, it may be noted, closely agrees with the
amount which is understood to have been placed in
New York banks for their individual account. Inas­
much as no new deposits have been traceable to coun­
try institutions it is fair to presume that none have
been transferred thereto, through the New York SubTreasury; apportionments of such deposits may have
been made directly by the Secretary.
In the interval since the proclamation of the Treas­
ury policy
some remarkable changes have been
wrought in the situation as the result of anticipation
of the promised relief. There has been a reduc­
tion in rates for short-term loans; almost an entire
reversal of foreign exchange conditions, from a close
approach to the gold-export point to rates sufficiently
below parity to lead to reasonable expectations of
gold imports; an increased volume of commodity and
security bills; the free negotiation of finance and loan
drafts in London, though such negotiation had pre­
viously been restricted by British bankers through
fear of a deranging influence upon the London discount
situation.
The week has been full of developments suggestive
of the difficulties under which the railroads of this
country, and particularly those of the South and West,
are laboring at present. On Wednesday the Board of
Railroad Commissioners of Kansas ordered the rail­
ways of that State to put into effect a two-cent-a-mile
rate for passengers, the roads being given until Oct. 1
in which to comply. I f a two-cent rate is not profit­
able in thickly populated States like New York and
Pennsylvania, what must be the situation of the rail­
roads under the same rate in a sparsely settled State
like Kansas? In Georgia the new Railroad Commission
refused to revoke the order of the old Railroad Board
commanding the roads to adopt a new schedule of
passenger rates varying on the principal roads from
2 cents a mile to 2% cents, and accordingly the new
schedule was put in force on Monday of this week,
in compliance with the order of the old Commission.
Governor Hoke Smith at the same time distinguished
himself by publicly announcing that if the railroads
sought the intervention of the Federal Courts, and
these courts should issue injunctions restraining the
action of the State authorities, he would defy these
courts and procee/i rigidly to enforce the orders of the
Railroad Commission, which latter has, through ap­
pointments by him, been re-constituted in such a way
as apparently to be under his own immediate and direct
a ntrol. We deal more at length with the railroad situat >n in Georgia in a separate article on another page.
Texas is also preparing to put into effect a two-cent
1 assenger fare. The latest copies of the Texas
apers that have come to hand contain statements to
the effect that Railroad Commissioner Colquitt
does not agree with Chairman Mayfield of the Rail­
road Board in urging that the Commission should wait
until the courts have finally settled the question of
the reduced passenger rates (2}4 cents a mile) which
the Board ordered some time ago on the Houston &




551

Texas Central Railroad. Mr. Colquitt urged that if
the roads could prevent reductions by keeping other
suits in the courts “ it would develop into a favorite
practice and tie up the Commission.” He then out­
lined a plan to show how easy it would be to compel
all the Texas roads to get down to a 2-cent rate. H e
argued that the Texas roads could not effectively
enjoin a 2-cent rate since the Missouri Kansas & Texas
and the Cotton Belt are obliged to use the new rate
schedules until a court of last resort has set them
aside. These two roads, he averred, had accepted
their consolidation bills, which provided that they
must adopt all rates made by the Railroad Commission
and use the same until they are finally set aside by a
court of last resort. Mr. Colquitt’s plan is to force
these two roads to adopt the 2-cent rate and all the
other roads would then of necessity be compelled to
follow suit or lose their passenger travel. With this
idea in mind, he declared the Commission was “ in a
splendid position with reference to enforcing the 2-cent
fare,” and he favored putting it into effect.
In the meantime, the railroads finding themselves
between the upper and the nether mill-stone— that is,
being threatened with a reduction of their revenues
on the one hand and deprived on the other hand of
their capacity to borrow money by reason of the im­
pairment of their credit as a result of the hostile policy
being pursued by State and nation— are being forced
to cut down or to abandon, for the time being, much
of the improvement work previously laid out for the
immediate future. Thus, President Hanson of the Cen­
tral Railway of Georgia has issued a statement to the fol­
lowing effect: “ All work of improvement of the Central
of Georgia Railway has been ordered stopped until
better times. W e haven’t the money to continue the
work contemplated, and with the recent reduction in
passenger rates forced upon us it will curtail our
revenues to such an extent that the contemplated
improvements will be stopped until the situation im­
proves.” The Southern Railway managers have found
themselves obliged to adopt a similar course. Ac­
cording to the daily newspapers, the double-tracking
of the road between Chattanooga and Ooltewah Junc­
tion in Tennessee and north of Greensboro, N. C.,
has, owing to recent adverse railroad legislation in the
Southern States, and to “ general conditions,” been
ordered stopped pending further instructions. Still
another item of news this week of the same character
is contained in a dispatch from Chicago saying that
the Chicago & North Western and the Milwaukee &
St. Paul have postponed indefinitely elevation work
at Evanston aggregating $5,000,000. All this is very
unfortunate, of course, but the loss and suffering
entailed thereby will not have been in vain if the
lesson is learned that there can be no continuance of
prosperity except under a policy of live and let live.
The way the bottom has dropped out of the copper
market will always remain one of the marvels of the
time. Three months ago the producers were getting
25 or 26 cents a pound fo: their copper, and at those
figures could not supply enough of the metal to meet
the demand. Every one connected with the copper
trade was accordingly in high jinks. Then all at once
the demand entirely disappeared. The copper pro­
ducers were indifferent. Production had been sold
ahead for many weeks, more particularly until about

552

THE CHRONICLE.

the end of the half-year on June 30, before which time
there would be, perforce, a revival in the demand.
Consumers would need fresh supplies of the metal
and where were these supplies to come from except
from the copper companies themselves? As the end
of the half-year approached, however, and no inquiry
came for the metal, the theory was advanced that
consumers were simply playing a waiting game in the
hope of being able to get their much-needed goods at
substantial concessions in prices. Under these circum­
stances the producers considered it good policy to
make a sweeping cut in the price and put an end,"as
supposed j to the deadlock.)
...............
I t hence came to pass that early in July the United
Metals Selling Co., which handles the output of the
Amalgamated Copper Co. and some other large inter­
ests, and Phelps, Dodge & Co.,both announced reduc­
tions in the price of the metal of over 3 cents a pound.
Quotations then fixed were 22 cents for electrolytic
copper and 23 cents for the Lake brands. It was
supposed that such a radical cut as this would tempt
consumers to come in and place orders for new sup­
plies for large amounts and with great freedom.
Instead, the same dearth of orders continued as before.
Then came reports that stocks of copper were accumu­
lating in such a way that they were plainly visible from
the railroad cars at many points. Thereupon prices
began to crumble with great rapidity and this week
both the United Metals Selling Co. and Phelps, Dodge
& Co. have made an open reduction in quotations from
22 cents to 18 cents for electrolytic brands, while the
quotation for Lake copper has been fixed at 18^j cents.
Here, therefore, we have a reduction of 7@ 8 cents a
pound within the short space of a few months. Strange­
ly enough, even at this big reduction there appears to
be no inclination to send in orders or lay in supplies.
Consumers, on their part, are claiming that they are
not sparring for position, that they would be willing
to buy at existing prices, but their own orders for
goods have fallen away to such an extent that they
are utterly at sea— this is the report of manufacturers
of brass goods and of many other articles into which
copper enters as a constituent element— making them
afraid to put in orders until more definite views as to
the outlook can be formed.
Where the matter is to
end and at what price bed-rock for the metal will be
reached, no one can tell.
Our review of the cotton crop, its marketing, distri­
bution and manufacture, which we have prepared each
year since 1865, will be found for the season of 1906-07,
which closed last Saturday, in our editorial columns
to-day. Of course the product and manufacture of
the staple in the United States is given in much the
greatest detail, but every country in the world which
has to do with the raising or the manufacture of the
staple is accorded a place commensurate with its im ­
portance. People who have not studied these reviews
do not fully appreciate the place in the industrial
affairs of this country and of the world cotton from
first to last fills. There is no department of work in
the United States, except railroads, the base of aU
industrial expansion and development, which fructifies
so large an area of our country and enriches so numer­
ous a class of our population.
The notable fact our investigations for the year just
closed brings out clearly is th at, notwithstanding the




[V o l.

lxxxv.

two previous years were highly successful, there never
was a twelve months in which the average results have
proved so prosperous and profitable to all the pro­
ducers of the raw material and to the manufacturers of
cotton goods as the season of 1906-07. The commercial
crop of the United States as distinguished from the
actual growth— which could only be determined through
a farm-to-farm census— reached almost record propor­
tions, having been 13,550,760 bales, and falling behind
the high-water mark of 1904-05 by only 6,081 bales;
furthermore, a large volumej of cotton was marketed
at exceptionally high prices, the average quotation for
middling uplands at New York for the season having
been 11.48 cents per lb., or higher than in any year
since 1881-82, only excepting 1903-04, when the yield
in the United States was nearly 33^ million bales less.
Moreover, for the 13,556,841 bales crop of 1904-05 the
middling uplands average price at New York was but
9.13 cents.
As we have heretofore pointed out, manufacturers
in the United States, both North and South, have
been kept busy all the season, operatives having been
fully employed. But in some instances, more par­
ticularly at the South, it has not been possible to run
establishments to full capacity, owing to scarcity of
competent labor.
Consumption has nevertheless
made a satisfactory gain over the previous season in
both sections, and mills quite generally are now well
under orders— some sufficiently so to ensure full opera­
tion for a large part of the new season. Our foreign
trade in cotton goods was much less in 1906-07 than in
1905-06, exports for the fiscal year ended June 30 1907
having reached a value of only $32,305,412, against
$52,944,033 in the preceding similar period and $49,666,080 in 1904-05. The falling off, however, was
more than accounted for by the decreased shipments to
China, owing to the glutted condition of the goods
markets in that country. This loss apparently had
no other effect on the industry in 1906-07, as all the
output of the mills seems to have found a speedy
market.
From most other quarters where cotton manufactur­
ing is carried on we hear the same story of spindles
and looms running to full capacity on a very profitable
basis. In Great Britain a largely increased consump­
tion of cotton is reported with the season very profit­
able, but more so to the spinner than the weaver.
Continental reports indicate an exceptionally good
year, both as regards financial results and expansion
of the industry, this being especially true of Germany,
France and Italy. India has consumed more cotton
than in 1905-06, Japan has done likewise, and the
inference we draw from the information at hand is
that profits have been greater. The year’s results
have naturally stimulated the tendency to further
extend the cotton-manufacturing industry and in con­
sequence news from all directions covers intentions
to add to the spindles, which for the world now
reaches 122,883,364 spindles against 119,007,156
spindles at the close of the season 1905-06.
The foregoing briefly sets forth some of the features
our annual investigations have disclosed. We are
now entering upon a new season which on the whole
promises well. General business, while not as active
as it has been, is still good and bids fair to continue so.
A t the same time future conditions in this country
at least are largely dependent upon administrative

S e p t . 7 1907.]

THE CHRONICLE.

acts of our Government officials. I f the policy recently
employed toward railroads and industrial corporations
is to be adhered to, and more drastic means adopted,
great harm to business and industry generally is sure
to follow. Manufacturers in Great Britain, too, whose
business affairs nearly always bear a close affiliation
with the trade of the United States, express a belief
in a check in expansion the coming season.
One of the strongest points made in the answer of
the Reading Company to the bill in equity filed by
the United States against the carriers and producers
of anthracite is that portion of the pleading which
refutes the allegation that the purchase of a controlling
interest by the Reading Company of the Central
Railroad of New Jersey is in violation of the Sherman
Act. The answer goes on to show that the Philadel­
phia & Reading Railw ay and the Central Railroad of
New Jersey never were parallel or competing. The
Central connects with the Reading at Bound Brook,
N . J., affording the Reading an extension of its system
to New York. Other connections are made at Allen­
town, Tamanend and Hauck’s Switch, Pa., thereby
affording important through facilities for the public.
The Reading maintains that such ownership is in
strict harmony with the public policy of the United
States as defined in the Act to Regulate Commerce,
and its various supplements, and the twelfth report
of the Inter-State Commerce Commission is cited to
uphold the position of the Reading as follows:
‘ ‘ Railroads should not be permitted to invest generally
in the stock, bonds and securities of other railway and
steamship companies, except connecting lines for the
purpose of forming through routes of transportation
including branches and feeders. I t is in the interest
of the public to facilitate the consolidation of connecting
lines.”
The answer also denies that the defendant anthracite
carriers are in any sense parallel or competing lines.
The point is made that these railroads reach different
anthracite regions and that each road merely can
obtain the traffic from the mines adjacent to its route.
The beds of coal are fixed in the ground and the routes
o f the railroads concerned are as definitely fixed, so
that one road cannot procure coal traffic except from
the territory through which it runs, in consequence of
which, it is maintained, the defendant railroads can­
not be competitors for the anthracite traffic.
The Philadelphia & Reading Railway denies that
it ever in any way or at any time participated in any
division of tonnage of any kind whatsoever with the
other defendant carriers. All three of the Reading
companies allege entire ignorance of any steps taken
to stop the construction of a new anthracite carrier,
the allegations regarding which are described as
“ vague, indefinite, imperfect, uncertain and scan­
dalous.” To the public one of the most interesting
features of the defense is the explanation contained
in the answer of the Philadelphia & Reading Coal &
Iron Company showing what brought about the
advance of fifty cents per ton in the prices of domestic
sizes of anthracite which occurred in October 1902.
After describing the suspension of mining operations
in the year 1900, due to the strike of the mine workers,
the answer alleges that the defendant company was
induced to grant in increase of 10% in wages through
the representations of Marcus A. Hanna, who was




553

Chairman of the Republican National Committee in
the then pending campaign for the election of a Presi­
dent and Vice-President of the United States. Chair­
man Hanna represented that if the strike was not
speedily settled by an advance in the wages of the
workmen in and about the mines in the entire anthra­
cite region, the strike would extend to the States of
Ohio, Indiana and Illinois, and that the election of
Mr. McKinley and Mr. Roosevelt would be thereby
endangered. After a great deal of pressure and per­
suasion the Reading consented to make the desired
advance in wages. As many of the so-called inde­
pendent -operators would not make a similar advance,
and as it was essential that all operators should make
the increase in wages before the mine workers would
assent to resume work, the Reading Coal & Iron Com­
pany made new contracts with its tenants and lessees,
agreeing to pay them higher prices for their output of
coal in order that the tenants and lessees might comply
with the demand for higher wages. The defendant
alleges that such contracts are entirely competent
under the laws of the Commonwealth of Penns}dvania
and are not a violation of the Act of Congress of
July 2 1890.
The Temple Iron Company, in its answer, admits
that by virtue of its charter it did purchase all of the
stock and assets of certain coal companies, and it
alleges that the property, contracts and agreements
so vested in it are sacred property rights which it is
entitled full}7 to enjoy under the constitution and laws
of the State of Pennsylvania, and for that reason it
cannot be disturbed in its Constitutional right to hold
the properties in question and to enjoy the full benefit
of the contracts. The defendant denies that it had
anything to do directly or indirectly with fixing the
price of coal or the rates of transportation in the State
of Pennsylvania or beyond its borders.
An extension of time for the filing of answers was
granted to the other defendants companies. The an­
swer of the Lehigh Valiev Railroad and the Lehigh
Valley Coal Company is prepared, and is awaiting the
approval of John G. Johnson, who has been retained
as special counsel.
One of the few unusual incidents of the past week
was the address of Mr. W . R . Hearst at Jamestown on
Labor Day, in which he said that “ the great financial
promoters, organizers, executives of America are
worthy of recognition and reward; they work as hard
as any of us, and their work is absolutely necessary to
the full production of the riches out of which are paid,
here in America, the highest wages in the world.” Of
course, nothing more need be said of this than that it
is well put and unassailably true; all which makes it
notable is that anybody rises to the courage of saying
it at present and that it is said by the very last man
from whom, judging by his entire known past, it
would have been expected.
Some may perhaps doubt whether Mr. Hearst spoke
sincerely, and had not some sinister purpose in view;
it seems to us, however, only reasonable to assume that
he did mean just what he said. Then two explana­
tions may be suggested: that further reflection has con­
vinced him that his past teachings have been erroneous,
or that he now perceives that they are in the last de­
gree dangerous. Which one of these is taken as the
true one depends on the estimate each reader holds o

554

THE CHRONICLE.

the real character of the man. For ourselves, we can­
not help inclining to accept the second, although the
first may enter a little into this change of front. For
it is one thing to be a firebrand in a country and quite
another to perceive that the class hatreds thus in­
culcated tend to a stage in which all men except the
paupers and criminals have interests menaced. The
complete and final danger in class hatreds— and even
in “ classes,” which are themselves foreign to the genius
of this country— is that, once aroused, they have no
stopping place short of exhaustion, and make no dis­
criminations. The country has been in a course of
teaching for some time past, from the highest ac­
credited authority, that property is robbery. Those
precise words have been avoided, but their meaning
has not been. That success and wealth are criminal,
and that if one man has more than his fellow it has
come so by some favor of statute, power of brain, or
vigor and unscrupulousness of grasp— this has been
the substance of the teaching, and it tends towards
suspending the industry and thrift which produce
wealth and inaugurating a bitter struggle for re-divi­
sion of what wealth now exists. Of course nobody
really expects to see this stage reached; but the tendency
towards it is unmistakable.
The drift is almost unnoticed because it has been so
gradual, each step making the next easy. As we said
some months ago, hardly anybody would have dared
even to suggest, five years ago, such a law as that
which went through with acclaim, creating the Utilities
Commission, and if anybody had ventured to suggest
it he would have found no following; yet, because the
people have been by degrees accustomed and led up
to them, such revolutionary things attract no atten­
tion. Now, then, the mere fact that the most notorious
of professed champions of the common people a-zainst
trusts and every form of associated capital sees the
danger if not the error of his ways, and attempts to put
a brake on a downslide to which he has contributed
all his powers, is one which should be one more induce­
ment to pause and think.
Clearings of the New York City banks for the month
of August reflect the decided decline from the corre­
sponding period of the previous year in the volume of
transactions in share properties at the Stock Exchange.
In August 1906 dealings in stocks were particularly
active, the aggregate transactions reaching 31,804,816
shares of a par value of $2,847,353,750, whereas in the
same month of the current year the total reached only
15,561,583 shares of a par value of $1,390,644,625, or a
loss of over 50%. With such a decline in security
dealings it is therefore not surprising that the aggre­
gate of clearings at this city should record a falling off
of 22% for the month. For the eight months of the
current year stock transactions have reached a total of
only 144,567,506 shares of a par value of $12,445,594,800, against 196,528,428 shares and 317,453,800,600
par value for the similar period of 1906, and bank
clearings show a loss of a little over 10%.
Outside of New York, with few exceptions, such as
Philadelphia, Savannah and Rochester, clearings at
the various cities, for both the month and the eight
months, furnish evidence of more or less expansion
in business in 1907, and at some points, notably Kansas
City, Albany, Houston, Portland, Ore., San Francisco
and Tacoma, the percentages of gain are conspicu­




[V o l .

ucxxy.

ously large. The aggregate of clearings for all cities
outside of New York records gains over 1906of 7.7%
for the month and 9.9% for the eight months, and for
the whole country (New York included) the loss for
the month is 12.3% and for the eight months reaches
3.4%.
The statement of commercial failures for August,
as compiled by Messrs. R . G. Dun & Co., indicates
a somewhat less satisfactory situation in some branches
of trade than for the same period a year ago. The
compilation shows failures for the month numbering
850 with aggregate liabilities of $15,197,749, which
compares with 783 in number and $8,821,154 in amount
in August 1906. As in recent previous months, the
unfavorable comparison with last year is due wholly to
embarrassments in the manufacturing industry, fail­
ures in that branch having been conspicuously large in
August, liabilities reaching $11,047,249, against only
$3,089,172 in the month of 1906. Trading failures
show but slight difference in liabilities in the two years,
and in the division classed as "brokers, transporters,
&c.” , the comparison of 1907 is decidedly favorable,
the liablities reported being only $409,672, against
$2,179,943 in 1906.
For the eight months Messrs. Dun & Co. make the
liabilities of failed firms $97,101,121, against $78,404,242 for the same period a year ago, and of the current
year’s total no less than $52,181,123 arises out of dis­
asters in the manufacturing industry, an aggregate
almost 100% greater than for the eight months of 1906,
manufacturing liabilities in that year having been $27,840,334. In the trading division, the comparison
between the eight months of the two years discloses
no difference worthy of mention, but among brokers,
transporters, &c., $9,631,477 represents the liabilities
for this year’s period, which compares with $17,844,909
in 1906.
The feature of the returns of railroad earnings now,
as for a long time past, is the continued and large
increase in the operating expenses. On a subsequent
page to-day we publish a review of the gross and net
earnings of United States railroads for the first half
of the current calendar year, and find that, as com­
pared with the corresponding six months of last year,
there has been an increase in the gross earnings for
159,216 miles of road of no less than $114,656,528,
but that this has been attended by such an augmenta­
tion in expenses that the gain in the net amounts to
no more than $19,273,550. It appears, moreover,
that among the roads not represented in this mileage
are such prominent companies as the Great Northern
and the Northern Pacific, which suffered so severely
during the winter months from snow blockades and
extremely low temperatures. The conclusion, there­
fore, is that if returns could be procured for the un­
represented mileage, the showing as to the net would
be even less favorable than indicated by the totals
given. For the whole railroad system of the United
States the addition to gross earnings during the six
months must have been close to $145,000,000, while
the addition to the net, by reason of the great rise in
the expense accounts, can hardly have been more
than nominal in amount.
Since the close of the half-year the situation as re­
gards expenses has continued unchanged. The re­

THE CHRONICLE.

S e p t . 7 190 7. j

turns for the month of July are now coming in and
two received the present week furnish typical cases in
point. W e refer to the Atchison Topeka & Santa Fe
and the Pennsylvania Railroad. The Atchison reports
a gain of $1,268,736 in gross, but augmented expenses
consumed $1,153,067 of this gain, leaving an improve­
ment of only $115,669 in the net. The Pennsylvania
Railroad on the lines directly operated east of Pitts­
burgh and Erie shows an improvement in gross in the
large sum of $2,193,200, but no more than $281,500
of this was saved for the net. The showing for the
Western lines is somewhat better, but even here with
$1,199,900 addition to gross there was an increase of
$762,800 in expenses, leaving the gain in the net only
$437,100. For the combined lines, therefore, the
result is that with an improvement in the gross in the
prodigious sum of $3,393,100, the improvement in the
net for the month has been only $718,600. Last year
in July with $2,404,900 gain in gross for the combined
lines the improvement in the net reached $909,500.
In the following we compare the earnings of the lines
directly operated east of Pittsburgh and Erie for the
last six years, this being the only portion of the system
for which we have the data for such a comparison.
It will be seen that since 1903 gross earnings for July
on these Eastern lines have risen from $10,995,403 to
$14,600,065, but the net has risen only from $3,925,337
to $4,417,108.
Lines East of
Pittsburgh.

1907.

1906.

1905.

July.
$
S
S
Gross earnings. 14,000.065 12,406,865 10,783,865
Operating exp. 10,182,957 8,271,257 7,408,457
Net earnings

4.417.108

1904.

1903.

$
$
9,481,103 10,995,403
6,041,966 7,070,066

4,135,608 3,375,408 3,439,137

3,925,337

1902.
S
9,771,503
6,135,366
3,636,137

Jan. 1 to July31
Gross earnings. 93,741.614 82,233,714 72,758,714 66,176,779 71,150,679 63,191,379
Operating exp_ 69,352,460 58,560,960 53,719,960 47,918,985 49,901,885 41,913,785
• Net earnings 24,389,154 23,672,754 19.038,754 18,257,794 21,248,794 21,277,594

There was no change in official rates of discount by
any of the leading European banks this week;, com­
pared with last week unofficial or open market rates
were % of 1% lower at London and % of 1% at Paris
and ^ to % of 1% higher at Berlin and Trankfort. There
was no important feature in the London market at
the close of the week; business on the Stock Exchange
was almost stagnant, even the favorable Bank return
and cheap money failing to attract fresh support.
A t Paris the market was affected by Moroccan ad­
vices, but later there was improvement.
The market for call money was a shade firmer early
in the week, reflecting the demand incident to the
distribution of September dividends and interest and
also the active speculation in stocks. In the time loan
branch of the market, however, there was a disposition
on the part of borrowers to await the result of next
week’s sale of New York City bonds, and though
lenders offered loans at concessions, business for the
shorter maturities was small. Under the influence of
these concessions and of a pressure of the proceeds of
foreign loan bills, rates fell off materially, compared
with those recently ruling. Money on call, represent­
ing bankers’ balances, loaned at the Stock Exchange
during the week at 4% and at 234%, averaging about
3% ; banks and trust companies loaned at 23^% as
the minimum. On Tuesday loans were at 4% and at
with the bulk of the business at 3% . On
Wednesday transactions were at 3% and at 2 ^ %




555

with the majority at 3% . On Thursday loans were at
33^% and at 2 ^ % with the bulk of the business at
2M % - On Friday transactions were at 3V£% and at
23^% with the majority at 3 ^ % . Time contracts on
good mixed Stock Exchange collateral were 534% f ° r
sixty and 53^@6% for ninety days and 6% for four
to six months; offerings of loans at this rate for seven
months were not accepted. There is an increasing
supply of commercial paper, indicating some urgent
need by merchants for accommodation; rates are
nominal at Q }4 @ 7 % for sixty to ninety-day en­
dorsed bills receivable, 6 ^ @ 7 % for prime and7@73^%
for good four to six months’ single names.
The Bank of England rate of discount remains un­
changed at 43^%. Our cable reports discounts o f
sixty to ninety-day bank bills in London 43^@43^%.
The open market rate at Paris is 3 ^ % and at Berlin and
Frankfort it is 5 @ 5 ^ % . According to our special
cable from London, the Bank of England gained
£495,342 bullion during the week and held £38,163,799
at the close of the wreek. Our correspondent further
advises us that the gain was due wholly to purchases
in the open market. The details of the movement
into and out of the Bank were as follows: Imports,
£599,000 (wholly bought in the open market);
exports,
£22,000
(wholly to
Singapore),
and
shipments £82,000 net to the interior of Great
Britain.
The foreign exchange market was lower this week,
influenced by quite liberal offerings of commodity
bills, and especially of those against immediately pros­
pective shipments of cotton; by an increase in the
volume of loan bills that were drawn in anticipation
of being covered with the proceeds of cotton and grain
drafts, and by offerings of security bills against arbi­
trage purchases of stocks for European account.
There was some speculative selling of exchange early
in the week, based upon expectations of the placing
abroad of a large block of the New York City bonds
that will be offered next week, against which exchange
may be promptly drawn, thus causing a decline in
rates to points that would enable profitable cover to
be obtained for bills which have been speculatively
sold. Later in the week, however, some doubts were
expressed as to the amount of the New York City
bonds that would be taken for European account,
and this caused some re-buying of the exchange which
speculators had sold. There was only a moderate
inquiry for remittance and this was chiefly on account
of interest and dividends on securities held abroad.
Long sterling responded in firmer rates to the easier
discount market in London while sight exchange was
weakest. The lower rate for time money did not
seem to restrict drawing of loan bills, for even at the
decline in such rate there was a profit in their negotia­
tion which would most likely be further increased by
the difference betewen the price of the loan bill when
sold and that at which cover could probably be ob­
tained at its maturity. While cotton futures, some of
them being deliverable from seven to fifteen days,
were liberally offered, drafts against spot exports of
the staple were in moderate supply; these, however,
are expected soon to be more abundant . Grain bills
indicate large shipments but the resulting exchange is
not correspondingly great.

556

THE CHRONICLE.

• The market was heavy on Saturday of last week,
and, compared with the previous day, long fell 25
points to 4 8225@4 8250, short 10 points to 4 8625@
4 8635 and cables 15 points to 4 8675@4 87. On
Tuesday long declined 25 points to 4 8220@4 8225,
short 15 points to 4 8615@4 8620 and cables 10 points
to 4 8670@4 8680. On Wednesday long rose 10 points
to 4 8230@4 8235 and short fell 5 points to 4 8610@
4 8615, while cables were 5 points lower at 4 8670@
4 8675. On Thursday smaller offerings of bankers
and commodity bills caused an advance in the market;
long rose 40 points to 4 8250@4 8275, short 10 points
to 4 8620@4 8625 and cables 10 points to 4 8680@
4 8685. The tone was steady on Friday and rates
were unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.

[V o l .

lxxxv.

TH E H ARVESTS A N D IN T E R N A T IO N A L
F IN A N C E .

Among the maity doubtful questions surrounding
this year’s financial markets as the autumn approached,
the question of our position on international account
with the rest of the world was not the least perplexing.
That the situation has for nearly two years past been
more or less abnormal is admitted by every one. W e
hardly need to review the peculiar episodes of a year
ago, which resulted, after a heavy borrowing move­
ment by our bankers in the London market, in Oct­
ober’s advance of the Bank of England rate to the
unusual figure of 6% — that measure being avowedly
taken in order to check the American borrowings and
gold withdrawals. During the present year, and
especially since the severe reaction on our Stock Ex­
change, the London institutions were currently re­
F r i.,
M on ., Tues.,
Wed., Thurs., F r l. ,
A ug. 30 Sept. 2 Sept. 3 Sept. 4 Sept. 5 Sept. 6
ported to have gone to the other extreme.
Brown
83
f60 days 4 8314
83
83
83
That is to say, where credits were granted with quite
87
87
87
87
Bros. & Co_____ — IS igh t.- 4 8734
83
Baring
j60 days 4 84
83^
8334
8334
unprecedented facility a year ago, applications this
87
& Co___________ — (Sight. _ 4 88
S7J4
8734
8734
83M
Bank ofi
J60 days 4 84
8334
8334
8334
season were scrutinized with a caution and hesitation
H
North America. — ''.Sight.. 4 88
87 y2
8734
8734
8734
O
8334
Bankof
j 60 days 4 8334
83 ^2
83^
8334
L
87^
Montreal
__ — 1S igh t.. 4 87)4
which appeared on their face to have in mind a
8734
S7H
8734
I
Canadian Bank
J60 days 4 84
83^
833-$
8334
8334
D
87^
87H
of Commerce__ — lSlght__ 4 88
8734
87>4
drastic restriction on the supply of capital which could
J60days 4 8334
A
83
83
Heidelbaeh, Ickel83
83
heimer & C o ___ — 1S ig h t.. 4 8734
Y
87
87
87
87
be
spared for us by Europe. When it is considered
83
83
83
83
Lazard
J60 days 4 833-6
. . . ; s ig h t . _ 4 87^2
87
87
87
87
Freres -- .
that
the autumn movement of currency from N ew
83
Merchants Bank
160 days 4 84
83 34
8334
83)4
87K
of Canada______ — 1Sight. _ 4 88
S7H
8734
8734
York to the West renders indispensable such provision
The market closed on Friday at 4 8250@4 8275 for of foreign capital in advance of the crop export move­
ment, in order to make good the loss in reserve money
long, 4 8620@4 8625 for short and 4 8680@4 8685 for
to the interior, it will be seen that some awkward
cables. Commercial on banks 4 8220@4 8230 and
documents for payment 4 813^@4 82%. Cotton for possibilities surrounded the problem. Our own judg­
payment 4 813^@4 81 % , cotton for acceptance 4 8220 ment of this matter has been from the first that the
restrictions placed by London on remittances of
@ 4 8230, and grain for payment 4 82% @ 4 82%.
capital to this market had to do, not with provision
for
the normal crop financing, but with the advance
The following gives the week’s movement of money
of
money
for Wall Street purposes pure and simpleto and from the interior by the New York banks.
That London, which has been confronted this year
Received 6y 1 Shipped by j N et Interior
wiht its own problem of a market over-burdened
Week ending Sept. 6 1907.
.V. Y . Banks.^N. Y . Banks.]
Movement.
with unsold securities, would be willing to spare its
*4,823,000 iGain
*577,000
$5,400,000
1,146,000
789,000 Gain
357,000
Gold _______________________ ______
funds in quantity for speculative purposes was scarcely
Total gold and legal tenders______
$6,546,000|
$5,612,000jGain
*934,000
to be expected. But that its restrictions would go
With the Sub-Treasury operations the result is as so far as to deny the usual anticipatory remittances,
in advance of the cereal and cotton exports, there has
follows.
never been sufficient reason to suppose.
Into
Out o j
N e t Change In
While this was true, however, it is obvious that even
Week ending Sept. 6 1907.
Banks.
Banks.
Bank Holdings.
Bank’s interior movement, as above.
*6,546,000
*5,612,000 Gain
$934,000 such a conclusion rendered the question of this year’s
Sub-Treasury operations____________
23,250,000
22,250,000 Gain
1,000,000
American crops, and of our consequent surplus for
Total gold and legal tenders______
*29,796,000 *27,862,000 Gain $1,934,000
export, a matter of supreme importance. That the
The following table indicates the amount of bullion season did not open with promise in such directions
all our readers know. The crops were late; a season o f
in the principal European banks.
a character more unusual and abnormal than is often
Sept. 5 1907.
Sept. 6 1906.
Bank o j
witnessed in this country rendered the outlook for the
Gold.
1 Silver, i Total,
j
Gold.
1 Silver.
Total.
harvest perplexing in a high degree. The wild ad­
£
£
£
£
£
£
En glan d.. 38,163,7991 . . . ........ 1 38,163,799: 38,010,988:
- ............ 1 38,010,988
vance in the wheat market during May was a measure
France -_ 111,803,884! 38,788,112150,591,996116,125,980 42,033,081:158,159,061
Germany a 33,700,000; 9,340,000 43,040,000, 33,821,000 10,100,000: 43,921,000
of
the legitimate apprehension entertained by our own
Russia _d _ 117,233,0001 6,S90,000 124,123,000 110,889,000 5,942,000 116,831,000
Aus.-Hunb 45.250.000 12,110,000 57,360,000 46,943,000 12,142,000 59,085,000
grain community. There were before the markets
S p a in ____ 15.518.000 25,924,000 41,442,000 15,239,000 24,866,000 40,105,000
It a ly _____ 34,269,000! 4,983,700i 39,252,700 29,763,000 3,846,400! 33,609,400
Ne h’l'ds.
6,033,700! 5,588,600 11,622,300 5,528,000! 5,694,500! 11,222,500 three possibilities— the first, that the whole world
Nat.Belg a 3,164,000! 1,582,000! 4,746,000 3,388,000
1,694,000! 5,082,000
Sweden . .
4,250,0001 _________j 4,250,000! 3,879,000!
_________ j 3,879,000
would raise a bumper harvest similar to that of 1906,
T o t. week 409,385,383jl05,206,412 514,591,795 403,586.968! 106,317,981 509,904,949 was already out of the question.
The two others which
Prev .week 412,504,304 106,043,133 518,547,437 407,412,107 107,404,872 514,816,979
'
l
i
1
!
remained were, first, that our own harvest might re­
a The division (between gold and silver) given In our table of eoin and bullion
sult in partial failure, while Europe’s crops would pro­
in the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; in neither case is it claimed to be accurate, as those banks
duce sufficiently near to the average yield to cut down
make no distinction in their weekly returns, merely reporting the total gold and
silver: but we believe the division we make is a cloee approximation.
b The Austro-Hungarian bank statement is now issued in Kronen and Heller in­ the foreign demand even for what we had to spare:
stead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
and, second, the chance that while this country might
has really no greater value than 20 cents, our cable correspondent In London, in
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
raise
a moderate crop, Europe’s harvest would fall so
the amount of Kronen by 24 instead of 20.
d The total of gold in the Bank of Russia Includes the balance held abroad—
short
that its importers would be obliged to resort to
that Is, the amount held for Russian account in other Continental banks. The
proportion so held and consequently duplicated in the above statement Is about
the American market , paying exceptionally high prices
one-quarter of tbp total.
_




S e p t . 7 1907.]

THE CHRONICLE.

for such produce as we might have to spare. The first
of these two alternatives would have seriously com­
promised our position on international exchange; the
second might obviously go toward strengthening our
position and repairing such weakness as had already
shown itself. The results of the season, which is now
approaching harvest time, suggest in a very interesting
way the extent to which vicissitudes in grain produc­
tion may affect the finances of the world.
It is still too early to rely with confidence on the
estimates of the world’s production. A striking pre­
liminary estimate lately given out by the Liverpool
“ Corn Trade News” draws the conclusion that
the whole world’s wheat yield will fall 262,000,000
bushels short of the jdeld of a year ago, but
that of this shortage 173,000,000 bushels will fall
on producing Europe.
This estimate reckons not
only 40,000,000 bushels decrease in Germany, but
85,000,000 bushels shortage for Austria-Hungary
and 80,000,000 more for the small States of the Danube
Valley. To Russia it concedes an increase over a
year ago— not sufficiently large, however, to go far
toward making good these enormous losses in the part
of the European continent which hitherto has provided
a good part of the yields of Europe’s importing States.
Making a general calculation from these figures, the
“ Corn Trade News” estimates that the season’s re­
quirements of wheat by importing countries will be
71,700,000 quarters of eight bushels, while supplies
of the exporting States will amount to only 62,500,000.
That is to say, supposing this estimate to be correct,
the actual harvest of the year should fail, by 73,600,000
bushels, to provide for the estimated needs of import­
ing States.
As concerns our own production, it would be clearly
premature to make an estimate. The familiar figure
hitherto adopted in the trade of 635,000,000 bushels
was based on the always deceptive calculations from
the Government’s condition estimate. A t that figure,
American production would fall something like 100,000,000 bushels short of 1906, and would fairly match
the harvest of 1903. W e shall not undertake to
figure out how much wheat could be spared for export
with a crop thus reduced from 1906. The actual yield
may be lower or higher than the figure named; in addi­
tion, it must be remembered that the advance in prices
which is apt to accompany actual shortage not only
cuts down consumption in this country, as in others—
thus increasing available supplies for export— but
draws from hidden granaries wheat whose existence
had been unknown to the trade. This latter proba­
bility found its most striking demonstration in the
days of the Leiter corner, when the most painstaking
export estimates on the movement of American wheat
available were set at nought by the outpouring of wheat
when the corner prices of May that year were reached
on the Chicago Board of Trade. The same principle
applies to the question of what producing Europe can
provide.
Whatever may be said in this regard, it will be no­
ticed that the price of wheat at the present time stands
25 cents per bushel above that of a year ago— a differ­
ence which, if continued, should make up on the inter­
national balance sheet for much of the decrease, in
quantity exported, from the 146,000,000 bushels of
the crop year ending last June. To this fact ought
in justice to be added the Government’s very striking




557

exhibit of last March, when it was shown that the
wheat in American farmers’ hands March 1, left over
from the great crop of 1906, exceeded by 48,200,000
bushels the total at the same date a year before, and
was by all odds the largest total ever shown at that
period in the country’s history. In a general way,
it seems to us that the conclusion to be derived from
these figures as they stand is encouraging in a degree
which could hardly have been expected six months ago.
I f the American crop were to turn out so small that
only a trifle could be spared for the outside world, high
prices would doubtless be small comfort. But it can­
not be doubted that the grain trade looks at this
phase of the matter to-day with far less pessimism than
it expressed at the opening of summer.
How important an influence a real surplus of wheat
in the export market , under such international condi­
tions, may exert on our international finance, people
familiar with the country’s past financial history are
aware. That our good yield of 1891, in the face of
actual European harvest failure, helped to postpone
for two years the penalties of our reckless experiments
with the currency, and that the similar harvest condi­
tions in 1897 started the rolling of the ball of prosperity
which has since then had so extraordinary results, are
events sufficiently well known to every one. I t is
quite true that the harvest, as thus far indicated for
1907, is no such bumper yield as those of the two years
referred to, and that the same results cannot, there­
fore, be looked for. But the figures which we have
already reviewed show that at least a part of what is
sacrificed in quantity is sure to be made up in values.
An incident not without importance in the same
connection was that of 1890, when the American wheat
crop fell some 91,000,000 bushels below the preceding
year; but when, notwithstanding, Europe’s production
turned out so deficient that the demand for American
wheat, and the prices paid for it, created an export
balance which sustained our commercial and indus­
trial position during the shock of the London crisis of
that autumn, and which forced from reluctant London
a considerable export of gold to the United States at
the very time when the Baring crisis had arisen on the
markets.
T H E R E D U C T I O N OF P A S S E N G E R R A T E S I N
GEORGIA.
We referred last week to the new Public Service
Commission Law enacted in Georgia, but the matter
challenges further attention in view of the utterances
of Governor Hoke Smith to the effect that if the
Federal Courts should grant the injunctions asked for
against the new passenger rate schedules, which be­
came effective September 2, he would disregard the
restraining orders and enforce the reduced rates. The
dispatches in the daily papers which convey the
announcement of the Governor’s purpose in this re­
spect note that under the provisions of the new law
enlarging the powers of the Railroad Commission, it is
incumbent upon the Governor and not on the Com­
mission to enforce its orders. As Governor of the
Commonwealth, we are told, he cannot be enjoined
by any court, and will be free to use the power of the
State to compel the roads to comply with the order
reducing rates.
We do not intend to discuss on this occasion the
accuracy and validity of this reasoning or these con-

THE CHRONICLE.
elusions. What is of chief concern is the fact that,
as in so many other Southern States, passenger rates in
Georgia are being reduced and the reduction has already
gone into effect, making one other adverse influence
against which the roads in the South will have to con­
tend. Whether these rates will prevail in the end,
after they have been subjected to judicial examina­
tion, only the future can tell. It is proper to say that
the order reducing rates is not primarily the work of
the new Commission. This new Commission, as was
pointed out by us last week, is a larger body than the
old Commission, but still bears the name of Railroad
Commission, though its jurisdiction has been enlarged
so as to embrace street railways, electric light and
power companies, terminal, telegraph and telephone
companies, and even cotton compress concerns, and is
endowed with all the functions and powers possessed
by the Public Service Commission in New York. The
order reducing rates, however, was originally the work
of the old Board, which on June 7 1907 issued and
promulgated Circular No. 334, to become effective
September 2. B y this circular, rates were reduced to
23^ cents per mile on the Southern Railway, the
Seaboard Air Line, the Central of Georgia, the Ala­
bama Great Southern and the Georgia Southern &
Florida. For the Georgia Railroad, the Atlantic
Coast Line and the Charleston & Western Carolina
the rate was fixed at only 2 % cents, and for the
Atlanta & West Point and the Western & Atlantic
2 cents was made the maximum figure. A number of
very minor roads were allowed higher rates. As soon
as the new and larger Commission was constituted it
was appealed to in the hope that it might rescind or
modify this order, but the effort proved unavailing.
Last Friday the new Board formally announced that
it declined to interfere, and that the new order, there­
fore, would go into effect on Sept. 2, the date pre­
viously fixed. The Chairman of the Railroad Board,
Mr. S. G. McLendon, subsequently stated that if, after
the new rates had been put into operation in good faith,
it was found that these rates were working an injus­
tice to the roads, the law gave them the right to come
before the Commission and make such complaint as
they might see fit. The Commission, he declared,
sits as a court without terms, and the railroads have
the same right of appeal as a shipper or private indi­
vidual. But, obviously, there could be little comfort
in this assurance, seeing that railroad revenues will be
reduced meanwhile, and bearing in mind also that
there is no greater certainty that the Commission will,
on appeal, give weight and consideration to the facts
and evidence produced than it has on the present occa­
sion.
The railroads really had no good reason for suppos­
ing that the new Commission would reverse or modify
the order of the old Commission. The new Commis­
sion was formally organized on Aug. 26, and Mr. Mc­
Lendon, the man the Governor appointed to fill the
place made vacant by his arbitrary removal of Com­
missioner Joseph M. Brown, was elected Chairman.
In accepting the office of Chairman, Commissioner
McLendon read a statement prepared by him, and
which he afterwards stated (according to the “ Savan­
nah .News” ) had been read and sanctioned by Governor
Smith. This statement was, all things considered,
a most remarkable one, and indicated unmistakably
the spirit and purpose of the new Board.




[V o l .

l x x x v

.

Commissioner McLendon in this statement made
the assertion that of the $13,000,000,000 of railroad
capitalization in the United States, it had been shown
by competent railway builders that about one-half
of it represented water. It would be interesting to
know when and where such a demonstration of the
amount of water in railway capitalization had been
made, and to have the names of the “ competent rail­
way builders” who had demonstrated the fact. We
are sure that President Roosevelt and the Inter-State
Commerce Commission would be delighted to have a
duly authenticated statement to that effect. These
benighted persons have been groping around in the
dark thus far, talking of the necessity of having a
physical valuation of the railroads in order to deter­
mine just how much water, if any, there really is in
railway capitalization.
It is a little difficult to understand why Commis­
sioner McLendon should have gone so far afoot and
undertaken to include the whole United States in his
utterance, instead of confining himself to the State of
Georgia, where the field of his action must necessarily
lie. His edicts and orders can never have any effect
outside of Georgia. But, starting from this false
premise, he goes on to argue as follows— we take the
account of his remarks given in the “ Savannah News” :
“ Supposing that one-half of this water pays 4%
annually, then the people of the country are called upon
to pay annually into the pockets of the railroads $130,000,000 on over-capitalization. This is one crime of
overcapitalization, and another is a wrongful distribu­
tion of the products of labor.” These remarks are an
illustration of the looseness of statement in which so
many men in public life have a habit of indulging.
I f Commissioner McLendon had taken pains to refer
to the last statistical report of the Inter-State Com­
merce Commission (that for the year ending June 30
1905) he would have found that even in such a pros­
perous year as 1905 no less than $2,435,470,337 of the
stock of United States railroads had received abso­
lutely no return in the shape of dividends, and that
this constituted 37.16% of all the railroad stock out­
standing; and, furthermore, that even $449,100,396
of the funded debt, or 6.36%, had received no return
in the year in question. I f he had pursued his investi­
gations, he would have found that in the halcyon days
of 1895, 1896 and 1897, to which the policy of our
Government officials and legislators must inevitably
again consign us, over 70% of the railroad stock out­
standing was receiving absolutely nothing, and over
16% of the funded debt was similarly situated. From
this the reader will be able to judge of the extent of
the burdens imposed upon the people by the “ crime of
over-capitalization
Commissioner McLendon goes on to say: “ The
States alone can create co-operation and regulate
their capitalization. The Federal Government has no
power over this subject and unless the States, with
firm hand, resolute purpose and on intelligent, practi­
cal and wise lines, shall treat this national canker of
over-capitalization, there will be no cure.” The fig­
ures we have j ust cited will indicate upon what basis the
story of the “ canker of over-capitalization” rests and
the urgency of the call for a “ cure.”
Chairman McLendon also said that the Commission
is here “ to serve, to help, and to advise” , and the first
advice it has to give is to the owners of the railroads,

S e p t . 7 1907. J

THE CHRONICLE.

and that advice is, briefly, “ quit politics, quit Wall
Sretet and go back to railroading. The nearer you
get to the people and the better you serve them, the
simpler you are going to render the solution of a
world-wide problem.”
“ These owners of our railroads have too long neg­
lected their property. They have for entirely too
long a period contented themselves with looking at
and comparing statements of earnings and expenses.
Th ey have too long forced our people to ride in dis­
reputable cars and over unsafe road-beds, to wait on
delayed trains at stations, utterly devoid, in many in­
stances, of the simplest provision for comfort, to beg
as supplicants for the correction of errors in freight
charges. They have broken schedule connections to
the annoyance, delay and expense of business men, and
notably our traveling men, with whom time is always
money, and often to the extreme personal discomfort
•of ladies and children.”
W ithout undertaking to controvert what is here
said, it may be asked if our Southern friends, are pro-*
ceeding in the right way to provide a remedy for the
bad state of things depicted? All the alleged defects
mentioned can only be removed by the expenditure
o f enormous amounts of additional capital on the
roads. W ill reducing rates and destroying the credit
o f the roads aid them in securing this capital? Is it
not notorious that for over eighteen months the rail­
roads have found it difficult to obtain new supplies of
■capital except on onerous terms? Is that not the sole
reason why recently there was such great congestion
of traffic, namely that the railroads have found it
out of the question to raise the money to provide
additional facilities? Mr. McLendon concludes with
the statement that “ the capital that is here will be
honestly and fully protected and fairly treated.
Capital that is to come here will be earnestly welcomed
and fairly treated after it comes.” We are very much
afraid that investors and the “ money bags,” in view of
present experiences, will not be inclined to accept these
assurances, but be prone to think that the Commis­
sioner’s acts do not square with his words and profes­
sions.

R A I L R O A D GROSS A N D N E T E A R N I N G S FOR
TH E H A L F -Y E A R .
Our compilation of the gross and net earnings of
United States railroads for the half-year ending June
30, which we present to-day, reveals two main features.
First, it shows the largest amount of gain in gross earn­
ings for this period of six months which it has ever
been our privilege to record; and, secondly, it empha­
sizes again the fact upon which we have often pre­
viously laid stress, namely that gains in gross earnings
by our railroad transportation systems are not all
“ velvet” — that expenses have been and still are ris­
ing in such a way as to consume the greater part of
the increase in gross revenues, and in not a few instances
more than the whole of such increase.
We regret that statistics are not available to show
the full extent of the augmentation in expenses.
Roads which supply monthly or quarterly or halfyearly returns of earnings do not always furnish ex­
hibits of both gross and net. Quite a few companies
give out statements only of the gross. These latter,
therefore, are necessarily excluded from the tables




559

dealing with gross and net alike, and as to them no
data are available showing the part played by
increased operating expenses. Estimates in such
cases would be largely a matter of conjecture,
hardly better than guesses, which latter of course
have no place in an analysis or review dealing with
actual results.
As indicating the portion of the railroad mileage for
which statistics of expenses are not available, we may
point out that further below in this article, where we
bring together separately the roads reporting gross
alone and combine the results with the total of the gross
for the roads giving both gross and net, we get an ag­
gregate increase in gross of no less than $134,238,354.
The mileage covered is 200,352 miles. We estimate
that if we could have returns for the mileage not repre­
sented in our tables, the increase for the whole railroad
system of the country in gross would be brought up
to $145,000,000. On the other hand, in the case of
the figures dealing with both gross and net, the amount
of the gain in gross is only $114,656,528 and the mile­
age covered 159,216 itiiles. Our figures with reference
to expenses and net earnings relate entirely to
the latter.
However, these figures as to the net, though incom­
plete for the reasons mentioned, indicate very clearly
the trend in this matter of augmented expenses. With
a gain of $114,656,528 in gross, the addition to the net
earnings has been no more than $19,273,550. I t fol­
lows that the augmentation in expenses for this period
of six months has been $95,282,978. W e are very
much inclined to think that for the portion of the rail­
road mileage not represented in the tables of net earn­
ings, the showing would be less favorable than that
indicated by the figures given.
Besides the advances in wages and the higher cost
of materials and supplies, which are the prominent
factors that are serving to increase operating cost all
over the country, there was a special cause tending to
add very greatly to the expense accounts of the roads
in certain sections of the country during the early part
of the year. W e refer to the severe winter weather
experienced by the roads in Northern latitudes, and
particularly the Northern trans-continental lines op­
erating between the upper lakes and the Pacific Coast.
As it happens, too, the roads which suffered most in
this respect are not included in the totals above given
of gross and net. The roads we have in mind are the
Great Northern and the Northern Pacific, for which
we have gross but not net. How severely the Great
Northern suffered from snow blockades in January
and a part of February is known to all our readers.
There were unexampled blockades in North Dakota,
in Montana, in the Cascade Mountains and all the way
to the Pacific, besides which the temperatures were
extremely low; trans-continental traffic was for a time
completely paralyzed.
There was another drawback at that time, namely
the fuel scarcity, which made it necessary to give coal
shipments the preference over all other kinds of traffic.
This had the effect of disarranging all the train sched­
ules and adding further very heavily to the expense
accounts. It would probably be within the mark to
say that expenses on the Great Northern in the early
months were on such a scale that the entire amount of
gross revenues failed to equal them, leaving, therefore,
a deficit on ordinary operations. The Northern Pacific

560

THE CHRONICLE.

doubtless did not suffer quite so seriously, and yet
operating expenses on it must have run very high, too.
Some other prominent roads which are not comprised
in the totals already given are the Milwaukee & St.
Paul, the Chicago & North Western and the Burling­
ton & Quincy, which also must have suffered more or
less from the severe weather.
>■ I t seems quite within the range ofjprobabilities, there­
fore, to say that if we could get expense statistics as
to the entire railroad mileage of the United States, it
would be shown that practically the whole of the
$145,000,000 increase in gross had been consumed by
augmented expenses. This is true, notwithstanding
that in the last three months of the half-year period
there was one circumstance that, in the comparison at
least with 1906, acted to reduce the increase in expendi­
tures while swelling the gain in gross revenues. We
allude to the suspension of coal-mining during April,
May and June 1906, cutting off a considerable
part of the coal tonnage of many roads, and,
through the dislocation of traffic occasioned by
that circumstance, adding greatly to the expenses
at the time.
The present year this extra outlay
was averted.
In the following we furnish in tabular form the totals
for the roads which have favored us with figures of
both gross and net. I t will be observed that the ratio
of gain in the gross is 12.96%, but in the expenses
it is 15.31%, leaving the improvement in the net no
more than 7.33%. As already indicated, the showing
would be even less favorable if the roads not repre­
sented in the totals could be taken into account.

[V o l .

Gross Earnings.
1907.

1906.

lxxxy.

Net Earnings.

In c. or Dec. | %

1907.

$

1906.

IIn c. or Dec.

s

$
S
Jan. . 133,840,696|123,664,663 +10,176,033i 8.22 36,287,044 37,096,918, — 809,874
F e b .. 123,920,810:115,123,660 +8,797,150 7.64 30,669,082 32,319,683|— 1,650,601
Mch . 141,580,502)128,600,109! +12,980,393il0.09i40,967,927 40,904,113|
+63,814
A p r .. 142,884,383:115,863,354+27,021,029 23.32:42,521,549 33,639,112+8,882,437
May . 144,267,760:121,074,984 +23,192,776 19.15 43,765,83637,319.290i + 6;446;54{>
June 1132,060,814114,835,774+17,225,040 14.9941,021,559:36,317,207,+4,704,352
Note.-—Percentage of Increase or decrease in net for the above months has been:
Jan., 2.18% dec.; Feb., 5.11% dec.; March, 0.02% inc.; A pril, 26.41% inc.; May,
17.27% inc.; June, 14.99% inc.
In January the number of roads was 97; in February, 94; in March, 94; in A pril,
91; in May, 92; in June, 84.

When the roads are classified in groups, it is found
that both the New England group and the Eastern
and Middle group have a decrease in net for the halfyear. The following summarizes the totals of the
dfiferent groups. Further below in this article we give
a detailed exhibit, classified in the same way, reporting
the figures for each road separately.
SUM M ARY
Section or
Group.

BY

G RO U PS.

Gross Earnings.
1907.

1906.

Jan .1 to J'ne 30.
S
$
New Engl’d (7) 29,441,735 27,768,847
Trunk Lines(13) 318,708,241 289,681,875
Anthra Coal (8) 66,069,774 56,503,611
East & Mid (27) 35,721,182 31,202,933
Mid W est (31). 66,769,983 60,318,928
Nor W est &
Nor Pac (17) 109,213,673 94,939,541
Sou West &
Sou Pac (16). 231,646,122 193,012,603
Southern (2 9 ).. 141,511,981 130,997,825

N e t Earnings.
1907.

.

1906.

In c. or Dec.

S
*
S
1 %
6,320,593 6,566,686
— 246,093 3.75
80,533,679 78,113,174 + 2,420,505! 3.10
24,990,289 19,944,113 +5,046,176) 5.30
8,117,844 8,221,808
— 103,964| 5.26
18,808.014 16,348,038 +2,459,976;14.98
37,436,51S 35,869,328 + 1,567,190| 4.37
70,589,054 59,036,864 + 11,552,19019.57
33,901,505 37,323,935 — 3,422,430; 9.17

Total (1 4 8 ).. 999,082,691 884,426,163 280,697,496 261,423,946 + 19,273,550: 7.33
Mexican (4 )___ 31,027,451 27,226,504 10,305,101

9,490,505

+ 814,596j 8.58

M IL E A G E .— The mileage for the above groups is as follows: New England.
3,787 in 1907, against 3,787 in 1906; Trunk Lines, 29,001, against 28,917; Anthra­
cite Coal, 5,107, against 5,107; Eastern & Middle, 4,446. against 4,353; Middle W est,
12,206, against 12,378; North West & North Pacific, 23,560, against 22,907; South
West & South Pacific, 49,886, against 48,651; and Southern, 31,123, against 30,889.
Grand total, 159,216, against 156,989. Mexican, 6,579, against 6,568.

With reference to the separate roads, it is only neces­
sary to say that the feature of increased expenses is
here also very plainly revealed. Thus the Pennsyl­
vania with $14,235,000 increase in gross has only
$1,217,600 increase in net. The Southern Pacific
Increase or decrease.
1906.
1907.
J a n u a ry 1 to J u n e 30.
or
with $11,342,243 gain in gross has only $1,894,254
A m o u n t.
(148 roads.)
/o
gain in net and the Atchison with $7,174,326 addition
159,216
156,989
+ 2,227 1.42
M iles o f ro a d ---- ----------S
$
5
to gross has only $1,670,489 addition to net. And
Gross earnings
- —
------ 999,082,691 884,426,163 + 114,656,528 12.96
O p era tin g expenses-------------- 718,385,195 623,002,217 + 95,382,978 15.31
these illustrations might be extended indefinitely.
g - N e t earnings------------------- 280,697,496 261,423,946 + 19,273,550 7.33
The New York Central with $4,051,670 improvement
in gross actually has $2,572,930 loss in net, and the
How the above compares with previous years is Southern Railway and a number of others are dis­
shown by the table we now present, which deals with tinguished in the same way— that is, have decreased
the actually recorded totals in each year.
net with increased gross. In the subjoined tables we
show all changes in gross and net for the separate
Gross Earnings.
N e t Earnings.
roads, whether increases or decreases, for amounts in
Year
Year
Year
i Increase or
Year
Increase or
excess of $100,000.
Preceding.
Decrease.
Given.

Preceding. I

Decrease.

J an. 1 to June 30.
$
S
$
— 2,160,
164,468
1897. 405,003,731
596,441 + 49,931,
1398. 460,528,130
,993,058 + 27,516,
1899. 489,509,765
,366,345 + 70,783,
1900. 577,149,664
,421,956 + 57,912
1901. 638,334,794
,494,280 + 38,904,
1902. 670,398,926
699,839 + 90,232,
1903. 727,932,367
860,135 — 13,085,
1904. 731,774,531
1905. 847,334,2041790 321,750 + 57,012,
1906. 923.554,268:815 486,025 + 108,068,
1907. 999,082,691!884 426,163 + 114,656,

Given.

S
059,320 115 ,427,318
585,717 121 ,895,682
599,074 140 ,545,535
,718,437 155 ,591,468
218,320| 179 ,495,140
973,703 202 ,250,797
024,0561198 ,256,826
807,5471224 ,157,420
333,810 215 ,417,468
101,047 226 ,345,855
697,496 261 ,423,946

+ 5,632,002
+ 17,690,035
+ 10,053,539
+ 25,126,969
+ 26,723,180
+ 7,722,906
+ 19,767,230
— 25,349,873
+ 18,916,342
+ 45,755,192
+ 19,273,550

N o te.— In 1897 the number of roads included In the totals Is 170; in 1898, 179;
*n 1899, 165; in 1900, 170; in 1901, 172; in 1902,154; in 1903, 159; in 1904, 136;
in 1905, 148; in 1906, 143; in 1907, 148. Neither the Mexican roads nor the coal­
mining operations of the anthracite coal roads are included in any o f these totals.

Another fact is worth noting. The greater part of
the relatively small improvement in the net in 1907
was made during the last three months of the halfyear, when, as already stated, comparison was with
the period of the coal troubles in 1906. Our monthly
totals showed reduced net in January and February
(even without the inclusion of the Great Northern,
the Northern Pacific, the New York Central and other
roads, which suffered most from the severity of the
winter) and only a nominal increase in March. In the
remaining months the showing was much better as
will be seen by the following:




G R O SS E A R N I N G S F O R 6 M O N T H S .
Increases.
P en n sylva n ia (2 roads) .£$14,235,000 M ob ile & O h i o ___________
5725,314
Southern P a c l t i c ----------- 11,342,243 W h ee lin g & L a k e E r ie . .
692,5 0 »
A tc h T o p e k a & S anta F e . 7,174,326 N a s h v C hatt & St L o u is691,536
6,054,065; N Y O n ta rio & W es te rn R o c k Is la n d ______________
668,636
5,550,019 P h ila B a ltim o re & W a s h .
U n io n P a c ific ____________
664,800
5,203,706 j M inn S t P a u l & S S M . . .
St Lo u is & San Francisco
649,748
4,465,269 Chic S t P a u l M inn & O m .
Canadian P a c i f i c ----------617,425
4,051,670 T o le d o & O hio C e n t r a l..
N Y Central & H u d R i v .
504,159
Missouri Kansas & T exas 3,024,630 C entral o f G eo rg ia --------0502,831
_______________
2,746,980 Chesapeake & O h io ------E r ie ......... ......................
474,627
L eh igh V a lle y ____________
2,476,577 W estern M a ry la n d ......... ..
421,567
L o u is ville & N a s h v ille . . .
2,407,181 H o ck in g V a l l e y ......... ..
385,017
V P h ila d elp h ia & R e a d in g a 2 ,359,224 Bessem er & L a k e E r i e . .
384.807
Illin o is C e n tra l___________
2,333,451 B an gor & A ro o s to o k ____
344,945.
M o P a c system (2 r d s ) . .
2,115,780 N Y Chicago & St L o u is .
335,022
G rand T ru n k R y .............
1,749,599 G rand Tru n k W e s te rn ___
0323,622
Central o f N e w J ersey___ a l , 691,288 W isconsin C en tra l________
303,821
293,486
B a ltim o re & O h i o _______
1,691,074 L o n g Is l a n d -----------------0260,113
N o rfo lk & W e s t e r n ______
1,477,812 N Y Susq & W estfern___
242,007
Southern R a ilw a y _______
1,304,694 A tla n ta B irm & A t la n t lc .
226.808
M ich lgan C en tra l________
1,214,838 A la b a m a G reat Southern
, &
- P it
...t s .b .
l ,199,240 1B u ffalo & Susquehanna215,206
B u ffalo R o c h
209,465
D ela w a re L a c k & W e s t ’n 1,165,699 Texa s C en tra l____________
1,077,253 M inneapolis & St L o u is ..
187,997
C leve Cine Chic & St L . .
1,030,093 C leve A k ro n & Columbus
185.015
Colorado & S ou thern____
982,441 : G eorgia Southern & F la 173,946
L a k e Shore & M ich Sou - 965,010 ; Chicago G reat W e s te rn . 0169,267
W a b a s h ___________________
963,593 : Grand R a p & In d R y . _
161,676
P a cific C oast______________
878,194 j W e s t J ersey & Sea S h o re.
D ela w a re & H u d so n -----156,900
878,193 |D u lu th South S hore & A t l
D u lu th M lssabe & N o r - 150,825
870.400 ! K a n a w h a & M ic h ig a n ...
142,994
N o rth ern C e n tra l----------868,756 ; G u lf & Ship Is la n d ...........
0138,261
B oston & M a in e -----------849,339 ! S t Joseph & G rand Islan d
V a n d a lia ________________
0132,640
822,250 R ich m o n d F red & P o to m
A tla n tic Coast L in e ------129,480
816,333 ! C olorado M id la n d --------S t Lou is S o u th w e s te rn ..
122,439
808,692 ! R u tla n d ............................
118,629
Seaboard A ir L in e --------771,017!
Chicago & A l t o n ----------755.400 1 T o t a l (77 ro a d s )____ $113,216,144
Kansas C ity S o u t h e r n ...
a737,275 i
D en v e r & R io G ra n d e—
P R IN C IP A L C H A N G E S IN

V Th ese figures are fo r the R a ilro a d C o m p an y; th e Coal & Ir o n C o m p a n y
reports an increase o f $4 759,181 fo r th e five m onths.
x Th ese figures c o v e r lines d ir e c tly opera ted Jeast and w est o f P it t s ­
bu rgh and E rie. T h e gross on E astern lines increased $9,314,700 and the
gross on W estern lines increased $4,920,300.
a C overs fiv e m onths o n ly , June n ot y e t h a v in g been re p orted .

Se

pt

.

P R I N C IP A L C H A N G E S IN NET E A R N IN G S F O R 6 M O N TH S.
Tnrrpn qpc
Increases.
Southern P a c i f i c ________ $1,894,254 W h e e lin g & L a k e E r ie ___
$227,326
1,880,622 M ich igan C e n tra l________
St Lo u is & San Francisco
217,332
A t c h T o p e k a & S anta F e
210,580
1,670,489 C leve Cine Chic & St L - R o c k Is la n d ______________
1,503,524 W isconsin C en tra l_______
206,898
193,658
E rie ______________________
1,471,511 N o rfo lk & W e s te rn ______
U n io n P a c ific ____________
1,464,983 V a n d a l i a ________ _______
166,981
V P h ila d elp h ia & Reading- a l , 274,265 T o le d o S t Lo u is & W e s t ’n
134,453
P en n sylva n ia (2 r o a d s ).. 2:1,217,600 St Joseph & G rand Islan d
a l 2 8 ,851
M o P a c syst (2 r o a d s ). .
1,408,178 Bessem er & L a k e E r ie ___
103,902
M issouri Kansas & T ex a s
1,182,761
L a k e S hore & M ich S o u ..
1,080,284
T o t a l (40 ro a d s )_______ $27,900,922
C entral o f N e w J ersey___ o l , 026,155
Illin o is C entral___________
941,953 N Y C entral & H u d R i v . $2,572,930
L eh ig h V a lle y ---------------926,327 B a ltim o re & O h io _______
1,268,359
D ela w a re L a c k & W e s t ’n
922,427 Southern R a ilw a y _______
997,470
K ansas C ity S ou thern ___
886,116 A tla n tic Coast L in e ______
937,604
B u ff R o ch & P itts b u rg h .
747,310 Chesapeake & O h io ______
590 964
606,792 W e s t Jersey & S eashore.
418,200
B oston & M a in e-----------344,832
S t Lo u is S ou th w es te rn -.
535,273 Seaboard A ir L in e _______
D ela w a re & H u dson ____
522,812 D u lu th & Iro n R a n g e ___
343,142
C h icago & A l t o n ________
519,035 P h ila B a ltim o re & W a s h .
315,600
W a b a s h ___________________
495,682 M inn S t P a u l & S S M . . .
254,526
213,926
Grand T ru n k R y ________
476,138 N a s h v C h att & St L o u is .
211,239
T o le d o & O hio C e n t r a l..
312,730 Y a z o o & Miss V a lle y ____
298,284 Cine N e w O rl & T e x P a c .
194,370
C olorado & Sou thern____
D u lu th M issabe & N o r . .
281,279 G eorgia R R ______________
188,365
N Y O n ta rio & W e s te r n .
266,259 L o n g I s l a n d ______________
164,347
D e n v e r & R io G ra n de___
a265,003
N Y Chicago & St L o u is .
232,895
T o t a l (15 ro a d s )_______ $9,015,874
V Th ese figures are fo r the R a ilro a d C om p an y; the Coal & Ir o n C om p an y
rep orts an Increase o f S701.558 fo r th e fiv e m onths.
x On th e P en n sy lva n ia R R . th e n et on lines d ir e c tly o pera ted east o f
P ittsb u rg h and E rie increased $434,900 and th e n et on W e s te rn lines In­
creased $782,700.
a C overs fiv e m on th s o n ly , June n ot y e t h a v in g been re p orted .

• W e now give the detailed statement for the half-year
referred to above. I t shows the result for each road
separately in all of the groups.
E A R N IN G S O F U N IT E D S TA TE S R A IL W A Y S J A N . 1 TO J U N E 30.
—
Gross—
----- Net----1907.
1907.
1906.
1906.
In c. or Dec.
New England—
S
S
S
S
S
Bang & Aroost’ k .b 1,687,922
1,342,977
550,520
+ 45,683
504,837
Boston & Albany.b 5,812,000
5,420,112
845,717
1,737,608
— 891,891
Boston & Maine.b 19,703,076 18,834,320
4,540,894
3,934,102
+ 606,792
Bos RevB & Lyn n b
349,788
340,431
21,585
18,179
+ 3,406
Brldg & Saco R iv .b
21,191
4,259
21,123
5,739
— 1,480
New L o n d & N o r.b
481,261
542,016 def 25,300 def 32,725
+ 7,425
Rutland, b _______
1,386,497
398,946
1,267,868
382,918
— 16,028
Total (7 )............ 29,441,735

27.768,847

6,320,593

6,566,686

— 246,093

-Gross------Net-----1907.
1906.
1907'
1906.
In c. or Dec.
Trunk Lines—
S
$
S
S
S
Balto& Ohi0 -b — 40,472,724 38,781,650 12,420,739 13,689,098 — 1,268,359
C C C & S tL .b _____ 12,439,772 11,362,519
2,723,063
2,512,483
+ 210,580
E r ie .a .......... ......... 26,889,626 24,142,646
7,742,620
6,271,109 + 1,471,511
Grand Trunk R y .a 16,454,609 14,705,010
4,548,717
4,072,579
+ 476,138
Gr T r ’ k West’ n .a . 2/2,411,349 #2,087,727
2/291,016
2/287,123
+3,893
D e t G r H a v & M .a
2/676,442
1/630,697
2/84,677
— 36,012
2/120,689
LakeSh & M So. b _ 21,589,537 20,607,096
5,276,265
4,195,981 + 1,080,284
Mich C & Can So _ b 13,833,981 12,619,143
2,502,558
2,285,226
+ 217,332
N Y C & H R . b . .041,118,896 037,459,114 08,684,665 010,365,704 — 1,681,039
N Y C & St L b . .
5,221,021
4,885,999
1,136,655
903,760
+ 232,895
P e n n E o f P & E . . 79,141,549 69,826,849 19,972,046 19,537,146
+ 434,900
“ W o f P & E . . 45,167,000 40,246,700 11,659,400 10,876,700
+ 782,700
Wabash, b............ 13,291,735 12,326,725
3,491,258
2,995,576
+ 495,682
Total (13 rds)..318 708,241 289,681,875 80,533,679 78,113,174 +2,420,505
N o te.— In the above we show, in the case of the Pennsylvania Railroad, the re­
sults for the lnes dlreely operated only, east and west of Pittsburgh and Erie.
For
the Western lines we have taken one-half the earnings for the full calendar year 1906
(the figures by months not being available) and applied to them the changes—
whether increase or decrease— reported in 1907.
o These are results after deducting the earnings of the Boston & Albany, reported
separately In the New England Group above. Including the Boston & Albany, gross
is $46,930,896 for 1907, against $42,879,226 for 1906, an increase of 84,051,670;
and net $9,530,382, against $12,103,312, a decrease of $2,572,930.
-Gross1907.
1906.
Anthracite Coal—
$
$
Centof NewJer b_;/10,828,,449 2/9,137,161
Del & H u d so n .b .. 6,779,1
),683
5,901,489
Del Lack & West’ n’
Leased lines New
York S ta te.b __
5,115,577
6,281 ,276
663,852
Syra Bing & N Y
730 ,284
e Lehigh V alley-b . 17,694,,186 15,217,609
3,241,278
N Y Ont & W est.a 3,909,,914
N Y Susq & W est, a 2/1,350,,543 2/1,090,430
k Phil & Read.b._2/18,495,439 y l6,136,215

1907.
S
2/4,754,505
2,471,635

-N et1906.
$
2/3,728,350
1,948,823

In c. or Dec.
$
+ 1,026,155
+ 522,812

3,283,868
319,728
6,336,298
1,072,879
?/340,336
2/6,411,040

2,361,441
233,281
5,409,971
806,620
2/318,852
2/5,136,775

+ 922,427
+ 86,447
+ 926,327
+ 266,259
+ 21,484
+ 1,274,265

Total (8 rds)— 66,069,774 56,503,611 24.990,289 19,944,113 +5,046,176
k These figures are for the Railroad Company only. The Coal & Iron Company
reports gross for five months of 1907 of $17,425,769, against $12,666,588 in 1906.
an Increase of $4,759,181; and net, $1,034,795, against $333,237 in 1906.
e These earnings are exclusive of results of coal companies.
m --------------— Net-----1907
1906.
1907.
1906.
M iddle Western.
$
$
$
$
Chicago & Alton _a 6,126,908
5,355,891
1,967,634
1,448,599
Chic Ind & Loulsva 2/2,378^668 J/2,289,146
2/630,661
2/649,785
Chic Term Trans, b
860,449
840,599
318,262
288,102
Detroit & M ack.a609,908
689,713
106,568
62,451
Elgln Joliet & E n _a 1,399,836
1,347,675
460,914
457,667
Evans & Terre H 1a 1,058,595
1,022,538
448,222
422,336
“
& Indlanaf
Hocking V alley-a. 3,403,005
999,199
3,017,988
934,239
Ill Central-a-------- 28,650,634 26,317,183
8,514,721
7,572,768
Kanawha & Mich a 1,208,402
235,274
1.065,408
238,448
Lake Erie & W_b_ 2,432,538
591,421
2,525,379
615,869
31,219
Manistique.b-----51,130
def 2,538
19,507
88,709
Ohio R iver & West
16,734
103,755
23,703
Penna Co— Lines not Included In Trunk Lines <
73,235
Cent Indiana
66,007 def 31,831 def 20,080
Cine L e b & N o r a
165,439
157.275
33,652
43,358
436,674
Cin&MusBgVsU
387,891
61,000
54,585
ClevAkron&Coli 1.113,303
928.288
224,365
190,034
Gr Rap * In d-a 1,930,60S
1 768,932
276,620
267,741
75,009
M GrRap&Ind a
75,707
8,648
13,893
Traverse City a
35,073
41.625
def 148
4 115
C in R ich & F tW a 303.116
305.764
10,052
47,032
Pitts Chart * Youa
195.492
230 038
92,495
93,385
T Haute & Peoriaa
323,054
363.777
35,166
42,874
Tol Peoria& W b
604,110
651.777
115,445
67,056
Vandalia. a _____ 4.508,193
3 658,854
930,360
763,379
W ayn esb * Washa
68,610
62.622
13,797
15.336
Wheel’g Term .a
124,170
107,898
71,183
60,534
Louisv B ’dgeCo a
205,936
185,569
110,558
97,295
Southern In d -b —
2/265,019
2/670,538
2/593,618
231,145
Tol * Ohio Cent.a 2,349,144
678,244
1,844,985
365,514
Tol St L & W est, a 2,043,846
671,566
2,025,753
537,113
Wheel & Lake E .b 3,112,107
961,166
2,419,598
733,840
Total (31 r d s).. 66,769,983




561

THE CHRONICLE,

7 1907.]

60,318,928

18,808,014

16,348,038

Inc. or Dec.
$
+ 519,035
— 19,124
+ 30,160
+ 44,117
+ 3.247
+ 25,886
+64,960
+ 941,953
— 3,174
— 24,448
— 22,045
— 6,969
— 11,751
— 9,706
— 6,415
+ 3 4 331
+8.879
— 5 245
— 4,263
— 36,980
— 890
— 7,708
+48,389
+ 166,981
— 1,539
+ 10,649
+ 13,263
+33,874
+ 312,730
+ 134,453
+227,326
+ 2,459,976

------------ Gr,OSS--------- l—
1907.
1906.
$
$
365,698
367,390
27,984
31,388
2,398,004
2,782,811
4,413,480
3,214,240
957,557
742 351
111,308
110,621
248,054
212,404
124,914
128,825
355,624
340,132
58,020
76,948
45,959
35,051
433,434
336,637
26,891
26,776
4,467,099
4,173,613
172,304
166,108
72,532
68,292
51,828
52,415
6,346,194
5,475,794
8,178,211
7,513,411
14,021
11,715
198,536
170,951
108,084
99,101
502,427
429,471
309,582
236,487
119,352
115,865
2,327,452
2,170,552
2,910,892
2,489,325

1907.
$
18,053
9,617
1,107,495
1,855,678
215,383
54,345
126,867
def 1,210
161,467
26,072
17,457
156,703
11,119
410,750
55,159
3,688
16,099
1,095,784
1,425,560
def 988
82,826
def 16,622
114,667
18,495
52.227
105,832
995,321

----- Net-----1906.
$
35,392
5,465
1,003,593
1,108,368
244,069
57,514
103,319
def 13,959
160,362
16,692
12,322
138,376
8,271
575,097
48,265
def 751
13,348
1,162,384
1,741,160
3,716
86,356
def 4,915
131,443
24,457
57,820
524,032
979,612

31,202,933

8,117,844

8,221,808

— 103,964

1906.
$
30,287,782
2/3,499,598
5,979,544
336,709
2,945,097
3,154,063
1,464,528
9,302
1,434,405
354,257
1,706,599
5,441,793
2.806,124
2/589,230
31,464,457
3 466,053

1907.
$
10,717,442
2/804,953
1,897,793
120,648
1,342,130
2,072,001
416,416
def 788
460,835
60,675
567,233
2,083,626
639,588
2/268,407
14,586,908
1,398 651

\ ct
1906.
$
10,785,913
2/846,086
1,890,844
111,151
1,685,272
1,790,722
427,047
2,017
376,784
78,730
541,363
2,338,152
542,013
2/139,556
13,121,925
1,191,753

Inc. or Dec.
$
— 68,471
— 41,133
+ 6,949
+ 9,497
— 343,142
+281,279
— 10,631
— 2,805
+ 84,051
— 18,055
+ 25,870
— 254,526
+ 97,575
+ 128,851
+ 1,464,983
+206,898

Total (17 r d s )..109,213,673 94,939,541
___

37,436,518

35,869,328

+ 1,567,190

South West &
1907.
1906.
South Pacific.
$
$
Atch Top & S F e .b 48,106,892 40,932,566
Colo M ldland.a___ 1,146,128
1,023,689
Colo & Southern _a 6,669,085
5,638,992
Den & Rio Gr. b . . 2/8,471,077 2/7,733,802
Kan City South-a_ 4,895,110
4,139.710
Mo Kan & Texas .a 12,847,359
9,822,729
Mo Pa & Iron Mtn' l1>23,994,715 21,878,935
Central Branch/
N evC a l & O re_a-_
99,321
113,408
45,044
Nevada Central. b.
36,016
Rio Grande Sou. b.
291,011
266,362
Rock Island _a----- 30,281,143 24,227,078
St L & San F ra n .)a 25 ,567,517 20,363,811
Chicago & East 111J
St L & Sou W est.b 5,211,147
4,394,814
Sou Pac system-a. 63,371,612 52,029,369
634,874
Texas C en tra l.a ..
425,409

1907.
$
17,034,495
217,664
1,804,926
2/3,026,614
1.971,282
3,436,270
7,865,759

Net
1906.
$
15,364,006
211,254
1,506,642
2/2,761,611
1,085,166
2,253,509
6,457,581

In c . or Dec.
%
+ 1,670,489
+ 6,410
+ 298,284
+ 265,003
+ 886,116
+ 1,182,761
+ 1.408,178

51,259
18,441
89,857
7,476,360
8,115,570

40,293
16,403
110,201
5,972,836
6,234,948

+ 10,966
+ 2,038
— 20,344
+ 1,503,524
+ 1,880,622

1,471,333
17,829,152
180,072

936,060
15,934,898
151,456

+ 535,273
+ 1,894,254
+ 28,616

Total (16 r d s )..231,646,122 193,012,603

70,589,054

59,036,864 + 11,552,190
T*. .

1906.
$
20,808
1,923,528
601,787
13,343,475
2/4,666,772
71,916
12,738,832
2/17,515
4,422,390
345,050
1,404,733
1,005,929
2/959,197
266,882
600,463
21.926.31S
80,310
4,931,664
5,858,025
14,600,887
34,111
974,884
7,879,690
27,036,993
46,840
29,325
532,605
96,047
4,780,849

1907
$
11,350
393,005
178,407
3,178,773
2/1,023,417
def 1,323
4,417,000
2/13,976
916,025
9,916
95,515
211,378
2/302,116
86,496
197,533
5,846,753
def 32,663
1,487,381
1,302,801
6,032,473
14,900
378,173
1,869,019
4,854,148
13,304
8,141
239,600
26,642
827,249

1906.
$
10,933
329,194
162,137
4,116,377
2/1,108,731
9,479
5,007,964
2/7,284
1,110,395
22,627
283,880
164,160
2/304,322
128,118
196,992
5,841,145
3.359
1,410,883
1.516,727
5,838,815
14,087
365,382
2,213,851
5,851,618
10,811
10,356
220,326
25,494
1,038,488

In c. or Dec.
$
+ 417
+ 63,811
+ 16,270
— 937,604
— 85,314
— 10,802
— 590,964
+ 6,692
— 194,370
— 12,711
— 188,365
+ 47,218
— 2,206
— 41,622
+ 541
+ 5,608
— 36,022
+ 76,498
— 213,926
+ 193,658
+ 813
+ 12,791
— 344,832
— 997,470
+ 2,493
.__2 215
+19^274
+ 1.148
— 211,239

Total (29 rds) . . 141.511,981 130,997,825

33,901,505

37,323,935

— 3,422,430

East & Mldde.
Balto Ches & A t l . .
Belefonte C en t.b.
Bess& Lake Erie-a
Buff Roch & Pitts b
Buff & Susq _a ____
Cornwall . a _______
Cornwall & L e b .b .
Dun All V & P _ b - .
Fonda Johns &G1 a
Genessee & W y o .b
Greenw & J’ville.b
Lehigh & H u d .b ..
Little Falls & D ._
Long Islan d.b____
Maryland & P a ___
N Y & O tta w a .b _.
N Y & Penna. b___
Northn Central.b.
Phil Balt& W ash.b
Raquette L ake.b St Law & Adiron . b
Staten Isl R y .b ___
Staten Isl R T _ b _ .
South Buffalo-b-_
Susq Blooms & Ber
West Jer &Sea Shb
W est Maryland, a.

Total (27 rd s ).. 35,721,182
North Western &
North Pacific.
Canadian Pac a ___
Chic Great W est.b
Chic St P M & 0 . .
Copper R a n ge.a _.
Dul & Iron Range a
Dul Miss & N O -a .
Dul So Sh & A tl-b .
Fairch & N E ’n .b .
Iow a Central.a___
Mineral R a n g e .b ..
Minn & St Louis.a
MilinSt P & S S Mb
Pacific Coast_____
St Jos & Gr Is I.b . .
Union Paciftc-a—
Wisconsin Cent_b.

Southern.
Ala Tenn & N or___
Ala Gt Southern.a
Atl B ’ham & A tl.a
Atl Coast L in e .a ..
Cent of Georgia _a_
Chattan South’ n .a
Chesap & Ohio. b . .
Chester & Lane___
Cine N O & Tex P a
Col Newb & L a u .a
Georgia R R . a ____
Georgia So & F la .a
Gulf & Ship Is l.a .
Lex &Eastern.b_.
Louisiana & A rk .a
Louisv & Nash.b.
Macon & Birm ____
Mobile & Ohio .a . .
Nash Chat & St L b
Norf & Western.b
Raleigh <fe S’port.a
Rich Fred & P o t.a
Seab A ir L in e .b ..
Southern R y .a ___
Tidew’ r & W est.b
Tombigbee V alley.
Vlrginia & S W _b_
Wrights & Tenn.b
Yazoo & Miss Val a

1907.
$
34,753,051
2/3,668,865
6,596,969
413,194
2,953,479
4,032,256
1,615,353
9,919
1,515,383
393,130
1,894,596
6,091,541
3,769,717
2/721,870
37,014,476
3,769.874

1907.
$
23,520
2,150,336
S43.794
14,165,725
2/5,169,603
81,645
13,213,459
i/29,397
4,459,416
158\278
1,483,164
1,179,875
2/1.097,458
307,501
629,338
24,333,499
79,917
5,656,978
6,549,561
16,078,699
56,413
1,104,364
8,688,382
28,341,687
51,454
34,797
567,425
108,763
4,867,533

In c. or Dec.
$
— 17,389
+ 4,152
+ 103,902
+ 747,310
— 28,686
— 3,169
+23,548
+ 12,749
+ 1,105
+ 9,380
+ 5,135
+ 18,327
+ 2,848
— 164,347
+ 6,894
+ 4,439
+ 2,751
— 66,600
— 315,600
— 4,704
— 3,530
— 11,707
— 16,776
— 5,962
— 5,593
— 418,200
+ 15,709

Grand tot (148 rds)999,082,691 884,426,163 280,697,496 261.423.946 + 19,273,550
1907.
1906.
S
$
Mexican Rds.
3 498,490
Interoeeanlc o f Mex 3 748,688
Mexican Central--!yl4,144,533 2/12,296,559
Mexican Intem at’l 4,656,223
4,037,530
National of Mexico 8,478,007
7,393,925

1907.
$
1,081 686
2/4,615,406
1,585,014
3.022,995

\ct
1906.
$
1,083 529
2/3,800,090
1,676,672
2,930,214

In c. or Dcc.
S
— 1,843
+ 815,316
— 91,658
+ 92,781

27,226,504

10,305,101

9,490,505

+ 814,596

Total (4 rd s)____ 31,027,451

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
y These figures are for five months only in both years.

All the figures in the foregoing relate to roads which
have furnished returns of both gross and net earnings.
As already stated, the aggregate length represented
by these roads is 159,216 miles. In addition we have
returns from roads comprising 41,136 miles more,
which have supplied figures of gross but not of net.
Starting with the total of the gross in the above, we
add on these other roads, thus affording a total of the

THE CHRONICLE.

.56*2

gross including every road in the country for which it
has been possible to make up or procure the figures
for the six months.
G RO SS E A R N IN G S O F U N IT E D S T A T E S R A I L W A Y S
J A N U A R Y 1 T O J U N E 30.
1907.

J a n . 1 to J u n e 30.
R ep o rte d a b o ve (148
roads) . - ......... ........
A la N O & T e x P a c—
N 0 4 N E __________
A la b a m a & V ic k s ..
V ick s S hreve & P a c
C in cin nati N o r t h e r n ..
Chic Burl & Q u in c y . .
Chic In d <8c S o u th e rn ..
Chic M ilw & St P a u l . .
C h icago N o rth W estern
D e tro it T o l & Iro n to n
G reat N o rth e rn --------M ontan a C e n tra l___
In te rn a t & G t N o r t h . .
M idlan d V a lle y _______
N o rth ern P a c ific ______
P e o ria & E a stern ____
P ittsb u rg h & L E . _
S ierra R a ilw a y ----------T e x a s & P a d lie_______
T o ro n to H a m & B u ff-

$

j

$

999,082.691

884,426,163'114,656,528

1,638,533
810,335
837,480
479,804
41,302,149
1,499,498
a24,066,138
32,998,989
2,110,321
24,085,483
1,332,697
4,159,592
506,971
32,736,717
1,441,921
7,042,044
204,239
8,393.741
466,687

1,610,578
730 050
723,757
475,761
35,212,842
1 ,146,263j
a 2 1,602,437
30,549,910
2,019,099
22,755,194
1,375,007
3,107,833
238,012
29,305,094
1,461,556
7,047,156
194,853
6,603,488
372,623

27.955
80,285
113 723
4,043
6 089,307
353,235
2,463,701
2,449,079
91,222
1,330,289
42,310
1,051,759
268,959
3,431,623

T o t a l (167 ro a d s ). . 1,185,196,030 1,050,957,676 134,305,411
134,238,354
N e t increase (1 2 .7 7 % )
197,715
2,637
200,352
M iles o f ro a d ------------

a Th ese figures are fo r fiv e m on th s o n ly , June n ot h a v in g been reported.

In this way, it will be seen, we get an increase in
gross earnings for the six months of $134,238,354 on
a total length of road of 200,352 miles. This follows
$126,659,552 increase on 196,571 miles of ro'ad in 1906
over 1905. In the table we now annex we show results
for previous years according to the same method of
computation and indicate also the mileage on which
the figures have been based in each year.
Mileage.
Jan. 1
to
June 30.
1897...........
1898. ______
1899 - _____
1900 ............
1901 1902__________
1903...... .........
1904__________
1905__________
1906__________
J907__________

Year
Year
lu ­
Given. Prece’g. cre’se
M iles.
158,295
158,775
161,166
166,704
175,371
179,065
173,655
177,673
185,912
196,571
200.352

Recelpts for Year
Ending—
Sept. 1
1907.

Sept. 1
1906.

Exports Year Ending Sept. 1 1907.
Great |
i ContlB rltain. France | nent.

Total.

Stocks.
Sept. 1 Sept. 1
1907. 1906.

Louis’ na.12, 296,971^ 1,653,142 928 0161283 ,791 860 580 2 ,072,387 31,964
T exas.- J4 ,096,596' 2,807,127 1,831 401462 ,177 1,188 075 3 ,481,653 38,637
Georgia
,631,035. 1,697,146 256 481 50 ,866 761 5201 ,068,867 8,981
74 ,760! 28
250,350
60 106 163,225 2,877
Alabama 260,3001
183,152
56 457 155,791 3,909:
Florida . 158,041!
69 ,992! 29
151,194;
21 393
21,393 3,3181
177,671
So. Car
553t
393,172!
400,758 125 242 6,000| 186 265 317,507
No. Car
Virginia, 578,9901 620,121
7 532|
'Z\-------7 701
15,233) 9,652
41
<z6,575 213 4 2Ii 41,975
237 603 493,005 169,975;
N Y ____ a23,108|
Boston.. a72,855i
063,822 138
18 422 157,409 4,0161
21 " 6*182
a65,882
69 097 165,221 2,312;
Baltim ’e. a61,884!
89 ,942:
4 737
41,409
a l l , 021)
Phila . . .
36 ,672
650
al0,317
al22 ,000 139,191
Portl.,&c
17 ,191
83 ,123
83,123
San Fran
151 814 151,814
Seattle &

15,273
52,318
18,868
4,355
4,104
3,464
314
9,928
83,971
2,266
2,067
1,250

Totals—
T h isyr. 9,735,167 _________3,789,643 908,392 3,829,193 8,527,228 276.844 ..........
L a sty r.
______ ' 7,935,863 2,902,846 778,345 3,035,1606,716,351
____198,178
____ 322,592
Prev.yrJ
.......... 10,119,220 4,128,952;860,930 3,887,5188,877,400)
a These figures are only the portion of the receipts at these ports which arrived
by rail overland from Tennessee, &c. 6 Shipments by rail to Canada.

Earnings.
Year
Given.

Our statement of the cotton crop of the United States for
the year ending Sept. 1 1907 will be found below. It will
be seen that the total crop this year reaches 13,550,760 bales,
while the exports are 8,527,228 bales and the spinners’
takings are 5,195,750 bales, leaving a stock on hand at the
close of the year of 276,844 bales. The whole movement
for the twelve months is given in the following pages, with
such suggestions and explanations as the peculiar features
of the year appear to require. The first table indicates the
stock at each port Sept. 1 1907 and 1906, the receipts at the
ports for each of the past two years and the export movement
for the past year (1906-07) in detail, and the totals for
1905-06 and 1904-05.

Ports o/ j67,057

lxxxv.

C O T T O N M O V E M E N T A N D CROP
OF 1906-07.

19,635
5,112

9,386
1,790,253
94,064

[V o l .

Increase
or
Decrease.

Year
Preceding.

$
$
Miles.
$
%
%
— 2,208,426 0.46
157,463 0.52 473,084,924 475,293,350
157,702 0.68 536,375,776 477,035,482 + 59,340,294 12.44
159,865 0.81 556,326,364 523,231.211 + 33,095,153 6.32
162.190 2.79 643,342,643 565,393,511 + 77,949,132 13.78
171,257 2.40 704,538,792 642,321,514 + 62,217,278 9.69
176,159 1.47 749,023,005 701,688,284 + 47,334,721 6.74
169,747 2.36 847,034,318 745,087,476 + 101,946,842 13.68
173,495 2.41 794,929,168 810,131,983 — 15,202,815 1.87
183,320 1.41 910,027,258 846,375,228 + 63,652,030 7.52
194,005 1.32 1049355572 922.696,020 + 126,659,552 13.72
197,715 1.52 1185196030 1050957676 + 134,238,354 12.77

The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports this year have been 9,735,167 bales,
against 7,935,863 bales last year and 10,119,220 bales in
1904-05; and that the exports have been 8,527,228 bales,
against 6,716,351 bales last season and 8,877,400 bales the
previous season, Great Britain getting out of this crop
3,789,643 bales. If now we add the shipments from Ten­
nessee and elsewhere direct to manufacturers, and Southern
consumption, we have the following as the crop statement
for the three years:

Large though the mileage embraced in the above
totals is, it does not quite cover the entire railroad
1904-05.
1905-06.
1906-07.
Y e a r ending September 1.
system of the country. About 15,000 miles remain R ec eip ts at p o rts ____ _____________ .b a le s . 9,735,167 7,935.863 10,119,220
.Shipments fro m Tennessee, & c., direct
985,593 1,234,215
1,328,505
unrepresented. I f we could have returns for the miss­
11,063,672 8,921,456 11,353,435
ing roads, it seems reasonable to suppose that the in­
M an ufactu red S ou th, n ot Included a b o ve 2,487,088 2,398,404 2,203,406
crease would be raised to about $145,000,000. In 1906
T o ta l C o tton C rop fo r the Y e a r . . B ales. 13,550.760 11,319.860 13,556,841
we computed that there had been an increase of
The result of these figures is a total crop of 13,550,760
$135,000,000 over 1905, and that in 1905 there had
bales (weighing 6,984,842,670 pounds) for the year ending
been an increase of $70,000,000 over 1904. In 1904
August 31 1907, against a crop of 11,319,860 bales (weighing
we made a decrease for the six months of between 5,788,728,073 pounds) for the year ending August 31 1906.
$18,000,000 and $20,000,000. Previously, we esti­
N O R T H E R N A N D S O U T H E R N S P I N N E R S ’ takings
mated that in the six months of 1903 there had been
in 1906-07 have been as given below:
an improvement of $115,000,000 over the six months
T o t a l crop o f th e U n ited S ta tes, as b efore s ta te d _________ bales
13,550,760
ck on hand com m en cem en t o f y e a r (S ep t. 1 1906) —
of 1902; that similarly in 1902 there had been an in­ S to•At
N o rth ern p o r t s ____________________ _
89,554
A t Southern p o r t s ________ _____________
108,624—
198.178
crease of $50,000,000 over the year preceding; in 1901
A t N o rth e rn In terio r m a rk ets__________
5,195—
203,373
an increase of $70,000,000; in 1900 an increase of
T o ta l su p p ly du rin g the y e ar en din g S ep t. 1 1907-----------13,754,133
O f this su p p ly there has been ex p o rted
$90,000,000; in 1899 an increase of $42,000,000, and
to fo reign ports d u rin g th e y e a r ______a 8 ,405,228
Less fo reig n co tto n im p o rte d and A m e r i­
can c o tto n re tu m e d .6 ____________ bales 252,692— 8,152,536
in 1898 an increase of $68,000,000. This makes alto­
Sent to Canada d irect fro m W e s t ________
122,000
u rn t N o rth and S ou th . c ______________ 540
gether an improvement for the ten years in these six SBto
ck on hand end o f ye a r (S ep t. 1 1907) —
A t N o rth ern p o r t s ______________________ 176,953
months in the prodigious sum of $765,000,000— a mar­
A t Southern p o r t s ______________________
99,891— 276,844
6,463— 8,558,38 5>
A t N o rth ern in terio r m a rk ets.
velous showing.
T o t a l ta kin gs b y spinners in th e U n ite d S tates fo r y e a r en din g
To complete our records we furnish the following
S ept. 1 1907................. ..................................................................
5,195,750
T a k en b y Southern spinners (in clu ded in a b o v e t o t a l)__________
2,487,088
summary of the monthly totals of the gross in their
T o ta l taken b y N o rth ern spinners_____________________________
2,708,662
final form.
a N o t Including Canada b y ra il. b Includes 33,931 bales o f A m erica n
c o tto n retu rned and 157,400 bales fo reig n , m a in ly E g y p tia n , eq u a lin g
218,761 bales o f A m erica n w eigh ts, c Burnt Includes n ot o n ly w h a t has
been thus d estroy ed at th e N o rth ern and Southern o u tports, but also all
burnt on N o rth ern railroads and In N o rth ern factories.

Gross Earnings.
1907.
J a n u a ry ..................... (123
F e b ru a ry ____________ (122
M a rch ................... ..... (118
A p r il.......... ................(118
May ........................... (121
J u n e ...... ....................(121




1906.

Increase or
Decrease.

%

roads). 8173,212,305 $162,623,883 + $10,588,422 6.51
+ 9,728,801 6.37
roads) - 162,283,992 152,555,191
180,539,532 164,645,009 + 15,894,523 9.65
roads).
roads).
188,130,451 154,894.748 + 33,235.703 21.45
roads).
195,943,305 165,890,345 + 30,052,960 18.12
roads).
183,125,657 161,235,109 + 21,890,548 13.57

These figures show that the total takings by spinners
North and South during 1906-07 have reached 5,195,750
bales, of which the Northern mills have taken 2,708,662
bales and the Southern mills 2,487,088 bales.
Distribution of the above three crops has been as follows:

S e p t.

7 1907.]

THE CHRONICLE.

1906-07.
Takings fo r C o n sum p tion—
Bales.
N o r t h ................... .................... ................ 2,708,662
S o u t h ---------------------------------------------- 2,487,088

1905-06.
Bales.
2,453,948
2,398,404

1904-05.
Bales.
2,346,652
2,203,406

T o ta l takings lo r consum ption ______ 5,195,750
E xp o rts—
T o ta l, excep t Canada b y r a il__________ 8,405,22-8
T o Canada b y ra il_______________________
122,000

4,852,352

4,550,058

6,601,479
114,872

8,752,454
124,946

• T o ta l e x p o rts _____ ___________ _______ 8,527,228
B u rnt du rin g y e a r _______________________
540

6,716,351
14,451

8,877,400
36,981

T o ta l d istrib u te d ......... .................... .. 13,723,518
Deduct—
C otton Im p o rted , minus stock Increase
172,758

11,583,154

13,464,439

263,294

092,402

T o ta l c r o p ............. ................ - ............ 13.550,760

11,319,860

13,556,841

a A d d itio n .

In the above are given the takings for consumption.
actual consumption for the same two years has been:
1906-07.
Bales.
N o rth ern m ills’ stock S ept. 1 ......... ............ .. 218 741
T a kin gs a ........... ........................................... 5,195,750
T o t a l . . . ......... .............. ................................5,414,491
Consu m ption— N o rth a ------------ 2,601,7341
S o u t h ........... ......2,487,088J 5,088,822
N o rth ern M ills’ stock end ye a r .b a le s .

The

1905-06.
Bales.
264,561
4,852,352
5,116 913
2,499,7681
2,398,404J4,S98,172

325,669

218,741

a Takin srsan deon su m pton ln clu de 33,931 bales A m erica n co tto n returned
and 218,761 bales foreign co tto n (E g y p tia n , P e ru v ia n , & e.) in 1906-07
and 134 637 bales fo reign and retu rn ed A m erica n c o tto n in 1905-06.

Consumption in the United States and Europe.
U N I T E D S T A T E S .— The season of 1906-07 in the cotton
manufacturing industry of the United States has been, like
its predecessor, a highly prosperous one. Active and re­
munerative markets have been the rule in practically all
departments, unhampered by any important friction with
labor. A s a consequence, the output of goods has, in volume,
marked a new record in production, despite the restricted
demand from China. Furthermore, there has been no
dearth of supplies of the raw material, the yield in the United
States the past season having been somewhat in excess of
consumptive requirements, thus increasing the available
surplus to a moderate extent. It must be admitted, how­
ever, that, on account of the comparatively low average
grade of the crop, makers of the finer classes of goods have
been hard pressed at times to secure supplies of cotton of
desired quality.
Notwithstanding early indications were for a yield of
the raw material sufficiently large to amply meet consump­
tive requirements both at home and abroad, without en­
croaching upon reserve stocks, there has been the usual
efforts (persistent at times) by those interested in the spec­
ulative markets, to create an impression that before the
season closed supplies would be reduced to an uncomfort­
ably low point— a practical famine basis. In a measure
these efforts succeeded, carrying cotton to a somewhat
higher level than many believed probable; but fortunately
no hardship accrued, as prices secured for products enabled
manufacturers to meet the increased cost of the raw material
and still have a satisfactory margin
As to the size.of the
crop itself, guesses based upon the Government’s erroneous
acreage figures current early in the season were so small
that, if realized, they would have fully confirmed the esti­
mates put out by interested speculators, and have meant
practically exhausted supplies later in the season, prohib­
itive prices or curtailment of production of goods.
But
the Agricultural Department’s estimate of 12,546,000 bales
(not including linters) issued in December, proved the error
in its acreage figures and the consequent unreliability of
the early guesses as to yield. The final ginners’ report of
the Census Bureau, issued somewhat later, afforded clear
assurance of sufficiency of the yield.
W ith a commercial crop of the United States for 1906-07
of 13,550,760 bales, and with 893,526 bales visible stocks
of American cotton carried over at the close of August 1906,
the available supply for the season just closed is seen to have
been 14,444,286 bales. Of this supply consumers have
absorbed 13,088,442 bales; that is to say, that amount has
gone out of sight— being the actual takings at home or
abroad, the amount burnt, or added to mill holdings.
Consequently the visible supply of American cotton
on
August
31
1907
was
approximately
1,355,844
bales, or a greater total than was ever carried forward
from one season to another, except on August 31
1905.
That certainly does not indicate dearth or
famine.
Moreover, when attention is directed to the
reports that mill stocks of American cotton both in this
country and abroad are appreciably larger than a year
ago, it is realized what a safe margin there was between




actual consumption and actual supply. Of cotton ether
than American the combined visible stocks were at the
close of August rather heavier than on the corresponding
date in 1906 and therefore, also, of record proportions.
W e need not say that prices for the raw material have
been highly remunerative to producers all through the season,
and yet, as we have already intimated, owing to the active
demand for goods and the profitable basis of manufacture,
they have not ruled so high as to interfere with a full output
of textiles. This is, of course, a particularly gratifying
feature of the season of 1906-07, the same being true only
in lesser degree of the two preceding years. It almost seems
as if in the past few years the whole cotton-using world had
been gradually awakening to a realization of the greater
desirability of that staple over other materials for the many
purposes to which it has been employed. The effect of this
new impetus is seen to-day in the fears expressed that the
growing crop m ay prove too small or that capacity of manu­
facturing plants or supply of labor may be insufficient for
the prospective demand.
It is only a few years since
fears of another kind were expressed— that spindles were
being multiplied too rapidly or that the area of the staple
planted was being too largely increased.
There is in this cycle of rapidly increasing consumption
of cotton (which set in say in 1904) one source of extreme
satisfaction to those who have at heart the material pros­
perity of the South. And that is that the producer of the
staple is doing excellently well without the intervention of
the agitator— who has at times for his own speculative
purposes attempted to fix a price at which the Southern
planter shall sell. A class of individual has sprung up in the
South whose chief occupation has appeared to be to mis­
represent crop conditions. They were prominently in evi­
dence in 1904-05 with low estimates when the yield actually
was a record one and exceeded expectations; those individ­
uals loudly and persistently put forth figures for 1905-06
that were rediculously low and repeated the performance
in the season just closed. To this class of speculators prices
are never high enough or else low enough under w hat they
call the antiquated laws of supply and demand. Cotton
exchanges, the instruments through which the marketing
of the crop is mainly facilitated, are the pet aversion of the
same class— they are simply in league to mislead the Southern
planter. While the chief desire of the great body of traders
is that the producer should get the highest legitimate price
for his cotton, it has no sympathy with those who would
unduly advance prices b y the dissemination of false or mis­
leading reports, and subsequently depress values b y the
same means, all for their own gain.
To the manufacturers of cotton, the past season, as already
intimated, has been eminently satisfactory. Mills have
been well employed, and this despite the marked addition
to capacity of production through the starting up of new
factories and the augmentation of spindles and looms in
old establishments. In the United States there has on the
whole, as already said, been conspicuous freedom from
interruption to operations by strikes, although to some
extent it has not been possible to make full use of machinery
on account of lack of competent hands. Of labor differ­
ences there have been a few, but so unimportant (in all
their phases) as to be dismissed without comment. At
Fall River, the largest cotton manufacturing centre in the
country, and generally considered the barometer of the
industry, there have been periods of uncertainty due to
requests or demands for higher wages, but, owing to the
excellent conditions of trade, all difficulties have been amic­
ably adjusted, and the action there taken has inured to the
benefit of operatives in other sections of N ew England.
Mutterings of discontent over the wage question began to
be heard at Fall River in September, or barely two months
after the restoration of the wage scale to the basis in force
prior to July 25 1904. Things ran along thus until Novem ­
ber 12 when the opinion of the operatives settled upon a
demand for a further increase of ten per cent. This was
met b y an offer from the manufacturers of 5 per cent, making
an aggregate advance of 20 per cent in thirteen months.
The operatives, however, expressed determination to stand
out for a full 10-per-cent advance when at a meeting held
Novem ber 22 they decided unanimously to reject the com­
promise tendered and by a decisive ballot favored a strike.

564

THE CHRONICLE.

[V o l .

lxxxy.

cents per yard and were so quoted until early in October,
when an advance to 3J^ cents occured. B\r the 20th of
that month the price had risen to 3 % cents, in December
there wras a further advance to 4 cents and in early F eb ­
ruary demand was active at 4 y2 cents. May found the m ar­
ket firmly held at 4 9-16@45'g cents, with the volume of
transactions limited, however, owing to the scarcity of goods
available for prompt delivery; toward the close of the month
the quotations was marked up to 4 13-16 cents. In early
June there was a further advance to 4 % cents; a little later
the ruling price was 5 cents, and even at that figure no ap ­
preciable amount of spot goods could be secured. Since
that time prices have been largely, if not wholly, nominal,
in so far as they applied to goods for prompt delivery—
practically none were obtainable. To near the close of July
the quotation was 5 ^ @ 5 }4 cents, then it was 5 % cents,
and so the market ruled at the close of the season, but largely
nominal in the absence of any goods for sale for anything like
near-by delivery.
The one unsatisfactory development (if such it m ay be
called in view of the full absorption of production) in 1906-07
has been a marked decline in the aggregate volume of our
export trade in goods, the shipments to the country upon
which wre have chiefly relied to furnish an outlet for our
cotton textiles showing a phenomenal decrease. In the fiscal
year 1904-05 China took 474,909,510 yards and in 1905-06
exports to that country rose to 498,521,402 yards (a record
figure); but for the twelve months ended June 30 1907 the
total fell to 86,454,028 yards. On its face this would seem
to be a surprising result; but that is not necessarily so.
First, the enormous imports into China from Europe as well
as America in 1904-05 and 1905-06 are an important consid­
eration. Through those imports it has been maintained
that stocks of goods became excessive, a fact which is clearly
substantiated when the marked decrease in shipments from
Great Britain to China in 1906-07 is noted.
But while Great Britain’s shipments exhibit a loss of about
20%, the decline in the United States exports to China has
been over 82%. This practical stoppage in the outflow from
this country to China is no doubt due to the extremely active
consumption of cotton goods at home and consequent high
and advancing prices which have ruled here. These con­
ditions have virtually enforced our abandonment of that
field to Europe where goods for China ruled at a lower level.
Wage
Wage
Wage
Wage
p er cut. Y ear.
per c u t. ! Y ea r.
p er cut.
Y ea r.
per cut. Y ea r.
Passing to an analysis of our trade in cotton goods with
1877______ 19.00c. 1 8 8 8 ... . . 19.00c. 1898____ . 16.00c. 1905____ /17.32c.
118.00c.
1878______ 18.00c. 1 8 9 2 ... . /19.63c. 1899____ /18.00c.
other foreign countries, we still find, however, some cause
\21.00c.
\19.80c. 1906____ /18.00c.
1 8 8 0 ..
21.00c.
121.78c.
1 8 8 4 ..1 . . 18.50c. 1 8 9 3 ... . . 18.00c. 1 9 0 2 . . . . . 21.78c.
for satisfaction, even though the aggregate of exports has
1885______ 16.50c. 1 8 9 4 ... . . 16.00c. 1 9 0 3 1 ... . 19.80c. 1907____ /21.78c.
been only moderately greater than in the previous year.
123.96c.
1886......... 18.15c. 1 8 9 5 ... . . 18.00c. 1904____ . 17.32c.
From the foregoing it will be observed that the current South America has absorbed 51,737,034 yards during the
wage-scale is the highest in the period covered and, in fact, season under review', against 51,072,310 yards in 1905-06
without doubt establishes a record. As already stated, and 57,049,376 yards in 1904-05, and shipments to the W est
there have been disagreements with labor at other points Indies and Central America have reached 79,379,953 yards,
than Fall River during the season, but they have been of against 79,452,579 yards last year and 69,684,822 yards two
years ago. To the Philippines the exports have risen from
too little importance to warrant special mention.
W ith regard' to the market for cotton goods, it is not necess­ 15,957,161 yards in 1904-05 and 3,836,059 yards in 1905-06
ary to go extensively into details. W e repeat that trade has to 20,551,231 yards in 1906-07 and shipments to other
been very satisfactory in general throughout the year, pro­ Oceanica, Asia and Africa in the aggregate record an import­
duction being quite fully absorbed, and manufacturers have ant increase over earlier years. In the total of all countries
secured excellent results; the general trend of our replies the exports of goods reported b y quantity in 1906-07 reached
from manufacturers being that operations have been even / 326,340,329 yards and in the previous year 711,493,054
more profitable in the season just closed than in 1905-06. yards, or a decrease this jrear of 54%. In value, however,
Furthermore, mills as a rule are stated to be well under owing to the higher prices obtained, the comparison is some­
W e sub­
orders for some months ahead, with the outlook good for what more favorable, the loss reaching only 39%.
join a compilation showing the value of the cotton goods
further business, despite the restricted demand for China.
The printing cloth situation, in so far as it applies to Fall exports for each of the last three fiscal years and at the foot
R iver (and to Providence) has been especially satisfactory. of the table give the totals for each six months:
But their demands were acceded to the following day and
all danger of trouble was averted, the new scale going into
effect Novem ber 26, which restored wages to the level paid
prior to Novem ber 1903.
The new agreement entered into between manufacturers
and operatives was to run for six months; also provided
for a readjustment at the end of that time on the basis of
the margin between the cost of cotton and the selling prices
of print cloths in the interim. W ith the near approach of
the end of the period, calculations indicated that under
the provisions of the agreement operatives were entitled to
a further advance of 10 per cent. Proper adjustment of
the wage scale was therefore promptly made, taking effect
M ay 30, and a new contract (intended to be permanent in
character) was entered into, the essential features being an
adjustment of wages, based on the average margin for the
previous six months, to be made in May and November of
each year— 21.78 cents per cut to be the recognized standard
for a margin of 95 points, based on cost of 8 pounds of mid­
dling upland cotton and selling value of 45 yards of 2S-inch
64x64 printing cloths and 33.11 yards of 38x
/ i inch 64x64s.
W ages in all departments, other than weaving, were to be
adjusted on same basis, 23.96 cents per cut on a margin
of 115 points to be the maximum and 18 cents on a margin
of 723^ points to be the minimum rate for weaving. Three
month’s notice before the expiration of the existing six
month’s contract must be given by either party desiring
to make a change in the agreement. The margin at the
time of the adjustment gave to the operatives for the suc­
ceeding six months, or until Novem ber 1907, the maximum
rate. In August some friction arose over the length of cuts
other than of 64x64 regulars, but the difference was adjusted
towards the close of the month, the agreement on this point
providing that the recognized standard length of a 28-inch,
64x64, cut of print cloth shall be 47}^ yards, woven in an
ordinary 32-inch loom or less, any other length to be paid for
in proportion; that plain goods are to be paid a price pro­
portional to the wages earned on 28-inch, 4 7 ^ -y a rd cuts of
print cloths. The new agreement is to take effect beginning
Sept. 3. A s of interest in this connection we append a com­
pilation showing at a glance the course of wages at Fall
River the past thirty years, omitting years in which no
changes occurred.

It was estimated that on September 1 1906 the stock of
printing cloths in first hands at that point was practically
exhausted, with production under contract well into the
new season. Since that time machinery has been fully
employed and the output completely taken over, leaving
no stock on hand August 31; moreover, production for the
remaining months of 1907 is closely sold up and, according
to one of our most valued correspondents, over one-half
of the output for the year 1908 is already contracted for.
It is, furthermore, gratifying to note that the year’s pro­
duction has entered the channels of commerce at a higher
average price than ever before obtained, except possibly
during the Civil W a r period. A t the opening of the season
egular, or standard 64x64, printing cloths ruled at 3%




EXPO RTS

OF

D O M E S T IC

CO TTON
YEARS.
E xp o rts to—
1906-07.
E u r o p e .................................... -.$ 1 ,8 3 3 ,1 0 0
C an ada ........... - ........................
1,731,338
W est In d ies............. - ................ ..3,551,944
Central A m e r ic a .................... _...2,219,216
South A m e r i c a ............................3,542,028
Chinese E m p i r e . . ........... .......... ..5,933,678
A ll o th e r s .a ..................................13,494,108

M A N U F A C T U R E S — F IS C A L
1905-06.
$1,744,805
1,893,400
3,216,075
1,840,847
3,342,011
29,770,978
11,135,917

1904-05.
$1,289,253
1,521,291
2,692,030
1,692,453
3,660,996
27,889,738
10,920,319

T o t a l y e a r ..............................$32,305,412

$52,944,033

$49,666,080

F irst six m o n th s........................$18,432,779
Second six m on th s................... $13,872,633

$28,424,764
$24,519,269

$21,629,844
$28,036,236

a Inclu des In each y e a r valu e o f ex p o rts o f y a m , w aste, & c., n ot sta ted
b y countries.

The immediate future of the export branch of the cotton
goods trade, so far as aggregate volume of shipments is con­
cerned, is largely dependent upon developments in China
and prices for goods here. Recent advices from that country

565

THE CHRONICLE
are to the effect that there is still a somewhat redundant
supply of goods on hand. A t the close of 1904 the stock of
all kinds in Shanghai was approximately 2,593,775 pieces;
at the end of the succeeding year the total had risen to
10,195,723 pieces, and at the close of 1906 had been aug­
mented to 11,225,869 pieces, of which over half was of Ameri­
can make. It is also asserted that yarns were in excessive
supply on the latest date given, having been nearly twothirds greater than at the close of 1905. It seems highly
probable therefore that, until the large stocks are measurably
reduced, there is little prospect of any active demand for
new supplies from America. Our trade with countries other
than China noted above is showing gradual expansion, how­
ever, and this, in connection with the home demand, is keeping
machinery well employed, and manufacturers seem to be
well under orders for a considerable period ahead. Conse­
quently they are not at the moment worrying greatly over
the future.
The spinning capacity of the cotton mills of the United
States has been considerably augmented the past year.
While development has been principally at the South, there
has been more activity in this direction at the North than
for some time past. Replacing of old equipment b y modern
machinery, a regular practice in Northern factories, has
made much progress; in addition there has been this ye&r
a greater growth in the number of spindles than in any recent
similar period. A t the South, b y starting up new mills and
adding to the capacity of older establishments, the total of
spindles has continued to increase. Ourlatest investigations
disclose this fact conclusively, although, for reasons given
elsewhere in this review, the increased capacity is not fully
reflected in the volume of consumption. The usual state­
ment of spindles in the United States as compiled by us is
as follows:
S pind les—
1906-07.
N o r t h ............. .................... 16,200,000
South -------------------------- 9,924,245

1905-06.
15,600,000
9,181,207

1904-05.
15,325,000
8,747,810

1903-04.
15,250,000
7,963,866

T o t a l spin dles------------ 26,124,245

24,781,207

24,072,810

23,213,866

S O U T H E R N cotton mills have done exceedingly well,
although the full operation of all installed machinery has
been prevented by a lack of efficient labor. W e
are led to make this qualification owing to the nature of
m any of our replies. Mills, almost without exception,
report having run full time, but in many instances it is ex­
plained that part of the equipment has been idle for want of
hands to tend it. It is on that account therefore primarily
that the increase in consumption in 1906-07 is not materially
greater than our compilation indicates. The amount of
cotton consumed, however, exhibits a very satisfactory
gain over the previous season, and consequently makes a
new record for the South. Moreover, each year that elapses
brings the South closer to the North in the volume of raw
material turned into goods, leaving a presumption that it is
only a matter of time when the newer section with its
natural advantages will have attained supremacy, unless
general industrial growth should be checked through the
efforts obstructing railroad development.
Another problem the South has to face is that of labor.
W ith wages higher at the North, the competent mill hand
will naturally seek work there so long as it can be obtained.
Furthermore, while the trend of immigration continues
strong to the United States, the bulk of the arrivals is en­
tirely unskilled or undesirable for mill work. Moreover, the
new immigration law that went into effect July 1 tends to
interfere with the efforts the South had made and is making
to overcome its deficiency in labor. It is unfortunate that
when changes were introduced in the law they did not include
features that would aid in meeting the difficulties to be
overcome at the South and some other sections. Pro­
visions debarring the turbulent and obnoxious element that
comes here from parts of Southern Europe would doubtless
have received quite general approval. The United States
has an open door for the industrious; but there should be no
opening for the idle and vicious, who take the law entirely
into their own hands. The vendetta should be confined to
its birthplace.
Im portant additions to spindles in all leading centres of
the South are features of the season of 1906-07. A number
of new factories have begun operations, many others are
nearing completion, on still others work is well under w ay,




and there are, in addition, an imposing array of projected'
mills, some of which have passed the initial stages. A s
usual, the information furnished b y each mill covers spindles
and looms, active or idle during the seasbn, including addi­
tions made to old plants and new mills started; also the actual;
consumption for the year, the average count of yarn spun,
and complete details as to new mills, wherever projected or
already under construction, besides contemplated expansion
in existing factories. The aggregate of our detailed returns,
arranged b y States, is as follows. A ll establishments that
have been idle all the season and are not expected to resume
operations are excluded from the compilation:
Consumption.

Number 0/
Southern
Stales.

Spindles.
M ills
A live.

Looms
Running. Run.

286,626 265,694 7,603
Virginia
16
N . Carolina 260 2,640,633 2,555,454 47,055
So. Carolina 140 3,625,874 3,408,811 79,081
Georgia
126 1,708,554 1,594,757 31,791
Alabama
MississippiLouisiana _
T e x a s ____
Arkansas .
Tennessee Missouri __
Kentucky .

62
21
4
16
2
33
3
8
1

897,768 881,500 16,030
175,272 171,932 4,541
91,252
69,452 1,400
102,436
93,371
1,773
14,624
15,312
240
266,342 252,778 4,807
356
14,896
14,896
96,424
86,340
1,456
2,856
2,856
Indian Ter.
2

Totals
1906-07 694 9,924,245 9,412,465 196,133

Aver­
age
No.
Y arn.

Bales.

IA v’age
! N et
\Wel’ht

Pounds.

18M
19H
24
18^

70,9021479.65
727,820 472.47
695,682 476,75
538,597 475.10

34,007,946
343,874,502
331,665.173
255,885,992

18
19
13^
16
17
19
14
15
8

249,119:490.38
40,095491.68
16,1821474.56
43,713 497.46
3.9001497.44
68,971482.29
5.865489.44
25,230:487.22
706 520.00
300510.00

122,162,679
19,714,062
7,679,315
21,746.570
1,943,018
33,264,731
2,870.571
12,292,678
367,120
153,000

20

2,487,0ss|477.52 1,187.620,357

1905-06 667 9,181,207 8,762,589 186,948

19^ 2,398,404|476.63 1,143,160.680

1904-05 659 8,747,810 8,050,879 174,324

19

1903-04 628 7,963,866 7,387,358 162,345

2,203,4061480.24 1,058,159,131
I
19Vs 2,007,509475.11 953,774.158

1902-03 594 7,039,633 6,714,589 153,748

19H 2,049,902j479.85

983,649.984

1901-02 570 6,408,964 6,179,421 142,053

19

1,942,881[470.99

915,078,408

1900-01 531 5,819,835 5,473,883 122,902

19

1,667,0121472.90

788,335,696

1899-00 441 '4,540,515 4,270,759 105,990

18 & 1 ,599,947468.99

750,365,237

1898-99 414 3,987,735 3,832,201 95,701

18

1,400,0261467.44

654.435,025

1897-98 391 3,670,290 3,574,754 91,829
l& X 1,227,9391470.04 577,186,18G
-»
Note.— Much new machinery has been put in operation within the past lew
months, increasing the number of spindles appreciably without affecting consump­
tion to a material extent.
- EB

These returns denote that in almost every State the v o l­
ume of cotton consumed has increased, the greatest gain
over 1905-06 having been in North Carolina, which is now
the banner State of the South in number of mills and amount
of raw material turned into goods. The net result for the
season in all the Southern States is an augmentation of con­
sumption to the extent of 88,684 bales, or 44,465,677 pounds.
The reports at hand this season, when analyzed,reveal the
fact that 4 old mills, with 9,400 spindles, have ceased oper­
ations permanently, and 31 mills, running 149,856 spindles,,
have become active factors, giving a net gain of 27 mills,
or 136,456 spindles for the year. This, however, does not
comprise the full addition to capacity in 1906-07, for old
mills have increased their equipment by 606,572 spindles.
Consequently, the total net gain for the season has been
743,038 spindles.
The further extension of the cotton-manufacturing industry
at the South is evidenced b y the information we have re­
ceived bearing on that point. The tendency seems to be
fully as pronounced as heretofore, the recent profitable
nature of the industry having developed a desire in
various communities to have a cotton mill of their own..
W ithin the near future, therefore, if consumption continues
growing as in the recent past, considerable expansion should
be witnessed. Our advices indicate that 14 mills, containing
123,620 spindles, are quite sure to begin operations before
the first of January, and that b y the end of August next year
30 other mills, running 273,992 spindles, will be turning out
yarn or goods. Contemplated additions to old mills, more­
over, cover about 336,207 spindles, so that altogether the
prospective augmentation in capacity within the next twelve
months will reach 733,819 spindles, or a total approxim ately
the same as the addition in 1906-07. Moreover, there aremany buildings in process of construction in which cottonspinning machinery, it is said, will be installed, but concern­
ing which no very definite information can yet be obtained.
E U R O P E .— Instances are not wanting to show that an
important rise in values frequently checks demand, while
abnormally high prices invariably result in a largely decreased
consumption.
Better exception to the rule could hardly be found than
that exhibited by the cotton trade of Europe during the past

THE CHRONICLE
season. Its opening was marked b y a distinct pause in the
almost unlimited demand which had prevailed during the
preceding twelve months, but if impetus was needed it was
given by the disastrous storm over a wide area of the cotton
belt during the first days of October. Feared serious cur­
tailment of the record yield previously held out stimulated
the demand, and while prices rose rapidly the advance ap
peared well founded and was maintained, providing an in­
ducement for orders for forward delivery which increased
as advance upon advance gave highly remunerative returns;
and which, before the close of 1906, had practically absorbed
the output of European spindles for the entire season upon
a basis of profits, so far as spinners were concerned, which
eclipsed the so far record returns of 1905-06.
Unlike the two preceding seasons, Continental spinners
shared to the full in the great wave of prosperity, and a
marked tendency towards further expansion is noticeable
in the increase in spindles and looms in most Con­
tinental countries.
Trade expansion alone, however,
does not satisfactorily account for this season’s extra­
ordinary demand for the maximum output of both spindles
and looms.
Buyers generally, excepting, perhaps, those in the East,
who were handicapped in some measure by accumulated
stocks, being enabled by the almost unbroken series of ad­
vance in value to realize handsome profits, doubled and
trebled succeeding orders in anticipation, with the result
that while producers throughout the season have continued
to work with unprecedented margins, most of the important
distributing centres have become overstocked with goods
contracted for high prices. The effect of this overstocking
has already made itself felt amongst the manufacturers,
especially those of Great Britain, and while the mills gen­
erally are still largely under orders, the present position of
weavers is one from which resorts to short time are
already being made to relieve the pressure, and which, if
continued, must necessarily entail before long a reduced
output b y the spindles.
Good harvests throughout Europe and a flourishing state
of other great industries laid the foundation for a healthy
internal consumption, and the one setback experienced was
to the spring and summer trade in light and fancy goods in
the home markets, owing to the prolonged spell of wet, cold,
unseasonable weather, which has left unusually heavy stocks
of summer materials in retailers’ hands.
The tendency towards the spinning of the finer counts of
yarns is making rapid progress in Continental Europe, owing
to the vast improvements in machinery and in the skill of
the work people, and has had as a resulting factor a very
large increase in the demand for the better grades of American
cotton, the buying basis for which advanced until good mid­
dling American sold freely at over 8d. per l b ., the price in no
w ay seeming to deter the eagerness of buyers.
A noteworthy feature has also been the extraordinary
prices paid throughout the season for all descriptions of staple
cotton, prices which in many instances ranged from lOd. to
Is. per lb., and yet apparently left spinners sufficient margin
to declare the highest rates of dividend ever known, while at
the same time adding to their reserves.
The comparative scarcity of both high-grade and staple
cotton in a crop of such dimensions, attributable to the great
storm and wet weather in October and the relatively high
level of prices of Egyptian cotton, were responsible in a large
measure for the abnormal prices realized, though, as before
stated, the increase in the production of the higher counts
materially assisted.
The fourth International Cotton Congress of delegated
representatives of the Master Cotton Spinners & Manufac­
turers’ Association was held at Vienna during the last week
of May, when, in reviewing the year’s work, it was stated
that the Cotton Em ployers’ Association of Japan had joined
the federation, and b y harmonious working arrangements
with the Census Bureau of Washington actual returns were
now received from 160 million spindles, and these, coupled
with the figures supplied by the International Institute of
Agriculture regarding crops would prove of inestimable value
in counteracting attempts at the manipulation of prices by
cliques of speculators whose illegitimate operations were a
curse to the trade, and who “ toil not, neither do they spin.”
A paper was submitted by the British Cotton Growing Asso­




[V o l .

lxxxv

ciation urging the necessity for the development of new cotton
fields, as, in spite of what had already been done, Europe
was as much dependent to-day as ever upon America for her
supply of the raw material, and therefore at the mercy of
the climatic conditions prevailing over the cotton-growing
States.
The British Cotton Growing Association was in no w ay
relaxing its efforts, and while disappointments and diffi­
culties had to be overcome, the fact remained that the pro­
duction of cotton within the British Empire, although small
in amount, was increasing yearly b y nearly 100% and the
cotton grown was superior in both grade and staple to the
average American product.
In Northern Nigeria the British Government has autho­
rized the construction of 400 miles of railway between Baro
on the upper reaches of the Niger to Bida and thence by
Zariato Kano, and which will ultimately be connected at
Zungeru with the Southern line to Lagos, thus opening up
an immense country suitable to cotton growing which it is
believed will give a great impetus to the industry.
Great Britain.— A t the commencement of the season under
review the prospect for British spinners and manufacturers
appeared none too bright. There was a decided lack of
orders in Manchester, especially from Eastern markets,
where buyers with heavy stocks on hand viewed the falling
price of cotton with alarm, and appeared anything but eager
to place further orders for forward delivery. The home
trade, too, had slackened after a period of great activity,
and buyers were holding aloof in anticipation of record cotton
crops and lower prices. Both spinners and weavers were still
working full time, but with orders rapidly running out,
without being followed up by engagements for forward de­
li verj'’. Relief, however, came from the Continental markets,
where the still expanding boom in all the leading industries
led to a demand for yarn which Continental spindles were
totally inadequate to deal with, and which Lancashire mills
were called upon to a very large extent to supply.
Mainly owing to this demand, the prices of yarns were
well maintained, notwithstanding the decline in the raw
material, and when the advance in the latter, firmly main­
tained throughout the season, began, spinners were in a
position as regards margin rarely, if ever before, experienced,
and, as stimulated b y advancing prices and reduced crop
estimates, orders poured in from all quarters, doubts as to
the season’s profitable working were banished, and for the
third successive year the continued prosperity of the trade
of Lancashire was assured. While spinners secured engage­
ments extending over the whole season at huge profits,
the placing of so m any Continental orders for yarn entailed
much less profitable business for weavers, as, owing to
scarcity of yarns in Manchester, immediate delivery was
most difficult, if not impossible, to obtain at almost any
price, and when in March the operative W eavers’ Union de­
manded a 5% advance, the demand was met by a firm re­
fusal.
In April the Operative Spinners’ Association
added their demand for a like advance and a serious crisis
was threatened. On April 16 the masters finally refused to
concede any advance to the weavers on the ground that it
was uncalled for, owing to their less profitable returns, and
their decision was accepted.
Owing to the effect of the Brooklands agreement the
spinners’ application was not in order before the early part
of M ay and it was not until June 7 that further trouble affect­
ing some 150,000 hands was averted b y the employers
granting the 5% advance demanded.
The export of yarns and piece goods for the eleven months
ended July 31 (the August figures not yet being available),
as compared with the same period during the two preceding
seasons, was as follows:
1906-07.
Y a m s , pou nds....... .......... 203,100,000
P ie c e go o d s, y a r d s ____ 5,766,900,000

1905-06.
195,338,900
5 ,812.202,000

1904-05.
175,415,200
5,508,727,900

showing an increase in yam s of 7,761,100 pounds over last
year and of 27,684,800 pounds over 1904-05, while piece
goods show a decrease of 45,302,000 yards, as compared with
last year, but an increase of 258,172,100 yards over 1904-05.
W ith the high prices current at the close of the season there
was a considerable falling off in the volume of business,
buyers generally being disposed to act with caution pending
more definite information as to the prospects of supplies for
the coming season and bearing in mind the fact that for the

S e p t . 7 1907.]

time being the markets of the world are well supplied with
cotton goods.
The European Continent.— The cotton industry of the
Continent for the past season leaves little to be desired,
either as regards its rate of expansion or its financial returns.
Both spindles and looms have, almost without exception,
worked at high pressure throughout the entire year, while
the numbers at work show further increases, with a continued
tendency towards expansion. 'A pparen tly the only check
placed upon consumption has been b y the reduction of
working hours, owing to Government limits in several States;
but this has been offset to some extent by improvements in
machinery.
Generally good harvests and full employment in all
leading industries assured a healthy internal demand, while
the proportion of exports, as compared with the takings of
the home markets, was well maintained. In spite of high
prices, the increased takings b y consumers have consisted
chiefly of American cotton, although a very high rate of
consumption of East Indian has been maintained, the
increase in American being largely accounted for b y the
tendency to spin finer counts.
The improvement in the German cotton industry noted in
our previous review continued during the season just closed,
with the result that the volume of business done marks a
fresh record in the history of the industry. W ith an enor­
mous demand for yarns and cloths, mills were fully employed,
and both spinners and manufacturers worked at remunerative
prices. In consequence of the increased spending power of
the people, due to the good harvests and improvement in
trade generally, the home demand was always brisk and
goods readily absorbed.
The export demand, notwith­
standing foreign competition, was also remarkably good,
and if the fears entertained in so m any quarters that the
new commercial treaties would have a prejudicial effect on
the industry have not yet been realized, this is no proof
that they were not justified. It remains to be seen what
the effect will be when the absorbing power of the home
market diminishes.
In spite of the high prices of the raw material and the
fact that the work-people, on account of the increased cost
of living, demanded more wages, manufacturers have been
able to make big profits, as buyers willingly paid the higher
prices.
Continued efforts are being made to increase the cultiva­
tion of cotton in the German African colonies, and it is hoped
that by this cultivation considerable capital m ay be saved
to the benefit of German interests, which under present
circumstances goes abroad, and that the cultivation of cotton
will prove an inducement to intending emigrants to select
German colonies for their new home.
In Austria there has been a marked improvement in the
condition of the industry. W hile the home demand was
exceedingly brisk, consequent upon the greater prosperity
of the people, due to the splendid out-turn of the crops, the
export demand was also good, so that spinners and weavers
found a ready market for their productions at profitable
prices.
In France, after a long period of disappointments, there
has been witnessed a very gratifying revival in the condition
of the industry. The demand was unparalleled, a good
export demand was further augmented, as buyers gained
confidence in the stability of prices, by the demand from the
home markets, and as stocks had been reduced to a minimum,
owing to the restricted output of late years, spinners and
manufacturers were enabled to sell their production at very
remunerative prices.
In Russia, with the exception of the Lodz district, where
business was much interfered with b y strikes and labor dis­
putes, the condition of the industry has been very satisfactory.
W ith a big demand and shortage of finished goods on hand,
in consequence of former strikes and the curtailed production
of the Polish mills, spinners and manufacturers were able to
sell their output for months ahead at very high margins of
profit, prices so high that in spite of the heavy duty a con­
siderable amount of British yarn was imported.
In Holland and Belgium the condition of the industry has
again been excellent, with a continued good demand for both
home consumption and export; spinners and manufacturers
have done a large business on a profitable basis. The situa­
tion has been especially favorable for spinners, as with looms




567

THE CHRONICLE.

extending faster than spindles there was always a strong de­
mand for yam at full prices.
In Italy the industry has continued to make steady pro­
gress and a large business has been done at profitable prices.
Mills have increased in number, their output has augmented,
and while the home demand has been lively, the foreign trade
has been largely increased, with the result that exports of
piece goods considerably exceed the imports. A large quan­
tity of cotton goods is made b y home looms, which the
increase in the mills does not seem to have reduced, perhaps
because the goods made b y the hand looms in the homes of
the country people are supposed to be stronger than those
made b y the power looms.
In Spain the course of the industry has been only fairly
satisfactory. W an t of rain in the Peninsula has been the
main cause of the slow demand. A t the same time the high
price of the raw material made it almost impossible to secure
orders for the manufactured article on a paying basis.
In other cotton-consuming centres of the Continent the
results of trading have been very satisfactory, as, with a
sustained good demand, spinners and manufacturers, not­
withstanding the high price of the raw material, were able
to sell their production on very advantageous terms.
A s m ay be gathered from our detailed reports, Continental
spinners and manufacturers fu lly participated in the season’s
exceptional prosperity, and while at its close a lull in the
demand m ay be noted, there is yet little indication of the
turn of the tide.
The foregoing interesting and comprehensive review of
the spinning industry in Great Britain and on the Continent
in 1906-07 is furnished by Messrs. Ellison & Farrie of Liver­
pool. This, in conjunction with our remarks on the situ­
ation in the United States, given further above, pretty
thoroughly covers the countries of the world that take chief
important rank in cotton manufacturing.
The history of the w orld’s progress in cotton production
and manufacture would be incomplete, however, without
some reference to a number of other countries of lesser im­
portance as cotton spinners, but yet growing factors in the
industry. W e use official data in those cases so far as possi­
ble, and present below the results reached, giving (1) the
cotton consumption of each manufacturing country for a
period of four years and also the total annual and average
weekly consumption; (2) the world’s production of cotton
(commercial crops) for the same years and (3) the spindles
in all manufacturing countries as they stand to-day com­
pared with like results in former years.
India is of course the country next in importance to
Europe and the United States, and the mills there also show
increased consumption. Japan, likewise, has used more
cotton this season, its takings from India having been greater
than last season, while the absorption of supplies from the
United States exhibits a very decided increase.
For Mexico
and Canada we are forced to adopt the imports into each
country as a measure of consumption; in the case of the
former no recent statistics covering home yield or mill oper­
ations have been procurable, and Canada has no source of
supply but through imports. No data of value can be ob­
tained from China or Brazil. “ Other Countries,” therefore,
include exports of cotton from the United States and Europe
to localities other than those specifically mentioned in the
table; also the cotton burned at. sea. The compilation
subjoined consequently embraces substantially the entire
distribution or consumption (expressed in bales of 500 lbs.
net weight each) of the commercial cotton crops of the
world and the degree in which each country has participated.
T H E W O R L D ’S A N N U A L C O T T O N C O N S U M P T IO N .
1906-07.
1905-06.
1904-05.
1903-04.
Bales.
Bales.
Bales.
Bales.
3,900.000
3,774,000
3,620,000
3,017,000
5,460,000
5,252,000
5,148,000
5,148,000

C ountries—
G reat B r i t a i n ............. . . .
C o n t in e n t ____________ _

T o t a l E u r o p e ............... 9,360,000
U n ite d States— N o r t h . . . 2,575,000
“
— S o u t h .. . 2,375,000

9,026,000
2,439,993
2,286,235

8,768,000
2,193,937
2,116,318

8,165,000
2,000,954
1,907,548

T o t a l U n ite d S t a t e s . . . 4,950,000
E ast In d ie s _______________ 1,600,000
J a p a n ..................................
925,000
C a n a d a -_______ ___________
125,000
M ex ico ............. - ..............
640

4,726,228
1,530,000
873,576
119,000
14,000

4,310,255
1,473,327
755,085
130,000
70,000

3,908,502
1,367,916
692,706
88,534
55,500

T o t a l In d ia , & c ________ 2,650,640
O ther cou ntries, & c______
45,000

2,536,576
40,000

2,428,412
35,000

2,204,656
32,000

T o ta l w o r l d . . . ............. 17,005,640
A v e r a g e , w e e k ly __________
326,934

16,328,804
314,015

15,541,667
298,878

14,310,158
275,196

The world’s total consumption for 1906-07 it will be ob­
served, records an important gain over the total for a year

THE CHRONICLE.

Surplus from year’s crop 1,572,360
*668,251 2,402,389
Visible & Invisible stock—
Sept. 1 beginning year. 4,504,382 5,172,633 2,770,244
Sept. len d in g year____ 6,076,7424,504,382 5,172,633

£150,817

248,993

2,921,061
2,770,244

2,672,068
2,921,061

a Includes India’s exports to Europe, America and Japan and mill consumption
in India increased or decreased by excess or loss of stock at Bombay.
d Receipts Into Europe from Brazil, Smyrna, Peru, West Indies, &c., and Japan
and China cotton used in Japanese mills.
k Deficiency in the year’s new supply.

The above statement indicates in compact form the world’s
supply of cotton (not including Russia) in each of the four
years, the amount consumed, and also the extent to which
visible and invisible stocks were increased or diminished.
The addition to the spinning capacity of the world has,
as already stated, been quite marked the past season. The
greatest gain has been in Great Britain— 2,000,000 spindles—
and in the Southern division of the United States the in­
crease reaches 743,038 spindles, the aggregate now being
nearly ten million spindles. Our statement for the world is
as follows:

L iv e rp o o l.

d.
S ept. 30 ._ 5.68
O ct. 3 1 .. 5.81
N o v . 3 0 _ . 6.19
A verage]
S e p t. }• 5.89
N o v .)
D ec. 31 _ . 5.80
Jan. 31__ 5.87
F e b . 2 8 .. 6.14
A verage]
D e c. (• 5.94
Feb. J
M ch. 3 1 .. 5.97
A p r il 30__ 6.44
M a y 3 1 .. 7.40
A verage}
M c h . ^ 6.60
M ay J
June 3 0 .. 7.22
J u ly 3 1 ._ 7.23
A u g . 3 1 . . 7.46
A verage]
J u n e \ 7.30
Aug. j

ec w
d.
10
10 %
10 9-16

1905-06.

s
8
8
8

XI
O to

§§

d.
1
2
3

d.
5.71
5.77
6.17
5.88

10 5-16

8

2

10 5-16
10 5-16
10%

8
8
8

0 % 6.24
1 % 6.07
2
5.76

10 5-16

8 1 1-3 6.02

d.
8%
8%
9%

1904-05.
Sh irtin gs,
Per P iece.

1906-07.

M id . U p 'd
C otton.

T o ta l........ ..................18,578,000 15,660,553 17,944,056 14,159,341 14,726,687
Consumption, 52 w eeks..17,005,640 16,328,804 15,541,667 14,310,158 14,477,694

lxxxv.

They indicate that the export movement this season has
been 1,484,857,000 pounds, or 17,683,000 pounds more than
the previous record total of 1905-06 and 82,424,000 pounds
greater than in 1904-05.
To complete the year’s history of the cotton goods trade in
Great Britain we append data as to prices', the statement
covering the last three years.

S h irtin gs,
Per P ie ce .

W O R L D ’S P R O D U C T I O N O F C O T T O N .
1906-07.
1905-06.
1904-05.
1903-04. 1902-03.
Countries—
Bales.
Buies.
Bales.
Bales.
Bales.
United States................. .13.346,000 11,048,000 13,420,440 9,841,671 10,511,020
East Indies a . . ................ 3,482,000 2,983,370 2,952,72a- 2,734,400 2,737,577
Egypt ----------------------- 1,350,000 1,152,516
1,244,968 1,275,754 1,148,700
Brazil, &c. d ...................
400,000
476,667
325,928
307,516 329,390

[V o l .

S h irtin gs ,
Per P ie ce .

ago— 676,836 bales— and is 1,463,973 bales more than the
result for 1904-05. A ll the countries share to some extent
in the increase over 1905-06. The sources from which cotton
has been drawn in each of the last four years are stated in
the following table of the w orld’s commercial crops, in bales
of the uniform weight of 500 lbs. net each.

j M id . U p 'd
1 Cotton.

•568

o
8 *
COw

s
d.
d.
7 6% 5.80
7 6% 5.34
7 11
4.93

d.
9M
8%
8%

s
7
7
7

d.
7
7%
8

9

7

8

5.36

8 15-16 7

7%

9 7-16
9%
9%

7 11
7 11
7 11

3.77
3.78
4.14

7 13-16 7 2
7 7-16 6 11%
7 11-16 7 1

9%

7 11

3.90

7%

7

1

8
10%
10 13-16 8
8
11%

2% 6.07
4 % 6.04
6% 6.07

9 5-16
9%
9%

8
8
8

0
1
2

4.28
4.20
4.71

7 15-16 7
7 15-16 7
8%
7

2
3
4

10 15-16 8

4% 6.06

9%

8

1

4.40

8

7

3

11 11-16 8
11 9-16 8
11 11-16 8

6.14 9 Vs
7
6% 5.99 10
6% 5.41 9 %

8%
9%
9M

7 6%
7 10
7 9

9 1-16

7

11%

8 6 2-3 5.85

8 2 % 5.34
8 2
6.09
7 11
5.90

9 13-16 8

1

5.78

8%

W e now add a brief summary b y months of the course of
the Manchester goods market during the season closing with
N U M B E R O F S P IN D L E S I N T H E W O R L D .
Aug. 31 1907 and also of the Liverpool cotton market in
1907.
1906.
1905.
1904.
1903.
the same form for the same period. These summaries have
Great B rlta la ......... 52,000,000 50,000,000 48,500,000 47,500,000 47,200,000
Continent_____ . . . . 35,800,000 35,500,000 35,000,000 34,600,000 34,300,000
been prepared for this occasion with our usual care, and the
Total Europe____ 87,800,000
85,500,000 83,500,000 82,100,000 81,500,000 details will, we think, prove an interesting and serviceable
United States—
record for reference.
N o rth _____ _____ 16,000,000
15,600,000 15,325,000 15,250,000 15,200,000
S E P T E M B E R .— Manchester.— The leading and at the
S ou th ...... ........... 9,924,245
9,181,207
8,747,810
7,963,866
7,039,633
same time very surprising feature of the cotton goods trade
Total U . S . . . — 25,924,245 24,781,207 24,072,810 23,213,866 22,239,633
East In d ie s ........... 5,400,000
5,293,834
5,163,486
5,118,121
5,043,297 in September was the decided shortage in the supplies of
J a p a n . . . . . . . ........
1,609,119
1,450,949
1,387,846
1,349,074
1,379,966 yarn.
A year previous the condition was conspicuously the
C h in a .................
650,000
625,000
619,648
610,000
600,000
other w ay, there being almost a glut of yarn. In the
Total India. & c._ 7,659,119
7,275,949
7,170,980
7,077,195
7,023,263 interim, moreover, between three and four million spindles
800,000
775,000
750,000
716,000
700,000
Canada .......... .
had been put in operation, and yet weavers were unable to
Mexico
........
700,000
675,000
675,000
650,000
610,000
obtain material in desired quantities. The steady demand
Total other..........
1,500,000
1,450,000
1,425,000
1,366,000
1,310,000
from abroad, resulting in an unprecedented annual volume
Total world _ .......... 122.883,364 119,007,156 116,168,790 113,757,061 112,072,896
of exports, only furnished a partial explanation for the appar­
For Great Britain and the Continent we use estimates
ently anomalous position of spinners; the chief reason for
furnished us b y Mr. Ellison, and revise previous years’
the shortage was to be found in the great addition to the
statements from the facts we have gathered. The results
number of looms operated— greater proportionately than the
for the United States are our own figures. India’s totals are
spindle increase. The stiffness in the price of yarns and
from the official report of the Bom bay Mill-owners Associa­
consequent relative high cost of cloths served to restrict
tion, as far as received, and Japan’s aggregates are officially
transactions in the latter materially during the month. A
communicated. China s figures are compiled from consular
fair business for India and China was in evidence, improving
reports, arid for Canada and Mexico the aggregates are now in
toward the close, but accounts from Shanghai were not en­
part approximated.
couraging and the outlook in Manchuria was said to be
The cotton goods trade of Great Britain with foreign
doubtful. Operations for other markets were carried on
countries, as represented b y the volume of exports, has, in
with caution, but distribution to the home trade was about
common with the United States, felt the effect of the re­
normal. Yarns in small lots for early delivery were in good
stricted demand from China; but notwithstanding that
demand. Yarns and goods exports from Great Britain (all
adverse factor, the outward movement of goods has been
reduced to pounds) aggregated 111,780,000 lbs., against
greater than in the previous year, and therefore makes a new
119,461,000 lbs. in September 1905; Mr. Ellison estimated
record season. Transactions for India have run a little behind
the consumption for the month at 74,000 bales of 500 lbs.
the preceding year, but with that exception, and China,
each per week in Great Britain and 103,000 bales of like
as noted above, demand from about all directions has been
weight on the Continent. Liverpool.— The market for the
very good. In any event, spinners and weavers have been
raw material was almost wholly influenced by reports from
kept quite fully employed all the season and some are under
America. Advices denoting deterioration in the crop were
engagement for a number of months to come. The statement
generally current, but were not thus early considered of
of exports (reduced to pounds) b y quarters for the last two
enough importance to radically advance prices. The trend
seasons is subjoined. These years end with September 30,
of the market was upward, of course, but in American cotton
and consequently the last two months of the fourth quarter
netted only a moderate gain on the month— one-third of a
of the current season are estimated on the basis of the July
penny. Middling uplands opened at 5.35d., dropped to
movement. Three ciphers are omitted.
5.31d. on the 3d, then gradually rose to 5.63d. by the 14th.
G R E A T B R I T A I N ’S C O T TO N GOODS E X P O R T S F O R T W O Y E A R S .
Fluctuations were frequent subsequently, but gave a further
-------------1906-1907---------------------------1905-1906-----------gain of only 5 points— the close being at 5.68d.
Yarns aPlece Goods. Total. Yarns aPlece Goods. Total.
(900'* omitted.)
Pounds. Yards.
Pounds. Pounds. Yards.
Pounds.
O C T O B E R .— Manchester.— Various circumstances served
1st quar.—O ct.-Dec____ 58,414 1,512,579
353,303 62,910 1,593,637
371,710
2d quar.— Jan.-Mch . . . 60,635 1,617,626
375,419 61,872 1,639,019
379,633 to keep transactions in the cotton goods market in October
Not the least important of these
3d Quar.— A pr .-Ju n e... 66,436 1,518,215
361,135 56,244 1,477,685
342,187 within moderate bounds.
4thquar.— July-Sept.b.. 70,000 1,700,000
395,000 57,381 1,632,012
373,644
was the considerable advance in the price of the raw material
T o t a l . . . . ................. .255,485 6,348,420 1,484,857 238,407 6,342,353 1,467,174
in the face of a rapidly increasing visible supply and fairly
a Including thread, b Estimated for the quarter on the July movement.
optimistic views as to the ultimate outturn of the crop’in the
The totals in pounds in the above compilation are as com­ United States. On the whole, however, bookings continued
puted b y us, but are believed to be approximately correct. generally good, but manufacturers were much handica; p;i




S e p t . 7 1907.]

THE CHRONICLE.

in trying to meet the views of buyers b y the firmness in yarns,
which were in restricted supply. In consequence many
offers, otherwise very acceptable, had to be refused. Con­
siderable business in specialties was done for Calcutta, and
dealings for Bom bay and Kurrachee were of good volume,
but for Madras the demand was quiet. Japan was an active
buyer of fine goods, but trade for China slow. Other Far
Eastern markets did a little. Renewed buying for Chili was
in evidence, with other South American outlets quiet. The
home trade was fair at the higher quotations. The outward
movement of yarns and goods from Great Britain reached
an aggregate of 118,657,000 lbs., compared with 120,698,000
lbs. in October 1905. The average weekly rate of consump­
tion in Great Britain was estimated the same as in September,
but Mr. Ellison advanced the rate on the Continent to
105,000 bales. Liverpool.— In the market for the raw ma­
terial there were two distinct price movements having for
their basis the crop advices from America. For the first
half of the month the trend was quite steadily and strongly
upward; thereafter the movement was almost as decidedly
in the opposite direction, the net result being an advance of
13 points. Middling uplands opened at 5.77d., a gain of 9
points over the September close, and on the 15th, after daily
changes, stood at 6.59d. The downward course set in on
the 16th, received a temporary check from the 22d to the
24th, then continued to the close, which was at 5.8Id.
N O V E M B E R .— Manchester.— The volume of business in
the cotton goods market was, as in the previous month, of
moderate proportions. A fair inquiry for cloth was in evi­
dence in the earlier days, but the aggregate of sales was
rather disappointing and business suffered a noticeable cur­
tailment in the last fortnight, trade being materially checked
by the advance in prices. Demand for India was below
the normal, although Calcutta business was fair at times, and
Madras did relatively more than in October, notwithstanding
failures, which were a disturbing factor. Inquiry for other
Eastern markets was quiet, on the whole, but more was
looked for later on from China. Home trade demand was
moderate. Manufacturers complained of the stiffness in the
prices of yarn and the comparatively high value as compared
with goods, causing an appreciable narrowing of their margin
of profit. On the other hand, spinners were considerably
inconvenienced by inability or difficulty in securing the
higher grades of cotton in sufficient quantity. A t the same
time, and speaking broadly, the position of spinners was
exceptionally strong; there was an urgent demand for their
whole product and they were, and had been for some months,
enjoying an era of prosperity greater than in a number of
years. Exports of yam s and goods from Great Britain
aggregated 117,287,000 lbs., against 122,368,000 lbs. in
Novem ber 1905. Estimates of consumption were un­
changed. Liverpool.— The downward course of prices for the
raw material, which was a feature of the last half of October,
continued during the first half of November. Opening at
5.86d. middling uplands eased off day b y day until 5.64d.
was reached on the 13th. Bullish advices from abroad then
became a controlling factor and prices advanced quite
rapidly, the loss previously recorded being recovered by the
16th. The next eleven days witnessed a net gain of 36 points,
the ruling quotation of the 27th being 6.21d., from which
there was a slight decline, the close being at^e.lOd.
D E C E M B E R .— Manchester.— The cotton goods market in
December furnished no features of moment. To a consider­
able extent trading was of a semi-holiday character and no
special activity was displayed in any branches. A t times
the demand for goods for India was fair, and toward the close
more inquiry from China was reported; but generally, busi­
ness was along strictly conservative lines, with the aggregate
■of transactions rather below normal. Manufacturers well
fortified with orders on old accounts held firmly to ruling
quotations, while others were disposed to make concessions,
bu t merchants as a rule were holding out for even greater
reductions than there was inclination to grant. A moder­
ately active business in yarns was reported early, but subse­
quently the market turned dull and stock began to accumu­
late.
sa isfactory feature of the year 1906 was the showing
made by the mills in Lancashire. Over a hundred made
public the financial results of operations and the aggregate
profitjreached £692,342, or an average of £6,657 per mill, all
.estabUshm nts participating. This exhibit, while not quite
so favorable as that for 1905, was decidedly good, especially
when com ared with 1904 or earlier years. Yarns and




569

goods exports from Great Britain reached 117,355,000 lbs.,
against 128,643,000 lbs. in December 1905. Mr. Ellison
advanced the estimated weekly rate of consumption in Great
Britain to 75,000 bales, but made no change for the Continent.
Liverpool.— The market for the raw material was largely
under the influence of advices from America during the
month and the full movement of the crop was not without
effect. Although not steadily so, the general course of
prices was downward, with some recovery at the close. Mid­
dling uplands opened at 6.16d. and had reached 5.60d. by
the 19th. The subsequent upturn carried the quotation
back to 5.80d. at the close, a net loss for the month of 39
points.
J A N U A R Y . — Manchester.— W hile not especially active,
business in the cotton goods market in the opening month of
the new year was of encouraging volume. The reduction of
the Bank of England rate of discount to 5% was a, distinctly
favorable development of the month, the higher rate proving
disadvantageous to traders generally. Although the re­
duced exports to the East during the latter part of 1906
wTere taken as indicative of glutted markets, the cotton trade
both in Great Britain and on the Continent continued to
flourish. Furthermore, such evidence of overstocking as was
current was considered rather unconvincing. The year
opened with a fair to good demand for cloth from many
quarters, especially China, and advices denoted that, while
stocks at Shanghai were still large, there had latterly been
considerable improvement in trade conditions. Calcutta
was a steady buyer, but from other sections of India the in­
quiry was light or moderate. Toward the close of the month
demand slackened somewhat, but the outlook for the future
was looked upon as favorable generally. The strength of
the ijiarket rested in considerable measure upon the Con­
tinental demand for yarns, and home manufacturers were in
some instances considerably embarrassed through difficulty
in obtaining supplies for early delivery. Shipments of
yarns and goods from Great Britain were 129,879,000 lbs.,
against 131,610,000 lbs. in January 1906. The estimated
weekly rate of consumption was continued as in December.
Liverpool.— There was no definite tendency to the course of
prices in the market for the raw material. The full move­
ment of the American crop was calculated to check any rising
movement, and the good demand from spinners acted as a
bar to a decline. The market, therefore, fluctuated within
narrow limits, middling uplands opening at 5.81d., advanc­
ing to 6.07d. on the 7th, dropping to 5.82d. on the 17th and
closing at 5.87d., price changes having been of almost daily
occurrence.
F E B R U A R Y . — Manchester.— A conspicuous feature in
the cotton goods market in February was the considerable
advance in Egyptian cotton and yarns made therefrom.
American yarns continued to maintain a strong position, yet
without any material price changes, but quotations for
Egyptian varieties moved up rapidly and at the close of the
month ruled higher than at any time in over a quarter of a
century. And at the higher level of values a large demand
was reported. In cloths the transactions reached a quite
satisfactory aggregate. Business for China was below ex­
pectations, but a very good trade was done with India as a
wrhole. A glut of stock checked buying for some, South
American markets, but for others there was a steady call for
goods in moderate parcels. From Continental Europe and
British Colonies there was a fair demand, and the home trade
purchased moderately. The outward movement of yarns
and goods from Great Britain aggregated 116,522,000 lbs.,
against 115,422,000 lbs. in the corresponding month of 1906.
Mr. Ellison again advanced his estimate of weekly consump­
tion in Great Britain, placing it at 76,000 bales. Liverpool.—
The continued heavy movement of the United States crop
was a factor in the market for raw cotton during the month,
in the sense that it prevented any material advance in prices
of the American staple. But there Was nevertheless an
upward tendency to quotations, the month’s fluctuations re­
sulting in a net advance of 27 points. Middling uplands
ruled at 5.87d. at the opening, stood at 6.1 Id . on the 7th,
and again on the 9th. From that level there was a drop to
5.94d. b y the 20th, but an improvement set in the follow­
ing day, carrying the price up to 6.14d. at the close.
M A R C H .— Manchester.— There was rather less doing in
March in the cotton goods market than for some months pre­
viously. The raw material tended downward, but not to
such an extent as to disturb values of the manufactured
products, but there was a natural resistance on the part
of buyers to the rather high prices, which in many cases it
was impossible to overcome. The cloth market opened with
a fair inquiry from many quarters, but China business was
of disappointing volume and the demand from India moder­
ate. The aggregate turnover for the month, moreover, w as
below the normal of recent preceding months. A fairly
good business in yarns was in evidence early, but later the
market eased off, closing quiet. A n incident of the m onth
was the application by weavers for a 5% increase in wages,
but, after a conference on March 19, consideration of the
subject was deferred four weeks— until April 16. It was
claimed by the operatives, in justification of the request ( >
the increase, that the using of inferior yarns had largely nulii
fied the advance granted in May 1906. ' Shipments of yar t
and goods from Great Britain reached a total of 129,018,0)
lbs., compared with 132,801,000 lbs. for March 1906, Tn
estimated weekly rate of consumption continued as in Febru­

THE CHRONICLE.




lxxxv.

the 24th. From that level there was a gradual recovery on
poor reports from Texas, and the close was at 7.22d.
J U L Y .— Manchester.— The volume of transactions in the
cotton goods market in July was of disappointing propor­
tions. Manufacturers found it very difficult to do business
on a basis of prices which the ruling cost of cotton seemed to
warrant, and slight concessions did not serve to stimulate
trade. The policy of stopping looms for an extra fortnight,
adopted by weavers, had the effect of weakening the yarn
market, but not to a sufficient extent to be of any appre­
ciable benefit to manufacturers in general, while to some it
was a distinct disadvantage, in that it dela}red the comple­
tion of pressing orders. On the whole, the month was the
least satisfactory in some time in the goods trade, and, while
at the close some manufacturers were still quite well under
engagement, others, and by far the majority, were complain­
ing of lack of orders. India trade was slow, but for China
a slight revival of buying was witnessed, indicating that the
congestion of goods in that country had been somewhat re­
lieved. Demand for other Eastern markets was quiet and
the same condition prevailed in home-trade circles. Inquiry
for South America and the Continent was rather better than
from other quarters. Exports of yarns and goods from Great
Britain reached a total of 148,926,000 lbs., against 130,485,000 lbs. in July 1906. The average weekly rate of consump­
tion continued as estimated for the previous month. Liver­
pool.— The market for the raw mate ial ruled rather quiet,
trade being comparatively light, and while fluctuations in
prices were frequent, the net changes for the month was but
1 point advance. Middling uplands opened at 7.22d.,
and, under the stimulus of the Government report, which
made the condition of the crop in the United States lower
than expected, there was an advance to 7.42d. on the 3d;
Thereafter, to the 19th, the tendency of the market was gen­
erally downward, the drop culminating at 7.06d. The sub­
sequent trend of prices, however, was mainly upward, with
the close at 7 .23d.
A U G U S T .— Manchester.— The cotton goods market was
devoid of any noteworthy features during August. On
the wrhole, trade was quiet, displaying in some departments
even less animation than in July, and prices of yarns, in sym­
pathy with easier cotton, declined moderately. The month
opened with a fairly good inquiry from India in evidence
and a slightly better demand for China, but later and quite
generally business was quiet, with the month’s aggregate of
transactions much below the normal of preceding months.
Altogether, as a result of the slack trade of the month, not­
withstanding the holiday stoppage of machinery, manufac­
turers lost further ground in the matter of volume of orders
ahead. Liverpool.— The U . S. Department of Agriculture’s
report of Aug. 2, which made the average condition of the
crop well below general expectations, had a stimulating
effect on prices for the raw material early, but the improve­
ment was soon lost and closing prices were slightly below the
opening.
Middling uplands ruled at 7.26d. on the 1st and
advanced to 7.43d. by the 12th. From that level there was
a quite steady drop, day by day, until 7.23d. was reached
on the 21st. A reaction then occurred, carrying the quota­
tion up to 7.49d. on the 28th. A drop of three points the
following day was regained on the 30th, and the final quota­
tion of the season was 7.46d., against 5.4Id. at the end of
the previous season.
W e now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world’s annual ponsumption already presented, and the total of all. These figures
are not the takings of the mills, but the actual consumption,
and are in all cases expressed in bales of 500 pounds. The
figures in the table cover the years from 1884-85 to 1906-07,
inclusive, and are given in thousands of bales.
*9

467
504
569
617
697
791

A v . 6 y ’rs
1890-91
1891-92
1892-93
1893-94
1894-95
1895-96

...
...
...
. ._
...
...

7,444
8,120
8,505
8,891
9,267
9,795

100
120
130
140
150
160

2,986

3,002

5,988

1,564

377

1,941

607

3,631 7,015
3,619 6,800
3,661 6,527
3,827 7,060
4,030 7,280
4,160 7,436

1,810
1,944
1,872
1,593
1,940
1,711

557 2,367
632 2,576
679 2,551
671 2,264
803 2,743
861 2,572

924
914
918
959
1,074
1,105

99
150
200
192
286
363

106
125
195
105
160
129

3,821

1,812

700

2,512

983

215

120 10,849

4,368 7,592 1,776
4,628 8,060 1,808
4,784 8,303 2,244
4,576 7,910 2,355
4,576 7,845 2,150
4,836 8,089 2,207

962
1,154
1,309
1,501
1,577
1,830

2,738
2,962
3,553
3,856
3,727
4,037

1,004
1,141
1,314
1,139
1,060
1,384

414
534
703
711
632
726

132 11,880
191 12.888
142 14,015
157 13,773
152 13,416
179:14,415

1,389 3,478

1,174

620

159! 13.398

1,967
1,907
2,116
2,286
2,375

1,364
1,368
1,474
1,530
1,600

567
693
755
874
925

199 14,478
176 14.310
235 15,542
173 16,329
171 j 17,006

3,224
3,432
3,519
3,334
3,269
3,253

A v . 6 y ’ rs 3,339
1902-03 . . .
1903-04 . . .
1904-05...
1905-06* . .
1906-07*..

£

Total.

3,384
3,181
2,866
3,233
3,250
3,276

A v . 6 y ’rs 3,198
1896-97 . . .
1897-98 . . .
1898-99 . . .
1899-00 . . .
1900-01 . . .
1901-02 . . .

Total.

241 1,527
310 1,822
361 1,939
400 2,024
444 2,148
503 2,185

1South.

1,286
1,512
1,578
1,624
1,704
1,682

|North.

2,746 2,604 5,350
2,902 2,772 5,674
2,955 2,912 5,867
3,073 3,037 6,110
3,016 3,256 6,272
3,227 3,432 6,659

Total.

1884-85...
1885-86 . . .
1886-87 . . .
1887-88 . . .
1888-89 . . .
1889-90 . . .

All Others.

United States.

500-26 .bales
OOOsomlUed

Japan.

Europe.
Conti­
nent.

ary. Liverpool.— During the early days of the month, under
the stimulus of a rather active demand for cotton, prices ad­
vanced 10 points, Middling uplands being quoted at 6.24d.
on the 8th. Subsequently the tendency was downward,
the weakness of the American stock markets and fears of
financial troubles assisting. The low point of the month
was reached on the 19th, with the quotation at 5.93d., but,
although there was a recovery to 6.01d. on the 22d, the price
again eased off, the close being at 5.97d., or a loss of 17 points
from the final quotation for February.
A P R I L . — Manchester.— Business in the cotton goods mar­
ket was comparatively quiet, but as unfilled engagements,
especially for yarns, were still heavy, no uneasiness developed.
The demand for goods from all directions was below the aver­
age of recent months. India was a light buyer, China and
Japan did hardly anything, and for other foreign markets
nothing was reported. A t the same time prices for both
goods and yarns were advancing, the rise following the up­
ward trend of the raw material. A matter of discussion dur­
ing the month was the probable action of the Masters’ Fed­
eration on the appeal for an all-round 5% increase in wages,
which was to be made about the middle of May. It was
stated that the masters were mainly concerned in making
some arrangement by which the advance, if accorded, might
be withdrawn in periods of less remunerative trade. The
advance of 5% requested by weavers in March was definitely
refused on April 16, on the ground that the high prices for
j^arns left too small a margin of profit. Yarns and goods
shipments from Great Britain reached 125,275,000 lbs.,
against 107,749,000 lbs. in April 1906. Mr. Ellison advanced
his estimated weekly rate of consumption in Great Britain to
77.000 bales per week. Liverpool.— The reduced movement
of the American crop having disposed of the exaggerated
estimates of probable ultimate outturn, the market for the
raw material took an upward trend with the opening of the
month. Middling uplands, which was quoted at 5.90d. on
April 2, advanced quite steadily until 6.37d. was reached on
the 20th. A slight recession then occurred, but by the 27th
the quotation had risen to 6.46d., from which level there was
a drop of 2 points, the close being at 6.44d.
M A Y .— Manchester.— The market for cotton goods was
adversely affected during May by the greatly augmented
cost of the raw material. For without doubt the higher
prices for yarns and cloth that necessarily followed the
advance in cotton materially restricted business. Moreover,
there was considerable complaint of the unsatisfactory rela­
tions between yarn and cloth, manufacturers contending
that at ruling quotations spinners were reaping much the
greater share of the profits, and that active future trade
depended largely upon some equitable adjustment. Spin­
ners, however, continued to firmly maintain prices, and some
manufacturers, owing to the slackening of trade due to the
great disparity between their quotations and the offers re­
ceived, were beginning to consider a resort to short time.
The wage question continued a live feature, but develop­
ments were, on the whole, favorable. A n interesting event
of the month was the International Cotton Congress' at
Vienna, at which many important subjects were discussed.
Shipments of yarns and goods from Great Britain aggregated
129.179.000 lbs., compared with 131,061,000 lbs. in the
month last year. Consumption was estimated the same as
in the preceding month. Liverpool.— The upward trend in
the value of the raw material which developed in April,
continued during May with increased force. A t the very
outset— on May 1— there was an advance of 12 points in
middling upland and with but rare and unimportant setbacks
the price rose day b y day, the close being at 7.40d., or nearly
Id . higher than the final April quotations.
J U N E .— Manchester.— Business in the cotton goods trade
was rather quiet during the month, belief amounting almost
to conviction that the price of the raw material was too high
and that, consequently, quotations for goods were upon an
erroneous basis, interfering with transactions. Demand
from all quarters was below normal and from some countries
distinctly light, notably from China. Yarns, however, were
very firmly held. The inability of manufacturers to secure
supplies of yarn upon a basis permitting a fair working profit
caused some uneasiness and as engagements had become much
reduced, curtailment of production was being considered.
In fact some looms were stopped and it was believed that
the pursuing of a policy of gradual curtailment would force
a reduction in prices of yarns. The important event of the
month was the conference between operatives, spinners and
the Masters’ Federation, which culminated in a conceding of
the requested 5% increase in wages. In the weaving section,
however, no advance was accorded, as financial results did
not justify it. While, as stated, transactions for the month
were below normal, it was not considered that there was
cause for any uneasiness for the future, as a good general
demand was looked for in the fall. Yarns and goods exports
from Great Britain aggregated 106,591,000 lbs. as compared
with 103,376,000 lbs. in June 1906. Mr. Ellison advanced
his estimate of weekly consumption in Great Britain to
78.000 bales, continuing the Continental rates as for­
merly. Liverpool.— News from America was the controlling
factor in the market for the raw material. Middling uplands
opened the month at 7.30d. and on reports of unfavorable
condition of the crop advanced to 7.52d. by the 6th. More
satisfactory advices and restricted trade then stimulated a
downward course that was not finally arrested until the
price had eased off to 6.95d., which point was reached on

[V o l .

Great
Britain.

570

3,185
3,017
3,620
3,774
3,900

4,628

7,019

7,967

2,089

5,148 8,333 2,048
5,148 8,165 2,001
5,148 8,768 2,194
5,252 9,026 2,440
5,460 9,360 2.575

4,015
3,908
4,310
4,726
4,950

134

8,670
10,511
10,565
10,291
10,580
11,543
11,605

♦Figures of European consumption for 1905-00 and 1906-07 will probably be
changed slightly by Mr. Ellison in his October Annual.

Another general table which we have compiled of late years
is needed in connection with the foregoing to furnish a com­
prehensive idea of the extent and the expansion of this
industry. It discloses the world’s cotton supply and the
sources of it. The special points we have sought to illus­
trate by the statements are, first, the relative contribution
to the world’s raw material by the United States and by
other sources, and, second, to follow its distribution. Be­
ginning with 1896-97, the figures of visible supply include
Alexandria and Bom bay stocks.
W O R L D 'S S U P P L Y A N D D IS T R IB U T IO N O F CO TTO N .

500-11).
bales.

Visible
and
Invisible
Supply
Begin­
ning of
Year.

1884-85... 1.550.000
1885-86.. 1,343,000;
1886-87... 1.441.000
1887-88... 1,473,000|
1888-89... 1.291.000
1889-90... 1.119.000
Average
6 years _
.
1890-91... 1.077.000
1891-92... 1.742.000
1892-93... ,2,818,000
1893-94... 2.258.000
1894-95... 2.128.000
1895-96... 3.203.000
Average
6 years. ............

Crops.
United
States.

571

THE CHRONICLE

S e p t . 7 1907.]

Total
Actual.
I Consump­
tion.

A ll
Others.

7.237.000
8,218,000;
8,537,000!
8.709.000
9.095.000
9.753.000

W ith these explanations, nothing further is needed to
make plain the following statement of the movement over­
land for the year ending A ug. 31 1907.

\Balance of Supply.
End of Year.

1906-07.
A m o u n t shipped—
V ia S t. Louis
..

Visible.
5,136, 000 2, 101,000
5,984, 000 2, 234.000
5,960, 000 2, 577.000
6,400, 000 2, 309.0001
6,463, 000 2, 632.000
6,820, 0002, 933.000

Second— Of deducting from gross overland all cotton
shipped by rail from Southren outports to the North.
Third— Of deducting also from overland any amounts
taken from Southern outports for Southern consumption.
Fourth— Of deducting likewise arrivals b y railroads at
N ew York, Boston, Baltimore and Philadelphia, all of
which have been counted in the receipts from week to week
during the year.

7,444,000;
8,120,000!
8,505,000;
8,891,000
9,267,000
9,795,000!

In ­
visible.

984.000
968.000
999.000
772.000
682.000
846,000

359.000
473.000
474.000
519.000
437.000
231.000

6,127,000:2,464,000; 8,591,000! 8,670,000
8,137,000 3,039,000 11,176,00010,511,000!l,315,000 427.000
8,640,000 3,001,000; 11,641,000i 10,565,00012,310,000 508.000
6,435,0003,296,000 9,731,000 10,291.0001,903,000
355.000
7,136,000 3,314,00010,450,00010,580,000 1,792,000 336.000
9,640,000 2,978,000 12,618,000 11,543,000;2,185,000 1,018,000
6,912,000 3,421,000 10,333,000 11,605,000 1,231,000 700.000

________ __________ Bales

V ia o th er r o u t e s ___________________ _______
S hipped to m ills, n ot Included a b o v e . ___

1902-03... 2,672,06810,511,020 4,215,661 14,726,687 14,477,694 1,177,6771,743,384
1903-04... ‘ ,921,061 9,841,671 4,317,67014,159,341 14,310,1581,085,237 1,735,007
1904-05... 2.770,244 13,420,440 4,524,000 17,944,056 15,541,667 2,501,4692,671,164
1905-06... 5,172,633 11.048.0004,612,55315.660,553 16,328,8041,702,4852,801,897
1906-07...; 1,504,382 13.346,000 5,232,000 18,578,000 17,005,6402,215,497j3,861,245
T o Illustrate the preceding, take the last season, 1906-07, and the results would
be as follows:
Supply— Visible and Invisible stock beginning o f year_____________ bales. 4.504,382
Total crop during year................................................................ 18,578,000
Total supply— bales of 500 lb s ........... .................................... 23,082,382
Distribution— Total consumption, &c____________________ __________ ____ 17,005,640
Leaving visible stock_____________________________2,215,497
Leaving invisible stock__________________________ 3,861,245
Total visible and Invisible stock at end of year__________ 6,076,742

1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1890
1889
1888
1887

T otal Y ie ld .

07...........
0 6 ...........
0 5 . .........
0 4 . .........
03_______
0 2 . .........
0 1 ..........
00_______
9 9 . .........
98...........
97_______
9 6 _______
95...........
94_______
9 3 ...........
9 2 . .........
9 1 . .........
9 0 ...........
8 9 ...........
8 8 ____

Change Irom season o f ’ 87-’ 88 to ’ 06-’ 0 7 .

Increase and Decrease.

249,t)48

335,655

985,593 1,234.215

a Th is to ta l Includes shipm ents to Canada, b y ra il, w hich d u rin g 1906-07
am ou n ted to 122,000 bales, and are ded u cted in th e sta tem en t o f consum p­
tio n .

C R O P D E T A I L S .— W e now proceed to give the details
of the entire crop for two years.
L O U IS IA N A .
-1905-06-------- 1906-07E x p o rted from N e w Orleans:
T o fo reign p o rts_______ ’._______ 2,072,387
1,569,606
T o coastw ise p o rts____________
173,269
104.485
T o Sou thern ports, & c., b y
r iv e r and rail _a______________
34,081
10.428
M anufactu red a ---------------------17,006
17,919
_______
B u rn t_____________________________
S to ck a t close o f y e a r ---------------31,964— 2,328,707
ll 5,273— 1,717,711
Deduct— ■
R e c e iv e d from M o b ile ________
14,101
20,110
R e c e iv e d fro m N e w Y o r k . __
111
1,003
R e c e iv e d from L iv e r p o o l, & c .
2,251
12
43,444—
64,569
S to ck beginn in g o f y e a r--------15,273—
31,736
1.653,142

2,296,971

TEXAS.
-------- 1906-07-------- ----------- 1905 06-------E x p o rte d from G alveston , & c.:
T o fo reign ports (e x cep t M exi c o ) . . ................... ..............
3,481,071
2,237,716
T o M ex ico , fro m G alveston ,
Corpus Christi, & c __________
582
11,257
T o coastw ise p o r t s .a __________ 665,621
576,129
B u r n t__________________________
_______
S tock at close o f y e a r ---------------38,637— 4,185,911
52,318— 2,877,420
D educt—
R e c e iv e d from N e w Y o r k , & c .
36,997
107
S tock beginn in g o f y e a r--------52,318—
89,315
70,186—
70,293
T o ta l m o vem en t fo r y e a r _______

4,096.596

O f C rop .

O f Overland.

P e r Cent.

P e rC en t

Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase

20.41
16.51
33.89
6.07
0.53
2.64
10.44
15.99
0.48
28.31
21.66
27.60
31.43
12.06
25.68
4.43
18.35
5.46
1.18
7.74

Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
Increase
Decrease
Increase
Decrease
Decrease
Increase
Increase
Decrease
Increase
Increase

38.11
21.35
40.07
22.06
14.19
5.49
1.28
12.98
7.83
47.90
7.72
36.25
48.64
2.84
28.32
8.06
16.58
2.12
1.27
11.59

Increase

93.09

Increase

18.24

First— Of counting each bale of cotton at the Southern
©utport where it first appears.

2,807.127

a Coastw ise ex p o rts in clu de 709 bales sh ipped in lan d.
ALABAM A.
-------- 1906-07-------- ----------- 1905-06-------E x p o rte d from M obile: a
T o foreign p o rts ------------------T o coastw ise p o rts____________
B u r n t. ________________________
S tock a t close o f y e a r____________
Deduct—
R ec eip ts fro m P en sacola, & c .
S to ck beginn in g o f y e a r ______

163,225
98,513
40
2,877—
_______
4,355—

T o t a l m o vem en t fo r y e a r _______

In determining this year the portion of the crop forwarded
b y each of the different overland routes, we have followed
our usual methods—




667,079
333,680
53,139
104,699
61.395
349,224
654

a In overla n d w e h ave ded u cted these tw o item s.

O V E R L A N D .— The movement of cotton via the overland
routes shows a greater ratio of increase in 1906-07 than does
the total crop. Or, stated concisely , the increase in the com­
mercial crop is only 20.41% , whereas the gain in the gross
movement overland has been 38.11%; that is to say, the vol­
ume of cotton moved by the all-rail routes this season reaches
12.58% of the aggregate crop, against but 10.91% in the
year immediately preceding. As regards the 1906-07 over­
land movement, all the routes except those via Louisville and
Cincinnati share in the augmentation exhibited. The gain
via St. Louis is conspicuously heavy, reaching over 48% .
The Illinois Central road records an increase in its cotton
tonnage of 8% over the preceding season, and the Rock
Island system has carried nearly twice as much cotton as in
1905-06. The movement to the Pacific seaboard has in­
creased materially, Japan having taken through Western
seaports of the United States a much greater supply than in
the previous year. To indicate the relation the gross over­
land movement bears to the total yield in each of the last
twenty years, we append the following:

C ro p o f—•

376.647

L e a v in g to ta l n et o v e r la n d .a ___________ 1,328,505

T o t a l m o vem en t fo r y e a r_______

O V E R L A N D CROP M O VEM ENT.

548,976
202,290
45,094
103,209
58,654
275,715
703

1904-05.

T o ta l gross o v e rla n d _____________________ 1,705,152 1,234,641 1,569.870
D educt shipments—
146,396
194,929
O verla n d to N e w Y o r k , Boston,, & c_______
168,868
74,240
24,438
B etw een in te rio r tow n s, & c ________________
104,322
1,814
G a lvesto n , inland and local m ills _______
709
467
30,093
N e w Orleans, inland and local m ills_______
51,087
28,347
7,726
M o b ile, inland and local m ills .
___ __
14,957
5,857
10,317
6,165
7,830
S avan n ah , in lan d and local m ills__________
4,922
Charleston, in lan d and lo ca l m ills________
11,263
21,187
4,940
2,988
N o rth C arolina p orts, inland and local m ills
4,317
11,113
V irg in ia ports, in lan d and lo ca l m ills______
10,807
lljjp i
T o t a l to be d e d u c te d -________ __________

7,817,000|3,175,000:10,992,000:10,849,OOOj ____

1896-97... tl ,931,000 8,435,868 3,438,000 11,873,868 11,880,332 1,295,636 628,000
1897-98... ,923,636 10,890,000 3,316,290 14,206,290 12,888,768 1,905,158 1,336,000
1898-99 . i. 241,158 11,078,0003,694,934 14,772,934 14,014,7282,371,364 1,628,000
1899-00... 3,999,364 9,137,000 3,092,897 12,229,89713,772,7721,071,4891,385,000
1900-01... 2,456,48910,218,0003,414,454 13,632,454 13,415,916 1,549,027 1,124,000
1901-02... 2,673,027 10,380,380 4,033,569 14,413,949 14,414,908 1,306,068 1,366,000
Average
6 years.
......... |10,023,207 3.498,358 13,521,565 13,397,911 .............................

G ross,
Overland.

825,254
218,618
85,230
90,995
55,867
427,916
1,272

V ia R o c k I s l a n d ____________________________

1905-06.

139,954
109,422
264,655
4,355
260,300

4,355—
3,381—

253,731
3,381
250.350

a U n d er th e head o f coastw ise shipm ents fro m M o b ile are in clu ded 10,358
bales sh ipped inland b y rail fo r co nsum ption , & c., w h ic h , w ith consum p­
tio n , are d ed u cted in th e o verla n d m o vem en t.
G E O R G IA .
-------- 1906-07-------- ----------- 1905 06-------E x p o rte d fro m S avan n ah T o foreign ports— U plan d
915.791
947,556
T o foreign ports— Sea Is la n d .
11,136
19,199
T o coastw ise p o rts—
U p la n d .a ......... ......................
527,197
521,305
Sea I s l a n d .a . ..................... ..
23,666
45,669
E x p o rte d fro m B ru nsw ick, & c.:
T o foreign p o r t s _______________
141,940
148,551
T o coastw ise p o rts____________
21,778
32,848
B u rn t_____________________________
S tock a t close o f ye a r—
U p la n d ___________ ______ _______
8,319
17,692
Sea Is la n d ........... ......................662— 1,650,489
1,176— 1,733 996
D educt—R e c e iv e d from Charleston, &c.
586
5,972
R e c e iv e d from F lo rid a —
U p l a n d . b ___________________
S tock beginn in g o f y e a r—
17,692
28,549
U p l a n d . . - ............... - ............
Sea Is la n d .............................. 1,176—
19,454
2,329—
36,850
T o ta l m o vem en t fo r y e a r _______

1,631,035

1,697,146

a T h e am ounts sh ipped in lan d and taken fo r consum ption are d ed u cted
in o verla n d .
b T h ere w ere no receipts a t Savannah b y w a te r fro m th e F lo rid a o u tp o rts
this season; bu t .17,000 bales from in te rio r o f F lo rid a w ere re ceived a t
S avan n ah b y rail.

THE CHRONICLE.

572
F L O R ID A .
-------- 1906-07E x p o rte d from Pen sa cola , & c .:a
T o fo reign p o rts --------- ------ 155,791
T o coastw ise p o rts — ___________
8,239
167,939
S to ck a t close o f y e a r — _ - ___
3,909
D educt—5,794
R e c e iv e d fro m M o b ile _______
S to ck begin n in g o f y e a r ____
4,104—

-1905-06176,961
18,700
4,104-

199,765

8,805
7,808-

16,613

SO U TH C A R O L IN A .
-------- 1906-07—
E x p o rte d fro m Charleston:
T o fo reig n ports— U p l a n d ___
T o fo reig n ports— Sea Is la n d T o coastw ise p o rts—
U p la n d .a -------------------------Sea I s l a n d . - . - ______________
E x p o rte d coastwise —
F rom G eorgetow n , & c ________
B u rn t_______________ ___________
S to ck a t close o f ye a r—
U p la n d __________________________
Sea Is la n d ___ - __________ - ___ _
D e lu c t —
R e c e iv e d fro m S avan n ah , & c.:
U p la n d ----------------------------Sea Is la n d ___________________
S tock beginn in g o f y e a r—•
U p l a n d _______________ ______
Sea Is la n d _______ ____________

9,900

21,393
---------

153,507
13,782

120,665
8,012
1,270
_______
53—

3,265
154,658

3,443
21-

------- _____ _
21—

3,443
3,464

4 132
91—

4,272
177,671

151,194

T o t a l m o vem en t fo r y e a r .

a In clu d ed in this item are 11,263 bales, th e am ou nt ta k en b y local
m ills and shipped to in te rio r, all o f w h ich is ded u cted in o verla n d .
NO RTH

C A R O L IN A .

-------- 1906-07—
E x p o rte d fro m W ilm in g to n :
T o fo reig n p o rts _______________
317,507
T o coastw ise D o rtS -a -______ - 1,291
C oastw ise fro m W a s h in gto n , & c .
70,500
M a n u factu red _______ ____________
3,635
B u r n t_____________________________
_______
S to ck a t close o f y e a r ___________
553— 393,486
D educt—
R e c e iv e d fro m S a va n n a h ------S to ck b eg in n in g o f y e a r — ____
314—
314

314—

403,548
2,790
400,758

515.46
511.37
516.10
507.86
508.55
504.90
510.25
503.69
513.14
506.88
503.08
502.03
507.38
497.98'499.85
498.78
499.84
496.13
485.35.
486.02
485.40
481.21
482.86
490.60
475.62
485.88
481.55
473.08
4S0.15

W e give below a table compiled from the returns of exports
of cotton goods from the United States as reported by the
Bureau of Statistics. The figures are for the last three fiscal
years and are presented in a form which enables the reader
to see at a glance the variations from year to year in the vol­
ume of goods sent to the various quarters of the globe.
It will be observed that the 1907 total, reaching only $32,305,412, is below that for 1906 b y $20,638,621 and is $17,
360,668 less than that for 1905.

70,500

74,809

T o ta l-..326,340,329 32,305,412 711,493,054 52,944,033 694,500,715 49,666,080-

27,189
644,313

6,140
34,244
8,832
9,652—

666,193

1,720
9,928—

87,203

7,183
19,586
2,510
9,995
9,928—

720,704

7,017
15,543—

100,583

578,990

620,121

a In clu des 1,975 bales shipped to th e In terio r, w h ic h , w ith 8,832 bales
ta k en fo r m a n u fa ctu re, are ded u cted In overla n d .
TEN NESSEE.

&c.

-1906-07—
S h ipm ents—
T o m an u facturers d irect— net
o v e r la n d ----------.1,328,505
T o N e w Y o r k , B o sto n , <Scc., b y
168,868
r a i l __________
T o t a l m a rk eted fro m Tennessee,
& c .a ------------ ----------- ------ —

1,497,373

985,593
146,396
1,131,989

a E x c e p t 60,044 bales ded u cted in o v erla n d , p revio u s ly cou nted.
T o t a l p rodu ct d eta iled in th e fo re g o in g b y S tates fo r th e ye a r
en d in g S ep tem b er 1 1907------------------------------------------- ba les.11,063,672
Consum ed in the S ou th, n ot in clu d ed -------------------------------------- 2.4S7.088
T o t a l crop fo r th e U . S. fo r y e a r en din g S ept. 1 1907------bales.13,550,760

Below we give the total crop each year since 1876:
Bales. I Years.
Bales. | Y ears.
B ales.
550,76011896-97......... ..8 714,011,1886-87______ 6 ,513,623
319,860| 1895-96_______7,162,473 1885-86
,550,215
556,841,11894-95_____ _9,892,766 1884-85_______5 ,669,021
123,686! 1893-94_____ _7,527,211 1883-84_______5 ,714,052
,758,326 11892-93.____ _6,717,142 1882-83_______6 ,992,234
701,45311891-92_______9,038,707 1881-82_______5 ,435 845
425,14111890-91_______8,655,518 1880-81......... ..6 ,589,329
439,559! 1889-90_______7,313,726 1879-80_______5 ,757,397
235,383:1888-89_______6,935,082 1878-79...........5 .073,531
180,960|1887-88......... ..7,017,707 1877-78_______4 ,811,265

W eight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison.
Year ending September 1 1907.

Year ending September 1 1906.

N umber
of Bales.

Number 1 Weight in
o1 Bales. ! Pounds.

Weight In
Pounds.

Avge.
Wght.

Avge.
Wght.

4,096,596 2,184,059,191 533.14 2,807,127 1,481,517,417 527.77
2,296,971 1,195,532,336 520.49 1,653,142 850,558,090 514.51
250,350
130,787,847 522.42
260,300 136,529,953 524.51
1,789,076 900,066,245 503.09 1,880,298 946,918,073 503.60
151,194
88,430,410 497.72
75,043,630 496.34
177,671
578,990 287,179,040 496.00
620,121 308,342,765 497.23
393,172
400,758 199,325,006 497.37
193,283,355 491.60
3,984,461 2,013,148,920 505.25 3,530,393 1,782,848,465 505.00

Total crop____ 13,550,760 6,984,842,670 515.46; 11,319,860 5,788,728,073 511.37




6,984,842,670
5,788,728,073
6,996,731,233
5,141 ,417,938
5,471,143,917
5,403,210,514
5,319,314,434
4,754,629,038
5,765,320,339
5,667,372,051
4,383,819,971
3,595,775,534
5,019,439,687
3,748,422,352
3,357,588,631
4,508,324,405
4,326,400,045
3,628,520,834
3,437,408,499
3 406,068,167
3,165,745,081
3,179,456,091
2,727,967,317
2,759,047,941
3,430,546,794
2,585,686,378
3,201,546,730
2,772,448,480
2,400,205,525
2,309,908,907

3,214

9,093
598,232

T o t a m o v e m e n t fo r y e a r .

a Including Florida.

......................................
____________________
.
_______ __
._ . . . .
____ ___________
...

13,550,760
11,319,860
13.556,841
10,123,686
10,758,326
10,701,453
10,425,141
9,439,559
11,235,383
11,180,960
8,714,011
7,162,473
9,892,766
7,527,211
6,717,142
9.038.707
8,655,518
7,313,726
6,935,082
7.017.707
6,513,623
6,550,215
5,669,021
5,714,052
6,992,234
5,435,845
6,589 329
5,757,397
5,073,531
4,811,265

A verage
W eight,
per bale.

5,055

-------- 1906-07-------- ------------- 1905-06--------

Georgia.a_______
South Carolina..
Virginia ________
North Carolina..
Tennessee, &c___

. _ .........................
- _ .
____ __ . .
_____________ _______
_______ _______
___________
______
- - - - - - ___ __
.
......... ................ ......- - - _____ ______
______ .
________
____________________ - .
____ ___________________
_____________ ________
___ __ ______________ .
______ __
- -.
- . . ___________ ______
_____________________
____ _______ _______
- - . . . . . _______ ................. ............
._
- ____ ______ - . . .
- . _____ ___________
___ . . . _____ . . .
. . ________ ___________
_ . . . - - ___________
_____________ . . . . . .

W eight, P ou n d s .

E X P O R T S OF CO TTO N M A N U F A C TU R E S .
-1905Years end-------------- 191
Tul. value.airuj June 30
1
Yards
Yards
S
To—
Yards.
5,269,308 1,289,253
5,398,249 1,744,805
Europe___ 4,331,784 1,833,100
9,005.106 1,521,291
9,988,015 1,893,400
Canada -- 8,530,059 1,731,338
Cent.Amer 30,233,138 2,219,216 27,746,701 1,840,847 27,354,937 1.692,453
W . Indies. 49,146,815 3,551,944 51,696,878 3,216,075 42,329,885 2.692,030
So. Am er. 51,737,034 3,542,028 51,072,310 3,342,011 57,049,370 3,660,996
China____ 86,454,028 5,933,678 498,521,402 29,770,978 474,909,510 27,889,738
Other Asia
& O’nica 83,273,512 5,456,359 56,253,823 4,156,091 69,053,660 4,800,835
A frica____ 9,827,574
696,993
8,129,391
742,489
6,209,806
553,27a
All others. 2,806,385 d7,340,756
2,686,285 d6,237,337
3,319,127 d5,566,205

V IR G IN IA .

L o u is ia n a ______

1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
1886-87
1885-86
1884-85
1883-84
1882-83
1881-82
1880-81
1879-80
1878-79
1877-78

N o . of Bales.

Export Movement of Cotton Goods from United States.

a O f these shipm ents, 682 bales w en t in lan d b y ra il from W ilm in g to n
and w ith lo ca l consum ption are ded u cted in o verla n d .

E x p o rte d fro m N o rfo lk :
T o fo reign p o rts _______________
T o coastw ise ports .a —
E x p . fro m N e w p o r t N e w s , <Scc.:
T o fo reig n p o rts ____ __________
T o coastw ise p o rts --------B u r n t_________
. ______ ______
T a k en fo r m a n u fa ctu re. —
._
S to ck end o f ye ar, N o r f o lk ------D ed u ct—
R e c e iv e d fro m M obile, & c ___
R e c e iv e d from N o rth Carolina
p o r t s . . ___
.
. . .
R e c e iv e d a t N e w p o r t N e w s ,
& c ., fro m N o r fo lk , & c____
S to ck begin n in g o f y e a r ------

Season of—

-1905-06320,083
3,938
74,809
4,404

393,172
T o t a l m o vem en t fo r y e a r _______ _________ 393,172

Movement
Through—

According to the foregoing, the average gross weight per
bale this season was 515.46 lbs., against 511.37 in 1905-06,
or 4.09 lbs. more than last year. H ad , therefore, only as
many pounds been put into each bale as during the previous
season, the crop would have aggregated 13,659,078 bales.
The relation of the gross weights this year to previous year3
m ay be seen from the following comparison.
C rop .

a Th ese figures represent this ye a r, as h ereto fo re, o n ly th e shipm ents
fro m th e F lo rid a ou t ports.
F lo rid a c o tto n has also gon e in lan d to S a v an n ah ,
& c., bu t w e h ave fo llo w e d our usual custom o f cou n tin g th a t c o tto n a t the
ou tports where it firs t appears.

Years.
1906-07______13
1905-06......... 11
1904-05______13
1903-04______10
1902-03______10
1901-02......... 10
1900-01......... 10
1899-00______9
1898-99_____ 11
1897-98......... 11

lxxxv.

183,152

158,041

T o t a l m o v e m e n t fo r y e a r _ _ .

[V o l .

a Includes values of manufactures not stated in yards.
d Includes values of exports of yarn, waste, &c.

N ew Crop and Its Marketing.
That the cotton crop now maturing has undergone a most
radical change since we issued our acreage report in June
last, cannot be denied. A t that time it was not only more
backward than usual, but the condition of the plant was
admittedly quite below the average. In our acreage report
we stated in effect that, as a result of the unfavorable
weather, the spring planting had been delayed and develop­
ment of the plant had been checked or prevented: and as a
consequence the crop was probably as late in point of m a­
turity as any since we began our investigations, with condi­
tion below the average. Confirmation of this was found at
the time in the June report of the Department of Agriculture,
which made condition on May 25 the lowest in thirty-five
years.
Further indication of backwardness was the time of
appearance of first bales and the aggregate volume o f new
cotton brought into sight down to the close of August.
In fact the only point about the crop that did not seem to
be involved in doubt in June was the matter of area. There
was, of course, considerable divergence of opinion as to the
extent to which planting had been augmented, but that there
had been an increase was quite generally believed. O ur
own investigations made the addition to the previous year’s,
area 4.82%, giving for this season a record area, and we have
found no reason since to question the substantial accuracy
of that conclusion.
In point of maturity the crop has probably undergone n o
appreciable change since our June report was issued, but in
other respects the situation, as intimated above, is materially
different. The more favorable weather of the past three
months has worked a considerable improvement in the plant
in several respects, so that condition now, while not as high
as in some years at this date, is better than the average,and
therefore decidedly more satisfactory than had been generally
looked for. Moreover, at this time there is no section, except
in portions of Texas, in which the prospect for a good yield
from the area planted is considered doubtful. A s a rule the
gloomy forebodings of June have been supplanted by a hope­
ful outlook almost everywhere; the only complaints worthy
of notice having to do with drought and boll-weevils in Texas,
the latter being mainly anticipatory. On the whole, there­
fore, we are permitted to conclude that the promise at the
moment is for a good yield of cotton with normal conditions

•of weather from now on and a late frost. This year, as in
so many other years, it is foolish to venture estimates of the
yield until after killing frost has occurred.
From the foregoing and the data given below, each reader
-can draw his own conclusions, making such modifications
.as future developments may appear to require. The sub­
joined compilation shows at a glance and for a series of years
the acreage, aggregate yield and product per acre, as made
up b y us, and the condition percentages Sept. 1 (Aug. 25)
•as reported by the Department of Agriculture:

1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-0?
1900-01
1899-00
1898-99
1897-98

A re a ,
A cres.
________________ 33,079,425
....... _ .............. .31,557,242
. . . . . . . ...2 8 ,8 0 8 ,4 1 5
____________ ..3 2,363 ,690
____ ______ __
28,995,784

Y ie ld ,
Bales.

P ro d u c t
per acre.
P ou n d s .

C on d ition
S e p t. 1.

13,550,760
11,319,860
13,556,841
10,123,686
10,758,326
10,701,453
10,425,141
9,439,559
11,235,383
11,180,960

211
192
207
170
192
186
193
189
240
237

78.3
72.1
84.1
81.2
64.0
71.4
68.2
68.5
79.8
78.3

___

________________ 27,874,105
..........................26,534,000
_____ ________ 24,175,000
________
. . .23,175,000
.....
______23,029,000

__

_

1903

1904.

V ir g in ia —
N o rfo lk
A u g . 27
S ept. 3 A u g. 11
N o . C a r .—
C h a r lo t t e ------ A u g . 29 A u g . 14 A u g . 28 A u g . —
W ilm in g to n . . A u g . 31 A u g . 15 A u g . 25 A u g . 26
S o . C a r .—
C h a rle s to n ___ A u g . 20 A u g . 2 A u g . 21 A u g. 15
■Greenwood— A u g . 27 A u g. 13 A u g. 31 A u g . 27
Georgia-—
A u g u s t a _____ A u g . 16 A u g . 2 A u g. 13 A u g . 3
Savannah—
F ro m G a — A u g. 14 J u ly 23 A u g . 4 J u ly 23
F rom F la . . A u g . 26 A u g. 11 A u g . 26 J u ly 27
A u g. 3 J u ly 22
A lb a n y ______ A u g. 7
C olu m b u s------ A u g. 20 A u g- 2 A u g. 28 A u g . 23
A labania—
M o n tg o m ery . A u g. 14 Ju ly 30 A u g . 24 Ju ly 24
M o b ile . . . . . . A u g. 12 A u g . 6 A u g. 24 A u g . 14
S e lm a ___ _____ A u g . 15 J u ly 27i A u g. 28 A u g. 12
E u f a u la ______ A u g . 20 A u g . 6 A u g . 14 A u g . 15
L o u is ia n a —
N ew O rlean s—
F rom Texa.s A u g . 13 J u ly 21 A u g. — J u ly
5
“ M is s .V a l. A u g. 16 J u ly 31 A u g. — A u g . 13
S h r e v e p o rt___ J u ly 11 A u g . 8 A u g . 18 A u g . 9
M is s is s ip p i—
V ic k s b u r g ___ A u g. 23 A u g. 2
Aug:. 25
Au g. 1
C o lu m b u s ___
Au g. —
___ A u g.
G r 28
e e nAvuigl l.e 13 S ept. 3 A u g . 26
Arkansas—
L it t le R o c k . . A u g. 17 A u g . 14 A u g . 28 A u g . 31
H elen a . . . ___ A u g. 26 A u g. 9 S e p t. 1 A u g . 27
Tennessee—
M e m p h is ____ A u g . 16 A u g. 11 A u g. 29 A u g . 25
Texas—
G a lv e s to n ____ J u ly 24 J u ly
2 J u ly 18 June 16
C am ­
San P a ­ San P a ­ Z apata
W h e re
f r o m ___ \ tric io C. tricio C. C ou nty. eron Co.
1 A u g. 7 J u ly 20
H o u s t o n ____ June 22 J u ly
M ed ’na
W h e re
1 D u val San P a ­
fro m _ - _ i C ou nty. tricio C.
C ou nty.
In d . T e r.—A rd m o r e ______ A u g . 14 rA u g.12 A u g . 26 A u g 17
O klahom a—
G u th r ie _______
sAug.24 S ept. 5

1905.

F L O R ID A .
-------- 1906-07-----R e c ’ts a t S avan n ah , & c ._ b a le s -17,000
R ec eip ts a t N e w Y o r k , & c ------6,411-

140
5,400
4,787
X2 75
10,281
19,000
1,649
3,426
1,046
2.925
1,244
8,856
430
c400
79
18
259
56,363

T o t a l all ports to
S ep tem b er 1______ 53,628 116,578

1903.

A u g . 30 A u g . 30

8,044

T o ta l Sea Islan d crop o f the
U n ited S t a t e s ________________

56,108

S u p p ly year ending
Sep t. 1 1907.
P o rts of—
Stock
S ep . 1 N e t
1906. crop .

A u g. 18 A u g. 28 A u g. 30
A u g. 5 A u g. 16 A u g . 23
A u g. 17 A u g . 27 ________
J u ly 31 A u g .

7 A u g.

2

J u ly 21 A u g . 2 J u ly 23
A u g. 8 A u g . 18 A u g. 19
J u ly 20
A u g. 3
Au g. 3 Au g. 6 A u g.
A u g. 3 A u g . 16 A u g.
A u g . 7, A u g . 9 A u g .
J u ly 29 A u g . 15 A u g .
J u ly 14 J u ly
A u g . 20 A u g .
A u g. 17

13,712

21
21
20
21

South C a rolin a .
G e o rg ia ________
F lo rid a _______
N e w Y o r k ____
B o s t o n ________
B a ltim o re ______

21 8,044
1,176 24,653
23,411

T o t a l___ _____

1,197 56,108

How
D is trib u te d .

O f which
E xported to-—

T ota l
F o r'g n
Ex­
Stock L ea vin g
T o ta l Sep. 1 fo r D is ­ Great H avre, ports.
A c.
supply. 1907. tr ib u te . B r it 'in
8,065
25,829
23,411

57.305

8,012
25,167
23,411

53
662

8",514

2,622 1,1,136

5’,024
275
1,387

1,985

56,590 15,200

715

"682

7,009
275
2,069

5,289 20,489

From the foregoing we see that the total growth of Sea
Island this year is 56,108 bales, and with the stock at the
beginning of the year (1,197 bales) we have the following as
the total supply and distribution:

7
9 ________
A u g. 8

Th is y e a r’s c r o p ____________________________________________________ b a le s .56,108
S to ck S eptem b er 1 1906________________________________ __________1.197

A u g . 22 A u g . 25 A u g . 28
A u g . 25 A u g . 15 A u g . 28
eAug.24 A u g . 16 A u g . 28

T o ta l y e a r’s s u p p ly----------------------------------------------------- ...b a le s .5 7 ,3 0 5
D istribu ted as follows—
E x p o rte d to fo reig n p o rts _______________________________ bales.20,489
S tock end o f y e a r ________________________________________________
715— 21,204

A u g. 30 A u g r 27 A u 8. 28
A u g . 29 A u g . 28 A u g . 27

L e a v in g fo r consum ption in U n ite d S ta tes-----------------------bales.36,10 1

A u g. 24 A u g . 18 A u g. 22
June 27 J u ly
5
S tarr
S tarr
C ou nty. C ou nty.
Ju ly
lJJuly
6
W ebb
C ou nty

J u ly
3
B ee
C ou nty.
________
H id a lgo
C ou n ty.

We thus reach the conclusion that our spinners have taken
of Sea Island cotton this year 36,101 bales, or 42,822 bales
less than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1895-96 to 1906-07 in detail,
and the total crops since the Civil W ar.

z A u g. 2 8 A u g . 31

1904.

1905.

3
20
3
20
468
125
38
700
X2
£325
142 1,165 12,766
305 17,691 24,483
32
800 2,206
29 1,456 3,975
46
496
934
<250 a400
840
37
841 2,000
596
a400 2,083
•>
243
62
4
8
d1
5
1
1
2
1
13
5
594 64,090 47,862

Foreign Exports.

Crop.

A u g . 26

1906.

1907.
1

25
alO
1,282
3,912
a300
1,434
604
975
458
2,886
360

1
1
9
a200
1,741
a50
60
36
40
333
a 500
a 30
c3

2
2
5
7
99,887 28,501

1,773 89,347 97,256 112,143 31,517

a E stim ated ; n o retu rns re ceived .
^ G reen w ood , S. C.
t> N e w b e rr y , S. C .
c M eridian.
d N a tch ez.




72,872

1907.

C O T T O N T O S E P T E M B E R 1.
1902.

15,500
165- -15,665

The distribution of the crop has been as follows:
1906.

A better indication of maturity, however, is furnished by
the aggregate arrivals of new cotton to the 1st of September.
The heaviest movement of new cotton this year has been,
as is usual, to Galveston (28,501 bales), and Savannah has
received 1,741 bales. The total receipts at the points in­
cluded in the subjoined compilation were 31,517 bales,
against 112,143 bales in 1906, 97,256 bales in 1905, 89,347
bales in 1904, only 1,773 bales in 1903, 116,578 bales in 1902,
53,628 bales in 1901, 27,870 bales in 1900, 98,695 bales in
1899 and 33,056 bales in 1898. The high record movement
to Sept. 1 was in 1896— 194,777 bales.

1901.

63 715
24,822— 88.537

24,653

T o t a l Sea Islan d crop o f S. C ._

c A t E u fau la. In d ia n T e r rito ry .
e A t N a tch ez,
r A t Checotah.
s A t Shaw nee.
z A t M an gu m .

C h a rlo tte, N . C --------3
1
W ilm in g to n , N . C -----30
C harleston, S. C ------- x2
C olu m bia, S. C ----------46
A u gu sta . G a . . ---------66
S avan n ah , G a ____ _ 50
Colum bus, Ga ______
150
M o n tg o m ery . A l a ____
91
M obile, A la ____________
366
S elm a , A la ...................
43
E u fa u la . A la _________ _
N e w Orleans, L a ______ 9,560
S h revep o rt, L a ________
121
V ick sb u rg, M iss___
d50
C olum bus, M is s . . L it t le R o c k . A r k ___
10
M em phis, T e n n _ _ .
46
G a lvesto n , T e x a s _____ 42,993

30,378

S O U T H C A R O L IN A .
—
1906-07-------- ------------- -1905-06R ec eip ts a t C harleston__________ 8,044
13,712
R ec eip ts a t B eau fort, & c_______ ____ — 8,044
------- -13,712
Deduct—
R ec eip ts fro m S avan n ah --------- ----------------

Season.

A R R IV A L S O F N E W

-1905-06--------15,500
14 878

23,411

T o ta l Sea Islan d crop o f F lo rid a

T o t a l Sea Islan d crop o f G a ------

D a te o f R eceipt o f F ir s t Bale.
1902.

Sea Island Crop and Consumption.
W e have continued throughout the season of 1906-07 the
compilation of a weekly record of the Sea Island erop, but
on account of the pressure of other matters upon our columns
have been able to publish the statement only rarely. The
results as now given below agree substantially, however,
with our running count. It will be noticed that the crop of
1906-07 shows a decided decrease from that of 1905-06.

G E O R G IA .
—
1906-07-------R eceipts a t S avan n ah __________34,288
R eceip ts a t B ru nsw ick, & c------ 7,388— 41,676
Deduct—
R eceip ts from F lo r id a __________17,000
R ec eip ts fro m Charleston, & c ._
23— 17,023

W e now append our usual data bearing upon the maturity
of the plant, giving first the dates of arrival of first bales.
This year the earliest receipt was at Galveston, Texas, from
Bee County, on July 3. Last year the first bale came from
Starr County, Texas, on July 5, and the earliest bales in the
other years included in the table were also produced in Texas.

1901.

573

THE CHRONICLE.

S e p t . 7 190'<.j

1906-071905-06,
1904-05
1903-04
1902-03
1901-02
1900-01
1899 00
1898-991897 98
1896-971895-96-

South
F lo r- Georgia Caro. Texas,
Ida. j
Una.
&c.

Total.

23,411
30,378
37,873;
28,005:
27,686
21,323
24,793
29,376
21,275
24,468
25,927
21,6641

56,108
116,962
99,663
76,709
102,634
78,621
86,115
97,555
67,204
76,119
103,516
93,187

24,653
72,872
49,696
39,345
62,451
48,588
52,953
60,369
40,306
41,440
64,906
60,522

8,044
13,712
12,094
9,359
12,497
8,760
8,369
7,810
5,623
10,211
11,039 1,644
10,010
991

Great Conti­
Britain. nent.
15,200 5,289
30,034 9,228
30,832 7,570
24,188 7,132
44,354 9,728
25,423 6,450
26,453 5,535
38,279 8,007
26,451 9,015
33,303 8,827
47,758 10,673
42,391
7,672

Total
E x­
ports.
20,489
39,262
38,402
31,32Q
54,082
31,873
31,988
46,28(i
35,466
42,130
58,431
50,063

A m eriCon- |
sump­
tion. a
36,101
78,923
62,556
43,578
50,524
43,650
55,422
49,543
38,654
34,140
40,670
40,530

T otal. 781,466915,536 377,414 6,690 2,081,10f 987,145jl58,501 1,145,646 934,745
a The column of "American Consumption" In this table includes burnt in the
United States.

Prices of Cotton and Cotton Goods.
To complete the record, we subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
years. The first statement shows the highest and lowest
quotations for 64 squares 28 inch printing cloths at Fall
River in each of the last twenty seasons— 1887-88 to 1906-07
inclusive. Data for earlier years will be found in previous
issues of this report.
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98

H igh .
Cts.
_______ ...........5.25
_______ _______ 3.81
________ _ . . . 3.50
_______ _______4.12
. . . . . . . . . . 3.37
........... _______ 3.25
_______ _______ 3.25
_______ _______ 3.50
_______ ______ 2.75
_______ ________ 2.62

Low .
Cts.
3.38
3.37
2.62
3.00
3.00
2.37
2.37
2.75
1.94
1.94

1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88

. . ____________
________ _____
_______________
________________
________ _____
________ _____
. . . . .
_ .
_ _______ ______
__________
_______ _______

H igh .
Low .
Cts.
Cts.
2.62
2.44
3.06
2.44
2.50
2.88
2.61
3.00
4.06
2.87
3.50
2.75
3.31
2.88
3.75 ■ 3.25
4.06
3.75
4.00
3.25

It will be quickly noted -that printing cloths have reached
a higher level in 1906-07 than in any. year included in the
table, and that the low price of the season under review has
been above the high quotation of most of the years. Fur­

574

THE CHRONICLE.

thermore, it is worthy of mention that we do not find in our
record (as given in these reports), extending back into the
seventies, as high a price as has been secured in 1906-07,
except from February to May 1880. A n d when proper
comparison is made between the cost of the raw material
and the average selling price of the finished product (due
allowance being made for cost of manufacture), it will un­
doubtedly be found that 1906-07 marks a record in the pros­
perity of the mills.
The raw material opened the season on a comparatively
high plane and has maintained such a position throughout.
The initial quotation for middling uplands in the New York
market was 9.80 cents, and late in September there was a
drop to 9.60 cents. B y the first of October the quotation
had risen to 10.25 cents and thereafter to the close of the
calendar year the range was between 10.10 and 11.40 cents,
with the price Dec. 31 at 10.65 cents. Subsequent to the
first of January the general trend of values was upward,
the rising tendency being stimulated by the dissemination of
erroneous reports that the crop would be hardly sufficient
to meet consumptive requirements. The reports were
effective, however, the more so because trade was active
and profitable and those needing cotton could not afford to
take chances, with machinery well under contract. During
January the price of middling uplands advanced to 11 cents
near the close and in February made a further net gain of 25
points. The range during March was from 10.90 cents to
11.45 cents, the close being at 10.95 cents. In April there
was an upward movement from 10.95 cents, the first price,
to 11.45 cents, the final, and in May a quite marked rise
occurred on unsatisfactory advices regarding the new crop,
the quotation reaching 12.90 cents at the close. Since that
time the maiket has been quite firmly held, notwithstanding
the decided improvement in crop conditions, a further ad­
vance to 13.50 cents occurring in July. Prices eased off to
12.85 cents b y the 13th of the month, but from that level
there was a quite well sustained advance to 13.55 cents—
the
highest and
closing quotation
of the
season,
and 3.75 cents above the Sept. 1 price. For the purpose
of showing how this season’s prices compare with those for
previous years, we have prepared the following, compiled
from our records, which indicates at a glance the highest,
lowest and average price of middling uplands in N ew York
for each season since 1877-78:

1906-07.
1905-06.
1904-05.
1903-04.
1902-03.
1901-021900-01.
1899-00.
1898-99.
1897-98.
1896-97.
1895-96.
1894-95.
1893-94.
1892-93-

H ig h .
c.
13. >5
12.60
11.50
17.25
13.50
9%
12
10%
6%
7 13-16
8%
9%
8 3-16
8 9-16
10

L ow .
c.
9.60
9.85
6 85
9.50
8.30
7 13-16
8
6H
5 5-16
5H
7 1-16
7 1-16
5 9-16
6%
7 1-16

A verage.
c.
11.48
11.20
9.13
12.58
10.26
9 3-16
9%
9
6 1-16
6 3-16
7 11-16
8 Yu
6 7-16
7 11-16
8 7-16

1891-92.
1890-91.
1889-90.
1888-89.
1887-88.
1886-87.
1885-86.
1884-85.
1883-84.
1882-83.
1881-82.
1880-81.
1879-80.
1878-79.
11877-78.

H ig h .
c.
8 13-16
11
12 %
11 ^
11%
11 7-16
io %
11 H
11 15-16
12%
13 1-16
13
13 7-16
13 %
12 3-16

L ow .
c.
6 11-16
7 15-16
10H
9%
9 7-16
9%
8 13-16
9%
10 \4
10
11%
10 7-16
10%
8 13-16
10 %

Average.
c. .
7M
11 5-16
10 7-16
10 5-16
10
9%
10 11-16
11
10%
12 1-16
11%
12 1-16
10 13-16
11 5-16

Movement of Cotton at Interior Ports.
Below we give the total receipts and shipments of cotton
at the interior ports and the stock on the first of September
of each year:

To—

[V o l .

Gal­
New
Orleans veston.

Liverpool ___
Manchester
H u l l ________

779,75(
79,891.
80(J
11,714
54,114
117
1,448
L e i t h . ____ __
175
255,301
Dunkirk ____
28,337
M a rseilles___
153
382,978
H a m b u r g ___
62,400
War berg_____
Amsterdam .
Rotterdam _
’ 4,739
33,744
Ghent ______
Copenhagen._
7,799
Christian .
Stockholm .
Mai mo...........
Norrkoping _
Nykoping___
Gefle
_ .
Gothenburg .
Bergen ______
::::::
Narva ______
R e v a l_______
Riga
__
St. Petersburg
U d d ev a lle___
Lisbon . . . .
O p o rto _____
Barcelona____
M alaga______
Ferrol _____
P asages_____

..........

16,142
85,396
100
192,862

N a p le s___
Leghorn ___
27,3*0
38,719
8,000

200
Africa ______
West Indies. .
C h in a _______
Japan_______
India..............
Canada ........

60
1

Savan­
W itN o rnah. d m ’gton Jolk.

lxxxy.

New ! Other
York ! ports, k

Total.

1555,303 202,88E 125,241 7,464 169,379 411,452 3,251,481
262,13(
17,102
53,591
15,744 428,470
14,349
15,149
7,621
11,194
30,529
133
54,247
117
6,208
348
68 1,403
9,475
175
455,057 47,316 6,000
36,221 63,283 863,178
7,120
3,550
300
41,753
2,440
3,461
3,308
688,213 519,932 186,265
67,094 189,579 2,034,051
89,371 34,727
10,004 210,073
6,391 7,120
3,021
2,915
106
1,626
1,626
" 9,480
941 ’ 3’,837 ' 25,300
6,093
'216
72,928
5,781
100 23,310
1,500 137,369
41
4,241
3,200
1,000
184
101
350
8,434
........
"300
300
950
950
1,850
1,850
2,900
2,900
400
200
600
1,700
1,700
12,350
938
13,288
150
150
•
" 1,966
1,558
3,458
*2 0 0
500
700
36,016 26,299 ........
1,525
5,468
69,308
7,649
2,661
50
10,360
3,146
2,475
5,621
500
500
300
300
200
16,342
56,233 84,160
200 250,837
24,848
2,000
2,000
300
300
100
161,281
12,550
16,615 444,838
61,530
250
200
23,077
23,527
1,502
1,502
19,612
5,184
4,899
57,075
16,377 23,802
350
3,053
82,301
12,353
6,532
3,049
29,934
800
800
IOO
100
850
850
200
10
10
582
642
4
31
500
R44
4,008:
5,952
10,000 : : : : : :
4,642, 233,154 247,790
:::::
::::
100
100
170 127,103 127,273

__

__

....

.

....

.....

_

2072.387 3481.653 1008,867 <17 -tf)7 IS 233:493 005 1078 A74 8 K97 998
I
a Includes from Port Arthur to Liverpool 50,962 bales and to Bremen 75,861
bales. From Corpus Christt, <fce., to Mexico, 578 bales.
d Includes from Brunswick to Liverpool 72,775 bales, to Manchester 16,946 bales,
to Bremen 51,419 bales and to Reval 800 bales.
h Includes from Newport News to Liverpool 4,420 bales and to Hamburg 1,720’
bales.
k "O ther ports” Include from Charleston to Bremen 21,393 bales; from Mobil®
to Liverpool 70,222 bales, to Manchester 4,538 bales, to Havre 28.059 bales, t o
Bremen 59,260 bales, to Hamburg 1,046 bales and to Rotterdam 100 bales; from
Pensacola to Liverpool 69,692 bales, to Manchester 300 bales, to H avre 29,04.1
bales, to Dunkirk 300 bales, to Bremen 51,185 bales, to Hamburg 602 bales, to.
Barcelona 200 bales, to Genoa 4,020 bales and to Trieste 350 bales: from Fernandina to Hamburg 100 bales; from Boston to Liverpool 133,927 bales, to Manchester
4,862 bales, to Glasgow 19Sbales,to Hamburg 363 bales, to Rotterdam 250>
bates, to
Copenhagen
200 bales,
to
Genoa
12,595
bales and
to
Halifax, Yarmouth, &e., 5,014 bales; from Baltimore to Liverrool 89,942
bales, to Havre 6,182 bales, to Bremen 57,741 bales, to Hamburg 7,843 bales, to
Antwerp 900 bales, to Copenhagen 150 bales, to Gothenburg 938 bales and to Reval
1,525 bales; from Philadelphia to Liverpool 30,478 bales, to Manchester 6,044 bales,
to Glasgow 150 bales, to Hamburg 650 bales, to Rotterdam 3,487 bales and to A nt­
werp 600 bales; from Portland, Me., to Liverpool 7,512 bales; from San Francisco,
to Japan 82,129 bales, to China 644 bales and to the Philippines 350 bales; from
Seattle to Japan 96,000 bales, to China 200 bales, to Canada 89 bales and to the
Philippines 250 bales; from Tacoma to Japan 49,848 bales and to Philippines 250>
bales; from Portland, Ore., to Japan 1,001 bales: from Pembina, North Dakota, viaVancouver, B. C., to Japan 4,176 bales; from Detroit, via Montreal to Liverpool,.
9,679 bales; from Detroit , Port Huron, &c., to Canada bv rail 122,000 bales.

IT E M S A B O U T B A N K S , B A N K E R S A N D T R U S T CO’S..
Y ea r endingJSept. 1 1907. Y ea r ending Sept.
Tow ns.

Receipts. S h ip m 'ts . Stock.

1906.

Receipts. S h ip m 'ts . Stock.

22,403
23,394
244
23,536 1,235
23,922
E u fa u la , A la _______
181,290 1,238
171,116 3,963
M o n tg o m ery , A l a . .
178,565
169,232
110,144
111,412
141
106,789
107,583 1,409
Selm a, A l a _________
69,064
68,734
488
53,084
53,311
H elen a , A r k . _____
158
241,733
181,013
251,197 4,281
176,235 13,745
L it t le R o c k , A r k ___
23,020
24,304
29,823
A lb a n y , G a . ______
18
29,597 1,302
107,523
108,330 1,250
91,741
A th e n s , G a ............. .
90,579 2,057
142,016 2,497
59,652 1,111
A tla n ta , G a ___ _____
143,402
49,963
372,332 6,363
360,814
369,448 8,075
A u g u sta , G a ------370,620
55,126
57,863
73,157
71,535 3,260
C olum bus, G a _____
523
58,561
56,440
320
68,593
69,062 2,441
M a con , G a __________
45,916 1,373
R o m e , G a ___________
54,515
53,022 2,866
44,738
60
7,568
Lo u is v ille , Iv y ., n e t.
9,283
9,348
7,518
125
197,603
195,908 3,534
106,701 1,839
S h revep o rt, L a ____
103,902
49,970 1,349
38,145
51,191
39,389
128
Colum bus. Miss____
66,929
65,998 1,087
42,107
42,351
G re en v ille, Miss____
156
80,012
79,812
62,685
63,585
G reen w o od , M iss___
300
100
97,359
96,695 1,178
M erid ia n , M iss_____
74,913
82,538
514
74,076
73,919
185
48,861
N a tc h e z , M iss_____
48,224
342
V ick s b u rg, M iss____
86,141
86,457
667
70,103
70,498
983
52,777
55,393
252
53,004
Y a z o o C ity , M iss___
55,421
280
825,254 4,312
816,065
551,701
S t. Louis, M o . ______
546,976 13.501
R a le ig h , N . C _______
19,365
19,214
200
16,767
16,809
351
156,801
155,533 6,463
162,698
166,941 5.195
C in cin n a ti, O h io ___
24,751
20,965
G reen w o od , S. C ___
22,011
25
19,065 2 765
957,842
944,578 18,934
800,949
M em ph is, T e n n ____
804,309 5,670
14,051
N a s h v ille , T e n n _____
21 ,627 2,418
23,403
13,573
642
13,787
B ren h a m , T e x a s ___
16,724
17,781
359
14,328 1,416
____
39,029
12,540
C la rk sville, T e x a s . _
39,029
12,540
____
99,567
99,567
80,690
D a lla s, T e x a s ______
80 738
____
H o n e y G ro v e , T ex a s
33,731
33,731.
18,872
18.872
H o u s to n , T e x a s ____ 2,967, 35 2,970,711 18,964 2,186,760 2,193,818 22~,l40
98,981
98,981
66,346
66,506
P a ris , T e x a s -----------------T o t a l, 33 to w n s - . 7,401,288 7,417,048 80,516 5,699,619 5,738,520 96,276

Exports.
In the following we present a statement of the year’s exorts from each port, showing direction shipments have taken,
imilar statements have been given in all previous reviews,
and a comparison as to the extent of the total movement to
each port can be made with back years.




— The public sales of bank stocks this week aggregate 150<
shares, and were all made at the Stock Exchange. One lot
of twenty shares of trust company stock was sold at auction.
The table below, given in our usual form, shows the actual*
sales of N ew York City bank stocks made during the week at
auction and at the Stock Exchange. Extensive tables show­
ing the bid and asked quotations, deposits, surplus, &c.,
of banks and trust companies in all important cities of the
United States are published monthly in the “ Bank and
Quotation” section, the September issue of which accom­
panies to-day’s “ Chronicle.”
Bid and asked quotations
for all New York City bank and trust company stocks are
also published weekly in another department of the paper,,
and will be found to-day on pages 583 and 584.
Shares. B A N K — New Y o rk .
150 N a tio n a l C ity B a n k . . . .........
T R U S T C O M P A N Y — New
20 V a n N o rd en T ru st C o - .........

Low . H ig h . Close.
L a st previous sale.
250
250 i i 250 H A u g . 1907—
250.
Y ork .
300% 300% 300%
A u g . 1907—
300

— A N ew York Stock Exchange membership was trans­
ferred this week for $68,000.
— Compilations to show the shrinkage in security values
from the high prices in January 1907 to the low prices in
August 1907 have been prepared by Chandler Brothers &
Company of Philadelphia. The table includes securities
listed on the Philadelphia, N ew York and Boston exchanges,,
and shows an aggregate shrinkage of $3,074,268,000, made
up as follows. In the case of the stocks dealt in on the N ew
York Stock Exchange, which account for a decline of $2,351,600,000, a detailed list is furnished showing.just how the-

S e p t . 7 1907. |

THE CHRONICLE.

figures have been arrived at and what the loss on each stock
has been.
N e w Y o r k S tock E x ch an ge stocks (ex clu sive o f ban k and
tru st co m p a n y sto c k s )________________________________________ $2,351,600 000
N e w Y o r k Stock E xch an ge Bonds (estim ated ) (e x clu sive o f
G overn m en t and m unicipal b o n d s )__________________________
365,500,000
Ph ilad elp h ia Stock Exchange stocks___________________________
108 954 000
Ph ila d elp h ia Stock E xch an ge bon d s_____________________ ______
19,711,000
P h ila d elp h ia B an k and T ru st C om p an y stocks_______________
3,564.000
N e w Y o r k curb (p rin cip al s to c k s )______________________________
149,939 000
B oston S tock E x ch an ge stocks (e s tim a te d )___________________
75,000,000
$3,074,268,000

575

founded b y Amos R . Enos, the builder of the old Fifth A v e ­
nue Hotel, where the bank has been located, on the corner of
Twenty-third Street and Fifth Avenue, since its organiza­
tion in 1863. The Fifth Avenue Safe Deposit Co. will have
a finer safe deposit establishment than at present and larger
vaults in the bank’s new home, which is expected to be ready
within a year. James Stillman became President of this
bank in 1900.

Messrs. Chandler Brothers & Co. express the opinion that
the total depreciation in values in the seven months has been
over 5,000,000,000 dollars. The amount of this shrinkage,
they add, affords a clear indication of the extent to which
the banking situation has been relieved, contracting as it has
the borrowing capacity of holders of such securities, a large
part of which they assume were held speculatively.

— The recently organized Bryant Park Bank will com­
mence business on Sept. 9th at 122 W est 42d Street, near
Broadway, in the new building erected for its use. The
bank was organized under the laws of the State of N ew
Y o rk ,w ith a capital of $200,000 and a surplus of $100,000.
The stock of the new institution is well distributed, and it
is expected the bank will have a large clientele among the
city. The
— The new Georgia banking law, creating a Bureau of business men of the W e s t’ Side of the
Banking, to which we referred Aug. 10 and 17, went into directors are: E dw ard Ashforth, real estate; H enry L .
effect on the 1st inst. Under the new statute State Treas­ Cohen of Paskus, Cohen, Lavelle & Gordon, lawyers, 2
urer Park is Chief Examiner, and he has designated the fol­ Rector St.; John F. Doherty, merchant; Eugene E . Hinkle
lowing two Assistant Examiners: J. S. Hollingshead and of Hinkle Iron Co.; Jacob Loewer, brewer; Jacob Mattern,
Luther P. Davis. H e is allowed to appoint three examiners manufacturer; Mortimer Regensburg of E . Regensburg &
Sons, cigar manufacturers; Benjamin F. Terwilligar of
altogether. The third place has not yet been filled.
— The following is the program arranged for the annual Lafayette Baths & Hotel Co.; Jules W eber, importer; W in ­
convention of the Trust Company Section of the American field S. W eser of W eser Bros., piano manufacturers, and
Bankers’ Association, which will open at 10 a. m. on Tuesday, W . W . W arner, banker. The directors are, it is stated,
the 24th inst., at the Marlborough-Blenheim Hotel, Atlantic conservative business men, a m ajority of them being located
in the section of the City where the bank is situated, and the
City, N . J.
active officers have had long banking experience. M r.
, M o r n in g Session.
M ee tin g called to o rd er b y th e P resid en t o f the S ection a t 10 a. m .
W arner is well known to banking circles in this city. The
P r a y e r b y the R e v . John H . T o w n sen d , R e c to r o f th e Church o f the
officers are: W . W . W arner, President; E dw ard Ashford
A scen sion, A tla n tic C ity .
A dd ress o f w elcom e b y U z a l H M cC a rter, P resid en t F id e lit y T ru s t C o .,
and Jules W eber, Vice-Presidents; E . F. Giese, Cashier and
N e w a rk , N . J.
R e p ly to address o f w elcom e and annual address o f the P r esid en t, b y
L . C. Meeks, Assistant Cashier.
Festus J. W a d e , Presid en t M ercantile T ru st C o ., S t. Lou is.
S ecre ta ry’ s re p ort, b y Jam es R . Branch.
R e p o r t o f E x e c u tiv e C o m m itte e, b y A . A . Jackson, Chairm an.
R e p o r t o f C >mmlttee on P r o te c tiv e La w s, b y L y n n H . D in kins, Chairm an.
R e p o rt o f C om m ittee on B e tter P ro te c tio n fo r M u n icipal Secu rities, b y
H . P . M cIn to sh , Chairm an.
A ddress: ‘ ‘ D istin ction In M ean ing o f the W o r d T ru s t as A p p lie d to T ru s t
C om pan ies, and the Sam e W o r d as U sed In Con nection w ith C om m ercial
C o m b in a tion s,” b y H o n Charles E m o ry S m ith , ex-P o stm a ster-G en era l
a^d ex-A m ba ssa dor to Russia.
R )ll-ea ll o f S tates, to be answered b y th e severa l V ice-P resid en ts o f the
S ection In flve-m ln u te reports o f the condition s concern ing tru st com panies
as ex istin g In th e ir S tates.
A ftern o on Session.
A ddress: “ U t ilit y o f the C o u n try T ru s t C o m p a n y,” b y John T . W o o d ru ff,
P resid en t S prin gfield T ru st C om p an y, S prin gfield, M o.
T o p ics fo r Discussion. T h e fo llo w in g top ics w ill be Introduced and spoken
upon b y those whose names appear hereunder, so th a t free discussion m ay
fo llo w from the flo or b y m em bers In attendan ce:
" N e w M ethods In A d v e r tis in g and T h eir R esu lts,” B en ja m in I . Cohen,
P resid en t P o rtla n d T ru st C o., P o rtla n d , O re.; Fred erick P h illip s, S ecreta ry
Lin coln T r U 't C om p an y, N . Y . ; E . D . F ish er, S ecreta ry Flatbu sh T ru st
C o m p an y, B ro o k ly n , N . Y .
"C h a rges o f Com panies fo r Business o f a T ru st N a tu re ” : G eorge B .
P e n d le to n , Cashier N e w Bern B an kin g & T ru st C o m p an y, N e w B ern , N . C .;
F . A . S co tt, S ecreta ry and Treasu rer Superior Savings & T ru s t C o m p an y,
C levela n d , O.
“ M an agem ent o f R ea l E sta te b y Tru st Com panies in a F id u c ia ry C apa­
c it y ” : H en ry G. B ren gie, V ic e -P re s id e n t T ru s t C o m p an y o f N o rth A m e ric a
P h ila d elp h ia ; J. W . C le vela n d , S ecre ta ry T i t l e G u arantee & T ru st C o .,
N e w Y o rk ; Charles K . Zu g, T ru s t O ffic e r C om m on w ea lth T it le Insurance
& Tru st C o ., Ph ila delph ia .
" T h e P r o p r ie ty o f S epa ra tin g T ru s t Business from V a riou s Fin a n cin g
a n d P r> m > tin g U n d erta k in gs” : A . E. A d a m s, P resid en t D o lla r S avings &
T ru s t C om p an y, Y o u n g sto w n , O .: R o la n d L . T a y lo r , V ice-P resid en t P h ila ­
delp h ia T ru s t, S afe D ep o sit & Insurance C om p an y, Ph ila d elp h ia .
N o m in a tio n and election o f o fficers fo r the com in g year.

— The N ew York Stock Exchange house of W atson & Co.,
of 24 Broad Street, made an assignment on Thursday to
W . Frank Newell: The firm is composed of Louis T. W atson
(the Exchange m em ber), H en ry P. W atson, Herschell V .
Jones and Charles E . Anderson. It dealt extensively in
grain, but also in high priced securities, and its collapse is
attributed to the decline in the latter, notably Hill stocks.
It had a membership in the Produce, Cotton and Coffee
Exchanges, this city, the Chicago Board of Trade and some
other mercantile bodies.
— It is announced that Col. Farnsworth, who besides
being Secretary of the Clearing-House Section of the American
Bankers’ Association and of the Organization of Secretaries
of State Bankers’ Associations, is also Secretary of the
Michigan Bankers’ Association, has consented to beoome a
candidate for Secretary of the American Bankers’ Associa­
tion .

— Schedules of E . B . Havens & Co., the N ew Y ork Stock
Exchange house which made an assignment May 22 last,
have been filed. They show liabilities of $1,772,794, of
— Fred E . Farnsworth, Secretary of the Clearing-House
which $1,326,127 are secured and $446,667 are unsecured;
Section of the American Bankers’ Association, announces
the nominal assets arc given as $3,227,731 and the actual
that that section will also hold its annual meeting at 10 a. m.
assets as $1,459,509, out of which the secured debts of
at the Marlborough-Blenheim Hotel, on the 24th inst. The
$1,326,127 are to be paid, leaving $133,382 applicable to
object of the meeting, it is stated, is the discussion of par
its unsecured debts of $446,667. T h e large difference bepoints, exchange charges and country checks. It is noted
ween the nominal and actual value of the assets is accounted
that it is not the purpose of these conferences to adopt rules
for in the fact that in the case of the nominal assets the securi­
or regulations for the government of the clearing-houses, but
ties are taken at their par value, while in the actual assets
rather to discuss all matters appertaining to the welfare of
the market value is given.
the clearing-houses and the banks of the country, leaving
— Americus J. Leonard, formerly in the employ of the
the various clearing-houses to adopt such new rules and regu­
Fourth National Bank of this city, and more recently in that
lations as are best suited to their various communities.
of the National City Bank, has been elected Vice-President
— The annual meeting of the organization of Secretaries of
of the First National Bank of Brooklyn Borough. It is re­
State Bankers’ Associations will be held at 8 o ’clock in the even­
ported that Mr. Leonard will be the virtual head of the in­
ing of the 24th inst. at the Marlborough-Blenheim. Announce­
stitution, John G. Jenkins Sr., the present executive, having
ment as to the various subjects to be discussed and the
announced his intention, after more than fifty-five years of
speakers of the occasion will be made later. The Organiza­
service with the institution, of reducing his responsibilities
tion is reported to be in a prosperous condition, with a large
in connection with the office.
membership. Its Atlantic City headquarters will be the
— Announcement was made in the Brooklyn “ E agle” this
Park Avenue Hall at the Marlborough-Blenheim.
— The Second National Bank of this city will erect a hand­ week that William C. Redfield has resigned as Vice-Presi­
some and dignified low bank building on its newly-purchased dent of the Home Trust Company of N ew Y o rk , with offices
site at the northwest corner of Fifth Avenue and Twenty- in Manhattan and Brooklyn boroughs. M r. Redfield, it is
eighth Street. The noted architectural firm of M cKim, said, is retiring from most of his active business connections.
Mead & W hite has been engaged to prepare the plans for a
structure that will be in perfect keeping with the character of
this well-managed institution. The Second National was




— The Flatbush Trust Company of Brooklyn Borough (839
Flatbush A venue) is preparing to open a branch at N ew
Utrecht Avenue and 53rd St., Brooklyn.

576

THE CHRONICLE.

— Martin H . Scott has resigned as Cashier of the Seacoast
National Bank of A sbury Park, N . J., to become Cashier of
the Stapleton National Bank of Stapleton, Staten Island.
— The Broadw ay Trust Company, organized on July 20,
opened in Camden, N . J., on A ug. 12. The new institution
has a paid-in capital of $ 100,000 and a surplus of $25,000,
obtained through the sale of the stock at $125 per share.
The officials are John J. Burleigh, President; Anthony
K obus and Robert H . Comey, Vice-Presidents, and B. B.
Draper, Secretary and Treasurer.
— The Fidelity Trust Company of Buffalo, in its statement
for August 22, reports deposits of $8,329,733, which compare
with $8,173,139 on June 4 last and but $7,918,894 on Feb­
ruary 26 of the present year. In the six months the surplus
has increased from $512,501 to $521,414. None of this sur­
plus, the company points out, has been paid in, all of it
having been accumulated in the conduct of business. The in­
stitution has in addition paid dividends to its shareholders
amounting to $455,000 and paid interest to its depositors
amounting to $2,339,306. The capital is $500,000, while
aggregate resources are $9,354,346.
— W illard S. Reed has been chosen Cashier of the First
National Bank of Corning, N . Y . , to replace the late D avid
S. Drake.
— W illiam W . Mason, heretofore Vice-President of the
Portland National Bank of Portland, Me., has been elected
President to succeed F. E . Richards, resigned.
— Robert B . Arm strong, formerly Assistant Secretary of
the United States Treasury, and more recently President
of the Casualty Company of America of N ew Y ork (which
post he resigned early this year), has been elected President
of the Philadelphia Casualty Company. Mr. Armstrong will
give equal attention to the company’s Philadelphia office
and its N ew Y ork branch.
— The August 22 statement of the Western National Bank
of Philadelphia, as compared with that for May 20, shows
an increase in deposits of $1,018,815, the amount having
risen from $1,989,729 to $3,008,544. The surplus and profits
are now $162,393, against $154,862 in May, while total re­
sources have increased from $2,937,241 to $4,094,547. The
stockholders in April ratified a proposition increasing the
capital from $400,000 to $1,000,000, and the new statement
shows $136,620 of new capital thus far issued. George E .
Shaw is President of the institution; Alfred J. McGrath is
Vice-President and Charles F. W ignall Assistant Cashier.
— W arren I. Martin has succeeded Henry F. Stitzell as
Secretary and Treasurer of the Lincoln Savings & Trust Com­
pany of Philadelphia.
— The Pennsylvania Bankers’ Association concluded at
Pittsburgh yesterday its thirteenth annual convention,
after a two days session. The meeting was presided over
by Joseph W ayne Jr., Cashier of the Girard National Bank
of Philadelphia. An address of welcome on behalf of Group 8
of the Pennsylvania Bankers was delivered by James I.
Buchanan, President of the Pittsburgh Trust Company,
and President also of the Pittsburgh Terminal Warehouse
& Transfer Company. Mr. Buchanan took occasion to refer
to the commercial standing of the territory included in the
Group, closing his remarks as follows:
“ T h e business in te g r ity and ca p a city o f our p eo p le are our secu rity fo r
th e fu tu re.
H e re w e b e lie v e In these and rest our fa ith in them . Bankers
k n ow m o re o f them than o th ers, bu t people are c o m in g to k n ow abou t th em .
T h e re has n e v e r b efore been such In q u isition in to the doings o f our corora tlon s. T h e n et resu lt, out o f thousands o f co rpora tion s, o n ly a dozen
a v e been eve n ch arged w ith v io la tin g the la w , and charged successfully less
th a n th a t num ber.
N o co u n try In the w o rld can show such a re co rd , and
no c o u n try in the w o rld has such a free press. W e are prou d o f our press,
w ith fe w excep tion s.
T h e y te ll us fa cts as th e y are.
W e w a n t to know
th e m .
Our secu rity is In k n ow in g th em .
W e h ave here the h eadquarters
o f the W estern A sso cia ted Press.
I t Is to be re gre tted th a t m ore em phasis
has n ot been laid on our grea t tid e o f business in te g r ity and s a ga city than
on th e edd ies and cross-currents w h ich h av - here and there in terven ed .
In t e g r it y and s a ga city are e ve ry w h ere in evid en ce.
P h ila d elp h ia , our
g re a t c it y , o f w hich in P en n sy lva n ia w e are a ll so ju s tly p rou d , affords
am p le evid en c e o f th e finest business standards and p ractices. T h e v e r y
fa c t th a t w e h ave had no d es tru ctive panics shows th a t the p eo p le still
h a v e fa ith ; bu t w h e th er th e fa cts show this o r n o t, the real fu n da m en tal
fa cts can not be d o u b ted , and th e y are bound to w in o u t.”

— A t the meeting on Wednesday last of the stockholders
of the Treasury Company of Pittsburgh to consider the
merger of the company’s business with that of the Traders’
& Mechanics’ Bank, a resolution was adopted providing for
the appointment of a committee of five to investigate the
affairs of both institutions and report a plan for the taking
over of the company.
— The new Guardian Savings & Trust Company of Newark,
Ohio, organized with $100,000 capital, will be managed by




[V o l .

lxxxv.

A . G. W yeth , President; A . R . Lindorf, Vice-President, and
W ordsworth Gard, Secretary and Treasurer.
— The handsome new quarters of the Security National
Bank of Minneapolis form the principal subject of illustra­
tion in the June 1907 number of “ The Western Architect.”
One exterior and fourteen superb interior engravings of the
offices give an excellent idea of the character, furnishings
and general style of architecture of the bank’s home, which
it has been occupying since last November.
— Samuel Marshall, who founded the Marshall & Usley
Bank of Milwaukee, died on the 1st inst. at the age of
eighty-seven years. The institution was originally started
as a private bank under the name of S. Marshall & Co.
In October 1849 the present bank of Marshall & Ilsley was
organized b y Mr. Marshall and the late Charles F. Ilsley.
Mr. Marshall resigned the presidency of the institution
six years ago.
— Arrangements are under w ay for the establishment of a
new financial concern in St. Louis under the name of the Com­
mercial Trust Company. I t is the intention to organize with
a capital of $400,000, the amount, however, to be increased
later. The projectors of the institution plan to begin busi­
ness next month at Jefferson and Olive streets.
— The program for the fifteenth annual convention of the
Kentucky Bankers’ Association, to be held on W ednesday
and Thursday the 18th and 19th inst., at Louisville, has been
completed. Addresses of welcome will be delivered at the
meeting b y M ayor Robert W . Bingham and Logan C. M urray,
President of the Louisville Clearing-House Association and
President of the American National Bank of Louisville.
The papers to be read at the gathering are as follows: “ Im ­
pressions of Currency Reform ,” b y S. W exler, Vice-President
of the Whitney-Central National Bank of N ew Orleans;
“ Co-operation,” by James P. Helm , General Counsel for the
Association, Louisville; “ The Situation,” b y H enry Clews
of N ew York , and “ Relations between the City Banks and
Their Country Correspondents,” b y Samuel Casseday of Louis­
ville and J. R . Downing of Georgetown, K y .; discussion in
this last instance will be opened by James S. Escott and S. B .
Lyn d of Louisville for the city banks, and B . G. W itt of
Henderson, W . T . Tandy of Hopkinsville and J. W . Porter
of Lexington for the out-of-town banks. A reception wilj
be tendered the bankers by the Louisville Clearing-House
Association at the Country Club in the evening of the first
day of the convention. The visitors will also be entertained
at the Kentucky State Fair. Isham Bridges, M anager of
the Louisville Clearing-House Association, is Secretary of
the Bankers’ Association.
— T. J. Carling, Vice-President of the Union Savings Bank
& Trust Company of Macon, G a., purchased at public auction
768 shares of the institution owned b y the failed Exchange
Bank of Macon. The sale is subject to the confirmation of
the Court. Mr. Carling’s bid for the stock (par $100) is
$22,500, or about $29 29 per share. A t the time of the sus­
pension of the Exchange Bank, on July 7, the Union Sav­
ings Bank & Trust, an affiliated institution, took advantage
of the provision requiring depositors to give sixty days’ notice
of intention to withdraw. It now announces that it is ready
to pay all depositors desiring to withdraw their accounts.
The institution underwent reorganization the latter part of
July.

— The payment of a 20% dividend to the depositors of
the Exchange Bank of Macon, G a., which suspended July 7,
was begun on Tuesday.
— The L a Grange Banking & Trust Company of L a Grange,
G a., will shortly take action toward increasing its capital
from $150,000 to $250,000. Three-fourths of the additional
stock will be offered to present shareholders, the other fourth
being sold to outside interests. The price at which the new
shares are to be sold will enable the bank to increase its sur­
plus to $350,000, making combined capital and surplus
$600,000.
— In the latest statement issued b y the Fidelity Trust
Company of Tacoma, W ash ., of date August 22, the deposits
are reported as $3,191,689, the undivided profits as $164,713
and the total resources as $3,656,971. The institution is
the oldest trust company in the State of Washington. It
has a capital of $300,000, and is managed by J. C. Ainsworth,
President; Jno. S. Baker and P . C. Kauffman, Vice-Presi-

THE CHRONICLE.

S e p t . 7 1907.]

577

dents; Arthur G. Prichard, Cashier, and F. P. Haskell Jr., | Our usual monthly detailed statement of transactions on
the various New York Exchanges is appended. The results
Assistant Cashier, and George Browne, Secretary.
for the eight months of 1907 and 1906 are given below.
— A number of the depositors and creditors of the failed
Oregon Trust & Savings Bank of Portland, Oregon, have
Eight Months 1907.
Eight Months 1906.
-I
signified their willingness to accept in payment for their Descript’n
P a r Value
Actual
|Aver\ P a r Value
Actual
Aver.
balances or accounts in that institution Home Telephone
or Quantity.
Value.
\Price\ or Quantity.
Value.
P rice .
bonds held by the bank at the regular price of par for the
St’k lS h ’ s.
144,567,506
196,528,428
bonds, with a 50% stock bonus. Both President Moore and
jV a l. S12445.594.800 $11331,470,500 91.2 $17453,800,600 $16140,630,836 92.5
R .bonds $257,897,900 $238,379,314 92.41 $430,985,300 $417,796,835 96.9
Cashier Morris are seeking to reimburse the depositors out of R
G ov’t bds.
$508,300
$564,485 l l l . l l
$1,533,784 108.8
$1,410,000
their personal resources; in addition to the wheat lands, valued State bds.
$33,184,600
$30,149,772 90.9
$53,172,050
$48,452,277 91.1
Bank st’ks
$222,900
$455,784 204.5
$364,400
$724,268 198.7
at $300,000, deeded to the receiver by Mr. Moore, he has
T o t a l. . $12737,408,500 $11601,019,855 91.2!$17939,732,350 $16609,137,970 92.6
also turned over a warehouse property the estimated worth
Grain, bu.
427,131,950
397,216,220 93c .j
305,154,450)
253,659,030 83.1c
of which is $50,000; Mr. Morris’s holdings will, it is thought,
$11998,236,075
j$16862,797,000
bring the total thus turned over to the receiver by the two T o t. value
up to $400,000.
The volume of transactions in share properties on the
— The Title & Trust Company is the name of a new finan­ New York Stock Exchange each month since Jan. 1 in 1907
cial organization in Toronto, Canada. The company an­ and 1906 is indicated in the following:
nounces that it will begin operations shortly in the new
S ALE S O F S TO CK A T T H E N E W Y O R K S TO CK E X C H A N G E .
Continental Life Building, and that its business will embrace,
besides a general trust feature, the insurance of real estate
1907.
1906.
titles, together with mortgage loans and the sale of such M 'til.
Number
Values.
Number
Values.
m ortgages with the company’s bond of payment. The
0}
ol
officers elected are E . F. B . Johnston, K . C., President;
Shares.
P a r.
Actual.
Shares.
P a r.
Actual.
H on. W . A . Charlton, W . J. Gage and Noel Marshall, Vice$
$
%
i
Presidents. The board of directors is made up of the fore­ Jan _ 22,702,760 1,948,477,925 1,854,950,930 38,518,548 3,513,808,700 3,333,481,498
F e b . 16,470,972 1,318,394,800 1,241,478,649|21,699,800 1,968,990,600 1,831,598,764
going, and George H . Hess, W . K . George, W . R . H obbs, Mch. 32,208,525 2,787,043,450 2,609,820,422] 19,467,684 1,729,841,900 1,591,417,290
Jas. B . Tudhope, M .P .P ., R . W ade, Allen M acPherson; lstqr 71,382,257 6,053,916,175 5,706,250,001; 79,680,032 7,212,641,200
6,756,497,552
A pril 19,235,652 1,686,695,950 1,508,967,41324,330,919 2,158,016,950 1,928,749,870
Jacob Kohler, M .P .P ., and J. A . Kammerer.
May 15,827,245 1,346,719,475 1,204,698,417|24,026,049 2,043,050,800 1,879,476,284
June 9,749,415 826,398,975 740,089,460:20,340,391 1,744,464,300 1,563,947,686

Canadian Bank Clearings.— The Clearings of the Canadian
banks for the month of August 1907 show an increase over
the same month of 1906 of 13.8% and for, the eight months
the gain reaches 11.3%.
August.
1907.

1906.

B ight Months.
In c. or
Dec.

1907.

1906.

Canada—
S
$
$
%
M ontreal_____ 140,000,000 124,783,775 + 12.2 1,019,679.547
95,410,355 90,415,800 + 5.5 825,251,308
W innipeg_____ 48,827,934 38,778,304 + 26.2 373,122,504
O t t a w a -------- 13,371,590 11,772,499 + 13.6 102,466,721
Vancouver____ 17,528,199 12,048,239 + 45.4 122,166,743
8,611.253
61,555,271
H a lifa x ______
7,924,680 + 8.7
9,342,037
7,619,661 + 22.6
Quebec_______
67,352,628
Ham ilton_____
7,162,365
6,345,809 + 12.9
58,077,927
5,992,793
5,549,958 + 8.0
43,890,875
London ______
5,631,007
44,158,499
4,692,366 + 20.0
V ic t o r ia _____
5,026,571
3,791,456 +32.6
36,211,304
C a lg a ry ______
4,342,225 + 35.9
46,762,859
5,900,541
3,102,514 +29.0
4,003,995
E dm on ton .a ..
30,931,760
r.

In c. or
Dec.

$
984,526,917
769,935,850
284,879,809
84,839,685
77,319,839
60,192,777
59,107,993
48,932,954
38,714,160
37,696,327
27,505,855
15,741,200
3,102,514

%
+ 3 .6
+ 7.2
+36.0
+ 20.8
+ 58.0
+ 2.3
+ 13.9
+ 18.7
+ 13.4
+ 17.1
+31.7

2d qr 44,812,312 3,859,814,400 3,453,755,290 68,697,359 5,945,532,050 5,372,173,840

,,

6 m’ s 116194,569 9,913,730,575 9,160,005,291 148377,391 13158,173,250 12128,671,392
July 12,811,354 1,141,219,600 990,994,600 16,346,221 1,448,273,600 1,310,479,816
A u g. 15,561,583 1,390,644,625 1,180,470,609 31,804,816 2,847,353,750 2,701,479,628

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

Month.

Clearings, Total A ll.
1907.

Clearings Outside New York.

1906.

1907.

%

$
$
Jan _. 15,020,747,342 16,333,604,104 — 8.1
Feb . . 11,792,953,798 12,477,037,577 — 5.5
M c h .. 14,625,282,333 13,007,090,991 + 12.4
1st qr.
A pril .
M ay._
June .

41,458,933,953
12,636,807,179
12,382,112,008
11,136,390,327

1906.

$
5,383,076,858
4,461,444,022
5,063,004,520

$
5,095,403,426
4,152,614,053
4,629,856.802

%
+ 5.4
+ 7.4
+ 9 .4

41,834,184,266
12,902,156,095
13,237,374,455
12,249,457,807

— 0.9 14,927,475,490 13,894,325,875 + 7 .4
— 2.1 4,969,277,555 4,358,920,528 + 14.0
— 6.5 5,047,259,142 4,444,345,376 + 13.0
— 9.1 4,767,217,292 4,433,236,940 + 7 .5

Total Canada 356,904,104 313,722,547 + 13.8 2,753,932,954 2,473,652,166 + 11.3

2d qu. 36,155,309,514 38,388.988.357

— 5.8 14,783,753,989 13,236,502,844 + 11.7

a N ot included in totals for month and eight months; comparison incomplete.

6 mos. 77,614,243,467 80,223,172.623 — 9.1 29,711,229,479 27,130,828,719 + 9 .5
Ju iy_. 12,348,573,537 11,648,370,242 + 5.9 5,036,811,132 4,391,844,139 + 14.4
Aug . . 11,536,404,438 13,148,993,885 — 12.3 4,645,913,948 4,315,792,789 + 7 .7

The clearings for the week ending A ug. 31 make a very
satisfactory comparison with the same week of 1906, the increase in the aggregate having been 19.0%.
Week ending August 31.
Clearings at
1907.

$

In c. or
Dec.

1906.

1904.

Canada—
Montreal __________
Toronto____________
W in n ip eg__________
O tta w a ___________ V an cou ver____ ,.___
H alifax ...................
Q u eb ec____________
H a m ilto n __________
S t.J o h n ___________
London .................
Victoria____________
Calgary ___________
E d m on ton _____ . . .

,248,746
,715,200
,720,808
,903,817
,949,239
,732,161
,910,768
,318,017
,289,747
944,715
,000,249
,193,429
659,488

26,322,287
15,072,554
8,204,575
2,185,637
2,521,781
1,610,000
1,665,212
1,283.981
1,142,198
891,909
1,003,342
890,649
• 719,644

+ 11.1
+ 24.2
+ 30.7
+ 32.8
+ 56.6
+ 7.6
+ 14.7
+ 2.6
+ 12.9
+ 5.9
— 0.3
+ 34.0
— 8.4

22,305,307
17,592,412
5,381,406
2,003,507
1,768,233
1,591,663
1,518,425
1,157,240
916,707
789,283
757,318

18,726,527
13,310,873
4,728,773
1,563,172
1,529,016
2,015,468
1,410,266
1,097,035
1,032,104
882,405
631,709

Total Canada____

75,586,386

63,513,769

+ 19.0

55,781,501

46,927,428

I**.................

%

Clearings by Telegraph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received b y telegraph from other leading cities.
I t will be observed that, as compared with the corresponding
week of 1906, there is a decrease in the aggregate of 19.4%.
So far as the individual cities are concerned, N ew Y o rk ex­
hibits a loss of 33.0%; Boston, 9.1% ; Philadelphia, 0.1% ;
and N ew Orleans, 5.6%. Chicago records a gain of 12.5%;
Baltimore, 12.7%; and St. Louis, 6.1% .
Clearings— Returns by Telegraph
Week ending Sept. 7.

1907.

1906.

P er
Cent.

New Y o r k __________ _____________
B oston ___________ ________ _______
Ph iladelph ia_______________ _____
Baltimore_________________________
Chicago . . . . ----------------------------St. L o u is....................... ...............
New Orleans ................................

$975,365,042
94,456,583
101,846.340
22,643,952
180,241,905
50,485,536
10,116,088

51,457,043,939
103,940,787
101,985,456
20,097,907
160,199,398
47,572,280
10,711,235

— 33.0
— 9.1
— 0.1
+ 12.7
+ 12.5
+ 6.1
— 5.6

Seven cities, 5 d a y s ............ .......
Other cities, 5 days.........................

$1,435,155,446
400,207,618

$1,901,551,002
330,109,748

— 24.5
+ 21.2

* Total all cities, 5 days...............
A ll cities, 1 day------------------------

$1,835,363,064
410,619 871

$2,231,660,750
556 433 468

— 17.7
— 26.2

£ Total all cities for week.............

$2 245 982 935

$2 788 094 218

-19.4




The course of bank clearings at leading cities of the country
for the month of A ugust and since January in each of the
last four years is shown in the subjoined statement:
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
-A ugust(000,000*
1906. 1905.
omitted.)
$
$
$
New York ______
6,890 8,833 6,981
Chicago __________ 1,105
887
812
B o s to n ........ .........
629
627
576
Philadelphia..........
579
605
550
224
214
250
P ittsbu rgh _______
220
206
211
San Francisco_____
183
188
162
Cincinnati______ _
113
104
91
122
112
101
Kansas C i t y _____
144
112
101
Cleveland_________
79
64
68
New Orleans______
65
67
164
Minneapolis ______
83
68
59
49
L o u is ville_________
55
48
'6
54
56
M ilw aukee_______
46
39
34
31
29
Providence ______
28
O m a h a ____ _______
47
40
37
Buffr.lo__________
36
34
32
34
St. Paul___________
37
26
In d ia n ap olis_____
35
31
28
33
29
D e n v e r.... ............
126
Richmond...........
25
23
19
14
12
16
42
26
39
14
______
15
Hartford
11
27
21
20
Salt LaKe C ity____

$
4,656
718
487
408
216
168
130
105
87
104
58
51
59
45
47
33
24
30
29
25
27
18
17
13
19
10
12

-------- Jan. 1 to
1907.
1906.
$
$
62,105 69,182
8,404
7,222
5,724
5,464
4,950
5,096
2,115
1,927
1,887
1,773
1,521
1,184
954
875
998
952
1,067
837
1612
542
[627
622
706
1583
457
^436
479
435
370
316
267
259
374
328
294
259
302
257
279
237
266
220
213
200
156
155
306
328
130
122
210
179

A ug. 31----$
$ -**
60,704 38.979
6,499
5,778
4,993
4,258
4,485
3,598
1,911
1,791
1,647
1,318
1,166
980
795
814
809 f
705
754
689
[454
508
608
626
1 [519 ]
457
|400 V 367
383
339
274 j
259
241
225
287
256
212
226
207
195
220
206
209
142
170
154
159 I
157
183
137
93
109
96
326

Total __________10,871 12,551 10,391
512
Other cities........ .
665
598

7,955
425

95,795
5,694

88,492
4,305

Total ail............11,536 13.149 10,903
Outside New Y o rk . 4,646 4,316 3,922

8,020 101,489 105,021
3,364 39,384 35,839

99,978
5,043

63,285
3,611

92,797 66,896
«2,093 27,917

(F r o m ou r o w n C orrespon den t.)

London, Saturday, August 24 1907.
W ith the London & North-W estern R ailw ay meeting we
have now all the reports and the comments of the various
Chairmen for the past half-year, so far as the purely English
railways are concerned. The more carefully the figures are
studied, and the more the remarks made b y the Chairmen

578

THE CHRONICLE.

are considered, the less satisfactory the position looks,
whether we judge it from the point of view of a shareholder
or from the point of view of the traveling public. The E ng­
lish railway systems differ very widely from those of the
United States. They are in fact sd> different to the untrav­
eled American that it is not easy for him to appreciate the
situation in this country. There is here no system of great
financial control in the hands of enormously wealthy indi­
viduals or corporations, but the stock of the English railways
is widely held, in some cases in quite small amounts, b y a
vast number of people who for the most part have very
moderate means. W ith one notable exception, pooling for
control is foreign to our ideas.
The result of working last year shows that while there was
a growth of, roughly, about 3 3^% in the receipts, there was
a corresponding growth in the expenditure of about 4J^%.
This is not an accident of one particular half-year, but it has
been a growing feature ever since the great advance in the
price of coal in the last year of the last century. It was this
aspect of affairs which brought about the agitation for a
different method of handling transport. Various reforms
have been introduced, and a Board of Trade Commission has
been appointed with a view to drawing up a report recom­
mending further reforms. Meanwhile the growth of traffic
continues to cost so much to earn that from the shareholders’
point of view there is no advantage in doing the increased
business. Partly no doubt from other causes, but mainly
from this cause, there is a growing difficulty for our railways
to obtain fresh capital even for their most urgent needs.
The average rate upon the ordinary stock is under 3 % % ;
that is to say, less than the Imperial Government had to pay
last week for an issue of six months’ Treasury bills— perhaps
the most marketable security existing in London.
One of the needs of our time is, and has been for years
past, to obtain cheap and easy facilities for carrying people
to and from their business, and with a view of meeting the
exigencies of the circumstances, a large number of new
passenger lines have been built in London and in other
populous centres. These lines have been far from universally
successful, and have further embarrassed the investing public,
who had hoped to reap at least a moderate return on their
capital so invested. To those who are unacquainted with
the economic conditions under which we live in modern
England, the solution might seem simple. It might be con­
tended that if the fares and freight rates are not remunera­
tive, as a railway is after all merely a carrier upon a large
scale, w hy not increase the rates as is done b y every other
trading community? W hen the price of any particular raw
product used in the manufacturing districts rises, the manu­
facturer has to make a corresponding increase in his selling
price of the finished article in order to net a profit. This
solution, however, is hardly practicable. The influence on
our trade might easily prove disastrous. Out of the popu­
lation in England of about 28 millions, less than 8 millions
live in the rural districts. In other words, the modern Eng­
lishman is practically' a town dweller working on goods im­
ported from over-sea and consuming food that likewise was
not produced in these islands. Consequently nearly every
article our people use has to pass over the railways, and in
addition a very large proportion of the population have
also to pass over the railways every day in order to provide
the means for their subsistence. It is often flippantly said
that such of the lines as cannot be made to pay as a com­
mercial enterprise should be taken over b y the State and an
issue of Government stock made against them. It does
not appear to have been considered that if keen business
men find it increasingly difficult to earn a dividend even on
those of our lines most favorably placed for doing so— as,
for example, those lines serving the North of England in
the past half-year— is it probable that the average State
official could manage them without involving the country
in disastrous loss?
The Bank of England directors maintained the official
minimum at 4J/£%, although the actual working rate is
about 4 % % . Day-to-day money is cheap at 3% and fairly
easily obtainable. Rates, however, tend to rise very rapidly
if the loan is for an extended period, and particularly if it
runs into the early weeks of the coming year.
The cessation on Thursday of the heavy liquidation to
which the stock markets were again exposed in the early days




[V o l .

lxxxv.

of this week led to a sharp recovery in prices. There was
some investment business, but not upon any great scale
The bears began to be nervous as soon as the heavy sell­
ing ceased and rushed to cover their open commitments.
The result has naturally led to a much more favorable
feeling upon the Stock Exchange, but its maintenance will
depend upon whether the liquidation is really at an end or
whether it has merely ceased in order to give the markets an
opportunity of recovering from the recent serious shocks
which have assailed them.
After the abnormally heavy sales this year, the India
Council is contenting itself with offering a very moderate
amount of drafts each week, the main object being the neces­
sity which it is under of maintaining exchange as near as
possible at the level of Is. 4d. per rupee. On Wednesday last
30 lacs were offered for tender, the market applying for 164
lacs, and the prices ranging from Is. 3 31-32d. to Is. 4 l-16d.
per rupee. This latter figure, however, was for a small
amount. A t the corresponding date last year the Council
offered 80 lacs for tender, receiving applications for 700 lacs,
at prices ranging from Is. 4 l-32d. to Is. 4 l-16d. per rupee.
A t that date the total sales had realized £6,500,000, while
since the beginning of the present financial year the Council
have sold drafts realizing £8,402,000.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with the last four years:
1907.
Aug. 21.

1906.
A ug. 22.

1905.
Aug. 23.

1904.
A ug. 24.

Circulation_________ 29,270,665
29,329,275 29,101,930 28,327,985
Public deposits____ 7,566,933
11,145,651 12,152,669 6,769,007
Other deposits........ 46,371,481
42,236,913 43,789,094 41,074,703
G ov't securities____ 14,573,604
15,972,452 18,675,814 14,234,002
28,723,54229,203,158- 23,122,298
Other securities____ 31,544,532
Reserve,notes&eoin 26,015,965
26,918,135 26,170,633 26,841,636
Coin&bull..bothdep 36,836,630
37,797,410 36,822,563 36,519,641
Prop, reserve to lia­
bilities..........p. c.
48J£
50%
46?£
55 9-16
Bank rate------ p. c.
4)4
3)4
2)4
3
Consols, 2)4 P- c ___
81 13-16
87^
90 11-16
87%
S U ver........ ............. 31 7-16d.30 13-16d.
_______
26% d.
Clear.-housereturns249,274,000 209,034,000211,787,000 154,068,000

1903.
Aug. 26
29,360,995
8,779,756
43,286,965
20,268,641
24,810,212
25,190,552
36,101,547
48%
3
90%
26 3-16d.
152,750,000

The rates for money have been as follows:
Aug. 23.
Bank of England rate_______
434
Open Market rale—
Bank bills— 3 months____
4J£
— 4 months____ 4% @5
— 6 months____
5)4
Trade hills— 3 months____
5 @ 5)4
— 4 months____5 ) i @ 5)4
Interest allowed for deposits—
B y joint-stock banks_____
3
By discount-houses:
A t c a l l...... ....................
3
7 to 14 d a ys................
3)4

Aug. 16.
43^>

Aug. 9.
4

A ug. 2.
4

4)4 @ 4 % 4 @ 4)4
3 1-16@3%
4% ® 4 7
A
4H @ 4)4
3%
5 @ 5)4
4% ©4H
4%
4% @ 5
4)4
4 @ 4)4
5 @ 5)4
4)4 @ 4)4
4)4
3

2)4

2)4

3
3)4

2)4
2%

2}4
2%

The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
A ug. 23.
A u g . 16.
Aug. 9.
Aug. 2.
Rates of
Bank Open
Bank
Open
Bank Open
Bank Open
Interest at—
Rate. Market.
Rate. M arket Rate. Market. Rate. M arket.
P a r i s ......................... 3)4 3 7-16
3)4
3)4
3)4
3)4
3)4
3)4
B erlin ........................ 5*4
4%
5)4
4H
5)4
4)4
5)4
4%
Hamburg-------- ------- 5)4
4%
5)4
4%
5)4
4)4
5)4
4)4
Frankfort - ................ 5)4 4 13-16
5)4
4%
5)4 4 7-16
5)4 4 7-16
Amsterdam _________ 5
4%
5
5
5
4%
5
4%
Brussels ...................
5
4)4
5
4)4
5
4]4
5
4)4
Vienna _____________
5
4 15-16 5
4 15-16
5
4)4
5
4%
St. Petersburg ________ 7
7
7
7
Madrid............_......... 4)4
4
4)4
4
4)4
4
4)4
4
Copenhagen__________ 6
5)4
6
5)4
6
5)4
6
5)4

Messrs. Pixley & Abell write as follows under date of
August 22:
G O LD .— The Bank has again been able to obtain the greater part of this week’s
arrivals, amounting, after satisfying India and a small Continental Inquiry, to
about £300,000. N ext week we expect about £740,000 from the Cane. The
week’ s movements are as follows: The Bank has received £296,000, of which £290,000 is In bars and the balance from Paris, while the losses have been nil. Arrivals—
Cape, £393,000; Bombay, £65,000: Singaoore. £3,000; Brazil,£14,500; Australia,
£9,000; total, £484,500. Shipments— Bombay, £138,500; Singapore (coin)
£83,500; Madras, £8,500; total, £230,500.
S IL V E R .— Fluctuations have again been wide and we are % d. lower on the week
at 31 3-16d. News of further shinments o f silver from China to India have weak­
ened the market, and also the plethora of cash supplies, while the IndUn Govern­
ment are at present out of the market and the Bazaars, although regular buyers,
have not been able to absorb the supplies. The market closes dull. Forward sliver
Is now at a premium of 3-16d. over cash. Price in India Rs. 80>4 per 100 Tolahs.
Arrivals— New York, £300,000. Shinments— Port Said, £1,300; Bombay, £111,100; Singapore (coin), £54,500; Madras, £2,500; total, £169,400.
M E X IC A N D O L L A R S .— There have been a few further transactions at their
melting value. Arrivals— New York , £120,000. Shipments— Bom bay, £48,800.

The quotations for bullion are reported as follows:
G O LD .
A ug- 23.
London Standard.
s. d.
Bar gold, fine, o z _____ 77 9J4
U . S. gold coin, o z ____ 76 5)4
German gold coin, oz_- 76 514
French gold coin, oz___ 76 5)4
Japanese yen, o z ^ . . j . 76 5)4

Aug. 16.|
S IL V E R .
Aug. 23.
s. d. \ London Standard.
d.
77 10H|Bar silver, fine, oz._31 3-16
76 5% | " 2 mo. delivery, OZ.31H
76 5?^ |Cake silver, o z________ 33 11-16
76 5)4 |Mexican dollars______ _nom.
76 5)4 I

Aug. 16.
d.
31 13-16
3115-16
34%
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IM P O R T S .
Fllty-one weeks.
1906-07.
1905-06.
1904-05.
1903-04.
Imports of wheat................. cwt_92,455,252 92,369,190 100,714,300 89,867.236
Barley ..................... ................... 19,078,834 20,221,000 22,974,300 30,986,226
Oats............................................... 10,820,814 15,533,100 16,781,400 14,798,094
Peas.......... - ............ ...................... 1,791,150
1,780,795
2,297,184
2,377,639
Beans .................................... .......
434,680
593,480
1.437,700
2,213.788
Indian corn ................................... 49,860,070 45.078,800 40,024,850 46,379,976 .
Flour ........................................... 13,075,772 14,149,470 10,760,720 18,704,043

Se p t . 7 1907.]

THE CHRONICLE

Supplies available for consumption (exclusive of stock on
September 1):




j

666

.

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S —
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
August. From previous returns we obtain the figures for
previous months, and in that manner complete the state­
ment for the eight months of the calendar years 1907 and 1906.
For etatemetU #/ August 1906 see issue of Sept. 22 1906, page

T o ta ls
months

L IQ U ID A T IO N S .
3,544— T h e A m erica n N a tio n a l Bf>i>k ( f Kansas C ity , M issouri, was placed
In v o lu n ta ry liq u id a tio n J u ly 27 1907.
2,658— T h e M echan ics’ N a tio n a l Bank o f K n o x v ille , Tennessee, w as placed
In v o lu n ta ry liq u id a tio n A u gu st 23 1907.
6,733— T h e F irst N a tio n a l Bank o f B e ck ley . W e s t V irg in ia , w as placed
In v o lu n ta ry liq u id a tio n A u gu st 27 1907.

Aug.

P achlP T

June. July.

S pw ftll

April. May.

T?rnnlr A

8.853— T h e F ir t N a tio n a l Bank o f C oron a, N e w Y o r k .
C apita l, $100,000.
W . J. H a m ilto n , P resid en t; C. W . C rp p and H . S. Johnston, V iceP residen ts; W m . R . B a rd ell, Ca hler.

Circulation Alloat Under

LegalTenders.

Bonds.

$
559,319,710
558,582,550
558,442,910
556,937,300
553,199,050
550,137,900
552,955,950
553,253,550
551,263,840
549,750,830
539,653,180
530,772,270

$
47,110,434
48,372,596
48,217,809
48,325.976
49,709,069
49,579,000
46,605,049
40,498,995
46,882,385
46,399,102
46,238,810
46,134.184

Bonds.

LcqalTenders.

$
556,945,887
555,023,290
555,570,881
553,614 574
550,204,771
547,633,063
549,737,373
549,698,547
549,280,084
540,981,447
536,933,169
527,768,924

$
47,110,404
48,372,596
48,217,809
48,325,976
49.709,069
49 579,000
46,005,649
40,498,995
40,882,385
40,399,102
40,238,816
46,134,184

Total.

$
604,056,321
003,395,886
603,788,690
601,940,550
599,913,840
597,212,003
596,343,022
590,197,569
59(i,162,469
593,380,549
583,171,985
573,903,108

For full explanation of the above table see the issue of
Dec. 14 1901, page 1232, the first item in Financial Situation.
The following shows the amount of each class of bonds held
against national bank circulation and to secure public moneys
in national bank depositories on August 31.

A P P L IC A T IO N TO C O N V E R T IN T O N A T IO N A L B A N K S
APPROVED.
T h e M adison C o u n ty B an k. H u n ts v ille , A rkan sas, in to “ T h e F irst
N a tio n a l B ank o f H u n ts v ille .”
C a p ita l, $25,000.
N A T IO N A L B A N K S O R G A N IZ E D .
Certificates issued fro m A u g . 27 1907 to A u g . 31 1907, inclusive.
8.845— T h e G ran ge N a tio n a l Bank o f W yom ing- C o u n ty a t L a c e y v llle ,
Pen n sylva n ia .
C a p ita l, 525,000. A . C. K e e n e y , P resid en t; W . L .
C lilfo rd , V ice-P resid en t; J. B . D o n o va n , Cashier.
8.846— T h e F irst N a tio n a l Bank o f S t. F ra n cls vllle, Illin o is. C a p ita l,
$25,000.
R . J. M cM u rra y, Presid en t; S olom on D a ger, V ic e -P re s i­
d en t; W . H . H lg h field , Cashier.
8.847— T h e F irst N a tio n a l Bank o f G riffin C orners, N e w Y o r k .
C p lta l,
*25.000. J. L . K e a to r, Presid en t; H . S. V e rm ily e a , V ice-P resid en t;
C. V . S priggs, Cashier.
8.848— T h e N a tio n a l Bank o f W ilk e s a t W a s h ln g trn , G eorgia. C a p ita l,
850,000. J. A . Moss, Presid en t: B c y ce F lck len , V ice-P resid en t;
F . H . F lc k len , Cashier; B c y c e F lc k len J r., A ssista n t Cashier. Con­
versio n o f the B an k o f W ilk es.
8.849— T h e Granirc N a tio n a l B an k o f B ra d fo rd C o u n ty at T r o y , P e n n s y l­
v a n ia . C -p i al. $75,000.
E . E v e r it t V a n D y n e,
P resid en t;
Geo. B. Lewi--, F irs t V ice-P resid en t; G eo. C. C orn ell, Second V icePresid en t; S. F R ob in son , C achler.
8.850— T h e F ir s t N a t'o n M B an k o f H igh la n d F a lls, N e w Y o r k .
C apital,
$25,000.
F . R . F ltc h e tt, P resid en t; John K r e u tz , V ice-P resid en t;
T h e o . J. H ick s, Cashier.
8.851— F l r 't N a tio n a l Bank o f L a w ren ce. N ebra ska . C a p ita l, $25,000.
H . G IF d o r f, P resid en t; John O. R ile y , V ice-P resid en t; J ay M . R ile y ,
Cashier. C nverslon o f the S tate Bank o f Law ren ce.
8.852— T h e F irs t N a tio n a l B an k o f T e x h rm a , O k la h rm a .
C p pltal, $25,000. John R . P . S ew ell, Presiden t; H erm an C. S chu ltz, Cashier;

Mch.

regarding

Aug. 31________
July 31________
June 30.............
May 31________
A p ril 30________
M ch. 3 0 .............
Feb. 28________
Jan. 31________
Dec. 31________
N o v . 30________
Oct. 31________
Sept. 29________

Bonds and Legal-Tenders on Deposit for
Bank Circulation.

Bonds on Deposit
August 31 1907.

2 per cents, Panama Canal............
4 per cents, funded, 1907 _______
4 per cents, 1895, due 1925 ______
3 per cents, 1908 1918 .................
2 per cents, consols 1930 .............
3.65s, District of Columbia, 1924.
State, city and railroad bonds____
Hawaiian Island bonds___________
Philippine L o a n ........... .............
Porto R i c o _______________________

Total on deposit August 31 1907

29,186 27,554 28,467 27,551 27,353 28,312 28,836 29,716 226,975
20,076 20,505 22,557 21,234 22,804 24,513 22,840!22,232 176,761
5,975 5,8671 3.198 4,476 7,331 9,886j 4,230 6,278 47,241

National Banks.— The following information
national banks is from the Treasury Department:

Feb.

©omtrtercial and lixiscellancotts^ruji:

46,920 43,721 45,770 47,025 45.84S 35,342 65,814 47,848 378,287

6 £ sterling,c Ex-dividend.

B A N K N O T E S — C H A N G E S I N T O T A L S O F , A N D IN'
D E P O S IT E D B O N D S , E T C .— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
1,731 3,292 5,256| 1,952 1,819 2,325 2,503 f,482 20,360
3,257 7,148 3,745 2,593 3,008 2,215 3,003 2,310 27,279

a Price p rT shire.

2,929 2,721 2,215 2,535 2,528 2,420 2,734 2,465 20,567
2,469 2,304 2,484 2,536 2,203 2,025 1,704 2,050
17,775

London.
Week ending Sept. 6.
Sal.
M on. Tues.
Wed.
Thurs. F r l.
Silver, peroz...... ............ .d . 31J^319-16 31J^
31H 317-16 319-16
Consols, new, 2 ^ per cents. _c82 7-16 c81 9-16 8 1 ^
815-s
81%
8111-16
Foraccount,______________ c82 ll-16c81 13-16 81M 81 13-16 81 %
81 13-16
French rentes (in P a rts).-fr. 94.55
94.4094.47H 94.45
94.35
94.45
Russian Imperial 4s_________73}^
_____
7 i]4
74J^
74
do
do
New 5s..............
......
85J4
85>^
84M
Amalgamated Copper Co____ _____
____
74
75)4
73%
74J^
b Anaconda Mining Co______
9%
9}4
9%
9H
9%
9'A
Atchison Topeka & Santa Fe 88?-is
89 VS 8 9 ^
90%
89
90
Preferred ......................... 93
93)4
93
93
93
93
Baltimore & Ohio................. 93
93^ 93^
94%
93^
93^
Preferred .........................92%
------86J4
86^
8ti%
8G%
CanadianPaciftc ................. .168
170% 170%
171%
170
171%
Chesapeake & Ohio_________33%
34% 34%
35
34
34%
Chicago Great Western_____ 10
9%
10
10
10
10%
Chicago Milw. & St. P a u l...123
124% 124%
126
125
126%
Denver & Rio Grande, c o m .. 22
23
23
24%
24%
24%
P r e fe r r e d ...... .................. 68
68% 67%
67%
68%
69%
Erie, common....................... 20%
20% 20%
22%
21%
22%
• First preferred................ 50
50%
51
52%
51%
51%
Second preferred .............. 34
38 37%
39
39
38
Illinois Central_____________ 138
138 138%
139
139
140
110% 110%
111
110%
111%
Louisville & Nashville..........109
Mexican Central____________ 18%
_____
19
20
19
18%
Missouri Kan. & T ex ., co m .. 34%
36% 36%
37
36%
37%
IWPreferred ________ _______64
_____
65
65
65
65%
National R R . of Mexico_____ 48
_____
48%
49
49
49
N . Y . Cent. & Hud. R iv e r .. 106
107
107
109
108%
109
N . Y . Ont. & W est., co m .. 33%
33% 33%
34%
34%
34%
Norfolk & Western, common 71%
71%
72
72%
73
73
P r e fe r r e d ...... ...........................
84 84% 84
* 84
84
Northern Pacific...... .....................
......
125%
127
126
130
a Pennsylvania_____________ 60%
60% 60%
61%
61
61
a Reading Co________________47%
49%
49
49%
48%
49%
a First preferred__________ 41
_____
41%
41%
41%
41%
a Second preferred_______ 39%
_____
40
40
40
40
Rock Island Co............................................
20%
21%
20%
21%
Southern P a cific.................. .........
87- 86%
88%
86%
8S%
Southern Railway, common. 15%
16% 16%
16%
16%
17
Preferred ........ ................ 54
56
55
56%
58
58
Union Pacilic, common_____ 130%
132^
132
133%
131%
135%
Preferred ......................... 86
86
84
84
84
84'
U .S . Steel Corp., com..........31%
32% 32%
33%
32*£
33%
9 7 ^ 97%
98%
97%
98
Preferred ........................ 97
Wabash ................... ..........11%
11%
11
11%
12
12
21 20%
21
21%
21%
Preferred ......................... 21%
Extended 4 s.................... 55%
_____
56%
56
56%
57

Jan.

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
as reported by cable havebeen as follows the past week:

000s omitted.

1905.
2,170,000
120,000
1,235,000

Receipts 1906-07—
$
$ I $
S
S
$
S
S
S
Customs ...................................................................................................................................................................................................................................
Internal revenue.....................................................................................................................................................................................................................
Miscellaneous......................................................................................................................................................................................................................

1906.
2,325,000
120,000
1,190,000

Total receipts...........................................................................................................................................................................................................
55,237j53,926:54,222 53,261 57,488 62,711155,906 58,226 450,977
Receipts 1905-06—
26,890 23,833:27,148 23,481|23,178 26,259 26,177 29,012 205,977
Customs ................................................................................................................................................................................................................ .
Internal revenue..................................................................................................................................................................................................
19,775 18,229 20,477 19,083 20,324 22,607i22,102 21,853 164,450
Miscellaneous...................................................................................................................................................................................................
4,125 6,133 3,006 2,528| 4,478 6,501! 4,020 5,142 35,937

Last week.
2,215,000
130,000
970,000

Total receipts-----------------------------------------------------------------------------------------------------------------------------------------------------50,790 48,195 50,631 45,092:47,980 55,367-52,299 56,007406,364
Disbursements 1906-07—
Civil and m lscel...................................................................................................................................................................................
11,307 10,083 8,851 10,870 9,915 8,064 14,898 10,24984,237
W a r ..................................................................................................................................................................................................
7,910 7,596 7,618 8,050| 7,173 6,550 14,218 10,33369,448
N a v y .............................................................................................................................................................................................
8,715 6,521 7,984 8,177! 8,924 8,8071 9,273,1 9,11967,520
In d ia n s ......................................................................................................................................................................................
696 1,009 1,043 1,209| 1,136
879| 1,513! 1,4678,952
Pensions ................................................................................................................................................................................. ................................ 10,464 13,461 11,020 10,285! 12,920 10,585! 12,133 14,05494,922
Public W orks.......................................................................................................................................................................
7,336 5,979 6,728 7,203| 7,605 5,715:11,122
7,75259,440
In tere st............................................................................................................................................................................
1,399 1,091
358 2,277' 1,240
217 3,656 1,66411,902

This week.
W heat .................................. qrs. 2,095,000
Flour^ equal to _____________ qrs.
115,000
Maize .................................... qrs.
860,000

disbursed------------------------------------------------------------------------------------------------Red. Fund—
1906 .......................................................................................................................
1905 ....................................................................................................................

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:

1906...........................................................................................................
1905-------------------------------------------------------------------------------------

Total ......................................139,811,605 134,399,644 126,560,210 126,067,172
Average price wheat, week_______
33s. 6d.
29s. Od.
30s. 5d.
28s. 8d.
Average price, season____________
27s. 9d.
28s. lOd.
30s. 9d.
27s. 3d.

Total disbursed-----------------------------------------------------------------------------------------------------------------------------47,827 45,740 43,602 48,071 48,913 40,817 66,813 54,638396,421
Disbursements 1905-06—
Civil and m lscel....................................................................................................................................................11,944 8,240 9,058 11,77317,539 6,647 15,561 7,68878,445
W a r ..................................................................................................................................................................
7,672 7,451 7,941 8,025 6,875 4,699il4,257
8,83365,752
9,409 8,286 10,665 6,981! 8,818 7,451 10,547 7,28469,441
N a v y ............................................................................................................................................................. .....................................
In d ia n s ......................................................................................................................................................
971 1,073: 1,009 1,025! 1,124
773 1,987 2,24910,211
Pensions ................................................................................................................................................. ..
10,865 12,438 11,641 10,170 13,082 10,374 11,961 13,11293,643
Public Works........................................................................................................................................ .....
4,210 5,067 5,292 5,1981 6,814 4,981 7,460 7,13746,159
In tere st.............................................................................................................................................
1,849
1,166
169 3,853! 1,596
417 4,0411 1,54514,636

1903-04.
89,867,236
18,704,043
17,495,893

Total
Nat. Bank
Receipts
Receipts

1905-06.
1904-05.
92,369,190 100,714,300
14,149,470 10,760,720
27,880,974 15,085,190

R E C E IP T S A N D D IS B U R S E M E N TS (000s om itted).
Disbursed
Disbursed

1906-07.
Wheat Imported . ............... cwt_92,455,252
Imports of flou r...........................13,075,772
Sales of home-grown.................. .34,280,581

579

U . S. Bonds Held August 31 to Secure—

Bank
Circulation.

Public Deposits
in Banks.

$10,774,380
12,500
8,513,900
5,177,380
528,841,550

$12,858,800

$559,319,710

$170,492,051

' 6,382,250
7.765.000
65,931,050
1.088.000
64,329,951
1.713.000
9.644.000
780,000

Total
Held.

$29,633,180
12,500
14,896,150
12,942,380
594,772,0)0
1,088,000
64,329,951
1.713.000
9.644.000
780,000

$729,811,761

The foregoing does not include the bonds held in the N ew
York Sub-Treasury against deposits in banks.
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits A ug. 1 and
Sept. 1 and their increase or decrease during the month
of August.
National Bank Notes— Total Afloa —
Amount afloat August 1 1907.................................................................$603,395,880
Amount Issued during August.... .......... ............................... $3,516,464
Amount retired during August............................................... 2,856,029
660,435
Amount o f bank notes afloat September 1 1907.......... .........................$604,056,321
Legal-Tender Notes—
Amount on denoslt to redeem national bank notes August 1 1907____$48,372,596
Amount deposited during August........................................ $1,332,332
Amount of bank notes redeemable In August...... ................ 2,594,494
1,262,162
Amount on deposit to redeem national bank notes September 1 1907__ $47,110,434

The portion of legal-tenders deposited (1) by banks be-r
coming insolvent, (2) b y banks going into voluntary liquid
dation and (3) by banks reducing or retiring their circulation,
Legal Ten'ers.

j

M ay 1.

J u n e 1.

July 1.

A u g . 1.

.. Sept. 1.

Deposits by—
1
$
S
S
I
S
?
Insolvent banks............... 1 1,09^,371
1.028,221
982,271'949,871
901,171
T iquldating banks............ 15,749,488 15,365,637 15,490,422 15,194,285 15.008,230
Reducing under A ct uf
1874* .......................... 32,863,210 31.932,118 31.745.116 32.228,4-10 31.201.033
T o t a l ............................ 4P,70'\<V’ 9 ', R.-?r>5.976 48,217,809 <<8.372 r96 *7 11" 434

.1

♦A ct t

June 20 1874 ro d July 12 1882.

580

THE CHRONICLE.

D IV ID E N D S .
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name 01 Company.

P er
Cent.

When
Payable.

Books Closed.
Days Inclusive.

Railroads (S team ).
to
Sept. 9
A tlantic Coast Line Company (qu ar.).
2 >4 Sept. 10 Aug. 31
2
Boston & Albany (q u ar.)____________
Sept. 30 Holders of rec Aug. 31
1 Holders of ec Sept. 3
Boston & Maine, com. (quar.) (N o 168)
1K ;<JCt.
to
Oct. 2
Sept. 30 Sept. 1
3
Canadian Pacific, common____________
to
Oct . 2
Common (extra) . . ..................... .......
34 Sept. 30 Sept. I
to
Oct. 2
2
Oct.
1 Sept. I
Preferred ___________ - ______________
1
2
Oct.
Chicago Burlington <£ Quincy (quar.) —
1
G
iOct.
E x t r a ________________________________
to
Sept. 22
1 S e p t.19
Chicago & Eastern Illin ois, pref. (quar.).
134 ;oct.
3 Holders of rec Aug. 21
Chic. Mllw. & St. Paul, com. and pref.
'6Vi Oct.
jOct.
1 Holders of rec Sept. 14
2
Chicago & North Western, pref. (qu ar.).
to
Oct. 10
1 Sept. 11
Chicago Rock Island & Pacific (qu a r.)___
I K Oct.
to
Oct. 1
2
'Oct.
1 Sept. 15
Colorado & Southern, first preferred
2
to
1
Oct.
jOct.
1 Sept. 15
Second preferred_______ _________
Delaware & Hudson Co. (q u ar.)-------2 K Sept. 16 Holders of rec. Aug 26
Sept.
1
to
Sept.
Sept
9
9
Erie & Pittsburgh (q u ar.)______________
IK
Sept. 18
to
21
Oct. 8
Erie, first preferred____________________
to
N ov
5
Oct. 11
21
Second p referred ____________________
to
4
N ov.
1 Sept.21
Oct. 21
Evansville <Sc Terre Haute, common______
to
Oct. 15
2 Vib Oct. 15 Sept. 15
Preferred . . . . . _______________________
to
Sept. 22
$1
Sept. 16 Sept. 6
■Great Northern Ore Certificates________
to
Sept 30
1 Sept. 17
Interborough Rapid Transit (qu a r.)-------2 K Oct.
1
to
Oct. 4
1
Oct. 151Oct.
Kansas City Southern, preferred (quar )_ .
llSept. 14
to
Sept 24
Oct.
Manhattan R v ., guar, (quar.) (N o. 94).
IK
Oct.
2
1 Holders of rec. Sept 14
N . Y . & Harlem, com. 6c pref___________
Sept. 10 Holders of rec. Aug. 24
2
Reading Company, first preferred-------to
Sept 16
Sept. 16 Sept. 11
St. Joseph South Bend & South., co m ..
1
to
Sept .16
Common (ex tra )____________________
Vi Sept. 16 Sept. 11
to
S e p t.16
Preferred ____________________________
2Vi Sept. 16 Sept. 11
to
Oct. 1
1
Oct.
1 Sept. 17
St. Louis & San Francisco, 1st p f. (q u .).
1
Southern Pacific Co., com. (quar.) (No. 4)
134 Oct.
to
Oct. 17
Southern, preferred_____________________
134 Oct. 17 Sept. 22
to
S e p t.30
2
Oct.
1 Sept.15
Mobile & Ohio stock trust certificates.
to
Oct. 8
1 Sept. 15
Union Pacific, common (qu ar.)----------2>4 Oct.
to
Oct. 8
2
Oct.
1 Sept. 15
Preferred_______ _____ —
.........—
to
Sept 30
Utica & Black River, guaranteed-------'SVi Sept. 30 Sept. 15
3
Sept. 16 Holders of rec. Sept 6
West Jersey & Seashore---------------------Street Railways.
to
Sept. 8
American Railways (qu ar.)---------------1Vi Sept. 14 A ug. 31
Sept. 16 Holders of rec. Sept. 7
3
Galveston-Houston Elec. Co., pref. (N o . 1)
Oct.
1 Holders of rec. S e p t.14
HoughtonCounty Stree R y ., pref. (N o . 11)
3
to
Sept 15
Northern Ohio Traction & Light (q u a r.)..
34 Sept. 15 Sept. 2
1 Holders of rec. Sept. 15
Portland (Ore.) R y .,L l. & P ., pref. (q u .).
1K Oct.
3
Oct.
1 Holders of rec. Sept 12
Savannah Electric Co., pref. (N o. 1 2 )..
Oct.
3
1 Holders of rec. Sept. 10
Seattle Electric Co., pref. (N o. 14)----to
Sept. 30
1
Sept. 30 S ep t.20
South Side Elevated, Chicago (q u a r.)..
1 Holders of rec. Sept 16
T w ln C ity Rap. Tran., Minneap.,pf .(qu.)
I K Oct.
to
Oct.
1
Oct.
1 S ept.l 1
United Trac. & Elec., Prov. (qu a r.)-----IK
Banks.
to
Sept 2
4
Sept.
3 Aug. 30
Metropolis, Bank of the (qu a r.)------------Trust Companies.
Sept. 30 Holders of rec. Sept. 28
3
F ifth Avenue (qu a r.)-------------------------Miscellaneous.
to
Sept. 15
Sept. 15 Sept. 4
Alabama Cons. Coal & Iron, p f. (qu ar.).
IK
Amerlcan Beet Sugar, pf.(quar.) (N o . 33)
1 Holders of rec. Sept. 21
l H Oct.
to
Oct. 1
1 Sept. 18
American Can, pref. (q u a r .).-----------I K Oct.
to
Oct.
1
l
Oct.
1 Sept. 12
Am er. Car & Fd y., com. (quar.) (N o . 20)
Sept.
12
to
Oct.
1
Oct.
1
Preferred (quar.) (N o . 34)____________
IK
1
American Caramel, common (q u ar.)----134 N ov.
1
Nov.
Common (e x t r a )..-------- --------------to
Sept. 30
Oct.
2
1 Sept. 11
Preferred (quar.) .......... .............. —
to
Sept 20
Sept. 20 Sept. 15
1
American Chicle, common (m o n th ly)..
to
Sept. 20
1
Sept. 20 Sept. 15
Common (ex tra )-------------------------Oct.
3
1 Holders of rec. Sept 14
American Express (q u ar.)........ .............
Am er. Graphophone, com. (qu.) (No.39)
I K Sept. 15 Holders of rec. Sept. 1
to
Sept. 30
Sept. 30 Sept. 22
1
American Radiator, common (quar.) —
2
to
Oct. 15
Oct. 15 S ept.28
Am er. Smelt. & Ref., com. (quar.) (iV ol6)
to
Oct. 1
1 S ep t.21
Preferred (quar.) (N o . 33)-------------I K Oct.
to
Oct.
1
Oct.
3
1 S e p t.15
American Snuff, common (qu a r.)-------to
i;Sept. 15
Oct.
1
Preferred (qu a r.)-------------------------1Vi Oct.
2
2
Sept.
1
to
Oct.
Oct.
American Sugar Refining, com. (quar.)
IK
2S ept. 1
to
Oct. 2
Oct.
Preferred (q u ar.)___________ ________
IK
to
Sept. 25
Sent. 25;Sept. 15
1
American Strawboard----------- ------- to
Oct. 1
1 Sept. 15
American Tobacco, preferred (qu a r.)----lV i Oct.
to
Sept. 16
Sept. 16 Sept. 5
1
Barney & Smith Car, common (q u a r.)..
to
Sept. 15
Borden's Condensed M ilk , pref. (q u a r.)..
lV i Sept. 14 Sept. 6
to
Sept. 8
50c. Sept. 17 Aug. 31
Butte Coalition Mining (q u ar.)----1 Holders of rec. Sep. 13a
Celluloid Company (qu a r.)-----------lV i Oct.
1*4 Oct.
1 Holders of rec. Sept. 10
Central Leather, preferred (q u ar.)..
to
Sept. 10
Childs Company, common----------I K Sept. 10 Sept. 6
to
Sept. 10
Sept. 10 Sept. 6
Preferred (q u ar.)_______________
IK
to
Sept. 15 Sept. 1
1
Cleveland & Sandusky Brew., com. (quar.)
to
Preferred (qu ar.)_____________________
lV i Sept. 15 Sept. 1
to
1 Sept. 21
Oct. 1
Oct.
3
Consolidated Cotton Duck, preferred—
to
Sept. 16
1
Sept. 16 Aug. 28
Consolidated Gas, New York (qu ar.)----to
Sept.15
2 Vi Sept. 15 Sept. 1
Diamond Match (q u ar.)-------------------to
Sept. 15
Sept. 14 Sept. 6
duPont (E. I .) deNem oursPo w. ,com. (quar)
IK
1 Sept. 1
to
Sept. 15
Eastman Kodak of N .J ., com. (q u a r .)..
234 Oct.
1 Sept. 1
to
Sept. 15
Oct.
5
Common, extra----------------------to
Sept. 15
1 Sept. 1
Preferred (q u ar.)........ __________
134 Oct.
to
Sept. 2
Federal Mining & Smelt., com. (qu ar.).
134 Sept. 16 Aug. 27
to
Sept. 2
134 Sept. 16 Aug. 27
Common (e x tra )--------------------to
Sept. 2
I K Sept. 16 Aug. 27
Preferred (qu ar.)-------- ----------to
Sept. 2
1
Aug. 31 Aug. 18
General Asphalt, preferred (N o . 4 )........
1 Sept. 22
to
Oct.
1
General Chemical, preferred (q u a r.)..
lV i Oct.
Oct. 15: Holders of rec. Sep. 14a
2
General Electric (qu a r.)_____________
Sept.
14
to
Sept.
30
2
Sept.
30
Granby Consol. M in in g & Smelt, (quar.)
to
Sept. 30
1
Sept. 30 Sept. 14
E x t r a ___________________________
to
Oct.
1
1 Sept. 14
Guggenheim Exploration (quar.) (N o . 19)
234 Oct.
to
Sept. 24
1 Sept. 15
International Paper, pref. (q u ar.)-------134 Oct.
Oct.
to
1
1 Sept.18
International Silver, pref. (q u ar.)-------1K Oct.
Laclede Gas L igh t, common (qu a r.)-------1K Sept. 16 Holders of rec. Sept. 10
to
Sept. 30
Oct.
1
1 S e p t.16
Mackay Companies, com .& pref.(qu.)_.
1
Massachuselts Lighting Cos. (qu ar.)-----134 Oct. 15 Holders of rec. Oct.
to
Oct. 15
15 Sept.29
National Biscuit, common (qu ar.)------l l4 Oct.
to
Oct. 1
National Enam. * Stamping, pref. (qu.)
I K h Sept. 30 Sept. 11
Oct. 1
to
1 Sept. 14
National Lead, common (quar.) (N o. 15)
1K Oct.
to
Sept. 16
Preferred (quar.) (N o. 6 3 )................
I K Sept. 16 Aug. 24
to
Sept. 20
IV id Sept. 20 Sept. 13
Niles-Bement-Pond, common-----------134 Oct. 15 Holders of rec. Oct. 5
Quaker Oats, common (qu ar.)...............
>4 !Oct. 15 Holders of rec. Oct. 5
Common (ex tra )........................... —
Sept. 8
to
Quincy Mining (qu ar.)----------------------- $2.50 Sept. 25 Sept. 4
to
Sept. 20
I K iSept. 20 S e p t.11
Railway Steel Spring, preferred (quar.)
Oct. 16
to
1 Sept. 17
Republic Iron & Steel, preferred (quar.)
lVx Oct.
Sept. 16 Holders of rec. Sept 9
Rubber Goods M fg ., pref. (quar.) (N o. 34)
IK
1 Holders of rec. Sep. 14ct
2
Oct.
Safety Car Heating & Lighting (quar.) —
Oct.
to
1 Sept. 16
1
Oct.
Sears, Roebuck & Co., pref. (qu ar.)----IK
14
Holders of rec. Aug. 19
$6
Sept.
Standard Oil (qu ar.)--------------- --------7 Sept. 22
to
Oct. 7
Oct.
,Swift JcCo. (quar.) — .........................
IK
to
Oct.
1 Sept. 15
1
1V£ Oct.
United Bank Note Corp., pref. (q u a r.)..
1 Holders of rec. S ept.lo
U nited States Leather, pref. (q u ar.)----1!4 Oct.
to
Sept. 3o
U . S. Steel Corp., com. (quar.) (N o. 15).
Vi Sept. 30 Sept. 12
to
Oct.
1 Sept. 1
Oct.
1
5e
Virginia Iron Coal & Coke.....................
V4 Oct.
1 Holders of rec. Aug. 31
yrnue (J .G ,)A C o., pref . (quar.) (N o . 18).
a Transfer books not do=ed
b Also 2! i 1o payable April 15 1908. d Also 1J4 %
payable Dec. 20. e Payable in stock at par. h Declared 7% payable in quarterly
installments, i Payable In dividend warrants: also 2% declared on second pre­
ferred. navable to holders of record Anril 10 1008.

Auction Sales.— Among other securities the following, no^
regularly dealt in at the Board, were recently sold at auction;
B y Messrs. Adrian H . Muller & Son:
Stocks.
I
Bonds.
20 Van Norden Trust Co................. 30034 I$6,000 Hudson R lv . Elec. Power
| Co. Ists,1944...................................... 65




[V o l .

lxxxv.

Breadstuffs Figures Brought from Page 612.— 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 A ug. 1 for each of the last three years have been:

Chicago____
Milwaukee.Duluth_____
Minneapolls.
T o le d o _____
D etroit........
Cleveland___
St. Louis___
P e o r ia _____
Kansas City.

Barley.

Corn.

Receipts at-

Rye.

bbls.l96lbs.\bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs.
151,950
36,000
2,948,265
160,265
1,250,676
1,052,955
236,400
232,000
9,000
91.000
36.000
51,450
22,(.22
30,006
134,328
2,000
No report.
364,320
42,220
569,470
62,970
331,210
4,000
366,000
414,000
55.000
40,200
140,800
31,369
4,000
19,492
31,362
1,383
640,410
14,666
836,415
1,300
60,070
1,2/3,350
696,469
8,000
221,100
9,000
57.000
829,500
2,608
312,000
330,000
1,240,000
279,776
498,653
392,762

4,467,674
3,108,571
5,555,155

2,638,132
3,284,415
4,287,005

7,150,141
5,060,067
5.016,684

785,592
673,815
994,498

113,886
103,055
131,493

Since Aug. 1
1907_____ 1,670,874
1906_____ 2,169,539
1905_____ 1,775,947

28,974,468
27,544,677
27,015,922

13,526,736
13,343,598
17,422,891

22,970,224
24,878,937
28,763,847

1,639,861
2,265,242
2,875,872

398,441
448,856
587,860

Tot.w k.’07
Same wk. ’06
Same wk. ’05

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 31 1907 follow:
Receipts at—
N e w Y o rk _________
B oston ___________
Ph iladelph ia_____
Baltimore_______
R ich m on d........ .
New Orleans.a
Newport News__
Galveston_______
Montreal________
Mobile___________
Total week_____
Week 1906_______

Flou r,
bbls.
99,159
50,214
106,249
83,362
4,350
11,408
1,535
34,327
5,000
395,604
421,356

Wheat,
bush.
807,000
102,280
419,799
390,657
52,318
95,000
148,000
368,285
2,383,339
3,652,308

Oats,
bvsh.
516,000
55,162
99,997
102,767
26,740
55,500

Barley,
bush.
19,200

208,151

30,856

1,064,317
1,518,038

40,056
124,661

Corn,
bush.
174,150
3,400
49,005
50.987
54,080
89,000
105,414
110,000
130,786
10,000
776,822
634,137

Rye,
bush.
6,825
3,286
2,750

12,861
62,570

a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills o f lading.

Total receipts at ports from Jan. 1 to Aug. 31 compare as
follows for four years:
1907.
Receipts of—
F lo u r __________________bbls. 12,514,201

1906.
10,985,538

1905.
7,123,405

1904.
11,812,850

W heat............ ________ bush. 65,072,976
Corn............... _______ ______ 71,532,479
Oats__________ ______________ 36,520,390
3,335,689
Barley ______ ______________
R y e .... .......... ______________
1,300,646

60,717,497
73,971,899
56,498,703
7,730,234
1,005,825

19,049,398
71,911,384
36,019,335
4,733,944
277,105

30,768,246
37,779,149
29,871,182
2,128,588
556,968

Total grain______________ .177,762,180

194,924,158

131,991,166

101,104,133

The exports from the several seaboard ports for the week
ending Aug. 31 1907 are shown in the annexed statement:
Wheat,
Exports from—
bush.
New Y o r k ..........1,136,873
B o sto n __________ 250,357
Ph iladelph ia____ 220,000
Baltimore_______ 212,000
New Orleans____ 212,000
Newport News___
______
Norfolk__________
_____
Galveston_______
80,000
Mobile___________
______
Montreal.............. 812,682

Corn,
Flou r,
Oats,
Rye, Barley,
bush.
bbls.
bush.
bush.
bush.
............
86,82546,970
23,160 108,518
60,83014,370
600
..........................
29,47663,618
25
..........................
89,905 51,020
60
109,009
8,764
-----6,920
281
105,414 1,535
................

Total week____2,923,912
Week 1906______ 3,483,810

660,031 215,166
455,685 242,658

98,323
10,000
70,249

1,856
5,000
22,033

..........
-------132,691

6,000

22,598

163,456 114,518
202,588 15,945

32,879
40,426

Peas,
bush.
5,073

17,196

22,269
6,114

The destination of these exports for the week and since
July 1 1907 is as below:
-------- Flour-------------------Wheat----------------------- Com —
Since
Since
Since
J uly 1
Week
Week
July 1
July 1
Week
1907.
Aug.31.
1907. Aug. 31.
1907. A u g . 31.
bvsh.
bush.
bbls.
bush.
bbls.
bush.
since July 1 to—
278,527 4,177,992
.104,179
747,316 1,562,696 11,950,826
342,226 7,435,692
. 66,967
455,298 1,355,543 4,938,721
88,181
6,351
86,530
125,360
So. &Cent. A m er.. . 9,998
3,500
394,161
26,211
4,900
243,198
West In d ies _______ . 32,981
6,716
18.982
565
Brit. No. Am . Cols.
10,788
5,244
19,893
476
99,170
2,173
Other countries___
.215,166 1,681,130 2,923,912 17,000.870
.242,658 1,565,301 3,483,810 13,978,081

660,031 12.120,252
455,685 6,130,633

The visible supply of grain, comprising t h e stocks in granary at the principal points of a c c u m u l a t i o n a t lake and seaboard ports A ug. 31 1907, was as follows:
Wheat,
bush.
N ew Y ork..................... 1,388,000
afloat_______
______
Boston_______________
537,000
P h iladelph ia................ 1,003,000
Baltimore_____________ 1,068,000
New O rleans__________
55,000
Galveston_____________
571,000
Montreal______________
488,000
T o ro n to ______________
______
B u ffalo...... .................. 1,490,000
Toledo ......................... 1,866,000
D etro it________________
345,000
C h ica go ______________ 12,080,000
Milwaukee____________
306,000
Fort W illia m .............. 2,577,000
Port Arthur................. 3,884.000
D u lu th________________ 1,616,000
Minneapolis___________ 8.868.000
St. L o u is .................... 3,994,000
Kansas C ity___________ 4,621,000
Peoria............... ...........
„ 2,000
Indianapolis............... 820,000
On Mississippi R iv e r—
-----On L a k es_____ ________ 1,441,000
On Canal and R ive r— 510,000
Total Aug. 31 1907..49,530,000
Total Aug. 24 1907. .51.'18,000
Total Sent. 1 1906.. 30.054,000
Total Sent. 2 1905.. 12,140.000
Total Sept. 3 1904.. 12,814,000
Total Sept. 51903.-13,350,000

Corn,
bush.
333,000

Oats,
bush.
145,000

144.000
280.000
849.000
112.000
206,000
57.000

" 3 ,009
74.000
'88,000
98.000

....

1,000

93,000
66,000
______
_____
7,000

53,000
123.000
84,000
70,000
403.000
30,000

13,000
30.000
3,000

119,000
88,000
11,000

54,000

______

251,000
4,000
19,000
232,000
26,000
172.000
64,000

18,000
67.000
168,000
95.000
39.000

3,895,000
3,883.000
2,258.000
4. H r- ^
3,987,000
6,447,000

2,009

Barley,
bush.
11,000

3,000
4,000
20,000
234,000
1.000

252,666
131.000
108.000
142,000
40.000

799,000
55,000

Rye,
bush.
69,000

1.993.000
1.622.000
7.042.000
11 !!«■ noo
9.506.000
7.446.000

4.000

384.000
593.000
1.431.000
$<•« ono
1.036.000
648.000

25,000
32,000
452.000
249.000
831.000
942.000
908.000
1,139,000

Statement of N ew York City Clearing-House Banks.—
The following statement shows the condition of the New
Y ork City Clearing-House banks for the week ending Aug. 31.
I t should be distinctly understood that as to all items
except capital and surplus the figures are the averages of the
d aily results, not the totals at the end of the week. In
other words, in reporting loans and deposits and holdings of
specie and legal tenders, the practice is to take the aggre­
gate of the amounts for the several days of the week and
■divide this aggregate by the number of days.
We omit two ciphers (00) In all cases.
Banks.
00s omitted.

Capital.

561

THE CHRONICLE.

S e p t , 7 1907.]

Surplus.

Loans.

Specie.

Legals. Deposits, a Re­
s’rve

$
$
$
$
$
2,000,0
Bank of N . Y _ .
3,039,9
16,320,0
2,189,0 1,863,0
Manhattan Oo_
2,050,0
3,001,1
24,000,0
5,020,0 2,110,0
Merchants' Nat.
2,000,0
1,607,1
13,684,0
3,134,0 1,060,0
Mechanics’ Nat.
3,000,0
3,627,3
19,852,0
3,257,0 1,902,0
20,241,2
1,500,0
4,238,1
3,119,1 2,469,4
A m e r ic a ______
P h e n lx _______
454,5
1,000,0
7,602,0
1,571,0
102,0
National C ity .. 25,000,0 22,276,0 157,037,9 36,248,2 2,100,0
Chemical _____
5,400,1
24,492,0
4,589,1 1,656,9
3,000,0
Merchants' E x .
524,8
5,871,6
1,426,1
600,0
348,5
Gallatin_______
966,4
2,394,5
8,464,9
1,000,0
584,0
Butch & Drove
161,6
300,0
2.223,8
507,9
48,1
Mech.&Traders’
2,000,0
950,3
16,210,0
3,146,0 1,599,0
684.2
G reenw ich ____
500,0
5,948,0
1,100,0 ' 356,5
Amer. E x ch ._ _
4,765,2
27.467,4
930,0
5,000,0
4,552,8
Commerce_____ 25,000,0 14,947,8 138,959,9 17,761,5 11,333,8
3,000,0
5,099,3
18,031,3
1,911,7
855,3
M erca n tile____
Pacific ............
500,0
801,5
3,119,9
248,2
481,9
Chatham . . . .
450,0
1,038,9
5,446,9
565,9
948,1
411,1
P e o p le 's ______
200,0
475,5
1,973,2
352,0
North America.
2,000,0
2,240,0
14,960,0
1,680,0 1,640,0
8,521,3
54,492,3 10,898,8 5,562,7
H a n o ver______
3,000,0
Citizens' Cent’l.
2,550,0
1,045,0
20,304,9
2,420,8 2,066,3
513,3
N assau_______
500,0
3,678,5
233,0
357,8
1,561,4
Market &Fult’ n
1,000,0
7,173,0
1,449,8
631,3
Metropolitan ._
11,012,3
2,180,3
153,2
2,000,0
951,3
Corn Exchange
3,000,0
4,989,5
36,609,0
5,435,0 5,354,0
10,349,1
750,0
Oriental
1.212,7
1,428,5
459,1
I.mp. & Traders
24,590,7
4,173,0 1,340,0
7,276,6
1,500,0
Park . _______
8,645,2
3,000,0
73,340.0 19,044,0 3,118,0
East R iv e r____
250,0
128,1
182,0
131,3
1.216,8
F o u r t h _______
3,000,0
3,307,5
17,567,5
2,607,0 1,938,1
S e c o n d _____ __
500,0
1,964,7
9,629,0
1,233,0
991,0
F ir s t __________ 10,000,0 19,749,5
90,388,4 20,376,7
890,0
Irving Nat. E x .
2,000,0
1,080,1
14,437,4
2,928,3
900,9
770,2
Bowery ........ .
250,0
3,350,0
656,0
82.0
N . Y . C ou nty..
500,0
546,0
5,516,5
702,7
351,3
German -Amer.
630,3
3,933,4
750,0
711,7
191,3
50,276,4 12,215,1 1,335,3
4,827,0
Chase...............
5,000,0
9,311,1
Fifth Avenue. .
100,0
1,940,8
1,995,5
623,1
German E x c h ..
3,542,2
200,0
852,0
185,0
675,0
Germania _. . .
944,2
4.590,0
702,1
822,2
200,0
Lincoln ............
500,0
1,536,8
13,088,5
1,164,6 2,267,6
Garfled____
1,000,0
1,342,7
7,113,8
276,1
1,344,8
F if t h __________
250,0
460,5
2.973,3
485,6
175,9
1,000,0
1,700,0
9,453,6
M etropolis____
390,9 1,259,7
200,0
808,9
3,886,0
441,0
583,0
West Side_____
Seaboard __:____
1,000,0
1,413,3
15,620,0
2,998,0 1,711,0
1st Nat B klyn.
361,0
300,0
695,8i
4,213,0
513,0
L ib e r ty _______
12,830,4
1,000,(J 2,317,0
2,328,3
478,5
N. Y . Prod. Ex.
616,1
1,567,4
1,000,0
6,170,3
454,9
New Amsterd m
898,4
269,9
1,000,0
4,536,8
321,6
State................
780,2
13,826,0
2,854,0
1,000,0
162,0
14th Street____
7,059,2
1,000,0
437,3
892,2
457,7

o?.
$
/0
14,461,0 28.0
27,100,0 20.3
15,413,0 27.2
19,293,0 26.7
20,048,0 27.0
6,746,0 24.7
137,791,2 27.7
23,112,0 27.0
6,336,9 28.0
5,894,7 26.2
2,033,9 27.3
18,834,0 25.1
6,253,2 23 3
20,484,5 26.7
115,117,6 25.2
12,655,2 21.8
3,267,9 22.3
5,413,4 27.9
2,427,6 31.4
13,776,0 24.0
62,230,0 26.4
18,951,5 23.7
3,933,8 18.9
6,917,4 SO.O
10,732,9 21.7
42,042,0 25.6
10,326,5 18.2
21,392,0 25.7
82,996,0 26.6
1,339,7 23.3
17,031,9 26.6
9,031,0 24.6
77,842,8 27.3
13,980,9 27.3
3,516,0 20.9
6,062,1 17.3
3,692,4 24.7
53,803,7 25.1
10,107,5 25.9
3,805,1 22.6
5,697,5 26.7
13,846,4 24.7
6,833,4 23.7
2,875,5 22.9
8,425.9 19.5
4,172,0 24.5
17,891,0 26.3
3,817,0 22.8
10,998,4 25.5
7,313,1 27.6
5,245,6 23.2
15,571,0 19.3
7,174,7 18.8

T o ta ls ______ 129,400,0 161,407,4 1087,985,4 200,889,5 69,530,9 1046,655,8 25.8
a

N ew Y ork City, Boston and Philadelphia Banks.— Below
is a summary of the weekly returns of the Clearing-House
banks of N ew York City, Boston and Philadelphia. The N ew
York figures do not include results for non-member banks:
We omit two ciphers (00) In all these ligures.

Banks.
New York
Aug. 3—
Aug. 10..
Aug. 17..
Aug. 2 4 ..
Aug. 3 1..
Boston.
Aug. 10..
Aug. 17..
Aug. 2 4 ..
Aug. 31-Phila.
Aug. 10..
Aug. 17..
Aug. 2 4 ..
Aug. 31-_

Capital
and
Surplus.

Loans.

Specie.

S
290,807,4
290,807,4
290,807,4
290,807,4
290,807,4

$
1126,950,7
1110,453,3
1096,222,1
1088,152,0
1087,985,4

$
210,339,7
206,340,7
203,988,3
203,030,8
200,889,5

$
71,959,1
70,040,0
70,170,1
09,035,5
09,530,9

43,6S0,0
43,680,0
43,680,0
43,680,0

196,305,0
193,668,0
189,463,0
187,349,0

18,172,0
18,048,0
17,531,0
16,713,0

3,970,0
4,140,0
3,825,0
3,912,0

51,165,0
51,165,0
51,165,0
51,165,0

221,642,0
222,421,0
222,646,0
222,521,0

Sur­
plus.

Loans
and
Invest­
ments.

N. Y . C ity.
Boroughs of
$
$
M an.& B r'x.
$
177,4 1,007,7
100,0
Wash H ’g’ ts.
149,6 1,213,3
Century ___
200,0
114,0 1,280,3
Chelsea Exch
100,0
447,4 3,863,2
C olo n ia l____
100,0
482.4 5,933,0
Colum bia___
300,0
Consol. N a t. 1.000,0 1.137,2 5,163,8
r id e lt t y ____
847,2
147,5
200,0
Hamilton . .
200,0
282,3 5,613,2
Jefferson____
500,0
683,8 4,004,1
Mt. M»rris._,
250,0
218,8 2,265,4
Mutual........
200,0
295,0 3,189,6
19th W a r d ,.
300,0
484,5 2,871,7
100,0
P l a z a --------,
363,6 3,531,0
12th W a rd .,
200,0
221,7 2,489,0
100.0
23d W a r d ...
180,6 1,673,5
750,0
Unlnn Bxch.
882,8 9.472,9
100,0
397,9 3,406,6
Yorkville —
500,0
590,9 4,792,0
C o a l* I. N a t
200,0
208,2 1,344,5
New N e tliT d
200,0
124,3
842,6
Batt.Pk.Nat,
Borough of
Brooklyn.
169,1 3.577.5
200,0
Borough __
421,0 2,584.4
150,0
Broadway . .
123,4 1,974,7
Brooklyn . .
300,0
Mfrs.- N a t..
727,3 4,608.4
252,0
Mechanics'__ 1.000,0
993,3 11,726,3
Nassau_____
945,6 5.257,0
750,0
Nat. C ity ___
637,0 3.221,0
300,0
North S ide..
217,6 1,524,3
100,0
Jersey City.
First Nat ^. .
400,0 1,192,2 4,110,3
Hud. Co. Nat
250,0
719,2 2,773,3
Third N a t . . .
200,0
338,7 1,999,0
Hoboken.
220,0
First N a t ...
581,5 2,476,8
125,0
Second N at.
202,1 1,815,2

Legal
Tender
and
Specie.
Bank
Notes.

Deposit with
Clear­
ing
Agent.

Other
Banks,
A c.
"

< g,
_____________Q___

Banks.

Capi­
tal.

S
16,5
8.7
97,4
114,7
254,0
542,7
8.7
271,9
11.2
100,6
19,7
"45,7
221,3
44,0
64,7
354,1
43,0
851,5
71.0
131.2

$
47,6
63,5
45,9
346,5
234,0
115,3
52,4
222,5
194,5
112,4
236,3
817,0
297.0
219.0
157,2
226,0
370,3
146,5
3.1
35,4

$
90,6
61,3
73,6
529,7
455,0
203,6
61,8
96,7
185,0
255,3
304,1
939,5
58,3
1S6,0
134,1
674,0
210,8
412.0
101.0
118,4

67,6
12,8
143,1
295.3
238,6
264,0
129,0
19,7

234,1
156,0
71,5
158,5
661.3
522,0
399,5
124,4

226,6
24i ,4
326,7
663,8
724,6
1,027,0
394,0
53,1

89,8 4,084,6
36,0 2,030,5
109,8 2,378,9
153,0 4,702,3
158,9 12,389,9
5,075,0
107,0 3,665,0
330,5 1,812,9

190,1
94.9
53,7

294,9
70,0
103,6

1,368,3
163,9
373,7

535,0
100,9
26,2

4,832,6
2,247,0
2,156,7

126,9
67,7

33,4
59,3

236,2
79,8

68,2
77,3

2,174,1
1,084,7

$
’ 40,5
135,7
178,8
100,6
818", 7
111,0
58,7
4,3
798,4
* 65,8
" 84,6
70,0
10,0
_____

$
869,8
1,034,8
1,542,7
4,590,0
6,223,0
4,066,1
753,6
6,797,2
3,607,9
2,643,3
3,134,9
4,948,3
3,634,0
2,813,0
1,943,8
7,991,0
3,900,0
4,708,0
1,137,5
752,4

Total Aug. 31 9,347,0 14857,9 112452,8 4,976,0 i 6,830,9 11,029,9 4,275,1 117166,1
Total Aug 24 9.847,0 14857,9 113713,6 5,126,7 6,804,1 10,644.2 4,196,8 119309,9
Total Aug. 17 9.847,0 14857,9 114276,1 4,762,8 7,191,4 11,696,4 3,754,9 120774,1




$
50,183,5
50,155,1
50,201,8
50,165,4
50,308,5

$
1,603,602,9
1,602,251,2
1,707,913,3
1,375,820,6
1,290,274,4

218,177,0 8,283,0
216,684,0 8,330,0
205,243,0 8,349,0
201,553,0 8,326,0

139,172.6
160,281,2
132,879 2
116,721,6

13,669,0
13,697,0
13,667,0
13,678,0

119,751,8
132,730,5
126,551,8
121,487,2

249,056,0
249,981,0
249,615,0
250,074,0

a Including for Boston and Philadelphia the Item “ due to other banks,” and also
Government deposits. For Boston these Government deposits amounted on Aug. 31
to $2,683,000; on Aug. 24 to $2,693,000.

Imports and Exports for the W eek .— The following are
the imports at N ew York for the week ending A ug. 31, also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S A T N E W Y O R K .
F o r the week.

1906.

1907.

D ry Goods________ _____ ___
General Merchandise_______

1904.

1905.

$3,260,360
11,369,250

$2,824,948
8,255,351

T o t a l........ ....................... $15,670,453 $14,629,610
Since Jan. 1.
D ry G o o d s _________________ $129,304,357 $108,758,961
General Merchandise_____ . 468,042,440 400,504,258

$93,998,198
368,955,907

Total 35 weeks__________

$3,765,693
11,904,7 60

$597,340,797 $509,263,219

$2,260,129
8,722,319

$11,080,299 $10,982,448
$80,645,007
317,410,631

462,954,105 $398,055,638

The following is a statement of the exports (exclusive of
specie) from the port of N ew Y ork to foreign ports for the
week ending A ug. 31 and from Jan. 1 to date.
E X P O R T S FR O M N E W Y O R K F O R T H E W E E K .
1904.

1907.

1906.

1905.

$12,271,821
409,363,563

$12,026,032
405,138,275

$9,098,162
345,154,422

$8,449,762
312,580,059

Total 35 weeks___________ $421,635,384 $417,104,307|$354,852,584 $321,035,821

The following table shows the exports and imports of
specie at the port of N ew York for the week ending A ug. 31
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 SPE C IE A T N E W Y O R K .
Exports.

Imports.

Since Jan. 1

Since J an 1.

Great B ritain ______
France ____________
Germany __________
West Indies________
Mexico ____________
South America........
A other countries-.

$12,877,335
15,206,499
$1,005,263
1,615,083
880,155
11,500
2,136,443
1,500,000!

$2,540,353
717,0S7
1,155,297
$140,174
464,795
84,963
261,045
68,484
1,860,773
240,391
12,000;

Total 1907.._____
Total 1906_______
Total 1905............

$1,005,263 $34,227,015
5,818,574
3,070
2,000 37,818,987

$305,621 $7,239,741
454,401 50,277,565
6,645,828
14,695

Silver
Great Britain______
France ____________
Germany __________
West Indies________
Mexico ____________
South America_____
All other countries..

$1,351,310 $28,856,419
2,904,000
388,000
6,555
281,149
----' 7,665
4,786

$2,259
2,270
158
126,709
1,012,559
623,237
10,442

Total 1907...........
Total 1906_______
Total 1905..........

$1,739,310 $32,060,574
773,214 35.793,369
815,220 22,283,164

Week.

W-e omit two ciphers (00) In all cases.

Clearings.

$
1099,302,4
1070,904,6
1059,457,3
1048,383,6
1046,055,8

55,040,0
54,940,0
55,128,0
54,852,0

a Total United States deposits Included, $27,926,100.

Reports of Non-Member B ank s.— The following is the
statement of condition of the non-member banks for the
week ending A ug. 31, based on average daily results.

Circu­
lation.

Legals. Deposits, a

$7,731
236.59S
27.033

$271,360 $1,777,634
1,610,214
58,495
19,459
2,379,436

Of the above imports for the week in 1907, $29,900 w'ere
American gold coin and $2,184 American silver coin. _ O f
the exports during the same t i m e ----------were American
gold coin a n d _______ were American silver coin.

gjmMtxg an cl Financial.
W e shall be pleased to mail investors copies of the ninth
edition of our 10-page circular describing 65 Short-Term Notes
and Collateral Trust Bonds with approxim ate m arket prices.

Spencer Trask & Co,
W IL L IA M

M

o

NEW YORK

A N D P I N E STS.,

f

f

a

t

&

W

h

i

t

e

Mem bers N ew Y ork Stock Exchange.
5 NASSAU STREET.
DEALERS

IN

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

S E C U R IT IE S .

Com m ission Orders Executed for Cash O n ly.

THE CHRONICLE.

682

iia n f c u r s '

(k a ^ je llK .

Wall Street, Friday Night, Sept. 6 1907.
The Money Market and Financial Situation.— One of the
important events of the week affecting security values was
the announcement late on Thursday
of an increased
dividend rate on Burlington & Quincy shares from 7 to 8% ,
and of the proposed distribution of a special cash dividend of
6% . This news gave a sharp upward turn to the stock m ar­
ket, notwithstanding the failure at about the same time of a
commission house doing a large grain business in the W est
and having a branch office here, where it has dealt quite
largely in some of the high-priced stocks.
Am ong the latest developments in local transportation
matters is the announcement of a suspension of dividends on
Interborough-Metropolitan preferred shares. These events
and a cessation of gold exports are practically all that is
new in the situation.
There is not much change in the money market. It has
been reported that time loans are more freely negotiated than
of late, but rates in this department are firmly held, per­
haps even more firmly than last week. However that may
be, it is undoubtedly true that the money market reflects
public sentiment more accurately than does the stock market,
which, as is well known, is often successfully manipulated.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2% to 4% . To-day's rates on call were 2 3 ^ @ 3 ^ % .
Prime commercial paper quoted at 6 j^ @ 7 % for endorse­
ments and 6 ^ @ 7 % for best single names.
The Bank of England’s weekly statement on Thursday
showed an increase in bullion of £495,342 and the percentage
of reserve to liabilities was 50.03, against 49.40 last week.
The discount rate remains at 4J^% , as fixed August 15.
The Bank of France shows a decrease of 10,875,000 francs in
gold and 1,175,000 francs in silver.
The N ew York City Clearing-House banks in their state­
ment of Aug. 31 showed a decrease of $1,651,900 in the re­
serve held and a surplus over the required reserve of $8,756,450, against $9,976,400 the previous week.
1907.
Aug. 31.

Differences
from
previous week.

1905.
Sept. 2.

1906.
Sept. 1.

S
C a pita l_____ _______
129,400,000
Surplus_______ _____
161.407.400
Loans and discounts-. 1,087,985,400 Dee.
Circulation___________
50,308,500 Inc.
N et deposits__________ *1,046,655,800 Dec.
200,889,500 Dec.
S p e c ie ______________
Legal tenders________
69,530,900 Inc.

166,600
143,100
1,727,800
2,147,300
495,400

Reserve held . _____
25% o f deposits______

270.420.400 Dec.
261,663,950 Dec.

1,651,900
431,950

263,383,700
260,514,300

297.145.800
291,646,925

Surplus reserve____

8,756,450 Dec.

1,219,950

2,869,400

5,498,875

S

$
$
118.150.000 115,972,700
139.492.800
151.092.000
1,063,739,600 1,136,920,800
46,038,700
53,095,500
1,042,057,200 1,166,587,700
181,745,600 213,787,200
81,638,100
83,358,600

* $27,926,100 United States deposits included, against $27,804,200 last week and
$10,313,000 the corresponding week of 1906. W ith these United States deposits
eliminated, the surplus reserve would be $15,737,975 on Aug. 31 and $16,927,450 on
Aug. 24.
Note.— Returns of separate banks appear on preceding page.

Foreign Exchange.— The market was weak until Thursday,
influenced by liberal offerings of commodity bills and of
bankers’ loan drafts and by a moderate demand for remit­
tance; the tone was steady at the close of the week.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 83@ 4 83 3-^ for sixty day and 4 87@ 4 873*1 for sight.
T o-d ay’s (Friday’s) actual rates for sterling exchange were
4 8250@4 8275 for long, 4 8620@4 8625 for short and 4 8680
@ 4 8685 for cables. Commercial on banks 4 8220@4 8230
and documents for payment 4 813^@4 82% . Cotton for
payment 4 813^@4 81%, cotton for acceptance 4 8220@
4 8230 and grain for payment 4 S 2 % @ 4 82%.
T o-d ay’s (F riday ’s) actual rates for Paris bankers’ francs
were 5 20a@ 5 20 for long and 5 16% h @ 5 16Y%a for short.
Germany bankers’ marks were 94 % @ 9 4 5-16 for long and
95d@95 for short. Amsterdam bankers’ guilders were
40 21@40 23 for short.
Exchange at Paris on London to-day 25f. 153^c.; week’s
range, 25f. 16c. high and 25f. 1 5 ^ c. low.
The week’s range for exchange rates follows:
-L on gSterling, ActualH igh______ 4 2850
@4 8275
L o w ........ .4 8220
@4 8225
Paris Bankers' Francs—
H igh .......... 5 20a
@5 20
L o w ..........5 20%
@5 20
Germany Bankers’ Marks—■
H igh ______ 94%
@94 5-16
L o w ______ 94 3-16
@94 5-16
Amsterdam Bankers’ Guilders—
H ig h ............................................
L o w ______
_______ ________ | 40
Less:
Plus:

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

-Cables|4 8625
|4 8610

@4 8635
@4 8615

|5 16%ft
15 17%

@5 16%ct
@5 16%

| 95d
1 94J*

@94 J*

| 40 3-16
21

@40%
@40 23

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

14 8675
14 8670

@4 87
@4 8675

h 3-32 o f 1% .
u 3-32 o f 1%.

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




[V o l .

lxxxv.

The market for railway bonds has been dull, only a few
issues having been sufficiently active to illustrate the state of
the market, and the total transactions in this department
have been below the average.
Colorado Industrial 5s have been exceptional in an ad­
vance of 4 points, and Delaware & Hudson conv. 4s are over
3 points higher in sympathy with the shares. Central
Leather 5s, Rock Island 4s, Baltimore & Ohio gold 4s,
Atchison gen. 4s and Steel 5s have also been strong features.
A few other issues are fractionally higher, and about as many
are lower, than last week. Interborough-Metropolitan
4J^c have been active, have fluctuated within 2 points and
close without net change.
United States Bonds.— Sales of Government bonds at
the Board are limited to $10,000 4s reg., 1925, at 125%,
and $4,000 3s coup., 1908-18, at 102. The following are the
daily closing quotations; for yearly range see third page fol­
lowing.

2s,
2s,
3s,
3s,
3s,
4s,
4s,
2s,

1930 _____ ____registered
1930______ ____ .coupon
1908-18-.- -----registered
1908-18-.- ______ coupon
1908-18--- .small coupon
1925 _____ ____registered
1925______ - . coupon
1936-Panama Canal regis

lnerest
Periods

Aug.
31

Sept.
2

Sept.
3

Sept.
4

Sept.
5

Sept.
6

Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q -F e b
Q— Feb
Q— Feb
Q— N ov

H
O
L
I
D
A
Y

H
O
L
I
D
A
Y

*104%
*105%
*102
102
*101%
*126%
*126%
*104%

*104%
*105%
*102
*102
*101%
125%
*126%
*104%

*104%
*105%
*102
*102
*101%
*125%
*125%
*104%

*104%
*105%
*102
*102
*101%
*125%
*125%
*104%

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

Railroad and Miscellaneous Stocks.— While more or less
irregular, the stock market has further advanced. It opened
strong on Tuesday, after the protracted holiday, and ad­
vanced steadily. On Wednesday there was a general re­
action, stimulated by profit-taking sales and some news
regarded as unfavorable. Thursday’s market was without
very definite tendency until near the close, when it became
buoyant in some cases on announcement of the Burlington
& Quincy dividend matter, referred to above. Of course
the stocks which will be directly benefitted b y this distri­
bution were the first to respond, and Great Northern, North­
ern Pacific and Union Pacific moved up from 5 to 8 points.
Manhattan Elevated added 4 points to the recovery noted
last week, a part of which was lost to-day. Delaware &
Hudson closes with a net gain of over 10 points and sev­
eral other issues, including St. Paul, Pennsylvania, Canadian
Pacific, North Western, Louisville & Nashville, New Y ork
Central, Reading and Southern Pacific are from 2 to 3 points
higher.
Interborough-Metropolitan issues are the only active
stocks which close lower than last week.
Industrial stocks, although generally strong, have fluct­
uated within narrower limits than railway shares.
For daily volume of business see page 592.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Sept. 6 .
Week.

Range for week.
Lowest.

Amer Teleg & Cable____
125 79 Sept
Balakiala Copper______
400 $7% Sept
Bethlehem Steel Corp__
100 10% Sept
Chic Burl & Quincy____
101 205 Sept
Chic Un Trac tr rects__ 1.025 3 Sept
Comstock T u n n el______
500 24c. Sept
Gt Northern subscript'n
rects, 60% paid.......... 6,300 117 Sept
Homestake Mining_____
100 72 Sept
Vulcan Detinnlng, pref.
25 50% Sept

Highest.

Range since Jan. 1.
Lowest.

Highest, t

3 80 Sept
4 $7% Sept
5 10% Sept
3 228 Sept
3 3% Sept
4 24c. Sept

3, 75
4 $5H
9
5 200
6
2H
5 23c.

3 121 Sept
4 72 Sept
5 50% Sept

fi 105% Aug 121
4 55% May 85
July 57
48
6

Mil,
AU£
Aug
Feh
Aue
Mrh

88
Feb
July
ill
20% Jan
Sept
228
3% May
50c. Jan
f Aug
• Feb
Feb

Outside M arket.— Trading in the outside market was of
small volume, with the general situation dull. Price move­
ments were regular and in the main within narrow limits.
Consolidated Steamship 4s were active and strong, m oving
up from 23% to 26%, the close to-day being at 26. The
stock advanced half a point to 33^, but fell back finally to
3 % . Union Pacific 4s were also traded in to a considerable
extent and the price advanced from 85 to 86, but reacted
finally to 85. Adams Express 4s suffered a loss of 2 points
to 90, the lowest price yet reached for the bonds. American
Tobacco common dropped 10 points to 235. Manhattan
Transit sold between 4% and 4 ^ .
Standard Oil advanced
early in the week from 450 to 459, but ranged lower and
to-day reached 438, with the close at 440. Chicago Subway
declined from 2 0 ^ to 20, then advanced to 21%, the close
to-day being at the high figure. Erie 2d preferred dividend
warrants were reported sold at 60, an advance of 5 points
over last week. The general interest in the market was in
the mining list. Boston Consolidated Copper went up
about 23^ points to 23, but dropped to-day to 21
Butte
Coalition rose from 2 0 ^ to 21% and then dropped to 19%.
Greene Cananea was active and receded from 12% to 11%.
N evada Consolidated Copper ranged between 10% and 10%.
Nevada-U tah, after fluctuating between 4 and 4 ^ developed
considerable activity to-day and jumped to 5. United
Copper common opened a point below last week’s close at
533^, advanced to 54% and ends the week at 54. The pre­
ferred sold down from 82 to 81, then up to 833^. Nipissing
advanced from 8 to 83^, weakened to 7 % , recovered, and
to-day reached 8 % , the olose being at 8% .
Outside quotatio»e will be found on page 492.

New York Stock Exchange—Stock Kecord, Daily, Weekly and Yearly
O C C U P Y IN G
S TO C K S— H IG H E S T A N U L O W E S T S A L E P R IC E S .
ia turday
Aug. 31

Monday
Sept. 2

Tuesday
Sept. 3

Wednesday
Sept. 4

Thursday
Sept. 5

TW O

P A iJ K S

STOCKS
N E W Y O R K STOCK
EXCHANGE

Friday
Sept. 6

R a ilroa d s
tch T o p e k a & Santa Fe
8834
873g 86% 87%
87
86
_ _ ___
D o p r e f____________
91
91
91
91
8234 8234 8219 8219
83
83 A tla n tic Coast L in e R r ._
9034 92
a ltim o re & O h io _______
90
90% 91%
91 “
Do
p r e f____________
*83
*83
*83
87
87
87
46% 48%
47% 49 B rooklyn R a p id T r a n s it ..
47
“ 46% 49%
49%
* ____
84% *
84% * . . . 8434 * ____
70 B u ffalo & Susque, p r e f___
16534 16734 165 167
164% 166% 166% 167% 'a n ad lan P a c ific ________
'a n a d a Southern _______
*60
*60
*61
63
63
63
*61
65
*168 180 *168 180 *170 180 *170 180 C entral o f N e w J ersey ____
34
33% 343g Chesapeake & O h io _______
34%
33% 3334 33% 33%
*11
*11
*10
*11
18
18 Chicago & A lto n R R _____
18
18
* ____
D o p r e f________ _______
4934 49%
50
49% 4934 * - - - 50
9% 10
9% 10
10
10%,
9% 10 Chicago G reat W e s t e r n ..
D o 4 % deb en tu res___
*62
72
*62
*62
*62
72
72
72
D o 5 % p r e f " A ” ______
*40
50
50
49
48
46
47
48
D o 4 % p ref “ B ” ______
13
13% 13%
13% 13%
13% 13% §13
121 122% 121% 122% 121 123% 122% 125lg Chicago M ilw & St P a u l . .
D o p r e f________________
146% 146% *146 148 *146 148
*146 147
11234 115
D o com ctfs 25 % paid
112 112
§109% 109% *109 115
D o p r e f ctfs 25 % paid
128 128l4 1283g 128% 12S38 12834 12834 13134
144 14514 14434 145% 144% 145% 146 147 Ch icago & N o rth W estern
D o p r e f_____________
*200 210 *200 216 *200 210 *200 210
124 124 Chic St P M inn & O m aha
*122 130
126 126
125 126
D o p r e f________________
*150 180 *150 180 *150 170 *150 180
*4
6
*4
*4
6
0
*3
6 Ch icago T e r m in ’l Tran sfer
Do p r e f________________
*20
20
22
22
25
*13
*13
25
*3
4 C hicago U nion T r a c t io n ..
*
D o p r e f________________
15
*14
15
6334 C le ve Cin Chic & St L ____
617g 6212 617g 6219 *61% 63
63
D o p r e f________________
*95 102
*95 102
*95 102
*90 100
23
24% 24% C olorado & S ou thern____
22% 23%
23%
23
24%
D o 1st p re fe rre d ______
5419 54% 54%
54
55
56%
54% 547g
D o 2d p r e fe r ie d ______
42% 4234 42% 4234 43
42% 42%
44%
ela w a re & H u d so n ____
152% 155
153% 154% 153 157
156% 164%
elaw are L a ck & YVest’n
470 474
464 464 *445 475 *450 470
2334 2419 23
24% Dfenver & R io G ra n de____
24%
24
22% 237g
D o p r e f_______________
*65% 70
70
*65
70
66
*65
68
_
D etro it U n i t e d ___________
68
63
§63% 63% *63
63
10
10
10
*9% 12
10 D u lu th So Shore & A tla n
*9% 10
D o p r e f_____________
*1712 24
*17% 24
*17% 24
*17% 24
21
22
20% 22
21% 21%
21% 21%
50
48% 51%
51
50
5019 E rlef > o - 1st p r e f_____
49% 50
D o 2d p r e f_____
3634 38
36% 38
38% 39%
37% 38
*65
75
*65
75
*65
75
*65
75 E va n sville & l e r r e H a u te
D o p r e f________________
90
*80
*80
90
*80
90
*80
90
123% I 26I4 124% 125% 123% 12834 127% 130% G reat N o rth ern p r e f______
T em p ctfs fo r ore p r o p .
5334 55%
56
54% 57%
57
55% 58%
Green B a y & W .d e b c t f A
Do
deb c t f B
’ *7%
a va n a E le c tr ic ________
*19
*19
*19
*20
* ____
D o p r e l____________
95" * . . . 95
9 5 " * ____
*74% 95
*70
*73
75
75
75
75 H o c k in g V a lle y tr r e c t s ..
*73% 75
* . _ 83
Do
p r e f____
83 *
83 *
83
134 135 *135" 136
135 136
137 13734 llln ols C e n tra l___________
934 10%
95g 10
934 n terb o ro -M etro p o lita n _
919 10%
9%
D o p r e f ______________
29% 31
27
30%
25% 28%
26% 27%
16% 16%
1638 1038 16U 16% Io w a C e n tra l______________
16% 16%
D o p r e f________________
3534 3534 3534 37%
35% 35%
37% 37%
C F t S & M, tr cts p ref
*72
*70
75
75
73
*72
73
75
ansas C ity S ou th ern . .
2519 27%
25% 25%
24% 2519 2434 2434
D o p r e f____________
54
55
56
55% 55%
56
5619
55%
___ ____ *12 20 *12 20 *15 20 T ake Erie & W e s te rn ___
D o p r e f ____________
- _
60
*45
60
*45
*45
60 -L*
*45
55
*40
50
*45
55"
*40
50 L o n g Is la n d _______________
107% 10834 *107% 108% 108% 10834 109 110% L o u is ville & N a s h v ille ___
an h a tta n h le v a te d ___
121 12134 120 120
122 122
120 120
etro p o llta n S tr e e t____
40
44
37
40
42
42
37% *36
M
exican
C e n tra l__________
18% 19
18% 19%
18% 18%
17
18%
38
39
37% 39%
41
41
4U9 M in neap olis <Sc St L o u is ..
39%
D o p r e f________________
7634 77
7634 78
77
77
77% 773f
100 103
102% 103% 103 10419 10434 106 Minn St P & S S M a rie ___
D o p r e f________________
127 127 *127 135 *127 133
130
*123
34-% 36%
35% 36%
35% 36%
36% 37 M o Kan sas & T e x a s ______
D o p r e f________________
64
64
64% 64%
63% 63% §63% 63%
6934 70
68% 70
70%
69
69% 71’ g M issouri P a c ific ___________
*118 125 *118 125 §125 125 *118 125 ]V[ ash C h a tt & St L o u is .,
a t o f M ex , non-cuui p f.
*44%
*44% 47% *44%
*44%
D o 2d p r e f__________
*16% 18"% *17% 20
*16% 20”
*14
*20*"
104 106% 104% 106% 104% 100% 10534 107 N Y C en tra l & H u d s o n ..
3934 32
34
35
37
36
35% 36% N Y C h ic & St L o u is ____
D o 1st p r e f____________
*99 106
*99 106
*99 106
D o 2d p r e f____________
74
*63
74
*63
74
*63
*66* 72”
160 160 *157 161
160 160
158 §159 N Y N H a ven & H a rtfo rd
3334 3334 33% 33%
32% 33%
3334 33% N Y O n ta rio Sc W e s t e r n ..
70% 70%
70% 71%
71% 72% N o rfo lk & W estern _______
71% 71%
*78
82 *78
D o ad ju stm en t p r e f . .
82
*78
82
*78
82
122 123% 121% 12319 121 127% ,126% 131% N o rth ern P a c ific __________
D o subscrip re cts____
104 10634 106% 109%
105 10534 10538 106
a cific Coast C o __________
95
,*80
88% 88% *80
95
*80
95
D o 1st p r e f________
*80 100
*80 100
*80 100
*80 100
D o 2d p r e f________
*80 100
*80 100
*80 100
*80 100
118% 119% 118% 119% 118% 120
11934 121% P e n n s y lv a n ia ______________
*65
70
70
*65
66
66
70 P itts b Cin Chic & St L . . .
*65
D o p r e f________________
*85
95
*85
95
*85
95
*85
95
95% 9734 95% 97%
9634 98% O e a d l n g ________________
94% 9734
___
*81
82%
*82
85 -EV 1st p r e f______________
___ *77 82%
2d p r e f______________
*77
83
20% 20%
20% 2034 '20% 21*
20% 21% R o c k Island C o m p a n y ___
D o p r e f________________
45
46
*45
46%
4634
46
46
46
*60
65
*60
65
*62
65
*62
65 St L & San F r , 1st p r e f . .
D o 2d p r e f____________
35% 3614
34% 35
34% 37%
37% 39%
17% 18% *17% 19
*17% 19
15% 1734 St Lou is S ou th w estern ___
D o p r e f________________
45
45
45
46
43
46%
45% 4!)
84% 85%
84% 86
86
87% Southern P a c ific C o ______
83-% 86%
Do p r e f___ _____________
110% 111% 11034 11034 110% 11034 11034 111
16% 16*8
16%
16
15% 16
16% 1634 Southern v t r cfs stam ped
60
*54
D o p ref
do
55% 56
56% 57
57% 581»
27
27
25-% 27
27
28
27% 29% rr e x a s & P a c ific __________
50% 52%
50% 52%
50% 5319 54
56% 1 hlrd A ven u e (N Y ) ____
24
*23% 24% *23
*23
2419 *23% 25 T o le d o R a ilw a y s & L ig h t
24% 24%
24%
24
24% 24%
24
24 Tolrdo St L & W estern____
46
467g
47%
46
46
46%
D o p r e f ...... .............. ......
46*4 48
*90% 96
90% 9019
90% 90%
91
91 T w in C ity R a p id T r a n s it.
127% 130% 128 130
12758 1327s 131% 134lg
nion P a c i f i c ___________
S3
*81
81
82
PI
82
Do p re f ___________
8?
86-%
91
82%
9078

8734
91
8234
61%

A
B

(

D

b.
- <
Q
►
3

0
«

H

<<<

Ph
>*
<

X

w
1

P
c

p
w
w
Q

0
a
<!
.-i

O
w

0

£
1

i

K

M

W
O

■h*H

P

U

BANKS
Banks
New York.
A e t n a ______
A m erica H _.
A m er F xch .
B a tte ry P a rk
B o w ery H . . .
B ir n x F!oro’ ]
B u tch ’ s& D r
C enturyll —
C hase_______
C h a th a m ___
Chels’ a K x c U

Bid
210
510
220
122
310
300
158
175
300
315
200

Atk

BanksC h em ical___
Citizens’ Ctrl
220 C i t y ________
525 Coal & Ir o n .
230 Colonial^___
132 C olum bia H.
325 C o m m erc e..
___ C on solid at’ d
162 Copper .
190 C ora F xch T
350
Discount U.
____ Fast R iv e r .
----- F id e lity I i . .

Bid
395
138
t-’50
230
700
500
167
160
205
280
150

AND
Ask
405
145
1250%
____
525
172
170
215
295
160
150
195

TRUST
Banks.
Fifth A v e llF i f t h ..........
First _______
14th S treet 1
F o u r t h ____
G a lla tin ____
G a rfield ____
Gcrm anAm T
German Kxl
G erm ania U_
Greenwich TI
H a m ilton H_
H a n o v e r ___

Range 1or Year 1907
Sales ol
On basis ot 100-start wts
the
Week
S/iares
Highest.
20,200
400
1,200
5,739
54,015

"s’,100

500
3,200

T ioo
1,050
63,325
100
901
4,251
4,657
450

1,325
7.550
2,060
3,330
2,880
300
9,500
750
150
200

12’,l66
2,900
2,475
47,445
17,716

Ask
4200
____
630
300
190
360
525
142%
____
____
295

Banks.
Im p & Trad
In terb oro T|_
Ir v in g N Ex
Jefferson U__
L i b e r t y ____
L in c o ln ____
Manhattan T
M arket & F u l
M echanics’ .
M ech & T ra
M erca n tile..
Merch 1 xch
M erchants’ .

Bid
520
155
180
210
1000
290
255
225
155
215
175
155

56 Jan
27% Jan
69 Jan
18 Jan
79 F e b
713 F eb
261; Jan
15712 Jan
165i».Jan
141 “ Jan
149 Jan
205 Jan
234 Jan
170 Jan
.. Jan
165
934 F e b
25 Jan
6I4 A p r
193s Jan
927$ Jan
1081•>Jan
38% Jan
691i Jan
58% Jan
227% Jan
510 Jan
42% Jan
83% Jan
80Ir Jan
19W an
3 9 “ Jan
44 ^ J a n
75% Jan
67 Jan

90
114
44

92 A p r 5
189% Jan 2
85 Jan 5

Apr 4
A u g 15
A u g 15

108% Jan 7
1015,s Jan 12
1331,9 Jan 5
122 Jan 5
94i-> Jan 10
83% Jan 7
8534 F e b 8
19512 Jan 4
6512 Jan 14

219i2Jan 2
I
5
5
2
25
14
5
14
5
14
15
10
10
b
19
21
11
3
9
7
7
9
7
8
2
24
7
10
10
5
4
5
7
7

14U Jan 17
47 Jan 3
86l2Jan 4
114 Mch 6
94 Jan 5
172 Jan 3
1,200
39 Jan 23
3,7.50
75% Jan 7
4,160
287$ Jan 4
900
51 Jan 7
2,200
80 Jan 10
100
3084 Jan 5
3.000
613jJan 8
2,180
2 s W a n 12
67% A p r 26
67loJan S
145is Jan 5
2,100
146 F e b 13
775
107 Jan 23
600
27% Jan i
6,400
59 Jan 15
2,700
90 Jan 24
1,100
140% Jan 3
2,010
168 Jan 3
250
44% Mch 1
26,780
7234 Jan 4
650
9234 Jan 5
3,300
147 Jan 8
50
593gJan 9
27 F e b 14
99l2Augl5 13434 Jan 10
30,360
63l« Jan 7
29 A u g 26
2,100
109 Mch 25 110 Jan 16
9134Jan 7
70 Mch 26
580 158 A u g 22 189 Jan 9
483s Jan 5
5)50 30% A u g 17
92% Jan 5
68 A u g 20
1,847
80 Mch 14 90% Jan 10
189i->Jan
7
113
A
u
g
15
88",444
96*2 A u g 14 134 “ F eb 13
17,266
85 A u g 14 124% Jan 7
200
712A u g l2
30 A p r 23
72 A p r 1
747g A u g 30
83 A u g 14
128 A u g 12
8 A u g20
20U A u g 20
15 " A u g 24
SOlg M ch 25
70 J ’ne 11
18 Mch 14
45 Mch25
19% Mch 18
55 A p r 2
45 J ’ly 23
103 A u g 12
110 A u g 24
35 A u g 30
15 Mch 14
37*2 Sep 3
76*2 A u g 9
90 May28
119 A u g 20
30% Mch26
50 Mch 26
63 A u g 15
119 M ch 22
^6^4 A u g 13
15 A u g 15

95 Mch 20
58,478 114 Mch 14
65 A u g 17
100
91 J ’ne 3
472,100
85*4 A u g 14
79 J ’ly 9
75 A u g 12
7,920
17% A u g 20
40% A u g 13
900
59 Mch 18
'3,550
29 Mch25
1,200
15% A u g 22
40 A u g 13
2,900
78,660
6934 Mch 14
3,303 108*8 A u g 24
14% A u g 26
5,895
1,600
5018 A u g 24
5,600
24 Aug26
4,140
46% A u g 27
2312 Aug21
” "960 2334 M ch26
4,010
40 A u g 17
85 Aug21
766
515,020 120% Mch 14
300
75 Auer 14

C O M P A N IE S — B R O K E R S ’
Bid
3900
340
615
225
180
350
500
135
420
500
280
300
480

8I 04 A u g 15
89 A u g 13
77 A u g 15
57 A u g 17
85 J ’ne 19
37I4 A u g 20
83 F e b 16
155 Mch23
60 M ch l4
165 Mch25
3034 Aug20
91)! A u g 14
49% A u g 8
9% May27
64 A u g 19
39l2 A u g 17
1214 A ug26
117% A u g 15
145 Mch25
107 May2/
125 A u g 12
137% Mch25
197 A u g 19
115 A u g 19
ICO Jan is
5 Mch28
9 Mch27
25g A u g 17
1112 Mch 14
58 “ A u g 12
100% J ’ly 16
21 May27
51 A ug20
40 May27
147 Aug27
440 A u g 17
20 A u g 15
647g A u g 17
61 J ’ne 15
7% A u g 28
17ig A u g27
18 Aug24
4512 Aug26
29% A u g 26

Ask
535
165
220
500
305
265
235
165
230
185
165

125 Mch 8
1413s Jan 8
78 Jan 22
105i»Jan 5
13918 Jan 7
92 Jan 7
94 Jan 8
30% Jan £
64i'>Jan 5
70 "J a n 11
483g J an 5
25% Jan 7
6219 F eb 15
96I4 Jan 14
1181s Jan 14
34 Jan 5
94ioJan 5
37% Jan 7
123 Jan 8
29 Jan 7
3334 Jan 5
547g A p r 12
108i*J a n 7
183“ Jan 5
96 M ay 2

Range or PrerUms
Year 0906).

85% May
x98 D ec
131% J ’ly
10534 May
91 O ct
71 J ’ly
83 Jan
1553s M ay
65i« J ’ne
204 M ay
51% N o v
25's Sep
70 D ec
16 J ’ne
791" Sep
70 D ec
24% N o v
{146% Dec
1160 Dec

IIO I9 Sep
106 Jan
1677s Jan
1251s Sep
99% Jan
94is Jan
87 F eb
201% D ec
707j Jan
2397g M a j
65% A u g
35% O ct
7714 O ct,
23% Jan
86% J an
80 “ Jan
395g Jan
1995s D ec
218 A u g

192 A p r
225 A u g
168 J ’ne
175 N o v
934 A p r
25 Dec
3% M ay
11% J ’ly
89 Dec
110 J ’ly
29% Jan
66% A p r
43 May
189 May43734 M ay
36% May83 O ct
79% Dec
16 J ’ly
32 A p r
38% M ay
7434 Dec
62% A p r
68 Dec
80 J ’ly
C178 Dec
7034 D ec
81% N o v
I I 3J O ct
33% Jan
7714 Jan

240 Jan
270 Mch
198 Jan
202 Jan
18% Jan
423) Jan
13% F e b
4719 Mch
1097g Jan
118 Jan
41 O ct
73% F eb
59 D eo
23434 N o v
560 M ay
5178Jan
91l2 Jan
102 “ F eb
22?g Jan
45 Jan
507g Jan
83 Jan
763g J an
76 Jan
94 A u g
348 F eb
85 D ec
9219Jan
23% Jan
53 A u g
973j M a j

9212 N ov
164 M ay
33% J ’ne
703g J ’ ly
24 J ’ly
48 J ’ly
77 O ct
22% J ’ly
49 J iy
27% J ’ly
75 Sep
6II4 O ct
136% M ay
140 Sep
103 J ’ly
18% M ay
58% Dec
90 “ A p r
134 Dec
163U A p r
29 M a y
64% A p r
85% M ay
133 May36 A p r
18% J ’ne
126 N ov59 Mch
111 A p r
80 M a y
189% Dec
4334 M ay
84 Feb
89% A p r
179% M ay

”99% J ’ii®
184% J no
55% M aJ
»7% M a j
3434 Jan
6334 Jan
84% F e b
37% Jan
71 Jan
ani
§92i2Jan
8i34 Jan
15619 Jan
162 “ Jan
127 Jan
29U Dec
84% Jan
IOOI4 Jan
164 Mch
183S4 Jan
435 «N ov
76 N o v
1063.: Jan
149% Jan
5934 D ec
30 D ec
156I4 Jan
7319 A p r
1207sJan
92 D ec
, „ Jan
2047
./% Jan
571
i75g O ct
97
M Jan
96
232% F eb

103 Jan
142 J ’ne
105 Jan
106 Jan
1051o Jan
135 May
122% J 'iy
147%Jan
75 M ay
87 Jan
100 M a y 109 A u g
112 May- 1164 Jan
89 Sep
96 Jan
90 A p r
102 Jan
22i-> J ’iy
32% N o v
60 J ’iy
693.1 A u g
60 Feb
7234 A p r
40% J ’iy
51i4 F eb
20i-> M ay
277s Jan
4834 M ay
633s Sep
61 M ay
97% Sep
120% J ’ne
116 J ’ iy
31% N o v 427g Jan
9312 D ec
103 Jan
28 M ay
40ig O ct
121 N o v Jl39% Jan
2514 Dec
36 Jan
40% Jan
25% J ,]y
43 J ’iy
59's Jan
102 Dec
122% Jan
138% May 195% Sep
99% Jan
91% M ay

Q U O T A T IO N S .
Bid
Banks,
Metropolis T 390
V letropoli’ n l 155
Mt Morris'i
240
Mutual H___ 280
Nassau It___ 200
N ew A m ster 190
\Tew N etliTc 210
N e w Y o rk Co 1200
N ew Y o rk _ - 290
N 'h t & Day^l 400
19th W ard 11 325
N orth A m er 240
N o rth ern ___ 170

Ask
165
290
210
200
225
300
410

Banks.
O riental 1J-Pa clfic H___
P a r k _______
P eo p le’s H .
P h e n i x ____
P la za H_
P rod F xch T
R iversid e Ti_
S eaboard___
Second ____
State U_____
12th W ard H
23d W a rd ll.

Bid
265
230
415
300
160
570
160
250
340
700
360
450
190

AsJfcj
275
250
430
....
170
175
260 \
360 |
_
400

255
185
500
180
....
* Bid and asked prices; no sales w ere m ade on this d a y .
t E x -righ ts,
i Less than 100 shares,
U S ta te banks, a E x-dtvlden d and rights, b N e w Ktoch
t Sale at S tock Exch an ge or at auction this w eek, c E x beneficial In terest in ore properties. h 1st in stal’ m t paid
n Sold at p r iv a te sale at this prlc«




New York Stock Record— Concluded— Page 2

584

Q T n ri/ *;
N E W Y O R K STOCK
EXCHANGE

S T O C K S —H IG H E S T A N D L f) W EST S A L E P R IC E S .
Saturday
A ug. 31

(onday
ept. 2

Tuesday
Sept. 3

Thursday
Sept. 5

Wednesday
Sept. 4

Friday
Sept. 6

Sales o1
Week
Shares

[V o l .

Range 1<rr Year 1907
On basis ol 100-share lots.
Lowest.

Highest.

20 J ’n e l 7 62 Jan 7
120
24 U n it R y s I n v ’ t o f SanFran
32 A u g 17
7113 Jan 7
475
D o p r e f________________
38
10“s A u g 12
1812 Jan 5
500
abash __________________
1212
1934 A u g 19 381, Jan 7
1,700
2134
D o p r e f . ...............
163.i Jan 7
81, A u g 30
900
10 W h e e lin g & L a k e E r ie ___
3784 Jan 5
21>4 Aug24
200
D o 1st p r e f____________
26
2134 Jan 10
111* Aug23
D o 2d p r e f____________
16
133g A u g 19 25?s Jan 12
1712 W isconsin C e n tra l________
5 li2Jan 7
3OI2 A u g 23
D o p r e f________________
40
In d u stria l& M is celta n eo u s
5150 A u g 14 5330 J ’n e20
dam s E xrpess__________
*150
*150
*150
*150
16?8 Jan 5
4 A u g 16
2,250
llis-C h alm ers___________
61s *612
6is ” 6t .
67s
638 ” 678
6]8
433j Jan 3
I 5I2 A u g 16
1,160
D o p r e f____________
1934
19
19
19l2 1912 1934
19^8 20
12l7s
Jan 5
65
A
u
g
15
213,650
A
m
a
lg
a
m
a
te
d
C
o
p
p
er____
717g
705s
73
7312
713s 7312
715s 741,
253s Jan 8
15 May27
200
*151, 1812
181, 1812 A m e r A g ric u ltu ra l C h em .
18
*15
*1512 18
&2% A u g 30
95 F e b 20
D o p r e f________________
*80
* ____
95
95
95 * ___ 95 * ____
IOI4 May22
1,000
231■>Jan 7
1214 13l2 A m erica n B eet S u gar____
12
I 2I4 125s 125s *1112 1212
80 Jan 21
75 Mch 5
D o p r e f________________
75 * ____ 75
*
75 * ____
75 * ____
71, A p r 11
414
A
u
g
16
A
m
erica
n
C
an
____________
41
2
5
434
*412
541,
4=8
*414
5
60U A p r 10
43
A
u
g
19
D
o
p
r
e
f________________
48
4812 491.1 4912 49i2 4912
*47
4812
4514 Jan 14
31 Mch25
395s
39
393S 38/g 3978 3978 413g A m erica n Car & F o u n d ry 12,225
39
1,130
92I2 Mch25 103 Jan 12
D o p r e f________________
9634 96
971,
947S 951S 96
95
95
361, J ’ly 27
27 Mch25
3,150
33I4 3378 A m erica n C o tton O il______
3258 3314 3234 33lg
32
33
90 "J a n 21
88 M ch 13
D o p r e f________________
90
*85
90
*85
90
*85
90
*85
180
A
u
g
19
A
m
erica
n
E
x
p
re
ss
________
247
Jan 5
210
*195
*190
210
*190 210 *190 210
8l4 Jan 11
334 A u g 20
600
*43S 6 A m erica n Grass T w in e ___
6
478
414 *4
414
4~8
6i4 J an 16
3ig Aug30
250
A
m
erica
n
H
id
e
&
L
ea
th
e
r
37s
37g
37S
4
37S
4
*312
*3U
30i2Jan 7
1512 A u g 12
450
D o p r e f________________
16
16
1612 1712 1712 16
*15
17
88 Jan 2
50 J ’ly 31
300
*52
54 A m erica n Ic e S ecu rities__
54
5334 5334 *45
53
5314
7 A u g 26
I 9I4 Jan 10
300
A
m
erica
n
L
in
seed
________
9
9
10
*8
834
*8
8^4
8l 2
17 A u g 26
36 Jan 7
200
D o p r e f________________
2OI4
21
19
*18
21
*18
*18
35
7534 F e b 15
49I2 A u g 20
5,100
54
55 A m erica n L o c o m o t i v e ___
54
53
54
53
54i2 53
98 A u g 24 H l i 2Jan 21
D o p r e f________________
*100 104 *102 105 *101 104 *102 105
21, J ’nelO
5712 A p r 2
4 A m erica n M a lt C o rp ______
4
*314
4
*3U
*3
4
*312
22 ” J ’n e n
40 F e b 21
D o p r e f________________
22
*16
* ____ 22 * ____
18
22 * ____
93>
8 Jan 7
86
Mch
25
A
m
e
r
S
m
elters
Sec
p
r
e
f
B
*
____
*
____
90
*
____
90
* ____
99
99
90 A u g 15 £155 Jan 7
987g 1023g 1007^ l033g A m e r S m eltin g & R efin in g 54,200
9834 1025s
98 1027s
921, A u g 20 1173S Jan 7
D o p r e f________________
4,194
9934 10012
9934 9812 100
99
983i 1001,
19212 J ’ly 12 205 Jan 18
*140 240 *140 240 *140 240 *140 240 A m erica n S n u ff___________
595 A p r 1 102 J ’ne 7
D o p r e f________________
*74U 100
*7412 100
*7412 100
*741, 100
1034 Jan 5
51* May22
100
7
7 A m erica n S teel Fou nd ries
*6
7
*534
*6
7
6
2834 A u g 2 1 471, Jan 7
D
o
p
r
e
f________________
200
*32
35
*32
35
34
34
331, 331,
4,550 107i2 A ug 15 13712 ? e b 13
1135S 1141, 11334 1143s 114 114U 11412 11514 A m erica n Sugar R e fin in g .
D o p r e f________________
300 1157S Sep 5 131 Jan 2
1157g 116
117 117
*115 120 *115 120
c 104i2J n e i4 133 Jan 4
*10634 108 *107 108 *107 108 *107 108 A m erica n T ele p h & T e le g
7438 A u g 15
9834 Jan 5
80
80 A m erica n T o b a c (n e w ), p f ‘ * ‘ 366
79
79
79
79
*7712 80
36i2 Jan 7
2Hg A u g 20
A
m
erica
n
W
o
o
le
n
________
280
525
25
24
24U
523
23
24
*23
85 A u g 13 10278 J an 5
D o p r e f________________
675
89
89
89
83
88
88I4 8812 89
4614 4773 dA n acon d a C o p p er P a r $ 2 5 28,060 $42 A u g 15 30234 F e b 16
4534 48
4634 4778 45
47U
$512 A u g 28
$9ig M a y l3
300
63g *6
61, d B ato p ila s M in in g P ar$2 0
63s
638
612
734 *5
ro o k ly n U n ion Gas____
200 10434 Sep 6 125 M ay 1
10434 104»4
*95 110
*95 110
*90 110
141, Jan 4
10 M a y21
ru n sw lck D o ck & C Im p
100
* 10l4 11
*1014 11
*912 11
*1014 11
4gio Jan 3
31 A u g 14
40 B u tterlc k C o ______________
40 * ____
40 *
*32
*321, 40
I 6I4 A u g 15 40 F e b 15
1,363
19
19 C e n t r a l L e a th e r__________
1834 19
183s 1812
1812 1914
83 A u g 28 102 F e b 8
D o p r e f______________
260
8634 8634 87
87 ^
86
586
87
*83
5778 Jan 8
22 A u g 24
5,710
2512 26l2 C olorado F u el & Ir o n ____
2412 2534 2412 257S 2414 257g
191, A u g 20 283S A p r 5
2,630
2334 24I4 Col & H o c k Coal & I r o n . .
22
2212 2312 2312 2334 522
99U
A
u
g
15
14014
Mch 1
C
on
solid
ated
Gas
(N
Y
)
__
1,195
106i2 107
105 IO0I2 105 105
105 105
2434 Jan 22
llSg A u g 14
2,920
1434 1512 Corn P ro d u cts R e fin in g ..
15
*14
1314 1434 1438 15
62?s A u g 17
D
o
p
r
e
f________________
88
Jan
28
810
6534
6534
§68
68
66
*65
65
65
41 A u g 20
78 F e b 13
6,605
5612 57 D istillers’ Securities C o rp .
56
57
5412 57
5714 577s
951, A u g 28 163 Jan 16
200
*95 112 F e d era l M in in g & S m elt’ g
96
96
*97 112
*96 112
71 Aug27
D o p r e f________________
97 Jan 14
865
7334 7334
§737g 737g
72
74
7314 *72
855 120 A u g 26 163 Jan 22
____ G eneral E l e c t r i c _________
127 128
1283s 130 *126 139 *128
100 A u g 15 152 F e b 13
*90 101 G ra n b y Cons M S & P ___
*95 110
*100 110 *100 110
773 M a y 2
6 A u g 20
*638 67g n t M er M arin e stk tr ctfs
7
*61S 634 *614
24 A p r 25
D o p r e f______________
15 A u g 26
300
*1712 I 8I4
*1718 *1718
171s 175s *1718 19
1812Jan 7
l i l 4 May27
In
tern
a
tio
n
a
l
P
a
p
e
r
______
1,420
147g
*14
15
147
8
*14
15
15
1418
81 F e b 11
70lg M a y22
D o p r e f________________
300
72
*711, 72
572
721,
7212 7212 72
40 Men 14
5034 J an 15
*40
43 In tern a tio n a l P o w e r ______
*40
43
43
*40
*40
43
41 Jan 7
19
A
u
g
27
In
term
it
S
team
P
u
m
p
___
'
”
400
227g
22
25
25
221,
*19
*19
23
8i Jan 14
661» A u g 19
D o p r e f________________
100
7034 7034
72
72 ’ *64
*65
*69
73
75U Jan 24
59 A u g 15
1,400
6434 6 434 65lS 6512 M a ck a y C om p an ies_______
64U 65
64
65
71 Jan 24
59
A
u
g
15
D
o
p
r
e
f____
____________
200
65
65
*621,
6512
63
63
*63
65
86I4 Jan 15
6634A u g 21
a tio n a l B is cu it________
700
73
73
7312 7312 *7212 74l2 7334 741,
H O loJ’nu 4 11738 Mch 5
D
o
p
r
e
f____________
100
112
112
*111
113
11312
113
*10612
*106H
153s Jan 5
10
*
A
u
g
20
N
a
t
E
n
a
m
el’
g
&
S
ta
m
p
’g
600
1134 1134
H5g 115s
III4 III4
1112 1U2
87 * e b i 5
79 M ch 28
D o p r e f________________
86
*81
87
*81
87
*82
87 , *81
76i4Jan 7
421, A u g 17
N
a
tio
n
a
l
L
e
a
d
____________
7,225
5434
52U
5234
5334
5412
5434
54
5034
93 Augjs9 103 Jan 5
D o p r e f________________
52
595
95
95
*9414 95
9414 9434 *94
3,700 $10 A u g 22 $2034 A p r 18
1134
11
11 N ew h ouse M & S .P a r J lO
11
11% 1134
1118 1134
98
May27 1411, Jan 7
N
e
w
Y
o
r
k
A
i
r
B
r
a
k
e
____
3,185
110
11134
11134
1111,
11134
10912
10912
10912
8934 Jan 4
1,670 50 A u g 17
6234 N o rth A m erica n C o .. n ew
5834 5934
5934 5934
5912 62l2 62
41i2Jan 5
2i l , Mcli25
a cific M a l l ______________
1,650
26
25
26
26lg
26
2614 2614 26
84
"
A
u
g
15
98^8
Jan 4
e
o
p
le
’s
G
a
s-L
&
C(C
hlc)
5,065
8734
8834
865g 8714 87
8712
87l4 871,
734
A
u
g
19
1678 Jan 15
700
9
912 10 P itts b u rg h Coal C o _______
9lg
9U
914
914
9U
eo5s Jan 4
48 Aug28
D o p r e f_____ ___________
200
497g 497s
50
4912 491,
*47
*4812 54
57 Jan 10
25 A u g 12
1,546
2912 2912 305g Pressed S teel C ar__________
29
291, *29
2912 *29
9973 Jan 24
82 A u g 24
D o p r e f______________
260
86
*84
86
S8512 8512 *84
84
85
18ii 8 Jan g
150
Mch
14
Pu
llm
an
C
o
m
p
a
n
y
______
456
158
158
*155
160
160
5160
1551, 156
5712 Jan 10
3l34 A u g l5
600
371, 371, I ) a l l w a y S teel S p r in g ..
3658 365s
361, 361,
37
37
S7 A u g 13
99i2 F eb 15
D o p r e f___________
100
90 " -tV
90
*75
*75
88 " *75
88
*75
41
Jan 7
181,
A
u
g
21
2,720
R
e
p
u
b
lic
Iro
n
&
S
te
e
l___
243s
2312 23
2Hs 217S 21is 2134 21
681^ A u g 19 100 Jan 7
D o p r e f________________
2,585
7478 79
75
7214 7314
73i2 731, *72
7734 Jan 7
*42 “ Mch 14
1,440
lo
ss-S
h
effield
S
te
e
l&
Ir
n
§49ig
4734
47
48
491S
4734
46
4712
92i4 J 'n e 22 107 Jan 11
D o p r e f______________
130 M ch 26 162 Jan 4
*136 146 *136 146 *136 146 T en n C oal, Ir o n & R R ___
$30
A u g 15 $5312 Mch 1
dTennessee
C
opper
P
a
r
i2
5
1,500
33
37
37
3SI2
*35* *3534 3312 3312
60 A u g 13
85 Jan 17
*60
*60
68
68 T e x a s P a c ific L a n d T r u s t.
*60
68
*60
68
8is Jan 15
n ion B a g & P a p e r ____
61 Jan 7
50
5018
Mch
25
____
____
D
o
p
r
e
f____________
555
55
555
55
491, Jan 5
27 Aug23
1.237
3134 3134 U S Cast I P ip e & Fou n d r
32
32
’ 3138 3"l>2 301, 31
89 Jan 15
74 M ch26
960
D o p r e f_____________
78
8012
*77
79
78l2 79
7714 78
85 A u g 24 5117 Jan 9
*85
95 U n ite d S tates E x p re ss___
95
*81
95
*81
*81
95
901, Jan 4
4$l2 A u g 21
52
*49
52 U S R e a lt y & Im p r o v e m ’t ■"■466
*48
*48
53
50
51
301J Jan 28
IOI2A u g 20
400
13
*10
14
1412 U S R ed u c tio n & R efin in g
*10
15
*11
15
68 Jan 7
900
35 A u g 20
D o p r e f_____________
4334 *38
45
40
4312 4312 4312 431,
521, F e b 16
271, A u g 13
950
33
532
32
31
33
3312 U n ite d S tates R u b b e r___
*29
34
1097s
Jan 7
85
Aug20
D
o
1st
p
r
e
f________
_
1.313
92
92
9334
93
93
93
90U 921,
78*8 Jan 7
200
60 A u g 15
D o 2d p r e f__________
61
*60
62
*60
62
6112 6112 61
503s Jan 7
29I4
A
u
g
15
149,890
U
n
ited
S
tates
S
te
e
l----331g
32lg
321
4
32l4
3114
313s 323s
313s
91is A u g 15 10734 Jan 7
19,540
D o p r e f_____________
945a 9534 9412 9512 9514 96
9478 9534
900 $211, A u g 20 $391, Mch 4
24
*23
*2312 24 (JUtah C o p p e r___ P a r 510
237S 24
2312 24
3933 Jan 7
19 ’ A u g 12
1,300
V
lrg
ln
la
-C
a
rolln
a
C
h
e
m
..
2U
,
21
20
213g
21
21
21*2
2n s
95 A u g 20 108 Jan 9
D o p r e f_____________
____ *96
97
*96
*95 100
*95 100
97 Jan 22
45 Aug20
400
55 V irg in ia Iro n Coal & Coke
50
50
50
51
*46
*46
250 M a y 7 300 J ’ne 3
*250 30b” *250 300 *250 300 *250 300 \ l / e l l s F a rg o & C o ------85 Jan 10
7412 A u g 19
es te m U nion T e l e g . .
600
78
7634 77
761g 761g *76
*7612 79
100 136 A u g 15 154 Jan 2
*130 140 *130 140 *130 140
138 138 W e s tln g h ’ s e E l& M fg assen
1145
A
p
r
2615160
M ay 23
*
____
D
o
1st
p
r
e
f___
______
*
____
* ____ 165 * ____ 165
165
165
*20
36
I lls
20i4
87S
25
*11
*13
*33

24
37
III4
21
9
25
13
17
40

22
536
*1134
21
*9
*23
*12
*14
*35

22
36
13
21
912
25
14
ISI2
40

*20
36
12
21
914
*23
*12
*14
39

24
36
12
2112
10
26
15
1712
39

*20
*35
1214
21i8
10
*23
*12
*14
*35

W

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BANKS

AND

TRUST

lxxxy.

Range 1ar Previous
Year (1906).

1

Lowest.

Highest.

50 A p r
55 A p r
18 D ec
361, Dec
10 A p r
36 M ay
2114 Oct
23 M ay
44 J ’ly

98 Jan:
931, Jan
261? Jan
535j Feb
2134 Feb
48i2 F eb i
29U Feb
33 Jan
64 Jan.'

5240 J ’ne 5300 A u g
273s Jan
16 J ’ly
67 Jan
40 Sep
923S J ’ly H 8I.1F e b :
34ig Jan
20 J ’ly
90 Dec 102 Jan
35 Jan
20l2 M ay
89i2 Jan
827s O ct
3234 J ’ly
98i2 J ’ly
28 “ May90 Dec
215 A p r
778 M ay
512 N o v
24 N o v
35I4 Jan
1634 Dec
35 Dec
5334 M ay
1081, D ec

4712 Jan
105 Jan :

44I4 Janv

95 Jan
272 A u g
HJ4 Jan
10 J a n ;
43 Jan :
947g Sep i
2914 Jan ■
5378 Jan
781, Jan
12014 Jan

■9214 Dec 10134 Jan
13812 M ay 174 Jan ,
130 Jan ;
112 D ec
200 J ’ly 220 Jan
107 Jan
100 D ec
1514 Jan 1
934 N o v
53I4 Jan '
40 M ay
157
Jan j
12712 M ay
12812 Dec 140 Jan j
130 J ’ly 144&S Jan j
109 Jan :
96 J ’ly
48 Jan s
28 N o v
101 J ’ly 1103g Jan ,
22312 M ay 300 F e b I
l05l2 N ov
1314 J ’ly
40 A p r
3334 Dec
9834 Dec
40i8 M ay
17 M ay
1305s A p r
i 8i4 J ;iy
741, M ay
5 1 'J a n
138 Jan
91 J ’ly
zl5 6 D ec

178 Jan
21S4 A p r '
70 M ay
4978 Jan
10712 Jan ]
835s Jan j
30I4 N 0V

I 6I2 Sep
80 Dec
48 Sep
28 Jan
7 i Jan

26I4 Jaa
90 J a n ,
*95 Jan
60 M ay
92 M ay

” 62

M ay

12
82
66

M ay
Sep
M ay

113i2 Jan

IOOI4 J ne

18i34Jan

28 A p r !
8534 A p r
745s Sep i
199 J a n i
11278 Jan 1
184 O ct 1

791, D ec i
118^2 O ct
181, Jan
881, Mch
95^ Jan
IO6I4 Jan

133 J ’ly 16334 ja n ’
871, N o v 107 Jan
5U 2Jan 1
2834 j ’ne
88 J ly 103 Jan
18is N o v
1314 M ay
50 J iy . 621, Jan
6453 J an
43 M ay
95 M ay 105 F e b
180 Dec 270 N o v
6234 Jan
44 M ay
9734 J’ly 107 Jan
4134 D eo
2214 M ay
91 M ay H O ijJ a n
97i2Jan
68l2 J iy
113 A p r
104U O ct
Jan
$166
Nov
129
60 M ay ” 88 Oct’
51, Sep
15I4 J a n :
84 Jan
52 O ct
£3 Jan;
4312 M ay
8314 Dec
967s Jan
109 M ay 138*2? Jan
75 A u g
941, Jan
24 Mch
40=8 J ’ne
60 Mch
84 J ’ne
38 J’ly
59i 2 O ct
110434 J ’ly i H 5 Jan
75 M ay *8712 Jan
50l4 O c t
325g J ’ly
11314 Jan
9834 J ’ly
31 J ’lv “ 58 ja n ”
104 J’ly 1171, Jan
93 " D ec
38 May
233 Mch 305 O ct
9414 Jan •
x 8334 D ec
148 A u g 176 Jan
162 N o v 188 Jan

C O M P A N IE S — B A N K E R S ’ Q U O T A T IO N S .

Bid
Trust Co’ s. Bid
A tk
Ask
Trust Co’ s
Ask
Ask
B id
Bid
Trust Co’ s.
Brooklyn.
M u t u a l____ 120
130
220
Fidelity_____ 210
N Y C ity .
Brooklyn T r 425
_____
Mut A lli’nce 180
550
195
375 F ifth A y T r .
A s t o r ______ 340
C it iz e n s '___ 130
140
N Y L lfe & T r 1000
315
490 F u lto n _____ 275
Bankers’ T r 460
Flatbush . . , 260
640
500 N e w Y o rk T r 620
____
430 G uaranty T r 475
B o w l’ g G r’n 415
385
315
230 Standard T r ____ 4C0 F ra n k lin ___ 300
B ro a d w a y T r 150
160 Guardian T r 215
175
330
460
H am ilton __ 315
100 T itle G u & T r 445
90
200
400
215 H udson . .
Carnegie . .
150
H o m e _____ 140
K n ic k ’ b’ ker 1175 1200 T r Co o f A m ____ 690
Central T r ’ st 1850 2050
305
----210
250 Union Trust 1250 1300 Jenkins . . .
205
160
C olum bia .
215 L a w T I & T r . 230
450
— -<
330 U S M tg & T r
425
K in gs C o . . . 475
Com m ercial 205
220 L in coln T r . . 310
| B ro o k ly n .
N a s s a u ____ 250
----<
M anhattan . ____ 430 U n it S ta tes. 1125 1175 L Is l L & T r . . 300
315 C o m m on w ’ h 100
305
270
875 V a n N ’ d en T r T30012 ----- N a s s a u ____ 250
M erca n tile. - 825
340
E m p ir e ___
N o rth Side 11 360
feorou gh U__ 175
----- P eo p le’s ___ 300
M etro p o lit’ n 570
590 W ashington 400
E q u ita b leT r
400
P rosp ectP k ll 160
Broadwayll. 450
200
W illlam sb ’ g
700 W in d s o r ___ 185
M orton T r ’ st 650
----- Farm L o & T 1190 1210
Brooklyn . . 115
1S5 T e r m in a l..!] 140
—^ 3
• B id and asked prices; no sales on th is d a y. $Less than 100 shares. XE x -righ ts. &New stock. cE x -d ivid en d and righ ts. d N o w q u o ted dollars pershaa
tS a lo a t S to ck E x ch an ge or a t au ction this w eek. sTru st Co. certifica tes. HBanks m a rked w ith a p a ra g ra p h (ii) are S ta te banks.
Bid
Banks.
tjnlon Bxc ri 220

Ask
Banks.
240
S Exoh H. 1221, 13212 B rook ly n.
jW ashH ’ htsU 225
600
T o r k v ille 11- 400
Hom e B’nk'
425

I




Bid

Ask

Trust Cos.*

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
BONUS
H . Y . STO CK E X C H A N G E
W e e k E n d in g S e p t 6

P ric e
F rid a y
S rp t 6

Weak? 8
R ange or
L ast Sale

t . S. G o vern m en t
(C S 2s oonsol re g is te r e d .d l9 3
XI S 2 a consol c o «V ° n —
?U S 3s r e g is t e r e d ........... £1918
U S 3s ( M u p o n . . . • • • ^ 91g
XT S 3s r e g sm all p o a o s.-^ i
U B 3s cou sm all bond8" ^005
V S 4s re g is te re d ...............

B id
Ask
104*4 10514
105 *2 106*2
102 103
102 103

Low
H ig h
105*2 A u g ’ 0
105 *8 A u g ’ 07
102*2 J ’l y ’ 07
102
102
107 J’ n e’ 02
104 ^ O ct ’ 05
12o34 125
127 A u g ’07
105 >8 O ct ’ 06
111 M ay’ 06

Q-J
Q-J
Q-F
Q-F
Q-F
Q-F
Q-F
y -F
Q N
M-F
Q
I P u b w k s and im p r e g .- - l » 3 b Q-F
F o r e ig n e o « r ,i,,» en‘
Japanese G o v t 6s s terl £ - . q ^ A -0
A-O
!■ W a S T 4 8V a V m i T ^ : i 9 2 5 F-A
'•
2d series 4*as ctfs fu ll P ^ . J -J
S, loan 4s ctfs fu ll Pa ld --},^t3 J -J
B e p u b o f Cuba ^s e x ten debt.^ M-S
T J B ot M ex io o s f g 5s of 1SW. Q-J
G old 4s o f 1904.............. W 54 J-D
t7
S t a t e S e c u r it ie s
A la b a m a c u rr tu nd 4s .. .19£J J-J
j> is t ot Colum bia 3 6 5 s - - . - l j « F-A
Jjoulslana n ew oonso148..1914 J-J
U o r t li Carolin a consol 4s.1910 J-J
A -0
S o C arolin a 4 4 s
J-J
T e n n n ew settlem en t 3s..
J-J
V ir g in ia fund d eb t 2 -3 s ...l
J-J
6s d eferred B row n B ros ctfs.
R a ilr o a d
! a labarna C en t Hee So B y
M id i See A t Coast L in e
A lb a n y «fe Susa See D el & H u a
A U e g iie n v V a lle y
A U e g & W est, See B u ll K & ■
/ n n A r b o r 1st P
-i q y 5
A t o ll T & S fc'e— G en g 48.1995
R e g is te re d ................... v^ S a f.
I A d ju stm en t g 48..........
fe R e g is t e r e d ................ ^ 9 9 5
f ‘ Stam ped.....................
L c o n v g 4 s..........---......... J9 , 7
! 10-year co n v g 5 »
^ D eb e n tu res 4s S eries H
S eries G - ......................i 91y

•ASba

Q-J
A-O
A-O
Nov
Nov
M-N
J-D
J-D
FA
F-A
F-A
F-A
F-A
I E a s t O kla D iv 1st g 4 s .. 19 28 M S
A t l K n o x & N See L <fc >1
A t la n t ic Coast 1st g
° M-S
A K l e s & S a v l s t g 7 s . . l 9 3 b ! J-J
t S a v F & W i s t go ld b a . . U 34 A-0
A-O
fe 1st gold 5s....... 1“ “ ’ ,
M-N
; A la M id 1st gu gold 5s
‘ B ru n s & W 1st gu g 4s
J-J
M-N
J-J

V: I S K.""---

J-J
Q-J
A -0
Q-J
; P it t s J unc 1st gold b s ...l9 2 ^ J -J
M-N
' ■ l a s ^ s ^ s s t t H ! M-N
J-J
r Monon K > v l s t g u g 5 s 1919
Cen Ohio K 1st c g4 *28.-1930
C l L o r & W con 1st g 5s 1J3.
!; o iiio R iv e r B B l s t g 5s. 193b
1
tie n e ra l gold 5 s ...• - - - • }y 22
! P it t s C le v •te'io11®1/ 08
I KP it t a <fc W e s t 1st g 4 » - - ^ ‘ „
f S ta t l s l B y l s t g u g ^ s m ^
’B a t C reek «te S See M icli Cen
t’Rftecli C reek See N \ C & “
tB ellev «& Car See Illin o is Cent
iB k lyn & M on ta u k &ee L o n g 1
W n s <te W e s t see A U Coast L
S
o
N Y & E r ie See E rie
l u f l a l o B & P gen g 5 s ...l9 3 <
A l l & W e s t 1st g 4s g u . . l 9 y »

n

M-S
A-O
J -L
A-O
A-O
J-J
J-D

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

/ unftdA so u th 1st 5a....... * * * J-J
M-S
jv72d 5 s ........ .......................
M-S
Ca r b &

SbAt t L

e “ B ta F & N ^ B C B & J s
C en B ra n cn B y See M o P a o
C e n t o f G a B B 1st g 6s . . p l 945
Consol go ld o s................ 1W 5
i:< R e g is te re d ........ . .........194»
t* ls t i> r e f incom e g 5 s....? 1 9 4 J
H 2 <fpreiPu ^ o m e g &s---- *>1945
S i f p m Pincom e g 6s ---- pii>45
i f S ta m p e d .....................

F-A
M-N
M-N
Oct

Range
Since
J a n u a ry 1

A-O
99*3
J-J
77 Sale
J-J
984
M-.N
99 100
F-A
99 7s Sale
F-A
F-A
F-A
80
81
J-J • 78*4
J-J
101*4
J-J
96*2
A-O
J-J
85
FA
A-O
63*2 Sale
J -J
J-J
M-S

• N o price Friday; latestprio© this week.




PAG ES

BONDS
N. Y. STO CK E X C H A N G E
W e e k E n d in g S e p t 6

P ric e
F rid a y
Sept 6

Low H ig h C ent of Ga B R —(C o n )
Chatt i>iv pur mon g 4 s .1951 J-D
104 *« 105 *2
Mac & N o r D iv 1st g 5 s .1946 J-J
104*8 IO 6I4
M id Ga & A t l D iv 5 s ....1947 J-J
K 12I4 10234
102 104
M ob ile D iv 1st g 5s.......1946 J-J
Oen K R & B of Ga col g 5s 1937 Vl-N
io i? " II
(Jent of N J gen ’ l gold 5 s .1987 J -J
1 2 5 ^ 126 Si
12534 13034
R e g is te re d ................ 7il987
125*2 1261?
127 130-\
A m D ock cfc Im p gu 5 s..1921
Ledfc H ud R g e n g u g 5 s 1920 j - j
10434 105^
109*2........
L e li & W ilk s B Coal 5 s ..1912 M-N
Con ex t guar 4*as___ firl910 Q-M
N Y & L o n g B r gen g 4s 1941 M-S
Cent Pacitic See So P a c ific Co
C en tV erm o n t 1st gu 94s . e l f 20 Q -F
99 \
t 99 7a Sale
99^4
9634 100 V Clias & s a v See A t l Coast L in e
t 99 7g 100
9934 69 g e ’ s i o o ^ Clies <fe Ohio g 6s ser A ..A 1 9 0 8 A -0
9f>=8
i 87 Sale
87*4 94 86
87
94%
Gold 6s........................... C&1911 A -0
i 8634 Sale
87**. 361 , 84*2 927e
86
1st consol g 5s................ 1939 M-N
j 79 Sale
79a4 36| Y 76 7e 85*4
79
R e g is te re d ................... 1939 M-N
jlO O ^ Sale 100 >4 100*2 26| 98*4 10334
G en eral gold 4*28........... 1992 M-S
97 Hi A u g ’ 07
........ 99
9638 99
R e g is te re d ................... 1992 M-S
9 13*........ 91a4
92
16 91*2 95
C ra ig V a lle y 1st g 5s___ 1940 J -J
hese a r e p r ices o n the 6 axil o f $5 to £ .
R & A D iv 1st con g 4s. .1989 J-J
2d consol g 4 s ...............1989 J-J
111 M a r’02
W arm Spr V a l 1st g 5 s..1941 M-S
117*2 J’ n e’0t>
113*2
G reen b rier R y l s t g u g 4s ’40 M-N
105 *2 D e c ’ 04
100
Chic <fc A l t R R re f g 3 s ...1949 A-O
100 100*4 A p r ’ 07
100>< IOOI4
R a ilw a y 1st lien 3*28. . . 1950 J-J
126 M a r’07
R e g is te re d ................... 1950 J-J
126 126
120 M a r’ 00
Chic Burl<fc Q— D en v D 4 s 1922 F-A
93 *•„ 94 A u g ’ 07
92
96
Illin o is D iv 3 *a s ............. 1949 J-J
93*4 M ay’ 07
93*4 9534
R e g is te re d ................... 1949 J-J
. . . . . . 27*4 28 A u g ’07
G old 4s......................... 1949 J -J
20
30^4
Io w a D iv sink fund 5 s ..1919 A-O
S in k in g fund 4s........... 1919j A-O
N eb ra sk a E xten sion 48.1927 M-N
R eg is te re d ................... 1927 M-N
South^western D iv 4s___ 1 j 21 M-S
J o in t bonds See G reat N o rtli
'D eo en tu re 5 s . . „ ........... 1913 M-N
S478
83 A u g ’ 07
H an <fe S t Jos consol 6 s..1911 M-S
81ia 91
96*4 Sale
96
9634 80 95 102*2 C h ic& E 111 r e f <fc im p g 4s 1955^ J -J
A u g ’()7
9334 10184
1st s f cur 6s ..................19071 J-D
87 !g A u g ’07
87*4
86
92 78
l s l consol g 6s................ 1934 A-O
86 A p r ’ 07
......
86
86
G en eral consol 1st 5s___ 1937 M-N
88
*8*7*" 86
R eg is te re d ................... 1937 M-N
84*2 92 \
101 Sale
91*4
93
Chic & In d C K y 1st 58.1936 J-J
88** 108*4
92=b Sale 100*2 101*4
97 101*4 Chicago <fc E r ie See E rie
101 J ’l y ’ 07
99*2
99 101
Chic In <fa L o u is v re f 6s .. . 1947 J-J
98«s M ay’ 07
R efu n d in g gold 5s..........1947 J-J
98=b 9Sss
96 F e b ’ 07
96
96
L o u is v N A <fc Ch 1st 6s. 1910 J-J
98*3 N o v ’ 04
Chic M il & St P term g 5s 1914 J-J
94 N o v ’06
G en eral g 4s series A ..«1 9 8 9 J -J
93 M a y’07
88*2
91
93
R eg is te re d ..................el989
-J
-J
G en eral g 3 *as series B_el989
83 Sal*
8734
88
8734 9S7s
Chic & L Su D iv g 5 s ....1921 J-J
Chic <fc M o R i v D iv 5 s ...1926 J-J
13278 J a n ’ OC
121
Chic <fc P a c D iv 6s..........1910 J-J
105
1125b J a n ’04
Chic & P W 1st g 5s.......1921 J-J
105
114°8 N o v ’05
D ak & G t So g 5s........... 1916 J-J
99*2 M a r’06
92*4
F a r <fc Sou assu g 6s.......1924 J-J
____ _ 8 0 7t 80*2 A u g ’ 07
80*2 89*2
H a s t <fc D D iv ls t 7 s .......1910 J-J
94 J ’l y ’ 07
88
94
94
ls t 5 a .............................1910 J-J
I <fc D E x ten 1st 7s........ 1908 J-J
L aC rosse & D 1st 5s___ 1919 J-J
90
90
91
89
93 ia
M in era l P o in t D iv 5s___ 1910 J-J
........ 89*2 Hdh J ’ ne’o?
So M inn D iv 1st 6s........ 1910 J-J
89ia 92*2
97 *2 Sale
96 1023J,
96*2
97 H4
South w est D iv 1st 6s___ 1909 J-J
95
96*2 97*2 J ’l y ’ 07
W i 8 & M in n D iv g 5 s ....l9 2 1 J-J
97*2 101*2
120 ocl, ’01
M il <fc N o 1st M L 6 s ....1910 J-D
86 J ’ ne’ 07
1st consol 6s................ 1913 J -I)
86
90
"89*4 Safe" 89
-F
89*4
89
96
Chic <fc N o rth w cons 7s___ 1915
85 34
85i
85*4 Sale
-A
E xten sion 4s........ 1886-1926
85*2 9034
89 O ct ’ OB'
R e g is te re d ..........1886-1926 F -A
100
10578 F e b ’ 07
G eneral gold 3*28........... 1987 M-N
1057s 105 7s
98
109 A p r ’05
R e g is te r e d ................ »1987 Q-F
10934 J ’ ne’ 07
109*4
S in k in g fund 6 s ...1879-1929 A-O
i0 9 34 113 °8
116 M ay’ OO
R e g is te re d ..........1879-1929 A-O
113 *2 N o v ’ 06l
S in k in g fund 5 s ...1879-1929 A-O
i ‘l 6" ........ 119 *2 M a r’04
R e g is te re d ........ .1879-1929 A-O
94 M a r’ 07
D ebentu re 5s..................1909 M-N
100 N o v ’ 04
R e g is te re d ................... 1909 M-N
D ebentu re 5s..................1921 A-O
R e g is te re d ................... 1921 A -0
S in k in g fund deb 5s.......1933 M-N
R e g istere d ................... 1933 M-N
N o rth Illin o is 1st 5s___ 1910 M-S
O tt C F <fc S t Pa u l 1st 5s 1909 M-S,
113 *2 M ay’ 07
W in o n a & St P e t 2d 7 s.. 1907 M-N
112 118*2
103 *2 F e b ’ 07
102 103*2
M il L S & W est 1st gO s 1921 M-N
103 A p r ’ 97
E x t & Im p s fund g 5s 1929 F-A
124 A p r ’ 061
114*3
A sh lan d D iv 1st g 6 s..1925 M-fe
118 J ’ne’ 07
M ich D iv 1st g 6s........ 1924 J-J
118 123*2
In c o m e s ...................... 1911 M-N
92*2 92*4 A u g ’ 07
8934 96®g C lilc llo c k l s l <fc P a c 6s. ..1917 J -J
R e g is te re d ................... 1917 J-J
G en eral gold 4s...............1988 J-J
99*2 102*2
99 7g ...... . 100 *« ‘ 100 V
QQ
'MU.
99>a Sale
R e g is te re d ................... 1988 J-J
99 105*2
10034 10034
98 ........ 10034 M ay’ 07
R e fu n d in g g 4 s ............. 1934 A -0
C o ll tru st S e n e s H 4s .. 1910 M-N
J 4s.............................. 1912 M-N
.............................. 1915 M-N
M
N 4 s.............................. 1916 M-N
O 4s...............................1917 M-N
116 M a r’ 07
116 116
P 4 s .............................. 1918 M-N
102 Sale 102
102 111
102*2
Chic R I & P a c R l i 4 s ..2002 M-N
113 A p r ’06
R e gis te red .................. 2002 M N
H i m '84 *
85*2 J’ l y ’ 07
C oll tru st gold 5s........ 1913 M-S
85
90
' ....... 85
88 M ay’ 07
B ur Ced R «fc N o rth e rn —
85
90
........ 65
70 J ’ ne’O'/
70
76
Cou I s t & c o l t r g 5 s ...1934 A -0
66*2 A u g ’ i)7
R e g istere d ................ 1934 A -0
66 b 7 434
50 J ’l y ’ 07
50
65
C R IF < fc N W l s t g u 5 s.1921 A-O
45 Au g'07
M & S t L 1st gu g 7 s ..1927 J-D
45
66

?:5

iH lS O K L I X N E O I J S
S tr e e t R a ilw a y
B roo k ly n Rap T r g 5s.......1945
1st refund oonv g 4 s___ 2002
B k C ity 1st con 5a. 1916.1941
• B k Q Co & S con gu g 58.1941
B k ly n Uu E l 1st g 4-58.1950
■r Stam ped gu ar 4-5s___ 1950
K in g s Co E l 1st g 4s___ 1949
Stam ped guar 4 s ........ 1949
N assau E lec gu g 4 s ___ 1951
Conn Ry<fc L l s t & r e f g 4 *3S ’51
Stam ped guar 4 *2 8 ........1951
D en Con T r Co 1st g 5 s ...1933
D e t U n ited 1st con g 4 *38.1932
H a v a n a E lec consol g 5s. 1952
In te r -M e t coll 4 *28........... 1956
In te r n a t T r a c coll tr 4s..194a
L o u is B y Co 1st con ir 5 s..1930
M a n ila E leo 1st & coll 5a. 1953

FOUR

d Due A p r

R ang«
Since
J a n u a ry 1
Low H ig h

Low
H ig h
93 J ’n e’06]
115*2 D e c ’ 05
115 N o v ’05
115*2 A u g ’ 05
i’8 A u g ’ 07:
121 °8 120=8 A u g ’07
. 120*2 120 A u g ’ 07:
. 107*4 197 A u g ’ 07

98 108
120=8 i * 6 V
120 126
106*4 111

9 8 \ A u g ’ 07
97*4
97*,

9834 100>*
97**101

99
97

M a y’07

85

89 V

102^ J ’ ly ’ 07
101*4 —
104 ...
105 J ’l y ’ 07
110
109=8 110*2 110
116 J ’n e’06
’ as” Sale y734 99
104 M ay’06
112 F e b ’ 00
94*2 97 =8 M ay’ 07
87
90 J ’ ne’ 07
113*4 F e lt’05
993« F e b ’ 06
76 J ’l y ’07
65 *2 A u g ’ 07
80 *8 Aluy’05
95
98
97 V A u g ’ 07
........ 87*2 8738 A u g ’07
90 Sep ’ 06
97*2 Sale
97*8
97S
105*2....... 106 M a y’07
100*a A u g ’ 07
100*2 101
........ 99*2 101 A u g ’ 07
101*4 D e c ’06
100 J ’l y ’06

88

100
104
109

105 |
107
116-

100*8 A u g ’ O'
lo o *2 J ’ly ’ 07
92 A p r ’ u7
100*2 J ’ ly ’ 07
128 *8 J ’l y ’0/
10934 109
118*2 F e b ’ 06
........ 113*2 FeO’ 07

. 100

97*4 i'0534
96 *2 100 *a
90
92*a
75*4 80
65*a 76*^
97*4 i b o * i
873j, 92*a.
97*8 103**
106 106
98*4 104. 100 102

........ 92
101 * » .......
125 127
109 .......

99 78 104
1 0 5 *a lO »
92
92100*2 10» 1
126 128**
lO S >ail7 *ii

105

i i ' 3‘4 i i 'j j i i

121 A u g ’ 07
111*8 J ’n e’ o7
10234 10234
102 4 102*2
10034 IOO*,
104 *2 O ct ’ 06
89 J ’l y ’07
115*4 O ct ’ 05
106
,109 A u g ’07
104
104 A u g ’ 07
107 A u g ’ <i7
. 107
106 J ’ ue’ u7
137 *a J ’ l y ’99
105 *2 J ’l y ’07
103*8 .
lo o *2 J ’ ly ’07
98 *a.
182 *2 A p r ’06
106*2 J ’ ly ’ 07
9 8 *a ........ 102 >aA p r ’ o7
102 A u g ’07
........ 103
102 *8 A u g 07
106 A u g ’ 07
101% ....... 1067s F e b ’ OV
107 J ’ n t ’ 07
i l 7 '-4 i'20' _183 b M ay’ 07
100 A u g ’07
........ 100
104 F e b 07
94=4 J ’ l y ’ 07
........ 92
■ 95 F e b ’ 07
i o f " H i m 107 J ’ ne’ 07
106*4 J ’n e’07
l o o " m m 105 *2 A u g o7
107*2 J H e ’06
i o o " 1 06*4’ IOO *2 A u g ’ 07
99*4 J ’ ne’ 07
i'0’4 " m u 104
104
103 J ’ ne’ 07!
........ 110*2 113 '2 Apr ’ 07
117 F e b ’ 06
........ 109
97 >2 . . . . . . 105 *4 D e c ’ 06
98*8........ 100 M a y’07
102*8........ 100 'a A u g ’ 07
118*2........ 120 J ’l y ’ 07
113*2 M ay’ 07
142 *2 F e b ’02
128 *a F e b ’06
100
109 Sep ’03
........I I 434 114 J ’ l y ’ 07
116*2 M a r’ 07
95.
y5 *2!
95 *2 Sale
9934 F e b ’07
86 7s
s ? 3*
8*076 Sale
97 J ’ l y ’ 04
92*2 N o v ’ 06
90*4 J a n ’ 07
93 M a y’ 04
87
•9034 F e b ’07
84 Aug'07
65*4
66*2
66 *2 Sale
79 D ec 05
81a.i
"81*4 H ill! 8134
120 124
........ 109
........ 10234
102 ........
100*2........

.117

116
116
120*a M a r’03
111 N o v ’ 05

121
107
102
102
100

126**
1 U »»
105
106*4.
107

8 88s 93*4
109**
104
107
106

ii3 ii
105=»
112
106s*

1(>5 *2 109**
100*2 100**,

ioe'*i 108*4

102*2 103
102 105 3« |
102*8 104
106 110*4
1067g 107
107 111>*
118*8 121
100 102
101 104
92*2 98 i
95
106 107
106*4 106*4
105*2107
100‘s 102<fc
98 101
104 107
103 103
113*2 114*4
100*4 102*8
10078 1017b.
120 123*4
113 113*2

114 117*2
116*2 116*2!
94 100*a
99*2 99*486*2 91*4,
90*4 90**.
90*4 "9 0 34l
84
90
65
77
81*4

91*4

114*2 119

B O N O S — C o n tin u ed on N e x t Paste.

S tr e e t R a ilw a y
100 A u g ’ 07
100 107
M et S t R y g e n col t r g 5 s.1997 F-A
R e f g 4 s...........................2002 A -0
76*2
77*4 98 73*4 92*8
100*2 A u g ’ 07
B w a y & 7th A v 1st e g 5s 1943 J-D
100*2 103*4
Coldfc 9th A v l s t gu g 5 s .1993 M-S
98 *2 A u g ’ 07
98*2 101*2
99 78 100
L e x A v & P F 1st gu g 5s 1993 M-S
6 98*2 108
98
98
T h ird A v e R R con gu 4s 2000 J-J
1 98 104
87 F e b ’ 07
87
89
T h ird A v e R y 1st g 5 s ..1937 J-J
80
80
1 80
88*2 M et W S E l (C h ic) 1st g 4 s . 1938 F-A
82 A u g ’ 07
79
86
M il E l R y & L 30-yr g 5s. 1926 F-A
98*2 M ay’07
98*3 102*2 M inn S t R y 1st con g 5 s ..1919 J-J
9 S*4 J’ ne’ 07
98*4 98*4 N O rl R y & L t gen 4*28 ..1935 J -J
95 J ’ ne’ OO
S t Jos R y L t H & P l s t g 5s ’ 37 M-N
85 A u g ’ 07
85
86*2 St P a u l C ity Cab con g 58.1937 J-J
80*2 J ’n e’ o7
M)*2 93
U nderground o£ L o n 5 s ... 19081 J-D
62*2
64% 35? 53
82
Union E l (C h ic) 1st g 5 s ..1945 A -0
69*4 J ’l y ’ 07 . . . . 68
73
U n ited R R s San F r s f 4 s .1927 A -0
109 M a r’ 98
U n ited R y s S t L 1st g 48.1934 J-J
98 M ay’ 06
W Chic S t 40-yr con g 5 s.1936 M-N

aD ueJaa

Week’s
R ange or
Last Sale

e Due May

^ D u e J ’ne

A.D ue J’ ly

k D ue A u g

........ 100
........ 70
101 104
105 109*8
........ 107*8
68 Sale

101 J ’l v ’ 07
[100 108 ^
73 A u g ’ 07
73
85
1104*2 113
104*2 A u g o7
107*2 113**
107*3 A u g ’07
107*3110
107*2 A u g ’07
70
68
43! 64*2 89
108*4 J ’ly ’ 07
Il0834 114 >*
93 “2 J ’ iy ’ 06
109 J ’l y ’ 06
107*2 F e b ’ 06
90 *2 Sep ’ 06
103*4 O ct ’ 06
110*2 N o v ’ 06
64*4 94
m m * 66” 64*4
64*4
100 Jan ’07
1100 100
67
88*4
m m *72** 72
72
79*2 J ’l y ’ 07
79*2 85
99 Dec ’97
cDue Oct

p Due N o v

t Option Bale

j

New York Bond Eecord— Continued—Page 2

586
B O N D .x
N . Y . STO CK E X C H A N G E
W kk Ev E n d in g S e p t '6

P r ic e
F rid a y
Sept 6

Wee/c’s
R ange or
Last S a l*

Low
Hii/fi
C h ic R ock j. & Pac— (C o n )
109
N o v ’ Of
Choc Uk & G gen g 6s .ol91S* J-J
ill
M ay’OP
Consol gold 5s............. 1952 M-N
101 103 J ’ne’ 07
K e o k Oa it, s M 1 s t 5s___ 1921- A-O
C h ic ■ ' U i l i f l O
bee H i Ceut
Ohio St L <fc P itts bee Penn Ct
1274 128 A u g ’ 07
•Chic St P M & O con 6 s ... 193(1 J
93 D e o ’ 03
Cons 6s reduced to 3 4 s. 1930 J-D
1314 F e b ’ O/
Ch S t P & M inn 1st g 6s 191* M-N
129s4 M a r’i'4
J^or W isoousiu 1st 6 s ...1930 J .J
110»4 .
117:V J 'iv ’ 07
■St P & S C ity 1st g 6 s ...1919 A
97»4 A p r ’ i 7
■Chicago T e r T ran s g 4 s ...1941 J-o
ld 9 4 M ay’(>7
Coupon o t t ..............................
C h ic *
est Im1 geng6s<7l9M2 Ci-M 1 0 6 4 ........ 110 J ’ ly ’ 07
97 7s A p r ’07
Consol 50 ye ar 4s........... 195‘2 J . J ........ 90
’C h icdj W .u lcn free P ere Mari)
■Choc O & G u lf bee C R I & P
113 Oct. ’ 00
•Cin H * D 2(1 gold 4 4 s ...1937
102*ti ■
102 J ’ne’ 07
OlB D * 1 1st gu g 5 s ... 194)
C -Kind * F t W Ji t gu 4s g.’ 23
83 Jan ’07
.......... 88
C in i & VV 1st iru g 4 s .1953
1044 B'eb’ 07
In d D ec * W 1st g 5 s ... 1935
107 4 D ec '02
1st gu ar go ld 5s........... 1935
C I St L * i
bee U O C & S t i.
Cin S & 0 bee (J O C S t L
Cleartield & lla h bee B R & 1
.. . 96i* 95 A u g ’07
C le v Cm C & s t L gen a 4s 1993 J-D
90% Jan ’ 17
Cairo D lv 1st gold 4s___ 1939 J-J
95 A a g ’ 07
i " "96
C in W & .VI D iv 1st s 4s. 1991 J-J
9 3 4 Aui(’ o7
S t I. D iv 1st coi tr g 4 s ..1990
N
9/ J a n ’ 07
R eg istere d ................... 1991
N
99*j H'eb’ 05
Spr «te Col D iv 1st g 4 s ..1940
S
98 Sep ’ 00
8S
W W Vai D iv 1 s t g 4 s . . .1940
J
105 J a u ’ 04
N li)4
C 1 St L * C consol 6s..1921
98 J ’l y ’ 07
98
1st gold 4s................../cl 93*3
V
96
95 A u g ’ 07
R e g is te re d ............. k 1930
F
109 J ’ne’ 07
C m S * Cl con 1st g 5s. .1928
J
115 4 115
C C G ^ 1 cou sol7 s........ 1914
D 115
Cousol sink tu nil7s___ 1914
D
G eneral cousol gold 6s. 1934
J 125 129 *« 127 J ’l y ’ 07
R eg istere d ................ 1934
J
97 1 0 4 4 N o v ’ 0 i
In d B l & W 1st p rel 4s. 1940
0
O Ind * W 1st pf 5 s...itl9 3 8
J
fcy3* 91
89 A u g ’ 07
P e o * East 1st con 4 s ...1941;
o
53
55
54
51
In com e 4s.....................1990 A pr
C le v * M a rie tta bee Pen n R lt
C lev * P itts bee Penn Co
64 Sale
64
65
Col Midland 1st g 4 s........ 1947 J-J
83
84
84
8 44
C o lo r a d o * Son 1st g 4s. ..1920 * A
95 F e b ’ 07
R efu n d & e x t 4 4 s ........ 1935 M-N ........ 81
Coiuin * u re e n v ac* So R y
Coi & Hock Vai bee H ock Va.
Col & T o l bee H o ck V a i
Col Conn & T erm bee N & W
Conn * Pas R iv s 1st g 4 s .1943
1 *ak & G t So bee C M & St P
A 'a lia s & W aco bee M K & x
102 4 M ay’ O
D el la c k & W estern 7 s ...1907
U 8 1* .
117 4 A u g ’ 07
M o r r i s * Essex 1 s t7 s ...1914
117 ;
1st consol g u a rd s .......1915
117 “v u . 4
127 J ’ n e’05
R e g is te re d ................ 1915
1st r e f gu g 3 4 s ..........200<.
119 4 1 2 0 >4 123 J ;iy ’07
N Y Lack & W 1st 6 s ...1921
1073b........ 107
107
‘
Construction 5s..........1923
97 J ’l y ’ 07
k T erm & im p rove 4a___ 1923
102 F e b ’ 03
W arren 1st ret g u g 3 4 s .2000
133 F e b ’ 00
D ei * Hud 1st Pa D iv 7s. 1917
149 A u g’ 01
R eg istere d ................... 1917
96 u Sale
924
96 Si
10-yTOonv deb 4s..........1910
9U Sale
89»4
91
A lb & S us co n v 3 4 s .......1946
133 4 D e c ’ 06
Kens * Saratoga 1st 7 s .1921
D ei R iv R R B ridge bee P a H it
934 Sale
D e n v * R O r 1st con g 4 s .1936
934
93 4
I 0 2 4 Jan ’ 9/
Consol gold 4 4 s ............. 1930
104 105 4 B'eb’ 07
Im p ro vem en t gold 5s ...1 9 2 j109
M
ai
’0 j
R io Gr J uno 1st gu g 58.1939
76 D e c ‘05
B io gr So 1st gold 4s___ 194i'
89 J a r ’ 05
G uaran teed ................. 194( >
90*4
90a,
90»4 Sale
B io G r W est 1st g 4s___ 1939
i>734 F e b ’ 07
........ 78
M g e and col tru st 4 s A . 1949
97 J a n ’ 02
........ 93
U tah Cent l s t g u g 4s al917
Des M oi * F t D bee M 6c St L
110 S e p ’ 04
D e s M o i On R y 1st g 5 s..1917
92 M a r’ o7
D et & M ack 1st lien g 4s. 1995
89 A p r ’ 07
Gold 4s........................1 9 9 5
D etro it Southern—
86 OCt ’ 06
Ohio Sou D iv 1st g 4 s ...1941
107 A u g ’ 07
D u i * Iron R a n ge l s t 5 s . . 1937
.......109
112 4 F e b ’06
R eg istere d ....... a............. 1937
105 4 .......
2d 6s................................1916
Dul Short L in e bee N o r Pac
110 J ’l y ’ 07
D a l So Shore & A t ! g 5 s..1937
I V a s t o t M in n bee St P M * A1
JTjast T en V a & Ga bee So Ry
110^4 J ’ne’ 07
E lg in J ol & East 1st g 5 s .1941 A- N
Elm Cort * N o bee L e h * N 1'
1074 J a n ’ 06
B rie 1st e x t gold 4s........... 1947 M-K
107 4 J ’ ne’ 07
2d e x t gold 5s..................1919 .Vi-S
103 4 M a y ’t»7
8d ex t gold 4 Has...............1923 PA-S
108 J ’l y ’ 07
i t l i e x t gold 5s................ 1920 A-O
00 J ’ ne’ 07
5th e x t gold 4s................ 192a J-D
28 A u g ’ 07
1st consol gold 7s........... 1920 M-S ........12S
33 F eb 06
1st cousol g fund 7s.......1920 j;M-S
B rie 1st con g 4s prior. .1990 J-J ” 94” Sale
94
95 4
99 4 Oct ’ 06
R e g is te re d ................... 1990 J-J
80a4
i s t consol gen lien g 4 s .. 1990 J-J
794 604 80
R e g is t e r e d ...,............. 199t J-J
85 4 F e b ’ 07
80
80
Pen n coll tr g 4s........... 1951 F-A ........ 84
73
73
73 Sale
60-year con v 4s A _____ 1953 A l l
68 A u g ’07
do
S eries B ...195 3 A -0 ........ 70
Butt N Y * E rie ls t7 s .,1 9 1 o J-iJ
117 4 J ’ ly ’ 07
10458 F e b ’06
Buh & S W gold 6s........ 190> J-J
113
113
Chic & E rie 1st gold 5 s..1982 M -S ........113
1 6 4 Jan ’0105 . . . . .
C lev <fc Malion Vai g 6 s .193)- J-J
Jeff H R 1st gu g 5 s ....a l9 0 9 A -0 1 0 1 4 ......
01 A u g ’ 07
L o n g D ock consol g 6s..1935 A-O
26 M ay’ 07
18 Sep ’ 06
C o a l* R R ls t c U r g u 6 s .1922 VI-N
Iti9 7g Oct ’ 05
D o c k * Im p 1st c u r 6 s ..1913 J -J 102 4
N 7 * Green L gu g 5s. 1946 M-N 105
21 4 D e c ’ 06

R ange
S ince
J a n u a ry
Low

H ig h

j

.....

1264 131
1314 1314
i'lYv4 120^
9734 9734
97 1094
1094 113
9 7 4 98

102

1 0514

h3
S3
l u 4 4 105

95 102
99% 99«s
95
98 4
93
983j
97
97

97*9 99
95 ,9 9 4
109 I d "
11541184
127

132

95
7^4
62
84
95

744
94 4
95

10141044
117 4 117 'v
12138 1213*
122
107
97

122 4
111 4
97

90 4 1 0 9 4
874110
92
9734
1024102 4
104'!4 105 4

8 8 7g

87*4

95
8734

92
92 4
107

1114

110

112

H O 3* 11034
107 4
1034
108
100
125

109
1 "3 4
108
1007e
1294

" 91" '9 9 4
79”
85 4
80
72
68
1164

’ ks‘
85 4
914
1o334
87
1204

113

119

11)04 '01
126 130

iH IS C K L L A iS B O U iS

BONDS
N . Y . STO CK E X C H A N G E
W e e k E n d in g S e p t 6

[Vol. lxxxy.

P ric e
FY idav
Sept 6

Week's
R ange or
Last bale

Hiy/i
ASK Low
E r ie — Con)
108 4 J ’l y ’07
. 107
<N i ’ » u s * W 1st r e f 58.1937 J-J
1004 D e c ’ 0
. 103
2d gold 4 4 s ..................193^ F-A
100 A u g ’ O
G eneral gold 5s........... 194< F-A
1103s
’0
Term in a l 1st gold 5s. ..194;- M-N
R eg is §5,000 e a ch ...1943 M-N
’07
M id R R o f N J 1st g 6s. 1910 A-0 103 ....... 104*8
105 4 „A pr r. ’ 07
W ilk * Ea 1st gu g 5s. 1941 J-D ........ 105
116 A* p
—r ’06
H
:v<fe Ind Is tc o n g u g 6 s .,1 9 2 6 J-J
E r ie * P itts bee Penn Co
116 J ’ n e‘07
E va n s * T H 1st cons 68.1921 J-J
... 1934 103 4 J ’l y ’ 07
1st general gold 5s........ 1942 A-O
114 A pr ’05
M I V ernon 1st gold 6s..192!- A -0
106 4 F e b ’ 06
SuU Co Branch 1st g 5s. 1930 A -0
L 'a rg o * So bee Ch M * St i !
l lin t * P e r e M
bee P e re M ar
Fla C * P em n bee Sea A ir L in e
105 M a r’ 98
L<’ort S t U D Co 1st g 4 4 s .1941 J-J
107
107
Ft W * Den C 1st g 6 s ....1921 J-D 106
82
8 2 4 A u g’o 7
85
F t W * R io G r 1st g 4s. ..1928 J-J
1 ’ ai H a r & S A
bee So Pac Co
100 M a r’ 07
' T a i H * H of 1882 1st 5 s .1913
G eorgia & A la bee Sea A L in e
Ga C a r * N o r bee sea A L in e
G eorgia Pacitio bee so R y
(ilia V U & N o r bee So P ac Co
G ouv * O sw egat bee N if Cem
Grand K a p * In d .Se^Penn R R
G ra y’ s P t T erm bee S t L S W
9 1 4 Sale
92
91
G t N o r —C B * Q coil tr 4s 1921
924
8934
924
Registered./!.................. 1921
G reen b rier R y bee Clies * O
101 A u g ’07
G u lf * S 1 1st re f & t g 5s 61952
an * St J o bee C B * y
ousatonic See N Y N H & H
.100 102 A u g ’ 07
H ock Vai 1st consol g 4 4 s. 1999 J -J
103 N o v ’ ui)
R eg istere d ...................... 1999 J-J
9S:4 N o v ’ mi
Col & H V I s t e x t g 4 s ..1948 A O
99 A p r ’ Oi
Col * T o l 1st ex 4 s .......1955 F-A
H oust E & W T e x bee So Pac
H oust & T e x Cen See So P a c Co
04 J ’l y ’ 07
llin ois C entral lBt g 4 s ..1951 J-J 1C4
1074 A p r ’ 07
R eg is te re d ................... 1951 J-J
100 J ’n e’ 07
1st gold 3 4 s ................... 1951 J-J
9 5 4 J ’ ly'O i
R e g istere d ................... 1951 J-J
914 99 4 J’ ne’OU
E x ten d ed 1st g 3 4 s .......1951 A-0
70 Oct ’04
1st gold 3s s te r lin g ........ 1951 M-S
100 J ’ l y ’ 0'1
Coll T ru s t gold 48..........1952 A-0
98 M a y’ ll'.
R eg is te re d ................... 1952 A-0
98
9 8 4 A u g ’ 07
L N O & T e x gold 4s ...1953 M-N
9Y M ay ()7
R eg istere d ................... 1953 M-N
10234 Jan ’ (.7
Cairo B rid ge gold 48___ 1950 J-D
89 M a y’o7
L o u is v D iv & T e r m g3 4 s.l953 J-J
123 M ay’ 99
M idd le D i v r e g 5 s ..........1921 E-A
7 8 4 A p r ’00
Omaha D iv 1st g 3s.......1951 F A
783* F e b ’ 07
St Louis D iv * te r m g3s.l951 J -J
R egistere d ................... 1951 J-J
89 M a r’07
G old 3 4 s ..................... 1951 J-J
101 4 Oct ’ 99
R e g istere d ................ 1951 j - J
100 N o v ’ OO
S p rin g D iv 1st g 3 4 s ...1951 J-J
9734 A u g ’ 07
W estern Lin es 1st g 4 s ..1951 F-A
122 D e c ’ 05
B e llev * Car 1st 6s.......1923 J-D
97 M a r’01
Carb * Shaw 1st g 4 s ... 1932 M-S
1184 A p r 07
Chic S t L & N O g 5 s ...1951 J-D 115 4 .
11934 M a r’04
R eg is te re d ................... 1951 J-D
93°s M ay’ 04
G old 3 4 s ...................... 1951 J-D
R eg istere d ................ 1951 J-D
984.
98 4
98 s
Mem ph D iv 1st g 4 s ...1951 J-D
95 .
97 M a r’ 07
St L Sou 1st gu g 4s___ 1931 M-S
In d Bl * W est beeC C C & S t L
93 4 M ay’ ()7
in d 111 & la 1st g 4s........ 1950 J-J
l n t & G reat N o r 1st g 6 s..1919 M-N ........ 1134 114 A u g ’ 07
95
96
96
»6
2d gold 5s........................1909 M-S
65 J ’l y ’ 07
58
70
3d gold 48........................1921 M-S
101 A u g ’ o?
Io w a C entral 1st gold 5s.. 1938 J-D 100 . . . .
Gold 4s............................ 1951 M-S ........ 79 4 82 J ’ne’ o7
J etterson R R bee E rie
al A & G R bee L S & M S
an & M ich bee T o l & O C
K C F t S & M bee S t L * S F
K C & M R & B bee S t L & S F
Kan C & Pacitio bee M K & T
69 Sale
69
69
K.an C ity Sou 1st gold 3s.. 1950 A-0
63 Oct ’ 00
R eg istere d ...................... 1950 A-0
Ken tu cky Cent bee L * N
Keok & Des M o bee C R I & P
K n o x v ille & Ohio bee So R y
112 A u g ’ 07
I ake E r i e * W i s t g 5 s . . 1937 J-J 111
107 J ’ ne’ 07
L j 2d gold 5s.....................1941 J-J 102
110 A p r ’ O,
N o rth Ohio 1st gu g 5 s..1945 A-O
L Sho & M ich S bee N V Cent
106 A u g ’ O'
Leh V a i N Y 1st g u g 4 4 s .1940 J-J 104 4106
106 M ay’ u
re g is t e r e d ...................... 1940 J-J
. O ct ’ 06
L eh igh Vai (P a ) cons g 48.2003 M-N
112 4 112 4 A n g ’ u ,
Lo ll V T e r R y 1st gu g 5s. 1941 A-O
109 4 O ct ’91
R eg istere d ...................... 1941 A-O
' 118 4 112 4 M ay’ o7
Leh V Coal Co 1st gu g 5s.l933 J-J
953s J’ ne’ 07
Leh * N V 1st guar g 4 s ..1945 M-S
R eg istere d ...................... 1945 M-S
113 4 Jan ’0(
E1C * N 1st pf 6s ...... 1914 A-0
1054 J a n ’ Ot
Gold guar 5s................ 1914 A-0
Leh * H ud R See Cent of N J
Leh * W ilk esb A’e e C e n to f N J
L eroy * Caney V a i bee M o P
Lon g Dock bee Erie
110*, A u g’ 07
L o n g Is t’d—1st con g 5s./il931 Q-J
1st consol gold 4s........ A1931 q-J
90
94 J ’i y ’ 07
G eneral gold 4s.............. 193h J-D
96
102 N o v ’ O..
F e rry gold 4 4 s .............. 1922 M-S
G old 48............................ 1932 J-D
9 9 4 Oct ’ Oi
94 4 9 4 4 A p r ’ 0'1
U pitied gold 4 s .............. 1949 M-S
D ebentu re gold 5s..........1934 J-D
110 J’ ue’ 04
92
94 A u g ’ o7
G uar re f gold 4s............. 1949 M-S
B k lyn & M o n t 1st g 6s.. 1911 M-S 102
100 M ai ’ 0
1st 5s.............................1911 M-S
N V B & M B 1st con g 5s 1935 A-O 105
1104 N o v'0 6
105 A p r ’ O.
N Y * R B 1st g 5s.......192' M-S
109 N o v ’9i
N o r S h B Is tc o n g g u 5 s o l9 3 2 Q-J
100 A u g r07
L o u is ia n a * A r k 1st g 5 s .1927 M-S

... .

H

I

Range
bin ce
January 1
Low -tilf/h
108 1104
100

1103ft

I'M

>4

1034 104=s
1054 1054
116 116
103 4 1 0 6 4

105
82

112
87

100

103

8 94 9 8 4
d s58 96 4
98

102 4

100*4 1054
99

99”

104 101
10738 1073,

100 1004
98 1023*
98
98
98 103 4
97
97
L0234 1023*
91
89
■7^ ' " U K
8 84

89

97 34 102
97
97
11841184

9841004
97
97
934100
111 1 15 4
95
99<4
6.1
79
101 111
82
83

K

674

73

111 114
10641074

no

110 4

10434 10734
106 106
1124 1134
112 4 1124
95:\, 963*

H O 3* 1144
92

99
93 4
"9 9 4

100

102 4

i o i " ib’9 4

ibo " ‘103*4

B O N D S — C on tin u ed on .Next i 'a « e .

Ua.s an d E le c tr ic L ig h t
100 4 10 6 4
1004 1004
Lac Gas L o f S t L 1st g 5 s .e l919 Q-F 1008«101
1014 J ’ ne’o7
R
e f and e x t 1st g o s.......1934 A O
100
A u g ’ 07
101 1 0 7 4
1004 1024
9 1 4 Jan '07
89
A u g ’07
63
73 4 M ilw au kee Gas L 1st 4s.. 1927 M-N
9 14 9 1 4
99 J ’n e o 7
98
18 104 13934 N Y G E L H & P g OS...1948 J -D
95
112
9841034
77
77
Purchase
m
oney
g
4s.
..1949
80
77
844
A u g ’ 07
F-A
9 7 4 100
7/
100 4 A u g ’ o "
Ed E l 111 1st con v g 5 s..1910 M-S
99 101
A p r ’ 07 . . .. 100 100
97 4
1st consol gold 5s........ 1995 J-J
m “ 113 4 J ’ ne'06
95 A p r 'o .
96
N Y & Q E l L * P 1st con g 5sl930 F-A
"95” 99
95
N Y * B icli Gas 1st g 5s. 1921 M-N
103 N o v ’ 05
M-S 100
105 F e b ‘07 .... 105 105
Pat & Pas G * E con g 5s. 1949 M S
1043» N o v ’05
J-D
.!■---- 61 4 Oct ’01
Peo Gas * C 1st con g 68.1943 A-O ______ _
l l 6 4 J ’ ne’ 0‘
84 4 8 6 4 A p r ’ u7
80
87
F A
1164 1 1 9 4
. . . . . . 100 A u g ’ 0 1
00 103 4
R efunding gold o s ..........1947 M-S
J-D 1073s Sale I 1164 107 4 36 1 0 2 41104
C h G - L * Cke 1st gu g 5s 1937 J-J
100 J’ ly ’()
inO 105 4
10734 D e c ’00
FA
loO 41 0 8
Con G Co of Cli 1st gu g 5s.’ 36 J -D _____ 99 1014 M ay’ .)',
102 J ’ l y ’ 07
M-N
102 104
100 100M u Fuel Gas 1st gu g 5s. 1947 M-N .......... 99 4 100 J’ ne’07
A-O ........ ......
98 D e c ’ 00
..................
Syracuse L ig h tin g 1st g 5 s.’ 51 J-D
A-O
......
l'renton G * E l 1st g 5 s ..1949 M-S
110 May’06
A-O
118 116 4 M a y’ 07
115 117
10i 4 i o a ~
W estch ester Lisrht’ sr g 5s. 1950 J -D
J-J
1014 F e b ’ n7
...... . ‘ ...... 93 4 M a r’ 06
I Wo price Friday; latest bidand asked tlus week, v D u o J a n t> Due Feb d Due A p r e Due May /i Due J’ly « Due A u g 0 D ue Oct q D ue Dec j Uvtion 8* 1* i
t in s and E le c tr ic L ig h t
A tla n ta G L Co l s t g 5 s ...1947
B k iy n U Gas 1st con g 5 s.1945
Buttalo Gas 1st g 5s..........1947
Cousol Gas con v iteb 6 s .... 1909
D e tro it C ity Gas g o s........ 1923
D e t Gas Co con 1st g 5 s...1918
£ d E l 111 Bkn bee K Co E L * P
B d E i l i 4W.N Y O * E L H * P
B q G L N Y Is t c o n g os. .1932
G a * * Elec Berg Co c gos.1949
G en E lec iric deb v 3 4 s .. 1942
10-yr.gdeb 5 s(s u b sciip ) 1917
& r Rap G iv Co 1st g 5 s ...1915
Hu dson Co ras 1st g 5 s . .1949
Kan C ity (M o ) Gas l s t g 5s 1922
K in g s Co El L * P g 5s...JU;i7
P u rchase m oney 6 s . . . . . . j.997
Bd El 11 BKU Is tc on g48 1939




,T-n
M-N
A-O
J -J
J-J
F-A

100

102 4 101
,61
63
112 Sale 112
97^
984
100

S e p t.

«t>i\ o N . Y . STO CK E X C H A N G E
VV'KKK ENDING SF.PT 6

Wten's
Range or
Last sale

P ric e
trx ila y
Sept 6

L o u is v A N a s liv gen g 6s. 1930 J-D
Gold 5s............................ 1937 M-N
■Unified gold 4s..............1940 J-J
Registered ................. 1940 J-J
S ink mud goid (is........... 1910 A-O
Coll tru st gold 5s........... 1931 M-N
C-20-yr col t r deed g 48.1923 A-O
E H A N ash 1st 8 0s___ 1919 J -D
L Uiu iis Eex irold 4 ‘u s... 1931 M-N
N O A SI 1st void 6s___ 1930 J-J
N O & iM 2d gold (is.......1930 J-J
Pen sacola D iv gold 6 s ...1920 M-S
St L D iv 1st gold 6s.......1921 M-S
2d gold 3s.....................1980 M-S
A t l Knox (to N o r 1st ir5 sl94r .1 O
H en d er Bdge l s t s t g6s,1931 M-S
K en tu ck y Cent gold 4s.. 1987 J-J
L<fcN & M A M l s t g 4 4s 1945 M-S
L«fc N -sou tli M |oint43.1952 J-J
N Kin <to S 1st sru u 5 s ...1 9 3 " F-A
N A C Bdge gen gu g 4 4 « 1945 J . J
Pen s <fc A i l 1st gu g Os..1921 F-A
S A N A la con gu g 5S..1930 F-A
L (to Jett H d g eC o gu g4s,.194.r .VI-S
L N A <fe Ch See C I <fc L
ahon Coal .See L S <Ss M S
anhattan Ry consol 4s.199n A-O
R eg istered ................ 1990 A-O
M etropol El 1st g (is___ 1908 J-J
M c K ’ ptcfc B V See N Y Cent
M etropolitan El See Man Ry
M ex C ent consol void 4s.. 1911 J-J
I s l oonsol incom e g S s.a l939 J ,ly
2d consol incom e g 3 s ..a l9 3 9 •Ely
Equip A coll gold 5s.......1919 A-O
M ex In tern u t 1st con g 4s. 1977 M-S
M ex N orth 1st void Os___ 191c J -D
M icii Cent See N Y Cent
M id ol N J See Erie
M il I, S A W see Clilc A N \\
M il & N o rth See Cli M A St 1’
M inn A St L 1st cold 7s.. 1927 J-D
lo w s E x 1st gold 7s.......1909 J-D
P a c ific E x 1st gold Os...1921 A-O
South W est E x 1st g 7s. 1910 J -D
1st consol gold 5s........... 1934 M-N
1st and refund gold 4 s ..1949 M-S
Des M ifc F t 1> 1st uni 4 s ...’35 J-J
M in u (to St E gu See B C l i <fc N
M St P & S 8 M con u 4 m t gu ’ 38 J-J
M S S M A A 1st k 4 in t gu 1920 J-J
M in n Un See s t P M &M
M o Kan A T e x 1st g 4 s ...1990 J-D
2d void 4s...................... p i 990 F A
1st e x t irold 5s................ 1944 M-N
1st A refund 4s.............. 20n4 M-S
Gen s f 4*28................. 1936 J-J
S t E 1>1V 1st re f v 4s___ 2001 A-O
l)a l & \Va 1st gu g 5s. ..1940 M-N
K an C A Pac 1st g 4 s ...1990 F-A
M o K <fc E 1st, gu g 6 s ...1942 A-O
M K & Ok 1st gu 5s.......1942 M-N
M K <fc T ol T 1st gu g 58.1942 M S
S lier sit A So 1st gu g 5s.194:< J D
T e x * ( )kla 1st gu g 5 s... 1943 M-S
M o Pacific is l con gOs ...1920 M-N
T ru s t xold 5s stam ped.a 1917 M-S
R e g is te r e d ................ al917 M-S
1st Coll gold 5s................ 1920 K-A
40 year void loan 4s.......194" M-S
8d 7s extd at 4% .............1938 M-N
Cell! Hi Ry 1st gu g 48.1919 Is A
Cen Branch U H I st ar4s. 194 J I)
L e r o y & C V A E l s t g o s 1920 J -J
P ac R ol M o 1st ex g 48.1938 F-A
2il extended gold 5 s ...1938 J-J
St L 1r M & Sgen con g 5sl931 A-O
Gen con stamp vtd g 5s 1931 A-O
U u iiieo A rei gold 4 s ..1929 J-J
R iv A i4 l liv 1st g 4s.. 1933 M-N
V erd i V 1 A W l s t g 5 s .1920 M-S
MobJ A K C i s t cons g 58.1953 J : J
M ob <fc <>hio new gold Os.. 1927 J -D
1st extension gold 0s../il927
| G eneral gold 4s.............. 1938 u
M ontvom U lv 1st g 5 s..1947 F-A
St E & Cairo coll g 4 s..e 193o
Guaranteed v 4s..........1931
M (fe U coll 48 See Southern
M ohaw k A Alai SeeZi V C<fc H
Monongahela R iv See B & O
M o n t C ent See St P M & M
M organ 's Jua & T See S P C o
M o rris & Essex See Del L A W
asli Chat A St E 1st 7 s .1913 J-J
1st consol gold 5s........ 1928 A-O
Jaspsr Branch 1st v (is ..1923 J-J
W cJl M W <fe A l 1st Os..1917 J-J
T A P IJranch 1st Os___ 1917 J-J
Nash Elor A sh e! See E A N
N at of >1 ex prior Hen 4 4s. 1920 J-J
1st oonsol 4s................... 1951 A-O
N e w H A D See N V N 11 <fe H
N J J u u c R R See N Y <'e m
N e w (feCin Bdge See L o u <fc N
N O <te N E prior lien g Os p m l5 A-O
N X Bkln <fe M an Bell See E 1
N Y C elll A 11 R iv g 3 4 « . 1997 J -J
R eg istered ................... 1997 J -J
D eben g 4s.................... 1934 M-N
Eaue Shore coll g 3 “a s ... 1998 F-A
Reu islei eu................... 199s F-A
M ich Cent coll g 3 4 s . ...1998 F-A
R eg istere d ................... 199> F-A
Beech (JreeK 1st gu g 48.1930 J-J
R ev tst e r e d . . . . . . . . . . . . . 1930 J-J
2d gu irold 08.............. 1930 J -J
Bee h C r E\t 1s t k 3 48^1961 A-O

M

N

Ranye
Since
J a n v irn i

112
111
97

107 4 .

........

97

ibo3! ioi v

J a n ’ 07
M ay’ . 7
M ay’OO

9 7 4 A n e ’ 07
104 A p r ’05
I 00s4 100s,

77
783< 7 7 4
17 ^ 19
173*
14
14 Sale

77 >
19
15

90^8 j ’ly ’01
105 Aluy’ OU

107
"90

130 M a r’ 07
lo o A p r ’o7
118 J a u ’ O.
113 *4 J la r’ 05
103 A u g ’ O
8t» A u g ’ O
97 A p r ’06
98

102

J ’ nc’ 07
J ’ ne’u?

95 Sale
95
95 4
81 Sale
80 4
a i 1*
io l
104 101 A u g ’07
79 .......
« 3 A u g ’ O?
85
83
84 7t 84
r ii M a v’oV
........ 85
104 4 Jan ’OV
........ 105
9<% HoS A p r ’ O
110^, '.o 6 ^ M a y ’ 7
102 A a g ’ o7
.............. 1 0 . '
103 4 A u g’ O
1U5 A u g ’ u7
1034 M a y’. 7
........110-4 110 Auts’ O.
97 4
9734
97 V? 8>ale
10/ 4 E cb ’ o
9.a «
" 9 8 ‘i ] " . " ! 97 ’4
i-O A u g’07
" 9 5 4 ’ 97 *a 97 4 M ay’07
90 J ’ ne' 7
........ 92
92 A p r ’ Oi
........ 90
110 M ar’ ()5
98 A u g ’07
........ 97
1164 M a i 07
110 . . ..
108 *9 1‘J9*J| 1C8 A u g ’ 07
1094 j lic’ tl?
83 A u g ’ o7
" s i"

.....
.....
1..... IU0‘,

.......

F-A
F A
M-N
AO
J-J
FA
F -A
J-1)
J-J
J J
J- •
J -J
AO
J-J
J O
FA
MS
. -J

88

107 4 A p r ’Oti
ii8 D e c ’ o6
123*4 M ay’O.
122 D e c ’Oo
81 ........ 8.1 A u k ’07
102 4
1084 M ay’ ; 7
92 4 A u g ’ uO
101 N o v ’04
117

.....

ft

\ieelc’s
Ranye or
Laxt sate

Range
since
January 1
Lo w 11if/A
97 4

....... 113*4

110

094114
103 103
95
95

£><*rV
92 78
914
89 '4

1164 M ay’ ll
11 i ‘4 M a r u5
113 J ’ ly ’04
........

80

89

Sale

"93” " 94'
79 .......
7 V Sale
........ 83

" " " ibo"

89*4 J ’ l y ’ 07
79 A u g ‘o7

9*24 9*4*4
! ' 0 ‘4 103*4
02 4 1024
99 4 105
98 410 3 4

92

126
.29
93

86
85
. . . . . . ........ 81 A p r '07
. . . . . . 107 4 O ct ’04
. . . . . . 1025* A p r ’ Oii
........ i(6 A p r ’ 02
65 Sale
5 "4
55
10?<4 D e c ’ 04
107 M ay’ 97
........ 106 105 4 Dec ’ no
105 Oct'(M»
*76*' 78 F e b ’ o7
88 A u g ’ o7
.....
89
lo o j ’n eo 7
102
102
102
102 D e c ’ 03
.......
100 F e b ’o<
91 A u g ’ 07
8 ; 4 92
........ ........ 93 4 K e b ’o.

.....
.....

1

87

1014

130
129
99s*
904
914

92

99 4

96 102 4
97 102
(<5 -j 7 4 4
70
71
9534 0534
! 20

12234

1174 1 *7 4
106 4 10834
u a ’ o i i s 3*

1024 109
10234 103
10* 103^.
90 *4 1 0 U4
87 “a 95
99
99

ol
101

....

88 ^
8^
xy 4 A u g ’ 07
93*4
80
80
79 .
7><
83 A u g ’o7
8434 Jan ’ 7
102 E e0 ’ u7
102 M a i‘04

96
94
99 4
934

100 4 10034

....

1144 A u g ’ 07

........ 112 S A u g 0/

974

*1*6 4 i V i ”

P

'N o price E rnlay; lateal bid auUaaked. a D u e ja u




I'rxce
I n n av
S ept

N . Y. STO C K E X C H A N G E
WKK.K en d in o s e p t 6

B id
Ask Low
M iy ii
Low H 1r/h N Y Cenlcfe H li— f Connnxueu
1144117
Oart & A d 1st gu g 4 s ... 1981 J
G ouv & Os w e 1st gu g 5s 1942 J-D
108 117\
9734 ........ 97 4 M a r’ov
Moll <fc M ai 1st, gu a 4 s ..1991 M-S
95^4 1017*.
105 o c t '02
N J Juno R gu 1st 4 s ...1980 F-A
101 4 J ’ l r ’ 06
N Y <to H arlem a 3 4 s . ..2000 M-N
110 4 M a y‘ o7
JST Y ifc N o rth 1st g 5 s ...192 A O
•O.i 4 109
1Ol 4 U e c ’ <0
N Y <to lJu 1st con gu g 4s 1993 A-O
■*2»4 98
Xor<fc M o n t 1st gu g 5 s.1910 A O
112 113 4
137 * Nov'
n n e i 'r o e k reir vu arO s. 1932 .] n
•I 09 4 109 'j.
R W & o c o n 1stext5s./(1922 A-O
m " 12 0 '7t
103 A u g ’ O
O sw e & R 2d gu g 5s...«191; F-A
l i W tfc O T R 1st gu g 5s. 1918 M-N
100 4 Oct ’<■
117 120
Rutland 1st con u 4 4 s .. 1941 J J
9 i » 4 94 M ay 07
OirifeECham 1st gu 4s g 194w J-J
02 4 72 4
94 M ay’O.
94
Rut-(;anad 1st gu g 4s. 1949 J -J
i22 J a n ’Ot
St 1jaw (to A d ir l s t g 5s.l09t> J-J
2d srold (is_________ ....1 9 '*' A .O
95
97^
103 ....... 103 K A u g ’ 06
U tica tfe B lk R iv gu g 4 s .1922 J-J
94 .......
l'2 34 A u g ’ O«0
92
Eake Shore gold 3 4 s ___ 1997 J-D
92 'n M ur'o
113 4 113 4
R e g istere d ................ 1997 J-1) ........ 93
9 I 4 A u g’D ebenture g 4s........... 1928 M-S ....... 90
89 l4 Sale
89 4
89
112 112
25-year g - is ................1931 Vl-N
103 4 111
K a A (to G R I8 tg iic 5 s .l9 3 8 J-J
125 \ J la r’Oti
Mahon C’ l R R 1st 5 s..1934 J-J 108 .
107 4 N o v ’06
P i t t s * E Krie 2d v 5 s .a l9 i A-O 103 .
120 ,
139 J a n ’ 03
P itts M c K * Y 1st gu 68.1932 J-J
95 4 100®*
2d guar 6a.....................1934 J -J 1 1 8 4 .
110 .
M c K e e s & B V 1st g 6s 1918 J-J
104 D e c ’ (ili
100 >4 103*4
M ich Cent 1st consol 6s. 1909 M-S 100 .
118 4 J ’ly ’00
5s...................................1931 M-S
119 J’ ne’ OO
R e g istere d ................ 1931 Q-M
100s4 Jan ’0ri
77
86
4s.................................. 1940 J-J
10(> 4 N o v ’ OO
15
273,
R e g istere d ................ l94o ; - j
94 4 D ec’ 06
10
21
J L & S 1st g 3 48 ..........1951 M-S
92 4 M ny’ 07
1st g 3 4 s ........................19&2 M-N
B a t C (fe Stur I s t g u g 3 s . l9 8 9 J-D
99a4 10034 100J4 AugMT
N
Chic A s t E 1st g 4 s 1937 A O
1024 M a i’ "7
R eg istered................... 1937 A O
100 4
W e s t Shore 1st 4s g u . . . 23(51 J-J 1004 Salt 100 4
984
99",
R e g is te re d ................... 2361 J-J •99 .......
N Y (to G reen w Eake See Erie
130 130
N Y & H a r See X Y C & Hud
115 105
N Y EacK & W See D E (to W
118 1184 M V L E (fe W See E rie
N Y & Long Br See Cent of N J
103 110 4 N e w York N e w H a y & H a rt—
124 F e b ’Oi
87
94
H ou8atom c R con g 5 s ..1937
N H * D erby con cy 5 s .l9 1 «
N Y & N o rth See N Y C (fe H
92
91
02\ 92
96
99
N Y O & W re f 1st g 48. . y 1992 M-S
1014 J’ ue’O',
.02 102 4
R egis $5,000 o n ly.,....i/1992 M-S
N Y & Pu t See N Y C <fc H
94
9834 N Y & R B See L o n g Island
MO
88
N Y S t& \V See. E rie
1004105
N Y T e x * M See 80 Pac Co
104 Sep ’0(,
81
86
N o r Jfc South 1st g 5 s ........ 1941 M-N
126 'i J ’ne’ OV
82
Hi- 4 N o rl(fe W e s tg e n g 6s.......1931 M-N
129 J ’ n eo7
82
87
Im p ro vem ’ t Jfc e x t g Os..1934 F-A
1274 Oct ’ 00
104 4 104 4
N e w R iv e r 1st g 6s.......1932 A-O ........129
94
95
93 A u g ’ O!
•5 4 95 4
N & W R y 1st con g -Is. 1996 A O
100 EeU’OO
1064 112
R e g is te re d ................... 1990 A-O ........ 93
....... 84 7, 88 J ’ l y ’07
102 107 4
D iv ’ l 1st Idb gen g4s..,1 944 J-J
102 1064
86 Sale
85
86
Pocali
& C loint 4 s ..1941 J D
>04 1U5
lo 9 4 F e u ’ n5
C C & T 1st gu g 5s........ 1922 J-J
92 A n g ’07
it '3 4 l o "
Scio V & N E 1st gu g 4s 1989 M-N
115 >8 120
N orth Illin o is See Chi(fe N W
97 4 105
N orth Ohio See L E rie & VV
97
98
97 Sale
N o r Pac— P rio r lien g 4 s ..1997 Q J
*9*7»i ibV»*’
H7 A u g ’O?
R eg istere d ................... 1997 y-J
86
90
68
08 •,
G eneral lien gold 3s___ a2047 y - F •6 7 ” '6 9
70 M ay’ n (
97 4 98
R e g is t e r e d ................ a2047 y - F ........ 07
90
9034
St Patil-D ul D iv sr 4s___ 1990 J D ........ 90 34 9 u 34 Jan ’u
92
9- 4
D u l S hort E 1st gu 5s.. 1910 M S
C B(to y c o l l t r 4 s See G t N o r
12234 J ’ ne’ 07
98* i'o 'i34
St P & N P gen g 6 s ....1923 F-A 117
132 J ’ ly '91
116 117 4
R egistered certitic’s ..l9 2 3 ^ -F
108 114
St Paul & Dul 1st 5 s ....1931 F-A 102 4 ........ 117 4 J ’ly ’ 1?
102 . . .
106 s* M ’ 0 1
lo y 4 11 o 4
2d 5 s .............................1917 A O
98 4 Oct ’ 1 t
80
88 4
1st consol gold 4s........ 1968 J-D
93 M ay’ O
85
92 4
W ash Cent 1st g 4 a ........ 1948,
110 114 113 5e Mu) ’ 01
N o r Pac T e r Co 1st g 6a..1933 n
N or R y Cal See So Pac
1 21 4124
N o r w i8 See C St P M A O
N o r & M o n t See N Y Cent
83
94
/ 1 Inn <fe W See C C C ito St E
1084 I 0 8 4 ’ 'h io R i v R R See u alt & O
O re (to Cal see So t'ac 00
o r e R R & N a v see Un Pao
Ore Short L in e See Un Pao
O sw ego A Rom e See N V C
O C E A St P See C & N W
ac Coast Co 1st g 6s___ 1946 J-D 101 4102
105 A u g ’ Oi
ac o f M issou ri See M o Pao
I'anama 1st s fund g 4 4 s ..1917 A-O -........ 105
102*4 J ’l y 'ol
114*8 118^) Heun R R 1st real est g 4 s . 1923 M-N lO S^s
10 3 4 J ’ly 07.
1 114 116
Eohsol gold 08................ 1911 *1 S
111 *a Sep ’Oj
Consol gold 4s................ 1943 M-N 100 ........ 106 Auit'u.
11 6 4 1164
93 Sale
C o n vertib le g 3 4 s ..........1912 M N
924
93
Sale
C o n vertib le g 3 4 s ..........1915 J-D
8-5 4
89
A lle g Val gen gu ic 4 s ...1942 .VI-S
95 .......
99 J ’ ne’ vi
D R R R (fe Bge 1st gu 4s g . ’30 F-A
i'8 4 1024
97 4 .......
Ph ila Bal dfc W 1st g 4 s ..1943 M-N
7 9 4 87 4
107 4 Oct ’ 11
Sod Bay * So 1st g 5 s ...1924 J J
102 Jan ’1i.s
Sun & L e w is 1st g 4 s ...1930 J-J
U N J R R & Can gen 48.1944 ifl- S
1*10*4 .Se*p*’*"ul
Penn Co—G uar 1st g 4 4 s. 1921 J-J l o t
S»l*i Iu l
102
R egistere d ................... 1921 J -J ........ 1031, 103 ^ J ’ l y ’ 07:
83*4
a8
94\
G uar 3 4 s coll tru st reg.1937 M-S
90 4 J ’ ne’ oii
G u a r3 4 s c o ll tr ser B ...1 9 4 I F-A
84 ..
84 M tty’ i
8 9 4 03
93
99
T r Co o e rtif’ s gu g 3 4 s. 1910 M-N
93 ..
9 * J ’ly '.
G u 3 4 s tr ctfs 0 .............194 2 .1 D
79 4 88 4
83 34 .......i s9 O ct ’ ()
78
87
G 3 4s tr ctfs D .............E '4 4 -I 0
8 2 - 4 ....
90 4 A la i’ oi*
Guar 15-25 y ar g 4 s ....1931 A O ........ 95
80
874
■97 4 Jan ’ 07
8434 84*4
Cl (to M a t 1st gu g 4 US.. 193d rt-.N
110 J a i l '0.1
102 102 >4
C l (fe P gen gu g 4 4sB er A .'4 2 J-J
108 4 A u g ’O..
Series B ........................1942 A-O
S eries C 3 4 s ................ 1948 M-N
9 8 4 D eo ’O.
Series D 3 4 s ................1950 F-A
96 Jan 04

H>y
A sh Low
.. l i 5 115 J ’ ne’ o
108 M ar'o7
95 i4
‘.'0
101 h J ’ ly ’ 00
107 H er ’(>
.. 10t5 100 Au g'i.
.. 93a4 91 A u g ’ O
111 >4 . . . .
1134 Mmv’ i)
105
109 M a r’ O
125 V M ay’ ti
1-2 l4 M a t'd
107 Aua’ 00
117 M ay’O
11 Li
024 A u g’O
105*
110 J ’ l y ’ .
1084 Jan ’ OK
'9 8 *
n5 J ’ ne’ 07
108 J’ ly ’O0
■'86'
87 S 87 4 A p r ’O1134 M a r’ O
111
9S

.IliS C K l.l \ M i O t 8
1 on i ana Iro n
Col K * I C o iren a I g 5 s ..1943
C o n vertib le deb g 5s___ 1911
Co. t uei Co ven gold 6s. 1919
G r R iv Conl A O l s t g 6sl919
Clearl Hit Coal Is l s 14 s ... 1940
Col IndU lsftte coll 5s vu .,1 934
Con tin ’ ta lC 1st s i g n 5 s g .l9 6 2
Jet. Jb Clear O (to 1 1st e 5s. iji^O
A an A H C A C la l s I v 5s. 1951
Ple.if. Val C’oal 1st a a f 6 s.l9 2 8
Sunil iy i 'r e » Co g 6 s ....1944
X eiiu • oai ten /m.............1951
le u u l» iv 1st v (is.......01917
B irm D lv 1st consol 6 s ..1917
Cali C M Co 1st gu g 6a. 1922
lie Kar ( ' (to 1 Co KU g 6s. 1910
V a n>n <*oii < tC ola t « . :> s.l!'49
V r toi E el 1st s t 5 s........19.'.8

587

New York Bond Record-Contin^d— Page 3

7 1907.(1

107
105V
84
96

97 4

97 4

784

10

B O M l s —C o n tin u ed on .Next I'n.ire

85
87

43 4

1004
87

76*4

...... ........
7S*‘ **78*4
95
86
100 1064
1 .02 1064
-• 0
90
93 4

to
98
9.i 4

i'c le m m im nnil T e le p h o n e
A m T e le p A I’el coll t r 4s 1929
Comm Cable Co 1st g 4 s ..2397
M et I' <fc T 1st s 1 g o s ...... 191ft>
M id i. State T elep. is t 5 s 1924
N V (to N j l e i gen g 6s .. 1920
West Union col tr cur 6s. 193s
Ed anti real est g 4 4 a ... 1950
M u t U n T e l s fund Os...1911
N o rth w T e l itu I 4 ‘us g . . 1934;
• la n u ln c iu r in x X In du striu .
\m Cot O il e x t 4 4 * ..........1915
Ou H ide A L 1st s 1 g Os..1919
A m er Ic e s e c u r d e b g 6s.. 19-5
\m S pirits M fg 1st g 6 s .,1 9 1 .‘
Am l'liread 1st col tr 4 s ... 1919
A m Tobacco 40-yr g 6s . ... 1914

t D u i c uli c D u e .a a r U Due A p r A Due j l y /<D ue .vug

J-J
V-J
•vl. N
F-A
i«-N
J-J
M-N
M-N
J-J
()-F
M-S
A-O
M-S
J-J
AO
F A

92

7 8 4 J’ l y ’ 07
9 6 1 J 'n e’Oo
104 F e b O ,
99 4‘ 97 E e b ’07,
lo o S-.I’ iy ’ >3
98 A u g ’ . >7
9 1 ’, -i_ug’ I
**9*3
104 A p r ’ iJ?*
103 J ’ij r ’ 0'4

83 7»
» 6 Sale
9*6 ' 97
86 4
100 101
664 sale

« D ue o o t

i()4 * ' 104**
98
98
* »8 * " io*3*'
■n i o o s4
101 104

i
87 ^ J’ly ’0i
65 4
80 * 12
7 * J ’ l y ’ .i'ii
.97
97
8 6 7* A n g ’O '
100
10t i H
66
• 6 1-

jfU a t A o T j U u t u H

.85
85 4
73
97
86 \
96*4
63

93
914
89
I034
93
1(0*4
794

« O v l i o * 8*te

588
BONUS
1ST. T. S T O C K E X C H A N G E
W e e k E n d in g S e p t 6

New York Bond Record— Concluded— Page
P r ic e
F r id a y
Sept 6

Week's
R ange o r
L a st Sale

.....

K

.....

....

....

• U i8 l!liU .A M iU t 8
Itln iiiiln c tu riu s ifc 111d 11s tria I
B e th S te el la t ex t snf 5s.. 1926 j..r
C en t Eeatlier 20-year g 5s. 1925 A-O
H'-A
A-O
F-A
Consol eonv a t g 5a.......1935 J-.l
I n t St Putnp 10-yr conv. 6s ’ 13 J-J
K n ic k e r fee (C h ic) la t g 5 s.’ 28’ A-O
Lackaw Steel la t g 5e___ 1923 A-O
N a t Starch M fg C o 1st g 6s 1920 M-N
N a t Starali Co s f deb 5s..1925 J-J
R e p u h X A S latcS;coltr5s.l9:-!4 A-O
U-s Eeath-Co a I deb g 6 s ..l9 1 3 M-.N
,T - J
M-N
St 10-61) y r 5 s . ( r e g ..d l9 6 . M N
Via-Oar
Va-Oar Ch
CJiem col ir 6s g ,.1 9 l2 A-O
\V e s t in g youse E & M s f 5s ’ 31' J - J

96 A u g ’ 06
88*2
00 Hi
65 A u g ’ 07
76H>
n
105 A a g ’ o7
h7 *2
87 H.
97 A u g ’O ,
97 *2 Ocl ’ 05
96 Sale
95
95
76
83 Hi A u g ’ o7
:..
70 A p r ’ o7
92 A u g ’ 07
92
103*4 101 SJ 10.1 1 IOO l4
SO
' 79 34 70*2
9334
9 3-.
9a34 Sale
9 4 '2• -94 76
......
9. Hi A u g 07
96
94
87 *«
88
88 Balt-

95
90*2 Sale
64 j
77*4 79
105*8 106
87-Hi «a le
97 100




38
34

_
2
_
8

__

N o p r ic e F r i d a y ; l a t e s t b i d a n d a s k e d t h is w e e k ,

BONDS
N. Y . STO CK E X C H A N G E
W e e k E n d in g S e p t 6

Range
Since
J a n uary 1

B id
P e n n C o—{ Continued j
Low
tiia h
Low H ig h
92 A p r ’ O
E r ie <fc Pittsgu g S H a s B.1940 J-J *88
92
92
S eries C ........................1940 J -J
9834 A p i ’ 04
108 S e p ’ 06
f l r K A I e x 1st g u g 4 Has 1941 J-J
12 7 ^ Oct ’ 02
P it t s F t W & C 1st 7 s ...1912 J -J
2d7 s.............................. 1912 J -J
119 J’ ne’06
3d 7 s . . ; ...................... ft.1912 A-O
119 A p r ’ 04
P it t s Y & A sh 1st con 5a. 1927 M-N
11H M » y ’ 05
■ t'C C & S tB gu 4H as A ...1 9 4 0 A-O ........ 108
107 \ J ’ly ’ 07
107 H>109 s
■ S eries B gu a r...............1942 A-O .......... 108 >* 10714 J ’ly ’07
106 34 109 *j
S eries C gu a r.............. 1942 M-N
112 Hi 1 ne’()5
00^ M a r’ 07
100^
S eries X) 4s gu a r..........1945 M-N
100:'j
91 F e b ’ 07
8 2 * 8 -...
JSenes E 3Ha guar g . ...l9 4 9 F-A
91
,7 * S eries F 4s g u a r ........ 195 3" J-D
1 C S t L & P 1st con g 58.1932 A-O
110
110
110 116*v
Pen sacola & A t l See L & .Nash
P e o c& East See 0 O C & S t L
123 *« Jan ’ 05
P e o « fe P e k Un 1st g 6 s ,...1921
10034 D e c ’ O
2a gold 4 Has................... i>1921 M-N
109 A p r ’02
P e r e Murq—O h * YV M 5s 1921 J-D
; F l i n t * P M g tfs ........ ...1920 A-O
112 W A u g ’O1I 034 11^
li)034 A p r ’ u7
:
1st consol gold 5s........ 1939 M-X
10 )a4 iOO3,
106 *a aep ’ 06
P t H u ron B iv 1st g 58.1939 A-O
] S a g T u s ic H ls t g u g 48.1931 B’ -A
P h il B <fc \V bee P e n n K K
115 *s M a r’ i
P h ila 6c B e ad in g cons 7 s .1911 J-D
P it t s Cm & S t L See Pen n CO
P itts G leve & T o l bee B & O
P it t s Kt VV ifc Oh See Pen n Co
P it t s M C Kees & Y bee N Y Cen
P itts SU <k> L E 1st g 6 a ... 1940 A-O
120 M a r’ 06
98 J ’l y ’ 9 1
1st oonaol gold 5s........... 194a J-J
P it t s & W est See B & O
92 *,
94
eatlnig Co gen g 4a...... 1997 J-JJ
92 Sale
91
983/,
9534 M ay’u7
R e g is te r e d ..................1997 J-J
95*4 9.">34
91 A u g 07
J ersey Cent coli g 4s. ..1951 A 0 "9 1 ”
90
96 Hi
Renaaelaer 6c, Sar See 1) & H
, E ieh 6c Ban See South K y
R ieli & Aleck See Southern
B io G r W est See B e n & Kio Gr'
Boch & P itts See B K & P
Rom e W at 6c O g See N Y Oenl
-Rutland bee IS Y Cent
^ a « i us <£>H See P e r e Marq
82 J’ne’ 97
>Ot Jo<fc G r Isl 1st g 4 s ...1947 J-J
90
92 \
79
-8t L & Cairo See M ob <fc Ohio
.g t L <fc Iron M o u n t See M P
.St L K O 6c N See W abash
.St L M Br See T B it A ot St L
•St L o u is & S an Francisco—
118 A u g ’ 07
G en era l gold Os...............1931 J-J< 117^4
118 123 *v
106 A u g ’ 07
G en era l gold 5s.............. 1931 J-J 106
105 Hi 11 OH,
91 F e b ’ o7
-St L<fc S F K B cons g 4 a .. ’ 96 J-J
91
93
102*4 A u g ’ 05
Southw D iv 1st g 5 s ..1947 A-O
713
763< 26 75 * "82*-]
76 Salt
R efu n d in g g 4 s ........... 1951 J-J
98 N o v ’ 06
6-year gohl notes 4 Ha.-1908 J-D
. -St L M & So E a s tg u 4 Higl909 J-D
"9 9 "
H 6 A u g’0 7
K 0 F t S & M c o u g 6s. .192a M-N
116 119
75 Sale
•KO F t s & M B y Eel g 4 s 1936 A-O
73
823
J£C<fcM B<& B l s t g u 58.1929 A-O
97 M a j '07
" 97"
Oa?rk<fc C liC ls t g u O s g.1913 A-Oi
97 97 H,
S t Lou is So See Illin o is Cent
8976 8 9 ^ A u g ’ 07
89 95
S t L S W 1st g 4s bd CtfS.1989 M-N
797g J ’ iy ’07
77 83
2d g 4s ino bond otfa...f>1989 J-J
70 A u g ’ 07
70 79
Oonaol gold 4s. ..1..........1932 J-D
101*6 A p r ’07
G ra y’ s P t T e r 1st g u g 5 s 1947 J-D
IO IH 3IOIH;
S t Pa u l & Dul See N o r P acific
103 105\
S t Pau l M <fe M an 2d 6 s... 1909 A-O' 103 ....... 103^8 J ’ ne’ 07
130 J ’ ne’ o7
130 131
1st consol gold 6s........... 1933 J-J 123 127
134 D ec ’ 06
R eg istere d ................ ..1933 J-J
105 Hj J ’ ly ’07
.Reduced to gold 4 Has..1933 J-J
105 Ha 108 Hi
116*« A p r ’ 01
R eg istere d ................ 1933 J-J
104 A u g’ 07
104 107*4
D akota e x t gold 6s........ 1.910 M-N 1043*,
^8 Hi A u g ’ O?
M o n t ex t 1st gold 4s___ 1937 J-D ........ 97
97% 100*11
100*4 Oct ’ 06
R eg istere d ................... 1937 J-D
101 S, A u g ’ 07
lo o ^ io iv
E M in n l s t d i v ls t g 5 s ,.1 9 0 8 A-O 1 0 0 ^
N o r D iv 1st gold 4a.; ..1948 A-O
124 M ay’ 07
M in n Union 1st g 6s. ...1922 J-J 112 .
l'^5 A u g ’ O I
130 1 3 1 H
JttontO 1st gu g 6 8 ......1 9 3 7 J-J ’124>4 .
I3 6 l4 M »y ’ 06
R e g is te re d ................... 1937 J-J
115 *-j M ay’ 07
l e t gu ar gold 6s___ J..1937 J-J
112" iis 'n i
115 H, D e c ’06
; W U i <fc S F la t gold 5 s ..1938 J-D 108*2.
Bt P <Sj N o r P a c See N o r Pac
S t P & S’ x C ity See O S t P M <fcu
80
87
80
82
S A & A Pass 1 s tg u g 4 s ... 1943 J-Jd 82 Sale
102 A u g ’ 07
102 10S34
S F e P res <fc P h 1st g 6 s ...l9 4 v ' .VI-s? ..........102
110 O C t’05
S F & N P 1st sink t g 5 s .1919 J-J
S a v F & W e s t See A t l Coas t L
Scioto V a l <fc N E See N o v 6c YV.
70
70H,
65
82*i
7 0 \ Sale
Seaboard A i r B in e g 4a ,..195u A-O
96 *s 100 s
951* 96 *> 96 Hi J’ ne’ o7
Coil tr refu nd g 5 s ........ 1911 M-N
88
89
88 Jan ’ 07
A tl-B irm 3 0 -y rlst g 4s.el933 M-S ........ 80
H6 H2M a r’ 06
C ar Cent 1st con g 4 a ...1949 J-J
107*4 A u g ’ 06
F la Cen <& Pen 1st g 6a.1918 J-J ........ 107
l g t land g r e x t g 6 s . . . 1930 J-J
109Hi M ar’ 06
Consol gold 6a........ ...R W 3 J-J
106 M a r’ 07
106 10734
Ga & A la B y 1st con 5 s o 1945 J -J
110 J a n ’ 05
G a Car 6c N o 1st gu g 5s 192', J-J
106 M a r’07
i 06*" i o o "
deab & lio a 1st 5s..........1926 J- J' ...............
Sker Shr <fc So See M K & T
S il ttp Oca <fc O See A t l Coast. L
So Car & Ga See Southern
8outuern P a cific Co—
85 A u g ’ 07
85
90 Hi
87
Gold 4s (C en t P a c c o ll). 7cl949 J -ri ►85
84
88
84 J ’ n co 7
R e g is te r e d ........... ...&1949 J-D
24 93 10*J'\
93 H»
94
C e n t Pac 1st r e f g a g <4s 1949 b’ -A "9 3 ' * 94’
93'»8 99
93:<s J’ ne’ O
R eg is te re d ..... .............1949 *’ -A
8214 86
82j4 A u g ’07
84
M o rt gu ar gold 3Has..fcl929 J-D1 " e o ‘
9o 34 J’ ne’uV
9o34 98*8
88
T h ro u gh S t B 1st gu 4s ’ 54 A-O
1 0 i 105
G a l H ar.& S A 1 s t g 6 b ..1910 F - A 104*4 . — 103 Hi A p r ’ o7
105 106*4
105 J ’lie'
Mex<fe Pac 1st g oa •..1931 •VI-N
G ila V G & N la tg u g fta .1 9 2 4 M-N. I ” ” I i ’o a" 10614 J ‘ ly ’ 06
107*4 F e b ’ 05
H ou s E<fc YV T lSit g pa. 1933 M-N
la t gu ar 5s r e d . 1933 M-N ■ioo i4 ...... 104 A u g ’ 01
109Hi ... . . i09Hi A u ji’07
109*4 I l l ' s
H & T O 1st g 5 s in t gu .,1937 J1113^ Jan ’ 1)7
111 112
Consoi g 6s in t guar. ..1912 A HOHs
93 Hi J ’l y ’07
92
91 Hi 94 v
G en gold 4s in t guair.,1921 A-O
116 Dec 06
W aco<fcN W d i v l a 0 g 6 s ’ 30 M-N
109 Hi b’e b ’ 06
A <fc N YV 1st gu s 6sj . . ..194U J - J

1.
:2

0 Due

[V o l

lx x x v .

Week's
Range or
Last Sale

P r ic e
Friday
Sept 6

Low
H ig h
Southern P ac Co— (C o n tin u e d )
H id
127 Sep ’ 06
M o rg an ’ s Ba <fc T 1st 7s. 1918 A-O B 5
116 N o v ’ OG
1st gold 6s................... 1920 J -J 110
112 F e b ’ o •
N o o f Cai guar g 5 s ........ 1938 A-O
Ore & Cal 1st guar g 5 s.1927 J -J I 98 Hi ...... iOO^ J ly ’07
So P of A r gu 1 s tg 6 s . ..c l 909 J -J ........103H 104 A p r ’07
-....... 104*4 F e b ’07
1st jruar g 6s.............cl91 0 J -J
So Pacific of Cal—
ls tg O s s e r ie s E & F ...1 9 1 2 A - 0 : .................. 107 A p r ’07
1st gold 6s...................1912 A-O .................. 114*2 B e e ’04
1st con gu ar g 6s........ 1937 M-N .................. l i t ) M av’ **?!
S Pac o f N M ex 1st g 6s..1911 J-J| .................. 104 M a r’o7
So Pac Coast 1st nu 4s g . 1937 J- J' ..................
T e x & N O S a b D iv ls tg 6 s .l9 1 2 M-S; ................. 107 Hi Feb 07
104 Sep ’06
Con gold 5s................. 1943 J - J I
-8 s
88
88 H. 88
0 P a c H R 1st r e f 4s........ 1955 J-J j
lO P t
•Southern—1st con g 6s___ 1994 J • JI 101 Sale 101
R egistere d ...................1994 J -J .................. 114 N o v ’OO
82 A u g ’ oTi
M o b & O lu o coll t r g 4 s ..1938 M-S I ........ ^5
113 >2M ay 7
M em D iv 1st g 4H2-5S...1996 J-J ........ I l l
843« A u g ’ 07
S t Lou is d iv 1st g 4 s___ 1951 J - J 1 84
83
113 Jau ’ 00
A la Cen R 1st g 6s........ 1918 J -J j ........... --96 J ’ UC’OO
A t l <fe D anv 1st g 4s.......1948 J -J | -----— 89
92 J ’ ue’ Ot
2d 4 s ............................ 1948 J -J ............. .
A t l & Yad 1st g guar 4s. 1949 A -O 1 ................
Col & G re en v 1st 6s.......1916 J -J [ ................. 111 F e b ’ o7
110^5 J ’ly ’ 0 .
F T Va & Ga D iv g 5 s .. 1930 J - J
112 Hi A u g’ ii7
... 110
Con 1st gold 5s........... I960 .M-N
llU '-i J'n e’ l)7
. . . 104
K Ten reor lien g 5s.......1938 M-S
t>7 Hi j ’ l y ’ "7
. . . 68
Ga M idlan d 1st 3s......... 1946 A O
114 A u g ’07
Oa Pac K y 1st g 6a........ 1922 J-J
U 7 J; M ay’ 07
i ’r i
K n ox <& Ohio 1st g 6s ... 1925 J J
1a6% A p r ’06
»lou<fc rtir p r io r n e n g 5 s 1945 J-J
‘Jti u cl ’06
AI ortu aire golit 4 s .____ 1945 J - J
109'-4 A u g ’ 07
Rich & Dan con g 6s___ 1915 J-J
102 *2 A u g ’ 07
D eb 5s stam ped........... 1927 A-O
y 8 F e b ’0;>
R ich
M eek 1st g 4 s ...1948 M-N
lo o A u g ’07
So Car & Oa 1st g 5s___ 1919 M-N
112 Oct 00
V irg in ia M id ser C 6a ...1916 M -K
IO8 H2 Dec ’Ot
s eries D 4-5s........ ....1 9 2 1 M-S
113 B e c ’O..
Series K 5a................... 1926 M-S
107H> M ay’ 07
G eneral 5s................... 1936 M-N
107 M ay’ O,
O uar stamped..........1936 M-N
...... 90 H> 9 6 ^ Jan ’ o i
W O <fc VV 1st cy gu 4 s ..1924 F-A
108 Sj M ay’ 07
YV.eat N C la t con g 6 s..1914 J -J 106 110
s & N A la See 1, cfe N
117 J ’ t y ’ Oo
*p ok fc'alis <fc N o r 1st g 6 s .1939 J-J
ill
J ’ l y ’0.
1'er A of S t L 1st g 4 Has.. 1939 A-O 104
l i l Hi J ’ne’O7<
1 1st con gold 5a___ 1894-1944 F-A
90 A u g ’07
G en refund a f g 4s ........ 1953 J-J
111 D e c ’00
St L M B g e T e r gu g 5a. 1930 A-O
1'ex <fe N O see So P a c Co
I’exdb Pac la t gold oa.......2000 J-D 112^ 115*2 112*2 112 S.I
92 N o v ’OO
2d gold in c 5s................ #2000 M ar ........ 90
110 M a r’ OU
La D iv B L 1st. g o s .......1931 J ■J
I06H2 N o v ’04
YV M in Wcfc N W ls t g u 5s ’ 30 F -A
1o734 A u g ’ O1
108
l'ol & O C 1st g 58.....____ 1935 J-J
111 M ay’04
W estern D iv 1st g 68. . . 1935 A-O
102 May 07
lo o
G en eral gold 5s.............. 1935 J -D
91 Ha M ay’ t/7
........ 90
Kan & M 1st gu g 4s___ 1990 A-O
83 A u g’07
82
87
l'ol P & W 1st gold 4a___ 1917 J - J
82
83 H, 83*2 A u g ’O,
Pot St L<fc W pr Ben g 3 Has. 1925 J - J
,3 - j
.1
7 "A*2 75
50-year gold 4s.............. 1950 A-O
95 Dec 'Oli
T o r H am & Butt la t g 4s./(.1946 J -D
lsterdc D el 1st con g 5s 1928 J-D i o o " i ’0'4 " 110 M a r’07
93 bep ’ 00
1st refu nd g 4a..........1952 A-O
98
97
U n P a c R R <& 1 g r g 4s ...1947 J • J
97 A u g 07
R eg istered ................... 1947 J-J
08 *v
86
86
S a le
20-yr con v 4s (su bscrip)..’ 27 J-J
O re R y <fc M av con g 4s. 1946 J -D ........ 95 *1 94 A u g’ O.
O re Short L in e l a t g 6s .. 1922 F-A 115 Hi...... 115*2 116 Hi
i07 Hi A u g ’ O 1
1st consol g 5s............. 1946 J - J
86
fe6 *»?
86 Sale
G uar refu nd 4 s .......... 1929 J-D
8134 Mai*o7
R e g is t e r e d ...............1929 J-D
Utah <fc N o r 1st 7s......1 9 0 8 J - J 104 . . . . . . 103 Hi E eb ’07
105*2 J ’iy ’07
Gold 6s......................... 1926 J - J
U ni N J R R dc O Co See P a R R
Utah Central See R io G r W es
Utah cte N o rth See Un P acific
U tica & Blade R See N Y Cenl
I0 2 7s F e b ’ 00
andaiia consol g 4 s ___ 1955 F-A
98 Sep ’ 00
era C r u z < fc P ls tg u 4 *2s l 934 J -J
V e r V al In d & W See M o P
V irg in ia M id See South R y
V a <& South w ’ t 1st gu 68.2003 J -J 1107 Hj ...... . 110 M ay’ *)7
lo 7 H
abash 1st gold 5s.......1930 M-N ........ 107'- 107
yo
HO
2d gold 6s ................ 1939 F-A
95 Sale
90 J ’ ne’ i>7
D ebentu re series A .......1939 J -J
61 j ’ l y ’ o i
iSeries B . . . ........ ..........1939 J -J
........ 63
02 J ’ neO
C ertificates o f deposit.............
1st lieu equ ip S fd g o s .. 1921 M-S
1*0*2* 102 M a i’ m
93 A la i’Ui
la t lien 50 y r g term 4 a.1954 J J
54
-’ 5
51 Sait>
lw t r e f and e x t g 4a ___ 1956 J -J
li>4 HaA u g ’ o
........10j
D e t & C h E x t 1st g 5 s..1941 J-J
1)7 N o v 'o i
Des M oin D iv 1st g 4 s..1939 J-J
80 Heb’ o?
Oui D iv 1st g 3H»8..........1941 A-O
........ l*734 y 6 3s J ’ n e o
T o l & Oh D iv la t g 4 s ...1941 M
l.0u May o
tst Ohas B ridge 1st g 6s. 1908 A-O 100 ...
66
YYrab P itts T e rm 1st g 4s. 1954 J-D
65 H:........ 60 *»
M
21
21 Sale
M gold 4a......................1954 J-D
W arren See D el L a c & W est
W ash Cent See N or Pac
W ash O 6c W See Southern
87*2 J ’ l y ’ o
W a s h T e r m l 1st gu 3H>s..t945 F-A
84 Hi......
71
,; J
71 Salo
W est M aryland 1st g 4a ...1962 A-O
50 A u g’ u
60
55
Gen 6t c o u t g 4 s ........... 1952 A-O
106 s. A Ujj’O
YV Va C ent 6c P 1st g 6s 1911 J - J ........ 106
111H. 112S , 12*2 A u g 07
W e s t N Y 60 P a 1st g 5 s ..1937 J-J
........ 90
8 JJ4 J ’ utj’ o7
Gen gold 3-48................. 1943 A-O
34 Feb 0 ,
In com e 08____ ________ (11943 Nov
W est N o Car See South R y
105 A u g
W heet’ g 6c L E 1st g 5 s ...1926 A-O
110 Dec
W h eel D iv 1st gold 58..1928 J-J
E xten <& im p gold 5 s ...1930 F-A
i 11 *2 A ug
78 Sale
B R 1st consol 4s...........J1949 M-S
76
V
20-year equip 8 f 5s ...1922 J-J
102*4 Dec '05
W ilk es <fc East See E rie
YVil cfc Sioux E See S t P M & M
W is C e u t 50-yr 1st sen 4 « 1940 J-J ........ 83
82 H;

Range
Since
January \
Low M if f*
112 112
98 101
loaHa 104
:04*4 1 o 4 \
107

107

i V e " i*i6**
10338 i04

il)7*2 10*7 s
S734 95
101 113s*
82
94
113Ha 116
SO
941*

111 111
I 105a 113%
112 Hi 1 1734
110*2 11 4
67 *2 69 *4
1 13*4 119*4
1I 6 11834
lo a *, 113
102 x4 103
104

106 *»

106*2 111
107 110
9434 96 *«
IO8 H1109 Hi
I "8 111
111*4 117
90
94
111*2 118*4

107*4 111

.....

io o *2 i o 2**i
9034 97
80
89
83*2 87 S
73
82
1*10 * i ’l6 * ‘

U

96 Hi i ’02 4
97 101H,
86
93
94
99**
116Ha 126
107*4114
8 o 34 043«
8734 87 34
103 103
106 Ha 105 *a

\

106 111**
1067g 114
U5*2 105**
90
90
57
70*a
57 Hi 75
01 102

W

BOM

0

o2% ‘ O’? si
104*2 109
*8*6" * 80"‘i
96 Hi
lo o
102
65 H, 80
19
32>*

87
69 7»

87s4
82 >*

10

68

V l i 4 1 1 6**

^934 93 *a
34
34
•05

11

108

"76** "8*7*'*i

82

89

89

103

.o iic m iie tl.

tlis c e iiu iie o u s
Adam a fc.x coi tr x 4s— ...1948
A m S S C oo t YV Va g 5a. ...1920
88 *4 99
U'fci’ n KerryCo la i cona g 5s ’48
63 Hi 79
U lncJcifc S l i'^ rd col g 5s. 1915
70
90
l ( H 7b 108 Hi uet.M 6c M Id a r in com es..1911
In t Mi-rcan M a iiu e tHiS..19J2
87*2 92
.n t N a v ig a tio n 1st a I 5 s.1922
97 lOo
dan ticli ti Jc L. gen g 4a..1940
.Sewp N e Slup 60 D D 5scil990
9 l 7a 102
X Y Dock 50 y r 1st g 4s.. 1951
82
84
P rovid en c e S rc deb i s . . .19-'>7
7o
,0
L'lovulent i.o.in .-'oc 4 Has. 1921
2
97
102»4 100 v, 't Jose. h S tk Yds 1st 4 Has.1930
• 7 ' 9i> - ^t l, 1’er c u p p ie s s ta t’ u<*r Prop
(,:o 1st g 4 -is 6-20 y e a r.. 191 1
90*2 99 *4
Yuba W al Co con g 68.. 1923
99
90
?t. Val W at W orks 1st 6s 1900
99
07
87 H. 97 - i f s Red & Ret 1st s I * 6s. 1931

a D u o 1an

4

d Due A p r

*D u e

'> * y

M-S
M-N
F -A
J -J
AO
A-O
F-A
.vl-N
J -J
fc'-A
•irt-N
M -S
J -J

.......103San,
85

........

85

89
90Hi
l o o J4 J ’ ne'i02
41 O c t ’0(5
l u l M ayO ,
70 Sep ’ 06
64
6*
85Ha J ’ ly 0?
00 F e b ’ O'.
" 8*8....... *-*8**
85 A u g’ i>7
90 M ay’ 06
100 Hi >ep ’Ov,

i'o T * ib 'i*
70*»
85*4
87 Hi 95
84*2

90

89

96

J -D

J-J
M-S

g r D a e J 'n e

*2

J ’ l y ’ 04

. 13 *2 I IV 'Oi

90
A D a e J ’ ljr

A u g ’ 0>

p Du# H ot

* O o t io u S a l*

ST00K EXOEITtE-—Stock Record—Daily, Weekly and Yeariy

O B .IC J A .G r Q

S 'l O t h S — H K i H h S T A S D L O W E S T S A L E P R IC E S
A aturriay
A u g u st 31

M on o ay
Sept 2

Weanesaay
Sept 4

1 uesdatj
Sept 3
'150 160
•3
4
’ ........ 14

204 21

-150
*3

20
•2 i<
3*1
16
•14
49
‘ 45
82
*22* 23
64
64 4 r___ ..
•35
40
•35
•21 >2 2 24 *21*2
*58
*58
81
82
•28
284
28>4
' ........ 94*5 •94
•28
•28
32

X

•14
*45

D A Y .................................

.................... .................... .................... *...................LABOR

.................... .................... E X C H A N G E

C L O S E D —EXTBA

H O L I D A Y ...............

•81

T hursd ay
Sept 5

160
4
14
20
31.
16
49
82
23
63
40
224
60
82
28*4
94 4
32

4 5g
4 »8
4=9
4\
46*2 4 6 4
48*4 48*4
132 140i® •135 1404
123
*
123
•60
65
6-)
60
103 lu 3
*
Iu3
*35 ___
•35 ........
*35
37
*35
37
•104 109
'104 109
47
47
*45
49
*1
*D
130
*38
107
106
123 4
424

1 *6
6
130
40
108
106
123 4
424

72 4 73
111 113
•65
70
112 114

•I
14
*5
6
1........ 133
39
40
109
113
106
106
123
124
*42
44

7 3 h> 73 4
112 112
* 65
70
>1124 115

•3 4 4 37
35 4 35 ^
89
89
8b 7, 89
1 03 4 10334
10358 104
'14o 145
■140 145
• 9 6 4 98
* 9 6 4 98
*1 4
13«
*1 4
IV
10
10
10
104
*24
2 44
24 4 24 4

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

F rid a y
Sept 6

■iatiroa.>lM
A u g'07 Chic C ity i i y .............100
L a s t S a le 150
L a s t S a le i 4
A u g ’O Chic & OnK P a r k .......100
XJa ;.-rei............... 100
L a s t Sa l. 14
J ’ne'O
2o
20 4
204
20 4 Chicago ’S u b w a y .......100
L a s t S a le 3 4
J ’l y ’ 07 Chic U nion T r a c t___ 100
J’ly ’. 7
Do p r e f.............. 100
L a s t .s a le 18
Aug'07 Kans C ity K y & L t ..100
Jj a s t S a le 45
L a s t s a lt S i
Do p r e f.............. 100
A u g ’ 07
L a s t S a le *s?4
Aug'07 M etropol W S K i e v . .100
64
D o p r e f...............100
*62
G3 4 *63
L a s t S a le 46
J ’ly ’ 07 N o rth Chic S tr e e t___ 100
A u g ’ o7 N o rth w estern E le v .. 100
L a s t S a le i l h .
60
60
*55
GO
Do p r e l.............. 100
80
*81
82
South Side E l e v ........ 100
81
*28
28H •
28 k S treets W Stable C L 100
L a s t s a l t 97
J ’ly ’ 07
Do p r e t.............. 100
J ’ly ’07 W est C h ij s t r e e t .......100
L a s t S a le 33
tliM cella n eo u s
4 sn 4 5g
4*3
4 r’lerica n C an_______ 100
50
D o p r e f... ------ 100
• 4 s 4 50
49 4
C a s t S a le 137
A u g ’07 A m er R adiator........ 100
L a s t s a le ViO
A u g ’07
D o p r e f.............. 100
*60*2 65
61
61
A m er S h ip o ld g..........100
103
100
'101 103
D o p r e f...............100
L a s t S a le 38
A p r ’07 A m er S tra w B o a rd ...
A u g ’ 07 Booth ( A ) & C o ........ 100
L a s t S a le i4
L a s t S a le lo 8
Do p r e f.............. 100
J ’l y ’ 07
47
50 Cal & Clue Canal & D100
*47
50
L a s t S a le 165
M a r’07 Central T ru s t B a n k .. 100
b a s t S a le 16
M a r’ 06 Chicago A u d ito riu m .......
L a s t S a le
J ’l y ’ 07 Clue B r e w ’ g<fc M a lt’ g ___
L a s t S a le
A u g ’ 07
Do p r e f.....................
129
* ........13 2
J.>0 Chic E d is o n ..... .........100
40 Clue P n eu m a tic T o o l.100
*3 8 4 3 9k • 3 8 4
112 Chic T e le p h o n e ........ 100
112 1134 110
106
105 4 106
106 Cliic T it le & T r u s t... 100
124 124
125 4 Diam ond M a tch ........ 100
1254
*43
45
44 4 Illin o is B r ic k .. ........100
44 4
L a s t S a le 31-4.
NovHlo K n ickerbocker I c e . ..100
L a s t S a lt 8u
b e b ’ 06
Do p r e t .............. 100
h a s t S a le 41
A u g ’07 M asonic T em p le .. .........
J ’ ne’ 07 M U & Chic B r e w ’ g ..........
L a s t S a le 2 4
L a s t S a le 6^,
J ’l y ’ 07
D o p r e t ,...................
7 3 4 74
734
74 4 N a tio n a l B is cu it.......100
Do p r e f...............100
1 1 2 4 1 1 2 4 m a4 112
L a s t S a le 2
A u g ’ 07 N a tio n a l C a rb o n .......100
L a s t S a le 112 4 Aug'07
Do p r e f.............. 100
L a s t S a le 534
:Way’ 05 P a ge W o W ire P e n c e ___
L a s t S a le ys»4
J ’l y ’ 06 People’ s Gas L & C ’kelOO
*36
40
•34*4
35 Sears R oebu ck com. 100
90
89
89 4 •89
Do
p r e t.............. 100
103 4 1 0 4
104 4 104% S w ift & C o..................100
140
143 145
145 T h e Quaker Oats Co. 100
97
9 7 4 *9 6 4
Do p r e f.............. 100
98
L a s t S a le
A u g ’ 07 U n it’d Box Bd«fc P ColOO
10 4
D o p r e f.............. 100
lo
104
i0 4
24
•24
24 4
2 4 4 W estern S to n e.......... 100
M in in s
L a s t S a le 3 2 4 J a n '07 B in glia m Con M in in g 50
N<>»’ 06 B ia ck M o u n ta in ..... .........
L a s t S a le 10
L a s t s a l t 16
M ay’07 D a iy -W e s t.................. 20
L a s t S a le 4
N o v ’ 06 H u b b a rii-E llio tt........

Chicago Bond Record
1 IO N U S
i -sj o
C H IC A G O S T O C K E X C H ’ G t ~ £
W k k k K n d i .v q S e p t 6

,A m e r B is cu it 6 s .............. 1 9 lo ;F -A
A m e r StrawOoard Is t6 s ..l9 1 l| J -J
Cass A v e & F G (S t D)—
6 s .................................... 1912 J -J
Chic Board ot T rad e 4s ...1927: J -D
C hic Consol B r <fc M lt 6 s ..........i J -J
Chic Consol T r a c 4 4 s .......1939 J-D
Chic Edison—
D eb e n t 6s...................... 1913 J-J
1st gold 5 s ................... /il92G A -0
C hic A u d itoriu m 1st 5 s ... 1929 F -A
Chic D ock Co 1st.4s..........1929 A - 0
Chic N o sh ore E lec 6s___ 1912 A -0
Chic & M il E lec lt y 5s . . . . 1919 J - J
Chic Pn eu m T o o l—
1st 5 s...................... ....o l9 2 1 J-J
C hic R ock I & P a c R R 48.2002 At-N
C olla t T ru s t g 5s........... 1913 ii- 8
Com m onw ealth E l e c t 5 8 .................................. 61943 JI-S
'Illin o is T u n n el 5 s ........... 1928 J - D
K a n s C ity Rydfc D t Co 5s. 1913;iVI-N
K m c k c r b ’cker Ic e 1st 5 s .1928 A - 0
L a k e S tre e t E l—
1st 5 s ............................. 1928| J -J
In co m e 5 s ...................... 1925 Feb
M e t r W Side E l—
1st 4 s .............................. 1938 F A
E x ten s ion g -is.............. 1938 J -J
N o rth Cliio St 1st 5s........ 1909 J-J
1st 5 s .............................. 1916 J-J
R e fu n d in g g 4 4 s ..........1931 A -0
N o Chic C ity R y 4 4 s ...1927 M-N
N o rth W e s t’ n E l—
1st 4 s ..............................1911 M-S
O gden Gas 5 s ...................1945 M-N
Pearson s-T aft 5s.............. 1916 J-D
4 -40 s...................................... M-s
4-608 Series E ........................H-K
4 ’80s Series F ........................M-N
P e o p le ’ sG a s 1 «& C Is t6 s .l9 4 3 A -0
B e fu n d in g g 5 s .............1947 M-S
Chic Gas L t & C I s t 5 s ..l9 3 7 J -J j
Consum ers’ Gas 1st 5s.. 1936 J-D
M u tu al F u e l Gas 1st 5S.1947 M-K;
South Side E le v 4 4 s ........ 1924 J - J j
S w ift & Co 1st g 5 s ..........1914 J-J
U n io n E l (L o o p ) 6s..........1945 A-O
U n ion P a c ific conv 4 s ___ 1911 M-N
U n ite d B ox Board 6s.............. .....
W e s t C liic St 1st 58..........1928 M-N
T u n n el 1st 5s................. 1909i F-A
I D eb en t 6 s ...................... 1914 J-D
Consol 5 5 s .....................1936 M-N
W e s t D iv C it y R y 4 4 s .. 1932 J-J
^ W esfrn Stone Co o s .......1909 A -0

P r ic e
F rid a y
Sept 6

Week’s
R ange or
L a st Sale
Low

55

........ 100
101
100
........ 98

------

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

Low H ig h
100

lo o

100
103
| 55

J ’l y ’ 07
M ayV 7
A p r ’ 04
A u g ’07

101
100

102
100

55

61

i ion A u g ’ 07
iio o J ’l y ’ 07
9634 Jan ’ 06

100
100

100
101

*87*" F e b ’ 06
A u g ’ 07
JNov’04
A p r ’ 94

77

81%

100 100 J ’ly ’ 0
77
90 D e c ’ 06
97 4 95%
95%
93
95 J ’ne’ 07

100

102%

904
85
80

Range
l o r year
1907

M a r’ o

78

87
83
90

........

904
904
16 M ay’ 05
A u g ’ 07
A u g ’ 07
D e c ’ 06

95%
95

98 “4
96

90 7t
85

8934
90
11 89 4 92
90 A u g ’07
90
95
1004 M a i’06
94
94 A u g ’ 07
97
96
98 J ’l y ’ 07
98
98 ........ 99 4 Sep ’ Oo
115 4 J ’n e’07
11541154
100 A p r ’07
100 102 4
99 4 A u g ’ 07
99 4 1043<
i ’o’6** 101 A p r ’ 07
101 102
......
1034 F e b ’ 06
**9*8*V 98 A u g ’ 07
97% 101
100
100 4 A u g ’07
100 1024
99
95
A
u
g
’
u7
95 100
........
114 JSov’04
71
714
71 >4
73
75
90 M ay 07
90
........ 80
68 4 Sep ’ 05
73 J ’ne’ 07
73
73 J ’ne’ 07
‘ to”
78
87 D e c ’ 06
9 6 4 Jan ’06

1004

N o t e .—A c c m e d in te re s tm u s it be added to all

C h ica go bo nd

NAM E

Bankers N a t io n a l.......
Calum et N a tio n a l........
C hicago C it y ................
C om m ercial N a tio n a l..
C on tin en tal N a tio n a l..
Cook Co State S avin gs
Corn E x ch au g e N a t ...
D re x e l S ta te ................
D ro vers D ep N a tio n a l
K u glew ood S ta le ..
Federa l N a tio n a l..
F irs t N a t io n a l.............
F ir s t N a t E n g lew o o d ..
Forem an B ros B ’ k ’ g Co
F o rt D earborn N a t . . . .
H am ilton N a t io n a l___
H ib ern ia n B ’k ’ g A s s ’n
K aspar S tate B a n k___
M onroe N a t io n a l___
M u tu al B a n k ...........
N a t B an k o f R ep u b lic.
N a tio n a l C it y ..............
N a tio n a l L iv e S to ck ...
N o rth A v e S ta te..........
N o rth Side S ta te S a v ..
Oakland N a tio n a l........
P r a ir ie N a tio n a l___
P ra irie S ta te ...........
R a ilw a y E x c h a n g e ___
South Chicago S avin gs
S e c u r ity ........................
State B ank of Chicago.
Stock Yards S a v in g s ..
U nion Bank of Chicago
U nion S tock Vds S late
A m e r T r u s t & S avgs.
Central T ru s t Co o f 111
Chicago S av B k & T r . .
C h ica go T it le & Trust.
C itizen s T ru s t & S a v ..
Colonial T r u s t & S a v ..
D ro vers T ru s t & S a v ..
F a r w e ll T r u s t C o ........
P irst T r u s t & S avin gs
H a rris T ru s t & S av ...
Illin o is T ru s t <fc S a v ..
K en w ood 'Hr & Savings
L a k e V ie w T r & s a v . .
M erch an ts’ L ’ n<fcTr Co
M etropolitan T r & Sav
N o rth ern T r u s t C o___
N o rth w est T r & S a v ...
Peoples T ru s t * S a v ..
P u llm a n T ru s t & Sav.
Royal T r u s t C o ...........
Stockm en’ s T r * S a v ..
U nion T ru s t C o...........
W estern T ru s t & S av.
\V Side T r & S av B k ..
W oodlaw n Tr<fcSav Bk

88 93%

A u g ’06
F e b ’ 07

8 9 7« Salt
........ 913*

Loivest

H ighest

I Uiphest

150 M a r 19
:■!4 M a yl4
13 Keu 15
15 M a rl4
2 7g M a vl5
14 A p r 23
48 A u g 16
81 J ’ly 29
2134 A u g l4
62 4 J’ ne21
3 4 4 A p r in
21 J ’ne29
53 58 A p r 24
135 75 M a r l l
15( 28 M a i 25
95 A p r 3
20 M a rl9

205
5
16
46 4
64
194
65
87
28
72
47
25 4
66
90
34
99
35

^i>r , i* 140. Sep 200 Janj
734 Janj
5 Dec
Jaw 2 4
A p t 0 15 Dec 28:ig Jam
Jan 2 3934 J ’ly 5 1 M ay
4 J ’ly 1 3 4 *'et>
Apr 3
Jart 9 12 4 May » 4 6 4 M a r
Jan 10 54 4 Jan 6 S 4 F eb
Jan 17. 8 > Oct 9 3 4 F eb
Jan 24 25 Oct 30 J ’ ne
Jan lo! 65 4 Oct ' 72 4 N o t
J ’ ly 16 25 Mar 85 M a r
Jan 25. 23 4 J ’ly 28 4 F e b
J ’ly 17 60 May 68 4 M a r
Jan 4 89 4 A p r 99 J ’ ne
Jan 1ft 27 May 3534 N o v
MaylS- 97 D ec 102 J’ n e
A p r 3 23 A p r 60 F e b

450
225

74
60
137
130
804
109
40
40
111
54
165

A p r il
A p r 10
Aug21
A p r 24
Jan 14!
Jan 7
Mar28!
J ’ ne
F eb 8
Jan 8
F o b 27

725

4 4 A u g l3
43 Aug20
129 Jan 7
120 A u g20
200 5834 Aug27
15 103 J ’ly 18
30 Jan 2
34 A p t 20
106 A p r 20
47 Aug28
165 Feb27

2
175
363
117
79
20

1
5
129
37
105
1024
119 4
39

41
24
25
4 90 69
20 I 0 9 4
70
107

1 Jan 9
Jan 9
Aug22
6 4 J ’ ne 5
M a r2 1 149 A p r 3
Aug27 51 F eb 8
A u g 20 134 4 A p r 4
M a rlO 1 1 2 4 M a y l3
Jan 24 129 4 May Jo
A u g 17 57 M ay 2
A u g l3
Jan 23
F eb 5
A ug20
A u g 22
A p r lR
Apr 9

3 347(, A ug28
68 88 A p r 19
846 101 4 M a rl 5
80 133 A p r 9
50 97 A u g29
1 Jan 2
'705
6 Jan 2
5 22 4 J ’ n e l 2

6 J ’ ne l l 78 Jani
51 J ’ly . 72 Jan!
115 Feu 130 N o v
128 4 Dec 136 Jan
54 Jan 81 N o v
101 Jan 112 N o v
3 1 4 D eo
17 Feb
40 Feb
36 Jan
106 Oct 113 4 J’ n e
55 May 64 w eb
16S:,h May ,175 M ay
16 F eb 16 4 F e b
1 M ar
1 M ar
6 Nov
7 Jan;
136 J ’ly 165 F e b
48 4 Dee 63 F e b
101 A p r 139 Jam
103 May' 118 Jan
118 J ’ ne 147 Feb.;
4 1 4 Sep * 7 i 34 J a n 1

797e Feb •80
46 Jan 11 46 M ay 48
24
134 M ay
2 4 Jan 23
27 M a r 4 21 J ’ ne 23
86 Jan 14 62 M ay 79 4
117*4 Jkn 7 1134 Jan 119
8 4 4 J a n 11 78 Jan 95
120 Jan 17 112 Dec 122 4

Feb
S ep:
Feb'
M ar
DeeO c*i
M ae
M at

88*4 J’iy 93 4 M ay
57 Jan 10 50 A u g 6 3 4 Debi
95 Jnn'23 9 2 14 NV>\ 99 S ep I
113 4 Jan 10 1014 Jan 119 4 S e p !
1734 M ay 3 15 May- 152 4 J a n '
102a4 Jan 16: 99 4 Dec ,10634 F e b
2 4 Apr 8
2»4 Jan!
:,4 Dec
12*4 A p r 8
5 4 Dec 1 7 4 Jan!
30 F e b 14 28 D cc 42 M u

3 2 4 Jan 24

3 2 4 Jan 24

1 6 4 A p r 15

20

Jan 22

2934 J ’ne
784 J ’ly
14 4 M ar
3 4 J ’ly

44^ Feb'
144 M ar
20°a N o t
4*8 00*1

Chicago Banks and Trust Companies

100
1014
t " " "

H ig h

Range to r Pretnou*
Y ear (1 9 0 6 ) '

R ange to r Y ear
iy<>7

Sales
or the
Week
Share*

Outstand­
S u rp lu s <£
in g
In
ProHts\
Stockt
1905'
$2,000,000
100,000
600,000
o3.000,000
4.000.000
50.000
3.000.000
200,000
600.000
200,000
600,000
8.000.000
150.000
500.000
1,000,000
500.000
1.500.000
200.000
300.000
250.000
2,000,000
1.500.000
1,000,000
200.000
50.000
100,000
250.000
co00,000
250.000
200.000
300.000
1,000,000
250.000
200.000
200.000
3.000.000
2.000.000
n 500,000
0,000,000
50.000
600,000
200,000
1.500.000
2,000,000
1.250.000
4,500 000
200,000
200,000
3.000.000
750.000
1.500.000
200.000
200,000
fc700,000
500.000
200.000
1.000.000
1,000,000
200,000
200,000

D iv id e n d R ecord
in
1906

Period

L a s t P a id
%

$1,263,311
8
8
Q-J J ’ly ’ 07, 7
§3-1,849
A d. Deo ’ 08,
5
5!
06,
10
}140,908
J -J J ’ly ’07, 5 I
10;
4.233,317 12
12.
<i-J J ’ly ’07, 3 ,
3,065,021
8
8
(i-J J’ly ’07, 2 |
47,474
6
6
Q-J J’ly ’07,
4,764,477
12
12
y -J J ’ ly ’07, 3
37,451
6
6
J ’ly ’07, I I *
356,072
8
8
y-.T J’ ly ’07. s
33,011
3
Q-J J’ ly ’ 07, 11*
84.215 Began busin ess Oct 16.1906
7,459,753
12
12
Q-J J ’ly ’07, S I
155,3 J6 10
1 0+ 1 0 U-J J ’ly ’07, a>»
631,541
P r i v ate Ba Ulv
386,439
6
6
Q-J J’ly ’07, 2 -4
181,898
F -A J ’ly ’ 07, 2 «*
1,123,683
10,
Q-J J ’ly ’ 07, ‘2 j
107,770
53,623
q ’- f A u g ” ’ (i*7t' 1 I
77.396
Jao. Jan ’ 07,
1,227,139
6
Q-J J ’ly ’07, 2 j
384,392 Began bnsin ess Keo 5, 19073
1,388,398 12+3 12+3 Q-J J’ly ’07. 3 n
56,367 Bejran busin ess Dec 8 ,1 9 0 6 i
45.215
6
6
Q-J J ’ ly >07, l V
§34,325
6
6
Q-J J ’ly ’07, I'm
69,148
109,531
8
1138 Q-J j*’i y " o 7 V a T
15,019 Began busin 68 S J u iy 3, 1906
73,897
4
5- Q-J J ’iy ’ 07. !>*;
100,375 O rga n ized Oct 12, 1906
1,123,423
8
8'
Q-J P ly ’07, 3
150,239 N o n e
42,316 Began M a y 1, *1*9*0 5*.*..........
56,997 N o n e
Q-J J ’ly ’ 07, 1%
6
2,51-3,137
8.
y -J J ’ly .’07, 8 |
990,953
7 ; y - j P l y ’07,
54
w.91,036
*1220313
Q-J j"’ ne*"’6*7," *i V
§6,198
543,505 5 + 5
10'
Q-J J’i y * ’0*7*,**2%,
6
78.340
6
Q-J J ’ly ’07,
41,071 O rgan ized A p r 3 1907
1,219,427
347,256 B egan busin ess Feb *4**1907
8,027,598 12 + 4 12+4
A u g ’07, 1
§35,437
q "j j ’ly ’ 07, l» w
Q-J J ’ly ’ 07, l
28,157
12
4,462,542
12
y-J J’ ly *07, S r;
355,601
6
Q-J j ’ ly '07, 1 %
0
1,812,053
8
8
y -J j ’ly ’ 07, 3
40.397 O rga nized J’ly 28, 1906
60,752
185,701
8
-J J ’ly ’07, 2
Q-F A u g ’ 07, 2
566,508
8
§5,300
porate d M arch, 1905
1,031,808
315,084
6 + 1 Q-J J’ly ’07, 1 4
31,927 Began busin ess Sep 5, 1906
§25,743
6
Q-J J ’l y ’ 07, 11J

Q-J

||D ividends a re paid Q-J, w ith ex tra paym ents Q-F. U In clu des special d ivid en d o f 30% paid Doc. 18. 1906.
* B id and asked prices; no sales
,«nade on this day.
T N o p rice Friday; latest price this w eek. <i Due Dec. 31. a Due June, c C apital in crea sed Jan. 1.1907 from $250,000, a cash d ivid en d !
'ot 30 par cen t Deinp’ declared and to be taken as pa rt paym en t fo r n ew stock,
b Due Ju ly,
fc Capital in creased from $300,000, a stock divid en d o f 331a'
(p. c. b ein g declared m pa rt paym ent therefor.
n Capital and surplus to be Increased.
o C apital in creased from $ ‘2,000,000 and .$‘2 ,000,000 a d d e®
urplus,
t A u g . 2*2 fo r N a tio n a l Banks and A u g 20 ’07 fo r S tate in stitu tions, e x cep t those design ated by a (§ ), w b icli are o f M a y 20 and M a y 21, respect*
veiy* ic A 3 o i j u iy I, iyo 7 *
~
^

S




BOSTON STOGK E X G H A W 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
Aug. 31

M onday
Sept. 2

Tuesday
Sept. 3

Wed.iesday
Sept 4

Thursday
Sept. 5

F r it ay
Sept. 6

STOCKS
B O S T O N b 'i'O C K
KXCHANGE

j Sates
o/ the
j Week
' Shares

.................... ....................................................................... LABOR DAY......... .......................... - ........... - ........... - ........... -......................................

...... EXCHANGE CLOSED—EXTRA HOLIDAY.... - ...........

,

,

,

,

,

« Before pay’t o£ assess'ts called m 1907.

* Bid and asked price*.

A H*w stock.

• A W t paid.

A Ex-rights,

Highest

Highest

R ailroads
53
83% A u g 20 107i2 Jan 7
87
8714 8714 *877s .88% A tc h T o p & .Santa F e . 100
*87% 8778 87
89 A u g 13 10l3g Jan 8
D o p r e f- ................. 100
Last Sale 89>4 Augo;
*9012 9 If 2 *901, 911,
213
’
"25
J ’ly 9 240 F eb 7
B
oston
&
A
lb
a
n
y
____
100
*213
215
213
2131,
213 213 *213 215
236 129 Aug24 152 Jan 2
130
130 Boston E le v a te d _____ 100
130 130
130 130
*129 130
9 200 J ’ ne 19 231 Jan 7
Boston & L o w e ll_____ 100
210
210
208 208
44 152 Mch 14 170 M a y 8
155
155 B oston & M a in e ______100
156 156
Z156U 1561j * ____ 158
158 M a y 4 165 Jan 3
D o p r e f____________ 100
* ____ 160
Aug07
Last Salt 160
*294% J ’ne21 301 F e b 25
*
Last SaU 297
Aug07 Boston & P r o v id e n c e . 100
297 * ____ 297
8 J ’ly 1
15 Feb 16
Boston
Suburban
E
l
Cos.
____
____
14
14
*10
15
*10
15
50 A u g 8 65 Jan 15
D o p r e f--------------------Last Sale 50
Aug07
52
*48
52
*48
2834
Jan 2
A
u
g
15
560
19I4
Boston
&
W
o
r
E
lec
C
o
s
..
1934
1934
1934
19%
19%
191,
1958
19%
80 Jan 23
16 65 Sep 4
D o p r e f________________
____
*
70
65
65 * ____
70
136 135 A u g 26 160 Jan 17
____ ____ *135
136 Chic June R y & U S Y .1 0 0
136 136
135 136
____
1 109 Sep 5 120 Jan 2
D o p r e f____________ 100
109 109
18414 A p r 25 188 Feb 13
Last Salt 184% Apr07 Con & M ont Class 4 ..1 0 0
152 J ’ly 17 156 Mch 11
July07 Conn & Pass R l v p r e f. 100
Last Salt 152
A u g 12 280 Jan 8
250
Connecticut
R
iv
e
r
___
100
Last Salt 250
Aug07
120 J ’ne 15 135 Jan 9
124 124
125
125 Fitch b u rg p r e f _______ 100
*124
*122
J ’ne 1 114 Mch 22
675
Ga
R
y
&
E
le
c
tr
ic
____
100
Last
Sale
78
Aug07
*78
*78
80”
80*
88 Mch 7
80 Sep 6
D o p r e f___ _________100
*80
83
80
80
*80
*82
83
83
190 A u g 17 198 Jan 11
_
Last Sale 190
Aug07 Maine C en tra l________ 100
20i2 Jan 9
A
u
g
12
12
639
Mass
E
lec
tric
Cos____
100
121
1212
121,
121,
*13
1334
"w U ’l V
711? Jan 9
50 A u g 23
39
D o p r e f____________ 100
51
51
51
5112
52
52
51
51
2534 Jan 2
1934 Mch 9
Last Sale 1934 Mch07 M exican C en tra l_____ 100
*193g 20 % *1814 1914
190i2
Jan 2
A
u
g
26
158
N
Y
N
H
&
H
a
r
t
fo
r
d
100
15912
1
6034
1591,
160
160 160
15812 160
152 May23 160 " J a n 8
Last Sale 152
May 07 N o rth ern N H ________ 100
222 A p r 23 226 F e b 2
Last Sale 222
Apr07 N o rw ich & W o r pref-100
185 Aug21 200i4 Jan 7
* ____ 187
186 Old C o lo n y ................. 100
186 * ____
186 186 * ----52 Jan 16
5 J ’ly 31
Pere M a rq u e tte _______100
8
8
57 Jan 18
29 A u g 28
D
o
p
r
e
f____________
100
Last
Sale
29
Aug07
*30~
*30
33
*33”
26 J ’ne 5 45 Jan 24
Last Sale 30
Aug07 R u tlan d p r e f_________ 100
82 A u g 7 94 Jan 21
* ____
Aug07 S eattle E le c tric _______ 100
Last Sale 82
80
80 * ____
44
93 A u g 20 103 Jan 7
D o p r e f____________ 100
95
97
97
95 * ____
95
95 * ____
1287g 1287s 132% 132% 132% 133% U nion P a cific . . ......... 100 1.090 12214 A u g 14 1821, Jan 7
129 129
93 Jan 15
81% A u g 20
]
D o p r e f____________ 100
877g
877g
*801, 8U 2 *8012 81l2 *80l2 81%
V erm o n t & Mass______100
5<> 150% J 'ly 22 170 Jan 30
160 160
160
160
100 84 J ’ ne 19 95 Jan 25
8512 85
8512 W est End S t............... 50
*85* 86 ”
85% *8*5% *85
99 J ’ne28 110 Mch 4
25
D o p r e f____________ 50
100 100
100
100
100 101
140 A u g 28 147 Jan 15
Last Sale 140
Aug07 W ore Nash & R o c h -.lO O
M iscellaneous
15 J ’ ne 5 26 Jan 8
30
18 A m er A grlcu l C h e m .. 100
18 * ____
I 8I4 I 8I4 * ____ 18 * ____
78 J ’ne 10
95 F e b 7
D o p r e f____________ 100
7
* ____
8214 8214 *80
83
*80
84
84
1434 Jan 8
414 A u g 26
581
412
5
412
412 A m er Pneu S e r v ic e .. 50
47g
4%
412
5
33
Jan 8
11
A
u
g
17
D
o
p
r
e
f____________
50
953
*1U
2
12
11
11
1134 12
1134
11
98' 109 A u g 15 13714 F e b 11
115I4 A m er Sugar R e fin ____ 100
114 114
114 11434 114 1141, 114
13134 Jan 16
116
Sep
6
D
o
p
r
e
f____________
100
511
116
117
I
I
6I4
117
I
I
6I4
I
I
6I4
H 6I4 11714
107 A m er T e le p & T e l e g . . 100 1,52c 10334 A u g 12 134ioJan 2
107U 1073. 107 10712 107 1081, 107
22 A u g 14 36I2 Jan 7
Last Sale 2214 Aug07 A m erican W o o le n ____ 100
*2234 2312 *23
24
85 A u g 13 1021, Jan 8
D o p ref. ................. 100
'487
887g
89
88i2
88l2
873
4
8712
8712
88I4
4 “ Jan 15
3 Mch28
Last Salt 31,
May07 Boston L a n d _________ 10
*312
4
*312 4
Cum berl T elep & T e l . 100
~2< 102 A u g 12 115 Jan 10
102
102
102
102
*10112 103 * 10112 103
25
F e b 19
1634
Mch
26
____
____
D
om
inion
Iron
&
S
t------20
(
22
22
*221, 2312
914 Jan 3
6 Sep 4
201
*”’
____ East Boston L a n d _______
*6
678
6
67*
6
200 A p r 12 230 Jan 7
22'
204
204 Edison E lec Iliu m ____ 100
205 206
205* 20512 205 205
8‘ 12OI4 A u g 26 162 Jan 24
12812 12812 12812 12812 General E le c tric _____ 100
127U 129
497g A u g 26
36
66% Jan
____
51
52 M assachusetts Gas Cos 100
"s ir 2 *51% *52
5112 52
8612 A p r 20
7934 Sep 4
321
D
o
p
r
e
f____________
100
80
80
81
81
80
801,
79^< 80
f 199 Jan 2 215 Mch 1
206 M ergen thaler L in o ___ 100
*206
____ 206
*20512 206 *206
434 Jan 19
2 J ’ne 3
31
____ M exican T e ll p h o n e __10
2
2
* 112 2
*U 2 2
46 J ’ne 3
75 J ’ly 29
4\
67
67 N E C otton Y a r n ____ 100
67
67
68
68 * ____ 69
84 May29
90 Jan 12
D o p r e f____________ 100
____
85
85
85 *
88 * ____
5r 108 A u g 6 126 Jan 7
108
108 N E T ele p h o n e_______ 100
108 108
*107 108 *107 108
l-n 153 A u g 20 182 Jan 7
156l2 1561, 157
157 Pullm an C o ___________100
157 158
156 157
11 Jan 10
61
x9U A p r 5
97g
97g R eece B u tto n - H o le .. 10
*934 10
*934 10
*934 10
,10 Jan 16
299 101l2 A u g 20 113
10334 10334 104
105 S w ift & C o____________ 100
10312 1033. 10331 104
221, Jan 12
20 J 'n e i3
Last SaU 20
Aug07 T o rrln g to n Class A ___ 25
*191, 201 , *191, 201
247g M ay 8 271? J ’ ly 26
” 40
D o p r e f____________ 25
____
271, 271, *251, 271? *25l2 2712 ____
Jan 24
li4 A ug 2
* 112 2
* 11,
Last Sale 11,
Aug07 U nion Cop L ’d & M ’g . 25
2
. . 6
I I 5I4 117 U n ited F iu lt ............... 100 1,904 IO334 Mch 11 117 Sep
109
110
109 IO9I4 1101, 115
Jan 2
40 A u g 15
4234
4234 U n Shoe M ach C o r p .. 25
58'
43
42
4212 42
4U2 421,
4
29
Jan
247*
A
u
g
15
182
D
o
p
r
e
f____________
25
2534
26
26
26
26
2512 251,
26
50% Jan 7
2912 A u g 15
3214
33 U S Steel C orp_______ 100 5.536
3134 32
31>4 32
31% 32%
10734
Jan
7
91
A
u
g
15
D
o
p
r
e
f____________
100
574
94%
9412
95U
96
9512 9512 95
9512
„ Jan 12
5 Mch 25
Aug07 W e s t T ele p <5c T e le g . .100
Last SaU 512
*512
*5i2 - . .
82 Jan 17
61 A u g 28
D o p r e f____________ 100
* ____
6212 6212
67
67 * ____
67 * ____
781, Jan 18
69 A u g 27
Last Sale 69
Aug07 W estin g E l <fc M fg ----50
80 ” F e b 28
76 M a y 6
D o p r e f____________ SO
Last Sale 76
May07
M in in g
> Feb
2 J'n e 5
612
*212
234 A d ven tu re Con_______ 25
265
234 2*4
*2 l2 3
2l2 2l 2
32 A u g 15
74UJ Jan
35
3512 3512 A llo u e z ________________ 25
34
35
35
35 * . .
35
Jan
121
6512
A
u
g
15
A
m
a
lga
m
a
ted
Copper
100
27.672
7034
731s
72
7312
73%
71% 7414
7112
29 A u g 13
53 Jan
150
29
2912 29
2912 A m Zin c L ea d & S m . . 25
30
*29
29l2 30
4334 A u g 16
75 F eb
A n a c o n d a ____________ 25
15
457$ 4638
48
48
4i2 J'n e 4
15%, Jan
780
5
5 A r c a d ia n _____________ 25
5
5
512
5I4
514
5U
14 A u g 17
28i2. May
390
18l2 A rizo n a C om m ercial- . 25
1512 1512 17l2
1734 1734 *16
17
2 Jan
12 A u g 30
Aug07 A r n o ld ________________ 25
Last Sale 12
11, Jan
i 2 May29
Last Sale l2
Aug07 Ash B e d _______________25
8i2 A u g 15 22 F eb
1.210
1312
1312 A t la n t ic ------------------- 25
1334
1314
13
1314 13l2 13
1212
Apr
B
alaklala
tem
p
c
e
r
tfs
----618
A
u
g
15
2,017
73S
712
712
714
714
734
734
7»*
934 A u g 14
37 Jan
467
1112
12 B in gh am Con M in & S 50
12
1212 121
12
11% 11%
10
.40 j ’ly 13 .80 Jan
Last Sale .40
July07 Bon an za (D e v C o )—
.50
*.40 .50 *
18 A u g 15 33U Jan
21
21I4 217g 21% B ostonC onC& G (rets) £1 l",6i6
201 2118
21% 22
17l2 A u g 15 39ig Jan
20
203g B u tte C o a litio n --------- 15
4.885
207*
20
20
1914 20
21is
142
146 Calum et & A r iz o n a - _ 10 1,357 142 Sep 6 198 F eb
153 153 *145 147
153 154
62
700
Sep 6 1000 * e b 1U
Calum
et
&
H
e
c
la
------25
700
700
705 715
720 720
720 725
47 F e b 18
197g A u g 15
22
22 C entennial____________ 25 1,405
22
221 ?
22
22
221
23
275 .35 Mch26 .52 Jan 19
.40
43 Cons M ercur G o ld -----1
* 40
.42
*.40 .42
*.40 .43
105
Jan 14
5734
A
u
g
20
6634 66%
6712 Copper R a n ge Con C o . 100 9,164
661, 68I4 66I4 6712 65
13i2 A u g 19 201, Jan 23
396
15
15 D a ly -W e s t____________ 20
1334 14
1312 1412 *1334 1412
701? Mch 2
45 A u g 13
Last Sale 50
Aug07 D om in ion C o a l _______ 100
98 A u g 23 114 "J a n 12
D o p r e f____________ 100
Last Sale 98
Aug07
4ig Jan 10
II4 A u g 14
Last Sale H4
Aug07 E lm R iv e r ____________ 12
2
2
* 1%
*114
912 A u g 15 2914 Mch 1
685
10
10
F
ra
n
k
lin
_______________25
1034 I I I 4
10
IOI4
11
III4
99 A u g?4 151 F e b 8
150
___ 100% 100% G ran by ConsolIdated-100
100 100
99 100 *100
% Apr 8
11% 11% Greene-Cana tem c tfs ------ 13,451 l lig A u g 15 1 7514
1214 12%
12
I 2I4 11% 12
Jan 11
234 A u g 16
300
3
3
Guanajuato Consol___
5
13% A u g 15 36i2 Jan 14
18 Isle R o y a le (C o p p e r). 25 2,985
161, 1712 16i2 18l2 1712
1612 17%
30
Feb 8
10
A
u
g
10
1.327
1212
12
%
L
a
S
alle
C
opper--------25
121
12U
121,
13
13
13
41, J ’ ne 3
9I4 Jan 10
185
434 Mass Consol___________ 25
41,
412 * 4 %
*434
412
4%
5
134 Jan 24
.50 “ A p r 5
Aug07 M a y flo w e r ____________ 25
la s t Sale 912
*.55 .65
*.55 .75
1514 Jan 24
x8U A u g 15
’ 41
9l2
934
91,
9I4
9% M ex ico Cons M & S ---- 10
91*
9I4
914
24i2 Jan 15
1034 A u g 20
230
12
12
M ic h ig a n _____________ 25
12
12
12 " 12 » 12U I 2I4
56!>
64 A u g 15 96i, Jan 14
6812 69% M o h a w k_______________ 25
69
70
7012 6934 6934 68
1J4 Jan 18
31, M ay 7
100
*2
____ M ontana Consol C & C 10
*2
____
*2
2
2
10i2 A u g 15 20i2 Jan 16
*1034 T l " * 10% 11
Aug07 N e v a d a Consolid ated - 5
Last Sale 11
120
Jan 5
9.919
60
A
u
g
15
N
o
rth
B
u
tte__________15
r63
64
6534 67
6334
66
66
64U
2i , Jan 4
*
1 Mch 14
Aug07 Old C o lo n y____________ 25
Last Sale 1
U4 *
1%
63 " F e b 14
4*.094
27U A u g 15
29
29% O ld D o m in io n ________ 25
' 30% 3114
29% 30l4 28U 2914
908 100 A u g 15 181 t e b 21
105 106
105U 107 O sceola________________ 25
105 107
107 112
1212 A u g 15 35 Jan 14
375
1434 15
15
15 P a rro t (S ilv e r & Copp) 10
15
15
15
15
f3 Jan 26
1 Jan 5
*
Aug07 P h o e n ix Consolidated 25
Last Sale 1
1 * ____
1
89
90 Q u incy _______________ 25
87 A u g 28 148 F e b 6
l'.605
z 8 8 i2 90
88
88
8812 90
334 A u g 15 «1234 Jan 15
4
4 R h od e Is la n d ------------ 25
810
41,
4
4l2
414 *4
4U
7i, Jan 8
2 A u g 15
2%
2% Santa F e (G old & Cop) 10
545
* 2%
2%
2l2 212 * 21,
2%
12U A u g 15 24% Jan 17
4.228
I 4I4 14% Shannon------------------- 10
1412 1434
14% 1434
14
14%
73 Sep 5 170 Jan 14
100
74
75 T a m a r a c k ----------------25
80
73
75
*77
77
77
42i4 Jan 24
147* Mch26
1.890
16%
16% T r in ity ------------------- 25
1612 1634
167g 167g
17l2 17%
7714 Mch 7
5284 A u g 27
Last Sale 53
*521, 54
*5212 5312
Aug07 U n ited C opper---------- 100
67 Mch 15 91 M a y 1
82
82
D o p r e f................... 100 l’ i i o
82
84
84
*80
81
81
1314 Jan 22
834
A
u
g
20
9%
934 U nlted S ta tesC o a l& O ll 25 1,69(j
9
9U
914
914
914
914
70 Jan 2
3534 A u g 15
3934
40 U S S m elt R e f & M in . 50 2.788
40
40
3912 4012 3912 41
49
Jan 7
38
A
u
g
12
Do
p
r
e
f
.
.
.............
..
50
2,299
40
40
40
40%
39U 39%
3934 4014
79 Jan 14
35I4 A u g 17
43 U tah C on solid ated ___
5 l.
43
431,
42U 43i2 427g
44% 441,
51, A u g 15
11% F eb 27
*5%
6% V i c t o r i a _______ _______ 25
590
6
6
6
6
6
6i;
1 M ayzl
3i2 Mch 6
Last Sale 1.06% July07 W a s h in gto n ___ _______ 25
14 “ Jan 23
5 Aug 9
2,250
83S 8%
8
8 W i n o n a ________ ______25
«7
7U
8
8%
245 140 Sep 6 198 Feb 11
140
142 W o lv e r in e ___ _______ _ 25
14212 144
142
144
144 144
3S„ Jan 00
155 .90 A u g 14
*34
I
1
I
1 W y a n d o t ______________25
1
1
I

,




Range Jor Previous l eaf
(1900)

Range ]or Year
1907

a Ex-dlv. and rights,

86I4 J ’ ly
z97'« Dec
239
Dec
147 A u g
230 Dec
100 Dec
104 O ct
2991, Dec
13 N o v
63 Jan
25 Jan
721, Jan
156 ” O ct
U 7 i2 J 'ly
18734 N ov
158 O ct
285 Oct
132 O ct
95 Jan
89 Dec
197 Mch
17 Jan
591, Jan
21% A u g
190 J ’ly
155 Sep
228 J ’ly
198 Dec
53 Sep
50 Jan
471, N o v
65 Jan
95 Jan
1391’ M ay
91 “ M ay
170 Sep
92 Dec
107 Sep
150 Feb

11012 Sep
105% Jan
257U Feb
160 Jan
2461, A p r
1801, A pr
175i2 Mas
3141, A p r
27% Feb
75 Feb
391, A pr
90 A p r
182 Jan
127 Jan
190 Mch
163 A p r
298 A p r
145 Jan
107 A p r
95 Jan
200 D ec
23 J ’ne
75 J ’ne
28% D ec
207U Jan
163 Feb
2331’ Mch
210 Jan
531, O ct
65 O ct
64 Jan
99 O ct
106 Feb
195 Sep
9934 Jan
178 A p r
101 Jan
1161, A p r
150i» Feb

21 J ’ly
90 D ec
10i2 Dec
26 A u g
128 M ay
130 Dec
128 J’ly
28 N o v
10034 Dec
334 Jan
115 J ’ly
2134 N o v
5% Jan
225 Dec
157 D ec
44 M ay
841, Dec190 " Mch
3 Jan
27 Mch
80 Mch
126 Dec
180 D ec
91, Jan
IO134 J'ne
2214 Dec25 J ’ly
2 J ’ne
IO3I4 M ay
x60i2 Dec
28% Dec
3234 J 'ly
99 J ’ne
8 Nov
79 N o v
7334 O ct
75 N o v

34 Jan
102 Jan
29 Mch
46 A p r
15678 Jan
141 Jan
1447g Jan
4734 Jan
11034 F eb
4 1, J ’ne
I I 834 Mch
34 A p r
10 A u g
250 Jan
184 O ct
6434 J'n e
90 Sep
210 Dec
534 Sep
60 N o v
90i4 N o v
14112 A Pr
2681, N o v
l l “ Dec
120 Sep
23 Feb
27!, N o v
51J D ec
1133i M ay
86% Feb
32% J iy
50ig O ct
113*8 Feb
171, Jan
98lS Jan
86 Feb
98 Jan

41, Dec
3 n j J ’ ly
92ij J iy
8% A u g
571, M ay
2% J ’ly

81, O ct
55‘ 4 g e e
118 Feb
d45 D ec
74 F eb
1514 N o v

~7g J'ne
.90 Sep
1034 M ay

214 D ec
134 J ’ly
28i4 Jan

' 25' * J ’iy
.45 M ay
20% Mch
25 J ’ly
107 J 'ly
675 M ay
i7 i2 J i y
.35 Dec6634 J ly
14 Alch
611, Oct
113 " N o v
11, J ’ly
141, M ay
131 “ Dec

49% Feb
.90 O ct
353g O ct
42 O ct
184 D ec
900 Dec
40tg Dec
.70 Jan
861, Jan
211? N o v
84 * F eb
122 Mch
31, D ec
26% Sep
140 D ec

41, Jan
15i2 J iy

7ig Jan
293S Jan

■~6U j ’ ly
.40 J ne
13 N o v

'i2 ig 'ja n
It , Jan
143? D ec
221, Dec
85 " D ec
71, Feb
23% O ct
117i2 O ct
2lg Dec
6634 O ct
151 D ec
48 Jan
258 Dec
114 Jan
9ig D ec
5% N o v
187g N o v
122 Jan
201, Dec
78 Feb
111 F eb
14% Mch
66 Jan
477* Sep
6934 Jan
914 Mch
21, Dec
loi? O ct
190 Dec
234 Dec

1034

54I9 Mch
1*5 P ec
11 J an
7434 Mch
70 J y

3
3
03

Mch
2234 J ’ ly
60 M ay
80 J iy
314 j ; j y
1% J *y
534 Jan
90 J'ne
734 J ’ne
5714 M ay
88 Jan
914 Sep
51 Mch
43 Mch
52i4 J ’ne
57g N o v
.60 Jan
4 J ’ly
131 Jan
.70 J ’ ly

b Ex-stock dividend .

j_.

S e p t.

Boston Bond “Record.

7 1907.]
P ric e
F rid a y
Sept 6'

BO S TO N STO CK E X C H ’ GE
W e e k e n d in g S e p t 6
A m B e ll T ele p h o n e 4 s___ 1908 J -J
A m T e le p <fe T e l coll tr 4s. 1929 J-J
A m W r it Pa per 1st s 15s g 1919 J -J
A tch <fc N e b ra sk a 1st 7 s ..1908 M-S
A ten T od & S F e gen g 4 s.. 1995 A-O
A d ju stm en t g 4s___ J ’ ly 1995 X ov
Stam ped ..1..........J ’ly 1995 M-N
Boston E le c t L ig h t 1st tis. 1908 M-S
Consol 6s........................1924 M-S
Boston & L o w e ll 4s..........1916 J -J
Boston <* M aine4*2S........ 1944 J-J
Boston T erm in a l 1st 3*23.1947 F-A
Bur «fc M o R iv ex 6s..........1918 J-J
N on -exem pt 6s.............. 1918 J-J
S in k in g fund 4s.............1910 J-J
B n tte A Boston 1st 6s___ 1917 A-O
Cedar Kap «fc M o R 1st 7 s .1916 M-N
2d 7 s ................................1909 J-D
Cent V erm t 1st g 4 s ..M a y l9 2 o Q-F
0 B & Q Io w a D iv 1st 58.1919 A-O
Io w a D iv 1st 4 s .............1919 A-O
D ebenture 5s..................1913 M-N
D en ver iSxten 4s........... 1922 F-A
Nebraska E x te n 4 s .......1927 M-N
B <fc S W s t 4s................ 1921 M-S
Illin o is D iv 3 %8............. 1949 J-J
J o in t bonds See a t N o rth ern
Ohio j c Ey & Stk Y d s 5s .1915 J-J
Coll tru st re la n d in g g 4sl940 A-O
Ch M il & St P D ub 1) 6s.. 1920 J-J
Ch M dfc S t P W i8 V d iv 6sl920 J-J
Chic & N o M ien 1st gu 5 s .1931 M-N
Cliic & W Mich gen 6s___ 1921 J-D
Conoord & M o n t cons 48..1920 J -I)
Conn <fc Pass l i 1st g 48... 1943 A-O
C u rren t R iv e r 1st 5 s ......1 9 2 7 A-O
D e t G r R a p & W 1st 4 s ... 1946 A-O
Dom inion Coal 1st 8 1 5 s ..1940 M-N
Fitch bu rg 6 s ..................... lilO f M N
4 s .................................... 1915 M-S
4 s .................................... 1927 M-S
Frem t E lk & M o V l e t 6s.. 1933 A-O
U nstam ped 1st 6s..........1933 A-O
G t N o r C B <fc Q colt tr 4s 1921 J-J
R e g istere d 4s..................i« 2 1 Q-J

Range
Since
J a n u a ry 1

Week’ s
Range or
Last Sale

Bia
A Sic Low
H in h
97’
98
97 78
9 7'
80 Salt£0
80
1182 J ’ ne’ O
104 M a r’ 06
94
9434 A n g ’ O
86
H37-\ M ay’ ll7
84
85% J’n e’07

82 % 3alc

Illin o is Steel deben 5s___ 1910 J-J
N o n -con vert deben 6 s ...1913 A-O
la Fails <feSioux C is t 7s.. *917 A-O
Kan C Clin & Spr 1st 5 s... 192" A-O
94*4 i i o i 3* Kan C F t S <fe G u lf 1st 7s.. 1908 J-D
Kan G F t S cott & M 6s___ 1928 M-N
H87% 92
85% 9 l 34 Kan C M & B gen 4 s..........1934 M-S
A ssen ted incom e o s ...... 1934 M-S
K an C & M B y & B r 1st 5sl929 A-O
M a in e Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s ................... .1912 A-O
M arq H ough & O nt 1st 6s. 1925 A-O
L0o 34 107% M exican C entral cons 4s.. 1911 J -J
ls t c o n s in c 3 8 ..........Jan 1939 J ’ ly
‘. d cons in c 3s..........Jan 1939 J ’ ly
M ich T e le p ls t 5 s.............. 1917 J- J
M in ne Gen E lec con g 5s 1929 j - j
N e w E n g Cot ya rn 5s___ 1929 F-A
N e w E n g T elep h 6s..........1908 A-O
82 Hi 90
5 s ................................... 1915 A-O
5s......................................1916 A-O
98% 100%
MOO %1100% .Sew E n gla n d cons g 5s... 1945 J-J
Boston T e rm 1st 4s.......1939 A-O
977a 99s,
N Y N H & I I con deb 3 %s 195H J-J
97 4 * 97 *2 Old Colony gold 4 s ........... 1924 F-A
90% 91 H/ Ores; R y <fc N a v con g 4 s ..l9 4 6 J-D
O reg Sli L in e 1st g 6s.......1922 F-A
100 102 % Repub V a lle y 1st s f 6 s ...1919 J -J
Rutland 1st con gen 4% s.l941 J -J
94 *2 95
Rutland-Canadian 1st 4sl949 J-J
Savannah Elec ls t c o n s 5s.l 952 J-J
S eattle E lec 1st g 5s........ 1930 F-A
97 *2 100
i'e r r e H a u te E lec u 5s___ 1929 J-J
100%102
fo rr in g to n 1st g 5s..........1918 M-S
99
99
Union P ac R R & 1 g r g 4 s . 1947 J-J
1st lien conv 4s.............. 1911 M-N
89
90
u n ited F ru it co n v gen 5 s.l9 1 1 M-S
U S Steel Corp 10-60 y r 58.1963 M-N
93 100
W est End S treet R y 4s___ 1915 F-A
98
98
G old 4 >28......................... 1914 M-S
G old d eoen tu re 4s..........19161M-N
Gold 4s.............................1917 F-A
W estern T ele p h & T e l 5s. 1932 J-J
88% 97% W isconsin Cent 1st gen 481949 J -J
W iscon sin V a lle y l s i 7 s..1909 J-J
907g 96

101

95 F e b ’ 07
122 A p r ’06
126 F e o ’ 05
98% b»7 Vj J ’ ly ’ 07
99
lo o <2 J’ ly ’ o.
99 M a r’ 07
112% Jan ’ 03
104 N o v ’06
89 M a r’07
93 A u g’07
98 A p r '07
103 *8 A pi ’ 05
10'J M ay’ 07
13434 N o v ’ 00
140 A p r ’ 05
90 34
913*
saie
........ 92 A u g ’ 07
90

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

91 ^
9 0

P ric e
F 'rid a y
Sept H

Low H ig h
96% 9*3g
79
90%
U82 H83

110 P’e b ’ 04
101 S e p ’ 06
114 M a r’ o6
112% Jan ’ 03
1<i5'<4 J ’l y ’ 0
102 Sep ’05
993e Oct ’ 06
100 J ’ ne’ 01
123% N o v ’ 06
111 J ’ly ’05
82 %
83
109 M ay’ 05
9934 J ’ ne’ 07
1100%May’ 07
97% J’ ne’07
102% J ’ ne’ 06
97% MayM?
90 Si M ay’07

101

BO N l »
BOSTON STO CK E X C H ’S E
W e e k E n d in g S e p t 6

N o t e — Bu yer pays accrued in te rest in addition to the purchase price for all Boston Bonds.

Week’s
R ange or
Last Sale

Range
Nince
Ja n u a ry X

H ig h
B id
A sk Low
97 % 99
98 % J’ly ’ 07
97 % 99
97 ®8
97 5(.
122 l4 N o v ’ O'i
98 M ay’ 07
100 *2 A u g ’ 0 1
115
115
94 *2 D ec ’ 06
89 A u g'07
89
99 M ay’ i>7
113% N o v ’ 06
101% Sep ’ 115
118 AIh\’04
78*2 78 A u g ’ 07
26*2 ''o t ’Ot;
1734 A u g ’ o5

Low H ig h
98*2 « 8 H»
97 100**
98
98%
100*8 100 Hi
114 120
«»
99

85 Hi

102 *2 A n g ’ 04
94Hi A u g'07
IOO M a r’ o7
100% J a n ’ 07

94*2 100**
99*2 100
I00%100%

96*2 A u g ’ ti?
101 Hi Sep ’06
1102% Jail ’05
1121% M a r’ 06
102 A u g ’ u7
107 Hi N o v ’ 05
102 M a i'02
98H»May’06
98.
98
97, A p r ’ 07
99*2 N o v ’ 06
993a J ’l y ’ 07
1150 *8 A p r ’ 06
109
110*2
1194% U 9 %
100 Hi Jan ’ 07
10134 A p r ’ O,
1023s Jan '96
99 *2 M ay’ i>7
86 Aug'07
1194*2 S e p ’ 05
109% A u g ’ 05

98

85

* N o price F r id a y ; latest hid and asked.

92
101

96 >2 106*4

102

103

98
97

105
97

100% <!102
107 1 12*4
Ti9J%H99%
100*2 100%
1013, 102
99% 100*4
86
99

i F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S lm r e P r ic e s — N ot P e r C en tu m P r ic e *
Saturday
A u g u st 31

M ond ay
Sept 2

1 'uesaay

Sept 3

89
89
• 12% 17
*23 .......

•1 2
x48
3 178
9*8
*4
•15
•6
8L
59

PHILADELPHIA

........
43
32
9%
6
19*2
7
81
60 3«

Weanesuay
Sept i

89
89
* 1134 ........
*23
42

•47
48
313a 3*2
•9
9% ,
*4
6
*15
19 *2
* 634
6
*8 2 *2 ........
59*4 6 i

591ia
39
7%
15Hj
47%
41%
40 '■j
54
87%

59%
59% 69%
•3fc34
39
7%
7%
8
1634
15 Hi 15 Hi
4534
47% 48%
41*4 *41
42
40 "a •38
41
54% 54%
54*4
89
87 7s 89
28
........ 28

B id

A sk

in a c t iv e rstoci&H
A lle g h e n y V a l p r e t___ 5(J
A m erican C em en t.......5(i
A m e r P ip e M fg ........ 100
61
62
B e ll T ele p h o n e........... 50
Cam bria Ir o n .............. 60
44
4434
C entral Coal & Coke. 100
Consol T ra c ot N J ...1 0 0
6 8 3<
Diamond S ta te S te e l.. 10
P r e fe r r e d ............. ...1 0
SaBton Con L le c t ilc 6.50
E lec S torage B a tt___ 100
47
P r e fe r r e d ................ 100
F t W a y n e <fcW V .......100
Germ autow n Pa ss.......50
Indianapolis S t......... 100
In dian a U mon T r — 100
In su ra n ce Co o f N A . . 10
In t e r Sm P o w & Cliem.50
K ey ston e Telep h o n e ..5 0
P r e fe r r e d ................. 60
26
K eyston eW atchC ase.100
L it B roth ers................10
15°s
L it t le S ch u y lk ill..........50
09
M in eh ili & Schuyl H ..5 0
N H a ven Iron <fc S te e l. 6
N o rth ern C e n tra l........ 50 "87 \
N o rth P e n n s y lv a n ia ..50
P en n sylva n ia S a lt.......50
P en n sylva n ia S te e l.. 100
P r e t e r r e d ................ 100
99 S 99*4
P h ila Co (P it t s ) p r o f...60
4'%
P h il German <fe N o r r is .50 151
Ph ila T r a c tio n .............50
90
R a ilw a ys G e u e n il...... 10
4
Busqueli Iron <fc S teel.
T id e w a te r isteel..........i o
P r e fe r r e d ........... " ! l o
Touopali M in in g o f N e v l
11
ll 1
U nion T r o f In d ........100
U n ited N J R K < fcC ..100 240 % 24 2
■Unit T ra c P itts p r e f. . 60
46 H<
W a rw ic k Iron <fc s t e e l . l o
7 H.
7%
W e s t J ersey <fc S eatfh.60
62
63
W estiu orelaud Coal....50
W ilk e s <ias it E iec.,1 0 0

6ii

l'h u rs d ay
Sept 5

F rid a y
Sept 6

STOCMJS

'4 7
31 7e
9118
*4
*15

48
32
9%8

19*2
6%
82
82
59*4 60%

•47%
32%
'9
•4
19
6
83%
61*8

59% 59%
•39
40
7%
7%
14% 1 5 ‘2
47**.48%
•41.....42
•38%.41
54 *».5434
8734..88%
..........28

60
•39
8
1434
48%
*41
•38%
54%
88
•25
B id

lio n d a
A1 V a l E e x t 7s 1910 A-O
A l t & L V E l e c 1 Hi»’ 33.F-A
A m ttys con v 5s 1911. J -D
A tl C ity 1st 5s g ’ 1 9 .M -N
Balls T e r 1st 5s 1926. J-D
B e r g * E B rw 1st 6s’21 J-J
Beth le S teel 6s 1998.Q-F
C h o c * M e 1 s t5s 1949 J-J
Ch Ok & G gen 5 s ’ 19 J-J
Col S t R y 1st con 5s 1932
Con T r a c of N J 1st 5 s.’33
E & A 1st M 5s 1920 M -N
E lec & P eo T r stk tr ctfs
Eq I I G as-L 1st g 5s 192
H & B T o p con 5s ’ 25 A -u
Indianapolis R y 4 s .1933
In ters ta te 4s 1943 ..F - A
L eh igh N a v 4%s ’ 14.Q-J
R R s 4s g .......1914.Q-F
G en M 4%s g . l9 2 4 .y - F
Leh V C 1st 58 g ’3 3 ..J-J
Leh V ext 4s 1st 1948. J-D
2d 7s 1910.............. M-S
Consol 6s 1923.......J-D
A n n u ity 6s .............J-D
Gen cons 4s 2003.M -N
Leh V T ran con 4s ’33J-I)
N e w Con C a s5 s 1948 J-D
N e w a rk Pass con os 1930
N Y P h & X o 1st 4s ’39 J-J
In com e 4s 1939...M -N
N oO liioTrac conos’ 19.J J
Pen n ge~ 6s r 1910.. V a r
Consol us r 1919... V ar
Penn Ji M d Steel con 6s.
Pa <fc N Y Can 5s ’ 39. A O
Con 4s 1939........... A-O
Penn ste e l 1st 5 s ’ 17 M -N
j P eo p le’ s T r t r c e r t s 4 s ’ 43
! P Co lst<fc col tr 5.V49 M-S
C>.n<fecoltr 5s 1951 M -N I
P h il „ l e c gold tru st ctfs.!
T ru s t certifs 4s.............
P tte E gep M 5 g ’ 2 0 . a-O
Gen M 4s ir 1920..A<fe0l
1; E x-rights.

101

Range to r F r e v io u i
Y e a r(1 U 0 6 )

H igh est
33 Hi Jan 15 35 Jan 9
80 May29 85 Jan 10
86 M a r 14 97 Jan 26
13 J ’ly 8 2 3 % Jan 7
28 J ’ ne27 48 Jan 7
10 HaM a r 12 15 J ’ ne27

66
100

Lowest
35%
80
97
22
48
13

H ighest

Dec 41 J’ n *
Oct 90 J’ M
J ’ ly l i ; % Deo
Dec 32 Jan
Dec 62 Hi-I a s
Dec 19 J u

P h ila d e lp h ia
12 4 7 % A u g29 51 Jan 2 5034 Sep
48 A m erican R a ilw a y s .... 50
32 H. Cam bria S t e e l.............. 50 3,497 28 % A u g 13 47% Jan 24 3034 Jan
9% E le c tr ic Co ot A m e ric a 10
2O0 8t%e A u g lz l l :*b Jan 14 11 M «)
6 G en A sp h a lt tr c t t s ___ 100
4 M a y !*
6 Nov
S Jan 25
19
20
Do prel t,r ctts ....1 0 0
19 May21 36 Jan 25 31 1Jet
6 % Lake S uperior C orp___ 100
5 78 A u g 15 16 Jan 8 14% N o v
175
83S L em g li C <fc N a v tr ctts. 50
115 78 .Mat. 4 103 Jan 7 100 Dec
61 Hi L eh igh V a lle y ............... 50 3,868 5234 A u g i> 7 o 7sJ a n 5 65 May
1 M arsden C o................... 100
2 % J an 7 17ie Oct
13ie J ’ly <26
60 3, Pen n sylva n ia R R ........ 50 4,3b4 57uie A u g lo 70**18 Jan 8 61,(h J ’ly
40 Ph iia d elp ’ a C o (P it t s b ). 50
15 38 “2 Aug23 4 8 Jan 4 47 A p r
8 Philadelph ia E lectric^ . 25
7 *2 M a r. 4
74.
9 Apr 4
6 % Dec
15
Ph ila Rapid T r a n s i t }. . 50 6,7 (0
1434 Sep 6 { 2 6 % M ay 6 cl 9*4 Dec
49318 B e a d in g ........................ 50 43,068 42«16 A u g 15 69:V J a n 7 6 6 *h Ma>
Do 1st p r e f........... 50
42
8 . 40 aim>24 45-% Jan 14 43*8 A p r
Do 2d p i e f . . . ........ 50
41
13 36 % A u g 15 47 Jan 14 44% .Via>
5434 U nion T r a c to n ............. 50
802 53 M a rl4 603g Jan 22 58% Dei
883« U nited Gas Im p t.......... 50 5,552 80% M a r l4 96 % Jan 5 1181 Hi May
W elsbach C o ............. ..100
26
25 M ay 2 4 30 Feb 18 25 Dec
A sk

114
107%
102

io 'i*
94
105%

Range to r Year
1D07

Sales
0/ Uu
Week
Share*

B a lt im o r e
Con. Gas E l. L . & P o w .1 0 0
Do p r e l..................100
•88 ......... •8 8 % 89*2 N o rth ern C e n t r a l........ 50
13
13
seaboard (n e w )............. 100
•12 Hi........
Do 2a p r e f........... 100
30
*25
32*2 •25
U nited R y & E le c tr ic .. 60
*12% 12 Hs
12 H> 13

P H IL A D E L P H IA

* B id and asked prices; no sales on this day.




A C T IV E

(F 'o r Bonds and In a ctive
Stocks see below )

94Hi

60

108

943»
105"

P H IL A D E L P H IA

U A L I'l.M t » i t E

B ia

Ph & Read 2d 5s ’ 33. A-O
Con M 7s 1911.......J-D
Con M 6s g 1911....J -D
E x Im p M 4s g ’ 4 7 .A-O
T erm in a l 5 s g l9 4 1 .Q -F
P W & B col tr 4 s ’ 21.J-J
P ortla n d R y 1st 5s L '3 0 .
Roch Ry<fc l^cou 5 s ’ 54J J
U T ra c ln d gen 5s’ 19.J-J
U n 14ys T r ctfs 4s’ 4 9 J *J
U n ite d R y s I n v l s t c o l l t r
s i .>a 1026.............. M -N
U T r a c P it gen 5s ’ 97 J-J
W elsbach s f os 1930.J -I)
W lks-B G & E con5s’ 55J-J
H A L T H lD ltE
In a c t iv e fStocks
A la Cons Coal& lio n . 100
P r e l ......................... 100
A tla n ta & C h a rlo tte.. 100
A tla n Coast L in e RR.100
A tla n Coast L iCoun)100
Canton C o..................100
Cons Cot D uck C o rp ...50
P r e fe r r e d ................. 50
G eo rgia so u at F la . ..100
1st p r e f................... 100
2d p r e f.....................lo o
G-B-S B r e w in g ..........100

Chas R y G <fc E l 5s ’99 M-S
Cliarl C & A e x t 5 s.’09 J-J
'2(i 7s.............1 9 1 0 A-O
Citycfe Sub 1st 5 s ..’ 22 J-D
City<fc S u t)(W a s )ls t6 s ’ 48
Coal t& I R y 1st 5s ’ 20F -A
C o l& G rn v ls t6 s.l9 1 6 J -J
Consol Gas 6 s j..l9 1 0 J-D
6s ................ ...1939 J-D
Ga & A la 1st con 5s ’ 45 J -J
G a 1Jar & N 1st 5s g ’ 29 J -J
G eorgia P 1st 6s . . . ’ 22 J-J
GaSocfc F la 1st 5s 1945J-J
G-B-S B rew 3-4s 1951M-S
2d incom e 5s 1951 M -N
K n o x v T ra c 1st 5s ’ 28A -0
l^akeli E l 1st gu5s’ 42M-S
M em phis S t 1st 5s’ 45 J-J
M etw n W ash) ls t5 s ’ 25 F A
A lt V e r Cot Duck 1st 5s.
N p tN & O P 1st 5s’ 38 M -N
G en eral 5s___1941 M-S
N o rfo lk St 1st 5 s ’ 44..J J
N o rth Cent 4 %s 1925 A-O
Series A 5s 1926___ J-J
Series B 5s 1926___ J-J
P itt Un T ra c 5s 1997.J-J
Poto Val 1st 5s 1941..J-J
Sav F la & W e s t 5s ’ 34 A-O
Seaboard A L 4s 1950 A-O
•Seab
Roan 5s 1926. J-J
South Bound 1st 5s..A -O
U El L«fcP 1st 4 %s’ 29 M -N
Un R y & E l 1st 4 s ’ 49 M-S
In com e 4s 1949.......J-D
F u n d in g 5s 1VU6...J-D
V irg iu ia M idland 2d series 6s 1911...M -S
3d series 6s 1 9 1 6 ..M-S
4th ser 3-4-58 1921.M-S
5th series 5s 1926.M -s
V a (S ta te) 3s new ’ 32.J-J
Fund debt 2-3s 1991. J -J
W est N C con 6s 1914 J -J
W es V a C& P 1st 6g ’ 11 J -J
W il & W eld 5 s ..1935.J J

89
102
102
106H.
100
100
H2
10234
107
100
101
110
105*2
49
21
100
ln8%

96\

Bonds
Anacostia<fc P o t 5s..........
A t l & Ch 1st 7 ... 1907 J-J
A lla n C L R R 4 s 1952M-S
A t l Coast L (C t)c tfs 5s J-D
t Us o f in d eb t 4 s ___ J-J
6-20 y r 4s 1925........ J-J
B alt C Pass 1st 5 s ’ 11 M-JS'
B a lt Fu n dg 5 s .1916 M -N
E x ch a n ge 3 %s 1930 J-J
101
Balt<k P 1 s t6s m l ’ 11 A-O
B alt T ra c 1st 5s. . ’ 29 M -N
93% 94
N o B alt D iv 5s 1942 J-D
99*4 99%
C eu t’ l R y co n 5 sl9 3 2 M -N
66 % 67
E x t * Im p 6s. 1932 M S
10 i*4 | Clias C ity R v 1st 5s ’ 23 J-J

U(7 .5 0 paid,

54 Jan
39% N o r
12% N o r
14 Jan
48 Jan
2334 Jan
118 Jan
86 J ’nb
3 i5i8 Jan
73*iio Jan
a 54 -2 M a r
93ia Oct
i 34 *4 Jan
83 Jan
47*610 Jan
51 Jan
65 A u g
101 Feb
32 M u

f $16 paid,

j $10 paid,

108

98
*97 *4

70

69%
"6 8 "

6*834

82

220
85
9
"

25
95 Hi
80
6

20*

90
70
4

100

101

874 8 i H<
105
76
80"
75
>*0
101 ‘ 102
110
112
94
95
102 105
107 109
110 114
102
102
100 102 *2

i $35 paid,

a R eceipts.

0 $25 paid.

A slt
92
• ••••
108
.....
ii4
103
108
102%
103
115
106
50
21%
104
........

io tj" 108**
77
i'05"
102%
108
108
102%
106
103
101
88
85
52*4
85 Hi
62*4
105
105
105
105
85
86
105
102 H
109%

77%

no**

ib*8
i0 3
90
85%
53 e
86
53
1
___ _
,,,
.
88*2
89
110
103
111

c $30 paid.

592

THE CHRONICLE.

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S TO C K 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
Slocks

Week en d in g
Sept 6
ln 0 7

{

P a r value

Shares

V 8
Bonds

......... H O L I
. H O LI
$45,73 4,600
35,030,350
68,699,650
64,891,050

$327,000
915,500
880,000
1,133,500

$88,000
153.000
95,500
108.000

$i,0 00
10,000

2,360.793 $207,355,650

$3,756,000

$444,500

$14,000

624,381
438,986
673,174
724,252

W ed n esd a y........

T o t a l ...............

State
Bonds

R a ilr o a d ice
Bonds

Sales at
New Y o rk Stock
Exchange

Week en ding Sept 6

Ja n u a ry 1 to Sept 6

1907

1907

1906

1900

201,866,431
146,928,299
6,333,003
Stocks— N o . shares
2,360,793
P a r v a iu e ........ $207,355,650 $471,918,200 $12,652,950,450 $17,925,713,200
$371,400
#222.900
$7,000
B a n k shares, p a r..
BONDS
$1,412,000
$522,300
$14,000
$2,000
G o vern m e n t bonds
53,643,050
33,629,100
444,600
471,000
S ta te bonds........
440,598.300
261,653,900
3,756,000
9,613,000
B R . and mis. bonds
T o ta l b o n d s ....

$4,214,500

$10,086,000

$295,805,300

$495,653,350

D A I L Y T R A N S A C T IO N S A T T H E B O S TO N A N D P H I L A D E L P H I A
f
EXCHANGES
Week en d in g
Sept 6

P h ila d e lp h ia
L iste d
shares

Unlisted
shares

j S a tu rd a y .......
M o n d a y ........
:T u e s d a y ........
W e d n e s d a y ..
; T h u rsd a y.......
I I ’r id a y ..........

22,170
15.100
20,468
15,678

14,351
16,650
16,146
11,570

I

73,722

58,717

1V01

T o t a l . . . . T..

Bond
sales

Liste d
shares

... H O L I D A Y ....
... H O L I D A Y ....
$55,000 $18,337
12,000
11,619
21,000
19,504
13,000
19,676

$101,000

69,136

Unlisted
shares

Bond
sales

$4,134
6,076
5,776
7,635

$63,000
36,800
21,000
24,100

22,521

$144,900

Outside Securities
A W eekly Review o f Outside M a rk e t w i ll be fo u n d on a p rece d in g page.
S tr e e t R a ilw a y s
|

B id

NEW Y O R K CIT Y

B le eck St <6 F u l F stk 100
25
80
h llla t m ort 4s 1950 ..J-J
:J B ’y & 7th A r e stk ..1 0 0 180
98
: 1J2d m ort 5s 1914 ...J-J
I Con 5s 1943 See Stock E xch
S ’ w a y S u rf 1st 6s gu 1924 100
flC en t’i Crosst’ n s t k ..100 200
I f l l s t M 6s 1922 ...M - N 105
IlC en P k N & E R stk.100 140
Olir’ tfr & 10th S t stk 100 140
Ooltfe 9th A v e o s See Stock E xch
ID r y D K B i t ; B—
90
1st gold 5s 1932...J -B
80
[[Scrip 6s 1 9 1 4 ___ F -A
ghth A v e n u e s tk .. 100 300
95
Scrip 6s 1914 .. . . F - A
2 d & G r S tB ” y s tk .. 100 340
60
I S t M & S t N A v .,1 0 0
l i s t m o rt 6s 1910 .M -S { 96
63
f i|2d incom e 6s 1915 J-J
In te r -M e t—See S tock E x cha’ ge
L e x A v & P a v F 5s See St k E x c
M e tr o p o lS tr e e tR y . See S tk E x
N in th A v e n u e s to c k .100 140
Second A v e n u e stocklOO 145
h S la t m o rt 6s 1909 M -N { 90
C o n sol 5s 194&.......F-A { 92
S ixth A v e n u e stock 100 125
ou B o u lev 6s 1945..J-J {1 0 0
S o F e r 1st 5s 1 9 1 9 ...A-O { 97
T h ird A v e n u e See Stock Exch
I T a r r y W P & M 5s 1928, { 96
: Y k e r s S tR R os 1946A-0 } 90
S S tli & 29th Sts 1st 5s ’ 96 {1 0 0
S T w e n ty -T h ’ d S t stk 100 330
U nion U y 1st 5s 1942 F -A {100
s W estcliest 1st 5s ’ 43 J -J { 95
BROOKLYN
A t la n A v e 5s 1909.. A-0 { 95
Con 6s g 1931........ A-O { 98
95
B B & W E 5s 1933,.A-O
B r o o k ly n C ity s to c k ...10 185
Con 6s See S tock E xch list
95
B k ln Crosstn 5s 1908.J-J
90
'B kn H g t s 1st 5s 1941 A-O
"B kln Q Co & Sub See Stk E x oh
B k ly n Rap T r a n See Stk Exch
U Coney Is. & B k lyn ..100 100
75
. 1st cons g 4s 1948.-J-J
95
* B r k C & N 6 S 1939.J-J
•Gr’ p t& L o r im e r S t l s t 6s 102
K in g s C. E l— 4s See Stock Exch.
66
N a ss a u E le c p r e f.......100
98
, 6s 1944................... A-O
1st 4s 1951..........See St k E xc
99
N W b ’ g & F la tls te x 4 4 s
S te in w a y 1st 6s 1922.J-J { 95

t

S tr e e t R a ilw a y s
B id
P u b S e rv Corp N J (C o n )
35
J C H o b & P aterson lo o
4s g 1949........... M -N } 60
So J Gas E l & T r a c 100 112
G u g 5s 1953.......M-S { 96
N o H u d Co R y 6s’ 14J-J {100
5s 1928..................J-J 4100
E x t 5s 1924.......M -N $100
P a t C ity con 6s ’31. J-D 4112
2d 68___ 1914 o pt A-O n o o
So S ide E l (C h ic)
See C hicago
Syracuse R ap T r 5a 1946 { 9rt*s
T r e n t P & H 5s 1943J-D n o o
101
U n ited R y s of S tL 24*f,
92
Com v o t t r c t f s .......100
64 4
350
HP r e fe r r e d .............. 100
105
G en 4s 1 9 3 4 ....See Stk E x ch
390
U n itR y s S a n F r a n SeeStk E x ch
34*s
75
W ash B y & E l C o ....1 00
72
P r e fe r r e d ................ 100
1014
79
73
4s 1 9 5 1 ................... J-D
28
list U W est Chicago S t ___ 100
list
UCon g 5s 1 9 3 6 ....M -N
lis t
G
a
s
S
e
c
u
r
itie
s
160
NEW Y O R K
165
100
C ent U n Gas 5s g ’27.JAJ { 92
102
Con Gas ( N Y ) ....... See s t k E x c
155
l|Mutual G a s ............. 100 »150
104
N e w A m sterdam Gas—
__
1st consol 5s 1948..J-J { 80
list
N Y & E H Gas 1st 6s’44J-J { 95
100
C o n so le s 1945........ J-J { 91
33
100
N Y & R ich m on d Gas. 100
103
N o r U n 1st 5s 1927.M -N J 90
70
355
UStandard Gas com ..100
109
^ P r e fe r re d ............. 100 n 90
102
1st 6s 1930........... M -N { 98
Ask

28
86
210
104
list
105
260
115
165
165
list

100
103
100
195
1 00 '
100
liat
list
150
85
105
list
75
105
h list
__
105

OTHER CITIES

B u ffalo S tre e t R y —
1st consol 6s 1931..F -A {104
r D eb 6s 1917........... A.O {103
C h ica go C ity R y
See C hicago
Colum bus (O ) S t R y ..l 0 0 ‘ 97
I P r e fe r r e d ................ 100 107
Colu m R y con 5s See Ph ila list
! Crosst’ w n 1st 5s ’ 33.J-D {1 0 o
■Grand Rapids R y ___ 100
68
82
L P r e fe r r e d ................ 100
i i a k e S t (C h ic) E l
See C hicago
fljL o u isv S t6 s l9 3 0 ..J & J {103
XynDdk Bos 1st 5s ’ 24. J-D {1 0 0
f N e w O rl B ye & L g t. 100
184
^ P r e fe r r e d ............. LOO
5a 4
r 1iGenM g 4 4 s ’35 See S tk E
i f or tli Chio S tre e t See C hicago
& u b S e rv Corp o f N J100 . . . . . .
t, T r c tfs 2% to 6% perpet
68
C o ll 6s g notes ’09 M -N { 92 **
N o r t h J ersey S t R y 100
35
; 1st 4s 1948........ M -N { 62
C on s T r a c o f N J ...1 0 0
66
: 1st 5s 1 9 3 3 .......J-D n o o
1 N e w ’ k Pas R y 5s ’ 30J-J {104
R a p id T ra n S t R y . . 100 230
* 1st 6s 1921..........A-O }105
{ B u y e r jia y s a c c r’ d int.




107
list
100
LOS1*
104
60
84
list
105
102
18^4
59 4
x list
lis t
95
61
933<
6s
68
102
106
......

OTHER CITIES

89
A m e r L ig h t &, T r a c t. 100
84
P r e fe r r e d ................ 100
h
B a y S tate G a s ............. 50
Bin gh am ton Gas 5s 1938 { 90
B roo k lyn U n io n Gas deb
6s 1909 co n v ’ 0 7 ...M -S 100
5
Buffalo C ity Gas stocklOO
1st 5s 1947 See Stock E x ch
Con Gas o f N J 5s ’36 J -J { 87
Consumers’ L H & P o w —
6s 1938.....................J-D {100
E liza b eth Gas L t C o ..100 275
Essex & Hudson Gas 100 114
35
F o rt W a y n e 6s 1925..J-J
50
Gas & E l B e rge n C o ..100
TlGr Rap G 1st 6s ’15 F -A { 95
98
H udson Co G as..........100
Indiana N a t & 111 Gas—
10
1st 6s 1908........... M-N
60
In dian ap olis G a s........ 50
1st g 5s 1952..........A-O { 90
Jackson Gas 5s g ’ 37.A-O { 90
50
Kansas C ity G as........ 100
11L a cled e G a s.............100 n ........
75
H P referred ............. 100
40
L a ra y’ e G a s ls t 6s’ 24.M-N
25
L o g * W ab V 1st 6s’ 25.J -D
Madison Gas 6s 1926. A-O 4103
N e w a rk Gas 6s 1944.Q-J {125
B5
N e w a r k Consol G as.. 100
IjCoil g 5s 1943.......J-D 104
N o H udson L t i i k P o w —
os 1938 ................... A-O {100
HO & lu d C N a t * 111 .100
1st 6 « 1926..............i - 1■ 22
Pat & Pas G a s * j.n c io o :
9i
1] Con k Os 1 1 *0 ........
04
St J oseph Gas 5h l
<.J -J

64
115
98

10*
116

'lis t '
101

101

25
64 7i
list
list
36
75
80
32
70

95
h list

160

90

100
94
36
98

li)0

120

102
93
86

100
105
8
list
93

118
43
56

100
103

20
55
98
98
90"

100
43
35
108
128

88
105

28
tOl

9J

E le c tr ic Com pant***
C h icago Edison 1Ai .see C Uicago list
1,K in g »C o i'.U . i l ’ t ’<> 1<»0 107' 112
N arragan ( P r o v ) El Co ,‘>t. r ........ 9rt
N 1 * W E l L A P o w Co lilt
42 48
P ie t e r l e d ................ lo o
57
U uited E lec tric oi N J 1oo
60
4s 1949 ................... J-l
62
63*

t P r ic e p er sh. t s a le price.

T e l e s x & T e le p h o n e
H A m e r T e l e g * C able 100
11C e n t r a l * S o A jn e r . 100
Comm er U n T e l ( N Y ).2 5
Emp & Bay S tate T e l 100
F r a n k lin .....................100
11G old & S to c k ..........100
Hudson R iv e r T elep h 100
UN Y & N J T e le p h ... 100
11N o rth w estern T e le g . 50
Pa cific & A tla n tic .......25
11Southern & A tla n tic 25

LXXX Y.
B id
75
105
110
75
45
103
58
100
110
68
95

Ash
90
115
55
112
61
1<>7
115
75
100

F e r r y C o m p a n ie s
Brooklyn F e rry stocklOO
B & N Y l s t 6s 1911.J-J
N Y & E R F e r r y s tk .100
1st 5s 1922........... M -N
N Y & H ob con 6 s ’46. J-D
H ob F y 1st 5s 1946 M -N
N Y <fe N J 2d 5s 1946.J-J
lO tli & 23d Sts F e rry 100
1st m ort 5s 1 9 1 9 ...J-D
IJUnion F e r r y stock .100
li 1st 5s 1920 ..........M -N

{ 95
60
65
{ 97
{ 97
{ 95
30
{ 70
20
83

4

14
101
' 7*5“
100
102
100
40
85
23
87

S h o rt-T e r m N o te s
A m C lo s e r A 4 s ’ 11.M-S { 89
91
S er B 4s M o h lS ’ 12.M-S { 88
90
A m T e l & T e l g 5s ’ 10 J-J { 96
9 6 14
A tla n Coast L 5s ’ 10.M-S { 9 6 4 97
Ches & Ohio 6s J ’ e 28 ’ Os { 9tS38 9834
6s, J u ly 1, 1910_______ { 99 s8 99 7s
Cli R I & P a c 4 4 s ’ 0HA-O ? 9 3 4 99 4
Chio & W In d 5 s ’ 10 F<fcA { 9734 9 8 4
70
Cin H a m & D 4 ‘2S’ 08.M -S
78
C C C <fc S t L 5s, J u ne ’ 11 { 98
98 S.
E r ie 68, A p r 8 1903 ........ { 9 44 95*4
In te rb R T g 4 s 1908 M -N { 96
97 4
6s M ch 1 9 1 0 ........... M-S { 90
9 14
K a n C S o g 5 s A p r ’ 12 J - J { 94
95
L a c k S te e lg 5 s 1909 ..M -S { 95
96
5s g 1910................. M-S { 9 3 4 94>4
L a k e S h & M So 5s’ 10F -A { 98
98\
L o u <fc N a sh g os ’ 10.M-S { 977e 9 8 4
M ich Cent 5s 1910 ... F -A { 97 s 9738
M in n & S t L g 5 s ’ l l . . F -A { 96
97
M o Pac 5s F e b 10 ’ 08. F-A { 98 4 99 4
N a t o f M ex 5 s ’ 0 7 .o p tA -0 { 997g 1004
N Y Cent 5s 1910___ F -A i 9 8 4 98
P en n C o g u 4 4 s 1907M-N 3 997b 100
Pa R R 5s M a r 15 ’ 10.M-S { 9734 98
St L M So’east 4 Sj8’ 09 J -D { 9 3 4 9 5 4
S t L & S F g 4 s i ’ 0 8 ...J - D { 94 4 96
South’n coll tr 6s ;09. A-O { 96 *4 965s
South R y g 5s 1910.. F-A { 9 0 ^ 9 1 4
U S R u b b e r g 5 s ’ 0 8 ..M S { 9 » 76 993a
W abash 5s, M a y 10 1909 { 94
95
W estin g h E1& M 68.1910 { 99*4 99 >4
W h e e l’ g & L E 5s ’08-F-A { 96*4 97
R a ilr o a d
Chio P e o & St L pref.10 0
D eposited sto ck ...........
U n deposited sto ck .......
P r io r lie n g 4 4 s ’ 30M & S
Con m tg g 5s 1930.J&J
In com e 5s 1930.............
Chic S u b w ay.............. 100
Ft W
D en Cy std.,100
G reat N o rth en Ore See
N Y N H & H artford—
C o n d e b 3 4 s 1956. J & J
N o rth ’n S ecu rities Stubs
P itts Bess & L E ........50
P r e fe r r e d ..................60
HRailroad Secu rities Co.IlL C .stk .tr. cfs .ser.A ’ 52
Seaboard Com pany—
1st p re fe rre d ..........100
Com & 2d p ref. See B alt
Seaboard A i r L in e —
C o liS s e x tM a y ’ l i . M - S
in d u s tr ia l a n d M is c e l
A h m eek M in in g ........ 25
A llia n c e R e a lty ........ 100
A llis Chalm ers Co 1st m
8 f 5s ’ 36 opt ’ 16.. J -J
A m erica n B o o k ........ 100
A m erica n B ra ss........100
11A m erica n Can See Stoc
A m erica n C h icle C o ..100
P r e fe r r e d ................ 100
A m G raplioplio c o m ..100
P r e fe r r e d .............. 100
A m e r H a rd w a re ........ 100
A m M a ltin g 6 s 1 9 14.J-D
A m er P ress A sso c’ n .lo o
A m Soda Fou n co m .. 100
1st p referred ........... 100
2d p referred ........... 100
A m S t Found 6s ’35 A & O
A m erica n s u r e ty ........ 50
A m erican T h read p r e f..6
A m T o b a c (n e w ) com 100
A m T y p e fo ’ ra co m ...100
P r e fe r r e d ................ lo o
A m er W ritin g Paper.100
P r e fe r r e d ................lo o
1st sf g 5s ’ 19 op ’09. J - J
U B a r n e y * Sm Car . . . l o o
U P re ferred .............. lo o
1]Bethl’ m S teel Gorp .100
U P r e fe r r e d ............. 100
Bliss Com pany com ___ 50
P r e fe r r e d ..................50
B o n d * M t g G u a r___ 100
B orden’ s C o n d M ilk .. 100
P r e fe r r e d ................ 100
B ritish Col C opper........5
B u tte Coalition M in .. 15
Casein Co of A m com.. 100
P r e fe r r e d ................ 100
Casualty Co o f A m e r . 100
Celluloid C o ................ 100
C ent F ire w o rk s com. 100
P r e fe rre d ............ . 100
C en tra l F o u n d ry...... 100
P r e fe r r e d ................ 100
Deb 6s 1919 op ’ 01M-N
C en tu ry R e a lt y ........ 100
Chesebrough M fg Co 100
C ity In v e s tin g C o— lo o
HCiatiin ( H B ) com ___ 100
l l l s t p r e fe r re d ........ 100
1i2d p reierred ..........100
C o l * H ockC oaldfclpflO O
1st g 5s 1917........ J.J
Col tr 6s O ct 1956..J-J
C o u solidC a r H e a tin g 100
Cons R y L tg & R e frie .lO O

o E x -r u h ts . *E x -d iv . i N e w stock.

90
65
3
20
‘ 2*6*4
97 105
Stk E x list
{ 93
100
t 20
f 65

95
125
30
70
92

50
E x ch lis t
{ 93

97

........ 75
105
115
{ 60
150
116
k Ex
155
85
242
......
118
95
95
4
{ 82 4
180
f
34
235
36
93
14
16
80
......
n .......
10 4
32
125
125
325
155
105
t
74
20
2

65
165
120
list
165
95
50
76
125
99
100
L
20
6
90
190
4 Hi
240
40
98
2
20
82
60 4
140
12 4
60
135
135
340
165
107
734
20S
3
75
140
132
15
70
2>4
14
70
195
430
95
.. .. ..

125
125
10
60
1*4
12
65
185
400
85
100
90
93
.. . . . . 76
{ 80
83
97 1014
35
40
2
34

Im lu v trin l a n il V Iiseel
B id
A sh
3
5
Consol R u bber T i r e . .100
P r e fe r r e d ................ 100
12
20
20
30
D ebentu re 4s 1951 A<fcO
3*4
Cons Steam slip L in es. 100
34
26
C oll t r 4s 1J57___ J &J
264
Cons S torage B atterylO o
8
11
Corn P rod R ef See Stock E x ch list
IlC ru cible .Steel..........lo o
7*2
8
^ P r e fe r r e d .............. 100
67 ^
. -.
TfDiamond M atch Co. 100 12234 H 2 4
Dom inion Copper(n ew )10
44
D ouglas C o p p e r ........... 5
7*4
84
Econ ’y L t & P (J oliet, 111)
_1st m s f g 58 1956..J-D i 98 100
25
31
c-iectric B oat.............100
83
87
P r e fe r r e d ................ 100
2
8
E lec tric V e h ic le ........ 100
3
10
P r e fe r r e d ................ 100
9
12
E m pire S te e l.............100
60
55
P r e fe r r e d ................ 100
40
51
UFederal Sugar o f N Y 100
75
85
U P re fe rr e a .............. 100
70
63
TIGeneral Chem ical ..100
96
99
II P r e fe r red.............. 100
2
Gold H ill C o p p e r ........ 1 t■ l 7e
G reene C a n a n ea ......... 20 tt 113* 12
G reen e Con C o p p e r... 10 t
1*2
S reen fl Consul G o ld ...I S f
IS
G reene G o ld -s ilv e r.... 10 t
1^
14
170
G u g ee n lieiin E x p lo ’ n. 100 130
H ackensack W ater Co —
90
R e f g 4s 52 op 1 2 ...J-J }{ 85
H a ll S ign al C o ..........100 . . . . . . 60
8
H a va n a Tobacco C o ..100
11
12
P r e fe r r e d ................ lo o
16
55
1st g 5s June 1 ’ 22. J-D
63
H ecker-Jones-Jew ’l M ill
1st 6s 1922.............M-S 102
105
40
45
H e r’ g-H all-M ar.n ew .lO O
H oboken Landife ImplOO 200
115s 1910................ M -N { 98
ib s**
5
H ouston O i l ...............100
7
25
35
P r e fe r r e d ................ 100
Hudson R e a lty ..........100 120 135
bl
tln g ers o II-R a u d com. 100
........
90
U P re fe rr e d ................ 100
135
In te r u a flB a n k ingColOO 125
TJInt’ n ’ l M er M ar See Stk E xch list
95
105
In tern a t’l N i c k e l___ 100
80
87
P r e fe r r e d ................ 100
12
14
In tern a tion a l S a lt___ 100
47
63
I s t g 5s, 1951........ A -O
6
8
In tern a tion a l S ilv e r . 100
60
67
P r e fe r r e d ................ 100
1st 6s 1948.............. J-D 105
1074
40
50
Lackaw ann a S te e l. ..100
Lanston M on otype...... 20 t 12
124
L a w yers M o rt C o.......100 187
193
52
70
JjLehcfc W ilk esb C o a l.50
L o rd <fc T a y lo r ........... 100 130 135
97
P r e fe r r e d ................ lo o
101
150
U Lorillard ( P ) p ref ...1 0 0 125
M ack iy Companies See Stk E x list
15
Madison S<i G a rd en ..100
22 4
76
2d 6s 1919............. M -N
90
3
UManhatt Beach C o .100
7
M anhattan T r a n s it___ 20 f
4S
44
13
17
M ex N a t Construe.pflOO
l 7s
M itch ell M in in g ..........10 t
2
6 .....*
M onon galiela R C o a l..50 f
P r e fe r r e d ..................50 f 26 >2
85
M o rtg a g e Bond C o ...100
'9 5 *
92
N a t B an k of Cuba___ 100
LOO
N a tio n a l S u re ty ........ 100 155
170
N e va d a Cons’d C opper.5 t 10»4 11
4 «b
N e v -U ta li M in <fc js in .lt f
4 r*
25
IIN e w C entral C o a l___ 20
60
N J T e r D o c k * Im p . 100
30
i
b
o
"
N Y B iscu it 6s 1911.M-S
N Y M t g e & S e c u rity .100 180 i*90*'
25
1)New Y o rk D o c k ___ 100
36
71
U P r e fe r r e d ............. lo o
81
3
N Y T ra n sp o rta tion . . . 20 f
34
90
100
NU es-Bem -Pond com. 100
8^8
N ip issin g M in e s ....... 5 t
84
3*8
44
O tis E le v a to r com ___ 100 . . . . . . 32
87
P r e ie r r e d ........... ...1 0 0
P itts b u rg B r e w in g ___ 60 t 27
2 74
P r e fe r r e d .............. 50 f 47*4
ittsb u rg Coal See Stock E x ch iiV t"
Pope M a n u factu rin g. 100
4
1st p r e ie r r e d ........ .100 . . . . . . 30
7 i
2d p r e fe r r e d ......... 100
'
W
105
P r a tt & W h itn p r e f.. 100
145 .
R ea lty A sso c (B k lyn )lO O 138
95 100
R o ya l B ak P o w d pref.100
S afety Car H ea t & L t 100 125 135
Seneca M in in g ___ . . . 26 . . . . . . 60
S in g er M lg C o ........... 100 380 420
2 >4
Standard C o rd age— 100
34
34
ls t M .g .o s .’ 3 i re d .. A .O
3 74
5
A d j us t.M.os. A p r 1,1931
64
40
Standard Coupler coinlOU
50
P r e fe r r e d ................lo o 100
120
3
Standard M illin g Co. 100
8 .
20
P r e fe r r e d ................ 100
25
72
1st 5s 1 9 3 0 ..........M -N
77
Jtandard O il o f N J ..1 0 0 435 445
S w ift & Co See Boston Si k E x c a ’g «
1st 5s 1910-1914...J-J { l o o
101
75
[Texas & P a cific Coal 100
“•
85
{1 0 4
1st 6s 1908........
A-O {104
150 i'60**ii
r io»4 114
‘ V“ WU1- WUDI ICO WU11UU . . . . . . 16
80
90 ;
P referred n ew ___ 100
36
45
75
80
U nion T y p e w r co m ..100
113
1st p referred ........... 100 110
2d p referred ........... 100 109 113
50
55
U nited B k N o te Corp. .50 t 60
49
t AU
P r e fe r re d ...........
1
80
90
I, U nited jig a r M fg . ,p ~ — -63
6 44
U nited Copper..........1 0 0
*>3
82 *2
*2 84
P r e fe r r e d ................ 100
82
240 :
U. S. C a su a lty........... 100 2*0
25
U 84 E n velo p e c o m ...100
40 .
bd
1!P r e fe r re d .............. 100
S3
J S S teel C orporation —
Col tr s f 5 s '51 opt ’ 11 .. {105
109
Col tr s f 5s *51 not o p t.. {105
, . 9 P 109
U S T i t Gu<fe Indem .lO O .........
. . . . . 100
E
HU tah Copper Co. See S tk
"
” x list
VVaterbury Co, com .. 100
38
39
P r e ie r r e d ................ l o t 1 ........ 100
W estcti ester & B ron x
T it le <fc M o rt G u ar. 100 167 4 1724
29 S 30
150
W estin gh A i r B ra k e ..60 t -.......
.-.
W est K1 & M fg —5s See
S tk E x list
W h ite K n ob M in ........ 10
■4
*4
24
P r e fe r re d ................... i o
W o rth in g Pump n ref.100 108 u s
i

USells on S t'k E xeh ., but not a v e r y a o tiv e se«u rity .

593

THE CHRONICLE.

S bjpt . 7 1907.]

[m re stm ro l a n d
RAILROAD

Ila ilr o a d
GROSS

In te llig e n c e .

EARNINGS.

The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly return®
can 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. W e add a supplem entary j
statement to show the fiscal year totals of those road3 whose fiscal year doss not begin with July, but covers some other1
period. The returns of the street railways, are brought together separately on a subsequent page.
Latest Gross E a rn in gs.
Week or
M o n th .

ROADS.

Current
Year.

Latest Gross E a r n ’. no-.

Ju ly 1 to Latest D ate.

Previous
Year.

Current
Year.

P re v io u s
Year.

A la Great Southern — See Sout h em Rail
A la N O & T e x P a c.
53.000
50.000
N O & N E a s t___ 2d w k A u g
352,584
373,520
f A la & V icksbu rg 2d w k A u g
173,977
26.000
23.000
154,732
169,030
, V ick sb u rg Sh & P 2d w k A u g
25.000
185,698
26,000
45,876
A la T en n & N o r th . . June
3,513
2,576
41,413
■k A tc h T o p & S Fe_ J u ly
7,939,555:6,670,818 7,939,555 6,670,818
:A t la n t a & C hari___ June
361,020
317,426 4,291 ,954 4,061,242
iA tla n B irm & A t l _ June
154,783
107,782 1,595.866 1,128,327
sA tlantic Coast L in e June
2,097,104 2,152,908 26,771,527 24,868,445
B a ltim o re & O h io . _ July
7,251,903; 6,544,846 7,251,903 6,544,846
264,644
216,516
----------- 3,221,696 2,496,788
B a n go r & A ro o s to o k June
3,775
5,531
■Bellefonte C entral- J u ly
5,531
3,775
4,484
4,675
47,568
47,050
B rid ge to n & Saco R June
!B u fl R o ch & P lt t s . 4th w k A u g
314,056
239,878 1,679,249 1,303,714
■B u ffalo & S usq___ J u n e ______
105,544 1,853,856 1,522,740
167,578
192.300 1,718,800 1,198,700
Canadian N o rth e rn . 4th w k A u g
236,100
Canadian P a cltic___ 4th w k A u g 2,243,000 1.962.000 13,908,274 12,064,968
:C entral o f G e o r g ia .. 3d w k A u g
217,600
216,100 1,621,132 1,593,036
; Central o f N Jersey M a y ______ 2,464,508 1,850,203 24,249,172 21,883,710
26,023
26,752
3,426
C h attan S ou th ern . . 3d w k A u g
2,948
I Chesapeake & O h io. J u n e ______ 2,430,680 2,196,555 25,796,856 24,602,986
35,638
51,912
2,872
5,711
Chesterfield & Lane M a y _
911,557 12,809,426 11,586,094
C h icago & A lto n R y June _
1,067,100
158,369
174,700 1,178,375 1,260,551
C h ic G reat W estern 3d w k A u g
843,317
871,742
rChlc In d & L o u is v . 3d w k A u g
130,883
125,879
C hic In d & Southern — See N e w Y o rk Cen tral.
Chic M ilw & St Pau l M a y ______ 4,926,565 4,340,243 55,669,422 50,649,321
Chic & N o rth W est. J u l y _____ 5,964,448 5,510,910 5,964,448 5,510,910
Chlc S t P a u l M & O . J u ly _____ 1,130,462 1,028,541 1,130,462 1,028,541
Chlc T e rm T r a n R R 4th wkJune
45,645 1,716,487 1,731,200
41,818
C in N O & T e x a s P — See Sout hem R ail w a y
C in cin n a ti N orth ern — See N e w V'ork Cen tral.
C le v Cln Chic & St L — See N e w Y o rk Cen tral.
^Colorado M id la n d __ J u l y ______
195,157
225,899
195,157
225,899
Col & South S ys__ 4 th w k A u g
315,310 2,171,536 2,124,563
358,930
22,580
17,031
rCol N e w b & L a u r .. J u l y _____
22,580
17,031
679,286
.C opper R a n g e ______ J u n e ______
819,292
65,385
78,122
18,087
21,481
Corn w all____________ J u l y _____
18,087
21,481
441.710
484,196
C orn w all & Leban on J u n e _____
33.667
41,345
D e n v & R io G rande 4th w k A u g
584.300 4,078,737 3,423,323
683,000
170,883
185,851
D e tro it & M ackin ac 3d w k A u g
24,315
27,353
D e t T o l & Ir o n t Sys 3d w k A u g
590,471
642,481
95,751
82,407
472,025
D u l So S hore & A t i . 3d w k A u g
554,008
66,012
76,152
E r i e ________________ J u n e ______ 4,913,951 4,502,034 53,914,827 50,002,634
E v a n s v ille & T e r H — See R o ck Islan d S ystem .
1,572
1,378
F a irch ild 4 N E „
1,378
1,572
J u l y _____
774,536
728.710
rFonda Johns & G lov J u n e ______
84,615
68,073
218,549
234,418
G eorgia R R ____
234,418
218,549
J u l y _____
G eorgia South & F l a— See Sou th e m Ral lw a y
G ran d Tru n k S yst
4th w k A u g 1,408,940 1,323,216 8,143,817 7,491,505
807,545
720,693
117,321
G r T ru n k W e s t . . 2d w k A u g
129,147
252,989
41,798
259,591
D e t G r H & M ilw 2d w k A u g
42,650
271.827
297,682
46 509
Canada A tla n tic 2d w k A u g
46,966
G reat N o rth e rn ___ J u l y ______ 5,066,602 4,776,436 5,066,602 4,776,436
233,571
233,571
247,515
247,515
M ontan a C entral . J u l y ______
T o ta l system ____ J u l y ______ 5,300,173 5,023,951 5,300,173 5,023,951
372,654
334 240
G u lf & Ship Is la n d . 3d w k A u g
45,317
48,443
593,451
634,939
H o ck in g V a lle y ____ Ju ly
593,451
634,939
Illin o is C e n t r a l____ J u l y ______ 4,702,819 4,342,146 4,702.819 4,342,146
259,000 1,184,000 1,176,000
.In ter & G reat N o rth 4th w k A u g
224,000
a ln tero c ea n lc (M ex ) 4th w k A u g
177,263 1,179,905 1,117,189
195,327
500,746
Io w a Central_______ 4th w k A u g
86.508
87,857
491,033
191,892 2,377,659 2,152,759
K a n a w h a & M ic h .. J u n e ______
213,311
847,777
689,850
K ansas C ity S ou th . J u l y ______
689,850
847,777
.Lake Erie & W e s t’n — See N e w Y o r k Cen tral
L a k e Shore & M Sou — See N e w Y o r k Cen tral.
L eh igh V a l l e y ______ J u n e ______ 3,348,393 3,172,863 36,068,429 32.789,856
51,797
528,912
584,438
L e x in g to n & E a s t .. J u n e ______
47,449
Inc.
D e c. 7, 704
X o n g Is la n d ________ J u n e ______
879,468
Lou isian a & A r k ___ J u n e ______
101,062 1,216,837 1,057,526
115,073
X o u ls v ilie & N a s h v . 4th w k A u g 1,481,205 1,323,825 8,486,447 7,670,847
13,060
12,149
M a c o n <Sc B lr m ln g .. J u l y ______
12,149
13.060
;M an is tee & N o East M a r c h ____
44,654
44.060
6,974
13*030
M a n lstiq u e
13,036
" 6'.974
Ju ly .........
360,547
►Maryland & P e n n .. J u n e ______
27.688
29,732
360,298
a M exican C e n tra l.. M a y ______ 2,995,982 2.479,422 28,492,107 25,794,867
a M exican In te m a t 4th w k A u g
222,812 1,514,276 1,267,192
250,288
940.000
a M exican R a ilw a y . 2d w k A u g
148,500
143.300
878,500
883,835
<a M exica n Southern 3d w k A u g
29,345
19,567
799,673
M ich iga n C entral___
See N e w Y o r k Cen tral.
M id la n d V a lle y ____ 1st w k A u g
10.667
71,706
159,613
28,320
M in e ra l R a n g e ______ 3d w k A u g
13,946
121,652
16.508
100,319
124,055
666,435
704,727
M ln n eap & S t Lou is 4th w k A u g
115,451
M in n S t P & S S M . 3d w k A u g
230,164
221,768 1,792,363 1,662,183
M o Kansas & Texa s 3d w k A u g
492,519
417,487 3,634,833 3,035,750
M o P a c & Iro n M t 4th w k A u g 1,753,000 1.488.000 8.587.000 7.834.000
C entral B r a n c h .. 4th w k A ug,
77,000
65,000
324.000
302,000
T o t a l_____________ 4th w k A u g 1,830,000 1.553.000 8.911.000 8.136.000
M o b ile & O h io _____
See Sout ttem R a il w a y .
iN a sh v C h att <& St L T u n e ______1,113,794 1,128,519 12,?38 469 11,120,980
'N a t R R o f M ex . . . 4th w k Aug| 428,718
425,201 2,746,486 2,418,448
H id a lg o & N E _ . 4th w k A u g
173,226
28,543
27,020
168,712
N evada-C al- Oregon 3d w k A u g
51,338
8,542
6,530
39,280
IN eva d a C en tra l____ J u n e ______|
8,361
6,811
84,489
61,249
iN Y Chic & St Louis — See N e w I Y o rk Cen tral.
iN Y O n t & W estern J u n e ______
726.246
702.473 8,202,361 7,265,057

Week or
M on th .

Current
Y ear.

N Y C & H u d R iv e r A u g u s t __
L a k e .Shore & M S A u g u s t ___
L a k e E rie & W est A u gu st .
Chic In d & South A u g u s t ___
M ich igan C en tra l. A u g u s t ___
Cl eve C C & St L . A u g u s t ___
P e o ria & Eastern A u g u s t ___
Cincinnati N o r t h . A u g u s t ___
P it t s & L a k e E rie A u g u s t __
R u t la n d __________ A u g u s t __
N Y Chic & S t L . A u g u s t __
N Y Susq & W e s t . . M a y ____
N o rfo lk & W e stern . J u n e ____
N o rth ern C e n tra l. . J u l y ______
N o rth ern P a c ific ___ Ju ly
P a cific C oast C o ___ J u n e ______
d P en n — E ast P & E J u l y .........
d W est o f P & E . J u l y ______
P eo ria & Eastern . . — See N e w
P h ila B a lt & W a s h . J u l y ______
P lt t s Cin Chic & S tL J u ly
P itts & L a k e E riel— See N e w
R a leig h & C h ariest. June
R a leig h & Southport June M a y ______
R ea d in g R a ilw a y
Coal & Iro n C o .. M a y ______
M a y ______
T o t a l both co s.
R ic h F red & P o t .
J u n e ______
J u n e ______
R io G rande Ju nc.
R io G rande South
3d w k A u g
R o ck Island System J u n e ______
e St L & San Fran June ______
/ E va n sv & T e r H J u n e ______
T o t a l o f all lines . J u n e _____
R u t la n d ____________ — See N e w
St Jos & Grand Is l M a y ______
St Lo u is & San Fran — See R ock
St L ou is S ou th w est. 4th w k A u g
Seaboard A ir L i n e . . J u n e ______
Sierra R a ilw a y ____ J u l y ______
Southern In d ia n a ., J u l y ______
c S outhern P a c C o .. J u n e ______
S o u th e m R a ilw a y . . 4th w k A u g
M obile & O h i o . . . 3d w k A u g
Cln N O & T e x P . 3d w k A u g
A la G reat S ou th . 3d w k A u g
G eorgia So & F l a . 3d w k A u g
T ex a s C en tra l_____ 3d w k A u g
T ex a s & P a c ific ____ 4th w k A u g
T id e w a te r & W e s t . June .
T o led o & O hio Cent June .
T o le d o P e o & W e s t . 3d w k A u g
T o le d o St L & W est 3d w k A u g
T o m b ig b ee V a lle y . . June _____
T o r H a m & B u ffalo Ju iy .........
U nion P a cific S y s t. J u n e _____
V irg in ia & So W e s t . J u l y .........
W a b a s h ____________ 4th w k A u g
W estern M a ry la n d . 4th w k A u g
W est Jersey & S ea . J u l y __
W h e e l & L a k e E r ie . 3d w
_______„
k Aug
W isconsin C e n t r a l.. !J u n e ______
W rig h ts v & Ten n llle Ju iy
Y a z o o & Miss V a lley July

Ju!y 1 to Latest D a te.
Curren.
Year.

Previous
Year.

Prev iou s
Year.

9,264,420 8,623,508 18,033,738 16,352,730'
4,135,926 3,823,405 7,940,802 7,407,836
509,236
488 666
887,151
942,473
248,741
170.679
483,741
336,757
2,474,261 2,175,481 4,861,104 4,294,452]
2,471,386 2,365,287 4,783,849 4,508,651!
493,812
286,183
259,136
530,820
115.046
95,341
179,477
203,399
1,519,496 1,257,504 2,953,191 1.573.277
287,518
579,844
293,568
537,441
809,568 1,694,013 1,618,290
884,757
204,427 2,847,799 2,506,313
295,289
2,751,383 2,478,043 31,164,377 28,487,763
978,715 1,177,615
1,177,615
978,715
6,955,407 5,688,926 6,955,407 5,688,926
488.046 7,406,491 6,308,408
730.270
14600065 12406865 14,600,065 12,406,865
in c .1,19 9,900
In c . 1,19 9,900
Y o rk Cen tral.
1,532,778 1,366,278 1,532,778 1.366.278
2,712,727 2.407.051 2,712,727 2,407.051
Y o rk Cen tral
69,808
4,846
58,233
4,316
101,707
10.137
64,282
5,695
,959.117'
3.995,910 3.289.052 39,537,555
,769,300
3.407,558 2,773,783 35,418,016
,728 417
7,403,468 6,062,835 74.955,571
179,360 1,981,805
,764,856
207,645
827,918
72 124
679,070
65 689
89,190
12)454
12.138
83,869
.237,854
5,357,560 4,175,317 60,238,415
4,148,851 3.348.818 49,958,778
.975,217
166,660 2,267,214
162,924
,163,678
9,669,336 7,690,795 11246441(^95 ,376,752
Y o rk Cen tral.
124,266 1,597,731 1,407.6674
154,612
Islan d S ystem .
276,087 1,724 ,357
294,213
1,377,573 1.218.818 16,427 941
40 ,222
38,441
40,222
137 ,270
113,526
137.270
11082898 9,230,647 124941 :522
529,901 9,828 ,152
1,647,110
170,241 1,425 824
183,134
147,328 1,257 183
158,973
77,225
601 ,119
79,490
37,336
39,764
315 598
16,637
162 580
25,083
443,992 1,454 937
459,748
8,137
94 291
8,862
320.035 4,866 659
439,542
157 184
23,582
21,119
600, 917'
87,742
93,912
75, 116
5,333
5,173
73, 654
73,654
62,739
6,585,692 5,507,281 76,040 .726
84,862
102 ,648
102,648
856,556. 807,454 4,870 300
154,999 1,052 116
188,426
729 581
680,981
729,581
111,784
959 262
128,719
611,874 7,577 177
704,392
19,908
18 077
18.077
667 733
588,467
667,733

Curren'
Year.

V a riou s F isca l Years.
A tla n ta & C h a rlo tte A ir L in e ___ M ch
B e llefo n te C entral_______________ Jan
Manistee & N o rth ea stern _______ Jan
Jan
M exica n R a ilw a y ___ ___ ________ Jan
M exican Southern_______________ Jan
N e w Y o r k C en tral_______________ Jan
L a k e Shore & M ichigan South Jan
L a k e E rie & W e s te rn ------------ Jan
Chicago In dian a & Southern . J an
M ich igan C e n t r a l . ___________ Jan
C le ve Cln Chic & St L o u is ----- Jan
P eo ria & E a stern ____________ Jan
C incinnati N o r t h e r n . . ______ Jan
P ittsb u rg h & L a k e E rie______ Jan
Jan
N e w Y o r k C h ica go & St Louis Jan
N o rth ern C e n tra l--------------- Jan
d P en n — E ast o f P itts & E r i e . . Jan
d W e s t o fP ittsb u rg h & E r i e .. Jan
P h ila B a ltim o re & W ashington . Jan
P itts Cin C hicago & St L o u is___ Jan
R io G rande J u n ctio n --------------- D ec
T ex a s & P a cific---------------------- Jan
W e s t Jersey & Seashore________ Jan

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

to
to
to
to
to
to
to
to
to
t.o
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

June
Ju ly
Mch
Ju ly
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
J u ly
J u ly
J u ly
J u ly
Ju ly
.June
Aug
J u ly

30
SI
31
31
14
21
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
30
31
31

Prev iou s
Year.

1,452,308 1,329 ,773
36,919
31 ,759
133 ,408
136,482
64 ,166
38,193
4,911,200 4,375 ,100
883,835
799 ,673
64,964,633 59,231 ,934
29,530,338' 28,014 ,933
3.319.688 3,467 ,854
1,983,239 1.483 020
18,695.084 16.913 ,595
17,223.618 15.871 ,169
1,935,733 1,992, 376
659.281
679, ,160
9,995,235 9,620, 433
1,966,340 1,805, 309
6,915,035 6,504, 290
7,523,909 6,454, 509
93,741,614 82,233, ,714
In c . 6,12 0,200
9,710,989 8,879, ,689
18,648.503, 16,559, 610
404.38S
370, 725
10,848,680, 8,733, 176
3.057,033 2,851 ,533

A G G R E G A T E S OF GROSS E A R N IN G S — W eekly and Monthly.
1
■
3d
4th
1st
2d
3d
4 th
1st
2d
3d
4 th

, .
M o n th ly Sum m aries.
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

June
J.une
J u iy
Ju ly
Ju ly
Ju ly
Aug
Aug
Aug
Aug

(41
(42
(42
(43
(44
(42
(44
(46
(46
(24

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

C u r'n t Year P re v ’s Y ear In c . o r Dec.
$
10,648,101
14,309,499
9.565,253
10,452,143
10,787,896
15,869,563
10,422,864
10,859.109
10,979,680
13,330,119

S
9,317,171
12,909,684
8,587,140
9,421,896
9,747,003
13,947,977
9,602,427
10.067,077
10,057,599
12,029,470

+
+
+
+
+

+

$
1,330,930
1,399,815
+ 978,113
1,030,247
1,040,893
1,921.586
+ 820,437
+ 792,032
+ 922,081
1,300,649

%

M o n th ly Sum m aries.

M onth O ct
14.28
M onth N o v
10.84
11.39 1 M onth Dec
10.93
Month Jan
10.68
Month Feb
13.77
M onth Mch
8.54
M onth A p ril
7.87
M onth M ay
9.16
M onth June
10.81 1 M onth Ju ly

1906
1906
1906
1907
1907
1907
1907
1907
1907
1907

(119 r o a d s ).
(123 ro a d s).
(127 ro a d s ).
(123 ro a d s ).
(122 roads) .
(118 ro a d s).
(118 ro a d s ).
(121 ro a d s ).
(121 r o a d s ).
(65 roads) .

C u r’nt Y ear P re v ’s Y ear In c . or D ec.
S
1
S
198,733.229 179 405,267
186 696,274 175,727,985
184..35 5 >5 170.746 76'J
173,212 .305' 162,623 ,8S3
162 283 992 152 555,191
180,539,532 164,645,009
188,130,451 154,894,748
195,943,305 165 890,345
18 125,657,161,235,109
90,308,407! 80,982,305

%

S
1
+ 19,327 962 10.77
+ 10,971,289 6.24
+ 13.488 826 7.90
+ 10.588,422! 6.51
+ 9 728 801 6.05
+ 15,894,523 9.65
+ 33,235,703 21.45
+ 30 052 960 1*8.12
+ 21,890,548 13.59
-> 9,326,102 11.53

a M exican currency.
£> Includes earnings o f G u lf & Chicago D ivision,
c l u j l j l e s o n lo a tto n * I’ e x u
i l l its su.>siliary lia e j in botk
years,
d Covers lines d irectly operated, c Includes the Chicago & Eastern Illinois in ooc l years.
/ Includes lO v v u v ille Jc Indiana t-t.
n In c lu d e *
earnings o f Col. & South., F t. W orth & D en ver C ity and all a ffilia te d lines, exccptin ? Trinity A drazos ^ a d ey it .i.
* Includes in Doth year* saraln g*
D eu vsr Enid <5o G u lf R R . , Pecos S ystem and Santa F e P resco tt & P h o e n ix R y .




594

THE CHRONICLE.

Latest Gross Earnings b y W eek .— In the table which
follows we sum up separately the earnings for the fourth
week of August. The table covers 24 roads and shows
10.81% increase in the aggregate over the same week last year
F o u rth

week o f A u g u st.

B u ffalo R o ch ester & P ittsb u rg h
Canadian N o rth e rn _____________
Canadian Paclfi'*
____________
C olorado & S o u h r e n „ _________
D en v e r & R io t r a n d e . . ________
G rand Tru n k o i .. . ^ ..d a______
• Grand Trun k W estern _______
• D e tro it G r H a ven & M i l w ..
Canada A t la n t ic ______________j
In tern a tio n a l & G reat N o rth e rn _
In tero cea n lc o f M e x ic o _________
Io w a C e n tra l____________________
L o u is v ille & N a s h v ille __________
M exica n In te rn a tio n a l_________
M in neapolis & St L o u is _________
M issouri P a cific & Iro n M tn ____
C entral B ranch ------------------N a tio n a l R R o f M e x ic o _________
H id a lg o & N o rth ea stern ____
S t Lou is S ou th w estern __________
Sou thern R a ila w y _______________
T e x a s & P a c ific _________________
W a b a s h ___________________________
W estern M a ry la n d _______________
T o t a l (24 r o a d s )_____
N e t increase (1 0 .8 1 % ).

1907.

1906.

Increase. Decrease.

$
314,056
236,100
2,243,000
358,930
683,000

$
239,878
192.300
1,962,000
315,310
584.300

$
74,178
43,800
281,000
43,620
98,700

1.408.940

1,323,216

85,724

224,000
195,327
86,508
1,481,205
250,288
115,451
1,753,000
77.000
428,718
28,543
294,213
1,647,110
459,748
856,556
188,426

259,000
177,263
87,857
1,323,825
222,812
124,055
1,488,000
65,000
425,201
27,020
276,087
1,529,901
443,992
807,454
154,999

1907.

P r e v io u s ly rep orted (39 ro a d s ).
A la -'" m a G reat S ou thern_______
ChattanoD fp S >uthern_________
Cine N e w O rl & T ex a s P a c ific . .
D e tro it,T o l( do & Ir o n to n _______
G eorgia S outhern & F lo r id a ____
M exica n Sou thern_______________
T ex a s C e n t.a l____________________

$
10,547,848
79,490
3,426
158,973
95,751
39,764
29,345
25,083

T o t a l (46 ro a d s )_______
N e t Increase (9 .1 6 % ).

1906.

’ 1,349

44,953

$
915,873
2,265
478
11,645
13,344
2,428
9,778
8,446

$
42,176

10,979,680 10,057,599

964,257
922,081

42,176

1907.

1906.

Increase.

$
$
$
Gross earnings (31 r o a d s )___ 58.482 135 53,635,419 + 4,846,716

%
9.04

------ Gross E a r n ’gs------ ------ N e t E a rn in g s -----C u rre n t
P re v io u s
C u rre n t
P re v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
Roads.
$
$
$
$
A tc h T o p & Santa F e .b .J u l y 7,939,555 6,670,818 d2 ,590,860 d2.475,190
971.932
953,936
210,288
195,300
C entral o f G e o rg ia .a ____ J u ly
C olorado M id la n d .a ____ J u ly
225,899
195,157
62,914
50,367
C olu m bia N e w b & L a u .a J u ly
17,031
22,580 def.5,865
4,885
C orn w all R R . b ------------ J u ly
21,481
18,087
13,172
9,486
D ela w a re & H u dson-b—
A p r 1 to June 3 0 .......... 3,749,961 2,972,757 1,382,869
888,729
Jan 1 to June 30--------- 6,779,683 5,901,489 2,471,635
1,948,823
Ju ly 1 to June 30--------- 13,655,772 12,261,101
5,620,796
4,673,255
D e n v e r & R io G ra n d e .b .J u ly 2,027,337
1,654,523
741,400
516,760
D e tro it & M a c k in a c .a -- J u ly
109,750
98,084
19,567
19,263
F a irch ild & N o rth e a s t.b .J u ly
1,572
1,378
231
505
G eorgia C ia s t & P le d ’ t.J u n e
9,436
......... ..
2,920
89,262
.............. 31,003
_____________
J u ly 1 to June 3 0 . .........
J u l y ....................... ..........
8,515
________
2,379
G eo rgia R R . a ................. J u ly
234,418
218,549
19,415
43,535
H o ck in g V a lle y . a ......... -J u ly
634,939
593,451
215,789
204,037
In tero cea n lc o f M c x lc o ..J u ly
605,764
581,761
142,398
137,261
L o u is v ille & N a s h v . b - . J u l y 4,126,037 3,703,522 1,034,787
1,087,57S
M exican In te r n a tio n a l..J u ly
768,530
589,577
228,431
164,137
N a tio n a l R R o f M e x ic o .J u ly 1,405,725
1,188,042
448,893
428,752
H id a lg o & N o rth e a s t’ n . J u ly
85,164
86,206
15,980
27,252
N o rth ern C e n t r a l.b ----- J u ly 1,177,615
978,715
263,832
246,332
Jan 1 to Ju ly 3 1 . ......... 7,523,909 6,454,509 1,359,716
1,408,716
P en n sylva n ia Lin es d ir e c tly o p era ted —
E a s t o f P itts & E r ie ..J u ly 14,600,065 12,406,865 4,417,108
4,135,608
Jan 1 to J u ly 31----- -.93 ,741,614 82,233,714 24,389,154 23,672,754
W e s t o f P itts & E r ie ..J u ly
In c 1,199,900
In c
437,100
Jan 1 to Ju ly 31...........
In c 6,120,200
In c 1,219,800
P h lla B a lto & W a s h . b - - J u ly 1,532,778
1,366.278
370,034
389,534
Jan 1 to Ju ly 31........... 9,710,989 8,879,689
1,795,594
2.130,694
Southern R y Co . a ........... J u ly 4,885,201 4,479,795
806,100
936,742
S ta ten Islan d R a p T r a n .b —
A p r 1 to June 30...........
272,884
220,833
37,594
58,130
Jan 1 to June 30...........
502,427
429,471
114,667
131,443
J u ly 1 to June 30......... ..
972,622
831,571
280,848
262,116
T e x a s C e n tr a l.a ............. J u ly
90,708
67.699
20,098
26,603
T o l S t Louis & W e s t .a .- J u iy
341,514
333,153
p89,729
p76,697
W e s t J rsey & Sea Sh.|,_ J u ly
729,581
680,981
323,662
292,362
Jan 1 to J u ly 3 1 . ......... 3,057,033 2,851,533
429,394
816,394
W e s te r n M a ry la n d .a — -J u n e
512,606
462,500
t/191,435
1/183,754
Ju ly 1 to June 30--------- 5,600,451 4,802,091 l/ l,870,477 y l , 696.410
iT* a' N e t earnings here g iv en are a fter d ed u ctin g taxes.
• b N e t earnings here giv en are b e f r r " d ed u ctin g taxes.
• d T h e co m p a n y now includes earnings o f the D en ver E n id & G u lf R R .
Pecos V a lle y system and Santa F e P resco tt & P h oe n ix R y . In both years.




773,320
644,752
115,409
1,523,746 1,037,949
425,077
3,013,587 2,833,149 1,659,668
290,214 <*481,821
d297,415
7,667
11,900
11,596
a51,983 £df.32,335 £def.8,4 41
63,356 £195,210
£158,151
44,143
88,717
221,766
2,583

£458
£39,736
£128,150
17,515

£19,686
£55,129
£60,189
24,020

a Charges here In clu de ro a d re n ta l (p a id b y lessee) and o th er d ed u ction s.
d These figures are a fte r a llo w in g fo r oth er In com e and fo r discou n t and
exch an ge. T h e sum o f $10,000 Is ded u cted e v e ry m on th fro m surplus and
pla ced to th e cred it o f the ren ew a l fund.
x A ft e r a llo w in g fo r o th er in com e re ceived .

STR EET R A I L W A Y S A N D T R A C T IO N C O M P A N IE S .
N a m e of
Road.

A lb a n y & H u d so n ___
a A m erica n R y s C o ___
cA u r Klgn & Chic R y
B in gh am ton R y ______
B lrm R y L t & P o w er
B rockton & P ly S t R y
Cape B reton E lec C o .
C entral Pen n T r a c . . .
C hari Con R y G a s& E l

Latest Gross E a rn in g s.
Week or
M o n th .

H onolulu R a p id T r &
L a n d C o ____
H o u gh to n Co S t R y . _
H ouston E lec tric C o .
Illin o is T ra c tio n C o . .
Jackson Consol T r a e .
J a ckson ville E lec C o .

C u rren t
Y ear.

P rev iou s
Y ea r.

$
42,265
302,034
152,252
20,240
183,174
12,360
20,686
75,682
67,298
117,096
67.747
34,401
67,965
7,700
147,483
26,513
186,101
41,030

135,609
21,766
173,676
32,183

J u n e ____
J u n e ___ __
M ay ______
W k S ept 1

107,307
36,521
271,213
36,630

93,648
32,165
233,155
29,345

J u l y ______
June
..
J u n e ______
Ju ly ______
M a y ____
June . ___
J u l y _____
J u n e ______
J u n e _____
A u gu st____
J u l y _____
J u ly .........
W k A u g 24
J u l y ______
J u n e _____
J u l y ______
J u l y ------J u l y _____
J u n e ______
A u g u s t ___
J u l y ______
J u n e ______
J u n e ______

29,706
22,437
59,076
329,600
12,613
34,162
513,445
45,475
79,280
211,601
330,863
97,111
74,021
138,850
48,668
466,748
209,040
274 ,018
7,891
144,419
27,001
16,513
147 199

28,880
20,151
51,158
262,724
12,170
26,846
469,975
47,508

J u l y ______
J u ly ______

J u l y ______
June . ___
June . . .
J u ly - - -_
J u ly - ___
J u ly
. ..
J u ly _____
Ju ly ------C leve South w & C o l_ . J u n e ______
2d w k A u g
,2d w k A u g
4th w k A u g
Ju ly _____
June ___
V a lle y T r a c tio n ..

It will be seen that there is a gain on the roads reporting
in the amount of $4,846,716, or 9.04%.
Net Earnings Monthly to Latest D ates.— The table fol­
lowing shows the gross and net earnings of S T E A M railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of July 20 1907. The
next will appear in the issue of August 24.

— I n t . , R entals, & c .— — B a l. o f N e t E 'n g s .—
C u rre n t
P re v io u s
C u rre n t
P re v io u s
Y e a r.
Y e a r.
Y e a r.
Y e a r.
$
$
$
$

Roads.
D ela w a re & H udson—
A p r 1 to June 30_______
738,117
Jan 1 to June 30_______ 1,433,686
J u ly 1 to June 30--------- 2,787,647
D en ver & R io G r a n d e .- J u ly
312,927
D e tro it & M a ckin ac____ J u ly
7,667
G eorgia R R _____________ J u ly
a51,756
H o ck in g V a lle y __________J u ly
74,056
S taten Islan d R a p id Trans—
A p r 1 to June 30_______
47,725
Jan 1 to June 30......... ..
95,450
J u ly 1 to June 30...........
188,930
T ex a s C e n tra l___________J u ly
2,583

Increase.

$
9,674,151
77,225
2,948
147,328
82,407
37,336
19,567
16,637

For the month of August the returns of 31 roads show
as follows:
M o n th o f A u g u st.

F o r J u ly taxes and rentals a m ou nted to $24/,/lu , <xg<,moi
... wU6
a fter ded u ctin g w hich, net fo r J u ly 1907 w as $2,343,150, again st $2,286,078
la st year.
p F o r J u ly 1907 a d d itio n a l in com e w as $561, again st $421 in 1906.
V F o r June a d d itio n a l Incom e and n et profits fro m coal, & c., w ere $188,219
this y e a r, again st $70,900 la st v e a r, and fro m J u ly 1 to June 30 w ere $831,596
this ye a r, against $847,604 last year.

,

For the third week of August our final statement covers
46 roads and shows 9.16% increase in the aggregate over
the same week last year.
T h ird week o f A ugust.

lxx x v.

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below those charges.

35,000

13,330,119 12,029,470

[V o l .

N o r f & P ortsm T r Co
N o W estch ester L t C o
N o rth w estern E l e v . .
O klah om a C ity R y . _
Pee kskill L ig h t & R R
P u g e t Sound E lec R y
R io de Janeiro T ram
L ig h t & P o w e r . . J u l y ______ 548,998
R o c k fo rd & In t e r u r .. June _ .
58,987
S t Joseph (M o ) R y .L t
H ea t & P o w e r C o . . J u ly _____
78,284
Sao P a u lo T r L t & P . J u n e ______ 162,971
Savannah E lec tric Co June
..
51,836
South Side E le v a te d . A u g u s t ___
176,463
Sou W isconsin R y Co Ju ly ______
16,666
S yracuse R a p T r R y . J u l y _____
112,398
T a m p a ' lectric C o .. A p r i l _____
42,383
T o le d o R y s & L ig h t . M ay _____
173,990
T o ro n to R a ilw a y ____ W k A u g 31
84,658
T w in C ity R a p T ra n - 3d w k A u g 123,025
U n ited R R o f San F r . June . .
/»152,126
U n ited R y s o f St L . . J u ly ______ 941,878
W e s t Chester R y ____ J u ly . . . .
14,477
W h a tc o m Co R y & L t
27,362

$
40,178
276,275
135,797
22,011
159,928
10,808
21,302
67,192
61,727
97,425
66,048
32,630
59,058

191,443
302,096
81,611
64,391
112,368
44,272
443,831
183,744
162,586
7,170
113,422
18,500
15,219
116,794
49,033
75,038
164.138
58,224
137,235
13,078
93,257
36,937
167,847
77,203
172,426
448,455
901,554
9,745
20,310

J a n . 1 to
C u rren t
Y ea r.
$
1,670,003
783,960
85.886
1,215,961
48,456
108,212
423,292
410,752
551,604
496,529
157,587
338.686
6211,556
4,048,948
550,778
1,183,918
233,672
569,277
170,306
1,175,553

1,026,625

210,158
114,162
317,350
2,035,918
53,882
192.399
3,381 ,418
249,695
366,808
1 ,802,852
2,157,850
441,237

198,808
100,088
274,180
1,625.594
* 51,377
152,101
3,046,563
231,641

874,836
209,223
3,532,903
1 ,058,297
1,374,198
51,710
1,115,773
142,387
75,824

761*908
188,943
3,342,919
935,683
950,800
42,480
975,228
94,565
65,976

1,606,807
1,953,961
374,433

3,472,984
272 990

232,717

483,973
1,027.47 2
283,637
1,281,648
89,427
706,061

467,765
986,927
304,008
1,142,949
71,353
607,772

834,881

784,391

3,794,106

3,508,842

6,229,490
73,984
164,428

5,851*186
47,504
125,767

o Figu res fo r the m onth in both years in clu de o p era tion s o f th e Scran ton
R y ., acquired Jan. 1 1906. b Figures are from F eb. I
c Th ese figures are
for consolidated com pan y, d Th ese are results for m ain line, f N ow In ­
cludes R a pid R y . S yst., Sandw ich W in d sor & A m h erstb u rg K y . and D etro it
Monroe & T o led o Short- L in e R y . h Th ese are ea rly p relim in a ry returns;
decrease due to earthquake, fire and strik e a m o n g em p loyees, A u g . 26 to
Sept 5 1906.

Street Railw ay N et Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
S T R E E T railways from which we have been able to procure
monthly returns. A s in the case of the steam roads, the
returns of the different roads are published b y us each week
as soon as received, and onch a month we bring together all
the roads reporting, as is done to-day:
------ Gross E a r n ’gs-----C u rre n t
P rev iou s
Y ea r.
Year.
Roads.
$
$
A u ro ra E lg in & C h ica go -J u ly
152,252
135,797
B in gh a m ton S treet R y . b —
A p r 1 to June 30_______
57,177
76,528
Jan 1 to June 30...........
122,079
137,448
J u ly 1 to June 30...........
282,963
289,824

------ N e t E a rn in g s -----C u rre n t
P re v io u s
Year
Y ea r.
$
$
70 ,826
77,344
17,237
41,557
119,162

37,490
62,293
138,936

S e p t.

7 1907. J

------ Gross E a rn gs------ ---------N e t E a rn in g s-----C u rre n t
P re v io u s
C u rre n t
P re v io u s
Y ea r.
Y e a r.
Y ea r.
Y ea r.
Roads.
$
$
$
$
B rockton & P ly m ’ t h .a -J u n e
12,360
10,808
3,903
4,331
Jan 1 to June 30_______
48,456
43,811
9,607
9,103
C ape B reton E lec C o .a .J u n e
20,686
21,302
8,091
8,814
Jan 1 to June 30_______
108,212
115,298
30,092
40,528
C entral P en n a T r a c Co . . J u l y
75,682
67,192
22,000
16,677
423,292
383,809
81,086
47,651
Jan 1 to J u ly 31_______
Charleston Cons R y _ b - - J u ly
67,298
61,727
28,679
27,163
M ch 1 to J u ly 31_______
302,941
272,214
117,274
109,506
C h ica go & M ilw E le c . - . J u l y
117,096
97,425
74,537
63,940
Jan 1 to J u ly 31_______
551,604
429,297
314,691
252,019
C le ve P a ln esv & E a s t .a .J u ly
34,401
32,630
18,508
16,856
Jan 1 to Ju ly 31_______
157,587
146,518
73,362
64,642
C le v S ou thw & CoIu m __June
67,965
59,058
27,700
27,281
Jan 1 to June 30_______
338,686
289,277
133,505
116,118
D e tro it Jackson & C h ic-J u ly
38,440
8,752
F e b 1 to J u ly 31_______
202,306
41,021
D e tro it U n it e d ................ J u ly
663,915
598,575
280,291
260,999
Jan 1 t o J u ly 31_______ 3,759,280
3,354,727 1,429,514
1,339,083
D u lu th S treet R y C o .b - J u ly
83,921
75,470
47,848
42,480
Jan 1 to Ju ly 31_______
470,042
431,708
232,916
207,242
E ast St L & S u b -----------J u ly
186,101
173,676
88,235
94,88fr
Jan 1 to J u ly 31--------- 1,183,918
1,069,833
543,100
533,586
41,030
32,183
11,028
11,849
E l P a so Elec C o - a ------- June
Jan 1 to June 3 0 . ' ____
233,672
180,822
50,431
60,307
F t W a y n e & W a b V a l T rJ u n e
107,307
93,648
43,070
36,363
569,277
491,886
220.282
184,796
Jan 1 to June 30_______
G a lvesto n E lec C o - a .- .J u n e
36,521
32,165
17,020
15,754
Jan 1 to June 3 0 _______
170,306
139,462
65,179
48,903
G eo rg ia R y & E ir e ______M a y
271,213
233,155
136,435
117,549
H o n o R a p T r & Ln C o .b J u ly
29,706
28,880
13,646
11,807
210,158
198,808
94,728
81,535
Jan 1 to J u ly 31_______
H o u g h to n Co St R y - a . .J u n e
22,437
20,151
10,375
8,400
Jan 1 to June 30...........
114,162
100,088
36,626
27,417
H o u sto n Elec Co . a ______June
59,076
51,158
19,909
21,021
Jan 1 to June 30_______
317,350
274,180
104,843
95,157
Illin o is T ra c tio n C o _ a --J u ly
329,600
262,724
146,283
126,017
Jan 1 to Ju ly 31_______ 2,035,918
1,625,594
877,718
712.444
Jackson Consol T r a c C o -M a y
12,613
12,170
4,909
4,799
J a ck so n ville Elec C o .a -J u n e
34,162
26,846
13,068
10,248
Jan 1 to June 30_______
192,399
152,101
67,763
57,682
Kansas C ity R y & L t - b - J u ly
513,445
469,975
247,933
236,413
June 1 to J u ly 31......... . 1,029,261
927,763
482,474
449,099
L e x in g to n & In te ru rb -.J u n e
45,475
47,508
14,511
17,394
249,695
231,641
80,166
68,190
Jan 1 to June 30...........
M a n ila E le c R y & L t ___ June
79,280
39,476
Jan 1 to June 30_______
366,808
237,775
M ilw E l R y & L t C o .b - - J u ly
330,863
302,096
164,738
155,279
Jan 1 to J u ly 31_______ 2,157,850
1,953,961 1,055,423
966,932
M ilw L t H t & T r a c C o . b .J u ly
97,111
81,611
61,624
54,827
Jan 1 to J u ly 31.........441,237
374,433
247,040
224,603
M o n trea l S treet R y ____ J u ly
339,756
300,885
163,809
139,724
O ct 1 to J u ly 31_______ 2,834,644
2,494,669 1,073,099
966.315
N e w Orleans R y & L t . b J u ly
466,748
443,831
179,038
179,146
Jan 1 to Ju ly 31 .......... 3,532,903
3,342,919 1,673,022
1,537,767
N o r fo lk & P o rtsm T r C o .J u ly
274,018
162,586
107,296
54,193
Jan 1 to J u ly 31........... 1,374,198
950,800
506,994
322,359
N o r O hio T r & L t C o ---- J u ly
209,040
183,744
98,891
82,807
Jan 1 to Ju ly 31_______ 1,058,297
935,683
434,745
354,660
N o W estch ester L t C o .a June
7,891
7,170
3,001
2,709
51,710
42,480
20,693
10,644
Jan 1 to June 30_______
O k la h om a C ity R y . ____ Ju ly
27,001
18,500
11,406
9,903
Jan 1 to Ju ly 31_______
142,387
94,565
52,155
42,639
P e e k s k ill L t & R R C o ___ June
16,513
15,219
8,523
8,154
Jan 1 to June 30_______
75,824
65,976
32,110
29,992
P u g e t Sound h i C o - a ..- J u n e
147,199
116,794
58,936
38,165
R io d e Janeiro T ra m C o .J u ly
548,998
189,849
Jan ’ to J u ly 31 ........... 3,472,984
1,115,650
R o c k fo rd & In teru rb a n -J u n e
58,987
49,033
29,380
24,563
Jan 1 to June 30___ 272,990
232,717
114.232
87,436
S ao P a u lo T ram L t& P o w J u n e
162,971
164,138
102,769
106,615
Jan 1 t o June 30--------- 1,027,472
986,927
675,265
651,257
St Joseph R y L t H t & P o w - J u ly
78,284
75,038
39,800
36,464
Jan 1 to J u ly 31...........
483,973
467,765
231,995
222,282
S avan n ah E lec C o . a ___June
51,836
58,224
18,437
28,059
283,637
304,008
94,909
121,217
Jan 1 to June 30 _______
S ch e n ec ta d y R y _ b —
A p r 1 to June 30_______
268,941
228,743
94,186
57,153
Jan 1 to June 30_______
498,997
420,930
141,748
108,415
J u ly l to June 30_______ 1,037,433
868,642
331,614
306,477
S ch u y lk ill R y C o .a ____ M a y
18,816
10,333
Mch 1 to M a y 31_______
48,029
21,898
S yracu se R a p T ran R y . . J u ly
112,398
93,257
49,098
42,611
Jan 1 to J u ly 31_______
706,061
607,772
305,286
260,551
T a m p a E le c C o _a --------- A p r
42,383
36,937
9,930
13,239
T o le d o R y s & L t - a ----- M a y
173,990
167,847
67,358
73,992
Jan 1 to M a y 31--------834,881
784,391
344,749
363,897
T w in C ity R a p T r C o - b - J u ly
571,985
522,950
300,749
286,832
Jan 1 to J u ly 31--------- 3,420,599
3,077,588 1,752,221
1,627,058
U n ite d R y s o f St Lou is a J u ly
941,878
901,554
367,942
335,976
Jan 1 to Ju ly 31........... 6,229,490
5,851,186 2,129,518
2,164,828
W e s t Chester (P a ) St R y J u ly
14,477
9,745
7,977
5,013
Jan 1 to Ju ly 31_______
73,984
47,504
38,384
21,546
W h a tco m C o R y & L tC o a J u n e
27,362
20,310
10,588
6,345
Jan 1 to June 30...........
164,428
125,767
65,893
36,978
a N e t earnings here g iv en are a fte r d ed u c tin g taxes.
b N e t earnings here giv en are before d ed u c tin g

ta xes.

Interest Chareres and Surplus.— The following S T R E E T
railways, in addition to their gross and net earnings given
in the foregoing, also report charges for interest, &c., with
the surplus or deficit above or below these charges:

Roads.
A u ro ra E lg in & C h ica go -J u ly
B in gh a m to n S treet R y —
A p r 1 to June 3 0 -.........
Jan 1 to June 30...........
J u ly l to June 30...........
B rock ton & P ly m o u th ..J u n e
Jan 1 to June 30_______
Cape B reton E lec C o ... J u n e
Jan 1 to June 30_______
Charleston Cons R y ____ J u ly
M ch 1 to J u ly 31......... ..
C le ve P a ln esv & E a s t ..J u ly
J a * 1 to J u ly 31...........




595

THE CHRONICLE

— in t . , Rentals, & c .— — B a l. o f N e t E ’ngs.—
C u rre n t
P re v io u s
C u rren t
P rev iou s
Y ea r.
Y ea r.
Year
Y ear.
$
$
$
$
27,508
24,939
49,836
45,887
24,509
48,690
94,976
1,799
10,770
4,276
25,587
13,517
67,583
6,796
50,072

22,217
44,401
87,790
1,832
10,988
4,251
26,151
13,017
64,933
7,108
48,314

£def.6,175
Xdef.5,192
£28,234
2,104
d e f 1,163
3,815
4,505
15,162
49,691
11,712
23,290

£15,749
£18,849
£53,262
2,499
d e fl,8 8 5
4,563
14,377
14,146
44,573
9,748
16,328

— In t . , Rentals, & c .—
— B a l. o f N e t E ngs.—
C u rren t
P re v io u s
C u rre n t
P rev iou s
Y ea r.
Y ea r.
Y ea r.
Y ear.
Roads.
$
$
$
$
D e tro it Jackson & C h ic. J u ly
15,012
£d ef. 6,114
90,075
F e b 1 to J u ly 3 1 .______
£df.48,148
D e tro it U n ited R y ______J u ly
117,009
105,463
167,918
160,143
Jan 1 to J u ly 31_______
796„012
710,205
665,475
655,208
D u lu th S t R y C o _______ J u ly
17,991
17,876
29,857
24,604
Jan 1 to J u ly 31_______
123,923
122,930
108,993
84,312
5,214
3,797
E l Paso E lec C o ________ June
5,814
8,052
Jan 1 to June 30_______
28,730
22,678
21,701
37,629
G alveston Elec C o ______June
4,167
4,167
12,853
11,587
Jan 1 to June 30_______
25,001
25,001
40,178
23.902
H on o R a p T r & L d C o .- J u ly
6,249
5,257
£7,864
£7,011
Jan 1 to J u ly 31_______
42,887
36,802
£56,584
£48,191
H ou gh ton Co St R y ____ June
3,945
3,918
6,430
4,482
Jan 1 to June 30......... ..
23,670
23,480
12,956
3,937
8,417
7,692
11,492
13,329
H ou ston E lec C o _______ June
Jan 1 to June 30...........
57,586
53,790
47,257
41,367
Jackson Consol T r C o .- M a y
2,967
2,879
1,942
1,920
J a ckson ville Elec C o ___June
3,855
3,425
7,213
6,823
Jan 1 to June 30 _______
21,550
20,163
46,213
37.519
93,334
92,953
K ansas C ity R y & L t Co .J u ly
154,599
143,460
June 1 to J u ly 31...........
307,827
285,486
174,647
163,613
68,366
68,673
M ilw E lec R y & L t C o ..J u ly
103,158
90,198
Jan 1 to J u ly 31_______
699,956
604,593
397,192
385,716
£68,366
£68,673
M ilw E l? c R y & L t C o . . J u ly
103,158
90,191
£397,192
£385,716
Jan 1 to J u ly 31_______
699,956
604,593
£1,673
£24,186
M ilw L t H t & T r a c ______J u ly
60,019
30,709
269,940
176,670 £def.22,424
£48,419
Jan 1 to J u ly 31_______
M ilw L t H t & T r ........... J u ly
£1,673
£24,186
60,019
30,709
£48,419
Jan 1 to J u ly 31_______
269,940
176,670 £def22,424
96,076
83,922
67,733
55,802
M on treal S treet R y ____ J u ly
615,752
591,505
O ct 1 to J u ly 31_______
457,347
374,810
12,066
21,026
166,972
158,120
N e w Orleans R y & L t ___ J u ly
Jan 1 to J u ly 31........... 1,162,199
1,071,097
510,823
466,670
N o rth O hio T r & L t C o .J u ly
43,624
40,660
55,267
42,147
138,386
74,247
Jan 1 to J u ly 31_______
296,359
280,413
26,959
13,402
P u g e t Sound lil C o ___ ..J u n e
31,977
24,763
R o c k fo rd & In te n irb a n —
29,518
Jan 1 to June 30_______
64,758
57,918
49,474
6,489
16,797
S avannah Elec C o .........June
11,948
11,262
53,580
22,696
Jan 1 to June 30_______
72,213
67,637
S ch en ectady R a ilw a y Co— •
£62,836
£7,437
A p r 1 to June 30_______
32,450
61,143
£82,450
£4,258
Jan 1 to June 30_______
62,331
116,199
£196,820
£105,021
J u ly 1 to June 30...........
141,583
216,452
£22,780
£19,408
S yracu seR ap T ran R y . . J u ly
26,482
23,377
£104,175
£128,385
Jan 1 to J u ly 31...........
177,522
159,151
13,239
9,164
T a m p a E l c C o __________A p r
766
N il
31,749
19,961
T o ll do R y s & L t C o ____ M a y
47,397
42,243
152,446
115,638
Jan 1 to M ay 31_______
229,111
211,451
185,607
172.213
T w in C ity R a p T ran C o -J u ly
115,142
114,619
852,422
945,763
Jan 1 to J u ly 31...........
806,458
774,636
104,126
135,431
U n ited R y s o f S t L o u is -J u ly
232,511
231,850
542.214
510,698
Jan 1 to J u ly 31_______
1,618,820
1,622,614
5,227
2,332
W est Chester (P a ) St R y J u ly
2,750
2,681
3,394
19,619
18,765
18,152
Jan 1 to J u ly 31_______
3,932
2,587
W h a tco m Co R y & L t ..J u n e
6,656
3,758
14,137
27,703
Jan 1 to June 30_______
38,190
22,841
x A ft e r a llo w in g fo r o th er in com e re ceived .

A N N U A L REPORTS.
Central of Georgia R ailw ay,
(Report for Fiscal Year ending June 30 1907.)
The complete text of the remarks of President J. F. Hanson
will be found on pages 604 and 605 of to-day’s “ Chronicle” .
Comparative tables of earnings, income account, &c., for
four years are given below.
The character of the rails in main track owned and leased
(including 2.73 miles of second track operated) follows:
W E IG H T O F S T E E L
Pounds—
80 70-75 65-68^
June 301907, miles-596
189
134
June 30 1906, miles.504
156
117
June 301905, miles.481
101
123
June 30 1904, mUes.389
103
136
June 301903, mlies.316
104
138

R A IL S
63J46
32695
394
401
422
447

I N M A IN T R A C K .
1 60'A
56
V a r. Iron . T ota l.
18
531
3
. . 1,916
85
23 589
3
8 1,880
90
24 612
18
29 1,880
100
21 662
18
29 1,880
117
22
654
18
31 1,847

The changes in equipment during elevenyears appear from
the following:
On H and J u n e 30—
1896.
L o c o m o t iv e s ____________ ______ 211
Passenger-train equ p m e n t ___ 206
F reigh t-tra in e q u ip m e n t ______4,785
Service e q u ip m e n t____________
255

1903.
223
209
6,336
221

1904.
249
223
7,280
221

1905.
253
229
7,895
263

1906.
252
230
9,047
415

1907.
292
229
10,218
480

Earnings.— Operations, earnings, balance sheet, &c., were:
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1906-07.
A v e r a g e m iles o p e ra te d .
1,899
Operations ( revenue tra ffic on ly) —
Passengers c a r r ie d ______
3,911,114
Pass, c a rritd 1 m ile ____ 121,753,377
R a te p er pass, per m ile .
2.419 cts.
R e v . fg h t. (tons) carried 5,210,091
R e v . (fg t. (tons) carr. 1 m .780,248,231
R a te ner ton per m ile___
1.048 cts.
A v .r e v .tr a in - lo a d (to n s ).
212
Earn, p er fg t. train m ile .
$2.2419
Earn, per pass, train m ile
$0.9333
E a rn , p er m ile o f r o a d - .
$6,362 51

1905-06.
1,878

1904-05.
1,878

1903-04.
1,865

3,636,365
3,242,110
2,904,051
112,175,658 101,319,130 90,440,464
2.455 cts.
2.365 cts.
2.393 cts.
4,675,596
4,008,111
3,928,375
701,066,873 595,231,752 559,681,313
1.104 cts.
1.144 cts.
1.113 cts.
218
208
187
$2.4393
$2.4213
$2.1435
$0.9237
$0.9789
$0.8987
$6,068 77
$5,397 22
$5,039 41

E A R N IN G S , E X P E N S E S , C H A R G E S , & C.
E a rn in g s —
P a s s e n g e r ........................
F r e ig h t..................... ........
M a il and express......... ..
M isc ella n eo u s .................

1907.
$
2,944,895
8,173,630
470,195
494,057

1906.
$
2,754,465
7,737,661
448,560
455,437

T o t a l ............................ 12,082,777
11,396,123
Expenses—
M aintenance o f w a y , &c.
1,579,010
1,845,793
M alnt. o f e q u ip m e n t-.2,249,318
1,712,132
C onducting tran sp ort’ll- 4,887,176
3,892 830
G en era l........... .............. \
890,712
784,457
T a x es ............................I
T o t a l ..........................

-9,606,216

8,235,213

1905.
$
2,395,768
6,808,639
415,269
515,378

1904.
$
2,164,658
6,227,550
347,817
656,906

10,135,054

9,396,931

1,607,530
1,744,226
3,394,369
(345,402
1326.430

1,823,517
1,258,597
3,446,866
335,520
322,877

7,417,966

7,187,386

596

THE CHRONICLE.

2 430 206

1905-06.
$
3,027,418
1,250,562
1,002,728
169,260
194,378

1904-05.
$
2,895,35/3
1,104,835
892,100
166,762
174,197

1902-03.
$
2,828,135
940,168
1,802,183
158,120
144,332

1,666,299
48,861
358,868
17,712

T o t a l ............. . . . . . . .
P e r cen t e x p . to ea rn ___
N e t earnings____________
In tere st, & c ____________

5.644,346
(68.81)
2,558,015
453,717

5,233,287
(72.04)
2,031,771
453,216

5,072,938
(76.26)
1,579,547
471,647

2,110,936
854,517
(5)200,000
(5)350,000
(5)200,000

2,091,740
338,466
(5)200,000
(2)140,000
---------

T o t a l ________ _________
Disbursem ents—
In tere st on bonds_______
In tere st and d is c o u n t..
R en ta ls ............... .............

3,011,732

2,484,987

2,491,357

2,051,194

883,358
190,086
283,506

862,667
202,291
232,528

766,976
231,155
211,948

683,758
271,638
208,968

sur.104,517

d e f.1,533

T o ta ls ................. ..........
1,356,950
1,297,486
1,210,079
B a la n ce ---------------------- -1,654,782
1,187,501
1,281,278
D edu ct d iv . on pref. ft k |>"1 •
210
210
210
D edu ct d iv .o n com stk (211,162,092 (2 )1 ,1 6 2 ,0 8 6 (1 ^ )8 7 1 ,5 5 5

1,164,364
886,830

1906.
$
(72.26)
3,160,910
274,621

1905.
$
(73.19)
2,717,088
248,364

1904.
$
(76.49)
2,209,545
220,661

T o t a l --------- —
..
D educt—
In te re s t on fu n d ed d e b t.
In t . on eq u ip , o b lig ’n s . .
R en ta ls . . ________
M iscellan eou s .
_______

2,788,500

3,435.531

2,965,453

1,719 084
143,599
426,810
50,881

1,672,580
80,639
420,767
10,874

1,672,044
65,414
366,304
7,174

l _______
—
--------- —
1st in com es-----2d in com es____
3d in co m es------

2,340,374
448,126
(0)200,000
(a) 261,030

2,184,860
1,250,671
(5)200,000
(5)350,000
(5)200,000

12,904 sur.500,671

T o ta
Surplus
D iv . on
D iv . on
D iv . on

_ def.

B ala n ce fo r y e a r —

a Th ese d iv id e n d s w ere d eclared on Aue\ 24 1907 and are p a ya b le Oct-. 1
1907, b ein g 5 % on first in com es and 3.729 % on second incom es. See V . 85,
p. 529.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1907.
1906.
1905.
1904.
Assets—
$
$
$
$
55,389,614
R o a d and e q u ip m e n t—
55,157,794
53,691,656
53,625,114
4,570,528
E q u ip m e n t tru sts--------2,429,765
1,788,998
1,296,363
B on ds
p led ged
under
650,000
sh ort-term n otes.
479,572
In v es tm en ts
______ . .
1,030,219
529,295
388,263
698,096
565,717
M ateria ls and s u p p lie s ..
450,229
325,259
571,093
D efe rre d assets. --------116,519
180,501
144,808
Fu n d w ith tru stee fo r
co m p l tio n
of
lin e
317,416
Green\ 111: to N ew n a n
711,758
Cash on I,a n d .. . .
1,211,182
1,617,026
1,412,937
Cash in tr a n s it--------95,989
105,309
145,708
116,735
152,505
63,006
D u e fro m a gen ts_____ _
126,589
48,250
540,191
476,205
In d ivid u a ls and cos-----366,605
315,572
294,516
175,098
E m p ire L a n d C o . ______
66,091
65,666
D u e fr o m U . S. G o v t —
72,871
60,075
T r a ffic b a la n c e s ----------163,233
87,049
49,541
31,192
84,386
N o te s re c e iv a b le___ _____
210,816
45,825
316,493
T o t a l ------- --------- .
L ia b ilitie s —
C a p ita l s t o c k .. ________
F u n d ed d e b t. -----------S h o rt-term n o t e s --------In tere st on fu n ded d e b t.
Taxes . .
.
--------V ou ch ers a u d i t e d . -----P a y c h e c k s _____ - . .
In te re s t due and unpaid
R e s e rv e f u n d ----------- .
T u n n el Coal C o -----------G re en v ille & N e w n ’ n R y
Im p ro v e m e n t fu n d ______
R e fu n d o f over-ch a rge
on lu m ber under I; . S.
S u p rem e Court d ec i­
_____ .
sion _______
E q u ip , tru st obligaton s
M is c e lla n e o u s ___________
P r o fit and loss. . --------T o t a l ____ _________
— V . 85, p. 529.

..

64,467,573

62,075,343

59,001,262

58,081,060

5,000,000
50,473,000
650,000
355,965
233,651
554,433
394,106
182,191
•
4,654
_____ _
461,526

5,000,000
50,033,000

5.000,000
48,863,000

5,000,000
48,796,000

352,698
164,529
333,791
350,724
134,766
324,667
98,242
261,491
804,362

335,148
153,893
247,951
296,843
125,071
347,951

334,925
144 235
409,284
269,886
106,151
555,807

556,811

580,609

150,000
4,570,528
• 439,747
997,771

2,429,765
389,441
1,397,867

1,788,997
428,939
856,655

1,296,363
245,721
342,078

64,467.573

62,075,343

59,001,262

58,081,060

N ew York Ontario & W estern Ry.
(.Report for Fiscal Year Ending June 30 1907.)
President Thomas P. Fowler says:
Im p rov em en ts.— Im p ro vem en ts on the m ain and branch lines h ave been
co n tin u e d , and m uch-needed en la rgem en t and re-arran gem ent o f th e shops
a t M id d leto w n and N o rw ic h n ea rly co m p leted . T h e ph ysical con d ition o f
th e p r o p e rty is m uch b ette r than at a n y tim e In its h istory.
W o r k has been resumed on the m ain line second track fo r a distan ce o f
a b o u t six m iles n ear L ib e r ty ,a n d upon its com p letio n w e shall h ave a dou ble
tra c k th e en tire distan ce fro m C orn w all to Cadosla, ex cep t in the in te r­
v e n in g tu nn els, w h ich it is n ot Intended to enlarge.
B o n d s.— In F eb ru a ry last yo u r board a u th orized the Issue o f $1,948,000
gen era l m o rtg a g e bonds to reim burse the treasu ry fo r ca p ita l expen ditu res
th e re to fo re m a d e, v iz .:
E q u ip m e n t ................... . .......... .......... ................................................... .$692,329
C on stru ction second tr a c k _____________________________________________ 588,391
A d u ltlo n a l sidin gs_______________________________________________________
67,740
N e w ra il (w eigh t a d d itio n a l to th a t re p la c e d )_______________________
44,766
N e w b a lla stin g, gra d in g and signal s y stem _________________________ 101,523
R econ stru ctin g and fillin g bridges and tres tle s____________ _______ _ 165,850
N e w o verh ead bridges and crossings___________________ _______ ______
55,410
A d d itio n a l lands and Im provem en ts and extension s, station s, shop
term in a ls, & c_________________________________________________________ 232,612
A t the close o f the fiscal ye a r $1,334,000 o f the bonds had been sold and
e x te n t o f $222,000. W h en the rem ain d er h ave been disposed o f, the to ta l
an o p tio n on th e balance g iv e n to bankers, w hich has been exercised to the
a m o u n t o f general m o rtg ag e bonds so fa r a u th orized and ou tsta n d in g w ill
be $3,948,000. T h e discou n t upon the bonds sold has been charged to
th e p ro fit and loss account.

Vice-President and General Manager J. E . Childs says:
E a rn in g s .— T h e gross earnings increased $937,303, o r 1 2 .9 0 % , and the
n et earn in gs, a fte r d ed u ctin g ta xes, increased $526,244, o r 25.90 % . T h e
surplus fo r the ye a r, a fte r d ed u c tin g fix ed charges, ren tals, & c ., w as $1,654,782, an increase o t $467,281, or 39 .3 5 % .
T h e earnings Irom th e tra n sp o rta tio n o f coal w ere $3,653,143, com pared
w ith $3,070,385 in the previo u s y e a r , an increase o f $582,758, o r 1 8.98% .
T h e n um ber o f gross ton s o f co a l tran sported fro m the .Scranton D ivisio n
(e x clu sive o f su p p ly coal fo r co m p a n y’ s use) was 2,502,989, an increase
o f 216,552, o r 9.47 % . T h e to ta l ou tpu t o f a n th ra cite coal from the en tire
field fo r the y e a r 1906 w as 55,698,595 ton s, a decrease o f 5,711,606 tons
as com pared w ith the p reviou s year.
T o n s o f m ilk carried one m ile, 23,031,690, against 21,577,109 in 1905-06,
b ein g an Increase o f 6 .7 4 % .
Im provem en ts.— D u rin g th e y e a r n ew eq u ip m en t has been purchased or
b u ilt in the shops o f t'he co m p a n y, and a ddition s and im p ro vem en ts m a de,
a n d ch arged to c a p ita l accou nt, co stin g $125,001. Im p ro vem en ts and
ge n era l repairs a m ou n tin g to $349,658 h ave been m ade and charged to
o p e ra tin g expenses.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1906-07.
1905-06.
1904-05.
1903-04.
M iles o p e r a t e d __________
546
546
548
548
Operations—
Passengers ca rried, N o - 1,975,379
1,871,722
1,731,806
1,637,987
Passengers carried 1 m ile 81,861,091
72,867,521
63,108,400
56,086,905
R a t e per pass, per m ile .
1.898 cts.
1.919 cts.
1.889 cts.
1.859 cts.
F r e ig h t carried (t o n s )- .
5,308,066
4,685,350
4,690,973
4,315,422
F r e ig h t (tons) 1 m ile ___ 723,580,961 661,651,285 695,332,579 630,918,900
R a t e per ton per m ile ___
0.874 cts.
0.844 cts.
0.808 cts.
0.848 cts.
298
A v e r , tra in -loa d (t o n s ).
307
303
285
$2.20
E a rn .p e r freigh t tra in m .
$2.36
$2.22
$2.21
$0.9737
E a rn , p er pass, tra in m .
$1.1350
$1.0495
$0.9252
$12,930
Gross earnings per m ile .
$15,026
$13,309
$12,13-1
E a rn in g s —
$
$
$
$
1,192,140
P a s s e n g e r _______________
1,553,997
1,376,043
1,043,093
F r e ig h t ___________________
6,326,641
5,618,383
5,589,444
5,355,275
M a il and express________
180,919
170,012
156,962
145,920
M is c e lla n e o u s ___________
140,804
123,404
129,559
108,197
T otal . . . . . . ______ . . . _• 8,202,361 •.,7,265,058 • 7,090,889




lxxx>.

Operating Expenses—
C on du ctin g tra n sp o rt’n .
M ain tenan ce o f e q u ip m ’t
M ain tenan ce o f w a y , &c.
G en eral e x p e n s e s _______
T a x es ____________ ______

•1907.
$
(79.50)
2,476,561
311,939

P . c. o f o p . ex p . to eahis
N e t e a r n i n g s , ___ _
O th e r in c o m e ___________

[V o l .

6,652,485

Surplus fo r th e y e a r____

1,162,296
25,205

1.162,302
gj492,430

871,765
409,513

886 ,830

a A d ivid en d o f $3,150?on preferred stock and $1,743,090 (3 % ) bn com ­
m on stock w as paid in Jan. 1905 fro m a ccu m u la ted surplus to June 30 1904.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1907.
1906.
$
Franchises and p r o p e r ty ______________ 76,822,930 75,855,298
4,000
P referred stock re d e m p tio n fu n d ____
4,000
12,767,854
In vestm en ts in o th er com pan ies______ 12,297,927
1,130,417
Cash a t ban kers________________________
1,360,627
681,141
Stores, fu el, & c., on h an d _______ _____
642,757
257,627
S u n dry accounts due co m p a n y_______
599,828
40,061
A d va n ces to o th er com pan ies________
40,061
473,217
T r a ffic accounts due co m p a n y_______
555,484
108,653
L oan s and bills re ceiva b le____________
117,741
191.021
A ccru ed in te rest_______________________
185,188
462,000
Cars under lease (car tru s ts )__________
244,000

1905.
$
74,444,663
4,000
13,179,078
676,571
683,067
250,475
40,060
629,75a
110,956
126,854
714,000

T o ta l assets_________________________ 92 ,870,543
L ia b ilitie s —
C om m on s to ck _________________________ 58 ,113,983
4,000
P referred sto ck ________________________
R efu n d in g 4 % bo n d s__________________20 ,0 0 0,000
G eneral m o rtgage 4 % bon d s__________• 3 ,334,000
282 ,980
In tere st due and a ccru ed______________
S un dry accounts due b y c o m p a n y____
1 ,812,609
T r a ffic accounts due b y co m p a n y ____
219,588
W a g es fo r m on th o f J u ne______________
3,202
D ivid e n d s unpaid . . . __________________
94,845
Insurance re serv e ___________ __________
Loan s and gold n otes__________________
3 625.000
244.000
R o llin g stock under lea se______________
P r o fit and loss_________________________
5 136,336

91,971,289

90,859,478

58,113,983
4,000

58,113,983
4,000

T o t a l lia b ilities ____ _________________ 92,870,543
- V . 85, p . 403.

20,000,000
2,000,000

20 ,000,000

277,973
1,722,876
138,153
243,593

' 271~947
1,666,651
172,909
254,843*

75,750
4,025,000
462,000
4,907,961

4,825,000
714,0004.836,145

91,971,289

90,859,478

American Smelting & Refining Co.
(.Report for Fiscal Year Ended April 30 1907)
The report will be found at length on pages 000 and 000.
The comparative tables of earnings, income account and
balance sheet for three years are given below.
RESULTS

OF

O P E R A T IO N .
1906-07.
1905-06.
$
$
E a rn in gs________________________________ 13,250,058
11,665,885
O rd in a ry repairs and b e tterm en ts___
976,534
828,582
675,945
In te re s t, taxes and gen era l ex pen ses.
763,854
T o t a l ded u ctio n s___ __________
Less: E m p lo y ees’ p rofit-sh a rin g fund

1904-05.
$
10,506,683
878,648.
729,224

1,740,388
11,509.670
540,420

1,504,527
10,161,358
449,204

1,607,872
8,898,811
216,815

10,969,250

9,712,154

8,681,996

a l ,054,996

a 938,099

1,063,084

N e w constru ction im p ro vem en ts and

8,774,055
7,618,912
9,914,254
3,500,000
3,500,000
3,500,000
)3 ,500,000(6 >3)3,250,000 (5)2,500,000
7,000,000
2,914,254
10,482,775

6,750,000
2,024,055
8,458,720

6,000,000
1 ,618,912
6.839,808

T o t a l s u r p lu s .............. .................. .. 13,397,029

10,482,775

8,458,720

a D oes n ot Include a n y ap p rop ria tion to m eta l stock accou nt.
A S S E T S A N D L I A B I L I T I E S A P R I L 30.
1907.
Assets—
$
P r o p e r t y ------------------------------------------ 86,845,670
In v e s tm e n ts ____________________________ a3 ,810,595
M e ta ls to c k s ____________________________ 18,251,587
M a t e r ia l...................... .................. ..........
1,317,544
C a s h .................................. ......................
6,706,984
T o t a L .............................................. ..1 1 6 ,9 3 2 ,3 8 0
L ia b ilitie s —
Com m on s to c k --------------------------------- 50,000,D00
P referred s t o c k ________________________
50,000,000
B on ds __________________________________
457,000
N e t cu rrent lia b ilitie s __________________
439,051
M a r g in s ----------------------------------------2,639,300
P r o fit and loss_________________________
13,397,029

116,313,607 113,002,340
50.000.000
50.000.000
549,000
2,360,967
2,920,865
10,482,775

50.000.000
50.000.000
561,000
1,855,641
2,126,979
8,458,720

T o t a l.................................. .................. 116,932,380 116,313,607 113,002,340
a D oes n ot in clu de 177,510 shares A m erica n Sm elters’ Securities C o ..
p a r va lu e $17,751,000.— V . 84, p. 1369.

American Hide & Leather Co.
(Report for the Fiscal Y ear ending June 29 1907.)
President Thomas W . H all says in substance:
T h e surplus p rofits fo r the ye a r, a fte r ch argin g replacem ents, renew als
and repairs, bad and d o u b tfu l d eb ts, in terest and sin kin g fund a p p ro p ria ­
tio n , am ou nted to $270,337. N o change in the ou tsta n din g ca pita l sto ck ,
e ith er p referred o r com m on , has taken place du rin g the year.
T h e bonds in the hands o f the p u blic on June 29 1907 am ounted to
$7,194,000, com pared w ith $7,425,000 at June 30 1906, a decrease o f
$231,000: loans on June 29 1907 am ou nted to $262,775, com pa red w ith
$1,381,457 on June 30 1906, a decrease o f $1,118,682; the am ounts ow ed
fo r fo reign exch an ge, tra d e accounts, w a g e s , &c , decreased $21,140;
cost o f p r o p e rty has decreased $4,209, m ade up as fo llow s: R e a liz a tio n on
sales o f lan d , m ach in ery, & c., and va lu e o f m ach in ery and bu ildin gs d e ­
stro ye d b y fire, $147,978; less a d d itio n s, Im p ro vem en ts and b etterm en ts
$143,769.
.
ZZ
T h e sin kin g fund fo r red em p tio n o t th e first m o rtg a g e bonds am ounted
on June 29 1907 to $1,357,790, b ein g an Increase o f $235,634 du rin g th e
y e a r - B O f thisfam ount{$211,898lhas been’ charged against th e fy ea r’ sfp rofits.

Se p t . 7

1007.]

and in v ie w o f this ch arge the directors and the au ditors consider th a t a
fu rth er p rovis ion sp ecifica lly fo r dep reciation is unnecessary.
T rie bonds
in the sin kin g fu n d on June 29 1907 am ounted to $1,331,000, as com pared
w ith §1,100,000 June 30 1906, an increase o f $231,000, a c q u ire d ,at a cost
o f $207,263 in cash. Th is increase In bonds Is m ade up o f th e regu lar
annu al a p propriation o f $150,000 bonds and o f §81,000 bonds acquired
from the sin kin g fund in terest accu m u lation .
In o rd er th a t th e o u tstan ding
Indebtedness m ig h t m ore p ro p e rly be set fo rth In the balance sheet sub­
m itte d , th e sta tem en t o f these bonds has been s lig h tly m odified b y d ed u ctin g
th e am ou nt o f th e sin kin g fund bonds fro m the to ta l bonds Issued. Instead
o f sh ow in g th e same as an asset.
T h e In v e n to ry o f hides and skins, lea th er on hand and in process o f m anu­
fa ctu re and general supplies am ou nted on June 29 1907 to $6,305,659, as
again st $7,254,059 on June 30 1906, a decrease o f $948,400. T h e va lu a tio n
o f the In ven to ry Is on the same basis as June 30 1906. T h e cash profits
a c tu a lly realized from lea th er d eliv ered du rin g the present fiscal y e a r w ere
g r e a te r th an those o f th e precedin g y e a r, bu t as it is the p ra c tic e o f the
co m p a n y to ta k e the finished lea th er in to the in v e n to ry a t co n s erva tive
m a rk et v a lu a tio n , and n ot to ta k e in to the accounts fo r th e y e a r profits on
lea th e r sold and u n d elivered , th e results fo r this ye a r h ave been u n fa v o ra b ly
affected th ereb y .
B ills and accounts receiva b le increased $63,702. T h e
am ou n t ou tsta n d in g June 29 1907 w as $2,318,809, as again st $2,255,107
on June 30 1906. B a d deb ts h ave been wrritten o ff o r p ro vid ed fo r du rin g
th e y e a r to th e e x te n t o f $8,422. T h e reserve fo r d o u b tfu l deb ts and dis­
counts am ounted o n fju n e 29 1907 to $148,104, w hich th e m an agem ent
deem s am ple; cash on hand|June 29 1907 increased $13,746.
T h e to ta l current assets on June 29 1907 am ounted to $8,851,473, as
aga in st to ta l current lia b ilities o f $823,208, sh ow in g n et cu rrent assets o f
$8,028,265. A s th ere are ou tsta n din g In the hands o f the p u blic $7,194,000
bonds, it w ill be seen th a t the n et current assets ex ceed th e fa ce va lu e o f
th e bonds ou tsta n d in g b y $834,265, le a v in g In a d d itio n th e reto the en tire
pla n t and go o d -w ill stand ing again st the ca p ita l stocks o f the com pan y.
IN C O M E

ACCOUNT

OF

COM PANY

AND

1906-07.
T r a d in g p ro fits ......... .................... ........$1,151,048
P r o fit on bonds purchased fo r sink­
in g fu n d , & c ________________________
14,332

IT S

S U B S ID IA R IE S .

1905-06.
$1,178,487

1904-05.
$1,374,432

3,297

31,755

T o t a l____________________ _______ _____$1,165,380
$1,181,784 $1,406,187
D educt—
R ep lacem en ts, renew als and repairs$159,055
$167,505
$190,291
B ad deb ts and reserve fo r d o u b tfu l
* * d e b t s ____________________ _______ _____
8,422
21,843
18,691
In tere st on bon d s______________________
*511,500
511,500
511,500
A l l o th er in te rest_______________________
66,066
86,547
29,798
S in k in g fund a p p rop ria tio n s__________
150,000
150,000
150,000
D ivid e n d s on preferred s to ck ________ N o n e
x(\ % )1 2 5 ,483(2 % )250,966
T o t a l................... ............. _ ................
B a lan ce, surplus fo r y e a r ______________

$895,043
$270,337

$1,062,879
$118,905

$1,151,245
$254,942

x In clu des $130,000 paid A u g . 15 1905 on $13,000,000 p referred stock,
ess $4,517 re ceived on preferred stock held In tru st.
B A L A N C E S H E E T O F C O M P A N Y A N D S U B S ID IA R Y C O 'S J U N E 30.
1907.
1906.
I
1907.
Assets—
$
$
I Liabilities—
$
Cost of properties c26,479,073c26,483,282| Pref. shares......... 13,000,000
Sinking fund........
e26,790 / l,122,155 |Com. shares......... 11,500,000
Supplies .............. 6,305,659 7,254,06011st M. 6% bonds._a7,194,000
Bills and accounts
|Interest accrued-170,500
receivab le------ (22,170,705 d2,099,8571 Loans payable____
262,775
Sundries, claims,
|Foreign exchange.
113,865
&c_____________
12,658
16,7851Trade accounts___
207,657
Insurance unex68,411
I Wages, &e_______
plred___________
64,115
61,457 ISlnk. fund ls t M ._ 1,122,156
C a s h . . . , ..............
298,337
235,635
284,5911Miscellaneous____
|Surplus................. 1,482,338
-I
iT o t a l .
____35,357,337 37,322,1881 T o ta l..................35,357,337

1906.
$
13,000,000
11,500,000
68,525,000
170,500
1,381,457
123,374
222,972
64,727
908,287
213,868
1 , 212,002
37,322,188

--------•
\ X M X M 3 r-* T T W I* ’ a A fter deducting $475,000 In treasury and $1,331,000 In sinking fund. - 6 Thi
Includes bonds held in sinking fund ($1,100,000), which are deducted in later year—
see foot-note a. c Including 4,517 shares preferred and 2,259 shares common stock
of the American Hide <t Leather Co. held in trust, d A fter deducting reserve of
$148,104 for doubtful debts in 1907 and $155,250 In 1906. e Includes only cash
and accrued interest ($1,331,000 par value of bonds in sinking fund held by trustees
not treated as an asset as in former years). / Includes $1,100,000 bonds— see
foot-note d.— V . 83, p. 563.

American Locomotive Company.
(Report for Fiscal Year ending June 30 1907.)
President W . H . Marshall, N ew Y ork, Aug. 1 1907 writes:
General Results.— T h e gross earnings w ere $49,515,486, an Increase o f
$6,967,610 o v e r those o f th e p reced in g ye a r.
T h e earnings include th e
reven ue from th e m an u facture and sale o f steam and electric lo com otive s,
as w e ll as e x tra boilers, tanks, cylinders, fram es and oth er lo c o m o tiv e parts;
also the m anu facture and sale o f steam shovels, dredges, trucks fo r electric
service, r o ta ry snow -plow s, & c.; the o verh au lin g and general rep air o f old
lo com otive s, and in com e from Investm ents and oth er sources.
T h e expenses w ere $42,744,381, an increase o f $6,659,011 o v e r those o f
th e y e a r p recedin g.
In clu ded in expenses are all d irect and Indirect
charges against m an u facturing, m aintenance and adm in istration; also
d ep reciation upon a ll p r o p e rty and eq u ip m e n t, and th e ad ju stm en t o f th e
book values o f th e m aterial and stock on hand
In ad d ition to liberal disbursem ents fo r th e up-keep and replacem ent o f
th e plants, included in expenses, th e re has been expended fo r im p rovem ents
and a d d itio n a l p ro p e rty the sum o f $1,692,859, w hich has been paid fo r out
o f the fund o f $2,000,000 created June 30 1906.
T h e in terest on th e bonds o f th e several constitu en t com panies, the
sh ort-term debentures notes o f th e A m erican L o c o m o tiv e Co. and oth er
o u tstan d in g loans, togeth e r w ith m in or miscellaneous Interest and discount
charges, am ounted to $412,898.
Out o f th e resu lting p rofit th e regular d ivid en d o f 7 % , or $1,750,000, has
been paid on th e p referred stock, as h ave also divid en d s a gg reg a tin g 5 % ,
o r $1,250,000, on the com m on stock.
In the fiscal y e a r ju st closed the co m p a n y has secured th e largest ou tp u t
and transacted th e heaviest volu m e o f business in its history.
M oreover,
Its c a p a c ity fo r h an dlin g fu tu re business has been su b stan tially increased
b y the erection o f new shop buildings, p ow er plants, m ach in ery, equ ip m en t,
& c ., p rin cip ally a t S chenectady, D u nkirk, R ich m on d and M ontreal. T o
still fu rth er Increase the ca p a city and e fficien cy o f th e plants there has
again been created an ex tra ord in ary additions and b etterm en t fund o f
$2,000,000 (a fte r p ro v id in g fo r w hich there rem ains from the earnings o f
th e ye a r a surplus, cred ited to p rofit and loss, o f $1,358,207.— E d .)
S h ort-T erm N otes.— D u rin g the y e a r the ou tstan d ing ' ‘ bills p a y a b le ,”
a m ou ntin g to $3,300,000, h av e been paid o ff and In th e ir stead th e com p an y
has Issued a series o f short-term gold coupon notes a gg reg atin g $5,000,000,
bearing Interest a t th e ra te o f 5 % , and m atu rin g ann u ally in sums o f
$1,000,000 on O ct. 1 from 1907 to 1911; thus p ro v id in g an ad d ition al cash
ca p ita l o f $1,700,000, w hich w as u rgen tly needed, n otw ith sta n d in g the
large Increase In w ork in g ca p ita l w hich has accum ulated since th e fo rm a ­
tion o f th e com p a n y in 1901.
• M o n tre a l C om p a n y.— In A p ril 1907 th e structural steel d ep artm en test abllshed a t M ontreal w as sold to th e S tructural Steel C o., L im ite d .
As a
necessary featu re o f the agreem ent o f sale, the structural shop buildings and
equ ipm ent at M ontreal w ere leased *o th e new com p a n y fo r the term o f
tw o years, w ith an option fo r one a d d ition a l year.
T h e M ontreal Co. w ill
th erefore, d e v o te its a tte n tio n hereafter e x clu sively to the business o f p ro­
du cin g and sellin g locom otive s, steam shovels and r o ta ry snow -plow s, fo r
all o f w hich th e rap id d ev elop m en t o f tran sp ortation and industrial en ter­
prises in Canada offers a field o f excep tion al prom ise.

The income account was given in the “ Chronicle” last week
on page 525. The comparative balance sheete are shown
below:




597

THE CHRONICLE.

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.
1906.
|
1907.
$
| Liabilities—$
S
Cost of p rop e rty..46,925,096 46 ,652,2671Common s to ck ___25,000,000 25.000.000
Securities ow ned..23,396,915 3 ,393,465 |Preferred stock. _ . 25,000,000 25.000.000
Cash_____________ 2,654,230 1 ,102,930 j Bonds of const.cos.1/2,992,500 3,017,500
Accts.receivable_.10,399,961 10 ,402,1801Gold coupon notes. 5,000,000
923,206
4,080,374
Bills receivable___
________ |Accounts payable. 4,516,740
Advances_________ 1,772,260
652,338 i Bills payable_____
3,300,000
Material and sup­
98,604
|Acc. int. on bonds.
36,312
,771,3621Unclaimed interest
p lies_____ ______4,161,128
2,237
5,643
Accrued interest..
17,440
20,9801Dividend payable
Contract work____ 4,195,943
,-671,9511 J u lya n dA u g___
750,000
750,000
Loeom . & Mack .Co.
922,714
I Rogers Loc. Works
870,870
o f Montreal____
55,493
71,422 j Extraor. lmprov’ t
| & better't fund. 2,307,141 2 ,000,000
|Profit and loss____ 7,963,580 6,605,373
T otal................. 74,501,672 70,717,9161 Total................ .74,501,672 70,717,916
Note.— This balance sheet Is "prepared solely for the purposes of information, to
show the combined assets and liabilities of the ten (10) plants controlled by the
American Locom otive Co. as the balance sheet would appear if the assets of the
Rogers and Montreal companies had been taken over by the American Locom otive
Co. and their debts assumed.
x Includes $900,000 American Locom otive Co. preferred stock; Richmond Loco­
motive & Machine Works Co. bonds, $118,000; Rogers Locom otive Works stock,
$1,972,115; sundry securities, $406,800.
1/ Includes $550,000 Richmond Locom otive Works, $562,500 Dickson Mfg. Co.,
$380,000 Rogers Locom otive Works and $1,500,000 Locom otive & Machine Co. of
Montreal.— V . 85, p. 525.

American Investment Securities Co.
(.Balance Sheet June 30 Filed in Massachusetts.)
1907.
1906.
I
1907.
1906.
Assets—
$
$
L ia b ilitie s —
$
$
A ssign m en t o f
] C a pita l s to c k ___ 2,823,220 2,700,080
portion s o f life
[A c c ts . p a y a b le . _
22,396
139,600
fnsur. p re m ’s_2,776,402 2,291,926|Instal. pa ym en ts
Cash and d eb t
fo r cap. s to c k . 170,250 ___________
re ceiva b le____
58,792
183,418 B a l. p r o f.& loss186,688
123,203
In ves tm en ts and
Suspense________
134 ___________
s e c u r itie s ____
821,023
718,032 Surplus__________
241,529
230,493
T o t a l......... ...3 ,6 5 6 ,2 1 7 3,193,376
T o t a l__________ 3,656,217 3,193,376
T h e coiftpa n y was In corporated In M ain e and owns a c o n trollin g in terest
in th e stock o f th e Colu m bian L ife In su ran ce C o ., p a y in g th e ru n nin g e x ­
penses o f the la tte r (n ot in clu ding d ea th c la im s ), and in consideraton re­
c e iv in g 10 % o f a ll renew al prem ium s.
S to ck au th o rized , com m on , $5,000,000; 8 % cu m u la tive preferred , $1,000,000. P resid en t, A . E . Childs;
S ecreta ry, T . C. Chapin; Treasu rer, F . P . Sears.

W ells Fargo Company.
(Report for Fiscal Year ending July 31 1907.)
President Dudley Evans says:
T h e ra ilroa d m ileage in the U n ited S tates and M ex ico covered b y th e
co m p a n y’ s contracts am ounts to 47,619 m ile s; th e stage, inland steam er and
ocean steam ship m ileage am ounts to 8,691 m iles, m a k in g a t o ta l m ile a g e
operated o f 56,310 m iles, an increase fo r the y e a r o f 1,625 m iles.
T h e num ber o f agencies in th e U n ited S tates and M ex ico is 4,842, an in
crease o f 204. O ur em ployees n u m ber 13,357. W e also h ave correspon d­
ents in a ll quarters o f the globe.
T h e business o f the fiscal y e a r ju st closed has been s a tisfa cto ry in m a n y
respects, and w
la rger th an last ye a r, y e t o w in g to w ea th er cond ition s
th rou ghou t the co u n try , esp ecially In the M id d le W e s t, w e w ere n ot able
to secure th a t vo lu m e o f w h a t is kn ow n as special tr a ffic w h ich w e a n tic i­
p ated; bu t it Is h a rd ly to be expected In co verin g a te rr ito r y so v a s t as th a t
em braced b y ou r lines th a t w e can experien ce fa v o ra b le cond ition s In a ll
sections.
In m y la st rep ort I ca lled a tte n tio n to serious hindrances w e w ere e x p e r i­
en cin g b y reason o f re strictive leg isla tio n , and desire to say In this con n ec­
tion th a t since then an a d d itio n a l n um ber o f States and T errito rie s h a v e
en acted law s a p p o in tin g com m issions, w hose duties em brace n ot o n ly th e
regu la tion o f railroads bu t express com panies as w e ll, and th e gen era l te n ­
den cy o f such com m issions is to seek to redu ce our rates. W e a re n o w u nder
th e ju risd iction o f th e In te r-S ta te Com m erce Com m ission, and a co m p lia n ce
w ith its m a n y ru lings and requ irem ents su bjects us to contin u ed a d d itio n a l
la b o r and expense.
IN C O M E A C C O U N T .
1906-07.
1905-06.
1904-05.
Gross earns, fro m express bu sin ess._ $22,934,425 $18,683,035 $16,870,194
Disbursements—
f $8,973,234
T r a n s p o rta tio n ____________________
$7,766,094
S ta b le expense
1,430,552
1,296,136
S ala ry, dam ages, &c
4,463,503
4,203,128
274,131
R e n t _________ _______________________ ^$19,566,403
259,113
399,336
M iscellaneous expenses and ta xes___
455,258
Insurance :____________________________ j
39,589
42,464
557,728
431,694
Supplies, equ ipm ent, & c____________ j
T o t a l disbursem ents..................... .. $19,566,403 $16,138,073 $14,453,887
N e t .......................................................... $3,368,022 $2,544,962 $2,416,307
O ther^incom e___________________________
945,882
520,017
(?)
T o t a l n et In com e____________________

$4,313,904

$3,064,962

(?)

B A L A N C E S H E E T J U L Y 31 1907 A N D J U L Y 26 1906.
J u ly 31 ’ 07. J u ly 2 6 ,’ 06
J u ly S I ’07. J u ly 26 ’06. |
L ia b ilitie s —
$
Assets—
$
$
$
Bonds & stk s. 6,892,665 5,375,709 C a pita l s to ck . 8,000 ,000 8 ,0 0 0 ,0 0 0
R e a l e s ta te ___ 2,505,127 1,776,762 R e s erve and insur. fu n d ___16,454 ,308 7,730,089
C ash W ells FarP r o fit and l o s s ______
4,855,194
& C o .’s Bank
123,086
222 ,850
R e a l est. res’ v e
(su b ject to cur­
10,105
10 420
rent bus’ ess)
676,387
187,291 Suspense_____
B ills re ceiva b le
307,332
313,944 W .F .& C o .B k .,
39,883
S alt L a k e ..
39, 883
Cash w ith Gen.
A u d ’ r (subj.
W .F .& C o . k B .,
19, 338
19,354
t o c u r ’n tb u s ) 400,000
400,000
San F ra n ’co
L oan s secured
U n ion P a c ific
RR
500, 000
b y S tk . E xchange c o ll. 14,336,504 12,674,004 Current lla b llT reasu rer S ta te
ities (e s t .)- - 1,250,000
50,000
50,000|
o f O rego n . _
G en. M gr. exp.
7,666
San F ra n ’ co
Car purch.acct
71,118
,250,000
E q u ip , e sti’ed
El
T o t a l_______ 26,496,799 20,777,711
T o ta l........... 26,496,799 20,777,711
— V . 83, p . 1417.

Societe Anonyme Westinghouse (French W estinghouse C o.).
( Official Statement of June 29 1907.)
The shareholders of this company, a large interest in which
is owned b y the Westinghouse Electric & Manufacturing Co.
(compare V . 79, p. 624), voted on June 29 to reduce the
capital stock of the company from $5,000,000 (25,000,000
francs) to S3,000,000 (15,000,000 francs) by a reduction in
the par value of the 40,000 shares of common stock from 500
francs each to 250 francs; also to change the par value of the
10,000 shares of preferred stock from 500 francs to 250 francs,
but in this case the reduction is to be made good to the holders
toy the issuance of an additional 10,000 preferred shares of

598

THE CHRONICLE.

250 francs each. The preferred shareholders, in view of the
concession made by the common shareholders in submitting
to a reduction in the face value of the common shares, ratified
the proposition to annul the cumulative right of the pre­
ferred stock to dividends of 5% per annum so far as the
fiscal years prior to January 1908 are concerned. The
stockholders further authorized the management to provide
for the company's outstanding obligations and future capital
requirements b y making an issue of $2,000,000 (10,000,000
francs) of terminable obligations of 500 francs each, these
obligations to be issued from time to time as the management
m ay deem necessary. It was further voted that at general
meetings all shareholders, both common and preferred, shall
be entitled to one vote for each 10 shares, and at ex­
traordinary meetings to one vote for five shares
A free translation of the official report made at the meeting
on June 29 is in substance as follows:
T h e m arked increase In our orders has had the result o f tu rn in g consid­
erab le w o rk in g ca p ita l in to fix ed fo rm , and, in d ep en d en tly o f a loan o f
$250,000 (1,250,000 francs) w hich w e h ave co n tra c te d , w e ow ed to our
bankers on D ec. 31 1906 $245,606 (1,028,034 fran cs). T h e contin u ed In­
crease o f our business in 1907, th e establishm ent o f an a ffilia te d co m p a n y In
I t a ly and the ta k in g o f an Im p o rta n t share in an a ffilia te d H u ngarian co m ­
p a n y, as w e ll as th e n ecessity o f m akin g som e en largem en ts to plan ts
and o f increasin g th e eq u ipm en t o f our fa cto ries a t F re in v ille and at H a v re ,
h ave caused or w ill cause considerable d ela y .
F o r th e purpose o f m eetin g
a ll our e x tra o rd in a ry requ irem en ts, y o u r m an agem ent a d vise th e creation
o f 10,000,000 francs ($2,000,000) o f obliga tion s, w hich shall be issuable
h erea fter as th e needs o f the co m p a n y m a y requ ire.
H o w e v e r, before proceed in g w ith this o p era tio n , y o u r m an agem ent b e­
lieve s th a t It is w e ll to Im p ro ve th e fin ancial status o f th e co m p a n y b y re­
du cin g the share ca p ita l fro m 25,000,000 francs to 15,000,000 francs b y
lo w e rin g th e fa ce va lu e o f the com m on shares fro m 250 francs to 500 francs.
T h is redu ction w ill be offset b y ex tin gu ish in g variou s item s on th e asset side
o f our balance sheet, a g g reg a tin g 9,336,778 francs, in the increase o f the
sum p ro v id e d fo r the P u tea u x co n trac t b y 263,222 francs and In the creation
o f a special reserve o f 400,000 francs.
Th is redu ction o f ca p ita l and the oth er
changes in th e balance sheet w ill m ake It possible in the fu tu re to d istribu te
as d ivid en d s th e surplus profits from operations.
Y o u w ill find ann exed to
the presen t re p o rt the sta tem en t o f the adju stm en ts w hich w e propose to
m a k e, as w e ll as the balance sheet o f D ec. 31 1906 as it w ou ld stand a fte r
m a k in g the aforesaid a dju stm en ts.
P a rticu la r a tte n tio n is called to the
Im p o rta n t redu ction w hich w e propose to m ake in the item “ pa ten ts, righ ts
and p r iv ile g e s ,” w hich w ill be redu ced to 4,000,000 o f francs, as against
9,541,520 francs, as w ell as to th e disappearance o f th e sum o f 848,026
fran cs, b ein g th e p ro fit and loss deficit o f D ec. 31 1906.
B A L A N C E S H E E T D E C . 31 1906, A F T E R P R O P O S E D A D J U S T M E N T
(C O M P A R E V . 79, P . 624).
A mis. E x ­ After A d­
Amis. E x­ After A d­
tinguished . justment.
tinguished. justment.
Jr.
Liabilities—
fr.
Assets—
Jr.
1r.
Cash ______ ____
26,000
15,000,000
500,000
Securities________
380,378
1,028,035
300,000 3,850,460
Aec’ ts receivable..
2,497,316
Bills receivable___
34,789
Advances on pur­
on orders _
1,001,601
65,387
chases, &c.
454,336
1,339,136
Material on con­
Provision for Pu­
347,114
signment _____
teaux contraet-cr. 263,222
540.000
A t Havre—
Legal reserve_____
______
9,704
Stock and material
Special reserve___cr. 400,000
400.000
under construct'n 400,000 4,077,335 Account of pro­
71,629
1
Furniture________
visions & orders
______
247,586
Tools, dies & pat’ ns 700,000 3,454,492
_
490,470
Land- __________
B u ild in g s __ ____
300,000 2,049,661
A t Freinville—
Stock and material
under construc’n
100,000 1,348,084
22,772
1
Furniture______
Tools, dies & pat’ ns 300,000
507,143
86,000
Land
722,972
Buildings
__ _
150,000
A t Puteaux—
Stock, supplies &
163,843
■ fu rn itu re______
Paris & agens —
37,444
1
Office furniture___
Moullneaux—
Supplies & mat’al
130,298
Patents, rights and
p rivileges_____ 5,541,520 4,000,000
Profit and loss____
848,026
T o t a l _____ ____
— V. 79, p. 631.

9,336,778 22,123,378;

T o t a l ............... 10,663,970 22,123,378

Mahoning- Investment Company.
(.Report for Fiscal Year Ending June 30 1907.)
This company’s stock was distributed in Dec. 1906 to the
shareholders of the Buffalo Rochester & Pittsburgh R y.
(V . 83, p. 1468), for the purpose of separating the railway
and the coal and iron enterprises of that company, in con­
formity with the Railroad Rate Act of 1906 (V . 83, p. 38).
Secretary Lewis Iselin, N ew York, Sept. 3 1907, reports:
S ince th e o rga n iza tio n o f the co m p a n y on N o v . 8 1906, and up to June
30 1907, th e closin g o f y o u r fiscal y e a r, $4,126,200, o r 41,262 shares o f
$100 each, out o f th e $4,200,000 ca p ita l a u th orized, h ave been Issued.
Im m e d ia te ly a fte r its o rga n izatio n the co m p a n y acquired from the B u ffalo
R o ch ester & P ittsb u rg h R y . Co. 39,995 shares o f $100 each o f the ca p ita l
stock o f the R o ch ester & P ittsb u rg h Coal & Iro n C o ., su bject to an agreed
m en t bea rin g the d a te A p r il 21 1890, u nder w hich these shares are deposltew ith th e U n io n T ru st Co. o f N e w Y o r k as a d d itio n a l secu rity fo r the 5 %
general m o rtg a g e bonds o f the ra ilw a y co m p a n y, upon the trusts and fo r
the purposes declared In an Indentu re bea rin g d a te S ept. 1 1887 execu ted
b y the ra ilw a y co m p a n y to the U n ion T ru st Co. o f N e w Y o r k .
These
39,995 shares o f R o ch ester & P itts b u rg h Coal & Ir o n Co. stock w ere paid
fo r b y the Issue o f 41,250 shares o f th e stock o f y o u r co m p a n y.
Rochester & P ittsburgh C oal & Ir o n C o .— O perations fo r F is c a l Y e a r ending
J u n e 30 1907.
N e t ea rn in g s -......... ........ .................. ........................................................$ 660,0 63
T a x e s _________________________________________________________ $30,000
In tere st on bonded d e b t _____________________________________ 133,550
B on d re d em p tio n and sin kin g fu n d ______________________ . . 135,987
------------- 299,537
P r o f i t - . --------- ------------------------- ------------------ ------ ------------- -------- $360,526
P r o fit and loss surplus June 30 1906_________________________________ 427,202
’ T o t a l _ ........................................................... . ............. ............. ...$ 78 7 ,7 29
m D educt—E n tire am ou nt ex pen ded d u rin g y e a r fo r n ew con stru ction , m in in g
^ m a ch in ery, eq u ip m en t and o th er ch arges__________________________ 149,613
P r o fit and loss surplus on June 30 1907_........................................ . $ 6 3 8 ,1 1 6
O u t o f the $135,987 charged to “ bond red em p tio n and sin kin g fu n d ,”
$121,000 o f the bonds o f the co m p a n y w ere paid and canceled.
Since the close o f the fiscal ye a r, the R o ch ester & P ittsb u rg h Coal &JIron
Co. has declared a d ivid en d o f 2 H % on Its $4,000,000 ca p ita l stock, p a y ­
ab le A u g . 20 1907, on w hich da te y o u r co m p a n y collected $84,989, b ein g




[V o l .

lxxxv.

2 .y »% >iU the $3,999,500 R o ch ester & P ittsb u rg h CoalJ& IIronJC o.^Jstock
w hich it wns.
O ut o f the incom e so received a d ivid en d o f 2 % Jon Ith e
$4,120,^00 ou tsta n d in g stock o f y o u r co m p a n y hasfcbeen p a ld ^ th lsid a y to
stocks Iders o f record on A u g . 20.— V . 85, p . 287.1—

t E N E R A L I N V E S T M E N T NE WS.
R A IL R O A D S , IN C L U D I N G STR EE T R O A D S .
Apalachicola Northern R R .— Receivership.— This road, in
operation from River Junction, Fla., on the Atlantic Coast
Line, Seaboard A ir Line and Louisville & Nashville, to A p a ­
lachicola, Fla., 80 miles, was recently placed in the hands of
E . A . Faulhaber of St. Louis, Mo., as receiver. The com­
pany was incorporated in May 1903 and its road was built
by the Morey Engineering & Construction Co. of St. Louis.
H . O. Clement of the Minnesota Lumber Co., writing from
Valdosta, Ga., to the “ Manufacturer’s Record,” in M ay 1903,
said:
T h e nam e o f the railroad w e are to build from R iv e r Junction, F la ., to
A p a la ch ic ola Is th e A p a la ch ic ola N o rth ern R a ilro a d Co. T h e in co rp o ra t­
in g officers are: P resid en t, C. B. D u ffy , W orcester. Mass.; F irst V ic e -P re s i­
den t, H . O. C lem ent, V a ld o sta , G a.; Second V ice-P resid en t, B. H . B e v e rly ,
A p a la ch ic o la , F la .; S ecreta ry, J. H . T ru m p , V a ld o sta . G a.; Treasu rer, W .
A . G riffith , V a ld o sta , Ga.
T h e ro a d w ill be about 70 miles lon g, and opens up n early 1,000,000 acres
o f tim b ered lands, th e grea ter p a rt o f w hich w ill be good fa rm in g lands a fte r
th e tim b e r Is rem o ved .

Arkansas Valley R R .— Merger.— See Atchison Topeka &
Santa Fe R y. below.— V . 83, p. 562.
Atchison Topeka & Santa Fe R y .— Annual Meeting.— A t
the annual meeting on Oct. 24 the shareholders will be asked
to ratify the lease to this company of the railway, property
and franchises of the Fresno County Railway; the purchase
of the railroad and other property of the Arkansas Valley R R .
(V . 83, p. 562), and the H olly & Swink R ailway Co. (V . 83,
p. 562), and the purchase of the railroads, properties and
franchises of the Eastern Oklahoma R y . Co.
(V. 76, p. 434;
V . 79, p. 1331; V. 84, p. 1549.). The properties named
have been controlled for some time past.— V . 85, p. 529, 468.
Baltimore (M d .) Electric Co.— Earnings, &c.— The “ Phila­
delphia News Bureau” of Aug. 22 had the following:
S lx M o s .
Gross
O p. exp.
Net
B on d
Balance,
to J u n e AO.
earns.
& taxes.
earns.
Interest,
su rplu s'
1907................. ..............$372,177
$208,129
$164,048
$113,000
$51,048
1906.......
.......... 315,869
191,869
124,000
112,595
11,405
In co rp o ra ted in 1904 to o pera te under the perpetu al franchise o f the
M a ry la n d Telep h o n e & T ele gra p h C o., possessing a franchise fo r electric
lig h t and p o w er as w e ll as fo r telep h o n e buslniss. T h e p o w er p la n t at
South B a ltim o re w as p la ced in opera tion A u g . 15 1905. T h e annual ca­
p a city Is 7,712,260 k .w . and the d a lly ca p a city 9,000 k .w .
I t has now
m ore than 3,000 m eters in service.
T h e au th orized bonded deb t is $7,500,000, o f w hich $6,093,000 has been
ssued. O f this am ou nt $3,093,000 go ld 5s, dated Jan. 2 1905, due Jan. 2
1939, are secured on one o f the m ost m odern equ pped W estinghou se plan ts
in the co u n try , and b y dep osit o f $848,000 general m o rtg a g e bonds and
$900,000 ca p ita l stock o f the M a ryla n d Telep h o n e & T e l graph Co.; $1,407,000 are reserved to re tire M a ry la n d Telep h o n e Co. bonds nd $3,000,000
w ere set aside fo r Im provem en ts, extensions and d istrib u tin g the system .
(C om p are V . 80, p. 1060.)
T h e N o rth ern T ru st Co. o f P h ila d elp h ia is tru stee u nder the m o rtg a g e
and W . F rederick S n yder, P residen t o f th e trust co m p a n y,a n d his associate,
S y d n ey L . W r ig h t, are m em bers o f th e board o f directors.
O th er ca p ita lists
In terested are John T . S ton e, John W aters and G eorge R . W e b b o f B a lt i­
m ore, H u gh H . H arrison and W illia m R e d w o o d W rig h t o f N e w Y o r k .—

New President.— Vice-President Sydney L. W right of
Philadelphia, has been elected President to succeed the late
David E . Evans, whose death occurred suddenly on August
15.— V. 85, p. 470.
Birmingham (A la .) R ailway, L ight & Pow er Co.— Mort­
gage.— This company has filed its new mortgage for $25,000,000 in favor of the Old Colony Trust Co. of Boston, Mass.,
as trustee.— V . 85, p. 220, 98.
Brookville & Mahoning R R .— New Stock for Pittsburgh
Shawmut & Northern Ally.— This company, which is build­
ing from Hydes, Pa., southwest towards Pittsburgh to Free­
port, on the Pennsylvania R R ., 1 0 2 ^ miles, has filed notice •
in Pennsylvania of an increase of $500,000 in capital stock.
The company was authorized some time ago to increase its
capitalization from $1,350,000 to $10,000,000. The line will
serve as an outlet to Pittsburgh for the Pittsburgh Shawmut
& Northern, but that company owns none of the stock; in
fact, no stock has been issued, the enterprise being privately
financed. See V . 81, p. 30.
Buffalo Rochester & Pittsburgh R y .— See Mahoning In ­
vestment Co. under “ Annual Reports” on a preceding page.—
V . 85, p. 402.
Buffalo (N. Y . ) Union Terminals.— Report of Committees.—
The “ Railw ay & Engineering Review” of Chicago in its issue
of A ug. 31 published an illustrated report on the proposed
improvement of passenger and freight terminals at Buffalo,
recently made by the committee of the railroad companies
appointed April 30 1907, consisting of William J. Wilgus
(N . Y . C. & H . R . R R .), Chairman; Samuel Rea (P. R R .)
and J. M. Graham (Erie R R .), and the committee repre­
senting the city, namely, Henry J. Pierce (Chairman), Carl
V . Machemer and W . H . Gratwick. In closing, this report
says:
Should the c it y and th e railroad com panies endorse this recom m en dation
fo r the F illm ore U nion passenger station and concentrated In d ivid u a l freigh t
term inals near E x ch an ge S treet, th e co m m ittees bespeak the h ea rty co ­
opera tion o f all Interests in m a k in g th e p ro jec t an en tire success.

Bullfrog Goldfield R R .— Guaranty, &c.— This company’s
line was recently completed from Goldfield, N ev., southerly
to Bullfrog and Rhyolite, a distance of 81 miles, forming an
extension for the Tonopah & Goldfield R R . Co., which en­
tered into an agreement, now upheld, to guarantee an issue
of $1,250,000 bonds in return for 51% of the capital stock.
An extension from Gold Centre (near Bullfrog) southerly to

S e p t . 7 1907. |

Greenwater, Cal., about 50 miles, is projected (see map in
the “ Official Guide” ).
The “ Philadelphia Record” of A ug. 31 said:
In a decision filed in the e q u ity suit o f Louis T e lle r vs. th e T o n opa h &
G o ld field R R . , b y Judge A rch b a ld In the U n ited S tates Circuit Court, the
defen d an t co m p a n y is uph eld in the arrangem ent b y w hich it is proposed
to gu aran tee the bonds o f th e G o ld field & B u llfr o g R R . to the am ou nt o f
$1,250,000 in exch an ge fo r 51 % o f th e ca p ita l stock o f th a t co m p a n y.
T h e co m p la in a n t ch arged th a t the bargain Is an u nfair one, h a v in g been
brou gh t a bout b y the directors o f th e defen d an t co m p a n y w ith a sy n d ic ate,
o f w hich th e y are m em bers, fo rm ed to p rom ote th e constru ction o f the n ew
railroad. Ju dge A rch b a ld holds th a t the enterprise was a p e r fe c tly le g iti­
m ate one, and th a t It w ill be to the Interest o f B u llfr o g sto ck to a ccep t the
sy n d ic a te’s agreem ent to keep th e n ew ro a d fro m g e ttin g In to the hands
o f a r iv a l.

Canada Atlantic R y .— Amalgamation.— The shareholders
will vote Sept. 24 on sanctioning an agreement for amalga­
mation with the Grand Trunk R ailw ay Co. of Canada.—
V. 84, p. 101.
Canadian Northern R y .— Equipment Trusts.— The D o ­
minion Securities Corporation of Toronto and Montreal is
placing jointly with W illiam A . Read & Co. of Chicago,
N ew Y ork and Boston, an issue of $1,500,000 Series “ O ”
equipment 4J^% gold bonds, issued b y the Imperial Rolling
Stock Co., Ltd. These obligations are dated July 1 1907;
denomination $1,000 and $500; interest payable Dec. 1 and
June 1 at the Canadian Bank of Commerce at Toronto or at
its branch offices in N ew York or London, at holder's option.
They mature in ten installments of $150,000 each
on June 1 yearly from 1908 to 1917, both inclusive. They
are secured b y mortgage on the following equipment, which
cost $2,135,264, of which $636,264 has been paid in cash:
750 box cars, 170 dump cars, 140 flat cars, 25 cabooses, 4
snow-plows, 19 day coaches, 2 mail and express cars, 6 bag­
gage cars, 21 ten-wheel locomotives and 2 dining cars.
The Dominion Securities Corporation has also recently
handled the following first mortgage 43^% gold bonds of the
Imperial Rolling Stock Co., “ the Canadian Northern R y.
unconditionally guaranteeing the payment of principal and
interest” of these bonds as well as in the case of series “ O .”
Series “ M ” — A m o u n t o f issue, $500,000; den om in ations $500 and $1,000,
d a ted N o v . 1 1906.
P rin cip a l p a ya b le $50,000 N o v . 1 in 1908 and 1909;
$57,000 N o v . 1 in 1910-15 In clu sive, $58,000 N o v . 1 In 1916, at C an adian
B a n k o f C om m erce, T o ro n to and N e w Y o r k .
In tere st p a ya b le M a y 1 and
N o v . 1 at Can adian Bank o fC o m m erce , T o r o n t o ,N e w Y o r k , and L o n d o n ,
E n gla n d.
T ru stee, N a tio n a l T ru st C o., L im ite d , T o ro n to .
S ecu rity; 550
30 ton b o x cars, 6 first-class coaches, 5 m ail and express cars. Cost o f
ro llin g stock. $696,182.
Series “ N ” — -Am ount o f Issue, $500,000. D en om in a tion s, $250,000 In
den om in ation s o f $12,500, $250,000 in den om in ations o f $1,000; dated
June 1 1907.
P rin cip a l p a ya b le $50,000 a nn u ally June 1 In the years
1908-17 at C anadian B ank o f C om m erce, T o ro n to and N e w Y o r k .
In tere st
p a y a b le June 1 and D ec. 1 at Canadian B an k o f C om m erce, T o ro n to , N e w
Y o r k , and L o n d o n , E n glan d. Tru stee, N a tio n a l Tru st C o ., L im ite d ,
T o ro n to .
S ecu rity 175 stock cars, 60 flat cars, 50 steel ore cars, 8 d a y
coaches, 3 sleeping cars, 2 p a rlo r cars. 6 m all and express cars,|4 10-wheel
lo co m o tive s. Cost o f ro llin g stock, $667,093.— V . 85, p. 468, 283.

Canadian Pacific R y .— Sale of Debenture Stock.— The
“ Financial Post” of Montreal on A u g. 31 said: “ The ‘Post’
has received a special cable from London to the effect that
the Canadian Pacific R ailway Co. has sold within the past
ten days £1,250,000 4% debenture stock at 102. The price,
in view of the money market and the general tendency, is
almost amazing, but inquiry at headquarters confirms the
statement.” — V . 85, p. 402.
Central of Georgia R y .— Earnings.— See “ Annual Reports”
on a preceding page.
Improvements.— President J. F. Hanson at A tlanta, Ga.,
on Sept. 4, in objecting to an increase in the assessed valua­
tion of the property to $29,900,000, informed the State
Railroad Commission that work on improvements, the total
cost of which would have been over $2,000,000, has been
ordered stopped, and is quoted as adding:
T h e redu ction s In th e rates w hich are bein g forced on us m akes It neces­
sa ry fo r th e C entral to stop th e Im p ro vem en ts.
W e w ou ld n ot be a b le to
p a y fo r the w ork . T h e tra ck and eq u ipm en t w ill be k ep t In th e best possible
c o n d itio n , bu t no o th er w ork w ill be done b y the C en tra l.— V . 85, p. 529, 468.

Central Illinois Traction Co.— Receivership.— See Mattoon
City R y. below.
Chicago Burlington & Quincy R R .— Dividend Rate In ­
creased from 7% to 8 % — Extra Dividend of 6 % .— This com­
pany, $107,611,600 of whose $110,839,100 stock was in 1901
exchanged for the joint 20-year 4% collateral bonds of the
Great Northern and Northern Pacific, on the basis of $200
in bonds for $100 stock (see V . 72, p . 871, and V . 73, p. 293),
declared on Thursday an extra dividend of 6 % , and at the
same time raised the annual dividend rate from 7 to 8%
b y the declaration of a quarterly disbursement of 2% .
Both dividends are payable Oct. 1. The extra dividend
brings the dividend payments up to $8 per annum for the
six years since the change in control, making the same pre­
cisely offset the interest charge on the aforesaid bond issue.
Chairman J. J. Hill is quoted as saying:
T h e a d d itio n a l d ivid en d o f 6 % on the B u rlington stock w ill equ alize
th e ca rryin g charges to the N o rth ern P a cific and G reat N o rth ern o f the jo in t
bonds Issued to acqu ire the B u rlin gton stock.
N o rth ern P a cific and G reat N o rth ern h ave had the B u rlin gton fo r about
six years, and d u rin g this tim e the B u rlin gton has n ot paid the ca rryin g
charges o f the jo in t 4 % bonds to the ex ten t o f 1 % per annum , and , th e re ­
fo re, to equ a lize this d eficien cy, 6 % a d d itio n a l has been d eclared on the
B u rlin gton stock.
T h e B u rlin gton Is In v e r y prosperous shape.
Its earnings are Increasing
su b sta n tia lly and the annual report o f 1907 w ill show th a t It had the best
y e a r In Its h istory.

The extra dividend will bring about $3,230,000 each to
the treasuries of the Great Northern and Northern Pacific.
— V . 85, p. 39.
Chicago Great W estern R y .— Dividend Prospects— Finan­
cial Plan.— President A . B. Stickney has returned from
Europe, where he conferred with the foreign directors regard­
ing the company’s finances, &c. The “ Journal of Commerce
and Commercial Bulletin” of N ew York on Sept. 4 said:




599

THE CHRONICLE.

M r. S tic k n e y y e sterd a y said that action on th e p referred “ A ” d ivid en d
w ill be taken b y the board and b y th e finance co m m ittee in Lo n d o n w ith in
the n ex t tw o w eeks.
A fu ll d ivid en d has not been earned, and it is a ques­
tion o f p o lic y as to w heth er a distrib u tio n w ill be m ade out o f the profits in
hand.
I t has ge n era lly becom e u n derstood th a t th e proposed financial p lan ,
w hich w ill m eet the financial needs o f th e co m p a n y fo r a series o f years, has
been p ra c tic a lly agreed upon, su bject to th e a p p rova l o f variou s legal points
b y the co m p a n y’s a tto rn ey .
W ith in a fe w m on th s, h ow eve r, the cold w ea ­
ther w ill com e on a nd th e c o m p a n y w ill n ot be able to d o ex ten s ive con stru c­
tion w o rk .
I t is, th erefore, argu ed th a t it w ill n ot be necessary to a ct h ast­
ily w ith respect to the fin ancial p la n .— V . 85, p. 344.

Cincinnati & Columbus Traction Co.— Mortgage.— The
issue of $200,000 of 5% bonds recently announced, due July
1 1912, it appears is secured by the first mortgage dated
1905 under which the $600,000 5% notes due July 1 1909
were issued. The mortgage is limited to $800,000; total
now outstanding, $650,000.— V . 85, p. 220.
Citizens’ Traction Co., Oil City, P a .— Holding Company
Dissolved.— See Venango Power & Traction Co. below.
— V . 72, p . 186.
Columbia & Red Mountain R y .-—Consolidation.— See Great
Northern R y. below.
Coney Island & Brooklyn (Electric) R R .— Suspension of
Dividends for Two Years to Provide for Improvements.— A t a
meeting of the Public Service Commission on Sept. 3, W il­
liam N . Dykm an, counsel for the company, stated that the
company was willing to make the improvements ordered by
the Commission. The “ Brooklyn E agle” says:
M r. D yk m a n stated th a t the Im p ro vem en ts w hich the com pa n y h ave
under w a y w ill cost;u pw ard o f $1,000,000 and th a t $600,000 o f this a m o u n t
was re cen tly exp en d ed upon a new p o w er house. T h e co m p a n y has a lso
Incurred a lrea d y a large n u m ber o f o b liga tion s In ca rry in g out Its p la n s ,
and In ord er to m eet the expen se o f the Im provem en ts plan ned , the stock­
holders o f the co m p a n y at a recen t m eetin g agreed to fo reg o d ivid en d s fo r
the n e x t tw o years.— V . 84, p . 1113.

Conneaut & Erie Traction Co.— Receivership.— Judge
George M. Dallas of the United States Circuit Court at Phila­
delphia on Sept. 5 appointed Robert M. Watson of Phila­
delphia receiver for the company, on application of A . M.
Poole of N ew Y ork, for himself and other creditors. M r.
Poole holds notes aggregating $34,866, and alleges that there
are other outstanding notes amounting to $103,342.— V .
79, p. 680.
Cumberland Railw ay & Coal Co., N ova Scotia.— To A u ­
thorize $1,500,000 Bonds.— The shareholders will meet at the
head office of the company, N o. 80 St. Francis Xavier Street,
Montreal, on Sept. 26 1907 to vote on authorizing the direc­
tors to issue bonds aggregating $1,500,000, for such period
and at such rate of interest as m ay be deemed advisable,
and to secure the said bonds b y a mortgage on the property,
and further to authorize the redemption or retirement of
the company’s outstanding bonds in such manner and on such
condition as m ay be .determined upon. H . R . Drummond
is Secretary. Compare V . 81, p. 1099.
Dakota & Great Northern R y .— Consolidation.— See Great
Northern R y . below.— V . 82, p. 280.
Duluth Rainy Lake & W innipeg R y .— In Full Operation.
— Through service over this road extending from Virginia,
Minn., north to a connection with the Canadian Northern
at International Falls, 98 miles, was begun on Sept. 1, with
the exception of the bridge over the Rainy Lake River at
International Falls, which is still under construction.—
V. 84, p. 158.
Duluth South Shore & Atlantic R y .— Guaranteed Equip­
ment Notes Offered.— The First National Bank of Chicago is
offering at prices to net 5 }4 % $63,000 5% car trust notes,
part of a total issue of $172,000, dated June 1 1907, and
maturing $17,000 annually. Guaranteed principal and in­
terest b y the Canadian Pacific Railw ay Co. Interest pay­
able June and Dec. 15. First Trust & Savings Bank,
trustee. Secured b y property in the hands of the trustee
costing $215,000. A cash payment of 20% , or $43,000, was
made, and notes of $172,000 represent the balance.— V . 85,
p. 405.
Duluth & Superior Bridge Co.— Consolidation.— See Great
Northern R y . below.— V. 67, p. 1263.
Duluth Superior & W estern Terminal Co.— Consolidation.
— See Great Northern R y. below.— V . 67, p. 28.
Eastern Oklahoma R y .— Merger.— See Atchison Topeka
& Santa Fe R y . above.— V . 75, p. 611.
Eastern R ailway of Minnesota.— Consolidation.— See Great
Northern R y. below.— V . 67, p. 28.
Evansville & Terre Haute R R .— Common Stock Dividends
Continued.— A dividend of 4% on the common stock has
been declared, payable N ov. 1 to stockholders of record
Sept. 20, being the second dividend on that stock since
May 1901, a dividend of the same amount having been paid
in Nov. 1906. The regular annual dividend of 5% on the
preferred stock was also declared, payable in two installments
viz.: 23^% on Oct. 15 1907 and 2 )^ % on April 15 1908 to
holders of record on Sept. 14 1907. Dividend record:
D IV S . 1 ’ 92. ’93. ’ 94. ’ 95. ’ 96. ’ 97. ’ 98. ’ 99. ’ 00. ’ 01. ’02 to ’05. ’ 06. ’ 07.
-2
3 1H
N o n e.
4
4
Com
7a 7 M b ..........................
a A ls o 5 % In bonds.

6 A ls o scrip d ivid en d .

Fort W ayne Cincinnati & Louisville R R .— Merger.— See
Lake Erie & Western R R . below.— V . 50, p. 483.
Galveston Electric Co.— Option of Exchange.— See Galveston-Houston Electric Co. below.— V . 81, p. 974.
Galveston-Houston Electric Co.— New Holding Company's
First Dividend.— The directors on Thursday declared an
initial semi-annual dividend of $3 a share (3 % ) on the pre-

600

THE CHRONICLE.

ferred stock, payable Sept. 16 to holders of record Sept. 7.
The company was incorporated on M ay 8 1907 under the
laws of Maine b y the Stone & W ebster interests of Boston
to take over the control of three of their trolley and electriclight enterprises, namely (compare “ Street R ailw ay” sec­
tion):
------- Authorized Issues------------------- Outstanding------------Com. st'k. P ref. st'k. 1st M . os. Com. st’k. PreJ. st’k. 1st M . 5s.
Galveston
Elec. C o ...$1,000,000 $1,000,000 $2,500,000 $1,000,000
$500,000 $1,000,000
Houston
Elec. C o ... 2,000,000 1,000,000 2,500,000 2,000,000 1,000,000 2,087,000
Gal .-Houston
El. R y __________ 3,000,000-------- 5,000,000
?
?
?

The authorized capital stock of the new company is $6,000,000, of which a portion is to be 6% cumulative pre­
ferred; par of shares, $100. A n exchange says:
•'^ T h e G a lvesto n -H o u ston E le c tr ic Co. w ill acqu ire a ll o f th e stock o f th e
G a lvesto n -H o u ston E le c tric R y . Co. (w hich w ill bu ild a t r o lle y road b e­
tw een G a lveston and H o u s to n ), and it w ill h a v e an au th orized ca p ita liz a ­
tio n o f p referred and com m on stock equ al in a m ou nt to th e a gg reg a te o f
th e p referred and com m on stocks au th orized b y th e tw o term in a l c o m ­
panies, n a m ely , the H ouston E lec tric Co. and th e G a lveston E le c tric Co.
I t w ill be o p tion a l w ith the stockh olders o f the tw o last-n am ed com panies
to exch an ge th e ir h oldin gs, share fo r share, fo r stock o f th e G alvestonH ou ston E lec tric Co. T h e p referred stock o f both th e G a lvesto n E lec tric
Co. and H ouston E le c tric Co. is n on -cu m u la tive, w h ile th e p referred stock
o f th e G a lveston -H ou ston E lec tric Co. is cu m u la tive. N o p referred or
com m on stock w ill be issued b y th e la tte r c o m p a n y in excess o f the am ou nt
o f H ou ston E le c tric Co. and G a lveston E le c tric Co. stock surrendered fo r
exch an ge. S urveys h ave been m ade and considerable p relim in a ry w ork
has been done to w a rd the constru ction o f th e in teru rban . T h e t e rr ito r y
betw een the cities is p r a c tic a lly le v e l, w ith a stretch o f open w a te r w hich
w ill h ave to be brid ged ju st n orth o f G alveston . T h e lin e w ill run on a
p r iv a te rig h t o f w a y , and a ctu al constru ction w ill be begun as soon as v a r i­
ous fu rth er prelim in aries h a v e been a tte n d e d t o .— V . 84, p. 1184.

Galveston-Houston Electric R y .— Control.— See Galveston
Houston Electric Co. above.— V. 84, p. 1247.
Grand Trunk Ry. of Canada.— Amalgamation with Con­
trolled Company Proposed.— See Canada Atlantic R y . above.
— V . 85, p. 468, 405.
Grand Valley R y., Canada.— Proposed Bond Issue and
Acquisitions.— The shareholders will meet at Brantford,
Ont., on Sept. 30.
T o v o t e on r a tify in g th e issue o f bonds to th e ex te n t o f $30,000 p er m ile
and th e ex ecu tion o f a m o rtg a g e to secure th e said bonds, r a tify in g a gree­
m ents fo r the purchase o f the B ra n tfo rd Street R y . and the W oo d s to c k
Th am es V a lle y & In gerso ll E lec tric R y , or eith er o f th em , or th e ir p roperties,
o r a n y o f th em , and also to consider and , i f deem a d visa b le, confirm co n ­
tra cts m a d e b y th e directors fo r th e constru ction o f the In ten ded extensions
or parts th e reo f o f the lines o f said ra ilw a y . J. G . W a lla c e , W o o d sto ck ,
O n t., Is th e c o m p a n y’ s solicitor.

G ray’s Point Terminal R y .— Guaranty, &c.— This com­
pany on Aug. 1 1906 made a mortgage to secure an issue of
not exceeding $4,000,000 “ first refunding and extension
mortgage” 5% 50-year gold bonds, of which $550,000 were
reserved to retire $500,000 first mortgage bonds of the
company, $600,000 for the acquisition of $600,000 bonds of
the Southern Illinois & Missouri Bridge Co. (V . 80, p. 1424,
2220), and a further $550,000 to provide reimbursement
for expenditures already made in the acquisition of addi­
tional property and equipment and for construction and
improvement of the railroad, j^ard facilities and terminals
of the Terminal Company. The remainder of the bonds are
reserved for future extensions, improvements, &c., under
conservative restrictions. These bonds carry the following
guaranty:
F o r va lu e re ceived , St. L o u is Sou thw estern R a ilw a y Co. h ereb y u ncon­
d it io n a lly gu arantees to th e ow n er o f th e w ith in bond the p a ym en t o f the
p rin cip al th e re o f and th e Interest thereon as the sam e m atures and falls
d u e, and h ereb y agrees itself to p a y th e said prin cip al and In terest If d efau lt
ln the p a ym en t th e reo f be m ade b y th e T erm in a l C om p an y.
In w itness w h ereo f, S t. Lo u is S ou thw estern R a ilw a y Co. has caused
these presents to be signed b y Its P resid en t or one o f Its V ice-P resid en ts,
and its corporate seal to be h ereto a ffix e d , d u ly attested b y Its S ecreta ry
o r one o f its A ssista n t S ecretaries, as o f A u g . 1 1906.
(S ign ed , S t. Lo u is S ou thw estern R a ilw a y C o ., b y its P resid en t, w ietnssed
b y Its S e c re ta r y .)— V . 85, p. 221.

Great Northern R y .— Consolidation.— Chairman J. J. Hill,
in a circular dated Sept. 2, says: “ The Great Northern R ail­
w ay Co. now controls the various companies constituting its
railway system through the ownership of their stocks. The
proposition to be submitted for your action at the annual
meeting, for the purchase of the railways and properties of
these subsidiary companies, as outlined in the formal notice
of the meeting, sent to you herewith, is to substitute for the
present form of ownership through stocks a direct ownership
of the railways and properties by the Great Northern R ail­
w ay Co. Y our directors consider this change desirable, as
it will consolidate the ownership of the property, and sim­
plify the management of the system.”
The formal notice above referred to, signed b y Secretary
E . T. Nichols, under date of Sept. 2, announces that at the
annual meeting on Oct. 10 the following proposition will be
presented for action:
T h ere w ill be presen ted fo r y o u r consideration a p roposition th a t this
co m p a n y purchase and a cqu ire, su bject to th e ex istin g liens thereon, a n y
o r.a ll o f the ra ilw a ys and p roperties o f the follow in g-n a m ed com panies:
S t. P . M . & M . R y . (V . 68, p. 129). M on. & G t. N o r . R y . ( V . 73,p . 1011).
E a st. R y . o f M inn. (V . 66, p . 471). B illin gs & N o rth ern R R .
W lllm a r & S iou x F a lls R y .
S pok . F a lls & N o r. R y . ( V . 68,p .725).
P a rk R a p id s & Leech L a k e R y .
C olu m bia & R ed M ountain R y .
M in nesota & G reat N o rth ern R y .
W a s h . & G t. N o r. R y . ( V . 73,p . 1012).
D u lu th W a te r to w n & P a cific R y .
S ea ttle& M on . R R . (V . 66, p. 1044).
D a k. & G t. N o r. R y . (V .8 2 , p .280). M ln neap. U nion R y . (V . 38, p. 764).
M o n . C entral R y . (V . 46, p . 353).
D u lu th & S u p .B r ld g e (V .6 7 .p .l2 6 3 ).
D u lu th S uperior & W estern T e rm in a l Co. (V . 67, p. 2 8 ).— V . 85, p. 530.

Increase of Other Income.— See Chicago Burlington &
Quincy R R . above.— V . 85, p. 530,
Gulf Line R y .— In Possession.— This new corporation took
over on Sept. 1 the property of the Flint River & Gulf Rail­
w ay Co. and the lease of the Hawkinsville & Florida Southern
R y ., running from Hawkinsville, G a., to Bridge boro, G a.,
Officers: C. A . Alford, President, Sylvester, Ga.; T . E . Loveo y , Vice-President, Hawkinsville, Ga.; J. H . Hillhouse,




[VOXi. LXXXY.

Secretary-Treasurer and Traffic Manager, Sylvester, Ga.
Compare V . 85, p. 221; V . 84, p. 1247.
Hammond (In d .) Belt R ailw ay.— Bond Issue.— This com­
pany has made a mortgage to the American Trust Co., Bos­
ton, as trustee, to secure an issue of $75,000 20-year 5%
bonds. The property, it is said, includes a line from the
Illinois line to Hammond.
T h e Illin o is S ecre ta ry o f S ta te in 1904 gra n ted a license to th e co m p a n y,
w hose ca p ita l stock w as sta ted as $50,000, th e p lan bein g to b u ild , a railroad
8 m iles lo n g fro m O sborn, In d ., to C alu m et P a rk , 111., o f w h ich 5 m ilesjin
In d ia n a and 3 m iles in Illin o is.
T h e In corporators and first board o f d i­
rectors w ere A rm an is F . K n o t t (th en M a y o r o f H a m m o n d , I n d .), P e t e r W .
M y e r o f H a m m on d and John J. H e a ly , Jam es P . H a ro ld and W orth " E .
T a y lo r o f C h icago.
H ea d q u a rters a t one tim e a t 600 Schiller B u ild in g ,
C hicago.

Hammond W hiting& East Chicago Electric R y .— Change in
Management.— See South Chicago City R y . below.— V . 79,
p. 103.
Hocking Valley R y .— Equipment Notes Offered.— The First
National Bank of Chicago is offering at prices to net 5J^%
$125,000 4% equipment notes, dated July 1 1907, part of
a total issue of $200,000, payable $20,000 semi-annually
from Jan. 1 1908 to July 1 1912. Interest payable Jan. 1
and July 1. Denomination $1,000. First Trust & Savings
Bank, Chicago, trustee. Cost of equipment $249,000—
20%, or $49,000, paid in cash, balance, $200,000, b y notes
as above.— V . 85, p. 530, 339.
Houston Electric Co.— Option of Exchange.— See Galveston
Houston Electric Co. above.
Huron & Ontario (Electric) R y .— Mortgage.— On A u g. 8
1907 there was deposited in the office of the Secretary of
State of Canada, in accordance with the A ct of 1907, a m ort­
gage dated July 30 1906, made between the company, the
mortgagor and The Trusts & Guarantee Co., L td ., as trustee.
T . H . Kilgore is Secretary.— V . 83, p. 37; V . 82, p. 568.
Indiana Columbus & Eastern Traction Co.— Merger.— See
Ohio Electric R y . below.— V . 84, p. 339.
Interborough-Metropolitan Co., N. Y . — Holding Com­
pany Omits Preferred Dividend.— The directors on Thursday
voted not to pay the quarterly dividend of 1J4% due Oct. 1
on the $45,380,300 cumulative preferred stock. Dividends
of 5% per annum were paid regularly from July 2 1906 to
July 1907, both inclusive. The suspension, it is said, is ex­
plained by directors of the company as prompted by the con­
dition of the money market and the fear that the exactions of
the Public Service Commission as regards improvements in
service, property and equipment will be over-burdensome.
The only statement issued by the board was as follows:
“ T h e board o f d irectors o f th e In terb o ro u g h -M etro p o lita n C o., at a m e e t­
in g h eld to -d a y , determ in ed n ot t o d eclare a n y d iv id e n d on th e c o m p a n y ’ s
p referred sto ck fo r th e current q u a r te r.”

No action, it is announced, has been taken regarding the
dividend due Oct. 15 on the stock of the Metropolitan Street
R y. The total issue is $52,000,000, but only $7,260,000 was
in February last held b y the public, the remainder having
been acquired b y the Interborough-Metropolitan Co. The
usual quarterly dividend of 2 ^ % has been declared on the
stock of the Interborough Rapid Transit Co., payable Oct. 1.
Compare V . 85, p. 530, 469.
Brooklyn Tunnel Delayed.— It became known this week
that further weakness had been discovered in the under­
river tunnel between the Battery and Joralemon Street,
Brooklyn, and that reinforcing work has already begun,
which will delay the completion of the tunnel, it is cur­
rently reported until some time after M ay 1 1908, to which
time the company has obtained an extension to| begin
the operation of the tunnels.— V. 85, p. 530, 469.
Kansas City R ailway & Light Co.— Bonds Offered.—
Mason, Lewis & Co., Chicago, Boston and Philadelphia, are
offering at a price to net the investor 5% % the unsold por­
tion of $1,895,000 “first lien refunding 5% gold bonds, dated
M ay 15 1903, maturing M ay 15 1913,” but redeemable at
105 and interest on any interest date.
(Compare p. 48 of
“ Street R ailway Section” and “ Chronicle,” V . 76, p. 1143.)
The company owns and operates all the street railway and
electric lighting business of Kansas City, Mo., and Kansas
City, Kan. “ The franchises of the railway in Kansas City,
Mo., are operative to June 1 1925; in Kansas City, K an., to
Dec. 1922, and the franchises of the Electric Light Co. are
perpetual.” — V . 85, p. 531, 469.
Kansas City Southern R y .— Preferred Dividend N o . 2 a
Quarterly Distribution of 1 % .— This company, which on July
1 1907 paid dividend No. 1, 4 % , on its $21,000,000 preferred
stock out of the earnings of the fiscal year 1906-07, declared
yesterday dividend No. 2, “ a quarterly” distribution of
1% , payable Oct. 15 to holders of record Sept. 30. It is an­
nounced that payments on the preferred stock hereafter
will be made at three months’ intervals. The surplus for
the September quarter is officially estimated at $584,140,
after providing for fixed charges of every description, includ­
ing equipment payments. The amount required to pay the
quarterly dividend is $210,000. The preferred shares are
4% non-cumulative.— V . 84, p. 1428.
Lake Erie & W estern R R .— Merger.— The shareholders
will vote at the annual meeting Oct. 2 on “ authorizing a
proposed contract whereby the Lake Erie & Western R R .
shall take possession of and operate the railroad and prop­
erty of the Fort W ayne Cincinnati & Louisville R R . C o.”
This road, extending from Fort W ayne to Connersville, In d .,
with branch from Newcastle to Rushmore, in all 129 miles
of road, was purchased for the Lake Erie & Western in 1890

S e p t.

7 1907.]

(V . 50, p. 483), and it has long been operated as an integral
part of that system.— V . 85, p. 345.
Lim a & Toledo Traction Co.— Merger.— See Ohio Electric
R y . below.— V . 85, p. 284.
Louisville & Nashville R R .— Maturing Bonds.— The
$892,000 Louisville Cincinnati & Lexington R ailw ay Co.
second mortgage 7% bonds due Oct. 1 1907 will be paid
on presentation at the office of the Louisville & Nashville R R . ,
71 Broadway, N ew Y ork, or at its office in Louisville, K y .,
on and after Oct. 1 1907.— V . 85, p. 464, 405.
Mattoon (111.) City R y .— Receviership.— A press dispatch
from Mattoon on Sept. 5 said:
• F o llo w in g th e w reck th a t resu lted In th e loss o f!1 7 lives and In ju ry to
tw o-score passengers, th e M a tto o n C ity R a ilw a y Co. and th e C entral Illin o is
T r a c tio n C o., both ow n ed b y Chicago stockh olders, to -d a y w en t in to th e
hands o f a re c e iv e r.— See bond o fferin g in V . 82, p. 100, 928.

Meridian (M iss.) Terminal Co.— Guaranty.— This com­
pany’s issue of $250,000 4% gold bonds, dated 1905 and
due May 1 1955, carry the following endorsement:
F o r va lu e re ceived , Southern R a ilw a y C o ., M o b ile & O h io R R . C o .,
A la b a m a G reat Southern R R . C o ., N e w O rleans & N o rth ea stern R R . Co.
and A la b a m a & V ick sb u rg R y . Co. h ereb y jo in t ly and sev era lly gu arantee
th e due and pu n ctual p a ym en t o f Interest on th e w ith in bond o f M eridian
T erm in a l Co. a t the rate o f 4 % p er annum , p a y a b le n go ld coin sem i­
a n n u a lly on N o v . 1 and M a y 1 in each y e a r, u n til the prin cip al o f
said bond Is p a id .— V . 83, p . 1229.

Mexican Central R y .— Bonds Called.— Equipment and col­
lateral 5% gold bonds, second series, to the amount of
$50,000, will be paid at par and interest at either the Old
Colony Trust Co. of Boston, Manhattan Trust Co., N ew Y o rk ,
or Glyn, Mills, Currie & Co., 67 Lom bard St., London, E . C.,
on or after Oct. 1 1907.— V . 85, p. 40.
Milwaukee Northern (Electric) R y .— Bond Issue.— This
company, which is authorized b y the State of Wisconsin
and its articles of incorporation to construct and operate
an electric railway for the carriage of persons and property
in and between the cities of Milwaukee, Sheboygan and
Fond du Lac, W is., recently made a mortgage to the Fidelity
Trust Co. of Wisconsin, as trustee, to secure an issue of not
exceeding $4,000,000 of first mortgage 30-year 5% gold
bonds.
Th ese bonds are d a ted A p r il 15 1907 and w ill m atu re A u g . 1 1937; in terest
p a ya b le F e b . 1 and A u g . 1 at the o ffic e o f the tru stee w ith o u t d ed u ction fo r
a n y cash. O f the au th orized Issue $2,500,000 m a y be certified upon o rd er
signed b y th e P resid en t and S ecreta ry o f th e R a ilw a y Co. accom pan ied b y
a resolu tion o f the board o f directors a u th o rizin g th e sam e, and m a y be
issued fo r th e liq u id a tio n o f Indebtedness Incurred fo r th e constru ction
and eq u ipm en t o f Its lin e o f ra ilw a y betw een M ilw a u kee, C edarbu rg, F o rt
W ash in gto n and S h eb oyga n , a n d fo r p o w er p la n t, car shops, ro llin g stock,
& c. U p o n com p letio n o f th e fo reg o in g lin e the rem a in in g $1,500,000 bonds
m a y be Issued fo r the constru ction o f an exten sion from C edarbu rg v ia
W e s t Bend to Fo n d du L a c and on account o f o th er extension s, d ou ble
tra ck in g, betterm en ts and a d d itio n a l rolling; stock, & c., as m a y be deem ed
necessary b y th e b oard o f directors.
F red erick W . W a lk e r is V ice-P resid en t
and H e n ry A . H a igh is S ecre ta ry.— V . 84, p. 1367, 1428.

Minneapolis Union R y .— Consolidation.— See Great North­
ern R y . above.— V . 38, p. 764.
Minnesota & Great Northern R y .— Consolidation.— See
Great Northern R y. above.
Montana Central R y .— Consolidation.— See Great Northern
R y . above.— V . 46, p. 353.
Montana & Great Northern R y .— Consolidation.— See
Great Northern R y . above.— V 73, p. 1011.
National Railroad Co. of Mexico.— Extension of Notes.—
The holders of the 5% gold notes dated 1903 and maturing
Oct. 1 1907 (authorized issue $10,000,000; outstanding $8,500,000) are notified b y advertisement on another page of
this paper that the company has arranged with “ Speyer &
Co. for the extension of this issue of notes until April 1 1909,
'with interest at the rate of 5% per annum, subject to re­
demption at the option of the company on any interest day
on sixty days’ notice by publication.” Holders who desire
to avail themselves of the privilege of extending their notes
must present the notes (ex-coupon due Oct. 1) on or before
Sept. 20 at one of the office s named below for stamping and
the affixing of new coupon sheets. A cash payment of $35
in respect of each $1,000 note extended will be made to hold­
ers accepting this extension. Depositaries are:
In
In
In
In
In

N e w Y o r k , at o ffic e o f S peyer & C o ., 24-26 P in e St.
L o n d o n , at o ffice o f Messrs. S peyer B r o s ., 7 L o th b u ry .
F ra n k fort-o n -M a in , a t o ffic e o f I.aza rd Speyer-E lllssen.
B erlin , at o ffic e o f the D eutsche Bank.
A m sterd a m , at o ffic e o f Messrs. T e ix e lr a d e M a ttos B rothers.

The company has arranged with Speyer & Co. that the
holders of notes who do not desire to avail themselves of the
privilege of extension will receive par for their notes on or
after Oct. 1 1907 at any of the offices above mentioned.
Speyer & Co. further announce that they are now pre­
pared to accept deposit of the notes for extension, and will on
behalf of the company make the above mentioned cash pay­
ment of $35 in respect of each $1,000 note so extended simul­
taneously with the delivery of the notes, appropriately
stamped. Notes extended under these terms will, if held
until maturity, yield about 7 3/2% per annum on the invest­
m ent.— V . 85, p. 99.
Northern Ohio Traction & Ligh t C o.— New Stock.— The
company offers to present stockholders the right to sub­
scribe for $1,000,000 of treasury stock at $20 per share,
payable 25% each on Sept. ^20, Oct. 20, N ov. 20 and Dec. 20
1907, the proceeds to be used toward the cost of necessary
improvements. A n underwriting syndicate has been formed
to take over the new stock not subscribed for. A t last ac­
counts $7,938,000 stock of the authorized $10,000,000 was
outstanding, on which dividends at 2% yearly have been
paid in 1906 and 1907. For the month of August 1907 gross




601

THE CHBONICLE.

earnings are reported as $181,752, against $160,427 in 1906,
an increase of $21,325, or $688 a d ay.— V . 84, p. 1488.
Northern Pacific R y .— Increase of Other Income.— See Chi­
cago" Burlington & Quincy R R . above.— V . 85, p. 405.
(The) Ohio Electric R y .— Acquisition.— This new com pany,
whose capital stock was recently increased from $100,000 to
$25,000,000 (half preferred) gives notice under date of Cin­
cinnati, Ohio, Aug. 31 1907, as follows:
T h e p ro p e rty fo rm e rly o w n ed and o p era ted b y th e L im a & T o le d o T r a c ­
tio n Co. (V . 85, p . 284) and th e In d ia n a Colum bus & E a stern T r a c tio n C o.
(V . 84, p. 339; V . 83, p. 37) has been acq u ired b y th e O hio E le c tric R a il­
w a y C o., and beginn in g a t m id n ig h t on this d a te, w ill be o p era ted b y said
co m p a n y.
U n til fu rth er n o tic e a ll o fficers and em ployees w ill be re ta in ed
In th e ir present positions.
T h e p ro p e rty w ill be o p era ted u nder th e fo llo w in g d istricts; Westerns
D istric t, consisting o f th e lines b etw een D a y to n and R ich m o n d and b e ­
tw een D a y to n and U n io n C ity ; C entral D is tric t, consisting o f th e lines
b etw een D a y to n and Columbus and b etw een S prin gfield and L im a ; E astern
D istric t, consisting- o f th e lines b etw een Colum bus and Z a n esville and b e­
tw een Colum bus and M organ s, a n d th a t p o rtio n o f th e lines in th e C ity o f
Columbus as fa r w est as th e B ig F o u r Crossing; N o rth ern D istric t, consisting
o f the lines betw een L im a and F o rt W a y n e and b etw een L im a and D efia n ce
and betw een L im a and T o le d o .
H e r b e rt M c N u lta C in cin nati, is P re s id e n t.— V . 85, p . 531.

Passenger F ares.— Reduction of Rates.— The following re­
ductions in passenger fares were recently reported:
Kan sas.— T h e S ta te B oard o f R a ilro a d Com m issioners on S ept. 3 issued
an order fo r th e establish m ent o f a 2-cent passenger ra te, th e ra ilro a d
com panies h a v in g re c e n tly , a t th e request o f th e Com m ission, refused to
redu ce th eir fares.
Texas.— A press dispatch d a ted A u stin , A u g . 31, says th a t th e R a ilro a d
Com m ission h ad decid ed to redu ce th e passenger ra te to 2 cents per m ile ,
alth ou gh n o fo rm a l o rd er has y e t been issued.
G eorgia.— A s to n ew passenger ra tes, schedules, w h ich becam e e ffe c tiv e
S eptem b er 2, see ed ito ria l articles in t o - d a y ’s and la st w eek 's “ C h ro n icle.”
— V . 85, p. 222.

Pittsburgh Shawmut & Northern R R .— Allied Line.— See
Brookville & Mahoning R R . above.— V . 82, p. 1102.
Railways Company General.— Report.— The results for the
year ending June 30 were:
F is c a l
T o ta l
Y ea r— ■
In com e.
1906-07----------------------------- $171,019
1905-06----------------------------- 135,512
— V . 83, p. 433.

T o ta l
Expenses.
$8,628
15,915

Net
In co m e .
$162,391
119,596

T ota l
S u rp lu s .
$280,203
117,811

St. Louis Southwestern R y .— Guaranteed Bonds.— See
G ray’s Point Terminal R y . above.— V . 85, p. 339.
St. Paul Minneapolis & M anitoba R y .— Consolidation.—
See Great Northern R y . above.— V . 6 8 , p. 129.
Seattle & Montana "KB,.— Consolidation.— See Great N orth­
ern R y . above.— V . 6 6 , p. 1044.
South Chicago City R y .— Change in Management.— The
management of this company and its ally, the Ham m ond
W hiting & East Chicago Electric R y ., has been taken over
b y A . L . Drum & Co. of Chicago. Mr. D rum ,w ho has suc­
ceeded G. R . Folds as General Manager, is quoted as saying:
I t is m e rely a change In th e m an agem ent.
T h ere is no ch ange in th e
lis t o f stockh olders.
T h ere is no tru th in th e ru m or th a t th e M u rd ock H a n n a sy n d icate has a n y th in g w h a te v e r to do w ith this m o v e .
(T h e
syn d icate n am ed is b a ck in g th e C h icago L a k e S hore & South B en d R y .
See V . 83, p. 212.— E d . ) — V . 69, p. 1063.

Southern Illinois & Missouri Bridge Co.— See G ray ’s
Point Terminal R y . — V . 80, p. 1424, 2220.
Southern R y .— Improvements Reported Stopped.— A W ash ­
ington (D . C .) despatch to the “ N ew York Times” dated
Sept. 5 states that the following announcement was m ade
at the company’s headquarters on that day:
O w in g to recen t a dverse ra ilroa d ra te le g isla tio n in several Sou thern
S tates and to “ general co n d itio n s,” th e d o u b le-tra ck in g o f th e Southern
R a ilw a y betw een C h a tta n ooga and O o lte w a h Ju nction , in Tennessee, and
n orth o f G reensboro, N . C ., has been ord ered stopped pen din g fu rth e r
instructions.
C ontracts had been en tered fo r d o u b le-tra ck w o rk in Tennessee a g g re­
g a tin g about $15,000,000. T h e m o n ey in ten d ed fo r the prop o sed ' im ­
p rovem en ts in Tennessee and N o rth Carolin a has been w ith d ra w n and w ill
be used in o p era tin g th e ro a d .— V . 85, p. 470, 464, 406.

Tonopah & Goldfield R R .— Controlled Line— Guaranty of
Bonds— Agreement Upheld.— See Bullfrog Goldfield R R .
above.— V . 84, p. 99.
Union Pacific R R .— Termination of Convertible Bond Syn­
dicate.- The syndicate headed b y Kuhn, Loeb & Co., which
underwrote the $75,000,000 of convertible bonds offered to
stockholders last M ay (compare V . 84, p. 1115, 1183) will
expire b y limitation on Sept. 16, b y which time members
must make the final payment of 50% upon their subscrip­
tions
The circular sent to the members of the syndicate,
it is reported, states that they will be called upon to take
97J^% of the amount of the bonds to which they subscribed,
only 23/}% , or $1,875,000, having been otherwise disposed of.
— V . 85, p. 406, 161.
Venango Pow er & Traction Co.— Dissolved.— This holding
company was dissolved in December 1906, and the Citizens’
Traction Co. was then and is now the operating company.
Compare V . 76, p. 267, and V . 74, p. 1253.
W ashington Frederick & Gettysburg R ailw ay— Bond
Issue.— This company on May 6 1907 filed a mortgage to
the Baltimore Trust & Guaranty Co. of Baltimore, trustee,
to secure an issue of $400,000 of bonds covering the proposed
railway from the District of Columbia line to the Pennsylvania
line just above Emmittsburg. The “ Baltimore Sun” of May
7 said:
T h is issue o f bonds w ill be used, In conn ection w ith th e stock subscrip­
tion s, t o build and equ ip abou t 25 m iles o f ro a d n ow under constru ction
fro m F red erick to E m m itsb u rg v ia T h u rm o n t. T h is road is being constru ct­
ed stand ard gau ge th rou gh o u t, and its ch a rter perm its e ith er steam 01'
e le c tr ic ity .
T h e ra ilroa d traverses one o f th e m ost pictu resque and fe r tile
sections o f F red erick C o u n ty, passing throu gh th e w ell-kn ow n M onocacy
V a lle y .
S ix miles o f th e road has been gra d ed and m ade re a d y fo r th e
tra ck . T h a t p ortion o f th e road betw een F red erick and L ew lsto w n w ill
be In opera tion abou t A u g . 1. T h e lin e betw een F red erick and T h u rm o n t
w ill be co m p leted b y th e m id d le o f N o v e m b e r.
[T h e d irectors w ere a t last accounts: D . Colum bus K e m p , P resid en t; D r.
Fra n k lin B . S m ith Treasu rer; G en. V ic t o r L . B au gh m an , Charles W e r ­
th eim er, Ju dge H o tt e r , D r. T h om a s M iller. D . C. W in eb ren n er and D r.

6U^

THE CHRONICLE.

P h a n ey o f F red erick , M d .; W illia m H . Harrisburg-, Charles R a m s b u rg and
A lex a n d er Ram sburg' o f L ew isto w n ; John S to n er o f T h u rm o n t, and D .
A n n a n o f E m m itsb u rg .
Charles C. W aters Is S e c re ta ry .— E d .]

Washington & Great Northern R y .— Consolidation.— See
Great Northern R y . above.— V. 73, p. 1012.
W ichita Falls & Northwestern Ry.-— Extension— Bonds.—
A press dispatch from W ichita Falls, Tex., on A ug. 17 said:
A t a m eetin g o f the d irectors and stockholders ye s te rd a y at A ltu s , O k la .,
the Issuance o f stocks and bonds to th e ex te n t o f 520,000 per m ile fo r the
32 miles b etw een the R ed R iv e r and F red erick , O k la ., was au th orized.
The
bonds w ill bear 5 % Interest and the proceeds o f the sale w ill be used In the
co m p le tio n o f the road fro m K e ll, the present term inu s, to Frederick.
W o r k on the ex ten sion to F red erick is b ein g pushed ra p id ly , and G eneral
M a n ager K e ll ex p ects to h ave th e train s ru n nin g Into F red erick b y N o v . 1
o f this year.

The company was incorporated at Austin, Texas, on Sept.
26 1906 with nominal ($20,000) capital stock, with a view,
it is stated, to building a railroad from Wichita Falls, Tex.,
northwest to the Red River, and thence through Oklahoma
to a point in Kansas. A contract was subsequently let for
building the first 25 miles from Wichita Falls to the Red
River. Incorporators and officers:
In c o rp o ra to rs — Joseph A . K e m p , F ra n k K e ll, R o b e rt E . H u ll, W ile y
B la ir, A . N e w b y , C. W . B ean , J. T . M o n tg om ery , W . M . M cG rego r, O tis
T . B a co n , W ic h ita Falls; W illia m C. F o rd y c e , J a y H . S m ith , L . S. M itch ell,
St. Louis.
O fficers— J. A . K e m p , P resid en t; W . C. F o rd y c e , V ice-P resid en t; F ra n k
K e ll, Second V ice-P re s id e n t and G en eral M an ager; and W ile y B la ir, S ec­
r e ta r y and Treasu rer.
H ea d q u a rters, W ic h ita Falls, T e x .

W illm ar & Sioux Falls R y .— Consolidation.— See Great
JS'orthern R y . above.
I N D U S T R I A L , G A S A N D M IS C E L L A N E O U S .
American Car & Foundry Co.— Earnings.— The net earn­
ings for the 3 months ending July 31 1907 were $2,592,978,
’contrasting with $2,307,282 and $1,008,111 for the corre­
sponding quarters in 1906 and 1905 respectively. The direc­
tors on Sept. 5 declared preferred stock dividend No. 34,
1 M % > calling for $525,000, and common stock dividend
No. 20, 1% , calling for $300,000, both payable Oct. 1 to
holders of record Sept. 11.— V . 84, p. 1549, 1553.
American Ice Securities Co.— Suit.— Attorney-General
Jackson on Sept. 5 announced that he would shortly bring an
action against the American Ice Co. to obtain a forfeiture of
its charter in N ew York State on the ground of violation of
the State anti-trust laws. The suit, it is stated, will be based
on the results of the examination of the books and records
which has been in progress since June last. Compare V . 84,
p. 1429, 1054, 933.
American Pneumatic Service Co.— Denial.— The follow­
ing was published in the Boston papers on Aug. 29:
R e g a rd in g th e rum ors o f a reorga n iza tion or a con tem p la ted assessment
on the com m on or preferred stock o f the A m erica n P n eu m a tic S ervic e C o.,
it Is o ffic ia lly sta ted th a t a n y such re orga n iza tion or assessments h ave n e v e r
been discussed or th o u gh t o f b y th e present m a n a gem en t.— V . 85, p. 101.

American Smelting & Refining Co.— Report.— See other
pages of to-day's “ Chronicle.”
New Directors.— W illiam Sproule and Judd Stewart have
been elected directors in place of H enry L . Higginson of
Boston, who resigned, and Guy C. Barton.— V . 84, p. 1369.
American Snuff Co.— Dividend Increase.— The company
on Sept. 4 declared a quarterly dividend of 3% on its
$11,001,700 common stock. This increases the annual rate
from 10%, at which common stock dividends were begun in
Jan. 1903, to 12%. The regular quarterly dividend of 13^%
was also declared on the $12,000,000 preferred stock. Both
dividends are payable Oct. 1 to holders of record Sept. 14.
Control.— The company is controlled by the American T o­
bacco Co., the capital stock having been distributed in the
consolidation of 1900 in payment for snuff properties as
follows:
Com m on.
A m erica n T o b a c c o C o _______________________________ $3,227,500
C o n tin en tal T o b a cco Co. (since m erged w ith
A m erica n T o b a c c o C o .)--------------------------------813,100
P . L o rilla rd Co. (w hose en tire $3,000,000 com m on ,
and $1,581,300 o f w hose $2,000,000 preferred,
stock is ow n ed b y the A m erica n T o b a cco Co.) - _ 3,459,400
A t la n t ic S nu lf Co. (to w h a t ex te n t, If a n y , the
A m erica n T o b a c c o Co. p rior to th e m erger
bou gh t up the sto ck o f this fo rm er co m p e tito r
a n d s o b e c a m e in te re s te d ln th e A tla n tic ’s a llo t ­
m ent o f A m e r .can Snuff Co. stock does not
2,500,000
ip p e a r .— E d . ) ---------------------- -----------------------

P referred.
$1,177,800

T o t; 1_______________ ______________ _________________$10,000,000
— V . 85, p. 285.

$11,000,000

197,500
1,124,700

7,500,000

American Steel Foundries, Chicago.— Circular to Share­
holders.— President W m . V. Kelley, under date of Chicago,
111., Aug. 29, writes in substance to the shareholders:
In v ie w o f th e circu lar requ est fo r p roxies fo r th e n ext annual m e etin g,
re cen tly sent to stockholders b y a N e w Y o r k firm o f brokers, I deem It In­
cu m b ent on m e to send this com m un ication to correct an y w ro n g Im pres­
sions you m a y h ave gained and to p reven t an y hasty action.
T h e circular states: " F r o m published reports o f th e A m erica n S teel F ou n ­
dries
. . . th e net earnings this y e ar w ill show about 17 % earned on
the p referred s to c k .”
A s a m a tte r o f fa ct, the com p an y has m ade no p u b ­
lic reports, eith er fo r the w h ole fiscal y e a r ended J u ly 31 or fo r a n y part o f
i t , n or h ave a n y reports been prepared , e x c tp t on the basis o f estim ated
o r book in ven torie s, and , w h ile the final figures are n ot y e t a va ila b le,
th e earnings as set ou t b y th e circu lar are certain ly la rg e ly o versta ted .
A s soon as the records fo r the last fiscal y e ar h ave been clo s e d . a balance
sheet and statem en t o f earnings w ill be prepared and w ill be m ailed to each
stockh older about th e m id d le o f Septem b er, tog eth e r w ith the annual re­
p o rt, and I b elie ve the sh ow in g w ill be en tirely satisfa cto ry.
I t Is n ot now and has n ever been a secret that, the w rite r and three o f his
associates h ave an arrangem ent to share In the p rofits, under certain con d i­
tions and w ith in certain lim its.
Such share, h ow eve r, does not begin until
a fte r a la rge am ount has been earned fo r th e com p a n y, and ends when the
am cu n t reaches a certain m axim u m w h ich . In the fiscal ye a r just ended,
was reached several m onths before Its close.
T h e con tract co ve rin g th e ar­
rangem ent was au th orized b y th e board o f d irectors and was subsequently
ra tified b y the stockholders, It b ein g sp eeificallym en tlon ed both in th e n otice
o f th e m e e tin g and th e form o f p r o x y m ailed to eac h stock h old er, the n otice
fu rth er statin g th a t th e c o n trac tw a s su b ject to Inspection b y any stockh older
at th e o ffic e o f th e S ecretary.




[V o l .

lxxxv.

U n til w ith in a short tim e the com p an y has been a large b orrow er o f m o n ey
because It lack ed su flcient funds o f its own to handle th e volu m e o f business
secured.
F o r this and oth er excellen t business reasons, som e o f w hich are
q u ite apparent from th e b efore g iv en facts, the consideration o f th e p a ym en t
o f divid en d s has h ith erto been opposed. T h e w rite r and his associates are
large stockholders In th e com p a n y— therefore It Is n ot to their personal
p rofit to d ela y the pa ym en t o f divid end s a fte r a safe worklne- ca p ita l and
surplus necessary fo r th e conduct and grow th o f the co m p a n y’s business has
been p rovid ed .
T h e high personal standing o f the m em bers o f th e board o f d irectors
Is su fficient gu aran ty th at the interests o f both th e com p an y and Its stock ­
holders w ill be ca re fu lly considered and fa irly tre a te d , and when to this Is
ad d ed the fa c t th at the board o f drectors Includes th e owners o f several
m illion dollars o f the c o m p a n y’s stock, both p referred and com m on , from
w h ich th e y are re c e iv in g ab solu tely no incom e, e v e ry stock h old er m a y feel
p e r fe c tly sure th a t, w hen divid end s can p rop e rly and s a fely be p a id , the
question w ill re ceive due consideration.
I t w ou ld seem good ju d gm en t to
aw ait th e annual statem en t before d ec id in g to w hom to g iv e y o u r p r o x y .

Referring to the above statement, Swartout & Appenzellar,
New York, say:
T h e figures w h ich we h ave used as a basis fo r our estim ate o f the net earn ­
ings fo r this ye a r are those th at Jhave been published each m onth In the
lea d in g papers o f this c ity , whch p u rp orted to be those su b m itted a t th e
m o n th ly m eetings o f the board o f d irectors.
I f , as M r. K e lle y states, the
earnings as set fo rth b y our recen t circular are "la r g e ly o v e rs ta te d ,” eith er
th e newspapers h ave been m isinform ed each m on th or th e m o n th ly e sti­
m ates as su bm itted to th e directors h ave been In correct.
Our ow n circu lar estim ated that the net earnings fo r the ye a r w ou ld be
In excess o f $2,500,000, w hich Is the am ount fix ed b y the five -yea r con trac t
as the m axim u m fo r M r. K e lle y ’s bonus percen tage, and th a t this am ount
w as earned M r. K e lle y h im self states In the fou rth p aragraph o f his circu lar,
w hen, re ferrin g to the con tract, he states th a t Ills bonus ends w hen the
am ou nt earned "reach es a certain m axim u m , w hich, In th e fiscal ye a r just
ended, was reached several m onths before Its clo se.”
M r. K e lle y states th a t the o fficers’ bonus contract w as su b m itted to th e
board o f directors and subsequently rati tied b y th e stockholders.
Our in ­
fo rm atio n re ga rd in g this is to the effect th a t the ratifica tio n b y the stock ­
holders was b y v o te o f th e officers h old in g th e ir p roxies— that o n ly one
stockh older a tten d ed th e m e etin g, and th a t he v o te d against It.
W e should be g r e a tly In terested In h a v in g M r. K e lle y m ake public th e
v o te on th e su bject o f th e resum ption o f divid end s w hen th e m a tte r was
discussed a t th e J u ly m e etin g o f the board o f d irectors.— V . 85, p. 533.

American Telephone & Telegraph Co.— Change in Monthly
Reports .— The company has decided to discontinue issuing
the monthly statements of instrument output and to substi­
tute in their place a statement which will show the actual
gain in new subscribers from month to month. An officially
confirmed statement says:
T h e m o n th ly statem en t has shown the m o vem en t o f instrum ents betw een
th e p aren t com p a n y, w hich owns them , and th e associate or licensed com ­
panies, w hich rent them . T h e a ctu al gains or losses in subscribers’ stations
from m onth to m on th , w h ich , o f course, measure th e earning p o w er o f the
B ell system , are n ot shown b y the m o n th ly figures o f Instrum ent o u tp u t.
In recen t m onths th e instrum ent statem en ts h av e requ ired constant e x ­
plan ation and It has been deem ed b etter p o lic y to ab and on them en tirely
and put out figures w hich g iv e actu al results.
F o rm e rly e v e ry station was
cou nted as tw o Instrum ents, one tra n sm itter and one re ceiver, w hich also
led to confusion and m istak e.— V . 85, p. 533, 406.

American Tobacco Co.— Increase in Dividend by Subsidiary
Company.— See American Snuff Co. above.— V. 85, p. 348.
American Waterworks & Guaranty Co.— Bonds of Con­
trolled Properties.— See statements on adjoining pages re­
garding following companies:
Connellsville (P a .) W a te r Co.
W a rre n (P a .) W a te r Co.
So. P ittsb u rgh (P a .) W a te r Co.
H u n tin gton (W . V a .) W a te r Co.
W ic h ita (K a n .) W a te r Co.

C ity o f N e w Castle (P a .) W a te r Co
B u tle r (P a .) W a te r Co.
M onon gahela V a lle y (V a .) W a te r Co.
S t. Joseph (M o .) W a te r Co.
E ast S t. Lou is W a te r Co.

The company was organized in 1882 and has a paid-up
cash capital of $2,000,000 and a surplus of $1,600,000. It
now owns and operates forty or more water plants located
in various cities of the United States, “supplying over 100,000
services, representing a population of over 1,000,000 and
furnishing 100,000,000 gallons of water daily through over
1,500 miles of mains.” During the 25 years of the com­
pany’s existence there has not, it is stated, been a day ’s delay
in the payment of either principal or interest on the bonds
of any of the various plants. Included in its forty proper­
ties there are, in addition to those named above, chiefly:
B irm in gh am (A la .) W a te r Co. (V . 79, p. 502); C ity W a te r Co. o f C h a tta ­
n ooga, T en n .; C linton (Io w a ) w a t e r w o r k s Co. (V . 69, p. 179); Joplin (M o .)
W a te r W ork s Co. (V . 79, p. 503); South D a k o ta W a te r C o.. Sioux Falls
S. D . (V . 81, p. 1854); K o k o m o (In d .) W a te r Co. (V . 73, p. 618); K eok u k
(Io w a ) W a te r W ork s Co.; N e w P h ila d elp h ia (O h io) W a te r Co. (V . 78, p.
232); P ortsm ou th B e rk ley & .Suffolk (V a .) W ater-C o. (V . 78, p. 346; V . 79,
p. 2208, 2646); C ity W a te r Co. o f S heb oygan, W is . (V . 80, p. 714); S h reve­
p ort (L a .) W a te r W ork s Co. (V . 82, p. 1045); R acin e (W is .) W a te r Co.
(V . 79, p. 503). Com panies ow n in g plants a t L ou slan a, M o., M a rin ette,
W is .; M errill, W is .; L ittle R o c k , A rk .; M t. V ernon, In d .; W e lls v llle , N . Y . ;
N o rth P la tte , N e b .; W a h o o , N e b .; G u ya n d otte , W . V a ., and K ea rn ey, N e b .
T h e U n ited W a te r & L ig h t Co. o f P ittsb u rgh (V . 84, p. 1373, 1556) com ­
prises com panies located in elev en o f th e tow n s m entioned a b o v e .—
— V . 85, p. 43.

Butler (P a .) W ater Co.— Bonds, etc.— This company’s
5% gold bonds are dated Sept. 2 1901 and due Sept. 2 1931.
Denomination $1,000. Coupons payable Sept. 2 and March 2
at Farmers’ Loan & Trust Co., mortgage trustee, N ew York.
A block of this issue was recently offered at 1 0 2 ^ , a circular
saying:
Fin ancial statem en t 1906: A u th o rized bonded d eb t, $750,000; bonds
outstanding, $584,500. These bonds are guaranteed, p rincip al and In­
terest, b y the A m erica n W a te r W orks & G uarantee Co. o f P ittsb u rg h ,
which owns and operates th e plan t. A nn u al reven ue, $62,935, Interest
and op era tin g expenses, $53,261; balance, surplus, $9,674.
P o p u la ­
tion , 18,000; d a lly p u m p ing ca p a c ity, 7,000,000 gallons; miles o f pipe, 37.
T h e gross earnings h ave increased du ring the past eight years at the rate
o f o v e r $5,000 a ye ar. A ll necessary Im p rovem en ts h a v in g been Installed,
the net earnings w ill from now on reflect the a d van tages furnished b y them
and w ill show p rop ortion a te Increases. T h e w a te r supply Is draw n from
a large storage reservoir on the Connoquenesslng Creek, h old in g 15,000,000
e-allons, and Is carried o v e r six miles to a distrib u tin g reservoir.
The
plant includes a p u m p ing c a p a city o f 7,000,000 gallons, besides an ex ten s ive
filtra tion system .

Central Foundry Co.— Officers.— W ith the exception of
James T. Boothroyd, David B. Corse and John Reid, the old
board of directors was re-elected at the annual meeting on
Aug. 29. The incoming board is as follows:
• S. W a tts Bow ker, M on tcla ir, N . J.; H orace L . H otchkiss, R y e , N . Y . ;
C. R . Schm id t, B a ltim ore , M d.: and G eorge F. Crane, G eo. D . H a llo c k ,
Au gu st H eckscher, G eorge L ea sk , W m . H . R em ick , Chas. Sm lthers, F. A .
B e rth o ld , F . C. F u rlew and E. L . L u ed er, a ll o f N e w Y o r k C ity .— V . 85,
p. 525.

Chattanooga (Tenn.) Gas Co.— Earnings, &c.— Compara­
tive statement for 7 months ending July 31 1907:

S e p t . 7 1907.]

THE CHRONICLE.

7 M o s .—
Sales, cubic ft. Gross.
O p. E x .
N e t.
In t . & D iv . S u rp .
1907 ................ 69,879,700 $98,861
$59,091 $39,770 $26,927 $12,843
1906____________ 56,066,400
66,17149,690
16,481
____________ _______
In c r e a s e _______ 13,813,300
32,690 9,401
23,289
_____________ _______
or
...........
2 4.63%
4 9 .4 0 % 18.91%
141.30% __________ _______

Compare bond offering in V. 84, p. 869, 805. The man­
agement of the property was taken over Jan. 1 1907 by
Child, Hulswit & Co., bankers, Grand Rapids, Mich., since
which time the notable increase in’output and earnings above
shown has been effected. The bankers Sept. 4 write:
A p p r o x im a te ly $100,000 Is bein g spent in im p rovem en ts at the w orks
th is ye a r, and in the fa ll the com pan y w ill be qu artered in a ttr a c tiv e offices
and sales room s on M ark et S treet, the c it y ’ s prin cip al re ta il business th o r­
ou ghfare.
E v e r y effo rt Is being m ade to g iv e the consumers first-class
service and th a t this Is appreciated there Is e v e ry in dication .
T h e co m ­
p a n y ’ s preferred and com m on stocks h ave been listed on th e Colum bus
(O h io ) S tock E x ch an ge and also on th e C in cin nati S tock E x ch a n ge .— V . 84,
p . 869.

Chester (111.) W ater W orks.— Proposition for Purchase by
City Defeated.— See item in “ State and City Department”
on another page.
Chicago & Rock Island Elevator Co.— Called Bonds.— First
mortgage 5% gold bonds Nos. 101 to 150 inclusive, dated
Oct. 1 1904, have been called for payment and will be paid
at par and interest on Oct. 1 at the First Trust & Savings
Bank, trustee, Chicago. Compare V . 82, p. 754.
City of Newcastle (P a .) W ater Co.— Guaranteed Bonds, &c.
— A block of first mortgage 5% gold bonds, dated Dec. 2 1901
and due Dec. 2 1941, denominations, $500 and $1,000, was
offered several months ago at 1 0 2 and interest. Coupons
payable June 2 and Dec. 2 at Farmers’ Loan & Trust Co.,
mortgage trustee, N ew York. A circular said:
F in a n c ia l Statem ent, 1906.— A u th o riz ed bonded d eb t, $1,000,000; bonds
o u tsta n d in g, $842,000. Th ese bonds are gu aran teed, p rin cip al and in t ­
erest, b y th e A m erica n W a te r W ork s & G u a ra n ty Co. o f P ittsb u rg h , w hich
owns and operates the pla n t. A n n u a l reven u e, $84,946; in terest and
o p era tin g expenses, $72,118; balance (fo r d ivid en d s, & c .), $12,828. P o p u ­
la tio n , 30,000. D a ily p u m p ing c a p a c ity , 14,000,000 gallons. M iles o f
p ip e , 63. T h e w a te r su pply is taken from the Shenango R iv e r , passed
throu gh an e ffe c tiv e filtra tio n p la n t, and then pu m p ed to a re serv oir o f
8,000,000 gallons c a p a c ity . T h e plan t is co m p le te and m odern in e v e ry
d e ta il, and represents an am p le reserve c a p a c ity fo r fu tu re grow th .

City W ater Co. of East St. Louis and Granite City (111.).—
Status.— The following is taken from a broker’s circular:
Fin a n cial sta tem en t 1906: A u th o rized bonded d eb t, $4,000,000; to ta l
bonds o u tsta n din g, $2,634,000, gu aran teed p rin cip al and in terest b y th e
A m erica n W a t e r w o r k s & G uarantee C o., w h o ow n and o p era te th e pla n t.
A n n u a l reven u e, $290,106; in terest and o p era tin g expenses, $212,443;
balance, surplus, $77,663; po p u la tio n served , 85,000; d a ily p u m p in g ca­
p a c ity , 35,000,000 gallons; m iles o f pipe, 143.
T h e gross earnings h ave increased $115,903 in th ree years, and th e c it y
has p ra c tic a lly ju st begun to expan d . C om pare V . 83, p. 1038.

Connellsville (P a .) W ater Co.— Guaranteed Bonds, &c.—
This company’s 5% first mortgage gold bonds are dated Oct.
2 1899 and are due Oct. 2 1939. Denomination, $1,000;
coupons payable April 1 and Oct. 1 at Farmers’ Loan & Trust
Co., trustee, N ew York. An authoritative statement offer­
ing the bonds at 1 0 2 ^ and interest said:
F in a n c ia l Statem ent, 1906.— A u th o rized bonded d eb t, $500,000; bonds
o u tsta n d in g, $412,000. Th ese bonds are gu a ra n teed, p rin cip al and in te r­
est, b y the A m erica n W a te r W ork s & G u aran ty Co. o f P ittsb u rg h , w hich
owns and operates the pla n t. A n n u a l reven u e, $45,327; in terest and o p ­
era tin g expenses, $37,903; b a l.(fo r d iv s ., & c . ) , $7,424. P o p u la tio n , 10,000.
D a ily p u m p in g c a p a c ity , 4,000,000 g a llo n s .‘ M iles o f pipe, 45. T h e gross
earnings h ave increased o v e r 50 % in the past fou r years.
T h e w a te r su pply
is taken fro m tw o sources o f m ou ntain springs and im pou n ded in tw o reser­
vo irs o f 15,000,000 gallons and 5,000,000 gallons c a p a c ity , re s p ective ly .
T h e su pply is fu rth er su pplem en ted w hen necessary b y pu m ping d irect from
th e Y o u gh io g h e n y R iv e r and filterin g .
R ec en t im p rovem en ts h ave in ­
clu ded new pum ps o f 3,000,000 gallons c a p a c ity , and a basin fo r settlin g
th e w a te r before it passes throu gh the filtra tion sy stem .— V . 70, p. 741.

Edison Electric Co., Los Angeles, Cal.— Description of
Property.— The “ Engineering Record” of N ew York is pub­
lishing a series of elaborate articles describing this company’s
property.
,
The company, in June last, placed in operation its large
hydro-electric power plant on the Kern River and has since
been transmitting electricity therefrom to Los Angeles, a
distance of 110 miles. Compare V . 82, p. 932; V . 85, p. 102.
(The) Fond du Lac (W is .) W ater Co.— Entire Capital Stock
Offered for Sale.— Referring to the advertisement in a Chicago
paper, offering the property for sale, Secretary Maurice Mc­
Kenna, Fond du Lac, W is., writes:
T h e co m p a n y is n ot to be disposed o f under foreclosu re o r u nder a n y fo rced
sale w h a teve r.
T h e co m p a n y is in easy fin ancial circum stances, but th e
sto ck th e reo f, consisting o f 2,000 shares o f th e p a r va lu e o f $100 each, is
o w n ed b y th ree persons, w ho, on account o f o th er pressing en gagem en ts,
a re w illin g to dispose o f their en tire holdings.
[T h e board o f dirr c ors co n ­
sists o f: H e n ry B o yle , Presiden t; R e v . J. J. K een a n , V ice-P resid en t, and
M aurice M cK en n a , S ecreta ry and Treasu rer, all o f Fon d du L a c .— E d ]—
V . 72, p. 1037.

Huntington (W est V a .) W ater W orks Co.— Bonds— Status.
— A Philadelphia house some time ago offered at par and
interest a block of 5% gold bonds, guaranteed principal and
interest by the American W ater W orks & Guarantee Co. of
Pittsburgh, which owns and operates the plant. These
bonds are dated N ov. 1 1900 and are due Nov. 1 1940.
Denomination $1,000. Coupons payable N ov. 1 and M ay 1
at Farmers’ Loan & Trust Co., trustee, N ew York . A
circular said:
F in a n cial sta tem en t 1906: A u th o rized bonded d e b t, $500,000; bonds
ou tsta n din g, $402,000; annual reven u e, $59,892; in t-rest and o p era tin g e x ­
penses, $40,599; n et earnings, $19,293.
P o p u la tio n served , 15,000; d a ily
p u m p in g c a p a c ity , 6,000,000 gallons; m iles o f p ip e, 36.
T h e pla n t is lo ca ted on the banks o f th e O hio R iv e r , a b o v e the c it y ,
consisting o f n ew p u m p in g sta tion , settlin g basins and a new filtra tio n
p la n t.
T h e w a te r su pply is taken from d riven w ells, su pplem en ted b y
d irect pu m p in g from the riv e r, a fte r w hich It passes throu gh an e ffe c tiv e
filte r system . T h e n et earnings show a s tea d y Increase from y e a r to ye a r.
— V . 82, p . 51.

International Harvester Co.— Ousted from Texas.— Press
dispatches from Austin, Texas, state that the company on
Sept. 5 pleaded guilty to the allegations in the State’s petition
charging violation of the anti-trust laws, paid the $35,000 in
penalties imposed, and was enjoined from doing business in
Texas except of an inter-State character.— V. 85, p. 471, 287.




603

International Mercantile Marine Co.— Rate W ar.— The
rate contest referred to last week (see Cunard Com pany)
has become more serious, this company having reduced eastbound rates, effective immediately, by $22 50 on all the
American Line vessels and on the Oceanic, Majestic and
Teutonic of the W hite Star Line. The Cunard Line has
met this reduction.— V. 85, p. 407.
(P .) Lorillard Tobacco Co.— See American Snuff C o.,
above.— V . 85, p. 287.
Massachusetts Lighting Companies.— Dividend Increased.
— The trustees have declared a quarterly dividend of 11
/ 2% ,
payable Oct. 15 to stockholders of record Oct. 1, comparing
with 1\ i% (5 % yearly) paid since Jan. 1906 and 1% (4%
annually) in 1904 and 1905.— V . 84, p. 629.
Monongahela River Consolidated Coal & Coke Co.— Earn­
ings.— For nine months ending July 31:
N in e
N
e t ----------------------D e d u ctio n s ----------------------B a l. fo r
M o s .—
E a rn in g s .
R oyalty. D e p rec’n.
Taxes.
Interest. D iv id en d s
1 9 0 6-07.-$ 1,751 ,213 $346,053 $248,541
$90,000 $387,485 $679,134
1905-06— 1,445,464
319,938
234,487
89,667
397,139
404,233
Shipm ents fo r the nine m on th s, 5,186,660 tons in 1906-07, against
$4,773,846 in 1905-06, th e r iv e r ton n age b ein g 3,744,182, again st 3,383,320,
and ra il 1,442,478, again st 1,390,526. F o r A u gu st th e to ta l shipm ents
w ere 738,529 tons ln 1907, again st 526,755 In 1906, increase 211,774.
N o te .— T h e d irectors on J u ly 3 1907 d eclared a sem i-annual d ivid en d o f
3 )4 % on the p referred stock, p a y a b le Ju ly 25, Increasing the annual ra te
;to 7 % as paid from J u ly 1900 to Jan. 1904, both in clu sive. A ft e r 1904
annual paym en ts w ere m ade ln Janu ary as fo llo w s: 1905, 1 .5 4 % ; 1906,
1.94% ; 1907, 4 .5 0 % ($2.25 per sh are).
T h e P ittsb u rg h Coal Co. owns
$2,500,000 o f the $10,000,000 (n on -cu m u la tive) preferred stock and $15,000,000 o f th e $20,000,000 com m on sto ck .— V . 85, p . 43.

Monongahela Valley (P a .) W ater Co.— Status.— A cir­
cular offering the 5% gold bonds at 102
and interest said:
D a ted A u g . 1 1901, due A u g. 1 1931 [bu t su bject t o call a t 103 and in ­
terest p rior to A u g 1911, and a fte r th a t d a te at par and in terest— E d .]. D e ­
n om in ation $1,000. Coupons p a y a b le F e b . 1 and A u g. 1 a t F a rm ers’ L o a n
& Tru st C o., tru stee, N e w Y o rk .
Fn a n cial sta tem en t 1906: A u th o riz ed bonded d eb t, $600,000; bonds
ou tstan din g, $317,000; annual reven u e, $44,319; in terest and o p era tin g
expenses, $31,630; balance, surplus, $12,689.
P o p u la tio n , 15,000; d a ily
p u m p in g c a p a c ity , 2,500,000 gallons; m iles o f p ip e , 32
T h e co m p a n y is opera ted u nder th e m an agem en t o f th e A m erica n W a t e r
W ork s & G u arantee Co. o f P ittsb u rg h . T h e pla n t supplies w a te r to th e
t e rr ito r y ly in g ln th e M onon gahela V a lle y on both sides o f th e riv e r, from
E liza b eth to M cK e e s p o rt, 15 m iles a b o v e P ittsb u rg h .
T h e w a te r su p p ly
is taken fro m th e riv e r, passed throu gh a filtra tio n system and then pu m p ed
to a reservoir w h ich furnishes su fficien t pressure to su pply th e en tire d istrict.

National Phonograph Co.— Suit.— See N ew England
Phonograph Co. below.— V . 84, p. 697.
National Telephone Co., W heeling, W . V a .— Dividend.—
The company, it is stated, paid, about A ug. 16, its regular
2% quarterly dividend. Compare V . 85, p. 472.
Ocaanic Steamship Co., San Francisco.— Assessment.—
A n assessment of $10 per share was levied A ug. 20 and must
be paid b y Sept. 23. The “ San Francisco Commercial
N ew s” says:
T h e th ree steam ers em p lo y ed fo r m a n y years in th e A u stra lia n service at
an annual loss w ere w ith d ra w n la st M a rc h . T w o o f these steam ers h ave since
been em p loy ed to som e e x te n t, one in the B ritish C olu m bia and th e oth er
In the H a w a iia n tra d e. T h e co m p a n y has ils o t w o o th er steam ers ln service,
n a m e ly , the A la m ed a in th e H o n o lu lu trade and the M ariposa ln th e T a h iti
tra d e. John D . S preckels is re p orted to h a v e re c e n tly said th a t he e x ­
pected th a t Congress at its n e x t session in D ecem ber w ou ld a u th o rize a
su bsidy, and in th a t e v e n t, i f sa tisfa cto ry , th e service o f th e co m p a n y be­
tw een San Francisco and S yd n ey w o u ld be resum ed ea rly p a rt o f n e x t year.
— V . 84, p. 54.

Pittsburgh Coal Co.— Earnings of Subsidiary.— See Monon­
gahela River Consolidated Coal & Coke Co. above.— V . 85,
p. 43.
Presque Isle Transportation Co.— Called Bonds.— The
Citizens’ Savings & Trust Co. of Cleveland, as successor of
the American Trust Co., trustee, has called for redemption
bonds Nos. 6, 15, 25, 33, 40, 55, 62, 80, 87, 93, 101, 107 and
117.
Republic Iron & Steel Co.— Report.— The results for the
year ending June 30 were:
F is c a l
Gross
D e p rec'n D ivid end s on B a l., su r., A c c u m u l’d
Y ea r—
p rofits.
& charges,p ref. stock.
fo r year.
surplus.
$6,127,742 $2,398,497 (7)$1,429,183 $2,300,062
1906-07........... 1905-06--------- 4,750,476 2,011,915 (7)1,429,183
1,309,378 5,319,708
1904-05--------- 2,508,068 1,134,461
___________
1,373,607 4,010,330
1903-04--------- 1,306,068 1,560,256 (1 )3 5 7 ,296def,611,484 2,636,722
1902-03........... 4,123,500 1,382,600 (7)1,427,083 1,313,817 3,248,20&
F ro m th e accu m u la ted surplus on June 30 1907 as a b o v e show n th ere w a
ap p rop ria ted :
In fu ll p a ym en t o f arrears o f d ivid en d on p referred stock
$1,633,352 ( 7 % ) , le a v in g a p rofit and loss surplus o f $3,799,994 carried t o
th e ba la n ce sh eet.— V . 84, p. 1252.

Rochester & Pittsburgh Coal & Iron Co.— Dividends and
Earnings.— See Mahoning Investment Co. under “ Annual
Reports” on a preceding page.— V . 83, p. 1475.
Safety Car Heating & Lighting Co.— Dividend on In ­
creased Stock.— A quarterly dividend of 2 % , payable Oct. 1
to holders of record Sept. 14, has been declared on the $10,000,000 stock as increased in July last b y a stock dividend
of 100%.
P re v io u s Cash D iv id e n d Record.
Y e a r . ......... 1 ’ 93-97. ’ 98-00.
*1901. ’ 02. ’03. ’04. ’05. ’06.
1907.
P ercen t
] 6 y ’ly .
8 y ’ly .
11
9
12 12 17 18 In cl. J u ly . 8
•A ls o in 1901 paid 10 % in sto ck .— V . 85, p. 164, 44.

Suburban Gas & Electric Co., Revere, M ass.— Description.
— The “ Electrical W o rld ” of N ew Y ork for A ug. 3 had a
description of the plant.— V . 83, p. 443.
Suttons M ills.— Mortya^e.-^Tliis company has filed at
North Andover, Mass., a mortgage to the City Trust Co. of
Boston (?), as trustee, to secure an issue of $150,000 bonds
Tennessee Coal, Iron & Railroad Co.— Application to List.
— The N ew York Stock Exchange has been requested to list
$3,417,200 additional common stock, which was offered at
par to shareholders of record N ov. 30 1906, subscriptions
to be paid in quarterly installments, the last Sept. 10 1907.
(Compare V . 83, p. 1294.).— V . 85, p. 473.
For other Investment News see page 606,

$5,433,346

604

THE CHRONICLE.

Itc p o rts an d

[V o l .

lxxxv

.

2 3 c r r a r a je tt ts ,

C E N T R A L OF G E O R G IA

R A IL W A Y

COM PANY.

T W E L F T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D I N G J U N E 30 1907.
Savannah, Ga., August 23 1907.
To the Stockholders:
The Directors submit the following report upon the opera­
tions of the Company for the year ended June 30 1907 and
its financial condition at that date:
IN C O M E A C C O U N T .
1907.
-Gross E a rn in gs........... ..........$12,082,777 38
OperatingExpenses
and
T a x e s ___________ __________
9,606,216 10
N e t E a rn in gs............. ........ $2,476,561 28
O th e r I n c o m e _______________
311,938 89
T o t a l In c o m e .....................

$2,788,500 17

D edu ctions:
In tere st
on
equ ipm ent
tru st o b liga tio n s_______
In tere st on fu n ded d e b t—
f i x e d _______ _____________
C e n ta ls ____________________
M is c e lla n e o u s ____________

In crea se( + ) o r
1906.Decrease (— ) .
$11,396,122
+ $686,654
53
85
8,235,212 54 +1,3 71,00 3 56
$3,160,909 99
274,621 52

-$684,348 71
+ 37,317 37

$3,435,531 51

— $647,0.31 34

$143,598 80

$80,638 73

+ $62,960 07

1,719,084 46
426,809 56
50,881 35

1,672,580 00
420,767 33
10,873 98

+ 46,504 46
+ 6,042 23
+ 40,007 37

$2,340,374 17

$2,184,860 04

+ $155,514 13

B a la n c e _______
___
___
A m o u n t c red ited d irect to
P r o fit and Loss A cco u n t - .

$448,126 00

$1,250,671 47

— $802,545 47

12,936 95

40,539 79

— 27,602 84

T o t a l- _______________
R e s e rv e d fo r in terest p a y a b le
O ct. 1 o n jln co m e B o n d s --

$461,062 95

$1,291,211 26

— $830,148 31

461,030 00

750,000 00

$32 95

$541,211 26

T o t a l___________________

Excess - -

___________________

—

288,970 00

— $541,178 31

P R O F IT A N D LO SS A C C O U N T .
T h e cred it balance a t June 30 1906 w a s___________________________ $647,866 71
O f w hich there has been ex pen ded fo r betterm en ts and im ­
p ro v e m e n ts ________________________________________________________ 111,159 17
B irm in gh am D istric t, new steel b rid ges ------------ $32,657
M acon, n ew shop to o ls ------------------------------------ 45,808
Colum bus, en largem en t o f y a r d ----------------------- 22,730
S avannah, a d d ition a l track fa c ilitie s ---------------5,929
A th en s, Im p rovem en t o f ya rd and d e p ot—
p a rt co st_________________________________________
4,033

L ia b ilitie s —
J u n e 30 1907.
C a p ita l S tock ................................ $5,000,000 00
Fu n ded D e b t . ........... - .................. 50,473,000 00
S h o rt-T erm N o t e s _______________
650,000 00
E q u ip m e n t T ru st O b lig a tio n s___
4,570,527 65
R es erve fro m S ale o f A tla n ta
P r o p e r t y _______________________
____________
R es erve fro m C h a tta on oga D i­
visio n B o n d s___________________
____________
R es erve from O con ee D iv is io n B o n d s ____________
T u n n el C oal Co.-— fo r constru ction
4,654 11
o f U p p er Cahaba B ra n ch ______
G re en v ille & N ew n a n R y . C o.—
fo r constru ction o f lin e G reen ­
v ille to N e w n a n _______________
R es erve fo r com pi etion o f C h a tta ­
hoochee & G u lf R a ilr o a d ______
In te re s t, R en ta ls and T a x es a c­
636,783 82
crued n ot du e__________________
164,072 33
F ir e Insurance R e s e rv e __________
447,453 82
O ther R es erve s___________________
37,019 14
S undry A cco u n ts.
Current L ia b ilitie s --:____________
1,486,291 62
Surplus fro m P revio u s Y e a r s ___
536,707 54
R es e rv e fo r In tere st p a ya b le O c t .
1 1907 on In co m e B o n d s______
461,030 00
P r o fit p.nd L o ss____________ _______
32 95

Com pa rison with
------ J u n e 30 1906.-----Increase.
Decrease.
$440,000 00
650,000 00
2,140,762 85
........... $217,928 38
............. ..
___________

106,738 95
125,314 56

___________

93,587 65

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

261,491 29

___________

10,237 58

78,058 79
--------------

......... ..........
28,370 58
39,150 85

32,834 77
333,489 79
111,159 17
288,970 00

T o t a l ..........................................$64,467,572 98 $2,392,230 14 ----------------T h e C om p an y has no flo a tin g d eb t.

The increase in Property and Investments Capitalized is
explained by expenditures for betterments, as follows:
N e w Shops, M acon, G a ____ •________________________________________ $64,167 89
N e w Shobs, C edartow n , G a ________________________________________
35,535 87
L a n d at Columbus and C arrollton , G a.. and B irm ingham , A l a . .
30,526 44
R ea d ju stm en t o f yards, a d d itio n a l passing tracks, e tc __________ 114,059 13
M iscellaneous sm all ite m s __________________________________________
31,330 34
$275,619 67
Less—
Proceeds o f sale o f h yd rau lic co tto n com press at
M acon, G a _________________________________________ $5,000 00
Proceeds o f sale o f certain la n d in Floyd. C ou n ty ,Ga.
50 00
Prem iu m from sale o f $500,000 00 C on solidated
M o rtga ge B o n d s ___________________________________ 38,750 00

49
79
70
18
01

43,800

A n d tran sferred t o surplus a cco u n ts_____________________________ 536,707 54
closin g th e balance o f P r o fit and Loss A cco u n t fro m p re­
vio u s years.

$231,819 67

X e t in com e fro m operations fo r this fiscal y e a r ___________________$448,126 00
R e c e iv e d fro m G eorgia R a ilro a d fo r account o f adju stm en t o f
accounts in previou s years fo r term in a l fa cilities at M a co n —
6,565 76
P r o fit fro m sale t o A tla n tic Compress C om p an y o f la n d ac­
qu ired fro m C ity o f M acon, G a _________________________________
6,371 19

The item of bonds pledged under short-term notes repre­
sents the book value of W adley Southern R ailw ay bonds
pledged under notes hereinafter described.
The decrease in Investments not Pledged is explained as
follows:

C red it b alance June 30 1907--------------------------------------------------$461,062 95
R es e rv e d fo r in terest pa ym en ts O cto b er 1 1907:
N o . 12 at 5 % on F irst P referen ce In co m e B o n d s .- $200,000 00
N o . 4 at 3.729 % on S econd P referen ce In co m e Bds.261,030 00 461,030 00
E x c c s s ____ _ _ _ ___ __ _ _ _ __ ______,_______ _______ ___________ _ _ _ _ _

Sales du rin g the y e a r o f unencum bered p ro p e rty acqu ired from
C entral R R . & B k g. Co. o f G a _________________________________
$1,645 00
B o n ds-pled ged u nder sh ort-term n o tes ------------------------------------ 650,000 00

$32 95

F I N A N C I A L C O N D IT IO N .

$651,645 00

C om p a rison with
------J u n e 30 1906.-----Increase.
Decrease.

Assets—
• J u n e 30 1907.
P r o p e r t y and In ves tm en ts Capi­
t a l i z e d ..................... .................. $55,389,614 11
$231,819 67
B onds P le d g e d u nder S h o rt-T erm
N o t e s - _________________________
650,000 00
650,000 00
In ves tm en ts N o t P le d g e d --------479,572 39 ------------------- $550,646 28
E q u ip m e n t u nder T ru s ts ________
4,570,527 65
2,140,762 85
698,096 36
132,379 66
..
M a teria ls and S u p plies___________
D efe rre d A ssets_________________ 571,093 38
454,574 29 ......................
E m p ire La n d C o _________________
294,516 17
119,420 40
Fu n d w ith T ru stee fo r co m p le tio n
o f lin e G re e n v ille to N ew n a n .
------------------------------- 317,416 32
Cu rrent A ssets___________________
1,814,152 92
---------------- 468,664 13
T o t a l ___________________ _______ $64,467,572 98 $2,392,230 14

LessA d ju stm en t o f v a lu a tio n o f certain stocks and
b o n d s ........... ..................................... ........................ $23,107 16
A d d itio n a l sto ck a cq u ired , 435 shares, A t la n t ic
Compress C o . - ............. ........................................... 43,500 00
Increase in leased r a ils ................................................ 34,391 56

$550,646 28

1
he increase in Equipment under Trusts is due to the pur­
chase during the year of 10 passenger locomotives, 55 freight
locomotives, 1,014 common box cars and 1,000 coal cars.
The Equipment Trust Obligations at June 30 are described
as follows:
P R IN C IP A L

D a te of T ru s t.

24 1900____________________
(C. R . & S. R R . Co.)
21 1901-___________________
(C. & D . R R . Co.)
N o v . 14 1901____________________
(T ru s t " A ” )
S ep t. 2 1902........... ....................
(T ru s t ' ‘ B ” )
O c t.
1 1 9 0 2 - .- ......... ............ ..
(T ru st “ C ” )
M ay

Jan.

N ov.

2

Jan.

11

Jan.

15

Feb.

1

3

u ly
M a r.

1

E q u ip m e n t.

100 C oal C ars.

O F E Q U I P M E N T T R U S T O B L IG A T IO N S .
P a id D u r in g 12
M o n th s Ended
J u n e 30 1907.

O rig in a l Issue.

P a id P r io r
to
J u ly 1 1906.

$.37,648 80

$32,718 60

$4,930,20

15,401 40

11,551 05

2 ,2 0 0 20

D a te of
F in a l
P a ym en t.

O utstanding.

| M ay
|

$1,650 15

M ch.

1 1907
1 1908

f 25 B o x Cars
[ 25 Coal Cars
250 C oal Cars

158,120 00

144,943 25

13 .176 75 j

500 B o x Cars.

288,000 00

126.000 00

36.000 00 i

130.000 00

91.000 00

26.000 00

13,000 00 | O ct.

1 1907

938.000 09

335,000 00

134,000 00

| N ov.

1 1910

64.800 00

40,500 00

J 6 Passenger L o c o m o t iv e s ------\
\ 5 F reig h t L o c o m o t i v e s --------- /
f
5 Passenger L o c o m o t i v e s -----I 15 F re ig h t L o c o m o t i v e s --------j 3 S leepin g Cars ------------------1 9 0 3 -.- ____________________ ■j 3 1st class Passenger C oaches.
I 3 2d class Passenger Coaches.
(T ru s t “ D ” )
200 B o x C ars_____________________
1800 Coal C a r s ____________________ j
8 1st class Passenger C o a ch es.]
1905_________________________
2 Combination Coaches ------- /
(T ru s t “ E ” )
5 Passenger L o c o m o t iv e s ------]
1905....... ............ ........ ............ < 15 F re ig h t L o c o m o t i v e s ----1500 V e n tila te d B o x C ars------(T ru s t “ F ” )
500 V e n tila te d B o x C ars------1905. ________ _______________
(T ru s t “ G ” j
f450 V e n tila te d B o x Cars________ 1
1906_________________________
500 Coal C a r s ____________________ r
{ 400 F la t C a r s ____________________ I
(T ru s t " H ” )
I 50 B a lla st C a r s ---------------------- J
f 10 Passenger L o c o m o t iv e s ____ )
1906_____________ ___________ I 30 F reigh t L o c o m o tiv e s ...........>■
(T ru s t “ I ” )
\514 B o x C ars_____________________ I
11,000 Coal C a r s ----------------------- j
1907_________________ _______ / 25 F reigh t L o c o m o t i v e s _______ 1
(T ru s t " K " )
]500 B o x C ars_____________________ J
T o t a l ....... ...................... - - - I




100 998 72

N o v . 14 1906
S ept.

126,000 00

| Jan.

1 1910

11 1907

462.000 00

66.000 00

66,000 00

i

Jan.

1 1912

228,150 00

64,642 50

45,630 00

!

Jan.

15 1910

1,020,00Q 00

102,000 00

j

F eb.

1 1916

1,950,000 00

115,000 00

J u ly

1 1916

M ar.

1 1917

760.000 00
$6,052,120 20 I

$912,355 40

$569.237 15

$4,570,527 65

The increase in Materials and Supplies is shown in detail
in Table N o. 17 of the A uditor’s Report.
The increase in Funded D ebt represents $600,000 00 Con­
solidated Mortgage Bonds sold to provide funds for better­
ments of the property of the Company, less $60,000 00 Upper
Cahaba Branch and Greenville & Newnan Main Line First
Mortgage Bonds ($30,000 each issue) matured and paid.
The short-term notes consist of thirteen notes for $50,000 00
each, due March 1 1912, secured by $800,000 00 first m ort­
gage 5% bonds of the W adley Southern Railway. These
notes were issued to reimburse the treasury for cash advanced
to purchase the Stillmore A ir Line Railw ay and W adley &
Mount Vernon Railroad Company, consolidated on July 1
1906 into the W adley Southern Railway.
The following analyses of sundry Reserves, showing the
balances brought forward from the previous year and the
charges an I credits during the year, will explain the in­
creases ana decreases therein:
R E S E R V E — C H A T T A N O O G A D I V I S I O N — S P E C IA L .
D r.
B a la n ce. J u ly 1 1906................... .......... ................ .
In tere st on m o n th ly b alances_______________________
L iq u id a tio n du rin g y e a r o f accounts o f fo rm er
C. R . & S. and C. & D . R R . Cos_________________
T ran sferred to R e s e rv e fro m C h a tta n ooga D ivisio n
B o n d s ________________ __________ ___________________$52,156 68
$52,156 68

Ct.
$50,349 42
1,528 85
278 41

$52,156 68

R E S E R V E F R O M C H A T T A N O O G A D IV IS IO N B O N D S .
D t.
C r.
B a la n ce, J u ly 1 190 6-................. .................... ............
$306,738 95
In tere st on m o n th ly balances_______________________
3,377 88
T ran sferred fro m R es erve— C h attan ooga D ivision
— S p e c i a l ___________________________________________
52,156 68
Con stru ction o f shops a t C edartow n , G a ., p a rt cost $44,208 81
E xp en d itu res fo r passing tracks, C h attan ooga D is­
tric t ....... ............ ...................... ........................ ........
1,053 12
Pu rchase o f la n d a t C h a tta n oo ga -------------------------- 117,011 58
$162,273 51 $162,273 51
R E S E R V E F R O M O C O N E E D IV IS IO N B O N D S.
D r.
B alan ce, J u ly 1 1906_________________________________
P a rt o f expen ditu res du rin g th e y e ar account o f
w id en in g gauge Columbus to G re e n v ille _________ $125,314 56

C r.
$125,314 56

$125,314 56 $125,314 56
R E S E R V E F O R C O M P L E T IO N O F C H A T T A H O O C H E E & G U L F R R .
D r.
B a la n ce, J u ly 1 1906----------------------------------------- E x p en d itu res d u rin g th e y e a r tow a rd s co m p le tio n
o f th e F lo ra la E x te n s io n ----------------- ----------- ------ $10,237 58
$10,237 58

C r.
$10,237 5

$10,237 58

R E S E R V E — 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 .
D r.
C r.
B a la n ce, J u ly 1 1906_________________________________
$305,926 00
Charged to O p era tin g E xpen ses du rin g the y e a r fo r
dep recia tio n o f ra ils, ren ew al o f ties and ex p en d i­
tures u nder a p p rop ria tio n s_______________________
551,657 45
C h arged to R e s e rv e fo r va lu e o f certain ra il pu t In to
tra ck , In excess o f th a t released th e reb y , fo r
va lu e o f ties used and fo r a p p rop ria tio n s________ $857,583 45
$857,583 45 $857,583 45
R E S E R V E — M A IN T E N A N C E O F E Q U IP M E N T .
D r.
C r.
B alan ce, J u ly 1 1906................. ...................... ........
$126,924 06
F o r ap p rop riation s____________________ $5,190 72
F o r re tirem e n t o f E q u ip m e n t Trust
O b lig a tio n s _________________ ______ - 121,733 34
C harged to O p era tin g Expenses and F ire Insurance
R es erve du rin g th e y e a r to crea te a reserve fo r
eq u ipm en t d es troy ed , fo r new eq u ipm en t ac­
q u ired , fo r appropriation s and fo r p rin cip al o f
eq u ipm en t tru st o bliga tion s accrued ____________
802,097 19
Proceeds o f eq u ipm en t s o ld --------------------------------4,244 15
C harged to R eserves fo r expen ditu res u nder a p ­
p ro p ria tio n s________________________________________ $86,853 86
P a ym en ts on accou nt o f co n versio n o f certain
freig h t cars In to cabooses and fo r rebu ildin g
frelg h t-tra in eq u ip m e n t---------------------------------19,229 66
Cash pa ym en ts on accou nt o f n ew eq u ipm en t ac­
1,278 05
q u ired In previou s ye a r u nder Tru st “ H ” --------P rin cip a l o f E q u ip m en t T ru s t N o tes p a id ------------ 569,237 15
B alan ce, June 30 1907, fo r re tirem e n t o f E q u ip ­
m ent T ru st O b lig a tio n s -.......................................... 256,666 68
$933,265 40 $933,265 40
F IR E IN S U R A N C E R E S E R V E .

On a large amount of widely scattered property the Com­
pany carries its own fire risks, charging Operating Expenses
and crediting Fire Insurance Reserve with amounts approxi­
mating what it would otherwise have to pay in insurance
premiums.
D t.
C r.
B alan ce, J u ly 1 1906....................................................
$192,442 91
T w e lv e m on th s’ a p p ro x im a ted prem iu m s__________
93,500 00
C ollection s fro m In divid u als and com pan ies_______
350 67
E q u ip m e n t bu rn ed ......... ............ - .................... .......... $16,611 76
S un dry lire losses on freig h t and p r o p e rty ........... .. .
53,535 65
Prem iu m s paid, a ctu al In s u ra n c e ................. ..........
52,073 84
B a lan ce, June 30 1907................................................ 164,072 33
$286,293 58 $286,293 58

O C E A N S T E A M S H IP C O M P A N Y O F S A V A N N A H .
The operations of the Steamship Company during the past
year have been satisfactory. Owing, however, to the pay­
ments on outstanding equipment trust obligations and cash
payments for new tug and four new lighters delivered during
the fiscal year, and the payments on the new Steamship




605

THE CHRONICLE.

S e p t . 7 1907.1

“ City of Savannah,” shortly to be delivered, and to
very unsatisfactory financial conditions, no dividends have
been declared. The new Steamship “ City of Savan­
nah” is nearing completion and will doubtless come into
the line during the month of September.
G E N E R A L REM ARKS.
The following extensions were made during the year:
G re en v ille to R a y m o n d -------------------------------------------------------- 23.67 m iles.
H e n ry E lle n to M a rg a re t-----------------------------------------------------12.16 m iles.
T o ta l extensions__________________________________________________ 35.83 m ile s.
T o ta l m ileage op erated , in clu d in g leased lin e s --------------------- 1,913.41 m iles

During the year there were established on or adjacent to
the lines of this Company 205 industries, representing 26
classes, with a capital of $4,465,500, and employing 5,834
hands. 782,865 fruit trees were planted on our line during
the year, but there was a decrease of trees in bearing of 844,123.
The financial results from the operation of the property
have not been as satisfactory as in recent years. This is due
to a large increase in wages and in the cost of nearly every
class of material necessary to the operation of the property.
In addition to this, owing largely to inferior coal, and for a
time to inadequate motive power, there was congestion at
all the important points upon the system, which made the
cost of operation much higher than would have been the case
under normal conditions. After the new equipment con­
tracted for during the previous fiscal year was received,
these conditions greatly improved and results were corre­
spondingly better. In addition to conditions described in
our own territory, the general congestion on the lines of our
connections, which was beyond our control, made the situa­
tion the more difficult and expensive. Insufficient termmal
facilities have interefered seriously with the handling of
traffic, and during the past year we have made large expendi­
tures in increasing these facilities, and for several years to
come additional expenditures for the same purpose will be
necessary in order to handle the business of the Company
efficiently and economically.
The equipment of the Company has been doubled in about
six years. During this time we have increased our shop fa ­
cilities very little. Unless equipment is kept in repair we
cannot use it, and to meet our requirements in this respect
we have acquired the necessary land at Macon and have com­
menced to build the main machine shops for the system at
this point. Contracts have been placed for the car shop,
machinery, power house, motive power and smoke-stack,
and we expect to have this part of the plant ready for opera­
tion early in 1908. W e expect to proceed with the erection
of the round house and machine shops, the latter to be sup­
plied with modern tools, provided we are not stopped b y the
want of money.
W e have expended $48,246 35 in extending our car shops
at Savannah and $79,555 73 for new tools and machinery.
A ll of the capital reserves of the Company were exhausted
in providing betterments during the year, except $1,300,000
of 5% Consolidated Mortgage Bonds of the Company set
aside at the time of the reorganization for betterments. It
will be necessary to sell all of these bonds during the fiscal
year commencing July 1. The amount realized from these
bonds will fall short of our requirements for facilities that are
indispensable.
The Supreme Court of the United States rendered a deci­
sion in May last under which the railway companies in this
territory ivill be compelled to refund two cents per hundred
upon the lumber moved from and over their lines to Ohio
River points during the past four years. This is a finaJ
judgment with respect to this question, and as our Traffic
Department estimates that it will require $150,000 to pay
this Company’s proportion, a reserve of that amount has
been created and charged against earnings for the fiscal year.
Attention is called to the report of the General Manager
covering the operation and physical condition of the prop­
erty, and to the report of the Auditor with respect to financial
condition and to results of operation in detail,and for statis­
tics as to operation and traffic.
The v oiupany’s accounts have been examined b y Messrs.
Haskins & Sells, CVrtified Public Accountants, and a copy of
their certificate appears on page 20 of this report.
Acknowledgement is made to officers and employees for
faithful and efficient service.
Respectfully submitted,
B y order of the Board of Directors,
J. F. H A N S O N ,
President.
— The American Bond & Mortgage Co., Rector Building.
122 Monroe St., Chicago, has recently opened a bond de­
partment under the management of Mr. L . Vincent Lewis,
who for some time past has been a traveling salesman for
Child, Bates & Co. of N ew York. Their specialty will be
high-grade corporation and public utility securities.
— Jacob Rubino, the well-known bond broker, who some
two years ago suffered a stroke of paralysis, has recovered
his health and resumed business at his old offices, 3 Broad
Street. Mr. Rubino thinks from now on thi>re will be a
better bond market.

606

THE CHRONICLE.

[V o l .

lxxxv.

A M E R IC A N S M E L T IN G & R E F IN IN G C O M P A N Y .
E I G H T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D E D A P R I L 30 1907'.
To the Stockholders:
General balance sheet and statement of Income Account
for the eighth fiscal year of the Company, ending April 30
1907, are presented in their usual form, compared with the
statement made for the fiscal year ending April 30 1906.
IN C O M E A C C O U N T .

The business of the Company has made the same uniform
progress during the past year as in the recent preceding years.
The following table of net earnings since the organization of
the Company will be of interest to the stockholders:
1 9 0 0 ,.................................................... .................... $1,979,907 85
190 1-_____________________ _________________________ 3,828,441 27
1902................. - _________ ______________ ___________ 4,861,619 01
1 9 0 3 ._____________________________________________ _ 7,576,785 57
190 4
______ 7,905,572 84
190 5
8,898,811 36
190 6
10,161,358 12
1 9 0 7 .- . ______. . .
_______________________________ 11,509,669 20
N o te .— T h e c a p ita l stock fo r the years 1900 and 1901 and lo u r m on th s o f
th e fiscal ye a r 1902 was $65 000,000; fo r th e balance o f th e fiscal ye a r 1902
and the succeeding years th e ca p ita l sto ck was $100,000,000.

Net earnings for the year under review amounted to $1,348,31 L08 in excess of the earnings of the preceding year.
The expenditures on account of ordinary repairs, better­
ments, improvements and new construction have amounted
to the sum of $2,031,530 97, which has been entirely de­
ducted from the profits of the year. The valuation of the
property of the Com pany,therefore, has remained unchanged,
and its efficiency and physical condition remain entirely
satisfactory. There has been added to the surplus of the
Company during the year $2,914,253 24. The surplus of
the Company now amounts to a total of $13,397,028 12.
Notwithstanding the fact that the metal stocks of the Com­
pany in process of smelting and refining were valued at the
beginning of the fiscal year at figures which were eminently
conservative, yet the Directors have not deemed it advisable
to increase these valuations, although high prices have pre­
vailed during the year.
D IV ID E N D S .

Preferred Stock dividends Nos. 28 to 31 inclusive, and
Common Stock dividends Nos. 11 to 14 inclusive, amounting
to $7,000,000, have been paid regularly each quarter.
IN V E S T M E N T S .

No material change has been made in the valuation of the
investments of the Company. A reduction in the total
value has been due to the sale of a portion of the stock of
the United Lead Company owned by this Company and re­
ferred to in the last Annual Report. No valuation has been
placed as yet upon the Common Stock of the American
Smelters Securities Company, owned by the Company, of a
par value of $17,751,000. The operations of the American
Smelters Securities Company have been entirely satisfactor}1
during the last fiscal year, except that, due to inability of
the company to obtain construction material, various plants
of the company in process of construction were not com­
pleted. The earnings of the Securities Company for the
fiscal year ended May 31 1907 left a surplus, after the pay­
ment of dividends on Preferred Stock of $532,660 45, and
the surplus of the company to date amounts to $1,016,744 01.
M IN E S .

In accordance with the statement made in the last Annual
Report, the profits of the Mining Department have been
used during the past year to completely liquidate the entire
cost of purchase and the continuing cost of development of
the mines of the Company. Due to the extraordinary short­

age of cars in Mexico, however, the Company has accumu­
lated about 45,000 tons of ore at its mines which it has not
been able to ship nor secure financial returns therefor.
L IA B IL IT IE S .

The six per cent bonds issued by the Omaha & Grant
Smelting Company, maturing in 1912, have been reduced
through the operations of the Sinking Fund by the sum of
$92,000 during the past year. This outstanding liability
now amounts to $457,000.
GENERAL REM ARKS.

From the amount of $540,419 64, which has been charged
to Profit and Loss for the benefit of the Profit-sharing Fund,
there has been put aside and added to the fund established
last year, which it is expected will be used at some later date
as an insurance or pension fund for the benefit of laborers,
the sum of $113,783 63. This fund now amounts to $176,238 80.
In addition to the pecuniary acknowledgment provided
by the Board of Directors in the establishment of the Profitsharing Fund, the management desires to take this occasion
to thank the very efficient technical and operating staff, to'gether with all of the employees of the Company, for their
faithful service during the year.
D A N IE L G U G G E N H E IM ,
President.
C O M P A R A T IV E S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S .
Assets—
A p r i l 30 1907.
P r o p e r t y _________________ $86,845,670 51
In v e s tm e n ts................. . .
*3,810,595 41
M eta l sto ck s_____________
18,251,586 66
M a teria l and su pplies___
1,317,544 33
6,706,983 72
Cash and cash ite m s ____

A p r il 30 1906.
$86,S45,670 51
4,179,914 51
19,415,199 78
1,114,893 41
4,757,928 50

T o t a l......................... $116,932,380 63
$116,313,606
Tjla.M.lif.ip.s—C apital s to c k ............. ...$ 1 0 0 ,0 0 0 ,0 0 0 00 $100,000,000 00
Bonds ____________ ______
457,000 00
549,000
N e t current l i a b ilit ie s .,.
439,050 90
2,360,966
U n earn ed trea tm e n t
c h a r g e s .............. ..........
2,639,301 61
2,920,865
Surplus . . . . ____________
13,397,028 12
10,482,774
T o t a l___________________$116,932,380 63

71

Increase.
______________
a$369,319 10
a l , 163,613 12
202,650 92
1,949,055 22
$618,773 92

....................... ..
00
a$92,000 00
73
01,921,915 83
10
88

$116,313,606 71

a Decrease.
*
Does not in clu de 177,510 shares o f th e com m on stock
ters Securities C om p an y, p a r va lu e $17,751,000 00.

a281,563 49
2,914,253 24
$618,773 92
A m erica n S m el­

C O M P A R A T I V E S T A T E M E N T O F IN C O M E A C C O U N T .
A p r i l 30 1907.
A p r i l 30 1906.
Increase.
E a rn in g s ............ .................. $13,250,058 27
$11,665,885 58
$1,584,172 69
D educt—
T a x es and general ex p en se.
763,854 42
675,945 03
87,909 39
O rd in a ry repairs and bet­
term en ts............... ............
976,534 65
828,582 43
147,952 22
T o ta l d ed u c tio n _________ $1,740,389 07
N e t e a r n in g s ......... ............ .$11,509,669 20
Less—
E m p lo y ees’ p rofit sharing
f u n d ............... ............. ..
540,419 64

$1,504,527 46
$10,161,358 12

$235,861 61
$1,348,311 08

449,203 72

91,215 92

T o t a l . . _______ ___________ $10,969,249 56
A p p rop ria tio n fo r n ew con ­
stru ction and im p ro ve­
m e n t s -------------- ----------1,054,996 32

$9,712,154 40

$1,257,095 16

938,099 55

116,896 77

Balan ce n et In co m e___ $9,914,253 24
$8,774,054 85
$1,140,198 39
Deduct—:
D ivid e n d s .p re ferred s to c k . $3,500,000 00$3 ,500,000 00
_________________
D ivid e n d s com m on s t o c k - .
3,500,000 003,250,000 00
$250,000 00
T o t a l d iv id e n d s ........... $7,000,000 00
Surplus fo r y e a r ............. ...... $2,914,253 24
A ddSurplus fo r previou s y e a r . . 10,482,774 88

$6,750,000 00
$2,02^,054 85

$2.'.0,000 00
$890,198 39

8,458,720 03

2.024,054 85

T o t a l su rp lu s-............. $13,397,028 12

$10,482 774 88

$2,914,253 24

St. Joseph (M o.) W ater Co.— Bond Offering.— Audenried did n ot begin to d erive the fu ll ben efit from its re c e n tly co m p le te d Im p ro v e ­
& Bowker, Drexel Building, who make a specialty of water­ m ents until J u ly 1906.— V . 82, p. 1045.
Union Iron & Steel Co.— Receiver.— Judge A . W . Skeen
works bonds, some months ago offered at par and interest
a block of 5% gold bonds, dated April 1 1901 and due in the Federal Court at Bristol, V a., on Sept. 4, on applica­
April 1 1941. Denomination $1,000. These bonds are tion of the Norton Coal Co., appointed L . C. Petit receiver.
guaranteed principal and interest by the American W ater A judgment for $5,280,833 was filed in N ew York last winter
W orks & Guarantee Co., which owns and operates the plant. against Vice-President E . L . Harper as the result of trans­
Coupons payable April 1 and Oct. 1 at the Farmers’ Loan & actions of 18 years’ standing. The death of Treasurer
Trust Co., the mortgage trustee, N ew York. A circular said: Thomas S. Holmes last week is supposed to have precipi­
tated the crisis. The N ew York office is at 71 Broadway.
F in an cial statem en t 1906: A u th o rized bonded d eb t, $2,500,000; bonds
ou tsta n d in g, $2,217,000. A n n u a l reven u e, $198,159; in terest and o p era t­ — V . 77, p. 296.
in g expenses, $184,512; balance (fo r divid en d s, & c .), $13,647.
Po p u la tio n
Westinghouse Electric & Manufacturing Co. — Reduction
served , 115,000; d a lly p u m p in g ca p a c ity , 9,000,000 gallons; miles o f pipe,
112. T h e earnings h ave show n a ste a d y gain from ye a r to ye a r, fro m a of Capital Stock of French Subsidiary.— See Societe Anonyme
gross reven u e o f $62,000 In 1901 to $198,159 in 1906, an increase o f o v e r
Westinghouse above and Annual Reports on a preceding
300 % In fiv e years.
E x te n s iv e im p ro vem en ts h a v e re cen tly been m ade to
th e p la n t, Increasing Its d a lly ca p a city to 9,000,000 gallons. A s a result page.— V . 85, p. 474, 289.
o f the increased In vestm en t, a large Increase In gross reven u e is assured,
Wichita (K a n .) W ater Co.— Status.— This company,
w ith but little a d d itio n a l op era tin g expense, thus Insuring la rg ely Increased
net earnings.
T h e co m p a n y Is o n ly n ow beginn in g to ben efit from these whose bonds were offered some years-ago (V . 79, p. 275),
n ew im p ro vem en ts and extensions.
T h e w a te r is taken from the M issouri
R iv e r and is filtered before d istribu tion .
T h e pu m p ing p la n t, settlin g was described in a circular early in the year as follows:
basins, d istrib u tin g reservoirs, and the en tire eq u ipm en t, is o f m ost m odern
con stru ction , th e filtra tion system b ein g considered one o f th e best in th e
U n ited S tates.
T h e filtered w a te r is o f a superior q u a lity .
T h e co m p a n v
owns 117 acres o f lan d , In clu din g e v e ry high elev a tio n In and around the
c it y o f St. Joseph.— V . 72, p. 1191.

South Pittsburgh (P a .) W ater Co.— Status.— This enter­
prise was fully described in V. 82, p. 1045. A financial state­
ment for 1906 has been published as follows:
Fin a n cial sta tem en t 1906: A u th o riz e d bonded d eb t, $5,000,000; bonds
ou tstan din g, $1,560,000; annual reven u e $190,187; In terest and o p era tin g
expenses. $167,878; balance, $22,309.
P o p u la tio n served . 100,000; d a lly
p u m p in g ca p a c ity . 15,000,000 gallons; miles o f pipe, 184.
T h e co m p a n y




Fin a n cial statem en t 1906: Bonds ou tstan ding, closed m o rtg ag e, $600,000, gu aran teed p rin cip al and In terest b y the A m erica n W a te r W o rk s &
G uarantee C o., w hich own and o pera te the p lan t; annual reven u e, $84,372;
Interest and o p era tin g expenses, $56,669; balance. $27,703.
P o p u la tio n
served , 31,110; d a lly p u m p in g c a p a c ity , 12,000,000 gallons; m iles o f pipe,
60. T h e plan t Is lo ca te d on an island in the B ig A rkan sas R iv e r , o v e r one
m ile In len gth , w hich Is ow n ed e x clu sively b y th e com pa n y.
T h e w a te r
su pply is taken from a system o f d riven w ells, sunk In to th e san d-bed
u n d erly in g the riv e r b o tto m , and the su pply Is clea r and in exh au stible.
M ore than 10 miles o f pipe h ave re cen tly heen la id , replacin g the w ooden
mains, and th e c a p a c ity has been dou bled, w hich brings It con sid era b ly
in excess o f the present requ irem ents.
T h e net earnings show a stea d y increase from ye a r to ye a r, and n ow equ al
tw ic e th e Interest charges. T h e w a te r co m p a n y supplies the c it y o f W ic h ita
and th e surrounding to w n s.— Com pare V . 79, p. 275.

THE CHBONICLE.

S e p t . 7 1907.]

% k c

C u m

m

je r c ia i

2 ;im e s .

COM M ERCIAL EPITO M E.
Friday Night, Sept. 6 1907.
The volume of general trade is in the m ain1as large as
usual at this time of the year, though, as heretofore of late,
some slackening is reported, owing largely to financial con­
siderations, though in part to the recent holiday.
Stocks o f M erchand ise.
L a r d _____________________________________ tierces
C ocoa ------------------------------------------------- bags
C offee, B r a z il_____________________________ bags
C offee, J a va ____________________________ m ats
C offee, o t h e r _____________________________ bags
S u g a r --------------------------------------- hogsheads
S u g a r-------------------------------------------bags, <5cc
H i d e s ------------------------------------------------- N o .
C o t t o n ---------------------------------------------- bales
R osin
_________________________________ barrels
S pirits tu rp en tin e_______________________barrels
T a r _____________________________________ barrels
S a ltp e tre _________________________________ bags
M a n ila h em p ------------------------------------- bales
Sisal h em p ________________________________ bales
F lo u r _______________________barrels and sacks

25,500
281
22,800

D A I L Y C L O S IN G P R I C E S O F L A R D F U F U R E S A T C H IC A G O ^
Sat.
M on.
Tues.
Wed.
Thurs.
F r i.
S eptem b er d e l i v e r y ____ 8.90
H o ll8 .8 7 H
9.00
9.00
9.05
O cto b er d e liv e r y ________ 9.00
d a y.
9 .0 2 ^
9 .12 M
9.10
9.15
Janu ary d e liv e r y ________ 8.80
8.80
S.92J4
8 .7 7}^
8.85

O IL .— Cottonseed has been firm with some increase in the
demand. Prime summer yellow 55@56c., prime winter
yellow 59@60c. Linseed has been more active. Prices
have been strong, owing to the upward tendency of seed, but
without quotable change. City, raw, American seed, 43@
44c.; boiled 44@46c. and Calcutta, raw, 70c. Lard has been
steady with a fair jobbing trade; prime 75@77c. and No. 1
extra 54@57c. Cocoanut has been easier with trade dull
and offerings increased. Cochin 9)^@ 10 c. and Ceylon 8 ^ @
9c. Peanut has been quiet and steady; yellow 65@80c.
Olive has been steady; yellow 70@80c. Cod has been fairly
active and steady; domestic 36@38c. Newfoundland 40@42c.
C O F F E E on the spot has been quiet and steady. * Rio No.
7, 6%c. West India growths have been quiet and steady;
fair to good Cucuta 8 % @ 9 % c - The speculation in future
contracts has been dull, but at times prices have advanced
slightly , owing to strong cables from Europe and unfavora­
ble reports in regard to the new crop in Brazil.
The closing prices were as follows:
J a n u a ry_________ 6.15c.
F e b ru a ry ________ 6.20c.
M a r c h ___________ 6.25c.
A p r i l ____________ 6.30c.

M a y ______________6.35c.
Ju ne_____________ 6.40c.
J u l y ______________6.40c.

S U G A R .— R aw has been quiet and steady. Refiners
are holding off for concessions. Centrifugal, 96 degrees
test, 3.92c.; muscovado, 89 degrees test, 3.42c,, and mo­
lasses, 89 degrees test, 3.17c.
Granulated 4.70@4.80c.
Spices have been quiet and steady. Teas have been active
and firm. Hops have been dull.
P E T R O L E U M has been firm, with an active demand for
domestic and export account. Refined, barrels, 8.45c.;
bulk 5c. and cases 10.90c. Gasoline has been active and
firm; 86 degrees 21c. in 100-gallon drums. Naphtha has
been active and firm; 73@76 degrees 18c. in 100-gallon drums.
Spirits of turpentine has been quiet and easier at 573^@58c.
Rosin has been fairly active and steady; common to good
strained $4 30.
T O B A C C O .— The market for domestic leaf has remained
generally firm, with trade quiet. There has been consider­
able sampling of Connecticut and Pennsylvania tobacco and
some sales have been made, the quality having been found
good. Samples of New York and Wisconsin are expected
on the market shortly. Some samples of new H avana have
been shipped. The stock of old H avana is very light.
C O P P E R has been dull and weaker; lake 1 7 ^ @ 17%c.
and electrolytic 17%@17J^c. Lead has been quiet and
easy at5.10c. Spelter has been dull and weak at 5.45@5.50c.
Tin has been dull and steady at 3 6 ^ c . for Straits.
Iron
has been quiet and easier; N o.lN orthern $20 20@$21 20.




C

O

T

T

O

N

.

Friday Night, Sept. 6 1907.
T H E M O V E M E N T O F T H E C R O P as indicated b y our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
44,559 bales, against 21,688 bales last week and 11,357
bales the previous week, making the total receipts since
the 1st of September 1907, 39,968 bales, against 73,,061
bales for the same period of 1906, showing a decrease
since Sept. 1 1907 of 33,093 bales.
Receipts at—

L A R D on the spot was steady, with trade quiet and of a
hand-to-mouth character. Offerings have been small.
City 8 % @ 8 ^ c . and Western 9c. Refined lard has been dull
but firm, with light offerings. Refined Continent, 9.60c.,
South American 10.10c. and Brazil, in kegs, 11.50c. The
speculation in lard futures at the West has been active, with
prices generally firm , owing to the strength and activity of
the grain markets.
P O R K on the spot has been steady, with trade quiet and
limited to jobbers. Mess $17 75@*$18 50, clear $16 50@
$17 75 and family $19. Beef has been firm, with a fair de­
mand. Stocks are small and the offerings have been very
light. Mess $10@$10 50. packet $11 @$11 50, flank $10 50
@$11, family $13@$13 75 and extra India mess $21@$22.
Cut meats have been steady as a rule. The demand has
been light but the production has also been small. Pickled
shoulders nominal, pickled hams 12@ 123^ 0., and pickled
bellies, 14@10 lbs., 10}^@12c. Tallow has been dull and
easy with increased offerings; City 6}^c. Stearines have
been steady with trade quiet. Oleo 83^c. and lard 10%c.
Butter has advanced on light receipts. Creamery extras
27c. Cheese has advanced on light stocks and offerings;
State, f. c., small, colored, fine, 13%c.; large, 1314c. Eggs
have been fairly active and firm; Western firsts 20j^@213^>c.

S ep tem b er_______ 5.95c.
O c t o b e r __________6.00c.
N o v e m b e r ______6.05c.
D e c e m b e r____ _ 6.10c.

607

Sa t.

M on.

Tues.

G a lv e s to n . . . .
P o r t A rth u r____
Corp. Chrlstl, &c.
N e w O rleans____
M o b ile
________
P e n s a c o la _______
J a ckson ville, & c.
Savannah _______
B r u n s w ic k ______
C h a rle s to n ______
G e o r g e to w n ____
W llm ln g t o n ____
N o r f o l k __________
N 'p o r t N ew s, &c.
N e w Y o r k _______
B oston . —_ _ _ _ _ _ _
B a ltim o re _______
P h ila d e lp h ia ___

3,399
_____
_ _ 1_
446
28
_____
_
501
_ _
198
_ __
1
18
_____
.........
-------

_____
-------------

-------

-------

T o ta ls this w eek

4,591

5,552

W ed.

F r i.

T hurs.

T o ta l.

4,378

3 221

4,170

5,871

5,543

26,582

_
23
78

259
7

292
74

“ "8 0
38

"22 4
6

1,324
231

_
1,041
” ~32
_____

2,070

2,072

3,464

‘ " ‘ is

" ' l 20

" _ 251

4 .093
659
477

13", 241
659
1,091

4
115
____

13
329

“ "l7
74

132
648

167
1,184

-------

.........
-------

-----------

-----------

” 80

-------

-------

------

" ‘ 80

5,769

7,070

9,795

11,782

44,559

The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
last year:
1906.

Receipts to
September 6 .

T h is
week.

S in ce Sep
1 1907.

week.

Stock.

S in ce Sep
1 1906.

1907.

1906.

G a lvesto n ________
P o r t A r t h u r ______
CorpusChrlstl,& c_
N e w O r le a n s ____
M o b i l e ___________
P en sa co la ________
J a ck so n ville, & c.
S a v an n ah ________
B r u n s w ic k _______
C h a rles to n _______
G e o rg e to w n _____
W ilm in g t o n _____
N o r fo lk ___________
N ew p o rtN ew s.& c.
N e w Y o r k _______
B o s t o n ___________
B a ltim o re ________
P h ila d e lp h ia ____

26,582

47,649

47,649

37,451

51,195

1,324
231

878
203

137
5,966
2,849

’ “ 137
5,966
2,849

29,88 6
3,068

17,063
1,013

13,241
659
1,091

,740
659
893

13,973

13,973

1,227

' 1,227

17,359
1,354
3,655

2 2 ,4 l i
1,512
4,466

167
1,184

166
,166

131
920
76

131
920
76

719
10,133

"~ 4 4 l
9,424

80

102
25

......... 6
102
25

169,464
3,618
2,562
814

88", 304
2,005
2,285
1,828

T o t a l . ...............

44,559

73,061

73,061

280,083

207,747

In order that comparison m ay be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—
G a lv e s t o n ___
P t A rth u r,& c .
N e w O rleans.
M o b ile ...........
Savannah ___
B ru n sw ick___
Charleston ._
W llm ln g ’n ,& c
N o r f o l k ______
N ’port N . , &c
A ll o th ers____

1907.
26,582
1,324
231
13,241
659
1,091
167
1,184
___
80

1906.

1905.

47,649
137
5,966
2,849
13,973

1904.

1903.

1,227
131
920
76
133

59,082
268
7,707
3 877
57,904
327
9,485
7,044
6,660
98
1,651

65,743
124
7,455
2,613
43,081
4,280
4,749
1,727
2,898
52
373

1902.

8,802
261
2,560
1,350
18,128
102
1,108
4,046
578
123
187

60,623

‘ 8",193
15,465
5,994
968
1,769

23,342
2,613
35,718

T o t a l this w k_

44,559

73,061

154,103

133,105

37,245

154,685

Since S ept. 1 .

39,968

73,061

171,451

155,957

41,563

244 642

The exports for the week ending this evening reach a total
of 30,458 bales, of which 9,123 were to Great Britain,
9,705 to France and 11,630 to the rest of the Continent.
Below are the exports for the week and since Sept. 1.
From Sept. 1 1907 to Sept. 6 1907,
Exported to—

Week ending Sept. 6 1907.
Exported to—
Exports
from—
G alveston ____
Port Arthur___
Corp.Christl,&c
New Orleans..
M o b ile........ .
Pen sacola____
Fernandina
Savannah ____
Brunswick___
Charleston___
Wilmington. _
N o rfo lk _____
Newport News
New Y o r k ____
B o s t o n ___
Baltlm oJe____
Philadelphia. .
Portland, Me.
San Franeseo
Seattle ______
T acom a___
Portland, Ore_
Pem b ln a _____
D etroit____
T o t a l___
Total 1906____

Great '■
j ContlBrltaln. F r ’ncc nent.

2,264
34

Great
Britain. France,

5,700 21,104

,759

1,230

2",078

"628

"6 2 8

3,953
100

6,217
134

:::::

Total.

5,700

21,164

’ 700

1,230

‘ 1,930

,214
34

2,667
100

4.881
134

9,716

28,128

32,909

52,777

9,705

218

.

.

18

18

9,123 9.705 11,630; 30,458:

8,707

32,909 52,777

19,368

19,368

Continent.

9,705

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.

THE CHRONICLE.

Fair ____________ c 2.00 on
Strict mid fair____I .75 on
Middling fair______ 1.50 on
Barely mid. fa ir . .. 1.25 on
Strict good m id____1.00 on
Fully good mid____ 0.88 on
Good m id dlin g____ 0.76 on
Barely good m id___0.57 on
Strict middling____0.38 on
M id d lin g __________ Basis

Strict low m id ._c 0 14 off
Fully low mid_____ 0 32 off
Low middling_____ 0.50 oft
Barely low mid____ 0.70 off
Strict good ord____0.90 off
Fully good ord____ 1.07 off
Good ordinary_____ 1.25 off
Strict g ’d mid. tgd.0.30 on
Good mid. tin g ed .. Even
Strict mid. tin ged..0.06 off

—

Middling tinged__c 0.12 off
Strict low mid. ting 0 46 off
Low mid. tinged___0.90 off
Strict g’d ord. tin g .1.20 off
Fully mid. stained.0.42 oft
Middling stained___0.50 off
Barely mid. stained 0.78 off
Strict low m stain. 1.50 off
Fully l . m stained. 1.75 off
Low mid. stained..2.00 off

The official quotation for middling upland cotton in the
N ew Y ork market each day of the past week has been:
A u g . 31 to Sept. 6—
Sat.
M on.
M id d lin g u p la n d ............. - .......... — H olid a y s—

T u es.
13 55

W ed.
13.55

T h u rs.
13.55

Fri.
13.50

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for middling upland at N ew Y ork on
Sept. 6 for each of the past 32 years have been as follows:
1 9 0 7 ...
1 9 0 6 ...
3 9 0 5 - .1 9 0 4 ...
1903. .
1902 . . .
1901____
1 9 0 0 --.

...1 3 .5 0

1899 c . . .
. . 1 0 .0 0 1898. ______
...1 0 .7 5 1897________
. . . 11.10 1 8 9 6 .- . _. . 12.50 1895________
. . . 8 . 8 8 1894 . ____
- . S .62 1893
.........
.
. 10 .12 1 8 9 2 ............

6.31
5.75
7.50
8.50
8.25
6.94
7.94
7.12

1891 c - - 8.81
1890 _- _- ..1 0 .6 2
1889____ - 11.37
1888_____ -.1 0 .5 0
. . 1 0 .0 0
1 8 8 7 --1886- . . . . 9.25
1885 . __ .10.06
1 8 8 4 ... . - . 10.88

188 3.c - 1 8 8 2 .. .
1881____
1 8 8 0 ...
1879____
1878____
1877____
1876 . . .

. . 10.1 2
...1 2 .8 1
...1 2 .5 0
.11.69
..1 2 .2 5

. . . 12.12

...1 1 .0 6
.11 .56

M A R K E T A N D SALES AT N E W YO R K .
The total sales of cotton on the spot each day during the
week at N ew Y ork are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
S p o t M a rk e t
Closed.
S a tu rd a y -----M o n d a y _____
T u e s d a y -----W edn esd ay- .
T h u r s d a y ---F r id a y
____
T o ta l

F u tu re s
M a rk e t
Closed.

H O L ID A D .
H O L ID A Y .
S te a d y
........... S te a d y _______
S t e a d y _________ S te a d y _______
D u ll ____________ S te a d y--------Q u ie t . .
____ __ S te a d y _______

. .




Sales 0/ S p o t and Contract.
ConCon­
E xp o rt su m ’n. tract.

....
"200
"5 0 4

T ota l.

64,700 64,700
200
5" 100

5", 604

704^69,800 70,504

.—
—

-------- —

-

-

-@

11.68@11.80 11.54@ 11.90
11.54@11.61 11.67@11.83 11.74@11.90 11,74— 11.76 —
—
—
11.61— 11.62 11.82— 11.83 11.78— 11.80
12.26@12.37 12.15@ 12.49
------—
—
12.15@12.25 12.29@12.41 12.29@12.49 12.32—
12.23—
— 12.39— 12.40 12.31— 12.32
1 2.3 3 @ 1 2 .4 1 1 2 .2 6 @ 1 2 .5 3
12.26@ 12 .28 1 2 .38@ 12 .43 1 2 .48@ 12 .53 1 2 .3 6 — 12.37 —
—
—
12.28— 12.30 12.45— 12.47 12.36— 12.37
1 2.36@ 12 .47 1 2 .2 8 @ 1 2 .5 8
1 2 .28@ 12.37 1 2 .40@ 12.54 1 2 .39@ 12.58 1 2 .4 0 — 12.41 —
—
—
H
12.34— 12.35 12.51— 12.5 2 12.41— 12.4 2
12.45@ 12 .56 1 2 .3 8 @ 1 2 .6 8
12.38® 12.48 1 2 .50@ 12.63 12.48@ 12.68 1 2 .4 9 — 12.50 —
—
—
I
12.43— 12.44 12,60— 12.64 12.50— 12.51
_
@12.55 1 2 .4 6 @ 1 2 .5 5
1 2 . 4 6 @ ---------------- @
--------- @
— 12.53— 12.55 —
—
—
Y
12.47— 12.49 12.64— 12.66 12.54— 12.56
12.56@12.66 12.49@ 12.78
12.49@ 12.56 12.60® 12‘.72 12.60@ 12.78 12.60— 12.61 —
—
—
12.53— 12.54 12.71— 12.72 12.60— 12.62
—
@
@12.70
—
@
— 1 2 . 7 0 @ ------------- @
— 12.64— 12.66 —
—
—
12.57— 12.58 12.75— 12.77 12.64— 12.66
12.67@12.72 12.56@ 12.87
12.56@ 12.61 12.69@ 12.80 12.78@ 12.87 12.68— 12.69 —
—
—
12,61— 12,62 12,79— 12,80 12,68— 12,69
—
@
----------------@
—
@
---------------- @
--------- @
--------- —
-------- —
—
---------------- —
-------- —
—
—
—
12.75@
— 12.66@12.75
1 2 . 6 6 @ ---------------- @
--------- @
--------- —
---------—
—
—
—
—
-------- —
—
Range
Closing

July—

Range
Closing
June—
Range
Closing

Range
Closing
M ay—

Closing

A p ril —

D
A

Range

H
O
L.
1
D
A
Y
O
L

Range
Closing
D e e r—

Closing
•7arts
Range
Closing
Feb.—
Range
Closing
M arch —

Range

Range
Closing
October—
Range
Closing
N o v .—

Se p t.—

Speculation in cotton for future delivery has been moder­
ately active, with the tendency of prices upwards in the
main, owing largely to the continued small receipts and the
strength of the spot markets. These factors have been
influential in causing active covering of shorts on both sides
of the water. The crop is evidently very late in all sections
of the belt, a fact which exposes it to an unusual degree
to possible serious curtailment of the yield b y killing frost.
This fact has had the effect of keeping short selling within
bounds despite the high price which not a few think dis­
counts the apparent shortage in Texas. Moreover, the
drought in that State has not been relieved. Scattered
showers have fallen at times, but the precipitation has been
very light, while at the same time maximum temperature
of 100 to 102 degrees has been reported at a number of
points. Very m any distinctly bullish reports regarding
the condition of the crop have been received from Texas
and the Territories and some of the reports from the eastern
sections of the belt have been less favorable than recently.
Liverpool has shown surprising strength at times and L an ­
cashire spinners have been good buyers there, the large
spot sales being taken b y m any as an indication that spinners
are becoming rather anxious about securing supplies. Lead­
ing local operators have been good buyers of late and N ew
Orleans and Texas bulls have given support. Spot interests
have been buying and N ew England spinners have bought
to some extent. Liverpool has sent buying orders. A
local statistician stated the condition of the crop as of August
at 72.8%, against 76.8% a month ago and 78.9% a year
ago, with present indications pointing to a yield of 12,581,000
bale?. A local house stated the condition at 76.09% , against
77.82% a month ago and 82.54% a year ago. A t times
reactions have occurred, notably on Thursday, when the
realizing for local, Southern and W all Street was on a large
scale. There has been more or less short selling at times,
encouraged b y the belief that the receipts will increase at
a rapid rate in the near future. N ew England spinners,
it is stated, have refused offers of new crop from the South,
believing that, with an increase in the receipts, prices are
likely to decline. T o-day the trading was largely of an
evening up character before the Government reports
which are to appear on the 9th inst. In the main, how­
ever, the tone was firm on continued drought in the South­
west and firm spot markets. Spot cotton here has been
quiet. Middling closed at 13.50c., showing a decline for the
week of 5 points.
The rates on and off middling, as established N ov. 21 1906
b y the Revision Committee, at which grades other than
middling m ay be delivered on contract, are as follows:

--------- —

158,288
288,493

--------- @

241,620

@

38,463

11,424: 49,459
14,854 84,984

—
-<■--------------@

12,347

@

4,301
7,666
2,688

—

5,813
8,911
29,426

Range

4,403
8,757
7,156

A ug.—

11,597
12,701
30,860

F rid a y ,
Sept. 7.Week.

T o t a l 1907. .
T o t a l 1906____
T o t a l 1905____

5.

~"447
6,600
1,600
600

” '3 0 0

Sept.

” 400
400

4.

~- 205

1,770
22,146
5,300

Sept.

"4 4 7
6,600

28,116
15,305
12,059
3,655
2,621
3,533
167,864
8,467

Y .o o l
5,300

'" 7 6 5
200

lxxxv.

F U T U R E S .— The highest, lowest and closing prices at
N ew York the past week have been as follows:

3,

1,222
3,791

L ea vin g
stock.

Sept.

402
3,803

T o ta l.

2.

146
10,551

N e w O rlean s. _
G a lv e s t o n ____
S avan n ah ____
C h a rleston ____
M o b ile •________
N o r f o l k _______
N e w Y o r k ____
O th er p o rts ___

G erOther
Coast­
M a n y . F o re ig n wise.

Sept.

S ept. 6 at—

A u g . 31.

O n S h ip b oard , N o t Cleared f o r Great
B rita in . F ra n ce

[V o l .

T H E V I S I B L E S U P P L Y O F C O T T O N to-night, as made
up b y cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures
for to-night (F rid a y ), we add the item of exports
from the United States, including in it the exports of
Friday only.
Sept. 6—
S to ck a t L i v e r p o o l ________ b a les.
S to ck a t L o n d o n __________________
S to ck a t M a n c h e s te r______________

1907.
705,000
21,000
53,000

T o t a l G reat B rita in sto c k ______
S to ck a t H a m b u r g ________________
S tock a t B r e m e n ........... ................
S to ck a t A n t w e r p ________________
S to ck a t H a v r e ....... ............ ............
S to ck a t M arseilles________________
S to ck a t B a r c e lo n a ------------------S to ck a t G en oa ............. ..................
S to ck a t T rieste ------------------------

779,000
18,000
115,000
_______
118,000
3,000
16,000
18,000
38,000

T o t a l C o n tin en tal sto ck s_______

326,000

T o ta l E u ropean stocks__________1,105,000
In d ia c o tto n a flo at fo r E u ro p e ___
131,000
A m erica n co tto n a flo a t fo r F u rop e
45,810
E g y p t, B razil, & c,afloat to r E u rope
15,000
23,000
S to c k in A lex a n d ria , E g y p t ______
S to ck in B o m b a y , I n d i a ...............
509,000
280,083
S to c k in U . S. p o r t s _______________
S to ck in U . S. in te rio r to w n s______
87,945
U . S. ex p o rts t o - d a y ------------------3,367

1906.
361,000
16,000
41,000
418,000
22,000
62,000
_______
53,000
4,000
7,000
13,000
6,000
167,000

1905.
708,000
24,000
50,000
782,000
20,000
183,000
_______
74,000
3,000
15,000
11,000
3,000
309,000

585,000 1,091,000
52,000
99,000
140,784
181,000
12 000
28,000
29,000
42,000
596,000
572.000
207,747
373,477
100,711
152,670
9,447
7,495

1004.
147,000
25,000
14,000
186,000
44,000
47,000
4 000
59,000
3,000
23,000
34,000
16,000
230,000
416,000
14,000
92,000
18,000
49,000
315,000
148,203
77,853
22,900

T o ta l visib le s u p p ly____________ 2,200,205 1,732,689 2,546,642 1,152,956
O f th e a b o v e tota ls o f A m e ric a n and o th e r description s are as fo llow s:
A m e ric a n —
L iv e r p o o l sto ck ____________ b a le s . 596,000
261,000
650,000
82,000
M an chester sto c k _________________
43,000
26,000
45,000
10 000
C on tin en tal s to c k _______ _______ . . 229,000
108,000
267,000
109,000
A m erica n a flo at fo r E u ro p e_______
45,810
140,784
181,000
92,000
U . S . p o rt sto ck s___________________ 280,083
207,747
373,477 148,203
U . S . in te rio r stocks......... - ............
87,945
100.711
152,670
77,853
U . S. ex p o rts t o - d a y ........................
3,367
9,447
7,495
22,900
T o ta l A m e r ic a n ________________ 1,285,205
E a st In d ia n , B r a z il, & c .—
L iv e r p o o l s to ck ____________________
109,000
L o n d o n s t o c k ..................... ............
21,000
M anchester sto c k __________________
10,000
C on tin en tal sto ck __________________
97,000
In d ia a flo at fo r E u ro p e-------------131,000
E g y p t , B ra zil, & c., a flo a t .............
15,000
S to ck In A lex a n d ria , E g y p t ------23,000
S to ck In B o m b a y , In d ia -----------509,000
T o t a l E ast In d ia , & c _ . ............. 915,000
T o t a l A m e r ic a n ------------ -------- 1,285,205

863,689 1,676,642

541,956

100,000
16,000
5,000
59,000
52,000
12,000
29,000
596,000

65,00
25,000
4,000
121,000
14,000
18,000
49,000
315,000

58,000
24,000
5,000
42,000
99,000
28,000
42,000
572,000

869,000
870,000
863,689 1,676,642

611,000
541,956

T o t a l visib le s u p p ly ................... 2,200,205 1,732,689 2,546,642 1,152,956
M id d lin g U p la n d . L iv e r p o o l_____
7.51d.
5.45d.
5.56d.
6.76d.
M id d lin g U p la n d , N e w Y o r k ______
13.00c.
9.80c.
10.90c.
11.00c.
E g y p t , G ood B row n , L iv e r p o o l..
llM d .
10?4d.
8J^d. 8 l-1 6 d .
P e r u v ia n , R o u g h G ood, L iv e r p o o l 12.00d.
8.50d.
9.55d.
ll.O O d .
B roa ch , Fin e, L iv e r p o o l__________ 6 5-16d.
5 I-1 6d.
5 9-16d.
6 l-1 6 d .
T in n e v e lly , G ood, L iv e r p o o l______5 13-16d.
5d.
5 7-16d.
5 9-16d.

Continental imports past week have been 33,000 bales.
The above figures for 1907 show a decrease from last week
of 123,639 bales, a gain of 467,516 bales over 1906, a de­
crease of 346,437 bales over 1905 and a gain of 1,047,249
bales over 1904.

A T T H E I N T E R I O R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

T
o
w
n

33,775;87,94573,712j

1906.

Stocks
Sept.
7.

73,71269,277100,711

O V E R L A N D M O VE M E NT FOR T H E W E E K A N D
S IN C E S E P T . 1.— W e give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night.
The
results for the week and since Sept. 1 in the last two years
are as follows:

T o t a l gross o v e rla n d ---------------- 2,098
D ed u ct shipm ents—
O verla n d to N . Y . , B oston , & c ___
80
B etw een in te rio r to w n s___________
In la n d , <Scc., from S ou th _____ . .
"479

--------- 1906--------S ince
W eek.
Sept. 1.
2,413
2,413
301
301
375
375
365
365
37
37
386
386

1,965

3,877

3,877

80

133
8
726

133
8
726

"479

T o t a l to be d ed u c te d ____________

559

559

867

867

L e a v in g to ta l net o v e r la n d .a _______

1,539

1,406

3,010

3,010

a In clu d in g m o vem en t b y ra il to Canada.

The foregoing shows the
ment has been 1,539 bales,
week last year, and that for
gate net overland exhibits a
1,604 bales.
I n S ig h t and S p in n e rs '
Takings.

week’s net overland moveagainst 3,010 bales for the
the season to date the aggre­
decrease from a year ago of
-1907W eek.
Sept. 1.
39,968
44,559
1,406
1,539
42,000
49,000

N e t o verla n d to S ept. 6_____________
Sou thern consum ption to S ept. 6 ___

95,098
8.291

83,374
7,362

103,389

-1906W eek.
S ep t. 1.
73,061
73,061
3,010
3,010
47 ,000
47,000
123,071
4,435

38,590

123,071
4,435

127,506
90,736
10,013

127,506
12,317

12,317

a D ecrease du rin g w eek.

Movement into sight in previous years:
W eek.
Bales.
1905— S ept.
8 ........................220,938
1904— S ept.
9 ........................184,761
1903— S ept. 11........................ 76,491
1902— S ep t. 12________ ______237 070




S in ce Sept.
1905— S ep t.
1904— S ept.
1903— S ept.
1902— Sept.

1—
8.
9.
1112.

G a lv e s t o n _____
N e w O rlean s___
M o b ile __________
Savannah _____
C h arleston - . .
W ilm in gto n -----N o r f o l k ________
Boston
_______
B a ltim o re ______
P h ila d e lp h ia ___
A u g u sta ________
M em phis
_ St. L o u i s ______
H o u s t o n ____
L it t le R o c k ____

S a t’day.

H
O
L
I
D
A
Y

M ond ay . Tuesday. W ed'day. T h u rs d ’y. F rid a y .

H
O
L
I
D
A
Y

13 9-16
13%
13 %

13 9-16
13
13 3-16
13

13 9-16
13
13 3-16

13M
13.55
13 H
13.80
13 % © %
13
13%

13%
13.55
13%
13.80
13 %
13%

13 %
13.55

13

13

13 9-16
13
13 5-16

__

13.80
13 5-16

_ • •
13% • •
13.55
•
13%
13.75
•
13%
22

13%

13%

13

13

13%

•

s

37,225

Movement to September 6
1907.Movem ent to September 7
. ------------------ ----------------------------- ---------------Receipts.
ShipStocks
Receipts. Ship------------- ments.
S e p t . ------------ ments.
Week.
Season.
Week.
6.
Week.
Season. Week.

42,066|

Alabama
........................... ..
200
200
111400
633
633 456:
1,412
“
........................ .....
416
400
2841,330 2,686
2,686 2,144|
4,505
“
----------------- ------400
350
2852002,849
2,849|2,199 2,059
A r k a n s a s ____________
4
4
112
492
9
9
______ *1 6 7
“
...............
115
114
1984,217
94
94 1,011
12 828
Georgia
............
100
100
50 50
858
858
803
1,357
“
.........
300
300
250 1,300
155
155
747
1,465!
“
......
9
9
40 2,466
9
9 829
291;
“
...
4,327
4,000
1,837
8,483
6,293
6,293 4,487
9,8811
40
40
60503
436
436
357
3 339
“
.......... ....................
“
..........
50
50
25 350
927
927
483
2^885
“
______
129
129
_
2,829
697
697 1,009
1,061
K en tu ck y, n e t _
_
____
10
50
25
25
75
75
L o u is ia n a .........
56
56
.
3,590
1,647
1,647 1,180
2 306
M is s is s ip p i............................
................
200
1,300
............................... _ .128l
“
..........
100
100
.
1,000
.........
156*
“
.......... __
300
100
100
100
100;
“
..........
35
25
63 1
1,183
50
50 i
50
514!
“
..........
14
14
38 186
734
7341
484
592
“
.............................. ....................
37
37
.................
704
.........
.......................... _ .983
______ __________________________
60
60j
___________26030
3015 295!
“
M is s o u r i............ ....................
309
187
5794,053 1,351
1,351 2,413
12 439s
North Carolin a ..
4
4
50
154
203
203
110
44 4 ;
O h io .................... .................... ....................
518
200
4936,4553811
381405 536
South Carolin a _
153
146
165
25
159
159
511
2 413
T e n n e s s e e ..............................
740
700
2,42217,761 ‘
159
159
20
5 ’ 809
“
..............................
.....
......
.
2,418
.............................. ....................
........... ’ 642'
T e x a s . . . ................................ .................... ....................
360
1,587
1,587 1,298
1,705
“
___________
___
____
_
___
“
.................. ....................
.............................. ....................
......... 480
480-HZ "480
“
___________
___
____
_
___
“
......................................
33,950
30,000
26,50325,5265 1,160 j
51,16048,45624*844

Total, 33 to w n s ............ .................... ....................

F.ufaula,*
M ontgom ery,
Selma,*
H elena,
Little Rock,
Albany,* .
Athens,*
Atlanta,*
Augusta,
Columbus,
Macon,*
Rom e,
Louisville,
Shreveport,
Columbus,*
Greenville,*
Greenwood,
Meridian,
Natch ez,
Vicksburg,*
Yazoo City,*
St. Louis,
Raleigh,*
Cincinnati,
Greenwood,
Memphis,
Nash ville,
Brenham,*
Clarksville,
Dallas,
Honey Grove.
Houston,

C losin g Q uotations fo r M id d lin g Cotton on—

The above totals show that the interior stocks have in ­
creased during the week 8,291 bales and are to-night 12,766
bales less than at the same time last year. The receipts at
all the towns has been 31,646 bales less than the same week
last year.

-------- 1907---------Sept. 6—
S in ce
S h ip p e d —
W eek.
Sep t. 1.
V ia S t. L o u i s . ......... ............ ........
579
446
V ia C a ir o ___________________________
486
486
V ia R o c k Is la n d -----------------------1
1
V ia L o u is v ille --------------------------599
599
V ia C in cin n a ti---------------------------131
131
V ia o th er rou tes ,& c . ---------------302
302

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
Sept. 6.

• * Th is y e a r’s figures estim ated — not re ceived account telegra p h ers’ strike];

T o t a l In sight Sept. 6.

609

THE CHRONICLE.

S e p t . 7 1907.]

Bales.
.245,863
.214,623
. 96,808
.372,099

N E W O R L E A N S O P T IO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the N ew
Orleans cotton market for the past week have been as follows:
S a t’day, M ond ay , Tuesday, W ed’day, T hursd ’y, F rid a y .
A u g . 31. Sep t. 2. S ep t. 3. S ep t. 4. Sep t. 5. S ept. 6.
A u g u st—
R a n g e _______

—

@

—

—

@

—

—

@

—

—

@

—

September—
12.97-.00 13.00-.08 13.14-.16 13.11-.15
12 .9 6 .9 9 13.10-.12 13.10 — 13.11-.12
October—
12.69-.82 12.80-.93 12.85-.98 12.77-.93
12.76-.77 12.90-.91 12.86-.87 12.85-.86
Novem ber—
Decem ber—
J a n u a ry —
R a n g e _______

H
O
L
I
D
A
Y

H
O
L
I
D
A
Y

— @ — — @ — — @
12.64 — 12.78 — 12.70

— — @
— 12.68

—
—

12.57-.68 12.68-.80 12.69-.85 12.62-.74
12.63-. 64 12.78 — 12.69-.70 1 2 .6 8 .6 9
12.60-.73 12.71-.84 12.73-.88 12.64-.77
12.66-.67 12.80-.81 12.73-.74 12.71-.72

M a rc h —
12.70-.77 12.87-.92 12.84-.97 1 2 .7 7 .8 5
12.75-.76 12.89 — 12.83-.85 12.81-.83
M ay—
— @ — — @ — — @ — — @ —
12.83 — 12.96 — 12.91-.92 12.89 —
Ton e—
Q u iet.
S te a d y.

Q uiet.
S tead y.

Q u iet.
S tead y.

Q u iet.
S te a d y.

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our tele­
graphic advices from the South this evening indicate that
outside of Texas on the whole the weather has been fav o r­
able the past week, and that the crop is doing well in the
main. In Texas, however, there has been little or no rain
and further deterioration is claimed. Picking is becoming
more general, but the movement of cotton to market is light.
Galveston, Texas.— Under too dry weather the crop of
Texas continues to deteriorate. Rain has fallen on three
days of the week, the rdinfall being forty-one hundredths
of an inch. Average thermometer 82, highest 94, lowest 70
August rainfall eighteen hundredths of an inch.
Abilene, Texas.— W e have had rain on one day of the
week, the rainfall being four hundredths of an inch. The
thermometer has averaged 82, the highest being 96 and the
lowest 68. Month’s rainfall two inches and fifty-four hun­
dredths.
Brenham, Texas.— There has been rain on two days of the
week, the precipitation reaching one inch and six hundredths.
The thermometer has averaged 78, ranging from 59 to 96.
August rainfall four hundredths of an inch.
Corpus Christi, Texas.— There has been rain on one day dur­
ing the week, the rainfall reaching six hundredths of an inch.
The thermometer has ranged from 78 to 90, averaging 85.
Month’s rainfall one inch and ninety-nine hundredths.
Dallas, Texas.— The week’s rainfall has been two hun­
dredths of an inch, on one day. Average thermometer 84,
highest 103, lowest 64. August rainfall twenty-five hun­
dredths of an inch.
Fort Worth, Texas.— W e have had no rain during the week.
The thermometer has averaged 85, the highest being 100 and
the lowest 70. Month’s rainfall one inch and twenty-three
hundredths.
Huntsville, Texas.— There has been no rain the past week,
the thermometer has averaged 83, ranging from 67 to 98.
August rainfall one inch and eight hundredths.
Kerrville, Texas.— Rain has fallen on one day of the week,
the rainfall reaching eighteen hundredths of an inch. The
thermometer has ranged from 60 to 100, averaging 80.
Month’s rainfall fifty hundredths of an inch.
Lampasas, Texas.— W e have had showers on one day of
the past week, the precipitation reaching thirteen hundredths
of an inch. Average thermometer 79, highest 100, lowest 57.
August rainfall one inch and fifteen hundredths.
Longview, Texas.— There has been rain on one day the past
week. The rainfall reached fifteen hundredths of an inch.
The thermometer has averaged 82, the highest being 99 and
the lowest 64. Month’s rainfall nil.
Palestine, Texas.— It has rained on one day of the week,
to the extent of two hundredths of an inch. The thermo­
meter has averaged 82, ranging from 68 to 96. August rain­
fall one inch and forty-six hundredths

610

THE CHRONICLE.

Paris, Texas.— Rain has fallen on one day during the
week, the rainfall reaching ten hundredths of an inch. The
thermometer has ranged from 62 to 99, averaging 82. Month’s
rainfall thirty-six hundredths of an inch.
San Antonio, Texas.— It has rained on one day of the week,
the precipitation reaching forty hundredths of an inch. The
thermometer has ranged from 70 to 100, averaging 85.
Month’s rainfall two hundredths of an inch.
New Orleans, Louisiana.— W e have had rain on two days
during the week, the precipitation reaching seventy-two
hundredths of an inch. The thermometer has averaged 83.
aShreveport, Louisiana.— There has been rain on one day
of the week, the rainfall reaching twenty-eight hundredths of
an inch. Average thermometer 82, highest 97, lowest 66.
Helena, Arkansas.— Cotton is doing well. W e have had
light rain on one day of the past week, the precipitation
reaching eight hundredths of an inch. Average thermometer
78.4, highest 94, lowest 59.
Memphis, Tennessee.— There is some complaint of lack
of moisture but crop reports are generaily good. There
has been rain on one day during the week, the rainfall reach­
ing three hundredths of an inch. The thermometer has
averaged 79.6, ranging from 65.7 to 94.2. Month’s rainfall
forty-nine hundredths of an inch.
Mobile, Alabama.— Scattered showers in the interior.
Unusually high temperature early part of the week. Com­
plaints of deterioration are coming in on account of rust and
shedding. Picking is active in many sections. It has
rained on four days of the week, the rainfall reaching one inch
and thirty hundredths. Average thermometer 82, highest
97, lowest 68.
Montgomery, Alabama.— W eather splendid for picking
cotton. Rain has fallen during the week, to the extent of
twenty-four hundredths of an inch, on two days. The
thermometer has averaged 83, the highest being 98 and the
lowest 68. August rainfall one inch and seven hundredths.
Union Springs, Alabama.— N ew cotton is of fine grade,
but it takes more seed cotton to make a pound of lint.
Nights very cool. W e have had rain during the-week, the
rainfall reaching sixty hundredths of an inch. The ther­
mometer has ranged from 67 to 92, averaging 80.
Madison, Florida.— W e have had rain on four days of the
past week, the rainfall reaching one inch and fifty hundredths.
Average thermometer 80, highest 96, lowest 69.
Savannah, Georgia.— Rain has fallen on three days of the
week, the precipitation being forty-three hundredths of an
inch. The thermometer has averaged 82, ranging from 71
to 94.
Charleston, South Carolina.— W e have had rain on four
days during the week, the rainfall reaching seventeen hun­
dredths of an inch. The thermometer has ranged from 73
to 96, averaging 83.
Greenwood, South Carolina.— There has been rain on one
day of the week, the rainfall reaching eighteen hundredths
of an inch. Average thermometer 79, highest 91, lowest 67.
Charlotte, North Carolina.— W e have had rain the past
week, the rainfall reaching fifty-three hundredths of an inch.
The thermometer has averaged 78, the highest being 92
and the lowest 64.
The following statement we have also received by tele­
graph, showing the height of rivers at the points named
at 8 a. m . of the dates given:
N e w O r le a n s ___________ A b o v e
M e m p h is ------------------- A b o v e
N a s h v ille ------------------- A b o v e
S h r e v e p o rt______________A b o v e
V ick s b u rg ................. . . A b o v e

zero
zero
zero
zero
zero

of
of
of
of
of

Sept. 6 1907.
Feet.
5.8
13.8
8.2
0,2
18.5

gau ge.
gau ge.
gau ge.
gau ge.
gau ge.

Sept. 7 1906.
F e e t."
6.2
11.8
9.3
6.5
19.6

IN D IA CO TTO N M O V E M E N T FROM A L L PO R TS.
Septem ber 5.

Week.
B o m b a y ________

_.

7,000

1905.

1906.

1907.

Receipts at—

S in ce
Sept. 1.

S in ce
Sept. 1.

W eek.

7,000

4,000

4,000

W eek.
17,000

S in ce
Sept. 1.
17,000

S in ce Septem ber 1.

F o r the Week.
E x p o rts fro m —
Great
B rita in .
B om bay—
1907_____
1906 .
1,000
___
_______19056,000
C a lacu tt—
1 9 0 7 ....................
1906_____________
_______ .
1905
M adras—
1 9 0 7 ..
______ .
1906_______ . . .
1905______________
A ll o th ers—
1907. ____
1906
...
_ .
1905 ____________
T o t a l a ll—
1907 ____________
1906. . . . ______
1905 . . . _______

1,666
6,000

C o n ti­
nent.

T ota l.

Great
B r ita in .

C o n ti­
nent.

T ota l.

26,000
12,000

26,000
13,000
6,000

2.000
1,000
1,000

2,000
1,000
1,000

2,000
1,000
1,000

5.000
4.000
5.000

5.000
4.000
5.000

5.000
4.000
5.000

5.000
4.000
5.000

33.000
17.000
6,000

33.000
18.000
12,000

33,000
17,000
6,000

33,000
18,000
12,000

26,000
12,000

26,000
13,000
6,000

2,000
1,000
1,000

1,000
6,000

1,000
6,000

J U T E B U T T S , B A G G IN G , E T C .— The market for jute
bagging has continued quiet during the week, with prices
nominally unchanged at 9% c. for 2 lbs., standard grades.
Jute butts dull at 3@ 4c. for bagging quality.




[V o l .

lxxxv.

W O R L D ’S S U P P L Y A N D T A K IN G S O F C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.
C o tton T a k in g s .
W e e k and Season

1907.

T o t a l su p p ly _ ________ _____
.

Week.

Season.

1,784.156

V is ib le su p p ly A u g. 30__________
V isib le su p p ly S ept. 1-------------A m erica n In sight to S ept. 6 —
B o m b a y receipts to S ept. 5-----O th er In d ia sh ip’ts to S ep t. 5 ._
A le x a n d ria receipts to S ept. 4 ._
O th er su p p ly t o S ept. 4 ______

V isib le su pply S ept. 6_______

1906.

Season.

Week.

2 ,V io ",000
90,736
7.000
7.000
800
4.000

103,389
7.000
7.000
800
5.000

"127", 50 6
4.000
5.000
600
7.000

1,784,156
127,506
4.000
5.000
600
7.000

2,447,033

2,419,536 1,928,262

1,928,262

2,200,205

2,200,205 1,732,689

1,732,689

246,828
174,028
72,800

T o t a l takings to S ept. 6 .
O f w h ich A m e r i c a n - ___ __
O f w hich o th e r. . ----------------

219,331
147,531
71,800

195,573
161,973
33,600

195,573
161,973
33,600

— Cards of W oodw ard, Baldwin & Co., H . J. Farber,
Drewry & Co., Lawrence & Co. and James Talcott, mills
selling agents and dry goods commission merchants, will be
found in this issue.
— The business cards of a large number of representative
cotton commission and brokerage houses of N ew York and
other cities will be found on subsequent pages of this issue
of the “ Chronicle.”
— The co-partnership heretofore existing under the firm
name of W . R . Craig & Co. has been dissolved and a new co­
partnership formed under the firm name of Craig & Jenks,
for the purpose of transacting a general cotton and coffee
commission business at the old offices, 27 W illiam St. The
partners are W . R . Craig and William P. Jenks.
A L E X A N D R IA

R E C E IP T S

A lex a n d ria , E g y p t,
September 4.

AND

S H IP M E N T S .
1906.

1907.

Receipts (cantars) —

T h is j S ince
week. Sept. 1.

5,000
5,000

4,500
4,500

6,000
6,000

E xp ors (ba les)—

1905.

Since
T h is
week. Sept. 1.

T h is ! S in ce
week. S ept. 1.
1,750
4.000
5.000
2,000

2,000|

2,000

1,500

1,500

3",666l
400!

3",000
400

2,500
300

2,500
300

5,400|

5,400

4,300

4,300 12,750

T o M a n c h e s te r___________

1,750
4,000
5,000
2,000
12,750
I

N o te .— A can tar is 99 lbs

E g y p tia n bales w eigh t a bout 750 lbs.

This statement shows that the receipts for the week were
3,000 cantars and the foreign shipments 5,400 bales.
M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from Manchester states that the market is
strong for yarns and quiet for shirtings.
Orders are coming
in more freely from China.
W e give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1906.

1907.
8 4 lbs. Shirt­
ings, common
to finest.

32* Cop.
Twist.
July
36
Aug
?,
9
16
23
30
Sent
6

d.
10 4

@

d. s. d.
124 6 9

10 4
@
124
10 15-16 125-16
104
@ 124
10 13-16-12 3-16
11
@
124
Ills

@

6
6
6
6
6

12>2 6

Cot’n\
M id . 1
U p l’s

32* Cop.
Twist.

8 4 lbs. Shirt­ C ot'n
ings common M id .
to finest.
Up Vs

d. s. d.
104 6 8

s. d.
@10 4

d. d.
7 .1 6 9 4

9
9
8
74
8

@10
@10
@10
@10
@10

7.28*9 5-16 @ 104 6
7.40 9 4
@10 9-16 6
7.29194
@ 104 6
7.27 9
@ 104 ;6
7.49.8 15-16@ 104 6

8

@

44
5
44
4
5

10 5 7.51J9

@

@

104
6

®9

s. d.
9

d.
6.07

74
7
6
5
44

@9
@9
@9
@9
@9

SK
8
7
6
6

5.98
5.68
5.51
5.29
5.41

4

@9

6

5.41

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 30,458 bales. The shipments in detail , as made up
from mail and telegraphic returns, are as follows:
T ota l bales.
Y O R K — T o L iv e r p o o l— S ept. 3— A rm en ia n , 2,053------S ept.
5— B a ltic, 161 fo re ig n ---------------------------------------------------------- 2,214
T o G la sgo w — A u g . 30— Furnessla, 50..................... - ......................
50
T o B rem en —-Sept. 4— Gnelsenau, 2,137___________________________ 2,137
T o H am b u rg— A u g. 30— P re to ria , 75 _____________________________
75
T o A n tw e r p — A u g. 30— V a d erla n d , 150............................. ............
150
T o B arcelona— A u g. 30— G a llia , 300____ S ept. 5— Buenos A ires,
350_________________________________________ _________________________
650
661
T o G enoa— A u g 30— K o en lgen Lu lse, 661----------------------------- T o N a p le s— A u g. 30— K o en lgen L u lse, 100----------------------------100
G A L V E S T O N — T o L iv e r p o o l— A u g . 31— M ira, 5,759................. ........5,759
T o H a vre— A u g. 31— M adaw aska, 9,705---------------------------------- 9,705
T o B rem en — A u g. 31— H a n n o ver, 5,700---------------------------------- 5,700
N E W O R L E A N S — T o L iv e r p o o l— A u g. 31— M exican , 148----- S ept.
5— Y u c a ta n , 700___________________________________________________
848
T o B rem en — Sept. 4— C a lifo rn ia n , 650-----------------------------------650
T o H am b u rg— A u g. 31— Soperga, 130----------------- ------------- —
130
T o A n tw e r p — S ept. 4— C a lifo rn ia n , 450---------------------------------450
S A V A N N A H — T o H a m b u rg— A u g . 30— H lllta rn , 628________________
628
B O S T O N — T o L iv e r p o o l— S ept. 3— S axonla, 34----------------------------34
T o St. John— S ept. 2— Y a le , 1 0 0 . _______ _______________________
100
P H IL A D E L P H IA — To
M anchester— A u g . 31— M anchester E x ­
change, 2 1 8 ..................... ............................................. - ..................
21S
S E A T T L E — T o Japan— S ept. 3— K a g a M a ru , 1 ________________ ______
1
T A C O M A — T o Japan— S ept. 4— A n tlloch u s, I S .................................. -___
1*
NEW

t T o t a l------------------------ . --------------------------------- --------- ----------------30,458

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great F re n ch
Ger- — O th.E urop e— M e x . ,
B rita in ,
ports, m any. N o rth . South , cfee. J a p a n .
____
2,392
150 1,411
...
...
N e w Y o r k ......... 2,264
G a lv e s t o n ______ 5,759 9,705 5,700
............................................... ..
N e w O r le a n s ...
848
____
780
450
____
...
____
628
____
____
___
___
S a v a n n a h ______ ____
Boston ________
34
____
____
____
____
100
___
P h ila d e lp h ia ___
218
____
____
____
____
___
___
- ...
____
____
____
____
___
1
S e a ttle ________
T a c o m a ________
____
____
____
____
____
___
18
T o t a l ........... .. 9,123

9,705

9,500

600

1,411

100

T ota l.
6,217
21,164
2,078
628
134
218
1
18

19

30,458

The exports to Japan since Sept. 1 have been 19 bales from
Pacific ports.
Cotton freights at N ew York the past week have been as
follows, quotations being in cents per 100 lbs.:
Sa t.
17
lfi
a 25
18
18
20
26
28
._
28
18
32
43

L i v e r p o o l ________ c.
M anchester .........c.
H a v r e ____________ c.
B r e m e n .................c.
H a m b u r g ________ c.
A n t w e r p __________e.
G h ent, v ia A n t . . . c.
R e v a l, In d irect---- c.
R e v a l, v ia C a n a l_ .c .
B a rcelo n a , S ept. _c.
G e n o a . ................. c.
T rieste ................. c.
J a p a n ...... .............. c.

M on.

Tues.
20
17@ 20
a25
H
30@ 35
O
18
L
22 %
I
28%
D
30
A
Y
30
18@ 25
32
45

W ed.
20
17@ 20
a25
30@ 35
18
22 4
28%
30

T hurs.
20
17@ 20
a25
30@ 3 5
18
22 %
28%
30

F r i.
20
17@ 20
a 25
30(5)35
18
22%
28 %
30

30
18@ 25
32
45

30
18@ 25
32
45

' • 30 •
-1 8 0 2 5
32
45
•

a A n d 5 %.

L I V E R P O O L .— B y cable from Liverpool wejhavejthe fol­
lowing statement of the week’s sales, stocks, &c., at that port:
A u g .16.
Sales o f the w e e k ---------- ba les. 37,000
O f w hich speculators t o o k . .
1,000
O f w hich exporters t o o k ____
2,000
Sales, A m e r ic a n ........................ 29,000
6,000
A c tu a l e x p o r t ___________________
F orw a rd ed ................. ................ 46,000
T o ta l sto ck — E s tim a te d _______854,000
O f w hich A m erica n — E s t___ 727,000
T o t a l Im port o f the w e e k ______ 29,000
O f w hich A m e ric a n _________ 10,000
A m o u n t a flo a t....... ............ ........ 34,000
O f w hich A m e r ic a n _________
6,000

A u g .23.
33,000
2,000
1,000
27,000
6,000
52.000
818,000
693,000
21,000
7,000
27,000
4,000

Aug.SO.
53,000
9,000
3,000
40,000
6,000
50,000
780,000
659,000
17,000
4,000
30,000
8,000

Sept. 6.
51,000
4,000
1,000
37,000
1,000
57,000
705,000
596,000
5,000
1,000
35,000
17,000

L IV E R P O O L S TO C K T A K IN G .
A m erican decrease, 16,089; B ra zilia n decrease, 610; P eru via n decrease,
2,228; In d ia n decrease, 9.238; E g y p tia n increase, 3,173. N e t decrease,
24,992.

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:
Spot.
Market,
12:1,5
P .M .

1
}■
J

Saturday.

Monday.

Tuesday.

Wed'day.

Thursday.

Friday.

Quiet.

Fair
business
doing.

Fair
business
doing.

Good
demand.

Steady.

* ■
Quieter.

Mld.UpTds

7.46

7.43

7.43

7.48

7.57

• rii7.51

Spec.&exp.

5,000
500

10.000
500

8,000
2,000

10,000
1,500

10,000
1,000

8,000
500

Steady at
2 points
advance.

Steady at
1 @2 pts.
advance.

Futures.
Quiet at Quiet,unch. Steady at
Market
\ % point @ 1 point
1 @2 pts.
opened
j
decline.
advance.
decline.
Market,. 1 Quiet at
4
I- 8% @12%
P .M . J pts. adv.

Quiet at Quiet .unch Firm at
% @2%
to 1 point
10 @12
pts. dee.
pt. dec.
pts. adv.

Q u letfat
0 points
decline.

Barely st’ y Steadv at
unch to 1 4% @7%
pt. adv.
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 and 100ths.
Sat.
A un.'31
to
S e p t. 6.

A u gu st . .
A u g .-S e p .
S ep t.-O ct.
O c t .- N o v .
N o v .-D e c .
D e c .-J a n .
J a n .-F e b .
Feb.-M ch .
M ch .-A p r.
A p r.-M a y.
May-June
June-July

M on.

7
6
6
6
6
6
6
6
6
«
6

T ues.

Thus: 7 10 means 7 lO-lOOrf.
W ed.

T h urs.

Fri.

12!<| 4
12V*
4 12%
4
12%
4
12%
4
p.m . p.m . p.m . p.m . p.m. p.m . p.m. p.m . p.m . p.m .

12,4
p.m.
d.
10
98%
84
78 %
73
71
70
70%
71
71%
72

d.

d.

d.

d.

d.

d.

d.

d.

d.

d.

97
81 %
77^
72%
70 4
69%
70
70%
71

97%
82 4
77%
72 4
70 4
69 4
70
70%
71

96
81
76 4
71 %
69 4
68%
69
69%
70
71

0 1%
89
82
75,4
73 4
72%
73
73%
74
75

08
95
88%
82
80%
79
79%
80
8 0%
81

11
98
91
85%
83%
82
82%
83
83%
84

08%
95
88 4
83
81
79%
80
80%
81
81%

05%
92%
85 4
79%
77
75%
75%
76
76
76%

06
93%
86%
80%
77%
76
76
76
76
76%

71

B R E A D ST U FFS.
Friday, Sept. 6. 1907.
Prices for wheat flour have advanced, owing to the rise in
wheat. There has been some increase in the demand here
from those who have been forced to replenish supplies, but
t lere is little or no disposition to anticipate requirements,
owing to the belief that the advance will prove temporary.
Some trade has been clone with the W est Indies, owing to
the fact that drought in those islands has cut short the root
crops and compelled an increased use of flour. A t the lead­
ing centres of the Northwest and the Southwest, however,




611

THE CHRONICLE.

S e p t . 7 1907.J

the buying has been less active, owing to the higher prices.
Stocks here are much smaller than at this time last year.
Corn meal and rye flour have been dull, at advancing prices.
W heat has advanced under the stimulus of an active e x ­
port demand and unfavorable crop reports, not only from
the American and Canadian Northwest but also from E u ­
rope, especially Germany, where estimates of the yield,
both of wheat and potatoes, are said to have been reduced.
Some unfavorable reports regarding the yield in Russia have
also been received and unfavorable weather for harvesting
has been reported in other parts of Europe. In this country,
the weather over the spring-wheat belt, and also in Canada,
has been unseasonably cold. Frost has been reported at
times, and considerable damage is said to have occurred,
though, owing to the difficulty of communicating with that
section of the country, on account of the telegraphic strike,
the extent of the damage is not known. Many bullish crop
reports have been received from the Northwest, and there
have been complaints of further damage at the W est and
Southwest from excessive moisture. The foreign markets
have shown considerable strength. One estimate of the yield
in the three principal spring-wheat States of this country
placed it at 130,000,000 bushels, against 175,000,000 last
year. The Hungarian Minister of Agriculture issued an
estimate placing the aggregate surplus of the exporting
countries of the world at 584,000,000 bushels and the require­
ments at 616,000,000 bushels. The foreign demand has
continued,active, the sales on a single day exceeding 1,000,000 bushels. Bulls have given aggressive support, commission
houses have bought heavily and the shorts have been stamp­
eded . A t times reactions have occurred, notably on Thursday,
when the setback was rather sharp, owing to heavjr liquida­
tion and selling for a turn on the short side. The failure of a
prominent house dealing in securities and grain had a de­
pressing effect. Many of the crop advices from the N orth­
west have been of a favorable tenor, and it is believed by
not a few that the reports of damage have been exaggerated.
Moreover, the short interest had become largely eliminated
on the sharp rise in prices, and the market felt the lack of
this support. To-day prices showed irregularity at times,
owing to further liquidation, but in the main they were
stronger on bullish crop reports from the Northwest, an active
demand for export, buying by commission houses and cov­
ering of shorts.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N N E W Y O R K .
S a t. M o n . Tues. W ed. Thurs. F r i .
N o . 2 red w in te r____________________
101 H 103% 10 2 % 104%
S eptem b er d e liv e ry in e le v a to r____ H o ll- H c li- 103
104% 103 % 105%
d a y. 107 % 108 % 107% 108%
D ecem ber d e liv e ry in e l e v a t o r ____ d a y .
M a y d e liv e ry in e le v a to r ___________
110% 112% 111
112%
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N C H IC A G O
Sa t. M o n . Tues. W ed. T hurs. F r i .
S eptem b er d e liv e ry in e le v a to r____ 92
H o li94%
95 %
93%
95 %
D ecem ber d e liv e ry in e l a v a t o r ____ 97 % d a y.
99 % 100 %
99
100 %
M a y d e liv e ry in e le v a to r ___________ 103%
104% 106 % 105
106%

Indian corn futures have advanced, owing to unseasonably
low temperatures, unfavorable crop reports from some sec­
tions, strong cables, bull support, buying by commission
houses and covering of shorts. The chief drawback in the
crop situation is that the plant is late, and unless frost comes
later than usual, from present appearances some damage is
likely to occur. The date of frost will determine that.
Meantime the receipts have fallen to small proportions,
country offerings have decreased and contract stocks at
Chicago are of small proportions. The rise in wheat has had
a bracing effect, though the weather news has been the prin­
cipal bullish influence. To-day prices advanced on moderate
receipts, firm cables, bull support and covering of shorts.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N I N N E W Y O R K .
Sa t. M o n . Tues. W ed. T hurs. F r i .
Cash co rn ......... ............ .............. ........H o ll- H o li68
70%
70
71 H
S eptem b er d e liv e ry in e le v a to r ____ d a y.
day.
68%
______
____
71%
D ecem b er d e liv e ry in e le v a t o r ____
68 %
70 %
70
70 %
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S I N C H IC A Q O
Sa t. M o n . Tues. W ed. T hurs. F r i .
Septem b er d e liv e ry In e le v a to r ____ 60 % H o ll- 61
62 %
61 %
§1%
D ecem ber d e liv e ry In e le v a to r ____ 58%
day.
60
61%
60%
60 %
M a y d e liv e ry In e le v a to r.................59%
60%
61%
61
61%

Oats for future delivery in the Western market have ad­
vanced sharply, owing to sensational reports in regard to
the crop. The receipts at Chicago have been much smaller
than expected and have contained little and at times none of
contract grade. Strong Chicago interests have bought and
bid the market up, and though at times there has been heavy
realizing, partly for account of leading bulls, the offerings'
have been readily absorbed. Thare has been some short
selling of the distant options of late, owing to the high price
and the belief that the crop damage has been exaggerated,
but owing to the absence of contract stocks there have been
no aggressive operations on the short side. To-day prices
advanced with the rest of the list. Crop reports were bullish
and bulls gave support.
D A I L Y C L O S IN G P R I C E S O F O A T S I N
S a t.
M on.
Tues.
W ed.

M ix ed , 26
to321bs.
W h i t e
clipp ed,
36 to 38
lb s . . .

H o lld a y.

NEW YO R K.
T hurs.
F r i.

57%

63

64

64

63-65

65-67

66-68

67-69

H cllday.

THE CHRONICLE.

612

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 I C A G O .
S a t. M o n . T u e s . W e d. T h u r s . F r i .
56
56
56
September delivery In elevator------ 54
H oli- 54 %
53 y2 53 H
54^
D ecem ber delivery in elevator____ 50 ]4 day.
5 1 5-s
54
54 %
M a y delivery In elevator----------------51 y«
52%

The following are closing quotations:
FLOUR.
L o w g ra d es-____________ $3 40 @$3 85 I K ansas straights-----------$4 60 @ $4 75
Second clears___________ 3 10 @ 3 20 I Kansas c le a r s ---------------- 4 0 0@ 4 35
C le a r s ___________________ 4 0 0@ 4 30 [ Blended patents________ 5 55 @ 6 20
S t r a ig h t s _______________ 4 25@ 4 60 |R ye flour________________ 4 75@ 5 25
P aten t, spring__________ 5 25@ 6 10 j Buckwheat flo u r ---------N om inal.
Patent, w inter__________ 4 65@ 4 85 |Graham flour___________
N om inal.
___ @
____|Com m eal---------------------- 3 60 @ 3 85
K ansas p a te n ts ________
G R A IN .
W h e a t, per bu sh .—
c.
|Corn, per bush.—
c.
N . Duluth, N o . 1____________ 116 H I
N o . 2 m i x e d . . ............. .f.o .b .7 1 ^
N . D uluth, N o . 2 ___ f.o.b.114% | N o . 2 yellow, n ew --------- f.o.b.73?i
R ed winter, N o . 2 ___ f .o .b .l0 4 H I N o . 2 white, n e w ----------1.o .b .7 0 %
H a rd
“
“
. . . f.o .b .l0 5 M |R ye, per bush.—
Oats— per bush.—
| N o . 2 W estern -------------90
N o . 2 w hite___________
64 @ 66 | State and Jersey_______ Nom inal.
N o . 2 m ix e d __________
65
|Barley— M a l t i n g -------------87 ffi 95
N o . 2 white, clipped.
67 @ 69 | F e e d n g ________________ Nom inal

G O V E R N M E N T W E E K L Y W E A T H E R R E P O R T .—
M r. James Berry, Chief of the Climate and Crop Division of
the United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending Sept. 2, summarizing them as follows:
D u rin g the week ending Septem ber 2 1907 the weather was abnorm ally
cool ln the plateau regions, over the eastern portions o i the Pacific Coast
States and in portions of N e w En glan d, the low er Lak e region and Middle
Atlantic States. Ligh t frosts occurred on the 28th ln the upper Michigan
Peninsula and the interior of northern N e w En glan d, and on the 29th and
30th over the eastern portions of W ash in gton and Oregon. In the central
valleys and Southern States the weather was warm er than u su a l, the central
Mississippi and lower Missouri valleys experiencing abnorm al heat, which,
however, was generally favorable.
The very light rainfall or the absence
o f precipitation over nearly all of the Atlantic Coast and G ulf States largely
Increased the drought area ln these districts, and has augmented its severity
ln N e w En glan d and the Southwest; Texas and O klahom a suffering most.
D ro ugh t continues in Eastern South D akota and is being felt in Northeast­
ern Ohio and Southwestern Kansas, while heavy rains caused dam age in
Central Iow a. There was more than the usual am ount of cloudiness on
the Pacific Coast, over the eastern Rocky M ountain slope and in the upper
Missouri V alley; elsewhere the sunshine was above the average, the per­
centage being high in the Southern States. The week was almost w h olly
free from severe local storms.
For other tables usually given here, see oage 580

T H E

D R Y

G O O D S

T R A D E .

New York, September 6, 1907.
Activity in the dry goods market during the past week
was again confined principally to jobbers, out-of-town
buyers being present in large numbers and purchasing quite
freely; there was also a steady inflow of mail orders from
the crop-growing sections of the W est and South, buyers in
all instances urging deliveries, which would seem to indicate
that they are still short of requirements. Jobbers report
that their business during the past week and also during
August compares very favorably with that of the correspond­
ing period of last year; in fact, recent business was larger
than for any similar period in years. The market has sel­
dom been so well sold up. There have been remarkably
few cancellations or requests to defer deliveries. The con­
tinued quietness in primary markets is regarded as a healthful
development. The cessation of heavy forward buying is
really welcomed by merchants, since it will afford first hands
a breathing spell, and with the vacation period now over it
is expected that mills will be able to increase production
and make better deliveries. During the week gray goods
declined Y%c. on sales b y second hands, but the volume of
business put through at the lower prices was small and the
reduction does not reflect any weakness in the primary m ar­
ket, which is generally strong, owing to the sold-up conditions
and the slow progress in accumulating a surplus for quick
delivery; indications point to prices holding firm for some
time, especially in view of the strong market for raw m a­
terials. Men’s wear lines have continued quiet generally,
but a little more activity is noted in dress goods, especially
for next spring. Export trade is still dull.
D O M E S T IC C O T T O N G O O D S .— The exports of cotton
goods from this port for the week ending A ug. 31 were 1,460
packages, valued at $87,609, their destination being to the
points specified in the tables below:
-------- 1907------------------------ 1906-------$i7lC6
$1/7106
r> N e w Y o rk to A u g u s t 31—
Week.
J a n . 1.
Week
J a n . 1.
Great Britain ----------------------------------------58
1,260
41
960
Other E u ro pe.............................. .............
1
969
20
1,682
China--------------------- -------------------- -----------2
15,218
2,571
78,372
I n d i a ........................ ............. ............. ..
...
5,617
1,040
7,740
A r a b ia ------------------------- ----------------------------------23,333
3,536
34,824
A f r i c a -----------------------------------------------------------3,715
587
7,808
W e st In d ie s .................. ............. .............
324
15,380
787
17,309
M exico-------- -------------------------------------------101,637
_________
1,452
Central Am erica________ ______ _____ ______
31
9,550
271
10,340
South Am erica------------------------- -------------791
31,600
441
37,062
Other c o u n trie s-------------------------------------- 243
19,596
509
11,810
a& T o ta l.................................. .................. 1,460

127,875

9,803

209,825

The value of these N ew York exports since January 1 has
been $7,476,022 in 1907, against $11,961,620 in 1906.
While some fine cotton goods are reported obtainable for
spot cash at figures somewhat below the best, mills are book­
ing contracts at top prices, with indications of higher prices
later on. Bleached cottons are in steady request and goods
for the next two months’ delivery continue very scarce.
Colored cottons of coarse yarn construction have been in
better demand, with premiums paid for denims for delivery




[V o l .

lxxxv.

before November 1. Brown cottons are quiet but mills
are well booked ahead. Delivery of heavy cottons on con­
tract is falling behind and is the cause of considerable in­
convenience to manufacturers and cutters-up. The forward
ordering of brown and bleached cottons is lighter, but con­
servative interests regard this as more beneficial than other­
wise; the money situation is considered largely responsible
for quietness in this division of the market. The dress ging­
ham market worked into a stronger position during the week,
advances being named on certain lines. Staple prints are
firm and printers have made little headway on orders in
hand. The shutting-down of some large printing works
promises to increase the difficulty of securing satisfactory
deliveries. N ew business in prints has been rather small.
The export trade has been extremely dull; practically all
bids that have come forward recently were still considerably
below the market. The return of some 15,000 bales of goods
from China to be. re-sold in this country clearly illustrates
the situation in that foreign market.
W O O L E N G O O D S .— Trade in men’s wear has been quiet,
business being confined chiefly to confirmation of orders and
to orders from reference samples. High-class woolens have
been somewhat more active, but medium and lower grades
for spring remain in about the same position, and there is
talk of more mills closing for lack of business. There has
been some duplicating in the cheaper grades. Sellers at
present are giving attention chiefly to new lines for the
heavy-weight season of 1908. No improvement is reported
in overcoatings and indications are that the demand will run
largely to fancies in this and other lines of clothing; in fact
fancy overcoatings are being called for on duplicate orders
for this winter by some large local clothiers. Business in
dress goods for spring has been fairly satisfactory. Broad­
cloths have been well taken, and a large part of the early
spring ordering has been on plain colors. Am ong the higher
class goods fancy worsteds in both stripes and checks have
moved well. Fancy piece-dyed serges are in urgent request.
Cloak and suit houses seem to be confining themselves largely
to plain staples, but a demand for fancies m ay develop later.
Plain panamas and cheviots have been taken to a consider­
able extent.
F O R E IG N D R Y G O O D S .— There has been no important
change in imported woolen and worsted dress goods, business
continuing rather dull. The demand for silk piece goods
shows an increase, especially for fall requirements, buyers
being more disposed to cover against an expected shortage.
Ribbons have been quite active. Linens continue very
strong with no improvement in deliveries to buyers, while,
importers are anxiously awaiting deliveries of goods ordered
some time ago. Burlaps rule firm.
Importations and W arehouse W ithdraw als of D ry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending A ug. 31 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,,
are as follows:
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THE CHRONICLE.

S e p t . 7 1907.]

STATE AH®

0

!TY B £f>£ 1lTPf:?]T.

(f r h x a n i t l t .
PUBLISHED WEEKLY.
Terms of Subscription— Payable in Advance
For One Year ............................................................$10 00
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Annual StUMCriptlonin London(including pi stage)................. £2 14s.
Six MonthsSubscriptioninLondon(includingpostage)............. £1 11s.
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S u bscription includes fo llo w in g Sections —
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The Railway and Industrial Section, issued quarterly, is furnished
w ith ou t extra charge to every annual subscriber'of the Com
mercial and
Financial chronicle.
The State and City Section, issued semi-annually, is also furnished
w ith o u t extra charge toeverv subscriber of thechronicle.
The Street Railway Section, issued three times a year, is likewise fur­
nishedw ith ou t extra charge toevery subscriber oftheChronicle.
The Bank and Quotation Section, issuedmonthly, isalsolurnishedw ith ­
out extra, charge toevery subscriber of theChronicle.
Terms of Advertising— Per Inch Space
Transient matter per inch space (14 agate lines)...................... *4 20
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CHICAGO OFFTCE—Pliny Bartlett, 513MonadnockBlock.
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WILLIAJI B. DANA COMPANY, Publishers,
Pine Street, Corner of Pearl Street,
Post Oflice Box 938.
NEW YORK.
M U N IC IP A L B O N D SALES I N

AUGUST.

According to our records the aggregate of municipal bonds
placed during the month of August was S21,777,690, the
largest total for that month since 1898. These figures do
not include $37,000 Canadian securities nor $9,415,000 tem­
porary loans negotiated during that month.
The magnitude of the month’s disposals may seem sur­
prising ’in view of the known failure of certain bond offerings
by some leading municipalities, and notably New York
City and Boston. But these cities subsequently succeeded
in finding lodgment for a portion, at least, of the bonds not
taken at the public offering. New York City was in the
market with $15,000,000 4s, but though the amount disposed
of at the public sale was only $2,713,485, contractors and
others took $3,379,175 more of the bonds in payment of
moneys owing to them, making altogether $6,092,660 of
bonds placed by the municipality during the month. In
like manner Boston on August 9 offered eight issues of
4 per cents aggregating $3,924,000, and succeeded on that
day in selling only $100,000, but since then has disposed of
$1,250,700 more, so that that city contributed $1,350,700
to the month’s total.
Among other sales of importance during the month may
be mentioned the following: Seattle, Wash., $2,250,000 5s
sold to local banks at par; Oakland, Cal., $992,000
43^s sold to the Oakland Bank of Savings for $520
premium; Portland, Me., $985,000 43^s to N. W. Harris &
Co. of Boston at 97.79; Davidson County, Tenn., $800,000
4^s to Foster & Creighton of Nashville at par; and St.
Francis Levee District, Ark., $500,000 6s to the Union &
Planters’ Bank of Memphis at par.
Besides Boston and New York, a number of other offerings
made during the month failed to attract satisfactory bids.
Disregarding the minor cases of this kind, the following
deserve mention: Buffalo, N. Y., $500,000 4s; Harris
County, Tex., $500,000 4s; Syracuse, N. Y., $410,000
43^s; Bayonne, N. J., $146,000 5s, and Pendleton, Ore.,
$132,000 5s.
The number of municipalities emitting bonds and the
number of separate issues made during August 1907 were
195 and 274 respectively. This contrasts with 255 and 349
for July 1907 and with 242 and 347 for August 1906.
For comparative purposes we add the following table,
showing the aggregates for August and the eight months
for a series of years:
M o n th of
A u gu st.

1907 ---- $21,777,690
1906
16,391,587
1905 ---- 8,595,171
1904 __ 16,124,577
1903 __ 7,737,240
1002__ 8,009,256
1901__ 15,430,390
1900 __ 7,112,834




F o r the M o n th of
E igh t M o s . A u g u st.

$153.795,716j1899__ $5,865,510
144,171,927:1898 __ _25,029,784
131,196,527 1897 __ _6,449,536
187,226,98611896 __ _4,045,500
102,983,914 1895 __ _8,464,431
108,499.201 1894 __ _7,525,260
84,915,949 1893 __ _2,734,714
93,160,542:1892 __ _4,108,491

F o r the
E igh t M o s .

$87,824,844
76,976,894
97,114,772
54,535,959
80,830,704
82\205,489
37,089,429
57,340,882

In the following table we give a list of August loans to
the amount of $21,777,690 issued by 195 municipalities. In
the case of each loan reference is made to the page in the
“ Chronicle” where an account of the sale is given.
A U G U ST BOND SALES.
P age.
Nam e.
B a te .
M a tu rity .
481 - _A b erd een Sch. D is t ., So D ak_ 4 y
1927
424_
4y
615_ .A m b le r , P a ______
_
___
1912-1935
1922-1926
481. .A n tig o , W is ___
_ ______ . 4VC
_ 5
1908-1917
615- .A rc a d ia Sch. D is t., Cal
615 .A rg e n tin e Sch. D is t., K a n ___
542. .A s b u r y P a rk , N . J ____________
424- .A sh la n d O h io ________________
481 . -B a k ersfield , C a l - ___ __
424- . Ban nin g Sch. D ist., C a l_____
542_ .B a rb e rto n , O hio (2 i s . ) _______
482 .B e n to n and Y a k im a Counties
Sch. D ist. N o . 1. W ash - 542. - B ig H o rn Co. S .D . N o . 6, W y o .
542. - B ig R iv e r Sch. D is t., C a l____
424. -B o sto n , M a ss-.
.615. _ B o sto n , Mass. (7 I s .)_________
542. B ra d ley C ou nty, T en n .542. B rainerd, M in n ____
.- 360- -B rlarclifT M anor, N . Y _______
424- B rid gep ort, C on n. . .
____
615- -B r is to l C o u n ty ,M a s s . (2 is .)_

5
5
4V
5
5

1937
1911-1933
1910-1933
1908-1917

A m ou n t.
P r ic e .
S I2,000
100
118 000
35,000 ____ . .
10,000 1/101.014
5,000 J 4.75 %
1 basis
100
25,000
100,000
100
45,000
108.951
120,000
100
24,000
101.75
12,158
101.747

5,400
5
100
5K.
1917
’’ .SOO 2/100
6
1919
6,000
104.691
4
100,000
1937
101
4
1927 ,’ 37& ’47 1,250,700
100
5
1937
25,000
5
1908-1917
39,000 Z/100
4.60
1927-1935
25,000
100.54
4
1928-1942
150,000
100.025
1911
j
150.000
5y
101.50
150.000
101.242
1
482_ . B rookfield Sch. D is t., N . Y _ . 4
1908-1927
6,000
100
424_ .B ro o k h a v e n Un. F r . Sch. Dis. 14.50
20,000
N o . 24, N . Y . (2 i s . ) _______ ' [4.60
20,000
482_ .B u ffa lo , N . Y _________________ 4
1927
46,565
100
360- -B u rlin g to n , N . J _____________ 4 V1937
36,000
100
4
542. .B u tle r, P a - - _
_______
11 ,000
100
424. -C a m b rid g e,O h io (5 i s . ) _______ 4
1927
38,000
101.265
424. -C am den , N . J ________________
4y
1937
50,000
103.07
424- -C am den , N . J ----------------- ----- 4 V,
1927
150,000
101.683
424_ .C am d en , N . J
. - _ _
1937
135,000
103.835
4K
424. -C am den , N . J . _____ ______
1922
15,000
101.967
4K
361- ..C arth age,^ N . Y _______________ 4 K
1911-1935
125,000
4V
361
1912-1936
70,000
482_ -Cashm ere, W ash . .
6
—
1927
13,200
482- Cass T w p ., In d
___ 4 V,
28,000
_
99.10
361- . Celina Sch. D ist., O h i o .. . .
1934-1941
4 VC
15,000
104.8S3
482- -C h am paign C ou nty, O h io ____ 4
5,500
100
542.. .C h elan Co. S. D . N o . 4, W ash. 5
(*1908-1927
8,000
100
542. Christian C ou nty, K y . _
5
(71927-1937
100,000
103
425- .Cincinnati, O hio - _______ . . 4
<*1927-1947
500,000
100.105
425_ .C in cin n ati, O h i o ________ _____ 4
1957
86,000
100.755
425. .C incinnati. O h i o _________ - . 4
1937
15.000
101.073
1922
425. .C in cin n ati, 0 > ;io ----------------- 4
363,000
100.40
1910-1915
361- .C la y T w p . S. D . N o . 1, M ich - 5
3,000
482- -C lear L a k e Sch. D is t., Io w a _ _ 6
<*1912-1917
6,500 J/104.046
425. -C o d y Sch. D ist. N o . 6, W y o . . 5 y
1917
7,500 V100
4
361 - _Coles C ou nty. I l l _____
—
1908-1927
225,000
2221909-1918
14,596
482- .D a v id C ity , N e b _____ _______ 5
<*1909-1927
22,000
100.102
361. .D a v id s o n C ou n ty, T e n n _____ 4 K
800,000
100
5
425. D ela w a re, O hio (2 i s . ) . .
1908-1912
5,000
101.68
5
542 . D e L eo n , T e x
- -------------<*1917-1947
6,500
103
_______ 5
1918-1926
543_ D o o r C ou n ty, W i s - .
18,000
104.611
615- -D o u g la s Co. Sch. D is t., N o .
155, W a s h __________
. 5
<*1908-1927
1,500
100
425- -D u b o is Sch. D ist., P a ________ 4 y
<*1912-1937
25 000
100
361_ - E lk h a rt C ou n ty, In d ----------4
1912-1922
50 000
615- .E m p o ria , K a n _______________ 5
1908-1917
12,500
100
615- -E u stis Sch. D is t., N e b _______ 5
1912-1917
10,000
100
543. - E x eter, N e b __ — _________ - 5
<*1912-1927
15,000
426_ Fall R iv e r, M a s s _____________ 4W
1917
20,000
101.77
483- - F in d la y , O h io ________ _______ 4 V,
1908-1920
25,000
101.691
616- -F lo re n c e Sch. D ist., C a l______ 5
1908-1937
30,000 J 4 .6 0 %
\ basis
616- - F o r t S tockton C om m on Sch.
D ist. N o . 1, T e x ____________ 5
(21922-1919
15,000
100
426. - F o r t W a y n e S chool C it y ,In d _ 4
1908-1917
75,000
100.035
1909
1,680
f
100
616. .F ra n k lin T w p . Sch. D ist.,
1910 & 1911
2,670
100.187
O h i o _________________ ____ 5 < 1911 & 1912
1,900
100
1912
t
550
100
1912 •
362. -G en oa , O h i o _______________ - 5
1,400
102.C07
483 -G laseoe Sch. D ist. N o . 5, K an . 4 K
6,000
100
5
362. -G rah am , T e x - - <*1912-1927
.. ____
15,000
100.333
543. -G ra n d Marals, M in n _______ _ 6
1917
3,500
100
426. .G reen B a y . W is ____________
4
1917-1922
12,000
100.416
616.
20,000
4H
5431917
3,000
426- .H a llo c k Sch. D ist., M in n ____ 4
1927
10,000
100
616. .H a m ilto n , O h io .. ___________ 4 Vi
1908-1917
8,773
100.604
616. .H a m ilto n , O h io ____ . - ___ 4V,
1908-1917
27,707
100.797
426. . H an cock C ou nty, O h io --------- 5
1908-1919
10,000
103.725
5
426- .H a n co c k C ou nty, O h io ___
1908-1913
3,000
102.516
426. .H a v e r h ill, M ass____________
4
1917
25,000
426. -H e id e n h eim e r In d . S. l ) . , T e x . 5
<*1912-1947
5,500 4 % basis
362. . H em pstead U n. F ree Sch.
1908-1927
D ist. N o . 14, N . Y _________ 5
10,000
101.012
426. - H e n r y C ou nty, O h io _________ 4 V,
1908-1915
20,000)
426- .H e n r y C ou nty, O h io ---------4V
1908-1916
24,000) 101.312
1908-1916
426- - H e n r y C ou n ty, O h io . —
4 V,
6,000;1 ✓
1908-19)4
----- 4 y
426. .H e n r y C ou nty, O h io —
3,500
100.942
426. .H o llis te r, Cal. (2 i s .) __________ 4 V,
1908-1947
20,000
100.125
483. .H o o s ic k , N . Y ________________ 5
17.000
100
616
25.000
1908-1927
616. -H u m b o ld t C ou n ty, N e v ______ 5
40.000
100
1912-1916
543. - H u x le y In d . Sch. D is t., Io w a . 5
5,800
100
483 . - In dep end ence Sch. D ist., M o . 4
<*1912-1927
35,000
100.285
543 . -Is h p e m in g, M ic h _____________ 5
1908-1917
35,000
102.03
____ 4
543- Jackson, M i c h _______
115,000
101.50
483 -Jefferson Tow n sh ip , O h io ----- 4 V,
1909
1,500
100.30
...
5
1908-1911
35,000
362- John stow n , N . Y ___ 100.216
6
362. -J u n iata, N e b ____________ —
1909
1,000
101
4
543. .K a la m a z o o , M ich. (2 is .). ...
70,000 S100
1927
362 -K a n sa s C ity Sch. D is t., M o . . 4
10,000
100
<*1912-1917
543 . K i n g C ou nty, T e x ____________ 4
1 ,575
100
1917
427. .L a k e w o o d , O h i o _____________ 5
26,678
104.66
5
616
4,000
-L a n
d is T w p . Sch. D is t., N . J . 4
42713,000
100
484. .L e w ls to w n , M o n t___ __________ 5
<*1917-1927
15,000
100.70
<*1927-1947
427. .L e x in g t o n , N o . C a ro _____ -_ 5
10,000
3,000
543. - L ib e r t y v ille S. D . N o . 70, 111. 4
100
1912-1936
616. . L i t t l e V a lle y , N . Y ___________ 5
10,000 100.4257
1907-1936
616- - L o c k p o rt, N . Y ------------------- 5
60,000
101.344
_______ . . .
17,000
427- . Logan C ou n ty, O h io------------ 4
100.288
1917
1,850
543. L o ra in T w p ., M in n -------------- 5
102.027
1908-1917
15,696
----- 5
427- - L o u d o n v ille , O h i o ---105.377
1946
234,000
----------- 4
617. L o u is ville, K y . —
1908-1912
20,000
427 .L u c a s C ou nty, O h io------------ 5
5
1927
7,000 1 100
543. M a bton , W a s h -------------- —
1922
543- -M a b to n , W a s h . * — . ------ 5
7,000 f
1912-1936
543- M am aron eck, N . Y -------------- 4.60
100,000
100.215
____
5
5,700
543. .M a rio n C ou nty, O h i o ...........
101
5
1918-1940
45,000
484 .M etu ch en Sch. D is t.,N . J —
100.322
1908-1917
2,481
427 .M id d le to w n , O h io ........... ........ 4
543 -M id d leto w n , O h io ---------------- 4
1908-1917
1,219
100.081
__________
235,000
100
363- -M ilw a u k ee,W is. (4 i s . ) --------1912-1927
481- M lneola, N . Y --------------------- 4.70
40,000
100
617 .M o n ro e, N . C ---------------------- 6
45,000 100.222
___________
___
13,650
484. _ M o n tgom ery C ou n ty, In d -----_____ _____
13,200
484, .M o rg a n C ou nty, In d -----------100.75
___________
65,000
427. .M o rg a n to w n , W . V a . (2 i s . ) - - 5
100.503
12,500 ■ --------544. -N e ls o n v llle , O h io ----------------- 4 • • ---- -— - -

THE CHRONICLE.

GI4
Nam e. ■ •
Rate.
Pa g e
484 . N e w B arbadoes T w p . Sch.
D is t., N . J . ............. ............ 5
484- -N e w b e rn T e n n - ________ ______ 6
544- .N e w B rem en , O h io ___________ 5
544- - N e w B rem en , O h io ___________ 5
544. . N e w B rem en, O h io ___________ 5
544- .N e w B rem en , O h io ___________ 5
o l 7 . . N e w H a m p to n , I o w a -----------6
363...N e w R o ch elle, N . Y ------------ 5
617. .N e w Y o r k C ity (4 i s . ) ________ 4 [
617.
484.
428.
428.
544.
428.
484.
544.
302.
428.
484.
617.

.N e w Y o r k . C i t y ------------------- 3
.N o r ris to w n Sch. D is t., P a —
4
-N o r th M ilw a u k ee, W is _______ 5
.N o r w a y Sch. D ist., Io w a ------ 5
-N u tw o o d D r. & L e v . D is t .,111. 6
-O a k la n d , C a l -----------------------4 M
-O cean side, C a l - - - ----------------5
.O le a n U n . F r. S .D . N o . l . N . Y . 4 )4
.O m a h a , N e b . (3 i s . ) ___________ 4)4
.O sa g e C ity , K a n ______________5
.O ttu m w a , Io w a _______________ 4)4
.P a lm s Sch. D is t., C a l________ 5

363. - P a lo A lt o C ou n ty, Io w a ______6
428. - P a y e t t e I n d .S .D .N o .32,Id a h o 5
544. -P e te rs b u rg Sch. D is t., I n d — 5
485. .P h ila d e lp h ia , N . Y ___________ 5
617 -P ierceC o . S. D . N o . 42, W ash . 5
485. -P ik e C o u n ty, I n d ______________4 )4
618. .P io n e e r, O h io ---------------------- 5
485. -P ly m o u th , M ass------------------- 4 ^
545. -P o n tia c , M ich -----------------------5
485. - P o r t C lin ton , O h io ----------------5
428. -P o rtla n d , M e -----------------------4 H
428. -P o rtla n d , O re------------------------- 428. -P o rtla n d , O re ------------------------- 428. - P o r tla n d , O re-------------------------428- -P o r tla n d , O re ---------------------- -- 428. .P o r t la n d , O re ------------------------- 428 . -P o rtla n d , O re ___________________- 428. -P o rtla n d , O re --------------- ---------428. .P o r tla n d , O re--------- -- ---------- --618. -P o rtla n d , O re. (8 i s . )-------------485. -P o tta w a tta m ie C ou n ty, Io w a 6
485_ -P o u gh k eep sie, N . Y ------------ 4
545. -P r e b le C o u n ty, O h io (2 i s . )---- 4
545- -P u tn a m C o u n ty, I n d ------------ 4 )4
545. -P u tn a m C ou n ty, In d ------------ 4 )4
429 -P u tn a m C ou n ty, I n d ------------ 6
545- -P u tn a m C ou n ty, O hio (6 i s . ) . 5
485. -R e d la n d s , C a l---------------------- 5
485. -R e d la n d s , C a l---------------------- 4)4
545. .R e d o n d o , C a l-----------------------5
545. -R e p u b .ic T w p . S. D ., M ic h - . 5
618. .R ip le y , T e n n ---------------------- 6
429. -R o c k fo r d , I I I __________________4
365- -S ag in a w , M ich ---------------------4
365. .S a g in a w , M ich ________________ 4
365. -S t. Clair C ou n ty, A l a ------------ 5
618. -S t. B ern ard, O h io ----------------5
429. .S t . Francis L e v e e D is t., A r k . 6
485. -S ala m an ca , N . Y _____________ 5
485. .S a lam a n ca , N . Y _____________ _5
485. -S ala m an ca . N . Y ______________5
485. -S a le m , O h io ------------------------ 4 j y
546. .S a n A n to n io , T e x ----------------4)4
365. _San D ieg o Sch. D is t., C a l------5
365- -S an du sky, O h io --------- --------- 4
485. .S a n Jose, Cal . (2 i s . ) --------- 4 )4
429. -S an ta B a rb a ra , C a l-------------- 4 )4
485. -S clp lo T w p ., O h io ____________ 4 y2
429. .S ea b re eze, F la --------------------- -- .
429. .S e a ttle , W a s h ................. .......... 5
365. .S h a k o p ee S .D . N o . 1, M in n . . 5
546. .S h a ron , P a ____________________ 4
429. .S h erb u rn e, N . Y ------------------4
619. .S k a g it Co. S .D . N o . 32,W ash . 5
366. .S o n o ra Sch. D is t.,C a l-----------5
422. -S ou th R a n g e, M ich ........... ...... 5
430. -S ta m fo r d , C on n ------------------- 4
618. -S te p h e n v ille Sch. D is t., T e x . 5
546. .S teu b en C ou n ty, N . Y . (2 Is.) 5
546. -S to w T w p . Sch. D is t., P a ------5
366. .S w is s v a le , P a -----------------------4 )4
546. .S yra c u s e, N . Y ------------------- 4)4
430. -T ec u m seh , N e b ------------------- -5
430. .T e r r e H au te S chool C i t y ,I n d . 4
430. .T w o H a rb o rs ,M in n ___________ 5
366. . U t ic a ,N . Y ........... .................. 4
486. .U t ic a , N . Y .............................. 4
486. .V a n W e rt C ou n ty, O h io ------- 4 3-5
620. .V e r d e S ch .D ist., C a l------------ 6
430 .W a d s w o r th Sch. D ist , O h io . 4)4
5 4 7 . . W a k e m a n T w p ., O h io -----------4)4
547
6 2 0 __W a !la W a lla C ou ntySch . D ist.
620
N o . 8. W a s h ________________ 5
3 6 7 ..-W a lle r C o u n ty, T e x -------------- 4
430..W a llin g fo r d , C on n ----------------4 )4
4 8 6 .- W a rren , O hio (4 i s . ) ------------ 5
5 4 7 .-W a t e r lo o , N . Y ------------------- 5
4 3 0 --W e s tfte ld , 111_________________ 5
5 4 7 . . W ild w o o d ,_M in n _____________ 6
4 3 1 . . W illiam sb u rg , V a ----------------5
431 ..W y a n d o t C o u n ty, O h i o ------- 5
5 4 7 ..W y a n d o tte ,-M i c h ----------------4 )4
3 6 7 - - Y on k ers U n . F r e e S . D ., N . Y 414
4 8 7 -.Z u m b ro Falls, M in n ------------ 6

M a tu r ity .
1920-1929
1927
1911
1912-1917
1909
1910
1908-1912
1957
1917
1956
£*1917-1937
1917,1926
£*1912-1917
1913-1931
1908-1947
1908-1947
1920-1929
1927
(21917-1927
'1908'1913
d 1917-1927
1908-1927
£*1908-1917
1912
1908-1917
1908-1913
1908-1917
1909

1908-1917
1908-1917
1908-1917
1908-1927
'" l 9 2 2 " ' "
1908-1922
£*1917-1927
1922
1908-1917
1909-1918
1937
1917
£*1937-1947
1908-1927
1908-1917
1912-1923
d l 927-1947
1913-1927
1917
1908-1947
1908-1947
1913-1920
1910-1921
£*1917-1927
1912-1932
£*1908-1917
1908-1932
1908-1926
1932
£*1912-1947
1908-1913
1908-1934
1908-1927
£*1912-1927
1912-1931
1927
1926
‘1908-1916
1908-1912
1912-1930

1908
1909-1912
1908-1910
1909-1910
1911-1918
1937
1909-1913
1937
1951-1956
1908-1913

A m o u n t.

P r ic e .

30.000
100.133
50.000
1.000
101.095
5,500
103.818
1.000 H 0 1 .9485
1.000 J
15.000
100
47,616
100.30
5,930,040
162,620
100
164,800 2:100
75.000
100
102.81
20.000
10,000
100.17
250.000
992.000
100.052
30.000
100
28.000
375.000
102.834
15.000
100
25.000
100
3,000/ 4 .7 5 %
basis
101.775
102,900
15.000
100
4.000
lOO'. 3 9 '
20.000
100
4.000
100
4.000
105.714
3.500
100.176
45.000
100.096
26.000
105.492
6,900
985,000
97.79
1.500
102.10
5.000
102.60
25.000
102.101
10.000 102.1025
3.500
103.10
10,000
102.10
25.000
102.10
80.000
102.175
103,677
21,637 102*652
40.000
100
5,100
100
30,200
101.009
13,650
100.481
100.303
9,877
60,500
104.309
50.000
103.92
25.000
30.000
30.000
101
7,500
100
36.000
15.000] 100
20,000/
85.000
104.166
3.000
500,000
100
20.000]
5.000 I- 100.279
6,000J
101.036
9.500
150.000
100.27
150.000
102.513
100.113
22,000
101.07
150.000
102.77
50.000
101.66
15.000
10.000
100
2,250,000
103.322
12,000
100
50.000
15.000
100
100
2,000
105.036
50.000
19*000
100
100
50.000
34.000
101.47
103.162
50.000
50.000
10l".30"
80.000
25.000
102.50
16.000
100.25
102.882
200.000
40.000
102.003
100
7.500
5.000
100
100.005
18.000
106.666
1.500
65.000 102.20
100
5.000
1.500
1,995
5.000
3,730
9.000
2.000
8,000
18.000
4,800
20,000
60,000
3,000

100
102.194
100
100
100
100
103.177
100
105.061
100

T o ta l bond sales fo r A u gu st 1907 (195 m u n icip a li­
ties co ve rin g 274 separate Issues---------------------fc$21,777,
a A v e r a g e dates o f m a tu rity, d S u b ject t o call In and a fte r th e earlier
y e a r and m atu re in the la ter ye ar, k N o t inclu ding $9,415,000 o f te m ­
p o ra ry loans re p orted and w hich d o n o t b elon g in th e list, x T a k en b y
sin kin g fu n d as an In vestm en t, y A n d oth er considerations.
B O N D S SO LD B Y C A N A D IA N M U N IC IP A L IT IE S .
Page.
N a m e.
Rate.
483..F r e d e r ic to n , N . B ----------------4
6 1 6 ..L a in u k -Sch. D is t., A l t a ------- 8
4 2 8 ..N e w -G lasgow , N . S -------------- 4 )4

M a tu rity .
1947
1917
1937

A m o u n t.
P r ic e .
$27,500
100
1,000
100
2,000
100
500
98
97
6,000

Page.
Nam e.
Rate.
424.-A lh a m b r a , C al................. .........4
481 - - A lle g h e n y C o u n ty ,V a ________ 5
4 8 1 ..A n d e rs o n S. D ., M o. (J u n e ).. 6
5 4 2 . . B eltra m i C ou n ty, M in n _______ _5
1 7 4 B ergen C ou n ty, N . J __________4 )4
4 8 2 . . B illin gs S ch .D ist. N o .2, M on t. 4 %
48 2 ._C h eyen n e Sch. D ist. N o . 10,
W y o . (M a y )________________ _6
4 2 5 --C le vela n d H eig h ts, O. (4 is .)_ 4 )4
42 5 .-D u q u es n e Sch. D is t., P a ----- 4 )4
4 2 5 --E a s t C levela n d , O h i o ________ 4
5 4 3 ..E d w a r d s C ou nty, K a n --------- 5
4 8 3 ..E x e t e r _Sch. D is t., C a l________ _6
4 8 3 . . F lo y d a d a In d . S c h .D is t.,T e x _ 5
4 8 3 . . G alena,_K a n ___________________ 5
4 8 3 .-G ra n d R a p id s , Minn (June)
(3 i s . ) .......................................5
4 2 6 .-In vern e ss Sch. D ist., C a l____ _6
4 2 6 --Jefferson Sch. D ist., C a l_______6
4 8 3 - .L a t t a S. D . N o . 20. So. C aro- 6
616. .L in c o ln Co. S .D . N o .90 .W ash. 5
1 19 8.M ed in a O hio (M a y )___________4
6 1 7 ..M em phis Sch. D is t., T e n n . - - 4
428-.M o u n ta in V ie w , O k la ________ _6
6 1 7 --N e w Y o r k C ity (2 i s . ) ________ _3
544- .O x fo r d , N e b ___________________ 5
5 4 4 --P a rk C ity S. D . N o . 5, M ont . . 4 )4
4 2 9 ..5 .a le r s v llle T w p ., O h io ......... .5
430. . 5 0 . i a l _C ircle, G a .(J u n e )_______5
4 30-.S o u th Charleston, O h io _______ 4 )4
430. .W e s tfie ld , 111......... .................. .5
4 3 1 - -W o o s te r, O h io ......... ................ 4
431 ..W o o s t e r , O h io ________ ________4 )4

lxxxv.

M a tu rity . A m o u n t.
P ric e .
1908-1927
$68,500 100.642
£*1917-1927
18,006
1908-1917
3,000
100
1917
160,000
100.94
1909-1917
18,000
100
£*1917-1927
35,000
100
1912-1916
1908-1917
1917-1936

£*1917-1937

5,000
222,311
20,000
23,000
20,000
12,000
4,000
18,000

1922
1910-1919
1908-1915
1927
........
1916-1931
1937
1937
1956
£*1912-1927
d1917-1927
1908-1912
1926
---------------1908-1909
190S-1917
1917

13,000
100
3,500 102.934
8,000 103.6875
14,000
2,000
100
32,000
100.25
300,000
100
20,000
100
218,500
2:100
15.000
100
15.000
100
5,000
101.40
16,000 100.632
5,500
2,000
100.75
9,500
3,000

1911-1923

102
100.265
l60.047
100
108.225
101

All the above sales (except as indicated) are for July.
These additional July issues will make the total sales (not
including temporary loans) for that month $15,602,057.

News Items.
N ew York City.— Members of Charter Revision Board.—
The Charter Revision Board had its first meeting on Saturday
August 31. A s new appointments have been made to fill
vacancies caused b y the resignation of E x-M ayor Seth Low
and several others appointed on July 24 (V . 85, p. 297) we
give herewith the names of the members of this Board as
it now stands, as furnished us b y the Secretary to the G ov­
ernor: the Mayor of N ew Y o rk City; the Comptroller of New
York City; William M. Ivins; Alderman James Cowden
Myers; Hon. Edw ard M. Grout; Dr. E . R . L . Gould; H on.
Nathaniel A . Elsberg; George L . Duval, and Charles H .
Strong. In V . 85, p. 359, we gave in full the bill passed
by the Legislature creating the Commission and defining
the duties of the same.

Bond Calls and Redemptions.
Denver, Colo.— Bond Call.— W . J. Fine, City Treasurer,
calls the following bonds for payment Sept. 30:
S TO RM S E W E R BO ND S.
• S u b -D ist. N o . 16 o f th e C a p ito l H ill S to rm S ew er D ist. N o . 1.— B on d
N o . 9.
• 13th S treet S torm S ew er D is t.— B on d N o . 5.
S A N IT A R Y S E W E R BOND S.
• H igh lan d s S pecial S an ita ry S ew er D ist. N o . 9.— Bonds N o s. 5 and 6.
•Jl’ S ou th C a pitol H ill S pecial S a n ita ry S ew er D ist.— Bond N o . 6.
S ID E W A L K B O N D S.
• C a pitol H ill S id ew a lk D ist. N o . 1.— B on d N o . 20.
C entral S id ew a lk D is t.— Bonds N os. 12 and 13.
S id ew a lk D ist. N o . 9.— Bond N o . 17.
S id ew a lk D ist. N o . 10.— Bonds N o s. 44 and 45.
South B ro a d w a y S id ew a lk D ist. N o . 1.— B on d N o . 24.
S ou th B ro a d w a y S id ew a lk D ist. N o . 2.— B on d N o . 15.
IM P R O V E M E N T B O N D S.
C a p ito l H ill Im p ro v e m e n t D ist. N o . 1.— Bonds N o s. 125 to 12# in clu sive.
C a p ito l H ill Im p ro v e m e n t D ist. N o . 2.— Bonds N o s. 83 and 84.
C a p ito l H ill Im p ro v e m e n t D ist. N o . 3.— B on d N o . 86.
C a pitol H ill Im p ro v e m e n t D ist. N o . 4 .— Bonds N os. 72 to 74 in clu sive.
E ast C a p ito l H ill Im p ro v e m e n t D ist. N o . 1.— Bonds N o s. 48 and 49.
E ast C o lfa x A v e . Im p ro v e m e n t D ist. N o . 1.— Bonds N o s. 29 to 31 incl.
E ast D en ver Im p ro v e m e n t D ist. N o . 1.— Bond N o . 70.
H igh la n d s Im p ro vem en t D ist. N o . 1.— Bond N o . 25.
M ou nt V ie w Im p ro vem en t D ist. N o . 1.— Bond N o . 32.
South B roa d w a y Im p ro v e m e n t D ist. N o . 1.— Bonds N o s. 62 and 63.
South B ro a d w a y Im p ro v e m e n t D ist. N o . 2.— Bonds N os. 14 to 25 Incl.
P A V IN G BO N D S.
A lle y P a v in g D ist. N o . 3.— B on d N o . 18.
A lle y P a v in g D ist. N o . 4.— B on d N o . 16.
A lle y P a v in g D ist. N o . 5.— Bonds N o s. 11 and 12.
B ro a d w a y P a v in g D ist. N o . 1.— Bonds N o s. 70 to 75 in clu sive.
G ran t, L o g a n and 7th A v e s . P a v in g D ist. N o . 1.— Bonds N o s .24 to 26 in cl.
W e lto n S t. P a v in g D ist. N o . 1.— Bonds N o s. 23 and 24.
S U R F A C IN G B O N D S.
S u rfacin g D ist. N o . 1.— Bond N o . 26.
S urfacin g D ist. N o . 3 .— Bonds N o s. 26 to 28 in clu sive.
V IA D U C T BO N D S.
F o u rteen th S t. V ia d u c t D ist.— Bond N o . 761.
W A T E R BO ND S.
N o rth D e n v e r iW a te r Bonds d a ted O ct. 1 1897.- -B on ds N o s . 1 and 2.

Upon the request of the holders of any of the above bonds
received ten days before the expiration of this call, the City
Treasurer will arrange for their payment at the Mercantile
Trust Co., N ew York City, but not otherwise.

R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .

The following items, included in our totals for previous
months, should be eliminated from the same, as the sales
have not been carried to completion. W e give the page
number of the issue of our paper in which the reason for the
failure to consummate the sale m ay be found.

[V o l .

Bond Proposals and N e ^ o t ia tio M S this
have been as f©ll»ws:

Pa g e.
N a m e o f M u n ic ip a lit y .
A m ou n t.
4 8 1 .-B a k e rsfie ld , Cal. (June lis t )---------------------------------------------- $120,000
6 1 5 .-C h ristian C o., K y . (J u n e lis t )---------------------------------------------- 100,000
5 4 5 . . P la t t e v llle , W is . (Ju ly l i s t ) . - ........... - .................... - ................
20,000
6 1 8 - .R o e d in g Sch. D is t., Cal. (J u ly lis t )......... ...................................
10,000
4 3 0 .- W a lla W a lla , W ash . (M a y lis t )................................................. 100,000

Alderson Independent School District (P . 0 . A lderson),
Monroe County, W . V a .— Bonds Not Sold.— No satisfactory
bids were received on Aug. 31 for the $15,000 5% coupon
school bonds described in V. 85, p. 424.
Alliance, Stark County, Ohio.— Bond Offering.— Proposals
will be received until 12 m. Sept. 11 by Charles O. Silver,
City Auditor, for the following bonds:

W e have also learned of the following additional sales for
previous months.

.




$20 000 4 1 4 % street-Im p ro vem en t assessment bonds.
M a tu rity $4,000
“
" y e a r ly on S ept- 16 fro m 15)08 to 1912 in clu sive.
7 500 4 % s tre et-p a vin g bom is ( c it y ’ s p o rtio n ).
M a tu rity tS ept, 16 1927.

S b p t . 7 1907. J

THE CHRONICLE.

Denomination $500. Date Sept. 16 1907. Interest semi­
annual. Certified check for 5% of the amount of bonds
bid for, payable to the City Treasurer, is required. Suc­
cessful bidder to furnish blank bonds at his own expense.
Bids must be made on blank forms furnished by city.
Am bler, Montgomery County, P a .— Bond, Sale.— On Aug.
27 the $35,000 4 }^ % street-improvement bonds described
in V. 85, p. 481, were awarded, it is stated, to Heyl & Major
of Philadelphia.
Anderson County (P. O. Clinton), Tenn.— Bond Offering.—
Proposals will be received until 1 p. m. Oct. 5 by the PikeRoad Commissioners for $100,000 4J^% road bonds. In ­
terest semi-annual. Maturity part yearly on Jan. 1 from
1918 to
1938 inclusive. Certified check for $2,500
is required.
A rcadia School District (P. O. A rcadia), Los Angeles
County, Cal.— Bond Sale.— On A ug. 12 $5,000 5% bonds
of this district were awarded to the Los Angeles Trust Co.
of Los Angeles on a basis of 4.75%. Denomination $500.
Date Aug. 12 1907. Interest annual. Maturity $500
yearly,
Argentine School District (P . O. Kansas City), W y a n ­
dotte County, K a n .— Price Paid for Bonds.— W e are advised
that the price paid for the $25,000 5% high-school-building
bonds awarded on Aug. 8 to the State School Fund Com­
missioners (V . 85, p. 542) was par. Denomination $1,000.
Interest January and July. Maturity twenty years, sub­
ject to call at any time.
Bellaire, Belmont County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. Sept. 9 b y R . E . Crow,
City Auditor, for $10,000 43^% coupon water-works im­
provement bonds. Authority Section 2835 Revised Stat­
utes. Denomination $1,000. Date Sept. 1 1907. Interest
semi-annually in Bellaire. Maturity Sept. 1 1917. Official
circular states that the city has never defaulted payment
on its bonds or interest and that there is no controversy or
litigation pending threatening the validity of these bonds
or any other outstanding bonds.
Boston, M ass.— Bond Sales.— The following bonds were
sold at par during the month of August:
$694,000 4 % Boston T u n n el and S u b w a y bonds d a ted A u g . 24 1907 and
m atu rin g-Ju ly 1 1947.
301.000 4 % B oston T u n n el and S u b w a y bonds d a ted A u g . 1 1907 and
m a tu rin g J u ly 1 1947.
7,200 4 % B randon S treet and B e lgra d e A v e n u e bonds d a te d A u g . 1
1907 and m a tu rin g J u ly 11927.
7 500 4 % O ld P ro v in c ia l S ta te H ouse bonds d a ted A u g . 1 1907 and
m a tu rin g J u ly 1 1927.
10.000 4 % M eridian S treet bridge bonds d a ted A u g 1 1907 and m a tu rin g
J u ly 1 1927.
175.000 4 % pew erage bonds d a ted A u g. 1 1907 and m a tu rin g J u ly 1 1937.
56.000 4 % sew erage bonds dated A u g . 21 1907 and m a tu rin g J u ly 1 1937.

Bond Offering.— Charles H . Slattery, City Treasurer, is
offering at par $952,000 4% registered bonds maturing July
1 1927 and July 1 1937. Denomination $1,000 or multiple.
Interest Jan. 1 and July 1 at the City Treasurer’s office.
Bristol County (P . O. Taunton), M ass.— Note Sale.—
Local papers report that on Aug. 31 the $140,000 and $160,000 5 % 4-year Taunton Great River bridge-construction
notes described in V .8 5, p. 482, were awarded, $150,000 to
the Bristol County Savings Bank of Taunton at 101.50 and
$150,000 to the Fall River Savings Bank of Fall River at
101.2425.
Bryson City, Swain County, No. C ar.— Bonds Not Sold.—
No satisfactory bids were received on Sept. 2 for the $20,000
5% 30-year coupon water-works bonds described in V.
85, p. 542.
Burlington Independent School District (P. O. Burlington)
Des Moines County, Io w a .— Bonds Not Yet Sold.— This dis­
trict is offering at private sale the $150,000 4% 5-10-year
(optional) school-house bonds offered without success
(V . 85, p. 237) on July 18.
Cambria School District No. 3 (P. O. Cam bria), W eston
County, W y o .— Bonds Not Sold.— N o sale was made on A ug.
19 of $2,500 6% 15-yiear school-building bonds offered on
that day. Denomination $250. Date Sept. 1 1907. In ­
terest Feb. 1 and Aug. 1.
Campbell County (P . O. Jacksboro), Tenn.— Bonds
Awarded in Part.— On Sept. 2 $50,000 of the $100,000 1030-year (optional) coupon road bonds described in V . 85,
p. 298, were disposed of as 5s.
Carrollton, Carroll County, Ohio.— Bond Offering.— In
addition to the $7,000 5% Lisbon Street and Main Street
improvement (village’s portion) bonds to be offered at 12 m.,
Sept. 10 (V . 85, p. 482), proposals will also be received at
the same time and place by Sam Q. Morrow, Village Clerk,
for $11,240 5% Lisbon Street and Main Street improvement
assessment bonds. Authority,
Section 2835, Revised
Statutes. Denomination $1,124. Date A ug. 20 1907.
Interest semi-annual. Maturity $1,124 yearly on A ug. 20
from 1908 to 1917 inclusive. Certified check fo r'5% of
bonds bid for, payable to the Village Treasurer, is required.
Accrued interest to be paid by purchaser.
Chewelah, Stevens County, W a s h .— Bonds Not Sold.—
No sale has yet been made of the $7,000 6% 20-year water­
works and electric-light-plant-construction bonds described
in V . 85, p. 53.
Chicago, 111.— Bonds Proposed.— The Finance Committee
has recommended to the Council the issuance of $2,500,000
bonds for the following purposes: $1,000,000 for a new cityhall, $1,000,000 for water-works and $500,000 for bridges.




615

Christian County (P. O. Hopkinsville), K y .— Bond Sale
Not Consummated.— W e are advised that the $100,000 5%
turnpike-extension bonds awarded on A ug. 6 to W alter F.
Garnett & Co. of Hopkinsville at 103 and accrued interest
(V . 85, p. 542) take the place of the $100,000 bonds awarded
on June 11 to E . H . Rollins & Sons of Chicago. The first
sale was never consummated as the attorneys for E . H .
Rollins & Sons would not approve the legality of the bonds.
Coeur d ’Alene, Kootenai County, Idaho.— Bonds Voted.—
B y a vote of 199 to 60 this city on A ug. 26 authorized the
issuance of $40,000 20-year city-hall bonds.
Colorado.— Bonds Authorized.— The Legislature, by an
Act approved April 9, authorized the issuance b y the State
of $900,000 3% 20-year coupon funding bonds. The pro­
ceeds of these bonds will be used for paying the indebtedness
incurred during the years 1899, 1903 and 1904 b y calling
out the State Militia for the purpose of suppressing insur­
rection and defending the State. Bonds will be in denomi­
nation of $1,000. Interest payable semi-annually at the
State Treasurer’s office, or at such banking house in the
City of N ew York as the Governor m ay designate.
Colville, Cook County, M inn.— Bond Offering.— Proposals
will be received until 9 a. m. Oct. 1 by L . R . Daniels, Town
Clerk (P . O. Grand M arais), for $5,000 registered road and
bridge bonds. Date N ov. 1 1907. Interest (rate to be
named in b id ) payable annually. M aturity N ov. 1 1917.
Bonds are exempt from all taxes.
Bonded debt this issue.
Assessed valuation for 1906 $205,600. These bonds were
offered on A ug. 26 (V . 85, p. 361) but no award was made
on that day.
Creston, W ayne County, Ohio.— Bond Sale.— On A ug. 26
the $14,596 5% Main Street improvement assessment bonds
described in V . 85, p. 425, were awarded to the Citizens’
National Bank of W ooster. Maturity $1,459 60 yearly on
March 1 from 1909 to 1918 inclusive.
Crooksville, Perry County, Ohio.— Bond Offering.— P ro ­
posals will be received until 12 m. to-day (Sept. 7) b y S. L .
Pitcock, Village Clerk, for $5,000 5% coupon street-paving
bonds. Authority Sections 2835-6-7 Revised Statutes.
Denomination $1,000. Date July 1 1907. Interest semi­
annually at the Crooksville Bank. Maturity $1,000 yearty
on July 1 from 1909 to 1913 inclusive. Total debt, including
this issue, $12,000.
Cumberland County, (P . O. Portland) M e.— Bonds Not
Yet Sold.— N o sale has yet been made of the $200,000 3J^%
15-year court-house bonds offered but not sold on June 29.
See V. 85, p. 299.
Dalhart Independent School District (P . O. D alhart),
Dallam County, T ex.— Bond Offering.— Proposals will be re­
ceived until 10 a. m. Sept. 10 by W . B. Slaughter, President
First National Bank of Dalhart, acting as agent for this
district, for $25,000 5% coupon brick-school-building bonds.
Denomination $500. Date Sept. 1 1907. Interest annually
in N ew York City, Dalhart or Austin, at option of purchaser.
Maturity Sept. 1 1947, subject to call Sept. 1 1927. Bonds
are exempt from all taxes. Certified check for $1,000,
payable to W . B. Slaughter, President First National Bank
of D alhart, is required. Bonded debt, not including this
issue, $9,000. Assessed valuation, $1,750,000.
Dayton, M ontgomery County, Ohio.— Bond Sale.— On
Sept. 3 the $12,500 4 % 6-year coupon Stewart Street im ­
provement bonds and the $31,000 5% 14-year coupon park
bonds described in V . 85, p. 361, were awarded to the Dayton
Savings & Trust Co. of Dayton for $43,550 (100.114) and
accrued interest. A bid was also received from B . A .
Satterthwaite of Dayton for $43,530.
Douglas County School District N o. 155, W a s h .— Bond
Sale.— On A ug. 31 $1,500 5% 1-20-year (optional) schoolhouse bonds were awarded to the State of Washington at
par. Denomination $500. Date Sept. 15 1907. Interest
annual.
Edgefield County (P . O. Edgefield), S. C.— Bonds Not
Sold.— U p to A ug. 29 no award had yet been made of the.
$20,000 6% 20-year Dean or Pine Grove Township and the
$20,000 5% 30-year Johnston Township coupon railroadaid-construction refunding bonds offered but not awarded
on July 27. See V . 85, p. 299.
Em poria, Lyon County, K an.— Bond Sale.— This city has
awarded $12,500 5% paving bonds to the State of Kansas
at par. Denomination $500. Date July 1 1907. Maturity
one-tenth yearly.
Essex County (P . O. Salem), M ass.— Bids Rejected.— A ll
bids received on Sept. 3 for the $125,000 6-months bridgebuilding notes described in V . 85, p. 543, were rejected.
Eustis School District (P. O. Eustis), Frontier County,
N e b .— Purchaser of Bonds.— W e are advised that the pur­
chaser of the $10,000 5% coupon school-building bonds
recently disposed of (V . 85, p. 483) was the Farmers’ State
Bank of Eustis. The price paid was par. Denomination
$500. Date April 1 1907. Interest annual. M aturity
$5,000 on April 1 1912 and $1,000 yearly on April 1 from
1913 to 1917 inclusive.
Everett School District No. 24 (P. O. Everett), Snohomish
County, W a s h .— Bids Rejected.— A ll bids received on A ug. 27
for $200,000 school-building bonds offered on that day were
rejected.

(U6

THE CHRONICLE.

Florence School District (P . O. Florence), Los Angeles
County, Cal.— Bond Sale.— This district on A u g .l 2 awarded
$30,000 5% school bonds to the Los Angeles Trust Co. of
Los Angeles on a basis of 4.60%. Denomination $1,000.
Date A ug. 12 1907. Interest annual. Maturity $1,000
yearly.
Fort Pierre Independent School District (P. O. Fort Pierre),
Stanley County, S. D .— Bond Offering Postponed.— The
offering of the $19,000 5% 10-20-year (optional) school
bonds which was to have taken place Aug. 30 (V . 85, p. 299)
has been postponed until Sept. 30.
Fort Stockton Common School District No. 1 (P. O. Fort
Stockton), Pecos County, Texas.— Bond Sale.— On Aug. 26
the $15,000 5% 15-20-year (optional) gold registered schoolbuilding bonds offered but not sold on A ug. 15 (V . 85, p .543)
were awarded to the First State Bank of Fort Stockton at par.
Fostoria, Seneca County, Ohio.— Bonds Not Sold.— No
award was made on A ug. 31 of the $6,000 4% 17-year coupon
refunding Sewer District No. 1 bonds described in V.85, p .426.
Franklin, Franklin County, N e b .— Bonds Voted.— The
election held A ug. 26 resulted in a vote of 164 to 55 in favor
of the proposition to issue the $17,000 5% 5-20-year (op­
tional) water-works bonds mentioned in V . 85, p. 483.
Franklin Township School District, Darke County, Ohio.
— Bond Sale.— The following award was made on Aug. 24
of the $6,800 5% coupon high-school-building assessment
bonds described in V . 85, p. 362:
$1,680 bonds m a tu rin g $830 on M arch 1 1909 and $850 on S ept. 1 1909,
a w arded to John H lsson g o f A rca n u m at par.
2,670 bonds m a tu rin g $870 on M arch 1 1910, $890 on S ept. 1 1910 and
$910 on M arch 1 1911, aw arded to John R h oa des o f A rca n u m fo r
$2,675— the price thus b ein g 100.187.
1,900 bonds m a tu rin g $940 on S ept. 1 1911 and $960 on M arch 1 1912,
aw arded to A . S. T h om as o f G re en v ille at par.
550 bonds m a tu rin g S ept. 1 1912, aw arded to Jonas R h oades o f A r ­
canum at par.

These were the only bids received.
Glassport School District (P. O. Glassport), Allegheny
County, P a .— Bonds Not Sold.— U p to A ug. 30 no bids had
yet been received for the $50,000 4)/£% coupon (with priv­
ilege of registration) school bonds described in V . 85, p. 362.
Gleicken School District No. 103 (P .O . Gleichen), Alberta.
Debenture Offering.— Proposals will be received until 12 m.
Sept. 10 by W . Rose, Secretary-Treasurer, for $6,000 5%
debentures. M aturity twenty years.
Glendale, Hamilton County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m ., Oct. 5, b y John G. Gut­
ting, Village Clerk, for the following bonds:
$400 5 % G rand A v e n u e (v illa g e ’ s p o rtio n ) im p ro vem e n t bond . A u th o rity ,
S ection 2835 R ev ised S tatu tes.
800 5 % C levelan d A ven u e (v illa g e ’ s po rtio n ) im p ro vem e n t bond. A u ­
t h o rity , S ection 2825 R ev ised S tatu tes.

Bonds are dated Oct. 1 1907. Interest semi-annual.
Maturity Oct. 1 1909. Certified check for 5% of bonds bid
for, payable to the Village Treasurer, is required. Pur­
chaser to pay accrued interest.
Glendora, Los Angeles County, Cal.— Bond Election Pro­
posed.— W e are informed that steps are being taken b y the
Glendora Board of Trade to petition the Los Angeles County
Board of Supervisors to call an election to vote on the ques­
tion of issuing $10,000 bonds for the purpose of building a
wagon road over the foothills into the San Gabriel Canyon.
Goderich, Ontario.— Debenture Offering.— Proposals will
be received until Sept. 19 by M. O. Johnston, Town Clerk,
for the following debentures:
$11,355
2,000
50.000
25.000

lo ca l im p ro vem e n t debentures.
Jackson M an u factu ring Co. bonus debentures.
W h e e l R ig s bonus loan debentures.
K en sin gto n M a n u factu rin g Co. bonus loan debentures.

Greenfield, Franklin County, M ass.— Bonds Not Sold.—
No award was made on Sept. 4 of the $35,000 library, $5,000
7-year park and $14,000 8-year school 4 )^ % registered bonds
described in V . 85, p. 543.
Greenville, Butler County, A la .— Bond Election.— An
election will be held Sept. 16 to vote on the question of issuing
$12,000 additional street-improvement bonds.
Greenville, Hunt County, Texas.— Bond Sale.— This city
has awarded the $20,000 43^% refunding bonds registered
b y the State Comptroller on July 15 (V . 85, p. 239) to the
State School Fund for “ a small premium.” Denomination
$1,000. Date April 10 1907. Interest semi-annual. M a­
turity April 10 1937, but subject to call $4,000 every five
years.
Guthrie, Logan County, Okla.— Bonds Voted.— The elec­
tion held A ug. 27 resulted in favor of the propositions to
issue the following bonds, mention of which was made in
V . 85, p. 239:
$40,000 10-30-year (o p tio n a l) w a ter-sy stem -lm p ro vem en t bonds.
In tere st
(n o t to exceed 5 % ) p a ya b le sem i-ann u ally.
30.000 10-30-year (o
' p tio
“ n aaI)
l) storm -sew er-con stru ctlon bonds.
In terest
(n ot to exceed 5 % ) p a ya b le sem i-an n u ally.
10.000 10.30-year (o p tio n a l)
m ain -sanltary-sew er-con stru ction bonds.
In tere st (n ot to exceed 5 % ) p a ya b le sem i-ann u ally.
10.000 10-30-year (o p tio n a l) street-im p rovem en t bonds.
In tere st (n ot to
ex ceed 5 % ) p a ya b le sem i-an n u ally.
6,000 a d d itio n a l flre-d ep a rtm en t-equ ip m en t bonds.

Hamiota, M anitoba.— Debenture Offering.— Proposals will
be received until Sept. 30 by Jos. Andrew, Secretary-Treas­
urer, for $4,000 6% coupon debentures. M aturity part year­
ly on Dec. 1 from 1908 to 1917 inclusive.
Hamilton, Butler County, Ohio.— Bond Sale.— The fol­
lowing bids were received on A ug. 29 for the $8,773 02
Seventh Street and the $27,707 64 Dayton Street 4J^%




[V o l .

lxxxv.

1-10-year (serial) coupon improvement assessment bonds
described in V . 85, p. 300:
$8,773 02
Seventh Street
bonds.
W e il, R o th & C o., C in c in n a ti._______ _________ §8,826 02
S ecu rity S avings B k . & T ru s t. C o., T o le d o
8,810 52
First N a tio n a l B a n k, H a m ilt o n ------------------- 8,798 02

$27,707 64
D a yton Street
bonds.
$27,917 64
27,928 64
27,782 64

Haileyville School District (P. O. H aileyville), Ind. Ter.—
Bonds Authorized.— This district has authorized the issu­
ance of $10,000 school-building bonds.
Harriman, Roane County, Tenn.— Bond Offering.— Pro­
posals will be received until 12 m. to-day (Sept. 7) by the
City Council for $10,000 5% coupon refunding bonds. Date
of bonds April 1 1907. Interest payable semi-annually in
N ew York. Maturity twenty years. Certified check for
$100 is required.
Harrison-Pottawattamie Drainage District No. 1., Potta­
wattamie County, Xovr&.— Bond Offering.— Proposals will be
received until 2 p. m. Sept. 20 b y W . C. Cheyne, County
Auditor (P. O. Council Bluffs), for $25,585 59 6% drainage
bonds. Date July 1 1907. Interest semi-annual. Matur­
ity $2,500 yearly on July 1 beginning in 1912. Certified check
for $250 is required.
Houghton, Houghton County, M ich.— Bonds Awarded in
Part.— Of the $50,000 W est Houghton sewer-system bonds
voted on M ay 6 (V . 84, p. 1197), local papers report that
$10,000 have been awarded to the First National Bank of
Calumet, $3,000 to the Merchants’ & Miners’ Bank of Calu­
met and $12,000 to the Union Bank of Chicago.
Humboldt County (P. O. W innem ucca), N e v .— Bond Sale.
— On A ug. 6 $40,000 5% jail-construction bonds were
awarded to the First National Bank of Winnemucca at par.
Denomination $1,000. Interest annually in July. M a­
turity $2,000 yearly.
Iberville Parish School District (P . O. Plaquemine), L a .—
Bond Sale.— On Aug. 16 the $30,000 5% 10-20-year (optional)
coupon school-building bonds dated July 1 1907 and de­
scribed in V . 85, p. 300, were awarded to W . J. Hayes & Sons
of Cleveland.
Jennings, Calcasieu Parish, L a .— Bonds Not Sold.— U p
to A ug. 31 no satisfactory bids had yet been received for the
$40,000 5% 30-40-year (optional) school-building bonds
mentioned in V . 85, p. 240.
Jones County (P. O. Trenton), No. Car.— Bond Offering.—
Proposals will be received on or before Sept. 23 by J. K .
Dixon, Clerk Board of County Commissioners, for $10,000
5% Trent River bridge-building bonds. Authority Special
Act of the General Assembly of 1907. Denomination $500.
Interest semi-annual. Maturity fifteen years.
Kings Mountain, Cleveland County, N . C .— Bond Offering.
— Proposals wll be received until 8 p . m . Oct. 3 b y F. L . Car­
penter, Clerk, for $50,000 5% electric-light, street-improve­
ment and water-works bonds. Authority, vote of 140 to
56 cast at election held July 27. Maturity 30 years. Cer­
tified check for $2,000 is required.
Lamont, Buchanan County, Io w a .— Bond Sale.— This
town has disposed of $4,000 5% water-works bonds to the
Lamont Savings Bank of Lamont and the Beloit State B an k .
Lainuk School District No. 1610, A lta .— Debenture Sale.—
On Aug. 15 the $1,000 10-year school debenture mentioned
in V . 85, p. 240, was awarded to N ay , Anderson & Co. of
Regina at par for 8 per cents. This was the only bid re­
ceived.
Lincoln County (W a sh .) School District N o. 90.— Bond
Sale.— On July 6 this district awarded $2,000 school-houseaddition bonds to the State of Washington at par for 5s.
Denomination $500. Date Aug. 1 1907. Interest annual.
Bonds are subject to call after one year.
Little Valley, Cattaraugus County, N . Y . — Bond Sale.—
On Aug. 30 the $10,000 5-29-year (serial) registered or coupon
electric-light-improvement bonds described in V. 85, p. 484.
were awarded to W . N . Coler & Co. of N ew York City at
100.4257 and accrued interest for 5s— a basis of about 4.963%
Lockport, Niagara County, N . Y . — Bond Sale.— On
Aug. 31 the $60,000 registered water-supply bonds described
in V. 85, p. 484, were awarded to N . W . Harris & Co. of
N ew York City at 101.344 and accrued interest for 5s— a
basis of about 4.871%. A bid was also received from the
Farmers’ & Merchants’ Savirjgs Bank of Lockport at par
for 5s. Maturity $2,000 yearly on Dec. 1 from 1907 to 1936
inclusive.
Bonds Not Sold.— No bids were received for the $5,000 4%
1-5-year (serial) hospital-completion bonds offered on the
same day.
Lorain, Lorain County, Ohio.— Bonds Authorized.— On
A ug. 19 the City Council passed ordinances providing for
the issuance of the following bonds:
$16,000 4 }4 % coupon bonds for the purpose o f p ro v id in g grounds fo r cem e­
teries. fo r en closing and em b ellish in g th e same and fo r e re c t­
in g va u lts.
D en om in ation $1,000.
D a te A u g. 15 1907.
M a tu rity $1,000 each six m onths from M arch 15 1909 to
*
S ept. 15 1916 in clu sive.
1,000 4 H % coupon bonds fo r the purpose o f p a yin g the cost and expen se
o f constru cting portions o f th e O berlln A v e n u e storm w a te r
• •
sew er In street In tersection s.
D en om ination $500.
D a te
Sept. 15 1907.
M a tu rity $500 on S ept. 15 1909 and $500
on S ep t. 15 1910.

Interest March 15 and Sept. 15, payable at the Chase
National Bank, N ew York.
x
___

S e p t . 7 1907.]

617

THE CHRONICLE.

Louisville, Jefferson County, K y .— Bond Sale.— W e are
advised under date of Aug. 29 that $497,000 of the $1,000,000 4% Louisville W ater Co. gold coupon mortgage bonds
offered but not sold on March 6 have been disposed of to
local brokers, banks and trust companies. This makes a
total of $234,000 bonds sold since June 6, the date of our
last report. See V . 84, p. 1503. Bonds are dated July 2
1906 and mature July 2 1946.
Mansfield, Richland County, Ohio.— Bond Offering.— Pro­
posals will be received until 12m ., Sept. 17, by D . S. Koontz,
City Auditor, for $1,400 4% retaining-wall-completion
bonds. Date Sept. 1 1907. Interest March 1 and Sept. 1
at the office of the City Treasurer. Maturity part yearly on
Sept. 1 from 1908 to 1912 inclusive. Bonds are exempt
from taxation. Certified check for 10% of amount of bonds
bid for, payable to the “ City of Mansfield,” is required.
Purchaser to pay accrued interest. Bids to be made on
forms furnished b y the city.
M arshall, Harrison County, Texas.— Bond Offering.—
Further details are at hand relative to the offering on Sept. 10
of the $60,000 5% coupon sidewalk-paving bonds mentioned
in V. 85, p. 543. H . S. Rice, City Secretary, will offer these
bonds at public auction at 4 p. m. on that day. Denomina­
tion $1,000. Date April 1 1907. Interest January and July
at the Hanover National Bank of N ew York City.
Maturity
April 1 1947, subject to call after April 1 1917. Bonds are
exempt from city taxes. Certified check for $1,000, payable
to H . S. Rice, City Secretary, is required.
Memphis School District (P . O . M emphis), Shelby County,
Tenn.— Bond Sale.— On July 25 $300,000 4% 30-year schoolbuilding and school-ground bonds were awarded to the State
National Bank of Memphis at par. Denomination $1,000.
Date July 1 1907. Interest semi-annual.
Mendon, Mercer County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. Sept. 23 b y C. W . Rish,
Village Clerk, for $5,525 5% Market Street improvement
bonds. Authority Sections 2835-2837 Revised Statutes.
Denomination $552 20. Date September 1 1907. Interest
semi-annual. Maturity $552 50 yearly on Sept. 1 from 1908
to 1917 inclusive. Certified check for $300, payable to the
Village Treasurer, is required. Purchaser to pay accrued in­
terest.
Menominee County (P. O. Menominee), Mich.— Bond Of­
fering.— Further details are at hand relative to the offering
of the $20,000 43^j'% gold coupon agricultural-school-building
bonds mentioned in V . 85, p. 543. Proposals for these
bonds will be received b }' J. Chas. Guay, County Treasurer.
Authority, Act 35, Public Acts of 1907. Denomination
$500. Date April 1 1907. Interest annually at the County
Treasurer’s office. Maturity April 1 1922.' Bonds are
exempt from taxation.
Milford, N ew Haven County, Conn.— Bonds Awarded in
Part.— W e are informed that part of the $50,000 4% 25-year
coupon bonds which this town has been offering at par and
interest (V . 85, p. 240) have been disposed of.
Minneapolis, M inn.— Charter Election.— Local papers state
that a special election will be held on Sept. 17 to vote on
a new City Charter.
Mississippi County (P. O. Osceola), A rk .— Bonds Not Yet
Sold.— This county is still in the market with the $60,000
6% coupon drainage bonds offered without success on July
18. See V. 85, p. 240.
Missoula County (P . O. M issoula), M ont.— Bond Offering.
— Proposals will be received until 2 p. m. Oct. 7 by W . H .
Smith, County Clerk, for the following bonds:

No. 5 building-addition bonds offered on Sept. 3 (V . 85, p.
484), $600 were awarded to G . E . H and ley at 10 2 , $600 to
D . H . W ilfey at 101 and $1,200 to Louisa Jones for $1,240—
the price thus being 103.333. The following bids were also
received:
First N a tio n a l Bank, BarnesI S ecu rity Savings Bauk &
Tru st C o., T o l e d o _______ $2,406 50
v ille _____________________ $2,411 00|

Maturity $1,200 on Sept. 1 in each of the years 1908 and
1909.
Muscatine Couuty (P. O. Muscatine), I o w a .— Bonds N o t
Sold.— Bond Offering. — No satisfactory bids were received
on Sept. 3 fo r the $150,000 4% court-house and jail-building
bonds described in V. 85, p. 240. Proposals are again
asked fo r these bonds and will be received this time until
Sept. 9.
Nashville,
Davidson
County, Tenn.— Description
of
Bonds.— The $300,000 4 ^ % high-school-building and sitepurchase bonds, if authorized at the election to be held
Sept. 12 (V . 85, p. 484), will be dated Jan. 1 1908 and will
mature Jan. 1 1928. Interest semi-annual.
N ew Hampton, Chickasaw County, I o w a .— Bond Sale.—
Local papers report that $15,000 6% water and electriclight plant-improvement bonds have been disposed of at
par as follows: $3,000 to J. W . Sandusky, $3,000 to the First
National Bank of N ew Ham pton, $3,000 to the Second
National Bank of N ew Ham pton, $3,000 to the State Bank
of N ew Hampton and $3,000 to D arrow Bros, of N ew H am p ­
ton. Interest semi-annual. M aturity two years, subject
to call at any interest-paying period.
N ew York City.— Bond Sales.— The following bonds were
issued by the City of N ew Y o rk during the months of July
and August:
Hate of
----------Amount----------Purpose—
Int. Maurlty July.
August.
V ariou s m u n icipal purposes________ / 4
1 3
L ib r a r y b u ild in g in B rya n t P a r k ____
4
W a te r s u p p ly _____________ ______ - - . J
4
I 3
R a p id tra n s it_________________________
4
Assessment bon d s____________________
4

,-rS360,40O
*202,500
.r472,400
x l . 100,000
*16,000
--------.t 189,000

$3,434,320
*164,800
--------1,003,720
_______
1,492,000
162,620

T o t a l - ..............................- ..........- ............................ -$2,340,300

$6,257,460

* Purchased b y sin kin g fu n d.
Issued u n til J u ly .

1957
1956
1957
1957
1956
1957
1917

£ A w a rd e d on June 28 but not a c tu a lly

^In addition to the above bonds the following revenue bonds
(temporary securities) were also issued:
interest.
July.
August.
R ev en u e
R ve en u e
R ev en u e
R ev en u e
R ev en u e
R ev e n u e
R ev en u e
R ev e n u e
R ev e n u e
R ev e n u e
R ev e n u e
Revenue

b o n d s _______________________________ __3
*$800,000 *$2,000,000
b o n d s _________________________________4
---------- 75,000
b o n d s _________________________________4 )4
225 000
5 .000,000
b o n d s _______________________________ __4 %
2,950,000
1,600,000
b o n d s ____________________ ______ ______4 %
988,000
50.000
5,882,000
175,000
b o n d s _________________________________4 %
b o n d s ________________________________5 3,015,000
-----------------bonds special (Jan. 1 9 0 8 )________ _4 M 50,000
-----------------bonds special (M arch 190 8)....... .......4 %
22,000
bonds special (Jan. 1 9 0 8 )________ _4 % 25,000
-----------------bonds special (Jan. 1 9 0 8 )________ _5
50,000
-----------------bonds special (F e b . 190 8)-------------4 )4
15,000
— ---

T o ta l reven u e b on d s_______________________________ $14,022,000

$8,900,000

* Pu rchased b y sin kin g fund.

The above covers all the disposals of bonds during Julj^ and
August, both those made at public sale and those otherwise
disposed of. It is proper to say that $4,505,900 of the 1957
stock and $329,425 of the assessment bonds mentioned above
were awarded at public sale and have been previously re­
ported by us. See V . 84, p. 1563 and V . 85, p. 428. The
remaining $3,379,135 not awarded at public sale were all
disposed of in August and went to contractors and others.
'Ocean Park School District (P . O. Ocean P a rk ), Los A n ­
geles County, Cal.— N o Bond Election.— The Clerk of the
Board of Education advises us that the election held Aug. 24
$175,000 coart-hou se bonds to be d a ted "n o t ea rlie r than Jan. 1 1908.”
(V . 85, p. 428) was not for the purpose of voting on the issu­
75,000 fre e hlgh-school bonds to be d a ted on d a y o f d e liv e ry .
ance of bonds but on the question of levying a special school
Denomination $1,000. Interest (rate not to exceed ^ lA % )
payable Jan. 1 and July 1 at the County Treasurer’s office. tax.
Oneida County (P . O. U tica), N . Y .— Bond Offering.
Maturity twenty years, subject to call after ten years.
Certified check for $1,000, payable to “ County of Missoula,” — Further details are at hand relative to the offering on
Sept. 12 of the $55,000 3 ^ %
registered court-house
is required.
Proposals for
Monessen School District (P. O. Monessen), W estm ore­ bonds mentioned in V . 85, p. 544.
land County, P a .— Bond Offering.— Further details are at these bonds will be received until 12 m. on that
day by Henry W . Roberts, County Treasurer. Denomina­
hand relative to the offering on Sept. 10 of the $40,000 4 ^ %
gold coupon school-building and refunding bonds mentioned tion $1,000. Date Oct. 1 1907. Interest Feb. 1 and A ug. 1
in last week’s issue. Proposals for these bonds will be re­ at the County Treasurer’s office. Maturity $5,000 yearly
ceived until 11 a. m. on that day b y W illard Elkins, President on Feb. 1 from 1908 to 1918 inclusive. Bonds are exempt
from taxation. Certified check for 1% of amount of bonds
Board yf Education. Denomination $1,000. Date June 1
1907. interest Semi-arnually at the Monessen Savings & bid for, payable to County Treasurer, is required.
Palestine, Anderson County, T e x a s.— Bonds Voted.— The
Trust Co. of Monessen. M aturity $10,000 on June 1 in each
of the years 1922, 1927, 1932 and 1937. Bonds are exempt election held A ug. 20 resulted in a vote of 382 “fo r” to 49
from taxation. Certified check for $1,000, payable to W il­ “ against” the proposition to issue the $50,000 4% 10-40-year
lard Elkins, President, is required. Bonded debt, not in­ (optional) street-paving bonds, mention of which was made
cluding this issue, $79,000. Floating debt $15,000. A s ­ in V. 85, p. 241. Securities are dated Jan. 2 1908.
sessed valuation for 1907 $4,550,000.
Palm s School District ( P . O . Palm s), Los Angeles County,
Monroe, Union County, N . C .— Bond Sale.— This place has C al.— Bond Sale.— On A ug. 12 $3,000 5% school bonds
awarded the $45,000 6% coupon funding bonds dated Sept. 1 dated A ug. 12 1907 were awarded to the Los Angeles Trust
1907, offered on Aug. 1 (V . 84, p. 1566) to A . B. Leach & Co., Co. of Los Angeles on a basis of about 4.75%. Denomina­
tion $500. Interest annual. Maturity $500 yearly.
of New York City for $45,100, the price thus being 100.222.
Pascagoula, Jackson County, M iss.— Bonds Not Sold.—
Monrovia School District (P . O. M onrovia), Los Angeles
County, Cal.— N o Bonds Voted.— W e are advised that t*he U p to Aug. 28 no sale had yet been made of the $20,000 5%
election held Aug. 19 (V . 85, p. 544) was not for the purpose general street improvement bonds offered on A ug. 6 . See
of voting on the issuance of bonds but on question of a V. 85, p. 178.
special school tax.
Passaic County (P. O. Paterson), N . J .— Bond Sale.— On
M organ Township School District (P. O. Okeana), Butler Sept. 3 the $70,000 Straight Street and the $‘20,000 12-year
County, Ohio.— Bond Sale.— Of the $2,400 6% school-house Passaic River 43-2% coupon bridge-construction bouds de­




618

THE CHRONICLE.

[V o l .

lxxxv

.

scribed in V . 85, p. 544, were awarded to the Paterson Safe maturing Sept. 5 1908 was awarded to the East Side Savings
Deposit & Trust Co. of Paterson as follows: $10,000 maturing Bank of Rochester at 5.50%. Following are the bids:
Sept. 1 1914 at 100.30, $10,000 maturing Sept. 1 1915 at E ast Side S a v . B k ., R o c h ____ 5.50 % |B ro a d w a y S av. In s t., I f . Y d - . 6 .0 0 %
100.34, $10,000 maturing Sept. 1 1916 at 100.37, $40,000 R och ester S av. B k ., R o c h ____ 5.98 % |
maturing Sept. 1 1927 at 100.66 and $20,000 maturing Sept. 1
a F o r a $10,000 n ote.
1919 at 100.46. Bids were also received from John D . Everitt
Rockledge, Montgomery County, P a .— Bonds Not Sold.—
& Co. of N ew York City at 100.42 for both issues and from
the First National Bank of Paterson at> par for $25,000 bonds, No sale was made on Aug. 12 of an issue of $10,000 4%
bonds offered on that day.
maturing $10,000 on Sept. 1 1914, $10,000 on Sept. 1 1915
and $5,000 on Sept. 1 1916.
Roeding School District, Fresno County, Cal.— Bond Sale
Not Consummated.— W e are advised that the sale on July 22
Pawhuska, Okla.— Bonds Not Sold.— No award was made
of the $10,000 5% 1-10-year (serial) gold coupon schoolon A ug. 26 of two issues of bonds aggregating $100,000,
building bonds described in V . 85, p. 302, was never con­
offered on that day.
summated. These bonds were re-offered on A ug. 21, but
P a w P a w , V an Buren County, M ich.— Bonds Voted.— The no award was made on that day.
election held A ug. 31 resulted in a vote of 196 “ for” to 4
St. Bernard School District ( P . O . Station No. 17, Cincin­
■
“ against” the propositions to issue the $30,000 electric-light
and the $20,000 water 5% coupon bonds mentioned in V . 85, nati), Hamilton County, Ohio.— Bond Sale.— On A ug. 30 the
p. 485. Maturity $2,000 yearly, unpaid bonds being subject $3,000 5% 10-year coupon school-property-improvement
bonds described in V . 85, p. 302, were awarded to the Provi­
to call after 1922.
dent Savings Bank & Trust Co. of Cincinnati at 104.166 and
Pendleton, Um atilla County, Ore.— Bonds Not Sold.— No accrued interest— a basis of about 4.479%. Following are
sale was made on A ug. 25 of the four issues of 5% 20-30-year the bids:
(optional) bonds, aggregating $132,000, described in V . 85, P r o v . S. B . & T r . Co., C in -- $3,125 00] W estem G erm an B k ., Cln_$3,060 50
p. 363.
A tla s N a t . B a n k, CIn_______ 3,061 0 0 1C entral T r . & S. D . C o.,C ln. 3,060 00
Philadelphia, Jefferson County, N . Y .— Bond Sale.— On
St. Clairsville, Belmont County, Ohio.— Bond Offering.—
Sept. 2 the $6,000 5-16-year (serial) coupon or registered Proposals will be received until 12 m ., Sept. 23, by John C.
electric-light bonds described in V . 85, p. 544, were awarded Nichols, Village Clerk, for $24,506 47 coupon Main Street
to the W atertown Savings Bank of W atertown at 100.10 paving assessment bonds. Authority, Section 1536-281.
for 5s. Following are the bids:
Revised Statutes. Denomination $1,225 30. Date A ug. 15
W a te r to w n S avings B a n k, W a te r to w n (fo r 5 s )_________________________ $6,006
1907. Interest semi-annually at the Village Treasurer’s
G eo. M . H a h n , N e w Y o r k (fo r 5 s )________________________________________ 6,000
office. Maturity $1,225 30 each six months from Feb. 15
S . A . K e a n , Chicago ( f o r 5 H s ) ___ .._______________________________________ 6,006
Pierce County School District N o. 42, W a s h .— Bond Sale. 1908 to A ug. 15 1917 inclusive. Certified check for 5% of
— On A ug. 10 $4,000 5% 1-10-year (optional) school-building amount of bonds bid for, payable to the Village Treasurer,
bonds dated A ug. 10 1907 were awarded to the State of is required. Purchaser to pay accrued interest.
St. Paul , M inn.— Bond Offering.— Proposals will be re­
Washington at par. Denomination $1,000. Interest annual.
Pioneer, W illiam s County, Ohio.— Bond Sale.— On A ug. 30 ceived until 12 m., Sept. 10, for $50,000 4% school bonds
the $3,500 5% 5-year coupon bridge and highway bonds dated Sept. 1 1907 and maturing A ug. 31 1937. The City
described in V. 85, p. 428, were awarded to the Pioneer Comptroller informs us that the W ater Board Sinking Fund
Banking Co. of Pioneer at 105.714 and $43 75 accrued in­ will bid par and interest for these bonds.
Bonds to be Offered Shortly.— The City Comptroller also
terest.
Following are the bids:
informs us that the city will offer during the month of October
P io n e e r B k g . G o ., Pioneera$3,700 00 I O. D . S m ith & C o., P io n e er $3,517 50
$50,000 4% fire-department bonds dated Sept. 1 1907 and
S .A . K e a n , C h ic a g o _______ 3,600 001 S ecu rity Savings B ank &
---------I T ru st C o., T o le d o _______ 3,516 00
$50,000 4% water bonds dated Oct. 1 1907. Maturity
a A n d $43 75 accrued in terest .
thirty years.
Platteville, Grant County, W is .— Bonds Nat Sold.— No
Salem, McCook County, S. D . — Bond Election Postponed.
award was made on Sept. 3 of the $20,000 4 ^ % 20-year
— W e are informed that the election which was to have been
coupon sewerage bonds described in V. 85, p. 545.
held A ug. 30 to vote on the proposition to issue $20,000
Port Arthur, Jefferson County, Texas.— Bond Election.— sewer bonds has been postponed until next year.
A n election will be held on Sept. 17 to vote on the question
Salem, Roanoke County, V a .— Bond Offering.— Proposals
o f issuing $15,000 5% 20-40-year (optional) street-improvewill be received until 6 p. m ., Sept. 16, by W . R . Hester,
ment bonds.
Finance Committee, for $25,000 5% coupon public-improvePortland, Ore.— Bond Sale.— The following bonds were ment bonds. Denomination $500. Date Sept. 16 1907.
disposed of on A ug. 13:
Interest semi-annually at Town Treasurer’s office. M a­
$10,000 00 im p ro vem e n t bonds aw ard ed to th e U . S. N a tio n a l B a n k fo r
turity Sept. 16 1937. Certified check for 5% of amount of
$101 prem iu m and $123 33 accrued Interest.
10.000 00 Im p ro vem en t bonds a w ard ed to W . F . W h ite fo r $100 prem iu m
bid, payable to the Town Council, is required.
and $123 33 accrued Interest.
35.000 00 im p ro vem e n t bonds aw ard ed to T . C. D e v lin fo r $300 prem iu m
and $431 65 accrued in terest.
10.000 00 im p ro vem e n t bonds a w arded to T . C. D e v lin fo r $100 prem iu m
and $123 33 accrued in terest.
7.000 00 im p ro vem e n t bonds a w ard ed to A . T Ich n o r fo r $70 25 prem iu m
and $86 31 accrued In terest.
13.000 00 im p ro vem e n t bonds a w arded to J. W . Cruthers fo r $145 p re­
m iu m and $160 29 accrued in terest.
3.000 00 Im p ro vem en t bonds a w arded to the O rien t L o d g e I . O. O. F .
fo r $30 prem iu m and $36 99 accrued in terest.
15,677 95 im p ro vem e n t bonds aw ard ed to I . E . S olom on fo r $156 78 p re­
m iu m and $193 36 accrued In terest.
,

Quanah Independent School District (P. O. Quanah),
Hardem an County, T ex.— Bonds Registered.— On A ug. 29
the $20,000 5% 10-40-year (optional) school-house bonds
recently voted (V . 84, p. 1265) were registered by the State
Comptroller.
Raleigh, W ake County, No. C ar.— Bond Election.— An
election will be held on Sept. 26 to vote on the question of
issuing $100,000 bonds for the construction of an auditorium,
improving the city-hall, and purchasing a site and building
a market house thereon.
Ripley, Lauderdale County, Tenn.— Bonds Awarded in
Part.— Of the $15,000 6% 10-20-year (optional) streetimprovement bonds voted on A ug. 8 (V . 85, p. 429), $7,500
were awarded on A ug. 29 to W . J. Hayes & Sons of Cleveland
at par. Denomination $500. Date Sept. 15 1907. Interest
annual.
Roanoke Rapids Graded School District (P . 0 . Roanoke
R apids), H alifax County, No. C ar.— Bond Offering.— Further
details are at hand relative to the offering on Sept. 16 of the
$10,000 6% gold coupon graded-school-building bonds men­
tioned in V. 85, p. 429. Proposals for these bonds will be
received by W . C. Edwards, Chairman Board of Trustees,
or J. L . Patterson, Secretary. Authority Act 596 of the
Acts of the General Assembly. Denomination $500. Date
Oct. 1 1907. Interest semi-annually at the Bank of Roanoke
Rapids. Maturity $500 yearly on Jan. 1 from 1920 to 1939
inclusive. Bonds are exempt from taxation. Assessed
valuation $998,196.
Robertson County (P. O. Springfield), Tenn.— Bonds Not
Yet Sold.— This county has not yet disposed of the $150,000
4% 20-30-year (optional) coupon pike bonds offered but not
sold on June 1. See V. 85, p. 178.
Rochester, Monroe County, N . Y . — Temporary Loan.— On
.Sept. 4 a $100,000 local-improvement-fund renewal note




San Jose, Santa Clara County, C al.— Bids.— Following are
the bids received on Aug. 19 for the $55,000 city-hall-repair
and the $95,000 fire-department-equipment 4 )^ % 1-40-year
gold coupon bonds, awarded, as stated in V. 85, p. 485, to
the First National Bank of San Jose:
F irst N a t. B k ., San J o s e .$151,605 00|Jas. H . A d a m s C o ., Los
L ela n d S ta n fo rd Jr. U n iv . 150,400 0 0 i
A n g e l e s ------------------- $ lo0,26 9 70

Seattle, K ing County, W a s h .— Bonds Voted.— The electors
of this city on Aug. 20 authorized the issuance of the $75,000
5% 20-year warrant funding bonds mentioned in V . 85,
p. 303, by a vote of 571 to 233. Date of sale not yet de­
termined.
Shelby, Cleveland County, No. Car.— Bonds Not Sold.—
No satisfactory bids were received on Sept. 2 for the $100,000
coupon water-works and sewerage bonds described in V. 85,
p. 303.
Sheraden School District, Allegheny County, P a .— Bond
Offering.— Proposals will be received until 8 p. m ., Sept. 17.
b y the Board of Directors, for $30,000 5% coupon school
bonds. Denomination $1,000. Date Sept. 16 1907. Inter­
est semi-annual. Maturity 1937. These bonds are exempt
from taxation. Cash deposit of $300 is required. The legality
of the bonds has been approved by Attorney F. P. lam s.
Solicitor for the district. Purchaser to pay for bonds
awarded to him on or before Oct. 8. W . I. McDowell
(P . O. Box 261, Sheradenville) is Secretary.
Sherman, Grayson County, T ex.— Bonds Registered.— The
State Comptroller on Aug. 27 registered the $27,000 4 14 %
1-27-year (serial) public-school-building and improvement
bonds awarded on July 15 (V . 85, p. 242) to the Merchants’
& Planters’ National Bank of Sherman.
Silverton, Hamilton County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 in., Sept. 21 (date changed
from Sept. 11), by A . A . Sprague, Village Clerk, for the
$7,600 4J'2% coupon sidewalk-construction (village’s por­
tion) bonds voted 011 June 15. Authority, Sections 2835,
2§35b, 2836 and 2837, Revised Statutes. Denomination
$500. Date Aug. 12 1907. Interest semi-annually at the
First National Bank of Norwood. M aturity A u g. 12 1932.
Bonds are exempt from taxation. Certified check for 5%
of bid, payable to the Village Treasurer, is required.
Pur­
chaser to pay accrued interest. This village has no debt at
present. Assessed valuation for 1906, $146,700.

619

THE CHRONICLE.

S e p t . 7 1907.]

full maturity. Denomination $1,000.
Interest annual.

Skagit County (W a sh .) School District N o. 32.— Bond
Sale.— This district recently awarded $2,000 5% 1-10-year
(optional) bonds to the State of Washington at par. D e­
nomination $500. Date July 1 1907. Interest annual.

Date July 1 1907.

Struthers, Mahoning County, Ohio.— Bond Offering.—
Proposals will be received until 12 m ., Sept. 15, b y L . S.
South Range, Houghton County, M ich.— Bond Sale.— Creed, Village Clerk, for $5,000 6% coupon street-paving
This village recently awarded the $19,000 5% 1-19-year bonds. Authority, Section 2835, Revised Statutes. Date
(serial) coupon water bonds offered without success on July 2 Oct. 1 1907. Interest payable at the Struthers Savings &
(V . 85, p. 118) to the South Range Bank of South Range Banking Co. Certified check for 10%, payable to the
Village Treasurer, is required.
at par.
Temple, Bell County, Texas.— Bond Election.— On A ug. 27
Spartanburg County (P. O. Spartanburg), So. Car.—
Bonds Defeated.— The election held Aug. 20 resulted in the the City Council passed an ordinance providing for an election
defeat of the proposition to issue the $200,000 4% road- to be held Oct. 2 to vote on the question of issuing $90,000
macadamizing bonds mention of which was made in V . 85, bonds for the purchase and improvement of the water-works
plant. The people will be asked to assume $60,000 bonds
p. 179.
1 .4*1*1
Springfield, Clark County, Ohio.— Bond Offerings.— Pro­ now outstanding against the water-works company. I f the
posals will be received until 8 p. m ., Sept. 24, b y F. A . issue of $90,000 bonds is authorized, $60,000 will be used
Crothers, Council Clerk, for the $68,600 4% sewer-construc- for the purchase of the plant and $30,000 for the im prove­
tion (city’s portion) bonds mentioned in V . 85, p. 179. ment of the same.
Topeka, Shawnee County, K an .— Bond Offering.— Further
Denomination $1,000, except one bond of $600. Date
A ug. 1 1907. Interest March 1 and Sept. 1 at the City details are at hand relative to the offering on Sept. 9 of the
Treasurer’s office. M aturity $10,000 each six months from $82,689 70 5% coupon improvement bonds mentioned in
March 1 1927 to Sept. 1 1929 inclusive and $8,600 on March 1 V . 85, p. 546. Proposals for these bonds will be received
1930. Certified check for 5% of amount of bonds bid for until 5 p. m. on that day by C. B. Burge, City Clerk. D e­
nominations: seventy bonds of $1,000 each, ten bonds of
is required.
Proposals will be received until 8 p. m. Sept. 10 b y F. A . $500 each and ten bonds of $768 97 each. Date Sept. 1 1907.
Crothers, Clerk of Council, for $24,041 80 5% coupon sewer Interest semi-annually at the State Fiscal Agency in N ew Y ork
assessment bonds. Denominations: Twenty bonds of $1,000 City. M aturity one-tenth yearly. Certified check for 10%
and five bonds of $808 36. Date July 27 1907. Interest of bid, payable to C. B. Burge, City Clerk, is required.
semi-annually at the City Treasurer’s office. Maturity
Trenton School District No. 11 (P. O. Trenton), Hitch­
$4,808 36 yearly on July 26 from 1908 to 1912 inclusive. cock County, N e b .— Bond Sale.— This district recently
Certified check for 5% of amount of bonds bid for is required. awarded $10,000 6% school-house bonds to the City Sav­
Official circular states that the city has never defaulted in ings Bank of Omaha at 100.55. Denomination $500. Date
the payment of principal or interest on any of its obligations. July 1 1907. Interest semi-annual. M aturity Jan. 1 1923,
P ’ Stephenville Independent School District (P. O. Stephen- but subject to call $2,000 every three years. •
Troy, Rensselaer County, N . Y .— Revenue Bond Sale.— On
ville), Erath County, Texas.— Bond Sale.— On Aug. 1 the
$34,000 5% 5-40-year (optional) school-house bonds regis- { Aug. 30 the $100,000 4% temporary-loan certificates de­
tered by the State Comptroller on July 15 (V . 85, p. 242) scribed in V . 85, p. 546, were awarded to the Manufacturers’
were awarded to the Commercial National Bank of Green­ National Bank of Troy at par. M aturity Oct. 19 1907.
Bonds Not Sold.— No bids were received on Sept. 3 for the
ville for $34,500 (101.47) and accrued interest— a basis of
about 4.658% to the optional date and about 4.916% to $56,230 16 public-improvement and the $74,718 71 public-

1^

N E W

V E S T M E N T S ._______

L O A N S .

New Issue
N E W

Y O R K

4

$

C I T Y

0

0

,

0

0

,

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Bonds

E

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Gold, Tax Exempt,
M A T U R I N G M A Y , 1957

T. W. STEPH EN S & CO.,
2 W A L L ST., N E W Y O R K

Four
GOLD

an d

O n e - h a lf

(4 5 4 % )

TAX

EXEM PT

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AND

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INVESTMENT BONDS, T o b e S o l d T u e s d a y , S e p t . 1 0 , 1 9 0 7
6 0

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$35,000,000 Corporate Stock, Payable May 1, 1957
$5,000,000 Assessment Bonds, Payable May 1 , 1917

M U N I C I P A L
AND

EXEMPT FROM TAXATION,

Public Service Corporation
BONDS.
E. H,

R O L L I N S

& ! S O N S .

BOSTON
Denyer.

Chicago.

San Francisco

TH ESE
LEGAL

W a ln u t

S tr e e t,

ST O C K S

IN V E S T M E N T S

AND

BONDS A BE

FO R

TR U ST

F lIN D S .

Send bld3 in a sea led e n v e lo p e en closed in the addressed en velo p e.
A D E P O S IT O F
T W O P E R C E N T O F P A R V A L U E M U S T A C C O M P A N Y B ID .
Such d ep o sit m u st be in
m o n ey o r c e rtifie d ch eck upon a s o lv e n t B a n k in g C o rp oratio n .
F o r fu lle r in fo r m a tio n s e »
“ C ity R e c o r d ,” p u blish ed a t R o o m N o . 2, C it y H a ll, N e w Y o rk .

Albert Kleybolte & Co.,
409

EXCEPT FOR STATE PURPOSES

C o n s u lt a n y B a n k o r T r u s t C o m p a n y , o r a d d r e s s

HERMAN A. METZ, Comptroller, City of New York

C IN C IN N A T I, O.

280 B r o a d w a y , N e w

Y o rk .

M u n ic ip a l,
C o u n t y ,
and

S ta te ,

H ig h -G ra d e P u b lic
S e c u r it ie s
Correspondence Solicited




S e rv ic e

C.

B.

V A N

N O S T R A N D ,

36 W A L L 8 T R E K T ,

Investm ent

Securities

T H E
S O U T H .
Property and Investments of every
Kind in all Southern States.
M E T R O P O L IT A N IN V E S T M E N T 0 0 .
G EO . B. E D W A R D S President. Charleston. 8 O..

THE CHRONICLE.

620

building 4% 1-20-year (serial) registered bonds described in
V. 85, p. 546.
Troy, Miami County, Ohio.— Bond Offering.— Proposals
will be received until 12 m ., Sept. 30, by Charles F. Rannells,
City Auditor, for $28,000 4% coupon electric-light plant
equipment bonds. Authority,
Section
2835,
Revised
Statutes. Denomination $500. Date Sept. 1 1907. In ­
terest semi-annually at the office of the Sinking Fund
Trustees in Troy. Maturity as follows: $2,000 on Sept. 1 in
each of the years 1917 and 1918 and $3,000 yearly on Sept. 1
from 1919 to 192f> inclusive. Certified check for 1% of
amount of bonds bid for, payable to City Treasurer, is re­
quired. Purchaser to pay accrued interest.
Verde School District, San Luis Obispo County, Cal.—
Bond Sale.— On A ug. 6 $1,500 6% 1-5-year (serial) schoolbuilding-addition bonds of this district were awarded to the
Bank of Arroyo Grande, Arroyo Grande, for $1,600 (106.666)
and accrued interest— a basis of about 3.635%. Denomi­
nation $300. Date A ug. 6 1907. Interest annual.
Vernon Center, Blue Earth County, M inn.— Bond Offering.
— Proposals will be received until 8 p. m. Sept. 16 b y P. A .
Johnson, Village Recorder, for $8,000 5% water-works bonds.
Denomination $500. Interest payable in January and July
at the Vernon Center State Bank. Maturity $500 yearly
on July 1 from 1908 to 1923 inclusive. Certified check for
1% of amount of bonds bid for, payable to “ Village of Vernon
Center/’ is required. No bonded debt or floating debt at
present. Assessed valuation $100,042.
W aco, McLennon County, Texas.— Bonds Registered.— On
A ug. 19 the $50,000 5% school-building bonds voted on
April 2 were registered b y the State Comptroller. Maturity
July 1 1937.
W alla W alla County School District No. 8, W a s h .— Bond
Sale.— On Aug. 24 $1,500 building bonds of this district
were awarded to the State of Washington at par for 5s.
Bonds are subject to call after one year.
W arren County (P. O. W illiam sport), In d .— Bond Sale.—
On Sept. 2 the $70,000 4% coupon jail-and-court-houseimprovement bonds described in V . 85, p. 243, were awarded
to J. F. W ild & Co., Jos. T. Elliott & Sons and Dick Miller,
N E W

L O A N S

# 3 4 0 ,0 0 0

N

E
#

W
3

0

P e o p le ’s Savings B an k C o., Z a n e s v ille------------------------------------ $11,506 90
F irst N a tio n a l B an k, Z a n e s v ille -------- . ---------------------------------- 11,500 00
Sam uel Johns, Z a n esville (tor $1,500 b o n d s )--------------- -------------1.500 00

, 0

A N
0

J N V E S T M E N T S .

S .
0

Atchafalaya Basin Levee District Lafourche Basin Levee District
NOTES.

O F F IC E B O A R D O F C O M M IS S IO N E R S
LAFO U RC H E
B A S IN
LEVEE
D IS T R IC T .
N e w O rleans, L a ., A u g . 22nd, 1907.
N o tice to C a p ita lists and In v e s to rs .
T h e B oard o f Com m issioners o f the L a fo u rch e
Basin L e v e e D istric t, in c o n fo rm ity w ith
and
b y a u th o rity o f S ection 2 o f A c t n u m ber 9 o f
th e A c ts o f the G en eral A ssem b ly o f th e S ta te o f
Lou isian a o f th e ye a r 1900, w ill re ceive sealed
bids o r proposals fo r th e purchase o f the notes
o f said B oard.
Said notes w ill be seven teen in num ber; said
notes w ill be o f th e d en om in ation o f $20,000 each,
d a te d upon th e d a y o f the a ccep tan ce o f the bid
o f th e successful b id d er, and w ill be p a ya b le as
fo llow s;
N o t e O N E (1) w ill be p a ya b le in 1911.
•• T W O (2) w ill be p a ya b le in 1912.
“
T H R E E (3) w ill be p a ya b le in 1913.
F O U R (4) w ill be p a ya b le in 1914.
“
F I V E (5) w ill be p a ya b le in 1915.
“
S I X (6) w ill be p a ya b le in 1916.
“
S E V E N (7) w ill be p a ya b le in 1917.
"
E I G H T (8) w ill be p a ya b le in 1918.
N I N E (9) w ill be p a ya b le In 1919.
“
T E N (10) w ill be p a ya b le in 1920.
"
E L E V E N (11) w ill be p a y a b le in 1921.
”
T W E L V E (12) w ill be p a y a b le in 1922.
“
T H I R T E E N (13) w ill be p a ya b le in 1923.
■’
F O U R T E E N (14) w ill be p a ya b le In 1924
“
F I F T E E N (15) w ill be p a ya b le in 1925.
“
S I X T E E N (16) w ill be p a ya b le In 1926.
“
S E V E N T E E N (17) w ill be p a ya b le In 1927.
Said notes w ill bear In terest at th e rate o f 5 %
p e r annum fro m d a te u ntil p a id , in terest p a ya b le
a n n u a lly upon th e d a te o f Issuance; said notes
w ill be sold to th e person o r persons o fferin g th e
h ighest am ou nt o f cash fo r sam e.
T h e bids
m ust be fo r the en tire Issue o f seventeen notes.
Said notes w ill be d e liv ered upon the accep tan ce
o f the successful bid.
T h e B oard reserves the
rig h t to re je c t a n y and a ll bids.
Said n otes, prin cip al and In terest, are secured
b y th e funds o f the L a fo u rch e Basin L e v e e
B o a rd , as p ro v id e d fo r In S ection 2 o f A c t n um ber
9 o f th e A c ts o f 1900.
Sealed bids w ill be re ceived at the room s o f
th e L a fo u rch e Basin L e v e e B o a rd , C otton E x ­
ch ange B u ild in g, N e w O rleans, L a ., up to 12
o ’ clo ck a. m ., S ep tem b er 23, 1907.
Said bids m ust be addressed to the P resid en t
o f th e L a fo u rch e Basin L e v e e B oard.
A ll bids must be accom pan ied b y a certified
check fo r $5,000 00. w hich w ill be held as secu rity
fo r com plia n ce w ith the bid.
V IC T O R M A U R IN ,
Presid en t.

BANK ER S,

SEASCWGOOD & M ATER,
M e r c a n t ile L ib r a r y




60 State Street, Boston
36KABSAU

STREET, NEW

Y O R K ..

B u ild in g ,

C IN C IN N A T I.

P U C L IC

S T A T E , G U I & R A IL R O A D

BO ND S.

S E R V IC E

C O R P O R A T IO N

B O N D S .

MacDonald, McCoy & CoM
M U N IC IP A L

A N D

C O R P O R A T IO N

B O N D S .
L a

181

F.

B.

S a lle

S tre e t,

C h ic a g o .

S H E R M A N

m u n ic ip a l

&

) ^

C O .

_

[BONDS

AND
c o rp o ra t io n )

205 La Salle Street, CHICAGO
I N V E S T M E N T
L is ts u p o n

D e n is o n

Sc

B O N D S

re q u e s t.

F a r n s w o r t h ,

BOSTOW
O LG V E LA N D an d P H IL A D B L P H I A
E s ia b ila b e d 1 8 S 5 .

H. C. Speer & Sons Co.
F irs t Nat. B ank B u ild in g , Chicago
C O U N TY

AND

Blodget, Merritt & Co ,

A P P LIC A T IO N .

M U N IC IP A L
AND

C IT Y

B O N D S .
ON

D et r o it ,
P hiladelphia .

N ew Y ork ,

MUNICIPAL AND RAILROAD
L I3 T

H. W. NOBLE & COMPANY,

NOTfeS.

'• O F F I C E B O A R D O F C O M M IS S IO N E R S
A T C H A F A L A Y A B A S IN L E V E E D IS T R IC T .
N e w O rleans, L a ., A u g . 22nd, 1907.
N o tice to C a p ita lists and In ves to rs
• T h e B o a rd o f C om m issioners o f the A tc h a fa la y a
B asin L e v e e D is tric t, in c o n fo r m ity w ith and by
a u th o rity o f S ection 2 o f A c t n u m ber 9 o f the
A c ts o f the G en eral A ssem b ly o f the S ta te o f
Lou isian a o f th e y e a r 1900, w ill re ceive sealed
bids or proposals fo r th e purchase o f th e n otes
o f said B oard.
Said n otes w ill be seventeen In num ber; said
n otes w ill be o f th e den o m in atio n o f $20,000 each,
d a te d u pon th e d a y o f th e a ccep ta n ce o f th e bid
o f th e successful bid d er, and w ill be p a ya b le
as fo llow s:
N o t e O N E (1) w ill be p a y a b le in 1911.
“
T W O (2) w ill be p a ya b le in 1912.
“
T H R E E (3) w ill be p a y a b le in 1913.
F O U R (4) w ill be p a y a b le in 1914.
F I V E (5) w ill be p a y a b le in 1915.
“
S I X (6) w ill be p a ya b le in 1916.
“
S E V E N (7) w ill be p a y a b le in 1917.
“
E I G H T (8) w ill be p a ya b le in 1918.
”
N I N E (9) w ill be p a ya b le in 1919.
"
T E N (10) w ill be p a y a b le In 1920.
"
E L E V E N (11) w ill be p a ya b le in 1921.
’’
T W E L V E (12) w ill be p a y a b le in 1922.
T H I R T E E N (13) w ill be p a y a b le in 1923.
“
F O U R T E E N (14) w ill be p a y a b le in 1924.
“
F I F T E E N (15) w ill be p a y a b le in 1925.
“
S I X T E E N (16) w ill be p a ya b le In 1926.
“
S E V E N T E E N (17) w ill be p a y a b le in 1927.
S aid n otes w ill b ea r In terest at th e ra te o f 5 %
p er annum fro m d a te u n til p a id , in terest p a ya b le
a n n u a lly upon th e d a te o f Issuance; said notes
w ill be sold to th e person o r persons o ffe rin g the
high est a m o u n t o f cash fo r sam e. T h e bids must
be fo r th e en tire issue o f seven teen notes.
S aid notes w ill be d e liv e re d upon the a ccep tan ce
o f th e successful b id .
T h e B oard reserves the
rig h t to re je c t a n y and a ll bids.
• Said n otes, p rin cip al and in terest, are secured
b y the funds o f th e A tc h a fa la y a Basin L e v e e
B o a r d , as p ro v id e d fo r In S ection 2 o f A c t n um ber
9 o f th e A c ts o f 1900.
S ealed bids w ill be re ceived a t th e room s o f
th e La fo u rch e Basin L e v e e B o a rd , C otton E x ­
ch ange B u ild in g, N e w O rleans, L a ., up to 12
o ’clo ck a. m ., S ep tem b er 23, 1907.
Said bids m u st be addressed to th e Presid en t
o f th e A tc h a fa la y a Basin L e v e e B oa rd.
A ll bids m ust be accom pan ied b y a certified
ch eck fo r $5,000 00, w hich w ill be held as secu rity
fo r co m p lia n ce w ith the bid.
V IC T O R M . L E F E B V R E ,
Presiden t.

lxxxv.

all of Indianapolis, at their bid of 101.51 and accrued interest.
A bid was also received from Chas. C. W edding & Co. of
Indianapolis at 100.89.
W arsaw , Kosciusko County In d .— N o Bonds Sold.— We
are informed that the report that this city recently awarded
$20,000 sewer-construction bonds to Silas Myers of W arsaw
is not correct.
W hite Plains, Westchester County, N . Y . — Certificate
Offering.— Proposals will be received until 8 p . m . Sept. 16
b y the Board of Village Trustees for $38,000 5% sidewalk
assessment certificates. Denomination $1,000.
Date Sept.
2 1907. Interest March 1 and Sept. 1. Maturity Sept. 1
1912. Certified chcck on a State or national bank or trust
company for 5% of amount bid is required.
W innebago, Faribault County, M inn.— Bond Offering.—
Proposals will be received until 8 p. m ., Sept. 19, by J. H .
Sherin, Village Clerk, for $15,000 coupon main-sanitarysewer-construction bonds at not exceeding 6% interest.
Denomination $1,000. Date Oct. 1 1907. Interest annual.
Maturity $1,000 on Oct. 1 from 1913 to 1927 inclusive.
Certified check for $200, payable to Village Treasurer, is
required.
Woodsfield, Monroe County, Ohio.— Bond Offering.—
Proposals will be received until 12 m ., Sept. 16, by George
P. Dorr, Village Clerk, for $5,041 34 5% coupon Marietta
Street improvement assessment bonds. Authority, Section
97 Municipal Code. Denomination $252 07. Date A ug. 15
1907. Interest payable semi-annually at the Village
Treasurer’s office. M aturity one bond each six months
from March 1 1908 to S e p t.-l 1917 inclusive. Bonds are
exempt from taxation. Certified check for 10% of amount
of bonds bid for, payable to the Village Treasurer, is re­
quired. Purchaser to pay accrued interest.
Zanesville, M uskingum County, Ohio.— Bond Sale.— On
Sept. 2 the $11,500 5% 1-year coupon or registered streetpaving (city’s portion) bonds described in V. 85, p. 487, were
awarded to the People’s Savings Bank Co. of Zanesville
at 100.06 and accrued interest. Following are the bids:

L O
4

[V o l .

R

O

N

H

Q

T O W N S H IP

COUPONS

W ITH OR
W ITH O U T
w ith steeWplate borders, orJItbojrraphed, or pa rt­
ly printed fro m type, i f th e latter, then can be

BO N D S

d e l iv e r e d

i n

f e w

d a y s

O ertiflcatee en graved tn best manner, o r partly
littoocrauoed and partly printed
A L B E R T B , K I N G & CO., 2 0 6 B r o a d w a y , N . Y .