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Rotation ^upplemenl (Montwy) Street Kailway Supplement (semiAnnuaii/} nvestor^ Supplement (Quarterly) State and Ci^ Supplement (^mMua\i^ according to Act of Congress, in the year 1899, by the William B. Dana. Oompant, In the office of the Librarian of CongresB.] I Entered
VOL 69 SATURDAY, SEPTEMBER 2, 1899. NO. 1784.
Weet ending Awjast 26.
Clearings at- I 1899 1899. 1898. P. Cent. 1897. 1896. PUBLISHED WEEKLY. New York 972,668,142 762,047,005' 636,298,157 416,580,211 Terms of Subscription—Payable in Adrance : Philadelphia 79,495,574 63,582,042 56,095,199 50,344,690 B"or One Year *10 00 Pittsburg 22,606,876 18,532,319 15,887,551 11,418,263 PorSix Months 6 00 Baltimore 20,2.36,313 14,613,181 15,408,592 10,164,322 Buropean Subscription (including postage) 12 00 Buffalo 4,244,081 3,013,451 3,752,575 3,489,424 Subscription Six Months (including postage).-— 7 00 Washington 1,605,892! 1.418,671 1,423,804 1,237,479 European Rochester 3,018,397; 1,357,839 1,234,048 1,038,634 Annual Subscription In London (including postage) 42 108. Syracuse 834,146; 856,531 769,002 665.794 31x Mos. do. do. do. £1 lOs. Scranton 1,025,420 771.444 920,139 671,977 Wilmington 698,991 626,054 686,674 495,702 Above subscription Includes— 295,000 Blnghamton 281.700 ! 261,200 227,200 ~ Supplement I Street IB Quotation Bailwat Supplement Total Middle 1 ,106.715,532 867,679,737 728,770,741, 496,333,696 IB Investors' Supplement | State and Oitt Supplement Boston 112.179,667' 95,069,501 74,010.076 59,767,721 Terms of Adrertising—(Per Incli Space.) Providence 5,666,600 4,161,400 3,808,900 3,137,800 Hartford 1,796,461 1,670,038 1,532,355 1,537,944 •nslent matter $4 20 Three Months (13 tlines)..$29 00 New Haven 1,267,780 1,391,909 1,094,019 1,137,766 rAKDINO BUSINESS CARDS. Six Months (26 " ).. 50 00 Springfield 1,049.892! 1,383,071 999,827, 974,882 ro Months (8 ttmea).. 22 00 Twelve Months (52 " ).. 87 00 Worcester 1,173,624, 1,123,364 1,121,767 972,949 Portland 1,978,017 1,806,702 1,250,719 1,117,363 London Agents: Fall River 590,3861 550,513 733,818 425,101 Lowell 464,785! 501,899 464,088 414.602 New Bedford... 405.9861 365,180 330.920 273.622 Ifessrs. Edwards & Smith, 1 Drapers' Gardens, E. C, will take sub- " rlptions and advertisements, and supply single copies of the paper Total New Eng. 126,573.1981 107,523..577 85,346,488 69.759,250 Is. each. Chicago 109.971,298 92.474,191 93,133.191 64,437,296 Cincinnati 11.894,950 10,276,450 10,173,250 8,283,200 WlLLIAin B. DANA OOmPANV, Pabllsliers, Detroit 6.845,365 5,633,792 5,599.210 4,493 017 Pine Street, Corner of Pearl Street, Cleveland 9.318.628 8,355,7a5 7,301,085 5,375.454 Milwaukee 5,151,294 4.726,791 4,238,183 3,738,987 »bt Office Box 958. NEIIT YORK. Columbus 4,477.400 3,263,500 2,999,700 2,917,500 Indianapolis 2,691, .326 2,779,931 2.153,018 1,386,890 Peoria 1.808,520 1,433,245 1,643.239 1.420,397 ToleJo 2,234,800 2,220,744 2,122,208 1,587,962 CLEARING HOUSE EFTURNS. Grand Rapids 1,048.300 777,995 733,187! 624,346 Dayton 793.497 635,139 558,092 476,033 Evans ville 790,324 566,250 The following table, made up by telegraph, etc., indicates Youngstown 233,088 271,348 17i9,976| SprinjjUeld, 111.... 404,471 330,484 all lat the total bank clearings of the clearing houses of the Lexington 315.519 932,988 275,649' 213,748 States for the ending to-day, Sept. Akron 363 900 316,900 232,700 220,660 nited week 2, have Kalamazoo 306,251 327,891 239 948! 207,447 Saginaw 229,231! Jen $1,500,004,568, against |1, 518,488,258 last week and 274.021 340,364 174,897 Rockford 223.979 167,192 163,946 183,921 ,316,450,091 the corresponding week of last year. Springfield, Ohio. 278,698 243,279 255.763 113.773 Canton 223,900 181,800 ^140^000 145,000
1 Tot. Mid. West'n. 159,649,529 136,256,059 132,371,604 96,000,528 Week Ending September 2. Clbarinqs. San b'ranciseo 14,797,937 12.922,652 16, 125,416 12,763,256 Salt Lake City 2,028,558 1.511.423 1,336,215 836.379 Rttums by Telegraph. 1899. 1898. P. Cent. Portland 1,454,543 1,380,491 1,822,474, 963,922 Los Angeles 1,625,018 1.088,535 999,362 770,000 )w York $729,981,578 $696,563,647 +6 Seattle 1,870.967 1,165.308 768,9581 502,459 Spokane 1,075.000 603.112 503,410! 348,312 )8tOIl 98,526,433 79,363,987 +24 Tacoma 978,990 793,632 601,0971 528,601 liladelphia. 69,870,689 57,092,457 +21 Helena 636,893 551,261 480,000' 463.362 Fargo 263.265 163,911 47,771; 156.669 Utimore — 16,146,788 18,246,909 +31 Sioux Falls 123,575 91,798 37,029 37,226 •icago 91,573,756 81,538,963 +ia Total Pacific 24,854.746 20,272,123, +22-6 22,721.732; 17,370,186 . liOUlS 21,800,000 19,601,530 +11 Kansas City 13,291,685 11,181.438' +18-9 11,579,191 8,508,147 sw Orleans. 4,834,745 4,351,798 —2 Minneapolis 8,113.343 6,869,423 4-18-1 8,575,615 5,459,856 Omaha 5,471,872 5.868,288 --6-8 4,663,028; 3,317,998 St. Paul 4,092,905 3,330,277 22-9 3,141.202 3,058,189 Sevea cities, 5 days . $l,031,473,98rf $340,750,571 +9 Denver 3,146,769 2.534,266 24-2 2,065,338! 1,626.016 her cities, 5 days 173,091,416 146,081,246 +19 St. Joseph 3,092.629 2,483,829 24-5 1,179,064 963,924 Des Moines 1,106,315 859,440 28-7 800,0001 596,728 Total all cities, 5 days. $1,204,585,405 $1,085,831,817 + 10 Davenport 796,613 620,486, 28-4 516637; 513,910 Sioux City 727,288 -4-3 532,614, 1 cities, 1 day 295,439,163 230,613,974 760,727] 279,212 +28 Topeka 518,557 613,111' -15-5 536,183 443,669 Wichita 501,.361 454,015 +10-3 377,782 187,245 Total all cities for week. . . $1,500,004,868 I +13-9 $1,316,450,091 Fremont 80,551 87,277 -7-7 107,894 41,326 Hastings 117.822 62,195 +89-4 89.326 63.925 The full details of clearings for the week covered by the Tot. other West. 41,057,710 35,724,767; +14-9 34,319,797 25,060,145 x)ve statement will be given next Saturday. We cannot, St. Louis 28,,346,494 22,001.389 --28-8 25,160,861 17,352,948 New Orleans 5,,828,536 5,121,220 --13-8 5 094,390 6,242,657 -^5-8 course, furnish them to-day, bank clearings being made Louisville 7,,456,159 5.115.947 4.804,268 4,225.548 Galveston 2 845.150 2,908,550 —2-2 2.770,250 2,396,950 p by the various clearing houses at noon on Saturday, and Hou-
the same total was about $279,000,000. Here is THE FINANCIAL SITUATION. $19,000,000 accumulated during the summer, all of There have been several developments which in which certainly could be put out. If the ordinary some degree have served to interrupt the smooth disbursements do not prove sufficient, a bond purchase working of Stock Exchange affairs the current week. would do it. At all events, with an inflow from AmoDg these the chief have been the Transvaal situa- Europe as a resource if rates of interest here get high tion and a rise in call loans in this market. The enough to command it, and an outflow from the former was attended on Tuesday by a fall in British Treasury among the reasonable probabilities, there consols and by a decline in stocks at London, leading does not seem to be sufficient ground for nervousness. to the selling of stocks here, and so operating as an And yet money is likely to rule higher the next four adverse influence on our stock market. On Wednes- months than it has in past months. day and since then the conditions between the Boers and Great Britain have looked less strained and hos- The returns of railroad gross and net earnings now tilities more remote; hence that affair has for the time being received for the month of July (in the case of being ceased to be an active influence; though so long most companies the first month of the new fiscal year) , as a settlement is delayed the market cannot be make it evident that that month will rank, for amount j wholly unmindful of the possibility of a rupture. of improvement, among the Dest in railroad history. | The higher rates for money have also had some The activity of trade and the magnitude of the grain ' effect in checking operations. No doubt ever since movement have combined to produce some really the stringency in July money has been a source of remarkable increases. All the returns made public sensitiveness. This condition prevails, as is well this week will be found in our railroad news depart- known, not because of present rates but because of a ment in the usual place, and we will make mention future contingency. The total reserves of the banks here of only a few of the more prominent companies. are now much smaller than they were two or three The Atchison added $436,173 to its gross earnings, for the month (as months ago and the surplus is also materially less; compared with the same month last t as added supplies are presumed to be needed for crop year) and this being accompanied by a decrease of 1 and business purposes through the fall, this pre- $62,247 in the expenses, the addition to the net was sumption keeps opinion in a condition easily $498,420, the latter an increase of over 100 per cent, j to be disturbed. Tuesday call money was no The Burlington & Quincy has enlarged its gross by higher than it had been the previous week, $764,081, its net by $447,657, the improvement in this last but the average of money loaned was higher; more- instance being nearly fifty per cent. The Mil- , over on the same day the Treasury receipts indicated waukee & St. Paul shows an even larger addition to a pajment of $3,210,000 for the old Customs House the gross than the Burlington & Quincy, having im- property, and this gave plausibility to the idea proved on last year's total in amount of $849,284 ;"there that the upward tendency was due to the withdrawal was in this instance a heavy augmentation in the ex- of this amount from the banks into the Sub-Treasury. penses, yet even after that the net is $1,140,058 for It had been forgotten by some that the payment was the present year, against but $882,521 in 1898—better
a transaction of last week ; that it was completed on by nearly one-third, it will be observed. The Cana- August 19 by the City Bank giving a check for $3,- dian Pacific reports an expansion of $334,262 in gross 095,000 (a check for the balance, 1115,000, of the and of $242,272 in net. From the South we have the purchase money having been deposited at the time of return of the Louisville & Nashville, with a gain of purchase), which check for $3,095,000 was subse- $338,553 in gross and of $217,123 in net, the latter,
quently deposited in the City Bank, United States roughly, 40 per cent. The Mexican Central is favored bonds having been previously given the Govern- with an increase of $357,384 in gross and of $209,350 ment as security for the money. in net, which last exceeds 60 per cent. Probably the higher average for call money on Tues- But the most striking instance of improvement, as day and the higher rates not only for call money far as amount is concerned, is furnished by the Pennsyl- but for time loans since have in large part been a re- vania Railroad. This is the largest system in point sult of arrangements making for the first of Septem- of income in the United States. By reason of its di- ber payments; as Monday is a holiday, contracts for versified traffic it is also generally regarded as typical
loans have to be extended to Tuesday. It is also quite of the country's industries. At present it is being likely that the Cltaring House institutions have the favored in a double way—by the great activity of gen- current week lost reserve again; at least our figures of eral business and by the wonderful prosperity of the bank currency changes at the close of this article show iron and steel trades, whose leading districts the that result. Altogether, too, we think it a conservative Pennsylvania lines completely grid-iron. The mag- estimate to assume that our developing business and nitude of the grain movement must also have re- crops will take out of the New York banks the dounded to the advantage of the road, especially on current fall as much or more currency than they the western part of the system. At all event?, dii last year. If that be so, we must have some the increases shown are of imposing propor- new supplies or we shall be short. The weakness in ex- tions. On the lines east of Pittsburg and Erie change this week suggests one channel through which the gain in gross amounts to no less than very likely new supplies may come. We are aware $919,400, on the lines west of Pittsburg to 1759,200,
that some of our foreign bankers are of the opinion making together $1,678,600—all for a single month ! that not much gold will reach the United States from And this covers merely the lines directly operated, Europe this year. If that prove correct, the need will not those controlled but separately operated. The have to be supplied by the Treasury, and it is a favor- gains in net are more moderate, being $129,700 on the able circumstance that the Treasury has a supply. Eastern lines and $331,400 on the Western lines, or Its net currency holdings on the first of June 1809 $461,100 together. It is proper to say the increases were $260,399,770, whereas on the first of September the present year follow some decrease last year, though September 2, 1899.] THE CHRONICLE. 465 only of small amount. On the Eastern lines there is made about them. Every further decline is was then a loss of 1318,100 in gross, which, however, met by an increase in the volume of traffic to serve as was oifset by a gain of $193,700 on the Western lines, an offset to the shrinkage in rates, while at the same leaving only $124,400 decrease on the combined sys- time new economies are introduced, making it possi- tem. In the net there was then $110,300 decrease on ble to reduce the cost of rendering the service per the Eastern lines and $63,200 decrease on the West- unit of work. This is just what the Buffalo Roches- ern lines, or $173,500 together. The following is a ter & Pittsburg did in the late year. The rate fell aix-year comparison for the Eastern lines—the only from 4"23 mills to 4'12 mills, but the traffic was in- part of the system for which we can make such a com- creased sufficiently to overcome the loss on that ac- parison. count and leave a small gain in earnings. As to the economies in operating, the train-load was further Likes east or 1899 1898 1897. 1816 18(1 5. 1894. PrrrsBURO. raised and averaged 407 tons. What an excellent ~ Jull;. $ 8 showing this is will appear when we say that Crross earnings 8.081 ,695 5,162,29f 3.480,395 5,2E 8,595 6,415,395 4,759.3»5 Operat'K expenses. 4.250,564 3,460.864 3,668,664 3,795.0d4 ?,«55,66J 3,360.509 the Chesapeake & Ohio's remarkable average in the
Net piimingg... 1,831,131 1,701,431 1,811,731 1.462,631 1,560,831 1,408,816 same fiscal year, to which we directed attention in Jan. 1 to July 31 our issue of August 12, was 425 tons. Under such Gross earnings 3?,230,606 36,526,606 35,060.006 35,563,870 34,974,170 31,007,503 Operat'g expenses. 28,91 ,125 28,285.42? 24,776,825 26,588.683 25,768,088 22,727,868 circumstances it is hardly necessary to say that the Net earnings. IP.314.481 10.240 181 in.?03,08i e,97P,l87 0.205,187 8.279,635 income account makes a very favorable showing. The company was able to meet all its charges, apply Enlarged dividend distributions by our railroad $103,719 to extraordinary improvements, and pay two transportation companies are still the order of the day. dividends of 1 per cent each on the preferred shares, The Union Pacific Kailroad has made its semi-annual amounting to $120,000, and yet carry forward a sur- dividend on the preferred shares this time 2 per cent. plus balance on the operations of the twelve months The dividend last April was only 1^ per cent, as was of $269,951. The result would have been even better that paid in October 1898, which was the first pay- except for a strike at the coal mines towards the close ment made on these shares. The Rio Grande West- of the year. ern, we observe, announces another dividend on its common shares. This dividend, like that last year, In reviewing twelve months ago the annual report is to be paid in preferred stock, and the amount of the Chicago Great Western Railway for 1897-8, we this time is to be one per cent. Payment in stock had occasion to comment upon the favorable results is a conservative way of giving stockholders a return achieved in the management of that property, both while leaving the earnings which the stock dividend from an operating and a financial standpoint. We represents available in other ways. The Rio Grande have now been favored with an advance copy of the
Western has always been a well-managed property. report for the fiscal year ended June 30 1899, and it shows further decided progress in the same direction. The record of mercantile failures continues to re- Perhaps the most noteworthy feature is that with au flect excellent business conditions in showing a great addition of $481,696 to the gross earnings of the falling off in the number of disasters as compared twelve months, the augmentation in expenses was with corresponding periods of other years. Ool. W. only $166,144, thus leaving a gain of $315,552 in the M. Grosvenor has furnished us a copy of the state- net. Taxes, unfortunately, were $31,000 larger than in ment of the failures for August to appear in "Dun's the previous year, but this still left an improvement Review" of to-day. It appears that during August of $284,552 in the net—an addition of almost 20 per 1899 the number of traders who came to grief was cent. The road was operated for only 67 '21 per cent, only 614, against 74S in the same month of last year, against 70-13 per cent in 1898, and against much 921 in 1897 and 1,107 in 1896. The liabilities higher ratios in the years preceding. To show the amounted to but $5,789,091 in 1899, against $6,078,- extent of the change that has been effected in this re- 655 in 1898, 18,174,428 in 1897 and $28,008,637 in gard, it is only necessary to recall that in both 1893 1896. While these totals are not the smallest of the and 1895 the operating ratio was over 77 per cent. year—both July and May having shown even lower The transformation that has been worked in the pros- amounts—they nevertheless show a very encouraging pects and condition of the property in the short space state of things. As a matter of fact, prior to last of two years, as the result of the revival in trade, the May, as Col. Grosvenor points out, there had never large crops and the economies in operating, is really been so small failures as in August in any month of quite remarkable. In 1896-7 gross earnings were l^- the seventy-one covered by the records in "Dun's 680,859; in 1898-9 we find them up to $5,867,739. In Review.'' the same two years the net has risen from $1,253,271 to $1,924,223. We print on another page the annual report of the What is, however, particularly gratifying and prom- Buffalo Rochester & Pittsburg Railway Company. ising is that the management think that the property This is one of the roads in the bituminous coal sec- can be hereafter operated for an even lower percent- tion of the country, where rates would obviously be age of expenses to earnings. President Stickney low any way by reason of the character of the traffic, takes pains to point out that the benefits to accrue but where increasing competition is gradually wearing from the large outlays made in improving the condi- them down to almost nothing. There was a further tion and standard of plant are only just beginning to decrease the late year in the average realized, which be realized. He says it is confidently expected that is now only 4*12 mills per ton per mile. Such low when the improvements now contemplated are com- figures present problems of management which but a pleted, the percentage of expenses to earnings will be few years ago would have baffled the most ingenious reduced to 60 or less. The income account shows minds among our railroad men. Now they are that out of the earnings of the year the com- treated as common every -day mattere, and no ado pany was able to pay not only the full 466 THE CHRONICLE. [Vol. LXIX.
4 per cent on the 4 per cent debenture average about 3^ per cent. On Monday and on Tues' stock, but 4 per cent on the 5 per cent preferred day loans were made at 3^ per cent and at 2f per cent, stock "A," and even then carried forward a small with the majority at 3 per cent. On Wednesday and credit balance, namely 19,154:. As a matter of fact, on Thursday the transactions were at 4 per cent and the balance would have been 1132,329 except that a at 2f per cent, with the bulk of the business at 3 per credit to Renewal Funds amounting to $123,175 was cent. On Friday the borrowing was until Tuesday of included in the expenses. During the new fiscal year next week, Monday being a holiday, and the range it seems not unlikely the company will be able to pay was from 4 per cent to 3 per cent, with the majority dividends on the 4 per cent preferred stock B. At of the loans at 3^ per cent. Banks and trust companies least that seems a not unreasonable conclusion, con quote 3 per cent as the minimum. The inquiry for time
sidering that all the indications point to a continued contracts for sixty to ninety days is quite small; the de-
expansion in the road's traffic, that Mr. Stickney mand is chiefly for longer periods. In the absence thinks a further reduction in the operating cost can of demand the rate for short loans continues at 4 per be effected, and that for July, the first month of the cent, while the quotations for four to six months are new year, gross was 1486,500 in 1899, rigainst $391,126 4^@5 per cent on good mixed Stock Exchange col- in 1898, and net, $156,486, against $105,754. lateral. One of the large down-town banks on Wed- nesday made a loan on the above-named grade of The bank return of last Saturday disclosed a strik- security for six months at 5 per cent, and this insti- ing feature. We refer to the increase of $9,065,000 tution declined to loan at less than 4^ per cent for in loans. This was really the dominating factor in four months. One notable feature of the commercial the entire statement. The gain in loans and the net paper market is the quite moderate offerings of what loss of $970,300 in cash were mainly the cause of the are known as bills receivable, and it is asserted that net increase of $6,934,100 in deposits. This gain in there is but one house which is making this class of deposits called for $1,733,525 more of required reserve, paper, and even this house is doing very little in this which added to the loss in cash as above noted made line of notes. The supply of single names is only a decrease of $2,703,825 in surplus reserve, leaving fair, while the demand does not appear to be at all that item at $12,378,525. An examination of the de- urgent, either from city or from out-of-town buyers. tailed return shows that the most important changes Quotations are 4^@4^ per cent for sixty to ninety- in loans, specie and deposits were recorded by the day endorsed bills receivable, 4^@5 per cent for National City Bank, this institution gaining $8,900,- prime and 5|@6 per cent for good four to six 000 in loans and $4,280,000 in specie, which together months' single names. Money has been moving to accounted for the increase of $7,150,000 in its de New Orleans this week and abouL $250,000 in silver posits. Part of the gain in deposits by this bank was dollars has been forwarded through the Treasury, doubtless due to the depositing on August 19 by the deposits being made by the banks at the New Yo:k Treasury Department with the City Bank of a check office for this purpose. On Wednesday one of the for $3,095,000 drawn by this bank to pay for the large banks reported shipments of money in quite Customs House building and site, which were bought imp rtant amounts to the West and Southwest, but so by the bank July 3. This Government deposit must far as could be ascertained the movement was not have been promptly loaned, thereby inci easing the general and other large banks reported only moderate loan line of the bank as above noted. The gain shipments. in specie probably resulted from the exchange or other operations of the bank, for the return to There continues to be somewhat of a feverish feel- the bank for collection and deposit of the check ing in European political circles in consequence of above mentioned should not have affected the cash the tension between the British Government and items of the bank either way. It may be observed that of the Transvaal Republic, but there were indi- that twenty of the larger banks recorded a net gain cations toward the end of the week that a crisis would of 17,870,000 of the $9,056,000 loans reported by all be averted. The Bank of England minimum rate of the banks in the Association, and indeed there were discount remains unchanged at 3^ per cent. The but six of the twenty banks which reported decreases cable reporto discounts of sixty to ninety day bank in loans, and these only for comparatively small bills m London 3| per cent. The open market rate amounts. The largest increase in specie was by the at Paris is 2f per cent and at Berlin and Frankfort City Bank as above noted, and the greatest losses in it is 4| per cent. According to our special cable this item were by the Hanover, $1,560,000, and the from London the Bank of England gained £694,142 First National, $1,760,000. The majority of the bullion during the week and held £35,733,546 at the twenty larger banks reported decreases in specie. close of the week. Our correspondent further ad- The banks, other than the City, reporting important vises us that the gain was due to the import of £754,- gains in deposits were the Republic, $1,300,000, and the 000 (of which £665,000 were bought in the open mar- American Exchange, $1,540,000, these increases in ket and £89,000 were from Germany), to the export each case being due to augmented loans and specie hold- of £50,000 (of which £40,000 were to the Continent ings. Taken as a whole the statement was favorable. and £10,000 to Santos) and to shipments to the in- The market for money has been firmer this week. terior of Great Britain of £10,000 net. The firmness was first noticeable in the call loan branch of the market, but has since extended to The foreign exchange market has been extremely time money. We have in the earlier part of this dull and declining this week. Spot commercial bills article referred to influences contributing to this have been in very light supply, but there have been condition. Money on call, representing bankers' moderately large offerings of bills for future delivery. balances, has loaned at the Stock Exchange during The tendency has been toward ease, especially for beeQ the week at 4 per cent and at 2f per cent, with short bills and for cables, while long sterling has the bulk of the business at 3 per cent and the steady. There does not seem to have been much — .
September 2, 1899.] THE CHKONICLE. 467 drawing of sixt-y-day bills for speculation, or to cover TRUSTS AND THE ELECTORATE. with cotton or grain drafts later in the season, though TUB this is the period of the year when such operations It has already become pretty plain that at least part are usually the largest. The receipts of gold at the of the attack of the opposition party in this autumn's Custom House during the week were $415,912; of this elections will be directed against the so-called $318,138 foreign and $10,000 American were from " trusts." We do not believe that the demonstration Havana. Thesteamer Mariposa left Sydney, N". S. W.^ now beginning in that direction is wholly due to the on August 30 for San Francisco with $900,000 gold. fact that the year's great industrial combinations Nominal rates for exchange were unaltered until either have harmed or are expected to harm the Wednesday at 4 84 for sixty-day and 4 87^ for sight, people at large. In fact, the platform- makers, like but thereafter the latter ranged from 4 87 to 4 87|. the economic critics, have been more than usually shy Eates for actual business opened on Monday un about bringing against these concerns specific indict- changed compared with those at the close on Fridi.y ments of restraint of trade. of last week, at 4 83@4 83i for Ions:, 4 86i@4 86 1 for But the ^'trusts" are available as campaign material, short and 4 87@4 87i for cables. The market was from the politician's point of view, largely because dull and generally easy, and it remained without on other "issues" political sentiment is so curi- quotable change until Thursday. Then it became ously confused. Few public men, in the West especi- weak but toward the close it grew steadier. The ally, are ready to take the risk, with their constitu- only change in rates for actual business was a reduc- ents' sentiment still uncertain, of opposing flatly the tion of one-quarter of a cent for short and for cables Philippine policy of the Administration. The tariff ,0 4 86@4 86i for the former and to 4 86f@4 87 for as a political issue was tacitly laid upon the shelf the latter, long sterling remaining at 4 83@4 83:^. when the people discovered that the United States The tone was steady on Friday. The following shows could make competitive goods and under-sell Europe daily posted rates for exchange by some of the leading with them in competitive markets. As for the cur- drawers. rency question: that, it is true, reappears in many of the early platforms of 1899; but usually in a perfunc- FRI., MON.. TUES., Wed., Thur.. Fri.. Aug, 25. Aug. 28. Aug. 29. Aug. 30. Au^. 31. Sept. 1. tory way, and always with a protest from some quarter 60 days, 484 84 84 84 84 Brown Bros. S opposition may profitably be avoided. i Sight... 4 871^ S7^ 87Ji 87J^ 87^ whose Indeed, 60 484 84 84 84 84 Baring, 5 days. the idea of conducting a campaign based on the Magoun & Co.. 1 Sight.... 4 87^ 87^ 87)4 87J^ S7i4 60 days. 484 84 84 84 84 Bank British 5 '^ scarcity of money "at a time Avhen the farmers No. America.... {Sight.... 4 87>^ 87J^ 8714 87>i 87^ 60 days. 484 84 84 84 84 Bank of ) are accumulating wealth and the Western banks Montreal . (Sight.... 4 871^ S714 87J4 87^^ 87J^ Canadian Bank 5«0days. 484 84 84 84 84 are discounting paper in the East, does not ap- of Commerce. . (Sight.... 4 87^ 87)4 87)4 87^ 87JiJ 84 84 84 Heidelbach, Ick J 60 days, 484 84 peal to politicians with experience and a sense of elheimer & Co, i Sight.... 4 87^6 87^ 87« 87^^ 87 60 days. 484 84 84 84 84 humor. LAzard Freres. 1 Sight,... 4 87« 87Vi 87^ 87 87 Merchants' Bk. (60 days. 484 84 84 84 It is this situation, undoubtedly, which has brought of Canada J Sight.... 4 87Ji^ 87^ 87« 87^ 87« the so-called ''trust question " under the favorable The market was steady on Friday, with rates notice of opposition conventions. As it happens, the for actual business 4 83@4 83^ for long, 4 86@4 861 wholesale incorporation of manufacturing industries for short and 4 86|@4 87 for cables. Commercial into single concerns has coincided with a rapid on banks 4 82^ @4 82f and documents for payment advance in commercial prices. The majority of intelli- 4 83. Cotton for payment 4 81f@4 82, cot- 81f@4 gent people, in the Eastern sections at least, understand ton for acceptance 4 82^@482|and grain for payment that these two phenomena are not related as cause 4 82|@4 83. and effect ; that the consolidation of rival mills and The following statement gives the week's movement the rise in value of their product are due to independ- ent causes the one to an unusual plethora of in- of money to and from the interior by the New York ; banks. vestment capital, the other to an almost unprec- edented demand from consumers. For ourselves, Received by Shipped by .Net Interior Week Ending September 1, 1609. N. Y. Banks. N. Y. Banks. Movement. we certainly hold to this opinion. In common with
Currency. $3,871,000 $7,141,000 Loss. $3,270,000 other students of the year's events, we have observed Gold 494,000 611,000 Loss. 117,000 that the upward tendency of prices is even more Total gold and legal tenders. $4,365,000 $7,752,000 Loss. $3,387,000 marked in Europe than in the United States ; that Kesult with Sub Treasury operations and gold imports. the eager demand for export of the American sur-
Into Out of Net Change in Week Ending September 1, 1899. plus products has repeatedly forced up home quota- Banks. Banks. Bank Holdings. tions ; that the rise of prices is equally remarkable Banks interior movement, as above $4,365,000 $7,752,000 Loss. $3,387,000 17,400,000 20,400,000 Loss. 3,000,000 in products, like lumber, which are not controlled or
Total gold and legal tenders $21,765,000 $28,152,000 Loss. $6,387,000 affected by a "trust;' that the general and well- The following table indicates the amount of bullion known increase of laborers' wages has necessarily in the principal European banks. added to the cost of production, and therefore to the
selling price ; and, finally, that an immensely in- August Si 1899. September 1, 1898. is visible even in BoMk of creased demand, home and foreign, Gold. Silver. Total. Gold. Silver. Total. markets for the agricultural staples. £ £ £ These facts, we say, convince us that the "trusts" England 35,733,546 35,733,546 35,,003,218 35,003,218 France 77,076.612 ,899,305 124,975,917| 75, 367,894 49,860,279 125,228,173 have not arbitrarily put up prices; the exceptions, of Germany .... 28,374,000 ,617,000 42,991.000! 28,,352,000 14,605,000 42,957,000 which there are a few, being so marked and conspic- KusBia 94,344,000 ,255,000 99,599,000109,,495,000 4,376,000 113,871,000 Aust.-Hung'y 36,719,000 ,723,000 49,442,000! 34,,998,000 12,628.000 47,626,000 uous as to prove the rule. But it is not so easy to Spain 12,960,000 ,692,000 26,652,000, 10,,514,000 5,483,000 15,997,000 portions of the com- Italy 15,529,000 ,394,000 16,923,000 14,,958,000 2,094,000 17,052,000 convince the more ignorant Netherlands.. 2.742,000 ,039,000 8,781,000| 4,309,000 6,877,000 11,186,000 munity. The post hoc argument is always attractive, Nat.Belg'm... 2.894,000 ,447,000 4,341,0001 2,,853.000 1,427,000 4,280,000 largely because it does away with the labor of Tot.tbi8 week 306,372,158! 103066305 409.438,463 315,650, 112 97,350,279 413,200,391 Tot. orev. w'k 305.916.192' 10.38128a5 409.729,027 317. 1 07.960 98.002..577 415.110.537 thorough reasoning. From a political point of view. —
468 THE CHRONICLE. p^bL, LXIX.
campaign managers doubtless recall that a large body This danger would be peculiarly imminent in com- of citizens argued in 1896 that times had been hard, panies organized on lines repugnant eveE,- to the new ihat silver coinage had been restricted, and that theory of consoli-dated industrial capital. We greatly therefore the restriction caused the hard times. doubt if the " meat trust " so much talked of latel-y Leaders in search of agitating ''issues" cannot, for in the newspapers cuts any such figure as the popular obvious reasons, apply this argument now to the sil- mind imagines; but we should' deem a complete or- ver question; but they may deem it possible to use a ganization of the kind a danger both to itself and to similar chain of reasoning in their new campaign the consumer, simply because the immense economies ^polemics. possible in the iron business, for example, are out of The State platforms already framed show how this the question in the cattle trade. The very' Western
political undertaking is progressing. The *' trust sections which are crying out against the oppression planks '' display, as might be expected, a good deal of of the Eastern trusta have repeatedly entertained the confusion and uncertainty in their general statements idea of an alliance of the farmers for the purpose of on the question. In Iowa the trusts were accused, arbitrarily holding up the pric« of wheat and cotton. in a party convention two weeks ago, of ''artificially Were such an enterprise possible, it would be the most limiting production." In Kentucky the opposition mischievous and wrongful trust ever organi^d on this- convention of last June ascribed the rise of the trusts continent. We have not been able to approve the to "the demonetization of silver, by which the volume logic of the promoters who plan to combine the cot- of currency has been kept below the demands of busi- ton mills into a single indu&trial corporation. The
ness." In Mississippi " encroachment on Government financial dangers of such an enterprise iE* a. business^ affairs" is charged against the trusts. These views where personal credit and local information has sO' of the question are obviously crude and show long governed the banking aperations of the trade,, mo great acquaintance with the real nature of would be very serious, and the temptation to arbitrary the problem. But almost without exception, the restriction of the price greater, perhaps, than in any; declaration that the trusts are artificially raising other manufacturing industuy. prices appears in a convention's statement on the We think the producers in these varioua- trades un- problem. derstand this phase of the situation. The proposi- When the movement is likely to be brought in this tions which really threaten harm to the banking ahape before the public, it is important to see that the community and the consumer emanate £ix)m the re&t- enterprises tbemselves can make a good showing if less brains of promoters. How much mischief the put upon examination. We think, as we have said, reckless haste of some of these adventurous spirits has that disproof of the allegation that these combinations done already cannot be measured until their com- are organized to put up prices is not difficult. Taking panies, already in the field, are submitted to the test
the so-called " trusts" as a whole, it seems to us easy of genuine hard times and contracting markets ;• but to show that even in these days of advancing com- the investor in new industrial enterprises now-a-days. mercial values the industrial combinations have is weighing the matter carefully. tended rather to restrict than to emphasize the ad- Meantime, however, it ought to be the part of in* vance in prices. In the somewhat similar price move telligent editors, speakers, and economic writers, U> ment of 1879 and 1880, for instance, there were no point out the truth about the existing organizations, such combinations of capital in the field, and the so far as they are soundly and properly organised.
markets for the staple commodities ran wild The critic may not like the trusts ; but if he is honest, in a degree hardly conceived of this year. Prices his dislike ought not to lead him to recite the argu- were carried far above the foreign level. Imports of ments of the 1886 and 1888 campaigns, that these pig iron rose from 87,576 tons in the fiscal year end- companies are forestalling markets and arbitrarily ad- ing June 30 1879 to 754,657 tons in 1880; railroad vancing prices. Trusts as well as private individual^ iron imported in 1879 was only 2,611 tons; in 1880 it have learned some useful business lessons since the was 152,791; in 1881 it reached 302,304. Let this be hard times which followed 1S93, and if control or contrasted with the showing for the current year. artificial forcing up of prices played a part in the or- The figures for the first seven months of 1899, made ganization of the trusts before that time, in- public this week, show imports of 14,499 tons of pig, telligent organizers have now abandoned the idea. .^.gainst 16,076 for the corresponding period of 1898, It seems to us that the so-called "anti- Of bar iron 22,657,174 pounds have come in, as com- trust" legislation mooted in some interior pared with 22,694,457 in the same seven months a States is as certain to be futile as any ill-grounded year ago. Tin plates, steel sheets, wire rods—in fact, and blind legislation could be. They certainly can- nearly all the iron staples—similarly show a decrease: not force the "trusts" to reduce their selling prices yet this is something which could not possibly have when those prices are still at the level of an urgent
happened if American prices had been raised this home and foreign demand. If, on the other hand, season by the corporations to an arbitrary and unwar- they were to refuse to these companies the right to do ranted price level. business in their States, precisely what would be the The danger to the " trusts," from this point of profit of the people of such localities ? Doubtless view, is chiefly traceable to the promoter's door. If they might start local manufactories of their own,with any such companies have been recklessly over-capital- such results as might be expected. So some interior to ized, a strong temptation may come—not now but in State might conceivably have refused right of way i a future and less favorable market—to attempt exactly the great railway combinations of 1880 and 1881, and what the companies are wrongly accused of now. The continued to do business with local lines beginning attempt, we think, would bring its own penalty and ending nowhere in particular. The gain to the something which no one recognizes more clearly than consumer in the one case would be about as the managers of the properly-organized industrial cor- great as the gain to the traveler or shipper in the
porations. I other. 1
Seppember 2, 1899,1 THE CHRONICLE 469
lion miles (505,114 miles) in the NEW YORK CENTRAL REPORT. miles run by freight trains. In other words, the freight train-load has The York Central annual report is issued New with again been increased, and it now averages 322 tons, commendable promptness and reaches us this year counting only revenue-earning freight, and 346 tonff^ earlier than ever before. The report will be ready including company freight. This is a remarkably distribution for to the shareholders in pamphlet form high average. Some persons who talk about the sub- to-day, or within about two months after the close of ject without knowing anything concerning it may the fiscal year. Proof-sheets have been in our hands point to the record of 425 tons made by the Chesa- for several days, and President Callaway's remarks are peake & Ohio in the same fiscal year and draw from dated August 24. Considering the magnitude of the it conclusions unfavorable to the Central. But the system's operations (its gross revenues exceeding 4G conditions under which the two systems are operated million dollars) and th-e comprehensive details con- are entirely dissimilar. The Chesapeake & Ohio tained in the report concerning all branches of the aside from the advantages possessed in the company's affairs, this is obviously quick work. matter of the character of its traffic^ is chiefly all Speaking in a broad way, the showing in made the re- main line. What makes the Central's record really port is highly satisfactory viewed from whatever stand- remarkable is that only about 440 miles out of the point. The traffic results, the operating results and 2,395 miles operated consist of main line. The Lake the financial results alike afford gratifying evidences Shore, which for the calendar year 1898 reported of improvement and progress. The public, no less an average of 352 tons, is much more favorably situ.- than the shareholders, have reason to feel pleased ated in this respect. An item is added in the Cen- •with the outcome, for the result has been obtained tral report to show the train-load on through freight in face of another decline in the average rate on the Central main line alone, and it appears from ^ •realized on the company's tonnage. Translated this that the average there amounts to no less than into ordinary language, this means that the road 750 tons. The fact that the Central has no such large has served the public at still lower charges than coal traffic proportionately as some other systems also' before. At the same time the service has been operates to its disadvantage in the matter of a higb further improved, and is better than it has ever been average train-load. On the Beech Creek, where the —which in the Central's case is saying a good deal. traffic is almost exclusively coal, the train-load aver- There have been increased economies in operating, ages 620 tons. Furthermore, about 60 per cent of and while this has been a distinct advantage to th« the cars returning west on the Central have to be car- shareholders, being absolutely essential to the success- ried empty. Unlike the Pennsylvania, the Central ful conduct of the road, this further drop in rates has no heavy movement of coal to help it out in this makec it clear that the benefits have not all accrued particular. to the -stockholders, but that the public has shared in The record of 322 tons for the Central is thus a them in no small degree. strikingly good one. In 1894 the average was but Few persons realize what low average rates the 249 tons. What has been accomplished through this •Central receives for its immense tonnage. While the addition to the train-load will appear when we say that road hac a considerable tonnage in coal, it is not a as a consequence of the larger amount, of freight car- •distinctivdy coal road; that is, the coal traffic does not ried in the trains the latter earn more money than they predomina'te in fact, — far from it. Hence one does not did before, notwithstanding the great decline in rates look for very low rates. It will therefore be a surprise in the interval to which reference has already been to most persons to hear that with the further decline made. The earnings per-train mile in 1899 were in the late year, the system realized only 5*9 mills per $1-90, against only $1-83 in 1894. The expense per ton per mile (if ty-nine hundredths of a cent) on its train-mile was at the same time reduced (even though, entire tonnage, both high-class and low-class, of five as we shall presently show, very exceptional amounts thausand million ton miles. Nor does this embrace were spent for improvements), and as a consequence the lines west of Buffalo. The Central owns and con- the net profit per train-mile run averaged 59 cents in trols 6,744 miles of road, but the operating results are 1899, against but 47 cents in the earlier year. Here- based entirely on the Central system proper, namely then we have the secret of the success attending the; the lines east of Buffalo. As recently as 1894 the more recent management of the property. average was still 7*4 mills per ton per mile, thus show- As far as the income account is concerned, the- ing a reduction of 1| mills, or over 20 per cent, in showing comes fully up to that foreshadowed in the the short space of five years. Had the road been able early preliminary return, which we reviewed in our to obtain on its 1898 9 tonnage the average rate issue of June 24. In fact, the result is somewhat realized in 1893-4, its freight revenues would have better, the early figures having beeL under-estimated.. been over million 7^ dollars larger than they have The statement shows $5,615,051 available for the actually been—from which one gets an idea of the loss stock on the operations of the twelve months after involved in this shrinkage in rates. deducting the usual contribution of 1300,000 to the^ When we undertake to discover how the manage- sinking fund for the redemption of the gold deben- ment found it possible to maintain a prosperous ex- tures of 1890. This 15,615,051 is equal to 5-6 per istence in face of the continued decline in rates we cent on the stock. Dividends, as is known, have been meet with some excellent illustrations going to show per 4 cent. The result has really been more favorable Iwhat new methods are doing for this wonderful than those figures indicate, since, as we shall presently property. We might content ourselves by citing see, very large amounts were spent for improvement^' simply the figures for the last two years. The road and betterments and included in expenses. moved two million more tons of freight (2,013,116 Gross earnings for the twelve months increased tons) in 1898-9 than in 1897-8, and it moved nearly only $410,417 as compared with the twelve months 196 million tons more one mile. Yet this additional preceding. Bat in the first quarter of the work done fiscal year was with an actual decrease of half a mil- there had been a tZecrease of 1884,551, due to the 470 THE CHKOMCLE. [Vol. 1.XIX. an inquiry, with a view to suggesting great contraction in the grain movement during those pose to conduct or to decrease the number of trolley three months for reasons often stated in these col- means to prevent are to fell 60,391 car accidents. Even if no remedial measures li mns. We see the year's grain tonnage from such an examination, it will doubt- tons behind that of 1897-8. The loss of 1884,551 in be looked for worth Avhile to have the causes of the acci- the gross revenues of the first quarter was more than less be dents carefully examined into and set forth by an im- overcome subsequently, it will be observed. Later in Whatever the outcome of this inquiry, the year there were some other drawbacks, such as the partial body. would affect only one State, and it delay (owing to the severity of the winter season) if undertaken, it if the companies themselves must soon in the resumption of Lake navigation and the Buffalo would seem as systematically take up the question as to whether labor troubles It is obvious, however, that the most effective steps cannot be devised to serious adverse element was the decline in rates from some decided and liability on this account. 6-1 mills per ton per mile to 5-9 mills. The freight decrease the importance of using every possible means earnings increased only $33,834, or but a fraction of The great the accident record does not need to be ar- one per cent. On the other hand the tonnage trans- to lessen but is rather a truism. It is imperative both ported, as already said, increased 1,953,035 tons or 8i gued, public considerations and motives of hu- per cent, and the tonnage one mile increased 158,895,- from broad manity, as well as for reasons of self-interest on the 713 tons, or 3^ per cent. It is worth pointing out the railroads. A few large damage claims that the gain in traffic came entirely from the local part of dividends on small roads, and they tonnage, which was 2,341,161 tons larger than in will eat up the percentage of the expenses of large 1897-8, the through tonnage having fallen off 388,126 form an important which are forced to maintain a more or tons—which makes the shrinkage in rates all the companies, elaborate and expensive bureau to look after the more significant, clearly indicating a cheaper ing of less accident claims arising. the service to local patrons. The passenger earnings numerous with most of the cases involving such increased in a very substantial way, thus reflecting the In dealing trouble met with at the outset is that they revival of trade and the prosperity of the masses. claims, the which it is hard to guard against With an enlarged passenger and freight traffic, ex- are usually of a class measures which it may be possible for penses were reduced $382,032 as compared with the by any specific take. It is well within bounds to year preceding. The saving was entirely in the cost the companies to large majority of the accidents to passen- of conducting transportation, which was 1148,155 less say that a railroads are directly attributable to the than in the previous year, and how this was accom- gers on street the public in its use of the cars. This plished has already been indicated. For Maintenance recklessness of course something which it is almost impossible of Way and Maintenance of Equipment the outlays is of education of the public, even if it were somewhat heavier than in 1897-8. It is pointed to regulate. The by the street railroad companies, out that these items include 11,552,047 of extraordin- could be undertaken a slow process, with more or less ary disbursements (equal to 1^ per cent on the stock)^ would be necessarily effectiveness. representing substantial additions to the company's uncertainties as to its life and limb might be almost said property. In the Maintenance of Way and Structures Carelessness of characteristic. Steam railroad man- $4,700,294 was expended, equal to the unusual average to be a national learned that the public could not be of $1,963 per mile of road. Advantage was taken of agers long ago most obvious precautions to avoid the prosperous times to raise the standard of the left to take the upon crossing tracks back and system. Considerable more work of the same kind danger, but insisted at stations, walking along the tracks, crossing is projected. Maintenance of Equipment also in- forth trains, and practically cluded many exceptional items, such as the purchase between cars of unvestibuled positions of danger. A company which of 1,000 30-ton coal cars, costing $500,000, the final seeking between tracks at stations, put gates payment of $328,641 on a gpecial series of cars bought erected fences trespassers on the tracks arrested, in 1892, &c., &c. All things considered, therefore, on its cars or had be attacking inalienable rights of the year's results and operations appear in a decidedly was considered to to a public enemy. Street railroad favorable light. the people and be through some of the same ex- The balance sheet shows no changes that call for managers are going the greater familiarity of the public with special mention. The credit balance to profit and periences ; cars and the fact that they traverse the loss of course records a substantial increase, owing to the street rather increases the general care- the fact that the company, while earning 5*6 per cent public highways liability to numerous accidents. for the stock distributed but 4 per cent. The re- lessness and the further at present upon a dis- funding arrangements may be said to have made good Without entering attitude of the public toward street progress. Eefunding began July 1 1897, and in the cussion of the it be pointed out that the railroad two years since then 30 to 40 per cent of the bonds car service, may control over one very im- have been converted. The report contains a new and companies have complete affecting the whole question. This handsome map carrying the system to Chicago; the portant element of their employes. Our observations previous map showed the lines only to Buffalo. is the discipline lead us to the conclusion that there is a very wide degree of difference in the efficiency of car employes DISOIPLINE AND STREET RAILWAY on roads in various parts of the country, and even on ACCIDENTS. neighboring roads. AVe are convinced that proper dis- to do with the lia- The reports of street railroad accidents, as given in cipline or lack of it has not a little no doubt does aim at the newspapers, are becoming painfully frequent, bility of accidents. A manager his men than mere and they are likely to increase with the growing popu- obtaining something more from to handle a car, or to collect larity of the electric road as a means of transit. It is experience and capacity must infuse into reported that the New York Railroad Commissioners, fares and to know the route. He imbue it with loyalty to actuated by the number of fatalities recorded, pro- his force a high morale, and September 2, 1899.] THE CHROJNirLE 471 the company. The proper discipline of a force of ing been furnished in the expanding revival of several hundred men is a large task, but labor and trade, while on the other hand the freight revenues time 80 expended will be amply repaid. The results show a decrease in both the earnings from merchan- attained and the methods in vogue on steam railroads, dise and coal. As a result, aggregate gross earnings where this question has been studied most thoroughly, from all sources were but little heavier than in should be of great value to street car men. 1897-8. One difficulty in improving the tone of employes Carrying the analysis a step farther, we find that on street railroads has seemed to be ihe compara- the trouble, as in the Central case, was with tively temporary service of a good many of the men. the rates. The coal and merchandise traffic in- Indeed, about the first step to be taken in improving creased no less than 1,273,519 tons and the number the discipline on a road would be to discourage of tons moved one mile increased 278 million tons, but restlessness among the men by overcoming the desire the company realized an average of only 5 '17 mills for change which leads to their leaving the service of per ton per mile in 1899, against 5-58 mills in 1898. a company to try something else, often to return later On the coal traffic, which is included in these figures, when they are tired of the change, with applications the rate dropped from 5-12 mills to but 4-37 mills. for re-instatement. Length of service should be President E. B. Thomas well says that this continual recognized in some substantial way, particularly on decrease in the rate received is the unsatisfactory the laige roads. feature. "The problem of to-day in the transporta- It does not seem a thoroughly logical system to tion industry is to keep the unit of cost reasonably have an employe, who has just been qualified, estab- below the unit of revenue. These two items are lished on an exactly similar status, so far as his com much too near together.^' On the Erie the prob- pensation and relations to his employer are concerned, lem is being met in the same way as on the other as those who have performed faithful work for a term roads that are similarly pressed, and we notice that of five years or longer. It would appear to be worth the company's train-load has now got up to 316 tons, while to make some distinction in this respect by a counting only revenue- earning freight, and to 335 sufficiently material difference in wages and tons with in the company freight included. This is not recognition publicly made by a company of such em. very far behind the New York Central record, though ployes. The cost entailed would not be material the Erie has an advantage for purposes of this kind in compared with the benefits obtained in the closer in- the fact that it has such a heavy coal traffic. terest taken by the men in their duties. Such a plan Expenses were reduced $268,111, leading to an im- would promote stability of employment, one of the provement in net of $279,955; but here the saving wag essential requirements for good in discipline, and ad- Maintenance of Way (8309,181 decrease) and in vance the etficient performance of duties, such as Maintenance of Equipment (8183,474 decrease); the those falling upon the car employes of street rail- cost of conducting transportation increased !$119,480 roads. It is obvious that a body of men long in a and taxes rose $113,011, while the general expenses were ompanj's service and well disciplined will be more reduced $7,947. Mr. Thomas says that the decrease in [ualified for their work, exercise greater care and ^Maintenance of Way expenses reflects in large degree eal more intelligently with the public than a force the benefits derived from the heavy expenditures here- nth brief and irregular service. tofore The liability to ac- made under this head; the general condition of idents would undoubtedly be materially the lessened. roadway and structures, he declares, has been well The effect on the public is a point kept not to be over- up, and in some respects improved. He also ooked. Improvements in discipline are recognized by asserts that the reduction in the equipment expenses •assengers and inspire a greater feeling of confidence, was obtained without lessening the efficiency of the Fhich redounds directly to a company's power or advantage' the condition of the rolling stock, all of ot only encouraging people to a freer use which of its cars, has been properly maintained. It is pointed ut in unsettling the conviction, usually quickly out that the year's expenses were affected in no small jrmed, that the company or its employes are at degree by the very considerable increase in the price iult for any accident that may happen. "While, as we of nearly all material and supplies used in the conduct ave stated above, there can be no doubt that care, of the company's business, particularly of iron and issness of passengers is entirely responsible for the steel, of which large quantities are required. irgest share of accidents on street cars, the public This is the first report to make mention of the in- sually convinces itself that they are crease due to green or in the price of materials and supplies as a cir- ireless motormen. This prejudice undoubtedly finds cumstance adding to operating cost. Mr. Thomas s way into many jury rooms, and results in verdicts says that a careful estimate indicates this increase to •r damages disproportionate to the actual responsi- be no less than about 33 per cent for the last six lity of the company. A well-disciplined force not months. The general prosperity which has obtained ily decreases the number of accidents, but is a strong with the industrial and commercial enterprises of the gument for a company to support its country claim of the during the last half of the fiscal year is, he inimum of responsibility on its part adds, for such as may certainly very gratifying, and if the price of icur. transportation had correspondingly increased, this THE ERIE additional cost of materials and supplies would not be REPORT. felt. Lack of space prevented editorial reference last Since the reorganization on December 1 1895, the llek to the annual report of the Erie, which we company has spent no less than $6,323,523 for new lilted I quite at length in our news columns. As equipment, and still further expenditures will be re- ^ uld be expected, the experience of the road in the quired of the same kind from time to time. The new tjitter of rates and traffic has been much like that of company has been handicapped in the fact that much t ? New York Central. Passenger revenues have of the equipment to which it succeeded consisted of II reaged in a substantial amount, the stimulus hav- small antiquated cars. This defect is being gradually . .. 11 . . —..
472 THE CHRONICLE. \\0h. LXIX.
corrected. The General Lien bonds bore 4 per cent ment of 70 million dollars in the first six months of interest from July 1 1898 (instead of 3 per cent as 1898, so that for the two years combined the gain has before), and the company's fixed charges increased been 110 million dollars. altogether $404,282 over the year preceding. The We now bring forward again the table given by us income account shows that these increased charges last week, showing the changes on the different roads, were earned with a surplus left over of fseoSjTQS to be revised so as to include those companies which were carried to the credit of profit and loss. There is, as then omitted, but are now included. usual, an independent audit of the accounts, Messrs. PRINCIPAL CHANGES IN GROSS EARNINGS IN 6 MONTHS. Increases. Increases. Haskins & Sells having performed that function. Pennsylvaniat $3,346,300 Chic. &East'n Illinois.. $218,451 Leh. V. RR. & L. V. Coal 2,325,140 St. Louis Southwest'n. 213,153 Chic. Milw. &i St. Paul.. 2,220,9C0 Boston & Albany 212,612 Ph.&Read.&C. &Irona 1,865,105 St. Louis & San Fran... 205,453 HA ILEO EARNINGS FOR Chic. & No. Western... 1,504,718 Texas Pacific 199,089 AD GROSS THE Southern Railway 1,122,873 Western N. Y. & Penn. 199,084 HALF-YEAR. Canadian Pacific 1,092,344 Kan. C. Pitts. & Gulf .a. 194,441 Central of New Jersey.. 1,023,644 Dul. So. 8h. & Atlantic 185,917 Louisville Nashville.. 950,849 Mich. Cent. & Can. So., 184,000 "We complete this week our statement of the earn- & Erie 946,695 N. Y. Chic. & St. Louis. 180,662 Gt. Northern System ... 937,456 Allegheny Valley 175,541 ings of United States railroads for the first half of the Southern Pacific.a 925,800 Gr. Rap.& Ind. System. 173,684 173,213 current calendar year. The compilation we gave last Lake Shore & Mich. So.. 895,524 Chic. Ind. & L Chic. St. P. Minn. & Om. 871,317 Chic. & West Mich 169,748 week covered both gross and net results, and in that Union Pacific 820.899 Flint & Pere Marq 167,173 Atch. Top. & Santa Fe.. 637,528 Hocking Valley 166,950 form was as complete as it could be made, including Grand Trunk System.. 631,381 W. Jersey & Sea Shore. 165,400 Mexican Central 6a0,139 Nash. Chat. & St. L 158,451 every road from which it was possible to procure re Mexican International. 609,819 Central of Georgia 149,588 Wabash 597,385 Wisconsin Central 146,474 turns. But, as explained on previous occasions, there New York Central 556,661 Hous. & Texas Cent'l.o 143,547 Northern Pacific 555,094 Northern Central 135,700 are some roads that furnish statements of the gross Oregon Short Line ."^51,411 Mexican Northern. a 126,266 Denver & Rio Grande. 529,911 Pitts. Bess. & L. Erie... 122,762 without the net. It is possible, therefore, to make a Illinois Central 484,416 Iowa Central 113,227 N. Y. Oct. & Western.. 468,464 Bangor & Aroostook... 108,911 more comprehensive exhibit as to the gross, and that Mexican National 439,993 St. Paul & Duluth 108,143 Boston & Maine 437,771 Elgin Jollet & Eastern. 105,160 is our purpose to-day. Starting with the total of the Norfolk & Western 422,665 Mobile&Ohio 401,483 Total (rep.90roads).$36,495.436 gross shown in our compilation of last week, we add Del. Lack. & Western.. 341,272" Decreases. Phila. Wilm. & Bait. 328,0(10 Pacific Coast a $363,041 the roads for which we have reports as to the gross Interoceanic (Mex.).. 303,610 Bait. & Ohio Southw . . 229,630 Duluth & Iron Range 302,272 Mont. Mex. Gulf 131,012 but not as to the net. The table is as follows. A Chic. Great Western. 301,230 K. C. Ft. S. & Memph.. 114,261 GROSS EARNINGS OF UNITED STATES RAILWAYS Fitohburg 283,160 Fla. Cent & Benin 105,526 Delaware & Hudson... 277,904 Oreg. RR. & Navigat'n. 105,506 JANUARY 1 TO JUNE 30. Mlnneap. & 8t. Louis... 256,166 Burl. Ced. Rap. &No... 237,158 Total (representing Mexican Railway 232,700 6 roads) $1,048,976 1899. 1898. Increase. .Deereate. Chic.Burl. .feQulncy.... 225,479
t Covers lines directly operated east and west of Pittsburg. The gross on Eastern lines increased $1,785,600 and on Western lines Prev'sly rep'd (172 r'ds) 520.558,717 488,776,0?6 31,782,631 $1,560,700. Additions for ro'ds in- \ a For five months to May 31, being the latest figures reported. eluded in above tot- als for only5 months \ 13,686,266! 12.228,429 1,457,837 whic^i since re- have I ported for June J ITEMS ABOUT BANKS, BANKERS AND TRUST GO'S. Ala.N.Orl.&Tex. Pao — NewOrl. &No East,. 788,553 690,731 97,823! —The sales of bank stocks this week have reached 250 Alabama &, Vioksb. 344.158 334,612 9,546 shares, all of which were at auction. We notice that 50 Vioksb. Shrev. & Pao.. 316,897 330,675 13.778 Chic. Peo. & St. Louis. 425,251 415,216 10,035 shares of "Western National Bank sold 70 points higher than Chic. St. P. Minn. & Om 3,724,54t 4,595,863 871,317 sold Cin. G'rgetown & Ports. 30,727 27,393 3,831 the last previous sale. Not a share of bank stock was Clev. Lorain & Wheel.. 820,381 721,992 98,389 at the Stock Exchange in August. The transactions in trust EvansvilleA Ind'p.lis.. 156,053 142,755 13,298, Kvansville & T. Haute. 632,091 603,160 28,931' company stocks reached 135 shares, also all at auction. A Fl». Cent. & Pen 1,367.024 1,472,550 105,526 Great Northern— noteworthy advance was paid for 10 shares of Guaranty St. Paul Minn. AM... 8,496,124 7,858,774 637,350 Trust, the price being 33 points higher than the last previous Eastern of Minn 1.105,472 716,870 388,594 Montana Central 910,225 998,71? 88,488 sale, which was in May. Gulf Beaum. & Kan. C. 139,887 80,312 59,575 Stiareg. Banks—iVew York. Price. Last previous salt. Hookirg Valley 1,429,406 1,262,45b 166,950 80 Chatham National Bank 3121* May '99— 311 Intemat'l & Gt. North.. 1,694,236 1,661,792 32,444 20 Fourth National Bank 192 Aug. '99— 191''8 Interoceanic (Mex.) 1,9'=>9,800 1,656,190 303,610 100 Mechanics' National Bank 2OOI4 Aug. '99— 210 Kan. City <& Omaha. .. 113,962 124,012 10,050 50 Western National Bank 407 Julv '99— 337 Kan. C. Pitts. &Gulf.*. 1,498,6)9 1,304,218 19 4' 441 Trust Companies—JVeic York. Kan. City Sub. Belt.... 268,157 224,SO0 43,277 50 America, Trust of 271 Aug. '99— 275 Los Angeles Terminal.. 47,974 39,090 8,884 Co. 10 Guaranty Trust 66914 May '99- 636 Louisv. Evans. & St. L. 791,420 727,309 64.111 '99- Mexican Railway 2,325.90( 2,093,200 232,700 75 International Banking & Trust 160 Aug. 1611a Mexican Southern 396,147 339,267 56,880 —As already announced in these columns, the twenty- Mo. Pacific & Iron Mt. . 12,527,551 12,328,170 199,381 Central Branch 533.377 661,262 127,885 fifth annual convention of the American Bankers' Associa- Mobile & Ohio 2,473,700 2,072,217 40i',493 Oregon Short Line. 3,604 863 3,053,452 551,411 tion will take place next week at Cleveland, September 5, 6 Pitts. Bess. L. Erie... & 626,221 503,459 122,762 and 7. The convention promises to be a great success. In Saginaw Tdso. & Hur.. 62,288 .'>4,057 8,231 St. L. Chic. & St. P 164,126 158,741 5,385 view of the prominence given in the newspapers to the strike Bt. L Ken. & Southern. 40,390 29,458 10.932 street-car it proper to Bher. Shrev. & South... 150,198 126,453 23,745 of the employes in Cleveland, seems 80. Haven & Eastern... 16,256 12,456 3,>^O0 say that the reports as to the effects of the strike are without Texas & Pacific 3,720.387 3,521.298 199.0S9 Wheeling & Lake Erie. 758.901 693,561 65,340 any substantial foundation. The statements that street-car Wisconsin Central 2,479,555 2,333.081 146.474 travel in Cleveland is seriously interrupted or dangerous ap- Total (209 roads)... 592,057,163 551,102,991 38,299,999 345.727 pear to be at least decidedly exaggerated. One of our cor- increase (6-85 Net p. 0.) 37,954,262 respondents has just been making a trip through the city, and Miles of roads 166,599 165,251 1,348 he tells us that so far as he can see there is no trouble at all.
• For five months to May 31. He says all the cars are running regularly. The defeated strikers are running scraggly old 'busses and wagons, but In this way, it will be seen, we get a total for 1899 few ride in them. He tells us that no one should be deterred approaching very close to 600 million dollars, and from coming to the convention through fear of any trouble covering 166,599 miles of road. The increase over because of the strike, which is now a thing of the past. We the corresponding six months of last year falls but notice that Mr. William G. Dietz, the efficient and energetic little short of 38 million dollars. It seems perfectly General Secretary of the convention, has felt called upon to write a letter to the same effect to correct erroneous im- safe to conclude, therefore, that for the whole United pressions in that regard. States system of roads, if we had the returns, the gain —Mr. Walker Hill, First Vice-President of the American would be 40 million dollars, as previously estimated Bankers' Association, will probably be elected President of: likely by us, and very two to three million dollars the Association at the convention to be held next week at
' larger. This follows, it should be stated, an improve- Cleveland, O. SEPTEMBER 2, 1899,] THE CHRONICLE. 473
—Three years ago a Trust Company Section of the Ameri- William Schall, Jr., of Miiller, Schall & Co.; William H. can Bankers' Association^was organized, and since then an- Hollister, of Kountze Bros.; John F. Dryden, nual meetings President of of the Section have been held concurrently the Prudential Insurance Co., Newark, N. J.; J. W, Simp- with the conventions of the American Bankers' Association son, of Simpson, Thatcher & Barnum; William G, Park, The third annual meeting of the Trust Section will be held President of the Park Steel Co.; Benjamin at N. Duke, of the Cleveland, 0., September 6. The proceedings will consist American and the Continental tobacco companies; Francis of an address of welcome by Harry A. Garfield, Vice-Presi- H. Leggett, of Francis H. Leggett dent & Co.; Ransom H. of the Cleveland Trust Co., of Cleveland, O.; reply by Thomas, Vice-President New York Stock Exchange; Almeric Breckinridge Jones, of St. Louis, Chairman of the section; H. Paget, Edmund T. Halsey and Edwin Gould. report of the Executive Committee by the Chairman, Anton Q-. —Walter E. Frew, formerly Hodenpyl, of Grand Rapids, Mich., and the reading of President of the Queens County Bank of Long Island papers on selected topics. John W. Barr, Jr., Vice-President City, which institution was on of Monday merged with the the Fidelity Trust and Safety Vault Co., Louisville, Ky., Corn Exchange Bank of this city and made a branch of will read a paper on "Investment of Trust Funds." Francis that bank, was on Wednesday elected a Vice-President of the S. Bangs, of the State Trust Co. of New York, will present Corn Exchange Bank. He will have the active supervision apaperon "The Origin and Growth of the Trust Company of the various branches of this insti- tution. Movement in New York,'' and Charles K Zug, Trust Officer of the Commonwealth Title Insurance and Trust Co., of Phila- —The annual meeting of the Long Island Group of the delphia, will have a paper on "The Origin and Growth of the New York State Bankers' Association was held at Long Trust Company movement in Pennsylvania." One of the prin- Beach on Thursday. The officers of the Group are: James pal topics for M. discussion will be "The best method for promoting Brush, President of the Bank of Huntington, L. I., Chair- Trust Company business." There will be exhibits of various man, and Frank Jenkins, cashier of the First National Bank books of and blanks used by the Continental Trust Co. of New Brooklyn, Secretary. The Executive Committee consists York, the Union Trust Co, of Pittsburg, the Michigan Trust of E. G. Blackford, H. J. Oldrig, Joseph Dykes, E. M. Davis Co. of Grand Rapids and the Northern Trust Co. of Chicago. and Hiram Smith. The present officers of the Trust Company Section of the —Hugh Kelly, a commission merchant engaged in the American Bankers' Association are : Executive Committee, West India trade, has been elected one of the directors of John H. Holliday. Union Trust Co, Indianapolis, Ind.; the North American Trust Co. George H. Southard,' Franklin Trust Co., Brooklyn, N, Y.; —It is reported that two new trust companies are being or- Anton G. Hodenpyl, Michigan Trust Co., Grand Rapids, ganized in this city. One is Mich.; to be known as the Industrial Francis S. Bangs, State Trust Co., New York City; Trust Company of America, with a capitalization of |10,000,- Hpury M. Dechert, Commonwealth Title, Insurance Trust & 000. It is said that the management will be largely Co., Philadelphia, composed Pa, ; Gordon Abbott, Old Colony Trust Co., of representatives of industrial BDston, organizations and of large Mass ; Frank B. Gibson, International Trust Co.' banks and trust companies. Mr. Denver, Qharles R. Flint is reported Col.: Otto T. Bannard, Continental Trust Co., New to be interested in promoting the scheme. Another trust York City and Arthur Heurtley, Northern Trust Co. , Chi company, to be known as the New York, London and Inter- cago, 111. The Chairman of the Section is Breckinridge national Trust Company, with a capital of $3,000,000, is also Jones, Vice-President Mississippi Valley Trust Co., St. Louis, said to be in process of formation. Mo. the Vice-Chairman ; is Otto T. Bannard, President Con- tinental —Peter Rutgers Kissam, an Assistant Cashier of the Na- Trust Co., New York City, and the Chairman of the tional Bank of Commerce in New York, retired from Executive Committee is Anton G. Hodenpyl, Vice-President service Michigan in that institution on Thursday, his resignation to take Trust Co., Grand Rapids, Mich. The Secretary of the effect September 1. Mr. Kissam has been continuously with Section is Arthur Heurtley, Northern Trust Co., Chicago, the Bank of Commerce in various capacities for more than forty-three years. He entered the service of the bank March — The Hongkong & Shanghai Banking Corporation has 7, 1856, as clerk. His been promotion was comparatively rapid. appointed by the War Department a Government de- Within two years he was advanced, first to head check clerk, pository for United States funds in the Philippines. then to assistant note teller and then to assistant receiving — George W. Ely, who has been connected with the New teller. In 1874 he was made receiving teller; in that capacity he York Stock Exchange for twenty-five years, as served Assistant two years, when he was appointed paying teller, Secretary from 1874 to 1883, and since the last-named year remaining in that position for more than twenty- as Secretary, has accepted the position of President of the two years. Recently he was made an Assistant recently organized Bankers' Trust Company, will Cashier, and he re- as noted in this column July 33. Mr. sign from the secretaryship of the Stock Exchange in Octo- Kissam retires with the best wishes of all who have had ber. Mr. Ely is very popular with the members of the business connection with him or been associated with him in Board, he is well and favorably known in the brokerage and bank. One incident in his career as paying teller may banking circles, and his selection for the presidency of the be noted as an illustration of his efficiency in that responsi- Bankers' Trust Company is regarded as an exceedingly ble position. Some years ago the city of Adrian, Mich., over- shrewd movement on the part of the managers of the com- issued a large amount of bonds. A draft was made on one pany. of the trust companies of this city for $48,500, which draft There is no question regarding Mr. Ely's qualifications for was forwarded by express, presented at the trust company, the position. He is thoroughly familiar with Stock Exchange accepted and made payable at the Bank of Commerce. Mr. usages; he has participated in all the hearings before the Kissam critically examined the draft, and, suspecting fraud, Arbitration Committee of notified the Exchange and he has carefully the trust company. Prompt inquiry led to the dis- studied the laws relating to securities and Stock Exchange covery that the issue of bonds by the city of Adrian was transactions. He has also had much to do with the prepara- fraudulent, and prosecution and pu nishment of those guilty tion of the rules and decisions of the Exchange. Before his of the fraud followed. Bonnection with the Board as a member or in an official —Mr. William J. Gilpin, Assistant Manager of the New lapacity he was teller a in the Continental National Bank. York Clearing House, returned to his duties this week after |n 1866 he became a member of the Open Board of Brokers, a fortnight's vacation spent in the invigorating air of Maine. which was subsequently merged with the Stock Exchange, — On September 1 the Nineteenth Ward Bank changed its ind in 1874, as above noted, he was appointed one of the clearing house agency from the National Shoe Leather issistant & secretaries of the Exchange. Bank to the National Park Bank, The directors of the Bankers' Trust Company will be —The announcement that the Produce Exchange Trust George W. Ely, the President; Gilbert M. Plympton, of Company would, on and after August 31, withdraw from the pedmond, Kerr & Co.; George Coppell, of Maitland. Coppell privileges of the New York Clearing House, which privileges fe Co,; D. Crawford Clark, of Clark, Dodge & Co.; Bayard it has enjoyed through its clearing agent, the Western Jominick, of Dominick & Dominick; Albert E. Goodhart, National Bank, caused some surprise. The officers of the |»f P. J. Goodhart & Co.; Percival Knauth, of Knauth, company assign as a reason for the course above noted that Ifachod & Kuhne; John Walter Wood, Jr., of L. von Hoff- the portion of the business that required a clearing agency Qanu & Co.; Francis S. Smithers, of F. S. Smithers & Co.; is small, that under the clearing system returns from [Vol. LXIX. 474 THE CHRONICLE.
day, and the fortnightly settlement, which ended on Wednesday even- their agency were unobtainable until the following to ing, the general impression was that the time had come for a that the company preferred, as a matter of convenience, Tuesday after- it should be set- back. A slight set-back did take place on settle their business over their own counter, Ex- noon and Wednesday morning. But on Wednesday afternoon noted that Mr. William A. Nash, President of the Corn of Trustees the rise began again and prices advanced, not sensationally, change Bank, is not now a member of the Board a few but still generally. of the Produce Exchange Trust Co., having retired Vice-Presi- Even in the South African department there has been a months ago. Mr. Timothy Hogan, one of the recovery this week. The foitnightly settlement showed that died recently, sd that Mr. Thomas A. Mclntyre and dents, stocks Vice-Presidents. there is practically no "bull" account open. Whether Mr. S. D. Scudder are the only remaining have been paid for and taken up by means of borrowed money Mr. Turner A. Beall is the President of the company. it is impossible to say. But the general impression in the Realty, Bond, Exchange and —The name of the New York Stock Exchange is that very few shares are held on borrowed changed to that of Trust Company of this city has bten money. The speculators closed their accounts long ago; Company, and the busi- the Central Realty, Bond and Trust investors are clinging to their stocks, acd thus there has to 65 Liberty Street, ness is now conducted in the building 59 been neither selling nor buying for a considerable time until formerly located. The where the Real Estate Exchange was Tuesday, when a little activity showed itself. On Wednes- Morgenthau; the Vice- President of the company is Henry day there was a decided advance in prices, that has taken Thorwald Stallknecht; the Presidents are Hugh J.;Grant and place in spite of the military preparations that are going on Secretary is Ernest Ehr Treasurer is W. J. B. Mills and the on both sides. But evidently the impression of the great are F. P. Olcott, President of mann. Among the directors mining houses is that there will be no war, and that after a President National the Central Trust Co.; James Stillman, prolonged negotiation President Ktiiger will give in. City Trust City Bank; John D. Crimmins, Vice-President One other cause of the stagnation of the stock markets may Corn Exchange Bank; Co.; William A. Nash, President be referred to. It is the extraordinary prosperity of trade. Anthony N. Brady, Henry O. Havemeyer, James N. Jarvie, All who are engaged in trade are employing the whole of Southack, Michael Cole- Augustus D. Juilliard, Frederick their resources in their own businesses, and bankers and man, James H. Post and Alwyn Ball, Jr. great capitalists are lending little upon the Stock Exchange The result is that the —It was announced in this colnraa August 5 that the and supplying trade very freely. employed upon the Stock Exchange is stockholders of the Bank of Louisville, Ky., capital |390,(00 amount of money now to and the fear is that even if business were to and surplus of $84,231, had on July 2S voted voluntarily unusually small would remain scarce and dear and liquidate, and that on the next day arrangements were made spring up again money .«250,- very much hampered. with the Southern National Bank of Louisville, capital speculation would be and directors of the Bank of England have this week made 000, to purchase the building and business of the bank The rate of discount. It was generally thought to liquidate the institution. A circular by the President of no change in their raise the rate, inasmuch as money the Bank of Louisville to the stockholders of the bank, under probable that they would dear in Berlin. For some weeks the date of Aug. 14, announces as the result of the agreement is again becoming discount in the open market above noted with the Southern National Bank, the declaration rates of interest and of have been pressed down unduly because bankers by the directors, and the immediate payment, of a dividend in Berlin the proceeds of loans raised by various 100 per cent on the $390,000 capital of the Bank of Louisville. held very large sums, recent months. Gold in con- The President says that " while nearly all the quick assets of German governments during considerable amounts to London, the bank have been exhausted in realizing this dividend, sequence was shipped in Imperial Bink raised its rate of discount there remains a very considerable amount of slow assets and to stop this the shipments continued until the middle of which will be realized on in time and justify further divi- to 5 per cent. The Wednesday there was a considerable fall dend?." It may be noted that the stock of the Bank of this week, but on London, and it is now thought that Louisville has sold for more than a year at 70 and even as in the exchange upon shipments have ceased. It is understood that the govern- low as 65. The quotation in our August Supplement was the draw considerably upon their balances 70@75. ments are beginning to in Berlin. Furthermore, money is more required for moving '^onttKxm^ommtxciKl%nQlisU%tvos the crops, the outflow from Berlin to the interior being very considerable just now, and Russia U likewise drawing upon Petersburg [From our own oorrespondent.] Berlin to relieve the financial difficulties in St. London, Saturday, August 19, 1899. and Moscow. weeks ago there was a very heavy failure in St, The discovery of a conspiracy in France to upset the Repub- Some Petersburg. The largest private banker in Russia failed, it lic, the consequent arrests, and the attempt to assassinate M. believed, chiefly through overtrading, especially in the Labori, has not had much influence upon the stock markets. it creation of new industrial companies. His liabilities amount The Paris Bourse is completely stagnant. One of the great- to nearly millions sterling, and it is believed, although est of the outside brokers stated to the present writer a day \% his assets are very large and probably 75 per cent of every- or two ago that never in his recollection has business been so thing he owes will be realized, yet for the time being heavy utterly stagnant. There is literally no speculation and there losses have fallen upon several banks in St. Petersburg and is so little investment that few brokers think it worth while Moscow. The Stock Exchanges in both cities have become ; to remain in Paris. alarmed, and there has been a sharp fall in all stocks \ But outside of France the world has grown so accus- dealt in there. The Finance Minister has issued an September 2, 1899.] THE CHRONICLE. 475 H not probable that the Bank of France will part with Englfsli Financial Markets—Per Cable. much gold. The daily closing quotations for securities, etc., at London The India Council continues to sell its drafts very success are reported by cable as follows for the week ending Sept. 1. fully. It oflEered for tender on Wednesday 40 lacs, and the applications exceeded 637 lacs. The whole amount offered London. Sat. Mon. Tues. Wed. Thurs. Fri. was allotted at prices ranging from Is. 3 31-32d, to Is. 4d. per ig rupee. Sliver, per ounce a. 27 12 277,8 2738 27 27 16 273is Oonsole., new,2^p.ct8. 10513i6 IO5I2 105% 105H-,f IO514 The following return shows the position of the Bank of * For account 10513.6 105 13 1061i« 106 10415,8 England, the Bank rate of discount, the price of oonsolt, Fr'ch rente8(lnParl8)fr. 100-20 002712 00'67i2 10075 00-57i« &o., compared with the last three years: Bpanish 48 58£^ 58% 58ii,6 591-^ QOH Atch. Top. & Santa Fe. 23'8 23 12 23ifl 233^ 23 3g 1899. 1898. 1897. 1896. Preferred 68 14 681s 6738 6PI3 6758 Aug. 16. Aua. 17. ^uo. 18. ^uy. 19 56I4 £ £ Baltimore & Ohio 58 571a 56 571? £ a 76I4 Olrcnlatlon 28.724.265 $8 012,030 27,893,400 27.336,085 Preferred 77% 76 14 7612 76ifl Public deposits 7.046.064 7,802,H0S 7,767,911 7,i36.20l Canadian Pacific 99 14 9912 P978 9973 9979 Other deposits 40,87*.370 42,440,103 38,8i>7,238 66.104,OiH Central Paoiflo 60ifl tO^ 59% 61 60 ^s QoTernment secnrttles 13.0';4.858 13.868,643 13,iao,9(-0 14,P66,9n5 Chesapeake Ohio 30 30 29»s 30 29% other securities 80.774,206 26.480,936 & 30,784,743 28,'<38,i'5.S Mil. 1375? 13738 13758 I375& Ohio. &8t. Paul.... , 1375ji B«8erve of notes and coin 22.272.573 28.772.83? 24,965.308 86.939 c:n6 Coin Abulllon, both departm'ts 34.196,838 34,884,867 S6,058,'08 47,474,951 Den. & Rio Gr. com 24ifl 24ie 2338 24 14 2414 79 Prop, reserve to liabilities, p.ct. 46 5-16 47^ 53 7-16 58 1 6-18 Do do Preferred.. 79% 79% 14 79% 79% Bankrate percent. 3« 2^ 2 2 Erie, common 1438 14ie 14''i» I518 143i Consols. 106"^ 294 per cent 1105^ lUH 113 15-16 l8t preferred 40 39 14 4OI4 4118 401* Sllrer; 27Ha. 27^3. 2)^q. SO^ri. Illinois Central a 119 II8I9 119 119 119 OiearlnK-House returns 184,333.(01 161.8 8,000 171.729.000 155.38/,000 o 84i« Louisville & Nashville. 84iu 8313 8314 ' 83iif The Bank rate of discount and open market rates at the Mo. Kan. « interest Open Market Rates. aUoio>o Imports and Exports for the Week.—The following are « for dtpnsits 6i London. tin the imports at New York for the week ending for dry goods Bank Bills. Trade BUls. Joint Dia'tH- Stock At 7-H Aug. 24 and for the weekending for general merchandise 1 3 Months. 4 Months 6 Months. 3 Mos. 4 Mos Banks Oof; Davi Aug. 25 ; also totals since beginning first week January. July 21 3N 3?^®3 7-lf 3« 4 " FOREIGN IMPORTS. 28 3^ 3^ SH SH 3?i 3H 476 THE CHRONICLE. [Vol. LXIX. York City Clearing House Banks.—statement of New York City, Boston and Pbiladelphia Banks.—Below New Clearing- condition for the week ending August 26, based on average we furnish a summary of the weekly returns of the City. Boston and Pbiladelpbig. of daily results. We omit ttoo oivhers fOOj in all cases. Bouse Banks of New York Banks. Capital Surpl's Loans. Specie. Legals. Deposits BAXKI Survlut. Loan*. D«*o«4t«.t 0 September 2, 1899.] THE CHRONICLE. 477 buying 1-16 discount, selling 75c. per $1,000 premium.' ^auluers^ ©a^jette* Charleston, buying 1-16 discount, selling 1-16 premium' New Orleans, bank, 50c. premium; commercial. $100 dis" DI VIDENDS. count; Chicago. 55c. per $1,000 discount; St. Louis. 75c. per 1,000 discount; San Francisco, 10c. per $100 premium. Name of Oompany. When Books closed. Payable. (Days inclusive.) United States Bonds.—Sales of Government bonds at the Board include $22,500 4s, coup., 1925. 130i^ at ; $500 4s, Railroads (Steam). coup., 1907. at 113; $16,000 4s, reg., 1907. at 112^4 : Atlanta & Charlotte Air Line... 3 Sept. 6 to $1,000 5s, coup., at 1111^; Boston & Albany (quar.) 2 Sept. 30 to $76,0( 3s, coup., at 108J^ to 108-5^ and $700 108i<. Chic. & North West., prf. (quar.) 1% Oct. 6 Sept. 22 to Sept. 28 ditto small bonds at The following are the daily clos- Delaware & Hudson (quar.) 1\ Sept. 15 Aug. 31 to Sept. 15 ing quotations ; for yearly range see seventh page following. Little Miami, guar, (quar.) 2 Sept. 9 Sept. 1 to Sept. 8 Portland & Runif. Falls (quar.)- 1 Sept. 15 to Rio Grande Western, com 1* Sept. 30 Interest Aug. Aug. Aug. AUQ. Aug. SepL Union Paciflc, pref 2 Oct. 2 Sept. 10 to Oct. 10 Periods. 26 28. 29 30 31. West Jersey & Seashore 2^2 Sept. 15 to 28, reg. -Mch. *100i3 Street Railways. •lOOifl *100is •100 ifi 1001*' 100 1« Union Elevated (Chicago) Sept. to 3s, 1918 reg. -Feb. *108ifl nosis •lOSHi *108i2 lOSi^lOSi* .Vliscellaneoos. 3s, 1919 coup -Feb. ICSifi 10834 *108i2 108\ losi^nosii Cambria Iron 2 Oct. 22 to 3s, 1918, small reg. -Feb. Continental Tobacco, pref Oct. 1 Sept. 16 to Oct. 38, 1918, small, c'p. -Feb. *io8" 10814 *\6h' -ids' 108 *108 1% 2 •112J4 Maryland Brewing, pref 3 Sept. 25 Sept. 2 to 4s, 1907 reg. -Jan. '11214 '11214 11214 xim *llli4 4s, 1907 coup. -Jan. *113 *113 Republic Iron & Steel, pref. (qu.) IV «)ct. 1 Sept. 16 to Oct. 1 *113 *113 113 113 Rubber Goods Mfg., pref. (quar.) 1% Sept. 15 Sept. 6 to Sept 14 4s, 1925 reg. -Feb. *130 *130ie *13Ci8 *130l6 13016 '130ie 48, 1925 coup. Virginia-Carolina Chem., com... 1 Sept. llAug. 25 to Aug. 31 -Feb. 130 '130 ifl 130ifi 1301a '130ie *130i« West Side Construction. $4 Sppt. 5'8ept. 2 to Sept. 4 5s, 1904 reg. -Feb. IIII2 mils IIII2 miifi iim mi»« 5s, 1904 coup. -Feb. lll»s *llll2 ' Payable in preferred stock at par. mils mils lllH mii« ' This is the price bid at the morning board ; no sale was made. WALiIi STREET. FRIDAY. SEPT. 1. 1899.-5 P. M The Money Market and Financial Situation.—The record State and Railroad Bonds.—Sales of State bonds at the of sales this week at the Stock Exchange includes a larger Board include $2,000 Tennessee settlement 3s, small bonds, number of different issues than of late, and very near the at 95, $21,000 Alabama class A at 109i^to 109?^ and $16,500 largest ever reported. Interest in the market for shares is Virginia fund, debt 2 3s of 1991 at 86 to 873^. broadening, and many hitherto inactive stocks are becom- The market for railway bonds has been generallv steady, ing more prominent. Our review of the stock market shows with transactions at the Exchange averaging about $2,0 0,- that the advance in prices has been chiefly confined to low- 000 par value per day. Missouri Kansas & Texas 2ds were priced issues, and that largely increased railroad traffic is by far the most active, and advanced 2 points. Atchison now affecting that class of securities. Traffic returns from adjustment 4s advanced over a point on a demand which all quarters reflect unprecedented activity in railway circles. brought out a large amount of the bonds. Oregon Short News from abroad, especially such as relates to the politi- Line issues were conspicuous for activity and an advance, cal situation, has been regarded with interest. American which in the case of income A 5s amoimted to 6 points securities were sold freely for London account early in the on the proposed plan of exchange for Union Pacific issues. week, but were readily absorbed in this market. The fact Other changes were nominal in the active list. The latter that offerings are more limited as the week draws to a close includes in addition to those already mentioned, Baltimore is supposed to reflect a less sensitive condition abroad, and & Ohio, Colorado Midland, Erie, Kansas City Pittsburg & the Bank of England statement given out on Thursday is Gulf, Colorado Fuel & Iron. St. Louis Iron Mountain & the most favorable one recently issued by that institution. Southern, St. Louis Southwestern, Southern Pacific, Union OflFerings of commercial bills are increasing in the market Pacific and Wabash issues. for foreign exchange, the supply even now is in excess of Stock and Bond Sales.—The following shows the volume the demand, and rates have declined. The money markpt of business in stocks and bonds on the New York Stock Ex- has been firm in anticipation of September first settlements, change for the past week and since Jan. 1 but there seems to be no evidence of a scarcity of funds, Sales at — Week end. Sept. 1. —Jan. to and if reports are true in regard to the large offerings — 1 Sept. 1.—* by jV. T. Stock Kxch. 1899. 1898. 1899. 1898. Western banks, it seems likely that the supply will continue Government bonds... $116,700 $645,100 $7,451,220 $11.694,5a0 good. State bonds 39,500 437.000 1,727,300 1.990,700 KR. and misc. bonds. 10,956.000 15,878,700 651,650,100 556,571,510 The open market rates for call loans on the Stock Exchange during the week on stock and bond collaterals have Total $11,112,200 $16,960,800 660.828,620 §570,256,780 ranged Stocks—NO. shares 2,703.563 2,351,30(1 122,76.5,120 70,289,758 from 2% to 4 per cent. To-day's rates on call were 3 to 4 Par value $257,797,700 $231,033,200 $ll,.S96,59tJ,500 .$6,801,292,525 Bank shares, par value $550 per cent. Prime commercial paper quoted 4\4 to 5 per cent. $317,950 $127,560 The Bank of England weekly statement on Thursday We add the following record of the daily transactions showed an increase in bullion of £694.142, and the percentage Week ending Stocks. . Railroad, 478 THE CHRONICLE.—STOCK prices (2 pages) Page 1. [Vol. LXIX. New York Stock Exchange—A Daily, Weekly and Yearly Record. 8T00K8-HiaHB8T AlTD LOWEST SALE PBIOES. Sales Bange for year 1899. Bangefor pr«rt- STOCKS. qfihe On basis of roo-sh're lots otM year a898> Sattirday, Monday, Tuesday, Wtdnttday Thursday, Friday, Week. Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. 1. W. Y. STOCK EXOH. Shares Lowest. Highest, Lowest. Highest, Railroad Stocks. •18 19 •18 19 •18 19 •18 19 18 19 •18 19 A nn Arbor 14 Apr 89 18 J'ly 19 11 Apr •4C!4 41 41 40 41 •40 41 40 41 •40 41 *V Do pref. 100 36 May 8 4356May 83 84 Jan 23 23 23« 22« 23>6 2296 23 2296 2356 2296 23% Atoh. Topeka & Santa Fe. 87,66£ 17 May 9 2474Feb 23 lOMApr em 66^ 67H 65M 6696 8556 6654 6556 6696 61^ 665t Do pref 143,41{ 5096Jan 7 68%Aug 24 22^Mar f6 86^ 5694 54 5594 5454 5494 5494 5554 55 6594 Balt.&Ohio,vot.tr.cei tf s. 8,305 43%J'ne 82 61)6Apr 13 81 Oct S8)6I>M 74« 74 74k 7394 7394 7396 74 7354 74 7356 74 Do pref 6,150 6754J'ne 31 7956Jan 37 Oct 79)4Dm 103 lOiH 103^10494 10396 10694 105H 10754 10554 10794 103W 10594 Brooklyn Rapid Transit. . 255,277 7794Jan 3 137 Apr 15 Mar 78%D«fl •82 32 •32 •32 •33 •32 Buffalo Booh. & Pittsburg 3054Mar 24 35 Feb 4 Mar 34 Sep •74 76 76 76 74 »75 •7554 •7654 Do prof. 100 69 May 9 78 Jan 14 May 76)6Sep •97 98 97 97 97 97 •9754 98 9796 9796 •9656 9794 C' 176 l78 176 178 17654 17656 176^ 177 17756 17954 178 17896 el. Lack. & Western. . 6,S80 157 Jan 7 181 Aug 2 140 Oct 159 Feb 2l)6Dea 8396 239t 2396 24V6 22% 2354 2356 2396 2354 2356 28 239( Denrer & Rio Grande. , . , 6,035 1856Jan 7 2696Apr 27 10 Apr 2" 7794 78 7794 78 77 7754 7754 7796— 7754 7756 7754 7754 Do pref. 3,440 6856 Jan 11 80 Apr 40 Apr 71961>ee SIM 21!4 2154 21% 21 2156 2056 2154 •2094 2154 •SI 2156 Des Moines & Ft. Dodge. l,lo0 1354J'ne 1 33)6Jan 3 8%Apr 23)6Dee 6H 594 69i 6 556 554 596 596 '554 6 1494 494 Dul. So. Shore & Atl 860 3 Apr 11 654AUK 24 296Aug 3)6Deo 1696 1696 16H 1694 1556 15% 15 15 1456 1456 1494 15 Do pref 3,695 794Jan 30 16%Aug 25 5 Apr SJiAng •1894 14H 14>i 1454 1354 1!>% 14 1454 1496 14^ •14 1456 Erie 1,522 1856J'ne28 16)4Jau 19 11 Apr l6)4Feb 88% 36% 39 30 3856 38V4 3856 89 3994 397^ 8996 399t Do 1st pref 3,914 3354J'ne 21 42 Jan 24 2954APT 4396Feb •18 20>6 •1856 2056 20 •18 2054 518 18 •18 20 Do 2d pref. 60 16)4May 8 22)6Jan 3ii 15)6Apr 3l96Feb 45'" 44i< 44« 44H 415« 45 45 44% •44 45 44 44 BvansT. & Terre Haute . 1,933 36 Mar 38 4554Aug 18 23 May 4196Dee fll 91 94 95 96 95 96 9656 9656 9754 9754 Do pref 1,519 70 Jan 97548ep 1 40 Jan 72)6 Dee 28 32 •27 33 Flint & Pere Marquette. 17 Jan 3254May 15 10 Mar 1894 Nov 58 6056 •61 •60 60 Do pref. 4 3)6Jan 65 May 19 36 Aug 49 Nov 22« 22>6 Ft. W. & Den. C, stamped. IOC 14 Aug 25 Jan 5 115 Nov 28 Mar 27 2794 28 28 27 27 •27 28 27 28 Ft. Worth & Rio Grande. 680 14 Feb 30 Mar 2^ 10 May 17)6Deo J'ly 180 J'ne 168 168 •1671^ 16854 167 168 166 16756 16654 18654 168 166% / ;ireat Northern, pref. . . 8,152 14854Jan 195 Mar 13 tl22 7« 754 756 7 796 'r'nB.&W.,debt cf8."B' 14 5 May 9 Jan 28 3)6J'ly 756Dee 7H *34" 2954 29H 30 3C 3094 3254 3354 35 "35% 3554 36 TTocklng Valley 10,'91 28 J'ly 18 36 Sep 1 «3)>i 645^ 6456 6494 64 669t 6456 6594 6556 65% 65 6594 Do pref. 12,385 5454May 13 65%Ang 81 &1594 116 11594 116 11556 11554 115 11554 11556 11654 11594 116M Illinois Ceulral. 4,193 110 J'ne 122 Jan 23 96 Apr ll596Dea '1494 1554 51456 1456 14 145t 14>6 1454 14% 14% 14 15 L owac Central.. 1,445 10)4Mar 7 1594Aug24 754Mar 11)6 Dee au54 61 61 6154 5856 6O54 5856 59 595« 6954 6856 5354 Do pref 8,492 42)6May 31 6252Aug 25 25 Apr 4256Deo 11?8 12 12 16 18856 NT. 1194Mar 1596Jan •1856 1456 14 14 13 1494 1356 149i •1394 1454 1456 1496 N.Y. Chlo. & St. Louis. 800 12 J'ne 29 1994Jan 23 65 75 68 75 •69 75 •68 '68 •68 75 Do Ist pref. 65 Mar 79 Jan 23 73 Feb 76 Jan 75 75 Mar 40MJan «8494 3494 3456 3456 •8356 34% 84 8496 34 34 34 85 Do 2d pref. 1,010 29)6May 24 41 Jan 23 28 New York & Harlem 5360 Jan 25 5390 Mar 14 5330 Jan 5358 Oct (120 Apr 5188 Not N T. Lack. & Western. . . 129)6Jan 27 S138%Marll •314 5222 Apr 20 517854Jan 201 Dee 219 {21856 81856 •816 219 217 220 •816 220 1318 219 N. y. New Haven & Hart. 180 5198 Jan 19 l9%Dee 8756 8694 27V6 2694 37 2696 27 3e% 2796 26% 87 N. Y. Ontario & Western. 21,672 1896Jan 3 28%Mar 8 1396Apr 275i " l996Dee 26% 37-- 2654 2554 2656 26 Norfolk & Western 24,835 1796Mar 17 2896Aug 23 1154Apr 54 2594 26)6 2754 26)6 8694 42)4Mar e3%De< 73 72-M 73V6 7156 7256 72 78 7254 7256 71)6 72)4 Do pref. 6,837 6196Jan 6 74'.4Aug 23 57)6Aug 84 19 Feb 4454De« If' 5756 5696 5756 5554 5654 56 5696 5654 57 56 56% Nor. Pao. Ry., vot.tr. ctfs. 65,617 4296Jan 7 79%Be« 7856 78 76 77 77% 7754 78 7794 78 77)6 77% Do pref. 9,197 73 J'ne 1 81)6Jan 86 66%Mar J an ei^Aoc 48 4854 4756 4H94 •4794 48H 47 4854 47 47 •46 47)6 Or.RB.&N.Co.vot.tr.cfs. 1,200 38 J'ne 2 53 Jan 83 86)6 66)6 lUar 78 Not 77 77 76 7756 7756 7756 §77 77 7756 77)i Do pref., vot. tr. ctfs. 336 6894 J'ne 16 77)6Aug 30 •46 47 4' Coast Co 2,770 38 May 11 51 Jan 86 349iJ'ne 48H8ep 47 4756 48 48 4754 47 47)4 •46)4 48 Pactuo 91 J'ne •84 •85 •85 Ist pref 130 84)6Apr 18 90 Feb 20 79 Deo 88 85 90 90 8794 8794 •86 90 90 Do 69 6354 6354 63 65 •63 64 6S56 Do 2d pref 1,690 58)6J'ly 5 6794Feb 21 57 Nov 8«V 6554 6656 6556 63)4 6596 11094Mar 138%D*e 18596 18596 1359618656 185 135% 13856 13556 13554 135% 135 18654 Pennsylvania. 14,112 122%Jan 5 148 Jan 83 63%Dee Cin. Ohio. 48 11 88 Jan 23 88%Jan 7756 7756 7796 78 7754 77% 57 7754 77 7754 77 7754 Plttsb. A St. L. 5,785 May 84)6l>ee •9656 98 98 97 99 98 99 99 •9794 99 Do pref. 900 80 Feb 10 100 Aug 17 57 Mar 98J4 9854 l5)6Mar 8896Uaa •3896 23 2296 2254 28 2256 22 23 2254 22'4 28)6 22)6 ~D eading, voting tr. ctfs. 3,220 1996May 18 35 Jan 84 Mar 6494 D<0 6256 6294 61% 6354 61 61% 6196 6194 6194 62)4 62 XV Ist pref., vot. tr ctfs. 40,935 5l94Jan ~ 68)6Apr 4 36 60H 17940ct 29 Jtil •3454 3494 3394 8454 3394 3894 38% 33H 38% 34 32% 33)6 2d pref., voting tr ctfs. 6,7151 26)6Jan 7 8854Mar 23 1f All assessts. paid. Bid and asked prices ; no sales on this day. §Le88 than 100 shares, t Ex div. acd rights, t Before payment of assmt. OUTSIDE SECURITIES (Given at foot of 7 consecutive FAQm).—87REB7 RAILWAYS, <&g. As> Mtrect Rallvfny. Bid. Ask. Street Railway. Bid. Ask. Street Rall^rayo. Bid. Ask. Street Ratlwaya. Bid. 114 . 1st 5s '43..J&J JllO NBW YORK CITY. Chrlgt'p'rA 10th 8t-Stock 170 175 Ninth Avenue—Stock. . 180 190 Westohest Bieeck St Si Ful F—Stock. 3S% 41 Col* 9th Ave 58-Se« Stock Bxohl Ist. Second Avenue—Stock. . 208 820 . 58 1909. 109 11056 BROOKLYN. lit mort 7s 1900. . J&J loi;^ 103 Dry D K B & Bat—Stock. 150 163 1st mort .M4N 1948.. 120 181 Atlan. Ave., Ist 6s.. A&O no7 7th Ave Stock. 380 • • • 1st gold 5s 1933... J&D 117 120 Consol. 5s, .F&A B'way & — 116 lltmor 5s 1904... J&D 104 10556 Scrip 5s 1915 F4A 103 105 Sixth Avenue—Stock 203 230 Con 5s g 1931 A&O lis 95 100 tdmor 68 1914.... J&J 108% 112)6 Blghth Avenue—Stock... 400 Son Boulev 5b 1946.. J&J 4118 114 Impt 5sg 1984 J&.1 B. B. 4W.H. 5s 1988. A&O 101 Oon &i 1948—See Stock Bxch . Ist. Scrip 88 1914 108 So Fer 1st 6s 1919.. A&O «110H 113)6 845" /S'ee tJtock Bxoh list. Brooklyn City—Stock.... 844 B'waySar 1st 5s gn. 1924 115 117 42d & Gr St Fer—Stock. . 400 480 Third Avenue— '96 5s 1941 J&J 117 Id Dslnt as rental. 1905 105 106 42d St Man & St N Ave. 80 84 38th & 29th Sts Ist 5s. . }114 116 Consol BklynCro8Btn58l908.J&J 105 Central Crosstown—StooS 360 370 Ist mort 6s 1910.. MAS 117)6 118 Twenty-Third St—Stock. 395 * • • 104 lltM6t 1922 M&N «180 8d Income 6s 1915. J&J 88 91 Deb 5s 1906 J&.T 106 108 BklnHgtslsl 68 1941 A&o Stock... 190 800 iJ'kyn Co.& Sub—See St ckBx. list. C in Pk N A B Riv—Stock 195 Lex Av& Pav F 5s-See Stli Hxch 1 IRt Union Railway— Q 'i'i.VhA Rirlvr Rao Tran.—See 8M) ok Hi. Ll»t Donio) 7(1 1903... J&D iflS iio Metropolitan—See Stock KTOh 1 Int. flnlon Ry mt 5s 113 n6 . .. . ., .'...... 3 Sept. 2. m9.] THE -STOCK PRICES CHRONICLE (2 pages) Page 2. 479 BTOOKS-HieHMai AND LOWSSt 8ALM PBIOB8. ScUe* Bange for year 1899. lumge forpre- Saturday, of the On basis ifonday, Tueiday, Wednetday Thursday, f^iday, STOCKS. ofno-sh're lots viotis year (1898), Aug. 26. ^u< •79)4 81 82 83 §84 26%Jan 4 4 8% Feb 3 38 May 38 6 83% 84 Do pref. 2,450 66 8 Anc *5H 6 •5)4 •6)4 6 •5% 6 •6% Jan 83%Aug 81 50%Mar 69; 480 THE CHRONICLE—BONJ PKICES (5 pages) Page l. [Vol. LXIX. BONDS. Pnce Week's Range BONDS. Price Week's Range Friday Range or since S'« Friday Range or 1^ since Co N.Y. W.Y.STOCK EXCHANGE Sept. 1. Last Sale. Jan. 1. STOCK EXCHANGE Sept. 1, Last Sale. Jan. 1. Week Ending Sept. I. Week Ending Sept. 1 Bid. Ask Loic. High. No. Low. High Bid, ASk. Lotc. High. No. Low. High Alabama Cent. Sc< Sou Rj. Chic & Alton (Con)— 102J-^ labama Mid 1st on g. 1928 M-N 98^ 101 J'ne'99 98 Miss RivB 1st sfg 6s.. 1912 A-O Albany &SnBq. SccD&H. Chic Bur & Nor. SeeCB&Q. Allegheny Val. See Penn Co. Chic Bur & Q—Con 78 ... 1 903 J- •113^ 114 Ang'09 113% 117« Am Dock & I. SfeCenofNJ. Sinking fund 5s 1901 A- 105 Mar'99 104% 105 AnnArlorlgtg4s 1995 Q-Jt 9S Sale 9j 96 30 87?i 96« Debenture 5s 1913 M- •ii'iii 11214 11134 Aug'99 109i>i 113 Atch T & S Fe gen g 4s. .1995 A-O 102H Sale 102>^ 102% 177 99% 103Jg Convertible 5s 1903 M- 138 J'ly'99 125% 151% Registered 1995 A-O 101 Mar'99 100 1021^ Iowa Div sink fd 5s ...1919 A- 119H 1165i J'ne'99 115% 11651 Adjustment g 4s 1995 Novt 88Vi Sale 87?i 88^ 423 78 88\i 4s 1919 A- 107H 107 J ly'r9 105 107 Registered 1995 Novt 83 Feb '99 83 Denv Div 4s 1922 F 103 102^ 102?^ 19 101% 105 Equip trser Ag 5s 1902 J-J Southwestern Div 48.. 1921 M- 100 Apr'99 100 105 19 If Chic& St Lou 1 St 6s.. MS Chic & Iowa Div 5s. . . .1905 F 105 Aug'99 105 105 AU At Bklyn imp g 5s .. 1 934 J-J 110 Jan.'99 108 110 Nebraska Bxten4s 1927 M 113M 113>g 1>3H "o 105% 113% Atlan & Danv Ist g 5s. .1950 J-J '100)-S 100!^ Aug'99 100)-^ 102 Registered 1927 M 111% J'ne'99 111% 111% Atlanta & Char. See Sou Hy. Han&StJos con 6s.. .1911 M •12314 124 J'ly '99 120 124 Austin &NW. See.SoPsc. Chic Bnr & Nor 1st 5s. 1926 A- 106% 106% Aug'99 105% 108 Creek & S. Sre Mich Cen Chic&EIll. Istsf cur 68.1907 J- 114H 114« Ang'99 114 116% Bat 198 alt & O prior 1 g 3J*s.l925 97M 97H 97M 97« 9556 100% Small 1907 J- Registered 1925 J - J 1st conges 1934 A- 137}i 137^8 Aug'99 134 138 Gold 4s 1948 A-Ot 101 Sale iboji 10 iii 253 98 102^ Gen con 1st 5s 1937 M- 115^ 115% 11514 109% 117% Registered 1948 A-Ot Registered 1937 M- 10314 NoV98 BaitB'ltlstg5smtgu.l»90 Vl-N i'o's" Dec"''98 Chic & Ind C Ry 1st 5s 1936 J 107 Aug'99 107 107 WVa&Plstg5s 1990 A-O Chicago & Erie. See Erie. MononRiv Istgug5s.l91fc F- Chic Ind & Louisville — Cen Ohio R 1st c g 4i^^s 1930 M- 111 J'ne'99 1081-^ 112 LouisvN A&Ch 1st 6s.. '10 J- 115 116ii 1169i 115% 114)4118% Pitts & Con 1st g 4s. .. 1946 J - J 107"^ J'ly'98 ChicInd&Lrefg 5s. .1947 J 100 .... 99% 100 92 108)4 B&OSWlstgug4i^s.l«90 J - J 108 Mar'99 107% 111 Refunding g 6s 1947 J 106 .... 108 108 104 119% B & O SWRy cong 4}^sl993 J-J 94 Jan.'99 93% 94 Chic Milwaukep & St Paul— latino g 5sser A 2043 Novt 32J^ Jan.'99 32^ 32^ M & St P— 1 st 7s $ g R D.'02 J 170 170>i^ J'ly'£9 161% 171% Series B 2043 Dect 12 Feb '99 10% 13H' 1st 78 £ gold RD.... 1902 J 170 B & O S WTer Co gu e 5a.'42 M-N lstC&M7s 1903 J 170 170 Aug'99 160% 170 Ohio&Misslstcon4s.l94T J - J 112 Jan.'99 108H 113 Chic Mil & St P con 7s.l905 J- •170 170)4 Aug-99 160 171% 2d consols 78 1911 A-O 1281^ May'99 123 130^ 1st I & D Exten 7s 1908 J '170 170 J'ly'99 161 171 •119 1st Spr'gfleld Div Ts.l905M-N 103M Aug'99 103 106 lstSouthwestDiv6s..l90v- J- 120 J 20 112% 122% 1st genera' 5s 1932 J -D 89 Feb '99 89 89 Ist La Crosse & D 5s.. 1919 J- 120 Aug'99 120 120 Beech Creek. See N Y C 4 H. 1st So Minn Div 6s. ... 1910 J •120^ 121 Aug'99 118% 123% Bel & Car. See Illinois Cent.. 1st Hast &D Div 7s... 1910 J 129« 120)4 Aug'99 129 132% Boonev Bridge. S Ist pref income g 5s . . 1945 Oct.* 41 42 43 20 38 44>4 WiE ona & St Pet 2d 7s 1907 .M 124 J'ne'99 124 124 2d pref income g 5s ... 1 945 Oct.* 12 Sale 12 12 5 11 15 Mil& Mad 1st 6s 1905 M 117J^ Feb '99 117% 117% 3d pref income g 5s... 1945 Oct.* 5 B 6^ Aug'99 6 7^ Ott C F & St P 1st 5s . .1909 M 113 111 Jan. '99 111 111 M&NDivlstg5s 1946 J -J 95 Dec '98 NorthlUinoislst 5S...1910 M 113 114 114 113 114 Mobile Dlv 1st g 5s.. ..1946 J -J 96 J'ly'98 Mil LS&Wlstg6s... 1921 M lilli 141% Aug'99 139% 143 MidQa& AtlDiv5s.. 1947J-J 102 J'ne'99 102 102 Convertible deb 58..1907 F 105^ Feb '97 Centof N J-lst conv 7s. 1902 M-N 110 J'ne'99 10914 112 Ext&Impsf g 58... 1929 F 125 Sale 123 )25 117% 125% Convertible deb 68. ... 1 908 M- 112^ Mar'99 1121411214 Mich Div Ist gold 6s 1924 J- 1*5% 138 Dec '98 General gold 5s 1987 I -J 120 Sale 120 121 24 1131^ 122H Ashland Div Istg 6s 1925 M 146 J'ly'99 140 146 Registered 1987 Q- J t 12C^ 120^ 120X 10 112^ 121^ Incomes 1911 >l 114% J'ne'99 114% 114% Leh&WBCconas7s.l900Q-M "ysii 100^ 10('^ 99 102)4 Chic Rock I & Pac 6s. . . .1917 J- •133% 134 J'ly'99 131% 136% 5s 1912M-N 99 Mar'99 aiu 99 Registered 1917 J- •132)< 132H Aug'99 132 134% l.e»Hud Reen gug5s.'2 J-J General gold 4s 1988 J 10714 Sale 10714 107% 53 104% 110% Am Dock & Imp Co 58.1921 J-J •116^ 116J^ Ang'99 114 116M Regisiered 1988 J 107% Apr'99 105% 107% .. 98 98% NJ South int guar 6s.. 1899J -J Des M & Ft D Ist 4s. 1 905 J 98 98% Apr'99 "3 Cen Pacific—Ctfs dp A. . 1898 1081^ Mar'99 10314 10414 1st 214s 1905 J 8814 87% 87% 83 87% Speyer & Co ctfs BCD . 1 899 106% Aug'99 103^ 109 Extension 4s 1905 J 9» 98% May'99 98% 98% Speyer & Co ctfs dec E 1900 Keok&DesM 1st 5s.. 1923 A 114 J'n6'99 aid 109% 114 Speyer & Co ctf FGHI. 1901 lOS".^ Mar'99 103 10714 Small 192r A San J oaquin Br g 6s ... 1 900 A-O 1081^ Mar'99 105M 108^ Chic & St L. See At T & S F. Speyer & Co ctfs 11 Sale Chic St L N O. See 111 Cent, 1 M UlM UIM llli4ll3M & Guaranteed g 5s 1939 A-O 120M Mar'99 120M 120% Chic St L & Pitts. See Pa Co. Speyer & Co eng cts 123i| J'ly'99 112^125H ChicStPM&Ocon6s..l930 J- 135K .... 138 Aug'99 136 141 Land grant gold 5s 1900 A- O 107 Apr '99 107 11014 Ch StP& Min 1st 6s. .1918 \i 127% 127% 127% 138 Speyer & Co ctfs 112 Apr '99 112 112 Nor Wisconsin 1 st 68.. 1 930 J 144J4 '.'.'.'. 140 Mar'99 140 140 C&ODivextg58 1918 J -J 101 Jan. '98 StP&S City Istg 6s.. 191t< A 134>i 132% 138% 3 131 139% - • 102% Speyer & Co ctfs 121?^ J'ne'99 120M 1221^ Chic Ter Transfer g 4s . . 1 94 7 J 98 99 89 69 14 93% "Western Pacific g 6s..l89t J-J 104J^ Apr'99 103 105 Cb & WestI Istsf g6s.. 1919 M- 106 J'ne'97 Speyer & Co ctfs 108% J'ly '99 105H 10914 General gold 6s 1 932 122 J'ly 99 120% 123 Noof Cal Ist gug 68... 1907 J -J Chic &West Mich Ry 5s. 1921 ?: Guaranteed gold 58.. 1938 A- O 106 Aug'99 106 106 Coupons off. 1921 99% J'ne'99 88% 99% 1 - 120 Charles & Sav st g 7s. . . 1 936 J J Cin H & D con s f 7s 1905 120 Aug09 120 Ches & O—Gold 6s ser A. 1 908 A- Ot *118J< 121H 119>^ J'ne'99 II614 119)4 2dgold4^s 1937 103% Oct.'e7 113 Gold 6b ... 1911 A-01 •120 128 121% 18154 11 11814 123 Cin D & 1 1st gu g 5s. . . 1941 115« 113 May'98 112 iBt con g 58 193b M-N 119 119^ 119« 119 31 117^ 121 CIStL&C. SwCCC&StL. Re. istered 1939 M-N 119M 117 J'ne'99 II614 119 Cin S & C. See C C C & St L. Gen gold 4!^s 1992 M-S 96^ Sale 96!^ 97H 198 909i 975i City & S Ry Bait Istg 5s 1922 J-D Registered 1992 M-S 97% 97% 3 92% 97% Clearfield & Mah. See BR&P. R & A Div ) St con g 4s 1 989 J-J 104 104 Aug'99 104 108 ClAk&Ceq&2dg6s...l930 F- 2d con g4s 1 988 J-J ' 99 100 J'ne'99 100 100 CI & Can 1 st 58 tr rec .1817 J- 91)i Aug'99 70% eix Craig Valley 1st g 5s..l940J- J 95H May'98 C C C & St L—Gen g 4s. .1993 J- 85 8614 30 87% 98 Warm Spr Val Istg 5s 1941 M-8 lOlM Apr'99 101 lOlJi Cairo Div Ist gold 48.1939 J- 87 J'ne'bS 95% 87 ElizLex& BS gug 5s. 1902 M-S 100« 102?^ Aug'99 1015^104 8tL Div 1st col trg 48.1990 M- 108H... 103% Aug'88 99% 103% Chic & Alton sink fd 6s.. 1902 M-N 109 J'ne'99 108 110?i Registered 1990 M 89 May'99 98 99 liOu&MoRiv Ist 78.. 1900 F-A 104 Feb '99 104 107^ Spr & Col Div Istg 48.1940 M 2d 78 1900M-N 106% Feb '99 106% 106% W W Val Div Istg 4s. 194C J 87 Ang'98 • sale*. No price Friday ; these are latest bid and asked this week, t Bonds due July, t Due Nov. I Due June. T Due Jan. i Due May. a These are option OUTSIDE SECURITIES (Given at foot of 7 co>rsEcuTivB pages).— (9'^/S' SECURITIEb, dkc. Street Railway. Bid. Ask. Gas Securltlea. Bid. Ask. Gaa 8ccurltle». Bid. Aak. Gas Securltli*. ftoohester Ry 17 18% N Y Blec Lt Ht & Pow 48. 84 84% OTHBK C1T1M8. Debes 1911 M&S 98 100 NEW rORK. Gold 58 IC4 Baltimore Conaoild»t^-S» 3d 6a 1933 J&D 81 83 Central Dnlon Gas— N Y & Bast River Gaa— Bay State Ga»— aoBlde Bl (Chic)—Stock. 99 Ist 58 J107 108 1st 58 1944 J&J 110 lis Inoomea Dnlon Trac (Chic) Subs., 108 106 Con Gas (NY)—Stock— YStk BsQb Consol 58 1945 J&J ioei.<;" 108 Boaton UnltedOaa Bonda- united Rys (St L)—Com. 80 82 Deb 58 1908 H&N 106 110 Nor On l8t 58 1987. .MAN t4 96 Bnffalo City Gas— Stock. Preferred KW^ 90% Bqult Gas 116 118 Standard Gas—Common. 112 180 1st 6a Bonds Subsc rl ptiona 138 140 Ist 68 1899 F&A «101 102% Do preferred 135 140 Ohloago Gas—Sm N Y Sto Dn'd Tr&Klec(Prov)-8t'k 1C2 104 Con. 5a 1932 M&S ni2« 113 lat Sa 1930 MAN 118 1.0 Cloero Gaa Co lat 68 WMt Chicago oi 118% 119^ Mutual Gaa 263 300 BROOKLYN. tnolnnatl Gas & Coke... Cod 1930 M&N 1106% 108 N. Amaterdam Gas, Com. 34)4 84% Brooklyn Un Gaa—N Y St ook B zota Cltr Gai .Norfolk Va) .... Worcester (MaaslTr-Com 31 33 Pref 59 69% lat con 5a—N Y Stock Ezoh. lat 6a Preferred 106% 106% lat oonaol 5fl noo% 101 Willlamaburg Gaa— lat 6b {100 108 J And Intereet tPrlcei 64 A . . . 3 . Sept. 2, 1899.] THE CHRONICLE -BOND PRICES (5 pages) Page 2. 481 Pnes Week'M BONDS. Bange BONDS. PriM Fee*'* ita«7« Friday, Banffe or tinct Friday, Bangeor N.Y.BTOOK EXCHANGE Sept. 1. Ltut Sale. h.y. stock Jan 1. exchange Sept. 1. Ltut Wbbk Ehdinc Sept. l. Side. Jan.l Wbbk Ending Sept. 1. Bid. A$k. Low High. So Low. High Bid. C CC&StL (Con.) Ask. Low. High. Xow.Si«ik Har ft 8 A. S«« 8 P Co. 01nW&MDlTlitg4i.l991 J-J • 96 Gal 96^ Apr '99 95 97 al HftH of '82 lit 58.191 105 Oln I Bt L & Ittg 4i.l93e g-Fi •103 IO414 104^ Aug'99 e9H 106M 102 104k Oa ft Ala Ry lit pf g 58.1945 106 '98 1936 Q-Ft Deo • •• • aa«««« BsgUtered Ist coDSol g Ss 1945 Oonsol 6t 1920 M-N •aaaaa Ga Car ft No 1st gn g 88.1929 Oln 8 CI oon Istct 6s.l9a8 101 May'99 100 10> & 118H J'ne'99 118« lisii Georgia Padfla See 80 Ry. Ind Bl & lit pf 7i. .1900 W 103X Apr'99 103H 103J4 Gila VGA Nor. Sec So Pac Co. OInd& W Ittpf St.. .1938 Grand Rap ft Ind. Su Pa Co. P«o ft Baat lit oon 4i. 1940 87 Sale 88 87 88 HanftStJ. Inoom«4t. 1990 Apr 30 Sale mi 88H SMCBftQ 29>^ 81 372 23 33 onsatonio. See NYNH4H. 01 C ft Ind coniol 7i..l914 J-D 138H J'ly'99 Hock Val 135Ji 133>^ Ist oon g 4)48.1999 •J 101)4 Sale 101?i 101^ 73 101 Ooniol sinking fd 7i. . . 1 9 1 J-D Registered lOSX S«neral oonsolgold6s.l934 J-J 137 Bale 1999 J 136% 137 134)^ 137)^ Col &HV Istextg BegUtered 1934 J -J 48.1948 A-O 110 '07)4 J'ly -99 107 107X Hoast B ft W T 1st g 5s.l933 M-N 104)4 104)4 12 OftSfstMCOC ft 171.1901 A-0 ibsji 104)4 87)4 104)4 Fe'b''99 lb8)i io8U Honi ft Tex Cen- See 80 P Co. 01 Lor ft Wta oon 1st Ss. 1933 A-O 108« 10S« 108 \OZM Illinois Cent 1st g 4s. . .1951 J-J •112 113)4 OtoT ft Marietta. See Pa RK. J'ly '99 107X 1154 Registered 1951 J -J 112)4 . J -J Nov'98 01«T ft Mahon Val g 6i. 1938 184i^J'ne'99 128 134)4 1st gold Beglttered 1938 Qn-J 3)4i 1951 J -J 104 106 J'ne'99 103)4 ioTV Registered 1951 J -J 108)4 Apr.•9^ 103)4 OI«T ft Plttt. See Penn Co. 1st gold 108)4 3s sterling.. ..1951 M-S •a«a Ool Mldl'd— 1st g3-3-4s. 1947 65^ Sale 65 66 291 62 69 „R«8l«t«red aaaaa, Istg 4s 1947 73 73« 72 27 1961 M-8 73H 70 76 Coll Trust gold 4s 1952 Col &9ou Istg 4s 1929 87 Sale A-0 106)4 J'ne'99 104J4 m' 86 87 65 85H 90 Registered 1962 A-O Ool ft 9tta At. See Met St R7. 104J4 Jan.'99 10494 104K L N O ft Tex gold 4s 19SS M-N •105)4 105 Aug'99 103 107 Oolom ft Qreeny. See So Ry. Registered Col & H Val. See Hock Val. 1953 M-N 101 Mar'9-> Coll tr 2-10 gold 4s.... 1904 J-J Ool ft Cln Md. See B ft O. 100)4 Sep.'98 Registered 1904 J-J Ool Conn ft Term. Sm NftW Western ••asaa aattf* Line Istg 4s. 1951 F-A 114)4 J'ne*99 104 114)^ Oonn ft Pas Rlvs 1st g 4s.*43 A-0 Registered DakftatSo. SMCMftStP 1951 F-A ••••aa aaaaaa Louisville Dlv g 3)4s .1953 J-J •103 104 10 alias ft Waoo. See M KftT. lb2J4 ib2J4 9394 105M Registered 1953 Dtl Lack ft Western 7s.. 1907 M-S 134 J-J t26J« J'ne'99 126)4 126W 8t Louis Dlv g Ss 91 Btt Bing ft N T Ist 7S.1906 1951 J-J 92 91 J4 Ang'99 81 A-O 134J^ 1249< \2i\i 184M Registered Morris ft Bssez 1st 7s. 1914 »I-N 143 1951 J-J 141^ 1411^ 141)i 144 Sold 3)48 1951 J-J 7 ,1900 J-J 107 Sep.'98 103)4 J'ly '99 94 105)4 7 1871-1901 A-O Registered 1951 J-J 103)8 Apr'99 108H J'ne'99 108)4 ill"' Cairo Bridge gold 4s. .1950 J-D litoongnar 7s 1916 J-D 141H 141« 141>< Registered Registered 1915 141)4 145H 1950 J-D J-D 140 OCI.-9B Middle Dlv reg 1st 1921 Ss 1931 F-A ••aa aaaaa 133 May'99 133 lU MTLaokftW 6s.. J -J 138 J'ly'99 138" Spring Dlv Istg Oonstraotion Ss 1923 F- 142)4 3)48.1951 J -J 118« Apr'99 117 118^ Registered 1951 J -J Term ft impt 4s 1923 M-N 108!^ J'ne'99 108)iJ 108)4 ChioStLftN OgSs..l9Sl •128 Warren 2d 7s 1900 A-O 108 J-D 128 Aug'99 130 128)4 Ang'98 Registered 1951 J-D 123 DtlftHodlstPaDlT7s.l917 M-S 146 Sep.'98 Gold 8ep.'98 Beglstwed 3)4s 1951 J-D 98 100 Apr'99 100 100 1917 M-S 143 May'9' Registered 1951 J-D ' ft 81s . • • •• a«»««« . Alb Istoonga 781906 A-0 124}i (2 OK Apr'99 120)^ 130)4 Mem Dlv l8tg4s.. Registered 1906 A-0 123 ..1951 J-D •106)4 106)4 Aug'99 104)4 106)4 J'ne'99 132 192 Registered .1951 J-D Sold 6s 1906 A-0 • • • a a a «••« 116X Aug'99 lis 117« BellevftCarlst6s.. .1933 •i20)4 Registered 1906 A-0 J'ne'99 J-D 181 Feb '99 131 191 U6H 114)4 117^< St L Sou 1st go g 4s .1931 M-8 106 111 Bens ft Bar lst7s 1921 M-N Aug'99 9494 Dec '98 168)1; 100)4 1S3)4 Carbft 8 Istg 4s.... .1932 M-8 • 95 90 BegUtered 1921 M-N 141 May '98 Nov'98 DalRlTRRBge. S««PaRR. IndBlftW. SMCCCftStL Ind Deo ft W 1st g Ss. . ..1935 J-J 104 Dan Con Tr Co 1st g Ss.. 1938 O 93 Jan.*99 104 J'ly'99 103)4106)4 90 93 Ind III ft lalstref g58..1948 A-O 107 Bale .07 16 Den Tram Co oon g 68. 1 9 1 -J IntftGt 107 104)4 108 Istgng No lat gold 6s. 1919 M-N '24)4 Aug'99 123 136 MetRyCo 68.1911 J -J 96" lit 1909 M-8 95)4 JO 07 li«n ft R Or gold 7s. . 1900 M-N 105!^ AuK'99 o^*"!^?*- 96 91 3dgold48 ' Istoong 48 105)4109 1931 M-8 65)4 66 6554 Aug'99 60 66 1936 J- J 101 Sale 100>^ 101 Iowa Central lstoong4>.^8 99 104 Istgold 58.1938 J-D 16)4 116)4 107 117 1936 J-J 109)i Aug'99 Iowa Midland. Improvement gold 58.1928 J-D 108)4 IIST^ See Ch ft N W I06>t luSK 103)4 109?^ Jefferson RR. See Brie. Bea M ft Ft D. Sm C R ft 1 P, BaaMftMinn. S««ChftNW. K*^4.^/??- SwLSftMS. an ft Mloh. See Tol ft O C. BesM DnR7 Istg Ss... 1917 M-N lOd Apr'99 BatMftTol. Se«LSftM8o. 107)i 108 KCftMRftBlitgug5i.l92« A-O DatftMaok Istlleng4s.l995 90 KCPAGlit&cSlg Si:i92 A-0 72 Sale 71)4 73 379 58)4 7S J-D Kan C ft Pao. aold 4i S«« M K ft 1 1995 J-D 70M 70 Aug'99 Kanias Mid. Dal ft Iron Range litSi.1937 68 70 Sm St L ft S F A-O 110 111 \UH. Ul« Kentucky Cent. Bagiitered 1937 A-O 106 112 Se« L ft N Keok ft Des M. S«« C R I ft p Sd lien mortgage 6s ... 1 9 1 J -J •aaoaa at KnoxvUle ft Ohio. See DnlRed W ft 8 Istg 51.1928 J -J 80 Ry 93^ Feb.'99 Lake'Brie ft 1st Bal 80 Shore ft At 61. W gSs.193'7 J-J 119)4 120)4 120)4 116)4131)4 g 1937 J -J 114^ U4X J'ly '99 2d gold East of Minn. S««StPM&M. 111M116 Ss 1941 J-J 113)4115 111 J'ly'99 103)4 111 North Ohio 1st gn Ss. .1945 A-O 106 astTVa&Ga. S««.8oRy. LSftMS. 03)4 J'ly'99 100 100 Hlgin Jol & n Istg 58... 1941 M-N SmNY Cent. 109« llOJg J'ly'99 111 Leh Val (Pa) ooUgSs..l997 Blls Lex ft B 8. 8«« C ft O. 104M M-N 104 Aag'98 Registered 58 Blm Cort ft No. SeeLeli&NT, 1997 M-N LehVN Y Istgng4)4s..l940 rielstextg4s 1947 M-N .1 -J 110 113 io'oii Ang'99 106i4 111)4 181 J'ly'99 115)4123)4 Registered 1940 J-J Sdeztgold Ss 1919 M-8 •131 121 May'99 107)4 Aug'99 107)4107)4 Sdeztgold 4Us 131 131 Leh VTerRy Istgng Ssl941 A-O 14)6 Aug'99 US 114)2 1923 M-8 •lie i\6\i Aug'99 \IQ% 4tlieitgold 5s 1980 A-O •121 11«X r ^''fJ,®**, 1841 A-O 09)4 J'ly '97 •a*a«« aaaatt 121 J'ne'99 181 121 L V Coal Co lat gn 5tlieztgold 4s 1928 J-D •106^ g 6a. . 1938 J-J 101 Aug'99 96 101 I06M Apr'99 106)4 106)4 1933 latconsolgold 78.. ..1920 M-S 14l« T ^**,^4®?-: J -J • a aaatt Aug'99 Leh ft 1st oonsol gold fd 1920 143H 143)4 1459i N Y 1st gu g 4e. ..1945 M-S 92 93"Feb''99 91)4 98 7s.. M-S 143 Dec '98 Registered Long Dook oon gold 6s. 1 935 A-O •ui" 1945 M-S aaaaa aa«tt« 141J< Aug'99 139)4 141)4 Bl C ft N Ist g 1st pf6s.l914 BnffN T ft Brie Ist7a.l916 J-D A-0 a a aa « • •••• 140 Feb '99 140 140 Gold guar 5 Baff ft 8 W gold 6s.... 1908 J-J 1914 A ]01)«Bale 101>i 101)6 99)4 lOlX Leh ft Hud H. See Cen o f email 1908 J-J N J . Leh ft WUkesb. JeffRK lBtgagoldSs.1909 A-05 106 Su Cent NJ 106 Feb '99 Leroy ft Caney Cmicft Brie lit g 5s... 1982 M-N 106 106 Vai. SmMoP. lieM Aug'99 Lex Av ft P F. See Goal ft RR Ist gn 68.1922 111«116« Met St Ry M-N L R4M Istg Ss Dook ft Imp Ist oar6s.l918 1937 Trotfs Aug' 33 J-J Long Dock. 37)4 37)4 • SMBrie. N T ft QreenLgug 58.1946 109*' • • a a • a a M-N Oot."'98 Isl'd— 1st • ••••• t a Long oon g 6t.l931 y-J! 183 Small 1946 M-N Istoong 124)4 J'ly '99 130 134)4 Brie Istoong 4s pr bds.1996 "92"' •••••a •• 4s 1931 •108 J -J 93 Sale 92W 31 General gold Begiitered 1996 J -J 91)4 95 4s 1938 95 100 J'ly'99 98 109 93^ May'99 98 Ferry 1st gold 4)4s.. ..1922 •101 lat«ongenlieng4a....l996 J -J 72^ Sale %%^ M-e 101 J'ly'99 99 101 72H 73)4 tan 77 Gold 4s 1932 J-D « 100 Kegistered 1996 J -J •95" aaaaa aatttt > Debenture gold Ss. N Y 8 ft W— 1st ref 6s.l937 • a a a* . , , , 1 934 J-D •aaaaa ttttft J -J 110 iVo" J'ly'''99 NYftRBlstg6s....l937 adgold4Ws 1937 F-A 107 113)4 M-8 100 Jan.'99 100 ivr" 92K Ang'WS 8d Inoome 1927 Qeneral g 5s 1940 F-A 98>« "95" Sep •aaaaa aaaaa* 88)4 «8)i 102)4 NYBftMBoong58..1935 A-0 M06 107" 107 Terminal 1st g 5s.. . .1943 M-N •113 Jan.*'99 107 111)4 J'ly'99 111)4 Ul)4 BklynftMon Istg 6s. 1911 M-S lis Regis 96,000 eaoh . 1943 M-N aaaaaa tf •««« aaaaa* IstSs WilkftBaalst gn Ssl942 •••••a 1911 M-8 lOS •aaaaa ««*«fl« g J-D ibeii 106)^ Aug'90 Nor Shb Isteon Hid RRofNJ fstg6sl910 A-0 124 98M 108)4 gga58..'82 O 95 100)4 Apr'99 100)4 100)4 182 J'ly'99 130 128 N Y Bay Bz R 1st gn 6s'43 -J g 1 aeanftLSup. Sm Oft NW. aaatat aa aa a Montank Bz gn g Ss. ..1940 BorekaSprlngs Istg 6s. 1933 F-A J-J a«»«*f aaaaa I 65 Nov'97 La ft Mo Riv. BrftTH lstoon6s.....l931 J-J 123 Su Chi ft Alt 135 125 125 B ft 8t Itt general gold Ss....l949 181)4 18594 L L Con on g Ss Tr oerti 62)4 60 81)4 19 60 79 A-0 106 Sale 105)i 106 Qeneral gold Mt vernon 1st 6s 1933 A-0 100)4 103>i 4i 1943 M-8 10 8 20 6 10 aaata* aaaata Loti ft Naih— Snli CoBr'oh Ist gSs.. 1980 aaaaa* aaaata Cecel Br 7s 1 907 M-S 108)^ 106 NoT'97 •aaaaa •••••• A-0 •••••• NOftMlstger Brftlndlttoongug 61. .1926 -J aaaaa .....1930 J -J 181)» Aug'99 199M 189)4 J •aaaa* aaavaa 100 J'ly'99 98 „W gold 6s Fargo ft 80. SMChM&StP.. 103J4 1930 J -J 131)4 J'ly'99 117 IM^ BHftNaah Istg 6s... 1919 ft Pere M g 61... .1920 A-O 138 123 J-D 114 113 J'ly'99 113 118)4 FUnt 193 123 180)4 1>« General gold 6s 1930 Istoonaol gold 6s....l939 105 106 J-D 117 118 Aug'99 116 131 M-N 105)4.- 106)4 100)4 107 Pensaoola dlv gold 1920 Pt Huron Dlv Ist g 58.1939 A-0 108 6a. M-S 109 109 J'ly'99 107 100 107)4 J'ly '99 100 110 BtLdlv Istg 6s. 1921 . FlaCen ft Pen lit g 58..1918 M-8 a a a a •« 135 Deo'98 aaaaaa aaaaaa J 101 Mar'99 101 101 8 482 THE CHRONICLE- BOND PKICES (5 pages) Page 3. (Vol. LXIX. Week's Bange Price Week's Bange Price BONDS. or siiite BONDS -1 Friday. Range or since Friday, Bange N.Y. STOCK EXCHANGE .St Sept. 1. Last Sale. Jan. 1. «.Y.8TOCK. EXCHANGE Sept. 1. Last Sale. Jan. 1. Sept. 1. Week Ending Sept. 1. Week Ending LovB. Sigh. Low.High, Bid. Ask. Low. High. Low.Higti. Bid. Ask N Loa & Nash (Con.) Y Cent (Con.) 101 Mich Cent coU .1998 F-A lOOH 100 98 loau Col ir 5-20 g 48 ...,1903-18 ....100« 100]4 lOOii 98M g 3^8. 1141^ Registered 1998 F-A 100 May'99 97^ 100 Pent & Atl IstKng 68.1921 *\\3}i 115 114H Aug'99 111 108 110 Harlem iBt 7i 1900 M-N 104 Aug'9» 103% 108 Oolltni8t gSs 1931 •107H lOSVi J'ly'99 104 104 108 L&N&M&Mlstg 4^8.1945 •108 106?< Aug'99 108 1089< ReglBtered 1900 M-N 106)i 103 , 103 May'97 NFla&8lBtgug58 ..1937 108 Aug'99 106H llOH N J Jane R ga lit 4i . 1986 F-A 91 98 Registered 1986 F-A aentnoky Cent g 4i . . . 1987 J-J 98 98 Aug'99 58 West Shore Ist 48 gn. 8361 J -J 113^ n4>< 113!,< 113K 110% 117% LCln&Lezg 4^8. ...1931 M-N 111 108 Jan.'98 118^ 113% 2 100% 116% J'ly'99 9-« 9S« Registered 2361 J -J 112% 113% % * Jeff Bge Co ga g 48 . 1945 M-8 97?i Beech Crk Ist gu g 4s. 1936 J-J 118 112 112 118 L N A & C. See CI & L. Registered 1936 106 J'ne'9o • • • a «t IiOnU By Co l8t con g 58.1930 J-J 109 Mar'98 J-J SeeLS&MS. 2d gu gold 5s 1936 J-J Ma^onCoal. Registered 1936 anhattan Ry con 4s. 1990 A-0 110 Aug'99 95 11294 J-J Clearfield Bltum Coal Corp Hetropol Bl lit g ei.. .1908 J-J 123 119 Aug'99 116 1215g Istsf Intgug 4BserA.'40 J -J 95 J'ly'98 (•••• >•••• Sdda 1899 M-N •101 Ji 101WAug'9H 100% 102% Small bonds series B. .'40 J -J Man 8 Coloniz g 58. . . 1934 J-D W Qouv 4 Oswe 1st gu g 58.'42 J-D KarketStCRy l8tg 68.1918 J -J 128 Aug'99 i88H 1S3 MoK'pt&BV. SeePMoKiY R W 40goon lstext58.'22 A-Oi 128)^ Nor Mont Ist gu g 5b. '16 A-O IfatropoUtau El. See Man Ry. 4 121 131 1181^134 R W40 T Rl8tgug58.18 M-N Met 8t Ry gen o tr g 58. . 1997 F-A \20H 118 lis Aug'P9 131 135>4 Oswe 4 R 3d gug5s..l915 F-A5 113 Apr'99 Bway&7thAvl8tog58.1943 J-D 122J< '22 107 Aag'9& 1943 J-D Uttoa 4 Blk Riv gu g 4s . J-J Registered 137"' Istgng4s.l991 OolA9thAylstgag58.1993 M-51 123« i'iaii J'iy''99 \ii% Moh4Mal M-S M-S Cart 4 Ad Istgu g 48.1981 J-D B«gl8tered 1993 124" NY4Putl8toongug48.'93 A-O M-S i24" 125" ib'-rii j'iy"99 127^ ij«xAT&PFl8tgug58.'93 iBtg .1927 133 J'ly'99 128 183 Registered M-S N Y4North 5b. A-O Lake Shore 4 Mich South— Cent con gold 48... 1911 J-J 78« Auk'99 68« 78« 123 Mez Det Tol 1st 7sl906 F-A 188 J'ne'99 183 3s... 1939 J'ly1 23M 84 1«H Mon 4 Ist con Income g 22H Shore con lBt7sl900 103% 103% 103% 107>.4 td con Income Ss.,.,193i 12% Sale 18« 18J< 41 9« Iiake J-J g Registered 1900 Q-JI 108% Aug'99 103% 106^ i''< \-0 quip & ooU g 5s 74 ConsolSdVs 1903 J-D 116 J'ly'99 114% 117% Mexintematlstooii a 4s.'77 M-S 85>^ Sale 81% 84« 88J4 85H Registered 1903 114M J'ne'99 114H116>< Nat Ist gold 68 1927 J-D J-D Mez Gold 1997 109>^ Sale 109H 110^ 106 118% Sd Inc 68 stmpd .1917 M-SJ ZH* J-D A Cp Registered 1997 HI Apr'99 106 111 8d Income gold 6s B. .1917 An.l 14 Apr '99 14 14 J-D Cin4 SlstgL84M87s'0] ••••• •••• 108MI>ec'97 gold 6s. .1910 97 Feb '97 A-O Mez North 1st J-D Istgc 58.1938 Registered 1910 J-D KA4GR J-J Mahon C'l RR ist 5s.l 934 J-J Vii" Oot,''9R Mich Cent. See N Y Cent. 109 Mich Cent— Ist con 7sl902 M-N noH llOH IH^ 113% Mid of N J. Se«NY8u8&W 1st oon 5e 1902 M-N 103 May'99 103 108 MU El Ry&LSO-yrg 58.1926 F-A lOSM Feb.'99 103H 105^ 6s 1909 M-8 122 Feb.'98 MLB&W. SeeChlo&NW J'ne'98 Chlo 68 1931 M-S 121M Mil & Mad. See & N W 1931 1261^ Jan.'98 North. SeeChM&StP Registered MU 4 ts 1940 106^Feb.'98 8t P. See Ch M & 8t P t^l MU & Registered 1940 J -J 108 Jan.'98 Mln 4 8t L gu. See B C R & N '99 146 150 Bate 4 St Istgu g 38. '89 J-D Minn 8t I.^lBt g 78 . . 1927 J-D 150 150 Apr 1(9 & N Y Chic StL litg 4i.l937 108 108^ 109 106% ex l8t gold 78... 1909 J-D 131 J'ly'99 121 125 4 A-O Iowa Reglsf^red 1937 11 6^ J'ly'99 106% 108% Sonth West ex Ist g 78.'10 J-D 137 Jan.'99 137 127 A-O Greenw Lake. See Erie Pacific ex Ist gold 68. 1921 A-0 128 Dec '98 N Y 4 Uar. See N Y C Hud. 1st cons gold 58 19b-i M-N 116 Aug'99 \IQH 116 N Y 4 4 N Y Lack 4 W. See D L Ist and refund. 4s ...1949 M-S 99 99H 99« 99H 98 100 4 W N Y L E 4 W. See Erie. M &P Ist SBst 4slotgu..'36 J -J Se«NYNH4H 1st 48 tnt ga.'26 J NY4NK. M B8M4A g -J NYNH4Hart lstreg4s.'03 J-D )0m Got '»7 M8tP&86Mcong4slntgu'38 J-J •189 189^ 190 78 191 Convert deb certs 91,000 . Minn 8t Ry Ist con g 5s. 1919 J-J A-0 •79 J85 SmaU certfs 9100 •186 lJ-5 185 Minn Un. See St P M 4 M 133 133 Honsatonlo R con 5s. 1 937 1 33 Aug'99 .1990 -I) Sale 95 289 91% 96 g M-N Mo Kan 4 Tex—1st g 4s 949^ con5s...l918 Sd gold 4b 1990 A; 72^ Sale 785^ 1525 65^ 73^ NH4Derby M-N 61 N B lBt7i 1905 J -J •117% i'17% J'iy''9» 117% 181% l8t exten gold Ss 1944 M-N 93 94 92M 83 Y4N IJ3 116 lit 68 1905 J -J •113 113 J'ly'99 ME4Tof Tl8tgag58.'42 M- Ji 93 Sale 92H 95 8 86 95 76 73 78 6 75!4 32 N Y 4 North. See N Y O 4 H. K04Pac lstg48....1990 F-A 78 Sale 104^ 104)^ IL8 106% O 4 . Bef Ist g 4sl992 M-Sl' 104!ii Dal4Wa 1st gn g Ss. 1940 M-N 95 95^ Aug'99 85 96H N Y W Regis 95,000 only... 199^ M-Sll lOlH Nov'9» BooneTBd^Cogag 78. .'06 iM-N Pat. See N Y H. Tebo * Neosho Ist 7s. 1908 J-D N Y 4 4 B. See Long Isl. MoKacS: 1st gag S8...194^ A-0 107 Sale 107 107 2 lOlJi 107J< N Y 4 R 74 181% N Y S 4 W. See Erie. Mo Pao—1st oon g es . . 1 920 M-^ 118^ Hale 118^ 118^ 108% 8d7s 1900 M-N Aug'99 114 117 N Y Tex 4 M. See 80 Pao Co. 115M North Illinois. SeeChl4NW 38 I9i'i M-81 101>6 lu2 I'lO 102 Truttg lOOH 91H Ohio. Brie W. Registered 1917 M-81 North See L 4 60 SSiii Northern Pacific- lit ooU gold 5s 192t F-A 96% 97 88 I '4^ 180 Gen Ist RR4LGsf g6l.'21 J -J 119J< Apr' Registered 1920 F-A 118 112 113 106 109" Registered 1921 J -0 J'ly'99 PacR of Mo Ist ex g 4s. '3b F-A •107^5 107^ Aug'99 StP4N Pgeng8i...l933 F-A 131% May'99 181% 131% 8d extended gold Ss . 1 938 111 lllH J'ly'99 111><115 138 J-J Registered otfs 1923 Q- F 182 J'ly'99 133 Terd V 1 4 VV Ist g 58. .'2H M-S Priorlienr41gg4i..l997 103% Sale 103% V03% 120 101% 106% C V L 1st g 5s "26 Q-J --- Leroy & A J-J Registered 1997 g-j 103H Aug'99 102 104>2 4 1 Mt Ist eztg F-A5 106 J'ly'99 lOeVi 106V« '83 70 BtL 4H8.'47 General lien g 3i 3047 g-Ft 67 Sale 67 »-H 66% adextg ds 1947 M-N 106H J'ly'99 105 107H 66% J'ne'99 65% 66% '3 147 Registered 3047 Q-Ft Gen con ry 4 Id grt g 5s ] A-0 114 Sale 113% 114M 105 114H bU 96 ist 48. . . 194« 95 May'99 '31 lllH Wash Cent g -M Qenconstampgtdg 5b A-(' lllH J'ly'99 110 115)4 J'ly'99 112 119 MlasRlTBdge. SeeChlo4Ali Nor Pao Ter Co 1st g 6s.l933 s Nor Ry Cal. See Cent Pao. Mob4Blnu prlorlleng 58.'4c -J Nor Wis. See C St P M 4 O. BmaU -J ^ 108% Nor 4 South 1st g 58....~ .19411941 M-N 110 It 8>i J'ly'99 107% Income gold 4s 194.'=' -J •109H 20 Norfolk 4 Western- 4 Ohio new gold 6b . . '37 *129 129 129 135 130}4 130 185 ^ob D Gen g 68 1931 M-N 195 J'ne'99 lit eztension gold 68.1927 Q-Jt 181% J'ne'99 117 183 •129 130 Aug'99 180 130 ' New River Ist g 6s.... 193a A-0 General gold 4s 193b M-8 87M SaJe 87M 90 396 83^ 90 117% Aug'98 106 lOfci^ Imprvmt4ezt g6i...l934 F-A MontgomDlvlstg 58.1947 F-A •108 108% J'ly'99 4T18 gng58....1932 J 101 Feb '97 8tL4Calrogug 4s.. 1931 J -J 101 Sclo V4N El8tgug48.198y M-N 100% 100% 101 12 96% & Mai. See N Y 4 H 9f% Mohawk C N 4 W Ry Istcong 4b.1996 A-O 96 Sale 96 96% 63 8«% MonongabelaRlT. See B C' 4 Registered 199U A-O 96% J'ne'99 95% 95% Cent. See St P M 4 Mont M Small 199b A-O Bxt. See Long Is, Montank Nor 4 Mont. SeeN.Y.Cent. Morgan' 8 La 4 T. See 8 P Co SeeC0C4StL. Essex. SeeDelL4W 0Ind4VV. Morris 4 Miss. See B40 3W. Ist 78. '13 Aug'99 131 138% hlo 4 ;\Ia8hChat4StL J -J 182 RR I8tg5s..l936 -D 103 108 Jan.'9b t^ 2d 1901 -J NOT'97 Ohio River J 8s J 106% gold 5s 1937 gold 1928 1C8 Aug'99 iog% General A-0 lit con 5s 106>i Istg 4i 1901 80% 80 80 66 85 191 Om 4St L J-J lst6sT4Pb See Pao Ore 4 Cal. 80 Co. 114 lit 6s McM M W4A1.1917 OreRy4Navlst8fg 88.1909 J-J U2^ 112% 1 110 lit gold 68 Jasper Bch.1923 115 MaH''99 115 115 105 oon g 48.. 1946 J-D '102% 102% 103% 107 100% Flor Shef. See N 0reRR4Nav 188% Nash 4 L 4 Short Line I8tg6i.l922 F-A 139% 129% 6 188 SeeNYNH4H Ore 121 181 N»wH4D. Utah 4 Nor lit 7i 1908 J-J 131 Mar'99 N J June BR. See N Y Cent. 108 May'97 Gold 5s 1926 J-J 11'?% N J Southern. See Cent N J. 1946 11714 Sale 118% 117% 49 108 are Sh Ij— Ist oon g6i... J-J 108 New4ClnBdge. SeePennCo 1946 Sep.t 103 Sale 1.03 108 1S9 85 N 04NEprlorlleng68.1915 A-0^ Non-oum Ino A 6i Non-eu Inc B 4 col tr.. 1946 Oot.t 79 Sale 9 79% 158 66% N Y B 4 Man Boh. See L I. Oiwego 4 Rome. See NYC N Y Bay Exten RR. See L I. 112 Aug'99 111% 117H O O F 4 8t P. See C 4 N W N Y Cent 4 HR-lBt7i.l908 J -J 111% 111% g5s.l946 104% Sale 104% 104% 103 108 Registered 1903 J -J •111% 113 J'ne'99 112 117}« PacCoastCo— iBt J-D acof Missouri. See Mo Pao Debenture Ssof .1884-1904 M-S •109 109 Aug'99 107« 113M ctttal Istsfg 4^8... .1917 A-O 105 • .... 1884-1904 llS%Jan.'0» 118M 113% P+nama Registered M-8 •106i< 8f8Ub8idyg6B 1910 M-N ...... ••t««* Reg deb 5b of ...1889-1904 M-8 •lC6>i 109M Sep.'e7 114% 118 10*3 105' PennCogu Ist g 4J<8... 1921 J -J •113% 116% 116% Debenture g4i.. 1890-1905 J-D 102 103^ J'ne'99 Ji 1921 113% Mar'99 113% 115% 104% Feb.'99 Registered J-J RegistL-red ...1890-1905 J-D 103" Otd8H80oltraitreg.l937 M-8 103 Nov'98 Debt certs ext g 48.... 1905 ni-N 101« 103 Aug'99 loi'H Aug'99 102% 102% P C C 4 St L oon ga g 4^8— Registered 1905 M-N 102% 1940 A-O •118 118 J'ly'99 114% 118 1997 J-J iVo^ Sale 110)^ 11014 15 110H113H Series A 114 118 OSHs Series Bgnar 1942 A-O 118 118% J'ne'99 1 997 Apr'99 U1«11SX ReglJBtered. J-J 118H "68 Cguar 1942 M-N 113 113 Nov'98 100 Sale 99% 100 99% 103 SeriOB Lake Shore col g 3^8.1998 F-A fierieBD4sguar... .1945 M-K •107 107 Dec '98 Registered 1998 F-A inou Aub'99 98 108 sales. Due June. 3 Due May. 1 Due Nor, a TheM are option • No price Friday; tlie«e are lateit bid and uked tbi§ WMk. tDn« Jan. tDueJan. U ELEGTRIG, (tr. OUTSIDE SECURITIES (Given at foot of 7 oonsbcutive paqbs).— y^Zr. J Ask. ogBtee. Bid. Bid. Ask. Electric Companies. Bid. Electric Co- Teleg. «fc Trieph. Bid. Ask. Teleg. dc Tclfph. 144 Blectrlc Light. To '•onto (Can IB icLt'""x). 143 '8 HO ^loul" « AMi*nti Blectro-Pneumatic Trans 1% 8 Tl.im HoustWe .IngCo. List Providence Telephone. . 100% 18 rl* Teleg 4 Telep—See B oston Kleo. Co.. 36 40 80. Dulled K!ecLt4PCopref "is" 42 60 Southern 4 Atlantic 98 108 Fort Wayne 07% rranklin Series A Bouia.,.,,, I 96% 118% West 'n Union Teleg—N Y Stock Bxoh 104 100 aold4atock General Blectrlc C< —N Y Stock Bxch Woonsocket ;R I> Bl Co.. 90 * • • • Elrctr^c Coinpnules. Bonds Boston L 1st. 116 Allegheny Co Light Co.. 168 173 Do pref.—See Hudson River Telephone U4 (Ct) BlecLtCo. 128 189 Ferry Companies. Brush liilectrio Co 44 46 Hartford 88 Intematlon Ocean 116 • ••« Lt4PowCo86 6 8 Brooklyn Ferry-Stock .. 36% 8(5 820 Br'dgprt (Ct) Bl Lt Co.a6 t 47 Hartf'd(Ct) t 96 Mexican Telegraph Bdlson Blectrlc 86 28 Bonds 5b I oa% Bosto nllst. Consol Electric Storage. 10 80 Mo 110 Mexican Telephone—See Do preferred 67 69 iMetroDoiltan Ferry—6b.. 108 Boat on list Bddy HIeotrtc Mfg Co..35 t 13% 16 Stock.. •••••• i.^ew Eng Telep— See Narragau. (Prov)ElCo.60 97 Od IN J 4 N Y Ferr»— 116 Bdlson Bl 111 Co NY—N Y Stock Bxoh 115 Northwestern Telegraph (Ct) Klec Lt Co 185 IsteB 1948 J4J Ill's" Edison El 111 Co Brk—N Y Stock Bxoh New Hav . 194 200 intercBt. tPrtce per sh are W Y 4 N J Telephone. Co. 117 I JAna Milling Co. 8 18 Rhode Island Klec Pro Si 1980 ....M4N 118 115 BdlBOD Ore — . AJ — — Aj PRICES (5 rages) Page 4. Sept. 2, 1899.] THE CHRONICLE -BOND 483 Mange Price Week's Range BONDS. 8^' JPfiee Week's BONDS. Friday, Range or sitiee Friday, Range or since .TJiTOCR BXOHANQE SejH. 1. Last Sale. Jan. 1. W.Y. STOCK EXOELANGE Sept. 1. Last Sale. Jan. 1. Whbk Bndino Sept. 1 Week Ending Sept. I. Bid. Ask. Low. High. No. Low. High Bid. Ask. Low. High. No. LoteMigk, Pennsyl. Co. (Co .) So Pacific Co. (Con.) 103^ Sale 10314 40 looM 10s PltU CIn 4 8t li lit 7i.l900 A lOSH Apr'99 105« 107J« GH&SAM4Pl8tg3s'31 M-N 103V< Beglftered 1900 A 109M Apr'97 Hons4TOl8tW4N78.'03 J-J 107 PltU Ft W & O lit 7i. 1912 -J 141 Mar'99 I3e9i 141 Istg 58 mt gtd 1937 J-J 111^ n-ug-eo 118^ 8d7i 1912 J 140^ May'99 140)^ 1401^ Cong68lntgtd 1912 A-O 112 113 111 May'99 111 lis 381^ 88 43 dO 8(1 7i 1912 A-0* 135 J'ne'99 135 135 Geng48intgtd 1921 A-O 88H 87}^ C 8tL A P Istoon g 5i.l 932 A-O *118 118« Apr'97 Morgan'iIia4Tlitg6s.'20 j -J 120J Ferry Companies. Bid. Aak. Bid. Ask. Bid. Aak. Mlecellaneone. Pir. Bid. Aak .«i Graphophone....lu t 135* 13« F Y A BR Ferry-Stock. 66 70 Amalgam'd CapDer(w. i.) 98« 97H «.m Soda Foun—Com . 100 8 4.mer Bonds 58 of 1932. MAN { 98 100 Am Agricul Chem—See B oston List let preferred 100 50 55 Preferred 10 t 18% 18% 96 Hoboxen—Stock 6fl« 60 Preferred See Boston List 2d preferred 100 8 12 Amer. Writing Paper 5s. '9^ 1st 58 112 114 4mer Air Powof N Y.lOO 65 70 Kmer Smelt A Refl'g—See Stk B zllst. iuiderson (Jonn) Tob.loO IIH 4 Con. 5s 90 98 Imerlc'n Axe A Tool .100 30 31 A.mer Steel Hoop— 5ee Sto ckBx. List. Automatic Vending... 10 3M Car 100 84 87 N Y 4 8 B Trans 4 Ferry 20 30 Amer Bank Note Co. . .50 t 50 51 ^.mencan Surely 50 216 385 Barney A 8m 80 85 Bonds 68 of 1906. MAN ? 87 91 American Beet Sugar... 29 80 ^m Typefo'rs—Stock. 100 53 56 Preferred 100 107 10th A 23d Sts Ferry 70 76 Preferred 7 91< 80 \mer 8irawboard....l00 34 68 1942 JAJ 106 lit mort 58 1919... JAD «104 106 Am Car A Foundry See StkBx list Bonds 68 FAA ioa« Bergn A Bng Br—See Phi 1. list. 0nlon Ferry-Stock 45M 46 Amer. Caramel—Common 50 52 Amer. Woolen—Com... 26^ 87 1st 68 109K lat 58 1920 MAN il03 1085< Preferred 100 103 Preferred 89 83% Blackwell 8 Durh Tob.25 t 17 19 {Buyer paya accrued intere at. Amer Press Asaoo'n. .100 85 95 Amer Wringer com... 100 106 auss Company—Com.. 50 r c9 e9M 50 64 11 - Preferred t esji t Price per ahare. American Screw 250 H97)i'a.O Pref 115 * • • . . . J . —. ., ...... 484 THE CHRONICLK-BOND PEICES (5 pages) Page 5. [Vol. LXIX. Range BONDS, 55-8 Price Week's BONDS. PHee Week's Range Friday, Range or since !« 2 Friday, Range or II EXCHANGE N. Y. STOCK EXCHANGE since R.Y. STOCK Sept. 1. Last Sale. Jan. 1. Sept. 1. Last Sale. Jan. 1. Week Endino Sept. 1. Week Ending Sept. 1. Bid. Ask. Low. High. Low High Bid. Ask. Low. High. IfO. Low High qGaiLNYlstoong58..'33 M-8 Rooh&PltC&Ipurm 5s 1946 M-N q G & Fnel. See P G & C Co. St L Ter Cupples Station & 0«n Kleo Co deb gSs... 1922 J-D 116 118M Aug'99 109 120H Prop Co Istg 4«s 5-20 yr'l? J-D Or BapGLCo Istg 58.. 1915 F-A S Yuba Wat Co con g 68. .'23 J-J 101 Feb '97 K O Mri Gas Co Ist « S8.1922 A-O 8p Val Wat Works 1st 68. '06 M-8 Kings Co El 1, &P. See Edison. Stan Rope 4 T Istg 68.. 1946 F-A £7 84 84 83 Lac Gas-L Co of StLlBtg 5b'19 Q-Ft 109>i Sale 108 1095< 10 106^ 111 Income g 5s 1946 86^ 25 28 22 |g« Small bonds 1919 Q-F* Sun Ck Coal Istg sf 6s..l912 j-'b Mut Fuel Gas Co See PeopGas Tenn Coal TDiv Istg 68.1917 A-O II 108 105^ J'ly'99 P»o Gas & C Istgu g 6b. .1904 M-N 109M Apr'99 109M lOOJi Birm Dlv 1st con 6s... 1917 J-J 118 113 112 U8H 15 101 118W Sd gtd g6B 1904 J-D 1031^ 106 107m Feb '99 1D7H 107H Cah C M Co 1st gu g 6s..'22 J-D 108 108 Aug'99 103 108 iBtoonsolgBs 1943 A-0 131 127 187 16 183 131 De BarC4ICogug 68. '10 F-A 109 108 Aug'99 96 109)^ aeftmding g 58 1947 M-8 106 Dec'98 O 8 EnrelCo IstsfgOs 1918 J-JT Registered 1947 M-S U SLeathCoB f deb g 6s. '13 M-N 119 Aug'99 116 I19H Oh G-L&Cfee Istgug 5s'37 J- lllW 111 111 29 109?^ 118 West Union deb 7s. .1875-00 M-N 103M J'ne'99 103^ 107)4 of Chlstgn 58'36 J-D lll« Apr'«9 107^ niH Registered 1875-1900 M-N 105 Mar'flS OonO Co g 105*' q G & F Ch l8tgug6s.'05 J-J 106« May'99 106H 107J^ Debenture 7s.. . 1884-1900 M-N 102^ May'99 102>i 108^ Mn Fuel Gas Ist gu g 5. 1 947 M-N »108 107 Aug'99 105 107H Registered 1884-1900 M-N TrentonQ& El Istg 5s.l949. M-S Col trust cur 5s 1938 J-J 115 115H 115)ii Aug'99 lia>4 119 WMtn Gas Co col tr g 58...'33 M-N 101 Mar'98 MutUnTelBf'd 6s. ..1911 M-N 110 J'ne'99 110 112 .'04 Northwestern Tel 78. . . J-J BtlSOBLLANHOUS BON DS. WhLB4PCCo I8tg5s.'19 J-J Adams Hx—Col trg 4s.l948 M-8 104^ Sale 104% 106« 10 104^ 107W mCotOll debg8s...l900 Qu-F 1C5J< 104H 104^ 20 1C4M 108H A.mDk&Imp6B. SeeCenNJ V. a. GOV. SKCDBITIB8. (For iaily record see seventh va Oe V recedino,') Aju Spirits Mfg Istg 6s. 1915 M-S 90 92 93 93 iSH 94H U S 28 registered. . . .Optional Q-M I06ii ..•. 101i< J'ly'99 99 101^ U S 3s registered 1918 108>« 109 Aug'99 Bar&SCarCo lstg68.1942 J-J "85*' 108?i 106^ 109M k'nW&WH Istg 58.1945 F-A 86 Sale '"8*5 84« »3Ji U 8 8s coupon 1918 108^4 108?i 108>< I089i 78 106M 109H CahCoalMln. SeeTCI&R. D 8 48 registered 1907 Q-Jt 111^ UIM 112>4 1121^ 16 111 114 hlo Jc & StYd col g 58.1915 J-J 109! *So price Friday; these are latest bid and asked this week, t Due July i Due May. i Due April. I Bonds due January. H Due August. aThese are option salet. OUTSIDE SECURITIES (Givek at foot of 7 cohsecutivb vjlq:es).—BAJVKS & MISGELL'S. MlBcelianeons. Par.i Bid. -Agk Miscellaneous. Par. Bid Ask Bid. As>. Miscellaneous^ Par, Bid. Ask. Bond4Mort Guar... 100 295 815 Loriilard (P)—Pref... 100 117 180 Susq Coal 88 1911 J&J 183 Union Switch 4 Signal. 50 t 39« 40^ Carter-Crume—Pref. .100 6B 80 Madison Square Garden- Tennessee Copper. . 20 20% Preferred f;o t 59 62 Celluloid Co 100 88 91 Stock 100 5 Term Wareh—Stock .100 7 12 Union Typewr—Com.lOO 28« 3C Cent America Tr'uBlt.lOO \ 1 2d 68 1919 M4N 25 35 Ist 6b 70 1st preferred 100 118 118 Oent Flrew'rks-Com.lOO 13 15 Maine SS 50 t 20 Texa8 4Paclflo Coal. 100 70 73 2d preferred 100 120 128 Preferred 100 66 60 Merch 4 Miners' 8 8.. . . 50 t 60 let 6b 1908 A40 n07K . . ... U S Glass-Common..lOO 89 29« 68 Chateaugay 0re4 Ir ' 15 40 50 Mich-P Car Ist 5s'42M4S 105 Title Guar 4 Trust.. 100 404 405 Preferred 100 06 105 Ohes 4 O Grain El—Inc. 10 14 Minneapolis Brew 1st 7s. 105 Trenton Pott—Com.. 100 7 10 U S Projectile Co 100 90 101 4i 70 75 Mosler Safe Co 100 105 Preferred 100 45 60 U.S. Pneum. Horse Coll.. 1 t H Ohesebrough Mlg Co. 100 345 355 Monongahela Water. ..25 t 43 Trow Directory-New. 100 59 65 Wagner Pal. Car—See Stk Exch. list. Olaflln (H B)-lstpref.lOO 101 Nat Biscuit—See Stock Ex List. Union Steel 4 Chain 29 30 Westingh Air Brake. . .50 t217ii 318 100 101 National Casket Co. . .100 Preferred 71 75 WlsconCentral 'it— See St list. 8d preferred "96* ookBz Common— See St.Ex. list Nat'l Gramophone. ... 100 88 Clark Mile End Thr'd.lOO 75 National Saw—Pref.. 100 25 76ii Bid. Ask. Bid. Ask. Oonsolld Car Heating. 100 48 50 National Salt 46 48 Banks. Banks. Banks. Bid. AlA Oonsol Firew'ks-Com.lOO 10 Preferred , 77 79 Broken' otati Preferred 100 65 National Surety 100 150 Qu Brokers' Qu otatio ns. Brokers Qu otati N. Y. CITy. Merch Bxch. Nassau . 270 Con Kan C Smelt 4 Ref.25 t 21% National Wall Paper. 100 78 80 America* .... 440 Merchants'.. 175 Nat City.... 276H Consol Rolling Stock. 100 20 N. B. Elec. Veh.Trans. . . 10 lOM Am Exch.... 180 Metropolis^. 415 North Side*. 170 Cont. Tobac. Co—See Stoc k Ex. list. N Y Loan 4 Imp 100 50 Astor 400 Morris*.. 340 ... 190 Sh 4 En Bldg.lOO 79 61 Biscuit 68 1911 .M48 \\\% 113 Mt People's* 196 Cramps' N Y Bowery* 280 310 Mutual* 140 Scherm'rh'n* 140 150 Diamond Match Co... 100 138 New Jer Zinc 4 Iron. .100 124 130 186H Broadway.... 244 Nassau* 150 17th Ward*. 105 115 Distill. Co. ot America. 20 N Y Air Brake—See N Y S tockB xch \9H Butch'B4Dr.. 85 New Amst.*.. 485 Sprague 200 Pref 59« N. Y. Bl. Veh. Transp .100 83 23>^ 60M Central 180 NewYork Co. 1500 26th Ward*.. 140 i"45' Blectrio Boat 28 28 Nicholson File Co 50 84M Chase 400 Ex.. 118 Union* 120 Preferred 40 45 Nicaragua Construct. 100 10 N Y Nat Chatham .... 346 105 Vehicle 105 109 NlleBTcolWrks.com.lOO 105 312H New York.... Wallabout*.. lis Electric Chemical 4100 19th Ward*.. 100 Preferred 116 125 Preferred 100 180 125 Trust Cos. Citizens' 147 Ninth 93 N. Y. CITY. Bppens 8m 4 Wiem..l00 76 Otis Elevator Com. 31% 38 — City 3*0*50 North Amer. 160 Am Dep 4 L. Bastman Kodak Co... 100 105 Preferred 101 103 Colonial* .... 240" Oriental* 190 305 Atlantic Tr. 200 325 Brie Western Trans. 50 t 31% 38>4 Peck, Stow 4 Wilcox.. 25 23 4 Columbia*... 185 Pacific* 170 Central Tr'st. 1990 2016 Fidelity 4 Casualty.. .100 250 Pegamoid, pref 100 35 Commerce. . 850 Park City Trust... 370 866 Fidelity 4 Dep (Bait).. 50 t207 210 Pennsylvania Coal 50 400 410 Continental 128 PeopleB'* .... 200 Colonial 416 435 General Carriaite Co 34 87 Penn. Water-Com .... 5 t 5 6 Corn Bxch*. 340 Phentx 105 Continental . 340 German Am Real Bst.lOO 32 Phil 4 Wil Steamboat. 50 t 67 70 1*4*66* *6*6 135 1426 Goodyear Shoe Machine. Pneumatic GunCar'ge.lO Bast River. Plaza* 450 Farm Ln 4Tr x49M f24 11th Ward*. 160 Prod Bxch*.. 130 Fifth Ave Tr 390 Gorham Mfg Co-Com.lOO 95 110 Pratt4 Whitn—Com..lOO 8 18 2750 Guaranty Tr Preferred 100 119 Preferred 100 50 56 Fifth Ave' 3100 Republic .... 190 669^ Fifth 220 Riverside*... 190 Int'l. Bkg&Tr tl60 Great Falls Ice 100 170 180 Pressed Steel Car—See St ockBx list. First 3000 Seaboard .... 350 Knick'rb'ok'r 366 Havana Commercial 28 29 Preferred—See Stock B xch. 11 St. First (St Isl) Second 550 Manhattan . 8S0 Preferred 68 88^ Procter 4 Gamble. ...100 3U6 400 145*' . 850 Heck-Jones-J Mill-Pf.lOO 50 Preferred 100 196 199 14th Street* 185 Seventh 160 Mercantile Fourth tl98 Shoe 4 Le'th 108 110 Metropolitan 420 1st 6b 1922 M48 96 99 1st 68— See Stock Exch list. Franklin.... State* N Y L I 4 Tr 1450 Her'g-Hall-Mar(as8t p'd). 8 Repub Ir&Steel-See 8tck Exch. list. Gallatin 325 State of NY* 133 N Y See 4 Tr 600 Preferred (asst p'd) 100 16 20 R.I.Perkins 1 00 85 Horse Sb. 130 North Amer. 165 175 Hoboken Land 4 Imp't 110 Preferred 100 46 55 Gansevoort*. 80 13th Ward*.. Garfield... 15*66' 33d Ward*... 100 Produce Ex. 305 5b ... 106 Roy Bak Pow pf ... 100 99« Am* 116 Union. 336 Real Est Tr't SUO Illinois Tram i% Z% Rubber Goods Mfg.. 34 German 33K Ex* 340 a'eo' Union Sq*.... StandardTr't 225 International Blevat.lOO 90 95 Preferred 89% 90 German Germ an la*.. 375 West Side*.. • • t State Trust. International Navig. .100 108 105 Russell 4Brwin 25 \ 66 165 Western t407 Tr.Co.of Am. Ji71 Internat. Paper— See St'k Bxoh hat. Safety Car Heat 4 Lt.lOO 145 185 Greenwich^. Hamilton*.. 125 Yorkvllle*.. 210 dniou Trust. 1400 Bonds—See Stock Exch. list. Schwarzchlld 4 Sulzb.lOO 41 43 Hanover 740 BR'KLYN. USMtg4Tr. 526 Internat'l Pump—Com . . 24« 25 Semet-Solvay deb Ss 101 103 215 * Unit. States.. Preferred 73 73H Simmons H'rdw-Com.lOO 180 185 Hide 4 L'ath 116 Bedford* .... •* 1800 Broadway* . 190 800 Washtnglon 300 Internat Silver—See Stk. Bxch. list. Preferred 100 140 145 Home* 536 Brooklyn*... 100 130 BR'KLYN. Do do pref. 65 69 Singer Mfg Co 100 526 650 Imp 4 Trad 155 8th Ward*... 95 Brooklyn Tr. 410 Do do bonds. U02H 103^ Standard Oil 100 461 463 Irving Leather Mfr. 800 5th Ave*.... 104 107 Franklin 310 Iron Steamboat. 100 4 6H Stan.Dl8t. 4Dis.—See Sto ck Ex. List. , 220 First 330 350 Hamilton 261 1901 J4J 56 Stand Und'rg'd Cable. 100 160 Liberty ei 150 760 Amer*.. 90 100 Kings Co 360 , Ger John B Stetson-Com.lOO 90 Sl08sI4Slst6s 1917.K4A 106 Lincoln Manhattan* 246 Hamilton*... 105 L Isl L & Tr. 252 Preferred 100 126 Southern Cotton Oil. . .50 53 t Market 4 Fu 230 Kings Co*.... 100 Manataot'rs. 300 Bumham.lOO 5 * 1 • • • StandardCoupler.cDm.... 30 Jonmeay 4 82« Manufact'rs. 350 360 Nassau 180 Preferred 100 25 30 Preferred 108 116 Mechanics'.. 300)^ Tra* Mechanics*.. 212 . • * ' • People's 290 Knickerb'r Ice(Chlc)-See St Ex List. SUt Isl R T 1st 8b'18A40 107 Meoh 4 193 Mech Tra*. 245 966 WillUmsb'gh 880 227 Lawyers' Surety 100 102 108 2d 58 1926 J4J 96 Mercantile 4 146 156 Still Lawyers' Title Ins. ... 100 w-Bierce 4 8m-V.100 86 Banks marked with a asterisk (*) are State banks. t Prioe per sliar*. Liberty Silk MUlB 100 110 Swift 4 Co 100 IQA% 105« { Purchaser also pays accrued interest. Preferred 100 1st 6s .1109 109H i Sale at Stook Bxchauge or at auction thisweek. : . ... « , September 2, 1899.] THE CHRONICLE. 485 Boston, Philadelohia and Baltimore Stock Exchanges—A Daily and Yearly Record. ^^r Share Prlces--Not Per Centam Prices. Sales ACTIVE STOCKS. Of the Bange of Sales in 1899. Saturday, Monday, Tuesday, Friday, Week. H Indicates anllsted. Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. I. Shares Lowest. Highest. Railroad Stocks. • 870 270 270 270 371 273H 270 271 270 264 884 Boston A Albany ( Boston) ...100 480 845 Mar. 7 280 June 27 109 109 109 109 110 110 1109411094 110% 110% 110 110% Boston Eilevatdd •....• ** ...100 592 8094 Jan. 4 11694 May 1 •840 •240 •840 •240 245 845 Boston & L0W6II. ..>•.••• • " • ...100 6 227 Jan. 9 245 Aug. 33 *' •'!!!!! 203" • • • 64 304 305 x203)4803ii 203 203H 203 800 Boston 87 27 27 2-J4 3H94 27 2894 27 87 27 2894 2894 Lehigh Valley (Phlla.) . ... 50 773 23% June 1 30 Mar. 9 *15 15^ 15« •1496 15!4 •14% 1494 15 ...100 590 5% Jan. 7 17% Apr. 87 15X li'^ if'* 15H 93 93 93 93 •92% 93 93 Northern Central (Bait.) . ... 50 40 90 Jan. 21 95 Feb. 8 Aug. 34 S6H 'seii 56H 56% 55X 56i6 55% 56?6 5696 58% 58 58% Northern Pacific (Phlla.) . ...100 7,800 4294 Jan. 7 57% •77M 7754 •78 78M •77H 77?i •7796 78 7796 77% 77% 779< Preferred " ...100 75% June 1 81 H Jan. 86 •206 •308 •206 207 207 208 208 •308 809 Old Colony (Boston) ...100 ""ii 198 Jan. 4 213 May 17 *d7M 68 67§i 67^ 6794 88 6794 67% 87:^ 6794 67% 6756 ... 50 1,827 61 Jan. 3 70 Jan- 38 *99^ 99^ •9Pii 99J^ 99>4 99« 99H 99M 9996 9996 99% 99% Philadelphia Traction ... 50 549 94% Jan. 3 100% June 30 •1114 WH 11 3-16 11!4 11 11% 11 11 11% 11% 11 U ... 50 2,50U 994 May 13 1294 Jan. 34 31?g 31?^ 31 3196 3096 31 3096 30% 30^ 3094 Ist Dreferred ** ... 50 10,630 25 13-16Jan.7 34 Mar. 33 ** 17 3-16 •17 17U 17 17 1694 I'H 1«94 1694 16% 13-16 2d Dreferred ... 50 885 13 7-16Jan. 6 18% Mar. 83 471^ 47H 4T56 48 46?i 47% 4694 47% 47 4796 46'^ 4796 Dnlon PaclflQ (Boston) ...100 3,355 3896 Jane 20 50% Feb. 31 79^ 80 79% SOH 79H SOM 7996 79% 79% 80 79% 8096 Preferred •..*••• '* ...100 10,830 724 Jane 1 84 Jan. 38 419^ 415^ 41« 419< 4196 4196 4196 41% 4194 41% 41% 41% Union Traction , (PhUa.). ... 50 6,457 3196 Jan. 7 4494 Apr. 86 Feb. 18% 18J« 19 19!^ 19 19 1896 18% 1894 1894 1896 1896 United Ry&Hlec.Co.(w.i.) (Bait.) . 3,733 1896 May 17 3396 81 381-4 3814 •38 33% Preferred (when issued).. " 100 38>6 May 16 45 Feb. 81 •95 95H 95)4 9514 •95 •95 95 95% 95 96 West Bnd Street. (Boston). !!;"5o 80 90 Jan. 3 98 July 11 L>IisceIIaneou8 Stocks. •88 28^ 28 28^i 28H 28% 88^6 28 28% Amer. Agricnl. Chemical.... (Boston). ...100 733 33 July 28 38% Aug. 89 *79M 80 79 79H 79 79 79>4 79 79% Preferred '* ...100 1,060 78 July 28 82 July 8 4« 4^ iH 4% 496 494 496 494 "496 "494 American Alkali fPhila.). ...50 29,107 2% July 28 494 Aug. 85 m " ^H 2% 2>6 294 3 3 3% 2% 3 Preferred 1 paid 13,335 1% July 11 3% Aug. 31 347 347 343 350 350 361 382 365 362 365 360 381% American Bell Telephone. . . (Boston! ...lUtJ 2,443 273 Jan. 3 380 FeD. 14 9)^ 9H m » 9 9 894 9 894 8% 8% 894 American Railways (Phila.) 5 paid 5,394 794 June 2 1494 Apr. 21 151)4 153?^ 153 155^ 154 165« 153% 156% 16696 168% 155!^ 137M American Sugar Refining 1. (Boston) ...100 24,768 13396 Jan. 4 188 tlar. 30 •130 181 •120 121 130 121 121 121 130% 120% •120 120% Preferred 1 ... , , " ...100 43 110% Jan. 16 122 Mar. 30 15!4 15J6 15 15^6 15 1696 15% 16 1694 1796 Asphalt Co of America (Phila.) Spaid 18,0U4 13% Aug. 4 1796 Sett. 1 353 354 358 364 352 353 353 353 353 353 358 353 Boston 4 Montana (Boston) ... 25 163 382 Jan. 7 398 Apr. 25 • • 77 • 77 77 •74% 76% 73 75 •74 78 Butte & Boston " ...25 4 20 65 June 1 108 Apr. 28 840 840 840 840 846" 840 840 840 840 810 840 840 Calumet & Hecla ,, " ... 25 5» 635 Jan. 6 895 Feb. 21 33^ 23>4 23 2396 8394 23% 237^ 32% 2294 23 23 22% Cambria Steel. ($150 paid) (Phila.) . 6,582 1 194 Jan. 7 2494 Mar. 23 '.'.'. 18 68 a3!4 63^ 63H 6894 6394 83 63% 6394 6394 Consolidated Gas. ...,, (Bait.) . 100 389 60 May 17 71% Mar. 53H 53M 53 53!^ •53 54 53 53 54 54H 55 55 Dominion Coal (Boston) ...100 1,195 33 Jan. 3 63 Apr. S 101 102 101 104?i 104 105H 104 1049i 103 103% 102% 103 Krie Telephone. " ...100 1,219 7894 Jan. 3 105% Aug. 29 5894 WH 5894 5994 61 6094 62 60 61 Federal Steel " ...100 9,304 4696 Feb. 8 74% Apr. 8 37 37 •35 37 37 35 37 36% 38!.« Lam son Store Service " ...25 145 23% Jan. 3 45 May 23 "44" "44"" 39 . . f Mar. '25" 44 44 44 44 44 44 44 44 Lehigh Coal & Navigation. Phlla.) ...50 5 48 3994 Jan. 3 45% 84 35 "2"4« 3494 3594 2594 26M 35 36 Massachusetts Electric Cos (Boston). ...100 2,831 33% .ug. 24 28% July 25 78 78 79 79 •79% 8ai6 83 83!4 81% 83 Preferred '* ...100 3,080 75 Am. 8 83i4 Aug. 30 12Hi MH 13« 12% 12% 1396 18% 13% 1396 1396 "13% 1394 National Electric (Phila) 1 Opaid 86,7 <8 10 July 17 15% May 24 104H 104J^ 104 105 104« 104H •104% 105 104% 104H New Bag. Cotton Yarn, pref. (Boston). ...100 116 10194 July 11 107 July 14 •143 •143 143 •l43 150 150 15*6" 154" New England Telephone ...100 217 133 Jan. 4 154 Feb. 88 36 36 351^ 35« 35« 35% 35% 35% 35 38 35% 35!^ Old Dominion Copper T " ...25 853 34% Jane 1 53% Apr, 85 27M 27>^ 27H 27% 33 38% 29 2896 29 3S96 2896 Pa. Mfg. Light & PowerT ... (Phlla.). ... 50 30,895 3196 May 24 3396 Apr. 6 16994 168% 168% •169% 170 United Gas Improvement T.. " ...50 432 12714 Jan. c 175 Apr. 8 49^ 49^ 4996 30 49H 4994 "50% 4994 49% 49% 4994 United States Oil (Boston). ...35 3,1 5b 38 Jan 3 55 Mar. 30 51 55 53 53 53 Welsbach Light (PhUa.) ... 2,194 le 60% Apr. 8 50« 60% 50H ^ 6096 58% 54% T 5 38% Feb. • • • line 13 50!4 50!4 "70" 49% 49% 4994 4994 Westingh. Electric & Mfg. . . (Boston) ... 50 100 39 Jan. 4 5296 J e8>j 70 69 69 70 68% 68% 68% 68% •68 69 Preferred ,..., " ... 50 123 55 May 31 70 Aug. 88 •Bid and aiked prices no sal e was made. a 30 15-18 31 3-18 Bid. Aab. Bid. Bid. Bid. Ask. NACTIVE STOCKS STOCKS BONDS Ask. BONDS Ask. BONDS I EAILR0AD8.—Pricet Sept. MISCBLL.—Concluded. Boston—Concluded. Baltimore—Conclu'd Atl & Charlotte(Balt) 100 127 Nat Electric T.. (Phil) 50 1296 1894 New Bng Tele 88.'99 A40 «100 West N C con 6s.l914 J&J 118% \ '' 115 Bos ft Maine pf.(BoBt)10C Nat Typewriter 25 88 1907 A40 { WestVaC4Pl8t8g.'llJ4J 113% Boston AProv. " 100 302 NewHavI&ST " 5 7% N Y4N Bng Ist 7s.'05 J&J ni7 117% Wil4 Weld 58..1935 J4J 118 Central Mass... " 100 16 18 tfo Am G Dredg ( Bost) 1 33% 35 l«t mort 88 1905 J4J ai3 Pref " 100 66 68 Old Col Mining. " 26 10 10i< Ogd 4 L C con 68.'20 A40 Bonds— Philadelphia Cil«&WMlch. " 100 Osceola Mining. " 25 88 89 Income 68 1920 AlleVyEpxt7sl910A&O 132 OonnAPassum " 100 Palmetto Co.... (Phil) 25 296 3 Rutland Ist 6s. .'02 M&N 5106 AsDhalt Co 5 j tr ctfs . . 92% 9894 Conn Rivpr.... " 100 273 ParrottSll&Cop(Bost) 10 51 52 Torrington Ist 5s 1918.. 1 AtlCity l8t58g..'19 M&N U3J4 OonBOlTrPitt8lI(Phll) 50 3894 33 Penn Blec Vehir(PhU) 50 18 West Bnd St 5s. .'02 M&N 5104% Balls Ter 1st 58. 1926 J4D 10096 Pref 7 " 50 84 64% PrefV " 50 694 4%s 1914 M&S 5118 B Boro Gas Ist 58.'38M48 1C3 Flint A Pere M. (Bost) 100 Pennsyl Salt... " 50 114 Gold 4s 1917 F4A 5107 Cambria Iron 6s.l917J4J 107 Pref " 100 Pennsyl Steelir. " .... 88 Bonds— Baltimore. Ches&DCanlst5s.'16 J&J 59 Oa South & Fla. (Bait) 100 30 PrefT " 100 Anacostia & Pot 09 105% 106 Choc Okla 4 G prior lien 68 Atl 106 Ist pref " 100 90 Qulncy Mining . ( Bost) 25 169 160 4 Ch 1st 78.1907 J4J 118% General 59....1919 J4J 105% " 106 3d pref, " 100 55% Rhode Isl Mln. . 25 7 7% AtlG-Llghtlst58l917J&D Cit's'St Ry(Ind)con 5s.'33 104% O rmant'u Pa88(Ptall) 50 150 Santa Ysabel G " 5 14 14% Atl Coaet L ctfs 5s . .J&D Colum St Ry 1st con 5s.'32 HesConv M & T " 50 48 68 Susquel & ST..(Phll) 5 7% 796 Bait Belt Ist 5s.l990M&N Con Trac of N J 1st 58..'33 Pref 80 75 Tamarack Mln. (Bost) 25 227 229 BaltCPaslst 58.191 IM&N lis" 114" Del 4 B Bk 1st 78.'05 F&A HuatABroadT " 50 83 Tidewater St... (Phil) 10 18% 19 Bait Fundg 5s.l918 M&N East&A Ist M 58.'20 M&N 114 Pref " 50 Torrlngton"A"(Bost) 25 Exchange 3%s. 1930J&J 126 126% Edison Elec 5* stk tr ctfs. Inds Streets... " 100 35 Pref " 25 Balt&Ohio 4sg.l935 A40 Blec& Peop's Tr stk tr ctfs 10194 108 KG Ft8 4M..(Bost)100 UnCopL&M'g " 35 7 8 Stat Isl 2d 5 g.l926 J4J Elm&WUm Ist 6s.'10 J&J Pref " 100 Un Shoe Mach.. " 25 37 37% Balt4Pl8t6sml 1911A40 Income 5s.... 2862 A&O lbs" '* Little 8chuylk.(Phll) 60 56 Pref. . ... 25 28 38% Ist 8s tunnel 1911. .J&J EqniGas-L Istg 58.1928 Maine Central. (Bost) 100 UdPHor*seCoii(PhU) 1 Bal Trao Ist 58.1929M&N i'ls" Hestonv M & F con 5s.'24 ii8% MlnehUI & 8 H.(PhU) 50 5994 60 Utah Mining.. (B08t)4-8S 43 4394 Ext 4 Imp 68.1901M&S 101% H4 B Top con 58.'85 A 4© 100% " Nesqnehon'g V. 50 Warwick I & S . (Phil) 10 1296 12% No BaltDiv 58.1942J4D 131 122 Indianapolis Ry 43.. 1933 ibo" North Penn.,.. " 50 108 • • • • • Welsbach ComT " 100 12% 13 Conv'rtible 581906M4N 101% KCSub B l8t«s..'20 J4D 90 PhUABne " 50 30 Prefl " 100 88 Cent Ohio 4%s g.'SO M4S K C P 4 G 1st 53..'23 A&O PhU Germ 4 N. " 50 150 Westm rel Coal " 50 58 Central Ry 68... 1912 J&J Lehigh Nav 4%s. .'14 Q-J 114 United N J " 100 377 Winona Mlnlng(Bo8t) 85 11 11« Consol 5s..., 1933 M&N 118 RR48g 1914 Q-F 106 United Tr of P. " 50 Wolverine Min. " 25 46 46H Bit 4 Imp 5S.1932M4S 117 • •It* (JenM4%8g..l924g-F • • • • • Pref ' 50 47% Bonds— Boston. Chas City Rylst 5s •23J&J 106 Leh V C'l 1st 5s g.'33 J&J 101 West Bnd pref. (Bost) 50 118 114 AmBeilTel4s..l908 J&J }102 103 Chas Ry G & El oj "99 M&S 108% • • • Leh Val ext 48. . 1948 J&D 115 West Jer & 8 8.(Phtl) 50 60 AT&SFgeng48.'95A40 |lOO 100% CharlC4A ext5s.l9X0J4J 109 109% 2d 7s 1910 M&S " 7 Adjustment 48. 88 Chesap Gas 8s.. 103 Consol 8s 1923 119 WestNY&Pa. 50 7% g .1995 I 88% 1900 J4D 102% J&D Wis Cent, new. (Bost) 100 18 18% Boston Term'13%s.. 1947 Clty&Sub l8t5s.l922J&D 11594 117 Annuity 8s J&D 127 87' '48 Pref " 100 58 5894 BosUnGaslst5s.'39J&J i Col&Gmvlst5-8.1917J&J 115 ,, New'kConGas 5s J4D Wor Nash & B. " 100 2d M5s 1939 J&J - 81 Consol Gas 68..1910J&D 116 116% Newark Pass con 58.1930 MISCELLANEOUS. Bar& Mo Rlv ex'pt 6s.J&J 125 5s 1930 J&D 111% 118% NYPhil&Nor 1 8t4s '3 9J&J 104% 105 85 AUonez Mlnlng(Bost) 35 e% 7 Non-exempt 6s. '18 J&J 108 Ga &Aialstpf58l945A40 103 Income 4s. . .1939 M&N 80 AmBysl (Phil). 8% 894 Plain 4s 1910 J4J jlOO GaCar4Nlst58g.l929J4J 103% 104% No Penn Ist 4s..'36 M&N 118 Arcadian (Bost) 85 Ch Buri N 1st 58.'26 A&O {105 ioe' GeorglaPl8t5-88 1922J&J 120% QenM7s 1903J&J 114 Arnold Mining. " 85 14% 1494 2dM 6s 1918 J&D GaSo&Fla l8t5s.l945J&J 10794 108% Penn gen 8s r... 1910 Var 131 " { Atlantic Mln'g. 85 30 30% Ch Bur 4 Q 4s . 1922 F4A }100 KnoxvTrac l8t5s'38A40 107 108 Consol 68 0.... 1905 Var Baltic Mining.. " 25 28 26% Iowa Dlv 48.1919 A40 |l08 Lake R El lst«u5s'42M4S 119 120 Consol 58 r 1919 Var 137" Beth Steel 1.... (Phil) 50 32 Chicago June 5s. 1 9 1 5 J4J |ll5 Maryland Brewing 8s .... 92% 93 Pa 4 N Y Can 78..'06 J4D HOilon BleoLt.(Bo8t)100 170 173 Ch 4 No M gu 58.'31 M4N 1 92 MetSt( Wash) 1st 58'25FA 127 130 Cons 58 1939 A40 108% 95 Cambria Iron.. (Phil) 50 44% 4494 Chl4WMgen58.'21J4D I 99 100 New Orl Gas Ist 58...Var Cons 4s 1939 A40 Canton Co (Bait) 100 85 86 Con. of Verm't 5s.'13 J4J 94 Norfolk St l8t 58 '44. J&J 108 108% Penn 3t«el lst5s.'17M4N C«nten Mining. (Bost) 25 36% 36 Curr't Rlv 1st 5s.'27 A40 70 NorthCent4%s.l925A&0 112 People's Tr tr certs 48.'43 108 109 Con. Laka Sup. (PhU) 50 21 81% D G R 4 W 1st 4s.'46 A40 94 68 1900 A40 105 Phlla Elec gold trust ctfs 100% Pref " 50 7% 7% Domln Coal lst6s.'13M4S 110 8s gold 1900 J4J 103% Ph4Br gen M 5g.'20 A&O 133 " i Daylight Prism. 50 35% Bast'n 1st M 6s g.'08 M43 «117 120 68 1904 J&J 112 • • •• Gen M 48 g.. 1920 A&O 110 Dlam State at T " 10 794 7% Ft Blk4M V Ist 8s "33 end dl41 Series A 58 1936... .J4J 121% 128 Ph 4 Read 2d 68.'33 A&O 137 Domln Coalpf.(Bost)100 118 118 Unst'p'd 1st 63.'33 A40 {139 Series B Ss 1928... .J4J 121% 122 Consol M7S..1911 J4D 133 HdlionBl ni... " 100 310 lUln Steel conv Ss.'lO J4.I { Pitt Un Trac 5s.l997 J4J 111% Con M 6sg...l911 J&D 133 Bleo Co of AmT.(Phil) 50 20 20% Debenture 58.1913 A40 102% PotomVal lst5s.l941J&J Ext Imp M48 g.'47 A40 108 106% BBaot VehlcleT. " 100 KCC4 Slst58g.'25 A40 {"76' SecAvTn(Pltt«)5s'34J&D 118 Con M of '82 48.'37 J&,J 105 rranklln Mln'g. (Boat) 25 '26 26% K C Ft S&G Ist 78.'08 J&D {114 Sav Fla 4 West 58 '34A40 113 Terminal Ss g.l941 Q-F 132% Oeneral Elect. . 100 134 125 K C F S&Mcon 6s.'28M&N il04 104% Seab 4 Roan 58.1926 J&.T 109 PWil& Bait 48.19 17 A&O 110 Pref " 100 140 148 K C M 4 B 1st 48..'34 M4S i 93 United Ry & Eiec Income. 76 76% CoUat trust 4S.1921J&J 103 OenEl Auto-Ml(PhU) 60 - 9% Income 58 43 44 4s 10096 100% Pitts C&StL 78.1900 F&A Greger Mfg.... " 10 6 K C4 M Ry&B 58.'29 A4d i 105 VlrgMid l8t88.1906M43 110 Read Co gen 4s, 1997 J4J Ind-Egyp Com7(Bost)100 K C St Jo 4 C B 7s.'07 J4J ni9 2d series 68. .1911 M&S 123 122% Rochester Ry con 5s. 1930 109% IntButH&SM " 10 LRock4FSlst78.'05J&J ?108 lbs' 3d series 68..1916M&3 118 SchRESldelstSs g'33J4D 111% 118 Ule-BoyaleT.... " 85 49 51 LB4StLlst68g.'28A40 110 4th ser 3-4-58.1921M&3 100 Scran Trac Ist 68 '32M&N 7>.4 Term'! 1st 58.F&A JManufac Rubir.(PhU) 50 2d M 5-6g....l936 A40 5th series 58.1926 M&S no • • • • • Union Prefli " 50 494 Mar H 4 Ont 68...'25 A40 U14 Va (State) 3s new.'32J&J 89 90 United N J 4s..l944M4S 120 " DnTracPltts gen58'97J4J 112 lis BiUnden Cot . . 100 16% 17 MezCent 4s g.. 1911 J4J } 76 76% Fund debt2-38.1991J&J 87% 87% interest. t»l-50 paid. Mergenthaler . . ( Bost) 100 210 212 Ist con inc 3s g non-cum 23% 33 V»4Tenn2d 5s.l900 J&J 102% iAnd Jlez Telephone " 10 6% 694 2d con Inc Ss non-onm.. 12i4 13% 88 1900 J&J 105 Price includes overdue OOUDO na. —. . 1 36 6.., 1 ^86 THE CHKOJSICLE. [Vol. LXIX. Latest Gross Kamings, Jan. 1 to Latest Date ROADB. %nmshncnt WeekorMo 1899. 1898. 1899. 1898. AND S S S $ Kan. C.N. W.... July 28,814 21,980 178,974 195.407 Kan. City & Cm. 3dwk Aug. 6,018 6,222 151.917 155.194 K. 0. Pitts. &G 4thwkMay 96,335 81,636 1,498,659 1,304.218 _^mltxrad Itttelligetttje. Kan.C.Sub.Belt Sdwk Aug. 9.473 10.735 336.658 299,758 L.Erie & West 3dwk Aug. 87.611 71,146 2,300.582 2.115.450 EARNINGS. Lehigh & Hud.. July 40,607 31,077 276,79r- 209,462 RAILROAD Lehigh Val.RR July 2,057,125 1.703,(87 11,376,720 10,132,672 The followma table shows the gross earnings of every Leh. V.Coal Co. July 1,565,143 1,406,682 9,415,197 7,821.605 ITEAM railroad from which regular weekly or monthly returns Lex'gton&East. June 22,477 17,737 113,6t3 105,801 LonglslandRR •an be obtained. The first two columns of figures give the iuly 563,542 535,999 2,461,246 2.373,541 Long Is. System. July 646,149 626,017 2,656,387 2,56:^,C01 iross earnings for the latest week or month, and the last two Los Ang. Term. July 17.241 10,415 65,216 49,506 aolumns the earnings for the period from January 1 to and Louls.Ev.&St.L. SdwkAug. 38,766 33,576 1,048,858 945.085 Inoluding such latest week or month, Lou.H. &St. L.. Sdwk Aug. 12,381 9,612 364,73K 300,938 Loulsv.&Nashv Sdwk Aug. 497,000 427,340 15,522,521 13,96-1,234 returns the street railways are brought together sep- 27i€ of Macon &Birm. July 4,492 4,307 35,30( 30,449 arately on a subseqitenf page Manlstiqae July 9,974 12,163 52,255 71,817 tMexican Cent, Sdwk Aug. 263,^92 226,235 9,547,828 8,467,698 Latett Qroit Earningt. Jan. 1 to Latest Datt- JMex.Cuern <&P. BOADS. July 25,000 253,671 Mexican Inter' 1, June 381.458 271,929 1899, 1898. 1899. 1898. 2,275,792 1,665,973 IWeekorMo] {Mex. National SdwkAug. 123.337 105,41 4,388,531 3,'-46315 Mex. Northern May 66,586 44,352 355,059 228,793 9 "i" tMexioanR'way WkAug. 12 82,OJ0 72,000 2,799,200 2,552,100 AdlrondaoK une 13,3.55 13,145 91,196 109.061 Mexican So 11.976 l,070,u07 2dwk Aug. 15,036 483,194 422,652 Ala. et. Sontb.. 3dwk Aug. 40,190 33,857 1,166163 Midland Term'l. June 48,013 36,636 Midland.. 68,168 80,652 320,878 338,296 AU. May Minneap.& St.L, 3dwk Aug. 49,589 43,81t^ 1,629,003 1,270,875 Al».N.O.ATex. .Tunc. Pao. M.8t.P.&S.8t.M. SdwkAug. 82,964 70,913 2,561,448 2,323,030 Orl. N. E l8twkAug. 26,000 25,000 948,059 825,216 N & Mo. Kan. & Tex. Sdwk Aug. 247.144 209,948 6,654.8 9 VlokBl. IstwkAug. 11,000 10,000 407.012 388,488 6,321.487 Ala. & Mo.Pao.&IronM Sdwk Aug. 533.000 492,001 16,193,551 15,750,614 Vloks. Sb.& P StwkAug. 9,000 8,000 372,56^ 3-^3,465 Central Br'ch SdwkAug. 23,000 25,{'(> 715,377 832,262 Allegheny Val. July 306,732 219,557 1,750,^95 1,488,179 Total 3dwk Aug. 561,C0( 517,000 16,908,928 16,582,876 Arbor 3rtwk Aug. 29,848 •iJ5,928 981.248 900,518 Ann Mobile ABlrm., June 27.321 23,40i^ Midland.. 7,485 5,950 60,938 55,068 178,883 182,033 Ark. June Mobile & Ohio., July 478,505 341,14t 2.952,205 2,413,363 «Sr.8.Fe. 3.203,171 2,766,898 22,629,03" 21,555,336 Atoh.T. July Mont.&Mex.G'f June 100,803 112,881- 636,372 767,384 Atlanta &Cbar June 171,470 128,493 1,0 3.445 796,791 Nash.Ch.&St.L. July 498,089 549,531 3,381,370 3,285,251 Atl.Knox.&No July 34,286 24,219 214.1;- 176,462 NevadaCentral. W. P 45.499 39,490 297,676 273,127 May 1,699 6,164 8,792 20,340 AtlantaA Juue N.Y.C.&H.R. July 3,420,74^ Atl.C'stLlDeS.C 158,791 135,912 1,027,820 1,001,334 4,435,407 26,987,436 25,181,890 June N.Y.Ont.&W.. Sdwk Aug, 107,991 82,224 2,935,611 2,330,820 Atlan.&Danv.. IstwkMay 16,634 11,117 218,5^8 203,195 N. Y.Susq. 166,219 1-3 53,094 52,3^0 &W. July 221,970 1,411. 1,237.171 Aufltln&N'wee May 11,004 9.542 Norfolk & West, Sdwk Aug. 268,539 247,368 AOblo... 2,628,849 2,305.991 16.282,361 15,934,369 7,682,925 6.984.705 Bait. July North'nAla.Ry, AprU 17,366 13.722 71,565 Sou'-w 139.150 142,331 4,132,046 4,301^,365 64.819 Bal. & O. 3dwk Aug. Northes'n(Ga.). May 4.991 4,294 29.733 28.924 Batb&Ham'nd^ June 1.659 1,459 lo.gof- 10,038 North'n Central July 614,115 530,815 3.762,309 3,543.309 Blr. & Atlantic 1,315 1.585 10,136 12,»80 June North'n Paciflo. Sdwk Aug. 561,303 483,655 15.496,990 14,354,966 BnmBw'k&Weei 53,313 47,207 251,157 236.739 May Ohio River SdwkAug. 27,589 22,780 664.731 Bnff.R«ob.&Piti SdwkAug 86,551 79,432 2,3lH.737 2,380,787 578,265 Ohio Southern . January... 75.258 62,323 62.323 Buffalo & Susq. July 55,290 49,659 407,782 318,460 75.258 Om.Kan.C September 2, 1899.] THE CHRONICLE. 4 87 Latest Gross Earnings by Weeks.—The latest weekly earn- -Gross Earnings.— —Ifet Earnings. . 1899. 1898. 1899. 1898. ings in the foregoing are separately summed up as follows : Roaas. $ $ For the third week of August our final statement covers 72 Pennsylvania— (Oon.) roads, and shows 12*99 per cent increase in the aggregate West of Pitts, ife E. July Inc. 759.200 Inc. 3:? 1.400 over the same week last year. Jan. 1 to July 31 Inc. 2.323,800 Inc. 1,156.100 Phila.WUm ABali.b.July 897,478 862.078 302,034 312,934 Jan. 1 to July 31 5.892.189 5.529,089 1,693,894 1.497,094 3d week of August. 1899. 1898. Increase. Decrease. Nov. 1 to Jaly 31 . . 7,557.651 7.027.851 2.193.293 1,859,593 Rio Grande South, b . July 33.499 42,324 13,687 18 294 $ « » 8c. Louis &8an Fr. b.July 561,915 497,53.=! 193.798 158,294 1 to July 31 ... 4.014.120 Previoaaly rep'd (31 i-'df 4,695.626 4.172.093 527,076 3,543 Jan. 3,774.257 1,528,815 1,403,959 Alahama Gt. BontherD 40.190 133,857 6.333 St. Louis Southwest. July 428,143 369,206 76,103 27,994 Burl. Ced. Rap. & North. 99,302 107,0^6 7,734 Jan. 1 to July 31 3.047,914 2,775,854 730.792 307.420 Osntral of Georgia 95,283 89.660 5.623 Texas Central. a . June 20.769 18.614 2,605 1.778 Otaattanooga goathern.. 1 553 1.328 225 Jan. 1 to June 30.... 130.391 129.179 27..=;8 5 25.329 anion Pao. Ry.a — July 1,844,211 l.fil 4.413 7*8,091 699,120 OUoasTo* t-'ast. Illinois 118.106 103.021 15.082 Jan. 1 to July 31 11,051,763 Ohio. iDd'plls & nt. h. .. 83, •32 67.631 15.501 10.001,066 4.279,809 4,136,292 Wabash. ". .. July 1.079,211 Clilcago Term'l Trans .. 25,284 23.7f,8 1.526 b 1,273,185 304,084 257,655 Jan. 1 to July 31 ... 8,264.955 7.473,596 2,211.014 1,-^27.324 Cmoago & West MioMKai 47.158 43.890 3.268 • ••• * *• Jersey* Seaeh.b. July 412.781 359.881 168,462 137,^62 aev. ''inChlo. &8t. L,. 299.406 291.033 8.373 W Det. Gd. Rapids & West. 32,742 30.798 l.{^44 Jan. 1 to July 31 ... 1.636.933 1.418.633 439.194 315.994 July Duluth 8o. Shore & At.. 56,663 36,371 20.292 *s* W^Bt. N.Y.&Penn.b 339.859 257,3.' 128.687 81,200 Jan. 1 to July 31 1,938,057 1,653.435 610.908 446,607 Fla. Cent. & Penin 42,424 73.767 • .> -.-•• 31,343 Ft. Worth & Denver City 30,334 29.787 547 .... earnings here elven are after deducting taxes Ft.Worth & Rio Grande 6,758 6.340 418 .... a Net h Net earnings here jrlven are befoi-e deduotlne taxes QeorfTla ...... 25,890 26.417 527 ) * Expetsea for 1899 include monthly proportion of extraordinary Orand Triink . . . expenditures, Ohlcaico AGr'd TrunB > 539,020 462.794 76.226 July, rentals Det. Gr.Hav. A Milw. 3 t For 1899, taxes and amounted to $143,18?, against Hocklntf Vallev... 86,998 59,634 27.364 $147,336, alter deducting which net for July, 1899, was $831,931, against *332,357. Kjkd. City Ft. IS. * MeiL IK',357 83.372 26 78!=i in July, 1899. due to strike at company's mines. Kan. C. Mem. & Blrm... 23 990 20.S61 3,629 t Decrease Kansas City & Omaha . 6.018 6,222 , 204 interest Charges and Sari»ln». —The following roads, ia sub, Belt 9.473 10.735 1,262 Kan. Oitv addition to their gross and net earnings given in the fore- LonlsT. Evansv. & St. L. 38,766 33.576 5.190 also report charges for interest, with Louisville Hend.A St. L.. 12.381 9,612 2,769 > SB . S> going, &o.. the surplus LoulBvllle & Nashville.. 497.000 427 340 69,660 or deficit above or below those charges Minn. St. P. & 8. 8te. M. 82 964 70.913 12 051 Int., rentals, die. — ^Bal. Nel Western 268,539 247,36-« 21.171 — of Eamt.^ Sorfolk & 1899. 1898. 1899. 1898. Northern Pacilio 561 803 483,655 78,148 Roads. $ 27.5o9 22.780 4.809 $ $ $ Ohio River Chic. Burl. AQuinoy.July 840.000 842.958 519.733 6P.117 Oree RR. & Vav 164.645 158.886 5.759 Washv. Chat. & St. L.July 135.601 130,3j4 29,443 89,556 Pittsburg & Western.... 74,950 65,115 9,835 Etlo Grande South. ..July 17,833 47.923 def.4,146 371 Rio Grande Southern.... 10,205 10.100 105 • >>> «•. 33,6i8 . 8t. Louis 468 THE CHRONICLK [Vol. LXIX Street Kailwaj Net Earnings.—The following table gives 1898-99. 1897-98. Ihe returns of Street railway gross and net earnings received From the net income for the year $5,915,052 $4,954,471 Deduct reserve for redp. 4 p. c. bonds of 1890 300,000 300,000 this week. In reporting these net earnings for the street rail- " dividends (4 p. c.) 4,000,000 4,000,000 ways, we adopt the same plan as that for the steam roads that Is, we print each week all the returns received that $4,300,000 $4,300,000 week, but once a month (on the third or the fourth Saturday, Surplus for year $1,615,052 $654,471 Add profits on sundry lines we bring together all the roads furnishing returns, and the leased formerly carried in separate accounts 657,322 latest statement of this kind will be found in the Chronicle of August 26, 1899. The next will appear In the issue of $2,272,374 $654,471 Deduct September 23, 1899. expenses refunding bonds $801,294 exp. issuing L. S. & M.C. coll. bonds 97,755 .— eroa$ Mamxngt. — -titt Xarnxngi. . 1899. 1898. 1899. 1898 $-99,049 Roads. Surplus to profit and loss $1,373,325 $654,471 Denver City Tramw.July 113,771 106,453 40,541 27,590 Accumulated surplus 9,424,173 11,465,000 Paterson Railway... July 41,279 37,427 22,128 18.405 Bal.atcreditofprofltandloss June 30. Jan. 1 to July 31 232,409 209,431 105,234 90,025 ..$10,797,493 $12,119,471 Richmond Traction. July 19,151 13,022 9,599 5,420 Deduct— Expenses refunding bonds $2,344,998 Staten Isl. Eleo June 22,243 21.129 10,007 2,317 Expenses issuinsr L. 8. and M. C. coll. bonds 57,050 Jan. 1 to June 30 89.259 55,872 12,982 def.12,975 Accounts written off. 293,250 Julyl to June 30 205,103 186,927 51,297 27 United Trao. (Pitts.) .July 161,474 140,561 94,828 81,905 Bal. at credit of profit and lose June 30. .$10,797,498 $9,424,173 Jan. 1 to July 31 945.526 868,S07 506,858 451,166 CONDENSED GENERAL BALANCE SHEET JDNE 30. Interest Charges and Sarplas, —The following Street 1898-99. 1897-98. 1896-97. in addition their earnings given in railways, to gross and net Cost of road 1 15,482,612 115,8s9,423 115,262,008 the foregoing, also report charges for interest, &o., with the Real estate 18,163,779 18,146,101 18,018,069 Buffalo grade crossings 1,692,878 1,298,420 913,600 surplus or deficit above or below those charges. Equipment 30,340,491 30,152,691 30,417,591 Railroad stocks owned* ^proprieta^y int.). ..110,69 i,270 108,944,862 1,168,621 -lnt.,rent(Ut,etc.— . ^Bal. ot Net Barn's.-^ bonds " 3,153,156 2.6m, 166 2.691,166 1899. 1898. 1899. 18S8. Miscellaneous stocks owned 4,046.785 4,021.585 4,021,585 Roads. Real estate not used in operation of road... 2,044,275 2,043.960 2,043.950 Bridges at Albany 1,905,><78 1,905,8^8 1,905,878 Denver City Tramw. July 30,319 20,834 10,222 6,756 Advances to New York & Harlem RR 5,251,455 4,973,671 3,926,678 Paterson Ry July 9,075 9,125 13,053 9.280 other railroad companies 2,032,391 1,187,116 1,310,063 miscellaneous companies 222,629 186,404 184,642 United Tract. (Pitts.) July 53,294 52,274 41,534 29,631 Cash 4,093,896 1,667,828 1,912,020 TrafBc balances: receivable 3,70 \689 2,661,776 2,657,899 Sundry collectible accounts .. 3,960.561 4,084,646 2,781,190 Fuel and supplies ),6>'8,089 2,327,972 2.362,891 Sinking fund for debentures of 1890 750,110 450,110 ANNUAL REPORTS. Securities acquired from lessor companies.. 2,914,150 2,914,150 2,914,150 Total assets 312,141,978 304,947,651 194,781,900 Liabilities— Chicago Great Western Railway. Capital stock 99,993,700 99,993,700 99,993,700 Consolidation certificates 6,300 6,300 6,300 (Report for year ending June 30, 1899.) Bonded debt (see Invest. Supplement)... 185.212,631 181,490.988 70,377,333 Bond and mortgage payable 7,000 7,000 7,0(0 Loans and 803,637 of President Stickney, together with the in- bills payable 671,250 457,391 The remarks Waaes and supplies 2,676,618 2,P37,379 3,065.888 come account and balance sheet, will be found on pages 501 Traffic balances payable ) ,564,712 1,282,406 978,101 usual comparative tables will Interest and rentals accrued 5,688.836 6.346,038 3.704,006 and 502. The be given in this Dividend payable July 15 1,000,000 1,000.000 1,000,0. column next week —V. 69, p. 177. Dividends and interestjuiiclaimed 77,626 «9,936 65,128 Sundry accounts paya»)le 680,119 288,467 401,657 Securities in trust fur lessor companies 2,914,150 2,914,150 2,914.150 Central Items conveyed from lessor companies. 941,541 30,723 New York & Hudson River Railroad. Profit and loss 10,797,498 9,424,173 11,465,00*1) ^Report for the year ending June SO. 1S99.J Total liabilities 312,141 ,978 804,947,651 191,781,900 Full extracts from the annual report of the Directors, with * Proprietary interest in other lines through ownership of stock is as follows L. Sh. & Mich. So. Ry.. §90,539,200 ; Mich. Cent. RR., $i8,546,625 : Dun. Al. V. & many valuable tables of statistics, will be found on pages Pitts, RR.. ?156, 912 ; Syr. Gen. & C. Ry., *802.875 ;Xar. Wat. & S. H. RR., $483,- 495 to 499. 800; New Jersey JunetionRR., $100,000; other railroads, $60,858;—$110,690,270. The traffic, earnings, income, etc., are shown in the follow- -V. 69, p. 282. ing tables: OPBRATIONS. Baffalo Rochester & Pittsburg Railway. 1898-99, 1897-98. 1896-97 1895-96. (Report for the year ending June 30, 1899.) Miles oper. June 30 2,395 2,395 2,395 2,395 Equipment— The remarks of President Arthur G. Yates are given on Locomotives ...... 1.137 1,127 1,127 1,122 pages 499 and 500 of to-day's Chronicle. Passenger equip't.. 1,437 1,433 1,433 1,447 The statement of earnings, expenses, balance sheet, etc., cars . Preieht 42,119 37,607) ^a qo T.tal , $46,184,658 $45,774,240 $43,619,404 Expenses— Earnings— $ $ $ $ Malnten. of way & struct $4,700,294 $4,660,633 $4,838,267 Passenger 405,389 394,675 371,773 389.504 Maintenance of equipment 5,033,096 4,987,192 4,435,473 Freight 3,375,385 3,281,794 2,930,987 2,747,722 Transportation 18,250,703 13,735,462 17,215,889 Miscellaneous 7,682 7,121 9,006 4,663 General 1,144,888 1,127,727 1,110,282 Total 3,788,456 3.683.590 3,311,766 3,141,889 Total $29,128,981 $29,511,014 $27,599,911 Expenses— Net earnings $17,055,676 $16,263,226 $16,014,493 Transportation 1,371,858 1,243,376 1,144,623 1,169,068 Per cent of exp. to earnings. . (63-07) (64-47) Malnt. of equipm't.. 586,310 597.010 6i»2,s70 557.101 Add: Malnt of way, etc.. 384,172 433,025 407.003 379,719 Dividend on Lake Shore <& General... 99,054 93.005 98,959 94,830 Mich. South, stock owned.... 3,163,523 1,311,605 Taxes 70,500 62,303 76,704 63,642 Div. on Mich. Cen. st'k owned. 647,351 248,363 Ext'dinary & imp'ts 103,719 132,853 20,034 20,553 Divs. and int. onoth. secur't's. 446,064 539,003 512,186 Interest on loans, notes and Total 2,615,613 2,561,572 2,350,243 2,234,913 sundry bills 51,424 44,700 90,027 Protits from sundry accounts.. 16,303 107,796 63,522 Net earnings 1,172,843 1,122,018 961,523 856,976 P. o op. ex. to earns. (69-04) (69 54) (70-96) (72 72) 13,512 Gross income $21,380,348 $18,514,698 $16,680,228 Other income 22,514 35,510 37,889 Dedrict — Interest on funded debt $7,487,755 $5,421,200 $4,019,760 Total 1,186,355 1,144,532 997,033 894,865 Rentals of leased lines 5,903,508 5,972,422 5,921,736 Taxes on real estate 1,738,127 1,883,240 2,048,235 Int.onb'ds&cartr. 649,210 647,066 579,877 585,001 Tax on capital stock 136,833 136,788 141,000 Interest on bonds of Tax on gross earnings 108.334 87,671 87,900 proprietary roads. 18,900 18.900 18,900 18,900 United States inter, rev. tax... 55,064 Rentals 127,964 121.981 120,(>65 127,460 Interest on loans, notes and Miscellaneous int... 330 4,264 46,705 45,860 bills payable 35,675 53,905 106,730 Div. onpref. (2p.c.) 120,000 120,000 $15,465,296 $13,560,227 $12,328,361 Total 1,916,404 912,211 766,147 777,221 Net income. . $5,915,052 $4,954,471 $4,351,867 Surplus 269,951 232,321 230,886 117,644 . (J : J September 2, 1899.] THE CHRONICLE. 489 BALANCE SHEET JUNE 30. — 1899. 1898. 1897. 1899. 1898. 1897. 1'96. Liabilities $ •$ $ Assete— $ $ $ Common stock outstanding 6,197,800 6, 197,800 6,197,800 Cost of road Aequip. 22,121,755 21,760,605 21,087,970 20,983,160 Preferred stock outstanding 5,830,700 5, 830,700 4,830,700 Sup't.) Co8tof prop't'y rde. 1,519,391 1,517,949 1,511,820 1,503,775 B'ds & car tr. notes (see ..21,053,859 21, 135,014 20,914,169 I nvestments 1,003,670 1,003,670 1,003,670 1,003,671 Int., div., rentals, taxes, &c 584,452 592,477 430,595 Cash 110,417 23,466 109,378 61,054 Pay-rolls, vouchers, &c 363,881 405,733 366,367 Bills receivable 87,561 112,920 292,000 304,000 Loan (advance on property) fund 100,000 Materials on band.. 355,553 332,02 1 297,890 245,814 Equipment 51,741 Other liabilities 170,296 Agents&conduotors 93,812 340,011 315,6-i4i 418,517 Individuals and cos. 87,488 173,560 203,481 Income account 1,468,643 1,368,051 1,657,449 Miscellaneous 10.771 110,271' 100,541 Total liabilities .35,799,340 35,529,775 34,619,11» Total 25,390,419 25,264,198 24,932,164 24,620,532 —V. 69, p. 280. Liabilities— Metropolitan Street Railway (New York). Stock, common 6,000,000 6,000,000 6,000,000 6,000,000 Stock, preferred 6,000,0f0 6,000,000 6,000.000 6.000.000 fReport for the year ending June 30, 1899, 10,629,000 10.629,000 9,629.000 Bo'd 80ut'g(8ee8up) 10,629,000 The report for the fiscal year ended June 30. filed with Car trusts 768,000 786.000 527,000 668.000 Real estate mtgs... 304,000 304.000 301,500 301.500 the State Railroad Commissioners, shows an increase as com- Bonds of propri rds 370,000 370,000 370,000 3 "0.000 pared with the preceding fiscal year of $2,428,156 in gross Int. accrued not due 131,317 131,392 130,185 130,922 earnings and of $1,639,930 in net, with a reduction in operat- Pay-rolls and voucli 291,088 396,359 526,440 342,438 expenses per in 1898 48;^'4. Bills payable 762,000 ing from 52^8 cent to per cent in Due to indiv'B & cos. 32.972 53,357 26,269 215,064 1899. The benefit of the change to mechanical traction on Miscellaneous 5.455 5,455 5,455 16,17H 6th and 8th Avenues, and on 23d St., however, were not fully Profit andloss 858,587 588,635 416,315 185,428 obtained, it is stated, until March, 1899. During July, Total 25,390,419 25,264,198 24,932,164 24,620,532 August and September, 1898, moreover, the 6th and 8tli -V. 69, p. 383. Avenue roads were practically closed, while the decrease in traffic in January, February and March, owing to the Chicago & Eastern Illinois Railroad. severity of the weather, it is claimed, was greater than ever before in the history of the property, except in 188S the great ('Report for the year ending June 30, 1899. blizzard year. The figures as below given for each of the President M. J. Carpenter says : The gross receipts from last two fiscal years are on the same track mileage: traffic, as compared with the previous year, increased 8 53 Results for the late fiscal year compare as follows: per cent, or $360,122, and the net receipts from traffic in- EARNINGS, EXPENSES AND CHARGES. creased 16'66 per cent, or |266,834. There was an increase in Receipts from— 1898-9. 1897-S 1896-7. freight receipts of $259,259. The number of tons hauled per Cable line passengers $3,690,600 $4,130,2001 Underg'd trolley do 6,043,500 1,918,800 \ freight engine mile for the year was 414 tons, against 369 $8,888,803 Horse car line do 3,085,.- 00 4,375,500 ,' tons the previous year, owing to the use of heavier locomo- Other sources 339,030 £05,974 : tives. As to renewals and improvements, he says : Gross earnings 13,1.=;8,630 10,730,474 8,888,«03 4-69 There were lelaid 20-97 miles of track witli 80 pound-rail, Operating expenses 6,408,711 5,620,484 4.310,235 miles of side tracks were constructed, delects in profile received con- siderable attention in the way of filling sags and cutting down grades, Net earnings $6,749,919 $5,109,990 $4,078,568 and the ballasting of the Chicago Paducah & Memphis RR. was com- Other income $366,893 «3l5,546 $515,803 pleted. Thirty-nine wooden structures aggregating 1,025 lineal feet, were replaced with iron pipe or short steel girder spans. The Howe Total net income $7,116,812 $5,455,536 $4,594,371 truss ovf r Otter creek north of Terre Haute was replaced by three 60- Deduct - foot deck plate girders with stony, piers and abutments, and a 75-foot Interest on bonds ) ( $470,000 through steel girder span was placed over Otter Cretk near Brazil. Ind. Taxes $4,477,767 $3,609,966^ 513,449 brick depot was coostructed at Milford. lU., at a cost of $6,419. and \ A Rentals, etc ) ( 2,171,801 an addition to Danville shops at a cost of $2,593. The equipment has been kept in a high state of efficiency. Total $4,477,757 $3,609,966 $3,155,250 The sum of $100,000 has been appropriated from the surplus Balance, surplus for dividends. $2,639,055 $1,845,570 $1,439,121 of the year for additional equipment, for which no securities Dividends $2,471,675 $1,500,000 $1,200,000 can be' issued. An extension of 63 miles is now under con- The " Street Railway Journal " for September contains an 111., to 111., struction from Marion, Thebes, on the Mississippi article upon the relative costs and profits of cable, electric river. and horse traction in New York City, from which we get the Statistics. —Operations, earnings and charges are shown following: Of the 220 8 miles of track operated in each of the below for four years : last two years, the company on June 30, 1899, had 25*3 miles OPEKATIONS AND FISCAL RESULTS. in operation by the cable system, 821 miles of track with the underground electric system, nearly all of the latter opened 1898-99. 1897-98. 1896-97. 1895-96. from Nov. 1, 1897, to Oct. 1, 1898, and 113 4 miles of horse Miles operated 648 648 648 522 Operatiom— railway track. In the last year the company ran its cars Pass, carried. No 3,269,958 2,796.465 3,005,456 3,605,421 over the same trackage nearly 42,000,000 miles, as against Pass. car. one mile. 50,069,579 44,797,770 44,280,693 47,361.516 35,000,000 miles in the previous year, the new cars being, Rate per pass, perm 1-59 ct8. 1-58 cts. 1-53 cts. 1-54 cts. moreover, nearly double the capacity of ttie old. The pas- Fr'ght (tons) carr'd. 5,?)38,429 4,784,375 4,582,663 4,437,290 Fr'ght(ton8)car.l m, 750.399,337 660,143,108 612,368,345 583,808,792 senger receipts increased nearly 25 per cent as a consequence, Rate per ton—per m 0-485 cts. 0-512 cts. 0-509 cts. 0-54 cts. while the receipts per car mile were actually raised from Earnings $ $ $ $ 29-7 cents to 30'7 cents, or about 3 per cent. The traffic of Passengers 797.387 709,343 677,262 727,414 the cable lines fell off about 10 per cent and of the horse Freight , 3,638.721 3,379,462 3,115,116 3,154,642 Mail, express, etc.. 145,452 132,633 135,232 132,568 lines about 30 per cent, while the electric lines carried three times as manj' passengers in 1899 as in 1898, and their receipts Total 4,581,560 4,221,438 3,927.610 4.014,624 31 Expetises— per car mile increased from 26 99 cents to -23 cents. The Main.of way&struc. 402,750 378,983 326.352 315,916 percentages of operating expenses to passenger receipts of the Main, of equipment. 478,557 490,717 430,576 446,440 three motive powers compare as follows : Cond. transportat'n 1,472,706 1,408,153 1,345,877 1,357,573 General expenses.. 138,597 127,151 132,226 128,332 1898. 1899. Taxes.... 220,310 214,628 188,884 185,627 ^er cent. Per cent. Cable ... 47-8 50-8 37-9 38-3 2,712,920 Electric. Total expenses. 2,619,632 2,423,915 2,433,888 Horse... 65-3 69-8 Net earnings 1,868,640 1,601,806 1.503,695 1,580,736 Per ct. exp. to earns. 5922 62-05 61-71 6062 Total 53-3 49-4 The company's INCOME ACCOUNT. new 70,000 horse-power station was not in operation at all during the year, and is even now running 1898-9. 1897-8. 1896-7. 1895-6. but a single unit out of the ten to be installed, so that the Seceipts— $ $ $ $ advantage of economical power has not yet been obtained, Net earnings 1,868,640 1,601,806 1,503,695 1,580,736 but the company has been forced to use a number of tempor- Other income 196,689 166,286 157,712 154,644 ary power stations, with storage batteries, etc., and has been Total 2,065,329 1,768,092 1,661,407 1,735,380 many times forced to work them above the economical limit, the demand for power at certain hours of the day severely bonds.. 1,066,599 1,083,052 968,995 Interest on 1,002.553 taxing the station 334. Rentals 231,^^67 229.651 241,156 231,478 capacities.—V. 69, p. 6 p. c. on pref . stock. 349,842 289,842 289,812 289,842 Div. on com. stock. (31^)216,923 (21^)154,945 New York Susquehanna & Western RR. (Report for the fiscal year ending June 30th, 1899, Total 1,864,731 1,757,490 1,533,551 1,493,315 J Balance 8ur.*200,598 Hur.10,602 sur.127,856 sur.242,065 President E. B. Thomas says in part All fixed charges have been earned and a balance of $166,788 car- 'From this balance $100,000 appropriated for additional equipment. ried to The credit of the profit and loss account as the result of the year' 8 work. In the general balance sheet the decrease of "Cost of BALANCE SHEET JUNE 30. Road and Equipment" to $42,298,7t5 is due to the retirement of 1899. 1898. 1897. Hackensack The decrease in miscellaneons earnings is due entirely to a will be worked as a part of the West Virginia Central, under change in the method of keeping the account. Heretofore a new lease providing for the payment of the interest on its certain items which were properly credits to operating bonds and 5 p. c. on its stock, the West Virginia Central re- expenses have been included in miscellaneous earnings as a ceiving all its revenues and paying all its expenses, including revenue. This practice has been discontinued, which results taxes, etc. in the apparent decrease for the year. Connection with the Chesapeake <& Ohio. —A branch line is Earnings, Etc. The following the earn- — statement shows now under construction by the Chesapeake & Ohio from ings, charges, etc., for the fiscal including leased lines, year, Caldwell, near the White Sulphur, up the Greenbrier River etc.:] i to its forks, distance of 96 miles. This will bring it within EARNINGS AND EXPENSES. about 40 miles of the West Virginia Central, which company Harnings— 1898 99. 1897-98. 1896-97. is having surveys made for a line to connect the two systems. Freight. $2,016,69C $1,808,434 $1,737,820 Statistics. Passenger 37 1,059 377,369 373,658 —Earnings, expenses and charges have been: Mall, express, rents, etc 58,898 143,266 154,402 1898-9. 1897-8. 1896-7. 1895-6. Miles operated 160 152 152 152 Qrossearnings $2,446,653 $2,329,119 $2,265,880 Expenses— Earnings— $ $ $ $ Maint. of way and struct $251,073 $191,471 $213,984 Passengers 105,514 102,633 101.557 104,496 Maintenance of equipment 221,332 163,978 181,9.^8 Coal and coke freights 363,045 341,776 380,652 355,155 Conducting transportation 805,531 812,699 801,122 Miscellaneous freights 331,328 298,828 261,977 278,774 General expenses 30,086 89,381 81,240 Express... 7.538 7,126 6,518 7.432 Taxes 55,549 49,458 52,772 Car mileage 89,408 80,736 71,545 83,003 Mail service 13,798 13.769 11,629 11,679 Total expenses $1,363,621 $1,306,986 $1,331,116 Telegraph 3,443 3,402 3,178 3,365 Net earns, from operation $1,083,132 $1,022,132 $934,763 Miscellitneous 31,118 40,026 15,737 12,007 earnings (56-12o/o) Batio of exps. to (55-73%) (58-75%) Total earnings 945,192 888,296 842,792 855,911 Interest and dividends 28,904 29,009 Expenses— Maintenance of way, etc 138,155 132,691 139,712 128,236 Total net income $1,111,936 $1,051,141 Maintenance of equipment.. 158,992 166,259 132,163 118 694 Charges— Transportation. 205,691 197,354 191,761 194,561 Interest on bonds $863,475 $853,678 Car mileage 21,779 19,690 13,285 fund miscellaneous 11,465 Sinking ana 81,671 72.747 General 40,040 39.712 40,655 45,366 Miscellaneous 3,860 3,626 3,633 4,014 Total charges $94^^,146 $i^31,425 Taxes 29,188 25,066 25,459 28,500 Surplus $16P,790 $119,716 Total expenses 597,708 584,398 546,663 530,836 CONDENSED BALANCE SHEET JUXE 30. Netearnings 347,484 303,898 296,124 325,075 Assets— 1899. 1898. P. c. expenses to earnings.. 63-27 65-78 64-86 6202 N. Y. Sus. & West, RR $37,365,?90 $37,434,960 Securities pledged under mortgages 1 .373,396 1,397,554 INCOME account. Capitalstock subsidiary companies 3,560,000 3,560,000 1898-9. 1897-8. 1896-7. 1895-6 Securities for Midland RR. etock and bonds. 543,336 543.336 Miscellaneous securities 587,4 66 587,466 $ $ $ $ Materials and supplies 78,029 64,498 Net eatns.ofW.Va. C.&P.. 274,209 221,^89 191,204 215,890 N. Y. S. & W. Coal Co. equipment notes 34,560 51,840 Pied. &Cum. RR. result.. loss 24,981 loss 15.41.'> pr. 5.159 pr. 10,633 Sinking funds 35,862 35,153 Profits mining coal 70,881 78,457 77,666 102,607 Cash on hand ana in transit 276,382 24,522 Cash accounts 113,468 122 403 Total 320,109 284,631 274,028 529,139 Profit and loss 10,760 Deduct— Interest on bonds 193,625 183.000 180,000 180,000 Total $4 3,967,889 $43,832,493 Dividends 5.-^,000 27,500 65,000 82,500 Liabilities — Miscellaneous 6,102 5,i88 £2,253 Stock (See Investors' Supplement) $26,000,000 $26,000,000 Bonded debt (See Investors' Supplement). 16,357,00 16,449,000 Total ..254,727 215,688 235,000 284.753 Stocks and bonds called 543,337 543,337 Surplus 65,382 63,943 39,028 44,386 Real estate mortgage 42,668 42,663 Equipment trusts lb] ,350 213,680 CONDENSBt) BALA>CE SHEET JULY 1. Barge equipment notes 34,560 51,840 StnkLng funds accrued 53,341 59,17- 1899. 1898. 1897. Interest and rentals accrued not due 159,413 160,738 Assets. $ $ $ Interest and rentals 119,338 115,388 Real estate, embracing 37,651 Pay-rolls 58,?93 50,9'75 acres of coal, iron ore, timber, Audited vouchers and accounts 103,509 136.304 land and mineral rights .'=,968,965 5,968,965 5,968,965 Due connecting lines 58,719 9,335 RR. const., 2d track, buUd'gs, etc. 2,807,830 2,692,163 2,673,730 Due subsidiary companies 2.295 Equipment, etc 1,430,803 1,378,302 1,293,571 Reserve funds, maintenance 10ii,676 Mine construction 40,154 44,M5 48,503 Profltand loss 166,7!:8 Materials, supplies, etc 116,744 117,233 108,366 Due by RR. oompa's, agents, etc. 121,072 56,873 75,318 Total $43,967,8«9 $43,832,493 Cash 115,630 147,734 ICO.OOO -V. 67, p. 897, 900. Total 10,601,193 10,405,885 10,328,453 West Yirgtnia Central & Pittsburg Railway. Liabilities. Stock outstanding 5,500,000 5,500,000 5,500,000 Stock in treasury 500,000 500,000 (Report for the fiscal year ending June 30, 500,000 1899.J First mortgage bonds 3,250,000 3,100,000 3,000,000 President H. G. Davis says in substance: Coupons payable July 1 97,300 93,335 90,485 Bills payable 135,000 167,792 283,820 The business for the year was gratifying. The coal and June pay-rolls, etc 172,220 163,463 141,796 coke shipments amounted to over a million and a-balf tons Profit and loss 94tj,678 881,295 812,352 [7866 per cent of the entire tonnage carried. Ed.], an in- Total , 10,601,198 10,405,885 10,328,458 11 cent over the preceding ' crease of per shipments the year. -V. 69, p. 386. The tendency to lower rates was not so great, and with the increase in tonnage came, for the first time in several years, Rio Grande Southern RR. Co. an increase in revenue. The miscellaneous freight, consist- ing principally of lumber, increased 50,000 tons, or 12 per (Report for the fiscal year endinj June 30, 1899. J entire tonnage of the road for the year, expressed cent. The Piesident E. T. Jeflfery, under date of Aug. 7, says: in short tons, was 2.113,218, a gain of nearly 12 per cent. The net from traftic and interest received afforded a surplus of $24,- Road and Equipment.— A^ to these the report says: 5»4, after providing for interest on funded debt, taxes, insurance and There have been expended during the year for improvements and all other charges against income. As our bonds bore interest at the betterments, and charged to construction, $17,179; also 100 coal and rate of 4 per cent per annum from Jan. 1, 1898, the full amount, coke cars. have been built and one engine purchased and the cost ($52,- $180,400, was charged during the fiscal year against $157,850 in the 501) charged to equipment account. Iq addition 97 cars were built at preceding year. The property has therefore .vielded its maximum interest charges and small surplus. a, cost ol $39,S24, and chargedto operating expenses. The policy of a During the year 93,218 cross- replacing the small iron cars with modern woi den coal cars, charging ties were used, being 15,618 more than in the preceding year, and the cost to operating expenses, has been continued, until the company 15,721 additional ties were received and paid for. The strika of the now has but 48 of them in Its equipment. A few months more and Smelters' Union materiallv decreased the revenues of the company they will all be replaced by standard oars. There never have been for the last month of the fiscal year. If the smelters resume at an any car trusts on the company's equipment. early date, an increased revenue may be looked for during the closing The company now has 36 engines and 2,141 freight cars. I 8 months of 1899. [The strike was declared off on Aug. 14. Ed.] revenue from mileage, or the use of these cars on other roads, was The earnings and expenses, and the charges, and the bal- nearly $90,000, an increase of $8,671. While the company owns more sheet for several years, oars than last year, their maiutenance cost less, owing to the fact that ance were as follows: a large proportion had been equipped with automatic couplers and earnings AND EXPENSES. air-brakes. Of the entire equipment 93-8 per cent have automatic couplers and 41-3 per cent have air-brakes. 1898-9. 1897 8. 1896-7. 1895-6. The road is now laid with 70-lb. rails continuously from near Pied- Earnings— $ $ $ $ mont to Hendricks, a distance of 60 miles, and there are about 5 miles Freight 370,066 326,124 292,383 377,332 of 70-lb. rails from Moore soutb. Twelve miles of 85-lb. rails were Passenger 77,464 6.'=>,434 74,054 74,283 laid during the year on the Piedmont & Cumberland road from Cum- Express, mails, mis. and rents.... 41,794 35,706 34,802 37,619 berland south. Eleven miles more of these rails harebeen purchased and are being laid. When down the 85-lb. rail will extend from Cum- Total earnings 489,326 427,264 401,239 489,234 berland to Keyser. Expenses— Maiutenance of way 76,906 Bonds. There were sold during the year $150,000 bonds to 73,672 73,526 83,226 — Maintenance of structures 5,305 5,688 6,739 10,738 build the extension from Beverly to Huttonsville- a distance Maintenance of equipment 25,450 22,596 18,483 23,510 of 11 miles— to build cars, purchase engines, etc. Conducting transportation 126,913 108,671 110,612 117,470 General expenses, 19,453 19,007 20,429 20,064 Piedmont & Cumtetland Ry. —Neiv Lease. —The company for several years has operated the Piedmont & Cumberland Total expenses 254,029 229,634 229,789 255,008 Ry. under lease for 63 per cent of its gross earnings. The Netearnings 235,296 197,630 171,449 234,226 accounts, however, have been kept separate. Hereafter it Percentof operations to earns... 5191 5375 57-27 5212 — ——— —. — 491 September 3, 1899.J THE CHRONICLE. INCOME ACCOUNT. Collins Pars «fc Belt RR.—Atlanta Railway & Power.— 1898-9. 1897-8. 1896-7. 1895-6. Franchise.—The Crty Council of Atlanta on Aug. 21 adopted ^ $ s $ the general ordinance granting a franchise to the Collins 234,226 NeteamiDKS 235,296 197,630 171,449 Park Road. An amendment provides that in case of any Interest received 1,940 2,642 __2,989 _1.376 combination or consolidation with any existing line, both Total net income 237,236 200,272 174,438 235,602 roads shall be required thereafter to pay 5 per cent of their Xj€SS-— gross receipts to The city. Otherwise, a preamble to the or- Taxes 31,059 33,197 33,980 31,594 provides that the city is to collect a reasonable per- Interest onYunded debt 180,400 157,850 135,300 135,300 dinance Insurance 1,183 1,637 ^,6S7 2,002 centage, not to exceed 5 per cent per annum, of the gross re- ceipts of all the street railway companies in compensation 212,642 192,684 170,967 168,896 Total for the use " of the streets from and after the expiration of profit and loss 24,594 7,588 3,471 6e,706 Sur. to credit of the grants made to or for the use of the Atlanta Consolidated BALANCE SHEET JUNE 30. Street Railway Co., approved May 20, 1891, i. e., within 20 1897. 1896. 1899. 1^98. years " Assets— $ $ $ $ Boad and equipment 9,020,000 9,020,000 9,020.000 9,020,000 H. M. Atkinson, of the Collins Park Road, says the com- Materials and supplies.-.. 29,550 40,339 51,708 52,737 pany will accept the grants and will begin construction as Agents and fonduotors... 8,481 9,766 10.872 13,985 sojn as materials can be secured. The Mayor has signed the Miscellaneous 5,585 6,858 248,720 440.700 Cash 175,320 133,217 121,398 97,875 ordinance. Injunction Continued,— In the suit of the State of Georgia Total assets— 9^8,936 9,210,180 9,452,699 9,625,297 against the Trust Company of Qeorgia, et al., to prevent the Liabiities proposed transfer of Atlanta Railway to the Atlanta Rail- Capital stock 4,510,000 4,510,000 4,510,000 4,510,000 First mort. gold bonds.... 4,510.000 4,510,0C0 4,510,000 4,510,000 way & Power Company, Judge Chandler has postponed the Vouchers...: 21,.'=93 25,443 13,084 13,185 trial of the case until the third Monday in October, and has Pay-rolls 14,250 14,530 15,256 17,269 signed a new order restraining the union of the two proper Foreign roads 13,578 6,374 6.538 3,276 Equipment renewal fund.. 14,681 13,993 12,723 3,469 ties. —V. 69, p. 77. taxes 16,979 22,159 35,972 31,f94 Accrued Sold.— Acc'dint. on 1st M. bonds.. 90,200 90,200 67,650 67,650 ColamMa (S. C.) Electric Railway & Power Co.— Miscellaneou." 4,478 3,507 194,206 385,056 This property, on which Baltimore capitalists obtained an Bal.tocred.ofproflt&lOfiS. 43,227 13,974 87,268 83,798 option two months ago, has been sold to W. B. Smith Whaley, one of the purchasers of the Columbia Canal, and Total liabilities 9,238,936 9,210,180 9,452,699 9,t25,297 —V. 67, p. 425. Columbia associates, for a sum stated to be |357,500, the _ same amount offered by the Baltimore syndicate. The new GENERAL INVESTMENT NEWS. company was to take possession on Sept. 1.—V. 68, p. 1180. Columbus Sandusky & Hocking RR. New Notice to Bond- At the request of many subscribers we change the ar- holders. —The Master having continued until Oct. 3, 1899, for proving up bonds and other claims in rangement of oar Investment News. Hereafter it will the hearing New York City, notice is given that all general mortgage bonds divided into two classes or departments. Under be will be proved up with claim of priority to other liens, if de- *' Railroads, including Street Roads" we group everything posited on or before Oct. 2, 1899, with the North American relating to the railroads, whether steam roads, street rail- Trust Co.—V. 69, p. 439. ways or traction companies. Under "Industrial, Q-as and Columbus (0.) Street Ry.—Columbus By.—To Authorize Miscellaneous" we give the news regarding all other com- Sale.— The stockholders of the Columbus Street Railway Co. vote Sept. 26 upon a proposition to sell all of said panies of whatever kind gas, electric light, industrial and will com- — pany's railroads, franchises, lease-holds, etc., to the Colum- miscellaneous. bus Railway Co.—V. 69, p. 439. RAILROADS, INCLUDING STREET ROADS. Dayton (0.) Union Railway. Mortgage.—Thia company, organized to erect a new central passenger station in Day- Atlantic & Danville Ry.—Southern By.—Leased.— The ton, has filed noortgage for $500,000 to the Farmer's Loan stockholders of the Southern Railway Co. on Thursday a & Trust Co. as trustee. ratified the proposed lease of the Atlantic & Danvihe Ry., to take effect Sept. 1. The lease runs from July 1 for 50 years Iowa Central Railway.— Negotiations, — Vice-President at a rental suflBcient to meet the interest on the bonds and George R. Morse denies that the Chicago Milwaukee & St. gives the preferred stock 2 per cent for tbree years, 3 per cent Paul is negotiating for the purchase of the property, but for next two years, 4 per cent for next five years and there- admits that one or two other roads are considering its acqui- after 5 per cent. There are outstanding $1,238,000 five per sition. The Rock Island and the Burlington are reported to cent bonds. The preferred stock is $3,200,000. The road be among the would-be purchasers — V. 69, p. 382, 384. from Norfolk to Danville, Va., 205 miles, and branches runs Kansas City Pittsburg & Gfulf UR.—Thalmann Plan— V. 389. 73 miles.—V. 68, p. 184; 69, p. 381, 386, The Two Plans Compared. —The so-called New York Com- Baltimore & Ohio RR. Neiv Treasurer.— J. V. McNeal, mittee, consisting of Ernst Thalmann, Chairman; Louis Fitz- Assistant Treasurer, has been appointed Treasurer vice W. gerald, E. H Harriman, J, Lowber Welsh, James Stillman, H. Ijams, resigned.—V. 69, p. 439. George Coppell, W. L. Bull and W. E. Glyn, with Alvin W. Birmingham Traction Co.— Mortgage. —The company has Krech as Secretary, 120 Broadway, has adopted a readjust- plan, the salient features of which are as : made a mortgage to the City Trust Co. of New Ycrk, as ment follows "The committee deems it unwise at present to provide for trustee, to secure an issue of §5(0,000 of bonds. —V. €4, p. 843. the inclusion of the Suburban Belt Railroad properties, Rapid Transit. Ko Increase Bridge Tells. — Brooklyn of basing its opinion upon the statement of its experts that Commissioner Shea has relinquished his attempt to Bridge terminal facilities at Kansas City can be had at a greatly re- trolley companies to double the toll of five cents compel the duced cost per annum and upon the fact that the demands of for each car crossing the Brooklyn Bridge. He forced the the holders of its securities are such as wculd impose upon elevated lines to pay an increased toll, but is advised that it the new company fixed charges which its earnings would not is questionable whether the ten-year agreement made with warrant. The Port Arthur Channel & Dock Co., which is trolley companies by his predecessors in office ia 1897 the also set aside for future consideration, has at present virtually could be set aside. The terms of the agreement were given no earnin.'^s, although it has already issued bonds to the ex- at some length in the Chronicle April 24, 1897, page 798. tent of $1,635,000, and its works are still far from comple- Suits, President Clinton L. Rossiter in reply Damage — to a tion." of Voss asking, in behalf of F. F. Marquand, letter Lamb & The new securities to be issued by the reorganized com- for permission to examine the of the a stockholder, books pany under the Thalmann plan compare as follows with the with a view of ascertaining the of judg- company amount securities proposed by the Harrity plan, described in the ments, and of negligence suits now pending against the Chronicle of August 19 and August 26, pages 384 and 440 : company, writes as follows: Thalmann Plan. There are no iudgments of any kind outstanding against the Brook- Harrity Plan. lyn Rapid Transit Co. The judgments outstanding against the Brook- Prior lien 50-year gold 48 $15,000,000 Of whicli to present bondholders 11,500,000 lyn Heights RR. Co., which is the operating company, on June 30 For sale 1899, -were $56,792, which was $130,906 less than the amount out- 3,000,000 standing on the corresponding date of the previous year. Appeali are In treasury of the company 500,000 pending from all of these judgments, and inasmuch as the policy of First mortgage 50-year gold 4s $30,000,000 the company has been to appeal only those case* where success seeme Of whi ch to present bondholders 18,000.000 probable, the expectation is that most of these judgments will be re- For sale 3,000,000 Tcrsed. During the past year more than three- fourths of all the judg- For future requirements 9,000,000 ments appealea from were reversed. All judgments and actions are a Adjustment (income) mort. 4 p. c. gold. matter of public record, and can easily he found bv an inspection of interest non cumulative until 1905. 15,000,000 the records of the County Clerk's office. -V. 69, p. 4b'9, 450. To present bondholders 11.500,OjO Brooklyn Rapid Transit.—Kings County Electric Light To stooli holders 1,725,000 To syndicate 750,000 Electric & Power. Contract for Motive Power on Elevated For future requirements 1,025,000 Lines. —The power house of the Kings County Electric Light Preferred stock 4 p. o , non-cumulative. $20,000,000 20,000,000 & Power Co, , it is stated, is nearly completed, and a contract To present bondholdtrs 6,900,000 9,600,000 has been made by which the Kings County Company is to To stockholders 1,725,000 2,400,000 K. Sub- provide the motive power for all the elevated trains of the For acquisition of stock of C. urban Belt RR 3, 562, .500 Rapid Transit system.—V. 69, p. 439, 450, 177. In treasury of the company 11,375,000 4,437,500 Central of Georgia Rj. Tux) Per Cent on First Income Gammon stock 25,000,000 30.000,000 Bonds.—The company has declared a dividend of 2 per cent To present stockholders 23,OjO,000 24,000,000 For acquisition of stock of K. C. Sub- on the first income bonds, the same rate as declared last urban Belt RR 1,187.500 year.-V. 68, p. 722. In treasury of the company 2,000,000 4,812,500 — —— — — 492 THE CHRONICLE. [Vol. LXIX. The rates of exchange of the old for new secnrities will be: nance was published in an extra edition of a local paper a 1st M. bonds K. C. p. .t GULF RR. (FOR EACH $1,000 ^)F rRIXCIPAL). few hours before midnight preceding the day when the new Thalmixnn Harrity code went into effect forbidding the issuance of franchises Will receive— Plan. Plan. except by vote of the people. The decision declares that the mort. (in Tlialmanu plan prior lien) First 48 $500 $750 paper issue since regular Adjustment mortgage 48 500 was a morning and not delivered to Preferred stock 300 400 subscribers did not meet the legal requirements. The reason Cash for April, 1899, coupon 25 25 given for extending the franchise was that the company de- sired CAPITAL STOCK OF K. C. PITTSBURG & GULF RE. (FOB EACH $100). to make extensive improvements which would require the If paying assessment $15 $10 issue of large amounts of bonds, and that these could not Will receive— be sold unless the franchise had a considerable period to run. Adiustment mortgage 48 . 7 50 It is understood that the company will carry the case to the Preferred stock 7 50 10 Common stock 100 100 Supreme Court.—V. 65, p. 236. The cash resources provided are: Oregon RR. been reported by Price, Waterhouse Co , to amount Have & the last of these underlying has ex- to 489,223 $1,000,000 bonds been changed or extinguished by payment; consequently he de- For the nine months ending April /, iSgg— The company's stated net earnings of. 674,334 clines to require the committee to make delivery as asked. Have been reported by Price, Waterhouse & Co., to amount V. 67, p. 530. to 432.671 Piedmont & Cumberland Ry. Neto Lease.—The new lease The Philadelphia plan predicates, an earning capacity per is mentioned ia the report of the West Virginia Central & for the annum of $1,500,000 K. C, P. & G. RR. Co., because Pittsburg Ry. on pa^e 490 of to-day's Chronicle. the Receivers' net earnings for May were $110,431. This predication the Thalmann Committee say is misleading, Pittsburg Shawmut & Northern RR.—A circular says: particularly for the following reasons. This company has been formed by the consolidation and merger of the followiug railroad companies: The Mill Creek Valley RR. Co., I. This co-called month of May included three days of April. Buffalo 8t. Mary's & South Western RR. Co., Mt. Jewetl Clermont September 2, 1899.] THE CHRONICLE 493 The two precediDg dividends (paid Oct. 31, 1898, and Apr. the WintoD and other gasoline and kerosene motor companies | 19, 1899,) were 1% per cent each, so that the rate ia now into a $10,000,000 corporation. advanced from a 3- to a 4-per-cent basis. American Bicycle Co. Officers.—At a meeting held at the of the Union Pacific Increase of Stock. —The stockholders company's office, 132 Nassau Street, this city, on Thursday of the RR. will vote Oct. 9 upon a proposed amendment com- last, the organization of the company was completed by the pany's articles of association, increasing the preferred cap- election of the following cfficers and directors : ital stock from §75,000,000 to $100,000,000 and the common Oflicers.—Albert G. Spalding, President ; Col. George Pope, First Vice- capital stock by the amount of $7,718,600, viz., from $88,- President; J. E. Bromley, Second Vice-President; A. L. Garford, 460,100 to $96,178,700. The additional preferred will be used Treasurer ; C. W. Dlckerson, Secretary. to retire about $14,000,000 Oregon Short Line " B" bonds and Dliectors.— Albert G. Spalding, Seabright, N. J.; Col. Albert A. Pope, Boston; A. Featherstone, Chicago ; R. L. Coleman, New York; J. W. preferred stock. $11,000,000 Oregon Railroad & Navigation Riser, Chicago; E. C. Stearns, Syracuse; R. 8. Crawford, Hagerstown, The new common will be exchanged, share for share, for the Md.; Charles L. Ames, Chicago; R. Phillip GormuUy, Chicago; Harry $7,718,600 of the ($24,000,000) common stock of the Oregon A. Lozier, Sr., Cleveland. Navigation Company not already owned by the Oregon Short The capitalization remains as stated in The Chromcle of Line RR. Co. The Oregon Short Line " A " bonds ($7,185,- July 22 last, p. 177, viz,: $10,000,000 5 percent twenty-year 000) will be taken up with Union Pacific 4s now in the debenture bonds, $10,000,000 7 per cent cumulative preferred treasury. While it is expected that the exchanges will be made and $20,000,(00 common stock. The list of properties in- on the basis above mentioned, with the adjustment in each cluded in the consolidation just given out is also unchanged, case of interest accrued, the directors of the Union Pacific except that the Eagle Birycle Manufacturing Co. mentioned have not yet formally decided upon all the details. in our former item (p. 178) seems to have been omitted. All In these ways the Union Pacific will provide for the retire- of the $10,000,000 preferred stock and the $20,000,000 common ment of all the capital stock of the Oregon RR. & Naviga- stock, it is stated, has been taken by the manufacturers com- tion Co. and of all the income bonds of the Oregon Short posing the company, and they have subscribed for the greater Line RR. Co. THe last-named company's capital stock part of the $10,000,000 5 per cent bonds, the rest of which ($27,460,100) is nearly all owned by the Union Pacific RR. are for sale, it is understood, at 101. —V. 69, p. 286. Co., having been exchanged for the common stock of that American Cement Co. Subscriptions. —E. B. Smith & Co., company and 3 per cent in cash early this year. The portion of Philadelphia, having arranged to purchase this property, of the stock of the Oregon RR. & Navigation Co. owned by have received subscriptions to the capital stock of the new the Oregon Short Line is pledged to secure that company's concern that will own and operate the same. The latter "B" bonds, and the control thereof will pass with the acqui- will issue $1,000,000 first mortgage 5s and $2,100,0C0 stock, Pacific, sition of those bonds to the hands of the Union the shares being of $10 each full paid. The property, it is afliording it control of the entire, or practically the entire, stated, includes six mills, 2,000 acres of cement-rock land, issue of the Navigation Company's stock. The Union selling agencies, patent rights, etc. It has been in opera- Pacific RR. Co, will therefore own much more fully than tion for 15 years, and is reported to be producing over 900,000 did its predecessor the entire line from Kansas City and barrels of cement per annum. The net earnings for 1898 Omaha to Portland, Ore. over all charges were $325,747 (to be verified by the Audit The Northern Pacific Railway Co., it is understood, some Co.); the estimated net earnings for 1899 are $350,000. time ago disposed of its holdings of Oregon Railroad & Navi- The annual interest will be $50,000, sinking fund $30,000, gation Co. preferred stock to the Union Pacific interests. total $80,000, leaving an estimated balance applicable to Sate of Old Company's Securities. —Adrian H. Muller & dividends of $270,000. Robert Leslie, the General Manager Son sold at auction on Wednesday, under order of the Cir- of the old company, will be the President. The old company cuit Court of Nebraska, in the bankruptcy proceedings was a Pennsylvania corporation. The new company, which against the old Union Pacific Railway Co., a miscellaneous will own the stock of the old, has been organized under the lot of securities and properties. The prices brought by the laws of New Jersey. The stock of the company has all been principal lots were: subscribed for at par, and will be issued next week. The $63,000 Leavenworth Depot & RR. Co. first mortgage 5 per cent producing capacity of the plant on completion of the new bonds. $?0.400. mill, which will be put in operation in a few weeks, will be $50,000 Northern Pacific Terminal Co. 6 per cent bonds, subject to certain terms, $45,000. increased to 1,200,000 barrels per annum. The company $145,000 Union Paoiflo Railway Co. Omaha Bridge renewal 5 per owns in addition to its mills in Pennsylvania and New York, ceut bonds. Reorganization Committee oertifica'e. $181,250. a large cement property in another State, and selling Claim for $83,b69 against The Missouri Pacific Railway Co., $41,831. Claim tor $27,361 against the Omaha Belt Railway Co., $13,680. agencies, wharves, etc., in New York, Philadelphia, Boston Spokane Union Depot property at Spokane, Wash., acquired in 1899 and Baltimore. foreclosure sale, and $473,000 in bonds of the Union Depot Co. of at Articles Incorporation Spokane Falls, stamped to show >>alance due. after foreclosure pay- American Hide & Leather Co. of ment and a certain claim for $20,792 against the Union Depot Co., Xruended. —Amended articles of incorporation were filed in $250,000.—V. 69, p. 334, 382, 385. New Jersey this week, changing the authorized capital stock United Railways & Electric Co. of Baltimore.—Bonds to $17,500,000 common and $17,500,000 preferred, the latter being Being Issued. —The company's bonds are being exchanged for 7 per cent cumulative. There will also be an issue of issue the temporary certificates at the office of the Continental $10,000,000 twenty-year gold 6i, of which the present will be $9,000,000. informed, Trust Co. in Baltimore.—V. 68, p. 1228. The company controls, we are about 75 per cent of the upper leather output of the country, Washington & Franklin RR.—Western Maryland RR.— and has acquired nearly all the concerns mentioned in the Mortgage.—The Washington & Franklin RR. Co. (Altenwald Chronicle of May 13, page 925 (excepting Webster & Co. Off of the Western Maryland RR.), has made a mortgage Cut and R. Snhm Leather Co ), and negotiations are pending for to the Reading Trust Co. as trustee, covering all of the 14 others,—V, 69, p 335. miles of road, etc., to secure an issue of $325,000 of 5 per American Iron & Steel Co.- On Philadelphia Unlisted.— cent gold bonds.— V. 68, p. 279. The Philadelphia Stock Exchange has admitted to dealings West Virginia Central & Pittsburg Ry.—Davis Coal & in the ui listed department 34,000 shares of common stock, Coke Co. Amendment to Charter. —Consotidation.—As par $50. $5 paid: also 60.000 shares of preferred stock, par $50, stated recently, plans for uniting these companies are under- full paid; registered with the Provident Life & Trust Co. stood to be in preparation. The report of the railway On Aug. 30 notice was filed at Harrisbur? of an increase in company for the year 1898 99 now issued contains no intima- the capitalization from $1,000 to $20,000,100,—V. 69, p. 441. of any such contemplated move, except, perhaps, that to tion American Linseed—National Linseed Oil.—Final Settle- found in the amendment to the company's charter, which be ment.—The stockholders of the National Linseed Oil Co. are is given, following the charter itself on page 30 of the report. notified that upon payment on or before Oct. 1 at the Cen- amendment was approved Feb. 22, 1899, and provides The tral Trust Co. of a cash assessment of $2 50 per share of old that the "West Virginia Central Pittsburg Railway Co." & stock, they will receive their proportionate allotment of the shall have all the power, rights and franchises necessary and 15,OC0 shares of American Linseed preferred and common proper for the following purposes: set aside. Stockholders who fail to pay in the $2 50 per share building of or fur- The mining of coal, the manufactories, saw-mills by that date will have their allotment of new stock sold in naces, the burning of brick, the manufacturing of lumber and the buying and disposing of the same, together with the right to buy and the open market and will receive the balance above the $2 50 sell real estate, and to own the capital stock of connecting lines of per share of old stock. On the basis of current quotations railways in the State of West Virginia or in other States, and the for the new stock there will be about $3 per share for the old capital stock of other corporations. stock above the $2 50 assessment. It seems that it has been The Davis Coal & Coke Co, is the largest shipper on the necessary to borrow $350,000 in order to discharge the obli- West Virginia Central. Its coal is mined from five different gations of the old company, these having proved larger than hill at West veins in the same Hampshire, near Piedmont, was expected, and the assessment is required to discharge Va., and is loaded from the same tipples. These five seams the loan. The American Linseed Co. has made a trade ar- aggregate thirty-two feet. S. B. Elkins, Vice-President of rangement with tha National Lead Co., and there are rumors the railway company, is President of the coal company.—V. of a plan for the consolidation of the two concerns. —V. 69, 69, p. 386. p. 335; V. 67, p. 1055. American Steel & Wire Co.—Listed.—The New York INDUSTRIAL, GAS AND MISCELLANEOUS. Stock Exchange has admitted to the regular list the com- stock.— Aniericau Automobile Co.—iVew Enterpjise. — W. Myron pany's $40,000,000 preferred and $50,000,000 common V. Reynolds, of 35 Nassau St., is promoting this company, which 69, p. 386. claims to be the original concern of the name. The author- American Switch Qo.—Ajax Forge Co.— A. H. Milliken ized capital stock is $500,000 (of which $300,000 in treasury), of Chicago, President of the American Switch Co., now in all in shares of $1U0 each. The company claims to have process of organization, says, in regard to the statement that about 1,500 automobiles under construction. M. H. Crampton the Ajax Forge Co. is not included la the consolidation, that is President. This enterprise has nothing to do with the pro- the organizers of the American Switch Co. have a written ject of ex- Mayor Magowan, of Trenton, for consolidating option on the AJ2X Forge Co., but that the formal transfer — — — 494 THE CHRONICLE [Vol. LXIX. of the property cannot be made until President Grif&n of the ' for the year ended IMarch 31. The directors report that arrangements have been completed the whole of the in Ajax Co. returns from Europe about a month hence. Our ^ whereby ordinary ^hares the American Thread Co. have been secured to the English Sewing Cotton statement of last week was based on the followins letter pub- Co., Limited, and the American vendors have subscribed for 125,000 liehed in the "Railroad Gazette" of August 18, page 577: shares of the new issue of ordinary shares in the English Sewing Cotton Co., Limited, at 168. per share premium.—V. 66, p. 899; V. 67, Ajax Fokge Co., Chicago, Aug. 12, 1899. p. 1158. llie Editor of the "Railroad Qazetle:" To English Stamp Duty on American Securities.—Sto?ip youriesueof Aug. 4, under the item beaded "Tiie American Switch In Tax under of JS99.—The Co.," this company is included as one of the companies forming said Act "Stock Exchange Weekly organization. Tliis is an erroneous report. Kindly make proper cor- Official Intelligence " of London gives the following facts rection in your next Issue. Ajax Forge Company. regarding the stamp duty payable on American securities 441. —V. 69, p. under the English Finance Act of 1899: Colorado Fuel & Iron Co.—Increase of Stock.—A special Class of Security— Duty. meeting of the stockholders will be held in Denver, on U. S. '4overniuent 4% funded loan of 1877 and funded loan of 1891 per $500.. 10 shillings 25, to vote upon a proposed increase of the common Sept. Railway shares per nine or ten shares of $100 each *2 " stock of the company from $11,000,000 to $23,000,000 to pro- Railway bonds which were not originally issued in London vide for improvements.—V. 68, p. 1023. or have not since had the half per cent stamp affixed per $1,000 £1 Connecticut Lighting & Power Co.— Officer.^. —The officers * Fractional follows: $.50 or are: President, R. A. C. Smith; Secretary, H. G. Remkle: lots as $100 of stock, 3d.; $150, $200 or $250 of stock, fid.; $300 or $350 of stock, 9d.; .$400, or #500 A. Young; General Manager, James Sewall. $450 Treasurer. M. of stock, 1 shilling; $550 or $600 of stock. Is. 3d.; $650, $:00 or $750 V. 69, p. 26. of stock. Is. 6d.; $800 or $850 of stock. Is. 9d.; $900, $950 or $1,000 of stock, 2 shillings. Continental Tobacco Co.— First Dividend.—The company The shares of the Anaconda Copper Co. must also be has declared a dividend of 1% per cent on its preferred stock, stamped, viz.: 5 shares 3d., 20 shares Is., 50 shares 2s,, 6d. payable Oct. 1. It is understood that the same rate will be maintained quarterly. The company, it is said, will shortly Glncose Sa2:ar ReHning Co.— Annual Statement—The make cash payment for the Buchanan & Lyall plant. —V. 69, stockholders, it is stated, will receive with their dividend p. 387. checks an official statement showing profits for the year ended July 31 of ; written off for Union Depot—Union Depot & RR. Co.—Extension $3,820,080 repairs, $116 139; Denver written off for new repairs, $357,351; surplus for dividends, of Bonds —Toe Union Depot & RuDroad Co., W. A. Deuel, $2,04^,590 ; 7 cent on preferred, ; per $883,33 ) 4>^ per cent President, Ins arranged for the extension until Sept. 1, 19> 0, on common, $1,080,249 ; balance, $83,011.—V. 69, p. 285. of the $300,000 first mortgage 7 per cent bonds, due Sept. 1, 1899, with interest at the rate of 5 per cent per annum, pay- Hawaiian Commercial & Sugar Co.-Neiv Bonds.— The able semi- in Dually. On presentation of the bonds to Mait- stockholders have voted to issue 5 per cent 20-year bonds for land, Coppell & Ci., No. 24 Exchange Place, New York, $2.500,( CO and to secure the same by mortgage to the Union prior to Sept. 30, the bonds will be stamped, showing the ex- Trust Co. of San Francisco, as trustee. The proceeds of the tension, and two additional coupons for the ensuing year will loan are to be us=ed to pay floating debt and for improvements be attached thereto. The coupons due Sept. 1st, 1899, will be and additions. —V. 69, p. 281. Maitland, Coppell & Co., who will also buy at par paid by International Paper Co. Acquisitions.—This company, interest all bonds whose owners do not desire to extend and which originally acquired 21 concerns (see list V. 67, p.' 428), Sept. 1, 1900, a more permanent arrangement, them. Befor*^ has since acquired the following: it is stated, will be made for refunding, or paying, the bonds. Moorehead Pulp & Paper Co. at Solon, Maine; Olcott Falls Co. at is controlled and operated as follows: The property Wilder, Vt.; Wilder Co., Ashland, N. H.; Remington Paper Co. at The Union Pacific RR. Co. owns three-lifths and the Denver & Rio Watertown, N. Y., and C. R. Remington New Y'ork; Edward B. Lewis (Mason. Lewis & Co.). Chicago. 111.; E. J. year. . i. .^ , of Parker (Treasurer State Banking & Trust Co.), Quincy.Ill.; Wm.Stein- Taxes, $?, 038,3.58 74, equaled 2% on the entire capital wedell, Quincy, 111. the company, or $8.52 per mile of road operated, and required Wilson & Stephens of New York and Mason, Lewis & for tbeir payment 12% of the year's net earnings. Companj' of Boston and Chicago offer for gale the above de- The profit for the past year was $5,615,051 68, and the sur- scribe! bonds at 103f^ and accrued interest. See advertise- plus, after payment of four per cent in dividends, $1,615,- $ol,- ment en pige viii. — V. 68, p. 8^5. 051 68, as against $654,471 16 in the year previous and Republic Iron & Steel Co.— First Dividend.—The com- 866 80 in 1896-97. ... expenses will pany has declared its first dividend (1^ p. c.) on the §21, '^57,- Further comment upon the earnings and 000 preferred stock, payable on Oct. 1. A director is quoted be found upon page 497. tvt 1 i»yy,1000 as saying: " The company has all the property it wants and The mileage of the system was increased on May 1, is not thinking of concerning itself with the business of by the lease of the following lines : other companies at this time. The contracts on hand indi- Syracuse Geneva & Corning Railway, from Geneva, „^„_,j,.. bi-S.^ Miiea„ cate that our net earnings for this year will be at least N. Y., to Corning, N. Y., and its branch line Fall Brook Railway, from Corning, N. Y., to Antrim, Pa., |5,o: 0,000." ^^ and its branches -- 101".al As shown in the Chronicle of Aug. 12, page 339. the com- Pine Creek Railway, from Stokesdale Junction, Pa., to *'°" „ ' Newl)erry Junction , Pa " pany has increased its outstanding capital stock, the common v i" Wallkill Valley Railroad, from Kingston, N. Y., to Mont- from $27,0:0,000 to $27,757,000 and the preferred from ^^ gomery, N. Y $20,500,000 to $21.257,0C0. The quarterly dividend on this _____ 273-84 amount of preferred calls for $371,997 50, or at the rate of A total addition of $1,487,990 per annum.—V. 69, p. 442. Under the terms of these leases this company guarantees properties : San Joaquin Electric Co. of Fresno, C&l.—Suit for Be the following annual payments as rental for the $46,375 ceiver, —The Mercantile Trust Co,, of this city, as mortgage Syracuse Geneva . asking for The Angeles, Cal a receiver for this company. Pall Brook (which has no bonded debt), Railway 175,000 interest due July 1, 1899, on $.550,000 of 6 per cent bonds in cash. (part of an authorized issue of $S00,C00 created in 1895) re- Pine Creek Railway, in cash f?n'nnn 245,OUO^d-i 000 mains unpaid. The company's power plant is located aboat and interest on outstanding bonds. JOO.OOO 35 miles east of Fresno, Cal., to which city the electricity WallkillValley Railroad, in cash Hl'^nn .ii.,9Dytii a^n was transmitted. The company also has a large reservoir and Interest on outstanding bonds ZO.sw about 25 miles further back in the hille, year ago there but a $566,760 was a serious shortage of water, and the company was unable year ended to furnish power or light. The surplus of the Fall Brook system for the all charges April 30, 1899, was $378,738 39, after payment of WaUkill Valley Railroad ^p" For other Investment News see Page 502. and dividends. The profit of the 496 THE CHRONTCLR [Vol. LXIX. for the same period was $27,666 41, after paying interest on Brought forward.. %2rj8oj48ot %i8,si4fi97 79 7. $a,S6s,6jo,!a all its bonds. Deduct— 1899. 1898. Inc. or Dec. The total mileage owned and controlled by this company Interest on funded debt $7,487.754 71 $5,421,200 07 7.$2,066,554 64 is now 6,744 69 miles. Ren tals of leased lines. 5,903, ."i 08 17 ."i ,972,422 23 D. 68.914 06 On June 30, 1899, the directors voted to lease the Boston Taxes on real estate.. 1,738,127 34 1,883,239 95 D. 145,112 61 & Albany Railroad and its branches, on a guaranty of eight Tax on capital stock.. 136,833 30 136,788 19 7 45 11 Tax on gross earnings. 108,333 70 87.671 33 7. 20,662 37 per cent per annum on its capital stock Corresponding United States internal action was taken by the directors of the Boston & Albany revenue tax... 55,064 40 7. 55,064 40 Railroad Co. at the same time, and the matter is soon to be Interest on loans, submitted to the respective stockholders for ratification. notes and bills pay- able 35,674 71 68,904 86 D. 23.230 15 In the year ended June 30, 1899, the funded debt was in- creased by the issue of the following securities : Totals $15,465,296 33 $13,560,226 63 7.$1 ,905,069 70 3^2% Oold mortgage bonds: Net Income I. 52 For the enlargement of the $5,915,05168 $4,954,47116 $960,580 Grand Central Station $946,000 00 From this for the Forconstruct'n Roche3ter, net ircome year $5,915,051 68 at there should be further deducted: Amsterdam and Albany. . . 154,000 00 -$1,000,000 00 Reserve for redemption of 4% Gold Deben- tures of 1890 300.000 00 As premiums In the retirement of old secur'fl bearing higher rates of interest 711,858 33 $1,711,858 33 Balance available for dividend $5,615,051 68 Cash dividends, four, of one per cent each.. 4,000,000 00 Lake Shore collateral bonds: In exchange for stock of Shore Mich. So. Ry. Co. 600,575 00 Lake & Year. 68 Michigan Oentrat collateral bo7ids: Surplus for the $1,615,051 In exchange for stock of the Michigan Central RR. Co. 1,409,210 00 To which add— Profit in operating sundry leased lines, 33 $3,721,643 hitherto carrier i in separate accounts: The purchase and retirement of $300,000 of 4% gold de- Beech Creek Railroad, from October 1, 1890, to June 30, 1899... $546,944 28 bentures of 1890, as contemplated by the resolution of the Fall Brook Railway system, from May Board adopted May 13, 1890, not having proved feasible dur- 1. 1899, to June 30, 1899 98,904 06 ing the past year, that amount was invested in 33^'? Michigan WallklU Valley Railroad, from Mav 1, to June 30, 1899 ".... 11,474 05 657,322 39 Central collateral bonds of this company, making a total 1899, investment of $750,110 for the gold debenture sinking fund. From which deduct— $2,272,374 07 During the period covered by this report, the enlargement Payments Incident to refunding bonded of the general offices in the Grand Central Station has been debt $801,294 33 Payments incident to issuing Lake completed, the structure having been rebuilt from the sec- Shore and Michigan Central collateral ond floor, and three new stories added. bonds 97,755 02 899,049 35 To meet the requirements of the greatly increased passen- $1,373,324 72 ger traffic at the Grand Central Station, it has been deter- Amount to the credit of Profit and Loss, mined to remodel the entire lower part of the station, in- June 30, 1893 9,424,172 70 cluding the waiting rooms, baggage-rooms, tracks and train- 42 shed. The plans contemplate one commodious handsomely- Balance, June 30, 1899 $10,797,497 appointed union waiting-room for the joint use of this com- pany and the New York New Haven & Hartford Railroad Company, with ample facilities and every convenience for TRAFFIC STATISTICS the 12,500,0' passengers who use the station yearly. AS TO THE VOLUME OF BUSINESS. During the year several changes have taken place in the 1899. 1898. executive force. Engine Mileage. The Hon. Ashbel Green, the company's General Counsel, 18,859,104 died, Freight 19,133.539 much regretted, on September 4, 1898, and was suc- Passenger 16,010,050 15,886,565 ceeded on October 1st by the Hon. Samuel E. Williamson, Switching 7,826,607 7,743,477 who had for many years been General Counsel of the New Work 1,779,192 1,887,939 York Chicago & St. Louis Railroad. Totals 44,749,388 44,377,085 The resignations of Mr. William Buchanan, Superintend- ent of Motive Power and Rolling Stock; Mr. Walter Katte, Mileage of Trains. Chief Engineer; Mr. Alfred Skitt, Manager of the Marine Miles run by freight trains 14,240,984 14,746,098 Department, and Mr. James D. Layng, General Manager of Miles run by passenger trains 16,225.888 15,065,662 the West Shore Railroad, took effect during the year. The Miles run by n;ixed trains 299,924 379,838 Miles run by switching trains 7,826,607 7,743,477 last-named office was abolished. Mr. William J. Wilgus was Miles run by work trains 1,779,192 1,887,939 promoted to succeed Mr. Katte, Mr. Walter B. Pollock was promoted to succeed Mr. Skitt, and Mr. Arthur M. Waitt, Total train mileage 39,372,595 39.823,014 who had long been connected with the Lake Shore & Michi- Freight Carried and Ton Mileage.* gan Southern Railway, was selected as the successor of Mr. Buchanan Tons of through freight, north and west. . 513,132 456,893 Tonsof through freight, east and south.. 3,251,826 3,696,191 For the Board of Directors. CHAUNCEY M. DEPEW, Chairman. Total number of tons of through S. R. CALL A.WAY, President. freight 3,764,958 4,153,084 New York, August 24, 1899. Tons of way freight, north and west 7,464,257 6,686,242 Tons of way freight, east and south 14,127,2£9 12,564,113 SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME. Total number of tons of way freight. . 21,591,516 19,250,355 Tons of freight earning revenue 25,356.474 23,403,439 1899. 1899. Inc. or Dec Earnings— Tons of company's freight 2.779,091 2,719,010 From freight traffic. $27,529,964 09 $27,496,129 69 I. $33,834 40 From pasb'^^er traflSc. 13,723,115 08 13,250,800 65 I. 472,314 43 Totalnumber of tons carried 28,135.565 26,122,449 From express traffic. 1,299,839 71 1,285,779 07 /. 14,060 64 From transportation Tons carried one mile 4,659,165,559 4,500,269,846 of mails 1,654,182 48 1,652,779 21 7. 1,403 27 Tons of company's freight carried one From rentals 1,882,308 38 1,984,790 51 X). 102,482 13 mUe 352,072,698 315,018,886 From miscellaneous sources 95,248 07 103,96130 X>. 8,713 23 Total number of tons carried one mile.5,011,23 8,257 4,815,288,732 Totals $46,184.657 81 $45,774,240 43 7. $410,417 38 'The aggregate distance called for on way bills multiplied by the Expenses- (63-07%) (64-47%) total tonnage. For maintenance of Description of Freight Moved. way and structures. $4,700,294 46 $4,697,237 14 I. $3,057 32 For maintenance of Tons. Tons. 812,677 equipment 5,033,095 62 4,987,19186 /. 45,?03 70 Flour 852,556 For conducting trans- Grain 3,805.214 3,865,505 portation 18,250,70341 18,698,858 46 1)448,155 05 Other agricultural products 1,876,506 1,774,4 90 797,363 For general expenses. 1,144,837 86 1,127,726 52 I. 17,161 34 Live-stock 8C6,819 Fresh or pickled meats or provisions 919 317 922,706 Totals $29,128,98135 $29,511,013 98 D.$382,032 63 Petroleum and other oils 285,100 •.:72,012 Lumber 1,900,53^ 1,911,378 Net eahnxngs from Pig and bar iron and steel, and iron and 704,563 Operation $17,055,676 46 $16,263,226 45 J. $792,450 01 fteelrail 764,856 ore 271,735 157,694 To which add— Iron and other Coal and coke 6,654,954 5.672,746 Dividend on Lake 1,775,343 1,596.161 Michigan Manufactures Shore & Merchandise 2,490,921 -^.429,303 South, stock owned. .$3,163,522 76 $1,311,604 95 I. $1,851,917 81 2,952,614 6,841 Dividend on Michigan Other articles 2,48 Cent, stock owned.. 647,35133 248,368 33 7. 398,983 00 Total number of tons 25.356.474 23,403,439 Dividends and inter- est on other securi- Passengers Carried and Ticket Miteage.i ties 446,064 50 539,003 00 D. 92,f 33 50 nterest on loans, Through passengers 235,448 191,597 notes and sundry Way passengers 19,313.055 19,128.833 0,824 bills 51,424 46 44,699 85 7. 6,724 61 Commutation passengers 5,027,399 4,75 Profits from sundry 24,074,254 accounts 16,308 50 107,795 21 7). 91,486 71 Total number of passengers carried.. 24,575,902 Passengers carried one mile 754,081,020 712,115,222 Totals $4,324,67155 $2,251.47134 7. $2,073,200 21 tThe aggregate distance called for on tickets multiplied by the num- Gross income $21,380,318 01 $18,514,697 79 7. $2,865,650 22 ber of passengers carried. September 2, 1899.] THE CHRONICLE. 497 AS TO THE RESULTS. portion of the mileage of branch and leased lines on which Freight. the train load is necessarily small. On the New York Cen- 1899. 1898. tral main line the average train load of through freight, $ S EarnlngB from traneportatlon 27,175,668 19 26,991,713 93 east and west, was 7f tons. From miscellaneous sources 354,305 90 504,415 '6 The increase in engine mileage was 372,303 milf s, being less than one per cent and little more than one-tenth of the Total earnings 27,529,964,09 27,496,129 69 Expenses alloted to the transportation of increase of 1898 over 1897. freight 18,956,517 70 19,350,895 90 In handling the freight traffic for the year, 6,f 25,855 cars were engaged, a decrease of 28,905. The average number of Profit 39 8,573,146 8,145,233 79 freight cars in main line trains, through and iocal, east and Earnings per ton per mile ct8.,0-59 cts. 0-61 west, was 49. Expenses per ton per mile cts. 0.41 cts. 0-43 The marine department handled 1,090,931 tons of mer- Profit cts. 0-18 cts. C-18 chandise lighterage, an increase of 80,563 tons, 15,401 car Earnings per train mile.. $190 $183 floats, an increase of 422, and 63,526,698 bushels of grain, a Expenses per train mile. 1 31 129 decrease of 16,649,519 bushels. Profit. 59 54 (8,3W88 miles). (2.394 „ -^8 miles). In the maintenance of its roadway and structures the Earnings per mile of road operated $11,495 34 $11,481 21 Expenses per mile of road operated 7,91556 8,080 11 company has expended $4,700,294 46. The cost per mile of road was $1,963, and per mile of main track (sidings ex- Profit. $3,579 78 $3,401 10 cluded), $1,195. Energetic attention has been given to the Average number of oars in freight permanent improvement and increased safety of the road- trains, entire system 37 34 way and track, the standards of which have been substan- Average number of cars in freight tially raised trains, main line 49 Not compiled. throughout the system. Average number of tons of revenue- "Renewals of roadway and track" include the cost of earningfreight carried per train mile.... 322 299 574,703 cubic yards of gravel ballast and 11,896 cubic yards Aver, number of tons of all freight (in- of stone ballast, with which over 800 miles of track have cluding co.'s) carrried per train mile 346 320 Aver, number of ton« of through freight been newly raised and ballasted; 130,000 cubic yard • of rip- (east and west) carried on the N. Y. rap used along the Hudson and Mohawk rivers; and the con- Central & Hudson River RR. main struction of eleven miles of new yards and sidings. line, per train mile 750 Not compiled. '•Renewals of rails" the relaying 146 5 miles of Aver, number t f miles one ton carried... 184 192 include single track with 17,319-5 tons of steel rail, mainly 80-lb. Passenger. $ "Renewals of ties" cover the cost, both of labor and Earnings from passengers 13,319, 654 02 12,861.010 70 material, of 1,154,044 ties, mainly of yellow pine, oak and From excess baggage 131.295 91 125,557 83 yellow cedar. On branch lines, cedar ties with tie-plates From miscellaneous sources 272, lt5 15 264,232 12 have been iargel}^ substituted for yellow pine and oak, Total passenger earnings 13,723,115 08 13,250,800 65 and a considerable saving is anticipated both in first cost Expenses alloted to transportation of pas- and maintenance. sengers 10,172,163 65 10,160,118 08 "Renewals of bridges and culverts" include the cost of Profit replacing or materially strengthening 29 bridges weighing . 3,550,95143 3,C 90,682 57 about 2,600 tons, the most important being those at Croton, Earnin gs per passenger per mile cts. 1-82 1-86 cts. Woodlawn, Minoa and Depew. Cast-iron pipe and solid Exi)ense8 per passenger per mile cts. 1-35 cts. 1-43 rail floor culverts have been used for the elimination of 178 Profit ct8. 0-47 cts. 43 timber trestles and minor openings. Many abutments and Passenger earnings per train mile (in- piers have been rebuilt, requiring the construction of 9,(00 cluding mail and express) $109 $1 07 cubic yards of masonry. This account also includes a Passenger expenses per train mile 66 67 charge of $100,000 in anticipation of the extensive strength- Profit. 43 40 ening and renewing of bridges on the main line during the Passenger earnings per mile of road. .. $5,730 19 $5,532 97 coming year, to permit the increased use of the heaviest Passenger expenses per mile of road. 4,247 46 4,242 43 classes of motive power and rolling stock. "Renewals of fences" include the cost of rebuilding 46,893 Profit. $1,482 73 $1,290 54 rods with woven wire. Average number of cars In passenger Operating expenses have also been charged with the cost trains 5 5 of in addi- Average number of passengers per train rebuilding or enlarging a number of structures, mile 49 47 tion to thorough ordinary repairs. The chief items among Average number of miles one passei ger these were the reconstruction of the De Witt engine-house, carried 31 30 the erection of a gas plant at Utica, the new passenger sta- COMMENT UPON EARNINGS AND EXPENSES. tion at Amsterdam, the extension of the 48th Street milk shed and new station buildings and improvements at many Freight earnings were, in amount, practically the same other points. as last year, the increase being $33,834 40— less than one- eighth of one per cent. The tonnage, however, increased 1.953,035 tons, or 8i^per cent; and the tonnage carried one In maintaining its equipment the company's liberal pol- mile was 158,895,713 tons greater, or ^% per cent. icy has been continued, $5,033,095 62 having been expended The rate per ton per mile decreased from 6-1 mills to 5-9 in this direction. The inventory values exceed those of mills. The freight earnings per train mile were $1 90, as June 30. 1898, by $537,070 32. compared with $1 83 in 1897-8, a gain of 3 8 per cent. In addition to the expense of repairs and replacements of As in the previous year, excellent results were obtained in an ordinary character many extraordinary items are charged business local to the company's system, this class or traffic in this account, the most important being: showing substantial gain. The tonnage increase was 2,341 ,- 1,000 thirty-ton coal cars with air-brakes and couplers. 161 tons, or 12 per cent, much more than offsetting the de- Also the following, built at the company's shops; in crease through traffic caused by the falling off in grain 20 cabooses, 7 horse cars, 3 smoking cars, shipments, the delay (owing to the severity of the winter 3 flangers, 4 ice cars, 1 composite car. season) in the resumption of lake navigation, and the Buf- 15 milk cars, 6 postal cars, falo labor troubles. To meet the requirements of law, 992 freight air-brakes West-bound through tonnage from New York City showed were applied. increases of 12 per cent, and the results on the various The final payments, $328,641 28, on the special series of leased lines, both as to tonnage and earnings, werd better 3,000 freight cars bought in 1892 were also included in than those of the preceding year. " Renewals of freight cars,"' thus disposing of the cost of this entire series, viz., $1,868,934 89, in the operating ex- Passenger earnings increased $472,314 43, or 3-6 per cent. penses of the past six years. This increase was generally distributed among the com- The large increase in the expense of repairing passenger pany's lines and covered all classes of business. 501,648 cars is due principally to the change of exterior color, more passengers were carried than in the year preceding, a 1,178 coaches having passed through the paint shop during gain of 2-1 per cent. The earnings per mile of road in- the year. At the same time, they were thoroughly reno- creased from $5,532 97 to $5,730 19, or $197 22. vated, many of them being re-upholstered with new plush and furnished with new window fixtvires and curtains. 264 The decrease of $382,032 63 in the year's expenses does not sets of new gas-lighting apparatus were applied and 13 cars fully represent the extent of the economy in operation and were vestibuled. maintenance. Notwithstanding the increases in the volume The cost of engine repairs includes : of business handled, the expense of conducting transporta- 3 new eight-wheel passenger engines built at the West Albany and tion decreased $448,155 05. Depew shopp, 2 new ten-wheel freight engines built at the West Albany shops, The introduction of mogul 28 new mogul locomotives, each 1 new switch engine built at the Depew shops, capable of hauling 80 loaded 30-ton grain cars (making a 4 new six-wheel compound twitch engines built at the Schenectady gross weight of 3.600 tons for the train and its load), has re- Locomotive Works. sulted in a saving of 505,114 train miles, or ^% per cent de- The locomotives of the West Shore Railroad also received crease, although the volume of freight traffic was 8^ per thorough overhauling. cent greater. 20 additional locomotives of the same" type The cost of engine repairs per locomotive mile run was were ordered toward the close of the year. 3-47 cents. The cost of freight-car repairs, including $908,- The average train load for the eiitire system, including 550 35 of extraordinary items, was 14-15 cents per train mile. company freight, was 346 tons, as against 320 tons in 1897-8. The cost of passenger-car repairs per train mile run was The average is of course much reduced by the large pro- 5-01 cents. 498 THE CHRONICLE. [Vol. LXIX. SUMMARY OP FIRST CHARGES. DIVIDENDS. Interest on Funded Debt $7,487,754 71 Oct. 15, 1898, 1% on 1,000,000 shares of capital stock, $l,C00,000 00 Rentals of Leased Lines 5,903,508 17 Jan. 16, 1899, 1% " 1,000,000 " 1,OCO,000 00 Taxes 2,038,358 74 Apr.l5, 1899, 1% " 1,000,000 " " " " 1,000,000 00 Interest on Notes and Loans 35,674 71 Julyl5, 1899. 1% " 1,000,000 " 1.000,000 00 Total First Charges $15,465,296 33 Total 4% $4,000,000 00 CONDENSED GENERAL BALANCE SHEET. Jane 30, 1898. ASSETS. June 30, 1899. Road and Equipment. $115,289,423 83 Cost of road $115,492,612 41 18,146.103 60 Real estate 18.163 779 15 1,298,419 54 Changes of grade crossings, Buffalo (Incomplete) 1,692,871 59 $26,546,226 25 Cost of equipment $27,034,026:25 3,606,464 31 Special equipment. 3,306,4e4 31 30,152,690 56 30,340,490 56 $164,886,637 53 $165,679,753 71 Proprietary Interest in Other Lines Through Ownership of Stock. $89,938,625 00 Lahe Sbore & Mictiigan Southern Railway $90, '539,200 00 17,137,415 00 Michigan Central Railroad 18,546,625 00 156,912 38 Dunkirk Allegheny Valley & Pittsburg Railroad 1?>6,912 38 662,600 00 Syracuse Geneva & Corning Railway , 802.875 00 483,700 00 Carthage Watertown & Sackets Harbor Railroad , 483,800 00 100,000 00 New Jersev Junction Railroad 100,000 00 83 465,609 22 Sundry other railroads , 60,857 $108,944,861 60 $110,690,270 21 Ownership of Other Property. $2,043,950 31 Rfal estate not used in the operation of the road $2,044,275 31 1,905,878 36 Hudson River bridges at Albany 1,905.<*78 36 2,691,166 28 Bonds of sundry railroad companies 3,153,156 28 4,021,584 77 Stock in other than railroad companies , 4,046,784 77 $10,662,579 72 $11,150,094 72 Advances for Lessor and Other Companies. New York it Harlem Railroad. Morrlsania improvements other construction (in excess of reim $1,319,560 12 and $1,315,830 12 bursement by lessor) 3,024,196 48 Elevation of tracks and new bridge over Harlem River , 3,089,166 44 629,814 63 Grand Central Station enlargement 846,47 8 84 $1,973,571 23 $5,251,455 40 373,559 73 Dunkirk Allegheny Valley & Pittsburg Railroad 373,559 73 254,318 48 West Shore Railroad 200,305 43 Beech Creek Railroad 9-5.226 83 268.072 57 Rome Watertown & Oi^densburg Railroad 182,114 78 291.165 47 New York & Putnam Railroad 291,184 93 186,404 12 Other companies , 222,628 b2 $6,347,091 60 $7,506,475 72 Current Assets. $1,667,827 72 Cash charged Treasurer $4,093,894 91 77.'> 2,661, 84 Traffic balances receivable , 3,708,588 95 13 4,084,645 39 Sundry collectible accounts.. , 3,960.5.M 2,327,972 02 Fuel and supplies on hand 1,688,088 77 $10,742,220 97 $13,451,123 76 $450,110(0 Sinking Fund for the Redemption of Gold Debentures of 1890 , $750,110 00 $2,914,150 00 Securities Acquired from Lkssor Companies {per contra) $2,914,150 00 $304,917,651 42 $312,141,978 12 June 30, 1898. LIABILITIES. June 30, 1899. Capitalization. $99,993,700 00 Oapital Slock $99,993,700 00 6,300 00 Consolidation certificates. 6.300 00 $100,000,000 00 $100,000,000 00 Funded Debt. $22,961,000 00 First mortgage bonds $19,37.'^ ,000 00 7,652,347 40 First mortgage sterling bond s 6.512,574 44 6,106,000 00 Debenture certificates of 1^84 5,254,000 00 833,000 00 Debenture certitlcates of 1889 683,000 00 6,851,000 00 Debenture certificates of 1890 6,062,000 00 4,493,000 00 Extended debt certificates 4,158,500 00 25,518,600 38 3^2% Gold mortgage bonds I 34,081,731 67 89,930,625 00 Gold bonds. Lake Shore collateral I 90,539,100 00 17,137,415 00 Gold bonds, Michigan Central collateral 18,546,625 00 181,490.987 78 185,212,631 11 7,000 00 Bond and Mortgage Payable 7.000 00 $281,497,987 78 Total capitalization $285,219,631 11 $457,391 28 Loans and Bills Payable $571,250 00 Current Liabilities. $2,637,379 .^6' Wages and supplies $2,676,618 25 1,2^^ 2,405 51] Traffic balances payable 1,564,711 54 5,345,038 17 Interest and rentals accrued 5,688,834 58 1,000,000 00 Dividend payable July 15ih 1,000,000 00 69.936 26 Dividends and interest unclaimed. 77,624 56 288,467 25 Sundry accounts payable 690,119 36 $10,623,226 55 $11,697,908 29 $2,914.150 00 Securities Held in Trust for Lessor Companies (per contra). $2,914,150 00 Items Conveyed from Lessor Companies. $30,723 11 Carthage & Adirondack Railway $25,402 44 Fall Brook Railway 802.259 57 Svraouse Geneva & Corning Railway 54.310 67 WalklU Valley Railroad 59,568 62 $30,723 11 $941,541 30 ),424,172 70 Profit and Loss., $10,797,497 42 $304,947,651 42 $312,141,978 12 CAPITALIZATION. capital stock. Number of shares Issued w 999,937 Total par value issued and outstanding. . $99,993,700 00 Consolidation certificates not yet converted 63 Consolidation oertiiicates outstanding... 6,300 00 Number of shares authorized 1,000,000 ! Par value per share $100 00 Total par value authorized .$100,000,000 OO Dividend for the year, 4 per cent. Amount of capital stock per mile of road owned (81945 miles) $122,033 07. : . . September 2, 1899.] THE CHRONICLE. 499 FUNDED DEBT. Date I Glass of Bond. of Date of Maturity. Amount of Amount Issued and Rale of FayaiU on the First Issue. ^ Aitthorized Issue now Outstanding. Interest. Days of First mortgage 1873 Jauuary 1, 1903 $30,000,000 $19,375,000 00 7 January and July. First mortgage, sterling 1873 January 1, 1903 £2,000,000 6,512,574 44 6 January and July. Debentures 1884 September 1. 1904 $10,000,000 5,254,000 00 5 March and Ireptember. Debentures of 1889 1889 September 1,1 904 1,000,000 683,000 00 5 March and September. Gold debentures of 1590 1890 June 1, 1905 15,000,000 6,062,000 00 4 June and December. * t Extended debt certiticates 1853 May 1. 1905 6,450,000 4,158.500 00 4 May and November. Gold mortgage 1897 July 1, 1997 100,000,000 34,081,731 67 3^ Jauuary and July. Gold bonds, Lake Hhore collateral 1898 February 1, 199'^ 100,000,000 90,539,200 00 :-ii2 February and August. Gold bonds, Michigan Central collateral. 1898 February 1, 1998 21,550,000 18,546,625 00 31a Febiuary and August. Total amount of funded debt $185,212,631 11 Amount of funded debt per mile of road owned (319'45 miles), excluding Lake Shore & Michigan Central collateral bonds, $92,899,88. ^ Issued by the New York Central Railroad Company; all of the others listed above were issued by the New York Central & Hudson River Railroad Company. t Original rate of interest, 6 per cent; extended May 1, 1883, for ten years at 5 per cent; further extended May 1, 1893, for twelve years at 4 per cent. TABLE OF TRACKS. EQUIPMENT. MUeifof Second Tliird Foin-th Lines Owned— road. track, track. track. Sidings. Totul. owned and leased. New York to East Albany (mainline) 144-00 144-00 30-63 114-08 432-71 Locomotives, Albany to Buffalo (main line). 297-75 297-76 286-64 286-64 647-32 1,716-10 For passenger service 372 Dummy engine? 9 Mainline oumal; length in miles 441-75 441-75 317-27 286-65 661-40 2,148-81 For freight service 572 Branches ownefl 377-70 71-68 236-06 685-44 For switching service 184 Total looomoraves in servlce.l.lST Single track owned: Ujth. in mlUs 819-45 513-43 317-27 286-64 897-46 2.8342) Lines Leased— Troy & Greenbush RR 600 6-00 8-46 20-46 Oars in Passenger Service. Spuy'n Duy'l & Pt.Morris RR.. 604 6-04 0-62 12-70 First class passenger cars... 733 Mail, express baggage >ew York & Harlem RR 126-96 22-44 10-41 10-41 55-08 22 -;^o and WestShoreRK 425-00 343-85 230-26 t)99-ll Second class passenger cars. 205 cars . 330 New Jersey Junction RR 4-51 4-61 8*08 1-33 2-74 16-71 Combination cars Ii8 Other cars in passenger serv- Rome Watertown & Ogdens- Immigrant cars 10 ice 24 burgRR 304-47 497 97-72 40716 Dining cars 15 Rome Watertown & OKdeca- Parlor care 2 Total burg RR. leased lines 19'-78 51-37 25015 1,437 Mohawk & Malone Ky 173-10 28-89 201-99 Carthage* Adirondack Ry 4610 7-63 5373 Gouyerneur & t)swegai'e RR.. 13-05 3-57 16-62 Oars in Freight Service. Cars t»i Company's Service. New York & Putnam RR 5406 6-;J0 14-87 741» Tiyoli Hollow Railroad 1-23 0-26 I'lS Box cars 30,901 Officers' and pay cars 8 Flat cars 3,293 Gravel cars 500 1,369-30 893-01 13-49 11-74 501-46 2,279-00 Branches Leased— Stock cars 1,384 Derrick cars 33 B-96 15-90 Coal cars 6,440 Caboose cars 472 On New York & Harlem RR. . 894 On West Snore RR 70-20 10-06 80-25 Refrigerator cars 101 Other road cars 413 On >ew Jersey Junction RR.. u'iH 0-34 On Rome Watertown & Og- Total 42,119 Total 1,426 densburs system 121-10 31-44 152-54 On Mohawk & Malone Ry 840 2-55 10-05 Total cars in service 44,982 On New York & Putnam RR... '<-15 3-10 0-58 10-88 216-13 3-10 6158 270-81 Floating Equipment. Total Uased Itneit; length in mil's. 1,675-4? 39611 13-4'J 1174 553-04 2,649-81 Propellers and steam tugs 20 Car floats 26 Orand total, siinjtc track owt^ed Steam hoisting barges 6 Ferryboats 7 ami Uased; length in miles. . .2,194-88 900-54 330-76 29S-38 1,450-50 5,384-06 Barses 67 Grain boats iS Total boats of all kinds 149 Mileage of main line in Steel bridges 1,525 Stateof New York 441-75 Stone bridges 218 Mileage of branches in Wooden bridges 129 Elevators. State of New York 377-70 Trestles 210 Mileage of leased lines in Tunnels 22 Capacity in bush. Capacity in bush. State of New York 1,551-76 New York City, 60th St.. 1,500,000 Weehawken 1,250,000 Mileage of leased lines in Albany 500,000 Norwood 250,000 Stale of New Jersey 23-67 Gauge of track, 4 feet 8ifl Inches. Byron 2-.000 Weight of rails, per yard, 6 J to Buffalo "A" 600,000 Total 4,925,000 Total mileage 2.394-88 100 pounds. Bulfalo "B" 800,000 After meeting the fixed liabilities of the year, expending BUFFALO ROCHESTER & PITTSBURG $103,719 08 for extraordinary expenses and improvements, and paying two dividends of one per cent each, amounting to RAILWAY COMPANY. $12", 000 to, on the preferred capital stock, there remained a FOURTEENTH ANNUAL REPORT— FOR THE YEAR surplus of $269,951 08 to be carried to the credit of profit and loss account. ENDING JUNE 30, 1899. FREIGHT EARNINGS. The Directors of the Buffalo Rochester & Pittsburg The average rate received per ton per mile decreased Railway Company submit to the Stockholders the following 11-10 Jths of a mill, being 4 13-100 mills, against 4 23-100 report for the year ending June 30th, 1899 : mills a year ago. The average distance each ton was hauled Gross earnings $^,801,969 06 decreased 1 74-1^0 miles, being 123 29-100 miles, against Against last year 3,706,104 63 125 03-l('0 miles last year. of 92 in the gross freight earn- An increase of 2-59 per cent, or $95,864 43 There was a gain $93,590 ings, arising from the increased tonnage, which more than offset the loss in rate, and the shorter distance carried. Operating expenses $2,441,393 90 Against last year 2.366,415 05 The revenue tonnage moved w^as: Bituminous coal 4,257,679 An increase of 3-17 per cent, or $74,978 85 Last year 4,092,850 Net earnings $1,360,575 16 An increase of 403 per cent, or 164,829 Against last year 1,33?,689 58 'Coke 579,382 Last year 548,231 An increase of 1'56 per cent, or $20,885 58 I An increae of 5*68 per cent, or 31,151 Other freight 1,410,«49 Cost of operating, not including $103,719 08 extraordi- Last year 1,233,092 nary expenses and improvements 64-21 percent An Increaieol 14 42 percent, or 177,757 Against last year 63-85 percent Grand total tonnage 6,247,910 An increase of '36 per cent Last year 5,874,173 An increase of 6-36 per cent, or. 373,-37 From the net earnings $1,360,575 16 are to be deducted Owing to a strike of the miners, most of the collieries Interest on funded debt $668,110 04 of six weeks, InterePt on flouting debt 330 93 shipping over vour line were idle for a period Erie RR Co.—Rental of track ... 35,464 03 from June 6tlL 1899, to July 17th, 1899. It is estimated that Clearfleld & Mahoning Ry. Co.—Rental of in consequence the business of this year decreased 35 ),000 track 77,500 00 tons, representing loss in gross earnings of at least $170,00 J. Mahoning Valley RR. Co.—Rental of track.. 15.000 00 a Taxes 70,500 00 In spite of this loss the shipments of bituminous coal and Extraordinary expenses and improvements. 103,719 08 coke exceeded the record of other years. Large gains were made in other freight, particularly in Total deductions 970,624 08 lumber, brick, pig iron, and merchandise. The principal Profit $3P9,951 09 losses are found in salt and iron ore shipments. Against last year 352,321 08 A desirable tonnage is in prospect from tbe large glass Mt. Jewett, Pa., and Falls Creek, An increase of 10-68 per cent, or $37,630 00 works now being erected at Pa. . : 500 THE CHRONICLK [Vol. LXIX. PASSENGER EARNINGS. EQUIPMENT. The average rate received per passenger per mile de- There was expended for new rolling stock as follows : creased 46-lOOths of a mill, being 3 115-1000 cents, against Ten locomotives $111,588 95 Two hundred freight oars 2 161-1000 cents a year ago. The average distance each and sixty-eight 167,339 75 Twenty Company's service cars 18,019 65 passenger was carried decreased 5-lOOths of a mile, being 22 Air-brakes, automatic couplers and other bet- 12-100 miles, against 22 17-100 miles last year. terments 29,279 30 Passengers carried 772,871 $326,227 65 Lastyear 733,208 Of the above equipment 18 freight cars and 8 service cars built Company's were at the shops ; An increase of 541 percent, or 39,663 975 cars were furnished with air-brakes and 990 The results for the year show a gain of $10,714 05 in Pass- cars fitted with automatic couplers. enger earnings. The account was credited with the following EXPENSES. items for equipment sold or destroyed, charged The operating expenses, not including $103,719 08 extraor- to operating expenses dinary expenses and improvements, increased 3*17 per cent, Eight locomotives $57,305 CO or $74,978 85. which is practically all accounted for by the One hundred and ninety-five freight cars 71,08224 increased tonnage Thirty-four Company's service cars 7,ol0 00 moved. 135,397 24 The average cost per ton per mile was 2 53- ICO mills, being Making a net Increase of *190,830 41 9-1 00th of a mill less than last year. Included are one hundred fifty-two cars The average number of tons carried one mile per revenue in the above and torn shops. train mile, excluding the mileage of the helping engines, down at the Company's was increased 20, being 407 now, against 387 a year ago. CONSTRUCnON AND EQUIPMENT. The average number of tons carried one mile per freight There was expended for construction and equipment: engine mile, including the mileage of helping engines, was Construction— Buflfalo Rochester & Pitts. Ry. proper $170,319 28 increased 18. being 344 now. against 326 a year ago. Proprietary roads 1,441 71 The statistics for the past five years show a steady improve- Clearfield & Mahoning Ry 13,682 57 ment in the average tonnage moved one mile per engine Equipment 190,830 41 Total mile and per train mile, as follows : $376.27397 Engine Train Following funds were provided to meet these expenditures: Load. Load. Car trusts sold $123,000 00 1805 264 295 Refund of advances made for construction lfc96 269 308 of ClarfleldA Mahoning Ry 2,011 98 1897 296 346 From surplus railroad earnings 250.361 99 18P8 326 3fc7 1899 314 407 Total $376,273 97 & WESTERN RAILWAY. These results have been made possible by the liberal policy ALLEGHENY pursued in all matters pertaining to the road-bed and rolling Reference was made in last years report to a contract stock. dated 31st January, 1898, for the lease of this line to your The cut-offline between DuBois, Pa., and Stanley, Pa., Company between Punxsutawney, Pa., and New Castle, Pa., was completed during the year, and its total cost, $80,779 14, about 98 miles. It was. however, decided to build at pres- charged to extraordinary expenses and improvements. ent only 60*05 miles to Butler Junction, Pa., and to acquire This work shortened the main line 22-100 of a mile and an independent freight terminal at Allegheny City, Pa. eliminated seven curves, having an aggregate length of Another agreement was made October 1st, 1898, providing 66-100 of a mile. for the use of the Pittsburg & Western lines between Butler Junction, Pa., and New Castle, Pa., a distance of 43 54 OPERATED. ROAD miles, at an annual rental equivalent to 5% interest on half 1899. In- De- 1893. the cost of the road used, and a proportion of the cost of Miles. Miles. crease. crease. Mainline owned 236 34 236-56 -22 maintenance and operation, based on wheelage; also be- Branches owned 16-45 14-50 1-95 tween Ribold Junction, Pa., and Allegheny City, Pa., a dis- Three proprietary roads 30-93 3093 tance of 31-10 miles, at a fixed rate per car. Two leased loads 27-76 27-76 Trackage rights 26-20 26-20 Of the $2,500,000 1st mortgage bonds authorized, $500,000 are reserved by reason of this arrangement, and can only be Length of road onerated 337-68 335-95 173 issued should the line be constructed from Butler Junction, Bidings : 165-27 15312 12-15 Pa., to New Castle, Pa. Total miles of track oper... 502*95 -ISO'O? 13*88 The new road has been laid with 103-pound rail and pro- vided with steel bridges and viaducts, and is constructed in Total mi'es laid with steel rails.. 487-95 464-07 23-88 every way with a view of obtaining the greatest possible Total miles laid with iron rails . . 25-00 1500 10-00 economy in operating expenses. The last spike was driven The decrease in main line owned arises from the straight- on the 8th of August, 1893, but owing to the Pittsburg & ening of the alignment between DuBois, Pa. , and Stanley. Pa. Western Railway not having completed the improvements The branches owned were ir creased 1 95-100 miles by the on its line which our contracts with it call for, it will be extension of the Adrian Mine line. some months before the road will be fully opened for business. The siding3 were increased 7-93 per cent, or 12-15 miles, There are extensive coal fields in close proximity to the making the ratio of sidings to road operated at present time line; some of these are now being developed and will furnish 48-94 per cent, against 45*58 per cent last year. a large tonnage to the road should a market be found for the CONSTRUCTION. coal. The prospects for a gradual increase of other local tonnage are also very favorable. The following amounts were charged to this account: BONDED DEBT. Six new bridges—one-fourth cost $1,621 52 Filling ten trestles— two-thirds cost 4,153 92 During the year $141,000 00 car trust bonds matured and Land and land damages 7,4 99 03 were paid off. There were issued $123,000 00 bonds of series Relaying track with heavy steel rails 9,808 99 Nos. 11, 13 and 14, authorized in former years, making a net New coal trestle— Rochester, N. Y 52 18,905 of $18,000 00 in the bonded debt of the Company. Picnic grounds—Cascade Park, N. Y 6,386 30 decrease Other stations, buildings and fixtures 1,919 77 DIVIDENDS. New fuel station—Clarion Junction, Pa 12,655 17 Dividends of one per cent each on the preferred capital Four new water stations 13, 178 56 New round-house, etc.—Elk Run Junction, Pa 8.524 57 stock were paid on August 15th, 1898, and February 15, 1899. Other shops and round-houses 5,715 24 Since the close of the fiscal year your Board of Directors New shop, machinery and tools 3,950 31 has declared another dividend of one per cent on the pre- MisceUaneous structures 1,540 82 Additional facilities- Buffalo docks and trestle 3,310 66 ferred capital stock, payable August 15th, 1899. Sidings and yard extensions 35,295 19 ROCHESTER & PITTSBURG COAL & IRON COMPANY. Overhead crossing, Buflfalo Terminal Ry., West Seneca, Iron N. Y.—one-half cost—balance 2,887 18 The operation of the Rochester & Pittsburg Coal & Connection with the Alleghenv & Western Ry.—Punxsu- Company for the fiscal year, after deducting $63,333 32 tawney. Pa 32,645 14 bonds that were paid off out of the net earnings, shows a Sundry miscellaneous items 29139 profit of $207,911 21. against $164,584 32 last year, an increase Total $170,319 28 of 26-33 per cent, or $43,326 89. Against this profit the Com- During the year 9 19-100 miles of main track were relaid pany charged $215,966 76, being the entire amount expended with rails weighing 80 and 90 lbs. to the yard, making, ex- during the year for mining machinery, buildings, equipment clusive of branches and trackage rights, a total mileage of and development of the mines, leaving a deficit of $8,055 55, 235 7-100, or 79*68 per cent of the total road mileage oper- whicn was carried to debit of its Profit and Loss Account. ated now equipped with the heavy rail. The value of the FIRE INSURANCE FUND. difference in weight of the new rail over the old was charged For the past six years the Company has assumed the risk to construction account, and the balance debited to operat- of loss by fire on a certain class of its property, annually ing expenses. setting aside for that purpose an amount equivalent to the The new coal trestle at Rochester, N. Y., is nearing com- premiums that would otherwise have been paid to Insur- pletion. It will provide facilities for the rapid handling of ance Companies. coal traffic intended for city delivery, and release a large After satisfying all claims the fund now consists of trackage in the yard now needed for miscellaneous freight. $49,479 90 in interest-bearing securities and cash. The improvements at Clarion Junction, Pa., include a new The thanks of the Board are extended to the officers and fuel station, round house and large storage yard. ernployes for their faithful and efficient services. The cost of the connection with the Allegheny & West- Statements and statistics of the operation of your road ern Railway at Punxsutawney, Pa. , was largely increased by for the year are submitted herewith. the necessity of constructing two bridges and a trestle at By order of the Board, that point. I ARTHUR G. YATES, President. . September 2, 1899. J THE CHRONICLE. 501 CHICAGO GREAT WESTERN RAILWAY The purpose of such expenditures is to increase the traffi*' COMPANY. by reason of enlarged facilities, and to reduce the expense^ of operation, but it is evident tliat such results do not follow SEVENTH ANNUAL REPORT—FOR THE YEAR ENDING the beginning of the work, but its completion. The reduc- tion of a single grade does not increase the load of the train JUNE 30. 1899. until all the other grades, at least upon a division, are cor- respondingly reduced. Indeed, the prosecution of such To the Shareholders: work offers such obstructions to running trains that its The Directors, in presenting the seventh annual report effect is to increase the cost of operation while the work is containing the accounts for the fiscal year ending June 30, in progress. 1899, again congratulate the proprietors upon the improved For these evident reasons, the beneficial effect of the ex- condition of the railway and the better results from opera- penditures did not begin to appear in the operating ex- tion. penses until the year 1896. Since then the percentage of During the year the Company has operated 929 51 miles, expenses to earnings has decreased. In 1895 the percentage which is the same as in the preceding year, and the figures of was 77-47; in this year the percentage is 67-21, a decrease in last year are given for comparison : percentage of 10 26, and it is confidently expected that when This Tear. Preceding Tear. Increase. the improvements now contemplated are completed, the per- $ $ $ centage of expenses to earnings will be reduced to 60 or less. The Gross Receipts all from It is a matter for congratulation that the work was under- sources have beeD 5,867,739 78 5.386,043 79 481,695 99 The Operating Expenses taken, and has been prosecuted during an era of low prices have been 3,943,516 45 3,777,372 70 166,143 75 of labor and material, when one dollar counted for as much as a dollar and fifty cents at the present advanced prices. Balance over Operating Expenses 1,924,223 3i 1,60?,67109 315.552 24 Arrangements have been made to convert the o% Priority Taxes 204,000 00 173.000 00 31,000 00 Loan on the 1st day of next January into 4^ Debenture Stock, and thereafter at or before maturity, as opportunity Net Earnings 1,720,223 33 l,4 35,h71 09 284,552 24 offers, to convert the Lease Warrants, and the Gross Receipts per mile 6 312 72 5,794 50 518 22 Equipment Operating Expenses per various outstanding loans on terms which it is estimated mile 4.242 58 4,063 83 178 75 will result in a saving in interest of $91,218 per annum. Taxes per mile 219 47 186 12 33 35 For the fiscal year two semi-annual dividends of 2% each Net Earnings per mile 1,850 67 1,544 55 30612 Operating Expenses to earn- (making 4^ for the year) have been paid upon the Preferred ings, percentage 67-21 7013 Dec. 2 92 Stock A, leaving a surplus as the accounts are stated of The Gross Receipts have increased 8"94 per cent. $9,154 41. The Operating Expenses have increased 442 per cent. It will be remembered, however, that when the property The Net Earnings have increased 19'82 per cent. was taken over by the present Company, in 1892, the new The Freight Earnings have increased $372,889-45, or 9 09 Company had to face the problem of renewing all the ties per cent and wooden bridges in about four or five years, which, as the The Passenger Earnings have increased §99,172'93,'or 9 22 life of ties and wooden bridges is from eight to ten years, per cent. made an annual expenditure for these items of about double The other earnings have increased $9,633 61, or 4*68 p c. the normal amount. During the months of August, September and October the To meet this emergency, a system was adopted of charging earnings were limited by the motive power and cars, which the actual expenditures to a renewal account in suspense, induced the Company to increase its equipment by the pur- and debiting to operating expenses, and crediting to these chase of 12 locomotives, 700 box cars and 4 passenger coaches, renewals in suspense accounts a percentage of the Gross at a cost of $5 5,592 63. The contracts were made just prior Earnings. By this means a debit suspense account was to the advance in prices, thus saving fully 20 per cent as created, the debit balance being in the 1897 report $190,- compared with present prices. The directors now regret 353 48, and in last year's report $183,228 73. that they did not buy double the amount, as the increased By pursuing the same system, there has been debited to business now in sight would seem to demand. Operating Expenses in the present year, and credited Re- The work of improving the permanent way, which was newals in Suspense Accounts $123,175 46 more than has systematically undertaken several years ago, by reducing been expended, and by crediting in addition the earnings in grades and curvatures, making the bridges permanent, bal- excess of distributions of the two years 1897 and 1898, the lasting and increasing side tracks, both at intermediate debit balance is reduced in this report to $44,671 13, a reduc- and terminal stations, has been prosecuted with vigor and tion of $139,557 60 for the year. It is expected that at the is now in progress. This work is mostly done by contract- end of another year the balance will be on the credit side of ors, and about 1,200 men, 8 steam shovels, 20 locomotives, the balance sheet. and 350 cars are now employed in this work. The district served by the line has a bountiful harvest At the end of th<^ present calendar year, when the work which promises an increased tonnage, and the completion now in progress shall be finished, the physical condition of of improvements promises a lower percentage of Operating the railway and its equipment will compare favorably with Expenses, both of which are conducive to increased net the excellent condition of competitive lines, while in point earnings available for dividends. of easy grades and curvatures it will have no superior west By order of the Board of Directors. of Chicago. A. B. STICKNEY. President. INCOME ACCOUNT FOR THE YEAR ENDING JUNE 30, 1899. Operating Expenses and Taxes $4,147,516 45 Freight Earnings $4,475,406 15 Rental CWcago Terminals $186,620 64 Passenger Earnings 1,175,018 71 Rentals Des Moines Terminals 11,115 83 Mail Earnings 102,45119 Express Earnings 84,000 0» 197,736 47 Rental Earnings 8.55001 Rental Dubuque Bridge $30,000 00 Miscellaneous Earnings 22,313 72 Rental of Leased Lines 135,470 75 $5,867,739 78 165,470 75 Interest on Equipment Lease War- rants $86,970 13 Interest on C. St. P. & K. C. 5 per cent Sterling Priority Loan 141,157 50 Interest on this Company's proportion as joint owner of the Bonds issued by theSt. Paul Union Depot Co 3,770 98 Interest on this Company's proportion as joint owner of the Bonds Issuedby the Minnesota Transfer Railway Co. 6,700 00 Interest on Sterling Loans for capital improvements 147,491 87 Internal Revenue War Taxes 9,873 22 394,963 70 Surplus over all charges prior to De- benture Stock 962,052 41 $5,867,739 78 $5,867,739 78 There have been paid two semi-annual dividends of 2 Surplus over all charges prior to Debenture Stock. $962,052 41 per cent each on the 4 per cent Debenture Stock, amounting to $497,742 00 The Dividends on the $6,500 Debenture Stock, issuable under plan of reorganization in exchange for First Moi-tgage Bonds have been provided for, amount- ingto 26000 There have been paid two semi-annual dividends of 2 per cent each on the 5 per cent Preferred Stock A 454,584 00 The Dividends on the $7,800 Preferred Stock A, issu- able under plan of reorganization In exchange for First Mortgage Bonds have been provided for, amounting to 312 00 Surplus (Credited to Renewal Funds) 9,154 41 $962,052 41 $962,052 41 There has been debited to Operating Expenses, and credited to Renewal Funds in excess of expenditures during the year, $123,175 46, making the total surplus of earnings above all expenditures, including rentals. Interest and dividends for the year, $132,329 87. — 2 502 THE CHRONICLE [TOL, LXIX. GENERAL BALANCE SHEET, REVENUE ACCOUNTS. JUNE 30, 1899. Current Accounts Payable. Temporary loan to capital acooiiuts.. $211,778 18 Interest maturing on bonds Minnesota Sundry suspense accounts, Dr $101,944 13 Transfer Ry $2,833 34 Sundry suspense accounts, Cr 57,273 00 Rental accruing to Northern Pacific 44,671 13 Ry. Co 17,9'«649 CCBRENT Accounts Receivable. Taxes accruing, estimated 98,32092 Payrolls 266.618 09 Due from agents and conductors $145,442 64 Vouchers 622,266 91 Due from individuals. 182,«23 22 Coupons on C . 8. P. & K. C. Ry. First Due from other railway companies ... 80,196 24 Mortgage Bonds, unpresented 75 00 Interest accraed on securities owned.. 9,673 50 Mileage tickets outstanding 3,655 64 Bonds Minnesota Transfer Ry. Co 4,331 11 Insurance collected not expended 7,074 09 Cashonband 99,469 87 Interest maturing on Sterling Loans 57,320 1 Supply of fuel and material on hand... S38,299 5R $1,076,151 30 Cash in suspended banhs 10,005 85 Dividend payable July 15, 1899, on 4 870,241 99 rer cent Debenture Stock $250,254 00 Deposited in London, to pay Dividend pavable Julv 31, 1899, on 5 Interest on Sterling Loans $16,640 00 per cent Preferred Stock "A" 227,292 OO Dividend on 4 per cent Debenture 477,546 00 Stock, payable July 15, 1899 229,262 00 Dividend due Jan. 15, 1893, to July Dividend on 5 per cent Preferred 15, 1899, on 4 per cent Debenture Stock "A." payable July 31, 1899.. 18 ',104 00 Stock, not yet issued, but Issuable -,006 00 under plan of reortcanization, in ex- Depoi-ited in London to pay dividends change for First Mortgage Bonds ... $1 ,820 00 from Jan. 15, 1893, to July 31, 1899. Dividend due Jan. 31 atd July 31, on 4 per cent Debenture Stock and 1899, on 5 per cent Prefeired Stock on 5 per cent Preferred Stock "A," "A," not yet issued, but Issuable yet issuable in exchange for First under plan of reorganization, in ex- Mortgage Bonds 2,132 00 change for First Mortgage Bonds . 312 00 2,132 00 $1,555,829 30 $',555,829 30 W. B. BEND, Auditor. GENERAL BALANCE SHEET, CAPITAL ACCOUNTS. JUNE 30, 1899. ASiiETS. LIABILITIES. Cost of Rolling Stock owned $2,632,576 59 5% Sterling Priority Loan, C. St. P. Glen Iron, Pa ; Big i-tone Gap Furnaces, Big Stone Gap, Va.; Bower Some of the options have already been closed, and the pro- & Mallory, chain plant, Carlisle, Pa.; E. G. Brooke Iron & Steel Co., Birdsboro, Pa.; Cady Creek Iron Mine (1,500.000 tons in sislit). moters claim there is no doubt of the consolidation taking Spring Valley, Wis.; Cambridge Iron & Steel Co.. Cambridge, Ohio; place.—V. 69, p. 286. Carr, J. B. Co., Chain Works. Troy, N. Y.; Chatham Furnace, Chatham, N. Y.; Champion Iron Company, Kenton, Ohio; Cherrv Valley Iron Wheeling (West Ya.) Steel & Iron Co.— Called Bonds- Works, Leetonia, Ohio; Cliicago Chain Works. Chicag>, ill.; Clevtland New Loan —The company has called for redemption on Nov. Steel Co., Cleveland, Ohio; D. S. Va.; Cook Ore Mines, Glen Wilton, 1, 1899, at the Wheeling title & Trust Co. all of the out- Connellsville Coke Lands, 1,000 acres; Crum Lynn Iron & Steel Co., bonds secured by mortgage Nov. 1. 1892, being Cruni Lynn, Pa.; Davis & Farnuui Mfg. Co., Waltham. Mass.; Denni- standing son Rolling Mill, Dennison. Ohio; Denver Rolling Mill. Denver, Col.; the bonds numbered from 196 to 900. Bondholders who Dresden Iron & Sheet Steel Co., Dresden, Ohio; J. A <& P. E. Dutcber, may desire to exchange the bonds for new first mortgage 5 Milwaukee, Ell's &, Wis.; Lessig Steel & Iron Co,; Pottstown, Pa; per cent bonds of the company at par should make early Fannie Furnace. West Middlesex, Pa.; Giliuan Ore Mines (700,000 tons in sight). Spring Valley, Wis. application at the office of the company. F. W. Bowers is the Harriman Rolling Mill, Harriman. Tenn.; P. Hayden Saddlery Hard- company's Secretary, office at Wheeling. ware Co. and Rolling Mill &, Chain Works. Columbus, O.; Hollidays- it burg Iron Nail Co., HoUidaysburg, Pa ; Hussey, Bitins & Co., Pitts- burg, Pa.: Jefferson Steel & Mfg. Co., Birmingham. Ala.; Jeffrey Manu- —The attention of trustees, private investors and corpora- facturing Co., Columbus, Ohio; C. P Huntinirton, Kanawha Coal & tions subject to the payment of taxes is called to the offering Coke Lands; Kankakee Superior Horse Nail Works, Kankakee, 111.; St. Paul preferred stock by Jacob Kanf as City Bolt & Nut Works, Kansas City, Mo.; Kinsley Iron & of Chicago Milwaukee & Machine Co., Canton, Mass.; Knoxville Iron Company, Knnxville, Rubino, 3 Broad Street. This seven per cent stock will Tenn.; Lebanon VVorbs. Lebanon, Pa.; Chain Lebanon Manufacturing yield at the price offered four per cent net ; the security is Co., Lebanon, Pa; Marshallton Iron & Steel 'Co., Marshallton, Del.; undoubted, and the income is not subject to taxation, as in Mlesaba Ore Mine; McCoy & Linn blast furnace, rolling mills, chain works, Milt sburg. Pa.; National Steel Casting Co., Montpelier, Ind.; the case of bonds...... SEPTfcMBER 2, 1899.] THE CHRONICLK 603 COTTON. J^BiDAi^ Night, September 1 1899. EPITOME. The Movement op the Crop, as indicated by our telegrams COMMERCIAL from the South to-night, is given below. For the week ending Friday Night, September 1, 1899. tils evening the total receipts have reached 64,831 bales, General prosperity has continued to be experienced in the against 28,795 bales last week and 15,006 bales the previous commercial markets. The movement of merchandise into week, making the total receipts since the 1st of Sept., 1859, 9,821 bales, against 11,396 bales for the same period of t e channels of consumption, as a rule, has compared favor, 1898, showing a decrease since Sept.l, 1899, of 1,575 bales. ably with previous seasons at this period of the year. Fur- thermore the fact that the general tendency of values has Receipts at— Sat. Mon. Tuet. Wed. Thurt. Fri. Total. remained in favor of sellers emphasizes the favorable nature Ualveeton 3,968 5,613 4,436 6.520 4,191 3,009 27,737 of the business situation. Crop prospects have been gener- Tex. Olty, &o. ally favorable, the fall of needed rains in the Southwest being New Orleans... 851 3,033 2,262 1,780 3,344 139 11.409 especially beneficial for the cotton crop. The Transvaal Mobile 70 263 554 174 69 203 1,338 situation has continued to receive close attention in business Pensacola, &c. 682 2,422 3,104 centers, both in Europe and this country, and the outcome is Savannah 813 anxiously awaited. 2,824 1,891 1,515 2,644 2,546 12,233 Bransw'k,<&o. 500 500 Lard on the spot has continued to meet with only a very Charleston 340 888 177 601 789 927 3,722 moderate sale, as both exporters and refiners have been slow in making purchases. There has been, however, no pressure Pt. Royal,&o. of supplies on the market, and values have held fairly steaciy, WUmlngton.... 160 137 472 86 694 143 1,692 closing at 5 55c. for prime Western and 5 250. for prime City. Wa8h'ton,&o. Refined lard has been in moderate demand and steady, clos- Norfolk 91 181 318 92 978 78 1,733 ing at 5*75c. for refined for the Continent. Speculation in N'p't News, Ac. lard for future delivery has continued quiet. The tone has New York 5 31 36 been easier, in sympathy with a decline in the grain markets Boston...... 47 11 1 314 243 126 742 and lower prices for swine. Changes in prices, however, Baltimore have been unimportant. PhUadel'a, &o.. 7 350 223 580 DAILY CLOSING PRICES OF LARD FDTURES. Tot. this week 6,352 12,981 10,111 11,082 14,484 9,821 64.831 Sat. Mon. Tues. Wed. Thura. Fri Auguat 5*55 5-60 The following shows the week's total receipts,the total since September 5-60 560 555 5-55 S 3pt>l, 1899, and the stock to-night, compared with last year. Pork has been quiet, but values have held steady, closing at $8 87i^@9 75 for mess, $11 50@11 75 for family and $10 1899. 1898. Stock. 25@ Seeeipti to 12 00 for short clear. Cut meats have sold slowly, and prices Thit Since Sep. Thit Since Sep. Sept. 1. 1899. 1898. have been weaker, closing quiet, at 53^@6c. for pickled week. 1, 1899. week. 1, 1898. shoulders, 9%@lQ}4c. for pickled hams and ^%@^%c. for aalveston... 27,737 3.009 19,196 7,164 21,603 27,521 pickled bellies, 14@10 lbs. average. Beef has been well Tex. C&o...... held, but business has been quiet, closing at |9 00@9 50 for New Orleans 11.409 139 126,405 57,634 mess, $10 00@10 50 for packet, $10 50@11 00 for family and 5,237 736 Mobile 1,S38 208 8,290 5.620 $14 00@14 50 for extra India mess in tierces. Tallow has 355 90 P'sacola, 2.422 • been quiet but the tone has held firm, closing at ^^^c. &o. 3,104 ...• -•a. Oleo-stearine has had a limited sale at steady values, closing Savannah... 12,233 2,546 3.843 2,011 17,338 10,958 at 6^c. Lard stearine has been unchanged and steady, at Br'wlok,&o. 500 715 %%G. for prime City. Cotton seed oil has been quiet and Charleston.. 3.722 927 952 225 9,315 3,850 easier, closing at 253^0. for prime yellow on the spot. But- P.Royal, been qniet, closing at 163^@21c. for creamery. Cheese has Wash'n, Ac. • >• . been sparingly offered, and with a moderate demand prices Norfolk 1,738 78 1,132 616 15,143 4,077 have advanced, closing at 9@llJ^c. for State factory, fall N'portN.,&c •.••... cream. Fresh eggs have been in fair demand and higher for New York... 36 100 150,821 52,395 desirable grades, closing at 17c. for choice "Western. Boston 742 126 1,178 441 4,030 4,030 Brazil grades of coffee have had a better distributing sale, Baltimore . 3.000 1,500 and at steady prices. The market for invoices, however, Philadel.Ao. 580 223 67 33 4,581 2,588 has b en quiet, as both jobbers and roasters have been slow Totals 64,831 9,821 82,250 11,396 374,675 176.126 to make purchases; prices have been unchanged at 5%c. for Rio No. 7 on the spot. West India growths have been in In order that comparison may be made with other years, limited demand for the better grades, and steady, closing at we give below the totals at leading ports for six seasons. 1%@%]4q. for good Cucuta. Speculation in the market for ^eceiptt at— 1899. 1895. 1894. contract has been moderately active at steady prices. There 1898. 1897. 1896. fair has been buying of the near-by deliveries, attracted by Oalve8'n,Ac. 27,737 19,196 22,144 42,357 3,575 13,994 the low prices ruling. New Orleans 11,409 5.237 20,167 27.537 6,515 7,983 Following are the final asking prices: Mobile 1,338 355 469 3.428 329 828 Sept 4-40C. Dec 4-700. March 4-90c. Savannah . . 12,233 3,843 4,80) 20.648 3,431 10,''96 Oct 4-450. .Tan 4-75C. May 5-OOc. Ohas'ton, Ac. 3,722 952 10.200 677 3,309 Nov 4 45c. Feb 4-800. July 5-lOc. 1,566 Wllm'ton, Ac 1,692 190 414 6.179 35 552 Raw sugars have been in moderate demand; offerings have Norfolk 1,738 1,132 128 5.684 16 689 been light and prices have held firm at4i^c. for centrifugals, N. News, Ac. 79 193 71 15 96 deg. test, and 3 15-16c. for muscOvado, 89-cleg. test. Re- All others... 4.962 495 664 444 630 fioed sugars have been in fairly active demand in the way of 1,345 withdrawals on contracts; prices have been steady at 5)^@ Tot. this wk. 64,831 32,250 50,271 116,890 15,093 33,3 6 5 5-16c. for granulated. Pepper has been in fairly active de- mand and higher, prices advancing on prospective short sup- Binoe Sept. 1 9,821 11,396 20,510 62 207 13,802 38,396 plies. Other staple groceries moderately active and steady. The exports for the week ending this evening reach a to- a I Kentucky tobacco has been in fairly active demand and of 37,811 bales, of which 15,707 were to Great Britain, 2,090 firmer. Seed leaf tobacco has been in good demand at ad- to France and 20,044 to the rest of the Continent. Below vancing prices. Sales for the week 4,825 cases, including are the exports for the week and since Sept. 1, 1899 250 cases 1897 crop, Pennsylvania seed leaf, 113^@12J^c.; 150 cases 1898 crop, Dutch, 13@15c., and 1,050 cases 1898 crop, *Vtik BnAint Sept. 1. 1899. From Sevt. 1, 1899, to Sept . 1. 1890. Zimmers, 113^@l5i^c Mxvortt Exported u>— Fheportsd to— , &c., &c.; also 600 bales Havana at from— Qreat Conti- lotal Great Conti- 80@92J^c.in bond and 22 5bales Sumatra at 80c.@$l 60 in bond. France Ftance lotai. BriVn. nent. Wuk. Britain. nent. The market for Straits tin has been somewhat unsettled. The tone was firmer early in the week; then came a decline, (ialreston 9,877 9.877 1.413 1.113 reflecting weaker foreign advices. Subsequently, however, Tex. City. 4o.. foreign markets turned stronger and local values improved. New Orleana. 5.847 3,040 3,351 10.641 1.796 1,796 Mobile • - • • Bapiness has been moderately active. Tae close was firm at Pensaoola 082 2.422 i?,122 2,123 31 70@32c. Ingot copper has been in fair 3.10J demand and firm Savannah at 'S% Baltimore > been advanced to $i,35. Spirits turpentine has had only a 236 • >> 1.507 1,713 Philadelphia. 1 limited sale and prices have weakened, closing at 473.^@48c. Rosins San7Tan.,4c.. have been qniet but steady at $1 273^@ 1 30 for com- mon and good strained. Wool has been in better demand Total 15,707 2.090 20.014 37.811 1.796 8.835 8,631 and firm. Hops have been quiet but about steady. Total. 1898.... 25.693 650 5.172 31,815 9.913 3.010 12.9-23 — 6 e B . w ,50* THE CHKOJVJCLE [Vol. LXIX. In addition to above exports, our telegrams to-night also FuTUKES.—rhe highest, lowest and closing prices of give us the following amounts of cotton on shipboard, not Futures at New York are shown in the following table. cleared, at the ports named. We add similar figures for New York, which are prepared for our special use by Messrs. w Limbert & Barrows. Produce Exchange Building. o g 5 o g H o g 7< S"* 2 o g © g g o g a o g g o I ^ o g g og 3 S-E ON SHIPBOABD, NOT D I © I ^ g 1 g I I @ 1 ® Total 1898. . 8.748 475 9.017 3,050 21,290 154,836 0505 05 05 05 A 05 05 05 0505 0505 0505 05O5 WW W Total 1897... 5,135 3,130 2.502 1,S98 12,665 74,332 WW WtO Oto MM 1.^6 CO (i-^ I I I 8) I ® I @ I I and east of the Misns-ippi River have been more favorable, ® ® ® g ^ 05 05 05 A 05 05 C505 05 O505 0505 05O5 wo: WW WW as good rains havd been reported over this section of the I WW tow tc to to to M ' MM oo «o -JO couatry. Daring the latter part of the week the drought in tow 4. C>» -^ w -J it'OO CO to X 05 onto octs OCQD Texas was repartei brokea in great part by the fall of 05 01 OiCft 0505 0505 O5 05 05 05 0:W WW WW W 'J< WW needed rains. As a consequence of the prolonged dry spell to to t; to 66 66 to to 600 -j-j 6iji lb w 05W WtO 05W MtO HM coo experienced in the Southwest, picking made considerable oo MO I I © © I © I © I © © I © progress, with the result that the past week the supply 05 05 C5 05 «o 9 05 0505 O5 05 0505 W05 WW WW w I of cotton coming into sight has shown a considerable in- to to to to M I— •^tO CM O© too CO to c-.'-o m05 00 <1 Oi(>. crease. With the increased movement of the crop tha i^O 'W to to oto to 00 Southern markets have shown a weaker tone, and there have 05O C505 05 05 WW WW WW WW WW been freer offerings from the South to the local and foreign e-6 60 000 05 05 Wib MO «3 tOM ©M MCO 05 10. lO^n tow I markets. As a result of the increased offerings from the I @ © © © © . © © © South, although at prices too high to admit of extensive 05905 Q 05C5CRC5 O: 05 05 C5 ao5 W05 WW WW WW w I business, the foreign markets have been weaker, and there I MM r--^ Mt-. ©M c© 60 66 or fr. OOOO 05 05 M to 05 00© MM OOW -JM u;05 lb has been considerable speculative selling in the local 05 05 05 05 c- WC" market for foreign account. The reported rains in Texas C505 ad OC5 WW Mm MO ©6 etc toco 6cc oooo Si II also prompted considerable selliog by longs to liquidate tSQD 00 lb IbW Mlb oto ibo 0D05 w < 00 to to . ' their accounts. To-day there was a slightly better tone to © I 4 I © © I © © I © I © © the market. Weatber conditioas in the cotton belt were Oj 05 05 05 C5 C-. o C5C35 0535 W05 WW WW w to to MtO o© 00 coo 6 6 00 -i o I I generally favorable, but as the pressure to sell had sub lb© COM 05 to lb CO lb wo tCM WW sided, and there was moderate buying by shorts to cover 05 Cp 05 05 w . w I I contracts, prices advanced, and the close was steady at a M ' M ' M o 'to ' QD oc o ' C5 * lb to lb w W net gain in values for the day of 6@8 points. Cotton on the © O 1 © I © I © 1 © I © © ! © © spot has been quiet; prices declined l-16c. on Thursday, but "" d d d 05 , < 05 ^ 1 1 to-day the market was 116c. higher, closing steady at 634c. w cb w w to to M I J. I © 1 00 for middling uplands. lb o 05 lb to lb '<- 05 The rates on and off middling, as established Nov. 16, 189S, The V isiBLE bUPPLY OF lyOTTON to-nigut, as made up by by the Revision Committee, at which grades other than cable and telegraph, is as follows. Continental stocks, as well middling may be delivered on contract, are as follows. as those for CJreat Britain and the afloat, are this week's re- Fair...... o. l^on Good Ordinary cliigofl turns, and consequently all European figures are brought down MlddUng Fair 'son Good Middling Tinged Even to Thursday evening. But to make the total the complete Strict Good Middling »« on Strict Middling Stained. '32 ofi figures for to-night (Sept. 1), we add the item of exports from Good Middling 38on Middling Stained 'jg ofl United States, in it the exports of Friday only. Btrlot Low Middling \s off Strict Low Mid. Stained... 1 ofl the including T,ow Middling.... "Jigoff Low Middling Stained l^soP 1899. 1898. 1897. 1896. Strict Good Ordlnarv %oflf Stock at Liverpool bales. 890,000 790,000 487,000 492,000 On this basis the official prices for a few of the grades for Stock at London ^9,000 5,000 3,000 3,000 the past week—Aug. 26 to Sept, 1 —would be as follows. Total Great Britain stock 899,000 795,000 490,000 48. ,000 Stock at Hamburg 32,000 2u,000 1^,000 32,000 Stock at Bremen 184,000 152,000 74.000 88,000 UPLANDS. Sat. mon Tae8 \ired TIi. Frl. Stock at Amsterdam 3,000 1,000 1,000 6,000 Stock at Rotterdam 'iOO 300 i;oo iOO Good Ordinary. 53)8 53,8 53] 5^8 53, rt 53i6 Stock at Antwerp 9,000 2,000 13,000 Middling.. 4,000 Low 5i3je 513,6 513,6 5i3ie 5% 5i3ie Stock at Havre 161,000 140,000 82,000 140,000 Middling en Stock at Marseilles 6,000 4,000 5,000 6,000 Middling.. 688 6B8 Good 658 658 69i6 658 Stock at Barcelona 94,000 57,000 53,000 57,000 Middling Fair... 7i« 7I8 7I8 7I16 7% Stock at Genoa 25,000 27,000 32,000 20,000 GULF. Sat. mon Tnes HHTed Tb. Frl. Stock at Trieste 25,000 19,000 14,000 36,000 Total Continental stocks . 534,200 4iv*,S00 282,200 ^98,200 Good Ordinary. 57,6 S'^16 538 Tetal European stocks 1,433,200 1,?24,300 772,200 883,200 Low Middling.. 6iifi 6118 6I18 6 India cotton afloat for Europe 23,000 37,000 20,000 26,000 Middling 6ifl 67,« Amer. cotton afloat for E'rope. 54,000 72,000 36,000 51,000 Good Middling., 6"'8 6''8 613,( 678 Egypt, Brazil, Low Middling...... 4^8 4^8 4^8 413,8 4^8 Total visible supply 2,149,864 1,631,911 "982,761 1,367,385 Middling 5is,« 513,8 5% 513j6 Of the above, totals of American and other descriptions are as follows: Strict MlddUng 6I32 6132 531si 6132 American— Good Middling Tinged. 6I4 6I4 614 63, en Liverpool stock bales. 816,000 710,000 376,000 357,000 The quotations for middling upland at New York on (Continental stocks 465,000 367,000 217,000 2»0,000 American afloat for Europe. . . 54,000 72,000 36,000 51,000 Sept, 1 for each of the past 32 years have been as follows. United States stock 374,«7t 176,126 86,997 259,344 1899. ...0. 6I4 1891. ...o. 87,6 1883. ...0.1018 1875.. -.0.1468 United States interior stocks. 242,7a5 101,730 49,^90 125,827 1898 513,6 1890 11 1882 .1278 1874 1678 United States exports to-day.. 10,204 7,75.=> 3,674 13,014 1897 713,6 1889 Ilia 1881 I214 1873 20i« Total American 1,962,664 l,434,oil 76t»,5dl 1,0S6,185 1896 83,8 1888 1078 1880 1113,6 1872 22 East Indian, Brazil, Tlnnevelly Good, Liverpool. . 35,6d. 3»32d. 4^d. 47,6d. Saturday .. Quiet. Steady 494 2.S 519 Monday.. Quiet Firm 115 115 I^* The imports into Continental ports the past week have Tuesday ... Quiet B'rl.v steady. 75 75 been 12,000 bales. Wednesday i^ulet Steady .^00 50 300 850 The above figures indicate an increase in the cotton in Thursday.. Quiet at 1,6 dec Quiet 885 267 100 1,262 to-night of 517,953 bales with the same Friday Quiet at 1,8 ady.jSteady 885 14,900 15,785 sight as compared date of 1898, a gain of 1,167,103 bales over the corresponding Total. 1.879 1.417 15.3ro 18,596 date of 1897 and an excess of 782,179 bales over 1896. . o M .... 505 September 2, 1899.] THE CHRONICLE. at Markets.— At the Interior Towns the movement—that is the receipts Quotations for Middling Cotton Other Below are closing quotations of middling cotton at Southern for the week and since September 1, the shipmente for the and other principal cotton markets for each day of the week, week and the stocks to-night, and the same items for the 1898—is set out in detail below. OLO8INO QUOTATIONS FOB MIDDLING OOTTON cs— corresponding period of Week endina SOW Sept. 1. Satur. Mon. Tues. Wedne$. Thurs. Fri. SB Galveston. . 6ifl 6^ 6^ 616 6% 61a a B * B S>(R fS O New Orleans S'Bie 515i6 51.5,6 510,6 515,6 5i3ia B p'g&oCNS2.o''§S * n 5B8 B B , O Mobile 538 588 638 5^ 538 B B- 5S8 9 H Savannah... 51316 513i8 51^16 5% 558 5I3 M O Charleston. 51116 511,6 558 558 ^59 5'8 5^8 578 6^8 Wilmington. §l8 §'8 Norfolk 613 6^ 6^ 6l6 6 6 09 6I4 6I4 m o w »• Boston 614 6H 6H 6% 6ifl 61^ 6I9 Baltimore . 6ifl 6>3 6ifl 5s Philadelphia 6i« 6ifl 6'*,. 61a 67,, 61s 00 w . > ! I,, 51518 513, ^®78 S'^s • Augusta 51618 5''8®15l6 ng< * . * • OD • • ^J^8 Memphis.... 516,8 51516 51518 5l5je S-'s : : «g: l'8 St. Louis 6 6 6 6 6 515,8 Houston 6i« 6i« 6^ fie 6iie fbs k-" M(-«QO' Ml-' C(5tO 5''8 5^8 Cincinnati . 5% 5% 5^8 S-'e MOi' ojoi".-! - M loM to thirty five hundredths of an inch. Columbia, Txas.—There have been heavy showers on CTMOto'to ^(J* M >-" M" toitk'co «o l-iweo to 506 THE CHKOJNICLR [Vol. LXIX days, the precipitation reaching three inches and twenty- prices, viz.: 55^@5Xc for 1% lbs. and 63^@63^c. for 2 lbs., eight hundredths. The thermometer has averaged 78, rang- standard grades. Jute butts are firmly held at I'OSc. for ing from 67 to 94. Month's rainfall seven inches and eighty- paper quality and l.^^c, for mixing to arrive. nine hundredths. Shipping News.—As snown on a previous page, the Selma, Alatama.—There is some improvement in bottom exports of cotton from the United States the past week have lands but none on uplands. We have had rain on four days reached 37,841 bales. The shipments in detail, as made up of the week, the rainfall reaching seventy-five hundredths of from mail and telegraphic returns, are as follows: an inch. The thermometer has ranged from 65 to 98, aver- Total baitt . aging 83. New York—To Liverpool, per steamers Aurania, 1,778 Savannah, Georgia, — It has rained on six days of the week, Bovio, 1,049. ...Cuttc, 215 3,042 the rainfall reaching six inches and twenty-nine hundredths. To Havre, per steamer La Normandie, f)0 50 To Bremen, per steamers Prinz Regent Luitpold, The thermometer has averaged 79, the highest being 98 and 768 Saale, 63 831 the lowest 67. To Hamburg, per steamers Graf Waldersee, 221 Knight Augusta, Georgia.—We have had rain on four days during Bachelor, 506 726 the week, the precipitation reaching one inch and sixty- To (^euoa, per steamer Spartan Prince, 375 375 To JNaple.s, per steamer spartan Prince, COO 600 eight hundredths. The thermometer has averaged 78, rang- To Tiieste, per steamer Pocahontas, 1. 1 ing from 68 to 95. To Venice, per steamer Pocohontas, 306 306 Charleston, South Carolina, —We have had rain on six New Orleans—To Liverpo 1— Aug. 3 —Steamer Wm. Cliffe, 451 Sept. 1- Steamer Wanderer, 4,700 5,151 days the past week, to the extent of seven inches and nine To Belfast— Aug. 31— steamer Bengore Head, 96 96 hundredths. The thermometer has ranged from 71 to 95, To Havre—Aug. 2fc—Steamer Colombia, i.Olo 2,040 averaging 79. To Rremen-Aug. 2o— Steamer Hermann, 3,^54 3,254 Stateburg, South Carolina. have had very beneficial To Rotterdam -Aug. 26—Steamer Anthony Radclift'e, 100. 100 —We Galveston— To Hremen—Aug. 28— Steamer Elizabeth Rick- rain on five days of the week, the rainfall reaching two mers. 5,014 5,014 inches and fifty-two hundredths. Average thermometer To Hamburg -Aug. 29- Steamer Aldgate, 1,3(;0.... 1,300 77-2, highest 95, lowest 66. To Rotterdam -Aug. 25—Steamer Volage, 50 .. Aug. 26— Steamer Shandon, 2,1 Oi> Aug. 31 Steamer Eric, - 1,413 3,563 Gr Cotton Crop Circular.—Our Annual Cotton Crop Review Uverpool, Sept.d i« i« i« Is 30* 30* 30* will be ready in circular form about Thursday, September 7. davre c. SO- 30* SO- Sremen, c. 25 25 SO SO 30 SO Parties desiring the circular in quantities, with their business Aug Sambor^ . Sept..e. 25 25 25 25 25 25 card printed thereon, should send in their orders as soon as Amsterdam c. 30 30 30 30 30 30 possible, to ensure early delivery. ECotterdam c 27ifl i7ia 2713 27»« 271s -7ifl fteval, V. Hamb..c. 35 40 40 40 40 40 Government Weekly Cotton Report.—Mr. James Berry, Do V. Hull.-.e. 35 40 40 40 40 40 Chief of tbe Climate and Crop Division of the U S, Weather Do V. Copen..c. 35 35 35 35 3» 35 Bureau, made public on Tuesday the following telegraphic 9enoa. c. 35^40 35®10 35340 35^40 35® 40 3T'a40 reports on the crops in the Southern States for the week — rrleste, direct. . c. 32 32 32 32 32 32 ending Aug. 28: Antwerp. d. l8 ^ i« i« ^ Is Carolina.—Week favorable in east, but crops still North sufferlDg Ghent,v.Antw'p.d. from drought in central northwest section; cotton shedding diminish- 532 "32 532 5s2 H^ ^32 ing; opening rapidly; picking becoming general. Quotations are cents per 100 lbs. unlesB otherwise stated. SOUTH Carolina.—General rain Sunday and Monday broke drought, * And 5 per cent. and win beneUt late crop.s, but came too late for cotton; cotton open- Liverpool. cable from Liverpool we have the follo\^ ing prematurely; pickJug making rapid progress; rust increasing; —By crop very poor. Ingstatement of the week's sales, stocks, &o., at that port. Georgia.— Drought continues in northern counties, where crops are Buifering; over southern half of State showers have been beneficial; Aug. 11. Aug. 18 Augib Sept. 1 cotton opening rapidly; shedding and rusting less; picking progress ing well. Sales of the week bales. 40,000 43,000 34,00c 38,000 Florida.—Warmer than average; rainfall deficient over large por- Of which exporters took... 2,00c 2,000 2,000 3,000 tion of State; conditions lavorable for harvesting cotton. Of which speculators took. 1,000 ALABAMA.—Temperature favorable; rains light and scattered, except Sales American 37,006 39,00c 3i,00(J 33,000 heavy in few localities; cotton still rusting and shedding, with some Actual export 13,000 8,000 9,000 8,000 damage by boll worms; opening rapidly; picking general. Forwarded 44,000 49,000 38,000 54,000 Mississippi.—Precipitation variable and generally deficient; cotton Total stock—Estimated. 1,016,000 970,000 945,000 890.000 reports less favorable; increased shedding and rust; opening over en- Of which American -Est'd. 935,000 b 92.000 869,000 816,000 tire State; picking in progress in nearly every section. Total import of the week 26,000 10,000 21,000 7,000 Texas.-Hot. dry week; hot winds in north portion; drought fetting Of which American 15,000 7,000 16,000 3,000 severe generally; cotton opening rapidly and some prematurely; Amount afloat 17,000 23,000 15,000 24,000 plant shedding all blooms and young bolls, and iu places drying; pros- Of which American 12,000 18,000 10,000 20,000 pective yield being reduced rapidly, and will probably be consider- ably below average. The tone of the Liverpool market for spots and futures LocisiANA.—Warm week; dry in northern portion; showers in south- ern portion; cotton practically unchanged; opening rapidly; picking eaoh day of the week ending Sept. 1 and the daily closing progressing; some ginning done; crop generally short. prices of spot cotton, have been as follows Arkansas. - Hot, dry weather continues; local rains Friday and Sunday; all crops seriously injured by drought; cotton shedding and opening prematurely. Spot. Sat'day. Monday. Tuesday. Wed'day. Thurtd'y Friday. TENNtsSEF.— Hot, dry weather prevailed, with damaging ett'eot; good rains Saturday over large portion of middle section, but elsewhere, Market, ) Moderate Dull. Moderate In buyers' Moderate Easier. nariicularly in eastern and western sections, crops still suftering; 1:45 P. M.J demand. favor. demand. demand. cotton prospects only fair; picking becoming general. OklaU(jma.—Heavy rains in parts ot cential counties Friday; un Mid. Upl'ds. 39l8 39l6 3»16 317i2 31532 3I632 abated drought elsewhere; cotton plching general, the crop being light and of poor quality; sheddiog continues, and bolls piematurely Sales 3,000 6,000 6,000 7,000 8,000 7,000 opening. Spec. A exp. 500 500 600 500 500 500 These reports on cotton are summarized by the Depart- Futures. ment as follows: Market, Br ly st'dy steady at Br'ly st'dy Quiet at Weak at Steady at ( partially partially partially 1-04 de- 1-61 de- partially While reports of rust and shedding in cotton are somewhat less 1:45 P. M. 1-64 adv 1-64 adv. 1-61 adv. ollne. cline. 1-64 dec. numerous in the eastern portion of the cotton belt, in the central and reports of rust and shedding western districts the continue undimin- Market, Barely Barely Very ished, premature opening being quite generally reported in the last- ( steady. Qutet. Quiet. 4 p. M. ( •teady. steady. qmet. named districts, wheie there i8 a quite general deterioration in the condition of the crop. The prices of futures at Liverpool for eaoh day are givenl Jute Butts, Bagging, Etc. —The demand for jute bagging below. Prices are on the basis of Uplands, Low Middling continued active during the past week at firm but unchanged clause, unless otherwise stated. . . : : 1 September 2, 1899.] THE CHRONICLE 507 Sat. sn.on. Tues. DTed. Tliurs. Frl. Rye has been quiet and easier. Barley has been in fairly Aug. 26 to active export demand for feeding and values have held to a 4 1:45 4 Sept. 1. 12% 1 1:45 4 1:45 4 1:46 1:45 4 steady basis. P.M. P.M. P M. P M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. Following are the closing quotations : d. d. d d. d. d. d. d. d. d. d. d. FLOUR. 3 3 31 3 30 3 30 3 30 3 30 3 28 3 24 3 25 August 3 33 33 (2)2 Fine. $2 15 25 1 Patent, winter.... $3 60 @3 85 Aug. -Sept... 3 31 3 31 3 30 3 29 3 29 3 29 3 29 3 28 3 24 3 24 3 25 3"26 Superfine v! 35 ®2 40 City luills, patent.. 3 90 10 3 29 3 28 3 27 3 27 3 27 3 27 3 25 3 22 3 22 3 23 3 24 ©4 8ept.-Oct. 3 29 Extra, No 2 2 15 'a2 50 Ryeflour.superline 3 00 @3 40 -^8^ Barley—Western 44 ®55 1 ened. Jobbers and bakers generally have been indifferent I Feeding 39 ®43ifl buyers, coming into the market only when forced to by pressing needs, and then their purchases have been confined Government Weekly Grain Report. Mr. James Berry, to only such supplies as have been wanted to meet current re- Chief of the Climate and Crop Division of the United States quirements. At the close, however, a moderate business was Weather Bureau, made public on Tuesday the telegraphic transacted with the "West India trade, attracted by the lower prices ruling. Rye flour has had only a small sale but reports on the grain crops in the various States for the week values have held to a steady basis. Corn meal has been quiet ending August 28, as follows but steady. Weather.—While the drought conditions reported at the close of Speculation in wheat for future delivery has been mod- the previous week have been relieved locally in the South Atlantic States, drought continues with increased seventy in Texas, erately active, but it has been at gradually sagging prices. Oklahoma, Southern Missouri and Michigan, and rain is much needed in the Ohio There has been fairly free selling by September longs to Valley, the lower lake region, New Eui^laud and (generally throughout liquidate their accounts, with no aggressive buying to ab- the Southern and Central Rochy Mountain districts. Very favorable sorb the increased oflferings. Advices from the Northwest weather conditions prevailed in Iowa, Northern Mifsouri, Nebraska and Kansas, but, as in the previous week, reports of the eft'eots of ex- have been of a more favorable character. Weather condi- cessive moisture are received fr> m the Dakotas and Minnesota. Ab- tions have been more satisfactory, and the movement of the normally cool weather continued on the Paciflc Coast, with rains crop in the Northwest is increasing, supplies of new wheat unusual for the season in Washington and Northern Oregon. In coming into sight with increased freedom. Cable advices California the persistent prevalence of low temneratures has proved injurious to the raisin grapes. have reported weaker markets, reflecting the easier advices Corn. -The general condition of corn in the States of the Central from this side, and generally favorable crop prospects abroad Mississippi and Ohio Valleys is less satisfactory than at the close of also have had their influences against values; in fact, the the previous week, owing to continued absence of rnoi-sture, which has conauced to too rapid maturity. The weaiher conditions In Iowa, selling sentiment of the trade as a rule has been bearish and Northern Missouri, Kansas, Nebraska, the Dakotas, Minnesota and in has been fairly general. Business in the spot market has the Middle Atlantic States have been more favorable, and generally been only moderately active, as exporters have been limited the crop has made good progress in these States, although late corn is weakened with futures. To-day the somewhat less promising in portions of Nebraska and Kansas. All re- buyers and prices have ports indicate that the crop has made rapid advanot-ment toward market was steadier early in the day, in sympathy with the maturity. Some cutting has been done as far north as Minnesota. Western market, where there was some buying by the ele- SPRING Wheat.—Reports of injury to grain in shock and stack con- tinue vator interest. Subsequently, however, the market turned from the Dakotas and Minnesota, principally, however, as a result of rains of previous weeks The delayed harvesting of spring easier, under moderate offerings, and prices gradually wheat will be completed by the end of August. Grain iu shock has sagged. The spot market was quiet and easier. Sales for also been injured by ralus in Washington and Oregon, but in the last- export here and at outports were 200,000 bushels. named State the rains were of material benefit to late spring grain and other crops. DAILY CLOSING PRICES OF NO, 2 RED WINTER IN NEW YORK. Tobacco.—Favorable progrei^s has been made in cutting and housiner Fri. Sat. Mon. lues. Wed. Thurs. tobacco, which work is generally well advanced. The late crop needs 74i58 Cash wlieat f. o b '6^ 75 1« 74^8 7Ma 74\ rain in Pennsylvania and Kentucky. 75i8 Sept. deliverj in elev 74ie 74 14 •JSia 73 14 Apples. -The previously-rep rted unfavorable outlook for apples i^ Deo. delivery ill elev 78 7738 7718 76 7c 14 continues, although some varieties, principally the early, are abun- May delivery in elev 81 8038 8018 80>fi 80 79 1« dant in portions of Neb'ai-ka, KansHS, Illinois, Indi na and in the DAILY CLOSING PRICES OF NO. 2 SPRING IN CHICAGO. Middle Atlantic States and Southern New England. The reports gen- Sat Mon. Tues. Wed. Thurs. Fri. erally i dicate that the fruit is iiropping extensively. Sept. delivery in elev 7012 70 70 7' 38 6958 f938 Plowing. -Much plowing for fall seeding has been done In Iowa, Dec. delivery in elev 72 la 72 72 72»« 71^ 71i« Northern Missouri, Nebraska and Kansas, but the condition of Ihe soil May delivery In elev. .. 7538 75 75 7553 74''8 7483 haH been unfavorable for this work in the States of the Ohio VfaUey and New England and the West Gulf districts. Indian corn futures have continued quiet and the ten- dency of prices has been towards a lower basis. The prin- The movement of breadstuffs to market as indicated in the cipal feature of the trading has been September longs selling statements below is prepared by us from the figures col- to liquidate their accounts, as there have been no develop- lected by the New York Produce Exchange. The receipts at ments of a character to give them confidence iu the situation. Western lake and river ports for the week ending Aug. 26, and Crop prospects have continued generally favorable, a large since Aug. 1. for each of the last three years, ba^* t)per; yield being practically assured. Receipts at primary points have continued fairly heavy and advices from the Western S«c«ii>t( ac- riour. Wheat. Com. Oat$. Barley. Vt. fairly markets have reported free country acceptances. BbU.Waibf Buih.SOlb$ Bu»h.66lb» Bu$h.S2lht Buih 48" Ru.bt^i: Business in the spot market has continued fairly active, ahiOAKO 112,207 463,4 24 2,117.000 4.313,.S91 216,66 4«6I2 exporters being the buyers, but prices have weakened with Hllwankee 70,875 105 000 147,050 163,200 135.150 81500 futures. To-day the market was steady on drought reports. Dnluth 177,3t6 335,338 18,318 ...... 43,106 31,696 The spot market was steady. Sales for export here and at MinneapoHa. 8.a24 886680 66,020 12.3.970 ... outports were 220,000 bushels. Toledo 16, 2i are.sn 184,478 £61.0' PO 26.001 7,700 DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW ITORK. Detroit 6,400 11 ,506 43,6>e 63,161 13,198 Sat. Mon. Tues. Wed. Thurs. Fri. Oleyeland . 189,2^0 51,174 231, ^8« 38''8 ^8 1 85 Cash corn, t. o. b : 91^ :9H 38 'a 38% 38 8t. LouU ... 34.285 464,682 678.745 2H1.67S 4,600 Sept. delivery in elev. .. 38 37 \ 37 37 37 3714 Peoria 18.E0O 7,800 237,000 399.«Ot 10 500 6 in 35»« a5i4 351^ 3512 Deo. delivery elev 35^ 3^^ Kansai Clt7 598,000 144,000 45,001 May delivery In elev 35i8 35i« i5 3538 3514 35 14 DAILY CLOSING PRICKS OF NO. 2 MIXED CORN IN CHICAGO. Tot.wk.'»9. 431,906 3.781,9*1 8.707.481 ~65«8.279 431.201 13- .805 Sat. Mon. Tues. Wed. Thurs. Fri. Same wk.'»8 874,930 5.664.389 4,619,404 4,77«.044 3 8 008 22',H7l Sept. delivery in elev... Sl^a 31 SO^s 31 so-^s 31 Same wk.'»7. 316,391 5,866,492 7,899,49« 6,360 402 808 lu3 416,769 Dec. delivery in elev.... 28^8 2813 281^ 28\ 2858 28?i Since Aufl. 1. May delivery in elev 2913 29 14 2938 2958 29 13 291a 1899... 1.684.462 15.587.994 16,591,319 IP, 199,847 1.115.5-6 437 631 Oats for future delivery at 1theW'estern inarket have been 1808 1,188 898 15,155,946 15,3«6,659 14,7e3,i40 678 84-t 81S,f.l2 quiet and no decided changes have occurred in values, al- 1«97 1.024.740 21.144.672 25,339,964 22,4:H2.3S4 1.19 .»«l 1 498.^86 though the tendency has been towards a slightly lower basis, ti e in sympathy with a decline in other goods and under mod- The receipts of flour and grain at the seaboard ports foi erate offerings, prompted to an extent by fairly free country ireek ended Aug. 26, 1899, follow acceptances. Locally the spot market has been quiet, the Hour, tVneat, Corn. Oats, Barlev, Rv*. Bieeipttat— bbU. buth. buih. buth. buth. bu$h. home trade being only a limited buyer, and the export de- New York 157.027 7( 8.925 1,623,375 1,485,500 49,600 21,376 has been light prices have weakened slightly. To- Boston 48,746 S03.571 243,821 299. 64 103,.9» 1,150 mand ; Montreal 64,217 38^,865 334,936 129,977 40,347 1,3C0 day the market was steadier under moderate buying and Philadelphia 48.152 131,t^51 4.S7,013 494, DAILY CLOSING PRICES OF NO. 2 MIXED OATS IN CHICAGO. Total week.. 441,031 ?i783,858 4,837,504 S,ll-*,704 199,646 30,92 Sat. Mon. Tues. Wed. Thurs. Fri. iiVeek 1898 162.005 3,187,354 8,379,230 1,785,974 l.bSO 805.i6i5 Sept. delivery in elev... 20i8 2'> IQ'^s 20 Ws 20»4 Deo. delivery in elev 19^ 1958 1958 19% 19% 19''8 •Raoeipts do not include grain paMing thronah New Orleans for loielgn May delivery in elev 2189 2138 21^9 21»a 21i« 21»« porta on through bills of ladlns. ( : 608 THE CHRONICLE. [Vol. LXIX. Total receipts at porta from Jan, 1 to Aug. 26 compare as better on grades selling below $1 per yard than in higher- follows for four years: priced qualities, but the general tone is steady. For over- TttceipU of— 1899. 1898. 1897. 1896. coatings there has been an average request and prices are rionr bbli 13,600,910 12,330,250 17,055,219 6,316.536 maintained. Sales of cloakings fair without change in prices. Wheat bush. 74.811,763 70,606.659 43,214,547 35,411,469 Woolen dress goods in steady demand and firm. Flannels OoriA " 126.06S,2-;2 139.280,818 122,686,135 55,lflH,P45 and blankets quiet but strongly held. Oats " 56,342,163 64,104,3:i0 51,473,363 43,887.790 Barley " 4,(52,440 3,062,142 7,182,363 4.919,602 Domestic Cotton Goods. —The exports of cotton goods Bye... " 4,1^5.523 9,636,755 6.447,6b7 2,157,129 from this port for the week ending Aug. 28 were 10,034 Total Kraln.... " 265,405,061 286,689,704 231,004,076 141,542.935 packages, valued at |334,753, their destination being to the The exports from the several seaboard ports for • he week points specified in the tables below ending Aug. 26, 1899, are shown in the annexed statement: 1899. Wheat, Corn Flour, Oats, Bye, Pea*, Barley 1898 28. Exports from— bxish. bush. bbU. bush. bush. bush. bush. New Yokk to Aug. 94.019 Week. New York 630.090 1,261,819 116,481 847,968 108,43» 4,486 Since Jan. 1 Week. Since Jan. 1 . Boston 131,022 417,005 85,636 289.428 99,619 Portland, Me. 111,789 4,128 2^',160 Great Britain 48 1,443 54 2,320 Philadelphia.. 119.127 1,098,407 62.461 800,000 Other European...... 17 693 11 791 Baltimore 307,820 97iJ,494 58.077 152,010 ' China 7,319 179,594 1 115,992 New Orleans.. 2(8,000 305,874"" " -'3,388 40 1,985 1.S05 Norfolk 3.601 India 1,656 8.912 Newp'rt News 8,000 365.866 18.173 365,000 Arabia 1,378 32,488 22,462 Montreal S00,808 880.881 75,500 53,862 52,116 Alrioa 422 11,272 ""l2 7,819 Oalveston .... 607,800 26,800 694 West Indies 303 20,841 147 9,385 Charleston.. 72 ' Mexico 2,924 256 3,014 6,875 "(881 762 Pensacola Central America...... 161 7,183 147 5,010 Total week.. 2,293,256 4,825,011 389,717 2,039,230 108,439 18,471 246,959 Sonth America...... 99 31,159 3,573 35,522 Same time '98.2,146,987 2,600,692 286,777 1,045,564 108,272 64,788 13,562 Other Countries 215 5,726 12 12,846 destination of these exports for the week and since The Total 10,034 294,979 4,213 224,073 September 1, 1898, is as below. China, via Vancouver*.... 19,334 14,160 -Flour, , Wheat. • Corn. export* for Week Since, Sept. Week Since Sept Wefjt Since Stpt Total 10,034 314,313 4,213 238,233 Vfeek and sine* Aug. 26. 1.1899. Aug. 2a. 1,1898, Aug. 26. 1, 1898. Sept. 1 to- itbli bbls. bush. bush. bxuh. bush. * Prom New £a£iana mill oolnts direct. United KinRdom 295.577 11.520.157 1,089,128 73.079,990 1,422.106 83,376,379 Continent 66.496 2,642,378 1,196,152 54,820.034 3.363,546 96,125,692 The value of the New York exports for the year to date B. & C. America. 13.051 1.204,960 198,166 11,233 190,871 has been $10,572,902 in 1899, against |7,824,053 in 1898. West Indies 22.332 1,285.029 21,405 1,045,127 Br.N.Am.Colo'i 2.4f0 241.785 6,826 361,690 There has been a fair home demand for brown sheetings Other countries.. 801 412,123 8.976 661,535 906 1.426,707 and drills, but actual business moderate, sellers declining Total 389.717 17.306.422 2.298,256 128.769.^15 4,826.011 182.526,466 numerous orders. Tone strong and prices occasionally %c. Total 1898. 236.777 13,822,483 25,00.592 128,617,816 2,600.592 197.800.266 higher. Wide print-cloth yarn goods strong at 116c. to j|c. The visible supply of grain, comprising thetne stocksstocKs in advance. Ducks firm. Bleached cottons show various ad- granary at the principal points of accumulation at lake and vances of igC to l-16c, per yard. The demand has been con- seaboard ports, Aug. 26, 1899, was as follows: siderable and stocks are limited. Wide sheetings also in Wheat, Corn, 0at«, By*, Barley, strong position, some makes 5 per cent higher. Cotton flannels store at— buth, bu*h. bu*h. bu*h. hush. In and blankets scarce and firm. Advances of 34^c. in KewTork 4.580,0'«' 556,000 488,000 106,000 20,00 reported Do afloat 17,000 26,000 denims, stripes und cottonades and other coarse colored cot- 448,"inf Boston 787,000 324,00 V/ 86,000 Philadelphia 169,000 439,000 374,000 60,0C0 tons firm with average sales. Kid finished cambrics and Baltimore 1.625,000 679,000 240,000 45,0bv. other cotton linings firm. Fancy prints in improving de- New Orleans 360.00P 352.000 Galveston 1,148,000 93,000 mand. Staple lines of prints selling well at firm prices. No Montreal 252,000 189,i^0t 142,000 1,000 24.000 change in ginghams. Stocks limited and prices firm. Reg- Toronto 7i,000 7.000 14.000 Buffalo 1,077,000 I26J066 51.000 2,000 26,000 ular print cloths inactive at 2^c., but good sales of wide Do afloat odds at l-16c. to }^c. advance. Toledo .. 2,184.000 443.000 Widiobb '13,000 Do afloat Foreign Dry Goods. —There has been some improvement Detroit 609,000 46,000 33.0C0 20.000 in the for dress goods for spring, but business is still Do afloat demand Ohloaffo 6,693,000 i.epiiobo soo.ooo 166,000 21,000 moderate; prices firm. Silks firm but quiet. Ribbons un- Do afloat "10 changed. Linens firm ; more doing. Burlaps strong but MUwaokee 66,000 "2;6bo "s.oco '66( Do afloat. not quotably higher. Ft.Will'm& Ft. Arthur 1.213,000 Oulnth 8,035,000 228,000 68,000 75,000 103.000 Importatlous and Warehouse \¥Itlidrawals of Dry Goods DO afloat Minneapolis 5,476.00r 34,000 36000 2.00'^ 5,0' The importations and warehouse withdrawals of drj goods at Louis 2,073.000 127, )0r 17,000 3,CC0 this port for the week ending August 31, 1899, and since Do afloat " at 1,887,000 so'.'oo' 23,000 5,(J6c Kansas City January 1, 1899, and for the corresponding periods cl last Peoria 2.000 69 000 436,000 Indianapolis 673,000 80 uOr 27,000 year are as follows: On Mississippi River 100,000 On Lakes 406,000 1,129,000 724.000 46,000 76,001 5 s s On canal and river. .. 1.(96.000 69,000 473,000 H o ^^ to 28, 1899 . 84,666.000 6,970.000 4.807.000 586.000 .'<34 00 ^» Total Aug. 9 ^^ "-5^ |RP|l| -• • o Aug. 19 1899 . 3a,078,000 7.883,000 4.089,000 623.00r 406,(00 Total • o : b; Total Aug.-a7, 1898 .• 5.927,000 16,530,000 3,298,000 432.000 297,00.. s: o; o a **; , s P , , ct SI Total Auk. 28, 1897 .15,473,000 27.'-73.00C 9,270,000 1.8180CC 1,048,0(0 o' » , . . p ii Aug. 29, 1896 .16.674,000 13,964,000 6,735.000 1,099,000 740.0^0 V O . , . H O ' Total e; * HeQ • I 1, 1899, : : : : : NOTB.— Beginning July the New York Produce Exchange has changed 1 •5: dE its Visible Supply Statement by inclu. ing stocks at New Orleans, Galveston. Ft. William and Ft. Arthur (previously omitted) aud leaving out Albany M no Ml- M fO Oswego and Cincinnati, formerly included. '0 WW MtOkJtnW A "cOMMife-tO 00 ».1 Ol — enM tvM readily pay advances in prices where that will achieve O QOI-' M M 10 W M OOM j-'_l-'|OWj-' 05jJMO September 2, 1899,] THE CHKONICLE. 509 been authorized by the City Council) will bear 3^% interest, gT/^m m^ City ^trmmtm. payable semi-annually at the office of the City Treasurer. They will be in denomination of |5( 0, dated Jan. 2, 1900. Principal will mature Jan. 2, 1920. The date of gale has not News Items. yet been decided upon. Texas. Referendum Law. —The law passed by the last Bell County, Texas.—Bonds Approved. —Court-house Legislature requiiing all county and city bonds to be voted bonds to the amount of $8,000 have been approved by the upon by the people before issuing the same went into efftct Attorney- General. Also an issue of $12,000 of county bridge on August 26, 1899. It applies only to issues of |2,0(j0 or bonds. over, Belvedere. Cal.—Bonds Voted.— An election was held on Williamsport,Pa.— Ir.yanch'oTi Denied.— Judge Metzger on August 19, 1899, at which $10,000 sewer bonds were author- August 28, 1899, refused to grant an injunction prayed for ized by a vote of 49 to 7. by The Lamprecht Bros. Co., Cleveland, to restrain the city Bexar County, Texas —Bonds Approved and Sold. —The from delivering to Dick Bros, k, Co., Philadelphia, the $500,- Attorney-General has aproved of an issue of §8,000 refund- 000 bonds recently awarded to the latter. The bid of the ing court-house bonds. Of this iesue $5,000 has been taken Cleveland firm for these bonds was 102-86, while that of the by the State Board of Education and $3,0u0 by the Perma- Philadelphia firm was "$ir0 more than the highest bidder," nent School Fund of Bexar County. or 102'88. This latter bid was claimed to be irregular by the Biughamton, N. \.—Bond O^ermgf.— Proposals will be re- Cleveland house. ceived until 7:30 p. M. Sept. 12, 1899, by S. D. Kane, City _ Clerk, for $5,01)0 3)^^ registered bonds. Securities are dated Bond Calls and Redemptions. August 1, 1899; interest will be payable semiannually at the office of the City Trea&urtr. Principal will mature August 1 Arkansas.—Ca?i. —All holders of State scrip or Treasurer's 1935. A certified check lor 5^ of the total amount of bid certificates are notified to present same to Thomas E. Little, will be required with each proposal. State Treasurer, for redemption within six months from Bowling Oreen, Ohio. Bond Offering. —Proposals will be " August 1, 1899, or thereafter be barred." received until 12 m. Sept. 18, 1899, by Alex. Williamson, Cor- Butler County, Mo.— Bond CaZ/,— Interest ceased on Aug. poration Clerk, for $10,000 4^ refunding bonds. Securities J^lOO, I. 1899, on H bonds Nos. 27, 29 and 30, each for and are in denomination of $500, dated Sept. 1, 1899. Interest Nos. 19, 20 and 31, each for $500. Bonds are dated August 1, will be payable at the office of the Village Treasurer. Prin- 1887. cipal will mature one bond each March and September from Columbus, Ohio. Bond CaZZ.—The Trustees of the Sink- 1908 to 1917, inclusive. A certified check for $500 will be re- ing Fund called for payment Sept. 1, 1899, street-improve- quired. ment bonds to the amount of 112-4,800. Biighton(N. T.) School District. Bond Sale.—On Aug. Dayton (Ky.)Schoul District.—Bond Call.—'H. C. Collins, 26, 1899, §2,500 5^ 1-20-vear (serial) bonds were awarded to President, has called for payment Sept. 1, 1899, at the Ger- Bertron & Storrs, New York, at 102-46. man National Bank, Newport, four $500 bonds numbered BronsoD, Mich. Bonds Fofed.—This village has voted to II, 12, 13 and 14. issue $8,C0u electric-light-plant bonds. The vote for the Lafayette County, Mo., Lexington, Sniabar and TVashirg- bonds was 132, while 54 were against their issuance. ton Townsliips.—i^ond CaZ/s.—The County Treasurer called Burleson County, Texas.—Bond 6'aZe.—The State Perma- for payment August 1, 1899, the following township bonds : nent School Fund has purchased $5,000 i% 5-2C-year bridge Lexington Township b% bonds, dated August 1, 1890, Nos. 22 to 32, 34, 36 and bonds of this county. 42. inclusive, each for $l,00t). Lejlngton Township 6^ $1,000 bonds Nos. 65 to 60 and 67 to 80, dated July 1, Burrill\ille, R. I.—Bond Offering. —Proposals will be re- 188j. ceived until ]1 A. M. Sept. 7, 1899, by Francis Fagan, Presi- Sniabar Township h% bonds Nos. 12 to 16, 19, 20, 23 to 31, 34 to42 and 44 to 47, each lor $1,000. dated August l, IflSO. dent of the Town Council, for $60,000 Z'^i gold funding Washington Township 6* bonds for $l,Oro, Nos. 28 to 32, dated July 1.1885. bonds. Securities are in denomination of $l,O0O, dated Sept, Washington Township h% $1,000 bonds, Nos. Id to 24, dated August 1, 1890. 1,1899. Principal will mature Sept. 1, 1939. The genuine- Multnomah County, Ore.— Warrant CaZ^— Ralph W. Hoj t, ness of the bonds will be certified to by the Industrial Trust County Treasurer, has called for payment county warrants. Co of Providence. Class "C," drawn upon thn road fund, that were presented Caney, Kan.—Bond Offering. —Proposals will be received and indorsed "Not paid for want of funds "from Sept. 1, until Sept. 12. 1899, for §10,000 5% 20 year bonds. 1898, to Sept. 30, 1898, both dates inclusive. Interest on these Champaign, 111.—Bond 5aie.— We have received official warrants ceased on August 14, 1^99. Also warrants classes confirmation of the sale reported in last week's Chronicle of 35 and 36 on the general fuod, indorsed between July 11, $5. too 5^ 9-year improvement bonds. The bonds were 1898, to August 5, 1898. Interest ceased on August 21. awarded to W. W. Maxwell, Champaign, at 112-50. Follow- ing are the bids Bond Proposals and Negotiations this W. W. Maxwell, Champaign.. $5,fl25 CO S. A. Kean, Chicago tB,387 50 Meyer & Riser, Indianapolis.. 5,475 00 N. W. Harris & Co.. Chicago.. . 5.3!:2 00 week have been as follows ; R. Kleybolte & Co., Cincin 5,437 50 First National Bank, Chicago. 5.260 00 T. B Potter, Chicago 5,4-27 00 G.M. Brinkerhoff, Spr'gfleld... 5,2la 50 VV J. Angleton School District, Brazoria County, Tex.—Bids . Hayes & Sons, Cleve. ... 5,415 00 Colorado Countj, Texas. Bond Election. —An election Rejected.—AW. bids received on August 21, 1899, for $6,000 will probably be held this month to vote on the question of 43^ bends were rejected. Bonds will be offered again and no issuing $30,000 bridge bonds, bid for less than par will be considered. F. W. Stevens is Coxsaekie, N. 22, President of the School Trustees. Y.-Bond Sale.—On August 1899, $6,0C0 d}/^% 5- 10 year (serial) water bonds were awarded to the Anslej Scliool District No. 44, Custer County, Neb.— Catskill Savings Bank at 101 '35. Securities are in denomi- Bonds Defeated. —At an election held August 4, lb99, the nation of $1,000, dated August 1, 1899. Interest will be pay- propoeition to issue $2,000 school bonds was defeated. able semi annually. Principal will mature one bond yearly Anson County (P. 0. Wadesboro), N.C.—.Bond Offering,— on August 1 from 1904 to 1909, inclusive. The present bonded Proposals will be received until 12 m. Sept. 4, 1899, by the indebtedness of the village is $65,000. The assessed valua- Board of Commissioners—T. C. Robinson, Chairman—for tion is $1,145,502. $7,000 6^ bonds. Securities are in denomination of $1,000, Cuyahoga Falls, Ohio.—Bond Election.—The Council has dated July 1, 1899. Interest will be payable January 1 and passed a resolution authorizing an election to vote on the July 1. Principal will mature yearly on July 1 as follows : proposition to issue $50,000 water-worhs bonds. $1,000 in 1900 and 1901, $3,000 in 1902, $1,000 in 1903 and Dallas, Texas.-Bo?ids Attorney-General $2,000 in 1904. Approved .—The has appi oved of the issuance of the refunding water-works Antigo, Wis. Bonds Authorized.— The Council has au- and general improvement bonds mentioned in the Chronicle thorized the issuance of $10, 0( city ball bonds. on August 12, 1899. Balier County (Ore.) School District iio.o.—Bond Sale.— Dead>iood, S. Dale.—Bond Sale.—Thia city has sold to the On August 21, 1S99, the $15,000 i% 10-2« -year (optional) Donds American National Bank, Deadwood, $20,000 water bonds were awarded to Albert Gtiser of Baker City at 103*33. Fol- atJ.05-25. lowing are the bide : neflance, Ohio.— Bo?7d Offering.—Proposals will te re- Unconditional Bidtt. I Otnditional Bids. A. Geiser, Bak er City $15,600 00 ceived until 12 M. to-day (Sept. 2. for $13,000 | W. J. Hayes & Sons. Cleve... 15,809 00 1899), i}i% H.E.Noble, Portland 15,46" 00 i F. R. Fulton, Chicago 15,61tt 50 street-improvement bonds. Securities are in denomination W. E. Bell, Spokane 15,4.=>8 nO E.H. Rollins* cons, Boston. 16,6i050 First Nat. Bank. Baker City.. 15,450 00 Mason, Lewis & Co., (Chicago. 15,547 50 of $1,300, dated Sept. 1, 1&99. Principal will mature one bond Seymour Bros. Co., N. Y... 16,0.7 fcO N. & | W.Harris Co., 15,643t0 & Chicago.. yearly, beginning March 1, 1901. A certified check for $500 For description of bonds see Chronicle August 19, p. 404. on a Defiance bank will be required. Bayonne, N. J.—Bond Sa ie.—On August 22, 1899, $14,000 Delta County, Texas.—Bonds Authorized.—The issuance 4'? 20-year bonds were awarded to E. D. Shepard & Co., New of $35,000 court- ho 1.86 bonds has been authorized by the York, at 105'75. Following are the bids : Commissioners' Court, E. D. Shepard & Co., New York. K5'75 Geo. M. Hahn, New York 103-29 Denton, Texas.—Bonds 4pj3rot-ed,— This city has had ap- Edw. C. Jones & Co.. N. Y 105-25 L. W. Morrison, New Y'ork 113-03 provtd by the At tcrne) -General §16,065 15 funding bonds. Bonds are dated September 1899. 1, These bonds, it is stated, have been sold at par, Beaumont, Texas.—Bonds Appt ovtd.—This city will issue Detroit, Mich.—Bond Election Authorized.— The Alder- $14,000 funding-oebt bonas, that amount having been ap- manic Committees on Judiciary and on Parks and Boule- proved by the Attorner- General. vards have recommended that the Council provide for the Bellaire, Oliio J5o«ds — Proposed.—The issuance of $40,- submission to the voters at the fall election the question of OOO city hall is proposeu. bonds issuing $150,000 bonds for the improvement of Belle Isle. Bonds Extenied.—The City Council has extended the time Bonds to be Sold Kext Year. —We are advised that the of payment of $3,000 Cemetery Hill Road and $2,500 street $1C0,000 4 510 THE CHRONICLE. [Vol. LXIX.^ Dnraat, Miss. Bonds Voted. —At an election held August 1,1914. Tne total debt of the village, including this issue, 21, 18:»9, 112,000 school-house and $10,000 electric-light plant is $35,000. The assessed valuation is $229,677, about one-third bonds were authorized. 1 actual value. The population is estimated at 1,800. The East Liverpool, Ohio.—Bond Election. —An election wil official circular states that the village has never defaulted in be held on September 23, 1899, to vote on the question of is- payment of principal or interest of its bonded debt. suing $20,000 library bonds. Grant's Pass, Ore.—Bonds Defeated. —The proposition to Bond Sale.—On August 23, 1899, the $15,000 H 20-34 year issue $50,000 sewer, light and water bonds was recently de- (serial) road bonds and $26,015 6;^ 1-5 year street improve feated by a vote of 114 to 104. ment bonds were awarded to The Lamprecht Bros. Co , Green Cove Springs, Fla.— Bond Election Posfp'^ned.—A.n Cleveland, at 110-59 and 10643, respectively. Following are election was to have been held in this place on August 15, the bids : 1899, to vote on the question of issuing $40,000 improvement , Premimn v bonds, but was postponed, osving to an error in the ordinance $15,000 $26,045 and proclamation. i% Bonds. 6% floiKls. Lamprecht Bros. Co., Cleveland $1,688 50 $1,674 69 Greenspring, Ohio.—Bond Sale.—On. August 28, 1899. the Briggs, Todd & Co., Cincinnati 1,455 55 $15,000 5^ 115-year bonds were awarded to A. Rice of Fre- W. J. Hayes & Sons, Cleveland 1,157 00 1,653 00 K. Kleybolte & Co., Cincinnati 1,127 00 1,p8500 mont at 107 006. For description of bonds see Chronicle Feder, Hnlzman &. Cincinnati 1,07000 l,5^000 Co., August 19, 405. Meyer & Kiser, Indianapolis 960 00 1,4S8 60 1899, p. J. B. Work 900 00 1,435 00 Greenville, Ohxo.-Change in Date of Sale.— The date First National Bank, Columbus 750 00 1,350 00 New upon which bids will be received for the $(56,000 4% street For description of bonds see Chronicle August 12, 1899, improvement bonds has been changed from Sept. 14 to Sept. p. 351. 29. 1899. A full description of the bonds was given last week. Emporia, Kan.—Bond Sale.—This city sold last month Grimes County, Texas.—Bonds Approved.—The Attorney- $50,000 4}^% refunding water-works bonds at 10 )-20. Bonds General has approved an issue of $9,000 bridge bonds. Dec. will mature Dec. 30, 1929, will be dated 80, 1899, and Uaddonfleld, N. J. -Bonds Proposed.—A petition is being subject to call after Dec. 30, 1919. circulated asking the Borough Council to issue $25,00 ) for Euderlitt, N. Dak. Bond Offering. —Proposals will be re- street improvements. ceived until Oct. 1, 1899, by C. H Potter, City Auditor, for Hagaman, N. l.—Bond Sale.—This village has sold to Dr. $4,000 6% 20 year municipal bonds. Interest will be payable S. H. French, President of the Amsterdam Savings Bank, semi-annually at the Chemical National Bank, New York $6,500 S}4% bonds. Securities mature one bond of $650 yearly. City. The price paid was par. Fairbnry, 111.-Bond 0#ermgr.—Proposals will be received Hamilton County (P. O.Cincinnati), Ohio.—Bond Sale. — until Sept. 6, 1899, by G. W. Bennett, City Clerk, for .$4,000 On August 26, 1899. the $4,750 3}4% 20-year bridge bonds 4^ water bonds. Securities are i a denomination of $1,000, were awarded to S. Kuhn & Sons, Cincinnati, at 107 52. Fol- dated Sept. 1, 1899. Interest will be payable annually on lowing are the bids : May 1 at the office of the City Treasurer. Principal will 8. Kuhn & Sons. Cincinnati,., .$5,107 20 Briggs, Todd & Co.,Cincin....$5,"61 75 H. Kleybolte Co.. Cincin . . 5,085 to Seasongood . 5,058 75 mature one bond yearly on May 1 from 1909 to 1912, in- & & Mayer. Ciucin. Feder. Holzman & Co.. Cincin. 5,083 50 German Nat. B'k, Cincinnati.. 5.041 50 clusive. A fall description of the bonds was given in the Chbon- Falls City, Neb.—Bond Sale. —It is stated that on August ICLE August 12, 1899, p. 352 28, 1899, the $31,000 i% refunding water bonds were awarded Harris County, TexiiS. Bonds Proposed.—This county to Stoddard, Nye & Co., Minneapolis, at 100"145. For de- submitted to the Attorney General too late for approval an scription of bonds see Chronicle August 5, p. 300. issue of $50,000 4^ 5-40-3?ear (optional) bridge bonds. Under Falls Couaty, Texas. -Bond Sale.—An issue of $10,000 the new law, which went into effect August 26, all bonds 4% 5-20-year bridge bonds of this county has been purchased not approved l»y that date must be submitted to a vote of by the State Board of Education. the people. Flrebaugh School District, Fresno County, Cal.—Bonds Harrison County, Texas. —Bonds Approved. -An issue of Voted—On August 12, 1899, this district voted to issue $2,000 $75,000 4% 40 year refunding court-house bonds has been ap- 1% 1 and 2-year gold school bonds. proved. Fisher (111.) School District. Bond Sale—On August 15, Haywood, N. J. No Bids Received.—'^o bids were received 1899, the Champaign National Bank was awarded $2,5(10 5^ on August 7, 1899. for $2,100 5i borough-hall bonds. Securi- 1-5 year (serial) bonds. Bonds are in denomination of $iOO. ties are in denomination of $300, dated August 7, 1899. In- Franklin (Neb.) School District.-Bonds Defeated —The terest will be pa} able semi annually. Principal will mature propositioci to issue $5,000 school bonds failed to carry by one bond yearly on August 7 from 1913 to 1919, inclusive. 4 vo'es at the election held August 17, 1899. Charles Handeworth is Borough Clerk. Freedom Township, Minn. Bonds Proposed. —This town- Helena, Mont.—Bond Sale. -Oa August 30, 1899, the $65,- shp proposes to issue $4,000 4%% 16-year bonds in aid of an 000 4% 2( -year refunding bonds were awarded to the Union electric-railroad company. Bank & Trust Co , Helena, at 10l*123. For description of Freeport (111.) School District.—Bids.—Following are bonds see Chronicle July 29, 1899, p. 246. the bids received August 4, 1899, for the bonds $22,500 4% Houghton (Mich.) S-hool District.— Bowd Sale.—The awarded, as stated August 19, to the German Insurance Co. "Boston News Bureau" reports the sale of $50,000 30- of Freeport 43^^ year bonds to E. H. Gay & Co., Boston, at 103-50. *104'50 German Ins. Co., Freeport I Mason, Lewis September 3, 1899.] THE CHRONICLE. 611 Lampasas Connij,Tex&s.— Bonds Approved.—The Aitoi- Medo Township ( P. 0. Cream), Bine Earth County, Minn. ney-General has approved of an issue of ^3,000 bridge bonds. —Bonds to be Issued. —This township proposes to issue $3, COO La Salle County, Texas.—Bonds Approved. —The Attor- A}4% electric railroad-aid bonds. Securities will mature Jan. ney-General has approved an issue of |5,000 bridge bonds of 1, 1914, lut will be subject to call prior to maturity. The this county. date of sale has not yet been determined upon. Lawrence Connty, S. Dak. Description of Bonds. —We Mercer County (P. 0. Celina), Ohio.—Bo«d Sale.— On stated last week that this county had sold at par to the August 18, 1899, $12,000 4% Jutte & Saalman road improve- American National Bank of Deadwood $112,000 o% 10-20 year ment bonds and $1,500 4% W. B. Doner road bonds were (optional) refunding bonds. These bonds were sold on Aug. awarded to .Feder, Holzman & Co., Cincinnati, at 10ri7. 10, 1899. They are in denomination of §1,000, dated July 1, Following are the bids : 1899. Interest will be payable semi-annually in New York Feder, Holzman & Co.. Cin. ..$13,658 26 1 W. J. Haves & Sons, Cleve, . . .$13,536 00 Bros. Cleve. . 13,644 00 Kiser,Indianapolls.. 13.523 60 City. Lamprecht Co.. | Meyer & Bnggs. Todd & Co., Cincin... . 13,616 CO i SeasoDgood & Mayer($12,000) 12,120 00 Lebanon, Ohio.—Sond Sale.—On August 26, 1899, the Denison, Prior & Co.. Cleve. . 1 3.605 00 I $3,500 5% street-improvement bonds and $2,000 5% water- The above bonds are issued under Title 7, Chapter 8, Re- works bonds were awarded to the Waynesville Nat. Bank vised Statutes of Ohio. Interest will be payable semi-an- at 105*56 and 112-60, respectively. Following are the bids : nually at the office of the County Treasurer. Principal of $2,500 $2.' 00 the $12,000 issue will mature yearly on September 1 as fol- Strett Bonds. Water Bds lows : $2,000 in 1900 and $3,500 from 1901 to 1904, inclusive. Waynesville National Bank, Waynesyille ja.eaw oo f 2.25<; 00 liebanon National Bank, Lebanon 2,638 75 2,251 V The $1,500 issue will mature $500 on September 1 of the years l" erter, Holzman Co.. Cincinnati 2,627 5U 0" i 2,238 1903 1904. R. Kleybolte &Co.. Cinciuuati 2,626 oi» 2,325 CO 1901, and Citizens' National Bank, ' ebanon 2,617 50 2,21 4 I Millburn (N. J.) School District.-Bonds Defeated.—At a Lamprecht Bros. Co., Cleveland 2,615 00 2,235 !0 meeting of the voters of this district held August 28, 1899, f Briggs, Todd ct Co , Cincinnati 2,6t»7 OO 2,21)1 Merchant.s' Naiioral Bank, Middletown ^,607 oo 2,16'; Oil the issuance of §9,500 bonds was defeated. These bonds Seapongood & Mayer. Cincinnati 2,>'01 50 2,1^0 00 New First National Bank, Columbus 2,600 00 2.160 01 were voted at a meeting held June 21, and were sold a short Denlson, Priori ( o., Cleveland 2,562 50 2,130 40 time after their authorization to the Franklin Savings Bank Maine Valley National Bank, Hamilton 2,550 00 2.1t0i0 of Newark at 105. The State Attorney-General declined to The street bonds mature $500 yearly on Oct 1. from 1901 approve of the proceedings of the earlier meeting, claiming to 1905, inclusive. The water bonds mature April $1,000 on that the notices calling it had not been posted according to 1 and October 1 of 1909. full description the year For of law. Hence another meeting was called, with the above bonds see Chronicle August 5, 1899, p, 300. result. Lima, Oliio.— ^0/ Blodget, Merritt Co.. Bost. 164,256 00 Mason, Lewis Co.. Chic. . . (.0 $500, dated Sept. 1, 1899. Interest will be payable semi-an- & & 16-A520 C. Schley & Co., Milwaukee. 164,256 00 E. D. Shepard & Co.. N. Y... 162,032 00 nually at the office of the County Treasurer. Principal will Lampiecht Bros. Co., Cleve. 164,152 00 F. T. Terry, Milwaukee 1(0,000 00 mature Jan. 1, 1910. A cash deposit of $250 will be re As Stated last week, the Second Ward Savings Bank got quired with each bid. All bidders will be required to satisfy the bonds. themselves of the legality of the bonds before bidding. Bonds Proposed. —The issuance of $50,OCO school-house Los Angeles, G&\.—Bonds VUed and Defeated. —At the bonds is being considered. election held August 22, 1899, the issuance of $200,000 bonds Monroe County (P. 0. Bloomington), Ind.—Bond Scle.— for common school pui poses was authorized, while the issue On August 14, 1899, $30,600 1-20-year (seiial) Perry Township for $200,000 for building high schools was defeated. The gravel-road bonds were awarded to Campbell, Wild & Co., election held on August '^3, 1899, resulted in favor of issuing Indianapolis, at par for 4 per cents. $2,090,000 water-works bonds. The vote on the water bond Muskegon (Mich.) School Distriit. Bond Offering.— Thia question was 7,189 for to 973 against, nearly 1,750 more than district will sell between the hours of 2 p. M. and 4 p. M. the necessary two-thirds. September 5, 1899, $15,000 i% school- building bonds. Secu- Lynn, Mass.— Bond Sale.—This city has awarded to Blod- rities are in denomination of $1,000, dated Sept. 1, 1899. In- get, Merritt & Co., Boston, $25,000 4% water bonds at 116-17. terest will be payable March 1 and September 1 at the Im- Following are the bids : porters' & Traders" National Bank, New York City. Piin- Blodget, Merritt Co.. 116-) & Boston.. 7 Adams & Co , Boston 116-04 cipal will mature $3,000 yearly on September 1 from 1905 to K. I.. Day & Co., Boston 11 0-67 Estabrook & Co.. Boston ...115-5S Blake Bros. & Co.. Boston ..116-05 1909, inclusive. Bond CJ'ering.— Proposals will be Bonds will mature July 1, 1929. New Canaan, Conn.— received until 4 p. m. Sept. :.0, 1899, the Selectmen Madison Connty, Ohio.—Bowd Sale.- On August 25, 1S99, by Town for is- $9,000 6< ditch bonds were awarded to the First National $100,00033^^ 30-year funding bonds. Securities are sued under authority of Chapter 23, Title 5, General Statutes Bank, Circleville, at 105-654. Following are the bids : 1-6 of Connecticut. They are in denomination of $1,000, dated First Nat. Btink, Circleville.. .*9,5C8 1 Lamprecbt Bros. Co.. Cleve... §9,364 60 Feaer, Holzman Ct-., Cincin. 9,4,iS & 00 . at | Madison Nat. BanK, London. 9,36J 00 Sept. 15, 1899. Interest will be payable semi-annually Brings, Todd & Co., Cincin... . ».j27 oO Central Bank of London 9,:-37 50 the United States Mortgage Trust Co., New York Ci'y. W, J. Hayes & Sons. Cleve.... 9, "04 00 New ist Nat. Bank, Columbus 9,275 00 & SeasoDKood & Mayer, Cincin.. «,367 00 A certified check for $2,000 on a national bank, payable lo Bonds are issued for the following ditch improvements the "Treasurer of the town of New Canaan," must accom- DmoininatiiDi. D('/io;ii((i(((iO)!. pany all proposals. $630 Higgins ditch bonds $105 *1,250 Scofleid ditch bonds $125 210 Bland ditcti bonds 35 2.100 Emery ditch bonds 2i0 Northville, Mich.—Bond Sale.—On Aug. 22, 1899, the $27,- 720 Gallagher ditch bonds 120 2,6' Poiter ditch bonds '^60 500 5% 30-ye4ir bonds were awarded to Denison, Prior & Co., 840 Roth ditch bouds 140 lOO Bennett ditch bonds 40 250 Kemp ditch bnds 25 Cleveland, at 116*40. For description of bonds see Chron- Securuiee mature one bond of each series each six months, icle August 12, p. 353. beginning March 1, 1900. They are dated Sept-. 1, 1900. >orwich. Conn.—Bonds to be Offered. —This town will Madison Connty, Tex.—Bonds AutJwrized.—The Commis- shortly offer for sale $115,000 ^}4% bonds. Securities are in sionerb' Court has authorized the issuance of $23,000 4^ re- denomination of $1,000, dated Oct. 1, 1899, Interest will be funding court-house bonds. payable April 1 at the office of the Town Treasurer. Prin- Madisonville (Ohio) School District.—Bonds Proposed.— cipal will mature in 1913. The question of issuing $100,000 school-building bonds is Ohio University.-Bojid Sale.—The $10,000 5% 6 year being agitated in this district. coupon bonds have been awarded to Feder, Holzman & Co., Marquette (Mich.) School District No. l.—Bond Sale.— Cincinnati, at 109-40. For description of bonds see Chronicle On Augufct 29, 1899, ihe $30,000 i% 10-year r^ funding bonds July 8, 1899, p, 95. were awarded to the State Savings Bank of Detroit at 10505. Orange County, Ind. Bond Sale. —We have received offi- For description of bonds see Chronicle Aug. 12, p. 352. cial confirmation of the sale of the $11,000 6% 10 year bonds MaS!«illon, Ohio.—Bond Sale —On August 28, 1699, Ihe to James M. Andrew, President of the Second National Bank, $3,500 5% 1-5-year bonds and $1,500 5,^ bonds maturing $(J00 New Albany, at 121-125. The sale took place on August 7, each six months were awarded to Feder, Holzman & Co., 1899, on which day the following bids were received : Cincinnati, at 103-686 and 102-16, respectively. Following J. M. Andrew, New Albany. .$13,323 75 i Lamprecht Bros. Co-^ Cleve.. $12,776 60 Campbell, Wild & Co..Ind'li8. 13,250 00 H. Kleybolte-----4 Co.. Cincin... 12.741 tO are the bids : Meyers Ki>er. indianap lis. 13,09ti 80 Seasongood & Mayer. Cin.... i2.H>i 50 13,500 Bonds. $',oOOBo»irf*-. Brl>:gs, Todd & Co., Cincin,. . 13,< 90 00 Feder, Holzman & Co., Cin . . l',665 40 ^ ^ ^^ , l-.',662 00 Feder, Holzman & Co., Cincinnati $.1,629 00 $1,632 50 W. J. Haves & Sons, cleve.. . 13,042 00 Mason. Lewis & Co., Chicago. New Fir>t National Bank. Coiumbus 3,615 00 1,5^7 lu Bank of Kentucky 12,9.5 00 N. W. Harris & Co. (for i^s) 470 tO seasongo'id ft Mayer, Cincinnati 3,613 00 l,o2«Vo Orange County Bank 12,898 50. Crughun Bank of KremoAt 3,611 00 1,532 5" interest will oe payable semi-annually from April 15, 1899, S. A. Kean, Chicago 3,598 00 l,53ii i First National Bank, Massillou 3,585 00 1.525 00 and the principal will mature April 15, 1909. The above will First Naiioual Bank, Barnesville 3,57100 1,52100 be the only bonded debt of the county. The floating debt is Bids fcr ihefce bonds wtie received on Augast 22, 1899, $2,765 and the assessed valuation $4,043,341. and a description of the securities was given in the Chron- Ottawa, Ohio.—Bond Sa/c—The $7,225 67 Railroad Avenue icle August 12, p. 352. and $26,017 87 Third and Hickory streets 4}^% improve- Mattoon Township, 111.—Bonds Voted.—At the election ment bonds, lids for which were received on July 24, 1899, held August 22, 1899, the issuance of $50,000 4^ 20 year re have been awarded to Rudolph Kleybolte & Co., Cincinnati, funding railroad-aid bonds was authorized. A description at 107-46, and the bonds will be aelivered in a few days. For of these bonds was given in the Chronicle Aug. 19, p. 406. description of bonds see Chronicle July 15, 1899, p. 145. Maverick County, Texas.—fonds ^i)p; oi-ed.—An issue of PattOD, Cambria County, Pa.—Bonds Voted.~At the elec- bridge bonds amounting to -^S.GOg has been approved by the tion held August 24, U99, the issuance of $7,000 4}4% 10-30- Attorney- General. year improvement bonds was authorized. — 512 THE CHKONICLE. fVoL. LXIX. Red Jacket PhoenixTille, Fa.—Bonds Authorized. —The Borough Coun- (Village), Honghton County, Mich.—Bond Sale.—On August 26, 1899, the cil has voted to refund $169,000 water bonds. $24,000 4%% bonds were awarded to the Merchants' Piqua, Ohio.—Bond iVetrs.—Water-works bonds of this & Miners' Bank of Calumet at 101-58. Following are the bids : city to the amount of $150,000 will mature on Sept. 1, 1899. In reply to our inquiry as to what action had been taken Merch. & Miners' B'k, Calumet.$24,380 Seasoneood & Mayer, Cincin $24,050 Mason, L,ewis & Co., Chicago 24,127 Denison, Prior & Co., Cleve 24,030 toward the payment of these bonds, we are advised as follows W. J. Hayes* Sons, Cleve 24,107 by Mr. Seth McColloch, City Clerk : "There will be nothirg Bonds mature $8,000 yearly on July 1 from 1903 to 1905, done at present, on account of tie-up in the Board of Counr a inclusive. For further description of bonds see Chronicle cilmen. The matter later; in will come up the meantime August 19, 1899, p. 406. the banks will, perhaps, take care of them," Roane County, Tenn.—Bonds Defeated.—At an election Plumas County, election will be CaJ.—Bond Election.—An held recently a proposition to issue $200 000 bonds for pikes held Sept. 1899, the 2, to vote on the question of refunding and other purposes was defeated by a large majority. county's indebtedness with an (which amounts to $35,100) Rochester, N. Y.—Bond Offering.—The 1500,000 S14% bonds issue of 4^ 3 1- year bonds. which we recently stated had been authorized by the City Port Clinton, Proposals will be Ohio.—Bond O^eWnfl'.— Council to fund outstanding notes and acceptances will be received until 12 Meyer, Jr., m. Sept. 9, 1899, by George F. in denomination of $5,000 and will mature 20 years from date Village Clerk, for bonds : the following street and sewer of issue. Proposals will be received for these bonds about $3,800 5$ 2-21-year (serial) street bonds, in denomination of $180. October 1, 1899. 2,6C0 b% 2-11-year (serial) sewer bonds, in denomination of $250. Rnmford (Town), 3,eoo £% 2-21-year (serial) paving bonds, in denomination of $lfcO. Oxford Conn It, Me.—Bonds to be Is- swed.—This town proposes to issue $30,000 4$g 10-20 year bonds Securities are all dated Sept. 1, 1899. Interest will be pay- for the purpose of taking up outstanding notes. Securities able March 1 and September 1 at the office of the Corpora- will be in denominations of $500 and Interest will tion Treasurer. A certified check or a certificate of deposit $1,000. be payable annually. The date of of any banking company of Toledo, Sandusky, Oak Harbor sale has not yet been de- termined upon. Elmore or Port Clinton, payable to George F. Meyer, Jr., Saginaw, Mich.— Bids.—Following are the bids received Clerk, in the sum of $300, must accompany each proposal. Aufiust 23, 1899, for the $8,000 i^% bridge Ponghkeepsie, N. Y.— Temporary Loan.—This city has ne- bonds and $9,000 i}4% street and sewer bonds : gotiated a small loan with the Poughkeepsie Savings Bank. Loan matures d}4% 1900. $8,000 $9,000 Street and State of ^'aaiaachu setts 38 S30O5OOO Government Ciiy of Newton, Mans 48 4'ity of Maiden, Mass 48 Municipal Bonds Roston Teriiiioal Co 3/^s N. V. Central A- H. R. KR 3!^s GALVESTON, TEXAS, Illinois Central, Cairo Uiidi;e 48 BOUGHT AND SOLD. Illinois Central, Western i^loes 48 APPRAISEMENTS MADE OR QUOTATIONS Keech Creek RR. 1 st l>lortgage 48 S% SEWERAGE BONDS. (Prin.and int. guar, by N.Y. Central & H. R. RR.) KURNISHED FOR THE PURCHASE, SALE OR Cniiagro Rock Island & Pacific 4s KXCHANGE OF ABOVE SECURITIES. Baltimore &. Ohio, 1st mortsage 48 Galveston, Tex , Aug. 25, 1899. WBNt Knd St. Ry 48 LISTS ON APPLICATION. 4)^9 The CITY OF GALVESTON offers for sale West End St. Ry (Mnciiinnii Edison Electric Co ."is ^hree hundred thousand dollars (§300,000) five per United Electric Securities Co 58 cent twenty-forty sewerage bonds of the denomi- N. W. HARRIS & CO., nation of $1,000 each, and dated August 1st, 1899. In- BANKERS, Perry, Coffin & Burr, terest coupons payable semi-annually in New York 1 X NASSAU ST. (Bank of Commerce Bide.) 6O state Street, Boston. or Galveston at option of holder. They have been approved by the Attorney General and registered by the Comptroller of the State of Texas. Sealed pro- C. CO., posals for the purchase of the above for cash will be EDWD. JONES & State, opened by the Mayor and Committee on Finance and DEALERS IN Revenue of said city at nuon on Saturday, September Municipal. Railroad, 16th, 1899. City, School, Street Railway and Cas County, Each bid must be accompanied by a certified check for $5,000 as a guaranty of good faith, to be returned BONDS. if bid is not accepted. Bonds. The right is reserved to reject any or all bids. Pro- New York, 1 Nassau Street. posals should be indorsed "Bids for Sewerage Philadelphia, 421 Cnestnut St. Bonds," and addressed to BRIGGS, TODD 8l CO., THEO. K. THOMPSON, CINCINNATI, OHIO. city Auditor. Whann & Schlesinger, MUNICIPAL BONDS. September Investments. DEALERS IN Securities Netting from 3^ to 6? ALWAYS ON HAND. We Otvn and Offer MUNICIPAL and RAILROAD Bend for our Investment Cironlar. 3$.j0,000 City of St. Joxeph, Mo., i^chool District 4s SECURITIES. DUKE M. FARSON. Banker. 30,000 Citv orHnstines, Minn., School dunlolpal Bonds. ISl* Dearborn Wtr»«»l District 48 CHICAGO. lO.OOO City ot Pavvuee Oily, Neb,. 71 BROADWAY • NEW YORK. School District .Is 6,000 Town of Shelby, Iowa, School PAL BONDS. District 41^8 trowbridge, MUNICI 3, .500 Tonnot T.iaurens, lowd. School District ,58 MacDonald 3.000 County nf Ironuois, III., School John Nuveen & Co., District 58 BANKE^.S, '5.350 Oronogo, Alitsouri, !>chool Dis- & NiVER Co. INVESTMENT trict 6s l8t National Bank Building, Chicago. 3.300 County ot Vermilion, III., School DIsirlct 58 MUNICIPAL BONDS, Correspondence solicited. 13,000 Cirv of East Chicago, Ind., Reference, First National Bon';, Ohieago- Water 58 43,000 City of Chicaeo, III., Improve- Ut Nat. Bank BUg. CHICAftO ment Os First C. &CO. 43,000 G% I>lortKnK<> Gold Ilondn ol WE DEAL IN R.GOODE Th*- Wanpnoa Electric Lisht «fc Railway Co. ot Waupacii, Wis. SOUTHERN AND WESTERN HIGH-GRADE WARRANTS Descriptive circular forwarded on application. SECURITIES. from 4 to S^. ROSENBERttER & LIVERMORE, Netting T.B.POTTER, (Specialists in Texas Investments), 172 Washington St., • Chicago, III. FORTY WALL STREET, NEW VORK 15 WALL STREET NEW YORK. — : September 2, 1899.] THE CHRONICLE. 513 St. Peter, Minn.—Bond Sale,—On August 24, 1899, the Bond Sale.—On August 5, 1899, the following bids were $7,000 5% bonds were awarded to the First National Bank of received for $10,000 6^ and $10,0C0 o% street and sewer im- St. Peter at 107-14. Following are the bids : provement bonds 6% Bonds. 556 Bond*. First 00 Stoddard, Nye Co.. Minn $7.3P5 50 Nat. Bank, St. Peter $7,600 & W.J. Hayes & Sons, Cleveland «11,119 $10,023 Minn. ..*7,.'>46 CO Denison, Prior &Co.,Cleve.... 7,351 00 Loan <& Tr. Co., Minn.. Denison, Prior & Co.. Clevf land i(',75-i 10.266 C. Brown, 7.485 75 J. G. Tegner T ,350 00 W. Winona S. A. Kean, Chicago 10,526 00 ('. S. Kidder* Co., ChicaBC... 7,3>i6 00 (for 5* bonds).. . 7,455 io.ooo ^AriPK.ane A- Pn i St. Joseph County Savings Bank, South Bend 10,476 i^ *^o., G. M. Brinlterhofl, Sprlngfl'ld. 7,:l]3 00 j ^f^^. ^^^ bonds). 7,032 50 SouthBenrt National Bank 10,000 W.J.Hayes & Sons, Cleve 7..SOT 00 Trowbridge. MacUonald4Niver New First National Bank, Columbus 10,0 10,000 Co.. Chicago 7.437 00 Phelps. Eyman & Co., Chic... 7,287 00 7,418 00 Duluth Trust Co.. Duluth 7,268 10 N. W. Harris & Co., Chicago... The bonds were awarded to the New First National Bank J. D. Cleghorn 4 to., Minn. . . . 7,410 00 Mrs. K. P. Cullen, St. Paul. . . . 7,260 00 of Columbus, as all other bids were conditional. Securities • For 20- year bonds. are in denomination of $1,000, dated August 1, 1899. Inter- Principal of these bonds will mature$2,000 on Sept.l, 1900, est will be payable February 1 and August 1 at the National and $5,000 on Sept. 1, 1912. Park Bank, New York City. Principal will mature one- Salisbury, N. C.—Bond Election.—An election will be held tenth yearly. shortly to vote on the question of issuing $100,000 water- Tamaqna, Pa.—Bond O^ertn gr.— Proposals will be received works and sewerage bonds. until 8 P. M, Sept. 12, 1899, by the Town Council of this bor- San Jacinto County, Texas.—Bonds Approved.—This ough—Samuel Beard, Secretary-for $47,000 S^% bonds. county recently had presented to and approved by the At- Securities are issued for the purpose of refunding present in- torney General an issue of $6,000 court-house bonds. debtedness and to fund the floating debt. Bonds are dated San Luis OhisT^o, Cal.—Bond Election. —An election will Oct. 1, 1899, and will mature Oct. 1, 1929, subject to call be held on Sept. 12, 1899, to vote on the question of issuing after Oct. 1, 1904. Interest will be payable semi-annually. $80,000 water bonds and $36,000 bonds for sewers. Bonds are free from all taxes. ShelbyTille, Mo.—.Bond Election.—An election will be held Toccoa, Gra.—Bonds to be Issued.—Thia town will issue on Sept. 4, 1899, to vote on the question of issuing §6,000 $9,000 school bonds in the near future. electric-light-plant bonds. Uvalde County, Texas.— Bond Sale.—This county has sold Sun Prairie, Wis.—Bond Sale.—On August 24, 1899, the the $11,000 4% bridge bonds recently approved by the At- $12,500 water- works bonds voted on Jaly 31, 1899, were sold torney-General, to J. B. Oldham, Dallas, at par. Securities to the First National Bank of Columbus, Wis., as S^ per are in denomination of S500. Principal will mature in 1919, cents. The bonds will run for 14 years. subject to call after 1902. South Bend, Ind. Bond Sale. —Proposals were received Vernon Center, Minn. -Bonds Fo^f d.—This village has as follows on August 26, 1899, by W. A. Rutherford, City voted to issue $2,500 bonds for a new school house. Treasurer, for $5,0r0 4% bonds, dated September 15, 1^"99, Yictoria, Texas.—Bonds ReQistere i.—The State Comp- and $5.0C0 4% refunding bonds dated Ssptembfr 20, 1899. troller has registered the $7,000 city hall and §7,000 street- Bonds were awarded to The Lamprecht Bros. Co., Cleve- improvement bonds recently approved. land : Walla Walla, Wash.-Bond Sale.-On August 24, 1899, the . .106'64 103-062 the Lamprecht Bros. Co.. Cleve. . S. A. Kean, Chicago $217,000 30-year (optional) water and sewer bonds and Mason. Lewis & Co.. Chicago 105 SI St. Joseph Co. Savings Bank, $133,000 2(-year general municipal bonds were awarded to Denison, Prior & Co., Cleve 104'70 South Bend 102-50 W.J. Hayes & Sons, Cleve 104-05 New 1st Nat. Bank, Columbus...! na-oo Morris & Whitehead, Portland, at 100-60, the former to bear Fa'-son, Leach & Co., Chicago,. .104-25 South Bend National Bank 100-00 5^ interest and the latter 43^. They will be in denomination of $1,000, with interest pay- WaupuD,- Wis.-Bond Sale.- On August 22, 1899, $6,000 able semi-annually. Principal will mature ten years from 5;^ electric—light bonds were awarded to L V. Hinkley of date of issue. Waupun at 116. Following are the bids : JMNVESTMIENTS^ MJSCELLA^^^^ TRAWSMISSIOIV ROPE. NEW YORK CITY GOVERNMENT, MUNICIPAL O WON-TAXABLE AND RAILROAD BONDS CORDAGE o C. H. WHITE & CO., S M I A S AND SEND FOR CIRCLLAR. 'J BANKERS, A L SPECIALTIES. CO ri BROADWAY. NEW YORK. Farson, Leach & Company, AGENTS FOR THE The American Man'fg Co. 35 NASSAU STREET, - NEW YORK. ANOZO-A^MERICAlf BANK, Ltd., 65 M-^ALL STREET, Charing Croas, Ztondon. KE^V YORK. ADAMS & COMPANY IndiTidaal Accounts received snbjec to clieck at sight in Loudon Rutland Railroad Co. BANKERS/ and Paris. Cable Transfers. DBALBRS IN ^irst Mortgage •i}4% Gold Bonds, INVESTMENT BONDS. THE DUE JULY 1, 1941. Lamprecht Bros. Co. Members of Boston Stook Bzobange.l Century BnUdlDs:. CLEVELAND, OHIO, E. H. ROLLINS & SONS, Mo. 7 Congress and 31 State StreeU DEALERS IN 19 MILK STREET, BOSTON. MUNICIPAL, RAILROAD, BOSTON. STREET RAILWAY & CORPORATION BONDS. MUNICIPAL BONDS. Sl Co. MASON, LEWIS & CO., LISTS SENT UPON REQUEST. E, O. Stanwood Information given and ouotations furnished con- BANHKKS, BANKERS cerning all classes of stocks and bonds that hare a Cleveland market, CHICAGO, BOSTON, 121 Devonshire Street. 171 La Salle St. 60 Devonshire St. BOSTON. MUNICIPAL Devitt, Tremble Co., RAILROAD & CORPORATION BONDS-"^'^^^v^" Seasongood & Mayer, Choice lasues. MUNICIPAL BONDS. 8. W. Corner Third and Walnut Streets, CINCIIVNATI, OHIO. Street Railway and Gas Companies. First National Bank Building, MUNICIPAL BONDS. LIST ON APPLICATION. Hlgh-Grade City, County, Town and School Bond*. CHICAGO. Issued in leading prosperous States of the Union, es- pecially adapted for safe and permanent Investment For Bstates and Trust Funds. Blodget, Merritt Co., & F. R. FULTON & CO., FRANKLIN HALL BANKERS WM. Municipal Bonds, Accountant, 16 Congress Street, Boston. «?""?'"^' BOSTON, MASS.. 53J^e/rState Street, ' 13 Wall Street, New York. 171 la salle street, B)ok> audited. Examinations and InTesti^- tions conducted with the i.tmoat care STATE, CITY & RAILROAD BONDfc CHICAGO. and efficiency. — — . — 514 THE CHKONICLE. [Vol. LXIX. L. D. Hinkley, Waupun 16,960 00 W. J. Hayes & Sons, Cleve $fi,5«3 0O , to contract indebtedness and to issue bonds for funding the Trowbridge, MacDonald &. First Nat. B'k, Beaver Dam 6,50.1 00 Niver Co., 6,"44 6,451 5(1 same and declaring an emergency,' approved March 21, 1890, Cbicago CO I Stoddard, Nye & Co., Minn — Farson.Leach a Co., New York. 6,708 00 Minn. L'n & Tr. Co.. Minn'Iis. 6,420 Co and will be given in exchange for the warrants of said coun- . E. M. Beach. Waupun 6.615 00 1 C. S. Kidder & Co., Chicago 6,245 00 . . ty general . 00 fund and liamprecht Bros. Co., Clev. . 6,604 20 N. Harris Co., Chicago 6,191 now outstanding against the county | W. & T. B. Potter, Chicago 6,577 00 I the road and bridge fund to the person or persons who will T^ enatchee, Wash.—Bo«d O^eringr.— Proposals •will be re- accept said bonds in such exchange at their pir or face value ceived until 12 M. Sept. 12, 1899, by O. B. Fuller, Town bearing the lowest rate of interest, not, however, to ex- Clerk, for $6,000 6^ 10 20-vear (optional) water-works bonds. ceed 1%." Securities are in denomination of $500, dated August 1, 1899. Securities will be in denominations of from $100 to $1,000, Interest will be payable semi annually at the State fiscal dated Oct. 1, 1899. Interest will be payable annually, and agency in New York City. The town has no outstanding in- the principal will mature Oct. 1, 1919. debtf dness at present. The assessed valuation is $138,000 and "laterest on all such warrants now outstanding will cease the real value about |250,000. The population is estimated after the first day of October, 1899, and the purchaser or pur- at 400. chasers of bonds shall guarantee and indemnify the county West Unity (Onio) School District.—Bond Sale.—On against any loss or damage to be sustained by reason of said August 30, 1899, the $6,000 4i^$gl-12year (serial) school bonds warrants not being presented for exchange and surrendered were awarded to The Lnrnprecht Bros, Co., Cleveland, at at the oflBce of the County Treasurer on or before said first 104 '83 . A full list of the bids will be given next week. day of October, 1899" Wharton County, Texas.—B nd Sale. —The County Com- Takima County (Wash.) School District No. o.—Bond missioners have sold to the Permanent School Fand of the Sale—On August 19 1899, the $2,500 lO-year bonds were county $1,600 5% 40-year bridge bonds at par. awarded to the First National Bank of North Yakima at par White Plaius (Town). Westchester County, N. l.—Bond for 5% bonds. Following are the bids : Sale.—On August 28, 1899, the $78,000 3}4% 30-year road For 5% Bond,". For 6SS BoniU. bonds were awarded to Walter Stanton & Co., New York, at First Nat. Bank, No. Yakima... 100-00 Wm. D. Perkins &Co.. Seattle.. 102-00 Spokane & Eastern Tr. Co lOu-08 W. E. Bell, Spokane : 101-76 106, Following are the bids : tor bUi% But as. Olney & Buckhart, Spokane .. lOl-OO Walter Stanton & Co., N. Y 106-01 I Lamprecht Bros. Co., Cleve 102-3E5 Morrison & Eshelman, Seattle.. 100'44 Home Sav. «ank. White Plains.105-00 E. H. Gay & Co., New York 102-25 I 1, W. Sherrill. 103-29 O. .101-876 Poughkeepsie.... I J. Everltt & Co., New York. Youngstowu Ohio. Bond Offering.— Pco'posa,]8 will be re- Ii. W. Morrison, New York 10ii-;5 Bertron& Storrs, New york....lOI-7» I ceived until 2 p. M. Sept. 18, 1899, by F. C. Brown, City Seymour Bros. & Co., N. Y 102-37 | For description of bonds see Chbonicle last week, p, 462. Clerk, for the following bonds : White Township, Kingman County, Kan. Bond'Snle. — $12,800 i% Mill Street paving bonds, maturing yearly on October 1, $1,800 from J901 to 1906and jz.OOO in 1^07. This township has arranged through F. L. Martin, Hutch- 375 5% Hilker Street grading bonds, maturing $125 yearly on October 1 from inson, for the sale of $10,000 refunding bonds. 1901 to li)u3, inclusive. Woodbine III. Loan Authorized.—At an election held All the above bonds are dated Sept. 25, 1899. Interest will August 8, 1899, the Commissioners of Highway of this town be payable semi annually at the offi e of the City Treasurer. were authorized to borrow $1 800 for bridge purp ses. Bids must be made for each block of bonds separately, and Yalfima County (P. 0. North Yakima), Wash.— Bond the proposals for the paving bonds must be accompanied by Offering. —Proposals will be received until 9 a. m, Sept. 5, a certified check for $500. 1^99, by Wm, B. Dudley, County Treasurer, for the ex- Zapata County, Texas.—Boncfs Approved and Sold, — change of about $92,000 funding bonds for outstanding war- Court-house bonds to the amount of $10 00') have been ap- rants. Bonds are issued 'in pursuance to an Act of the Leg- proved by the Attorney-General. These bonds have been islature of said State, entitled 'An Act authorizing' and em taken by the Statf^ Board of Education. They bear 5% inter- powering the organized counties of the State of Washington est and mature in 40 years, subject to call after 10 years. MISCELLANEOUS. MISCELLANEOUS. MISCELLANEOUS. l»60. 189» The London City & The United States Life Midland Bank, Limited, The Audit Company Insurance Co. 5 Threadneedle Street, liODdon, England. OF NEW YORK, IN THE CITY OF NEW YORK. All Policies no^;^ Issned by tbia Company ESTABLISHED 1836. Equitable Biiildiug-, 120 Broadway sontain the tollo^^InK clause: l-AID-UP CAPITAL, - - £'i,\i(i2,400 "After one year from the date of Issue, th« RE8ERVE FUND - - £ i,'ZO^,loo liability of the Company under this poller Acting President, Vice-President, ball not be disputed." AUGUST BELMONT. WILLIAM A. NASH, During 1898 the Company made material Commercial National Bank, Manager, Consulting Increase In Income, assets and surplust and Chief Auditor, can thus claim a substantial vain In the CHICAGO. THOMAS L. GREENE, STEPHE.N LITTLE. most Important elements of safety and pros- Consulting Engineers, ress. Capital, Si. 000,000. Surplus, SI, 000,000. All Death Claims paid W^ITHOUT DI8- WM. PARSONS F. S. PEARSON Officers.—James H. Eckels, President; John C. BARCLAY ('OUNT as soon as aatlsfaotory proofs hav* McKeon, Vice-President -, D. Vernon, 8d Vice-Presl- FORD, BACON & DAVIS. been received. Uent ; Joseph T. Talbert, Cashier. Secretary and Treasurer, DiKECTOBS.— Franklin MacVeagh, Norman Wil- ictive and Successful Agents, wishing to reprt- liams, Jesse Spalding, Wm. J. Chalmers, N. K. Fair- EDWARD T. PERINE. tent this Company, may communicate with bank, Robert T. Lincoln, James H. Eckels, John C E. C0CHRAN,3dVice-President, tfcKeon. DTHFCTORS: RICHARD at the Home Office, abi Broadway, New York. August Belmont, A. J. Cafsatt, FIRST NATIONAL BANK Frederic P. Olcott, Marcellus Hartley, ofvioebb: James Stillman, Charles R. Flint, UEORGE H. BURFORD President OF MILWAUKEE. William A. Nash, George Coppell, GEO. Q. WILLIAMS Vloe- President C. P. FRALEIGH 2d Vice President CAPITAL, 81,000,000 Joseph '^. Auerbach, G. B. M. Harvey. RICHARD E. COCHRAN 8d Vice-President SURPLUS, 8i|B(i>-B(iiWBaitdB