. 1 1; 5

financial nmicle INCLUDING

Bank and Quotation Section (Monthly) State and City Section (semi-Annually ) Railway and Industrial Section ^Quarterly) Street Railway Section ee (^Jf ) Entoroii according to Aot of Congrass, in the year 1005, by WILLIAM 1?. Dana Company, in the otttce of librarian of Congress, Washington, I). C. A weekly nomMMr entered at Host office. New York, ai second-clam mutter— w ii.liam B. Dana Company, Publishers. 7B}< Pine St,, N. Y.

VOL. 81 SATURDAY, SEPTEMBER 23 1905. NO. 2100.

II ee/: enduuj Sept. 10

Clearing* o.t Inc. or %\xt (Chronicle. 1905. 1904. Dec 1903. 1902 PUBLISHED WEEKLY. +17-7 ol Subscription—Payable in Advance Boston 139,943.741 118.938,?!)! 121.342.251 120,391.923 Terms I'rovidence 6,508,000 6,181 ."I") +53 6.980,100 6.4*5,000 For One iear $10 00 Ilurtford 3, nao. Ton 2,441.705 --240 2.208.660 2,881.665 --20-2 J/or 8is Months 6 Oil New Haven- 8,824,208 1,860,377 l.6i 1.740,962 - -13-8 >o turopean .-ubscnption (including postage) 13 oo Spnmrfleld 1.741.H44 1.580,443 1 1-7,016 1,280,6 --10 European 6UbscripUon Six Months (including postage) 7 50 Worcester 1,444,460 1,302,007 9 1 483.294 1.598,275 Portland 1,770,630 1,624.902 +8 4 I £03,884 1.842.551 Annual Subscription in London (including postage) £2 14s. Fall Kiver 799.1147 546.960 +353 770,614 902,228 6n Months Subscription in London (including postage) £1 lis. Lowell 474,645 482.311 -16 460.636 488,932 432.316 +04-5 537,724 Subscription includes following Sections— New Bedford 711,893 558.835 Holyoke 426,030 439 949 — 99 I'll, 720 885.376 and Quotation (monthly) I State and Citt (serai annually) Bank Total New England. Io0.016.lu7 185,772,811 + 17 1 137,842,176 143.483,816 Railway and Industrial (quarterly) | Strkkt Kailway (3 times yearly) Clneaeo 198,026,160 171 632,686 + 160 169 361,125 157,070,502 Terms oi Advertising—Per Inch Space Cincinnati 22,631,450 25.181,400 — 10 .. 20 3U.00f 21, 655.800 Cleveland — 15.686 492 13.415.4S7 + 16-0 14 847,762 17,494,622 Transient matter per inch space (14 agate lines) $4 20 Detroit 16.196,223 10,980,105 +20 10 068,010 0.536.005 Two Months (8 times) 22 00 Milwaukee 8,114,548 9.940,663 — 16-4 8 715.757 6.762.037 -7-4 Three Months (13 times) 29 00 Indianapolis. 0,700,870 7.244,398 6 137,941 5.275.199 Six Months (20 times) 50 00 Columbus. 4,890,800 4.701,1)30 +2-1 4 ,289.000 4,533 550 +2-2 Twelve Months (52 times) 87 0* Toledo 3,853.283 3,709.626 4,167,473 3.156 551 I Peoria S;228,905 3.152.393 +24 1 2 911.552 3,121,255 +15-8 CHICAGO OFFICE—Pliny Bartlett, 513 Monadnock Block. Grand Rapids 2,217.678 1,914,685 1 836,948 1,723.776 Dayton 1,934.178 ],89li.6S3 -1-20 1 742.228 1,490,682 LOXDO.N OF* ICE—Edwards & Smith, 1 Drapers' Gardens, E. C. Kvansville 1,620,888 1,208.511 +31-8 1 ,223,767 1,155,675 -10-7 WILLlA.n B. DANA COMPANY, Publishers, Akron. 466.200 622.800 728,100 758.5' ID Springfield. Ill 762,296 771,OSS -13 771.114 664 100 617,759 427,804 +44-4 602,381 Fine Street, Corner oi Pearl Street, Youngstown 553.202 Kalamazoo 810,242 786,8-i4 +3-1 670.636 460.772 523,74s 493,953 +6"l 577,213 446.600 Post Office Box <>.'5S. NEW YORK. Lexington , Canton 491.731 521,280 —5-8 5S5,5o5 4^8,911 Rockford 547.728 477,160 +14-8 440 6s6 887,045 S|M-ingfleld. O 375,812 324,756 +15-7 376,779 348,030 Bloctnington 402.987 392.590 +2 6 368,676 206.999 CLEARING ROUSE RETURNS. yu'ncy 314,835 301,663 +33 395.2S7 238.540 Decatur 305.816 371,326 — 178 250.725 244550 The following table, made up by telegraph, etc., indicates .Mansfield 345,992 227,048 +521) 217,771 215.689 260,800 • Jacksonville .. 300,415 +152 180.503 206,253 that the total bank clearings of all the clearing houses of the Jackson 221,434 221,961 — 16 197,781 152.008 93.460 92,462 +1-1 60,82 I 74,903 United States for the week ending to-day, September 23, have Ann Arbor Fort Wayne 748.136 Not Include d in to tal. been $3,547,974,336, against $2,519,659,309 last week and South Bend 473,825 Not include a in to (al. 287,599,936 201.268.510 + 10-1 252,069.065 238,810,649 12,031,003,444 the corresponding week last year. Total Mid. Western San Francisco 46,935,146 34,607,831 +856 33 511,770 80,156,757 Los Angeles 11,436.010 7.105,497 +610 6.692,162 4,725.872 Clearing*—Returns uy Telegraph. Seattle 5,001, OOi 5,286.011 + 116 4.257,661 4,964.569 1905. 1904. P. Cmt. Week Ending Sept-ember 23. Salt Lake City 3,830.848 2,532,738 +.J t 6 3,087.396 3,312,630 Portland. 5,231,674 4,907,027 +6-6 3,908,500 3.635,228 New York 1 1.208.77 3,756 998,850.763 +30-0 Spokane 8.437.8'.0 2,799,170 +22 8 2,208,400 1.805.179 Boston 109.309.314 93.152.705 + 173 Taeoma 3,527,439 2,207,4 +50 8 2.001.787 1.155.508 1 863,953 498.675 +7-3 538,000 633,080 Philadelphia 111,365.103 91.122.683 +2 -8 Helena 626.845 643,902 + 15'8 525, 3',)0 469,385 Baltimore 20.967.096 16, 143,954 +29-9 Fargo Sioux Falls 407.022 337,320 +20,-8 261531 233,772 Chicago 170.7O0.il62 145.43S.455 +17-4 82,197.508 60.8J5.651 +351 57 030,702 51,391,980 8L Louis 42,5>i9,097 44.088,700 —3-4 Total Pacific +4-5 New Orleans 10.lbl.779 11.827.784 —13-0 Kansas City 25,371,216 24.274,418 23,132.701 21.673,498 Minneapolis 19,886,081 20,152,362 1 — 1 15.420,764 15 051.767 seven cities, 5 days $1,763,868,607 Sl.100.925,034 +25-9 Omaha 8,541,694 7,7 19.930 +10 7338,816 7 117,222 6,493,548 6.111770 +0 5 786,010 5,685.778 Other cities. 5 days 838,972.864 887.564,231 +13-9 St. Paul — St. Joseph. 3,726,733 4.636.0 loo 4,890,260 4.592.,-90 6,931.891 5,747,570 +20 1 4,928,480 5.027,387 Total al! cities, 5 days *2. 1 02,84 1.471 S1.698 489.285 +23-8 Denver 2,593,312 2,277,350 +13;9 1.001.861 2.027,952 All cities, 1 da j- 445.132,705 802,614.179 +33-9 Des Moines Sioux City 1,536,325 1,282,816 +1M-8 1,053,540 1,698,038 —40-1 Total all cities for week... *2,547.W74.iJ36 *2.031.003,444 +25-4 Topeka 575, 108 960,861 1,415.630 1.488,628 Davenport 798,010 811,008 —1-6 785,421 1,006,181 Wichita 1,011,029 1,000,000 +1-1 645.893 607.085 The full details for the week covered by the above will be Colorado Springs... 5u0,17 9 505.376 + 12-U 319,789 511,410 Cedar Rapids 513,411 333.401 +15 3 given next Saturday. We cannot furnish them to-day, clear- Fremeat 212,463 202,301 +5-0 156,61-1 136,453 ings being made up by the clearing houses at noon on Satur- Paefclo Not include d in ^o tal. Total other Wost'rn 78.757,003 76,031,750 +3'0 68,395,339 67.427,298 day, and hence in the above the last day of the has to week St. Louis 53,752.207 50.525,235 +6-4 49,106,590 45,325,187 be in all cases estimated, as we go to press Friday night. New Orleans 12,743,296 13.583.693 —58 12,182,521 12.009,302 Louisville 11,290,301 9,876,098 +13-3 9,^78,931 8.491,760 We present below our usual, detailed figures for the previous Houston 12,233,565 8,975,504 +36 4 6 697.175 7. ?95, Mil Galveston 6.208,000 6,020,000 +234 4,500,000 4 sir,, 500 week, covering tlio returns for the period ending with Satur- Richmond. 4.567.3-0 4,681,616 —03 8,844,986 8,634,219 6,542,627 107 5,287,056 5.145,863 day noon. September 16, and the results for the corresponding Savannah. 7,239,312 + Memphis 3,728,261 3,522,554 +56 :.' 35:1.326 8.661 309 - 2,832,1411 +33-4 2.607,0-5 is 1 week in 1904, L903 ana 1902 are also given. Contrasted with Atlanta 3,7 ; 2.55 He 2.815.019 2,5li:,785 -i ia*i 1,897,674 ( the week of 1 JL>4 the total for the whole country shows a gain Norfolk 1,725,128 1,401 +22-7 1,355,87(1 1,330 -27 2.5o«,000 1,7 10,170 +46 1,734,892 1,485.274 of 11 "5 percent. 1904 Fort Worth Outside of New York the increase over Kinniniham 1,556,814 1,11,. --50-3 1,047.263 932.627 is 13*4 per cent. KnoxTllle 1,289,476 888.284 1,667,941 II 10,0. ,6 'a 2,009.499 1,789,738 --173 1.528.11- 2, II Little Rock 768,267 000.082 --103 746.113 862,687 II --19 »". ending Sept, 16. I dtirleston 1,207.579 870,562 1 901,66) Macon H21.6B1 609.010 +2-1 845,000 Clearings at— Inc. or 1904. 1903. 1902 (hnttanooea 1,017,992 744,954 +38" 660 OH) Dee. nvills 1,021,464 775,848 +81" 618,508 296,102 300,060 3.J8.766 -111 * (rilnmbui, Ga...... • 1,123,216 Not Include d in to tal. New York +10-3 271

! 1 101,1 Philadelphia. 126,5 113.S> +111 I Southern .. 182,406.168 18.790,895 + H

I !:: PitUburen 4A86S.WO +22-4 i 1 80 I, Total all 2.619,6 ,'0.-2 +11 1.840,347,178 Baltimore 21,114.«»0 21.068.831 25,964 91 a +U-6 Outside New York. 963,708,04 840.052,896 131 816,569,007 800,681, -72 6.629,747 6.676,822 -')•? 6,766 j:,s 6. + nu't'm. 4.872.408 +12 7 8,328, 863 Aloaii 4,50 I, '>i + 14-4 8,806, 54a B.001 Canada— Koebester 8..- 2,8' L22*l 2,21)0 2.16 1.7. 1,771 —3T 2,110, 49* Montreal 25.283,382 +228 20.01 764

i . 4-219 Syracuse 1.817.M8 l,'.;*. W4 1.181 7*1 oronto ,.. 16,908 8,1 »5 540 Wllminwrton 1441,862 +2 1 1,148 15J VTiritil|>eg 90 l i 4JB6.741 Reading 1.1' 1 .71 11.560 1.7 L4M, I2.M." 4-162 Halifax . Wtlkee Bantu.. 1.10 8,849 2,080 026 1.07U.427 2.181 n-^.sft.". 70 Whecinz 867,332 830.926 +fl-o 86> <• 1.0< 1 1.3 I.4C Btnjtiamron .. 460,400 . n 1 ,996,876 1,1 IH-1 1,1 ll Greensour* 42J.-^I 882,»1 i 5.8S2 1.1 +

- 005.720 Chester 30V*3l 418,427 mi !.: 1 Erie -10 464.162 Loadoa i 1 Franklin Pa.... 255.648 290.49 + 10-11 S'.il 640 ' 50.4" 1,300 Total Middle.. U2.Z1I +10 1 1. tal Canada +219 .

938 THE CHRONICLE. [Vol. lxxxi

carry through a canvass of the kind which was thrust THE FINANCIAL SITUATION. upon the nation required a larger use of funds in a Aside from money market changes and gold move- legitimate way than ever before. To educate and ments, a goodly share of public attention has been this arouse the public to a sense of the stake at risk called week centered upon quasi-political affairs and the dis- for the employment of every known device. The cussion of moral standards connected therewith, as electoral vote of many States was uncertain. New evidenced in donations by life insurance companies to York City had to raise the money requirements, not political parties and to political committees. Indeed, only for its own expenditures, but in considerable part the probing of life insurance finances the earlier half for its State, and in part also for many other States. or more of this week seemed to have degenerated into Another fact not to be overlooked is that there are an effort to injure reputations of men in high positions very few givers of large amounts on such an occasion. who had to do with these matters, and thus by means We doubt whether there is any interest that could be of their political affiliations to make or unmake the got to subscribe anywhere near as liberally on even the policy and party they helped with the Life Company's most vital occasion as the life insurance industry. money or refused to help. A conclusion one is inclined Uninformed people are apt to think that multi-mil- to draw from this kind of probing is that it would lionaires are a numerous class and that they keep their be wiser if it could be adjourned a { 1-iast until after millions on tap to pour out at every election occasion. election. There never was a more mistaken notion afloat . Even

By way of illustration, take the leading points in life companies do not appear to be ready givers. It is the evidence of the two prominent and latest witnesses as a rule only when the issue threatens their solvency that have been put on the inquisitorial stand regarding and the integrity of their obligations to their policy- the feature referred to. We select them among other holders that they subscribe. President McCall when witnesses because neither hesitated to make the dis- asked on his examination whether any contributions closures sought by the questioners, each making a clean were made by his company for any political purposes in breast of his connection with them so far as they were any State campaigns, answered: "No, never; under no within his knowledge, and thereby together clearing other circumstances since I have been President has up all suspicious circumstances which had classed the the company paid a dollar to any party—local, State acts as bearing close relation to a dishonorable pro- or national—except the three contributions I have ceeding. We refer of course to the mystery about described." certain large charges in the bojkp rf tin New York The political aspect of this episode was brought out Life Insurance Company which had been assumed to most clearly when the attempt was made, as was done be highly suspicious. Mr. Perkins opened the mat- this week, to drag Judge Parker into the number of ter, admitting the light so far as he could speak; but those deserving reproof on account of life companies' President McCall, who was really the only party with subscriptions to election expenditures. The connec- full knowledge of the facts, supplied a narration which tion was so remote as to be almost absurd. It seems illuminated the whole subject and its surroundings that the Judge was charged with blame for asking a by adding that the charge covered moneys given at life company to subscribe to the Democratic political elections when the currency standard, silver or gold, fund. Even if the statement had been correct, we was the issue fail to see wherein consists its blameworthiness. Mr. McCall assumed entire responsibility for the act. But does not this incident suggest that the investiga- He believed that the adoption of a silver currency tion, as it is called, has exhausted its usefulness? It would be the destruction of the Life Company and will probably end in having emasculated life insur- an immense loss to the policyholders; so he took the ance business, as it has been taking away and throwing responsibility of making the contribution to avert to the dogs all the special profitableness for which this catastrophe. His words were: "I had no idea policyholders have been fishing for. and putting in my mind about politics at all. but I had a duty, that class of industry in a straightjacket. We have and a trust, regarding the New York Life policy- never been able to see sufficient reason for the bitter- holders. And I felt that if free silver in the country ness, and consequent destructiveness, of the attack. was approved, and that if Bryan was elected Presi- dent, we might as well close the shutters on the New The week began with further takings of gold on York Life Insurance Company's doors. Knowing and Monday and Tuesday for New York from London. believing that, I consented to a payment to defeat, free This movement developed pretty clearly the feeling silver—not to defeat the Democratic Party, but to in Europe as to letting their gold go, while serving as defeat this free-silver heresy—and I thank God that I an eye-opener in enabling United States bankers and didit." Similarly, he defended the 1904 gift. Hesaid: Stock Exchange speculators to measure better than "When at the Democratic Convention at St. Louis before the conditions under which shipments of the the committee by a vote of 35 to 15 rejected the gold metal, if made, must move this way, so far as such a platform, I made the subscription, believing the Re- transfer may continue. The first effect was shown on publican ticket with the gold platform should win." Monday by an immediate rise in the open market rates To appreciate the force of this explanation the of interest at all European monetary centers, and later reader must recall the fearful danger which, in the on a reported advance in the London open market price opinion of the people of New York State, was threat- for bar gold to 77s. lOd. per ounce, which advance, ening industrial and vested interests. It has been however, was not confirmed later. All the foreign se- stated that to give so large an amount towards the curity markets were also heavy. These changes, other expenditures of an election leaves the presumption factors remaining as they were . would put New York's that it is given and used for the purpose of buying bid fpr gold under the market . Notwithstanding that, votes. "^Thatjis by no means a fair conclusion. To the announcement was made early Tuesday that 1

Sei>t. 23 1905. THE CHRONICLE. D39

Laiard Freres had completed arrangements for an outlays for repairs and renewals than when business import of $1,750,000 and later another shipper ob- is poor and gross revenues declining, and this circum- tained $1,000,000, making the total engaged on stance is no doubt having some effect in swelling ex- Tuesday $2,750,000. On Wednesday the demand for pense accounts, economy in that regard having been short exchange to cover oversold drafts grew more found necessary a year ago when traffic conditions urgent when it seemed almost certain that the Bank were unfavorable. The truth is, however, that, bar- of England rate would be advanced, and the highest ring fluctuations in expenses arising from the cause figures of the week were then recorded, not only for mentioned, railroad expenses are steadily rising year sight sterling, but for cables, and no more gold could by year, and it is costing more and more to run the be shipped, at present, notwithstanding the higher roads. Wages have increased enormously, hours of rates for money in New York. work have been shortened and greatly enhanced prices have to be paid for materials and supplies and for Reports have been made to William B. Ridgely, practically everything that enters into the expenses of the Comptrollerof the Currency, by the national banks, a transportation line. Under such circumstances one in pursuance of the call issued under the date of Aug- shudders to think what the situation of the roads would ust 25, and the totals have the current week been be to-day had not such wonderful progress been made made public by that department. It seems that the in promoting the efficiency of operations through the loans August 25 aggregate $3,998,500,000, the in- increased loading of the trains and in other ways, as dividual deposits $3,820,682,000 and the total cash the result of which the cost of rendering transporta- $665,553,000. The corresponding figures at the last tion service has been enormously reduced per unit of previous call (May 29 1905) were: loans $3,899,170,328; work. We do not wish to be misunderstood. The individual deposits $3,783,658,494, and cash $649,- roads are doing a large business and on the whole are 264,049. The differences here expressed do not show- enjoying a fair degree of prosperity. But they are any large or significant change in any of the items not getting the same share out of the present business stated. The loans May 29 were the largest on record, revival as other industries. The benefits of the larger and the August figures indicate only a small increase. amount of work; which they are doing are accruing A year ago, September 6 1904, the loans were only mainly to the public in improved and enlarged service $3,726,157,419, individual deposits $3,458,216,668, and to the laboring classes in higher wages and better and cash $661,456,529. The conspicuous feature dis employment. closed by the comparison with these figures of a year f ago is the large increase in loans and very small The annual report of the Brooklyn Rapid Transit addition to cash. Company attracts attention by reason of the increased activity of the stock in the market. The company A great deal of light is thrown upon the existing has a big problem before it—that of providing efficient railroad situation by the income return of the New and adequate transportation facilities to a borough York Central & Hudson River Railroad Company for having a population of close to 1,500,000. But by rea- the September quartei issued the present week. son of the same circumstance—that is by reason of

Business with the railroads is good , in fact suprisingly the large population and the extensive territory to good, and they are moving more traffic (speaking of serve presenting the certainty of a steady growth them collectively) both passenger aud freight than ever in traffic if only the facilities are furnished—the future before. But the net results from the larger volume of of the property appears bright. Study of the report business done can hardly be said to be altogether and observation of the management of the lines satisfactory. And such an outcome is the more convey the impression that the vast problem con- significant in view of the fact that the efforts of the fronting the managers is by degrees being solved. managers are all the time directed Gross earnings are being added to and in being towards each year ; a attaining increased efficiency and economy in oper- very noteworthy way. Shareholders can certainly ations. In an article on a subsequent page we find no reason for complaint on that score. In the refer to the experience of the Yazoo & Mississippi late twelve months total gross earnings increased

Valley Railroad , which, though having enormousl) $1,578,286, or 1069 per cent, and this followed increased its business, is earning practically no more $1,458,388 increase, or 1098 per cent, in the previous net to-day than five years ago, while at the same time year. Confining ourselves to the passenger receipts,

it has heavier fixed charges to meet, owing to the in- and going back only five years to 1899-1900, we find crease in capital outlays incurred in providing facilities that in that year the passenger earnings amounted to for the larger business. The New York Central state- only $11,206,716; in 1900-01 there was an increase to ment for the September quaiter (the September fig- 511,718,942; in 1901-02 an increase to $12,321,265; in ures being of course in part estimated) shows that the 1902-03 an increase to $13,086,840; in 1903-04 a fur- large trunk-line systems are having a somewhat sim- ther gain to $14,429,546; and now for 1904-05 there is ilar experience. As compared with the same three an advance to $15,649,401. In other words, in the months of last year, the Central has increased its gross five years the earnings have risen, roughly, 40 per cent. earnings by $2,266,100, but this was attended by an The main difficulty that the managers have to con- augmentation in expenses in amount of $1,848,600, tend with is how to handle this increasing traffic with leaving a gain of only $417,500 in the net earnings. due economy. On the one hand large new capital out- Furthermore, there was a coincident augmentation in lays are required and on the other hand a very large fixed charges and taxes of $252,500, reducing the net amount of repair work is necessary in order to bring gain to $166,300. equipment and plant up to the proper standard. The

Of course when business is active and gross earn- extent of the call in the first particular may be judged ings large, railroad managers are more liberal in their from the statement in the report that during the year 940 THE CHRONICLE. [VOL. LXXXI the company sold $8,156,000 of its first refunding gold month? preceding, net earnings increased $367,653, it mortgage bonds. This of course means a proportion- having been found possible to reduce expenses to a ate increase in fixed charges. As compared with the considerable extent after the heavy outlays of the pre- twelve months preceding, white total gross receipts in- vious year occasioned by the severe winter weather. creased $1,578,286, operating expenses increased $1,- The future of these combined properties depends very

043,431 , leaving $534,855 gain in net. Examination of largely upon the success attending the operation of the the expense accounts, however, shows that the bulk of Mason City & Fort Dodge Railroad, which affords the the augmentation followed from enlarged maintenance Chicago Great Western a line to Omaha both from Chic- charges, $200,606 more having been spent upon main- ago and from the Twin Cities. While the Mason City tenance of way and structures and $449,207 more & Fort Dodge may be said to have done quite well thus upon maintenance of equipment. In the operation far, the proprietary roads, being new lines, have not de- of the power plant there was a saving of $145,125, veloped their full earning capacity. We observe that showing that the expectations in that regard are being President Stickney gives expression to the confident fulfilled. The saving here too followed a saving in expectation that during the current or new fiscal year

the previous year, it having cost only $1,356,621 the gross and net earnings of the proprietary lines will to operate the plant in 1905, against $1,501,746 rapidly iucrea°e. The Chicago Great Western itself in 1904 and $1,680,751 in 1903. On the other hand, has been showing increases in earnings each month the increase "in the maintenance outlays came on top since the beginning of May. We see by the company's of a similar increase in the previous year. Probably balance sheet that besides its own balance of accumu- few persons have any idea as to the extent to which lated earnings, which June 30 1905 amounted to $213,- these maintenance outlays have been enlarged. Upon 074, the company at the same date neld net surplus maintenance of equipment the outlays have actually .earnings of the proprietary lines of $557,932. The more than doubled in the two years, the expenditure whole of this surplus, it appears from the other side at $1,655,622 for 1905 comparing with only $812,600 of the balance sheet, is represented by cash on hand. for 1903. Upon maintenance of way and structures These accumulated earnings of the proprietary roads the expenditure was $816,275 in 1905 against $495,188 have been made available through the recent acquisi- in 1903. tion by the Chicago Great Western of the pieferred Such results obviously admit of only one conclusion. stock of the Mason City & Fort Dodge Railroad, the

Expenses are heavy, but the propertj' is being raised Great Western's preferred stock "B" being increased to a higher standard of physical condition. The $14,000,000 for the purpose. If the Great Western's income statement shows a surplus for the twelve surplus of $213,074 be combined with the surplus of months above the requirement for charges in amount the proprietary roads, the amount would be increased of $1,603,218 (this comparing with a similar surplus to $771,006. It was on the strength of this, we for 1904 of $1,388,908), equal to about 3M per understand, that President Stickney at the recent cent on the $45,000,000 of stock outstanding. Out of meeting of the security holders in London, in response tne $1,603,218, special appropriations were made of to a question, said that the company would be able $453,285, leaving a surplus of $1,149,933, equal to to resume dividends on the preferred stock "A" in 23^ per cent on the stock. Adding this $1,149,933 February next. to the accumulated surplus remaining on June 30 There was no change in official rates of discount by 1904 of $1,594,190, total surplus was brought up to any of the European banks this week; unofficial or $2,744,123; but the management charged off $1 ,759,400 open market rates were, however, compared with last of this amount for discount on bonds sold and in ad- week, 34 of 1 per cent higher at London, % of 1 per justment of supply accounts, bringing the surplus cent at Paris and M@M °f 1 Per cent at Berlin and down June 30 1905 to $984,723. .Similar reductions, Frankfort. The statement of the New York Asso-

it may be recalled . were made the preceding j^ear and ciated Banks last week was a most remarkable exhibit they indicate conservative methods of bookeeping. in that the heavy losses of cash during the week were almost wholly offset, so far as concerned the surplus The Chicago Great Western Railway Company has reserve, through the contraction in loans and deposits, published its annual report and shows results about as and therefore in reserve requirements. The cash loss expected. The company paid the 4 per cent dividend was $7,463,400 and the reduction in deposits was on its debenture stock and over and above the require- $29,069,400, so that the required reserve was reduced ments for this purpose had a balance of $191,400 on $7,267,350; hence the surplus was diminished only the year's operations. Separate statements are fur- $196,050. Loans decreased $20,861,600, following a nished for the Wisconsin Minnesota Pacific & Railroad contraction in the previous week of $30,237,300. The and the Mason City & Fort Dodge Railroad, all the bank statement of this week should reflect the re- stock of both of which is owned. The first mentioned ceipt of $500,000 gold, representing advances by the road ha<1 net earnings of $282,212,with charges of only Assay Office upon the $625,000 of the metal which $164,520, and the Mason City Fort & Dodge Railroad arrived from London during the week; also the receipt, had $451,957 net, with rental and interest charges of through transfer from San Francisco of $223,000, and only $90,279, the issue of bonds on that road having thet ransfer hence to St. Louis of $200,000, and to Cin- been outstanding for only one month during the fiscal cinnati of $100,000. The operations by the Sub-Treas- year. The two proprietary roads are really to be ury were generally favorable to the banks this week. treated as part of the Chicago Great Western system and a consolidated statement of the gross and net earn- Money was firmer this week, partly as the result of ings of the three is given in the report for this purpose. the heav3r contraction in bank loans in the previous This shows that while gross earnings of the combined week, and of calling of loans by trust companies; the lines fell off $118,998 as compared with the twelve low bank reserves contributed to the limitation of ,.

Sept. 23 1905.] THE CHRONICLE 941 offerings by these institutions, while the unsettled as the result of a pressure of commodity bills and of a foreign exchange market and the higher discount rates light inquiry for remittance. As stated above, the abroad discouraged the drawing of new finance bills. demand for short to cover oversold drafts grew more Money on call, representing bankers' balances, loaned urgent by Wednesday, when it seemed almost certain on the Stock Exchange during the week at 4^ percent that the Bank of England rate would be advanced; and at 2 per cent . averaging about 3% per cent; banks the highest figures of the week were then recorded and and trust companies quoted 3>_> per cent as the mini- the market was strong not only for sight sterling but mum, but the majority maintained a 3^ per cent rate. for cables. On the following morning, when it was On .Monday loans on the Exchange were at :;'•_> per announced that the Bank of England rate remained cent and at 2] g per cent, with the bulk of the business unchanged, the buying to cover was suspended and

1 transactions at :! ! •. at 3 i per cent. On Tuesday were short fell sharply 25 points, later, however, recoverin percent and at o'.^ per cent, with the majority at ."d The movement above noted appeared to be almost per cent. On Wednesday loans were at 4 per cent and wholly due to the demand to cover short contracts in

o at o* per cent , with the bulk of the business at 3% per sight drafts, for there was no evidence of purchasing to per cent. On Thursday transactions were at 4 per secure cover for maturing finance bills. It did not cent and at 2 per cent, with the majority at 3% per seem to be influenced by a demand for drafts for the cent; the lower rate was recorded late in the afternoon reimbursement of credits or balances with which gold and it was due to a pressure of offerings by one of the had been bought for shipment hither, for the importers large foreign bankers. On Friday loans were at 4J^ per of the metal had, prior to the engagement of the gold, cent and at 3% percent . with the bulk of the business at taken the precaution to secure cover therefor. Had

4 per cent. Time contracts were firmer in tone in t he rise in money rates here not been accompanied by an sympathy with money on call, and rates on good advance in discounts abroad, exchange would probably mixed Stock Exchange collateral were 4@4)4 per cent have promptly responded in lower figures to the rela- for sixty days, 4 ! 4@4^2 per cent for ninety days and tively dearer monetary situation in New York; but the $M@43 2 psi cent for four to six months; the business effect of our higher rates was partly counteracted by reported was only moderate, commission house bor- the rise at London and Paris under conditions which rowers being well provided with funds. Commercial seemed to indicate somewhat permanent tension. paper was dull aud the buying was confined to Eastern The advance in exchange, as a matter of course, institutions. Quotations were 4^9@5 per cent for made impracticable further engagements of gold at sixty to ninety day endorsed bills receivable, 43^ @5 present for import from London, and though the pro- per cent for prime and 5j^@6 per cent for good four curement of $2,750,000 for this purpose was announced to six months' single names. on Monday, the negotiations for its purchase had been completed in the previous week. There was an ar- The Bank of England rate of discount remains un- rival of $625,000 gold on Tuesday and of $650,000 on changed at 3 per cent. Early in the week an urgent Saturday (to-day) , making total $1 ,275 ,000 , belonging demand for money caused a rise in open market dis- as was stated last week, to Lazard Freres. It appears counts to per cent, and it was then generally ex- 3}4 from a Paris cable expressing the views of directors pected that the Bank rate would be advanced on of the Bank of France that the Bank does not re- Thursday at least to per cent; this expectation 3^. gard the gold movement which has now begun as was, however, not realized, because, as reported, was likely to make serious inroads upon the French stock of an issue on that day of Treasury bills, £1,290,000 of the metal, owing to the unusually large gold balance which would have been affected by a rise in the Bank in that institution; other bankers considered it prac- rate. The cable reports discounts of sixty to ninety tically certain that the Bank will not advance its rate day bank bills in London per cent. open 3%@3}4 The of discount because of the American demand. Bank- market rate at Paris is 2 per cent and at Berlin and ers here, however, do not regard this statement as an Frankfort it is per cent. According to our 3^@3^ assurance that the Bank would itself supply the de- special cable from London, the Bank of England lost mand, if it should be diverted from London to Paris bullion during the week held £25,7SS and £35,231,394 because of the high price of the metal in that market at the close of the week. Our correspondent further and also of the monetary tension at the British capital advises us that the loss was due to imports of £6,000 Supplies thus far have been obtained from London, (wholly from France), to exports of £340,000 (of which and it is expected that a portion at least of £600,000 )0,000 to Egypt, £20,000 to South America, which will arrive at that center next week will be se- £100,000 to Constantinople and to the Conti- £20,000 cured for New York, provided rates for exchange nent), and to receipt- of C')0S,000 net from the interior shall fall to figures which will permit of its profitable of Ore: in. import. It may be noted that though it was reported The foreign exchange market was quite active and this week that the price of gold bars in London had irregular this week and directly affected by dearer i advanced to 77 shillings, 10 pence per ounce, discounts in London and partly by firmer rates for this report was not confirmed, and the price quol money in Xew York. The rise in open market dis- last week in the "Chronicle," 77 shill counts at the British capital early in the week seemed not, so far as is known, been <•! Jt then to foreshadow an advance in the official rate, and appeared probable that this price v (unity quotations for long and short were adjusted to con- prevent additional importations, but tl tthatj form to the expected change, long rates declining, while above stated. $2,750,000 was en ms to those for short moved upward. The latter developed indicate that the shippers posses ed facilities for I ,ri "> activity and strength under the influence of buying to operation that enabled them i - cover speculative sales which had been effected in the the price. Gold received at theCt previous week in anticipation of an uninterrupted fall the week, $.'59,628. 942 THE CHRONICLE. [Vol. lxxxi.

Nominal quotations for sterling exchange are THE NEW I'E.UE CONFERENCE. 4 83@4 83}^ for sixty day and 4 86 for sight. The The call issued in the name of the Czar of Russia, at market was active and lower on Saturday of last week, the opening of this week, for another conference of the and, compared with the previous day, rates for actual nations at the Hague, was an incident which may have business fell 10 points for long and short to 4 8230@ far-reaching importance, though for the time it has 4 8240 for the former and to 4 8495 @4 8505 for the passed with few and perfunctory comments. The latter, while cables declined 5 points to 4 8535 @4 8545. reason for the issuing of the invitation by the Czar, On Monday the market was irregular, influenced by rather than by any other ruler, lay in the fact that it was higher discounts in London, and long declined 10 points he who in 1899 summoned the original conference at to 4 8220@4 8230, while short and cables advanced that place as a result of which the Hague Tribunal 10 points to 4 8505@4 8510 for the former and to — was organized, and certain international provisions 4 8545 @4 8555 for the latter. On Tuesday the tone regarding the limitation of facilities for warfare were was firmer, long rising 5 points to 4 8225@4 8235; adopted. It will readily occur to mind that the short, influenced by a covering movement, 5 points to results of the first Hague conference were considerably 4 8510@4 8515, and cables 10 points to 4 8555@ less than had been anticipated by the call or than had 4 8560. On Wednesday the market was quite strong, been expected the hopeful. The gist of the Czar's long advancing 5 points to 4 8230@4 8240, short by invitation at that time was as follows: 20 points to 4 8530@4 8535 and cables 15 points to "The Imperial Government thinks that the present 4 8570 @4 8580. On Thursday, on the news of the moment would be very favorable for seeking, by unchanged Bank of England rate, short fell 25 points means of international discussion, the most effectual points off, to 4 8505, later recovering and closing 15 means of insuring to all peoples a real and durable compared with the previous day, at 4 8515@4 8525, peace, and, above all, of putting an end to the pro- while cables dropped 15 points to 4 8555 @4 8565; gressive development of the present armaments." long was unchanged. On Friday the market was strong In brief, the important achievements of that con- at an advance of 20 points for long, 5 for short and ference were the establishment of a permanent court 10 points for cables. of arbitration to which the nations might voluntarily The following shows the daily posted rates for submit their differences, and certain humane agree- sterling exchange by some of the leading drawers: ments as to the means of conducting warfare—notably for the immunity of non-combatants and for the spar- Thurs.A Fri., Fri., Mon., Tues., \ Wed., | Sept. 15 Sept. 18 Sept. l9\Sept. iOiSept. 21 Sept. 22 ing, in cases of bombardment, of important works of Brown 160 days 83H 83H 83 83 83 83 Brothers & Co... _.\Sight._ 86 86 86 86 art. But on the main question submitted to the con- Baring, r60 days 83 H 83H 83^ 83^ 83H 83 y2 Magoun & Co ..ISight.. 86 86 86 86 86 86 ference, it disagreed. Russia's delegates proposed an Bank British (60 days 83 H 83^ 83H K\V, 83 83 North America ..ISight.. 86 86 86 86 86 86 agreement on a five-year term within which no assent- Bank ot (60 days 84 84 83 H w* 83VS Montreal ..1 Sight. - »* 86 86 86 86 Canadian Bank (60 days g» 83^ 83 V* 83H 83H ing nation should increase the size of its army or the of Commerce ..ISight. _ 86 H 86!^ 86 86 86 86 Heidelbach, Ickel- 60 days 83 83 83 83 83 J 83« H amount of its military budget, and on a three-year .-ISight.. 86 86 S6 86 86 86 83 83 Lazard J 60 days 83 H 83^ 83 83 Freres ..iSight.. 86 86 86 86 86 86 term within which the naval budget should not be Merchants' Bank (60 days 84 83H 83 W 83 H 83H ot Canada.. ..(Sight.. 86H 86 86 86 86 86 enlarged, while tonnage, number of officers and outlay for coast fortification should be limited by a The market closed on Friday at 4 8250 @4 8260 for government's public estimate at the beginning of that long, 4 8520 @4 8530 for short and 4 8565 @4 8575 for period. The proposition failed—chiefly, we may add, cables. Commercial on banks 4 82@4 8210 and docu- because of the unwillingness of the United States to ments for payment 4 81^4 @4 8234. Cotton for pay- commit itself. ment 4 81 J€@4 81%, cotton for acceptance 4 82@ The primary purpose of the conference of 1899 was 4 8210 and grain for payment 4 82^@4 82^. not therefore fulfilled. History has moved with some The following gives the week's movement of money rapidity since that time, and it is possible to take up to and from the interior by the New York banks: from a new point of view many of the questions which first came in somewhat novel form before the original Week ending Sept. 22 1905. Received by Shipped by Net Interior N. Y. Banks, N. Y. Banks. Movement. Hague conference. Whether the question of limiting

Currency . $4,502,000 $7,708,000 Loss .$3,206,000 Gold 847.000 1,104,000 Loss. 257.000 the standing armaments of the nations—or, as it is Total gold and legal tenders. $5,349,000 $8,812,000 Loss .$3,463,000 commonly described, the question of their "disarma- ment"—will come in practical shape before the new With the Sub-Treasury operations the result is as conference is not so certain. On the one hand, the follows: world has realized, since the disarmament question Week ending Sept. 22 1905. Into Out of Net Change, in was originally raised, the very tangible advantage Banks. Banks. Bank Holdings.

Banks interior movement as above $5,349,000 $8,812,000 Loss .S3, 463,000 gained by a good-sized fleet and a large force of men Sub-Treasury operations 26,300.000 25.300.000 Gain. 1,000,000 ready for immediate hostilities. It is true that the Total gold legal tenders... and $31,649,000 I $34,112,000 Loss .$2,460,000 Russian fleet outnumbered the Japanese at the be- The following table indicates the amount of bullion ginning of the war, and that one teaching of the con- in the principal European banks: flict has been that readiness in trained men and up-to- September 21 1905. September 22 1904. date ammunition may mean much more than the mere Bank o1 Gold. Silver. Total. Gold. Silver. Total. accumulation of naval units for such a contest. Still, £ £ £ £ £ £ England.. 35.231,394 35.231.394| 38.390.34'2 38,390,342 it is hardly probable that the nations will have for- France ... 119,016,679 44,186,127 163,202,806 106,074.296 44,481,609 150,555.905 Germany a 34.910.000 11.636,000 46,546,000 33,839,000 11,890,0001 45,729.000 gotten the anxious discussion which converged at times Russia ... 113,349,000 5.400,000 118,749.000 95,366,000, 8, 42!5, 000 103.791.000 Aus.-Hunb 40,366,000 12,441,000 58,807,000! 48,625,000 12.351 .000 60,976,000 Spain 14,937.000 22,556,000 37,493,0001 14,782.000 20;434;666 35216000 on the question where either of the two belligerents Italy 24,742.000 3,259,800 28,001.800 22,072,000 3,873.600 25'945'000 Nethl'ds.. 6,597,500 6,131.800 12.729.300! 5,480,400 6,252,1001 ll'732'500 could obtain new ships or new regiments. Recollection Nat.Belga 3,206.000 1.603,000 4. 809,000 ! 3,228,667 1.614,333} 4.843|000 fact will to some extent stand in the way of a prop- Tot. week. 398,355.573 l67,213,727'505,569,300 367,857,705 109.321.642i477.179 347 of this Tot: orev. ,399,355.705 107.326.414506,^82,119367,990,7.14 108,732,0701476,722,784 osition to limit discretion in adding to existing forces. —

Sept. 2;t 1905.] THE CHRONICLE. UVl

On the other hand, the world has. in the same a tTair, the even more serious question arose as to the period, seen a good deal, not only of active war. but of right of ships of war to fire on peaceful vessels merely the costliness of maintaining armaments in prepara- because of;suspicion that a hostile man-of-war lay near tion for such war. It has seen the riches! of the nations them. We pointed out at the time the extremely England—struggling with the continual increase in its serious consequences which might ensue if either of budgets of public expenditures made necessary by the t hose claims were to be conceded. As for the question demand to maintain a fleet suited to overcoming any of asylum granted at French colonial ports to the two antagonists. Pressure of such public expenses has Russian fleet, it will be remembered that the French steadily brought home'to the minds of statesmen and authorities, while endeavoring to observe the form of tax-payers the question where this competition is to precedence, really allowed the Russian vessels t<> all end ; for. if each nation is to pursue the policy of nullify the useful and necessary provisions of inter- keeping its forces up to a fixed relation to the forces of national law, that twenty-four hours should be the other [Powers, it follows that no nation, now or here- limit of asylum granted to a belligerent ship not in after, can settle the question of expenditure for itself, actual distress. or in accordance with its actual resources. Since It will not have escaped the reader's mind that the tendency has unquestionably been toward constant Continental publicists have contended in regard to increase both in sea and land armaments—witness the each of these three episodes, that the claim advanced English movement for a standing army — the gravity of against the Russian action was, in effect, the claim the problem, to those considering the longer future, is of England, which depends on its foreign commerce undeniable. We have never regarded theq uestion of and which can rely for its own asylum on its colonial disarmament per se, meaning the disbanding of existing harbors. We have never been able to regard this po- fleets or armies, as a practical solution of the question. sition as well taken, since the interest of the other It seems to us, however, that at some point in this countries—notably, Germany, France and the United international complication the nations will be forced, States—in preserving immunity to peaceful com- for financial self-preservation, to agree among them- merce, never was greater than it is at the present day. selves where the movement of increase is to stop. The One highly interesting fact in the matter is that hour for such an understanding may have arrived al- when, in 1899, the conference took up the question ready, or it may not. That it will come eventually, of the immnuity of private property on the sea, Eng- we entertain no doubt. The new Hague conference land was lukewarm on the proposition, and it was will, at all events, smoothe the path in its direction. formally referred to a future conference. That means

There are, however, in our judgment, some much that it will necessarily arise in the projected confer- more probable and almost equally important reforms ence. It seems to us that what has happened since which will come before the conference. That the 1899 will radically affect Great Britain's attitude on Czar should have summoned this gathering was in this question. Her statesmen have indeed commit- some respects a singular fact, because it is the acts and ted themselves to a very positive position by their policies of his government, during the past eighteen representations in the Dogger Bank and Red Sea months, which any such conference must review with episodes. a distinctly hostile eye. Thus regarded, it might have On these questions, and on such other allied ques- seemed more appropriate had the conference been tions as the limitation of contraband of war, the called by President Roosevelt, as was originally con- right of the wireless telegraph, and the respecting of templated. We do not suppose, however, that the neutral territory, there is no doubt that the new work of the delegates will be in any respect hampered Hague conference will be called to pass. The episode by the source of the call; indeed, we imagine that the can hardly close without some distinct further gain Czar's position regarding it will simplify the work of for civilized methods among the nations. the conference, for the reason that the Russian dele- gates who, under other circumstances, might stand in LARGE BUSINESS AND SMALL PROFITS ON opposition to the proposals certain to be introduced, will A SOUTHERN ROAD. not be able now to take such position with good grace. The annual reports of the railroads now being re-

There are, we suppose, three question of the first ceived establish one thing very clearly. They make it importance, all arising from the Russo-Japanese war, plain that the present prosperous state of business, which must be passed upon by the conference. Some with the increased traffic and enlarged gross receipts time ago we had occasion to say that this war could which it is bringing to the roads, is inuring mainly to hardly close without a competent review by the several the benefit of the public in larger and improved service. nations of the principles of international law brought The railroads are getting very little out of it in the up in the case of the so-called Red Sea episode, of the shape of profits. Of course there are exceptions to the Dogger Bank affair, and of the journey of Admiral rule in the case of roads whose expenses hitherto have Rojestvensky from Europe around the Cape of Good been burdened with unusual charges and whose net earn- Hope to the Japanese Sea. Had any one else than the ings are once more improving, now that the necessity for Czar issued the present call, it would be inferred at further extraordinary outlays no longer exists. Speak- omce that settlement of the disputes involved in these ing generally, however, no feature is more conspicuous episodes was its main purpose. We need do no more in the returns of our rail carriers than that the en- than briefly summarize the principles at issue. In the larged business which they are doing is not yielding case of the Red Sea affair, the grave question arose, much in the way of added net —that is, is not beinp whether a private vessel, carrying secret authority attended by net revenues to correspond with the en- from its government to act on the offensive, could at larged volame of transportation service rendered. will, and without notice to the other Powers, begin to These thoughts are suggested by the appearance prey on neutral commerce. In the Dogger Bank this week of the annual report of the Yazoo & Mis- .

944 THE CHRONICLE 'Vol. lxxh sissippi Valley Railr-r'td Co. This is not a large system cent—while the surplus of income remaining over the of roads, it comprising only a little over 1,200 miles, absolutely fixed charges (we say "absolutely" fixed and yet under the intelligent guidance of the managers charges because interest on the second mortgage and of the Illinois Central Railroad, which company con- the land grant income bonds of the Louisville New trols the property, the business has been developed so Orleans & Texas Railway Co. is not obligatory, but that the gross earnings now average over $7,000 per dependent upon earnings) has fallen away over 31 mile. This little system, however, furnishes a striking per cent. instance of a road which each year is adding further The fact that fixed charges have increased 33 per amounts to its traffic and gross revenues, and little to cent, while length of road operated lias increased only its net earnings and nothing to its surplus. That is to 20 per cent, may attract attention. The explanation say, the road, while rendering a larger volume of trans- is found in the fact that the Yazoo Company has portation service and making considerable capital out- bought and developed large terminals in Memphis lay in the effort to meet the requirements of the com- and in New Orleans, and has this year been at the munities served, is getting no compensating return for expense of reconstructing the major part of its term- the increased amount of work done. The late year inals in New Orleans, which were destroyed by fire yielded somewhat better results in that regard than last February. It is interesting to note that the the yoars immediately preceding, an increase of $S01,- company, as appears from its reports, has paid for 910 in gross receipts being attended by a gain of $144,- all of its permanent improvements and all of its ex- 654 in net earnings. But even with this addition, the tensions through the issue of 4 per cent bonds, and total of the net is only $1,917,981, where four years that these bonds were in each case sold at par. In before, in 1901, it was $2,069,870, and is only a trifle other words, the company has been able to raise larger than in 1900, five years before, when the amount the new capital needed on the low basis of 4 per cent was $1,905,176. Yet the volume of traffic, both in the per annum. Thus the property has been financed passenger and the freight departments, has been ex- upon very favorable terms, and yet, as we see, it has tended in a very noteworthy way. not been found possible to make sufficient extra net

• The Yazoo & Mississippi Valley report gives ta- earnings out of the larger volume of traffic done to bles running back to 1893 with respect to mileage, provide for the increased fixed charges. The result earnings and fixed charges. It also contains a very furnishes a striking commentary upon the arguments interesting table showing, year by year, the number of of the Inter-State Commerce Commission and others, passengers carried one mile and the number of tons of who are insisting that the railroads should reduce freight carried one mile , these units furnishing a their rates, in face of higher wages and the enhanced measureof the volume of service rendered to the pub- price of fuel, materials and supplies. The Yazoo lic. This last statement, unfortunately, only goes back Company has no considerable volume of coal traffic to 1900. Taking the figures, however, just as we find or of other similar classes of bulky or low-grade freight, them, we get the following striking comparisons be- but nevertheless realizes an average of only 8.92 mills tween 1905 and 1900. per ton per mile on its entire freight tonnage.

1900. 1905. Increase. Per Cent. ATCHISON IN A YEAR OF UNFAVORABLE Miles operated.. 1,001 1,204 203 2,027 CONDITIONS. Gross, earnings $5,300,889 $8,670,245 $3,369,356 63.56 It is indicative of the strong income position which Operating expenses 3,217,796 6,388,874 3,171,078 98.55 Taxes .' .. 177,917 363,389 185,472 104.25 the Atchison Topeka & Santa Fe Railway Company

r Expenses and taxes. $3,395,713 $6,752,263 $3,356,550 98.1 holds, that in the late fiscal year it w as able to suffer a

Net earnings' $1,905,176 $1,917,982 $12,806 .67 reduction in net earnings of almost 3^ million dollars Absolutely fixed charges 946,240 1,265,186 318,946 33.71 and yet have income enough to pay all charges and the Surplus over charges. a$959,299 a$655,643 De. 303,656 De. 31.65 regular dividends on preferred and common stock, 3 Passengers car. one mile 42,534,812 79,199,916 276,665,104 86.20 with sufficient left over to allow of considerable appro- Tons moved one mile. 417,074,552 690,867,621 3,793,069 65.65 priations for special purposes. The year was an un- a After adding inocme from investments. favorable one in a double sense; Onv the one hand In these five years, it will be seen, gross earnings there was a large shrinkage in certain items of traffic, on have risen from,. $5, 300, 889 to $8,670,245, but net the other hand operating cost was enormously increased earnings have advanced only from $1,905,176 to through floods and overflows of extraordinary character. $1 ,917 ,982. As during the same interval fixed charges President Ripley in his remarks devotes considerable have necessarily increased (owing to the outlays space to setting out the character and extent of these incurred in order to provide facilities for the increased floods and their effect in augmenting expenses. He

amount of work) , the surplus of net earnings remain- observes that the excessive rainfall was not confined to ing above the requirements for such charges has actu- any one locality, but was almost universal and nearly ally been reduced one-third, dropping from' $959,299 continuous: There was hardly a week in the fourteen to'$655;643. The road moved 79,199,916 passengers months ending June 30 1905, he states, during which one mile in 1905 as againstonly 42.534,812 in 1900, some part of the line was not out of business by reason and carried 690,807,621 tons of freight one mile in of floods, of greater or less magnitude. On at least the latest year as against 417,074,552 in the earlier three occasions the main lines in- Arizona" and New

year: Stated on a percentage basis, the passenger ,' Mexico were totally disabled for from four to eight days, service has 'increased 86 per cent and the freight ser- besides which there were innumerable smaller breaks.

vice 65; per :cent. The two together have yielded ' For weeks it was necessary to advise intending patrons

63 percent increase in gross earnings, "hut only a' frac- to ship' or travel over- other routes; 9.551 feet of tion," of ;ejne per cent increase in net earnings—ex- bridges', 35*^ miles of track and 1 .000.000 c"ubic : yards carried a psH'scs having increased 98 per cent and taxe's*l-@4' per ! Of embankment were way, and the fine stone SKPT. 23 1905.1 THE CHRONICLE. <>15 station building at Trinidad was demolished. While ^A the damage done by the floods is seen, of course, it is not possible to estimate the amount of business most plainly in the augmentation in the maintenance lost, the cost of repairing the damage caused by these outlays; for maintenance of way and structures aoods will aggregate, it is stated. S-. 000 ,000. Though (2 .-'15,1S4 more was spent than in the year preceding. the greater part of this sum was included in the expen- and for maintenance of equipment $908,729 more.

of the late year, a portion remains to be charged It is a striking and a notable circumstance tli.it during the cm-rent fiscal year. cost of conducting transportation was increased only All this relates to the direct damage sustained, but in the small sum of $66,899. This reveals one of the heavy expense was likewise incurred in caring for strong features in the administration of the property. delayed passengers, in sending trains over other lines, In face of the adverse conditions under which the road in paying employees on delayed trains for over-time, had to be run, further efficiency and economy in oper- in removing wrecks due to washouts, etc. Al- ations was attained. We have stated that in the actual together, according to President Ripley, all the de number of tons of freight moved there was a small crease in net earnings as compared with the year pre- decrease, but measured by the tonnage moved one ceding may be ascribed to this one cause. mile there was actually an increase. In fact, the

In addition, traffic conditions, as already stated, addition to the number of tons of revenue freight were to a considerable extent unfavorable. On this carried one mile was 47,S20,436 tons (about 1 per point President Ripley simply says that the grain cent). Notwithstanding this larger freight movement, crops of the year were smaller than usual, but that the freight car mileage was decreased 9,656,0S0 miles, there was a slight increase in the cotton movement or 2.01 per cent and the freight train mileage was and a considerable increase in lumber. Examination decreased 571,710 miles, or 3.29 per cent. What this of the traffic statistics shows that the loss on account means will be perfectly plain to the reader. There of the smaller crops really reached very considerable was a further addition of 12 tons to the train-load, proportions. For instance, the grain tonnage the bringing the average load up to 282 tons. What the late year was only 1,486,781 tons, against 2,172,682 larger train-load means in the way of increased reve- tons the previous year—a loss of almost 700,000 tons. nue for the trains will be no less obvious. The trains The offsetting increase in the cotton traffic was only earned $2.82 per mile run in the late year, against 15,028 tons and even cotton seed and its products $2.75 earned in 1904 and $2.65 earned in 1903. wiped out only 60,374 tons more of the loss. Further- We have stated that notwithstanding the loss of more, there was a reduction in the tonnage in flour nearly 33^ million dollars in net income, earnings were and other mill products and likewise a reduction in sufficient to provide for the year's dividends and leave the tonnage in animal products (usually an accom- a liberal allowance for other items. The available net paniment of smaller crops) to overcome—from which income was $11,742,346, equivalent to 5 per cent on it will be seen that the diminished agricultural yield the preferred stock and 5.92 per cent on the common of 1904 v. as a circumstance of considerable importanc,. stock outstanding; but while 5 per cent is being paid

However, the freight traffic of the system is be- on the preferred stock, the common is receiving only 4 coming steadily more diversified with the establish- per cent. The call for the year's dividends, therefore, n ent of new enterprises and the growth in population, was $9,786,910, as against net income of $11,742,346. and this stood the road in good stead. Through an Out of the sum remaining $1,083,311 was written off enlarged traffic in manufactures, in merchandise and property accounts in respect of expenses and discount miscellaneous articles, and in coal and other minerals, on bond sales, $319,635 was contributed to the fuel the loss in agricultural products was in large measure reserve fund, and the balance of $552,489 was carried overcome, with the result that aggregate freight traffic to the credit of profit and loss account. of all kinds in 1£05 fell but little below the large total In the company's finances the principal event of the of the previous year, the comparison being 12,894,347 year was of course the creation of the new convertible tons, against 13.195,597 tons. The loss in freight 4 per cent bond issue for $50,000,000, of which $32,- earnings was only 5353,671, in addition to a loss of 420,000 have been disposed of. The stockholders, as

1 5 1 ,299 in mail and express and miscellaneous. Then, will be remembered, were given the right to subscribe too, the passenger earnings further increased §611,607 for these bonds to the extent of 15 per cent of their on top of the large and continuous gains of preceding holding, but only one instalment of the payment was ] lus, notwithstanding the loss of tonn required to be made before the close of the fiscal year. through the interruption of traffic by the floods, and namely 25 per cent in April. Of the remaining in- notwii ;>iLr the falling off in the agricultural stalments, 373^ per cent fell due July 5 and 37)^ per

tonnage, gross earnings as a whole actually I cent will fall due Sept. 30. The reason for this large over the year preceding in amount of $204,637, bring- issue of new securities was made clear in these columns ing the total of these gross earnings up to S68.375,s:;7. at the time the proposition was under discussion. The

What a splendid record this is for such a year of un- capital expenditures during the year for construction favorable conditions will appear when we say that and equipment account were $8,664,897. The com-

in LS98 to 1004 the gross bad i pany also has a considerable amount of additional road

fr< - >. 171,200. under way and is likewise providing much :i Lditional But, the exr for the reason named ab lond track. Appropriation was made during the «" were augmented in amount of $3,295,351, thus pro- year of the sum necessary to construct • ducing a loss in net earnings of $3,090,714, bes -lid track, Of Which about 16 Dp i" operation;

which tlr a a considerable falling off in the in- the remainder, it is e ted, will be CQmpl I come ither sources. Altogether the available the end of the calendar year. furthermore. $2,500,-

net income before charges was only $21,353,856 in 000 serial debenture bonds fell U6 y 1 1905

0.-,. ^_- ! puroh* P.t'U 77 541 in 1903-04. The effect and were redeemi I and tl " 9<6 THE CHRONICLE [Vol. lmjl and canceled $1,301,000 of the series of bonds falling dividends ? The aggregate amount of the first and due February 1 1906. Notwithstanding these heavy second preferred shares (which have a prior claim to calls for money and notwithstanding that only $10,- dividends of 4 per cent per annum) is $70,000,000 and 108,250 had been paid in on the new convertible bond the call for the 4 per cent dividends on the same would issue by the end of the fiscal year, the balance sheet therefore be $2,800,000. If to this we add roughly shows cash on hand and in bank June 30 1905 of $9,- $460,000 as the requirement of the general mortgage 580,084, against $6,362,906 on June 30 1904. The sinking fund, the total call ahead of the common stock company at the same date also held securities having would be $3,260,000. Deducting this from the $10,- an estimated cash value of $2,947,026; it also had in its 018,748 available income, there would remain $6,- treasury, unpledged, the stocks and bonds of other 758,000 out of which to make payment of the dividend companies at a cost of $16,547,400. The report on Reading common stock. As the amount of this furthermore states that there remain unissued general common stock is $70,000,000, 4 per cent on the same mortgage bonds amounting to over $5,600,000, all of takes, it will be seen, $2,800,000, as against the $6,758,- which are said to be now available. 000 applicable to the purpose. Moreover, this is the result, it should be remembered, after contributions of THE READING COMPANY'S GREAT $979,643 out of earnings for improvements by the PROSPERITY. Railway Company and after payment by the Coal & There is probably no other railroad property in Iron Company of $1,730,975 for new work at the col- the country the market value of whose shares has lieries and payments of $478,326 towards the fund for undergone such a striking appreciation within the the depletion of lands and also after the contribution last twelve months as the shares of the Reading Com- already referred to of $460,000 to the general mortgage pany. To-day Reading common stock is selling sinking fund of the Reading Company. at close to 125. A year ago the market price Hasty conclusions will no doubt be that these re- for the same shares was about 65. Whether this markably favorable results reflect simply and solely improvement in market values may be ascribed to the satisfactory condition of the anthracite coal trade. investment purchases or to speculative operations, the The anthracite trade certainly has been in good shape annual report of the company submitted the present and the Reading being such a large anthracite carrier week makes it perfectly plain that the company has has naturally profited by the fact. But let no one had a wondrously prosperous year. It is barely twelve make the mistake of supposing that the anthracite months since the various classes of shareholders were business has been the only or even the chief element in reinstated in their voting rights, the voting trustees the company's prosperity. The truth is, the Reading having previously held control. Furthermore, the Company owes its present position to development in common stock did not get its first dividend (since all directions—an increase in its merchandise traffic, the inauguration of the new company after reorgani- an increase in its passenger traffic, an increase in its zation) until February 1 1905. That dividend was bituminous coal traffic as well as the increase in the

\)/2 per cent and was succeeded on August 1 1905 anthracite traffic—and to the physical rehabilitation of by a second payment—this time 2 per cent. The the property under which it has become possible to annual report shows that current income has been handle and move traffic with greater facility and much far in excess of the requirements for such dividend greater economy. distributions; indeed these latter must under the cir- Taking up the latter point first and comparing the cumstances be considered very moderate payments. business of the Railway Company for 1904-05 with

The transformation effected in the income power that of the twelve months preceding, it is seen that of the Reading within say the last two years alone there has been an increase of $2,556,323 in gross earn- has been nothing less than marvelous. In illustra- ings, attended by an actual reduction in expenses of tion of the great improvement that has occurred within $338,580, thus yielding an improvement in net in the the two years we might refer to the summary given large sum of $2,894,903. The reasons for this econ- at the beginning of the report, showing that the joint omy in operations are found in the complete rejuvena- operations of the three companies (namely the Read- tion of the property. In the first place, cost of main- ing Company itself and the Philadelphia & Reading tenance of way and structures decreased $345,748, Railway Company and the Philadelphia & Reading owing to the fact—and this circumstance should be Coal & Iron Company) yielded gross receipts of carefully noted— that the large expenditures of the $80,561,158 in 1904-05, against only $62,140,743 previous years rendered unnecessary any more than in 1902-03. But as these totals involve some duplica- the ordinary outlay on that account during the year tion—the dividend paid on the stock of the Railway under review. A reduction in the cost of repairs and Company counting as income of the Reading Com- renewals of coal cars is explained in the same way; pany—it will be better to take as a basis for com- that is, the equipment has been brought up to such a parison the net earnings of the three companies re- standard that there is no longer any necessity for such maining after the payment of fixed charges and be- extraordinary repairs as were made in earlier years. fore the payment of any dividends on Reading Com- As it happens, too, cost of fuel for locomotives de- pany stock. This surplus for 1904-05, it appears, was creased $104,056, owing 'to the reduced price at $10,018,748 against $7,757,538 in 1903-04 and $5,197,- which the fuel could be purchased. President Baer 783 in 1902-03. Thus in two years the amount states the whole situation in a nutshell when he asserts available for dividends on the different classes of that the large sums of money expended on the property Reading shares has been enlarged by nearly $5,000,- since the reorganization in improvements and better- 000—has in fact been almost doubled. ments "have had the desired effect of enabling the With $10,018,748 surplus above charges on the company to do an increased business without any year's operations, what were the requirements for considerable increase of expenses." —

Sept. 23 19i»5.i THE CHRONICLE.

As bearing upon the part played by the anthracite is greater than for the other items, large though coal business in the year's improved results, it is the additions in these cases have been. But, as worth pointing out before proceeding further thai the already pointed out, this is not to be accepted as an

• i-mining operations did not yield enlarged profits. indication of the extension of the anthracite tonnage Owing to the increased amount of coal mined, the by itself. There are no figures which enable one to gross receipts of the Coal & Iron Company increased judge how much of the increase in the coal revenues from S35.251.174 to S3(i .099.420, but the net earnings came from the bituminous tonnage and how much tell off from §4.542.20 host ,063,469. It is proper to from the anthracite tonnage, but it is plain that the te that these net earnings are given before deduc- contribution of the bituminous tonnage must have

es for the expenditures for new work at collieries. been very considerable. This is evident from the fact hat the result has in no degree been affected by the that in the late year the railway carried 9,184,421 tons outlays on that account. Turning to another part of of bituminous coal, whereas in 1896-97 the bituminous the report, the reason for the less satisfactory results traffic amounted to no more than 1,690,223 tons. In from the mining operations is discovered; 9.7 cents less other words, the road now carries, roughly, 7,500,000

9 realized per ton on the sales of coal, while the tons more per annum of bituminous coal than eight saving in the mining of coal was no more than 2.7 years ago—all of which establishes the point made at cents per ton. hence leaving a decrease in the net the outset that the Reading Company's prosperity and amount realized of 7 cents per ton compared with the present position follow from the development and ex- previous year. tension of its business in all directions rather than It will perhaps be urged that the anthracite carriers from the improvement in the anthracite trade alone. derive their profits from the transportation of coal The finances of the company make an equally flat- rather than from the mining of coal, but it is interesting tering showing. During the year the funded indebt-

note that the Coal

• • The general development which has occurred in all Doubtless the large expansion in expense accounts classes of traffic is, however, more strikingly re- indicates a policy of liberal outlays by the respective vealed when the comparisons are extended some years managements of the different roads. Such a course further back. Since 1896-97 (covering the period would be induced by the favorable state of the business since the reorganization) aggregate gross earnings of the roads, and also by the assurance of the con- have expancei over 80 per cent, the total rising from tinuance of the same conditions, at least in the imme- $20,746,864 to $37,495,719; passenger revenues in this diate future, under the certainty of a large agricultural interval have advanced from $3,763,890 to $5,717,- yield the present season. At the same time, it is 399, the merchandise traffic has increased from obvious that the ordinary operating cost must remain $6,455,030 to $13,036,535 and the coal earning* high while wages continue at their present level and have risen from S 676 to $17,16:5,351. In materials and supplies are costing BO much more than absolute amount the increase from the coal traffic they formerlv did. t I . .

.full/. January to ./«')/ 31. gains which amount to considerably more than the (9 1 roads.) .... falling off last following L905. 1901. r Dec\ win:,. 1904. Inc. or n ec sustained year. In the we

$ $ $ $ s s bring together all changes for the separate roads for LO' 3 + 11,079,330 755,842,267 705,849, 147 E p 74,809,999 B7,0 + 7,740.908 538,786,662 502,349,078 +36,430,584 amounts in excess of $30,000, whether increases or

Net. 43.594,553 40,256,131 + 3,338,422 217,056,605 203,500,369 t 13,556,236 decreases, and for both gross and net. PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY. Traffic conditions during July were quite generally 1 1:< : Increases. Penna RR (2 roads). _ y$2,021,300 Phila Bait & Wash $65,700 favorable. Trade was active, the iron and steel in- Southern Pacific 1,058,618 N Y Ontario &. Western 61,717 Atchison Top k San Fe 942,077 Cin N O & Tex Pac 55,945 dustry especially so, while Southern roads had an Rock Island System... 83 Ala Great Southern 55,340 Union Pacific 790,1 10 Grand Tr of Can f.3 rds) 50,610 additional advantage in a larger cotton crop, and Baltimore

Minn St P & S S M 1 35,956 Wabash 881,070 year ago. On the other hand, one advantage existing Central of Georgia 132.309 Illinois Central 56,185 Cleve Cin Chi & St L._ 126,828 Hocking Valley 50,485 missing a year ago was the present year. We allude Buff Roch

; 1897 58,183.393 54,228,118 + 3.955,275 l 19.091,236 16,530,293 + 2.560,943 reports a decrease of 8151,119. 1898 63,172,974 62,339,710 + 833,264 I 19,971,051 20.694,375 —723,324 y These figures cover lines directly operated east and west of 1899 72,204;314 61,434,246 + 10,770.06811 24,377,447; 19,072,510 + 4,704,937 1 Pittsburgh and Erie. net on Eastern lines decreased 815,900 and 1900 83,343,882 77,671,358 + 5,672,524.' 26.6S7.209 25,989,927 + 697,282 The 1901 99,334,538 86.920,806 + 12,413,732 34,925,716 27,680,869 + 7,244,847 the net on Western lines increased 8157,300. 1902 102,960,249 97,691,960 + 5,268.289 33, 634.610! 33,824,597 —189.9S7 1903 115,691.747 97,856, 175 + 17,835,572 38,296, 8511 31.846,698 + 6,450,153 When arranged in groups, every group, with one 1904 106.955,490 113,678.564 —6.723,074 34.39S, 740 37.353,409 —2,954,669 1905 118,404,552 107,325,222 + 11,079,330 43,594,553 40.256.131 + 3,338,422 exception, reveals improvement in gross and net Jan. to July 31.

1896 338.S98.528 326,287,662 + 12, 610,866 99,349.935 95,685,802 + 3.664,133 alike , though the ratio of gain in net falls below that in 1897 336.48S.331 330,160,100 + 6, 328,231 106,190,418 98,486.145 + 7,704,273 1898 413.911,220 371,736,517 + 42, 174,703 127.374.854i 111,677,733 + 15.697,121 gross. The group which forms an exception to the 1899 424,524,851 391,917.883 + 32 606.968 132,707,563 119,210.917 + 13,490,646 1900 515,892.418 455,162,201 + 60 730.217 158.350.057i 138.466,598 + 19,883,459 1901 566.480,393 510,659,997 + 55 820,396 186.186.040i 159,591,770 + 26.594,270 rule of increase, and shows instead a loss, is the Middle 1902 573,553.120 535.850,826 +37 702,294 1S3, 405.620 174,954.412 + 8.451,208 1903 652,964,950 568,181.685 + 84 783,265 202,903,435 179,461.043 +23,442,392 Western group, and there the result has been con- 1904 672.970.084 686,256,206 —13 286,122 194.820. 892 1 215,775,606 —20.954.714 1905 755,842,267 705.849.447 + 49 992,820 217,056,605 203,500.369 + 13.556,236 trolled 'very largely by the absence of the passenger

Note.—In 1896 the number of roads included for the month of July was 130; traffic to the World's Fair. n 1897. 127; in 189S. 123; in 1899, 114; in 1900. 117; in 1901, 108; in 1902, 103; in 1903, 106; in 1904, 98; in 1905, 94. We no longer include the Mexican roads SUMMARY BY GROUPS. or the coal-mining operations of the anthracite coal roads in our totals. Section or Gross Earnings. \et Earnings. Group. In the case of the separate roads there are some 1905. 1904. 1905. 1904. Inc. or Dec. noteworthy gains—more noteworthy than the corre- July. $ P.C. Tr'nkL(lO). 33,799,877 31.178,889 10,294,870, 10,035, 51S + 259.352 2.58 sponding losses a year ago; and these gains come Anth Coal(5) 8,723.632 7,966,705 3,697,667; 3,404,366 + 293,301 8.61 E'st&M (14) 4,607,645! 4,213,449 1,508.456 1.409.566 +98,890 7.01 M & W (12) . 6.175,538 6,297,217 7,267.213 7,631.836 —304,623 4.7S from all parts of the country. Decreases appear only No West & N

Pac (12) .. 17,023,194 15.664.192 6.085,546 5,897.366 + 788, 180 1 13 .36 in the case of a few roads which for special reasons had So West & So Pec (16) .. 29,203 558 25,129,697 8.S55.500 7.095.S91 + 1,759, 60924.79 adverse conditions to contend against, more par- Sou (25) : 18.871 108 16,875,073 5.285,301 4,781.588 + 503,713 10.53 Total (94). 118,404 .552 107,325,222 43,594,553 40.256,131 + 3.33S.422 8.29 ticularly the systems having lines 15.26 to St. Louis, like the Mexic'n (4) . 4,151 183 3.8S3.869 1.256,133 1,089,793 + 166.340

Wabash and the Illinois Central. Losses in net are Jan ltoJvlv3 1 Trunk L (S) . 222,147,757 206,525,252 5S.23S.094 55,947,343 + 2.290,751 4.09 Anth Coal (4). 57,469,525 52,981,132 23.667,095 20,871,503 + 2,795,592!l3.39 more numerous than in the gross, owing to the liberal E&Mid(14) 2S.S12.1S9 26,579,183 7.049,011 6,925,301 + 123,710! 1.78 Min W (12).! 42.746,219 42.171,962 10.4S5.5S6; 11,014.463 —52S.877 4. SO policy pursued in the matter of the expense accounts, No West'n & NOP (lD-il02.S61.641; 94,371,951 35.S99.005 30.S39.S30' +5.059,175 16.40 as already pointed out. The Pennsylvania So West & Sol RR. on Pac (16) .. 193,127,205 1S1.234.663 50,793,160; 48,928,577 + 1,864,583 3. SI South'n (23) 108.677.731 101,985,304 30.924,654 28,973.352 + 1.951,302 6.73 the combined lines directly operated East and West of Total(S8)... 755.S42.267 705.S49.447 217,056,605 203,500,369 +13,556,236 6.66 Pittsburgh and Erie had $2,021,300 increase in gross Mexican (4). 30,363,4961 30,099,220 9.999.97S 8,717.197 +1,282,781 14.71 but only $141,400 increase in net. In July last year this system had $1,837,500 loss in gross but only In addition to the roads furnishing returns of both $203,400 loss in net. The Southern Pacific this year gross and net, there are some others, including a few has $1,058,618 increase in gross and $591,037 increase prominent systems, which supply figures only as to the hi net, this following only $593,565 loss in gross and gross. Starting with the total of the gross in the fore- $78,723 loss in net in July 1904. Most of the other going, we add the results for these other roads as large systems make closely similar exhibits, showing follows. . . 7

Sei-T. 23 l»«5. THE CHRONICLE.

REPORTING GROSS BUT NOT NET. ROAPS —The program to be presented at the convention at Washington next month October 10, 11, 12 and 13— July. 1905. 1904. Increase. Dtcr'sc. of the American Hankers' Association has been completed, $ $ $ % Reported above (94 roads).. 11841' 107325222 11.079.330 and we print the same in full herewith:

Ala N.w Oil A IY\ rue— , New Orleans >v North East. 23 178,631 61,897 FIRST DAY—(WEDNESDAY). 95,7. ."> Alabama A Vlcksburg 103,301 6,616 Convention called to order at 10 o'clock a. in. liy the President, K. l'. Swlnney

Vlcksb Shreve A Pacific 101.213 98.545 2,668 _ . Prayer by Bishop Ucnry V. Satterlee. Chicago Ind'polls A Loulsr.. 480,577 450.120 88,451 ...... lioll Call. Chicago A North Western 4,028,300 4.625,080 18.220 \ddre.ss of Welcome i.v lion. Henry n. y. Maciarland, President ol the Hoard of Commissioners of the District of Columbia. Chicago St P Minn A Omaha. 010,134 847,821 71,313 ...... Iddreee of Welcome to the American Clinkers' Association by John Joy lalson. Colorado A Southern 564.583 483,380 71,203 President Hankers' Association District of Columbia, In behalf of the bankers of the Great Northern 3,604,320 3,401,079 202,350 District of Columbia. Montana Central 200.831 180,736 20. 095 Iddreea of welcome to the American Bankers' Association and foreign visitors a states Government. Illinois Southern . _ 20,436 27,056 2,380 by Representative ol the United 1'. Swlnney International A Great North. 487,421 406,071 81,350 Reply to Address of Welcome, and annual address by the President, B. Animal Report of the Secretary, James it. Branch. 3 11 Macon A Birmingham 10,177 9,836 viuuiai Report of the Treasurer, Ralph Van Vechten. Mobile Jack A Kansas City Report of the Auditing Committee. [including Gulf A Chi Div). r56,532 142,045 14.487 irt of the Executive council by the chairman, Q. S. Wldtson. Protective \ \ Central A Hudson River. 7,135,208 6,443,618 681 .680 Report of the Committee by the Secretary. Committee on Chairman. James M. Donald. Northern Pacific 4.566,305 4,071,387 404,018 Report Ol Currency by the Report of Committee on Uniform Laws, by the Chairman, F. E, Tr Southern Indiana 106,298 103,125 3.17;; _--.__ — Report of Committee on Bureau ol Education by toe chairman, J . B. Erlnley. Texas ft Pacific 822,379 750,240 63,139 Report of Committee on Cipher Code by the Chairman, F. I Texas Sabine Val A N W 1 1,000 12,700 1,700 Report of Committee un International Form of Money Order by the Chairman, o St Louis A Western.. 327,038 27 : 53,023 _ __ R. l.. Crampton. Practical Banking Questions. Toronto Ham >V- Huff 56,741 56,760 . 19 Rank, New York. , ADDRESS by Frank A. Vanderllp, Vice-President National City •il'3,:{'_ 4 Wheeling A Lake Erie. 345,082 78,242 VDDRESS on "The Examination of Banks" by Hon. Win. B. Rldgeiy, Comp- troller Of the Currency, Washington, D. C. Total (115 roads) I43t 130328530 13,331,470 1,719 Net increase (10.02 p. c.) 13,329,757 SECOND DAY—(THURSDAY).

t .invention called to order at 10 o'clock a. m. by the President, K. V. Swlnney. here arc for the four weeks ending July 29. Prayer by Rev. Tcunts S. Hamlin, D.D. x Figures Announcements. Practical Uankin;.' Questions. In this way . it will be seen, the increase for the month VDDRESS on "Commercial Education" by Prof. Jos. French Johnson. Dean

\r\v . York University School of Commerce* Accounts and Finance, New York. . system " Robert General is raised ro $13,329,757, the total of the gross for July ADDRESS on "The Scotch ol by Blyth, Manager Union Bank of Scotland, 1. united, Glasgow, Scotland; . ADDRESS on "Practical Benefits of Membership in The American Rankers 1005 being S143.G5s._N7, against $130,328,530 for Association" by Walker Hill, President Mechanics-American National Bank, St<;

i . Mo. 1004. The ratio of increase is 10.02 per cent. A Call of Sections, North, South. East and West. July j

• year ago. by the same method of computation, there THIRD DAY— (FRIDAY). , . Convention called to order at 10 o'clock a< m. by the President, E. F. Swlnney.. was a loss in gross of S7.460.97S, or 5.35 per cent. Prayer by Rev. D. J. Stafford, D.D. Practical Banking Questions. ADDRESS on "Our Commerce" by Harvev D. Goulder, Cleveland, Ohio.

ADDRESS by Hon. Leslie M . Shaw. Secretary of the Treasury, Washington, D. C. Continuation of Discussion of Practical Ranking Questions.

i nflnlshed Business. ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S. Report of Committee on Nomination. Elections.' Installations of Officers elected. The public sales of bank stocks this week aggregate 434 — The programme above, it will be noted, covers October shares, of which 316 shares were sold at the Stock Exchange 12 and 13; the opening day, the 10th, will be devoted 11, ; and US shares at auction. The transactions in trust com- to the proceedings of the Trust Company and Savings Bank stocks reach a total of 6o shares. lot of 35 shares of pany A sections. stock of the Mechanics' & Traders' Bank was sold at 172, an The social features will be practically as given in our issue* advance of 20 points over the price paid at the last previous of July 29, and will be as follows: Tuesday, 7:30 p. rn., a sale in March, and 10 .-bans of Bowling Green Trust Co. banquet to the general officers and council at the New, stock brought 22 1^2 as against 20") in July. Willard Hotel; Wednesday afternoon a reception to the, Shares. BANKS—Xcw York. High Low Close. Last previous sale delegates and their ladies at the White House by President lfj 276 1905— 275 Amer. Exch'nge Nat. B'k276 276 June H Roosevelt; on the evening of the same day receptions by x308 Commerce, Nat. Bank of. 200 198% 199H Sept. 1905— 199 the trustees of the Corcoran Art Gallery and at the Arlington 16 Com Exchange Bank 376 376 376 Aug. 1905— 375 35 Mechanics' & Trad. Bank. 172 172 172 Mar. 1905— 152 Hotel by Secretary of the Treasury Leslie M. Shaw and[.Mrs. 3 Mechanics' Nat. Bank ...295 295 295 Apr. 1905— 302 % Shaw; Thursday, excursions down the Potomac River and of 305 311 1905— 318 ftl2 New York,N.B.A.,Bk. 311 J* Y2 May to Fort Meyer, and entertainments at the fyew National BANK—Brooklyn. Theatre and Chase's Opera House; 'excursions to 50 Mechanics' Bank 260 260 260 Aug. 1905— 250 Friday, TRUST COMPANIES—New York. Fort Meyer and down the Potomac repeated, for the reason 10 Bowling Green Tr. Co 221^ 221 H 221^ July 1905— 205 that only nine hundred can be admitted to the barracks ai 55 Lawyers' Tit. Ins. &Tr.Co.33o 335 335 Sept. 1905—343 once; also an excursion to Arlington and a formal reception x Sold at the Stock Exchange, h Of this amount 8 shares were sold in the evening to the American Bankers' Association by at the Stock Exchange. the Bankers' Association of the District of Columbia, in the • —A membership in the New York Stock Exchange was sold Assembly Rooms of the New Willard Hotel. Tickets will price last week for S84,000, establishing a new high record be issued to aft members and their friends to visit '.Mt This is SI,000 more than the previous highest record. The Vernon, George Washington's home. •.'..! same figure was again paid this week. 'The quarterly statertienl of the Farm'ers' Loan & Trusi —This week Mr. Paul D. Cravath was chosen a direct Cdrnpany of New York (chaffered f822)"f6i' September the Morion Trusf tiorirpany of this city. Mr. Cravath is indicative of the growth wHicTr is taking place among

1 ,lm. Elihu I: its utions of class in this fifty , a'Mof wfiich'tfie' I arm !,o.'tn.

i millions of dollars (in exact figun $100*371,74181),

-.- I --M'.rj.H,\ un June. 7 last. 1)- . i — Francis 11. i' . of the Boston banking '"'m "' Nid-

P.. pqrtqd at»*91 ,360,686, comparing with 884 ,168.'^i6'M .!une.7 Peabody j \.;iii Kiddei >1. O. W. Pi $1,000,000 oapital, undivided. profits i

- 7 I . i i ,706,989 value. , . hi

': . I whi . b

i'i L865. H. Kuhn, Loebi A»fCdi

i ,. i . i & Tru pr^,

1 to ,)',v> fling Ho ming

;i in

. .

:iliitmii

I way and '.

, ipolitn

i undivided p »it«4jftida d,i •

to . . . . .

\ <>l. <>f><> THK CHRONICLE | I.XiM

({tit each .six months) since- 1903. The dividend for t he stockholders will be called for October 24th, at which date quarter ending Sept. 30 1905 is payable October 2. Mr. Allen will undoubtedly !><• appointed agent in liquidation.

—The Supreme Court at Albany on the 16th inst . con- —The City Trust Company of Boston opened in its new firmed the sale of the remaining assets (consisting mainly of banking rooms at 50 State Street on Monday. The new Hudson Valley Ry. securities) of the Merchants' Trust Com- quarters cover a floor .-pace of 275x25 feet, and in their ap- pany of this city to the Colvin-Herbert syndicate—the par- pointments arc thoroughly modern and tastefully arranged. ticulars of which were given in our issue of September 2. The Union Safe Deposit Vaults, a concern operated in con- Application for leave to appeal from the court order has nection with the tru-t company, lias opened new vaults in been made, however, by one of the stockholders who was the building with the latter. The vaults at 40 State Street opposed to the motion for the sale. are also maintained, the old and new quarters being con- —The New York National Exchange Hank, West Broad- nected by an opening in the walL way and Chambers Street, is one of the old Clearing House —The Franklin Trust Company of Philadelphia, which banks which In the past few years, notably since 1899. lias opened about a year ago, has declared a semi-annual dividend

made a distinct place for itself. The statement below (the first ) of 2]/2 Por cent, payable October 3. reveals the record of its expansion: —The Comptroller's "Bulletin" of September 2 stated Surplus that the Farmer-' National Bank of Lebanon, Pa., was Capital. & Profits. Deposit*. Assets. placed in voluntary liquidation on the 1st instant, having Jau. 1 1899 $300,000 $54,068 $2,045,000 $2,651,676

fr\ i 1901 300,000 112,479 3,926,086 4,638,346 been absorbed by the Farmer's Savings & Trust Company 1 1903 500,000 368,340 -6,659,561 8,108,902 of Lebanon. 1 1905 1,000,000 883,592 8,445,380 10,985,073 Aug. 25 1905 1.000,000 889,363 9.500.721 12.044,359 —Action in the matter of increasing the capital of the' It will be seen that the deposits have increased during First National Bank of Scranton, Pa., from $200,000 to the last six years from $2,045,000 to over $9,500,000, sur- $1,000,000, it is understood, will be taken by the stockhold- ers on October 10. Pittsburgh "Money" states that the ex- pl is and profits from $54,068 to $889,363, assets from will be $.',051,676 to $12,044,359, and capital stock from $300,000 pected increase made through the declaration of a stock dividend of 400 per cent. to $1,000,000. Lewis E. Pierson is the head of the institu- tion; James E. Nichols and Frederick Worth are Vice-presi —The Ohio Bankers' Association will meet in convention dents; Rollin P. Grant, Cashier, and David H. G. Penny, on Wednesday and Thursday next at Cleveland. Governor Assistant Cashier. Myron T. Herrick will be one of the speakers, and Hon. Leslie M. Shaw, Secretary of the Treasury, will also —A charter for the projected Citizens' Trust Company of address Brooklyn was received from the State Banking Department the delegates. Papers will be read by Col. James R. Branch, Secretary of the American Bankers' Association; last week. Our issue of June 3 contained a reference to the Harvey D. Goulder of Cleveland; Alfred M. Barrett, Assistant Secretary new concern, which is to have a capital of $500,000 and a surplus of $125,000. Alterations are now in progress in the of the Guardian Trust Company of New York, and Drausin quarters to be occupied by the company, at Sumner Avenue Wulsin, Attorney, Cincinnati. The latter will discuss "The Proposed Ohio Law." J. of and Broadway, and the institution will open on November 1. Bank W. Hayes & Sons Cleve- land issued invitations to of The officers elected on the 13th inst. are: President, Nathan have members the association to visit their offices and tender to them the use of their local

the election thereto of August Goertz . Meyer Kussy is First —The stockholders of the American National Bank of Vice-President, Richard G. P. Dieffenbach Second Vice- Indianapolis, at the special meeting on the 13th instant, President and Frederick W. Parisette the Acting Treasurer. endorsed the recommendation of the directors to increase the capital from $1,000,000 to $1,500,000. This insures the —The Central National Bank of Buffalo, N. Y., referred acquisition by the American of the site of the old Post Office to in our issues of May 6 and July 1, opened for business building, which will be remodeled for the bank's permanent on Tuesday the 5th inst. At the close of the first day the location. bank reported deposits of $1,380,891. It has a capital of The banking house of Eversz Co. of Chicago $200,000, and the officers are George F. Rand, President; — & and New York, in its circular of September 12, treats of "Chicago J. F. Schoellkopf and J. D. Larkin, Vice-Presidents, and Bank Stocks as an Investment." It takes up the- remark S. T. Nivling, Cashier. While the institution will have occasionally made during the year that local bank stocks close relations with the Columbia National Bank of Buffalo, were "high enough," and points out that, in comparison the two banks having a number of directors in common, the with like institutions in other cities, this is not the case. It new bank will be independent of the Columbia. also expresses the opinion that such stocks have the possi- —A branch of the Central Trust Company of Cambridge, bility of douhling in value within the next decade. Tables Mass., has been opened at East Cambridge. showing the approximate bid price of the eight highest bank The resignation is announced of — John Foos as President and trust company stocks in each of the cities of New York, and director of the Springfield National Bank of Springfield, Philadelphia, Boston, Pittsburgh, St. Louis and Chicago are William F. Ohio. Foos is his successor on the board. introduced. The firm asserts that local banks have suffered Charles R. Crain succeeds to the presidency and C. Nagel no material losses in the past few years, and that with the becomes Vice-President. prospects of a more active money market this fall, earnings —The New England Trust Company of Boston has should surpass all records. elected James Hooper as R. Actuary in place of David R. —W. H. Hunt, President of the Pan-American Banking Whitney, resigned. Mr. Hooper was formerly President Company of Chicago, which suspended in January last, was of the National Union Bank of Boston. Mr. Whitney sentenced on Wednesday by Judge Kersten to imprisonment becomes President of the trust company. The trust com- for an indefinite term and ordered to pay a fine of $298. pany's building, now being erected for its sole use, will be The charge was embezzlement completed next summer. —The semi-annual dividend of the Equitable Trust Com- —The Mount Vernon National Bank of Boston will go into pany of Chicago, declared on the 12th inst., places the stock voluntary liquidation, all of the liabilities having been as- on a ten-per-cent basis, 5 per cent having been declared, sumed by the Boylston National Bank of that city. The against 4 per cent semi-annually heretofore paid. Besides majority stock of the Mount Vernon National Bank was very increasing the dividend rate the directors transferred recently purchased by the bank's President, John H. Allen, $100,000 from undivided profits to surplus, making the with a view to liquidating the bank'sjaffairs. A meeting of the atter equal to the capital—$500,000. . .

Sept. 23 1905. j THE CIIRONICU:. 951

—The surplus of the Fort Dearborn National Hank of namely the Carolina Savings & Trust Company. It will

Chicago was last work increased from $125,000 to $ 1 50,- have a capital of $25,000 in shares of $50 each, and will 000, the directors having transferred to the fund, from un- be housed temporarily in the Atlantic National Hank building. divided profits, the sum of $25,000. The regular quarterly —Assistant Cashier A. W. Hale of the Third National dividend of 1>£ per cent, payable October 1 to stockholders Bank of Columbus, (la., has been elected Cashier, to succeed at the directors' of record September M0, was declared meet- George C. Bates, resigned. Alvan Howard is the new ing on the 12th inst Assistant Cashier. Mr. Hates, the retiring Cashier, severed —The plan to establish a new bank in Council Bluffs by St. his connection with the Third National to take the cashier- Louis capitalists has been abandoned, and instead a large ship of the Merchants' A- Mechanics' Hank of Columbus, block of stock in the First National Hank of Council Bluffs Ga. has been secured. The arrangement, whereby 700 shares of —The Phoenix Hank of Columbus, Ga., lately projected, the 1,300 shares held by President Ernest E. Hart of the plans to open for business early in October. It will be under First National have been disposed of to St. Louis interests, the management of R. P. Spencer as President and O. V. were consummated through J. W. Perry. The transfer of Lamar as Cashier. The bank will locate at 1038 Broad the stock is said to involve no change in the officers, but the Street board of directors will be enlarged. Although the surplus —The Capital City Hank it Trust Company of Jackson, will be increased to $100,000, it is stated that the capital wil' Miss., referred to in these columns July 15, began business remain at $200,000 for the present. The sale of the stock on the 5th instant. The company has a capital of $200,000. was. it is understood, effected at $200 per share. The officers are: President, A. H. Longino, ex-Governor of —Hugh J. Alexander, heretofore Cashier of the Capitol Mississippi; Vice-Presidents, W. Q. Cole, ex-State Auditor, National Bank of Denver, Colo., has become a Vice-Presi- and W. C. Ellis; Cashier, S. J. Snook; Assistant Cashier, dent of the institution. The post he vacates has been dele- W.S.Allen. gated to George E. Armstrong, formerly Assistant Cashier, —The Commercial Trust & Savings Bank of New Orleans Mr. Armstrong in turn being succeeded by Emerson E. will establish several new branches within the city, having Ellett. contracted for the erection of three or four bank buildings —The new Topeka bank, the Capital National, opened for at a cost of $25,000 each. The structures will all be two business on the 14th inst. As previously announced, the stories in height, and an effort will be made to have them institution has a capital of $100,000. The President. completed by next spring. Edwin Knowles, was formerly Cashier of the Central National Bank of Topeka.

. IMPOR TS A ND EXPOR TS FOR AUGUST. —A reorganization of the Washington National Bank The Bureau of Statistics at Washington has issued the of St. Louis has recently occurred, and James Wilson, of statement of the country's foreign trade for August, and from the Wilson Stove Manufacturing Company of St. Louis, has it and from previous statements have prepared the fol- succeeded David Rosenstreter, resigned, as President. The we lowing interesting summaries: stock holdings of the latter, amounting to about 900 shares, FOREIGN OF UNITED STATES. were' bought in by the interests now in control, and it is the TRADE MOVEMENT THE — 1905— 1904- intention to increase the capital from $200,000 to $300,000. Exports. Imports. Excess. Exports. Impnrls. Excess. Merchandise. $• Mr. Wilson will be assisted in the active management of the $ $ $ S % Jan.-Mch ...367,447 311,858 + 55,589 380,734 262,960 f 117,774 bank by Isaac A. Hedges, who has been elected Vice-Presi- Apr.-June.. .373,522 278,083 + 95,439 292,992 245,377 + 47,615 dent. Pope Sturgeon, formerly Assistant Treasurer of the July.. 107,930 84,578 + 23,352 85,223 71,194 + 14,029 Missouri- Lincoln Trust Company, has been chosen to the August 117,454 95,827 + 21,627 92,254 87,738 + 4,516 cashiership of the Washington National, to succeed W. Frank Total 966,353 770,346 +196,007 851,203 667,269 +183,93*

Street. It is understood that several new directors will be Gold and Gold in Ore. elected to the board, with whom the proposed issue of stock Jan.-Mch ... 34,015 9,222 +24,798 4,387 22,115. —17,728 will be placed. Apr.-June. .. 5,817 7,388 —1,571 64,062 25,649 + 38,413 July 1,159 4,944 —3,785 1,083 8,925 —7,842 —We learn that the Merchants' Trust Company of Mem- August..'... 274 3,146 —2,872 10,763 7,764' + 2,999 phis, Tenn., which, as heretofore announced, will absorb Total 41,265 24,700 + 16,565 80,295 64,453. +16,842 the Memphis National Bank, has purchased the controlling Silver and Silver in Ore. interest the latter at $200 per share. Our informant also Jan .-Men ... 12 ,592 6,515 + 6,077 13,026 6,824 + 6,202 states that the trust company has in .addition acquired Apr.-June... 12,490 8,658 + 3,831 13,341 6,951 + 6,390 a majority of the stock of the American Savings Bank & July 4,285 2,948 + 1,337. 4,535 1,381 + 3,154 August 4,549 2,316 + 2,233 4,849 2,5i8 + 2,331 Trust Company, paying $300 per share. The last named, we understand, will continue business under the present Total 33,916 20,437 +13,478 35,751 17,674 +18,077 organization and in its present location for some time. The + Excess of exports. — Excess of imports. proposition to place the Memphis National Bank in volun- We subjoin the totals for merchandise, gold and silver tary liquidation will be voted on by the stockholders on for the eight months since Jan. 1 for six years. the 25th inst. Merchandise. Gold. silver. —The Newport Savings Bank & Trust Company is under- Eight Months. Excess Excess Excess going organization in Newport, Ky.,with a capital of $50,000. Ex- Im- 0/ Ex- Im- of Ex- I in- of ports, ports. Exports ports. ports. Exports ports, ports. Exports E. R. Lock, W. A. Patterson, Byron Woodberry, J. Gayle, $ $ S S $ * $ J B. F. Witt, Thomas Healy, Julius Plummer, Aubrey Har- 1905 ... 966,353 770.346 196.007 41,265 24,700 16.505 33,910 20,437 13.478 1904 ... 851,203 667.269 18.3.934 80.295 64,453 IS-,842 35,751 17.074 18.077 bour and Emmet Orr are promoting the enterprise. 1903 ... 878,911 676,981 201,930 40,539 26,450 14,083 22,540 14,914 7.626 1902 ... 821.929 614,413 207,510 30.466 19,925 10.541 30.945 16,305 14,640 The Southern National of Wilmington, 1901 ... 939.329 579,651 359.678 32,517 23,495 9.022 36,653 20.296 16,357 — Bank N. C, 1900 ... 916,062 564,898 351.164 51,798 32.127 19.671 41.778 26.098 15,680 has been organized by interests in the Atlantic Trust & Bank- ing Company of the same city. The latter will shortly re- Similar totals for the two months since July 1 for six years move to the Southern Building at Front and Chestnut streets, make the following exhibit. i and the proposed bank will locate in the same building. Mercliandisc. aold. Si'.n r Having received the Comptroller's approval (August 24) TWO trtfun Excess xcess Ernst

I £ the new bank's organization perfected Uth u was on the Ex- Im- o/ Ex- Im- <>l Ex- Im- ports, ports. \Exporls ports. ports. Exports ports . ports. BTpoTtM and the institution opened for business on Monday last ~ % $ s % % S S S $ with a capital $10(1,000. 3.570 of $200,000 and a surplus of 1905 , 225.381 180,105 44,979 1 .433 8.090 8,884 1904 _.:I77,477 58,932 18,545 11,846 16.680 04.8 13 J.384 3,899 8,486 M. J. Heyer, President of the trust company, has bees 1903 81,259 164,237 17,022 9,203 13,480 03,277 5,036 1.033 1112 4.332 1902 1 83. 733 158.(171 28.682 10,190 6,738 3,462 8,417 elected as the bank's President. The Cashier of the new 1901 '217.470 146.209 71.207 3.02(, 7.507 8,218 5,161 3.057 11.408 7.2 O 4.169 1900 204,029 128.481 78.518 2 1 ,358 15.501 8,867 bank is of 1 Charles N. Evans, formerly Cashier the Merchants' I. -i -U & Farmers' National Bank of Charlotte, N. C. Hugh a Excess of Imports. Mac Rae and D. L. Gore have been elected Vice-Presidents. these tables of totals, gold and iriJyer in ore; for 40 the —The Atlantic National Bank of Wilmington, N. < years are, given under the heads respectively "f gold and also interested in the formation of a new financial institution silver. , —

952 THE CHRONICLE. (Vol. lxxxi

The following shows the merchandise balance for each 991, an increase of £4,423,048, equal to 10.4%, and the year back to 1875. value of the exports of British and Irish produce and manu- EXCES8 OF MERCHANDISE IMPORTS OR EXPORTS. factures was £29,517,836, an increase of £3,157,956, or 12%. Two months endinq Auq. Zl — Eight months ending Avq. 31— The exports of foreign and colonial merchandise are higher 1875 Imports. $15,078,852 1875 Imports, f36 ,874,064

, by over 1876 Exports. 14,474 1 34 1876 Exports. 64 ,537,917 a million sterling, or considerably more than 19J^%. 1877 Exports. 1,055,582 1877 Exports. 38 ,901,995 In 1878 Exports. 32,950,689 1878 Exports. 188 ,805,224 the imports there are increases in every class except that 1879 Exports. 25,242,548 1879 Exports. 140 ,279,159 for miscellaneous and unclassified artcles. In the exports all 1880 Exports. 24,638,1.SO 1880 Exports. 55 ,801,674 1881 Exports. 16,394,361 1881 Exports- 114 ,394,327 classes have increased, the main increase being in articles 1882 Imports. 14,191,477 1882 Imports- 53 ,628,507 wholly in 1883 Imports. 1,303,828 1883 Exports. 44 ,779,191 or mainly manufactured, which the augmentation 1884 .Exports. 3,027,730 1X.S4 Exports. 13 ,783,567 is as much as £2,696,000. 1885 .Imports. 9,963,475 1885 Exports. 45 ,350,218 1886 Imports. 10,347,169 1886 Imports. 11 ,325,907 The Directors of the Bank of England on Thursday raised 1887 Imports. 17,509,114 1887 Imports. 44 ,599,241 their 1888 Imports. 25,849,773 1888 Imports. 87 ,425,073 rate of discount to 3% from 2J^%, a* which it had 1889 Imports. 24,871,856 18S9 Imports, 55 ,527,112 stood since March 9. For some little time an advance was 1890 Imports. 28,125,567 1X90 Imports. 46 ,846,930 1891 Exports. 2,359,039 1891 Imports. 10 ,902,532 looked for, because France was buying up all the gold offering 1892 Imports. 13,663,743 1892 Exports. 33 ,761,669 in exports 1893 Exports. 20,970,336 1893 Imports. 47 ,829,685 the open market while the of gold to Argentina 1894.. Imports. 3,608,815 1894 Exports. 64 ,S77,257 and Egypt were on a large scale. But very few expected 1895 Imports. 31,615,381 I.S95 Imports. 36 ,350,416 1896 Exports. 34,742,053 1S96 Exports. 109 ,698,493 that the advance would be made on the first Thursday in 1897 Exports. 58,409,654 1897 Exports. 95 ,371,553 Sept., an unusually early date. cause of 1898 Exports. 56 ,428 ,880 1898 Exports. 351 ,709,639 The main the 1899 Exports. 72,826 ,636 1899 Exports. 277 ,400,390 advance was the large shipments of gold to Argentina. In 1900 Exports. 78,548,592 1900 Exports.351 ,163,383 1901 Exports. 71 ,267,067 1901 Exports.359 ,678,585 the week ended Wednesday night the shipments to Buenos 1902.. .Exports. 25,661,782 1902 Exports.207 ,515,803 three quarters of a million sterling. 1903 .Exports. 17,022,6.37 1903 Exports. 201 ,030,037 Ayres exceeded And on 1904 Exports. 18,545,549 1904 Exports. 1 S3 ,034,093 Thursday, the day on which the Directors made the altera- 1905 Exports. 44,979,627 1905 Exports. 196 ,007,216 tion, the shipments ordered and actually made amounted to almost as much, so that in the eight days the exports amounted to a million and a half sterling. The best opinion is that these great shipments will not continue. It is thought that London, Saturday, September 9 1905. they have been made partly because the conversion of the The improvement in the stock market which set in at the internal debt of Argentina is not going on as smoothly as was end of last week has not been maintained, partly because of expected, and partly because the railway companies have fears that money was about to become scarce and dear, but not been able to transport all the wheat and other produce chiefly because of the setback in New York and the uneasi- offered to them, and that, consequently, a very large part ness that exists in Paris respecting the Moroccan affair and of last year's crops has been delayed in delivery, so that only the internal condition of Russia. As the Sultan of Morocco now the payments are being made. A further reason which has yielded to all the demands of France, it is hoped that determined the action of the Directors, no doubt, was their the Moroccan incident will soon be closed satisfactorily to knowledge that Japan has in London, New York and Berlin all parties. It is argued that the Sultan would not have 35 millions sterling which she can draw upon as she pleases. yielded so completely if he had not had a hint from Germany Everybody is well aware that the Japanese Government will to do so. Moreover, Dr. von Rosen, who has been appointed not disturb the money markets of Europe and America if it German Minister in Morocco, is a diplomatist of high char- can avoid doing so. But since it has waived the demand for acter and conciliatory disposition. He is at present in an indemnity, it may have to draw upon these large sums; Paris negotiating with M. Rouvier respecting the outstand- and if so, it is expedient for the Bank of England to take ing questions between France and Germany as regards the measures to strengthen its reserve. proposed Conference, and strong hopes are entertained that The India Council offered for tender on Wednesday 80 lacs a satisfactory arrangement will be arrived at. of drafts and the applications amounted to 801 lacs at Unfortunately, the condition of things in Russia keeps prices ranging from Is. 4 l-32d. to Is. 4 l-16d. per rupee. anxiety alive in Paris. The deplorable massacres and wilful Applicants for bills at Is. 4 l-32d. and for telegraphic trans- destruction of property in the Caucasus have done irre- fers at Is. 4 l-16d. per rupee were allotted about 6 per cent parable damage. A great industry is for the time being of the amounts applied for. brought to a standstill through the excesses. It is probable, The following return shows the position of the Bank of therefore, that anxiety will continue in Paris because of the England, the Bank rate of discount, the price of consols, &c, internal condition of Russia and that therefore speculation compared with the last four years: will be held in check. At the same time there is undoubted- Sept 7 Sept. 7 Sept. 9 Sept. 10 Sept. 11 ly a fair amount of investment business going on, and if the 1905. 1904. 1903. 1902. 1901. £ £ £ £ £ preparations for the election and meeting of the Dumas Circulation 29,448,980 28,533,620 29.095,465 29,573,795 29,608,820 Public deposits 11,272,294 5,388,485 7,231,981 9,086.151 11,479,738 absorb attention in Russia proper, apprehensions will Other deposits 43,571,477 42,574,842 38,770.079 39,231,110 40,002,878 Govern't securities. 18.667.070 14.227,140 17,060,841 14,494,260 16,683.457 diminish in France, and gradually, no doubt, business will Other securities 29,802,287 24,623,809 23,714,423 26,178,244 26,047,763 Reser. notes & coin. 24,694,843 27,507.808 23.641.189 26.147.078 27,237.374 broaden and increase. Coin1 15-16 market here, and unless real apprehension arises of revolu- 4 months 254 2%(»2% l%@2 11401 15-16 6 months 2Y1 &.2H 2^(3)2% 2 5-16@2% 2 1 i0>2% tion in Russia, it is probable that we shall see a steady Trade bills—3 months 2M@3 2%@2% 2H 2X&2M 4 months — 3@3% 2% 2% 2M@2% increase in business. All the banks report that the trading Interest allowed for deposits By joint-stock banks 1% 1 1 1 classes are enlarging their applications for accommodation. By discount houses Atcall IY2 IX IX IX For a considerable time past merchants and manufacturers 7 to 14 days IX 1)4 1% 1% have been working from hand to mouth. Many of them Messrs. Pixley & Abell write as follows under date of have in fact drawn in so much that they have had money on September 7: deposit. During the past week, GOLD.—During the week Paris has again been the chief buyer in the open market, however, they have not but with a rise of the Bank rate to-day to 3 per cent, the price has fallen off. The rate last changed on the 9th March, when it was fixed cent. only called in their deposits Bank was at 2V2 per as a general rule, but they have Arrivals: Cape Town. £333,000: Bombay, £125,000: Australia. £52.000; Straits, borrowed more largely than for a long £2,000; West Africa. £3.000; West Indies, £22.000: total, £537,000. Shipments: time past. Thus there Bombay, £52,350; Rangoon, £2,500; Calcutta. £1,000; Madras, £3,000; total, £58,850. are in every direction evidences that confidence in' the political SILVER.—The upward tendency to which we referred in our last Circular until yesterday, when 28 ll-16d. was quoted for To-day has future is reviving, and that trade, therefore, continued spot. there has taken a been a reaction to 28%d., but the market closes steady at this figure. Offerings of decided turn for better. silver for near delivery have been very limited, whilst the inquiry has been keen. the Forward has been quoted 7-10d. to J4d. under spot, and closes at 28%d. The 1 Board of returns Indian price is Rs. 72 * per 100 tolahs. Arrivals: New York, £55,000; Australia, The Trade for August confirm the hopeful £5,000: Chili. £2,000; West Indies. £6,000; total, £68.000. Shipments: Bombay, Hong Kong, £4,447: Madras, £2,500; total. feeling that exists. The value of the imports £29,250; $£36,197. was £46,862,- MEXICAN DOLLARS.—No transactions have been reported in these coins. • X «H H— . H o « : .

Sept. 23 1905.1 THE CHRONICLE. 953

The quotations for bullion are reported as follows: (Tommcvcialand miscellaneous Jlcttrg COll). Sept. 7. .4UJ7.31.I SU.\ .7. Aug. 31- London standard. s. if. s. rf. London Slumlord. il Bar cold tine m 77 77 9 lBar silver, fine, o 28 GO\ ERNMENT REVENUE AND EXPENDITURES.- " D.S (sold coin u ... 78 i 78 4 I 2 mo. deUvei German gold coin. os..a76 i a76 4 Bar silver, containing Through the courtesy of the Secretary of the Treasury, we •» 4 6gn.KOld.oi 29Mi French gold coin. os..a78 «78 are enabled to place before our readers to-day the details of Japanese yen. os. ..o76 I «76 4 4Brs.KOld.oi .28 15-16 SgTS.KOld.Ol 2 Government receipts and disbursements for the month of I Cake silver, oi SO . previous returns we obtain t he figures for prc- a Nominal. Iltaloan dollars' nom. nom. AugUBl From VIOUS months, and in that manner complete the statement The following shows the imports of cereal produce into for the eight months of the calendar years 1905 and 1904. the United Kingdom dining the season to date compared For statement uj August 1904, see issue of Sept. 17 1904, with previous seasons: page 1005. IMPORTS. RECEIPTS AND DISBURSEMENTS (000s omitted). 1905-06. 1004-05. 1003-04. 1902 * ' ^.—.cs «co»ch-»co „ CI--CVCCI / t-t- ^0 Onrireek— i -co •h fi-vcno to CO CM C O- CO C 0) Imports of wheat cwt. 1,006.500 1,053.800 1.932,300 1,494,691 »_C^CC a -.-° r- 1- 1— O- m tf: 0 :;m>.400 10;"—" Barley . ... 618.800 1,700 ,4 si in occo*oc"icoo ci' CiT.iCC lOOC 00 •o-co •— .1 207.000 lf>0.200 180.200 221.33S t^TCO o ONiS'-rj^ 01 TUCI- O. si CO ^* CO •"' 118,816 88.640 75,756 64.827 n a CO ^- CO a w St a^OiOHto rt TCC---I-0C 01 Indian corn 766.700 757.700 900.000 879 3 Flour 117.600 230.500 4;.7,400 tCC'^H i- CNOCCQ -r iOXCh-th CI cra-'-KH OCN —es C4-* * 04«-" ~ .'. ia c tr Cr (exclusive ©Off ^rirao O O (O »C 0Q ^- OS T1"TN»CO TT tcco com Supplies available for consumption of stocks on O >" o i- 00 coo 30 ^-UC OTCCI OI OOO (- iCtOt- Co 1001 e.ro a ^iTiOlO N tpcno OSOt^tC — M iflT-CCO •»--•»• _ 3 ^ ©Or> to -NOr-INT CO OCX CM CI CO ^ rH — e» September 1): ^H :i -i •7 -c WlHrt . to 1905-06. 1904-05. 1903-04. 1902-08. « — •0 1- Wheat Imported, cwt 1,906,600 1,963.800 1,932.300 1,494,691 iOCS'V .- OT—'UOOCO •—OS OS O TOO lO TT CCUO crooo lO ©ON F-(NCCViON / PINTOtCCI 0) c. ira Imports of Hour 117.000 236,500 457,400 8 lOOCiO a iC— «o c-i 1-4 00 TOCO CO OI lOXC X. *TT a voo too Sales of home-grown 903.140 285.315 90.354 113,438 3 NOT r- a~ •<* OJOCO OS m 00h-00 O to CN -ICO "i NN * c-ic* CO CO Total 2,927.240 2.475.615 2.4S0.054 1.871.826 ai— o — I-O 1 00 to Tl-iC-iO«D '/I C5i-i Tl- Aver, price wheat, week 26s. lid. 30s. 2d. 33s. 3d. 29s. 9d iO

HON 11 C^D ro rOTCN to^-irs CO CO CO C O. CM CM — t-r- maize afloat to the United Kingdom: TTOCC h* NOK5 CO CNX^Htfi COSCHCC.N -^ — to —00 o«v 1. 0n"0> IB Tcoocococs TOCTOOO •^•00 CO 00 Th'strcek. Lostrrrck. 1904-05. 1903-04. •c 5. a ^r^cN ~~ *ooc"aTi-'o"co" op TOCO* OSCO r- CNCN »-N Wheat qrs. 1.900.000 2,055,000 2.S55.000 1,000,000 < c*~+ ra CNi-" •# rH ^h * ^ -!• Flour, equal to ore 155.000 135.000 105,000 290.000 Maize qrs. 1.260.000 1,210.000 1.140,000 «"-f -/> — — os t-i TCCOOOiOCS 10 O: ic O- cc *r CI IO CCO C CO 1.480.000 « coo to --O00 to lOl>-h-OC*-QO 01 OtCr^iOCNCN a Cli-1 oco u „0)ON OI t^-coo r^ cccMr-ococo '.•I r-OJXCOCN 1. o>00 r-co a TTOiC^ a C0OCCN ^f COQHN 0 HOOOO ^ -^ —io May 46.832,967 44,780,098 +2,052,869 +4.6 c C3caoo ot oq — ^" ^ W^H -r CN—< ^< -r i-H »-H -r Julv 44.741,838 40,950,601 +3.785.237 +9.2

46.862,991 42.439.943 +4,423,048 1 1 CO 1 1 AOgUSt +10.4 1 1 i I i I 1 1 ( 1 00 1 1 1 1 1 1 1 1

1 1 1 i i i i 1 1 1 1 I 1 p 3 1 1 1 1 1 1 :

1 1 1 i i i 1 1 1 1 1 1 1 • 1 1 1 1 1 1 364,692.457 355,316.302 +9.376,155 +2.6 I 1 1 i I I i Eight mos ,$11111 2 : 1 1 1 i i i i 1 1 a -I 1 a Tl i 1

. i~ I 1 1 1 1 1 1 1 1 3 5 0=1 o^z; , 1 10 .* > • p > a 1 . 1 1 1905. 1904. Difference. ,2 gco o Sfl ' 1 Cc-.oj -- — 3 !-g s O Ij ' 1 1 1 1 •5 EXPORTS . £ £ £ Per Ct. 9 •OT3 S ! ' ' to ' January. .24,989,777 24,083.865 +906.412 +3.8 "O Sa '"fig Is a 'kcj CO to February " 25.269,063 23.894,813 +1,374,250 +5.7 2i«§ S 05 '. g oi £"a H May 27.252,693 24,332,089 +2,920,604 +12.0 |5£S wUP-^wPhi-i June 25.985.397 24.009,770 +1.915,627 +7.9 « K Q Q fe July 27,821,051 24.783,582 +3.037.469 +12.3 a Includes expenditures lor puhlic works which were $6,251,032 in August... 29,517.836 26.359.880 +3,157,956 +12.0 Julv 1905 and S4, 716,822 in 1904 and $6,129,603 in August 1905 and $5,117,097 in 1904. Note. Total disbursements under "Civil and Miscellaneous" in 1904 Eight mos 213.045.108 195.260,129 17.784.979 +9.1 — include + $54,000,000 paid on account of Panama Canal and loan to Louisiana Purchase Exposition Company. The last instalment of the loan to the Louisiana Purchase The re-exports of foreign and colonial} produce since Exposition Company was repaid to the Government on November 15 1904. Jan. 1 show the following contrast. Auction Sales.—By Messrs. Adrian H. Muller & Son: 1905. 1904. Di/tcrence. RE-EXPORTS. £ £ £ PerCt. Stocks. Slocks. January 6,113.887 5,712,000 +401,887 +7.1 50 Mechanics' Bk., Bklyn...260 16 Corn Exchange Bank 376 February 7,619.723 7,405,341 +214,382 +2.9 3 Mechanics' Nat. Bank 29o lionds. March _ 6,812,209 5,940,649 +865,500 +14.7 4 Bank of N. Y., N. B. A.._311^ S500 New London Gas & E. April 6.303,877 6.754,370 —6.7 +1,450,493 35 Mech. & Traders' Bank.. .172 1st 5s, 1927 109 _ 6,805,433 5,585,086 +1,219,747 +22.2 June 6.399,164 5,685.959 +740.205 +13.2 10 Amer. Exch. Nat. Bank. .276 $607,000 Chesapeake Beach July 5.773,478 5.293.714 +479.764 +9.0 12 1st Nat. Bank, Utica.N.Y. Ry. 1st 5s 33 August. 6.427.636 5,378,489+1.049.147 +19.8 $60 each §136 per share. $1,500 Ptts. Wheel. & L. E. 55 Lawyers* Tit. Ins. & Tr.Co335 Coal Co. 4s. 1931 36>£ Eight mos 52.255.407 47.735.208 +4.520,199 +9.5 10 Bowling Green Tr. Co 221 J^ NOTE.—The aggregate figures are official. They Indicate that slight adjust- ments have been made In the monthly returns as Issued. DIVIDENDS. The following dividends have been announced this week.

English Financial Markets Per Cable. Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. The daily closing quotations for securities, etc., at London Railroads (Steam). as reported by cable have been as follows the past week: Cleveland Akron & Columbus Sept. Holders of rec. Sept. 18 Cleveland Lorain & Whrclins, pref Oct. Sept. 27 to Oct. 2 London. N. Y. Central Hud. River ((mar.) Oct. Holders of rec. Sept. 30 Sat. & Week tiding Sept. 22. Mem. Tues. Wed. Thins. Fn. Sept. it) New York N. H. & Hartford (quar.) ... Holders of rec. Sept . 15 Silver, per 28 11-16 _ 9-16 oz -d- 28*i 28^ 28 ?8Vj Pittsb. Youngstown | 116H Banlcs. Preferrwl Inl 100H 100H 100U 100^ 101 Commerce, National Bank of (quar.) Oct. 2 Sept. 21 to Oct. 2 Canadian Pacific 172W 178H 177*2 179 182 1^1 Garfield National (quar.) Sept. 30 Sept. 21 to Oct. 2 p 5H>4 60 r,\ * Ohio 60H 60H r,0^ Manufacturers' National, B'klyn (quar.) Oct. 2 Sept. 22 to Oct. 2 .(Jreat Western 22 22 22 22K 22 22K Park, National (guar ) Oct. 2 Sept. 25 to Sept. 30 Chicaeo Milwaukee & St. P. [84 185M 185J< 185 188 187M Trust Companies. r«fc RloCrande 36!^ 38 37 37 37 37M America, Trust Co. of (No. 17) Oct. 2 Sept. 23 to Oct. I Preferred 92 92 92 92 ^ 92H 92)4 Mercantile (quar.) Oct. 2 Sept. 23 to Oct. I ornmon 52'X 63 52Ji 525* 53 H" 52H New York (quar.) Sept. 30 Sept. 24 to Sept. 30 First prefr-rrcd 85H 85 84'4 89 86» 85 Title Guarantee (guar.) Sept. 30 Sept. 23 to Oct. I eferred 77 77 77jj 77K 76K 76*2 'C Washington (quar.) Oct. 2 Sept. 24 to Oct. t Is'. s "> Illinois Central IgfiU 185H > I86W 188 nisccDaneous Companies. Louisville Vashvllle 158 155 1 ' 1 * 154M IMJj Amer. Agricultural Chemical, pref Oct. Sept. 22 to Oct. I Central 24 24 24 n 24K 24 24H Hi Hank Note (quar.) Sept. 30 Sept. 17 to Oct. 1 .'::.' Mo. Kan. * Tex., com 35 36 : 35 35 American Chide, com. (monthly) Oct. 20 Oct. 15 to Oct. 20 -red 73K 74 73 72 71K 71H Preferred (quar.) Sept. 30 Sept. 27 to Oct. a of Mexico 39'^ "'" MR. 39H 39 3°W 39J4 j American Sewer Pipe (quar.) 2 ^ N.T. Out. A Western Woolen, pref. (quar.) (No. 20) .. Oct. 16 Holders of rec OCt. 2 VorfolkAWestern.com 89 )< S8H f*K X7X R«H BeD Telephone of Phlla (quar.) Oct. i:i Holders of rec Pre'erred 95 95 96 95 Centra ike com. No. 20 (qu.) . Oct. lo Oct. i Oct. 18 Northern securities 193 193 193 197 '-S 107^5 Preferred No. 49 (quarj Oct. Ifi Dei i to Oct. Ifi a Pennsylvania 73V 74'4 74 71', 74'^ ii ind Match (quar.) Sept. i of e. a Readme Co.. 92 com 61M 62M 03 Hall Blttnal, common (quar.) Oct. 2 to a First preferred 47 47 i 47)f 47)i 47>£ 47)i r-Jones-Jewell Milling, pref 80 to Oct. Second preferred 49 a 49 40 49 49 National Biscuit, common (quar.) Oct. li to Oct. M Island Co (let Rock 34U 85U 34H Zi'A 84H New York Air Brake (quar.) Oct. i. to 16 urn Pacific 69K 70 TO 70 rec. 70H 7©M imble. pref. Omar.) Oct. I i Holders of rn ny., common 36« 37 tf 36« 36M 37M Buttonhole-Machine (quar.) Oct. U. Oct. to Oct. I'- Preferred 103)4 lni 104 loi in.', Rhode Island Perk. Horse shoe pf. (qu.) Oct. 1 I Pacific, 136)4 I -':; ll,!. Union common 13*>W WA 136tf 137H int. 1 Sept. Teat-Weller, pref . (quar.) Preferred »9 99 99 100 I 12 lenn. Coal Iron A- Kit., com. (quar.).. Nov. Oct. 'orp.. 37)4 38)4 38)4 common.. i Preferred (quar.) Nov. 1 to 108 108 2 . 16 to Oct. 107M Union i rpewrlter, 1st pref Oct. K 24)i 24)4 24 24 24 2 16 Oct. 23r mi preferred rred 4. .>4 46 45)4 4 H4 48 2 16 i non Debenture "Bs" 78)4 79)4 80 7'J 80 79)4 to Oct. id ighouse Electric, all classes (qu.) . 10

a Price per share. t> Ex-Interest. . 1 7 o

954 THE CHRONICLE. [Vol. lxxxi.

New fork City Clearing House Hanks. —Statement ol >e*v iom Ultjr, tio»lou auNew York City, Boston and Philadelphia. The New age of daily results. York figures do not include results for non-member banks. We omit two ciphers (00) in all cases. We omit two ciphers (OH) in all these figures.

( a/pttali De- circu- BANKS Loans. Specie. Legals. Clearings. BANKS. Capital. Surplus Loans. fipecie. Legals. ' Deposit* Be- Surplus. posits.* lation J 00s omitted. s ve. !\. V. $ m m $ * Aug20 255,465,5 11446079 219.450.3 84.799,0 11810845 52,310,7 1.574,202,0 P.O. $ $ $ $ 9 $ Sep 2 256,465,6 11869208 2 13.7-7.2 43.35R.ti I1H6587" 53,095,5 1.660,177,6 27-6 Sep 9 Bk. of N. Y 2,000,0 2,63'?,1 17.311,0 3,037,0 1,477,0 16,301,0 256,314,4 11066835 207.472.4 78,714,0 1 12542.-6 •3,7.12.4 1.4 13,1-0,7 Sep Manhat. Co. 2,050,0 2,4110,!! 20,480,0 4,678,0 2,209,0 29.852,0 .'30 16 -'50,133,.', 10853219 202,175,2 76,548,4 10903532 53,690.5 1,555,951,3 Merchants' 2,000,0 1.879.7 ,12.8(16,0 2,614,1 1,592.0 16,153,2 25 '0 liott. Mechanic!)'. 3.000,0 3,384,3 20,512,0 4,496,0 1,760,0 21.780,0 28-7 Sep 2 42,167,5 189.767.0 16,732.0 6,281, 215,459.0 7,804,0 118,589,2 America 1,500,0 3,770,i) 22,794,1 4,390,9 2,346,5 25,113,;' 20-8 Sep 9 42,lt>7,5 191,420,0 1."., 700,0 5.880,0 .'In, 700,i; 7.830.1, 120.924,6 Plioinx 1.000,0 223,8 6,708,0 929,0 302,0 4,808,0 2o-6 Sep 10 42,167,5 192,192,0 16,870,0 5,824,1; 223,012,0 7,715,0 1.; 9, 943,7 25,000,0 18,260,0 179,899,5 35,365.1 9,558,3 170,770,3 2b-J I'llllll. 25-0 Sep 2 Chemical .. 300.0 7,800,5 24,348,1 3,830,6 1,790,6 22.460.1 4«,835,0 220,«13,0 70,426,0 204,295.0 12,9:55,0 131.410,4 6.261,2 20-0 Sep 9 69,850,0 265,496.0 12,861,0 Merch. Ex . 000,0 302,/ 6,702,8 1,039,7 6Sl,fl 43,885,0 221,790,0 107,648,1 Gallatin 1,000,0 2,289,9 8,676,1 1,099,2 616,8 6, '',51, 25-9 Sep 16 48,835,0 224,860,0 66 829.0 205,'82,O 12.-75,0 126.507.6 20-3 426,537,466 $397,607,994 N.Y.Nt.Ex. 1,000,0 889,4 8,873,8 1,836,6 306,9 8,520,9 iil 497,0 218.0 3,003,0 19-8 Bowery ... 250,0 769,9 3,204,0 The imports of dry goods for one week later will be found N. Y. Co... 200,0 723,5 4,777,7 850.0 424,9 5,014,0 i'i-'i German Am 750,0 646,6 4,197,1 752,7 210,7 4,138,1 23-2 in our report of the dry goods trade. 1,000,0 4,643,6 44,694.8 11,049,7 1,932,5 51,671,2 2t>-l -6-3 The following is a statement of the exports (exclusive of Filth Ave .. 100,0 1,735,1 9,872,3 2,590,9 356,4 11,174,1 German Ex. 2OO.0 740,4 3,158,1 176,0 635,0 3,742,0 22-9 specie) from the port of New York to foreign ports for the 477,7 992,7 5,667,,; 2o-9 Germania .. 200,0 898,2 2,497,7 week ending Sept. 18, and from January 1 to date. 300,0 1,454,4 13,362,5 1,440,5 1,855,1 14,300,4 230 Garnelu 1,000,0 1,303,8 7,084,0 1,716,0 279,0 7,240,0 2V5 EXPORTS FROM NEW YORK FOR THE WEEK. Fifth 250,0 420,0 2,619,8 495,1 158,7 2,623,0 •U-9 Bk. of Met.. 1,000,0 1,644,0 8,527,4 1,631,2 567,0 9,600,3 Jl-8 1905. 1904. 1903. 1902. West Side.. 200,0 685,3 4,167,0 741,0 397,0 4,520,0 25-1 1.54K.0 2o-2 Seaboard .. 600,0 1,478,0 13,581,0 2,412,0 15,655,0 For the $9,258,086 $13,326,249 $10,380,562 $9,475,701 31-3 week lstN.Bklyn 300,0 635,0 4,438,0 661,0 904,0 4,998,0 Previously reported.. 365.618,734 329.437331 345,010.619 332.360,268 Liberty 1,000,0 2,065,5 11,358,0 2,412.5 250,0 10,000,0 2M N. y.Pr.Ex 1,000,0 513.9 6,5.'5,6 1,225,2 386,4 6,420,2 2o.O Total 37 weeks $374,876,820 $342,704,080 $355,397,181 $341,835,909 Amat. 500,0 590,8 6.019,2 650,8 686,7 6,706,5 19'/ New Note.—As the figures of exports as reported by the New York Custom 350,0 604,5 4,669,0 966,0 160,0 4,482,0 26-1 Astor House from week to week frequently show divergence from the monthly totals, also compiled by the Custom House, we shall from tune to time adjust 10868219 202,176,2 76,648,4 10903532 25-4 Total ... 115,972,7 140,100,8 the totals to or deducting from the amount "previously reported." t by adding The following table shows the exports and imports of f Total United States deposits included, $8,556,900 specie at the port of New York for the week ending Sept. 16 Reports of Non-Member Banks.—The following is the and since Jan. 1, 1905, and for the corresponding periods in statement of condition of the non-member banks for the 1904 and 1903. week ending Sept. 16, 1905, based on average of daily results. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK We omit two ciphers (00) in all cases. Exports. Imports.

t Gold. Loans d Leg. 2. Deposit with Week. Since Jan. 1. Week. since Jan. 1. BANKS. Capi- Sur- Net Specie. $1,500 $330,922 00s omitted. tal. plus. Notes. Clear'y Other Deposits France.... 25,362,560 4,266,136 Agent. Bks.&c Germany 9,655 West Indies...... $2,600 5,152,221 $2,800 760,333 N. Y. City. Mexico 2,000 84,300 5, 2 93 214,564 Boroughs of South America 7,500,000 99,915 1,129,361 Man&Hr'nx $ $ St $ $ $ $ $ All other countries 3,00) 132.337 Wash. Hgts 100,0 150.4 774,0 13.6 29,8 105,7 649,4 Total $4,600 $6,843,308 Century ... 200,0 133,5 938,5 26,4 29,8 52,7 17,2 833,1 1905 $38,098,587 $108,008 Chelsea Ex. 100,0 70,3 660,7 27,1 36,3 28,3 45,2 657,4 Total 1904 524,000 73,082,273 31,60.< 6,622,278 Colonial 100,0 294,1 3,371,3 57,5 324,3 400,1 170,4 4,125,5 Total 1903 11,000 32,838,850 57,095 3,846,815 Columbia .. 300,0 370.0 5,947,0 270.0 223,0 567,0 3,7 6,390,0 Silver. 339,0 38,4 378,0 Consol. Nat. 1,000,0 1,050,5 4,000,0 25,0 2,502,0 Great Britain $23,329,892 83,0 $1,137,248 Fidelity 200,0 128,9 814,8 19,0 41,3 807.3 France 538,33=> 238,9 303,4 $13,166 14th Street. 600,0 91,2 4,523,8 163,3 5,0 5,022,8 Germany 12,892 20 Hamilton .. 140,3 4,000,9 262,8 206,9 222,0 310,0 200,0 4,723,8 West Indies 1,227 115.506 63,018 3,089,2 7,9 168,3 202,6 89,4 Jefferson .. 400,0 392,0 3,014.6 Mexico 4,000 $527,724 1,529,631 2,761,3 148,3 100,3 300,1 66,5 Mt. Morris 250,0 145,3 3,323,7 South America 687.409 85>08 1,375,580 264,4 3,563,2 30,4 277,3 175,4 56,8 Mutual 200,0 3,646,0 All other countries 9.057 14.599 46,079 19th Ward . 200,0 216,7 2,644,3 35,5 201,2 230,5 120,8 2,999,9 228.U 441,9 100,0 268,7 3,255,0 243,6 3,810,0 Total 1905 $1,4:^9,475 $24,697,84 1 $027,991 $3,022,094 Riverside .. 100,0 100,0 1,443,0 14,6 115,3 90,3 01,7 1,584,5 Total 1904 599,350 29,505,182 15,943 677.941 State 100,0 968,7 10,010,0 589,0 290,0 180,0 755,0 11,148,0 Total 1903 316,818 22,365,474 12,087 1.146,472 12th Ward . 200,0 137,4 2,079,0 38,0 214,0 224,0 80,0 2,649.0 23d Ward .. 100,0 119,3 l,0o3,0 55,8 159,9 137,8 203,0 2,127,0 Of the above imports for the week in 1905 :ji3,8±3 were Union Exch 750,0 618,2 7,209,0 14,3 344,2 874,1 ... 7,301,8 United Nat. 1,000,0 171.2 2,237,5 238.8 70,5 95,0 1,303,4 American gold coin and American silver coin. Of the Yorkville .. 100,0 300,0 2,081,3 52,0 271,9 287, 1. 199,0 3,256,7 exports during the same time §2,000 were American gold Coal&l.Nat 2,822,0 621,8 29,0 508,6 66.0 300,0 224,9 3,473,2 American silver Metrop'lit'n 1,000,0 291,3 3,420,3 208,0 53,7 334,9 783,0 3,558,5 coin and were coin 34th Street. 200,0 201, 1,106,9 227,9 44,7 134,4 37,4 1.176,0

Borough ol Auction Sales.—See page preceding. Brooklyn. Borough ... 200,0 114,1 1,887,0 35,9 138,6 269,2 144,0 2,242,7 Broadway . 150,0 364,8 2,691,8 17,1 219,1 260,4 106,0 2,838.5 Brooklyn .. 300,0 164,0 1,877,5 115,1 64,4 219,0 49,0 2,041,6 ^auMug and financial. Mfrs.'Nat.. 252,0 628,0 3,731,0 305,9 190,4 627,0 448,9 4,745.9 Mechanics' 1,000,0 773,5 10,317,0 289,7 599,4 1,241,6. 195,7 12,190,6 Nassau Nat 300,0 788,7 5,321,0 179,0 394,0 835,0 5,497,0 Nat. city .. 300,0 592,2 3,413,0 140,0 310,0 595,0 190,0 4,101,0 Spencer Trask & Co., North Side. 100,0 187,9 1,443.1 24,0 94,9 38,0 265,4 1.647,1 Investment Bankers. Peoples 100,0 206,9 1,957,2 87,7 108,7 222,5 130,3 2,302,0 17th Ward . 100,0 101,7 747,1 11,0 61,2 83,7 174.5 910.9 We transact a general banking business ; sen and purchase invest- Union. 300,0 197,9 5,301,0 167,0 334,0 424,0 577,0 6,536.0 ment securities ; issue circulars describing short-term and long-term Wallabwut . 100,0 101,4 923,5 71,4 39,5 44,0 135,3 1,030,0 high-grade bonds; execute commission orders upon the New York Jersey City Stock Exchange and in the financial markets oi the leading cities. We also have special representatives in all of the principal cities. First Nat... 400,0 1,103,0 4,634,4 178,5 282,1 2,926,3 1,248,0 7,598,3 Hudson Co. National . 260,0 663,2 2,349,9 82,4 71,4 162,0 200,7 2,080.8 Branch Office, Albany, N.Y. William and Pine Sts.. New York. Second Nat. 250,0 104,4 988,9 607 21,3 178,9 9,3 976,3 Third Nat.. 200,0 304,8 1,655,5 34,5 54,4 295,2 25,1 1,828,9 Hoboken. Moffat & White, First Nat... 110,0 553,4 2,700.8 141,0 29,8 182,9 353,8 2,784,4 Second Nat. 125,0 170,0 1,363,3 43,7 52,3 62,0 75,1 1,302,9 Members New York Stock Exchange, STREET, - Tot. Sep 10 122370 139730 12S2819 5,685.8 6,782.5 149374 7.410,4 1427985 5 NASSAU HANOVER BANK BUILDING, Tot Sep o 121370 138094 1201054 5,468,8 6.915,1 138023 7.622,5 1394*98 Dealers in Securities. Tot. sep 2 121370 136230 1255146 5,621,7 0,673,1 1340Z4 7,780,0 1383830 Investment COMMISSION ORDERS EXECUTED FOR CASH ONLY. . 1 81

Sept. 23 L»u5.J THE CHRONICLE. 955

<5a actio. Japanese and a few other issues. Of the latter Wabash de- gfon lists' bentures were prominent.. They added nearly 2 points to last week's but failed to maintain the higher For Dividendsnils see pagevaae 953953. advance, figures. Central of Georgia issues have I n active and the 1st, 2d

Wall Street, Friday, Sept. 22 1905—5 P, M. and 3d incomes are from 1 to 2 points higher. The American Tobacco 6s and 4s are a point or more higher on limited The Money Market and Financial Situation.—Except for a transactions. Green Bay & Western debentures have made tendency to heaviness on Tuesday, Induced chiefly by sen- a similar record and practically all Other active bonds are sitiveness abroad over the Franco-German situation, the tract ionally higher. security markets have been generally strong throughout the week. There has been a steady demand for a considerable United States Bonds. — Sales of Government bonds at the number of issues and a noteworthy advance in some of them. Hoard are limited to 57,000 2s reg. L930 at 104%. The fol- The volume of business, however, has not been large, and lowing are the daily closing quotations; for yearly range see the small amount of stocks brought oul by the high prices third page following. reached and the limited offerings of nearly all classes of

i Sept 8'pt Sept Sept Sept are suggestive of the confidence and optimistic feel- shares 1: rt<>, is IB IS 19 •JO 41 ing which now exists. It is no doubt true that operations 1930 registered — Jan -104 104 104 • 104 •104 on the Exchange have been restricted somewhat by a ten- 8a, Q '4 V •104V Hi) '104 '., 3 2s. 1030 coupon Q —Jan »1»4S 104 < 1 04 V •104V pronounced this week than heretofore, higher • < 1 •101 • dency, more to 3s, 1008-1918. . registered V> Feb 104 04 101 104 •104 money market rates at home and abroad. 3s. 1008-1918 coupon Q -Feb •104 • 104 •Kil •104 •104 •104 3a, 1008-1018, small. ooubIQ—Feb *I03 •108 •103 L08 •103 103 Further of from London to • • shipments gold New York have Is, 100 7 registered Q —Jan 101V 104V 1 04 V •104 V 104V 104 V been arranged for this week, the amount being $2,750,000, is, IOiiT coupon ij —Jan 106*6 • 106 V. I06V * 105 V •105V 105V is, 1025 reglateredlQ - Feb 134 •134 •134 134 •134 •134 it is reported that the local banks have gained and by their 4a. 1026. couponlQ—Feb •134 134 •134 111 13 1 • 184 transactions with the Sub-Treasury instead of losing, as has * This la the nrice bid at the morning board; no sale was made. recently been the case. But the demand for funds from the interior continues and as this demand cannot be controlled, Railroad and Miscellaneous Stocks. —The volume of busi- or the extent of it estimated with any degree of accuracy, ness in stocks has been about the same as last week. Except it will doubtless continue to be a more or less disturbing on Tuesday, as noted above, a strong undertone has pre- factor while it exists. vailed, stimulated by a noteworthy advance in several issues. The open market rates for call loans on the Stock Ex- The Northwestern group has continued to be conspicuous change during the week on stock and bond collaterals have for strength, of which Canadian Pacific was the leader. It ranged from 2 to \)A p. c. To-day's rates on call were 3%@ sold up to 177%, over 9 points above its previous highest 434 p. c. Prime commercial paper quoted at 434@5 p. c. for record. Great Northern has advanced nearly 9 points, St. endorsements and 4 34@5 p. c. for best single names. Paul 5% points and Northern Pacific 2. The Southern R- The Bank of England weekly statement on Thursday group has also been strong. Louisville & Nashville, when at showed a decrease in bullion of £25,788 and the percentage its highest, near which it closes, showed a gain of 8% points. of reserve to liabilities was 44.81, against 45.54 last week. Atlantic Coast Line advanced 3% points and the Southern The discount rate remains unchanged at 3 per cent. The Railway issues have been unusually active at advancing Bank of France shows an increase of 2,925,000 francs in gold. prices. New York New Haven & Hartford has sold nearly NEW YORK CITY CLEARING-HOUSE BANKS. 7 points higher than last week and about 5 points higher than at any time since March 1903. The anthracite coal carriers 190.5 Differences 1904 from 1903 arc generally from 2 to 4 points higher, except Erie, which Sept 16 Sept 1? Sept 19 previous week lost a part of its recent advance on the announcement of its purchase of the C. H. & D. ... $ $ $ Capital 115,972.700 115,972,700 110.572.700 The movement of miscellaneous and industrial shares has Surplus 140.160.800 134,i!43,500 132.927.4. been relatively unimportant. United States Rubber issues Loans it- discounts 1,085,821.900 Deo 20,861,600 1,140.958,300 922,065,800 53,696,500 Dec 5,900 40,107,300 45,366.900 have advanced under a good demand. Anaconda Mining Net deposits '1,096.353 .200 Dec 29.069,400 1,224,206,600 009.48-\3uO has added about 3 points to the advance noted last week and Specie 202.176.2iM) Dec 5,297,200 257,022,200 160,391,000 Legal tenders 76,548,400 Dec 2,166,200 78,382,600 71,152,300 other copper stocks are higher. The United States Steel shares, both common and preferred, are over a point higher lieserve held 278,723,600 Dec 7,463.400 335,404,800 240.544,200 than our last report. 25 p. c. ot deposits 274,088,300 Deo 7,267,350 306.051,650 227,370,575 For daily volume of business see page 963. Surplus reserve 4,635,300 Dec 196,050 29.353,150 13,173,625 The following sales have occurred this week of shares not * 88,556,900 United States deposits included, against last $8,552,500 represented in our detailed list on the pages which follow. week and s-23.402,800 the corresponding week of 1904. Witli these United deposits eliminated, the surplus reserve States would be 86,774,525 on Sales September 16 and $6,969,475 on September 9. STOCKS for Range for week Range since Jan 1 Note.— Returns of separate banks appear on the preceding page. Week Ending Sept 22 Week Foreign Exchange. The market was quite active — this Amer Beet Sugar 20( 24 V Sep 18 21V.Scpl8 23 VAug 34 VMar week, rising sharply because of expectations of an advance Amer Dist Telegr.igh. .. 50 29 A, Sep 22 20-^sep 22 29 May 38 Jan Amer Telegraph Cable 10o 03 Sep Jan in the Bank of England rate which induced covering of short & 18 93 Sep 18 OoVMay 09 V Asso Merchants, 1st pref 120 109 Sep 2 109 Sep 21 06 Jan 109 Sep contracts, then falling and partially recovering by the close. Cent & So Amer Telog.. loo 130 Sep 20 130 Sep 20 118 Jan 130 Sep Gold imports, 51,275,000; in transit, 32,750,000. Detroit Sou Tr Co ctfs. 2,705 10 VSep 18 l2%Sep 21 8 J'no 12 VSep Pi Tr Co ctfs 100 43 Sep 21 43 Sep 2 30 J'ly 43 Sep To-day's (Friday's) nominal rates for sterling exchange Ft Worth & D C stamped 100 74 Sep ."J 74 Sep 2 1 4t Jan! 75 Aug General Chemical 200 ? 18 657 Sep were 4 83(8 \ 83^2 for sixty day and 4 86 for sight. To- 65 8 Sep e Sep 20 66 Mar 65 3 II B CI. itliu uo 100 110 Sep 20 no Sep 20 lOO^Oan lio Sep dav's (Friday's) actual rates for sterling exchange were 1st preferred 12 07 Sep 19 07 Sep 10 !<4 34Apr 07 Sep Di ok, pref 13 77 .,Scp is 77 is 6SJ Sep 4 8250® 4 S260 for long, 4 8520@4 8530 for short and N Y VSep Jan 77 i NY&N J i e.ephone... 12 167 Sep 20 1 67 Sep 20 167 Jan 174 .Mar 4 8565' 575 for cables. Commercial on banks, 4 82@ Northern Central 1 ,000 216 Sep I R 221 Sep 22 206 Aug 221 Sep 4 8210, and documents for payment, 4 81 J^ ©4 8234- Cotton Ontario Silver Mining. . 100 2 Sep 10 2 Sep 10 1 Aug 4 Feb RR Securities Hi Cent'] for payment, 4 81)4@4 81%; cotton for acceptance, 4 82 etock trust certificates 40 99 Sep 18 99 Sep 1 02 Jan lOOVAug @4 8210, and grain for payment, 4 8234,@4 82%. Rutland, pref 100 1)5 Sop 20 65 Sep 20 60 I'ly 72V J an To-day's (Friday's) actual rates for Paris banker's francs Standard Mining 300 l-86Sep 18 l-85Sep 18 l'TSSep 2-no.Mar D S Leather 150 1 3 Sep I S 13 Sep ,8 1 1 Apr l i"'M Jan wer - 5 \9%a for long and 5 18%a@5 1834// for short. Preferred 6 Ml lOOVSep 16 Ill'iSep 18 lOOV-lan 1 i 1 VT'ly Germany bankers' marks were 9434 @94 9-16rf for long and 95@95 1-16t\ for short. Amsterdam bankers' guilders were Outside Market.—The exceptional activity and strength 40 1-16(5)40 1-10/.' for short. in quite a few of the principal issues the past week has given the Exchange at Paris and London to-day, 25f. 16c; week's outside market an appearance of animation which it has range, 25f. 17c. high and 25f. 16c. low. not had for some time past. While prices in some instances The week's range for exchange rates follows: have moved irregularly, losses for the most part have been —-Long- -Shirt- -CibUs- small, the tendency being upwards. Northern Securities, Slerlini, actual following the lead of the Hill stocks on the Board, has been HUh 4 >-250 ©4 8200 I 4 8530 8535 4 8570 @4 8580 4 B225 &4 8235 4 8495 ti4 8545 Low I 8505 4 8535 @4 conspicuous, advancing steadily from 18734 to 192—a new Paris Han/cers' Francs— 20 high record; the close to-day was at 191. The "Stubs" were High 5 19H<» I 5 1SHA <5>5 18Ha 5 20a 20 5 Low I 18}id @5 18»i strong, rising from 350 to and closing to-day at 375. Germany hankers' Marks— 38734, Hl?h '-!• 95 ®95 1-16 Chicago Subway heads the list in point of dealings. It Low 94H @94 U-lCrf , 94 15-16d@94 15-16 gained points but then declined ends Amsterdam ha t'ters— 1% to 84, sharply and 1-16 Hleh I 40 U0M the week at 80. International .Mercantile Marine issues 1-16 Low @ 40 ,40 1-16% I have continued active, the preferred rising from 32% to Less: a 1-16i ofoi 1%.lYp. da 1-32i-3i ofoi 1%.i% h 3-32 Of 1%. 33*$; the common sold between 13% and 13%. U. S. Rub- Plus: /. 1-10 of 1%. X 1-32 of 1%. v 3-32 ol \

' i point* to 839, but receipt- al 1 1 [ to 15 14. in the week continued to advance, rising The market for railway and industrial bond- has been has fallen steadily to 830, the close to-day. more active than la

"New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUI'VIMJ TWO PAGEH

STOCSH—hJeiiKSI AND LOWEST SALh FHK.t.S STOCKS SaUn Mange iot year 1V06 Kanye lor freviont inn basis 0/ lOO-sharelots Year (1904) NEW YORK STOCK trie I :i 1 6a in it,/ Honda 1/ '/in -Lini H- ednesday 1 1 hursaay Jiriday Week '" :'.' EXCHANGE Sept VI Sept IS Sept j .'y Sept Sept SI Sept Lowest ji miiest Lowest Highest

Railroad a. 3 90V 91 90 4 9 1 V 8934 90', 90 '4 91V 90% 91V 90% 91V A tch. Toneka&santa Fr 62, VO' 77%May2'_ 93% Mar 9 64 Feb 99 V Nov ', '* 105 105 1 04% 105 104% 108 109 105 105 105 V lot 105 Do pref 1 1,601 99 Jai,2.' 105% Sep ) 87% Jan 104 V Nov 164 % [«5la 168 167V 164V 165 16.'. 166 V L66 168'., 167V 169 Atlantic Coast Line Kit.. 120 Jan 11 170 Apr24 104 VFeb 1 55% Nov 3 'j 12 1 1 . ., 1 12-, 113 '., L 112 113 112 4 113 V 1 '4 112'., L2% V 1 2 V L>alttmore loo *97V 99 >97V 09 99 97 %. 9; V 99 V Uo pret 201 91 Mar 1 AnglO 87% Feb 96% Oct 68% 69*. 69 69 Ij 68% 69 V 6S% B9V 69 70'., 69% 7l\ Krooklyn Rapid Transit.. 93,7 05 56%Mar28 7:',% J My 3 38 Feb 70 % Nov *h7 80>! *87 89 •84 8 9-. •84 89 V 88 ^ 89 Buffalo 4 7734 77 4 78 V 78% 78V 7s% 80 Do 5 p. c. pref. "A".. i',350 60 .T'ne 1 78% Sep 21 47 V J'ne 74% Not 3 86 36 36% 36% •35% 36 V 36 V 36 V 35% 36 8 35% 36 V Do 4 p. c. pref. "B".. 1,40<1 29 May2:" 37%Aprl7 20 J'ne 39 V Nov 1813 184 178% 179 V 179 V 180 V 179 180 179% 1 s 1 -V 4 183 181V Chicago Milw. & St. Paul. 155,850 168 V May 4 187 V Apr 17 137% Feb 177% Deo •185 187 *185 188 '186 187 1«6V 188 188 188 190 190 Do pref 558 182 V Jan 13 192 V Apr 17 173 Mar 185% Oct- 3 :, •212 214 214V216V 215 215 215 21 , 216 216% 215*4 215 4 Chicago* Northwestern 2,500 al90}^J'ne t 249 Jan 31 161% Mar 214V Deo •235 245 •236 245 •235 245 8235 235 •235 245 *235 245 Do pref 60 234 Jan 13 265% Feb 1 207 Feb 237 Nor '190 195 •185 195 •185 195 •187 195 •188 195 192V 192V Chic. St. P. Minn. & Om. 100 150 Jan ( 225 Jail 31 135 Mai 160 Nov 190 200 •190 200 •190 200 195 195 '190 200 • 192 200 Do pref 100 195 Jan 17 230 Jan 31 H65 Apr 192 Deo ' • . • 19 18 18 19 * 19 *..... 19 . 19 Chicago Terni'l Transfer. 200 7% Jan 5 20 J'ne28 5 V Aug 1 V Nov 3 3 3 •38V 40 •38V 40 39 4 39 4 38 38 39 39 39 39 Do pref 650 17V Jan 4 42%J'ly 5 llVAug 27 4 Nov *7V 8 •7 34 8 8 8 34 8V 8V 8 8 9 11 Chicago Union Traction. 16,550 6 J'ue 2 13% Feb 2 4 J'ly 15 V Nov 3 3 3 •33 37 •35 38 36 39 37% 37 4 35 V 3734 37 4 39% Do pref 4,900 30 4 J'ly 22 54 Feb 3 29 May 48 V Nov 3 •101 •99 100 loovioi •100% 101 101 101 "100 101 4 102 V Cleve. Cin. Chic. & St. L. 700 90 Jan 14 111 Mar21 68 V Mav 93% Deo 3 •120 122 *120V 122 119 V H9V •119V121 •11 'V 121 119 V 121 Do pref 100 115% J'ly 26 121 4 Marll 100 Feb 115 Nov a >» 2734 27 4 28 28 V 2.8% 28 28 283*. •28 28 V 27% 28 V Colorado & Southern 4,400 22 V Jan 2d 30'8 Apr26 lSVJ'ne 24% Nov •61 62 61% 623> •61V 62 V 62 V 62% }62 62 '61V 62 V Do 1st preferred 750 62 May23 64 V Feb 10 48 J'ne 63 Deo 3 3 42 V 42 V 42% 43',. 43 V 43% 43 V 44 45 g 4 5% 42% 43V Do 2d preferred 7,500 32% May23 45 4 Sep 21 17%J'ue 37 V Nov •217 220 217V219>„ 217 217 34 217V 220 V 21 >%220>4 '218 220 r"jelaware' 270 46VMay24 60 3 Do lstpref 62 V Sop 1 35 May Nov 31 4 31 3 3 j "3l" 31 % 31 31 925 20 J'ne b 31 4 Sep 16 16 Jan 30 Nov •77 79 •77 79 •77 79 •77 3 3 3 79 •77 79 78 4 78 , St. L. &S.Fr., 1st pref 100 73VMar22 81 V Mar 6 ?61 Mar 79 4 Deo 67 67 3 3 3 3 V V •67V 68 67 V 67 V 67 4 68 4 08V 68 4 US 68 4 Do 2d pret 4,60u 61 May20 73 Mar 6 Jan 72% Deo •185 192 V 39V 185 192 •185 192 •185 195 •185 195 '185 195 C.&E. I. com stock tr ctls 175 Jan30 194% J'nel2 150 Jaii 185 Deo 25 25 V 25 25 V 24% 24% 25 V 25 V 25 25 2434 25V St. Louis Southwestern.. 1,425 20 May22 27 V Jan 20 9%J'ne 29 Dec 63 1 63 62 V 6a 62 V 63 863 63 62V 62 - 62% 62 V Do pref 1,*10 55% May 1 66% Apr 18 25%J'ne 60 34 Deo 3 67% 6S34 67% 68% 67% 6S 67 4 68 V 67 V 68 V Southern Pacitic Co 69,150 57 34 May 4 72% Feb 27 41% Mar 68% Nov 3 3 3 119V U9 4 120 120% 119 4 119% 120 120V 119 4 120% '119% 120 V 1,600 115% Jan 5 121%Febl5 113 Sep 119% Dec 36 3 35% V 36 36% 35% 35 4 35% 36% 36 V 37 V 37 38 Southeruv.tr. cfs. stmped 128,052 28 MaylO 38 Sep 22 18V Feb 37 V Deo 100% 101 101 V 101 101 V 101 101 V 102 102 V 102 V clOOV100% Do pref. do 2,500 95 Apr28 102 V Sep -lj 77% Jan 97% Dec *98 •98 M. 60 O. stock tr. ctfs . . 97 Apr 18 100V Augl4 90 Feb 98 Deo 3 "36 "36% 36 4 37 36V 37 V* 36% "36%*36%l 36% "36% "36% Texas & Pacitic 8*700 29 V Apr 29 41 Maris 20% J'ne 38% Nov BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS Hanks Bid Ask Hanks Bid Ask Banks Bid ASK Banks Bid Ask Banks Bid Ask Bunks Bid Ask NEW YORK Chemical 4300 Fifth 340 InterboroH.. 145 155 Metropoli'nT] 180 190 Park 490 Citizens' Ctrl 160 First 775 800 Irving .. 230 238 Mt MorrisV- 215 People' si] 290

Aetna 187% City 290 295 14thstreetU. 175 Jeilerson1|... 185 Mutual',] 300 Fhenix ! 15 205 America \\ ... 520 530 Coal Manhattan^. 325 New York Co 1300 Riverside*,! .. 250 280 Battery Park 150 155 Commerce... tl98 v t'-'OO German Ami 155 165 Market JfcFul 262 V 272 V N Y Nat Ex. 195 305 Seaboard 650 700 BoweryTi 325 Consolidated 170 180 German Es;, 400 Mechanics' . 1295 New York... 1305 t3UV Second 700 Butch'scSs Dr 155 165 C'rn Exchge'i 1376 GermaniaD .. 450 Mech & Tra',: tl72 19th Ward«J. 350 Shoetx. were made on tins day. j Liess t,u.ta l > soar as. 1 us. rivals. 1 State names, a d ana rnjutd. b Ziew 1 Sale at Stock Exchange or M auction this week. s Trust Co. certiUcateA h Assessment paid. » Sold at private sale at, this priob. , S v' 1 1 S 4 ! 11 4

si. pi. l>3 1905.] Stock Record—Concluded—Page 2 957

A. Jianye tor ) Sl'OCAS—JiJUJJJiST AND LOWKST SAL FUJVJiS 0TOOKJS Salts oi tar IMUS Range /or I-revwu> NEW YORK STOCK the On basis 01 lOO-stiart lots Year(VJU4) Saturday Monday Tveniiay Wednesday 7 hursday tYidav EXCHANGE Week Sept 16 Sept IS Sept 19 Sept JO Sept 91 Shares Lmvtst JHaheiit iAiiuest Hig/ieet

191 187 126 iaa 126*126* 127 127 127* 127* 128 128 'i>hir

•34 I 200 1 ole»lo 22* 1 •34* 35 •34 4 SO 34* 34* •34 4 4 34* 314 34 S Itnilwnys&lilKlit Jan 13 37* Apr 12 17* J'ne 27 4 1< 89 st. 1.. .v.- 700 34 39* 38* •88* l * 88* 38* rot w. v. tr.otfa 4 M»y.'" 43* Apr t> 2 1 4 M in 38 .N,,v 68* 5-* 58* 68* 08 4 58 4 Do pret vot, tr. otls. 800 6 1 15 Apr 12 32 I'Vb 57* tfo? JU74117* 117 117 117 118 117* 117* 117 4117* 117* lis Twin coy Rapid Transit 2,130 105 J an 6 122 4 Apr 4 87 4 I'VO r }l- Do prer >3*M»jTl7 160 J'ne26 158 A u K i 1 65 N"V V. 132* Yiis vis' isTvjiss* 131 4 132 isa 133* iiw'v 132* 133* Union Pacific 202*,2O< 113 Jan 6 188* Aug24 71 Mar 117 N->v ".'."> V' •96 » 96 96 }96 I'll 4 7 98 96 97 06. Do prel 439 98 Mayll 101 s X86 4 Feb 93 Deo 77 78 6,60(1 79* 79* 774 791, 7 7 * 78* 77* 77* 4 77* 7S U nit Kj'h 1 11 v ' t of San Fran 81 4 Jan 1 70* Sep 14 9 Feb 25 Deo "89* 90 89* 89* 89* 80 4 89* 89* B9 S 90 Do prel 1,100 64 * J an 16 90* Sop 13 42 Si A pi 69 Deo »81 S2 •81 Bl* •SI 82 •81 82 •81 B2 1 Dited ltysof St Lou. prof so J'ly 7 82 J'ne'23 ' 26" M* 23* 28* 24* - - * 24 * 23 23* 23* 23* 23* 23* It/abaao 88,960 17 4M.vy2., 24* Sep 18 To" May Not 4 5 V, 43 4 48* »» prel 10,200 May'23 44 41'< 44* 42* 44* 43 4 11* 4:; 4 1 Do 37 48 Feb 23 32* Feb 48*.Nov 17 17 17 "17 174 17 17 Wheeling & Lake Erie.. 1 ,000 15 May 1 19* Mai 13 14*J'ly Nov 17* 17* 4 16* L6 , 22V 4'."-. '41 43 41* 42 42* 42 4 42 4 42* •41 43 Do 1st prt>f l.lot 86 M»y 4 48 Feb 37 J'ly 62* Jan •41* •25 26 26 26* 26 * 26 26 26 26 •25 36 Do 2d prpf 2(10 20 May 4 28* Mnrl3 21 4 J'ne 32 Nov 31* 82 81* 31* •30 314 •30 31 S •SO 31 Wisconsin Central 1,300 20 Apr 29 33 4 Aug'21 16 J'm 25 Nov •60 • 59* 61 • 68 til 60* 61 60* 60* 60* •59 60 Do piio 1,300 45 Jan 13 62* An-;-'.' 37 J'ne 49* Nov Industrial iV !kUncell '240 250 •.Ml) '240 :so •24 250 240 250 •240 250 Adama Express J236 Jan 8 4250 Feb 7 }220 Feb 250 Oct 250 17* 17* •17* 18 17* 18 17* 17* 17* i7», 17* 17* llls-Obalmers 4,130 13 May 4 10 4 Ang 1 6 M ar 21* Nov 58 " 69 69 4 60 60 60 4 58* 58 s. 4 684 •••7 i>o prel 1,100 46 4 May 4 OS Feb 17 39 4 Mar 71 Nov 81*9 82* ^2* 81* 82* 81* 83 82* 80* 82* 83* ImalgamatedCopper 113,246 70 Jan 25 SO* April 43 * Feb 82* lire 24 •>•} DK 24 V, V 2 4 Si 24* 24 24 24 24 24* Aimr A.grlcalt Chemical. 800 20 Jan 24 20 4 Apr 15 18 Mai 24* Dee 84 «87 •90 •90 t<0 •87 •87 ..".... Do prel 89* I'.l) 8 90 Augl 9 72* Jan S7 Deo *36\ "£&" 88* 86* Viiurican 2 2 35 Hi 36* 36 364 Oar d; Foundry 10J70U 81 May \pi-14 14* J'ly 3,7 4 Deo •99 100 100* 93( •98* 99 V 99* 99* 99* 100 100 •99 '4 100 v, Do prer r91*Jan 25 1044Apr 6 67 Jan 94* Deo 29* 3o " 28 2 I 28 80 31 ViiHiioati Cotton Oil 1,801 27* J'ly 10 88 Apr 3 24* J'ne 37 * Deo •02 •90* 98 -02 OS 98 •02 93 Do pret SO'., J'ly 11 97 ]• )t; H.v'4 J'ne 97 Nov •225 235 •825 283 '226 285 285 •225 235 »225 235 American Bxpreas W09 4 J an 4 346 Feb 27 180 J 'lit 219 Nov 6 6 8.70 6* 6* 5* y* 6* 6 6 '5* 6* America 11 t.irass Twine .. 4* Augl7 14 Jan 4 6 Ann 14 Dec •6 8 "s B* 6* 6* os. 6* 6 4 •6* vmrr HiUe ,t Leather 1,000 6 J'lu 7 114 Jan II 2* Jan 11* Deo 6 6* ; 0* 33 a 34 35 "s 36 De pret 6,4 10 81 Sep 13 S2* 33 S2 4 , 33* 34* 85 4 34* :\; 4 65* Marl7 11* Jan 48* Dec •26* 2 7 26* • 26* 27 v 26* 27* 27 Vmencan Ice Securities. 1,880 24* J'ly 12 29* Alij," 17 27 •17 27* •17 •17 19 >s M7 19* •: J 10-. 19* •17 Amiricau lyuiseed 15* Jan 17 22* Apr 17 7 J'ne 20* Nov 19* •39 41 19* •S9 41 40 40 39* 39 4 30 4 •39 1 Do pro! "ioo 86 Jan 19 48* Apr 17 22 4 J'ne 42'., Nov 4 53 50', 52* 51* 52* 64* 53* 51 53* 52* 53 V American Locomotive... 48,500 33 Jan 25 61* Apr 13 16* Jan 36* Nov sll4 114 4,000 112* USH 114 116 114 4 Uiis 114*115* 112 111 Do pref : 108* Jan 6 122* Apr 16 75 4 Jan 105 Nov •4 4* 4 4 $4* 44 4 * 4 * 4 4 4 * 4* 4* American .Malting 2, 25 4 Sep 2 8* Jan 14 2 4 J'ne 9 Deo •23* 28V •23* 28 V *23*i 23 Vj 23* 23 4 24* 24 4 214 Do prel 3,700 20 J'ue 9 28 4 Mar 7 16 J'ne 29 Deo 7 '.' OS* 98 99 99* Amer Smelters li •i,l lo 97* Sep 6 89 98* c 98* 98* 99V Sec prel 99*Aug24 12/ 60,000 -127 126* 128 126 126* 127 127 128* 127*1! 7 AiiK-r. smelt'g & Refin'g. 79* Jan 9 131*Ang24 46 Feb .82 4 Dec 128 123 122* 123 122*128* il21*1214 121*, 121* •121*122* Do pref 3,400 1 11* Jan 13 128 Ang23 88* Jan 115 t)Ct 190 200 iii.> 200 199 200 •190 200 190 200 190 200 American Snutt M ay3 200 Aug20 1 10 Jau 170 Nov •103* 103 Vj •103* •1034.... 103* 103* Do prel 09 Jan 7 10-; 4 Ang 16 85 Jan 99* Nov *8* 9 9 '.' 9 9* 9* 9 9* 9* 9* 9* American Steel Fonnilr's. 2.0HO 6* J'ly 27 18*Mar20 34 J'ne 15* Dec 38 3S 38Vj 38* 38* 89* 39 39 4 39 4 3.14 38* 30 Do pret 3,900 86 '-.ruei4 ti 7 4 Apr 4 26 J'ly 57* Deo V 138* 139 139*141 American Refining 16,150 130 May22 149* Mar 2 .Mar 153 Nov 189 189 >i 139* 138* 139* 140 140* Sugar 122* •13H 140 140 •139 .... 138* 13s* 138 liis Do pret 300 133 Ma) 10 141 Augl] 12.J Jan 141 Nov 139 13) 218 •139 Mil 189 139 '137 140 140 140 1 *i"40* 142 Amer. Telepli. Do jiret £103 Sep 16 1 5 S Aug 15 43- 44 444 Colorado 31,610 88 59 434 43^ 43* 44 , 42* c 43* 44* 44* 45 Fuel d; iron May22 Mar24 25^ Mar 58* Nov •So 100 •85 loo »?5 100 •85 100 •85 loo •00 100 Do pref SO Augl/ 105 Mar24 63 Aur 95 Deo "13* 15 14* 15 4 16* 15 4 16* 15 4 •15 16 1 Jot tto Hock. Coal A Trou 80u ll*May2l 18 4 Jan 30 8 J'ne 19* Deo •183 ISO 188 183 182* 1S2 1-. 182 185 182 1>3 •181 182 Consolidated Gas (.N. Y.). 2,250 181 Sep 12 214 Mar 3 185 Feb 220 Oct U', 13* Corn Protlucts 23,7 3. J'ne S 22* Feb 7 May •10 10* 10* 11* 104 10* 10* 12* 12 '.j 13 8* 9* 20* Nov •47 48 47* 50 49 4 49 4 49 62* 53 5* 53 Do pref 6,200 40 Aug 9 79 Jan 10 65 Mai 82 * Nov •il* 3,27 42 41* 42 •41* 42 41* 41* 41* 12 43* Distillers Secunr's Corp xM^s Jan 25 47* Apr 6 10^i J'ne 40 4 Deo 41* 200 •85 85 4 85 * 85* -85 87* •85 87* •85 87* '-.7 87* lectnc Storage Battery 76 May23 89* Feb 27 82 Nov 83* Nov •109 111 '110 115 111 111 Ko no •loo 115 Federal Mining & smelt'g 30o 00 Jan 11 128 Apr 7 43 4 Nov 68 Dec r •00* 81 92* 92 4 93 92* P24 02* 92* 92 4 '" Do prel 1,90 75 Jan 6 107* Apr 7 71 A ov 90 Nov 181* 183 183 Iso 1824 178 17s 178 4 179 179* 179* 'leneral iilectnc 2,200 169 May20 192 Marl6 cl51 J'ne 1944N'ov 20* 20* 10* JO 19* 20 19* 20 10 a 20* 19* 20 International Paper 7,605 184 J'nelO 25*Marll 10* May 25* Deo 78 7s v, 78 78 78 78 •78 79 *7S Do pref 600 76 4 Feb 6 82* Apr 6 64 4 Feb 79* Dec 4 •64 9 100 •64 6 "64 66 "64 66 •64 66 66 64 64 International Power 60 J'ue 3 100 Fell 2., 26 Mai 72 4 Deo 30* 30 3o* 31% 31 31* 314 32 '31* 324 Knickerbocker ice( Chic, 1,300 iO Jan 16 34* J'ly 20 8 Sep 12 4 Oct U 31* 82* 100 85 85 Do pref 60 Jan 85 Sep 22 48* Jan 66 Oct 55* 55* 55 55 56 56 56 57 •56* 57 56* 57 National Biscuit 1,422 52 Augl 6 66* Apr 3 36 Jan 59 * Nov •112* 113V; 113*113* 113*113* 113*113* •113 114* • 1134114 Do pref 52. 110 Aug 19 120* Marl5 100* Jau 117 Nov 3,25o •13 14 16 i6* 15 '4 16* 15* 15* 14 14 4 •13* 15 Nat Knanieiing&Stamp'L' 11 Aug 12 31* Apr 5 14 Sep 23* Nov •S5 •85 •85 88 -84 88 86 86 83 87 4 Do pref 100 80 Augl2 94 Apr 19 75 J'ly }87 Deo 45* 45* 46 46* 45* 45* 46 46* 46* 4 7* 4C4 47 National Lead 10,100 2 4* Jan 24 51* Apr 7 144 Feb 20* Oct •101* 104 101*101,. 102 102 101 103* •102 103 •102 103 Do pref 915 97*8 Jan 7 111* Feb 20 80 4 Jan 98* Dec 152* 152* 153 154* 164* 154* 150 155 162 153* 1524 1524 New York Air Brake 1,100 140 May22 16i*Aprl5 120 Feb 164 Nov •97* 99 0.-* 97* 98* 98* 90 90 100 99* 99* North American Co., new 4,000 963g Sep 6 107 Apr 17 80 Mar 107 Nov 44 46 pacific 4,200 33 May2 24 55 45* 45 4 45 40* 44 4 44* 45 4 45* 454 46 1 Mail 49* Jan 4 Feb Nov •103 104 104 104 1034104 103*104* 104 101* eop. Gas-L.& C. (Chic.) 9,210 07*Mayl5 115 4 Apr 3 92* Mar 1124 Deo •13* 14 14 I'lttsourgu 60u 12 J'ly 19 21 AIayl5 *13* 14 13* 134 134 15 1 5 4 1 4 Coal Co 4 •54 55 •54 55 •64 56 54 55 65* 584 58 50 Do pref 2,150 45 4 J'ly 26 80* May 15 3,900 44*8 45 45 46 45 45 4 45* 45 A, 45* 45* 45 45 4 Pressed Steel Car 33 4 Jan 31 47* Augl8 24* May 44* Oct 400 •95* 96 95* 96 , 96* •95* 96* •95* 06* •95* or,* Do pref 87 Feb 16 99 * Apr 14 67 May 92 Deo •246 250 '246 i:50 248 245 -24s 251 250 250 250 25ii Pullman Company 436 230 May3 258 Aug 14 209 M ai 244 Nov 36* 37 37* 37 4 37* 3/* 37* 38 37* 3.1* 30 89 4 Railway Steel Spring... 12,100 30 May22 40*Aprl7 16 May 35 Nov 9:.* •98 4 99*. 00 7,100 -90 4102 100* 100* HH4 101* Do pret 600 93 Jan 25 103* Apr 16 71* Mar 94 Deo '2 61,360 22 * 22* 22* - 3 24* 23 4 24* 234 24* 23 4 24 Uepublic iron iS: Steel ... 15 Jan 23 2 1 * Apr 3 6 May 18* Nov 92 93 93* '-'4 01 05 4 94 * 95 4 as9a 93 02* Do prel 14,005 67 Jau 10 95 * Sep 19 37 Mas 73 4 Nov 3,400 34^ 33* 35* 364 34* 35 4 34* 84* -31 35 Vj ttubber Goods Mlg 24 Marl4 38 Maylo 14* Apr 29* Deo 104 104 i'U 106 102 107 *104 1«6 »10'2 106 Do prel 200 94 Jau 25 109* Apr 1 74* Jan 98 Deo 93 93 03 93* 92* 93* zOs* 71* 60 * 7 1 i tS9* 7') ^lossShellield SU Do pref 100 Jan 13 130 Feb 23 77 Jau 105 Deo •1 m. •1 1* 1 1* 1* 1* 1 1 -I 14 Standard Kope & Twine.. 3uO * Jau 28 3 Jan 3 * Mai 6 Nov 86 86* 87 s6 o7 4 86 4 88 88 874 88 V, I'euu. Coat iron da KK... 24,400 68 Jau 25 106 4 Apr 4 31* May 77 4 Nov 801, 31 4s7 30 4a V) 48* 4s* 4s* •47* 484 47* 48* 47 4 48* 174 19 Texas Pacific Land Trust 37 4 Jan 8 sep 14 25 May 4 Nov 1,000 J 'lie ti •104 10 4 10* 11* 11 11 10 4 10 Si Union Bag& Paper 8* 15* Apr 3 3* Aug 13* Nov •80 500 Tan 10 7.7 {- i 80 8u BO so 4 81 80 80 Do pref 68 82 Apr 4 45 Feb 4 Nov 8,300 .1 30 30* 30* 31* 30* 30* 30* 30* 30 30* 30* 30* V. S. Cast 1. Pipe tli Foun. 19* Jan 35* Apr 14 6 4 May 20 4 Dec '4 2,200 Jan Si's 914 01* 90* 90* 00 91 91 91 8 1 Vj Do pref 70* 3 9V* Apr 17 40 Mai 81* Deo • United States 100 Jau 134 23 •124 125 128 126 123 125 125 125 122 125 : 2 2 L25 Express... H20 Feb 8 loo rob H Nov •88 91 91 '87 91 *s7 91 --7 91 90 1 H Realty tft improve'nt 400 77 Jan 4 98* Mario 43 J'ly 84 4 Nov 30 30 •29* •29* U S Reduction

; - - 37 36* 37* 87* 37* 37* 37* nited States Steel 267,158 24* M.iy2- '1 Apr 7 8* May 88 * Deo 104 • _ 00,250 lt>3*104* i"3' B lU4* 1014 104 4 2 104 104* 105 Do prel 90* MSJ22 1 OS* Aug 2 5 1 * M ay 96* Dec 4,'.'0(1 9 3 I V 31 31, 31 31 31 Virginia-Carolina Chem.. 28* Sep I I 39 Jau 3 22* J'ne 4 4 Vj Deo • < 1 1 1 1 Do prii 600 . O.i M ay 1 110 2o ,\ OV 108 108 S, 07 410s 4 1074 109 108 4 I S t Feb 97* Apr 116 iron 200 ,i6 4 1 43 46 .. .. 43 42 ; Virginia Coal<& c J'ue 6 52 4 Feb 24 18 4 Sep Nov 250 . •235 "230 250 230 '2.7 'I 250 WkTargo ib (Jo 235 Jau 3 200 I'VO'21 $2iio J'ne J50 Aug 1*600 IleO 5*4* 94* 94* 04* 94* .14* 93 93* est'n 1 ttioD Tele'gph 92 Jan 1, o.>4 J'nelo 85 May 94 4 •'.67 •167 171 , 167 172 172 167 172 167 17ii 170 West'gh' . 1. ,'oMlgasaen 611 15'2 May20 .-1 Apr 6 153 Dec

1 ki Nov •l-o 196 180 1 >5 l-,u 195 190 195 •190 1 15 190 195 Do ,rn! i"0 Feb 23 [97 April ISO Any BA-N'KS AND TRUST (JOJll'A NIKS—BROKERS' QUOTATIONS

itniiii-. £l« Ask\ llanki Sid Ask Trust Con. Hid Ask 'IVu.Ht C'O'IH Bid Ask Trust Co'h Hid Aslc ii usi Co's .1 .

Onion Fifth Ave l.lle.V 1 I Exchr 2224 2.7-. BBOOKLFN Tr 575 N V 1000 1040 bbooklth Uuileil Home Bank' 125 Guaranty 'Tr 640 660 ,rk Tr 720 ;.;o N. T. CTTT 'Tr 1 120 icha'el M anulactr.t'. 865 Guardian 220 230 Real Kst , 1 Brook 530 rb'k'r l(i:.n 'i tin nil H'lit.s* 210 2 2 6 uiics" . liarili' rd Ti

, • 1'ranl, .> .0 . . . ii I ATI r335 --.-•• Title '1 LOU ICortville" .. ity »10 Br oho LlBOOlD r .1 HI Tr 1 !o 'O A :n

I North 175 500 1 111,111 I'm d BBOOKLTN 960 r s Mtir&Tr ',. 1 ,'i 1 niMion w'th Unit r-

, I 1 u.-ii Bon, . ool' . 140 F.'oiHi

1 . Broa< 115 I7tn Wazil' . 1 6 KqaiU llianoe 210 Broo ' ... far 111 lx» A i r 1 110 ir :\H -

1. , vidend an are t Bale at tftock veet lir *'*> igrapU(H) — 4 s . ' -

New York Stock Exchange—Bond Record, Friday Weekly and Yearly OCCUPYING FOUIt 1'Al.K-

BOMDH Price WeekTi Range BONOS Price Week's Range N. Y. 8TOCK EXCHANGE tridav Hangt or 5« Hinee N. Y. STOCK EXCHANGE Friday Range or Since Wkkk Ending Skpt 22 II Sept 22 Last Sale January 1 Week Ending skpt 22 5i Sept d2 Last Sale 3; k January 1

Bid Ask Low JJif/lt A'.. Low High Bid Ask. Low High NO Low Higi\ 3 3 I '. S. i loveminenl Cent of N J gen't gold 5s. 198 .1- 134% 135% 134% 134% 7 133 4 136 4 U 8 2s consol registered. dl93( 104 104% 104% 104!4 103 8 104% Registered A1987 132%.... 133% Aug'05 133% 135% U 8 2s consol coupon.. .. J'ne'05 104 Hi 105% Am Dock Ac Imp gu 6s. .1921 113%..., 113 Aug'05 112 115 104-' U S 3s registered /cum y-F 104 104 Hi 104HaJ'iy'ol. 103 Hi 4 Le& Hud R gengug5a 1920 104 .... '06 3 UK3s coupon /cl91b 104 104 Hi 104 4 Sep 104 106 Leli & Wilks B Coal 5s.. 1912 10134 .... 104%Mar'o5 103 4 104% U 8 3sregsmall bonds. ./c]9l8 107 J'ne'02 Con eit guar 4%» ol91o 102 .... 102 102 101% 102% U S 3s cou small bonds. ./d918 Q-F 103 .... 104 Ha Dec '04 N Y 109 J'ne'05 109 110 1st consol g 5s 1939 119 119 4 119% 119 '4 6 117'4 122 Registered 1939 115% 116%Mu>'05 116% 116'4 Foreign (>overnment General gold 4%s 1992 108 Sale 107% 103% I0534 111 3 Japanese Govt 6s sterl'g.1911 A-O 102 Sale 101% 102 84 94% 103% Registered 1992 107%J'ne'O5 106 4 107% 2d series 6s 1911 A-O 10 1 H> Sale 100 Ha 101»4 >M 90% 1013, Craig Valley 1st g 5s. ...1940 112 .... 113 Mar'Ofi 113 113 £ loan 4%s ells lull pd.1926 FA 91% Sale 90 Ha 91 °H 1563 86 93% R, 74 92 96 ChiCife Alt RR ret g 3s.. .1949 •84% 85 84 % 84 % b3% B6»4 > t V hese are pr ices o n the ol $5 to &. HaiLway 1st lien 3%s... 1950 82% Salt 82 4 83 % 79% 83% Stnte .Securities Registered 1950 81 80%May'06 80% 80% Alabama class A 4 to 5 1900 J-J 100 101 Hi Jan '05 101% 101% Chicago Burlington & Quin— '00 Class B 6s 1901. J-J 100 109 % Oct Denver Div 4s 1922 101% 102 1 0034 Aug'05 10034 103 3 Class C 4s 1900 J-J 102%Mar'02 Illinois Div3%s 1949 96 96 4 96 96% li 96% 98 Currency tunding 4s 192(. J-J 111 Mar'02 Registered 1949 :(6% Feb 05 96% 96% 3 '04 105»4 Aug'04 Distof Columbia 3'65s 1924 F-A U7 . 119 4 Oct Gold 4s 1949 106% 110% 110 l4 Jan '05 Louisiana new consol 4s.. 191 J-J 101 . 106%Dec'04 Iowa Div sink fuud 5s. .1919 110% 110% North Carolina consol 4s. 191(1 J-J 102%. 103 14 Deo '04 Sinking fund 4s 1919 10234 10^% Aug'05 101% 103% Os 1919 A-O 127 Ha 136HaJ'ly'0] Nebraska Extension 4s. 1927 107 % Sale 197% 107% 106% 108% So Carolina 4 %s 20-40 1933 J-J 120 Mar'Ol.' Registered 1927 106 Hi J'ne'05 1 1»6% 106% Tenn new settlement 3s. .1913 J-J 96 97 96 Aug'05 95 97 Southwestern Div4s 1921 99 100 A pi '05 100 100 Small J-J 96 95% Deo '04 Joint bonds See Great North a J Virginia fund debt 23s...l991 J-J 95% 96 4 J'ne'05 96 4 97% Debenture 5s 1913 10734 .... 107% Sep '05 s 15 100 108% 6s deterred Brown Bros ctls. 16% 15% 14-4 16 Hi BO 10 18% Han & St J os consol 6s.. 1911 111%.... 114 Aug'05 11134 114% CI11C& E 111 1st s f cur 68.1907 105% 108 10536 Aug'06 194% 10734 Kaili-oad 1st eonsol g 6s 1934 138%.... 138%J'ly'06 133% 138% Alabama Cent See So Ry ueneral consol 1st 5s 1937 121 122% 122 122 118% 122 laba Midi See At Coast Line Registered 1937 119%Mar'06 119% 119% Albany & Susq See Del & Hud Chic & Ind C Ry 1st 5s. 1930 119% 120 119% Sep '06 118% 121% Allegheny Valley &eeFenuRK Chicago & Erie See Erie 1' '05 Alleg & West Hee Bull K & Chic In dfc Louisv ret 6s. ..1947 135 137 135 Sep 134 137 Ann Arbor 1st g 4s Zi.1995 Q-J 99 100 99 99 96%10l Refunding gold 5s 1947 113% 112 J'ly'05 112 115% Atch Topeka & Santa Fe Louisv NA4 112'*Apr'05 112% 112% 3 '00 SilSpOca&G gug4s 1918 J-J 98 34 97 4 Oct '04 1st consol 6s 1913 116% 116% Jan 116% 116% Atlantic & Danv See South Ry Chic &Northw cons 7s 1915 127 '4 128% 127 Aug'05 126% 129% 3 Austin & N W &eeSou Pacific Extension 4s 1886-1926 104'»el06 105 34 J'ly'05 10534 105 4 5 102%May'04 Bait & Ohio prior 1 g 3 %s. 1925 J-J 96»4 97% 96 96 t 94% 97% Registered 1886-1926 Registered A1926 Q-J 96 Not'04 General gold 3%s 1987 101% 101% 101% ao%ioi% Gold 4s /tl948 A-O 105 Sale 105 1053b 10236 106% Registered .»1987 103 Nov'08 Registered /il948 y-J 105 104Ha 104Ha 103 105 Sinking fund 6s.. .1879-1929 118 J'ue'05 117%118 : '05 P Juu

Roohcfe Pitts 1st g 6s.. .1921 F-A 124 . 124 Aug'05 124 126Hi Convertible deb 5s 190 105% 105% lo5% 105% 105% J-D 109 Sep 'Oo Consol 1st g 6s 1922 128% . 126 H2 Aug'05 12434 126% Incomes 1911 lu5% Buffalo & Southwest See Erie Chic Rock 1st & Pac 6s. ..1917 12134 12134 Aug'05 120% 126" Butt

Carb & Shawn See ill Cent H4s 191u 98% , 97 J'ly'04 Carolina Cent See Seab Air L M 4s 1916 97 95 J'ly'05 96 95 3 Carthage & Ad See N Y C

Mid Ga & Atl Div 5s.. ..1947 J-J U2!a U0»8Sep'05 110% 110*4 Consol gold 5s 1952 11234 . 115 Ap;'05 I 15 115 3 Mobile Div 1st g 5s 1946 J-J 111^8 115^ Aug*05 115%116% Keok& DesM IstSs 1923 110 . 110% Sep '05 109 110 « Cen RR

Street It nil way Street Railway Brooklyn Rap Tr g 5s 1945 A-O 110%111% Ill 112 13 108%112»4 Met St Ry gen col tr g 5s. 1997 F-A 114 115 114 Sep '05 114 120% 1st refund conv g 48 2002 J-J 93 Sale 92 93 337 83% 93% Ref g4s 8002 A-O 92»4 Sale H2% 923„ 9b 90 94% Registered 4s 2002 J-J Bway&7UiAvlstcg5s 1943 J-D 117% 118% 116 34 J'ly'05 116%119% 3 BkOity lstcon 5s. 1916.1941 J-J 106 4 108% May'05 108% 108% Col&9th Avlst gu g 5s. 1993 M-S 118% 125 120 J'ly'05 118% 121% Bk y Co

Skit. 23 l^'S.i Bond Record—Continued—Page 2 959

BONDei BONUS I -rice HivVj A'rt ityt jTlce II ,-ek't Jlange - 1. • I tri.tai, .Si/.. nil N. Y. STOCK EXCHA K • Kanae or N. v. BTOCE EXniAMiK / a 11 JCiim/e nr Since go -S * Wkkk Ending Skpt 81 .sept .'J I. usi Sale Jinttaru 1 Wui K.NDiNn Skpt 22 4* Sept .'if Last Sate January 1

Win Ask Loir IliQh il hi Chic SI LA Pitts SwPennCc Vo l.oir -ne .1 Pitta 8aa ivnn Co AsU Low Huih No i mi Hulk 137a, Sep '06 1 '06 Chic St V M A O eon 8a. ..1830 j-r> L384 137V 1334138 Brans A T H 1st cons Sa.1921 20 4 . L804 Sep 1204 1244 \>:\ '03 Ceils 6a reduced to 3 4a. 1080 J.D 04 Deo 1st general gold 5s 1942 111V 112 Sep 'OB 1064 1 12 \pr'o;. 135" 1 Ch St 1' A M inu 1 st g lis L818 IV! N 1364 Alt Vernon 1st gold 8a.. 1923 1 6 4 . 114 Apr 05 114 in; Nor Wisconsin 1st M...19R0 J.J Mai 04 sullOo Brunch 1st g 5s. 1930 1064. 101 Oct '04 .'.'.'.'.'. 1254Aug'06 st 1' A s city 1st g 0s...i9lv Al> ! 123^ 1854 DfergOd BO .see I'll M A: si p Chicago Ter Trans g 4s. ..1947 J-J 934 J'h '06 I inn a PereM Bm Pew m.u ">['. sale" 94 '-' Coupon oil 96 siv 98 h'Uii'.v Pi 'inn see Sea Air Line 113', 3 CllICA West Ind gen g6aol93V Q-ii 1184 11 34 U& 4 Hon St C 1) Co 1st g 448.1941 105 Mar'OS Clue A W .Mich SM Tere Mart] li U A Den o 1st g6s.... 1921 1134 1134 113 1133, 1084115 92 Choc D a Gall 8m C B L & P FtW A RioGr 1st g 4s... 192s 90 89 92 55 92 113 Oat 'in 1 Cm HAD 2d cola 4 4s. ..1937 j.j LOS 110 / 'alHar.tSA See So l'ac Co 116 1191 116 May'O "05 Cm 1) A I 1st gu g 6a...1841 VI. N 116 119 vial H A H 011882 1st 5s. 19 13 A-O 100 104 4 102 4Mb) 10241054 '•-•:; U • c FimlA Ft w 1st ai -is g. M-N 1.1 a a in 8m Sea a Line 19." 06=Wly'0i cm I A \V 1st iru g 4s. J-J JO 4 884 1 ;.i ( :u A- Nor See Sea A Lme C 1 St L A see C O A St L Georgia Pacitlo See So Ry Cm SAC See C C C St L 1 Ula V Ci A Nor See So Pac Co ClearueldA Mali Sat B K A P Uouv A Oswegat See NT Y Cent 103 Sale 103 10 I 13 Clev Cin C A st 1, gen -Is 1993 a 4 KU 104 tirand Bap 4 1 nil .sec Penn RR n '06 euro Div 1st gold 4s 1939 100 i 1004 J 'lj 100 101s, U ray's Pt Term See St L S W 100 .\i. u'ii. Cm \V A U Div 1st g is. 1991 :oi).\) 98 41 0i» V Gt Nor—C BAQcoll tr4s 1921 1024 Sale 102 4 1"2 4 13] 99 1034 loa St L Div 1st col tr 4a.. 1990 il03>s 103 L004103V Registered. A 1921 101 Sop 'OS 984102 g '01 Registered 1990 II HI Oct Greenbrier Rv see Chea A o ys 99*4 Feb '06 Snr A Col Div 1st g 4s. .11)40 V.. Golf 4 S I lat ret A t g Ss b 1 9S2 J-J 102V 103 4 Sep 'OS 102 105»4 W W Vai div Iatg4a...l940 iii 4.. !U4 Anc'03 A SI Jo See C B & Q loo Jan '04 Hau C 1 St L A C oousol 6a. .1920 LOS ousatonic SeeN V N 11 A- 11 102 -j 102 1st gold 4s H930 Lo3 J'ly'OS 1004 11 13 Hock Val lstcoU8olg44s.l999 .1124 112 112 109 112 '•• Aug'o5 Registered kl936 im 101 >n 1024 Registered 1999 1054J'Iy'"l iVs fly '05 \jm S A CI oou 1st g 5s. .1928 112 V 112 114 4 Col A H V 1st extg4s..l9ls 101 103 J'ne'05 ni<)"ibT" ;i 123' i2i Jiie'06 tj 102»8. COO A I 0OD8O178 1914 j 1213, 121 Col A Tol 1st ex 4s 195.' 102V 1U2V 10241924 Cousolstnk tund78 1914 Houat K A W Tex .s:-t-l Illinois Central 1st g 4s.. 1951 1104 J'ne'06 11041104 100*8 Ind Bl A W 1st prel 48.1940 104 4N'ov'01 Registered 1951 113 4Mar'00 t'C. I ml \V 1st pt 5s...ul93s M 1st gold 34s 1951 *102 102-'., Aug'OS 102 4 103 O A 10" PeoA East 1st oon 4s. ..1940 99«sl01 100 98 101 Registered 1951 14 Har'03 75 Income 4s 1990 *!>• 76 5 75 H 714 84 Extended 1st g 34s 1951 L014Msy'0o i'oi4ioi*4 116^4 '04 CI Lor it Wh con 1st g 5s. 1933 112 4 Feb '04 1st gold Sssterlmg 196] 70 Oct CleT A Marietta SVsPenn RR Coll Trust gold 4s 1952 107 4 . 10734 Aug'05 105 108 '01 Clev A Mahon Val z 5s... 1938 US' 1164 Jan '00 11641104 Registered 1952 l us . 102 Oct Clev A Pitts See Penn Co LN04 Tex gold 4s ...1953 100 4. 1064 Aug'05 10441064 75 Sale 7J 3 '05 Col Midland 1st g 4s 1947 ^ 75 !, 73 77 Registered '..1953 106 4 J 'iy 103 1064 y3 J Colorado it Son 1st g 4s... 1929 4 Sale 934 94 90 14 964 Cairo Bridge gold 4s 1950 io3"<4 1064Mar'03 '05 Coluui A Greenv see So Ky Louts vDivATerm g3 4s. 1953 944 95 "s 94 4 Sep 944 064 Col A Hock Vai See HockVai Middle Divreg5s 1921 107 4. 123 May'99 ColATol See Hock Val Omaha Div 1st g 3s 1951 86 Jan '05 85 4 86 Coi Oou n A i'erui see S A W St Louis DivAtetm g3s,1951 82 85 Sep '05 84 85 Conn A Pas Kivs 1st g 48.1943 A-O Registered 1951 Dak A Gl So See CM A St P Gold 34s 1951 95 96 Mar'05 95 4 96 alias A Waco See M K A T Registered 1951 101 4 Oct '99 Del Lack A Western 7s. ..1907 1064 1064 Sep '05 10641104 Spring Div 1st g 34s. ..1951 924 100 Nov'00 Morris it Essex 1st 7s. ..1914 l-0\ 128 12678 Sep'05 126 12934 Western Lines 1st g 4s.. 1951 105 109 4 Ma) 'OS 10941094 1st consol guar 7s 1915 129 4 132 1294 1291.1 12838 13134 BellevACar 1st 6s 1923 1224 122 J'ly'05 122 122 Registered 1915 127 J'ne'05 127 130 Carb A Shaw 1st g 4s. ..1932 1034 90 Nov'93 "4 125" 1st ref eu g 3 4s 2000 100 4 \ Chic St L A N O g 5s.. .1951 124 126 4 124 J'ne'05 123 4 3 K Y Lack AAV 1st 68. ..1921 128 4. 12s 4 Aug'05 1273, 130 4 Registered 1951 123 119 4 Mar'04 Construction 5s 1923 1124. 112 l>,May'05 1124115 Gold 3 4s 1951 94V 93V M.uy'04 Term A improve4s 1923 104 104 4 104 4 19 103 105 Registered 1951 Syr Bine A N Y 1st 7s.. 1900 1064. 106^ Sep '05 1U5 4108 MeinphDiv 1st g 4s... 1951 101 1074 110 4 Jan '05 11041104 '03 Warrenlst ref gug34s. 2000 96 . 102 Feb St L Sou 1st gu g 4s.. ..1931 103 Nov'04 Del A Hud 1st Pa Div 7s. 1917 1314. 134 May'05 134 1344 Ind Bl A West See C C C A St L Registered 1917 149 Aug'01 Ind Dec A W 1st g 5s 1935 1094 1094 Sep '05 10941094 Alb A Sua 1st con gu 78.19O0 1043* 1034J'ne"05 10341.034 1st guar gold 5s 1935 109 107 4 Dec '02 3 3 Guar cola 6s 1906 103 4 , 103 4 Sep '05 102 1064 Ind 111 A la 1st g 4s 1950 100 99 4 J'ly'05 1«0 4 r 99V Reus A Saratoga 1st 7s. 192] 1404 . 142 4Mar'05 142 4142 4 Int A GreatNorlstg6s..l919 120 1204Aug'o. 119 122 4 Del Rlv RR Bridge 6'eePaKR 2d gold 6s 1909 100\ Sale 10034 100V 100 1034 '82 Denv A R Grist con g 4s. 1936 101\ Sale 1014 101 'f. 100 1024 3d gold 4s 1921 78 82 82 70 V 82 3 Consol gold 4 4s 1936 106 4 106 a4 Sep '05 106 34l094 Iowa Central 1st gold 6s.. 1938 1134 II334 113 34 1124 Ho Improvement gold 5s. ..192s 108 1094 Aug'05 1074110 Gold 4s 1951 83 87 Aug'OS 85 88 EioGr West 1st g 4s. ...1939 100 1004 9934 9934 93 101 Jetterson RR See Erie '05 Mge and col trust 4s A. 1949 92 92% 92 1-2 Sep 89 94 4 KalAAGR SeeLSAMS '02 Utah Cent 1st gug4s al91 i 934.... 97 Jan an A Mich See Tol A O C Bio Gr So gu See Rio Or So K C Ft S A M See St L A S F DesMoiAFtD ««M,tslL KCAMRAB SeoStLASF Des M A Minn See Ch A N W Kan C A Pacific See M K. A T Des Moi Un Ry 1st g 5s. .1917 M-N 105 4. 110 Sep '04 Kan City Sou 1st gold 3s.. 1950 73 34 Sale 734 7334 74 70 754 Det M A Tol See L S A M So Registered 1950 63 Oct '00 Det A Mack 1st lien g 48.1995 J-D 101 sale 101 101 101 101 Kentucky Cent See LAN Gold 4s 1995 J-D 96 97 95 4 J'ly'OS 95 97 Keok A Des Mo See C R IAP Det Sou 1st g 4s 1951 J-D 81 34 Mar'05 70 34 KnoxvUle A Ohio See So Ry 93 <. 3 '05 Ohio Sou Div 1st g 4s.. .1941 M-S 4 94 93 4 Sep 90 96 Ki Lake Erie A W 1st g 5S..1937 1184.... 1 18 4 Sep '05 1174120 Dai A Iron Range lst5s.. 1937 A-O 116 117 4 115 J'ly'OS 114 116 2d gold 5s 1941 11538..-. 11 44 Aug'05 112V H64 Registered 1937 A-O North Ohio 1st gu g 5s.. 1945 11841194 1134 Sep '05 117 4120 2d 6s 1916 J-J L Sho A Mich S See N Y Cent 1 02 Hi Dal Short Line 1st gu 5s. .1916 M-S Leh Val N Y 1st gu g 4 4s. 1940 111 . 1114 1124 45 1104 1124 Dai So Shore A AU g 5s. .1937 J-J 1134. 116 J'ne'06 1114116 Registered 1940 10S4. 1084 Aug'OS 10841084 Easlol Minn o'eeStPM&M Lehigh Val (Pa) cons g 4s. 2003 1014. 1203 ast Ten Va A Ga See So Ry Leh V Ter Ry 1st gu g 58.1941 4 . 119 4 May'05 1174H9V Elgin Jol A East 1st g 58.1941 M-N 1204. 1 20 4 Sep '05 117412034 Registered 1941 109 4 Oct '99 Elm Cort A >To Se«LehANY Leh V Coal Co 1st gug 58.1933 II334 115 J'ne'05 115 115 3 3 Erie 1st ezt gold 4s 1947 M-N 1084 108 4 J'ly'OS 107 108 4 Leh A N Y 1st guar g 4s.. 1945 97 4 sale 974 974 97 4 99 3 2d eit goldos 1919 MS 1124 113 4 J'iy'04 Registered 1945 3d ext gold 44s 1923 M-S 1004 11 04 J'ne'05 10741104 El C A N 1st pf 6s 1914 106 . 4th eit gold 5s 1920 A-O 1154 1154 Sep '05 11441174 Gold guar 5s 1914 105 4. 1064 Nov'04 6th ext gold 4s 1928 J-D 105 103 FeD'06 lol^ 103 Leh A Hud R See Cent of itf J 7 '00 1st consol gold 7s 1920 M-S 1324 133 1204 1281 Guar ret gold 4s 1949 102 1014 101 loi 10334 Jen RR lstgu g 5a... .01909 A-O 1014 104 4 104 i-j L02»4 106 Bklyn A Mont 1st g 6s.. 1911 1044

Long Dock consol g 6s. .193 A-O 1864 1344J'ne'05 L344 .36 4 latSa 1911 102 . 105 4Mar'03

Coal A RR 1st cur gu 6s. 1922 M-N 115 4 113 J'ly'iM N Y B A M B 1st con g 5a 1935 U334 . 112 Mar'02

Dock A Imp 1st cur 6a.. 19 13 J-J 114 116 J'ne'05 116 116 N Y A H B 1st gSs 1927 110 4 . UlVMay'05 111V 1114 119 117 117 1123 N7& Green L gu g 58.1946 M-N 117 J'ly'05 NorShB 1st cong guosol 932 4 . 1124 J'ly os 112 4 112 if Y Sua A W 1st ref 5a.l9;i7 J-J 117 116 Apr '05 1144116 Louisiana A Ark 1st g 5a. 1927 107 Aug'OS 1044107 : 1 1 2d gold 44a 1937 F-A ) 1 4 1 02 4 101 '-Sep 05 101 104 Louiav A Nashv gen g 6s. 1930 121 121 Sep '05 119 122 l General gold 6s 1940 FA 107 4 110 1074 107 < HMr'.| 111 Gold Ss 193" 1 V.f-U US''4 Ma>'o: 117 1194 M-.N 'OS s Terminal 1st gold 5a... 1943 1204 .... 1 17 4 Jan 117 4 1174 Uniiieil gold 4a 1940 104 4 105 10 14 L04 4 is 102 4 105 4 Regis «5,000 each. ..1943 M-N Registered 1940 nil 4 J'ue'04

iliu 1 Uliol N J lstgOa.1910 A-O 110 , 110'4 HO'i 1 1084 104 Coll trust gold 5s 1931 L184 iTs'v il-., us -v L144 H*"8 WilkA; Ea lstgu g 5s. 1942 J-lJ 11 IV 10JV Jan '05 .... 1094 109 V 6-20-yr col tr deed g 4s. 1923 10O'«Sali! 100 1004 33 874 H'O-V a Ev A Ind 1st con gu g6a.. 1 828 J-J 113 4 114 Apr'05|.. i L3 4 114 K 11 ,v Nash 1st g 6a 1919 II434 1154 114 1* J'ne'OS 11 l'i 117 M1HCKJLLANEOU* BOM1M—Continued on >exi l*a«e.

t.ui and Electric Light <-:i-. nnd I'.li-i ii-i. Limn Atlanta G L Co letg 5a. ..1947 Lac liaa 10734 110 J-D Lof St L 1st g Ss.el 9 1 Q-F 107 V Sale 107 V 103 Jaiuyn U Gas 1st con 5b. 1945 M-N '05 113 lis Bel and ext lat in., May'05 105 4 1064 g 114 115 114 Sep g 5a 1934. A-O IDS 4 "34 Butlalo Gas lat g Sa 194 7 A O 77 774 '7 4 77 4 Milwaukee Gas List 4s. .1927 M-.N '. 14 884 82 Consol Gaa conv deb Sa 1909 J-J 168 168 16.» 189 N V i. L L H A P g 5a... I'M J-D L09«a 110 no Sep 'OS L0U4 1114 lias bee '•'1 '.'I '< 81 . Conaun, P G A C Co i'uichaae money g 4a. ..1949 F-A >4 91V 91 4 L06 '« Detroit City Oas g 5a 1923 J-J 101 103 102 108 . 103 4 Ed El 111 1st conv g Ss.. l'.MO M-S 103 4 1064 xng'06 1084 s '06 1 1 113 4 Dei Uas Co con lat g 5a... 191s FA 104 100 105 J'ne'03 1st consol gold Sa 1995 J-J 110 I I'''. Api 4 4 ins EdEllliBkn AeeKCoELAI* N VAyhl LAT lat con g 5al930 FA 1014 106 Msy'06 1115 Ed E 111 bee N Y li A E L H A P N V A Rich Gaa lat g 6a. 192] M-N 100 LOS Mny'OS 111.) lal 1054 Msy'06 ins 4 Eq G L N Y con g 5s. M-S 111*4 ... . 112 Nov'03 Pat A Pa«u A B con g5a. L9 1 MS 103 .... '* i J'ly 'us 1274 Gas A Llec Berg Co c g 03.1949 J-D 4 Bl 4 Oct 'ol Peo (ias A C 1st con g 6a. 18 13 Ad l 26 ...... 1 9 LOW Gen Electric deb g 3 4s.. 1942 F A "90 "si" 91 '.'1 89 4 Refunding gold 6a 1847 M-S 106 M7'-. 109 Aug'OS 1074 3 ' 1 ,0 IDS 110 Ur RapG LCo lat g 6a.. .1915 F-A !"" 107 4 i li(i-LACke 1st gug o.h 1937 J-J 110 Sale 110 *4 May'06 L074 Hudson Co Gas let |C 6a. .1949 M-N iii" 109 4 I LOW Con G Coot Ch lHtgQg5a.'36 J-D L084 HH LOW .i 104 107 4 KauOitvi.Moi'.aslst gS» 1922 A-O 99 4 .00 Mar'06 100 ion Mu Fuel (iaa latgu g 5a. 1947 M-N 104*1 'ne'OA 4 Kings Co El L A P g 5s.. .1937 A-O 108 svr.u use Ligliling lat g 5s. '51 J-D 100 4 .Muj'llS llu 1124 Purchase money 6a 1997 A-O 1244 12S 124 S Sep 'c>.', . 1 2-"i 127 CrentonGdl li lat goa.. 1948 M-ft no '05 1114 113 Kd El II Biiii lilt con * 4s 1939 J-J 96 94 4 Apr 'OS 844 «4 4 Weatcheater Light' a g Sa.1860 J-D 1104 HI'. 113 Jan sala » M o price Friday; Uteal bid and asked thU weok. oDueJan b Due Feb a Due Apr «Duo vluy ADueJly itDueAug Duo Oct gDuaDeo « Option — 4' ,

960 Bond Record—Continued—Page 3 [Vol. lxxxl

IWMIS trice Week's Hanye BONDS J-nrr Week's Range Since 11 , Jinq Sept 22 Sept H2 Last Sale January 1 Week Ending Sept 22 Sept .'.' Last Sale =5* January t Louimv & Nashv (Continued) Bid ASh Low Hirjh No Low Jilflli N Y Cent & H R—(Continued) Bid Ask Low Jiigh No Low High LCln. 174 174 11 18 4 Utica» 10341064 3 Missouri Pacilic3d7s 1900 M-N 105 105 Sep '05 103 4 107 General lien gold 3s o2047 y-F 7 7% sale" 77 77% 754 784 124 3 5 '05 3 1st consol goldOs 1920 M-N 4 124 ,j Sep 1214125% Registered o2047 Q-F 76 J'ly'05 74 "2 76 4 '05 Trust gold 5s stamped. al917 M-S . 106 4 106 4 Sep 1064 110% St Paul-Dul Div g 4s 1996 J-D i'o'i 3.014 99 4 J'ly'05 994101 .Registered alU17 M-S Registered 1990 J-D 1st coll gold 5s 1920 F-A 107%. 107 4 Aug'O^ 107 1104 C B

Sept. 23 1905.J Bond Record—Concluded—Page 4 <)(>! BONUS BONDS l-rice Week's I. a mi' Priee II.- fid ni/e

} rmai, KXi'll Hangi b 1 : or AM. n. v. - . ix kxi'ii vni. l. Jiantie Hi N. Y. BTOCK B b,!>t -JJ Last baU la 1 Stpt 24 Last Hale <* 1 ./ 1 K I. MUM. SEPT 23 ^•> January S Kmum: SEPT 29 ^

tt Hit' /.01c Hlu'> s l.mr Ititl'l soul lie in {Continued) Bid Afk Low Htqti Peim K R i ( out in* PnoCo— \o — , \..vii; in '. A-o Pluia RalA w ist k 48..1943 lB9*aJ ly'o6 109% Morgan 1920 II8H1I22 122 Deo '04 Sun A- Lewis 1st l- U... 168(9 100 , old Os JJ 1st A-O U.NJ RR di Cull g< u 18.194 l Ill's UOiaSep'04 N -i l.\A M.-j gu I>gl9l2 10 1 '4 .... 106 Si |. hi PensacolaA Atl .v.- LA Nash KO o[ i'al 1st gu R Os J J 5 s A O 115 1 13 Jan 'in Peo .v i ist bee C C C A St L G uaranteed gold 1938 12l>i-.. :::'- Jim' 1 UGl-j ran 'Ofl 123 .v: 1st guar 5s. 192 .1 J 104 «s 101 . Pek Un 1st gQa.„.1921 123% H Ore Cal g >.i Sep '05 ,u.i>.. • is. i'u 1 J J 89 91 109 105 103 "a . BAAA Pass lsi gu 16 4 10..I4 '11". .1 .1 lllsij Apt 10SI4 Per* Marq—ChA W Mia 192] So r ol At -.11 Lsi r 6s...cl909 106 ', .1.1 L07% 1119 Sj Jan '05 122 12: JMy'O 1 Os lOO^ 109% Flint .v- P 1020 v Las"" si guar g cl9l( 1 '05 11.190.". J'ne'i..". 1st const 1939 114 * sep 112 111 "s S P lit Calls! R Os scr A-O 103 .'• i... I90i! \ O O 115 Mar*05 H4*'-I iVs"" Sau 1 OS A H -.1931 1st gOa series t.t F...191 A . A-d I.I--. 1111-2 rim i; ,v SM r. mi 1st L-oid Os 19: W 'in 117 vpr'i 1 JIN 119 Feb Phils .v Readu 1.1911 1st con guar g 5s L93 i .riy'ii.", Pine Creek res: guai 6s.. .1932 120 137 Nov'97 Stamped 1911..-19 :. M el I 108'sl09»j 109 _ 109 Si Feb 05 108 Pitts Cli .v St l. S< e l'l'iui Co S PaOOl N .Mi'X 1st 11 .'.S..191 1 J-J 1091a PittaCleveA Tol > rB A o So Pao 1 a -t 1st • • J-J '-2 "<- 1 12 Feb '05 iia" ilia's Puts Ft W A cli 6« l mi Co 'iox.v NOSabDivlst g6 M-S Oct Ml 11 1 's 111 Ang'C." 1 Pitts June 1st gold lis 1922 118 190 con iiuiit ."is 19 13 J-J loo's u 12 1 ', '•_ 1 Mil 1 - 1 1171-2 2d - 5a...ol928 1 2 >s I Southern — 1st con g 68 I'M J-J L21 19 12119

1 in I-'. |>'04 .i ; v, cen Registered L99 i J-J

9.i 1 ISO '.'.•in- '4 ; ; 1 '.i Sep 'OC 102 Pitta SUA 1. K 1st n 6a...1940 Ang'05 117^121 .Mob a Ohio oolltrg4s.. 193* M-S -'4 '9' 1 1 7 118 Si 120 »4 J i.\ 118 118 1 HM • 98 1st 1990 J-J let i 5e 1943 Mem Div g 44-5s... 99 ?i 97 1 i"i '4 Pitta A w st Louis ill v 1 st g 4s 195 1 J-J --J 115' i'l5" 1171-2 118 Pitts V A Ash 1st ood .'is. 1927 4 116 May'05 lie iu> Ala Cell l; 1st g Bs 1918 J-J 118 J'ne'05 103 lo3 06 98i-2 Mar'Oo 95 1> eadlna Co teen g 4s L99"! Sale m_', 100^10 1'e Atl A Danvlsl g 4s 1948 J-J 'a 98 >a V H 1997 100 Jan '05 100 100 2d Is 1948 J-J 90 >2 Dec '04 9 -j lOl'-jSalo 101 1 Jersey i g is... 1951 lot's v OS'ulOi'-j Atl A Y.hI 1st -guar -l.s. 919 A-O J-J 110 HO 1-. May'05 llii^ll'.'-j Bensseluei J: Sar >< . H Col Greenv 1st os L916 " DA A M..', Rich D.in >•>• south Ry Va Ga Div 5s.. 1930 J-J 1 16 Hi Aug' 114 110 A FT A g 121 Southern Coil 1st gold 5s 1966 M-N Aug'05 I19ia 122 "a 10-- '1 1 Sep 1.> lit! Bio Gr West »f( Hon A Rio Gr K Ten l'i'iir lien g 5s 1938 M-S U312 113 "a 1.4 '4 '0 Kio Gr Jinx 1- ..1939 109 .. 109 Mar'O." 109 109 Ga Pac By 1st g os 1922 J-J 124*4 1 24 Sep 121% 125 12-1', :i J 123 127 Rio gT So 1st sum -Is 1940 74Si.. 70 J'ne'or) 75 77 Knox A Ohio 1st g 6a.. .1925 J-J 120 4 ue'06 '4 115 1-2 3 J'ly'05 a Guaranteed 1940 89 .. 89 Jan'O S9 89 Rich A Dan oon g 6s 1915 J-J 114 4 U4 4 U8 1 '-' Booh A Pius See B k A P Deb 5s stamped 1927 A-O 113% 114 1 « Jan '05 112 112% _\- 95 '05 Rome Wat A ' >g -Ve VTJent Rich A Meek 1st g 4s... 19 Is ,\1-N 98 Fob 90 Hi 98 '04 10.. '4 111 10.M.2 108 111 Rutland 1st con g 4 "as. ...1941 103»4 May So Car Ga 1st 5s.... 19 1 9 WIN Aug'06 A g 112 OsAL Cham 1st gu 4s g.1948 98 99 99 J'ne'05 99 99 Virginia Mid ser C Os... loir M-8 123 I'eli'ir. Rut-C&nadla ..1941' 101'4Xov'01 Series D 4-5s 1921 Nl-S no 1 )ec '04 112 14 Da: a eVePereMarq Series K 5s 1920 M-S 1 's J'ly'o5 114 114S} PaaA U4H2 DtJoAQr lsi 1st g 4s. ..194' 94 95 94 Sep '05 93 90 General 6a 193f M-N 114 « Aug'05 1144117 ...... 1 St Law A AdiTOn isl g 58.1996 i, uar stamped 1930 M-N 114 4 j'ne'05 U4'all4 a 95 »a 97 »4 .May'05 97 97% 2 rold I a 1990 W O A W 1st cy gu 4s.. 192 1 FA io bee .Mot) A Ohio West N C 1st con g 03..1914 J-J US 115 Sep '05 us lid's St Iron .Mount tlee M P S .N Ala bee LAN LA A 131'. 81LKC it N bee Wabash Spok Falls A Nor 1st g Gs.1939 J-J 117 J'ly'OO St L M Br See T K i: A mI St 1. Stat Isl Ry 1st gu g 4%a..l943 J-D 100 Nov'04 lOSSa. St LA S Fran 2d g 6a CI B 1900 103 J'ue'05 102 101 4 Syra Biui; A N Y bee D L A W 112 1 . A-O Apr'0." lll'sll2 _ gold 6a Class C 1900 1033s 104"sFeb't)5 104 104\ I^er A ofSt Llstg4Hjs..l93!i a 2 120%. .'..'.. 122') J'ly'n5 General gold 6s 1931 127 4 . 131 May'05 l29Hi 132 1st con gold 5s 1894-1944 F-A 121 122% loo a 101i« General gold 5s 1931 Il4»e. 11414 111', 1 112'-, 110 Gen refund s I g 4S 1953 J-J "a 10O 4 Sep 'OS 98% 3 A-O llL-a 112*8 J'ly'04 Sl LASH Ki< cons k 100 \i May'05 99 4 100 14 St L M Bge Ter gu g 5s. 1930 South \v I)i L947 U12 102Vl Ang'05 mi 10214 Tex A X O bee So Pac Co 124\125\ 125 125 Ketiuitling g 4s 1951 894 Sale s9 »9 432 88>4 92 '4 Tex A Pac 1st gold 5s 2000 J-D 8 '4 120% 125^ 1 l .Mai 00 -- 90 i l'.'O- 96 Lec'04 2<1 roldinooK 7201m Aug'05 93% 102 5-year gold notea a.. lOO^ K C Ft S A M con g •.-..1928 125 Aug'Oo L24%i2a 112 »6%101H '('5 99 1 00 99 1-2 _ 4s ine boud OU8...pl989 84- 64'4Aug'05 87 '•. Kan 1st gu 4s 1990 A-O Sep 95 Hi 994 84 A M g 92 Cousol gold 4s 1932 83 ^ Sale 83% 81 80^ 84 \ Tol P A W 1st gold 4s. ...1917 J-J 93 Aiig'05 91 95 91 >2 91 -'4 91 Gray's Ft Ter 1st gug 5s 1947 Tol St LA W prlien g 3 >as.l925 J-J '4 9 1 "a 89% 92 "2 8t Paul A Dul bee Nor Pacific 50-year gold 4s 195(1 A-O Sb" 87 8OI-2 87 83 87 98 1 St Paul M A Man 2d 03...19U9 llOUlll 113 J'ly'05 108% 113 Tor Ham A Butt latg 4s./tl94i J -D 4 9J 98 J'ly'05 97 98% L 1st coi.su. gold Os 1933 139 Sale 139 139 130 139 Ulster A Del 1st con g5s 1928 J-D 1 i ^ 4. L10% J'ne'05 110% 113 140 A-O 90 »6% Sep '05 95 » Oti^ Re 193 May'02 1st refund g 4s 1952 7 105 a Sale 3 100'- Reduced to gold 4 4s. .1933 113 ill ^ J'ly'05 i'u" 113% UnPacRRA 1 gr g 4s ...19 17 J-J 105 4 148 104% 108 "a Registered 1933 116'sAi.r'Ul Registered 19 17 J-J 104 'a 105-s 103 4100% 135 '2 Dakota est sola Os 191o iVrCm' Ill's 111 v uo^ na% 1st lien convert 4s 1911 M-N Sale 133% 135 \ 376 112% 1384 Mont ext 1st gold 4s 193 104 104 Sep '05 105 Registered 1911 M-N 13 7^ Apr '05 110% 137% 103 ibi Registered 193 ' 103' 103ia 103 \ 1031210312 Ore Ry A .Nav con g 4s. 1940 J-D % sale ii-3'a 103<% 12 102 104 , 124% 1241-2 EMinu 1st div 1st g 5s. .1908 104^ 104'8 Aug 05 104 >* 104% Ore Short Line 1st g 6s.. 1922 F-A 124 Hj a 123% 127 4 Nor Div 1st gold 4s 1948 1st consol g os 1940 J-J * ;18 4 118% Sep '05 1174 120 97 Minn Union 1st g Cs 1922' 1-0 124 May'05 123 124 Gu.it refund 4s 1929 J-D sale 90^4 97 145 95 H, 98 4 Mont (J 1st gu g Os 1937 130 !36HiSep '0 135 135 Begistered 1929 J-D 107- Keguttei 1937 134^4 Dec '04 Utah A Nor 1st 7s 1908 J-J 112 Dec '03 - '1 ig 1 114' mr gold 5s 1937 1 1 . 118 Feb '05 118*8 118 * Gold 5s 1920 J-J 3 Apr'02 Will A s . -..103,- 121ia. 117 Jan '04 Uni N' J RR A C Co bee Pa lilt. St P 4; Nor Pao See Nor Pac Utah Central bee RioGrWes Si Pa B'xCity tu I USt P M A;U Utah A North bee lin Pacilic Salt Lake C 1st g a t 6s. ..1913 Utioa A Black- R See N Y Cent s, 103 103 3 Aug'05 e ±e Pies A Ph 1st g 6s.. .1942 107 . 110 Jan '04 Vandalia consol g 4s 1955 FA 4 1034104% S A A A P bee So Pac Co Registered 1955 F-A SliXr 1st Sink I g 58.1919 J-J 109^. iOd May'05 108 108 \,'er Yal Ind A W bee Mo P Sav FA West .see All (JoastL ' irginiaMid See South By Scioto Val A N L bee Nor A W Va A Southw't 1st gu 5s. 2003 J.J U2S2 112Hi 112 k' 8 10741124 91i 3 Vl-N Lit : s sale 118 Seaboard Air Line g 48 ...195U 91 U Sale 90>q 4 84 4 92 Wabash 1st gold 5s 1»3H '4 llS-'.i 21 110 119 4 !'ile 7 7 F-A lOi sale 107 loV Coll tr lettind g 5s 1911 104's U:4 e ln4 e 1 11 2 105 2d gold 5s 1939 Hj 107 112% ...... Car Cent 1st con 4s...l94y 98 .'./ .Mar'O. Debenture J -J 92 91 91 90 91 g 95 98% series A 1939 70 Fla Cen A Pen 1st g 5s. 1918 10^ 109 Feb '05 109 109 Series B 1939 J-J '4 Sale 70 787t 14K2 60 4 84% 99 1 '05 1 M-S a 103 1- 102 103 1st land gr exl g 5a. ..1930 103% 1st lien equip b id ir 5s.. I S>2 A 92i4 '05 Consul gold 5s 1943 107% io9%Mar'u*5 i*09">s 1st lien 50 yr term 48.195 1 J-J 92 Api 92 92 Log's g 110% Ga aS 1941 A-O 88 88 Apr'05 86 88% 9 j Slier alir d; so bee Jl K * 108 95 >s 984 Warren bee Del Lac A West t.old 4a (Cent Pac coll;. fcl 949 95 H2 sale 95>g 96 75 92 14 97 14 Wash Cent bee Nor Pac

: t-il /1-1949 94 May'05 91 94 Wash O A W 6'ee Southern A4 99i» stored 1949 99'*Mhi'0., Gen gold 3-4e 194:; A-O I 8 98^4 96% Murl guar ../vl929 fc'J '4 .-^alfc 89 89% a:. Income 5s (£1943 .NOV 10 Mar'Ol Through st L 1st gu 4s '34 99 Aug'06 09% West No Car ftlee South Ry 10,Si , 110 112 Hal 6c S A 1st g'tfe..l910 loO'illO'e dar'05 b 110 'B W Va Cent Jo P 1st g 68.-191 I J-J L10 Aug'05 110 2 .... 1104 Mei A Pac lsi g5s 1931 110 1.J .... 115 ; 113 Ht US Wheel'" A L K let g 5s. ..1920 A-O Il6'a 110'-. 11-1 'a Giia Vti A X lstgugos. 1924 10»% 112 107 \ J'ne'o5 . 10 Wheel lnv 1st gold &S..1928 J-J ... H4'aM.iVi)5 1144 1 1 1 "a .'. 1 Houa LAW . .193;j 105 107 "4 Feb '05 loO -. 107 W Kxten A Imp gold 5s.. .1930 F-A 1 1 1 -2 14% i:>6.', 103%.... lOSH.J'ly'04 RR 1st consul 4s 19-19 M-S 91 92 9 1 95 4 .•. 102 H 110s. .... Ul'4 Bep '05 llo't, 112% 20-year equip a 1 5s ...1922 J-J Ill 102 Jan '05 102 Consul g Os int guar... 112 s Sep '05 1 1 2 »s 1 13 «a Wilkes a Fast tiee Brie roar.. 1921 100 14 Sep '05 U^'.jlOO'* Wil A Sioux F Bee SI P M A M div lsi 1 23 cent 1st 05 '« Sale (5'« 42 90 4 96 WacoA N w 127Hj Feb '02 Wis BO-yt gen 48.1949 J-J 95 I Q11ACKLL.ANBOUH BONDS—iJoucludt-il.

Hmiulricturiim vV ItMluarriaJ .Miscellaneous

'-"- no . ]'i':', 12 1 a Cent Leather 20-yeai A-O Sale 250 99 D Adams Kx col tr g4s ] 9 1 Ml E I 101% 102% 4 1 Consol Tobacco 5ii-yi 4 ls.1951 -1 Sale 1 15 74 «4 >s Ami-- 1 .see- Cen l N .1

Registered 4 - 1961 . A Aiu ss Cool w Va 2' 6s 1920 U >. 100% 1 5« '.O 82 1','kI'h Fei ry( !o A "id" 40'4 4 108 Int Paper Co l»t coi FA 108 15 iS.1915 .1 J ins J'ly'06 . 80 Consol conv 1 J J Del M a M Idgr mi tw \ lut .v; si Pump 10-yr conv. JJ 103% D134 103H Mobokeu - 1 gold \

Kinckei Ice 1 ChJC) . A 'I 100 984 .Mad bq 1 lard a j .1919 .1 N Lackawr steel lsi v A 106 ln7 106H 25 Ins Man Re.ii L iv. L gen - I-.. 19 10 .; N 50 1 N at Starch Mfg Co i M-S 83 I) Ne Ship & l> Ids-. .) .1 - ', .' ."' 97 larch Co s ; d< l.J i "in" 7 I '4 N ^ A 70 :'K) 42 in. 1 A Stan Rope i'u t I S A T 1st g bs... 1946 F-A 52% 'a Loan 80c 1004li'o'« Income gold 5s 2 ;; 6 1% st Joseph I. 1930 J J LOO 100H1'

1 1 ' 1 U H Leaili Co ai deb g6s..l913 M-N 11 1 111 2 4, 1 r 'uiiplea Stal'n A Prop

; I' V - Realty A I conv deb 2: J-J ll Co J --. 1 1 2 .1 ' .1 L' 9 steci Corplo-Ou yr5s.

i,nui)lieo ; sate 'Ho price Friday; latest bid and t 00 cbueMar d Due Apr lcUuo.^., , , ... , utt. hJiioaov Opium aaKed. a Due Jan Duo AUueJ'ly : ' . 1 s .. 7 3 5

OHIOiaO STOOK EXOH/IYIE-Stock Reoord-Daiiy, Weekly and Yearly

S~i _

J 02 OCh f*—HJU H &/V2 ' AMD LOWEST SALE PRWBB (STOCKS Mange tor Year Hani/e ior l nVlous (19ui CHICAGO STOCK 1905 Year > Saturday Mono aii Ive.iday Wednesday Thursday Friday Sept Hi Sept 18 Sept m Sept 40 Sept 41 Sept 44 KXOHANUE Lowest Hiyhest Lovjest in.

Knili imili •190 190 •100 •190 Last Sale 185 Sep '05 Chic City Ky 100 180 Jan 5 199 Feb 1 155 Mar 190 Aug Ohio ConHOl Trac 100 Ohio Pass Ry , a '4', *4>2 •6 6H 4*4 434 *i\ 6H, •5 5 Kg Clue & Oak Park loo 11 4 J'ly 5 7 4 Jan 6 6 Bep 8 Not *17Hi 18 'v •17 18 17 17 16 »8 10'.. •17 18".. •17 18 Do pre! 100 B 16 J'ly 5 24 Jan 31 23 Sep 27 No* 82 3 >•, K2H} 79ia Chioago 3 81 Hi '., 82 82 Hj 81 4 83 81 \ 82% 83 14 81 »e Subway loo 9,090 53 Mar31 87 4 Aug 1 8H1 8 Hi •8 9 10 10 Chic Union Tract 100 15o 6H»J'ne28 13'eFeb 3 4 l>b 26 2ii •33 40 •38 4i) Do pref 100 25 20 J'ly 1:1 61 Feb 2 27H>Mav * s 59 58 Hi 61) 67 67 56 56", 66 8 66^ 561a 56">. Kans City Ky & Lt ..100 1,4-) SO Jan 9 60 Sep 6 28 H; Dec 31 1/" Vj l 92 Hi 92H, 92»g 92 H 92 Ha 92 92 Hi 93 92"8 92»4 Do pref 100 895 82 Hi Jan 4 93 4 8ep R 80 '4 Nov Nov •23»8 25 "23 V 25 25 25 25 '4 25X, 25 '1 25 V •25 26 Metropol W S Elev..lOO 293 20 Jan 18 26 Aug2" 15 Mar 20 Sep 69 89 H 69Hi 70 >a 70 70 »09 7() 70 70 70 71 Do pref 100 896 59HiJanlO 71 Sep 22 41 Mar 68 Oct 7o 70 70 70 *70 North Chic street 100 250 55 J'lyH 99 Feb 2 65 Mar Bep -21 ia *21 >s 23 22 22*4 23 23 *21Ha 25 *22Hi 24 H> 22 '4 Northwestern Kiev.. 100 rzu 21 May23 24 H2 Jaul" 15 Jan 26*4 No* •61) •61 63 64 •60 64 •60 14 01 61 Do pret 100 25 60 Mar27 66 Jan 5 44 Apr 67 "a No* *97h 99 99 •97 98 •97 98 97 97 97 97 South Sine Elev loo 107 90 H3 May 1 100 AugH] 90 Mar , Nov 29 8 'v 29 Hi 30 2934 293.J 29*4 29 84 29 Ha 29' Streets WStable C L loo 400 27 Aug28 30 Sep IX 28 Jan 34 Oct 1 98 •98 '.lit *9§" "99" I03I4 *98 98*t 98 a 98 Hi •98 98 h 98 4 '4 Do prel 100 21 97 Feb 3 Mru21 82 Hi Apr 103 J'ne 49 49 •48 50 50 50 H? 52 West Chic street 100 8fc 40 J'nel2 72 Feb 3 38 Apr 50 Hi Sep Miscellaneous Allis-Chalmers 100 Do pref 100 l l l 1H4 11 4 11H) Ilk ll 4 11 4 11 IH4 American Can 100 1,770 9 H Feb 9 14 V Apr 25 3 Hi Jan 1 2 Hi Oec 3 70 4- 7ov, 60 4 14 70*8 70 70 H2 71 71V Do pref 100 5.0 60 Jan 25 73 Hi Apr 2: 31<4 Jan 04 'i Dec '05 •101 •100 UOO 101 Last Sale 101 Sep Amer Radiator 100 70 Jan 24 101 Sep 15 40 -Mar 79 'a Deo 1 *133 •133 135 183 135 Last Sale 132 Aug'05 Do pref 100 125 Feb 21 133 J'ly 31 1 1 5 4 J an 123 Hs Sep 8 7 68 58 "2 59 59 4 67 8 58 H *67 67'e '57 57*4 Anier Shipbtdg 100 1,344 38 Jan 19 59*4 Sep 1» 19 J'ne 40 Hi Deo Last Sale 105\ Sep '05 Do pref 100 98 Hi Jan 17 105HiMar27 «2 Aug !'4>4 Oct l.asi Sale 198 May'04 AmerT* S Bank 100 183 Mar 19s May •37 39 40 40 •37 39* Last Sale i8 Sep '05 Booth (A) & Co 100 38 Jan 4 40 Jan 4 33 Nov 40 Nov * 3 •108 110 * 108 112 •105 110 108 108 110 Do pref 100 10 105 Marl 7 112 Augl9 100 4 Mar 110 Feb * 62 52 62Hi 64 54H) 65 56 56 -54 56 56 Cal •6 6 V Last Sale 6 J'ly '06 6 J'neJx 7 Jan 20 7 Feb 8 Feb •156".""!?* •156 159 156 160 168 160 Last Sale 159 Sep '05 Chio Edison 100 153 Jan 25 172 Feb 20 140 May 173 Hi Nov 44 44 h * 45 •43 45 Chlo Pneumatic Tool. 100 50 32 Jan 7 52Hi Marl6 18 J'ly 36 Nov 138 140 •137H|140 137 Ha 137 H> 138 138 •136 138 Chic Telephone 100 115 125 May 4 143 Hi Feb 17 115 Mar 147 Hi Nov 1 1 3 *104Ht 105 105 105 •104*4 105 *104'4 105 103 4 103 4 •103Ha 104 Chio Title Nov 8 3 60 Hi 61

Last Sale 34 Hi J'ly '05 Knickerbocker Ice. . . 100 11 Feb 6 34 Hi Aug 1 10 Hi Dec 12 Oct Last Sale 72 "a Apr '05 Do pret 100 63 Feb 15 7334 Mar22 50 Jan 52 Feb Last Sale 17 J'ne'04 17 J'ne 20 Jan '04 Last Sale 9 Dec 7 Hi Nov 9 Dec LastSale 45 Sep '05 Masonic Temple 44H)Mar27 48HlAugl4 42 Aug 51 Jan L a s l n a I e 4 May'05 Mil«fc ChicBrew'g 2 Jan 30 2 Jan 30 1 34 Apr 214 Jan 19 19 *19 21 "To 19 Sep 20 19 Sep 20 20 Nov 25 Sep 3 J 3 3 3 56 56 55»8 5534 55 4 56H> 56 4 57 56 4 56 4 National Biscuit 100 1,182 52 4 Angl6 65 4 Apr 3 36 Jan 58 Ha Deo 113 113 114 114 '113 114 113HaU3H! 113 114 113 113Ha Do prel 100 545 11034 Aug 17 120 Hi Marie 99 Hi Jan II6H2N0V *60 62 H * 63 61 61 60 60 60 60S- Gl Hi 62 National Carbon 100 250 41 Jan 25 67H;J'ne24 25i4 Mat 46HiDec *114 116Hi 1151s •114 115 H> 114 116H Last .salt 725H» Aug'05 Do pref 100 110 Jan 5 120 J'neli' 95 Jan 120 Sep Last Sale 5 34 May'05 Page Woven Wire Fence 5 Apr 20 5 34 Mayi9

99s 3 5 Last Sale 101H J'ne'05 People's Gas L& C'kelOO e Mayl8 110 4Apr 8 98 8 Feb 110 14 Nov Pullman Co 100 St Louis Nat St'k Yds 100 7 110 110 110 IIOI4 110 llOHj zlOSHtllO 108 "a 109 109 109 Swift & Co 100 707 106 Feb 25 114 Jan 6 99 8 Apr 116 Hi Nov 3 •91 100 94 94 95 95 95 95 96 96 100 100 The Quaker Oats Co. 100 560 46 Jan 25 100 Sep 22 35 4 J 'UP 47 Hi Jan 1 3 3 9734 97^ 98 98 * *96Ha 97 98 9314 98 4 98 k 99 100 4 Do pref 100 790 86HiJan 4 100 4 Sep 22 75 J'ne 87 Nov Un Stock Yds(So Om)100 Last Sale 1 0\ Dec '04 Union Baa & P Co . . . 100 7 Si Oct 105s Deo Do pref 100 8 6 3 is 3 7 7 7 3 1«8 1»8 *lHa 1 4 l 8 l\ 1 4 2 1 4 1 8 1 8 1 8 Unit'd Box Bd & P ColOO 1 ,8 12 13s J'ly 25 2 Hi Apr 3 4 J'ly 3*8 Nov 3 3 IOH3 101, 10*8 lOHt *9 4 10^ lOHi H 4 1034 11 H. 1034 lO'j. Do pref 100 7,924 8 Auglti 14 Hj Apr 3 7 J'ly 2034 Jan 5 •38 Ha 3914 •38Hs 39 B8 8 39 38Ha 38Hi 38 38 •37 38 Western Stone ..100 300 23 Feb 15 41 Aug21 14 Sep 25 Ha Dec 1 This is new stock.

Chicago Bond Record Chicago Banks and Trust Comnanies BONDS Dividend Meconl Price Week's Mange Outstand- Surplus & CHICAGO STOCK EXCH'GK Friday Mange or Since NAME ing Jn Jn Per- Last Paid 5° Fro/its Week Ending September 22 Sept 2? Last Sale January 1 Stock 190.i 1904 iod "0

Kid As?; Low Fliyh No Low High Bankers National ... 2,000,000 $1,087,11 J'ly '05, 2 Amer Biscuit 6s 191( Calumet National 100,000 28,765 Tan Jan '05, 8 Amer Strawboard 1st 6s. .1911 100 100 Ha J'ly '05 99 Ha 101 1-4 Chicago City 200,000 163.776 13 8+5 J-J Jly '05. 4 Sass Ave & F G (St L) 6S.19U 103 103 Aug'05 103 103 14 Chicago National 1,000,000 1,457,056 15 12+3 Q-J J'ly '05, 3 hie Board of Trade 4s ...1927 104 May'05 103 104 Chieago Savings k 500,000 k 66,8 14 12* Clue Consol Br & M It 6s . . 103 Apr '04 Commercial National.. 2,000,000 1.803,231 12 Q-J J'ly '05, 3 Chio Consol Trac4His 1939 58 58 Sep'O" 50 66 Hi Continental National 3,000,000 1,238,721 8 8 Q-J j •ly- '05, Chic Edison debent 6s 1913 104 Hi l'ne'05 103 Hs 104 Hi ("00k Co State Savings 50,000 3,865 6 6 Q-J ny '05, 1-a 3 1st gold 5s A1926 A-0 104 104'. HM^Sep'Oo 104 104 4 Corn Exchauge Nat.. 3,000,000 3,656,960 12 12 Q-J J'ly '05, 3 Chic Auditorium 1st 5s. ..1929 F-A 98 Feb '01 Drexel State 200,000 14,458 6 6 Q-J J'ly '05, IHi Chic Dock Co 1st 4s 1929 A-0 100 Hj Drovers Dep National 600,000 276,841 8 8 Q-J Fly '05. 2 3 Chic EqmtGas 6s 1905 J-J 100 4 Nov'04 First Natioual 8,000,000 6,172,662 1112 12 Q-J fly '05, 3 Cluo& Mil Elec Ry 5s 1919 J-J First Nat Englewood. 100,000 117,377 10 6+4 Q-J J'ly '05, 2 Ha 3 Chic Pneum Tool 1st 5s .al921 J-J 77 4 Sale 76 Ha 773< 21 68 80 Foreman Bros B'k'g Co 500,000 629,029 Priv ate Ba uk Chio Rock I & Pac RR 48.2002 M-N 79 Nov'04 Fort Dearborn Nat... 1,000,000 238,758 6 6 Q-J J'ly '05, IHi CoUat Trust g6s 1913 M-S 80 Apr '04 Hamilton National ... 500,000 14:\96S 3 3 "8 "8" Commonwealth Elect 5s.bl94;i M-S lOOislOO ^, 106 8 106«8 JO 106 Hi 108*4 Hibernian B'k'g Ass'n 1,000,000 1,045,565 J-J J'ly •05, 4 Illinois Tunnel 5s 1928 J-D X 96 95 Sep '05 94 98 H Home Savings 100,000 162,906 10 10 J-J J'ly •05, 5 7 Kans City Ry & Lit Co 5s. 1913 M-N 100 4 101 10O?9 Feb'O5 lOOiglOO * Manufacturers Bank.. 200,000 12,534 Q-F Aug '05, 1 3 Knickerb'cker Ice 1st 5s. 1928 A-O 95 4 98 Hj Sep '05 97 98 Ha Milwaukee Ave State. 250,000 26;!,238 "ft "ti" J-J J'ly '05, 3 Lake Street El 1st 5s 1928 J-J 99>4 99 Aug'05 97HilOO Nat Bank of Republic. 2,000,000 971,602 6 6 Q-J J'ly '05, l»a Income 5s 1925 Feb 16 May'05 16 16 National Live Stock... 1,000,000 1,307,291 15 12+3 Q-J J'ly •05, 3 94 Metr Side El 1st 4s. ...1938 F-A $94 Ha 94 Ha 94 94 North Side State Sav. 50,000 5.273 6 -J J'ly •05, l!a W 8 \ 14 96 Ha "6 Extension g 4s 1938 J-J 88^ 89 88 89 86 90 Ha Oakland National 50,000 49.5S 6 -J J'ly '05, 3 North Chio St 1st 5s 190o J.J 100 90 Aug'05 90 100 Peoples Trust & Sav . 200,000 16.77 New Bank 1st 5s 1909 J-J 94 90 Sep '05 99 Prairie National 250,000 58,958 88 14 "8 Refunding g 4His 1931 A-0 Prairie State 250,000 79,244 Ws Q-J J'ly '05, 2 No Chic City StRy 4HiS.1927 M-N 89 89 Aug'05 89 95 Pullman Loan " 12+4 Q-J J'ly '05, 3 U S Brewing 5s 1910 M-S 81 J'ly '04 J ackson Trust a%in Dec, 1903, in stock of First Crust & Savings Bunk, l] includes special * Bid and asked prices; no sales were made on this day. $ No price Friday; latest price this week. a Due Deo. 3L b Due June, c Due April. h Due July. k Capital and surplus to be moreased. . — — —— . — .> —

si it. 23 19U5.1 THE CHRONICLE. 9(J3

(.lit Securities Bid Ash Industrial anil ' l« It li< Ask- Indianapolis Gas 60 50 56 Qon« Ry l.tk'A Renin. 100 ii% 7 Volume oi Business at Stock Exchanges '.. 1st R 5a 1952 A-o | KM 105 Consol Rubber Tire.. ion 2 Hi a i tokson Gaa '•sg*37.A-o { 99 102 i iebeni are ta 30 81 STOCK EXCHANGE Kansas city Gas loo 40 50 Cons storage BatterylOi 10 TRANSACTIONS AT THE NEW YORK 1lL*olede Gas loo 100 108 Cramps' SUA Kn BldglOO 27 80 • DAILY. WEEKLY AND YEARLY • Preferred 100 90 110 Cruoible Steel loo l-'V, 12'* l-ntav'eGaslstOs"-' I..M-N 30 :;5 ' Preterroo loo 67 H, 68 Uv.-.v WabV lst6s*25.J-D 38 96 Cuban os oi 1898 loo Hi 102 Stock* 140'. 1 I 1 Wee* e-ndtng Railroad Jtc State V M.nlis. n (ias tis l926.A-( < }loo no Diamond Match Co. 100 a B Sept 98 Bond* Bond* Bonds Newark Gas 6s 1944. Q-.) {137 188 Dominion Copper 1 l« lUVS Shares I'ar value \ • m irk Consol Gas.. 100 BO 91 i ii. unii .mi Seouril ies. ion 10 (1 1' Con g 58 1948 s-l) }119 113 Donglas Copper .. Sauiraay 316,935 130,553,500 $1,207,000 $51,500 No Hudson L H & Pow— Electric Boat 100 'AS 84 Monday 77 70,059,000 2.359,500 379.500 67,000 5s 1938 A-o {108 112 Preferred loo 70 76 Tuesday ."• 18.489 50,0 3,042,000 904,600 llOife IndU Nat.fc 111 .100 8 5 Electric Lead Reduo'n.50 H» Wednesday 7;>.;.o:t 64,642,850 2,057,700 694,500 1st 6a 1926 )-i> 98 96 Preferred 50 1H. raursday T45.147 68,034.700 2.3i'3.500 1,0.". 7. '.IOH Pat A Pas (Jas A EleolOo 73 75 Eleotric Vehicle 100 17 20 973.500 22 856.907 78.766,460 3.382.500 1! Con g 6s 1949.. ..U-S } 106*8 107H Preferred loo 24 '« si.i,.s.'i>liGa8 5sl937.J-J { 99 101 Electro-Pneum'loTranlO I 4. Total 3.996.325 $389,090,400 #14.352.200 #3.191.400 $7,000 Empire Steel 100 6 8 Teleiir >fc Telephone Preferred loo 38 45 '.''J 1 to 64 70 >(!.<•* at Wmk mndtnt Sept January Sept 99 HGenenll Chemical ..100 Cable 10u 90 33 UPreferred loo 102 Hi 107 Xeir I nrk Stock ]Amer Tele* & ' fl Centra I A So Amor. 100 1 29 132 v Gold Hill Copper 1 I Hi >. rc'iaucri' 1905 1904 1905 1904 Oommer Un Tel(N Y).26 115 ( I leene I '.in I i.ii]i.t. ..10 25 Hj Kni|) A Bay State Tel 100 78 Greene Consol Gold... 10 I 4 4 '* o loe k s— .N o. shares 3.996,396 3.571.297 183,576,413 99,361,135 Krankliu 100 17 53 Greene Gold-Silver.... 10 t 5 7 #362,090.400 #324,991.500 $17,016,848,675 $8,870,045,725 'iiiold ct stock 100 120 (iuggenuelm Explo'n.100 169 175 shares, par.. $39,100 $6,500 $655,900 #468, 1U0 Bank Hudson RiverTeleph iOO 85 'BO* BaoRenaaokMeanowslOO 27 35 BONOS VA N J Teleph...iOO 168 172 Haokensaok Water Co #413.400 1618,080 JjN ijoverument bonds §7,000 1| Northwestern Teleg. 50 125 128 Hef g Is 52 op 12. ..J-J {94 9 6 Hi 3.191.400 tl.OS2.-oo 150,397,050 9,968.540 Paolflo A Atiaimc 96 80 86 Hall Signal CO 100 85 88 KK. ami mis. bonds 14.3.2.200 19,823,000 630,657.300 51S,15o.4i>0 ^Southern A Atlantic 25 101 106 Havana Commercial. 100 12 Preferred loo 36 Total bonds #17.550.600 #20.905,800 $781,467,750 .#528,643.020 Electric Companies Havana Tobacco Co.. 100 25 27 Preferred 100 38 40 DAILY TRANSACTION'S AT THE BOSTON AND PHILADELPHIA Cluoago Edison Co .Sec C hicago list 1st g 5s June 1 '22.J-D 79 82 EXCHANGES IlKiUicsL'oElLAPCo 100 L95 205 Hecker-Jones-Jew'l Mill Xarragan (Prov) El Co 50 1 896 1st (is 1922 M 108 110 NY A U El LAPowColOO 67 61 Herri n g-Hall-MarvlnlOO i 1 Boston Philadelphia Preferred 100 84 39 1st preferred 100 26 36 Wttk whICwj United Electric of N J 1 00 25 2d preferred 100 2 5 Sept 2S 200 Listed Uaiisled Bond Listed Unlisted Bond 4S1949 J-D { 75 H. 70 Hoboken Land A ImplOO share' shares sales shares shares sales H5s 1910 M-N {102 Hi 103 Hj Kerry Companies Houston Oil 100 3Hi 4H» 27 6.129 $36,100 Preferred 100 32 12.647 4.219 $19,000 3,540 110 33,500 24,063 16,400 46,000 Brooklyn Ferry stocklOo 6 Hudson Realty 17.041 3,72(1 104 106 Ingersoll-Rana 80 31.955 12,215 14,500 18,4!'6 7,213 59,200 BA NY 1st 6s 19.ll.J-J pref.. 100 N Y A E R Ferry stk.100 70 72 Internat'lBankingColOO 160 165 Wednesday . 44.632 12,282 45,000 36,256 6,823 38,300 1st 5s 1922 M-N 93 Int'n'l Merc Marine. 100 13U 13Hi Thursday 43.6-9 16.950 47.500 26,149 18.991 79,600 N Y Hob con 5s'46.J-U {109 110 Preferred 100 33*8 33 s« Friday 49,802 19,030 3.000 37,208 16.494 68.200 A Hob Fy 1st 6s 1946 M-N {110 Hi 111 Col tr deb 4 HU922op'07 82 «2 4» 5s {104 108 International Salt 29 30 63,416 $162,500 145,712 71,550 $327,400 N Y A N J 1st 1946. J-J 100 199,766 NY A So Blykn FerryASt 1st g 5s 1951 69 72 Transp 1st 6s 1906M-N 98 101 International Silver. 100 8 12 10th A 23d Sts Ferry 100 40 65 Preferred loo 42 Hi 50 1st mort 5s 1919... J-D i 96 1st 6sl948 J-D {105 Hi 106 Hi Outside Securities HUniou Ferry stock .100 *28 Hj 30 Lackawanna Steel. ..loo 75 80 Hist 5s 1920 M-N 95 97 Lanston Monotype 20 r 15^4 15*8. A Weekly Review of Outside Market will be found, on a preceding page. Lawyers Mort insur.100 191 195 Itailroatl JLeh A Wilkesb Coal. 50 45 Lord A Taylor 100 10934 115 Street Railways Bid Ask Street Railways Bid Ask Alb A Susq 40yr 3Hi8 cts {115 116 Preferred 100 101 103 LynnA Bos 1st 5s '24. J-D {109 112 Chic Peo A St L pref. 100 HLorillard (P)pref ...100 140 160 YORK CITY 1 NEW New Orl Rys<8s LightUOO 36 * 37 Deposited stock 2 Hi Mack ly Companies ..100 42 42>« Bleeck St A Ful F 8tk 100 38 34 Preferred 100 79H, 80 Undeposited stock 2 Hi 3Hi Preferred loo 74*4 74»<, Dlst mort 4s 1950 ..J-J 95 98 New4Hjs { 90 91 Prior lien g 4 Ha8'30M AS 106 109 Madison So Garden.. 100 20 25 70 V By A 7th Ave stk ..100 243 244 North Chic Street See C hicago list Con mtg g 5s 1930. JAJ 90 94 2d 6a 1919 M-N 90 1I2d mort 5s 1914 ...J J 104 107 Pub Serv Corp of N J100 110 113 Income 5s 1930 16 UManhatt Beaoh Co. 100 9 13 Con 5s 1943 See Stock Excli list Tr ctf8 2% to 69b perpet 69 H, 70 ijFort Worth A Denver Manhattan Transit 20 t 2 Hi 2*4, B'way Surf 1st 5s gu 1924 {108 110 Coll trust 5s gold notes City stamped 100 73 Mex Nat Construe. pf100 13 17 9 tiCent'l Crosst'n stk..l00 340 360 1909 optional M-N {97 97H> Northern Securities. .100 190 192 Mine Securities 6 r Hj ia Hist M 6s 1922 ...M-N {117 121 North Jersey St Ry 100 27 Stubs 362 Ha 400 Mitchell Mining 10 t 7Hi 7°s TiCen Pk N A E R stk.100 206 209 1st 4s 1948 M-N {77 Hi 78 Pitts Bess ALE 50 r 34 3? Monongahela R Coal. .50 t flChrHT A 10th St stk 100 175 185 ConsTracol N J. ..100 82 83 Preferred . „ 50 f 74 77 Preferred 50 t 26 26H» 7 Coltfc 9 tli Ave 5s See Stock Excli list 1st 5s 1933 J-D {109 110 Seaboard Air Line Mont A Boston Consol .5 1 " 16 Dry D E B A B— New'k Pas Ry 5s '30J-J {113H2 114H; Coll tr 5s 1907 op... M-S 99H. 100 Mortgage Bond Co.. .100 114 116 tflst gold 5s 1932.. .J-D 110 114 Rapid Tran St Ry..lO0 255 260 SeaboardCo.... iSeeBail Exch list Mosler Safe Co 100 100 fecnp 5s 1914 ....F-A 100 102 1st 5s 1921 A-O {109 Va A Southwestern. .100 60 90 Nat Bank of Cuba 100 115 1 Eighth Avenue stk.100 385 400 J C Hob A PatersonlOO 24 National Surety 100 120 130 IJScrip 6s 1914 F-A 103 4s g 1949 M-N }76 77 Industrial and Miscel UNew Central Coal 20 40 45 242d A Gr St F'y stk..l0o 400 410 So J Gas El A Trao 100 127 129 N Y Biscuit 6s 1911. M-S 105 2d St M A St N AV..100 50 70 Gug5s 1953 M-S { 102 Hi 104 Alliance Realty 100 125 130 NYMtge A Security. 100 184 isT* Jlstmort 6s 1910 .Mb 107 109 No Hud Co Ry 6s' 14J-J {113 HAmer Bank Note Co. 50 t 75 80 UNew York Dock loo 26 28 ^2d income 6s 1915 J-J 65 85 5s 1928 J-J {111 American Can com.. .100 11*4 11 Hi UPreierred loo 70 78 > 70a Interborough Rap Tr. 1 00 213»i 213 Hi Ext 5s 1924 M-N {105 108 Prelerred 100 70 4 4 N Y Transportation. ..20 f 8 8 V Lex Av & Pav F 5s See Si k Exc list Pat City con 6s '31.J-D {124 American Chicle Co.. 100 133 136 Niles-Bem't-l'oud pi. 100 110 Metropol Securities See Stk E x list 2d 6s... .1914 opt A-O {100 Preferred 100 100 102 Nor Am Luin'r APulplOO 3 Metropol Street Ry See Stk t. x list So Side El (Chic) See C liioago list Am Graphophoneoom.lo f 4 4 5 ^Ontario Silver 100 1 3 Ninth Avenue stock. loo 185 200 Syracuse Rap Tr 5s 1946 {108 109 Preferred 10 t 8^4 9 Otis Elevator com loo 59 62 Second Avenue stockloo 204 v;o9 Trent P & H 5s 1943J-D {103 105 Am Ice Securities, See Stk K x list Preferred 100 107 110 fllst mort 5s 1909 M-N (SI 02 103 United Rys of StL— Am Malting 6s 1914. J-D 105 107 Phoenix Securities... 2H 3Hi J 3 Consol 5s 1948 F-A 4115 116 Com vot trctls 100 29 4 30 Anie rican Nickel 1 ( t IH: 1 4 Pittsburg Brewing 50 t 26 H. 263. Sixth Avenue stock 100 170 177 UPreferred 100 81 82 Auier Press Assoe'n.loo 95 102 Hi Preferred 50 t 48 Eou Boulev 5s 1940. .J-J {102 106 Gen 4s 1934 See Stk Exch list Am Soda ffoun com.. 100 4 Pittsburg Coal iS'ee Stock Exch list So Far 1st 6s 1919. ..A-O {105 108 U nit RysSar. Fran SeeStk Exch List 1st preferred 100 62 Pope Manufacturing. 100 5 (>' Third Avenue See Stock Excli list Wasli Ry A El Co 10.0 41^ 42>, 2d preferred 100 10 1st preferred loo 75 77H» Tarry W P A M 5s 1928 {105 108 Preferred 100 93 93 3* American Surety 50 188 195 2d preferred 100 19 20 1 101 YkersStRR 5s 1946A-0 J105 108 48 1951 J-D 90 \ 91 American Thread pref . . 5 14 4 , Pratt A Wliitn pref.. 100 104 28th A 29th Sts 1st 5s '96 {HI 112 Hi 11 West Chicago St 100 50 61 Am Tobacco (new) com.. 330 335 Realty Assoc (Bklyn)lOO 170 180 TJTwenty-Th'd St stk 100 395 415 lJCong 5s 1936.. ..M-N 81 85 Prefd See Stock Exch list Royal Bak Powd pref. 100 1108 111 Dsbos 1906 J-J 100 101 4s and 6s 6'e« Stk Exch list Russell A Erwin 25 t 61 63 Union Ry 1st os 1942 F-A {110 112 Gas Securities Am Typefo'rs com.. .100 35 40 Safety Car Heat A Lt 100 295 Westchest 1st 5s '43 J-J {110 113 Preferred 100 97 99 Singer Mfg Co 100 615 646 NBW YORK Amer Writing Paper. 100 4Hi 5 Standard Coupler com 100 30 35

BBOOKLYK Cent Union Gas 1st 6s. . {108 109 Preferred 100 30 31 Preferred 100 120 Con Gas (N Y)stk. See St k Exc h list 5s 1919 J-J 3$ Hi 89 'Standard Milling Co. 100 8>« 9"« Allan Ave 5s 1909. .A-0 {102 103 Hi Conv deb 6s ctfs &eeStk Exch list Arizona Con Mining.. .50 29 Ht 30 Preferred 100 32 36 Con 5s g 1931 A-O 112 114 IJMutual Gas 100 280 290 Baldomero Mining 5 2 5s 81 82 Impt 5s See Stock Exc h list New Amsterdam Gas IIBarney A Sm Car ...100 17 Hi 22 Standard oil ofN* J.". 100 628 630»« B B A W E 6s 1933. .A-O 100 101 1st consol 5s 1948. .J-J {111 112 UPreferred 100 125 130 Storage Power 50 t Hi Brooklyn City stock. ..10 242 Hi 243 Hi N Y A East River Gas— Bethi'm Steel Corp.. .100 29 29 Hi Swift A Co .See Boston St k Exc '(?« Con 5a See stock Excli list 1st 5s 1944 J-J {112 115 Preferred 100 88 89 1st 5s 1910-1914. ...J-J { 1 02 04 Hi Bkln Crosstn 5s 1908.J-J 102 Consol 5s 1945 J-J {107Hi 109 Hi CoU.tr. g. s.1. 6s 1914.... 103 Tennessee Copper 25 I 32 34 Bkn Hgtslstos 1941 A-O 104 105 N Y A Richmond Gas.100 36 Bliss Company com 50 141 147 IITexas A Paciuo Coal 100 70 80 BklnyCoASub See Stk Excli list Nor Un 1st 5s 1927. M-N {105 107 Preferred" 5o 130 145 1st 68 1908 A-O {105 110 Bklyu Rap Tran See Stk Excli list 1j Standard Gas com ..100 130 150 Bond A Mtg Guar 100 405 420 Title Ins Co of N Y..100 190 195 t Coney la. A Bklyn ..100 ioo 320 ^Preferred 100 155 170 Burden's Cond Milk.. 100 172 176 Tonapah Min (Nevada). 1 13 14 1st cons g 4s 1948. .J-J 99 100 1st 6s 1930 M-N 109 112 Preferred loo 112 115 Trenton Potteries com 100 20 23 103 Brk C A N 6s 1939. J-J 113 115 British col Copper G I 8<<8 8"? Preferred new 100 99 3 66 Gr sufcN e w 1st 5s '06 F-A 100 Camden Land ;; t '16 io Trow Directory new. .100 60 OTHKS CTTIK8 Gr"pt ALortmer St 1st 6s 102 Casein (Jo of Am com.. 1 00 3 6 Union Copper 10 lHi Kings Co. Elevated Amer Light A Tract. 100 101 102 Preferred 101 75 Union Typewr com. .100 83 87 1st 4s 1949 See Stock Excli list Preferred 100 101 105 Casualty Co of America. 186 1st preferred loo zin 190 Nassau Eiec pref 100 75 Bay State Gas BO 'u i Celluloid Co loo 181 136 2d preferred loo j113 117 6s 1944 A-O 110 113 Blnghamton Gas 6s 193m {98 100 Cent Fireworks com. 100 16 20 United Copper 100 .;i 34»4 76 77 1st 4s 1951 See St k Ex< ll list Brooklyn Union Gas deb Preferred. 100 68 72 Preferred n>o N Wb'g A Flat 1st ex 4 His 101 104 6s 1909 conv '07....MS 170 180 Central Foundry 100 3%. 4 U 8. Casualty loo 900 27 30 Stein way 1st 6h 1922. J -J {119 121 Bulialo City Gas stock 100 8 9 Preferred 100 21 21 '4 U s Envelope com. . . 100 87 H9 1st 6s 1947 See Stock Exch list Deb Oh 1919 op '01.M..N 80 82 «, [Preferred 100 (wi) loo 79=>4 80 OTHER CITIKS Consol Gas of N J Central Leather Sec xllst if s Rubber 2d pi 1st 6s 1936 J-J i'-'O 93 Century Beaity 100 15* 164 U 8 Bteel Corporation- '11. }ir-' 113 Hi Buflalo Street Ry— Consumers' L H A Pow — Cnesebroagh Mtg loo 440 480 's 1 opt >a Co 114 tr s i 'il not opt. }H2»a 1st consol 5s 1931. .F-A 113 58 1938 3-D {110 Oil I HVl SllllL' Co 106 col 5a J112H, f 13() ' ''! 126 Deb 6e 11*17 A.O *106 107 Detroit City iia.1 50 I 103 HUH B)com loo 104', U 8 Til A tndem.100 Ex t'r. loo 6 7 Chicago City Ry See C hicago list Elizabeth Gas Lt Co.. loo 275 326 H prelerred 100 'J I "j Unlveisal Blre invei ^.il Tobacco... loo 1 Columbus (O) fat Ry..l00 loo 101 Essex A Hudson <>an l oo 129 132 1 jo preferred loo 98 l S loo 2 5 Preferred lob 109 110' Fort Wayne 6s 1925. .J-J 44 48 I ndiistiial. See HtOC k Ex 1st Preferred Colum Ry con 5s See Pti ila Iwit Gas A El Bergen Co. .100 68 60 Col A Hock CoalAl pi loo 80 Westchester .fc Broni i 177 Hi Crosst'wn lsl5s'33.J-l< 109', ill Grand Rapids Gas 1st g 5h 1917 JJ { 80 86 Title .v Mort Inai i Braki ...... 168 Grand Rapids Ry loo 53 56 • 1st 6s 191S F-A }102 104 Oompreaaed Air Co.. .100 Westlngn air null M in (W 1).. ^referred loo 91 Hudson Co Gas 100 110 110 Hi ConsoUd car Bleating loo 00 05 White K 1 El lnuiana ds 111 Gaa VCons 20 pi afei red < w o Lake St (Cine) See C hicago list Nat Flrew'ks com .100 11H ' \s ., hi, in- Pomp oret. 100 122 TLouisv St 6sl930..JAJ { 1 1 :< 115 1st 6» 19HM .M-N 91 26 Preferred loo 66 70 rights. Exolutugo, but not a very active security I Buyer poja accrued interest- 1 Price por sii-iro. »Sale price, a Ex nActfiT, (New stock. II Sella ou Stock ' S ' 6 13

BOSTON STOCK EXOHAJtfaE-Stock Record, Daily, Weekly and Yearly

Share I'rice*— >ot Per Centum Price* STOCKS Sales Mange for Yem,r \lianije ior J~*revioui BOSTON STOCK of the 1905 Year (1904) BaHtrdax) Monday Tuesday Wednesday Thursday Friday KXCUAN'GK Week Sept 16 Sept 18 Kept 19 Sept 20 Kept 21 Sept T4 Lowest JI m he si L* V, 90 \t.ch Top Ac >>anta FelOO 7 '4 *90 s 1)1 91 91 90 BO 91*8 91*4 90 90*2 90's \ 65 77 e May20 Mar 9 64 Mat 89 Not 3 •104*2 08*8 Do prel 10(i 4!' V, 2: •104 ., 105*4 105 105 106 105 105 105 1 99 Jan 1053b Sep 21 8H JaD 101*4 Not Boston & AlOaDy Kid 255*4 255 255 "4 256 267 257 257 257 257 257 84 5 1 Jan £ 261 Apr 4 1 J'u<- 254 Deo Boston V, v, 164 164 163 >a I53»a lea's J.Vi 163»4 158*\ 158*4 151 154 154 derated LOO 810 15.: A uk 8 158 Apr 2* j;137 Feb . 55 Dec 2 16 2 lioHton <& Lowell loo .'19 v., *245 .... "245 24 8 243 246 24 i 'v 1 247*2 62 *241 May2( Man 6 230 Mat 2 1 2 Nov V, Boston loo v, •177 178 177 178 Hi 177 177 177 178 178 178 178*2 178 & Maine 23 zl72 J'ne 2 1-5 Marl4 154 An; 175*2 Deo »181 •171 •171 •171 I, a it Sate 171 Sep '05 Do pref 100 171 Jan 6 175 Apr - 106 Apr 174 Oct *310 •810 •310 >807Jfl Last Sale 110 Sep\5 Boston & Providenceloo ;o5 Jan 18 ;lO*4Aug 8 295 Feb 303*2 Deo 28 29 29 80 2:1*4 30*4 30'., 30*4 81 30*4 30*4 Boston* Wor Eleo Co. 3,693 13V,Jan 17 35 Mar22 '., V, • 75'.; V, pre! 75 75 V. 1 :, 76 h 75 75 75 Do 275 ian 17 82 >a Apr 13 -'I .•liH-.JuncKy.fc : -2 179 180 180 L80 1-J78 1K0 J HO ISO >v?'4" 1 •179 180 US Yloo 430 150 Jan 13 Mario 136 J'ne 154 Oct - v, • V, v. pref •125 •124 1.7 V J 'J 5 127 •126 127H *12« 1 27 127*2 127 Do 100 5 124 Jan 9 132 Feb rllGVjj'ne 127 Deo •180 *186 •186 •186 ... Last Sale Wa JMy'115 oon& Mont Class 4.. 100 Jan 4 189»4 Mar2 5 :*o J'ne ls6 Nov 166" hast Salt ' 66 Sep '05 Conn 2P0 >290" 292 300 Last S / ', 300 Aug'05 (Jonnecticut Kivor...loo 2s5 Jan 12 300 Aug 16 276 Jan 285 J'ne * 143Vi 143 V, i4:i"'v 143*2 143*2 143*2 143 v 144 •143 KitchOurg pref 100 40 .12 Jan 3 118 .Mar) 5 133 J'ne) 142 Xov •86"" "90 'ia 80 86 •86 88 •80 88 S6 88 90 Ry 4 Jan 57 Deo 3 •92 923 :<::'. Do pref 92 34 92 4 •92 93 •92 93 93 4 93 *a 93*2 100 285 36 Jan 4 93*a Sep 21 73 Jan 88 Dec •185 .... 185 Last Sale /6'5*2 J'ne'05 Maine Central 100 175 Jan 24 185*aJ'uelo 170 J'ne 175 Apr 7 *16 17 Hi 17 15 8 16*4 •16V, 16V; 15 15*4 15 15* Mass Electric Cos 100 616 13*2 Febll 23 Ani 8 11*4 - 173 Nov *101*2l02 101 102 100 100 in] 14101*4 •100 101 v, j;100 100 West End St 50 93 Jan 3 102 Sep 14 89 Jan 93*2 Dec V, V; 1 *113 11 3 v, ' 114 •113 113 11 3 v, 113 •HSislU -113*2 114 Do pref 5(. 6 112 Jan 3 117 eApr2e 108 Jan 111 Dec Last Sale 31 *8 Sep 'C Wisconsin Central... loo 21*8 Jan 27 31*8 Sep 1^ 16*4 J'ly 17*2 Feb V, Last Sale nu *» Sep 'c Do prol 100 55*2 Augll 60*« Sep 13 37*2 J'ly 43 Dec Vj Last Hale 147 Apr'C WoicNashdi Koch. .100 1 46 Mar20 147 Mar2fc 143 Dee 146 Dec Miscellaneous 23 \ 24 V, 24*8 24>4 24 24 24 24*8 24 24 2334 2334 Amer Agricul Chem.lOO 1,425 19*2 Jan 25 29»aAprl5 12*2 Apr 24*2 Deo 95 V, 96 V, 96*4 96*4 95*2 96*4 96*4 96*4 96 9014 93 93 Do pref 100 314 86 Jan 3 96*4 Sep 18 71 Jan 87 Dec 3 3 a :, 7 7 C34 684 6 4 6 4 6 4 6 4 6»4 63. *6*a 7 Amer Pneu Serv 50 510 4*4 Apr 13 8 Aug 14 3*2 Feb 0*8 Nov 7 v, *28 29 28*2 28 Hi •28 29 27 8 27 \ *2s 29 •28 29 Do pref 50 25 20 Jan 17 30 J'ne22 17 Feb 27 >«p 139 139 139 189fc 138*2 139 139*4 139 V, 139"6 141 140 140 Amer Sugar Keliu 100 3,281 130*4 Mav23 149 Mar 2 122*2 Feb 15 2 '4 Nov 138*a 138*2 139*4 139*4 *139 140 138*2 139*2 138 V, 139 Do pref 100 42 132 May22 140*2Aug23 122 v, Jan 141 Nov J * 139 4 140 138*e 140 139*2 140 139*2 141 140*2 141*2 iii" iVl'ia Amer Teiep & Telejr.100 2,937 137 May23 148 Jan 1 iU'4 Feb 149 4 Nov 36*-. Vj 5 34 Vj 35 34 'a 35 35*4 35*2 36 36 36*2 36*4 37 Amer Woolen 100 5,210 21 Jan 23 40 8Aprl8 9 Feb 2 1*2 Nov 3 7 3 103 v2 104 103*!, 104 103 4l03'i. 103 8 104*- 104*4 104 4 10434 105*4 Do pref 100 1,722 92*4 Jan 3 109 Mar31 60*2 Jan 94 '4 Dec Last Sale 4U r'ne'05 Boston Land 10 3*4 Marl:-; 4 34 J'ne 9 3 No\ 4 Sep 121 121 121 121 121 121 •* 119*2 122 •119*2 120 V, *119*2 120*4 Oumberl Telep & Tol 100 280 116 Augl7 124 Jan 6 112*2 Jan 12234 Dec 21V; 213. •20 22*. 7 21b 21*2 *21 22 •21 22*. Dominion Iron 2 3 81 8 6 823s 4 Sl*a 823b 81 8 fc 82 8 833e 8238 83*8 Amalgamated CopperlOO 12,768 70 Jan 25 89 8 Apr 14 43 Feb 4 Dec *9 v. *9 10*2 -9 "9 v, J 10 10*2 10 Last Sale .9 Sep '05 Am Zinc Lead & Sm. 25 8 J'ne21 12 8 Jan 5 8 Feb 14 Oct 29*2 29*2 Anaconda 25 30 25*4May31 31*8 Apr 12 15% Feb 2934 Nov •2*4 V, •2<4 2V2 2*5. 2*2 2*2 2 *2 2 2*2 2*2 2*2 3 Arcadian 25 1,510 1 May 2 3 '4 AugZ4 •25 Feb 3 S ov *1*4 IV, *1*4 1*2 1*4 1*4 *138 IV *1*6 IV; Arnold 25 100 45 J'nel5 2 Aug24 20 J'ly 1*2 Xov 22 V, 22*2 22 *4 22*2 22 v, 2334 2334 25*4 26*2 27 "2534 "27*8 Atlantic 25 30,256 12*2.\lay2* 27*8 Sep 22 7 Feb 22*4 Nov 29», 29' 2934 2934 29 a 30*4 30*8 30V, 30 7 7 383, fc 4 80% a 31 31 Bingham Con Min&S 50 3,439 28 May22 35 fl Apr 17 19 Mar xov •70 •70 ••70 •75 3 -•70 •75 ••65 -70 *-65 •70 •65 •65 Bonanza (Dev Co)... 10 300 50 May 6 85 Marl5 39 May l 16 Nov 7v 7*9 7*2 7*\ 7*4 7V, 7H, 73 T BostonConC&G (rcts)£l 534 Jan 26 83 19 6 Oct 7 7 Nov •73s 73s 4 7% 7 b 2,710 4 May s 655 660 650 660 660 660 660 665 665 665 Calumet

[Sept. 23 1905. Boston Bond Record. 905 BONUS IH)NL» PrUt week's 3_ Range I Tier W.rk'x liana* BOSTON STOCK F.XCH'GL. ftidati Bang* or si Since BOSTON STOCK KXCH'QB ** ; it 'hi i, Remgt or since wttK EROura sept 22 £km>l N Last Sale «ii January 1 Wkbk Ending SKPr 22 Bepi :J last sale lanuani 1

Met Ask Low il iiih Ac Low Hiu It Bid Ask l.'iir High Low 11 nil). Telephone 4s 1008 j-j 100 100 V 9934 100 >., Illinois steel deben 5s 1910 J.J 100 -j loo', loo's 102 Am Bell 6:" Am Telen A Tel coll tr is.1929 j.j 954 B*Je B54 96 94 87 4 N on-con vevtdebon 58...1913 A-O 101 101 100 103j 99's '. Boston A Lowell 4s 1907 J-l 104V: Apr'OO Assented income 5s 1934 MS 94 9 1 "s 94 4 01 93 94«!i Boston A- Maine 4 4s 1944 J-.l 117 Pel) '0 1 Kan (A M Kvit Br 1st 5h1920 A-O 104 >a 101 '-.. My '06 103 105 7 7 Improvement 18.... — 1906 F- \ 99 8 Jan '02 Kan C >i Jod B 1st 7s.. 1907 J-J 10378 lo378 Sep '06 103 8 l06's Bost A Mon 3d issue 7s... 1904 M-N 1 R4 Ft sm idgr 1st 7s... L906 J-J 100 ^ Nov'Ol Boston Terminal 1st 34s. 1947 F- 8 Maine Cent cons 1st 7s... 1012 A-O 120 "u Hep '04 '05 Bur A Mo Kiv ex 6a 1918 J -J 112 112 4 Doc Ml Cone i8t4s 1912 A-O 101 '4 101>4 Sep 101»4 lei's N on- exempt os 191s JJ 102 102 Sep '06 102 1024 Murq Hough A Out 1st 6s. 1925 A-O 120 118 ilid'OI Btnkuu lumt 4s 1910 J-J 994 .... 100 Aug'06 .... 99 4100 Mexican Central cons 4s.. 19 11 J-J 'so' 81 81 70*t'80>a Butte A- Boston 1st lis 191 A-O 100 J'ne'01 1st cons Lno3s Ian 1989 J'ly 24 Aug'05 24 25 J 3 Cedar Kap * Mo K 1st 78.1916 M-N 128 .... 129 J'no'06 199 129 2d cons mo :is Jan 1939 j 1734 Aug'05 17 4 17 4 ;.'j •Jit 7s 1909 J.D Ill 111 4 J'ly '05 11141114 tilth Telep cons 6s tr roc. 1029 75 J'ne'03 Cent Vermi 1st gas. .May1920 91 914 9 1 9 '"i 81 804 Mlnuo Oi'ii P. leu cou cos 1020 j.j 1021a Aug'04 3 Chic inirl it y extend 48.1906 100 Sep '04 New Eng Cot Vain 5s L929 F-A 07 4 Sale 97 97^4 1-1 04 98

Iowa JJiv 1st os 1919 A-O 109 109 Mer'06 • - ion i'0'9" Now Eug Teleph 6s I 906 A-O 101 J'ly '05 101 101 Iowa Hit 1st 4s 1919 A-O 101 1014 Apr'05 101 1014 6s 1907 A-O 10_'\ J'ly'05 102"8 103 3 J 3 Debenture 5s 1913 M-N 1054 10( -\ Aug'06 6s 190S A-O io:i 4 Apr'05 103 < 103 t 1 Denver Exten 4s 1922 FA 100 ^ 1004 Aug'Of) 100 1014 5s .1915 A-O 106 1., Feb '05 106 106 * Nebraska Exlen 4s 1921 M-N 1064 Lei- '02 N Y&N"Engl8t78."";"l0O5 J-J 100 Deo '04 B& S W s t 4s 1921 M-S 994 Apr'05 994 094 1st 6s 1905 100 Deo '04 Illinois Liv 84* 1949 J-J 954,,.. 95 4 Sep '05 95 4 964 old Colony gold 4s 1924 104 »4 J'no'04 '05 7 Joint bonds See iix Northern Oreg By A Nav con g 4a.. 1946 1102*8 Jan U02?8 102 s Ohic Jo By A Stk Yds 5s .1916 J-J 1074 107 4 107 K 1 106 4108 Dreg Sh Line 1st g 6s 1922 12 11.1 Sop '06 124 14 125"q Coll trust refunding g 48.1940 A-O 1004 100 Aug'06 994 1004 Bepub Valley lst's 1 6s. ..1910 103 103 Sep '05 103 103 1* Ch Mil & St P Dub L 68.. 1920 J.J 124 1264 Mai '05 1264 126 Hi Hut laud 1st cou gen 4 4s. 1941 Ch M & St P Wis V div 881920 J.J 124 412534 126 Feb '05 126 126 Rutland-Canadian 1st 481949 102 Mai '02 "97" Chic4riep'o5 1105 ] 8 100's 102 a Current Biver 1st 6s 1927 A-O ^ Apr'05 101 102 1st lieu conv 4s 191 M-N 134 i 13434 1118^11138 '05 Det Gr Ban & W 1st 4s... 1940 A-O 984 99*3 99 Sep 98 100 United F'ruit couv gen 5s. 19 1 M-S IIO84 Aug'05 107Hlll4'-j Dominion Coal 1st 0s 1913 MS 1094Mar'06 107 34 109 4 U S Steel Corp 10-60 yr 5s. 196:! M-N H97 Aug'06 H92<8lI97»« '06 1 1 Eastern 1st gold 6s 1906 M-o 102 . 102 Sep 102 103 4 West End Street By 4s. ... 9 F-A 102 "a Aug'05 102131024 3 l Fltchburg 4s 1916 M-S 103 4 1034Apr'05 103 410.14 Gold 4 4s 1914 M-S 105^4 J'ly '05 106 4 106 4 a 4s 1927 M-S 1063i 105 i May'05 1054 10'i Gold debenture 4s 1916 M-N 10234 Apr'0J 4s Fremt Elk a Unstamped 1st 6s 1933 A-O 140 Apr'05 139 140 4 Western Teleph A Tel 5s. 193'. J-J 104 34 105 103 1054 GtNor CB U94Sj H94^ 1191 11044 Registered 4s 1921 Q-J 100'4 Aug'05 98 1014 Wisconsin VaUey 1st 7s. .1909 J-J 109^ 109 "g Aug'05 109»8 111'4

Note—Buyer pays accrued interest In addition to the purehase pnoe for all Boston Bonds. " No price Priday ; latest bid and asked. 11 Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly

."Share Prices—Not Per Centum Prices ACTIVE STOCKS Sates Mange tor Tear Bange lor J^reviout of the 1905 Year (1904) 6a rurday Monaaii Tuesday Wednesday Thursday Friday (For Bonds and Inactive Week Stocks see below) Sept 16 Sept 18 Sept 19 Sept 20 Sept 21 Sept -i'i Shares Lowest Highest Lowest Highest Baltimore 85 86 85 85 •85 .... •85 .... -85 86 Consolidated Gas 100 148 83 Mayl6 90 Apr 13 57 4 Jan 86 Deo 10741084 109 109 1084 no 110 1104 10941104 Northern Central 60 1,514 99 May25 1104 Sep 22 71 J'ne 1094 Deo 25 *2434 25 •24 34 25 •244 25 25 Seaboard (new) loo 1,204 214 Jan 16 264J'ue30 •83 .... 89 89 Do lstpref 100 100 83 Mar23 90 4 J'ly 6 •55 66 56 553? 55 65 4 553, 56 14 Do 2d pref 100 1,037 474 Jan 24 57 J'ly 10 3 3 3 a 163, 164 16=8 16 4 163< 164 164 16 4 16 4 164 16 4 United Ry A Electric. 50 3,775 12 4 Apr 24 18 Mar 3 5 4J'ne 154 Deo Philndelpliia »52»4 531, •5234 53 53 63 53 53 •524 634 63 534 American Bail ways.... 50 252 48 Jan 3 544 Apr 4 43 J'ne 51 Nor •i7Si 274 27 >4 273* 27 4 274 •27 27 14 274 274 274 27 4 Cambria Steel 50 3,012 2434 111 ay2 2 28 4 J'ly 28 184 May 264 Oct 114 114 114 114 114 114 11 11 114 114 11 114 Electrio Co of America 10 1,785 104 J an 25 124Feb20 734 Feb 114 Deo •11 12 114 114 11 12 11 11 •11 12 •11 13 Gen Asphalt tr ctls 100 107 10 Jan 9 174 Jan 27 54J'ly 144 Nov 44 45 44 444 •44 45 444 45 45 45 4 45 45 Do preltrctfs loo 860 384 J'ne2o 49 Jan 26 20 Aug 44 4 Not •17 18 17 17 17 17 17 17 17 174 •17 18 Lake Superior Corp 100 335 14 4 May 24 25 4 Mar 4 •106 107 •106 108 106 106 107 109 •107 1074 1064 107 4 Leiugh A Nav tr ctfs. 50 107 100 4 J'ly 3 112 Augl'. 72*8 72^ 72 72*. 724 72*4 72 4 73 4 73 74 734 744 Lehigh Valley 50 26,200 52 4 Jan 9 7434 Aug 14 3334 Feb '59 4 Deo 334 •34 4 MarsdenCo 100 28 3 J'ue 1 54 Jan 17 24 Mar 4 4 Nov 72t 713< 7134 714 723e 71«8 le 724 72 4 724e 72 4 72 72<4„ Pennsylvania. BB 50 2,948 65'3ie May2 2 734Aug23 554 Mar 70 Leo 47^8 47>-2 474 47\ 47 '4 474 474 474 474 474 474 474 Philadelp'a Co (Pittsb) 50 11,705 404 Jan 25 48 4Mar27 374 May 434 Oct 1 3 5 8i3 8 9 *. 84 H 8 4 84 8«16 81 16 l9 84 9 94e Philadelphia Electrict. 25 4,900 8 J'ne 5 12 4 Apr 27 ||5 May \ 10 4 Deo •284 284 284 2S3fc 28 2 "4 •284 28 -a 28 28 28 284 Plula Rapid Transit}.. 50 5,614 U74 Jan 4 536 Aprl7 8 Jan tl9 Not 503g 69*8 59» 10 6013 16 594 60» 18 60 4 61*16 614s 61«4 014 621 in Heading 50 64,250 394 Jan 13 624Aug24 19 4 Mai 41 4 Deo *15ia 46 45 4 46 a 454 45 4 •454 464 46 4 46 4 •454 464 Do lstpref 5o 92 45 May20 474 Aug22 3S Mar 46 Deo 3 •47 474 -4714 4734 474 474 47 4 47 4 47i6 16 48 47» 19 48 Do 2dpief 50 2,307 42 Jan 9 48 Aug24 28 Mai 42 4 Leo 62 62 •61 62 62 62 62 62 62 62 4 •614 62 4 Union Tracton 50 665 584 Mar 9 63 May 19 454 Jan 594 Leo 3 984 98 4 964 984 98 984 984 99 9a 4 984 984 99 , United Gaa Impt 50 3,449 90 J'ne 5 1264 Apr IS 81 May 108 Leo -20 23 Welsbach Co loo 20 Feb 28 28 Jan 1 194 Oct 22 J'ne PH11.AUEI.PH1A Bid Ask PH11.ADEI.PH1A Bid Ask PHILADELPHIA Bid Ask BALTLHOItE Bid Ask

Innctive stocks Bonds P

• Bid and MtMi prices ; no sales on Una day. 1/ Ex-nghU. | .07'5O paid. i*4>*paid. } f 10 paid, j $20 paid...... 1

Vol. lxxii. 966 THE CHRONICLE. |

|mj£stnuwt and Railroad intelligence. RAILROAD GROSS EARNINGS. Hie following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns 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 Julj' 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the street railways are brought together separately on a sut>sequent page.

Latest Gross Earnings July I to Latest Date Latest dross Earnings Julv 1 to Laum Date ROADS ROADS Week Current Previous Current Previous Week Current Previous Current Previous or Month Year Year Year Year or Month Year Year Year Year

8 S Ala Gt Southern See Southe rn Ry. Sy stem belo W. Mobile A Ohio.. See Southe rn Rv. Sy stem belo w. Ala N O & Texae Pacific Nash Ch AHtL.. August... 845,513 875,529 1.616,797 1,0-0.496 N O & No East. 1 1 h wk Aug 85,346 77,281 421,874 377,912 [Nat'i RRof Mex 2d wk Sept 224,182 208.598 2,504,989 2,236,128 Ala & Vloksb'g 4thwk Aug 34,529 41,061 186,920 198,836 Nev-Cal-Oregon August... 22,753 22,783 43,053 38.57s Vicksb Sh A P. i tli wk Aug 33,150 44,545 172,363 207,090 Nevada Central.. July. ... 3,733 1.746 3.733 1,740 Allegheny Valley uly Inc. 106,111 Inc. 106,111 N YC& Hud Riv August... 8.146,195 7,321,270 15,2*1,493 13,764,888 Ann Arbor 3dwk July 32,008 33,532 102,779 107,682 V Y Out A West. July 703,523 646.806 708.523 640,800 AtohTop AS Fe. July... 5,634,913 4,742,836 5,684,913 4,742,836 N Y Susq & West July 196,810 180,261 196.816 180,201 Atlanta & Chur.. July 346.436 317,285 346,486 317,285 Norfolk A West'n July 2.127,747 1,805,724 2,127.74 1,805, 724 Atlantic ABtr... 4thwk Aug 28,374 25,407 Northern Central July 853,015 838,315 653,015 838.310 Atl Coast Line... July 1,689,913 1,475,087 1,689,913 1,475,037 North' n Pacific August... 4,903.644 4,371,174 9,469.94'.- 8,442,501 Bait 8 L.. July . 15,283 13,603 15,283 13,603 Ohio 17.515 18.141 17,51.5 18.1 Jl A Ann RivA West.. July , Bait Ohio August... 0,398,087 5,870,35'.: 12,106,917 11,144,894 Pacific 596,773 600,765 696,773 600,71.0 & Coast Co July , Aroost July 167,792 153,818 167,792 153,818 10331703 9,431,103 10,831,703 9,431,103 Bangor & ePenn—EastPAE July , Bellefonte Cent') August... 5,307 3,538 9.483 5,912 eWest P A E July Inc. 6 70,700 Inc. 070 7UO Bridgt A 8aco K. July 5,313 4,397 5,313 4,397 PhilaBalt&W'sh July 1,234.07s 1,168,378 1.234.07s 1,168,378 ButtRoohA .'i,xm 2d wk Sept 179,991 172,348 1,913,591 1,729,107 Pklia Erie 686,779 719,545 686,779 719,515 & Jul/ , Buttalo ASusq... July 110.573 80,316 110,573 80,316 PittsbCC A St L August... 2,361,778 2,084.430 4,508,389 3,992,940 Cal North w'n August 180,974 15S.335 363.205 328.481 Raleigh & S'port August... 5,40 4,047 10.093 7,923 North.. 2d wk Sept 78,200 63,400 904,600 732,000 Reading 3,098,278 2,661,43 3,09 5,2 7 2,601,437 Canadian Railway July , Canadian Pacific- 2<1 wk Sept 1.045.000 933,000 11,443,175 I0.715.o34 Coal 1,844.997 2,337,939 1,844,997 2,337.939 AD- Co.... July , Cent'l of Georgia 2d wk Sept 250,900 208,200 2,157,180 1,867,443 Total Both Cos. July 4,943.275 4,999.376 4,943,275 4,999.370 2,071,756 1,921,655 CentM of N Jersey July 2,071,750 1,921.055 Rich Fr'ksb & P . July 144,250 127,989 144,256 127, 9s9 Chattan South'n. IstwkSept 2,150 2,347 23,799 30,288 Rio Grande Jot.. June 51,002 45,276 574,755 534,509 Ohesap AOhio... July... 1,775,613 1,671,503 1,775,613 1,671,503 Rio Grande So... 2dwkSapt 10,224 10,170 113.043 90,438 Chic* Alton Ry. July 930,637 947,140 930,637 947,140 Rocklsl'd Sys... July... 3,871,336 3.033,998 3.S71.336 3,033,9 98 Ohio Gt Western. 2d wk Sept 179,430 159,730 1,657,715 1,465,708 Rutland RR June... 2,494,364 2,414.451 Chiclnd AL'v... 2d wk Sept 135,778 120,525 1,294,461 1,183,284 St Jos AGrI July... 133,848 91,795 133,348 91,795 3,955,687 4,002,220 3.955,687 4,002,220 Chic Mllw & St P uly St LA San Fran g July. . 3,156,344 2,783.503 3,156,344 2.733.503 Chlc& North W August ... 5,361.303 4,929,010 10,289,603 9,554.090 3t L Southwest.. 2d wk Sept 168.665 175,023 1,719.844 1,692,017 Ohio St PM &G. July 919,134 847,821 919,134 847,821 Seaboard Air L. July 1,120,865 971,245 1,120,865 971.245 Chic Term Tr KK 2d wk Sept 33,122 31,007 352,152 326,978 Southern Ind August. 123,563 120.179 230.912 225,031 Cin N O A T Pac. See Southe rn Ry. Sy stem belo So Pacific Co 6... July.... 8,139,177 7,130,559 8,139,177 7,130,559 CI Cin Oh A 8tL. July 1,890,912 1,764,084 1,890,912 1,764.034 South Ry System Peoria tem belo w. West'n Maryland June 350,709 320,412 3,900,247 3,633,097 Gr Trunk System 2d wk sept 796,618 724,700 7,976,021 7.585,823 W Jersey A Sea'e July 655,281 610,181 655,281 610,181 GrTr. West'n let wk Sept 126.037 100,698 1,011,645 832,420 Wheel A LE 2d wk Sept 111,153 97,360 1,112,39b 924,004 Det Gr HAM.. IstwkSept 29,087 31,905 322,2 17 322,064 Wichita Valley.. July 12,170 4,110 12.170 4,110 Great Northern . August 3,757,306 3.452,169 7,45 1,635 6,944.148 Wm'sport&N.Br July 17,799 17,479 17,799 17,479 Montana Cent'l August 215,233 185,722 416,064 366.458 Cent., 594,899 518,445 6.085,119 5,921,096 Wisconsin May , Total system. August .. 3,972,539 3,637,891 7,867,699 7,310,606 v^rightsv A T'n.. July 13,771 11.527 13,771 11.527 Gulf&ShipIsland 2d wk Sept 2,30,839 35,995 374,431 375,324 Yazoo & Miss. V August... 461,055 581,546 989,691 1.102.390 Hocking Valley.. July .' 504.992 555,477 504,992 575,824 3,874,056 4,214,203 7,623,055 Current Previous Illinois Central.. August... 8,019,392 VARIOUS FISCAL YEARS Period. Year Year Illinois Southeri.' 4.UgU8t 30,111 23,362 59,550 50,418 Ind 111 & Iowa... June 1.793,653 1,615,814 Int & Gt North'n 2d wk Sept 130,900 129,200 1,234.421 1,104,225 Allegheny Valley Jan. 1 to July Inc. $52 5.864 llnteroc(Mex)... 2d wk Sept 106,107 120,508 1,219,950 1,138.109 Atlanta & Charl Air Line Mar. 1 to July $1,590,715 $1,466,799 Iowa Central 2d wk Sept 57,454 53,813 555.731 505,524 Atlantic & Birmingham Dec. to July 677.410 470,103 Kanawha A Mich July 169,428 144,81s 169,42e 144,818 Beliefonte Central Jan. to Aug. 38,903 35,307 Kan City South'n July 509,700 475,299 509,700 475,299 Ul C. C. A St. Louis Jan. to July 12,121,935 11,703.905 LakeErie&Westn June 4,923,617 5,096,211 Peoria A Eastern — Jan. to July 1,520,796 1,757,392 Lehigh Val RR.. Ju.y 2.648,259 2,556,546 2,648,259 2,556,540 International A Gt North'n.. Jan. to Sept. 4,052,798 3,509,002 Lexing A East'n. July 43,390 38,359 4^.390 33,359 Interooeanic of Mexico Jan. to Sept 4,451,660 4,403,236 Long Island July Inc. 66,128 lnc 66,128 Lake Erie A Western Jan. to June 2,277,354 2,325.228 Louisiana & Ark. luly 75,696 58,397 75,696 58.397 Manistee A North Eastern.. Jan. to July 207.872 254,758 Louisv A Nashv. 2d wk Sept 796.335 A763.385 8,238,0'. 7,640,482 Manistique Jan. to Aug. 66,990 54,827 Macon A Birm... August 10,809 10.269 20,986 20,105 Maryland & Pennsylvania., Mar. to July 137,505 124,397 Mania

J Mexican Sou tli' i, 4th wk auk 36.329 32,006 210,197 182,999 [National RR of Mexico Jan. to Sept. 8,615,334 8,135,595 Mineral Range.. 2d wk Sept 14,229 12,469 154.355 136,620 New York Central Jan. to Aug. 54.471,056 50,237.691 Minneap A 8t L. 2d wkSepi 77.750 61,147 764,123 624,033 Northern Central Jan. to July 5,849,109 5,710,809 MSt F A 8 St M. 2d wk Sept 208,096 156,103 1,959,208 1,544,725 ePennsy., East of P & E Jan. to July 73,216,379 66,176.779 Mo Kan A Texas 2d wk Sept 393,099 418,664 4,111,999 3,636,417 eWestof P&E Jan. to July Inc. 3,9 1,900 Mo Pac & Iron Mi 2d wk s-ept 807.000 868,000 8,735,091 8,731,665 Phila Baltimore & Wash Jan. to July 8,303,»89 7,741,039 Central Branch 2d wk Sept 29,000 51,000 409,000 400,000 Philadelphia & Erie Jan. to July 4,331,871 4,190,210 Total 2d wk Sept 830,000 919,000 9,204,091 9,131,665 Pitts Cin Chic A St Louis Jan. to Aug. 17,047,314 15,611.100 Mob Jack A K C. J unction Dec. to June 311.030 307,336 Wk Sept 2 12.778 19.867 120,153 97,111 Rio Grande GulfAChic.Div. Texas A Pacific an. to Sept. 7.638,993 7.524,421 West Jersey & Seashore Jan. to July 2.487,633 2,385.633 AGGREGATES OF GKOSS EARNINGS— Weekly and Monthly

WEEKLY SUMMARIES Current Year Previous Y'ar Inc. or Dec. p. a- MONTHLY SUMMARIES Current Year Previous Y'ar Inc. or Dec. Jr'.O

$ $ 3d week June (41 roads)... 7,911,463 7,471,193 +440,270 5-37 Month Sept. 1904 (124 rds.) 151,475,024 147,338,536 +4,136,488 2-81 3-21 4th week June (43 roads).. 11,003,290 10.612,246 +391,044 3-68 Month Oct. 1904 (124 rds.) 159,732.959 1 154,758,622 +4,974,337 1st week July (39 roads)... 7,375.914 7,065.765 +310,149 4-38 Mouth Nov. 1904 (124 rds.) 154,304.117 140,909,470 + 13,394,641 9-51 2d week July (40 roads)... 7,864,915 7,168,544 t 696.371 9-71 Month Dec. 1904 (123 rds.) 146,748,102 136,889,640 +9,858,462 7-20 3d week July (41 roads)... 8,248,621 7,454,582 + 784,039 10-65 Month Jan. 1905 (116 rds.) 127,073.053 119,220,07ft +7,852,980 6'58 3-01 4th week July (44 roads). .. 12,024,707 10,977,932 + 1,046,775 :)-53 Month Feb. Iy05 (117 rds.) 113.714,506 117.252,135 —3.537,629 130,879,541; 12,743.311 9-73 1st week Aug. (41 roads) . . 8.053,712 7.455,483 + 598,22!i soj Month Mar. 1905 (118 rds.) 143,622,857 r 2d week Aug. (41 roads)... 8,210.553 7.841,740 + 368,813 1-74 Mouth Apr. 1905 (115 rds.) 136,595.868 127.237,317 + 9,353.551 7-35 3d week Aug. (41 roads)... 8,368.751 7,992,641; -1-376,101, -1-75 Mouth May 1905 (118 rds.) 144,103,250 129,712,731. r 14.390.517 11-09 9-66 4th week Aug. (43 roads)... 13.342.178 12,770,603 +571,57;- 4-47 Month June 1905 ( 104 rds.) 125,942,575 114,845,03- + 11,097.543 10 02 1st week Sept. 40 roads) . . 8,421,108 8,072.981 + 348,127 4'31 Mouth July 1905 (115 rds.) 143,658,2s7 130,328,530 t-13,329,757 5-19 2d week Sept (35 roads) . . 8.513,043 8,286,902 -t-226,741 2-74 Month Aug. 1905 ( 56 rds.) 58.859,481 55,955,430 +2,904,051

{Mexican currency, b Iuoludes the Hous.

Sept. 23 1905. i THE CHRONICLE. 7

Latest Gross Earnings by Weeks.—In the table which arn'gs AY.' Ea Current Preview* Current l'r> nous follows up separately the earnings for the Becond we sum Year. Year. \ i or. Year. Roads. $ week of Sept ember. The table covers 35 roads and shows $ S $ Chic Term Trail, b. July 140,453 133, 883 58,550 44,896 2.74 per cent increase in the aggregate over the same week Cin. New Orl it Tex Pac- See under Southern Ry Bj stem below

last year. Cleve Cin. Chi it StLbJuly 1,890,912 l ,764,084 521,305 529,550 Jan 1 to July 31... 12, 121 ,935 11.763,905 2,766,091 2,766,472

Peoria it Last 1> July 213.S92 233,715 43,315 52,015 2d week <>/' September. 1905. 1904. Increasi Decrea* Jan 1 to July 31 1,520,796 1,757,392 814,997 405,200

Colorado it South. b.-Ma; 648,866 384,203 /. 134, 545 7.73.01 1 1 * $ July l to May 31 5,627,795 6,261,990 z 1,495, 11 1 zl,3()l,902 Buffalo Rod) A Pittsburg 179,991 172,348 7,643 Canadian N on hern - 78,200 63, -100 14,800 Col Newb A Laur.b.July. 19,221 15,911 5,640 4,161 Canadian Pacific 1,045,000 933,000 112.000 Copper Range. a June 66,882 48,279 28,502 21,077 250,900 208,200 42.700 July 1 to June 30 628,611 514,732 257,120 162,973 179,486 159,730 19,706 Chicago Great Western Cornwall. a July 18,463 6,035 9,913 2,588 Chicago [ndianap & Louisville 135,778 120,525 15,253 Cornwall Leb.b July i i ;. & 39,659 17,400 24,377 5.005 Chicago Terminal Transfer 31,007 2 , Colorado & Southern 146,803 121,686 25,218 Denver & Rio Gde.b.July 1,505,427 1.321,638 550,143 544,225 Denver A Kio Grande 39 1,900 351.000 40,900 Detroit it Mack. a July 87,402 80.437 16,297 21,471 DuluthSoSh & Atlantic 62, H7 52,897 9,660 ' Grand Trunk of Canada Dul So Sh & Atl.b.-July 269.498 236,908 102, Sll 87,217 Grand Trunk Western 796,618 724.700 71,918 Erie. a July 3,959.300 3,930,445 1,185,107 1,387,843 Det Grand llav Milw.... A Fairchild & Northca. bJuly 1.842 2,724 199 494 Gulf <& Ship Island 30.839 35,995 5,156 International A Gt Northern. 130,900 129,200 1,700 Fon Johnst & Gl.a_.Mav 55,325 56,691 24,195 25,320 Interoceanie of Mexico. 106,107 120,508 14,401 July 1 to May 31 647,850 614,438 303,621 285,028 Iowa Central 57,454 53,813 "3",64l Ft W & Den Citv.b..May 205,075 152,506 16,437 20,449 Louisville iv. Nashville . 796,335 763,385 32,950 Julv 1 to May 31 2,312,340 2,321,575 531,278 697,516 Mexican International 111,583 114,459 2,876 Georgia RR.a July 206,950 174,556 56,751 40,074 Mineral Ran .re 14,229 12,469 1 .760 Minn it St Louis 77,750 61,147 16,603 Georgia So & Florida—See under Southern Ry System below. Minn St P &SSM 208,096 156,103 51,993 Grand Tr of Can. ...July 2,529,606 2,518,414 800,052 795,673 Mo Kan it Tex 393,099 418,664 25,565 Grand Tr West July 395,159 364,501 27,252 2,433 Mo Pac it Iron Mountain 807,000 868,000; 61,000 Central Branch 29,000 51,000i 22,000 DetGH -fcMil July 138,695 129.935 42,338 37,472 Mobile it Ohio 148,019 144,190 3,829 Gulf & Ship Island. a. July 173,850 141.782 60,397 32,564 National of Mexico, 224,182 208,598 15,584 RR Hocking Valley, a July 504,992 555,477 173,476 229,663 Rio Grande Southern 10,224 10,170! 54 St Louis South Western 168,665 175,028 6,363 Illinois Central. a July 3,748.999 3,805,184 907,117 1,083,826 Southern Railway — 986,362 977,723 8,639 vlnteroceanic of Mex.July 511,087 461,212 112,075 82,425 Texas it Pacific 18S.379 219,061| 30,682 Jan 1 to July 31 3,742,803 3,731,339 856,484 850,559 Toledo Peoria it Western 27,561 30,410! 2,849 Iowa Central. a July 215,121 193.386 A47.132 fi26,615 Toledo St Louis it Western — 77,668 81,447 3,779 Wabash . 508,843 619,780 110.937 Kanawha & Mich. a.. July 169,428 144,818 38,428 15,186 Wheeling it Lake Erie 111,153 97,360 13,793 Kan City South'n.a..July 509,706 475,299 84,979 81,214 Lehigh Valley RR.b.July 2,648,259 2,556,546 01,091,617 Total (35 roads) 8,513,643 8,286, 902 512,349 285,608 01,081,558 I.exingt'n East. b. July 43,390 Net increase (2.74 p. c.) ! 226,741 & 38,359 16,949 11,765 Long Island, b July Inc. 66,128 Inc. 28,324 y Loss due to yellow fever quarantine. Louisiana & Ark. a July 75.696 58,397 29.494 20,251 Louisville & Nashv.b.July 3,307,982 2,921,238 917,375 909,990 For the first week of September our final statement covers Manistee & No E. a. -July 30,763 34,332 12,309 15,343 Jan 1 to July 31 267,872 254,758 104,863 97,356 3S roads and shows 4.37 per cent increase in the aggregate Manistique. .b Aug 13.017 9,628 4,950 defl41 over the same week last year. Jan 1 to Aug 31 66.990 54,827 19,093 7,212 Maryland & Penna July 26,475 24,835 7,427 6,199 Mar 1 to July 31 137,565 124,897 42,361 31,696 1st week of September. 1905. 1904. Increase. Decrease. t'Mexican Central July 2,149,239 1.976,813 612,555 515,622

$ S vMexican Internat July 508.651 570.806 • 203.783 232 239 Previously reported (36 roads) 8,110,911 7,774,792 516,480 180,361 Mineral Range, b July 58.375 54,950 11,935 11,812 Alabama Great Southern 58,509 55,405 3,104 St Louis, a July ttn N O A- Tex Pac 138,198 129,508 8.690 Minn & 297,160 246.815 itll6.622 £86,882 Mexican International 99,121 99,382 261 Minn St P ASSM.b.July 777.434 641.479 345.918 304,168 Texas Central .. 14,369 13,894 475 Mo Kas & Tex. a July 1.626,731 1,388,397 303,537 332,612 Total (40 roads) 8,421,108 8.072.981 528,749 180,622 Mo Pac Syst.b .July 3,662,091 3,344,665 1,225,288 875,315 Net increase (4.31 p. c.) 348,127 Jan 1 to July 31 23,492,478 23,703,284 5,738,999 5,641,211 Mobile & Ohio—See under Southern Ry System below. Nash Chatt & St L.b.July 801,249 804,967 202,235 243.386 uNat RR of Mex July 982,206 875.038 327.720 259.507 Net Earnings Monthly to Latest Dates. The following — Nev Cal & Ore. a July 20,300 15.795 10.734 5.503 shows the gross and net earnings to latest dates of all STEAM Nevada Central, b July 3.733 1,746 1.904 (let. 758 railroads furnishing monthly statements. The compilation New Jersey & New York.b- Apr 1 to June 30. 110,570 102,101 24,951 48,116 includes every road from which we can get returns of this Jan 1 to June 30.. 192,959 182,182 20,516 32,445 July 1 to June 30 415,278 386,279 85,727 45,374 character, and in that form is given once a month. Early N Y Cent & Hud Riv— returns are published from week to week, as soon as issued, July 1 to Sept. 30 23,281,500 21,015,429 7,452,000 7,034,502 Jan 1 to Sept 30 62,517,200 57,488,231 18,513,800 16,428.813 but for the convenience of our readers all the roads making N Y Ont & West . a. . . July 708,523 646,806 230,343 245,055 returns are brought together here in the week in which we N Y Susq & West. a. July 196,816 180,261 51,298 60,004 publish our monthly article on net earnings—say about the Norfolk & West. b... July 2,127.747 1,805,724 780,403 699,901 20th of the month. Northern Central. b.. July 853,015 838,315 182,932 250.132 Jan 1 to July 31... 5.849,109 5.716.809 834,516 1,190.516 Gross Earn'ys Net Earnings Current Previous Current Previous Ohio Riv & Western. July 17,515 18,141 6,235 4,040 Year. Year. Year. Year. Pacific Coast Company—See under Miscellaneous Companies. Roads. 8 S S 3 Pennsylvania Ala. Gt. Southern—See under Southern Ry System below. Lines directly operated— Alleghenv Val July Incl06,lll Inc 81,928 g East of Pittsb&E.Julyl0.831,703 9,481,103 3,423,237 3,439,137 Jan 1 Jan 1 to July 31 Inc525,864 Inc501,621 to July 31 .. .73,216.379 66,176,779 19,496,494 1^,257,794 Atch Top & S Fe.b.July 5,684,913 4,742,836 s.1,932,146 xl,356,889 West of Pittsb&E.-July Inc. 670,700 Inc. 1 57.300 Jan 1 to July 31... Inc. 3,951,900 Inc. Atlanta & Charlotte. aJuly 346,486 317,285 79,261 76,787 664,400 Mar 1 to July 31 1,590,715 1,466,799 354,583 391,174 PhilaBalt & Wash. b. July 1.234.078 1,168.378 350,834 372,634 Jan 1 to Jul; 31 ... 8,303,989 7.741.089 1,875,594 Atlantic & Birm.a..July 89,301 77,376 30,234 23,017 1,845,594 Phlla & Erie.b July 686,779 719,545 227,997 336,320 Atlantic Coast Line. a. July 1,689,913 1,475,087 487,609 406,437 Jan 1 to July 31 4,331,871 4,190,210 1,067,382 1,338,938 Bait & Annap St L. a. July 15,283 13,603 5,359 4,141 I'lttsCC&StL.a Aug 2,361,778 2,084,430 724,821 737,517 Bait & Ohio.b Aug 6,398,087 5,870,352 2,429,072 2,384,240 Jan 1 to Aug. 31 17,047,314 15,611,100 3,899,298 3,791,610 July lto Aug 31 12,106,917 11,144,894 4,446,998 4,233,127 Ral

968 THE CHRONICLE. [Vol. lxxxi.

Gross arn'gs Net Earnings E —Int., Rentals, etc.— —Bal. of Net E'ngs.-^ Current Previous Current Previotu Current Previous Current Previous Year. Year. Year. Year. Year. Year. Year. Year. Roads. 1 S S Roads. $ $ % % Southern System Ry Rio Southern Ry.a July 4,022,954 3,716,117 947.128 917.044 Grande Junction. June 8,333 8,333 6.968 5,250 Dec 1 to June 30 58,333 55,833 34,977 36.532 Mobile & Ohio-a„_.July 703,435 598,364 214,039 134.709 Rio Gd Southern July 18.310 18,411 X2.217 zdef887 Cin No &TPac.a..July 613,386 557,441 152,325 139,469 St Jos &Gr Island... July 21,353 22,255 27,710 def. 4,167 Ala Gt Southern. a. July 291.779 236,439 46,618 27,007 Seaboard Air Line... July 255,032 247,571 x59,692 xdefl3,751 GaSo & Fla.a July 148,270 131,892 41,773 33,722 Texas Central Aug 2,58.'} 2,583 28,313 11,241 Central. a 73,823 30,896 13,824 Texas Aug 61,989 July 1 to Aug 31 5,100 5,166 50.521 12,383 July 1 to Aug 31 136,590 101,992 55,687 16,549 Tol & Ohio Cent July 38,095 38,550 X47.463 X98.487 Tidewater & West July 6,171 7,987 1,409 1,410 Tol Peoria & Western. Aug 22,734 23,007 9,436 165 Ohio Cent. July 84,749 129.508 Toledo & a 326,522 365.310 July 1 to Aug 31... 45,515 46,060 8,802 def. 1,905 Tol Peoria & West. b. Aug 115,773 121,177 32,170 23,172 Wichita Valley (including 44.155 July 1 to Aug 31... 216.977 219,583 54,317 W F & O Ry). July 1,922 1,922 7,408 def. 254 Union Pacific. a July 5,455,712 4,665,602 2,673,890 2,222,383 Jan 1 to July 31... 13,457 13,457 15,358 def. 5.543 Va & Southwest. b Aug 82,446 50,832 32,921 25,790 Williamsp & No Bch._July 2,750 2,755 5,798 2,714 July 1 to Aug 31 156,452 97,523 61,998 39,705 Wisconsin Central May 145,344 144,819 X77.705 X51.938 Wabash, b July 2,001,080 2,082,150 626,978 492,504 July 1 to May 31 1.605,090 1,603,914 X487.901 X333.516 Western Maryland. a. June 350,709 320,412 #95,067 1/106,270 o Charges here include road-rental (paid by lessee) deduc- July 1 to June 30 3,900,247 3,633,097 1/1,387.827 1/1,309,883 and other tions. West Jersey & Seash b July 655,281 610,181 30!), 762 273,262 6 Included in the fixed charges in this fiscal year are expenditures for Jan 1 to July 31... 2,487,633 2.385,633 619,794 521 ,294 renewals, additions and improvements amounting to $112,656 for July 77,384 Wheeling & L Erie. b. June 476,009 361,844 128,405 1905, against $50,992 in July 1904. July 1 to June 30 4,595,607 4,325,282 956,471 1,049,982 c Charges include interest on debenture stock. Wichita Valley (including d These W F & Ry).a...July 12,170 4,110 9,330 1,668 figures are after allowing for other income and for discount and exchange. The sum of $10,000 is deducted every month from Jan 1 to July 31 47,913 25.987 28,815 7,914 surplus and placed to credit of Renewal Fund. Wmsport & N Bch.a.July 17,799 17.479 8,548 5,469 h These are net charges after allowing for other income received. Wisconsin Central, b. May 594,899 518,445 217,031 192,040 x After allowing for other income received. July 1 to May 31.. .. 6,085,119 5,921.096 2,056,748 1,891,797 Wrightsv & Tenn.b.July S13.771 si 1,527 5,255 3,657 Miscellaneous Companies. Yazoo & Miss Val.a..Ju!y 528,636 520.844 def. 40,059 31,608 -Gross Earn'gs- Net Earnings a Net earnings here given are after deducting taxes. Current Previous Current Previous b Net earnings here given are before deducting taxes. Year. Year. Year. Year. g These figures include results on the Buffalo & Allegheny Valley Divi- Companics. $ 3 sion in both years. Buffalo Gas Co Aug 20,184 15,831 Oct 1 to Aug 31 h For July additional income is S3, 666 this j^ear, against $5,324 last 302,368 251,128 year. Cumberland Telephone & Telegraph Co. a July 120,286 k For July additional income is $14,097 this year, against $9,782 375,729 327,189 135,788 Jan 1 to July last year. 31 2,620,589 2,273,853 1,002,873 918,217 April 1 to July 31 1,506,026 1,305,211 548,106 502.202 n These figures represent 30 per cent of gross earnings. Edison Elect Ilium Co'y o Including other income, total income (exclusive of results of coal (Brockton, Mass). .July 9,632 7,766 1,940 3,024 for in against in 1904. companies) July is $1,162,341 1905, $1,134,695 Jan 1 to July 31 76,909 64,156 19,031 29,059 Deductions from total income for additions and improvements were El $32,570 in July, 1905, against $113,376 in 1904. Paso Elect Co... July 23,657 21,220 8,409 6,030 Fall River s Includes $392 "other income" for July this year, against $384 last Gas Works year. Co.. July 26,037 25,701 8,940 10,508 v These figures are in Mexican currency, and are convertible into gold Houghton Elect Light Co at the current rate of exchange. (Hancock, Mich).. July 13,072 10,790 4,676 3,128 Jan 1 to July 31 109,149 92,757 53,439 37.674 x For July 1905 taxes and rentals amounted to $185,489, against Lowell $196,106 in 1904, after deducting which net for July 1905 was $1,746,657, Electric Light Cor- against $1,160,783 in 1904. poration July 18,309 17,139 5.493 6,894 Milwaukee Gas L Co. Aug 64,539 60,884 1/ For June additional income and net profits from coal, etc., were $28,140 this year, against $59,356 last year; and from July 1 to June 30 Jan 1 to Aug 31 516,366 475,905 $634,457 this year, against $661,499 last year. Minneapolis General Elec- tric z Net, after deducting taxes, is $113,168 and $54,134 for 1905 and -July 51.243 43.022 21,711 21,602 1904 respectively for May and $1,269,263 and $1,072,483 for period Pacific Coast Co. a July 596,773 600,765 145,601 127,838 from July 1 to May 31. Pocahontas Collieries. Aug 19,153 Jan 1 to Aug 31 149,489 Interest Charges and Surplus.—The following roads, in a Net earnings here given are after deducting taxes. addition to their gross and net earnings given in the fore- going, also report charges for interest, &c., with the surplus Interest Charges and Surplus. above or deficit below these charges. —Int., Rentals, etc.— -Bal. of Net E'ngs.— — Current Previous Current Previous Int., Rentals, etc. Bal. of Net E'ngs.- Year. Year. Year. Year. Current Previous Current Previous Companies. $ $ S Year. Year. Year. Year. Telephone Roads. $ S $ Cumberland & Telegraph Co July 22,725 17,689 113,063 102,597 Atlantic July & Birm 16,385 14,566 13,849 8,451 Jan 1 to July 31 153,436 145,753 849,437 772,464 Bangor & Aroostook.. July 48,938 47,544 5.088 1,646 Apr 1 to July 31 92,294 82,045 455.812 420,157 Bridgeton & Saco Riv.July 543 543 1,691 1,161 Edison Electric Ilium Co Buff & Susq July 23.117 15,675 X18.493 X31.259 (Brockton, Mass). .July 729 962 1,211 2,062 Jan 1 to July 31 4,808 7,137 14,223 21.922 Cal Northwest July 27,887 27,047 59,159 40,546 El Paso Elect Co July 3,717 3,329 4,692 2,701 Cent of N Jersey July 6602,670 6553,366 432,959 376,206 Fall River Gas Wks CoJuly 503 258 8,437 10.245 Chic Gt Western July C171.189 C169.843 10,476 def52 ,440 Houghton Co Elect Light CI Qn Chic &St L...July 354,760 410.751 X166.867 X119.053 Co (Hancock, Mich)July 2,188 2,188 2,488 940 Jan 1 to July X479.915 31 2,330,117 2,313,764 X593.169 Jan 1 to July 31 16.314 15,414 38,125 22,260 Peoria & Eastern.. July 44.572 44,755 def. 1,257 7,260 Lowell Electric Lt Cor- Jan 1 to July 31 312,973 310,113 ar3,449 X96.592 poration July 692 1,151 4,801 5,743 Copper Range June 8.437 8,437 20.125 12,640 Minneapolis Gen Elec.July 9,071 9,398 12,640 12,204 July 1 to June 30 101,248 93,560 155,872 69,413 Pocahontas Collieries. Aug dl6,016 3,137 Cornwall & Lebanon.. July 4,176 3,980 20,201 1,625 Jan 1 to Aug 31 dl27,456 22,033 Denver & Rio Gde July d337,219 d345,824 d265,677 d247,818 Dul SoSh & Atl July 86,641 89,141 X16.911 xdef. 932 d Charges include sinking fund and preferred dividend. Georgia RR July 051,416 o52,795 x7,518 xdef 11,809 STREET RAILWAYS AND TRACTION COMPANIES. Gulf & Ship Island... July 25,695 20,146 X36.745 X13.198 Hocking Valley July 74,194 70,764 xlOl.304 X171.112 Latest Gross Earnings. 1 to latest date. Kanawha & Mich July 20,335 20,207 X18.702 xdef .4, 209 Jan. Name of Louisiana & Ark July 11,650 11,350 X18.572 Xl 1,604 Road Week or Current Previous Current Previous Manistee & No E July 6,672 6,409 5,637 8,934 Month. Year. Year. Year. Year. Jan 1 to July 31 46,704 44,863 58,159 52,493 Maryland & Penna July 3,834 2,875 3,593 $ $ $ 3,324 Hudson- Mar 1 to July 31 19,167 14,375 23.194 17,321 Albany & July 41.498 33,228 178,042 157.463 American R'ys Co. August 159,774 140,257 1,019,147 933,837 Mineral Range July 9,446 9,446 X2.700 X2.466 Aur Elgin & Chi Ry August 71.373 53,553 384,118 293,391 Mo Kas & Tex July 359,273 351,618 def55,736 defl9,006 Binghamton Ry August 30,767 27,379 185,881 170,102 Nash Chatt & St L...July 149,778 150,502 52,457 92,884 Boston & Worcest'r August 63,324 55,866 Burlingt'n (Vt) Tr. August 12,129 9.238 58,768 53~,6i6 July Nevada Cal & Ore 2,142 2,162 8,592 3,341 Cal Gas & Electric. July 435,971 320,857 3,030,224 2,173,393 New Jersey & New York Central Market St. July 14,765 Apr 1 to June 30 15,558 15,349 xlO.977 X35.388 Cent Penn Trac... August 57,431 53,199 383,167 353,827 Jan 1 to June 30 30,905 30,734 xdef7,226 X4.831 Chi & Mil Elec August 67,838 55,087 347,073 270,566 July 1 to June 30 61,599 61,389 x30,104 xdef9, 373 dChi & Oak Park.. August 65,971 61,355 534,565 502,452 Cent Hud Riv.. Cin Northern Trac. July 56,000 54,812 N Y & L'ht July 1 to Sept 30... .. 5.662,800 5,410,297 3,322,300 3,155,998 Citizens' Ry & (M'catine, Iowa) July ... 10,276 9,890 68,400 57,325 Jan 1 to Sept 30 16,500,600 15,479,385 6,583.200 5,788,730 Clev& SW Tr Co.. August 55,540 51 ,488 347,737 306,783 Ont Western..July A67.263 ft57,678 163.0S0 187,377 N Y & Clev Painsv & E.. August I 29,554 25,845 159.623 149,032 Norfolk* West July 336,207 293,230 444,196 406,671 Col Lon & Spring- July 22,052 Detroit United Ry. 2d wk Sept 119,433 98,654 3,566,215 3, 164", 736 Reading all companies — 2d Sept 12,999 11,837 458,694 434,492 July 868,500 884.037 552,266 484,249 Duluth Street Ry. wk . . 1 ——.

Sept. 23 1905.) THE CHRONICLE. 969

Gross Earn'gs Kit Earnings Latest Gross Earnings. Jan. l to Latest Dat$. Current Previous Current Previous Year. Yeur. Yeor. Year. Roads. Roads Week Current Previous Cum nt yus I S S t or Month. Year. Year. 1 c.jr. Montreal St Kv Aug 202,009 236,245 125,810 118,254 Jan I to Aug 31... 1,806,711 1,639,427 676,981 690,575 s $ S 1 Ocl I to i--- 2,443,825 2.224,855 012,780 820,653 East Ohio Traction 80,697 10, 77,852 70,496 May Nor Ohio Tr ft LI Aug 102,718 95,063 62,608 49,267 Sub.. August 114.246 130 862,606 848,812 1 to \ir: 81.... 628,245 588,030 202,093 266,590 Fl; Aurora & So. . August ... 49.479 1 1 ,893 311,201 302.211 Tract Julv 10.680 13,844 9,149 5. 203 /il't Wayne & w ab Orange Co 1 31 67,708 02,017 21,150 12,002 ley Traction. July 03 B8.804 520.011 '.770 Jan to July Havana ElecRy Co WkSept 17 9,665 i/32.- 91,975 v l.l 07. lo:, PeekskUl LtgARE Aug 12.157 11,465 6,020 6,603 lulu Rapid Tr July 1 to Aug 31... 24.400 22,272 12,471 10,701 A Lain! Co July 20.707 187,690 189,819 Scranton Rj Co -Julv 02,857 86,052 45,329 HoughtonCo st Ry 21 ,390 20.0(H) 177,349 1 10,51 July Jan 1 to July 31. .. 538,508 488,648 232,024 205,950 Houston ElecSt Ry July 47,903 18.344 July 75,297 38,505 34.414 Illinois Trac Co... August 129,491 79,749 900,369 Syracuse Rap Tr.b 82,540 IndianapA East Ry May 10,031 17,550 83,150 1,675 i'oledo Bowling Green & Indianan & North- lutnern -Aug 28, 093 14,175 western Traction 31 ,933 158,023 June Toledo Rys ft Lt.a Aug 170,350 155,367 88.392 77.409 Internal Trac Co Jan 1 to Aug 11 1,244,135 1,130,000 607,571 526,860 System (Buffalo) August 479,890 434,035 2,986,798 2,73! 210.513 210,000 sonv Eld July 25,222 184,733 164,547 Twin Cltj Rap Tr.b. Aug 422,061 389,107 Kan City Ry A It. July 417,201 365,379 2,073 .000, 2,324,333 Jan 1 to Aug 31 8,028,624 2,834,226 1,020, SOS 1,490,075 Lake Sh Elec Ky.. July S7.64S 71 ,089 414,277 34* United Trac (Albany). b Lehigli V Trac Co \| nil 1 to June 30... 441,310 444,331 111,510 194,071 eet Ry Hep.. August ... 62,374 50.150 3S4.010 335,444 Jan 1 to June 30... 842,736 834,732 278,117 300,594 Elec Light Dep. August — 13,274 12,934 1 12,222 104,.-,,;, July 1 to June* 30.. . 1,731, 20S 1,687,639 044,777 585,761 August 34,276 85.629 228,671 Lima EIRyA Lt Co May 18,867 15,185 a Net earnings here given are after deducting laxes. St * 15,730 14,454 68,249 50. London Ry May b Net earnings here given are before deducting taxes. Manila El Ry o< L. Rv Dtp: Wk Sept 14 9,625 Interest Charges and Surplus. Met West Side Elev August — 1S0.411 160,989 1,467,811 1,375,147 2.0S4.940 MllElec Ry4 Lt Co August 277,015 272,325 2,004,914 —Int.. Rentals, e'c. Bat. of Net E'ngs.— Mil Lt H & Tr Co. August 69,724 50,336 397,204 209,845 Current Previous Currcht Previous Montreal Street Ry August 262,009 236.245 1.805,711 1.639,427 Year. Year. Year. Year. 405.461 371,117 Norfolk Rv & L... July 81,986 74,237 Roads. S S S S Nor Ohio Tr&Lt Co August 102.718 95.963 628,245 588.929 Northern Tex Trac August 59.244 48,626 421.698 359,840 Detroit United Aug 92,395 90,005 arl37,fi82 aT13,725 Northwestern Elev August 106.S54 96,802 914,919 838,553 Jan 1 to Aug 31 736,207 713,263 .T627.229 z439,586 Oakland Tr Cons.. July 119,816 104,276 804,157 707,71 1 Elgin Aurora & So„ -Aug 9,333 0,333 15,813 11.577 Orange Co Trac July 16.6S0 13.S44 67,798 62,647 July 1 to Aug 31 18.506 18,500 31,595 27,412 Peeks Ltg&RB Co. August 12.157 11.465 80.968 72,354 Internat Tract Co System Pittsburgh M' 1 ulialo) Aug 140,953 140,229 114,012 101,401 port Ore, 22,423 20,532 100,327 89,177 & July Jan 1 to Aug 31 1,098,655 1,053.210 309,775 43,207 Pottsv Union Trac June 19,956 18.260 99,685 88,368 Rvs Co Gen—R'ds August 40.656 36,881 24S.676 218.847 Lexington Ry Aug 5,919 5,611 7,202 9,383 Light Co's August 1,956 2.081 16,237 15,761 Jan 1 to Aug 31... 47,318 40,733 Roc! ilway August 167,515 137.309 1,154,708 9S4.699 Mil Elect Ry & Lt.-.Aug 79,677 77,579 z73,175 z66,006 Rockford Belolt & Jan 1 to Aug 31... 609,001 598,791 X463.347 X431.168 85,861 Janesville August 16,090 14.974 93,208 Mil Lt & Ht & Trac. -Aug 23,636 18,517 21,823 12,308 (Mo) Ry Jan 1 to Aug 31.. . 165.407 131,691 61,052 a-21,089 Lt HeatAPowCo August 71,554 62.624 485,787 439,757 San Fran Oakl'd & Montreal St Ry Aug 35,469 30,255 90,341 82,999 San Jose Ry July 43,015 33,430 300,018 221,936 Jan 1 to Aug 31... 211,096 178,895 465,885 411,680 Sao Paulo (Brazil) Oct 1 to Aug 31... 267,389 231,262 645,400 589,391 Train L A P Co. Wk Sept 3 48.562 41 ,488 6304,992 6315,863 Nor Ohio Tr & Lt Aug 23,267 22,467 29,241 26,800 Savannah Elec Co. July 56,411 51,463 331,874 305,108 Jan 1 to Aug 31.. - 184,136 180,992 107,957 85,607 Schuvlkill Rv Co.. July 22,261 a61 ,283 Scranton Rv Co July 18,661 18,486 28,278 26.843 July 92,857 86,052 538,508 488,648 Scranton Railway. Jan 1 to July 31„. 130,597 128,608 102,327 77,342 Seattle Electric Co July 225, 21S 197.392 1,421,920 1,320,002 South Side Elev August 132,196 109,190 1,078,892 1,011,757 Toledo Bowling Green & Syracuse R T Ry.. Julv 82,549 75,297 536,554 489,588 Southern Aug 5,879 8,296 Tampa Electric Co July 33,123 28,802 232.620 201,500 Toledo Rys & Lt Aug 42,635 41,899 45,757 35,510 Terre Hte T & L Co Julv 55.991 54,213 342,863 314,068 Jan 1 to Aug 31.-- 339,554 333,431 268,017 193,429 TolRowlGrA- So Tr August 28,693 Twin City Rap Tr.._Aug 7.-103,208 £92,425 143,305 118.175 Toledo Rvs Light August 176,350 155,367 1,244,135 1,139,600 & Jan 1 to Aug 31... £793,800 £725 ,290 832,708 764.785 Toledo & Western. July 23,414 21 .589 129,023 119,495 Toronto Raihvav.. Wk Sept 16 57,881 49,810 1,912,291 1,696,854 United Traction (Albany) Twin City Hap Tr. 2d wk Sept 112,572 81.551 3,267,132 3,024,899 April 1 to June 30... 86,506 80,711 r28,784 Z114.165 1 30... 172,747 156,858 .T146.315 Un'd 3t L.. August X74S.541 1015,457 5,511.071 6,265.000 Jan to June 1110,467 x305,497 United

: Alex ft Mt V July 20,453 19,555 142,162 139,029 You-: rst'n-S iron. Julv 47,352 40,020 304.776 264.2.ss x After allowing for other income received. I: Charges include dividend on preferred stock. a Totals are from April 17 1905. h Totals are from June 25 in both vears. u These are results for main line, b These are the combined earnings of all the constituent companies. 1: Decrease due to a strike and boycott, x Decrease due to the fact that the Louisiana Pun Exposition v. as open last year, v Spanish silver. ANNUAL REPORTS. Street Railway Net Earnings.—The following table gives • Annual Reports. following is an index to all annua the returns of STREET railway gross and net -earnings —The reports of steam railroads, street railways and miscellaneous reported this week. A full detailed statement, including all companies which have been published since the last editions roads from which monthly returns can be obtained, is given of the "Railway and Industrial" and "Street Railway" once a month in these columns, and the latest statement of Sections. this kind will be found in the issue of Sept. 9 1905. The This index does not include reports in to-day's "Chronicle." next will appear in the issue of Sept. 30 1905. Railroads, Etc.— Page. Railroads. Etc.— Page —Gross Earnings. N et Earnings. AUi3-ClialmersCo K39 Louisville A Nashville 723 Current Previous Current Previous American Ajrrlcultur.il Chemical 724 Lowell Machine Shop ( balance sheet Year. Year. Year. Year. American Glue 505 March 31) 558 Roads. S $ 9 8 American Hide A Leather 840 Lyons Beet .Sugar Refining (balance American Light & Traction 660 sheet March 1) 500 Aurora Elg A Chic. Aug 71 ,373 53,553 38,250 27,424 American Locomotive 840, 698 Maine Central 897 Jan 1 to Aug 31... 384,11s 293,301 171,100 114,818 \t,i'Ti'-..n Smelt. A- I!eflning_..89S. 920 Mannatttan uv 666 Appleton A Co. (balance sheet 840 Mldvale Steel (bal. sheet Feb. 27)... 557 July 1 to Aug 31... 146,203 112,071 80,157 68,810 ) ic<; Merchants 770 Missouri Kansas A Texas 606 Cent Penn Trac Co 57,431 53,199 10,794 10,110 l'.emls Bros. Bag (balance sheet) 725 Nashville Chattanooga A St. Louis.. 612 Jan 1 to Aug 31 383,107 353,827 67,036 42,305 Bon Air Coal & Iron 6G6 National I'.nam. A Stamping __ 012 Boston & Maine 065 National No volt v Corporation 012 .-.-,,087 _> . S38 Chic A Mil Elec Ry.Aug 42,657 Brunswick Dock A City Improv't_ _ J.I National Rice Hilling (11 m08.)-__. Jan 1 to Aug 31 347,073 27d 197,006 2,218 Buffalo Roch. a- pitta oil, 005, 673 New York New Haven A: Hartford.. 775 r Calumet A llccla Mining . ,04 New York Ontario A Western .. 665 ill'- Cleveland Paine.-, & 8'.' < anadlan I'a-inc. New York A Richmond Gas 667 -rn.a Aug 29. 25345 13,564 10,476 Central Foundry 72-1 Niagara Light Heat J rower 017 Jan 1 to Aug 31 150 149,032 65,' 59,575 ( entral ot Geonria 723, 910 Nllee-Bement-Pond (bal.sh. Dec. 8) cent. Leather (statement to X. Y. \on i'rn S96. 912 Cleve A So West. b. Aug .-.-,,540 51,488 26,258 24 ,395 Stock I xchance) 504 Oceanic Steamship 506 1 141.260 108,552 Jan to Aug 31 347,737 306,783 A ( hlo ..896, DOS Woven Wire Fence 505

•.

I 658 Detroit United. a Aug 509,102 448,481 227.327 20' Chicago Great Western.. .897, 905 1'flsler A her (bal. sheet). Chic. Mlrw. A St. Paul 838, 849 Pittsburgh Coal (half-year) . . Jan 1 to Aug 31 3,3:; 2,065 l ,:::;. 1,125,173 Chicago A.- North Western 776 Saco a r. tee Machl ie Miops (bal. 10 20,910 ( hlcago Pneumatic Tool (0 mos\) sheet 29) 558 Elgin Aurora A So. b. Aug 49.470 41 . 25,1 816 AUK. Chicago Terminal Transfer St. LouIh Southwestern July 1 to Aug 31... 06,984 ,373 60,101 Consolidated Cotton Duck (6 mos.). 070 Southern ity Illinois Traction. a. ..Aug 129,491 70,740 62,408 CTeai -e Mfg. (balance Texas Central -tern 669 Jan 1 to i,7< 387 274,012 I Nov. 30) lo Peoria A W< Aug 31 900.369 657 I tctivcr A Bio Grande K'.H, 845 Union Oil Intornat Tract Co System Detroit Mack. A Marq Land Grant. 007 United Pi : i 43'? 24 ' (Buffalo,) _b Aug 470,890 25 I Miluth South Shore A Atlantic 018 "PC Jan 1 to Aug 31 2.986,798 2,73" 1,408,430 1,006,417 LB 830 Unlted8( ' 500 A West. Transp. (statement United -'at' - i eli phone, ihlo 1 1.0 1 1 Lexington Ry.b Aug 34,270 35,629 13481 10) 724 U„lt, Corp. (quarter

88,0.-, 1 - Jan 1 to Aug 31 228,671 1 alrbnnl.s, N. K. (balance sheet)... ' 67 and half-year) 59; r r ' o . >. ,K Warren Br Manila Elect Ry & Light al. sheet) Gufley Octroi, (bal. sheet Jan. I). Wei 22! .... st— 724 Ry Dept Aug 44,500 24,250 (.nil Bcnnine (bai. sheet Jan. 1) 506 tone (bal. sheet Dec. 31)..

; •j;ulf Hhl|. Mil Elect Ry A Lt.b.Aug 277.015 272 162,055 1 A — " ( B Valley 89 ,S7, I ft Jan 1 to '. 2.094,014 1,560 l ,021 Aug 31 2,084,940 i "It 898 1 .r Intorborough Kapld 1 ranslt. . A I. ..hi 666 Mil Lt II A Tract b..Aug .724 00336 46,459 30,825 LehUrh Valley 7. Knn i Mutton, Jam. 1 Louisiana 066 W. India 605 Jan 1 to Aug 31 1397,204 299345 ,159 :,. A Arkansas ,

970 THE CHRONICLE. [Vol. lxxxl

Atchison Topeka & Santa Fe Railway. Reading Company. (Report for Fiscal Year Ending June 30 1905.) (Report for Fiscal Year Ending June 30 1905.) The remarks of President Ripley are printed in full on The remarks of President George F. Baer, together with pages 985 to 989, and in addition the principal tables from various tables .showing the company's earnings, the balance the pamphlet are also given. Below is a comparative state- sheets, etc., will be found on pages 978 to 984, while in the ment for four years prepared for the "Chronicle.". editorial columns is given an article reviewing the results OPERATIONS, EARNINGS, ETC. for the year covered by the report. 1904-05. 1903-04. 1902-03. 1901-02. Below are the comparative statistics for four years: Aver, mileage operated 8,305 8,180 7,965 7,855 PHILA. & READ. RY.—OPERATIONS, EARNINGS, ETC. Equipment h — 1904-05. 1903-04. 1902-03. Locomotives 1,454 1,433 1,309 1,312 1901-02. Passenger cars 881 861 801 7K2 Miles oper. June 30 1,015 1,011 1,010 1,003 Freight cars 39,172 39,072 36,4f,2 34,201 Equipment— Miscellaneous cars 139 1,201 1,327 1,387 Locomotives 900 939 927 892 Operations— Pass, equip't cars 843 839 802 813 Passengers carried 8,288,955 7,622,012 7,050,164 6,379,128 Freight equip' t cars... 38,280 38,733 39,270 37,571 Pass, carried 1 mile. ..743, 500,412 708,120,404 613,166,355 607,670,582 Service cars. 860 860 896 947 Rate per pass, per mile 2.158 cts. 2.180 cts. 2.196 cts. 2.212cte. Floating equipment... 128 126 128 125 Freight (tons) carried. 12,894,347 13,195,597 12,980,093 11,596,093 Oper. (excl. co.'s mat'l.)— Passengers Freight (tons) car. 1 m. n4, 730, 090 a4,6S2,269 u4 705, 540 o4, 231, 748 carried 28,503,771 27,644,350 25,856,032 24,987,177 Rate per ton per mile.. 1.002 cts. 1.020 cts. 0.948 cts. 0.988 cts. do do 1 mile... 361, 675,888 349,139,591 329,826,814 306,308,981 Av. rev. tr.-load (tons). 281.85 269.81 279.67 247.51 Rate per pass, per mile 1.581 cts. 1.581 cts. 1.587 cte. 1.593 cts. Earn, per pass. tr. in. _ 81.12 SI. 15 $1.03 $1.04 Coal ( anth.) car., tons 12,029,459 11,324,624 7,932,891 9,465,953 Earn. p. freight tr. in.. $2.82 $2.75 $2.65 S2.53 Coal (bit.) car., tons.. 9,184,421 8,059,243 8,437,325 6,087,088 Gross earns, p. mile... $8,233 88,334 $7,828 $7,528 Coal car. 1 mile, tons.. 2,416,467 2,180,936 1,925,862 1,710,792 a (000) omitted. Merchandise car., tons 18,695,193 16,633,220 18,227,961 16,413,700 Earnings— 8 $ $ $ do 1 mile, tonsa.. 1,324,829 1,155,981 1,298,347 1,133,015 Freight 47,408,982 47,762,653 44,622,439 41,815,607 Rate per ton per mile.. 0.984 cts. 1.032 cts. 0.967 cts. 0.973 cts. Passenger 16.045.3S0 15,433,774 13,469,986 13,439,385 a 000's omitted. Mail, exp. and miscel.. 4,921,475 4,974,773 4,257,973 3,880,094 Earnings from— $ $ S S Coal ...17,163,351 15,921,800 13,134,624 12,436,159 Merchandise 13,036,536 11,932,640 12,564,294 11,205,307 Total 68,375,837 68,171,200 62,350,398 59,135,086 Passengers... 5,717,399 5,516,669 5,235,897 4,880,705 Expenses— Miscellaneous 796,459 760,355 654,884 528,836 Maint. of road, &c 11,385,418 9,170,234 9,304,892 6,141,466 Mails 118,325 119,024 118,824 119,370 Maint. of equipment.. 10,914,864 10,006,135 8,510,543 7,864,951 Other sources (net) .. . 663,649 688,906 721,267 345,156 Transportation 21,362,860 21,295,960 19,023,145 18,442,438 General expenses 1,854,242 1,749,703 1,598,530 1,460,413 Totalearnings 37,495,719 34,939,396 32,429,791 29,515,534 Opcrat. expenses— Total 45,517,384 42,222,032 38,437,110 33,909,268 Maint. of way, etc 2,738,215 3.083,963 3,019,881 2,979,115 P.c. of op. exp. to earn (66.57) (61.94) (61.65) (57.34) Maint. of equipment.. 5,650,984 5,694,610 4,901,011 3,542,895 Net earnings 22,858,453 25,949,168 23,913,288 25,225,818 Conducting transpo'n. 10,387,563 10,349,062 10,526,643 9,134,618 General.. 703,587 691,293 644,549 859,867 h Also June 30 1905 2 steam ferryboats, 1 river steamer, 2 tugs and Equipment renewals.. 666,133 4 car floats. Insurance fund 30,794 155,899 272,419 246,044 INCOME ACCOUNT. Improvements 979,643 1,173,765 1,228,760 1,341,326 1904-05. 1903-04. 1902-03. 1901-02. Total expenses ... Receipts— $ 20,490,786 21,148,592 20,593,263 18,769,998 $ $ $ Net earnings Net earnings 22,858,453 25,949,168 23,913,288 25,225,818 17,004,933 13,790,804 11,836,528 10,745,536 Income from inv'ts 651,542 979,687 827,313 706,247 PHIL. & READ. COAL & IRON CO. INCOME ACCOUNT. Miscellaneous 162.360 269,087 490,680 434,611 1904-05. 1903-04. 1902-03. 1901-02. Earnings— $ S $ $ Total 23,672,355 27,197,942 25,231,281 26,366,676 Anthracite coal 34,943,001 33,949,387 22,088,146 25,150,544 Deduct— Bituminous coal 548,398 637,017 705,667 910,661 Rent of tracks, &c 293,553 386,464 361,204 368,327 Coal rents and miscel... 608,021 664,770 485,428 458,324 Taxes 1,926,696 1,916,137 1,758,120 1,743,653 Interest on bonds 9,611,510 9,418,800 9,134,485 8,438,985 Divs.onpref. 5,708,690 5,708.690 5,708,690 Earnings 36,099,420 35,251,174 23,279,241 26,519,530 (5%)... 5,708,690 Expenses— Divid. on com (4%).. 4,078,220 4,078,220 4,078,220 4,078,220 charges taxes.. Miscellaneous 98,250 116,800 79,140 251,183 Fixed & 104,035 317,224 377,747 419,858 Mining coal and repairs. 17,378, 181 16,683,568 11,635,095 12,076,964 Coal purchased (anthra- Total 21,716,919 21,625,111 21,119,859 20,589,058 cite) 2,711,836 3,119,700 2,137,842 1,829,646 Balance, surplus d 1,955,436 5,572,831 4,111,422 5,777,618 Coal purchased (bitum- inous) 526,265 593,306 627,981 930,495 Royalty leased collieries 621,531 561,604 370,227 392,646 d See profit and loss account on page 988. Transp. of coal by rail.. 8,032,089 7,428,812 3,044,793 5,733,800 do by water GENERAL BALANCE SHEET JUNE 30. do 1,337,805 1,458,370 751,015 972,211 Handling coal at depots, 1905. 1904. 1903. taxes on coal lands, & improvements, coal Assets— 8 8 $ Railroad, franchises, etc., including sold from stock, and stocks, bonds, etc 448,632,530 440,925,439 431,226,691 miscellaneous al, 428, 243 a863,610 o774,185 2,221,130 Expenditures for improvements 4,253,630 2,589,385 3,089,992 Colliery improvements . 1,730,975 1,273,035 867,330 863,428 Expenditures for extensions 171,814 390,277 368,321 Depletion coal land fund 478,324 454,241 340,446 374,101 Expenditures for equipment 58,435 4,461,304 3,548,429 Interest on Reading Co. Investments and new acquisitions.. 16,587,283 14,065,972 13,205,075 loanaccount 1,582,255 1,582,478 1,582,334 888,781 Company's securities on hand 2,584,426 2,584,326 2,583,896 Other securities on hand 362,600 646,867 475,817 Total expenses 35,931,539 34,335,948 22,508,995 26,703,061 Other investments 3,317,307 3,840,762 2,851,550 Profit 167,878 915,226 770,245 def. 183, 532 Dep. under Article 5 of Gen. Mort.. 43,140 Materials and supplies 5,569,101 6,143,925 4,532,847 Traffic balances 1,042,253 1,301,815 10,351,148 a in 1902-03 these items amounted to $1,519,429, less 8745.244 coal Agents and conductors 350,067 339,932 408,927 added to stock.. $774, 185; in 1903-04, 81,623,814, less $760,204 coal U. S. Government 676,980 521,614 449,069 added to stock— 8863,610: in 1904-05, $1,797,577, less $369,334 coal Insurance prepaid 43,890 44,387 43,192 added to stock—$1,428,243. Miscellaneous accounts 2,485,353 3,272,509 4,045,954 Cash on hand and in bank 9,580,084 6,362,906 10,960,788 READING CO., PHIL. & READ. RY. CO. AND PHIL. & READ. Cash deposit for fuel reserve fund... 412,671 579,103 439,450 COAL & IRON CO.—CONSOLIDATED INCOME ACCOUNT. 1904-05. 1903-04. 1902-03. 1901-02. $ $ $ $ Total assets 496,128,440 488,113,663 479,581,147 Net Phila. & Read. Ry. 17,004,933 13,790,803 11,836,528 10,745,536 Profit Coal & Iron Co... 271,913 1,232,450 1,147,993 236,327 Common stock 102,000,000 102,000,000 102,000,000 Reading Co. income 6,966,019 6,849,685 6,431,711 5,312,129 Preferred stock outstanding 114,199,530 114,199,530 114,199,530 Funded debt (see "Ry. & Ind." Sec)246,226,300 239,432,050 231,930,250 Rolling stock replacement fund 491,841 26,754 556,731 Total 24,242.855 21,872,938 19.416,232 16.293,992 Rail renewal fund 171,656 546,676 1,325,932 Deduct- Bridge renewal fund 72,800 Reading Co. expenses.. 138,961 73,008 90,950 82,348 Tie renewal fund 144,478 49,203 227,742 Read. Co. fixed charges, Fuel reserve fund.. 412,671 579,103 439,450 taxes and Gen. M. Accrued taxes not due 771,900 792,003 866,049 sinking fund 4,795,202 4.724.537 4,477,513 4,337,770 Interest accrued not yet due 3,622,405 3,580,698 3,531,405 Phila. & Read. Ry. int. 9,519,123 Coupons not presented 436,996 204,080 193,170 on bonds and taxes 9,645,769 9.474.538 9,519,011 Pay-rolls 2,560,122 2,302,106 2,452,479 Phil. & R. C. & I. Co. Audited vouchers 2,761,491 3,148,579 2,843,148 interest and taxes 104,035 317,224 377,748 419,858 Traffic balances 898,851 1,143,168 1,196,348 Miscellaneous accounts payable 1,567,893 707,512 746,252 Total 14,683,967 14,589,307 14,465,222 14,359,099 Prior accounts in liquidation 50,000 215,200 219,001 Surplus 9,558,888 7,283,631 4,951,010 1,934,893 Profit and loss account (surplus)... 19,739,492 19,187,003 16,853,660 Accumulated surplus... 19,635,353 14,406,456 9.357,623 4,439,840 Dividends on lstpref. (4)1, 120,000(4), 1,120,000(4)1, 120,000 (3)840,000 Total liabilities. 496,128,440 488,113,663 479,581,147 Dividendson 2d pref.. (4)1.680,000

Yazoo & Mississippi Valley Railroad. Surplus, all companies. 14,445,353 11,816,456 8,237,623 3,599,840 (Report for the Fiscal Year Ending June 30 1905.) On pages 989 to 992 will be found the remarks of Presi- First dividend on common stock, 1H p. c, was paid Feb. 1 1905; dent Fish, together with the balance sheet and detailed Aug., 2 p. c. will be found on tables regarding the operations of the year. Another week The balance sheets for June 30, 1905, comparative balance sheets will the comparative statement of results for four years will be pages 978 to 984, and the early day. V. 669, 212. published in this column.—V. 79, p. 1031, 1020. be published by us at an — 81, p. . nt : .

Sept. 23 1905. | THE CHRONICLE. 971

Louisiana & Arkansas Railway. BALANCE SHEET. Jtuic30,'05. June 30/04. Jinn 30'03. — 8 (Report for the Fiscal Year Ending June 30 1905.) i bhU $ $ Ruiiroad and equipment 03,528,480 53,838 60,187,205 A comparison of the earnings, expenses and charges for Securities owned 21 ,788,277 22,856,122 21,942,070 several years is as below. Extracts from the text of the Advances for construction 84,578 217,078 000,81 1 Insurance hind 100,000 100,000 100,000 will next week: report be given Supplies and materials 1,288,461 1,828,389 1,184,700 Cash 2,749,418 1,771,275 2,167,929 EARNINGS, EXPENSES AND CHARGES. Due from agents 1,049,289 920,818 ''10,084 Earnings— 1904-05. 1903-04. 1902-03. 1901-02. Due from railroads, etc 1,532,449 1,528,042 1,247.449 other and 1 1,022,281 Freight $731,144 $013,214 $460,588 5432.416 companies Individuals 1,335,481 ,007,803 Passenger 85,188 66,408 47,547 Hills reeeiv., L. & \\. B. Coal Co 749,335 1,744,614 2,555.407 120,329 Mail, express and iniscel 28,203 26,053 15,399 L2.648 Other accounts 118,846 46,931

Tot al asset s 94 319,015 95,178,859 91,965.023 Total earning .$844,535 $704,670 $532,534 $478,531 Liabilities— Expenses— Capital stock.. ...27 425 ,800 27,418,800 27,4 15,800 Uaint. of way and structure8.tl44.033 $136,062 $117,139 $98 Hon. Is (see "Ry. & Ind." Section).. 50 361 000 51,317,100 48,590,100 Maintenance of equipment... 99,500 103,280 64,879 40,270 Interest on bonds 1 ,070 ,849 1,120,774 996,775 Conducting transportation... 2 - 207,959 155,395 122,579 Kintals 8 ,905 6,685 845

General . 37,475 30,994 27,446 21,294 Vouchers, pay-rolls, etc 2 ,209 ,273 2,880,1 10 2,596.218 Taxes 14,267 9,491 6.S49 3,777 \Hn- railroads and companies 431 330 295,503 478,402 Other companies and individuals 582 702 434,405 607,586 Interest, dividends, etc., overdue 41,524 32,029 Total expenses $521,712 S-1S7.795 $371,708 $295,575 I >i\ dend due 548 516 548,370 5-18,316 (09.22) (09.80) (61.77) P. c.ofex; (61.78) 000 100 ' 935,732 '115,203 $322,824 $210,875 $160,826 $182,957 9 1 earnings Miscellaneous 128 ,553 159,356 24,180 17.S43 95,090 Other income 20,050 Equipment accounts 91,920 404,737 Equipment depreciation fund 1 ,003 908 1,000,000 Total income $342.S74 $241,001 $178,669 $182,957 Insurance reserve fund 219 330 1N7.448 128,773 Deduct interest .$136,200 $123,507 $70,027 $33,001 al and improvement fund 00.074 350,000 Miscellaneous 5,152 2,037 Profit and loss 9 ,211,227 8,739,227 8,840,881

$141,352 $125,004 $ 70,027 $33,021 Total .94,319,615 95,178,859 91,905,023 Surplus S201.522 $115,457 $108,642 $149,935 —V. 81, p. 506. —V. 81, p. 666. Missouri Kansas & Texas Railway. Central Railroad Company of New Jersey. (Report for the Fiscal Year Ending June 30 1905.) (Report for Fiscal Year ending June 30 1905.) Extracts from the report will be given next week. Statistics. —The comparative figures of operations, earn- President George F. Baer says ings, etc., have been compiled for the ''Chronicle -I as Renewals and Improvements.—Expenditures for renewals and im- follows: provements aggregating $1,072,702 were charged against income ac- count, the principal items being: Sidings and other yard improve- OPERATIONS AND FISCAL RESULTS. ments, $293,057; renewal and improvement of bridges, $193,814; 1904-05. 1903-04. 1902-03. 1901-02. repairs and improvements to docks and wharves, $294,488; renewals of Miles operated, aver. 3,043 2,884 2,601 2,500 station buildings and improvements of station grounds, $140,669. Ties Operations— to the number of 43S.256 have been renewed, 60 miles of track re-bal- Passengers carried 3,603,901 2,956,439 2,580,705 2,327.716 lasted with broken stone, 41.75 miles of track relaid with steel rails of Pass, carried 1 mile... 238, 600, 721 172,063,058 145,707,447 139,024,626 90-pound section. Kate per pass, per mile 2.069 cts. 2.210 cts. 2.169 cts. 2.187 cts. New Equipment —The following new rolling equipment has been re- Tons freight carried 5,476,838 5,204,103 5,319,968 5,014,429 ceived: 22 locomotives, 512 freight cars and 37 cars for passenger Tons freight car. 1 m._ 1273145491 1229827565 1382372329 1396710077 service. The following has been contracted for delivery during the Rate per ton per mile.. 1.110 cts. 1.065 cts. 0.959 cts. 0.904 cts. coming year 15 switching locomotives, 1,000 steel coal cars, 2 steam Gross earns, per mile.. $6,585 $6,160 $6,616 $6,556 derricks, 100 refrigerator cars. Earnings— $ $ $ $ Funded Debt.—The total funded debt was decreased $956,100, viz.: Passengers 4,935,592 3,802,202 3,160,455 3,040,842 Equipment bonds retired, $770,000; convertible debentures exchanged Freight 14,134,335 13,102,910 13,256,900 12,632,692 for capital stock, $7,000; real estate mortgage paid, $179,100. Mail, express, etc 971,168 861,484 790,838 717,865 Operation Discontinued —On March 4 1905 this company discontinued its operation of the Lehigh & Lackawanna RR. Total 20,041,095 17,766,595 17,208,193 16,391,399 New York Terminals.—The new passenger terminal on the North Expenses— River between 22d and 23d streets, New York, was opened for traffic on Conducting transp'n.. 8,114,061 7,521,054 6,913,309 6,625,917 June 25 1905, and as we were forced to abandon our ferry line to Maintenance of way,&c 3,643,201 2,690,225 2,779,995 2,645,289 Whitehall Street, New York, on June 24 1905, the necessity for the new Maintenance of equip.. 1,925,195 1,613,969 1,651,077 1,498,573 terminal is apparent. Arrangements were perfected whereby a termi- General expenses 885,979 834,222 778,750 777,427 nal at West 42d Street, New York City, was secured. The service of Taxes 369,284 338,240 325,952 324,358 the Sandy Hook boats has been extended to that point. This terminal is also used for freight traffic. The company has secured the necessary Total 14,937,720 12,997,710 12,449,083 11,871,564 propertv for a freight terminal on the Harlem River at 135th Street, P. c. exp. to earns (75) (73) (72) (72)) New York City. Net earnings 5,103,375 4,768,885 4,759,110 4,519,835 Depreciation.—Six hundred and twenty-five thousand dollars was Other income 425,181 316,723 99,565 33,813 charged atrainst income during the year for depreciation in equipment and a further sum of $1,000,000 has been set aside out of the surplus of Total 5,528,556 5,085,608 4,858.675 4,553,648 the current year to the credit of "equipment depreciation fund." Disbursements— The table of securities'owned shows that on June 30 1905 Interest on bonds ... 3,864,718 3,316,172 3,291,396 3,226,844 Rentals 396,647 703,068 467,363 417,865 the company owned, at par, $1,600,000 stock of the Lehigh Vallev RR. Co. (On the same date the Reading Company Total 4,261,365 4,019,240 3,758,759 3,644,709 owned 51,000,000 of the issue.) Balance, surplus 1,267,191 (1,060,368 1,099,916 908,939 The results for four years were as follows: CONDENSED BALANCE SHEET JUNE 30. 1905. 1904. 1903. 1902. OPERATIONS. EARNINGS. EXPENSES. CHARGES, ETC. Assess $ $ $ $ Road, "equipment, etc. 176, 504, 530 174.385,850 156,920,632 154,782,289 1904-05. 1903-04. 1902-03. 1901-02. Bonds and stocks 1,056,080 1,134,264 489,231 468,651 Miles operated 602 369 639 639 Farm. L'n & Tr.Co.,tr. 650,433 Operations— Tr.So.W.Coal&I.Co.s.f. 65,350 Passengers carried 18,517,577 17,386,249 15,715,929 14,392,401 Cash 1,319,497 1,297,753 1,114.090 1,388,555 Pass, carried 1 mile... 234, 769,703 221,774,098 202,228,296 180,882,668 Agents, individ'ls, etc. 698,384 401,558 703,472 896,423 Rate per pass. p. mile. 1.465 cts. 1.479 cts. 1.506 cts. 1.485 cts. Materials and supplies. 1,170,050 1,407,119 1,316,488 1,282,858 Freight tons car. (rev.) 22,843,429 21,313,977 19,539,723 17.319,651 Advanced acct . const' n 857,824 Freight tons car. 1 mile 1852697593 1740945731 1519006597 1320335720 Rate per ton per mile.. 0.828 cts. 0.845 cts. 0.851 cts. 0.890 cts. Total 181,464,324 178,626,544 161.401,737 158,818.776 Rev. tons per tr. mile.. 507 502 466 461 Liabilities— Freight earns, p. tr. mile $4,204 $4,247 $3,964 $4,074 Stks.(see"R. &I."Sec) 80,223,200 80,223,200 72,724,200 72,569,200 Pass, earns, per tr. mile $0.93 $0.90 $0.85 $o..s2 Bonds and notes (see Gross earns, per mile.. $31,973 $28,814 $25,607 $23,075 "Ry. & Ind." Sec). 95,121,536 92,720,896 83,067,219 80,872,535 Earnings— $ $ $ $ Interest due 181,115 165,905 168,450 176,335 Merchandise 7,471.038 6,960,722 6,868,077 5,949,186 Int. accrued, not due.. 839,831 820,090 721,193 714.777 Coal 7,885,388 7,741,409 6,054,769 5,717.062 So.W.Coal&I.Co.s'k fd 96,886 Passengers 3,441,202 3,280,878 3,045,331 2,686,517 Kan. City Term. fund. 644,682 Express and mail 353,451 336,287 303,776 292,665 Vouchers & pay-rolls.. 2,275.762 2,601,757 2,399.619 1.642.220 Miscellaneous 108,037 102,657 85,203 94,807 Improvement fund 741,467 909,731 871,816 1,092,336 Taxes not due & misc. 398,951 273,192 249,823 491,025 Total earnings 19.259,117 18,421,953 16,357,156 14,740,237 Income account 940,890 911,843 1,199,417 1,260.348 Expenses— Maint, of way, etc 1,696,753 1,728,131 1,855,585 1,411,479 Total 181,464,324 178,626,544 161,401.737 158,818,776 Maint. of equipment.. 2,260,196 2,085.591 2,207,770 1,903,964 — V.81, p. 668, 666. Conducting transport' 5,307,284 5,317,280 5,230.674 4,295,888 General and traffic 712,257 714,578 720,782 630,513 Long Island Railroad. Total expenses... 9,976,490 9,845,579 10,014,811 8.241.844 (Report for Fiscal Year Ending Dec. 31 1904.) P. c. of exp. to earns.. (51.81) (55.91) (53.44) (61.21) President Ralph Peters says in substance: Net earnings... 9,282,626 8,576,374 6,342,345 6.49J Other operations (net) 447,148 341,786 391.682 100,929 Results for Unit-Year Ending Dec. 31 1904. — By resolution of the board Income from invest's. 1,119.197 1,155,479 1,116,112 1,568.000 adopted March 24 1905 the fiscal year was changed from June 30 to Dec. 31. For the six months ending Dec. 31 1904 there is an increase of Total income 10,848,971 10,073,639 7,850,139 8,464,322 $247,959 in gross earnings, and, as the expense* Increased only $50,291 Deduct— and the increase in your fixed charges was more than offset by an increase showed an Increase of Int.on bonds & guar's 2,810,420 • 2,789,507 2,710,493 2,008,052 in other income, the net income for the .six months Miscellaneous Interest. 19,786 70,983 126,815 40,134 $203,003 over the corresponding period for the previous year. The Rentals leased lines... 2,528,305 2,406,995 2,456,148 2,231.326 material reduction In the cost of operation for the six months In connec- Taxes... 458,041 473,951 415,887 415,087 tion with maintenance of way charges was due to the excellent physical Renewals, linp'ts, etc. 1,072,702 665,140 250,000 condition of vour property. I'.tmds— vour report for the year ending Depreciation of equip' 1,625,000 1 .000,000 190.000 There have been issued since Dividends 2.193,704 2,193,464 2,193,264 1.985.648 June 30 1904 was made $2,200,000 refunding mortgage bonds, which were and ,000,- Rate of dividend {8%) i%) used to take up $1 ,200,000 of unified hotels held by the public $1 (7X%) ,000,- 000 of the same bonds heretofore held in your treasury. < 'f M>e $1 Total 10,707.958 9.606,046 7,908,607 7,780347 000 refunding mortgage bonds which thus came into your treasury, a Surplus for year 141.016 467.593 def. 58.468 674,475 portion was used in the purchase from the Corbin estate of their holdings — —.

972 THE CHRONICLE. [Vol. lxxxi. in'the preferred and common stock of the -New York Brooklyn & Man- JJaidends. —A dividend of 83 per share upon the common stock was hattan Beach Ry. Co., thus acquiring (or your company th( control of paid in January last out Of the surplus accumulated to June 30 1904, that corporation, which owns the Important link connecting the Bay and the right of the pn ct eight ol the thirteen directors Ridge terminus with your lines. There have also been eliminated from thereby terminated. Out ol the surplus earnings of the year ended your balance sheet 8750,000 of prior lien bond which had been n 80 1905 your board declared and paid July 31 a dividend of \Yt% through the issue of unified bonds; and 82,200,000 of unified bonds which upon the common stock, It balance of current earnings to the had been retired through the issue of refunding bonds. credit oi profll and loss of $409,51 1 Capital Expenditures. —There has been an increase of 8300,005 in Stand Track. — At tl of the fiscal year 82,523,684 had been capital account caused by sundry expenditures, incn d Facilities tided upon main line second track and 82.03 miles were then were provided for the passenger terminal al Long Island City in order to completed and in operation. (The report of the General Manager relieve I he congestion prevailing at that point, and the freight facilities show In use on main fine June 30 1905, 82 03 miles; and float bridges were also further improved. since cornpleiid, 5.40 mil contract (Cornwall to Burnside), Considerable work was done on the Atlantic Avenue improvement, the 12.84 miles; not yi ract, 6.52 miles; total main line, 106.79. cost of completing winch, as stated in your lasl report, has now to be Also on Scranton divi ion, in use, 8.71 miles; under construction, borne by this company. It is expected thai this work will be finished 6.43 miles.; about the end of 1900. About 810,000 has been spent since your last Notes Also Secured.—Pursuant to the agreement made by your com- report upon the Brooklyn grade crossing improvement, and this work is pany with the .Morton Trust Co., trustee, at the time of the issue of now being vigorously prosecuted. 83,500,000 gold no ment of which was primarily secured by a • Excellent progress has been made in the work of electrifying your line first mortgage simultaneously made by the Elk Hill Coal & Iron Co. in and around Long Island City, and, as will be seen by your balance upon all its property to the same trustee;, the security of the general sheet, over 8000,000 has been spent upon this work. Sub-stations, mortgage extends to the oustanding notes pari passu with the bonds. transmission lines and track changes are about completed, and tlieelectric The p: Imentsonthei pany mortgage are in series service will be installed early in the summer. of like date and amount as the maturing gold m aade directly to trustee are applied by it the Operations, earnings, expenses, charges, etc., have been the to payment and cancellation of the notes. The issue has already been reduced to $2,825,000, the last as follows: of the scries falling due in 1915. OPERATIONS, EARNINGS, ETC. Summary of Churn's in Year 1904-05 for Additions, &c. Cat. year. Years ending June 30. 1. Charged to capital account 1904. 1903-04. 1902-03. 1901-02. Equipment purchased and improved 895,350 Miles of road operated. 392 392 392 396 Payments under car trust agreements.. 256,523 Operations Improvements on main lines, branches, Arc 190,692 No. pass, carried 18,815,977 18,34S,422 17,552,060 16,611,102 No. pass, carried 1 mile273,S34,722 264,739,967 252,626,924 240,683,822 8542,565 Rate per pass, per mile 1.435cts. 1.440cts. 1.422cts. 1.413 cts. Charged to operating expenses Tons freight carried... 2,491,744 2,335,448 2,104,598 1,945,854 Additions and improvements to rolling stock 8210,952 lines, do do 1 mile. 58,708,054 57,082,658 55,669,424 50,859,781 Improvements on main branches, &c 15,117 Rate per ton per mile. 3.493 cts. 3.370 cts. 3.205 cts. 3.158 cts. Aver, train-load (tons). 127.30 119.05 129.16 120.38 8226,069 Earn.per rev.frt.tr'nm. 84.44 84.01 84.14 83.80 Miles and Weight of Rail. Earn, per pass. tr.m.. 81.32 97.5 cts. 96.8 cts. 94.8 cts. 95-lb. 76-lb. 75-lb. 67-lb. 62-lb. 56-lb. 50-lb. Total. Gross earns, per mile.. $18,082 817,449 816,441 814,858 Main Line.. .31.66 221.31 13.62 2.16 271.75 Earnings— Branches, &c. 53.96 26.75 57.47 14.99 42.07 27.88 223.12 Passenger 3,928,427 3,842,310 3,592,614 3,401,228 Bridges and Trestles, Main Line, Branches and Leased Lines. Freight 2,050,456 1,923,498 1,784,056 1,605,975 1905 1904 1891 Mail, express & miscel. 1,104,924 1,070,040 1,064,322 876,404 Number. L'lh. Ft. Number. L'lh. Ft. Number. L'lh. Ft. Steel or iron bridges 212 23,681 211 23,619 94 14,706 Total 7,083,807 6,835,848 6,440,992 5,883,607 Wooden bridges 19 1,292 20 1,354 89 5,098 Expenses— Wooden trestles 71 14,833 72 14,966 124 23,884 Maint. way & struct.. 789,383 913,665 735,8X9 710,697 Maint. of equipment.. 712,994 724,889 592,592 535,234 Total 302 39,806 303 39,939 307 43,688 Conduct, transp'n 3,922,270 3,767,910 3,291,162 2,724,759 General 217,615 185,507 168,335 140,860 The earnings from the transportation of coal were S3, 380,- 843, an increase of $195,526, or 6.14 p. c. The total coal Total 5,642,262 5,591,971 4,787,968 4,111,550 shipments from the Scranton Division, including supply P.c. op.exp. to earns. (79.65) (81.80) (74.34) (69.88) Net earnings 1,441,545 1,243,877 1,653,024 1,772,057 coal used on engines and at stations, were 2,762,389 gross Net from ferries, &c... 202,036 143,209 199,936 226,104 tons, an increase of 205,583 over previous year, or 8.04 p. c. Int. on invests., &C— 242,510 158,322 137,128 106,584 The total output of anthracite coal by all companies for the Total net income. 1,886,091 1,545,408 1,990,087 2,104,745 year 1904 was 57,492,522 tons, a decrease of 1,870,309 tons, Deduct— as compared with the previous year. Interest on bonds 1,337,976 1,168,269 967,068 860,613 Rental of leased lines.. 403,849 401,056 442,851 484,295 The traffic and earnings statistics, etc., have been com- Taxes 1S3.434 213,835 239,515 210,832 piled for the "Chronicle" as follows: Miscellaneous 449 2,287 3,381 4,749 Int. onmorts., etc 14,772 35,167 31,683 OPERATIONS AND FISCAL RESULTS. 1904-05. 1903-04. 1902-03. 1901-02. Total 1,940,480 1,820,613 1,684,499 1,560,489 Miles operated 548 548 548 480 def.275,205 sur.305,588 Balance def.54,389 sur.544,256 Operations— GENERAL BALANCE SHEET JUNE 30. Pass, carried, No 1,731,806 1,637,987 1,507,988 1,386,039 Pass, carried 1 mile 63,108,400 56,086,905 52,906,057 49,715,289 1905. 1904. 1903. 1902. Rate per pass, per m. . 1.889 cts. 1.859 cts. 1.854 cts. 1.795 cts Assets— $ $ $ $ Freight carried (tons). 4,685,350 4,315,422 3,972,561 3,612,487 Road and equipment 30,144,459 29,731,164 27,571,436 26,335,261 Freight (tons) 1 mile.. 695,332,579 630,918,900 5S0,406,194 541,789,449 Atlantic Ave. improvem't.. 2,412,875 1,908,027 961,186 Rate per ton per mile.. 0.808 Cts. 0.848 cts. 0.855 cts. 0.804 cts. estates 5,638,000 5,638,000 6,448,000 Leasehold 5,638,000 Av. train-load (tons).. 298 285 287 285 Ferry property 2,745,997 2,744,000 2,744,000 2,744,000 Earn, per fr't train m. . 82.20 82.21 82.22 $2.05 river har. equip' t.. 237,309 237,309 237,309 Exp., & 237,309 per pass, train cts. 92.523 equipment.. Earn, m 97.370 cts. 92,528 cts. 93,661 cts. Elec. plants & 611,691 17,938 Gross earns, per mile.. 812,930 812,131 $11,263 811,357 Railroad and other stocks Earnings— 8 $ 8 S and bonds 4,876,218 5,612,303 5,764,663 2,994,213 Passenger 1,192,140 1,043,093 981,288 892,427 226,488 226,488 246,488 Real estate mortgages 226,488 Freight 5,618,383 5,355,275 4,964,601 4.35S.186 1,560,418 2,946,639 152,377 174,867 Cash on hand Mail, exp., rents, etc.. 156,962 145,920 133,213 127,543 560,364 Agents, individuals, &c 670,394 824,679 516,645 Miscellaneous 123,404 108,197 97,415 78,540 Materials and supplies 605,653 588,570 333,273 293,292 Bills receivable 1,507,982 889,955 1,223,750 630,250 Totals 7,090,889 6,652,485 6,176,517 5,456,696 Advances 418,014 617,075 558,061 727,751 Operating expenses— Miscellaneous 138,710 165,829 150,800 92,187 Conducting transp'n.. 2,893,965 2,828,135 2,493,682 2,228,485 Profit and loss 1,481,213 1,758,684 843,887 918,515 Maint. of equipment.. 996,483 940,168 831,358 746,946 Maint. of way, etc 827,493 1,002,183 925,699 894,384 Total assets. - 53,271,424 53,615,683 47,249,908 42,338,778 General expenses 173,961 158,120 156,761 146,481 Taxes 158,848 144,332 149,587 141,458 Capital stock 12,000,000 12,000,000 12,000,000 12,000,000 Bonds (see"Rv.&lnd. "Sec. )34,027, 703 34,777,703 25,486,203 21,910,703 Total 5,050,749 5,072,938 4,557,0S7 4,157,754 See's leasehold estates 4,138,000 4,138,000 4,138,000 4,948,000 P. c. exp. to earnings. (71.22) (76.26) (73.78) (76.19) Bills payable 20,000 160,000 3,465,990 360,000 Net earnings 2,040,140 1,579,547 1,619,430 1,298,942 Real estate mortgages 971,088 971,088 458,738 448,738 Interest, etc 451,217 471,647 401,937 511,917 Interest and rentals 473,436 446,540 314,188 259,219 Payrolls and vouchers 1,209,681 740,163 724,937 1,125,147 Total 2,491,357 2,051,194 2,021,367 1,810,917 Extraor'y expend, fund S4.126 583,240 Disb u rsem ents— and taxes ... Miscellaneous 435,516 382,189 577,726 703,732 Interest on bonds. 766,976 683,758 677,480 677,480 Int. on discount _. 231,155 271,638 280,047 277,032 Total liabilities 53,275,424 53,615,683 47,249,908 42,338,978 Rentals 211,948 208,968 202,870 197,446 —V. 81, p. 778, 508. New York Ontario & Western Railway. Total 1,210,079 1,164,364 1,160,397 1,151,958 Balance 1.281,278 886,830 860,970 658,959 {Report for the Fiscal Year ending June 30 1905.) Deduct div. on pf. stk. 210 a President Thomas P. Fowler says in part: ,. ,, ,, com stk(lj^)871,555 a Traffic.—Freight traffic earnings in detail for the last four years were: 871,765 Through Ft. Local Ft. Milk. Coal. Miscellan. Total. Surplus for the year. 409,513 886,830 S60.970 658,959 1902 8526,998 8801,208 8512,642 $2,517,338 $78,540 84,436,726 1903 661,403 912,340 551,613 2,839,245 97,415 5,062,016 a A dividend of 83, 150 on pref. stock and 81,743,090 (3%) on common 1904 647,269 925,811 596,880 3,185,317 108,197 5,463,472 stock was paid in Jan. 1905 frc^m accumulated surplus to June 30 1904. 1905 644,189 962,834 630,517 3,380,843 123,404 5,741,787 GENERAL BALANCE SHEET JUNE 30. New Mortgage.—Your board has carried out the financial plan an- nounced at the last annual meeting. A general mortgage upon your 1905. 1904. 1903. property has been made, providing for an issue of $12,000,000 of bonds, Assets— 8 $ 8 of which $2,000,000 have been issued and are in the treasury, available Franchises and property 74,444,663 72,654,336 72,121,272 for reimbursement for capital expenditures, leaving 810,000,000 for future Preferred stock redemption fund 4,000 4,000 4,000 requirements. (See "Notes Also Secured" below.) Investment in other companies 13,179,078 12,814,602 13,180,344 All the bonds authorized by the refunding mortgage, executed in 1892, Cash at bankers 676,571 257,318 317,254 amounting to 820,000,000, have been issued and disposed of. The new Stores, fuel, etc., on hand 6S3.067 763,528 505,920 general mortgage is a lien upon all the property covered by the refunding Sundry accounts due company 250,475 389,569 1,025,248 mortgage, and in addition upon all the capital stock (except shares held Advances to other companies 40,060 662,189 to qualify directors) and all the first mortgage bonds of the Port Jervis Traffic accounts due company 629,753 630,102 553,141 Monticello & Summitville RR. Co. and of the Ellenville & Kingston RR. Loans and bills receivable... ,. 110,956 116,010 116,589 Co., which stocks and bonds have been specifically pledged by the terms Accrued interest 126,854 108,688 256,790 of the mortgage, and the securities deposited with the trustee. The Cars under lease (car trusts) 714,000 741,926 858,000 roads of the companies named are now operated by your company under tentative arrangements, which will be superseded by permanent leasee. Total assets 90,859,478 89,142,268 88,938,558 j 1 —

Sept. 23 1905. THE CHRONICLE. 973

1905. 1904. 1903. ferred to In Last year's report has progressed with such satisfactory Liabilities— % S S results as to confirm the Judgment previously expressed that any de- Common stock 5S.1I 68,113.083 58,113,983 preciation of patent account by reason of expirations may salely be Preferred stock. 4.000 4,000 4,000 postponed. Refunding 4 p.o. bonds.. 20,000.000 17,000 16,037,000 The earnings, expenses, etc., for four years past compare Interest due and accrued - 271,947 242,491 229,407 as follows: Bundry accounts due by company — 1 ,666.65 845,546 886,368 Traffic accounts due by company 172, 909 90,603 122,805 Earnings— 1904-05. 1903-01. HI02-03. 1901-02. v s for month of June 254,843 233,333 Jes $7,045,715 $5,0S2,844 $8,452,474 $7,890,881 Loans and gold notes 4,825,000 4,825,000 6,644*560 Other sources 912,853 857,109 727,113 tills ,072 Rolling stock underlease 71 1.000 74 1 ,926 858,000 Profit and loss 4,836,145 6,099,388 6,142,935 Tot al carni ngs $7 .958 ,568 $5,930,953 $9,170,587 $8,559,503 Expenses— Total liabilities 00.868,478 S9.142.20S SS.93S.55S Shop cost of product sold$4, 229,731 $3 001, si 12 I 4,910,079 $4,700,619 -V. 81. P. 727. 0(55. General, etc., expenses. 594,726 513,912 544,429 431 ,095 Special (depreciation).. 175,332 26,022 25,506 498,493 Philadelphia Rapid Transit Co. Total expenses $4,999,789 $3,601,796 $5,486,014 $5,630,807 {Report for Fiscal Year Ending June 30 1905.) Net income $2,9.">S .779 $2.33S,157 $3,693,573 $2,928,696 2,19s, 215 2, 1130,748 2,1.34,468 President. J no. B. Parsons says in substance: Dividends 2,417,899 Rate of dividend (20%) (22%) (24%) (24%) Business. —The gross receipts have not greatly Increased during t lie Depreciation reserve 300.000 year, owing to the stagnation in business in the tust .live months and the severe weather of the past winter. Balance, surplus... $760,564 def.$79,742 $756,825 $294,22 .', built the year 28.72 miles of new road, Etc —There was during BALANCE SHEET JULY 31. which Is now in operation; with the exception of 17 miles of this, which 1905. 1904. 1905. 1904. is the new line to Willow Grove Park, the balance is extensions of ex- la S S Liabilities— isting lines. During the year 42.98 miles of track were laid with Cash on hand 1.900.935 2,102.182 Capital stock .10.990.450 10.990,450 IS. .">."> this new standard girder rail (.137 lbs. to the yard). miles of being Acotfl. a.- bills ree'e 3.254.912 2.415.097 tes. etc 1,321,005 746,734 new lines and the balance was renewals through territory where the Ry, 4 oth. scour's. 2._M:i,059 1,687 .745 Depreciation re - Si'k assoe'd cos. serve fund 300,000 275,906 traffic is verv heavy. The total trackage of the system is 554 miles. In 2,488.842 2,398,841 Patents 2.000.000 2, 000.0(10 Surplus 4,674.695 3.914.129 line to Willow Grove was put in operation May 15 1905, The new Wllmerdlng plant. 2,103.1)24 2.116.250 and has proved to be a decided succecs. Real estate 1,700.000 1.700,000 There was laid during the year approximately 10 miles of new conduits. Factory stores, In- The power-generating machinery has been increased during the year. cluding material 1.594.778 1.507.101 There has been added during the year 72 double-truck cars, with Total 17,280.150 15,927.219 Total 17,286.150 15.927,219 the necessary electrical equipment for same, making a total of 3,554 cars of all kinds used in the operation of the company's property. -V. SO. p. 2464. ay.—The construction of the subway on Market St. is progressing favorably, and at the present time the tunnel is practically completed La Belle Iron Works, Wheeling, W. Va. to 16th St. The bridge over the Schuylkill River is completed, with the exception of the tracks, and the foundations for the columns which (Report for Fiscal Year Ending June 30 1905.) carry the elevated structure from the west bank of the Schuylkill will The statement of results for the year, presented at the River to Delaware Countv are almost all completed. The work on the terminal and elevated structure in Delaware County is being pushed annual meeting on Sept. 12, showed: as rapidlv as possible. Earnings from operation $1,186,417 Bonds. —On Dec. 1 1904. S67.500 of 5 p. c. bonds of the Fairmount Interest on bonds.. $150,000 Park Delaware River Passenger Rv. Co. were paid off and canceled. & Dividend No. 55. Wi p. c, paid May 1 1905. 103.290 of People's Passenger first mort- There fell due Jan. 15 1905 8219,000 Ry. DividendNo.56.1^p.c.,paidAug. 1 1905 103,290 356.580 gage 7 p. c. bonds. These bonds have been extended for thirty years at 4 p. c. Balance, surplus for year.. $829,837 er authority given at the special meeting of the stockholders Add surplus June 30 1904... 461,992 held April 25 1905", this company has become guarantors for an issue of $10,000,000 of the Market St. Elevated Passenger Ry. Co.'s bonds, Total surplus as per balance sheet June 30 1905 $1,291 ,829 bearing 4 p. c. interest and running for fifty years from May 1 1905. All of this issue of bonds has been disposed of. BALANCE SHEET JUNE 30 1905. The company also became guarantors for an issue of $1,000,000 of Assets— Liabilities— p. c. bonds of the Philadelphia & Willow Grove Street Ry. Co due Property $8,924,019 Capital stock $7,000,000 I 30vears from July 1 1904: also guarantors for an issue of $200,000 of Patterns and patents. . 19 ,029 1 Bonded indebtedness. . 2,500,000 4H'p. c. bonds of the Darby & Yeadon St. Ry. Co. due 30 years from Treasury stock 114,000 Pay roll 68,733 all of stock of Dec. 1 1904 the capital the above-named companies Suspended bills, accts. Bills payable 150,000 being owned by this company. The Darby & Yeadon line is now in and claims 32,967 Accounts payable 536,380 course of construction. Prepaid ore royalties.. 30,038 Dividend No. 56, pay- Charges.—The increase in fixed charges in the income account is due Prepaid int., insurance able Aug. 1 1905 103,290 to the advance in rental on Union Traction stock commencing July 1 and teleph. rentals.. 3,984 Accounts payable 123.804 1904, as per lease, less sundry adjustments in certain fixed charge items. Inventory 1,295,530 Accrued interest 26,555 £• The earnings for four years past and the balance sheets Bills receivable 52,313 Conting. & maint. funds 93.585 Accounts receivable 1,143.983 Total sur. June 30 1905. 1.291,829 follow: of June 30 1905 and 1904 Cash on hand & in bank 278,313 1904-05. 1903-04. 1902-03. 1901-02. No. pass, carried 402,893,245 390,532,689 365,908,051 325,801,963 Receipts from pass $16,188,645 $15,923,508 $15,277,807 $13,969,233 Total current assets. .$11,894, 176 Total liabilities $11,894,176 Operating expenses... 8,183,438 7,993,315 7,234,893 6,402,338 -V. 81. p. 562. ,, per cent. (50.55) (50.20) (47.36) (45.83)

Net earnings $8,005,208 $7,930,193 $8,042,914 $7,566,895 Other income 185,980 172,855 158,766 148,925 GENERAL INVESTMENT NEWS. Total net.. $8,191,188 $8,103,048 $8,201,680 $7,715,820 Taxes and licenses $966,535 $1,060,897 $990,702 $903,842 RAILROADS, INCLUDING STREET ROADS. Union Traction divid'd 1,200,000 900.000 900,000 Other fixed charges... 5,916,443 5,921,302 5,905,089 5,733,940 Alton Granite & St. Louis Traction Co.—Bonds Offered.— Francis, Bro. & Co. of St. Louis are offering at par and inter- Total $8,082,978 $7,882,199 $7,795,791 6,637,782 est about $250,000 of this company's first consolidated Surplus $108,210 $220,850 $405,889 1,078,038 mortgage 5% gold bonds, dated Aug. 1 1904, due Aug. 1 PHILADELPHIA RAPID TRANSIT BALAXCE SHEET JUNE 30. 1944. A circular says in part: 1905. 1904. 1905. 1904. A ssets— S * Liabilities— $ S The Alton Granite & St. Louis Co. is a securities' holding'corporation Cash 1.9S5.730 598,150 Capital stock 11 ,972,320 8.984.6S0 incorporated under the laws of Connecticut and owning the entire capital Fire tnsur. fund 1850,000 2850.000 Accounts audited, stock of the Alton Granite & St. Louis Traction Co and the Alton Gas & Ad van. to leased not due 285,004 144.431 Electric Co. last-named company owns and operates the gas, Unra 502.20*? 428,614 Fixed oharces and The Supplies 45R.578 569,742 taxes accrued.. .113.748 1.951,288 electric light and power and hot water heating plants of Alton and Construe. * equip 12.Kii7.218 7.266.309 Open accounts 112,472 299,470 vicinity. The Alton Granite & St. Louis Traction Co. acquired 12 Real estate 77C, 495 503,328 Profit and loss 730,884 622.674 miles of track in Alton, Upper Alton and North Alton and 14 miles in Accts. receivable. 25.3 12 82,515 Proceeds sale bonds Granite City, Madison, Venice, Brooklyn and Stites Township, and has Sundry stocks 1,635.559 1.588,659 underlying cos.. 4,000,000 a 17-mile interurban railway connecting the two properties, Franchise accts.. 115.325 115.325 completed making 43 miles of track now in operation. The company is also com-

Total assets.. 19,214.428 12.002.5431 • • Total llabll... 19,214.423 12,002.543 pleting a new double-track' "cut off" line between Madison and East St. Louis. When thi9 8 miles of track is completed, which will be in - x Includes: 3,650 nhares Philadelphia Traction Co. stock: 5,300 shares Union October 1905, the company's cars will be operated through the busi- Traction Co. stock: $100,000 Flectric

974 THE CHRONICLE. [Vol. lixxi

Atlantic Coast Electric RR. —Sale Oct 20. —The foreclos- bonds (1,800 of $1,000 and 400 of S500 each), dated July 1 ure sale under the general mortgage of 1896 is advertised 1905; interest payable Jan. 1 and July 1 at the office of the or Oct. 20 at Asbury Park, N. J. Upset price 850,000, trustee. A sinking fund of $10,000 is payable annually subject to the lien of the first mortgage of 1895 for $1,000,- beginning July 1906. The bonds are secured on all the 000.—V. 80, p. 2619. property, including that formerly owned by the Columbia Water Power Co., recently acquired. Of the issue, $675,000 Bay Shore Terminal Co., Norfolk, Va.—Sale of Bonds.— is reported as outstanding, $700,000 being reserved for prior The "Norfolk Virginian" of Sept. 10 says: "The local bond- liens and $625,000 for future betterments. President holders, who had all but about $20,000 of the bonds, through Robertson says: "All of the old bonds of the company a committee in whose hands the deal was placed, have are now owned by this company, having been purchased prior to agreed to sell their interests and the committee has signed the purchase of the Water Power Co. by this company, contracts for the sale." The names of the purchasers and the and under agreement the bonds are not retirable until April price to be received are not made public, but, according to 1906, and are therefore outstanding.".— V. 81, p. 507. the "Virginian" the price is understood to be between 50 and 75 p. c. of the par value of the bonds. —V. 79, p. 2794. Columbus Newark & Zanesville Electric Ry. —Change in Control. —See Indianapolis & Northwestern Traction Co. Boston & Maine RR.—New Stock , Bonds Etc. —The share- below.—V. p. 1234. holders will vote at the annual meeting Oct. 11 on the fol- 80, lowing propositions: Connecticut River RR. —Purchase. —The shareholders on Sept. 20 ratified the proposition to purchase the (1) To issue not exceeding $10,000,000 bonds for the purpose of paying Vermont and refunding at maturity funded debt of this company maturing $7,724,- Valley RR. and to issue not exceeding $1,000,000 stock to 500 on Sept. 1 190G, and $2,000,000 on Oct. 1 1906; and for the payment purchase or in exchange for the $1,000,000 stock of the of mortgage notes of the Eastern RE, Co., $594,800, assumed by the Vermont Valley. See V. 81, p. 899. Boston

Sept. 23 1905.] THE CHRONICLE. 975 earnings as well as a reduction in the present operating ratio. We esti- the Improvement Company has large traction interests in mate the replacement value of the property at present at $1,200,000, without considering the $200,000 to be expended. Indiana and Ohio which connect with the above four roads A sinking fund of m p. c. of bonds certified begins July 1 1906, if makes it quite possible that they will in time turn up in the earned, and on July 1 1911 becomes a fixed charge. Bonds are subject ownership of these properties." Compare United Gas call interest date at 1 10 and int. on thirty davs' notice. On to on any Improvement Co. under "Industrials" below. Dec. 1 1925, and every five years thereafter until I960, the city has the right to purchase the property, the value to be determined by arbitration. Tucker, Anthony & Co. still control and "will retain the In the event of the city exercising this right, the first mortgage bonds Canton-Akron Ry. Co., the Canton & New Philadelphia Ry. must be called and retired at 1 10 and interest, they having first lien on all the Traction V. moneys paid by the city. A 5-cent fare with transfers is authorized. Co. and Tuscarawas Co."— 80, p. 2457. For the two months ending June 30 1905, under the new Indianapolis & W estern Traction Co. Change in Con- management, the gross earnings were $47,447; net, $19,100; trol. — See Indianapolis & Northwestern Traction Co. above. interest charges, $S,333; net profit, $10,767. The $600,000 —V. 80, p. 1912. first mortgage bonds of the Galveston City Ry., we are in- Inter-State Tunnel Ry. New North River Tunnel Pro- formed, were canceled last spring upon the issuance of the ject. — Persons identified with the New York City Ry. $1 ,000,000 5s of 1940, which bonds alone remain outstanding (lessee of the Metropolitan Street Ry.) and the Public Ser- gainst the property. —V. SO, p. 1971. vice Corporation, which controls and operates the greater Grand Trunk Pacific Ry. Plan Approved. —The Canadian pari of the trolley roads of Northern New Jersey (in addition Railway Commission on Sept. 3 overruled the objections of to various lighting plants) have caused the incorporation the Canadian Pacific Ry. to the application of the Grand under the laws of New York and New Jersey of two com- Trunk Pacific for approval of 85 miles of their proposed line panies bearing this title, each with $7,500,000 of authorized from Portage la Prairie westward. The chairman of the capital stock, to build as an adjunct to their trolley enter- Commission expressed the opinion that as the plans had been prises a tunnel railroad between Jersey City and Chambers passed upon by the Minister of Railways and the Governor St., Manhattan. The incorporators for each of the com- in Council, the Commission had no authority to object, pro- panies are as follows: vided the plans were in no way objectionable on engineering Thomas N. McCarter of Rumson, N. J.; Albert B.Carlton, Elizabeth; grounds. The suggestion that the new line should not Charles A. Sterling, Mark T. Cox, both of Orange, N. J.; John B. McDon- ald, Herbert H. Vreeland, John D. Crimmins, Robert A. C. Smith and parallel the Pacific in Canadian Manitoba within a distance Henry D. Macdona all of New York. of 30 miles, it is stated, was advanced in the Railway Com- The following statement was authorized on Wednesday by mittee of the House of Commons but rejected as impracti- John B. McDonald, who is now identified with New York cable. The chairman held that there nothing in the was Street Railway Company's interests, and Thomas N. McCar- question of law that would justify a reference to the Supreme ter, President of the Public Service Corporation of New Court.—V. 613. 81, p. 777, Jersey: Hartford & Springfield Street Ry. Notes Called, Ex- The new companies have been organized to construct a tunnel under the changeable for Preferred Stock.—The $100,000 notes dated North River from Jersey City, Erie and 12th streets, to a terminus unde Street, between Broadway the Bridge terminal, May 1 1904 have been called tor payment Nov. 1 1905 and Chambers and Brooklyn Manhattan, and to provide thereby better means of communication will be exchanged at option of holder for a like amount of between the business portions of the City of New York and the territory new 6% non-cumulative preferred stock which is subject to served by the Public Service Corporation, which operates all the surface call at 110. The American Loan & Trust Co. of Boston will lines in the counties of Hudson, Essex, Passaic, Union, and Middlesex, in New Jersey, comprising about 550 miles of line. make the exchange and pay the notes not exchanged.—V. The Public Service Corporation proposes to supplement its existing 81, p. 507, 31. facilities in New Jersey by a new direct high-speed line from Newark, Hudson Valley with communication, without changes, to the proposed tunnel in Jersey RR. Sale Confirmed.—Justice Hasbrouck, City, thus affording direct transportation from its terminus in Newark to in the Supreme Court at Albany on Sept. 16, confirmed the the City Hall in New York in 15 minutes. Arrangements have also been sale of the securities held by the Merchants' Trust Co. made for a joint passenger station at Jersey City, which will enable the Erie RR. Co. to transfer its suburban passengers to the proposed tunnel of New York, defunct, to the syndicate headed by President line. A. B. Colvin. See page 950 of this issue and compare V. The location of the proposed tunnel at the Manhattan end has been 81,.p. 777. made with a view to furnishing the best possible facilities for the distribu- tion of the traffic not only by means of the 520 miles of the Metropolitan Illinois Traction Co., Champaign, 111. New Stock.—W. B. surface lines, but also by the proposed new rapid transit subways recently McKinley, President and General Manager, writes under date laid out by the Board of Rapid Transit Commissioners. The engineers estimate that the train time between Jersey City and the Manhattan of Sept. 13 1905: termini of the tunnel will not exceed five minutes. The authorized capital stock was recently increased from $5,500,000 "The Inter-State Tunnel Ry. Co. will be controlled and to $7,500,000. The outstanding preferred stock now amounts to $2,- 420,000 and the amount of common stock now outstanding is $4,318,000. financed jointly by the Metropolitan interests, by the Pub- The additional outstanding stock was used in paying for the stock of lic Service Corporation, and the other interests which will the Jacksonville Railway & Light Co., which controls the local street furnish the traffic at the New Jersey end. It is proposed car lines, the gas plant and the electric lighting plant of Jacksonville, 111.; the Consumers' Light & Heat Co. (at last accounts capitalization that the construction of the tunnel shall begin as soon as the was $100,000 stock and S75.000 5 p.c. bonds), which does an electric- necessary rights have been granted by the public authorities. lighting and steam heating business in Bloornington, 111.; the St. Louis & An application for the necessary rights is to be made imme- Northeastern Ry. (V. 81, p. 212, 156.) which connects the southern end of the Illinois Traction lines with St. Louis and also has a spur run- diately to the Rapid Transit Commission." ning from Staunton to Litchfield 111., a distance of about 20 miles; also the stock of the Chicago Bloornington & Decatur Ry. and the Kentucky & Tennessee Ry. Guaranteed Bonds Offered.— Peoria Bloornington & Champaign Traction Co. H. C. Barroll & Co., Chicago, are offering at par and interest, The same interests control the Danville Street Railway & by advertisement on another page, $650 ,000 of this com- Light Co., Danville Urbana & Champaign Railway Co., pany's first mortgage 6 p. c. serial bonds, dated Sept. 1 1905, Urbana & Champaign Railway Gas & Electric Co., Decatur unconditionally guaranteed, principal and interest, by the Railway & Light Co., Illinois Central Traction Co. and St. Stearns Salt & Lumber Co. ("capital and surplus $1 ,188,000; Louis & Springfield Railway Co.—V. 81, p. 155. assets estimated at $2,500,000;") and also by Justus S. Stearns of Ludington, payable semi-annually Indianapolis Coal Traction Co. Sale.—See Lidianapolis- Mich. Interest Eastern Ry. above. at Central Trust Co. of Illinois, Trustee, Chicago. Prin- cipal payable serially from 1908 to 1923; redeemable prior to Indianapolis & Eastern Electric Ry. Change in Control.— " " maturity at 105 and accrued interest. Total authorzed issue, The Indianapolis News says : $850,000; present issue, $650,000. The security, as de- A number of changes announced to-day in the roster of officers of the Indianapolis & Martinsville and Indianapolis & Plainfield [now Indian- scribed in a circular, includes property which has cost ap. Coal Traction Co.] electric lines, all now under the control of Randall "over $1,100,000 in cash," viz: a standard-gauge road built Morgan and his Philadelphia associates, indicate that the syndicate's and building (proposed length over 60 miles) from Stearns, plans of consolidation are taking form. The accounting departments of all three lines are now in the charge of L. T. Hixson, Auditor of the Ky., on the Queen & Crescent Railway westerly and south- Indianapolis

976 THE CHRONICLE [Vol. lxxxi.

Massachusetts Electric Companies.—New Stock for Sub- rolling stock, equipment, and other accessories thereto, will be received by A. sidiaries.-—This company's subsidiaries, the Old Colony L. Audette, the Registrar of the Exchequer Court of Canada, at his olfice at Ottawa, Out., up to 12 o'clock noon Nov. 2 1925.—V. 79, p. Street Railway and the Boston & Northern Street Railway, 712,681. have each petitioned the Massachusetts Railroad Commission St. Louis & Northeastern (Electric) Ry.—Sale.—See for permission to issue $200,000 additional capital stock Illinois Traction Co. above.—V. 81, p. 212, 156. on account of expenditures made upon the properties. The Virginia & Carolina Coast —Acquisition. The inter- outstanding share capital stock of these companies, all or RR. — ests in control of tin's company have purchased the Pamlico nearly all owned by the Massachusetts Electric Companies, Oriental & Western RR. See V. 81 p. 842. is for the Old Colony Street Ry. $7,312,600, for the Boston , 6 Northern $10,160,000.—V. 81, p. 841. Watsonville (Cal.) Transportation Co. —Receivership. — Judge Smith, in the; Superior Court at Santa Cruz, Cal., on Minneapolis St. Paul & Sault Ste. Marie Ry.—Report. — Sept. on application of the Central Trust Co. of Califor- The results for the year ending June 30 were: 9, nia, the mortgage trustee, and the chief creditor, appointed Year— Gross. Net. Oth. inc. Charges. Imp's.etc. DaL.sur. 1004-05. $8, 716,622 $4,214,015 $06,336 $2,216,936 $386,550 SI, 676,866 Fred. Linderman of San Francisco, an official of the trust 1903-04. 6,993,498 3,246,718 88,655 1,948,127 250,000 1,137,246 company, receiver for the property. The company's in- Dividends at 4 p. c. on the common stock ($554,012) and debtedness is stated as $199,828 in addition to whatever 7 p. c. on the preferred ($484,687) call for $1,038,699 yearly. bonds there are outstanding of the $200,000 issue of 1904. —V. 80, p. 651. The assets include a steamer and four miles of trolley line between Watsonville and Port Rogers. V. 728. Missouri Kansas & Texas Ry.—Dividend Outlook.— — 81, p. Chairman Henry C. Rouse, in his annual report for the year Western Maryland RR.—Termination of Syndicate.—The 1904-05, which will be cited in the "Chronicle" another West Virginia Central and Western Maryland purchase week (see tables of earnings, etc., page 971 of this issue), syndicate, formed under the agreement dated March 12 1902, discourages the expectation of an early distribution to the Myron T. Herrick, Winslow S. Pierce and Edward L. Fuller preferred shareholders, saying that, owing to the omission at being the original managers, will be terminated on Oct. 16 the time of the reorganization to provide funds for improve- 1905, on which date all securities then remaining in the hands ments and additions, it has been necessary to divert the sur- of the syndicate managers will be distributed pro rata to the plus earnings to payments on account of improvements and syndicate subscribers, or their assigns, at the Mercantile use the company's credit to purchase of needed equipment. Trust Co., No 120 Broadway, New York City. For each The outstanding equipment notes aggregate $4,591,536, and $1,000 of syndicate subscriptions, upon which all calls have must be paid, he says, from the revenues of the property, been paid, subscribers, or their assigns, will receive $500 in unless the improving credit of the company enable it in the "general lien and convertible bonds" of the Western Mary- future to place a debenture or preference stock for this pur- land RR. Co., with all coupons attached maturing on and pose, in which event "the question of distributing a portion subsequently to April 1 1906, and $750 in stock of said com- securities thus distributed will include the entire of the annual revenues might be opportune." —V. 81, p. pany. The 668, 666. issue, $10,000,000, of said bonds and $15,000,000 common stock, of which the total outstanding issue is $15,685,400. Nashville (Tenn.) Ry. & Light Co.—Called Bonds.—First They are additional to $2,525,000 first mortgage bonds of mortgage bonds of 1894 of the Union Light & Power Co., the Western Maryland distributed on April 1 1904 against a Nos. 30, 69 and 71. were payable at the American Loan & payment of 10 per cent by the syndicate members. There Trust Co., Boston, on Sept. 1 1905.—V. 80, p. 2622. was applied to the expenses and obligations of the syndi- New York New Haven & Hartford RR.—Option to sub- cate $556,650 common stock and $324,000 preferred stock, scribe to $30,000,000 Convertible Debentures.—The company but the preferred stock, it is announced, will be retired by the on Thursday announced its intention to offer to the share- railroad company. The report of the syndicate managers holders at of c. debenture par $30,000,000 3% p. coupon will be cited fully another week.—V. 81, p. 900, 614. certificates, convertible at a par of $150 for $100 stock five years from date of issue. The proceeds will be used to INDUSTRIAL, GAS AND MISCELLANEOUS. retire temporary obligations of the company issued for the American Agricultural Chemical Co.—New Directors.—L. purpose of paying for improvements authorized and in con- Curtis and W. C. Noyes have been elected directors to templation, and the absorption of the outstanding securities B. Brandegee and Deming Jarves. V. 81, p. of the subsidiary controlled lines." succeed Augustus 724. Stockholders of record Dec. 1 1905 will have the right to subscribe for the convertible debentures at the ratio of American Rolling Mill Co., Middletown and Zanesville, $37 50 par for each share of stock held by them. Subscrip- O.—Bonds Exchanged.—Of the $150,000 bonds recently out- tions will be payable at the rate of 25 p. c, beginning Jan. 1 standing, $132,000 have been deposited in exchange for 1906, and 25 p.c. at the end of each nine months thereafter, preferred stock. The other $18,000 bonds are held by viz: Oct. 1 1906, July 1 1907 and April 1 1908. Negotiable people who at the present time are not in the United States. receipts will be given for partial payments, which will bear There is stated to be good reason to believe that upon the interest at the same rate as the debentures, and adjustments return of the owners these bonds will be deposited, when the of interest will be made when the receipts are exchanged for entire mortgage can be canceled, cleaning up the bonded the debentures. indebtedness entirely. See offering of preferred stock at Merger. —The directors on Sept. 16 voted to merge the 105 by W. E. Hutton & Co., Cincinnati; also description of following controlled properties with the parent corporation, property, balance sheet, etc., in V. 81, p. 842. most of their stock being owned thereby, viz: American Tobacco.—Acquisition.-—The R. J. Reynolds The New Haven & Derby RR., Danbury & Norwalk RR., Middletown Tobacco Co. of Winston-Salem, N. C, a subsidiary of the Meriden & Waterbury RR., New England RR., Rockville RR., Rhode American Tobacco Co., has purchased, according to a press Island & Massachusetts RR., Providence & Springfield RR. and the Danville, factories of the Rucker- Providence & Pascoag RR.—V. 81, p. 841, 778. dispatch from Va., the Co. of Martinsville, Va., together with the New York City Ry.—Interested in New Hudson River Ry. Witten Tobacco W. T. Hancock branch at Richmond and a factory at Tunnel Project.—See Inter-State Tunnel Ry. above.—V. large Airy, N. C.-V. 267, 213. 80, p. 2458. Mount 81, p. American Type Founders' Co.—Called Bonds.—Six per Northwestern Elevated RR., Chicago.—Report. The re- — cent sinking fund gold bonds of 1896, having an aggregate sults for the year ending June 30 were: par value of $15,100, have been called for redemption, and Year— Gross. Net. Charges. Bal.,sur. 1 at Mercantile Trust Co., trustee, 1904-05 $1,786,414 $1,169,786 $952,627 $217,159 will be paid on Nov. the 1903-04 .—V . . 999 1,724,929 1,158.853 955,599 203,254 New York 80 , p 1902-03 1,642,456 1,125,015 941.605 183,410 Commercial Cable Co.—Extension of Cable Service to China —V. 79. p. 1955. and Japan, Etc. —The Commercial Pacific Cable Co. has Old Colony RR. Co.—Transfer of Steamboat Property.— filed a certificate increasing its authorized issue of capital The shareholders will vote Sept. 26 on a proposition to sell all stock from $12,000,000 to $15,000,000, and amended articles of the capital stock of the Old Colony Steamboat Co. to the of incorporation permitting the extension of the company's New England Navigation Co. Compare V. 2750. 79, p. cable service from Manila to Shanghai, China, etc. An Due From City. The Massachusetts — Supreme Court on agreement was signed on Sept. 4 by the Japanese Minister, Sept 11 handed down a decision requiring the City of Boston M. Takahira, giving the company privileges in Japan; landing to pay the company $703,226 for the old road bed between rights were obtained in China some weeks ago. Regarding Dorchester Ave. and Columbia Road in South Boston, the proposed new cables, President Mackay says: which was turned over to the city under agreement of 1897. We shall proceed at once with the manufacture and laying of these V. 78, v. 2600. two cables which will take several months. The Commercial Pacific will then pierce the Far East at three points—the Philippines, Pamlico Oriental — Cable Co & Western RR. Sold.—See Virginia & China and Japan. With the cable that has just been completed to New- Carolina Coast RR. below.—V. 81, p. 841. foundland, a fifth cable to Europe, which will be laid within a month, a Guam to Japan, and one from Manila to Shanghai, we will Public Service Corporation, — cable from New Jersey. Interested in have a system extending more than two-thirds of the way around the New Hudson River Tunnel Project.—See Inter-State Tunnel globe.—V. 79, p. 2590. Railway Co. above.—V. SI, p. 900, 778. Commercial Pacific Cable Co.—Increase of Stock, Etc.— — — See Commercial Cable Co., above.—V. 76, p. 50. Quebec Bridge & Railway Co. Progress of Construction. — See illustrated article in "Engineering Record" of Sept. 16. Consumers Light & Heat Co., Bloomington, 111.—Sale. V. 79, p. 2697. See Illinois Traction under "Railroads" above. Coke Co., Chicago.—New Stock.—The Quebec Southern Ry.—Bids Asked.—Receiver G. C. Equitable Coal & from to $1 ,000,000. Dessaulles announces: capital stock has been increased $100,000 — Sealed tenders for the purchase of the Quebec Southern Ry., as com- Contra Costa Water Co, Oakland, Cal.—Bonds Offered. as the South Shore at prising the railways heretofore known Ry., the United Frank S. Butterworth, New Haven, Conn., is offering Counties Ry. and the East Richelieu Valley Ry., en bloc, or for any o second mortgage 5s dated May 5 either of the said railways or for any two of them, with their respectiv- 95J^ and interest $250,000 —— —— —— — — —— — -

Sept. 23 1005. THE CHRONICLE. <)7 7

1903, due Jan. 1 1915. total authorized and issued $1,000,000; and it is understood will be held by the pi be new total bonded debt, all duo 1916, $5,600,000: estimated value shares (par $100) having all been subscribed. V. SI — , p. 780, of properties behind bonds, $8,500,000. "The rapid growth 506. in population, more than 56 p. C. since the Census of 1900, Northern Commercial Co., San Francisco, Cal. —New growth of business." A circular presages a continued Stock. —This New Jersey corporation has filed a certificate information: affords the following increasing its capital slock to $3,387,000, divided into $1 ,637,-

Year . cj-/)., Interest on Sur 000 preferred 5 per cent cumulative ami $1,750,000 com- ending — mrnuios. taxes, «te. IstM.&s. 3dM.Bs. tor mon. See V. 7ii, p. 1 17. Julv 1 11)02 1691,500- $522,833 $168,667 Julv 1 1903 765,367 563,809 201,558 Singer Manufacturing Co. New President. — First Vice July 1 UiO-l 813,604 535,771 277,923 President Douglas Alexander has been elected President to Dec. 31, 1905 Iraated) -. 900,000 $320,000 230,000 S30,ooo 300,000 succeed F. (I. Bourne, resigned. V. 70, p. 2208. Dec. 31 1901 Standard Oil Oo. Increase in /'rices.— The com- (actual) S32.S30 314,121 230,000 50,000 238,706 Further pany on 16 the prices of all grades of The company supplies water for domestic use to Oakland, Alameda, Sept. again advanced Berkeley, KmeryviUe, Piedmont and Fruitvale in California, with ;i i rude oil, except Ragland, the higher grades by 3 cents and population estimated at 141,000. It controls all sources of supply avail- the lower grades by 2 cents, Pennsylvania oil at Pittsburgh able In this territory, as it owns by purchase the entire capital stock of is now quoted at $1 ,?o\— V. 81, p» 901. the following companies, whoso bonds it has guaranteed, principal and interest: The Oakland water Co., Alameda Artesian Water Co., Easl United Gas Improvement Co.- Trolley Holding Company. Shore Water Co., and the Pinole Water Co. Each of these companies — The purchase by a headed by has a bonded debt due in 1915, except the Pinole Water Co., which owns Acquisitions. — syndicate, an undeveloped source of supply of trreat value. All mortgages securing this company's Second Vice-President, Randall Morgan, of bonds of the various companies are closed mortgages, due in 1915 with- several important trolley companies located in Indiana and out an Optional clause, and the second 5s herein offered are a direct lien Ohio, is above. See Indian- upon the properties of each of the companies mentioned, subject only to mentioned under "Railroads" the tirst liens. The mortgage debt, aggregating S5, 000, 000, and the ter- apolis & Northwestern Traction Co., also Indianapolis & ritorv served by each of the companies are as follows: Contra Costa Eastern Ry. « Water Co. (Oaklandj 1st M., S2, 000, 000: Oakland Water Co. (Oakland) The Philadelphia Ledger" on Sept. 20 said: I si M., $1,500,000: East Shore Water Co. (Berkeley) 1st M., $500,000; Uameda Artesian Water Co. (Alameda) 1st ML, $000,000, Contra Costa The statement is made that after several years of lahor on the part of Water Co.. a second mortsasre on each of the above properties, $1,000,000. leading United Gas Improvement officials, that company will in a year or The company, including the sub-companies, operates under perpetual two have a controlling interest in a $50,000,000 holding' company that rights. In addition to its going plants, it has in reserve valuable sources will own or control all the important traction lines and their connections of supply still undeveloped. Its capacty to meet present demands is in and around Indianapolis. The interest now practically controls ample: its pumping and filtration plants are modern and of good type, eight or ten lines in Indiana, and well substantiated rumor connects it and its distributing systems include 572 miles of mains. The reservoirs with the control of half a dozen other properties. These various com- contain a supply of water sufficient to meet normal demand for three panies, which comprise some of the most important in the State of Indiana, yea have a combined capital (stocks and bonds) of S103 ,300,000, of which, "The courts of California recently decided that the water however, onlv $85,947,500 is issued. The total is divided as follows: systems serving Oakland environs were worth Stock, $45,250,000 authorized, $44,667,500 issued; bonds, $58,050,000 and $7,000,000. authorized, $41,280,000 issued. The control of this group of street- These systems have a bonded indebtedness of $3,500,000 railways, in addition to the big traction holdings in other parts of the first 5s. In the event of the city desiring to own or iease the country, which is distinctly apart from the enormous gas and electric lighting interests of the U. G. 1., will, when definitely worked out, make properties, the above-mentioned decision of the court the Philadelphia company the greatest of its kind in the world. should afford ample protection to both bondholders and Prominent among the trolley roads which are controlled, stockholders." through stock ownership or under lease, by the Philadelphia Consolidation Talk. San Francisco advices state that, — syndicate are the following, which are additional to the com- notwithstanding official denials, there are many who believe panies just purchased, (all these properties are fully de- that a consolidation with the Spring Valley Water Co. is scribed in our "Street Railway" Section): tentatively at least under consideration. There is also Bonds. Pref. stk. Com. stk. thought to be some desire to have the city of Oakland lease Reference. Ohio Traction Co $8,500,000 $7,500,000 V. 80, p. 2220 the property of the Contra Costa.—V. 80, p. 1481. Cin. St reetRy.( leased) $718,000 V. 72, p. 437 Cln. & Ham. Tr. (leased) 1,100,000 1,100,000 V. 906 Hudson Iron Co., Secaucus, N. J. Ore Property. We 75, p. — Ind. Trac.&Term'l Co.. 3,000,000 5,000,000 V. 80, p. 472 have been favored with the following: Ind. St. Ry. (leased)_10,000,000 5,000,000 V. 79, p. 151 Last week this company effected a lease of the property of of Ind. & Eastern Ry 1,100,000 1,200,000 V. the Forest 81 , p. 975 Dean Iron Ore Co., near Fort Montgomery, N. Y., together with its water Ind. Union Tract. Co.. _ 1,000,000 4,990,000 V. 79, p. 2455 power and other rights, for a term of years. The Forest of Dean Company Uni. Trac. Co. (leased) 9,687,000 1,000,000 7,500,000 V. 80, p. 713 exhausted the body of ore on its own lands a number of years ago, and, The syndicate, it is believed, is also arranging to acquire being unable to acquire the adjacent land into which its vein ran, was obliged to suspend operations. This adjoining tract was purchased by a large part of the extensive system which A. E. Appleyard the Hudson Iron Co. some time ago. It is the intention of the lessees to unsuccessfully attempted to unite under the title of Ohio re-open the Forest of Dean mine at once and to tap the ore deposit upon Union Traction Co. (see V. 78, p. 1550).—V. 731, 513. its own land at the point where mining operations were left off, and begin 81, p. the shipment of iron ore on a large scale at the earliest possible date to United States Express Co. Purchase.—The company has both its own furnace at Secaucus, N. J. and other furnaces that use the acquired Nos. 103 and 105 Greenwich ore. T. P. Bisland has been appointed mining superintendent.—V. 80, Street, New York p. 2462. City, adjoining the plot recently purchased. —V. 81, p. 564. Imperial Paper Mills of Canada, Limited. Listed in Lon- Wood Worsted Mill Corporation. Guaranteed Notes.—See don. —The London Stock Exchange has granted a quotation American Woolen Co. in V. 81, p. 900.—V. 81, p. 851. to £200,000 6 p. c. debentures of £100 each, Nos. 1,001 to 3,000.— V. 80, p. 2462. —Kinnicutt & Potter are offering in this issue $500,000 Indianapolis Telephone Co. New Officers. Louis Holl- — Oregon Short Line refunding 4 p. c. bonds of 1929 (guaran- weg has been elected President 11. P>. and Sale has been teed by the Union Pacific RR.)at96 and interest, at which elected Vice-President and General Manager both of this price the yield is nearly 4.30 p. c. The bonds are secured by company and the New Long Distance Telephone Co. These deposit of collateral which embraces the practical control of changes resulted from the sudden death of President Sheerin the Southern Pacific Company and the Oregon Railroad & which recently occurred. Navigation Company, as well as large holdings of Northern Knickerbocker Steamboat Co., New York. Distribution Pacific and Great Northern preferred stocks, and substitution to BondheAders.—By an order of the Supreme Court in the of collateral as permitted to the company under the terms of foreclosure suit of the Peoples Trust Co. as trustee, the sum the mortgage can only be carried out subject to the approval of SI 54 95 was directed to be paid upon each $500 bond of of a board of appraisers appointed under carefullyguarded the steamboat company. Payment will be made upon the restrictions, and requires a thoroughly substantial margin- presentation of bonds at the Peoples Trust Co.. 172 Montague In addition, the bonds are unconditionally guaranteed by en- St., Brooklyn.— V. 80, p. 1974. dorsement as to both principal and interest by the Union Lake Superior Corporation. Lease of Copper Plant.— Pacific Railroad Company. This eompany has leased it- copper plant on favorable terms — Pfaelzer & Co. have issued an interesting circular de- 'he Canadian Xickcl Co., organized for the purpose of scriptive of the Central Pacific RR. first mort. 4 p. c. bonds, oper and nickel by electricity. A director of the due 1954. The circular has maps showing the Lucin cut-off, Lak ior Corporation says that although "its credi which is part of the main line of the Union Pacific transcon- excellent, it is not deemed wise at this time to take money tinental system. The Central Pacific Is are a first lien on -<1 from the ' and pulp milLs, which are doing excellently, to this cut-oil' and are guaranteed by the Southern Pacific Com- develop the copper and nickel refining process." Hence the pany. The circular, which contains much interesting data, -V. 81, p. 671, 502 may be had on application to the bankers. See advert!

' another Mexican Light & Power Co., Limited. Increase of Ca on page. Stock. —-A press dispatch from Montreal stales that this com- — Henry C. Hackney, the Chicago broker in stocks, bonds pany will to increase its capital Mock from $12,000, odd and grain, established 1891 , has opened a branch office at 29 $16,000,000, to provide for extensions.—V. 81, p. 780, 730. tange Avenue, Union Stock yards, in the Pure Bred New Long Distance Telephone Co., Indiana. New Stock Record Building. His brother, John J. Hackney, will in the N leers. —See Indianapolis Telephone Co. above.— V. 76, be charge. Mr. Hackney is a member of and Stock Chicago p. 1 ill. York Chicago Exchanges and of the Board of Trade, and has private wires to New York, B Niles-Bement-Pond Co.--. I'-'/ Arrangemenl — and Pittsburgh. Is announced, have been consummated for tie- acquisition of — City of Lorain p. c. wafer bond due 1925 are offered theplai tusmess of the John Bertam a- E \y2 by Weil, Rotli Cincinnati. Descriptive circular will of Dun .; about. (300,000 will be menl in improve- & Co., be sent upon request. ments. The '-.,111111.111 Btock of Bertam

<)78 THE CHRONICLE. [Vol. lxxxi.

Imparls and Qotnmmts,

READING COMPANY.

EIGHTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1905.

Reading Company, General Office, Philadelphia, September 9 1905. To the Stockholders of Reading Company: The Board of Directors submit their report for the fiscal year ended June 30 1905 of Reading Company, the Philadelphia & Reading Railway Company and The Philadelphia & Reading Coal & Iron Company. The joint operations of the three Companies for the past fiscal year, as compared with the previous fiscal year, were as follows: 1904-1905. 1903-1904. Total gross receipts of three Companies - 880,561,157 91 §77,040,255 27 Total gross expenses of three Companies - 50,457,254 52 55,240,325 13

324,103,903 39 §21,799,930 14 Total gross fixed charges and taxes of three Companies 14,085,155 38 14,042,392 07

• Net earnings of three Companies before payment of Reading Company's dividends and General Mortgage Sinking Fund §10,018,748 01 §7,757,538 07

The total fixed charges and taxes of the three Companies for the year, as compared with the previous year, increased $42,703 31. The fixed charges and taxes of the Philadelphia & Reading Ry. Co. increased $171,231 97. While the interest on funded debt, etc., shows a decrease due to the payment and cancellation of ground rents and mortgages on real estate, the rentals show an increase, as hereafter explained, and there was a considerable increase in taxes and other charges. General Mortgage bonds of Reading Company will be issued for the ground rents and mortgages so paid, as provided for in the plan or reorganization. •- The fixed charges and taxes of The Philadelphia & Reading Coal & Iron Co. decreased $213,189 34. This decrease was due mainly to the payment of the Coal Trust Certificates on April 1 1904. This payment of Coal Trust Certificates was made by the use of the funds in the Depletion of Lands Fund accumulated from surplus earnings. %: The fixed charges and taxes of Reading Co. increased $84,720 68, and resulted principally from the increase in the amount of taxes paid. The net result of the business of the three Companies for the past fiscal year was as follows:

1904=1905.

PHILADELPHIA & READING RAILWAY COMPANY— § §

' • Receipts 37,495,718 88;

Operating expenses. j 19,480,349 61

Net earnings. '18,015,369 27 Insurance fund.. 30,794 26 Improvements.. 979,643 31 1,010,437 57

17,004,931 70

Fixed charges and taxes I 9,645,769 48

Surplus 7,359,162 22 PHILADELPHIA & READING COAL & IRON COMPANY— • Receipts 36,099,419 77 • Expenses (including §295,600 of local taxes on lands and improvements for county, road and school purposes) 32,035,950 79

' Net earnings 1 4,063,468 98 collieries New work at i 1,730,974 81 !

Interest at 2 per cent on debt to Reading Co I 1,582,255 21 ! Depletion of lands fund 478,325 79 3,791,555 81 i

271,913 17 Yixed charges and taxes. 104,035 10

• Surplus 167,878 07 READING COMPANY—

•Income I 6,966,019 261.

• Expenses 138 ,960 74 .

'' • -Net earnings 6,827 ,05S 52'.

Fixed charges and taxes j 80 . : 4,335,350

•Surplus J 2,491,707 72

Surplus of three Companies for year ended June 30 1905 10,018.748 01

The accumulated surpluses of the three Companies June 30 1905 were as follows

READING COMPANY, June 30 1904 ! 4,125,299 80 Year ended June 30 1905 (including §4,000,000 00 dividends paid by Philadelphia & ReadingRail- way Company 6,491,707 72 10,617,007 52

Less- -Dividend on First Preferred Stock, September 10 1904 .. 560,000 00 Dividend on First Preferred Stock, March 10 1905 560,000 00 Dividend on Second Preferred Stock, November 10 1904. 840,000 00 Dividend on Second Preferred Stock, May 10 1905 840,000 00 Dividend on Common Stock, February 1 1905 1,050,000 00 General Mortgage Sinking Fund 459,850 79 4,309,850 79

6,307,156 73 PHILADELPHIA & READING RY. CO., June 30 1904 7,028,368 06 less—Dividend paid December 29 1904.. 4,000,000 00 3,028,368 06

Year ended June 30 1905. 7,359,162 22 10,387,530 28

PHILADELPHIA & READING COAL & IRON CO., June 30 1904 1,222,788 09! Year ended June 30 1905 . . 167,878 07! 1,390,666 16

Total Surplus June 30 1905 L 18,085,353 17

In connection with the above surplus the Board of Directors on June 21 1905 took the following action: On the First Preferred Stock, a dividend of two per cent was declared, payable September 9 1905, and the sum of $560,000 was set apart to make provision for another dividend on the First Preferred Stock of two per cent to be paid March 10 1906. Skit. l>;5 1905.) THE CHRONICLE. 979

As to the Second Preferred stock, the sum of 11,680,000 was set apart to make provision for a dividend of two per cent to be paid on November U) 1905, and for another dividend of two per cent to be paid on May 10 190(3 upon the Second Preferred Stock. On the Common Stock, a dividend of two per cent was declared, payable; August 1 1905. The expenditures for improvements and the appropriation to the Insurance Fund by the Philadelphia .v. Reading Hv. Co. and the cost of the new work at collieries and the payment into the Depletion of Lands Fund of The Philadelphia A: (leading Coal A Iron Company have been charged to the expenses of the respective Companies.

PHILADELPHIA & READING RAILWAY COMPANY.

The receipts of the Railway Company from the several classes of business for the last seven years (the period in each case being the twelve months ending June 30) were as follows:

YEAR ENDED JUNE 30.

1904-1905. 1903-1904. 1902-1903. 1901-1902. 1900-1901. 1899-1900. 1898-1899.

$" % Coal Traffic 17,103,35147 15,921, S00 00 13,134,624 09 12.063,345 47 12,391,307 46 11,371,202 77 10,()S;j,700 82 Merchandise Traffic 13,036,535 55 11,932,640 14 12,564,293 31 11,032,410 69 10,079,427 11 9,750,601 77 7,824,888 41 uitrei-Traffic 5,717,399 37 5,516,669 39 5.235.S97 25 1,880,705 l 1 1,561,392 52 4,437,840 70 4,012,728 77 Miscellaneous 706,458 53 760,355 31 ti.->l,S84 18 524,540 33 469,126 87 436,084 32 420,364 58 Mail 118.324 99 119,024 51 118,824 95 119,369 82 1 hi, 167 28 113,994 97 11 2,5 10 23

Total P. & R. Rv J 36.S32.069 91 34,250,489 35 31,708,523 78 28,620,371 45 27,617,421 54 26,109,733 53 22,456,192 81 Other sources 663,648 97 6S8.906 51 721,267 35 552,463 88 726,748 18 793,253 66 516,394 82

Total 37,495.718 88 34,939,395 86 32,429,791 13 29,172,835 33 28,344,169 72 26,902.987 19 23,002,587 63

The gross receipts of the Railway Company increased Real estate.. $105,635 48 Extension of main, second and third tracks 352,380 36 sur- $2,556,323 02 over those of the previous year, and the Passing and lay-oil" sidings and cross-over tracks 48,646 87 plus for the year increased S3,042,S96 74. The payments Yard tracks, depot and shop tracks, coal yard tracks, manu- tracks on account of fixed charges and taxes wore S171,231 97 factory 91,815 47 Wooden, steel and iron bridges, stone bridges and culverts 101 ,756 33 greater than during the previous year, and there was a re- Interlocking plants and signals 10,154 32 duction of $319,226 24 in the amount paid into the insurance Passenger stations and shelters, freight stations, water and for improvements. fuel stations 29,797 11 fund, and Shop and engine houses and turntables 78,418 20 The details of the accounts will be found on page 984. Docks and wharves 7,947 12 The tonnage of anthracite carried increased from 11,324,- Shop tools 116,193 53 Sundries 36,898 52 624 tons in 1903-1904 to 12,029,459 tons in 1904-1905, a gain of 704,835 tons, or 6.22 per cent, and the tonnage of 8979,643 31 bituminous coal increased from 8,059,243 tons to 9,184,421 tons, a gain of 1,125,17S tons, or 13.96 per cent. The The real estate purchased during the past fiscal year, and the foregoing revenue from coal traffic increased from $15,921,800 00 to included in statement, was acquired principally for the following-named purposes: $17,163,351 47, a gain of $1,241,551 47, or 7.80 per cent. 1. enlargement of classification Merchandise traffic increased from 16,633,220 tons to The the yard at Ruther- near Harrisburg. 18,695,193 tons, a gain of 2,061,973 tons, or 12.40 per cent, ford and the earnings therefrom increased from $11,932,640 14 to 2. The construction of additional tracks on the Main Line. $13,036,535 55, a gain of SI, 103,895 41, or 9.25 per cent. 3. The double tracking of the Philadelphia Harrisburg The number of passengers increased from 27,644,350 to & Pittsburgh RR. 28,503,771, a gain of 859,421, or 3.11 per cent, and the pas- revenue increased from 4. The construction of the second track on the Catawissa senger S5,516,6G9 39 to $5,717,- RR. 399 37, a gain of 8200,729 98, or 3.64 per cent. 5. For the enlargement of the freight-handling facilities in The increase above shown of $2,556,323 02 in the gross Philadelphia. receipts is obviously accounted for by the increase in the The enlargement of the classification yard at Rutherford, volume of the business handled. for which large purchases of real estate were made during By reference to the statement of classification of operating the past year, has been rendered absolutely necessary by the expenses in report it will be found that the operating growth of the traffic passing over the Philadelphia Harris- expenses for the fiscal year 1904-1905 were $338,579 45 less burg & Pittsburgh RR. than for the previous fiscal year. This decrease of operating The principal expenditure on account of main tracks, expenses is explained to a great extent as follows: included in the foregoing statement, was made in the change The cost of Maintenance of Way and Structures decreased of the alignment at Swedeland on the Main Line, the effect of $345,748 06, owing to the fact that the large expenditures of which has been to straighten the Main Line for a distance of the two previous years rendered unnecessary any more than 7,752 feet, and also to give the large iron works located at the ordinary outlay on this account during the past year. that point room to expand. The net cost of the Maintenance of Equipment also decreased The extensions of second and third tracks, which entailed $43,626 19; but included in this item was the cost of the large expenditures during the last fiscal year, comprised the Repairs and Renewals of Locomotives, which, owing to the following operations: general overhauling given to the motive power of the Com- 1. The double-tracking of the Philadelphia Harrisburg & pany last year was increased $306,963 45, while the Repairs Pittsburgh RR. The traffic upon this line has outgrown a and Renewals of Freight Cars was reduced 62 and $126,633 single track railroad, and, in order to provide for the the Repairs and Renewals of Coal Cars was reduced $258,- present business moving over the line, as well as for addi- 237 66. The reduction in the cost of Repairs and Renewals tional traffic which awaits only proper facilities, the work of of Coal Cars was, to a great extent, due to the fact that double-tracking the line from Harrisburg to Shippensburg nearly all of the repairs that were found necessary to made be has been started and will be completed as soon as possible. in the way of strengthening the large of steel cars number 2. The construction of third and fourth tracks between that were added to the equipment in had 1902, 1903 and 1904 Janney and Glen Lake, and of a slow running track between been practically completed in the previous fiscal year, leaving Woodbourne and Yardley, on the New York branch. These no such extraordinary repairs to in the equipment to be made additional tracks arc needed for the accommodation of the 1904-1905. In the item of Conducting Transportation the large local and through traffic now handled on the New York cost of fuel for locomotives shows a decrease of $104,055 92, branch and they will be indispensable when the New York owing to the reduced price at which fuel purchased last was Short Line RR. is completed. year. 3. The construction of a three-track system on Delaware Aside from these changes, peculiar which resulted from Avenue between Vine and South streets in the city of Phila- circumstances, the statement of classification of operating delphia, referred to in the previous annual report. expenses for 1904-1905 shows but slight variation from 4 . The construction of a new second track between Lyons 1903-1904. It be, may therefore, safely assumed that the and Topton on the East Pennsylvania Branch. The inter- large sums of money shown in the last have annual report to change of traffic with the Lehigh Valley RR. and the Central been expended since the reorganization in improvements and RR. of New Jersey at East Penn Junction has increased so betterments have had the desired the effect of enabling largely as to make the additional facilities now being provided Company to do an increased business without any con- on the East Pennsylvania RR. not only necessary but siderable increase of expenses. requisite for the economical operation of thai branch. 5. The construction of the additional tracks on the .Main Line, the necessity for which has been explained in previous IMPROVEMENTS. annual reports. The experience in the operation of the Main Line, with the additional tracks which have been laid under The sum of $979,643 31 was expended during the pasl the policy inaugurated within the past three year.-, amply

fiscal year for improvements, and charged to expenses. ! ties the expenditures therefor. improvements covered by these expenditures were as 8. The completion of the new second track upon the follows: Catawissa RR. — —

980 THE CHRONICLE [Vol. lxxxi.

Lay-off sidings at different points on the system have This balance consists of ecurities valued at £980,293 35 been constructed where urgently needed; but the bulk of the and cash amounting to $19,700' 65, which is on deposit expenditures dining the past fiscal year on this account was separate and apart from the other funds of the Company. made in the building of lay-oil' sidings on the Main Line Policies of lire insurance aggregating §671,000 were taken between Aramingo and Linfield for the accommodation of out during the past fiscal year upon properties located along the coal traffic. the Delaware River front in Philadelphia. The premiums on Of the various yard tracks constructed, the most important these policies were paid for five years, which accounts for the was for the new storage yard at Brandamore, on the Wil- large contribution to the Insurance Fund by the Phila- mington & Northern flit., to facilitate the free movement delphia & Reading Ry, (Jo. ex- of the business on that line. Additional sums were ' pended on the new yard tracks at Tamaqua, as well as on the EQUIPMENT RENEWALS. engine house yard and track at Bridgeport, both items having The obligation of the Railway Company contained in the Additional been referred to in the last annual report. leases under which it holds all of the equipment, to keep the classification tracks were also laid at Rutherford in connection same in good order and repair, and to make replacements of with the extension of the yard at that point. The tracks to such as may become unfit for use, or which may be destroyed, the new car shops at Newberry Junction were completed. has been complied with during the past fiscal year in every A number of sidings for coal yards and to connect with respect. The cost of this work has been included in the manufactories, etc., at various points along the lines were general operating expenses of the Company under the head of constructed. Maintenance of Equipment. The increase in the mileage from the expenditures for track extensions, etc., was as follows: PENSION SYSTEM.

Length of Main Track - 3.39 miles The sum of $54,677 03 was paid out in pensions for the " Second Track 17.16 " fiscal " Third and Other Tracks 11.94 " year ended June 30 1905, under the pension system. " Sidings and Laterals 17.12 " The number of pensioners upon the roll on June 30 1905, was as follows: Total increase in mileage 49.61 miles Under resolution of Dec. 11 1901 (50-year service employees) 29 Employees seventy years of age, and thirty or more years in service.. 106 The expenditures on account of bridges were principally in Employees sixty-five to sixty-nine years of age, and thirty or more connection with the under crossing of tracks at Oak Lane on years in service 13 Incapacitated employees 23 the North Pennsylvania Branch; the change of alignment at Swedeland on the Main Line, and the replacing of the bridge 171 over the Schuykill River south of Port Clinton on the Main The number of pensioners who died from June 30 1904 to Line. June 30 1905 was 15. The expenditures for interlocking plants and signals were In addition to the amount paid out in pensions, the sum of comparatively small, and consisted principally of payments $26,745 97 was contributed by the Philadelphia & Reading made for work that had been started during the previous Ry. Co. towards the support and maintenance of the Phila- year and completed in the past year. delphia & Reading Relief Association, the membership of A new passenger station was erected at Oak Lane and a which is composed of employees of the Reading System. new passenger station and freight house were built at Telford. Improvements in the passenger and freight RENTALS OF LEASED LINES. facilities and in water and fuel stations were made at various The total rentals of leased lines for the past fiscal year points, but of none were any magnitude. show an increase over those of the previous fiscal year of A new car-repair shop was erected at Newberry Junction, $14,490 45. This increase was due mainly to the fact that to provide facilities for the repair of cars promptly in a terri- the rental of the Norristown& Main Line Connecting RR. large tory where numbers of cars are handled, and to avoid for the fiscal year of 1903-04 covered only one-half of the the expense and delay of sending damaged cars long distances year, while the rental of that railroad included in this report for repairs. is for a whole year; and that the rentals payable to the Allen- Large expenditures were made during the past fiscal year town RR. Co. and the Colebrookdale RR. Co.. being upon a and still further expenditures are in contemplation, in percentage basis, advanced with the increased business upon enlarging the locomotive and machine shops at Reading. those lines. These shops, although recntly constructed upon a very large scale, proved to be inadequate for the prompt repair of FUNDED INDEBTEDNESS OF PHILADELPHIA & the locomotive equipment. READING RY. CO. In connection with the enlargement of the shops at Read- ing, it has been necessary to supply a large number of addi- The Philadelphia Subway Loan was reduced $147,500. tional shop tools, the cost of which accounts for the large During the past fiscal year an additional issue of Subway increase in that item as compared with the expenditures of bonds was made by the city of Philadelphia, amounting to the previous year. $5,000, of which this Company is liable for one-half—$2,500. The bulk of the expenditures for sundry improvements Therefore the payment made by this Company of $150,000, was made in the completion of work started in the previous and hereafter referred to, resulted in a net reduction of year and referred to in the last annual report. The principal $147,500. item of cost for new work started during the past fiscal year, On December 31 1904 $150,000 was paid to the city of and included among sundry improvements, was on account of Philadelphia , being the company's share of the first series of the construction of a steel in place of a wooden bridge carry- the City of Philadelphia Subway Loan which matured on Jan- ing Hunting Park Avenue over the Richmond Branch at uary 1 1905. This payment was made out of the Subway Loan Nicetown, Philadelphia, of the total cost of which this Com- Sinking Fund which was created several years ago, and pany will pay one-third. which on June 30 1905 contained $476,910 24, as per balance sheet. A similar payment of $150,000 will accrue on Decem- INSURANCE FUND. ber 31 of each year until the Subway Loan, of which this Company's proportion now amounts to $2,599,500, is The balance to the credit of this fund June 30 1904 was $1 ,000,000 00 retired: During the past fiscal year the income from investments The ground rents and mortgages on real estate were re- in the fund amounted to 44,123 07 duced $368,036 29 during the past fiscal year. The payment Total §1,044,123 07 and cancellation of these ground rents and mortgages were From which the following payments were made— made in pursuance of the policy adopted in the plan of re- Premiums on policies, and losses from fire or marine organization to retire all individual liens upon the property disaster _. 74,917 33 whenever it could advantageously be done, General Mort- $969,205 74 gage Bonds having been reserved therefor. General Mort- Amount contributed by Philadelphia & Reading Ry. Co... 30,794 26 gage Bonds of Reading Company will, therefore, be issued for Balance to credit of fund June 30 1905 $1,000,000 00 the ground rents and mortgages on real estate so retired.

OCEAN BUSINESS. The following statement shows the number of tons of merchandise, anthracite and bituminous coal shipped from Port Richmond, whether to foreign or domestic ports, during the past six years:

Year Ended June 30 1904-1905. 1903-1904. 1902-1903. 1901-1902. 1900-1901. 1899-1900.

Merchandise—tons 2,000 lbs 788,847 09 845,958 08 1,093,493 13 1,000,460 16 1,229,371 17 1,218,330 17 Anthracite Coal—tons 2,240 lbs 1,943,545 01 2,072,233 03 1,098,510 18 1,469,499 12 1,849,249 19 1,739,231 11 Bituminous Coal—tons 2,240 lbs 1,596,020 03 1,402,609 16 1,305,84S 00 1,011,335 19 1,024,873 13 826,356 14

During the same years there were shipments as follows from Port Richmond to rail points, mostly on the line of the Philadelphia & Reading Ry.:

Year Ended June 30 1904-1905. 1903-1904. 1902-1903. 1901-1902. 1900-1901. 1899-1900.

Merchandise and Iron Ore—tons 2,000 lbs_ 851,112 812,885 1,035,020 743,960 712,476 682,069 . .

Sept. 23 1905.] THE CHRONICLE. 981

EQUIPMENT.

The rolling and floating equipment has been kept up, the valuation and the capacity being both larger than when the reorganization was made, as the following statement will show. ROLLING AND FLOATING KQUIPMENT.

June 30 1905. December 1 1896.

Capacity, Capacity, No. Lbs. Valuation. No. Lbs. Valuation

Locomotive Engines ind Tenders 900 21,752,346 $5,999,865 00 791 12,757.147 $3,880,190 19 Revenue i Freight C&rs 3S,L'M) 2,819,620,000 21,536,616 oo 28.204 1.336,049,600 10,781 ,.'V_'2 00

Pa

$30,765,281 00 si o.ii'.H 1,856 19

Gross Hi ii. Ton Gross Ileq. Ton Steam Colliers, Tuss, etc 22 7,693 15 1,229.384 00 15 10,018 75 623,000 00 Coal Barnes, etc - 106 73,168 80 2,174,444 00 103 37.851 80 816,850 00

Total Floating Equipment S0.S61 95 83.403.S28 00 47.865 55 $1,439,850 00

As of June 30 1905, in comparison with December 1 1896, Cost of mining and repairs increased $694,612 69, which the average value of all locomotives had increased from is accounted for by the increase of 731,157.15 tons in the 54,906 to $6,666; the average value of freight cars producing number of tons of coal mined by the Company. revenue had grown from S383 to S562; the steam colliers and Cost of transportation by rail and water increased $482,- tugs, whose average value in 1896 was §41,533, was, on 712 04, which is accounted for by the fact that the number of June 30 1905,S55,881, and the average value of barges, tons of coal sold during the past year increased 554,083.18 which was $7,930, had increased to $20,513. This increase over the previous year. of average value of the several items has come from the fact The amount of the expenditures in improvements at that in each class of equipment the new locomotives, cars, collieries made in 1904-05 in excess of the amount paid on the tugs or barges are larger and more costly than the old ones. same account in 1903-04 was $457,939 44. The total value of the rolling equipment in our possession, Mr. R. C. Luther, Second Vice-President, died on March 6 including that owned and that leased, has increased from 1905. Mr. Luther had been in the service of the Company $16,990,850 19 as of December 1 1S96 to $30,765,281 00 as since its organization. He had charge of all the mining of June 30 1905, and the value of floating equipment has operations of the Company as General Superintendent from increased during the same period from $1,439,850 00 to May 12 1888, until September 16 1903, when he was ap- 13,403,828 00, making a total increase of value of $15,738,- pointed Second Vice-President. Mr. Luther's advance- 402 81. ment in the service was due to his devotion to his duty, his

This increase has been contributed integrity and his general equipment for his work , through his education as a mining engineer, his experience in the anthra- By Reading Company . $8,002,445 03 By outstanding Car Trusts 7,659,870 34 cite field and his intimate knowledge of the Company's By Wilmington & Northern RR. Equipment under lease.. 76,087 44 property. Mr. Luther enjoyed the entire confidence of the and the $15,738,402 81 management, respect and esteem of his associates. Mr. Thomas M. Richards was appointed Second Vice- total valuation of all The the equipment on June 30 1905 President to fill the vacancy. shows a decrease of SS2,727 16, as compared with June 30 1904. The value of the floating equipment was increased $179,719 84; but the value of the rolling equipment decreased $262,447 during the past year. This decrease in the rolling READING COMPANY. equipment was due to the dismantling of engines and cars The amount of General Mortgage bonds outstanding was which had become unfit for service. Orders have been increased during the year $1,052,000, making the total placed for new engines and cars which will exceed in value bonds outstanding on June 30 1905, $71,334,000, as shown and capacity those dismantled last year. by the balance sheet of Reading Company. This increase is accounted for as follows: THE PHILADELPHIA & READING CO. Delivered to Reading Co. in pursuance of the terms of the Gen- COAL & IRON eral Mortgage for new acquisitions and betterments, and in

the treasury of the company , as stated below $1 ,500 ,000 The total production of anthracite coal from lands owned Less amount of General Mortgage bonds purchased and can- and leased by the Philadelphia & Reading Coal & Iron Co. in celed out of the proceeds of the Sinking Fund 448 ,000 year 1904-1905 the was 11,057,742.17 tons, an increase of 51,052,000 646,893.07 tons over the production of the previous year, or 6.2 per cent. The increase in production of the whole an- The General Mortgage Bonds, delivered for new acqui- thracite region for the year ended June 30 1905 was about sitions and betterments, are in the treasury of the Company. 3.9 per cent as compared with the year ended June 30 1904. The coal purchased aggregated 1,184,349.11 tons, a DIVIDENDS. decrease of 204,185.06 tons, or 14.7 per cent, and the sales On June 15 1904, a dividend of 2 per cent upon the First amounted to 10,312,223.12 tons, an increase of 554,083.18 Preferred stock was declared out of the surplus earnings of tons, or 5.7 per cent over the previous year. Reading Company, and paid on September 9 1904, and on The cost of coal mined and purchased during the year was September 14 1904, the Board declared, out of the surplus 2 7-10 cents per ton less than for the previous year, and the earnings, a dividend of 2 per cent upon the First Preferred price realized on all sizes was 9 7-10 cents per ton less, stock, which was paid on March 9 1905. Prior to the pay- making a total decrease in the net amount realized of 7 cents ment of the last named dividend, the Company paid to the per ton compared with the previous year. Trustee of the General Mortgage $459,850 79, being the The total sum charged to expenses for improvements dur- amount required for the Sinking Fund, which represented ing the year was $1,730,974 81, as against $1,273,035 37 for five cents per ton on all anthracite coal mined during the the previous year. calendar year of 1904 from lands owned by Philadel- The funded indebtedness of the Coal & Iron Company phia & Reading Coal & Iron Co. and pledged under the has been reduced by the following payment: General Mortgage. This sum of $459,850 79 was also paid Philadelphia & Reading Collateral Sinking Fund out of surplus earnings , and was applied by the Trustee to the Loan $30,000 purchase of the $448,000 General Mortgage bonds referred This Company has been reimbursed by Reading Company to above, which bonds have been canceled. for the payment of these bonds. On September 14 1904 a dividend of 2 per cent upon the From the earnings of the Company for the fiscal year Second Preferred Stock was declared out of the surplus there was appropriated to the Depletion of Lands Fund the earnings of the Reading Company, and paid November 10 sum of 1478,325 79, being 5 cents per ton on coal mined from 1904, and on December 21 1904 a further dividend of 2 per Company's lands during the year, making the total cent upon the Second Preferred Stock was declared out of the amount in this fund $944,976 36. surplus earnings of Reading Company and paid May 10 1906. The. new yard near Bridgeport, referred to in the previous On December 21 1904 a dividend of l l per cenl upon the annual report, for the temporary storage of unmarketable /2 Common Stock was declared out of the surplus i of coal, was completed during the past fiscal year and imme- Reading Company and paid February 1 1905. This is the diately put into operation. lirst dividend that has been paid upon Reading Company The increase of receipts the Coal Iron Co. from the of & Common Stock. sale of anthracite over the previous fiscal year was $993, 61 3 58. The receipt-, however, from the sale of l>itu- GENERAL MORTGAGE BONDS. minous coal and from other sources were $145,367 80 less, making the increase of total gross receipts only $848,245 78 On November 16 1904 Reading Company certified, ae in 1904-05 as compared with 1903-04. provided in the General Mortgage, to the Trustee thereof •The increase of expenses amounted to $1,326,98125. the application of the SI, 500,000 (.eneral M been The principal items in which increases occured were: which, fced in the annual report of L904, had ——— — — — —

982 THE CHRONICLE. [Vol. lxxxi. delivered to it for new acquisitions and betterments. These NEW YORK SHORT LINE RAILROAD. new acquisitions and betterments consisted of: Work upon this road has progressed as rapidly as the Rolling stock and floating equipment $1,581,627 74 physical conditions and weather would permit and it is Balance from previous certificate 19,689 21 expected that it will be entirely completed and in operation by the spring of 1906. $1,601,316 95 All of the rolling stock thus acquired has been conveyed to EXCHANGE OF VOTING TRUSTEES' CERTIFICATES. the Trustee of the General Mortgage by a special supple- mental mortgage. In consequence of the termination of the Voting Trust, Upon the filing of the certificate referred to, the Trustee the Company began on December 1 1904 to issue certificates delivered to Reading Company the $1,500,000 General of First and Second Preferred and Common Stock in ex- Mortgage bonds referred to on the previous page, to be change for the outstanding Voting Trustees' Certificates. used for further acquisitions and betterments. By June 30 1905, the exchanges were practically completed, the number of shares then outstanding represented by Voting DECREASE OF FUNDED INDEBTEDNESS. Trustees' Certificates being:

The decrease of $381,368 54 in the funded indebtedness of First Preferred Stock. 7,005 out of 560,000 shares Second Preferred Stock 5,309 out of 840,000 the Company, as shown by the balance sheet, is accounted Common Stock 3,411 out of 1,400,000 for as follows: 15,725 out of 2,800,000 Railroad Equipment Trust Certificates Series A, canceled $504,000 00 STOCKS AND Series B , canceled 400,000 00 BONDS OWNED. Series C, canceled 174,000 00 Series D, canceled 312,000 00 $1,390,000 00 The certificate of deposit for $500,000, shown in the state- ment of miscellaneous bonds owned by Reading Company in Bonds and Mortgages on real estate paid and canceled 43.368 54 the report for 1903-1904, has been converted into $500,000 City of Philadelphia 3}4 per cent bonds, which bonds have $1,433,368 54 been deposited, in place of the certificate of deposit, with the General Mortgage (as previous 1 ,000 00 bonds issued shown on page) ,052 city of Philadelphia as security. for the performance by the Philadelphia & Reading Ry. Co. of its obligation to pay one- 54 $381,368 half of the city of Philadelphia Subway Loan, in annual The General Mortgage bonds in the treasury of the Com- instalments of $150,000 each. pany June 30 1905 were $5,683,000, as compared with $225,000 additional was paid in upon Reading Company's $4,630,000 on June 30 1904. The difference is accounted for subscription to the capital stock of the New York Short Line as follows: RR. , making the stock of that Company full paid. The Board extends its thanks to the officers and employees Tn treasury June 30 1904 . $4,630,000 Received as heretofore shown of all the Companies composing the Reading System for the For improvements ,etc 1,500,000 faithful and efficient service performed by them during the For conversionof old Philadelphia & Reading past year. RR. Co. General Mortgage scrip 1,000 $6,131,000 By order of the Board, Lees amoun sold to General Mortgage Sinking Fund. 448,000 GEORGE F. BAER, In treasury June 30 1905 $5,683,000 President.

READING COMPANY—PHILADELPHIA & READING RY. CO. AND THE PHILADELPHIA & READING COAL & IRON CO.

CONSOLIDATION OF INCOME ACCOUNTS FOR THE • YEAR ENDED JUNE 30 1905 AND COMPARISON WITH YEAR ENDED JUNE 30 1904.

1904-1905. 1903-1904. READING COMPANY, Income $ $ $ $ $ $ From P. & R. Ry. Co.— Interest on Purchase Money Mortgage 1,200.000 00 1,200,000 00 Interest Account Leased Lines, etc 489,965 73 491,724 48 Rent Delaware River Wharves 50,000 00 50,000 00 Rent of Equipment 1,737,000 00 3,476,~965 73 1,677,500 00 3,419,224 48 From Other Sources Real Estate Rented 158,967 07 151,611 80 Interest and Dividend Receipts $1,747,831 25 Interest on debt of P. & R. C. & I. Co 1,582,255 21 Dividend on P. & R. Ry. Co. Stock. 4,000,000 00 7,330,086 46 7,489,053 53 5,678,849 14 5.830.460 94

10,966,019 26 9,249,685 42

Expenses : 138,960 74 73,008 34

10,827,058 52 9,176,677 08 PHILA. & READING RY. CO. Receipts From Railway Traffic 36,832,069 91 34,250,489 35 From other sources, net 663,648 97 37,495,718 88 688,906 51 34,939,395 86 Expenses Operating T 19,480,349 61 19,818,929 06 Insurance . 30,794 26 155,899 14 Improvements 979,643 31 20,490,787 18 1,173.764 67 21,148,592 87

17,004,931 70 13,790,802 99 P. & R. COAL & IRON CO. Receipts _ 36,099,419 77 35,251,173 99 Expenses

Operating ; 32,514,276 58 31,163,210 78 New Work at Collieries 1,730,974 81 :::::::::::: 1,273,035 37 Interest on Debt to Reading Co 1,582,255 21 35,827,506 60 1,582,477 77 34,018,723 92

271,913 17 1,232,450 07

Net Receipts 28,103,903 39 24,199,930 14 Fixed Charges and Taxes Reading Company 4,335,350 80 4,250,630 12 Phila. & Reading Ry. Co.— On Securities, etc., payable to Public 6,168,803 75 6,055,313 03 On Securities owned by Reading Co 3,476,965 73 9,645,769 48 3,419,224 48 9,474,537 51 Phila. & Reading Coal & Iron Co 104,035 10 14.085.155 38 317,224 44 14,042,392 07

14,018,748 01 10,157,538 07 From which should be deducted dividends paid by P. & R. Ry. to Reading Co 4,000,000 00 2,400,000 00

Surplus 10,018,748 01 7,757,538 07

1 ...

Fixed Charges and Taxes, as above $14,085,155 38 $14,042,392 07 Less income of Reading Co., included in fixed charges of R~y. Co., as above 3,476,965 73 3,419,224 48

Net Fixed Charges and Taxes $10,608,189 65 $10,623, 167t59 — — —— — — .

Sept. 23 1005.1 THE CHRONICLE.

Dr. READING COMPANY—BALANCE SHEET JUNE 30 KM)',. Ct.

Amount. Total. Amount. Total. Railroad Equipment General Mortgage Loan 1M>7-1997 $71,334,000 00 $ Locomotive Engines and Cars. $22,594,610 41 Mortgages and Ground Rent.* - 1,346.672 05 Floating Equipment Delaware River Terminal Bonds 500.000 00 Colliers, Tugs, Barges, etc 2,586,608 84 $25.1S1.21

Philadelphia & Reading Ry . Co. . , . . . . 337,462 36 2,937.928 06 New Equipment to be Purchased Account Equipment Dismantled 321.700 07 Surplus to June 30 1904 4,126,299 80 Surplus for year ending June 30 1905 6,491,707 72

From which deduct— $10,617,007 62 - • • Dividend on First Pre

• • ferred Stock, paid Sept

- • 9 1904 $560.000 00 __• Dividend on First Pre- ....

• ferred Stock, paid Mch. • • • •9 1905 560.00000 Dividend on Second Pre- ferred Stock, paid Nov. 10 1904 840,000 00 -Dividend on Second Pre- • • ferred Stock paid May , L','' 10 1906 840.000 00 Dividend on Common Stock, paid Feb 1 1905.1,050.000 00 General Mortgage Sinking Fund 459.850 79 4 309,850 79 6.307,166 73

$257,906,682 03 $257,906,682 03

E. & O. E GEORGE ZIEGLER, Comptroller.

THE PHILADELPHIA

1904-1 •05. 1903-190 4.

Amount. Total. Amount. Total.

RECEIPTS. $ $ t- $ % Coal sales (Anthracite) 34,943,000 75 \ 33.949.387 17 Coal sales (Bituminous). 548,397 66 1 637,016 68 Coal rents 324,712 45 333,859 34 House and Land rents 112,499 28 121,288 05 Interest and Dividends 111,146 73 135,504 36 Miscellaneous 59,662 90 74,118 39

Total Receipts _. 36,099.419 77 35,251,173 99 EXPENSE*. Mining coal and repairs 17,378,180 89 16,683,568 20 Coal purchased (Anthracite) 2,711.836 55 3,119,700 00 Coal purchased (Bituminous) 626.265 59 593,305 66 Royalty of leased collieries . . 621,530 78 561 ,603 93

Transportation of coal by rail, . 8,032.088 85 [7,428,811 67 Transportation of coal by water 1,337.805 20 1,458,370 34 Handling coal at depots 435.322 69 432,004 23 Taxes on coal lands and improvement 9 295,600 00 239,927 17 Improvements and repairs of houses. . 57,692 81 22.087 41 Damages account coal dirt ... 25.352 04 47,104 88 All other expenses 983 .609 49 882,690 51 32,405.284 89 31.469,174 00 • oal added to stock 369.334 10 760,204 46

Total Expenses 32.035,950 79 30,708.969 54

4,063,468 98 4,642.204 45 Improvements at collieries, etc 1,730,974 81 " 1,273,035 37 Profit in Operating 2,332,494.17 3.269,169 08 178,326 79 454,241 24 Fixed charges and taxes 104,035 10 317.224 44 1.582.255 21 1,582.477 77

2,164,616 10 2,368.943 46

Profit 167,878 07 915.225 68 Profit and loss of previous yea.--. 1,222,788 09 1,422,361 02

. i -UK), ..,,,. in 2.337.586 05 Lzm payment of balance of Coal Trust Certificates, etc.. 1,114,791

Bahuire io Credit of Profit and Lom Iccounl 1.390. 666 16 1 .222.788 00

Tonn*g> - Mined (Anthracite) 9,488,666 17 8,707,506 02 PurobaSfd 1.184.349 11 1.388.634 17 told 10.312,223 \1 9.758.139 14 On hand 1,150,164 15 866,191 10

i — — — —

984 THE CHRONICLE. (Vol. lxixi

Dr. THE PHILADELPHIA & READING COAL & IRON CO.—GENERAL BALANCE SHEET, JUNE 30 1905. Cr.

Capital Accounts— Amount. Total. Capital Accounts— Amount. Total. Coal Lands j 857,815,326 01 P. & R. Collateral Sinking Fund Loan, 659,965 00 1892-1932 . $1,320,000 00 New York and Eastern Depots 707,002 19 Capital Stock 8,000,000 00 Western Yards and Depots 489,421 17 Reading Company 79,135,760 58 Miners' and Other Houses. 548,037 67 Current Liabililien— Pottsville Shops, Real Estate and Im- Pay Rolls and Vouchers $1,154,952 74 provements 369,666 99 Due for Coal Purchased 286,546 73 Storage Yards and Washerios 749,336 55 Due for Royalty on Coal Mined 138,921 28 Other Real Estate 163,712 55 Freight and Tolls Due Foreign Roads 132,443 93 I mprovements at Collieries 7,078,690 32 Companies and Individuals.. 81,303 50 Equipments at Collieries. 2,302,467 63 Interest Due and Uncollected. 11,012 50 Deadwork at Collieries 3,711,477 31 Interest and Taxes Accrued.. 178,940 97 Stocks and Bonds of Companies Controlled 9,672.136 90 1,984,121 65 Improvement Fund Account New Collieries 300,000 00 $84,267,240 29 P. & R. Ry. Co. Current Account .. 1,477,778 30 Current Assets— Profit to June 30 1904 SI, 222, 788 09 Cash on hand 657,833 18 Profit July 1 1904 to June 30 1905 167,878 07 Coal Accounts 3,393,342 90

Rent Accounts 37,390 73 1 ,390,666 16 Companies and Individuals 474,286 86 Coal on hand 2,205.356 90 Supplies and materials on hand 787,933 98

7.556,144 55 i Depletion of Coal Lands Fund Cash 494,976 36 450,000 00

944,976 36 Stocks, Bonds and Mortgages 839,965 49

$93,608,326 69 $93 .608 326 69 -

, W. G. BROWN, Secretary.

PHILADELPHIA & READING RY. CO.—INCOME ACCOUNT FOR THE YEAR ENDED JUNE 30 1905 AND COMPARISON WITH YEAR ENDED JUNE 30 1904.

1904-1905. 1903-1904. RAILROAD. Earnings $ $ $ S I $ From coal traffic .. 17,163,351 47 15,921,800 00 From merchandise traffic . 13,036,535 55 11,932,640 14 From passenger traffic .. - 5,717,399 37 5,516,669 39 From miscellaneous sources . 796,458 53 760,355 31 From transportation of mail 118,324 99 119,024 51

36,832,069 91 34,250,489 35 Operating Expenses For maintenance of way and structures 2,738,215 40 3,083,963 46 For maintenance of equipment 5,650,984 25 5,694,610 44 10,387,562 86 10,349,062 12 1_ For general expenses 703,587 10 691,293 04

19,480,349 61 19,818,929.06

17,351,720 30 (14,431,560 29 Other Expenses For Insurance fund 30,794 26 155,899 14 1

For Improvements : 979,643 31 1,173,764 67

1,010,437 57 1,329,663 81

16,341,282 73 13,101,896 48

Other Sources (net earnings) 663,648 97 688,906 51

Net Earnings 17,004,931 70 13,790,802 99 Fixed Charges 9,645,769 48 9,474,537 51

Surplus 7,359,162 22 4,316,265 48

Dr. PHILADELPHIA & READING RY. CO.—BALANCE SHEET, JUNE 30 1905. Cr.

Amount. Total. Railroad $80,255,894 07 Amount. Total. Philadelphia Terminal -8,500,000 00 $88,755,894 07 Prior Mortgage Loans $5,241,700 00 Consolidated Mortgage Loan, 1871-1911.. , 18,811,000 00 Philadelphia Subway 2,593,500 00 Improvement Mortgage Loan, 1873-1897- RealEstate t 200,464 02 1947 9,363,000 00 Leased Equipment (W.. & N. RR.) 76,087 44 Consolidated Mortgage Loan, 1882-1922- New Locomotive and Machine Shops, Reading 1,796,335 70 1937, First Series _. 5,760,717 00 Reading Company, Purchase Money Mortgage Bonds 1,200,000 00 Consolidated Mortgage Loan, 1883-1933, Chestnut Hill RR. Co. Stock... 75,000 00 Second Series 1 ,535 00 Williams Valley RR. Co. Bonds 20,000 00 Debenture Loan, 1891-1941 S, 500,000 00 Current Assets— Purchase Money Mortgage 20,000,000 00 $67^68.3,952 0C Cash 6,865,029 36 Bills Receivable .... 229,117 21 Philadelphia Subway Loan 2 ,593 .500 00 Freight and Toll Bills .. 1,999,629 61 Mortgages and Ground Rents 257,069 25 Materials on hand 2,206,710 93 Capital Stock 20,000,000 00 Railroad Companies 2,232,915 59 Current Liabilities— Philadelphia & Reading Coal & Iron Co.. 1,414,266 14 Unpaid Vouchers and Pay Rolls 2,707,302 12 Individuals and Firms 560,519 39 Railroad Companies 1,329,917 96 Individuals and Firms 304,722 49 15,508,188 23 Rents Matured 276,119 00 Deposit acct. Insurance Fund 35,504 52 Interest Matured 112,475.41 r Insurance Fund Securities iii 980,293 35' Rent,- Interest, Taxes, etc., Accrued 1,515, 096" 05 ' - Reading Company 337,462 38 G, 583,095 99 1,015,797 87 Deposit acct. Subway Loan 108,594 13 1 nsurahce Fund '.I'.l'l'. 1 1 ,000 ,'000 00 Subway Loan Securities 368,316 11 Equipment Fund 696,125 13 Subway Sinking Fund 470,910 24 .-.< 476,910 24 V, ilmirigton & Northern RR. Co. Equipment acct. Lease. 320.040 50 Reading Co., acct. Bonds and Mori

Reading Co., acct . New Locomotive and Machine Shops, Reading 1,200,000 00 Reading Co., acct. Improvements . 469,454 IS Surplus June 30 1904 _. 7,028,368 06 Le>s Dividend paid December 29 19.04.. 4,000,000 00

3,02S,36S 06 Surplus for Year Ended June 30 1905 7,359,162 22 10,3S7,530 28 " '.•• I $111,718,177 57 Slll',7l'8\l77 57

!

E. & 0. E. GEORGE ZIEGLER, Comptroller. —— i ——— — — —— — — —

Sept. 23 1905.] THE CHRONICLE <>s,>

THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY.

I'll ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNK 30 L905.

,000 of tin- series of bonds falling due Februi Office of The Atchison Topeka A Santa Fe Ry. System, canceled SI ,301 No. 5 Nassau St., New ) ork City, 1 1906. (' ptember (> 1906. $488,000 of I Oklahoma Division Four Per .-old in bonds were issued and p | 7'o the Stockholder*: Twenty-five Year Gold Your Directors submit the following report for the fiscal of the Kiowa Chickasha «v Ft. Smith Railway, 24.18 mile* in length, which was conveyed to the Eastern Oklahoma Rail- year July I 1904 to June 30 1905, inclusive. The Lines composing the Atchison System, the opi way Company March 14 1904. privilege given of of which are embraced in the following statements, are as During the year the was to the holders Convertible follows: lie- preferred and common stock to subscribe for June 30 u>05. June 30 bonds to the extent of 15 per cent of their respective holdings '25 uchison, Topeka \- Santa Fe Ry. 6,839.98 miles. 6,822.53 of stock; subscription instalments being payable per i 6 El PasoRR 20.17 " 20.1 Bio Grande April 3-Sth; 37 j > per cent July 5th; 37^ per cent September •' " Gulf Colorado .v Santa Fe Ry 1,328.74 1,329.05 Southern Kansas Ry. of Texas ... 129.17 " 129.17 " 30th. Thesebonds, amounting to $32,420,000, bear interest from

• 8,318.06 8,300.92 Total -- April 1 1905 at the rate of 4 per cent per annum. Including the $32,420,000 of Convertible Bonds, of which The average mileage operated during the fiscal year ending however, the greater portion will not be issued until Septem- June 30 1905 was 8,305.40 miles. The total inereas< ber 30 1905, when the last subscription instalment will fall mileage was 17.1-1 miles. The increase in the average number due, the funded debt on July 1 1905 was as follows, bonds of miles operated, compared with the preceding fiscal year, in treasury not being counted: 125. SI mi! was Rale of During the year the lines Owasso to Tulsa, I. T., 11.03 Class of Bonds— InlenH. Amount. miles, and Puverbank to Oakdale, Cal., (5.30 miles, were CO General Mortgage October 1 1995 $140,034,500 in operation. Due 4% pleted and put Adjustment .Mortgage this report the In addition to the System lines covered by Due July 1 1995... 4% 51,340,000 Company controls, through ownership of stocks and bo; Convertible Bonds Due June 1 1955 4% 32,420,000 various auxiliary railway companies owning lines of an aggre- ial Debentures gate length of 985.87 miles, as set forth on page 44 of this 82,500,000 due February 1 of each year 4% 21,203,000 report. stocks ami bonds are carried in the Balai Eastern Oklahoma Division Due March 1 1928 6,128,000 head of ••Investments, New Acquisitions." 4% r the •San Francisco & San Joaquin Valley Ry. The aggregate amount of bonds of these companies outstand- Due October 1 1940 5% 6,000,000 ing, exclusive of those owned by this Company, is §6,405,000. Chicago & St. Louis Ry. Due March 1 1915. 1,500,000 Net Income of these companies for the fiscal 6% Th, ;m. -o Santa Fe it California Ry. year amounted'to $851,189 79, after deducting taxes and Due January 1 1937 ---5% 560,000 rentals. Of this sum $319,480 14 was applied in payment of Hutchinson & Southern Ry. Due January 1 1928 5% 195,000 interest on bonds not owned by this Company, while $373,- 760 40 was received by this Company as interest and divi- Total $265,986,500 dends on bonds and stocks owned by it, and is included in the Account under the head of "Income from Invest- Income o Includes $4,000 which fell due February 1 1905, on which date ments." The balance of such Net Income, amounting to interest ceased. $157,949 19, was not taken into the accounts embraced by this report, but was retained by the several auxiliary companies The actual interest charges for the year euding June 30 or appropriate! by them towards new acquisitions and im- 1906 will amount to $10,589,958 34 in respect of the above provement:-. bonds. The mileage owned on July 1 1905 by the System Com- INCOME STATEMENT. panies covered by this report (exclusive of the Gulf Beau- mont Kansas City and Gulf The following is a summary of the transactions of the & Beaumont & Great Northern for the fiscal year: railways) was 8,134.72 miles (see page 42 of pamphlet.) The average amount of funded debt on this mileage and earnings from operation SGS 2.5 Gros* ,375,837 the average interest charge per mile in comparison with the rrrc> other sources 813,902 40 previous year are as lollows: •Income from all sources $09, 189,739 65 Jul)/ 1 1905. July 1 1904. Operating expenses, including taxes, rentals and other Funded debt per mile of road $32,697 68 $29,175 92 charges 47,835,883 50 Interest charges per mile of road 1,30182 1,179 05

821 ,353 S5

received as the net proceed- of sales of lai Ballasting 1 1 60 Bulldli ta !•"• Pacific band Grant, but this was directly written olf improvements of < In.

the 1 hook value of Railroads, Franchise a d Improvements of Moj.o e Dl and the tn ir in th 1 1 uti.-r 1m: ,rk til 1,4"

Southern Call font I FUNDED DEBT. Miscellani

;

. - Tn to the $2,500,00 !>• b< 1 expend!! 07 39 ' red' ry 1 1905 th< impa ny ha — —

Vol. lxx3 i 986 THE CHRONICLE. i

The sum of $485,000 out of the Fuel Reserve Fund was Year Ending Year Ending Inc. ( + ) or June 30 1905. June 30 1904. Dec. (— ). applied to reimburse the treasury to that extent in respect of Earnings— investments in fuel properties, and this sum was written off Passenger $16,045,380 27 115,433,773 63 +$611,606 64 the book value of such investments. Freight 47,408,982 36 47,762,653 23 —$353,670 87 Mail and Express —31,133 52 The sum of $681,306 05, in cash, having been received as 3,804,528 54 3,835,662 06 Miscellaneous 1,116,946 08 1,139,11126 —22,165 18 net proceeds of the sale of Santa Fe Pacific lands, that sum was written off the book value of Railroads, Franchises and Total Earnings $68,375,837 25 $68,171,200 18 +$204,637 07 Other Property. Operating Expenses— By order of the Board, the sum of $1,083,311 41 was Maintenance of Way charged to Profit and Loss and written off the property ac- and Structures $11,385,418 33 $9,170,234 07 +$2,215,184 26 Maintenance of Equip- counts, in respect of expenses and discount on bond sales. ment 10,914,864 47 10,006,135 41 +908,729 06 Conducting Transpor- tation 21,362,859 64 21,295,960 11 +66,899 53 MAINTENANCE OF EQUIPMENT. General Expenses 1,854,24187 1,749,702 98 +104,538 89 The following statement shows the sums charged to Total Operating Ex- Operating Expenses for Maintenance of Equipment during penses $45,517,384 31 $42,222,032 57 +$3,295,35174 each year since July 1 1896: Net Earnings from Op- Average Operated Expenditure erations $22,858,452 94 $25,949,167 61 —$3,090,714 67 Percentage Year Ending June 30 Mileage. Total Expenditure. Per Mile. of Operat- ing Expenses to 45 1897 - 6,443.81 $3,443,884 82 $534 Earnings 66.57 61.94 +4.63 1898 -. 6,936.02 4,659,277 99 671 76 1899 7,032.62 4,810,795 64 684 07 No portion of the earnings was derived from the trans- 40 717 56 1900 7,341.34 5,267,832 portation of Company material. 1901 7,807.31 6.257.456 57 801 49 1902 7,855.38 7,864,951 25 1,001 22 The average tons of revenue freight per loaded-car mile 1903 7,965.13 8,510,543 09 1,068 48 increased from 13.87 to 14.05, or 1.30 per cent. 10,006,135 41 1,223 31 1904 8,179.59 The average tons of revenue freight 1905 8,305.40 10,914,864 47 1,314 19 carried per freight- train mile increased from 269.81 to 281.85, or 4.46 per cent. • For the year ending June 30 1905 maintenance charges The average freight revenue per freight-train mile in- averaged as follows: creased from $2 75 to $2 82, or 2.55 per cent. The average passenger revenue Per locomotive $4, 165. 31 per passenger-train mile Per locomotive mile .1487 decreased from $1 15 to $1 12, or 2.61 per cent. Per passenger car, including mail, baggage and express 1,152.17 The average total revenue per passenger-train mile de- .0113 Per revenue passenger car mile creased from $1.44 to $1 or 4.17 Per freight car 93. 66 38, per cent. Per revenue freight carmile .0078 Tons of revenue freight carried one mile increased 47,820,- 436, or 1.02 per cent, while freight-car mileage decreased These Maintenance charges include a proportion of unlo- 9,656,080 miles or 2.01 -per cent, and freight-train mileage cated expenditures for Maintenance of Equipment chargeable decreased 571,710 miles or 3.29 per cent. to Superintendence, Shop Machinery and Tools, Stationery, The number of passengers carried one mile increased and Other Expenses. They also include expenses due to the 35,380,008, or 5 per cent. The passenger-car mileage in- machinists' strike. creased 7,336,313 miles, or 8.91 per cent, and the passenger- The amount to the credit of Rolling Stock Replacement train mileage increased 1,018,696 miles, or 7.62 per cent. last report, Fund on June 30 1904, as shown in the annual The following is a consolidated statement of the business was $26,753 73. To this amount there was added during the of the System for each fiscal year during the period since year the sum of $1,601,362 52, of which $1,491,408 44 was January 1 1896: charged to Operating Expenses and $109,954 08 was collected in cash for equipment sold and equipment destroyed on for- Fiscal Earnings, In- Expenses, In- eign lines. Said sum represents the present cost of new Year Average cluding In- cluding Taxes, Fixed Adlustment Surplus. Ending Miles comejrom Rentals and Interest Bond equipment, corresponding to 35 locomotives and 1,098 cars June 30. Operated. Other Sources. Other Charges. Charges. ; Interest. destroyed or otherwise disposed of, making a total fund of 1897 1 $1,628,116 25 available for the acquisition of new locomo- 18 mos.J 6,444 $44,541,690 $36,038,455 $6,900,008 $1,540, 380 $62,847 tives and cars. The following equipment was acquired 1898 6.93G 39,396.126 30,524,179 4,992,148 2,053 840 1 ,825,959 1899 7,033 40,762.933 29,353,618 5,188,132 2,053 840 4 167,343 during the year by use of this replacement fund: 1900 7,341 46,498,399 29,434.048 5,291,327 2.053 840 9 719,684 1901 7,807 54,807,380 34,510.665 5,776,971 2.053 840il2 465,904 31 Locomotives _ $507,90150 1902 7.855 00,275,944 36.27-,432 6,385,145 2,053 840 15 564.527 Freight Cars 1903 7,965 63,668,391 40,635.576 7,080,645 2,053 840 13 ,898,329 82 94,270 18 1904 8.181) Passenger Cars 69,419,975 44,641,434 7,364,930 2.053 840.15 ,359,771 50 435,043 73 1905 8.305 69,189,740 47,835,884 7,557.670 2,053 840,11 742,346 •Add cost of 127 Box Cars purchased and charged to I • •"Equipment" in previous fiscal year, now applied in reduction of the replacement fund 1 99, 060 00 The following statement shows the gross earnings of the System lines (exclusive of income from other sources) per mile $1,136,275 41 of road operated for each fiseal year since July 1 1896: Gross Earnings Average per ' • balance to the credit of the Rolling The unexpended Stock Year Ending June 30— from Operations. Mile of Rd. Replacement Fund on June 30 1905 was $491,840 84. 1897 $30,621,230 10 $4,752 04 The following charges were made to Capital Account in 1898 39,214,099 24 5,653 69 respect of additional equipment purchased and in respect of 1899 40,513,498 63 5,760 80 1900 46,232,078 23 6,297 49 payments made for equipment received during the previous 1901... 54,474,822 61 6,977 41 year: 1902 59,135,085 53 7,527 97 1903. 62,350,397 28 7,827 92 Locomotives (additional charges) .. $81,762 49 1904 68,171,200 18 8,334 31 2 Miscellaneous Cars 12,006 37 1905 68,375,837 25 8,232 70 1 River Steamer 49,357 85 The following statement shows the development of the $143,126 71 freight and passenger earnings of the System since July 1 Deduct cost of 127 Box Cars charged against the replacement 1896: • fund during current year which were purchased and charged Freight Passenger • to "Equipment" during previous fiscal year 99,060 00 Year Ending June 30 Earnings. Earnings. 1897 -- .$22,067,686 77 $5,574,288 31 $44,066 71 1898 28,588,716 76 7,347,361 59 1899 29,492,586 65 S, 126, 141 85 1900 33,729,332 83 9,334,661 57 1901 A statement of the locomotives in service and of their 39,052,557 43 11,67S,017 25 1902 41,815,607 05 13,439,384 57 tractive power will be found on page 39. 1903 44,622,438 71 13,469,985 78 1904 47,762,653 23 15,433,773 63 MAINTENANCE OF WAY AND STRUCTURES. 1905 - 47,408,982 36 16,045,380 27 TREASURY. "• The following statements shows the sums charged to Operating Expenses for Maintenance of Way and Structures The Company held in its Treasury on June 30 1905 the during each year since July 1 1896: following cash and cash assets, viz: Average Operated Expenditure Cash on hand June 30th $9,580,084 35 June. 30— Mileage. Total Expenditure. Year Ending Per Mile. Securities, estimated cash value (see Exhibit D) 2,947,026 26 1897 6,443.81 $6,282,923 15 $975 03 1898 , 6,936.02 8,281,397 88 1,193 97 Total ...$12,527,110 61 1899 7,032.62 7,672,107 62 1,090 93 1900 7,341.34 6,354,372 10 865 56 1901 7,807.31 6,433,840 36 824 08 There remain unissued General Mortgage Bonds amount- 1902 7,855.38 6,141,466 39 78182 ing to over $5,600,000, all of which are now available. This - 7,965.13 9,304,892 04 1903 1,168 20 Company also has in the treasury, unpledged, the stocks and 1904 - 8,179.59 9,170,234 07 1,12111 1905 8,305.40 11,385,418 33 1,370 85 bonds of other companies, carried in the balance sheet as Investments in Other Companies, at a cost of $16,547,400 51, COMPARISON OF OPERATING RESULTS. and stocks and bonds of certain branches operated as part of the System and included in the balance sheet under Railroads.1 The following is a statement of the earnings and expenses Franchises and Other Property. of the System for the fiscal year ending June 30 1905 in com- No notes or bills payable of this Company or of any of its parison with the previous year: J auxiliaries are outstanding. i'ni'i VrT .'.atr^ —

SBP* 23 1U05.I THE CHRONICLE. 987

SOURCES OF REVENUE. disaster on the main line, and is confidently expected to develop a considerable tonnage in minerals. About forty The grain crops of the year wore smaller than usual, but miles had been constructed at the end of the fiscal year. there was a Blight increase in the cotton movement and a con- siderable increase in lumber. There was also a substantial SI<:COND TRACK. business, largely of a local character, increase in the passenger The density of traffic on portions of your main lines has increase in the density which is gratifying as showing an 01 become so great that additional track facilities have become as well as a condition of the population' along your lines, imperative; accordingly, appropriation was made during the prosperity. reason of interruptions due to floods, general By year of the sum necessary to construct 161.03 miles of second hot li and freight, suffered the through business", passenger track as follows: Severely, but in the case of the passenger business the loss was Miles. more than made up by the local movement. Double Track Junction near Le Moyni' to Jolii-t, 111 28.20 Rates have been fairly well maintained, though upon a Kernan to Ancona, ill - *I™ Shopton to Nixon, Iowa 7.70 in of the service ren- basis in many cases much too low view Hucklin to Rothville, Mo - - 14.01

- 4 dered ami its cost to the carrier Hardin to Camden, M<> - - u 2 llolliday to Emporia, Kansas (to complete) 53.67 FUEL RKSl.ia E FUND. Florence to Lehman, Kansas. 24.23 Jansen to Morlcy, Colo -- 7.64 The dividends received from sundry fuel companies have Lynn to Hillside. V \l ... - 2.65 been added to this fund, ami certain payments for oil and coal of which 15.87 miles an; already in operation. The remainder properties have been deducted therefrom: will be completed before the end of the calendar year, when a Amount at credit of Fund June 30 1904 $579,102 93 total of 322.92 miles of second track will be in use. Added during the year .- 322,561 84 Both track and equipment arc in better condition than $901,664 77 ever before, notwithstanding the adverse conditions of the Deduct sums paid for coal and oil properties 488,994 04 year past, and the road is now ready to handle promptly and efficiently the large business which seems likely to fall to its In Fund June 30 1905 $412,670 73 lot during the coming year, the crops being now out of danger and very large. There is also in the treasury of the C. & P. C. & M. Co. the sum of $341 .233 94, being surplus earnings of that Com- THE FLOODS. pany, so that the total amount available for renewal of fuel The year was remarkable for excessive rainfall, not con- properties in which your Company is interested is $753,904 67. lined to any one locality, but almost universal and nearly PHOENIX & EASTERN RAILROAD. continuous; in fact there was hardly a week in the fourteen months ending June 30th last during which some part of the completed to Dudleyville, 94.8 miles This road has been line was not out of business by reason of floods of greater or east of Phoenix. less magnitude. On at least three occasions your main lines OAKDALE WESTERN RAILWAY. in Arizona and New7 Mexico were totally disabled for from four to eight days, besides innumerable smaller breaks. For A short line (6 miles') has been built from Riverbank, it was necessary to advise intending patrons to ship or California, to Oakdale. the terminus of the Sierra Railway, weeks travel over other routes. Nine thousand five hundred and thus affording connection with that line. fifty-one feet of bridges, thirty-five and one-half miles of track ARIZONA & UTAH RAILWAY. and one million cubic yards of embankment were carried away The Arizona & Utah Railway, extending from McConnico and the fine stone station building at Trinidad was demol- is the station, Arizona, northward 22 miles to Chloride, has come I ished. It impossible to estimate amount of business into the possession of your Company through the purchase of lost and its effect on gross earnings. The cost of repairing the | the stock and bonds of the Arizona & Utah Railway Com- damages caused by the floods will amount to $2,000,000. pany not previously owned. The greater part of this sum has been included in the operat- ing expenses of the fiscal year, but a portion remained to be OWASSO-TULSA EXTENSION. charged after June 30th, as permanent repairs had not been In order to reach a rapidly growing and prosperous completed at that date. section of the Indian Territory, an extension of 11.03 miles In addition heavy expense was incurred in caring for de- was constructed from Owasso in a southerly direction, forming layed passengers, detouring trains over other lines, overtime a connection with the Midland Valley Railroad at Tulsa. paid employees of delayed trains, wrecks due to washouts, JASPER & EASTERN RAILWAY. etc., so that nearly all the decrease in net earnings as com- pared with the preceding year may be ascribed to this cause. At the close of the year this line had been nearly all So far as is possible, steps have been taken to prevent from Kirbyville, Texas, to De Ridder, Louisiana, and graded further disaster of this kind. Entire changes of line have Kirbyville to the Sabine River, work being rail laid from been made at several points and protection work constructed delayed by high water. It should be completed during the at places where a change of line was impracticable. Floods of calendar year, and should add largely to the lumber tonnage the same magnitude would still work great destruction, but the system lines. of as nothing so severe ever happened before, a recurrence seems EASTERN RAILWAY OF NEW MEXICO. improbable. Work on this line is progressing at three points, and it is expected that the entire line from Texico, New Mexico, to OBITUARY. Belen, New Mexico, will be completed before the close of the Again it is the duty of your board to record the death of present fiscal year. This line will complete a through route one of its members in the person of Mr. R. Somers Hayes, j somewhat shorter than the present route via Trinidad. It who died at his home at Millbrook, N. Y., March 2 1905. Mr. will avoid the two mountain ranges between Trinidad and Hayes was a member of the Reorganization Committee and a Albuquerque, and will be less exposed to interruption by member of the Executive Committee since the organization of

freshets. t lie present corporation, bringing to its councils the benefit of ARIZONA & CALIFORNIA RAILWAY. long experience in railway affairs as well as a ripe judgment, ound mind and the strictest intgerity. This road is projected from Wickenburg, Arizona, \\< BiBBmBDHUHHOHillllBB and across the Colorado River to Bengal, a station on your main line in California. It will materially shorten the distance Your directors take pleasure in recording their appreciation loyalty between the Salt River Valley and all points in California; of and efficient service by officers and employees. will afford an alternate route for through business in case of E. P. RIPLEY, President.

THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY—SYSTEM. Including The Atchison Topeka & Santa Fe Railway Company, Rio Grande & El Paso Railroad Company', Gulf Colorado & Santa Fe Railway Company and The Southern Kansas Railway Company of Texas. DR. INCOME ACCOUNT FOR Till. FISCAL YEAR ENDING JUNE 30 1905. CR.

Operating Expend Earnings Maintenance of Way and .Strictures.. $11 ,385,418 33 Passenger .? II!, 015. 380 27 Maintenance ol Equipment 10,914,864 47 Freight . 47,408,982 :u\ Condnetin? Transportation 21,362,850 64 Mail, Express and Miscellaneous. 4,921,474 62 General Expenses 1,804,24187 $68,375,837 25 $45,517,384 31

Taxes 1,926,1 96 19 Rental of Tracks and Terminals 293,552 84 Balance carried down 20,638,203 61 $08,375,837 25 $68,375,837 25

Interest on Bonds $9,611,510 09 Ualancc brought down - $20,638,203 61 77 Advances to .S'i t.-i'liary Companies 38,847 43 Interest and Discount 162,124 Rental of Leased Lines in excess of Income from se- Income from Investments i ! 64 curities of same lines owned) 59,402 43 Sundry Adjustments 235 99 Balance, being Net Income for 12 months ending June 30 1905, carried to Profit and Loss Account 11,742,346 06 $21,452,100 01 $21,462,106 01 — . — ———

988 THE CHRONICLE. [Vol. lxxsi.

THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY—SYSTEM.

Comprising The Atchison Topeka & Santa Fe Railway Company, Rio Grande & El Paso Railroad Company, Gulf Colorado & Santa Fc Railway Company and The Southern Kansas Railway Company of Texas.

DR. PROFIT AND LOSS ACCOUNT TO JUNE 30 1905. CR.

Dividend No. 12 on Capital Stock, Preferred 82,854,345 00 Balance brought forward from June 30 1904 $19,187,003 05 " 13 -- 2,854,345 00 Net Income for 12 months ending June 30 1905 11,742,340 00 " 8 " " Common... 2,039,3 10 00 9 " " " 2,039,110 00 Appropriation for Fuel Reserve Fund 319,635 72 Amount written off property accounts in respect of expenses and discount on bond sales 1,083,311 41 Balance carried down 19,739,491 98

$30,929,349 11 $30,929,349 11

Balance (Surplus) carried to General Balance Sheet $19,739,491 98

Note.— Dividend No. 14 on the Preferred Capital Stock, amounting to $2,854,345, was declared June 7 1905; paid August 1 1905.

GENERAL BALANCE SHEET JUNE 30 1905.

Balances ASSETS. Balances Balances LIABILITIES. Balances June 30 1904. June 30 1905 June 30 1904. June 30 1905.

Railroads, Franchises Capital Stock- and Other Property $102,000,000 00 Common $102,000,000 00 including Stocks Preferred $131,480,000 00 Bonds, etc. (Ex- $440,925,439 16 hibit A) $448,632,530 06 Less amount in Special Expenditures for Con- Trust struction andEquip For acqui- ment during Cur- sition of rent Fiscal Year Auxiliary (Exhibit B>— Lines $10,800,000 00 $2,589,384 94 Improvements $4,253,630 14 Forlmpr've- 390.27G 94 Extensions 171,814 47 ments. Ex- 4,461.304 36 Equipment 58,434 65 tensions, 7,440,960 24 4,483,879 26 etc 6.486,470 00 Investments.New Ac- quisitions (Exhib- $17,286,470 00

14,065,972 22 it C) 16,587,282 63 114,199,530 00 . 114,199,530 00 Funded Debt General Mort- gage 4% $148,799,500 00 Bonds $148,799,500 00 Adjustment Mortgage 51,728.000 00 Bonds 51,728,000 00 Serial Deben- ture 4% 25,000.000 00 Bonds 21,203.000 00 Eastern Okla- homa Divi- sion IstMtge 5,645.000 00 4% Bonds.. 6.128,000 00 Chicago & St. Louis Rv. Co. 1st Mtge. 1,500.000 00 6% Bonds.. 1,500,000 00' The San Fran- cisco & San Joaquin Val- ley Ry Co. lstMtge.5% 6.000,000 00 Bonds 6,000,000 00| Miscellaneous 759,550 00 Bonds 759.550 00| Amount paid up on Issue of Convert- ible 4% Bonds 10.108,250 00 239,432,050 00 246,220,300 00

Balance carried 6,800,797 62 down. 7,277,861 95 5462,432,377 82 $469,703,691 95 $462,432,377 62 $469, 703.691 95

Balance from Capital Rolling Stock Re- 56,800,797 62 Account $7,277,861 95 26,753 placementF'nd 491,840 84 Securities on Hand 546.675 Rail Renewal (Exhibit D)— Fund 171,656 40 Company's Secur's 82,584,326 26 (estimated value) $2,584,426 26 Tie Renewal Other Securities 49,203 10 Fund 144.477 65 646,866 66 (estimated value) 362,600 00 3,231.192 92 947,026 26 Bridge Renewal Fund 72,800 00 3,840,761 72 Other Investments .. 317,306 84 Fuel Reserve 6,143,924 92 Material and Supplies 569,100 63 Fund— The Atchi- Prepaid Insurance son TO- 44,386 76 Premium 43.8S9 89 peka&San ta Fe Ry Union Trust Co. of 482,027 66 Co 310,063 38 New York, Trustee: Cherokee & Cash Deposit under Pittsb'gh Art. 5 of Gen'l 97,07". 27 C.&M.Co. 96.007 35 43,140 00 Mtge 579,102 93 412,070 73 Guaranty Trust Co. Accrued Taxes of New York 792,001 50 not yet due 771,899 51 Cash Deposit for 579,102 93 Fuel ReserveF'd 412,670 73 Interest onFund- ed Debt Accrued, not $3,580, 69S 34 due $3,622,405 00 Coupons not 204,080 00 presented. 436,990 45 3,784.778 34 4,059,401 45 Accounts Receivable Accounts pay- $1,301,815 04 Traffic Balances $1,042,253 44 able Agents and Con- $2,302,100 19 Pay Rolls.. $2,560,122 02 339,932 33 ductors 350.067 41 Audited 521,614 43 U .S .Government. 676,979 94 3,148,579 4S Vouchers. 2,761,491 11 3,272,508 61 Miscellaneous 2,485.353 62 Traffic Bal- 5,435,870 41 4,554,654 41 1.143,107 71 ances 898.S50 64 707,512 48 Miscellane- ous 1,567,892 73 7.301.365 7.788,356 50

Prior Accounts in 215,199 -I Liquidation .. 50,000 00

Cash on Hand and in Profit and Loss- 6,362,906 35 Bank 9.580.0S4 35 19,187,003 Surplus 19,739,491 9S $32,482,083 63 $33,702,595 06 S32.4S2.0S3 63 $33,702,595 06

We have examined the hooks and accounts of The Atchison Topeka & Santa Fe Railway and System lines and certify that teh above Balance Sheet and relative Income and Profit and Loss Accounts are properly drawn up therefrom, and show the correct income of the Company's system for the year and the true financial position at the close of the year. We have been provided with satisfactory certificates from the Trustees as to the securities pledged under the different mortgages, and we have also verified the cash Items. New York, September 6 1905. PRICE, WATERHOUSE & CO. Auditor 1 1 — —

Sept. 23 19<>5. THE CHRONICLE 1)89

GENERAL BALANCE SHEET— EXHIBIT A. Brought Forward $1,571,771 79 $14,065,072 22 Peooa Valley & Northeastern Ry 213.110 00 RAILROADS. FRANCHISES AND OTHER PROPERTY. Phoenix A Eastern RR... 664,513 50

Amount June 30 1904 as published to Annual Report $440,925,439 10 i Francisco A Northwestern Ry 100,989 10 Expenditures for Construction and Equipment daring Santa Fe Land Improvement Co.: Fiscal Year ending June 80 1904 7,440,966 -i For capital stock of the Chauslor-Canfield Additional Expenditures during the Fiscal Year Ending Midway Oil Co 350,000 00 June 30 1905: For capital stock of the Yosemite Trans- Expenses and Discount on bond sales.Sl, 083,311 41 portation Co 4,500 00 Eastern Oklahoma Uv 664,1715 12 For capital stock of the Texas Tie & Lum- Gulf Beaumont A Qreal Northern Kv._ 60,667 16 ber Preserving Co -- 89,647 15 Gulf Beaumont A Kansas City Ry 82,766 23 For Antioch Warehouse property 33,800 oo land A Eas1 side UK 68.991 75 Santa Fe Prescott & Phoenix By 812 63 Oakdale Western By 78,702 94 Sunset RR 1.166 24 San Francisco Terminal Property 105,525 00 3,000,310 41 Santa iv Pacific BR 4,826 67 Santa Fe Terminal Co. of California 548 85 $17,072,282 63 Southern California Bv. Co. Preferred Deductions— Stock 296.105 00 Credits in reduction of book values (Application fVoni Fuel 2.260.519 13 Reserve Fund): Santa Fe Land Improvement Co., investments in fuel 8450,626,924 53 properties. 485,000 00 Deductions— Ft. Worth Union Depot.. $2,500 00 $16.5S7,282 63 Land Bales during Fiscal Year 681,306 05 Charged to Profil and Loss (see page 9S8)_. 1.0S3.311 41 GENERAL BALANCE SHEET—EXHIBIT I). Sundry Adjustments 227,277 01 SECUBITIES IN TREASURY JUNE 30 1905. 1,994,394 17 Par Value. Estim. Value. $448,632,530 06 l'he Atchison Topeka A Santa Fe Ry. Co.: al Mortgage 495 Bonds $2,165,536 26 $2,105,536 26 Adjustment Mortgage Bonds 382,000 00 362,900 00 GENERAL BALANCE SHEET— EXHIBIT B. Capital Stock, Preferred 25,800 00 24,510 00 " EXPENDITURES FOR CONSTRUCTION AND EQUIPMENT " Common .„ 44,500 00 31,150 00 DURING FISCAL YEAR. California Southern RR. Co. Income 6% Bond Scrip 130 00 130 00 I m provements $4 ,253 ,630 14 Chicago Kansas A Western RR. Co. Income Construction (Extension) 1 71, S 14 47 6% Bonds 200 00 200 00 Equipment 58,434 65 County Bonds 11,200 00 11,200 00 $4,4S3,S79 26 Galveston County Sea Wall & Breakwater 4% Bonds 19,000 00 19,000 00 GENERAL BALANCE SHEET—EXHIBIT Houston Oil Co. of Texas Capital Stock C. Preferred 250,000 001 INVESTMENTS, NEW ACQUISITIONS. Common 250,000 00 Amount June 30 1904 as published in Annual Report $14,065,972 22 Kirby Lumber Company, Capital Stock, 100.000 00 Additional expenditures fiscal year ending June 30 1905: Preferred 250,000 00 [ • Arizona it California Rv 85S7.211 84 Common 250,000 OOJ -Arizona & Utah Bv 143,804 67 Kansas City Belt Ry. Co. First Mortgage • Bradshaw Mountain BB 142,522 72 6% Bonds 25,000 00 25,000 00 .Cane Belt RR... 21,818 31 Standard Office Co. Capital Stock. 207,400 00 207,400 00 .Chicago Union Transfer Ry 99.6S4 82 Eastern Ry. of New Mexico 184,817 06 $3,880,766 26 $2,947,026 26 Jasper A Eastern Ry.. 361,912 37 a Includes $536 26 fractions due.

THE YAZOO & MISSISSIPPI VALLEY RAILROAD COMPANY.

TWENTY-FOURTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1905.

of miles The number of railroad operated by The Yazoo & Mississippi Valley Railroad Company on June 30 1904 was 1 ,175.46 There have since been added

July 31 1904, Yazoo Junction, Miss., to Belzona, Miss.. . 21.83 miles. October 4 1904, Lambert Junction, Miss., to Stover, Miss. - 10 08 """ ------" January 28 1905, Stover, Miss., to Murphy, Miss 2 54 " 34.45

Making the number of miles of railroad in operation on June 30 1905 1,209.91 The average number of miles of railroad operated by this Company during the year ended June 30 1905 has been 1,204, against an average of 1,173.11 operated during the previous year. The following is a summary of the Company's business for the year ended June 30 1905: Gross Beceipts from Traffic . . " """ $8 670 245 40 Expenses of Operation. _\\ II~~"$6,3887874~58 Taxes • 363,388 83 6,752,263 41

Income from Traffic, being the excess of Gross Receipts over Expenses of Operation and Taxes $1,917,981 99 Interest collected on Investments 2,846 67

Excess of Income over Expenses of Operation and Taxes .... $1,920,828 66 From this there has been paid, for Interest on: $2,800,000 00 Y. & M. V. 6% First Mortgage Bonds - '" $140,000 00 11.297,637 39 Y. & M. V. 47c Improvement Bonds.. „ 451,905 50 16,832,000 L. N. 00 O. & T. A% First Mortgage Bonds ...... V'S'"lllll"l.. .'.'.'.'.'.'.'.'.'.'.'.'.I'.'.... 6731280 00 Total of Absolutely Fixed Charges . „ 1 ... 1,265,185 50

Surplus June 1905 over all 30 Absolutely Fixed Charges i ;'. $655,643 16 As compared with the preceding year: The averaee of number miles of railroad operated increased . . 30 89 or 2.63 percent, Gross Receipts from Traffic increased """ ""• " $801 910 56 or 10. Hi of Operation increased '" " " 634 -287 ss 11702 • " a increased 22 '357 38 " T r '". 6.56 ss of Gross Receipts from Traffic tf*er Operation" Excises and Taxes' increneo I! '.". ". 145:285 SO " S. H» .Income over Expenses, ol operation and Taxes increased 144,553 86 " S.14 ' AbSOlUtl .-,,, r " ,j ,; 7 jS 5.04 The surplus from the yea-r's ./..'..'." earnings increased 1. I... 77,'o:.'7 28 " 13.31 The following table shows ilts pf I in each of the past thirteen year.-,:

i Charges, s o/ Gross Exclusive oj. In- /.'< ' a ipls ]rom Total Income, terest on Second ars TratJi, Indh Mmiijiii,' 1 : com< Em 0per< of Opera- Tilt June 30th. ,ds. I. hi [i In-

tl i f L.N.O.A v./.

$ I $ 7.27 -,: nt 781 7.7.4 i v|J ... 17.27 Hi Hi 1.20 969.3 1173 I ,495 . 951,0 ,623 98 7,27 r 10 1,191 ,290 7. , 1,191

B7 13 1 ,260 4., 775, 647 53 18 15 .: 34 L9 189$ ... 1 ,2 916

177 1.905,176 05 1 ,905 1 .05 . I 75 3,757 2,070 386 27

, i 39 1,930 17111

1 .173.1 i .77 1,716 69 ,27 1 JO S.670;2 5 10 17,981 99 I 990 THK CHRONICLE. [Vol. lxxii

The surplus here shown is stated without the payment of any interest on either the Second Mortgage Bonds or the Land Grant Income Bonds of the Louisville New Orleans & Texas Railway Company, of which $9, 104,000 and $10,000,000 are respectively outstanding. The mortgage given in 1886 to secure the Second Mortgage Bonds provides that interest is only to be paid on them when it shall be earned and so determined and declared by the Board of Directors, but that such interest shall be cumulative, and in case less than two and one-half per centum be paid in any half year the unpaid interest, with interest on such unpaid interest at the rate of five per centum per annum, shall be carried forward to the credit of the bonds for subsequent payment as such net earnings shall suffice for, or at the maturity of the bonds. The Louisville New Orleans & Texas Railway Company permitted the interest on these bonds to accumulate and be compounded until the autumn of 1892, when that Company was merged into The Yazoo & Mississippi Valley Railroad Company. Since then in each of the fiscal years ended June 30 1893, 1894, 1895, 1896, 1897, 1898, 1901, 1902" and 1903, payments ranging from $198,451 to $1,016,078 91 per annum have been made on account of interest due thereon. The arrears of interest due and unpaid upon these bonds amounted on June 30 1905 to $5,812,685 94. No interest has ever been paid on any part of the $10,000,000 of Land Grant Income Bonds of the Louisville New Orleans & Texas Railway Company, nor is such payment secured by any lien upon the railway or the income therefrom. FIRE AT NEW ORLEANS. On the evening of Sunday, February 26 1905, the elevators, warehouses and other buildings and wharves at New Orleans, La., belonging to this Company and known as "Stuyvesant Docks," were almost entirely destroyed by fire, to- gether with a large number of cars and their contents. The losses on account of structures were $1,095,728 70, and on account of freight cars, $32,729 81; total, $1,128,458 51, of which $935,682 36 has been charged to the Insurance Fund; the remainder, representing depreciation, will be charged to Repairs and Renewals as the work of rebuilding progresses. This Company's liability, if any, for losses on account of goods in cars, on wharves and in warehouses has not yet been determined, but is in process of investigation. It is the intention of the Company to make prompt settlement of all claims for which it is responsible, in the hope of thereby avoiding unnecessary litigation. The work of reconstruction is progressing rapidly, fireproof material being used where practicable, and every precaution being taken to diminish the fire hazard. Elevator "E" has been entirely rebuilt, with a capacity of 1,500,000 bushels of grain )aand the facilities for handling freight at New Orleans will this autumn be more ample than ever before. INSURANCE FUND. As stated in the last Annual Report, the Surplus over all Absolutely Fixed Charges for the year ending June 30 1904 was, by the Board of Directors, ordered paid to the owners of the Second Mortgage Bonds of the Louisville New Orleans & Texas Ry. Co. on account of interest due on said bonds. Such surplus amounted to $545,615 88, but payment not having actually been made at the time the fire occurred, the Board of Directors, with the assent of the holders of all such L. N. O. & T. bonds, rescinded their action in respect thereto, and ordered it transferred to the Insurance Fund. The Surplus for the year ended June 30 1905, amounting to $655,643 16, has also been transferred to the Insurance Fund by the Board of Directors, making the total so transferred $1,201,259 04. There have also been added to the Fund during the year $46,676 32 provided through monthly charges to Expenses of Operation and other collections for credit of the Fund. All told, the additions to the Fund amounted to $1,247,935 36. There have been charged to the Fund for losses by fire, including $935,682 36 for the fire of February 26 1905 at New Orleans, the sum of $1,005,870 99, leaving at credit of the Fund $493,192 36, which shows an increase during the year of $242,064 37. In future, charges to Expenses of Operation and credits to the Fund will be at the rate of $5,000 per month instead of $3,000 per month, as heretofore. .... ADVANCES ON LINES IN CONSTRUCTION. The advances made during the year on new lines or branches in Mississippi have been as follows:

Tutwiler t Lake Cormorant S4.501 82 Belzona to" Yazoo City -33 .465 23 Mattson to Hendon. 11 .690 41 Yarbrough to Swan Lake • 57,837 71 Mississippi State Line to Lake View w 549 45

Total $108,044 62 The sums here given do not include advances made in previous years, or any charges for interest, for the transportation of materials over the Yazoo & Mississippi Valley Railroad, or for the use of its ecpuipment, but merely the cash outlay during the year ended June 30 1905... PERMANENT IMPROVEMENTS CHARGED TO CAPITAL. As shown in Abstract A, the total outlay during the year for Permanent Improvements, including Advances on Lines in Construction, has been $483,887 59. Four Per Cent Gold Improvement Bonds of The Yazoo & Mississippi Valley Railroad Company have been issued to this amount and sold at par.

GENERAL • REMARKS. During the year under report the average receipts per ton of freight carried one mile were 892-1000 of a cent. belDg 31-1000 of a cent less than in the preceding year. The expenses of operation have again exceeded those of the preceding year. In Maintenance of Way and Structures by $201,493 75 or 14.11 percent. In Maintenance of Equipment by ._ 51,51281" 5.79 • " • " In Conducting Transportation by _ _ 343,288 06 10.62 In General Expenses by 37,993 26 " 18.62

Making the total increase in expenses of. Operation .Jexclusive of Taxes $634,287 88 " 11.02 The track was not only fully maintained, but materially bettered; 4,946 tons of new rails were laid at a cost of $133.- 846 39, and the average weight of all rails in main tracks was increased from 63 pounds per yard to 64 91 pounds per yard. The Expenses of Operation, exclusive of Taxes, amounted to $6,388,874 58, and consumed 73.687 per cent of the Gross Receipts. r The Expenses of Operation, includi..g laxes, amounted ^to $6,752,263 41, and consumed 77.879 per cent of the Gross Receipts...... That the Surplus over all absolutely Fixed Charges shows an increase of only $77,027 28 is due to the payment of interest on the larger amount of Four Per Cent Improvement Bonds outstanding, to increased Taxes, and to the very, greatly increased expense of rendering the service. The service to the public has continued to increase, as is shown in the following table:

Units of service rendered (being the sum of the figures given in the two pre- Number Tons of ceding columns). Years ended June 30th. passengers carried freight carried one mile. one mile. Increase over Amount. preceding year.

1900 42,534,812 417,074,552 459,609,364 1901 55,347,045 523,608.874 578,855,919 119.246.555 1902 67,353.516 525,859,072 583,212,588 4.356.669 1903 - - 62,997,133 651,832,148 714,829,281 131.616,693 1904 71.187,410 676.085,928 747,273,338 32,444,057 1905 - 79,199.916 690.867.621 . 770,067,537 22.794,199

Increase in 1905 over 1900 '" «»i ini 273.793,069 310.458.173 Per cent of increase . . . 86.20 65.65 67.55 ___— . — i —— —

Sept. 23 190.1.1 THE CHRONICLE. 991

The General Balance Sheet, the abstracts explanatory thereof, and the tables submitted herewith give in greater detail the results of the year's business. The thanks of the undersigned are, as ever, due and gladly tendered to the officers and men in every branch of the service. Respcctfiillv submitted,

ST I . \ I SAN T FISH. New York, September 13 1905. President.

GENERAL BALANCE SHEET.

Abstract Abstract

VRoad and Equipment. $57,810,832 OS Capital Stock $6,168,400 00 Funded Debt— :">' Bonds ; First Mortgage Gold oi 1962 Y. & \l. V. l(l(. Co.) S2 .800,000 00 I',' Cold Improvement Bonds and Scrip Of 1934 V. & M. - Material and Supplh 412,901 53 \ RR. Do 1 1 ,781 ,524 98

i ] First Mortgage Gold Bonds of 1934- (L.N. O. & T. Ky. Co.) 16,832,000 00 F 5% Second Mortgage Income Bonds of 1934— (L. N. O.

. 1 i Ass< ts in lnsurar.ee Fund. 193 92 36 & . Ely. Co.) 9.104,000 00 ti< ',' Land Grant Income Bonds of 1934— (L. N.O. A T. Hy. Co.) 10,000,000 00 50,517,524 98

c Net Liabilities 930,325 20 l'rotit and Loss 607,573 43 I) Insurance Fund. 493,192 36 Assets in Pension Fund. 50,000 00 Pension Fund 50,000 00

$58,767,015 97 $58,767.015 97

ABSTRACT B.— MATERIAL AND SUPPLIES.

Track Material _. $279,171 26 Brought forward $361 ,272 33 Right of Way Material .. 2,624 73 Bridge Material J. 41 ,457 85 Bolts, Nuts and Washers 991 97 Building Material. 9,574 90 Nails and Rivets 471 23 Signal Material 197 64 Air Brake Material 2,509 20 Water Works Material . 1 ,299 47 Brass, Copper and Tin 7,946 80 Scale Material 64 29 Oil and Waste 2,001 29 Tools 1,319 78 Paints and Supplies 1 ,279 96 Supplies 435 32 Lumber 4,391 84 Axles, Wheels and Tires . 6,942 92 Manufa ct ured Material 369 99 Iron and Steel 6,959 55 General Merchandise 14,162 03 Iron and Steel Castings. 5,606 14 Fuel :... 9.617 37 Car Couplers 1,614 05 Scrap Material 5,766 42 Steel Springs 3,046 42 Articles in Process of Manufacture 1 ,275 05 Flues, Pipe and Fittings. 958 02 Miscellaneous Merchandise 936 05

Carried forward $361,272 33 Total $412,991 53

ABSTRACT C—ASSETS AND LIABILITIES.

ASSETS LIABILITIES.

Bills Receivable . $1 ,725 63 ! Payable on Demand Due from Agents . 180,996 991 Audited Vouchers Due from Solvent Companies and Individuals. . . 55,247 80 Vouchers Audited prior to June 1905 $20,133 81 Vouchers Audited for June 1905 249,652 70 $269,786 51

Wages and Salaries Due prior to June 1 1905 $46,633 91 Due tor month of June 1905 202,951 88 249,585 79

Net Traffic Balances due to other Com- panies 22,070 97 Payable at Future Dates Interest on Funded Debt accrued to June 30 1905 but payable after July 1 1905 5236,093 34 Fund for Renewal of Engines and Cars. 192,282 98 Fund for Automatic Couplers and Air Brakes 19,885 21 Fund for Renewal of Marine Equipment 3 ,000 00 Balance— Net Liabilities 930,325 20 Other Accounts payable 175.590 82 626,852 35

Total $1,168,295 62 Total ..: $1,168,295 62

ABSTRACT E.—APPLICATION OF INCOME.

DR. ITEMS. Net Receipts During the Year Ended June 30 1905 From the Operation of the Railroad as shown in Abstract G $1,917,981 99 Interest on Bonds owned 2,000 00 Interest on Land Notes sit; 6-

Available for Interest on Bonds. $1,920,828 66

CR. ITEMS. Interest paid December 1 1904 and June 1 1905 on $2,800,000 V.

$1,265,185 50 Added to Insurance Fund. $655,643 16 1 ,920,828 66

TABLE NO. 4.—COMPARATIVE STATEMENT OF OPERATION EXPENSES FOR THE YEARS ENDED JUNE 30 1905 AND 1904.

Year Endxl June 30th. /<; Cent of Increase. Inn- 1905. 1904. 1111 Maintenance of Way and Structures $1,629,915 60 i\ 428,421 91 $201.4'.i.i 75 Maintenance of Equipment. 940,741 35 889. 22S 54 61 .M2 81 5.79 Conducting Transportation 3,676,223 56 3,232,935 60 10.62

General I 241,994 01 204.000 75 37,993 26

Total $6,388,874 58 $6,754,686 70 $634,287 88 11.02 992 THE CHRONICLE. [Vol. lxxxi.

TABLE NO. 3.—COMPARATIVE STATEMENT OF RECEIPTS FOR THE YEARS ENDED JUNE 30 1905 AND 1904.

Year Ended June 30 th. Per Cent of Increase. Increase 1 Decrease. 1905. 1904. or Decrease.

Freight $0,165,570 88 $5,534,742 66 $630,828 22 11.40 Passenger 1,943,686 36 1 ,781 ,047 09 162,630 27 9.13 Mail 130,316 98 119,473 18 10,843 SO 9.08 Express 149,955 84 118,624 74 31,331 10 20.41 Excess Baggage 21,269 63 20,968 26 301 37 1.44 Train Privileges 12,606 89 9,669 00 2,937 89 30.38 Rent of Property. 97,210 86 110,550 24 12.07 $13,Z.i'j 38 Telegraph 7,525 46 7,094 SO 430 60 6.07 Storage 15,394 86 17,866 52 13.83 2,471 66 Switching (balanci 35,271 72 32,556 20 2,715 46 8.34 Demurrage 12,808 18 12,026 17 1W1 01 6.50 ... Miscellaneous 78,627 74 103,715 86 24.19 25,088 12

Total $8,670,245 40 37,808,334 84 S801.910 56 10.19

TABLE NO. 5. -COMPARATIVE STATEMENT OF GENERAL OPERATIONS FOR THE YEARS ENDED JUNE 30 1905 AND 1904.

Year Ended June 30th. Per Cent of Increase. Increase Decrease. 1905. 1904. or Decrease.

Miles of Road Operated 1,204.00 1,173.11 30.89 2.63

Miles run by Freight Trains . 2,570,177 2,192,179 377,998 17.24 Miles run by Passenger Trains.- - 1,656,991 1,613,409 43,582 2.70 Miles run by Mixed Trains - 243,653 244,055 402

Total Revenue Train Mileage 4,470,821 4,049,643 421,178 10.40 Miles run by Construction Trains - 301,907 410,407 . ..-' 26.44 108, ",00 Miles run by Switching Engines 1,100,430 983,644 116,786 11.87 Other Engine Mileage 144,148 136,026 8,122 5.97

Total Engine Mileage 6,017,306 5,579,720 437,586 7.84

Mileage of Loaded Freight Cars. _- 47,969,495 41,144,968 6.824.527 16.59

Mileage of Empty Freight Cars - . ... 14,954,797 10,936,047 4,018,750 36.75 Total Mileage of Freight Cars 62,924,292 52,081,015 10,843,277 20.82 Mileage of Passenger Cars.. . . - 8,835,877 8,048,993 786,884 9.78

No. of Tons of Revenue Freight carried One Mile- 690,867,621 599,538,760 91,328,861 15.23 No. of Tons of Company Freight carried One Mile. 78,180,999 76,547,168 1,633,831 2.13 Total No. of Tons of Freight carried One Mile 769,048,620 676,085,928 92,962,692 13.75

No . of Passengers carried One Mile - 79,199,916 71,187,410 8,012,506 11.26

Gross Receipts .. $8,670,245 40 $7,868,334 84 S801.910 56 10.19 Operation Expenses . _ 6,388,874 58 * 5,754,586 70 634,287 88 11.02 Excess of Receipts over Operation Expenses, exclu- sive of Taxes . - 2,281,370 82 2,113,748 14 167,622 68 7.93

Gross Receipts per Mile of Road $7,201 20 $6,707 24 $493 96 7.36 Operation Expenses per Mile of Road . 5,306 37 4,905 41 400 96 8.17 Excess of Receipts over Operation Expenses, per Mile of Road, exclusive of Taxes- - 1 ,894 83 1,801 83 93 00 5.16

Gross Receipts per Revenue Train Mile $1 93 93-100 $1 94 30-100 .19 $0 00 37-100 Operation Expenses per Revenue Train Mile 1 42 90-100 1 42 10-100 $0 00 80-100 .56 Excess of Receipts over Operation Expenses, per Revenue Train Mile , exclusive of Taxes 51 03-100 52 20-100 2.24 01 17-100

Tons of Revenue Freight carriedlOne Mile per Mile of Road Operated . . 573,810 511,068 62,742 12.28 Passengers carried One Mile per Mile of Road Operated 65,781 60,683 5.098 8.40

Av. No. of Loaded Freight Cars in Train . 17.05 16.89 .16 .95 Av. No. of Emptv Freight Cars in Train . 5.31 4.49 .82 18.26 Av. No. of Total Freight Cars in Train . 22.36 21.38 .98 4.58

Av. No. of Tons of Revenue Freight in Train 245.53 246.09 .23 .56 Av. No. of Tons of Company Freight in Train 27.78 31.42 11.58 3.64 Av. No. of Tons of All Freight in Train .-. 273.31 277.51 1.51 4.20 Av. No. of Tons of Revenue Freight in each Loaded Car 14.40 14.57 1.17 .17 Av. No. of Tons of All Freight in each Loaded Car.. 16.03 16.43 2.43 .40

Av. No. of Passengers in Train . 1 41.67 38.33 3.34 8.71

TABLE NO. 7.—COMPARATIVE STATEMENT OF TRAFFIC FOR THE YEARS ENDED JUNE 30 1905 AND 1904-

Year Ended June 30'/t. Per Cent of\ Increase. Increase Decrease. 1905. 1904. or Decrease.]

Tons of Revenue Freight Carried 4,071,442 3,647,661 423,781 11.62 Tons of Revenue Freight Carried One Mile 690,867,621 599,538,760 91,328,861 15.23 Average Distance Haul of One Ton 169.69 miles 164.36 miles 5.33 miles 3.24 Frei ght Receiot s $6,165,570 88 $ 5,534,742 66 $630,828 22 11.40 Average Receipts per Ton $1 51 $1 52 .66 $0.01 Average Receipts per Ton per Mile 892-1000C 923-1000 3.36 31-lOOOc Freight Receipts per Mile of Road $5,120 90 $4,718 01 $402 89 8.54 a Miles Run by Freight Trains 2,813,830 2,436,234 377,596 15.50 Freight Receipts per Train Mile $2.19 12-100 $2.27 18-100 3.55 S0.0S 06-100

Number of Passengers Carried 2,364,200 2,151,001 213,199 9.91 Number Carried One Mile 79,199,916 71,187,410 8,012,506 11.26 Average Distance Traveled by each Passenger... 33.50 miles 33.10 miles 0.40 miles 1.21 Passenger Receipts $1,943,686 36 $1,781,047 09 $162,639 27 9.13 Average Fare of each Passenger $0.82 21-100 $0.82 80-100 .71 59-lOOc Average Receipts per Passenger per Mile $0.02 45-100 $0.02 50-100 2.00 5-lOOc Passenger Receipts per Mile of Road $1,614 36 $1,518 22 $96 14 6.33 Gross Receipts of Passenger Trains $2,267,231 95 $2,059,263 57 $207,968 38 10.10 Gross Receipts of Passenger Trains per Mile of Road $1,883 08 $1,755 39 8127 69 7.27 a Miles Run by Passenger Trains 1,900,644 1,857,464 43,180 2.32 Receipts of Passenger Trains per Train Mile $1.19 29-100 $1.10 86-100 $0.08 43-100 7.60

a Includes Mileage of Mixed Trains.

—Messrs. Chandler Bros. & Co. of Philadelphia are dis- officers, etc., of all the street leading railway properties o* tributing among their friends and patrons a very useful and Indiana, together with a map of that State showing connec- attractively prepared pamphlet on "The Electric Railways of tions between the various interurban lines. The pamphlet Indiana." The little book, .which comprises 48 pages, gives a should prove a welcome addition to the reference works of description of the bonded debt, history, mileage, earnings, any one interested in electric railways. J . — . — — .

skit. 23 1905. THE CHRONICLE.

COMMERCIAL EPITOME. THE Mi>\ i MKNT OF THE CROP as indicated by our •.rams from the South to-night is given below: I'm- the Friday Night, Sept, 22 190"). week ending this evening the total receipts have readied Business prosperity is being experienced quite generally. .121 bales, against 215,738 bales hist week and 151,103 From nearly all lines of trade reports are being received of hales the previous week, making the total receipts since the an active condition. Manufacturers are being pushed to 1st of September 1905 031,313 bales, against 032,448 make deliveries as rapidly as buyers desire, and dealers and bales for the same period of 1904, showing a d

demand, and prices for Southern iron have been advanced. Receipts at— Sat. Man. Tubs. Wed. Thurs. Fri. Total. Steel mills have continued to report a large demand for their 1 I 14,840 (ialveston 7,748 18,725 18.721 1 ,22 11,148 82,406 products. In the grain markets buying by exporters, on a ft. Arthur, Ac 789 789 New Orleans. 996 2,254 1,746 2,1 -.7(1 2,011 2,442 12,124 fairly free scale, of wheat, corn and oats has been an im- Mobile 1,560 2,124 1,812 2*389 821 9,363 210 portant factor. Pensaoola, Ac 160 00 Savannah 10,701 19,441 11,940 11.417, 11,710 11,107 76,646 Lard on the spot has had only a limited sale, the demand Brunswick - - _ 5,923 2.0S7 1,871 2,724 14,659 from both exporters and refiners being light. There have Charleston 2,709 3,474 1,704 Port Itoval,

week. 1 1905. j week. 1 1904. ; 1905. 1904. for pickled hams and S :! X@ 10c. for pickled bellies, 1G@10 lbs. average". Beef has had a small sale at unchanged price-, Galveston 82,406 226,894, 115, 603i 269,516 106,170 92,326 789 328 653 closing at 9 for mess, $10.50@11 for packet, Pt. Arthur, &c 1,826 S8 75(§ $12@ New Orleans 12,124 30,733 35,166 59,905 02,786 47~773 12.50 for family and >18@T9 for extra India mess in tierces. Mobile 9,363 19,175 8,017 16,061 17,410 13,515 Tallow has been quiet and easier, closing at 4 3-16c. Stear- Pensacola, &c 210 414 120 181 Savannah 76,646 218,089 75,913 188,032 126,285 70,704 tnes have dragged, closing at S}A(u 8-J£c. for lard stearine Brunswick 5,923 11,244 4,167 11,909 11,750 4,975 and . for oleo stearine. Cotton-seed oil has been Charleston 14,659 36,773 10.882 30,243 24,764 7,478 ier under continued liquidation, closing quiet at 24 : Port Royal, &c 38~793 18", 16",375 16", 25c. for prime yellow. Butter has held Wilmington 17~,39l 189 24,670 640 stead}', although Washington, &c receipts, exclusive of fancy grades, have been freer than ex- Norfolk 23~,266 41~846 2b",l40 30,122 26,250 8",666 pected. The close was quiet at 17@'21^£c. for creamery. Newp't News, &c.. 130 395 132 351 New York 268 431 il50",468l 4l",490 Cheese has been in fair demand and steady at Il(

Raw sugars have sold slowly and prices have continued to Since Sep. 1 631,313 632,448 352,047 721,698 307,808 570,405 sag, closing at 3^gc. for centrifugals, 96-deg. test, and 3c. for muscovado, 89-dcg. test. Refined sugar has been unsettled The exports for the week ending this evening reach a total and lower, closing at [email protected]. for granulated. Rice has of 114,108 bales, of which 43,007 were to Great Britain, been in fair demand at advancing prices. Teas have had a 13,267 to France and 57,834 to the rest of the Continent. fair sale at full values. Below arc the exports for the week and since Sept. 1 1905: Kentucky tobacco has been firmly held. Advices from the Western market have reported a good export busin Week end Ins Sept. 22 1905. From Sept. 1 1905 to Sept. 22 1905. Exported to Exported to and at firm prices. Business in seed leaf tobacco has con- Exports tinued active. There has been fairly free buying of 1904 crop trom Connecticut broad leaf and Havana seed and Pennsylvania broad leal at firm prices. Sumatra (ialveston tobacco has continued Pt. Arthur. Ac in good demand and firm. Locally there has been a quiet Mew Orleans . Mobile market for Havana tobacco. cola A quiet market has continued to orted for Straits Savannah ltrunswlck .. tin, and as fori ign advices have been tame prices have yielded Charleston .. Wilmington . .idly, cl I' J " 32c. got copper ha Norfolk a Bght demand, and prices have been barely mainl Vport News. New York ... •' (c. {"r Lake and lytic. Li Hoaton n in mo lemand and firm a1 [email protected]. Baltlm Philadelphia . : advanced, closing at 5.90@6c. Pig iron has had a fairly Portland, Me. de, closing firm at San Kranclsco $16.25(g 16. 76 for No. 2 Nortl Seattle "><" 5 - 16 foi No. 2 Southei Tacoma Portland, Ore ,<| Refined petroleum has been : firm at

: Total 7.60c. in bbK, 10.20c. in ca 4.60c. in bulk. Naphtha

ady at I lc. for 71 d and lie. for 7H I Total 1904 67.63536,637 47,642 lit balances have advanced, closing al l.46c. Spirits

>entine I a in good demand and higher, closing a1 In addition to above exports, our tel 67c. tor machine bbls. Ro ins have been qui give us the following amounts of cotton on shipboard, not .<:-!. I at 77'v for common and gooi ed. Tl cleared, at the ports named. We add amilar figures for has been fair trading in new crop hop ftdy pre New York, which ate prepared for our Bp< cial use by ha- had a fair full values. Lambert & Harrow.-, Produce Exchange Building. c. 1 . i ; —

V 994 THE CHRONICLE. I 01 LXXXT

On Shipboard, Not Cleared lor— FUTURES.— High, low and dosing pricea at New York Sept. 22 at- to

Great I Ger- Other Coast- Leaving

Brit'n France . many. Foreign ioi.se. Total. stock . ~' ' ' 3''" -'" -'" T> 3'" ' ~ n 3'" New Orleans.. 90 2,732 1,295 61 31 4,205 58,581 sSTaS 5"-!S S9 I Era Galveston 27,356 6.550 1 29,010 8.779 1,783 73,478 32,092 108,239 Savannah 4,904 1.329 9,213 2,600 18,046 I I I OO OO OO OO ©

Charleston 24,764 CnCn pi Cn4- *. CO 4-eo coco 10 CO i i ; CO CT. 10 to cooc 4- Mobile 400 Y.800 2, 200 15,210 -I© oo; ~ x Ow Norfolk 19,553 19,553 6.697 ® I© |@ ® I® I® g — — »— New York 5,000 1 ,000 1,700 1,900 9,600 140,868 OO OO oo © 16,213 Other ports 12,000 8,000 3,000 23,000 CnCn en en en 4-1 co*. co i coco is

I I i-o. or. I I er. ii I er. oo© Oi I «4io o rf-oo Total 1905. 49,756 11,611 49,218 13,730 25,767 150,082 403,264 oo CO oc oo oo oo Total 1904. 46,566 14,298 36,979 29,502 14,532 141,877 105.058 CnCn pi On - COCO IC coco to Total 1903. 15,774 22.674 25,848 14,891 15.039 94,120,183,739 ~J^I 0: OS© CO -l~ © — © Co I® i® i® i® ?® I® I® I® I® I® I® I— — — Speculation in cotton for future delivery has been on a oo oo oo oc oc oo © Cncn 4* On -. - coco 00 4. Cn© pi — to I I I 00 CO 00 Ol moderate scale only, but the tendency of prices has been 1 ^J -to ~JO oen 10 o en I towards a higher level. According to private advices re- oo o OO oo ©o o© oo p y.- ceived from the South, the outturn of the crop is not coming CnCn 01 - - - - coco coco to 4- 10 -ico CO — en oo -1 to expectations. The crop movement has been smaller, up I® I® I® I® I® I® I® ll I® although some of the trade contend that this is in part due o© ©& oo © oc oo oo oo © to the yellow-fever epidemic. Southern planters, as a gen- e»b a> eno> en ~ -' coco CO*- ps 0n~J oo to 00 oo CO — o ^1© Oo- 10 eral rule, have declined to sell their cotton at below 10c. per pound, and this has operated in favor of the market. The O© O© ©O O© ©O esen en CnCn Cn 4^ COCO demand from both domestic spinners and exporters for cot- Cn*. en 4- o er. 4. to to o; 4. coco en-a •§§ !' ton has been improving, many experts stating that business ® I® © I® I® |®— |® I®— |® — — — — — — toss, during the week has been fairly good , and the Southern mar- © oc ©o oo ©o ©o ^aoo e»~a -- en en - - 4»-Cn 60*. • »s kets have been firmer. Locally considerable interest has osto 3 oo to to to co oo en oo 4»t0 ~J© been shown in the situation in October contracts, in which a o© oo oo o© o© ©o o© ~ large concentrated long interest exists, and it is the general 00^) •i: z. r o cn Cn — *. CO ©en — ~4 Onto ©OS Oil— -gtO 00 to tOCO cotton will be taken up belief that a considerable quantity of © I® I® I® I® |® |® |® |® I© I® in this delivery. To-day there was more activity to the oo OO OO o© OO ©o trading. Southern speculative interests were reported more 00 00 -J. CnCn 4-0' *. en 4. I- to toco -co ~ltO too — 00 aggressive buyers, and Southern operators also were re- © ported buying. According to reports current, there exists — © c O© O© OO ©O O© OO OO ee ©OJ oo e» 00 Cn -JCn C". — CT. 4* Cn On a fairly large short interest in the market, and efforts are to —-co© to to© CnOO ©00 Cn CO toco coco -g — be made to force this interest to cover. The close of the © ®® I® I® \d © I® I© I® I® I® market was steady and prices for the day showed a net gain i— i— i— i— ©O ©O OO oo o© o© O© O© to© 00 0000 -^^1 o>cn OO CnCn of 15@21 points. Cotton on the spot has advanced and toto oo 00 4. — 4). ~100 CO 00 4-0'i ©CO the close was firm at 10.95c. for middling uplands.

The rates on and off middling, as established Nov. 18 1903 en 4. 00 CO co CO to co © CO oo en to en 00 ~4 by the Revision Committee, at which grades other than ® I® middling may be delivered on contract, are as follows: — — © Fair c. 1.30 on Good Middling Tinged Even © © e» 00 Cn Cn Middling Fair 0.96 on Strict Middling Tinged c 0.06 off 4- to 00 4. 00 00 I en CO Strict Good Middling 0.62 on Middling Tinged 0.12 off Good Middling 0.44 on Strict Low Mid. Tinged 0.34 off THE VISIBLE SUPPLY OF COTTON to-night, as made Strict Low Middling 0.14 off Low Middling Tinged .. 0.50 off Low Middling 0.38 off Strict Good Ord. Tinged 0.84 off up by cable and telegraph, is as follows. Foreign stocks, Strict Good Ordinary 0.72 off Middling Stained 0.50 off as well as the afloat, are this week's returns, and conse- Good Ordinary.. 0.10 offOStrict Low Mid. Stained 1.06 off 1.50 oft Strict Good Mid. Tinged 0.30 on I Low Middling Stained quently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for On this basis the official prices for a few of the grades for to-night (Friday), the past week would be as follows: we add the item of exports from the United States, including in it the exports of Friday only. September 22— 1905. 1904. 1903. 1902. UPLANDS. Sat. /Hon. Tues. Wed. Thurs. Frl. Stock at Liverpool bales. 672,000 109,000 160,000 270.000 Stock at London ; 26,000 19.000 25,000 19,000 Good Ordinary 9.75 9.75 9.75 9.95 9.85 9.95 Stock at Manchester 45,000 9,000 17,000 Low Middling 10.37 10.37 10.37 10.47 10.47 10.57 Middling 10.75 10.75 10.75 10.85 10.85 10.95 • Total Great Britain stock. . 743 ,000 137,000 202,000 289,000 Good Middling 11.19 11.19 11.19 11.29 11.29 11.39 Stock at Hamburg 20,000 44,000 25.000 21,000 Middling Fair 11.71 11.71 11.71 11.81 11.81 11.91 Stock at Bremen 139,000 41,000 37,000 38,000 Stock at Antwerp 4,000 4,000 5,000 GULF. Sat. Mon. Tues. Wed. Thurs. Fri. Stock at Havre 64,000 49,000 34,000 47,000 Stock at Marseilles. 3,000 3,000 3,000 3,000 Good Ordinary 10.00 10.00 10.00 10.10 10.10 10.20 Stock at Barcelona 15,000 8,000 11,000 53,000 Low Middling 10.62 10.62 10.62 10.72 10.72 10.82 Stock at Genoa 10,000 28,000 6,000 16,000 Middling 11.00 11.00 11.00 11.10 11.10 11.20 Stock at Trieste 3,000 12,000 12,000 7,000 Good Middling 11.44 11.44 11.44 11.54 11.54 11.64 Middling Fair 11.96 11.96 11.96 12.06 12.06 12.16 Total Continental stocks 254,000 189,000 132,000 190,000

STAINED. Sat. Mon. Tues. Wed. Thurs. Fri. Total European stocks 997,000 326,000 334,000 479,000 India cotton afloat for Europe. 80,000 11,000 38,000 21,000 Low Middling 9.25 9.25 9.25 9.35 9.35 9.45 Amer. cotton afloat for Europe. 285,000 296,000 101,000 302,000 Middling 10.25 10.25 10.25 10.35 10.35 10.45 Egypt, Brazil, &c, aflt.forE'pe 20,000 23,000 9,000 28,000 Strict Low Middling Tinged 10.41 10.41 10.41 10.51 10.51 10.61 Stock in Alexandria, Egypt... 34,000 51,000 16,000 23,000 Good Middling Tinged 10.75 10.75 10.75 10.85 10.85 10.95 Stock in Bombay, India 521,000 284,000 297,000 266,000 Stock in U. S. ports 553,346 306,935 277,865 413,193 Stock in U. S. interior towns.. 208,801 128,210 60,949 202,136 The quotations for middling upland at New York on U. S. exports to-day 36,676 2,212 23,648 27,408 Sept. 22 for of the past years each 32 have been as follows: • Total visible supply 2,735,823 1,428,357 1,157,462 1,761.737 1905.clO.95 1897. c. 6 13-16 18S9-C.11M 1881. 11^ • Of the ahove, totals of American and other descriptions are as follows: 1904. ..11.30 1896... 8 9-16 1888-.. 10 7-16 1880.. 11^ • American— 1903. ..11.60 1895... 8H 1887-.. 9 11-16 1879.. 115^ Liverpool stock bales. 609,000 49,000 81,000 216,000 1902... 9 1894... 6 11-16 1886... QVs 1878.. UK Manchester stock 41,000 6.000 16,000 1901-.. 8 5-16 1893... 8% 1885. ..10 1-16 1877. 11 5-16 Continental stocks 213,000 84,000 62,000 146,000 1900.. .10% 1892... 7H 1884.. .10^ 1876.. UK American afloat for Europe... 285,000 296,000 101,000 302,000 1899... 6% 1891... 8H 1883. .-10H 1875. ..13 U.S. stock 553,346 306,935 277,865 413,193 1898... 5 9-16 1890--.10 7-16 1882. ..12 5-16 1874. _.16Ji U. S. interior stocks 208,801 128,210 60,949 202.136 U. S. exports to-day 36,676 2,212 23,648 27,408 Note.—On Oct. 1 1874 grades of cotton as quoted were changed. According to this new classification Middling was on that day quoted He. Total American 1.946.823 872,357 622,462 1,306,737 lower than Middling of the old classification. East Indian, Brazil, &c.— MARKET AND SALES. Liverpool stock 63,000 60,000 79,000 54,000 London stock 26,000 19,000 25,000 19,000 The total sales of cotton on the spot each day during the Manchester stock 4,000 3,000 1,000 week are indicated in the following statement. For the Continental stocks 41,000 105,000 70,000 44,000 India afloat for Europe 80,000 11,000 38,000 21,000 convenience of the reader we also add columns which show Egypt, Brazil, &c, afloat 20,000 23,000 9.000 28,000 at a glance how the market for spots and futures closed on Stock in Alexandria, Egypt... 34,000 51,000 16,000 23,000 same days. Stock in Bombay, India 521.000 284,000 297,000 266,000 Total East India. &c 789 ,000 556,000 535,000 455,000 Futures Sales of Spot and Contract. Total American 1 ,946 ,823 872,357 622,462 1,306,737 Spot Market Market Closed. Closed. Specu- Ex- Con- Total Visible supply 2,735,823 1,428,357 1,157,462 1,761,737 6.20d. 29-32d. lation. port. tract. Total. Middling Upland, Liverpool.. . 5.64d. 6.62d. 4 Middling Upland, New York.. 10.95c. 11.20c. 11.25c. 9c. Saturday.. Quiet Barely st'dy. 40 451 491 Egypt Good Brown, Liverpool. 8^d. 8 3-16d. 9 l-16d. 7 9-16d Monday Quiet Barely st'dy. 145 "200 345 Peruv. Rough Good, Liverpool 9.25d. ll.OOd. 9.00d. 7d Tuesday .. Quiet Steady 101 101 Broach Fine, Liverpool. 5 7-16d. 6 l-16d. 5^d. 4 13-16d Wednesday Quiet 10 pts. adv Barely st'dy. TinneveUy Good, Liverpool... 5 5-16d. 5 9-16d. 5 3-16d. 4 13-16d Thursday . Quiet Steady ~iio "iio Continental imports past week have been 77,000 bales. Friday Quiet, 10 pts. adv Firm "ioo 100 The above figures for 1905 show an increase over last week Total 40 807 300 1.147 of 100,570 bales, a gain of 1,307,466 bales over 1904, an excess of 1,578,361 bales over 1903. 1 — .

Sept. 23 1906.] THE CHRONICLK. 995

AT THE INTERIOR TOWNS the movement—that is the QUOTATIONS lOK MIDDLING COTTON AT OTHER MARKETS.—Below are closing quotations of middling receipts for the week and since Sept. 1 , the shipments for the cotton at Southern and other principal cotton markets for week and the stocks to-night, and the same items for the each day of the week. corresponding period of the previous year—is set out in Closing Quotations for Middling Cotton on detail below. Wtik ending Sept. 22. Sat' day. Monday. Tuesday. Wed'dayJThursd'y Friday. o o B g Galveston — 10 3-16 10^ 10's 10's 10'. 10^ New Orleans 10 1-16 10 3-16 ML. 10>i H>\ tOH 7 7 '.' !> Mobile 9H .s .s 9 15-16 10 10 1-16 Sa\ annah 9 15-16 9 15-16 9 15-16 10 1-16 10 1-16 10tf Charleston . . 9K 10 10 10 1-16 101-16 10 1-16 Wilmington.. 10H ioh Hi's 10^ Norfolk ION L0H Ill's 10 7-16 HlO 188 9 > Most on 10.75 10.75 10.75 10.75 10.85 10.85 Baltimore 10.62 10.87 10.50 10.50 10.50 10.50 1 B-gg o i*r a Philadelphia . 11.00 11.00 11.00 11.10 11.10 11.20 J Augusta Id's 10 3-16 10 5-16 10 5-16 M —s a5 B.gg 10^ 10H •3 3 7T Memphis 10!^ 10's Ill's 10>i 10« rep, p 3 (»•< i 10H re i i m i St . Louis 10J4 10M 10K 10K 10M 10M i i i i , o , o i iiti (Si EEi Houston 10 1-16 10 1-16 10's 10^ 10M 10H i i i i i i , 3 3 s Little Rock .. 9H 9H 9« 9% , 9K i 9H iiii , p p

The closing quotations to-day (Friday) at other important Southern markets were as follows:

oo to Atlanta 10 Ml Louisville lOJ^I Natchez 10 1-16 o - ic — >-- A. 671 OC i- 0> tC Columbus, Ga 10 Montgomery . 10*i Raleigh 10>i -a (Dice « OOSC— OOOiCB^JO-'ifciOins; — 00vlH-iO.®totC— -si Oi O Columbus. M. Nashville Shreveport 1-16 os-q — o_a3CHWOX- tOOitO"-4KDO®*-OsOsO««0~JifeCji«©Cn© 9H\ lOJ^I ..10 CnCnifcCCl*.CC!Ce3!!O>-Cn»"-OOC0*.tC^J>b.tOO00intncC-J*.tC0CO «s lei NEW ORLEANS OPTION MARKET.—The highest, low- - ^ 3 to est and closing quotations for leading options in the to — >-m — i—tc New n. — •-to Ct 10 *KM-*1 — -si to >-tO*-(OlCtO-«J (OtOO> Orleans cotton market the past week have been as follows: to C5 sO © sOtC-sJ-s!-sl-*.lri~ltO(Oifc.O*.vX)tO— 000(OtOOO:*-^-OlOlnlc Sat'day, Monday, Tuesday, Wed'dayJThursd'y, Friday, "sj *rm fT S. to -I in too September— — 00 — O O !&^ICiOeOOln3llCOtOClntOlntO'— CT-OilC»JOlCi c-.oo Range 10.09- 11 — @ 10.30 .34 10.39 . ,3 10.12- 10.19- — 10.33 Cc o Closing 10.10 10.35 10.54- — ^- i to •si tc *- © 1— tc -»jtoocicic — "Oooototo — mo'—nwoii— *.ooioimi- W*-0 0!*iUk^*SOi*Oi»)^010 0i«>OOCfiK-0»)OOOOOM Closing 10.22-. 23 10. 24-. 25 10.31-.32: 10.36 10. 40-. 41 10.59-.60 December— I 30.28-.39' 10.34-.40 00 to = Range 10.23-.32 10.43-. 49, 10.45-.51 10.46-.71 »- >-tom 3:*- to ooccto Closing 10. 25-. 29 10.28-.29 10.36-.37 10.43-.44 10.48-. 49 10.69-.70 soc^tonn to — -j-j-oiuotcaocco oo *. en to •— 01 to cno — co January— Ji^O — ei" OOn©*004ki0C»J^ifc(0t0CR0>00i^«-lo:ln00O4kOOi I >tOOOiOmtCA.*.^lln^J^JtOtO*.^J — >t»— OlnOOCnOtO Range 10.30-.38 10.35-. 45 10.42-. 47; 10. 50-. 57 10.53-.58 10.54-.79 Closing 10.35-.36 10.35-.36 10.42-.43 10.51-.52 10. 56-. 57 10.77-.78 to March— CC — -to Hi Range 10.42-.50 10.49-.58 10. 55-. 60 10. 66-. 71 COsC *. to ,fe»-»-K*« — U / — to — toco COO ©OCT. 10.63-.70i 10.67-.92 Closing.. . 10.49-.— 10.48-.49 10.56-.57. 10. 64-. 10. 68-. 10.90-.91 Cw Cn 0> (O -J — C-»J(D — ^lOOOOOOCOlOtOO oo^jaiotoocotocncnto^ 65 70 §MO-JO^'JS~)0*O slSCnO*-) 1- — IC-JCC— -atO^J — CnlnlnOl — Tone— (0CMOOU*.»40CU90ii- -JSOJOO- •J(D*>.CC(0 — -si*- 00 — (C. Spot Quiet. Quiet. Steady. Steady. Quiet. Steady.

Options .. Steady Quiet. I Steady. = ] Steady. Steady. Steady. tO*.CO [h-w _ — IC 10 CllsWJ to en oo to

CoVco'lOikiki O — 00 in — to (O "tOO to 10 3: -si 00 00 OS i «a en *. Vj to COOCnO — i OlO^ttOifctO — CntOCOOC — ^JtOOOOOO' ^iic^itooo- WEATHER REPORTS BY TELEGRAPH.—Advices 0*» OtOOCQi OaOifeCnOiO- CRCOOOO— Ol J.Q J».CO' co o oo en to cr. o to us by telegraph this evening from the South indicate that CO -s s/1© — lO — o eo M i- *— — : - to — — o>o — "S.O* as a rule the weather has been quite favorable during the ox — en to to -j — to^tooooooifc^cj-. © ^j to»joentoicooo

l Net overland to Sept. 22 4,900 13,390 3,326 1 ,369 The thermometer has averaged 80, the highest being 99 and South'n consumpt'n to Sept. 22 45,000 142,000 38,000 111,000 the lowest 60. of the Total marketed ...294,030 7m, ,703 330,474 Long view, Texas.—There has been rain on two days Interior stocks in excess ... 33,631 73,624 32,659 (,.-,. "">(> pasl week, the precipitation reaching seventy-one hundredths of an inch. The thermometer lias averaged 76, ranging Came into sieht dur'g week.. 3.'" 363,133 Total in sight Sept. 22 $60,327 320,767 from 58 to 94. I.uling, Texas. —There has been light rain on two d.i\ - ..spin's' takings to Sep. 22 31,1 90.584 83,644 during the week, the rainfall being twelve hundredths of an Movement into sight in previous y>-ar~. inch. The thermometer has ranged from iiii to .»<». aver-

Ba'- Sept. 1 — Bates. aging si.

I twentj 1903..- 25.. .268.0:: 523,016 Nacogdoches, Texas, The week's rainfall has been 1902 26.. 371,00:? 1902 -fl pi 26 1.635.784 "•' hundredths of inch, on one day. \ i i thennomi 1901- 27.. 230. :mi 1901 -Sept. 27 1695,023 an - 1900 28 354.260 !'»'>" I 31,675 72,*bighes1 96, lowesl 58 , —— . — . .

99«> THE CHRONICLE. Vol. i.xxii

Palestine, Texas. have had rain of the — We on one day For the Week. Since September 1. week, the rainfall being twenty-six hundredths of an inch. Exports— The thermometer has averaged 78, the highest being 92 and from Great Conli- eat Conti- Brilain. nent. Total. Lowest G4. Britain nent. Total. Paris, Texas. —We have had rain on one day during the. Bombay week, the rainfall being L905 7,000 7,000 6,000 14,000 20,000 five hundredths of an bach. The 1904 thermometer has averaged 77, ranging from 57 to 96, 1903 V666 V.666 V666 Vo',666 Vf,666 San Antonio, Texas. — Dry all the week. The thermom- Calcutta

( 1905 eter has ranged from 64 to .il, averaging 79. 1,000 1,000 L904 V.666 V.ooo 1 ,000 1 ,000 Weatherford, Texas. — We have had heavy rain on one 1903 2,000 2,000 day of the week, the precipitation reaching one inch and Madras 1905 forty-three hundredths. Average thermometer 77, highest 1,000 1,000 190 i 1 .000 1,000

lowest . 96, 58. 1903 ::::: 1,000 1,000 New Orleans, Louisiana. — It has rained on two days of the All others- 1905 the rainfall lift 5,000 5,000 13,000 13,000 week, reaching i hundredths of an inch. The 1904 2,000 2,000 8.000 8,000 thfermom'eter has averaged Si. 1903 3,000 3,000 10,000: 10,000 Sh rave port, Louisiana. —There has been rain on one day Of the past week, the precipitation reaching one hundredth Total all— 1905 12,000 12,000 6,0001 29,000 35,000 of an inch. The thermometer has averaged^ 78, ranging 1904 3,000 3,000 10,000[ 10,000 from 64 to 92. 1903 4,000 4,000 1,000 23,0001 24,000 Columbus, Mississippi. — No rain the past week. The thermometer has ranged from 55 to 90, averaging 72. . According to the foregoing, Bombay appears to show a Leland, Mississippi. —The cotton crop is short. No top decrease compared with last year in the week's receipts crop and some worms. There has been rain on one day of of 2,000 bales. Exports from all India ports record a gain the week, the rainfall reaching ten hundredths of an inch. of 9,000 bales during the week and since Sept. 1 show a Average thermometer 75.3, highest 91, lowest 54. increase of 25,000 bales. Helena, Arkansas.—Cotton is opening rapidly, but bolls ALEXANDRIA RECEIPTS AND SHIPMENTS OF are not well matured. There is only slight complaint of COTTON. Through arrangements made with Messrs. worms or rust. Rain has fallen on two days of the week, — Choremi, Benachi & Co., of Liverpool and Alexandria, we to the extent of thirty-two hundredths of an inch. The ther- now receive a weekly cable of the movements of cotton at mometer has ranged from 55 to 88, averaging 75. Alexandria, Egypt. The following are the receipts and Little Rock, Arkansas. —Picking will become general next shipments for the past week and for the corresponding week week, and ginning will start up very soon in full blast. We of the previous two years. have had rain on one day of the week, to the extent of five hundredths of an inch. Average thermometer 75, highest 89, lowest 57. Alexandria, Egypt, Sept. 20. 1905. 1904. 1903. Memphis, Tennessee. — Fine weather for maturing cotton and picking is general. It has rained on one day of the week Receipts (cantars a) This week 23,000 55,000 90,000 the rainfall reaching four hundredths of an inch. The ther- Since Sept. 1 .. 38,000 106,000 173,894 mometer has averaged 76.4, the highest being 89.1 and the lowest 61.5. Nashville, Tennessee. II —There has been rain on one day of This Since • This Since This Since

J the past week, the precipitation reaching two hundredths of Exports (bales) week. Sept. 1. [week. \Sept. l.\\week. Sept. 1. an inch. The thermometer has averaged 71, ranging ; from To Liverpool 6,500 3,500 5,250| 5,744 53 to 89. To Manchester 4,000 3,500 Mobile, Alabama.—Weather in the interior fine and cotton To Continent 3,500 12,000 3,500 ll,500j 3~,697 8~,035 To America 2,300 750 1 400 picking active. Rain has fallen on two days of the week, 1.750J to the extent of seventy-three hundredths of inch. an The Total 3,500 24,800 1 7,750 22,000 3,697 14,179 thermometer has ranged from 70 to 92, averaging 80. Montgomery, Alabama.—Weather perfect for picking and a A cantar is 98 lbs. marketing of cotton. There has been no rain the past week. MANCHESTER MARKET.—Our report received by Average thermometer highest 79, 92, lowest 66. cable to-night from Manchester states that the market is Selma, Alabama. —Crops are being gathered rapidby and quiet for both yarns and shirtings. Merchants are not cotton is moving freely at ten cents. As picking progresses willing to pay present prices. We give the prices for the shortage is more pronounced. There has been rain two to-day below and leave those for previous weeks of this days of the week, the precipitation being twenty-five hun- and last year for comparison dredths of an inch. The thermometer has averaged 75, ranging from 62 to 90. 1905. 1904. Madison, Florida. —There has been no rain the past week. lbs. Shirt- Col'n Mf lbs. Shirt- Cofn The thermometer 8H has ranged from 64 to 90, averaging 77. 32s Cop. ings, common Mid 32s Cop. : ings, common Mid Savannah Twist. to finest. Vp's. Twist. to finest. Up's. , Georgia. —We have had rain on three days of the past week, the rainfall reaching one inch and sixty-four hun- d. d. s. d. s. d. d. dd. s. d. s. d. dredths. The thermometer has averaged m o 6 4 @9 4H 6.80. 8H @9H 7!-<@8 6.12 78, the highest 25 8% « 6 3 @9 3 5.878JI ©9% 10 I* 6.60 being 93 and the lowest 6S. Sep. 8 13-16C s)9M 6 3 ®9 3 @9Vs 11 @9 1 6.64 Charleston, 5.83J9H South Carolina. —Rain has fallen on four days 8 8% « J9H 6 2 @9 iy2 5.56 9 3-16 @9% (£9 3 6.76 6 V/ 1 9 3-16 3 6.82 of the week, the rainfall reaching ninety-two hundredths of 15 m q 2 @9 5.57 @9}f an 22 8 7-16 6 >9H 6 1 @9 5.64 9>i @9 13-16 t99 3 6.62 inch. The thermometer has ranged from 67 to 89, averaging AMOUNT IN SIGHT.—Supplementary to our Annual Greenwood, South Carolina. —Rain has fallen on one day of the week, the rainfall being five hundredths of an inch. Cotton Crop Report, and at the request of a number of The thermometer has ranged from 65 to 85, averaging 75. readers, we give below a table showing the amount of cotton Charlotte, North Carolina. —Elegant weather for picking. which came in sight during each month of the cotton season It has rained during the week, the rainfall reaching two 1904-1905. For purposes of comparison similar results for inches and fifty-four hundredths. The thermometer has averaged 75, the highest being 91 and the lowest 59. the three preceding years are appended. The following statement we have also received by tele- graph, showing the height of the rivers at the points named, Months. 1904-05. 1903-04. 1902-03. 1901-02. at 8 a. m. of the dates given the last two years: September. . 1,373 730 810,687 1,26S,807 704,037 Sept. 22 1905. Sept. 23 1904. October 2,326 ,819 1,918,456 1,948,716 2,132,025 Feet. Feet November 2,309 ,406 2,235,649 1,837,341 1,937,447 New Orleans Above zero of gauge. 5.6 41' Memphis December ... 1,853 ,018 1,849,423 1,624,425 1,803,700 Above zero of gauge. 14.6 49 919 ,821 1,106,797 1,298,354 Nashville January 1,293,718 Above zero of gauge. 8.1 12 February 599 .701 648,327 808,839 748,822 Shreveport Above zero of gauge. 5.8 2 257 Vicksburg March 1,030 511,432 614,355 615,142 Above zero of gauge. 14.4 57 April 913 ,970 309,916 476,511 355,021 JUTE BUTTS, BAGGING, ETC.—The market for jute May 748 1S4 237,543 363,103 253,777 bagging has been extremely quiet during the June 538 ,506 206, 4S9 195,667 210,574 week, and prices July 540 243 1S6.555 189,503 180,990 are nominally unchanged at 6%c. for \% lbs. and 6>gc. for August 467 497 187,324 S.939 355,248 2 lbs., standard grades. Jute butts dull at l)4@l%c. for Deductions o 69 311 84,912 £28,392 £106,316 paper quality and 2@2i^c. for bagging quality. Total crop. 13,556,841 10,123,686 10.75S ,326 10,701,453 INDIA COTTON MOVEMENT FROM ALL PORTS.— The receipts of cotton at Bombay and the shipments from a "Deductions" include all corrections in port receipts and overland all made at the close of the season, as well as the excess in Southern con- India ports for the week and for the season from Sept. 1 sumption, as shown by the actual results. This total is increased or for three years have been as follows: decreased by interior town stocks, k Additions. EGYPTIAN CROP.—Messrs. Choremi, Benachi & Co. of Sept. 21. 1905. 1904. 1903. Boston, and Alexandria, Egypt, write under date of Alex- Receipts — at Since Since Since andria, September 2d, as follows : Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. • The crop is about a week backward and the movement in the interior has not yet begun. The weather is damp and there have been com- Bombay 5,000 27,000 7,000 24,000 6,000 24,000 plaints of fogs a little all over the Delta. The damage, if any, caused by these foes will not appear before another week. — — . . .

Sept. 23 1905.] THE CHRONICLE. 997

DOMESTIC EXPORTS OF COTTON MANUFACTURES Total hales. BOSTON—To Liverpool—Sept. 19—Steamer Cestrian, 1,192... 1,192 showing the exports of —We give below a statement domes* To Manchester—Sept. 16-—Steamer Iberian, 2,350 2 tic cotton manufactures for July and for the seven months To Genoa— Sept. 15— Steamer Romanic, S94 '__ 894 15 ended July 31 1905, and for purposes of comparison like To St. John— Sept. —Steamer Calvin Austin, 273 273 BA1 riMORE—To Liverpool—Sept. 8—Steamer Indore, 4,422. 4,422 figures for the corresponding periods of the previous year in Bremen Sept. 20—Steamer Neckar, 707 707 are also presented. iMiii.MHCi.iMiiA—To Liverpool—Sept. 16—Steamer Merlon, 8.872 2,372 To Manchester— Sept. 2.. Steamer Manchester Corporation, Quantities ot Manufactures ot Month ending July 31. 7 mos. ending July 31. 473 473 Cotton {colored and imcolortdi SAN FKANCISCO—To Japan—Sept. 20—Steamer Doric, 250... 250 Exported to — 1905. 1>J04. 1905. 1904. Total --114.10S United Kingdom yarda. 142.111 1,934.730 1,090,957 France The particulars of the foregoing shipments for the week Germany - 28 742 75.011 40.1.VI other Europe 417. IIH 83,497 1,363, 523,484 arranged in our usual form, arc as follows: 786,015 5.997,992 British North America i 941.058 5.648,153 OantnU American States and Great French Gcr- — Olh. Europe— Mexico, British Honduras 8,208,738 2,023 17.107 13.9X1 882 Br itn in. ports. many. North. South. etc. Japan Total. 197 2.05-' 4S3 - U.-> i 1,6 Mexico 1.795 New York. 10, 1,022 1 ,854 870 8S1 100 15,242 Cuhs 2,538,79^ 1,675 ,690 12,026 261 6,1.1 NewOrlc'ns 3,479 50 690 4,219 Other West Indies and Bermuda. 1.637 1,457 ,818 14,662 1 18 11,677 Galveston .IS, 00 I 1 1,645 13,447 43,696 Argentina -- 60,409 149 .''7 1 2,389 i.i 731 480 ,155 6.062 ,449 4.67 Savannah . 16,294 8,861 24,155 Brasll i 7,613 ,760 2,894 Chile , 750,800 Wilmington 13,863 13,863 ..".70 ,968 ;>ia I 483,112 1,195 5,694 7,661,949 Boston 3,542 894 273 4,709 ,462 4.461 ,496 ;- Venezuela 420,028 331 3, lialtimore . 4,422 "707 5.129 Other - irica 363,729 781 415 1,804 ,992 1.672 2,845 Chine-,- 17,211 010 308,291 ,732 63.1 Phlladelp'Ia 2,845 British East Indies 502.200 97 500 5, .,10 2,951.2.40 Sail Fran.. 250 250 Hongkong 30,064 299 284 I06,53o Japan 1,134 11 .704 9.S15 |337 303.532 Total ...43.007 13.267 45,215 10,221 1,775 373 250 114,108 British Austral tsta 701.04.-. 397 ,511 4.637 ,619 o,341. U2 Philippine Islands 184.269 ,616 2.849 The exports to Japan since Sept. 1 have been 450 bales 13.071 .707 Other Asia and Oceanlca ! 1,824.010 96 11,851.339 from Pacific ports. British Africa. 681,213 13 4,052 .002 3.824,930 All other Africa 122,631 92 449 369 165 141,933 Cotton freights at New York the past week have been

Total yards ol above ... 52 327.032 27.506.793 440,873.148 156.541,880 as follows: Total values of above ... J3.7Sl.927 1 $1,703,459 J27.515, 156 $9,C84.155 Sat. Mem. Tv.es. Wed. Thurs. Fri. Value per yard $0,723 $0,619 $0,021 $0,019 Liverpool c. 15 15 15 15 15 15 .Manchester ...c. \7 l 17 J* nil I") J Values at other Manu/ncturcs o! A 17H 17H c. 18 18 18 18 18 Cotto>i Erported to— Havre 18 United Kingdom 89.798 83.139 5S3.543 692,331 Bremen c. 20 20 20 20 20 20 Belgium 22.21s 4,000 91,564 62.003 Hamburg c. 25 25 25 25 25 25 France 4,146 1,278 15.40S 6,204 Antwerp c. 15 15 15 15 15 15 Germany 46.732 52,582 287.477 519, Ghent, v. Ant'.. c'. 21 21 21 21 21 21 Netherlands 4,878 2.195 18.305 lleval, indirect. c. 32 32 32 32 32 32 Other Europe _ 11,016 3,438 52,529 50,175 British North America 187.SS2 206,788 1.442.926 1,518,558 Reval.v.Canal.c. 35 35 35 35 35 35 Central American States and Barcelona c. 28 28 28 28 28 28 British Honduras 50,387 61,625 396,551 332,283 Genoa c. 18 18 18 18 18 18 Mexico 40.545 37,728 373,114 295,192 Trieste c. 30 30 30 30 30 30 Cuba 31,418 2o0,019 174.533 2S.426 Japan, v. Suez.c. 40 40 40 40 40 40 Other West Indies and Bermuda. 13,153 13,574 140,887 149.079 Argentina 10.200 30,602 223,094 107 ,6b9 Quotations are cents per 100 lbs. Brazil 4.59S 3.780 44,383 61.220 cable from Liverpool have the fol- Chile 741 1,030 11.173 11,247 LIVERPOOL. By we Colombia 3.446 10,955 27,909' 65,037 lowing statement of the week's sales, stocks, &c, at that port: Venezuela 1.5S5 1,651 12.699 26.218 Other South America 4.761 5.223 30.515 26.381 Sept. 1. Sept. 8. Sept. 15. Sept. 22. Chinese Emnlre 47.140 5.346 248,261 32,345 Sales of the week bales .31 ,000 44,000 39,000 36,000 British East Indies 1,427 44 4,123 7,135 Of which exporters took 1 ,000 3,000 2,000 2,000 Hongkong 7,638 476 34.088 15,288 Of which speculators took 1 ,000 3,000 1,000 Brit ish Australasia 45.085 50.873 264,876 24S.092 Sales 26,000 41 ,000 33,000 32,000 Philippine Islands 4,855 2,584 50.800 38,804 American Other Asia and Oceanica . 11.587 14,587 201.056 91,274 Actual export 1,000 6,000 2,000 8,000 British Africa 11,937 13,258 162,418 83.277 Forwarded 49,000 53,000 57,000 57,000 All other Africa 1,532 390 7,958; 6.451 Total stock—Estimated 723,000 708,000 685,000 672,000 Other countries 388 262 3.492 3.065 Of which American—Est-660,000 650,000 620,000 609,000 Total of the 34,000 44,000 36,000 51,000 Total value other manufactures $656,161 $638,8S6 $4,959,1681 $4,638,963 import week... Total value of all manufactures $4,438,08S $2,342,345 532,474.324 $14,323,118 Of which American 32,000 39,000 14,000 37,000 Amount afloat 120,000 114,000 152,000 153,000 Of which American 94 ,000 85,000 126,000 133,000 GOVERNMENT WEEKLY COTTON REPORT.—Mr. The tone of the Liverpool market for spots and futures James Berry, Chief of the Climate and Crop Division of the each day of the past week and the daily closing prices of United States Weather Bureau, made public on Tuesday spot cotton have been as follows: the telegraphic reports on the crop in the Southern States Monday. Wed'day. Thursday. Friday. for the week ending September 18 summarizing them as Spot. Saturday. Tuesday. follows: Market, 1 12:30 Quiet. Moderate Quiet. Moderate Quiet. Quiet. Wlule a slight improvement in the condition of cotton is reported P.M. J demand demand. from Oklahoma and Indian territories and portions of Louisiana and 5.59 5.64 5.64 northern Texas, the crop as a whole over most of the belt has exper- Mid.Upl'ds 5.50 5.51 5.52 ienced little or no change, with a tendency toward deterioration. Prema- Sales 4,000 7,000 7,000 8,000 6,000 5.000 ture opening is extensively reported in the eastern and western districts, Spec.&exp. 500 500 500 500 500 300 but only few complaints of this character are received from the central portion. Boll-weevils are increasing in Texas and are causing injury Futures. Ba'Iy st'dy Quiet at Quiet at Steady at Steady at Steady at Market i pts. pts. 5 pts. 3 pts. 1@2 pts. 1 pt. in western Louisiana. A poor top crop is promised. Picking is ad- at 6@ 7 2©3 opened. decline. advance. decline advance. advance. decline. vancing rapidly and is nearing completion in most fields in southern J Georgia. Market, 1 Steady at Ba'ly st'dy Steady at Quiet at Steady at Quiet unch 7®8 pts. at6@7pts. 1@2 pts. 4@6 pts. 2® 4 pts. to 2 pts. P.M. ! decline. advance. advance. advance. advance. decline. SHIPPING NEWS.—As shown on a previous page, the exports of cotton from the United States the past week have reached 114,108 bales. The shipments in detail, as made up The prices of futures at Liverpool for each day are given from mail and telegraphic returns, are as follows: below. Prices are on the basis of Uplands, Good Ordinary Total bales. clause, unless otherwise stated. NEW YORK—To Liverpool, per steamers Baltic, 1,873 upland The -prices are given in pence and lOOths. Thus: 5 43 and 26 foreign Carpathia, 25 foreign Georgic, 4,685 6,609

To Hull, per steamer Colorado, 1,674. 1 means 5 43-100

To Havre, ;>• r Hudson, l ,022 1,622 '1" Thurs. Fri. mer Rhein, 1,864 1,854 Sat. Alon. Tues. Wed. Sept. 16. 18. Sept. 19. Sept. 20. Sept. 21. Sept. 22. To ' mere British Empire, 300 Kroonland Sept. i . To.- earner Arkansas, 139 531 12^ 1 12HJ 4 12H 4 123*1 4 12)^1 4 12>*: 4 To r Athalie, 6.30 [i.rn. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. i,131 if. d. d. d. (1. o,5 Ti 100 100 Sent. -Oct ..5 42 5 41 5 43 5 48 5 44 5 !'i 5 51 5 53 5 50 5 56 5 55 45.-. • :,(i 57 NEW ORLEA Liverpool—Sept. 19—Steamer Mechan- Oct. -Nov __6 H 5 17 5 51 5 53 5 56 5 585 58 5 585 o,i 1 o,i 5 ics 3,470 lee .. 5 495 47 5 485 i 505 54 5 50,5 69 5 5 Dec-Jan... 5 51 5 49 5 515 50 5 52 5 57 5 :,'ir, o,i 5 64 5 64 5 63 . 16—Steamer Tilly Rush, 50-. 50 0,7 Jan.-Feb. . 5 51 5 5:; )5 59 5 01 5 64 5 5 67 6 07 5 66 l Louisiana, ... G00 536 Feb.-Mch .. 5 GAL . 5 556 53 5 55 59 5 56,5 61 5 635 66 ['5 Mch.-April .5 57 5 55 5 61 5 585 63 71 5 71 5 70 : Atlantian, 10,862 I April-May 62 5 59,5 64 2 5 72 i 56 5 To 2 1 .6 586 585

i .9 57 5 5 605 5 67 5 . 7 13.447 5 63 65 r, June July . 5 84 6 615 65 SAVANNAH to 1 er Hillbrook, 6,311 595 58 59|5 15,044 July-Aug ..5 50 5 58 5 59 5 64 5 o,| 6 66

1 1 To I 2.00. .-

To I - 20 00 or, 100 00 - 400 BREADSTUFFS.

1 LIS E Friday, Sept. ro 0— Business in the market for w 1 . . ... 400

;- their Hillbrook, 1 ,323 quiet. Buyers arc now receiving supplies on purchases, and these keep then upplied for the p rlibiirn. 70H in fact, many buyers are repoi I . 200 To Main . their current, v. nd therefor WILMINGTON -To Bremen—Sept. IS no IU 6,300 Sept. 21—Steamer r.reatham, 7 13,863 on to operate. Therehasbeen | — — — . » . 1 . .

998 THE CHRONICLE [Vol* LXX1I.

Rye GOVERNMENT WEEKLY GRAIN REPORT.— Mr. to market supplies , and prices have held fairly steady . James Berry, Chief of the Climate and Crop Division of the firmer but quiet. Buckwheat flour is begin. flour has been United States Weather Bureau, made public on Tuesday ning to come in on offer. Corn meal has been quiet but steady the telegraphic reports on the grain crops in the various Speculation in wheat for future delivery has been fairly States for the week ending September 18, summarizing them as follows: active, but for the week prices show only a slight net change. CORN.—While corn lias experienced favorable conditions over a. Early in the week the market weakened. Despite the re- large part of the corn belt, late corn in the upper Ohiofand Missouri the lower Missouri Valley ports of a considerable reduction in the yield of Russian valleys is maturing slowlv and the crop in has suffered seriously from excessive rains and high winds, especially in grain crops, the export movement of Russian wheat was on Missouri and Kansas. In the fir-t-m<-ntioned State a large part of the crop has been blown down or badly lodged, much: is under water, and this had influence against the an enormous scale, some and that in shock is beginning to mold. Over the northern part of the three-fourths of the crop is now safe from local market, although the European markets were reported corn belt from two-thirds to frost. , ... holding steady. The movement of the new spring-wheat SPRING WHEAT.— Notwithstanding frequent showers in the spring- wheat region, threshing of spring wheat has been general, shock thresh- scale, the crop was on a liberal receipts at the Northwestern ing in Minnesota being nearly completed. Considerable smut is re- markets being heavy, and this, too, had some influence ported from the Dakotas. against values. The consumptive demand for wheat, how- Exports of Grain and Flour from Pacific Ports.—The ex- ports of grain and flour from Pacific ports for the week ending ever, is active, and there has been fairly good buying by Sept. 21, as received by telegraph, have been as follows: exporters. Advices from the foreign markets were decidedly From San Francisco to Liverpool 25,000 bushels wheat firmer during the latter part of the week, and the domestic and 16,000 bushels barley; to various South Pacific ports, markets were stronger in sympathy, all of the early decline 7,577 bbls. flour, 500 bushels wheat, 1,700 bushels barley, bushels oats. in prices being recovered. According to latest advices, the 350 bushels corn and 50 figures with those for previous weeks, we shortage of the four leading grain crops of Russia will be Combining these following, which covers the exports to foreign 850,000,000 bushels, and talk is heard that insome sections have the countries for the period since July 1, comparison being made o j Russia famine conditions are a possibility. Reports from period of the previous year. the win-ter-wheat belt of this country are that considerable with the corresponding Wheat, Corn, Oats, Barley, Rye, for the winter-wheat is in progress. Exports Flour, seeding new crop now bush. bush. bush. jrom— obis. bush. bush. Business in the spot market has been fairly active; exporters San Francisco. 112.438 34,500 18,530 965 562,700 ..... have been freer buyers and at firm prices. To-day the Puget Sound.. 147,000 77,452 9,443 19,131 420 market was fairly active and firmer on stronger foreign Portland 63,200 -- advices. The spot market was firmer but quiet. Total 322,638 111,952 27,973 20,096 563,120 17 DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Total 1904 532,327 245,018 4,647 974 592,087 283 Sat. Mm. Tars. Wed. Thurs. Fri. The aggregate exports from the United States of wheat No. 2 red winter f.o.b 89 J^ 89 H 88% 89% 89% 90% and wheat flour, expressed in bushels, for the eight months September delivery in elevator. 88% 88 • 88% 88% 89 89% 1 August 31, inclusive, have been as follows December delivery in elevator. 89 H 88% 88% 89% 89% 90% from January to May delivery in elevator 90% 90% 89% 90% 90% 91% for four years. ,„, 1905. 1904. 1903. l M2. DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Wheat bushels - 1.844.635 9,540,289 48,525,580 77.692,846 36.932:569 52,640,9 82 47.980.102 Sat. Mon. Tues. Wed. Thurs. Fri. FlSff. redded tibMhe'ls: . . I . . 22i'.W,r,'25Q delivery in elevator. 84 84 September 83% 83% 84% 85% Total bushels 25.331,885 46,472.828 101.166,562 125,672,948 December delivery in elevator. 84% 84 83% 84% 84% 85% in the May delivery in elevator 86 85% 85% 86% 86% 87% The movement of breadstuffs to market as indicated statements below is prepared by us from figures collected by Indian corn futures have been fairly active, but there has the New York Produce Exchange. The receipts at Western been some irregularity to the movement of prices. Those lake and river ports for the week ending last Saturday and for the near-by deliveries show a moderate decline, while the since Aug. 1, for each of the last three years, have been: new-crop months have advanced fractionally. There has been some liquidation of Sept. deli very, and under this selling- Receipts at— Flour. Wheal. Corn. Oats. Barley. Rye. prices yielded. The new-crop deliveries have been influenced hu 56 lbs. 6Ms.l96ttw.i bush. 60 lbs. bush . 56 lbs bush. 32 lbs. bushASlbs. by reports of heavy rains in the corn belt which delayed the Chicago 153, 648, 427,606 3.005,442 2 442,107 610,308 48,428 265,760 43,700 213,200 539,600 22,400 early maturing of the crop. At the close of the week, how- Milwaukee . 56,285 Duluth 100,800 723,273 35,914 250,391; 470,050 30,233 663,772 77,910 ever, more favorable weather conditions were reported. A Minneapolis . 2,893,842 26.146 1,057,100 .2,800 feature of the market has been an active export Toledo 201.000 199,000 286.9001 demand, Detroit 7.900 4,128 39,309 125,824! 206,787' shippers taking of slight decline in Cleveland . - 1.094 39,167 143.685 advantage a prices to buy 7,000 St. Louis 63.905 494,036 250.090 485.9001 21.829 heavily. To-day there a steady market. 177.8001 19.800, <.000 was The spot Peoria . 29.500 10,400 177,000 market was moderately active at steady prices; exporters Kansas City. 1,031,000 217.000 74,400; were the buyers. Tot.wk.'OS 413,132 6,090.212j 4,137.286 5.320,409! 2,325,359 256,771 Same wk.'04 348,681 5,648,089 5,168,508 5 050,285 2,327,053 211.332 DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Same wk.'03 420,420 7,080, 883 5.048,439 3.331.875 2.274.1531 134,570 Sat. Mori. Tues. Wed. Thurs. Fri. Since Aug. 1. 37,875,456' 25,871,047 38,322,639 6,754.7071 988.890 Cash corn f.o.b 60 1905 2,614,6831 60% 60% 60% 60% 60% 1904 2,228,788, 39,217,543 24,848.130 38,073,084' 6,173,983 1,128.912

! September delivery in elevator. 60% 59 59 59 59 59 1903 2,358,306 1 35.119,675 27,414,473 24,129,522' 6,885.209 1.078.040 December delivery in elevator. 53% 53 52% 53 53% May delivery in elevator 49% 49% 50 50 50% Total receipts of flour and grain at the seaboard ports for DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN CHICAGO. ' the week ended Sept. 16 follow 14 Sat. Mon. Tues. Wed. Thurs. Fri. Flour, Wheat, Corn, Oats, Barley, Rye, September delivery in elevator. 54 52% 51% 52% bush. 52% 52% Receipts at— bbls. bush. bush. bush. bush. December delivery in elevator. 45 44% 44% 45% 45% 45% New York 142,861 107,800 497,725 .253,100 67.000 27.725 May delivery in elevator 43% 43% 43% 44% 44% 44% Boston 39.044 734 615,673 121,407 830 1.050 42< 39,809 Portland- 724 Oats for tuture delivery at the Western market have been Philadelphia 41,952 114,861 22l".9i3 473",6§6 800 Baltimore 66,474 101,634 140,121 352,726 771 .368 moderately active and there has been a fractional improve- Richmond 3,400 16.416 10,964 33,660 286 ment in values. The crop movement has continued on a Newport News.. 4,800 67,875 New Orleans a 15,476 nV.ood 20,075 52". 700 liberal scale, but the trade demand has been active, and free Galveston 288,000 26"610 91,737 86,858 reflecting recent large sales Montreal 21,878 338,981 320.544 export shipment, the to shippers Mobile 1.686 9,000 induced some speculative bujung. Locally the spot market Total week 337,998 1.123,235 1.903.890 2.313.299 161,138 1J4.011 has been firm. To-day there was a steadier market. Lim- Week 1904 2691038 354.095 968.326 1.198.546 18,133 2o.52S ited export sales were reported. on a Receipts do not include grain passing through New Orleans tor foreign ports DAILY CLOSING PRICES OF OATS IN NEW YORK. through bills of lading. to Sept. 16 com- Sat. Mon. Tues. Wed. Thurs. Fri. Total receipts at ports from January 1 No. 2 mixed f.o.b 32 32% 32% 32% 32% 32% pare as follows for four years No. 2 white, clipped f.o.b 34 33% 33% 34 34% 34% Receipts o]- 1905. 1904. 1903. 1902. 14,778.720 DAILY CLOSING PRICES OF NO. 2 MIXED OATS IN CHICAGO. Flour bbls. 7 ,861,999 12,346,910 14.832.297 Sat. Mon. Tues. Wed. Thurs. Fri. Wheat bush. 20,879,523 31,875.876 71.388,550 92,288.490 September delivery in elevator. 28 27% 27% 28% 28% Corn 74.82S.110 39,377,794 76.153,629 12,772,622 28% 36,272,650 December delivery in elevator. 28% 28% 28% 28% 28% 29% Oats 40,395.200 32,470.639 37,998,960 2.286.721 2.461,792 1,513,651 May delivery in elevator 30% j* Barley": 4 "»« Rye -?M?O61.601 593.908 3,391,982 2,824.053 The following are closing quotations: Total grain 141,664,116 106,604,938 191.394.913 146,671,466 FLOUR. The exports from the several seaboard ports for the week Fine $2 50 @83 00 Patent, winter.. $4 50 @$4 75 ending last Saturday are shown in the annexed statement: Superfine 3 05 @ 3 15 City mills, patent 4 75 @ 5 60 Wheat. Corn Flour, Oats, Rye. Barley. Peas, Extra, No. 2 3 20 3 25 Rye flour, s'fine. 3 95 4 35 @ @ Exports from— bush. bush. bbls. bush. bush. bush. *'"£; Extra, No. 1 3 30 @ 3 40 Buckwheat flour 2 35 @ 2 50 New York 88.148 612,705 60,824 851,586 26,651 48,387 23,164 Clears 3 50 <§ 4 00 Corn meal Portland 39.809 427 Straights 4 00 a 4 40 Western, etc.. 3 10 @ 3 15 Boston 395, 59S 7,743 24,541 Patent, spring.. 4 65 @ 5 55 Brandywine ...... @ 3 15 Philadelphia 48.000 102,857 2S.125 210.000 Baltimore 136.000 27.088 44,785 120,040 gr;LIN. Norfolk ws;s --._ sas NewportNews 67.857 4,800 Wheat, per bush c. c. Corn, per bush c. c. Charleston -%-^aa ;i-,v» 123 N. Dul., No. 1.. f.o.b. 93 Western mixed. . 56 @ 60% NewOrleans 6,300 37.132 2.382 N. Dul., No. 2.. f.o.b. 90 No. 2 mixed f.o.b. 60% 128.565 12,230 168.&66 Red winter, No. 2 f.o.b. 90% No. 2 yellow f.o.b. 61% Montreal .:il"!!"366",538 Mobile 9.000 1.686 Hard " f.o.b. 90% No. 2 white f.o.b. 61% Rye, per bush ...678,495 1,349,970 197.752 1.377.214 26.651 48,387 23.287 Total week 7.494 Oats—Mixed, bush 32% @ 33 Western 67 @ 72% Same time 1904 I" 22.155 6581233 160!024 77.808 14.498 White 33 @ 37 State and Jersey Nominal. The destination of these exports for the week and since No. 2 mixed Nominal. Barley—Western. 43 @ 56 No. 2 white Nominal. Feeding 39% @ 44 July 1 is as below: . — » t » ' 1 — —

Sept. 23 1905.1 THE CHRONICLE. 999

-Wheat- -Corn- Inquiries continue to be received from China, but the amount Since Strict Since Week. July 1 Week. July 1 Week Jul-/ 1 of export business actually transacted is insignificant. The 1905 Sept. 16 1905. Sept. 16. 1905. Riparts lor week Sep'. 16. shortage of gray goods Is still rendering the supply of bleached and since July 1 to— obis. bbls flttS/l bush. bush. United Kingdom 108.240 60S.S10 325,666 ,173.524 812,213 goods Insufficient to fill all requirements, and for this reason -•(.-•. <'>f.;» ,130.409 512,133 530.823 Contlneut 4,"'"5i are confined to small lots. Sellers are very firm So. and Cent. America l.,-':>7 151.700 3. 11(5 95,375 purchases West Indlea 14,367 222.059 22.408 313.184 and the situation remains firm. Manufacturers of coarse, llrll. N. Am. Colonies.. 1.850 23.042 31,217 Other countries 9,241 32.490 "l66 13,524 colored cotton goods are still behind in their deliveries, and prices are consequently well maintained. Most lines Total ..197,752 1.300.772 678.495 4.302.933 1.349.970 12,093,558 Total 1904 160.024 1.500.401 • 22.155 4.442.493- 658,233 6. 467.830 are well sold ahead. Napped goods are firm and orders have The visible supply of grain, comprising the stocks in been of fair volume. Staple and fancy prints have been in granary at the principal points of accumulation at lake and good demand and are steadily held, while ginghams have seaboard ports, Sept. 16 1905 was as follows:] been advanced y?c, owing to the demand and the scarcity of Wheat. Corn Oats. Rye, Barley, supplies. Cotton linings have been in excellent request. Print bush. bush. bush. bush. bush. N'esr York 431.000 112.000 1,056.000 4.000 27.000 cloths show signs of an awakening activity, and as the quanti- " afloat . of goods available is small, buyers will have to pay full Boston 140.000 141.000 ty Philadelphia 187.000 137.000 703.000 prices for what they purchase. Regulars are still quoted at Biltlmore 384,000 121.000 498,000 89.000 .VewOrleans 103.000 129.000 33^c. OalvMton 700.000 Montreal 62.000 127.000 136,000 18.000 WOOLEN GOODS.—Receipt of revisions and cancella- Toronto 5.000 tions have kept men's wear light-weight agents busy during Buffalo 149,000 209.000 582.000 309.000 73,000 " afloat...... — --- the week, and although the cancellations have not been as Toledo 45S.000 282.000 2.155.000 70,000 1.000 heavy as many had expected, yet they have been of sufficient " afloat...... - ...... Detroit 225.000 52.000 89.000 139.000 volume to demand much consideration. The revisions so afloat . . indicate radical the policy Chicago 3.359.000 2.200.000 4,033.000 110,000 1,000 far received do not any change in " afloat . ... _, of buyers, for the same fabrics that have proved most popu- Milwaukee 122.000 69,000 301.000 42.000 263.000 afloat ... lar in the past are still attracting most attention. Any Ft. William 620.000 doubt as to the position of mercerized worsteds must now Pt. Arthur 152.000 Duluth 416.000 22.000 1.121,000 76.000 576.000 be put aside, for these goods have proved so popular afloat mills are running night and to fill the orders that Minneapolis 1.099.000 78.000 1,524.000 67.000 437.000 that day St. Louis 1.976,000 7.000 587.000 21.000 7.000 have been received. It is fortunate perhaps that this is so, " afloat ... Kansas City 1,602.000 62.000 110.000 for the continued rise in the price of the raw material would Peoria 6.000 53.000 1.260.000 1,000 1.000 otherwise have made the price of goods so high that the de- Indianapolis 442.000 50.000 70,000 1.000 On Mississippi Rlrer mand would have been to a great extent curtailed. There On Lakes 696,000 1.683.000 120.000 26,000 351,000 been continued buying of heavy weights, the bulk OnC*nal and Rlrer... 267,000 292.000 451.000 123,000 has but of this business is now over. Complaints are heard of slow Total Sept. 16 1905 13,356.000 5.799,000 15.066.000 954.000 1.878,000 TotalSept. 9 1905 12.237.000 4.938,000 13,029.000 939.000 1,303.000 delivery, but these are mostly from small buyers who are Total Sept. 17 1904 14.010,000 5.652,000 15,181.000 1.288.000 2.193,000 being inconvenienced to supply the demands of larger buyers. TotalSept. 19 1903 15,977.000 7.907.000 6,937,000 759.000 2,104.000 Total Sept. 20 1902 22.526,000 2,431.000 6,714,000 971.000 1.191,000 Business in spring dress goods promises to be very heavy, and satisfactory orders have been received from all sections. THE DRY GOODS TRADE. There is no change in the character of the demand, goods of New York, Friday, Sept. 22 1905. sheer effects continuing the most popular, while plain colors Conditions in the cotton goods trade have again been fairly are everywhere in demand. Manufacturers are experiencing quiet during the week, with buyers holding off in their pur- difficulty in obtaining a supply of suitable yarns for early chases of goods for future delivery, but being as anxious as use, and spinners are demanding very high prices. Under ever to place orders for prompt shipment. Those agents the circumstances advances are looked for in the near future. who have goods to offer for October, or even November, FOREIGN DRY GOODS.—Imported woolen and worsted delivery find no difficulty in disposing of them at practically dress goods are selling well and prices are reasonably cheap. their own prices; but the number of these is very small and Silks are steady with a fair demand. Ribbons are moderately the goods available are not sufficient to fill all the demands. active and without change. The heavy buying of spring Under the circumstances, they are still pursuing the policy linens still continues. Burlaps are quiet but steady. of apportioning their supplies among their various clients as Importations and Warehouse Withdrawals of Dry Goods. best they are able . giving to each a little less than is asked for. The importations and warehouse withdrawals of dry With the exception of an advance of J^c. in the price of goods at this port for the week ending Sept. 21 1905, and ginghams, there has been little change in values during the since January 1 1905, and for the corresponding periods week, and the efforts that were recently made to force sellers of last year, are as follows: to lower their demands have now been given up as being impracticable. The prevailing high prices are, however, a g a a a H Q — P;o n> Silk... preventing buyers from laying in reserve supplies, and some O P o o Flax o 5; p «• .. month or six weeks sellers will commence offering more • 3 n P « 8 3 P p I ° . . . • -i ' < cheaply. All suggestion of this is repudiated by sellers, C ' ' p ' i» a a i ' 1 to i M 00 1 1 1 ' to state that the strength of the material situation z s£ who raw ' ' ' I i i i o ' ' 2. 1 — i i i l_l i i i • i* is such that instead of cheapenening they are much 1 goods i II i i i tiii Q. i i ' likely i i i i s i more to still further. is i I advance There new i them I no i i l t i i i > I I export still ! i i i business coming in, but as manufacturers are O rrl W i i i i i i to i O i i i i i i i i

i i i i • i i i booked ahead on this class of business for the next three or i i i i i i ' p H i— — six months, they are not much concerned over this feature to CO ©to — a CO — — to — ">- o oo to Cn* — ©CO HrH — coco CO to 01 * *.^j*cn*© of the situation. The current is proving an active -*) month to — co~j©- to >-' 00 to Cn co co to c . co*oo— * to ' "« : — ooenco©© z; CncO -si CO © CO cn cn©coco^j 9 one in jobbing circles, and this is expected to have a favorabe * CO* <^c% a ?!• influence on the primary market before long. There has CO to H co (O I— l^J s been little new buying in the men's wear light-weight woolen © Cncn s> - CnCn <1 cn to CO 00 ^J CO — X MO Cn -J to 00 to ^JOJ *.^to--j£ >- ^i ©en ^j cn»— -©S: co and worsted market during the spring goods co^j >U CO CO to to CO* ©* to 05 CO H co © oo * -o. week, but dress o .;' " M CnOO oo — coVo Cn Cn© *coo50o"e» W cn *woo©Vi© 5 have been taken with rather more freedom. co ©CO vj co co oo ~jCn*~JO> ©»j — CnCn s-- a © "3 ©O co - :.. -J© — ^1* M *.^J to © CO 00 * S cnMto~J to DOMESTIC COTTON GOODS.—The exports of cotton o § H CO — » cn CO to goods from this port for the week ending Sept. 18 were 7,740 ©^1 to— — — a — — OCn©CO o Cn© co — oo© — Cneo oo^i 1-1 to©»-|COCn packages, valued at their being to the O — 8390,304, destination ©*© ©"cooo'en© ©tO CnO— oco c. co © m © "J points specified in the tables below: ©M — ^t co co to > o? ©OS co>co — oo" to© © *co©cn fa toco «J ** co — to* O o> oo to 00 CQ to ©*ooCn© O 1905 1904 W - Since 3 Since. Q 00 — a a 00 — w <» — coto — H S3 Cn~J — I j * — i: Cn-M — tO*CnCO cn Week. Jan. 1. Week. Jan. 1. o W ©too©© W Great Britain 4 895 1 814 CD — ©"co©0o'cn "to — ©"* "bVoco W © ©"©o"*"— 00 — O44C4SC0 d K oo co — co to »j ~J O oo oo©io*"* a Other European 7 653 3 599 © oo to Cn Cn CO — 3> rx O) 00 -q * 00 co Cn co ©CnCO^JtO China < S° 2,701 95,609 69,199 - © — "ooo — — "to to OJOJ 0o'coco©cn < cn "cn'tOCOtO*"-' ©en — j - -1 *. Cn 00 n o India 315 10,288 782 5,67li : — ©M — — ©co © CO © Cn M — o> O CO *. to — o *. — co *.©to*^i * 2 CO © to 00 to Arabia 1,313 19,787 14,857 a W Africa 511 8,450 34 8,105 d w West Indies 440 21,992 456 14,355 — > Mexico 130 2,182 33 1,643 — CO CO j. to*, to * — MCO — CnCO ©to* CD -4 -I* -JO — 00 3> to CO Cn a. CO cocccnM^ itral >-,0 t3 « America 12,477 302 10,391 toto co to Co cn co O too co — cn co co * ©co © * South America 1,888 42,592 3,101 H >r co co MM Other Countries 10 10 36l 13,084 374 15,598 > to to n tc q 25 -.1 _3 o* — ©*. to CO © Cn to O a -co CO x — to ^> — ^j *~j©cncD to — cote — Total 7,740 228.015 5,086 180.622 -. ©cn CO 3> CO CO to w 01 ©OS en* — to — r. c-t »t © co H - «-i — 1 - 'c.'x-\' / The value of there New York exports since January 1 has uVpaa en — ©Vj — Vt * b - i -- CO Cn 90 I — CO to to S into ©CnV)»© * x. co o -o J to so Cn -j z-i 10 been 512,228,454, against $10,845,482 the previous year. ~J CO 00 M *~4 to — O CO © 25 .still Heavy brown sheeting are in fair demand and are CO — «" co to - 6 • I 10— — J CD c. to 00— — U ft Cn 00 to difficult to obtain, but wel- CO — / new business in drills would be CO~J CO 10 ^J CO© 3 co coco O — ~4 0op o • — V — - ' SViVioco come, as many looms will cease to run on currenl conn VikootoV © Xj — I CI - 1} Cn I * '0 / — — T. CD CO f CO ^j ^* Cji CD Cn IC -I — - - -. CO * - — by the end of the year. In spite of this, how ver, manu- y. 1 1 — to to© *- a -i to * © > facturers show no signs of weakening, as many beli< ~l — — IC IC . CO ^J — li-l 1 — to ,i.uiCo O export buyers arc quite likely to enter — 'I — e» — tO*Cn_CO the ma *~. '— "c*. u V ' © to-i CO 4. ©CO to before that time, and change the situation. Ldght-weighl — ~. 00 — ^i — '_-- O J a - CO— ©10 to M CIO c 1 1 © CO CO - > jus,-\j / . '/ drill- 'l and sheeting Lnue very rad buyers no - -_ 'l . i . '/ — co 1 — i c — — o — 1 - - l -.SCO to to 9 ; -1 — to CD I long'-r quibble over M- cox - — -1 — ©CO prices be secill • when goods can — s © — -.-I * bi I— — 9) 00 01 : . —

1000 THE CHRONICLE. [Vol. lxxxi

Booneville (Town;, Miss.—Bond Sale. —On Sept. 16 the City Dw&nvrswT. 810,000 5% ertreet-improvemenl bonds were awarded to the .tAT£ and Mississippi Bank & Trust Co. of Jackson at 101.27. De- nomination $500. Date Sept. 16 1905. Interest annually News Items. in January. Maturity 20 years. Bratenahl, Ohio.—Bond Offering. — Proposals will be — Bonds. Mr. William G. Irwin of Hawaii. Description of — received until 12 m. Oct. 18 b}' Clifford A. Neff, Village July 29 was awarded refund- Honolulu, who on $600,000 4% Clerk, for $3,016 85 5% water and sewer bonds. Denomina- ing bonds V. 682) sends us the following descrip- (eee 81, p. tion $500, except one bond for 8516 85. Date Oct. 1 1905. tion of bonds. Denomination $1,000. Date Oct. 4 these Interest semi-annual. Maturity $500 on Oct. 1 of the years 1905. Interest semi-annual. Maturity Oct. 4 1920, subject 1907, 1909, 1911, 1913 and 1914, and $516 85 Oct. 1 1915. 1910. The price paid for these bonds was to call after Oct. 4 Accrued interest to be paid by purchaser. Certified check 101.375. Mr. Irvin states that it is not probable that any of for 10% of bonds bid for, payable to the Treasurer of the these bonds will be taken up before maturity, as outstanding village, required. issues bearing a higher rate of interest will be retired first. See call for old bonds mentioned elsewhere. Brookhaven, Miss.—Bond Sale. —On Sept. 5 the $10,500 4K% refunding school bonds described in V. 81, p. 682, were awarded to the Commercial Bank of Brookhaven at par. Bond Calls and Redemptions. Burlington, Racine County, Wis.—Bonds Not Awarded.— Des Moines, Iowa.—Bond Redemption.—This city has We are advised that the $12,000 5% fight bonds offered on called in and paid $20,000 of the $323,000 4% funding bonds Sept. 5 were not awarded for the reason that an injunction maturing July 1 1915, but subject to call after July 1 1905. has been served restraining further action for the present. It is the city's intention, we are informed, to pay off more of See V. 81, p. 793, for description of bonds. these bonds during the coming year. Butler, Pa. —Bond Sale.—This borough has sold to local Hawaii.—Bond Call. —A. J. Campbell, Treasurer of the investors $40,000 paving, sewer and garbage-furnace bonds. Territory of Hawaii, calls for payment Oct. 4 at his office These bonds were authorized at an election held Sept. 6. the following 5% bonds: Canyon County, Idaho. —Bond Election. —An election will $553,000 bonds. "Stock A," $1,000 bonds Nos. 230 to 782 inclusive. 9.000 bonds. "Stock E." 500 bonds Nos. 001 to 018 inclusive. be held to-day (Sept. 23) to vote on the question of issuing 1.000 bonds. "Stock O." 100 bonds Nos. 001 to 010 Inclusive. $62,605 20 court-house bonds. • 50,000 bonds. "Stock U. ' 5.000 bonds Nos. 031 to 040 inclusive — 1 The banking house of Claus Spreckels & Co., Honolulu, Chagrin Falls, Ohio. Bond Election.—A special election will purchase at par and interest at any time prior to Oct. 4 will be held in this village to vote on the question of issuing any of the bonds included in the above call. See item above $15,000 sewerage-system and sewage-disposal-plant bonds. relating to the sale of new refunding bonds. Chariton County (P. O. Keytesville), Mo.—Bond Sale. — Otoe County (P. O. Nebraska City), Neb.—Bond Call.— Local papers report the sale of $180,000 drainage bonds to This county has called for payment $40,000 outstanding MacDonald, McCoy & Co. of Chicago for $187,700. funding bonds. Payment will be made from funds on hand, Chelsea, Mass.—Note Sale.—On Sept. 18 the three issues no new issue being put out in place of the old. of 4% notes aggregating $65,000 were awarded to R. L. Following York (Pa,) School District.—Bond Call. —Call was made Day & Co. of Boston at 100.557 and interest. for pavment Sept. 1 at the City Bank of York of bonds Nos. are the bids: 24 and from 26 to 32 inclusive, Series "G" of 1895. De- R. L. Day & Co., Boston 100.557 Jackson & Curtis, Boston Blodget, Merritt & Co., Boston. .1^0.517 For $40,000 100.421 nomination $500. Blake Bros. & Co., Boston 10u.41 For $15,000 100.24o Cap. Sav. Bk. & Tr. Co., Ben- For $10,000 100.121 nlngton (for $10.000) 100.00 See V. 81. 929, for description of securities. Bond Proposals and Negotiations this week p. Cincinnati, Ohio.—Bond Offering. Proposals will be re- have been as follows — ceived until 12 m. Oct. 16 by W. T. Perkins, City Auditor, Arizona.—Bond Sale. Sept. 15 the $25,000 4%|20-50- -rOn for the $250,000 3>£% coupon street-improvement (city's year (optional) territorial-funding bonds described in V. 81, proportion) bonds . Mentioned in V . 81 p . 52 1 . Denomina- of , p. 682, were awarded to Seasongood & Mayer Cincinnati at tion $500. Date Sept. 1 1905. Interest semi-annually at par and all expenses. the American Exchange National Bank, New York City. Ashland, Ohio.—Bond Offering. —Proposals will be re- Maturity Sept. 1 1925. Certified check for 5% of the gross ceived until 12 m. Oct. 16, by M. H. Kagey, Village Clerk, amount of bonds, payable to the City Auditor, required. for the following bonds: Bids to be made on blanks furnished by the City Auditor. $1,200 5% College Boulevard improvement bonds. Denomination $100. Ma- Accrued interest to be paid by purchaser. turity $100 every six months from Sept. 1 1906 to March 1 1912 inclusive. 10,500 5% Sandusky Street improvement bonds. Denomination $750. Ma- Clara City (Village), Chippewa County, Minn.—Bond turity $750 every six months from Sept. 1 1906 to March 1 1913 inclusive. 850 5% Seventh Street improvement bonds. Denomination $100, except one Offering. —Proposals will be received until 3 p. m. Sept. 30 bond for $150. Maturity one bond yearly on Sept. 1 from 1906 to by the Village Council, at the office of John B. Stager, Village 1913 inclusive. Recorder, for $3,600 5% 20-year building and $2,000 5% The above securities are all dated Oct. 1 1905. Interest 15-year funding bonds. These bonds were authorized at an semi-annual. Certified check for of bonds bid for, pay- 5% election held Aug. 22 1905. able to the Village Treasurer, required. Bonds are issued — Pro- under Section 95 of the New Municipal Code of Ohio. Ac- Comfort, Kanabec County, Minn. Bond Offering. — Frank C. crued interest to be paid by purchaser. Successful bidder posals will be received until 1 p. m. Oct. 10 by matur- to furnish blank bonds. Bragg, Town Clerk, for $400 4% construction bonds ing $200 July 1 1911 and $200 July 1 1912. Augusta, Ga.—Description of Bonds.—The $145,000 4% Corvallis, Benton County, Ore.—Bond Offering. Pro- refunding bonds recently authorized by this city (see V. 81, — will received until Oct. 9 by S. L. Kline, p. 929) answer to the following description: Denomination porals be 6 p. m. of Water Committee, for $75,000 gold gravity- $1,000. Date Dec. 1 1905. Interest semi-annual. Ma- Clerk 4% waterworks-construction bonds. Authority Chapter 85 turity Dec. 1 1935. Bonds are coupon in form but may be of 1905. Denominations from $100 to $10,000. Ma- registered if desired. They are non-taxable and coupons Laws annually after bonds being may be used in paying taxes or other debts owing the city. turity $2,000 7 years, unpaid subject to call after 10 years. The town has no bonded debt Baker City, Ore.—Bond Sale.—The $10,000 Court 5% at present; general warrant indebtedness $22,000. Assessed Street improvement bonds offered without success on Aug. 21 valuation $834,850, actual value about $1,250,000. Cer- have been disposed of to William Pollman of Baker City tified check for 2% of the amount of bid required. Bassett, Neb.—Bonds Authorized. The issuance of — $8,000 Craig School District, Modoc Couty, Cal.—Bond Offering. 5-20-year (optional) water bonds has been authorized. 6% Proposals will be received until 12 m. Oct. 1 by the Board Denomination $500. — of Trustees, care of Micajah Pinkney, Treasurer, at the office Beloit, Wis.—Bond Sale.—On Sept. 14 $12,000 4%1-19- of the County Treasurer in Alturas, for $1,200 8% gold year (serial) sewer bonds were awarded to the Beloit Savings coupon Craig School District bonds. Authority Sections Bank for $12,050. Denomination $500. Interest annually 1880 to 1888 inclusive of the Political Code of California. on Oct. 1. Denomination $150. Interest annually on Oct. 1. Matur- Bemidji (Minn.) School District.—Bond Sale.—On Sept. ity $150 yearly for eight years. Certified check (or cash) 12 $5,000 5% 10-year school bonds were awarded to the for 10% of bid, payable to the Clerk of Board of Trustees, Minnesota Loan & Trust Co. of Minneapolis at 101. required. The district has no other indebtedness. Assessed $484,592. Bento County (Wash.) School District No. 6. —Bond valuation Offering.— Proposals will be received until 10:30 p. m. Sept. Crescent, Okla.—Bond Sale. —This place sold some time 30 by C. O. Kalso, County Treasurer, P. O. Prosser, for time since an issue of $2,500 school bonds. $4,000 10-20-year (optional) school-house bonds at not ex- Cuyahoga County (P. O. Cleveland), Ohio. —Bond Offer- ceeding 6% interest, which will be payable annually at the ing. —Proposals will be received until 11 a. m. Oct. 7 by office of the County Treasurer. The district has no bonded Julius C. Dorn, Clerk Board of County Commissioners, for debt. Assessed valuation 1904 $132,010—stated to be about $28,000 5% coupon Petrie Road bridge bonds. Authority 50% of real value. Section 871 of the Revised Statutes. Date day of sale. Bethel School District, Fresno County, Cal. —Bond Sale. — Denomination $1,000. Interest semi-annually on April 1 An issue of $2,000 5% school bonds of this district was and Oct. 1 at the office of the County Treasurer. Maturity awarded last month to the Oakland Bank of Savings at $2,000 yearly on Oct. 1 from 1907 to 1920 inclusive. Cer- 100.90. tified check for 10% of the amount of bonds bid for, payable — — — 9

Sept. 23 1905.] THE CHRONICLE. 1001

— Sale. — Enjoined. Sept. to the County Treasurer, required. Accrued interest to he Gadsden, Ala. Hand Delivery — On paid by purchaser. 15 the 1100,000 water. $30,000 scuer and $20,000 street 5% 30-year bonds described in V. SI, p. 684, were awarded to Dawson, Ga. Bonds Voted, Bond Offering.- By a vote parties nol named at 102. We are informed, however, Oi 252 to 3 this town on Sept. 12 authorized t ho issuance of an injunction has been filed preventing the delivery - r (serial) that .000 5 ; l-30-year water-works bonds. Pro- of for the time being. are informed, will be received the bonds } os lis for these bonds, we until Oct. 3. Geauga County (P. O. Chardon), Ohio. —Bond Offering. — until Delaware, Ohio.—Bond Sale.—On Sept. 20 the 130,000 .">' Proposals will be received 12 m. Sept. 23 by W. W. j issues') o 1 Hall, County Auditor, for $1,500 6% coupon ditch-con- 1 -10-year (serial) street bonds (two and the $6,000 , bonds. Denomination $250. Date Sept. 1 1905. 1-6-year (serial) bridge bonds described in V. 81. p, 740, struction Interest semi-annually at office of County Treasurer. Ma- were awarded to Rudolph Kleybolte it Co. of Cincinnati, six months from^March 1 1906 to Sept. 1 137,638. turity $250 every 1908 inclusive. Denver, Colo. —Bond Offering. — Proposals will be received until 11 a. in. Sept. 23 by G. E. Randolph, President Board Genoa, Ohio.—Bond Sale.—On September 20 the $1,300 of Public Works, for the following bonds: 6% 5-year bridge bonds described in V. 81, p. 741, were tt K>0 6% Highlands Special Sanitarv Sewer District No. 7, bonds dated July 1 1905 awarded to W. K. Todd & Co. of Cincinnati, at 104.461 and 6' dated 1 1 500 . Thirteenth Street Storm Sewer District bonds, Auk. 1905. Following are the bids: 2 000 6' South Capitol Hill Special Sanitary Sewer District bonds, dated interest. Aug 1 1906. W. R. Todd & Co., Cincinnati.. $1,358 00 Lamprccht Bros. Co., Cleve $1,334 50 2 000 6^. Alley Paving District No. 4 bonds, dated Sept. 1 1905. Sec. Sav. Bk. & Tr. Co.. Toledo 1.352 50 First Nat. Bank, Barnesville... 1.327 00 1.600 6<% Alley Paving District No. 5 bonds, dated Sept. 1 1905. Albert Kleybolte & Co.. Clncln. 1,352 00 Genoa Banking Co 1.310 00

. Sept. 1905. ; ,000 t Welton Street Paving District No. 1 bonds, dated 1 6] ,365. Securities for the 17,000 issue and $26 pr< mium for

who of* i . tii Ho, [nd , are dated Sept. 1 1905 and will mature $450 yearly on Aug. 1 from Bert Van Voor I ol Moi from 1900 to 1908 Inclusive. 1106 premium for the $7,0(1" .

1002 THE CHRONICLE | Vol. lxxxi.

Java, S. Dak.—Bond Offering.— Proposals will be re- Lyle, Mower County, Minn.—Bond Sale.—On Sept. 18 ceived until 12 m. Oct. 12 by Christ. Huether, Town Clerk, the $5,000 6% building bonds described in V. 81, p. 862, for $2,000 5% 10-year municipal bonds. were awarded to the First National Bank of Austin, Minn., at 104.08 and blank Jefferson, Ohio.—Bond Offering. — Proposals will be re- bonds. Following are the bids: First Nat. Bank. Austin a$5,204 Kean. Chicago ceived until 1 p. m. Oct. 16 by D. L. Crosby, Village Clerk, 00|S.A. _a$5,060 Minnesota Loan A Tr.lfor 6s.. i8 a5.025 00 1 Martha J. Cullen (for 5s) 5,000 Albert Kleybolte A Co.. Cln._ 5.101 50IC. H. Coffin, Chicago 4,900 1 semi-annual. Oct. 1905. Denomination $500. Interest I'hos. J. Bolger A Co.. Chicago O5.100 00 J. M. Holmes, Chicago 4,750 Kane Co., Maturity on or before Oct. 1 1915. Accrued interest to be A Minneapolis a5,075 00| paid by purchaser. a And blank bonds. Jerry City, Ohio.—Bond Sale.—On Sept. 18 the $5,350 McKeesport, Pa. —Bonds Authorized.—The City Councils 6% 1-5-year (serial) Main Street improvement bonds de- have passed a resolution to hold an election to vote on the scribed in V. 81, p. 794, were awarded to the Security Sav- question of issuing $200,000 water-improvement bonds. ings interest. Bank & Trust Co of Toledo at 103.271 and Marinette, Wis.—Bond Offering. — Proposals will be re- Following are the bids: ceived until 2 p. m. Oct. 2 by M. H. Maxwell, City Clerk, for Sec. Sav. Bk. A Tr. Co., Toledo. IS, 5251 W. J. Hayes A Sons, Cleveland. .-$5,445 $100,000 dock and wharf bonds. Date day of issue. A. Kleybolte A Co.. Cincinnati.. 5.457|Cygnet Sav. Bank, Cygnet 5,375 4% Denomination $1,000. Interest semi-annual. Maturity Jersey Shore, Pa.—Bond Sale. On Sept. 1 an issue of — $10,000 yearly from 1916 to 1925 inclusive. Certified $20,000 10-30-year (optional) street-paving bonds was 4% check for $1,000, payable to the City of Marinette, awarded to the Jersey Shore Banking Co. at 100.25. De- required. nomination $500. Date Sept. 1 1905. Interest semi- annual. Marksville, La.—Bond Sale Postponed.—We are informed that the sale of the $15,800 5% 20-year gold water and Jevne (Town), Aitkin Co., Minn.—Bond Offering.— light bonds which was to have taken place on Aug. 29 was Proposals will be received until 7 p.m. Oct. 17 by the Town postponed for the reason that quarantine materially inter- Supervisors, at the Post-office in Ude, for $4,000 road- fered with the sale. The bonds will be re- advertised. building bonds. 'Authority Chapter 64 of the General Laws of Minnesota. Interest annually on Nov. 1. Maturity 20 Mehta (Man.) School District No. 440.—Debenture Sale.— years from date. A. W. Weber (P. O. McGregor) is Town On Sept. 16 an issue of $7,000 5% school bonds was Clerk. awarded to the National Trust Co. for $7,126. Securities are — — dated Oct. 1 1905 and will mature Oct. 1 1925. Interest Kanabec County (P. O. Mora), Minn. Bond Offering. annual. Proposals win* be received until 10 a. m. Oct. 13 by Anton Peterson, County Auditor, for $13,000 ditch bonds, at not Merna, Neb.—Bond Sale.—The $7,000 5% 5-20-year exceeding 6% interest. Denomination $1,300 Date Jan. (optional) water bonds, offered without success on July 11, 2 1906. Interest semi-annually in New York exchange. have been disposed of to the National Construction Co. of Maturity $1,000 yearly on Jan. 2 from 1907 to 1916 inclu- South Bend, Ind., in payment for the work of constructing sive. Certified check for 5% of bid, payable to County the water works Auditor, required. Middleport, Ohio.—Bond Sale.—On Sept. 9 $5,000 4^% Kossuth County (la.) Drainage District No. 3. —Bond street-improvement bonds were awarded to Weil, Roth & Co. Sale.—On Sept. 7 an issue of $90,000 bonds of this district of Cincinnati at 100.56 and interest. Denomination $500. was awarded to W. J. Hayes & Sons of Cleveland at 102.80. Date Sept. 1 1905. Interest semi-annual. Maturity $500 yearly. Kutetown, Pa.—Bond Sale.—The $15,000 4% electric- light-plant bonds mentioned in V. 81, p. 46, have been sold Minersville School District, Pa.—Bond Offering.—Pro- at par to local citizens. Denominations $500 and $100. posals will be received until 6 p. m. Sept. 26 by David A. Interest semi-annual. Maturity thirty years, subject to Jones, Secretary, for $16,000 4% school bonds. Authority a call at any time. resolution passed Aug. 15 1905. Denomination $100. Date Lake City, Fla.—Bond Sale.—On Sept. 18 the $30,000 5% Oct. 1 1905. Interest semi-annual. Maturity Oct. 1 1935, 10-30-year (optionall) refunding and improvement bonds de- subject to call after Oct. 1 1906. Accrued interest to be paid scribed in V. 81, p. 741, were awarded to the Newport News by purchaser. Bonds are free from taxes. Trust & Safe Deposit Co. at 102.37. Following are the bids: Minnesota.—State School Fund Loans.—According to the

Newport News Tr. A Safe Dep. Col02.37 1 Denlson, Prior A Co., Cleveland. 100.105 St. Paul "Pioneer Press," the following loans, aggregating First Nat. Bank. Lake City. 102.00 Albert Kleybolte A Co., Cincln.-100.00 were granted John Nuveen A Co., Chicago 100. 416] Lawrence Barnum A Co., N. Y.. 100.00 $173,960, by the State Board of Investment at a meeting held Sept. 11: Bond Offering. —Proposals will be received until 7 p. m. School Districts—District No. 39, St. Louis. $50,000; No. 12, St. Louis, $3,500- Oct. 20 by J. C. Sheffield, Chairman Board of Bond Trustees, No. 107, Murray. $900; No. 15, Roseau. $1,000; No. 3, Swift. $4,500; No. 73, Kitt; son, $1,500; No. 1, Mille Lacs, $2,000; No. 44. Nobles, $600; No. 35. Roseau, $800; for $40,000 5% coupon bonds. Denomination $1,000. No. 76, Red Lake, $800; No. 94, Norman. $600; No. 88. Faribault. $4,jK); No. 40, Pine, $300; No. 83, Beltrami, $500; No. 43, Wilkin. $700; No. 97, Douglas, $1,400; Date Sept. 1 1905. Interest semi-annually at the First No. 55, Roseau, $600; No. 46, Kanabec, $600; No. 5. Wadena $6,000; No. 68, Roseau. $450; No. 99. Wright, $6,000; No. 15. Waseca. $750; No. 9, Kittson, $2,500; National Bank of Lake City. Certified check for $1,000 No. 20. St. Louis, $1,000; No. 7, Aitkin. $500; No. 119, Morrison. $350; No. 123, Jackson, $1,000; No. 117, Stevens. $1,000; No. 83, Murray. $700; No. 9. Jackson, required. $800; No. 112, Yellow Medicine, $800; No. 64, Sibley, $6,000; No. 14, Wright, $800; No. 43, Hubbard, $3,000; No. 12, Kittson, $3,500. The official notice of this bond offering will be found among Villages—International Falls, Itasca County, $1,600. Counties—Sibley, for ditches, $15,000; McLeod, for ditches, $13,100. the advertisements elsewhere in this Department. Townships—Lambert, Red Lake County, $3,000; Haugen, Aitkin, $3,000; An- thony, Norman, $500; Danforth, Pine. $2,000: Leota. Nobles, $1,200; Elkton, Lake County, Minn.—Bond Sale.—On Sept. 16 the $45,000 Clay. $1,000; Little Pine. Crow Wing, $3,000; Grand Forks, Polk. $1,000; Hlllman, $4,000; Hersey Nobles. Kalevale. Carlton. $3,000. court-house bonds described in V. 81, p. 931, were awarded Morrison. $3,500; to the State of Minnesota. The following bids were also Mitchell, S. Dak.—Bond Offering.—Proposals will be re- received. ceived until 7p.m. Sept. 27 by J. G. Markham, City Auditor, Kane A Co. of Minneapolis par for 4Hsl S. A. Kean, Chicago par for 5s for $60,000 5% 10-20-year (optional) coupon sewer bonds. Commercial Co., Inv. Duluth, par for 5s | Authority Chapter 155 Laws of 1905. Denomination $1,000. Laramie, "Wyo.—Bonds to be Issued.—We are informed Date May 2 1905. Interest semi-annually at the First that this city will shortly issue bonds to refund the $46,400 National Bank of Chicago. Bonds are exempt from State 6% funding bonds, now subject to call. The new bonds taxes. Certified check for $5,000, payable to the city of will mature in thirty years, subject to call after ten years, Mitchell, required. and will carry interest at a rate not exceeding 4^%. Morning Sun Independent School District, Louisa County, Limestone Township (Pa.) School District.—Bond Sale.— Iowa.—Bond Sale.—On Sept. 15 the $16,000 4% 1-8-year On Sept 16 the $3,000 43^% 1-5-year (optional) school- (serial) school-building bonds described in V. 81, p. 742, house bonds mentioned in V. 81, p. 862, were awarded at were awarded to S. A. Kean of Chicago, at 100.30. par and interest for per cents $2,700 to the National 4J/£ — Nashville, Tenn.—Date of Election.—The election to vote Bank of Jersey Shore and to $300 Rosa Dougherty. De- on the question of authorizing the $300,000 high-school nomination $100. Interest annual. bonds referred to in last week's issue will be held on Oct. 12. Lockland, Ohio.—Bond Sale.—On Sept. 19 the $13,000 4% Newark, N. J.—Bids.—Following are the bids received on 20-45-year (serial) building bonds described in V. 81, p. 862, Sept. 14 for the $250,000 Z l 40-50-year (optional) track- were awarded to Seasongood & Mayer of Cincinnati, A% at elevation and $250,000 3J4% 40-50-year (optional) school 103.625 and interest. Following are the bids: bonds, awarded, as stated last week, to F. Frelinghuysen Seasongood A Mayer, Cincln. .$13,471 25|Denison, Prior A Co., Cleveland Sinking Fund Joseph R. Kleybolte A Co., Cincinnati 13,377 001 andBoston.. $13 136 75 (acting for the Commissioners) and Cincinnati Trust Co.,. 13,335 00|Union Sav. Bank A Trust Co.. 13,065 00 Walkers & Sons, respectively: Weil, Roth A Co., Cincinnati- 13.315 00| Central Trust A Safe Dep. Co. 13.009 75 F. Frelinghuysen (for track eleva- I Blake Bros., New York.. 101.181 London, Ont.—Debenture Sale.—On Sept. 15 the three tion) 102.25 Kountze Bros., New York. 101.141 Joseph Walker A Sons, New York 101.576 R. L. Day A Co.. New York 100.653 issues of 4% debentures, aggregating $104,319 87, a descrip- Farson, Leach A Co., New York- 101.277 Blodget, Merritt A Co.. Boston ..100 .59 tion of which was given in V. 81, p. 862, were awarded to N. W. Halsey A Co., New York. - 101. 198| Harvey Flsk A Sons, New York- -100 .57 Aemilius Jarvis & Co. of Toronto for $105,651. Following New Haven, Conn.—Bond Offering. —Proposals will be are the bids: received until 4 p. m. Sept. 28 by Jonathan N. Rowe, City A. Jarvis ACo., Toronto $105,651 001G. A.Stlmson A Co., Toronto$105,123 00 Dominion Securities Corp.Lt 105,457 00 Wm. C. Brent, Toronto 105,033 00 Comptroller, for the following bonds: Canadian Securities Corp. Ltd 105,425 00] Bank of British No. America. 104,488 13 20-year bridge bonds dated Oct. 1 1905. Wood. Co., S95.000 3H% Gundy A Toronto 105,303 00| 100 000 3V4% 20-year sewerage bonds, dated Oct. 1 190o. 2S3'n00 3V4% funding bonds dated Oct. 1 1905 and maturing $25,000 yearly on Lynch (Neb.) School District.—Bond Sale.—This district ' Oct. 1 from 1925 to 1934 inclusive and $3,000 on Oct. 1 f935. has sold an -issue of $5,000 6% building and funding bonds Interest will be payable at the office of the City Treasurer. to the Durland Trust Co. of Norfolk, Neb., at 105.20. Se- notice this bond offering will be found among curities are dated July 18 1905 and will mature July 1 1925. The official of ... this Department. Interest annually on July 1 . .he advertisements elsewhere in —— —— — ——— — . — ———— —— — —

Si rr. 23 L905.] THE CHRONICLE 1003

Newport, Ky.—Bond Sale. On Sept. 8 $22,500 Redondo Union High School District, Los Angeles sewer bonds were awarded to the Newport National Hank at County, 0»l.—Bond Sale.—On Sept. n the $25,000 6 10S.555. The following bids wore received: 12-year (average) gold COUpon building bonds described in

to . Newport National Hank S24.42S 00 Well. Rolb a Co., Cincinnati. |24.0 V. 81, J). S64, were awarded N W. Ilalsey & Co. of San 24,253 75 u. KleybolU & .. Cine In .. W. u. Todd A Co., Cincinnati. Francisco, at 107.67—a basis of about 4.18%. Following Seaaangood A Mayer, Clndn. 24,225 75 1 German Nat. hk.. Newport.. 23.905 00 are the bids: Denomination $500. Date July 1 1905. Interest semi- $'-'('>.<) \ . \\ lhilsry & Co., S:ui Kran. 17 601 E H. Rolling .< Bona, San Ir:in$_>0,H13 00 annual. Oakland Hank o( Savings 211,*;, 7 001 \\ . 11. stunts Co. Pasadena 26,451 0O W. F. Johnston 36,880 001 Adam*, Phullpe Co., Los Ang's 26,033 00 New Ulm, Minn. -Description of Bonds. — We are advised Richlandtown (Borough), Vs..— Bond that the 130,000 sewer bonds recently disposed of to the Offering. —The Bor- Treasurer will sell at public auction on Sept. 30 Citizens' Hank of New Ulm (see V. 81, p. 932) carry I', ough bonds. interest and mature in from five to fifteen years after date. $4,000 4% coupon fire-department Denomination 1 1905. Interest at The bonds were awarded at private sale at par. $100. Date Sept. semi-annually th< office of the Borough Treasurer. Maturity $200 yearly from N. Y. Bonds A uthorized. The issu- North Hempstead, — 1906 to 1025 inclusive, unpaid bonds being subject to call bonds has been ance of $20,000 49c town-meeting-house after 1910. Bonds are exempt from taxation. No bonded not yet determined. authorized. Date of sale debt at present. Assessed valuation 1905 $212,710. Norwich, Conn. Description of Bonds.—We are advised Rolla, Mo. Bids Requested. — Proposals will be received that the 1430,000 refunding bonds recently awarded to 4% until 12 m, Oct. 16 by the Mayor and City Council for the Hlair of New York City are in denomination of 81,000, A Co. work of constructing a municipal water-works system dated Sept. 1 1905. Interest semi-annual. Maturity Sept according to plans and specifications in the office of the City 1 1930. The sale was made on Sept. 4 and the price was Clerk. Payment for this work will be made in 20-year bonds 106.25. to carry not exceeding 6% interest. These bonds are not a Orange County (P. O. Paoli), Ind. Bond Sales. —The direct city obligation, but are secured by a first mortgage on following bonds were recently awarded at par to the Orange the water plant and a "thirty-year water franchise" (in the County Bank of Paoli: event of default) in accordance with an Act of the Legislature *3.S0Q 4}i% (travej-road bonds dated May 20. 1905. approved April 8 1905. 1 ,600 -t >'"i Kravcl-road bonds dated May 20. 1905. 2,200 4K'« Rravel-road bonds dated June 5 1905 Roseau County (P. O. Roseau), Minn. Bond Offering.— 2.6SO *H% (Travel-road bonds dated July 3 1905. 9.300 4H To Rravel-road bonds dated Sept. 4 1905. Tbe sale ol these latter Proposals will be received until 2 p. m. Oct. 20 by S. G. bonds was reported In last week's Issue Bertilrud, County Auditor, for $30,000 funding andrefunding Interest May and November. bonds at not exceeding 5% interest. Authority Chapter 65 Owatonna, Minn. Date of Bond Election Changed. —The General Laws of 1905. Denomination $1,000. Date Nov City Council has rescinded its action in calling a special 20 1905. Interest annually at the Office of the County election for Sept. 19 to vote on the question of issuing $15,000 Treasurer. Maturity Nov. 20 1915. Cash deposit of $l,50O city-hall and fire-house bonds and has fixed upon Sept. 26 with the County Treasurer required. as the day on which the election shall be held. Roseburg, Ore. —Municipal Ownership Election.—An elec- Palestine, Tex. Bond Election. —The City Council has tion will be held on Oct. 2 to obtain an expression of opinion ordered an election to vote on the question of issuing $20,000 on the question of issuing not exceeding $200,000 bonds to school-house bonds. secure municipal ownership of the water and light systems. Paris, Tex.—Bond Offering. — Proposals will be received Russell Gulch, Colo. Bonds Voted.—This district recently until 4 p. m. Oct. 9 by the O. B. McKnight, City Secre- voted to issue $9,500 school-building bonds. tary, for the following bonds: Rutherford County (P. O. Rutherfordton) , N. 0. Bond $6,500 4H% sewer construction bonds. Denomination $500. Maturity Aug. 10 Offering.—Proposals will be received until 12 m. Oct. 9 by 1945. subject to call alter ten years. 50,000 4H% street-improvement bonds, Scries "A." Denomination $1,000. Ma- Charles M. Lynch, Chairman Board of County Commissioners, 10 subject to call alter 30 years. turity Aug. 1955, for refunding railroad-aid bonds at 35,000 4H% school-house bonds. Series "A." Denomination $1,000. Maturity $100,000 4%, 4^% or Aug. 10 1945, subject to call after 20 years. 5% interest. Authority Chapter 464, Laws of 1905. Date All the above bonds are dated Aug. 10 1905. Interest Jan. 1 1906. Denomination $500. Interest annually at semi-annually at the Fourth National Bank, New York Rutherfordton. Maturity $3,000 yearly on Jan. 1 from City. Certified check for 5% of the par value of bonds, 1907 to 1916 inclusive and $3,500 yearly on Jan. 1 from payable to the City of Paris, required. Bonds were author- 1917 to 1936 inclusive. Certified check for $1,000 required. ized by a vote of 232 to 21 at election held July 5 1905. Blank bonds and legal opinion to be furnished by purchaser. Pauls Valley, Ind. Ter. Bonds Voted.—The election Rutherford School District, N. J. Bonds Voted. —This Sept. 11 resulted in a vote of 170 to 8 in favor of the propo- district on Sept. 19 by a vote of 43 to authorized the issu- rtion to issue $25,000 school bonds. ance of $48,000 4% school-building bonds. Denomination Interest semi-annual. Philadelphia, Pa. Loan Bills. —The City Councils have $1,000. Maturity $1,000 yearly p passed bills providing for the submission to a vote of the beginning in 1914. people at the November election of the question of issuing St. Cloud, Minn. Bond Election.—An election will be held $4 ,000,000 bonds to remove grade crossings along the line of Oct. 24 to vote on the question of issuing $30,000 4H% the Philadelphia & Reading Railway and $2,000,000 bonds filter-plant bonds. for street improvements. A third bill provides for a tem- St. John's School District, Ohio. Bond Offering. — Pro- porary loan of $375,000 for the improvement of the Delaware posals will be received until 12 m. Oct. 3 by Jacob Gnagi, River channel. Clerk Board of Education, for $3,000 5% coupon school- Philippi, W. Va—Bond Sale.—On Sept. 16 the $10,000 building bonds. Authority Sections 3391, 3992, 3993 of 5% city bonds described in V. 81, p. 863, were awarded to the Revised Statutes of Ohio and a resolution passed Sept. 5 the Browne-Ellinwood Co. of Chicago, at 100.67. Following 1905. Date of bonds Oct. 3 1905. Denomination $1,000. are the bids: Interest semi-annually at the office of the Treasurer of the Browne-Elllnwood Co., Chicago. .100.671 Albert Kleybolte & Co.. Cincinnati... par District. Maturity $1,000 on Oct. 3 in 1910, in 1915 and Seasongood 4 Mayer. Cincinnati. .100 .52| W. J. Hayes Sons, Cleveland par & in 1920. Cash deposit of $100 required with bids for Pleasant Hill Township, Cass County, Mo. Bond Sale. — each bond. Accrued interest to be paid by purchaser. The County Clerk sold last month to the Little & Hays St. Mary's, Ont. Debentures Not Sold. — No sale was made Investment Co. of St. Louis an issue of $18,000 re- 4%% on Sept. 18 for the $17,500 debentures offered on that day. funding bonds at par and all expenses of issue. Denomina- Y. tion $1,000. Date Aug. 1 1905. Interest semi-annual. Salamanca, N. Bond Offering. — Proposals will be re- ceived until > the $7,000 gas and water bonds, maturing $500 5% interest. Securities are dated Nov. 15 1905. Interest an- yearly on Feb. 1 from 1900 to 1919 inclusive, were awarded nually in Salamanca on the water bonds at the First National to H. P. Jamieson of Poynette, at 102. The following bids Bank and on the light bonds at the Salamanca Trust Co. were received: Certified check for $500, payable to the Treasurer of H. P. Jamieson. Poynette 87.110 00: KUbourn State Bank $7,040 00 Village Thai. J. BoleerCo.. Chirac'). .. 7.110 50 I rowbridge v Co. scription of securities. Cleveland. Putnam County (P. O. Ottawa;, Ohio. Bond Offering. San Antonio Improvement District No. 1, Tex. /.' Proposals will be received until 12 m. Sept. 26 (not Sep1 23 Registered. Th< State Comptroller on Sept LI Ian as originally advertised; by Loulfi X. Welde, County Auditor, .' .'>' of $23,500 ; 20-40-year (optional) improvement for $45,000 oupon bonds. Authority, Section 1670-19 bonds dated April 3 1905. - of the re- • of Ohio. Denomination 11,000.

1 bae Date Ort. 2 1005. Interest semi-annually at Count'. San Marcos, Tex.—Bond Election. The Citj

1 uing lirer'a office. Maturity $5,000 yearly OD Oct. 2 from 190 ordered an election to vote on the question of $9,000 1914 inclusive. Cash or certified check on an Ottawa school and $3,000 Btreel bonds. bank, payabli County Auditor, for SI. 000 required. Santa Monica, Cal. Bond I -An election will -.'17, not* Purchaser to pay accrued Intoresl and furnish blank bond held j n this place to vote on the question of I — ——

YOL. LXXXI. 1004 THE CHRONICLE. t sewer, $14,000 storm drains, 821,500 bridge, $17,500 fire- K. C. Stanwood & Co., Boston... 112.27|Browne-Kllenwood Co.. Chicago.. 105 .62 Townsernl Scott

Is given that sealed proposals Publicnotice hereby New Haven, Conn., Comptroller's Office, \ 5 PER CENT GOLD BONDS. will be received by toe Board of Couuty Commis City Hall, >ept. 15, 1936. S sioners of Dawson Countv, Montana, up to 10 o'clock Sealed proposals will be received at this office Sealed proposals will be received hy the Board of a.m. on the 14TH HATOH OCT0BEK. A.D. lHOft. at until* o'clock P. M THURSDAY", SEPT. 28, 1905, Bmd Trustees until sef.n o'cl ck P. M., FRIDAY, the office of the County Cierk of said Countv, (at which time they will be opened) for the pur- OCTOBER 20. 1905, f r the purchase of $40,000 f. r the fale of (89) eighty- GLEN DIVE, MONTANA, chasing of the wbole, or any part thereof, of the Five Percent Gold Bonds of the • ITY OK LAKE ($1.00' dollars nine coupon bonds of one thousand ) following b( nds of the city of New Haven : CITY, COLUMBIA CuU^TV FOkIOA. Bonds each, bearing not to exceed b% interest, payable $fc8,0o0 bridge bonds, bearing interest 3k% per an- will bedated September t, 1906 and mH'ure Septem- semi annually in the months of January and July, num, dated <>c 1, 190r>. and mature 19>5. ber 1, 1935, Bonds will bein denomination of $1,000, bond and interest payanie at option of purchaser, 100,000 sewerage bonds, bearing Interest 3J$$6 per with semi-annual Interest coupons Bonds author- redeemable after November 1st. 1915, payable No- annum dated Oct. 1 l9v.-5, and mamre 1925. ized by Special Act of lw5. Legislature ot the Htate yember 1st, 1»25 The procefds of the sale of such 263,000 funding bonds, bearing interest »H* P'*r an- of Fl rida. All bids must be ace moaLied by a thirty-nine bridge bonds to be used to redeem (39) num dated Oct. I, 1905 and mature : certified check for $1,00". Right is reserved to reject 6 per cent coupon bonds of the Issue of July 1st. $2.\00 1925. $S6.ooo annually thereafter to any and all bids. 1896. ann (5") Bfty funding 6 per ceut coupon bonds 1934 and «3,' i in 1986 J C. SHEFFIELD. Chairman. of the if sue of Novemoer 1st. 1H96. The principal and interest payable at the office of Board of Bond Trustees, Lake City. Florida. Bonds to be sold at not less than their par yalue, tue City Tre surer in lawful money of the United with accrued interest frrm November l"t. 1906. to States date of deiivt-rv, and to tte person offering the *or further information address highest price therefor and accepting the same at JONATHAN N. KOWH. the lowest rate <>f interest. The successful bidder Comptroller. to furi.ish lithographed coupon bonds. Blodget, Merritt & Co , Each bid shall be accompanied br a certified check in the sum of ($1,000) one thousand dollars, payable BANKERS, to the Treasurer of Dawso County, Iwhlob said gum is to be forfeited by the bidder in the e»ent he H. W. NOBIE & COMPANY, should be awarded s ud bonds at the opening of the 16 Congress Street, Boston. bids for the same by the board and should fail to Land-Title Bldq. complete the purchase of said bonds. Penobscot Bldq,, 36NASSAC STREET, NEW YORK.. The board reserves the right, to reject any and all Detroit. Philadelphia. bids. By order of the Board of County Commissioners. MUNICIPAL R. L. WYMAN. STATE. CXXr & RAILROAD BONDS. Clerk of the Board of County Commissioners. AND Dawson County, Montana. PUBLIC SERVICE CORPORATION Dated September 7th, A. D. 1906. BONDS. MacDonald, McCoy & Co,, R. L. DAY & CO., T B. POTTER, MUNICIPAL AND CORPORATION BANKERS, MUNICIPAL and DOKIHQ CORPORATION DVNU0, BONDS. 86 Congress Street, 8 Nassau Street, 171 La Salle Street, Chicago. BOSTON. NEW YORK 172 Washington Street, CHICAGO, - - - ILLS. MEMBERS LIST ON APPLICATION. Specialists in New Jersev Securities. NEW YORK AND BOSTON STOCK EXCHANGES. EiSELE & KINO, HIGH GRADE BANKERS, STATE, MUNICIPAL. AND HIGH GRAB* INVESTMENT BONDS Members of New York and Philadelphia RAILROAD SECURITIES. NO STOCKS Stock Exchanges. Private Wires to 757-55M Brond St., N. Y. & Philadelphia. NEWARK. INVESTMENT BONDS. CORRESPONDENCE SOLICITED Municipal & O ecurities SEND FOR LIST. s?SSk certificates Engraved on steel, or lithographed, cr Corporation U Company partly print d and patly lithi graphed. i.lTHi GKAFHiNG and Printing lor Barks, Bankers, nnd uth-m. Automatic DENISON, PRIOR&CO. OF PITTSBURGH, PA. presses used. Estimates furmsned. CLEVELAND. BOSTON. Paid up Capital $300,000.0© ALBEKT B. KING & CO., *06 Broad w ay, N.Y —— — — — . — — — ———

Sept. 23 1905. i THE CHRONICLE. 1005

Interest semi-annually al Seaboard National Bank, NYw the sale of general street improvement bonds to be put out York City. Maturity" $1,000 yearly on July 1 from 1007 to early next. year. 1915 inclusive. Certified check for 2%, payable to the Bonds Authorized. —On Sept. 11 the City Council passed an village of Springvillo, required. ordinance providing for the issuance of $10,076 02 5% sewer No. 930 bonds. Denominations, bond No. 1 $1,576 02 and Stevens Point, Wis. Bond Offering.— Proposals will be the remaining five bonds $1,700 each. Date Aug. 11 1905. received until 12 in. Sept. 30 by the City Clerk for §5,000 March and September at the office of City coupon sewer bonds. Authority Chapter 61 Laws of 1905. Interest the Treas- urer. Maturity one bond each six beginning Denomination $500. Date Aug. 15 1905. Interest semi- months Mar. 11 1906. annually at the office of the City Treasurer. Bonded debl Bond Election. At the general election Nov. 7 the ques- not including this issue, $79,000. Assessed valuation — tion of issuing $470,000 lighting-plant bonds will be submit- $3,172,544. Bonds are exempt from taxation. ted to a vote of the people. Stromsburg, Neb.—Bond Sale—On Sept. 5 the $9,000 5% Trenton (Mo.) School District. Bond Election. An elec- 10-20-year (optional) coupon water-extension bonds de- — tion will be held on Sept. 30 to vote on the question of issuing scribed in V. SI, p. 631, were awarded to Nelson C. Brock $12,500 bonds for a new high school. of Lincoln for $9,128 and interest. Twin Brooks, S. Dak. Bonds Voted.—On Sept. 12 by a Sumter County (P. O. Livingston), Ala. Bids. The — vote of 19 to 9 this place authorized the issuance of $2,750 5% were received Sept. 11 for the $35,000 following bids on 5% 10-year water-works bonds. 30-year road bonds awarded, as stated last week, to Farson, Twin Brooks (S. Dak.) School District. Bonds Voted. — Leach & Co. of Chicago. The issuance of $3,000 school-building bonds was authorized Farson. Leacn A Co.. Chicago. $38,505 00 W. R. Todd & Co., Cincinnati. $30,400 00 W.J. Hayes A Son3. Cleve... 37,590 00 McMillan & Co.. Llvlneston.. 30,225 00 by a vote of 65 to 40 at the election held Sept. 12. We are Saasoncooil A Mayer, Cincln.. 37,300 00 A. Klevbolte A Co.. Clncln... 30,137 50 John Nuveen A Co.. Chicago.. 37.000 00 Well. Roth A Co.. Cincinnati. 30.100 00 advised that the district will try to sell these bonds to the J. B. Weakley. Birmingham.. 30,750 00 F. M. Stafford A Co., Chatt... 30,050 00 State. E. H. Rollins A Sons, Boston. 36,531 95 C. H. Coffin, Chicago 35,526 00 Spltzer A Co.. Toledo 36.440 00 S. A. Kean, Chicago 35,007 00 Underwood (N. Dak.) School District. Bond Sale.— Terre Haute (Ind.) School City. Bids. —The following This district has sold to the State an issue of $3,000 4% bids were received on Sept. 11 for the $70,000 4% 3-9-year building bonds maturing in 1914. (serial) building bonds awarded, as stated last week, to Uxbridge, Mass. Bond Sale.—On Sept. 20 the $75,000 Indianapolis: E. M. Campbell & Co. of 4% 1-30-year (serial) water bonds dated July 1 1905, a de- E.M.Campbell A Co.. Indian- S. A. Kcan, Chicago. $70.875 00 scription of which was given in V. 81, p. 865, were awarded apolls $71.775 25 Demas Demlng, Terre Haute.. 70,37100

J. I- . Wild A Co.. Indianap... 71,755 00 W R. Todd A Co.. Clncin 70,300 00 to Fisk & Robinson of New York City at 105.033. R. Kleybolte A Co.. Ciniin... 71,355 00 E. D. Bush A Co., Indianap- Farson, Leach A Co., Chicago. 71,212 00 oils 70,250 00 Van Wert County (P. O. Van Wert), Ohio.—Bond Sale.— Jos. T. Elliott A Sons. Indian- (serial) apolis 71.11100 On Sept. 16 the $18,000 5% 1-3-year ditch-improve- ment bonds described in V. p. 935, were awarded to Geo. Tifton, Ga. Bond Election.—The City Council has de- 81, at 101.313 and blank to vote of the people Oct. 16 the ques- H. Marsh bonds. Bids follow: cided to submit a on , George H. Marsh... .$18,236 40|People s Savings Bank.. $18,171 00 tion of issuing $20,000 school and $30,000 water bonds. LamprechtBros. ACo. Cleve. 18.202 80|Seasongood A Mayer. Clncin.. 18,118 75 Toledo, Ohio. Temporary Loan. —The City Council has Vermilion County (P. O. Danville), 111. Bond Sale.— borrowed $56,000 for six months at 4% interest from three On Sept. 2 the $100,000 4% 1-10-year (serial) funding bonds local institutions. The money will be used for street im- described in V. 81, p. 744, were awarded to S. A. Kean of provements, and the loan will be paid out of the proceeds of Chicago, at 101.30. INVESTMENTS. INVESTMENTS. ACCOUNTANTS. Rudolph Kleybolte&Co. Trowbridge &Niver Co. LYBRAND, ROSS BROS & BANKERS, MUNICIPAL AND PUBLIC SERVICE MONTGOMERY D1ALJBS IN BONDS. Certified Public Accountants. MUNICIPAL, RAILROAD and CHICAGO, BOSTON, (Pennsylvania) 1st Nat. Bank Bldg. 60 State Street. Stephen (alrard Building, 8TREET RAILWAY PUiL.AOKl.PHlA. Wall Street Kxchange BulldinK, BONDS. MUNICIPAL AND RAILROAD NEW KlltK 27-28 PINE 8TREET, NEW YORK. BONDS. LIST ON APPLICATION. Interest Paid on Daily and Time Deposits WM. FRANKLIN HALL, SEASONS OD & MATER, Accountant, Exchange Building mercantile Library Building, "UMUN,RosT0N JIIASS.MA qe CINCINNATI. 53 State Street. Perry, Coffin & Burr, Books audited Examinations and Investiga- tions conducted with the utmost care and efficiency. INVESTMENT BONDS. Eiiablmhed 1883. H. C. Speer & Company J. C KERR, 60 State Street, CERTIFIED PUBLIC ACCOUNTANT First Nat Bank Building, Chicago. WASHINGTON LiFE BUILDING, 141 BROADWAY, BOSTON. CITY COUNTY TELEPHONE 6U42COKTLANDT. NEW YORK. -r AND TOWNSHIP BONDS._w» Wilkinson, Reckitt, VICKERS & PHELPS, Williams & Co., F. R. FULTON PUBl.lt! 29 Wall Street, New York. & CO , CERTIFIED ACCOUNTANTS, "yi Broadway, New Yorb. BROKERS IN INVESTMENT Municipal Bonds, PHILADELPHIA. CHICAGO SECURITIES. 171 LA SALLE STREET, nrmot W F.WEISS, HAND-BOOK CHICAGO. CERTIFIED PUBLIC ACCOUNTANTS OF 128 Broadway, New York. MUNICIPAL AND TELEl'HONE-«758-8759 COKTLANDT. Railroad Securities, PUBLIC FRANCHISE CORPORATION BONDS Osaued Seml-Annnally by the Publishers oi the LOOMIS, 00NANT & 00. Bought and Mold. CERTIFIED PUBLIC ACCOUNTANT8 Commercial '6« Broad. JULY EDITION. iXBVKLANI). OHIO. HOMTON, NAMK ALFRED ROSE, TEKMHi < R. A. Lancaster & Sons, CERTIFIED PI isi.ir \< oi NTANT. Price - - of Slugle Coplc«, $1 00 BANKKKH, 56 Pine St.. New York. Balldln«r, Baltimore. To Mibt.tr I her* of the Chronicle, Tl Also at Calvert NO. 10 WALL HTH.KKT, To Banter* and Brokers, in quantities, with their M. U IOICK, sards lettered in (fill on the cover, at tpecl&j rate* """" IN JAMES PARK h CO., INVESTMENT and MISCELLANEOUS ACCOUNTANTS. WILLIAM B. DANA CERTIFIED PUBLIC COMPANY SECURITIES. 7>i Hrondwur. New York. Pine Street, coi. Pearl Street New York. Southern Securities a Specialty. i.i i LaSalle Streati ihlcngo. — ——— — —— — — — —

100(> THE CHRONICLE. [Vol. lxxii

Wagner, S. Dak. Bond Election.—An election will be Cleveland and Boston at 102.26 and interest. Following held Sept. 25 to vote on the question of issuing bonds for ;i are the bids:

water system. Denison, 1'rlor & Co., Cleve- IW. R. Todd & Co., Clncinnati.So.O' I 00 land and Boston $.' .113 00 \v. J. Hayes & Sons, Cleve o.0u< vJ Warren Township, Belmont County, Ohio. Bond Offer- P. S. BrleiiH & Co.. Cincinnati. I .101 50 Lamprecht Bros.

Weil. Roth & Co.. Cincinnati. S51, 275 00 Union Sav.Bk. . Co.. Cincin 50,515 25 745, were awarded to the National Construction Co. of South W. J. Hayes A Sons, Cleve... 50,^2 00 W.R. Todd* Co., Cincinnati. 50.250100 Bend, at par and interest for per cents. Seasongood & Mayer, Clncln.. 50,858 25 Sec. Sav. Bk. & Tr. Co. .Toledo 50,015 00 5J^ Albert Kleybolte & Co., Cln.. 50,850 00 Weldon (N. C.) Graded School District. Bond Sale. —On Securities mature $5,000 each six months from March 1 Sept. 7 the $8,000 6% coupon school bonds described in V. 1906 to Sept. 1 1910 inclusive. p. 689, were awarded to F. L. Fuller & Co. of Cleveland. 81, Yonkers, N. Y. Bids. — Following are the bids received West Chester (Pa.) School District. Bond Sale. —The Sept. 14 for the $20,000 4% water bonds awarded, as stated $120,000 high-school building bonds mentioned in last week's last week, to Rhoades & Co. of New York City: issue have been sold at private sale. Rhoades & Co., New York 105 .895) Blake Bros. & Co., Boston.. ..104.41 Yonkers Savings Bank 105.16 [Geo M. Halm, New Ycri 104.07 White Plains, N. Y. Bond Proposals will be Offering. — Yorkville, York County, S. C. Bond Offering. — Proposals received until 8 m. Oct. 2 by the Board of Trustees for p. will be received until 7 p. m. Oct. 10 by John R. Hart, water bonds. Denomination $1,000. Interest $28,000 4% Town Attorney, for $7,000 5% electric-light and water- semi-annual. of bid, A certified check for 5% of amount works bonds. Authority, Section 2008 Revised Statutes a or national or trust company, re- drawn upon State bank of South Carolina; also election held June 3 1905. De- quired. Peter Paulding is Village Clerk. nomination $500. Date Oct. 10 1905. Interest semi- Willoughby, Lake County, Ohio. Bond Sale. —On Sept. annually in New York City or in Yorkville. Maturity forty 18 the $5,000 5% Erie Street paving bonds described in years, subject to call after twenty years. Bonded debt, in- V. 81, p. 745, were awarded to Denison, Prior & Co. Of cluding this issue, $36,500. MISCELLANEOUS. MISCELLANEOUS. Atlantic Mutual Insurance Company Scrip of All Years Bought and Sold. OFFICE OF THE JOHN M. GILLESPIE, ATLANTIC MUTUAL INSURANCE COMPANY,

Boom No. 518 Atlantic Bmlldlif, New York, January 20th, 1905. 4» *1 Wall Street, NEW YORK. The Trustees, in Conformity with the Charter of the Company, submit the following statement of it* affairs on the 3i$t of December, 1904; Premiums on Marine Risks from 1st January, 1904, to 31st Deoember, 1904... $2,909,343 08 WM. A. C. EWEN, Premiums on Policies not marked off 1st January, 1904 724,151 84 SPECIALIST. Total Marine Premiums $3,633.494 92 ODD LOTS Premiums marked ofl from 1st January, 1904, to 31st Deoember, 1904 $3,016,978 35 Interest received during the year $275,926 58 CURRENT AND INACTIVE Rent " " " less Taxes 107,144 14 $333074 72 RAILROAD BONDS. Losses paid during the year whloh were estimated a Wall Street, - - NEW YORK. in 1903 and previous years $318,124 29 Telephone. B18 Cortlandt. Losses occurred, estimated and paid in 1904 771,957 98 $1,090,082 27 Less Salvages $142,418 20 Re-insurances 84.094 99 226,513 19 W. H. Goadby Co., & Returns of Premiums and Expenses, $405,721 91 863.569 08 BANKERS AND BROKERS, The Company has the following Assets, viz.: MO. U BROADWAY, NEW YORK. United States and State of New York Stock; City, Bank and other Securities $5,243,600 52 8peclal deposits in Banks and Trust Companies 1,417,543 97 Real Estate corner Wall and William Streets and Exchange Place... $4,289,000 Other Real Estate and Claims due the Company 75,000 4,364,000 00

Premium Notes and Bills Receivable 1,020,087 28 RANGE OF PRICES Cash in the hands of European Bankers to pay losses under policies payable in foreign countries 241,710 47 rOJt »3 TJSAJRS. Cash in Bank 351,301 69 Aggregating $12,63«,243 93

1882—1904. A dividend of Six per cent interest on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday, the fceventii of February next. The outstanding certificates of the issue of 1 899 will be redeemed and paid to the holders OUR ANNUAL thereof, or their legal representatives, on and after Tuesday, the seventh of February next, from whioh date all interest thereon will cease. The certificates to be produced at the time of payment, and canceled. THE FINANCIAL REYIET* A dividend of Forty per cent is declared on the net earned premiums of the Company for the year ending 31st Deoember, 1904, for which, upon application, certificates will be issuer! Gives a monthly ranee of Stock and Bond Prices on and after Tuesday, the second of May, next. By order of the Board, lor five years. We can supply G. STANTON FLOYD-JONES, Secretary. 1S87 issue which gives 1882-1886 1892 " « " 1887-1891 TRUSTEES. GUSTAV AMSINCK. CLEMENT A. GR1SCOM, NICHOLAS F. PALMER, 1896 " « " 1891-1895 FRANCIS M. BACON, ANSON \V. HARD, HENRY PARISH. JOHN N. BEACH. MORRIS K. JESUP. FREDEKIC A. PARSONS* 1901 « »« " 1896-1900 WILLIAM B. BOULTON THEODORE P. JOHNSON. DALLAS B. PRATT, VKRNON H. BKOWN, LEWIS CASS LKDYARD, GEORGE W. QUINTARD. 1905 " « " 1900-1904 WALDRON P. BROWN, FRANCIS H. LEGGETT, A. A. RAVEN, JOSEPH II. CHAPMAN. CHARLES D. LliVKRICH, JOHN L. RIKER, GEOKGE C, CLARK, LEANDER N. LOVELL. DOUGLAS ROBINSON, PRICE $2 PER COPY, CORNELIUS ELDERT, GEORGE H. MACY. GUSTAV H. SCHWAB. EWALI) FLEITMANN, CHARLES H. MARSHALL, WILLIAM C. STURGKS. Some earlier Issues may be bad at 15 00 a copy HERBERT L. GRIGGS. W. H. H. MOORE, A. A. RAVEN, President. B. COMPANY, CORNELIUS ELDERT, Vice-Pres't. WM. DANA THEO. P. JOHNSON, 2d Vice-Pres't. 7UH. PINE ST., NEW YORK.. J AS. L. LIVINGSTON, .yd Yice-Pres"